... | | | | | |Course Site found at http://sternclasses.nyu.edu | Course Overview Effective Communication is a vital component to so many aspects of business life. From investment banking to marketing, from entrepreneurship to corporate planning, understanding the techniques of business communication will be an invaluable addition to every Stern student’s portfolio of knowledge. This course is a highly-interactive and participative experience that introduces the basics of business communication strategy and delivery. Deliverables will include written documents and oral presentations based on several cases. You will present both individually and in a team and will receive feedback to improve your presentation effectiveness. In the final team presentation, your challenge is to craft an oral presentation that will persuade your audience to accept your strategic recommendations. By doing this, you will see how ideas, data and advocacy are combined for a professional, persuasive presentation. Pre-Work 1. Form a team of five people before the first day of class. Refer to the class roster on Blackboard and try to link up...
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...Executive Summary: The following analysis attempts to identify companies based on a brief description and accompanying financial statements. There are two companies per industry, which must be analyzed to find the best match for two sample financial statements. Items that were analyzed were debt ratios, margins, certain asset items, and efficiency ratios. Several conclusions were made during the analysis. First, companies with more competition or a low-priced strategy tend to have lower gross margins due to pricing constraints. Second, companies that are acquisitive tend to have higher debt levels, which increase the debt ratios. Lastly, companies with cost-saving initiatives tend to have lower SG&A, which adds to profit margins. (Damodaran) Exhibit 1 is attached at the end. Industry Analysis Healthcare: Company A is most likely the diversified health-products company. According to the financial statements, company B is most likely the pharmaceutical company that is focusing on its core competency, which is strictly drug development. COGS is much lower than company A, who has a diversified product base. Since Company B relies on exclusive deals it can charge premiums on its product, which is shown by its higher gross margin. Company B has lucrative licensing, which can be shown by the high intangible assets. Beer: Company C is most likely the national brewer of mass-market beers sold under a variety of brand names. Its high net fixed assets, due to the...
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...has already established a presence in the training market, the marketing plan for a new course rollout will focus on the pricing, promotion and place of our new courses. Although Big Apple Executive Training already offers an extensive line of high quality management training courses and boot camps, it has become apparent that the company is missing an area that is desired by our core customers. Over the next year, Big Apple Executive Training will start offering a new suite of courses that focus on project management. Since Big Apple Executive Training already provides high end courses at a reasonable price, the biggest challenges will be separating our products from those offered through PMI New York City and New York University’s Stern College of Business. Target Customers Big Apple Executive Training will focus on the small business and entrepreneur segments for these courses. Although Big Apple Executive Training can handle larger corporations and government agencies, most already have dedicated project managers that have their Project Management Professional certification and would not benefit from our training courses. The goal is to help small business owners, and entrepreneurs learn how to manage projects effectively. The unique benefit that our company offers to its students and clients is its ability to...
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...SCaring for Kids After Trauma, Disaster and Death: A GUIDE FOR PARENTS AND PROFESSIONALS SECOND EDITION The New York University Child Study Center is dedicated to the understanding, prevention and treatment of child and adolescent mental health problems. The Center offers expert psychiatric services for and intervention. The Center’s mission is to bridge training supported by the resources of the worldclass New York University School of Medicine. children and families with emphasis on early diagnosis the gap between science and practice, integrating the finest research with patient care and state-of-the-art For more information, visit www.AboutOurKids.org. Changing the Face of Child Mental Health Caring for Kids After Trauma, Disaster and Death: A GUIDE FOR PARENTS AND PROFESSIONALS SECOND EDITION DEVELOPED BY: The faculty and staff of the New York University Child Study Center Harold S. Koplewicz, M.D., Director & Founder Marylene Cloitre, Ph.D., Director of the Institute for Trauma and Stress REVISED SEPTEMBER 2006 under the direction of Joel McClough, Ph.D., Director of the Families Forward Program, Institute for Trauma and Stress by Anita Gurian, Ph.D. Dimitra Kamboukos, Ph.D. Eva Levine, Ph.D. Michelle Pearlman, Ph.D. Ronny Wasser, B.A. Permission is granted for reproduction of this document by parents and professionals © 2006 1 C A R I N G F O R K I D S A F T E R T R A U M A , D I S A S T E R A N D D E A T H ...
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... About the Center for Business and Human Rights at New York University Stern School of Business “At NYU Stern, we develop people and ideas that transform the challenges of the 21st century into opportunities to create value for business and society. Our Center for Business and Human Rights is the embodiment of that mission. By creating a safe haven for open dialogue and convening relevant voices for discussion around practical solutions to some of the world’s most pressing problems, the Center, and by extension this report, demonstrate that profit and principle can co-exist. ” –Peter Henry, Dean NYU Stern School of Business Dean Henry launched the Center for Business and Human Rights in March 2013 with a strong belief in the power of business to create positive change in society. In that spirit, the Center’s mission is to challenge and empower businesses to make practical progress on human rights in their own operations. It is the first center to focus on human rights as an integral part of a business school. We start from the premise that business can and does work for the good of society. We support the goal of business to create value while emphasizing high standards for human rights performance. Each year, we take on a major project around a set of human rights challenges in a sector that is of foremost concern for companies, consumers, regulators, and investors. We use the convening platform of the NYU Stern School of Business to bring together groups of companies from different...
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...Contents Page 1.0 Executive summary 1 2.0 Introduction 2 3.0 Business context 3 3.1 Company profile 3 3.2 Company history 4 3.3 Key management 4 3.4 Ownership structure 6 3.5 Recent financial performance 8 4.0 Characteristics of industrial market 10 4.1 Major players 10 4.2 Market share 10 4.3 Turnover 12 4.4 Industry life cycle 13 5.0 Current issues and their impact on Sino Techfibre 14 5.1 SWOT analysis 14 5.1.1 Strengths 14 5.1.2 Weaknesses 14 5.1.3 Opportunities 14 5.1.4 Threats 15 5.2 Globalisation 16 5.3 Porter’s five forces 16 6.0 Profit/loss statement 18 7.0 Balance sheet 19 8.0 Assumptions and predictions for 2010, 2011 and 2012 22 9.0 Evaluation of financial performance 22 9.1 Operating profit margin 23 9.2 Interest expense rate 23 9.3 Financial leverage multiplier 24 9.4 Tax retention rate 24 9.5 Total asset turnover 25 9.6 Return on equity (ROE) 25 10.0 Valuation process 26 10.1 Beta coefficient (β) 26 10.2 Risk-free rate (Rf) 26 10.3 Expected return on market portfolio (Rm) 27 10.4 Risk premium 27 11.0 Dividend discount model (DDM) 28 12.0 Free cash flow to equity (FCFE) model 30 13.0 Price/Earnings (P/E) ratio model 32 14.0 Net tangible asset backing model 34 15.0 Price/Book value (PBV) ratio model 35 16.0 Valuation and recommendation 36 17.0 Reference 38 18.0 Bibliography 40 19.0 Appendix 41 Executive summary This report...
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...The not so profound guide to landing a buy-side job Introduction This guide is a collection of ideas and wisdom sourced from various MBA students at NYU Stern that successfully navigated the buy-side job search process. It is generally geared towards those that are career switchers, not coming from former buy-side roles before the MBA. Though keep in mind that successful candidates typically have a background in some type of financial-related field, albeit not direct equity investing experience. Landing a buy-side job is extremely difficult. This is pretty much common knowledge among MBA candidates, but let’s walk through the reasons why. First, the job is very appealing to those interested in finance – it’s challenging, fulfilling, intellectually stimulating, and potentially very rewarding. You generally don’t have to work quite as many hours as investment bankers or even management consultants, but have the potential to earn more. This results in many, smart and talented candidates looking for buy-side roles, leading to a high supply of labor. On the demand side, investment management is a scalable business, where hiring needs are not directly proportional to assets under management. For example, in order to manage $100 million in stocks, a fund might start out with a PM and two analysts. When the fund hits $300 million, they might add one analyst, and perhaps one more when the fund reaches $500-$700 million. In this example, while AUM went up by five to seven times...
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...Executive summary The objective of this report was to analyse the global topic of entrepreneurship, review entrepreneur traits and social entrepreneurship trends. Studies suggest entrepreneurs post success possess common traits, suggesting traits can be acquired. With these strong traits, entrepreneurs have the potential to produce substantial change on all levels of the triple bottom line. Profitability is equally as important to both commercial and social entrepreneurs. However, it is where they funnel their profits and their driving forces that differ. With so many social issues globally, there are a myriad of social entrepreneurship trends. However, this report focuses on community-supported agriculture, youth homelessness and support for refugee women, all of which are in need of extra support from social entrepreneurship. Contents 1.0 Introduction 1 2.0 Section 1: Overview of Entrepreneurship 2 2.1 Entrepreneurs 2 2.2 Social Entrepreneur 4 3.0 Section 2: Current Trends in Social Entrepreneurship 7 3.1 Community Supported Agriculture 7 3.2 Social Integration and Employment for Refugee Women 9 3.3 Youth Homelessness 10 4.0 Conclusion 11 5.0 References 12 1.0 Introduction The purpose of the report is to review entrepreneurship, identify the traits of an entrepreneur, and examine the factors that differentiate social and commercial...
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...The Diamond of Sustainable Growth A Historical Framework for the study of political economy and economic development George David Smith, Richard Sylla, Robert E. Wright( NYU Stern School of Business For most of its existence, humanity neither enjoyed nor understood economic growth, or society’s capacity for creating wealth. Prior to the 18th century, the aggregate incomes of particular societies may have increased a little for short periods in a few places, but most of the time incomes hovered not far above the subsistence level. Powerful leaders and ruling classes could accumulate vast wealth, but this was normally achieved through the redistribution of incomes from the weak to the powerful, and certainly not through the creation of wealth as we know it today. Going back centuries, to paraphrase the 17th-century English philosopher Thomas Hobbes, human life was solitary, poor, nasty, brutish and short. Peace and good weather were more likely to summon forth children more than prosperity. Whenever war, pestilence, and drought returned -- and they always did -- people died in droves. To many observers, humanity appeared doomed to spend eternity wet, cold, hungry, and grief-stricken. In the late 18th century, the English proto-economist Thomas Robert Malthus warned that the mass of humanity, quite aside from the foregoing perils, was doomed to a life at the margins of starvation, as surges of population growth would inevitably outstrip the finite sources...
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...Damodaran’s Country Risk Premium: A Serious Critique Lutz Kruschwitz∗Andreas Löffler†& Gerwald Mandl‡ , Version from July 31, 2010 Contents 1 Introduction 2 2 2 CRP concept 3 Critique of the CRP concept 7 3.1 The theoretical foundation of Damodaran’s equations – built on sand 7 3.2 Damodoran’s empirical basis – a hotchpotch of ad hoc ideas . . . . . 12 4 Conclusion 19 ∗ Freie Universität Berlin, Germany, Chair of Finance and Banking, E-Mail LK@wacc.de. † Universität Paderborn, Germany, Chair of Finance and Investment, E-Mail AL@wacc.de. ‡ Universität Graz, Austria, Chair of Accounting and Auditing, E-Mail Gerwald.Mandl@uni-graz.at. 1 Electronic copy available at: http://ssrn.com/abstract=1651466 1 Introduction For several years, when setting discount rates Damodaran has advocated more consideration of country risk premiums (CRP ) when it comes to assessing companies with activities in emerging markets. We have to acknowledge that his approach is enjoying growing support among investment banks and auditing firms. At the same time, it is to be noted that Damodaran’s concept has failed to resonate sufficiently with the academic community. This is reason enough to perform a systematic analysis and critical discussion of his country risk premium concept. Damodaran’s initial considerations concerning a country risk premium can be found in Damodaran (1999a) and Damodaran (2003), with further essentially unchanged mentions in his more recent publications. In our contribution...
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... 2.1 2.2 2.3 The Panic of 1907 and Its Aftermath Bank Competition, Financial Innovation and Risk-Taking in the Last Decades of the 20th Century Risk-Taking Incentives of Financial Institutions 249 253 253 258 264 3 The New Banking Model of Manufacturing Tail Risk 4 Alternative Explanations of the Financial Crisis 5 Conclusion A Appendix: Tail Risk in the Rest of the World References 273 292 311 314 320 Foundations and Trends R in Finance Vol. 4, No. 4 (2009) 247–325 c 2010 V. V. Acharya, T. Cooley, M. Richardson and I. Walter DOI: 10.1561/0500000025 Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009 Viral V. Acharya1 , Thomas Cooley2 , Matthew Richardson3 and Ingo Walter4 1 2 3 4 Stern USA, Stern USA Stern USA Stern USA School of Business, New York University, New York, NY 10012, vacharya@stern.nyu.edu School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, Abstract We argue that the fundamental cause of the financial crisis of 2007–2009 was that large, complex financial institutions (“LCFIs”) took excessive leverage in the form of manufacturing tail risks that were systemic in nature and inadequately capitalized. We employ a set of headline facts about the build-up of such risk exposures to explain how and why LCFIs adopted this new banking model during 2003–2Q 2007, relative to earlier models. We compare...
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...The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance William W. Lang Federal Reserve Bank of Philadelphia Ten Independence Mall, Philadelphia, PA 19106 Phone: 215-574-7225 E-mail: William.Lang@phil.frb.org Julapa Jagtiani Federal Reserve Bank of Philadelphia Ten Independence Mall, Philadelphia, PA 19106 Phone: 215-574-7284 E-mail: Julapa.Jagtiani@phil.frb.org February 9, 2010 Abstract This paper discusses the role of risk management and corporate governance as causal factors in the onset of the financial crisis. The downturn in the housing and mortgage markets precipitated the first phase of the financial crisis in August 2007 when the solvency of a number of large financial firms was threatened by huge losses in complex structured financial securities. Why did these firms have such high concentrations in mortgage-related securities? Given the information available to firms at the time, these high concentrations in mortgage-related securities violated basic principles of modern risk management. We argue that this failure was a result of principal-agent problems internal to the firms and to breakdowns of corporate governance systems designed to overcome these principal-agent problems. Forthcoming in Atlantic Economic Journal (2010) JEL Classification Numbers: G01, G18, G21, G28 Keywords: Financial Crisis, Risk Management, Corporate Governance, Subprime Crisis _________________________ The opinions expressed in this paper...
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...Subject: Successful Princeton Applicant Through all of my accomplishments and disappointments, I have always been especially proud of the dedication and fervor I possess for my personal beliefs and values. Unfortunately, it has often been difficult for me to remain outwardly firm and confident in a town where most people think alike and reject exceptions. Whenever I have expressed my position as a pro-life advocate, peers have badgered, accused, and ridiculed me for simply believing in something that they scorn. Despite all the pressure, I never waive red from my belief, yet I became frustrated and began to lose the courage to publicly express my opinion on this controversial topic. To gain some insight and reassurance for myself, I attended the New Jersey Right to Life Convention in the spring of 1995. This experience uplifted me and offered great inspiration and enlightenment. At the convention I received an overwhelming amount of support and encouragement from wonderful people who advocate the very principles I believe in. This convention was so inspiring that the next day in school I was able to relate my experience to one of my biggest opponents on the subject. Also, the abundant information available at the convention enabled me to defend my position on abortion more effectively. Attending this convention accomplished two things. It proved my commitment to my belief, in that I took the initiative to strengthen and support my opinion, refusing to give up or lose heart. Unlike...
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...Equilibrium Approach⇤ Aurel Hizmo† NYU Stern January 30, 2012 Abstract Homeowners are overexposed to city-specific house price risk and income risks, which may be very di cult to insure against using standard financial instruments. This paper develops a micro-founded equilibrium model that transparently shows how this local uninsurable risk a↵ects individual location decisions and portfolio choices, and ultimately how it a↵ects prices in equilibrium. I estimate a version of this model using house price and wage data and provide estimates for risk premia for di↵erent cities, which imply that homes are on average about $20000 cheaper than they would be if owners were risk-neutral. This estimate is over $100000 for volatile coastal cities. Next, I simulate the model to study the e↵ects of financial innovation on equilibrium outcomes. Creating assets that hedge city-specific risks increases house prices by about 20% and productivity by about 10%. The average willingness to pay for completing the market per homeowner is between $10000 and $20000. Welfare gains come both from better risk-sharing and from more e cient sorting of households across cities. ⇤ I am deeply grateful to Patrick Bayer, Andrew Patton, and Peter Arcidiacono for their encouragement and support. I also thank Robert McMillan, Tim Bollerslev, Vish Viswanathan, Chris Timmins, Jimmy Roberts and the seminar participants at Duke Finance, the ERID Conference at Duke, Fed Board, NYU Stern, Penn State, Philadelphia Fed, University...
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...The Institute of Chartered Accountants in Australia GAAP-based financial reporting: measurement of business performance charteredaccountants.com.au Professor Stephen Taylor, The University of New South Wales, Sydney, Australia The Institute of Chartered Accountants in Australia The Institute of Chartered Accountants in Australia (the Institute) is the professional body representing Chartered Accountants in Australia. Our reach extends to more than 53,000 of today and tomorrow’s business leaders, representing some 43,000 Chartered Accountants and 10,000 of Australia’s best accounting graduates who are currently enrolled in our world-class post-graduate program. Our members work in diverse roles across commerce and industry, academia, government, and public practice throughout Australia and in 107 countries around the world. We aim to lead the profession by delivering visionary thought leadership projects, setting the benchmark for the highest ethical, professional and educational standards and enhancing and promoting the Chartered Accountant brand. We also represent the interests of members to government, industry, academia and the general public by actively engaging our membership and local and international bodies on public policy, government legislation and regulatory issues. The Institute can leverage advantages for its members as a founding member of the Global Accounting Alliance (GAA), an international accounting coalition formed by the world’s premier accounting...
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