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Publicado por GRIN Verlag, 2013
ISBN 10: 3656476918ISBN 13: 9783656476917
Librería: Leserstrahl (Preise inkl. MwSt.), Oldenbüttel, Alemania
Libro
Taschenbuch. Condición: Fine. 1. leichte Gebrauchsspuren / minor wear---. nein.
Publicado por GRIN Publishing Aug 2013, 2013
ISBN 10: 365647639XISBN 13: 9783656476399
Librería: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management (IFM), language: English, abstract: Companies with few investment opportunities can invest money in an acquisition to forego issues of taxes at a personal level or excessive FCF. In addition, but not as a sole purpose, large tax losses or carry forwards by the target company could be used to reduce the future tax liability of the combined company. [.] 20 pp. Englisch.
Publicado por GRIN Verlag Aug 2013, 2013
ISBN 10: 3656476918ISBN 13: 9783656476917
Librería: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Essay from the year 2012 in the subject Business economics - Investment and Finance, grade: 9, Maastricht University (SBE), course: intermediate financial management (IFM), language: English, abstract: Questions1A) Business risk is the risk to firm's stockholders without debt. Business risk can be measured by the standard deviation (later referred to as: SD) of 'return of capital invested' ROIC= (EBIT (1-T))/Capital. Typical sources of business risk are factors associated with day-to-day operations of the business, such as input price-, demand-, sales price- and currency variability or the ability to innovate and the extent of operating leverage used. The establishment of long-term contracts can mitigate business risk with suppliers or distributors or with hedging strategies in case of currency risks. On the other hand, financial risk is the risk stockholders bear, because of the use of debt. In the case of debt usage the stockholders bear all the business risk, because debt holders receive a fixed interest payment. 1B/C) The additional risk from the debt can be measured, if one compares the levered beta to the unlevered beta. The levered beta should be higher than the unlevered and therefor react more severe to broad market movements, reflecting the additional risk. Moreover, since the beta is part of the CAPM model, the required return for equity holders rises which makes perfect sense, since equity holders want to be compensated for the additional risk from financial leverage. Leverage increases stockholders ROE, because the denominator of (Net income)/Equity is smaller since V_L consists of debt and equity, in contrast to a all equity financed company. Finally one can compare the SD of a levered and unlevered firm. The higher ROE comes at the cost of an increased SD, because of the higher variability of ROE. 16 pp. Englisch.
Publicado por GRIN Verlag Aug 2013, 2013
ISBN 10: 3656476233ISBN 13: 9783656476238
Librería: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management (IFM), language: English, abstract: Boudoir's, Inc. is a profitable, growing company but has exhausted nearly all sources of financing, because they already pledged most of their assets as collateral to support growth. Theory assumes a match of the predicted assets useful life and its financing. Therefore a leasing agreement, especially taking into consideration the low amount, matches the cost of the asset with the corresponding cash flows produced by the asset. Furthermore, financing the new building and the fixtures for the new outlet with a leasing agreement provides an additional benefit because leasing agreements do not appear on the balance sheet of a company. In addition, lease payments are deducted. 16 pp. Englisch.
Publicado por GRIN Verlag Aug 2013, 2013
ISBN 10: 3656476438ISBN 13: 9783656476436
Librería: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: intermediate financial management (IFM), language: English, abstract: Today, DPF is in a weaker situation than the industry average and compared withitself historically. The current ratio fell from of 3.9, which is above industry average, in 1985 to 1.28, which is below average, in 1995. DPF's is half as big as the industry average indicating a lower than average ability to meet their short-term obligations if they were due now. Furthermore, the current ratio measures how efficient a company can turn its products into cash, therefore a below industry average ratio indicates weaknesses in their operations (Investopedia, 2012). Over the last ten years the debt ratio increased from 35.3%, which was back then already above industry average [.] 16 pp. Englisch.
Publicado por Grin Publishing, 2013
ISBN 10: 365647639XISBN 13: 9783656476399
Librería: Lucky's Textbooks, Dallas, TX, Estados Unidos de America
Libro
Condición: New.
Publicado por GRIN Verlag Aug 2013, 2013
ISBN 10: 3656476942ISBN 13: 9783656476948
Librería: BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management, language: English, abstract: In 1996, Northern Electric and Mid-Continent Gas merged into the North Central Utilities (NCU) since both companies were convinced that future success is dependent on the provision of an entire set of energy sources. Furthermore the merger put both firms in a better position compared to their competitors, especially in view of the fact that in 1996, regulatory changes empowered companies to compete for business in other firm's territories. Beforehand, competition basically did not exist and the profits were determined easily. Companies knew the amount of capital invested, the cost of capital and the product of those two demonstrated the profits, which had to be generated. In the following case, several questions will be answered to the changing conditions in the utility industry. 20 pp. Englisch.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476918ISBN 13: 9783656476917
Librería: Smartbuy, Einbeck, Alemania
Libro
Taschenbuch. Condición: Neu. Druck auf Anfrage Neuware - Printed after ordering - Essay from the year 2012 in the subject Business economics - Investment and Finance, grade: 9, Maastricht University (SBE), course: intermediate financial management (IFM), language: English, abstract: Questions1A) Business risk is the risk to firm's stockholders without debt. Business risk can be measured by the standard deviation (later referred to as: SD) of 'return of capital invested' ROIC= (EBIT (1-T))/Capital. Typical sources of business risk are factors associated with day-to-day operations of the business, such as input price-, demand-, sales price- and currency variability or the ability to innovate and the extent of operating leverage used. The establishment of long-term contracts can mitigate business risk with suppliers or distributors or with hedging strategies in case of currency risks. On the other hand, financial risk is the risk stockholders bear, because of the use of debt. In the case of debt usage the stockholders bear all the business risk, because debt holders receive a fixed interest payment. 1B/C) The additional risk from the debt can be measured, if one compares the levered beta to the unlevered beta. The levered beta should be higher than the unlevered and therefor react more severe to broad market movements, reflecting the additional risk. Moreover, since the beta is part of the CAPM model, the required return for equity holders rises which makes perfect sense, since equity holders want to be compensated for the additional risk from financial leverage. Leverage increases stockholders ROE, because the denominator of (Net income)/Equity is smaller since V_L consists of debt and equity, in contrast to a all equity financed company. Finally one can compare the SD of a levered and unlevered firm. The higher ROE comes at the cost of an increased SD, because of the higher variability of ROE. 16 pp. Englisch.
Publicado por GRIN Publishing, 2013
ISBN 10: 365647639XISBN 13: 9783656476399
Librería: Smartbuy, Einbeck, Alemania
Libro Impresión bajo demanda
Taschenbuch. Condición: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management (IFM), language: English, abstract: Companies with few investment opportunities can invest money in an acquisition to forego issues of taxes at a personal level or excessive FCF. In addition, but not as a sole purpose, large tax losses or carry forwards by the target company could be used to reduce the future tax liability of the combined company. [.] 20 pp. Englisch.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476233ISBN 13: 9783656476238
Librería: Smartbuy, Einbeck, Alemania
Libro
Taschenbuch. Condición: Neu. Druck auf Anfrage Neuware - Printed after ordering - Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management (IFM), language: English, abstract: Boudoir's, Inc. is a profitable, growing company but has exhausted nearly all sources of financing, because they already pledged most of their assets as collateral to support growth. Theory assumes a match of the predicted assets useful life and its financing. Therefore a leasing agreement, especially taking into consideration the low amount, matches the cost of the asset with the corresponding cash flows produced by the asset. Furthermore, financing the new building and the fixtures for the new outlet with a leasing agreement provides an additional benefit because leasing agreements do not appear on the balance sheet of a company. In addition, lease payments are deducted. 16 pp. Englisch.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476438ISBN 13: 9783656476436
Librería: Smartbuy, Einbeck, Alemania
Libro
Taschenbuch. Condición: Neu. Druck auf Anfrage Neuware - Printed after ordering - Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: intermediate financial management (IFM), language: English, abstract: Today, DPF is in a weaker situation than the industry average and compared withitself historically. The current ratio fell from of 3.9, which is above industry average, in 1985 to 1.28, which is below average, in 1995. DPF's is half as big as the industry average indicating a lower than average ability to meet their short-term obligations if they were due now. Furthermore, the current ratio measures how efficient a company can turn its products into cash, therefore a below industry average ratio indicates weaknesses in their operations (Investopedia, 2012). Over the last ten years the debt ratio increased from 35.3%, which was back then already above industry average [.] 16 pp. Englisch.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476942ISBN 13: 9783656476948
Librería: Smartbuy, Einbeck, Alemania
Libro
Taschenbuch. Condición: Neu. Druck auf Anfrage Neuware - Printed after ordering - Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management, language: English, abstract: In 1996, Northern Electric and Mid-Continent Gas merged into the North Central Utilities (NCU) since both companies were convinced that future success is dependent on the provision of an entire set of energy sources. Furthermore the merger put both firms in a better position compared to their competitors, especially in view of the fact that in 1996, regulatory changes empowered companies to compete for business in other firm's territories. Beforehand, competition basically did not exist and the profits were determined easily. Companies knew the amount of capital invested, the cost of capital and the product of those two demonstrated the profits, which had to be generated. In the following case, several questions will be answered to the changing conditions in the utility industry. 20 pp. Englisch.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476918ISBN 13: 9783656476917
Librería: Buchpark, Trebbin, Alemania
Libro
Condición: Wie neu. Zustand: Wie neu | Seiten: 16.
Publicado por GRIN Verlag, 2013
ISBN 10: 3656476438ISBN 13: 9783656476436
Librería: Buchpark, Trebbin, Alemania
Libro
Condición: Wie neu. Zustand: Wie neu | Seiten: 16.