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We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash flow, even for firms typically thought to be liquidity constrained. These results have two key implications. First, fundamentals may be more important for investment spending than would be suggested by the results to date from investment-q models. Second, the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.

Dependent variables used by Kim, Jung and Kim (2005) to assess the effect of the ownership structure of Korean chaebols on internal funds allocations are a priori misspecified in the context of their research, as they were designed to be applied when studying diversified firms and not groups consisting of legally independent entities. The conditions under which this misspecification has no effect on their conclusions are discussed. Re-analyzing their data with a more appropriate internal funds allocation variable leaves their conclusion on the presence of tunnelling effects intact, though it paints a partly different picture of internal allocations as such.

Discussion of the role of internally generated funds as a dynamic and influential determinant of investment decisions has been renewed lately in the macroeconomic investment literature. While there is a current revival, the hypothesis is not a new one. In the classic study of the financial history of eight leading American automobile manufacturers over the period 1910 to 1926, Lawrence H. Seltzer concludes that "the greatest part of the growth in their capital resources was derived from reinvested profits; and that this source accounts for much the greater part of their present invested capital." He estimates that for the period through 1926 net aggregate reinvested profits were equal, on average, to almost 80 percent of the value of tangible invested capital.3 Seltzer suggests that this remarkably high percentage was the result of the unique situation of the automobile industry, although carefully pointing out that the general importance of internal funds may be greater than commonly realized.

We investigate how the lending activities of a multinational bank's affiliates located abroad are affected by funding difficulties in view of the financial crisis. For this, we consider transaction-induced changes in long-term lending to the private sector of 40 countries by the affiliates of the 68 largest German banks. We find that affiliates' local deposits and profitability have been stabilizing loan supply. By contrast, relying on short-term wholesale funding has increasingly proven to be a disadvantage in the crisis, as inter-bank and capital markets froze. Besides, the more an affiliate abroad takes recourse to intra-bank funding in the crisis, the more it becomes dependent on a stable deposit and long-term wholesale funding position of its parent bank. We furthermore detect competition for intra-bank funding across the affiliates abroad as well as an increasing focus on the parent bank's home market activities. -- Funding structure ; multinational banks ; internal capital market ; intra-bank lending ; wholesale funding ; financial crisis

A letter report issued by the General Accounting Office with an abstract that begins "Pursuant to a congressional request, GAO reviewed issues concerning financial reporting and internal controls related to the Special Fund established by the Longshore and Harbor Workers' Compensation Act (LHWCA), focusing on: (1) the feasibility of actuarially calculating the unfunded liability of the LHWCA Special Fund; (2) whether controls exist to prevent inappropriate claims from being referred to the Special Fund; (3) whether recipient data are matched against other agencies' databases to reduce the risk of payments being made to ineligible recipients; (4) whether there are equitable distributions of assessments among the insurance carriers/self-insured employers as compared to their claim levels; and (5) the status of changes to the Longshore computer systems."

The Office of Chief Internal Auditor conducted a compliance audit of the "C" Fund Program Administration of the SC Department of Transportation in accordance with generally accepted governmental auditing standards.

This study examines whether internal or external factors have a more significant influence on village fund governance accountability. The internal factors that were observed consisted of the ability of village officials, interpretation of the financial articles of association of village officials, encouragement of village officials, clarity of information, capability to understand village officials, and equality. External factors discussed are the quality of local government services, community participation, supervision, and law enforcement. This study uses an explanatory inspection approach. Data accumulation was carried out using a questionnaire along with 43 interrogation units for 238 respondents from 36 villages in 4 sub-districts in Bandung Raya. Data reduction using classical assumption experiments. To test the research hypotheses, a multiple regression model analysis was applied. The study results show that the internal factors of the village government apparatus have a more significant influence than external factors. The results also show that it is necessary to increase the responsiveness of the village apparatus in serving community complaints with assistance from various parties.

The government prioritizes Villages in development, providing funds for Villages which are taken directly from the State Revenue and Expenditure Budget to be managed by the Village independently. The research objective was to determine the effect of the influence of the internal control system, the use of accounting information technology, and the competence of the Nagari apparatus on the accountability of village fund management. This type of quantitative research, a sample of 20 Nagari in Agam District, as many as 80 respondents, using convenience sampling techniques, the data in this study were collected using a questionnaire and analyzed using multiple regression analysis. The results of the research F test results F value 31.750> F table 2.74, 95% confidence level and significant 0.05, Fcount > F table conclusion that there is an effect of independent variables (X1, X2 and X3) on the dependent variable (Y) simultaneously. A separate t-test test found that the internal control system variable (X1) did not have a significant effect on the accountability of Village Fund management, the variable use of accounting information technology and the competence of Nagari officials (X2 and X3) had a significant effect on the accountability of Village Fund management. Keywords: Internal Control System, Utilization of Accounting Information Technology, Nagari Apparatus Competence, Accountability, Village Fund.