...CH2 Assets=Liabilities +Stockholder’s Equity Cash Flow From Firm’s Assets=Cash Flow to Creditors + Equity Investor →CF(A)=CF(B)+CF(S) 一、 CF(A)=Operating Cash flow (OCF)-CAPEX-△NWC 1) OCF（看income statement）=EBIT + Depreciation -Tax paid EBIT=Revenue-Cost-Depreciation Tax=(EBIT-interest)*tax rate Earnings per share=Net income/total share outdating’s Dividends per share=Dividend/ total share outdating’s 2) CAPEX定义：Acquisitions-Sales of fixed assets 是out flow 需被finance CAPEX=△Total fixed assets+△accumulated depreciation=△PPE+△intangibles 3) △NWC=NWCend-NWCbeg financed by firm，是cash outflow长期 NWC=current assets-current liabilities 二、 CF（B）=Interest paid +debt retired-debt issued= Interest paid-New borrowing CF（B）= Interest paid-（ending long-term debt-beginning long-term debt） 三、 CF(S)=Dividends +share buybacks-stock issued Share buyback=treasury stock(end-beg) Stock issued=△common stock+△capital surplus CH7 Capital budgeting:accept or reject project. 一、 NPV:difference between sum of PV of future cash flow(只用cash flow,no earnings会计学上的；全部的CF of the project,discount rate)and initial cost. NPV rule:大于0接受,小于0reject.Positive NPV benefit stockholders Firm value=各种NPV加总(源自于cash flow)cash flow can only be estimated, 有risk Discount rate:return expected to earn on a financial asset of risk→opportunity cost 二、 Payback period: time that CF-initial cost>0,选择一个particular cutoff date对比之 NO timing of cash flow；ignore...
Words: 1536 - Pages: 7
...one in which stock prices fully reflect available information (i.e. stock market prices are good estimates of underlying intrinsic value). * What conditions generally lead to market efficiency? * Rationality * Independent Deviations * Arbitrage * What are the three forms of market efficiency? * Weak form * Security prices reflect all information found in past prices and volume. * Implication? * Semi-strong form * Security prices reflect all publicly available information. * Strong form * Security prices reflect all information—public and private. * What are the implications of market efficiency for corporate finance? * The price of a company’s stock cannot be affected by a change in accounting cosmetics, e.g., stock splits. * Financial managers cannot “time” issues of stocks and bonds unless they have special information. * A firm can learn from market reactions to the firm actions. * However, if financial managers have special information, and try to use it, markets will react. This could also suggest that market prices may not always be equal to intrinsic value. * What are the empirical challenges to market efficiency? * Bubbles * Consider the tech stock bubble of the late 1990s. The AMEX Internet Index dropped 80% in one year. * Crashes * On October 19, 1987, the stock market dropped...
Words: 923 - Pages: 4
...Learnings From Article Review – Finance Function In a Global Corporation Learnings from Article Review – Finance Function in a Global Corporation As companies globalize, they face new financial challenges. Here, the major challenge faced by the Global CEO is giving companies a powerful mechanism for arbitrage across national financial markets as capital markets open up within them. CFO has to balance the traditional question with new questions which arises due to the globalization. By exploiting their internal capital markets, CFO can create value in 3 functions: 1. Financing the internal capital market. 2. Managing Risk Globally, 3. Global Capital Budgeting. 1. Financing the internal capital market – A CFO can significantly reduce a groups overall tax bill by borrowing disproportionately in countries with high tax rates and lending the excess cash to operations in countries with lower rates. But the global CFO needs to be aware of downside of getting strategic about financing in these ways. Saddling the mangers of subsidiaries with debt can cloud their profit performance. 2. Managing Risk Globally – The existence of an internal capital market also broadens a firms Risk management options. Instead of managing all currency exposures through the financial market, global firm can offset natural currency exposures through their worldwide operations. Given this potential for minimizing risk, it might seem perverse that many multinationals let local subsidiaries and regions...
Words: 257 - Pages: 2
...Learnings from Article Review – Finance Function in a Global Corporation As companies globalize, they face new financial challenges. Here, the major challenge faced by the Global CEO is giving companies a powerful mechanism for arbitrage across national financial markets as capital markets open up within them. CFO has to balance the traditional question with new questions which arises due to the globalization. By exploiting their internal capital markets, CFO can create value in 3 functions: 1. Financing the internal capital market. 2. Managing Risk Globally, 3. Global Capital Budgeting. 1. Financing the internal capital market – A CFO can significantly reduce a groups overall tax bill by borrowing disproportionately in countries with high tax rates and lending the excess cash to operations in countries with lower rates. But the global CFO needs to be aware of downside of getting strategic about financing in these ways. Saddling the mangers of subsidiaries with debt can cloud their profit performance. 2. Managing Risk Globally – The existence of an internal capital market also broadens a firms Risk management options. Instead of managing all currency exposures through the financial market, global firm can offset natural currency exposures through their worldwide operations. Given this potential for minimizing risk, it might seem perverse that many multinationals let local subsidiaries and regions manage their risks separately. Doing so, however, can obscure the performance...
Words: 395 - Pages: 2
...Rolling tides along a sandy beach, cloud covered green mountain tops, or exotic smells and sounds emitted from crowded streets of a distant place. These can be memories of past vacations, or dreams of future ones. Either way we all have the desire to be free to roam where ever our hearts are most content, free of the everyday stresses of our hectic work life. But more often than not, these dreams are left unfulfilled because, as Americans, we are often one of the most overworked populations on this earth. We skip vacations for a multitude of reasons. The financial burden of taking time off can prevent us from enjoying a relaxing week away, or we may feel that taking time off from our jobs may be viewed as lazy, or that we are not invested in the organization for whom we are employed. But the simple truth is, when we do not allow for time off to rejuvenate our minds and bodies, we not only compromise our own health, but in fact, we compromise the health and wellbeing of the company we work for as well. Attitudes of employers are shifting about quality time off for their employees. They seem to be grasping the reality that overworked employees translates to overall increased productions costs. When employees are overworked and have not taken time off for themselves they can become less efficient, less able to deliver quality of care and/or work, or can make potential mistakes that can have devastating consequences. All potentially costing the organization a great deal...
Words: 500 - Pages: 2
...Watson’s is engaged to Ms Low and has identified that they were due to be married in Oct 14. While he officially lives in the OR lines, LCPL Watson has been living in Kingston with Ms Low for the past eight months. Their current relationship has not been recognised by Defence as interdependent. 5. It is assessed that LCPL Watson and Ms Low consider applying to have their relationship recognised by Defence. It is assessed that they meet the requirements of being in an interdependent relationship IAW ref A and they must fill out a PE357-Application for Recognition of an Interdependent Partnership. Living arrangements 6. LCPL Watson officially lives on base in the OR lines but has been living in Kingston for the last eight months with his finance. This is putting a financial strain on him as he is paying for accommodation and lodging at both locations. If LCPL Watson’s application for Defence’s recognition of his relationship with Ms Low he will be entitled to housing in a service residence and for rental assistance IAW Ref B. He will have to fill out an AA157 Live out Form for rental assistance. This will reduce the financial strain that he currently is experiencing as it will allow LCPL Watson the option of living on base if available or having financial aid for his Kingston residence. Special needs of Ms Low’s child 7. Ms Low’s eldest child Matthew has just recently been diagnosed with Autism. This has put a financial strain on both of them as they have been paying for Matthew...
Words: 1203 - Pages: 5
...Compliance Program / Annual Procedure Review Rule 206(4)-7 of the Investment Advisers Act creates a fiduciary responsibility for investment advisers to review annually their policies and procedures to determine their adequacy and the effectiveness of their implementation. As part of this review, all policies, procedures and responsibilities of an adviser must be reviewed, and the findings documented. The review should consider all factors that might suggest a need to revise the policies and procedures including any compliance matters that occurred during the year, any changes in the adviser’s or its affiliates business activities, or changes to applicable regulations. Reviews should be conducted by independent individuals (e.g., the department manager) not immediately responsible for implementation of a particular procedure. An overall review and approval of the adviser’s policies and procedures should be completed by the Chief Compliance Officer and should be submitted to the adviser’s Management Committee or Executive Officers for Final Action. |Procedure | |Summary & |Recommended |Reviewer & | |Completion Date & | |Reviewed |Findings |Conclusions |Change/Update |Date of Review |Review by CCO |Final Actions ...
Words: 276 - Pages: 2
...Riverside Casino and Golf Resort / Stacy Benson Topic Title Performance Reviews NO. This title won’t work. What about performance reviews? If you were doing a simple research paper you could write about performance reviews based on research alone. In this Sr Paper you must determine the state of the art based on your Literature Review. Then you will give the background of the problem and discuss it. This must all lead to two Courses of Action (COAs; solutions) that are tied to your title and problem. You need a “product” such as a process, a plan, a strategy, a program – something that can be recommended and implemented. Problem Statement (if not finalized post a draft – focus on the "pain.") The problem is that after initial training employees are not being reviewed for current performance. Suggest that after this initial statement you add something more about the problem. Brief Topic Overview The casino is experiencing a high turnover rate of employees because after their initial training they are put on the floor without any further review. In the handbook employees are supposed to have a review after 90 days but they are not being implemented. This leaves the casino with under qualified employees that eventually terminate their employment due to not feeling able to meet the high demands. The solution to this problem, if it is the problem, is simple. Just IMPLEMENT PERFORMANCE REVIEWS. You can see...
Words: 640 - Pages: 3
...Peer Evaluation for MKT 420 Your Name: KYRIA AHO Fill in the blanks for each team member (but not yourself) as if you were writing an evaluation or recommendation for that person. ONLY ONE TEAM MEMBER MAY BE RECOMMENDED FOR PROMOTION. Consider if you were assigned to another team, which team member you would want to be your boss. Consider who you’d like to work with again. Consider who you’d go to extremes to avoid working with if you had a say. Here is the format for peer evaluations. Include the team member’s full name (1), and be specific about (2) what the team member did or did not do. At the end, if you were employed with this person, (3) would you recommend (a) Promoting, (b) Retaining (Keep in position), (c) Retaining with counseling to improve performance or (d) firing/replacing. Please keep in mind that in most business situations, only one person in a group would likely be promoted. Thus a recommendation to promote would be reserved for the truly exceptional team member Team Member 1: LEXA CREAMER As a team member with Lexa Creamer on the team marketing plan project, I feel qualified to speak about his/her job performance. Lexa’s contribution to the project was timely and significant. She accepts correction easily and is always willing to assist in any way that she can. I believe Lexa’s strengths are enthusiasm and timely submission of her work. I believe her weakness is the lack of flexibility. Lexa had to miss some of the meetings due to time conflicts...
Words: 669 - Pages: 3
...Why did we choose that particular topic or article to be reviewed? As for this assignment, our group has all agreed to choose the article titled ‘Stress Management’ as the article that we need to review. Why we chose this article is absolutely because it is easy to be reviewed. This article has much points and ideas in it. Besides, we chose this article because it is exactly and definitely related to our life as university students. So, we can easily put some ideas as our experiences to review this article. This article teaches us much about stress; what stress actually is and what do make us stressed. This article also gives us knowledge about some stress-management techniques as to overcome this particular problem. As students, we cannot run away from this problem, and we need to face it throughout our whole life as a human. Not only students, all human beings will face any kind of stress either teachers, farmers and also ministers. This article also tells us that stress is not always bad, but sometimes stress can be beneficial to us when it makes our work better and done energetically. We deeply think about how we will think to review this article so we will not face too much obstacle in order to finish this group assignment. Making notes on the article read The five articles that we choose is only about two pages each and these articles have many points and ideas to be taken and used. We need to take notes on these articles to determine which article is the best to be...
Words: 645 - Pages: 3
...com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www.activitymode.com/product/engl-135-entire-course/ Contact us at: SUPPORT@ACTIVITYMODE.COM ENGL 135 ENTIRE COURSE 1. ENGL 135 Week 1-7 All Discussion Questions 2. ENGL 135 Week 1 – Restaurant Evaluation 3. ENGL 135 Week 2 – Omnivore’s Dilemma Book Review 4. ENGL 135 Week 3 – Position Paper 5. ENGL 135 Week 4 – Research Proposal 6. ENGL 135 Week 5 – Annotated Bibliography 7. ENGL 135 Week 6 – Research Paper Draft ENGL 135 ENTIRE COURSE To purchase this visit following link: http://www...
Words: 498 - Pages: 2
...technology discussion forum . It provides its readers with detailed specs for thousands of computer hardware products, reviews, expert analysis and comparisons. Take the Asus X99 Rampage V Extreme motherboard for example, it belongs to a well know product line known as the Republic of Gamers (ROG). Overclock3D takes this motherboard and breaks it down piece by piece, they go into details of each aspect of this motherboard, from new features that was not available in previous Rampage motherboard models, to over clocking options, and even enhance their review with videos, screen shots, and bench testing results to verify motherboards' specs and capabilities. For the computer enthusiast, this website with an easy to navigate layout, and attractive format, brings all the new hardware to one place, and provides a tremendous amount of information regarding computer hardware. Additionally, the site has several tools that gives its readers the opportunity to discuss, ask questions, and expand on hardware uses through comments, forum, frequently asked questions and other threads in the Community section. Overclock3D was initially dependant on users input through the forum platform. Their enthusiasm however turned into a full scale professional publication, the website became a registered company in the UK and expanded its operations into other websites as well. Reviews done to hardware such as the Rampage V are now handled by professionals like Tom Logan their Director and Chief Editor...
Words: 308 - Pages: 2
...Butterfly leaked just 24 hours before its official release date, March 15, and that most major music websites published their reviews of the album within three days of the leak. On such an immediate deadline for filing a feature-length album review, it’s nearly impossible for a young critic to stunt. At Jezebel, Clover Hope just wrote the truth. With bits of personal and political context interspersed, Hope framed her review as a first-take impression of the “overwhelming blackness” of an album about funk and self-destruction. “This initial feeling is suffocating,” Hope wrote. “It’s the essence of Dis Tew Much.” I think most fans and critics would agree that Kendrick Lamar's To Pimp a Butterfly is, indeed, overwhelming. I reviewed To Pimp a Butterfly in about 72 hours. In that narrow band of time, I "got" the album's messages and themes but couldn’t grasp the motivations for the album’s sound. Why, in. You’ll recall that To Pimp a Butterfly leaked just 24 hours before its official release date, March 15, and that most major music websites published their reviews of the album within three days of the leak. On such an immediate deadline for filing a feature-length album review, it’s nearly impossible for a young critic to stunt. At Jezebel, Clover Hope just wrote the truth. With bits of personal and political context interspersed, Hope framed her review as a first-take impression of the “overwhelming blackness” of an album about funk and self-destruction. “This initial feeling...
Words: 332 - Pages: 2
...WEALTH MANAGEMENT AUTHOR : MICHAEL M. POMPiaN BEHAVIORAL FIANCNE AND WEALTH MANAGEMENT AUTHOR : MICHAEL M. POMPiaN BOOK REVIEW OF : BOOK REVIEW OF : PREPARED BY : ASHISH SHARMA PREPARED BY : ASHISH SHARMA 2014 2014 Behavioral Finance and Wealth Management Author Information “Michael M. Pompian, CFA, CFP, is a partner at Mercer Investment Consulting, a firm serving institutional and private wealth clients. Prior to joining Mercer, he was a wealth management advisor with Merrill Lynch and PNC Private Bank, and served on the investment staff of a family office. Pompian is a Chartered Financial Analyst (CFA), a Certified Financial Planner (CFP), and a Certified Trust Financial Advisor (CTFA). He is also a member of the CFA Institute (formerly AIMR) and the New York Society of Security Analysts (NYSSA). He holds a BS in management from the University of New Hampshire and an MBA in finance from Tulane University. Pompian is a regular speaker on the subject of behavioral finance and has published several articles on the subject. He is married with three sons and can be reached at michael.pompian@mercer.com. “ Michael M. Pompian describes various biases which we can see in human beings , also tells about various experiments on human beings in his book “ BEHAVIOURAL FINANCE AND WEALTH MANAGEMENT “ and tells “HOW TO BUILD OPTIMAL PORTFOLIOS THAT ACCOUNTS FOR INVESTOR BIASES “ The book is published by John wiley and sons,...
Words: 4842 - Pages: 20
...1.You must take the Blackboard Basics for Students Course. Then take the Blackboard 101 quiz and receive a “2” as a score. 2.You must complete the Advanced Leader Course Common Core (ALC CC) DL Student Letter of Agreement. You must also fill out all required information. You must recieve a total score of "6". 3.You must fill out all required contact information, including your NCO Support Channel and personal information using the spreadsheet that is provided and receive a "1" as a score. 4.You must read and review the ALC Course Syllabus. Once you understand all items covered in the Syllabus you must click the "Mark Reviewed" button at the bottom left corner. The Syllabus status will then change to "Reviewed." 5.You must read and review the ALC ALARACT 232/2010. Once you understand all items covered in the ALARACT 232/2010 you must click the "Mark Reviewed" button at the bottom left corner. The ALARACT status will then change to "Reviewed https://ncoes.ellc.learn.army.mil. Navigation Instructions You must access the course in accordance with these directions to successfully begin your course. To begin your course you will access www.train.army.mil. On the top right hand side you will click the login button, use your AKO user name and password. Click on the “My Courses” tab, then “My Active Enrollments”. The Advanced Leaders Course Common Core (ALC-CC) link will appear; linking you to your course. After this initial login, you will then use https://ncoes.ellc.learn.army...
Words: 266 - Pages: 2
