Ups and Downs: Valuing Cyclical and Commodity Companies Aswath Damodaran Stern School of Business, New York University September 2009 Ups and Downs: Valuing Cyclical and Commodity Companies Abstract Cyclical and commodity companies share a common feature, insofar as their value is often more dependent on the movement of a macro variable (the commodity price or the growth in the underlying economy) than it is on firm specific characteristics. Thus, the value of an oil company is inextricably linked
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Vía rápida Curso intensivo de español Vía rápida Marco Común Europeo de Referencia A1 B1 A1-B1 Vía rápida Curso intensivo de español Vía rápida es un nuevo curso intensivo que cubre los niveles A1, A2 y B1 del Marco Común Europeo de Referencia (MCER) y que presenta las siguientes características: e • stá basado en el MCER y en el Plan Curricular del Instituto Cervantes. p • resta especial atención al desarrollo de las estrategias de aprendizaje y a la autonomía
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Executive Summary The following report will determine the strategic position of Rolls-Royce and the environmental impact of a new technology upon that strategic position. The report will analyse and evaluate the role and impact of short to medium range single aisle narrow body aircraft on the strategic position of Rolls-Royce. The report will focus on the civil aerospace business of Rolls-Royce and will use Rolls-Royce Inchinnan as a base model. The Boeing 737 series and Airbus A320 are the
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WO R LD G O L D CO U NCI L UTILISATION OF BORROWED GOLD BY THE MINING INDUSTRY DEVELOPMENT AND FUTURE PROSPECTS Ian Cox, Ian Emsley Research Study No. 18 UTILISATION OF BORROWED GOLD BY THE MINING INDUSTRY DEVELOPMENT AND FUTURE PROSPECTS Ian Cox, Ian Emsley Research Study No. 18 April 1998 WO R LD G O L D CO U NCI L 2 CONTENTS The Authors..............................................................................................................4 Acknowledgements ........
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Sustainability Reporting Guidelines & Oil and Gas Sector Supplement © 2000-2012 GRI Version 3.1/OGSS Final version The Oil and Gas Sector Supplement is based on the G3.1 Sustainability Reporting Guidelines © 2000-2012 GRI Version 3.1/OGSS Final version Oil and Gas Sector Supplement Sustainability Reporting Guidelines RG & OGSS Table of Contents Overview of the Guidance provided in this Document for the Oil and Gas Sector Human Rights Society Product Responsibility
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globalDeveloping the Global Leader of Tomorrow SPONSORED BY Developing the global leader of tomorrow Contents I Overview of research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 I Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 I Chapter 1 Trends in the external environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 I Chapter 2 The
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Mergers and Acquisitions CHAPTER 21 OPENING CASE I n April 2007, Netherlands-based ABN AMRO and U.K.-based Barclays announced a merger that would create the world’s largest asset manager as well as one of the world’s five largest banks. The value of the deal was about €67 billion ($91.07 billion). Under the terms of the merger, Barclays would offer 3.225 shares of the new company for each share held by ABN AMRO shareholders. Also, ABN AMRO agreed to sell LaSalle Bank to Bank of America
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Efficient Operations Rapid Expansion FORTESCUE METALS GROUP LTD IS AUSTRALIA’S NEW FORCE IN IRON ORE. Fortescue’s 155 million tonne per annum (mtpa) transformation is underway. Existing operations at Cloudbreak and Christmas Creek have ramped up to 55mtpa and construction has begun on infrastructure to grow production at the Chichester Hub to 90mtpa. Expansion work is taking place across the integrated rail and port supply chain and construction is well underway at Fortescue’s
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ARTIFICIAL NEURAL NETWORKS METHODOLOGICAL ADVANCES AND BIOMEDICAL APPLICATIONS Edited by Kenji Suzuki Artificial Neural Networks - Methodological Advances and Biomedical Applications Edited by Kenji Suzuki Published by InTech Janeza Trdine 9, 51000 Rijeka, Croatia Copyright © 2011 InTech All chapters are Open Access articles distributed under the Creative Commons Non Commercial Share Alike Attribution 3.0 license, which permits to copy, distribute, transmit, and adapt the work in any medium
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The Transformation of China from an Emerging Economy to a Global Powerhouse James R. Barth, Gerard Caprio Jr., and Triphon Phumiwasana Abstract Throughout the past three decades of fast growth, China has undergone tremendous structural changes in its economy and financial system. This chapter examines China’s evolving financial landscape so as to assess whether it can catch up with or even drive economic growth. China has achieved remarkable growth over the past quarter of a century despite a
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