CS207 Citations - Stanford University

28-Oct-10 1 copy Gio Wiederhold`

References for Gio Wiederhold CS207 Software valuation

CS207 Citations

[Abba97] Wayne Abba Earned Value Management Reconciling Government and Commercial Practices Program Manager Vol26 pp 58ndash69

[AlcockBG09] Alistair Alcock John Birds and Steve Gale Alcock Bird and Gale on the Companies Act 2006 Jordans 2009 s172 CA 2006 to promote the success of the company for the benefit of its members as a whole It sets out six factors to which a director must have regards in fulfilling the duty to promote success These are 1 the likely consequences of any decision in the long term 2the interests of the companyrsquos employees 3the need to foster the companyrsquos business relationships with suppliers customers and others 4the impact of the companyrsquos operations on the community and the environment 5the desirability of the company maintaining a reputation for high standards of business conduct and 6the need to act fairly as between members of a company This represents a considerable departure from the traditional notion that directors duties are owed only to the company

[Aron83] JD Aron The System Development Process The Programming Team (Part II) Addison-Wesley 1983

[AsprayMV06] William Aspray FMayadas and Moshe YVardi (editors) Globalization and Offshoring of Software A Report of the ACM Job Migration Task Force ACM 2006

[Atwood08] Margaret Atwood Payback (Debt and the Shadow Side of Wealth) Anansi Toronto 2008

[Auletta09] Ken Auletta Searching for Trouble Why Google is on its Guard New Yorker Magazine 12 Oct 2009 pp46-56 Abstract or Audio

[AviYonah02] Reuven S Avi-Yonah For Havens Sake Reflections on Inversion Transactions University of Michigan Law School Tax Notes Vol 95 No 12 June 17 2002 AAAA

[Babcock6894] Henry A Babcock Appraisal Principles and Procedures American Society of Appraisers 1968 fifth edition 1994

[Baker07] Leroy Baker Halliburton Feels Democrat Wrath After Dubai Move Tax-Newscom New York 15 March 2007

[Banner80] Donald W Banner Pricing the Technology Domestic amp International Licensing of Technology 1980 T Arnold and JT McCarthy Eds Practi(sc)ing Law Institute 1980 Not at SUL The source appears to be an annual treatise by an institute within NYU but is not now publicly available

[Baranson78] Jack Baranson Technology and the Multinationals Lexington Books 1978 p 64 Cited by [Caves83] Offshore movement of IP Have chapter around p 33 also see p64

[Basili90] Victor Basili Viewing Maintenance as Reuse-Oriented Software Development IEEE Software Vol7 No1 Jan 1990 pp19-25


[Baum10] Caroline Baum The Good Old Bad Days Bloomberg Business Week 6 Sep 2010 pp4-5

[Baz09] Aureliano Gonzales Baz Manufacturing in Mexico The Mexican In-Bond (Maquila) Program Banco Nacional de Comercio Exterior 2009 httpwwwbancomext-mtlcominvestvox128htm

[Becker02] Brian C Becker ldquoCost-Sharing Buy-Ins Chapter A in [Feinschreiber01] Transfer Pricing Handbook 3rd Edition Wiley 2002 supplement

[BeladyL72] Laszlo Belady and MM Lehman ldquoAn Introduction to Growth Dynamics in W Freiberger (ed) Statistical Computer Performance Evaluation Academic Press 1972

[BennettD11] Drake Bennett ldquoDo the Unemployed Get a Second Actrdquo Business Week 19 Sep 2011 HHHH WS Taxrates

[BennigaS97] Simon Z Benning and Oded H Sarig Corporate Finance A Valuation Approach McGrawHill 1997

[BermanKC06] Karen Berman and Joe Knight with John Case Financial intelligence A Managerrsquos Guide to Knowing what the Numbers Really Mean Harvard Business School Press 2006 Many warnings on how reports can mislead

[Berns84] Gerald M Berns ldquoAssessing Software Maintainabilityrdquo CommACM Vol27 no1 Jan 1984

[Bivens11] Josh Bivens Failure by Design The Story behind Americas Broken Economy Cornell University Press Economic Policy Institute 2011 Bought past statistics only vague recommendations

[BharadwajK97] Anandhi Bharadwaj and Benn R Konsynski Capturing the Intangibles Information Week 22 Sep 1997 Intangibles can be valued Market value is best Tobin Q-ratio

[Boehm81] Barry Boehm Software Engineering Economics Prentice-Hall 1981 Not the topic of CS207

[Boehm00] Barry Boehm et al Software Cost Estimation with Cocomo II Prentice-Hall 2000 Not the topic of CS207

[BoultonLS00] Richard Boulton Barry Libert And Stev Samek Cracking the Value Code Arthur Andersen Harper Business 2000 Bought on Amazon for $001 p28 A companys value is determined daily as millions of shareholders buy and sell its stock

[BowlesS10] Erskine Bowles and Alan Simpson (co-chairs) The Moment of Truth The national Commission on Fiscal Responsibility and Reform The White House 9 December 2010 6 6pp

[BranscombEA91] Lewis Branscomb (chair) et al Intellectual Property Issues in Software Computer Science and Telecommunications Board National Research Council National Academy Press 1991 httpbooksnapedubooks0309043441html

[BrealeyMA06] Richard A Brealey Stewart V Meyers and Franklin Allen Principles of Corporate Finance 8th edition Mc GrawHill 2006 Reference Pe ratio

[BrickleySCW02] James A Brickley Clifford W Smith Jerold L Zimmerman Janice Willett Designing Organizations to Create Value From Strategy to Structure McGraw-Hill Professional 2002 ISBN 0071393927 9780071393928 320 pages Chapter 7 section 14 pages on transfer pricing TTTT


[BronfenbrennerL04] Kate Bronfenbrenner and Stephanie Luce The Changing Nature of Corporate Global Restructuring The Impact of production Shifts on Jobs in the US China and Around the Globe Cornell University Oct 2004httpwwwnewscornelledureleasesOct04jobsoutsourcingrpt04pdf

[BrooksKW02] Bryant Brooks Russell Kwiat and Robert Weissler Approaches to Valuing Cost Sharing Buy-Ins IRS APA Program Training August 20 2002 httpwwwirsgovpubirs-apastudy_guide_exhibit_gpdf Foregone profits

[Brooks95] Frederick Brooks The Mythical Man-Month Essays in Software Engineering Addison-Wesley 1975 reprinted 1995

[Browning 07] Lynnley Browning ldquoGimme Tax Shelterrdquo New York Times 4 February 2007 business section Globalization Netherlands musicians

[Browning 11] Lynnley Browning ldquoMicrosoftrsquos Use Of Lox-Tax Havens Drives Tax Bill to 7 Percent Of Profitrdquo Reuters Huffington Post Business Reuters 28 July 2011 Sales 144B 30 increase in after in after-tax profit 35 gain in earnings per share 445M in taxes in the US 7 of 632 B in pre tax profit With Dena Aubin David Cay Johnston Scott Malone and Bill Rigby editing by Martin Howell) Puerto Rico unusual credits

[CarmelA02] Carmel E amp Argawal R ldquoThe Maturation of Offshore Sourcing of InformationTechnology Workrdquo MISQ Executive Vol 1 No 2 2002 pp 65 ndash 77 Globalization

[Carson08] Ron Carson ldquoIntellectual Property Audit and Managementrdquo Chapter 33B in [ParrS05] 2008 Cumulative Supplement Wiley 2008

[CavesCK83] Richard E Caves Harold Crookell and J Peter Killing The Imperfect Market for Technology Licenses Oxford Bulletin of Economics and Statistics 1983 pp249-268

[CerfK00] Vint Cerf and Bob Kahn Al Gore and the Internet 29 September 2000 httpamsterdamnettimeorgLists-Archivesnettime-l-0009msg00311html ] )) As far back as the 1970s Congressman Gore promoted the idea of high-speed telecommunications as an engine for both economic growth and the improvement of our educational system He was the first elected official to grasp the potential of computer communications to have a broader impact than just improving the conduct of science and scholarship [] the Internet as we know it today was not deployed until 1983 When the Internet was still in the early stages of its deployment Congressman Gore provided intellectual leadership by helping create the vision of the potential benefits of high speed computing and communication As an example he sponsored hearings on how advanced technologies might be put to use in areas like coordinating the response of government agencies to natural disasters and other crises

[ChavezTW98] Andrea Chaacutevez Catherine Tornabene and Gio Wiederhold Software Component Licensing Issues A Primer IEEE Software Vol15 No5 Sept-Oct 1998 pages 47-52

[Clausing04] Kimberly Clausing The American Jobs Creation Act of 2004 Creating Jobs for Accountants and Lawyers Urban-Brookings Tax Policy Center Dec 2004 74 is corporate tax


[Clausing06] Kimberly Clausing ldquoInternational Tax Avoidance and US International Traderdquo National Tax Journal June 2006 httpwww01entrepreneurcomtradejournalsarticle149986064_1html Multinational undertake 70 of US int trade and 41 is intrafirm

[Clausing09] Kimberly A Clausing Multinational Firm Tax Avoidance and Tax Policy National Tax J vol 62 no4 Dec 2009 pp703-725 Here is the abstract This paper considers the tax policy consequences of both real and financial types of international tax avoidance focusing on US multinational firms over the period 1982ndash2004 First income shifting is examined by estimating the relationship between US affiliate profit rates and foreign country tax rates Second the effects of taxes on multinational firmsrsquo real operations across countries are considered Estimates of both financial and real responsiveness to tax rate differences among countries are used to calculate how profits would differ from their current levels absent tax incentives and thus how US government revenues are affected Finally several policy alternatives are discussed

[ClaytonR03] Clayton M Christensen and Michael E Raynor The Innovators Solution Creating and Sustaining Successful Growth Harvard Business school 2003

[Coborn07] Bill Cobourn Exploiting intellectual property in a complex World Technology Executive Connection Vol4 based on a survey by The Economist March 2007 File tecv4ippdf

[CohnC11] Peter Cohn and Mathew Caminiti The Multinational Advantage BW 20 and 24 Jan 2011 Uses data from [MarkleS09] North Carolina study

[Contractor81] Farok J Contractor International Technology Licensing Lexington Books 1981

[Contractor00] Farok Contractor ldquoValuing Intangible Assets and Corporate Knowledge Some General

[Contractor02] Farok Contractor ldquoHow Knowledge Attributes Influence Alliance Governance Choices A TheoryDevelopment Noterdquo Journal of International Management Volume 8 No 1 Spring 2002

[CookC10] Nancy Cook and Eric Cook System and method for analyzing tax avoidance US patent 7716 granted May 11 2010 Focus on interstate transfers Refers to IRC 482 Parameter-based Chapter 5

[Cornford04] Andrew Cornford Enron and Internationally Agreed Principles for Corporate Governance and the Financial Sector G-24 Discussion paper 30 UNCTAD June 2004

[CorradoS04] Carrol Corrado and Dan Sichel Measuring Capital and Technology An Expanded Framework Federal Reserve August 2004 httpwwwfederalreservegovpibsfeds2004200465200465pappdf

[CroninLH04] Bruce Cronin Lesley Catchpowle and David Hall ldquoOutsourcing and Offshoringrdquo CESifo Forum a quarterly journal Summer 2004 The IFO institute for Economic Research and Ludwig-Maximilians-Universitaumlt Munich Germany wwwcesifode pp17-21 Globalization

[Cusumano95] Michael Cusumano and Richard Shelby Microsoft Secrets How the Worlds most Powerful Software company Creates Technology Shapes Markets and Manages People MIT 1995


[Cusumano04] Michael A Cusumano The Business of Software Free Press 2004 Excellent review with numbers and graphs Favors synchronize and stabilize approach to software creation

[Damodaran99] Aswath Damodaran ldquoResearch and Development Expenses Implications for Profitabilty Measurement and Valuationrdquo Stern School of Business Working paper NYU Working Paper No FIN-99-024 RampD cost should be treated as (tax deductible) capital expenses Putting IP on books was possible before 1975 in US and under IAS 9

[Damodaran00] Aswath Damodaran rdquoAn Updated Amazon valuationrdquo working spreadsheet at httppagessternnyuedu~adamodaramazon2000-1xls

[Damodaran02] Aswath Damodaran The Dark Side of Valuation Valuing Old Tech New Tech and New Economy Companies Prentice-Hall 2002

[Damodaran00] A Damodaran Damodaran on Valuation 2nd edition New York John Wiley and Sons 2006

[Daum01] Juergen Daum The New DASB rules for reporting in Intangible Asset ndash The US Versus the European way The new New Economy Analyst Report 10 Nov 2001

[deMatteis99] Bob deMatteis From Patent to Profit Secrets and Strategies for the Successful Inventor 3rd edition Berkley Publishing 1999 Profit and Royalty Profit minimization is common already for taxes so a poor basis for royalty

[Denning11] Steve Denning Why Amazon Cant Make A Kindle In the USA Forbes 17 August 2011 The loss of manufacturing skills comes afte roffshoring

[DesaiH00] Mihir A Desai and James R Hines Jr The Uneasy Marriage of Export Incentives and the Income tax Tax Policy and the Economy Vol15 MIT press National Bureau of Economic Research NBER working paper 8009 Nov 2000 IC-DISC and FSC tax credit Subpart F passive income of CFCs is deemed distributed

[Dharan02] Bata G Dharan Enronrsquos Accounting Issues ndash what we can learn to Prevent Future Enrons Testimony prepared to US House Energy and Commerce Committeersquos Hearings on Enronrsquos Accounting Feb 2002

[Doebele04] Justin Doebele Flex Forward Flextronics Michael Marks says that outsourcing can only get much much biggerrdquo Chief Executive 1 Jul 2004

[Dossani Kxx] Rafiq Dossani and Martin Kenney ldquoThe relocation of Service provision to Developing Nations The Case of Indiardquo pp193-217 Year

[Drucker10] Jesse Drucker ldquoGlobe-trotting Profitsrdquo Bloomberg Business Week 14 May 2010

[Drucker10b] Jesse Drucker ldquoThe Tax Haven Thatrsquos Saving Google Billionsrdquo Bloomberg Business Week 21 October 2010 httpwwwbusinessweekcomtechnologygoogle-tax-cutgoogle-terminalhtml

[Drucker11] Jesse Drucker ldquoThe more you make the less you payrdquo Bloomberg Business Week 11 April 2011 Examples of individual ploys

[DyeGG07] Ronald A Dye Rajiv Gokhale and Timothy Guimond Valuation Issues Related to Buy-in Payments in Cost-Sharing Agreements Columbia Univ Report 72157 October 2007 httpwww4gsbcolumbiaedunulldownloadampexclusive=filemgrdownloadampfile_id=72157 Royalty versus Lump sum In this section we observe that when the taxpayer elects


to have the sub make a sequence of royalty payments the taxpayer has an incentive to overstate its projections of the subs post buy-in sales In contrast when the taxpayer elects to have the sub make a lump-sum payment we observe that the taxpayer has an incentive to understate the subs post buy-in sales

[Dye08] Ronald A Dye Cost-sharing Agreements a tax saving device for multi-nationals Kellogg Insight Northwestern Univ April 2008 httpinsightkelloggnorthwesterneduindexphpKelloggarticlecost_sharing_agreements

[EcclesEA01] Robert G Eccles Robert H Herz E Mary Keegan David M H Phillips The Value Reporting Revolution Moving Beyond the Earnings Game Price-Waterhouse-Coopers 2001

[Eccher95] Eccher E 1995 The value relevance of capitalized software development costs Northwestern University Kellogg School of Management Evanston IL E Lean Startup Debunking Myths of Entrepreneurship Stanford Video 428min 30 Sep 2009

[E09] Lean Startup Debunking Myths of Entrepreneurship Stanford Video 428min 30 Sep 2009 Many other videos there

[FarrellKS05] Diana Farrell Noshir Kaka and Sascha Stuumlrze ldquoEnsuring Indias offshoring futurerdquo McKinsey Quarterly Sep 2005 lt200000 jobs gained 2004 by Indian NASampS companiesgt

[Faux11] Jeff Faux Americarsquos Trade Policvy of the Absurd The American Prospect 7 February 2011

[FeigenbaumMNP88] Edward Feigenbaum Pamela McCorduck HPenny Nii and Tom Peters The Rise of an Expert Company How Visionary Companies Are Using Artifical Intelligence to Achieve Higher Productivity and Profits Macmillan 1988

[Feinschreiber01] Robert Feinschreiber Transfer Pricing Handbook 3rd edition Transfer Pricing Consortium John Wiley Publishers April 2001 Reference only

[FeldsteinHH95] Martin Feldstein James R Hines Jr and R Glenn Hubbard (eds) Taxing multinational corporations University of Chicago Press 1995 Collection of analytical papersHave

[Folbre11] Nancy Folbre Tax Havens and Treasure Hunts NYT April 48 2011 Shows Corporate tax revenue GDP

[Fox09] Justin Fox The Myth of the Rational Market Harper Business 2009

[Frank05] Steven J Frank Source Out Risk In IEEE Spectrum April 2005 pp 6062 Outsourcing Globalization risk

[FurmanB08] Jason Furman and Jason Bordoff Path to Prosperity Hamilton Project Ideas on Income Security Education and Taxes Brookings Institution Press 2008

[GAO09] GAO International Taxation Large US Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions US Government Accountability Office report GAO-09-157 December 2008

[GardnerR98] William Gardner and Joseph Rosenbaum Intellectual Property Database Protection and Access to Information Science Vol 281 Issue 5378 pages 786-787 7 August 1998

[Gates98] Bill Gates Compete dont delete Economist 11 June 1998


[Gates00] Bill Gates Business the Speed of Thought Succeeding in the Digital Economy Warner books 2000

[GarmusH01] David Garmus and David Herron Function Point Analysis Measurement Practices for Successful Software Projects Addison-Wesley Information Technology Series 2001

[Gay02] Gay J Free Software Free Society selected essays of Richard M Stallman GNU Press 2002

[Gibbs09] Robert Gibbs Press Secretary Leveling the Playing Field Curbing Tax Havens and Removing Tax Incentives For Shifting Jobs Overseas The White House 4 May 2009 US multinationals paid 23 tax in 2004

[Gilb05] Tom Gilb Competitive Engineering Elsevier 2005

[Glass98] Robert L Glass In the Beginning Recollections of Software Pioneers IEEE Press 1998

[Glass03] Robert L Glass Facts and Fallacies of Software Engineering Addison Wesley 2003

[Glass98] Robert L Glass Maintenance Less is not more IEEE Software Vol15 No4 JulyAugust 1998

[GolderY04] Peter N Golder and Gerard J Tellis Growing Growing Gone Cascades Diffusion and Turning Points in the Product Life Cycle International Journal of Research in Marketing 2004 - Elsevier

[Goodman67] George JW George (Adam Smith) The Money Game Random House 1967 republished 1976 On the stock market ldquoin the long-run the future earnings represent present value [although] in the short run the dominant factor is the elusive [] temper of the crowd

[GopalMKS03] AGopal T Mukhopadhyay MS Krishnan and K Sivaramakrishnan ldquoContracts in Offshore Software Development An Empirical Analysisrdquo Management Science Vol 49 12 Pp 1671-1683 2003 Globalization

[Gore08] Al Gore The Assault on Reason Bloomsbury Publishing 2008

[Gordon62] Myron J Gordon The Investment Financing and Valuation of the Corporation Irwin 1962 reprint Greenwood Press 1982

[Grilliches84] Z Grilliches RampD Patents and Productivity Univ of Chicago Press 1984

[GrossmanH01] Gene M Grossman and Elhanan Helpman Innovation and growth in the global economy 7th edition MIT press 2001

GrossmanH94] Gene Grossman and Elhanana Helpman Endogenous Innovation in the Theory of Growth Journal of Economic Perspectives Vol 8 p 23-44 1994 Knowledge is cumulative with each idea building on the last whereas machines deteriorate and must be replaced (p31)

[Grove10] Andy Grove ldquoHow to Make an American Jobrdquo Bloomberg Business Week 5 July 2010 pp48-53 10x factor us vs foreign employment Scaling Early investment Breaking the chain of experience Oiling the guillotine Little specific advice

[GuptaWSS09] Amar Gupta Gio Wiederhold David Branson Smith and Devin Sreecharana Outsourcing from the Perspectives of International Protocols Law Intellectual Property and Taxation Arizona Legal Studies Discussion Paper No 09-18 University of Arizona January 7 2009 httpssrncomabstract=1324242


[GuptaS07] Amar Gupta and Satwik Seshasai The 24-Hour Knowledge Factory Using Internet technology to leverage spatial and temporal separations ACM Transactions on Internet Technology (TOIT) Vol7 no 3 August 2007 article 14

[HerbslebM01] James D Herbsleb and Deependra MitrerdquoGlkobal Software Developmentrdquo IEEE Software Vol18 March 2001

[Hall93] Bronwyn H Hall ldquoThe Stock Markets Valuation of RampD Investment During the 1980srdquo The American Economic Review Vol 83 No 2 Papers and Proceedings of the 105th Annual Meeting of the American Economic Association May 1993 pp 259-264 The relative life of advertising versus RampD Hall (1993) argues that advertising and RampD expenditures are roughly the same but that the market valuation generated by RampD is four to five times the market valuation generated by advertising ltGio because the life is longergt

[Hardy03] David R Hardy (McDermott Will amp Emery) 2003 TNT 145-33 Assignment of Corporate Opportunities -- The Migration of Intangibles Tax Notes July 28 2003 p 527 Globalization

[HandL03] John Hand and Baruch Lev (editors) Intangible Assets Values Measures and Risks Oxford University Press 2003 In the year 2000 $614B was spent for prepackaged software and $57B custom software About $128B was spent by companies for internal software development and maintenance [Bureau of Economic Analysis] Chap 12 provides data for routine and non-routine returns have

[Harrison03] Bonnie Harrison College of Southern Maryland LaPlata Maryland ldquoIntangible Assetsrdquo Chapter 10 in Weygandt Kieso and Warfield Fundamentals of Intermediate Accounting Wiley 2003 Intangibles are written off over their useful lives where the assets have determinable useful lives Where the intangibles have indefinite useful lives they are not amortized Trademarks and Trade names are renewable indefinitely by the original user in periods of 10 years each Goodwill has an indefinite life and should not be amortized Impairment test performed at least annually If applicable loss recorded No impairment if sum of expected future net cash flows from use and disposal of asset is equal to or more than the carrying amount

[Heller08] Michael Heller The Gridlock Economy How Too Much Ownership Wrecks Markets Stops Innovation and Costs Lives Basic Books 2008 [have on Kindle]

[Hemphill04] Thomas A Hemphill Corporate Citizenship The Case for a New Corporate Governance Model Business and Society Review Vol109 No3 16 Sep 2004 pp339-361

[HendelMT08] Anja Hendel Wolfgang Messner and Frank Thun (Eds) Rightshore - Successfully Industrialize SAPreg Projects Offshore 2008 XVIII 292 p 74 illus Hardcover ISBN 978-3-540-77287-3 Have Comprehensive general quantitative data and experience from CapGemini on globalization

[HennessyP90] John Hennessy and David Patterson Computer Architecture Morgan Kaufman 1990

[Heymann10] Jody Heymann Profit at the Bottom of the Ladder Harvard Business Press 2010

[HinesS09] Hines Jr James R and Lawrence H Summers How Globalization Affects Tax Design Tax Policy and the Economy Volume 23 Ed Jeffrey R Brown and James M Poterba University of Chicago Press 2009 123-157 Small countries (not taxhavens) had


to adapt already to deal with mobility of economic activity and rely less on income taxes During the period from 1950 to 2004 total world exports and imports grew by an average of 59 percent a year From 1975 to 2004 the rate of growth of international trade relative to world output quickened for all goods to 23 percent a year and for manufacturing to 30 percent a year

[Hitchner06] James R Hitchner (editor) Financial valuation applications and models 2nd edition Wiley 2006 Income approach market approach asset approach pass-through entities

[Hirst02] Clayton Hirst ldquoSilicon fen `needs pound2bnrsquo to stop business exodusrdquo The Independent 21 Sep 2002 urgent need for the UK Government to throw money at the road network

[Houlder10] Vanessa Houlder ldquoTax haven Drive will mean greater scrutinyrdquo Financial Times 20 March 2010 Chines Grsquovmnt uses information to stop taxhaven transfers

[Howard95] Philip K Howard The Death of Common Sense Random House 1995

[Howard01] Philip K Howard The Collapse of the Common Good Updated version of The Lost Art of Drawing the Line Random House 2001

[Hulten06] Charles Hulten [IASB10] International Accounting Standards Board Who we are and what we do IFRS Foundation March 2010

[IEEE98] IEEE Standard for Software Maintenance Document 1219-1998 IEEE 1998

[Jayson10] Seth Jayson Herersquos How Flextronics International May be Failing You The Motley Fool 30 Nov 2010

[Johnson05] Calvin H Johnson Tales from the Skunk Works The Basis-Shift or Defective Redemption Shelter Tax Analysts Special report 2005 ldquoComplexity has a tendency to intimidate and deter any outside review ldquo Individual tax shelters promoted are FLIP mdash short for lsquolsquoForeign Leveraged Investment Programrsquo using a Cayman corporation rsquo later OPIS mdash short for lsquolsquoOffshore Portfolio Investment Strategyrsquorsquo using a Cayman partnership and derivatives

[Johnston03] David Cay Johnston Perfectly Legal Portofolio Publishers 2003

[Jones95] Capers Jones Backfiring Converting Lines of Code to Function Points IEEE Computer Vol28 No11 November 1995 pp 87-88

[Jones96] Capers Jones Applied Software Measurement Assuring Productivity and Quality McGraw-Hill 1996

[Jones98] T Capers Jones Estimating Software Costs McGraw-Hill 1998

[Jussawalla92] Meheroo Jussawalla The Economics of Intellectual Property in a World Without Frontiers PraegerGreenwood 1993 Fujitsu p113

[Kaiser09] Robert G Kaiser So damn Much Money Knopf 2009 On lobbying lobbyists and Congress

[KaplanN03] Robert Kaplan and David Norton Using the Balanced Scorecard as a Strategic Management System Harvard Business Review JanFeb 1996

Kaplan R S and D P Norton (2004) Strategy Maps Converting Intangible Assets into Tangible Outcomes Harvard Business School Press Boston Mass


[Kao07] John Kao Innovation Nation How America is losing its innovation edge why it matters and what we can do to get it back Free Press 2007

[Kemerer93] Chris Kemerer Reliability of Function Points Measurement A Field Experiment Comm ACM Vol 36 No 2 February 1993 pp 85-97

[KenneyD05] Martin Kenney and Rafiq Dossani ldquoOffshoring and the Future of US Engineering an Overviewrdquo The Bridge National Academy of Engineering Fall 2005 Introduction to related articles in the issue Closing Article by William Wulf ldquoA Disturbing Mosaicrdquo

[KerriganHWLW03] Shawn Kerrigan Charles Heenan Haoyi Wang Kincho Law and Gio Wiederhold Regulatory Information Management and Compliance Assistance NSFs National Conference on Digital Government Research (dgo2003) (under PanelsE-rulemaking) Boston May 2003

[Khadpe01] Subash Khadpe Status of the Worldwide Packaging Foundry Industry Chip Scale Review at httpwwwchipscalereviewcomissues0501f3_01html

[Kirkegaard04] Jacob F Kirkegaard ldquoOffshore Outsourcing ndash Much Ado About Whatrdquo CESifo Forum a quarterly journal Summer 2004 The IFO institute for Economic Research and Ludwig-Maximilians-Universitaumlt Munich Germany wwwcesifode pp22-29 [Focus is on jobs and corporate income Globalization]

[Klepper96] Steven Klepper Entry Exit Growth and Innovation over the Product Life Cycle The American Economic Review Vol 86 No 3 (Jun 1996) pp 562-583

[Kocieniewski11] David Kocieniewski GErsquos Strategies Let It Avoid Taxes Altogether NYT 24 March 2011 Corporate taxes constituted 30 percent of all federal revenue in the mid-1950s That rate had fallen to 66 percent by 2009 975 employees in tax department

[Kocieniewski11b] David Kocieniewski Rich Tax Breaks Bolster Makers of Video Games NYT 10 Sep 2011 Interaction of RampE credits and taxahvens Tyax 98M Profits 12B over 5 years net loss this year

[KohliD04] R Kohli and s Devaraj S ldquoRealizing the Business Value of Information Technology Investments An Organizational Processrdquo Management Information Systems Quarterly Executive (MISQE) Vol 3 No 1 March 2004

[KopalleL06] Praveen K Kopalle Donald R Lehmann Setting Quality Expectations When Entering a Market What Should the Promise Be Marketing Science Vol 25 No 1 January-February 2006 pp 8-24 (have abstract only)

[Kopits76] G Kopits ldquoIntra-firm Royalties Crossing Frontiers and Transfer-Pricing Behaviorrdquo The Economic Journal Dec 1976 pp791-803 Contractor 83 observes that the result that royalty setting is affected by tax minimization Strategies

[KruchtenOS06] P Kruchten H Obbink J Stafford The Past Present and Future for Software Architecture IEEE Software v 23 no 2 pp 22- 30

Krugman09] Paul Krugman A Country is not a Company Harvard Business School Press November 30 2009)

[KuebleE01] D Kueble and W Eibach Metering and Accounting for Web Services A dynamic e-business solution IBM Developer Works 2001

[KumraS05] Gautam Kumra and Jayant Sinha The next Hurdle for Indian IT McKinsey Quarterly Issue 4 (Premium) 2003 Special Edition Interview with Naranay Murthy (IIT Kanpur MS 1969) Global directions and Infosys


httpemckinseyquarterlycomatBC2FwWAG8 have copy at OutsourcingEBSCOhostpdf Globalization

[KwiecinskiPH06] M Kwiecinski P Peters and D Hoch The Overlooked Potential for Outsourcing in Eastern Europe The McKinsey Quarterly 2006 Globalization

[KwonW06] D Kwon and S Watts S ldquoIT Valuation in Turbulent Timesrdquo The Journal of Strategic Information Systems Vol 15 Issue 4 pp 327-354 2006

LafferM10] Arthur B Laffer and Stephen Moore ldquoReturn to Prosperityrdquo Threshold Pubicatiosn Simon amp Schuster 2010 Good governance proposals in intro Trade recommendations ignore IP Proposes a flat tax Fixed rate for corporations Many data points not systematically organized

[LaMonica05] Martin LaMonica ldquoOpen source reshaping services marketrdquo CNET News 10 Jan 2005

[LandsbaumG85] Jerome B Landsbaum and Robert L Glass Measuring and Motivating Maintenance Programmers Prentice-Hall 1985

[Larcker04] David Larcker in Back to the Drawing Board Is the Traditional Theory of the Firm Obsolete Strategic Management Wharton On-line report 1047 Sep 2004 httpknowledgewhartonupenneduarticle1047cfm

[LauLW05] Gloria T Lau Kincho H Law and Gio Wiederhold rdquoAnalyzing Government Regulations Using Structural and Domain Informationrdquo IEEE Computer Vol 38 no 12 Dec 2005 pages 70-76

[Laurie04] RLaurie ldquoIP Valuation Magic or Mythrdquo Intellectual Property Issues in MampA Transactions April 2004

[Lefkowitz05] Robert Lefkowitz Calculating the True Price of Software OReilly OnLampcom 21July2005

[LeonardS05] Gregory Leonard and Lauren Stiroh (editors) Economic Approaches to Intellectual Property Policy Litigation and Management National Economic Research Associates (NERA) White Plains NY 2005 (only few citations regarding software) [have] rollover

[Lev01] Baruch Lev Intangibles Management Measurement and Reporting with comments by conference participants Brookings Institution Press 2001 Good reference for problems Proposes a `Value Chain Scoreboard for intangibles Inadequate accounting for intangibles (p7) Difficulty of using market cap (p8) Enormous cost of employees leaving to start competitors (p1335) Market penetration (p32) Trade secret importance (p34) Includes an Organizational Capital category (p62-66) Customer acquisition (p67) Workforce (p73-76) Write off of acquired RampD but capitalization of software after the point of technical feasibility (p85-95) Have

[Levinson08] Daniel R Levinson Medicare Payment for Irinotecan Dept of Health and Human Services Office of the Inspector general OEI-03-08-00310 August 2008 (see also [Fein08]

[LeveyW07] Marc M Levey and Steven C Wrappe Transfer Pricing Rules Compliance and Controversy second edition CCH Wolters Kluwer Pub 2007 (have) Double taxation

[LeveyWC06] Marc M Levey Steven C Wrappe and Kerwin Chung Transfer Pricing Rules and Compliance Handbook CCH Wolters Kluwer Pub 2006 ldquoGiven the potential for transfer pricing decisions to globally impact tax financial and operational results it is


unfortunate that relatively few persons at multi-national corporations [MNEs] possess significant experience with transfer pricing issuesrdquo[pv] ldquoabsent transfer pricing rules MNEs could intentionally or unintentionally use transfer pricing to shift large amounts of income from one tax jurisdiction to another that benefit could be used to reduce the MNErsquos overall tax raterdquo [p2] `double taxationrsquo computation ltlooks fairgt [p3] ldquoTax payers may report arms-length results on [a] income tax return that are different than the results reported on their booksrdquo [p5] ldquorsquoCommensurate with incomersquo hellip for intangiblesrdquo [p6] ldquoTransfer of IP occurs when hellip sold assigned loaned or otherwise made available in any mannerrdquo [p41] if the terms include rights to exploit an intangible embedded within a tangible the price may have to be determined separatelyrdquo [p41-42] taxpayers hope to get away with low valuations by taking extreme positions [p83] Bought 19Jan 2009 Transfer Pricing Rules and Compliance Handbook [Paperback] Price $9149 Marc M Levey Steven C Wrappe and Kerwin Chung Sold by Amazoncom LLC

[LientzS80] BP Lientz and EB Swanson Software Maintenance Management Addison-Wesley 1980

[Lim98] Wayne C Lim The Economics of Software Reuse Prentice-Hall 1998

[Lipschutz04] Robert P Lipschutz A Better Blueprint for Business PC Magazine September 7 2004

[Lohman02] Judith Lohman Stanley Works Reincorporation Proposal OLR Research report Office of Legislative Affairs State of Connectitcut 002-R-063 19 July 2002 Inversion

[Lohr06] Lohr S Study plays down export of computer jobs The New York Times 23 February 2006 pp C11

[LowTax11] Lowtax Global Tax amp Business Portal BSiMedia Hastings East Sussex UK 2011 httpwwwlowtaxnet

[Luce07] Edward Luce In Spite of the Gods The Strange Rise of Modern India Doubleday 2007 470M workers 35M pay income tax ndash work in a formal setting 21M are civil servants 14M private organized sector (POS) 1M in IT 1-2M in foreign companies 7M in Manufacturing Productivity of employees in POS was 6x in 1983 in 2000 9x employees in unorganized private sector Had

[Lynch 11] David J Lynch Too many Modest Proposals in [LynchEa 11]

[LynchEa 11] David J Lynch Alison Fitzgerald Catherine Dodge Matt Caminiti Paul Hughes Ricard Rubin Clea Benson Theo Argitis Radoslav Tomek Alison Veshkin Jonathan Salant Greg Giroux and Bill Bradley ldquoCracking the coderdquo Bloomberg Business Insider Spring 2011 Bloomberg Business Week (BW) 11 April 2011 ppB1-B20 Contents (omitted if cited individually) Alison Fitzgerald Catherine Dodge (Wanted a tax code for the digital Age) Matt Caminiti Paul Hughes (Taxes 101) Tax Lab Ricard Rubin (Fair Tax) Clea Benson (Tax Amnesty) Theo Argitis (Value-Added Tax) Radoslav Tomek (Flat tax ndash Slovakia) Alison Veshkin (Tax Arbitrage) Bill Bradley (Tax Reform is a team sport)

[MackEa05] Connie Mack III chair et al Simple Fair and Pro-Growth Proposals to Fix Americarsquos Tax System Report of the Presidentrsquos Advisory Panel on Federal Tax Reform November 2005 Two proposed plans never enacted One is The Simplified Plan the other an extension The Growth and the Investment Taxplan


[Mandel09] Mike Mandel The GDP Mirage The failure to account for IP generation makes predictions of growth suspect Business Week 9 Nov 2009 pp35-38

[Maraia05]dagger Vincent Maraia The Build Master Microsofts Software Configuration Management Best Practices Addison-Wesley Microsoft Technology 2005

[Markham05] Michelle Markham (Bond University) The Transfer pricing of intangibles Wolters-Kluwer 2005 Focus on international consistency Have

[MarkleS09] Kevin S Markle and Douglas A Shakelford Do Multinationals or Domestic Firms Face higher Effective Tax Rates University of North Carolina Univ June 2009 Many details on effective tax rates Including taxhaven effects local and for multinationals Consistent with US multinationalsrsquo exploiting their ability to report profits in locations

with more favorable tax systems than the US the foreign affiliates of American companies reported more

of their aggregate net income in the Netherlands (13) Luxembourg (8) and Bermuda (8) than any

country in 2006 (httpwwwbeagovinternationaldi1usdophtm) Other locations with profits that far

exceeded assets sales and employees were Ireland (7) Switzerland (6) Singapore (4) and UK

islands in the Caribbean (3) For comparison 7 of the aggregate net income of US foreign affiliates

was reported to Canada (the US largest trading partner) and the UK while only 2 was reported in Japan

and Germany which are considered among the most highly-taxed countries

Markusen90] James R Markusen First Mover Advantages Blockaded Entry And the Economics of Uneven Development NBER Working Paper No 3284 Issued in March 1990 RB case

[MatternSS03] Frank Mattern Stephan Schoumlnwaumllder and Wolfram Stein Fighting Complexity in IT McKinsey Quarterly April 2003

[Mauer04] Hermann Maurer Das ParaNetz Der Zusammenbruch des Internets Freya Pub Austria 2004 English translation The ParaNet (breakdown of the Internet) booklockercom 2004 Science Fiction attacks Globalization

[McDonald98] Chris McDonald ldquoThe Evolution of Intelrsquos Copy Exactly Technology Transfer Methodrdquo Intel Technology Journal Q4 1998

[MergesML06] Robert P Merges Peter S Menell Mark A Lemley Intellectual Property in the Technological Age 3rd ed Aspen 2006 Have (Case studies incl International) prior editions 2003 1997 I have also 2005 Case and Statutory Supplement Software chapter 7 focuses on protection Versions substitute Trade secrets dominate (p995+) Nothing on Life

[MillerVC10] Keith W Miller Jeffrey Voas and Tom Costello ldquoFree and Open Source Softwarerdquo IT Professional IEEE November 2010 p14-17

[Mookerjee05] Radha Mookerjee Maintaining Enterprise Software Applications Comm ACM Vol48 No11 Nov 2005

[Moore91] Geoffrey A Moore Crossing the Chasm Harper Business 1991

[Moore95]dagger Geoffrey A Moore Inside the Tornado Marketing Strategies from Silicon Valleys Cutting Edge Harper Business 1995

[MurphyL00] Brendan Murphy and Bjorn Levidow Windows 2000 Dependability to appear in Proc IEEE International Conference on Dependable Systems and Networks June 2000 Microsoft Technical report MSR-TR-2000-56

[NodderWD99] Chris Nodder Gayna Williams and Deborah Dubrow Evaluating the usability of an evolving collaborative product mdashchanges in user type tasks and


evaluation methods over time Proceedings of the international ACM SIGGROUP conference on Supporting group work Phoenix Arizona United States 1999 pp150 ndash 159

[OPA10] Online-Publishers Association Improving Ad Performance Online the Impact of Advertising on Content Sites April 2010 httpwwwonline-publishersorg

OshriKW07] I Oshri J Kotlarsky And L Willcocks ldquoManaging Dispersed Expertise in IT Offshore Outsourcing Lessons for Tata Consultancy Servicesrdquo Management Information Systems Quarterly Executive (MISQE) Vol 6 No 2 June 2007

[OTA86] Office of Technology Assessment Research Funding as an Investment Can we Measure the Returns Technical Memorandum SET-36 OTA US Congress April 1986 The answer is essentially No

[Pandit S08] Vivek Pandit and Rajesh Srinivasaraghavan rdquoA fresh wind for offshoring infrastructure managementrdquo McKinsey Quarterly October 2008

[Parnas94] David Parnas Software Aging 16th Conf on Software Engineering May 1994 pp 279-287

[Park92] Robert E Park Software Size Measurement A Framework for Counting Source Statements Software Engineering Institute Technical Report CMUSEI-92-TR-20

[ParrS05] Russell L Parr and Gordon V Smith Intellectual Property Valuation Exploitation and Infringement Damages 4th Edition Wiley Adobe E-book May 2005 Reference

[Pearlstein11] Steven Pearlstein Charlie Rose Interview Facebook jobs at 40 min Audio Books Audiblecom 10 Jan 2011 Have

[Peel11] Michael Peel Tax Havens In a sea of trouble Financial Times 12 January 2011

[PeppardD07] J Peppard and E Daniel ldquoManaging the Realization of Business Benefits from IT Investmentsrdquo Management Information Systems Quarterly Executive (MISQE) Vol 6 No 1 March 2007

[Pigoski97] Thomas M Pigoski Practical Software Maintenance - Best Practices for Managing Your Software Investment IEEE Computer Society Press 1997

[Polk06] Michael Polk Its all about Dislocationg Ideas KnowledgeWharton 15 Nov 2006 httpknowledgewhartonupenneduarticle1604cfm

[Porter98] Michael E Porter Competitive Strategy The Free Press Simon and Schuster 1998

[Pressman01] Roger Pressman Software Engineering A Practioners Approach 5th edition

McGrawHill 2001

[RajaHH10] Uzma Raja Joanne Elaine Hale David Peter Hale ldquoTemporal Patterns of Software Evolution Defects A Comparative Analysis of Open Source and Closed Source Projectsrdquo Journal of Software Engineering and Applications 2011 4 497-511 Shows defect and repair rates in 5 open source and 5 closed SW projects

[Ranganathan B07] C Ranganathan and S Balaji ldquoCritical Capabilities for Offshore Outsourcing of Information Systemsrdquo Management Information Systems Quarterly Executive (MISQE) Vol 6 No 3 Sep 2007

[Ramos07] Joanne Ramos A survey of offshore finance The Economist 22 Feb 2007 Offshore financial centres Macau Bermuda Liechtenstein Guernsey are booming as thanks to their easy-going tax regimes But the best of them are more than tax havens they are


good for the global financial system Now also Dubai Kuweit SaudiArabia Shanghai (China) Khartoum (Sudan)

[Rao04] MT Rao ldquoKey Issues in Global Outsourcing Country and Individual Factorsrdquo Information Systems Management Summer 2004 pp 16-21

[Rashkin07] Michael Rashkin Practical Guide to Research and Development Tax Incentives Federal State and Foreign 2nd Edition CH Wolters Kluwer Publications 2007 The Joint Committee on Taxation estimates that in 2004 US corporations will use the research credit and RampD expensing to reduce their tax liabilities by 92 billion dollars The perception used to be that the high-tech sector was the only heir to this tax fortune But the Treasury Department liberalized the rules as reflected in the 2001 proposed regulations and now even traditional manufacturing industries are capitalizing on the research credit and RampD expensing While maximizing these tax incentives saves companies huge sums of money the credit in particular can represent a very confusing area of law Both business people and their tax advisors may be unclear about the rules and how to use them to secure the greatest tax savings Michael Rashkin JD LLM (General Tax Counsel for Marvell Semiconductor Inc) provides something that has been missing in professional tax literature--authoritative comprehensive coverage of this complex and evolving topic It explains the elements of qualified research exclusions computational rules and basic research payment credits Historically the IRS has been vigilant in denying RampD credits This resource explains how to satisfy the IRSs requirements document the credit and defend against IRS challenges It also examines research incentives offered by individual states and describes the RampD incentives available in the major economies of the world offering helpful charts that show the key differences among the various countries

[Razgaitis03] Richard Razgaitis Valuation and Pricing of Technology-Based Intellectual Property Wiley Kindle edition 2003 Talks mainly about licensing methods - which is his field Many observations about the many alternatives available and the many factors that come into play Has some data on typical ratios but recommends not only looking at standards but using multiple assessments to set a reasonable rate In the end it is the arms-length negotiation between licensee and licensor that determines the rate that will be used Income-based method is also described with simple examples Donrsquot do scaling down (wedding cakes)

[RazinS90] Assaf Razin and Joel Slemrod eds Taxation in the global economy NBER

University of Chicago Press 1990 11 solid papers No specific mention of taxhavens

Have

[ReillyS98] Robert F Reilly and Robert P Schweihs Valuing Intangible Assets Irwin Library of Investment and Finance McGraw-Hill 1998 Have copy of Chapter 1 p329 Identification Defines IP p20-22 and Chapter 19 p 363-380 Data Processing Intangible Assets Special Consideration on Software Valuation Cocomo 1981The Discounted cash Flow method is typically used in the valuation of data-processing intangibles when there is an identifiable income stream associated with the intangible asset Therefore this method is usually used in the valuation of product software or databases that generate income through their sale or license the economic life of software is an entirely different issue [from the life for income tax depreciation or amortization] The analyst should consider a number of factors including o the age of the software and maintenance or enhancement practices The market for the software [p370]


physical deterioration is not generally applicable to data-processing intangibles Functional obsolescence is often immaterial when the software is continually maintained and enhanced[p372] ldquohuman capital intangiblesrdquo consist of ldquotrained and assembled workforcerdquo and various contracts such as non-compete agreements all having possible separate and quantifiable value They consider goodwill to be a separate intangible Intellectual property for the authors is a separate category still characterized by creativityinnovation and by separate legal recognitionprotection[]

[ReinhartR09] Carmen M Reinhart and Kenneth S Rogoff This Time is Different Eight Centuries of Financial Folly Princeton University Press 2009

[Reuters10] Flextronics sees Pressurew on operating margins 8 spt 2110 35 Foxconn Hon Hai Shares fall on weak earnings 31 Aug 2010

[Ricardo1817] David Ricardo The Principles of Political Economy and Taxation 1817 Kindle edition 2010

[RICS04] The Royal Institution of Chartered Surveyors The Value of Intellectual Property Intangible Assets And Goodwill 26 October 2004 httpwwwricsorgukPropertyPropertyappraisalandvaluationiprvaluationhtm Methods for the Valuation of Intangibles Acceptable methods of the valuation of identifiable intangible assets and intellectual property fall into three broad categories They are either market based cost based or based on estimates of future economic benefits Cost based methodologies such as the cost to create or the cost to replace assume that there is some relationship between cost and value and the approach has very little to commend itself other than ease of use

[Rietz89] TA Rietz Continuous Time Research and Development Investment and Innovation Effects on Price and Dividend Paths Discussion paper 1012 Northwestern University Center for Mathematical Studies in Economics and Management Science August 1989

[Ritholtz11] Barry Ritholtz Which US Companies have the Most Untaxed Foreign Income Corporate Management Taxes and Policy 15 April 2011 httpwwwritholtzcomblog201104what-us-companies-have-the-most-untaxed-foreign-income

[Rittel10] Claudia Isabel Rittel ldquoBitter Lossesrdquo Development and Cooperation Magazine Deutsche Stiftung fuumlr Entwicklungslaumlnder Deutsche Gesellschaft fuumlr Internationale Zusammenarbeit 7 Aug 2010 httpwwwinwentorgezarticles178169indexenshtml

[Roberts08] Richard Roberts The City a Guide to Londons Global Financial Center The Economist Bloomberg Press 2008 ltand Megan Murphy suitable publisher also Profile books Much quoted by Shaxson updated business count from 17000 to 320000 on October 2002 [Hansard]gt

[Rodrick98] Dani Rodrik Why do more open economies have bigger governments Journal of

Political Economy October 1998 106 (5) 997-1032 Open economies with more trade (eg Austria Netherlands Norway) have larger government sectors than closed economies which he attributes to their greater demand for public expenditures that cushion the effects of globalization Based on correlation

[Rosenberg10] Dave Rosenberg ldquoOracle-Sun versus commodity hardwarerdquo Cnet News 31 Jan 2010 Acer 2 to 3 Oracle-Sun 82 routine 2 to 8


[Rosotti05] Charles O Rosotti Many Unhappy Returns Harvard Business School Press 2005

[Rottman06] Joseph P Rottman Successfully Outsourcing Embedded Software Development IEEE Computer Vol 39 No 1 January 2006 pp 55-61

[Saitto10] Serena Saitto US tech firms shop abroad to avoid taxes Bloomberg Business Week 6 Sep2010 pp31-32 Quotes CISCO

[SalantG 11] Jonathan Salant Greg Giroux Playing the Tax Break game in [LynchEa11]

[Samuelson83]dagger Paul A Samuelson Foundations of Economic Analysis Harvard University Press 1947 1983

[SamoladasSAO04]dagger Ioannis Samoladas Ioannis Stamelos Lefteris Angelis and Apostolos Oikonomu Open Software Development Should Strive for Even Greater Code Maintainability Comm ACM Vol47 No 10 Oct 2004 pp83-87

[Scheier11] Bruce Scheier Do Corporations have a Right to Privacy Sheier on Security 20 January 2011 httpwwwschneiercomblogarchives201101do_corporationshtml

[Seshasai G06] S Seshasai S amp A Gupta A (2006 amp2007) The 24-Hour Knowledge Factory Paradigm Seshasai S amp Gupta A (2006 amp2007) The 24-hour Knowledge Factory MIT working paper ESD-WP-2006-16 August 2009 also in special issue of ACM Transactions on Internet Technology to appear MIT working paper ESD-WP-2006-16 also in special issue of ACM Transactions on Internet Technology to appear

[Sharpe85] William F Sharpe Investments Prentice-Hall 1985 Capital asset Pricing Model (CAPM) Expected Rate of Return on Equity Capital RREC = RiskFreeRate + beta (BroadStockPortfolioReturn - RiskFreeRate) In 2000 the RiskFreeRate based on USTreasury Bonds was 613 The BroadStockPortfolioReturn in 2000 was 111 Beta for SW was 131 making RREC= 1268 Per PWC a small company premium to be added for startups is 44 giving 17 Without the small-business correction the beta would be 2174 versus the broad portfolio less for better matching portfolio

[Shaxson11] Nicholas Shaxson Treasure Islands Tax Havens and the Men Who Stole the World The Bodley Head London 2011 Offshore sites and tax havens including the US to hide and profit from corruption Focus on personalities Africa Less well referenced than it appears ltdiatribegt also ldquothe tax haven in the heart of Britain New Statesman 11 Feb 2011

[Simpson02b] Glenn R Simpson Enjoy A New Twist in Tax Avoidance Firms Send Best Ideas Abroad The Wall Street Journal 24 June 2002 Front Page ltIRSGuidanceWSJ-International Transfer Pricinggt

[Smith1759] Adam Smith The Theory of Moral Sentiments Uplifting Publications Amazon Kindle edition 2010 Deals with ldquosympathyrdquo ldquoproprietyrdquo ldquohappinessrdquo ldquocompassionrdquo ldquoTo what purpose is all the toil and bustle of this world What is the end of avarice and ambition the pursuit of wealth of power and preeminencerdquo

[Smith1776] Adam Smith The Wealth of Nations Amazon Kindle edition 2009 ldquoThe directors of such [joint-stock] companies being the managers of other peoplersquos money that their own it cannot well be expected that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their ownrdquo


[SmithP05] Gordon Smith and Russell Parr Intellectual Property 4th edition Wiley 2005 On page 35 A new term Intellectual Capital has entered the business lexicon ldquo what walks out of door at the end of the day knowledge that can be converted to value and finally We believe that intellectual capital is not a new category of business assets but rather a different way of classifying business assets in order to focus on their management Intellectual capital is said to be a combination of human capital intellectual assets and intellectual property

[SmithP00] Gordon Smith and Russell Parr Valuation of Intellectual Property and Intangible Assets 3rd edition Wiley 2000

[Sougiannis94] Theodore Sougiannis ldquoThe Accounting Based Valuation of Corporate RampDrdquo The Accounting Review Vol 69 No 1 (Jan 1994) pp 44-68 at 65 File GbGrefsSougiannispdf

[Spolsky02] Joel Spolsky The Economics of Open Source 12 June 2002 wwwjoelonsoftwarecomarticlesStrategyLetterVhtml reprinted in [Spolsky04]dagger

[Spolsky04]dagger Joel Spolsky Joel on Software Apress 2004

[Stobbs00] Gregory Stobbs Software Patents Aspen publishers 2000

[Studt07] Tim Studt RampD Outsourcing Becomes More Strategic RampD magazine June 2007 pp26-29 wwwrdmagcom guidancereferences Survey data on quantity who type why not (584 IP) why where motivation Globalization

[Taleb07] Nassim Nicholas Taleb The Black Swan The Impact of the Highly Improbable Encounter Books Random House 2007 On the very small and impossible to predict chance of an event with a very large impact

[TambeH10] Prasanna B Tambe and Lorin M Hitt ldquoHow Offshoring Affects Workersrdquo CACM Vol53 No10 Oct2010 pp62-70

[TamaiT92] Tetsuo Tamai and Yohsuke Torimitsu Software Lifetime and its Evolution Process over Generations Proc Conf on Software Maintenance ICSM Nov 1992 pp33-37

[Tamai02] Tetsuo Tamai Process of Software Evolution First International Symposium on Cyberworlds Tokyo Nov 2002 p8-15

[Thornton04 Mark Thornton How Outsourcing Creates JOBS 11 April 2004 lew Rockwellcom

[Throat76] Deep Throat Discussion with Bob Woodward All the Presidentrsquos Men Warner Brothers 1976

[TillquistR05] John Tillquist and Waymond Rodgers Using Asset Specificity and Asset Scope to Measure the Value of IT Comm ACM Vol48 No 1 Jan 2005 pp 7580

[Tyson11] Laura dAndrea Tyson The Logic of Cutting Corporate Taxes NYT April 8 2011 Mentions S-corporations

[Vance10] Ashlee Vance Suit Over Faulty Computers Highlights Dellrsquos Decline New York Times June 28 2010

[vanHiltenEa10] Dirk van Hilten (James Hardie Industries) Richard Fletcher (Baker amp McKenzie London) Antonio Russo Clive Jia-A-Joen Margreet G Nijhof Pawel Wrblewki (Baker amp McKenzie Amsterdam) Maximizing Tax benefits from Intangible Property Development and Ownership Presentation slides Baker McKenzie Amsterdam 10 March 2010


httpwwwbakermckenziecomfilesUploadsDocumentsAmterdamAhead of Taxpn_amsterdam_aheadoftax_maximizingtaxbenefits_russovarious_mar10pdf

[VardiMA06] MY Vardi F Mayadas Fand W amp Aspray Globalization and Offshoring of Software A Report of the ACM Job Migration Task Force ACM W (2006)Globalization Also under Aspray

[Vause09] Bob Vause Guide to Analysing Companies Fifth Edition Bloomberg Press 2009

[VBM04] Value Based Managementnet The Value of Intellectual Capital httpwwwvaluebasedmanagementnetfaq_do_intangible_assets_create_valuehtml 2004 For Research amp Development (RampD) (the only intangible asset reported separately in corporate financial statements) there has been substantial research showing that estimated rates of returns are in between 20-35 percent annually- The contribution of basic research often turns out to be much bigger than the contribution of product development or of process RampD (although riskier as well)

[Veritas09] US Tax Court Veritas Software and Subsidiaries v Commissioner of Internal Revenue 133 TC no14 Docket No 12075-06 filed 10 Dec 2009 In the case Judge Maurice Foley held the IRS improperly valued the buy-in payment in the cost-sharing agreement between VERITAS a US-parented software company and its Irish subsidiary (236 DTR K-1 121109) Discount rate 2047

[W79] Gio Wiederhold Databases for Economic Planning in India abstract Proceedings of The Institute for Management Science XXIV Hawaii June 1979

[W83] Gio Wiederhold Gio Database Design Second edition McGraw-Hill 1983 republished in the ACM Digital Library 2002

[W95] Gio Wiederhold ``Modeling and Software Maintenance in Michael P Papazoglou (ed) OOER95 Object-Oriented and Entity Relationship Modelling LNCS 1021 Springer Verlag pages 1-20 Dec1995

[W02] Gio Wiederhold Information Systems that also Project into the Future in Subhash Bhalla ed Databases in Networked Information Systems Proc of DNIS 2002 Dec 2002 The University of Aizu Aizu-Wakamatsu Japan Springer LNCS 2544 pages 1-14

[W03] Gio Wiederhold The Product Flow Model Proc 15th Conf on Software Engineering and Knowledge Engineering (SEKE) Keynote 2 July 2003 Knowledge Systems Institute Skokie IL pp 183-186

[W05] Gio Wiederhold What are Web Services Worth contribution to the Web business workshop of the 4th European Semantic Web Conference May 2005

[W06] Gio Wiederhold What is Your Software Worth Communications of the ACM Vol 49 No 9 Sep 2006 p 65-75

[W07] Gio Wiederhold What is Your Software Worth full study report updated 11 April 2007 at httpinfolabstanfordedupubgioinprogresshtmlworth

[W08] Gio Wiederhold Determining Software Investment Lag Journal of Universal Computer Science (JUCS) Springer Verlag Vol14 Issue 22 2008

[W09] Gio Wiederhold CS 207 The Economics of Software Stanford University Fall 2009 2010 httpscsstanfordeduwikics207


[W11] Gio Wiederhold Follow the Money How does Industry pay Programmers Salaries when the required Intellectual Property is offshored Communications of the ACM Vol54 No1 January 2011 pp65-74

[W11s] Spreadsheet to accompany Wiederhold How multinationals avoid taxes http HMATxlsxpdf

[WC98] Gio Wiederhold and CS99I class Web growth (updated) 19982000 lthttpinfolabstanfordedupubgioCS99I2000webgrowthslidepptgt

[Weiler95] Dave G Weiler (AUS Consultants) More on Trademark Royalties AUS MtLaurel NJ 1995

[WGM06] Gio Wiederhold Amar Gupta and Rajat Mittal The Value of Outsourced Software in M Josef and B Meyer (eds) Software Engineering Approaches for Offshore and Outsourced Development (SEAFOOD) Springer Verlag Lecture Notes in Computer Science 2007 p141-151 also Eller College of Management Working Paper No 1031-06 University of Arizona - Eller College of Business and Public Administration 14 May 2006 available at the Social Science Research Network httpssrncomabstract=905148

[WGN10] Gio Wiederhold Amar Gupta and Erich Neuhold Offshoring and Transfer of Intellectual Property Information Resources Management Journal (IRMJ) Vol23 No1 January-March 2010 pp74-93

[WTGS09] Gio Wiederhold Shirley Tessler Amar Gupta and David Branson Smith The Valuation of Technology-Based Intellectual Property in Offshoring Decisions The Communications of the Association for Information Systems (CAIS) Vol24 No31 Jan 2009

[Zadrony06] Wlodek Zadrony Leveraging the Power of Intangible Assets MIT Sloan Management Review Vol48 No1 Fall 2006 reprint 48117 Ignores Software but cites that info is in corporate DBs and can be mined In TT-IPworth references

[Zeidman11] Bob Zeidman The Software IP Detectives Handbook Measurement Comparison and Infringement Detection Prentice Hall Pearson Publishing 2011

[Zerbe10] Dean Zerbe IRS Audits Small Biz More Big Guys Less Expert View FORBEScom 11 April 2010 Hour benefit per hour audit in LMSB is $9354 Audit rate 25


[Baum10] Caroline Baum The Good Old Bad Days Bloomberg Business Week 6 Sep 2010 pp4-5

[Baz09] Aureliano Gonzales Baz Manufacturing in Mexico The Mexican In-Bond (Maquila) Program Banco Nacional de Comercio Exterior 2009 httpwwwbancomext-mtlcominvestvox128htm

[Becker02] Brian C Becker ldquoCost-Sharing Buy-Ins Chapter A in [Feinschreiber01] Transfer Pricing Handbook 3rd Edition Wiley 2002 supplement

[BeladyL72] Laszlo Belady and MM Lehman ldquoAn Introduction to Growth Dynamics in W Freiberger (ed) Statistical Computer Performance Evaluation Academic Press 1972

[BennettD11] Drake Bennett ldquoDo the Unemployed Get a Second Actrdquo Business Week 19 Sep 2011 HHHH WS Taxrates

[BennigaS97] Simon Z Benning and Oded H Sarig Corporate Finance A Valuation Approach McGrawHill 1997

[BermanKC06] Karen Berman and Joe Knight with John Case Financial intelligence A Managerrsquos Guide to Knowing what the Numbers Really Mean Harvard Business School Press 2006 Many warnings on how reports can mislead

[Berns84] Gerald M Berns ldquoAssessing Software Maintainabilityrdquo CommACM Vol27 no1 Jan 1984

[Bivens11] Josh Bivens Failure by Design The Story behind Americas Broken Economy Cornell University Press Economic Policy Institute 2011 Bought past statistics only vague recommendations

[BharadwajK97] Anandhi Bharadwaj and Benn R Konsynski Capturing the Intangibles Information Week 22 Sep 1997 Intangibles can be valued Market value is best Tobin Q-ratio

[Boehm81] Barry Boehm Software Engineering Economics Prentice-Hall 1981 Not the topic of CS207

[Boehm00] Barry Boehm et al Software Cost Estimation with Cocomo II Prentice-Hall 2000 Not the topic of CS207

[BoultonLS00] Richard Boulton Barry Libert And Stev Samek Cracking the Value Code Arthur Andersen Harper Business 2000 Bought on Amazon for $001 p28 A companys value is determined daily as millions of shareholders buy and sell its stock

[BowlesS10] Erskine Bowles and Alan Simpson (co-chairs) The Moment of Truth The national Commission on Fiscal Responsibility and Reform The White House 9 December 2010 6 6pp

[BranscombEA91] Lewis Branscomb (chair) et al Intellectual Property Issues in Software Computer Science and Telecommunications Board National Research Council National Academy Press 1991 httpbooksnapedubooks0309043441html

[BrealeyMA06] Richard A Brealey Stewart V Meyers and Franklin Allen Principles of Corporate Finance 8th edition Mc GrawHill 2006 Reference Pe ratio

[BrickleySCW02] James A Brickley Clifford W Smith Jerold L Zimmerman Janice Willett Designing Organizations to Create Value From Strategy to Structure McGraw-Hill Professional 2002 ISBN 0071393927 9780071393928 320 pages Chapter 7 section 14 pages on transfer pricing TTTT





































































































































































































McGrawHill 2001











Have














































































































































































































































































McGrawHill 2001











Have


































































































































































































































































McGrawHill 2001











Have




















































































































































































































































McGrawHill 2001











Have



































































































































































































































McGrawHill 2001











Have

















































































































































































































McGrawHill 2001











Have






























































































































































































McGrawHill 2001











Have

















































































































































































McGrawHill 2001











Have






























































































































































McGrawHill 2001











Have













































































































































McGrawHill 2001











Have





























































































































McGrawHill 2001











Have

















































































































McGrawHill 2001











Have


























































































McGrawHill 2001











Have

















































































Have






























































































































































































































































































