...I. What are the advantages and disadvantages of Rosetta Stone going public? II. Conduct your own analyses to estimate the value of Rosetta Stone. How do these values compare with the current range? III. If you were part of the underwriting syndicate, what price would you recommend for the offering? IV. Should Mark invest in the IPO? V. What alternatives to the IPO might be available to the company? I. Advantages & Disadvantages of Going Public The main advantages of Rosetta Stone going public are that an IPO would allow them the capital to expand their business into new markets as well as build on the Rosetta Stone brand. The IPO would also help them establish business credibility as a public firm. As a public company, Rosetta could enhance their image and reputation with newfound capital. It may also be advantageous to proceed with an IPO as the market has shown encouraging signs after the crisis of 2008. Changyou.com, a video game developer recently went public at 6.5 times EBITDA. Likewise, Bridgeport Education has recently considered going public and estimates that they could do so at a range of 10-12 times EBITDA. This may indicate that an IPO would behoove Rosetta Stone as it would be a successful business decision. Furthermore, the language learning industry largely consists of self-study learning as it counts for $32 billion of the $82 billion industry. Going public would allow Rosetta to be a major market presence in a booming industry. Another...
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...ROSETTA STONE: PRICING THE 2009 IPO A Brief History Mission statement: Our mission is to deliver the best technology-based solutions for learning languages. Every day, our innovation help people improve their lives and make the world a better place. Stoltzfus and Fairfield founded Fairfield Language Technologies in Harrisonburg, Virginia, in 1992. The emergence of CD-ROM technology in the 1990s made the project feasible. The company released its first retail language training software product in 1999 under the name Rosetta Stone. After focusing initially on school and government sales, the company began aggressively pursuing the retail market in 2001. Following the death of Stoltzfus in 2002, the company hired an outsider, 31-year-old Tom Adams, as chief executive. Adams got right to work by entering new markets and scaling up the current busi- ness; from 2004 to 2005, the revenues of the company nearly doubled, from $25 million to $48 million. Economic Conditions The previous year had been a dramatic one for the world economy. Prices on global credit and equity markets had been in free fall. The U.S. equity market was down over 50% from its peak in October 2007 In February and March of 2009, there had been some evidence of improvement in financial and economic conditions. Wholesale inventories were in decline. New- home sales were beginning to rise. The equity market had experienced a rally of over 20% in recent weeks. Going public Despite the uncertainty of taking...
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...ROSETTA STONE: pricing the 2009 IPO Teaching Note This case examines the April 2009 decision of Rosetta Stone management to price the initial public offering of Rosetta Stone stock during one of the most difficult periods in capital-raising history. The case outlines Rosetta Stone’s unique language-learning strategy and its associated strong financial performance. Students are invited to value the stock and take a position on whether the current $15 to $17 per share filing range is appropriate. The case is designed to showcase corporate valuation using discounted cash flow and peer-company market multiples. The epilogue details the 40% first-day rise in Rosetta Stone stock from the $18 offer price. With this backdrop, students are exposed to a well-known finance anomaly—the IPO underpricing phenomenon—and are invited to critically discuss various proposed explanations. The case provides opportunities for the instructor to develop any of the following teaching objectives: * Review the institutional aspects of the equity issuance transaction. * Explore the costs and benefits associated with public share offerings. * Develop an appreciation for the challenges of valuing unseasoned firms. * Hone corporate valuation skills, particularly using market multiples. * Evaluate the received explanations of various finance anomalies, such as the IPO underpricing phenomenon. Study Questions 1. What are the advantages and disadvantages...
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...FINANCIAL MANAGEMENT AND POLICIES FIRST YEAR REQUIRED COURSE PACKET Quarter III, Spring 2010 FACULTY Section I: Section II: Section III: SectionIV: Section V: FINANCIAL MANAGEMENT AND POLICIES Quarter III, Spring 2010 Elena Loutskina Marc Lipson Robert Conroy MarcLipson Elena Loutskina IMPORTANT SCHEDULE ANNOUNCEMENT: Thursday, February 19 is a DAY LONG exercise that requires your participation until 5:30pm that evening. By compressing the exercise into a single day we were able to designate Friday as a Reading Day. Please DO NOT schedule any travel until after your obligation for the exercise ends at 5:30pm Thursday evening. COURSE DESCRIPTION First-Year Financial Management and Policies (FMP) reflects three important features of the Darden MBA Program: (1) it is a general management program; (2) the program, through its frequent use of the case method of instruction, has a practical, pragmatic bias and a decision- orientation; and (3) the first-year program provides the basic training on which students can build in the second-year. Consistent with the first-year program, FMP aims to provide: 1. An Introduction. The course provides the basic framework necessary to pursue further study in finance in the second-year of the MBA program and on his or her own thereafter. This framework is an orientation towards valuation. 2. Basic Mastery. The course emphasizes essentials, the tools and concepts that every general manager, entrepreneur, or manager in other functional fields...
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...Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of the publisher is unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained by contacting the publisher at permissions@hbgusa.com. Thank you for your support of the author’s rights. For Isabella and Calista Stone When you are eighty years old, and in a quiet moment of reflection narrating for only yourself the most personal version of your life story, the telling that will be most compact and meaningful will be the series of choices you have made. In the end, we are our choices. —Jeff Bezos, commencement speech at Princeton University, May 30, 2010 Prologue In the early 1970s, an industrious advertising executive named Julie Ray became fascinated with an unconventional public-school program for gifted children in Houston, Texas. Her son was among the first students enrolled in what would later be called the Vanguard program, which stoked creativity and independence in its students and nurtured expansive, outside-the-box thinking. Ray grew so enamored with the curriculum and the community of enthusiastic teachers and parents that she set out to research similar schools around the state with an eye toward writing a book about Texas’s fledgling gifted-education movement. A few years later, after her son had moved on to junior high...
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...Careers in Management Consulting WetFeet Insider Guide 2005 Edition The WetFeet Research Methodology You hold in your hands a copy of the best-quality research available for job seekers. We have designed this Insider Guide to save you time doing your job research and to provide highly accurate information written precisely for the needs of the job-seeking public. (We also hope that you’ll enjoy reading it, because, believe it or not, the job search doesn’t have to be a pain in the neck.) Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door. Are we...
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...ETHICS IN INFORMATION TECHNOLOGY Third Edition This page intentionally left blank ETHICS IN INFORMATION TECHNOLOGY Third Edition George W. Reynolds Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Ethics in Information Technology, Third Edition by George W. Reynolds VP/Editorial Director: Jack Calhoun Publisher: Joe Sabatino Senior Acquisitions Editor: Charles McCormick Jr. Senior Product Manager: Kate Hennessy Mason Development Editor: Mary Pat Shaffer Editorial Assistant: Nora Heink Marketing Manager: Bryant Chrzan Marketing Coordinator: Suellen Ruttkay Content Product Manager: Jennifer Feltri Senior Art Director: Stacy Jenkins Shirley Cover Designer: Itzhack Shelomi Cover Image: iStock Images Technology Project Manager: Chris Valentine Manufacturing Coordinator: Julio Esperas Copyeditor: Green Pen Quality Assurance Proofreader: Suzanne Huizenga Indexer: Alexandra Nickerson Composition: Pre-Press PMG © 2010 Course Technology, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein 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...
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...Page No. 2 Index Swachh Bharat Mission FEB & MARCH, 2015 AUGUST, 2012 Page No. 4 Insurance Sector In India Page No. 5 Bharat Ratna Award Designed by: Chandan Kumar “Raja” For Advertisement Contact at : 9958790414 Join us at Facebook: https://www.facebook.com/iasexamportal Follow us at Twitter: https://twitter.com/iasexamportal CURRENT AFFAIRS National Issues International Issues India & the World Economy Science and Technology Sports Awards & Prizes In The News 6 14 20 23 39 51 58 64 Disclaimer: Editor and Publisher are not responsible for any view, data, figure etc. expressed in the articles by the author(s). Maps are notational . All Disputes are subject to the exclusive jurisdiction of competent courts and fourms in Delhi/New Delhi only. Selected Articles from Various Newspapers & Journals Page No. 67 91 Cyberspace Page No. 93 Regional Rural Banks The Mauryan Empire Model Paper G.S. Paper I 94 117 Join Online Coaching For IAS Pre & Mains Exams http://iasexamportal.com/civilservices/courses Project Mausam and Maritime Silk Route SWACHH BHARAT MISSION Throughout the world around 2.5 billion people do not have toilets to use, out of those 250 crore people 65 crore live in India alone. In order to solve this big challenge government of India has launched “Swachh Bharat Mission” on the birth anniversary of Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri...
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...400 Must-Have Words for the TOEFL® This page intentionally left blank. 400 Must-Have Words for the TOEFL® LYNN STAFFORD-YILMAZ LAWRENCE J. ZWIER MCGRAW-HILL New York Chicago San Francisco • Lisbon London • Madrid • Mexico City • Milan • New Delhi San Juan • Seoul • Singapore • Sydney • Toronto • • Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, 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 permission of the publisher. 0-07-146707-6 The material in this eBook also appears in the print version of this title: 0-07-144328-2. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”)...
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...NEED MORE TOEFL MATERIALS?? Go Here: http://www.yosite.ru 400 Must-Have Words for the TOEFL® This page intentionally left blank. 400 Must-Have Words for the TOEFL® LYNN STAFFORD-YILMAZ LAWRENCE J. ZWIER MCGRAW-HILL New York Chicago San Francisco • Lisbon London • Madrid • Mexico City • Milan • New Delhi San Juan • Seoul • Singapore • Sydney • Toronto • • Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, 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 permission of the publisher. 0-07-146707-6 The material in this eBook also appears in the print version of this title: 0-07-144328-2. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212)...
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...Hacking: A Short History 2. What Is an Ethical Hacker? 3. Summary 4. Exam Essentials 5. Review Questions 4. Chapter 2: System Fundamentals 1. Exploring Network Topologies 2. Working with the Open Systems Interconnection Model 3. Dissecting the TCP/IP Suite 4. IP Subnetting 5. Hexadecimal vs. Binary 6. Exploring TCP/IP Ports 7. Understanding Network Devices 8. Working with MAC Addresses 9. Intrusion Prevention and Intrusion Detection Systems 10. Network Security 11. Knowing Operating Systems 12. Backups and Archiving 13. Summary 14. Exam Essentials 15. Review Questions 5. Chapter 3: Cryptography 2 1. Cryptography: Early Applications and Examples 2. Cryptography in Action 3. Understanding Hashing 4. Issues with Cryptography 5. Applications of Cryptography 6. Summary 7. Exam Essentials 8. Review Questions 6. Chapter 4: Footprinting and Reconnaissance 1. Understanding the Steps of Ethical Hacking 2. What Is Footprinting? 3. Terminology in Footprinting 4. Threats Introduced by Footprinting 5. The Footprinting Process 6. Summary 7. Exam Essentials 8. Review Questions 7. Chapter 5: Scanning Networks 1. What Is Network Scanning? 2. Checking for Live Systems 3. Checking for Open Ports 4. Types of Scans 5. OS Fingerprinting 6. Banner Grabbing 7. Countermeasures 8. Vulnerability Scanning 9. Drawing Network Diagrams 10. Using Proxies 11. Summary 12. Exam Essentials 13. Review Questions 8. Chapter 6: Enumeration of Services 3 1. A Quick Review 2. What Is Enumeration? 3. Windows Basics...
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...NOTE: This PDF document has a handy set of “bookmarks” for it, which are accessible by pressing the Bookmarks tab on the left side of this window. ***************************************************** We are the last. The last generation to be unaugmented. The last generation to be intellectually alone. The last generation to be limited by our bodies. We are the first. The first generation to be augmented. The first generation to be intellectually together. The first generation to be limited only by our imaginations. We stand both before and after, balancing on the razor edge of the Event Horizon of the Singularity. That this sublime juxtapositional tautology has gone unnoticed until now is itself remarkable. We're so exquisitely privileged to be living in this time, to be born right on the precipice of the greatest paradigm shift in human history, the only thing that approaches the importance of that reality is finding like minds that realize the same, and being able to make some connection with them. If these books have influenced you the same way that they have us, we invite your contact at the email addresses listed below. Enjoy, Michael Beight, piman_314@yahoo.com Steven Reddell, cronyx@gmail.com Here are some new links that we’ve found interesting: KurzweilAI.net News articles, essays, and discussion on the latest topics in technology and accelerating intelligence. SingInst.org The Singularity Institute for Artificial Intelligence: think tank devoted to increasing...
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...Applied SOA Service-Oriented Architecture and Design Strategies Mike Rosen Boris Lublinsky Kevin T. Smith Marc J. Balcer Wiley Publishing, Inc. Applied SOA Applied SOA Service-Oriented Architecture and Design Strategies Mike Rosen Boris Lublinsky Kevin T. Smith Marc J. Balcer Wiley Publishing, Inc. Applied SOA: Service-Oriented Architecture and Design Strategies Published by Wiley Publishing, Inc. 10475 Crosspoint Boulevard Indianapolis, IN 46256 www.wiley.com Copyright 2008 by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada ISBN: 978-0-470-22365-9 Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1 No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, (317) 572-3447, fax (317) 572-4355, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: The publisher and...
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