...speculative, compared to the mature markets in developed countries. Supply of tradable shares fell short of demand, leading to higher market capitalization of public companies. Based on these concerns, we could not use the multiplier of 5.5 times to calculate the final consideration of this deal. In such a case, we should refer to other price-to-book multiples of similar deals over that period. According to the data given in the case (as shown in Figure 1), these China banks had also received foreign investment and their deals had multipliers of 1.2-1.5 times. Given their similarity, the multiplier of 1.6 times is appropriate for the SDB deal. Figure 1 Date | Foreign Investor | China Bank | % Stake invested | Purchase P/B | Sep-99 | International Finance Corporation | Bank of Shanghai | 5% | 1.5x | Nov-01 | International Finance Corporation | Nanjing City Commercial Bank | 15% | 1.2x | Dec-01 | HSBC | Bank of Shanghai | 8% | 1.2x | Dec-02 | Citibank | Pudong Development Bank | 5% | 1.4-1.5x | However, we can see from Exhibit 13 that CMB, Mingsheng and SPDB, the similar players in the market, held multiplier of 2.3, 2.2 and 4.9 times respectively. All of those banks were preforming better than SDB at that point. Financially...
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...of Innovation 33 Appendix 2 - Audio Advertising Expenditure 34 Appendix 3 - NTBF Cash Flow Profiles 35 Appendix 4 - Bone Conducting Patent 36 Appendix 5 - The Case for India 46 Appendix 6 - The Case for Northern Ireland 49 Appendix 7 - The Case for China 55 References 72 Websites 75 Summary This assignment will examine how an innovative development in headphone technology will move from design concept to retail examining the role that innovation and entrepreneurship play in this. We will examine the sectors that the new headphones will be placed in from a retail point of view taking an overview of the sector and then looking at some of the major companies that dominate the headphone market currently. We will examine three possible market locations both from a retail perspective and a development perspective to establish the best possible location for the development of this innovative product. We will then examine the role of the customer and how their role has shaped the development of this concept with a focus on health and safety concerns that lie at the heart of this innovative process. We will finish with a view of how the headphone market will develop and where we see our headphone development in this future. Included in our appendices will be analysis of the development possibilities of China, India and Northern Ireland which will be explored further in the group presentation....
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...stagnated and there was a crisis in foreign reserves which lead to an emergency situation in India. Liberalization policy was announced in June 1991. It is the precious gift of Dr Manmohan Singh to the people of India at a time when the country was in the grip of unprecedented economic crisis and political turmoil. One of the areas in which this policy focused on was on increasing India’s export. And the trickle down effect of these reforms has lead to the advent of SEZ In this age of Globalisation, there is a need for every nation in the world to perform well economically. With the improvements in science and technology and the raising standards of living worldwide, ensuring economic development assumes primary importance in the policies of every nation. While striving for economic development, every nation takes steps necessary for the implementation of its ambitious plans. But more often than not, these plans cannot be affected successfully throughout the nation. There are always shortcomings in these economic plans. Every nation wants to give its...
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...OF SINGAPORE NUS BUSINESS SCHOOL Department of Finance BMA5318: Investment Banking (Summer I: May-June 2012) Instructor: Banikanta Mishra Office: BIZ 1 Level 7-77 Telephone: +91-943-707-5075 E-mail: banikant@ximb.ac.in Prerequisite: BMA5008 (Financial Management) COURSE SYNOPSIS: This course is a blended introduction to Investment Banking (IB). It would combine theory and practice. To buttress our understanding of practice, we would do some case studies and also have practitioners give a Street Talk every week; some of them may discuss live projects and I may pitch in with my experience with past ones I have been directly involved in. Moreover, we would have both qualitative and quantitative discussions on most topics, the latter mainly being numerical examples (not any rocket science or high-flying calculus). Though we would talk about the global scenario, our focus, whenever possible, would be on Asia. After gaining an idea into what IB is and understanding the basics of Trading, we would study in detail the capital-raising process, mainly Underwriting and Syndication. Here, we would learn about IPO and SEO and ADR and GDR as well as about NIF and RUF. We would also get familiar with Euromarket and the innovative Euro instruments like Euronote and Euro-CP as well as Eurobond and Euroequity. This would also give an opportunity to get a glimpse into Financial Engineering in debt and equity instruments as well as about Structured Financing. We would...
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...FIN 3103 FINANCIAL MARKETS AND INSTITUTIONS– SECTION 1A AN INTRODUCTION TO THE ASIAN EQUITY MARKET & ITS EXCHANGES SAMUEL TOW WEE YAP (A0102724U) LIEW KUANG CHEN JOEL (A0004624U) ANG CHUAN HWEN JEREMY (A0080928X) LIAW YIH HANG (A0091535E) WU GUIYAN (A0100395N) ZHAO CHUANYI (A0105563L) Contents 1. Introduction ..................................................................................................................................................................................................... 4 2. Objectives of the Stock Market ................................................................................................................................................................. 4 2.1 Capital Formation ......................................................................................................................................................................................... 4 2.2 Connecting Traders ...................................................................................................................................................................................... 4 2.3 Security............................................................................................................................................................................................................. 4 2.4 Economic Indicator ...................................................................................................
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...the world busiest port for 12 years from 1992 to 2004, is globally well known and this container port industry became one of its vital economic pillars. Such a prosperous development began in 1970s with the boom of manufacturing business activities. The effect on the end of ‘close-door policy’ of China was reflected in early 1990s due to the launching and the rapid development of ports among Pearl River Delta. Hong Kong started to face severe challenges from the neighboring ports, its market share drops significantly since 1997; whereas that of Shenzhen grows rapidly. The goal of this paper is to analysis the current situations of Hong Kong Port and its relationship with neighboring ports in Shenzhen; and to derive possible strategies for Hong Kong to maintain and sustain its competitiveness under these circumstances. Table of Contents Chapter 1: Introduction 1 Chapter 2: Analysis 3 2.1 Hardware 3 2.2 Software 6 2.3. SWOT Analysis 10 2.4 Logistics Synergy (Co-opetition) of Hong Kong Plus Shenzhen 11 Chapter 3: Solutions 12 3.1 Framework Agreement 12 3.2 CEPA 12 3.3 PRD A5 Group 13 3.4 National 12th Five-Year Plan Budgeting 15 3.5 2030 Hong Kong International Airport Master Plan: Hong Kong International Airport – Gateway and Hub 16 3.6 Improve HKIA’s Transhipment Capability: Development of E-Commerce 17 3.7 The role of legislation 18 3.8 Develop Logistics Park 18 Chapter 4: Conclusion 19 References 20 | Chapter 1: Introduction In 1970s...
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...Case Studies Solutions Case Studies Solutions,Article Writing,Assignments,Research Work,Home Work MenuSkip to content Home How We Work ? Refund Policy How to Order ? Disclaimer Contact Us Finance Cases List POSTED ON MARCH 8, 2013 Hello, If u want us to solve any case study from below list, do contact us anytime, We are here to provide the experience, expertise, and professionalism that you are looking for , Our tutors are available 24/7 to assist you what you need, Click Here to submit your Order. ======================================================================================= Acquisition of Consolidated Rail Corp. by Benjamin C. Esty Airbus A3XX: Developing the World’s Largest Commercial Jet by Benjamin C. Esty American Chemical Corp.by William E. Fruhan, John P. Goldsberry American Home Products Corp.by David W. Mullins AQR’s Momentum Funds by Daniel B. Bergstresser, Lauren H. Cohen, Randolph B. Cohen, Christopher Malloy Arundel Partners: The Sequel Project by Timothy A. Luehrman AXA MONY by Andre F. Perold, Lucy White Beta Management Co. by Michael E. Edleson Butler Lumber Co. by Thomas R. Piper Cartwright Lumber Co.by Thomas R. Piper Citigroup 2007: Financial Reporting and Regulatory Capital by Edward J. Riedl, Suraj Srinivasan Clarkson Lumber Co. by Thomas R. Piper Cooper Industries, Inc. by Thomas R. Piper Cost of Capital at Ameritrade by Erik Stafford, Mark L. Mitchell Debt Policy at UST, Inc. by Mark L. Mitchell Dell’s Working Capital...
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...as a state-owned, centrally planned economy; practically all enterprises were government or commune owned. Today, many companies are partially or wholly privately owned, and that historic change has brought a sea change in Chinese corporate governance, with securities policies well in place and governing boards well established. The first significant changes in company ownership came in the 1980s as small state-owned enterprises and collectively owned enterprises in rural areas began issuing shares to the public. As the reforms spread to larger enterprises, the rapid increase in companyissued securities led the Chinese government to swiftly create a capital market from scratch. In 1990 it authorized the cities of Shanghai and Shenzhen to establish national stock exchanges. The stock exchanges were tiny at the start: just 14 companies were listed at the outset, and in the early years state agencies and the listing companies kept some two-thirds of the shares out of the market. Company listing and trading volume rapidly increased in 21 IntCorp ch6-2.qxd 27/01/2009 11:59 Page 168 168 ᔡ PROFILES OF LEADING COUNTRIES _______________________________ line with China’s extraordinary economic growth, however, and the government created the China Securities Regulatory Commission (CSRC) in 1993 to provide regulatory oversight of the burgeoning listings and the fast-expanding capital market. China subsequently instituted the ‘Company Law’ in 1994, which...
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...Index of Contents 1. Definition Real Estate 2 2. Chinese real estate market 2 2.1 overwiev about the chinese real estate market 2 2.2 chinese real estate market in the broader economic context 3 3. China’s long-term Real Estate Fundamentals 4 3.1 strong gdp growth 4 3.2 rural migration to cities 4 3.3 rising middle class and strong upgrade demand 5 3.4 300 million new households in past two decades 6 3.5 limited land supply 6 4. overheating real estate market in the short-term 6 5. government steps in with tough real estate policies 9 5.1 significant increase in land supply and focus on economic housing 9 5.2 downpayment ratios and mortgage rates 9 5.3 Loan restrictions to developers 10 6. summary 10 References 11 1. Definition Real Estate A piece of land, including the air above it and the ground below it, and any buildings or structures on it. Real estate can include business and/or residential properties, and are generally sold either by a relator or directly by the individual who owns the property. In most situations...
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...A Suicide Survivor: The Life of a Chinese Migrant Worker at Foxconn Sunday, 25 August 2013 12:50By Jenny Chan, The Asia-Pacific Journal | In 2010, 18 employees working for Foxconn in China attempted suicide. These shocking events focused world attention on the manufacturing supply chains of China's export industry and the experience of working within them. What had driven these young migrant assembly line workers to commit such a desperate act? This article provides a first-hand account of the experiences of one of those who survived a suicide attempt, 17-year-old Tian Yu. Her personal narrative is embedded within the broader context of labour process, work organisation and managerial practice at Foxconn, the Taiwaneseowned multinational whose 1.4 million Chinese workers provide products and components for Apple and others. Factory conditions are further shaped by the company trade union and Chinese government policies. The paper concludes with additional contextualisation indicating the emergence of an alliance of workers, students, scholars and transnational labour movement activists who are campaigning for Chinese workers' rights. Among the most prominent firms in the global supply chain that operates in China is Foxconn, the Taiwanese-owned multinational electronics contract supplier. Foxconn is the trading name for Hon Hai Precision Industry Company and, with a workforce of 1.4 million, it is the largest private sector company in China and one of the world's largest employers...
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...the list. The United States is at an intermediate position. China is $ 0.8 per hour on the 17th in this list. The group is also based on the existing minimum wage, calculated that people in countries that are listed in the number of minutes of work to buy a Big Mac hamburger. Among them, the Chinese people need to work on average about 183 minutes to buy a Big Mac price of $ 2.61, which is located in the middle and lower purchase levels. The first decade of 1978 after China started economic reforms aimed at foreign direct investment in China's main business is to establish an export base in China. While this Chinese "reform and opening" initially helpful, but such investments often only have a very low value. For example, in 2009 a study found that, despite the world's most successful consumer products every iPod are manufactured in China, but China has only gained 2% from OEM margins. So now most of Apple's production is done in China. According to the "Henan Business Daily" reported on September 11, reporters from the China Southern Henan Branch confirmed that weighs 93 tons of iPhone6 has been shipped to Chicago in two batches. China...
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...rise and fall of China’s corporate dragon: Kelon and its old and new owners Guy S. Liu and Pei Sun INTRODUCTION The collapse of corporate empires in contemporary capitalist economies tends to be no less dramatic than the vicissitudes of political empires in history. While the political ones often slipped into a less than envious position through a gradual process, in which the decline could be discerned widely by both outside political observers and ordinary people, the sudden collapse of corporate dinosaurs nowadays can take even the closest, longterm corporate analysts by surprise. Unfortunately, this was the case in the example of Kelon, a domestic household appliance manufacturer that once enjoyed the honour of being cited as a typically successful case study on Chinese firms in international business schools. Entitled Kelon: China’s Corporate Dragon,1 the study regarded it as an exemplar of dynamic Chinese firms rising from China’s embracing of the market economy during the 1980s and 1990s.2 The timing of the publication, namely the year 2001, could not have been more embarrassing for both the authors and business school students. Guangdong Kelon Electrical Holdings Co. Ltd shocked investors and equity analysts alike by reporting an unprecedented net loss of RMB 1.5 billion (HK$17 million) in the same year, with appalling scandals of the controlling shareholder’s expropriation of company assets. The rise and fall of Kelon is deeply rooted in its corporate governance system...
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...“2006 Asian Banks Competitiveness Ranking” Report At the Request of “21st Century Business Herald” Jointly conducted by Faculty of Business Administration, The Chinese University of Hong Kong Guanghua School of Management, Peking University Written by: HE Jia, Hugh THOMAS Researchers: HE Jia, Hugh THOMAS, ZHOU Chunsheng Research Assistants: WAN Yanyan, SU Jun, MAO Tianshi Part One: Background for Asian Banks’ Competitiveness Study I. Asian Banking Reform Reform has surged across the banking industry in Asia over the last decade. In the large, insular, developing economies of China and India, the reform movement originated with internationalizing and introducing market mechanisms to stimulate previously state-owned systems. In Japan and the other traditionally market oriented Asian economies, the reform was born out of crisis. Japan’s slow and painful, a decade-long recession of the 1990s, following the bursting of the bank-financed real estate and stock markets bubbles, finally led to a consensus on the need for reform. But real urgency did not enter banking reform in Asia until the Asian Financial Crisis struck the smaller, developing, market-based economies of Asia in 1997. In the run-up to the crisis, capital inflows helped fuel debt-financed investment, while stable exchange rates and surging economic growth masked the risks of many loans to leveraged and risky companies, often based more on connections than sound credit analysis. Many...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 22, No. 4 November 2007 pp. 685–708 China Eastern Airlines: People’s Republic of China Accounting Standards, International Financial Reporting Standards, or U.S. Generally Accepted Accounting Principles? John L. Haverty ABSTRACT: China Eastern Airlines, headquartered in the People’s Republic of China, has been listed and traded on the New York Stock Exchange since 1997. In its 2005 annual report, China Eastern Airlines presents two sets of financial statements: one prepared under People’s Republic of China accounting regulations, and a second set prepared under International Financial Reporting Standards. In addition, as a listed company on the New York Stock Exchange, China Eastern Airlines files Form 20-F with the United States Securities and Exchange Commission. This filing includes a limited reconciliation of net income and net assets from International Financial Reporting Standards to United States’ generally accepted accounting principles. Your job is to examine these financial statements, explore any differences noted between each of the financial statements and U.S. GAAP, and highlight some issues to be included in a financial analysis of China Eastern Airlines for possible inclusion in an investment portfolio. W INTRODUCTION alt Gregory is a junior portfolio analyst at Chartgood, a portfolio manager for several major mutual funds. Susan Bedell, the portfolio manager, just informed Walt that one of the funds she managed, the Global...
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...thank Steven Kou of Columbia University and Yan Shen of Peking University for helpful comments and the Center for Economic Policy Studies at Princeton University for financial support in the preparation of this paper. Abstract Past economic reform of the state sector in China consisted mainly of privatization, of agriculture and of small and medium-size state enterprises, leaving large state enterprises in the control of the state. Current reform consists of making state-owned enterprises and banks more efficient and functioning like private enterprises, and gradual privatization of some large state enterprises. Bureaucrats managing state assets and the selling of assets take advantage of such power to benefit themselves, including embezzlement of public funds and taking bribes from citizens needing their help, as can be found in state enterprises, state-owned commercial banks and in government projects. Reducing the size of the government sector is a basic solution to the corruption problem in China while attention should be paid in the privatization process which can involve corruption. Outline 1. Introduction 2. Review of Past Reform Measures and Current Problems 3. Enterprise Reform Hindered by Bureaucratic Behavior 4. Reform of Banking and Financial System Hindered by Corruption 5. East-West Income Inequality and Western Development Hindered by Corruption 6. Reform of the Legal System 7. A Theory to Explain Bureaucratic Behavior and Corruption 8. Policy Recommendation ...
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