*민* 스토어

*민*

개인

팔로워0 팔로우

소개

등록된 소개글이 없습니다.

전문분야 등록된 전문분야가 없습니다.

판매자 정보

학교정보

입력된 정보가 없습니다.

직장정보

입력된 정보가 없습니다.

자격증

입력된 정보가 없습니다.

판매지수

판매중 자료수

5개
전체 판매량

15개
최근 3개월 판매량

0개
자료후기 점수

-
자료문의 응답률

-

전체자료 5개

case studies in finance_case 42

Problems: Arcadian Microarray Technologies, Inc. wants to sell its 60% of equity interest to Sierra Capital Partners for 40 million dollars. Each of two companies conducts future cash flow evaluation to compute proper Arcadian’s current value. Arcadian’s estimation is optimistic and Sierra’s estimation relatively less optimistic. According to Sierra’s estimation, 40 million dollar is not enough to cover Arcadian capital deficit of 2005 even if Sierra paid Arcadian’s highly optimistic asking price.Value of Company: One of visible value of a company is dividend. However, a dividend takes small portion of company’s value. Appendix 1 shows that less than 10% is attributable to the company’s total value. Moreover, there are many companies which don’t pay dividend. Under the current financial technique, terminal value takes large portion of total value. A key point of judgment in valuation analysis is to set the forecast horizon at that point where stability or stable growth begins. Theoretically, we forecast the individual components of revenue, expenses and investments until we have saturated market and revenue growth tracks the growth rate of the overall economy. Therefore, once we reach the limits of ability to make credible estimates of revenues, expenses and investments, it is time to stop making discrete forecasts of annual free cash flows and instead lump all cash flows beyond the final year into a single “terminal value”.Growth Rate under the DCF Method: A proper growth rate is extremely important to compute terminal value under the discounted cash flow method. Appendix 2 shows that various enterprise values of Arcadian, Inc. with growth rate of 2% to 7%. The terminal value can fluctuate between 23 million dollars and 68 million dollars. Finding an appropriate growth rate is critical. We believe that the company will grow more than real rate of growth of GNP, 3%. Also, the company will grow more than growth rate typical pharmaceutical industry which is 5% because of potential of this specific field. So, we believe that growth rate of 7% is the most appropriate rate. It gives us price range between 46 million dollars to 68 million dollars.Multiple Estimation: The current book value of Arcadian is 3.5 million and comparable price/book value ratio is 8.5. It gives us estimation of 30 million of current company’s total value. Value to FCF multiple is 7.69 with 20% of WACC and 7% of growth rate. It shows that different enterprise values which are 136 million and 36 million respectively Arcadian’s view and Sierra’s view at growth rate of 7%. (Appendix 3)RecommendationWe conduct various calculations to compute value of Arcadian Microarray Technologies, Inc. which are DCF method, Value to Book value estimation, and Value to FCF estimation method. To combine all possible values from three methods, it gives us a boundary of 60% of equity interest price between 18 million dollars and 82 million dollars. Sierra could start negotiation with 18 million dollar and abandon the deal when the price excess 82 million dollar.

학교| 2010.12.01| 1페이지| 1,500원| 조회(202)

finance, TECHNOLOGIES, Capital Partners, op..

미리보기

닫기
Unemployment of US

UnemploymentContents TOC o "1-3" h z u Hyperlink l "_Toc277318443" Executive Summary PAGEREF _Toc277318443 h 3 Hyperlink l "_Toc277318444" Basic Concept of Employment, Unemployment and Labor Force PAGEREF _Toc277318444 h 4 Hyperlink l "_Toc277318445" Conditions of Employment PAGEREF _Toc277318445 h 4 Hyperlink l "_Toc277318446" Types of Employment PAGEREF _Toc277318446 h 5 Hyperlink l "_Toc277318447" Conditions of Unemployment PAGEREF _Toc277318447 h 5 Hyperlink l "_Toc277318448" Types of Unemployment PAGEREF _Toc277318448 h 6 Hyperlink l "_Toc277318449" 1. Cyclical Unemployment PAGEREF _Toc277318449 h 6 Hyperlink l "_Toc277318450" 2. Frictional Unemployment: PAGEREF _Toc277318450 h 7 Hyperlink l "_Toc277318451" 3. Structural Unemployment PAGEREF _Toc277318451 h 7 Hyperlink l "_Toc277318452" 4. Classical or Real Wage Unemployment: PAGEREF _Toc277318452 h 8 Hyperlink l "_Toc277318453" 5. Seasonal Unemployment PAGEREF _Toc277318453 h 8 Hyperlink l "_Toc27731845seekers attempt to find employment opportunities, their efforts do not directly result in possible job offers. Due to this groups inability to generate potential job opportunities, they are not believed to be sufficiently seeking employment and therefore are not considered unemployed. An active seeker may attend interviews, send out resumes and or applications, and also seeks the aid of an agency. This group is considered to be unemployed due to the large amount of effort put into seeking employment opportunities. Temporary laid off workers are consider as unemployed even though they don’t seek alternative employment due to the fact that they will be returning to work within a short period of time.Types of UnemploymentThere are five main categories in which unemployment can be defined, Cyclical unemployment, Frictional unemployment, Structural unemployment, Classical or Real Wage unemployment and Seasonal unemployment.1. Cyclical UnemploymentAuthor Mark Thoma, defined cyclical unemployh, every industry was affected by the crisis some were more than others.The US economy can be broken up into four major sectors, manufacturing, education & health services, professional & business services and leisure & hospitality. Although agriculture plays a large role in the US economy it only accounts for 0.6% of employment share. In the 1970s, the manufacturing sector held the largest amount of employment shares, 22%. The other major sectors such as education & health services, professional & business services and leisure & hospitality held less than 8% of shares respectively. As the structure of the economy began to shift, the allocation of employments share began to change as well. The manufacture sector decreased every year until it reached 10% in 2007, while the others began to grow. Today the Education & health services sector along with the professional & business services sector has shown a growth of roughly 5%.High and Low Unemployment States and State IndustryAs of Septe.Relationship between High Minimum Wages and UnemploymentMany analyst and economist believe that there is a positive correlation between high minimum wages and unemployment rates. The conclusion comes from the idea that, workers with the same minimum level of skills will require different wages depending on which state they live in. Employers don’t wish to pay a higher wage for the same skill level, reducing the possible supply of employment for those seeking higher wages. Although many employers don’t wish to pick up and move their operations due to the additional cost, many may find ways to reduce the number of workers needed to service clients. Nobel Prize winner Gary Becker’s supports this conclusion stating "A higher minimum will further reduce the employment opportunities of workers with few skills." (seattlepi.com)StimulusDecember 2007 was the beginning of America’s financial crisis which has continued on through resent times. Just when the economy shows signs of recovery, it sotch.com/unemployment/causes.html" http://www.economywatch.com/unemployment/causes.html>."Commissioner Brad Avakian." Oregon.gov. 20 Sept. 2010. Web. 11 Nov. 2010. < Hyperlink "http://www.oregon.gov/BOLI/WHD/docs/2011_MinimumWage_Press_Release.pdf" http://www.oregon.gov/BOLI/WHD/docs/2011_MinimumWage_Press_Release.pdf>."Current Unemployment Rates for States and Historical Highs/Lows." U.S. Bureau of Labor Statistics. 22 Oct. 2010. Web. 11 Nov. 2010. < Hyperlink "http://www.bls.gov/web/laus/lauhsthl.htm" http://www.bls.gov/web/laus/lauhsthl.htm>."Cyclical Unemployment | Economy Watch." World, US, China, India Economy, Investment, Finance, Credit Cards | Economy Watch. Web. 11 Nov. 2010. < Hyperlink "http://www.economywatch.com/unemployment/types/cyclical.html" http://www.economywatch.com/unemployment/types/cyclical.html>."Economic costs of Unemployment." Tutor2U. Web. 11 Nov. 2010. < Hyperlink "http://tutor2u.net/economics/content/topics/unemp/costs_of_unemp.htm" http://tutor2u.net/econoAT 1

경영/경제| 2010.12.01| 24페이지| 2,500원| 조회(441)

unemployment, 실업율, 미국 실업율

미리보기

닫기
case studies in finance_case 21

ProblemDue to the fact that there can be different economic benefits of owning and producing an album versus licensing a recording both scenarios must be analyzed before a final decision can be reached. Each scenario requires a different initial outlay of funds so this too along with any uncertainties of future sales must be kept in mind when making the final decision of whether to rent or own recordings. Also, any other qualitative considerations that may affect the value of the project must be considered as well.AnalysisProduce and own an album strategy has several economic benefits which are 1) option for three additional album producing 2) possibility to generate additional income stream 3) flexibility on making an album with management’s taste. On the other hand, licensing a recording has different benefits which are 1) no obligation on next album to produce 2) cheaper cost on upfront 3) low risk for operating 4)chance to wait and see. The initial layouts also are different because of its production cost. Produce and own an album strategy will need $41,071 for the initial investment. Licensing a recording strategy will need $ 26,371 for the initial investment which includes $3,000 of upfront fee. The initial layout of funds needed to produce and own an album would exceed the funds needed to license by 55.74% because of expensive production cost for produce and own an album strategy by $19,500. (Appendix 1) Over the three year forecast with base assumptions which are 12% of WACC and 10,000 units sold, produce and own an album strategy has positive NPV and IRR which are $8,721 and 29% respectively. On the other hand, licensing strategy higher NPV and IRR than produce and own strategy which are $14,156 and 60% respectively. (Appendix 2, 3) Within the base assumption, licensing method has superiority over produce and own method.Sensibility AnalysisWACC and expected unit sold are key drivers to generate NPV and IRR. To maintain positive NPV for both strategies, WACC should be less than 29%. Various WACCs doesn’t affect superiority of licensing method. However, sales in U.S. are critical condition to make a decision. 10,000 units sold is breakeven point between “produce and own” and “licensing”. If the album sold more than 10,000 units, produce and own strategy would be better than licensing. At the 10,000 unit sold level, NPV will be $27,802 for “produce and own” and $27,151 for “licensing” (Appendix 4)RecommendationAdair Roscommon could sell more than 10,000 albums with international sales. Produce and own strategy only has superiority over licensing strategy when she sells 10,000 units in U.S. market. However, it is unsure whether she could sell more than 10,000 albums in U.S. or not. Licensing method has greater NPV and IRR than produce and own method for the most scenarios. So, our recommendation is that Compass Records is better to make licensing contract for this time.

학교| 2010.12.01| 2페이지| 1,500원| 조회(153)

finance, Compass Records, analysis of work..

미리보기

닫기
서브프라임 사태에 대한 리포트

Residential Mortgage-Backed Securitiesand Subprime crisisBy Min Jae LeeAbstractThis paper will review the relationship between residential mortgage-backed securities and economic situation and the recent finance crisis. Also, I will review that how unregulated residential mortgage-backed securities are dangerous and what kinds of research should be address. For the future credit markets and derivatives markets, mortgage-backed securities and collateralized Debt Obligations could be monitored deeply and strictly.IntroductionWe are living on the high complex societies and economic systems. Everything is changing fast. Everything is connected to each other. One issue could impact all human beings. Also, people’s economic life is connected to others too. It means that we are taking more risk than the past. However, one thing does not change at all even though the entire society has changed. We all need places to live. The physical house is unchanged value yet because everyone needs one. Thed as ABX.HE (a synthetic index of asset-backed securities for home equity). The mortgage backed securities can be traded via the ABX index, and it derivatives related to underlying subprime bonds. In 2006, the ABX index was falling down and it became a prelude to the global finance crisis. ABX starts with small convenient finance system. People get loans for future property which they are willing to buy with loan. Millions of people took the mortgage loans, and then banks started to fell unsecure and profitless. The mortgage loan has a right to default and prepay. It means that the loans could be defaulted unpredictably. The banks could manage the risk in proper way. So, they gathered and made a pool of mortgage loans. They are pooling all the mortgage loans and reform it and sell it to the larger banks. The larger banks trade securities via ABX index to other investment banks, governments, or individual traders. Now, the all the default risks spread to the world. These reformed securto 100 percent. Subprime has over 90 percent of 1st lien and its weighted average LTV is low 80s. Borrower needs to meet only 500 to 660 FICO. It doesn’t conform due to FICO, credit history or documentation. LTV is up to 100 percent. The trouble issue is subprime mortgages. The subprime mortgages were designed for individuals who had low credit rating. It allowed that the banks could lend money to mortgagor almost 100 percent of its collaterals. The mortgages were good to refinance as long as the house price appreciated. At that moment, nearly 1 trillion dollars of subprime mortgages were securitized which also had a unique design. This RMBS (Residential mortgage-backed securities) showed that sensitivity of house price of mortgages. These residential mortgage-backed securities were sold to CDO which could sell to other investment forms. A CDO buys a portfolio of fixed income such as mortgage-backed securities which have specific period and interest rate. Then, a CDO finances the purchre bailed out from the government. Large financial institutions and government put losses to taxpayers. These series of events caused that larger numbers of mortgage borrowers’ defaulting on their mortgage loans. Moreover, foreclosures are rising at 75 percent in2007. It means that the banks needed to sell the foreclosures which are physical houses. It kept the price of house low even made it fallen more. In 2007, the American national average of house price fell to 6.5 percent. It is the first time in last 40 years. Desperately, the major metropolitan areas had to face with 10 -15 percent fallen prices. Fallen price of houses made that market hot excess supply of old houses. The financial market and house market are caught in a vicious circle. It means that the markets are hard to return to its normal cycle. Here is information of net exposures and losses with residential mortgage. At the end of 2007, residential mortgage backed securities exposed 723 million dollars and its loss was credit derivatives products. How the government could regulates bank’s mortgage policy especially? These are unanswered question still.New agendaThe United States government wasn’t strict to monitor CDOs, CDPs, and MBSs. Under the neoliberalism, the market refused government’s supervision. Also, government believed that markets are better when let them play alone. However, it turned that wasn’t true. We need to figure out that the way to track the mortgages when they turned into securities and traded in CDOs. As we see the data, subprime rated mortgages are dangerous when the economic conditions are not good. When the price of house couldn’t appreciate all the time, subprime rated mortgages turned to bombs. We need to regulate it as limited swap though CDOs. Once the subprime mortgage securitized and traded many times, it is impossible to track it. So, future research should concentrate how the regulator limit the trade of mortgage backed securities effectively. Also, researchers need AT 1

경영/경제| 2010.12.01| 11페이지| 1,500원| 조회(134)

서브프라임, MBS, sub prime mortgage

미리보기

닫기
Unemployment of US PPT

UNEMPLOYMENTAGENDA Basic concepts Exception of employment Types of employment Condition of unemployment Passive method Active method Full employment GDP and unemployment Types of unemployment What unemployment does to the economy Definition of unemployed personBasic concepts Unemployment rate = unemployed people / total labor force Labor force = Employment + Unemployment Employment = have a job Unemployment = jobless, looking for job, available for a jobException of Employment On a Vacation Leave due to illness Experiencing child care problem Leave due to pregnant industrial dispute Family Emergency Bad weatherTypes of Employment Paid employees - Largest Group Self-employed - Own business Unpaid family workers - 15+ hours without pay at family own enterpriseCondition of Unemployment Jobless Available for a job Looking for a job -Passive Method -Active MethodPassive Method Reading job posting on newspaper Reading job posting on Internet Attending Job Training Section Seminars No Potential Job Offer from Passive Method.Active Method Contact – 1)Employer directly 2)Job Interview 3)Agency Company 4)friends or relatives 5)university employment center Sending an application or resume Place or answer an advertisement Check Union Active Method generate potential job offers.Full Employment Consider 3% is Full Employment Never achieve since 1952 Full Employment Act of 1946 Full Employment and Balanced Growth Act of 1978 Federal Government has responsibility to achieve full employment using fiscal and monetary policies.GDP and Unemployment Inverse relationship Okun’s law - Decreased in GDP will cause Increase in Unemployment rate Most recent research shows that 2~3% decreased in GDP will cause 1% increase in Unemployment rateLowest Unemployed States North Dakota – 3.7% South Dakota – 4.4% Nebraska – 4.6% New Hampshire – 5.5% Vermont – 5.8% Average of 5 States – 4.8% Common Industries – Agricultural National Average of 2010 Oct.– 9.6%Highest Unemployed States Nevada – 14.4% Michigan – 13% California – 12.4% Florida – 11.9% Rhode Island – 11.5% Average of 5 States – 12.64% Common Industries – Tourist and Manufacturing Industries National Average of 2010 Oct.– 9.6%Historical High / Low State Rate Date Rate Date Rate North Dakota 3.7 Feb. 1983 6.8 Jul-01 2.6 South Dakota 4.4 Feb. 1983 6 Mar. 2000 2.5 Nebraska 4.6 Feb. 1983 6.7 Feb. 1998 2.2 New Hampshire 5.5 Sept. 1992 7.6 May-87 2.1 Vermont 5.8 Jan. 1976 8.8 Apr. 2000 2.4 Rhode Island 11.5 Feb. 2010 12.7 Jul-88 2.9 Florida 11.9 Mar. 2010 12.3 May-06 3.3 California 12.4 Mar. 2010 12.6 Jan. 2001 4.7 Michigan 13 Dec. 1982 16.8 Mar. 2000 3.3 Nevada 14.4 Sept. 2010 14.4 Apr. 2000 3.8Employment Share Huge decreased in Manufacture SectionTypes of unemployment Cyclical Unemployment Frictional Unemployment Structural Unemployment Classical or Real Wage Unemployment Seasonal UnemploymentCyclical Unemployment workers losing their jobs due to business cycle fluctuations in output, i.e. the normal up and down movements in the economy as it cycles through booms and recessions over time. “ Mark Thoma ” Will There Be a ‘New Normal’ For Unemployment? 11.11. 2009 http://moneywatch.bnet.com/economic-news/blog/maximum-utility/how-much-is-full-employment/128/?tag=content;col1Frictional Unemployment the unemployment that occurs because of people moving or changing occupations. Demographic change can also play a role in this type of unemployment since young or first-time workers tend to have higher-than-normal turnover rates as they settle into a long-term occupation. “Mark Thoma ” Will There Be a ‘New Normal’ For Unemployment? 11.11. 2009 http://moneywatch.bnet.com/economic-news/blog/maximum-utility/how-much-is-full-employment/128/?tag=content;col1Structural Unemployment unemployment arising from technical change such as automation, or from changes in the composition of output due to variations in the types of products people demand. Mark Thoma ” Will There Be a ‘New Normal’ For Unemployment? 11.11. 2009 http://moneywatch.bnet.com/economic-news/blog/maximum-utility/how-much-is-full-employment/128/?tag=content;col1Classical or Real Wage Unemployment This occurs when wages in a competitive labor market are pushed above the equilibrium. This is sometimes known as disequilibrium unemployment.Seasonal Unemployment is most common in industries that experience large fluctuations in the demand for the product or service being offered. However, the fluctuations can be regularly anticipated and follow a systematic pattern over the course of a year. Unemployment tends to be higher during certain times of the year depending on the nature of the business.QUESTIONS ¿{nameOfApplication=Show}

사회과학| 2010.12.01| 21페이지| 1,500원| 조회(135)

실업, unemployment, employment, 실업율

미리보기

닫기