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----------------------- Notes [i] “Wal-Mart to Allow Unions in China,” The Washington Post, accessed October 26. 2010. http://www.washingtonpost.com/wp-dyn/content/article/2006/08/09/AR2006080901924.html. [ii] “Wal-Mart closes unionized Quebec tire and lube shop,” The National Union of Public and General Employees, accessed October 25, 2010,http://www.nupge.ca/news_2008/n17oc08b.htm. [iii] Ibid. [iv] “History Timeline,” Walmartstores.com, accessed October 24, 2010, http://walmartstores.com/ aboutus/7603.aspx.
How does inter-period equity affect capital project and debt services funds? Week 3 Individual Ch. 2, 4, 5, & 6 Textbook Exercises Resources: Ch. 2, 4, 5, & 6 of Government and Not-for-Profit Accounting Prepare written answers to the following assignments from Government and Not-for-Profit
Stephen J. Kay and Tapen Sinha (New York: Oxford University Press, 2008); James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick, “For Better or For Worse: Default Effects and 401(k) Savings Behavior,” in Perspectives in the Economics of Aging, ed. David Wise (Chicago: University of Chicago Press, 2004). 9 John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian, “The Impact of Employer Matching on Savings Plan Participation under Automatic Enrollment,” in Research Findings in the Economics of Aging, ed. David A. Wise (Chicago: University of Chicago Press, 2009).
FM421 – Applied Corporate Finance Case Study: Tottenham Hotspur plc 25th January 2013 201128545 201125438 201121479 201119785 201130179 201129057 1) Valuation based on Discounted Cash Flow In order to perform a DCF approach we first calculated the WACC and then the FCF. WACC WACC= rd(1-t)*[D/(D+E)] + re*[E/(D+E)] t = 35% (from the case, exhibit 1) rd= rf= 4.57% (exhibit 1, assuming β of debt = 0) Net Debt/EV=0.11 (EV = Market Value of Equity + Net Debt) re= rf+βe*(rm-rf)= 4.57%+ 1.29*5%=11.02 (under CAPM assumptions) [E/(D+E)]= 1-0.12=0.88 WACC= (0.0457)*(1-0.35)*0.11 + (0.1102)*0.89= 10.12% Free Cash Flow FCF= EBIT(1-t) – CAPEX – ΔNWC + Depreciation As EBIT and tax rate are given we have to calculate the ΔNWC. ΔNWC=Inventory + A/R – A/P As accounts receivable and payable are sensitive to sales changes, we assume that A/P and A/R change but their ratio to sales remains constant over time. We assume the same for the ratio of inventory/merchandise sales. (A/P)/Sales= 19.99/74.1 = 0.26977058 (A/R)/Sales= 64.4/74.1 = 0.869095816 Inventory/Merchandise sales= 1.17/5.2=0.225 We then multiplied the ratios for the equivalent factors (sales and merchandise sales) on the pro-forma balance sheet for the years between 2008 and 2020 and found the ΔNWC for every year.
Business Management 2425 The Dodd-Frank Act 1. What is the Dodd-Frank Act and how it’s implemented? The Dodd-Frank Act is a Wall Street Reform and Consumer Protection Act. It is a big part of the financial reform legislation which was passed in 2010 by the Obama administration as a reply to the financial crisis in 2008. The Act is designed to decrease any risks in the US financial system by overseeing Wall Street, regulating credit cards, loans, and mortgages.