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Investment banking a guide to underwriting and advisory services

Investment banking a guide to underwriting and advisory services

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Investment Banking Giuliano Iannotta Investment Banking A Guide to Underwriting and Advisory Services Professor Giuliano Iannotta Department of Finance Università Bocconi via Roentgen 1 20136 Milano Italy giuliano.iannotta@unibocconi.it ISBN: 978-3-540-93764-7 e-ISBN: 978-3-540-93765-4 DOI 10.1007/978-3-540-93765-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009943831 # Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg, Germany Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) To my family Preface From a historic ...
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Applied Managerial Finance (4)

Spreadsheet Must be grammatically correct and plagiarism free. Include in text citations as well as reference page as ...

Applied Managerial Finance (4)

Spreadsheet Must be grammatically correct and plagiarism free. Include in text citations as well as reference page as appropriate. Respond to the following scenario with your thoughts, ideas, and comments. Be substantive and clear, and use research to reinforce your ideas.Over lunch, you and Mary meet to discuss next steps with the expansion project.“Do we have everything we need on sales and costs?” you ask. ”It must be time to compute the net present value (NPV) and internal rate of return (IRR) of the Apix expansion project.”“We have the data from James and Luke regarding projected sales and costs, respectively, for the food packaging project,” says Mary. “It is feasible to project that we will receive a tax break from this implementation. I have information from our audit firm that indicates that future depreciation methods for taxes will be straight-line; however, the corporate rates will be reduced to 35% as we assumed in our weighted average cost of capital (WACC) calculation.”“That sounds good,” you say.“Right," says Mary. "You can use a WACC of 10% for the computation of the NPV and comparison for IRR."“I’ve got the information I need from Luke and James,” you say. "Does this look right to you? Here’s what they gave me,” you say, as you hand a sheet of paper to Mary.“Let’s look at this now while we’re together,” she says.The information you hand to Mary shows the following:Initial investment outlay of $30 million, consisting of $25 million for equipment and $5 million for net working capital (NWC) (plastic substrate and ink inventory); NWC recoverable in terminal yearProject and equipment life: 5 yearsSales: $25 million per year for five yearsAssume gross margin of 60% (exclusive of depreciation)Depreciation: Straight-line for tax purposesSelling, general, and administrative expenses: 10% of salesTax rate: 35%You continue your conversation.“It looks good,” says Mary. “Use this information from Luke and James to compute the cash flows for the project.”“No problem,” you say.“Then, compute NPV and IRR of the project using the Attached Excel spreadsheet I sent earlier today,” says Mary. “Use the IRR financial function for the computation of IRR.”“Okay,” you say. "I’ll submit my Excel file showing the computation of cash flows, NPV, and IRR by the end of week so you can look at it over the weekend.”“Thanks,” says Mary.---------------------------------------------------------------------------------------------------------------Additional Info:NWC Recapture is in the fifth year.NWC is given in task list.The discount rate is given. It is WRONG. Replace it with a 10% discount rate.A hint: the numbers will look the same for all five years, except for the total cash flow. Year 5 will be different due to NWC recovery.Sales are given (This is also called Revenue)Gross margin is givenCalculate: COGS (You must find the equation that gives you COGS from gross margin and sales (revenue))Subtract from SalesCalculateSGA expenseSubtract these from SalesThis gives Gross Profit.Calculate yearly depreciation, straight line for tax purposes, look this up.Subtract this from Gross Profit.This gives EBT, Earnigs Before TaxesCalculate Taxes on basis of EBT, tax rate is given.Subtract this from EBTThis gives Net IncomeAdd Depreciation back in to Net IncomeAdd NWC recovery to Net Income in the 5th year.This gives a Cashflow for each year.Put this into your spreadsheet. The NPV and IRR should calculate automatically. If it does not you have made a mistake.

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For this paper, you are going to expand on one of the discussion forums that you have already written. You will choose one ...

BUSI 701 Liberty University Business Paper

For this paper, you are going to expand on one of the discussion forums that you have already written. You will choose one of the topics from discussion forums 1-4 and elaborate on the current trend in this area.Your paper should include an introduction of the topic that includes a historical definition based on literature, a discussion of the current research in the field (last 5 years only), and a section that addresses future questions that will need to be addressed and/or explored in research.This paper should draw on a minimum of ten substantial journal article resources and will be 10 to 12 pages in length (not including the title page, abstract, or reference pages) observing all APA style conventions.You may use any articles or writings that you wrote about in your previous discussion forums in this course.

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Assignment Content This assignment is designed to highlight the role you play in quality, safe patient care on a daily basis. Identify a patient care case from your own practice experience that involves quality and safety. Note: If you are not practicing or have nor practice, use a case that has received media attention or one from the textbook. Summarize the situation. Describe your (or the nurse's) role in the patient care situation. Explain the role the patient played in their own quality- or safety-related situation. Evaluate the relationship between the patient's care and the outcome. Identify how the care environment affected the situation, including the nurse or provider, the patient, and the outcome. Determine whether a quality model was employed. If yes, identify and explain it. If not, identify one that could have improved the situation. Explain what actions you might take to improve the outcome or prevent an adverse outcome in the future. Resources: Center for Writing Excellence Reference and Citation Generator Grammar and Writing Guides Learning Team Toolkit Copyright 2018 by University of Phoenix. All rights reserved.

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Applied Managerial Finance (4)

Spreadsheet Must be grammatically correct and plagiarism free. Include in text citations as well as reference page as ...

Applied Managerial Finance (4)

Spreadsheet Must be grammatically correct and plagiarism free. Include in text citations as well as reference page as appropriate. Respond to the following scenario with your thoughts, ideas, and comments. Be substantive and clear, and use research to reinforce your ideas.Over lunch, you and Mary meet to discuss next steps with the expansion project.“Do we have everything we need on sales and costs?” you ask. ”It must be time to compute the net present value (NPV) and internal rate of return (IRR) of the Apix expansion project.”“We have the data from James and Luke regarding projected sales and costs, respectively, for the food packaging project,” says Mary. “It is feasible to project that we will receive a tax break from this implementation. I have information from our audit firm that indicates that future depreciation methods for taxes will be straight-line; however, the corporate rates will be reduced to 35% as we assumed in our weighted average cost of capital (WACC) calculation.”“That sounds good,” you say.“Right," says Mary. "You can use a WACC of 10% for the computation of the NPV and comparison for IRR."“I’ve got the information I need from Luke and James,” you say. "Does this look right to you? Here’s what they gave me,” you say, as you hand a sheet of paper to Mary.“Let’s look at this now while we’re together,” she says.The information you hand to Mary shows the following:Initial investment outlay of $30 million, consisting of $25 million for equipment and $5 million for net working capital (NWC) (plastic substrate and ink inventory); NWC recoverable in terminal yearProject and equipment life: 5 yearsSales: $25 million per year for five yearsAssume gross margin of 60% (exclusive of depreciation)Depreciation: Straight-line for tax purposesSelling, general, and administrative expenses: 10% of salesTax rate: 35%You continue your conversation.“It looks good,” says Mary. “Use this information from Luke and James to compute the cash flows for the project.”“No problem,” you say.“Then, compute NPV and IRR of the project using the Attached Excel spreadsheet I sent earlier today,” says Mary. “Use the IRR financial function for the computation of IRR.”“Okay,” you say. "I’ll submit my Excel file showing the computation of cash flows, NPV, and IRR by the end of week so you can look at it over the weekend.”“Thanks,” says Mary.---------------------------------------------------------------------------------------------------------------Additional Info:NWC Recapture is in the fifth year.NWC is given in task list.The discount rate is given. It is WRONG. Replace it with a 10% discount rate.A hint: the numbers will look the same for all five years, except for the total cash flow. Year 5 will be different due to NWC recovery.Sales are given (This is also called Revenue)Gross margin is givenCalculate: COGS (You must find the equation that gives you COGS from gross margin and sales (revenue))Subtract from SalesCalculateSGA expenseSubtract these from SalesThis gives Gross Profit.Calculate yearly depreciation, straight line for tax purposes, look this up.Subtract this from Gross Profit.This gives EBT, Earnigs Before TaxesCalculate Taxes on basis of EBT, tax rate is given.Subtract this from EBTThis gives Net IncomeAdd Depreciation back in to Net IncomeAdd NWC recovery to Net Income in the 5th year.This gives a Cashflow for each year.Put this into your spreadsheet. The NPV and IRR should calculate automatically. If it does not you have made a mistake.

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For this paper, you are going to expand on one of the discussion forums that you have already written. You will choose one ...

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finish the document I upload.Create an Executive Summary for your selected business. you may use this executive-summary-te ...

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