...Portfolio Modeling and Evaluation: Beating the Market ABSTRACT During the period of 2005 to 2010, the market portfolio (P1) and one suggested portfolio (P3) post a positive absolute return of 0.80% and 0.82% respectively which underperformed the active fund portfolio (P2) 0.91%. This report follows various modeling methods in order to back test the performance of the active fund portfolio and compare its performance with that of two other portfolios. The findings indicate that, even though P2 achieves the highest return on the overall performance, the limitations such as the macro environment, the assumptions set, and the Shrinkage method used that accidentally downsizes some valuable stocks in out-‐samples as they are closely correlated are being ignored. By contrast, P3 will probably offer a “middle-‐choice” which will bring a promising and more stable return. 1 Portfolio...
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...Table of Contents | | Page | | Chapter 1 | | 1.0 | Introduction | | 1.1 | The background of dividend reinvestment plans in Malaysia | | 1.2 | Discussion on relevant issues | | 1.3 | Problem statement | | 1.4 | Objectives | | 1.5 | Significance of the study | | 1.6 | Scope of the study | | | | | | Chapter 2 | | 2.0 | Introduction/ An Overview | | 2.1 | Theoretical Framework of DRIP in Investors’ Point of View | | 2.2 | Theoretical Framework of DRIP in Investees’ Point of View | | 2.3 | Concluding Remarks | | | | | | Chapter 3 | | 3.0 | Introduction | | 3.1 | Data Description | | 3.2 | Theoretical Framework | | 3.3 | Empirical Model of the study | | 3.4 | Methods to be Used | | 3.5 | Concluding Remarks | | | | | | References | | | | | 1.0 Introduction: Dividend Reinvestment Plan (DRIP) is an equity investment option that allows shareholders’ dividends directly purchase shares of common stock of the paying corporation instead of receiving cash dividends without going via a stock broker. There are three different types of DRIP which are open-market DRIP, new-issue DRIP and combination of open-market and new-issue DRIPs. Open-market DRIP is where the firmuse reinvested dividends to buy its outstanding shares in the open market to satisfy the needs of participating shareholders. New-issue DRIP is where the firm raises capital by selling their authorized but unissued shares or treasury stock...
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...Procter & Gamble Equity Valuation & Analysis As of November 1, 2007 Raider Investments Group Brian Hooper Tyler Yenzer Nathan Yosten Dustin Bradford Brian.D.Hooper@ttu.edu Phillip.T.Yenzer@ttu.edu Nathan.Yosten@ttu.edu Dustin.Bradford@ttu.edu Table of Contents Executive Summary Business & Industry Analysis Company Overview Industry Overview Five Forces Model Rivalry Among Existing Firms Threat of New Entrants Threat of Substitute Products Bargaining Power of Buyers Bargaining Power of Suppliers Key Success Factors Firm Competitive Advantage Analysis Future Competitive Analysis Accounting Analysis Key Accounting Policies Potential Accounting Flexibility Actual Accounting Strategy Quality of Disclosure Qualitative Analysis of Disclosure 36 31 33 35 10 11 13 13 18 20 22 24 24 28 30 5 2 Quantitative Analysis of Disclosure Sales Manipulation Diagnostics Expense Manipulation Diagnostics Potential “Red Flags” Undo Accounting Distortions Financial Analysis Liquidity Analysis Profitability Analysis Capital Structure Analysis IGR/SGR Analysis Financial Statement Forecasting Cost of Equity Estimation Valuation Analysis Multiples Valuation Discounted Free Cash Flow Model Discounted Dividends Model Residual Income Model Long-Run Return on Equity Residual Income Model Abnormal Earnings Growth Model Credit Analysis 40 41 44 49 49 50 63 72 76 79 83 86 95 96 98 100 103 106 3 Analyst Recommendation Appendix Regression Analysis Income Statement Balance Sheet Statement...
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...Project Number: DZT0517 Stock Market Trading An Interactive Qualifying Project Report Submitted to the faculty of the Worcester Polytechnic Institute in partial fulfillment of the requirements for the Degree of Bachelor of Science by ___________________________________________ Meng-Yu Ni Date: August 2006 Approved by: __________________________ Professor Dalin Tang Project Advisor 1 Abstract Using the information from the internet and published books, a general understanding about stock market and trading strategies was obtained. The knowledge and trading strategies were applied in the market in a stock market simulation to get real-time trading experience. Experiences learned from using trading methods in this simulation will help me to become a better investor in the future. 2 Acknowledgement First, I want to thank my parents who gave me the opportunity to study at Worcester Polytechnic Institute in USA. Second, I would like to thank my advisor, Dalin Tang, who gave me advices, and help me during this whole project time. Thirdly, I want to thank Worcester Polytechnic Institute for giving me opportunity to do this project, which made me to learn more things from outside of classes by myself. Finally, I would like to thank all the people who gave me some help when I needed it. 3 Table of contents Abstract ........................................................................................................................... 2 Acknowledgement...
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...UNIVERSITY OF INFORMATION TECHNOLOGY & SCIENCES Department of School of Business Term Paper On Topic: Bond Market In Bangladesh . Course Code :FIN-361. Course Title :Corporate Finance . Submitted To : MD.Nazmul Hasan. Faculty, School of Business, University of Information Technology & Sciences Submitted By : NAME ID Nazibur Rahman : 08410105 Abdullah- al Zihad : 08510061 Qazi Ismat Ahmed Rushe’d Chowdhery : 08410106 Date of Submission : 14th December, 2010. Executive Summary The bond market is a financial market where participants buy and sell debt securities, usually in the form of bonds. Like emerging-market countries around the world, Bangladesh could benefit from having a local-currency, fixed-income securities market. At present, its main fixed-income financial products are bank deposits, bank loans, government savings certificates, term loans, treasury bills, and government bonds and corporate debt (syndicated loans, private placement, and debentures). But in general the corporate debt market is still very small compared with the equity market. Numerous factors in Bangladesh today suggest that Bangladesh will not be able to develop an active, local-currency fixed-income market. In this paper, we will discuss the current situation of our bond market, what the drawbacks are and...
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...2013 Citizenship & Sustainability Report Contents Dr. Dalene von Delft recovered from multi-drug resistant tuberculosis. Early access to a Johnson & Johnson medicine added to her treatment helped. Inspired by her experience, Dalene founded TB Proof, dedicated to raising awareness of TB among health care workers. Read more at 2013annualreport.jnj.com/stories/ New-Hope-for-MDR-TB-Patients CONTENTS CHAI R MAN’S LETTE R S UCCE SS E S & CHALLE NG E S Advancing Human Health & Well-Being Leading a Dynamic & Growing Business Responsibly Safeguarding the Planet H EALTHY FUTU R E S 2015 GOALS & PROG R E SS U.N. G LOBAL COM PACT DATA S U M MARY G R I I N DEX 2 Letter from Our Chairman & CEO 52 Labor Practices & Workforce Guide to the Icons 4 Successes & Challenges 55 Employee Retention, Development & Recruitment 9 Organizational Profile 58 Compensation 10 Report Profile 58 Diversity & Inclusion The icons below help to communicate the scope and boundary for each topic covered in our report. They represent the audience and locations throughout the world impacted by our business segments or enterprise. 11 Citizenship & Sustainability 59 Political Contributions, Public Policy & Lobbying Citizenship & Sustainability Strategy Our Strategic Framework 62 Intellectual Property 13 Our Citizenship & Sustainability Materiality Assessment Process ...
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...ANNUAL REPORt 2011 Johnson & Johnson will continue to bring meaningful innovations to people around the world so they can live better and healthier lives. We are deeply committed and dedicated to the people who use our products, our employees, the communities in which we live and work, and you, our shareholders. Most important, we will never lose sight of who we are. ON tHE COVER Matt Cox, who has type 1 diabetes and uses the waterproof ANIMAS® VIBE™ insulin pump, swam an English Channel relay to raise money for the Juvenile Diabetes Research Foundation. Matt wants to show his son, Jack, who also has type 1 diabetes, that the condition need not hold him back in life. Read Matt’s story on page 16. CHAIRMAN’S LETTER To Our Shareholders hroughout our annual report this year, you’ll read the severe economic decline; the tightening of consumer about how Johnson & Johnson is bringing meaningful spending and health care budgets; over-the-counter (OTC) innovation to our patients and customers, and making product quality issues at McNeil Consumer Healthcare and a difference in their lives in a personal way—from the recall of the DePuy ASR™ Hip System. Brunhilde Wecker, who made a full recovery from her stroke Our company was severely tested. thanks to our new blood clot retrieval and removal device, In managing through this stretch, we relied heavily on the resolve to our own Bill Hait, an oncologist whose vision and insights of our people and on our time-tested business...
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...A FIRST COURSE IN PROBABILITY This page intentionally left blank A FIRST COURSE IN PROBABILITY Eighth Edition Sheldon Ross University of Southern California Upper Saddle River, New Jersey 07458 Library of Congress Cataloging-in-Publication Data Ross, Sheldon M. A first course in probability / Sheldon Ross. — 8th ed. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-13-603313-4 ISBN-10: 0-13-603313-X 1. Probabilities—Textbooks. I. Title. QA273.R83 2010 519.2—dc22 2008033720 Editor in Chief, Mathematics and Statistics: Deirdre Lynch Senior Project Editor: Rachel S. Reeve Assistant Editor: Christina Lepre Editorial Assistant: Dana Jones Project Manager: Robert S. Merenoff Associate Managing Editor: Bayani Mendoza de Leon Senior Managing Editor: Linda Mihatov Behrens Senior Operations Supervisor: Diane Peirano Marketing Assistant: Kathleen DeChavez Creative Director: Jayne Conte Art Director/Designer: Bruce Kenselaar AV Project Manager: Thomas Benfatti Compositor: Integra Software Services Pvt. Ltd, Pondicherry, India Cover Image Credit: Getty Images, Inc. © 2010, 2006, 2002, 1998, 1994, 1988, 1984, 1976 by Pearson Education, Inc., Pearson Prentice Hall Pearson Education, Inc. Upper Saddle River, NJ 07458 All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. Pearson Prentice Hall™ is a trademark of Pearson Education, Inc...
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...Fourth Edition Financial & Managerial Accounting for MBAs Peter D. Easton Robert F. Halsey Mary Lea McAnally Al L. Hartgraves Wayne J. Morse Cambridge Business Publishers To my daughters, Joanne and Stacey —PDE To my wife Ellie and children, Grace and Christian —RFH To my husband Brittan and my children Loic, Cindy, Maclean, Quinn and Kay. —MLM To my wife Aline. —ALH To my family and students. —WJM Cambridge Business Publishers FINANCIAL & MANAGERIAL ACCOUNTING FOR MBAs, Fourth Edition, by Peter D. Easton, Robert F. Halsey, Mary Lea McAnally, Al L. Hartgraves, and Wayne J. Morse. COPYRIGHT © 2015 by Cambridge Business Publishers, LLC. Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Student Edition ISBN 978-1-61853-102-5 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s website and order directly online. Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 About the Authors ...
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...Finance Course: Corporate Finance MBA−10 California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−55204−6 Text: Harvard Business School Entrepreneurship Cases Corporate Finance, Seventh Edition Ross−Westerfield−Jaffe Harvard Business School Finance Cases This book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55204−6 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 35 70 98 130 152 152 193 219 219 241 241 275 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting Introduction 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and Capital Budgeting 8. Risk Analysis, Real Options, and Capital Budgeting III: Risk 10. Return and Risk: The Capital−Asset−Pricing...
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...Finance Course: Health Care Finance Readings MBAHC−4 California College for Health Sciences MBA Health Care Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−55313−1 Text: Advanced Financial Accounting, Sixth Edition Baker−Lembke−King Harvard Business School Accounting Cases Corporate Finance, Seventh Edition Ross−Westerfield−Jaffe Harvard Business Review General Management Articles Harvard Business School Finance Cases This book was printed on recycled paper. Finance http://www.mhhe.com/primis/online/ Copyright ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 FINAGEN ISBN: 0−390−55313−1 Finance Contents Ross−Westerfield−Jaffe • Corporate Finance, Seventh Edition I. Overview 1 1 20 34 34 69 97 129 151 151 192 192 214 214 248 1. Introduction to Corporate Finance 2. Accounting Statements and Cash Flow II. Value and Capital Budgeting 4. Net Present Value 5. How to Value Bonds and Stocks 7. Net Present Value and...
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...CORPORATE FINANCE T H IRD E DIT ION JONATHAN BERK STANFORD UNIVERSITY PETER D E MARZO STANFORD UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo To Rebecca, Natasha, and Hannah, for the love and for being there —J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter —P. D. Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Executive Development Editor: Rebecca Ferris-Caruso Editorial Project Manager: Emily Biberger Managing Editor: Jeff Holcomb Senior Production Project Manager: Nancy Freihofer Senior Manufacturing Buyer: Carol Melville Cover Designer: Jonathan Boylan Cover Photo: Nikreates/Alamy Media Director: Susan Schoenberg Content Lead, MyFinanceLab: Miguel Leonarte Executive Media Producer: Melissa Honig Project Management and Text Design: Gillian Hall, The Aardvark Group Composition and Artwork: Laserwords Printer/Binder: R.R. Donnelley/Jefferson City Cover Printer: Lehigh Phoenix Text Font: Adobe Garamond Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text and on this copyright page. Credits: Cover: Sculpture in photo: Detail of Flamingo (1973), Alexander Calder. Installed in Federal Plaza, Chicago. Sheet metal and paint, 1615.4 x 1828.8 x 731...
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...CORPORATE FINANCE T H IRD E DIT ION JONATHAN BERK STANFORD UNIVERSITY PETER D E MARZO STANFORD UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo To Rebecca, Natasha, and Hannah, for the love and for being there —J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter —P. D. Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Executive Development Editor: Rebecca Ferris-Caruso Editorial Project Manager: Emily Biberger Managing Editor: Jeff Holcomb Senior Production Project Manager: Nancy Freihofer Senior Manufacturing Buyer: Carol Melville Cover Designer: Jonathan Boylan Cover Photo: Nikreates/Alamy Media Director: Susan Schoenberg Content Lead, MyFinanceLab: Miguel Leonarte Executive Media Producer: Melissa Honig Project Management and Text Design: Gillian Hall, The Aardvark Group Composition and Artwork: Laserwords Printer/Binder: R.R. Donnelley/Jefferson City Cover Printer: Lehigh Phoenix Text Font: Adobe Garamond Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text and on this copyright page. Credits: Cover: Sculpture in photo: Detail of Flamingo (1973), Alexander Calder. Installed in Federal Plaza, Chicago. Sheet metal and paint, 1615.4 x 1828.8 x 731...
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...GOVERNMENT AND POLITICS AS LEVEL UNIT TWO GOVERNING THE UK “Never, never, never give up” Winston S Churchill 1874-1965 1 GOVERNING THE UK 50% of AS [25% of A2] UNIT TWO SAMPLE QUESTION Answer one question from Section A and one question from Section B in 80 minutes. Spend 40 minutes on Section A and 40 minutes on Section B SECTION A QUESTION ONE PRIME MINISTERIAL POWER “For too long the big political decisions in this country have been made in the wrong place. They are not made around the Cabinet table where they should be, but they are taken on the sofa in Tony Blair’s office. No notes are kept and no one takes the blame when things go wrong. That arrogant style of government must come to an end. I will restore the proper process of government. I want to be Prime Minister of this country not a President (Source: David Cameron, The Times, 5th October 2006) “The Cabinet is the committee at the centre of the British political system. Every Thursday during Parliament, Secretaries of State from all departments as well as other ministers meet in the Cabinet Room in Downing Street to discuss the big issues of the day. The Prime Minister chairs the meeting, selects its members and also recommends their appointment as ministers to the monarch. The present Cabinet has 23 members (21 MPs and two peers). The secretary of the Cabinet is responsible for preparing records of its discussions and decisions”. (Source: From a modern textbook) (a) What...
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...Stock Investing FOR DUMmIES 2ND by Paul Mladjenovic ‰ EDITION Stock Investing FOR DUMmIES 2ND ‰ EDITION Stock Investing FOR DUMmIES 2ND by Paul Mladjenovic ‰ EDITION Stock Investing For Dummies® 2nd Edition , Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2006 by Wiley Publishing, Inc., Indianapolis, Indiana 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 Sections 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, 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600. Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, 317-572-3447, fax 317-572-4355, or online at http://www.wiley.com/go/permissions. Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the...
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