...Mergers and Acquisitions CHAPTER 21 OPENING CASE I n April 2007, Netherlands-based ABN AMRO and U.K.-based Barclays announced a merger that would create the world’s largest asset manager as well as one of the world’s five largest banks. The value of the deal was about €67 billion ($91.07 billion). Under the terms of the merger, Barclays would offer 3.225 shares of the new company for each share held by ABN AMRO shareholders. Also, ABN AMRO agreed to sell LaSalle Bank to Bank of America for $21 billion, which would result in a €12 billion distribution to shareholders. How do companies like ABN AMRO and Barclays determine whether a merger is a good idea? This chapter explores reasons that mergers should take place, and, just as important, reasons why they should not. There is no more dramatic or controversial activity in corporate finance than the acquisition of one firm by another or the merger of two firms. It is the stuff of headlines in the financial press, and it is occasionally an embarrassing source of scandal. The acquisition of one firm by another is, of course, an investment made under uncertainty, and the basic principles of valuation apply. One firm should acquire another only if doing so generates a positive net present value for the shareholders of the acquiring firm. However, because the NPV of an acquisition candidate can be difficult to determine, mergers and acquisitions, or M&A activities, are interesting topics in their own right. Some of the special...
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...Term Paper Financial statement analysis report of: LVMH Hand-in date: 25.11.2010 Campus: BI Oslo Examination code and name: GRA 62123 Financial Reporting and Analysis Table of Contents EXECUTIVE SUMMARY 3 MARKET REVIEW: 4 COMPANY REVIEW 5 Management compensation 6 BUSINESS DESCRIPTION 7 Business Risk Analysis 8 FINANCIAL PERFORMANCE 9 Profitability 9 Activity Ratios 12 Financing and Liquidity 13 CASH FLOW ANALYSIS 15 VALUATION 16 CONCLUSION 17 References 19 Appendix 20 EXECUTIVE SUMMARY This paper analyzes LVMH group. Taking the recent developments and prospects in luxury goods industry as a starting point, the first part analyzed and compares LVMH with Hermes International and GUCCI, focusing in particular on performance which is analyzed through their activity, liquidity and financing and profitability position. The next part scrutinizes LVMH’s cash flow statement in order to evaluate its operating activities as well as the ability to cover its investments. The paper will conclude that LVMH presents a good investment alternative considering other companies in the same industry. Second, LVMH have a low risk given its solid financial structure and sufficient liquidity. Sales have grown at an average annual rate of 7.5% over the past five years driven by organic growth and acquisitions. MARKET REVIEW: APPAREL, ACCESSORIES & LUXURY GOODS INDUSTRIES Concetta Lanciaux, ex head...
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...Q.1. What sum of money will amount to Rs3704.40 in 3 years at 5% compound interest. Solution : We have, A = Rs3704.40, n = 3, r = 5%. Using A = P(1 + r/100)n , we get 3704.40 = P(1 + 5/100)3 => 370440/100 = P ×21/20×21/20×21/20 Or, P = 370440/100×20/21×20/21×20/21= 3200 Hence, required sum of money = Rs3200. [Ans.] Q.2. What sum of money will amount to Rs3630 in two years at 10% per annum compound interest? Solution : Do yourself [Ans. = Rs3,000] Q.3. Calculate the compound interest for the second year on Rs8,000 invested for 3 years at 10% p.a. Solution : Do yourself. [Ans. = Rs880.] Q.4. At what rate percent p.a. compound interest would Rs80000 amount to Rs88200 in two years, interest being compounded yearly. Also find the amount after 3 years at the above rate of compound interest. Solution : Principal = Rs80000, Amount = Rs88200, Time = 2 years, Rate = ? n = 2. Using, A = P (1 + r/100)n, we get 88200 = 80000 (1 + r/100)2 Or, (1 + r/100)2 = 88200/80000 = 441/400 Or, (1 + r/100) = 21/20 Or, r/100 = 21/20 – 1 = 1/20 Or, r = 1/20×100 = 5% Second part, P = Rs80000, Time = 3 years, n = 3, r = 5%. [Ans.] A = 80000(1 + 5/100)3 = 80000(21/20)(21/20)(21/20) = Rs92610. [Ans.] Q.5. Ramesh invests Rs. 12800 for three years at the rate of 10% per annum compound interest. Find : i. The sum due to Ramesh at the end of the first year. ii. The interest he earns for the second year. iii. The total amount due to him at the end...
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...the need for securing fingerprint templates, improve the template interoperability and improve fingerprint synthesis. But, there is still a large gap between the matching performance obtained from original fingerprint images and their corresponding reconstructed fingerprint images. In this paper, the prior knowledge about fingerprint ridge structures is encoded in terms of orientation patch and continuous phase patch dictionaries to improve the fingerprint reconstruction. The orientation patch dictionary is used to reconstruct the orientation field from minutiae, while the continuous phase patch dictionary is used to reconstruct the ridge pattern. Experimental results on three public domain databases (FVC2002 DB1 A, FVC2002 DB2 A and NIST SD4) demonstrate that the proposed reconstruction algorithm outperforms the stateof-the-art reconstruction algorithms in terms of both i) spurious and missing minutiae and ii) matching performance with respect to type-I attack (matching the reconstructed fingerprint against the same impression from which minutiae set was extracted) and type-II attack (matching the reconstructed fingerprint against a different impression of the same finger). Index Terms—fingerprint reconstruction, orientation patch dictionary, continuous phase patch...
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...“Sounds vs. Visuals: Dawn of the Technological Advancement in Horror Films” Thesis Statement: According to students, thrill factor of a horror film relies on the technology used in filmmaking, with the quality of the sound effects being the aspect that matters the most. Furthermore, advancement in technology will sometimes guarantee an improvement on both the sound and visual effects and the overall quality of a horror film as well. I. Technology and horror film’s history A. Brief background about horror films 1. First years of horror 2. Horror’s increasing popularity B. Introduction to the technologies used in making a film in general 1. Differences between CGI and practical effects & the use of 3D 2. Sound effects as a plot device 3. Introduction to study II. Students’ opinions regarding the technological aspects of a horror film. A. Opinions of students to the visual effects present in a horror film 1 How visuals improved the “horror factor” of a horror film according to the students 2. Comparison between male and female student’s responses 3. Researcher’s analysis and interpretation B. Opinions of students to the sound effects utilized in horror film 1. How sounds improved the “horror factor” of a horror film according to the students 2. Comparison between male and female student’s responses 3. Researcher’s analysis and interpretation ...
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...Islamic State aspires to unite all Muslims in one state. According to the jihadists, this is only possible through a caliphate in which ISIS is closest to achieving. The difficulty of the formation of the caliphate is the harsh opposition the group obtains from the Shias who are a fifth of all the Muslims. Such oppositions had already been observed in the history of Islamic schism (Lister, 2014). ISIS ideological appeal has worked in its favor to recruit its fighters all over the world. The strategy has also resulted to some supports from Muslim countries such as Pakistan. Nonetheless, the group has unspeakable violence majorly directed to Christians and the Shias. This paper conducts an in-depth analysis of the Islamic State regarding its evolution, modus operandi in terms of its operations and recruitment. The paper then assesses the impacts and threats of the group not only in the Middle East, but also world-wide. Literature Review The Islamic State has made great advances in both Iraq and Syria. It has captured significant cities, military armaments, weapons and oil refineries. With the recent proves that it is capable of being a sub-state actor, the terror group places a critical challenge to the stability of the Middle East and of the world in general (Tucker, 2014). The Islamic State (IS) has a goal to establish a transitional Islamic state...
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...Pump & Valve Industry – Overview & Opportunities About Singhi Advisors Your Partners in Growth . . . Private & Confidential Singhi Advisors Advantage Singhi Two Decades of delivering Success… Full service Investment bank with strong capabilities in M&A, PE & India Entry Strategy Many Services…One Goal MERGERS & ACQUISITIONS INDIA ENTRY STRATEGY PRIVATE EQUITY One of the top ten Investment Bankers and winner of the M&A Atlas Awards – Deal of the Year 2011, ACQ Global Award 2009 for ‘Corporate and M&A Advisory firm of the year-India’ o Co po ate a d & dv so y o t e yea da Multi–dimensional focus, covering all major sectors and industries Current focus with mid market and growing Corporates, while having strong relationships with top business houses in the country E Experienced & S bl M i d Stable Management, l di leading a team of >35 f 35 professionals, 70% of the team averaging 6+ years with Singhi Strong relationship and confidence from existing clients with 60% repeat business and 80% strike rate Live relationship with >250 Corporates, resulting in >800 ve e at o s p w t 50 Co po ates, esu t g 800 completed assignments. CORPORATE RESTRUCTURING DEBT SYNDICATION CORPORATE ADVISORY Global Reach Exclusive Indian Member of “Mergers-Alliance”, a leading international network of independent Investment Banking Firms and Corporate Finance advisory firms offering seamless services on mid-market transactions With the successful closure of more than 90 transactions...
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...Mostly Harmless Econometrics: An Empiricist’ Companion s Joshua D. Angrist Massachusetts Institute of Technology Jörn-Ste¤en Pischke The London School of Economics March 2008 ii Contents Preface Acknowledgments Organization of this Book xi xiii xv I Introduction 1 3 9 10 12 16 1 Questions about Questions 2 The Experimental Ideal 2.1 2.2 2.3 The Selection Problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Random Assignment Solves the Selection Problem . . . . . . . . . . . . . . . . . . . . . . . . Regression Analysis of Experiments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II The Core 19 21 22 23 26 30 36 38 38 44 47 51 51 3 Making Regression Make Sense 3.1 Regression Fundamentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1.1 3.1.2 3.1.3 3.1.4 3.2 Economic Relationships and the Conditional Expectation Function . . . . . . . . . . . Linear Regression and the CEF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asymptotic OLS Inference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Saturated Models, Main E¤ects, and Other Regression Talk . . . . . . . . . . . . . . . Regression and Causality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2.1 3.2.2 3.2.3 The Conditional Independence Assumption . . . . . . . . . . . . . . . . . . . . . . . . The Omitted Variables Bias Formula . ....
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...Learning OpenCV Gary Bradski and Adrian Kaehler Beijing · Cambridge · Farnham · Köln · Sebastopol · Taipei · Tokyo Learning OpenCV by Gary Bradski and Adrian Kaehler Copyright © 2008 Gary Bradski and Adrian Kaehler. All rights reserved. Printed in the United States of America. Published by O’Reilly Media, Inc., 1005 Gravenstein Highway North, Sebastopol, CA 95472. O’Reilly books may be purchased for educational, business, or sales promotional use. Online editions are also available for most titles (safari.oreilly.com). For more information, contact our corporate/institutional sales department: (800) 998-9938 or corporate@oreilly.com. Editor: Mike Loukides Production Editor: Rachel Monaghan Production Services: Newgen Publishing and Data Services Cover Designer: Karen Montgomery Interior Designer: David Futato Illustrator: Robert Romano Printing History: September 2008: First Edition. Nutshell Handbook, the Nutshell Handbook logo, and the O’Reilly logo are registered trademarks of O’Reilly Media, Inc. Learning OpenCV, the image of a giant peacock moth, and related trade dress are trademarks of O’Reilly Media, Inc. Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and O’Reilly Media, Inc. was aware of a trademark claim, the designations have been printed in caps or initial caps. While every precaution has been taken in the preparation of this...
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...Aalto University School of Business Admissions to Master’s Degree Admission 2014 Guide Admission Guide 2014 Admissions to Master’s degree Master of Science in Economics and Business Applicants with an appropriate Finnish Administration or non-Finnish university or university of applied sciences degree may apply directly to a Master’s degree programme to take the degree of Master of Science in Economics and Business Administration at the Aalto University School of Business. The Master of Science (Economics and Business Administration) degree is a higher academic degree (second-cycle degree) in Finland and equals to 120 ECTS credits which corresponds to two years of full-time This admission guide covers only admissions studying. The student may also be assigned to Master’s degree and gives you information supplementary studies (max. 60 ECTS credabout the Master’s admission requirements, its). Studying towards the Master’s degree does not suit students working full time. the application and selection process and some general information regarding studying Depending on the course, the lectures may be during the daytime or sometimes also in the and living in Finland. The Aalto University evening. reserves the right to make changes to the names, contents and details of the degree programmes to further develop education. Admission criteria for admission round 2014 have been decided and cannot be changed. Application period begins 16 Dec 2013 and ends 31 Jan 2014 at 4:15 pm...
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...Citibank Rewards Your world of wishes Exclusively for Citibank Rewards Card TD_0077 Citibank Rewards Catalogue Size: H 21.5cm x W 29.7cm (close size) Citibank Rewards Card The Most Rewarding Card! Rewards Everywhere, Every time Earn one Reward Point on every ` 125 spent anywhere on your Citibank Rewards Card. 10X Rewards Everyday Enjoy 10 Times the reward points on spends at Apparel and Department Stores on all days*. Rewards All Year Round! Take advantage of our exciting bonus programs to build your reward points balance faster. Citibank Rewards Privileges Concierge service, Special deals on dining, entertainment and more. We bring to you an exciting Rewards Platform exclusively for your Citibank Rewards Card. To know more about the Citibank Rewards Card, please visit www.citibank.com/india * Conditions Apply Citibank Rewards Card Dear Cardmember At Citibank, we are always looking out for new ways to reward you for using your card. Thus, we are pleased to offer you an exciting Rewards Program exclusively for your Citibank Rewards Card to cater to your wishlist. We bring to you a wide variety of options that will enable you to enjoy a broad range of products and services. Redeem your points for a wide variety of international brands like Adidas, Levi’s, Benetton, Charles and Keith and many more Swipe your card and pay instantly with your Reward Points at Landmark, Shoppers Stop, Fabindia, Ritu Kumar, Nokia and other preferred outlets Enjoy a...
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...ACCOUNTING IN CONTEXT POTTER I LIBBY I LIBBY I SHORT ACCOUNTING IN CONTEXT BRADLEY N. POTTER University of Melbourne ROBERT LIBBY Cornell University PATRICIA A. LIBBY Ithaca college DANIEL G. SHORT Texas Christian University Boston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St. Louis Bangkok Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto Copyright © 2009 McGraw Hill Australia Pty Limited Additional owners of copyright are acknowledged in page credits. Every effort has been made to trace and acknowledge copyrighted material. The authors and publishers tender their apologies should any infringement have occurred. Reproduction and communication for educational purposes The Australian Copyright Act 1968 (the Act) allows a maximum of one chapter or 10% of the pages of this work, whichever is the greater, to be reproduced and/or communicated by any educational institution for its educational purposes provided that the institution (or the body that administers it) has sent a Statutory Educational notice to Copyright Agency Limited (CAL) and been granted a licence. For details of statutory educational and other copyright licences contact: Copyright Agency Limited, Level 15, 233 Castlereagh Street, Sydney NSW 2000. Telephone: (02) 9394 7600. Website: www.copyright.com.au Reproduction and communication for other purposes Apart from any fair dealing for the...
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...TERM PAPER SUSTAINABILITY OF LOW-PRICED SEGMENT OF SMART PHONES SUBMITTED BY: MBA(IB)- Section F Richa Bhalla- A1802010121 Udai Bir Bhasin-A1802010332 AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDA AMITY UNIVERSITY – UTTAR PRADESH ACKNOWLEDGEMENT Every endeavor in itself is an impression of the efforts of not only those who pursue it but of those as well who provide guidance and motivation towards its successful completion. Likewise, this project bears an imprint of all those who helped us at various stages and it would be unfair on our part not to thank them. The successful completion of this project could not have been possible without the co-operation and encouragement of our Class Mentor and Faculty, Mrs. Kokil Jain and Mrs. Meenakshi Malhotra who provided us with their unending support from the very beginning of the project, which helped in the timely completion of the project. The faculty members at AIBS, who continued to have an impact on our thinking which helped us to complete this project. And all other staff members at the institute. Richa Bhalla Udai Bir Bhasin INDEX S.NO. | PARTICULARS | PAGE NO. | 1. | Executive Summary | 4 | 2. | Introduction | 5 | 3. | Difference between a Smartphone & Feature Phone | 7 | 4. | Indian Telecom Industry | 8 | 5. | SWOT Analysis of Mobile Industry | 12 | 6. | Low-Priced Segment of Mobile Phones | 13 | 7. | Market Structure & Segmentation | 15 | 8. | International Business | 20 | 9. | The Case of Micromax...
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...Forthcoming in: Betriebswirtschaftliche Forschung und Praxis, 58 (4), 2006. We thank Karsten Detert for some of the data used in this study. Applying IFRS in Germany – Determinants and Consequences Abstract: We address three research questions motivated by the recent ascent of International Financial Reporting Standards (IFRS) in Europe. First, analyzing the determinants of voluntary IFRS adoption by publicly traded German firms during the period 19982004, we find that size, international exposure, dispersion of ownership, and recent IPOs are important drivers. Second, using the results from this determinant model to construct propensity score-matched samples of IFRS and German-GAAP (HGB) firms, we document significant differences in terms of earnings quality: IFRS firms have more persistent, less predictable and more conditionally conservative earnings. Third, analyzing information asymmetry differences between IFRS and HGB firms, we show that IFRS adopters experience a decline in bid-ask spread of 70 base points and an average of 17 more days with price changes per year. On the other hand, IFRS adopter’s stock prices seem to be more volatile. In the light of some important limitations of our study, we discuss IFRS-related research opportunities in post-2005 Europe. Keywords: IFRS, earnings quality, earnings attributes, information asymmetry, standard setting, IAS Regulation, Europe, propensity-score matching,...
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...Dependence and Growth Author(s): Raghuram G. Rajan and Luigi Zingales Source: The American Economic Review, Vol. 88, No. 3 (Jun., 1998), pp. 559-586 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/116849 Accessed: 06-07-2015 21:29 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://www.jstor.org/page/ info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. http://www.jstor.org This content downloaded from 14.139.224.146 on Mon, 06 Jul 2015 21:29:52 UTC All use subject to JSTOR Terms and Conditions FinancialDependence and Growth By RAGHURAM G. RAJAN AND LUIGI ZINGALES* This paper examines whetherfinancial developmentfacilitates economic growth by scrutinizing one rationale for such a relationship: thatfinancial development reduces the costs of external finance to firms. Specifically, we ask whether in-dustrial sectors that are relatively more in need of externalfinance develop disproportionately faster in countries...
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