Category Archives: Finance

Home Assignment; Finance


Form 31: Home Assignment Cover Sheet

Quality Manual Version 5.1 2014-15

Students’ Names and IDs:

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Course Code and Title: BUS 4243 International Trade and Finance
Assessment Weight and Title: 20% Written Group Project
Submission Deadline: Friday 14 April 2017 by 23.59pm via E-mail

Late submission results in losing grades. For every working day delay the maximum grade decreases by 5%, up to a maximum of 35% after a week. Also note, that not following the formatting guidelines an additional 10% may be lost.

Name of the Course Instructor: Dr Nabil Dahdah
Name of the Course Moderator: Dr Panos Thomas

This Assessment and the related Marking Scheme have been pre-moderated and approved by the Course Team Leader/Academic Coordinator of the Business Department according to the following criteria

·         The learning outcomes are covered as indicated in the assessment strategy.

·         The questions are clearly constructed and at an appropriate academic level.

·         The possible marks for each question are clearly stated.

·         The amount of time for the exam is properly allocated.

·         The level of English language is clear and suitable for the course.

·         The marking scheme is clear and detailed

Student’s Score (%):
Academic Format

Reports/Essays submitted must follow the APA (American Psychological Association) the http://owl.english.purdue.edu/owl/resource/560/01/ . Formatting and language contribute exactly ten percentage points to the overall grade.

Warning to Students!

Students must submit their own works as assignments, and they cannot copy anybody’s ideas into their work as their own. Direct reference must be made for every paragraph, even if it is only a summary of ideas from somewhere else. By not directly referencing (or providing only non-specific references) a Student commits plagiarism, i.e. submitting somebody else’s work as his own, and faces the possibility of immediate dismissal from ADMC and from all other Colleges of HCT according to the Academic Honesty Policy of HCT. All assignments must be submitted via LMS, where they are tested by anti-plagiarism software, Safe Assign.

Declaration of the Student

At the moment of submission you confirm that this assignment is your original work, and you have referenced all sources of information according to APA Format. You also confirm that you had fully understood the tasks and assessment criteria before submitting this assignment.

 

Assignment Description

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Each student will track the exchange rates on a given currency pair as per below list and record the closing rates in New York over a period of six months from September 1, 2016  to February 28, 2017, using a reliable Forex website. Excel software may be used to record the data and produce charts.

Students will then work in groups (three students per group) to prepare a report to analyse the major exchange rate movements by identifying and evaluating the impact of various factors (economic, political etc) on these movements. Your report (approx. 3000 words or 1000 words per currency pair) should include an introduction, major movements (opening/closing rates with charts, high/low for the period), events and activities in the Foreign Exchange Market with impact on the currency exchange rates. Reference should also be made to interest rates, balance of payments and monetary policy.

The written report should include a list of references showing the source of literature review and also an executive summary and conclusion with reference to all currency pairs.

 

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Student Name Currency Pair
Ahmed Yousuf Abdul Khaleq Abdulla Alkhoori EUR/GBP

 

 

 

Khalifa Mohamed Abdulrahim Mohamed Alfahim EUR/AUD

 

 

Saif Ahmed Saleh Ahmed Al Messabi CAD/AUD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grading Criteria

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CURRENCY MOVEMENTS – Use of Relevant Information (20%)

Currency movements are complete and accurate. Currency movements are reasonably accurate. Currency movements are not complete or accurate.
A A- B+ B C+ C D F
>90 85-89 80-85 75-80 70-74 65-69 60-64 <60

           Knowledge / Understanding / Thinking / Inquiry (70%)

Used the information found to create an excellent analysis that clearly demonstrates high level of understanding of currency movements and various factors affecting them. No clarification is required. Used the information found to create an analysis that clearly demonstrates good level of understanding of currency movements and various factors affecting them. Minor clarification is required. Used the information found to create an analysis that demonstrates poor level of understanding of currency movements and various factors affecting them. Major clarification is required.
A A- B+ B C+ C D F
>90 85-89 80-85 75-80 70-74 65-69 60-64 <60

Report Format & Presentation (10%)

Report is well written and organized by following the required report format. Reference list is included. Report format is not according to guidelines at times. Few spelling or grammatical errors. Reference list is incomplete. Report format is not followed correctly. Lots of spelling and grammatical errors. No reference list is included.
A A- B+ B C+ C D F
>90 85-89 80-85 75-80 70-74 65-69 60-64 <60

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Assignment help_Analysis of Financial Statements


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]INTO MANCHESTER – IFY BUSINESS STUDIES

Assessment type: Coursework 2

Intake 1.0 (Students finishing June 2017)

Overall weighting: 10 per cent of the final mark

Date assignment set: Wednesday March 22nd 2017

Date assignment due:  April 19th  at 23:59

Introduction to Coursework 2

This assignment will involve you researching into the area of ratio analysis and the financial performance of a business (1250-1500 words excluding appendices and bibliography).

The coursework assignment will be made up of a business report.

Sections from the NCUK syllabus 2016-17:

Section J: Business Finance

Section M: Analysis of Financial Statements

Section N: Managing Cash Flows

 

You will need to demonstrate the following skills

  • Study skills
  • Discussion skills
  • Analytical skills
  • Evaluation skills

 

 

 

 

 

 

Assignment Brief – Cullen Manufacturing Ltd

 

Cullen Manufacturing Ltd produces a range of saucepans and cooking pots. The manufacturing process is noisy and results in waste products that cannot be reused. The saucepans and pots are sold mainly online. Since becoming managing director of the family business four years ago, John Cullen has taken the following decisions:

  • New machinery has been purchased. This led to higher than expected staff-retraining costs. Half of the necessary finance was borrowed. The government recently announced higher interest rates to deal with inflation.
  • Cheaper raw materials and components were brought in, with orders taking place only twice a year. This was designed to maximise scale economies.
  • Advertising and promotional expenses were doubled in efforts to increase sales.
  • Payments to suppliers have been delayed in order to improve cash flow.

Despite these changes, the overall performance of the business is not encouraging. John has asked the company accountant to prepare a ratio analysis of key performance indicators for the last three years. Table 1 below shows the results.

  2014 2015 2016
Return on capital employed (%) 15 9 7
Gross profit margin (%) 38 42 43
Operating profit margin (%) 20 15 12
Inventory turnover (days) 5 4 3
Current ratio 2 1.5 1.4
Acid-test ratio 1.5 0.9 0.4

Table 1: Cullen Manufacturing Ltd: Ratio analysis of accounts 2014-2016

 

 

John is determined to take further action to improve the prospects of the business. He is now working on two further strategies:

Strategy 1: His first idea is to increase the prices of the most popular range of saucepans and pots. This will aim these products at higher-income segments of the market. John believes this should help to improve profitability.

Strategy 2: His second plan is to relocate the factory away from its expensive site near the city centre. This site could be sold and a new factory on the edge of the city would be built. This should lower production costs in the long term. The new site is about 20 kilometres from the present location. It is near good roads but close to a school and a park. John believes that the main stakeholders in the business such as workers, shareholders, customers, local residents and the government would benefit from this move.

TASK: Business Report on Cullen Manufacturing Ltd

As a business advisor, you have been asked to write a report on Cullen Manufacturing Ltd. Your report is structured in two sections.

SECTION 1:

Section 1.1 Assessing Cullen Manufacturing Ltd’s financial performance

Using the data from Table 1 and the case study, analyse the possible reasons for the changing performance of the business over the last three years.

Section 1.2 Explaining Cullen Manufacturing Ltd’s problems

Explain the problems this business might experience from:

  • Declining liquidity
  • Declining inventory turnover ratio

Total for this section: 500 Words 

 

SECTION 2:

Improving Cullen Manufacturing Ltd’s profitability

Discuss which of the strategies suggested by John would be the most effective for increasing profitability.

Total for this section: 1000 Words

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Buy Answers for_ Fiscal Policy Questions


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University

College of Business

ECON 201

Spring                                                                                         Name: ________________________

Fiscal Policy Questions (25 Points)                                           

Dr.                                                         Grade: ________________________

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 Please read chapter 13 on “Fiscal Policy, Deficits, and Debt” and answer the following 3 questions. Identify your answers clearly by using the numbers preceding the questions. Questions must be answered from the book. The book name is mcconnell brue flynn macroeconomics 20th edition.

                                                         

  1. Discuss the problems that government may encounter in enacting and applying fiscal policy?

 

 

  1. Discuss the size, composition, and consequences of the U.S. public debt.

 

 

 

  1. What are the Social Security and Medicare trust funds, and how long will they have money left in them? What is the key long-run problem of both Social Security and Medicare? What are some of the unpleasant options to restore long –run balance to both Social Security and Medicare?

 

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Assignment help


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Moral Hazard Critical Thinking Essay Assignment

Financial Management Spring 2017

 

Professor Frank Werner

 

 

The prompt

The term “moral hazard” has been in the news over the past few years.  What does this mean?  Why is it a concern to many financial market observers?  What role, if any, did it play in the financial crisis of the last decade?  What, if anything, do you think should be done about it?

 

 

The details

Your essay should be 3 pages (approximately 750 words).  It will be graded twice:  (1) by your Financial Management professor for responsiveness and the accuracy and of your content and (2) by your class’s English Department TA for the quality of your writing; the flow and coherence of your paper; the use of references; and the mechanics of spelling, grammar, syntax, etc.

 

Submit your essay by uploading it to Blackboard no later than midnight on the date specified on your course syllabus.

 

 

Critical Thinking Essay Assignment – Financial Management Spring 2017

 

Content Grade Rubric

 

 

 

Student:
Prompt 4 3 2 1 0 Score
What does the term “moral hazard” mean? Fully defined Partially defined Incorrectly defined Not answered  
Why is it a concern to many financial market observers? Fully explained Partially explained Incorrectly explained  
What role, if any, did it play in the financial crisis of the last decade? Fully explained Partially explained Incorrectly explained  
What, if anything, do you think should be done about it? Thoughtful, complete answer Partial answer Inappropriate answer  
Total Score  
Final Course Score Points:   (Total Score / 16) x 2.5  

 

 

Fordham University

Gabelli School of Business

 

Sophomore Core Critical Thinking Essay English Grading Rubric – Spring 2017

 

The English Department TAs will grade essays on a 10-point scale, with five points assigned to writing mechanics and the other five points assigned to your argument.   Within each category, the TAs will be looking for the following:

 

Mechanics: /5 1)     Grammar

2)     Spelling/punctuation

3)     Syntax

4)     Clarity/cohesion

5)     Citation

 

Argument: /5 1)     Argument is clearly stated

2)     Organization/flow of essay

3)     Logic

4)     Supporting evidence

5)     Creativity of presentation

 

10/9—A – An “A” paper contains no or very few grammatical errors, as well as few or no logical flaws in argument.  The essay shows evidence of research, paired with a clearly stated thesis.  The evidence presented within the argument must link to the thesis and adequately support all points presented.  The thesis statement follows the prompt and the essay itself remains on topic at all times.  An “A” paper has good organization and logic.  An “A” paper is PROOFREAD and contains clear and flowing transitions from one idea to the next.

 

8/7 – B/C—A “B/C” paper contains grammatical errors and does not appear to be closely proofread.  The essay contains logical flaws, but still attempts to answer the prompt.  The thesis is somewhat unclear, and is less developed with evidence or research.  Grammar and spelling may hinder comprehension in a “C” paper, and transitions are choppy.

 

6/5 –D/F—A “D/F” paper does not follow the prompt and has an underdeveloped or missing thesis statement.  The essay contains many grammatical errors, and does not appear to be proofread at all.  There is no evidence of research and the essay lacks flow of transitions and logic.

 

4 & under – F – An F paper is totally unresponsive to the prompt and/or is extremely poorly written.

 

 

 

As with everything you write at the Gabelli School of Business, you will be expected to uphold the highest standards of honesty and integrity.  Plagiarism is against college policy, and completely unacceptable in this class. Students found plagiarizing will be referred to the Dean of CBA.  The following is an excerpt from the Fordham University  Policy on Academic Integrity, available online as well as in your student handbook.

 

Plagiarism occurs when individuals attempt to present as their own what has come from another source.  Plagiarism takes place whether such theft is accidental or deliberate.  It is no defense to claim that one has “forgotten” to document ideas or material taken from another source.


Examples of plagiarism include, but are not limited to:

  1. Using the ideas of another person, whether or not such ideas are paraphrased, from whatever source including oral, print, broadcast, or computer-mediated communication;
  2. Rewriting borrowed material by simply dropping a word here and there, substituting a few words for others, or moving around words or sentence;

iii.  Presenting borrowed material, whether a phrase, sentence, or whole paragraphs without placing quotation marks around the borrowed material in the approved style;

  1. Presenting, as one’s own an assignment, paper, or computer program partially or wholly prepared by another person, whether by another student, friend, or by a business or on-line service that sells or distributes such papers and programs;
  2. Failing to use proper citation for information obtained from print sources or the internet, according to citation criteria specified by the instructor or in cases where instructor guidance is not given, by standard manuals of style (e.g. The Chicago Manual of Style).

 

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Retirement Planning at J&J Bagel


Retirement Planning at J&J Bagel

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You recently graduated from Suffolk University, and your job search led you to J&J Bagel, Inc.

As you are finishing your employment paperwork, Jerry Chen, one of the co-owners of J&J Bagel,

informs you about the company’s new 401(k) plan.

A 401(k) is a type of retirement plan, offered by many companies. A 401(k) is tax deferred,

which means that any deposits you make into the plan are deducted from your current income, so no

current taxes are paid on these deposits. For example, if your annual salary is $30,000 and you contribute

$1,500 to the 401(k) plan, you will pay taxes only on the $28,500 in income. No taxes will be due on any

capital gains or plan income while you are invested in the plan, but you will pay taxes when you withdraw

the money at retirement. You can contribute up to 15 percent of your salary to the plan. As is common,

J&J Bagel has a 5 percent match program. This means that the company will match your contribution

dollar-for-dollar up to 5 percent of your salary, but you must contribute to get the match. In other words,

if you contribute 5 percent of your $30,000 salary (which is $1,500) towards the 401(k) plan, J&J Bagel

will match your contribution by adding another $1,500 to your plan, so that $3,000 in total will be

contributed to your 401(k) plan.

The 401(k) plan has several options for investments, most of which are mutual funds. As you

know, a mutual fund is a portfolio of assets. When you purchase shares in a mutual fund, you are actually

purchasing partial ownership of the fund’s assets, similar to purchasing shares of stock in a company. The

return of the fund is the weighted average of the return of the assets owned by the fund, minus expenses.

The largest expense is typically the management fee paid to the fund managers, who make all of the

investment decisions for the fund. J&J Bagel uses Imperium Financial Services as its 401(k) plan

administrator.

Jerry Chen then explains the following retirement investment options available for employees:

  1. Company Stock. One option is stock in J&J Bagel. The company is currently privately held. The price

you would pay for the stock is based on an annual appraisal, less a 20 percent discount. When you are

interviewed by the owners, John Benson and Jerry Chen, they informed you that the company stock

was expected to be publically sold in three to five years. If you needed to sell the stock before it

became publicly traded, the company would buy it back at the then-current appraised value.

  1. Imperium S&P 500 Index Fund. This mutual fund tracks the S&P 500 Index. Stocks in the fund are

weighted exactly the same as they are in the S&P 500 Index. This means that the fund’s return is

approximately the return of the S&P 500 Index, minus expenses. With an index fund, the manager is

not required to research stocks and make investment decisions, so fund expenses are usually low. The

Imperium S&P 500 Index Fund charges expenses of 0.20 percent of assets per year.1

  1. Imperium Small-Cap Fund. This fund primarily invests in small capitalization stocks. As such, the

returns of the fund are more volatile. The fund can also invest 10 percent of its assets in companies

based outside of the U.S. This fund charges 1.7 percent of assets in expenses per year.

  1. Imperium Large-Cap Fund. This fund invests primarily in large capitalization stocks of companies

based in the U.S. The fund is managed by Jenna King and has outperformed the market in six out of

the last eight years. The fund charges 1.5 percent in expenses.

  1. Imperium Bond Fund. This fund invests in long-term corporate bonds issued by U.S. companies. The

fund is restricted to investments in bonds with investment grade credit rating. This fund charges 1.4

percent in expenses.

  1. Imperium Money Market Fund. This fund invests in short-term, high credit quality debt instruments,

which include Treasury Bills. As such, the return on money market funds is only slightly higher than

the return on Treasury Bills. Because of the credit quality and short-term nature of the investments,

there is only a very slight risk of negative return. The fund charges 0.60 percent in expenses.

1 The return on a mutual fund after accounting for management expenses is calculated as follows. If a fund charges 2

percent in expenses and it is expected to yield a 10 percent return before expenses, then the return on this fund after

expenses will be (1 + 0.10)×(1 – 0.02) – 1 = 0.078 or 7.8 percent.

QUESTIONS

  1. What advantages/disadvantages do the mutual funds offer compared to company stock for your

retirement investing?

  1. One can assess investment risk by looking forward to how assets are expected to react to a particular

set of circumstances or “states of economy”. Use the following set of assumptions for the coming

year to compute the expected rates of return (before expenses) and the standard deviations for the

mutual funds described above.

Expected Rate of Return (before expenses)

Scenario Probability S&P 500

Index Fund

Small-Cap

Fund

Large-Cap

Fund

Bond

Fund

Money

Market Fund

Recession 20% -12% -30% -10% 18% 2%

Near Recession 10% -8% -20% -6% 14% 3%

Normal 30% 12% 22% 12% 8% 4%

Near Boom 20% 22% 38% 15% -1% 5%

Boom 20% 36% 54% 20% -6% 6%

  1. Given the expected returns calculated for each of the mutual funds above, estimate the betas of these

funds. Assume a risk-free rate of 4 percent and the expected market return equal to the expected

return on the S&P 500 Index.

  1. If you decide to invest your money equally in the Small-Cap and Bond funds, what would your

portfolio’s expected return and risk level (standard deviation and beta) be? (Hint: Adjust mutual fund

returns for management expenses as explained in footnote 1.)

  1. What would happen if you were to put 70 percent of your portfolio in the Small-Cap fund and 30

percent in the S&P 500 Index fund? Would this combination be better for you?

  1. The returns of the Imperium Small-Cap Fund are the most volatile of all the mutual funds offered in

the 401(k) plan. Why would you ever want to invest in this fund? When you examine the expenses of

the mutual funds, you will notice that this fund also has the highest expenses. Will this affect your

decision to invest in this fund?

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BAUD 3301_Assignment 1


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Assignment 1

BAUD 3301 Spring 2017

Due 4/3/2017

10% of Grade

Background: Many cities such as Detroit, MI have been in the news  regarding underfunded pension funds. This exercise addresses a simplified version of some of the issues involved (doing this as a starting point is common: the key generally is to address the core work, adding more complexity later to make the analysis more accurate).

One way to handle pension obligations is to set aside money during the employee’s working life to fund an annuity that will pay out during the employee’s retirement years. The calculations will require assumptions about the number of years of working life (use 30 in this exercise), the number of years of pay-out, and the return on investment (interest rate) during the two periods. One article states that for the last 26 years, Detroit has used an interest rate of 8.9% for calculations. Recent research suggests that a more accurate estimate would be 6.3%. Most companies use a rate between 7% and 8%.

Background data:

Life expectancy at age 55: male = 23.68 years, female = 27.31 years

Life expectancy at age 66: male = 15.86 years, female = 18.30 years

Average pension = $30,000 per year

Number years to earn full pension = 30

Number of city employees = 12,900

Number of current retirees = 21,000

Analysis:

We will base the analysis on calculations for an average city employee. Calculations will be per year.

  1. Calculate the value of the pay-out annuity at retirement. Do this twice: once for 6.3% and once for 8.9%. Use the same number of years for each (you will need to decide how many years to use in this calculation). Estimate the city obligation for each of these (first result times number of city employees).
  2. Calculate how much must be set aside each year of working life to accumulate the value of the pay-out annuity at retirement. Do this for both 8.9% and 6.3%. Estimate the city obligation for each.

Consider the following questions:

  1. Does the analysis suggest why a city (e.g. Detroit) might prefer to use an 8.9% return rather than a 6.3% return? Provide an explanation of your answer.
  2. If the city uses an 8.9% return and in actuality sees a 6.3% return, what are the consequences? For example, determine the shortfall both in value available for annuity and what pay-out can be supported by the actual value accumulated.
  3. If the shortfall is to be made up by the city, what is the annual obligation incurred? Is this substantial enough to seriously impact city finances?

Report structure

Your report will be in two sections:

Section 1: Report. The first part of your report should describe the calculations you did and the rationale for any decisions (for example, why you chose the number for years of retirement) you made. The second part will summarize any observations or findings you have. The last part will present your responses to the questions. The report section should be between one half and one page long, single spaced.

Section 2: Data. Create and print a table of the provided background data. Print the calculation results in one or more tables for reference by the report section. Any additional calculations you want to include also go in this section.

Grading. The report should look professional (not hand written, neat, well-structured). The report will be graded for clarity (how easy it is to understand you), completeness (no significant gaps in the information provided) and correctness (the values and descriptions are correct). The report will also be graded on adherence to the report standard. Your conclusion should be supported by both the calculation results and the report narrative.

Final Comment: the purpose of this exercise is to provide you with experience using Excel and experience in constructing a coherent report. While future exercises may be focused on coming to the “correct” conclusions, this is not the case with this exercise. The correct conclusion is one that is supported by the presented data and narrative.

 

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Assignment help_Harley-Davidson; http://customwritings-us.com/orders.php


Title:
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Harley-Davidson
Paper type
Term Paper
Deadline
16th Mar
Paper format
MLA
Course level
Undergraduate
Subject Area
Finance
# pages
25   ( or 6875 words Minimum)
Spacing
Double Spacing
# sources
20
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Assignment help: Perspectives on Capital: Financial, Physical, Human and Social Assignment


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Perspectives on Capital: Financial, Physical, Human and Social Assignment

 

Essay should contain minimum 10 references. It will be uploaded on TurnitIn, so it should have 0% plagiarism!

           

Perspectives on Capital: Financial, Physical, Human and Social

Assignment

1,500-1,600 Word essay (word count doesn’t include intro and refference)

Selecting an example business, or market opportunity, please analyse the types of capital, and their flows, which may influence the success or failure of that business / opportunity.

 

You may want to focus on the dynamic and, if appropriate, the digital elements of capital make up, in order to demonstrate your understanding of the course material.

 

Consider competitors and challenges in regard to access to, and/or acquisition of capital, as well as it’s maintenance, enhancement and exchange.

 

Please reference the course readings to support your answer, along with appropriate outside research.

 

The general reading selection and lectures contain multiple potential example businesses that could form the basis for your evaluation.

 

Please use the Harvard style for referencing and bibliography.

Goals and Crucial Components

  • Opportunity
  • Evidenced Argument – Critical Analysis
  • Definitions and Premise / Conclusions
  • Necessary Conditions – Clear Aim and Structure)

Marking scheme:

Marking will be in accordance with the general IMS undergraduate marking rubric:

  1. Answer. (Does the coursework address the question/issue or meet the assigned aims and 
keep on topic? Is there a comprehensive understanding of the topic?)
  2. Structure. Intro, Main part, Conclusion, Reference. Intro, conclusion and reference doesn’t included in word count (Is the structure clear and material presented in a well argued, coherent and 
synthesised manner?)
  3. Writing Style. (Is the writing fluent and of a good standard with few errors in spelling, 
punctuation or grammar?)
  4. Level of Reading. (Is the topic well researched and supported? Is there evidence of using a 
range of high quality sources?)

 

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Assessment Rubric:

Students’ written work will be assessed in a manner appropriate to the requirements of any particular assignment.

 

In relation to assessed written coursework students are assessed with regard to:

 

  1. An ability to write lucidly and with focused relevance.
  2. An ability to identify and examine key issues in relation to the work in hand.
  3. An ability to draw upon and evaluate primary and secondary sources as appropriate.
  4. An ability to sustain a critical response through the development of coherent analysis.
  5. Evidence of insight, intelligence and stylistic aptitude in presenting written criticism.
  6. An ability to present the required work in a clear and appropriate form.

 

Perspectives On Capital: Financial, Physical, Human and Social

General Reading List

 

Specific readings are assigned for each week underneath the topic introductions, to be read in advance of the lecture. This general list provides further information, background and examples for understanding the lecture content and provides a resource for course assignments. The pertinence of each reading will be specifically addressed in class. All readings should be available as open free resources online.

 

Connected Viewing Initiative. 2012-15. Yearly Reports. University of California Santa Barbara / Warner Bros. Digital. http://www.carseywolf.ucsb.edu/mip/cvi

 

Cunningham, S. and Flew, T., 2015. Reconsidering Media Economics: From Orthodoxies to Heterodoxies. Media Industries2(1).

http://www.mediaindustriesjournal.org/index.php/mij/article/view/92

 

Jenkins, H., Ford, S. and Green, J., 2013. Spreadable media: Creating value and meaning in a networked culture. NYU Press. Online Resource Essays: http://spreadablemedia.org/essays/

 

La Torre, M., 2014. The Economics of the Audiovisual Industry: Financing TV, Film and Web. Springer. [Available via Creative Commons].

 

Nesta. 2016. (Juan Mateos-Garcia and Hasan Bakhshi) The Geography of Creativity in the UK Creative clusters.

http://www.nesta.org.uk/sites/default/files/the_geography_of_creativity_in_the_uk.pdf

 

Swedberg, R., 2005. The economic sociology of capitalism: An introduction and agenda. The economic sociology of capitalism, pp.3-40. http://press.princeton.edu/chapters/s7995.html

 

Vogel, H.L., 2014. Entertainment industry economics: A guide for financial analysis. Cambridge University Press. [Goldsmiths Library – multiple versions]

 

 

N.B. Further References and Resources related to each week’s topic are included in the lecture slides (5-6pw), and are additional to the set readings and those included here.

 

The concepts that were discussed on lectures are from that books. On the lecture were introduced the core tenets of Bourdieu’s theory of capital and its interpretation by Townley.

 

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Reading:

Townley, B. Grewar, M. and Winter, J. 2013. Thinking in capital Mode. ESRC Research Capacity Building Clusters Conference Position Paper.

 

 

Alexander, J.C., 2011. Market as narrative and character: For a cultural sociology of economic life. Journal of cultural economy, 4(4), pp.477-488.

 

Allee, V., 2008. Value network analysis and value conversion of tangible and intangible assets. Journal of intellectual capital9(1), pp.5-24. [Available via academia.edu.]

 

Institute of Chartered Accountants of England and Wales, Corporate Finance Faculty (2015). Creative Industries – Routes to Finance.

http://www.icaew.com/-/media/corporate/files/technical/corporate-finance/corporate-finance-faculty/creative-industries-routes-to-finance.ashx


Uzzi, B., 1999. Embeddedness in the making of financial capital: How social relations and networks benefit firms seeking financing. American sociological review, pp.481-505. http://www.jstor.org/stable/2657252?seq=1#page_scan_tab_contents

Walker, J., 2009. Accounting in a Nutshell: Accounting for the Non-specialist. Butterworth-Heinemann. (Chs 1-3)  https://www.dawsonera.com/abstract/9780080943152  %5BVia Primo  ArticleSearch+ you will need to log in ]

 

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Buy your research paper-Financial Analysis.


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Financial Analysis.

Review the most recent annual reports for each of the two companies to gain an understanding of each company’s products and services, the markets they serve, and their financial performance.

Complete a financial analysis to determine which of the two companies is the better performing by looking at the most recent full-year financial reports.

A good performing company is one whose returns are better than the industry average over a long period of time. Look at a metrics such as return on invested capital, free cash flow, sales growth, profit growth, and return on assets).

A company with superior financial performance, generally has consistent annual revenue and profit growth; high profit margins; high sales per employee; high sales per square foot of floor space (retail or manufacturing); high inventory turns, and a strong balance sheet.

Good financial performance is the result a good business strategy that is executed well and often includes: investments in appropriate technology; visionary leadership; talented and dedicated employees; a customer focus; having and maintaining a competitive advantage, and a strong focus on strategic goals.

Based on your conclusions from the facts as presented, explain why the better company achieves better performance than its competitor.  What does the company do well to achieve the superior financial performance?  What can they improve on to even do better?

 

EXAMPLE OF FINANCIAL ANALYSIS:

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Financial Comparisons
Metric Company 1 Company 2
Profit Margin 4.39% 1.45%
Return on Assets 8.57% 6.22%
Return on Equity 23.0% 36.6%
Debt to Equity 0.71 2.11
Return on Invested Capital 18.6% 21.7%
Earnings Growth (3yr. avg.) -1.7% +15.4%
Revenue Growth (3 yr. avg.) 4.2% 2.7%
Inventory Turns 8.3 15.0
Sales/Square Foot $437 161
Sales/Employee $218,400 $277,328
Net Income/Employee $6,876 $7,243
Free Cash Flow $7.4 bn $0.86 bn

 

Company 2 has overall better financial performance as its Return on Invested Capital is 21.7% compared to 18.6% for Company 1. If you were a shareholder, your return potential would be better with Company 2.  Company 2 also does a better job in managing its inventory and has more productive employees (sales per employee). Company 1 has better asset utilization with higher sales per square foot. Company 2 has more productive employees with higher sales and net income per employee.

Company 1 does better in profit margins and operating margins and sales per square foot, and generates more free cash flow.

Company 2 is faster growing in earnings (15.4% per year), and does a much better job with inventory turns (15.0 vs. 8.3). If Company 2 could lower their floor space or increase their sales with the same floor space, they would improve their sales per square foot and thus improve their profit margins. This would also help generate more free cash flow as it would reduce the investment required in facilities.

 

 

  1. The APA writing style format uses 12 pt. font size, Times New Roman type style, double-spacing, and requires a title page, title headings for sections of the paper, citation of references used in the body of the paper, and a separate references page at the end of the paper.

 

  1. The length for papers is to be between five and seven pages (excluding title page, abstract, and reference page). Papers generally shorter than this do not adequately cover the topic.

 

  1. An abstract is required for all papers, and should include statement of problem or issues that the paper addresses; the method of analysis; the results or findings; and main conclusions and recommendations. Abstracts should be brief but complete.
  2. All papers must include a minimum of four (4) appropriate and credible outside references. The course textbook can be one of the references if it is used. Sources need to be credible and copying from sources is not permitted. If material is quoted directly from a reference source, the source must be cited in the body of the paper as well as on the reference page.

 

  1. Examples used to illustrate points in papers should not be taken from the course textbook or from any previously ones used in class or from other class assignments.

 

  1. All papers should have section headings for each of the major sections of the paper, and include as a minimum of an introduction (explaining the purpose of the paper and how the topic will be covered); an analysis section or sections, detailing the analysis of the case, the topic, or the problem; a conclusions section where the conclusions are made based on the analysis; and a summary section, where the key points of the paper and any conclusions drawn in the paper are summarized.
  2. Make sure that the hyperlinks are removed from any web sources on the reference page and in the body of the paper, and that the papers are spell and grammar checked before submitting.

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Assignment help-FIN 415 Spring 2017 Homework Set 4


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FIN 415 Spring 2017 Homework Set 4

Please turn in page 3 only – Thanks!

Problem 1: Assume that the forward rate of a 1-Year long forward GBP is 𝐹1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.30. The amount of the contract is USD 250,000. What is the size of the contract?

Problem 2: The size of a 1-Year forward AUD (Australian dollars) is AUD 260,000 and the amount is USD 182,000. What is the 1-Year USD/AUD forward rate?

Problem 3: What is the profit/loss on a 1-Year long forward EUR at t=1 when 𝑋1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.11; 𝐹1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.22 and the size of the contract is EUR 350,000?

Problem 4: What is the size of a difference check on a 1-Year short forward GBP contract given that the size of the contract is GBP 500,000; the amount of the contract is USD 625,000; and 𝑋1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.30 ?

Problem 5: Assume that 𝑟𝐸𝑈𝑅=7% and 𝑟𝑈𝑆𝐷=4%. What is the 1-Year synthetic forward rate, given that 𝑋0𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.16?

Problem 6: Today’s GBP/USD spot rate is, 𝑋0𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.28. Assume that 𝑟𝐺𝐵𝑃=6% and 𝑟𝑈𝑆𝐷=4%, if the 1-Year USD/GBP forward rate is 𝐹1𝑈𝑆𝐷𝐺𝐵𝑃⁄=1.28, according to the Covered Interest Rate parity (CIRP), is the GBP underpriced/overpriced in the actual forward contract?
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Problem 7: Based on the information in Problem 6, assuming that you can borrow 500,000 units in the synthetic forward position at t=0, what would your profit be from CIRP arbitrage (in USD)?

Problem 8: Assume that 𝑟𝐸𝑈𝑅=10%, 𝑟𝑈𝑆𝐷=3% and 𝑋0𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.32. You want a long forward position in EUR 210,000 1-Year forward, i.e. receive EUR one year in the future. Your banker quotes you the following USD/EUR forward rate: 𝐹1𝑈𝑆𝐷𝐸𝑈𝑅⁄=1.22. Will you enter the actual forward contract or set up a synthetic forward position?

Problem 9: Assume you want a short position in AUD in a 1-Year USD/AUD contract. You calculate the synthetic forward at 𝐹𝑌1𝑈𝑆𝐷𝐴𝑈𝐷⁄=0.80 and your banker quotes you 𝐹1𝑈𝑆𝐷𝐴𝑈𝐷⁄=0.82. Do you choose the actual forward contract or the synthetic forward?
Problem 10: Compute the mark-to-market value of the following short forward NZD (New Zealand Dollar) contract. The size of the short position is NZD 450,000 and the forward rate is 𝐹𝑁𝑈𝑆𝐷𝑁𝑍𝐷⁄=0.66; the current spot rate (at time of valuation) 𝑋0𝑈𝑆𝐷𝑁𝑍𝐷⁄=0.64 . The NZD and USD interest rates are: 𝑟𝑁𝑍𝐷=9% and 𝑟𝑈𝑆𝐷=3%; assume the contract matures in two years from now (so at t=2).
Bonus Problem: Which of the following two statements is correct?
S1: According to CIRP, the spot price of the high interest rate currency is expected to appreciate.
S2: According to CIRP, forward rates and synthetic forward rates are the same.
a) S1 is true but S2 is false
b) S2 is true but S1 is false
c) Both statements are true
d) Both statements are false
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FIN 415 Homework 4 Spring 2017 Name:____________________________________
Problem 1:
Problem 2:
Problem 3:
Problem 4:
Problem 5:
Problem 6:
Problem 7:
Problem 8:
Problem 9:
Problem 10:
Bonus Question:

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