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Part 1: Native American’s Forced Assimilation
Instructions: Watch the video
( https://www.vox.com/2019/10/14/20913408/us-stole-thousands-of-native-american-children) to get a history of assimilation in theUS. Then answer the following questions.
1.What was the purpose for the forced assimilation of Native Americans?
2.Name two strategies the US used to assimilate Native Americans and explain how each of these strategies worked.
Part 2: Keywords for Asian American Studie “Assimilation” (pp. 14-17) https://books.google.com/books?id=bo_dBwAAQBAJ&printsec=frontcover&dq=Keywords+for+Asian+American+Studie&hl=en&newbks=1&newbks_redir=0&sa=X&ved=2ahUKEwjsrcHi7OnnAhWnl3IEHeZyDKMQ6AEwAHoECAUQAg#v=onepage&q=Keywords%20for%20Asian%20American%20Studie&f=false
Instructions: Answer the following questions. Provide a passage from the reading (i.e., “Assimilation”) in addition to your response to support your responses.
1.What are the five different definitions or perspectives on assimilation? As you identify them, note which one you think is most accurate for the contemporary situation of assimilation.
2.According to Lisa Park, how is assimilation enforced in our society?
3.What are the criticism of assimilation?4.What does Lisa Park say is a unique experience of assimilation for Asian Americans? (p. 17)
Part 3: Assessing assimilation in our societyAnswer the following questions based on your observations, experiences, or insights.
1.Do immigrants have a duty to learn and adopt the local culture, or should they try to retain their native culture?
2.What does successful assimilation look like? What are some results of it?
3.What does unsuccessful assimilation look like? What are some results of it?
4.How does race fact into the process or act of assimilation?
Valuation outputBase year12345678910Terminal yearRevenue growth rate70.00%70.00%70.00%70.00%70.00%56.55%43.10%29.65%16.20%2.75%2.75%Revenues$ 1,328.70$ 2,258.78$ 3,839.93$ 6,527.88$ 11,097.40$ 18,865.58$ 29,534.07$ 42,263.25$ 54,794.31$ 63,670.99$ 65,421.94$ 67,221.04EBIT (Operating) margin-1.64%-0.23%1.18%2.60%4.01%5.43%6.84%8.26%9.67%11.09%12.50%12.50%EBIT (Operating income)$ (21.86)$ (5.21)$ 45.46$ 169.63$ 445.34$ 1,023.93$ 2,020.72$ 3,489.47$ 5,299.16$ 7,058.25$ 8,177.74$ 8,402.63Tax rate0.00%0.00%0.00%0.00%0.00%0.00%7.00%14.00%21.00%28.00%35.00%35.00%EBIT(1-t)$ (21.86)$ (5.21)$ 45.46$ 169.63$ 445.34$ 1,023.93$ 1,879.27$ 3,000.94$ 4,186.33$ 5,081.94$ 5,315.53$ 5,461.71- Reinvestment$ 659.64$ 1,121.38$ 1,906.35$ 3,240.79$ 5,509.35$ 7,566.30$ 9,027.79$ 8,887.27$ 6,295.52$ 1,241.81$ 1,877.46FCFF$ (664.84)$ (1,075.92)$ (1,736.72)$ (2,795.45)$ (4,485.42)$ (5,687.03)$ (6,026.85)$ (4,700.94)$ (1,213.58)$ 4,073.72$ 3,584.25Cost of capital10.03%10.03%10.03%10.03%10.03%9.63%9.22%8.81%8.41%8.
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxhenrymartin15260
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxhallettfaustina
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxmayank272369
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
There are 76 red xxx’s – each worth 1.18 points. You only need to.docxchristalgrieg
There are 76 red xxx’s – each worth 1.18 points. You only need to fill in where you see red xxx’s (big or small)
CHAPTER 1
THE McGEE CAKE COMPANY
1. The advantages to a LLC are: xxxx
The biggest disadvantage is: xxxx
2. .xxxx
C-2 CASE SOLUTIONS
3. .xxxx
CHAPTER 2
CASH FLOWS AND FINANCIAL STATEMENTS
Below are the financial statements that you are asked to prepare.
1. The income statement for each year will look like this:
Income Statement
2010
2011
Sales
xxxx
xxxx
Cost of goods sold
163,849
206,886
Selling and administrative
xxxx
xxxx
Depreciation
46,255
52,282
EBIT
$79,110
$90,584
Interest
10,056
11,526
EBT
$69,054
$79,058
Taxes (use the problem to figure
This amount out
xxxx
xxxx
Net income
$55,243
$63,246
Dividends(read the case to find out how much this is)
xxxx
xxxx
Addition to retained earnings
(this would be whatever the net income is less the dividends paid out)
xxxx
xxxx
2. The balance sheet for each year will be:
Balance Sheet as of Dec. 31, 2010
Cash
xxxx
Accounts payable
xxxx
Accounts receivable
xxxx
Notes payable
xxxx
Inventory
xxxx
Current liabilities
$60,832
Current assets
$72,651
Long-term debt
xxxxx
Net fixed assets
xxxxxx
Owners' equity
xxxxx
Total assets
$276,719
Total liab. and equity
$276,719
In the first year, equity is not given. Therefore, we must calculate equity as a plug variable. Since total liabilities and equity is equal to total assets, equity can be calculated as:
Equity = $276,719 – 60,832 – 103,006
Equity = $112,881
Balance Sheet as of Dec. 31, 2011
Cash
xxxx
Accounts payable
xxxx
Accounts receivable
xxxx
Notes payable
xxxx
Inventory
xxxx
Current liabilities
$68,121
Current assets
$100,834
Long-term debt
xxxx
Net fixed assets
xxxx
Owners' equity
Xxxx(see below)
Total assets
$349,459
Total liab. and equity
$349,459
The owner’s equity for 2011 is the beginning of year owner’s equity, plus the addition to retained earnings, plus the new equity, so:
Equity = $112,881 + 31,623 + 20,500
Equity = $165,004
3-6 are completed for you so you can answer the questions
3. Using the OCF equation: (
OCF = EBIT + Depreciation – Taxes
The OCF for each year is:
OCF2010 = $79,110 + 46,255 – 13,811
OCF2010 = $111,554
OCF2011 = $90,584 + 52,282 – 15,812
OCF2011 = $127,054
4.
To calculate the cash flow from assets, we need to find the capital spending and change in net working capital. The capital spending for the year was:
Capital spending
Ending net fixed assets
$248,625
– Beginning net fixed assets
204,068
+ Depreciation
52,282
Net capital spending
$96,839
And the change in net working capital was:
Change in net working capital
Ending NWC
$32,713
– Beginning NWC
11,819
Change in NWC
$20,894
So, the cash flow from assets was:
Cash flow from assets
Operating cash flow
$127,054
– Net capital spending
96,839
– Change in NWC
...
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxhenrymartin15260
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxhallettfaustina
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed t.docxmayank272369
NewFCFF2StageTwo-Stage FCFF Discount ModelThis model is designed to value a firm, with two stages of growth, an initialperiod of higher growth and a subsequent period of stable growth.For a richer version of this model, try the fcffginzu.xls spreadsheet.Assumptions1. The firm is expected to grow at a higher growth rate in the first period.2. The growth rate will drop at the end of the first period to the stable growth rate.The user has to define the following inputs:1. Length of high growth period2. Expected growth rate in earnings during the high growth period.3. Capital Spending, Depreciation and Working Capital needs during the high growth period.4. Expected growth rate in earnings during the stable growth period.5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)Inputs to the modelCurrent EBIT =$5,186.00Current Interest Expense =$118.00Current Capital Spending$2,152.00Current Depreciation & Amort'n =$1,228.00Tax Rate on Income =28.49%Current Revenues =$16,701.00Current Non-cash Working Capital =$3,755.00Chg. Working Capital =$499.00Last yearCash and Marketable Securities$500.00Value of equity options issued by firm =$1,500.00Book Value of Debt =$1,479.00$1,315.00Book Value of Equity =$12,941.00$12,156.00Weights on Debt and EquityIs the firm publicly traded ?Yes( Yes or No)If yes, enter the market price per share =$125.50(in currency)& Number of shares outstanding =993.57(in #)& Market Value of Debt =$1,822.00( in currency)If no, do you want to use the book value debt ratio ?No(Yes or No)If no, enter the debt to capital ratio to be used =(in percent)Enter length of extraordinary growth period =5(in years)Do you want to change the debt ratio in the stable growth period?NoIf yes, enter the debt ratio for the stable growth period =Costs of ComponentsDo you want to enter cost of equity directly?No(Yes or No)If yes, enter the cost of equity =(in percent)If no, enter the inputs to the cost of equityBeta of the stock =0.8Riskfree rate=5.30%(in percent)Risk Premium=5.50%(in percent)Enter the cost of debt for cost of capital calculation5.50%( in percent)Earnings InputsDo you want to use the historical growth rate?No(Yes or No)If yes, enter EBIT from five years ago =$800.00(in currency)Do you have an outside estimate of growth ?Yes(Yes or No)If yes, enter the estimated growth:12.50%(in percent)Do you want to calculate the growth rate from fundamentals?Yes(Yes or No)The following will be the inputs to the fundamental growth formulation:ROC =27.53%Reinv. Rate =38.37%Do you want to change any of these inputs for the high growth period?No(Yes or No)If yes, specify the values for these inputs (Please enter all variables)ROC =10.00%Reinv. Rate =100.00%Specify weights to be assigned to each of these growth rates:Historical Growth Rate =0.00%(in percent)Outside Prediction of Growth =0.00%(in percent)Fundamental Estimate of Growth =100.00%(in percent)Enter growth rate in stable growth period?6.00%(in percent)BetaW.
There are 76 red xxx’s – each worth 1.18 points. You only need to.docxchristalgrieg
There are 76 red xxx’s – each worth 1.18 points. You only need to fill in where you see red xxx’s (big or small)
CHAPTER 1
THE McGEE CAKE COMPANY
1. The advantages to a LLC are: xxxx
The biggest disadvantage is: xxxx
2. .xxxx
C-2 CASE SOLUTIONS
3. .xxxx
CHAPTER 2
CASH FLOWS AND FINANCIAL STATEMENTS
Below are the financial statements that you are asked to prepare.
1. The income statement for each year will look like this:
Income Statement
2010
2011
Sales
xxxx
xxxx
Cost of goods sold
163,849
206,886
Selling and administrative
xxxx
xxxx
Depreciation
46,255
52,282
EBIT
$79,110
$90,584
Interest
10,056
11,526
EBT
$69,054
$79,058
Taxes (use the problem to figure
This amount out
xxxx
xxxx
Net income
$55,243
$63,246
Dividends(read the case to find out how much this is)
xxxx
xxxx
Addition to retained earnings
(this would be whatever the net income is less the dividends paid out)
xxxx
xxxx
2. The balance sheet for each year will be:
Balance Sheet as of Dec. 31, 2010
Cash
xxxx
Accounts payable
xxxx
Accounts receivable
xxxx
Notes payable
xxxx
Inventory
xxxx
Current liabilities
$60,832
Current assets
$72,651
Long-term debt
xxxxx
Net fixed assets
xxxxxx
Owners' equity
xxxxx
Total assets
$276,719
Total liab. and equity
$276,719
In the first year, equity is not given. Therefore, we must calculate equity as a plug variable. Since total liabilities and equity is equal to total assets, equity can be calculated as:
Equity = $276,719 – 60,832 – 103,006
Equity = $112,881
Balance Sheet as of Dec. 31, 2011
Cash
xxxx
Accounts payable
xxxx
Accounts receivable
xxxx
Notes payable
xxxx
Inventory
xxxx
Current liabilities
$68,121
Current assets
$100,834
Long-term debt
xxxx
Net fixed assets
xxxx
Owners' equity
Xxxx(see below)
Total assets
$349,459
Total liab. and equity
$349,459
The owner’s equity for 2011 is the beginning of year owner’s equity, plus the addition to retained earnings, plus the new equity, so:
Equity = $112,881 + 31,623 + 20,500
Equity = $165,004
3-6 are completed for you so you can answer the questions
3. Using the OCF equation: (
OCF = EBIT + Depreciation – Taxes
The OCF for each year is:
OCF2010 = $79,110 + 46,255 – 13,811
OCF2010 = $111,554
OCF2011 = $90,584 + 52,282 – 15,812
OCF2011 = $127,054
4.
To calculate the cash flow from assets, we need to find the capital spending and change in net working capital. The capital spending for the year was:
Capital spending
Ending net fixed assets
$248,625
– Beginning net fixed assets
204,068
+ Depreciation
52,282
Net capital spending
$96,839
And the change in net working capital was:
Change in net working capital
Ending NWC
$32,713
– Beginning NWC
11,819
Change in NWC
$20,894
So, the cash flow from assets was:
Cash flow from assets
Operating cash flow
$127,054
– Net capital spending
96,839
– Change in NWC
...
The Finance Perspective: The Business Model for the Subscription EconomyZuora, Inc.
Learn best practices for subscription financial management, with a focus on the ‘Three Metrics That Matter’, the new income statement for the Subscription Economy and how to apply it to your business. Learn best practices for subscription financial management, with a focus on the ‘Three Metrics That Matter’, the new income statement for the Subscription Economy and how to apply it to your business.
For this assignment, you will complete the Financial Overview compon.docxzebadiahsummers
For this assignment, you will complete the Financial Overview component of your course project. To complete this assignment, use the Financial Analysis Toolkit Excel file, provided in the Resources, to complete a financial analysis of your chosen company (Apple Inc,) over the last two most recent years available in annual reports. Replace the numbers provided in the Excel file with the appropriate numbers for your firm. Then, write a 2–3 page financial analysis of your company, addressing the following elements:
Identify your company, its industry, and analyze the important segments (percentage of sales or subsidiaries) of your company compared to its industry and its overall business.
Perform a complete financial analysis of your chosen company's financial statements—horizontal, vertical (Percentage of Sales and Common-Size), and changes in ratios—for the last two years.
Compare all ratios to industry averages. Evaluate the company's ratios against the industry averages.
Explain the significance of the company's ratios when compared to industry averages.
Analyze the company's cash flows.
Assess the overall financial health of your company based on this financial analysis.
A great way to integrate your completed calculations from your Excel sheet into your written analysis is to paste pieces of the worksheet directly into your Word document. You are also encouraged to create graphs or charts from the data that may illustrate your analyses as well.
Tool Kit for Analysis of Financial Statements
Financial statements are analyzed by calculating certain key ratios and then comparing them with the ratios of other firms and by examining the trends in ratios over time.
We can also combine ratios to make the analysis more revealing, those indicated below are exceptionally useful for this type of analysis.
RATIO ANALYSIS (Section 3.1)
*NVIDIA Fiscal Years starts and ends on Jan 31, such that FY13 represents Jan 31,2012 to Jan31, 2013
Input Data:
2013
2012
Year-end common stock price
$12.26
$13.86
Year-end shares outstanding (in thousands)
616,756
612,191
Tax rate
15%
12%
After-tax cost of capital
Lease payments (in thousands)
$18,998
$21,439
Required sinking fund payments
$0
$0
Balance Sheets
(in thousands of dollars)
Assets
2013
2012
Cash and equivalents
$906,223
$767,218
* Added to cash and quivalents prepaid expense and deferred income taxes
Short-term investments
$2,995,097
$2,461,700
2013
2012
Accounts receivable
$454,252
$336,143
69,701
49,411
prepaid expenses and other
Inventories
$419,686
$340,297
103,736
49,931
deferred income taxes
Total current assets
$4,775,258
$3,905,358
Net plant and equipment
$1,636,987
$1,647,570
* In addition to equpment also includes goodwill, intangible assets, and other assets
Total assets
$6,412,245
$5,552,928
2013
2012
641,030
641,030
goodwill
.
7.12Chapter 7 Problem 12a). Complete the spreadsheet below by esti.docxalinainglis
7.12Chapter 7 Problem 12a). Complete the spreadsheet below by estimating the project's annual after tax cash flow.b). What is the investment's net present value at a discount rate of 10 percent?c). What is the investment's internal rate of return?d). How does the internal rate of return change if the discount rate equals 20 percent?e). How does the internal rate of return change if the growth rate in EBIT is 8 percent instead of 3 percent?Facts and AssumptionsEquipment initial cost $$ 350,000Depreciable life yrs.7Expected life yrs.10Salvage value $$0Straight line depreciationEBIT in year 128,000Tax rate38%Growth rate in EBIT3%Discount rate10%Year012345678910Initial cost350,000Annual depreciation50,00050,00050,00050,00050,00050,00050,000EBIT28,00028,84029,70530,59631,51432,46033,43334,43635,47036,534Net present value @ 10%Internal rate of return
7.13Chapter 7 Problem 13In many financial transactions, interest is computed and charged more than once a year. Interest on corporate bonds, for example, is usually payable every six months. Consider a loan transaction in which interest is charged at the rate of 1 percent per month. Sometimes such a transaction is described as having an interest rate of 12 percent per annum. More precisely, this rate should be described as a nominal 12 percent per annum coumpounded monthly.Clearly, it is desirable to recognize the difference between 1 percent per month compounded monthly and 12 percent per annum compounded annually. If $1,000 is borrowed with interest at 1 percent per month compounded monthly, the amount due in one year is:F = $1,000(1.01)12 = $1,000(1.1268) = $1,126.80 This compares to F = $1,000(1+.12) =$1,120.00 for annual compounding.Hence, the monthly compounding has the same effect on the year-end amount due as the charging of a rate of 12.68 percent compounded annually. 12.68 percent is referred to as the effective interest rate. To generalize, if interest is compounded m times a year at an interest rate of r/m per compounding period. Then,The nominal interest rate per annum, or the APR = m(r/m) = r.The effective interest rate per annum,or the EAR = (1+r/m)m - 1.Consider a $100,000, 30 year, fixed-rate, 9 percent, home mortgage requiring monthly payments.a. The monthly interest rate on the mortgage is 9%/12 months = .75%. What is the APR on the mortgage?b. What is the EAR on the mortgage?c. The borrower's payment book will look something like the following. Complete the entries for the first 6 months.Outstanding Balance Beginning of MonthMonthly paymentInterest duePrincipal paymentOutstanding Balance End of MonthDate01-31$100,00002-2803-3104-3005-3106-30d. After paying on this mortgage for 15 years, what will be the remaining principal outstanding? e. Suppose after 15 years the borrower has the opportunity to refinance the remaining principal on the mortgage with a new 15-year mortgage carrying an interest rate of 7 1/8%. Refinancing will involve $250 in costs and "points.
FIN449Individual Final ProjectIntroductionValuation can.docxmydrynan
FIN449
Individual Final Project
Introduction:
Valuation can be oversimplified, and frequently is. This, however, does not mean that we should always take the most time-consuming path to valuation. Among the things you have learned this term is that each company is different: They report differently even though they all use GAAP. They create revenue, profits and cash flows differently even though they are all in the same economy (and sometimes in the same sector).
Your project is to value a firm thoroughly, but to simplify your valuation as much as you can without losing clarity in examining the most crucial aspects of the firm. For example, understanding the growth of fixed assets and its relationship to the creation of revenue may require detailed analysis, or a more simple trend forecast may be appropriate. Whether your work is simple or complicated, be aware that if you create unrealistic forecasts, you will be graded down.
Assignment:
Choose a company to value for the final project. The company MUST be publicly traded and based in the USA. I recommend you pick a company which is not in distress and which has at lease 5 years of solid financial performance to examine in your analysis.
For this project, you are not required to model complete financial statements (as in the team project). You should model only those line items crucial to your valuation. At a minimum, you should model the following for at least five years in the future:
· Revenue
· Direct costs
· Depreciation
· Operating income
· Operating assets
· Operating liabilities
· Financial leverage
· Interest expense
You should compare the forecast figures to the past five years and include thorough explanations of your reasoning for each item you model. Use ratio analysis, common-size figures and growth analysis if it helps illustrate your reasoning.
Required:
Value the company using the three DCF methods (FCFE//Ke, FCFF//WACC and APV). Include:
· Detailed computation of FCFF and FCFE
· Detailed explanations of assumptions in your costs of capital
· Comparison of these DCF valuations to other methods, such as PE, EV/EBITDA, etc.
· Identify which value you believe is the true intrinsic value.
· A comparison of your intrinsic equity value per share to the market price per share at the date of interest.
Work will be graded according to the following rubric:
- Process (e.g. documented assumptions, robust analysis, follows accepted steps, etc.)
- Legitimacy (e.g. forecasts are realistic, inputs & outputs make economic sense, follow reasonable patterns, are due to identifiable causal relationships, etc.)
- Technique (e.g. correct computations are chosen, computations are made properly)
- Thoroughness (e.g. Double check results vs other methods: FCFE//Ke, FCFF//WACC, APV, multiples…)
- Completeness (e.g. all required elements are present)
The written portion is a technical discussion of your valuation: Why the method(s) you used for your final valuation opinion ...
Explain the concept of financial leverage.
Discuss the alternative measures of financial leverage.
Understand the risk and return implications of financial leverage.
Analyse the combined effect of financial and operating leverage.
Highlight the difference between operating risk and financial risk.
Business Analysis PowerPoint Presentation SlidesSlideTeam
Identify new business opportunities with the aid of our content ready Business Analysis PowerPoint Presentation Slides. Take the assistance of the professionally designed enterprise analysis PPT slideshow to illustrate problems faced by manufacturing companies such as inflexible manufacturing processes, inventory turnover ratio, etc. Demonstrate monthly milestones achieved by your company using this visually appealing requirement analysis PPT slides. The strategic business planning PowerPoint complete deck contains forty-three ready to use templates that help you to display the company’s market share in both domestic and global markets with its competitors. Utilize the company’s performance assessment PPT slides to showcase revenue split by quarter, geography, product, and segment. Talk about current methods to maintain product quality and advanced methods to improve it. You can also use the enterprise planning and assessment PowerPoint templates to represent the current performance status of your company. Thus, download our topic-specific business planning PowerPoint presentation to create a dashboard for measuring business performance. Our Business Analysis PowerPoint Presentation Slides ensure a full circle. You will get to experience completeness. https://bit.ly/2W37HKe
It is a power point presentation on Ratio analysis which is part of Management Accounting. It is useful for the analysis of financial statements of the company.
· Describe strategies to build rapport with inmates and offenders .docxgerardkortney
· Describe strategies to build rapport with inmates and offenders in a correctional treatment or supervision program.
· Describe the effect of group dynamics on facilitating programs.
· Describe techniques for establishing a therapeutic environment.
Generalist Case Management
Woodside and McClam
https://phoenix.vitalsource.com/books/9781483342047/pageid/44
https://phoenix.vitalsource.com/#/books/9781323128800
https://phoenix.vitalsource.com/#/books/9781483342047
https://phoenix.vitalsource.com/#/books/9781133795247
https://phoenix.vitalsource.com/#/books/1259760413
Use book and two outside sources.
At least 100 words per question
THANKS
1 The Role of the Correctional Counselor CHAPTER OBJECTIVES After reading this chapter, you will be able to: 1. Identify the functions and parameters of the counseling process. 2. Discuss the competing interests between security and counseling in the correctional counseling process. 3. Know common terms and concerns associated with custodial corrections. 4. Understand the role of the counselor as facilitator. 5. Identify the various personal characteristics associated with effective counselors. 6. Be aware of the impact that burnout can have on a counselor’s professional performance. 7. Identify the various means of training and supervision associated with counseling. PART ONE: A BRIEF INTRODUCTION TO COUNSELING AND CORRECTIONS There are many myths concerning the concept of counseling. Although the image of the counseling field has changed dramatically over the past two or three decades, much of society still views counseling and therapy as a mystic process reserved for those who lack the ability to handle life issues effectively. While the concept of counseling is often misunderstood, the problem is exacerbated when attempting to introduce the idea of correctional counseling. Therefore, the primary goal of this chapter is to provide a working definition of correctional counseling that includes descriptions of how and when it is carried out. In order to understand the concept of correctional counseling, however, the two words that derive the concept must first be defined: “corrections” and “counseling.” In addition, a concerted effort is made to identify the myriad of legal and ethical issues that pertain to counselors working with offenders. It is very difficult to identify a single starting point for the counseling profession. In essence, there were various movements occurring simultaneously that later evolved into what we now describe as counseling. One of the earliest connections to the origins of counseling took place in Europe during the Middle Ages (Brown & Srebalus, 2003). The primary objective was assisting individuals with career choices. This type of counseling service is usually described by the concept of “guidance.” In the late 1800s Wilhelm Wundt and G. Stanley Hall created two of the first known psychological laboratories aimed at studying and treating individuals with psychological and e.
· Debates continue regarding what constitutes an appropriate rol.docxgerardkortney
· Debates continue regarding what constitutes an appropriate role for the judiciary. Some argue that federal judges have become too powerful and that judges “legislate from the bench.”
1. What does it mean for a judge to be an activist?
2. What does it mean for a judge to be a restrainist?
· Although conservatives had long complained about the activism of liberal justices and judges, in recent years conservative judges and justices have been likely to overturn precedents and question the power of elected institutions of government.
3. When is judicial activism appropriate? Explain.
· To defenders of the right to privacy, it is implicitly embodied in the Constitution in the First, Fourth, Fifth, Ninth, and Fourteenth Amendments. To opponents, it is judge-made law because there is no explicit reference to it under the Constitution. The right to privacy dates back to at least 1890, when Boston attorneys Samuel Warren and Louis Brandeis equated it with the right to be left alone from journalists who engaged in yellow journalism.
4. In short, do you believe a right to privacy exists in the federal Constitution. Why or why not?
.
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The Finance Perspective: The Business Model for the Subscription EconomyZuora, Inc.
Learn best practices for subscription financial management, with a focus on the ‘Three Metrics That Matter’, the new income statement for the Subscription Economy and how to apply it to your business. Learn best practices for subscription financial management, with a focus on the ‘Three Metrics That Matter’, the new income statement for the Subscription Economy and how to apply it to your business.
For this assignment, you will complete the Financial Overview compon.docxzebadiahsummers
For this assignment, you will complete the Financial Overview component of your course project. To complete this assignment, use the Financial Analysis Toolkit Excel file, provided in the Resources, to complete a financial analysis of your chosen company (Apple Inc,) over the last two most recent years available in annual reports. Replace the numbers provided in the Excel file with the appropriate numbers for your firm. Then, write a 2–3 page financial analysis of your company, addressing the following elements:
Identify your company, its industry, and analyze the important segments (percentage of sales or subsidiaries) of your company compared to its industry and its overall business.
Perform a complete financial analysis of your chosen company's financial statements—horizontal, vertical (Percentage of Sales and Common-Size), and changes in ratios—for the last two years.
Compare all ratios to industry averages. Evaluate the company's ratios against the industry averages.
Explain the significance of the company's ratios when compared to industry averages.
Analyze the company's cash flows.
Assess the overall financial health of your company based on this financial analysis.
A great way to integrate your completed calculations from your Excel sheet into your written analysis is to paste pieces of the worksheet directly into your Word document. You are also encouraged to create graphs or charts from the data that may illustrate your analyses as well.
Tool Kit for Analysis of Financial Statements
Financial statements are analyzed by calculating certain key ratios and then comparing them with the ratios of other firms and by examining the trends in ratios over time.
We can also combine ratios to make the analysis more revealing, those indicated below are exceptionally useful for this type of analysis.
RATIO ANALYSIS (Section 3.1)
*NVIDIA Fiscal Years starts and ends on Jan 31, such that FY13 represents Jan 31,2012 to Jan31, 2013
Input Data:
2013
2012
Year-end common stock price
$12.26
$13.86
Year-end shares outstanding (in thousands)
616,756
612,191
Tax rate
15%
12%
After-tax cost of capital
Lease payments (in thousands)
$18,998
$21,439
Required sinking fund payments
$0
$0
Balance Sheets
(in thousands of dollars)
Assets
2013
2012
Cash and equivalents
$906,223
$767,218
* Added to cash and quivalents prepaid expense and deferred income taxes
Short-term investments
$2,995,097
$2,461,700
2013
2012
Accounts receivable
$454,252
$336,143
69,701
49,411
prepaid expenses and other
Inventories
$419,686
$340,297
103,736
49,931
deferred income taxes
Total current assets
$4,775,258
$3,905,358
Net plant and equipment
$1,636,987
$1,647,570
* In addition to equpment also includes goodwill, intangible assets, and other assets
Total assets
$6,412,245
$5,552,928
2013
2012
641,030
641,030
goodwill
.
7.12Chapter 7 Problem 12a). Complete the spreadsheet below by esti.docxalinainglis
7.12Chapter 7 Problem 12a). Complete the spreadsheet below by estimating the project's annual after tax cash flow.b). What is the investment's net present value at a discount rate of 10 percent?c). What is the investment's internal rate of return?d). How does the internal rate of return change if the discount rate equals 20 percent?e). How does the internal rate of return change if the growth rate in EBIT is 8 percent instead of 3 percent?Facts and AssumptionsEquipment initial cost $$ 350,000Depreciable life yrs.7Expected life yrs.10Salvage value $$0Straight line depreciationEBIT in year 128,000Tax rate38%Growth rate in EBIT3%Discount rate10%Year012345678910Initial cost350,000Annual depreciation50,00050,00050,00050,00050,00050,00050,000EBIT28,00028,84029,70530,59631,51432,46033,43334,43635,47036,534Net present value @ 10%Internal rate of return
7.13Chapter 7 Problem 13In many financial transactions, interest is computed and charged more than once a year. Interest on corporate bonds, for example, is usually payable every six months. Consider a loan transaction in which interest is charged at the rate of 1 percent per month. Sometimes such a transaction is described as having an interest rate of 12 percent per annum. More precisely, this rate should be described as a nominal 12 percent per annum coumpounded monthly.Clearly, it is desirable to recognize the difference between 1 percent per month compounded monthly and 12 percent per annum compounded annually. If $1,000 is borrowed with interest at 1 percent per month compounded monthly, the amount due in one year is:F = $1,000(1.01)12 = $1,000(1.1268) = $1,126.80 This compares to F = $1,000(1+.12) =$1,120.00 for annual compounding.Hence, the monthly compounding has the same effect on the year-end amount due as the charging of a rate of 12.68 percent compounded annually. 12.68 percent is referred to as the effective interest rate. To generalize, if interest is compounded m times a year at an interest rate of r/m per compounding period. Then,The nominal interest rate per annum, or the APR = m(r/m) = r.The effective interest rate per annum,or the EAR = (1+r/m)m - 1.Consider a $100,000, 30 year, fixed-rate, 9 percent, home mortgage requiring monthly payments.a. The monthly interest rate on the mortgage is 9%/12 months = .75%. What is the APR on the mortgage?b. What is the EAR on the mortgage?c. The borrower's payment book will look something like the following. Complete the entries for the first 6 months.Outstanding Balance Beginning of MonthMonthly paymentInterest duePrincipal paymentOutstanding Balance End of MonthDate01-31$100,00002-2803-3104-3005-3106-30d. After paying on this mortgage for 15 years, what will be the remaining principal outstanding? e. Suppose after 15 years the borrower has the opportunity to refinance the remaining principal on the mortgage with a new 15-year mortgage carrying an interest rate of 7 1/8%. Refinancing will involve $250 in costs and "points.
FIN449Individual Final ProjectIntroductionValuation can.docxmydrynan
FIN449
Individual Final Project
Introduction:
Valuation can be oversimplified, and frequently is. This, however, does not mean that we should always take the most time-consuming path to valuation. Among the things you have learned this term is that each company is different: They report differently even though they all use GAAP. They create revenue, profits and cash flows differently even though they are all in the same economy (and sometimes in the same sector).
Your project is to value a firm thoroughly, but to simplify your valuation as much as you can without losing clarity in examining the most crucial aspects of the firm. For example, understanding the growth of fixed assets and its relationship to the creation of revenue may require detailed analysis, or a more simple trend forecast may be appropriate. Whether your work is simple or complicated, be aware that if you create unrealistic forecasts, you will be graded down.
Assignment:
Choose a company to value for the final project. The company MUST be publicly traded and based in the USA. I recommend you pick a company which is not in distress and which has at lease 5 years of solid financial performance to examine in your analysis.
For this project, you are not required to model complete financial statements (as in the team project). You should model only those line items crucial to your valuation. At a minimum, you should model the following for at least five years in the future:
· Revenue
· Direct costs
· Depreciation
· Operating income
· Operating assets
· Operating liabilities
· Financial leverage
· Interest expense
You should compare the forecast figures to the past five years and include thorough explanations of your reasoning for each item you model. Use ratio analysis, common-size figures and growth analysis if it helps illustrate your reasoning.
Required:
Value the company using the three DCF methods (FCFE//Ke, FCFF//WACC and APV). Include:
· Detailed computation of FCFF and FCFE
· Detailed explanations of assumptions in your costs of capital
· Comparison of these DCF valuations to other methods, such as PE, EV/EBITDA, etc.
· Identify which value you believe is the true intrinsic value.
· A comparison of your intrinsic equity value per share to the market price per share at the date of interest.
Work will be graded according to the following rubric:
- Process (e.g. documented assumptions, robust analysis, follows accepted steps, etc.)
- Legitimacy (e.g. forecasts are realistic, inputs & outputs make economic sense, follow reasonable patterns, are due to identifiable causal relationships, etc.)
- Technique (e.g. correct computations are chosen, computations are made properly)
- Thoroughness (e.g. Double check results vs other methods: FCFE//Ke, FCFF//WACC, APV, multiples…)
- Completeness (e.g. all required elements are present)
The written portion is a technical discussion of your valuation: Why the method(s) you used for your final valuation opinion ...
Explain the concept of financial leverage.
Discuss the alternative measures of financial leverage.
Understand the risk and return implications of financial leverage.
Analyse the combined effect of financial and operating leverage.
Highlight the difference between operating risk and financial risk.
Business Analysis PowerPoint Presentation SlidesSlideTeam
Identify new business opportunities with the aid of our content ready Business Analysis PowerPoint Presentation Slides. Take the assistance of the professionally designed enterprise analysis PPT slideshow to illustrate problems faced by manufacturing companies such as inflexible manufacturing processes, inventory turnover ratio, etc. Demonstrate monthly milestones achieved by your company using this visually appealing requirement analysis PPT slides. The strategic business planning PowerPoint complete deck contains forty-three ready to use templates that help you to display the company’s market share in both domestic and global markets with its competitors. Utilize the company’s performance assessment PPT slides to showcase revenue split by quarter, geography, product, and segment. Talk about current methods to maintain product quality and advanced methods to improve it. You can also use the enterprise planning and assessment PowerPoint templates to represent the current performance status of your company. Thus, download our topic-specific business planning PowerPoint presentation to create a dashboard for measuring business performance. Our Business Analysis PowerPoint Presentation Slides ensure a full circle. You will get to experience completeness. https://bit.ly/2W37HKe
It is a power point presentation on Ratio analysis which is part of Management Accounting. It is useful for the analysis of financial statements of the company.
· Describe strategies to build rapport with inmates and offenders .docxgerardkortney
· Describe strategies to build rapport with inmates and offenders in a correctional treatment or supervision program.
· Describe the effect of group dynamics on facilitating programs.
· Describe techniques for establishing a therapeutic environment.
Generalist Case Management
Woodside and McClam
https://phoenix.vitalsource.com/books/9781483342047/pageid/44
https://phoenix.vitalsource.com/#/books/9781323128800
https://phoenix.vitalsource.com/#/books/9781483342047
https://phoenix.vitalsource.com/#/books/9781133795247
https://phoenix.vitalsource.com/#/books/1259760413
Use book and two outside sources.
At least 100 words per question
THANKS
1 The Role of the Correctional Counselor CHAPTER OBJECTIVES After reading this chapter, you will be able to: 1. Identify the functions and parameters of the counseling process. 2. Discuss the competing interests between security and counseling in the correctional counseling process. 3. Know common terms and concerns associated with custodial corrections. 4. Understand the role of the counselor as facilitator. 5. Identify the various personal characteristics associated with effective counselors. 6. Be aware of the impact that burnout can have on a counselor’s professional performance. 7. Identify the various means of training and supervision associated with counseling. PART ONE: A BRIEF INTRODUCTION TO COUNSELING AND CORRECTIONS There are many myths concerning the concept of counseling. Although the image of the counseling field has changed dramatically over the past two or three decades, much of society still views counseling and therapy as a mystic process reserved for those who lack the ability to handle life issues effectively. While the concept of counseling is often misunderstood, the problem is exacerbated when attempting to introduce the idea of correctional counseling. Therefore, the primary goal of this chapter is to provide a working definition of correctional counseling that includes descriptions of how and when it is carried out. In order to understand the concept of correctional counseling, however, the two words that derive the concept must first be defined: “corrections” and “counseling.” In addition, a concerted effort is made to identify the myriad of legal and ethical issues that pertain to counselors working with offenders. It is very difficult to identify a single starting point for the counseling profession. In essence, there were various movements occurring simultaneously that later evolved into what we now describe as counseling. One of the earliest connections to the origins of counseling took place in Europe during the Middle Ages (Brown & Srebalus, 2003). The primary objective was assisting individuals with career choices. This type of counseling service is usually described by the concept of “guidance.” In the late 1800s Wilhelm Wundt and G. Stanley Hall created two of the first known psychological laboratories aimed at studying and treating individuals with psychological and e.
· Debates continue regarding what constitutes an appropriate rol.docxgerardkortney
· Debates continue regarding what constitutes an appropriate role for the judiciary. Some argue that federal judges have become too powerful and that judges “legislate from the bench.”
1. What does it mean for a judge to be an activist?
2. What does it mean for a judge to be a restrainist?
· Although conservatives had long complained about the activism of liberal justices and judges, in recent years conservative judges and justices have been likely to overturn precedents and question the power of elected institutions of government.
3. When is judicial activism appropriate? Explain.
· To defenders of the right to privacy, it is implicitly embodied in the Constitution in the First, Fourth, Fifth, Ninth, and Fourteenth Amendments. To opponents, it is judge-made law because there is no explicit reference to it under the Constitution. The right to privacy dates back to at least 1890, when Boston attorneys Samuel Warren and Louis Brandeis equated it with the right to be left alone from journalists who engaged in yellow journalism.
4. In short, do you believe a right to privacy exists in the federal Constitution. Why or why not?
.
· Critical thinking paper · · · 1. A case study..docxgerardkortney
· Critical thinking paper
·
·
· 1.
A case study.
Deborah Shore, aged 45, works for a small corporation in the Research and Development department.
When she first became a member of the department 15 years ago, Deborah was an unusually creative and productive researcher; her efforts quickly resulted in raises and promotions within the department and earned her the respect of her colleagues. Now, Deborah finds herself less interested in doing research; she is no longer making creative contributions to her department, although she is making contributions to its administration.
She is still respected by the coworkers who have known her since she joined the firm, but not by her younger coworkers.
Analyze the case study from the psychoanalytic, learning, and contextual perspectives: how would a theorist from each perspective explain Deborah's development? Which perspective do you believe provides the most adequate explanation, and why?
2. Interview your mother (and grandmothers, if possible), asking about experiences with childbirth. Include your own experiences if you have had children. Write a paper summarizing these childbirth experiences and comparing them with the contemporary experiences described in the text.
3. Identify a "type" of parent (e.g., single parent, teenage parent, low-income parent, dual-career couple) who is most likely to be distressed because an infant has a "difficult" temperament. Explain why you believe that this type of parent would have particular problems with a difficult infant. Write an informational brochure for the selected type of parent. The brochure should include an explanation of temperament in general and of the difficult temperament in particular, and give suggestions for parents of difficult infants.
4. Plan an educational unit covering nutrition, health, and safety for use with preschoolers and kindergartners. Take into account young children's cognitive and linguistic characteristics. The project should include (1) an outline of the content of the unit; and (2) a description of how the content would be presented, given the intellectual abilities of preschoolers. For example, how long would each lesson be? What kinds of pictures or other audiovisual materials would be used? How would this content be integrated with the children's other activities in preschool or kindergarten?
5. Visit two day care centers and evaluate each center using the information from the text as a guide. Request a fee schedule from each center. Write a paper summarizing your evaluation of each center.
Note:
Unless you are an actual potential client of the center, contact the director beforehand to explain the actual purpose of the visit, obtain permission to visit, and schedule your visit so as to minimize disruption to the center's schedule.
6. Watch some children's television programs and advertising, examine some children's toys and their packaging, read some children's books, and listen to some children's recor.
· Coronel & Morris Chapter 7, Problems 1, 2 and 3
· Coronel & Morris Chapter 8, Problems 1 and 2
A People’s History of Modern Europe
“A fascinating journey across centuries towards the world as we experience it today. ... It is
the voice of the ordinary people, and women in particular, their ideas and actions, protests
and sufferings that have gone into the making of this alternative narrative.”
——Sobhanlal Datta Gupta, former Surendra Nath Banerjee
Professor of Political Science, University of Calcutta
“A history of Europe that doesn’t remove the Europeans. Here there are not only kings,
presidents and institutions but the pulse of the people and social organizations that shaped
Europe. A must-read.”
——Raquel Varela, Universidade Nova de Lisboa
“Lively and engaging. William A Pelz takes the reader through a thousand years of
European history from below. This is the not the story of lords, kings and rulers. It is the
story of the ordinary people of Europe and their struggles against those lords, kings and
rulers, from the Middle Ages to the present day. A fine introduction.”
——Francis King, editor, Socialist History
“This book is an exception to the rule that the winner takes all. It highlights the importance
of the commoners which often is only shown in the dark corners of mainstream history
books. From Hussites, Levellers and sans-culottes to the women who defended the Paris
Commune and the workers who occupied the shipyards during the Carnation revolution in
Portugal. The author gives them their deserved place in history just like Howard Zinn did
for the American people.”
——Sjaak van der Velden, International Institute of Social History, Amsterdam
“The author puts his focus on the lives and historical impact of those excluded from
power and wealth: peasants and serfs of the Middle Ages, workers during the Industrial
Revolution, women in a patriarchic order that transcended different eras. This focus not
only makes history relevant for contemporary debates on social justice, it also urges the
reader to develop a critical approach.”
——Ralf Hoffrogge, Ruhr-Universität Bochum
“An exciting story of generations of people struggling for better living conditions, and for
social and political rights. ... This story has to be considered now, when the very notions of
enlightenment, progress and social change are being questioned.”
——Boris Kagarlitsky, director of Institute for globalization studies and social
movements, Moscow, and author of From Empires to Imperialism
“A splendid antidote to the many European histories dominated by kings, businessmen
and generals. It should be on the shelves of both academics and activists ... A lively and
informative intellectual tour-de-force.”
——Marcel van der Linden, International Institute of Social History, Amsterdam
A People’s History
of Modern Europe
William A. Pelz
First published 2016 by Pluto Press
345 Archway Road, London N6 5AA
www.pluto.
· Complete the following problems from your textbook· Pages 378.docxgerardkortney
· Complete the following problems from your textbook:
· Pages 378–381: 10-1, 10-2, 10-16, and 10-20.
· Pages 443–444: 12-7 and 12-9.
· Page 469: 13-5.
· 10-1 How would each of the following scenarios affect a firm’s cost of debt, rd(1 − T); its cost of equity, rs; and its WACC? Indicate with a plus (+), a minus (−), or a zero (0) whether the factor would raise, lower, or have an indeterminate effect on the item in question. Assume for each answer that other things are held constant, even though in some instances this would probably not be true. Be prepared to justify your answer but recognize that several of the parts have no single correct answer. These questions are designed to stimulate thought and discussion.
Effect on
rd(1 − T)
rs
WACC
a. The corporate tax rate is lowered.
__
__
__
b. The Federal Reserve tightens credit.
__
__
__
c. The firm uses more debt; that is, it increases its debt ratio.
__
__
__
d. The dividend payout ratio is increased.
__
__
__
e. The firm doubles the amount of capital it raises during the year.
__
__
__
f. The firm expands into a risky new area.
__
__
__
g. The firm merges with another firm whose earnings are countercyclical both to those of the first firm and to the stock market.
__
__
__
h. The stock market falls drastically, and the firm’s stock price falls along with the rest.
__
__
__
i. Investors become more risk-averse.
__
__
__
j. The firm is an electric utility with a large investment in nuclear plants. Several states are considering a ban on nuclear power generation.
__
__
__
· 10-2 Assume that the risk-free rate increases, but the market risk premium
· 10-16COST OF COMMON EQUITY The Bouchard Company’s EPS was $6.50 in 2018, up from $4.42 in 2013. The company pays out 40% of its earnings as dividends, and its common stock sells for $36.00.
· a. Calculate the past growth rate in earnings. (Hint: This is a 5-year growth period.)
· b. The last dividend was D0 = 0.4($6.50) = $2.60. Calculate the next expected dividend, D1, assuming that the past growth rate continues.
· c. What is Bouchard’s cost of retained earnings, rs?
· 10-20WACC The following table gives Foust Company’s earnings per share for the last 10 years. The common stock, 7.8 million shares outstanding, is now (1/1/19) selling for $65.00 per share. The expected dividend at the end of the current year (12/31/19) is 55% of the 2018 EPS. Because investors expect past trends to continue, g may be based on the historical earnings growth rate. (Note that 9 years of growth are reflected in the 10 years of data.)
The current interest rate on new debt is 9%; Foust’s marginal tax rate is 40%, and its target capital structure is 40% debt and 60% equity.
· a. Calculate Foust’s after-tax cost of debt and common equity. Calculate the cost of equity as rs = D1/P0 + g.
· b. Find Foust’s WACC
· 12-7SCENARIO ANALYSIS Huang Industries is considering a proposed project whose estimated NPV is $12 million. This estimate assumes that economic conditions wi.
· Consider how different countries approach aging. As you consid.docxgerardkortney
· Consider how different countries approach aging. As you consider different countries, think about the following:
o Do older adults live with their children, or are they more likely to live in a nursing home?
o Are older adults seen as wise individuals to be respected and revered, or are they a burden to their family and to society?
· Next, select two different countries and compare and contrast their approaches to aging.
· Post and identify each of the countries you selected. Then, explain two similarities and two differences in how the countries approach aging. Be specific and provide examples. Use proper APA format and citation. LSW10
.
· Clarifying some things on the Revolution I am going to say som.docxgerardkortney
· Clarifying some things on the Revolution
I am going to say something, and I want you to hear me.
I am a scholar of the Revolution. That's the topic of my dissertation. Please believe me when I say that I know a lot about it.
I also happen to know--and this is well-supported by historians--that the Revolution was a civil war in which, for the first several years, Revolutionaries and Loyalists were evenly matched.
I will repeat that. Evenly matched. Loyalists were not merely too cowardly to fight, and they were not old fogies who hated the idea of freedom. Most had been in the Colonies for generations. Many of them took up arms for their King and their country. And when they lost, you confiscated their homes and they fled with the clothes on their back to Canada, England, and other places of the Empire. Both sides--both sides--committed unspeakable atrocities against civilians whom they disagreed with.
Now, a lot of you love to repeat some very fervent patriotic diatribe about how great the Revolution was. That's not history. That's propaganda. Know the difference.
History has shades of gray. History is complex and ambiguous. Washington, for instance, wore dentures made from the teeth of his slaves. Benjamin Franklin's son was the last royal governor of New Jersey. Did you know that the net tax rate for Americans--they always conveniently leave this out of the textbooks--was between 1.9 and 2.1%, depending on colony.? And that was if they had paid the extra taxes on tea and paper.
And, wait for it, people who support California independence use the same logic and arguments as they did in 1775. Did you know that the Los Angeles and Washington are only a few hundred miles closer than Boston and London? That many of the same issues, point by point, are repeating here in California? So put yourself in those shoes. How many of you would have sided with the Empire (whether American or British) based on the fact that you don't know how this will shake out? Would you call someone who supports Calexit a Patriot? Revolutionary? Nutcase? Who gets to own that word, anyway?
You can choose that you would have supported the revolutionaries--but think. Think about the other side. They matter, and their experiences got to be cleansed out of history to make you feel better about the way the revolutionaries behaved during the War. Acknowledge that they are there, and that their point of view has merit, even if you not agree with it.
· Clarifying Unit III's assignment
I have noticed a few consistent problems with the letter in the Unit III issue. Here are some pointers to make it better.
1. Read the clarifying note I wrote above. Note that the taxes aren't actually as high as you have been led to believe, but the point is that they should not be assigned at all without your consent.
2. Acknowledge that this is a debate, that a certain percentage are radicalized for independence, but there are is also a law-and-order group who find this horrific, and want .
· Chapter 9 – Review the section on Establishing a Security Cultur.docxgerardkortney
· Chapter 9 – Review the section on Establishing a Security Culture. Review the methods to reduce the chances of a cyber threat noted in the textbook. Research other peer-reviewed source and note additional methods to reduce cyber-attacks within an organization.
· Chapter 10 – Review the section on the IT leader in the digital transformation era. Note how IT professionals and especially leaders must transform their thinking to adapt to the constantly changing organizational climate. What are some methods or resources leaders can utilize to enhance their change attitude?
.
· Chapter 10 The Early Elementary Grades 1-3The primary grades.docxgerardkortney
· Chapter 10: The Early Elementary Grades: 1-3
The primary grades are grades 1-3.
Although educational reform has had an effect on all children, it is most apparent in the early elementary years. Reform and change comes from a number of sources and the chapter begins by reminding you of this. Let’s examine a few of these sources...
Diversity. There has been a rise in the number of racial and ethnic minority students enrolled in the nation's public schools; this number will (most likely) continue to rise. Teaching children from different cultures and backgrounds is an important piece to account for when planning curriculum.
Standards. Standards is a reason for reform. We've already looked at standards; these are something you must keep in mind when planning lessons.
Data-Driven Instruction may sound new, but it is not a new concept to you. We’ve done a great deal of discussing the outcomes of test-taking and assessments. You've probably all heard "teaching to the test."
Technology. Today’s students have had much experience with technology, therefore, it’s important to provide them with opportunities to learn with technology. It may take a while for you to be creative and think of ways to use it in your teaching (if you haven’ t been).
Health and Wellness. Obesity is a major concern in this country. Therefore, it is important to make sure that children have the opportunity to be active. Unfortunately, due to the pressure of academics, many schools have been taking physical education/activity time out of the curriculum.
Violence: One issue that I notice this new edition of the text has excluded is violence. However, I think that this topic is important; we need to keep children safe when they are at school. As a result of 9/11 (and, not to mention that many violent events have happened on school campuses in recent years), many school districts now have an emergency system in place that they can easily use if there is any type of incident in which the children’s safety is at risk.
WHAT ARE CHILDREN IN GRADES ONE TO THREE LIKE?
Your text explains that the best way to think of a child’s development during this time is: slow and steady. During this stage, there is not much difference between boys and girls when it comes to physical capabilities. Although it is always important to not stereotype based on one’s gender, it is especially important during these years. These children are also entering into their "tween" years, thus; being sensitive to the children's and parents' needs in regards to such changes is important.
It is important to remember that children in the primary grades are in the Concrete Operations Stage. This stage is children ages 7 to 12. The term operation refers to an action that can be carried out in thought as well as executed materially and that is mentally and physically reversible.
These children are at an age in which they can compare their abilities to their peers. And, therefore, children may develop learned helplessnes.
· Chap 2 and 3· what barriers are there in terms of the inter.docxgerardkortney
· Chap 2 and 3
· what barriers are there in terms of the interpersonal communication model?
Typically, communication breakdowns result from lack of understanding without clarification; often, there wasn't even an attempt at clarification. If barriers to interpersonal communication are not acknowledged and addressed, workplace productivity can suffer.
Language Differences
Interpersonal communication can go awry when the sender and receiver of the message speak a different language -- literally and figuratively. Not everyone in the workplace will understand slang, jargon, acronyms and industry terminology. Instead of seeking clarification, employees might guess at the meaning of the message and then act on mistaken assumptions. Also, misunderstandings may occur among workers who do not speak the same primary language. As a result, feelings may be hurt, based on misinterpretation of words or of body language.
Cultural Differences
Interpersonal communication may be adversely affected by lack of cultural understanding, mis-perception, bias and stereotypical beliefs. Workers may have limited skill or experience communicating with people from a different background. Many companies offer diversity training to help employees understand how to communicate more effectively across cultures and relate to those who may have different background experiences. Similarly, gender barriers can obstruct interpersonal communication if men and women are treated differently, and held to different standards, causing interpersonal conflicts in the workplace.
Personality Differences
Like any skill, some people are better at interpersonal communication than others. Personality traits also influence how well an individual interacts with subordinates, peers and supervisors. Extraversion can be an advantage when it comes to speaking out, sharing opinions and disseminating information. However, introverts may have the edge when it comes to listening, reflecting and remembering. Barriers to interpersonal communication may occur when employees lack self-awareness, sensitivity and flexibility. Such behavior undermines teamwork, which requires mutual respect, compromise and negotiation. Bullying, backstabbing and cut throat competition create a toxic workplace climate that will strain interpersonal relationships.
Generational Differences
Interpersonal communication can be complicated by generational differences in speech, dress, values, priorities and preferences. For instance, there may be a generational divide as to how team members prefer to communicate with one another. If younger workers sit in cubicles, using social networking as their primary channel of communication, it can alienate them from older workers who may prefer face-to-face communication. Broad generalizations and stereotypes can also cause interpersonal rifts when a worker from one generation feels superior to those who are younger or older. Biases against workers based on age can constitute a form of disc.
· Case Study 2 Improving E-Mail Marketing ResponseDue Week 8 an.docxgerardkortney
· Case Study 2: Improving E-Mail Marketing Response
Due Week 8 and worth 160 points
Read the following case study.
A company wishes to improve its e-mail marketing process, as measured by an increase in the response rate to e-mail advertisements. The company has decided to study the process by evaluating all combinations of two (2) options of the three (3) key factors: E-Mail Heading (Detailed, Generic); Email Open (No, Yes); and E-Mail Body (Text, HTML). Each of the combinations in the design was repeated on two (2) different occasions. The factors studied and the measured response rates are summarized in the following table.
Write a two to three (2-3) page paper in which you:
1. Use the data shown in the table to conduct a design of experiment (DOE) in order to test cause-and-effect relationships in business processes for the company.
2. Determine the graphical display tool (e.g., Interaction Effects Chart, Scatter Chart, etc.) that you would use to present the results of the DOE that you conducted in Question 1. Provide a rationale for your response.
3. Recommend the main actions that the company could take in order to increase the response rate of its e-mail advertising. Provide a rationale for your response.
4. Propose one (1) overall strategy for developing a process model for this company that will increase the response rate of its e-mail advertising and obtain effective business process. Provide a rationale for your response.
Your assignment must follow these formatting requirements:
. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
. Build regression models for improving business processes.
. Design experiments to test cause-and-effect relationships in business processes.
. Use technology and information resources to research issues in business process improvement.
. Write clearly and concisely about business process improvement using proper writing mechanics.
Read each discussion 1-4 and then write a 200 word response for each.
With your response, you can either expand on the initial post with similar, formally cited, specific examples or additional information regarding the original example(s) (be sure the additional information isn’t simply a re-statement of what has already been posted) or you can respond with a well-supported (based on formally cited information) counter point.
APA FORMAT
Response should have 1 source for each discussion
1. A message in sports is brought to sports economists in Jeremiah 29:11. This verse states, “For I.
· Briefly describe the technologies that are leading businesses in.docxgerardkortney
· Briefly describe the technologies that are leading businesses into the third wave of electronic commerce.
· In about 100 words, describe the function of the Internet Corporation for Assigned Names and Numbers. Include a discussion of the differences between gTLDs and sTLDs in your answer.
· In one or two paragraphs, describe how the Internet changed from a government research project into a technology for business users.
· In about 100 words, explain the difference between an extranet and an intranet. In your answer, describe when you might use a VPN in either.
· Define “channel conflict” and describe in one or two paragraphs how a company might deal with this issue.
· In two paragraphs, explain why a customer-centric Web site design is so important, yet is so difficult to accomplish.
· In about two paragraphs, distinguish between outsourcing and offshoring as they relate to business processes.
· In about 200 words, explain how the achieved trust level of a company’s communications using blogs and social media compare with similar communication efforts conducted using mass media and personal contact.
· Write a paragraph in which you distinguish between a virtual community and a social networking Web site
· Write two or three paragraphs in which you describe the role that culture plays in the development of a country’s laws and ethical standards.
QUESTION 1
Lakota peoples of the Great Plains are notably:
nomadic and followed the buffalo herds
Sedentary farmers, raising corn, northern beans, and potatoes
peaceful people who tried to live in harmony with neighboring tribes and the environment
religious and employed a variety of psychoactive plants during religious ceremonies
QUESTION 2
Tribal peoples of the Great Plains experienced greater ease at hunting and warfare after the introduction of:
Hotchkiss guns
smokeless gunpowder
horses
Intertribal powwows
all of the above
QUESTION 3
The Apaches and Navajos (Dine’) of the southwestern region of North America speak a language similar to their relatives of northern California and western Canada called:
Yuman
Uto-Aztecan
Tanoan
Athabaskan
Algonkian
QUESTION 4
The Navajo lived in six or eight-sided domed earth dwellings called:
wickiups
kivas
hogans
roadhouses
sweat lodge
QUESTION 5
Pueblo Indians, such as the Zuni and Hopi tribes, are descendants of the ancient people known as the:
Anasazi
Ashkenazi
Athabaskan
Aztecanotewa
Atlantean
2 points
QUESTION 6
1. Kachinas, or spirits of nature, were believed to:
Assist in the growth of crops and send rain
Help defend the Navajo against all foreign invaders
Provide medical assistance to the Hopi when doctors were not available
Combat evil spirits such as Skin-walkers or Diablitos
All of the above
2 points
QUESTION 7
1. The preferred dwellings among the Lakota Sioux were:
wickiups
adobe pueblos
pit houses
teepees
buffalo huts
2 points
QUESTION 8
1. Native Americansbenef.
· Assignment List· My Personality Theory Paper (Week Four)My.docxgerardkortney
· Assignment List
· My Personality Theory Paper (Week Four)
My Personality Theory Paper (Week Four)
DUE: May 31, 2020 11:55 PM
Grade Details
Grade
N/A
Gradebook Comments
None
Assignment Details
Open Date
May 4, 2020 12:05 AM
Graded?
Yes
Points Possible
100.0
Resubmissions Allowed?
No
Attachments checked for originality?
Yes
Top of Form
Assignment Instructions
My Personality Theory Paper
Instructions:
For this assignment, you will write a paper no less than 7 pages in length, not including required cover and Reference pages, describing a single personality theory from the course readings that best explains your own personality and life choices. You are free to select from among the several theories covered in the course to date but only one theory may be used.
Your task is to demonstrate your knowledge of the theory you choose via descriptions of its key concepts and use of them to explain how you developed your own personality. It is recommended that you revisit the material covered to date to refresh your knowledge of theory details. This is a "midterm" assignment and you should show in your work that you have studied and comprehended the first four weeks of course material. Your submission should be double-spaced with 1 inch margins on all sides of each page and should be free of spelling and grammar errors. It must include source crediting of any materials used in APA format, including source citations in the body of your paper and in a Reference list attached to the end. Easy to follow guides to APA formatting can be found on the tutorial section of the APUS Online Library.
Your paper will include three parts:
I. A brief description of the premise and key components of the theory you selected. You should be thorough and concise in this section and not spend the bulk of the paper detailing the theory, but rather just give enough of a summary of the key points so that an intelligent but uniformed reader would be able to understand its basics. If you pick a more complicated theory, you should expect explaining its premise and key components to take longer than explaining the same for one of the simpler theories but, in either case, focus on the basics and keep in mind that a paper that is almost all theory description and little use of the theory described to explain your own personality will receive a significant point deduction as will the reverse case of the paper being largely personal experience sharing with little linkage to clearly described key theory components.
II. A description of how your chosen theory explains your personality and life choices with supporting examples.
III. A description of the limitations of the theory in explaining your personality or anyone else’s.
NOTE: Although only your instructor will be reading your paper, you should still think about how much personal information you want to disclose. The purpose of this paper is not to get you to share private information, but rather to bring one .
· Assignment List
· Week 7 - Philosophical Essay
Week 7 - Philosophical Essay
DUE: Mar 22, 2020 11:55 PM
Grade Details
Grade
N/A
Gradebook Comments
None
Assignment Details
Open Date
Feb 3, 2020 12:05 AM
Graded?
Yes
Points Possible
100.0
Resubmissions Allowed?
No
Attachments checked for originality?
Yes
Top of Form
Assignment Instructions
Objective: Students will write a Philosophical Essay for week 7 based on the course concepts.
Course Objectives: 2, 3, & 4
Task:
This 4 - 5 full page (not to exceed 6 pages) Philosophical Essay you will be writing due Week 7 is designed to be a thoughtful, reflective work. The 4 - 5 full pages does not include a cover page or a works cited page. It will be your premier writing assignment focused on the integration and assessment relating to the course concepts. Your paper should be written based on the outline you submitted during week 4 combined with your additional thoughts and instructor feedback. You will use at least three scholarly/reliable resources with matching in-text citations and a Works Cited page. All essays are double spaced, 12 New Times Roman font, paper title, along with all paragraphs indented five spaces.
Details:
You will pick one of the following topics only to do your paper on:
· According to Socrates, must one heed popular opinion about moral matters? Does Socrates accept the fairness of the laws under which he was tried and convicted? Would Socrates have been wrong to escape?
· Consider the following philosophical puzzle: “If a tree falls in the forest and there's no one around to hear it, does it make a sound?” (1) How is this philosophical puzzle an epistemological problem? And (2) how would John Locke answer it?
· Evaluate the movie, The Matrix, in terms of the philosophical issues raised with (1) skepticism and (2) the mind-body problem. Explain how the movie raises questions similar to those found in Plato’s and Descartes’ philosophy. Do not give a plot summary of the movie – focus on the philosophical issues raised in the movie as they relate to Plato and Descartes.
· Socrates asks Euthyphro, “Are morally good acts willed by God because they are morally good, or are they morally good because they are willed by God?” (1) How does this question relate to the Divine Command Theory of morality? (2) What are the philosophical implications associated with each option here?
· Explain (1) the process by which Descartes uses skepticism to refute skepticism, and (2) what first principle does this lead him to? (3) Explain why this project was important for Descartes to accomplish.
Your paper will be written at a college level with an introduction, body paragraphs, a conclusion, along with in-text citations/Works Cited page in MLA formatting. Students will follow MLA format as the sole citation and formatting style used in written assignments submitted as part of coursework to the Humanities Department. Remember - any resource that is listed on the Works Cited page must .
· Assignment 3 Creating a Compelling VisionLeaders today must be .docxgerardkortney
· Assignment 3: Creating a Compelling Vision
Leaders today must be able to create a compelling vision for the organization. They also must be able to create an aligned strategy and then execute it. Visions have two parts, the envisioned future and the core values that support that vision of the future. The ability to create a compelling vision is the primary distinction between leadership and management. Leaders need to create a vision that will frame the decisions and behavior of the organization and keep it focused on the future while also delivering on the short-term goals.
To learn more about organizational vision statements, do an Internet search and review various vision statements.
In this assignment, you will consider yourself as a leader of an organization and write a vision statement and supporting values statement.
Select an organization of choice. This could be an organization that you are familiar with, or a fictitious organization. Then, respond to the following:
· Provide the name and description of the organization. In the description, be sure to include the purpose of the organization, the products or services it provides, and the description of its customer base.
· Describe the core values of the organization. Why are these specific values important to the organization?
· Describe the benefits and purpose for an organizational vision statement.
· Develop a vision statement for this organization. When developing a vision statement, be mindful of the module readings and lecture materials.
· In the vision statement, be sure to communicate the future goals and aspirations of the organization.
· Once you have developed the vision statement, describe how you would communicate the statement to the organizational stakeholders, that is, the owners, employees, vendors, and customers.
· How would you incorporate the communication of the vision into the new employee on-boarding and ongoing training?
Write your response in approximately 3–5 pages in Microsoft Word. Apply APA standards to citation of sources.
Use the following file naming convention: LastnameFirstInitial_M1_A3.doc. For example, if your name is John Smith, your document will be named SmithJ_M1_A3.doc.
By the due date assigned, deliver your assignment to the Submissions Area.
Assignment 3 Grading Criteria
Maximum Points
Chose and described the organization. The description included the purpose of the organization, the products or services the organization provides, and the description of its customer base.
16
Developed a vision statement for the organization. Ensured to accurately communicate the goals and aspirations of the organization in the vision statement.
24
Ensured that the incorporation and communication strategy for the vision statement is clear, detailed, well thought out and realistic.
28
Evaluated and explained which values are most important to the organization.
24
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate r.
· Assignment 4
· Week 4 – Assignment: Explain Theoretical Perspectives for Real-life Scenarios
Assignment
Updated
Top of Form
Bottom of Form
For each of the following three scenarios, use a chart format to assess how each traditional theoretical perspective would best explain the situation that a social worker would need to address. You may create your charts in Word or another software program of your choice. An example chart follows the three scenarios.
Scenario 1
You are a hospital social worker who is working with a family whose older adult relative is in end-stage renal failure. There are no advanced directives and the family is conflicted over what the next steps should be.
Scenario 2
You are a caseworker in a drug court. Your client has had three consecutive dirty urine analyses. She is unemployed and has violated her probation order.
Scenario 3
You are a school social worker. A teacher sends her 9-year-old student to you because he reports that he has not eaten in 2 days and there are no adults at home to take care of him.
Chart Example:
Your client, an 11-year-old girl, was removed from home because of parental substance abuse. She is acting out in her foster home, disobeying her foster parents and not following their rules.
Theory
Explanation for Scenario – please respond to the questions below in your explanation
Systems Theory
What systems need to be developed or put in place to support the child? Would Child Protective Services need to become involved? What other systems would support her and a successful outcome for being in foster care?
Generalist Theory
What is the best intervention or therapy to use based on this child’s situation? Given her circumstances, how could you best improve her functioning?
Behavioral Theory
What behaviors are being reinforced? What behaviors are being ignored or punished? What would you suggest to maintain this placement? Would this involve working with the foster parents?
Cognitive Theory
How would you help your client to examine her thinking, emotions, and behavior? What would this entail from a cognitive developmental framework?
Support your assignment with a minimum of three resources.
Length: 3 charts, not including title and reference pages
Your assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards where appropriate. Be sure to adhere to Northcentral University's Academic Integrity Policy.
Assignement 3
State the function of each of the following musculoskeletal system structures: Describe the structures of the musculoskeletal system.
Skeletal muscle
Tendons
Ligaments
Bone
Cartilage
Describe each of the following types of joints:
Ball-and-socket
Hinge
Pivot
Gliding
Saddle
Condyloid
Newspaper Rubric
CATEGORY
4
3
2
1
Headline & Byline & images
16 points
Article has a .
· Assignment 2 Leader ProfileMany argue that the single largest v.docxgerardkortney
· Assignment 2: Leader Profile
Many argue that the single largest variable in organizational success is leadership. Effective leadership can transform an organization and create a positive environment for all stakeholders. In this assignment, you will have the chance to evaluate a leader and identify what makes him/her effective.
Consider all the leaders who have affected your life in some way. Think of people with whom you work—community leaders, a family member, or anyone who has had a direct impact on you.
· Choose one leader you consider to be effective. This can be a leader you are personally aware of, or someone you don’t know, but have observed to be an effective leader. Write a paper addressing the following:
· Explain how this leader has influenced you and why you think he or she is effective.
· Analyze what characteristics or qualities this person possesses that affected you most.
· Rate this leader by using a leadership scorecard. This can be a developed scorecard, or one you develop yourself. If you use a developed scorecard, please be sure to cite the sources of the scorecard. Once you have identified your scorecard, rate your leader. You decide what scores to include (for example, scale of 1–5, 5 being the highest) but be sure to assess the leader holistically across the critical leadership competencies you feel are most important (for example, visioning, empowering, strategy development and communication).
· Critique this individual’s skills against what you have learned about leadership so far in this course. Consider the following:
· How well does he/she meet the practices covered in your required readings?
· How well has he/she adapted to the challenges facing leaders today?
· If you could recommend changes to his/her leadership approach, philosophy, and style, what would you suggest? Why?
· Using the assigned readings, the Argosy University online library resources, and the Internet including general organizational sources like the Wall Street Journal, BusinessWeek, or Harvard Business Review, build a leadership profile of the leader you selected. Include information from personal experiences as well as general postings on the selected leader from Internet sources such as blogs. Be sure to include 2–3 additional resources not already included in the required readings in support of your leadership profile.
Write a 3–5-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M2_A2.doc.
By the due date assigned, deliver your assignment to the Submissions Area.
Assignment 2 Grading Criteria
Maximum Points
Explained how this leader has been influential and why you think the leader is effective showing analysis of the leader’s characteristics or qualities.
16
Analyzed the characteristics or qualities the leader possesses that have affected you most..
16
Rated your leader using a leadership scorecard and supported your rationale for your rating.
32
Criti.
· Assignment 1 Diversity Issues in Treating AddictionThe comple.docxgerardkortney
· Assignment 1: Diversity Issues in Treating Addiction
The complexities of working with diverse populations in treating disorders, such as addictions, require special considerations. Some approaches work better with some populations than with others. For example, Alcoholics Anonymous (AA) programs are spiritually based and focus on a higher power. Some populations have difficulty with these concepts and are averse to participating in such groups.
Select a population—for example, African Americans; Native Americans; or lesbians, gays, or bisexual individuals. Research your topic by using articles from the supplemental readings for this course or from other resources such as the Web, texts, experience, or other journal articles related to diversity issues and addictions.
Write a three- to five-page paper discussing the following:
· Some specific considerations for working with your chosen population in the area of addiction treatment
· Whether your research indicates that 12-step groups work with this population
· Any special problems associated with this population that make acknowledging the addiction and seeking treatment more difficult
· Any language or other barriers that this population faces when seeking treatment
Prepare your paper in Microsoft Word document format. Name your file M4_A1_LastName_Research.doc, and submit it to the Submissions Area by the due date assigned Follow APA guidelines for writing and citing text.
Assignment 1 Grading Criteria
Maximum Points
Discussed some specific considerations for working with your chosen population in the area of addiction.
8
Discussed whether your research indicates that 12-step groups work with your chosen population.
8
Discussed any special problems associated with this population that make acknowledging the addiction and seeking treatment more difficult .
8
Discussed any language or other barriers that this population faces when seeking treatment.
8
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources, displayed accurate spelling, grammar, and punctuation.
4
Total:
36
· M4 Assignment 2 Discussion
Discussion Topic
Top of Form
Due February 9 at 11:59 PM
Bottom of Form
Assignment 2: Discussion Questions
Your facilitator will guide you in the selection of two of the three discussion questions. Submit your responses to these questions to the appropriate Discussion Area by the due date assigned. Through the end of the module, comment on the responses of others.
All written assignments and responses should follow APA rules for attributing sources.
You will be attempting two discussion questions in this module; each worth 28 points. The total number of points that can be earned for this assignment is 56.
Minority Groups
Many minority groups experience stress secondary to their social surroundings. For example, a family living in poverty may face frequent violence. Limited income makes meeting the day-to-day need.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
1. [Type text] [Type text] [Type text]
Part 1: Native American’s Forced Assimilation
Instructions: Watch the video
( https://www.vox.com/2019/10/14/20913408/us-stole-
thousands-of-native-american-children) to get a history of
assimilation in theUS. Then answer the following questions.
1.What was the purpose for the forced assimilation of Native
Americans?
2.Name two strategies the US used to assimilate Native
Americans and explain how each of these strategies worked.
Part 2: Keywords for Asian American Studie “Assimilation”
(pp. 14-17)
https://books.google.com/books?id=bo_dBwAAQBAJ&printsec
=frontcover&dq=Keywords+for+Asian+American+Studie&hl=e
n&newbks=1&newbks_redir=0&sa=X&ved=2ahUKEwjsrcHi7O
nnAhWnl3IEHeZyDKMQ6AEwAHoECAUQAg#v=onepage&q=
2. Keywords%20for%20Asian%20American%20Studie&f=false
Instructions: Answer the following questions. Provide a passage
from the reading (i.e., “Assimilation”) in addition to your
response to support your responses.
1.What are the five different definitions or perspectives on
assimilation? As you identify them, note which one you think is
most accurate for the contemporary situation of assimilation.
2.According to Lisa Park, how is assimilation enforced in our
society?
3.What are the criticism of assimilation?4.What does Lisa Park
say is a unique experience of assimilation for Asian Americans?
(p. 17)
Part 3: Assessing assimilation in our societyAnswer the
3. following questions based on your observations, experiences, or
insights.
1.Do immigrants have a duty to learn and adopt the local
culture, or should they try to retain their native culture?
2.What does successful assimilation look like? What are some
results of it?
3.What does unsuccessful assimilation look like? What are some
results of it?
4.How does race fact into the process or act of assimilation?
Valuation outputBase year12345678910Terminal yearRevenue
growth
4. rate70.00%70.00%70.00%70.00%70.00%56.55%43.10%29.65%
16.20%2.75%2.75%Revenues$ 1,328.70$ 2,258.78$
3,839.93$ 6,527.88$ 11,097.40$ 18,865.58$ 29,534.07$
42,263.25$ 54,794.31$ 63,670.99$ 65,421.94$
67,221.04EBIT (Operating) margin-1.64%-
0.23%1.18%2.60%4.01%5.43%6.84%8.26%9.67%11.09%12.50
%12.50%EBIT (Operating income)$ (21.86)$ (5.21)$
45.46$ 169.63$ 445.34$ 1,023.93$ 2,020.72$ 3,489.47$
5,299.16$ 7,058.25$ 8,177.74$ 8,402.63Tax
rate0.00%0.00%0.00%0.00%0.00%0.00%7.00%14.00%21.00%2
8.00%35.00%35.00%EBIT(1-t)$ (21.86)$ (5.21)$ 45.46$
169.63$ 445.34$ 1,023.93$ 1,879.27$ 3,000.94$
4,186.33$ 5,081.94$ 5,315.53$ 5,461.71- Reinvestment$
659.64$ 1,121.38$ 1,906.35$ 3,240.79$ 5,509.35$
7,566.30$ 9,027.79$ 8,887.27$ 6,295.52$ 1,241.81$
1,877.46FCFF$ (664.84)$ (1,075.92)$ (1,736.72)$
(2,795.45)$ (4,485.42)$ (5,687.03)$ (6,026.85)$
(4,700.94)$ (1,213.58)$ 4,073.72$ 3,584.25Cost of
capital10.03%10.03%10.03%10.03%10.03%9.63%9.22%8.81%8
.41%8.00%8.00%Cumulated discount
factor0.90880.82600.75070.68220.62000.56560.51780.47590.43
900.4065PV(FCFF)$ (604.23)$ (888.67)$ (1,303.68)$
(1,907.10)$ (2,781.02)$ (3,216.43)$ (3,120.90)$
(2,237.14)$ (532.75)$ 1,655.85Terminal cash flow$
3,584.25Terminal cost of capital8.00%Terminal value$
68,271.37PV(Terminal value)$ 27,750.37PV (CF over next 10
years)$ (14,936.06)Sum of PV$ 12,814.31- Debt$ 578.74+
Cash$ 201.89Value of equity in common stock$
12,437.46Number of shares121.45Estimated value /share$
102.41Price$ 168.76Price as % of value164.79%Implied
variablesAfter year 10Sales to capital
ratio1.411.411.411.411.411.411.411.411.411.41Invested
capital$ 1,698$ 2,358$ 3,479$ 5,385$ 8,626$ 14,136$
21,702$ 30,730$ 39,617$ 45,913$ 47,154ROIC-1.29%-
0.22%1.31%3.15%5.16%7.24%8.66%9.77%10.57%11.07%11.27
%8.00%
5. Input sheetDate of valuationAug-09Important: Before you run
this spreadsheet, go into preferences in Excel and check under
Calculation optionsCompany nameTeslaThere should be a check
against the iteration box. If there is not, you will get circular
reasoning errors.Numbers from your base year below ( in
consistent units)This yearLast yearCountry of
incorporationUnited States of America-0.163109545Industry
(US)AutomotiveIndustry (Global)Auto & TruckRevenues$
1,328.70$ 413.26Operating income or EBIT$ (216.72)$
(394.28)Don't adjust operating income for leases or R&D, if you
plan to use the spreadsheet option to do so. (see below)Interest
expense$ 19.83$ (0.25)Book value of equity$ 629.43$
124.70Book value of debt$ 578.74$ 452.34Do you have R&D
expenses to capitalize?YesIf you want to capitalize R&D, you
have to input the numbers into the R&D worksheet.Do you have
operating lease commitments?NoIf you have operating leases,
please enter your lease commitments in the lease worksheet
below and I will convert to debtCash and cross holdings$
201.89$ 746.06Non-operating assets$ - 0$ - 0Minority
interests$ - 0$ - 0Number of shares outstanding
=121.45Current stock price =$ 168.76Computed numbers:
Here is what your company's numbers look like, relative to
industry.Effective tax rate =0.00%If you are not working in US
dollars, you should add the inflation differential to the industry
averages.Marginal tax rate =35.00%CompanyIndustry (US
data)Industry (Global data)The value drivers below:Revenue
growth in the most recent year
=221.52%42.35%78.00%Compounded annual revenue growth
rate over next 5 years =70.00%Target Porsche revenuesPre-tax
operating margin in the most recent year =-
1.64%5.80%5.98%Target pre-tax operating margin (EBIT as %
of sales in year 10) =12.50%95th percentile: Auto industrySales
to capital ratio in most recent year =1.321.411.49Sales to
capital ratio (for computing reinvestment) =1.41Average for
USReturn on invested capital in most recent
year=128.22%5.77%7.83%Market numbersYear 10 ROC=
6. 11.34%Standard deviation in stock prices =59.23%Riskfree
rate2.75%Cost of capital =6.79%Initial cost of capital
=10.03%See cost of capital worksheetOther inputsTreated it as
60% auto, 40% technology company for the momentDo you
have employee options outstanding?YesNumber of options
outstanding =25.01From last 10KAverage strike price
=$21.20From last 10KAverage maturity =3.50From last
10KStandard deviation on stock price =50.00%Used 80th
percentile of US stock standard deviatonsDefault
assumptions.In stable growth, I will assume that your firm will
have a cost of capital similar to that of typical mature
companies (riskfree rate + 4.5%)Do you want to override this
assumption =YesMature companies generally see their risk
levels approach the averageIf yes, enter the cost of capital after
year 10 =8%Though some sectors, even in stable growth, may
have higher risk.I will assume that your firm will earn a return
on capital equal to its cost of capital after year 10. I am
assuming that whatever competitive advantages you have today
will fade over time.Do you want to override this assumption
=NoMature companies find it difficult to generate returns that
exceed the cost of capitalIf yes, enter the return on capital you
expect after year 1012%But there are significant exceptions
among companies with long-lasting competitive advantages.I
will assume that your firm has no chance of failure over the
foreseeable future.Do you want to override this assumption
=YesMany young, growth companies fail, especially if they
have trouble raising cash. Many distressed companies fail,
because they have trouble making debt payments.If yes, enter
the probability of failure =10%Tough to estimate but a key
input.What do you want to tie your proceeds in failure to?VB:
Book value of capital, V= Estimated fair value for the
companyEnter the distress proceeds as percentage of book or
fair value50%This can be zero, if the assets will be worth
nothing if the firm fails.I will assume that your effective tax
rate will adjust to your marginal tax rate by your terminal year.
If you override this assumption, I will leave the tax rate at your
7. effective tax rate.Do you want to override this assumption =NoI
will assume that you have no losses carried forward from prior
years ( NOL) coming into the valuation. If you have a money
losing company, you may want to override tis.Do you want to
override this assumption =YesCheck the financial statements.If
yes, enter the NOL that you are carrying over into year
1$1,070.00From last 10K
Aswath Damodaran:
Enter the revenues from the most recent period (you can either
use annual or the trailing 12 months). If your company had no
revenues, enter a very small positive number. (You need a base
for your growth rate)
Aswath Damodaran:
Enter the operating income or EBIT from the most recent time
period, even if that number is negative. If you have operating
leases, enter the adjusted operating income (see the operating
lease worksheet for the amount you have to adjust operating
income by).
Aswath Damodaran:
Enter the book value of equity (total) from the end of the most
recent time period (i.e. the most recent balance sheet). This
book equity will include everything - paid in capital, retained
earnings etc. and may even be negative for companies that have
been losing money for a while.
Aswath Damodaran:
Enter the book value of interest bearing debt (short and long
term) at your company from the most recent balance sheet. (Do
not include accounts payable, supplier credit or other non-
interest bearing liabilities.)
Aswath Damodaran:
Enter the cash balance from the most recent balance sheet. This
should include marketable securities.
Aswath Damodaran:
Enter the most recent update you have on the number of shares.
If you have different classes of shares, aggregate them all and
enter one number. Count restricted stock units (RSUs) as shares
8. but don't count shares underlying employee options.
Aswath Damodaran:
Enter the most recent stock price (how about today's?) in here.
Aswath Damodaran:
Enter your effective (not marginal) tax rate for your firm. You
will find this in your company's annual report. If you cannot,
you can compute it as follows, from the income statement:
Effective tax rate = Taxes paid/ Taxable income
If your effective tax rate varies across years, you can use an
average.
Aswath Damodaran:
I don't have a crystal ball but you should look at
a. Revenue growth in your company in recent years
b. Your company's revenues, relative to the overall market size
and larger players in the sector.
Suggestion: Check your revenues in year 10 against the overall
market and see what market share are you giving your company.
Check your company's revenues against other companies in the
sector.
Note that this number can be negative for a declining firm.
Aswath Damodaran:
You should start by looking at your company's current pre-tax
operating margin but also look at the average for your industry.
(You can check my estimates of industry averages in the last
worksheet on this spreadsheet.)
Aswath Damodaran:
You are probably wondering what this is but it is how I compute
how much you are going to reinvest to keep your business
growing in future years. The higher you set this number, the
more efficiently you are growing and the higher the value of
your growth. Again, look at your company's current number
(divide cell B3 by the sum of cells B5 and B6). Look at the
industry averages as well in the worksheet.
Aswath Damodaran:
This should be today's long term riskfree rate. If you are
working with a currency where the government has default risk,
9. clean up the government bond rate to make it riskfree (by
subtracting the default spread for the government).
Aswath Damodaran:
Enter the current cost of capital for your firm. If you don't know
what it is, you can use the worksheet to compute it.
Aswath Damodaran:
Check your company's annual report or 10K. If it does have
options outstanding, enter the total number here (vested and non
vested, in the money and out…)
Aswath Damodaran:
Enter the weighted average strike price of your options. (Should
be in your 10K or annual report.)
Aswath Damodaran:
The weighted average maturity of your options should be
reported in your financial statements.
Aswath Damodaran:
If you have a standard deviation for your stock, enter that
number. If not, use the industry average standard deviation from
the worksheet.
Aswath Damodaran:
Mature companies tend to have costs of capital closer to the
market average. While the riskfree rate + 4.5% is a close
approximation of the average, you can use a slightly higher
number (riskfree rate + 6%) for mature companies in riskier
businesses and a slightly lower number (risfree rate + 4%) for
safer companies.
Aswath Damodaran:
The default assumption is that competitive advantages will fade
to zero over time. While this is a good assumption for many
firms (about 7 in 10), there are some firms with sustainable
competitive advantages (brand name, for instance), where the
excess returns may continue beyond year 10. If your firm is one
of those, you can enter a return on capital higher than your cost
of capital in the cell below. Just don't get carried away. At the
maximum, the excess return should not exceed 5% for a mature
firm.
10. Aswath Damodaran:
This is a really difficult business to generate excess returns in,
especially for mature companies. So, I will assume that the
excess returns will converge to zero in year 10.
Aswath Damodaran:
Companies at either end of the life cycle - young, growth and
old, declining firms have a significant likelihood of failure.
While we tend to ignore this in conventional DCF, it is worth
thinking about whether you want to estimate a probability of
failure. It is not easy to do but it can be done by looking at
either history (with young, growth companies) or the debt
market (with distressed companies).
Aswath Damodaran
While the company is doing well right now and has little debt, it
is still a money losing company that is one big shock (legal,
financial, macro) from disaster. I have attached a 10%
probability that this will happen and an estimate that the
business will have to be sold at a substantial discount (50%) on
fair value in that event.
Aswath Damodaran:
If the firm fail and has to liquidate its assets, you need to
specify what the liquidation proceeds will be tied to. For young
growth companies, I would tie it to value and with distressed
firms (especially ones with significant assets in place), I would
use book value.
Aswath Damodaran:
You will generally not get 100% of fair value. How much less
than 100% you get will depend on whether there are lots of
potential buyers for your assets and how much of a hurry you
are in to liquidate. It may well be zero for a young growth
company with no tangible assets.
Aswath Damodaran:
Companies generally pay less than the marginal tax rate on their
income. Some of that is due to tax deferral and others to quirks
in the tax law. Over time, the conservative assumption is to
require the tax rate to move towards the marginal tax rate.
11. However, if you believe that your firm's tax benefits are
permanent, you can override this assumption.
Aswath Damodaran:
If your company has been losing money for a while, there will
be accumulated losses from prior periods. Check your financial
statements.
Aswath Damodaran:
This is the NOL from prior years carried forward into this year.
Aswath Damodaran:
This is a statutory tax rate. I use the tax rate of the country the
company is domiciled in. See worksheet embedded in this
spreadshseet for country tax rates.
Aswath Damodaran:
If you are using trailing 12-month data, it is best if the last year
is the 12-month period just prior to the one that you are using.
Thus, if you are looking at June 2011-June 2012, your trailing
12 month for the income statement numbers will be June 2010-
June 2011 and your balance sheet numbers should be as of June
2011.
Aswath Damodaran:
Enter the market value of those non-cash assets whose earnings
are (and will never) show up as part of operating income. The
most common non-operating assets are minority holdings in
other companies (which are not consoldiated). You can find the
book value of these holdings on the balance sheet, but see if you
can convert to market value. (I apply a price to book ratio,
based on the sector that the company is in to the book value).
Aswath Damodaran:
Enter the "market" value of minority interests. This is a
uniquely accounting item and will be on the liability side of
your company's balance sheet. It reflects the requirement that if
you own more than 50% of another company or have effective
control of it, you have to consolidate that company's statements
with yours. Thus, you count 100% of that subsidiaries assets,
revenues and operating income with your company, even if you
own only 60%. The minority interest reflects the book value of
12. the 40% of the equity in the subsidiary that does not belong to
you. Again, it is best if you can convert the book value to a
market value by applying the price to book ratio for the sector
in which the subsidiary operates
Aswath Damodaran:
If you are in multiple businesses, you can construct your own
weighted averages using the industry average table from this
spreadsheet and your company's business breakdown.
Aswath Damodaran:
Assuming that the cyclical nature of this business will result in
a higher cost of capital.
Option valueValuing Options or WarrantsEnter the current stock
price =$ 168.76Enter the strike price on the option =$
21.20Enter the expiration of the option =3.50Enter the standard
deviation in stock prices =50.00%(volatility)Enter the
annualized dividend yield on stock =0.00%Enter the treasury
bond rate =2.75%Enter the number of warrants (options)
outstanding =25.01Enter the number of shares outstanding
=121.45Do not input any numbers below this lineVALUING
WARRANTS WHEN THERE IS DILUTIONStock
Price=168.76# Warrants issued=25.008Strike Price=21.2#
Shares outstanding=121Adjusted S =164.8313566835T.Bond
rate=2.75%Adjusted K =21.2Variance=0.2500Expiration (in
years) =3.495Annualized dividend yield=0.00%Div. Adj.
interest rate=2.75%d1 =2.764290314N (d1) =0.997147662d2
=1.8295443592N (d2) =0.9663409498Value per option =$
145.75Value of all options outstanding =$3,644.97
DiagnosticsVALUATION DIAGNOSTICSInvested capital at
start of valuation$ 1,698.11Invested capital at end of
valuation$ 47,154.31Change in invested capital over 10 years$
45,456.20Change in EBIT*(1–t) (after-tax operating income)
over 10 years$ 8,199.60Marginal ROIC over 10
years18.04%ROIC at end of valuation11.27%Average WACC
over the 10 years (compounded)9.42%Your calculated value as
a percent of current price60.68%InputsIf calculated value is
negative or looks too lowIf calculated value looks too
13. highRevenue growth rate (input cell B3)Increase revenue
growth rateDecrease revenue growth rateLast period EBIT as %
of revenue (Input cell B14)Increase the target pre-tax operating
marginDecrease the target pre-tax operating marginSales to
Capital Ratio or reinvestment (Input cell B15)Decrease the
sales/capital ratioIncrease the sales/capital ratioReturn on
capital in perpetuity (B30 & B31)Increase relative to your cost
of capitalIf higher than your cost of capital, lower towards your
cost of capitalT
R& D converterR & D ConverterThis spreadsheet converts R&D
expenses from operating to capital expenses. It makes the
appropriate adjustments to operating income, netincome, the
book value of assets and the book value of equity.InputsOver
how many years do you want to amortize R&D expenses5! If in
doubt, use the lookup table belowEnter the current year's R&D
expense =$ 310.06The maximum allowed is ten yearsEnter R&
D expenses for past years: the number of years that you will
need to enter will be determined by the amortization periodDo
not input numbers in the first column (Year). It will get
automatically updated based on the input above.YearR& D
Expenses-1273.98! Year -1 is the year prior to the current year-
2208.98! Year -2 is the two years prior to the current year-
393.00-4-500000OutputYearR&D ExpenseUnamortized
portionAmortization this yearCurrent310.061.00310.06-
1273.980.80219.18$ 54.80-2208.980.60125.39$ 41.80-
393.000.4037.20$ 18.60-40.000.200.00$ - 0-50.000.000.00$
- 000.000.000.00$ - 000.000.000.00$ - 000.000.000.00$ -
000.000.000.00$ - 000.000.000.00$ - 0Value of Research
Asset =$691.83$ 115.19Amortization of asset for current year
=$115.19Adjustment to Operating Income =$194.87! A positive
number indicates an increase in operating income (add to
reported EBIT)Tax Effect of R&D Expensing$68
Aswath Damodaran:
By expensing R&D rather than capitalizing it, the firm gets a
tax benefit. This is the dollar value of that tax benefit.
Operating lease converterOperating Lease ConverterThe yellow
14. cells are input cells. Please enter them.InputsOperating lease
expense in current year =$ 380.00Operating Lease
Commitments (From footnote to financials)YearCommitment!
Year 1 is next year, ….1$56.002$47.003$39.004$35.005$31.006
and beyond$93.00OutputPre-tax Cost of Debt =7.00%! If you do
not have a cost of debt, use the synthetic rating
estimatorNumber of years embedded in yr 6 estimate =2! I use
the average lease expense over the first five yearsto estimate the
number of years of expenses in yr 6Converting Operating
Leases into debtYearCommitmentPresent Value1$ 56.00$
52.342$ 47.00$ 41.053$ 39.00$ 31.844$ 35.00$ 26.705$
31.00$ 22.106 and beyond$ 46.50$ 59.94! Commitment
beyond year 6 converted into an annuity for ten yearsDebt
Value of leases =$ 233.97Restated FinancialsDepreciation on
Operating Lease Asset =$ 33.42! I use straight line
depreciationAdjustment to Operating Earnings =$346.58! Add
this amount to pre-tax operating incomeAdjustment to Total
Debt outstanding =$ 233.97! Add this amount to debt
Cost of capital worksheetEstimation of Current Cost of
CapitalYour inputsOperating Regions ERP
calculatorInputsComputed
numberCountryRevenuesERPWeightWeighted
ERPEquityArgentina1914.80%9.31%1.38%Number of Shares
outstanding =121.45Bolivia410.68%1.96%0.21%Current Market
Price per share =$
168.76Brazil1308.43%63.73%5.37%Canada235.80%11.27%0.65
%Approach for estimating betaMultibusiness(US)If direct input,
enter levered beta (or regression
beta)1.20Chile76.85%3.43%0.24%Unlevered beta
=1.26Ecuador616.30%2.94%0.48%Riskfree Rate
=2.75%Paraguay311.80%1.47%0.17%What approach do you
want to use to input ERP?Country of
incorporationPeru128.43%5.88%0.50%Direct input for ERP (if
you choose "will input"5.75%0.00%0.00%0.00%Equity Risk
Premium used in cost of equity
=5.80%0.00%0.00%0.00%Total204100.00%9.00%DebtOperatin
15. g Regions ERP calculatorBook Value of Straight Debt =$
578.74RegionRevenuesERPWeightWeighted ERPInterest
Expense on Debt =$
19.83Africa010.09%0.00%0.0000%Average Maturity
=2Australia & New Zealand565.80%4.21%0.2444%Approach
for estimating pre-tax cost of debtDirect
inputCaribbean12.57%0.00%0.0000%If direct input, input the
pre-tax cost of debt7.000%Central and South
America1009.18%7.52%0.6907%If actual rating, input the
ratingBaa2/BBBEastern Europe & Russia8.48%0.00%0.0000%If
synethetic rating, input the type of company1Middle
East6.96%0.00%0.0000%Pre-tax Cost of Debt =7.00%North
America6315.80%47.48%2.7538%Tax Rate =35%Western
Europe3746.85%28.14%1.9277%Asia without
Japan1687.58%12.64%0.9582%Book Value of Convertible Debt
=0Japan06.85%0.00%0.0000%Interest Expense on Convertible
=0Total1329100.00%6.5748%Maturity of Convertible Bond
=0Market Value of Convertible =0Multi Business (US Industry
Averages)BusinessRevenuesEV/SalesEstimated ValueUnlevered
BetaDebt value of operating leases =$ - 0Automotive$
60.000.8100$ 48.601.1100Computers/Peripherals$
40.001.3800$ 55.201.3900Preferred Stock0.0000$ -
00.0000Number of Preferred Shares =00.0000$ -
00.0000Current Market Price per Share=700.0000$ -
00.0000Annual Dividend per Share =50.0000$ -
00.00000.0000$ - 00.0000Output0.0000$ -
00.0000Estimating Market Value of Straight Debt =$
541.340.0000$ - 00.0000Estimated Value of Straight Debt in
Convertible =$ - 00.0000$ - 00.0000Value of Debt in
Operating leases =$ - 00.0000$ - 00.0000Estimated Value of
Equity in Convertible =$ - 00.0000$ - 00.0000Levered Beta
for equity =1.28Company$ 100.00$
103.801.2589EquityDebtPreferred StockCapitalMulti Business
(Global Industry Averages)Market Value$ 20,495.90$
541.34$ - 0$ 21,037.24BusinessRevenuesEV/SalesEstimated
ValueUnlevered BetaWeight in Cost of
16. Capital97.43%2.57%0.00%100.00%Advertising$ 84.000.9383$
78.820.9813Cost of
Component10.18%4.55%7.14%10.03%Internet software and
services$ 16.004.3369$ 69.391.21640.0000$ -
00.00000.0000$ - 00.00000.0000$ - 00.00000.0000$ -
00.00000.0000$ - 00.00000.0000$ - 00.00000.0000$ -
00.00000.0000$ - 00.00000.0000$ - 00.00000.0000$ -
00.0000Company$ 100.00$ 148.211.0914
Aswath Damodaran:
Use a sector average beta, if need be.
Aswath Damodaran:
If your company has risk exposure in emergiing markets,
incorporate that risk premiums here. See worksheet on country
risk premiums.
Aswath Damodaran:
Interest expense (gross) from most recent financial statement.
Aswath Damodaran:
Generally found in footnotes to financial statements.
Aswath Damodaran:
Current, long term cost of borrowing money. If you have a
rating use it, if not use a synthetic rating. See the worksheet
attached.
Aswath Damodaran:
If you pick operating regions or countries, please input the
revenues by country or region in the table to the right.
Aswath Damodaran:
1: Large market cap (>$5 billion) and safe.
2: Small market cap (<$5 billion) or risky.
If company has volatile earnings or is in risky business, use 2,
even if large market cap.
Synthetic ratingInputs for synthetic rating estimationPlease read
the special cases worksheet (see below) before you use this
spreadsheet.Before you use this spreadsheet, make sure that the
iteration box (under calculation options in excel) is
checked.Enter the type of firm =1Enter current Earnings before
interest and taxes (EBIT) =$ (216.72)(Add back only long
17. term interest expense for financial firms)Enter current interest
expenses =$19.83(Use only long term interest expense for
financial firms)Enter long term risk free rate
=2.75%OutputInterest coverage ratio =-100000.00Estimated
Bond Rating =D2/DNote: If you get REF! All over the place, set
the operating lease commitment question in cell F5Estimated
Company Default Spread =12.00%to No, and then reset it to
Yes. It should work.Estimated County Default Spread (if any)
=0.00%Estimated Cost of Debt =14.75%If you want to update
the spreads listed below, please visit
http://www.bondsonline.comFor large manufacturing
firmsRatings and Default spreads (reordered from highest to
lowest)If interest coverage ratio isIf long term interest coverage
ratio is>≤ toRating isSpread isgreater than≤ toRating isSpread
is-
1000000.199999D2/D12.00%3100000Aaa/AAA0.40%0.20.6499
99Caa/CCC10.50%2.52.99999Aa2/AA0.70%0.650.799999Ca2/C
C9.50%22.49999A1/A+0.85%0.81.249999C2/C8.75%1.51.9999
9A2/A1.00%1.251.499999B3/B-7.25%1.21.49999A3/A-
1.30%1.51.749999B2/B6.50%0.91.199999Baa2/BBB2.00%1.751
.999999B1/B+5.50%0.750.899999Ba1/BB+3.00%22.2499999Ba
2/BB4.00%0.60.749999Ba2/BB4.00%2.252.49999Ba1/BB+3.00
%0.50.599999B1/B+5.50%2.52.999999Baa2/BBB2.00%0.40.49
9999B2/B6.50%34.249999A3/A-1.30%0.30.399999B3/B-
7.25%4.255.499999A2/A1.00%0.20.299999C2/C8.75%5.56.499
999A1/A+0.85%0.10.199999Ca2/CC9.50%6.58.499999Aa2/AA
0.70%0.050.099999Caa/CCC10.50%8.50100000Aaa/AAA0.40%
-1000000.049999D2/D12.00%For smaller and riskier firmsIf
interest coverage ratio isgreater than≤ toRating isSpread is-
1000000.499999D2/D12.00%Rating isSpread
is0.50.799999Caa/CCC10.50%A1/A+0.85%0.81.249999Ca2/CC
9.50%A2/A1.00%1.251.499999C2/C8.75%A3/A-
1.30%1.51.999999B3/B-
7.25%Aa2/AA0.70%22.499999B2/B6.50%Aaa/AAA0.40%2.52.
999999B1/B+5.50%B1/B+5.50%33.499999Ba2/BB4.00%B2/B6.
50%3.53.9999999Ba1/BB+3.00%B3/B-
18. 7.25%44.499999Baa2/BBB2.00%Ba1/BB+3.00%4.55.999999A3
/A-
1.30%Ba2/BB4.00%67.499999A2/A1.00%Baa2/BBB2.00%7.59.
499999A1/A+0.85%C2/C8.75%9.512.499999Aa2/AA0.70%Ca2/
CC9.50%12.5100000Aaa/AAA0.40%Caa/CCC10.50%D2/D12.0
0%
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.
Industry Averages(US)Industry 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%2.740.786.009.32…
Iv
o
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169. 20
17
.
12
Perfect and Efficient Markets,
and Classical and Behavioral Finance
How Trustworthy are Market Prices?
This chapter explains the concept of an efficient market, which
is not as strict as but
closely linked to that of a perfect market. A market is said to be
efficient if it does not
ignore available information. To illuminate perfect and efficient
markets, this chapter
also explains arbitrage, an essential concept of finance, without
which no study of
finance would be complete. We then discuss the consequences
of the concepts: What
do efficient and/or perfect markets mean for predicting stock
performance? How
should you interpret the success of famous investors? And how
can you use the
concept of efficient markets to run an event study to help assess
the valuation impact
of big corporate events?
12.1 Market Efficiency
A perfect market sets up stiff competition among many
investors. This forces them to use all
Market efficiency means the
market uses all available
information in setting the
170. price.
available information as well as they possibly can. This is
called market efficiency: a situation
in which prices reflect all available information. In a fully
efficient market, you should not be
able to use any available information to predict future returns
better than the market can.
IMPORTANTA price is called efficient if the market has set the
price correctly as if it were using all available
information. (PS: It is not necessary that any investor has all the
information.)
Warning: Market efficiency is a different concept from mean-
variance efficiency
(the efficient frontier), which was used in the context of
portfolio optimization.
Economists love “efficiency” and thus use the term in many
contexts.
ä Mean-variance efficiency,
Sect. 8.2, Pg.171.
Exhibit 12.1 illustrates an efficient market. Suppose the market
considers an expected rate of
An example: ABC’s price
today is based on the best
estimate of future
characteristics, obtained
from a model like the CAPM.
return of 10% on ABC stock to be a fair rate of return, given
ABC’s characteristics. This figure of
10% could come, for instance, from the CAPM. Market
efficiency then pins down the relationship
171. between the best estimate of the price next year and the price
today. In our example, if the
market expects ABC to trade for $55 next year, it should set the
price today at $50. The market
would not be efficient if it had set today’s price at $49 or $51.
You can turn this around, too.
You should not be able to locate information that tells you
today when/if/that the true expected
277
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321. Fi
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(4
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),
Ju
ly
20
17
.
278 Perfect and Efficient Markets, and Classical and Behavioral
Finance
value tomorrow is really $60 (for an expected rate of return of
20%) or $50 next year (for an
expected rate of return of 0%). If you could find information
telling you authoritatively that
a better estimate of next year’s price is $60 (or $50), then
ABC’s stock would be mispriced. A
market that has overlooked your information would not be
efficient.
Efficient Market
322. Pricing Model
Today’s Price
The General Case
The financial markets estimate the statis-
tical distribution of future cash flows, in-
cluding their expected cash flow values,
covariances, liquidity, and anything else
possibly of interest.
The financial market determines the ap-
propriate expected rate of return, given all
value-relevant characteristics.
The market sets today’s price, so that the
expected rate of return is as the model
states.
?
?
?
?
A Specific Example: ABC
The market estimates ABC’s expected
value next year to be $55 per share. It
also estimates all other interesting charac-
teristics, such as cash flows, market-betas,
covariances, liquidity, etc.
323. Say the CAPM is the correct pricing model.
Then the financial market looks at ABC’s
market beta, the risk-free rate, and the
expected rate of return on the market, and
sets ABC’s expected rate of return. Say
this CAPM expected rate of return is 10%.
The price today is $55/1.1 = $50 per
share.
Exhibit 12.1: Market Efficiency and Pricing Model. The critical
question is If you saw a price of, say, $45.83 today, what
would you conclude has gone wrong? Is it the market or the
model?
The practical use of the “efficient markets” concept begs two
questions:
What is the model? What is
the information set? 1. Where does the figure of 10% come
from? It has to come …
Basis Point Simple MathMEAN (DRIFT)STANDARD
DEVIATION (VARIATIONS AROUND THE DRIFT)bp per
dayRateYearlybp per
dayRateYearly10.00010.025518912500.0050.079372539320.000
20.05168638911000.010.158745078730.00030.07851884741500
.0150.23811761840.00040.10603311672000.020.317490157350.
00050.13424645092500.0250.396862696760.00060.1631765389
3000.030.47623523670.00070.19284151533500.0350.55560777
5380.00080.22325997174000.040.634980314790.00090.254450
9684500.0450.714352854100.0010.28643404445000.050.79372
53933110.00110.31922923315500.0550.8730979327120.00120.
3528570716000.060.952470472130.00130.38733861226500.065
1.0318430113Assume drift of 5bp per day and noise 200bp per
324. dayYEARDAYArithmetic
0.13424645090.0005Noise0.15874507870.02Geometric0.121646
45090.0003Note: we assume here only 252 trading days. That's
the number of distinct observations per year.Stock prices,
however, should be compounded over the entire year, that is,
365 year
Drift NoiseEnter values for the drift and the noise in green
cellsFor example 2bp per day is about 5.17% year
(1.0517=1.0002^252)Noise (standard dev.) should be about 20-
50 times larger than driftDaydrift bp/daynoise
bp/day10.00520.0002-0.00530.0002-
0.00540.00020.00550.00020.00560.00020.00570.00020.00580.0
002-0.00590.0002-0.005100.0002-
0.005110.00020.005120.00020.005130.00020.005140.0002-
0.005150.00020.005160.00020.005170.00020.005180.0002-
0.005190.00020.005200.0002-0.005210.00020.005220.0002-
0.005230.00020.005240.00020.005250.0002-0.005260.0002-
0.005270.00020.005280.0002-
0.005290.00020.005300.00020.005310.00020.005320.00020.005
330.00020.005340.00020.005350.00020.005360.0002-
0.005370.0002-
0.005380.00020.005390.00020.005400.00020.005410.0002-
0.005420.00020.005430.00020.005440.0002-0.005450.0002-
0.005460.0002-
0.005470.00020.005480.00020.005490.00020.005500.00020.005
510.00020.005520.0002-0.005530.00020.005540.0002-
0.005550.00020.005560.0002-0.005570.0002-0.005580.0002-
0.005590.00020.005600.0002-0.005610.00020.005620.0002-
0.005630.0002-0.005640.0002-
0.005650.00020.005660.00020.005670.0002-
0.005680.00020.005690.0002-0.005700.0002-
0.005710.00020.005720.00020.005730.0002-
0.005740.00020.005750.0002-0.005760.0002-
0.005770.00020.005780.00020.005790.00020.005800.00020.005
810.0002-0.005820.0002-
0.005830.00020.005840.00020.005850.0002-0.005860.0002-
338. Account at end
of T if Work
TildeK(T+1)=Saving
Account at the end of
T if withdraw $5000
at beginning of T and
do not work
Does saving
account decrease if
stop working in T?
TildeK(T+1)<K(T)
1 10000 5000 0.0 5000.0
2 10000 5000 5000.0 10250.0 0.0 1
3 10000 5000 10250.0 15762.5 5512.5 1
4 10000 5000 15762.5 21550.6 11300.6 1
5 10000 5000 21550.6 27628.2 17378.2 1
6 10000 5000 27628.2 34009.6 23759.6 1
7 10000 5000 34009.6 40710.0 30460.0 1
8 10000 5000 40710.0 47745.5 37495.5 1
9 10000 5000 47745.5 55132.8 44882.8 1
10 10000 5000 55132.8 62889.5 52639.5 1
11 10000 5000 62889.5 71033.9 60783.9 1
12 10000 5000 71033.9 79585.6 69335.6 1
13 10000 5000 79585.6 88564.9 78314.9 1
339. 14 10000 5000 88564.9 97993.2 87743.2 1
15 10000 5000 97993.2 107892.8 97642.8 1
16 10000 5000 107892.8 118287.5 108037.5 0
17 10000 5000 118287.5 129201.8 118951.8 0
18 10000 5000 129201.8 140661.9 130411.9 0
19 10000 5000 140661.9 152695.0 142445.0 0
20 10000 5000 152695.0 165329.8 155079.8 0
21 10000 5000 165329.8 178596.3 168346.3 0
r 0.05
s 0.6
T 10.87572
NPV of current and future consumption (5K(1+1/r))
105000
14.7128
Excel Journal Format due Monday February 24th
IT MAY NOT BE CLEAR TO EVERYONE SO LET ME
REPEAT: YOU HAVE TO ANSWER ALL QUESTIONS IN
THIS 'BOOK' (SESSION 1 TO SESSION 5) IN YOUR EXCEL
JOURNAL
Your Excel journal should be composed of a text part and an
excel file. You should submit at most two documents. The text
340. part should contain a one page answer for each session that
explains your work, and makes clear reference to the excel file.
The excel file should be (as much as reasonable) self-
explanatory. That is, try to include comments that help the
reader to follow your steps and understand how you derive your
results.
You are restricted to one page of text (500 words maximum) per
session (5 pages max) and one excel file that should contain 5
sheet (one per session). The last Excel Session will be before
the reading break and your journal is due after the reading
break. I encourage you to use this forum to post questions
about your assignment and to answer others' questions.
You will be graded on the basis of: the clarity of your
explanations; the logic of your calculations; the accuracy of
your results; and whether your excel file is easy to follow and
self-explanatory.
341. Session 2: Extreme Early Retirement
Part 1: The goal of this part of your journal is to re-create
this Excel sheet, but using the following assumptions: you earn
100K each year, consume 30% of your earnings, and the interest
rate is 4%.
a. Replicate the Excel sheet and explain what each column
mean.
b. How do you derive the earliest year you can retire such that
your consumption remains constant forever after? What year do
you obtain?
Part 2: The goal of that part of your journal is to derive a
formula that delivers your earliest possible retirement year as a
function of your saving rate. Say you earn E each year, you
save share alpha of E and consume the rest, and the interest rate
is r.
c. Assume for now that you always work. How much capital you
have in your saving account at the end of the first and second
years? Derive the formula that gives your capital at the end of
year T.
d. How much do you have in your saving account at the end of
year 2 if you stop working in year 2? At the end of year 3 if
you stop working in year 3 ? At the end of year T if you stop
working in T?
e. How many years do you have to work before you can stop
working and maintain your consumption constant forever after?
Plug the values from Part I and check that you obtain the same
answer.
342. Session 3: Arithmetic and Geometric Rates of Return
Part A
We want to check the statement on p.141 that “the arithmetic
mean is higher than the geometric mean by about half the
variance.”
1-Use the Rand() function to generate 400 random rate of return
with mean 10.7% and variance 3.2%%.
2-Assume these 400 rates correspond to 400 consecutive years.
Compute the arithmetic rate of return, the variance over 400
years, and the geometric rate of return.
3-Resample several times using F9. Would you say that the
statement on p.141 holds? Discuss.
Part B
We want to check the statement ‘Risk grows approximately with
the square root of time’ on p. 171.
1-Draw two rates of returns as you did above. Say the first
draw is the rate of return over period 1, call it r_01, and the
second is the rate of return over period 2, call it r_12. Compute
the holding rate over two periods, call it r_02. Repeat this 400
times to obtain 400 draws for each rate of returns (1200
numbers total).
2-Using your three sets of 400 draws, compute the variance of
r_01, r_12 and r_02. What should be the relationship between
the these variances according to the statement on p.171? Check
that this is the case.
343. 5. Session 4: Signal-to-noise ratio
The purpose of this simulation is to get some intuition for Ivo’s
statistical answer to the question of whether it is possible to
detect an extra signal of 2bp per day with noise 50bp if one
observes 5000 realizations of this signal (See section 12.3 of
the textbook and in particular p.289-290). We want to get a
sense of what this means using simulations and graphs. You
should use the excel sheet supplied.
1-According to Ivo’s N-day statistics, how many days would it
take to reach a conclusion about this signal (assuming that you
want a T-stat around 2).
2-Check that the function IF(RAND()<0.5,-1,1) draws a random
variable that take value +1 and -1 with equal probability. To do
so explain what you would expect to see when you draw 1000
independent realizations. Check that this is the case.
3-Explain how the formulas in the excel sheet use this function
to draw a signal with 2bp drift and noise 50bp.
4-Compute two 5000-days time series: (a) the realized
compounded rate of return (an approximation of a Brownian
motion), (b) the compounded rate of return from a 2bp drift
alone. Plot these two time series.
5-Using the notion of arithmetic and geometric rate, would you
expect the realized return after 5000 days to be on average
equal to the compounded rate? If not, what would be a good
guess for what you should expect to earn after 1, 2,...5000
days. Add that time series to your chart.
6-Say you draw many samples of 5000 realizations (using the
F9 function). According to your answer to question 1, what
property would you expect these samples to have? How would
you use the chart you produced to check this?
7-Repeat your analysis for a signal with 1bp drift and 100bp
noise? Is the difference between the two signals sensible?
344. Note: You’ll have to learn how to draw a ‘scatter XY chart in
Excel’. This is a great tool to know to visualize data. You’ll
find many online tutorials under that search entry.
Session 5: A DCF approach to Tesla valuation
The purpose of this session is to: (a) retrace the main steps
taken by A. Damodaran to value Tesla; and (b) replicate the
analysis with updated numbers. You should read Chapter
3 from "The Little Book of Valuation" by A. Damodaran to
understand the big picture. Your answers should try to make
reference to that reading when relevant. Question 2 and 3 refer
to sheet 'valuation output' in this simplified Excel file. (There
are many sheets in this file but you have to look only at the first
two. Note also that I have simplified the Excel file so the final
valuation is not the same as the ones reported in the paper you
read for RN2.) Limit your answers to 100 words per question.
1-Briefly summarize the 4 steps taken in Chapter 3 to value a
company.
2-Write a simple (math) formula that summarizes how
Damodaran obtains the FCFF in line 13. Your formula should
highlight the key inputs and assumptions that go in that
formula. Explain.
3-Write a formula that explains how A. Damodaran combines
the FCFF with other inputs to obtain the valuation in B25.
Explain.
The purpose of the next two questions is to update the Tesla
valuation using the latest available information following the
same methodology as above. You will have to do some research
to find the values you need to update the Excel file.
4-Say you update only the 'base year' revenue. What valuation
345. do you obtain? Compare the result with the corresponding
market valuation. If you had to change just one other input in
the Excel file to get a more accurate and current valuation, what
would it be? When you make that change, what impact it has on
your valuation?
5-How has the Tesla stock performed over the last year? In
your opinion, can the valuation model explain this
performance? Discuss.
1ABCInterest Rate:0.03YearDiscount RateDiscount
Factor(i)Cash FlowPV(ii)PVFull Market
Value:$33.33Rent:$10110.970873786430.8605$30.86011.030.9
7087378640.9425959091D21.06090.94259590910.9151416594L
ease YearsSold
%31.0927270.91514165940.888487047988$30.86050.92581361
2141.125508810.88848704790.862608784422$15.93690.478107
499151.15927407430.86260878440.837484256710$8.53020.255
906085161.19405229650.83748425670.813091511371.2298738
6540.81309151130.7894092343E81.26677008140.78940923430.
7664167323Lease Years%Interest
Rate:91.30477318380.76641673230.7440939149880.970.04065
18013101.34391637930.74409391490.7224212766111.3842338
7070.72242127660.7013798802121.42576088680.70137988020.
68095134131.46853371350.680951340.6611178058141.512589
72490.66111780580.6418619474151.55796741660.6418619474
0.6231669392161.60470643910.62316693920.6050164458171.6
5284763230.60501644580.5873946076181.70243306120.58739
460760.5702860268191.75350605310.57028602680.553675754
2201.80611123470.55367575420.5375492759211.86029457170.
53754927590.5218925009221.91610340890.52189250090.5066
917484231.97358651110.50669174840.4919337363242.032794
10650.49193373630.4776055693252.09377792970.4776055693
0.4636947274262.15659126750.46369472740.4501890558272.2