FINANCE 611: CORPORATE FINANCE FALL 2015 Prof. Jules H. van Binsbergen Office: 2453 Steinberg Hall-Dietrich Hall Email: julesv@wharton.upenn.edu Office hours: By Appointment Course Website: Available on Canvas COURSE DESCRIPTION This course is an in-depth introduction to finance with an emphasis on applications that are vital for corporate managers. We will discuss most of the major financial decisions made by corporate managers both within the firm and in their interactions with investors
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* Risk: chance that actual investment returns will differ from those expected Time * Short-Term or Long-Term * Short-Term: mature within one year * Long-Term: maturities of longer than a year * Domestic or Foreign * Domestic: home country based companies of the investor * Foreign: foreign-based companies * Institutional Investors * Paid to manage other people’s money * Trade large volumes of securities * Include: banks, life insurance
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Most people know that money you have in hand now is more valuable than money you collect later on. That’s because you can use it to make more money by running a business, or buying something now and selling it later for more, or simply putting it in the bank and earning interest. Future money is also less valuable because inflation erodes its buying power. This is called the time value of money. But how exactly do you compare the value of money now with the value of money in the future? That is where
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METHODOLOGY “What weights should society apply to cost and benefits occurring in future time periods relative to the present period?” INTRAGENERATIONAL DISCOUNTING * Consumption rate of interest cum shadow price of capital method (CRI-SPC Method) * The level of public investment should be based on individual preference for present consumption vs. future consumption * The marginal rate of time preference * Investment is simply a means of using resources that are potentially
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financial worth of the money at a given time. For starters, present value is the current financial worth of money at that moment. In contrast used to increase a likely return profit. The future value is the financial worth of value of the items at a particular time. In contrast used to measure the expected amounts of money that a given quantity of the cash that will be worth at the available time. Furthermore, FV assists in investment decisions when determining the amount of money by calculating the
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Bachelor of Business (Incorporating Graduate Diploma and Graduate Certificate in Business) Managerial Finance (ACCT 706) Semester Two, 2016 Assignment # 2 Due Date: Week 8, 03/05/16, 12.00 noon Weighting: 25% of the final grade Type: Individual Assignment Length: Approximately 2,000 – 3,000 words excluding appendices Submission: Students are expected to submit a hard copy of the assignment along with Arion generated barcoded assignment cover sheet in the drop box
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the completion of the examination, otherwise your exam will not be marked. 3. All exams are unique and linked to your student number. Sign below to confirm that your name and student number listed above are correct. Signature: Information: 1. Time allowed: 45 minutes 2. Grading: (a) Total marks available: 100 marks (b) This examination paper consists of 12 (twelve) multiple choice questions worth 8 (eight) marks each. (c) Correctly recording your student ID on the generalised answer sheet
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University of La Verne College of Business & Public Management BUS 330 Business Finance Online Summer 2016 Assignment #3 This work is due on Sunday July 31 at Midnight. Please post your work file, with your name in the file title, to the Assignment #3 file folder in the Assignments folder in Blackboard. This work represents 5% of your course grade. Question #1: WACC & Capital Budget Analysis – 60% Based on the inputs below prepare a capital budget analysis for this Base Case using
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New Heritage Doll Company: Capital Budgeting Match my doll clothing line expansion 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Ingresos 4,500 6,860 8,409 9,082 9,808 10,593 11,440 12,355 13,344 14,411 Crecimiento de Ingresos 52.4% 22.6% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Costos de Producción Gastos Fijos de Producción (sin depreciación) 575 575 587 598 610 622 635 648 660 674 Costos Variables
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in the future. Assume that you have a cash inflow of B today and F in a year's time. Unless you have some way of storing or anticipating income, you will be compelled to consume it as it arrives. This could be inconvenient or worse. If the bulk of your cash flow is received next year, the result could be hunger now and gluttony later. This is where the capital market comes in. It allows the transfer of wealth across time, so that you can eat moderately both this year and next. The capital market is
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