Legislative Framework Regarding Disclosures Practices

Legislative Framework Regarding Disclosures Practices
LEGISLATIVE FRAMEWORK REGARDING DISCLOSURES PRACTICES IN INDIA
The essential mechanism of the legal framework which governs the performance and functioning of listed companies in any country is the laws and
regulations determining the quantity and quality of corporate disclosures. The core of governance is transparency, disclosure, accountability and
integrity.
Disclosures are very necessary for transparency and accountability of listed companies; these are by no means sufficient to ensure either of them.
The main concern for disclosure regulations lies behind the basic question of why disclosures need to be regulated in the first place, and why not
instead firms be allowed to voluntarily optimize the quality and quantity of disclosed information in response to market forces.
There are basically two types of disclosures which are; Voluntary disclosure and required disclosure. Voluntary disclosures are those disclosures that are
left to the discretion of the company and the level of which is determined by the management or shareholders by balancing at the margin level costs and
benefits of disclosures. Disclosures that are required, in contrast, the ones that are mandated by laws and regulations because these are the ones that a
company would otherwise not volunteer to provide.
In India, the laws legal framework regarding corporate governance is generally supervised by SEBI guidelines and Companies Act, 2013, however
they are not limited to only SEBI guidelines and
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The Correlation Of Indian Stock Market
Abstract
The stock market is witnessing keen activities and is gradually more gaining Importance. Post the1997 East Asian disaster which had caused significant
reduction in asset prices and stock markets in quite a a small number of Asian countries, these economies bang back. These economies maintained high
interest rates thereby creation them attractive to foreign investors. As a result these economies customary a large inflow of funds and experienced a
theatrical run–up in asset prices. As a part of market amalgamation, the capital market of India is no longer cut off from international economic
measures and their stock index travels. This paper finds the correlation of Indian Stock market with five other major Asian economies: Japan, ... Show
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The Bombay Stock Exchange (BSE) is one of the oldest exchanges crossways the world, while the National Stock Exchange (NSE) is among the best
in terms of complexity and advancement of technology. The Indian stock market scene really picked up after the opening up of the economy in the
early nineties. The whole of nineties were used to experiment and fine tune an efficient and effective system. The 'badla' system was stopped to control
unnecessary volatility while the derivatives segment started as late as 2000. The corporate governance rules were gradually put in place which
initiated the process of bringing the listed companies at a uniform level. This opening up of the system led to increased integration with heightened
cross–border flow of capital, with India emerging as an investment 'hot spot' resulting in our stock exchanges being impacted by global cues like never
before. The study pertains to comparative analysis of the Indian Stock Market with respect to various asian counterparts. Exchanges are now crossing
national boundaries to extend their service areas and this has led to cross–border integration. Also, exchanges have begun to offer cross–border trading
to facilitate overseas investment options for investors. This not only increased the appeal of the exchange for investors but also attracts more volume.
Exchanges regularly solicit companies outside their home territory and encourage them to list on their

Stock Market
In the modern time, the competitive business world seems to be more serious than previously. The main aim of business strategy is creating the benefit
in trade and also reducing some of its limitations. Furthermore, another strategy that is applied to the modern business world is to link the economic
globalization such as in order to become a listed company on the stock market. We can see lots of advantages by listed companies compared to private
companies such as financial stability or are more opportunities to do business. It is an absolutely interesting that the top biggest companies in the
world, (by top 100 companies) are all listed on the Stock Market, such as Wal–mart stores the biggest companies by 2010 (Fortune global 500, 2010) ...
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In addition, other points that were attracting foreign partners and also opening opportunities for business development and modernisation, because the
trend of a globalised economy is having strong, complementary, strategic businesses ally this adds to a firm's competitiveness, described by
(Pagano,Randl and Ailsa, 2001).
Moreover, that it enhances the brand name, adds value to the company and also make more opportunity to make the firm a global brand with well
known companies and also business. Furthermore, the listing companies have more opportunity to greatly increase a capital investment, also a higher
standard of accounting and audit of relevant agencies then the public relations is another way to build confidence on the company's as well
(Pagano,Randl and Ailsa, 2001).
On the other hand, (The Stock Exchange Market of Thailand, 2008), it described the benefit that impact to shareholders, because listed company has
under the rules and regulations governing securities trading and also guarantee that investors or shareholders have equal access to the information.
Moreover, investors can find a potential buyer more easily because their stocks are more marketable. Furthermore, holding shares that can be
exchanged for cash in a short time became one of the choices to invest their money.
The Best Way to Build a Modern Business?
How to

Impact Of Small And Medium Sized Businesses On Jobs And...
Running head: SMEs 1
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Name:
Institution:
Outline
1. Introduction
Introduces the discussion and gives a thesis statement
2. Discussion
Explores the contribution of SMEs to the economy, gives detailed statistics from various academic sources.
It also offers an explanation of the impact of the 2008 financial crisis to the SMEs contribution to the economy in regards to employment
3. Conclusion
Wraps up the discussion
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Introduction
The term "SME" is commonly used to refer to Small and Medium–sized Enterprises. The term covers a variety of definitions as well as measures.
However, in most of the various definitions of what is an SME, employment is the most widely used criterion for categorizing the size of the firm.

Moreover, SMEs are often defined as businesses with fewer than 500 employees. However, a number of countries, including some in the European
Union use a lower cutoff of 250 employees. SMEs are important in the economy because they have some unique benefits to the economy chief among
these being employment and job creation among others. The following discussion explores the impact of SME to the economy, especially in regards to
employment and the creation of jobs among others.
Discussion
It is already apparent that SMEs are very important in an economy. SMEs make up over 95% of enterprises and

Disclosure Of Disclosure And The Corporation Act 2001
Companies may raise their funds from many several investors and the Corporation Act 2001 Ch 6D has provided the provisions for fundraising.
Generally, public companies increase their capital by offering various types of securities like share, debenture or option to investors. Offer of
securities require disclosure of relevant information to investors for independent informed decision. Disclosure of offer is essential unless if it is
certain type of exception defined in Section–708. According to ASIC (2013), disclosure document is a term which covers wide areas and elaborates all
regulated fundraising documents for the issue of securities. Every company who are entitled to raise their capital can use disclosure document. It is
issued for an offer with relevant and accurate information. It must be lodged to Australian Securities and Investment Commission (ASIC) before
publicizing for public.
Regarding to disclosure document, section 705 clearly states the four types of disclosure document which are as follows:
Prospectus
Short Form Prospectus
Profile Statement
Offer Information Statement
Company may be able to use any of them depending in the type of fundraising intended to and whether the restrictions imposed can be satisfied or not.
The contents of information required in these disclosure documents are different in nature.
a)Prospectus
Section 705 states prospectus as a standard full–disclosure document. It is the standard, most common type of disclosure document

Multiple Choice
Chapter 2 Overview of the Financial System 2.1 Multiple Choice Questions
1) Every financial market has the following characteristic: A) It determines the level of interest rates. B) It allows common stock to be traded. C) It
allows loans to be made. D) It channels funds from lenders–savers to borrowers–spenders. Answer: D 2) Financial markets have the basic function of
A) bringing together people with funds to lend and people who want to borrow funds. B) assuring that the swings in the business cycle are less
pronounced. C) assuring that governments need never resort to printing money. D) both (A) and (B) of the above. E) both (B) and (C) of the above.
Answer: A 3) Which of the following can be described as involving direct finance? A) A... Show more content on Helpwriting.net ...
D) in the secondary market by a commercial bank. Answer: B 16) Intermediaries who are agents of investors and match buyers with sellers of
securities are called A) investment bankers. B) traders. C) brokers. D) dealers. E) none of the above. Answer: C 17) Intermediaries who link buyers and
sellers by buying and selling securities at stated prices are called A) investment bankers. B) traders. C) brokers. D) dealers. E) none of the above.
Answer: D 11
18) An important financial institution that assists in the initial sale of securities in the primary market is the A) investment bank. B) commercial bank. C)
stock exchange. D) brokerage house. Answer: A 19) Which of the following statements about financial markets and securities are true? A) Most
common stocks are traded over–the–counter, although the largest corporations have their shares traded at organized stock exchanges such as the New
York Stock Exchange. B) A corporation acquires new funds only when its securities are sold in the primary market. C) Money market securities are
usually more widely traded than longer–term securities and so tend to be more liquid. D) All of the above are true. E) Only (A) and (B) of the above
are true. Answer: D 20) Which of the following statements about financial markets and securities are true? A) Abond is a long–term security that
promises to make periodic payments called dividends to the firm's residual claimants. B) A debt instrument is intermediate term

Quantity And Portfolio Returns From Benchmark Index
Part B:
Both excess and portfolio returns were calculated in the previous section. Subtraction of the portfolio returns from the ASX 200 benchmark returns
yields the tracking error figures. Correlation figure for portfolio against ASX 200 benchmark was 0.4568 or 45.68%.
The correlation coefficient interval is limited to integer values of both negative and positive one. Assets can be perfectly correlated at both extremes,
(Brailsford, Heaney & Bilson, 2011, p. 25). All four asset class correlation figures (A–REITS, infrastructure funds, domestic and international ETFs)
measured against ASX 200 benchmark will be looked at in detail.
Three of the four asset classes measured against the ASX 200 benchmark had positive correlations. Domestic ... Show more content on Helpwriting.net
...
Here, the correlation figure amounted to –0.2090 or –20.90%. Factors highlighting negative returns include an appreciation of the Australian dollar,
heavy losses sustained due to the Global Financial Crisis between 2008 and 2009 and stagnated growth throughout the previous decade of –2.1%,
(Brailsford, Heaney & Bilson, 2011, p. 87). The loss of investment returns can be minimised by undertaking due diligence and research into asset
categories on the investors' behalf, (Brailsford, Heaney & Bilson, 2011, p. 26). Part C:
PART TWO:
The Indonesian Stock Exchange oversees the Indonesian Stock Market. Establishment occurred in 1912 for trading with Dutch East Indies business
entities. Macro–economic factors involving the transition of government power from The Netherlands to Indonesia affected advancement of the
Indonesian stock market, (Sustainable Stock Exchanges Initiative, 2013). Progression stagnated due to the absence of equity financing, minimal
income growth and overexertion of financial institutions throughout the nation. The stock exchange re–established in 1977 as the Jakarta Stock
Exchange comprising of 24 companies. Stock exchange listings declined due to the dominance of financial institutions and profitability shortages.
Listings occurred with the assistance of forced government intervention, (Kung, Caverhill & McLeod, 2010, p. 330).
Deregulation and privatisation of capital markets by the Indonesian

High Frequency Trading Should Be Eliminated From The...
Raiq Ahmed
Mrs. Gowanlock
Human Rights Semester 2
May, 20h, 2015 High Frequency Trading– Like Taking Candy From a Baby
Investing in the securities market seems like a good idea until one day you've lost all your money and you're hitting your head against the wall
wondering where you went wrong while High Frequency Trading firms are racking up profits by shorting the stocks you thought were going to go up.
The contention behind High Frequency Trading arises from the idea that since the individuals and companies who have access to these
"supercomputers" that compute complex algorithms are able to receive information on the markets before the average investor , they are playing the
field and making it uneven. The idea behind High Frequency Trading addresses many of the essential Human Rights course questions such as morality,
one's responsibilities and duties to another, civil action, and the human condition itself. High Frequency Trading should be eliminated from thefinancial
markets because it is unfair to the average investor, causes legal implications by shifting the market to the advantage of certain firms, and lacks
regulation necessary to promote an even playing field for all investors.
Since the very beginning of High Frequency Trading, the contention of its use has been deemed unfair to the average investor in the securities market.
An example of an instance in which the ethics of High Frequency trading can be questioned is Trillium Capital. This company engages

The Disclosure Quality Of Information Of Securities Analysts
Moreover, securities analysts play the important roles of the users and providers of information and their sources of information include public
information that all analysts know and private information that is possessed by individual analysts (Barron et al., 1998). Therefore, both the
improvement of the transparency of listed companies ' public information and analysts ' private information can lead to an increase of the accuracy of
analysts ' forecasts. Due to the lower costs of acquisition, the public information issued by the listed companies that act as the main sources of
information of securities analysts is particularly important among them (Schipper, 1991), scholars ' research also focused on the correlation between the
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At the same time, this chapter also provides necessary theoretical basis and empirical evidences for the writing of this dissertation and widens
research ideas, which offer more research spaces to the dissertation. Combined with the writing ideas of the dissertation, this chapter summarizes the
relevant literature about cross listing and the accuracy of analysts ' earnings forecasts and makes some thorough analysis. It can be seen that both the
theoretical and empirical research of cross listing show a feature of diversification and relevant research reveal many differences, such as market
selection, sample firms, model construction, etc. Most of these studies think that if enterprises go public in overseas mature markets after they are
listed in domestic markets, it will be beneficial to crossing market barriers, improving the liquidity of stocks, expanding investor base and improving
the degrees of cognition. However, few research concentrate on Chinese market and it cannot be sure that whether these theories can be used to
explain the problems of cross listing of Chinese companies. In this context, the dissertation will focus on Chinese firms to study the issues of cross
listing and the accuracy of analysts ' earnings forecasts. 2.4 The Motivation for the Research Question In the late ninety 's

A Report On Covenant Capital Management
Covenant Capital Management was founded in 1999, and since then, it increasingly grew its AUM to approximately $300 million for its clients around
the world. The firm's headquarters are located in Nashville; in addition, they have a fully–redundant branch office in Chicago. The founders, Brince
Wilford and Scot Billington, focus their efforts on the refinement of their core strategy which has not changed since the inception of the firm. CCM
partners with select institutional clients in the development of customized trading models that achieve specific risk and return stream objectives.
Covenant Capital Management is a 'Boutique' CTA designed to fill the void between small CTA with no track records and huge institutional funds that
are too big to take good care of the small investors. CCM wants to be a CTA that offers the best of both worlds, using an innovative trading model that
yields unique and reliable return streams as well as institutional–grade infrastructure. The firm remains small enough to have decent exposure to all
market sectors yet secure enough to have institutional–grade compliance, technology, and back–office services.
The goal of this paper is to explain why CCM's aggressive program is a good alternative to any investor looking to diversify its portfolio. The paper
will be divided into three distinct parts: the operational analysis, the quantitative analysis and a comparison against its peers (including the impact of
CCM in a traditional portfolio).

Student: Business and Milton Friedman
Accounting for managers BSMAN3009
ASSESSMENT 1: Report
Lecturer:
Student's name:
Student's number:
Table of contents I. Executive summary....................................................
II. Introduction.............................................................
III. From a perspective accounting, what are the "rules of game" that businesses must follow?.........................................
1. Company legislation................................................ 2. Accounting standard............................................... 3. Stock exchange
......................................................
IV. In the current environment, is Milton Friedman's statement as relevant in 2013 as it may have been in 1970?.....................
V. Conclusion...............................................................
VI. Reference.................................................................
I. Executive summary
This is a ... Show more content on Helpwriting.net ...
(Source from Australian Accounting Standards Board 2013) 2. Accounting standard
Accounting standard are the accounting rules that accounting entity need to follow in reporting the financial statement.Accounting standard concerns
with how assets and liabilities should be measureed in identified in the statements. Traditionally each country develop it own standard. In Australia,

every business entity need to follow the Australia accounting standard which is set by Austrailia Accounting Standard Board (AASB). Here are the two
accounting standard set by AASB:
Statement of Cash Flows (AASB 107)
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 for for–profit entities. It takes
into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting
Standards Board (AASB).
Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to
generate cash and cash equivalents and the needs of the entity to utilize those cash flows. The economic decisions that are taken by users require an
evaluation of the ability of an entity to generate cash and cash equivalents and the timing

Relationship Between Chinese Stock Market And Macro Economy
Literature review
Name/student number: Yatian Chen B150132143
The study of the relationship between Chinese stock market and macro economy:" Can Chinese stock market imply macro economy?"
1.Motivation
Researches concerning on macro economy and stock markets of established markets have been widely studied in the past. Early studies in this area
support the argument that stock market returns are influenced by economic announcements ( Hardouvelis, 1988 ). Additionally, authors such as Levine
and Zervos ( 1996 ) have produced significant evidence that stock markets ' returns are influenced by macroeconomic indicators such as Gross
Domestic Production ( GDP ), productivity, employment and interest rates.
However, there has been ... Show more content on Helpwriting.net ...
Therefore, a study for China is essential as it potentially creates a necessary background for studying similar areas for Brazil, Russia, India and South
Africa.
Further, It is interesting that even though China has become one of the most powerful economic unit in the world and also has been developing
steadily and fast during the last three decades, its stock market is still very volatile overtime. Thus, problems that whether the Chinese stock market
really has the ability to react macro economy or how well the stock market can fit the macro economy still need some further studies and researches to
discover. The conclusion of this dissertation can not only help the Chinese investors to make better investment decisions but also make some
suggestions to the the ones who regulate Chinese economy and finance.
2.Theories, data, variables and research methods
Before the research, it is meaningful to be well aware of the basic theories related to the topic, which thus will assist for choosing suitable variables.
Following what is mentioned above, it is able to apply good research methods to conduct the research.

2.1 Theories
2.1.1 Capital Asset Pricing Model
Even though many articles are conducted to critically study the capital asset pricing model ( CAPM ), it is widely used around financial

Financial Markets
A.In finance, the financial system is the system that allows the transfer of money between savers (and investors) and borrowers.[1] A financial system
can operate on a global, regional or firm specific level. Gurusamy, writing in Financial Services and Systems has described it as comprising "a set of
complex and closely interconnected financial institutions, markets, instruments, services, practices, and transactions.
Functions performed by a financial system are :
Saving function: Public saving find their way into the hands of those in production through the financial system. Financial claims are issued in the
money and capital markets which promise future income flows. The funds with the producers result in production of goods and ... Show more content
on Helpwriting.net ...
With primary issuances of securities or financial instruments, or the primary market, investors purchase these securities directly from issuers such as
corporationsissuing shares in an IPO or private placement, or directly from the federal government in the case of treasuries. After the initial issuance,
investors can purchase from other investors in the secondary market.
The secondary market for a variety of assets can vary from loans to stocks, from fragmented to centralized, and from illiquid to very liquid. The major
stock exchanges are the most visible example of liquid secondary markets – in this case, for stocks of publicly traded companies. Exchanges such as the
New YorkStock Exchange, London Stock Exchange and Nasdaq provide a centralized, liquid secondary market for the investors who own stocks that
trade on those exchanges. Most bonds and structured products trade "over the counter," or by phoning the bond desk of one's broker–dealer. Loans
sometimes trade online using a Loan Exchange.
Function
In the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the secondary
market be highly liquid (originally, the only way to create this liquidity was for investors and

Impact of the Asian Financial Crisis in 1997 and Effect to...
Impact of the Asian Financial Crisis in 1997 and effect to Latin America
Name:
Institution:
Date:
Abstract
In 1997, the Asian Financial Crisis spread rapidly all over the Asia and affected almost all the economies in the world. Prior to the Asian Financial
Crisis, the Asian countries such as Thailand, Malaysia, South Korea, Indonesia, Hong Kong and Singapore experienced a remarkable growth in the
economy that was considered the highest in the world. These Asian economies increased by a notable proportion of 6 to 10 percent annually in the
GDP. However, what had been regarded as an Asian miracle seemed to crumple down rapidly 1997 when these Asian countries were faced with a severe
financial crisis in their local stock and currency ... Show more content on Helpwriting.net ...
Regardless of the negotiations for support grant from the IMF and the United States Treasury, the monetary drainage persisted andBrazil was forced to
devalue its currency. As a result, the Brazilian government authorized the real to float, while it abandoned linking its currency to the U.S. dollar. The
financial crisis in Brazil spread out rapidly to other nations in Latin America and as a result several billions of dollars were drained from these countries
and this hindered the trade exchange with the United States. As a result, the nations in the Latin America experienced one of the nastiest economic
recession that was mainly fuelled by the Asian financial crisis. The effect of the financial disaster was predominantly severe in the Latin America's
small economies, for instance Bolivia, Uruguay, Ecuador, Chile and, Argentina and Colombia (Hunter, 1999).
Petti (2001) argues that financial shocks can move rapidly throughout the nations within similar regions as it was revealed by the Mexican peso disaster
that occurred in the year 1994. Similarly, the financial crisis that affected the Asian countries proved to be a regional financial crisis and it threatened
geographically distant vibrant economies mostly in the Latin America. The Latin America countries began experiencing the effects of the Asian
financial crisis in 1997

Feasibility Report On Ipo's, And The Process Of Buying An Ipo
I compile, through various mediums, information regarding initial public offerings, or IPO's. The report includes areas such as defining an IPO, the
performance of IPO's, the current market for IPO's, and the process of buying an IPO. Therefore, the feasibility report is directed at the retail or
non–professional investor who may be engaged in purchasing IPO's. I look to determine if the underlying facts create certainty that these instruments
are profitable currently and in the long run. It appears through study that investors have increased their consumption of initial public offerings since the
2007–2008 financial crisis. Many investors believe purchasing IPO's can create quick realized gains. However, it appears that the performance of these
issues has lagged the broader market, which in my opinion should steal zeal from these risky investments. The figures throughout this report should
indicate and reaffirm that not all IPOs, whether popular or unpopular, will benefit the professional or non–professional investor. It must be noted that
not everything is the same in financial markets and results may vary significantly from this report in a single incident or sample study. INTRO Over
time, financial markets have become more complex and possibly more confusing for the average or retail investor. It appears through recent observation
that non–professional investors do not understand the process, importance of, and potential harm that IPO's may cause to a portfolio in the

Evaluating The Valuation And Method Using Facebook Stock
Evaluate the valuation and method used to determine the Initial Public Offering value of Facebook stock, indicating any miscalculations in the
valuation that may have mislead potential investors and how these errors may have been minimized. Provide support for your response.
The valuation and technique used to compute Facebook 's Initial Public Offering comprised of various target and subjective components to decide the
best gauge or the reasonable estimation of their Class B basic stock. A few elements considered were late private stock deal exchanges; verifiable
money related results, assessed patterns, and prospects for Facebook 's future budgetary execution. Extra elements were the execution and business
sector position about contenders and comparative traded on an open market organizations. Likewise the monetary and focused environment,
incorporating the business in which Facebook works; and free outsider valuations.
The mixes of money related and market–based techniques to decide business undertaking quality were likewise used to compute Facebook 's IPO. The
reduced income technique (DCFM) included evaluating the future money streams for a specific period and marking down to present quality. The
markdown rate mirrors the dangers and the business sector rates of return accessible from option ventures as of the valuation date. Another strategy was
the rule open organization (GPCM), which expect that like organizations in the same business, will have comparative

Pushing The Herd Off The Cliff Edge
Introduction
The idea of institutional herding has a striking implication for security price volatility. Estimations from the essay 'Sending the Herd Off the Cliff
Edge'suggests that the predominance of herding behavior may explain why the financial system in 1990s had been in crisis for 40 out of the 120
months or 33% of the time (Persaud, 2000). These concerns, along with the increasing stock market ownership of institution investor in comparison to
individual investors, is often used as a basis for advocating for an increase in monitoring institutional trading in equity markets in hopes that it that
would lead to a reduction in the dominance of institutional investors in the financial market. However such claims are not fully supported by empirical
research in the literature. Two schools of thoughts emerge the first being that herding enhances pricing efficiency, and second ascertains that herding
initiates short–term trend reversals.
The emergence of two seemingly polar opposite beliefs is not as a result of lack of scholarly competence but rather due to the nature of complexity
within the subject leading to conflicts in assumptions and methodology. Conflicts in assumptions and methodology often arise due to rational
definitional irregularities on institutional herding. An example of such a definitional irregularity occurs when as Avery definedherd behavior as"a trade
by an informed agent which follows the trend in past trades even though that trend is counter to his

Finance de La Torre
De la Torre a) Why is corporate finance important to all managers? * It is important for the decisions taken in the company, investment decisions and
financing decisions. * Every decision taken in the company has a financial impact. * Investment projects, how much to invest and what assets to
invest. * To raise the necessary cash * To increase the shareholders' stake in the firm. b) Describe the organizational forms a company might have as it
evolves from a start–up to a major corporation. List the advantages and disadvantages of each form. Sole Proprietorship. Sole owner of a business.
The manager and the owner is the same person. The sole proprietorship has unlimited liability. You pay taxes as owner and
... Show more content on
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WACC =XD (rD) (1–Tx) + XS(rS) XD: % de los pasivos del total de deuda de acreedores financieros representados del total de los recursos. rD: Costo
de los recursos de los acreedores (tasa de interГ©s). Tx: Tasa de impuestos. XS: ProporciГіn de los recursos de los accionistas en el total de recursos
con costo explГcito. rS: Costo de oportunidad de los recursos aportados por el accionista. Tasa de retorno de los accionistas en funciГіn del riesgo que
enfrenta. h) How do free cash flows and weighted average cost of capital interact to determine a firm's value? Tiene que ver con valuaciГіn. Firm value
es el valor presente a precios del mercado. Valor intrГnseco: valor presente de los flujos de efectivo. A firm's fundamental, or intrinsic, value is defined
by: Value= FCF11+WACC1+FCF21+WACC2+FCF31+WACC3+...+FCFв€
ћ1+WACCв€
ћ i) Who are the providers (savers) and users (borrowers) of
capital? How is capital transferred between savers and borrowers? Savers: Households are net savers. Persons, families, companies which their income
is greater than their expenses. Governments are net savers when they run a surplus. Borrowers: Non–financial corporations are net borrowers.
Governments are net borrowers when they run a deficit. Capital is transferred through: a) direct transfer (in example, corporation issues commercial
paper to insurance company) b) an investment banking house (in example, seasoned equity offering, or

The Nature Of Security Market Efficiency And Then An...
This paper will discuss the nature of security market efficiency and then an application of understanding of stock market bubbles to a particular
company. It will also develop and demonstrate an understanding of the topic area of capital market efficiency as well as apply theoretical understanding
to the analysis of market information in the context of a company listed on the Shanghai Stock Exchange (SSE). It will illustrate the information on
distance from the assumption that financial markets perform well and price changes constantly demonstrate real data. Furthermore, this paper will also
illustrate what episodes of volatile security price behavior mean for the notion that security markets work efficiently. On the other hand, the main
reason of this paper is to prepare a critical literature review of the competing views that stock market bubbles undermine confidence in the Efficient
Market Hypothesis. This will investigate the movements of the share price of Shenergy Ltd and of the Shanghai Stock Exchange Composite Index
generally in the light of information available to investors. Moreover, it will also define the actions and circumstances which may be related to share
price movements and what has influenced share prices on the SSE over this time. This means, this will explain regarding the share price behavior that
have been observed and confirms by any of the academic views encountered in literature review.
Overview of the company
Shenergy Group Company Limited is

The United States And United Kingdom Affect Global Businesses
Throughout the semester we have touched on a multitude of different issues in Global Business. From monetary systems and how they have changed
over time, to how different regions of the world have produced diverse cultural preferences. Even after touching on as interesting topics as these,
nothing has come close to the intrigue of Government and how they can affect business in many ways. The many different ways that government can
intervene in a business, affect import/export numbers via taxation, and much more will be discussed in the following paragraphs. The underlying
question that this paper will answer is, how do the actions of the United States and United Kingdom affect global businesses. The United States
government is a ... Show more content on Helpwriting.net ...
The deal also "sought to protect intellectual property, establish dispute–resolution mechanisms, and, through side agreements, implement labor and
environmental safeguards." As one can clearly see here, this agreement helped not only these three nations out greatly on the economic end of the
spectrum, but it also helped get employee and environmental safety standards to be consistent across the three nations. This trade agreement
helped greatly improve economic disputes that these countries once faced before. NAFTA has affected the countries in different ways. The United
States has come out alright, but many sceptics believe that the trade, overall, has had modest but positive impacts on the US GDP, and has added
up to "$80 billion dollars to the US economy." While the boost in GDP and increase in US economy was boosted a bit in this trade agreement, it
has not been all positives for the nation. A lot of jobs in the United States have been lost due to companies opting to start up in Mexico because of
cheaper labor costs. An example of how big this swing has been, and just how much it has affected the US can be seen when looking at the trade
balance. "In 1993 the US–Mexico trade balance swung from a 1.7 billion dollar U.S. surplus in 1993 to a %54 billion dollar deficit by 2014." So as one
can see right there, while this trade deal may have added money into the economy, it has severely affected how businesses have taken a hit due to US

How Mergers Affect The Economic And Financial Power Of...
Mergers have become a main aspect within the market economies, resulting in consequences that are potentially conflicting due to the stiff
competition among different businesses (Richard & Yekini, 2014, p. 54). The conventional economic theory suggests that mergers are likely to raise
the level of monopoly, hence leading to reduced competition and lower economic efficiency. The truth is that they can boost the effective level of
competition within the monopolistic environment where size is an important factor. This means that in the case of markets that have a small number
of large producers that are involved in competition, mergers can play a vital role in increasing the economic and financial power of smaller firms.
This enables the small firms to compete favourably with the larger ones. Therefore, mergers are able to produce a countervailing force to fight the
leading firms, putting more pressure on them, and making them look for other ways to constantly make improvements in their efficiency. This is
similar to the way many small businesses behave as a result of competition in highly competitive markets. This paper elaborates the reasons that
motivate firms to take over or merge with other firms and the effects of this, both to the employees and the firms involved (Su & Wells, 2014, p.46).
This will be established by examination of specific recent acquisition or merger cases within EU member countries, putting into consideration a number
of these aspects. The major driver

Adr / Gdr in India
GLOBAL DEPOSITORY RECEIPTS
IN INDIA Chapter – 1
INTRODUCTION OF FINANCIAL MARKETS
INTRODUCTION
The Indian economy is the second fastest growing economy in the world after China with a growth rate of 6.5%. India seems to have become an
investor's haven with high returns on investments for foreign Institutional investors. Indian companies are recording higher profits and are gaining
global recognition because of operations in several countries. However, for international presence, Indian companies need funds from time to time to
expand their business. Companies either raise funds from the domestic market or through international market. For international funding, the most
popular source amongst the Indian companies in the recent times ... Show more content on Helpwriting.net ...
directly on the stock exchanges in India and entities which are prohibited to buy, sell or deal in securities by SEBI are prohibited from subscribing to
ADR/GDR issues.
Pricing
For listed companies
The price of ADR/GDR should not be less than higher of the following two averages:
(i)The average of the weekly high and low of the closing prices of the related shares quoted on the stock exchange during the six months preceding the
relevant date;
(ii)The average of the weekly high and low of the closing prices of the related shares quoted on a stock exchange during the two weeks preceding the
relevant date.
For unlisted companies
As per the recent changes, the applicant company is required to be a listed company or a simultaneous listing of shares should be done. Therefore, the
earlier requirement that pricing should be in accordance with the regulations notified under FEMA is not applicable any more.
FEMA guidelines in accordance with MoF notifications Indian companies may issue their shares to a person resident outside India through a foreign
depository for the purpose of issuing ADR/GDR. However, the above is subject to the following conditions:
The company issuing such shares has an approval from the MoF to issue such ADR/GDR or is eligible to issue ADR/GDR in terms of the FCCB &
ADR/GDR Scheme or notifications, which MoF issues from time to time.

The company is not otherwise

Finance
Examples of financial assets: U.S. Treasury bonds, Foreign bond,.Home mortgage loan,Common stock. Financial assets are referred to as debt
instruments in the case of: U.S. Treasury bonds, Corporate bonds, Municipal bonds. Financial assets represent a residual claim in the case of Common
stock. The process of valuing financial assets include: Estimating the cash flows, Determining the appropriate discount rate, Discounting the expected
cash flows. the following risks are associated with realizing the expected cash flows: Default risk, Purchasing power risk, Foreign–exchange risk. The
principal economic functions of financial assets include: The transfer of funds from those with surplus funds to those who need funds, The transfer of
funds... Show more content on Helpwriting.net ...
Investors who place their funds in an investment company, which in turn invests the funds received in the stock of a large number of companies
benefit from: Diversification and Reduced risk.
With a debit card, A bill is sent to the debit cardholder periodically requesting payment for transactions that have been made in the past. Funds are
immediately withdrawn from the purchaser's account at the time the transaction takes place. Funds are withdrawn periodically (usually once a month)
for transactions made by the cardholder during the previous month. Depository institutions seek to generate income by The difference between the
return that they earn on assets and the cost of their funds. A fixed–rate deposit represents type 1 liability to a financial institution. Type–II liability:
Amount of cash outlay is known while timing of cash outlay is unknown. The advantage of liquidity which financial intermediaries offer savers means
that savers may: Request the withdrawal of funds at any time. Redeem their shares at any time. Borrow against the cash value of their insurance policy.
A perfectly competitive market is characterized by efficiency and low cost production. "Market failure" is cited by economists as a reason for
regulation. Government regulation of financial markets takes these forms: Disclosure regulation. Financial activity regulation. Regulation of financial
institutions. Regulation of foreign participants. When financial institutions'

Role Of Sme ( Small And Medium Enterprises Companies...
[TYPE THE COMPANY NAME] [Type the document title] [Type the document subtitle] Rushi Contents TITLE:2 1. CHAPTER ONE3
1.1INTRODUCTION:3 1.2 SELECTION OF (SME) COMPANY:4 SUMMARY OF PEXIMCO EUROPE LTD:4 1.3 THE PURPOSE OF STUDY:6
1.3 HYPOTHESIS:6 1.4AIMS OF THE STUDY:7 1.5OBJECTIVE OF THE STUDY:7 1.6RESEARCH QUESTIONS:8 1.7 Time Scale (Work Plan):8
2. CHAPTER TWO10 2.1. LITERATURE REVIEW:10 3. CHAPTER THREE15 3.1. RESEARCH METHODOLOGY:15 3.2. ANALYSIS AND
PRESENTATION:16 3.3. DISCUSSIONS AND RESULTS:16 3.4. CONCLUSION:16 3.5. LEGITIMACY AND CREDIBILITY:17 3.6. ETHICAL
ISSUES:17 REFERENCES AND BIBLIOGRAPHY:17 TITLE: What role SME (small and medium enterprises) businesses do play against the
economy of... Show more content on Helpwriting.net ...
Firstly, SME can be defined as the companies that employ less than 500 employees in public companies or private businesses . This means that who
is using less than 500 employees of the company are measured SMEs. These small and medium business operates in a small production company like
small bakeries, small shops, large shopping malls, with branch offices, a limited number of small shops around the corner, away, small hotels, small
restaurants, etc., there are many definitions of SMEs, they come from a different country to country, one economy to another. For example, in Canada,
companies has to regard as those SMEs with less than 500 employees, while on the other hand, according to[Meghana Ayyagari, and Thorsten Beck and
Asli Demirguc– Dagon, 2003 4], SME business is stated as the number of employees of these enterprises that employs 0–250 staff. 1.2 SELECTION
OF (SME) COMPANY: In this thesis, it is very essential to choose a company that operates as a SME in the UK, so that data collection can be
done easily. For this purpose, I chose a company that is presently working as SME and while the company has been working in the same area of
retailers, but offers and sells a variety of products and services at different times of the year, which provides additional benefits in order to understand
policy work and function it. These differences among their products and services at different times throughout the year but the same field of retail
similarities

Capital Markets and Institutions
Australian School of Business School of Banking and Finance
FINS1612 CAPITAL MARKETS AND INSTITUTIONS
COURSE OUTLINE SEMESTER ONE 2011
FINS1612 – Capital Markets and Institutions
Page– 1
TABLE OF CONTENTS
1. STAFF CONTACT DETAILS 2. COURSE DETAILS 2.1 Teaching Times and Locations 2.2 Units of Credit 2.3 Summary of Course 2.4 Course
Aims and Relationship to Other Courses 2.5 Student Learning Outcomes 3. LEARNING AND TEACHING ACTIVITIES 3.1 Approach to Learning
and Teaching in the Course 3.2 Learning Activities and Teaching Strategies 4. ASSESSMENT 4.1 Formal Requirements 4.2 Assessment Details 5.
ACADEMIC HONESTY AND PLAGIARISM 6. COURSE RESOURCES 7. COURSE EVALUATION AND DEVELOPMENT 8. STUDENT
RESPONSIBILITIES AND CONDUCT ... Show more content on Helpwriting.net ...
Describe the types of equity securities that companies can use to raise equity capital and how these securities can be listed and traded on the Australian
Stock Exchange. Understand different ways in which a company's valuation, and thus its share price, is determined and make forecasts of a company's
future share price.
L02:
L03:
FINS1612 – Capital Markets and Institutions
Page– 4

L04:
Describe the characteristics of different types of debt securities and be able to price them. Describe different theories of how interest rates are
determined and explain the relationship between the term to maturity, risk, and interest rates. Understand the mechanics and conventions of the foreign
exchange market and the motivation of different participants in trading foreign currencies. This involves: п‚· Reading, interpreting and transposing FX
quotations. п‚· Calculating cross–rates. п‚· Identifying the factors that determine the value of a currency Understand the characteristics of derivatives
instruments (futures and options contracts), the different motivations for their use and how they are traded. Specifically you should п‚· Recognise
which types of futures / options contracts to use to hedge various risk exposures п‚· Appreciate the various risks involved in trading derivative
instruments п‚· Describe the factors that determine the pricing of derivative instruments. Discuss and write about the links between the theory of
financial markets and

The New York Stock Exchange
An equity market is the general place where stocks are sold. The New York Stock Exchange (NYSE) and the National Association of Securities
Dealers Automated Quotations System (NASDAQ) are two examples of equity markets. The market in which shares are issued and traded, either
through exchanges or over–the–counter, is also known as the stock market. Investors bid for stocks by offering a certain price, and sellers asking for a
specific price. When these two prices match, a sale occurs. Trading in the equity market is the cornerstone of a capitalistic economy because it helps
facilitate capital formation and liquidity for entrepreneurs and businesses.
Last week's equity markets in the United States closed on Friday, July 15, 2016. The Dow was up 10.14 points, a 0.05% change, at 18,516.55 points;
the NASDAQ was down 4.47 points, a 0.09% change, at 5,029.56 points; and S&P was down 2.01 points, a 0.09% change, at 2,161.74 points. Record
highs within the stock market dominated United States' news. Bond yields continue to climb further from record lows. Despite BREXIT, United
States' markets made a speedy recovery. United States and European stocks closed out a strong week on a slightly subdued note. This sparked positive
signals on the global economy, which helped offset lingering concerns over the potential risks from the United Kingdom's decision to leave the
European Union. The United States equity index was up 1.5% for the week. Up North, the TorontoStock Exchange

Jetblue Essay
Learning objectives 1. institutional aspects of equity issuance transaction 2. costs and benefits associated with public share offerings 3. develop a
deeper appreciation for challenges of valuing unseasoned firms and enhance corporate valuation skills
KEY QUESTIONS FOR CONISDERATION
1)What are the advantages and disadvantages of going public?
2)What different approaches can be used to value JetBlue's shares?
3)At what price would you recommend that JetBlue offer their shares?
Potential Questions to be addressed in report submission * What is an Initial Public Offering and why is it such a big deal? * Is going public,
particularly at the time they did, a good idea for JetBlue? * What do you ... Show more content on Helpwriting.net ...
Moreover, according to John Owen, JetBlue had prepared the initial registration statement with security and exchange commission (SEC) for the IPO
on September 11, 2001. However, based on the September 11 attacks, they delayed IPO before it came into force. In fact, not only the terrorist attacks
on September 11, 2001, but several events happened negatively affected the global economy during the period of going public for JetBlue. For
example, the contagion of bird flu was quite severe during taking flights, which definitely influenced the demand of flights. The increasing oil price
also raised the basic cost in any transportation industry. Another negative condition could be the economic downturn, including crash of the dot–com
bubble and financial crisis in Asia. From this point

Globalization and its effect on the South African economy...
1. Introduction
"Globalization refers to the shift toward a more integrated and interdependent world economy." [Hill, 2003: pg6] South Africa provides a unique
opportunity to observe the effects of globalization in that the pre democratic period was a period of very little globalization, which can be contrasted
with the democratic period which has been characterised by rapid globalization. This sharp contrast emphasises the effects that globalization has on a
country.
The essay is a longitudinal study that seeks to understand the impact of globalization on the JSE Securities Exchange, since the democratic elections in
South Africa. Firstly this essay will analyse the impact globalization has had on South Africa in general. Then the essay... Show more content on
Helpwriting.net ...
The theory has implications for inequality within a country (Stopler Samuelson) and between countries (Factor Price Equalization). The
Stopler–Samuelson theory, which builds on the Heckscher–Ohlin theory, predicts that with increased trade, the nation's abundant factor will gain and
the scarce factor will lose. In terms of income inequality within a country this means that by increasing trade the lower income group, which control
the abundant and cheap factor would realise an increase in income and the higher income group controlling the scarce resources would see a fall in
income. The assertion by Stopler and Samuelson that increased trade would cause a decrease in inequality within a country is not strongly supported
by empirical evidence. A study by Dollar and Kraay [2001] shows that in the period between 1960 and 1995, inequality has in fact slightly increased
within countries that the authors have termed "globalizers ".
The empirical evidence, however, does support the Factor–Price Equalization theorem, which states that the movement of factors between countries is
replaced by trade in final goods, thus international trade brings about an equalization of relative factor prices between countries. Dollar and Kraay
[2001] use empirical evidence to

Danshui Essay
The Australasian Accounting Business & Finance Journal, February 2007 Gaffikin: Accounting Research and Theory: the age of neo
–empiricism. Vol.
1, No.1.pp. 1–19.
Accounting Research and Theory: The age of neo–empiricism
Michael Gaffikin, School of Accounting & Finance, University of Wollongong
ABSTRACT The theorising in accounting prior to 1970 was rejected as not providing sufficiently general theories. Informed by theories in economics
and finance (and other disciplines such as psychology) and with the aid of computers, attempts to theorise accounting took a new direction. Large data
collection and analysis emphasized a purportedly more systematic empirical approach to developing theory. Key words: accounting; neo–empiricism; ...
As mentioned, the dominating characteristic was empiricism. It is "neo" (new) because, although earlier research had relied on empiricism in that it
sought to establish "theory" from best practice, the emphasis after 1970 was on a more systematic use of empirical evidence. This was largely made
possible with the availability of large financial databases to which sophisticated statistical techniques were applied to test hypotheses. This, in turn, was
greatly facilitated by the increasing availability and use of computers.
1
The Australasian Accounting Business & Finance Journal, February 2007 Gaffikin: Accounting Research and Theory: the age of neo
–empiricism. Vol.
1, No.1. pp. 1–17.
All neo–empirical accounting research has the underlying assumption of the efficiency of markets – the efficient markets hypothesis (EMH). It is
referred to as an "hypothesis" because despite more than forty years of research designed to test the hypothesis all attempts to date have failed to
confirm it. Therefore, consistent with the generally accepted process of theory construction which states (simply) that a theory is a confirmed
hypothesis, it remains an hypothesis. The EMH emerged in the 1960s from the work of researchers at the University of Chicago trained in economics
and finance and working in the areas known as portfolio theory and employing the capital assets pricing model (CAPM). It was then taken up by
accountants also working and studying at the University of

The And Gas Exploration Corporation
Frankie Yankovich, who is a registered securities broker employed by Blanche Carte INC., made statements to potential investors that he had inside
information about GLUT. GLUT is an Oil & Gas Exploration Corporation whose stock was traded in the over–the–counter market. The statements
made by Yankovich include (1) that vast amounts of gold had been discovered in Yukatan and that GLUT had options on thousands of acres in the
gold–producing regions of Yukatan, (2) the discovery was "not publicly known, but would be subsequently announced", and (3) when this information
was made public, GLUT stock would increase to $10.00 to 415.00 within a short period of time and might increase to $100.00 per share within a year.
When these potential ... Show more content on Helpwriting.net ...
A decentralized market, without a central physical location, where market participants trade with one another through various communication modes
such as the telephone, email and proprietary electronic trading systems. In an OTC market, dealers act as market makers by quoting prices at which
they will buy and sell a security or currency. A trade can be executed between two participants in an OTC market without others being aware of the
price at which the transaction was effected, making an OTC market much less transparent than exchanges. OTC markets are also subject to fewer
regulations. OTC markets are primarily used to trade bonds, currencies, derivatives and structured products.
Over the counter markets are less transparent because of the nature of the sale. Securities are sold quite literally over the counter, behind closed doors,
with a negotiated price that are not on the listed exchange. There are also less regulations and usually deal with smaller companies that do not fit the
normal regulations to be listed on the exchange.
Moving forward, the investors are are using Section 10(b) of the Securities Exchange Act as their main defense. The Securities Exchange Act of 1934
was created to provide governance of securities transactions on the secondary market and regulate the exchanges and broker–dealers in order to protect
the investing public. All companies that are listed on stock exchanges must follow these

Relationship Between Financial Development And Economic...
This thesis explores the long run relationship between financial development and economic growth using time series modeling. For each of the four
case–countries three types of Vector Autoregression (VAR) models will be developed except for the case of Serbia where only VAR related to credit
institutions development will be developed since data related to stock market development indicators were unavailable to author. For the case of
Croatia, Slovenia and China three separate VAR models will be applied. First, bivariate VAR model to explore the connection between credit
institutions development and economic growth. Second, bivariate VAR model to explore the connection between stock markets development and
economic growth. Third, ... Show more content on Helpwriting.net ...
Last, China data set is in quarterly observations from 2000 – 2013 totaling 56 observations. Data sets for credit institutions were collected from
Croatian National Bank, Croatian bureau of statistics, Serbian National Bank, Slovenian National Bank and Slovenian bureau of statistics while data
for stock market indicators were collected from Croatian and Slovenian national stock exchange web sites and related yearly publications. Data set for
China was completely provided by research department of IECASS (ABBREVIATON) thanks to the help of Prof. Liu.
3.2.INDEPENDENT VARIABLES
Credit institutions development variables
A wide range of theoretical literature explores the relationships between banks and economic growth. In an ideal world researchers would construct
cross–country variables that would describe banks profitability, corporate governance in place, resource mobilization and allocation and risk
management. Unfortunately until now no standardized measures for a broad spectrum of countries have been developed. That is the main reason why
most of the researchers today uses variables that describe the over–all size of the banking sector by which they proxy for the вЂћfinancial depth"
(Goldsmith, 1969; Mckinnon 1973). M2 (m2) or also known as the broad money is one of the common variables used in exploring the finance–growth
nexus. As defined by investopedia , M2 is the measure of money supply that includes cash and checking deposits, money

A Report On Covenant Capital Management
Covenant Capital Management was founded in 1999, and since then, it increasingly grew its AUM to approximately $300 million for its clients around
the world. The firm's headquarters are located in Nashville; in addition, they have a fully–redundant branch office in Chicago. The founders, Brince
Wilford and Scot Billington, focus their effort on the refinement of their core strategy which has not changed since the inception of the firm. CCM
partners with select institutional clients in the development of customized trading models that achieve specific risk and return stream objectives.
Covenant Capital Management is a 'Boutique' CTA designed to fill the void between small CTA with no track records and huge institutional funds that
are too big to take good care of the small investors. CCM wants to be a CTA that offers the best of both worlds, using innovative trading model that
yields unique and reliable return streams as well as institutional–grade infrastructure. The firm remains small enough to have decent exposure to all
market sectors yet secure enough to have institutional–grade compliance, technology, and back–office services.
The goal of this paper is to explain why CCM's aggressive program is a good alternative to any investor looking to diversify its portfolio. The paper
will be divided in three distinct parts: the operational analysis, the quantitative analysis and a comparison against its peers (including the impact of
CCM in a traditional portfolio).

Initial Public Offering Paper
The focus of this paper is to examine and research the financing issues that an organization must face when going public. The team has selected
Chipotle Mexican Grill, Inc. as the organization which has had an initial public offering in the last three years. The learning team will address
registration, disclosure, and compliance issues and cost of issuance. In addition, the team will examine the impact on ownership control and return as
well as the source and application of funds.
Financing Issues that an Organization Faces When Going PublicAn Initial Public Offering (IPO), is extremely expensive for organizations. It is
common for a small business to pay between $50,000 and $250,000 to organize and publicize an offering. According to ... Show more content on
Helpwriting.net ...
(Disclosure ,2008) In Chipotle's SEC filing they disclosed the prospectus statement, financial data, and future plans. Through there prospectus
statement Chipotle makes it clear that they are set apart from other chains by serving "Food with Integrity". However, there are risks involved in
investing, they are as follows: the number of new stores rapidly being established, lack of independent operating history, ability to continue to grow
and profit, and health and safety concerns regarding the ingredients used among others. Although the risk factors are in place, Chipotle's financial
data provides more assurance of returned profit on investment. In their "Rapidly Improving Financial Performance" section of the SEC filing they
state a 130% increase in revenue in 2004 of 470.7 million up from 2002 and 49% up from 2003. And, average sales in new restaurants after 90 trading
days increased 24.9% a total of $303,390. From 2002–2004 Chipotle opened a total of 237 stores. Their increased financial growth is attributed to
"word–of–mouth" sales and quicker implementation of Chipotle culture in the area of the new restaurant. Also, more people are aware of Chipotle,
thus increasing average opening sales.( Form S–1/A ,2005) The future plans of Chipotle is to expand operations and sales by opening new stores. They
forecast opening a total of 75 stores in 2005 of which 58 were already opened at the time of the SEC filing. In order to expand sales they plan to

Supplemental Credit Union Office Procedures
SECTION 7. SUPPLEMENTAL CREDIT UNION OFFICE PROCEDURES
Financial Advisors within the credit union environment have a unique situation. This section details items Advisors need to know, understand and
utilize when in the credit union environment. Several important guidelines must be followed:
1. All broker/dealer activities must be handled by registered personal only. Non–registered personnel may assist in clearly defined administrative duties,
and no others.
2. All securities–related incoming mail must be handled by a person who has been fingerprinted and is an associated person with FINRA through
Navy Federal Brokerage Services, LLC. S/he must be fingerprinted, complete a portion of Form U–4 for registration as an associated person with ...
4. All sales and/or promotional material must clearly indicate Navy Federal Brokerage Services, LLC is an independent subsidiary, and not a division
within any credit union.
The Financial Advisor must know the credit union, its members and its programs, and at the same time keep Navy Federal Brokerage Services, LLC,
products and programs separate from the credit union products and programs. The procedures in this Section are designed to assist the advisor and
credit union in avoiding potential conflict.
Section 7.1 Introduction
This part of the Compliance Manual is intended to provide Financial Advisors and employees of credit unions (who are not advisors) with instructions
and guidance regarding their conduct with respect to marketing Navy Federal Brokerage Services, LLC financial services program. Careful adherence
to these guidelines and instructions ensures that the credit union and Navy Federal Brokerage Services, LLC and their employees meet applicable legal
and regulatory requirements. It also ensures that program customers fully understand the separation between the credit union and Navy Federal
Brokerage Services, LLC.
Each non–associated or non–registered person working with or assisting a Financial Advisor should also read this section. It is the

Should You Buy Lloyds Shares?
1 – Should you buy Lloyds shares?
Lloyds are a high street bank that has been through the ringer during recent years, having not faired particularly well in the post credit–crisis era.
However, it seems that under governmental control Lloyds has stabilised as a banking outfit. Financially the bank is now on level footing, while they
have also re–entered the stock market fray to moderate success with a notable public offering of Lloyds shares. As Lloyds shares continue to float
around investors portfolios, it seems that the door is being opened for those who have already invested to buy more at a discounted rate. By all
accounts ВЈ2 billion in Lloyds shares will be up for grabs during Spring 2016, with current investors being given 5% discount on any additional stock
purchased.
Everyone knows that savvy traders are constantly on the hunt for a bargain, which is exactly what Lloyds shares could represent given the deal
being offered. Breaking down its credentials, Lloyds shares traded at 77.4p during October 2015, taking that figure as an example, a 5% discount
would bring the cost of Lloyds shares down to 73.5p. While the 5% is considered the key incentive to buy, it doesn't stand alone as the only incentive.
The ВЈ2 billion sale of Lloyds shares, also has a '1–for–10 bonus' attached to it, should a trader hang on to the shares they acquire for longer than 12
months. Should a trader opt in on all bonus incentives, taking the aforementioned price as an example, it could drop

An Overview Of Financial Management And The Financial...
An Overview of Financial Management and the Financial Environment
Matthew Ellsworth
Abstract
Financial Management usually involves the process of planning, organizing and controlling the financial activities of any enterprise to achieve the
goals and objectives in financial terms of that enterprise. The main objectives of financial management would be to create wealth for the business in
terms of movable cash for the organization and to ensure that the target return in investments is meet at all times. The three key elements in financial
management in simple terms may be put as a three step continuous process involving financial planning, financial control and financial
decision–making. In this post, we will discuss the types of company ownerships, the objectives and the derivatives. Overview of Financial Management
and Financial Environment Financial Management is concerned with achieving the overall goals of the business firm by acquiring, financing and
controlling the assets of the firm. Financial Management can be described as an integrated decision–making process as it has a virtual impact on the
achievement of the overall organizational goal. There are three key elements in financial management namely financial planning, financial control and
financial decision–making. In financial planning the management needs to ensure that enough funding is available to meet the requirements of that
business. Financial control is the most important activity which

Find an Example of Product Contamination That Occurred and...
Write up a review of a famous (or not so famous) corporate blunder, which either ruined a company, or dealt it a significant setback. How did the
actions of the various stakeholders affect the incident?
A famous corporate blunder that came to mind was the joint venture between Anheuser–Busch a multinational organization formerly a U.S. own
brewery that held 45 percent of the US beer market and Grupo Modelo a Mexican company that brews the popular beer Corona that held 50 percent of
its home beer market and exported to 124 countries in the globe. Anheuser originally entered into the venture with Modelo with the thought that the
partnership would yield them profit and the access to the distribution of a major imported beer the Corona ... Show more content on Helpwriting.net ...
Modelo's action was unethical they already had a US distributor that had a shared stake in its venture but in my opinion understandable it was about to
face a more competitive global market without the protection of tariffs which were to be phased out under NAFTA. Anheuser premature announcement
to US distributors about controlling the Corona brand resulted in a setback that affected its own distribution system and subsequent stakeholders.
Write up a review of a famous (or not so famous) corporate blunder, which either ruined a company, or dealt it a significant setback. How did the
actions of the various stakeholders affect the incident?
The disastrous joint venture was an unfortunate event but could have been reasonable foreseen with the contract having significant redundancies.
Anheuser recovered and equally survived via acquisition by the Belgium based company InBev SA becoming a wholly own subsidiary that operates
12 breweries in the United States and has a close working relationship with 500 independent wholesalers that provides extraordinary service to
retailers. A joint venture is a major risk especially ventures between a local and foreign partner which in some cases forces them to rescind a business
venture. However, there are methods that can be implemented to reduce damages or in Anheuser–Busch case the potential of a repeat incident. There
should be

cultural differences between India and Canada
SUMMER INTERNSHIP PROJECT REPORT on "A STUDY OF EQUITY & DERIVATIVE AND COMPARATIVE ANALYSIS BETWEEN THEM"
Submitted to SMC Global Securities Limited SMC GLOBAL SECURITIES LIMITED Introduction SMC Group is one of the leading financial
services and investment providers. It was founded in 1990 by Mr Subhash. C. Aggrawal , FCA and Mr Mahesh. C. Gupta, FCA. It has been rated as
India's best equity broker and best currency broker and best broking house with the largest distribution network. Over the years it has expanded its
operations both... Show more content on Helpwriting.net ...
Innovation in offerings, Branding, Research and Arbitrage are his forte. He has more than 20 years of wide and rich experience in Equity and
Commodity Broking and Arbitrage. He is an eminent speaker and regularly presents his views and expertise on various market related issues through
print and television media. He is also a fellow member of the Institute of Chartered Accountants of India. He is the Immediate Past President of
Commodity Participants Association of India. Mr PRADEEP KUMAR AGGARWAL Mr. Pradeep Kumar Aggarwal Whole Time Director
– SMC
Global Securities Limited; Director– SMC Comtrade Ltd.) Mr. Pradeep Aggarwal is a self motivated person having a professional approach
emphasising on ethics and integrity. He possesses excellent communication and inter–personal skills & operates collaboratively with his team members
to achieve a common goal. With an experience of more than 17 years in equity and commodity market, he innovates, develops and effectively
implements new ideas for the growth and progress of the Arbitrage business of the company's Securities and Commodities business. Mr Aggarwal is a
person with unmatched sharp calculative skills and analytical bent of mind. Mr AJAY GARG Mr. Ajay Garg (Whole Time Director
– SMC Global
Securities Limited & Director–SMC Insurance Brokers Pvt Ltd.) Mr. Ajay Garg is a fellow member of the Institute of Chartered Accountants of India
(ICAI). He has a wide

Questions On Initial Public Offerings
Isaac Smith Sinha: FIN 494 4/23/15 Initial Public Offerings Introduction: Initial Public Offerings are when any type of security is sold to the
public for the first time within a company's history. The main reason for this is to hope that a liquid market will grow within this security, where
people are trading shares on a daily basis. The reason that I have decided to do research on IPO's is because it sounds very simple, yet there are
many things that must be done in order to reach a point to offer an IPO and there are also many ups and downs for companies to weigh to see if it
is worth taking their security to the general public. Throughout this paper I will introduce to you why company's want to issue IPO's, how they do
it, and how they try to create the initial price per share. Along with those key ideas, I will talk about why most IPO's are underpriced when they go
to market, price changes once on the market, and lockup agreements. Finally, I am going to give a few examples of recent IPO's such as Facebook
and Sportsman's Warehouse, and other IPO "fallouts." Why do firms want to go public? As noted above an IPO occurs when a security is sold to the
public for the first time. Most firms start out generating equity privately from a relatively low amount of investors. With this type of funding there is
no liquid market for any of the shareholders to sell their stock within a privately funded company. When companies decide that they need to raise more
capital than what

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