Free Essay

Advanced Corporate Finance

In:

Submitted By GiacomoM6
Words 1854
Pages 8
La política económica
Los subsidios en Argentina después la gran crisis financiera en 2001
Profesora:. Marta Caruso
Clase: Historia Económica de America Latina (PEAL 369)
Fecha: 31/10/2013

Nombre: Fabio Giacomo Müller

El gobierno argentino usa un gran parte de los gastos públicos a los subsidios. Una cantidad alta mana a la financiación de los subsidios. En 2013 el parte de los subsidios en por ciento del PIB totaliza un 5%. Aún grandes cortes en 2011 y 2012 no impidió un gran crecimiento de los gastos en subsidios. La primera vez cuando yo reconocía ese situación era cuando compre billetes para vuelos a Iguazú. Encontré billetes y cuando yo quise comprarlos necesité ingresar mi numero y país de mi pasaporte. Después el precio subió una cantidad cuantiosa porque cambié la nacionalidad de Argentina a Alemán. Una cantidad que el estado paga por los residentes de Argentina para estimular el comportamiento de los consumidores. Después la crisis financiera en 2001 y la anulación del tipo de cambio fijado. El gobierno de kirchnerismo empezó a cambiar las facturas de servicios, que estaban en dolars, en Pesos Argentinos y se las congeló. Por la desvalorización rápida del Peso Argentino el ingreso de las tarifas congeladas no eran suficiente para cubrir los gastos. Por cuanto que el gobierno se hizo cargo a el déficit entre los ingresos de las tarifas congeladas y los costos de la facilitación, los subsidios subieron rápidamente. El gran crecimiento de la economía en Argentina también respondió de la subida de los subsidios.
No solo los viajes en aviones están subsidiando, el sector transporte, sea por tierra o por aire, recibe gran subsidios también. Además los sectores de electricidad y gas son grandes destinatarios de la ayuda económica. Las grandes empresas privatizadas como servicio electricidad, gas y transporte reciben la mayoría de los subvenciones. En el primer medio de este año los subvenciones crecieron a 35,9 billones Pesos Argentinos que es el 62,2% mas que en el mismo tiempo un año pasado (www.mercopress.com). Se puede ver las efectos de los subsidios porque la gente no tiene sentido del valor de este servicio. Un ejemplo: cuando se caminando por la ciudad durante la noche se puede ver que muchas tiendas tienen la luz encendiendo y muy claro toda la noche. Creo que las personas están deslumbrado con los precios bajos y no tienen sentido del valor de esos servicios. Por los precios que solo pueden estar tan bajo con la financiación del gobierno, la gente desarrolla una mentalidad de la 'desperdicio'. Los gastos del presupuesto fueron
23 billones ARS en 2012 en total y 8,3 billones ARS fueron gastos de los subsidios
(www.cronista.com). Por los grandes subvenciones no solo los consumidores van a ser atolondrado también las empresas produciendo pierden su competencia y de esa manera también pierden su productividad. El gobierno que trata de estimular la economía no benéfica la economía de largo plazo. Las empresas no tienen que probar a buscar un ventaja enfrente la competencia. En general no hay una aspiración de encontrar un

avance, entonces las empresas van a ser mas dependiente de las subsidios cada día. En un mercado libre, sin intervención del gobierno y con competencia las empresas siempre tratan a ser la mas barata para preparar el servicio y eso se forza a ser la mas eficiente.
Pero eso no puede funcionar ahora porque los sectores no tienen el conocimiento para ser eficiente en las producción ni en la facilitación. Cuando el gobierno se va a cambiar hay un gran problema para buscar inversores nuevos en los sectores de la electricidad, gas y transporte.
Los altos costos, especialmente por los servicios de electricidad, resultan en un déficit fiscal mas alto que esta pagando con plata nueva imprimido. La inflación ya esta un 25% anual y con un crecimiento en el déficit la inflación va a quedar tan alto. La política economía de los subvenciones es un resulto de kirchnerismo. Nestor Kirchner empezó las programas de las subvenciones en 2003. Precios eran fijado y las producciones eran apoyando con la plata del

gobierno. Eso fuera la gran estrategia del kirchnerismo,

estimulo la economía con regalos en forma de plata. El PIB creció porque gasto publico y comercio crecieron. Pero la economía sufrió porque la inflación alto que era un resulto de los subsidios también. De largo plazo el déficit va a afectar la inflación mas y poco a poco
Argentina perderá la competitividad internacional. Un crecimiento en la economía en los años que vienen es imposible con ese sistema.
En general los subvenciones no van a las personas que realmente los necesitan.
Personas que están dependiente y no pueden vivir sin ayuda del gobierno y no pueden comprar electricidad o gas para cocinar sin las subvenciones. En lugar de eso, el acceso por el gas o la electricidad en los regiones más pobre no esta posible. Entonces, subsidios van a las personas común en primer lugar. Personas que tienen un trabajo, un salario y que puedan pagar los costos por las facturas de servicio. En el fin de 2011 era una medida del gobierno para reducir los gastos del subsidios. En noviembre 2011 el gobierno decidió que vaya a cortar los subvenciones de la electricidad, el gas y el agua. Eso afectó algunos sectores industriales y comerciales por ejemplo empresas de financiera y aseguradora, minería y petróleo, casinos, puertos y aeropuertos. Algunos sectores de la industria que necesita mucha energía siguieron en diciembre. Además las reducciones afectaron familias muy adinerado y también barrios de la prosperidad. Un otro ensayo era en 2012 con una página web en que personas honestos que no necesitan los subsidios de la electricidad pueden inscribirse para denegar los. Eso debió que ser una señal de la solidaridad. Ese denegación voluntario hicieron 12.000 Personas, menos que el gobierno esperaba. Para mi, no esperara nadie para hacerlo porque no hay muchas personas que deniegan regalos del gobierno en general pero los argentinos inteligentes saben que las

subvenciones son malos por la economía y por eso 12.000

de los 10 millones

beneficiarios decidieron que no reciban más. Esos medidas que solo afectaron grandes empresas y presupuestos ricos debió ahorrar US$140 millones. Por muchos financieros era una gota en el océano porque los costos del subsidios eran US$ 16 billones en total(www.iisd.org). En 2012 fueron algunas iniciativas más para cortar los subsidios por familias con ingreso muy alto. El gobierno quiso cambiar el sistema de subsidios no discriminativo en un sistema que solo personas reciben la plata que realmente la necesitan. Sin embargo el gobierno no fue tan estricto y no continuó su proyecto. Los cortos de esa sistema solo ahorró el 6% de los costos total y no resolvía el problema. El gobierno empezó a ir en la dirección para resolver el problema pero después algunos iniciativas se perdió de vista de su aspiración y continuó de subsidiar otra vez para deslumbrar la gente porque hay elecciones en octubre 2013. Con el fin de dar la gente plata para hacerla feliz. Eso es el populismo que es representativo del kirchnerismo.
Subvenciones representan un agobio alto fiscal y eran responsable de la reducción del presupuesto publico en los cinco años pasado. Un cambio para reducir los gastos de los subvenciones paso a paso solo es posible con una reformación completa de los precios de servicios. Se tiene que creer un sistema en que los productores y consumidores pueden actuar en un mercado libre sin ayuda y injerencias del gobierno. Un sistema en que el sector va a ser más atractivo por inversores para reducir las importaciones exteriores y para reducir el déficit en los importaciones que esta conectando con el problema. Hasta agosto 2013 argentina ya tiene un déficit en el comercio de energía de
US$5,4 billones (www.mercopress.com). Eso también es un efecto de las elecciones en octubre. El gobierno subsidio enorme para dejar una buena impresión en la cabeza de la gente. Para mí el gobierno de Argentina esta cavando un hueco muy grave y continua a ir más grave. Con los subsidios la gente esta deslumbrado y esta perdiendo el sentido de los valores de los productos. La gente esta o va a ser derrochador con los servicios de la electricidad, gas y transporte. Un sistema con subvenciones tan alto no puede funcionar ni ser lo mas efectivo. Sin embargo los subsidios están estimulando la economía pero no tan alto, el gobierno perdió su sentido. Ahora los subsidios solo van a ser contra-productivo para hacer la gente feliz y deslumbrar todos. Normalmente subvenciones en verdadero son para ayudar personas que no pueden pagar las factura del servicio y por eso no tienen electricidad o gas para cocinar. Pero con el sistema ahora la gente común recibe el mayor parte de los subvenciones. Argentina necesita un sistema restrictiva para filtrar la

gente y solo maneja la gente que lo necesitan. Ahora los subvenciones son arbitrario y causan mas malo que bien. El gasto publico grande y el consumo causan un crecimiento en el PIB que no es representativo de la economía argentina. Los subsidios causan una gran deuda en el presupuesto y son el suelo más grande. Eso déficit enorme aboca el gobierno a imprimir plata nueva para balancear el déficit y eso causa inflación que ya es el
25% anual. Para resolver grandes problemas en Argentina el gobierno tiene que empezar a cambiar su sistema de subsidios. Las elecciones 2013 pueden ser una oportunidad de cambiar, cuando la gente no esta deslumbrado de los subsidios y del populismo. El gobierno nuevo tiene que abandonar el sistema viejo y cambiar el sistema completamente para crear un mercado libre en los servicios de la electricidad, gas y transporte. Un mercado libre muchas veces es la solución de los problemas cuando un gobierno intervenía porque en un mercado con productores y consumidores. Después las elecciones que fueron en Octubre se va a ver que será la solución del gobierno nuevo. La política que hizo el gobierno los años desde 2001 y especialmente los cinco años pasados no puede continuar porque es lo peor por el país.

Lista de fuentes:
(1) http://www.cronista.com/economiapolitica/Cristina-aumento-el-gasto-para-subsidios-e-importarenergia-en--42.500-millones-20130821-0085.html
(2)http://en.mercopress.com/2013/08/05/argentine-economy-conditioned-by-energy-imports-andsubsidized-fuels-and-power
(3)http://www.iisd.org/gsi/news/argentina-cuts-energy-and-water-subsidies-businesses-and-highincome-neighborhoods
(4)http://en.mercopress.com/2013/09/24/argentine-trade-balance-collapsed-60-in-august-becauseof-the-energy-import-bill
(5)http://www.iisd.org/gsi/news/argentina-cuts-energy-and-water-subsidies-businesses-and-highincome-neighborhoods
(6)http://www.relooney.info/SI_FAO-LA-2012/Oxford-Argentina_8.pdf
(7)http://www.taringa.net/posts/noticias/12580050/Argentina-un-pais-adicto-al-subsidio.html
(8)http://www.economiaynegocios.cl/noticias/noticias.asp?id=112796
(9)http://datos.bancomundial.org/indicador/SE.XPD.TOTL.GD.ZS
(10)http://www.nacion.com/archivo/Argentina-fuerte-aumento-subsidios_0_1344065776.html

Similar Documents

Premium Essay

Advanced Corporate Finance

...Advanced Corporate Finance [FN2] Examination Blueprint 2013/2014 Purpose The Advanced Corporate Finance [FN2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been designed to ensure that the competencies are met. In addition, information is provided on the proportion of each question type presented in the examination (that is, multiple choice, quantitative problems, and so on). Use Candidates should use the examination blueprint to prepare for the course examination. The blueprint may not include all the topics listed in the course materials; however, candidates are still responsible for acquiring a broad-based knowledge of all topics not listed in the blueprint since these topics will be tested in assignment and review questions. The topics not listed in the blueprint will also provide candidates with a greater depth of understanding of finance concepts. Examination Objectives The objective of the 4-hour comprehensive examination is to test CGA candidates on the prerequisite knowledge required for advancement into PA1 and PA2, so as to ensure that the candidates have the broad-based knowledge in finance needed to function properly in the association’s...

Words: 4207 - Pages: 17

Premium Essay

Advanced Corporate Finance

...machinery and machine tools” which were sold mostly to local/regional firms ii) Incorporated CAD/CAM into production process which allowed machine presses to manufacture metal parts by responding to computer demands iii) By 1991, CAD/CAM accounted for 45% of sales, presses and molds = 40%, 2) Competition and Outside Pressure iv) CAD/CAM Industry (1) Faced a number of large competitors (GE, HP, Digital Equipment) (2) Aggressive Entry of Foreign Firms/Dollar rising 3) Northboro’s Response To declining revenues c) Devote a larger portion of R&D budget to CAD/CAM d) Corporate Restructuring #1 v) 1989 – sold two unprofitable lines of business, two plants, five leased facilities, and reduced personnel vi) Costs = 44 million e) Corporate Restructuring # 2 vii) Altered manufacturing Strategy, refocused sales and marketing, new procedures to further reduce staff and facilities viii) Cost = 60 million f) Total Restructuring in 1989/91 = 135 million, resulted in “leaner” company g) Restructuring led to the development of what Northboro refers to as the Artificial Workforce ix) This product would allow a firm to design, manufacture, and package a product only using a computer (3) By 10/1991, Northboro had orders of 75 million and year end back orders of 100 million (4) This product was...

Words: 1031 - Pages: 5

Premium Essay

Advanced Financial Management

...Xiamen University Advanced Financial Management Syllabus Instructor:  Professor Yunlue Fu Semester:  autumn 2010 -2011(September 12,2010 – January 30,2011) Instructor Information Office:  Jiageng2-512 Phone: 2186201 E-mail: ylfu@xmu.edu.cn   Course Description This is an advanced course in the financial management of the firm. Since the participants are assumed to be knowledgeable about the topics found in the first financial management course, the emphasis is placed on fully understanding the principles underlying a sound financial decision in the modern corporation. The course goal is to apply relevant knowledge, skills and exercise professional judgment as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organization. The approach will be a combination of lecture and discussion, always with a focus on good managerial financial decision-making.  Prerequisites: Financial management or equivalent.   Topics Covered: 1. The role and responsibility of the senior financial executive 2. Evaluate potential investment decisions and strategic consequences 3. Acquisitions and mergers 4.Corporate re-organization strategies. 5.Advanced treasury and risk management techniques. 6.Financial management of multinationals. 7. Emerging issues in finance and financial management   Lecture Format: Lecture/Discussion.   Technical Requirements ...

Words: 670 - Pages: 3

Premium Essay

Vu Doc

...M Finance Vrije Universiteit Amsterdam - Fac. der Economische Wet. en Bedrijfsk. - M Finance - 2012-2013 Vrije Universiteit Amsterdam - Fac. der Economische Wet. en Bedrijfsk. - M Finance - 2012-2013 I Inhoudsopgave Vak: Institutional Investments and ALM Vak: Valuation and Corporate Governance Vak: Thesis Vak: Asset Pricing Vak: Derivatives and Asset Management Vak: Empirical Finance Vak: Research Project Finance Vak: Financial Markets and Institutions Vak: Private Equity and Behavioral Corporate Finance for Finance Vak: Financial Risk Management (Quantitative Finance) Vak: Real Estate Management Vak: Adv Corporate Finance 4.1 Vak: Valuation and Corporate Governance for Finance Vak: Institutional Investments and ALM for Finance 1 2 3 3 4 6 7 9 10 11 12 13 14 14 Vrije Universiteit Amsterdam - Fac. der Economische Wet. en Bedrijfsk. - M Finance - 2012-2013 II Institutional Investments and ALM Course code Credits Language of tuition Faculty Coordinator Teaching staff Teaching method(s) E_FIN_IIALM () 6.0 English Fac. der Economische Wet. en Bedrijfsk. prof. dr. C.G.E. Boender prof. dr. C.G.E. Boender, prof. dr. T.B.M. Steenkamp Lecture Course objective Achieve advanced knowledge of the investment process of institutional investors, like pension funds and insurers. The main objective is to fully understand the most important theoretical concepts in the institutional investment process and the way these concepts are used in practice. After following the...

Words: 5495 - Pages: 22

Premium Essay

Case Study

...Interview and Internet b) Interview of a person who is an investment banker: i) Name of the person: Mr Lisantu Kundu Organisation : UBS investment bank ii) Interview: Me: What is the Job description of an investment banker? Mr Kundu:  investment bankers provide a range of financial services to companies, institutions and governments.They manage corporate, strategic and financial opportunities, including: Mergers, Acquisitions, bonds and shares, lending, privatisations, Initial public offerings (IPOs) Me : What are the areas dealt by an investment banker? Mr Kundu:  Investment banks deal in three main areas :- a) Mergers and acquisitions: Assisting clients with expansion to increase profitability, safeguard market position, diversify, and so on. Corporate investment bankers manage the transaction process, assessing the target organisation and the impact of the deal. This involves knowledge of legal and regulatory issues, in addition to sound financial knowledge and an in-depth understanding of the client's industry; b) Debt capital markets: Working with lenders such as financial institutions, agencies and public and private companies in order to design and restructure debt obligations; c)equity capital markets:...

Words: 1188 - Pages: 5

Premium Essay

Resume

...Gino Masciangelo mascian_gino@bentley.edu 6 Fox Run Rd. | Falmouth | ME | 04105 | 207.650.0027 EDUCATION: Bentley University – Waltham, MA Bachelor of Science | Major: Corporate Finance and Accounting Graduation: May 2016 Relevant course work completed: • Accounting : Cost Management, Financial Reporting, Taxation and Pensions • Finance: Market Research. Portfolio Management, Advanced Managerial Finance • Basic Corporate Finance, Investment Banking ACTIVITIES & AWARDS: • Orientation Leader, Bentley University, Waltham, MA Summer 2013 & Winter 2013 • Pillars of Wall Street Seminar, Bentley University, Waltham, MA Fall 2013 • Team Member, Bentley Lacrosse, Bentley University, Waltham, MA Fall 2012/Spring 2013 • Owner: Gino’s Property Maintenance, Falmouth, ME Summer 2009-Summer 2014 • Bonfire/Warf 51: Barback/Bartender, Portland, Maine Summer 2015-Present EXPERIENCE: Continuum, West Newton, MA: Finance/Accounting Intern: 09/2015-Present • Maintained POS system (Innovation) to match expense reports • Handled: Payroll, Revenue Audit, Accounts Payable/Receivable, Taxes • Skills developed: mastery in accounts payable/receivable, POS fluency Modern Woodmen of America, Lewiston, ME: Financial Analyst Intern: 02/2015-Present • Studying for Life and Health then studying for the Series 63 • Maintained/observed client portfolios. Proposed possible investments...

Words: 324 - Pages: 2

Premium Essay

Resume

...by evolving meaningful and optimal solutions to various problems of finance. Thus, my goal is a career in In Finance and wherein I could advance analytical approaches to financial management. To achieve my career goals, I need to learn much more about current developments and techniques in finance, financial markets and financial applications and acquire hands-on experience of financial analysis. A Master's Degree in finance with will provide me with practical understanding of financial markets, knowledge of derivative assets and the operation of the markets in these assets in aiding managerial decision-making and research skills to enable me to develop an expertise in the core areas of financial strategies and global corporate financial operations. I would like to probe specific problem areas such as the application of quantitative analysis to understanding various issues in global finance and improving decision-making and effect of increase in global communications on international finance decisions. My research interests are Foreign exchange markets, hedging foreign exchange risk, international capital budgeting, corporate financial strategy including mergers and acquisitions. good quantitative skills, familiarity with computer applications and experience gained while working on various school projects have helped me to develop sharp analytical abilities and have given me the confidence to tackle advanced problems . In addition, the experience gained while marketing Darwin...

Words: 373 - Pages: 2

Premium Essay

Tttt

...Case Seminar Advanced Corporate Finance Tuesday 10:00 – 13:00, Room 23 Instructor: Tim Adam This case seminar discusses real-world business cases, which relate to the materials covered in Corporate Finance and Advanced Corporate Finance. The main topics are company valuation, capital structure, bankruptcy, corporate governance, project finance and corporate risk management. The main objective of the seminar is to apply the theoretical concepts of corporate finance and corporate governance to real-world situations. To do so we will discuss six Harvard Business School cases. In addition, there will be several company presentations of real-world business cases. This seminar has a high level of practical relevance, but it is also very labor intensive. Expect to spend at least eight hours each week on case preparations. Prerequisites All participants must have successfully passed Corporate Finance, and take Advanced Corporate Finance parallel or prior to this case seminar. Registration Students need to register for this seminar. Please submit your applications electronically (CV, most recent transcript) to Mrs. Bulwahn by April 8, 2016. If you do not attend the first session, your place may be given to other students on the waiting list. Evaluation Four case reports (80%), class participation (20%). Seminar attendance is obligatory. Course materials Cases can be purchased for a total cost of US$ 23.70 using a credit...

Words: 2908 - Pages: 12

Premium Essay

M&a Syllabus

...Mergers and Acquisitions Instructor: Kai Li kai.li@sauder.ubc.ca Office Hours: by appointment Teaching Assistant: Zhang Jianing zhangjianing.jenny@gmail.com Office Hours: Wednesday/Friday 4:00 – 6:00pm Course webpage: http://finance.sauder.ubc.ca/~kaili/SAIF as well as on SAIF BB system Course objectives Corporate Finance is the art and science of making important corporate decisions under the guidance of relevant financial theory, advanced quantitative methods, and careful study of previous business decisions and outcomes. Mergers and acquisitions (M&As) offer a lens into a variety of financial management practices, and are a critical time in the life of a corporation. In this course we will use M&As as a focal point in our study of corporate finance. We will draw on, and extend your knowledge of finance topics including valuation, capital structure, financial distress, financial statement analysis, working capital management, securities markets, securities issuance, agency theory, corporate governance, executive compensation, and real and financial derivatives, and apply to M&As. Our study of change of control will include the economic motivations for M&A activity, advanced valuation, transaction structuring, creative financing, risk management, tactics for friendly M&A negotiations and hostile transactions, leveraged buyouts (LBOs), due diligence, and execution. By the end of the course you should:  Be able to identify motives for transactions  Understand reasons for differences...

Words: 2106 - Pages: 9

Premium Essay

Theory & Practice of Corporate Finance

...Special issue about the study subject 6 2.3. Relating issues raised in the article with the business environment and financial system in Ethiopia 7 2.4. Points we Agree or Disagree with 7 2.5. One part of the article that helped to understand finance 8 III. Hypothesis Comparison. 8 IV. How the information in the article affect the business manager in us 9 4.1. Becoming a better financial manager 9 4.2. Becoming a better professional 9 4.3. Practicing suggestions in the article 9 4.4. Issues listed by the authors 10 References 13 I. Article Summary 1.1. Article Title: The theory and practice of corporate finance: Evidence from the field 1.2. Authors: John R. Graham and Campbell R. Harvey 1.3. Publication: the article is published in the Journal of Financial Economics, Volume 60, Issue 2, Pages 187-243, dated 31/05/2001. The publisher is North-Holland. 1.4. Reviewer: Group 8 members 1. 1.5. Purpose of the Article The article reports the result of a comprehensive survey on the practice of corporate finance conducted in 1999 G.C by the above mentioned two authors in the USA. Unlike previous similar studies in theory and practice of corporate finance, the article address a broader scope in the field of corporate finance including capital budgeting, cost of capital and capital structure, which according to the authors allows “linking responses of survey participants across areas”. Selecting a large sample of cross-section firms with approximate population size of...

Words: 3531 - Pages: 15

Premium Essay

Science Technology

...course in finance utilizing comprehensive cases to simulate the role of the financial manager. 3 seminar-discussion. Prerequisite: GBA 546, all required 500-level courses, and microcomputer proficiency. Concurrent enrollment in GBA 646. Unconditional standing requirement. EXPANDED DESCRIPTION OF THE COURSE AND INSTRUCTIONAL METHODS: A. Expanded Description of the Course: This course reinforces the basic concepts of financial management. The course provides an in-depth discussion of key topics that are critical to financial management: (1) the goals of the firms, (2) financial statement analysis, planning, and forecasting, (3) working capital policy and management, (4) capital budgeting techniques without and with risk, (5) capital structure theory and application, (5) the cost of capital estimation, and (6) long-term financing decisions. In addition, the course examines issues such as lease financing, merger and acquisition, and international financial management. B. Instructional Methods: The delivery system throughout this course will be a combination of class discussion and case analysis. The case analysis will be both in a written format and oral presentation. The amount of lecture will be limited to detailed coverage of concepts pertaining to each individual case. REQUIRED BACKGROUND OR EXPERIENCE: A. Prerequisites: Fundamental of Financial Management (GBA 546), all required 500-level courses, and microcomputer proficiency. If a basic finance course...

Words: 3255 - Pages: 14

Premium Essay

Personal Statement

...University of Nottingham Ningbo, I did not know I would foster such a strong interest in finance. From financial statements to financial instruments, great delight was evidenced in my study. Reviewing the past three years, my understanding towards classic financial theories was raised from vivid case studies and seminar discussions. Thanks to the advanced British concept of education, I was trained to think critically and allowed much time to be spent on the topics I am intrigued with. Aspired to work for a top-tier investment bank, I intend to strengthen my background in pure finance by following a rigorous master’s programme. The MSc Finance course offered at your renowned WBS precisely meets my demand. Extensively recognised by industrial leaders, the degree conferred by WBS is an invaluable asset to be added to her graduates, which is also the reason why it is sought after by tons of talented students. Ranked as a top business school in the UK, WBS enjoys unparalleled reputation. In addition, the name of the first institution that acquired triple accreditation from AACSB, AMBA and EQUIS has confirmed her undisputed position in academia. Accompanied by her location which associates with London in a 90-minute rotary, I am convinced that choosing WBS will be more than a wise decision. After all, it is Warwick! As I plan to start my career as a financial analyst, I consider the MSc Finance course to be my prior option. First of all, the programme places focus on financial concepts...

Words: 849 - Pages: 4

Premium Essay

Mw Petroleum

...FI 8320, Spring 2005 Cases and Readings in Corporate Finance [pic] [pic] [pic] [pic] Instructor Professor David C. Nachman Office: RCB 1239 Phone: 651-1696 email: dnachman@gsu.edu Office Hours: W 10:00 am – 2:00 pm, or by appointment Prerequisites FI 8000 CSP: 1, 2, 6 Course Description This course focuses on financial policy-making through case analyses, contemporary readings from the professional literature, and problem solving. The emphasis in the course is on investment and financing decisions and their impact on firm value and on capital market imperfections and their impact on the raising of corporate capital. The course also provides an opportunity for the study of additional topics of special current significance such as capital structure and dividend policy, corporate restructuring and the market for corporate control, real options, risk management, international capital budgeting and financing, financial planning and working capital management, project financing, reorganizations and advanced equity valuation. Course Material Required text material • (BMA) R. A. Brealey, S. C. Myers and F. Allen, Principles of Corporate Finance, 8th ed., McGraw- Hill/Irwin, Inc., 2006. •(RP) Reading Packet •(CP) Case Packet The required text (BMA) and the materials that make up the Case Packet (CP) are available at the GSU Book Store. The Reading Packet (RP) is available at ERes. Contents of (CP) and (RP) (with ERes access instructions) follow...

Words: 2562 - Pages: 11

Premium Essay

Project Finance

...Project Finance By Godfred Kwame Abledu Abstract Project financing is largely an exercise in the equitable allocation of a project’s risks between the various stakeholders of the project. Indeed, the genesis of the financing technique can be traced back to this principle. Roman and Greek merchants used project financing techniques in order to share the risks inherent to maritime trading. A loan would be advanced to a shipping merchant on the agreement that such loan would be repaid only through the sale of cargo brought back by the voyage (i.e. the financing would be repaid by the ‘internally generated cash flows of the project’, to use modern project financing terminology). The purpose of this paper therefore is to provide an overview of Project Finance. The paper touched on the Motivation for the increased reliance on project financing to fund investments, advantages that project finance has over traditional corporate finance, the major short-comings of project finance and a typical project finance transaction. Table of Contents Assignment 1 1 Abstract 2 A. Introduction 4 B. Why is project financing being increasingly relied on to fund investments? 4 C. What advantages does it have over traditional corporate finance? 6 D. What are the major short-comings of project finance? 7 E. Typical Project finance Transaction 8 References 10 A. Introduction Unlike the traditional loan arrangements, project finance is a financial structure which facilitate the arrangements...

Words: 2029 - Pages: 9

Premium Essay

Ipo Underpricing

...Advanced Corporate Finance: Guidelines for In-class Presentations and Term Papers 1. Grading The information in the handouts is not very clear and does not include the case, so here some more precision about the grading rules: Everybody should do a writeup for the Wrigley Capital Structure Case. If you only do the case the final exam will count for 70% and the case writeup for 30% of the final grade. In case you want to improve your grade you should think about handing in a term paper or making an in-class presentation. If you do this the case writeup as well as the term paper or presentation will count for 25% of the final grade and the final exam will be reduced to 50%. 2. In-class Presentations The fundamentals: Approximate size: 10-15 powerpoint slides Approximate duration: 15 min Presentation date: will be assigned by me depending on the content Maximum group size: 4 class participants Presentations are optional Not everybody will be able to participate in a presentation, Purpose of the in class presentation: The presentations are intended to summarize academic research on a given issue. The presentation should not only be factually correct and complete but the topic should be well presented. The class should be able to easily understand and follow the argumentation. Grades will not only depend on the content but also on the quality of the presentation. Format: There is no predefined format, as the optimal way to present an issue depends...

Words: 790 - Pages: 4