...Next Session: Reading • George’s Ventures: • “A Tale of Two Competitive Industries.” • All questions of the case are relevant. Next Session: Guessing Game • It’s simple (less than 5 minutes): • Fill the form on the website online !! Before Sunday at noon. • Tab “Simulations and Cases,” “Guessing Game” Guess the Number… Each player must submit an integer between 0 and 100. Call these submissions Xi Compute the mean of all the Xi and call it M The winner is the person whose guess is closest to 2/3M Example: Three players submit bids of 25, 50, and 75. M = 50 thus 2/3M = 33.3 The player who submitted 25 would win. We’re doing: Perfect Competition • A perfectly competitive market has: • A large number of small players, i.e. fragmented supply and demand. • A homogeneous product. • In a perfectly competitive market, firms are price-takers, and MR=p. Firms produce quantity Q such that p = MC. The firm’s supply curve is the inverse of the marginal cost curve. • Construct the market’s supply curve by adding the firms’ supply curves horizontally. Use the market’s supply curve to forecast the effect of demand shocks on the market’s price. • The effect of demand shocks on the market price are larger when supply is inelastic. • At this point, is our analysis complete??? • The decision of Alusaf depends on the forecast of the price of aluminum and the average cost of production. Alusaf’s Hillside Project Seems like a simple business… ! Competitive Market –...
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...INTRODUCTION Goldman Sachs Group, Morgan Stanley, Merrill Lynch (now as Subsidiary of Bank of America), Lehman Brothers and Bear Steams (sold to JPMorgan Chase) were the world top five investment banks in United States. They were the key players in the financial markets and make significant contribution to the economics. But when they failed, the consequences would also be extremely fatal. The 158 years old Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy on Sunday 1:45am, September 15, 2008 (“Wikipedia: Lehman Brothers”, July 15, 2013). With a total assets of $639 billion and $619 billion in debts, Lehman Brothers’ bankruptcy filing became the largest in history, It’s assets far surpassed those of previous bankrupt giants such as WorldCom and Enron (“IInvestopedia: Case Study", April 02, 2009). The collapse of the Lehman Brothers is contagious and even triggered the Global Financial Crisis. LEHMAN BROTHERS HISTORY Three brothers – Henry Lehman, Emanuel Lehman and Mayer Lehman in 1850, founded Lehman Brothers. Started as a normal dry-goods store, the brothers grew the business by buying and selling cotton to planters living in and around Montgomery, Alabama ("History of Lehman Brothers", n.d). Eventually the brothers built a cotton storage warehouse together with a cotton merchant John Wesley Durr in a brief partnership form. Thereafter in 1858, an office in New York was opened to fulfill the needs of the growing sales and trades. After Civic War...
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...SYLLABUS CALIFORNIA STATE UNIVERSITY, NORTHRIDGE DEPARTMENT OF FINANCE, REAL ESTATE, AND INSURANCE 8/3/2012 PAGE 1 Course Title Investment I Course Number Finance 352, Class No. 12837 Semester Fall 2012 Instructor Danny S. Litt Meeting Times Friday, 11:00am-1:45pm Meeting Dates August 31, 2012 – December 14, 2012 Final Exam December 14, 2012, 10:15am – 12:15pm Class Location Juniper Hall, Room JH 1121 Office Juniper Hall, Room 4110 Phone Number 818-677-2459 – Department Office (leave message) Office Hours Friday at 10:00am E-mail address danny.litt@csun.edu (reference class) COURSE DESCRIPTION This is an introductory course on the fundamentals of investment analysis and management. Survey of investments including corporate and government securities, real property and financial intermediaries. Survey of investment theory emphasizing security analysis, valuation and portfolio management. PREREQUISITES Finance 303; cannot be taken concurrently COURSE GOALS AND OBJECTIVES This course provides the student with the information and skills needed to analyze investments and portfolio management. The intent of the course is to provide students with a basic understanding of different alternatives in investments, how to value those investments, and how those investments fit together within an investment portfolio. TOPICS INCLUDE Corporate and government securities Risk-return tradeoff Institutional aspects of security markets Fundamental and technical analysis ...
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...J.C. Penney’s Real Problem: The Shrinking Middle Class * Rita McGrath April 12, 2013 Ron Johnson’s office seat has barely cooled off following his departure as business observers everywhere dissect what went so dreadfully wrong at J.C. Penney. The former Apple executive was too Silicon Valley for the Plano, Texas, retailer. He was arrogant. He didn’t test his ideas, maintaining the Apple mantra that customers don’t know what they want until you show it to them. He approved marketing campaigns that told loyal Penney’s shoppers that “you deserve to look better,” basically telling them that they looked less than glamorous wearing the brand they had trusted and been comfortable with for years. He hoarded information so that individual store merchandisers didn’t know how various lines were performing. He mocked J.C. Penney’s ways of doing things. He abandoned the discounting customers had come to expect from retailers. And he, and most of the team he recruited, were commuter leaders, jetting back to California after cramming in marathon work sessions at headquarters. These factors certainly couldn’t have helped. I think, however, there’s one major reason behind J.C. Penney’s sudden swoon that not enough commentators are picking up on. There’s one big reason JCP would never be “Bloomingdale’s for the mass market,” as Johnson wanted it to be, and that’s because the mass market is gone. Because the middle class is gone, or at least rapidly going. This reflects a troubling development...
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...INTERNSHIP REPORT ON ACCOUNTING INFORMATIONSYSTEM OF REAL ESTATE BUSINESS IN BANGLADESH”-AN EMPIRICAL STUDY OF [pic] PREPARED FOR Farzana Afrin Internship Supervisor & Lecturer Dept. of Business Studies Stamford University Bangladesh. PREPARED BY Mahmood Hossain Id: 02707400 Section: 27(Q) Date: LATTER OF TRANSMITTAL April Ms Farzana Afrin Lecturer Stamford University Dhanmondi, Dhaka Dear Madam, I feel myself fortunate enough for having the scope to conclude the study on “The Accounting information System of Real Estate Business in Bangladesh”-An Empirical study of Building For Future Ltd, Which you assigned me to do as a part of the study. Obviously, this type of practical work made me acquainted with “Real Estate Finance” in real life situation. Here, I can’t deny the help that I got from the staff of Building For Future Ltd. who ensured me a full congenial atmosphere to access over a plenty of information with relevant papers and a practical survey. I am thankful to them for showing their highest degree of tolerance in answering my inexorable questions, sometimes repeated. I would enthusiastically provide you related information depending on your queries. The report was prepared under your able leadership and I do respectfully appreciate guidance to me to learn about...
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...STUDENT’S GUIDE TO Prepared by S. Clayton Palmer and Adjunct Instructor Department of Economics Weber State University & Westminster College of Salt Lake J. Lon Carlson Associate Professor Department of Economics Illinois State University PREFACE Introduction Welcome to the Student’s Guide to Freakonomics! The purpose of this guide is to help you better understand the analyses presented in Freakonomics by providing a sort of “bridge” between the material covered in a traditional course in economic principles and topics addressed in what we consider to be one of the most fascinating books we’ve encountered in economics literature. Many students view economics as a very difficult, if not impossible, course to master.This perception is, however, most likely based on observations of the experiences of other students who did not apply the proper approach to learning economics. In many courses, simple memorization is enough. In economics, we would argue, this is not the case.While you need to understand the meaning of basic terms and concepts, you also need to be able to apply economic concepts in specific situations. In other words, you need to develop the ability to think like an economist.The authors of Freakonomics certainly show the reader how to do just that.The material presented here is intended to make the job a little easier. Organization of the Student’s Guide We organized the material in this guide to help you identify the key points in each chapter and check to ensure...
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...Statistics Cheat Sheet Proportion = Frequency x 100 = Percentage Total No | Z score (standardised value)-how many sds from the mean the value liesZ score = data value – mean Standard deviation | Metric Data = ExploreCategory = Frequencies | Bigger sample size will give a narrower confidence interval range (more specific) outliers affect the mean but not the median – this is why the median is preferred here. | | Reports -Only give confidence interval if signicant-All values to 2 dec pts except the p-value Experimental = IV is manipulated to see the effect on the DV Observational = Information just observed & recorded | P-Value Significant Figurep-value < 0.05 = Significantp-value < 0.05 = Not Significant The probability that our test statistic takes the observed value Always leave at 3 decimal places | Levene’s Test-Used to test if equal variancesIf significant (<0.05)– use equal variances not assumed rowIf not significant (>0.05)– use equal variances assumed row | Dependent Variable = the variable in which we expect to see a changeIndependent Variable = The variable which we expect to have an effect on the dependent variable Example: There will be a statistically significant difference in graduation rates of at-risk high-school seniors who participate in an intensive study program as opposed to at-risk high-school seniors who do not participate in the intensive study program." (LaFountain & Bartos, 2002, p. 57)IV: Participation...
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...Financial comparison between Greene king plc and enterprise inn plc Financial statement analysis is a quantifying process of identifying the potential, past and present performances of a company (Gowthorpe 2008). Technically, it outlines the process of accounting and categorizes the account titles and the amount of money as well. Thorough and technical financial statements with too many arithmetic calculations and numbers may have a baffling and nerve wrecking effect on investors (Gowthorpe 2008). However, such financial statements can be turned into a goldmine of information by the conducting of a further comprehensive and precise analysis. As such the end users of the analysis of financial statements are able to make more favorable decisions (Gowthorpe 2008). In this paper, the author carries out a detailed financial analysis of two public limited companies: Greene King plc and Enterprise Inn plc, for a group of potential investors. Greene King PLC Greene King is a public limited company based in the United Kingdom (‘Enterprise Inns plc’ 2015). It is the leading pub company and brewer in the region. The company boasts of over three thousand managed, leased, franchised and tenanted pubs, hotels and brewing ales (‘Greene King’ 2015). Additionally Greene King controls over forty upscale seafood restaurants in partnership with Loch Fine Restaurants. The company operates through three main segments, retail which deals with management of leased restaurants and pubs, brewing and...
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...11 Issues Chapter of Reporting, Disclosure and Financial Analysis Questions for Review and Discussion 1. The two main adjustment are likely to be the addition of capital assets and longterm obligations. 2. The main adjustments are likely to be: the addition of depreciation expense and gains or losses from the sale of capital assets and the deletion of amounts spent to acquire capital assets and the proceeds from the sale of capital assets the deletion of long-term debt proceeds and amounts spent to repay long-term debts and the addition of any gain or loss on the retirement of debt and the amortization of any debt premium or discount. 3. The key criterion is financial accountability the primary government either appoints a voting majority of the units governing body or a majority of the units governing body is composed of primary government officials and the primary government is able to impose its will upon the potential component unit or there is the potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. 4. Discrete presentation is when one or more component units are reported in separate columns, in addition to those pertaining to the primary government. Blending is when the component units transactions and balances are reported as if they were part of the primary government that is, the component units funds are accounted for just as they were funds of the primary government. Blending is...
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...TRADING STOCKS Stock trading has become one of the most popular and efficient ways to make money since it is easy to access and it could bring a lot of money back to investors. With some extra money, anyone can purchase stocks from a company or corporation and make profit. A stock is basically a type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings. There are two main types of stock: common and preferred. Common stock usually entitles the owner to vote at shareholders' meetings and to receive dividends. Preferred stock generally does not have voting rights, but has a higher claim on assets and earnings than the common shares. Owning a stock means that a stockholder (person that owns the stock) has a claim to a part of the corporation’s assets and earnings. We could say that shareholders are owners of a corporation. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. The higher number of stocks a person owns, the more benefit he/she will get. People that purchase stocks would have the following advantages and disadvantages: Advantages: -They would be able to gain a large amount of money -The potential loss from stock purchases with cash is limited to the amount of the initial investment. -Stocks offer limited legal liability -Most stocks are very liquid (they can be bought and sold quickly at a fair price) -Investment diversification (purchasing...
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...economics shows how it actually does work. Why the conventional wisdom is so often wrong . . . How “experts”— from criminologists to real-estate agents to political scientists—bend the facts . . . Why knowing what to measure, and how to measure it, is the key to understanding modern life . . . What is “freakonomics,” anyway? 1. What Do Schoolteachers and Sumo Wrestlers Have in Common? 15 In which we explore the beauty of incentives, as well as their dark side—cheating. Contents Who cheats? Just about everyone . . . How cheaters cheat, and how to catch them . . . Stories from an Israeli day-care center . . . The sudden disappearance of seven million American children . . . Cheating schoolteachers in Chicago . . . Why cheating to lose is worse than cheating to win . . . Could sumo wrestling, the national sport of Japan, be corrupt? . . . What the Bagel Man saw: mankind may be more honest than we think. 2. How Is the Ku Klux Klan Like a Group of Real-Estate Agents? 49 In which it is argued that nothing is more powerful than information, especially when its power is abused. Spilling the Ku Klux Klan’s secrets . . . Why experts of every kind are in the perfect position to exploit you . . . The antidote to information abuse: the Internet . . . Why a new car is suddenly worth so much less the moment it leaves the lot . . . Breaking the real-estate agent code: what “well maintained” really means . . . Is Trent Lott more racist...
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...CHAPTER 1 Introduction to Financial Management I. DEFINITIONS Topic: CORPORATE CONTROLLER 1.The corporate officer generally responsible for tasks related to tax management, cost accounting, financial accounting, and data processing is the: A) Corporate Treasurer. B) Director. C) Corporate Controller. D) Chairman of the Board. E) Vice President of Operations. Answer: C Topic: CORPORATE TREASURER 2.The corporate officer generally responsible for tasks related to cash and credit management, financial planning, and capital expenditures is the: A) Corporate Treasurer. B) Director. C) Corporate Controller. D) Chairman of the Board. E) Vice President of Operations. Answer: A Topic: CAPITAL BUDGETING 3.The process of planning and managing a firm's long-term investments is called: A) Working capital management. B) Financial depreciation. C) Agency cost analysis. D) Capital budgeting. E) Capital structure. Answer: D Topic: CAPITAL STRUCTURE 4.The mixture of debt and equity used by the firm to finance its operations is called: A) working capital management. B) financial depreciation. C) agency cost analysis. D) capital budgeting. E) capital structure. Answer: E Topic: WORKING CAPITAL MANAGEMENT 5.The management of the firm's short-term assets and liabilities is called: A) Working capital management. B) Financial depreciation. C) Agency cost analysis. D) Capital budgeting. E) Capital structure. Answer: A Topic: SOLE PROPRIETORSHIP 6.A business owned by a single individual is...
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...The Gold Mine Version 2.1 Your Step by Step System for Finding, Securing and Obtaining Surplus Funds From Mortgage Foreclosures, Tax Sales, Unclaimed Estate Monies, and Bankruptcy Courts. **Please NOTE – the Videos that will help you understand the written information that follows are now all on one page with titles describing what they address. Please be sure to check those videos out at http://www.surplusfundsriches.com/coursevids.htm YOUR BROWSER MUST BE OPEN IN THE BACKGROUND FOR THIS TO WORK! If you’re internet browser is open in the background while you are reading this, you can click the above link and go straight to the page. If not, cut and paste it into your browser. WATCH AT LEAST THE INTRODUCTORY – FIRST – VIDEO PLEASE! Also – if you are going to function as a researcher, using our funding, you are responsible for using this book to get the list of monies held, doing the research as outlined in the pages that follow, and sending that information in. The last part of this portion of the book has the Independent Contractor’s Agreement, the Referral Form and additional information. You do not do the negotiations or contact the individuals if you wish to function in this capacity. Please, before you ask for help on acquiring a list, follow directions to do so with the emails to the bookkeepers. GETTING THE LIST IS PRIORITY – USE THE VIDEO LINK ABOVE TO WATCH VIDEOS, IN ADDITION TO READING THIS BOOK! Finally, I get a lot of calls regarding new statutes/laws passed in each...
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...mLands and Survey Department (DLS) Vocabulary (Arabic - English) Part I: Legal and registration and administrative terms Introduction: This terminology and the vocabulary are chosen from "complex languages" developed by the former Jerwan, which is located at about 1200 pages. Although this dictionary (as in the original lexicon) is arranged alphabetically, some entries are followed by expressions related to but not starting with the same letter, for example: - Revocation Revocation request Defeasible - Contact Communication channel The main entrances in the original lexicon typed bold and distinguished which –unfortunately- aren't in this brief Manual. We hope to remedy that in the subsequent audit. Hoping to issue the second part of survey and computer terminology, which are frequently used in the work of our department. Prepared by : E. Husam Madanat . Printed by : Miss Shifa'a Alaween. 15/1/2003 حرف ( أ ) |عربي |إنجليزي | |ARABIC |EINGLISH | |ابجدي : حسب الابجدية |Alphabetic, alphabetical | |ابرم (عقدا الخ ) |To conclude | |ابطال ...
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...Final Review for ACCT 436 M/C题： 1. Racketeer Influenced and Corrupt Organization (RICO) -Act that lists more than 30 different state and federal crimes for which the violation of any two in a related pattern over a 10-year period can lead to criminal and/or civil liability with criminal penalties of fines up to $25,000 and 20 years in prison; part of the Organized Crime Control Act (OCCA) of 1970. -The act was designed to combat organized crime, forbids certain organized gambling, and to allow the prosecution of criminal leaders who may not have been directly involved in a series of criminal acts but whose criminal organization carried out the details. 2. Benford’s Law (1)定义：A fraud indicator that predicts the relative incidence of first digits of numbers in certain types of random data. (2)Benford Analysis Benford analysis presents another interesting approach to fraud detection. Its general use is to determine the likelihood that fraud exists in records. This technique is based on Benford’s law, named after Frank Benford who realized that the likelihood that numbers 1, 2, 3, 4, 5, 6, 7, 8, and 9 will appear as the first digit in numbers occurring in a random data set conforms to a predictable pattern. That is, the number 1 is more likely to appear as the first digit in a number than is the number 2. The pattern of likelihood (Figure 6.6) continues with other digits: The number 2 is more likely to appear as a first digit than 3, 3 is more likely to appear as a first...
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