Equity Maxims 1. He who comes to equity must come with clean hands * D&C Builders v Rees – Lord Denning. A small building firm did some work on the house of a couple named Rees. The bill came to £732‚ of which the Rees had already paid £250. When the builders asked for the balance of £482‚ the Rees announced that the work was defective and they were only prepared to pay £300. As the builders were in serious financial difficulties‚ they reluctantly accepted the £300 “ in completion of the
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Agency Conflict 2: Stockholders versus Creditors Conflict of interest can also arise between stockholders and creditors. Stockholders may take decisions that increase their return on debt which eventually leads to decrease in the value of the debt. Creditors also have a claim on the earnings and assets of the firm for the payment of interest and principal and in case of bankruptcy. Creditors are providers of long term debt of capital. They lend funds at rates that are based on; 1. The risk of
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Since 1976 Black History Month has been a remembrance of the events in the history of the African American movement. It is celebrated annually in the United States and Canada in the month of February‚ and the United Kingdom in the month of October. In the U.S.‚ Black History Month is also referred to as African-American History Month. Black History Month actually started as Negro History Week in 1926 by Carter G. Woodson. The goal of Black History Week was to educate the American people about
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INCREASED DEPENDENCY OF TECHNOLOGY Is Google Making Us Stupid by Nicholas Carr (91-101) and Small Change Why the Revolution Will Not Be Tweeted by Malcolm Gladwell (169-180) articulates how technology is affecting human behavior via manipulating‚sharing‚receiving and gathering of information with the internet. With the internet having become one of the biggest inventions in modern history and has helped spur countless others and it ’s safe to say we have been affected by the this technology in a
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Valuation of equity Example based on dividend discount model : Vardhman limited’s earnings and dividends have been growing at a rate of 18% per annum. This growth rate is expected to continue for 4 years. After that the growth rate will fall to 12 % for the next 4 years. Thereafter‚ the growth rate is expected to be 6 % forever. If the last dividend per share was RS. 2.00 And the investor’s required rate of return on verdhman’s equity is 15% what is the intrinsic value per share? Step 1: the
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African-Americans have gone through many hardships and trials in America. However‚ they didn’t let our rudeness or unfairness stop them from helping‚ changing‚ or entertaining the U.S. In 1926 Dr. Carver G Woodson created Negro History Week to honor African Americans who contributed to the United States in some way‚ shape‚ or form. It was a week of giving thanks to those who helped shape America. This week honored inventors‚ congressmen‚ doctors‚ lawyers‚ even entertainers. Woodson picked the second
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Luck Determines How You Think and Play Julie Camacho EN 111‚ Section 15 Professor Sarmiento February 12‚ 2015 Luck Determines How You Think and Play Golf seems like a pretty easy sport for it does not require any intense exercise of such. What most people do not know is that golf deals with concentrating and managing anxiety. A person playing golf may build anxiety from the fear of making a wrong move as the audience gazes at him or her. The golfer may react a little differently if he or she were
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LEVERAGE A DOUBLE-EDGED SWORD Financial leverage means acquiring assets using funds provided by creditors and preferred stockholders to improve Return on Equity (ROE) of a company rather than utilizing owners’ equity. If a company can borrow money at a rate lower than the return on assets or ROI then the owners’ equity position will be improved. This occurs because less of the equity is required to purchase the assets. It is a double-edged sword and may be positive or negative. • A positive financial
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cash flow models: Dividend discount Free cash flow to the firm Residual income Multiples-based valuation: Price-earnings Value-EBITDA Value-EBIT Value-Sales Price-Book value Equity valuation In conjunction with the valuation of Coles Group‚ contained in “Excel03 Equity valuation” Real options valuation Equity markets price shares above the present value of expected future cash flows‚ due to the presence of embedded options not captured by DCF analysis Real options valuation is introduced
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New case study at Harvard Business School: gender equity Boston: When the members of the Harvard Business School class of 2013 gathered in May to celebrate the end of their studies‚ there was little visible evidence of the experiment they had undergone for the last two years. As they stood amid the brick buildings named after businessmen from Morgan to Bloomberg‚ the 905 graduates were united into one genderless mass. But during that week’s festivities‚ the Class Day speaker‚ a standout female
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