Financial Services Industry
Industry: Email Alert RSS FeedExcess cash flows and diversification discount
Financial Management (Financial Management Association), Summer, 2004 by John A. Doukas, Ozgur B. Kan
Appendix A. List of Target and Bidder Companies
included in Our Small Subsample
Target
Year of SIC
Acquisition Target Name Code Bidder Name
1991 CoCa Mines Inc 10 Hecla Mining Co
1991 Milton Ray Co 35 Sundstrand Corp
1991 Sedco Pipe Products 36 Harsco Corp
1991 Contel Corp 48 GTE Corp
1992 Teleco Oilfield Service Inc 13 Baker Hughes Inc
1992 Cyclops Industries Inc 33 Armco Inc
1992 Cessna Aircraft Co 37 Textron Inc
1992 Midwest Common Inc 48 CBS Inc
1992 Durr-Fillauer Medical Inc 51 Bergen Brunswig
Corp
1993 Naylor Industries Inc 16 Insituform Tech.
Inc
1993 Engraph Inc 26 Sonoco Products
1993 Ameriscribe Corp 27 Pitney Bowes Inc
1993 Applied Biosystems Inc 38 Perkin-Elmer
Corp
1993 Costar Corp 38 Corning Inc
1994 American Cyanamid Co 28 Amer. Home
Products
1994 Deltak Corp 34 Jason Inc
1994 Radiation Systems Inc 36 COMSAT Corp
1995 Offshore Pipelines Inc 16 McDermott Int'l
Inc
1995 Multimedia Inc 27 Gannett Co, Inc
1995 Shannon Group Inc 35 Manitowoc Co Inc
1995 Joslyn Corp 36 Danaher Corp
1995 Margaux Inc 36 Dover Corp
1995 Bird Medical Technologies Inc 38 Thermo Electron
Corp
1995 Renaissance Comm. 48 News Corp Ltd
1996 Dual Drilling 13 ENSCO Int'l
Crompton &
Knowles
1996 Uniroyal Chemical Co 28 Corp
1996 Brenco Inc 35 Varlen Corp
1996 Interpoint Corp 36 Crane Co
1996 Transcisco Industries Inc 37 Trinity
Industries Inc
1996 MediSense Inc 38 Abbott Labs
1996 Southern Pacific Rail Corp 40 Union Pacific
Corp
1996 Capital Cities/ABC Inc 48 Walt Disney Co
1996 Spectravision Inc 48 Ascent
Entertainment
Grp
1996 Coastwide Energy Services Inc 49 Tesoro Petroleum
Corp
1996 Proler Int'1 Corporation 50 SchnitzerSteel
Ind. Inc
1997 Melamine Chemicals Inc 28 Borden Chemical
Inc
1997 Calnetics Corp 30 Summa Industries
Inc
1997 Gelman Sciences Inc 35 Pall Corp
1997 United Air Specialists Inc 35 CLARCOR Inc
1997 Measurex Corp 36 Honeywell Inc
1997 TPC Corp 49 PacifiCorp
1997 Milgray Electronics Inc 50 Bell Industries
Inc
1997 Eckerd Corp 59 J.C. Penney Co
Bidder
Core
Year of Business Type of
Acquisition Target Name SIC Code Acquisition
1991 CoCa Mines Inc 10 Related
1991 Milton Ray Co 37 Unrelated
1991 Sedco Pipe Products 37 Unrelated
1991 Contel Corp 48 Related
1992 Teleco Oilfield Service Inc 35 Unrelated
1992 Cyclops Industries Inc 33 Related
1992 Cessna Aircraft Co 37 Related
1992 Midwest Common Inc 35 Unrelated
1992 Durr-Fillauer Medical Inc 50 Unrelated
1993 Naylor Industries Inc 16 Related
1993 Engraph Inc 26 Related
1993 Ameriscribe Corp 35 Unrelated
1993 Applied Biosystems Inc 38 Related
1993 Costar Corp 32 Unrelated
1994 American Cyanamid Co 28 Related
1994 Deltak Corp 22 Unrelated
1994 Radiation Systems Inc 48 Unrelated
1995 Offshore Pipelines Inc 35 Unrelated
1995 Multimedia Inc 27 Related
1995 Shannon Group Inc 35 Related
1995 Joslyn Corp 35 Unrelated
1995 Margaux Inc 35 Unrelated
1995 Bird Medical Technologies Inc 38 Related
1995 Renaissance Comm. 27 Unrelated
1996 Dual Drilling 13 Related
1996 Uniroyal Chemical Co 28 Related
1996 Brenco Inc 37 Unrelated
1996 Interpoint Corp 50 Unrelated
1996 Transcisco Industries Inc 37 Related
1996 MediSense Inc 28 Unrelated
1996 Southern Pacific Rail Corp 40 Related
1996 Capital Cities/ABC Inc 48 Related
1996 Spectravision Inc 48 Related
1996 Coastwide Energy Services Inc 51 Unrelated
1996 Proler Int'1 Corporation 33 Unrelated
1997 Melamine Chemicals Inc 30 Unrelated
1997 Calnetics Corp 30 Related
1997 Gelman Sciences Inc 35 Related
1997 United Air Specialists Inc 35 Related
1997 Measurex Corp 38 Unrelated
1997 TPC Corp 49 Related
1997 Milgray Electronics Inc 50 Related
1997 Eckerd Corp 59 Related
Table 1. Sample Selection and Summary Statistics
The table presents the number and frequency of 742 firm-year
acquisition announcements reported in the M&A Journal and
confirmed by the Wall Street Journal for the 1991-1997 period.
The sample excludes single-segment (focused) bidders and bidder
firms that make overseas acquisitions in the same calendar
year. We also exclude acquisitions less than $5 million and in
non-manufacturing industries. We define an acquisition as "unrelated"
when the 2-digit SIC code of the bidder's core business does not
match that of the target firm, and as "related" when the 2-digit SIC
code of the bidder's core business is identical to that of the target.
We define Total Sales as the gross sales of the bidder firm net of
sales discounts in million $; Market Value as the number of shares
multiplied by the average stock price of the bidder firm in million
$; Total Assets as current assets plus net property, plant, and
equipment plus other non-current assets of the bidder firm in million
$. Debt/Total Capital is percentage of total debt divided by invested
capital. Number of Segments is the number of distinct lines of
business the bidder firm is operating at the 2-digit SIC code level.
Number of Acquisitions is the total number of acquisitions completed
by the bidder fine in the year of the acquisition. Insider ownership
and institutional ownership are the average number of shares held by
insiders and held by institutions divided by the average number of
shares outstanding for the bidder firm respectively. We compute
Tobin's Q as the market value of outstanding shares plus liquidation
value of preferred stock plus net current assets plus long-term debt
divided by total assets of the bidder firm. All values are for the
year prior to the acquisition.
Panel A. Number and Frequency of Acquisitions by Year
1991 1992 1993 1994 1995
No. of firm-year 89 97 79 110 129
Acquisitions
No. and frequency of 37 35 28 46 49
Related Acquisitions 41.57% 36.08% 35.44% 41.82% 37.98%
No. and frequency of 52 62 51 64 80
Unrelated Acquisitions 58.43% 63.92% 64.56% 58.18% 62.02%
Panel A. Number and Frequency of Acquisitions by Year
1996 1997 1991-97
No. of firm-year 114 124 742
Acquisitions
No. and frequency of 47 55 297
Related Acquisitions 41.23% 44.35% 40.03%
No. and frequency of 67 69 445
Unrelated Acquisitions 58.77% 55.65% 59.97%
Panel B. Summary Statistics and Sample Characteristics
Mean Median Minimum Maximum
Total Sales (million $) 2,943 747.73 10.00 107,893.00
Market Value (million $) 2,637 599.61 10.02 99,981.00
Total Assets (million $) 3,130 755.47 10.04 105,533.00
Debt/Total Capital (%) 45.24 43.17 0.00 94.93
No. of Segments 2.93 3.00 2.00 7.00
No. of Acquisitions/year 1.28 1.00 1.00 10.00
Size of Acquisition(s)
(million $) 384.16 58.30 5.00 18,860.00
Insider Ownership (%) 13.41 4.66 0.00 84.70
Institutional Ownership (%) 43.60 47.86 0.00 89.74
Tobin's Q 1.092 0.912 0.11 6.28
Table II. Bidders' Pre-Acquisition Excess Performance
The table presents multi-segment bidders' mean [median] excess
performance measures in year -1, the year prior to the acquisition.
The sample consists of 742 US firm-year acquisitions over the 1991-97
period. The sample excludes single-segment (focused) bidders and
acquisitions of less than $5 million value. The sample does not cover
bidder firms in non-manufacturing industries. We define an acquisition
as "unrelated" when the 2-digit SIC code of the bidder's core business
does not match that of the target firm, and as "related" when the
2-digit SIC code of the bidder's core business is identical to that of
the target. We compute Cash Flow (CF) as operating income before
depreciation divided by total sales (EBITD/Sales); Excess CF (ECF)
by subtracting the imputed cash flow of bidders from raw cash flow;
Imputed cash flow by multiplying the sales weights of bidders'
business segments with the median operating cash flow of industry
(at the 2-digit SIC code level) and size (within 50%-200% of the
size) matched stand-alone firms with bidders' business segments.
We compute Excess Value (EV) by using the Berger and Ofek (1995)
methodology. Year 0 is the year of acquisition. We use one-way
ANOVA [Non-parametric Wilcoxon Rank-Sum test] to test for difference
of means [medians].
Related
All Acquisitions Acquisitions
EC[F.sub.-1] 2.05 *** 2.17 *
[1.61 ***] [2.19 ***]
E[V.sub.-1] -19.05 *** -20.64 ***
[-17.61 ***] [-14.95 ***]
Unrelated Related-Unrelated
Acquisitions [Related-Unrelated]
EC[F.sub.-1] 1.97 *** 0.20
[1.19 ***] [1.00]
E[V.sub.-1] -18.04 *** -2.60
[-17.71 ***] [2.76]
*** Significant at the 0.01 level.
** Significant at the 0.05 level.
* Significant at the 0.10 level.
Table III. Change in Bidders' Excess Measures
The table presents multi-segment bidders' mean [median] change in
excess performance measures from year -1 to 1. Year 0 is the year
of acquisition. The sample consists of 742 US firm-year acquisitions
over the 1991-97 period. The sample excludes single-segment (focused)
bidders and acquisitions of less than $5 million value. The sample
does not cover bidder firms in non-manufacturing industries. We define
an acquisition as "unrelated" when the 2-digit SIC code of the bidder's
core business does not match that of the target firm, and as "related"
when the 2-digit SIC code of the bidder's core business is identical to
that of the target. We compute Cash Flow (CF) as operating income
before depreciation divided by total sales (EBITD/Sales); Excess CF
(ECF) by subtracting the imputed cash flow of bidders from raw cash
flow; Imputed cash flow by multiplying the sales weights of bidders'
business segments with the median operating cash flow of industry
(at the 2-digit SIC code level) and size (within 50%-200% of the
size) matched stand-alone firms with bidders' business segments.
We compute Excess Value (EV) by using the Berger and Ofek (1995)
methodology. Year 0 is the year of acquisition. We use one-way
ANOVA [Non-parametric Wilcoxon Rank-Sum test] to test for difference
of means [medians].
Related
All Acquisitions Acquisitions
[DELTA] ECF -1.02 0.60
-1 to 1 [-0.05] [0.11]
[DELTA] EV -1.95 1.29
-1 to 1 [-0.54] [-0.37 ]
Unrelated Related-Unrelated
Acquisitions [Related-Unrelated]
[DELTA] ECF -2.12 * 2.72 *
-1 to 1 [-0.22] * [0.33]
[DELTA] EV -4.05 5.34
-1 to 1 [ -0.65 ] [ 0.28 ]
* Significant at the 0.10 level.
Table IV. Change in Bidders' Excess Operating Cash Flow and Excess
Value Panel A reports the Pearson correlation between the change in
bidders' excess value and excess operating cash flow from year-1 to
year 1. Year 0 is the year of acquisition. Panel B reports the
regression results in which the dependent variable is the change in
bidders' excess value from year -1 to 1. The sample consists of 742
US firm-year acquisitions over the 1991-97 period. The sample excludes
single-segment (focused) bidders and acquisitions of less than $5
million value. The sample does not cover bidder firms in
non-manufacturing industries. We define an acquisition as "unrelated"
when the 2-digit SIC code of the bidder's core business does not match
that of the target firm, and as "related" when the 2-digit SIC code
of the bidder's core business is identical to that of the target. We
compute Cash Flow (CF) as operating income before depreciation divided
by total sales (EBITD/Sales); Excess CF (ECF) by subtracting the
imputed cash flow of bidders from raw cash flow; Imputed cash flow by
multiplying the sales weights of bidders' business segments with the
median operating cash flow of industry (at the 2-digit SIC code level)
and size (within 50%-200% of the size) matched stand-alone firms with
bidders' business segments. We compute Excess Value (EV) by using the
Berger and Ofek (1995) methodology. We define Relative size of targets
as the size of acquisitions scaled by the bidders' total assets as of
year -1.
Panel A. Correlation Between Change in Bidders' Excess Operating Cash
Flow and Excess Value
Related Unrelated
All Acquisitions Acquisitions Acquisitions
[DELTA] ECF vs.
[DELTA] EV 0.226 *** 0.158 *** 0.321 ***
-1 to 1 -1 to 1
Panel B. Cross-Sectional Regressions: Change in Excess Value on Change
in Excess Operating Cash Flow
Independent [DELTA] ECF [DELTA] EV [DELTA] EV
Variables -1 to 1 -1 to 1 -1 to 1
Intercept 0.97 1.42 1.06
(0.532) (0.326) (0.247)
[DELTA] ECF 0.37
-1 to 1 (4.245) ***
Relative Size of Targets -2.70 14.31 15.31
(-0.799) (1.779) * (1.924) *
Dummy = 1 if bidder -2.70 -5.12 -4.13
makes an unrelated (-1.663) * (-1.325) (-1.078)
acquisition
Dummy = 1 if payment 1.94 -20.81 -21.52
is settled in stock (0.845) (-3.807) *** (-3.981) ***
Dummy = 1 if payment 1.44 -2.56 -3.09
is settled in cash (0.905) (-0.675) (-0.824)
Dummy = 1 if target is -2.43 2.70 3.60
divested by parent (-1.431) (0.669) (0.899)
[R.sup.2] 0.009 0.025 0.049
Adj-[R.sup.2] 0.003 0.019 0.041
*** Significant at the 0.01 level.
** Significant at the 0.05 level.
* Significant at the 0.10 level.
Table V. The Relative Size of Acquisitions in Two Subsamples
The table presents mean [median] of the size of the acquisitions, the
total assets of multi-segment bidders and the relative size of the
targets. We define Total Assets as current assets plus net property,
plant, and equipment plus other non-current assets of bidders in
million$ in year -1. We define Relative size of targets as the size of
acquisitions scaled by bidders' total assets in year-1. The first
subsample covers 43 identifiable bidder-target pairs and the second
subsample covers the remaining 699 fine-year acquisitions in which the
bidders acquire units, assets, plants, or partial targets.
Subsample of Subsample of
Identifiable Remaining
Bidder-Target Firm-Year
Pairs Acquisitions
N=43 N=699
Size of Acquisition(s) 1,288.04 270.44
(million $) [ 175.39 ] [ 50.40 ]
Bidders' Total Assets 5,217.99 2,998.62
(million $) [ 1,581.90 ] [ 701.11 ]
Relative size of Targets 34.27 20.22
(%) [ 15.09 ] [ 8.91 ]
Table VI. Bidders' and Targets' Pre-Acquisition Excess Performance
The table presents bidders' and targets' mean [median] excess operating
cash flow and excess value of multi-segment bidders and their targets
in year -1. The sample consists of 41 identifiable bidder-target
firm-acquisitions over the 1991-97 period. We use one-way ANOVA
[Non-parametric Wilcoxon Rank Sum test] to test for difference of
means [medians].
Panel A. Bidders' and Targets' Pre-Acquisition Excess Cash Flow (ECF)
All Related
Acquisitions Acquisitions
EC[F.sub.-1] Bidders 4.07 *** 4.92 **
[4.96] *** [6.78] **
Targets 5.07 * 3.72 *
[2.00] [2.00]
Panel B. Bidders' and Targets' Pre-Acquisition Excess Value (EV)
All Related
Acquisitions Acquisitions
E[V.sub.-1] Bidders -10.73 -12.82
[-6.22] [1.92]
Targets -30.34 ** -26.55 *
[-38.96]** [-11.88]
Panel A. Bidders' and Targets' Pre-Acquisition Excess Cash Flow (ECF)
Related-
Unrelated
Unrelated [Related-
Acquisitions Unrelated]
EC[F.sub.-1] Bidders 3.21 * 1.71
[2.29] * [4.49]
Targets 6.52 * -2.80
[2.52] * [-0.52]
Panel B. Bidders' and Targets' Pre-Acquisition Excess Value (EV)
Related-
Unrelated
Unrelated [Related-
Acquisitions Unrelated]
E[V.sub.-1] Bidders -8.52 -4.30
[-6.64] [8.56]
Targets -34.43 * 7.88
[-60.06] * [48.18] *
*** Significant at the 0.01 level.
** Significant at the 0.05 level.
* Significant at the 0.10 level.
Table VII. Actual and Projected Change in Bidders' Excess
Performance in Small Subsample
The table presents the mean [median] change in actual and
projected excess operating cash flow ([DELTA]ECF and P[DELTA]ECF)
and excess value ([DELTA]ECF and P[DELTA]ECF) of bidders from
year -1 to 1. The sample consists of 41 identifiable bidder-target
firm-acquisitions over the 1991-97 period. We use Paired samples
t-test [Wilcoxon Rank Sum test] to test for difference of means
[medians].
Panel A. Actual and Projected Change in Bidders' Excess
Operating Cash Flow ([DELTA]ECF and P [DELTA]ECF)
All
Acquisitions
Actual Change [DELTA]ECF -2.97 **
-1 to 1 [-2.38] **
Projected Change P[DELTA]ECF -0.92
-1 to 1 [-0.01]
Difference [DELTA]ECF-P[DELTA]ECF -2.05 *
Actual--Projected [[DELTA]ECF-P[DELTA]ECF] [-2.37] *
Panel B. Actual and Projected Change in Bidders' Excess Value
([DELTA]EV and P [DELTA]EV)
Actual Change [DELTA]EV -14.43 *
-1 to 1 [-17.29] *
Projected Change P[DELTA]EV -0.13
-1 to 1 [-0.64]
Difference [DELTA]EV-P[DELTA]EV -14.30 *
Actual--Projected [[DELTA]EV-P[DELTA]EV] [-16.65] *
Panel A. Actual and Projected Change in Bidders' Excess
Operating Cash Flow ([DELTA]ECF and P [DELTA]ECF)
Related
Acquisitions
Actual Change [DELTA]ECF -3.01 *
-1 to 1 [-2.81] *
Projected Change P[DELTA]ECF -1.84
-1 to 1 [-0.21]
Difference [DELTA]ECF-P[DELTA]ECF -1.17
Actual--Projected [[DELTA]ECF-P[DELTA]ECF] [-2.60]
Panel B. Actual and Projected Change in Bidders' Excess Value
([DELTA]EV and P [DELTA]EV)
Actual Change [DELTA]EV 0.17
-1 to 1 [-10.00]
Projected Change P[DELTA]EV -0.49
-1 to 1 [-1.54]
Difference [DELTA]EV-P[DELTA]EV 0.66
Actual--Projected [[DELTA]EV-P[DELTA]EV] [-8.46]
Panel A. Actual and Projected Change in Bidders' Excess
Operating Cash Flow ([DELTA]ECF and P [DELTA]ECF)
Unrelated
Acquisitions
Actual Change [DELTA]ECF -2.93 **
-1 to 1 [-1.37] **
Projected Change P[DELTA]ECF -0.01
-1 to 1 [0.11]
Difference [DELTA]ECF-P[DELTA]ECF -2.92 **
Actual--Projected [[DELTA]ECF-P[DELTA]ECF] [-1.48] **
Panel B. Actual and Projected Change in Bidders' Excess Value
([DELTA]EV and P [DELTA]EV)
Actual Change [DELTA]EV -29.89 ***
-1 to 1 [-25.92] **
Projected Change P[DELTA]EV 0.28
-1 to 1 [0.05]
Difference [DELTA]EV-P[DELTA]EV -30.17 **
Actual--Projected [[DELTA]EV-P[DELTA]EV] [-25.97] *
*** Significant at the 0.01 level.
** Significant at the 0.05 level.
* Significant at the 0.10 level.
Table VIII. Relation Between Change in Bidders' Excess Operating Cash
Flow and Excess Value
Panel A reports the Pearson correlation coefficients among change in
bidders' excess value (DEV), change in excess operating cash flow
(DECF), projected change in excess value (PDEV) and unanticipated
change in excess cash flows (DECF-PDECF) from year -1 to year 1.
Year 0 is the year of acquisition. Panel B reports the regression
results in which the dependent variable is the change in bidders'
excess value from year -1 to 1. The sample consists of 41
identifiable bidder-target firm-acquisitions over the 1991-97 period.
We define an acquisition as "unrelated" when the 2-digit SIC code of
the bidder's core business does not match that of the target firm,
and as "related" when the 2-digit SIC code of the bidder's core does
not match that of the target firm, and as "related" when the 2-digit
SIC code of the bidder's core depreciation divided by total sales
(EBITD/Sales); Excess CF (ECF) by subtracting the imputed cash flow
of bidders from raw cash flow; Imputed cash flow by multiplying the
sales weights of bidders' business segments with the median operating
cash flow of industry (at the 2-digit SIC code level) and size
(within 50%-200% of the size) matched stand-alone firms with bidders'
business segments. We compute Excess Value (EV) by using the Berger
and Ofek (1995) methodology.
Panel A. Correlation Coefficients: Change in Bidders' Excess Value
([DELTA]EV) in Small Subsample
([DELTA]ECF-
[DELTA]ECF P[DELTA]EV P[DELTA]ECF)
-1 to 1 -1 to 1 -1 to 1
[DELTA]EV 0.049 0.047 -0.102
-1 to 1
Panel B. Cross-Sectional Regressions: Change in Bidders' Excess Value
([DELTA]EV) in Small Subsample
Independent [DELTA]EV [DELTA]EV [DELTA]EV
Variables -1 to 1 -1 to 1 -1 to 1
Intercept -1.92 -1.15 -1.76
(-0.199) (-0.115) (-0.181)
Dummy = 1 if bidder -25.65 -25.67 -25.85
makes an unrelated (-1.863) * (-1.843) * (-1.853) *
acquisition
[DELTA]ECF 0.25
-1 to 1 (-0.321)
P[DELTA]EV 0.44
-1 to 1 (-0.311)
([DELTA]ECF-P[DELTA]ECF)
-1 to 1
[R.sup.2] 0.082 0.084 0.084
Adj-[R.sup.2] 0.058 0.036 0.036
Panel B. Cross-Sectional Regressions: Change in Bidders' Excess Value
([DELTA]EV) in Small Subsample
Independent [DELTA]EV [DELTA]EV [DELTA]EV
Variables -1 to 1 -1 to 1 -1 to 1
Intercept -2.96 -1.13 -2.79
(-0.299) (-0.112) (-0.278)
Dummy = 1 if bidder -25.82 -25.84 -26.01
makes an unrelated (-1.857) * (-1.830) * (-1.846) *
acquisition
[DELTA]ECF 0.22
-1 to 1 (-0.265)
P[DELTA]EV 0.37 0.42
-1 to 1 (-0.254) (-0.294)
([DELTA]ECF-P[DELTA]ECF) -0.41 -0.40
-1 to 1 (-0.535) (-0.521)
[R.sup.2] 0.089 0.086 0.091
Adj-[R.sup.2] 0.041 0.012 0.017
*** Significant at the 0.01 level.
** Significant at the 0.05 level.
* Significant at the 0.10 level.
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