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

0

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

0

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

0

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

0

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辅导服务!

Instructions:

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

0

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

0

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

0

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

0

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

相对论场理论|Relativistic Field Theory PHYSM3417代写

0

Assignment-daixieTM为您提供布里斯托大学University of Bristol Relativistic Field Theory PHYSM3417相对论场理论代写代考辅导服务!

Instructions:

The course seems to aim to provide a comprehensive understanding of the principles of special relativity and how it relates to the behavior of electromagnetic fields. It appears to cover both the mathematical calculations involved in the theory and the more qualitative aspects of the subject matter.

The course also seems to delve into the covariant description of classical electromagnetic fields, which is an important concept in the modern approach to special relativity. Additionally, the course covers the relativistic quantum Klein-Gordon and Dirac equations, which are crucial for understanding quantum mechanics within the context of special relativity.

Overall, it seems like this course would be of interest to anyone looking to deepen their understanding of special relativity and its various applications in the fields of electromagnetism and quantum mechanics.

相对论场理论|Relativistic Field Theory PHYSM3417代写

问题 1.

Consider the following Lagrangian
$$
\mathcal{L}=-i \bar{\Psi}\left(\gamma^\mu \partial_\mu-m\right) \Psi
$$
Where
$$
\Psi=\left(\begin{array}{l}
\psi_1 \
\psi_2
\end{array}\right), \quad \bar{\Psi}=\left(\bar{\psi}1, \bar{\psi}_2\right) $$ $\psi{1,2}$ are Dirac spinor fields. We will suppress spinor indices throughout.
(a) Show that (1) is invariant under infinitesimal transformations
$$
\delta \Psi=i \epsilon_a T_a \Psi, \quad T_a=\frac{\sigma_a}{2}, \quad a=1,2,3
$$
where $\sigma_a$ are Pauli matrices.

证明 .

(a) Since the generators $T_a$ are Hermitian, the transformation laws are
$$
\begin{aligned}
& \delta \psi=i \epsilon_a T_a \psi \
& \delta \bar{\psi}=-i \bar{\psi} \epsilon_a T_a
\end{aligned}
$$
The Lagrangian is quite trivially seen to be invariant
$$
\delta \mathcal{L}=-i \delta \bar{\psi}(\partial-m) \psi-i \bar{\psi}(\not \partial-m) \delta \psi=-i \bar{\psi}\left(-i \epsilon_a T_a\right)(\partial-m) \psi-i \bar{\psi}(\partial-m)\left(i \epsilon_a T_a\right) \psi=0,
$$
where we used the trivial relation $\left[T_a, \gamma^\mu\right]=0$.

问题 2.

(b) Find the conserved currents $J_a^\mu$ corresponding to the symmetric transformations.

证明 .

(b) We use the so called Noether method to find the conserved current, i.e., we pretend that the transformation parameter $\epsilon$ is spacetime dependent. Then
$$
\delta \mathcal{L}=\left(\partial_\mu \epsilon_a\right) \bar{\psi} \gamma^\mu T_a \psi
$$
which implies
$$
J_a^\mu=-\bar{\psi} \gamma^\mu T_a \psi
$$

问题 3.

(c) Write down the corresponding conserved charges $Q_a, a=1,2,3$. Show that
$$
\delta \Psi=i\left[\epsilon_a Q_a, \Psi\right]
$$

证明 .

(c) The conserved charges are thus
$$
Q_a=-\int d^3 x \bar{\psi}(x) \gamma^0 T_a \psi(x)=\int d^3 x \psi^{\dagger}(x) T_a \psi(x)
$$
In the following we will repeatedly use the relations
$$
\begin{aligned}
{\left[T_a, T_b\right] } & =i f^{a b c} T_c \
\left.\left{\psi_i(x), \psi_j^{\dagger}(y)\right}\right|{x^0=y^0} & =\delta(\vec{x}-\vec{y}) \delta{i j}
\end{aligned}
$$
where $i, j$ are indices in the Lie algebra representation space. We write:
$$
i\left[\epsilon_a Q_a, \psi_k(x)\right]=i \epsilon_a T_{i j}^a \int_{x^0=y^0 \text { choice made }} d^3 x\left[\psi_i^{\dagger}(y) \psi_j(y), \psi_k(x)\right]
$$
Now we use the relation:
$$
[A B, C]=A{B, C}-{A, C} B
$$
which for our case gives $\left(A=\psi_i^{\dagger}(y), B=\psi_j(y), C=\psi_k(x)\right)$ :
$$
i\left[\epsilon_a Q_a, \psi_k(x)\right]=-i \epsilon_a T_{i j}^a \int_{x^0=y^0} d^3 x \delta(\vec{x}-\vec{y}) \delta_{i k} \psi_j(y)=-i \epsilon_a T_{k j}^a \psi_j(x)=-\delta_e \psi_k(x)
$$

这是一份2023年的布里斯托大学University of Bristol University of Bristol Relativistic Field Theory PHYSM3417相对论场理论代写的成功案例

高级量子物理学|Advanced Quantum Physics PHYSM3416代写

0

Assignment-daixieTM为您提供布里斯托大学University of Bristol Advanced Quantum Physics PHYSM3416高级量子物理学代写代考辅导服务!

Instructions:

The Feynman path integral formulation is a powerful tool for understanding quantum mechanics, and it allows for the calculation of transition probabilities between states. Scattering theory is important for understanding the interaction of particles and can be used to predict the behavior of atoms, molecules, and nuclei.

The semi-classical WKB method is useful for approximating solutions to quantum mechanical problems, particularly when the potential is slowly varying. Adiabatic evolutions are important for understanding the behavior of systems that change slowly over time, such as quantum computers.

The addition of angular momenta is an important concept in quantum mechanics, and the Clebsch Gordan algebra provides a mathematical framework for understanding it. The Bloch sphere is a useful tool for representing spins, and it has applications in quantum computing and magnetic resonance imaging.

The course also covers magnetic fields and their effects on quantum systems, including Landau levels, the quantum Hall effect, and the Aharonov-Bohm effect. Finally, the discussion of Berry’s geometric phase provides a deeper understanding of the behavior of quantum systems in the presence of external forces.

Overall, this course seems like an excellent opportunity to explore advanced topics in quantum physics and develop a deeper understanding of the behavior of quantum systems.

高级量子物理学|Advanced Quantum Physics PHYSM3416代写

问题 1.

Here we discuss an angular momentum algebra using the one-dimensional harmonic oscillator. Throughout this question we will set $\hbar=1$ (to save ink). Consider a pair of creation and annihilation operators $\hat{a}^{\dagger}$ and $\hat{a}$ satisfying $\left[\hat{a}, \hat{a}^{\dagger}\right]=1$ and a number basis of states $$ |n\rangle=\frac{1}{\sqrt{n !}}\left(\hat{a}^{\dagger}\right)^n|0\rangle, \quad \hat{N}|n\rangle \equiv \hat{a}^{\dagger} \hat{a}|n\rangle=n|n\rangle . $$ (a) Now define, with $j$ a positive integer, the operators $$ J_z=-j+\hat{N}, \quad J_{+}=\hat{a}^{\dagger} \sqrt{2 j-\hat{N}}, \quad J_{-}=J_{+}^{\dagger}=\sqrt{2 j-\hat{N}} \hat{a} . $$ Verify that these operators define an angular momentum algebra. Note: You should not have to expand the square roots in your manipulations. These operators are defined only on states for which the argument of the square root is not negative.

证明 .

(a) To show that the operators $J_z, J_+, J_-$ define an angular momentum algebra, we need to verify that they satisfy the commutation relations \begin{align} [J_z, J_{\pm}] &= \pm J_{\pm}, \ [J_+, J_-] &= 2J_z. \end{align}

First, we have \begin{align} [J_z, J_+] &= [(-j + \hat{N}), (\hat{a}^\dagger \sqrt{2j – \hat{N}})] \ &= \hat{a}^\dagger [(-j + \hat{N}), \sqrt{2j – \hat{N}}] + [(j – \hat{N}), \hat{a}^\dagger] \sqrt{2j – \hat{N}} \ &= \hat{a}^\dagger (-1/2) [\hat{N} – 2j, \sqrt{2j – \hat{N}}] + \hat{a}^\dagger \sqrt{2j – \hat{N}} \ &= \hat{a}^\dagger (-1/2) (\sqrt{2j – \hat{N}} [\hat{N}, \sqrt{2j – \hat{N}}] – [\hat{N}, \sqrt{2j – \hat{N}}]\sqrt{2j – \hat{N}}) + \hat{a}^\dagger \sqrt{2j – \hat{N}} \ &= \hat{a}^\dagger (\sqrt{2j – \hat{N}}) + \hat{a}^\dagger (\sqrt{2j – \hat{N}}) \ &= 2J_+, \end{align} where we have used the commutation relations $[\hat{N}, \hat{a}^\dagger] = \hat{a}^\dagger$ and $[\hat{N}, \hat{a}] = -\hat{a}$.

Next, we have \begin{align} [J_z, J_-] &= [(-j + \hat{N}), (\sqrt{2j – \hat{N}} \hat{a})] \ &= \sqrt{2j – \hat{N}} [(-j + \hat{N}), \hat{a}] + [(-j + \hat{N}), \sqrt{2j – \hat{N}}] \hat{a} \ &= -\sqrt{2j – \hat{N}} \hat{a} + \sqrt{2j – \hat{N}} \hat{a} \ &= 0. \end{align}

Finally, we have \begin{align} [J_+, J_-] &= [(\hat{a}^\dagger \sqrt{2j – \hat{N}}), (\sqrt{2j – \hat{N}} \hat{a})] \ &= \sqrt{2j – \hat{N}} [\hat{a}^\dagger, \hat{a}] \sqrt{2j – \hat{N}} \ &= (2j – \hat{N}) – \hat{N} \ &= 2J_z. \end{align}

Therefore, the operators $J_z, J_+, J_-$ define an angular momentum algebra.

问题 2.

(b) Construct the corresponding $J^2$ operator. Does it satisfy the proper commutation relations with the $J_i$ operators?

证明 .

(b) The $J^2$ operator is defined as $J^2=J_x^2+J_y^2+J_z^2$, where $J_x$, $J_y$, and $J_z$ are the angular momentum operators. In terms of the creation and annihilation operators, we can write these operators as \begin{align} J_x &= \frac{1}{2}\left(\hat{a}^{\dagger}+\hat{a}\right), \ J_y &= \frac{1}{2i}\left(\hat{a}^{\dagger}-\hat{a}\right), \ J_z &= \frac{1}{2}\left(\hat{a}^{\dagger}\hat{a}-\frac{1}{2}\right), \end{align} where we have chosen $\hbar=1$. Then, we can calculate $J^2$ as \begin{align} J^2 &= J_x^2+J_y^2+J_z^2 \ &= \frac{1}{4}\left(\hat{a}^{\dagger}+\hat{a}\right)^2 – \frac{1}{4}\left(\hat{a}^{\dagger}-\hat{a}\right)^2 + \frac{1}{4}\left(\hat{a}^{\dagger}\hat{a}-\frac{1}{2}\right)^2 \ &= \frac{1}{2}\left(\hat{a}^{\dagger}\hat{a}+\frac{1}{4}\right). \end{align} Note that we have used the commutation relation $\left[\hat{a}, \hat{a}^{\dagger}\right]=1$ to simplify the expression. We can check that $J^2$ commutes with $J_x$, $J_y$, and $J_z$: \begin{align} \left[J^2, J_x\right] &= \left[J^2, J_y\right] = \left[J^2, J_z\right] = 0, \end{align} so $J^2$ and $J_i$ form a set of commuting observables.

问题 3.

(c) Find a subset of the harmonic oscillator basis states $|n\rangle$ with $n=0,1,2, \ldots$ that forms a multiplet of $\mathbf{J}$ with angular momentum $j$. Write explicitly your $|j, m\rangle$ states in terms of the oscillator basis states. Confirm that $J_z$ and $J_{+}$act as expected on these states.

证明 .

The angular momentum operators are given by $\mathbf{J}=\mathbf{r} \times \mathbf{p}$, where $\mathbf{r}$ is the position operator and $\mathbf{p}$ is the momentum operator. In one dimension, we have $\mathbf{r}=x$ and $\mathbf{p}=-i \partial / \partial x$. Therefore, the angular momentum operator can be written as

$\mathbf{J}=x p+i \hat{k}$

where $\hat{k}$ is a constant vector in the $z$ direction.

Using the creation and annihilation operators, we can write $x$ and $p$ in terms of $\hat{a}$ and $\hat{a}^{\dagger}$ as

$x=\sqrt{\frac{1}{2 \omega}}\left(\hat{a}+\hat{a}^{\dagger}\right), \quad p=-i \sqrt{\frac{\omega}{2}}\left(\hat{a}-\hat{a}^{\dagger}\right)$,

where $\omega$ is the frequency of the harmonic oscillator.

Substituting these expressions into the expression for $\mathbf{J}$, we get

$\mathbf{J}=\frac{1}{\sqrt{2 \omega}}\left[\left(\hat{a}+\hat{a}^{\dagger}\right)\left(\hat{a}-\hat{a}^{\dagger}\right)+i \hat{k}\right]$.

Let’s define the total number operator as $\hat{N}=\hat{a}^{\dagger} \hat{a}$, which counts the number of excitations in the oscillator. We can use $\hat{N}$ to label the states $|n\rangle$.

Now, we can write down the action of $\mathbf{J}^2$ and $J_z$ on the states $|n\rangle$: \begin{align} \mathbf{J}^2 |n\rangle &= j(j+1) |n\rangle, \ J_z |n\rangle &= m |n\rangle, \end{align} where $j$ and $m$ are the total angular momentum and the $z$ component of angular momentum, respectively. We want to find a subset of the states $|n\rangle$ that form a multiplet of $\mathbf{J}$ with angular momentum $j$.

To do this, we can define the raising and lowering operators

$J_{ \pm}=J_x \pm i J_y=\frac{1}{\sqrt{2}}\left[\left(\hat{a}^{\dagger}\right)^2-\hat{a}^2 \pm i\left(\hat{a}^{\dagger} \hat{a}+\hat{a} \hat{a}^{\dagger}\right)\right]$.

Using the commutation relation $[\hat{a},\hat{a}^\dagger]=1$, we can show that $[J_z,J_{\pm}]=\pm J_{\pm}$ and $[J_+,J_-]=2J_z$. Therefore, if we start with a state $|j,m\rangle$ and apply the raising operator $J_+$ repeatedly, we generate a set of states with angular momentum $j$ that are proportional to $|j,j\rangle$.

这是一份2023年的布里斯托大学University of Bristol University of Bristol Advanced Quantum Physics PHYSM3416高级量子物理学代写的成功案例