Example: NetOne Inc. expects free cash flows of $5 million each year. NetOne's corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of $19.05 million, and it expects to maintain this level of debt permanently. What is value of NetOne without leverage? VU = PV(of FCF)= $5mil/0.15 = $33.333 million What is the value of NetOne's equity with leverage? E = VL - D = VU + PV(ITS) - D = VU + TC D - D = VU + D(TC - 1)= $33.333 + $19.05(0.35 - 1) = $20.951
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Strategic Management Strategic Management Philip Sadler First published in 1993, authors James C Craig and Robert M Grant Second edition published in Great Britain and the United States in 2003 by Kogan Page Limited, author Philip Sadler Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means
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User SONPR:Job EFF01417:6264_ch01:Pg 0:23907#/eps at 100% *23907* Fri, Nov 9, 2001 11:52 AM part I Introduction User SONPR:Job EFF01417:6264_ch01:Pg 1:21266#/eps at 100% *21266* Fri, Nov 9, 2001 11:52 AM C H A P T E R The Science of Macroeconomics The whole of science is nothing more than the refinement of everyday thinking. — Albert Einstein 1 O N E 1-1 What Macroeconomists Study Why have some countries experienced rapid growth in incomes over the past century
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OPERATIONS MANAGEMENT TESTBANK CHAPTER 1: Introduction to Operations Management TRUE /FALSE 1. Some of the operations-related activities of Hard Rock Café include designing meals and analyzing them for ingredient cost and labor requirements. True (Global company profile, easy) 2. The production process at Hard Rock Café is limited to meal preparation and serving customers. False (Global company profile, easy) 3. All organizations, including service firms such as banks and hospitals, have a production
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Marketing Channel Strategy This page intentionally left blank Eighth Edition Marketing Channel Strategy Robert W. Palmatier University of Washington’s Foster School of Business Louis W. Stern Northwestern University’s Kellogg School of Management Adel I. El-Ansary University of North Florida’s Coggin College of Business Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico
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DesignModeler User Guide ANSYS, Inc. Southpointe 275 Technology Drive Canonsburg, PA 15317 ansysinfo@ansys.com http://www.ansys.com (T) 724-746-3304 (F) 724-514-9494 Release 14.5 October 2012 ANSYS, Inc. is certified to ISO 9001:2008. Copyright and Trademark Information © 2012 SAS IP, Inc. All rights reserved. Unauthorized use, distribution or duplication is prohibited. ANSYS, ANSYS Workbench, Ansoft, AUTODYN, EKM, Engineering Knowledge Manager, CFX, FLUENT, HFSS and any and all ANSYS
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2011 HANDBOOK For project and construction management – Fundamental concepts “Project coordination” From tender to 5 years inspection - Construction Management - final version Københavns Erhvervsakademi and VIA University College, Horsens August 2010 00. Introduction 00 Introduction This handbook is primarily intended for the use by students in their final semester of the constructing architect education - specializing in construction management. Construction management aims
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Instructor’s Manual Fundamentals of Financial Management twelfth edition James C. Van Horne John M. Wachowicz JR. ISBN 0 273 68514 7 Pearson Education Limited 2005 Lecturers adopting the main text are permitted to photocopy the book as required. © Pearson Education Limited 2005 Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Previous editions published under
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1 EDUCATIONAL RESEARCH Unit Structure 1.0 Objectives 1.1 Introduction 1.2 Sources Acquiring Knowledge 1.3 Meaning, Steps and Scope of Educational Research 1.4 Scientific Method, aims and characteristics of research as a scientific activity 1.5 Ethical considerations in Educational Research 1.6 Paradigms of Educational research 1.7 Types of Research 1.7.a Fundamental 1.7.b Applied Research 1.7.c. Action Research 1.0 OBJECTIVES : After reading this unit, you will be able
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RAND Journal of Economics Vol. 31, No. 3, Autumn 2000 pp. 395–421 Mergers with differentiated products: the case of the ready-to-eat cereal industry Aviv Nevo* Traditional merger analysis is difficult to implement when evaluating mergers in industries with differentiated products. I discuss an alternative, which consists of demand estimation and the use of a model of postmerger conduct to simulate the competitive effects of a merger. I estimate a brand-level demand system for ready-to-eat cereal
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