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Financial Statement Analysis and the Prediction of Financial Distress

Financial Statement Analysis and the Prediction of Financial Distress discusses the evolution of three main streams within the financial distress prediction literature: the set of dependent and explanatory variables used, the statistical methods of estimation, and the modeling of financial distress. Section 1 discusses concepts of financial distress. Section 2 discusses theories regarding the use of financial ratios as predictors of financial distress. Section 3 contains a brief review of the literature. Section 4 discusses the use of market price-based models of financial distress. Section 5 develops the statistical methods for empirical estimation of the probability of financial distress. Section 6 discusses the major empirical findings with respect to prediction of financial distress. Section 7 briefly summarizes some of the more relevant literature with respect to bond ratings. Section 8 presents some suggestions for future research and Section 9 presents concluding remarks.

The case of home mortgages where the unpaid principal balance exceeds the
market value of a home is a timely but simple example. 1.1 Why Predict Financial
Distress? At an intuitive level, it may seem self-evident that it would be important
 ...

Technical Change, Human Capital, and Spillovers in United States Agriculture, 1949-1985

Develops state-level measures for the total factor productivity growth in US agriculture using a detailed adjustment for the quality of inputs and outputs. Then uses that to analyze the presence and determinants of convergence across states, the contribution of individual factors to productivity growth, the importance of spillovers across states, and the economic effects of research and extension. Finds that a commonly available body of technical information has led to a convergence among states, and that the technological changes have reduced land and labor costs and increased capital and purchased input. The return on research investment seems to be diminishing. The study should guide policy for funding future agricultural research. Annotation copyright by Book News, Inc., Portland, OR

CAPITAL. Durable capital items are not "used up" during one production cycle.
To determine the service flow or rental, p, from these goods requires making
assumptions that enable the expenses associated with the purchase of such
assets to ...

Investing in Your Company's Human Capital

Strategies to Avoid Spending Too Little--or Too Much

A thorough explanation of human investment options from which an executive can make a better decision. -- Jac Fitz-enz, from the Foreword

He brings a pragmatic approach to the human resources function; that approach
tells him that human capital will be taken seriously only if it is shown to relate
directly to profits. While many are developing and using metrics for measuring the
 ...

A Model of Strategic Human Capital Management

Intended to help Federal agency leaders better manage their organizations' most important asset -- their people. Federal agencies that acquire, develop, and retain high performing employees with the appropriate skills and competencies are better able to respond to the needs of the public on a daily basis and in times of crisis. This model is designed to help agency leaders effectively use their people, or human capital, and determine how well they integrate human capital considerations into daily decision-making and planning. The model highlights the importance of a sustained commitment by agency leaders to maximize the value of their agencies' human capital and manage related risks.

Strategic Human Capital Planning Human Capital Cornerstone Acquiring,
Developing, and Ftetaining Talent Critical Success. l l Human Capital
Cornerstone ' Critical Success 1 Factors Integration and Alignment Data-Driven
Human Capital ...

The Oxford Handbook of Human Capital

Macroeconomic research on human capital - the stock of human capabilities and knowledge - has been extensively published but to date the literature has lacked a comprehensive analysis of human capital within the organization. The Oxford Handbook of Human Capital has been designed to fill that gap, providing an authoritative, inter-disciplinary, and up to date survey of relevant concepts, research areas, and applications. Specially commissioned contributions from over 40 authors reveal the importance of human capital for contemporary organizations, exploring its conceptual underpinnings, relevance to theories of the firm, implications for organizational effectiveness, interdependencies with other resources, and role in the future economy. Unlike neoclassical macroeconomic concepts of human capital, human capital in organizations is shown to be dynamic and heterogeneous, requiring new theories and management frameworks. The systemic role of human capital is explored, revealing it as the lynchpin of social, structural and other forms of intangible and tangible capital. Connections between human capital and organizational performance are investigated from HR management, procurement, alignment, value appropriation, and accounting perspectives. Links between micro and macro perspectives are provided through analyses of inter firm human capital mobility, national and regional human capital formation regimes and industry employment relations practices. This Handbook is designed for scholars and graduate students of organization and management theory, strategy, entrepreneurship, knowledge and intellectual capital, accounting, IT, HR, IR, economic sociology and cultural studies. For policy makers and practitioners it should provide an up to date guide to the nature and role of human capital in contemporary organizations and the roles that government, industry and other extra firm institutions can play in facilitating its development.

This Handbook is designed for scholars and graduate students of organization and management theory, strategy, entrepreneurship, knowledge and intellectual capital, accounting, IT, HR, IR, economic sociology and cultural studies.

The ROI of Human Capital

Measuring the Economic Value of Employee Performance

The lifeblood of any business enterprise is its people. Yet it wasn’t until the publication of the groundbreaking book The ROI of Human Capital that there was a reliable way to quantify the contributions of people to corporate profit. Completely updated with new metrics, the book shows executives and HR professionals how to gauge human costs and productivity at three critical levels: organizational (contributions to corporate goals) • functional (impact on process improvement) • human resources management (value added by five basic HR department activities) The second edition contains new material on topics including corporate outsourcing, developments in behavioral science, and advances in trending and forecasting that have dramatically changed the way organizations measure the bottom line effect of employee performance. Utterly up-to-date, this is the go-to resource for organizations performing the essential task of measuring the value of their people.

With the examples so far, we can see that the cost of human capital can be much
more than is normally realized. ... they are moving, it is clear that the relationship
of human capital to productivity and profitability has been definitely established.

Human Capital, Inter-firm Mobility and Organizational Evolution

A pioneering and innovative analysis of how the social organization of talent and the mobility of talent shape entrepreneurial activity, the spread of organizational innovations, the incidence of mergers and acquisitions and the demise of organizations. A must read for students of organizations, strategy and human resource management. Hayagreeva Rao, Stanford University, US In this book, Pennings and Wezel address a neglected topic in organizational theory: the links between individual behaviors and organizational outcomes. Their study. . . demonstrates how individual careers affect organizational founding, competitiveness, and survival, and provides rich insights on the role of human capital in professional partnerships. It offers a new perspective backed by solid reasoning and evidence. Henrich R. Greve, Norwegian School of Management, Norway The authors of this fascinating and original work contend that by analysing the conduct of organization members, a great deal can be learnt about firm behaviour and about the cooperative and competitive forces that underlie industry evolution. The empirical chapters in this volume are preceded by a conceptual overview of macro-organizational theories that explicitly bring in the role of individual actions. A rich set of studies carried out in the Dutch accounting sector is used to illustrate that changes in competitive positioning and behaviour are triggered by employee actions including advancement and defection to competitors. New insights on entrepreneurship, mergers and acquisitions and organizational dissolution further develop the multi-level focus of the set of studies presented here. The book aims at stimulating intellectual debate on the role of migration of human and social capital through inter-firm mobility and will provide a fascinating read for academics, researchers, students and practitioners with an interest in organizational theory, strategic management and human resource management.

Many authors, expressing the view that the modern world is becoming a '
knowledge society', have discussed the importance of organization-level human
and social capital for organizational performance and survival (for example,
Kogut and ...

The New Human Capital Strategy

Improving the Value of Your Most Important Investment-- Year After Year

It is often said that the only true source of sustained competitive advantage is people. But what does that mean and how can this be measured and managed? How many organizations know whether their human capital outperforms their competitors', or even whether it improves year-over-year? And what is the strategy for continually improving that performance? The New Human Capital Strategy is a roadmap for delivering measurable business results by systematically improving the performance of those in roles most important to customers and shareholders. Proposing a radical shift in the way organizations measure and manage their people, the book asserts that competitive advantage is a function of four areas of strength: Effective executive teams, leaders who deliver results, outperforming competitors in key positions and workforce performance. Using examples, research, and metrics, this essential guide provides readers with a system for ensuring that their people are more valuable this year than the last.

other words, human capital measures were a much stronger predictor of market
capitalization through profit growth than traditional measures such as ROIC. The
world has changed. Effective human capital management, rather than financial ...

Human Capital in the United States from 1975 to 2000

Patterns of Growth and Utilization

In this study, the authors develop an indicator of the value of human capital stock held by the nation's working-age populaiton. They then use that indicator to assess the utilization of the nation's human capital stock overall and by a number of demographic subgroups. This serves to complement the many existing indicators that measure the U.S. economy's capital utilization.

THE LITERATURE ON HUMAN CAPITAL: EMPIRICAL CONTRIBUTIONS The
basic human capital concepts and theory summarized in the first section have
spawned an enormous body of research within the field of labor economics.

Human Capital Management

Achieving Added Value Through People

Human Capital Management (HCM) has been described as a high-level strategic issue that seeks to analyse, measure and evaluate how people policies and practices create value. Put simply, HCM is about creating and demonstrating the value that great people and great people management add to an organization. This unique book describes how HCM provides a bridge between human resource management and business strategy. It also demonstrates how organizations can use the concepts of human resource management and the processes involved to enhance the value they obtain from people while continuing to meet their aspirations and needs. Armstrong and Baron explain how to achieve these objectives using various approaches including: Describing the concepts of HCM and how the process works; Examining the practice of HCM with regard to measurement and reporting; Discussing the various applications of HCM with regard to HR strategy formulation, learning and development, knowledge management, performance management, reward management and talent management; and examining the role of HR in HCM and the future of the concept. It also contains an appendix a toolkit which organizations can use to develop their own HCM policies and practices.

Organizational capital is created by people (human capital) but is also the
outcome of social capital interactions. It belongs to the firm and can be developed
by knowledge management processes that aim to obtain and record explicit and
tacit ...