...© Nikada/iStockphoto.com Chapter 28 Time Value of Money © Cengage Learning. All rights reserved. No distribution allowed without express authorization. In Chapter 1, we saw that the primary objective of financial management is to maximize the intrinsic value of a firm’s stock. We also saw that stock values depend on the timing of the cash flows investors expect from an investment—a dollar expected sooner is worth more than a dollar expected further in the future. Therefore, it is essential for financial managers to understand the time value of money and its impact on stock prices. In this chapter we will explain exactly how the timing of cash flows affects asset values and rates of return. The principles of time value analysis have many applications, including retirement planning, loan payment schedules, and decisions to invest (or not) in new equipment. In fact, of all the concepts used in finance, none is more important than the time value of money (TVM), also called discounted cash flow (DCF) analysis. Time value concepts are used throughout the remainder of the book, so it is vital that you understand the material in this chapter and be able to work the chapter’s problems before you move on to other topics.1 There are no Beginning-of-Chapter Questions for this chapter. 1. The problems can be worked with either a calculator or an Excel spreadsheet. Calculator manuals tend to be long and complicated, partly because they cover a number of topics that aren’t used in...
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...Marketing Management MKTG 5150, 007, 077, 080, 086 Fall 2013 8W Instructor: Kenneth N. Thompson, Ph.D. Professor of Marketing & Logistics Office Hours: 1:30 – 3:30 TTh and by appointment E-‐mail: kenneth.thompson@unt.edu. Only use this e-‐mail address if you cannot reach me via the Blackboard Learn e-‐mail facility. Use the ‘e-‐mail’ selection on the Learn menu bar (left side of the Learn window). E-‐mail traffic initiated via Blackboard Learn is specifically flagged to get my attention. By the way, do not expect me to respond to e-‐mail on weekends or after 5:00 p.m. on weeknights. I am often online during these times, but there are no guarantees with my extensive travel schedule this Summer. Roger Kerin and Robert Peterson (2010), Strategic Marketing Problems: Cases and Comments, 12th Ed. (Upper Saddle River, NJ: Pearson Prentice Hall) ISBN-‐13: 978-‐0-‐13-‐...
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...*IS1347* //integrafs1/cengage/3-Pagination/Cengage_US/Business_and_Economics/FFM13e/3B2/brigham_endpaper.3d, 11/16/11, 17:35, page: 1 FREQUENTLY USED SYMBOLS/ABBREVIATIONS ACP Average collection period ADR American depository receipt AFN Additional funds needed AMT Alternative minimum tax APR b Annual percentage rate Beta coefficient, a measure of an asset’s riskiness bL Levered beta bU Unlevered beta BEP BVPS CAPEX CAPM CCC Basic earning power Book value per share Capital expenditures Capital Asset Pricing Model Cash conversion cycle CF Cash flow; CFt is the cash flow in Period t CR Conversion ratio CV Coefficient of variation Dp Dividend of preferred stock Dt Dividend in Period t DCF Discounted cash flow D/E Debt-to-equity ratio DEP Depreciation D1/P0 DPS DRIP Expected dividend yield Dividends per share Dividend reinvestment plan DRP Default risk premium DSO Days sales outstanding e Approximately equal to 2.7183 EAA Equivalent annual annuity EAR Effective annual rate, EFF% EBIT EBITDA EPS EVA F Earnings before interest and taxes; operating income Earnings before interest, taxes, depreciation, and amortization Earnings per share Economic value added (1) Fixed operating costs (2) Flotation cost FCF Free cash flow FVN Future value for Year N FVAN g GAAP HVN I IFRS IPER I/YR INT IP IPO IRR LIBOR ...
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...An Introduction to Project Management, Fifth Edition By Kathy Schwalbe Professor Emeritus, Augsburg College Department of Business Administration Minneapolis, Minnesota An Introduction to Project Management, Fifth Edition Cover Photo: Dan Schwalbe ©2015 Schwalbe Publishing ISBN-13: 978-1505212099 ISBN-10: 150521209X ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the author. Materials from Kathy Schwalbe’s Information Technology Project Management, Sixth and Seventh Editions, are used with permission from Cengage Learning. Microsoft and the Office logo are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. All screenshots from Microsoft products are used with permission from Microsoft. Information and screenshots from MindView Business are used with permission from MatchWare. Information and screenshots from Basecamp are used with permission from Basecamp. Some of the product names and company names used in this book have been used for identification purposes...
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...SAGE India website gets a makeover! Global Products Enhanced Succinct Intuitive THE Improved Interactive Smart Layout User-friendly Easy Eye-catching LEADING WORld’s LEADING Independent Professional Stay tuned in to upcoming Events and Conferences Search Navigation Feature-rich Get to know our Authors and Editors Why Publish with SAGE ? World’s LEADING Publisher and home and editors Societies authors Professional Academic LEADING Publisher Natural World’s Societies THE and LEADING Publisher Natural authors Societies Independent home editors THE Professional Natural Societies Independent authors Societies and Societies editors THE LEADING home editors Natural editors Professional Independent Academic and authors Academic Independent Publisher Academic Societies and authors Academic THE World’s THE editors Academic THE Natural LEADING THE Natural LEADING home Natural authors Natural editors authors home World’s authors THE editors authors LEADING Publisher World’s LEADING authors World’s Natural Academic editors World’s home Natural and Independent authors World’s Publisher authors World’s home Natural home LEADING Academic Academic LEADING editors Natural and Publisher editors World’s authors home Academic Professional authors Independent home LEADING Academic World’s and authors home and Academic Professionalauthors World’s editors THE LEADING Publisher authors Independent home editors Natural...
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... Presented to: Prof. Diana Lee Tracy K. Chan By Grutas, Princess May T. Rivero, Jubelle A. Sta.Ana, Babylyn E BSBA HRDM 3-1N S.Y 2013-2014 CERTIFICATION This Undergraduate Research entitled “Implementation of Performance Appraisal in Small Scale Businesses in Quezon City” prepared and submitted by Princess May T. Grutas, Jubelle A. Rivero and Babylyn E. Sta. Ana, in fulfillment of the requirements for the course FUNDAMENTALS OF RESEARCH has been examined and recommended for approval. DIANA LEE TRACY K. CHAN, MEM Adviser APPROVAL SHEET Approval by the PANEL OF EXAMINERS on the ORAL EXAMINATION with a grade of . ROSALIE A. CORPUS, DEM Chairman ANALYN DIAZ, DEM MR. NORMAN LOS ANES, MBA Member Member Accepted in partial fulfillment of the requirements for the Degree Bachelor of Science Major in Human Resource Development and Management. OCTOBER 21, 2013 PASCUALITO B. GATAN, MPA Director ABSTRACT Title of Research: Implementation of...
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...Introduction In this chapter we tried to describe the origin of the report, objective of the report, scope and limitations of the report. Origin of The Report: The BBA Program under the department of finance offers a course named “Law & Practice of Banking” which requires submitting a report on a specific topic determined by the course instructor. The report under the headline “A comprehensive Analysis of City Bank Limited” has been prepared towards the purpose. Objective of The Report: There are several objectives to conduct the study which are: * To provide an overall information on City Bank Limited. * To analyze the financial statement of City Bank Limited. * To analyze the ratio of City Bank & compare it to Bank Asia. Methodology: To prepare this report we mainly depend on secondary data. We collected our necessary data from annual report of the City Bank For last five years. Then we calculate its different types of ratio and compare it to Bank Asia. . Scope of The Report: 1.4. Scope of the report: Everything has some advantage which helps that work to be completed thoroughly. We get some scope which helps us to make a standard report. Major of them are- Easy access of information: We have collected information from the annual report of the City bank. It helps us to prepare this report easily. Easy access to internet: We have a very smooth access to internet in our computer lab so that we didn’t face any kind of trouble...
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...Micael Hillergren Supervisor: Lars Lindbergh Student Umeå School of Business and Economics Spring semester 2014 Degree project, 30 HP Abstract Many argue that there is a trade off between profitability and liquidity. However, many studies have found that the profitability can increase with an efficient Working Capital Management. Correctly allocating cash flows to where and when it is needed increases liquidity and simultaneously increasing profitability. The purpose of this study is to develop the research on the relationship between Working Capital Management and profitability by investigating how it is affected by different company characteristics. A quantitative method was applied with philosophical stances in objectivism and positivism and deductive theory was used to approach the subject. From the theoretical framework, five hypotheses were established and statistically tested in order to answer our research question. The first hypothesis was formulated to confirm previous research, while the remaining two aimed at providing both a theoretical and practical contribution to existing knowledge. The thesis centers on the Cash Conversion Cycle, a metric of how fast a company turns purchased products into profit, with Gross Profit Margin as the measure of profitability. The data analyzed is financial information from 2012, collected from a secondary source, Business Retriever database. In order to fulfill the purpose, hypotheses were tested....
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...of Contents List of tables and figures 4 Acknowledgements 5 List of Abbreviations 6 Section A. Organisation evaluation 8 The Executive Summary 8 The Placement Overview 9 1. The Evaluation of the EP’s activities 10 1.1 The EP format 11 1.2 The History of the EP 11 1.3 Geographical Locations and Facilities 12 2. The People 16 2.1 Visions and Strategies 16 2.2 Institutional structure and management 16 2.2.1 External structure 16 2.2.2 Internal Structure 17 2.3 Management of the EP 21 2.3.1 EP’s Political management 21 2.3.2 EP’s Organisational management 22 2.3.3 EP’s Communication Management 23 2.4 Staffing, recruiting and training 24 2.4.1 Staffing 24 2.4.2 Recruiting 27 2.4.3 Training 27 3. The Numbers 27 3.1 Strict rules for efficient and transparent budget implementation 32 3.1.1 Separation of functions 32 3.1.2 Use of standard documents 32 3.2 Controls of the budgetary procedure 32 3.2.1 Internal controls 33 3.2.2 Internal audits 33 3.2.3 External controls 33 4. Evaluation and conclusion 34 4.1 SWOT analysis 34 4.2 Conclusions 35 Section B. Personal and professional development 36 1. Getting a Placement 36 2. Placement year objectives 37 3. Placement experiences 38 References 40 Appendices 43 List of tables and figures Figure 1. EP Locations Source: BBC.com (2014) 9 Figure 2. EU Coverage Source: EP Visits and seminar unit (2013) 13 Figure 3. Strasbourg centre Source: European Parliament...
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...Executive Summary A. Market Study Food and parties have been a part of the culture of the Filipino. Filipino have always been a food lover, be it traditional food or food from another country. Hot is an adjective word that means having or giving off heat; having a high temperature; showing intense; requiring immediate delivery or correspondence; demanding priority. Spot is a noun word that means a place or locality; a specific position in a sequence. The owners chose this name because of the very reason that it is catchy and the word itself is explainable; it will be easily understood by their chosen target markets. Also, the owners thought of using this name because their main mission is to serve their customers with products that are warm and fresh. It features a variety of menu such as salads, pasta, hamburgers, rice meals, desserts and beverages hot or cold, alcoholic or non-alcoholic. It is also known for having the best ambiance having a laid back style with a twist of modernized furniture. Rest assured that Hotspot bar restaurant will maintain its security well. Hotspot bar and restaurant is an establishment that is very flexible and in its operations, it will make sure to cater to the needs and wants of every individual of all ages. B. Technical Study Burgers was introduced to the Philippines by the Americans, since then the Filipinos are fond of eating burgers. Hotspot bar and restaurant wants to be known for their best tasting burgers but they...
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...performance and balance sheet strength, identifying a company’s strategy, doing five-forces and driving-forces analysis, doing a SWOT analysis, and recommending actions to improve company performance. The content of these case exercises is tailored to match the circumstances presented in each case, calling upon students to do whatever strategic thinking and strategic analysis is called for to arrive at a pragmatic, analysis-based action recommendation for improving company performance. eBook Connect Plus includes a media-rich eBook that allows you to share your notes with your students. Your students can insert and review their own notes, highlight the text, search for specific information, and interact with media resources. Using an eBook with Connect Plus gives your students a complete digital solution that allows them to access their materials from any computer. Tegrity Make your classes available anytime, anywhere. With simple, one-click recording, students can search for a word or phrase and be taken to the exact place in your lecture that they need to review. EASY TO USE Learning Management System Integration McGraw-Hill Campus is a...
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...University of Tennessee ________________________________________________________________________________ Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial...
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...trademark belonging to Capgemini. www.3plstudy.com Supporting Organizations: 4 2014 18TH ANNUAL THIRD-PARTY LOGISTICS STUDY Executive Summary Current State of the 3PL Market In the 2014 18th Annual Third Party Logistics Study, survey results showed the continuing, positive overall nature of shipper-3PL relationships. Both parties view them as being successful, and shippers are seeing positive results again this year: an average logistics cost reduction of 11%, average inventory cost reduction of 6%, and an average fixed logistics cost reduction of 23%. Shippers agree that 3PLs provide new and innovative ways to improve logistics effectiveness, and that they are sufficiently agile and flexible to accommodate future business needs and challenges. Despite ongoing churn in shipper-3PL relationships, in general shippers are increasing their use of outsourced logistics services, and shippers and 3PLs are now about equally satisfied (70% and 69%, respectively) with the openness, transparency and good communication in their relationships. Big Data As suggested in last year’s report, however, several...
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...ELEVENTH EDITION Management LEADING & COLLABORATING IN A COMPETITIVE WORLD Thomas S. Bateman McIntire School of Commerce University of Virginia Scott A. Snell Darden Graduate School of Business University of Virginia MANAGEMENT: LEADING & COLLABORATING IN A COMPETITIVE WORLD, ELEVENTH EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2015 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2013, 2011, and 2009. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 ISBN 978-0-07-786254-1 MHID 0-07-786254-6 Senior Vice President, Products & Markets: Kurt L. Strand Vice President, Content Production & Technology Services: Kimberly Meriwether David Managing Director: Paul Ducham Executive Brand Manager: Michael Ablassmeir Executive Director of Development: Ann Torbert Senior Development Editor: Laura Griffin Digital Product Analyst: Kerry Shanahan Marketing Manager: Elizabeth Trepkowski ...
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...could be more important in a law enforcement agency than to have these two variables coexisting in an organization in a harmonious manner? By investigating whether a relationship exists between these two variables an answer to this question could emerge. In law enforcement today, the cost associated with excessive use-of-force civil law-suits against police officers and their departments can be staggering. Exposing police officers to a specific leadership style may influence the dynamics in the use-of-force behavior during arrests or other police actions. Evaluating a non-experimental ex post facto field scenario and comparing these results with perceived leadership styles of the supervisors was a primary function of this study. Results from using the Multifactor Leadership questionnaire; both Rater and Leader forms were used to gather additional information. Fifteen officers participated in the role play...
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