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University Degree: Finance

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  1. Applying Parametric Delta Normal VAR on Share Prices of Some Companies in the Gulf.

    McNeil (1997-8) interrogates, using the Extreme Value Theory, estimation of severe risks in financial time series. Embrechts (1999) indicates the sturdiness of the Extreme Risk Theory in risk estimation. Pictet et al (1998) and Mullar et al (1998) use GARCH models to study financial risks in foreign exchange markets. Giot and Laurent (2003) use some parametric multivariate ARCH models which have skewed Student distribution to model VaR. GDP uses common probability density functions, for example, Log-Gamma, Student-t, Cauchy and Pareto distributions, to parameterize tails of share prices. This makes the model flexible and easily manipulable. Existing literature on is scanty on the number of observations present at the tail of distributions of stock price.

    • Word count: 2667
  2. Sarbanes-Oxley Act of 2002

    Many types of governances had been put in place before the Sarbanes-Oxley Act. The National Commission of Financial Fraudulent Reporting, the Commission of Sponsoring Organizations (COSO), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Internal Auditors (IIA), and the National Association of Accountants were all created in an effort to encourage accurate financial reporting (History, 2009). Although all of these organizations were in place in the 1980's, corporate scandal still prevailed; as was evident in 2001 with Enron and WorldCom.

    • Word count: 1701
  3. Corporate Website Research: The Walt Disney Company

    company's film, recording label, and theatrical divisions; Parks and Resorts, featuring the company's theme parks, cruise line, and other travel-related assets; Disney Consumer Products, which produces toys, clothing, and other merchandising based upon Disney-owned properties, and Media Networks, which includes the company's television and Internet operations. Disney's target market is consisting mostly of families, which is evident by the products and services provided by each division. The Investor relations portion of the Disney site can be found directly from directly from the main corporate page.

    • Word count: 633
  4. Change of Capital structure

    In other words, the companies have a free choice about what mix of the capital they want to go for. Furthermore, M&M theorem also states that the capital structure of a firm is irrelevant to the shareholders of the firm. Nor the value of a company or the cost of capital will be changed by altering the capital structure of company. Fundamentally, a company manager should put more attention on other important matters such as where the firm's funds should be invested and what investments should be made.

    • Word count: 2685
  5. Lululemon financial analysis. Lululemon Athletica is a yoga-inspired retail store that produces athletic apparel that promotes healthy and active living. Established in 1998, lululemon has been able to grow as an international athletic brand, with 124 sto

    Lululemon is active in building strong relationships with communities in which they are located. From 2006-2010 lululemon saw a growth in net income from $1,394,000 in 2006 to $58,281,000 in 2010. In four years, this is a combined growth of $56,887,000. A direct link between lululemon and its end customer, without being a wholesaler, have resulted in fewer large credit sales, and a relatively low average collection period of 4.5 days (average) between 2008 and 2010. The increase in average collection period can be attributed to the opening of franchise operations, creating larger receivables from stocking of the stores.

    • Word count: 4468
  6. Financial strategy of Vodafone

    Through its operations, Vodafone is deeply committed in improving its operations constantly and through this improving the shareholder's value. The firm is known to review its financial standings year after year and through this, the firm is abler to review its long term profitability and growth objectives. The goal behind this is to provide its customers and general stakeholders with reliability, consistency and services and products that are above average The firm is aiming at arriving at solutions that will solve a number of problems encountered by customers as they move from their homes to their places of work that bundle data, messaging, voice and an increase in line services that will enable them to meet their varying needs.

    • Word count: 2413
  7. Development of new financial instruments

    Financial instruments include both primary and derivative instruments (derivative instruments), such as options, futures and forward contracts. In accordance with IAS 32 financial instruments arise only as a result of contract, contractual obligations and rights. Liabilities or assets are non-contractual nature, such as tax liabilities, which arise as a result of the law, are not financial assets or liabilities. Portfolio managers and investors have recourse to fixed-term contracts for insurance against rising or falling market value of financial assets. In addition, financial derivatives have significant speculative opportunities.Futures market is highly profitable, albeit a very risky field of investment.Profitability of speculative trading in derivatives could potentially reach several thousand percent per annum. However, comparable and may be lost.

    • Word count: 10536
  8. Why would it be useful for international traders to build up knowledge of the global distribution of income and wealth and how it is changing over time?

    To operate internationally it's important to have knowledge of globalization and have general knowledge of business, government and societies. Globalization it is a process between different figures and factors that includes people, organizations, money and different forms of data that are free to access around the world. Globalization had an innovation impact on people lives and new opportunities are available along with the risks. With global distribution you have to consider control, competition and cooperation. Globalization has in a way encouraged the international transport as a result the economic integration has developed and expanded. For International traders it is important to gain knowledge about the economic variables of the regions and countries over the world.

    • Word count: 1554
  9. Kurdistan Hopes Boost Gulf Keystone. This case study is concerned with the stock markets reaction to the RNS statements released by Gulf Keystone Petroleum regarding oil drilling prospects in March 2011

    After this news was announced the share price rose that day by 12.1%, opening at 141p and closing at 158.04p. On the 21st of March the share price rose again by a further 4.8% opening at 166.5p and reaching a high of 192.95p and finally closing at 174.21p. The actual results of testing were released on the 22nd of March at 07.00 am GMT, revealing that the appraisal well housing the discovery was currently achieving short term, indicated rates of 10,144 barrels of oil per day.

    • Word count: 2505
  10. Report of Thornton Plc. The Excel model using for forecasting shareholder value are considered as a helpful application in financial analysis now. The prediction shareholder value was replied on Alfred Rappaports seven value drivers which are known as

    Methodology In simple terms, the Excel model will work out the value of Thorntons Plc today, based on prediction of how much free cash flow it is going to make in the future. The forecasting of free cash flows will be practice during the future five years (from March 2011 to March 2015). The all ratios and numbers predicted are given basing on the historical figures. And the assumption will be given that the ratios are constant. 3. The forecast period and interpretation data The value drivers are considered as the crucial factors affecting to the shareholder value including

    • Word count: 1361
  11. Financial Management. There are several theories that have been applied, in order to help, if not find the best capital structure of a company.

    By definition, debt is the amount borrowed from external sources such as individuals, banks, or other financial institutions whereas equity is the ownership interest in a firm including equity share capital, different kinds of shares and capital profits amongst other equities. However, the proportion of which debt and equity in the capital structure is allocated, differs from one company to another. The capital structure also varies according to the industry and the market situation that the company is operating in.

    • Word count: 1341
  12. Primary causes of the international financial crisis. Banks, Capital and Technology.

    Banks make profits through fee (for originating the loan) rather than spread. The bonds were insured, rated safe by rating agencies and were not on banks' books, luring banks to originate even more loans without proper screening (Farrell, 2008). The whole financial system became so intertwined that a failure in one institution meant ramifications across the financial spectrum. Traditional Banking Vs Shadow Banking - In early 2008, the Federal Reserve estimated that the shadow banking system was $20,000bn in size when compared to the traditional banking system at $11,000bn.

    • Word count: 3375
  13. Timeshare Property Pricing

    They can be hotel rooms, resorts, apartments in tourist area and the most high-grade form is villas. The special feature of this trading type is that the buyers can exchange the right to use their properties among timeshare owners. It means if the buyers find it bored to stay in the same place every year, they can register to visit and live in others' apartments and other people will use their properties in return. It helps people travel all around the world more easily and economically. 2. Fairview Manor Fairview Manor is a new timeshare and leisure complex which is developed by Universal Marketing PLC - a company works in the field of international timeshare marketing.

    • Word count: 2770
  14. Fundamental and Technical Analysis on Australia and New Zealand Bank (ANZ) and Singtel shares

    Looking into the Australia Gross Domestic Product (GDP) Annual Growth Rate for the past 5 years, Australia has been experiencing positive growth in an uprising trend with occasional blips. The severe global economic crisis in 2009 serves as an exception with Australia experiencing slow but positive growth. The gradual demise of the economic crisis has seen Australia emerged as one of the worlds' strongest recovering economy as seen by the hiking growth starting from January 2010. (Source:http://www.tradingeconomics.com/default.aspx) Business confidence in Australia is also recovering from the global crisis, signifying both the current and future good health of the economy. (Source:http://www.tradingeconomics.com/default.aspx)

    • Word count: 5806
  15. Scope and Aims of Performance Measurement Practices: Evidence from Jordan

    define performance measures as a metric used to quantify the efficiency and/or effectiveness of an action. The usage of performance measures has two dimensions: the level of use or the frequency of use-that is the focus of this study-and the manner of use. The level and manner of performance measurement use relate respectively to an organisation's quantity and quality of application of the measures (Braam & Nijssen, 2004). Improving the PMS is one of management accounting's major roles. However, an effective PMS should include the traditional financial measures and cost-accounting measures used by senior management and also the tactical-performance measures that are used in evaluating a firm's current level of performance (Chen, 2008).

    • Word count: 9097
  16. Dow Chemical's bid for the PBB in Argentina

    The main risks beyond the general industry risks of this project for Dow are country risks. There are three main risks associated with country risks, political risks, economic risks and financial risks. Political risks of Argentina seemed to be small. The political system in Argentina was relatively stable, political environment had been stable for about 12 years, and no expropriation had been reported for the past 50 years. The political environment was expected to remain stable in the future, especially after Carlos Menem took power. Economic risks are high here in Argentina. Argentina is a developing country, and economy system of the country was not well established as in developed country such as the US.

    • Word count: 3367
  17. Diageo Case Study

    A second target was set to keep EBITDA/Total Debt at 30% - 35% level (Diageo plc Case). This tranquilized investors and financial market and as a consequence the company was given an A+ rating by the credit agencies. Combined with other information shown in the case, the debt and equity levels can be calculated. The original debt to equity ratio is 1 to 3 (market gearing ratio is 25%). The debt level is 6.78 billion (see appendix for detailed calculation steps).

    • Word count: 3184
  18. HBS BOSTON BEER

    E/V is calculated by taking the shareholder's equity and divides it by the sum of equity and debt from the most recent financial statement as of September 30, 1995. The reason behind this is that both values are recent and reflect current capital structure of the company. However, an interesting note is that the debt on the balance sheet does not reflect the current market value of the debt, using this value may have some exogenous effect on the final outcome.

    • Word count: 2699
  19. HBS Case Diageo Plc

    Diageo's strategy is to sell Pillsbury and Burger King and focus more on alcohol and beer industry. They need at least a BBB rating to support their estimated $8 billion in the upcoming years because when fall below to BB, the ability to raise debt will be restrained to $5 billion. Capital Structure Analysis Historical Capital Structure Before the merger between Grand Metropolitan and Guinness in 1997, the two firms were conservative in debt financing. Grand Metropolitan had a book D/E ratio of 1.64 (market D/E ratio of 3.14)

    • Word count: 3623
  20. IPO Pricing for Boston Beer Company Inc.

    The growth rates in net sales for the next ten years (including 1995) are therefore projected as: 45%, 41%, 37%, 33%, 29%, 25%, 21%, 17%, 13% and 9%. After ten years, the growth rate will remain steady at around 5%, which is the sum of real GDP growth rate at that time (2.5%) and the inflation rate of 2.8%.1 In the past five years, cost of goods sold as a percentage of net sales has been quite steady. We used an average rate of 44.7%.

    • Word count: 4376
  21. Risk mitigation strategies for Easyjet

    of planes -Training employees for all possible incidents -Usage of CRV to give measure and monitor each risk by past incidents reports. -Reach an agreement with airport operators to get staff through security efficiently -Look into staffs personal circumstances and adapt working roster as much as possible to suit different individuals -Implement the use of 'mystery shoppers' on flights to provide adequate feedback regarding staff alertness. -Continue maximization of resources to gain better efficiency without compromising safety. Contents: Introduction 4 Outline of risks 5 Fuel risk 6 Foreign exchange risk 8 Safety risk 10 Operational risk 11 Conclusions 12 Recommendations 12 References 13 Introduction On behalf of Risk Management Consultants Ltd we have identified various risks affecting Easyjet plc.

    • Word count: 4301
  22. Speech on Insurance - Insurance as a risk transfer mechanism

    Maybe it sounds complicated but actually it is really simple stuff. All you have to do is participate in our discussion and I promise you will hear all the answers! Insurance as a risk transfer mechanism Please rise the hands who have previously used a mobile phone? Great! So imagine you have brought a brand new mobile phone costing �300. We all know that if we want our new purchase to look nice and work properly we have to take care of it.

    • Word count: 1879
  23. Customer's and Lender's perspectives

    However business areas of Canterbury have shown a high number of visitors despite difficult economic times. Moreover weakening pound against euro and US dollar makes this place more attractive to UK citizens as well as visitors from abroad. Introduction Preliminary Mr. Warner and Mr. Child plan to form either a partnership or a private limited company. This report aims to assist customers before making that choice by comparing characteristics of different business entities like ease of setting up, administrational costs, liability, control, share of profits and legal formalities. The first part of the report particularly evaluates characteristics mentioned above in conjunction with customers' personal circumstances.

    • Word count: 3377

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