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Tài chính doanh nghiệp - Chapter 1: The role and environment of managerial financeIncreasing globalization has complicated the financial management function by requiring them to be proficient in managing cash flows in different currencies and protecting against the risks inherent in international transactions. Changing economic and regulatory conditions also complicate the financial management function.
56 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 1148 | Lượt tải: 0
Tài chính doanh nghiệp - Chapter 02: Financial statements, cash flow, and taxesIn order to generate positive EVA, a firm has to more than just cover operating costs. It must also provide a return to those who have provided the firm with capital. EVA takes into account the total cost of capital, which includes the cost of equity.
30 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 1016 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 13: Monte carlo simulations using excel and @risk: retirement simulation1. Create a model that estimates a future outcome which has a stochastic variable Estimate retirement portfolio value and annuity where asset portfolio returns are uncertain Assume asset returns follow a random walk (GBM) 2. Specify the distribution of the stochastic variables (and their correlations) Asset returns are normally distributed Ass...
8 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 780 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 12: Measuring and managing interest rate risk with financial forwards, futures and swaps l. gattisSuppose the convexity of the kmart and hedge bond are 30 and 20 respectively. If rates rise 50 basis points (both bond prices fall) Kmart Value Change =-260.05+½x30x.0052x9,461.1 =-256.50 Hedge Bonds Change=260.05+½x20x.0052x-7,662.09 = 258.13 Total Portfolio Value Change = $1.63 In this case, you are not completely hedged because you are long...
41 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 840 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 11: Monte carlo simulations using excel and @risk: hoffman mines1. Create a model that estimates a future outcome which has a stochastic variable Estimate free cash flows Select stochastic variables 2. Specify the distribution of the stochastic variables (and their correlations) Distributions Correlations 3. Simulate many possible outcomes by randomly sampling from the specified distribution Sample 10,0...
12 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 919 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 10: Hedging commodity risk and car l. gattisExchange-traded futures contracts call for delivery of the underlying commodity of specific quality at a specific location on specific dates. The short-party will delivery “the cheapest-to-deliver” asset What would you deliver if you were short a Beer Futures Wine Futures Car Futures A hedger may require different date, location, or quality ...
32 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 988 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 9: Competitive exposure and real currency appreciation; managing country riskMeasuring the Competitive exposure to an exchange rate change is very difficult. You must estimate: Nominal exchange rate changes Interest rates, inflation rates, government intervention, supply and demand shocks, geo-political-economic risk Relative Inflation Price Flexibility (Yours and competitors) Cost Flexibility (Yours and competitors)
23 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 748 | Lượt tải: 0
Tài chính doanh nghiệp - Multinat corp monte carlo simulations using excel and @risk1. Create a model that estimates a future outcome (e.g., CF) which has a stochastic variable such as asset return Stochastic variables are those in which the future value is uncertain (non-deterministic) – i.e., more than one possible outcome 2. Specifying the distribution of the stochastic variables E.g., The Appreciation of the AUDUSD Distrib...
21 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 824 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 7: Measuring and managing translation and transaction exposureCaR measures the risk that actual cashflows are different than what is expected (or planned) More technically, CaR is the level of cashflow loss that has a x% probability of being exceeded over the next n periods. Example: Manager may have a 1-year €80 receivable and asks how much can the cashflows be different from the expected value with 95% c...
28 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 965 | Lượt tải: 0
Tài chính doanh nghiệp - Topic 6: Currency forwards, futures, and optionsSuppose Dell has a €500,000 December receivable. If unhedged, what is the US$ receivable value if the spot price is $1.3115 or $1.1225? $1.3115: $1.3115* €500,000=$655,750 $1.1225: $1.1225* €500,000=$561,250 If the position is hedged using a short $1.2228 forward, the hedged value of the receivable is: $1.3115: Sell using forward price: $1.2...
35 trang | Chia sẻ: huyhoang44 | Ngày: 27/03/2020 | Lượt xem: 858 | Lượt tải: 0
