Tài chính doanh nghiệp - Chapter 3: Cash flow and financial planningThe cash budget begins with a sales forecast, which is simply a prediction of the sales activity during a given period. A prerequisite to the sales forecast is a forecast for the economy, the industry, the company and other external and internal factors that might influence company sales. The sales forecast is then used as a basis for estimating...
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Tài chính doanh nghiệp - Chapter 2: Financial statements and analysisLiquidity Ratios Activity Ratios Leverage Ratios Profitability Ratios Common-Size Income Statements
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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.
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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.
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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...
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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: 581 | 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...
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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: 727 | 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)
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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: 556 | Lượt tải: 0
