1.0 Task 1: Responsibility for own personal and professional development 1.1 Evaluation of self skills and competencies against job requirements:
Attachments:
20140825-0954….jpg
02.11a supports different modulation techniques, each allowing for different data rates. This adds complexity and cost to the radio, so your boss suggests 802.11zzz should only support one modulation technique, namely the maximum data rate possible. Do you support this idea? Why or why not?
04. The only way to increase the revenue from selling a product is to increase the product’s price.” Briefly explain whether you agree or disagree with the above statement using graphs and example.
1.A company’s operations to link private changes with special group of suppliers are classified as A. public exchanges B.private exchanges C.spot markets D.exchange markets 2. Eight stages in buying process is called A. buy phase B.purchase phase C.sell phase D.off phase 3. In business markets, technical sources have great importance in the A. interest stage B.evaluation stage C.initial awareness stage D.trial stage 4. Simple and routine exchanges with moderate level of cooperation and exchange of information is classified as A. basic buying and selling B.contractual selling C.contractual buying D.cooperative systems 5. Websites on which customer can order through distributed catalogs are classified as A. ordering sites B.catalog sites C.procurement sites D.distribution sites
1. (10pts)Explain the benefits from asset securitization as outlined in Riddiough (2011). For full credit, you’ll need more detail than was provided in my bullet
2. (10pts)In the following example assume that the MBS has total collateral of $1,000, the CDO collateral is $150 worth of MBS mezzanine bonds, and the MBS collateral has suffered a 7% default loss. Fill in the principal losses for each of the MBS and CDO tranches below (show calculations on a separate page.
MBS
Tranche
Attachment
Detachment
Principal Loss
Senior (AAA)
20%
100%
Mezzanine
3%
20%
Residual
0%
3%
CDO
Attachment
Detachment
Principal Loss
Senior (AAA)
30%
100%
Mezzanine
5%
30%
Residual
0%
5%
3. (20pts) In July 2008, KKR announced a revision to its plans to go public. The plan called for KKR to acquire its subsidiary KKR Private Equity Investors (“KPE”) that currently was publicly traded on Euronext. KKR would then reorganize the entire firm as a public corporation and list on the NYSE.[1] At closing, the new KKR would have 975,708,333 shares.
The plan called for KPE’s current shareholders to exchange their shares for 21% of the new firm’s common equity, or 204,898,750 shares. KKR’s current principals would retain the remaining (770,809,583) shares. To demonstrate their commitment to the long-term performance of KKR, the principals also proposed to grant Contingent Value Interests (“CVIs”) to KPE shareholders that would transfer up to an additional 6% of the new firm’s shares to KPE shareholders depending on the firm’s share price three years from closing. The relevant terms of the CVI (per KPE share turned in) are as follows:
If on the 3rd anniversary of the closing the new firm’s shares trade at or above $22.25 per share, the CVIs granted to the KPE shareholders would expire worthless.[2]
If the shares trade at or below $17.31 per share, KKR’s principals would transfer an additional 6% of the firm’s market value to the CVI shareholders.
At any price between $17.31 and $22.25 per share, the principals would transfer an additional percentage share of the firm’s market value such that each KPE shareholder would receive the difference between $22.25 and the firm’s share price.
1. (2pt) Assuming that KPE shareholders retain their initial KKR share grant and the CVIs attached to that grant, what is the maximum number of shares held after three years by KPE shareholders?
2. (2pt) What is the total payoff for a KPE shareholder who is granted one share of KKR stock and one unit of the CVI at closing if the KKR share price is $17.31 after three years?
3. (2pt) What is the total payoff for this KPE shareholder if the share price is $22.25 after three years?
4. (2pt) What is the total payoff for this KPE shareholder if the share price is $24.75 after three years?
5. (4pts) Draw and label the payoff diagram for a KPE shareholder who is granted one share of KKR stock and one unit of the CVI at closing. (see last page for graph template)
6. (3pts) On a separate graph, draw and label the payoff diagram for one unit of the CVI. (see last page for graph template)
7. (5pts) What combination of options, stock, and/or risk-free bonds would replicate the payoff from one unit of the CVI?
4. (10pts)Compare and contrast bookbuilding with Hambrecht’s Dutch auction for IPOs. Your response should include discussion of the fundamental incentive distortion they aim to resolve, how they go about doing so, and their relative strengths and weaknesses.
5. (5pts) Suppose “dirty” auctions became the norm for IPOs. What is a dirty auction and why might it be inferior to bookbuilding? You may wish to tie your response to your response to the preceding question.
6. (15pts)In what sense did Rural Metro’s board breach its fiduciary duty to shareholders? How did RBC “aid and abet” the Board’s breach of fiduciary duty? A strong response to these questions will evidence a good understanding of the economic tradeoffs and incentive conflicts facing sell-side boards and bankers as well as the legal standards for behavior.
7. (5pts)According to Holmstrom (2015), what is the primary purpose of the money markets and how is that purpose served by “over-collateralized” debt?
8. (10pts)Explain why repurchase agreements fit Holmstrom’s notion of over-collateralized debt and why repos were at the core of the 2008 financial crisis. Your response should evidence understanding of how repo financing contributed to a liquidity crisis that effectively led to a run on the shadow banking system.
9. (15pts) Several boutique investment banks already have gone public and Parella Weinberg Partners (PWP) has considered this option. Given that the founders of most of these firms have spoken of the benefits of being narrowly focused private partnerships, why would they want to go public? Your response should include a critical review of the costs and benefits from operating as a partnership, the tradeoffs facing a boutique that is considering going public, and should connect these ideas with PWP’s thoughts on organizational structure and culture.
[1] KPE was essentially a publicly-traded mutual fund that enabled unitholders (shareholders) to participatein some of KKR’s private equity investments.
[2]The payoff actually depended on the 30-day average price at the end of year three but we will ignore that for the purposes of this problem.
1. A continuous signal is monitored with LabVIEW, the figure on the right shows the continuous signal acquired with a sufficiently high sampling rate to represent it correctly while the FFT magnitude vs. frequency shows the frequency content from a sampling of the signal at sampling rate (fs) less than the Nyquist frequency requirement. Determine the following 5.5 The input signal frequency, fm a. 02 04 06 08 Time b. The sinusoid equation that describes input signal: c. What should be the lowest sampling frequency, f, to satisfy the Nyquist Theorem to correctly capture the frequency information of the input signal? FFT d. Does the FFT result show an alias frequency fa or the correct signal frequency fm? i. if yes T i. if no fm= Freq. [Hz] be if fm is the value What would the alias frequency found for part a (show your calculations for each) 2. An electrical (RC) circuit which can be modeled as a 1^ft order system is initially at 0.05 VDC due to the capacitor not being fully discharge. At time, t=0 sec, the supply voltage (Vs) is switched on to 5VDC. A voltmeter monitors the voltage across (Vo) the capacitor and at time, t=2 seconds, it records a voltage of 2.5 VDC Assume the voltmeter has a faster response time than the RC circuit. the input signal and the estimate of the circuit’s response w.r.t. time. What is the circuit’s time constant, x? How long would it take for the voltage across the capacitor to reach 4.5 Volts?
Attachments:
work-22.pdf
1234567Number of baskets per hourPriceTotal RevenueTotal CostTotal profitPriceMarginal costA0—0$10.00-$10.00——B1$13.00$13.0015.00- 2.00$13.00$5.00C213.0026.0022.00+ 4.0013.007.00D313.0039.0031.00+ 8.0013.00 9.00E4
13.00
52.0044.00+ 8.0013.0013.00F513.0065.0061.00+ 4.0013.00
17.00
Graph information to show price or cost per basket and quantityof baskets of fish per hour.How many fish should be harvested at amarket price of $ 17, $13, and $9. How much total revenue iscollected at each price? How much profit does the farmer make ateach of these prices?
1. A brief business analysis (including economy, industry, and company strategies) which forms the basis of your subsequent financial analysis. Note that before doing the business analysis, you should determine the purpose, which can be either equity valuation or credit and risk analysis in this project. The purpose can influence all your subsequent analysis. 2. Identify financial reporting choices and biases that affect the quality and comparability of the company’s financial statements. You may refer to supplemental information from sources other than financial statements. 3. Evaluate the quality of the company’s financial statements and earnings, and recommend appropriate adjustments for such desirable characteristics as sustainability or comparability. 4. Conduct equity valuation or credit and risk analysis based on the adjusted financial data. 5. Prepare adjusted financial statements (statement of financial position, statement of profit and loss/statement of comprehensive income, and statement of cash flows). Purpose 1. Equity valuation OR 2. Credit analysis – -https://www.crisil.com/Ratings/Brochureware/RR_ASSES/CRISIL-Ratings-research-approach-to-financial-ratios_2013.pdf (following indicators to consider for credit analysis and subsequently to adjust the final report for calculation) a. Capital Structure i. Gearing = Total debt /Tangible net worth ii. Total Indebtedness Ratio = Total Outside Liability / Tangible Net Worth iii. BV_TANG = Tangible Book Value / Assets iv. LEVERAGE= Total Liabilities / Total Assets v. LTDEBT= Long Term Debt / Total Assets b. Interest coverage i. Interest coverage ratio = Profit before depreciation, interest, and tax (PBDIT1 )/ Interest and finance charges c. Debt-service coverage ratio i. CDSCR = [Profit after tax + Depreciation + Interest charges – 25 per cent of incremental NWC3 ] / [Debt payable within one year + Interest and finance charges] d. Net worth i. Market value of equity = Number of common shares outstanding *share price e. Profit margin i. PAT margin = Profit after tax / Operating income ii. ROA= Net Income before Extraordinary Items/ Total Assets iii. PROFIT= Net Income before Extraordinary Items / Sales f. Return on capital employed i. RoCE = Profit before interest and tax (PBIT) / [Total debt + Tangible net worth + Deferred tax liability] ii. ROE= Net Income before Extraordinary Items / Book Value of Equity; iii. g. Net cash accruals to total debt i. NCATD = [PAT – Dividend + Depreciation] / Total debt (short and long term, including off-balance-sheet debt) h. Current ratio i. Current ratio = Current assets (including marketable securities)/Current liabilities (including current portion of long-term debt i.e. CPLTD) ii. Gross current assets days = Total current assets related to operations/ operating income iii. i. Others i. PRSTDS= Standard deviation of earnings / Total assets Company Summary 1. Qualitative – A brief business analysis (including economy, industry, and company strategies) 2. Quantitative – a. Growth i. Net increased moderately, growing by X%. This is XX than the XX% growth rate for 2016. b. Cash status – liquidity i. XXX cash flow from operations generated in 2016/17, which was insufficient?? to cover all financing costs or any debt amortization. ii. capital and investment expenditures to meet by new debt, additional equity, or cash depletion, subsidies… c. Outstanding indicators i. Gross Margin ii. Operating expenses iii. Operating Profit iv. Net Profit Margin v. Bad Debt Reserve vi. Debt/TNW vii. Others… 3. Why the indicator is outperformed/underperformed – the focus question/assumption 4. Key notes i. Construction revenue recognition using percentage-of-completion method and allowance for expected losses ii. Impact of challenges in the marine industry on the valuation of assets iii. Valuation of held-to-maturity financial assets iv. Impairment loss sudden decrease v. Sudden growth in 2017 (revenue jump) vi. Contracts – b/s vii. Borrowing – b/s viii. Other reserves – b/s ix. Income tax – i/s x. Equity holder – i/s xi. Re-classification / fair loss – oci xii. Currency loss – oci 4. Reasons and alerts in the financial statements 1. Earning quality 2. Cashflow quality 3. Balance sheet quality
Attachments:
2016-Annual-r….xlsx2017-Annual-r….xlsxYZJ—2014-20….xlsx
Notes.docx
1. A certain resistor draws 112.2 V and 6.3 A. The uncertainties in the measurement are respectively. Calculate the power dissipated in the resistor and the uncertainty in the power.
1.7 Read all of the classic papers cited in Section 1.7. Compose a 500–1000 word paper (or 8–12 slide PowerPoint presentation) that summarizes the key concepts that emerge from these papers, emphasizi
Hi there! Click one of our representatives below and we will get back to you as soon as possible.