Investment Banking Giuliano Iannotta Investment Banking A Guide to Underwriting and Advisory Services Professor Giuliano Iannotta Department of Finance ` Universita Bocconi via Roentgen 1 20136 Milano Italy giuliano.iannotta@unibocconi.it ISBN: 978-3-540-93764-7 e-ISBN: 978-3-540-93765-4 DOI 10.1007/978-3-540-93765-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009943831 # Springer-Verlag Berlin Heidelberg 2010 This work is subject
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Intra-entity Debt, Consolidated Cash flows, and Other Issues Chapter Outline I. Variable interest entities (VIEs) A. VIEs typically take the form of a trust, partnership, joint venture, or corporation. In most cases a sponsoring firm creates these entities to engage in a limited and well-defined set of business activities. For example, a business may create a VIE to finance the acquisition of a large asset. The VIE purchases the asset using debt and equity financing, and then leases
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credit histories that include payment delinquencies i.e. non-payment of the mortgage, and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories." This is when the borrowers have a poor credit history that is they are bad borrowers. Subprime lending is also called B-Paper, near-prime, or second
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The Global Roots of the Current Financial Crisis and its Implications for Regulation Anil Kashyap (University of Chicago) Raghuram Rajan (University of Chicago) Jeremy Stein (Harvard University) Where did the current financial crisis come from? Who or what is to blame? How will it be resolved? How do we undertake reforms for the future? These are the questions this paper will seek to answer. The analysis will have three parts. The first is a rough and ready sketch of the global roots of this
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25 EXHIBITS FROM SPREADSHEETS 30 SUMMARY & CONCLUSION 33 REAFFIRMED HIGHLIGHTS: 34 STRENGTH, LIQUIDITY AND PERFORMANCE: 34 OUTLOOK: 35 EXECUTIVE SUMMARY Background: Realty Income Corporation (“Realty Income” or “RIC” or “REIT”) is an equity real estate investment trust (REIT). Realty Income is a publicly traded (NYSE: Ticker symbol “O”) and is also known as “the monthly dividend company” which parallels its dividend payout structure. The Company is engaged in acquiring and owning freestanding
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CAPITAL BUDGETING FOR MULTINATIONALS 13.1 INTRODUCTION Although the original decision to undertake an investment in a particular foreign country may be the outcome of combination of strategic, behavioural and economic considerations, choice of a specific project within a particular product-market posture calls for evaluation of its economic feasibility. For this purpose, capital budgeting exercise has to be done. A firm should deploy funds in a project if the marginal revenue obtained there from
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Price!(May!10,!2013):104.61! • 52!Week!Price!Range:!108.31!–!93.68! 130! 120! 110! 100! 90! 80! Profitability! Profit!Margin!(ttm):! 16.24%! Operating!Margin!(ttm):! 26.37%! Return!on!Asset!(ttm):! 12.18%! Return!on!Equity!(ttm):! 25.57%! Current!Ratio:!4.32! Debt!to!Equity:!74.19! P!/E!Ratio:!18.53! Highlight!Financials! Management! Effectiveness! Liquidity!and! Leveraging! Market!Ratio! DCR! S&P500! EV/EBITDA:!12.6! ! ! Undervalued! Share!Price! Advanced! Technology
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Solutions to Chapter 1 The Firm and the Financial Manager 1. real executive airplanes brand names financial stock investment capital budgeting financing 2. A firm might cut its labor force dramatically which could reduce immediate expenses and increase profits in the short term. Over the long term, however, the firm might not be able to serve its customers properly or it might alienate its remaining workers; if so, future profits will decrease, and the stock price will decrease
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weighted average cost of capital. d. private debt placement. e. personal offset. Difficulty level: Easy MM PROPOSITION I b 2. The proposition that the value of the firm is independent of its capital structure is called: a. the capital asset pricing model. b. MM Proposition I. c. MM Proposition II. d. the law of one price. e. the efficient markets hypothesis. Difficulty level: Easy MM PROPOSITION II c 3. The proposition that the cost of equity is a positive linear function of capital structure
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant
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