V O L U M E 1 7 | N U M B E R 1 | W I N T E R 2005 Journal of APPLIED CORPORATE FINANCE A MO RG A N S TA N L E Y P U B L I C AT I O N In This Issue: Capital Structure‚ Payout Policy‚ and the IPO Process The Capital Structure Puzzle: The Evidence Revisited 8 Michael Barclay and Clifford Smith‚ University of Rochester Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs 18 Vikas Mehrotra‚ University of Alberta‚ and Wayne Mikkelson How To Choose
Premium Finance Corporate finance Debt
1.0 Executive Summary This strategic marketing report prepared for the General Motors (GM) detailed a thorough analysis the motor vehicle market in China. GM was a US automaker company‚ and entered the market of China by joint ventures. SAIC is GM’s major joint venture partner‚ and it had become the largest plant in China. GM was earning high profits from China by 2004. However‚ GM faced the challenges from both foreign and local competitors‚ overcapacity and intervention from Chinese Government
Premium Marketing Automobile Economic growth
September 2008 Hedge Fund Strategies Guide By Michael Bartolo (MBA 10) Hedge Fund Strategies Guide By Michael Bartolo (MBA 10) Equity Hedge or Non-Hedge Equity fund strategies can be split into two general categories‚ Hedge and Non-Hedge. The overlying concept involves the allocation of funds under management to equities that will outperform the market. The unique characteristic that differentiates both hedge and non-hedge funds from traditional long-only equity funds (i.e. mutual funds)
Premium Hedge fund Investment Financial markets
If you’ve ever listened to Warren Buffett talk about investing‚ you’ve heard him mention the idea of a company’s moat. The moat is a simple way of describing a company’s competitive advantages. Company’s with a strong competitive advantage have large moats‚ and therefore higher profit margins. And investors should always be concerned with profit margins. This article looks at a methodology called the Porter’s Five Forces Analysis. In his book Competitive Strategy‚ Harvard professor Michael Porter
Premium Barriers to entry Strategic management Cost
INTRODUCTION: A portfolio manager at North Point Large cap Fund‚ Kimi Ford‚ considers buying shares of Nike‚ Inc. for her mutual fund management firm. In the mid of 2001‚ Nike arranges for an analyst meeting to disclose its Fiscal year results and also to discuss on renewing its strategies to boost its sales growth‚ profits and market share which were all declining. To cope from the situation it decides to develop athletic shoes in the mid-price segment‚ enhance revenues from its apparel line
Premium
negative atmosphere will have an effect on many aspects of a child’s personality‚ and it will affect their self- esteem‚ their social and emotional development and their education. A child who is bullied through discrimination or prejudice will feel undervalued as a person and start to lose confidence in their self. The child or young person may start to withdraw socially becoming less able to join in
Premium Education Psychology School
and is enthusiastic about learning the student is more likely to be enthusiastic and therefore become a more effective learner if the students family do not promote the benefits of learning this can make the child less enthusiastic giving them an undervalued opinion of learning and education and affecting their capabilities.
Free Education Teacher
Some parents believe their children are their property and believe they can do whatever they want with their children‚ even if it means selling them to a sex trafficker. In the book Sold‚ Patricia McCormik gives an example of how the step-father of the protagonist‚ Lakshmi‚ views her‚ "But a girl is like a goat. Good as long as she gives you milk and butter. But not worth crying over when it’s time to make a stew"(McCormik 8). In this third world country‚ women and girls are to be used and are for
Premium Family Marriage Gender
permanent negative impact that may last into adult hood. The main effects of children or young people being discriminated against are: 1. Children/young people may not be able to reach their full potential or goals in life. They may feel undervalued and unrecognised by others including their peers and older people 2. They may find it hard to form relationships as a result of low self esteem and self worth 3. They may act or behave as others would expect them to behave especially if
Premium Self-esteem Ageism Prejudice
There are several fundamental reasons why students all over the world choose to pursue higher education: to broaden their knowledge base‚ to achieve financial independence‚ and to be a part of an environment that fosters personal growth. I truly believe that the best way to accomplish these three goals is to fully immerse oneself in a stimulating environment‚ where there is an abundance of opportunities to grow both during and after college. I am currently a second-year student at Northern Virginia
Premium Higher education University College