...company is to continue its growth of 40% each year, the company will have to go public with an initial public offering (IPO) within the next three years. The purpose for this paper is to review Gene One’s decision to become a public company. Taking Gene One public would be a new venture for the senior team members, who realize that, collectively, they have zero experience with IPOs. This paper looks at the issues and opportunities Gene One is facing, stakeholder’s perspective and ethical dilemma, the end-state goals, alternative solutions, a risk assessment and the optimal solution, and last implementation of the plan. Situation Analysis Issue and Opportunity Identification Gene One is a company that entered the biotech industry with groundbreaking gene technology that eradicated diseases in tomatoes and potatoes. In just eight short years, the company grew into the $400 million company that it is today. Past events that have led to Gene One current issues and opportunities are the fact that the company has grown at such a rapid pace that it outgrowing itself. Further, an increase in stock prices is indicative of the growing interest in the biotech industry. Don Ruiz, the company’s CEO, and the board of directors believes that if the company is to continue its growth of 40% each year, the company will have to go public with an initial public offering (IPO) within the next three years. Stakeholder Perspectives/Ethical Dilemmas The rights, interest and values of the various...
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...Student paper FI516 IPO Paper Vonage, IPO Success or Failure Executive Summary * Vonage Holdings Corporation was incorporated in the year 2000 and is based out of Holmdel, New Jersey. Vonage provides broadband communication both in the U.S and internationally within Canada, and the United Kingdom. Their market share continues to shrink due to competition and loss of customer base. * Vonage profitability is practically non-existent. Since their inception Vonage’s expenses have outdone their revenues and they continue to see a loss in their business even after their IPO. * Their IPO was successful in bringing in $531 million but the closing price of their stock was 12.7% below the asking price of $17 per share, which caused a rift with the new investors who were refusing to pay up. * Today, their stock price is trading at under $3.00 per share but the landline, which is the backbone to their company, is becoming obsolete. Industry Vonage belongs with the industry of Diversified Communication Services, but related industries as well as competition comes from other industries such as Telecom Services, Communication Equipment and Long Distance Carriers to just name a few. As of today, and according to Yahoo Finance, the market cap for Vonage is 572.91 million, compared to American Tower Corporation, which is the industry leader with a market cap at 24.93 billion. AT&T is also a competitor and the leader in the related industry of Telecom Services...
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...Journal of Financial Economics 53 (1999) 409 }437 Valuing IPOs Moonchul Kim , Jay R. Ritter * Department of Accounting, KyungHee University, C1 Hoegie-Dong, Dongdaemun-Ku, Seoul 130-701, South Korea Department of Finance, School of Business Administration, University of Florida, Gainesville, FL 32611-7168, USA Received 3 June 1997; received in revised form 18 August 1998 Abstract The use of accounting information in conjunction with comparable "rm multiples is widely recommended for valuing initial public o!erings (IPOs). We "nd that the price}earnings (P/E), market-to-book, and price-to-sales multiples of comparable "rms have only modest predictive ability without further adjustments. This is largely due to the wide variation of these ratios for young "rms within an industry. P/E multiples using forecasted earnings result in much more accurate valuations than multiples using trailing 1999 Elsevier Science S.A. All rights reserved. earnings. JEL classixcation: G24 Keywords: Initial public o!erings; Valuation; Comparable "rms * Corresponding author. Tel.: #1-352-846-2837; fax: #1-352-392-0301. E-mail addresses: kimc@nms.kyunghee.ac.kr (M. Kim), jritter@dale.cba.u#.edu (J.R. Ritter) This paper is based on Moonchul Kim's University of Illinois Ph.D. dissertation. We would like to thank seminar participants at Boston, Emory, Georgetown, Humboldt (Berlin), and Vanderbilt Universities, the Universities of Miami and Texas, the Stockholm School of Economics, the Chinese University...
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...Journal of Financial Economics 53 (1999) 409 }437 Valuing IPOs Moonchul Kim , Jay R. Ritter * Department of Accounting, KyungHee University, C1 Hoegie-Dong, Dongdaemun-Ku, Seoul 130-701, South Korea Department of Finance, School of Business Administration, University of Florida, Gainesville, FL 32611-7168, USA Received 3 June 1997; received in revised form 18 August 1998 Abstract The use of accounting information in conjunction with comparable "rm multiples is widely recommended for valuing initial public o!erings (IPOs). We "nd that the price}earnings (P/E), market-to-book, and price-to-sales multiples of comparable "rms have only modest predictive ability without further adjustments. This is largely due to the wide variation of these ratios for young "rms within an industry. P/E multiples using forecasted earnings result in much more accurate valuations than multiples using trailing 1999 Elsevier Science S.A. All rights reserved. earnings. JEL classixcation: G24 Keywords: Initial public o!erings; Valuation; Comparable "rms * Corresponding author. Tel.: #1-352-846-2837; fax: #1-352-392-0301. E-mail addresses: kimc@nms.kyunghee.ac.kr (M. Kim), jritter@dale.cba.u#.edu (J.R. Ritter) This paper is based on Moonchul Kim's University of Illinois Ph.D. dissertation. We would like to thank seminar participants at Boston, Emory, Georgetown, Humboldt (Berlin), and Vanderbilt Universities, the Universities of Miami and Texas, the Stockholm School of Economics, the Chinese University...
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...Privatization of Telecoms in Asia John Ure and Araya Vivorakij* Privatization viewed as a panacea for the most pressing problems besetting the modernization and development of telecommunications has become, in recent years, a widely accepted part of orthodox thinking. Wellenius, Stern, Nulty and Stern (1989) illustrate the point. ‘How should privatization be defined?’ asks the International Finance Corporation (IFC, 1995). ‘A generous stance would admit any transfer of ownership or control from public to private sector. A more exacting definition would require that the transfer be enough to give the private operators substantive independent power.’ 1 Hence, by privatization is usually meant the transfer of state-owned assets to private sector ownership, management and control typified by the sale of part or all of the shares of a state owned (and operated) telecommunications enterprise (SOTE). We shall argue that the ‘more exacting definition’ is exactly appropriate for the experience of Western economies from which it originates - see below - while it is too narrow, too precise, insufficiently ‘generous’ to capture the less clearly defined lines of demarcation between public and private capital in the context of Asian telecommunications. We shall argue that this is because the delineation between state (political society) and civil society is less well developed in Asia, certainly less well articulated in law, and unevenly developed even within single large Asian countries...
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...This term paper is prepared over the telecommunication sector of Bangladesh. In this term paper we discuss about all the companies that are currently running their business in market. Any one can easily get the idea about all the companies as well as the current market situation in telecommunication sector. In this term paper we mainly focus on each of the company’s product and promotional activities, their operations and also about the services to customers. By studying this term paper any one have the clear idea about different product of different companies that are currently available in this market. Objectives of the Term Paper Main object of this term paper is to know about the ‘Telecommunication Industry in Bangladesh’. Continuous Improvement of customer satisfactions and resource management. Methodology We have conducted the literature search connected to the topic to support and direct the research. This search was mainly conducting on the University databases, Journal databases, Library Journals, websites and Textbooks. We have searched the databases provided by University library access, like Emerald, Business Insight, ABI/Inform, Global Information Inc (professional Research reports) and search engines like Google scholar and university special search engine connected to all databases and textbooks. The key words mainly used were Bangladesh Telecom industry, Telecom future, Trends in Telecom, Bangladesh telecom Market. In the full range of articles and journals...
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...Homework – Study Trip San Francisco & Silicon Valley Mag. Roland Suttner ------------------------------------------------- December 2013 “I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas Alva Edison “Most great people have attained their greatest success just one step beyond their greatest failure” -Napoleon Hill Contents 1 Venture Capital 4 2 Mechanics of raising equity capital 5 2.1 Equity financing for private companies – Sources for funding 5 2.1.1 Angel Investors 5 2.1.2 Venture Capital Firms 6 2.1.3 Institutional Investors 6 2.1.4 Corporate Investors 6 2.2 Outside Investors 6 2.3 Exiting an Investment in a Private Company 7 3 The process of start-up funding 8 3.1 Idea and co-founder stage 8 3.2 Family and friends stage 8 3.3 Seed or angel round 8 3.4 Venture Capital Round 8 4 The Initial Public Offering 10 4.1 Advantages and Disadvantages of Going Public 10 5 Key Elements for successful Entrepreneurship 11 6 The importance of Silicon Valley in the U.S. venture capital system 13 6.1 Venture Capital Investment in the U.S. 13 6.1.1 Venture Capital Investment since 2006 13 6.1.2 Investment by industry 13 6.1.3 Investment by regions 15 6.2 Evolution of Silicon Valley 15 6.3 Silicon Valley – an advanced high tech entrepreneurial habitat 16 6.4 The Power of Clustering 16 6.5 Features of an advanced high tech entrepreneurial habitat 16 6.6 The high-tech habitat:...
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...“OVERVIEW OF MOBILE TELECOMMUNICATION INDUSTRY IN BANGLADESH.” INTRODUCTION: “Watson, come here: I want you.” This was the first message ever transmitted from one place to another, through a device called telephone. American genius, Alexander Graham Bell (1847-1922) along with his assistant Thomas Watson invented the device. It was March 10, 1876, an important day for human civilization, the first step towards developing means of communication. We’ve come a long way since then. Today, telephone is a part of our everyday life. Besides telephone, now-a-days mobile phones are playing a great role to communicate from one place to another. Today, telecommunication is one of the major parts of life. Nowadays, the phone is not only used for making calls, among many other functions it’s used for communicating through text-messages and so called multi-media messages, as well as to connect us to the internet. The opportunities that lie in the telecom market seem endless and the growing demand for mobile telephony systems is creating a world-wide market. The telecom industry is nowadays not only by means of millions, but by means of billions. Actors in this industry are seeking the most profitable markets throughout the world. In this assignment we will discuss about the mobile telecom market situation and their competitive analysis. v ABOUT BANGLADESH Bangladesh is one of the poorest, most densely populated, least developed countries in the world. Apart from its lowly economic status...
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...| 2010 | | | [APPLE INCORPORATED] | Apple is discussed based on the the history of the company, its products, the company’s profitability and criticisms and challenges the company has encountered . | Technology is the usage and knowledge of tools, techniques, and crafts, or is systems or methods of organization. The word technology comes from the Greek technología. The term can either be applied generally or to specific areas: examples include “construction technology”, “medical technology”, or “state-of-the-art technology”. In this research paper, Apple Inc will be discussed, based on the history of the company, its products, the company’s profitability and criticisms and challenges the company faces. What is Apple Incorporated? Apple Inc. is an American multinational corporation that designs and manufactures consumer electronics, computer software, and personal computers. Established on April 1, 1976 in Cupertino, California, and incorporated January 3, 1977, the company was called Apple Computer, Inc. for its first 30 years, but on January 9, 2007 the company removed the word “Computer” in order to reflect the company’s ongoing expansion into the consumer electronics market in addition to its traditional focus on personal computers. Apple’s best known hardware products include Macintosh...
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...Case Study on Fundamental Analysis of Indian Media and Entertainment Industry Analyzed By Tarak Shah Indian Institute of Planning and Management (IIPM) Ahmedabad © IIPM, 2006 -1- Paradoxical phenomenon of Indian Media and Entertainment industry – reality or just a passing impulse? “Inconsistency, absurdity and contradiction usually surprise people but when question comes to invest in stock, it invariably leads to confusion, misjudged perceptions, miscalculated action and at the end heavy monetary losses” India has been recognized as the most assertive and rapidly developing country all over the world. India has not only attained higher economic growth (8.1 % in FY 2005-06) but also superior social development, better standard of living to its people, and it is marching towards the most vibrant democracy. No one can deny the fact that Indian stock market is the barometer of the India’s progress and prosperity. Recently, Indian stock markets are touching new heights everyday. On 19th April, 2006 the Sensex reached to 11900 points despite large scale FII selling rally. The underlying reason for such surmounting upward movements of Indian bourses is strong economic foundations laid down by robust sectoral growth and well-thought out policy support of Indian government. Sectors like Steel, Information Technology, Cement, Banking, Gas and Petroleum, Automobiles, Infrastructure and Media & Entertainment seem to be promising because of their tremendous growth potential...
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...Research Paper Managerial Economic Analysis of the Impact of Social Commerce on E-commerce Submitted by Student Prepared for Professor Thomas C. Makemson BUSN 6120, Managerial Economics Spring 1, 20XX Section: XX Webster University March 2, 20xx CERTIFICATE OF AUTHORSHIP: I, xx, certify that I am the author. I have cited all sources from which I used data, ideas, or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. ____________ 03/02/20xx Signature Date Today, Facebook, Linkedin, Twitter, MySpace are well-known social networking brand names that many of us have grown accustomed to making part of our daily routine, whether it be for staying in touch with friends, networking, or micro-blogging. Social networking tools have the potential to revolutionize e-commerce as we know it today through “social commerce” platforms. A 2011 study by Booz & Co estimates that social commerce is currently a $5 billion market with the potential to grow to $30 billion in five years (Booz & Co., 2011). Social commerce's transformational power lies in its personalization of the internet experience, connectivity with an individual’s network, and the dynamic customer data collection that can drive current and future marketing and sales efforts. In this paper, the author will introduce the social commerce concept, examine the social commerce market...
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...World Dialogue on Regulation for Network Economies Regulation and Investment: Case study of Bangladesh Harsha de Silva[1] and Abu Saeed Khan[2] August 2004 Abstract The paper considers the available evidence in determining a relationship, if any, in the Telecom Regulatory Environment [TRE] of Bangladesh and investments in to its telecommunications industry over the last decade. TRE is segmented in to market entry, access to scarce resources, interconnection, tariff regulation and regulation of anti-competitive practices while investments are all non-divestiture foreign and domestic private and public investment. The TRE in Bangladesh is found to be wanting in all defined aspects. Interconnection is the worst of the five components, where a mobile only parallel network is being created due to regulatory ineffectiveness where almost ninety percent of mobile users do not have access to a fixed phone. Investments in to the fixed sector in Bangladesh dominated by the state owned virtual monopoly have been sorely inadequate and continue to be dictated by the funds availability [or lack thereof] of the Government. The mobile sector on the other hand has seen some amount of investments flowing in led by the widely acclaimed GrameenPhone. However, once standardized to compare across the region, it is found, even though using imperfect data to compare, that the reason for this flow could...
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...Value Creation of Spin-offs and Carve-outs Dissertation zur Erlangung der Würde eines Doktors der Staatswissenschaften vorgelegt der Wirtschaftswissenschaftlichen Fakultät der Universität Basel von Roger Rüdisüli von Amden SG Difo-Druck GmbH Bamberg 2005 Genehmigt von der Wirtschaftswissenschaftlichen Fakultät der Universität Basel auf Antrag von Prof. Dr. Heinz Zimmermann und Ass.-Prof. Dr. Wolfgang Drobetz. Basel, den 10. Mai 2005 Der Dekan Prof. Dr. Heinz Zimmermann Acknowledgements V Acknowledgements My dissertation would not have been possible without the support of various people to whom I would like to express my sincere gratitude. Firstly, I would like to thank my academic supervisors Heinz Zimmermann and Wolfgang Drobetz of the University of Basel (Switzerland) for their academic guidance, encouraging support and the very pleasant cooperation. Special thanks goes to Jürg Wicki for his advice in selecting the subject, structuring the dissertation, and choosing its fundamental building blocks. I am also heavily indebted to Neelesh Singhal and his team at McKC in Madras (India) who helped me to find the vast amount of data used in my research. Without their assistance it would have been impossible to obtain the data. I am also grateful to Sabine Keller-Busse and the partners of McKinsey & Company in the Zurich office for making my educational leave possible and for the financial assistance provided. My acknowledgement also goes to Thomas Bollinger...
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...A–Z OF eBUSINESS MODELS Written and researched by Suntop Media Adobe Systems A Adobe Systems Adobe Systems was founded by John Warnock (now CEO and chairman) and Charles Geschke (president and chairman). Both worked at Xerox’s famous Palo Alto Research Center (Parc). Geschke arrived there via Carnegie Mellon and Xavier University. Warnock took a more circuitous route by way of the Evans & Sutherland Computer Corp., Computer Sciences, IBM and the University of Utah. Adobe helped ignite the revolution in desktop publishing in the early 1980s. Its software includes Adobe Acrobat and Adobe Photoshop. Headquartered at San Jose, CA, it now employs 2,700 people. Adobe’s interests include Adobe Ventures and Adobe Ventures II. Venture capital partnerships with Hambrecht and Quist have earned over $100 million since 1994. Links: www.adobe.com Amazon.com Amazon.com must be the most talked about company in the world. For a business that’s just five years old that’s quite an achievement; for one that has yet to make a single penny in profits, it’s unheard of. But then Amazon.com is more than just a business; it’s a business phenomenon. Launched as a website in June 1995, by the beginning of 1999 Amazon.com Inc. had a market capitalization of $6 billion, by August 1999 it had jumped to $20 billion. Amazon’s value can vary by several billion depending on stock market sentiment. Founder Jeff Bezos has promoted Amazon.com to the point where it is now synonymous with ecommerce...
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...Executive summary This term paper is prepared on the telecommunication sector of Bangladesh. Telecom sector of Bangladesh is a very fast growing and dynamic sector. This sector marked its inception in 1989. In this report we have analyzed the history, the value chain activities, the competitive forces, mobile network portability, and national telecom policy etc. We have conducted the risk analysis of the industry in terms of different analysis tools that is SWOT, PESTEL etc. We have covered in and out of the industry in the part A of our report. In part B, we have analyzed the industry players. We have done TTF of our respective company that we have chosen. Then in part C, we have written the case of the respective company that the group members have chosen. Bangladesh’s mobile phone market has achieved exceptional growth since the beginning of 2004, registering a massive 100% growth in its subscriber base during 2004, and 137% during 2005. In recent year of 2012, 15% has been observed in the industry. This trend is forecast to continue over the coming years as the 3G will further boost up the pace of subscribers’ acquisition Many foreign investors are now interested to do business in telecom sector in Bangladesh which reveals that Bangladesh has become a significant hub for telecoms. It has been forecasted that the average revenue from telecoms sector will be Tk 2500 crore a year. Bangladesh is a country which is densely populated and also is a flat and easily extends able...
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