Category Archives: 会计代写

市场营销|Marketing 3E2代写2023

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Assignment-daixieTM为您提供剑桥大学University of Cambridge Marketing 3E2市场营销代写代考和辅导服务！

Instructions:

Marketing refers to the process of identifying, anticipating, and satisfying the needs and wants of consumers through the creation, promotion, distribution, and pricing of goods and services. The ultimate goal of marketing is to create value for customers and build strong relationships with them, in order to generate profitable customer actions, such as sales, repeat purchases, and brand loyalty.

Marketing involves a variety of activities, including market research, product development, branding, advertising, sales promotion, public relations, and customer service. It is a vital function of any business or organization, as it helps to connect producers with consumers, and enables businesses to effectively communicate their offerings and value propositions to their target audiences. Successful marketing strategies require a deep understanding of consumer behavior, market trends, and competitive dynamics, as well as creativity and innovation in developing and executing marketing campaigns.

市场营销|Marketing 3E2代写2023

问题 1.

The Copper Kettle is a historic café and restaurant located on King’s Parade in Cambridge. Established more than 100 years ago, it serves drinks, breakfast, lunch and dinner every day and can also host special events. Currently they have no loyalty programme of any kind, but the General Manager is considering launching one. You have been approached to help them decide whether to go ahead with a loyalty programme or not, and how to increase customer retention. Outline your recommendations to the General Manager by addressing the following questions: (a) What are the advantage and disadvantages of loyalty programmes, and based on these, what would you recommend? Should the company launch a loyalty programme or not, and why?

证明 .

(a) Loyalty programmes can offer various advantages, such as incentivizing repeat purchases, increasing customer retention and engagement, and providing valuable data and insights about customers’ preferences and behaviors. However, loyalty programmes can also be costly to implement and maintain, and there is a risk of customers signing up for the programme just for the rewards rather than being loyal to the business.

In the case of the Copper Kettle, I would recommend launching a loyalty programme. Given the highly competitive nature of the hospitality industry, offering incentives to customers can help differentiate the business and encourage them to return. Additionally, a loyalty programme can provide valuable data and insights that can inform business decisions and improve the overall customer experience. To mitigate the risk of customers joining the programme for the rewards only, the Copper Kettle can focus on creating a programme that reinforces their brand values and fosters a sense of community among customers.

问题 2.

(b) Regardless of whether you think the Copper Kettle should go ahead with a formal loyalty programme or not, what would you recommend the business should do to increase its customer loyalty?

证明 .

(b) Regardless of whether the Copper Kettle decides to launch a formal loyalty programme or not, there are several ways the business can increase customer loyalty. One effective approach is to focus on enhancing the overall customer experience, including personalized service, attention to detail, and a welcoming atmosphere. This can help create an emotional connection with customers and foster loyalty beyond just the incentives of a loyalty programme.

Additionally, the Copper Kettle can leverage digital marketing channels to communicate with customers and keep them engaged. This can include email newsletters, social media engagement, and targeted promotions. Providing a seamless and convenient ordering and payment process can also contribute to customer satisfaction and loyalty.

Finally, the Copper Kettle can offer special events and experiences to create unique and memorable experiences for customers. This can include wine tastings, cooking classes, and other events that align with the business’s brand and appeal to their target audience. By creating a sense of exclusivity and providing value beyond just the products and services offered, the Copper Kettle can increase customer loyalty and drive repeat business.

问题 3.

You have been approached by an entrepreneur who would like to launch a new smartphone app in the UK. The app allows users to whistle or hum a song into their phone and identifies the song for them. The entrepreneur is at the stage where she has developed a basic working version of the app, and she’s ready to launch it. She has asked you to help her with the following questions: (a) According to the product life cycle model, what should her marketing priorities be?

证明 .

According to the product life cycle model, the marketing priorities for a new product like this app would depend on its current stage in the life cycle. The product life cycle has four stages: introduction, growth, maturity, and decline.

Assuming that the entrepreneur is in the introduction stage, her marketing priorities should be focused on creating awareness of the app and generating interest among potential users. This could involve creating a strong brand identity, developing a compelling value proposition, and establishing a strong social media presence to reach and engage with potential users.

Other marketing priorities at the introduction stage could include identifying and targeting early adopters who are more likely to try out new products and share their experiences with others, as well as establishing partnerships with influencers, bloggers, and other media outlets to help spread the word about the app.

Overall, the entrepreneur should focus on building a strong foundation for the app in the introduction stage, so that it can grow and mature in the subsequent stages of the product life cycle.

这是一份2023年的剑桥大学University of Cambridge Marketing 3E2市场营销代写的成功案例

财务报表分析|Financial Statement Analysis 07 33828代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Financial Statement Analysis 07 33828 财务报表分析代写代考和辅导服务！

Instructions:

This module appears to provide a comprehensive overview of financial statement analysis techniques and their application in valuation of firms. It covers various valuation models, including fundamental analysis techniques, as well as accounting and financial reporting policies that can impact the interpretation of financial statement data. Additionally, the module aims to provide an understanding of equity risk and the cost of capital for financial statement analysis.

The topics covered in the module include horizontal and vertical financial statement analysis, financial ratio calculation and interpretation, cash flow statement analysis, and forecasting methods. The module also addresses the determinants of accounting information quality and how this can impact the accuracy of financial statement analysis.

Overall, the module takes the view that active investment strategies based on fundamental analysis can be profitable for investors, and provides the necessary tools and techniques for conducting such analysis.

财务报表分析|Financial Statement Analysis 07 33828代写

问题 1.

Valanium Inc. is currently trading at a forward $\mathrm{P} / \mathrm{E}$ ratio of 11 . Analysts are projecting its earnings per share for the year ended December 2003 at $\$ 2.10$.
(a) Using a perpetuity model, estimate of the equity cost of capital for Valanium Inc. (Show all calculations).

证明 .

If one assumes a perpetuity model where next year’s earnings are related to a perpetuity of future free cash flows, then $P / E=1 / r$. Therefore, $r=9.1 \%$

问题 2.

(b) The book value of equity of Valanium at the end of fiscal 2002 was $\$ 15.00$ per share. Calculate abnormal earnings for the fiscal year ended 2003. (Show your calculations)

证明 .

$\mathrm{AE}{2003}=\mathrm{E}{2003}-\mathrm{r}^{\star} \mathrm{BV}_{\text {t002 }}=2.10-\left(0.091^* 15.00\right)=\$ 0.74$ per share

问题 3.

(c) Assuming a perpetuity in abnormal earnings, calculate the predicted stock price of Valanium Inc. using the residual income (EBO) valuation model.

证明 .

$$
\mathrm{P}=\mathrm{BV}_0+\mathrm{AE}_1 /(\mathbf{1}+\mathbf{r})+\mathrm{AE}_2 /(1+\mathbf{r})^2+\ldots
$$
If perpetuity in $\mathrm{AE}$, then $\mathrm{P}=\mathrm{BV}_0+\mathrm{AE}_1 / \mathrm{r}=15+0.74 / 0.091=\$ 23.09$

这是一份2023年的伯明翰大学University of Birmingham Financial Statement Analysis 07 33828 财务报表分析代写的成功案例

计量经济学|Econometrics 08 35218代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Management Accounting 07 33177 计量经济学代写代考和辅导服务！

Instructions:

Describing a course/module in statistics and econometrics. The course/module appears to cover basic concepts in probability and statistical theory, as well as more advanced topics such as random variables, sampling, estimation, hypothesis testing, and regression analysis.

The course/module also seems to focus on applying statistical and econometric methods to problems in economics, which suggests that students will learn how to use statistical techniques to analyze economic data and draw conclusions about economic relationships.

It’s great to hear that the course/module includes weekly problem classes and computer laboratory sessions to support the lectures. These types of activities can help students to solidify their understanding of the material and gain practical experience using statistical software.

Overall, it sounds like the course/module will provide students with a strong foundation in statistical and econometric methods and their applications to economics.

计量经济学|Econometrics 08 35218代写

问题 1.

Consider $\mathrm{E}[\mathrm{Y} \mid \mathrm{X}]$ where $\mathrm{X}$ is a dummy variable that equals one with probability $\mathrm{p}$ and is zero otherwise. Prove that the CEF and the regression of $\mathrm{Y}$ on $\mathrm{X}$ are the same in this case. Do this by showing that for Bernoulli $\mathrm{X}$ : $$ \begin{aligned} & \alpha=E(Y)-\beta E(X)=E[Y \mid X=0] \\ & \beta=\operatorname{COV}(X, Y) / V(X)=(E[Y \mid X=1]-E[Y \mid X=0]) \end{aligned} $$

证明 .

To prove that the CEF and the regression of $Y$ on $X$ are the same in this case, we first need to find the regression line for $Y$ on $X$. We can do this by using the standard formula for simple linear regression:

$Y=\alpha+\beta X+\epsilon$,

where $\alpha$ is the intercept, $\beta$ is the slope, and $\epsilon$ is the error term. Since $X$ is a dummy variable that equals one with probability $p$ and is zero otherwise, we can rewrite this equation as:

$\begin{aligned} & Y=\alpha+\beta X+\epsilon=\alpha+\beta p+\epsilon \quad \text { if } \quad X=1 \ & Y=\alpha+\beta X+\epsilon=\alpha+\epsilon \quad \text { if } \quad X=0\end{aligned}$

Notice that $\beta p$ is the difference between $E[Y|X=1]$ and $E[Y|X=0]$. Now, we need to find the values of $\alpha$ and $\beta$ that minimize the sum of squared errors:

$\sum_{i=1}^n\left(Y_i-\alpha-\beta X_i\right)^2$

问题 2.

You are asked to conduct a social experiment to measure the effects of a Job Search Assistance program designed to help unemployed workers find jobs. You will do this by randomly choosing $\mathrm{n}_1$ experimental subjects and $\mathrm{n}_2$ control subjects from a pool of $n_1+n_2=n$ unemployed workers who were selected at random from the population of new Unemployment Insurance claimants in Massachussetts. a. Find the choice of proportion treated, $\mathrm{p}=\mathrm{n}_1 / \mathrm{n}$, that minimizes the sampling variance of the difference in employment rates between treatment and controls. (Treat $n$ as a known constant).

证明 .

To minimize the sampling variance of the difference in employment rates between treatment and controls, we need to choose the proportion treated, p, such that the variance of the treatment group is equal to the variance of the control group. Since we are assuming that the population of unemployed workers is random, we can assume that the variance of the employment rate is the same for both groups, so we need to choose p such that the variance of the treatment group is equal to the variance of the control group. The variance of the difference in employment rates is given by:

$\operatorname{Var}(\hat{\tau})=\frac{1}{n_1} \frac{1}{n_2}\left[p(1-p)\left(\frac{n_1}{n}\right)\left(\frac{n_2}{n}\right)\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right)\right]$

where $\hat{\tau}$ is the estimated treatment effect. Taking the derivative of this expression with respect to p and setting it equal to zero, we get:

$$
\begin{aligned}
& \frac{\partial \operatorname{Var}(\hat{\tau})}{\partial p}= \
& \frac{1}{n_1} \frac{1}{n_2}\left[\left(\frac{n_2}{n}-\frac{n_1}{n}\right)\left(\frac{n_2}{n}\right)\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right)-2 p\left(\frac{n_1}{n}\right)\left(\frac{n_2}{n}\right)\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right)\right]=
\end{aligned}
$$
0

Solving for p, we get:

$p=\frac{n_1}{n}=\frac{n_2}{n}$

This means that we should treat an equal proportion of the experimental and control groups, which is intuitively sensible.

问题 3.

b. Now assume that it costs $\alpha$ dollars to collect data on anyone in your experiment and that the job search assistance provided to the experimental group costs $\beta$ dollars. You can choose any sample size (n) but you must spend no more than $\mathrm{R}$ dollars on the experiment. Again, maintaining the assumption that there is no treatment effect, solve for the value of $\mathrm{p}$ which minimizes the variance of the treatment/control contrast given the experimenter’s budget constraint. Interpret your result and compare to part (a).

证明 .

The variance of the difference in employment rates is the same as in part (a), so we can use the same expression for Var($\hat{\tau}$). However, we now need to take into account the costs of the experiment. Let C be the total cost of the experiment, which is equal to $\alpha n + \beta n_1$. We can use the budget constraint to solve for n as a function of p:

$C=\alpha n+\beta n_1=\alpha n+\beta p n \leq R$

Solving for n, we get:

$n \leq \frac{R}{\alpha+\beta p}$

Substituting this expression for n into the expression for Var($\hat{\tau}$), we get:

$\begin{aligned} & \operatorname{Var}(\hat{\tau})=\frac{1}{n_1} \frac{1}{n_2}\left[p(1-p)\left(\frac{n_1}{n}\right)\left(\frac{n_2}{n}\right)\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right)\right] \ & =\frac{p(1-p)}{n}\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right) \frac{1}{p(1-p)}=\frac{1}{n}\left(\frac{1}{n_1-1}+\frac{1}{n_2-1}\right)\end{aligned}$

Taking the derivative of this expression with respect to p

这是一份2023年的伯明翰大学University of Birmingham Management Accounting 07 33177 计量经济学代写的成功案例

商业分析学|Business Analytics 07 34272代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Business Analytics 07 34272 商业分析学代写代考和辅导服务！

Instructions:

The module will provide a comprehensive overview of key concepts in business analytics, including business intelligence, predictive analytics, visualization, big data, and machine learning. Students will gain practical experience in data extraction, cleaning, manipulation, and visualization, and explore real-world applications and challenges in analytics projects.

In addition, the module will address critical issues related to the deployment of analytics projects in organizations, including social, ethical, and privacy concerns, as well as the opportunities that arise from open data initiatives. Overall, the module aims to equip students with the skills and knowledge needed to successfully navigate the rapidly evolving field of business analytics and make informed decisions about the use of analytics in organizations.

商业分析学|Business Analytics 07 34272代写

问题 1.

Consider a 3-period model with $t=0,1,2,3$. There are a stock and a risk-free asset. The initial stock price is $\$ 4$ and the stock price doubles with probability $2 / 3$ and drops to one-half with probability $1 / 3$ each period. The risk-free rate is $1 / 4$. (a) Compute the risk-neutral probability at each node.

证明 .

To solve this problem, we can use the Cox-Ross-Rubinstein binomial tree model, which assumes that the stock price can only move up or down in each period. The risk-neutral probability $p^*$ is the probability of an up move that makes the expected return on the stock equal to the risk-free rate. Let us denote the up move by $u$ and the down move by $d$. We have:

(a) The up and down factors are given by:

$u=2, \quad d=\frac{1}{2}$

The risk-neutral probability of an up move is:

$p^*=\frac{e^{r \Delta t}-d}{u-d}=\frac{e^{(1 / 4) \cdot 1}-1 / 2}{2-1 / 2}=\frac{1}{3}$

  • $q_{uu} = p^* \cdot p^* = 1/9$
  • $q_{ud} = p^* \cdot (1 – p^*) = 2/9$
  • $q_{du} = (1 – p^) \cdot p^ = 2/9$
  • $q_{dd} = (1 – p^) \cdot (1 – p^) = 4/9$

问题 2.

Suppose that uncertainty in the model is described by two independent Brownian motions, $Z_{1, t}$ and $Z_{2, t}$. Assume that there exists one risky asset, paying no dividends, following the process $$ \frac{d S_t}{S_t}=\mu\left(X_t\right) d t+\sigma d Z_{1, t} $$ where $$ d X_t=-\theta X_t d t+d Z_{2, t} $$ The risk-free interest rate is constant at $r$. (a) What is the price of risk of the Brownian motion $Z_{1, t}$ ?

证明 .

(a) The price of risk of the Brownian motion $Z_{1,t}$ is given by the coefficient of the stochastic differential equation for $S_t$:

$\frac{\partial S_t}{S_t}=\mu^{\prime}\left(X_t\right) d t+\sigma d Z_{1, t}$where $\mu'(X_t)$ denotes the partial derivative of $\mu(X_t)$ with respect to $X_t$. Using Itô’s lemma, we have \begin{align*} d(\log S_t)&=\frac{dS_t}{S_t}-\frac{1}{2}\frac{dS_t}{S_t}\cdot\frac{dS_t}{S_t}\ &=\mu'(X_t)dt+\sigma dZ_{1,t}-\frac{1}{2}\sigma^2 dt\ &=\left(\mu'(X_t)-\frac{1}{2}\sigma^2\right)dt+\sigma dZ_{1,t} \end{align*} Thus, the price of risk of $Z_{1,t}$ is $\gamma=\mu'(X_t)-\frac{1}{2}\sigma^2$.

问题 3.

(b) Give an example of a valid SPD in this model.

证明 .

(b) A valid SPD for this model can be constructed using the variance-covariance matrix of the two Brownian motions. Let $V_t$ denote the vector of the two Brownian motions at time $t$, i.e. $V_t=\begin{pmatrix} Z_{1,t} \ Z_{2,t} \end{pmatrix}$. Then, the variance-covariance matrix is given by

$\Sigma=\left(\begin{array}{cc}\operatorname{Var}\left(Z_{1, t}\right) & \operatorname{Cov}\left(Z_{1, t}, Z_{2, t}\right) \ \operatorname{Cov}\left(Z_{1, t}, Z_{2, t}\right) & \operatorname{Var}\left(Z_{2, t}\right)\end{array}\right)=\left(\begin{array}{ll}1 & 0 \ 0 & 1\end{array}\right)$

since the two Brownian motions are independent and have unit variance. A valid SPD can be constructed using any positive definite matrix that is proportional to $\Sigma$. For example, we can take

$D=\left(\begin{array}{cc}\sigma_1^2 & \rho \sigma_1 \sigma_2 \ \rho \sigma_1 \sigma_2 & \sigma_2^2\end{array}\right)$

where $\sigma_1$ and $\sigma_2$ are positive constants representing the volatilities of the two Brownian motions, and $\rho$ is a constant between $-1$ and $1$ representing the correlation between the two Brownian motions. As long as $\rho^2<1$ (i.e. the correlation is not perfect), this matrix will be positive definite and therefore a valid SPD.

这是一份2023年的伯明翰大学University of Birmingham Business Analytics 07 34272 商业分析学代写的成功案例

管理会计学|Management Accounting 07 33177代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Management Accounting 07 33177 管理会计学代写代考和辅导服务！

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Describing a course or module on management accounting in the context of modern organizations. The course aims to deepen students’ understanding of the role and nature of management accounting, and to apply technical and analytical skills to solve problems faced by managers.

The module covers key techniques of management accounting and their limitations, which is important for students to understand how to make informed decisions in their future roles as management accountants. Additionally, the course explores the behavioral and organizational issues that need to be considered by management accountants when developing recommendations tailored to the specific needs of the organization.

Overall, it sounds like this module will provide students with a comprehensive understanding of management accounting and equip them with the skills needed to effectively analyze and solve problems in modern organizations.

管理会计学|Management Accounting 07 33177代写

问题 1.

Ignoring taxes unless otherwise stated, fully account for the following events related to Nanosoft Corporation as they occur:
A. January 1, 2000: Nanosoft Corporation acquires a building for $\$ 1,500,000$.

证明 .

$\begin{array}{lll}\text { January 1, 2000: } \quad \text { Dr. } \quad \begin{array}{l}\text { PP\&E } \ \text { Cr. }\end{array} \text { Cash } & \$ 1,500,000 \ \$ 1,500,000\end{array}$
Building purchased.

问题 2.

B. February 1, 2000: Nanosoft Corporation acquires 10,000 shares of Pear Corporation at $\$ 20$ per share for short-term profit potential. Pear Corporation has 200 million shares outstanding.

证明 .

February 1, 2000: Dr. Marketable Securities $\$ 200,000$
$$
\text { Cr. Cash } \$ 200,000
$$
10,000 shares of Pear Corporation purchased at $\$ 20$ per share and classified as Trading Securities.

问题 3.

June 6, 2000: On good news, the stock price of Pear Corporation appreciates to $\$ 25$ per share.

证明 .

June 6, 2000:
$\begin{array}{llr}\text { Dr. MS Adjustment } & \$ 50,000 \ & \text { Cr. Capital Gain (RE) } & \$ 50,000\end{array}$
Value of holding in Pear Corporation marked to market and capital gain recognized.

这是一份2023年的伯明翰大学University of Birmingham Management Accounting 07 33177 管理会计学代写的成功案例

金融报告学|Financial Reporting 07 33175代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Corporate Finance 07 33172 公司金融学代写代考和辅导服务！

Instructions:

Focuses on advanced financial reporting for UK corporate bodies. The module covers various topics such as the regulatory framework, reporting entity, accounting for tangible and intangible assets, government grants, inventories, tax, provisions, and financial statements preparation. By completing this module, students will be able to prepare and evaluate financial statements for a single entity. It appears to be a comprehensive course that will equip students with the necessary knowledge and skills required for advanced financial reporting.

金融报告学|Financial Reporting 07 33175代写

问题 1.

Your firm has the opportunity to invest $\$ 20$ million in a project with positive net present value. Even though this investment adds to the value of the firm, under some circumstances the firm might reject it.

证明 .

There are a few reasons why a firm might reject an investment with a positive net present value:

  1. Lack of funds: The firm may not have enough funds available to invest in the project, even though it would generate a positive return.
  2. Risk: The project may be risky, and the firm may not be willing to take on the associated risks. For example, the project may require significant upfront investment, or there may be a high degree of uncertainty about future cash flows.
  3. Opportunity cost: The firm may have other investment opportunities with even higher expected returns, and it may choose to invest in those projects instead.
  4. Strategic considerations: The investment may not align with the firm’s long-term strategy or goals, or it may not fit well with the firm’s existing operations.

Ultimately, the decision to invest in a project with a positive net present value will depend on a range of factors specific to the firm and the project in question. The firm will need to carefully evaluate the costs and benefits of the investment, taking into account both the potential return and the associated risks and tradeoffs.

问题 2.

For most firms, a small or moderate amount of borrowing will have essentially no effect on the probability of bankruptcy. Therefore, a small amount of borrowing will have no effect on the risk of equity.

证明 .

This statement is not entirely accurate. While it is true that a small or moderate amount of borrowing may not significantly increase the probability of bankruptcy for a firm, it can still have an impact on the risk of equity.

When a firm takes on debt, it must make regular interest payments to creditors. These payments reduce the amount of cash available to the firm for other purposes, such as paying dividends to equity holders. This can increase the risk of equity because if the firm experiences financial difficulties and is unable to make its interest payments, it may default on its debt obligations. This could lead to a decline in the value of the firm’s equity, as creditors may take legal action to recover their investments.

Furthermore, borrowing can also affect the firm’s cost of capital, which is the expected return that investors require to invest in the firm’s securities. If the firm’s borrowing increases, investors may demand a higher return to compensate for the additional risk associated with the increased leverage. This can increase the cost of equity and reduce the value of the firm’s equity.

Therefore, even small or moderate levels of borrowing can have an impact on the risk of equity, and firms should carefully consider the tradeoffs between the benefits of borrowing and the associated risks.

问题 3.

The average return on stocks in the U.S. (the market portfolio) over the past 30 years has been $12 \%$ annually. You find two mutual funds that have average returns of $13 \%$ and $16 \%$ over the same time period. This evidence contradicts the efficient market hypothesis.

证明 .

The efficient market hypothesis (EMH) suggests that all available information is reflected in stock prices, and therefore it is not possible to consistently achieve higher returns than the market portfolio without taking on additional risk. However, the EMH does not imply that all stocks or mutual funds will have the same returns. Some stocks or funds may outperform the market portfolio, while others may underperform.

In this case, the fact that two mutual funds have achieved returns higher than the average return on the market portfolio over the past 30 years does not necessarily contradict the EMH. It is possible that these funds have taken on additional risk to achieve higher returns, or that they have had some luck or skill in selecting stocks that have outperformed the market. However, it is also possible that these returns are simply due to chance and that these funds will not continue to outperform the market in the future.

Therefore, while the higher returns of these mutual funds may seem to contradict the EMH at first glance, further analysis is necessary to determine whether this is actually the case.

这是一份2023年的伯明翰大学University of Birmingham Financial Reporting 07 33175代写的成功案例

公司金融学|Corporate Finance 07 33172代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Corporate Finance 07 33172 公司金融学代写代考和辅导服务！

Instructions:

This module provides a comprehensive overview of financial management in the context of modern businesses. The first half of the module covers basic financial concepts such as financial markets and instruments, financing needs, and project valuations. The second half of the module focuses on more advanced topics such as the relationship between risk and return, efficient markets, and financing and dividend decisions.

Overall, this module seems to provide a strong foundation for understanding financial management and its applications in corporate decision-making. Students taking this module will likely gain valuable analytical and practical skills that can be applied in a variety of business contexts.

公司金融学|Corporate Finance 07 33172代写

问题 1.

You own a 10-year U.S. Treasury STRIP. You are certain that the government will repay the face value of the bond. Therefore, the investment is riskless.

证明 .

A STRIP (Separate Trading of Registered Interest and Principal of Securities) is a type of bond that has its interest payments and principal separated into individual components that can be traded separately. In the case of a 10-year U.S. Treasury STRIP, the interest payments would have been stripped away and the investor would only receive the face value of the bond at maturity.

While U.S. Treasury bonds are considered to be very safe investments, no investment is completely risk-free. There is always the possibility that unexpected events could occur that could affect the repayment of the bond. Additionally, inflation could erode the purchasing power of the bond’s face value over time.

It’s important to consult with a financial advisor or conduct your own research before making any investment decisions.

问题 2.

You own 1,000 call options on Intel stock with a strike price of $\$ 20$. The options mature in April 2002. Intel’s current stock price is $\$ 26.10$, but you are worried that the price may drop to $\$ 10$ – $\$ 15$ by April. If you are confident about this forecast, you should exercise the options now to lock in their value.

证明 .

To determine whether you should exercise your call options now or wait until April 2002, you need to compare the payoff from exercising the options now versus waiting until April.

If you exercise the options now, you would have to pay the strike price of $$ 20$ per share, for a total cost of $1000 \times 100 \times $ 20 = $ 2,000,000$. However, you would be able to immediately sell the shares at the current market price of $$ 26.10$, for a total revenue of $1000 \times 100 \times $ 26.10 = $ 2,610,000$. This would give you a profit of $$ 610,000$.

If you wait until April and the stock price drops to $$ 15$, then exercising the options would not make sense, as the options would be out of the money (i.e., the strike price is higher than the market price). In this case, you would lose the entire premium paid for the options, which would be $1000 \times 100 \times $ 20 = $ 2,000,000$.

Therefore, if you are confident that the stock price will drop to $$ 10$ – $$ 15$ by April, it would be wise to exercise the options now to lock in their value and secure a profit of $$ 610,000$.

问题 3.

Two bonds with the same time-to-maturity must also have the same duration.

证明 .

This statement is not necessarily true. The duration of a bond is a measure of its sensitivity to changes in interest rates, and it takes into account the bond’s time-to-maturity, coupon rate, and yield to maturity. While two bonds with the same time-to-maturity could have the same duration, this is not always the case.

For example, consider two bonds with a time-to-maturity of 10 years. Bond A has a coupon rate of 2% and a yield to maturity of 3%, while Bond B has a coupon rate of 5% and a yield to maturity of 6%. These two bonds have the same time-to-maturity, but they will have different durations. Bond A will have a longer duration because its lower coupon rate and yield to maturity make it more sensitive to changes in interest rates.

Therefore, while time-to-maturity is an important factor in determining a bond’s duration, other factors such as coupon rate and yield to maturity must also be taken into account. Two bonds with the same time-to-maturity may have different coupon rates and yields to maturity, which can result in different durations.

这是一份2023年的伯明翰大学University of Birmingham Corporate Finance 07 33172代写的成功案例

计算能力、统计分析和金融知识|Numeracy, Statistical Analysis and Financial Literacy 07 32180代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Numeracy, Statistical Analysis and Financial Literacy 07 32180计算能力、统计分析和金融知识代写代考和辅导服务！

Instructions:

We aims to help students develop their mathematical and statistical skills for use in accounting and finance. The module appears to be divided into three parts:

  1. Reinforcing numeracy skills and working with logs to solve business-related problems
  2. Introducing statistical methods for describing and summarizing data and representing uncertainty through probability, and using software packages such as Excel to analyze data and draw conclusions
  3. Focusing on finance and preparing students for further study in this area.
计算能力、统计分析和金融知识|Numeracy, Statistical Analysis and Financial Literacy 07 32180代写

问题 1.

Q-Aqua Resources is water pipeline and distribution company. It claims that the water supply market is “… most important and, potentially, the fastest growing global resource market over the next 50 years.”

The company reported losses (GAAP net income) for the past 3 years. Q-Aqua currently trades at $\$ 6.55$ per share. In a recent press release, the company highlighted the fact that it had “… positive operating income last year. In addition, sales have been growing at a rate of $25 \%$ per year for the past 2 years. Based on the fact the $Q$-Aqua trades at $a<$ Price-to-Sales> ratio of only 2 and $a<$ Price-to-Operating Income $>$ ratio of only 7 , the management believes that our company is currently undervalued.”

As part of your research, you examined Q-Aqua’s most recent annual financial statement and focused on the supplemental footnotes to the income statement. In particular, the footnotes state that the company “entered into 17 water supply swap transactions in 2001 and 38 water supply swap transactions in 2002. We are conservative in accounting for these swaps in that we fully book for all revenues and expenses related to these transactions each year.” Later in the same footnote, company management states that that “We view the supply capacity received in these swap transactions as building of our overall capital abilities.”

Based on all of the above information, answer the following questions:
a) Why might you question the validity of the company’s reported operating income? Which component?

证明 .

Operating income may only include revenues from swaps, but not the associated expenses. Therefore, operating income is overstated. Even if the swap expenses are not capitalized, they might be presented below operating income on the income statement.

问题 2.

b) Why might you question the company’s claim that “we believe the company is currently undervalued.” (Focus on the $<$ Price-to-Sales> ratio)

证明 .

The ratio may use a sales number that includes questionable swap revenues that do not represent real economic value. For the ratio to be a meaningful valuation metric, the Sales number must be related to future expected free cash flows that the firm will generate from its operating business. This is questionable for these types of swaps

问题 3.

Valanium Inc. is currently trading at a forward $\mathrm{P} / \mathrm{E}$ ratio of 11 . Analysts are projecting its earnungs per share for the year ended December 2003 at $\$ 2.10$.
(a) Using a perpetuity model, estimate of the equity cost of capital for Valanium Inc. (Show all calculations).

证明 .

If one assumes a perpetuity model where next year’s earnings are related to a perpetuity of future free cash flows, then $\mathrm{P} / \mathrm{E}=1 / \mathrm{r}$. Therefore, $\mathrm{r}=9.1 \%$

这是一份2023年的伯明翰大学University of Birmingham Numeracy, Statistical Analysis and Financial Literacy 07 32180代写的成功案例

财务会计|Financial Accounting and Accountability 07 32179代写

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Assignment-daixieTM为您提供伯明翰大学University of Birmingham Financial Accounting and Accountability 07 32179财务会计代写代考和辅导服务！

Instructions:

Financial accounting is the process of recording, summarizing, and reporting financial transactions of an organization in order to provide financial information to external stakeholders, such as investors, creditors, and regulatory bodies.

Financial accounting focuses on the preparation of financial statements, including the income statement, balance sheet, and cash flow statement, which summarize an organization’s financial performance and financial position. These financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and other relevant accounting standards.

Financial accounting also involves the use of double-entry bookkeeping to ensure accuracy and completeness of financial records, and the implementation of internal control procedures to safeguard assets and prevent fraud.

Overall, the purpose of financial accounting is to provide timely and reliable financial information that is useful for decision-making and accountability purposes.

财务会计|Financial Accounting and Accountability 07 32179代写

问题 1.

The press release below was issued by Applied Industrial Technologies (NYSE: AIT) on January 17, 2002.

“Applied Industrial Technologies today reported that financial results for its second quarter ended December 31, 2001 were consistent with the company’s guidance provided in a December 11, 2001 news release. The company has taken a charge of $\$ 12,100,000$, or $\$ 0.63$ per share, for impaired goodwill associated with its fluid power businesses. This non-cash charge is being recognized on the company’s statement of consolidated income as the effect of a change in accounting principle related to Goodwill and Other Intangible Assets. This impairment within the fluid power businesses is primarily attributed to the downturn in the industrial economy in the years following the company’s acquisitions. Regarding the goodwill impairment charge, Applied Chairman and Chief Executive Officer David L. Pugh commented, ‘The charge was dictated by early adoption of a new accounting principle (SFAS 142). This new accounting standard requires goodwill and intangible assets with indefinite useful lives to no longer be amortized but instead be tested for impairment.’ ” – Press release courtesy of Applied Industrial Technologies
A. What accounts would be affected as you record the goodwill impairment of $\$ 12,100,000$ ? Use the balance sheet equation below or make a journal entry.

证明 .

Assets $=$ Liabilities + Contributed Capital + Retained Earnings
$(12,100,000)$
$(12,100,000)$
or Dr. Goodwill impairment charge 12,100,000
Cr. Goodwill
$12,100,000$

问题 2.

B. What is the impact of the impairment loss on the operating cash flow for the firm?

证明 .

Zero.
Net Income was lower by $12,100,000$; but this non-cash charge was added back to Net Income to get CFO. Therefore, there is no cash impact from the impairment loss.

问题 3.

C. Why do you think managers emphasize that this is a “non-cash” charge?

证明 .

Managers like to emphasize the non-cash aspect of this type of accounting entry to create
the impression that the charge does not really affect the firm’s valuation. However, the
fact that goodwill is impaired does affect the firm’s valuation. We should not forget that
at some point in the past the company paid cash to acquire firms. The fact that the
company paid more than the fair value of the assets of the target implies that the company
thought the acquisition would create additional cash flows in the future. The impairment
today indicates that the hopes of creating additional cash flows have disappeared. So
clearly, that affects how we view the future cash flow of the firm

这是一份2023年的伯明翰大学University of Birmingham Financial Accounting and Accountability 07 32179财务会计代写的成功案例