...Herbal Supplements The FDA should regulate herbal supplements as it ensures safety for the consumer. If taken properly, herbal supplements have great benefits. The problem is that there simply is not enough regulation of the herbal supplements. Many herbal supplements can be dangerous if taken incorrectly. What’s worse, people simply do not have enough information about the benefits and risks of herbal supplements. A great example of the lack of regulation is overuse of Ephedra. A while back, people started taking mass amounts of Ephedra in order to lose weight. It ended in a great amount of deaths, causing the FDA to take measures against makers of medicines containing Ephedra. Because it was considered an herbal supplement, it did not have the same scrutiny as synthetic drugs. Herbal supplements can be just as powerful as synthetic drugs, so the same vigilance in regulation should apply. Also, harmful ingredients sometimes end up in herbal supplements, which present an entirely new risk. If herbal supplements were more closely monitored, there would be a better chance of preventing this from happening. Because of the lack of regulation, consumers do not have any assurance that what they are buying is safe. Consumers need that assurance, especially when it comes to health products. There also is not very much awareness about herbal supplements. People do not realize how powerful some herbal supplements are. Many people hold the mistaken belief that herbal supplements...
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...Preparation Questions for Myers & Majluf Article on Financing and Investing Decisions Tradicional Finance a) If the NPV of the project is positive, the firm should undertake the investment. b) Base in the formula I = E + S we can demonstrate what is the best decision for the company. For that we will make a numerical example. State 1 State 2 Asset-in.place a 150 50 Investment Opportunity (NPV) b 20 10 P' I Debt (D) Lot of cash S E True Value (V) P'+E V V old new = = = 115 150 0 115 150 0 = = = = = 100 50 320 165 100 50 210 165 = 223,03 146,36 96,97 63,64 Little cash S E True value (V) P'+E V V old new = = = = 30 120 320 235 30 120 210 235 = 156,60 102,77 = 163,40 107,23 S↗ S↘ Payoff V in state 1 V in state 2 old old Issue & Invest (E=50) 223,03 146,36 Issue & Invest (E=120) 156,60 102,77 Do nothing (E=0) 150 50 With this example we can easily state that more cash bring more value to the old stockholders and most importantly, to the firm. c) Retained earnings – could avoid to issues stocks (assumption: the firm only uses risk-free borrowing to reduce the required investment and the investors are passive). “Firms should go to bond markets for external capital, but raise equity by retention if possible.” (Page 219 of the paper). Firms can build up financial slack by restricting dividends when investment requirements are modest. The cash saved is held as marketable securities or reserve borrowing power. Debt...
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...Does your career plan include a world of lifelong success? Program of Professional Studies THE CERTIFIED GENERAL ACCOUNTANTS ASSOCIATION OF BRITISH COLUMBIA We see more than numbers. Choose a career that places you on the path to lifelong success. It’s all about opportunity. Accounting professionals can work in any sector, anywhere in the world. And when you choose CGA, you’ll gain the leadership, problem-solving and technical skills that are sought after by organizations in the private, public and not-for-profit sectors. The CGA Program of Professional Studies gives you the tools to succeed in business, no matter where your career takes you. You’ll enter the workforce with the applied knowledge and demonstrated expertise that employers want, including specialized technical knowledge, sectorspecific competencies, problem-solving skills and the ethical integrity to lead. CGA’s competency-based curriculum is simply your best way to prepare for a rewarding career in financial management. Flexible study options and the freedom to choose the career you want CGA is all about choice. You choose the professional-studies path and real-world experience that best match your career goals and interests. We give you the skills and freedom to work in any type of organization, in any industry, at any level of management. With a CGA designation, your opportunities—both professional and personal, at home and around the world—are limitless. Take your place as a highly respected...
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...Finance Club Meeting Minutes From Wednesday, October 3, 2012 This week’s meeting was focused on mostly announcements, updates, and discussion of a potential trip to the Federal Reserve. The meeting began at 1pm and lasted for approximately 30 minutes, and on time. There were 13 members in attendance. There was a permanent room change from last meeting. All meetings will be held in the faculty library, 6th floor Jubilee Hall. Announcement 1: The finance club would like to welcome its newest e-board members, will be serving as Co-Vice Presidents. They will be responsible for coordinating with speakers once events are set up and arranging travel plans for off campus events. Announcement 2: There will be a guest speaker on Thursday, October 11 at 8:45pm in Jubilee Rm 132. The speaker is Ed Scheuer and will be speaking about mathematical finance. Ed Scheuer is vice president in charge of Capital Markets Hedging. The primary functions associated with this group include leading a cross functional team to evaluate, rebalance, and execute the company’s existing living benefits hedge program, continued development of hedge asset selection and strategy, and analysis and communication of hedge results. He joined the hedging team since 2006 after working at Prudential in the Treasurer's department for nine years. During that time, Ed held a number of positions ranging from cash and liquidity management to legal entity borrowing and rating agency relationships. Ed joined Prudential...
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...Financial management is very essential for health care organization’s to succeed and accomplish goals. As a financial management has a major aspect on how it incorporates the ethical standards and proper reporting practices. To report practices and ethical standards in health care finance assist financial managers in conducting. They conduct effect analysis of the organization’s revenues, expenses, assets, and much more. In the next few paragraphs in the paper will be discussed is the four elements of financial management, the accepted accounting principles, and a few general financial, ethical standards will conduct. Plus, there would be examples of conduct and financial reporting practices in the health care organizations from other articles that will be discussed. The four elements of financial management are planning, controlling, organizing and directing, and decision making. The first element, planning is to set up the health care organization goals and objectives. Then to see what steps have to take and which steps would be more effective to achieve the goal. The second element is controlling; as a financial management will need to consist of verifying whether the department is following the plans, instructions issued, and the principles established. The third element is organizing and directing; which this can be a process that follows planning and controlling element in the health care organizations. While organizing established how resources can be effective...
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...National University of Ireland, Dublin Master of Science (Finance) Intake 15 Module: Strategic Finance Submitted by: Win Lwin Student Number: 12254491 Lecturer: Mr. Soh Cheong Hian Submission Date: 17 May 2013 Word Count: 590 Question 1: Exhibit 1 Company A Company B Company C 14.28 13 15.24 15.79 14.28 29 Return on assets (%) Return on Equity (%) Referring to Exhibit 1, the rationale behind using the net operating profit after tax (NOPAT) for the calculation of return on assets and return on equity instead of using the net income is that a company’s profits are isolated by removing non operating or nonrecurring items from the reported earnings. Hence, by eliminating the interest expense in the profit calculation, the operating profitability is not distorted by differences in the capital structure of a company (Kabajeh, AL Nu’aimat & Dahmash, 2012). Company A and Company B does not use debt financing, using NOPAT or net income does not affect the return on assets and return on equity. However, Company C uses debt financing so using NOPAT in the calculations is more effective and accurate. Exhibit 2 Invested Capital Company A Company B Company C Assets Inventory Accounts Payable Operating Working Capital Net PP&E Invested Capital Equity Investment Total Funds Invested 125 (50) 75 400 475 475 125 (50) 75 400 475 50 525 125 (50) 75 400 475 475 Reconciliation of total funds invested Company A Company B Company C Interest bearing debt 200 Common Stock 475 525 275 Retained...
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...The Effects of Technology on the Accounting Profession Paper Amy Everett ACC/210 December 7, 2015 The Effects of Technology on the Accounting Profession Paper The accounting profession has seen many changes with the advancements of technology and has given accountants with various tools. Examples of these tools include computer-integrated manufacturing, image processing, communications technology, the Internet, and software systems. These examples are a few of the many tools provided by technology and whose purpose is to provide more detailed and accurate information in a timely manner. Advancing technology allows companies to maintain more accurate financial records which are available at the touch of a key. While the advancements have benefited companies everywhere, it also creates new challenges for the accounting profession. Corporate Tax Network (2013) believes that the concept of the spreadsheet has allowed accountants to quickly make calculations with formulas, perform forecasting analysis, and create visualizations that show what the client’s finances and tax requirements from the past, present, and into the future look like. Computers, scanners, faxes, and printers have had a positive impact on the accounting profession. The software that is available makes efficient work of the figures that are reported and provides more accuracy as the calculations are done automatically. With the use of accounting software, the accountant can interpret the financial data...
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...October 17, 2014 October 17, 2014 zainab Mohammed – Nour hamdan – batool bushail – fathea alsomali zainab Mohammed – Nour hamdan – batool bushail – fathea alsomali FINANCE IN EMERGING MARKET – FIN 798 - 126 basix FINANCE IN EMERGING MARKET – FIN 798 - 126 basix The BASIX case as I believe is very interesting case because BASIX positions itself remarkably as microfinance or as other may call it a rural livelihoods promotions institution (outstanding institution). It has a strong leadership skills, strong culture as well and most of all a strong process. This institution was targeting borrowers at remote locations, theses borrowers are approximately 60,000 borrowers distributed across 4000 villages upon 30 district, and these areas considered rural areas. In addition, these borrowers either represented themselves or represented a group of several clients, which made them more reliable for all the members. The minority non – borrowers were buying life and weather insurances. Most of BASIX clients were working in agriculture with varying household and income and the few remaining of the borrowers were not working in agriculture (self-employed), and the labor’s wages depended on wages solely and they were rare). Nevertheless, BASIX had so many challenges and risks associated with their aim. For instance living in rural areas would suggests that the financial services are not available. In addition, because most of the borrowers are working...
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...Govt Budgeting and Finance Professor: Vaida Maleckaite 2011 US.Budget A Summary 02/03/2014 “Budget Message of the President” – A Summary Introduction The President of the United States prior to a budget year gives a speech on the fiscal well being of the Nation. This budget is published by the by the Office of Management and Budget. This speech outlines the economic situation, the progress that the country has made during the year 2011and the issues facing as we look forward and. The budget also includes other important documents such “Rescuing the Economy,” “Reviving Job Creation and Laying a New Foundation for Economic Growth,” and “Restoring Responsibility.” This summary discusses some of the economic indicators that caused the recession. How we were declining in manufacturing, product demand being down, and the financial institutions on the verge of collapse. This was happening along with high unemployment. “The first order of business for the new Administration was to arrest the rapid decline in economic activity.” Economic Situation In the year, preceding the President Obama’s budget speech 2011 the banking industry had stopped lending money; credit was hard to come by. They were investing in high risk ventures with bad speculations that were not successful. There were no regulations to prohibit the banks in unsound investments. The country was going into a recession and perhaps a depression. The Gross Domestic Product was the lowest in 25 years. We were...
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...College: Rims International School of Business & Technology (Mumbai), India. Course: BBA - HNC – 1st Semester. Subject: Managing Financial Resources & Development Roll No: 7 Student name: Zain Sajjad Merchant | | UNIT | Unit 2- Managing Financial Resources & Decisions | Course | HNC | LECTURER | Mr.Parvez Ahmad | VERIFIER | Ms Reena Cliffton | HAND OUT DATE | 15.10.’10 | SUBMISSION DATE | 27.11.’10 | STUDENT | Zain Sajjad Merchant | TERM | Dec 2010 | ASSIGNMENT GUIDELINES 1. This Assignment is designed to help you achieve a Merit or Distinction. 2. During your Structured Individual Study (SIS), you are required to answer each question above (Outcomes Assessment Criteria) which has been covered separately in respective Lessons. 3. In your answer, write about the key concepts highlighted by the Lesson (underpinning knowledge). 4. You can get an idea of the key concepts by referring to the Lesson’s handout, in the Overview section of the Lesson. 5. Look for real-life examples to apply your key concepts (applied knowledge). 6. Make use of the SIS time to research books. 7. During your SIS time, use the computer to research recommended websites and word process your Assignment. 8. Follow the guidelines given in your Handbook. 9. Study the Merit and Distinction Descriptors below to ensure that your work demonstrates compliance in order for it to be considered for their respective Awards.It is important that the work you...
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...Project Finance Module NATIONAL STOCK EXCHANGE OF INDIA LIMITED Dtp-Sys-9\D:\F\2012\F-902-12-Project_Finance/F-902-12-Project_Finance.indd Test Details: Sr. No. Name of Module Fees (Rs.) Test Duration (in minutes) No. of Questions Maximum Marks Pass Marks (%) Certificate Validity 1 Financial Markets: A Beginners’ Module * 1686 120 60 100 50 5 2 Mutual Funds : A Beginners' Module 1686 120 60 100 50 5 3 Currency Derivatives: A Beginner’s Module 1686 120 60 100 50 5 4 Equity Derivatives: A Beginner’s Module 1686 120 60 100 50 5 5 1686 120 60 100 50 5 1686 120 60 100 50 5 7 Interest Rate Derivatives: A Beginner’s Module Commercial Banking in India: A Beginner’s Module Securities Market (Basic) Module 1686 120 60 100 60 5 8 Capital Market (Dealers) Module * 1686 105 60 100 50 5 9 Derivatives Market (Dealers) Module * 1686 120 60 100 60 3 1686 120 60 100 60 5 1686 120 60 100 60 5 12 FIMMDA-NSE Debt Market (Basic) Module Investment Analysis and Portfolio Management Module Fundamental Analysis Module 1686 120 60 100 60 5 13 Financial Markets (Advanced) Module 1686 120 60 100 60 5 14 Securities Markets (Advanced) Module 1686 120 60 100 ...
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...Journal Of Financial And Strategic Decisions Volume 10 Number 3 Fall 1997 STRATEGIC ASSETS, CAPITAL STRUCTURE, AND FIRM PERFORMANCE Rahul Kochhar* Abstract Possession of strategic assets is a necessary condition for sustained competitive advantage. This condition is, however, not sufficient. Firms require financial management capability to realize the rents present in their strategic assets. The firm-specific nature of strategic assets implies that they be financed primarily through equity; other less specific assets should be financed through debt. Firms are likely to suffer increased costs and decreased performance if they do not adopt suitable governance structures in their transactions with potential suppliers of funds. INTRODUCTION The recently developed “resource-based view of the firm” seeks to focus the attention of researchers and managers alike on the unique and hard-to-copy strategic assets of the firm [7, 61]. Firms earn economic rents from these assets when there is an initial level of asymmetry in resource endowments, there is imperfect mobility of these assets, the market for these assets is imperfect, and competitors cannot easily obtain similar assets [2, 6, 7, 20, 24, 48]. Strategic assets provide the firm with a source of steady stream of rents so that it gains a sustained competitive advantage over its rivals. While researchers in this area have a general agreement over the characteristics of strategic assets (albeit adopting slightly different terminology...
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...School of Business United International University FINANCING OPTIONS FOR SMALL AND MEDIUM ENTERPRISES (SMES): EXPLORING NON-BANK FINANCIAL INSTITUTIONS AS AN ALTERNATIVE MEANS OF FINANCING THE CASE OF BANGLADESH Submitted To Submitted By James Bakul Sarkar Md. Moniruzzaman Assistant Professor ID: 111091381 School of Business Bachelor of Business Administration Bachelor’s Degree Thesis in Business Administration ACRONYMS SMES SMALL AND MEDIUM-SIZED ENTERPRISES NBFI NON BANK FINANCIAL INSTITUTIONS. FFS FORMAL FINANCIAL SYSTEM IFS INFORMAL FINANCIAL SYSTEM FMF FEDERAL MINISTRY OF FINANCE CBN CENTRAL BANK OF NIGERIA NDIC NIGERIAN DEPOSIT INSURANCE CORPORATION SEC SECURITIES AND EXCHANGE COMMISSION NIC NATIONAL INSURANCE COMMISSION FMBN FEDERAL MORTGAGE BANK OF NIGERIA NDIC NIGERIA DEPOSIT INSURANCE CORPORATION SEC SECURITY AND EXCHANGE COMMISSION NAICOM NATIONAL INSURANCE COMMISSION ABSTRACT TITLE: FINANCING OPTIONS FOR SMALL AND MEDIUM-SIZED ENTERPRISES (SMES): EXPLORING NON-BANK FINANCIAL INSTITUTIONS AS AN ALTERNATIVE MEANS OF FINANCING. AUTHOR: Md. Moniruzzaman SUPERVISOR: James Bakul Sarkar DEPARTMENT: School of Business, United International University COURSE: Bachelor’s Thesis...
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...Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Project Financing Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Copyright C 2007 by John D. Finnerty. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Wiley Bicentennial Logo: Richard J. Pacifico 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...
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...Journal of Banking & Finance 22 (1998) 613±673 The economics of small business ®nance: The roles of private equity and debt markets in the ®nancial growth cycle Allen N. Berger a a,b,* , Gregory F. Udell c Board of Governors of the Federal Reserve System, Washington, DC 20551, USA b Wharton Financial Institutions Center, Philadelphia, PA 19104, USA c Kelley School of Business, Indiana University, Bloomington, IN 47405, USA Abstract This article examines the economics of ®nancing small business in private equity and debt markets. Firms are viewed through a ®nancial growth cycle paradigm in which different capital structures are optimal at dierent points in the cycle. We show the sources of small business ®nance, and how capital structure varies with ®rm size and age. The interconnectedness of small ®rm ®nance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research. Ó 1998 Published by Elsevier Science B.V. All rights reserved. JEL classi®cation: G21; G28; G34; E58; L89 Keywords: Venture capital; Small business lending; Bank; Mergers 1. Introduction The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus * Corresponding author. Tel.: 1 202 452 2903; fax: 1 202 452 5295; e-mail: aberger@frb.gov. 0378-4266/98/$19.00 Ó 1998 Published...
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