Coc computation
•
0 likes•110 views
This document discusses methods for computing the cost of various sources of capital, including debt, preferred shares, equity, and retained earnings. It provides formulas for calculating the cost of irredeemable and redeemable debt, irredeemable and redeemable preferred shares, equity using dividend yield and dividend yield plus growth methods, and retained earnings. The document concludes by defining the weighted average cost of capital as the weighted sum of the costs of each source of capital.
Report
Share
Report
Share
Download to read offline
Recommended
4#Rate analysis
The document discusses how to calculate the total cost of a construction project by adding together the cost of materials, labor, sundries, water charges, and contractor's profit to get the total cost, and then dividing the total cost by 10 to determine the cost per cubic meter.
Composites Final Presentation
Final Project presentation for Advanced Fiber Reinforced Composites Class. The project was to design a pressure vessel, minimizing cost and materials.
Co caktu
Cost of Capital is the minimum rate expected by investors on capital expenditures. It is important for capital budgeting, capital structure decisions, performance appraisal, and other financial decisions. The cost of capital is affected by the cost of equity, cost of debt, government policy, floatation cost, leverage, and profitability. There are different types of cost of capital including historical vs future, specific vs composite, explicit vs implicit, average vs marginal, and shut down vs sunk cost.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are private contracts, and futures, which are exchange-traded standardized contracts. Derivatives markets originated in the middle ages and the Chicago Board of Trade was the first formal exchange established in 1848 to trade agricultural commodity derivatives. The Chicago Mercantile Exchange was later established in 1874 and also trades futures on currencies, interest rates, stock indices and other commodities.
Finance intro
Financial management involves procuring funds in an economic manner and employing them optimally to maximize shareholder returns. Key functions include estimating financial requirements, making investment and financing decisions, managing capital structure and cash, analyzing financial statements, and providing tax and advisory services to top management. Routine tasks encompass overseeing cash flows, safeguarding securities, record keeping, and coordinating new financing. The field transitioned after 1950 from a traditional focus on operational and episodic funding to a modern emphasis on analytical portfolio, leverage, and capital structure theories.
Int rate swap
An interest rate swap is an agreement between two parties to exchange interest rate payments over time. There are several types of interest rate swaps, including plain vanilla swaps where a floating rate is exchanged for a fixed rate. Basis swaps allow the exchange of variable rates tied to different reference rates, such as LIBOR and treasury bill rates. An example shows how an interest rate swap could benefit companies A and B - company A pays a fixed 8% instead of a floating LIBOR+1%, while company B pays a floating LIBOR+3% instead of a fixed 12%, reducing their combined interest costs.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are private contracts, and futures, which are exchange-traded standardized contracts. Derivatives markets originated in the middle ages and the Chicago Board of Trade was the first formal exchange established in 1848 to trade agricultural commodity derivatives. The Chicago Mercantile Exchange was later established in 1874 and also trades futures on currencies, interest rates, stock indices and other commodities.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are customized bilateral contracts, and futures, which are standardized contracts traded on exchanges. A key feature of derivatives is that their value changes in response to changes in the price of the underlying asset. Exchanges help make derivatives markets liquid with lower transaction costs.
Recommended
4#Rate analysis
The document discusses how to calculate the total cost of a construction project by adding together the cost of materials, labor, sundries, water charges, and contractor's profit to get the total cost, and then dividing the total cost by 10 to determine the cost per cubic meter.
Composites Final Presentation
Final Project presentation for Advanced Fiber Reinforced Composites Class. The project was to design a pressure vessel, minimizing cost and materials.
Co caktu
Cost of Capital is the minimum rate expected by investors on capital expenditures. It is important for capital budgeting, capital structure decisions, performance appraisal, and other financial decisions. The cost of capital is affected by the cost of equity, cost of debt, government policy, floatation cost, leverage, and profitability. There are different types of cost of capital including historical vs future, specific vs composite, explicit vs implicit, average vs marginal, and shut down vs sunk cost.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are private contracts, and futures, which are exchange-traded standardized contracts. Derivatives markets originated in the middle ages and the Chicago Board of Trade was the first formal exchange established in 1848 to trade agricultural commodity derivatives. The Chicago Mercantile Exchange was later established in 1874 and also trades futures on currencies, interest rates, stock indices and other commodities.
Finance intro
Financial management involves procuring funds in an economic manner and employing them optimally to maximize shareholder returns. Key functions include estimating financial requirements, making investment and financing decisions, managing capital structure and cash, analyzing financial statements, and providing tax and advisory services to top management. Routine tasks encompass overseeing cash flows, safeguarding securities, record keeping, and coordinating new financing. The field transitioned after 1950 from a traditional focus on operational and episodic funding to a modern emphasis on analytical portfolio, leverage, and capital structure theories.
Int rate swap
An interest rate swap is an agreement between two parties to exchange interest rate payments over time. There are several types of interest rate swaps, including plain vanilla swaps where a floating rate is exchanged for a fixed rate. Basis swaps allow the exchange of variable rates tied to different reference rates, such as LIBOR and treasury bill rates. An example shows how an interest rate swap could benefit companies A and B - company A pays a fixed 8% instead of a floating LIBOR+1%, while company B pays a floating LIBOR+3% instead of a fixed 12%, reducing their combined interest costs.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are private contracts, and futures, which are exchange-traded standardized contracts. Derivatives markets originated in the middle ages and the Chicago Board of Trade was the first formal exchange established in 1848 to trade agricultural commodity derivatives. The Chicago Mercantile Exchange was later established in 1874 and also trades futures on currencies, interest rates, stock indices and other commodities.
Intro to derivatives
Derivatives are financial instruments whose value is based on an underlying asset such as commodities, precious metals, currencies, bonds or stock indices. The two main types are forwards, which are customized bilateral contracts, and futures, which are standardized contracts traded on exchanges. A key feature of derivatives is that their value changes in response to changes in the price of the underlying asset. Exchanges help make derivatives markets liquid with lower transaction costs.
Net operating income approach
This document discusses the net operating income approach for valuing a company. The net operating income approach suggests that changes in a company's capital structure do not affect its market value. It assumes the market value of the firm as a whole remains constant, the overall cost of capital remains constant at different debt-equity mixes, and there is no corporate tax rate. The document then provides a question asking to prove the net operating income approach for a company that raises additional debt.
Swap
Swap is an agreement between two counterparties to exchange cash flows in the future, such as interest payments or currencies. The origin of swap markets can be traced to the 1970s when countries imposed exchange controls. In the 1980s, some countries liberalized exchange regulations and multinational corporations started structuring new financial products known as swaps, such as the first swap between IBM and the World Bank in 1981. Swaps standardize documentation and introduced new types of swaps through the 1980s and 1990s. Swaps provide benefits like risk management but also have disadvantages like difficulty finding a counterparty and default risk.
Optimal capital structure
The document discusses optimal capital structure and how to minimize a firm's cost of capital and maximize its value. It explains that optimal capital structure is a mix of debt and equity that balances leverage, minimizes risk, maximizes returns, preserves control, and has a minimum fixed cost burden. The document also includes an illustration of how the cost of debt and equity change at different debt-to-capital ratios and how this affects the overall composite cost of capital.
M&m2
This document summarizes Modigliani & Miller's capital structure theory. It discusses two key aspects of their approach:
1) In the absence of taxes, the capital structure of a company is irrelevant as arbitrage will cause identical firms to have the same market value regardless of debt use. Investors can replicate corporate financing decisions individually.
2) When corporate taxes exist, the value of a company increases with debt as interest payments are tax deductible, lowering the overall cost of capital. The value of a levered firm equals the value of an unlevered firm plus the present value of tax shields provided by debt.
3) An example calculation is provided to illustrate how to determine the value of an unlever
Straddles and strangles
Straddles and strangles are options strategies that allow investors to benefit from price movements in either direction of an underlying asset. A straddle uses the same strike price for a call and put option, while a strangle uses different strike prices. For a long straddle/strangle, maximum loss is limited to the premium paid, while reward is unlimited. For a short straddle/strangle, risk is unlimited as losses exceed the premium received, while reward is limited to the premium. Both strategies have two break-even price points.
Put call aprity 2(numerical)
According to the put-call parity relationship, the price of a European put option with a strike price of $50 and expiration in one month should be $3, given that the corresponding call option trades for $5, the risk-free rate is 2%, and the spot price of the underlying asset (crude oil) is $52. The put-call parity relationship states that the call price minus the put price should equal the forward price minus the strike price, discounted to the present value using the risk-free rate.
Put call aprity 2(numerical)
According to the put-call parity relationship, the price of a European put option with a strike price of $50 and expiration in one month should be $3, given that the corresponding call option trades for $5, the risk-free rate is 2%, and the spot price of the underlying asset (crude oil) is $52. The put-call parity relationship states that the call price minus the put price should equal the forward price minus the strike price, discounted to the present value using the risk-free rate.
Net operating income approach
The Net Operating Income Approach suggests that a firm's capital structure and use of leverage is irrelevant to the total value or market price of the firm. It also claims that the overall cost of capital remains constant regardless of leverage. Key assumptions are that there are no taxes, debt costs remain constant, and the overall cost remains constant. An example shows that even if leverage increases from $200k to $300k debt, the total firm value, stock price, and overall cost of capital remain the same at $400k, proving the approach's claim of irrelevance.
Modigliani & miller approach
The document discusses Modigliani & Miller's capital structure theory. It states that according to their approach from the 1950s, a firm's valuation is irrelevant to its capital structure. Whether a firm is highly leveraged or has low debt, its market value depends solely on operating profits, not capital structure.
The document then explains arbitrage as the process that justifies this hypothesis. Arbitrage involves buying securities cheaply and selling them where prices are higher, restoring market equilibrium. This implies that identical securities cannot sell at different prices.
Finally, the document outlines the assumptions of M&M's original proposition that capital structure does not affect valuation, and how relaxing those assumptions in proposition two introduces factors like
Traditional approach
The document discusses the traditional approach to capital structure theory. According to the traditional approach, a firm's weighted average cost of capital and market value are related to the proportion of debt in its capital structure. The theory holds that initially increasing debt can reduce costs and increase firm value, but beyond a certain point, higher financial risk from more debt will increase costs. Assumptions include interest rates rising with more debt while expected equity returns initially stay constant then rise with perceived financial risk. An example computation illustrates how costs and values change with different debt levels.
Option hedging strategiespart1
Options can be used as hedging strategies to reduce investment risk. Hedging involves taking an offsetting investment position to limit losses from the primary position. One hedging strategy is covered calls, where an investor writes call options against a long stock position to generate income from premiums while limiting upside potential to the strike price in exchange for downside protection. The main risk is opportunity cost if the stock rises rapidly above the strike price.
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Sources of Revenue for State Government - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide on Sources of Revenue for State GovernmentWho Is the Largest Producer of Soybean in India Now.pdf
This blog explores the current largest producer of soybean in India and the factors contributing to their dominance.
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
UCSB毕业证文凭证书【微信95270640】办理圣芭芭拉分校毕业证成绩单（Q微信95270640）毕业证学历认证OFFER专卖国外文凭学历学位证书办理澳洲文凭|澳洲毕业证,澳洲学历认证,澳洲成绩单 澳洲offer,教育部学历认证及使馆认证永久可查 ,国外毕业证|国外学历认证,国外学历文凭证书 UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，专业为留学生办理毕业证、成绩单、使馆留学回国人员证明、教育部学历学位认证、录取通知书、Offer、
【实体公司】办圣芭芭拉分校圣芭芭拉分校毕业证成绩单学历认证学位证文凭认证办留信网认证办留服认证办教育部认证（网上可查实体公司专业可靠）
— — — 留学归国服务中心 — — -
【主营项目】
一.圣芭芭拉分校毕业证成绩单使馆认证教育部认证成绩单等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
国外毕业证学位证成绩单办理流程：
1客户提供圣芭芭拉分校圣芭芭拉分校毕业证成绩单办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。
专业服务请勿犹豫联系我！本公司是留学创业和海归创业者们的桥梁。一次办理终生受用一步到位高效服务。详情请在线咨询办理,欢迎有诚意办理的客户咨询!洽谈。
招聘代理：本公司诚聘英国加拿大澳洲新西兰美国法国德国新加坡各地代理人员如果你有业余时间有兴趣就请联系我们咨询顾问：+微信:95270640田里逡巡一番抱起一只硕大的西瓜用石刀劈开抑或用拳头砸开每人抱起一大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山室
1. Elemental Economics - Introduction to mining.pdf
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
How will new technology fields affect economic trade?
More Related Content
More from TaruMaheshwari3
Net operating income approach
This document discusses the net operating income approach for valuing a company. The net operating income approach suggests that changes in a company's capital structure do not affect its market value. It assumes the market value of the firm as a whole remains constant, the overall cost of capital remains constant at different debt-equity mixes, and there is no corporate tax rate. The document then provides a question asking to prove the net operating income approach for a company that raises additional debt.
Swap
Swap is an agreement between two counterparties to exchange cash flows in the future, such as interest payments or currencies. The origin of swap markets can be traced to the 1970s when countries imposed exchange controls. In the 1980s, some countries liberalized exchange regulations and multinational corporations started structuring new financial products known as swaps, such as the first swap between IBM and the World Bank in 1981. Swaps standardize documentation and introduced new types of swaps through the 1980s and 1990s. Swaps provide benefits like risk management but also have disadvantages like difficulty finding a counterparty and default risk.
Optimal capital structure
The document discusses optimal capital structure and how to minimize a firm's cost of capital and maximize its value. It explains that optimal capital structure is a mix of debt and equity that balances leverage, minimizes risk, maximizes returns, preserves control, and has a minimum fixed cost burden. The document also includes an illustration of how the cost of debt and equity change at different debt-to-capital ratios and how this affects the overall composite cost of capital.
M&m2
This document summarizes Modigliani & Miller's capital structure theory. It discusses two key aspects of their approach:
1) In the absence of taxes, the capital structure of a company is irrelevant as arbitrage will cause identical firms to have the same market value regardless of debt use. Investors can replicate corporate financing decisions individually.
2) When corporate taxes exist, the value of a company increases with debt as interest payments are tax deductible, lowering the overall cost of capital. The value of a levered firm equals the value of an unlevered firm plus the present value of tax shields provided by debt.
3) An example calculation is provided to illustrate how to determine the value of an unlever
Straddles and strangles
Straddles and strangles are options strategies that allow investors to benefit from price movements in either direction of an underlying asset. A straddle uses the same strike price for a call and put option, while a strangle uses different strike prices. For a long straddle/strangle, maximum loss is limited to the premium paid, while reward is unlimited. For a short straddle/strangle, risk is unlimited as losses exceed the premium received, while reward is limited to the premium. Both strategies have two break-even price points.
Put call aprity 2(numerical)
According to the put-call parity relationship, the price of a European put option with a strike price of $50 and expiration in one month should be $3, given that the corresponding call option trades for $5, the risk-free rate is 2%, and the spot price of the underlying asset (crude oil) is $52. The put-call parity relationship states that the call price minus the put price should equal the forward price minus the strike price, discounted to the present value using the risk-free rate.
Put call aprity 2(numerical)
According to the put-call parity relationship, the price of a European put option with a strike price of $50 and expiration in one month should be $3, given that the corresponding call option trades for $5, the risk-free rate is 2%, and the spot price of the underlying asset (crude oil) is $52. The put-call parity relationship states that the call price minus the put price should equal the forward price minus the strike price, discounted to the present value using the risk-free rate.
Net operating income approach
The Net Operating Income Approach suggests that a firm's capital structure and use of leverage is irrelevant to the total value or market price of the firm. It also claims that the overall cost of capital remains constant regardless of leverage. Key assumptions are that there are no taxes, debt costs remain constant, and the overall cost remains constant. An example shows that even if leverage increases from $200k to $300k debt, the total firm value, stock price, and overall cost of capital remain the same at $400k, proving the approach's claim of irrelevance.
Modigliani & miller approach
The document discusses Modigliani & Miller's capital structure theory. It states that according to their approach from the 1950s, a firm's valuation is irrelevant to its capital structure. Whether a firm is highly leveraged or has low debt, its market value depends solely on operating profits, not capital structure.
The document then explains arbitrage as the process that justifies this hypothesis. Arbitrage involves buying securities cheaply and selling them where prices are higher, restoring market equilibrium. This implies that identical securities cannot sell at different prices.
Finally, the document outlines the assumptions of M&M's original proposition that capital structure does not affect valuation, and how relaxing those assumptions in proposition two introduces factors like
Traditional approach
The document discusses the traditional approach to capital structure theory. According to the traditional approach, a firm's weighted average cost of capital and market value are related to the proportion of debt in its capital structure. The theory holds that initially increasing debt can reduce costs and increase firm value, but beyond a certain point, higher financial risk from more debt will increase costs. Assumptions include interest rates rising with more debt while expected equity returns initially stay constant then rise with perceived financial risk. An example computation illustrates how costs and values change with different debt levels.
Option hedging strategiespart1
Options can be used as hedging strategies to reduce investment risk. Hedging involves taking an offsetting investment position to limit losses from the primary position. One hedging strategy is covered calls, where an investor writes call options against a long stock position to generate income from premiums while limiting upside potential to the strike price in exchange for downside protection. The main risk is opportunity cost if the stock rises rapidly above the strike price.
More from TaruMaheshwari3 (11)
Recently uploaded
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Sources of Revenue for State Government - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide on Sources of Revenue for State GovernmentWho Is the Largest Producer of Soybean in India Now.pdf
This blog explores the current largest producer of soybean in India and the factors contributing to their dominance.
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
UCSB毕业证文凭证书【微信95270640】办理圣芭芭拉分校毕业证成绩单（Q微信95270640）毕业证学历认证OFFER专卖国外文凭学历学位证书办理澳洲文凭|澳洲毕业证,澳洲学历认证,澳洲成绩单 澳洲offer,教育部学历认证及使馆认证永久可查 ,国外毕业证|国外学历认证,国外学历文凭证书 UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，专业为留学生办理毕业证、成绩单、使馆留学回国人员证明、教育部学历学位认证、录取通知书、Offer、
【实体公司】办圣芭芭拉分校圣芭芭拉分校毕业证成绩单学历认证学位证文凭认证办留信网认证办留服认证办教育部认证（网上可查实体公司专业可靠）
— — — 留学归国服务中心 — — -
【主营项目】
一.圣芭芭拉分校毕业证成绩单使馆认证教育部认证成绩单等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
国外毕业证学位证成绩单办理流程：
1客户提供圣芭芭拉分校圣芭芭拉分校毕业证成绩单办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。
专业服务请勿犹豫联系我！本公司是留学创业和海归创业者们的桥梁。一次办理终生受用一步到位高效服务。详情请在线咨询办理,欢迎有诚意办理的客户咨询!洽谈。
招聘代理：本公司诚聘英国加拿大澳洲新西兰美国法国德国新加坡各地代理人员如果你有业余时间有兴趣就请联系我们咨询顾问：+微信:95270640田里逡巡一番抱起一只硕大的西瓜用石刀劈开抑或用拳头砸开每人抱起一大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山室
1. Elemental Economics - Introduction to mining.pdf
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
How will new technology fields affect economic trade?
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdf
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...University of Calabria
The study analyzes differences and primary drivers of green performance between family firms and non-family firms
一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
GWU,GW毕业证录取书【微信95270640】一比一伪造加利福尼亚大学|尔湾分校文凭@假冒GWU,GW毕业证成绩单+Q微信95270640办理GWU,GW学位证书@仿造GWU,GW毕业文凭证书@购买加利福尼亚大学|尔湾分校毕业证成绩单GWU,GW真实使馆认证/真实留信认证回国人员证明
全套服务：加利福尼亚大学|尔湾分校加利福尼亚大学|尔湾分校毕业证成绩单真实回国人员证明 #真实教育部认证。让您回国发展信心十足#铸就十年品质！信誉！实体公司！可以视频看办公环境样板如需办理真实可查可以先到公司面谈勿轻信小中介黑作坊！
可以提供加利福尼亚大学|尔湾分校钢印 #水印 #烫金 #激光防伪 #凹凸版 #最新版的毕业证 #百分之百让您绝对满意
印刷DHL快递毕业证 #成绩单7个工作日真实大使馆教育部认证1个月。为了达到高水准高效率
请您先以qq或微信的方式对我们的服务进行了解后如果有加利福尼亚大学|尔湾分校加利福尼亚大学|尔湾分校毕业证成绩单帮助再进行电话咨询。
国外毕业证学位证成绩单如何办理：
1客户提供办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作加利福尼亚大学|尔湾分校毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。口水苦涩无比山娃一边游泳一边念念不忘那元门票尤令山娃气愤的是泳池老板居然硬让父亲买了一大一小二条巴掌般大的裤衩衩走出泳池山娃感觉透身粘粘乎乎散发着药水味有点痒山娃顿时留恋起家乡的小河潺潺活水清凉无比日子就这样孤寂而快乐地过着寂寞之余山娃最神往最开心就是晚上无论多晚多累父亲总要携山娃出去兜风逛夜市流光溢彩人潮涌动的都市夜生活总让山娃目不暇接惊叹不已父亲老问山娃想买什么想吃什么山娃知道父亲赚钱很辛苦在
SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptx
SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
一比一原版(IC毕业证)帝国理工大学毕业证如何办理
IC毕业证文凭证书【微信95270640】一比一伪造帝国理工大学文凭@假冒IC毕业证成绩单+Q微信95270640办理IC学位证书@仿造IC毕业文凭证书@购买帝国理工大学毕业证成绩单IC真实使馆认证/真实留信认证回国人员证明
如果您是以下情况，我们都能竭诚为您解决实际问题：【公司采用定金+余款的付款流程，以最大化保障您的利益，让您放心无忧】
1、在校期间，因各种原因未能顺利毕业，拿不到官方毕业证+微信95270640
2、面对父母的压力，希望尽快拿到帝国理工大学帝国理工大学毕业证学历书；
3、不清楚流程以及材料该如何准备帝国理工大学帝国理工大学毕业证学历书；
4、回国时间很长，忘记办理；
5、回国马上就要找工作，办给用人单位看；
6、企事业单位必须要求办理的；
面向美国乔治城大学毕业留学生提供以下服务:
【★帝国理工大学帝国理工大学毕业证学历书毕业证、成绩单等全套材料，从防伪到印刷，从水印到钢印烫金，与学校100%相同】
【★真实使馆认证（留学人员回国证明），使馆存档可通过大使馆查询确认】
【★真实教育部认证，教育部存档，教育部留服网站可查】
【★真实留信认证，留信网入库存档，可查帝国理工大学帝国理工大学毕业证学历书】
我们从事工作十余年的有着丰富经验的业务顾问，熟悉海外各国大学的学制及教育体系，并且以挂科生解决毕业材料不全问题为基础，为客户量身定制1对1方案，未能毕业的回国留学生成功搭建回国顺利发展所需的桥梁。我们一直努力以高品质的教育为起点，以诚信、专业、高效、创新作为一切的行动宗旨，始终把“诚信为主、质量为本、客户第一”作为我们全部工作的出发点和归宿点。同时为海内外留学生提供大学毕业证购买、补办成绩单及各类分数修改等服务；归国认证方面，提供《留信网入库》申请、《国外学历学位认证》申请以及真实学籍办理等服务，帮助众多莘莘学子实现了一个又一个梦想。
专业服务，请勿犹豫联系我
如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交
诚招代理：本公司诚聘当地代理人员，如果你有业余时间，或者你有同学朋友需要，有兴趣就请联系我
你赢我赢，共创双赢
你做代理，可以帮助帝国理工大学同学朋友
你做代理，可以拯救帝国理工大学失足青年
你做代理，可以挽救帝国理工大学一个个人才
你做代理，你将是别人人生帝国理工大学的转折点
你做代理，可以改变自己，改变他人，给他人和自己一个机会美景更增添一份性感夹杂着一份纯洁的妖娆毫无违和感实在给人带来一份悠然幸福的心情如果说现在的审美已经断然拒绝了无声的话那么在树林间飞掠而过的小鸟叽叽咋咋的叫声是否就是这最后的点睛之笔悠然走在林间的小路上宁静与清香一丝丝的盛夏气息吸入身体昔日生活里的繁忙与焦躁早已淡然无存心中满是悠然清淡的芳菲身体不由的轻松脚步也感到无比的轻快走出这盘栾交错的小道眼前是连绵不绝的山峦浩荡天地间大自然毫无吝啬的展现它的达
1：1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
原版一模一样【微信：741003700 】【加拿大麦吉尔大学毕业证硕士学历证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
This assessment plan proposal is to outline a structured approach to evaluati...
This assessment plan proposal is to outline a structured approach to evaluati...lamluanvan.net Viết thuê luận văn
Luận Văn Group hỗ trợ viết luận văn thạc sĩ,chuyên đề,khóa luận tốt nghiệp, báo cáo thực tập, Assignment, Essay
Zalo/Sdt 0967 538 624/ 0886 091 915 Website:lamluanvan.net
Tham gia nhóm hỗ trợ viết bài fb: https://www.facebook.com/groups/285625754522599?locale=vi_VNRecently uploaded (20)
Applying the Global Internal Audit Standards_AIS.pdf
Applying the Global Internal Audit Standards_AIS.pdf
Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
Sources of Revenue for State Government - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptx
Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdf
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdf
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
This assessment plan proposal is to outline a structured approach to evaluati...
This assessment plan proposal is to outline a structured approach to evaluati...
Coc computation
- 1. Financial Management(KMB204) Computation of Cost of Capital Prepared by : Taru Maheshwari Sr.Asstt.Prof. ABESEC AKTU (Lucknow)
- 2. Cost of Debantures • Cost of Irredeemable Debt Kdb= I/ NP *100 • Cost of Irredeemable Debt Kda = Kdb(1-tax rate) • Cost of Redeemable Debt Kdb = Interest + (P-NP)/N / ½ (P+NP) Kda = Kdb(1-tax rate)
- 3. • Cost of Irredeemable Pref share Kp= D/P or NP • Cost of Redeemable Pref Share Kp = D + MV-NP/N / ½(MV+NP)
- 4. Cost of Equity • Dividend yield Method Ke = D/MP or D/NP • Dividend yield plus growthMethod Ke = D/MP +G • Earning Yield Method = EPS / NP or MP per share
- 5. Cost of Retained Earning • Kr= (D/ NP +G)(1-t)(1-b) • Weighted Average Cost of Capital Kr= ΣXW / ΣW