• Tài chính doanh nghiệp - Lecture 6: Efficient markets and excess volatilityTài chính doanh nghiệp - Lecture 6: Efficient markets and excess volatility

    Marginal investor: wealth matters Smart money: matter of degree. Limits to arbitrage theory Survival of fittest: life cycle renews

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  • Tài chính doanh nghiệp - Lecture 5: Portfolio diversification and supporting financial institutionsTài chính doanh nghiệp - Lecture 5: Portfolio diversification and supporting financial institutions

    All investors, regardless of risk preferences, will hold a combination of the riskless asset and the tangency portfolio of all risky assets. Therefore, only one asset need be made available to investors: a mutual fund that holds the tangency portfolio.

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  • Tài chính doanh nghiệp - Lecture 4: Insurance the archetypal risk management institutionTài chính doanh nghiệp - Lecture 4: Insurance the archetypal risk management institution

    McCarran Ferguson Act 1945 delegated insurance regulation to the states. Fifty different state regulators. National Association of Insurance Commissioners (NAIC) creates standardized suggested laws. In 1993 the NAIC adopted risk-based capital requirements. Gramm-Leach-Bliley Financial Modernization Act of 1999 allowed banks to affiliate with ins...

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  • Tài chính doanh nghiệp - Lecture 3: Technology and invention in financeTài chính doanh nghiệp - Lecture 3: Technology and invention in finance

    Invention is important in institutions for risk management • Ideas, once developed, are then copied around the world • Human engineering is important in invention • Framing is critical part of risk inventions • Associated inventions, as with information technology, open up new possibilities • New technology (Internet, Turbo Tax, etc.) creat...

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  • Tài chính doanh nghiệp - Lecture 2: The universal principle of risk managementTài chính doanh nghiệp - Lecture 2: The universal principle of risk management

    Random variable: A quantity determined by the outcome of an experiment Discrete and continuous random variables Independent trials Probability P, 0

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  • Bài giảng Kinh tế xây dựngBài giảng Kinh tế xây dựng

    Business Segment: A portion of a larger company that accounts for more than 10% of the company’s revenues or assets and is distinguishable from the company’s other lines of business in terms of risk and return characteristics. Conducting segment analysis helps analysts understand any geopolitical investment risks. Ratio of capital expenditures pr...

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  • Tài chính doanh nghiệp - Chapter 18: Integration of financial statement analysis techniquesTài chính doanh nghiệp - Chapter 18: Integration of financial statement analysis techniques

    DSR (days sales receivable) = (Receivablest/Salest)/(Receivablest–1/Salest–1). Changes in relationship between receivables and sales could indicate inappropriate revenue recognition. GMI (gross margin index) = Gross margint–1/Gross margint. Deterioration in margins could predispose a company to manipulate earnings. AQI (asset quality index)= ...

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  • Tài chính doanh nghiệp - Evaluating quality of financial reportsTài chính doanh nghiệp - Evaluating quality of financial reports

    FinnCo sells goods to a customer in the United Kingdom for £10,000 with payment to be received in British pounds. Credit terms allow 45 days for receipt of payment. FinnCo’s functional and presentation currency is the euro. Exchange rate on the date of the transaction: £1 = €1.460 Exchange rate on the date of payment: £1 = €1.475 Question: What ...

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  • Tài chính doanh nghiệp - Chapter 16: Multinational operationsTài chính doanh nghiệp - Chapter 16: Multinational operations

    The equity method is used to account for investments in associates. To qualify, a company must have significant influence over the investee. Significant influence is presumed with 20–50% ownership, but exceptions can be made based on other indicators of influence, including Representation on the board of directors Participation in policymaking ...

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  • Tài chính doanh nghiệp - Chapter 15: Intercorporate investmentsTài chính doanh nghiệp - Chapter 15: Intercorporate investments

    The difference between periodic contributions to a plan and total pension costs of the period can be viewed as financing activity. If periodic contributions to a plan exceed the total pension costs of the period, the excess is similar to paying loan principal ahead of scheduled amounts. If periodic contributions to a plan are less than the total ...

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