... 1987- 1991Same Production and Increased ProductionFree Cash Flows ( In thousands)Present Value of Future Cash FlowsIntrinsic Value of the firm | | | Abstract | Daniel Dobbins carried on his family tradition of beverage manufacture and started distilling whiskey in 1880. Lately, in 1973 David Dobbins took over as COO of the company and nearly doubles sales revenue during next 10 years. Recently, in order to capture a larger market share of whiskey consumption, a decision was made to expand production to try at a board meeting in December 1987. Hence, the board had decided to increase the production of bourbon in 1988 by 50% in order to meet the demand for straight bourbon whiskey. Consequently, Daniel Dobbins Distillery reported a loss of $814,000. David Dobbins along with managers are pondering whether they should submit the 1988 financial statements to the Ridgeview National Bank of Nashville,, Tennessee in support of a recent loan request for $3 million. The discussion among the managers revolved principally around the method of accounting should be used to for the treatment of various expenses reported in “other costs” section of the operating income statement. In order to remain solvent, the company needed an additional working capital immediately. Hence, a decision had to be reached on these matters quickly. | | | No of Words | 1684 | | | Questions Covered | 1. Is Dobbins using LIFO or FIFO? Which should it use?2. Please provide a uFCFF and Intrinsic Firm Value for...
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...1987- 1991Same Production and Increased ProductionFree Cash Flows ( In thousands)Present Value of Future Cash FlowsIntrinsic Value of the firm | | | Abstract | Daniel Dobbins carried on his family tradition of beverage manufacture and started distilling whiskey in 1880. Lately, in 1973 David Dobbins took over as COO of the company and nearly doubles sales revenue during next 10 years. Recently, in order to capture a larger market share of whiskey consumption, a decision was made to expand production to try at a board meeting in December 1987. Hence, the board had decided to increase the production of bourbon in 1988 by 50% in order to meet the demand for straight bourbon whiskey. Consequently, Daniel Dobbins Distillery reported a loss of $814,000. David Dobbins along with managers are pondering whether they should submit the 1988 financial statements to the Ridgeview National Bank of Nashville,, Tennessee in support of a recent loan request for $3 million. The discussion among the managers revolved principally around the method of accounting should be used to for the treatment of various expenses reported in “other costs” section of the operating income statement. In order to remain solvent, the company needed an additional working capital immediately. Hence, a decision had to be reached on these matters quickly. | | | No of Words | 1684 | | | Questions Covered | 1. Is Dobbins using LIFO or FIFO? Which should it use?2. Please provide a uFCFF and Intrinsic Firm Value for Dobbins:...
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...Napoleon was nothing more than a dictator in his rule of France between 1799 and 1815. How far do you agree? “History is a version of events which everyone has agreed on” - Napoleon Napoleon was nothing more than a tyrant as he exploited France in pursuit of his own ambitions to achieve a dynasty in his name. A dictatorship is often associated with repression and the workings of a police state. Both of these were, in fact, being used in France . For example Napoleon vigorously censored the press and even the theatre. When Napoleon took power, Paris had a vibrant newspaper business, by the end of his reign there were only four newspapers left due to his denial of a free-press and all of these had been under his control. These newspapers were censored and used by Napoleon for propaganda. He also had spies and informers working for his Ministry of Police, he used special courts and arbitrary imprisonment which really supports the concept of a police state under a dictatorship. Implementing these resources allowed Napoleon to repress any opposition to his rule and crush any civil unrest Considering these facts only it would appear that Napoleon was nothing but a tyrannical dictator , but , this would not necessarily be a fair judgment as throughout his reign he continued to use certain administrative bodies which limited his freedom of action , such as the Senate and the Legislative Body which suggests he didn’t have or want overall power as a dictator for matters such as...
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...Q.13 How successful was Louis XVIII’s foreign policy between 1815 and 1824? Louis XVIII’s foreign policy was mostly successful between 1815 and 1824. France had a stable relationship with the Quadruple Alliance to start off with which could be further built upon with successful foreign policy. • The Second Treaty of Paris was more punitive than the first but it is important to notice that France was involved in the Treaty and attended the Congress of Vienna. • France was not treated like a leper within international relations as was Germany a century later. Louis XVIII’s first success in foreign policy was in 1818. • Rapid payment of the indemnity, organised by Richelieu, meant that all foreign troops had withdrawn from France two years ahead of schedule. • This enabled France to resume her independent role in European politics. • The conference of Aix-la-Chappell saw France joining the Quadruple Alliance and made it the Quintuple Alliance. =This meant that France regained some of her international prestige and was no longer ‘the defeated power’ However, the Spanish colonies in South America were an area of failure in foreign policy for Louis • The French regime had strived to establish French influence in South America when the trouble in Spain had allowed some of the areas she had controlled to break away. =France came up against the British foreign minister, Canning, who made it very clear that the French should not meddle in that area. Louis...
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...Graph ng France Henry IV * Ipinalabas niya ang Edict of Nantes upang ang mga digmaan sanhi ng relihiyon na nagbibigay sa mga Huguenot ng kalayaan sa pagsamba at pantay na karapatan pulitikal na tinatamasa ng mga Katoliko. Louis XIII * Muling nalugmok ang France sa kaguluhan ngunit hindi madaling nagupo ang pundasyong itinatag ni Henry IV. Para maipagpatuloy ang panuntunan ng kanyang aman, pinili niya si Richelieu bilang Punong Ministro. Richelieu * May 2 siyang layunin ang gawing makapangyarihan at maging pangunahin lakas ito sa Europe * Pinalakas ang pamahalaan local at nagatas ng mga mangangasiwa na tinatawag na intendants, sa maikling panahon lubos na nakontrol ng intendants ang local na pamahalaan Thirty Years Wars * Sa paghangad ng france na pigilan ang dominasyon ng mga Hapsburg sa Europe pumasok ito sa thirty years wars. Nang tila magwakas na ang digmaan biglang sumanib ang France sa protestante ang france at mga kaalyansa nito ay nagtagumpay. Winakasan ng Kasunduan sa Westphalia ang digmaan. Ang kinilalang makapangyarihang estado pagkatapos ng digmaan ay france Kasunduan sa Westphalia * Ang naging pangunahing bunga ng digmaan ay ang pagangat ng france bilang pangunahing kapangyarihan sa Europe at paghina ng Hapsburg sa Germany at Spain. Humina ang kanilang emperador. Patakarang military ni Louis XIV May nagawang mali si Louis XIV na naghakbang sa paghina ng france. Inakala niya na hindi tapat at mapanganib ang mga Huguenot kaya pinawalang-bisa...
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...Alen Kaminsky 4/15/15 The Life of a Serf in the Medieval Age Henry was a man of few words, and a man with a great deal of responsibility in his life. Being a serf in Medieval Europe was definitely not the easiest of tasks to have. Henry was a man with a family a wife, a son, and an ailing mother, whom he was forced to take care of in their very petite living area. Henry was from France, and served under King Philip II Augustus (AKA Philip II of France), who served Capetian France from 1180-1223. The man was a menacing leader who believed in war first tactics to resolve issues. He used war methods to win back property that originally belonged to France, and “Waged war against the Plantagenet rulers of England” whom ruled the French territories of Normandy, Maine, Anjou, and Aquitaine. You can also attribute his war tactics, and successes to the surplus of income he’d brought to the French monarchy. Henry was among the many serfs whom served under Philip II, but he’d always seem to come out as the favorite in terms of his overall help to Philip II. Henry was a head grounds man to the gardens set up along the palace in which Philip II resided. On top of being a great help to the king, he was an avid supporter of his majesty, and was no pacifist in the slightest, as he supported all the war tactics used to gain back French land from the English. While being a diligent worker was key to his successes in the life of a serf, the negatives of the life were very evident as...
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...issue. Despite growing opposition to the regime the government refused to consider any major reform of the political system. Following a period of recession (1846-8) there was a revolution in Paris in1848 which ended Louis Philippe’s rule and brought in the Second Republic. B. The Regime Established p37-39 Use the text to expand on the following bullet points : • • Those who had brought Charles X down did not agree on what should take his place – what did the different groups want? Louis Philippe seemed to be obvious choice – why? - mention social connections - his revolutionary pedigree What kind of man did Louis Philippe seem to be? Include his good points and bad points • P40-1 • There were major differences between the regimes of the Bourbons and the Orleanists – on what basis did Louis Philippe hold power? What symbolic changes were made? P42-3 • Few real changes made to the constitution – include details on - changes in franchise (voting qualifications) & electorate - impact of these on the French people • True to say that few changes had been made? • Who now held power? Page1 C. The Regime Consolidated (p43-45) Include : No early guarentee of long term survival (explain why) - reliance on National Guard (who were they ?) to protect the regime - the...
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...serious and long-lasting, like the one in Japan from 1991 to 2002. The most recent is the financial crisis that started in the US in July 2007 and is playing out in front of us today. It is also the most serious, systemic, and global since the Great Depression of 1932. A banking or financial crisis can be defined as a dislocation of the banking system where a significant number of banks and other financial institutions become illiquid and insolvent due to massive defaults on bank loans and other assets. An escalation of non-performing assets of banks will result in heavy losses depleting banks' capital. Banks become insolvent when their debt obligations (liabilities) exceed the value of their assets, i.e., the sale proceeds from their assets are inadequate to pay for their debts. Conditions preceding a banking crisis - financial deregulation Unbridled deregulation of the financial industry is at the heart of financial instability and crises. What began as a trickle became a wave and today it has broken loose as a financial tsunami engulfing the whole world. Prior to the 1970s, commercial banks and savings and loans associations (S&Ls) in the US were tightly regulated to protect depositors' money. They could not engage in risky lending, interest was not paid on checking accounts, and there were ceilings on interest paid by these institutions. These were progressively loosened beginning in the early 1970s. In 1982,...
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...1. DEFINITION: FOREIGN EXCHANGE One of the largest businesses carried out by the commercial bank is foreign trading. The trade among various countries falls for close link between the parties dealing in trade. The situation calls for expertise in the field of foreign operations. The bank, which provides such operation, is referred to as rending international banking operation. Mainly transactions with overseas countries are respects of import; export and foreign remittance come under the preview of foreign exchange transactions. International trade demands a flow of goods from seller to buyer and of payment from buyer to seller. In this case the bank plays a vital role to bridge between the buyer and seller. H.E. Evitt defined “Foreign Exchange” as the means and methods by which rights to wealth expressed in terms of the currency of one country are converted into rights to wealth in terms of the currency of another country. Foreign Exchange Department is an international department of the bank. It deals with globally and facilitates international trade through its various modes of services. It bridges between importers and exporters. Bangladesh Bank issues license to scheduled banks to deal with foreign exchange. These banks are known as Authorized Dealers. If the branch is authorized dealer in foreign exchange market, it can remit foreign exchange from local country to foreign country. This department mainly deals with foreign currency. This is why this department is...
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...dollars from bank costumers, and caused high unemployment rates. This has been going on for a long time and is only getting worse. Some say the government needs to stay out of the crisis and some say the government needs more regulation. In order to save our economy from the financial crisis, the government needs to enact proper regulations. The aim of those regulations must be to release the harms of corrupt business practices, keep bank customers from loosing money, and keep borrowers from being victimized by the fine print of their contracts. The first and most immediate problem of the financial crisis is continually increasing unemployment. The problem is best demonstrated by the threat is poses to the financial well-being of many people. “If there's no money flow, it's pretty hard to make more money and companies start to lay off workers” (Wikihow n.pag.). The whole crisis is like a cycle. Businesses make bad investments, consumers stop buying their product, and it hurts both the businesses and the customers. When the people stop buying, the businesses loose money and cannot pay workers. Therefore, unemployment rates go up. “Historical experience suggests that youth, immigrants, low-skilled and older workers are more likely to bear the brunt of rising unemployment“ (Scarpetta n.pag.). Another problem is, “job losses are spreading to sectors that they were not directly supposed to be” (Scarpetta n.pag.). Construction is among the most affected sector. “Many banks and other...
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...Cyclermate Ltd. Part 1 Historical background In 1988, Lewis Llewellyn and Dai Armstrong were made redundant as a result of the closure of their town’s steel works in south Wales. Both had been employed by the firm for more than 20 years. Lewis had worked his way up from apprentice to be chief mill engineer, and Dai had progressed from “office boy” to a senior marketing post. The men belonged to the local cycle touring club, and through this had become close friends. As the prospects for continued local employment were poor, they decided to use their savings to set up a bicycle manufacturing business – an obvious choice, given their shared interest, and combined expertise. The product they selected was a “traditional” upright cycle, following a design typical of the 1940’s and 1950’s. They believed that there would be a strong “niche” market for such a product, given the upsurge in interest in cycling, and increasing consumer interest in “retro” styles. Working in Lewis’s garage, they built their first prototype. Dai persuaded a local cycle shop to put this on show. Within week they had two orders, and the business was launched. By the end of 1990, the business had grown to such an extent that they were unable to meet demand. Taking advantage of the relatively low prices of commercial and industrial property, they purchased a disused 15,000 square feet warehouse with an included 2,000 square feet of office accommodation for £240,000. The buildings were big for their...
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...loan case, now being dubbed as Hallmark Scam because of its huge size and indifference, deliberate or otherwise, on the part of the management of the country’s largest public sector bank, has come as a real shocker. As the details of the scam are coming out gradually, the people concerned are suspecting that something has gone seriously wrong inside the state-owned banks. The Hallmark corruption with Sonali bank is one of the biggest scam of Bangladesh. The finance minister's initial comment on Bangladesh Bank's authority to recommend the change is not justified. The managerial system errors was the lack of audit teams; special audit teams, investigation team and supervision teams of all the government, non-government and specialized banks and they should be trained to be better adapted. The faulty system of our country led this thing to take place. The people working under the Sonali bank were not fully ethical and loyal and that is one of the reasons for such corruption taking place. The minister, however, did not comment on how strong the presence of political appointments could be on the boards of the state-owned commercial banks (SOCBs). A central bank official alleged that some board members were also involved in the Hall-Mark scam, adding that the Bangladesh Bank informed the finance ministry about it but they were silent where they should have taken necessary steps to get rid of such fraudulent activity. People who have experiences in finance...
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...Introduction: Bangladesh is one of the largest Muslim countries in the world. The people of this country are deeply committed to Islamic way of life as enshrined in the Holy Qur'an and the Sunnah. Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in accordance with the precepts of Islam. One of the nation’s leading banking specialists of uncompromising quality in several world class banking. The leading banking company of Bangladesh has been making every effort to ensure the effectiveness and safety of the financing which it makes sure. Islami bank provides the highest quality financing at comfortable facilities to fulfill the needs of the millions of people of the country. The establishment of Islami Bank Bangladesh Limited on March 13, 1983, is the true reflection of this inner urge of its people, which started functioning with effect from March 30, 1983. This Bank is the first of its kind in Southeast Asia. It is committed to conduct all banking and investment activities on the basis of interest-free profit-loss sharing system. In doing so, it has unveiled a new horizon and us hared in a new silver lining of hope towards materializing a long cherished dream of the people of Bangladesh for doing their banking transactions in line with what is prescribed by Islam. With the...
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...Coursework 1 - Microeconomic concepts Every organization has to analyze its business environment before making policies and strategies for its day to day operations, marketing and promotional efforts, and competing with the industry rivals (Loudon, Stevens, & Wrenn 2004). The key factors of the business environment that affect the business operations of a company include political, economic, technological, environmental, cultural, and demographical factors. This essay will explain various markets structures which are monopoly, oligopoly, perfect competition and monopolistic competition. The purpose of this paper is to discuss the impacts of different environmental factors on the business operations of Barclays. The discussion has been made in the light of international accepted microeconomics concepts and practices. Market structures Monopoly is a market structure, where only a single seller producing a product having no close substitutes. This single seller may be in the form of an individual owner or a single partnership or a Joint Stock Company. Such a single firm in market is called monopolist. Monopolist is price maker and has a control over the market supply of goods. On the other hand, Perfect competition a market structure characterized by a large number of firms so small relative to the overall size of the market, such that no single firm can affect the market price or quantity exchanged. Perfectly competitive firms are price takers. Moving on, in an oligopoly...
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...highly efficient provisions for secondary market activities of securities. Origin of the topic This term paper originated as an academic requirement of BBA Program. This is authorized and organized by the department of BBA. After completion of the program period a student must submit the term paper on the assigned topic to the Supervisor and to the department. The program is three months duration. I was assigned to Dhaka Stock Exchange Limited, to complete the program. Objective of the study Objectives of this study are as follows- - To present an overview of Dhaka Stock Exchange. -To identify the trend line of DSE and that of those securities incorporated in DSE. -To identify the strength and performance of DSE 5 Banks. . -To compare among DSE 5 Banks. . -To develop the practical knowledge by the practical orientation of Work. Scope of the Study Scope of the study could be to understand contribution of stock exchange in economic development of a country. The economy of Ban in gaining in confidence and scope for development of capital market is gaining ground. If we can educate the investors regarding risk in management and adopt suitable legal measure to protect the investor’s interest, a substantial volume of saving of masses will flow into capital markets economic growth leads to increase national incomes and thus savings, which in turn are often channeled into the capital market. Limitation of the Study I have been provided with all necessary information at Dhaka ...
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