...Investments: Valuation, and Managing Investment Portfolios: A Dynamic Process. Ackerman, Carl, Richard McEnally, and David Ravenscraft. 1999. “The Performance of Hedge Funds: Risk, Return, and Incentives.” Journal of Finance. Vol. 54, No. 3: 833–874. ACLI Survey. 2003. The American Council of Life Insurers. Agarwal, Vikas and Narayan Naik. 2000. “Performance Evaluation of Hedge Funds with OptionBased and Buy-and-Hold Strategies.” Working Paper, London Business School. Ali, Paul Usman and Martin Gold. 2002. “An Appraisal of Socially Responsible Investments and Implications for Trustees and Other Investment Fiduciaries.” Working Paper, University of Melbourne. Almgren, Robert and Neil Chriss. 2000/2001. “Optimal Execution of Portfolio Transactions.” Journal of Risk. Vol. 3: 5–39. Altman, Edward I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance. Vol. 23: 589–699. Altman, Edward I. and Vellore M. Kishore. 1996. “Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds.” Financial Analysts Journal. Vol. 52, No. 6: 57−63. Altman, Edward I., R. Haldeman, and P. Narayanan. 1977. “Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations.” Journal of Banking and Finance. Vol. 1: 29−54. Ambachtsheer, Keith, Ronald Capelle, and Tom Scheibelhut. 1998. “Improving Pension Fund Performance.” Financial Analysts Journal. Vol. 54, No. 6: 15–21. Ambachtsheer, Keith. 1986. Pension Funds and the Bottom Line:...
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...MBA643 COURSE MODULE © Copyright Belhaven University | Updated April 2015 1 COURSE DESCRIPTION This course is an overview of financial analysis that advances decision-making in the modern business environment. This course is intended to show students the format and content of corporate annual financial statements. Financial statement analysis will be highlighted with an emphasis on cash flow analysis and the cash budget. The use of financial ratios will be introduced along with the time value of money. There is an introduction to managerial accounting concepts, relevant costs in managerial decision-making, and capital budgeting techniques. ACKNOWLEDGEMENT This course was developed by Dr. Geoffrey Goldsmith and Dr. Marsha James of the graduate faculty of the School of Business at Belhaven University (Jackson, MS, campus). TOPICS Application of honesty and business ethics in corporate finance Biblical perspective on investing and risk/return Contents of the corporate annual reports Financial statements and cash flow Cash budget Analysis of financial statements through the use of financial ratios Time value of money Flexible budgeting Managerial accounting concepts Capital budgeting techniques COURSE OBJECTIVES Identify the Christian principles of honesty and greed as they relate to financial reporting and ethical business practices. Discuss the importance of Biblical principles related...
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...‘Knowledge’ and ‘Culture’: Organisational Intangibles and their Tangible Value Proceedings from the Management Conference 2004 International Journal of Knowledge, Culture and Change Management Volume 4 www.ManagementConference.com www.CommonGroundGroup.com This journal and individual papers published at www.Management-Journal.com a series imprint of theUniversityPress.com First published in Australia in 2004/2005 by Common Ground Publishing Pty Ltd at www.Management-Journal.com/ Selection and editorial matter copyright © Common Ground 2004/2005 Individual papers copyright © individual contributors 2004/2005 All rights reserved. Apart from fair dealing for the purposes of study, research, criticism or review as permitted under the Copyright Act, no part of this book may be reproduced by any process without written permission from the publisher. ISSN: 1447-9524 (Print) ISSN: 1447-9575 (Online) Cover design by Common Ground The International Journal of Knowledge, Culture and Change Management is a peer-refereed journal published annually. Full papers submitted for publication are refereed by the Associate Editors through an anonymous referee process. Papers presented at the Fourth International Conference on Knowledge, Culture and Change in Organisations, University of Greenwich in London, United Kingdom, 3-6 August 2004. Editors Mary Kalantzis, Innovation Professor, RMIT University, Melbourne, Australia. Bill Cope, Common Ground and Visiting Fellow...
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...The following 18 questions relate to Ethical and Professional Standards.(27 minutes) 1. An analyst for a foreign branch of HB Investments, which is based in Lagos, has just issued a recommendation on an IPO. Unknown to the analyst, who is a CFA charterholder, members of her team manipulated the valuation model to increase the newly public company's stock price. She and all of the analysts on the team purchased shares of the oversubscribed IPO for their personal accounts and then purchased the remainder of the firm's allocation of shares for appropriate client accounts, a practice which is permitted by local securities laws. The analyst: A. did not violate the Standard I(A) Knowledge of the Law. B. violated Standard 1(A) Knowledge of the Law by purchasing the shares of the IPO but not by allowing the report to be published. C. violated Standard I(A) Knowledge of the Law both by allowing the report to be published and by purchasing the shares of the IPO. 2. Green Investments utilizes the CFA Institute Standards of Professional Conduct as their standards for ethical practice. For purposes of compliance, which of the following is least likely a violation of Green Investments' policies? A. One of Green Investments' marketing brochures states that several of the firm's portfolio managers passed all three levels of the CFA exam on their first attempts. B. At a meeting with potential clients, chief investment officer Bill Ray, CFA, states that he is among an "elite group of the most qualified...
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...Short-term and intermediate-term financing sources include trade credit, bank loan, finance company loan, commercial paper; inventory financing includes the issuance of mortgages and bonds (Shim J.K; 1989:138). The importance of the debt market in an emerging economy cannot be overemphasized. In the presence of uncertainty and prudential norms, banks often decline to lend for long term projects, and borrowing from overseas markets may be constrained by country risk perceptions and restrictions on capital mobility. In such cases, the market for debt securities may emerge as the mainstay of the credit and capital markets. (Sumon Kumar Bhaumik&SuchismitaBose, 2001) Bond market link having long-term financing needs with investors willing to place funds in long-term interest bearing securities (UN, TW; 2001). When a corporation (or government) wishes toborrow money from the public on a long term basis, itusually does so by issuing or selling debt securities. Theyare generally called bonds (Ross, 1998).A corporate bond is security representing a long-term promise to pay a certain sum of money at certain time over the course of the loan with fixed rate of interest payable to holder of the bond. And the debenture is the bond backed or secured only by the general credit of corporation. (Hampton, 1998) 2. Empirical Studies Though the debt market, debenture and bonds provide the loan capital to company and investors get the status of lender (Pandey, 1997) Debt securities market provides...
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...any type of organization about which you have information or a curiosity. Write a four to five (4-5) page paper in which you: 1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. 2. Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach. 3. Determine how the organizational ethical issue was detected and how management failed to create an ethical environment. 4. Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation. 5. As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future. 6. Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. The specific course learning outcomes associated with this assignment are: * Examine accounting principles and concepts used in businesses. * Prepare and record financial transactions in the accounting cycle according to GAAP and IFRS accounting methodology. * Use technology and information resources to research issues in financial accounting. * Write clearly and concisely about financial...
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...CATALYTIC OXIDATION OF METHANOL (CH3OH) TO FORMALDEHYDE (HCHO) By- Paidi Krishna Pradeep (2015CH10118) Chemical Synthesized: In this term paper, we are going to discuss the synthesis of Formaldehyde from Methanol by catalytic oxidation. Formaldehyde is the simplest molecule in the aldehyde family. It is also known as methanal based on the IUPAC nomenclature system. Structure of Formaldehyde Uses of Formaldehyde: It is used as a disinfectant as it is effective in killing most of the bacteria and other harmful micro-organisms. Formaldehyde solutions are also commonly used for preserving biological specimens in museums and laboratories. Formaldehyde based resins are excellent bonding agents. So, they are used in household furnishings, flooring...
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...ABSTRACT The purpose of this research is to attempt to understand to what degree accounting information can serve as a valid predictor of future financial performance. It is understood and often disputed that predicting financial performance beyond a time horizon of four years, using accounting analysis is not as reliable as initially determined. Based on both academic research studies and reviews alongside nonacademic reviews, it seems plausible to a certain comfortable level that it is possible to incorporate targeted and focused accounting information and ratios in conjunction with additional industry/market based variables within statistical models to be successful in predicting future performance beyond the short run. Financial ratios, together with other analyses, are widely used as critical indicators in evaluating a firm’s performance. One question constantly arises, which financial ratios are informative among the hundred ratios available? Material below will identify and support particular ratios of focus. Research also suggests that in order to accurately forecast future financial performance, accounting information needs to work alongside other variables (i.e. firm size, economic trends, and industry specific ratios). Beyond the microeconomics of the company, analysis should also consider relevant macroeconomics that can have a direct correlation on a firm’s success. Based on all findings included, there has been no distinct criticism of using accounting information...
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...WP/09/173 Counterparty Risk, Impact on Collateral Flows, and Role for Central Counterparties Manmohan Singh and James Aitken © 2009 International Monetary Fund WP/09/173 IMF Working Paper Monetary and Capital Markets Department Counterparty Risk, Impact on Collateral Flows and Role for Central Counterparties Prepared by Manmohan Singh and James Aitken 1 Authorized for distribution by Inci Ötker-Robe August 2009 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Counterparty risk in the United States stemming from exposures to OTC derivatives payables (after netting) is now concentrated in five banks―Goldman Sachs, JPMorgan, Bank of America, Morgan Stanley and Citi. This note analyzes how such risks have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows and global liquidity due to decrease in rehypothecation, reduced securities lending, and hoarding of cash by major banks is at least $5 trillion. In order to mitigate counterparty risk, there have been regulatory initiatives to establish central counterparties (CCPs). From a policy perspective, counterparty risk remains large at present and recent experience...
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...State Banks and the National Banking Acts: A Tale of Creative Destruction By Matthew Jaremski† Vanderbilt University Job Market Paper November 2010 Abstract: The National Banking Acts and their supporting legislation led to 303 state bank closures and 879 charter conversions between 1863 and 1869. This paper analyzes the sudden reorganization using the period’s first complete bank-level census. The data suggest that the national capital requirements prevented many existing banks from converting to a national charter, whereas a tax on state bank notes was responsible for the large number of closures. Moreover, the requirements prevented new national banks from replacing closed state banks. The legislation thus redistributed capital to developed cities along the “Manufacturing Belt”, potentially fueling the growth of factories and the populist movement after the Civil War. JEL: (E22, G21, N21) Keywords: Free Banking, National Banking, U.S. Economic History, Bank Regulation. † Dept. of Economics, Vanderbilt University, VU Station B #351819, 2301 Vanderbilt Place, Nashville, TN 37235-1819. Tel.: 214-284-9558 E-mail: matthew.s.jaremski@vanderbilt.edu 1. Introduction Bank regulators walk a delicate tightrope. On one hand, they must stabilize the financial system to prevent future crises. On the other, they must allow bank expansion to facilitate future economic growth. Attempting to reform the free banking system, the National Banking Acts of 1863 and 1864 has been criticized...
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...BUSINESS RESEACRH METHOD BOND SALES FOR SME CLIENTS An Action Research Study in Lecturer: Dr. Mirza Manirajah Abdullah Prepared by Student Name : Tan Saw Kien Student ID : EMBA-R-121525 I/C NO : 700707-07-5174 RIVERBANK ACADEMY SDN BHD NO 3-3 & 5-3, JALAN PUSAT PERNIAGAAN 1, PUSAT PERNIAGAAN SG.JELOK, 43000 KAJANG SELANGOR TEL: 03-87375009 FAX: 03-87395418 WEBSITE: www.riverbankacademy.com.my EMAIL: info@riverbankacademy.com.my 1 CONTENTS DESCRIPTION PAGE Executive summary Introduction To Standard Chartered Bank Introduction to Bond Sales & Literature Review Purpose of Study Objective of Study Problem Statement Literature Review Methodlogy Limitation of Study & Data Anaylsis Summary and Conclusions Recommendations page 3 page 4 page 15 page 19 page 21 page 23 page 25 page 27 page 29 page 31 page 32 2 Executive summary Business research functions to study the internal and external factors that affect profitability and market share for a company. There are several methods used in business research that helps executives to focus the energy of developers, production staff and distribution forces. The concept of sales "theory" or marketing "theory" is problematic. This is because these are really subsets of a broader microeconomic approach to the manipulation or creation of demand. The concept of "translating purchasing power into demand" is nothing other than this. Therefore, sales "theory and practice" is an aspect of microeconomics and revolves around the response...
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...STUDENT CASES to accompany Accounting & Auditing Research: Tools & Strategies, 7e NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Solutions to the cases below are available to instructors on the Weirich Accounting & Auditing Research 7e instructor website at www.wiley.com/college/weirich. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood cases (www.deloitte.com/more/DTF/cases_subj.htm), as well as the AICPA cases (www.aicpa.org). Topical Index of Student Cases INTERMEDIATE ACCOUNTING Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable Case 5: Purchase of a controlling interest with a greenmail premium Case 6: Revenue recognition in the construction industry Case 7: Accrual and measurement of interest payments Case 8: Recognition of an asset transfer when title has not yet been received Case 9: Capitalization of interest and property taxes on a construction project Case 10: Deferred compensation and life insurance policy recognition Case...
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...Introduction: Advertising & Gender The adverts are carefully crafted bundles of images, frequently designed to associate the product with feelings of pleasure stemming from fantasies and anxieties (Craig 1997). Advertising can also be defined as a paid for mass-media communication, and a means of managing and controlling the consumer markets at the least cost (Brierley 1995). It is clear that advertisers seem quite willing to manipulate these fantasies and exploit our gender identities to sell products. Gender is a social construct, a dichotomy that exists in all societies (Costa, 1994). It is used to describe the socially constructed differences between men and women, referring not only to individual identity and personality, but also at the symbolic level, to cultural ideals and stereotypes of masculinity and femininity and, at the structural level, to the sexual division of labour in institutions and organisations (Online Dictionary of the Social Sciences). The definition of gender encompasses a great deal. Temperament, abilities and skills, activities and behaviours, ideal types and accepted and unacceptable deviations from the ideal, sensuality and culture based essence of what it means to be male or female, are all part of the gender constructs of a given society. Therefore, marketers perform their activities differently when their targets are male than they do when the targets are female, and consumers’ responses often differ on the basis of gender. Sales...
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...STUDENT CASES to accompany Accounting & Auditing Research: Tools & Strategies, 7e NOTE: In addition to the in-chapter and end-of-chapter exercises which serve as short cases you will find the following short cases arranged by course title that can also be utilized as short cases that require the student to access the authoritative literature to address the issue presented in the case. Solutions to the cases below are available to instructors on the Weirich Accounting & Auditing Research 7e instructor website at www.wiley.com/college/weirich. Other excellent sources of longer and more detailed cases include the Deloitte Trueblood cases (www.deloitte.com/more/DTF/cases_subj.htm), as well as the AICPA cases (www.aicpa.org). Topical Index of Student Cases INTERMEDIATE ACCOUNTING Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable Case 5: Purchase of a controlling interest with a greenmail premium Case 6: Revenue recognition in the construction industry Case 7: Accrual and measurement of interest payments Case 8: Recognition of an asset transfer when title has not yet been received Case 9: Capitalization of interest and property taxes on a construction project Case 10: Deferred compensation and life insurance policy recognition Case...
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...1. Discuss whether the analysts following Intel appear to have been influenced by any biases, both generally and in their reaction to Intel’s announcement in September 2000 (3 marks). 2. Discuss whether James Stewart’s assessment of eBay reflects any biases (3 marks). 3. In what ways are the events described at Intel and eBay similar and in what ways are they different (4 marks)? Question # 1 Brandt Cornell’s paper “Is the response of analyst to information consistent with fundamental valuation?” reveals that analyst recommendations are pro cyclical. As bad news arrives and the underlying price of the firm’s stock goes down , analyst downgrade company , the opposite effect arises when good news arrives. As Cornell says , this leads to a positive feedback loop. Thus, if analyst recommendations influence investor actions , then such a feedback could strengthen price movements in both direction. recommendation on DCF valuation but instead relied on representativeness. Debondt and Tahler (1990 found a tendency towards overreaction in forecast changes and under reaction in forecast revisions. As in the case of Intel , managers responded that market had overreacted. Debondt and Tahler also found overreaction for positive forecast modifications and under reaction for negative forecast modifications. Finally, they also found that overreaction, under reaction and excess optimism increase with forecast horizon suggesting that the longer the prediction horizon...
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