Finance Educator: Courses最新文献

{"title":"Theoretical Review of the Role of Financial Ratios","authors":"Diwahar Sunder Nadar, Bharti Wadhwa","doi":"10.2139/ssrn.3472673","DOIUrl":"https://doi.org/10.2139/ssrn.3472673","url":null,"abstract":"Purpose – Financial ratios are an instrumental tool in the world of finance and hence comprehensive knowledge of its various aspects is mandated for its user. This study aims at providing the aforesaid comprehensive knowledge by highlighting the areas in which ratios can be used, limitation of ratios and methods to deal with the limitation.<br><br>Design/methodology/approach – The study is qualitative in nature and thus utilizes the past studies and researches to exhibit the various facets of financial ratios. The study incorporates all the researches that have used ratios as a tool for their study or ratios as the subject matter of study.<br><br>Findings – The study was able to identify and categorise past studies into areas of Financial evaluation, Insolvency Prediction, Valuation, Inter-linkage studies, Benchmarking &amp; Decision making, Technical Analysis. Limitations of ratios identified from the literature are Proliferation of ratios, Lack of Normality and Accounting framework impact.<br><br>Originality/value – The study has assimilated unique exhaustive literature on financial ratios and presented the same in a categorized manner.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129178020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tax-Deferred Acquisitive Reorganizations for C Corporations","authors":"M. M. Frank, Alexander Hoffarth","doi":"10.2139/ssrn.3409479","DOIUrl":"https://doi.org/10.2139/ssrn.3409479","url":null,"abstract":"This technical note outlines the general judicial requirements an acquisition must meet to qualify as a tax-deferred reorganization. The variation in the specific requirements that must be met to qualify for different types of tax-deferred (“A,” Forward Triangular “A,” Reverse Triangular “A,” “B,” and “C”) reorganizations are addressed. Finally, the specific tax consequences to the target's shareholders and acquirer are outlined, and a numerical example illustrates the calculation of the after-tax proceeds to the target's shareholders and the after-tax cost to the acquirer. \u0000Excerpt \u0000UVA-F-1863 \u0000Rev. Aug. 30, 2019 \u0000Tax-Deferred Acquisitive Reorganizations for C Corporations \u0000Introduction \u0000You lead a company and want to expand. You have a target (T) company in mind and your team has estimated the price T's stock may be worth. You know the estimate is merely preliminary because the structure of the deal affects the ultimate “value of the deal” to both parties. A key factor that affects the ultimate value of the deal to the parties is the tax consequences. Before you determine the price you are willing to pay, there are two questions to ask that highlight the tax consequences of the deal for T and the acquirer (A) (see Exhibit1 for a summary): \u0000What are T's shareholders receiving (cash or stock)? \u0000. . .","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115881158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"500 C++ Programs for Quantitative Finance","authors":"Quasar Chunawala","doi":"10.2139/ssrn.3408248","DOIUrl":"https://doi.org/10.2139/ssrn.3408248","url":null,"abstract":"I have put together a compendium of over 500 C++ programs, discussing a plethora of topics spanning from modern C++ programming style, the standard template library(STL) containers and algorithms, numerical linear algebra, using Quantlib, to creating data structures and solvers commonly found in quantitative finance. The programs are intended to be descriptive and pedagogical.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132606567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Services is Not a Profession","authors":"S. Lee","doi":"10.2139/ssrn.3413988","DOIUrl":"https://doi.org/10.2139/ssrn.3413988","url":null,"abstract":"This article serves as a meta-analysis to uncover different factors comprising the definition of “profession” from multiple disciplines including medicine, business, and law. Within the literature, four major themes arise that form the basis for what constitutes a profession: knowledge; admission; organization; and ethics. Upon close examination, the broad field of financial services is lacking in every category. Material differences between other disciplines and financial services prevent the latter from being rightly labeled as a profession. However, financial planning, largely through the efforts of the Certified Financial Planner (CFP) Board, may move closer in that direction.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115623105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Freeing Financial Education Via Tablets: Experimental Evidence from Colombia","authors":"O. Attanasio, Matthew D. Bird, Lina Cardona-Sosa, P. Lavado","doi":"10.3386/W25929","DOIUrl":"https://doi.org/10.3386/W25929","url":null,"abstract":"Financial knowledge is critical for making sound decisions that foster financial health and protect consumers from predation. A widely-used tool for building this capability is financial education. Yet evidence suggests that conventional approaches which teach concepts in classroom-style settings are ineffective and expensive at scale, especially for lower-income users. More recent findings indicate that customizing financial education to the needs, interests, and location of participants may increase impact, though doing so in a cost-effective and scalable way remains challenging. This randomized evaluation of a tablet-based financial education program with mostly female recipients of a conditional cash transfer (CCT) program in Colombia offers evidence for how to design and scale an effective digital-based financial education program. Results indicate that the LISTA Initiative had significant positive impacts on financial knowledge, attitudes, practices, and performance, increasing for poorer, less educated, and more rural populations, with users exhibiting increased financial health over two years later. Critical mechanisms included well-designed content and a social learning component. Yet the longer-term impact on formal financial inclusion was limited, suggesting the possible benefits of combining supply-side solutions with financial education interventions.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123241451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Finance for Managers","authors":"Pablo Fernández","doi":"10.2139/SSRN.3396089","DOIUrl":"https://doi.org/10.2139/SSRN.3396089","url":null,"abstract":"The first section (from accounting to corporate finance) answers the following questions: What is the net income? Is it what the shareholders “earn”, what the company “earns”, what someone “earns”? What does shareholders´ equity mean? Is it money? We show that net income is an arbitrary number which depends on several decisions on the accounting of expenses and revenues. We use three different definitions of cash flow: equity cash flow (ECF), free cash flow (FCF) and capital cash flow (CCF) and answer to the question: When is net income equal to the equity cash flow? \u0000 \u0000The second section (shareholder value creation and shareholders return) defines, analyzes and calculates shareholder value creation. It also differentiates the expected return from the required return. The all-shareholder return is the return that all the shareholders of a company had in a period. It is equal to the hypothetical return of a unique shareholder of the company. It is also the return of a shareholder that always had a constant proportion of the shares. The all-period shareholder return is the return that a shareholder that maintained the shares for the whole period had. There are many all-period shareholder returns, depending on the actions of the shareholder during the period: fraction of dividends reinvested, fraction of shares sold when the company repurchased them, number of shares subscribed when the company increased capital… Most databases provide a specific all-period shareholder return valid for a shareholder that reinvested 100% of the dividends, did not sell any share in repurchases and did not subscribe any new share when the company increased capital. In many situations, there are substantial differences among these returns. \u0000 \u0000The third section (topics and real cases on valuation) shows that It is a big mistake to use betas calculated from historical data to compute the required return to equity for seven reasons. It also shows two real valuation cases of companies. \u0000 \u0000The fourth section (other finance and investing topics) shows that the Market Portfolio is NOT efficient and that it has been very easy to beat the S&P500 in 2000-2018. It also shows confusions, errors and inconsistencies of several utilities regulators when calculating WACC using CAPM.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116036479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Coauthor Favoritism in the Review of Financial Studies?","authors":"Emre Kuvvet","doi":"10.2139/ssrn.3695634","DOIUrl":"https://doi.org/10.2139/ssrn.3695634","url":null,"abstract":"This study examines whether the coauthors of executive editors of the Review of Financial Studies published more papers during the editor’ tenure. The paper finds that not all executive editors are created equal concerning their impartiality toward their coauthors. The results show that George Andrew Karolyi’s coauthors published more articles during his tenure relative to the control period and that, proxied by the number of citations, the quality of those articles were lower.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122338843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"It Has Been Very Easy to Beat the S&P500 in 2000-2018: Several Examples","authors":"Pablo Fernández, Pablo Fernandez Acin","doi":"10.2139/SSRN.3184501","DOIUrl":"https://doi.org/10.2139/SSRN.3184501","url":null,"abstract":"We document that unweighted indexes have outperformed weighted indexes and that the S&P400 and the S&P600 have outperformed the S&P500. $100 invested in the S&P500 in January 2000 became $252.6 in April 2018, but invested in the S&P600 became $577.2, invested in the 30% smallest companies (equal weight) of Kenneth French became $617.9 and invested in the portfolio of [smallest companies and highest Book to Market] (equal weight) of Kenneth French became $1,640. Then, we can conclude that it has been very easy to beat the S&P500. Kenneth French data show (exhibits 5 and 6) that it has been so since 1927. \u0000 \u0000When a rational investor invests for the long-term, he cares about how much money he will have at the end (retirement, endowment…) and he diversifies to avoid a concentration of risk in some of the individual investments. The rational investors (at least the ones we know) do not care about using “the best model”, “the most popular model”…They do not care neither about maximizing some ratio (Sharpe…) nor about minimizing the volatility of his portfolio (most rational investors we know like volatility: volatility does not measure the risk they want to avoid). \u0000 \u0000The objectives of this paper are neither number crunching, neither to maximize anything nor to provide recipes on how to invest, but to provide with some data (facts) that help the reader to analyze his investments and, perhaps, to change his investment criteria. \u0000 \u0000We include a final advice: apply the logic principle “Never buy a hair growth lotion from a man with no hair” to your investment advisors.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"383 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122350925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Black Cards and Banking","authors":"G. Fairchild, T. Fairchild, C. Black, Liz Ivaniw Jones","doi":"10.2139/ssrn.3393821","DOIUrl":"https://doi.org/10.2139/ssrn.3393821","url":null,"abstract":"Cecilia and Luke were recently married and were beginning to build a life together. Although they were complete opposites, they had been able to work through their differences and have a good relationship.Luke was a musician who did not have a day job. Although his music was able to provide him with an income, it was not steady or reliable. Cecilia, on the other hand, had a steady job working as a marketing manager for a baby formula company. While Cecilia had never had a credit card, Luke had in the past, but had abused it through impulsive spending habits and irresponsibility in paying his bill on time. After paying exorbitant late and overdraft fees, he had finally paid off the balance in full and opted the cancel the credit card altogether. Now that Cecilia and Luke had decided it was time to build a life together financially, they began looking into different types of credit cards and bank accounts in order to decide which options would be best for them. \u0000 \u0000Excerpt \u0000 \u0000UVA-F-1870 \u0000 \u0000May 20, 2019 \u0000 \u0000Black Cards and Banking \u0000 \u0000Introduction \u0000 \u0000“Need a warm-up?” The scent of fresh coffee drifted over from the pot in the waitress's hand. \u0000 \u0000“Sure,” said Luke, “and when you can, please bring us the check.” As the couple shared what would be their final cups of coffee in the diner, Cecilia noticed that she only had a $10 bill in her purse. “How much cash do you have? With the tip, I think we might be a bit short. I used to be a waitress, and I hate not tipping adequately.” \u0000 \u0000. . .","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116572496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Modeling & Valuation: An Applied Integrated Framework for Practitioners","authors":"Joseph Tham, Ignacio Vélez-Pareja","doi":"10.2139/ssrn.3364381","DOIUrl":"https://doi.org/10.2139/ssrn.3364381","url":null,"abstract":"This is a draft of Chapter 1 for an upcoming book on Financial Modeling &amp; Valuation. Informally, the chapter introduces the basic concepts in cash flow valuation. It reviews the different types of finite cash flows and discusses the cost of capital with and without taxes in a world with perfect capital markets. We present the Free Cash Flow (FCF) and the Capital Cash Flow (CCF). This chapter is the foundational background for understanding the subsequent chapters. <br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133081449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}