...Subjective traders they are intertwined with their trades.Their signals are generally entering out of greed and exiting based on their own internal fear. The believe in their opinions more than the actually price action. They base trades off of whether they are feeling good or bad about a particular trade. A subjective trade comes out of the imagination of the trader, from their own beliefs, opinions, and what “should” happen in their view. Many times reality is not even cross checked as a reference, and if it is the subjective traders sees what they want to see instead of what is really going on. Their compass is their emotions and they have internal goals other than making money. Objective: (Of a person or their judgment) not influenced by personal feelings or opinions in considering and representing facts. Having actual existence or reality. Objective traders have a quantified method, a system, rules, and principles they trade by. They know where they will get in based on facts, and where they will get out based on price action. Objective traders have a written trading plan to guide them. The guides of the objective trader is historical price action, charts, probabilities, risk management, and their edge. They react to what is happening in reality in quantifiable terms that can be measured. They go with the flow of price action not the flow of internal emotions. Don’t be inside of your trade emotionally and don’t attach your ego to it. Be the trader that witnesses the trade...
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...risks should SZLN take into account when assessing the acquisition? Opportunities: 1. It is necessary for SZNL to make acquisition, in order to get more ore for feeding its manufacturing operations. 2. Due to consolidation of the industry by the government it is better for SZLN to acquire other companies or would be acquired. 3. Ability to provide a platform for future international expansion. 4. Becoming more safe with ore supply and thus to become more competitive as lead/zinc + metal products producer on the world market. 5. Getting the synergy effect from PEM management and operation efficiency management. Moreover, the ability to improve mining technologies from each other. 6. Purchasing of attractive mines for a cheap price and future value rise after predictable increase in resources price. In other words the opportunity of capital gain after the market recovery. Risks 1. Political risks from both sides. On the one hand, the supervision of SASAC in China, that controls the efficiency of using of foreign exchange reserves, political relationship with the investee country and following the “global strategy”. On the other hand the impact of FIRB, that can find the acquisition to be against the national interest of Australia. 2. Risk of involving in long negotiation process with possible negative result. 3. Cultural differences between countries. 4. Risk of market deteriorating that can lead to losses for SZLN. 5. Risk...
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...NATIONAL UNIVERSITY 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...
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...GOODMAN INSTITUTE OF INVESTMENT MANAGEMENT John Molson School of Business GIIM 618 SEMINAR IN CORPORATE FINANCE Fall 2012 Saturday 12:30pm – 3:00pm September 8 – December 8, 2012 Instructor: Loretta Hung Office: MB-12.231 Tel.: (514) 848-2424 ext. 5114 E-mail: lorethun@jmsb.concordia.ca Please contact professor to confirm appointments. COURSE OBJECTIVES The course offers an in-depth coverage of Study Session 8 and 9 in preparation for CFA Level II examination. In addition, the course is designed to develop your skills in solving various financial problems through assessment of cases. TEXTBOOKS “Corporate Finance,” CFA© Program Curriculum 2013, Level II, Volume 3 Reading 25: Capital Budgeting Reading 26: Capital Structure Reading 27: Dividends and Share Repurchases: Analysis Reading 28: Corporate Governance Reading 29: Mergers and Acquisitions Cases - binder EVALUATION PROCEDURE Two In-Class Tests Case Analysis & Presentation Written Case Report Case Rebuttal & Class Contribution Final Exam Total CLASS TESTS AND FINAL EXAM Class tests will take about 75 minutes each and the final exam will be 2-1/2 hours long. The format for testing will include multiple-choice item sets and/or multiple-choice questions. CASE ANALYSIS & PRESENTATION The classes in Montreal and Toronto will divide themselves into four and two groups, respectively. The classes themselves can decide who is in which group. The Groups are to be established by September 10, 2012 and the Group Coordinator is to...
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