Daily Price RecordBoeing Co (The) [BA] 09702310 ActiveFrom 1/1/2012 to 12/31/2014As of 01/19/15 10:05 AMDateDividend IndicatorVolumeHigh PriceLow PriceClose PriceAdjusted Close PriceQ1 Avg Adj Close Price1/2/0865784657574.1274.2274.2274.901/3/08492286374.673.5974.3374.331/4/08678788873.972.7473.5373.531/5/08476023774.2772.9573.9873.981/8/08446918374.8774.1874.5374.531/9/08462224875.3474.575751/10/08308236074.9574.2374.7474.741/11/08393279575.6974.7875.5175.511/12/08464091275.274.1674.674.61/16/0836994197675.1475.2475.241/17/08418691175.4574.7775.0675.061/18/08539656575.9275.175.5675.561/19/08455206975.975.1475.5275.521/22/08408322376.3775.3275.5175.511/23/08493428675.6274.675.3675.361/24/081404907076.772.8575.8275.821/25/08418730976.367575.3175.311/26/08475450475.2374.4174.5574.551/29/08504292274.3573.6874.1674.161/30/08477725175.273.9674.1874.181/31/08429610175.8974.9675.3775.372/1/08352807275.3374.575.2275.222/2/08347206276.7475.8676.3476.342/5/08416078775.5575.1675.4675.462/6/08443852175.3574.375.275.22/7/08X534993775.6574.5175.4675.462/8/08449087376.2375.3775.975.92/9/08336187375.5674.5774.9574.952/12/08345409375.5174.7574.8574.852/13/08465194975.5774.975.5675.562/14/084251971767575.2175.212/15/08499123075.4774.8775.2775.272/16/08492723275.5575.0275.3575.352/20/08397808675.9575.0875.7275.722/21/08376474776.375.3176.0676.062/22/08418651276.1775.5275.8575.852/23/08334665976.6475.6376.0676.062/26/08537028475.7875.0175.2175.212/27/08366726075.4174.8175.1675.162/28/08463271875.7274.7574.9574.952/29/08334274175.6374.8675.0875.083/1/08280640975.2874.6374.974.93/4/08415667874.9873.9374.1374.133/5/08542598773.2472.372.5672.563/6/08427894273.772.5173.5273.523/7/08388117674.773.8374.1774.173/8/08553486774.3173.1773.2973.293/11/08283346874.0373.273.673.63/12/08452898974.3573.3874.3174.313/13/08529687675.3874.3175.2375.233/14/08485064675.6374.8875.4375.433/15/08707983275.817575.275.23/18/08268369675.697575.475.43/19/08438395075.4774.5275.1475.143/20/08364403975.4474.875.0175.013/21/08492138074.6673.3773.9273.923/22/08251831474.3473.7573.9773.973/25/08371516075.2374.4775.1875.183/26/08351068475.2574.874.8174.813/27/08341214775.2973.974.3374.333/28/08358751174.1572.9574.0874.083/29/08320411074.4473.7874.3774.37Q2 Avg Adj Close Price4/1/08410448075.4773.6175.1775.1772.584/2/08348590075.1174.1574.6574.654/3/08249042074.1973.4973.6773.674/4/08264017673.8973.373.5973.594/8/08244336172.7972.2772.4372.434/9/08533888772.3170.5970.670.64/10/08509982172.5171.4971.7771.774/11/08393875973.8371.6973.573.54/12/08332906573.3872.3772.9272.924/15/08479998873.1972.372.6872.684/16/08332051974.3673.174.0974.094/17/08224887874.2473.4773.7173.714/18/08372936873.9672.6673.173.14/19/08430201974.0373.173.5573.554/22/08502208373.1372.1772.8672.864/23/08366331073.7472.7773.2173.214/24/081062129077.574.977.0877.084/25/08470474477.276.5576.9976.994/26/08375654477.5776.977.2777.274/29/08581105976.8775.6876.876.84/30/08428765577.8375.8577.2577.255/1/08307345977.576.3477.2677.26.
WalMart Revenue DataDateWal Mart RevenueCPIPersonal ConsumptionRet.docxcelenarouzie
WalMart Revenue DataDateWal Mart RevenueCPIPersonal ConsumptionRetail Sales IndexDecember11/28/0314.764552.77868495301337012/30/0323.106552.1788526435770411/30/0412.131554.9797773028146302/27/0413.628557.9800587828244503/31/0416.722561.5807048031910704/29/0413.98563.2808657931527805/28/0414.388566.4819651632849906/30/0418.111568.2816127132115107/27/0413.764567.5823534932802508/27/0414.296567.6824612132628009/30/0417.169568.78313670313444010/29/0413.915571.98371605319639011/29/0415.739572.212/31/0426.177570.1846202638691811/21/0513.17571.2846944329302702/24/0515.139574.5852068729489203/30/0518.683579856895933896904/29/0514.829582.9865435233562605/25/0515.697582.4864464634540006/28/0520.23582.6872475335106807/28/0515.26585.2883390735188708/26/0515.709588.2882545035589709/30/0518.618595.48882536333652010/31/0515.397596.78911627336662011/28/0517.3845928916377344441012/30/0527.92589.4895547240651011/27/0614.555593.9903436832222202/23/0618.684595.2907924631818403/31/0616.639598.6912384836698904/28/0620.17603.5917518135733405/25/0616.901606.5923857638008506/30/0621.47607.8927050537327907/28/0616.542609.6933887636861108/29/0616.98610.9935265038260009/28/0620.091607.99348494352686010/20/0616.583604.69376027354740011/24/0618.761603.69410758363468012/29/0628.795604.5947853142494611/26/0720.473606.34895403353327970
(a)(a)Linear regression model to predict Wal-Mart revenue, using CPI as the only independent variable.Wal Mart RevenueCPI14.764552.7SUMMARY OUTPUT23.106552.112.131554.9Regression Statistics13.628557.9Multiple R0.337152064516.722561.5R Square0.113671514613.98563.2Adjusted R Square0.089716690714.388566.4Standard Error3.689400614718.111568.2Observations3913.764567.514.296567.6ANOVA17.169568.7dfSSMSFSignificance F13.915571.9Regression164.590745226764.59074522674.74524525690.035825564615.739572.2Residual37503.632045132213.611676895526.177570.1Total38568.22279035913.17571.215.139574.5CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%18.683579Intercept-24.408543760919.2484821488-1.26807628630.2126922535-63.409673215614.5925856938-63.409673215614.592585693814.829582.9X Variable 10.07179155020.03295672132.17835838580.03582556460.00501488990.13856821050.00501488990.138568210515.697582.420.23582.615.26585.215.709588.2RESIDUAL OUTPUT18.618595.415.397596.7ObservationPredicted YResiduals17.384592115.2706460301-0.506646030127.92589.4215.22757117.878428914.555593.9315.4285874405-3.297587440518.684595.2415.6439620911-2.015962091116.639598.6515.90241167180.819588328220.17603.5616.0244573071-2.044457307116.901606.5716.2541902677-1.866190267721.47607.8816.38341505811.727584941916.542609.6916.3331609729-2.569160972916.98610.91016.3403401279-2.044340127920.091607.91116.41931083310.749689166916.583604.61216.6490437938-2.734043793818.761603.61316.6705812588-0.931581258828.795604.51416.51981900349.657180996620.473606.3481516.5987897086-3.4287897086SUMMARY OUTPUT1616.8357018243-1.69670182431717.15876380011.5242361999Regression Statistics181.
This document contains projected income and expenses for a restaurant for the year 2019. It projects monthly and yearly sales for food, beverages and total gross sales. It also projects monthly and yearly costs for cost of goods sold, general and administrative expenses including employee salaries, rent, utilities and other fixed costs. The projections show a controllable monthly profit of over $21,000 and yearly profit of over $241,000 after accounting for all expenses. A schedule is also included showing projected staffing needs by position and hours to support the anticipated sales volumes.
This document provides details on the amenities, unit features, pricing and payment plans for a new state-of-the-art residential condominium development. The condominium will include amenities such as swimming pools, function rooms, a business center, day care center and fitness gym. Unit options include basic 1BR, 2BR and 3BR units, as well as a penthouse unit. Pricing ranges from PHP 4 million for a basic 1BR to over PHP 16 million for the penthouse. Two payment plans are outlined, with options for down payments and installment plans over 2-6 months.
This document contains trigonometric tables that provide reference values for trigonometric functions like sine, cosine, and tangent at common angles in both radians and degrees. It includes a full table of trig values from 0 to 90 degrees/radians as well as a condensed table highlighting the most common angles.
This document contains trigonometric tables that provide reference values for trigonometric functions like sine, cosine, and tangent at common angles in both radians and degrees. It includes a full table of trig values from 0 to 90 degrees/radians as well as a condensed table highlighting the most common angles.
This document contains projected income and expenses for 2017 for a restaurant. It estimates that total annual sales will be $735,420, with $499,800 from food sales and $235,620 from beverage sales. Total annual general and administrative expenses are projected to be $327,191. This would result in controllable annual profit of $184,390 before financing costs. A schedule is also included showing projected staffing needs and hours.
This document provides pricing information for various types of residential properties from different developers in multiple areas, including Alamanda, Bougenville, Vignolia and Ravenia. For each property type, the listing includes the cash price, 12-month installment price, KPR mortgage price with 5% downpayment and 6.5% interest, estimated monthly mortgage payments for various loan periods, estimated transaction fees and minimum initial capital outlay. Property sizes range from 36/72 square meters to 98/240 square meters.
This document contains monthly data on the value of production generated by construction companies in Baja California, Mexico from 2006 to 2012:
- The data is reported in thousands of Mexican pesos and was collected through Mexico's national survey of construction companies.
- A linear regression model and exponential regression model were applied to the data, with the exponential model showing a better fit with an R2 of 0.9845.
- The data and regression models are presented in both tabular and graphical formats, with commentary on the regression results and residual analysis.
WalMart Revenue DataDateWal Mart RevenueCPIPersonal ConsumptionRet.docxcelenarouzie
WalMart Revenue DataDateWal Mart RevenueCPIPersonal ConsumptionRetail Sales IndexDecember11/28/0314.764552.77868495301337012/30/0323.106552.1788526435770411/30/0412.131554.9797773028146302/27/0413.628557.9800587828244503/31/0416.722561.5807048031910704/29/0413.98563.2808657931527805/28/0414.388566.4819651632849906/30/0418.111568.2816127132115107/27/0413.764567.5823534932802508/27/0414.296567.6824612132628009/30/0417.169568.78313670313444010/29/0413.915571.98371605319639011/29/0415.739572.212/31/0426.177570.1846202638691811/21/0513.17571.2846944329302702/24/0515.139574.5852068729489203/30/0518.683579856895933896904/29/0514.829582.9865435233562605/25/0515.697582.4864464634540006/28/0520.23582.6872475335106807/28/0515.26585.2883390735188708/26/0515.709588.2882545035589709/30/0518.618595.48882536333652010/31/0515.397596.78911627336662011/28/0517.3845928916377344441012/30/0527.92589.4895547240651011/27/0614.555593.9903436832222202/23/0618.684595.2907924631818403/31/0616.639598.6912384836698904/28/0620.17603.5917518135733405/25/0616.901606.5923857638008506/30/0621.47607.8927050537327907/28/0616.542609.6933887636861108/29/0616.98610.9935265038260009/28/0620.091607.99348494352686010/20/0616.583604.69376027354740011/24/0618.761603.69410758363468012/29/0628.795604.5947853142494611/26/0720.473606.34895403353327970
(a)(a)Linear regression model to predict Wal-Mart revenue, using CPI as the only independent variable.Wal Mart RevenueCPI14.764552.7SUMMARY OUTPUT23.106552.112.131554.9Regression Statistics13.628557.9Multiple R0.337152064516.722561.5R Square0.113671514613.98563.2Adjusted R Square0.089716690714.388566.4Standard Error3.689400614718.111568.2Observations3913.764567.514.296567.6ANOVA17.169568.7dfSSMSFSignificance F13.915571.9Regression164.590745226764.59074522674.74524525690.035825564615.739572.2Residual37503.632045132213.611676895526.177570.1Total38568.22279035913.17571.215.139574.5CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%18.683579Intercept-24.408543760919.2484821488-1.26807628630.2126922535-63.409673215614.5925856938-63.409673215614.592585693814.829582.9X Variable 10.07179155020.03295672132.17835838580.03582556460.00501488990.13856821050.00501488990.138568210515.697582.420.23582.615.26585.215.709588.2RESIDUAL OUTPUT18.618595.415.397596.7ObservationPredicted YResiduals17.384592115.2706460301-0.506646030127.92589.4215.22757117.878428914.555593.9315.4285874405-3.297587440518.684595.2415.6439620911-2.015962091116.639598.6515.90241167180.819588328220.17603.5616.0244573071-2.044457307116.901606.5716.2541902677-1.866190267721.47607.8816.38341505811.727584941916.542609.6916.3331609729-2.569160972916.98610.91016.3403401279-2.044340127920.091607.91116.41931083310.749689166916.583604.61216.6490437938-2.734043793818.761603.61316.6705812588-0.931581258828.795604.51416.51981900349.657180996620.473606.3481516.5987897086-3.4287897086SUMMARY OUTPUT1616.8357018243-1.69670182431717.15876380011.5242361999Regression Statistics181.
This document contains projected income and expenses for a restaurant for the year 2019. It projects monthly and yearly sales for food, beverages and total gross sales. It also projects monthly and yearly costs for cost of goods sold, general and administrative expenses including employee salaries, rent, utilities and other fixed costs. The projections show a controllable monthly profit of over $21,000 and yearly profit of over $241,000 after accounting for all expenses. A schedule is also included showing projected staffing needs by position and hours to support the anticipated sales volumes.
This document provides details on the amenities, unit features, pricing and payment plans for a new state-of-the-art residential condominium development. The condominium will include amenities such as swimming pools, function rooms, a business center, day care center and fitness gym. Unit options include basic 1BR, 2BR and 3BR units, as well as a penthouse unit. Pricing ranges from PHP 4 million for a basic 1BR to over PHP 16 million for the penthouse. Two payment plans are outlined, with options for down payments and installment plans over 2-6 months.
This document contains trigonometric tables that provide reference values for trigonometric functions like sine, cosine, and tangent at common angles in both radians and degrees. It includes a full table of trig values from 0 to 90 degrees/radians as well as a condensed table highlighting the most common angles.
This document contains trigonometric tables that provide reference values for trigonometric functions like sine, cosine, and tangent at common angles in both radians and degrees. It includes a full table of trig values from 0 to 90 degrees/radians as well as a condensed table highlighting the most common angles.
This document contains projected income and expenses for 2017 for a restaurant. It estimates that total annual sales will be $735,420, with $499,800 from food sales and $235,620 from beverage sales. Total annual general and administrative expenses are projected to be $327,191. This would result in controllable annual profit of $184,390 before financing costs. A schedule is also included showing projected staffing needs and hours.
This document provides pricing information for various types of residential properties from different developers in multiple areas, including Alamanda, Bougenville, Vignolia and Ravenia. For each property type, the listing includes the cash price, 12-month installment price, KPR mortgage price with 5% downpayment and 6.5% interest, estimated monthly mortgage payments for various loan periods, estimated transaction fees and minimum initial capital outlay. Property sizes range from 36/72 square meters to 98/240 square meters.
This document contains monthly data on the value of production generated by construction companies in Baja California, Mexico from 2006 to 2012:
- The data is reported in thousands of Mexican pesos and was collected through Mexico's national survey of construction companies.
- A linear regression model and exponential regression model were applied to the data, with the exponential model showing a better fit with an R2 of 0.9845.
- The data and regression models are presented in both tabular and graphical formats, with commentary on the regression results and residual analysis.
Real Estate Homes Sales Report | Magnolia TX | September 2013Ken Brand
This document summarizes home sales data for the Magnolia, TX area (zip code 77354) from August 2011 to August 2013. It includes charts showing the average and median sold home prices each month, average price per square foot each month, and the average number of days homes spent on the market each month. The data shows that while prices and price per square foot fluctuated from month to month, overall the average home price increased by 6.75% and the average price per square foot increased by 0.32% over the two-year period. The average time on market decreased by 37.79% over this timeframe.
This document summarizes home sales data for the Magnolia, TX area (zip code 77354) from August 2011 to August 2013. It includes charts showing the average and median sold home prices each month, average price per square foot each month, and the average number of days homes spent on the market each month. The data shows that while prices and price per square foot fluctuated from month to month, overall the average home price increased by 6.75% and the average price per square foot increased by 0.32% over the two-year period. The average time on market decreased by 37.79% over this timeframe.
This document summarizes home sales data for the Magnolia, TX area (zip code 77354) from August 2011 to August 2013. It includes charts showing the average and median sold home prices each month, average price per square foot each month, and the average number of days homes spent on the market each month. The data shows that while prices and price per square foot fluctuated from month to month, overall the average home price increased by 6.75% and the average price per square foot increased by 0.32% over the two-year period. The average time on market decreased by 37.79% over this timeframe.
This document provides a table showing the present value of a 1 unit annual annuity for "n" periods using interest rates from 1% to 40%. It was created by Angel Higuerey Gómez in November 2000 to calculate the future value of annuities using different interest rates over varying time periods. The table allows the user to look up the present value factor for any number of periods at any whole percentage interest rate between 1% and 40%.
The document is a list of incomes received in July 2007 from members of a housing cooperative. It details 106 payments received between July 11th and 31st from members in various apartments/departments. The payments were for items like monthly housing fees, utilities, and interest on savings accounts. In total, the cooperative received $8,501.17 for the month of July 2007.
The document contains two tables. The first table provides the compound interest factors (1 + i)^n for interest rates ranging from 1-10% and time periods of 1-20 years. The second table provides the present value and future value factors for a uniform series for interest rates of 1-10% and time periods of 1-20 years.
The document contains a table listing monthly inflation data for Brazil's IGP-M index from January 1989 to October 2008. The table includes the date, accumulated index level, and accumulated percentage change for each month over the 20-year period.
The daily forex report provides the following information:
- The rupee hit a 1-month low against the dollar and local stocks fell as global risk aversion increased.
- Traders are advised to sell EUR/INR below certain levels and targets were achieved.
- Market statistics on various commodities are provided showing opening, high, low, close and change.
- Charts of USD/INR and EUR/INR are shown along with analysis of trends and strategies.
- Upcoming economic data releases from various countries are listed.
Basic Hotel's Accounting Principles #12 Forecasting by Dino LeonandriDINOLEONANDRI
This document discusses forecasting methods for hotel room revenue. It explains that forecasts are used to update operating budgets based on current business levels and market conditions. There are generally four types of patterns that impact forecasts: seasonal, cyclical, trend, and random variations. The document then provides details on each of these patterns and how they should be factored into forecasts. It also includes an example forecast for room revenue at a hotel over a ten day period with actual data and projections broken down by market segment.
July 2017 Monthly economic report real estate analysis benchmark - july 7,...Dean Koeller
This document provides real estate and economic data for Calgary and Edmonton from January 2017 to June 2017. It shows that single family home sales increased by over 10% in Calgary and 2-5% in Edmonton year-over-year. The average home price increased by over 2% in both cities. The Alberta unemployment rate decreased to 6.7% in May 2017, while GDP growth was forecast to be 2.6% in 2017.
This document provides budget execution information for revenues for the municipality of Titirivi for the period of January 1st to December 31st 2013. It includes:
- Identification of budget items including initial appropriations, additions, and definitive appropriations.
- Details of revenues collected for the period by revenue type including taxes, fees, fines, and transfers from national government programs.
- Comparison of definitive appropriations to revenues collected and balances remaining to be collected.
- Revenues collected represent 33% of definitive appropriations on average, ranging from 7% to 130% depending on the specific revenue item.
Market Report for August 2017 - Residential ResaleMichelle Makos
Home sales in the Greater Toronto Area were down 34.8% in August 2017 compared to the previous year. The average home price increased 3% to $732,292, driven by price increases in townhouses, semi-detached homes, and condominium apartments. While sales were down, new listings also declined, leaving the supply-demand balance relatively stable compared to the previous year.
Hotel's Basic Accounting Principles #13 by Dino LeonandriDINOLEONANDRI
This document discusses forecasting methods for hotel room revenue. It explains that forecasts are used to update operating budgets based on current business levels and market conditions. There are generally four types of patterns that impact forecasts: seasonal, cyclical, trend, and random variations. The document then provides details on each of these patterns and how they should be factored into forecasts. It also includes an example forecast for room revenue at a hotel over a ten day period with actual data and projections broken down by market segment.
The document contains two columns of numbers. The first column appears to list percentile values from 0 to 100 in increments of 0.1. The second column lists corresponding z-score values for each given percentile. The table provides a way to convert between percentiles and z-scores for common statistical calculations and analyses.
Exam Questions1. (Mandatory) Assess the strengths and weaknesse.docxtheodorelove43763
Exam Questions:
1. (Mandatory) Assess the strengths and weaknesses of Divine Command Theory. Give a strong, well-supported argument in favor of (or opposed to) DCT for ethical decision-making.
1. (Mandatory) Explain the ethical theory of Thomas Hobbes, David Hume,
or
Immanuel Kant, primarily concerning morality and justice. Include contextual/background factors that shaped the theory. Also, tell why you agree or disagree with it, providing a present-day illustration to support your position.
Choose
either
3 or 4:
1. Analyze the strengths and weaknesses of Utilitarianism and Ethical Egoism. Provide an argument in favor of (or opposed to) either Utilitarianism or Ethical Egoism, using an illustration from history or personal experience.
2. Compare and contrast rationalism and empiricism, including one or more key figures representing each perspective. Focus primarily on the impact of these knowledge theories on ethical thinking (Christian or otherwise), both in the liberal arts and Western culture.
Each question must be answered with 250-300 words. Make sure to write as clearly and specifically as possible. Use your own words and include in-text citation, and provide references
.
Evolving Leadership roles in HIM1. Increased adoption of hea.docxtheodorelove43763
Evolving Leadership roles in HIM
1. Increased adoption of health information technology is opening innovative leadership pathways for HIM professionals. Four areas of opportunity based on the HIT roadmap created by the Office of the National Coordinator for Health Information Technology include privacy and security, adoption of information technology, interoperability, and collaborative governance. Choose one of these to explore, listing the challenges and opportunities for HIM professionals.
2. Take one of the challenges you presented and address it by using the 3 I’s Leadership Model for e-HIM that AHIMA adapted.
3. Postulate how earning an AHIMA credential can prepare you for leadership opportunity.
AHIMA. 2016a. e-HIM Overview and Instructions. AHIMA Leadership Model. http://library.ahima. org/xpedio/groups/public/documents/ahima/bok1_042565.pdf
AHIMA. 2016b. Why Get Certified. Certification. http://www.ahima.org/certification/whycertify Zeng, X., Reynolds, R., and Sharp, M. 2009. Redefining the Roles of Health Information Management Professionals in Health Information Technology. Perspectives in Health Information Management. (6). http://perspectives.ahima.org/redefining-the-roles-of-health-information-managementprofessionals-in-health-information-technology/#.VfWxFNJVhBc
.
Evolution of Terrorism300wrdDo you think terrorism has bee.docxtheodorelove43763
Evolution of Terrorism
300wrd
Do you think terrorism has been on the rise over the past few years?
Why do you think so?
Analyze and explain how contemporary terrorism is different from historical terrorism. Explain this with a focus on how terrorist groups have adapted their methods to take advantage of modern advancements, such as the Internet and modern modes of transportation.
Can you think of any other modern developments that have been utilized by terrorists?
Analyze and explain why people become and remain involved in a terrorist movement?
What do they hope to achieve?
Define terrorism and explain in your own words how it is practiced. Elucidate if you think terrorism is a criminal act or an act of war. Support your answers with appropriate research and reasoning.
Briefly describe a terrorist incident (Orlando Florida night club shooting jun12 2016) from the past five years (from anywhere in the world). Describe the act and explain how those responsible for this act were identified. Analyze if the goal of the terrorist or the terrorist group was achieved.
.
Evidence-based practice is an approach to health care where health c.docxtheodorelove43763
Evidence-based practice is an approach to health care where health care professionals use the best evidence possible or the most appropriate information available to make their clinical decisions. Research studies are gathered from the literature and assessed so that decisions about application can be done so with as much insight as possible. Not all research is able to be taken into the clinical practice that is why assessing the literature and determining if it is possible to carry out in a safe and effective manner is important. The steps that make up the evidence-based practice is first to ask a question which pertains to your clinical practice, then search for research and literature that will help solve your question. Third step is to evaluate the evidence and determine if it can be used safely and effectively in your clinical practice, then you must apply the information to your clinical experience and with your patient’s values. Finally, you must evaluate the outcome and determine if the desired effect is being reached. (LoBiondo-Wood, 2014)
The nursing process is drilled into our education as nurses and with good reason. The nursing process is used countless times throughout our practice. I was taught the acronym ADPIE which stands for assessment, diagnosis, planning, implementation, and evaluation. When assessing it is important to gather as much information on the patient whether it be subjective or objective findings. After we make a nursing diagnosis based on our assessment and then we plan on how to best care for our patient, and what our goals and their goals are for their care. Once the plan is made and the patient consents to the care plan then we can implement the plan. After we implement, we evaluate whether our goals and the patient’s goals are being reached. If not, we begin the nursing process all over again. (LoBiondo-Wood, 2014) In my own practice I use the nursing practice on every patient and even do it multiple times. When a patient enters the emergency room they are immediately being assessed and then once the physical and interview assessments are done the nurse creates a nursing diagnosis. The nurse creates a care plan that is based on evidence-based practice and goes over it with patient to gain consent.
The difference between these two processes is how they begin. The nursing process begins by gathering as much information as possible to then give a nursing diagnosis. While evidence-based practice begins by posing a question first and then gathering as much information as possible. They do have similarities especially when it comes to the end of the processes. Evaluating whether the care plan is working in the nursing process or whether the research and literature brought out a successful new take on the clinical practice. They both need to make the outcomes are as expected and if they are not it is back to the beginning of the process.
References
LoBiondo-Wood, G., & Harber, J. (2014). Nursing Research. St.
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Exam Questions1. (Mandatory) Assess the strengths and weaknesse.docxtheodorelove43763
Exam Questions:
1. (Mandatory) Assess the strengths and weaknesses of Divine Command Theory. Give a strong, well-supported argument in favor of (or opposed to) DCT for ethical decision-making.
1. (Mandatory) Explain the ethical theory of Thomas Hobbes, David Hume,
or
Immanuel Kant, primarily concerning morality and justice. Include contextual/background factors that shaped the theory. Also, tell why you agree or disagree with it, providing a present-day illustration to support your position.
Choose
either
3 or 4:
1. Analyze the strengths and weaknesses of Utilitarianism and Ethical Egoism. Provide an argument in favor of (or opposed to) either Utilitarianism or Ethical Egoism, using an illustration from history or personal experience.
2. Compare and contrast rationalism and empiricism, including one or more key figures representing each perspective. Focus primarily on the impact of these knowledge theories on ethical thinking (Christian or otherwise), both in the liberal arts and Western culture.
Each question must be answered with 250-300 words. Make sure to write as clearly and specifically as possible. Use your own words and include in-text citation, and provide references
.
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Evolving Leadership roles in HIM
1. Increased adoption of health information technology is opening innovative leadership pathways for HIM professionals. Four areas of opportunity based on the HIT roadmap created by the Office of the National Coordinator for Health Information Technology include privacy and security, adoption of information technology, interoperability, and collaborative governance. Choose one of these to explore, listing the challenges and opportunities for HIM professionals.
2. Take one of the challenges you presented and address it by using the 3 I’s Leadership Model for e-HIM that AHIMA adapted.
3. Postulate how earning an AHIMA credential can prepare you for leadership opportunity.
AHIMA. 2016a. e-HIM Overview and Instructions. AHIMA Leadership Model. http://library.ahima. org/xpedio/groups/public/documents/ahima/bok1_042565.pdf
AHIMA. 2016b. Why Get Certified. Certification. http://www.ahima.org/certification/whycertify Zeng, X., Reynolds, R., and Sharp, M. 2009. Redefining the Roles of Health Information Management Professionals in Health Information Technology. Perspectives in Health Information Management. (6). http://perspectives.ahima.org/redefining-the-roles-of-health-information-managementprofessionals-in-health-information-technology/#.VfWxFNJVhBc
.
Evolution of Terrorism300wrdDo you think terrorism has bee.docxtheodorelove43763
Evolution of Terrorism
300wrd
Do you think terrorism has been on the rise over the past few years?
Why do you think so?
Analyze and explain how contemporary terrorism is different from historical terrorism. Explain this with a focus on how terrorist groups have adapted their methods to take advantage of modern advancements, such as the Internet and modern modes of transportation.
Can you think of any other modern developments that have been utilized by terrorists?
Analyze and explain why people become and remain involved in a terrorist movement?
What do they hope to achieve?
Define terrorism and explain in your own words how it is practiced. Elucidate if you think terrorism is a criminal act or an act of war. Support your answers with appropriate research and reasoning.
Briefly describe a terrorist incident (Orlando Florida night club shooting jun12 2016) from the past five years (from anywhere in the world). Describe the act and explain how those responsible for this act were identified. Analyze if the goal of the terrorist or the terrorist group was achieved.
.
Evidence-based practice is an approach to health care where health c.docxtheodorelove43763
Evidence-based practice is an approach to health care where health care professionals use the best evidence possible or the most appropriate information available to make their clinical decisions. Research studies are gathered from the literature and assessed so that decisions about application can be done so with as much insight as possible. Not all research is able to be taken into the clinical practice that is why assessing the literature and determining if it is possible to carry out in a safe and effective manner is important. The steps that make up the evidence-based practice is first to ask a question which pertains to your clinical practice, then search for research and literature that will help solve your question. Third step is to evaluate the evidence and determine if it can be used safely and effectively in your clinical practice, then you must apply the information to your clinical experience and with your patient’s values. Finally, you must evaluate the outcome and determine if the desired effect is being reached. (LoBiondo-Wood, 2014)
The nursing process is drilled into our education as nurses and with good reason. The nursing process is used countless times throughout our practice. I was taught the acronym ADPIE which stands for assessment, diagnosis, planning, implementation, and evaluation. When assessing it is important to gather as much information on the patient whether it be subjective or objective findings. After we make a nursing diagnosis based on our assessment and then we plan on how to best care for our patient, and what our goals and their goals are for their care. Once the plan is made and the patient consents to the care plan then we can implement the plan. After we implement, we evaluate whether our goals and the patient’s goals are being reached. If not, we begin the nursing process all over again. (LoBiondo-Wood, 2014) In my own practice I use the nursing practice on every patient and even do it multiple times. When a patient enters the emergency room they are immediately being assessed and then once the physical and interview assessments are done the nurse creates a nursing diagnosis. The nurse creates a care plan that is based on evidence-based practice and goes over it with patient to gain consent.
The difference between these two processes is how they begin. The nursing process begins by gathering as much information as possible to then give a nursing diagnosis. While evidence-based practice begins by posing a question first and then gathering as much information as possible. They do have similarities especially when it comes to the end of the processes. Evaluating whether the care plan is working in the nursing process or whether the research and literature brought out a successful new take on the clinical practice. They both need to make the outcomes are as expected and if they are not it is back to the beginning of the process.
References
LoBiondo-Wood, G., & Harber, J. (2014). Nursing Research. St.
Evidence-Based EvaluationEvidence-based practice is importan.docxtheodorelove43763
Evidence-Based Evaluation
Evidence-based practice is important in the field of public health. Discuss the connection between evidence-based practice and program evaluation. Using the Capella Library, find two articles using
evidence-based
as key words. Use the two articles you found and discuss evidence-based practices in public health, explaining how the evidence was obtained. Discuss the population that benefited from the program or project mentioned in the articles.
.
Evidence Table
Study Citation
Design
Method
Sample
Data Collection
Data Analysis
Validity
Reliability
TECHEDGE CASE STUDY WRITE-UP - OUTLINE 1
DESIGN AND IMPLEMENTATION OF PERFORMANCE MANAGEMENT SYSTEMS,
KPIs AND RESPONSIBILITY CENTRES
CASE WRITE-UP – OUTLINE
LAURA MATTOS | SHRUTI KODANDARAMU | ASHA BORA
Ottawa University EMBA | Organizational Behavior Theory
TECHEDGE CASE STUDY WRITE-UP - OUTLINE 2
Our consulting team, RAL Consulting, was hired by TechEdge to evaluate its current
organization structure and behavior, identify areas of needed improvement, point out a list of
actionable items for the company to improve its performance and how to implement those. This
case outlines our team’s consulting process to produce a final case write-up.
CASE OUTLINE
1. Introduction (at least 1 but no more than 2 pages)
Overview and history of TechEdge (one or two paragraphs)
TechEdge offered technology consulting service to other business, in a B2B business model.
According to Prabhu & Hedgei, the company structure was divided into sales, consulting,
support and services, back office operations, finance and software. All these departments were
led by vice presidents who reported to the CEO. The VPs assisted the managers, who led their
teams independently in their departments.
TechEdge: Main Organizational Behavior issues (half - 1 page)
The case presented a summarized list of challenges faced by TechEdge. (For next assignment,
List 5 major reasons listed on the case on page 5). Our consulting team identified a few
behaviors that might be driving these 5 major issues. These are:
§ HR v. VP responsibilities
o HRs responsibilities limited to recruiting while VPs were managing, training and
evaluating performance of the employees.
o HR not assisting with people management issues.
§ Team leader v. VP responsibilities
o Team leaders were responsible for team performance, but each team member
reported to their respective VP.
TECHEDGE CASE STUDY WRITE-UP - OUTLINE 3
o Lack of unity and shared objectives
§ Group v. Team structure.
o Different departments working together as temporary teams without a clear
common objective. Each department was more focused on their own tasks.
§ General sense of unaccountability between teams:
o All teams felt they didn’t receive adequate support from the operations
department
o Dissatisfaction from Operations VP: Complaints about overload of work,
dependency on external factors, and not enough time to fulfil other teams’
expectations
o Finance team complained about not having enough funds due to bad performance
of the sales team
§ General feeling that the company was understaffed
§ HR team couldn’t hire the best employees offering low wages
Among all items listed, our consulting team considers the following the m.
Evidence SynthesisCritique the below evidence synthesis ex.docxtheodorelove43763
Evidence Synthesis
Critique the below evidence synthesis exemplar to address the following.
Patient falls with injury and fall prevention remain complex phenomena in the acute care setting as well as a major challenge for healthcare professionals (Gygax Spicer, 2017). Patient falls are considered one of the leading adverse events occurring in acute care settings such as hospitals and nursing homes, with the detrimental impact to the patient ranging from mild to severe bruising, fractures, trauma, and even death (de Medeiros Araújo et al., 2017). Falls are common phenomena in older adults, with roughly one out of three people age 65 years and older who suffers from at least one fall per year due to multiple factors including environmental, social, and physiological factors either alone or in conjunction (Gygax Spicer, 2017). The etiology is that patients are attempting to get out of bed without assistance from nursing staff. Several of the causative factors include illness, impulsiveness, urgency, medications, or being in an unfamiliar environment. Lastly, there has been an increase in the amount of turnover in staffing, thus reducing the amount of available nursing staff in the practice setting.
Does the author clearly identify the scope of the evidence synthesis? Explain your rationale.
Are strong paraphrased sentences included that are supported by contemporary sources of research evidence? Explain your rationale.
Are the facts related to the practice problem presented in an objective manner? Explain your rationale.
Does the author use sources to support ideas and claims, and not the other way around? Explain your rationale.
Based on your appraisal, is this exemplar a true synthesis of the evidence? Or is it a summary of the evidence? Explain your rationale.
Instructions:
Use an
APA 7 style and a minimum of 250 words
. Provide
support from a minimum of at least three (3) scholarly sources.
The scholarly source needs to be: 1) evidence-based, 2) scholarly in nature, 3) Sources should be no more than five years old (
published within the last 5 years), and 4) an in-text citation.
citations and references are included when information is summarized/synthesized and/or direct quotes are used, in which
APA style
standards apply.
• Textbooks are not considered scholarly sources.
• Wikipedia, Wikis, .com website or blogs should not be used.
.
Evidence Collection PolicyScenarioAfter the recent secur.docxtheodorelove43763
Evidence Collection Policy
Scenario
After the recent security breach, Always Fresh decided to form a computer security incident response team (CSIRT). As a security administrator, you have been assigned the responsibility of developing a CSIRT policy that addresses incident evidence collection and handling. The goal is to ensure all evidence collected during investigations is valid and admissible in court.
Consider the following questions for collecting and handling evidence:
1. What are the main concerns when collecting evidence?
2. What precautions are necessary to preserve evidence state?
3. How do you ensure evidence remains in its initial state?
4. What information and procedures are necessary to ensure evidence is admissible in court?
Tasks
Create a policy that ensures all evidence is collected and handled in a secure and efficient manner. Remember, you are writing a policy, not procedures. Focus on the high-level tasks, not the individual steps.
Address the following in your policy:
§ Description of information required for items of evidence
§ Documentation required in addition to item details (personnel, description of circumstances, and so on)
§ Description of measures required to preserve initial evidence integrity
§ Description of measures required to preserve ongoing evidence integrity
§ Controls necessary to maintain evidence integrity in storage
§ Documentation required to demonstrate evidence integrity
Required Resources
§ Internet access
§ Course textbook
Submission Requirements
§ Format: Microsoft Word (or compatible)
§ Font: Times New Roman, size 12, double-space
§ Citation Style: APA
§ Length: 2 to 4 pages
Self-Assessment Checklist
§ I created a policy that addressed all issues.
§ I followed the submission guidelines.
.
Everyone Why would companies have quality programs even though they.docxtheodorelove43763
Everyone: Why would companies have quality programs even though they cost money to implement?
Everyone: Define and explain three of the iPhone features in measurable terms.
Everyone: Referring to the leading causes of death, explain how you would develop an action plan.
#2. Explain how you would measure quality when buying a car wash.
.
Even though technology has shifted HRM to strategic partner, has thi.docxtheodorelove43763
Even though technology has shifted HRM to strategic partner, has this change resulted in HRM losing sight of its role towards employee resource and support? While companies are seeing the value in moving to a technological based business, how might HRM technology impact the "human" side of "human resource"?
.
Even though people are aware that earthquakes and volcanoes typi.docxtheodorelove43763
Even though people are aware that earthquakes and volcanoes typically occur in consistent regions, many make their homes in these locations. Unfortunately, history shows that it is only a matter of time before the next occurrence.
Perform some research on earthquake and volcano incidents that had a negative effect on people in a region. Select a disaster event where, despite the loss of life and property, the residents choose to rebuild rather than abandon the region.
For your initial post:
In your initial post, address the following:
Describe the event you selected, including:
the type and magnitude of the event
where it occurred
when it occurred
the various ways in which people were affected
whether that type of disaster affects the region repeatedly
State your opinion regarding the following questions:
Why do you think people continue to make the known dangerous area their home?
Should governments allow people to live in known risk areas?
Should insurance companies allow claims for damages incurred in known risk areas?
.
Evaluative Essay 2 Grading RubricCriteriaLevels of Achievement.docxtheodorelove43763
Evaluative Essay 2 Grading Rubric
Criteria Levels of Achievement
Content 70% Advanced 90-100% (A) Proficient 70-89% (B-C) Developing 1-69% (< D) Not present
Analysis
30 points 30 to27 points
o Thesis statement provides a clear, strong analysis, responding to the topic prompt.
o Paper demonstrates exceptional critical thinking skills.
o Logical presentation of information, body supports the thesis statement.
26 to 21 points
o Thesis statement is clear but could be stronger.
o Paper demonstrates good critical thinking skills.
o Logical presentation with good connections, but could be stronger.
OR
o Thesis statement does not provide a clear analysis.
o OR Thesis statement is evident but misplaced (located somewhere other than the end of the introduction).
o Evidence of critical thinking skills, but analysis could be stronger or more evident.
o Weak logic, or missing connections.
20 to 1 points
o Missing thesis statement.
o Focus of paper is more informative than analytical, with details focusing on the what rather than the why or how.
0 points
o Does not meet minimum requirements for the assignment.
**See instructor feedback for specifics.
Support
30 points 30 to 27 points
o Draws from assigned sources for supporting details.
o Provides specific, detailed support.
o Clear connections are made throughout the writing to show how supporting documents prove the main argument.
o No outside sources were consulted or used.
26 to 21 points
o Draws from assigned sources for supporting details, but support could be more specific.
o Connections are made between supporting details and main argument, but these could be more clear.
OR
o Supporting details are provided but connections are largely missing between the supporting details and the main argument.
20 to 1 points
o To include any of the following:
o Supporting details drawn primarily from textbook/lectures, instead of assigned sources.
o OR
o Supporting details merely informative and do not show clear connection to the thesis.
o OR
o Outside sources used in support.
0 points
o Does not meet minimum requirements for the assignment.
**See instructor feedback for specifics.
Biblical Evaluation
10 points 10 to 9 points
o Clear, Biblical evaluation provided, drawing from specific Scripture for support.
8 to 7 points
o Biblical evaluation is evident, and some use of Scripture is given for support.
OR
o Attempt at Biblical evaluation is provided, but support could be stronger.
6 to 1 points
o Christian worldview is evident in the writing, and some examples or details may be given, but a specific Biblical evaluation is not evident/clear.
o No Scriptural support
o OR
o Scripture included but connections to evaluation are not evident.
o 0 points
o Does not meet minimum requirements for the assignment.
**See instructor feedback for specifics.
Structure 30% Advanced 90-100% (A) Proficient 70-89% (B-C) Developing 1-69% (< D) Not present
.
Evaluation Title Research DesignFor this first assignment, .docxtheodorelove43763
Evaluation Title: Research Design
For this first assignment, you will analyze different types of research. To begin, please read and view the following materials:
Rice University. (2017).
2.2 Approaches to research (Links to an external site.)Links to an external site.
. in,
Psychology
. OpenStax. [Electronic version]
University of Minnesota Libraries Publishing. (2010).
2.2 Psychologists use descriptive, correlational, and experimental research designs to understand behavior (Links to an external site.)Links to an external site.
. In Introduction to Psychology. [Electronic version]
Select one research design from column A
and
column B.
Describe the design.
Discuss the strengths and weaknesses of the design.
Give an example of a study completed using this design.
This information is all available in the Unit 1 Learning Content. There are also resources available online to further your understanding.
Your assignment should be typed into a Word or other word processing document, formatted in APA style. The assignment must include:
Running head
A title page with Assignment name
Your name
Professor’s name
Course
.
Evaluation is the set of processes and methods that managers and sta.docxtheodorelove43763
Evaluation is the set of processes and methods that managers and stakeholders use to determine whether the program is successful. Success is determined by multiple parameters such as financial viability of the program as well as the administrative and clinical impact of the program on the community’s or organization’s mission. Today’s programs are also expected to proactively address healthcare disparities and inequities in all levels of communities and demonstrate measureable reductions in inequities in diverse patient/client populations.
For this milestone, you will create an evaluation plan that will include the financial aspects of your proposed program as well as your evaluation methods. In your submission, be sure to include the following:
Proposed Program :to establish a department in IGM to facilitate holistic care of pediatric patients. This holistic care will require patients to be monitored before, during, and after a clinical procedure. The program will be flexible to ensure that each patient receives customized care at a subsidized fee.
Financial Aspects
o What specific resources would you suggest for use in your program? For example, what staffing and equipment suggestions would you make?
Be sure to explain your rationale.
o What is the impact on the community’s or organization’s current budget? In other words, will the program fit into the existing budget, or willconcessions need to be made?
o What recommendations would you make for ensuring the program is financially sustainable? Are there measurable expense reductions for the community/organization that cover the costs of the program? Does the program create new sources of revenue for the community or organization to offset the costs of the program?
Evaluation
o What will you measure (such as benchmarks, patient outcomes, or other measurable data) in order to evaluate the effectiveness of the program implementation? Focus on both administrative and clinical measures. Include multiple levels of measurement, including the patients/clients served, populations of patients/clients served, and community environmental measures.
o What tools will you use to measure the effect of your program on reducing the incidence of healthcare disparities?
o How will these evaluation tools tell you whether the program is successful?
o To what extent will the program help ensure healthcare equity across diverse populations? Be sure to justify your reasoning.
Guidelines for Submission: Your paper for this milestone must be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and proper APA formatting. Include at least three peer-reviewed, scholarly resources.
.
Evaluation Plan with Policy RecommendationAfter a program ha.docxtheodorelove43763
Evaluation Plan with Policy Recommendation
After a program has been created, it must be evaluated in order to determine its success. For this assignment, complete the following:
Incorporate the changes to address the feedback received.
Use the feedback from your instructor to address pertinent sections for errors or insufficiencies. Implementing this feedback will help you draft this assignment and your course project.
Discuss the program to be introduced to the selected population to address the specific public health problem or issue.
Assess population needs, assets, and capacities that affect communities' health through epidemiological records and literature reviews. Explain activities and resources to be introduced and used for this program to change behaviors and health outcomes and why they are selected.
Describe the projected goals for the program.
Based on past studies and available data, analyze the projected expected effects of the program.
Identify the engaged stakeholders.
Describe those involved, those affected, and the primary intended users.
Gather credible evidence to substantiate the need for the program.
Identify past programs similar to the proposed program and the outcomes for those past programs.
Explain past study results and epidemiological data for similar programs implemented.
Justify conclusions on the past programs and provide lessons learned for implementing this program.
Analyze how data will be collected from program participants and other relevant stakeholders to determine program effectiveness.
Identify what instruments will be used to collect data, such as surveys, focus group interviews, or key informant interviews.
Determine who will analyze the data and how the data will be analyzed.
Propose policy recommendations.
Evaluate policies for their impact on public health and health equity. Discuss multiple dimensions of the policy-making process, including the roles of ethics and evidence.
Discuss dissemination and communication suggestions for the evaluation results both in writing and through oral presentation.
Explain how the results will be shared with key stakeholders and the community.
Identify how the results will inform future programs and how they can improve health outcomes.
View the scoring guide to ensure you fulfill all grading criteria.
Additional Requirements
Length:
A minimum of 10–12 double-spaced pages, not including title and reference pages.
Font:
Arial, 12 point.
References:
Cite at least eight references from peer-reviewed journals.
Format:
Use current APA style and formatting.
Resources
Evaluation Plan with Policy Recommendation Scoring Guide
.
APA Style Paper Tutorial [DOCX]
.
APA Style Paper Template [DOCX]
.
Capella Writing Center
.
Public Health Intervention Plan.
Capella University Library.
State Policy Guide: Using Research in Public Health Policymaking
.
Public Health Masters Research Guide
.
Pub.
Evaluate the history of the Data Encryption Standard (DES) and then .docxtheodorelove43763
The document discusses the history of the Data Encryption Standard (DES) and how it transformed cryptography with the development of triple DES. Students are required to post a response to at least two other students by the end of the week using at least one scholarly resource, with all discussion postings in proper APA format.
Evaluate the Health History and Medical Information for Mrs. J.,.docxtheodorelove43763
Evaluate the Health History and Medical Information for Mrs. J., presented below.
Based on this information, formulate a conclusion based on your evaluation, and complete the Critical Thinking Essay assignment, as instructed below.
Health History and Medical Information
Health History
Mrs. J. is a 63-year-old married woman who has a history of hypertension, chronic heart failure, and chronic obstructive pulmonary disease (COPD). Despite requiring 2L of oxygen/nasal cannula at home during activity, she continues to smoke two packs of cigarettes a day and has done so for 40 years. Three days ago, she had sudden onset of flu-like symptoms including fever, productive cough, nausea, and malaise. Over the past 3 days, she has been unable to perform ADLs and has required assistance in walking short distances. She has not taken her antihypertensive medications or medications to control her heart failure for 3 days. Today, she has been admitted to the hospital ICU with acute decompensated heart failure and acute exacerbation of COPD.
Subjective Data
1. Is very anxious and asks whether she is going to die.
2. Denies pain but says she feels like she cannot get enough air.
3. Says her heart feels like it is "running away."
4. Reports that she is exhausted and cannot eat or drink by herself.
Objective Data
1. Height 175 cm; Weight 95.5kg.
2. Vital signs: T 37.6C, HR 118 and irregular, RR 34, BP 90/58.
3. Cardiovascular: Distant S1, S2, S3 present; PMI at sixth ICS and faint: all peripheral pulses are 1+; bilateral jugular vein distention; initial cardiac monitoring indicates a ventricular rate of 132 and atrial fibrillation.
4. Respiratory: Pulmonary crackles; decreased breath sounds right lower lobe; coughing frothy blood-tinged sputum; SpO2 82%.
5. Gastrointestinal: BS present: hepatomegaly 4cm below costal margin.
Intervention
The following medications administered through drug therapy control her symptoms:
1. IV furosemide (Lasix)
2. Enalapril (Vasotec)
3. Metoprolol (Lopressor)
4. IV morphine sulphate (Morphine)
5. Inhaled short-acting bronchodilator (ProAir HFA)
6. Inhaled corticosteroid (Flovent HFA)
7. Oxygen delivered at 2L/ NC
Critical Thinking Essay
In 750-1,000 words, critically evaluate Mrs. J.'s situation. Include the following:
1. Describe the clinical manifestations present in Mrs. J.
2. Discuss whether the nursing interventions at the time of her admissions were appropriate for Mrs. J. and explain the rationale for each of the medications listed.
3. Describe four cardiovascular conditions that may lead to heart failure and what can be done in the form of medical/nursing interventions to prevent the development of heart failure in each condition.
4. Taking into consideration the fact that most mature adults take at least six prescription medications, discuss four nursing interventions that can help prevent problems caused by multiple drug interactions in older patients. Provide a rationale for each of the inte.
Evaluate the environmental factors that contribute to corporate mana.docxtheodorelove43763
Evaluate the environmental factors that contribute to corporate management’s need to manage corporate earnings to align with market expectations, indicating the potential long-term risks to financial performance and sustainability. Why are these factors important in evaluating the financial performance of an organization?
Please provide one citation or reference for your initial posting that is not your textbook.
.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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15. Borrowing1.58B1.56BColombiaCBLT
Borrowing7.3B8.07BDenmarkDCShareholders
Equity14.51B14.88BFinlandFHCash8.18B7.51BFranceFPGerma
nyGROperating Income4586GreeceGAInterest Expense386Hong
KongHKIncome tax expense1646IndiaINIncome before XO
items4.59BIrelandIDNet
Income4585ItalyIMJapanJPDepreciation &
Amortization1.84BKoreaKSCapital Expenditures-2.24(Absolute
value on financials page)MexicoMMChange in non-cash
WC1.08B(Financials
page)NetherlandsNADividends1467(Absolute value: See
descriptions)NorwayNOChange in ST Borrowing(See
description)RussiaRUIncrease in LT Borrowing863(See
description)SingaporeSPDecrease in LT Borrowing(Absolute
value: See descriptions)SloveniaSVSouth AfricaSJRaw
Beta1.194(Regression beta page)SpainSMStandard error of
Beta0.096(Regression beta page)Sri LankaSLR
Squared60.40%(Regression beta page)SwedenSSAlpha
(Intercept)0.09%(Regression beta
page)SwitzerlandVXTaiwanTTDefault Inputs (You can change
these, but only if you want to…)TurkeyTIType of firm1(1:
Market cap>$5 billion, 2: Small cap firm)UKLNAverage
riskfree rate (last 2 years)4%United StatesUSAverage maturity
of debt =3VietnamVNDo you have operating
leases?YesVenezuelaVSIf you want to override the operating
lease input and enter yes, you also have to enter the
followingCurrent year's lease expenseLease commitment: Year
1Lease commitment: Year 2Lease commitment: Year 3Lease
commitment: Year 4Lease commitment: Year 5Lease
commitment: Beyond
1. Regression analysisYour inputsINPUTSAre you using weekly
or monthly returns?W(M or W)Current Riskfree Rate1.76%!
Today's ten -year government bond rate (make sure that you
pick the right currency)Risk Premium5.80%! You can use either
the historical premium or the implied premium or an augmented
premium for country risk.Beta1.194! Raw betaStd Error of
16. Beta0.096! From a regression of returns to S&P500 returns. Use
Finance.Yahoo.com to get your company's price (adjusted close)
& the S&P500 (^GSPC)Intercept0.09%! Remember that this is
already in % on your regresson output out; in other words, 0.05
is .05%.Past Riskfree rate (Annual)1.50%! Average short term
riskfree rate over period of regression; This is the US $ average.
See past riskfree rates worksheet for rates in other
currenciesThis is what your output shoud look likeOUTPUTSRf
(1- Beta)-0.01%Jensen's Alpha by period0.093%(Monthly or
Weekly)Jensen's Alpha Annualized4.93%(Annual)67%
range1.291.1095% range1.391.00Expected Return8.69%
2. Bottom up Beta for CompanyInputsINPUTS on YELLOW
cellsIndustryAerospaceIf you are a multi-business company,
you can input the followingUnlevered beta (adjusted for
cash)1.44BusinessRevenuesEV/SalesEstimated
ValueWeightUnlevered BetaEntertainment$ 100.002.3400$
234.0088.80%1.3100Do you want to replace this beta with a
weighted average?YesElectronics$ 50.000.5900$
29.5011.20%1.1700If yes, please compute the weighted average
(you can use adjoining table)0.0000$ - 00.00%0.00000.0000$
- 00.00%0.0000Book value of Debt$00.0000$ -
00.00%0.0000Interest expense$3860.0000$ -
00.00%0.0000Average maturity of debt30.0000$ -
00.00%0.0000Market value of Debt$00.0000$ -
00.00%0.0000Market value of Equity754360.0000$ -
00.00%0.0000Market D/E ratio0.00%0.0000$ -
00.00%0.0000Marginal tax rate40.00%0.0000$ -
00.00%0.0000Bottom up unlevered Beta =1.290.0000$ -
00.00%0.0000Bottom up levered beta0.00Company$ 150.00$
263.501.2943
3. Synthetic RatingInputs for synthetic rating estimationPlease
read the special cases worksheet (see below) before you use this
spreadsheet.Before you use this spreadsheet, make sure that the
iteration box (under calculation options in excel) is
checked.Enter the type of firm =1(Enter 1 if large
manufacturing firm, 2 if smaller or riskier firm, 3 if financial
17. service firm)Small: <$5 billionDo you have any operating lease
or rental commitments?YesEnter current Earnings before
interest and taxes (EBIT) =4586(Add back only long term
interest expense for financial firms)Enter current interest
expenses =386(Use only long term interest expense for financial
firms)Enter current long term government bond rate
=1.76%OutputInterest coverage ratio =11.88Estimated Bond
Rating =AAANote: If you get REF! All over the place, set the
operating lease commitment question in cell F5Estimated
Default Spread for company =0.40%to No, and then reset it to
Yes. It should work.Estimated Default Spread for country
=0.00%Estimated Cost of Debt =2.16%If you want to update the
spreads listed below, please visit
http://www.bondsonline.comFor large manufacturing firmsFor
financial service firms (default spreads are slighty different)If
interest coverage ratio isIf long term interest coverage ratio
is>≤ toRating isSpread isgreater than≤ toRating isSpread is-
1000000.199999D12.00%-
1000000.049999D12.00%0.20.649999C10.50%0.050.099999C10
.50%0.650.799999CC9.50%0.10.199999CC9.50%0.81.249999C
CC8.75%0.20.299999CCC8.75%1.251.499999B-
7.25%0.30.399999B-
7.25%1.51.749999B6.50%0.40.499999B6.50%1.751.999999B+5
.50%0.50.599999B+5.50%22.2499999BB4.00%0.60.749999BB4
.00%2.252.49999BB+3.00%0.750.899999BB+3.00%2.52.99999
9BBB2.00%0.91.199999BBB2.00%34.249999A-
1.30%1.21.49999A-
1.30%4.255.499999A1.00%1.51.99999A1.00%5.56.499999A+0.
85%22.49999A+0.85%6.58.499999AA0.70%2.52.99999AA0.70
%8.50100000AAA0.40%3100000AAA0.40%For smaller and
riskier firmsIf interest coverage ratio isgreater than≤ toRating
isSpread is-
1000000.499999D12.00%0.50.799999C10.50%0.81.249999CC9.
50%1.251.499999CCC8.75%1.51.999999B-
7.25%22.499999B6.50%2.52.999999B+5.50%33.499999BB4.00
%3.53.9999999BB+3.00%44.499999BBB2.00%4.55.999999A-
18. 1.30%67.499999A1.00%7.59.499999A+0.85%9.512.499999AA0
.70%12.5100000AAA0.40%
Aswath Damodaran:
If yes, fill in the attached worksheet on operating leases
Aswath Damodaran:
If your most recent year's operating income is unusually low or
high, you can use the average operating income from the last
few years.
Aswath Damodaran:
Enter the interest expense from the most recent income
statement.
Aswath Damodaran:
I use a 10 year government bond rate.
4. Cost of capitalCost of capitalINPUTS in YELLOW cellsIf
you are a multinational company and have a breakdown by
country, you can use this table (for up to 10 countries)Equity
componentCountryRevenuesERPWeightWeighted ERPMarket
value of equity75436Argentina1914.80%82.61%12.23%Levered
Beta0.00Bulgaria48.43%17.39%1.47%Riskfree
Rate1.76%00.00%0.00%0.00%Equity Risk
Premium5.80%00.00%0.00%0.00%Cost of
equity0.00%00.00%0.00%0.00%00.00%0.00%0.00%Debt
component00.00%0.00%0.00%Market value of
debt000.00%0.00%0.00%Pre-tax cost of
debt2.16%0.00%0.00%0.00%Marginal tax
rate40.00%0.00%0.00%0.00%After-tax cost of
debt1.30%Total23100.00%13.69%If you are a multinational
company and have a breakdown only by region, you can use this
table insteadMarket Debt to capital
ratio0.00%RegionRevenuesERPWeightWeighted ERPCost of
capital0.00%Africa010.09%0.00%0.0000%Australia & New
Zealand05.80%0.00%0.0000%Caribbean12.57%0.00%0.0000%C
entral and South America109.18%10.00%0.9180%Eastern
Europe & Russia8.48%0.00%0.0000%Middle
East6.96%0.00%0.0000%North
America305.80%30.00%1.7400%Western
19. Europe356.85%35.00%2.3975%Asia without
Japan157.58%15.00%1.1370%Japan106.85%10.00%0.6850%Tot
al100100.00%6.8775%
5. ROIC & EVAReturn on capital & equity
computationOperating income4586Invested capital end of last
year=0Pre-tax Return on invested capital =0.00%After-tax
Return on invested capital (marginal tax rate) =0.00%Effective
tax rate0.00%After-tax Return on invested capital (effectivel
tax rate) =0.00%Net Income4585Shareholders equity end of last
year =14.88BReturn on equity =0.00%Return Spread
computationCost of capital0.00%Return spread, with marginal
tax rate (capital)0.00%Return spread, with effective tax rate
(capital)0.00%Cost of equity0.00%Return spread
(equity)0.00%EVA computationEVA to capital$0.00EVA to
equity$0.00
6. Capital StructureGo to these spreadsheetsUse capstru.xls to
find your optimal capital structure, with no constraintsUse
capstruenhanced.xls to find your capital structure with
constraints
7. DividendsLast yearNet Income4585+Depreciation1.84B- Cap
EX-2.24- Change in non-cash WC0- (Debt repaid - New Debt
issued)-863FCFE0Dividends paid1467If you want to look at
more years, use dividends.xls
Past Riskfree ratesCurrencyAverage riskfree rate - last 2
yearsAverage riskfree rate- last 5 yearsUS
$1.00%1.50%Euro1.40%2.00%£2.00%3.00%Yen0.60%0.80%Br
azilian Reai'5.00%8.00%Indian Rupee6.00%7.00%Chinese
Yuan3.00%4.00%Swiss Franc0.80%1.00%
Currency Riskfree RatesCurrencyGovernment Bond
RateCountry Default SpreadRiskfree RateAustralian
$3.28%0.00%3.28%Brazilian Reals9.18%1.75%7.43%British
Pound1.82%0.00%1.82%Bulgarian
Leva3.43%1.75%1.68%Canadian $1.81%0.00%1.81%Chielan
Peso5.51%0.70%4.81%Chinese
RMB3.60%0.70%2.90%Colombian
Peso5.55%2.00%3.55%Croatian Kuna4.95%2.00%2.95%Danish
20. Kroner1.38%0.00%1.38%Euro1.31%0.00%1.31%Hong Kong
$0.65%0.00%0.65%Hungarian Forint6.23%2.40%3.83%Indian
Rupee8.00%2.00%6.00%Indonesian
Rupiah5.17%2.00%3.17%Israeli
Shekel3.91%0.85%3.06%Japanese
Yen0.79%0.00%0.79%Korean Won3.15%0.70%2.45%Malyasian
Ringgit3.50%1.15%2.35%Mexican Peso5.29%1.50%3.79%New
Zealand $3.54%0.00%3.54%Nigerian
Naira12.01%3.25%8.76%Norwegian
Kroner2.12%0.00%2.12%Peruvian
Sul6.76%1.75%5.01%Russian
Rubles6.85%1.50%5.35%Singapore $1.30%0.00%1.30%South
African Rand6.39%1.50%4.89%Swiss
Franc0.46%0.00%0.46%Taiwan $1.17%0.70%0.47%Thai
Baht3.54%1.50%2.04%US $1.76%0.00%1.76%Venezuelan
Bolivar10.05%4.00%6.05%Vietnamese Dong9.84%5.00%4.84%
Industry averagesIndustry NameNumber of firmsAnnual
Average Revenue growth - Last 5 yearsPre-tax Operating
MarginAfter-tax ROCAverage effective tax rateUnlevered
BetaEquity (Levered) BetaCost of equityStd deviation in stock
pricesPre-tax cost of debtMarket Debt/CapitalCost of
capitalSales/CapitalEV/SalesEV/EBITDAEV/EBITPrice/BookTr
ailing
PEAdvertising328.67%11.77%11.49%16.02%1.441.6811.51%97
.40%4.76%29.00%9.00%1.401.227.7710.402.0431.25Aerospace/
Defense6612.56%10.24%19.40%20.08%0.920.987.45%44.98%2
.76%21.03%6.23%2.710.947.429.153.1115.79Air
Transport3613.21%8.38%17.97%21.35%0.821.037.73%64.94%3
.26%37.14%5.59%2.740.786.009.323.6814.60Apparel547.69%1
0.37%13.86%18.57%1.291.369.68%74.88%3.76%12.11%8.78%
1.891.5211.7314.683.3821.64Auto
Parts5420.10%6.72%17.65%18.77%1.661.7611.94%57.43%3.26
%19.59%9.98%3.400.606.408.922.2715.39Automotive1242.35%
5.80%5.77%16.24%1.111.7311.79%59.23%3.26%50.84%6.79%
1.410.817.4613.951.2615.84Bank4160.00%NANA16.39%0.450.
776.24%50.34%3.26%56.18%3.83%NANA4.874.870.9816.58Ba
28. Lanka4.00%11.80%28.00%Sudan2.72%9.88%35.00%Sweden0.0
0%5.80%26.30%Switzerland0.00%5.80%21.17%Taiwan0.70%6.
85%17.00%Tanzania2.72%9.88%30.00%Thailand1.50%8.05%23
.00%Togo2.72%9.88%29.02%Trinidad &
Tobago1.50%8.05%25.00%Tunisia2.00%8.80%30.00%Turkey2.
40%9.40%20.00%Turks & Caicos
Islands2.99%10.29%28.30%Uganda2.72%9.88%30.00%Ukraine
6.00%14.80%21.00%United Arab
Emirates1.39%7.89%55.00%United
Kingdom0.00%5.80%24.00%United
States0.00%5.80%40.00%Venezuela4.00%11.80%34.00%Vietna
m5.00%13.30%25.00%Zambia3.67%11.30%35.00%Zimbabwe2.
72%9.88%25.75%Row LabelsDefault Spread (Weighted
average)Total ERP (Weighted
Average)Africa2.86%10.09%Australia & New
Zealand0.00%5.80%Caribbean4.52%12.57%Central and South
America2.26%9.18%Eastern Europe &
Russia1.79%8.48%Middle East0.77%6.96%North
America0.00%5.80%Western Europe0.70%6.85%Asia without
Japan1.18%7.58%Japan0.70%6.85%
answersYesNo
DescriptionsFinancial Ratios and MeasuresCorporate finance
and valuation are filled with ratios and measures that are often
not only obscure to outsiders but defined in many different (and
contradictory) ways by practitioners and academics. The table
below is my attempt to provide some underlying rationale for
wh the measure is used in the first place, the best way to define
each measure and some comments on their use or
misuse.VariablesDefinitionWhat it tries to
measureCommentsAbnormal ReturnSee Excess ReturnsAccounts
Payable /SalesAccounts Payable/ Sales (See also days
payable)Use of supplier credit to reduce working capital needs
(and to increase cash flows).There is a hidden cost. By using
supplier credit, you may deny yourself the discounts that can be
gained from early payments.Accounts Receivable/SalesAccounts
Receivable/ SalesEase with which you grant credit to customers
29. buying your products and services.A focus on increasing
revenues can lead companies to be too generous in giving
credit. While this may make the revenue and earnings numbers
look good, it is not good for cash flows. In fact, one sign that a
company is playing this short term gain is a surge in accounts
receivable.AlphaDifference between the actual returns earned
on a traded investment (stock, bond, real asset) and the return
you would have expected to make on that investment, given its
risk.Measures whether you are beating the market, after
adjusting for risk. In practice, though, it can be affected by
what risk and return model you use to compute the expected
return.When portfolio managers talk about seeking alpha, they
are talking about beating the market. However, what may look
like beating the market may just turn out to be a flaw in the risk
and return model that you used. (With the CAPM, for instance,
small cap and low PE stocks consistently have delivered
positive alphas, perhaps reflecting the fact that the model
understates the expected returns for these groups) or sheer luck
(In any given year, roughly half of all active investors should
beat the market).Alpha = Actual Return - Expected return given
riskIn the specific case of a regression of stock returns against
market returns for computing the CAPM beta, it is measured as
follows: (Jensen’s) Alpha = Intercept - Riskfree Rate (1 -
Beta)If the regression is run using excess returns on both the
stock and the market, the intercept from the regression is the
Jensen's alpha.AmortizationSee Depreciation &
AmortizationAnnual ReturnsReturns from both price
appreciation and dividends or cash flow generated by an
investment during a year. For stocks, it is usually defined as: A
percentage return during the course of a period that can be then
compared to what you would have made on other
investments.The annual return is always defined in terms of
what you iinvested at the start of the period, though there are
those who use the average price during the year. The latter
makes sense only if you make the investments evenly over the
course of the year. It cannot be less than -100% for most assets
30. (you cannot lose more than what you invested) but can be more
than -100% if you have unlimited liability. It is unbounded on
the plus side, making the distribution of returns decidedly one-
sided (or asymmetric). Returns can therefore never be normally
distributed, though taking the natural log of returns (the natural
log of zero is minus infinity) may give you a shot.(Price at end
of year - Price at start + Dividends during year) / Price at start
of yearAsset BetaSee unlevered beta (corrected for cash)Beta
(Asset)See unlevered beta (corrected for cash)Beta (CAPM)It is
usually measured using a regression of stock returns against
returns on a market index; the slope of the line is the beta. The
number can change depending on the time period examined, the
market index used and whether you break the returns down into
daily, weekly or monthly intervals.Risk in an investment that
cannot be diversified away in a portfolio (Also called market
risk or systematic risk).Regression betas have two big
problems:(a) Measured right, they give you a fairly imprecise
estimate of the true beta of a company; the standard error in the
estimate is very large. (b) They are backward looking. You get
the beta for a company for the last 2 or last 5 years. If your
company has changed its business mix or debt ratio over this
time period, the regression beta will not be a good measure of
the predicted beta.For a way around this problem, you can try
estimating bottom-up betas. (See bottom-up beta)Beta
(Market)See Beta (CAPM)Beta (Regression)See Beta
(CAPM)Beta (Total)See Total BetaBook Debt RatioSee Debt
Ratio (Book Value)Book Value of CapitalBook Value of Debt +
Book Value of EquityA measure of the total capital that has
been invested in the existing assets of the firm. It is what allows
the firm to generate the income that it does.This is one of the
few places in finance where we use book value, not so much
because we trust accountants but because we want to measure
what the firm has invested in its existing projects. (Market
value includes growth potential and is thus inappropriate) (See
book value of invested capital)There is a cost we incur. Every
accounting action and decision (from depreciation methods to
31. restructuring and one-time charges) as well as market actions
(such as stock buybacks) can have significant implications for
the book value. Large restructuring charges and stock buybacks
can reduce book capital significantly.Finally, acquisitions pose
a challenge because the premium paid on the acquisition
(classified as goodwill) may be for the growth opportunities for
the target firm (on which you have no chance of earning money
now). That is why many analysts net goodwill out of book
capital.Book Value of EquityShareholder's equity on balance
sheet; includes original paid-in capital and accumulated retained
earnings since inception. Does not include preferred stock.A
measure of the equity invested in the existing assets of the firm.
It is what allows the firm to generate the equity earnings that it
does.The book value of equity, like the book value of capital, is
heavily influenced by accounting choices and stock buybacks or
dividends. When companies pay large special dividends or buy
back stock, the book equity will decrease. In some cases, years
of repeated losses can make the book value of equity
negative.Book Value of Invested CapitalBook Value of Debt +
Book Value of Equity - Cash & Marketable SecuritiesInvested
capital mesures the capital invested in the operatinig assets of
the firm.Netting out cash allows us to be consistent when we
use the book value of capital in the denominator to estimate the
return on capital. The numerator for this calculation is after-tax
operating income and the denominator should therefore be only
the book value of operating assets (invested capital).(See book
value of capital)Bottom-Up BetaWeighted average Beta of the
business or businesses a firm is in, adjusted for its debt to
equity ratio. The betas for individual businessess are usually
estimated by averaging the betas of firms in each of these
businesses and correcting for the debt to equity ratio of these
firms.The beta for the company, looking forward, based upon its
business mix and financial leverage.There are two keys to
estimating bottom-up betas. The first is defining the business or
businesses a firm is in broadly enough to be able to get at least
10 and preferably more firms that operate in that business. The
32. second is obtaining regression betas for each of these
firms.Bottom up betas are generally better than using one
regression beta because (a) they have less standard error; the
average of 20 regressions betas will be more precise than any
one regression beta and (b) they can reflect the current or even
expected future business mix of a firm.Cap Ex/
DepreciationEstimated by dividing the capital expenditures by
depreciation. For the sector, we estimate the ratio by dividing
the cumulated capital expenditures for the sector by the
cumulated depreciation and amortization.Capital (Book
Value)This is the book value of debt plus the book value of
common equity, as reported on the balance sheet.Capital
ExpendituresCapital Spending + Investments in R&D,
exploration or human capital development +
AcquisitionsInvestment intended to create benefits over many
years; a factory built by a manufacturing firm, for instance.The
accounting measure of cap ex (usually found in the statement of
cash flows under investing activities) is far too narrow to
measure investment in long term assets. To get a more sensible
measure, we therefore convert expenses like R&D and
exploration costs (treated as operating expenses by most firms)
into capital expenditures. (See R&D (capitalized) for more
details) and acquisitions, including those funded with stock.
After all, if we want to count the growth from the latter, we
have to count the cost of generating that growth.CashCash and
Marketable Securities reported in the balance sheet.Cash and
close-to-cash investments held by a firm for a variety of
motives: precautionary (as a cushion against bad events),
speculative (to use on new investments) and operational (to
meet the operating needs of the company).At most firms, cash
and marketable securities are invested in short term, close to
riskless investments. As a consequence, they earn fairly low
returns. However, since that is what you would require them to
earn cash usually is a neutral investment; it does not hurt or
help anyone. Investors, though, may sometimes discount cash in
the hands of some managers, since they fear that it will be
33. wasted on a bad investment.Correlation with the marketThis is
the correlation of stock returns with the market index, using the
same time period as the beta estimation (see beta) . Bounded
between -1 and +1.Measures how closely a stock moves with the
market.The beta for a stock can actually be written as:Beta =
Correlation of stock with market * Standard deviation of stock/
Standard deviation of the marketAs a consequence, holding all
else constant, the beta for a stock will rise as its correlation
with the market rises. If we do not hold the standard deviation
of the stock fixed, though, it is entirely possible (and fairly
common) for a stock to have a low correlation and a high beta
(if a stock has a very high standard deviation) or a high
correlation and a low beta (if the stock has a low standard
deviation.Cost of CapitalThe weighted average of the cost of
equity and after-tax cost of debt, weighted by the market values
of equity and debt:Measures the current long-term cost of
funding the firm.The cost of capital is a market-driven number.
That is why we use market value weights (that is what you
would pay to buy equity and debt in the firm today and the
current costs of debt and equity are based upon the riskfree rate
today and the expected risk premiums today. Cost of Capital =
Cost of Equity (E/(D+E)) + After-tax Cost of Debt
(D/(D+E))When doing valuation or corporate finance, you
should leave open the possibility that the inputs into cost of
capital (costs of debt and equity, weights) can change over time,
leading your cost of capital to change. If you have hybrids (such
as convertible bonds), you should try to break them down into
debt and equity components and put them into their respective
piles. For what to do with preferred stock, see Preferred
stock.Cost of Debt (After-tax)After-tax cost of debt = Pre-tax
Cost of debt (1 —marginal tax rate)Interest is tax deductible
and it saves you taxes on your last dollars of income. Hence, we
compute the tax benefit using the marginal tax rate.The
marginal tax rate will almost never be in the financial
statements of a firm. Instead, look at the tax code at what firms
have to pay as a tax rate. (See pre-tax cot of debt and marginal
34. tax rate)Note, though, that the tax benefits of debt are available
only to money making companies. If a money losing company is
computing its after-tax cost of debt, the marginal tax rate for
the next year and the near-term can be zero.Cost of Debt (Pre-
tax)This is estimated by adding a default spread to the riskfree
rate. The rate at which the firm can borrow long term today.
The key words are long term - we implicitly assume that the
rolled over cost of short term debt converges on the long term
rate- and today - we really don't care about what rate the firm
borrowed at in the past (a book interest rate).A company's pre-
tax cost of debt can and will change over time as riskfree rates,
default spreads and even the tax rate change over time. We are
trying to estimate one consolidated cost of debt for all of the
debt in the firm. If a firm has senior and subordinated debt
outstanding, the former will have a lower interest rate and
default risk than the former, but you would like to estimate one
cost of debt for all of the debt outstanding. Pre-tax cost of debt
= Riskfreee rate + Default spreadThe default spread can be
estimated by (a) finding a bond issued by the firm and looking
up its current market interest rate or yield to maturity (b)
finding a bond rating for the firm and using that rating to
estimate a default spread or (c) estimating a bond rating for the
firm and using that rating to come up with a default spread.Cost
of EquityIn the CAPM: Cost of Equity = Riskfree Rate + Beta
(Equity Risk Premium)The rate of return that stockholders in
your company expect to make when they buy your stock. It is
implicit with equities and is captured in the stock
price.Different investors probably have different expected
returns, siince they see different amounts of risk in the same
investment. It is to get around this problem that we assume that
the marginal investor in a company is well diversified and that
the only risk that gets priced into the cost of equity is risk that
cannot be diversified away. In a multi-factor model: Cost of
Equity = Riskfree Rate + Beta for factor j * Risk premium for
factor j (across all j)The cost of equity can be viewed as an
opportunity cost. This is the return you would expect to make
35. on other investments with similar risk as the one that you are
investing in.Cost of preferred stockPreferred dividend yield =
Preferred (annual) dividends per share/ Preferred stock priceThe
rate of return that preferred stockholders demand for investing
in a companyThe cost of preferred stock should lie somewhere
between the cost of equity (which is riskier) and the pre-tax cost
of debt (which is safer). Preferred dividends are generally not
tax deductible; hence, not tax adjustment is needed. In Latin
America, preferred stock usually refers to common stock with
no voting rights but preferences when it comes to dividends.
Those shares should be treated as common equity.D/(D+E)See
Debt RatioD/E RatioSee Debt/Equity RatioDebtInterest bearing
debt + Off-balance sheet debtBorrowed money used to fund
operationsFor an item to be categorized as debt, it needs to meet
three criteria: (a) it should give rise to a fixed commitment to
be met in both good and bad times, (b) this commitment is
usually tax deductible and (c) failure to meet the commitment
should lead to loss of control over the firm. With these criteria,
we would include all interest bearing liabilities (short term and
long term) as debt but not non-interest bearing liabilities such
as accounts payable and supplier credit. We should consider the
present values of lease commitments as debt.Debt (Market
value)Estimated market value of book debtMarket's estimate of
the value of debt used to fund the businessAt most companies,
debt is either never traded (it is bank debt) or a significant
portion of the debt is not traded. Analysts consequently assume
that book debt = market debt. You can convert book debt into
market debt fairly easily by treating it like a bond: the interest
payments are like coupons, the book value is the face value of
the bond and the weighted maturity of the debt is the maturity
of the bond. Discounting back at the pre-tax cost of debt will
yield an approximate market value for debt.Debt Ratio (Book
Value)Book value of debt/ (Book value of debt + Book value of
equity)This is the accountant's estimate of the proportion of the
book capital in a firm that comes from debt.It is a poor measure
of the true financial leverage in a firm, since book value of
36. equity can not only differ significantly from the market value of
equity, but can also be negative. It is, however, often the more
common used measure and target for financial leverage at firms
that want to maintain a particular debt ratio.Debt Ratio (Market
Value)Market value of debt/ (Market value of debt + Market
value of equity)This is the proportion of the total market capital
of the firm that comes from debt.The market value debt ratio,
with debt defined to include both interest bearing debt and
leases, will never be less than 0% or higher than 100%. Since a
signfiicant portion or all debt at most firms is non-traded,
analysts often use book value of debt as a proxy for market
value. While this is a resonable approximation for most firms, it
will break down for firms whose default risk has changed
significantly since the debt issue. For these firms, it makes
sense to convert the book debt into market debt by treating the
aggregate debt like a coupon bond, with the interest payments
as coupons and discounting back to today using the pre-tax cost
of debt as the discount rate.Debt/Equity RatioDebt/ EquityThis
measures the number of dollars of debt used for every dollar of
equity.The debt to equity ratio and the debt to captial ratio are
linked. In fact, Debt/Equity = (D/(D+E))/ (1- D/(D+E))Thus, if
the debt to capital is 40%, the debt to equity is 66.667%
(.4/.6)In practical terms, the debt to capital ratio is used in
computing the cost of capital and the debt to equity to lever
betas.Default spreadDefault spread: Difference between the pre-
tax cost of debt for a firm and the riskfree rateMeasures the
additional premium demanded by lenders to compensate for risk
that a firm will default.The default spread should always be
greater than zero. If the riskfree rate is correctly defined, no
firm, no matter how safe, should be able to borrow at below this
rate. The default spread can be computed in one of three ways:a.
Finding a traded bond issued by a company and looking up the
yield to maturity or interest rate on that bond.b. Finding a bond
rating for a firm and using it to estimate the default spreadc.
Estimating a bond rating for a firm and using it to estimate the
default spreadDeferred Tax (Asset)Deferred Tax asset (on
37. balance sheet)Measures the credit that the firm expects to get in
future periods for overpaying taxes in current and past periods.
The credit will take the form of lower taxes in future periods
(and a lower effective tax rate)For this asset to have value, the
firm has to anticipate being a going concern, profitable and
being able to claim the overpayments as tax deduction in future
time periods. In other words, there would be no value to this
asset if the firm were liquidated today.Deferred Tax
(Liability)Deferred tax laibility (on balance sheet)Measures the
liability that the firm sees in the future as a consequences of
underpaying taxes in the current or past perios. The liability
will take the form of higher taxes in future periods (and a
higher effective tax rate)It is not clear that this is a liability in
the conventional sense. If you liquidated the firm today, you
would not have to meet this liablity. Consequently, it should not
be treated like debt when computing cost of capital or even
when going from firm value to equity value. The most effective
way of showing it in a valuaton is to build it into expected tax
payments in the future (which will result in lower cash
flows)Depreciation and AmortizationAccounting write-off of
capital investments from previous years.Reflects the depletion
in valuation of existing assets - depreciation for tangible and
amortization for intangible.Accounting depreciation and
amortization usually is not a good reflection of economic
depletion, since the depreciation choices are driven by tax rules
and considerations. Consequently, you may be writing off too
much of some assets and too little of others. While depreciation
is an accounting expense, it is not a cash expense. However, it
can affect taxes because it is tax deductible. The tax benefit
from depreciation in any given year can be written as:Tax
benefit from depreciation = Depreciation * Marginal tax
rate Amortization shares the same effect, if it is tax deductible
but it often is not. For instance, amortization of goodwill
generally does not create a tax benefit.One final point. Most US
firms maintain different sets of books for tax and reporting
purposes. What you see as depreciation in an annual report will
38. deviate from the tax depreciation.Dividend PayoutDividends/
Net Income Measures the proportion of earnings paid out and
inversely, the amount retained in the firm.The dividend payout
ratio is widely followed proxy for a firm's growth prospects and
place in the life cycle. High growth firms, early in their life
cycles, generally have very low or zero payout ratios. As they
mature, they tend to return more of the cash back to investors
causing payout ratios to increase. In many markets, as
companies have chosen to switch to stock buybacks as an
alternative to dividends, this ratio has become less meaningful.
One way to adapt it to switch to an augmented payout
ratio:Usually cannot be compute for money losing companies
and can be greater than 100%.Augmented Payout Ratio =
(Dividends + Buybacks)/ Net IncomeDividend YieldDividends
per share/ Stock PriceMeasures the portion of your expected
return on a stock that will come from dividends; the balance has
to be expected price appreciation.The dividend yield is the cash
yield that you get from investiing in stocks. Generally, it will
be lower than what you can make investing in bonds issued by
the same company because you will augment it with price
appreciation. There are some stocks that have dividend yields
that are higher than the riskfree rate. While they may seem like
a bargain, the dividends are not guaranteed and may not be
sustainable. Studies of stock returns over time seem to indicate
that investing in stocks with high dividend yields is a strategy
that generates positive excess or abnormal returns. Finally, the
oldest cost of equity model is based upon adding dividend yield
to expected growth:Cost of equity = Dividend yield + Expected
growth rateThis is true only if you assume that the firm is in
stable growth, growing at a cosntant rate
forever.DividendsDividends paid by firm to stockholdersCash
returned to stockholdersDividends are discretionary and firms
do not always pay out what they can afford to in dividends. This
is attested to by the large and growing cash balances at firms.
Models that focus on dividends often miss two key components:
(a) Many companies have shifted to return cash to stockholders
39. with stock buybacks, instead of dividends and (b) The potential
dividends can be very different from actual dividends. For a
measure of potential dividends, see Free Cashflow to
Equity.Earnings YieldEarnings per share/ Stock priceThis is the
inverse of the PE ratio and mesures roughly what the firm
generates as earnings for every dollar invsted in equity. It is
usually compared to the riskfree or corporate bond rate to get a
measure of how attractive or unattractive equity investments
are.Analysts read a lot more into earnings yields than they
should. There are some who use it as a measure of the cost of
equity; this is true only for mature companies with no growth
opportunities with potential excess returns.One nice feature of
earnings yields is that they can be computed and used even if
earnings are negative. In contrast, PE ratios become
meaningless when earnings are negative.EBITDAEarnings
before interest expenses(or income), taxes, depreciation and
amortizationMeasures pre-tax cash flow from operations before
the firm makes any investment back to either maintain existing
assets or for growthEBITDA is used as a crude measure of the
cash flows from the operating assets of the firm. In fact, there
are some who argue that it is the cash available to service
interest and other debt payments. That view is misguided. Firms
that have large depreciaton charges often have large capital
expenditure needs and they still have to pay taxes. In fact, it is
entirely possible for a firm to have billions in EBITDA and no
cash available to service debt payments (See Free Cash Flow to
the Firm for a more complete measure of operating cash
flow)Economic Profit, Economic Value Added or EVA(Return
on Invested Capital - Cost of Capital) (Book Value of Invested
Capital)Measures the dollar excess return generated on capital
invested in a companyTo the degree that the book value of
invested capital measures actual capital invested in the
operating assets of the firm and the after-tax operating is a
clean mesure of the true operating income, this captures the
quality of a firm's existing investments. As with other single
measures, though, it can be easily gamed by finding ways to
40. write down capital (one-time charges), not show capital
invested (by leasing rather than buying) or overstating current
operating income.(See Excess Returns)Effective tax rateTaxes
payable/ Taxable incomeMeasures the average tax rate paid
across all of the income generated by a firm. It thus reflects
both bracket creep (where income at lower brackets get taxed at
a lower rate) and tax deferral strategies that move income into
future periods.Attesting to the effectiveness of tax lawyers,
most companies report effective tax rates that are lower than
their marginal tax rates. The difference is usually the source of
the deferred tax liability that you see reported in financial
statements. While the effective tax rate is not particularly useful
for computing the after-tax cost of debt or levered betas, it can
still be useful when computing after-tax operating income (used
in the Free Cashflow to the Firm and return on invested capital
computations) at least in the near term. It does increasingly
dangerous to assume that you can continue to pay less than your
marginal tax rate for longer and longer periods, since this
essentially allows for long-term or even permanent tax
deferral.Enterprise ValueMarket value of equity + Market value
of debt - Cash + Minority InterestsMeasures the market's
estimate of the value of operating assets. We net out cash
because it is a non-operating assets and add back minority
interests since the debt and cash values come from fully
consolidated financial statements. (See Minority Interests for
more details)In practice, analysts often use book value of debt
because market value of debt may be unavailable and the
minority interest item on the balance sheet. The former practice
can be troublesome for distressed companies where the market
value of debt should be lower than book value and the latter
practice is flawed because it measures the book value of the
minority interests when what you really want is a market value
for these interests.This computation can also sometimes yield
negative values for companies with very large cash balances.
While this represents a bit of puzzle (how can a firm trade for
less than the cash on its balance sheet?), it can be explained by
41. the fact that it may be impossible to take over the firm and
liquidiate it or by the reality that the cash balance you see on
the last financial statment might not be the cash balance
today.Enterprise Value/ Invested Capital(Market value of equity
+ Debt - Cash + Minority Interests)/ (Book value of equity +
Debt - Cash + Minority Interests) Market's assessment of the
value of operating assets as a percentage of the accountant's
estimate of the capital invested in these assetsBy netting cash
out of the both the numerator and the denominator, we are
trying to focus attention on just the operating assets of the firm.
This ratio, which has an equity analog in the price to book ratio,
is determined most critically by the return on invested capital
earned by the firm; high return on invested capital will lead to
high EV/Capital ratios.(See descriptions of Enterprise value and
Invested Capital )Enterprise Value/ EBITDA(Market value of
equity + Debt - Cash + Minority Interests)/ EBITDAMultiple of
pre-tax, pre-reinvestment operating cash flow that the firm
trades atCommonly used in sectors with big infrastructure
investments where operating income can be depressed by
depreciation charges. Allows for comparison of firms that are
reporting operating losses and diverge widely on depreciation
methods used. It is also a multiple used by acquirers who want
to use significant debt to fund the acquisition; the assumption is
that the EBITDA can be used to service debt payments.(See
descriptions of Enterprise Value and EBITDA)Cash is netted
out from the firm value because the income from cash is not
part of EBITDA. However, the same can be said of minority
holdings in other companies - the income from these holdings is
not part of EBITDA - and the estimated value of these holdings
should be netted out as well. With majority holdings, the
consolidation that follows creates a different problem: the
market value of equity includes only the portion of the
subsidiary owned by the parent but all of the other numbers in
the computation reflect all of the subsidiary. This should
explaiin why minority interests are added back to the
numerator.Enterprise Value/ Sales(Market value of equity +
42. Debt - Cash + Minority Interests)/ RevenuesMarket's assessment
of the value of operating assets as a percentage of the revenues
of the firm.While the price to sales ratio is a more widely used
multiple, the enterprise value to sales ratio is more consistent
because it uses the market value of operating assets (which
generate the revenues) in the numerator.Equity EVA(Return on
Equity - Cost of Equity) (Book Value of Equity)Measures the
dollar excess return generated on equity invested in a
companyTo the degree that the inputs into the equation are
reasonable estimates, this becomes a measure of the success a
company has shown with its existing equity investments.
However, both the return on equity and book value of equity are
accounting numbers, and can be skewed by decisions (such as
stock buybacks and restructuring charges). At the limit, it
becomes meaningless when the book value of equity becomes
negative.(See Excess Returns (on Equity))Equity Reinvestment
Rate((Capital Expenditures - Depreciation) - Change in non-
cash Working Capital - (Principal repaid - New Debt Issued))/
Net IncomeMeasures the proportion of net income that is
reinvested back into the operating assets of the firmThe
conventional measure of equity reinvestmnt is the retention
ratio, which looks at the proportion of earnings that do not get
paid out as dividends. The equity reinvestment is both more
focused and more general. It is more focused because it looks at
the portion of the earnings held back that get invested into the
operating assets of the firm and more general because it can be
a negative value (for firms that are letting their assets run
down) or greater than 100% (for firms that are issuing fresh
equity and investing it back into the business).Equity Risk
Premium (ERP)Expected Returns on Equity Market Index -
Riskfreee RatePremium over the riskfree rate demanded by
investors for investing the average risk stockThe ERP is a key
component of the cost of equity for all companies, since it is
multiplied by the beta to get to the cost of equiity. If you over
estimate the ERP, you are going to under value all
companies.Equity Risk Premium - HistoricalAverage Annual
43. Return on Stocks - Average Annual Return on Riskfree
investmentActual premium earned by investors on stocks,
relative to riskfree investment, over the time periodThe
historical risk premium is usually estimated by looking at long
time period. For instance, in the United States, it is usually
estimated over eight decades (going back to 1926). There are
two dangers in using this historical risk premium. The first is
that the long time period notwithstanding, the historical risk
premium is an estimate with a significant standard error (about
2% for 80 years of day). The second is that the market itself has
probably changed over the last 80 years, making the historical
risk premium not a good indicator for the future.Equity Risk
Premium - ImpliedGrowth rate implied in today's stock prices,
given expected cash flows and a riskfree rate. (Think of it as a
internal rate of return for equities collectively).Reflects the risk
that investors see in equities rght now. If investors think
equities are riskier, they will pay less for stocks today.The
implied equity risk premium moves inversely with stock prices.
When stock prices go up, the implied equity risk premium will
be low. When stock prices go down, the implied premium will
be high. Notwithstanding the fact that you have to use an
expected growth rate for earnings and a valuation model, the
implied equity risk premium is both a forward looking number
(relative to historical premiums) and constantly updated.Excess
ReturnsReturn on Invested Capital - Cost of capitalMeasure the
returns earned over and above what a firm needed to make on an
investment, given its risk and funding choices (debt or
equity).Excess returns are the source of value added at a firm;
positive net present value investments and value creating
growth come from excess returns. However, excess returns
themselves are reflections of the barriers to entry or competitive
advantages of a firm. In a world with perfect competition, no
firm should be able to generate excess returns for more than an
instant.Excess Returns (on equity)Return on Equity - Cost of
EquityMeasures the return earned over and above the required
return on an equity investment, given its risk. It can be at the
44. level of the firm making real investments and at the level of the
investor picking individual stocks for her portfolio.To generate
excess returns. you have to bring something special to the table.
For firms, this may come from a brand name, economies of
scale or a patent. For investors, it is more difficult but it can be
traced to better information, better analysis or more discipline
than other investors.Firm ValueMarket Value of Equity +
Market Value of DebtMeasures the market value of all assets of
a firm, operating as well as non-operating.Since the value of the
firm includes both operating and non-operating assts, it will be
greater than enterprise value. To the extent that we are looking
at how value relates to operating items (operating income or
EBITDA), you should not use firm value but should use
enterprise value instead; the income from cash is not part of
operating income or EBITDA.Fixed Assets/Total AssetsFixed
Assets/ Total AssetsMeasures how much of a firm's investments
are in tangible assets.This ratio should be higher for
manufacturing firms than for service firms and reflects the bias
in accounting towards tangible assets. Many lenders seem to
share this bias and are willing to lend more to firms with
significant fixed assets.The ratio can also be affected by the age
of the assets, since older assets, even if productive, will be
written down to lower values.Free Cash Flow to Equity
(FCFE)FCFE = Net Income - (Capital Expenditures -
Depreciation) - Change in non-cash Working Capital -
(Principal repaid - New Debt Issued)Measures cash flow left
over for equity investors after taxes, reinvestment needs and
debt needs are met. For a growing firm, debt cash flows can be
a source of positive cash flows; new debt brings cash to equity
investors.This is a post-debt cash flow. When it is positive, it
measures what can be paid out by the firm without doing any
damage to its operations or growth opportunities. In other
words, it is the potential dividend and can be either paid out as
such or used to buy back stock. When it is negative, it indicates
that the firm will have raise fresh equity. When we discount
FCFE in a valuation model, we are implicitly assuming that no
45. cash builds up in the firm and the present value will already
incorporate the effect of future stock issues. (Discounting
negative FCFE in the early years will push down the value per
share today; think of that as the dilution effect)Free Cash Flow
to Firm (FCFF)FCFF = EBIT(1-t) - (Capital Expenditures -
Depreciation) - Change in non-cash Working CapitalMeasures
cash flow left over for all claimholders in the firm (lenders and
equity investors) after taxes and reinvestment needs have been
met.This is a pre-debt cash flow. That is why we start with
operating income, rather than net income (which is after interest
expenses) and act like we pay takes on operating income. In
effect, we are acting like we have no interest expenses or tax
benefits from these interest expenses when computing cash
flows. That is because these cash flows are discounted back at a
cost of capitatl that already reflects the tax benefits of
borrowing (through the after-tax cost of debt). A positive free
cash flow to the firm is cash available to be used to make
payments to debt (interest expenses and prinicipal payments)
and to equity (dividends and stock buybacks).A negative free
cash flow to the firm implies that the firm faces a cash deficit
that has to be covered by either issuing new stock or new debt
(the debt ratio used in the cost of capital determines the
mix).Fundamental growth in EPSRetention Ratio * Return on
Equity Expected growth in earnings per share if the firm
maintains this return on equity on new investment and invests
what it does not pay out as dividends in these new
investments.Since the retention ratio cannot exceed 100%, this
caps the growth in earnings per share at the return on equity, if
the return on equity is stable. However, this formula will yield
an incomplete measure of growth when the return on equity is
changing on existing assets. In that case, there will be an
additional component to growth that we can label efficiency
growth. Thus, doubling the return on equity on existing assets
from 5% to 10% will generate a growth rate of 100% even if the
retentiion ratio is zero.(See definitions of both
items)Fundamental growth in net incomeEquity Reinvestment
46. Rate * Non-cash Return on Equity Measures the growth rate in
net income from operating assets, if the equity reinvestment rate
and return on equity remain unchanged.Since the equity
reinvestment rate can be greater than 100% or less than 0%, this
measures implies that the growth in net income can exceed
growth in earnings per share (for firms that issue new stock to
reinvest) or be negative (for firms with negative equity
reinvestment rates). As with the other fundamental growth
measures, this one measures growth only from new investments;
there can be an additional component that can be traced to
improving or dropping return on equity on existing
investments.(See definitions of both items)Fundamental growth
in operating incomeReinvestment Rate * Return on
CapitalMeasures the growth rate in after-tax operating income,
if the reinvestment rate and return on capital remain
unchanged.The growth in operating income is a function of both
how much a firm reinvests back (reinvestment rate) and how
well it reinvests its money (the return on capital). As a general
rule, growth created by reinvesting more at a return on capital
that is more (less) than the cost of capital will create (destroy)
value. A firm's growth rate in the short term can be higher or
lower than this number, to the extent that the return on capital
on existing assets increases or decreases.GoodwillPrice paid for
equity in an acquisition - Book value of equity in acquired
companyMeasures the intangible assets of the target companyIn
reality, goodwill is not an asset but a plug variable used to
balance the balance sheet after an acquisiton. It is composed of
three parts - the value of the growth assets of the target firm
(which would not have been reflected in the book value), the
value of synergy and control and any overpayment made by the
firm. How we deal with goodwill will vary depending on its
source. If it is for growth assets, it creates inconsistencies in
balance sheets since we do not allow firms to record growth
assets that may be generated internally. If it is for synergy and
control, it should be reflected as additional value in the
consolidated balance sheet, but that value has to be reassessed,
47. given the actual numbers. If it is an overpayment, it is money
wasted. When we do return on invested capital, for instance, we
clearly want to subtract out the first from invested capital but
we should leave the last two elements in the number.Gross
MarginGross Profit/ Sales(See Gross Profit)Gross
ProfitRevenues - Cost of Goods SoldMeasures the profits
generated by a firm after direct operating expenses but before
indirect operating expenses, taxes and financial expenses.The
line between gross and operating profit is an artifical one. For
the most part, the expenses that are subtracted out to get to
gross profit tend to be costs directly traceable to the product or
service sol and the expenses that are treated as indirect are
expenses such as selling, general and administrative costs. If we
treat the latter as fixed costs and the former as variable, there
may be some information in the gross profit.Historical Equity
Risk PremiumSee Equity Risk Premium (Historical)Historical
Growth RateGrowth rate in earnings in the past. Measures how
quickly a firm's earnings have grown in the past.Historical
growth rates can be sensitive to starting and endiing periods and
to how the average is estimated - arithmetic averages will
generally yield higher growth rates than geomteric averages.
While knowing past growth makes us feel more comfortable
about forecasting future growth, history suggests that past
growth is not a good predictor of future growth.(Earnings
(today)/Earning (n years ago))^(1/n)-1Hybrid secuityA security
that combines the features of debt and equityCapital invested
(not current market value) of issued security.Hybrid securities
are best dealt with, broken up into debt and equity components.
For convertible bonds, for instance, the conversion option is
equity and the rest is debt. Preferred stock is tougher to
categorize and may require a third element in the cost of
capital.Implied Equity Risk PremiumSee Equity Risk Premium
(Implied)Insider Holdings %Shares held by insiders/ Shares
outstandingMeasures how much of the stock is held by insiders
in a company. The SEC definition of insdiers includes those
who hold more than 5% of the shares.If we assume that insiders
48. are or are allied with the incumbent managers of the firm, this
ratio becomes an inverse measure of how much influence
outside stockholders have over this firm. The higher this ratio,
the less of a role outside investors willl have in the management
of a company...This can also have an effect in how we think
about and measure risk. If the insdier holdings are high, the
assumption we make about marginal investors being well
diversifed in risk and return models may come under
assault.Institutional Holding %Shares held by institutions/
Shares outsandingMeasures how much of the stock is held by
mutual funds, pension funds and other institutional investors.If
institutional investors hold a substantial proportion of a firm,
the assumption we make about investors being well diversifed is
well founded. Conseqently, we can safely assume that only non-
diversifiable risk has to be priced into the cost of equity and
ignore risk that can be diversified away.Interest coverage
ratioInterest coverage ratio = EBIT / Interest ExpenseMeasures
the margin for error the firm has in making its interest
expenses. If this ratio is high, the firm has much more margin
for error and is therefore safer (from the lender's
perspective)There are a number of ratios that measure a firm's
capacity to meet its debt obligatiion. The fixed charges ratio,
for instance, is the ratio of EBITDA to total fixed charges. In
estimating this ratio, you should try to get a measure of the
operating income that the firm can generate in a normal year
(this may require looking at operating income over an economic
cycle or over a period of time) relative to its interest expenses.
Other things remaining equal, the higher this ratio, the higher
the rating and the lower the default spread for a firm.Inventory/
SalesEstimated by dividing the cumulated inventory for the
sector by the cumulated sales for the sectorMeasures how much
inventory the firm needs to hold to sustain its revenues.When
this ratio is high, a firm will find that its cash flows lag its
earnings. The magnitude of this number will vary across
businesses. Generally, businesses that sell high priced products
where sales turnover ratios are low (luxury retailers, for
49. instance) will have to maintain high inventory.Invested
CapitalSee Book Value of Invested CapitalLeases
(Operating)Expense for current year is shown as part of
operating expenses; commitments for future years are shown in
footnotes.Measured the reduction in income created by having
to meet lease obligations in current period.While accountants
and tax authorities draw a distinction between operating and
capital leases, they look much the same from a financial
perspective. They are both the equivalent of borrowing, though
lease commitment can be viewed as more focused borrowing
(because it is tied to an individual asset or site) and more
flexible (a firm can abandon an individual lease without
declaring bankruptcy) than conventional debt. The best
approach is to use the pre-tax cost of debt as the discount rate
and discount future lease commitments back to today to get a
debt value for operating leases. This will also create a leased
asset, which has to be depreciated. As a result, operating
income will have to be restated:Adjusted Operating Income =
Operating Income + Current year's lease expense - Depreciation
on leased assetLeases (Capital)Commitments converted into
debt (by discounting at a pre-tax cost of debt) and shown on
balance sheet. Imputed interest expenses and depreciation
shown on income statement.Measures the debt equivalent of
lease commitments.Accountants do for capital leases what we
suggested that they need to do for operating leases. One cost of
having them do it (rather than yourself) is that you do not
control when the present value is computed (usually at the time
of the financial statement) and the pre-tax cost of debt
used.Marginal tax rateTax rate on last dollar or next dollar of
income.Measures the taxes you will have to pay on additional
income that you will generate on new investments and the
savings that you will obtain from a tax deduction.The marginal
tax rate is best located in the tax code for the country in which a
company operates. In the United States, for instance, the
marginal federal tax rate is 35%. With state and local taxes
added on, this number will increase (to 38-40%). For companies