...University of Pennsylvania ScholarlyCommons Wharton Research Scholars Journal 5-1-2006 Valuation of Venture Capital Securities: An Options Based Approach A. Lloyd Thomas University of Pennsylvania This paper is posted at ScholarlyCommons. http://repository.upenn.edu/wharton_research_scholars/36 For more information, please contact repository@pobox.upenn.edu. Wharton School Valuation of Venture Capital Securities: An Options Based Approach Disciplines Business | Finance and Financial Management This journal article is available at ScholarlyCommons: http://repository.upenn.edu/wharton_research_scholars/36 Valuation of Venture Capital Securities 1 Valuation of Venture Capital Securities An Options Based Approach Wharton Research Scholars 2005-2006 Investigator: A. Lloyd Thomas Supervising Professor: Dr. Raffi Amit Copyright © A. Lloyd Thomas, 2006 Valuation of Venture Capital Securities 2 Table of Contents Table of Contents................................................................................................................ 2 Introduction......................................................................................................................... 3 Venture Capital Financing Negotiations......................................................................... 3 Venture Capital Securities .............................................................................................. 6 Common Stock...
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...Introduction This report will explain and support the retention of HR function within the Lloyds Banking Group (LBG) organisation. The HR function is a fundamental element to any organisation and as a HR professional it is vital to discuss the benefits of keeping it within the group. This report will explain in detail how the HR function supports the LBG strategy and how the HR professionals support line managers and their staff. The report will include a PESTLE and SWOT analysis showing the internal and external factors affecting LBG group and how the HR function supports against these factors. In order to analyse this efficiently the report will first outline the general principles of HR and also the best practices performed by HR personnel. Investigations, findings and analysis This section gives an overview of the internal and external factors affecting the Lloyds Banking Group organisation and its strategy showing the support the HR gives to combat these factors. In order to cover this, it is important to highlight LBG’s Mission Statement: ‘to become the UK’s most recommended bank’. There are many factors that can have an impact on these both in a positive and negative way. These factors can be both internal and external. Many of these spirals from the alignment of the Banks following the acquisition of HBOS by Lloyds in 2008, 5 years on this has still having an impact. Internal Factors: Following the on-going restructure to align the...
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...type of arthritis and is associated with joint pain and reduced range of motion and quality of life. It is a vast, chronic condition which affects the weight bearing joints and involves biomechanical, morphologic and biochemical alterations of the matrix and cells of the bone. Common symptoms are pain in the affected joint area and loss of mobility however, structural changes may occur without any accompanying symptoms. In itself, OA is not a life threatening condition although it can affect considerably the quality of life. OA can be classified depending on the number of joints affected, the site which it affects and also the type. By type, one means whether it is inflammatory, generalised (affects many joints) or erosive (David & Lloyd, 1998). Osteoarthritis may also be divided into primary idiopathic or secondary. In primary OA there are no preceding injuries or trauma which could have caused it. The main cause is repetitive stress on the joint and cumulative changes to the joint surfaces. It is typically found in women over the age of forty five which repeatedly stress the same joints such as the knees and hips. Secondary OA, on the other hand, is caused by a previous condition, injury or disease. Injury to the joint, gout, rheumatoid arthritis and even obesity may eventually lead to the development of secondary OA (Koopman, 2000) Osteoarthritis Affecting the Knee Joint The knee is the most susceptible joint for development of osteoarthritis. As previously mentioned...
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...www.thetimes100.co.uk The business benefits of diversity Introduction Diversity describes people’s differences. Differences can come from individual characteristics and life experiences, such as where you went to school or where you live. Being married or in a civil partnership, being a parent, your political affiliation, career path or level of income can also influence your personal perspectives. These factors make us react, approach challenges and solve problems differently. CURRICULUM TOPICS • Business environment • Business strategy • People in organisations • Communication GLOSSARY When people refer to ‘diversity’, especially in a business context, they often focus on a particular set of key characteristics or differences. These are: • gender • ethnicity (which refers to colour, race and national origin) • religion • disability • age • sexual orientation. These differences are protected by law. This means staff and customers have the legal right to be treated fairly and equally in relation to these characteristics. Diversity brings real benefits to society and businesses. For society, diversity brings richness and variety. There are always new and interesting things to be learnt from each other. For a business, employing a diverse workforce enables it to use a wider range of talents and skills. These lead to creativity and innovation. Businesses need to mirror the communities and cultures they work in so they can understand and anticipate the diverse needs of...
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...1. Introduction 2. Procedure 3. Findings 3.1 Young People – group description 3.2 Definition of credit and its different types 3.3 Young people and debt 3.4 Debt management 4. Conclusion 5. Recommendations 1. Introduction This Report was compiled by Monika Kapral for a committee called the ‘Student Advice Bureau’ at Edinburgh College as their office deals with young people and their financial difficulties. Young People and debt report outlines and analyses the young people issues of credit and debt. Information included in the report will describe young people group, will give definition of credit and show different types of credit use by young people. Information about why young people are in debt and what are consequences will be presented. This report will also outline agencies which can help with debt management, where they are, and what they do. The conclusions will be drawn and recommendations which could help young people will be made. 2. Procedure The information was compiled using secondary research – internet research and all information is coming from reliable resources such as www.cccs.co.uk, www.adviceguide.gov.uk , www.infohub.moneyadvicetrust.org . 3. Findings 3.1 Young people – group description. Young people are a group of economical active 18 – 29 years old people, who are in education, employment or who are unemployed. Some of them may have issues with debt and credit because of growing...
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...Secretary in the Finance industry and as a Director of Finance and Administration in the Computer Services industry. Since 1990 he has conducted management development programmes for over forty major organisations including Arla Foods, Blue Circle, BP, CSC Computer Sciences, Conoco, Ernst & Young, Lloyds Bowmaker, Royal Mail, Unilever and Zeneca. He also runs programmes for the Leadership Foundation and the management teams at a number of Universities. International training experience includes work in Belgium and Holland for CSC, in Denmark, Kenya and the Czech Republic for Unilever, in Holland and the US for Zeneca, in Dubai for Al Atheer, in Bahrain and Saudi Arabia for Cable & Wireless. He specialises in programmes in financial management for both tactical and strategic decision making. In addition he has run courses in acquisition evaluation (The Economist, Eversheds, Blue Circle and Hays Chemicals) and in post-acquisition management (Unilever). All training is specifically tailored to the needs of the organisation with the emphasis on practical applications to enhance profitability and cashflow. He has developed material for delivery by in-house personnel (Royal Mail, Lloyds Bowmaker and Conoco), computer based training packages (The Post Office, Unilever and BP), and post course reinforcement self-study workbooks (CSC and Zeneca). He has also produced a...
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...Running Head: Recognizing and Minimizing Tort and Regulatory Risk Plan Recognizing and Minimizing Tort and Regulatory Risk Plan LAW/531 September 29, 2010 Introduction Alumina, Inc. makes aluminum products and has revenues of over $4 Billion Dollars. The company is based in the United States (US) with operations in eight other countries around the world. The US accounts for 70% of Alumina’s market share. Alumina has business interests in automotive components and manufacture packaging materials, bauxite mining, and Alumina refining and smelting. The company falls under the jurisdiction of Region 6 of the Environmental Protection Agency (EPA) (University of Phoenix, 2010). Recognizing and Minimizing Tort and Regulatory Risk Plan Companies and organizations such as Alumina, Inc. have corporate governances that require them to operate their businesses under government rules, regulations and boundaries. The rules and regulations have been authorized and enacted by major legislation, which are enacted by Congress and enforceable by laws. Minimizing the risk of tort liability is the goal of every organization and company. Five years ago Alumina was in violation of environmental discharge norms in a routine EPA compliance evaluation inspection. The EPA ordered a cleaned up and Alumina complied right away. Now, the case of negligence starts. The government places a high level the importance on the preservation of the environment and enforces environmental regulations...
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...Technical bulletin professional information for CILA members TB 16 August 2003 The following article appeared in Herbert Smith's Insurance Update Newsletter (May 2003) and they have kindly given permission for it to be circulated to CILA members. Policy conditions: legal classification and consequences of breach On at least three occasions last year the Court of Appeal considered the issue of the interpretation and status of conditions where insurers were seeking to rely upon terms to obtain a declaration of non liability for a particular claim. In any policy, determining the status of a contractual term is vital to establishing the insurer's rights upon breach of that term. Depending upon its status the remedies can range from a right to terminate the policy, refuse a claim or simply seek damages. The normal area for debate is whether or not a "condition" has been unambiguously expressed in the policy to be a condition precedent. Breach of a condition precedent If a condition is found to be a condition precedent as to the validity of the policy or the attachment of risk, then breach of that condition by an assured will allow the insurer to refuse to indemnify for any loss arising under the policy before that condition has been satisfied. If a term is stated to be a condition precedent as to liability, then breach of that condition will nearly always give rise to the insurer being able to refuse a claim. Claims procedure...
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...Stage 2 Developing Table of Contents Stage 2 DevelopingTable of Contents 0 Table of Contents 1 1.1 Key factors in case study 2 1.2 Likely financial needs of the clients 7 1.2.1 Savings 8 1.2.2 Insurance 8 1.2.3 Investment 8 1.3 Suggestions how the needs can be resolved 9 1.4 Likely providers 9 1.5 Relevant products and services 11 1.5.1 Savings 11 1.5.2 Insurance 14 1.5.3 Investment 15 1.6 Reviewing the customer service provision 17 1.6.1 Citibank 17 1.6.2 AXA 19 1.6.3 Lloyds TSB Bank 19 1.6.4 NS&I 20 1.6.5 HSBC 22 1.7 Reviewing the extent to which funds are protected or at risk 22 1.7.1 Savings 23 1.7.2 Investments 23 1.7.3 Insurance 23 1.7.4 Pension 23 1.8 Identifying the criteria on which to base the decisions 24 1.9 Justification for selection 25 1.9.1 Benefit-needs analysis 25 1.9.2 Comparison with other providers, products and service 26 1.9.3 Tax implications 27 1.9.4 Risk implications 29 1.9.5 Analysis of the customer service commitments 30 1.9.6 Compensation analysis 30 1.10 Conclusion 31 References 34 1 Key factors in case study In the case, I will give you a brief introduction about key factors in this case. My clients are Duncan Kenndy and Elaine, a retired couple. Duncan Kennedy is a 64 years old man. And he is a retire government...
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...Simulation University of Phoenix Alumina Inc. is a $4 billion aluminum maker based in the United States (U.S.) and operates in eight other countries around the world. The company has business interests in automotive components and the manufacture of packaging materials, bauxite mining, alumina refining, and aluminum smelting (University of Phoenix, 2008). The U.S. market constitutes 70% of the company’s sales. A crisis has arisen from allegations of environmental damages which have led to a person’s illness (University of Phoenix, 2008). This paper will identify key facts, regulations, and legal issues; identify several of Alumina’s values and stakeholders; identify conflicts which constitute ethical dilemmas; summarize legal counsel’s advice on the issues; and evaluate alternative solutions in the context of Alumina’s legal position. Key Facts, Regulations and Legal Issues Five years ago, a routine EPA compliance inspection revealed higher than acceptable levels of a carcinogenic substance, polycyclic aromatic hydrocarbons (PAH), to which Alumina promptly responded with a cleanup. The subsequent environmental audit reported the violation as corrected and the company has maintained a good compliance record since then (University of Phoenix, 2008). Alumina has made every effort to be compliant with environmental regulations. Administering environmental laws at the federal level is the Environmental Protection Agency. Since many of the laws provide for both federal and...
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...recommendations 8 Reference list 9 Executive Summary The purpose of this report is to evaluate how marketing mix elements are used in Aesop’s promotional strategy; how effective Aesop has been in the promotional strategy; and it provides some necessary recommendations. In this report, two marketing mix elements product and price are analyzed. By analyzing Aesop’s strategies of product and price, it is easy to identify the strengths and weaknesses of the company. The findings indicate that Aesop has made great progress in high-quality products and product orientation. What is more, price policy which based on the cost of production is reasonable. However, the capacity of the market still needs further expansion. This report gives some advice on expanding the market, and it will ensure that Aesop develops better in the future. 1.0 Background Aesop was founded by Dennis Paphitis in 1987 in Melbourne. The name originates from Aesop’s Fables. It is an organic herbal cosmetics company. Aesop devotes itself to natural skin care, body care and hair care, and it aims at providing the finest quality to customers (Aesop, 2015). What is more, the company has grown steadily over the last two decades. It has established a large number of stores in Australia and other countries, such as The United States and France. However, the company has some weaknesses in marketing mix. This report will mainly analyze the impact of product and price on the development of Aesop and give some effective...
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...Issue 1. Whether Anil, Ah Chong and Kombabawa have breached the duties of directors. 2. Whether Aaron has breached the duties of directors 3. Whether Duffy has breached the duties of directors. 4. Whether Frederick has breached the duties of directors Relevant Law Directors’ duties include statutory duties, common law duties, duties in equity and fiduciary duties. The court will probably examine all of them in determining whether the defendant has breached the duty of directors. Statutory duties Sections 180 to 1841 define the general duties of directors. Section 1802 states that directors should discharge their duties with care and diligence. Section 1813 states that the directors must discharge their duty in good faith in the best interest of the company, and for a proper purpose. Section 1824 states that directors should not improperly use their position to gain advantage for themselves or cause detriment to the corporation. Section 1835 states that the directors should not use the corporate information to gain advantage for themselves or cause detriment to the corporation. The obligations in ss. 180 to 183 are civil; however, if a director is reckless or intentionally dishonest when he/she breached ss. 180 to 183, he/she is liable for criminal charges6. Specific duties of directors include: directors should disclose material personal interest to other directors7. Section 1898 considers the director’s reliance on others to be reasonable if...
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...leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. They report their activities in the following four business segments: • Investment Banking • Institutional client services • Investing & lending • Investment risk management Goldman Sachs commits people, capital and ideas to help our clients, shareholders and the communities we serve to grow. The firm also provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. Former employees include Robert Rubin and Henry Paulson who served as United States Secretary of the Treasury under Presidents Bill Clinton and George W. Bush, respectively, as well as Mark Carney, the governor of the Bank of Canada since 2008, Mario Draghi, governor of the European Central Bank and Mario Monti, the Prime Minister of Italy. As of 2009, Goldman Sachs employed 31,701 people worldwide. In 2006, the firm reported earnings of US$9.34 billion and record earnings...
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...I was thinking the other day, most movies today try so hard to be grounded in reality. Sometimes I just want to sit down, and watch a movie that doesn’t take itself so seriously. Back to the Future doesn't seem to give two hoots if it’s realistic or not. It's just pure fun, and doesn’t care about the internet trolls. Michael J. Fox was born to play Marty McFly. The best decision the movie made was firing Eric Stoltz, who was originally cast as McFly. Fox perfectly captures the quick-witted everyman, who is just trying to get his parents to fall in love. Don’t forget Christopher Lloyd’s portrayal of Doc Brown, the mad scientist who stole Plutonium from Libyan Terrorists. Lloyd is brilliant as Doc, and rightly so his most memorable role. Let’s not forget the production hell Back to the Future had to go through. First, every major production company originally passed on the project. Then once they got started they had to recast the...
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...4157072 Word Count: 1948 “There have been several cases where the regulator has fined UK insurers for mis-selling insurance policies. Explain why such mis-selling has taken place. Will the new rule that insurers cannot pay commission on the sale of life insurance policies providing investment benefits mean that such policies will no longer be mis-sold?” For decades the insurance industry has had several issues regarding the mis-selling of insurance policies. “Mis-selling is the sale of unsuitable products resulting in customers being left in a disadvantageous position”(Wyman, 2011, P.4), and aptly stated by the Financial Conduct Authority (FCA) “financial services must be sold to you in a manner that is “fair, clear and not misleading” (www.moneyadviceservice.org.uk). There are numerous examples of mis-selling scandals such as endowment mortgages and Payment Protection Insurance (PPI) to name a select few, which shall be analysed throughout. Further to this, the reasons as to why mis-selling occurred in the first place will be discussed as well as whether, due to new legislation regarding the prohibition of commission payment, these policies will continue to be mis-sold. In the views of the economist Friedrich Hayek, due to complex taxes and the use of jargon that is alien to investors, there will always be asymmetric information and thus never a perfect market and thus resulting in the occurrence of mis-selling (Adams, 2005. P.207). Mis-selling has proved...
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