...Portfolio National Markets / Performance Mini Case Summary International Portfolio Theory and Diversification Group 5 Kristin Hanselmann, Anna Ivaniuk, Lalita Pongpitakwises, Christian Seemann Fachhochschule Mainz - MA.IB International Finance March 2013 K. Hanselmann, A. Ivaniuk, L. Pongpitakwises, C. Seemann International Portfolio Theory and Diversification 1/35 Introduction Diversification / Risk Internationalizing Portfolio National Markets / Performance Mini Case Summary Introduction Christian Seemann International Portfolio Theory and Diversification 2/35 Introduction Diversification / Risk Internationalizing Portfolio National Markets / Performance Mini Case Summary Agenda Introduction International Diversification and Risk Internationalizing the Domestic Portfolio National Markets and Asset Performance Mini Case Summary 1 2 3 4 5 6 Christian Seemann International Portfolio Theory and Diversification 3/35 Introduction Diversification / Risk Internationalizing Portfolio National Markets / Performance Mini Case Summary Introduction Multinational Business Finance Part 5 - Foreign Investment Decisions Chapter 17 Pages 432 – 451 Christian Seemann International Portfolio Theory and Diversification 4/35 Introduction Diversification / Risk Internationalizing Portfolio National Markets / Performance Mini Case Summary International Diversification and...
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...Part 3 Fundamentals of Financial Institutions Chapter 7 Why Do Financial Institutions Exist? Chapter Preview A vibrant economy requires a financial system that moves funds from savers to borrowers. But how does it ensure that your hard-earned dollars are used by those with the best productive investment opportunities? Copyright ©2015 Pearson Education, Inc. All rights reserved. 7-3 Chapter Preview In this chapter, we take a closer look at why financial institutions exist and how they promote economic efficiency. Topics include: •Basic Facts About Financial Structure Throughout the World •Transaction Costs •Asymmetric Information: Adverse Selection and Moral Hazard Copyright ©2015 Pearson Education, Inc. All rights reserved. 7-4 Chapter Preview (cont.) • The Lemons Problem: How Adverse Selection Influences Financial Structure • How Moral Hazard Affects the Choice Between Debt and Equity Contracts • How Moral Hazard Influences Financial Structure in Debt Markets • Conflicts of Interest Copyright ©2015 Pearson Education, Inc. All rights reserved. 7-5 Basic Facts About Financial Structure Throughout the World • The financial system is a complex structure including many different financial institutions: banks, insurance companies, mutual funds, stock and bonds markets, etc. Copyright ©2015 Pearson Education, Inc. All rights reserved. 7-6 Basic Facts About Financial Structure Throughout the World • The chart on the next slide shows how nonfinancial business attain...
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...FI 8320, Spring 2005 Cases and Readings in Corporate Finance [pic] [pic] [pic] [pic] Instructor Professor David C. Nachman Office: RCB 1239 Phone: 651-1696 email: dnachman@gsu.edu Office Hours: W 10:00 am – 2:00 pm, or by appointment Prerequisites FI 8000 CSP: 1, 2, 6 Course Description This course focuses on financial policy-making through case analyses, contemporary readings from the professional literature, and problem solving. The emphasis in the course is on investment and financing decisions and their impact on firm value and on capital market imperfections and their impact on the raising of corporate capital. The course also provides an opportunity for the study of additional topics of special current significance such as capital structure and dividend policy, corporate restructuring and the market for corporate control, real options, risk management, international capital budgeting and financing, financial planning and working capital management, project financing, reorganizations and advanced equity valuation. Course Material Required text material • (BMA) R. A. Brealey, S. C. Myers and F. Allen, Principles of Corporate Finance, 8th ed., McGraw- Hill/Irwin, Inc., 2006. •(RP) Reading Packet •(CP) Case Packet The required text (BMA) and the materials that make up the Case Packet (CP) are available at the GSU Book Store. The Reading Packet (RP) is available at ERes. Contents of (CP) and (RP) (with ERes access instructions) follow...
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...FI 4320, Spring 2005 Cases and Readings in Corporate Finance [pic] [pic] [pic] [pic] Instructor Professor David C. Nachman Office: RCB 1239 Phone: 651-1696 email: dnachman@gsu.edu Office Hours: W 10:00 am – 2:00 pm, or by appointment Prerequisites FI 4000 CSP: 1, 2, 4, 6 Course Description This course focuses on financial policy-making through case analyses, contemporary readings from the professional literature, and problem solving. The emphasis in the course is on investment and financing decisions and their impact on firm value and on capital market imperfections and their impact on the raising of corporate capital. The course also provides an opportunity for the study of additional topics of special current significance such as capital structure and dividend policy, corporate restructuring and the market for corporate control, real options, risk management, international capital budgeting and financing, financial planning and working capital management, project financing, reorganizations and advanced equity valuation. Course Material Required text material • (BMA) R. A. Brealey, S. C. Myers and F. Allen, Principles of Corporate Finance, 8th ed., McGraw- Hill/Irwin, Inc., 2006. •(RP) Reading Packet •(CP) Case Packet The required text (BMA) and the materials that make up the Case Packet (CP) are available at the GSU Book Store. The Reading Packet (RP) is available at ERes. Contents of (CP) and (RP) (with ERes access instructions)...
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...BUSINESS ADMINISTRATION Within a framework of excellence in contemporary business education, the School of Business Administration will build a community of lifelong relationships upon a foundation of enduring Christian values. CONTRIBUTION OF COURSE TO CHRISTIAN SERVICE AND LEADERSHIP For I have walked in my integrity … I will walk in my integrity … Joyful are people of integrity, who follow the instructions of the Lord. Psalm 26:1, 26:11, 119:1 (NKJV). THE OC COVENANT The Covenant for Oklahoma Christian University is posted under Course Information. REQUIRED TEXT Phillip V. Lewis, Ethics in the World of Business, Kendall-Hunt Publishing Co., 2014 (ISBN: 978-1-4652-3979-2). COURSE DESCRIPTION This course examines the basic ethical issues involved in the conduct of business from a biblical perspective. Critical thinking of organizations as a spiritual, social, moral, and ethical activity is explored, as well as the decision process. The way these decisions are communicated to others is also studied. LEARNING OUTCOMES/OBJECTIVES 1. Compare the roles of ethics, values, and morals in the world of business. 2. Identify the roles and effects of social issues in the workplace. 3. Create a global framework for ethical...
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... LONG BEACH DEPARTMENT OF FINANCE, REAL ESTATE AND LAW FINANCE 400 FINANCIAL MANAGEMENT, NEU Dr. BILICI, Summer 2016 e-mail fin400neu@gmail.com REQUIRED TEXT: Intermediate Financial Management, by Brigham and Daves Financial Management Cases. Supplemental Readings: Study Guide. Course Objectives: To review the theoretical concepts in Corporate Finance and improve financial administration skills through projects problem solving and cases. Lectures, Projects, cases and problem solving approaches will be used to achieve the course objectives. Grading: Grade Percent Points Exams 200 points Excellent 80+ Group Work and Cases 100 points Good 70-79.9 Participation, Indiv. Cases 100 points Average 60-69.9 TOTAL 400 points Passing 50-59.9 Fail Below 50 Percentage Score 400/4=100 You will be penalized for absence, lack of participation or poor performance on reading assignments case assignments and problem assignments You are required to read the assigned chapters and finish the mini case assignments before the class discussion of the assignments. Additional readings and problems may be assigned as needed to supplement the text book. * EACH GROUP WILL TURN IN SIX WRITTEN CASE FOR GRADING PRIOR TO PRESENTATION. Written Case as well as Presentation will...
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...CHAPTER QUESTIONS Chapter Four: Breakout Question 1 Page 134 As a manager, it is hard to motivate people, but one can affect and inspire motivation. Sales persons are highly motivated by money. However, when money is not effective, a manager can focus on creating conditions in which the sales persons will be motivated. The manager can use strong motivators like recognition, which should be done when one achieves something. In addition, a well designed compensation plan will motivate the sales people to work hard because they are assured of their job security. Therefore, when money is not effective, a manager should ensure that sales people are motivated by being provided with good working conditions. Chapter Seven: Breakout Session Question 2 Page 233 Sales prediction is a challenge to different organizations. Although, there are a number of tests on sales performance, this prediction has remained weak for a number of factors. One of these factors is the economic downturns. Unexpected economic changes forces consumers to alter their buying habits in order to cater for other arising needs. Other factors that make it hard to predict sales performance include increasing competition, changing trends and fashions, and employee turnover. The number of sales appears to be controlled by numerous and diverse forces in the market and not the company. This makes it hard to predict future sales depending on the past performances. Chapter Eight: Mini-case: Digital Age Games, Questions...
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...Conducting basic and applied research in management that explores and informs the creation, development and management of growth; * Providing degree programs that prepare our students to be effective managers and responsible community leaders with a deep understanding of the dynamics of growth in both a regional and global context; Partnering with business and community leaders through a shared commitment to exemplary growth; and Delivering educational programs to executives and the public at large that respond to the needs of our local, state, national, and international communities. Course description This course provides a foundation in theories of finance. Topics include time value of money, net present value analysis, security valuation, portfolio theory, asset pricing models, capital budgeting decision, capital structure decision, sources of financing for a...
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...Corporate Finance, 9/e Stephen A. Ross, Massachussetts Institute of Technology Randolph W. Westerfield, University of Southern California Jeffrey F. Jaffe, University of Pennsylvania ISBN: 0073382337 Copyright year: 2010 Table of Contents PART I: Overview 1 Introduction to Corporate Finance 1 1.1 | What Is Corporate Finance? | 1 | | The Balance Sheet Model of the Firm | 1 | | The Financial Manager | 3 | 1.2 | The Corporate Firm | 4 | | The Sole Proprietorship | 4 | | The Partnership | 4 | | The Corporation | 5 | | A Corporation by Another Name . . . | 7 | 1.3 | The Importance of Cash Flows | 7 | 1.4 | The Goal of Financial Management | 10 | | Possible Goals | 11 | | The Goal of Financial Management | 11 | | A More General Goal | 12 | 1.5 | The Agency Problem and Control of the Corporation | 13 | | Agency Relationships | 13 | | Management Goals | 14 | | Do Managers Act in the Stockholders' Interests? | 14 | | Stakeholders | 15 | 1.6 | Regulation | 16 | | The Securities Act of 1933 and the Securities Exchange Act of 1934 | 16 | | Sarbanes-Oxley | 17 | | Summary and Conclusions | 18 | | Concept Questions | 18 | | S&P Problems | 19 | 2 Financial Statements and Cash Flow 20 2.1 | The Balance Sheet | 20 | | Liquidity | 21 | | Debt versus Equity | 22 | | Value versus Cost | 22 | 2.2 | The Income Statement | 23 | | Generally Accepted Accounting Principles | 24 | | Noncash Items | 25...
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...COURSE DESCRIPTION Introduces the concepts of finance. Reviews the basic tools and their use for making financial decisions. Explains how to measure and compare risks across investment opportunities. Analyzes how the firm chooses the set of securities it will issue to raise capital from investors as well as how the firm’s capital structure is formed. Examines how the choice of capital structure affects the value of the firm. Presents valuation and integrate risk, return and the firm’s choice of capital structure. INSTRUCTIONAL MATERIALS Required Resources Brigham, E. F., & Ehrhardt, M. C. (2014). Financial management (14th ed.). Mason, OH: South-Western Cengage Learning. Supplemental Resources MBA Primer Note: The MBA Primer is designed to help students with little or no educational background in business to prepare for the rigors of an MBA program. The MBA Primer is also a useful tool for students who have the business background but might need a refresher. It is a way to help you prepare for the types of activities and concepts that will be covered in the MBA program, so you can feel more comfortable and confident as you progress into higher level courses. Students are emailed an access code for this product when they purchase MBA Primer from the Strayer Bookstore, accessible through iCampus. CNN Money. (2013). General format. Retrieved from http://money.cnn.com/ Criniti, A. (2013). The necessity of finance. Philadelphia, PA: Criniti Publishing Company. ...
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...WESTERN KENTUCKY UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION FIN 437—Corporate Asset Management Dr. Indudeep S. Chhachhi Fall, 2014 Department of Finance E-Mail: indudeep.chhachhi@wku.edu Office & Office Hours: 327 Grise Hall, 745-2928 M/W 11:15 - 12:30 p.m. T 10:15– 12:30, and by appointment Texts and Calculators Required Stephen Ross, Randolph Westerfield, and Jeffrey Jaffe, Corporate Finance (10th ed., McGraw Hill, Irwin, 2013). Subscription to Connect (McGraw Hill) for Corporate Finance (10th edition) (Connect Plus will give you access to the eBook) Texas Instruments' BA II Plus Professional. Strongly Recommended Subscription to The Wall Street Journal. Course Objectives As the second undergraduate finance course, the purpose of Corporate Asset Management is to provide business students with a greater depth of understanding of topics that are applicable to the financial management of modern business corporation. Learning Objectives After completing this course students will be expected to have mastered topics such as: * Risk and Return * Valuation Process and Capital Budgeting * Financial Policy, Options, and Corporate Restructuring. Prerequisites FIN 330 with a grade of “C” or better and completion of, or current enrollment in, ECON 307. If you have not completed the prerequisite listed above, You should drop the class immediately. It is possible that you will be dropped from the class...
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...Business English Certificate Speaking Course Shanghai NOS 陈文笠 (Henry) Class Planning Focuses Concepts Chapter One Briefing Part One Oral Communication Ⅰ. Oral Communication 1. Vocabulary 2. Grammar 3. Pronunciation 4. Practice makes perfect Chapter One Briefing Part Two BEC Speaking Test Ⅱ. BEC Speaking Test 1. Introduction of format 2. Selection of partners 3. Introduction Part 1 Mini-interview 3 min, personal information, brief business ideas Part 2 Presentation 6 min, 1 out of 3 topics of different fields, preparation + presentation + (Q&A) Part 3 Discussion 5~7 min, decision making, follow-on questions Ⅱ. BEC Speaking Test 4. Scoring Criteria Interaction Impression Fluency Accuracy Pronunciation Business English Certificate Speaking Course Shanghai NOS 陈文笠 (Henry) Chapter Two Basic Expressions Functions of the Language Fondness Of course, I sure love … Oh, yeah, … is always my favorite. Well, … is a bit too …, but I sure love the … of …. Well, some say that … is a bit too …, but I sure love the … of …. Disfavor No, not at all / absolutely not/ definitely not. I’d rather not. Well, generally speaking, … is fine with me, but I’m not so keen on the … of...
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...Chapter 2 Mini Case: “Financial Statement and Cash Flow Analysis” Jennifer L. Hatch Professor Edward Strafaci Advanced Financial Management January 28, 2015 Chapter 2 Mini Case: “Financial Statement and Cash Flow Analysis” Introduction According to the mini case, Jaeden Industries has provided their account balances as of December 31, 2010. In order to determine the company’s free cash flow, liquidity, debt and profitability ratios, and market ratios, the following are required: dividend payout ratio of 25%, tax rate of 34%, stock price on December 31, 2009 was $42.39 and the stock price on December 31, 2010 was $56.82. Below are the calculations required in order to obtain a cash flow analysis on Jaeden Industries. Jaeden’s Free Cash Flow Free cash flow involves the following acronyms that are to be applied to the first party of the formula: net operating profits after taxes (NOPAT), earning before interest and taxes (EBIT), T = corporate tax rate, and operating cash flow (OCF). In order to calculate the free cash flow (FCF), two steps are required. The first step is to calculate the OCF, and then the free cash flow can be determined. Operating Cash Flow OCF = [EBIT x (1 – T)] + Depreciation OCF = [$13,119,000 x (1 - .34) + $700,000 OCF = [$13,119,000 x .66] + $700,000 OCF = $8,658,540 + $700,000 OCF = $9,358,540 Free Cash Flow In order to determine the second part of the calculation, the following information is required: change in gross fixed...
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... | |FIN 5001 OR FINP 5008 and ACTP 5001 | | | |IV. LEARNING OUTCOMES | |Entrance Competencies: | |1) Construct and analyze the financial statements of corporations....
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...forecast sales? Why is this the case, and how do capital suppliers respond? Why is so much emphasis placed on forecasting sales and cash balances in building proformas and projections? * * * Professor, class, * * There is a tight relationship between a firm's life cycle stage and its ability to accurately forecast sales. The earlier a venture is at its life cycle stage the more difficult it will have to accurately forecast its sales. It is usually easier to forecast a firm being at the later stages of life cycle such as maturity compared to early stage firms that have not operated yet. Firms at the early life cycle stage do not have any historical sales and records that are the crucial element to guide the future performances. Capital suppliers emphasize a lot on forecasting sales that is an efficient way to see future performances and results of the ventures they are about to finance * * * * * * * * * Chapter 6: Discussion Question: #4 p. 223 Why is it usually easier to forecast sales for seasoned firms in contrast with early-stage ventures? We usually forecast sales efficiently based on an horizontal analysis in other words, based on sales from previous years. The difficulty in forecasting sales for early stage ventures rely on the fact the ventures do not have any past records of sales since it is the first time they are operating. * Chapter 6: Pharma BioTech Mini Case: pp. 229 - 230 Part A only ...
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