...The following step is to determine an appropriate discount rate to generate the net present value of the entity. As Nickols and Chelonis agree with that “the estimate of the weighted average cost of capital provided in the report were in line with their expectation” (,pp.11), the amount of WACC provided in Exhibit 10 can be considered convincible to use as the discount rate in this DCF analysis (line 16). Target weight used to forecast WACC is based on AEM’s historical average. As the historical target weight applied by AEM is different from that used by its competitors, A-G Financial Consulting considered it reasonable to believe that AEM management would continue to use this proportion to raise capital (debt/equity ratio equals 1). Tax rate (line 10) derived from Exhibit 10 is also a variable affecting WACC, since debt will “vary with the changing marginal tax rate” (pp.23). As the tax rate remains the same in year 2005-2008, WACC will also stay constant since 2005. Step 3. Calculate the terminal value Based on the going concern assumption, cash flow of an entity is infinity. In this case, terminal...
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...Five-Years Marketing Plan Table of Content Executive Summary……………………………………………………………………3-4 Company Product Description……………………………………………………….5 Strategic Plan and Focus……………………………………………………………..…6 Situation Analysis…………………………………………………………………………..7 Product-Market Focus…………………………………………………………………….8 Marketing Program…………………………….…………………………………………9 Financial Data and Projections……………………………………………………….10-11 Implementation Plan………………………………………………………………………..12 Evaluation and Control…………………………………………………………………….13 Bibliography…………………………………………………………………………………….14 Executive Summary If you still think that hacking webcams is only possible on movies, you are in for a big surprise. Unfortunately, many people still don’t believe that their web cams can be hacked. Hacking web cams is not a big deal now a day. Eexperts say that the technology is readily available for hackers to seize control of home computers, including webcams. And while such cases are rare, law enforcement officials have arrested people in cases that involved webcam hacking. How do hackers control your computer? It usually happens when you click on a file, link or pop-up window created by a hacker and without realizing you could install malicious software on your hard drives. That opens the door for hackers to control your computer. All of these began a few years ago with well-known China cyber-spy network...
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...Improvement Please find attached report for Markworth Products for recommendation regarding appropriate costing system as it grows as an organization and capital budget evaluation. Kind Regards, Controller Introduction and Relevant Facts Markworth Products (MP) is a new Canadian public company in the plastic packaging products industry. It develops technologically advanced machinery and moulds that give MP a competitive advantage over its competitors. John Adam has requested us to develop efficient costing system and improve capital budgeting process. Problems Major Problems: - MP does not have an efficient costing system in place to allocate the direct manufacturing costs and indirect manufacturing overhead costs for accurate prediction of product costs. - The current approach for capital budgeting to evaluate new equipment does not meet the current industrial standards of accepted NPV practices Minor Problems: - Holding inventory for clients free of charge - Potential market loss due to emphasis on reducing costs and value leadership - Above average profits due to competitive advantage last temporarily as competitors imitate the technology Qualitative Analysis Industry Analysis: The plastic products industry is competitive and technology is becoming an increasingly competitive factor to improve product processes and performance. The industry is being pressurized to reduce the use of plastics and use higher-performance polymer materials in its...
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...COURSE DESCRIPTION: This course focuses on modern investment theory and its application to the management of entire portfolios. It will consist of lectures, discussions of cases and articles, and video presentations. Topics include: a) construction of optimal asset portfolios using techniques such as the single index model, b) extensions of the capital asset pricing model: theory and tests; example, the zero-beta model, c) criteria for evaluation of investment performance, d) active vs. passive portfolio management, e) investment strategies. The Formula Growth Investment Centre Lab will be used to demonstrate the use of specialized investment software. Computer exercises are assigned to illustrate the application of the theory. Prerequisites: FINA 380 or 385; FINA 390 or 395. LEARNING OBJECTIVES To understand the theory and practice of Portfolio Management for Individuals and Institutions, e.g. Endowments, Mutual Funds, Pension Plans, etc. To learn about the key Asset Pricing Models. REQUIRED: Text: Bodie, Zvi, Alex Kane, Allan J. Marcus, Stylianos Perrakis, Peter J. Ryan and Lorne Switzer, Investments, 8th Canadian edition, McGraw-Hill, 2014 [BKMPRS] Text website: http://highered.mcgraw-hill.com/sites/0070071705/student_view0/index.html FINA 411 Cases Fall 2014 [SEE 411 FIRST CLASS REGARDING...
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...[9], and Swenson [10] argue that it provides more accurate cost data needed to make appropriate strategic decisions about product mix, sourcing, pricing, process improvement, and evaluation of business process performance. These claims have led many firms to adopt ABC systems [8]. The benefits of ABC and its positive impact on firm’s performance motivated a numerous studies which examined various aspects of ABC. Among such studies are McGowan [11] who assessed the integrity of ABC success, Innes and Mitchell [4, 12] and Yanren [13] who conducted research on factors affecting ABC adoption, and Shield [3], Shields and McEwen [14], Gosselin [15] and Baired et al.[16, 17]who concentrated on factors influencing ABC success especially at the implementation stage. However, there is mounting evidence that suggests most of firms are experiencing problems in implementing ABC and, in some extreme cases, ABC implementation is not successful [3], which later resulted in abandoning the ABC systems altogether [15]. Questions arise as to why ABC implementation is successful in certain companies and fails in others. Based on the contingency theory, researchers have argued that the reasons for different degrees of ABC success could be due to the different contextual factors faced by each firm. These have led researchers to recognize assessing factors that influence ABC success implementation as an important research area. The following are among the...
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...[9], and Swenson [10] argue that it provides more accurate cost data needed to make appropriate strategic decisions about product mix, sourcing, pricing, process improvement, and evaluation of business process performance. These claims have led many firms to adopt ABC systems [8]. The benefits of ABC and its positive impact on firm’s performance motivated a numerous studies which examined various aspects of ABC. Among such studies are McGowan [11] who assessed the integrity of ABC success, Innes and Mitchell [4, 12] and Yanren [13] who conducted research on factors affecting ABC adoption, and Shield [3], Shields and McEwen [14], Gosselin [15] and Baired et al.[16, 17]who concentrated on factors influencing ABC success especially at the implementation stage. However, there is mounting evidence that suggests most of firms are experiencing problems in implementing ABC and, in some extreme cases, ABC implementation is not successful [3], which later resulted in abandoning the ABC systems altogether [15]. Questions arise as to why ABC implementation is successful in certain companies and fails in others. Based on the contingency theory, researchers have argued that the reasons for different degrees of ABC success could be due to the different contextual factors faced by each firm. These have led researchers to recognize assessing factors that influence ABC success implementation as an important research area. The following are among the...
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...faces. This report defines the exposures associated with MH group; how they will be identified, assessed and managed and also outlines how the risk management activities will be performed, recorded and monitored on a regular basis. This report is presented by the Risk Manager to the Board of directors on the risk management analysis of the following entities of the group; MHA, USA-based professional baseball team and the Canadian textile manufacturing and distributing entity. The steps for accomplishing this are outlined in the following sections. The focus has been to identify pure risks rather than speculative risks. Government regulations and natural catastrophes?? 1) Risk Identification and assessment for MHA The risk identification process entails the evaluation of environmental and operational factors as well as the organisational structure. Information is gotten from the financial reports, audit report, industry reports, site visits, employee questionnaires and contracts/agreements with contractors and suppliers. The holding’s revenue has tripled since 2001; a detail examination of loss histories would add valuable information to risk management analysis. The assessment process is done by determining the frequency of occurrence and severity of the losses, if they occur. Prioritisation is done to ascertain what control measures to use for the various risks that have been identified. The following loss exposures have been identified; Pollution from highly toxic hazardous...
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...CASE EXAMINATION CELEBRATIONS AND MEMORIES LTD. (CML) MAY 2008 Copyright © 2008 The Society of Management Accountants of Canada All rights reserved. No part of this manual may be reproduced in any form without the permission of the copyright holder. TABLE OF CONTENTS MAY 2008 Case Examination Page Case Question: Backgrounder .................................................................................. 1 Additional Information .................................................................... 16 General Comments on Performance ...................................................... 24 Steps for Approaching Business Strategy............................................... 32 Assessment and Solution Notes for Markers .......................................... 35 Marker Assessment Guide ...................................................................... 66 Sample Response – Successful Attempt #1 ........................................... 78 Marker’s Comments – Successful Attempt #1 ........................................ 98 Sample Response – Successful Attempt #2 ......................................... 103 Marker’s Comments – Successful Attempt #2 ...................................... 124 Sample Response – Unsuccessful Attempt .......................................... 129 Marker’s Comments – Unsuccessful Attempt ....................................... 144 Supplement of Formulae * .................................................................... 149 *This...
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...PART A: ANALYSIS OF HR PRACTICES AT 2 RETAILERS The two companies I have selected for the purpose of comparative analysis of Human Resource practices are Sears Canada and Wal-Mart Canada. Both are Canadian subsidiaries of large American conglomerates. Wal-Mart Canada Wal-Mart Canada was founded in 1994 with the purchase of several now defunct Canadian locations of the Woolco discount retail chain. The advent of Wal-Mart’s expansion has forever changed the retail landscape in Canada. Other discount retailers such as Canadian-owned Zellers, have been hurt by Wal-Mart’s formidable rise. Wal-Mart employs a low cost provider strategy, as evidenced by their slogan “We sell for less, every day”. They sell goods at low prices, but often of poor quality. Prices are kept low by developing special relationships with suppliers, employing many part-time workers, resisting attempts by their workforce to unionize and controlling labour costs, which includes “discouragement” of working overtime. Wal-Mart founder Sam Walton once said in an interview, “I pay low wages. I can take advantage of that. Were going to be successful, but the basis is a very low wage, low benefit model of employment.” A number of Wal-Mart’s business tactics have been under fire by special interest groups and labour unions. In 2005, a store in Jonquiere, Quebec, was closed after workers came close to establishing a union. It would have been the chain’s first. While a spokesperson for Wal-Mart Canada...
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...SHOULD EUTHANASIA BE LEGALIZED IN INDIA? Table of Contents I. Abstract 2 II. Introduction 2 III. The Legal and Social Position in India 5 III.1 Religious Views on the issue of euthanasia 7 IV. Legal and Social Position in Canada 8 V. Comparative Analysis 13 VI. Stance of the medical practitioners as per the medical ethics 15 VII. Conclusion 15 Abstract It is often said that every person has a right to life and that too a right to live with dignity. There have been a number of scholars who have argued that the right to life which has been granted to a person would be useless if certain rights ancillary to the right are not being provided to the individual. A few of these rights include the right to food, right to clean and hygienic environment, right to personal liberty, right to make a choice and right to live a dignified life. But on analysing the right with a liberal view and expanding the scope of the ‘right to life’ a little the question that arises is whether the ‘right to life’ include a ‘right to die’? As per a layman’s understanding, the question that whether you want to live or die is a personal decision. The Constitution or any other Law should not dictate that whether we should exercise that right of ours or not. This is because of the prime reason that because the Government, who is making the Law, does not know the problems with an individual’s life therefore it cannot be competent enough to make a decision. However...
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...Sexual health education in the schools: Questions & Answers 3rd Edition Sexual health education in the schools: Questions & Answers (3rd edition) A resource with answers to your questions about sexual health education in our schools This resource document was prepared by Alexander McKay, Ph.D, Research Coordinator, and Mary Bissell, Ph.D., Information Services Coordinator, Sex Information and Education Council of Canada (SIECCAN) contEntS IntroductIon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 QuEStIonS: 1. Sexual health and Canadian youth: How are we doing? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2. Why do we need sexual health education in the schools?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3. Do parents want sexual health education taught in the schools? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4. Do young people want sexual health education taught in the schools? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5. What values are taught in school-based sexual health education?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6. Does providing youth with sexual health education lead to earlier or more frequent sexual activity? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7. Is there...
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...© département des relations industrielles, université laval - issn 0034-379X – ri/ir, 64-4, 2009, 555 – 574 555 Flexibility: Whose Choice Is It Anyway? Isik U. Zeytinoglu, Gordon B. Cooke and Sara L. Mann This paper examines whether flexible work schedules in Canada are created by employers for business reasons or to assist their workers achieve work-life balance. We focus on long workweek, flextime, compressed workweek, variable workweek length and/or variable workweek schedule. Statistics Canada’s 2003 Workplace and Employee Survey data linking employee microdata to workplace (i.e., employer) microdata are used in the analysis. Results show that more than half of the workers covered in this data have at least one of the five specified types of flexible work schedules. Employment status, unionized work, occupation, and sector are factors consistently associated with flexible work schedules. Personal characteristics such as marital status, dependent children, and childcare use are not significantly associated with flexible work schedules, and females are less likely to have a flexible work schedule than are males. Overall, results suggest that flexible work schedules are created for business reasons rather than individual worker interests. KEyWORDS: work schedules, non-standard work, work-life balance This paper examines whether flexible work schedules in Canada are created by employers for business reasons or to assist their workers achieve work-life...
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...| | | Dividend Policies Cogeco Cable Inc., Shaw Communications, & Cablevision Systems Corp. | Kristina Kacanski (211565827), Wei Fu (211521242), Guillaume Lacour (213242003)FINE3100 Karen Chiykowski November 14, 2013 | Table of Contents Executive Summary 3 Industry Analysis 4 Business Strategy 5 Industry Dividend Analysis 7 Cogeco Cable Inc. Dividend History 7 Shaw Communications Dividend History 9 CableVision Systems Corp. Dividend History. 9 Dividend Policy Recommendation 10 End Notes 12 Appendices 13 Appendix A: Porter’s Five Forces Analysis 15 i. Porter's Analysis ii. Summary Appendix B: Damodaran’s Dividend Policy and Frictions/Market Imperfections 15 i. Equity Trade Off and Life Cycle of a Firm Appendix C: Revenue Streams. 16 Appendix D: Cogeco Cable Inc. Tables 17 i. Cogeco Cable Inc. - Revenue ii. Cogeco Cable Inc. - Cash iii. Cogeco Cable Inc. - Market iv. Cogeco Cable Inc. - Dividends v. Cogeco Cable Inc. - Ratios Appendix E: Shaw Communications Tables 19 i. Shaw Communications - Revenue ii. Shaw Communications - Cash iii. Shaw Communications - Market iv. Shaw Communications - Dividends v. Shaw Communications - Ratios Appendix F: Cablevision Systems Corp. Tables 22 i. CableVision Systems Corp. - Revenue ii. CableVision Systems Corp. - Cash iii. CableVision Systems Corp. - Market iv. CableVision Systems Corp. - Dividends v. CableVision Systems Corp. -...
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...b fhthethregTHE EFFECTS OF THE SARBANES-OXLEY ACT AND CANADIAN EQUIVALENT, BILL 198/CSA RULES, ON CANADIAN CROSS-LISTED STOCKS Ben Amoako-Adu * Financial Services Research Centre School of Business and Economics Wilfrid Laurier University Waterloo, Ontario, Canada N2L 3C5 Telephone: (519)-884-0710 x 2327 Email: bamoako@wlu.ca Vishaal Baulkaran Financial Services Research Centre School of Business and Economics Wilfrid Laurier University Waterloo, Ontario, Canada N2L 3C5 Telephone: (519)-884-0710 x 2846 Email: baul2810@wlu.ca ________________________________________________________________________ * Direct correspondence to the contact author, Ben Amoako-Adu. This research was presented at the 2008 Eastern Finance Conference in Florida and the 2008 Midwest Finance Conference in San Antonio, Texas. We would like to thank the discussants of the paper at the above conferences. An earlier version of this paper was discussed at Wilfrid Laurier Finance Workshop in 2007. THE EFFECTS OF THE SARBANES-OXLEY ACT AND CANADIAN EQUIVALENT, BILL 198/CSA RULES, ON CANADAIN CROSS-LISTED STOCKS Abstract Following the Sarbanes-Oxley Act of 2002 (SOX), Canada subsequently implemented similar SOX-type rules on Canadian firms by enacting Ontario Bill 198 and the enforcing several of the Canadian Securities Administrators’ (CSA) rules. This paper tests the impact of the Canadian equivalent, Bill 198/CSA rules, on Canadian firms listed on the Toronto Stock Exchange. First, we examine...
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...the new markets. We believe that certain international markets will recover from the global slowdown sooner than the US and will continue to contribute strong growth to PVH. Furthermore, the licensing business contributes a 100% gross margin, which improves overall profitability when the licensing business grows faster than other segments. Margins Maintained Due to Established Relationships with Distributors and Retailers: During the 2000 downturn, distributor‟s margins decreased about 10% and branded companies and retailers‟ margins decline 1 to 2%. This recession is more severe but PVH will be able to pressure distributors and absorb the negative impacts with retail partners due to its established position in the value chain. In our worst case, assuming wholesale gross margins decrease 5% and retail gross margins decline 6% for the next 3 years, our...
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