...Cash Flow and Cost of Capital Learning Objec-ves 2 ¨ Cash flow to invested capital ¤ $4,000.00 $3,500.00 $3,000.00 $2,500.00 Free cash flow NOA NIBCL NOA ¨ Rate cost of capital ¤ NIBCL C IC OA Weighted average cost of capital Includes all costs of capital Fair value of invested capital $2,000.00 $1,500.00 $1,000.00 $500.00 $-‐ IC ¨ Economic profit ¤ ¨ Value of the firm ¤ roic > k FCFi V=∑ i i (1 + k) N ¨ Financial decision criterion over mul-ple periods 3 State-‐ ment of Cash Flows Statement of Cash Flows 4 ¨ ¨ ¨ This financial statement details the change in the balance sheet cash and equivalents accounts, CE, during an accoun-ng period. CEi = CEi-‐1 + CFOi + CFIi + CFFi = CEi-‐1 + ∆CE ∆CE = CFO + CFI + CFF ¤ ¤ ¤ CFO is the cash flow from opera-ng ac-vi-es CFI is the cash flow from inves-ng ac-vi-es CFF is cash flow from financing ac-vi-es Statement of Cash Flows 5 Statement of Cash Flows Balance Sheet ...
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...a connection to Great Britain. In Common Sense (CS), Paine wrote that he wanted free trade with all nations, not just Great Britain. The Trade and Navigation Acts restricted free trade with all nations which went against Paine’s beliefs. Paine was anti-mercantilist, and did not believe government should have a strong role in regards to trade. Paine did believe that the colonies should have representation in the Parliament. Paine wrote the CS which influenced many people to fight for their independence and fight for their representation in the Parliament. In CS, Paine fights for American independence. In his argument, Paine began by comparing both government and society and gave his opinions and views on both. According to Paine, society is everything constructive that people join together to accomplish. Whereas government, is an institution whose only purpose is to protect us from our own misconduct. Paine believed that the people would be much happier if they were responsible for their own creation laws and rules. Paine argued that this type of system of representation would benefit the American colonists. He wanted a...
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...MORE... BUSINESS MODEL REVENUE MODEL BUSINESS MODEL BUSINESS MODEL MISC. FRAMEWORK ENVIRONMENT MEASUREMENTS INNOVATION 3 1. BUSINESS MODEL 4 BUSINESS MODEL 5 BUSINESS MODEL A Business Model Of A Company Is A Simplified Representation Of Its Business Logic. 5 BUSINESS MODEL 5 BUSINESS MODEL BUSINESS MODEL “describes what a company offers its customers, how it reaches them and relates to them, through which resources, activities and partners it achieves this and finally, how it earns money.” Dr. Alexander Osterwalder 6 KP KA VP CR CS 2. C$ by Alexander Osterwalder & Yves Pigneur (taken from the book „Business Model Generation“) BUSINESS MODELCH FRAMEWORK KR R$ 7 2. BUSINESS MODEL FRAMEWORK by Alexander Osterwalder & Yves Pigneur (taken from the book „Business Model Generation“) 7 CUSTOMER SEGMENTS/CS An organization serves one or several Customer Segments. 8 VALUE PROPOSITIONS/VP To solve customer problems and satisfy customer needs with value proposition. 9 CHANNELS Value propositions are delivered to customers through...
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...CS HCM: Cơ sở 1: 49A Phan Đăng Lưu, P.3, Q. Bình Thạnh, HCM – 0866 856 569 Cơ sở 2: 569 Sư Vạn Hạnh, P.13, Q.10, HCM – 0866 88 22 77 Cơ sở 3: 82 Lê Văn Việt, P. Hiệp Phú, Q.9, HCM – 0866 54 88 77 Cơ sở 4: 427 Cộng Hòa, P.15, Q. Tân Bình, HCM – 0862 867 159 CS Hà Nội: Cơ sở 1: 89 Tô Vĩnh Diện, Thanh Xuân, Hà Nôi – 0466 811 242 Cơ sở 2: 26/203 Hoàng Quốc Việt, Cầu Giấy, Hà Nội – 0462 956 406 Cơ sở 3: 141 Bạch Mai, Hai Bà Trưng, Hà Nội – 0462 935 446 Website: http://www.mshoatoeic.com Email: hoa.nguyen@mshoatoeic.com TÀI LIỆU LUYỆN THI TOEIC I. Bộ tài liệu ôn thi TOEIC chi tiết do Ms Hoa biên soạn Đây là bộ Tài liệu được Ms Hoa biên soạn dành tặng cho các bạn đang có nhu cầu luyện thi TOEIC. Bộ tài liệu gồm 2 phần: 1. Tài liệu chi tiết chương trình đào tạo theo các khoá học ở Ms Hoa TOEIC gồm 2 kỹ năng Listening + Reading. Trong đó có phần hướng dẫn chữa đề theo từng chủ điểm bài học trong giáo trình, phần từ vựng TOEIC được cung cấp theo cụm từ. Tài liệu có kèm file hướng dẫn. Link down file: https://drive.google.com/file/d/0B5GsCoA0uINVZTRkSVktaVJGS28/view 2. Tài liệu về các cụm danh từ, cụm tính từ, cụm động từ, cụm trạng từ hay xuất hiện trong bài thi Toeic và trong công việc giúp học viên tăng vốn từ vựng, tự tin giao tiếp trong môi trường công việc Quốc tế. Link down file: https://drive.google.com/file/d/0B5GsCoA0uINVOUhEQkJqcDBPS18tSmlpUVdWemtHcFlp ZnFv/view Special Present: “The Beauty of English” là món quà nhỏ chia sẻ về những điều thú...
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...a. 1) Stanley is focusing on maximizing profit, as shown by the increase in net profits over the period 1997 to 2003. His dilemma about adding the software designer, which would depress earnings for the near term, also demonstrates his emphasis on this goal.Maximizing wealth should be the correct goal for a financial manager. Wealthmaximization takes a long-term perspective and also considers risk and cash flows. Profits maximization does not integrate these three factors (cash flow, timing, risk) in the decision process An agency problem exists when managers place personal goals ahead of corporate goals. Since Stanley owns 40% of the outstanding equity, it is unlikely that an agency problem would arise at Track Software. b. Earnings per share (EPS) calculation: Year Net Profits after Tax EPS (NPAT/100,000 shares) 1997 ($50,000) $0 1998 (20,000) 0 1999 15,000 .15 2000 35,000 .35 2001 ...
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...abuse potential of drug candidates. Introduction of Conditioned Place Preference Conditioned place preference (CPP) is based on principles of Pavlovian classical conditioning, where the effect of the drug administered serves as the unconditioned stimulus (US) and is paired with the initially neutral environmental cues of the shuttle box compartment—after several pairings as stated in this section, these neutral environmental cues become associated with the rewarding effects of the drug and acquire secondary motivational properties. The drug-paired compartment then becomes the positive conditioned stimulus (CS+) that evokes a conditioned motivational response and elicits approach and contact behavior during the subsequent...
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...P3-2. Financial statement account identification LG 1; Basic | (a) | (b) | Account Name | Statement | Type of Account | Accounts payable | BS | CL | Accounts receivable | BS | CA | Accruals | BS | CL | Accumulated depreciation | BS | FA* | Administrative expense | IS | E | Buildings | BS | FA | Cash | BS | CA | Common stock (at par) | BS | SE | Cost of goods sold | IS | E | Depreciation | IS | E | Equipment | BS | FA | General expense | IS | E | Interest expense | IS | E | Inventories | BS | CA | Land | BS | FA | Long-term debt | BS | LTD | Machinery | BS | FA | Marketable securities | BS | CA | Notes payable | BS | CL | Operating expense | IS | E | Paid-in capital in excess of par | BS | SE | Preferred stock | BS | SE | Preferred stock dividends | IS | E | Retained earnings | BS | SE | Sales revenue | IS | R | Selling expense | IS | E | Taxes | IS | E | Vehicles | BS | FA | * This is really not a fixed asset, but a charge against a fixed asset, better known as a contra-asset. P3-7. Balance sheet preparation LG 1; Basic – Personal Finance a. Adam and Arin AdamsBalance SheetDecember 31, 2012 | Assets | | | Liabilities and Net Worth | | Cash | $ 300 | | Utility bills | $ 150 | Checking | 3,000 | | Medical bills | 250 | Savings | 1,200 | | Credit card balance | 2,000 | Money market funds | 1,200 | | Total Current Liabilities | $ 2,400 | Total Liquid...
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...Paulo Nazario, Onur Saka and Juliette Clark International Business Policies and Strategies, Winter Quarter 2011 11/29/11 CASE 11: PepsiCo’s Diversification Strategy in 2008 Page 1 1. BACKGROUND INFORMATION Time Country(s) Involved Key Individuals & frame MileStones Titles 1965- Headquarters in Indra Krishnamurthy 2008 Purchase, New York, Nooyi, Chairman of USA. Operations the Board and CEO (2006-). global in scope. Steven Reinemund (CEO 2001-2006). Roger Enrico (CEO 1996-2001). Donald Kendall and Herman Lay, Founders. Company Type & Size PepsiCo is a publicly traded company, listed on the NYSE, NASDAQ, and as a component of the S&P 500. In 2010 it had 294,000 employees worldwide. As of November 2011, it had a market cap of $101.02 billion. 1965 Merger with Frito-Lay CEO of Pepsi Cola, and engineer of PEPSICO Merger, Donald Kendal Diversification outside snacks and beverages Acquisition of Pizza Hut, Taco Bell, KFC Acquisition of 7UP, Mug Root Beer, SunChips, Introduction of Aquafina - 1993 Portfolio Reconstruction Roger Enrico, CEO (1996-2001) Wayne Colloway, CEO (1986-1996) "Potato chips make you thirsty; Pepsi satisfies thirst." Donald Kendall on merger. 1970s 1980s ‘Balanced three leg stool’ describes Wayne Colloway, however, strategic fit problems occurs 1990s Bottled water business starts. 1997 Due to several strategic fit problems, restaurant businesses have been spun off to form Tricon, later Yum! Brands. FTC’s bans to jointly distribute Gatorade with Pepsi...
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...Marriot case Analysis Lodging Division 1) Finding beta for Lodging: The nearest business that could be considered for calculating the beta is the Holiday Inn Corporation which has a beta of 1.35. In order to unlevered the beta of Holiday Inn Corp using; 1.35/(1+(1-t)*D/E); where t is the tax rate; D/E is debt to equity ratio. Therefore; 1.35/(1+0.56(0.74/0.26)) The unlevered Beta for Lodging is 0.435 which is approx. to 0.44. We can use the Holiday Inn Corp’s unlevered beta as an estimate for Lodging business unlevered beta. Therefore; levered beta of lodging will be, 0.44 (1+(1-t)D/E) =0.44(1+ 0.56(0.74/0.26)) =1.128 2) Finding cost of debt for lodging business; = long term government bond + risk premium =8.95 % + 1.10 % = 10.05% 3) Finding cost of equity of the lodging division; Re=Rf + (Rpm)*beta =8.95% + (7.43%) * 1.128 = 17.33% Using spread of S&P 500 and Govt. bond as the premium. 4) WACC for the lodging division; =0.74 * (10.05%) + 0.26 (17.33%) = 11.94% Restaurants Division 1) Finding beta The more comparable business in restaurants industry to the restaurants division of Marriot is Wendy’s International, where levered beta is 1.32. Converting it into unlevered beta; 1.32/(1+0.56(0.21/.79)) =1.1489 We can use the unlevered beta of Wendy’s International as our estimate of unlevered beta for the Restaurant’s division. To find the levered restaurants division beta; 1.1489 (1+0.56(.42/.58)) =1.61 2)...
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...for 1st Quarter Maximum 0.40% per quarter 0.20% for each subsequent quarter or part thereof Period/Value Previous Rate of Commission/Charges Revised Rate of Commission/Charges 2.1.(i) Commission for opening of L/C under Cash/AID/Loan/Barter etc. 1st Quarter Each subsequent Quarter or part thereof 1st quarter 2.1.(ii) Commission for opening of Back to Back L/C including EDF L/C Each subsequent quarter or part thereof Minimum Ist Quarter 2.1.(iii) Acceptance Commission (BTB L/Cs) Each subsequent quarter or part thereof Per quarter/Part thereof Minimum 2.1.(iv) Commission for opening of L/C under Deferred Payment 0.60% for 1st quarter or part thereof 0.40% for 2nd quarter or part thereof BDT 1,000.00 Nil At actual minimum BDT 300.00 Maximum 0.50% for per quarter or part thereof But minimum BDT 1,000.00 2.1 (v) Acceptance Commission (except BTB L/Cs) For each quarter 0.40% per quarter At actual minimum BDT 300.00 2.2 2.3 If L/Cs are sent by mail (This shall cover cost of registered mail of local L/C to Advising Bank) If L/C transmitted by Telex/SWIFT 2.3.(i) Full tested Telex/SWIFT At actual minimum BDT 3,000.00 At actual 2.3.(ii) Short and non-operative Telex/SWIFT At actual minimum BDT 1,000.00 i) BDT 500.00 ii) Mailing charge at actual but minimum BDT 50.00 At actual i) Amendment Charge BDT 500.00 ii) Mailing Charge at actual 2.4 Amendment of...
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...essence of a principle of the opened management? 18. In what an essence of a principle of indemnification? 19. In what an essence of a principle of feedback? 20. List merits and demerits of principles of management? 21. What special case of management is called as regulation? 22. In what difference of systems of direct and indirect regulation? 23. List and give the short characteristic of principal views CS? 24. What is called as static mode CS? 25. What is called as static characteristics CS? 26. What is called as the equation of statics CS? 27. What difference from strengthening factor is called in transfer factor, in what? 28. In what difference of nonlinear links from the linear? 29. How to construct the static characteristic of several links? 30. In what difference of astatic links from the static? 31. In what difference of astatic regulation from the static? 32. How to make static CS astatic? 33. What is called as a static error of a regulator how it to reduce? 34. What is called statizm of CS? 35....
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...MasterTrader Coin Whitepaper This Whitepaper is a written description of what MasterTrader Coin is as a cryptocurrency. It includes: the specifications, security features, marketing plans, and innovational core components that back its’ overall value. This is also written to lay out MasterTrader Coin plans and Roadmap prospectus’. Comprising: future software and technology, MasterSave Certificate of Stake Program (COS), ToshiDesk™ Live Insider Trading API platform, and our future MasterHash™ Mining Solution. MTR MasterPlan Mission Statement: Why not get paid for valuable feedback? MTR has revolutionized the way we view micropayments globally. Finally, your thoughts, comments, trading advice, and content have monetized value! How it Works: MTR will initially premiere on the Social Media Platform ToshiDesk™, where MTR will be utilized as an incentive based digital currency. MTR will connect Advanced Level Crypto- traders who provide qualitative data, insight, and analysis within the FinTech industry to Novice & Intermediate enthusiast seeking an in-depth real-time perspective of the world of Digital Currencies. Main Focal Points of MTR: The platform ToshiDesk™ will have integrated web wallets attached to each account. Master (Content Provider) and Trader (Subscriber), have convenient & secure access to funds with instant confirmations within MTR’s blockchain. Each ToshiDesk™ user will have a generated wallet address linked to each account to deposit...
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...School of Social Sciences ASSIGNMENT COVER SHEET (Please complete in FULL using BLOCK CAPITALS) ANTHROPOLOGY (Please tick correct discipline) | ARCHAEOLOGY (Please tick correct discipline) | ASIAN STUDIES (Please tick correct discipline) | COMMUNICATION AND MEDIA STUDIES (Please tick correct discipline) | LINGUISTICS (Please tick correct discipline) | POLITICAL SCIENCE (Please tick correct discipline) | ALL SECTIONS BELOW MUST BE COMPLETED: | UNIT CODE:COMM1001 | UNIT NAME:COMMUNICATIONS AND MEDIA STUDIES | STUDENT NO: 21330476 | FAMILY NAME: BAUTISTA | GIVEN NAME: RAUL FRANCISCO | TUTOR’S NAME: KEVIN CHIAT | TUTORIAL TIME & DAY 2:00 PM – 2:45 PM ON WEDNESDAYS | DUE DATE: MAY 31st 2013 | OFFICE USE ONLY: | ALL STUDENTS MUST READ AND SIGN THE FOLLOWING STATEMENT BEFORE AN ESSAY WILL BE ACCEPTED FOR SUBMISSION: “I am aware of the Faculty policy relating to academic misconduct (http://www.arts.uwa.edu.au/students/policies/dishonesty) I certify that this work is my own, complies with the relevant guidelines, and uses an approved form of referencing throughout. I acknowledge that the work may be electronically scanned for detection of plagiarism. I have taken a backup copy / computer copy / photocopy of this assessment prior to submission.” Signed Date : June 1st 2013 ------------------------------------------------- Marker’s Comments: PROMT #7: Is media censorship by the government justifiable? ...
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...safety is promoted through daily greetings, love rituals and positive reinforcement. Children’s feelings are acknowledged, validated, and appropriate guidance suggested and modeled. I make sure activities are fun, safe and developmentally appropriate. The children are encouraged to make good choices by having discussions, giving lessons, and reading books that talk about safety issues. I comply with all state licensing regulations daily by checking the overall safety of our childcare room to ensure there are no hazardous materials or objects in range or site of my children or adults. Additionally, I check the playground for hazards before children are allowed to play. My goal is to keep the environment safe at all times so my children feel free and secure to play and learn in all areas Functional Area II: Healthy My goal in this area is to keep children healthy by monitoring their health. I do this by carefully observing children and watching for signs of illness, making sure immunizations are up to date, maintaining a sick child policy, and providing snacks and meals which meet the USDA guidelines for children’s daily nutritional needs. I educate children about the food pyramid and prepare activities to support their learning. I also keep children healthy by keeping my classroom clean. I use a bleach solution several times a day to sanitize the environment. I keep things washed and sanitized all the time, and encourage children to help-. Children in my care are informed and...
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...behavioral learning was put in scientific terms by Ivan Pavlov in 1927: Classical conditioning (also Pavlovian or respondent conditioning, Pavlovian reinforcement) is a form of associated learning that was first demonstrated by Ivan Pavlov. The Typical procedure for inducing classical conditioning involves presentations of a neutral stimulus along with a stimulus of some significance. The neutral stimulus could be any event that does not result in an overt behavioral response from the organism under investigation. Pavlov referred to this as a conditional stimulus (CS). Conversely, presentation of the significant stimulus necessarily evokes an innate, often reflexive, response. Pavlov called these the unconditional stimulus (US) and the unconditioned response (UR), respectively. If the CS and the US are repeatedly paired, eventually the two stimuli become associated and the organism begins to produce a behavioral response to the CS. Pavlov called this the conditioned response (CR) (Wikipedia, May 2010). With classical conditioning defined I was immediately able to equate my past smoking habits with this science. If I would start to enjoy a cup of coffee or even catch the wonderful aroma I would want a cigarette. Any time I went to drive my car I would light up even if I recently had smoked. These were learned conditions. Driving and coffee at one time were neutral stimulus, but over time became conditioned stimulus. Operant Conditioning Christians equate prayer with healing...
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