• Tài chính doanh nghiệp - Chương: International financial managementTài chính doanh nghiệp - Chương: International financial management

    A momentous event in the history of world financial systems. z Currently more than 300 million Europeans in 22 countries are using the common currency on a daily basis. z In May 2004, 10 more countries joined the European Union and adopt the euro. z The “transaction domain” of the euro may become larger than the U.S. dollar’s in the near fu...

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  • Tài chính doanh nghiệp - International financial managementTài chính doanh nghiệp - International financial management

    Since 1982 the U.S. has experienced continuous deficits on the current account and continuous surpluses on the capital account. z During the same period, Japan has experienced the opposite.

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  • Tài chính doanh nghiệp - Chapter 2: Financial statements, taxes, and cash flowTài chính doanh nghiệp - Chapter 2: Financial statements, taxes, and cash flow

    The taxable income of Harrold Schwarz, an Ontario resident, is $63,000. Calculate Schwarz’s (a) dollar tax liability, (b) average tax rate, and (c) marginal tax rate. (a) Dollar tax liability = [Federal] .17(32,000) + .24(31,000) + .29(0) [Ontario] + .0637(30,004) + .0962(29,996) +.1116(3,000)=18,012 (b) Average tax rate = 18,012/63,000 = 28...

    ppt34 trang | Chia sẻ: thuychi20 | Ngày: 07/04/2020 | Lượt xem: 1247 | Lượt tải: 1

  • Tài chính doanh nghiệp - Chapter 3: Working with financial statementsTài chính doanh nghiệp - Chapter 3: Working with financial statements

    More on Standardized Statements 3. Did the firm’s NP&E go up or down? Obviously, it went up, but so did total assets. In fact, looking at the standardized statements, NP&E went from 61.2% of total assets to 59.6% of total assets. 4. If we standardized the 2000 common size numbers by dividing each by the 1999 common size number, we get a combined ...

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  • Tài chính doanh nghiệp - Chapter 4: Long - Term financial planning and corporate growthTài chính doanh nghiệp - Chapter 4: Long - Term financial planning and corporate growth

    Given a sales forecast and an estimated profit margin, what addition to retained earnings can be expected? Let: S = previous period’s sales g = projected increase in sales PM = profit margin b = earnings retention (“plowback”) ratio The expected addition to retained earnings is: S(1 + g) PM b This represents the level of internal fi...

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  • Tài chính doanh nghiệp - Chapter 5: Introduction to valuation: the time value of moneyTài chính doanh nghiệp - Chapter 5: Introduction to valuation: the time value of money

    Benjamin Franklin died on April 17, 1790. In his will, he gave 1,000 pounds sterling to Massachusetts and the city of Boston. He gave a like amount to Pennsylvania and the city of Philadelphia. The money was paid to Franklin when he held political office, but he believed that politicians should not be paid for their service(!). Franklin originall...

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  • Tài chính doanh nghiệp - Chapter 6: Discounted cash flow valuationTài chính doanh nghiệp - Chapter 6: Discounted cash flow valuation

    Annuity Present Value Suppose you need $20,000 each year for the next three years to make your tuition payments. Assume you need the first $20,000 in exactly one year. Suppose you can place your money in a savings account yielding 8% compounded annually. How much do you need to have in the account today? (Note: Ignore taxes, and keep in mind t...

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  • Tài chính doanh nghiệp - Chapter 7: Interest rates and bond valuationTài chính doanh nghiệp - Chapter 7: Interest rates and bond valuation

    How about another one? Assume you have the following information. Seagrams bonds have a $1000 face value The promised annual coupon is $100 The bonds mature in 20 years The market’s required return on similar bonds is 12% 1. Calculate the present value of the face value = $1000  [1/1.1220 ] = $1000  .10366 = $103.66 2. Calculate ...

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  • Tài chính doanh nghiệp - Chapter 8: Stock valuationTài chính doanh nghiệp - Chapter 8: Stock valuation

    Features of Common Stock The right to vote - including major events like takeovers The right to share proportionally in dividends paid The right to share proportionally in assets remaining after liabilities have been paid, in event of a liquidation The preemptive right Dividends Not a liability until declared by the Board of Directors ...

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  • Tài chính doanh nghiệp - Chapter 9: Net present value and other investment criteriaTài chính doanh nghiệp - Chapter 9: Net present value and other investment criteria

    I. Discounted cash flow criteria A. Net present value (NPV). The NPV of an investment is the difference between its market value and its cost. The NPV rule is to take a project if its NPV is positive. NPV has no serious flaws; it is the preferred decision criterion. B. Internal rate of return (IRR). The IRR is the discount rate that makes the e...

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