Msc Finance & Investment Core Course I: Corporate Finance & Value Creation Lecture 1 3 Modigliani & Miller (1958) ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ 3 Modigliani & Miller 2 6 Modigliani and Miller 3 7 Modigliani & Miller – 1958 4 12 Fama & French (1998) ‘Taxes, Financing Decisions, and Firm Value’ 18 FAMA FRENCH 2 20 Fama & French 3 21 Fama & French – 1998 4 22 Graham (2000) ‘How Big Are the Tax Benefits of Debt?’ 25 GRAHAM (2000) 2 28 Graham 3
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categories respondents are different about the various aspects of cosmetic accounting .It also shows the opinions of internal auditors, external auditors and accountants raised some concerns as to whether these circumstances will last. 3 Field of Research: Accounting. Keywords: Cosmetic Accounting, Accountants. External Auditor, Internal Auditor, 1. Introduction Creative accounting is referred to also as income smoothing, earnings management, earnings smoothing, financial engineering
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In mid-September of 2001, Jennifer Campbell, chief financial officer of Eastboro Machine Tools Corporation, paced the floor of her Minnesota office. She needed to submit a recommendation to Eastboro’s board of directors regarding the company’s dividend policy, which had been the subject of an ongoing debate among the firm’s senior managers. Compounding her problem was the previous week’s terrorist attacks on the World Trade Center and the Pentagon. The stock market had plummeted in response to the
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When a buyback isn’t a buyback: Open market repurchases and employee options Kathleen M. Kahle* Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA 15260, USA (Received 20 September 2000; accepted 6 June 2001) Abstract This paper examines how stock options affect the decision to repurchase shares. Firms announce repurchases when executives have large numbers of options outstanding and when employees have large numbers of options currently exercisable. Once the decision to repurchase
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In mid-September of 2001, Jennifer Campbell, chief financial officer of Eastboro Machine Tools Corporation, paced the floor of her Minnesota office. She needed to submit a recommendation to Eastboro’s board of directors regarding the company’s dividend policy, which had been the subject of an ongoing debate among the firm’s senior managers. Compounding her problem was the previous week’s terrorist attacks on the World Trade Center and the Pentagon. The stock market had plummeted in response to the
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of short term non equity debt instruments including treasury bills, commercial papers, bankers acceptance, certificates of deposits, etc. In other word we can also say that the Money Market is basically concerned with the issue and trading of securities with short term maturities or quasi-money instruments. The Instruments traded in the money-market are Treasury Bills, Certificates of Deposits (CDs), Commercial Paper (CPs), Bills of Exchange and other such instruments of short-term maturities (i
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Monetary Policy and Capital Market Development in Bangladesh Policy Note: PN 0708 Shubhasish Barua* and Md. Habibour Rahman* Abstract Bangladesh Bank (BB) adjusted its monetary policy stance during 2005 in order to contain inflationary pressures and facilitate stability in the foreign exchange market. At the end of 2005, interest rates on NSD certificates were also adjusted upward. The latter development, however, raised some concern among different economic agents regarding its possible impact
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categories respondents are different about the various aspects of cosmetic accounting .It also shows the opinions of internal auditors, external auditors and accountants raised some concerns as to whether these circumstances will last. 3 Field of Research: Accounting. Keywords: Cosmetic Accounting, Accountants. External Auditor, Internal Auditor, 1. Introduction Creative accounting is referred to also as income smoothing, earnings management, earnings smoothing, financial engineering
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growth (7.9%), during 2008-09, jumped up to record a double-digit growth of 12.7%, in 2009-10. The Indian cement industry ranks the second largest amongst cement producing countries in the world and added a capacity of 37 mn.t. in 2009-10. This paper is prepared to examine the relationship between the
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1. Introduction 1.1 Topic Chosen The chosen topic for my Research and Analysis Project would be “The business and financial performance of an organisation over a three years period”. The project would be carried out by analysing the business and financial performance as well as business performance of the Singapore Airlines which is the national airline of Singapore and comparing with its competitor Qantas. It will also include the impact of other major internal and external events on the
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