...Ch a p ter 17 Tools of Monetary Policy In the chapters describing the structure of the Federal Reserve System and the money supply process, we mentioned three policy tools that the Fed can use to manipulate the money supply and interest rates: open market operations, which affect the quantity of reserves and the monetary base; changes in discount lending, which affect the monetary base; and changes in reserve requirements, which affect the money multiplier. Because the Fed’s use of these policy tools has such an important impact on interest rates and economic activity, it is important to understand how the Fed wields them in practice and how relatively useful each tool is. In recent years, the Federal Reserve has increased its focus on the federal funds rate (the interest rate on overnight loans of reserves from one bank to another) as the primary indicator of the stance of monetary policy. Since February 1994, the Fed announces a federal funds rate target at each FOMC meeting, an announcement that is watched closely by market participants because it affects interest rates throughout the economy. Thus, to fully understand how the Fed’s tools are used in the conduct of monetary policy, we must understand not only their effect on the money supply, but their direct effects on the federal funds rate as well. The chapter thus begins with a supply-and-demand analysis of the market for reserves to explain how the Fed’s settings for the three tools of monetary policy determine...
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...from Stone Container Corporation ("Stone Container"), the largest manufacturer of linerboard in the United States. Stone Container maintains its principal place of business at 150 N. Michigan Avenue, Chicago, Illinois 60601.(1) The proposed consent order has been placed on the public record for sixty (60) days for reception of comments by interested persons. Comments received during this period will become part of the public record. After sixty (60) days, the Commission will again review the agreement and the comments received, and will decide whether it should withdraw from the agreement or make final the agreement’s proposed order. The complaint alleges that during 1993 Stone Container engaged in acts and practices that, collectively and in the prevailing business environment, constituted an invitation from Stone Container to competing linerboard manufacturers to join a coordinated price increase. This invitation to collude is an unfair method of competition, and violates Section 5 of the Federal Trade Commission Act. In January 1993, Stone Container announced a $30 per ton price increase for all grades of linerboard, to take effect the following March. As of March 1993, several major linerboard manufacturers had failed to announce an equivalent price move, and Stone Container was forced to withdraw its price increase. Stone Container concluded that its proposed price increase had failed to garner the requisite competitor support, in significant part because Stone Container...
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...1. How did Roger Stone’s management of the company compare to that of his predecessors? In general, would you judge his leadership to have been successful? Why or why not? Stone Container Corporation (“Stone”) has historically been an acquisitive company. However, in the wake of the Great Depression, its founders established a longstanding policy to “not to carry any significant debt for long periods of time”. Prior to 1979, acquisitions that served to diversify the company’s product offering and geographic presence were typically paid for with a combination of cash and loans that were repaid early. While Stone completed an initial public offering in 1947, the business remained conservatively capitalized thereafter with family ownership in the majority at 57%. Roger Stone, with highly leveraged acquisitions of distressed producers, stimulated much higher financial and equity risks with the addition of layered debt. He was able to expand capacity more than 5 times at one-fifth of the normal cost of building new plants; however the high degree of operating leverage inherent in the production of paper/ paperboard exposed the company to a greater degree of cyclicality and pricing risk. Given the high fixed-cost nature of paper manufacturing, Roger’s aggressive capacity expansion left the company particularly exposed to periods of decline where producers will cut prices before production. Further, via additional equity offerings overseen by Roger, the Company’s family ownership...
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...Case Seminar Advanced Corporate Finance Tuesday 10:00 – 13:00, Room 23 Instructor: Tim Adam This case seminar discusses real-world business cases, which relate to the materials covered in Corporate Finance and Advanced Corporate Finance. The main topics are company valuation, capital structure, bankruptcy, corporate governance, project finance and corporate risk management. The main objective of the seminar is to apply the theoretical concepts of corporate finance and corporate governance to real-world situations. To do so we will discuss six Harvard Business School cases. In addition, there will be several company presentations of real-world business cases. This seminar has a high level of practical relevance, but it is also very labor intensive. Expect to spend at least eight hours each week on case preparations. Prerequisites All participants must have successfully passed Corporate Finance, and take Advanced Corporate Finance parallel or prior to this case seminar. Registration Students need to register for this seminar. Please submit your applications electronically (CV, most recent transcript) to Mrs. Bulwahn by April 8, 2016. If you do not attend the first session, your place may be given to other students on the waiting list. Evaluation Four case reports (80%), class participation (20%). Seminar attendance is obligatory. Course materials Cases can be purchased for a total cost of US$ 23.70 using a credit...
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...Becker CPA Review, PassMaster Questions Lecture: Financial 6 CPA PassMaster Questions–Financial 6 Export Date: 10/30/08 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Becker CPA Review, PassMaster Questions Lecture: Financial 6 Pension Plans CPA-00679 Type1 M/C A-D Corr Ans: D PM#1 F 6-01 1. CPA-00679 FARE R02 #8 a. b. c. d. Page 19 Which of the following disclosures is not required of companies with a defined-benefit pension plan? A description of the plan. The amount of pension expense by component. The weighted average discount rate. The estimates of future contributions. CPA-00679 Explanation Choice "d" is correct. Although pension accounting has extensive disclosures, projections of future contributions into a pension plan are not required. "a", "b", and "c" are required disclosures. CPA-00681 Type1 M/C A-D Corr Ans: C PM#2 F 6-01 2. CPA-00681 FARE R99 #13 Page 9 Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows: "A" will retire after three years. "B" and "C" will retire after five years. "D" will retire after seven years. What is the amount of prior service cost amortization in the first year? a. b. c. d. $0 $5,000 $20,000 $25,000 CPA-00681 Explanation Choice "c" is correct. Amortization of unrecognized prior...
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...Professor Stinson Mgt 525: Arauco Case Study (This case analysis was completed by Lily and Roger) 1. Background Arauco was formed through a merger between Industrias Arauco and Celulosa Constitución in 1979. After that, the company began its expansion like purchasing land and plantations and installing new technology, purchasing the company Alto Paraná in Argentina in 1996, purchasing its third mill in Chile in 2000, and building new plant which called Valdivia mill in late 2001 and the plant had opened in January 2004. With these expansions, Arauco had become one of the world’s premier forestry enterprises in terms of plantation areas and yields by 2004. The company had three main product segments which include pulp products like bleached and unbleached Kraft pulp; forestry products like pulpwood; and wood products like lumber and remanufactured wood products. In 2004, the company wanted to invest more to get more development. The company was facing alternatives: one was forward integration moving into paper manufacturing; the other one was horizontal expansion investing US $1 billion to construct a new state-of-the-art chemical pulp plant. 2. Situation According to the case, we can see that the competition in the pulp industry is strong. First, the competition of existing competitors in market pulp was strong. From the case we can get that most of the large companies were involved in backward integration to produce the pulp for their paper themselves. Most...
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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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...GLOBAL MARKET ASSESSMENT FOR HANDICRAFTS VOLUME I FINAL DRAFT JULY 2006 This publication was produced for review by the United States Agency for International Development. It was prepared by Ted Barber and Marina Krivoshlykova of Development Alternatives, Inc. GLOBAL MARKET ASSESSMENT FOR HANDICRAFTS VOLUME I FINAL DRAFT The authors’ views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. FOREWORD This paper was written as part of the Accelerated Microenterprise Advancement Project (AMAP) Business Development Services Knowledge and Practice (BDS K&P) research initiative. The AMAP BDS initiative’s major objective is “integrating micro and small enterprises into productive value chains to create wealth in poor communities.” The research draws on experience and insights from: • Interviews with leading handicraft buyers in the United States, the European Union, and the Caribbean, including importers and retailers currently sourcing from Haiti, those who have done so in the past, and those who source handmade products from other destinations; • Interviews with market experts, such as product development consultants, designers, enterprise development consultants, and marketing specialists who work with handicraft producers in developing countries; • Discussions with market experts and USAID at a roundtable conducted in Washington...
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...http://www.guardian.co.uk/lifeandstyle/2003/jul/19/shopping.features 17/03/13 11.52am The card up their sleeve It sounds good - loyalty cards entitle us to freebies or cash simply for shopping at our local superstore. Of course, retailers get something in return: a heap of information about us we might prefer them not to know. That's before they get started on the new tags that track you and what you buy. Rachel Shabi investigates Every time you reach the checkout in the two biggest supermarket chains, it's the same question: have you got a card? It can get irritating, but nonetheless we have willingly signed up to their reward schemes - in droves. According to market researchers TNS, around 85% of UK households have at least one loyalty card. We've accepted the membership rules of these innocent-looking, points-mean-prizes clubs: you show us some loyalty, say the retailers, and we'll give you nice bonuses in return. That loyalty, on the face of it, is based on how much you spend with one particular retailer. Sure, the rewards aren't huge but, as Tesco likes to put it, "Every little helps." Besides which, we in the UK love bargains, and getting something for nothing even more. But the question is: how much does the nothing really cost? It is not simply a matter of choosing to be "loyal", now synonymous with "open your wallet", to one supermarket over another - the cost is in having your purchases scrutinised and analysed in staggering detail by the loyalty card retailers...
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... 7-ELEVEN 2011 CSR REPORT Content About This Report h i s re p o r t e n c o m p a s s e s t h e v i e w s a n d strategies of President Chain Store Corp. (PCSC) concerning key issues of sustainability in the retail industry and displays our current results and future plans, thereby providing a channel to communicate with our stakeholders. Meanwhile, we view this report as a strategic means of self-review and –assessment so that all results will produce a rolling multiplier effect, gradually achieving the ultimate goal of a happy enterprise and society. The 2011 Corporate Social Responsibility (CSR) repor t is the first to be issued by the PCSC in accordance with the Global Report Initiative’s thirdgeneration criteria (GRI G3). Its contents are based primarily on data from 2009 to 2010 (from Jan. 1st, 2009 to Dec. 31st, 2010), with B-Level application status and organization boundaries established according to the consolidated-statement principle. The primary scope of the performance presented in the current report is limited to PCSC operations in Taiwan. Data from other subsidiary companies are expected to be included gradually in future reports so as to present more complete information and carry out the verification of report. Content • Reporting Principles The core of this 2011 President Chain Store Corp. CSR report is ”Happiness,” with a content that primarily encompasses two levels of meaning: the first-level ”Plus” represents the multiplication-addition concept...
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...Go to All About Homonyms | A | | a | very short little insignificant English word | | eh | an interrogative utterance | | | | | acts | things done | | ax | chopping tool | | | | | ad | short for advertisement | | add | short for addition | | | | | adds | performs additions | | ads | more than one advertisement | | adze | axe-like tool | | | | | ade | fruit beverage | | aid | to assist | | aide | an assistant | | | | | aerie | eagle's nest | | airy | breezy | | | | | aero | of aircraft | | arrow | slender, pointed shaft | | | | | affect | to change | | effect | result | | | | | ail | sick | | ale | beer | | | | | | | | air | stuff we breathe | | are | 1/100th of a hectare | | e'er | contraction of "ever" | | ere | eventually | | err | to make a mistake | | heir | one who will inherit | | | | | | aisle | walkway | | I'll | contraction of "I will" | | isle | island | | | | | all | everything | | awl | pointed scriber | | | | | allowed | permitted | | aloud | spoken | | | | | altar | raised center of worship | | alter | to change | | | | | an | a single instance | | Ann | a woman's name | | | | | ant | insect | | aunt | parent's sister | | | | | ante | preliminary bet | | auntie | sister...
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...SWOT Analysis 35 Strengths 35 Weaknesses 37 Opportunities 38 Threats 39 Marketing Goals and Objectives 40 Goals 40 Objectives 40 Marketing Strategies 41 Target market 41 Value Proposition 42 Positioning Statement 42 Issues Analysis 43 Action Plans 45 Valpak Savings Coupons 45 Free Smoothie Sample at Gasparilla Distance Classic Race Expo 46 Customer Loyalty Card 47 University of South Florida Freshman Orientation Promotion 48 Tuesday Free Kids Giveaway 49 Dog Yappy Hour 50 Student Study Break promotion 51 Clear Channel Outdoor Digital Billboard 52 Senior Citizen Afternoon Happy Hour 53 Monthly Customer Drawing 54 Marketing Budget 55 What We Learned 56 Product Statement Award-winning Cold Stone Creamery has been serving up superior ice cream, cakes, cup cakes and...
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...SWOT Analysis 35 Strengths 35 Weaknesses 37 Opportunities 38 Threats 39 Marketing Goals and Objectives 40 Goals 40 Objectives 40 Marketing Strategies 41 Target market 41 Value Proposition 42 Positioning Statement 42 Issues Analysis 43 Action Plans 45 Valpak Savings Coupons 45 Free Smoothie Sample at Gasparilla Distance Classic Race Expo 46 Customer Loyalty Card 47 University of South Florida Freshman Orientation Promotion 48 Tuesday Free Kids Giveaway 49 Dog Yappy Hour 50 Student Study Break promotion 51 Clear Channel Outdoor Digital Billboard 52 Senior Citizen Afternoon Happy Hour 53 Monthly Customer Drawing 54 Marketing Budget 55 What We Learned 56 Product Statement Award-winning Cold Stone Creamery has been serving up superior ice cream, cakes, cup cakes and...
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...ue [pic] Final paper Lars Isaksaetre, Henrik Oiseth, and Jason Casey BUSA 499, Section One Professor Pham May 13, 2009 Table of contents Executive summary……………………………………………………………… page 2 Company profile…………………………………………………………………… page 3 Overview of the jewelry industry………………………………………………. page 4 External environment………………………………………………………… page 5 Industry analysis……………………………………………………………… page 10 Jewelry supply chain…………………………………………………………. page 16 Industry value chain, Jewelry Retail………………………………………….. page 19 Company analysis……………………………………………………………… page 24 SWOT…………………………………………………………………………… page 46 Financial ratios…………………………………………………………………… page 50 Strategies………………………………………………………………………… page 53 Preferred strategy……………………………………………………………….. page 60 EVA……………………………………………………………………………… page 62 Blue Nile balance sheet…………………………………………………………… page 63 References…………………………………………………………………………. Page 64 Executive Summary Blue Nile is a publicly traded company. The company was established in 1999 and is headquartered in Seattle, WA and is one of leading online retailers of diamonds and fine jewelry. In addition to serving the U.S. market, Blue Nile offers products to selected countries through its Canadian and UK websites. 70% of their sales are from engagement rings and wedding bands and they are known for being a high-end jewelry retailer. The company offers its products on its websites without actually holding the...
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...Before Dungeon 1 [0101] NEW ITEMS: 3 Treasure Charts (#7) - Get Treasure Chart #7 (Battleship Game Shop) Enter the house opposite from the school, which is the Game Shop. Win the Battleship game once to get a Heart Piece, then again to get a Treasure Chart. Win it a third time, breaking the record score for a second Treasure Chart. 1. Dragon Roost Cavern [0102] - you down. Jump across the platforms and go up the ladder. Grapple the nearby overhang, then go through the unsealed door. - (OPTIONAL) If you've got a GBA connected, you can get a Tingle Statue in this next room. On the GBA, find the question mark on the ledge opposite the entrance and bomb it. The chest contains the first Tingle Statue. a room where Link swings across to a seemingly pointless ledge - this room is located right outside the room with the boss key. Once you swing across to the ledge - place a bomb against the wall in order to spawn a chest - Grapple to the opposite ledge, then jump to the next ledge. Jump and hook to the next door, and go through it. Before Dungeon 2 [0103] NEW ITEMS: Note to Mom "Song of Passing" Deku Leaf Deluxe Picto Box 1 Bottle (#2) 7 Treasure Charts (#3,#18,#24,#29,#31,#33,#38) 5 Heart Pieces (#5-#9) NEW NINTENDO GALLERY FIGURES: NOTE: These are simply the figurines which it is possible to get right after you've opened the gallery. Of course you can wait until you have easier and faster means of travel before getting them;...
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