ECON6024_Private Equity_2009 Semester 1_Reading2_Answers
公司理财罗斯中文版13
第13章报酬、风险与证券市场线◆本章复习与自测题13.1 期望报酬率和标准差本题旨在让你练习投资组合绩效计量指标的计算。
假设有两项资产，三种可能的经济状况：状况发生时的报酬率经济状况发生概率A B状况发生时股票A的报酬率状况发生时股票B的报酬率萧条0.20-0.150.20正常0.500.200.30景气0.300.600.40这两只股票的期望报酬率和标准差分别是多少？13.2 投资组合的风险和报酬率在上一题中，假设你一共有20 000美元。
如果你把15 000美元投资在股票A上，其余的投资在股票B上，你的投资组合的期望报酬率和标准差分别是多少？13.3 风险和报酬率假设你观察到下列情况：证券贝塔系数期望报酬率Cooley公司 1.822.00%Moyer公司 1.620.44%如果无风险报酬率是7%，这些证券有没有被正确定价？如果它们被正确定价，无风险报酬率应该是多少？13.4 CAPM假设无风险报酬率是8%，市场的期望报酬率是16%。
如果某一特定股票的贝塔系数是0.70，根据CAPM，该股票的期望报酬率是多少？如果另一只股票的期望报酬率是24%，它的贝塔系数是多少？◆本章复习与自测题解答13.1 期望报酬率等于可能的报酬率乘以它们的概率：) = [0.20×(-0.15)] + (0.50×0.20) + (0.30×0.60) = 25%E(RA) = (0.20×0.20) + (0.50×0.30) + (0.30×0.40) = 31%E(RB方差则是把偏离期望报酬率的偏差的平方与它们的概率的乘积加总起来得到的：88第五部分风险与报酬E(Ri ) = Rf+ [E(RM)-Rf]×βi24% = 8% + (16%-8%)×βiβi= 16%/8% = 2.0◆概念复习和重要的思考题1. 可分散风险与不可分散风险从广义上讲，为什么有些风险是可分散的？为什么有些风险是不可分散的？这是不是意味着投资者可以控制投资组合中的非系统风险水平，但却不能控制系统风险水平？2. 信息与市场报酬率假定政府宣告，根据一项刚刚完成的调查，即将到来的一年的经济增长率可能是2%，而刚刚过去的一年的经济增长率是5%。
MANG2004 W1_200910_02
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2. (a) ABC PLC is expected to earn 60p per share next year, 70p per share the following year and that thereafter earnings are expected to grow by 9 percent per year. The dividend payout is 50 percent and the required rate of return on ABC shares is 12%. If the current share price is £10.00, would you expect to buy, hold or sell the share? If transaction costs were 70p per share, would you still make the same decision? (30 marks) Explain 'systematic' and 'unsystematic' risk of a given stock. Describe the motives for portfolio diversification. (20 marks) Why do firms pay dividends? Discuss three main explanations with examples. (50 marks)
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Chris Young, the treasury manager of a soft drink company, is examining the foreign exchange market for possible arbitrage opportunities. The company is selling its brand soft drink in the United Kingdom, Canada, and US at following prices: Country United States ($) Canada (C$) United Kingdom (£) Soft drink price in local currency 2 3 1 Actual spot exchange rate
ECON6002_Macroeconomic Analysis_2010 Semester 1_Final review 2010
Revision Questions for Final ExaminationMacroeconomic Analysis(ECON6002)Semester1,2010This practice examination comprises three(3)questions,all of equal value.1.[20marks]Consider a closed economy in which the representative e¤ective con-sumer/worker maximisesU=Z10e t c1 t1 dt(1)where c refers to private consumption expenditure per e¤ective workerand = n (1 )g,where is the household’s discount rate,andg is the rate of technological progress.The equation of motion for kand c are,respectively:_k=f(k) c (n+g)k(2)_c c =1[r ( + g)](3)Consider an economy that is on its balanced growth path.At time0,the government unexpectedly starts to tax investment income at rate(where0< <1)so that the real interest rate facing the household isnow given by r=(1 )f0(k).Assume that the government returnsthe revenue it collects from this tax through lump-sum transfers.(a)[8marks]Plot the_k=0and_c=0curves in(c;k)space.How does the tax shift the_c=0curve?(b)[5marks]How does c respond to the introduction of the tax at time0?What happens to c and k after time0?(c)[2marks]How do the balanced growth values of c and k change?(d)[5marks]Does your answer to(c)imply that a policy of subsidising invest-ment(i.e.making <0)and raising revenue from this subsidythrough lump sum taxes,increases welfare?Why or why not?12.[20marks]OLG model Suppose,as in the standard overlapping generations (OLG)model,that L t two-period-lived households are born in period tand that L t=(1+n)L t 1.Let the utility of an household agent(agenthereafter)born in period t be given by:U t=ln C1t+1(1+ )ln C2t+1;1(1+ )2(0;1)(4)where C1t and C2t+1denote the amounts of consumption of the gen-eration t agent in the two periods of their life.The agents have oneunit of labor in the…rst period their life.The agents have to save apart of their wage income in the form of capital to be able to consumein the second period of their life.Let the competitive wage rate andthe rental rate of capital be denoted by W t and R t respectively.Eachunit of savings at time t yields r t+1units of output in time t+1,wherer t+1=1+R t+1is the gross interest rate.The production function ofthe economy is given byY t=K t L1t(5)where0< <1and K t is the amount of capital brought into periodt by the individuals born in period t 1.(a)[4marks]Solve the utility maximization problem of an household agent born in period t.What is the savings rate of the agent?(b)[4marks]Derive an equation for the evolution of the capital stock of the economy.Solve for the steady-state capital labor ratio of the econ-omy.(c)[4marks]How would an increase in population growth rate(n)a¤ect the steady state of the economy?(d)[4marks]Suppose the economy is in a steady state.The government decides to impose a social security tax( y)on every agent in the…rstperiod of their life.The government also promises to transfer thetax revenue equally among all agents in the second period of theirlife.What will be the e¤ect of this tax policy on savings?(e)[4marks]Does this policy improve utility of all individuals in the econ-omy?Why or Why not?Under what conditions can this policybe justi…ed?23.[20marks]RBC Model Consider an economy with a constant population of in…nitely lived household.The representative household is endowedwith K0units of capital at t=0and L units of labor at each point intime.The representative household maximizes expected lifetime utilitygiven by:U t=E01P t=01(1+ )t ln C t+b ln L L t ;11+ 2(0;1)(6)where C t and L L t are consumption and leisure in period t. >0denotes the importance given to leisure in the household’s welfare.Theaggregate production function at time t is given byY t=K t;(u t L t)1 ; 2(0;1)(7) where L t is the amount of labor supplied in period t and u t is a randomproductivity shock.Given100%depreciation rate on physical capital,the household budget constraint isK t+1=W t L t+(1+r t)K t C t(8) which implies K t+1=Y t C t,given clearing of competitive markets.(a)[2marks]What is the wage rate and rental rate of capital in period t,W tand(1+r t),respectively?(b)[5marks]The Euler condition relating C t and the expectation of C t+1is1 C t =1(1+ )E t (1+r t+1)C t+1 (9)Conjecture that optimal consumption takes the form C t=(1 s t)Y t. Given this guess and(9),show that the constant savings rate iss=(1+ )(10)(c)[5marks]Given the condition relating optimal leisure and consumption:C tL L t =W t b(11) show that labor supply,L t,is constant.Speci…cally,L t=L= (1 )b(1 =(1+ ))+(1 ) L(12)3(d)[2marks]Use your answers to (b)and (c)to deriveC t = 1 (1+ ) K t u 1 t L 1 (13)K t +1= (1+ )K t u 1 t L 1 (14)(e)[6marks]Suppose the economy is at the non stochastic steady state.Whatwill be the e¤ect of a one time positive shock to u t on the path ofoutput?4。
ECON6024_Private Equity_2009 Semester 1_ECON6024 Study Guide 2009
ECON6024Private EquitySemester 1, 2009 Unit of Study OutlineCoordinator:Staff:Dr Mark Melatos,Phone:9036 9257,Email:m.melatos@.auOffice:Merewether Building, Level 3, Room 335Consultation Times:Monday 1-3pm or other times by appointment.Classes:Time:Fridays 9am-12pm Venue(s):Merewether Lecture Room 61.Unit of study information1.1.Faculty Handbook descriptionAs a source of private equity, venture capital (VC) plays a crucial role in the development of new business ventures and the promotion of innovation. Over the last twenty years, the VC industry has boomed. This course investigates how VC firms operate, analysing the key strategic issues they face during the fundraising, investing and exit stages of the VC cycle. Topics covered include: the determinants and types of VC fundraising, the organisational structure of VC firms and how venture capitalists are compensated. Next, the VC firm’s investment decision is examined, as is its relationship with the investee company. The role of VC in the broader economy is also discussed. Regarding the exit stage of the VC cycle, the design of exit strategies (e.g. initial public offerings) is analysed. Finally, we introduce some of the ethical issues which venture capitalists face. This course is relevant for anyone interested in entrepreneurship and business innovation. This includes not just those who may be considering a career in venture capital, but also those who may find themselves working along side venture capitalists (e.g. consultants, accountants, investment bankers as well as those who may find themselves working for firms financed by private equity).1.2.Aims and contextThe key focus of this unit is to impart practical and theoretical understanding of the private equity industry. This unit presumes knowledge of business economics.2.Learning outcomes, teaching and learning activities & assessment2.1.Intended learning outcomesThe private equity industry has been growing at a rapid pace. Private equity has played a crucial role in backing some of the world’s largest and most successful firms including Apple Computer, Microsoft, Intel, Federal Express and Google. Meanwhile, private equity is also becoming increasingly popular as an asset class for investors. A wider range of investors (e.g. banks and insurance companies) have shown an increasing willingness to invest in private equity in recent years. Pension funds (including in Australia) have recently become the major source of private equity financing. The involvement of pension funds means that virtually all workers are, to some degree, now exposed to the private equity market.There is a wide divergence of opinion on private equity. On one hand, it provides finance for risky, young firms that may otherwise not survive long enough to commercialise their innovations. More generally, private equity allows firms the “breathing space” to develop away from the short-term pressures of public stock markets. On the other hand, private equity is, by its very nature, opaque. By not being subject to many of the regulatory requirements to which public firms are subjected, there is a risk that firms taken private may not behave like “good citizens”.2.1 Alignment tableUnit CodeIntended Learning Outcomes University of SydneyGraduate AttributesECON6024Student Learning ActivitiesAssessmentCriteriaAssessmentCriteriaAssessmentCriteriaAssessmentCriteriaThis unit aims to assist students to develop proficiencies in relation the following learning outcomes GroupProject(30%)Mid-Term Test(20%)ReadingAssignment(15%)Final Exam(35%)1.Understand the differentelements of the venturecapital cycle.2.Understand the nature of thestrategic relationshipbetween venture capitalists,entrepreneurs and investors.3.Be able to identify possibleprivate equity investmentopportunities and explainhow they may beimplemented.4.Understand the role ofgovernment and regulationin the private equityindustry.5.Understand the role ofprivate equity in innovation. Research and Inquiry:Graduates of the Facultyof Economics andBusiness will be able tocreate new knowledgeand understandingthrough the process ofresearch and inquiry.Read assigned readings inpreparation for class discussion.Attend weekly class andparticipate in all assignments.Extent ofindividual research– not sufficient tomerely consultwebsites.Depth of analysisusing tools taughtin the course.Answer setquestions asthoroughly and asaccurately aspossible.Answer setquestions.Degree ofadditionalresearch inanswers.Answer setquestions asthoroughly and asaccurately aspossible.1.Demonstrate research skillsby using primary andsecondary sources ofinformation to address issuesrelating to the private equityindustry.2.Demonstrate skills inproblem solving3.Demonstrate critical thinkingin analysing these researchmaterials and in solvingproblems. Information Literacy:Graduates of the Facultyof Economics andBusiness will be able touse informationeffectively in a range ofcontexts.Undertake own research forgroup project and nominatedreading.Contribute to group researchwork for group assignment.Provide thoughtful answers toreading questions, even for thosereadings that have been assignedto others.Critical use ofresearchmaterials.Be willing to thinkintuitively andindependently –be prepared toquestionarguments in thereadings and comeup with your owninterpretations.1.Feel sufficiently informed toconfidently participate inpublic policy discussions onthe impact of the privateequity industry.2.Be able to argue, both orallyand in writing, for or against,a private equity investmentopportunity Communication:Graduates of the Facultyof Economics andBusiness will recogniseand value communicationas a tool for negotiatingand creating newunderstanding,interacting with others,and furthering their ownlearning.Present group project to class.Lead class discussion onnominated reading assignment.Back uparguments withlogical reasoningand evidence suchas references anddata.Write in a clearand concisemanner.Lead class in aclear and relevantdiscussion.Write in a clearand concisemanner.1.Plan and achieve goals andmeet new deadlines.2.Develop group managementskills. Personal andIntellectual Autonomy:Graduates of the Facultyof Economics andBusiness will be able towork independently andsustainably, in a way thatis informed by openness,curiosity and a desire tomeet new challenges.Adequatecontribution togroup work.1.Recognise and appreciate theethical issues that arise inthe private equity industry.2.Work with students fromdiverse backgrounds. Ethical, Social andPersonalUnderstanding:Graduates of the Facultyof Economics andBusiness will holdpersonal values andbeliefs consistent withtheir role as responsiblemembers of local,national, international andprofessional communities.Marksdeductedfor not adhering toprinciples ofacademic honesty.Marks deductedfor not adhering toprinciples ofacademic honesty.Marks deductedfor not adhering toprinciples ofacademic honesty.Marks deductedfor not adhering toprinciples ofacademic honesty.3The aim of this course is to provide you with the analytical tools economists use to appreciate these different points of view and come to your own, informed conclusion on the private equity industry. One of the most original aspects of this course is that it deals with the private equity industry from the point of view of venture capitalists and other practitioners.By the end of this unit each student should be able to demonstrate the following generic skills:1.Skills in oral and written communication (through class discussions, tests and project)2.Skills in problem solving (through tutorial questions, test and project)3.Critical thinking (through class discussions, tests, tutorial questions and project)And the following specific skills:•Understand the different elements of the venture capital cycle.•Understand the nature of the strategic relationship between venture capitalists, entrepreneurs and investors.•Be able to identify possible private equity investment opportunities and explain how they may be implemented.•Understand the role of government and regulation in the private equity industry.•Understand the role of private equity in innovation.•Feel sufficiently informed to confidently participate in public policy discussions on the impact of the private equity industry.2.2.Learning and teaching activitiesThere is no set textbook for this course. The main reason for this is that this is a unique course and soan appropriate textbook has yet to be designed.At various times during the course, you will need to access additional readings. These will be availableon Special Reserve at Fisher Library. The following texts, to which you should refer at specific times, will also be available on Special Reserve at Fisher Library:Gompers, P. and J. Lerner, The Venture Capital Cycle (MIT Press, 2004).Gladstone, D. and L. Gladstone Venture Capital Investing (Prentice Hall, 2004).Gladstone, D. and L. Gladstone, Venture Capital Handbook: An Entrepreneurs Guide to Raising Venture Capital (Financial Times, Prentice Hall, 2002)Finally, for an interesting and realistic idea of what it is like to work in the venture capital industry (in Australia), read the following book (also on special reserve at Fisher Library):Ferris, B. (2000) Nothing Ventured, Nothing gained: Thrills and Spills in Venture Capital, Allen and Unwin: Australia.Lecture notes will be made available on Blackboard before each lecture. Solutions to problem sets and exams will also be made available on Blackboard. Blackboard will also be used to make general announcements to the class. I will assume that you will check the Blackboard site for this course at least once every day. You should make this a habit!2.3.AssessmentAssessment task WeightiDue date Learning outcomes Word length*ng1. Group Project 30% 29 May 2, 3 30002. Mid-term test (1 hr) 20% 24 April 1, 2, 3 n/a3. Reading Assignment 15% See below 1, 2, 3 10004. Final 2hr exam 35% Exam period 1, 2, 3 n/a2.4.Assessment detailsThe mid-term test and final exam are designed to test your knowledge of the material covered in lectures, the textbook and readings. The mid-term will cover material up to the end of week 6 (April 10). While the final exam will cover material from the whole course, there will be an emphasis on material nottested in the mid-term. The problem sets (although not marked) are designed to prepare you for the sorts of questions that you can expect to see in the tests.Reading AssignmentYou will be assigned to prepare answers to the set questions for one of the reading assignments marked “*” in the topic outline below. You will be required to lead discussion on this in class. The assignment will be due immediately before the class discussion. The (strict!) word limit is 1000 words. You may write in point form, but each point must be a complete logical statement. Copies of each assignment will be made available on Blackboard for all students to access for study. I will also make my answers available on Blackboard.Group ProjectYou work as an analyst for Kohlberg Kravis Roberts and Co. (KKR) one of the largest venture capital firms in the world. The partners of KKR have approached you to identify ONE company you think represents a suitable venture or leveraged buyout opportunity for the recently launched (and fictional!) “KKR Associates 2007 Fund”.The Company you choose to analyse must be a small public company, i.e. listed on the Australian Stock Exchange (ASX) with a market capitalization of <$50 million (the smaller the better!). This Company may operate in any industry.Your report should:1.Identify the Company chosen and describe what it does.2.Explain how KKR’s influence can add value to this firm. Among other things, this will require youto persuasively argue that the Company you have selected is currently undervalued relative to its potential. How will KKR help the company realize this potential?3.Provide a detailed description of the investment process and closely relate it to the nature of yourchosen firm and the industry in which it operates. How should KKR invest in this company? Will the investment be staged? If so, how? Do you recommend syndication of the investment? Why or why not? In each case, provide detailed arguments and evidence in support of your recommendations.4.Explain how KKR will monitor the company once the investment has been made. Again, relatethis discussion to the nature of the firm and its industry.5.Provide a detailed description of when and how you expect KKR to exit this investment. Justifyyour recommendation carefully.Note:1.You are expected to undertake a significant amount of research in completing this assignment.You will also need to thoroughly research the past history of your firm by inspecting past ASX announcements, published financial reports and media reports. These will give you valuable insight into the nature of the firm and how its management (including founders) operates. You will be expected to use this information imaginatively in dealing with the questions raised above.2.It is NOT sufficient to merely consult websites. You are encouraged to consult economic andbusiness academic journals, books, venture capital industry publications and any other source you can find. In this assignment, you will be rewarded for the depth of (relevant) research that you undertake.3.In this assignment, you will also be rewarded for the depth of your analysis using the tools thatyou will have been taught in the course.4.You must back up with evidence or logical reasoning all statements that you make. Your claimsshould, where appropriate, be supported by references to the existing work of experts. A detailed list of references is an essential component of this assignment.The report you present should be of professional quality; that is, in the form of an academic journal article or business report. Maximum length: 3000 words.Your group will consist of up to 3 members. All group members will receive the same mark for the assignment. It is up to each group to decide how the workload of the assignment is to be distributed. Submission time/date: By 5pm, Friday May 29 (week 12).What to submit: An electronic copy and a hard copy to the lecturer.Feedback: Marked project will be available, with comments, Monday June 8 (start of stuvac).Special consideration requests are handled by the Faculty, not the lecturer. For astatement of the Faculty’s special consideration policy please refer to the onlineAdministration Manual for Students at https://.au/StudentManual/2.5.Workload and minimum requirementsAcademic Board guidelines state that one credit point equates to approximately 1.5 to 2 hours of student effort per week for a typical 13 week semester. This means that if you are an average student seeking to get an average result for this Unit then you should plan to spend at least 9 hours each week on learning. If you are studying four x 6 credit point UoS you should plan to spend at least 36 hours each week on your study. These recommended hours assume that you are actively engaged in learning during this time. Refer to the learning activities in 2.2, such as creating notes in your own words, visiting lecturers or tutors in consultation hours, discussing your work with friends to learn together, revising, researching in the library or online, reading, completing practice questions, participating in online discussion forums, preparing for tutorials and lectures by pre-reading, completing assessments.2.6.FeedbackMarks and sample answers for the mid-term test will be posted on Blackboard. I will aim to return your mid-term marks within two weeks of the test.Project feedback: see above.2.7.Academic honesty and plagiarismCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to the University’s policies on academic honesty and plagiarism (.au/policy), the Faculty’s procedures for dealing with allegations (.au/sio) and use the assessment cover sheet.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one’s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.3.Student evaluation and feedbackStudent feedback is valued in this unit. A “Unit of Study Evaluation” will be conducted at the end of the semester during lectures. Feedback will be used to make changes to improve the unit of study. This includes both ratings and opportunity for qualitative comments. As a teaching team we review all the ratings and comments at the end of the semester to plan changes for the following semester. The same feedback approaches will be incorporated this semester.4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures.Faculty policies are contained in the Administration Manual for Students at.au/StudentManual (e.g. special consideration, appeals, late submission, feedback mechanisms, academic honesty and plagiarism). Assistance is available from the Faculty’s Student Information Office at .au/sioUniversity policies at .au/policy include: academic honesty.au/ab/policies/Academic_Honesty_Cwk.pdf, plagiarism.au/senate/policies/Plagiarism.pdf. Assistance is available from the University’s Student Centre .au/studentcentreThe code of conduct is an important policy which outlines the University’s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying..au/ab/policies/Student_code_conduct.pdfLinks to other student services and resources are included on Blackboard and on the Faculty’s Learning and Teaching website .au/students/learningsupport (e.g. counselling services)5.Topic and assessment scheduleThis course is divided into 3 modules, each of which focuses on one element of the Private Equity cycle:1.Private Equity fundraising (Topics 2-4)2.Private Equity investing (Topics 5-7)3.Exiting Private Equity investments (Topics 8-9)Topic 1: Introduction to Private Equity•What is Private Equity and why does it exist?•The private equity industry•Overview of the private equity cycleReadings:1.“The New Kings of Capitalism”, The Economist, November 27, 2004.2.Buffett, W. (2009) “Letter to Shareholders of Berkshire Hathaway.”Topic 2: Private Equity Fundraising•How do private equity firms raise funds?•What are the determinants of private equity fundraising?Readings:1.Gompers and Lerner (2004): Chapter 3 (pp. 34-39)2.*“Gobi Partners: Raising Fund II” (Harvard Business School Publishing)Topic 3: Private Equity Partnerships•How are private equity partnerships structured?•What are the advantages and disadvantages of different partnership structures?•What factors influence the structure of private equity partnerships?•Does the structure of a private equity partnership matter?Readings:1.Gompers and Lerner (2004): Chapters 4 (pp. 66-77) and 6 (pp. 128-136)Topic 4: Private Equity Compensation•How are private equity professionals compensated?•What are the determinants of private equity compensation?•Forms of compensation•What is the relationship between compensation and fund performance?Readings:1.Gompers and Lerner (2004): Chapter 5 (pp. 92-97)Topic 5: Private Equity Investing•How does a private equity firm make an investment decision?•What sorts of businesses do private equity firms invest in?•Why do private equity firms stage or syndicate their investments?Readings:1.Gompers and Lerner (2004): Chapters 8 (pp. 172-177) and 11 (pp. 257-260)2.*“Yahoo! 1995: First-Round Financing” (Stanford Technology Ventures Programme)3.*“Lion Capital and the Blackston Group: The Orangina Deal” (Harvard Business SchoolPublishing).Topic 6: The Private Equity Firm – Investee Company Relationship•Monitoring mechanisms: How do private equity firms oversee investments?•Private equity firm – investee company negotiations: the “term sheet”.Readings:1.*Kaplan, S. and Stromberg, P. (2003) “Financial contracting meets the real world: anempirical study of venture capital contracts”, Review of Economic Studies, 70, pp.281-315.Topic 7: Private Equity and the Broader Economy•How does the private equity industry impact on the broader economy?•Does private equity contribute to innovation?•Is there a role for government in the private equity industry?Readings:1.Gompers and Lerner (2004): Chapter 13 (pp. 313-318)2.*Black, B.S. and R.J. Gilson (1998) “Venture capital and the structure of capitalmarkets: banks versus stock markets”, Journal of Financial Economics, 47, pp. 243-277.3.*“The Consequences of Mortgage Credit Expansion: Evidence from the 2007 MortgageDefault Crisis” (2008) by Atif Mian and Amir Sufi4.*“Did Securitization Lead to Lax Screening? Evidence From Subprime Loans 2001-2006” (2008) by Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru and Vikrant Vig Topic 8: Private Equity Exit•How does a private equity firm exit its investments?•What factors influence the private equity firm’s decision to exit an investment?Readings:1.*“Yahoo! 1996: Softbank Asks for a Strategic Stake” (Stanford Technology VenturesProgramme)2.*Fleming G (2004) “Venture capital returns in Australia”, Venture Capital, 6, pp. 23-453.Ljungqvist, Alexander, "IPO Underpricing: A Survey". HANDBOOK IN CORPORATEFINANCE: EMPIRICAL CORPORATE FINANCE, B. Espen Eckbo, ed.Topic 9: Ethical Issues in Private Equity•Conflicts of interest that private equity firms often face.•Balancing the ethical responsibility to clients and investors.Readings:1.Gompers and Lerner (2004): Chapter 17 (pp. 401-405)Topic 10: Conclusion•The future of private equity.There will be three invited lectures during the semester.1.Mr Joseph Skrzynski (Managing Director CHAMP Equity)2.Dr Eric Heyde (CEO, Cirrus Communications; entrepreneur)3.Mr Ben Frewin (Investment Director, Archer Capital)。
【精品】黄小婷外文翻译
支付方法论趋向有很多种适用于雇主的支付薪酬方法包括传统的加薪基于生活成本的薪酬基于员工价值的薪酬支付公司红利支付基于技能的薪酬支付基于能力的薪酬支付eo的薪酬计划员工持股以及名目繁多的各种津贴福利
沈阳工业大学
毕业设计（论文）外文翻译资料
论文题目：B公司销售人员薪酬体系设计研究
译文题目：
TheChangingPatternofPayandBenefits
预付法律服务是一种新的计划，在这种服务中法律费用是在享受服务之前支付的。这个国家诉讼量的增加，大大激发了这种服务模式的需求。如果一家公司想保护自己的员工免受诉讼威胁，那么它就可以向员工提供这种福利,通过这种方式使员工把精力放在他们的工作上。或者，它可以提供这项福利，以保持与那些提供此类福利计划的竞争对手相抗衡的竞争力。在这一点上，虽然将其看作是一个灵活的福利选择是有可能的，但是说预付费法律服务计划将在未来如何如何的流行与普及未免言之过早了。
传统的薪酬模式建立在中央集权化的组织模式基础之上。在这样的组织中，决定由高层做出并由管理者严格的解释任务。然而，随着全球化竞争日益成为一个突出的问题，公司需要一个与自己的运作相配套的薪酬系统来分散结构。大量的公司已经逐渐意识到，他们不能简单地把额外的薪资成本强加在未来的顾客身上。今天，我们的公司必须从一成不变的保守运行模式转变为更加灵活的模式，只有这样，我们的支付系统才能和员工参与管理的趋势保持步调一致。这种调整包括很多方面，包括更短的产品生命周期，更灵活的要求，对工人持续积累能力的要求，以及要求他们更多的思考工作。
book list 林雅恒学长分享
类别书名作者备注公司金融我们系老师翻译的教科书，《公司理财》课的也是国际上很流行的一本该书作者与实务界关系密切，因此书偏实务作者是国内公司治理研究领域的代表人物，建作者很出名，出了很多固定收益证券方面的书作者与本系老师有一定联系，本书被誉为财务相对难一些，似乎是本系博士生用的教材这本书很难，如果你准备读博士，可以考虑沈老师的书，对财务领域一些重要文献的综述我还没见过原书，想必不错——导师的书，捧财务理论在实务中的应用，很好国内上市公司案例投资学CFA考试指定的参考书之一，很厚，但很不错国内比较流行的一本书知识架构也涵盖了CFA考试的很多内容，也很流财报分析CFA考试指定的参考书之一好像是哈佛的教授，其财务分析框架现在蛮流经典的书，但是也不容易懂吴老师新出版的一本书，涵盖了他在各高校MB正如书目一样，内容比较精细很不错，介绍了实务界中的分析师如何进行证证券市场这是保荐代表人指定的考试参考书之一这本书有助于你理解一些股市投资策略的差异金融学这本书在国际上很流行，作者是很有名的华人比较全面王江是麻省理工学院的教授，华人界中金融领读博士的人应该看看也是属于准备读博士的人看的。
比较全面地介注册金分析师这几本书是国内培训机构根据CFA的知识体系编CFP考用书私人财富管理领域在不断兴起，这套书有助于行为金融风险管理这本书是FRM考试指定的教材，英文版已经出到财会院老师编的书，也是考FRM较好的参考书涉及这些年来很流行的 VAR衍生品这是非常流行的一本书这本书偏投资银行很多人想进投行，那么，先了解一下投行吧固定收益很厚很全的固定收益类手册SAS入门书大家都在用这本书很好，介绍了金融财务领域研究中如何国内一本蛮不错的书，想做研究的可以参考研究类：好书，对一些热点研究领域做了综述概要了一些重要的文献著名的书作者蛮牛的北大的，也不错郎的论文集Excel较侧重Excel在财报分析中的应用好像是哥伦比亚大学的上课的教材，如何在Ex也不错比较难Word很好的一本高级排版书专业期刊吴世农老师最推崇期刊，理论结合实务权威刊物集中在财务和会计领域清华和香港理工一起出版的期刊财经期刊读财务的一定要看看读财务的一定要看看广发基金投资总监著名的投资界人士，东方港湾投资管理公司总耶鲁教授，优秀的华人金融学家非常棒的宏观经济分析师，多年新财富评选第师从诺贝尔奖得主，在《新财富》有专栏很优秀的分析师，建议去看看他的博客http:/格老的回忆录，没有中文版，但英文版很容易近几年很抢眼的数量金融格罗斯管理的太平洋基金管理公司在债券交易著名的RJR Nabisco收购案高盛CEO、财政部长著名的麦哲伦基金经理说是蛮晦涩难懂的巴菲特也很推崇的一本书，《公司理财》课的教材关系密切，因此书偏实务理研究领域的代表人物，建立了上市公司治理评价体系很多固定收益证券方面的书一定联系，本书被誉为财务分析的小圣经是本系博士生用的教材你准备读博士，可以考虑务领域一些重要文献的综述整理想必不错——导师的书，捧捧场的应用，很好考书之一，很厚，但很不错CFA考试的很多内容，也很流行，其财务分析框架现在蛮流行本书，涵盖了他在各高校MBA教学中的主要内容，也是本系《投资学》一课的主要内容容比较精细务界中的分析师如何进行证券估值的一套完善体系定的考试参考书之一解一些股市投资策略的差异流行，作者是很有名的华人，原来在麻省理工学院，后来加盟了长期资本管理公司院的教授，华人界中金融领域的大牛士的人看的。
金融毕业论文外文文献翻译
外文文献翻译学院经济管理学院专业金融学学号071132姓名黄诗卉指导教师臧日宏职称教授(2011年5 月)中国农业大学教务处制文献题目：非银行机构的银行业务文献出处:www。
emeraldinsight。
com译文内容:摘要目的-—金融危机以及随后而来对现存银行机构的不信任，为新的竞争者进入金融服务提供了机会。
银行业以外的机构通过他们受信赖的品牌，更强的资料获取技术以及更强大的客户服务理念无形中动摇了金融服务的潜规则，也因此将生意带离了传统的操作者。
此论文目的就是检验这种无形的非银行机构在英国金融服务行业的进入以及扩张，并分析他们的前景,在最后仔细考虑他们将面对的巨大挑战.设计方法:此论文以一篇于2010年发表的《乐购银行和维珍理财》报告为基准：探讨银行业没有银行.此报告提供了对英国市场的分析以及潜在的主要竞争者。
这个报告更为精简的在论文中展现，并且经过修改更好的体现了国际关联。
调查结果：论文讨论了乐购银行和维珍理财的优缺点,并总结了他们在进入这个行业所要面对的各种挑战。
创新之处：论文十分中肯的给出了公众对乐购银行和维珍理财进入英国金融服务行业的意见。
它还提供了其他国家该行业新竞争者的教训。
关键词：金融服务，银行，消费行为论文形式：观点论文简介金融危机对未来的银行业构成产生多重大的影响?毫无质疑的,此次的危机使银行的资产，流动性，会计方式都重大的改变.但是，危机还前所未有的使此领域向新的竞争者的进入打开大门？民众对主流银行深深地不信任使其他领域野心勃勃的公司获得了成为金融服务行业的主要提供商巨大契机?非银行业者进入金融服务先前已经被无数次讨论。
1994年一篇关于美国银行家的圆桌研究总结了“银行业的本质是一个现代的经济；然后银行却不是"。
评论员也预测了银行业以外的机构将用他们更强的信息获取技术和客户服务来动摇金融服务行业，谨慎的吃下将有利可图的生意并孤立银行。
在众多市场中,零售业者将作为最重要的竞争者。
公司理财课后习题及答案chapter12estimatingthecostofcapital
Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。
公司理财第九版罗斯课后案例答案 Case Solutions Corporate Finance
公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。
通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。
解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。
首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。
然后，我们需要将净现金流量与项目的投资现金流量进行对比。
假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。
预计该项目每年将产生50万美元的净现金流量。
现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。
因此，公司需要从外部筹集资金以支持项目的运营。
2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。
根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。
解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。
首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。
然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。
假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。
现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。
在这种方案下，公司的资本结构比例将发生变化。
假设公司的股本增加至80%，债务比例减少至20%。
根据资本结构比例的变化，WACC也将发生变化。
新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。
ECON6024_Private Equity_2009 Semester 1_ECON6024 Tutorial 1 reading & answers
ECON6024: Private EquityWeek 1 Reading 1a: The new kings of capitalism1)How has the way private equity firms conduct their business changed over time?a)=> until the late 1970s, confine to venture capital=> By the late 1980s private equity had grown big enough to be noted by the general public, but it made hostile headlines with a wave of debt-financed “leveraged buy-outs”=> Today, the private-equity industry has moved fro the fringe to the enctre of the capitalist action2)What benefits do private equity firms offer investors and the corporate sector?P4: the PE firms con now plausibly describe themselves as providing a safe haven in which firms can pursue long-term growth, sheltered from the short term storms of the public stock markets.P4: Private-equity firms can also reasonably claim to offer a solution (though an expensive one) to the corporate-governance problems that have blighted so many public companies. “ if you examine all the major corporate scandals of the past 25 years, none of them occurred where a private-equity firm was involved, said Henry Kravis of KKR, “vigilant in our role as owners, and we protect shareholder value”3)what are some of the disadvantages of investing in private equity as opposed toinvesting in public stock markets?P5: Without an “exit”, there can be no profit.P5: Blackstone and Carlyle have been adding other financial products to their portfolio.P5: private equity firms be able to maintain their privacy when transparency is increasingly expected in every walk of life?P7: management fee, Carried interest, Highly leveraged,P10: leading private equity firms now hope that establishing a strong brandP15: the techniques that private equity firms pioneered – paying managers with shares, concentrating on shareholder value, making good use for debt, maximizing cash flow –are standard practice in public firms. As they grow, private equity firms may also suffer from diseconomies of scale,Q4: What strategies do private equity firms use to maximize their profits and hence, returns to their limited partners?a)P5: Avoiding piggy in the middle, at one end, a few big global industry leaderswill emerge, at other, small specialist firms will thrive, in the middle, however,many firms will find it hard to compete.b)P6: Pick carefully, gross return on both buy-outs and venture capital did beat thes&p during that period: egVC has much better investment opportunities in 1990sLocationPE have beeter access to …proprietary‟ deals in which they are the only bidder sInstitutional investors have good judgementc)P7 Highly leveragedd)Small expections∙P8: there are several well-established ways for its firms to make money.1.Improve the profitability2.buy low, sell high3.break it upe leverage∙P9: New exit strategy1.IPO2.Corporate buyers3.recapitalization4.secondary buy-out∙P9 & P10: Succession PlanQ5: What are some of the problems associated with secondary buyouts?P9: One PE firm to sell to anotherSome observers view these “buy-outs of buy-outs” as evidence of the g rowing maturity and specialization of the industry. Other wonder what they will get out this game of “ pass the parcel” .What‟s the benefit to the limited partner who has invested in both the buying and selling PE firm and thus ends up still owning the firm that has been sold, minus the fees for the general partner of the selling fund.Some limited partners even worry that such deals may involve some mutual back scratching, in which on firm buys from another on the understanding that the seller will later return the favour.Q6:In Australia, Since July 2005:The name of the targetcompany/startup firm the name of the private equity firm the name of any otherinvestors whocontributed to the deal the date of the dealNine Network via half a stake inPBL Media (James Packer)CVC Asia Pacific FRIDAY, 1 JUNE 2007Pacific Brands (730m)CVC Catalyst InvestmentManagers (Prudentialoffshoot)2001Repco - acquired for $265m GS Private Equity Gresham Private Equityand Macquarie2001Pacific Handling Solutions (Loscam)DB Capital Partners (private equityinvestment arm of Deutsche Bank)2003Brambles - KKR acquiresAustralian waste management operations for $1.83bn KKR acquires Australian wastemanagement operations19/06/2006Reading 1(b)Read the 2009 Letter to Berkshire Hathaway shareholders written by Warren Buffett.1.Is Berkshire Hathaway a private equity investor?No. Funding=> Investing=>ExitingBut, Birkshire Hathaway is not encouraging quick exiting strategy.2.What criteria does Warren Buffett use in deciding whether or not to investin a company?P4: Durable competitive advantagesP5: Price is what you pay, value is what you get. I like buying quality merchandise when it is marked down.3.What is Warren Buffett’s philosophy regarding the operation of the firmsthat he invests inP7: Buyer of choice, we must keep our promises; avoid leveraging up acquired businesses; grant unusual autonomy to our managers; and hold the purchased companies through thick and thin ( though we prefer thick and thicker)Before the ink dries on their purchase contracts, these operators are contemplating “exit strategies” We have a decided advantage, therefore, When we encounter sellers who truly care about the future of their businesses.P10: To secure one manager like EW when we acquire a company is a blessing.Allco, Macquarie purchasing Qantas11.1 Billion bidding price,1.The benefit of Private EquityAnother funding source, Flexible operation (eg: credit criteria)2.The costs of Private EquityThe debt burden,the employment rate is increasing, but some analysts said: it‟s not because of the PE, it‟s because of the booming industry they acquired, those industry are going to increase the employment rate anyway. => my opinion, PE might help to stimulate3.Financial environment influence the success or failure of Private EquityYes, the credit market is the big element to the success.Funding ( where is the credit)Improve the business ( if the environment is good, it will be easier to improve the business)Exit ( who is going to buy, they need funding as well)4.Ethical issues involvedThames Water: Owner Macquarie Bank want to put more directors on the board.Those people might interested in Finance more than Operational/Management side5.Should Private Equity regulated?Absolutely, Blackstone is the first PE goes to public in 2007.PE is just another credit market. If not regulated, will be like the current financial market. Structured Finance (those products have been over engineered)Reading 1. Page 5: Blackstone and Carlyle have been adding other financial products to their portfolio already.。
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珞珈管理评论
２０２４ 年卷第 ２ 辑 ( 总第 ５３ 辑)
低ꎻ 跟随型消费者则把其他消费者的期望或行为作为自己行为参照的准则ꎬ 进而在自己的产品评
管理评论
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独树一帜还是随波逐流?
消费者类型和奢侈品环保信息
交互效应对购买意愿的影响
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新的时尚潮流 ( Ｌｉ ＆ Ｌｅｏｎａｓꎬ ２０１９) ꎮ
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丽以其可持续性发展的品牌理念为傲ꎬ 在每一个经营环节中坚持合乎道德的生产准则” ꎮ 这表明ꎬ 奢
实验二验证消费者心理需求 ( 分化、 同化) 和奢侈品环保信息 ( 可持续、 非可持续) 的匹配一致性
FINC6009_Portfolio Theory and Its Applications_2009 Semester 2_FINC6009_Sem2_ 2009_CourseOutline
FINC 6009 Portfolio Theory and Its ApplicationsSemester 2, 2009 Unit of Study OutlineLecturer in ChargeDr. Hui Zheng,Phone:02 9351 6448, Email: h.zheng@.auOffice: Economics and Business Building (H69), Level 4, Room 443Consultation Times: Monday 5pm – 6pmPreferred method of contact: EmailClasse:Week 1, 2, 7-13:Stream 1: Mon 13:00-16:00, New Law School Seminar 105.Stream 2: Mon 18:00-21:00, Peter Nicol Russell Drawing Office 1.Week 3-6:Stream 1: Mon 13:00-16:00, Economics and Business Laboratory 1.Stream 2: Mon 18:00-21:00, Economics and Business Laboratory 1.1.Unit of study information1.1.Faculty Handbook descriptionThis course is an introduction to modern portfolio theory and its applications. It provides coverage to a fairly wide array of topics in portfolio management and related investment activities, and detailed techniques about portfolio selections when market equilibrium may not be a general assumption in reality. Topics covered include mathematical optimization techniques in the presence of uncertainty, utility-independent approaches to the modelling of risk and return, equilibrium capital asset pricing models, and modern investment management in fixed-income securities. A high-light of this course has been added to the introduction of behavioural finance and hedge funds. An emphasis of this course is given to the students’ actual implementation of these portfolio selection techniques and the related performance evaluation methods using real financial market data.1.2.Aims and contextThe aim of this unit is to provide opportunities for students to advance their knowledge in investment and portfolio management. The key focus is to facilitate a comprehensive analytical approach to a diversity of topics in modern portfolio and investment research and applications. To effectively achieve this target, students are required to not only have a sound understanding of fundamental knowledge but also develop a practical ability to apply these techniques and provide solutions to real problems. In addition to the pre-requisite course of Capital Market and Corporate Finance, this course assumes students are comfortable with basic statistics, mathematics and econometrics that are commonly taught in a Bachelor degree in Science or Economics.This course provides skills in investment and portfolio management which equip students for majors in finance, banking, and financial economics.2.Learning outcomes, teaching and learning activities & assessment 2.1.Intended learning outcomesLearning outcomes Graduate Attributes Teaching & learning activities Assessments1. Understand economic, financial, and mathematical issues in portfolio theories and be able to apply these ideas to solve problems encountered in real market environments.2 Think critically about underlying theories, concepts, assumptions and arguments in portfolio theory and investments. Research and Inquiry Assigned materialslecturesHome work questionsPortfolio Management Exercise (PME)AssignmentComplete PMEassignment and providecritiques to peer group’sassignmentProblem solving in mid-semester and finalexaminations3 Formulate and present persuasive arguments confidently, coherently and concisely communicate orally and in writing, to a professional standard.4. Demonstrate an appreciation of the importance of being able to collaborate with and learn from others. Communication Participation in classPME assignmentPME PresentationWritten answers in finalexaminationComplete and presentPME assignment5. Acquire and apply real data to problems in portfolio management and investments. Information literacy Tutorial problems requiring acquisition ofdataPME assignmentMid-semester and finalexaminationsPME Assignment2.2.Learning and teaching activitiesClassesClass sessions will typically involve a 3-hour lecture. The lectures introduce and explain the material and highlight important ideas.From Week 3 – Week 6, lectures will be conducted in Computer Lab 1 in the Economics and Business Building for 90 minutes, and computer workshops will then be run for the rest 90 minutes. Computer workshop materials will be distributed in class and can be downloaded from Blackboard during these weeks.Homework questions will be set for each week from the textbook, and solutions will be posted on Blackboard. Students are expected to resolve these questions by themselves with the help of answers and lecture notes. Questions can be raised during class or consultation hours.Students should check Blackboard on a regular basis (twice per week is recommended) for updates and announcements. Lecture and workshop attendance is optional. However, failure to attend means a student forfeits the right to consultation hours (illness and misadventure excepted but valid evidence must be presented in these circumstances).Behavioural guidelines: at all times students are expected to show courtesy and consideration to others. Students may be asked to leave if their behaviour is disrupting other students.On-lineBlackboard is used for announcements. It also provides course overheads before the lecture, solutions to tutorial questions, and other useful materials. Results of tests will be posted in the Blackboard GradeCentre.TextbookThe textbook for the course is:Elton, Edwin, Martin Gruber, Stephen J. Brown, William N. Goetzmann, Modern Portfolio Theory and Investment Analysis. John Wiley, 7th edition 2006.2.3.AssessmentType Weighting Submission DateMid-semester Test 25% 7th September 2009PME Report 10% 6th October 2009 4pmGroup Presentation and Critique 10% 12th October 2009Final Examination 55% TBADetails of late penalties for these assessments are listed in Section 2.4 below.2.4.Assessment detailsPortfolio Management Exercise (PME) ReportFurther details on the PME will be provided in Week 6. This project is designed to develop your ability to apply portfolio construction skills using real world data. It provides an opportunity for you to contribute to the work of a group, and to improve your ability to exercise critical judgment and account for your decisions. Further details will be provided during the semester. All group members will share the same mark, and grades will be based on the quality of the report and not portfolio returns.Both an electronic copy and a hard copy of the final report need be submitted. Electronic copy should be submitted via Blackboard with the Group Assessment Cover Sheet for Electronic Submission signed by all group members. The cover sheet can be downloaded from the Faculty website:.au/__data/assets/word_doc/0011/2621/081106_GroupCoverSheet.doc.A duplicate hard copy must also be submitted to the “FINC 6009 Assignment Box” located on Level 1 Economics and Business Building with the Group Assessment Cover Sheet for Paper Submission signed by all group members. The cover sheet can be downloaded from the Faculty website:.au/__data/assets/word_doc/0011/2621/081106_GroupCoverSheet.doc. Should submission problems occur, students should contact the Faculty IT Help Desk (located at Level 1 Economics and Business Building; Tel: 93515409 or Email: helpdesk@.au) as soon as possible. If problem does not resolve, students should contact the course coordinator. Submission is not valid unless both copies are identical and both received by the due date. A group failing to do so may receive a zero mark for its PME report. More details about the penalties will be provided together with the PME requirements during the semester.In-class group presentation and critiqueEach group is expected to deliver an 8-minute presentation about their own PME report during the class on 12 October 2009. Presentation will be evaluated based on the content, presentation skills and effectiveness to the audience that are demonstrated during the presentation.Following the presentation, each group will be required to criticize a PME report from another group. The PME report that a group will criticize will be randomly assigned prior to the presentation date, and a paper report of the critique must be handed in on the day of presentation and the electronic version of the critique report should be submitted on the following day. Each group will also have the chance to defend their work against others’ critiques. These exercises are designed to enhance the students’ ability to develop independent and critical thinking and present their ideas in a professional manner.A group failing to show up and present may receive a zero mark.Mid-semester testThe objective of the mid-term test is to motivate you to keep up to date, to regularly revise your work, and to complete homework questions. The test also provides you with feedbacks on your performance and provides a useful (but not perfect) guide to your likely performance in the final exam. The mid-term test will be in multiple-choice format, and will be held in Week 7 (7 September) in class covering all material pertaining to Week 1 – 6. More information regarding to the midterm exam will be announced in class prior to the exam.Final examinationThe objective of the final exam is to test your understanding of the material studied during the whole semester. Questions in the final exam will typically involve but are not limited to multiple choice questions, short essay or discussion questions, and problem solving questions, based on topics and material studied in the course. A significant part of the exam will be modelled on homework questions and examples explained in class, and therefore you would be well advised to put significant effort into attending the lectures and doing the assigned work. The final examination will cover the entire course material.Consequence of Missing the ExamsIn general you will receive a zero mark for the test if you miss the mid-semester exam or the final exam. However, if you submit an application for special consideration with a valid reason and your application is approved by the Faculty Special Consideration Approval Committee for missing the test, then:i)if it is the mid-term exam that you miss, then the test marks will be allocated to the finalexam; For example if you missed the mid-term test due to a serious illness and your special consideration application is approved, then your final exam would be marked out of 80% instead of 55%; andii)if it is the final exam that you miss, then there will be a supplementary exam for you to attend. Details of the supplementary exam will be provided to you within 2-3 weeks after the final exam.Minimum Requirements for the Successful Completion of the CourseIn order to complete this course, i.e. pass, students will have to meet the minimum criteria of passing the combined assignment, mid-term exam and final exams.2.5.Workload and minimum requirementsIf you are an average student seeking to get an average result for Portfolio Theory and Its Applications, then you should plan to spend at least 9 hours each week on learning. This involves attending classes, pre-reading and re-reading, doing assigned questions and problems, forming groups and working on assignment, and other activities such as making additionalnotes or discussion of course topics with other students. Additional effort may be needed during weeks when assignment or exams are due soon.This unit is a demanding one, and students should realize that they need to fully utilize the allocated time outside of classes for preparation and revision.2.6.FeedbackYou will be provided with marks from your mid-term exam, assignment and presentation when the results are processed. This is typically within two to three weeks after the exam is conducted or the assignment is handed-in. Questions for which most students had problems will be covered in lectures and students with the lowest marks in their stream will be advised to see the lecturer in charge to discuss if they have particular issues in learning. In addition, you will also be able to hear feedbacks from your peer students on your PME report. You may consult the lecturers during their consultation hours.2.7.Academic honesty and plagiarismCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to the University’s policies on academic honesty and plagiarism (.au/policy), the Faculty’s procedures for dealing with allegations (.au/sio) and use the assessment cover sheet.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one’s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.3.Student evaluation and feedbackOn the basis of student feedback I endeavour to make lecture overheads available ahead of the lecture. Student evaluations are conducted each semester and are used to improve the course.4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures. Faculty policies are contained in the Administration Manual for Students at .au/StudentManual. It is crucial that you take the time to consult this manual early in your studies in order to familiarise yourself with policies and procedures relating to critical issues such as the Faculty’s policy on special consideration (applications due within 5 working days of an assessment), appeals (15 working days from decision) etc. Assistance is available from the Faculty’s Student Information Office at .au/sioUniversity policies at .au/policy include: academic honesty .au/ab/policies/Academic_Honesty_Cwk.pdf, plagiarism .au/senate/policies/Plagiarism.pdf. Assistance is available from the University’s Student Centre .au/studentcentreThe code of conduct is an important policy which outlines the University’s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying. .au/ab/policies/Student_code_conduct.pdfLinks to other student services and resources are included on Blackboard and on the Faculty’s Learning and Teaching website .au/students/learningsupport (e.g. counselling services)。
Form 2B City University of Hong Kong Information on a Course
Form 2BCity University of Hong KongInformation on a Courseoffered by School of Creative Mediawith effect from Semester B in 2008 / 2009This form is for completion by the Course Co-ordinator. The information provided on this form will be deemed to be the official record of the details of the course. It has multipurpose use: for theUniversity’s database, and for publishing in various University publications including the Blackboard,and documents for students and others as necessary.Part ICourse Title: Space and NarrativesCourse Code: SM3132Course Duration: 1 semesterNo. of Credit Units: 3Level: B3Medium of Instruction: EnglishPre-requisites: NilPre-cursors: NilEquivalent Courses: SM2221 Spatialized NarrativesExclusive Courses: NilPart II1. Course Aims:This course is organized and designed around two principles: inter-disciplinarity and theory as practice, and provides students with the concrete experiences according the two key directives. The collapse of rigid categorization, the challenge against the idea of a “pure discipline” is itself the realization of critical theory and ethics of open-minded intellectual activity, particularly the critique of objects of familiarity. “Space & Narratives” invites fusion on multiple levels -- not only that of different expressive media, but of critical research and creative intervention.The course combines language theories, cultural studies, urban research and art-making. It encourages free deployment of creative tools, from photography, collage work, critical essay, creative writing, web-engines, video and installation, based on the students’ own diagnostic and prescription analysis of the topics of research-based investigation of their choice.Both Space and Narrative will be examined from the materialist and performative perspective. The point of departure is that space has to be understood as experience and enactment, as always in the process of making; space is producible, reproducible, and a matter of practice. In terms of narratives, not only is story-telling subject to critical reflection, but that Narrativity is redefined as concrete moments of speech acts: meanings are always in the process of articulation, unfolding, finding new paths, and forming critical discourses via the body’s mobile engagement in space.To put space and narrative in dialog, the course outlines the following topics: (1) Space as narrativity: an introductory, philosophical overview; (2) Problematic, grand stories of space, such as the great voyages, modernity, urban development and globalization; (3) Language as space and the space of language; (4) Critical investigation of space: space and power-play, Lefebvre’s “production of space”, cartography and the study of map narratives; (5) Critical / Creative intervention: walking & drifting, mapping, ethnography and historiography; street photography; and (6) Virtual space: the notion of archive, database, database narrative, hypertext and cyber-text.2. Course Intended Learning Outcomes (CILOs)(state what the student is expected to be able to do at the end of the course according to a given standard of performance)Upon successful completion of this course, students should be able to:No. CILOs Weighing (if applicable)1. Develop a descriptive and critical language ofspace, and to account for the theoretical sources2 Discuss works of contemporary literature with newinsight via the learning of language and narrativetheories;3. apply the notion of narrativity critically to examinebroad social and cultural issues, especially to takenarrativity as the methods, activities and productsof critical urban research;3. turn the principle of “performativity” intoworkable creative and critical agenda;4. Single out specific local issues that have acomponent of space;5. Gain a deeper understanding of the city space ofHong Kong via; and6. Develop well-reasoned discursive, narrative andcreative strategies to problems of personal choice3. Teaching and Learning Activities (TLAs)(designed to facilitate students’ achievement of the CILOs)Indicative of likely activities and tasks students will undertake to learn in this course. Final details will beprovided to students in their first week of attendance in this course.ILO No TLAs Hours/weeks (if applicable) CILO 1 lecture, critical reading, class discussion, andissue- and sample-work-based small grouppresentationCILO 2 Assigned reading, class discussion, creativewriting assignment, lecture (theoreticalexposition)CILO 3 Case studies via lecture (exposition), classdiscussion (integration), and small grouppresentation (integration)CILO 4 Field work, field studies, literature research,case-studiesCILO 5 Self-designed final project (critical essaywith creative component); lecture; casestudies + small group presentationCILO 6 Self-designed final project; field studies,class discussion4. Assessment Tasks/Activities(designed to assess how well the students achieve the CILOs)Indicative of likely activities and tasks students will undertake to learn in this course. Final details will be provided to students in their first week of attendance in this course.RemarksILO No Type of assessment tasks/activities Weighting (ifapplicable)CILO 1Participation in class discussion 10%small group presentation: case studies 25%Final project: self-designed, research-based30%creative project with a thesis componentCILO 2Participation in class discussionCreative writing assignment 15%CILO 3Small group presentationFinal project: self-designed, research-basedcreative project with a thesis componentParticipation in class discussionCILO 4Field report with critical thesis; 20%Small group presentation: case studiesCILO 5Field report with critical thesis;Small group presentation: case studiesFinal project: self-designed, research-basedcreative project with a thesis componentCILO 6Small group presentation: case studiesFinal project: self-designed, research-basedcreative project with a thesis component5. Grading of Student Achievement: Refer to Grading o Courses in the Academic Regulations and to theExplanatory Notes.Standard (A+AA-....F)Part IIIKeyword Syllabus:Walking in the city (flânerie and drifting); production of space (representation of space, representational space, and spatial practice); panorama; cultural tourism; site-specific installation; performativity (what is the performative); writing as space; the Situationist International; Movement Image and morphology (Deleuze); virtual and possible space; networked space; chronotope (Bakhtin); heterotopia (Foucault); space as place; space as power and discipline; mapping and map-making; urban morphology; postmodern geographies; cartography; space-oriented novels and short-stories; database narrative; archives; virtual space; cybertext and hypertextKey Text(s):Barker, Chris, 2000: Cultural Studies: theory and practice. Sage, London, Thousand Oaks, and New Delhi.Beauregard, Robert A., 2005: “From Place to Site: Negotiating Narrative Complexity” in Carol J. Burns and Andrea Kahn (eds.), Site Matters: DesignConcepts, Histories, and Strategies. Routledge, New York. Pp. 39-58.Benjamin, Walter 1999: The Arcades Project; trans. Howard Eiland and Kevin McLaughlin. Cambridge, US; London, UK: Belknap Press of HarvardUniversity Press.Careri, Francesco, ????: Walkscapes: walking as an aesthetic practice (Land & Scape Series). MACBA, Barcelona.Caygill,Howard 1998: Walter Benjamin: the Color of Experience. London and New York: Routledge.Crang, Mike, 1998: “Geographies of Commodities and Consumption,” Cultural Geography. Routledge, London and New York.Crang, Mike; and Thrift, Nigel (eds.) 2000: Thinking Space. London and New York: Routledge.De Certeau, Michel, 1988: The Practice of Everyday Life (extracts). University of California Press.Debord, Guy 1995: “Theory of the Dérive,” Situationist International Anthology.ureau of Public Secrets, Berkeley, California.___________ 1996: “Two Accounts of the Dérive.” in Libero Andreotti and Xavier Costa (eds.) Theory of the Dérive and Other Situationist Writings on the City.Museu d'Art Contemporai de Barcelona, Barcelona.Elliot, Bridget; Purdy, Anthony. Peter Greenaway: Architecture and Allegory.Chichester, West Sussex: Academy Editions, 1997.Foucault, Michel 1986: “Of Other Spaces,” Diacritics 16, 22-27 (translated from French by Jay Miskowiec).__________ 1980: “Questions on Geography,” in C. Gordon (ed.), Power / Knowledge: Selected Interviews and Other Writings 1972-1977.Gardiner, Michael E. 2000: Critiques of Everyday Life.London and New York: Routledge.Gleber, Anke 1999: The Art of Taking a Walk: Flanerie, Literature, and Film in Weimar Culture.Princeton, NJ: Princeton University Press.Gutierrez, Laurent; and Valérie Portefaix, 2000: Mapping HK. Map Book, Hong Kong.Horn, Roni 1999/2000: Events of Relation. Paris: Musee d’Art Moderne de la Ville de Paris.Knabb, Ken (ed.), 1995: Situationist International Anthology. Bureau of Public Secrets, Berkeley, California.Koning, Hans, 1976: Columbus: his enterprise. Monthly Review Press, New York.Lefebvre, Henri 2000: The Production of Space; trans. Donald Nicholson-Smith.Oxford, UK; Cambridge; US: Blackwell.__________ 1996: Writings on Cities; trans. & ed. Eleonore Kofman and Elizabeth Lebas. Oxford, UK; Cambridge; US: Blackwell.龍應台：“台北在發生中 – 從景觀看文化＂ （《明報》2003年9月4日） Lyotard, J.F., 1984: The Postmodern Condition. University of Minnesota Press, Minneapolis.MacDonald, Scott (ed.) 1995: Screen Writings: Script and Texts by Independent Filmmakers.Berkeley: University of California Press.Massey, Doreen, 2005: For Space. Sage, London, Thousand Oaks, and New Delhi.McGann, Jerome, 2001: Radiant Textuality: literature after the world wide web.Palgrave, New York.Mitchell, William Jr. 1994: The Reconfigured Eye: Visual Truth in the Post-photographic Era.Cambridge, Mass.; London: the MIT Press.Munt, Sally R. 2002: “The Lesbian Flaneur,” in Borden, Kerr, Rendell and Pivaro (eds.) The Unknown City. MIT Press, Cambridge , US ; London , UK. Pp.246-61.Pascoe, David, 1997: Peter Greenaway: Museums and Moving Images. Reaktion Books, London.Sale, Kirkpatrick, 1991: The Conquest of Paradise: Christopher Columbus and the Columbian Legacy. Plume Book, New York.Soja, Edward W. 1898: Postmodern Geographies: the Reassertion of Space in Critical Social Theory. London, New York: Verso.Walker, Ian, 2002: City Gorged with Dreams: surrealism and documentary photography in interwar Paris. Manchester University Press, Manchester andNew York.Case Studies:The Atlas Group – volume 1Benjamin, Walter 1999: The Arcades Project; trans. Howard Eiland and Kevin McLaughlin. Cambridge, US; London, UK: Belknap Press of HarvardUniversity Press.Calle, Sophie, 1999: Double Game. Violette, London.Diener, Roger; Jacques Herzog, Marcel Meili, Pierre de Meuron and Chritian Schmid, 2006: Switzerland: an Urban Portrait (4 books: 1. Introduction; 2.Borders, Communes: a brief history of the territory; 3. Materials;and 4. UrbanPotential); by the ETH Studio Basel, Contemporary City Institute (Birkhäuser– Publishers for Architecture)[CD-Rom] Eugène Atget: Paris 1900. Bibliothèque nationale de France.Klein, Norman M. 2003: Bleeding Through Layers of Los Angeles 1920-1986 (ZKM digital arts edition)Lim, Patricia, 2002: Discovering Hong Kong’s Cultural Heritage: Hong Kong and Kowloon. OUP.Menzies, Gavin, 2003: 1421: the Year China Discovered America. William Morrow, New York.[documentary series on DVD] 1421: the Year China Discovered America? (2004 / 120 minutes) (written and produced by William Cran)澳門特别行政區政府文化局，2000 ：〈文物之旅〉 I-III. [threerecommended routes with maps and descriptions]Literary works余華：《世事如煙》（短篇小說）王安憶，1996：《長恨歌》第一章（香港天地圖書）Jorge Luis Borges, 1970 : “Death and the Compass,” “The Garden of ForkingPaths,” “Tlon, Uqbar, Orbis Tertius, ” in Donald A. Yates and James E. Irby (eds.) Labyrinths: Selected Stories and Other Writings (Penguin, Harmondsworth).A lain Robbe-Grillet, 1965a : “In the Labyrinth,” in Two Novels: Jealousy & In thelabyrinth (Grove Press, New York)._____, 1965b: “Snapshots, ” in Snapshots, and; Towards a New Novel (Calder & Boyars, London).Algernon Blackwood, 2003: The Willows (Wildside Press). Online versionavailable at /willows/willo001.htm.Italo Calvino, 1982 : If on a Winter's Night a Traveler (Picador, London).Online Resources:Image Festival: /2006/transgeo/Burroughs, John 2003: “Footpaths” at:/etext05/pepac10.txtGuy Debord on the Situationist Internationl:/articles/SI/en/display/314Guy Debord’s “Two Accounts of the Dérive” in:/situationist/presitu/twoaccounts.html Cartography project by a group called Univrsity of Openness (UO)/uo/index.php/CoInvitation( University of Openness general info.)Martin Dodge’s mapping of cyberspace: /casa/martin “Database Cartography” (with examples of Berlin, Utrecht and Manhattan): /psychogeography/dbCARTO.htmReturned by:Name: __Linda LAI___________ Department: _____S C M____________Tel: ____x7062_______________ Date: ________15 January 2009_________。
CURRENTGRADUATESTUDENTSFORMERGRADUATE…
George NagyCURRENT GRADUATE STUDENTSFORMER GRADUATE STUDENTSABDALI, Kamal NSF, Stanford U MS 1968 U. Montreal ABU TARIF, Asad GE Medical Image Syracuse MS May 1998ABU TARIF, Asad GE Medical Image Syracuse PhD Dec 2002 advisor ADAMS, Marseta (now M. Dill) FAA ME Dec 2003AHMED, Zubair X6032 274 8236 PhD May 1991 committee ALI, Michael (Prof. Stephanou) PhD July 1999 committee AL KHOFAHI, Khalid (Badri Roysam) Thompson R&D, MN PhD 2001 comittee ALLEN, David Lincoln Labs MS May 1986 ANAGNOSTOPOULOS, Tasso MS May 1996ANDRA, Srinivas Soros NYC PhD 2006 advisor ANSON, Ed Tulip MS 1975 UNL BATTACHARYYA, Anoop Epson Research PhD Dec 1994 committee Belik, David (Prof. Nelson) PhD May 1983 committee BARNEY SMITH, Elisa Boise State U.PhD Dec 1998 advisor BHASKAR, Kasi MS 1977 UNLBOHN, Jan (Prof. Wozny) VPI PhD Aug 1993 committee CARPINELLI, John Stevens Institute? PhD Aug 1987 committee CHANDRASEKHAR, Narayanaswami (Pf. Franklin)IBM Watson PhD Dec 1990 committee CHEN, Ying (B. Roysam) PhD Dec 2009 committee CHRISTENSEN, Neil PhD May 1986 committee CHUGANI, Mahesh (Prof. Savic) National Instruments PhD May 1996 committee COGDELL, David U. Miss. PhD Dec 1987 committee DEFFENBAUGH, Grant CMU PhD Dec 2003 advisorEL-NASAN, Adnan U. Yarmouk PhD Aug 2003 advisor DOUGLASS, Barry UT Dallas PhD Dec 1989 committee FALSAFI, Aram Digital MS May 1989GATTANI, Abhishek Stryker Endoscopy MS August 2005GODA, Brian (Jack McDonald) US Army PhD May 2001 committee GUO, Hwei Chi PhD May 1997 committee GREEN, Ed (Prof. Moorthy) Union College PhD May 1996 committee GUERRIERI, Ernesto (Prof. Freeman?) PhD May 1989 committee GUR-ALI, Ozden (Dec’n Science) GE CRD PhD Aug 1994 committee Hallquist, Roy (Prof. Nelson, UNL) PhD May 1973 committee HARMSEN Jeremiah (Prof. Pearlman) PhD Aug 2005 committee Jeong Yongwon (Prof. Radke) PhD Dec 2006 committee HILAIRE, Thierry (ME) Renault R&D PhD Dec 1993 committee HIRAOGLU, Muzaffer Analogic Corp Peabody ? PhD May 1992 advisor HIJAZI, Nabil (Prof. Savic) PhD May 2000 committee HOMBAL, vadi (Prof. Sanderosn) PhD Dec 2009 committee HONG, Shen (Badri Roysam) Siemens NJ PhD 2000 committee INANC, Metin (WRF) Sync NJ PhD 2008 Committee Jandhyala, Chakradhar, Ramana Blomberg NYC MS mAY 2010 advisor JEANNE, Philippe France MS Aug 1990Jha, Piyushee BEA Endicott MS May 2008 advisor JIANG, Ming (Prof. Ji) PhD Dec 2005 committee, JOGLEKAR, Indrajeet MS 2008 advisor JORGE, Joachim (Prof. Glinert) U.Lisbon PhD May 1995 committee JOSHI, Ashutosh Fair Isaac San Francisco PhD May 2005 advisor JOSHI, Raviv (Prof. Sanderson) PhD Dec 1996 committee JUNG, Dz-Mou Yahoo San Diego MS Dec 1989" PhD May 1995 advisor KANAI, Junichi RPI PhD Aug 1990 advisor KALAFALA, Kerim IBM Fishkill MS Dec 1997KANG, Hang Bong Samsung PhD Dec 1993 committee KANJILAL, Shuvayu Oracle MS May 1997 KANKAHALLI, Mohan (Prof. Franklin) Nat'l U Singapore PhD Dec 1990 committee KIM, Jaesok (Prof. E. Walker) Bell Labs PhD 1988 committee KIM, Beong-Jo (Prof. Pearlman) Korean Army PhD Dec 1997 committee KLINE, Jaclyn Moorny NYS Labor Dept MS 2009KODEIH, Mohamad SUNY, New Paltz PhD 1988 committee Kucharen, Promote (Prof. Modestino) ME May 1996KURADA, Lakshmi Vijaya MS Aug 1996KWAK, William Digital PhD Dec 1988 committee Leibovich, Ilya ME May 1996LIAO, Wenhui Thomson Reuters PhD 2006?? committee??LIMNER, Joel (ME) GMR PhD Aug 1997 committeeLU, Zhitao (Bill Pearlman) PhD Dec 2000 committeeLu, Renzhi (Radke) PhD` 2007 committeeLui, Roy MS 2010 advisorLYON, Doug Fairfield U. PhD Dec 1991 advisor MACULOTTI, Marina U. Genova Laurea July 1988MALLOCH, Chuck (Prof. Gerhardt) Pratt&whitney – Atrey PhD Dec 1989 committee MANJUNATH, D (Prof. Pearlman) PhD July 1993 committee MARTIN, Kenneth Morris (Prof. Wozny) GE PhD May 1998 committee MARTINO, Peter (C. Stewart?) Digital PhD May 1988 committee MAULIK, Amitava Connectiva, Kolkota PhD May 1992 advisorMEHTA, Shashank IIT Kanpur PhD Aug 1985 advisorMILLER, Anne AOL NYC (Roger Grice) MS Dec 2008 co-advisor MILLER, Jimmy (Prof. Stewart) GE CRD PhD Aug 1997 committee MITHAL, Sam Digital MS May 1989MUKHERJEE, Maharaj IBM Fishkill PhD 1992 advisorNAIR, Hari X2896 I MS May 1988NARENDRA, N.C. PhD May 1991 advisor NICEWARNER, Keith PhD Feb 1995 committee PADFIELD, Dirk GE PhD May 2009 committee PADMANABHAN, Raghav RPI PhD Program MS 2009PERARA, Amitha (Prof. Stewart) GE Research PhD May 2003,committee PEDRINO, Helio (Prof. Franklin) PhD May 2000 committee PHILHOWER, Robert (Prof. McDonald) IBM Watson PhD 1993 committee PRUETT, David off:914-385-6190 IBM MS Dec 1988RAJAIDEHKORDY, Barry MS 1983 UNLRAY, Clark (Prof. Franklin) West Point MC PhD May 1994 committee ROUSSEL, Nicolas PhD 2007 committeeSALLA, Trevor, Media Tech, Philly MS May 1995SATHYAMURTHY, Radhika Dupont MS 1992SARKAR, Prateek PARC, Palo Alto MS Dec 1994SARKAR, Prateek Palo Alto Research Ctr (PARC)PhD May 2000 advisor SHAPIRA, Andrew (Prof. Moorthy) OneXero Seattle MS 1998?SHAPIRA, Andrew (Prof. Moorthy) OneXero Seattle PhD Dec 2000 committeeSHEN, Weicheng U. New Hamp. PhD Dec 1987 committee SORENSEN, Jeff (Prof. Savic) IBM Watson PhD 1993 committee? SRIDHARAN, K. IIT Madras) PhD May 1996 committee SIVASUBRAMANIAM, Suthaharan Oracle ME Dec 1998SUMMERS, Jason PostDoc, NEC Japan PhD Aug 2003SWANN, Jonquil METHOMAS, Mathews Digital MS May 1988TONG, Yan (Prof. Q. Ji) GE Research PhD Dec 2007 Committee TSERKEZOU, Polly Zurich MS May 1988VISWANATHAN, Mahesh IBM Watson Yorktown NY PhD Dec 1991 advisor VEERAMACHANENI, Harsha Thompson R&D Eagan MN PhD Dec 2002 advisorVIZCAYA, Jose(Prof. Gerhardt)U. Javeriana Colombia PhD May 1998 committee VOUGIKIAS, Stavros PhD Dec 1995 committee WACLAWIK, Jim Boston MS Dec 1991WAGLE, Sharad retired PhD May 1978 advisorWANG, Xiaoyin Qualcom MS Dec 1995WANG, Peng (Prof. Ji) U. Penn PhD Dec 2005 committeeXU, Yihong EMC PhD Aug 1998 advisor Yanamadala, Bhavani Shankar Atlanta MS 2007YU, Jim Bell Labs MS Dec 1986ZHANG, Tong Brontes Tech, Woburn MA PhD May 2004 advisorZ NLM, NIH Bathesda MD ZOU, Jie NLM, NIH Bathesda MD PhD May 2004 advisorEXTERNAL READER OR EXAMNER FOR:SKUCE, D.R. McGill University MS Jun 1971DYDYK, R.B. U. Waterloo PhD Mar 1972 HUSSAIN, A.B.S. UBC PhD Jun 1972 POULSEN, R.S. McGill University PhD Apr 1973 NAGARAJA, G. IISc Bangalore PhD Apr 1975BANSAL, Veena IIT Kanpur PhD Dec 1997PAL, Umada ISI Calcutta PhD Dec 1997RICE, Stephen UNLV PhD 1996DE JESUS, Edison, U. Campinas PhD 1997PABST, Frederic U. Fribourg PhD Dec 1998WALTER, Fredrik SLU, Uppsala PhD Oct 1999WIMMER, Zsolt ENST, Paris PhD Dec 1998BOLDO, Didier Sorbonne, Paris PhD July 2002 BAGDANOV, Andrew U. Amsterdam PhD June 2002MURALI, S. U. Mysore PhD Nov 2002 OLIVETTI, Emanuele U. Trento PhD May 2008GARDES, Joel U. Lyon PhD 2009LONG, Vanessa Mcquerrie, Australia PhD 2010Zhu, Yaoyao Prof. Huang Lehigh PhD 2012Chen, Jin Prof. Lopresti Lehign PhD 2013 ?RENSSELAER UNDERGRADUATESBARGHAVA, Anuba Cervitor SURP 2010 BAUSEWEIN, Jason X 7928 (518) 863-4811 URP 1990 BERG, Andrew Ballow Camera NYS CATS 2009 CAMPOFOIERE, Kyle RFID, URP for credit 2009 CELENTANO, Kathryn Cervitor RCOS 2009 CHAN, Hing Lun 1992-93? CHENG, Greenie CAVIAR Summer project 2003 CHOW, Man Chit Francis 1992? CLIFFORD, Bryan Cybertrust REU, RCOS 2008-2009 DERBY, Laura CAVIAR URP 2004 DING, Mike Cervitor RCOS URP 2009 FLIZARDO, Daniel Ballots UTP 2011 FELKAMP, Amanda Cervitor URP 2011-12 GAGOSKI, Borjan CAVIAR SUMMER URP 2003 GREEN, Matthew SUMMER 2004 HILDEBRAND, Dan CAVIAR RCOS 2009 HUBER,John independent research 1996 HUNTER Travis TANGO URP 2009 ISLAM, Ashfaqul Calligraphy URP 2011 JIANG, Haimei CAVIAR independent research URP 2001 KELLEY, Sean TANGO RCOS 2009 KIM, Sung Hun URP 1994 KONG, Jialiang, Jason ASR MS CMU Qualcom 09 URP 2005 KORDON, Mark X 8897 304 William URP 1990 KYRIAZIS, George Athens 30 1 2026780 272-6197 Tables Senior project 1990 MCAVOY, Dave Ballot camera RCOS 2009 MCCAUGHRIN,Eric,******************X4599URP 1990 MOSHER, Doug SURP 2010 MURPHY, Luke TANGO URA 2007 MUTALATHU, Max TANGO, Cybertrust REU 2009 NGUYEN, Tram Model car? URP 1997 POLYAK, Ilya URP 1991 POPLAWSKI Seven TANGO SURP 2010 ROBERTS, Sam Ballot Images RCOS 2009 ROTHCHILD, Russ CAI Student monitor Senior project 1989TRANLONG, Luke Model car Senior Project 1991 SAJJAD, Syed Senior Project 1993 SHRIVASTAVA, Vivek X 7800 Senior Project 1991 SILVA, Gregory R-dropping URP 2011 SILVERSMITH, William TANGO REU, NSF 2009 STEVENS, Robert RFID, URP for credit Lutron 2009 SUH, Ria URP 1994-95 SWEIS, Slameh Line wrap Design Project 1994 TAMHANKAR, Mangesh TANGO URP 2011 VERNIKOWSKY, Makim TANGO URP 2011 VULIN, Lillian URP 1996 WARREN, Jeff Cervix URP 2011 WONG, Tyler Chen IBM URP 1997 WONG, Lance 273-8281 URP 1992 YU, Chang, OCR Summer Project 2005 YU, Desong GeoWeb Independent Research URP 2001 ZHANG, Qianyi “Landy” Cervitor SURP 2010 WU, Ziyan Ballots, Grad Student in PicProc 2011?INCOMPLETESLANGER, Jefferey URP 1999 JOHNSON, Kurt MS 1990? ??? LEU, She-Wan 1994SHIRALI, Nagesh 273-9249 PhD May 1990? supervisor Cadence Design 408 987-5221ZHONG, D. 1995STUEBEN Gregg (Moorthy) 2001MANTRI, Anup PhD 2010 advisor。
美国美利坚大学设施
美利坚大学American University，简称为AU，学校起源于美国第一任总统华盛顿要求在首都建立一所美国的国家大学的倡议, 属于爱国者联盟盟校之一。
1893年成立。
立思辰留学360介绍，美利坚大学现在校学生1.2万人，本科生8400人，研究生3700人，教员学生比例14：1。
美利坚大学有六大学院-文理学院 (College of Arts & Sciences),商学院 (Kogod School of Business),传播学院 (School of Communication),国际服务学院 (School of International Service),公共事务学院 (School of Public Affaris), 及法学院 (Washington College of Law).立思辰留学360介绍，美利坚大学位于美国首府华盛顿特区的西北区众所周知的使馆区，离最新建的中国大使馆距大学校园10分钟路程，占地95英亩，附近多为外交人员住所，离DC市中心不远，也是DC 最安全的地区之一。
校内有14栋教室，藏书超过七十八万的图书馆并与DC的图书馆相互连结，学校还有五万瓦的广播中心，尖端科技的语言资源中心、科学实验室，24小时开放的电脑教室，2间视讯会议礼堂，大多数的教室都具备了最先进的多媒体简报功能，表演厅、综合体育馆等。
学生可以参加多种的学生社团、兄弟会、姊妹会及各种的运动类社团。
美利坚大学Kogod商学院（Kogod School of Business）成立于1955年，并在1979年由于Robert Kogod 先生的巨额捐赠，命名为Kogod商学院。
2009年Forbes最佳研究生商学院排名中位于59名，2009年Economist Intelligence Unit MBA排名为54名，2007年The Wall Street Journal综合排名36名。
Entrepreneur Finance and Private Equity
ENTREPRENEURIAL FINANCE AND PRIVATE EQUITY(GBUS 844, Fall 2002)Professor Susan ChaplinskyENTREPRENEURIAL FINANCE AND PRIVATE EQUITY (EFPE) explores a comprehensive set of financial situations that arise in high growth and high risk enterprises. The course focuses primarily on the financial aspects of private equity investment. EFPE examines issues related to measuring returns in private equity funds, valuing enterprises at different stages of development, and structuring deals using various forms of financing. Each party’s view of the value of the enterprise forms a basis for negotiation upon which the percent of equity participation and the terms of the contract are chosen. The terms depend not only the deal itself but also on prevailing market conditions. As venture firms are rapidly growing and changing organizations, there must be flexibility in capital raising and contract terms to carry the firm through its current stage of development and into the next.Over the last decade there has been tremendous growth in the private equity industry. The pool of U.S. private equity funds has grown from $1 billion in 1990 to approximately $150 billion in 2001. The international private equity market developed later than the U.S. but now measures close to $20 billion. Despite this impressive growth, the private equity pool remains a relatively small part of the total invested dollars. For every dollar of private equity in the portfolio of U.S. institutional investors, there is approximately $40 of publicly traded equities. This relationship is even more unbalanced for overseas institutions. While there is strong consensus that private equity will grow, entrepreneurial firms will continue to face sizeable challenges in accessing the capital to invest. This course is devoted to understanding the interactions between private equity investors and the entrepreneurs they finance.Private Equity Investments: 1990 – 2001United States Rest of World($M) No. Deals Total Invested No. Deals Total Invested1990 52$1,086.91991 1032,812.61992 3065,695.03-1993 2947,228.12-1994 3699,137.56$81.81995 71119,685.46244.11996 89926,636.813342.51997 1,06737,696.719520.31998 1,46656,549.6502,027.61999 2,374168,321.91297,088.92000 3,568330,433.931025,154.32001 2,045143,211.025817,387.7TOTAL 13,254$808,495.3796$52,875.2Why study Private Equity?First, whether as a budding entrepreneur or financial manager, an important motivation to study private equity is what it teaches us about finance in general. The situations encountered in private equity often violate assumptions used in standard valuation methods (i.e., the First Year model), and thus the practice of entrepreneurial investment requires good judgment in altering existing methods to fit this new context. The class is intended to both broaden and deepen the understanding of finance. Second, the private equity market is becoming increasingly institutionalized. The “back of the envelope” calculations that used to suffice are not likely to prevail in the future and the course critically explores some of the latest valuation methods and assesses their usefulness. Third, new institutions are entering the private equity market and are drawing on their traditional strengths to tap to compete in this market. Banks extend loans to start-up firms, investment banks have started merchant banks to take positions in start up companies, and non-bank financial institutions lease equipment against the value of intellectual property. We examine the strategies of these institutions and the potential challenges they face. A final reason to study private equity is that young companies often face extraordinary challenges. In financial markets, there is a strong relationship between “challenge” and complexity. Professional managers must prepare to handle complexity and, in so doing, understand the implications of their decisions beyond the immediate and think creatively to resolve unforeseen problems that arise.Overview of the CourseThe private equity cycle involves several steps: fundraising, investment, and exit. The terms and success at exit influence future fund raising, and hence facilitate the next round of investment, and so forth.In order to understand the structure of private equity partnerships, the course begins with a short module on fund raising. The partnership structure is critical to shaping the incentives and behavior of the parties involved in the deal. Inevitably there is some overlap on the topic of fund raising across entrepreneurship courses. We spend three days on it—the minimum necessary to understand the differences in general versus limited partners, the types of compensation arrangements used in private equity funds, and how returns are measured.EFPE focuses primarily on the investment phase of the private equity cycle and examines the investment strategy, management, valuation, and structure of ventures in their formative stages prior to becoming public companies. The classes are sequenced to reflect the progression of investments from early to late stage.Early Stage Late StageBridge loansRaising a first roundRaising a second roundFurther PE investment or IPOValuing patentslendingMezzanineBuyoutsThe sequencing of the course material from early stage to late stage is intended to provide a perspective on how financing and valuation change over the life-cycle of a firm. There are many judgments in finance that rely on an intuitive sense of the capability and maturity of an organization. How much uncertainty must be resolved foran investment to move from early stage to late stage in an investor’s mind? The rate of resolution of uncertainty plays a critical role in the value of enterprises, in the returns required by investors, in the type of available financing, and the structure of the deal. Itis intended that this sequence and the class discussions will help identify the factors that are most influential in shaping the development of enterprises.Course material and requirementsCourse materials: All of the cases and readings for the course are contained in a course pack that can be purchased in the Darden bookstore.Pre-requisites: Valuation in Financial Markets is a pre-requisite for the class due to the over-riding emphasis on the value of venture companies and the prevalence of contingent and option-based financing in high-risk firms.Grade: The grade in the class will be based on class participation (35%) and a take home exam (65%). The take-home exam is due Wednesday, December 11 at 5:00 pm. Class participation: Your attendance and participation are essential ingredients to a successful class. Absence from more than two classes, without extenuating circumstances (e.g., illness, family emergency), will adversely affect your grade. Please call or emailme to explain absences.Reference Resources:The Batten Institute Risk Capital Initiative web page and my faculty home page have links to the “Private Equity Portal.” The portal provides of number of valuable resources and links to information on private equity.The link is: /chaplinskys/PEPortal/index.htmThe Camp Library has some special resources in private equity:Venture Economics (VentureXpert) is a database of private equity financings. Venture Economics gives the history of financing and prices paid by round for venture companies, fund performance statistics, and capital commitments.Securities Data Corporation (SDC) database provides information on securities issued (IPOs, high yield debt) and corporate transactions (M&A, spin-offs) in the U.S. and internationally and their terms. The pricing of public company comparables often provides an upper bound valuation for private companies. provides comprehensive information on Private Placements by Public Companies (PIPEs). Transaction Reports are available on every closed PIPE transaction since 1995. Access to the membership portion of placementtracker’s website and data requires my permission.Entrepreneurial Finance and Private EquitySchedule of Assignments and Questions for Advanced PreparationFund RaisingClass # 1 – Monday, October 21, 2002Case: Fox Venture: Enriching the Private Equity Investor Poo l (9-296-041) Reading: Legal Aspects of Financing the Emerging .Company With Venture Capital and Public Issues”, pp. 1-10 (UVA-F-1276)Network File: Fox Venture Partners Ex 5.xls.1.How does FOX Venture Partners propose to create value for its investor?Are their arguments plausible?2.How much do Frazier and Lawrence charge for their services (see Exhibit5)? What increment to performance would be required to justify their fees?3.Would you invest in the FVP fund? Why have individual investors beenreluctant to invest so far? Is the problem in the concept of the fund, or theway that Frazier and Lawrence have marketed the concept?4.Why have venture capitalists been interested in having FVP as a potentialinvestor? What explains their interest in having wealthy individuals asinvestors in their funds? Are Frazier and Lawrence’s hopes of having abroader impact on the private equity industry realistic?5.More generally, when do intermediaries add value to private equityinvesting?Class # 2 – Tuesday, October 22, 2002Measuring ReturnsCase: Acme Investment Trust (9-296-042)Reading: “Note on Private Equity Partnership Agreements” (9-294-084)Network File: none1. Why is Warburg proposing a new fee structure from the standard arrangement?2. More generally, why are the incentives offered venture capitalists (Exhibit 4) sosimilar?3. What are the financial implications of the shift? In particular, how does Warburg’scompensation change? To examine this question you may wish to compare the net present value of their management fee with the variable compensation. (You may want to use a discount rate of 15%). The following assumptions may help:•The fund has a 12-year life, with committed capital (the total amount of funds that the investors have promised to provide) of $2 billion.•The funds are received in six equal installments, at the beginning of the first six years of the fund.•The management fee is either 1.5% or 1% of capital (not including those funds that are promised but have not yet been provided by the investors), payable in advance at the beginning of the year.•The fund’s assets (not including those funds that are promised but have not yet provided by the investors) grow at a steady rate each year. Three representative rates are 5%, 20%, and 35%.•At the end of the sixth year, 20% of the value of the partnership’s assets is returned at that time to the investors. At the end of the each subsequent year, 20% of the value of the assets is distributed. At the end of the twelfth year, all the partnerships’ assets are distributed.•Warburg receives either 15% or 20% of all distributions, but not until the investors have received distributions equal to their committed capital ($2 billion).Class #3 – Wednesday, October 23, 2002International Fund RaisingCase: JAFCO American Ventures, Inc: Building a Venture Capital FirmOptional Reading: “Distribution Management”, Credit Suisse Asset Management, First Quarter 2002. This article provides updated information on portfoliobenchmarks. It is available on the class website, PVCI.pdf. Network File: JAFCO.xlsThis case describes the second attempt at entry of JAFCO, a large Japanese venture capital firm, into the U.S. market. The U.S. subsidiary, JAFCO American Ventures (JAV), is experiencing a challenging turnaround.1.What is your assessment of JAV’s performance to date? What is yourassessment of JAV’s USITI fund performance to date?2.What are JAV’s Challenges over the next five years?3.Would you advise Barry Schiffman and his colleagues to move into seedstage investing? Should they move into life sciences?4.How can JAFCO learn from JAV?5.How should JAFCO change its incentive system, it at all?Early StageClass #4- Monday, October 28, 2002Lecture: ValuationReadings:1.“Valuation Issues in Start-Ups & Early-Stage Companies: The Venture, CapitalMethod,” London Business School, December 1997.2.“Private Company Valuation,” Aswath Damodaran. This article is too long forreading in one sitting but it is a good on-going reference (in short form) for a broad range of issues that arise in valuing private companies.Optional Reading on Website:“The Private Company Discount,” Journal of Applied Corporate Finance, Vol 12, N0.4, Winter 2000, pp. 94-101. This article is a useful article describing how multiples can be adjusted in a private equity setting.Class #5 – October 29, 2002Bridge Loans to Start UpsCase: Xedia and Silicon Valley Bank (9-298-119)Network File: none1.Is the Silicon Valley Bank strategy appropriate for these types of risks?2.Should Xedia be seeking financing from SBV? Does it make sense? Whatare the risks?3.How would Xedia’s venture capital investors feel about the bridge loan?4.Is the loan to Xedia in the best interest of SBV?5.What is an appropriate interest rate to charge Xedia? Why?6.Should the loan include warrants? Stronger covenants?Class #6 – Monday, November 4, 2002First Round of Venture FinancingCase: MinderSoft, Inc. (UVA-F-1346)Network File: Mindersoft.xls1.How good an investment opportunity is Mindersoft? What are the key strengthsand weaknesses of the opportunity and business plan? What is the business model - how do they make money?2.The pre-money valuations differ by a wide margin: Mr. Biddle places the pre-money value at $3 M, Mr. Chapin at $10M: Why do the values differ so?3.From the entrepreneur's point of view, what is the company worth?4.How will Novak Biddle Venture Partners evaluate Mindersoft?5.If you were Steve Chapin, would you accept Novak Biddle’s offer or searchelsewhere?Class #7 – Tuesday, November 5, 2002Term SheetsCase: SecureNet: Series A RoundOptional Reading: “Understanding Term Sheets,” Aspatore PublishingNetwork File: SecureNet (A).xlsGuest Speaker: Professor April Triantis, UVA Law School1.What is the post-money value and per-share price of SecureNet prior to the SeriesA round? After the Series A round - if the offer is accepted as proposed?2.What are the implications to Trio if another investor offers to provide SecureNetan additional $3 million in equity after the Series A round at a price of $8 per share? At $1 per share?3.What incentives are built into the Series A round to motivate Goodson? Are theysufficient incentives in your opinion?4.Based on the term sheet for the Series A round, would you say it generally favorsthe Entrepreneur of the Angel Investor? Be sure to cite specific terms and features of the contract to support your opinion.5.Is the $1.4 million offer from Trio, LLC an adequate price for a 40% stake inSecureNet?6.If you were Mr. Goodson, would you reject the offer and seek out a moreexperienced venture capitalist, accept Trio’s offer as proposed, or attempt to negotiate certain terms of the offer? If you choose to negotiate, what adjustments would you seek to make?Class #8 – Monday, November 11, 2002Case: USInternetworking: Second Round (UVA-F-1273)Optional Reading: Expansion projects can also be viewed from a real options perspective.“The Promise of Real Options,” Aswath Damordaran, Journal ofApplied Corporate Finance, Summer 2000 is a good article stressingthe financial applications of real options. Expansion options arecovered in “option to expand,” pp. 38-43Network File: USi(second round).xls1.Assess McCleary’s three-stage strategy for building USi? What implications doesthis strategy have for the financing he will require.2.What were the pre- and post-money valuations of the firm after completion of thefirst round?3.Grotech Capital originally passed on the opportunity to fund USi? What wereFrank Adam’s concerns then? How valid are these concerns in September 1998?4.Should Frank Adams agree to participate in a second round for USi? To lead theround? If so, at what price?5.If you were Chris McCleary, at what price would you sell additional equity inUSi?Class #9 – Tuesday, November 12, 2002Problems of Down MarketsCase: Phoenix Capital and IntellivoiceNetwork File: Phoenixcapital.xlsGuest Speaker: John May, Managing Director, New Vantage Group1.What value could IntelliVoice potentially receive if it were sold for its currentpost-money valuation?2.What value could IntelliVoice potentially receive if it were sold to a strategicbuyer in the market?3.How much would the values potentially received in questions 1 and 2 helpPhoenix’s rate of return?4.If George Kostanza decides to keep Intellivoice how much, if at all, should heinvest of the $5 million needed? What factors should he take into account when deciding whether or not to invest further in IntelliVoice?5.Based on current market conditions and IntelliVoice’s future prospects, whatwould be your recommendation to Kostanza? What is your plan for dealing with the fund’s limited partners?Middle StageClass #10 – Monday, November 18, 2002Patent ValuationCase: Aberlyn Capital (9-294-083)Reading: Methods of Intellectual Property ValuationOptional Reading: A Note on Venture Leasing (9-294-069) This note is useful for those unfamiliar with the industry practices in venture leasing.Network File: none1.How does venture leasing differ from traditional venture capital investing? Inwhat ways is it similar?2.Aberlyn proposes to lend RhoMed $1 million. RhoMed will make three evenpayments of principal, at the end of years 1, 2, and 3, as well as 15% interest onthe amount outstanding before the repayment. For example, at the end of the firstyear, RhoMed will pay $333,333 of principal, plus $150,000 of interest ($1,000,000* 15%). In addition, Aberlyn receives about 70,000 warrants. Eachwarrant allows it to purchase one RhoMed share for $1.45 at any point over thenext five years.3.How did Aberlyn calculate how many warrants it should receive? Does thewarrant exercise price of $1.45 reflect RhoMed’s value.4.What is the real rate of return to Aberlyn? To calculate this, you will need tocompute the value of the options using the information above and in the case.Foot note 9 in the case provides two suggestions of value.5.Does the valuation of the patent to be transferred to Aberlyn as part of the FLIP,reproduced in Exhibit 8, appear to be reasonable?Class #11 – Tuesday, November 19, 2002Exit StrategyCase: USInternetworking: Third RoundNetwork File: USi(third round).xlsGuest Speaker: John May, Managing Director, New Vantage Group1.How much progress has USi made from the second-round to the third-rounddecision? Is USi “ready” to go public?2.In actuality, how divergent are McCleary’s and Frank Adams’ view of thesituation?3.Chris McCleary seems concerned about the dilution that might occur with anotherround of private equity. How would an IPO prevent this?4.Estimate the value of USi with a third round of private equity versus an IPO.5.Assuming Adams has the upper hand here, which alternative should he choose?Late Stage and BuyoutsClass #12 – Monday, November 25, 2002LBOCase: The Exxel Group: September 1995 (9-297-068)Optional Reading: “Practices of Active Private Equity Firms in Latin America.” (UVA-F-1336)Network File: EXXEL.xls1.How is investing in emerging market countries similar to or different frominvesting in the United States? In Europe?2.How has Navarro gone about developing a “franchise” for Exxel in Argentina?How has his relationship with Oppenheimer evolved? What are the strengths or weaknesses of this form of international private equity organization?3.Is Argencard an attractive investment? Why or why not? How reasonable is thevaluation that Exxel proposes to pay?4.Why has Exxel chosen the particular structure that it has for the proposedtransaction? What are likely to be the objections that U.S. private equity organizations that are considering investing in the deal will raise about the proposed term sheet (reproduced in Exhibit 10)?5.What opportunities and challenges will Exxel face as the Argentine private equitymarket evolves? As the U.S. private equity evolves?Class #13 – Tuesday, November 26, 2002Mezzanine FinancingCase: BCI GROWTH III – May 1993 (9-298-093)Network File: BCI.xls1.How do the Casella brothers propose to create value in a mature industry such aswaste haulage and disposal? What are the key risks associated with their roll-up strategy?2.To what extent to the financial projections provided by Casella and Bohlig helpRemey assess the risks and rewards of the transaction: What are their key limitations?3.Remey worries that this transaction will offer mezzanine returns for venturecapital-type risks. Are these concerns reasonable? Should BCI undertake the Casella investment?4.BCI Advisors has sought to differentiate itself by specializing in “mezzanine”private equity investments. What are the key strengths and weaknesses of their strategy? Is their strategy likely to be sustainable in view of the growth of the private equity industry?Class #14 – Monday, December 2, 2002Transfer of Family OwnershipCase: Fojtasek Co. and Heritage Partners – March 1995 (9-297-046)Network File: Fojtasek.xls1.What is the Fojtasek family’s problem?2.How do each of the three possibilities that the family is considering—a buyout, aleveraged re-capitalization, and a “Private IPO—address its needs? What are the key concerns about each transaction?3.How reasonable is the payment for Fojtasek being offered by Heritage? Howonerous are the control rights that it is demanding? What would you recommend the Fojtasek family do?4.How common a problem is the Fojtasek family’s dilemma? Does Heritage’s“Private IPO” represent a more general solution to such problems?Class #15 – Tuesday, December 3, 2002Could it happen again?: Lessons from the recent pastClass Wrap-upReadings: TBAExam Date: Take home exam: Due Wednesday, December 11, 5:00 pm.。
CLAW5001_Legal Environment of Business_2009 Semester 1_mid-semester test
OfferOffer – firm promise to do something or refrain from doing something in exchange for a promise with intention that it shall become binding on acceptanceOffer may be described as the indication by one person to another of his willingness to enter into a contract with him on certain terms.In understanding the concept of offer it is necessary to distinguish between making:⏹An offer and merely indicating a possible course of future conduct⏹An offer and an invitation to treat; and⏹An offer and conduct that is merely part of the negotiations.At the time of formation of a bilateral contract, the obligations of both parties are to be performed. In other words, in a bilateral contract, the obligations of both parties are executory at the time of formation. In the case of a unilateral contract, the obligations of one party (the offeree) are executed at the time of formation while the obligations of the other party ( the offeror ) are executory. P252An offer can lead to a binding agreement only if the offer identifies the terms of the proposed agreement with sufficient certainty. P2531. Offer is not a mere request for information [s8]2. Offer is not an invitation to deal/treat: advertising, auctions and tenders[s11,s14]Termination of Offer[s15]Offer may be terminated when:1. Revocation of offer by offeror◆at any time before it is accepted◆must be communicated to offeree if it is to be effective2. Rejection of offer or counter-offer, by offeree[s24]3. Failure of offeree to accept offer4. Death of offeror5.if the offeror dies, the offer may lapseAcceptance [s29]1.Acceptance is a a “final and unqualified” assent to the terms of an offer2.Acceptance can only be made by those to whom the offer is addressed3.Acceptance must be made in response to the actual offer; it can not be made inBattle of the Forms [s29]1.Each set of terms may constitute counter-offer2.When there is acceptance, the terms set out in the last offer are the terms of thebe irrelevant.Communication of Acceptance [s33]1.The general rule is that there is no agreement until the acceptance is communicatedto the offeror2.The general rule is that acceptance is deemed to occur where it is received by offerorExceptions to rules regarding acceptance [s38]1.Where the parties have dealt regularly with one another in the past, it may bereasonable to conclude on the basis of those past dealings that a contract exists eventhough the offeree has not formally accepted.2.Where the offer and offeree are in the same industry and custom within that industrysuggests that formal acceptance is not necessary, a contract may exists even thoughthe offeree has not communicated acceptance.3.acceptance may be indicated by conduct,4.in the case of unilateral contracts,Offeror may waive the requirement ofcommunication of acceptance so as to relieve the offeree of this burden eg Carlill’scase5.The postal rule.Unilateral Contract [s39-s40]1.Egs offer of prizes, rewards, real estate commission agreement2.The determination of whether a contract is a unilateral contract or bilateral contractwill depend on the intention of the parties, rather than the form of words used 3. Nature of transaction and the expressions used by the parties are relevant in characterising the conduct of the parties 4. -Acceptance is not complete until act is complete -Offer of unilateral agreement is not accepted until offeree has performed act requested [戒烟丸]A greement without identification of offer and acceptance [s51]C ertainty and Acceptance [s52] 1. An agreement which is uncertain in a material respect is not binding 2. Uncertainty - types 2.1 Vague or ambiguous 2.2 Incomplete 2.3 Agreement to enter into contract in the future • Three types of “subject to contract ” agreement– Final agreement reached so that parties are immediately bound by thecontract but more precision as to language of terms– Final agreement but intend to defer performance until terms incorporated infinal document– No intention to conclude a bargain until sign formal contract (as inMasters v Cameron )Intention to Create Legal Relations [s56-S60]Even if there is an offer, acceptance and there is consideration, this does not necessarily mean that the parties intended to enter into a legal relationship• 2 classes of cases have to be considered:1.Domestic agreements 家庭协议[s58]– Between husband and wife – Between parent and child– Others – social relationships2,Commercial agreements 贸易协定[s59]– Where documents are entitled ‘subject to contract ’. – Where payments are made on an ‘ex gratia’ basisConsiderationgeneral rule [s2-s3]☺enforceable agreements may be divided into two type1. formal contracts which do no require consideration-a deed (contract under seal)2. simple contract which do require consideration⏹ totally oral;⏹totally written; or⏹ partly oral and partly written☺consideration dose not have to be in the form of a payment or promise to pay money ☺consideration may be :1. a promise to do something.2. a promise not to do something.3. doing something4. refraining from doing something ☺consideration may be :1. a benefit flowing to the promisor;2.a benefit flowing to a third person at the promisor ’s direction;3.a detriment to the promiseConsideration is different from motive [s6]1. 2. Consideration may not be past consideration [s10]3. Consideration must be something of value in the eyes of the lawConsideration –public policy[s19]Where a plaintiff is already contractually bound to the defendant to do something, if he/she is offered more to do the very same thing, there is no consideration for the newExceptions to rule in Pinnel’s case[s25]1.Paying a smaller sum before the full amount is due - if accepte d at the creditor’srequest2.Paying a smaller sum together with something else - additional consideration is goodconsideration if accepted。
市场营销管理(陈思聪版本)
什么是策划？
• 设定目标 • 拟定策略 • 细分任务 • 协调行动
什么是组织？
• 拟定行动 • 规划范围 • 确定形式 • 确定方法、 人员
3．市场营销的定义
市场营销创造顾客价值和满意
是个人和集体通过创造，提供出售，并 同别人交换产品和价值，以获得其所需 要及欲求的产品或服务的一种社会和管 理过程。
投资 加强力量
有选择发展
市
场 吸 引
有选择发展
保持收入 有选择发展
限制发展
力
低 固守和调整
设法保持
收入
放弃
强
战略
弱
2．每项业务的前景与企业定 位的适合性
a) 企业的使命 b) 组织与组织文化 c) 企业的资源与管理理念 d) 内外环境
3.战略
a) 目标制定 b) 营销过程 c) SWOT 分析 d) 行动计划 e) 监控机制
相对市场份额
a) 波士顿（BCG）模型
–纵坐标上的市场成长率代表这项业务所在市场的年 销售增长率。
–横坐标上的相对市场份额表示该战略业务单位的市 场份额与该市场最大竞争者的市场份额之比。
–成长-份额矩分成四格，每格代表一类业务。
1.问题类(Question marks) 2.明星类 (Stars) 3.金牛类(Cash cows) 4.瘦狗类 (Dogs)
D.行业与竞争者分析
• 识别公司竞争者 • 辨别竞争者的战略 • 评估竞争者的优势与弱点 • 评估竞争者的反应模式 • 设计竞争情报系统 • 选择竞争者以便进攻或回避 • 在顾客导向和竞争者导向中平衡
E.细分市场
• 地理细分 • 人文统计细分 • 心理细分 • 行为细分
1)地理细分
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Is Gobi a good investment for an LP? • See China market descriptions earlier. • Note parallel themes: invest in Gobi vs invest in China. To what extentare these complementary? • Developing countries high-risk, high-reward. • Monitoring difficulties language, cultural, distance barriers. • IT bubble burst in 2000 bad timing for Gobi? • Potential geo-political issues for US investors: China/US diplomatic issues in the future? • Why would US investors invest in China as opposed to US firms? • IT bubble burst in US, China never had a bubble. China a less maturemarket, less competition, huge growth potential. • Chinese managers not used to operating in a free market environment. Risky, but huge potential for Gobi to substantially improve performance. Investment Strategy • Focus only on China – avoid distractions (i.e. manage opportunity). • Invest along entire digital media value chain: content creation, delivery, access and applications. Why? Is this focus too broad? • “Early stage investment with board seats”. (p. 131) • 3-step procedure before make an investment … • Encourage interaction among portfolio company CEOs. • Look for unique and defensible technology. What characteristics does Gobi look for more generally in a portfolio firm? (p. 136) • Established incubator for early-stage companies Get them operational more quickly. Spillovers between entrepreneurs. Monitoring easier/cheaper. Raising Fund II - Issues • Performance of 1st fund? Yet to return any money to LPs • Assume that each of the 4 GPs can focus on 2 companies/year; each company needs $2 million $16 million deployed/year * 7 years (say, life of fund) $100 million needed to be raised. Is this reasonable? • Existing LPs mostly strategic. Now need institutions – bigger cheques - $15 million each (6 institutions?). Realistic?
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Private ownership encouraged. Stock and SME exchanges established. WTO entry means that domestic firms now face foreign competition. Bankruptcy law introduced. Etc. Why do all these things help? • BUT, more liberalising required: Underdeveloped legal institutions – contracts difficult to enforce No right to privacy implications for contracts Underdeveloped banking system Govt control … of what? Govt regulations create uncertainty. How? Onerous listing requirements – 3 profitable years!! VC in China • # VCs, amount of funds raised, # of deals all increasing. Good or bad news for Gobi? Competition but also opportunity. • Why this growth? Rise of huge middle class – domestic focus sufficient for efficient production. Also, can create own standards – foreign producers forced to follow since domestic market so large. • But foreign VCs face regulation challenges. Can’t invest directly into Chinese firms. Why not? Investments in restricted sectors (e.g. internet). Cross-border transactions more complex. How? • Foreign VC entry: Understand mechanics of VC entry (p. 125-126) What are the different methods of entry of foreign VCs into China? • Other challenges: (know examples of each from case) Political concerns Opportunistic legal action Rising valuations Finding and retaining management. • Any other risks associated with investment in China? Political, legal (especially property rights), exchange rate risks Under-developed equity markets – important for exit. Say growth slows … social unrest. Infrastructure inefficiencies (e.g. band width). Shortage of skilled labour. Cultural issues: local consumers/managers not used to capitalists ideas. Easy to train them? Gobi Partners • Qualifications/experience of Gobi GPs. (p. 129-130) Why are they involved? What is their role? • GPs have experience working together. • Experience managing Chinese investments through BTDF while working at USbased VC firm.
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Note that the answers below are not meant to be exhaustive. They are merely a guide. You should augment them with your own ideas. • Gobi Partners Fund I closed Nov 2005. Raised $51 million (only just beat target $50-$75 million). Why? More than 2 years to raise money. Why? External challenges. • Partners set up Gobi as an early-stage fund. Why? Focus: IT and digital media in China. Why not focussed on whole Asia? Founded 2002, by Nov 2006, still no exits! Why not? Fund has invested in 8 portfolio firms, 2 of which have received follow-on funding at higher valuations. Issues: Partners want to raise a new fund. Can they? How much can they raise? At what price and on what terms? China as an Investment Destination (focus: what are the characteristics of the Chinese market that might attract a VC?) • Huge market. But NOT homogeneous. • WTO entry in 2000 encouraged very fast growth. Compare the metrics provided for China and US. E.g. mobile phone penetration rates etc. If we assume that China will end up with similar metrics similar to the US at some stage, then this implies massive potential growth in the market (e.g. p.120). BUT, lots of pitfalls along the way. No guarantee that we will get there. • Olympics and associated investment in communications infrastructure (e.g. p. 131) • 29 million SMEs in China. State owned banks don’t lend to them. SMEs employ 75% of workforce, but only produce 51% of China’s GDP huge efficiency improvements likely, e.g. through mergers to take advantage of economies of scale. • Most VC-backed Chinese companies exit by IPO into foreign exchanges. However, since 2004 increasingly listing in HK and Shanghai. Why? (p.122) China’s Economy is Liberalising all the time (e.g. p.122-3) • Improving environment for VCs. FDI permitted from 1980