introductory course on the fundamentals of investment analysis and management. Survey of investments including corporate and government securities, real property and financial intermediaries. Survey of investment theory emphasizing security analysis, valuation and portfolio management. PREREQUISITES Finance 303; cannot be taken concurrently COURSE GOALS AND OBJECTIVES This course provides the student with the information and skills needed to analyze investments and portfolio management. The intent
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focuses on the quarterly dividend announcements for 20 firms of the manufacturing industry, listed in the New York Stock Exchange, over the five-year period from January 2009 to December 2013. The five years of data for 20 firms provide a total sample of 400 announcements. In the excel file, you will find three types of information about these announcements: the NYSE index and firm’s daily stock prices, the date of the dividend announcements, and the dividend per share (DPS) announced on that date. 1. To
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1. (45 points) Calculate the value of Carborundum (on an aggregate and per share basis) using both the Free Cash Flow to Capital (FCFcap) and Free Cash Flow to Equity (FCFeq) methods. Use the following assumptions: Note: Rf=5.6%; MRP=8.8%, Carborundum’s levered beta (prior to deal)=1.16 FCFeq=Net Income + Non Cash Deductions-Capital Expenditures-Change in Net Working Capital-Debt Repayment+ Debt Issuances + Miscellaneous Extras Answer: Value of Kennecott using FCFcap is: $53.8 Value of
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The Hubris Hypothesis of Corporate Takeovers Author(s): Richard Roll Source: The Journal of Business, Vol. 59, No. 2, Part 1 (Apr., 1986), pp. 197-216 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/2353017 Accessed: 10/02/2010 10:10 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless
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ACC501 Twitter, Inc History of Twitter Twitter started in 2006 when the podcasting company Odeo realized they needed to reinvent themselves and began brainstorming new creative ideas. Jack Dorsey introduced the idea of creating an SMS(short message service, texting for example) that would allow a user to communicate with a small group of people. Twitter was first called "status" until the group looked in the dictionary for names and found twitter which fit it perfectly. The original product
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supply. They begin by citing from literature to show that price movements of assets, including markets, include an irrational exuberance element as well as their fundamental valuations; this leads to the difficulty in explaining the significant variations in housing prices between 1999 and 2005. As a result, instead of developing a test to detect the presence of a housing bubble, the authors propose to analyze the nature of this bubble; this is especially in light of the fact that housing supply and pricing
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Kedia is at Harvard University, Harvard Business School, Boston, MA 02163, e-mail: skedia@hbs.edu. This paper combines the results of two earlier papers: “Does performance-based compensation explain restatements” by Natasha Burns and “Do Executive Stock Options Generate Incentives for Earnings Management? Evidence from Accounting Restatements” by Simi Kedia. We thank Jean Helwege, Andrew Karolyi, and René Stulz for their comments and advice. We also thank Jim Hsieh, Kose John, Steven Kaplan, Kevin
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Expenses 11 • Inventory 11 • Account Receivables – valuation and existence 13 • Goodwill 13 • Account payables 14 • Capital Assets 15 Materiality 16 Evaluation of Internal Auditor work 17 Additional procedures performed at future inventory count 18 • Procedures performed during inventory count 19 • Procedures followed after inventory count 20 Audit program for Property Plant and Equipment 22 ROMM 22 Approaches to testing 22 Audit Test 23 Audit Documentation and Audit File 25 • Importance
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The operational efficiency emphasizes how well things function in an organization with respect to speed of execution and accuracy. In an stock exchange situation where efficiency is paramount, this is measured by factors such the numbers of orders lost and/or filled incorrectly. And importantly the time elapsed between receiving an order and its execution. People involved in this field are very aware of this and attempt to streamline their operation to mitigate errors and to achieve operational efficiency
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ratios relating to the profit performance of the business to overall investments which is usually called as return on investment. The liquidity ratios include current ratio and the acid test ratio. The current ratio shows the short term resources of an organization. Acid test ratio is considered as more stringent test of liquidity as it excludes the least liquid portion of current assets. Sources of Finance When initially financing a small business, an entrepreneur will typically rely on personal
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