...CH2 Assets=Liabilities +Stockholder’s Equity Cash Flow From Firm’s Assets=Cash Flow to Creditors + Equity Investor →CF(A)=CF(B)+CF(S) 一、 CF(A)=Operating Cash flow (OCF)-CAPEX-△NWC 1) OCF（看income statement）=EBIT + Depreciation -Tax paid EBIT=Revenue-Cost-Depreciation Tax=(EBIT-interest)*tax rate Earnings per share=Net income/total share outdating’s Dividends per share=Dividend/ total share outdating’s 2) CAPEX定义：Acquisitions-Sales of fixed assets 是out flow 需被finance CAPEX=△Total fixed assets+△accumulated depreciation=△PPE+△intangibles 3) △NWC=NWCend-NWCbeg financed by firm，是cash outflow长期 NWC=current assets-current liabilities 二、 CF（B）=Interest paid +debt retired-debt issued= Interest paid-New borrowing CF（B）= Interest paid-（ending long-term debt-beginning long-term debt） 三、 CF(S)=Dividends +share buybacks-stock issued Share buyback=treasury stock(end-beg) Stock issued=△common stock+△capital surplus CH7 Capital budgeting:accept or reject project. 一、 NPV:difference between sum of PV of future cash flow(只用cash flow,no earnings会计学上的；全部的CF of the project,discount rate)and initial cost. NPV rule:大于0接受,小于0reject.Positive NPV benefit stockholders Firm value=各种NPV加总(源自于cash flow)cash flow can only be estimated, 有risk Discount rate:return expected to earn on a financial asset of risk→opportunity cost 二、 Payback period: time that CF-initial cost>0,选择一个particular cutoff date对比之 NO timing of cash flow；ignore...
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...one in which stock prices fully reflect available information (i.e. stock market prices are good estimates of underlying intrinsic value). * What conditions generally lead to market efficiency? * Rationality * Independent Deviations * Arbitrage * What are the three forms of market efficiency? * Weak form * Security prices reflect all information found in past prices and volume. * Implication? * Semi-strong form * Security prices reflect all publicly available information. * Strong form * Security prices reflect all information—public and private. * What are the implications of market efficiency for corporate finance? * The price of a company’s stock cannot be affected by a change in accounting cosmetics, e.g., stock splits. * Financial managers cannot “time” issues of stocks and bonds unless they have special information. * A firm can learn from market reactions to the firm actions. * However, if financial managers have special information, and try to use it, markets will react. This could also suggest that market prices may not always be equal to intrinsic value. * What are the empirical challenges to market efficiency? * Bubbles * Consider the tech stock bubble of the late 1990s. The AMEX Internet Index dropped 80% in one year. * Crashes * On October 19, 1987, the stock market dropped...
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...Learnings From Article Review – Finance Function In a Global Corporation Learnings from Article Review – Finance Function in a Global Corporation As companies globalize, they face new financial challenges. Here, the major challenge faced by the Global CEO is giving companies a powerful mechanism for arbitrage across national financial markets as capital markets open up within them. CFO has to balance the traditional question with new questions which arises due to the globalization. By exploiting their internal capital markets, CFO can create value in 3 functions: 1. Financing the internal capital market. 2. Managing Risk Globally, 3. Global Capital Budgeting. 1. Financing the internal capital market – A CFO can significantly reduce a groups overall tax bill by borrowing disproportionately in countries with high tax rates and lending the excess cash to operations in countries with lower rates. But the global CFO needs to be aware of downside of getting strategic about financing in these ways. Saddling the mangers of subsidiaries with debt can cloud their profit performance. 2. Managing Risk Globally – The existence of an internal capital market also broadens a firms Risk management options. Instead of managing all currency exposures through the financial market, global firm can offset natural currency exposures through their worldwide operations. Given this potential for minimizing risk, it might seem perverse that many multinationals let local subsidiaries and regions...
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...Learnings from Article Review – Finance Function in a Global Corporation As companies globalize, they face new financial challenges. Here, the major challenge faced by the Global CEO is giving companies a powerful mechanism for arbitrage across national financial markets as capital markets open up within them. CFO has to balance the traditional question with new questions which arises due to the globalization. By exploiting their internal capital markets, CFO can create value in 3 functions: 1. Financing the internal capital market. 2. Managing Risk Globally, 3. Global Capital Budgeting. 1. Financing the internal capital market – A CFO can significantly reduce a groups overall tax bill by borrowing disproportionately in countries with high tax rates and lending the excess cash to operations in countries with lower rates. But the global CFO needs to be aware of downside of getting strategic about financing in these ways. Saddling the mangers of subsidiaries with debt can cloud their profit performance. 2. Managing Risk Globally – The existence of an internal capital market also broadens a firms Risk management options. Instead of managing all currency exposures through the financial market, global firm can offset natural currency exposures through their worldwide operations. Given this potential for minimizing risk, it might seem perverse that many multinationals let local subsidiaries and regions manage their risks separately. Doing so, however, can obscure the performance...
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...Rolling tides along a sandy beach, cloud covered green mountain tops, or exotic smells and sounds emitted from crowded streets of a distant place. These can be memories of past vacations, or dreams of future ones. Either way we all have the desire to be free to roam where ever our hearts are most content, free of the everyday stresses of our hectic work life. But more often than not, these dreams are left unfulfilled because, as Americans, we are often one of the most overworked populations on this earth. We skip vacations for a multitude of reasons. The financial burden of taking time off can prevent us from enjoying a relaxing week away, or we may feel that taking time off from our jobs may be viewed as lazy, or that we are not invested in the organization for whom we are employed. But the simple truth is, when we do not allow for time off to rejuvenate our minds and bodies, we not only compromise our own health, but in fact, we compromise the health and wellbeing of the company we work for as well. Attitudes of employers are shifting about quality time off for their employees. They seem to be grasping the reality that overworked employees translates to overall increased productions costs. When employees are overworked and have not taken time off for themselves they can become less efficient, less able to deliver quality of care and/or work, or can make potential mistakes that can have devastating consequences. All potentially costing the organization a great deal...
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...Watson’s is engaged to Ms Low and has identified that they were due to be married in Oct 14. While he officially lives in the OR lines, LCPL Watson has been living in Kingston with Ms Low for the past eight months. Their current relationship has not been recognised by Defence as interdependent. 5. It is assessed that LCPL Watson and Ms Low consider applying to have their relationship recognised by Defence. It is assessed that they meet the requirements of being in an interdependent relationship IAW ref A and they must fill out a PE357-Application for Recognition of an Interdependent Partnership. Living arrangements 6. LCPL Watson officially lives on base in the OR lines but has been living in Kingston for the last eight months with his finance. This is putting a financial strain on him as he is paying for accommodation and lodging at both locations. If LCPL Watson’s application for Defence’s recognition of his relationship with Ms Low he will be entitled to housing in a service residence and for rental assistance IAW Ref B. He will have to fill out an AA157 Live out Form for rental assistance. This will reduce the financial strain that he currently is experiencing as it will allow LCPL Watson the option of living on base if available or having financial aid for his Kingston residence. Special needs of Ms Low’s child 7. Ms Low’s eldest child Matthew has just recently been diagnosed with Autism. This has put a financial strain on both of them as they have been paying for Matthew...
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...Compliance Program / Annual Procedure Review Rule 206(4)-7 of the Investment Advisers Act creates a fiduciary responsibility for investment advisers to review annually their policies and procedures to determine their adequacy and the effectiveness of their implementation. As part of this review, all policies, procedures and responsibilities of an adviser must be reviewed, and the findings documented. The review should consider all factors that might suggest a need to revise the policies and procedures including any compliance matters that occurred during the year, any changes in the adviser’s or its affiliates business activities, or changes to applicable regulations. Reviews should be conducted by independent individuals (e.g., the department manager) not immediately responsible for implementation of a particular procedure. An overall review and approval of the adviser’s policies and procedures should be completed by the Chief Compliance Officer and should be submitted to the adviser’s Management Committee or Executive Officers for Final Action. |Procedure | |Summary & |Recommended |Reviewer & | |Completion Date & | |Reviewed |Findings |Conclusions |Change/Update |Date of Review |Review by CCO |Final Actions ...
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...The goals of a literature review are to provide the reader with a critical analysis of scientific literature about a specific topic or question. Writing a summary about other works can demonstrate the depth of familiarity of a chosen topic. In order to further one's understanding, or research, studying the works of others is important because multiple disciplines may have competing explanations for a given subject. Literature review is also structured in a particular style that creates a uniform way for writers to articulate their ideas in a fashion the reader is familiar with. Craig Anderson uses the APA guidelines to create a clear structure for his review studying the effects of heat and violence. The structure of a literature review typically follows a certain format and order. In Anderson's, review Heat and Violence, he starts this process with a title that describes what the article is about. Following the title of the paper is an abstract, or overview, of what the entire article is about. Because there are a number of...
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...Riverside Casino and Golf Resort / Stacy Benson Topic Title Performance Reviews NO. This title won’t work. What about performance reviews? If you were doing a simple research paper you could write about performance reviews based on research alone. In this Sr Paper you must determine the state of the art based on your Literature Review. Then you will give the background of the problem and discuss it. This must all lead to two Courses of Action (COAs; solutions) that are tied to your title and problem. You need a “product” such as a process, a plan, a strategy, a program – something that can be recommended and implemented. Problem Statement (if not finalized post a draft – focus on the "pain.") The problem is that after initial training employees are not being reviewed for current performance. Suggest that after this initial statement you add something more about the problem. Brief Topic Overview The casino is experiencing a high turnover rate of employees because after their initial training they are put on the floor without any further review. In the handbook employees are supposed to have a review after 90 days but they are not being implemented. This leaves the casino with under qualified employees that eventually terminate their employment due to not feeling able to meet the high demands. The solution to this problem, if it is the problem, is simple. Just IMPLEMENT PERFORMANCE REVIEWS. You can see...
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...Peer Evaluation for MKT 420 Your Name: KYRIA AHO Fill in the blanks for each team member (but not yourself) as if you were writing an evaluation or recommendation for that person. ONLY ONE TEAM MEMBER MAY BE RECOMMENDED FOR PROMOTION. Consider if you were assigned to another team, which team member you would want to be your boss. Consider who you’d like to work with again. Consider who you’d go to extremes to avoid working with if you had a say. Here is the format for peer evaluations. Include the team member’s full name (1), and be specific about (2) what the team member did or did not do. At the end, if you were employed with this person, (3) would you recommend (a) Promoting, (b) Retaining (Keep in position), (c) Retaining with counseling to improve performance or (d) firing/replacing. Please keep in mind that in most business situations, only one person in a group would likely be promoted. Thus a recommendation to promote would be reserved for the truly exceptional team member Team Member 1: LEXA CREAMER As a team member with Lexa Creamer on the team marketing plan project, I feel qualified to speak about his/her job performance. Lexa’s contribution to the project was timely and significant. She accepts correction easily and is always willing to assist in any way that she can. I believe Lexa’s strengths are enthusiasm and timely submission of her work. I believe her weakness is the lack of flexibility. Lexa had to miss some of the meetings due to time conflicts...
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...WEALTH MANAGEMENT AUTHOR : MICHAEL M. POMPiaN BEHAVIORAL FIANCNE AND WEALTH MANAGEMENT AUTHOR : MICHAEL M. POMPiaN BOOK REVIEW OF : BOOK REVIEW OF : PREPARED BY : ASHISH SHARMA PREPARED BY : ASHISH SHARMA 2014 2014 Behavioral Finance and Wealth Management Author Information “Michael M. Pompian, CFA, CFP, is a partner at Mercer Investment Consulting, a firm serving institutional and private wealth clients. Prior to joining Mercer, he was a wealth management advisor with Merrill Lynch and PNC Private Bank, and served on the investment staff of a family office. Pompian is a Chartered Financial Analyst (CFA), a Certified Financial Planner (CFP), and a Certified Trust Financial Advisor (CTFA). He is also a member of the CFA Institute (formerly AIMR) and the New York Society of Security Analysts (NYSSA). He holds a BS in management from the University of New Hampshire and an MBA in finance from Tulane University. Pompian is a regular speaker on the subject of behavioral finance and has published several articles on the subject. He is married with three sons and can be reached at michael.pompian@mercer.com. “ Michael M. Pompian describes various biases which we can see in human beings , also tells about various experiments on human beings in his book “ BEHAVIOURAL FINANCE AND WEALTH MANAGEMENT “ and tells “HOW TO BUILD OPTIMAL PORTFOLIOS THAT ACCOUNTS FOR INVESTOR BIASES “ The book is published by John wiley and sons,...
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...Why did we choose that particular topic or article to be reviewed? As for this assignment, our group has all agreed to choose the article titled ‘Stress Management’ as the article that we need to review. Why we chose this article is absolutely because it is easy to be reviewed. This article has much points and ideas in it. Besides, we chose this article because it is exactly and definitely related to our life as university students. So, we can easily put some ideas as our experiences to review this article. This article teaches us much about stress; what stress actually is and what do make us stressed. This article also gives us knowledge about some stress-management techniques as to overcome this particular problem. As students, we cannot run away from this problem, and we need to face it throughout our whole life as a human. Not only students, all human beings will face any kind of stress either teachers, farmers and also ministers. This article also tells us that stress is not always bad, but sometimes stress can be beneficial to us when it makes our work better and done energetically. We deeply think about how we will think to review this article so we will not face too much obstacle in order to finish this group assignment. Making notes on the article read The five articles that we choose is only about two pages each and these articles have many points and ideas to be taken and used. We need to take notes on these articles to determine which article is the best to be...
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...com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www...
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... Maxon Technologies Sales Letter Subject: Connect with this top line solution; enjoy leverage in your business while creating a classy experience in your operations. Hello, Maxon Technologies have been at the forefront of supplying Corrosion Retardant Solution across the board for various industries since the inception of the business. We help to give our customers the lift they need to recover the worn out metal surfaces of their machinery and equipment without any need for disassembling. This product is based on many seasons of research and it has been creating huge wins in the market for many years. In view of the high positive feedback it has enjoyed, we are excited to share this great information with you. Maxon CRS makes the surfaces of machines more wear-resistant. It protects metals from rust and saves you the huge maintenance costs that could be associated with this. This means that you can track your recurring expenses and redirect your resources to other exciting profit centers of your business. This is a huge win for those who understand how to navigate the tides of contemporary business. Statistics indicate that about two to four percent of most country’s GDP has been lost through the incessant wearing out of mechanical parts. This is estimated to cost about 1 557 Billion USD per year. Maxon Technologies takes your business out of this negative cycle as it is a robust component for the savvy business owner. It is important to mention that our product is easy to...
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...A professional review body is any entity or governing body of a health entity which conducts professional review activity. This includes the committees of the medical staff assisting the governing body. Professional review activity is activity of a healthcare entity with regard to the evaluation of a provider with recaged to privileges, membership and scope of practice. This would typically be performed on initially application for privilege of review every 2 years by the medical staff. This could also further include on going peer review process with regard to patient outcomes or complaints. Professional review action is action that is taken as the result of the professional review activity. Professional review activity is reportable...
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