...Chapter 15 Capital Structure Decisions: Part II ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 15-1 Arbitrage is generally thought of as the process of buying an item in one market and simultaneously selling it at a higher price in another market and thus earning a riskless profit. MM broadened this concept. They show, under a set of assumptions, that personal debt can be used to cause the risk of two different stocks to be the same but the returns on the stocks can be different. Then, one could buy the cheaper stock and simultaneously sell the more expensive one and end up earning a riskless profit. Using this arbitrage concept, they demonstrated that if an unleveraged firm had a higher value that a leveraged firm, then investors could use “homemade” leverage to earn a riskless profit by selling the leveraged firm’s stock and borrowing to buy stock in the unleveraged firm’s stock. So, investors would get to the same debt position and have the same risk, but earn a higher profit. The MM conclusions were based on a number of assumptions, and in the real world, those assumptions are not correct. Investors cannot necessarily borrow at the same rate as corporations, interest rates increase with the amount borrowed, bankruptcy costs do exist, and so on. Moreover, corporations are more likely to use cash flows to service their own debt than they are to pay dividends in bad times to enable stockholders to service “homemade” leverage debts, which could result...
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...Week 10 Discussion 1 From the scenario, suggest one (1) method in which Herb could use a cost-benefit analysis to argue for or against an expansion. Create three (3) optimal decision rules for Katrina’s Candies (e.g.., whether to hire more staff or hire temporary workers to meet production schedules). The cost-benefit analysis that Herb could use to argue for or against an expansion would be the Net Present value method. Net Present Value (NPV) is the present value of net cash inflows generated by a project including salvage value, if any, less the initial investment on the project. It is one of the most reliable measures used in capital budgeting because it accounts for time value of money by using discounted cash inflows. The Net Present Value relies on the concept of opportunity cost to place a value on cash inflows arising from capital investment. Opportunity cost is the calculation of what is scarified or foregone as a result of a particular decision. It is also referred to as the “real” cost of taking some action. It relies on the concept of opportunity cost to place a value on cash inflows arising from capital investment. Present value is the cash equivalent now of a sum receivable at a later date. If we didn’t spend that money and banked it instead, the opportunity cost includes both the initial sum and the interest earned. The Net Present Value method is a technique where cash inflows expected in future years are discounted back to their present value. This...
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...RESEARCH PAPER A Comparative Study of BTL in Building up the Brand In Indian Spirit Market In Case Of Royal Challenge against Royal Stag Whisky Praveer Gupta The main objective of the working paper is to understand the performance of Royal Challenge Whisky since its inception and to measure the potential of Royal Challenge brand as a premium segment whisky. This also explains the role of BTL strategies carried out so far and a few consumer insights about the market so as to forecast its position. Page | 1 RESEARCH PAPER Abstract Royal Challenge Whisky brand was launched in 1886 by Shaw Wallace & company. The brand had a healthy growth of about 10 percent till 2005 when the company was bought by the country’s largest spirit maker United Spirits Limited. RC had sales above one million cases in the year 2003-04 with a market share of 56 percent in the premium segment whisky which had grown to 65 percent at the end of December 2003 in competition with UB Spirits Division’s Signature Whisky and Seagram’s Blenders Pride. Over the year, UB kept working on the brand to bring up the same position by various marketing activities like linking the brand with IPL cricket Team (Royal Challengers Bangalore) and an associate sponsor of India's first Formula 1 team Force India etc. In 2014, Diageo bought majority stake in USL and came up with pricing strategy to decrease the prices in order to retain the market share, while other companies such as Pernod Ricard...
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...Homework – Grade 7 Week of 10/21 – 10/25 Monday, 10/21 Tuesday, 10/22 Wednesday, 10/23 Thursday, 10/24 Wksh: Power to a Power (p 2) Wksh: Division with Exponents (p 3) Wksh: Mixed Review (p 4) Study for test. Complete review sheet. Friday, 10/25 Test in class. Print out next week’s hw assignments. Have a great weekend. Topics covered for the week Power to a power Division with exponents Textbook Additional help can be found in Chapter 1: pp 10 – 13 Chapter 4: pp 194 – 203 Chapter 9: pp 453 – 457 and p 822 Chapter 12: pp 674 – 678 Test Topics Intro to exponents/meaning of exponents Exponents with a zero power Negative exponents Exponents with similar bases Power to a power Division with exponents 1 Name _________________________ Date __________________________ Math Period ______ Power to a Power Expand each of the following expressions. 1) (2rm3)2 2) (– 4a2) – 3 3) (– 3m2p3)2 ____________________________________________________________________________________ Simplify. Write all exponents as positive if necessary. 4) (5x2)3 5) (xy3) – 5 (x2)4 • (– 3x6)4 6) ____________________________________________________________________________________ 7) (6x2y3)3 8) (– 2mn5)5 9) (4x2)2 • (3y)2 Mixed Review. Simplify. (All answers must have positive exponents) 10) – (m4)3 11) – 3x0 12) – (xy)0 ____________________________________________________________________________________ 13) xy0 14) (– m4)3 15) ( ) –3 _______...
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...Link for the Answer: http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 http://workbank247.com/q/bus-519-complete-course-bus519-complete-course/22300 BUS 519 Week 1 Discussion "What is Risk?" Please respond to the following: * There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support your response. Provide a rationale for your selection and determine how this approach helps a project to be successful. BUS 519 Week 2 Discussion "Need for Risk Management" Please respond to the following: * There are four (4) critical success factors that are important for effective risk management: supportive organization; competent people; appropriate methods, tools and techniques; and simple, scalable process. Determine three (3) obstacles for an organization to manage risk effectively. Suggest strategies from the perspective of a project manager to avoid the obstacles. BUS 519 Week 3 Discussion "Project Initiation" Please respond to the following: * Using the “Stakeholder Analysis Template” (Appendix B2 in the Hillson and Simon text) for a company that you currently...
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...com/q/bus-599-complete-course-bus599-complete-course/21454 http://workbank247.com/q/bus-599-complete-course-bus599-complete-course/21454 BUS 599 Week 1 Discussion "Company Description" Throughout this course, you will develop a series of written papers / projects that you will later combine into a complete business plan for a Non-Alcoholic Beverage company. For this discussion, you must first review the “NAB Company Portfolio”. The mentioned portfolio contains the company parameters and details you must follow when developing your company. Provide the following information to set the foundation for your non-alcoholic beverage (NAB) business plan. Please respond to the following: * Create your NAB company name and explain its significance. * Develop your company’s Mission Statement and provide a rationale for its components. BUS 599 Week 2 Discussion "Growing Honest Tea" Please respond to the following: * Review the following documents: * Honest Tea’s business plan for 1999 (PDF). * A strengths, weaknesses, opportunities, and threats (SWOT) analysis based on Honest Teas’ business plan (PDF). * Suppose Honest Tea has hired you as a consultant to evaluate the completeness of their strategy for future growth. Base your evaluation on the provided SWOT analysis. Provide a rationale for your response. BUS 599 Week 3 Discussion "Don't Miss the Mark" Please respond to the following: * Watch the following videos: https://youtu.be/0-4ivPwMDCE https://youtu.be/lYX04wiMYmQ...
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...8/9/2014 Prof. Karanja Week 10 Ch. 8 Ex. 5 An example of a good Six Sigma project would be discovering ways to improve traffic safety in my neighborhood. In the Ardwick-Ardmore district of Landover, Maryland, there are many problems with traffic patterns in the neighborhood. The main backbone, which is Ardwick-Ardmore Road is a constant strip of road with no deterrent traffic lights to delegate traffic flow. Turning onto this street from adjacent avenues can be risky due to the right of way that remains with participants traveling on Ardwick-Ardmore Road. By implementing a Six Sigma plan, traffic flow can be improved with changes in the grid plan. DEFINE: The problem at hand is the fact that the constant traffic flow on Ardwick-Ardmore Road can be dangerous to motorists traveling from adjacent roads. MEASURE: Data can be generated by using a survey for passing pedestrians based on their experiences on Ardwick-Ardmore road. Motorists can be selected at random to a timed trial of merging onto Ardwick-Ardmore road from their originated streets from which they traveled. Data results that include collisions, close-calls, and reckless driving will be accepted as valid entries. ANALYZE: Trends can be developed. There may be a possibility that traffic patterns increase during a specific timeframe, etc. IMPROVE: Implement new ideas to deter potential collisions and close-calls based off of the information collected. CONTROL: Continue to track the data input to validate assumptions...
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...Virtual Lab Demonstrating the Scientific Method SCIE207-1302B-06 Biology Lab American Intercontinental University Purpose: To determine how added nitrogen affects the growth in arable and non-arable soils. Introduction: Nitrogen is known by others to be the main component that is most likely to limit growth in several ordinary terrestrial and marine ecosystems (Vitousek & Howarth, 1991). Arable soil is the perfect kind of soil used in agriculture that allows a variety of crops to grow (M.U.S.E., 2010). Hypothesis: It is determined that plants only grow on arable land when receiving an adequate amount of nitrogen fertilizer. Methods: To get my lab results I started with the introduction video titled Using the Scientific Method. At the end of the video a table appeared which represented the amount of mineral nitrogen fertilization. To gather data for the Arable soil, and the Nonarable Sandy Loam soil this following process was taken, in step 1 I clicked on the amount of mineral nitrogen which started with 0, and then I clicked the Arable Soil button which gave me the amount of yield of maize. I clicked the Nonarable Sandy Loam Soil button to get the amount of yield of maize. I repeated this step 1 process from the chart that is measure in multiplies of 20, up to 180. After gathering this information I filled in the lab report with the number of yield of maize for each amount of mineral nitrogen for the Arable and Nonarable soil. Results: This...
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...E8-3 P8-4 E9-1 P-912 E8-3 1. Do not include. The item was not sent until Jan 4th, since it is a custom item it is not the customers until it ships. 2. No. The cost was not received until Jan 3. 3. Yes. The item was ordered before Dec 31st, and it was a part of your inventory on hand. 4. No. It should not be included in inventory because since it is on consignment it does not belong to the sender. 5. Yes. The item was received on Dec 28th and you already paid for it P8-4 A. 1700-1400 = 300 1. 100*5.00 = 500 200 *5.10 = 1020 500+1020 = 1520 2. 200*5.80 = 1160 100*5.60 = 560 1160+560 = 1720 3.Total costs 9160/total inventory 1700 = 5.39 300*5.39 = 1617 E9-1 Part Quantity Cost Market Total Cost Total Market Lower of Cost or Market 110 600 95 100 57000 60000 57000 111 1000 60 52 60000 52000 52000 112 500 80 76 40000 38000 38000 113 200 170 180 34000 36000 34000 120 400 205 208 82000 83200 82000 121 1600 16 14 25600 22400 22400 122 300 240 235 72000 70500 70500 370600 362100 355900 a. 355900 b. 362100 P9-12 a. The retail method would be applied if a company has a high volume of items sold at a low prices. Some advantages of using the retail method would be that you do not need to do a physical inventory assessment of each of your items. You can accurately gague how much inventory you have on hand by using a calculation of how much you have sold thus far and subtracting from your beginning...
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...Worksheet for Viewing The Arts of Criticism . . . Giving and Receiving Name: __Rahul Anantoju____________________________ After viewing the video, please answer the following questions: 1. What is the purpose of the self-test for someone giving criticism? To think about giving criticism making sure criticism is legitimate or not, to make situation better for everybody, to help. 2. Which comes first, your self-test or the EPM formula? Self-test 3. Have you seen others criticize like Everett did the first time? What happened? Yes I did, and my boss was angry at a colleague for not attending a meeting, and criticized. My colleague defended, as a result, things did not work well between the two. 4. Have you ever taken criticism personally? What did you do? I haven’t taken any criticism personally and always learnt from it. 5. What did Beverly have to gain from listening to the criticism? It was hurting Beverly’s career and the company, added cost and nearly lost the client for one project 6. What does EPM stand for? E-empathize P-pin point problems M-move forward 7. Read the following scenario and fill in E, P, M: a. Carlos, who has a desk close to yours, often borrows items from your desk while you are away. When he returns these items, they are often damaged – the stapler is broken, or the policy manual has pages missing. You’ve kept silent about it for several months, but now you are especially upset because the batteries are...
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...787 mg | 3-6 yearsLactogen 4 KidLcomfortis + DHAActiv Grow700g = RM 17.40 | 1 litre = 147 g + 900 ml waterServing size : 36 gPer serving : 233 ml = 36 g +210 ml water1 scoop = 5.1 g = 30 ml7 scoops = 210 ml 2-3 times per day | 23.2 | 0.7 | 0.9 | 668.9 | 20.1 | 26.9 | Per 100 gCHO = 58.3 gDHA = 27 mgOmega 6 = 3.0 gOmega 3 = 385 mgCalcium = 712 mg | 1-3 yearsNAN GrowPro Grow, Optipro, Lipid Smart, DHA & ARA700g | Per serving: 33 g7 scoops in 210 ml water = 33 g3 times per day1 scoop = 30 ml = 4.7 g1 litre = 156.7 g | 22.6 | 0.7 | 1.0 | 753.5 | 23.3 | 33.3 | Per 100 gCHO = 57.8 gDHA = 30.0 mgCalcium = 550 mg | Age | Previously boiled water (ml) | No of measuring scoops | No of feeding per day | From birth | 90 | 3 | 6 | From 2 weeks | 120 | 4 | 5 | From 1 months | 150 | 5 | 5 | From 2 months...
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...思想 Articles 中国宪法史上的国旗 余凌云 * 内容提要:在政权的交替之中,每当讨论国旗的改易,都会由立法机关审议通 过,制定专门决议,或者写入宪法,以获得正当性之基础,进而 为执政的合法性做一个脚注。作为国家的识别标志,统一国旗样 式至关重要,还得规范国旗使用的场合、仪式、禁忌等,通过不 断教育、学习、宣传、执法,惩恶扬善。唯有如此,才能激发人 们对民族、国家的认同与忠诚,为之奉献乃至牺牲之精神。 关 键 词:国旗 宪法史 审定 使用 2015 年第 3 期(总第 7 期) 099 中国宪法史上的国旗 一、国旗小史 照当时的国际惯例,没有挂国旗的船只可视为无 (一)初见于晚清 国籍或者海盗船,无法参加国际贸易,所以该船 在中国,旗帜自古有之,最早可以上溯到黄 也像很多中国商船一样在香港注册,升挂了英国 帝。布制旗帜的出现,中国也早于欧洲,据说在 国旗。1856 年 10 月 8 日,因该船涉嫌走私,广 公元前 3000 年就有,用于军事以及寺庙、宗教 东水师捕走了船上的几名水手。英国驻广州领事 仪式。而在欧洲,最早有记载的纺织旗帜,可以 巴夏礼借口广东水师侮辱了英国国旗,挑起事端, 追溯到公元前 400 年,绘制在意大利南部的帕爱 引爆了第二次鸦片战争。5 1 斯图姆 (Paestum) 古城的一个城墙上。 中文里面, 为了使外国人能对“中国官船”一目了然,6 旗的同义词很多, “旌” 有 、 “旂” 、 “旃” 、 “旄” 、 “麾” 避免误会、纠纷;发生争议,“我亦可执彼国之 等。旗帜多用来区别贵贱、等级,以及用在军旅、 例,与之辩论”,总理衙门决意采用国旗,但拿 祭祀、田猎、封番、封疆、朝会等场合。2 国旗,国之旗也。它不是一般的旗帜,是一 个国家的象征和标识。在中国,国旗的出现,却 不准这“是否有碍行军”,遂先与曾国藩等军事 官僚商议, 然后才奏请同治皇帝批准, 1866 年, 于 仿照外制确定了中国第一面国旗,也就是大清黄 是晚清的事,远远晚于欧洲,完全是西化的产物。 龙旗。因为龙旗是皇权的象征,“黄色龙旗”又 对于这段历史,小野寺史郎、施爱东、汪林茂都 有很详尽、细腻的研究。 3 第 一 次 鸦 片 战 争 以 后, 随 着 通 商 口 岸 的 开 和八旗中“正黄旗”的形态接近,为避免僭越, 深谙官场禁忌的曾国藩思虑之后,主动提出将黄 色龙旗削去一角, 7 所以,黄龙旗最初式样为斜 放,西洋船只大量涌入。西方国家普遍使用国旗 幅三角形。 之后, 黄龙旗逐渐被运用到军事、 外交、 来识别其船只和财产,形成了与国家主权有关的 通商等领域。 一套规则,涉及处理纠纷、航运等事务的理路。 1888 年,醇亲王奕譞与李鸿章奏请改为国际 使 用 国 旗 几 乎 具 有 了 护 身 符 的 性 质(talismanic 通行的长方形,他们认为,“旗式以方长为贵, 4 quality)。 而清政府却没有国旗,官兵也普遍缺 斜长次之”,并认定总理衙门初定中国旗式,不 乏与之有关的法律知识。因此,闹出了不少因悬 是国旗,“系为雇船、捕盗而用,并未奏明为万 挂或未悬挂国旗的纠纷事件。 年国旗”。“今中国兵商各船日益加增,时与各 ...
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...Currently, I approach weekly course reading material in a fairly unconventional way. My weekdays are usually incredibly hectic between my job of working with my clients and my day to day personal life with my children, so finding any quality reading time is hard during the day time hours. I generally have all reading material downloaded to my laptop in advance as we all should so I can get in a bit of reading time during my break time and my clients nap time. The problem with this is, even though it is quiet and my break time, there is still quite a bit of activity going on around me having to deal with small odds and ends, breaking any concentration I have and understanding of the text. I do get a small amount of time in peace when I get home and right before the kids get home after school in which I use to get in some reading and study time. This time is definitely quality time as my concentration is at its greatest and I can get something done. The night hours, usually after dinner, is where things have been really difficult as this is the time where the bulk of my study and reading time is. Thankfully my fiancée has begun to rectify this problem for me (when he is home from work himself) by keeping the kids busy with various things and away from me during this time so I can actually get quite a bit done in peace and...
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...Week 10 - Hand-in Question 1. Why does the club find it profitable to use this pricing policy? The pricing policy was utilized because the gold club found it profitable. Price discrimination is the name of this policy. Putting it simply, it is a method of selling goods or services to different customers using different prices. The common users of this particular method are the monopolies, however they are not the only one using this as can be seen in this question. The price discrimination used in this sample is based on different customer age groups. It can be seen that older groups of customers get charged a higher price. The club found profitable because a substantial amount of their customers are in the 40 and above age group. 2. What aspects of demand for membership for the different groups is the golf club exploiting? Aspects of demand for membership that are being exploited by the golf club are the demand elasticity and reservation price. As was discussed in the first question, each of the age group has different demands for the golf course memberships, individuals aged 40 years and above have greater demand for the membership in comparison to the 10 to 17 years old group of individuals, this is how the golf club is exploiting demand elasticity. Furthermore, reservation price is also being exploited. Reservation price is the price which customers are willing to pay for the membership. With the price discrimination, the higher the age group, the higher the price...
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...Response to ‘ “10 Weeks to Save Democracy” before 2 Million People Are Wiped Off Electoral Register’ Article Recently it has become evident to the public that alterations to the electoral registration process have been made by the government. Previously, the ‘head of household’ (or equivalent) would register all the applicable members of family onto the voting system. Now on the other hand, the system has been altered to fit in with the 21st century Britain and every person of age and wanting to vote must individually register themselves. On one hand, this is a great idea. There are many flaws in the voting system and tightening up regulations to expel as many of these flaws as possible must be encouraged and embraced- to an extent. The new Individual Electoral Registration process will help ensure that people have more control over the process and also increase the accuracy and legitimacy of the system. Moreover, it creates a sense of trust- which is lacking- in the fairness of the elections. However, the issue that the article is stressing is the fact that this new process is being hurried by the government and taking people by surprise. According to the article, “anyone who hasn’t re-registered or whose councils are unable to match with tax or benefit records will be wiped from the list in December” which, as the article outlines, will have incredible impacts on a large portion of our voting population. Although the refined process states that its intentions are simply...
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