...Current ratio: measure shore-term liquidity higher is better ( in some cases) : * healthy indication for performance of company because It shows the company commitment and ability in meeting up short-term obligation (it suggests that the business has enough cash to be able to pay its debts). * If current liabilities exceed current assets (the current ratio is below 1), then the company may have problems meeting its short-term obligations * If the current ratio is too high, then the company may not be efficiently using its current assets or its short-term financing facilities. This may also indicate problems in working capital management. Quick ratio: specifies whether the assets that can be quickly converted into cash are sufficient to cover current liabilities * High quick ratio: company may keep too much cash on hand or have a problem collecting its accounts receivable (too high) OR because It shows the company commitment and ability in meeting up short-term obligation * Low: company relies too much on inventory or other assets to pay its short-term liabilities Inventory turnover and day’s sales in inventory: * Low inventory turnover ratio is a signal of inefficiency. It also implies either poor sales or excess inventory; indicate poor liquidity, possible overstocking, and obsolescence, * High inventory turnover ratio implies either company sale is doing very fast strong * High inventory levels are usual unhealthy indicates firm have poor...
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...J. Bus. Financ. 01 (03) 2013. 94-104 94 Available Online at ESci Journals Journal of Business and Finance ISSN: 2305-1825 (Online), 2308-7714 (Print) http://www.escijournals.net/JBF LACK OF TIMELINESS AS AN EXPLANATION OF THE LOW CONTEMPORANEOUS RETURNS-EARNINGS ASSOCIATION Jaouida E. Trabelsi Institute of the High Commercial Studies of Sfax (IHEC), University of Sfax, Tunisia. A B S T R A C T This paper empirically tests whether the low contemporaneous returns-earnings association set by previous empirical researches may be explained by lack of timeliness of accounting numbers. It hypothesises that if the criteria for accounting recognition yield a multi-period lag in earnings recognitions of economic events and if these events affect an informed market immediately when they occur, then future periods’ earnings would have explanatory for current returns as well as current earnings. To assess the significance of future earnings as an explanatory variable for stock returns we regress at first step annual returns on current earnings and at second step, annual returns on current earnings and successively next period and next two periods’ earnings. Results show that future earnings continue to explain current returns. The evidence is characteristic of a substantial recognition lag in earnings that extends to the immediate next period. However, over one year, earnings do not seem reflecting any relevant economic event impounded in security prices at previous period. The earnings...
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...are something about violence and adventurous. These are part of the reasons that only aged over 18 can go into the amusement game centre. In our opinion, these games are not suitable to children and the elderly as it may harm the growing of children and have a risk of heart attack to the elderly. Besides, nowadays children like to play their smartphone or video games online. By playing these “healthy games”, they can interact with other competitors and most importantly there will be some helpers supervising them to ensure their safety. For the elderly, it provides a way of exercising which encourages them to enjoy a healthy life apart from betting. Challenge There are several challenges when we carry out this plan. First, we will face financ...
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...[pic] (CRMZ) |Preview | | |[pic] | |This is a Preview, click here for the full commercial credit report. | |[pic] | |Uttara Finance and Investments Ltd | | | |Uttara Centre (11th Floor),102 | | | |Shahid Tajuddin Ahmed Sarani, Tejgaon | | | |Phone: +880 28142680 ...
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...Mergers and Acquisitions Basics Mergers and Acquisitions Basics All You Need To Know Donald DePamphilis Amsterdam • Boston • Heidelberg • London New York • Oxford • Paris • San Diego San Francisco • Singapore • Sydney • Tokyo Academic Press is an imprint of Elsevier Academic Press is an imprint of Elsevier 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA Elsevier, The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB, UK Copyright © 2011 Elsevier Inc. All rights reserved No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system, without permission in writing from the publisher. Details on how to seek permission, further information about the Publisher’s permissions policies and our arrangements with organizations such as the Copyright Clearance Center and the Copyright Licensing Agency, can be found at our website: www.elsevier.com/permissions. This book and the individual contributions contained in it are protected under copyright by the Publisher (other than as may be noted herein). Notices Knowledge and best practice in this field are constantly changing. As new research and experience broaden our understanding, changes in research methods, professional practices, or medical treatment may become necessary. Practitioners and researchers must always rely on their own experience and knowledge...
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...1.0. Introduction The term ‘dividend policy’ refers to “the practice that management follows in making dividend payout decisions or, in other words, the size and pattern of cash distributions over time to shareholders” (Lease et al., 2000, p.29). This issue of dividend policy is one that has engaged managers since the birth of the modern commercial corporation. Surprisingly then dividend policy remains one of the most contested issues in finance. Dividend policy is concerned with financial policies regarding paying cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends and what amount, is determined mainly on the basis of the company's unappropriated profit (excess cash) and influenced by the company's long-term earning power. When cash surplus exists and is not needed by the firm, then management is expected to Payout some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program. Management must also choose the form of the dividend distribution, generally as cash dividends or via a share buyback. Various factors may be taken into consideration: where shareholders must pay tax on dividends, firms may elect to retain earnings or to perform a stock buyback, in both cases increasing the value of shares outstanding. Alternatively, some companies will pay "dividends" from stock rather than in cash. Our group have selected 3 journals related to the...
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...Lojas Laher BALANÇO Valores em: milhares Valores Atualizados PATRIMONIAL ATIVO 2003 2004 2005 2006 2007 CIRCULANTE Disponível e Apl. Financeiras 7.001 8.367 4.669 Clientes 91.481 109.149 Estoques 53.611 51.196 Outros Créd., Valores e Bens 31.720 Tt. CIRCULANTE 5.361 154.866 102.866 97.498 121.280 40.334 45.594 58.843 42.969 35.835 30.355 19.270 183.814 211.681 183.704 178.808 354.259 94.984 77.711 81.982 71.932 91.436 REALIZÁVEL LONGO PRAZO Créditos Fiscais Créditos Empresas Colig./Contr. 629 1.284 751 928 778 Outros Créditos, Valores e Bens 22.100 25.770 22.050 32.756 9.059 117.712 104.765 104.783 105.616 101.273 434.173 427.213 521.093 487.177 415.873 4.579 5.621 5.337 1.945 2.004 463.834 448.599 415.709 426.489 469.373 6.170 235 0 128 107 908.756 881.668 942.139 915.739 887.357 1.210.282 1.198.114 1.230.626 1.200.163 1.342.889 Tt. REALIZÁVEL L. PRAZO PERMANENTE Partic. Coligadas/Controladas Outros Inv. Permanentes Imobilizado Diferido Tt. PERMANENTE TOTAL DO ATIVO Lojas Laher S.A BALANÇO Valores em: milhares Valores Atualizados PATRIMONIAL PASSIVO 2003 2004 2005 2006 2007 CIRCULANTE Fornecedores 49.590 39.116 38.580 26.757 30.175 ...
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...Market structures are that enabling selling environment in which a firm produces and sells its price to its customers. The market structures have three distinct characteristics: the number of firms that are available within that market structure, the ease of entry or exist the firm has and also the degree of product differentiation that exist in that market (Blair & Harrison, 2010). A perfect competition is a situation that a given market possesses ones it meets this characteristic: the buyer and sellers of good and services are many, the goods offered by the vendors are the same in a very significant manner, and also the firms can enter and exit the market easily without interference either by local forces such buyers or sellers or externally such as the government (Blair & Harrison, 2010). Markets differ in plenty of ways, but one distinct future that they all possess is that their demand and supply of goods and services. The case of Tap Island In Tap Island, initially, the demand and supply of corn met the normal demand and supply curve, and farmers made profits depending on the season of corn availability. The Mega Company that comes in the market realizes that it would become the sole buyer of the corn should it venture into the business. Hence, there is minimal competition in the market with other buyers of the product in the market (Blair & Harrison, 2010). To maximize its profits, it proposes to increase its outputs, and it realizes that as long as its marginal cost...
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...into)Strategy)&)Corp)Governance) Peter%Verhezen% Principal)Verhezen)&)Associates)) Fellow)Harvard)Kennedy)School) Adjunct)Professor)Melbourne)Business)School) ) ) This)slide)presenta(on)has)been)prepared)for)and)in)collabora(on)with) Pri)Notowidigdo) Risk = effect of uncertainty on objectives Scenarios / Probabilities Positive deviation Opportunities Upside Risk has a positive side Target Negative deviation from target Downside Future: probabilities Negative deviation Today’s Value (mark-to-market) Threats As management projects into the future, the value of the firm will be affected by many different market and business variables – i.e. risk factors. Tomorrow’s Possible Values (mark-to-future) 2 Mortgage Crisis => Global Financ Crisis hKp://www.youtube.com/watch?v=KaqvwOJx2eQ) Scenarios / Probabilities ) Positive deviation Opportunities Upside Risk has a positive side Target Risk Appetite Future: probabilities But usually perceived as negative Downside Negative deviation Today’s Value (mark-to-market) Threats As management projects into the future, the value of the firm will be affected by many different market and business variables – i.e. risk factors. Tomorrow’s Possible Values (mark-to-future) 3 Within boundaries & above average High Moral & Social Norms / Higher than Average Value + + Risk Opportunity Value at Risk (1) Enrich Shareholders & Serve Stakeholders ) ) Innovative Strategies Best"GCG" ...
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...Fatimah: Hello, good morning everyone, first of all thank you for attending our first meeting. Before we continue our meeting lets me introduce our production manager Miss Nurul Hidayah Baid, Miss Siti Aisyah Mohd Hamis as our advertising managers and Miss Ramayanti as our financial managers. today our meeting agenda that we will discuss is about material quality, advertising of product and about budgeting. Ok, without wasting our time, lets proceed to our meeting. so, does everyone have a copy about our meeting agenda? All: yes we do Fatima : good, ok let start to our first agenda which is about material quality that will presented by Miss Nurul Hidayah Baid. Daya : first of all, good morning to all member and our director. I would like to discuss about our product material because from my observation, our competitor begin to change their strategy to attract the consumer. So from my opinion, i think it's also better if our company develop new strategy. As a production manager, i think it is better if we upgrade our material quality that is suitable with the weather nowadays. Aisya : I second what Miss Hidayah propose about the material quality that is should be suitable with the weather because we live in Malaysia which is we have a hot and humid weather throughout the year. People will find it is uncomfortable if they wear a super thick clothes in hot weather. Fatimah : So, any suggestion about types of material that we should choose for our product...
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...BOOKS ABOUT TASHTEGO CASE ANALYSIS Rdiana.com TASHTEGO CASE ANALYSIS Updated: 02/26/2015 DISCLAIMER: RDIANA.COM uses the following Tashtego Case Analysis book available for free PDF download which is also related with TASHTEGO CASE ANALYSIS Tashtego Case Analysis can be easily downloaded from our library. Don’t you believe? It is completely free. You just have to register on our site – click on the link below and answer simple questions. It will provide you for free access to Tashtego Case Analysis and other eBooks. We ask you to pass a registration because of hard hackers’ attacks that knock out of service our library and prevent our users from downloading Tashtego Case Analysis as well as other books when it is necessary. When pass the registration, you can be sure of free and unlimited access to Tashtego Case Analysis and lots of other PDF data. Files can be downloaded on your device when you want. Therefore, if you still need Tashtego Case Analysis and cannot download it from other sites, register on our site and get a free access to a rich collection of eBooks right now. Save your time and efforts. PDF FILE: TASHTEGO CASE ANALYSIS Rdiana.com BOOKS ABOUT TASHTEGO CASE ANALYSIS PAGE: 2 TASHTEGO CASE ANALYSIS RR.DVI INSTITUT NATIONAL DE RECHERCHE EN INFORMATIQUE ET AUTOMATIQUE An Average-case Analysis of the Gaussian Algorithm for Lattice Reduction Herve Daude , Philippe Flajolet , Brigitte Vallee N 2798 Fevrier 1996 PROGRAMME 2...
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...OR Spectrum 28:289–299 (2006) DOI 10.1007/s00291-005-0001-8 REGULAR A RT ICLE Jörg Laitenberger .Andreas Löffler The structure of the distributions of cash flows and discount rates in multiperiod valuation problems Published online: 29 August 2005 © Springer-Verlag 2005 Abstract In capital budgeting problems future cash flows are discounted using the expected one-period returns of the investment. In this paper we relate this approach to the assumption that markets are free of arbitrage. Our goal is to uncover implicit assumptions on the set of cash flow distributions that are suitable for the capital budgeting method. Our results are twofold. First we obtain that for deterministic cost of capital the set of admissible cash flow distributions is large in the sense that no particular structure of the evolution of the distributions is implied. We give stylized examples that demonstrate that even strong assumptions on the return distributions do not restrain the shape of the cash flow distributions. This shows that Fama’s assertion that the distributions of one-period single returns become more and more skewed cannot be generalized to multiperiod budgeting problems. Secondly, in a subsequent analysis we characterize the cash flow distributions under the additional assumption of a deterministic dividend yield. In this case a linear relationship between returns and cash flows obtains. Keywords Cost of capital . Capital budgeting 1 Introduction According to standard...
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...Citigroup: Restoring Ethics and Image Before Growth Charles Prince, CEO of Citigroup, is facing a daunting challenge as the head of the largest financial services organization in world. He has joined a company that has experienced significant regulatory scrutiny and that has been linked to the biggest scandals in corporate history. Unfortunately for Prince, the problems are pervasive throughout most of Citigroup’s diverse service offerings. In March 2005, Prince announced his strategy to transform the financial giant and to provide a new direction for the future. He called it the “Five Point Ethics Plan” to: improve training, enhance focus on talent and development, balance performance appraisals and compensation, improve communications, and strengthen controls. Due to the size and complexity of the organization, there were significant unresolved questions. How could the plan be effectively revealed? Would the plan be strong enough to change the culture of the entire organization? How should the corporate communications department handle both the initial and long-term communication of this plan to major stakeholders? About Citigroup Incorporated in 1998, Citigroup Inc. is a diversified global financial services holding company providing services to consumer and corporate customers. The company has approximately 141,000 full-time and 7,000 part-time employees in the United States and 146,000 full-time employees in more than 100 countries outside the United States. All of Citigroup’s...
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...INDUSTR ETH RY HICS: ARE WE STILL IN S A W SELF-DENIA AL? The Public Hates Financ Firm and O Members T c s cial ms Our Think T They y Know Why By Kurt N. Schacht, JD, CFA S J more things change, the more they stay the same. c m y The m Thes words offer an astonishingly clear pic se r cture of the state of things some four ye ears since Ber rnard Madoff’s multi-billion ndollar scam and th worst finan he ncial crisis in decades rippe through th global mar kets, both lea d ed he aving a wide s swath of age w h rm nancial system and the world economy, m dama in their wake. Although we anticipated a long-ter impact on the global fin we did not expect the lack of fu undamental ch hange on Wa Street and beyond. In ot all ther words, it’ been business as usual ’s arge financial firms, which has left the gl h lobal financial system mos paralyzed by a crisis of confidence t stly f that began in for la 2007 7–2008 and has only intens sified since. With news about our industry’s ethical misst o s teps dominating headlines in 2012, it’s n surprise th the results of the 2013 no hat s ntiment Surve (GMSS) — which polled CFA Institut members o their outloo for world c ey d te on ok capital Global Market Sen mark kets in the com ming year — show that ma work is ne ajor eeded to resto market in ore ntegrity. Intere estingly, mem mbers think the e prima fix is to en ary ncourage a cu ulture of ethic inside finan cs ncial firms. Aske which facto has most co ed or ontributed to the current la...
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...mighty insurer, to its knees. Its fetish for credit default swaps (CDSs), a type of derivative that insures lenders against borrowers’ going bust, led it to guarantee at least $400 billion-worth of other c ompanies’ loans—inc luding those of Lehman Brothers. The Americ an government forked out $180 billion to save AIG from collapse. Every catastrophe brings c alls for restrictions on derivatives. This year Joseph Stiglitz, a Nobel economic s laureate, has said that their use by the world’s largest banks should be outlawed. But derivatives have defenders too. Used carefully, they are an excellent—some would say indispensable—tool of risk-management. Myron Scholes, another Nobel prize-winner, says a ban would be a “Luddite response that takes financ ial markets back decades.” Because of the mayhem of the past...
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