...ADMINISTRACION BANCARIA Antes de hablar sobre lo que es la administración bancaria debemos saber, los que son los bancos y de que se encargan. Las actividades de los bancos dan origen a las operaciones bancarias, que estas se clasifican en fundamentales y accesorias. La actividad bancaria es doble: intermedia y directa, de la cual la mas importante es la intermediaria. Decimos que la actividad intermediaria, aquella actividad o acción que realizan los bancos para captar recursos disponibles en el mercado para dedicarlos con fines de inversión o de consumo. Estos recursos captados en el mercado para dedicarlos con fines de inversión o de consumo. Estos recursos captados en el mercado pueden ser internos o externos, dependiendo de la procedencia de los mismos. Los principales recursos internos son los depósitos bancarios, y los principales recursos externos son aquellos provenientes de los mercados de capitales exteriores. Mediante la actividad directa los bancos intervienen los fondos provenientes de su capital y reservas. Propósitos Y Problemas De La Administración Bancaria, Los bancos comerciales son instituciones de créditos que tratan de obtener un beneficio para sus accionistas, y, al mismo tiempo, organismos dotados del poder de crear dinero, porque las partidas de sus pasivos consistentes en depósitos son dineros (depósitos a la vista) o cuasi-dinero (depósitos de ahorros y a plazo). Con respecto a la capacitación de recursos a través de los depósitos bancarios, los...
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...Company Background Pioneer Petroleum Corporation (PPC) was formed as a result of several independent firms that operate in oil refining, pipeline transportation, and industrial chemical field merging together. The company has been through several changes since it was established in 1924 and over the years it became an integrated company with many products and services such as plastics, agriculture chemicals, and real-estate development. In 1985, PPC became a hydro-carbons based company, concentrating on oil, gas, coal, and petrochemicals. PPC is also one of the primary producers of Alaskan crude giving it a 60% of their domestic petroleum liquid production. This gives PPC an advantage of being the lowest cost refiners in the West Coast by provide all of Alaskan crude oil, but it also requires a broad marketing network in the West Coast. Therefore, this integration required them to decrease their overall risk and optimize their overall performance through collaboration and coordination. Fact Pattern In 1991, PPC spend about $3.1 billion on capital expenditures and forecasted another capital expenditure of a $4.5 billion in 1991 (an increase from the previous year). However, it was largely due to these expenditures that the company was able to process heavy Alaskan crude oil more efficiently and also get a good return on their investment. For example, the light product yield in their refiners was higher than the industry average. Some of their investments were also...
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...[pic] PLASMA TV SETS SALES BREAK RECORDS THIS HOLIDAY SEASON Wide Assortment of Plasma Models from Major Brands Supports Consumer Demand for Ultimate Home Theater Experience New York '' December 13, 2006 '' Industry reports that sales of Plasma television sets are soaring this holiday season affirm that consumers are now seeing at retail the clear advantages of benefits of Plasma for their big screen home entertainment center, according to the Plasma Display Coalition. On Black Friday alone, the NPD Group reports that Plasma experienced a 140 percent increase in unit sales, compared with last year. “Consumers are embracing Plasma in record numbers because they love the life- like picture that a big-screen Plasma HDTV delivers,” said Jim Palumbo, president of the Plasma Display Coalition. “It is evident that the outstanding picture quality, very high contrast and black levels, full range of color reproduction, and wide viewing angle that Plasma offers are resonating with people who are shopping for a new high-definition TV. For consumers considering a television above 40-inches, Plasma is the clear choice for the home entertainment center,” Palumbo added. Inundated with so many HDTV options at retail, consumers are arming themselves with information before heading out to shop. “They know that if they are looking to create the ultimate home theater experience to enjoy movies and sports, then Plasma is the TV of choice,” said Palumbo. In the store, consumers...
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...Calyx and Corolla: Case Study Write-up Prepared by: Group 3 Brendon Jordan Krystal Juren Matt Leslie Andreas Rudin University of Florida Gainesville Executive Summary Tivo’s new consumer electronics product has the potential to revolutionalize media consumption habits and the structure of the television industry. The key challenges include: i) how to improve the value of the product in terms of the benefit to cost ratio and ii) how to increase awareness of the brand as well as the many different product attributes. We recommend that i) TiVo improve the value of the product by unbundling it in terms of the various benefits provided and then bundling the individual components with other complementary products. ii) So as to increase the awareness of the different TiVo products and the brand, we propose to segment the market in terms of the specific customer profile whose needs are aligned to the particular benefit provided by the product. Accordingly, we arrive at a communication plan for the different TiVo products that target different customer segments through a mix of advertising, promotion, distribution and branding strategies. In the following section, we analyze the situation that Tivo is faced with and follow it up with the logical sequence that helped us arrive at the above recommendations. Company Analysis Calyx and Corolla is a new company in the fresh flowers market. They have pioneered the concept...
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...Executive Summary Tivo’s new consumer electronics product has the potential to revolutionalize media consumption habits and the structure of the television industry. The key challenges include: (i) how to improve the value of the product in terms of the benefit to cost ratio and (ii) how to increase awareness of the brand as well as the many different product attributes. We recommend that (i) TiVo improve the value of the product by unbundling it in terms of the various benefits provided and then bundling the individual components with other complementary products. (ii) So as to increase the awareness of the different TiVo products and the brand, we propose to segment the market in terms of the specific customer profile whose needs are aligned to the particular benefit provided by the product. Accordingly, we arrive at a communication plan for the different TiVo products that target different customer segments through a mix of advertising, promotion, distribution and branding strategies. In the following section, we analyze the situation that Tivo is faced with and follow it up with the logical sequence that helped us arrive at the above recommendations. Company Analysis Calyx and Corolla is a new company in the fresh flowers market. They have pioneered the concept of selling fresh flowers by mail. In its short lifetime, C&C has established strong relationships with many large growers, who cut flowers when ordered, thereby increasing the life of the buds tremendously...
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...sales revenue in China, but also one of the largest oil companies in the world. PetroChina was established as a joint stock company with limited liabilities by China National Petroleum Corporation under the Company Law and the Special Regulations on the Overseas Offering and Listing of Shares by Joint Stock Limited Companies on November 5th, 1999. The American Depositary Shares (ADS) and H shares of PetroChina were listed on the New York Stock Exchange on April 6, 2000 (stock code: PTR) and the Stock Exchange of Hong Kong Limited on April 7, 2000 (stock code: 857) respectively. It was listed on Shanghai Stock Exchange on November 5, 2007 (stock code: 601857). Since the foundation, PetroChina has established and improved standard corporate governance structure, in accordance with the applicable laws and regulations including the Company Law and the Mandatory Provisions for the Articles of Association of Companies to be Listed Overseas and the Articles of Association. The shareholders’ meeting, the Board of Directors and the Supervisory Committee of the Company can operate independently and effectively in accordance with the Articles of Association. PetroChina commits itself to becoming an international energy company with strong competitiveness and one of the major producers and distributors of petroleum and petrochemical products in the world. It engages in wide range of activities related to oil and natural gas, including:...
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...Pioneer Petroleum Corporation One of the critical problems confronting management and the board of Pioneer Petroleum Corporation was the determination of a minimum acceptable rate of return on new capital investments, The company’s basic capital budgeting approach was to accept all proposed investments with a positive net present value when discounted at the appropriate cost of capital. At issue was how the appropriate discount rate would be determined. The company was weighing two alternative approaches for determining a minimum rate of return: (1) a single cutoff rate based on the company’s overall weighted average cost of capital, and (2) a system of multiple cutoff rates that reflected the risk-profit characteristics of the several business or economic sectors in which the company’s subsidiaries operated. The issue had assumed increased importance because of management’s decision to extend the use of the cutoff rate to the evaluation of existing operations and investments. It was planned to evaluate divisional managers on the basis of their net profits after the deduction of a charge for capital employed by the division. Pioneer Petroleum had been formed in 1924 through the merger of several formerly independent firms operating in the oil refining, pipeline transportation, and industrial chemical fields. Over the next 80 years, the company integrated vertically into exploration and production of crude oil and marketing refined petroleum products, and horizontally into plastics...
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...Background: The Pioneer Petroleum Corporation is a hydrocarbons-based company, concentrating on oil, gas, coal, and petrochemicals. One of the critical problems confronting management and the board of Pioneer was the determination of a minimum acceptable rate of return on new capital investments. The company's basic capital budgeting approach was to accept all proposed investments with a positive net present value when discounted at the appropriate cost of capital. Further, the company is contemplating using either multiple cutoff rates instead of a single companywide rate to determine the cost of capital for each division. The suggestion was that these multiple cutoff rates would determine the minimum acceptable rate of return on proposed capital investments in each of the main operating areas of the company and would represent the rate charged to each of the various profit centers for capital employed. Issues: Did Pioneer compute WACC correctly and if not what did they do wrong? Compute your own. How should the company determine a minimum rate of return: by (1) a single cutoff rate based on the company's overall WACC or (2) a system of multiple cutoff rates that reflect the risk-profit characteristics of the several businesses? Analysis: Pioneer Petroleum Corporation did not calculate the WACC correctly. Starting with the cost of debt, the formula is Kd = I(1 T) where I is the interest rate and T is the tax rate. The company's tax rate is 34%, however...
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...Daniel Hughes FINA 450 MID TERM Pioneer Petroleum Corporation Case 2-27-13 Background: Formed in 1924 by a merger of several firms, Pioneer Petroleum Corporation (PPC) is in the business of refining oil, building pipeline transportation and creating industrial fields. Pioneer is currently one of the primary producers of crude oil in the United States and is one of the top producers of Alaska crude oil. PPC is currently the lowest cost refiner on the western side of the globe, and has been expanding capital investments in numerous countries. Pioneer began expanding beyond their current industry into several capital ventures. Some have included vertical investments through the production of crude oil to the marketing of refined petroleum products, and horizontal investment interests into real estate, agricultural chemicals and plastics. However, in 1985 the company was restructured and concentrated on oil, gas, coal and petrochemicals. PPC spends billions in capital expenditures each year and are currently expecting an increase in capital expenditures in the upcoming years. Last year’s (1990) revenues exceeded $15.6 billion with net income over $1.5 billion, and capital expenditures were about $3.1 billion. It is expected that next year’s (1991) will rise to $4.5 billion, with some of these expenditures resulting in more efficient processing of crude oil. Other capital expenditures directly relate to the new standards of government regulations. These capital expenditures...
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...Pioneer Petroleum Pioneer Petroleum is a multinational corporation that is in position to capitalize on investments all around the World. Within the industry Pioneer’s gasoline are among the cleanest burning fuels. They are better position than most to meet strict environmental guidelines as they currently have clean efficient running plants positioned to capitalize on less polluted products. Also Pioneer Petroleum is heavily involved in exploration and devilment. From 1924 to the present, pioneer has been able to expand both vertically and diversify horizontally. With such resources and capital, the company has to oversee so many opportunities and ventures. Presently the company is at odds over whether they should use a company wide cut off rate based on the overall weighted average cost of capital or if Pioneer should use multiple rates that reflect risk-profit characteristics of the several businesses or economic sectors. At first we must decide if the methodology used in computing the company’s overall weighted average cost of capital is just. Second, we should decide in which terms Pioneer adheres to future investments. Should they adjust discount rates for different divisions and projects and stay away from a universal cutoff rate? Third, the capital budgeting criteria must be set for different projects across Pioneer’s divisions. What distinctions among projects need to be noted and how the standards should be determined are all questions that arise...
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...Cost of Capital _ Pioneer Petroleum Corporation Copyright © 1991 by the President and Fellows of Harvard College. Harvard Business School Case 292-011. One of the critical problems confronting management and the board of Pioneer Petroleum Corporation in July 1991 was the determination of a minimum acceptable rate of return on new capital investments. The company's basic capital budgeting approach was to accept all proposed investments with a positive net present value when discounted at the appropriate cost of capital. At issue was how the appropriate discount rate would be determined. The company was weighing two alternative approaches for determining a minimum rate of return: (1) a single cutoff rate based on the company's overall weighted average cost of capital, and (2) a system of multiple cutoff rates that reflected the risk-profit characteristics of the several businesses or economic sectors in which the company's subsidiaries operated. The issue had assumed increased importance because of management's decision to extend the use of the cutoff rate to the evaluation of existing operations and investments. It was planned to evaluate divisional managers on the basis of their net profits after the deduction of a charge for capital employed by the division. Pioneer Petroleum had been formed in 1924 through the merger of several for merely independent firms operating in the oil refining, pipeline transportation, and industrial chemicals fields. Over the next 60 years...
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...Read and Download PDF File Teletech Corporation Case Study Solution PDF Ebook Library TELETECH CORPORATION CASE STUDY SOLUTION Download: TELETECH CORPORATION CASE STUDY SOLUTION / PDF Teletech Corporation Case Study Solution in addition to the lessons as well as textbooks are basically 2 sides of the very same coin. The classes as well as textbook assist you construct a strong structure on which to be analyzed on. Teletech Corporation Case Study Solution on the other hand, allow you to place this expertise to practical usage. Teletech Corporation Case Study Solution allows you to create in all the relevant locations. The wonderful aspect of Teletech Corporation Case Study Solution are their cost. They are not horribly expensive and evaluating that against their worth, you could not actually pay for to be without them. They are excellent for bringing a context to the course and also aiding you establish your understanding of the training course as a whole. The other alternative which is much less preferable is to examine the program in a bit-by-bit way which is a danger when it pertains to evaluation day. Doing this is likely to leave gaps in your understanding of the program. Utilizing the Teletech Corporation Case Study Solution assists draw all this know-how together into a relevant context and also it is fundamental in developing a further understanding of the topic. One more fantastic aspect of Teletech Corporation Case Study Solution are that taking a particular...
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...Pioneer Petroleum Case Analysis Pioneer Petroleum Cases Analysis The Problem: Pioneer Petroleum Corporation (PPC) has two major problems that are interfering with the goal of the firm to maximize shareholder wealth. The first is that PPC has been calculating their weighted average cost of capital incorrectly, by incorrectly calculating their after tax cost of debt and their cost of equity. This miscalculation has subjected PPC to more risk and has hurt the company’s ability to make appropriate investment decisions. This has also led PPC to accepting investment decisions that should not have been included within their acceptable range. Second, PPC has been using a single company-wide rate for their multi-divisional company. In either instance the company is not maximizing wealth. Statement of Facts and Assumptions: PPC has been calculating their after tax cost of debt using the coupon rate of 12% instead of the actual interest rate which is 8%. Taking the 8% interest rate into account, PPC’s actual cost of capital would be calculated as: [.08(1-.34)]= 5.28%. PPC has simply been using 10% (their equity growth rate) as their cost, but must instead either use the CAPM model to calculate their cost of equity, or the Dividend-growth model. If they use the CAPM model, which is the most accurate, their cost of equity will be: .078+.8(.1625-.078)=14.56%. Or they can use the Dividend-growth model and their cost of equity would be: (2.7/63)+.1=14.29%. Both are...
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...Pioneer Petroleum Corporation Ryan Rhodes Dr. Bacon February 18, 2009 Table of Contents Introduction Background……………………………………………………………….. Pg. 3 Major Problems……………………………………………………………. Pg. 5 Analysis Alternative Courses of Action………………………………………………Pg. 6 Analysis of Alternatives……………………………………………………. Pg. 6 Conclusion Suggested Course of Action………………………………………………... Pg. 8 Introduction Background Pioneer Petroleum was formed in 1924 with the merger of several formerly independent firms which operated in the oil refining, pipeline transportation, and industrial chemical fields. Through the next sixty years, the company integrated vertically into exploration and production of crude oil and marketing refined petroleum products and horizontally into plastics, agricultural chemicals, and real-estate development. It was restructured in 1985 as a hydrocarbons-based company, concentrating on oil, gas, coal and petrochemicals. Pioneer at the time was one of the lowest cost refiners on the West Coast and had an extensive West Coast marketing network. In 1990, total revenue exceeded $15.6 billion and net income was over $1.5 billion. Pioneer was subject to extremely volatile prices in oil. Because of this, the management of Pioneer emphasized the importance of operational and financial flexibility to respond to any price swings. Pioneer spent about $3.1 billion on capital expenditures in 1990, and the forecast for 1991 was approximately $4.5 billion...
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...CASE: Pioneer Petroleum I. Does Pioneer estimate its overall weighted average cost of capital correctly One could argue that their assumption of debt policy staying same (12%) isn't very good since all estimates predict on growing investments worth billions during the next year. In addition, a closer analysis of the sources of the infromation shows that the return on equity (10%) is just an assumption made based on current earnings yield. Their first alternative would have been using divident and growth information, but the most accurate way is using the CAPM. CAPM = | rf+B(rr-rf) | 14,56 | | | | New WACC | (1-TC)*(rD*D)+(rE*E)= | 11,24 | rf | 7,8 | B | 0,8 | rm | 16,25 | This new CAPM based cost of capital is much higher than Pioneers estimation of 9%, so their calculations are incorrect. II. Should Pioneer use a single or multiple divisional costs of capital in evaluating projects? If multiple rates are used, how they should be determined? Because Pioneer Petroleum has divisions in many different economical sectors each having different kind of risk structure and investment strategies, I would recommend using multiple rates of capital costs. The idea of discounting in general is to divide the cash flow of a project with its riskiness and a company-wide discount rate definately wouldn’t tell anything about the risk involved in a specific investment in one of the different divisions. Instead, these multiple discount rates should be determined...
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