Corporate finance models Chapter 1 Basic financial calculations Chapter 2 Calculating the cost of capital Chapter 3 Financial statement modeling Chapter 4 Building a financial model: PPG Corporation Chapter 5 Bank valuation Chapter 6 Financial analysis
Portfolio models Chapter 8 Introduction to portfolio models Chapter 9 Efficient portfolios without short sales Chapter 10 Calculating the variance-covariance matrix Chapter 11 Estimating betas and the security market line Chapter 12 Efficient portfolios without short sales Chapter 13 Black-Litterman approach to portfolio optimization
涵盖的内容有，foreign exchange markets; international investment decision making; sources of and approaches to dealing with foreign exchange exposure; political risk; and international funding mechanisms and decision making in multinational business organisations.
为什么要学习代写代考这门课
• Continuously liberalization of international trade and investment • Rapid advances in telecommunications and transportation technologies
The benefit of international trade is the mutual improvement of the welfare for both countries. The basis of this argument is the theory of comparative advantage. This theory says that countries should produce those goods for which they have comparative advantage, and then trade those goods. The underlying assumptions of this theory are the free trade between nations and that the factors of production are not easily movable from one country to the other. The first assumption is needed so that the trade can happen. The second assumption is needed because otherwise the input factors such as skilled workers can move from one country to another, which makes the comparative advantage disappear.
The University of Western Ontario DAN Management and Organizational Studies MOS 3311: Advanced Corporate Finance GROUP PROJECT代写，是个最近接到的为数不多的调理十分清晰，写起来十分高效，合作十分默契的小组作业
TOPIC 3 – RISK AND RETURN BIG QUESTIONS: What is the risk profile of the company? Provide a qualitative and quantitative analysis of the company’s risks and costs of capital. Risk and Return Basics • Obtain an estimate of the expected return and standard deviation for the company’s stock. How would you characterize total risk for potential investors in the company’s equity? • What is the performance profile of an investment in this company? What return would you have earned investing in this company’s stock? Would you have under or out-performed the market? • Obtain an estimate of the risk-free rate and the expected return on the market portfolio.
Estimating the Cost of Equity
The CAPM – Regression Beta Run a regression of returns on your firm’s stock against returns on a market index, or alternately, if you have access to Bloomberg, go into the beta calculation page and obtain the relevant output (suggestion: in either case, use monthly data and 5 years of observations). • What is the intercept of the regression? What does it tell you about the performance of this company’s stock during the period of the regression? • What is the slope of the regression? What does it tell you about the risk of the stock? • How precise is this estimate of risk? (Provide a range for the estimate). • Search for alternate estimates of beta for your company. How do they differ? How reliable are they? • What portion of this firm’s risk can be attributed to market factors? What portion to firm-specific factors? Why is this important? • How much of the risk for this firm is due to business factors? How much of it is due to financial leverage?
The CAPM – Fundamental Beta • Consider the firm’s business components, and obtain an estimate of business beta for each component if the firm has stated business components. • Attach weights to each component and estimate a levered and an unlevered beta for the business. Cost of Equity • Which of the beta estimates that you have obtained for the firm would you view as more reliable? Why? • Using the beta that you have chosen, estimate the expected return on an equity investment in this company. • How risky is this company’s equity? Why? What is its cost of equity? • As a manager in this firm, how would you use this expected return?
Estimating Cost of Debt • Does your company have the ability to service its existing debt load? • If your company has bonds outstanding, what is the yield to maturity on a long term bond? • If your company is rated: What is the most recent rating for the firm? What is the default spread and interest rate associated with this rating? • If your company is not rated, does it have any recent borrowings? If yes, what interest rate did the company pay on these borrowing? • Are there any alternative ways to estimate the cost of debt? • How risky is this company’s debt? What is its cost of debt? • What is the company’s marginal tax rate?
TOPIC 4 – CAPITAL BUDGETING BIG QUESTIONS: How effective is the company at making capital budgeting decisions? What process is used to choose investments? How successful have previous investments been relative to expectations? What are the implications for future growth? • What methods (NPV, IRR, Payback, Discounted payback, or other) does the firm use to make investment decisions? • Is there a typical project for this firm? If yes, what would it look like in terms of life (long-term or short-term), investment needs and cash flow patterns? • How good are the projects that the company has on its books currently? Are those projects providing a tax shield? • Have recent investment projects added value to the firm or destroyed value? If so, can you estimate how value was added or reduced? • Are the projects in the future likely to look like the projects in the past? Why or why not? How will these projects affect the firm? • Estimate the company’s operating cash flows for the latest year for which you have data. How may these, and total cash flows, change going forward? • Are there any real options in the firm? If so, what type?
Modification of the algorithm exist when one lets vary with each iteration of the algorithm depending on how far away the minimum is. Similarly to stochastic gradient descent, one can also subsample the observations S at every step to ensure robustness.
by ff1000000·代写代做COMPANY VALUATION project financial modelling作业已关闭评论
以下公司估值作业项目用时三天左右，修改两次，最终成功交付，感谢信任！
PROJECT 1 – COMPANY VALUATION
Instructions for the Project
Students are required to develop a company valuation model using the discounted cashflow valuation and other methods for a company publicly listed on a stock exchange of a country of your choice (for example, the US, Japan, the UK, etc.). The company of your project requires the lecturer’s prior approval by the end of week 5. The model should contain:
Financial statements that are forecasted 5 years into the future based on the 5 years’ worth of past information provided. (Balance Sheet, Income Statement, Cashflow Statement)
Assumptions made in forecasting the future should be identified and justified withreference to past financial information, other annual report information and any other information sources that the student deems important
All assumptions made by the student should be reasonable andjustified
The model should also contain opportunities for the user to change key inputs to assess the impact on the firm’svalue
Students should feel free to add in additional information from the annual reports where it will add value to their model i.e. segmented revenue information or more detailed expense
The model should accurately compute the weighted average cost of capital and beta with the option of allowing users to alter the period and frequency of the beta used in the calculation of the WACC (i.e. one year daily data versus five yearsmonthly)
Accurately employ the Free Cashflows formula to compute the cashflows for the next 5 years based on the forecasted financial statements’ information, and then use the Discounted Cashflow and/or other methodologies to compute the value of the company and hence stock
Modelshould contain a summary page that brings together key inputs and key
The valuation model should conform to the rules of good financial model
The model will only be marked if it is built within the spreadsheet file 2020_V1_Valuation.xlsm available from Blackboard. Students are expected to be able toexplainordemonstrateanyfeaturesortechniquesintheirassignmentsifrequested.
–Model contains simple financial statements lacking in detail or that are exact copies of those provided by the company –Model contains suitable forecasting methods for most values –Weighted Average Cost of Capital is correctly calculated –Model correctly calculates the beta of the company
–Model correctly calculates the financial cashflows –Company Valuation is accurate given the inputs without excessive changes in values
by ff1000000·滴！MPA702代写代考FINANCIAL INTERPRETATION已关闭评论
下文展现了一份普通的考卷，
我们会根据客户的实际要求和提供的review sessions的文件，进行积极备考！
Question 1(5 x 2 = 10 marks)
Moving Pictures Ltd is planning an expansion internationally and is considering its financing options. One senior manager of the company has advised the Board of Directors that using debt is cheaper than equity as interest is tax deductible, whereas dividends are not. As a shareholder of Moving Pictures Ltd, do you agree with this statement? Why or why not? (2 marks)
When assessing a firm’s profitability, profit before interest and tax is used, but when we evaluate Return on Equity, profit after interest and tax is used. Which of these measures would be of most interest to a shareholder and why?
“All assets will eventually become expenses.” Discuss the validity of this statement. (2 marks)
Spy Ltd has two divisions: Control and Kaos. When evaluating the performance of the two, what must you consider as to whether you use Return on Investment or Residual Income.? Explain. (2 marks)
You are evaluating the following two companies with a view to purchasing shares in one of them.
When considering the above ratios, which company would be a better investment and why代写? (2 marks)
Question 2(2 + 1 + 1 + 1 + 2 = 7 marks)
Titanic Toys makes and sells a single product, an inflatable life raft. Individual product details are as follows:
Selling price $168
Direct materials $60
Direct labour $48
Variable overhead $28
Fixed Costs $640 000
Estimated sales 26 250 units
Production capacity 30 000 units
Calculate the contribution margin. (2 marks)
Calculate the breakeven point in units. (1 marks)
Calculate the expected profit from the estimated sales. (1 mark)
If Titanic Toys required a profit of $216 000, what level of sales dollars would be required? (1 mark)
Titanic Toys has an offer from a potential overseas client to purchase the life raft for $140. To supply overseas, the variable cost would increase by $12 per unit. Fixed costs would not change. Should Titanic Toys acceptthe special order from overseas? Justify your answer. (2 marks)
Question 3(6 + 9 = 15 marks)
Gina Fashions has provided you with the following information for its accounts for the year ended 30 June 2020.
Rent expense
48 000
Marketing expenses
3 100
Inventory
17 500
Debtors
6 000
Creditors
12 000
Telephone expense
3 550
PAYG withheld
5 250
Motor Vehicles
35 000
Computer Equipment
12 000
Accumulated depreciation – Vehicles
6 000
Accumulated depreciation – Computer equipment
1 000
General and admin expenses
28 900
Salaries
87 500
Drawings
18 000
Capital – L. Brigitta
58 000
Cost of sales
270 000
Cash at bank
17 200
Sales
462 000
GST payable
2 500
Additional Information:
Motor Vehicles are depreciated at 20% per annum straight line.
Computer equipment is depreciated at 20% per annum straight line.
Salaries owing at balance date are $800代写
From the information provided by Gina Fashions for year ending 30 June 2020 prepare the income statement. (6 marks)
Gina Fashions
Income Statement for year ending 30 June 2020
From the information provided by Gina Fashions for year ending 30 June 2020 prepare the Balance Sheet. (9 marks)
Gina Fashions
Balance Sheet as at 30 June 2020
Question 4(3 + 2 + 3 = 8 marks)
From the perspective of a liquidator when could a director be personally liable for the debts of a company. (3 marks)
Explain in your own words how you would distinguish between a fixed and variable cost. (2 marks)
Bond Security has three divisions, Charlie, Diva and Etha. The current level of investments and operating profits by each division are as follows:
Charlie Division
Diva Division
Etha Division
Operating assets
$1 000 000
$ 1 500 000
$ 2 000 000
Operating profit
$ 98 000
$110 000
$ 185 000
Required:
Compute Return on Investment (ROI) for each division. Bond Security requires a minimum rate of return of 9%. (3 marks)
Question 5(10 marks)
Gilligan’s Gadgets is in the process of preparing a cash budget for November 2020.
The following sales and purchases data have been compiled for the preparation of the budget:
August
September
October
November
$
$
$
$
Purchases
300 000
360 000
340 000
400 000
Sales
800 000
860 000
840 000
880 000
Additional information:
All sales are on credit. The company collects 50% in the month following the sale, 30% two months following the sale and 20% in the third month following the sale.
40% of all purchases are paid for in the month they are purchased, with the remaining 60% paid for in the following month.
Plant and Equipment costing $240 000 is expected to be acquired and paid for in November.
The selling and distribution expenses are $76 000 each month. Administrative expenses are $160 000 per month. This includes $12 000 of depreciation expense. Expenses are paid in the month they are incurred.
The cash balance on 1 November is $6 000代写.
Required:
Prepare a cash budget for the month of November 2020.
by ff1000000·【精】Fixed Income Markets代写 FNEN 6850作业assignment已关闭评论
这种作业大部分是和数字打交道，总结起来就是计算和文字解释
You must explain your answers in detail and show all calculations. As for how much detail to provide, the rule of thumb is that someone else must be able to replicate your numbers by following your explanation. An example of what not to do is completing the problem entirely in a spreadsheet and then simply cutting and pasting it to your submitted assignment without any explanation. Although there is nothing wrong with using spreadsheets, you must fully explain your calculations in words and/or formulas. For repeated calculations (such as the pricing of three coupon bonds代写), it is acceptable to show detailed calculations for only one of them while just give the final answer for the others (i.e., omitting detailed calculations for them).
Consider an outstanding swap for a counterparty that pays six-month LIBOR and receives 2.45% on the fixed leg of the swap. Terms of the swap and other information are as follows: o Notional principal is $100,000 o Remaining 3 payments are in 5, 11, and 17 months, respectively o The current LIBOR rates are 1.75%, 2.25% and 2.5% for 5-month, 11-month and 17-month maturities, respectively o The 6-month LIBOR rate on the last payment date was 2% o All rates are 代写APR, compounded semi-annually Value the swap as a portfolio of FRAs. Assume that the counterparties have identical default risk and lenders demand a 35 basis points spread over LIBOR on their floating rate loans.
Consider the ten-period binomial tree of the six-month short rate (APR, compounded semiannually) provided in the excel spreadsheet (homework2.xlsx). Each binomial period is six month long and the whole tree covers a five-year span. The spot rate has equal probabilities of either going up or down in each period (in the risk-neutral world). a) (10%) Find the term structure of spot rates, with terms varying from 6 months to 5 years in 6-month increments. All spot rates should be stated as 代写APR, compounded semiannually. b) (5%) Consider a Treasury bond with 5 years remaining to maturity, $100 par, and 4.75% coupon rate (paid semiannually). Determine the value of the bond today using 1) the binomial tree代写 of short rates; 2) the term structure of spot rates in a) above. Verify that both calculations arrive at the same bond price. c) (5%) 代写Consider a bond identical to the Treasury bond in b) above except that it is also callable. While it is not callable initially, the bond becomes callable at par after two years (the first call date is two years from now). What is the price of this callable Treasury bond? d) (5%) Consider a collar consisting of a long position in a European call option on the Treasury bond代写 in b) above and a short position in a European put call option on the same bond. Both options have one year remaining to maturity. The strike price of the put option is 5% below the Treasury bond price. In order for the collar to have an initial value of zero, what should the strike price of the call option be?
