Project finance Aditya Agarwal Sandeep Kaul Fuqua School of Business Contents The MM Proposition What is a Project? What is Project Finance? Project Structure Financing choices Real World Cases Project Finance: Valuation Issues The MM Proposition The MM Proposition “The Capital Structure is irrelevant as long as the firm’s investment decisions are taken as given” Then why do corporations: Set up independent companies to undertake mega projects and
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public finance is the study of the financial activities of governments and public authorities. divided into three categories: a - Knowing what activities the public sector engages in and how these are organized (that is‚ revenue gathering and expenditures) b - Understanding and foreseeing the full consequences of these governmental activities c - Evaluating alternative policies. The positive side describes the activities of the public sector‚ explains the reasons of the programs in existence and
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makes a lot of people skeptical of the Efficient Market Hypothesis which says that a stock price takes into account all the public information‚ company information‚ economy information and past prices of the stock. Some might say that that is not the case that stock prices are actually guided by emotions of the investors. Bill Miller takes into account human emotions when doing his investments. He recognizes that when a stock price goes down by a lot‚ and it’s a high value stock it is probably an
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Harvard Outline Title: The Battle of Antietam and Resorting to the Emancipation Proclamation I. The significant major events or actions taken place by the Union at the start of the Civil War were the Blockades‚ The Battle of Antietam‚ and the Emancipation Proclamation. A. Concentrating on the south’s principle ports. 1. The North held blockades on the South’s ports and coastal routes. a. It would Holt any economic growth that the South received through trade and commerce such as
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Bill Gates Speech at Harvard President Bok‚ former President Rudenstine‚ incoming President Faust‚ members of the Harvard Corporation and the Board of Overseers‚ members of the faculty‚ parents‚ and especially‚ the graduates: I’ve been waiting more than 30 years to say this: "Dad‚ I always told you I’d come back and get my degree." I want to thank Harvard for this honour. I’ll be changing my job next year ... and it will be nice to finally have a college degree on my resume. I applaud the graduates
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SOURCES OF FINANCE There are various sources available to meet short term needs of finance. The different sources are discussed below: 7.1 Trade Credit: It represents credit granted by suppliers of goods‚ etc.‚ as an incident of sale. The usual duration of such credit is 15 to 90 days. It generates automatically in the course of business and is common to almost all business operations. It can be in the form of an ’open account’ or ’bills payable’. Trade credit is preferred as a source of finance because
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Executive Summary – Warren Buffet Case Study Executive Summary: On May 24‚ 2005‚ it was announced that Berkshire Hathaway would acquire PacifiCorp. from parent‚ Scottish Power‚ for $5.1 billion in cash and $4.3 in liabilities and preferred stock (Bruner‚ Eades‚ Schill). After the announcement of the acquisition‚ the market responded very positively the same day. Berkshire’s stock price had increased by 2.4%‚ PacifiCorp.’s parent‚ Scottish Power’s by 6.28% and S&P 500 closed up 0.02%. Berkshire
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Raising Finance Source of finance Description of source of finance Advantages Disadvantrages Personal sources Peronal sources tend to be the first form of finance used by very small firms. And important personal source of finance is the savings that the entrepreneur accumulated before starting up the business. #Savings are a cheap form of finance as they do not involve paying any interest. #Using savings enables the owner to keep control of the business. This is especially valuable to those
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Starbucks Harvard Business School Starbucks: Delivering Customer Service MKT 690: Marketing Management Mike DiPietro Spring 2015 Nevin Johnson Abstract The following diction is an analysis of the Harvard Business School study on Starbucks coffee‚ titled “Starbucks: Delivering Customer Service.” There are many factors accounted for Starbucks extraordinary success in the 1990s. Though Starbucks offered great coffee and a great experience their customer satisfaction scores declined. There are many
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Rogue Trader‚ Nicholas Leeson Case 1) What was Nick Leeson’s strategy to earn trading profits on derivatives? Leeson was trading derivatives contracts on the two exchanges that were‚ in some cases‚ of different types and‚ in some cases‚ in mismatched amounts. He was hoping making profits by selling put and call options on the same underlying financial instrument‚ the Nikkei 225 Index. 2) What went wrong that caused his strategy to fail? He thought as the Nikkei was already low that
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