...DAAS Capital Advisors, a very large Multi Strategy Hedge Fund company founded in 2002 had achieved an annual return of around 18% since its inception and had managed to show a growth in its Assets under Management to around $2 billion. In 2005, the fund started exploring opportunities to invest in other hedge funds and its first such investments was in Amaranth. Amaranth Advisors was a Famous Multi Strategy Hedge Fund which gained popularity for its extremely good performance in beating the Market return in recent years. The main strategies followed by Amaranth were using Arbitrage Opportunities, Energy Trading. Most of the Profits of Amaranth was mainly due to its trading in Energy Sector (Primarily Natural Gas). This made DAAS Capital to invest $80 million in Amaranth Advisors at the end of 2005. In August 2006, Amaranth’s assets had grown to $9.2 billion, including $2.17 billion in year to-date profits especially from its energy and commodities portfolio. This in turn, made DAAS’s Initial Investment of $80 million in Amaranth to grow more than $100 million by the end of August 2006. But, soon after this profit making, Amaranth faced a loss of around $6 billion by September 20 and its management announced that it was in the process of liquidating Amaranth’s Positions and initiating shut down of its operations. This sudden downfall of Amaranth created a loss of approximately $40 million to $50 million to DAAS Capital Advisors. Dave NeelamKavil who is one of the higher officials...
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...___________________________ Subject Code: 0815 SUMMER – 13 EXAMINATION Model Answer Page No: 1/ 25 Important Instructions to examiners: 1) The answers should be examined by key words and not as word-to-word as given in the model answer scheme. 2) The model answer and the answer written by candidate may vary but the examiner may try to assess the understanding level of the candidate. 3) The language errors such as grammatical, spelling errors should not be given more Importance (Not applicable for subject English and Communication Skills). 4) While assessing figures, examiner may give credit for principal components indicated in the figure. The figures drawn by candidate and model answer may vary. The examiner may give credit for any equivalent figure drawn. 5) Credits may be given step wise for numerical problems. In some cases, the assumed constant values may vary and there may be some difference in the candidate’s answers and model answer. 6) In case of some questions credit may be given by judgement on part of examiner of relevant answer based on candidate’s understanding. 7) For programming language papers, credit may be given to any other program based on equivalent concept. MAHARASHTRA STATE BOARD OF TECHNICAL EDUCATION (Autonomous) (ISO/IEC - 27001 - 2005 Certified) __________________________________________________________________________________________________ Subject Code: 0815 SUMMER – 13 EXAMINATION Model Answer Page No: 2/ 25 Q...
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...Apr. 8, 2014 APPLYING THE CAPITAL ASSET PRICING MODEL This note discusses how some of the most financially sophisticated companies and financial advisers estimate the cost of equity capital. We particularly focus on areas where finance theory is silent or ambiguous, and practitioners are left to their own devices. Conclusions are based on interviews with two groups: (1) well-regarded firms ranked by peer companies as industry leaders and (2) a sample of 11 of the most active financial advisers (investment banks). For context on academic advice, we also cite recommendations from topselling graduate-level textbooks and trade books in corporate finance.1 Findings The Capital Asset Pricing Model (CAPM) is the dominant model for estimating the cost of equity, with over 90% of firms and all the financial advisers employing this model. Moreover firms and advisers seldom mentioned other asset-pricing models. Yet disagreements exist on how to apply the CAPM. The CAPM states that the required return (R) on any asset can be expressed as Equation 1: R = R f + ( Rm - R f ) (1) 1 Survey evidence and much of the discussion is adapted from T. Brotherson, K. Eades, R. Harris, and R. Higgins, “‘Best Practices’ in Estimating the Cost of Capital: An Update,” Journal of Applied Finance 23, no. 1 (2013), which is an update of an earlier article: R. Bruner, K. Eades, R. Harris, and R. Higgins, “‘Best Practices’ in Estimating the Cost of Capital: Survey and Synthesis,” Financial...
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...she expresses her frustration and anger towards American society and also her parents for ignoring obvious racism and not properly expresses what was happing to her family and why. She seems to be irony to expresses this anger she feels toward American society. Adre Lordes story is a about her family's trip to Washington DC, during the summer after her 8th grade graduation audre lorde thought that Washington DC as a capital would be different from how it was. She was not expecting to find racism in the capital of a country that’s stands for liberty, freedom and equality. But still her and her family felt discriminate. In her story she writes, “The waitress was white, and the counter was white, and the ice cream I never ate in Washington D.C., that summer I left childhood was white, and the white heat and white pavement and the white stone monuments of my first Washington summer made me sick to my stomach for the whole rest of that trip and it wasn’t much of a graduation present after all” she uses the word “white” a lot in her story to describe people, places, the attitude of Washington D.C. and her anger towards her nation’s capital. She is obviously expressing her frustration throws situational irony where was actually happens is different from what is expected to show the contrast between what she thought Washington D.C. should be and what it actually was. Washington D.C. is close to the south and the people favored slavery there more...
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...The company remains private. Rousseau says “Going public would mean bowing to the almighty earnings per share and having to answer to the analysts instead of the citizens.” He did, however, recognize that there may be short run trade offs between economic benefits and social fabric of the community and a zero environmental footprint In 2002, the company discovered a promising seam just outside the town of Carlsbad. Preliminary sampling indicated high concentrations of several valuable minerals including G2, S2 and P1. In 2003, the mine shaft was constructed along with a processing plant and administrative offices. The development of the mine lead to the economic revival of the town of Carlsbad. During 2003, twenty new homes, a sixty-unit trailer park and several new businesses were established. Mining and processing operations began in January 2004 and have continued without interruption since that date. KMM currently operates at 80% capacity due to transportation restrictions (see below). During 2011, the company removed 310,000 tonnes of ore from the mine. The future life of the mine is expected to be twenty-five years. Industry analysts suggest that companies of this nature should earn a 12% real pre-tax profit on sales (after negating the effects of inflation). Rousseau figures the analysts are in a dream world. KMM has never met the 12% pre-tax target. The company consistently earns more than its (real) 5.5% WACC (weighted...
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...b u n d a n t literature on " h o w to write a successful business p l a n " is n o t research-based (Hindle [1997]). T h e espoused criteria of its authors far o u t weigh the formal application of the k n o w n attributes of successful ventures (Hindle and Mainprize [2002]). This article seeks to articulate a research-based system for assessing the c o n t e n t quality of e n t r e p r e n e u r i a l business plans (EBPs) from t h e p o i n t of v i e w of an investor (more specifically, a venture capitalist investor). As a natural corollary, its fmdings may also serve as a guide to writers of e n t r e preneurial business plans. As the primary source of information for t h e investment screening decision, v e n t u r e capital firms rely almost exclusively...
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...Inventory Proposal Part Two of Three Team A QRB 501 March 07, 2012 Terrance Feravich The research discussion is toward the data collection, which converts times series data for McDonald’s Fast Food Restaurant inventory analysis and University of Phoenix summer seasonal index. The raw data represents inventory data over a four year time. In this assignment the B team will illustrate statistical information, discuss the inventory systems and problems, explain the problem this team is addressing, and show a table on how the data has been converted into dices. Below are the inventory indexes from the previous assignment in week two. McDonald’s Inventory Analysis by Ratio Index |Year |2000 |2001 |2002 |2003 | |Liquidity Analysis | | | | | |Current Ratio |0.70 |0.81 |0.71 |0.76 | |Quick asset ratio |0.66 |0.76 |0.66 |0.71 | |Accounts receivable turnover |17.88 |16.86 |18.01 |23.34 | |Days supply of receivables |20.41 ...
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...1.1 Shareholder analysis Group Limited (TGR) is the leader of producing Atlantic salmon in Australia. TGR was founded in 1986 and become public company listed on the ASX in 2003(Tassal 2014). In 2012, TGR formed partnership with the World Wide Fund and Nature Australia (WWF). TGR’s efforts in food safety, social welfare, animal welfare and, environmental and traceability aspects of the operations has earned itself the first company to achieve Best Aquaculture Practices (BAP) certification at farm level from Global Aquaculture Alliance (Sustainable Aquaculture 2014). TGR is making effort to excel in its management without ignoring its principles regarding quality, community and the environment. While producing superior salmon, TGR still prioritize customer needs by assuring them the food are safe for consumption. Hatching, farming processing , sales and marketing are the main business activities of TGR in Tasmanian Atlantic Salmon. TGR has made a in-depth research regarding the ethical aspects of fish farming, involving the feasible effects of antibiotics on consumers. Besides that, TGR is the retailer and wholesaler who offers different range of Atlantic salmon to the market. Their salmon comes in fresh, smoked, frozen, canned, hot smoked and small good ranges. These products are bought by Woolworth and Coles supermarket. According to the TGR's annual report 2013, the chairman and chief executive officer of the TGR had delivered the message to shareholders regarding the...
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...SUMMER BUDGET 2015 HC 264 July 2015 SUMMER BUDGET 2015 Return to an order of the House of Commons dated 8 July 2015 Copy of the Summer Budget Report – July 2015 as laid before the House of Commons by the Chancellor of the Exchequer when opening the Budget. David Gauke Her Majesty’s Treasury 8 July 2015 Ordered by the House of Commons to be printed 8 July 2015 HC 264 © Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gsi.gov.uk. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at public.enquiries@hmtreasury.gsi.gov.uk Print ISBN 9781474122733 Web ISBN 9781474122740 ID 25061566 07/15 PU1820 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the Williams Lea Group on behalf of the Controller of Her Majesty’s Stationery Office The Budget report is presented pursuant to section 2 of the Budget Responsibility and National Audit Act 2011 and in accordance with the Charter for Budget Responsibility...
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...Case Study Ron Harris Professor Michael Brizek Meetings and Events Management 03/06/2015 Case: You are the event leader for a statewide exposition being held in the capital of your state. This will be a 3-day event in the middle of summer and will have indoor and outdoor venues focusing on the strong industries of your state. Your contract requires you to completely create and implement the entire event with 2 years' notice. The event needs a lot of creativity and organization. The event needs to focus on both young and old participants. There are two parts to this assignment. First: Mind map the event – see figure 2.7 on page 48 of your text. Create a similar mind map listing and fully answering the why, who, when, where, and what questions. In this week's lecture, you'll find an example of a mind map that will help you with this assignment. Why? | Who? | When? | Where? | What? | Exposure benefits to networking in the least of ventures, but resource maximization in every direction. Exposition increases state appeal, from various perspectives, especially jobs or business ventures affluent for advantage. Expositions fluently increase state economies within the state but sometimes advantaging even nearby states by increased job quantities and business ventures or capital provisioned via its growth produced.Work presented via expositions perhaps situated for skilled and unskilled some require a degree, but not all. Including youth study programs for 15 year...
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...perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.” (Geithner & Summers) While the current crisis had many causes, it is clear that the government could have done more to prevent many of the problems from growing out of control and threatening the stability of our financial system. Gaps and weaknesses in the management and regulation of financial firms presented challenges to our government’s ability to monitor, prevent, or address risks as they built up in the system, which caused the enormous bailouts or the massive financial collapses of financial institutions. The previous approaches to bank holding company regulation focused on protecting the subsidiary bank, not on the comprehensive regulation of the whole firm. In June, the President, proposed a new financial regulatory plan for the financial system. The new reform, as mentioned by the President, would protect consumers, impose new restraints on financial institutions and guard against the dismal practices that caused the market crisis. The new reform would generally be adopted by regulators since it mostly affects them. Timothy Geithner who is the secretary of the Treasury and Lawrence Summers who is the director of the National Economic Council wrote that “the goal is to create a more stable regulatory regime that is flexible and effective; that is able to secure the benefits of financial...
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...Argentina Argentina is one country of America, located in South America, bordered by Chile to the west and south, Bolivia and Paraguay to the north and Brazil and Uruguay to the northeast. Argentina has 23 provinces and the autonomous city of Buenos Aires, its capital and largest city. It is the eighth-largest country in the world by land area and the largest among Spanish-speaking nations. Argentina’s estimate population is of 42,192,500 people and the total area is of 2,780,400 km2. The north is characterized by very hot, humid summers with mild drier winters, and is subject to periodic droughts. Central Argentina has a temperate climate, with hot summers with thunderstorms, and cool winters, and higher moisture at the east. The southern regions have warm summers and cold winters with heavy snowfall, especially in mountainous zones. Some of Argentina’s natural resources are: Fertile plains of the pampas, lead, zinc, tin, copper, iron ore, manganese, petroleum, and uranium. The government of Argentina, functioning within the framework of a federal system, is a presidential representative democratic republic. The President of Argentina is both head of state and head of government. Argentina is ranked 113th out of 183 economies in Doing Business 2012. Its overall ranking has increased by 1 point compared to last year. Argentina applies import duties and a range of indirect taxes on import and local transactions. Products imported for consumption are generally subject...
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...Attached to this document you will find the new internships for the week of March 23, 2015. The first portion of the listing are for internships that can be found on the Fogelman Internship Network and those internships can be located by going to the following link Fogelman Internship Network. The second portion of this listing you will find internships that are listed on the Career Services website, for those internships you will need to access E-recruiting through the following link https://memphis.experience.com/experience/login. The last portion of the internship listing contains internships that are not listed on either website, if you are interested in any of these internships please contact Carolyn Cates at ccates2@memphis.edu . Fogelman Internship Network Waddell & Reed – Financial Advisor/Financial Planner Intern This company is looking for multiple undergraduate and graduate students who are interested in working as a paid part-time Intern and entry level full-time position. The closing date for this opportunity is 1/29/2016. All interested parties, please apply by going to the following link Fogelman Internship Network Silver Tree Residential, LLC – Junior Acquisition Associate Intern This company is looking for (2) undergraduate or graduate students who are interested in a paid flexible internship. The closing date for this opportunity is 4/30/2015. All interested parties, please apply by going to the following link Fogelman Internship Network Germantown...
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...For the job seeker, they involve the negotiation of one’s personal circumstances, often with an opponent who is someone you will have to “live with” on a day-to-day basis for what could be a long time to come. As you read your role information and prepare for the encounter, think about how the pursuit of your goals-whether you are in the role of the hiring firm or the job-seeking student-may or should be affected by the unique context involved when one is negotiating about employment. Background Information Martin Smith an MBA student in the final semester before graduation, has an offer (see Offer Letter, below) for permanent employment from Orange Craters (OC), and the deadline for accepting the offer is next week. Martin spent the summer before his final year in the MBA program...
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...KYOTO Asians are always proud to have a long-standing culture and majestic natural scenery. Other than the light of Paris and Venice’s waterfront, Kyoto has its own way to become a romantic city with the wonder of nature and the beauty of indigenous people Kyoto was the capital of Japan for over a millennium, and carries a reputation as its most beautiful city. in 1868, Kyoto was known for a short time as Saikyō (西京, meaning "Western Capital"). Heiankyo (平安京, "tranquility and peace capital"), became the capital of Japan in 794. years later, the city was renamed Kyoto. Kyoto remained Japan's capital until the transfer of the imperial court to Tokyo in 1869(Some believe that it is still a legal capital) Kyoto Tower is an observation tower The steel tower is the tallest structure in Kyoto with its observation deck at 100 metres (328 ft) and its spire at 131 metres (430 ft) contains souvenir shops, restaurants and a hotel, as well as a public bath in the basement. Fushimi Inari Taisha The shrine sits at the base of a mountain also named Inari which is 233 metres above sea level, and includes trails up the mountain to many smaller shrines which span 4 kilometers and takes approximately 2 hours to walk up Since early Japan, Inari was seen as the patron of business, and merchants and manufacturers have traditionally worshipped Inari. Each of the torii at Fushimi Inari Taisha is donated by a Japanese business. First and foremost, though, Inari is the god of rice. The main...
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