❖ Compounding ❖ Frequency of Compounding ❖ Present Value and Discounting ❖ Alternative Discounted Cash Flow Decision Rules ❖ Multiple Cash Flows ❖ Annuities ❖ Perpetual Annuities ❖ Loan Amortization ❖ Exchange Rates and Time Value of Money ❖ Inflation and Discounted Cash Flow Analysis ❖ Taxes and Investment Decisions
I THE EVIDENCE ON CONVERGENCE A Formal Legal Change B The Structure of Share Ownership C The Growth of European Stock Markets D The Emergence of an International Market for Corporate Control E A Preliminary Evaluation F The Status of the Insider-Dominated Firm II WHEN DOES SEPARATION OF OWNERSHIP AND CONTROL ARISE? A HISTORICAL PERSPECTIVE A The United States Experience 1 The Role of Investment Bankers 2 The New York Stock Exchange as Guardian of the Public Investor B The British Experience C A Civil-Law Contrast: The French Experience D The German Experience: Statist Intervention That Stunted the M arket E A Preliminary Summary III\ DOES LAW MATTER?\ RECONSIDERED A Law and the Decentralized Common-Law World B The Sequence of Legal Change: Reinterpreting LLS&V 1 The United States Experience 2 The Global Experience C The Political Theory of Dispersed Ownership D Implications for Transitional Economies IV C ONCLUSION
• National income accounts – measures of national income – measures of value of production – measures of value of expenditure • National saving, investment, and the current account • Balance of payments accounts
