This document provides an overview and introduction to key concepts in corporate finance. It discusses the main tasks of corporate finance including capital budgeting, capital structure, and working capital management. It also covers the goals of financial management, including maximizing shareholder value. Agency problems that can arise between managers and shareholders are explained. The roles of the CFO, treasurer, and controller are outlined. Ethical considerations and corporate governance mechanisms are also summarized.
Financial Reporting And Analysis Explained.as to why is it important, Who is it important for and the different ways of analyzing a financial statement.
Greenwich University
Financial Reporting And Analysis Explained.as to why is it important, Who is it important for and the different ways of analyzing a financial statement.
Greenwich University
FINANCIAL MANAGEMENT, ROLE OF FINANCIAL MANAGEMENT, IMPORTANCE OF FINANCIAL MANAGEMENT, FEATURES OF FINANCIAL MANAGEMENT, SCOPE OF FINANCIAL MANAGEMENT, FUTURE OF FINANCIAL MANAGEMENT, etc.
Finance Q & A Essay
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Corporate Finance Essay
Managing Financial Resources Essay examples
Essay on personal finance goals
Reflection About Finance
Business Finance Essay
Essay on My Personal Financial Plan
Finance Director Essay
Essay Corporate Finance
Essay about Ethics in Finance
Essay on Finance
Finance
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. Outline
1.1 What is corporate finance?
1.2 The goal of financial management
1.3 The agency problem and control of the
corporation
1.4 Ethics and corporate governance
1.5 Financial markets
3. Main tasks of corporate finance
• Capital budgeting: the process of planning
and managing a firm’s long-term
investments ⇒ fixed assets.
• Capital structure: the mixture of debt and
equity maintained by the firm ⇒ S-T and L-
T debt and equity.
• Working capital management: a firm’s short-
term assets and liabilities ⇒ current assets
and current liabilities.
4. The Capital Budgeting Decision
Current
Assets
Fixed Assets
1 Tangible
2 Intangible
Shareholders
’ Equity
Current
Liabilities
Long-Term
Debt
What long-term
investments
should the firm
choose?
5. Modern form of firms
Corporation: a business created as a distinct legal
entity composed of one or more individuals or
entities, e.g., IBM.
– Separation of control (shareholders) and management
(professionals).
– Ownership can be easily transferred.
– Limited liability.
– Double taxation.
– Rather expensive to form.
– Agency problems.
6. Who make the decisions?
Owners (typically in small businesses).
Professional managers.
7. Financial managers
Frequently, financial managers try to address
these tasks.
The top financial manager within a firm is
usually the Chief Financial Officer (CFO).
– Treasurer – oversees cash management, credit
management, capital expenditures and financial
planning.
– Controller – oversees taxes, cost accounting,
financial accounting and data processing.
8. Possible goals of financial
management
Survive
Beat the competition
Maximize sales
Maximize net income
Maximize market share
Minimize costs
Maximize the value of (stock) shares
9. The “appropriate” goal of financial
management
Maximize the (fundamental or economic) value of
(stock) shares is the right goal.
Why? Shareholders own shares. Managers, as
agents, ought to act in a way to benefit
shareholders; i.e., to enhance the value of the
shares.
A limitation of this goal is that value is not directly
observable.
10. Home Depot CEO gets $210 million
severance for sucking at job
Robert L. Nardelli, the CEO of Home Depot,
who came under heavy criticism for his pay
package and failure to lift the chain ’s
stagnant stock price, has abruptly resigned.
He will receive about $210 million in
compensation from the company, including
the current value of retirement and other
benefits. Who would blame him for quitting?
Source:digg.com; submitter: tennova.
11. Value vs. price
The value of shares are not observable. In contrast,
the price of shares can be observable.
If one believes that share price is an accurate/good
estimate of share value, the appropriate goal would
be to maximize the price of shares.
This belief/assumption is, however, questionable.
But the previous slide (Home Depot ex-CEO),
nevertheless, showed that investors care about stock
price, and that stock price performance is very
important to the tenure of managers.
12. The agency problem
Agency relationship:
– Principals (citizens) hire an agent (the president) to
represent their interest.
– Principles (stockholders) hire agents (managers) to run the
company.
Agency problem:
– Conflict of interest between principals and agents.
– This occurs in a corporate setting whenever the agents do
not hold 100% of the firm’s shares.
– The source of agency problems is the separation of
(owners’) control and management.
13. Agency costs
Direct costs: (1) unnecessary expenses,
such as a corporate jet, and (2) monitoring
costs.
Indirect costs. For example, a manager
may choose not to take on the optimal
investment. She/he may prefer a less risky
project so that she/he has a higher
probability keeping her/his tenure.
14. Managerial incentives
Managerial goals are frequently different
from shareholders’ goals.
– Expensive perks.
– Survival.
– Independence.
Growth and size (related to compensation)
may not relate to shareholders’ wealth.
15. Corporate governance
Compensation:
– Incentives ($$$, options, threat of dismissal, etc.) used to
align management and stockholder interests.
Corporate control:
– Managers may take the threat of a takeover seriously and
run the business in the interest of shareholders.
Pressure from other stakeholders (e.g., CalPERS, a
powerful corporate police).
16. Sarbanes-Oxley Act (2002)
“Sarbox.”
10K must have an assessment of the firm’s
internal control structure and financial
reporting.
The officers must explicitly declare that 10K
does not contain any false statements or
material omissions.
The officers are responsible for all internal
controls.
17. Ethics
Managers are expected to behave in an ethical
manner.
The province of ethics is to sort out what is good and
bad.
But, what is the criterion or guideline for doing so?
Philosophers came up with some criteria, but none
of them makes sorting out what is good and bad an
easy task.
Here, we introduce two of these criteria.
18. Principle 1
Golden rule: Do unto others as you would
have others do onto you.
But the next example, the so-called
Sopranoism, shows the limitation of this
principle: Whack the next guy with the same
respect you’d like to be whacked with, you
know? (Source: Cathcart and Klein, 2007).
19. Principle II
Confucianism: Do not do to others what you
do not want done to yourself.
This is a rather robust (but passive) criterion.
But its limitation is that it says nothing about
what you should do.
20. Dilemma
Ethical decisions often yield a dilemma.
Suppose that you were the CEO of investment bank
XYZ in 2005. The debt/equity ratio of the bank was
20. All of your competitors raised their debt/equity
ratios to 30 to please the stock market so that their
stock prices could be higher than otherwise would
be. You knew that raising the debt/equity ratio to 30
was rather risky and could destroy the bank if
business went wrong. But you knew the investors
would be disappointed by the otherwise lower share
price if you did not raise the debt/equity ratio.
21. So, what is the answer?
I do not have an answer for this kind of
ethical question because it is a dilemma;
otherwise, I would not use the word
“dilemma.”
All I know is that you, as professional
managers, are expected to behave ethically.
One thing I know for sure is that never do
anything that will put you in a prison cell; you
are too cute for a prison cell.
22. Financial markets
Cash flows (i.e., financing and
payoffs/dividends/interests) between firms
and financial markets.
Primary markets.
Secondary markets.
- NYSE.
- Nasdaq.