Introduction to Philosophy Phil 100 ∙ Spring 2014 Professor Paul Burger Email paul.burger@csulb.edu Office Location MHB 805 Office Hours Tues. & Thurs. 3:30 – 4:30 PLEASE TURN OFF YOUR CELL PHONE! 1. Which of the following is not part of Mill’s Principle of Utility? A. Actions are to be judged right or wrong solely in virtue of their consequences and nothing else. B. In assessing the consequences of some act‚ the only thing that matters (from an ethical point of view) is the amount of happiness
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Creating Public Shares According to Brau and Fawcet (2004)‚ the most common reason CFOs choose to provide an IPO on their firm is to create public shares for use in future acquisitions. While Rosetta Stone may not have immediate acquisition plans‚ the public offering of their shares will provide new capital for them to continue to expand. Only 5% of their revenue comes from outside of the United States‚ and with increased capital from an IPO‚ Rosetta Stone can look to pursue new markets (Schill
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Cost of Capital Estimate for Midland Energy Resources‚ Inc. In the first section of my report‚ I list out the main models and methods applied to estimate the cost of capital for Midland’s three divisions‚ general assumptions made and the corresponding justifications. In the second section‚ Calculations‚ I not only compute the cost of capital based on the general assumptions previously made‚ but also discuss specifics of each division and the additional adjustments or assumptions made to justify
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13. Relative Valuation - Using Market Comparables Zenu Sharma zenu.sharma@edhec.edu Course Road Map 1. Financial Markets and Management 2. Present Value 3. Introduction to Risk and Return 4. Portfolio Selection 5. The Capital Asset Pricing Model 6. Financing and Capital Structure 7. Interest Rates and the Valuation of Bonds 8. Project Appraisal 9. Capital Budgeting 10. Capital Budgeting with Financial Leverage 11. The Valuation of Companies and Stocks 12. Relative Valuation 13. Options and
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least as well as the comparable valuation methods. Comparing valuations using the Adjusted Present Value (APV) approach to those using comparative valuation methods‚ 47.1% to 62.2% of the APV valuations had valuation errors within 15%‚ compared to 37.3% to 57.9% using comparable valuation methods. Furthermore‚ after calculating an implied discount rate that forces their DCF forecasts to the market values‚ they obtained an implied market equity risk premium that is comparable to the historic arithmetic
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Section 005 #2 Blaze Cohen Finance Capstone Individual Executive Summary 11/10/13 Evaluating and Acquiring TeamSystem S.p.A. Private equity firm‚ Palamon Capital specializes in managing‚ funding‚ and developing small to mid-sized companies into public ownership. Palamon’s strategy is to buy a controlling stake in an up and coming company for 10 – 50 million EUROS grow the business‚ and implement an exit strategy. As the private equity market in Europe becomes more cut- throat and competitive
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T-Bond = 8.95% (Lodging use long-term debt) Market Premium is the Spread between S&P 500 and long-term US bond = 7.43% Debt rate premium above government = 1.10% Lodging’s D/A = 0.74 & Lodging’s E/A = 0.26 We use Ramada Inns‚ Inc. as the comparable to find β for Marriot’s lodging division. (E/A = 0.35‚ βE = 1.36‚ and assuming βD = 0) βu[L] = (E/A)* βE = 0.35 * 1.36 = 0.476 β[L] = [1 + (D/E) * (1-Tc)] * βu[L] = [1 + (0.74/0.26)*(0.56)] * 0.476 β[L] = 1.23 Lodging’s
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based on WACC‚ discount each cashflow back to it present value‚ obtain the terminal value through an application of terminal value multiple‚ using DCF method‚ Martin calculates the price of Cox’s share to be $54.29. Multiple Valuation; Identify comparable firms that have growth‚ cashflow and risks similar to those of targetfirm whose value is in
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Berkshire Hathaway Inc. to: William Cochran from: subject: Pacificorp Acquistion analysis and recommendation date: The following memo analyzes MidAmerican’s potential acquisition of PacifiCorp. Contents included involve a financial analysis‚ qualitative analysis‚ valuation‚ and acquisition recommendation. After careful review‚ MidAmerican should acquire PacifiCorp at the current offering price of $9.4 billion ($5.1 billion in cash and $4.3 billion in attached liabilities and preferred
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Human rights can be described as the basic rights and freedoms all people have because they are human beings. In Australia there have been many responses to effectively obtain and enforce human rights through both Australian and international action. Responses such as the UN‚ international treaties‚ intergovernmental and non-governmental organisations‚ domestic responses and the structure of the Australian law making system address issues of human rights. These responses have been effective in responding
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