...FINANCE IN VALUE CHAIN ANALYSIS—A SYNTHESIS PAPER microREPORT #132 OCTOBER 2008 This publication was produced for review by the United States Agency for International Development. It was prepared by DAI. FINANCE IN VALUE CHAIN ANALYSIS—A SYNTHESIS PAPER microREPORT #132 The authors’ views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. CONTENTS INTRODUCTION ................................................................................. 1 OBJECTIVE ................................................................................ 1 DEFINITION ................................................................................ 1 IMPORTANCE ............................................................................. 1 REPORT STRUCTURE ................................................................. 1 THE VALUE CHAIN ANALYSIS (VCA) FRAMEWORK ..................... 3 ANALYTICAL VCF FRAMEWORK WITH CASE-STUDY ILLUSTRATIONS ................................................................................ 7 UNDERSTANDING THE CURRENT CASH FLOW AND CREDIT STRUCTURE (ANALYTICAL PHASE) ............................................ 7 Intra-firm Finance ......................................................... 8 Finance Services Provision .......................................... 9 Inter-firm Finance (Governance) ................................ 10 UNDERSTANDING...
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...course. Visit the Student Finance Lab Learning Community. Objectives/Competencies Foundations of Finance 1.1Differentiate between financial statements. 1.2Differentiate between legal and tax structures for businesses. 1.3Identify the axioms of finance. Learning Activities Required Reading WileyPLUS Assignment: Fundamentals of Corporate Finance, Ch. 1 48 Reading WileyPLUS Assignment: Fundamentals of Corporate Finance, Ch. 2 25 Reading WileyPLUS Assignment: Fundamentals of Corporate Finance, Ch. 3 27 Website WileyPLUS Gradebook: Week 1 Gradebook ERR Week 1 Electronic Reserve Videos Recommended Reading Fundamentals of Corporate Finance, 2e Interactive/Tutorial WileyPLUS Assignment: Week 1 Vocabulary Activity 14 Interactive/Tutorial WileyPLUS Assignment: Week 1 Interactive Tutorials Activity Interactive/Tutorial WileyPLUS Read, Study & Practice: Week 1 Practice Interactive/Tutorial WileyPLUS Assignment: Week 1 Excel Resources Activity Video WileyPLUS Assignment: Week 1 Videos Activity 21 Assignments ASSIGNMENT STATUS FRIENDLY NAME TITLE DUE DATE POINTS UNREAD COMMENTS Participation Week 1 Participation Quiz WileyPLUS Assignment: Week 1 Practice Quiz Paper Business Structures Week2. Financial Statement Analysis. Jan 20 - Jan 26Week2 Financial Statement Analysis Jan 20 - Jan 26 12.6 / 13 points Tasks Review the Week 2 Study Guide. Objectives/Competencies Financial Statement Analysis 2.1Calculate financial ratios...
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...Kale(1985) & Black(1986) |If traders trade on “noise” signals, unrelated to fundamental data, then share price can deviate from intrinsic value. | | |Shleifer (2000) |Two major foundation of behavioral finance: | | |Limited arbitrage | | |Investor sentiment | |Shleifer (2000) |Investor sentiment is mainly driven by two phenomena: | | |The tendency of people to view events as representative of some specific | | |class and ignore the laws of probability in the process | | |And conservatism. | |Lee, Shleifer & Thaler (1991) |CEFD suggest that as the discount increase, retail investor sentiment | | |decrease. | |Barber, Odean and Zhu(2006)...
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...accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the student website. Week One: Overview of Health Care Finance Details Objectives 1.1 Define basic health care finance terms. 1.2 Describe the four segments that comprise a financial management system. 1.3 Identify financial reporting practices & ethical stds of conduct. Read the Week One Read Me First. Due Self Study Points N/A ...
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...320 Entire Course (UOP Course) For more course tutorials visit www.tutorialrank.com FIN 320 Week 1 Individual Assignment Ethics Article Analysis FIN 320 Week 1 DQ 1 FIN 320 Week 1 DQ 2 FIN 320 Week 2 Assignments from the Readings FIN 320 Week 2 Team Assignment Financial Performance Case Study FIN 320 Week 2 DQ 1 FIN 320 Week 2 DQ 2 FIN 320 Week 3 Assignments from the Readings FIN 320 Week 3 Individual Assignment Working Capital Management Paper FIN 320 Week 3 DQ 1 FIN 320 Week 3 DQ 2 FIN 320 Week 4 Team Assignment Working Capital Case Study FIN 320 Week 4 Individual Assignments from the Readings FIN 320 Week 4 Individual Assignment Utilizing the TVM Simulation Summary FIN 320 Week 4 Team Assignment Cost of Capital Memo FIN 320 Week 4 DQ 1 FIN 320 Week 4 DQ 2 FIN 320 Week 5 Individual Assignment International Risk Paper FIN 320 Week 5 Individual Assignment Financial Intermediaries Paper FIN 320 Week 5 Team Assignment Capital Investment Decisions Case Study and Presentation FIN 320 Week 5 DQ 1 FIN 320 Week 5 DQ 2 ________________________________________________ FIN 320 Week 1 Individual Assignment Ethics Article Analysis (UOP Course) For more course tutorials visit www.tutorialrank.com Locate an article regarding ethics considerations in financial management. Write a 350- to 700-word article analysis in which you address the following items: • Discuss how ethics affects the financial decision-making process. • Explain the...
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...URN:NBN:fi-fe20051937 Copyright © 2002-2005 by Prof. Timo Salmi, Prof. Jussi Nikkinen & Prof. Petri Sahlström Paper last modified Thu 24-Nov-2005 11:57 Subsequent references last appended Tue 9-Nov-2010 | Timo Salmi, Jussi Nikkinen &Petri Sahlström Department of Accounting and Finance Faculty of Business Studies University of Vaasa, Finland The Review of the Theoretical and Empirical Basis of Financial Ratio Analysis Revisited With the Modern Developments in the Web-Based Publishing Abstract This web-based publication is an addendum to a previous review of the research and research trends in financial ratio analysis. The first purpose is to add more current references to the previous review. The second purpose is to emphasize the changes facilitated by the modern World Wide Web based publication practices and their impact on the availability of scientific publications. The new references are listed only without detailed reviewing, since no drastic additions have come to the fore in the field. However, it is felt that the additions are sufficient to warrant this addendum made readily possible by the option of making this publication available online. Keywords: Financial statement analysis, financial ratios, review, electronic publishing Referencing: Salmi, Timo, Jussi Nikkinen & Petri Sahlström (2005). The Review of the Theoretical and Empirical Basis of Financial Ratio Analysis Revisited. University of Vaasa, Finland. URN:NBN:fi-fe20051937. Available from World Wide Web: <URL:http://www...
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...references were used in the CFA Institute-produced publications Quantitative Methods for Investment Analysis, Analysis of Equity Investments: Valuation, and Managing Investment Portfolios: A Dynamic Process. Ackerman, Carl, Richard McEnally, and David Ravenscraft. 1999. “The Performance of Hedge Funds: Risk, Return, and Incentives.” Journal of Finance. Vol. 54, No. 3: 833–874. ACLI Survey. 2003. The American Council of Life Insurers. Agarwal, Vikas and Narayan Naik. 2000. “Performance Evaluation of Hedge Funds with OptionBased and Buy-and-Hold Strategies.” Working Paper, London Business School. Ali, Paul Usman and Martin Gold. 2002. “An Appraisal of Socially Responsible Investments and Implications for Trustees and Other Investment Fiduciaries.” Working Paper, University of Melbourne. Almgren, Robert and Neil Chriss. 2000/2001. “Optimal Execution of Portfolio Transactions.” Journal of Risk. Vol. 3: 5–39. Altman, Edward I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance. Vol. 23: 589–699. Altman, Edward I. and Vellore M. Kishore. 1996. “Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds.” Financial Analysts Journal. Vol. 52, No. 6: 57−63. Altman, Edward I., R. Haldeman, and P. Narayanan. 1977. “Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations.” Journal of Banking and Finance. Vol. 1: 29−54. Ambachtsheer, Keith, Ronald Capelle, and Tom Scheibelhut. 1998. “Improving Pension Fund...
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...and Research (Part 1 – Financial Markets and Asset Pricing) Team Member: Haotian Lin; Nan Bai; Wenyi Gu; Yibo Zang Summary Standard finance (modern portfolio theory), compared with Behavioral finance, is no longer modern: dating back to the late 1950s modern portfolio theory was developed (Statman 2008) Behavioral finance offers alternative explanation for investors and markets. Behavioral finance, which has been a controversial subject and is becoming more widely accepted, is finance from a broader social science perspective including psychology and sociology (Shiller 2003). Behavioral finance helps identify the financial market’s inefficient reaction to public information, which cannot be explained by traditional financial models with assumptions such as expected utility maximization, rational investors, and efficient markets (Ritter 2003; Statman 2008). Statman (2008) compares “normal” investors and rational investors by pointing out the difference that normal investors are reluctant to realize losses since normal investors are affected by cognitive biases and emotions. Statman also compares Behavioral Portfolio Theory and Markowitz mean-variance theory. Another comparison made by Statman is between Behavioral Asset Pricing Model (BAPM) and capital asset pricing model (CAPM), stating that the asset pricing model of standard finance is moving away from CAPM toward Fama and French three-factor model, a model similar to the BAPM. Bloomfield’s article discusses anomalies...
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...Existing Schedule | |Proposed Schedule | | | |25 June 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 |25 June 2011 8:00 AM -12:00 AM and 1:00 PM – 4:00 PM |7 | |02 July 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 | | | |09 July 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 |09 July 2011 8:00 AM -12:00 AM and 1:00 PM – 5:00 PM |8 | |16 July 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 | | | |23 July 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 |23 July 2011 8:00 AM -12:00 AM and 1:00 PM – 4:00 PM |7 | |30 July 2011 8:00 AM -11:00 AM and 1:00 PM – 3:00 PM |5 |30 July 2011 8:00 AM -12:00 AM and 1:00 PM – 5:00 PM |8 | | |30 hours | ...
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...FINANCIAL ANALYSIS AND WORKING CAPITAL MANAGEMENT TECHNIQUES USED BY SMALL MANUFACTURERS: SURVEY AND ANALYSIS Morris Lamberson, University of Central Arkansas ABSTRACT This article summarized the responses of 103 small manufacturers to a mail questionnaire survey sent to the chief financial officer of 477 firms located in the southern region of the U.S. The major thrust of the paper was to provide insight into the importance of and utilization of financial analysis and working capital management concepts by small manufacturers. Findings from the study suggest that respondents considered financial analysis and working capital management to be important and most firms were heavy users of these concepts. While the findings were encouraging, a significant percentage of the small firms expressed little or no usage of the concepts. Academicians need to continue efforts to communicate to practitioners of the potential benefits of applying these financial management concepts. INTRODUCTION A frequent concern, expressed by those who develop collegiate finance curricula, is whether or not the financial concepts normally taught in undergraduate finance courses are actually utilized in the business world. While we recognize the fact that a gap will always exist between what is taught in the classroom and what is practiced in the business world, academicians have a responsibility to both students and financial managers to help bridge the gap between theory and practice. This concern over real...
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... The study applies the MANOVA techniques to analyze the financial secondary data for only publicly traded banks in the same region. The findings of the study show that there is a significant difference between the two sectors in 2007 and 2009 and there are no significant differences in 2008, which indicates the effect of the crisis on both sectors. IBs outperform TBs in 2007 and TBs outperform IBs in 2009. This result indicates the spread of the crisis to the real economy where IBs usually operate. INTRODUCTION Forty years ago Islamic Finance was virtually an unknown system; interestingly it has expanded to become a distinctive and fast growing segment of the International Financials markets. With a growth rate that ranges from 15% to 20% (EL- Qoroshy 2005). Islamic Finance in general and Islamic banking in specific become main players in the financial world. According to the IMF survey (2010) the total capital managed under Islamic Finance systems was estimated to be $820 billion at the end of 2008. More than 200 Islamic Banks operate in over than 70 countries concentrated in the MENA region and many western countries (Hassan & lewis, 2007). Obviously, the Islamic Banking sector attracts more attention during the financial crisis started in 2008. This attention is justified by the minor effect of the crisis on the financial institutions that comply to Islamic sharia’a (laws) (Chapra, 2008). In...
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...September 12, 2001 -1- White Paper: Examining Berkshire Hathaway’s 1995 Purchase of GEICO Insurance Tim Glowa Tim@Glowa.ca September 12, 2001 © 2001 Tim Glowa Berkshire Hathaway and GEICO Insurance © 2001 Tim Glowa September 12, 2001 -2- Table of contents Executive Summary.................................................................................................... 3 Introduction................................................................................................................. 4 Review of the case: Berkshire Hathaway purchasing GEICO.................................... 4 Strategic Outcome....................................................................................................... 7 Finance........................................................................................................................ 7 Time Value of Money................................................................................................. 8 Assessment of the GEICO purchase........................................................................... 8 Time value of money ................................................................................................ 11 An examination of the GEICO acquisition in hindsight........................................... 13 Limitations of Discounted Cash Flow ...................................................................... 15 Limitations of this Analysis...............................
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...How Campaign Finance Affects Electoral Outcomes (Name) (Subject) (Nature of Work) I. Introduction An electoral candidate can win an election if he has plenty of campaign finances. This seems to be the common wisdom that people believe in when it comes to the electoral success of candidates. However, such a statement is not easily verifiable. In fact, there are several factors involved in the determination of whether or not there is a correlation between the campaign finances used by candidates and the probability of winning due to these funds. It has been the contention of majority that for a candidate to get a seat or win the presidency, it is important that he spend lavishly. If this is the case, then incumbents, who are generally the ones equipped with the biggest campaign funds, have edge over challengers. It is also an assurance to potential challengers that if they manage to put up campaign funds, whether from contributors or from their own pockets, they are already assured of a win in the elections. With the government structure the United States have, generalizing for all sectors of the government, particularly during the electoral races, will be quite complex. Moreover, though it is very easy to make assumptions, such arguments could start crumbling once empirical studies of various experts on the subject of political science come to light. Factors such as policy decisions, party affiliations, popularity, etc. play a role in the...
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...COURSE SYLLABUS COURSE TITLE: MGT/448 Global Business Strategies LSB04BSM09 REQUIRED TEXT/MATERIAL: Books 1. The World Is Flat A Brief History of the Twenty-first Century (Friedman) 2. International Business: Competing in the Global Marketplace, 5/e (Hill) 3. The Lexus and the Olive Tree: Understanding Globalization (Friedman) 4. Managing Cultural Differences (Harris, Moran) 5. Global E-Commerce Strategies for Small Business, (Da Costa, Laffont, Tirole) Scholarly Articles 1. International Business: Environments and Operations, (Daniels, Radebaugh, Sullivan) Journal of Political Economy 2. International Real Business Cycles, (Backus, Kehoe and Kyland) Journal of Political Economy 3. Going global: Using information technology to advance the competitiveness of the virtual, (Boudreau, Loch, Robey, Straub) Academy of Management Executive 4. Working with Americans, (Thompson) The FLAME of Claremont Graduate University Websites: 1. Economist.com (The Economist Magazine) 2. FT.com (Financial Times Newspaper) 3. cia.gov/cia/publications/factbook (CIA world Fact Book) 4. loc.gov/rr/international/portals.html (Library of Congress Country Info) 5. windowontheworldinc.com/countryprofile/index.html (Tips for Global Business Etiquette 6. transparency.org (Transparency International) 7. scholar.google.com (Google for academic search) INSTRUCTOR: Taj Ahmad Eldridge, MBA, Ph.D Int’l Political Economics & World Politics candidate WELCOME: ...
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...Journal of Business Case Studies – November/December 2010 Volume 6, Number 6 Calculating The Beta Coefficient And Required Rate Of Return For Coca-Cola John C. Gardner, University of New Orleans, USA Carl B. McGowan, Jr., Norfolk State University, USA Susan E. Moeller, Eastern Michigan University, USA ABSTRACT In this paper, we demonstrate how to compute the required rate of return for Coca-Cola using modern portfolio theory with data downloaded from the internet. We demonstrate how to calculate monthly returns for the index and Coca-Cola and how to use the returns to compute the beta coefficient and the required rate of return using the downloaded data. We show how to validate the data for the market index and the company and how to compute the returns using the dividend and stock split adjusted prices. We demonstrate how to graph the characteristic line for Coca-Cola and use the graph to check that the regression was run correctly. We use Coca-Cola and the S&P 500 Index in this paper, but any company listed on Yahoo! Finance can be used as the example. This paper can be used as the basis of a lecture on intermediate corporate finance or investments to demonstrate the process using a real company. Keywords: beta; characteristic line; required rate of return; Coca-Cola; teaching note INTRODUCTION M arkowitz1 (1952) began modern portfolio theory (MPT) which can be used to explain the relationship between risk and return for assets, particularly stocks. Stock of...
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