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The resurgence of Route 128 in Massachusetts

-product of the techno-diversification process. It was an ideal fit for Massachusetts.42 It has re-invented manufacturing in the region.43 The techno-diversification of Route 128 is itself a consequence of the conversion of systems integration from a technological to a business and Resurgence of Route 128 183 industrial organisational capability. The conversion can be understood in terms of the diffusion of the new model of technology management, the establishing of a complementary business model capable of driving the new principle, and an advanced, diverse, flexible

in Market relations and the competitive process

2008, but simply investigates the assumptions and practices Lehman used in valuing the selected PTG assets and reaches a conclusion as to the reasonableness of those assumptions and practices’. 30 The Examiner also provides an overview of Lehman's Principal Transactions. These were primarily debt or equity investments in real estate development and improvement projects. These had no cash flow, as the land was due to be developed, or less cash flow than was projected to be generated on development, such as the conversion of

in Lehman Brothers

-orientated and dependent on the analysis of uncertain future events, USPAP warns that ‘it is vulnerable to misuse’, and sets out various requirements to prevent that from happening. USPAP points out that the DCF method was useful for the valuation or analysis of proposed construction, land development condominium development or conversion, rehabilitation and income-producing real estate of all kinds. By early 2008, USPAP could report that DCF was becoming the required method for, amongst others, asset managers, portfolio managers and underwriters, all the skills and services

in Lehman Brothers
Open Access (free)
Crisis, reform and recovery

reasoning: a currency-board arrangement can only work effectively if the banking system has the capacity to tolerate significant movements in domestic interest rates. Without this capacity, the currency-board arrangement will induce a conversion of deposits into foreign exchange, further shrink the monetary base and greatly increase interest rates. Since a currency board must hold reserves of foreign exchange (or gold or some other liquid asset) equal at the fixed rate of exchange to at least 100 per cent of the domestic currency issued, the IMF appropriately concluded that

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery

, which, when converted into foreign currency, created a short position on the baht. Foreign speculators sold baht for dollars in the Hong Kong market, while many Thai banks borrowed heavily from money markets to purchase dollars, sending the interbank rate up to 25 per cent. Thus, the conversion of baht credit into foreign currency represented a capital outflow, placing downward pressure on the spot exchange rate. To defend the baht, besides periodically denying devaluation rumors and making written commitments not to devalue the baht, the BOT also raised short

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture

behavior of the exchange rate and the requisite supporting monetary policy. Thus, in a pegged regime, it is incumbent on the pegging country to set a monetary policy that always appears to currency traders to be consistent with the pre-announced conversion rate. The best method of upholding this commitment is to run a monetary policy that is similar to that in the anchor country in terms of inflation rates and credit expansion. That is, a central bank trying to maintain an exchange-rate peg has to focus on the interest-rate differential between the short-term rate in its

in The Asian financial crisis