of Lot-A comprising 12 funds was acquired by ABAMCO Limited. Out of these 12, the first 9 funds were merged into a single closed-end fund and that was named as ABAMCO Capital Fund, except 4th ICP mutual fund as the certificate holders of the 4th ICP fund had not approved the scheme of arrangement of Amalgamation into ABAMCO capital fund in their extra ordinary general meeting held on December 20, 2003. The fund has therefore been reorganised as a separate closedend trust and named as ABAMCO Growth
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Abstract I provide a synthesis of the Behavioural finance literature over the past two decades. I review the literature in three parts, namely, (i) empirical and theoretical analyses of patterns in the cross-section of average stock returns, (ii) studies on trading activity, and (iii) research in corporate finance. Behavioural finance is an exciting new field because it presents a number of normative implications for both individual investors and CEOs. The papers reviewed here allow us to learn more
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JEL classification: G14; G12 Keywords: Market efficiency; Behavioral finance 1. Introduction Event studies, introduced by Fama et al. (1969), produce useful evidence on how stock prices respond to information. Many studies focus on returns in a short window (a few days) around a cleanly dated event. An advantage of this approach is that because daily expected returns are close to zero, the model for expected returns does not have a big effect on inferences about abnormal returns. * Corresponding
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In the first essay, I propose a dynamic model of corporate earnings management in which investors have different expectations schemes. I find that while earnings management may exist when investors have rational expectations or misspecified Bayesian beliefs, it disappears in the long run of an adaptive learning process. The model also offers ample predictions on the time-series properties of asset prices and return predictabilities. The second essay studies the role of public disclosure by a distressed
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Nature of expansion decisions Expansion cash flows Valuation alternatives: NPV; APV Derivation of NPV model Derivation of APV model Capital structure issues Topics: Initial Capital investment Additional Capital investment For replacement and expansion - $ FCF FCFs are a function of value chain and industry economics Expansion FCFs are incremental to the base case and are attributable to the project. Because they include incremental revenues the full NPV equation
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Project Management Section A Part One: 1. Liquidation value of the firm’s assets could be considered as … a. The minimum wealth of shareholders 2. If ‘P’ be the initial investment, ‘I’ be the interest rate and ‘T’ be the time period for which funds are invested then interest earned will be … d. P*I*T 3. Following the above given conditions, compound interest is given by … b. P*(1+I)T 4. Firms resorting to “Proactive Growth” a. do constant strategic
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1.0 INTRODUCTION The main objective of doing this project is to develop students understanding about Malaysia Capital Market. Malaysia Capital Market involve of shares and investment. This project also study the relationship between expected return, standard deviation, coefficient of variation, covariance, correlation, beta and capital asset pricing model. One of the financial objectives of business organization is to maximize returns on its investments and operations. Various components of
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The Fama and French 3-Factor Model (Fama and French 1993) is used in asset pricing and portfolio management to describe stock returns. Unlike the CAPM, which uses only the market risk factor, in the Fama and French Model, two more factors are identified that cause stocks to do better than the market as a whole – the size factor and the value factor. This paper will first describe the methodology behind the size and value factor calculations. We will then discuss possible explanations as to why the
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VALUATION AND ACQUSITION VALUATION AND ACQUISITION OF “TARGET COMPANY” LIMITED BY “INVESTOR” LIMITED BY: AKINTOYE AKINDELE DBA PROGRAM INTERNATIONAL SCHOOL OF MANAGEMENT DECEMBER 2011 INTRODUCTION CONTEXT This report reviews the investment/acquisition rationale, valuation (assumptions and methodology), negotiation and post acquisition events of the acquisition of 100 percent of the equity of “Target Company” limited by “Investor” Limited. While the names of acquiring and selling companies
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oil and gas exploration and production (E&P), refining and marketing (R&M), and petrochemicals. It had been incorporated more than 120 years and had more than 80,000 employees in 2007. Its consolidated operating revenue, operating income and total assets were $248.5 billion, $42.2 billion and $262.4 billion respectively in 2006. Midland’s E&P division operated in all parts of exploration, development, and production of which production was the dominant operation according to operating results reported
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