Suchergebnisse

Treaties — Conclusion and operation of — Constitutional limitations — Constitutional guarantee of private property — Private property transferred to foreign powers in compensation for war damage — Basic Law of Federal Republic of Germany, Article 14 — German-Portuguese Assets Agreement, 1958 — The law of the Federal Republic of Germany

In view of the importance of managing assets and the lack of research in managing assets in the infrastructure sector, we develop an asset management model in this study. This model is developed in line with the unique characteristics of the infrastructure assets and asset management principles and criteria. In the proposed model, we consider activities at three levels, namely the strategical, tactical and operational levels. The interviews with experts in asset management and officials in several Dutch organizations have proven the potential of our asset management model.

While the contemporary view of assets in accounting is of 'future economic benefits', the appropriateness of this definition for financial reporting purposes continues to be questioned. Samuelson [1996, p. 156] argued that assets should be defined as 'property rights' while Schuetze [1993, p. 69] proposed that assets should be defined simply as cash, claims to cash and items that could be sold separately for cash. These notions are not new. Up until the latter part of the 19th century the emphasis in the accounting literature was on the recording of 'property' or 'effects', commonly understood to be things or rights which were exchangeable for cash. The aim of this paper is to trace changes in the definitional concept of assets in an attempt to discover why professional accounting bodies in the major English speaking countries have adopted the problematic abstract 'future benefit' notion, which is so far removed from the simple concept of assets as exchangeable things or rights. It is suggested that in the future financial reporting requirements for business entities include a statement of 'separably exchangeable property' and legal obligations at the reporting date.

In this paper, we study a sample of 179 corporate asset sales in Taiwan between 1993 and 2003. We find that corporate asset sales in Taiwan enhance parent firm value with cumulative abnormal returns of 1.7715% for the pre-announcement five-day period and 0.6086% for the two-day announcement window. This finding is consistent with the evidence discovered in both UK and US. We also examine whether asset-sale gains are positively related to managerial performance, private lender monitoring, the use of proceeds, the type of asset sales, the profitability of asset sales, and the relative size of asset sales. Our cross-sectional regression results indicate that all variables, except private debt monitoring and relative size, appear with their predicted signs, but not all of them are statistically significant. During longer event windows, we find that only managerial performance measured by Tobin's q and the use of asset-sale proceeds can explain the gains from corporate asset sales in Taiwan.

The globalisation of the digital economy is indicative of a changing multidimensional paradigm driven by a number of factors: the primacy of intangible assets in value creation; a growing transnational and international dimension in the production and consumption of goods and services; the transition from human labour to artificial intelligence; the increasing dominance of networks of stakeholders over individual players; the emergence of new forms of sharing, creation, collaboration and innovation; and the need to harmonise rules, standards and policies (including in the area of taxation) within a multilateral framework. In a competitive geopolitical environment, the EU, characterised by disparities between its Member States and sometimes opposing national interests, is some way behind China and the uncontested leader of the digital pack, the United States. But Europe can carve out a place for itself alongside these digital giants, since it outperforms its competitors in some sectors of the DSM. These include the production of digital services (the main driver of digital globalisation) and the digital consumption of financial operations.