...Student Assignments Accounting 310 Summer 2015 1. Homework Assignments a. Review problem Ch. 1 b. Horizontal and Vertical Analysis (Common Sizing – Ch. 3) for last three Target, Inc. annual reports (3 years Income Statement, 4 years balance sheet) http://investors.target.com/phoenix.zhtml?c=65828&p=irol-reportsannual c. Target Corp. Ratios using last three years financial statements i. Profitability Ratios (Ch. 3) ii. Effectiveness ratios (Ch. 3, 7) iii. Solvency ratios (Ch. 3, 11) iv. Liquidity Ratios (Ch. 3, 12) d. ABC Costing Problem (Elliot Page, Inc.) Ch. 5 e. Operating leverage problem from end of Chapter 6 (Ch. 3, 6) 2. Cases a. Capital Budgeting Case (Case # 1) – 3 problems from end of Chapter 9. b. Forecasting – Scamper Industries Case (Case #2) Ch. 13 homework. c. Each case should be no more than 4 pages of text with supporting spreadsheets or documents. d. Make sure you come to a conclusion about what the firm should do. 3. Internal Control Paper (Ch. 15) Using the business where you work, by observing processes in a business, or by talking to someone who works, you should produce a 2-3 page paper. In the paper, you should 1. Provide introduction giving company, industry and your association 2. identify at least 10 internal controls that are employed by the company ...
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... IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM 1 Relationship among Three Different Information Sets All information relevant to a stock Information set of publicly available information Information set of past prices 13-2 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM 1 11/2/2011 The Different Types of Market Efficiency • Weak Form – Security prices reflect all information found in past prices and volume. • Semi-Strong Form – Security prices information. reflect all publicly available • Strong Form – Security prices reflect all information—public and private. 13-3 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM Relationship among Three Different Information Sets Strong Form Efficiency Semi strong form efficiency Weak Form Efficiency 13-4 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM 2 11/2/2011 Weak Form Market Efficiency • Security prices reflect all information found in past prices and volume. • If the weak form of market efficiency holds, then technical analysis is of no value. 13-5 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM Why Technical Analysis Fails Stock Price Investor behavior tends to eliminate any profit opportunity associated with stock price patterns. Sell Sell Buy Buy If it were possible to make big money simply by finding “the pattern” in the stock price movements, everyone would do it and the profits would be competed away. Time 13-6 IIMB / PCN / PGP I / Corp Fin L01 CH 13 BMAM 3 11/2/2011 ...
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...Bus. 463 Project Report, Extended Geo Mean, Jensen-Alpha Measure April 1st, 2013 Table of Contents Client Description……………………………………………………………………………………3 Discussion of Models……………………………………………………………………………...4 Markowitz Model………………………………………………………………………..4-5 Single-Index Model………………………………………………………………………..5 Geometric Mean…………………………………………………………………………….6 Recommendations…………………………………………………………………………………6-7 Analysis……………………………………………………………………………………………………7 Appendix A………………………………………………………………………………………………8 References……………………………………………………………………………………………….9 Client Description Joe Schedin is 45-years-old, who has spent the last 18 years working for Costco as a meat cutter. He will be switching jobs as he wants to do something new and more exciting so he will be able to contribute $110,000 to add to the current portfolio. He wants to be able to retire in 20 years, by age 65, and would like to have at least a million dollars for retirement as well as a surplus of greater than or at least $40,000 in order to pay for his new step-son’s college fund. He would like to be able to only use about half of the retirement to live off of, and keep the rest either invested in his portfolio, or set up college funds, IRA’s, etc. to help his family with his grandchildren and give them a chance for a higher education. With this information I was able to calculate a yearly rate of return needed to generate at least $1.1 million dollars with the initial investment of $152,212, compounded over...
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...org) Mon Dec 3 16:27:50 2012 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at http://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=0012-7086 FAIRNESS OPINIONS: HOW FAIR ARE THEY AND WHAT CAN BE DONE ABOUT IT? LucIAN ARYE BEBCHUKt AND MARCEL KAHAN* INTRODUCTION Fairness opinions have become a regular feature of every major corporate control transaction. Whether in negotiated mergers,1 freeze-out mergers, 2 hostile tender offers, 3 friendly tender offers,4 self-tenders, 5 leveraged buyouts, 6 negotiated share repurchases, 7 or negotiated sales of treasury stock,8 directors seek the blessing of investment banks before approving transactions or adopting defensive measures. These banks give their blessings in the form of fairness opinions, which usually consist of short letters that state an opinion about whether a proposed transaction is "fair" or "adequate." 9 In addition, the banks often give presentat Professor of Law, Harvard Law Schaool; Faculty Research Fellow, National Bureau of Economic Research. * Visiting John M. Olin Scholar, fall 1988, Harvard aw School; Associate, Kramer, Levin, Nessen, Kamin & Franke. For financial...
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...Strategy Process 10 Organizational Structure and Control Prof. Dr. Bernd Venohr Berlin, June 2007 © 2007 Prof. Dr. Bernd Venohr Agenda Introduction to Strategy 1 2 3 4 5 6 7 8 9 Course Overview and Strategy Concept Economics of Strategy Shareholder Value External Environment Internal Environment Competitive Positioning Diversification Mergers & Acquisitions Global Strategy Business Strategy Corporate Strategy Strategy Process 10 Organizational Structure and Control 11 Strategic Leadership © 2007 Prof. Dr. Bernd Venohr 2 Overview “Structure follows strategy“ Basics of structuring organizations Example: managing the multibusiness organization © 2007 Prof. Dr. Bernd Venohr 3 Alfred Chandler: Structure follows strategy Alfred Chandler (business history professor at Harvard Business School) examined in Strategy and Structure: Chapters in the History of the Industrial Enterprise (1962) the organizational changes of several large US companies: Organization developed in response to changes in the corporation's business strategy An organization begins with a single product or line of business. Over time the organization begins to grow in size and complexity (more products ). Ultimately the structure of the organization has to change from functional to divisional organization as a result of the strategy change: „unless structure follows strategy, inefficiency results“ This research has been a source of controversial discussion...
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...BUDGETING Turning Budgeting Pain into Budgeting Gain By John Orlando It’s budget time again. Being a financial executive, you approach the annual process with excitement and a sincere belief that the process will be efficient, positive, and better than last year. Yet when members of your staff ask managers for their departmental budgets, they are met with blank stares, given excuses, or sent a budget whose form is completely unrecognizable from the template you gave the managers at the outset of the budgeting cycle. Eventually, the dreaded consolidation effort begins, in which any number of accountants spend too many days attempting to fix the department budgets so you can roll them up into the company-wide budget. The spreadsheet is broken in so many places you barely know where to start. Just when you’ve got the data into somewhat workable form, the CEO tells you the board of directors would like to see “what if” scenarios reflecting the impact of two major business decisions being considered. You find yourself daydreaming about the time when building a budget was actually fun. Recognize this scenario? As a career CFO, I’ve lived through it, like you. But the scary part isn’t the aggravation that CFOs endure. The scary part is the inaccuracies resulting from this less-than-perfect budget development process that dramatically decrease confidence in the budget, according to a survey conducted by Centage and the Institute of Management & Administration (IOMA). The CFOs surveyed...
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...FIDUCIARY DUTIES AND OTHER RESPONSIBILITIES OF CORPORATE DIRECTORS AND OFFICERS Morrison & Foerster LLP Christopher M. Forrester Celeste S. Ferber RR DONNELLEY EZ START XBRL We Tag. You Validate. We File. With the release of the proposed rule, the SEC will require the use of XBRL for financial reporting starting as early as 2009 for some companies. RR Donnelley is uniquely qualified to give you guidance on how your company can prepare for the SEC mandate. As the market leader in XBRL filings, we have been helping leading companies successfully tag and file XBRL financials since the inception of the SEC Voluntary Filing Program. RR Donnelley’s proven EZ Start XBRL full-service solution is designed to save you crucial time. With EZ Start, we do the initial tagging for you, reducing the time spent mapping and validating XBRL tags to under ten hours. Our goal is to transfer knowledge to your financial team to ensure a firm understanding of the taxonomies, mapping process and SEC requirements. To learn more, visit www.tryxbrl.com. FIDUCIARY DUTIES AND OTHER RESPONSIBILITIES OF CORPORATE DIRECTORS AND OFFICERS MORRISON & FOERSTER LLP Christopher M. Forrester Celeste S. Ferber RR Donnelley Global Capital Markets Copyright© 2008 Morrison & Foerster LLP (No claim to original U.S. Government works) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic...
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...STR 581 WEEK 6 LEARNING TEAM PROJECT SELECTION - NEW IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/STR-581-Week-6-Learning-Team-Project-Selection-NEW-5609666666.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Resources: Strategic Plan and Presentation assignment from each team member Review all team members' Week 6 assignments. Discuss each project's strengths and weaknesses. Write an analysis of at least 750 words including the following: • Comparative analysis of the top 2 strategic plans • Selection of one of the strategic plans • Justification for the team's selection Click the Assignment Files tab to submit your assignment. ***************************************************************** STR 581 WEEK 6 INDIVIDUAL STRATEGIC PLAN AND PRESENTATION - NEW IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/STR-581-Week-6-Individual-Strategic-Plan-and-Presentation-NEW-6565095.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Resource: Implementation, Strategic Controls, and Contingency Plans assignment with facilitator feedback Complete a strategic plan for your organization of no more than 3,500 words. Update your plan to incorporate facilitator feedback from the drafts you submitted in previous weeks. Include the following: • Table of contents • Executive...
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...______________________________________________________________ Professor of Management Practice Myra Hart, Senior Lecturer Mich ael J. Roberts, and Research Associate Julia D. Stevens prepare d this case. This case draws upon portions of an earlier case, “Zipcar,” HB S No. 802-085 (Boston: Harvard Bu siness School Publishing, 2002), written by Professor Myra Hart and Research Associat e Wendy Carter. HBS cases are developed so lely as the basis for cl ass discussion. Cas es are not intended to serve as endorsements, sources of primary data , or illustrations of effective or ineffective management. Copyright © 2003 President and Fellows of Harvard College. To orde r copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, us ed in a spreadsheet, or transmitted in any form or by any means—electronic, mechani cal, photocopying, recording, or otherwise—without the permission of Harvard Business School. MYRA HART MICHAEL J. ROBERTS JULIA D. STEVENS Zipcar: Refining the Business Model It was October 14, 2000, and Robin Chase was leaving yet another meeting with potential providers of capital for her fledgling venture, Zipcar. Chase was CEO and cofounder of the company, which she and Antje Danielson had starte d some 10 months before. The idea behind Zipcar—a sophisticated...
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...Apex Adelchi Footwear Limited Annual Report CONTENTS Corporate Directory Notice of Annual General Meeting Financial Highlights Value Added Statement Report of the Directors Status of Securities and Exchange Commission Compliance Auditors’ Report to the Shareholders Balance Sheet Profit & Loss Account Cash Flow Statement Statement of Changes in Equity Notes to the Accounts 2 3 4 5 6 21 24 25 26 27 28 29 Apex Adelchi Footwear Limited Annual Report CORPORATE DIRECTORY BOARD OF DIRECTORS Syed Manzur Elahi Syed Nasim Manzur Munize Manzur Khasru Syed Gias Hussain Niaz Ahmed Choudhury Adelchi Sergio Samson H. Chowdhury Chairman Managing Director Director Director Director Director Independent Director Managing Director Deputy Managing Director & CFO Executive Director Executive Director Company Secretary Financial Controller General Manager General Manager Head of Human Resources General Manager MANAGEMENT TEAM Syed Nasim Manzur Syed Gias Hussain Abdul Momen Bhuiyan A.A. Mosaddeque S.M. Shahjahan Dilip Kajuri Atiqul Islam Syed Md. Mustaque Md. Mominul Ahsan Pradip Kanti Saha AUDITORS Shiraz Khan Basak & Co. Chartered Accountants TAX ADVISER Khandker Fazlul Quadir LEGAL ADVISER Muhammad Mohsen Rashid Advocate, Supreme Court of Bangladesh BANKERS Janata Bank Limited Bank Asia Limited Prime Bank Limited City Bank Limited Bank Al Falah Limited REGISTERED OFFICE House No. 06, Road No. 137 Block - SE(D) , Gulshan-1 Dhaka-1212, Bangladesh Email:...
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...The CASE Journal Volume 5, Issue 2 (Spring 2009) Ann Taylor: Survival in Specialty Retail Pauline Assenza Manhattanville College Alan B. Eisner Lubin School of Business, Pace University Jerome C. Kuperman Minnesota State University Moorhead In the summer of 2008, headlines announced that the declining economy was generating a “wave of retail closures” among many well-known companies, including Home Depot, Pier 1 Imports, Zales, Gap, Talbots, Lane Bryant, and Ann Taylor. The Chief Executive of J.C. Penney’s called the 2008 situation “the most unpredictable environment in his 39-year retail career”. i One industry group forecasted that nearly 6,000 retail stores would close in 2008, a 25 percent increase from the previous year. A representative from the National Retail Federation (NRF) suggested that these businesses should “look at where they’re underperforming and how can they change their operations so that they have a little bit more power in another area, or a little bit more growth potential.” ii Kay Krill, President and CEO of Ann Taylor Stores Corporation (ANN), was already considering this advice. Krill had been appointed President of ANN in late 2004, and succeeded to President/CEO in late 2005 when J. Patrick Spainhour retired after eight years as CEO. At that time, there had been concern among commentators and customers that the Ann Taylor look was getting “stodgy”, and the question was how to “reestablish Ann Taylor as the preeminent brand...
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...North C arolin a Polic y Wa t c h Cru cial Co nv ersa tion The Trans-Pa cific Partnership: Worse than NAFTA? Septemb er 2013 Lori Walla ch Public Citizen’s Global Trade Watch Outcomes of 20 Ye ars of NAFTA, WTO, FTAs… Crushing of Americ an Middle Class: more than 5 million US manufa cturing jobs (1 out of 4) & 60,000 US manufa cturing fa cilities gone. Millions of service sector jobs offshored: c all centers, computer, programming, engineering, a cc ounting. Wage “arbitrage” in a ra ce- to-the- bottom. U.S. re al median wages at ‘70s levels. Income inequality at Robb er-Baron-era levels. When manufa cturing, good jobs go tax bases shrink – and schools, public services, infrastructure cut, and construction sector unemployment soars. Floods of unsafe imported food, products. Financial deregulation, instability and repe ated financial crises. He alth, labor, land use, other public interest laws around world atta cked in foreign tribunals. Some dump ed. Initiatives chilled. Billions extra cted from taxpayers and paid to corporations for violations of new “rights.” Drug prices up. In poor nations, de adly cut in a cce ss to meds. Rich nation higher prices slam poor consumers, govt budg ets as Big PhRMA profits soar. U.S. loses 170,000 family farms. In ‘12, volume of U.S. food exports only 1% higher than ’95 (when NAFTA-WTO started). Imports of food now 97% above ‘95 level. Livelihoods of tens of millions of pe asant farmers destroyed, mass migrations...
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...Table of Contents I.) INTRODUCTORY PRINCIPLES 2 A.) Efficiency and Other Concepts 2 B.) Agency and Partnership Law 2 II.) INTRODUCTION TO THE CORPORATE FORM 16 A.) Formation and Structure 16 B.) Debt, Equity, and Valuation 22 III.) CONTROL OF CORPORATE DECISIONS 32 A.) The Role of the Shareholder 32 B.) Management Obligations 50 1.) Duty of Care 51 2.) Duty of Loyalty 56 3.) Duty of Fairness: Parent-Subsidiary Relationships 63 4.) Duty of Good Faith 64 5.) Management Obligations Under Federal Securities Laws 67 C.) Shareholder Litigation 76 IV.) Structural Changes 85 A.) Transactions in Control 85 B.) Mergers and Acquisitions 86 1.) Mergers 87 2.) Sale of Assets 93 3.) Asset Purchase or Tender Offer 94 C.) Public Control Contests 96 1.) The Poison Pill 100 2.) Enhanced Review When Business is Up for Sale 103 3.) Proxy Contests for Corporate Control 106 4.) Protecting the Deal: Shareholder Lockup Agreements 109 I.) INTRODUCTORY PRINCIPLES • Definitions o Corporate Law: The allocation of rights and power within a corporation; the internal body of law ▪ Addresses the creation of economic wealth through the facilitation of voluntary, ongoing collective action ▪ Flexible- expectation that market discipline will weed out what is not working ▪ Principle aim- reduce agency costs of all sorts o Securities Law: Regulates capital markets that corporations use to obtain funding ...
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...A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. A GUIDE TO FORENSIC ACCOUNTING INVESTIGATION THOMAS W. GOLDEN, STEVEN L. SKALAK, AND MONA M. CLAYTON JOHN WILEY & SONS, INC. This book is printed on acid-free paper. Copyright © 2006 by PricewaterhouseCoopers LLP. PricewaterhouseCoopers refers to the individual member firms of the worldwide PricewaterhouseCoopers organization. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this...
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...competitors, including HCA, are waiting to see how TCA does before also going this route. As of now Tenet owns the market in urgent care facilities but as profits increase, other hospital companies may go this route as well. The deal Tenet made with Vanguard is the biggest transaction Tenet has made and signals a shift from the company's problems over the past 10 years. Several Tenet-owned facilities underwent investigations in the early 2000s for alleged unnecessary heart surgeries. In 2006, Tenet paid $900 million in cash and returned Medicare payments to settle claims it overbilled Medicare throughout the 1990s in one of the largest settlements ever recorded in the hospital sector. Tenet also went through a messy lawsuit with CHS a few years ago after CHS unsuccessfully attempted to take Tenet over. On the other hand HCA...
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