Finance Educator: Courses最新文献

{"title":"A Report on Banco Espirito Santo Scandal","authors":"I. Alam","doi":"10.2139/ssrn.3885050","DOIUrl":"https://doi.org/10.2139/ssrn.3885050","url":null,"abstract":"Banco Espirito Santo is a practical example of what the lack of proper audit oversight and the mismanagement from the owner can do. The company that has survived two world wars, political upheaval, economic transitions could not survive under the leadership of an autocratic business leader. Banco Espirito Santo went from being the second-biggest bank in Portugal to a victim of mismanagement and fraudulent activities. The report shows the complex company structure which made the overall fraud process feasible for the company and how they have been doing it for many years. Espirito Santo Family started business in the financial sector, but they branched out in real estate, tourism, agriculture and many other fields. The overall form and the company structure is so complicated that even in simple words it takes a lot of time to understand the overall company structure. On top of that, their listing in many countries made it difficult to keep them under observation as they fall under a different jurisdiction. Banco Espirito Santo has been under the leadership of Sagaldo who has been working as the CEO since 1991. The parent company was highly leveraged, money was taken out of the bank using complex financial tools and special purpose vehicles. They used their offshore banks and special purpose vehicles in order to bring out more money as debt. However, the revenues from other business tanked and they could not keep up paying the interest on the loans they have taken. The Espirito Santo family sold their parent company loans to the retail customers of the bank as commercial paper. However, the situation deteriorated and they no longer have the ability to pay back their loans and filed for bankruptcy. The case of BES showed how the lack of proper audit created the chance for fraud.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132307779","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":"Investment Analysis of Xero Limited (ASX:XRO).","authors":"Vasilios Triantafilakis, Andy Nguyen","doi":"10.2139/ssrn.3872193","DOIUrl":"https://doi.org/10.2139/ssrn.3872193","url":null,"abstract":"Xero Limited is a global entity created and headquartered in New Zealand. It was first created in 2006 and has expanded into multiple markets as well as being listed in the Australian Stock Exchange. Xero Limited is a cloud based end to end complete accounting software solution provider for small to medium enterprise (SME) companies. Its uniqueness in product offering has led this organisation to be one of the fastest growing tech stocks that has outperformed all its competitors. <br><br>Xero Limited is accessible by application software around the world and online by mobile networks to any small to medium enterprise company. As noted in “sharecafe.com.au”: ‘Its cloud-based software system can integrate people with the exact numbers consistently on any device at any place’ (Sharecafe, 2021). Within Xero Limited’s Annual Report 2021, the company has stated 2.7 million subscribers with 300 connections to banks globally (Xero Limited Annual Report 2021). This indicates phenomenal growth is occurring worldwide. As mentioned on ASX: ‘Its objective is to create a socially responsible and environmentally sustainable business favouring its clients, advisors, communities, shareholders, and Xero employees’ (ASX,2021).<br><br>In this report, a review of the industry had been made before analysis for forecasting and as such Xero Limited has been growing greater than its industry as well as relative to its competitors. It has been indicated that they provide an end to end accounting software solution, this is unique within the market. Over the years Xero Limited will be able to grow further internationally from its current markets and will also be able to diversify offerings.<br><br>This report analyses Xero Limited valuation of finances and share price, after which a comparison is made on its current market share value to that of the fair market value that had been derived within this report. Xero Limited’s past five years of historical financial data has been reviewed to forecast the next five years and subsequently derive its free cash flows along with its discount valuation as of the end of its Annual Report 2021. This report concludes with a recommendation to whether the investor client should buy, sell, or hold shares.<br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114796863","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":"An Investment Theory Based on Geometric Return","authors":"Jingjing Chen","doi":"10.2139/ssrn.3871543","DOIUrl":"https://doi.org/10.2139/ssrn.3871543","url":null,"abstract":"Return is the most fundamental concept in investment. There are two methods to measure returns: Arithmetic return and geometric return. The standard investment theory, Markowitz portfolio theory and CAPM, uses arithmetic return. Geometric return provides more accurate and precise measurement of investment performance. Because of this, geometric return provides many advantages as the foundation of an investment theory.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"156 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122614998","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":"A Comparative Study on Operational and Financial Performance of International Finance Investment and Commerce Bank LTD and Agrani Bank LTD in Bangladesh","authors":"Nahida Aktar, M. Shah Alam","doi":"10.54476/iimrj286","DOIUrl":"https://doi.org/10.54476/iimrj286","url":null,"abstract":"Financial and operational managements are considered to be important ways to measure profitability and liquidity of a bank. There is a close relationship between financial performance and operational performance of banks. The study aimed to determine the financial and operational management of International Finance Investment and Commerce Bank Ltd. and Agrani Bank Ltd. The study was prepared on the basis of secondary data collected from published annual reports of the banks, journals and books and so on. The technique of ratio analysis was used in order to find out liquidity and profitability of banks with a view to measuring operational and financial performance of banks covering a five (5) year periods. During analysis of the collected data, a fluctuating result was found out as International Finance Investment and Commerce Bank Ltd. is a Private bank and Agrani Bank Ltd. is a public bank. The management policy to some extent different in case of both of the banks. The study pointed out many limitations considering private and public sectors banks and assess which of the banks is in advantageous position. Lastly, the study outlined some modest possible suggestions for the betterment of financial and operational performance of banks so that the banks can contribute to the nations considerably.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115447140","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":"Tranching of Debt as Legal Construction","authors":"Sara Göthlin","doi":"10.2139/ssrn.3877489","DOIUrl":"https://doi.org/10.2139/ssrn.3877489","url":null,"abstract":"This paper addresses a core feature of the debt capital markets in general and securitisation transactions in particular; the creation of debt claims with different ranking and priority (also referred to as “tranching”). The primary purpose of the study is to develop an understanding of the contractual ranking of debt as an enforceable legal construction. It is suggested that a more coherent understanding of tranching could foster (i) greater compatibility of insolvency law with financial regulation; (ii) a reduction in unnecessary transaction costs through further standardisation; and (iii) a more level playing field between jurisdictions and different forms of debt finance. I discuss tranching of debt in securitisations as one of many junctures between EU financial market regulation and the realm of local private law. At the same time, tranching highlights the elusive distinction between contracts that are valid and binding inter partes, and those that purport to affect third parties. These are vast topics, and even more daunting when taken together. The focus on securitisation and tranching therefore offers an opportunity to study fractions of these issues by virtue of the limited context. The paper is organised as follows. After an introduction of the subject matter and theoretical foundations, it investigates the element of tranching by first looking at the term as it emerges in the Securitisation Regulation ((EU) 2017/2402). It then looks at how the ranking of a tranche of debt securities plays into the rules on capital adequacy in a securitisation context. The notions of tranching found in financial regulation do not however include the substantive rules that apply to the creation of an enforceable priority ladder between investors. That task is still left to domestic insolvency, contract, and property law. Moving therefore beyond the definitions and usages of tranching in EU regulatory sources, the paper analyses how tranches of debt with different priority are created in actual transactions. Based on public transaction documents and domestic legal sources from three EU jurisdictions (France, Germany and the Netherlands) and the UK, it analyses the building blocks used to create enforceable contracts on the ranking of debt. This is followed by concluding remarks, including a suggested common approach for evaluating enforceability of an agreed payment waterfall across jurisdictions. By disentangling the elements of public STS transactions that are used to ensure enforceability of an agreed payment order, this study provides a starting point for finding paths in domestic law that allows legal certainty in relation to the ranking of notes.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125576950","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":"Single and Dual Duration and Convexity Formulae: A Reference for Perpetuities, Annuities, Coupon Bonds, and Zero Coupon Bonds, and for Both Growing and Nominal Cash Flows, in Multiple Forms","authors":"Barton Waring","doi":"10.2139/ssrn.3821882","DOIUrl":"https://doi.org/10.2139/ssrn.3821882","url":null,"abstract":"In this reference note, intended for easy reference use by finance generalists, we derive the formulae for a) the prices and dual and single durations and convexities for b) growing and nominal instruments, including c) coupon bonds, zero coupon bonds, annuities, and perpetuities, across d) the seven most useful and relevant combinations of coupon, discounting, and other cash flow details (forms)—all in a relatively compact presentation. These forms include 7 variations of:<br><br>• Continuous or discrete coupons <br><br>• Payment timing, i.e., payments made at the end of the period (most common) or payments made at the beginning of the period (annuity due) <br><br>• Growth beginning right away during the first period, or growth only beginning during the <br>second period (the conventional form for most growing perpetuities and annuities) <br><br>• Continuous or discrete compounding. <br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122682296","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":"A Private Equity Course","authors":"Ludovic Phalippou","doi":"10.2139/ssrn.3824805","DOIUrl":"https://doi.org/10.2139/ssrn.3824805","url":null,"abstract":"Currently, there is a widespread and strong demand for courses covering private equity funds. This pressure is understandable given that most students in business schools are seeking jobs in the private equity industry, and plenty of students in other fields also want to join. Private equity funds grew from managing about $5 billion in 1980, to about $500 billion in 2000, to about $5 trillion in 2016, and are nearing $10 trillion as of 2020. This growth has exceeded that of any other financial products. In addition, in the US alone, nearly 10 million people work for a company controlled by a private equity fund. Finally, this industry is home to a stockpile of mythologies, war-stories and fantasies, all shrouded in complex jargon, making the need for education yet more pressing. <br>This private equity course attempts to assist students on their quest to become fluent in the private market language and techniques. This up-to-date, authoritative, and non-complacent course builds on twenty years of academic research and teaching in this field, with the contribution of practitioners who intervene as guest speakers and tutors. The course textbook, “Private Equity Laid Bare” (v3.0, 381 pages) is affordable, especially as it includes five case studies, of which two role plays, and a specialised dictionary (Alternative Oxford Private Equity Dictionary). A companion podcast series also provide a body of asynchronous material free of charge.<br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117350060","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":"Economic Consequences of Expanding Sales Tax Nexus: Evidence from Stock Price Reactions to the Wayfair Decision","authors":"Thomas R. Kubick, Thomas C. Omer, Courtney E. Yazzie","doi":"10.2139/ssrn.3800440","DOIUrl":"https://doi.org/10.2139/ssrn.3800440","url":null,"abstract":"We analyze stock price reactions to the announcement of the United States Supreme Court decision in South Dakota v. Wayfair, Inc., Overstock.com, Inc., and Newegg, Inc. (hereafter Wayfair), which overturned over 25 years of judicial doctrine related to sales tax nexus. Wayfair's precedent provides a broadening of sales tax nexus and a significant increase in affected firms' compliance costs. Stock returns surrounding the Wayfair decision were, on average, negative, suggesting that investors were concerned about an increase in compliance costs and a decrease in market share. Cross-sectional analyses suggest that the negative reaction manifested primarily among firms operating in industries most affected by the decision and firms with fewer resources. Our results reveal an immediate consequence of the prospect of expanding sales tax nexus is a downward revision in firm valuations.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129741935","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":"The Financial Statements Analysis","authors":"Tim Sovaniski, Badruldeen Mohd Ali","doi":"10.2139/ssrn.3794864","DOIUrl":"https://doi.org/10.2139/ssrn.3794864","url":null,"abstract":"This study examined and evaluated the role of financial statement analysis in the increasing of the performance of the organization. The major aims of the study were to find empirical evidence of the degree to which effective analysis effects on the performance. Considering the nature of the survey, quantitative methods of research were applied. In attempt to achieve the objectives of the study, several findings were made through the analysis of both the structured and unstructured questionnaire on the management of banks and the financial reports of the sampled accountants in University of Primorska. The data obtained from the Primary and Secondary sources were analysed through collection, sorting and grouping of the data in tables of percentages and frequency distribution.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116398154","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":"How Far Can Financial Acumen Push Positive Social Impact? The Case of the Redevelopment of Spofford in the Bronx","authors":"Ludovic Phalippou","doi":"10.2139/SSRN.3793552","DOIUrl":"https://doi.org/10.2139/SSRN.3793552","url":null,"abstract":"When Eric Clement graduated from the University of Oxford Said Business School executive MBA program on his 37th birthday, he was searching for the new Eldorado: jobs in the high-octane private equity industry. These were simply the most sought-after jobs out there – pay was high! The first-born son of Panamanian-American parents now had the degree, knowledge, and experience to make it happen. But then he was offered a job in a government organization, where he would hire fund managers to make investments and where he would have to focus on the social impact of his investments. He was intrigued. Growing up in a middle-class suburb of NYC, Eric knew how difficult it was to move up the socioeconomic ladder. He had been working since he was 11-years old, and because his parents were not from the U.S., he didn’t have the social contacts many of his friends did, which could open up career paths he had never heard of. Could he use the finance skills he had acquired throughout his career to improve the lives of underrepresented people so they wouldn’t have to go through what he did? What if a hard-core finance chap like himself stepped into a world where finance acumen was rare and tree-hugging plentiful? What if he took the opposite seat at the negotiation table, effectively hiring the people he wanted to join, and got them to behave and act responsively? What would happen then?","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114455166","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}