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  PHL 458 Think Different Exercise

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  In 1997, Apple, Inc. supported its “Think Different” marketing campaign with a 1-minute commercial featuring black-and-white footage of 17 iconic 20th-century personalities. The commercial was conceptualized by the Los Angeles-based advertising agency TBWA/Chiat/Day.

  Find a copy of this commercial, also known as the “Crazy Ones” commercial, on the Internet and watch it. Identify the 17 individuals shown in the background and, as a team, discuss the following questions:

  • What did each of the individuals contribute to the world?
  • How was each of these contributions rooted in creative thinking; that is, how did each change existing paradigms of seeing or experiencing the world?
  • Are there defining characteristics shared among all or most of the individuals?
  • What is the value of imagination and thinking outside the box with regard to their contributions?

  Summarize your findings in a 350- to 700-word word paper and be prepared to discuss them in class.

  Format your summary consistent with APA guidelines.
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  PHL 458 Week 1 Assignment

  $7.50

  Week 1 Assignment

  1. Describe a situation in which critical and creative thought could have been used for a better outcome. Describe why it is important to think critically and creatively in similar situations.
  2. Define free will, truth, knowledge, and opinion. Explain how we use them to form thoughts.
  3. Identify three hindrances to the critical thinking process. Determine methods for overcoming these hindrances. Identify a time in which you experienced a hindrance in critical thinking. Describe a method you could use to overcome the hindrances.
  4. Identify a message in advertising. Describe how you perceive the message of the advertisement. Try to determine the reality of the advertisement. Distinguish between your perception and the reality of the message.
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  Lodging Demands Assignment

  $10.00

  Chapter 1:

  1. There are three factors that influence lodging demand. What are they and discuss in detail how they affect the demand?
  2. At what time in history did the modern hotel industry emerge? What were the three contributing factors and how did they impact the industry today?

  Chapter 2:

  1. Define and describe the difference between work teams and quality circles and how they each might impact the motivation of employees.

  2. Compare centralization and decentralization and give examples of types of hotels that might employ each.
  3. List the principal functions of each major department, as well as key personnel, in a full service hotel.
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  FIN 515 WEEK 4 HOMEWORK ASSIGNMENT

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  (7–2)
  Constant Growth Valuation
  Boehm Incorporated is expected to pay a $1.50 per share dividend at the end of this year (i.e., D1 = $1.50). The dividend is expected to grow at a constant rate of 7% a year. The required rate of return on the stock, rs, is 15%. What is the value per share of Boehm’s stock?

  (7–4)
  Preferred Stock Valuation
  Nick’s Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock’s required rate of return?

  (7–5)
  Nonconstant Growth Valuation
  A company currently pays a dividend of $2 per share (D0 = $2). It is estimated that the company’s dividend will grow at a rate of 20% per year for the next 2 years, then at a constant rate of 7% thereafter. The company’s stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock’s current price?

  (9-1)
  After-Tax Cost of Debt
  Calculate the after-tax cost of debt under each of the following conditions:

  • a. Interest rate of 13%, tax rate of 0%
  • b. Interest rate of 13%, tax rate of 20%
  • c. Interest rate of 13%, tax rate of 35%

  (9-4)
  Cost of Preferred Stock with Flotation Costs
  Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. A similar stock is selling on the market for $70. Burnwood must pay flotation costs of 5% of the issue price. What is the cost of the preferred stock?

  (9-5)
  Cost of Equity: DCF
  Summerdahl Resort’s common stock is currently trading at $36 a share. The stock is expected to pay a dividend of $3.00 a share at the end of the year (D1 = $3.00), and the dividend is expected to grow at a constant rate of 5% a year. What is its cost of common equity?

  (9-6)
  Cost of Equity: CAPM
  Booher Book Stores has a beta of 0.8. The yield on a 3-month T-bill is 4% and the yield on a 10-year T-bond is 6%. The market risk premium is 5.5%, and the return on an average stock in the market last year was 15%. What is the estimated cost of common equity using the CAPM?
  (9-7)
  WACC
  Shi Importer’s balance sheet shows $300 million in debt, $50 million in preferred stock, and $250 million in total common equity. Shi’s tax rate is 40%, rd = 6%, rps = 5.8%, and rs = 12%. If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC?
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  FIN370 Week 2 Individual Assignment Chapter Study Questions

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  14.1 What are financial markets? What function do they perform? How would an economy be worse off without them?

  14.3 Distinguish between the money and capital markets

  14.4 What major benefits do corporations and investors enjoy because of the existence of organized security exchanges?
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  FIN/370 Week 1 Individual Assignment

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  FIN/370
  Week 1 Individual Assignment
  Resource: Financial management: Principles and applications

  Define the following terms and identify their roles in finance:

  • * Finance
  • * Efficient market
  • * Primary market
  • * Secondary market
  • * Risk
  • * Security
  • * Stock
  • * Bond
  • * Capital
  • * Debt
  • * Yield
  • * Return on investment
  • * Rate of return
  • * Cash flow
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  Week 1 Assignment: Mini Case (p.45) Problems (p.79)

  $17.50

  a) Why is corporate finance important to all managers?

  b) Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form.

  c) How do corporations go public and continue to grow? What are agency problems? What is corporate governance?

  d) What should be the primary objective of managers?

  • 1) Do firms have any responsibilities to society at large?
  • 2) Is stock prices maximization good or bad for society?
  • 3) Should firms behave ethically?

  e) What three aspects of cash flows affect the value of any investment?

  f) What are free cash flows?

  g) What is the weighted average cost of capital?

  h) How do free cash flows and the weighted average cost of capital interact to determine a firm’s value?

  i) Who are the providers (savers) and users (borrowers) of capital? How is capital transferred between savers and borrowers?

  j) What do we call the price that a borrower must pay for debt capital? What is the price of equity capital? What are the four most fundamental factors that affect the cost of money, or the general level of interest rates, in the economy?

  k) What are some economic conditions (including international aspects) that affect the cost of money?

  l) What are financial securities?

  m) List some financial institutions.

  n) What are some different types of markets?

  o) How are secondary markets organized?

  • 1) List some physical location markets and some computer/ telephone networks.
  • 2) Explain the differences between open outcry auctions, dealer markets, and electronic communications networks (ECNs).

  p) Briefly explain mortgage securitization and how it contributed to the global economic crisis.

  2-6. In its most recent financial statements, Newhouse Inc. reported $50 million of net income and $810 million of retained earnings. The previous retained earnings were $780 million. How much in dividends was paid to shareholders during the year?

  2-7. The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3)dividends paid of $25,000, and (4) income taxes. What are the firm’s income tax liability and its after-tax income? What are the company’s marginal and average tax rates on taxable income?

  2.9 The Shrieves Corporation has $10,000 that it plans to invest in marketable securities. It is choosing amomng AT&T bonds, which yield 7.5%, state of Florida muni bonds, which yield 5% (but are not taxable), and AT&T preferred stock, with a dividend yield of 6%. Shrieves’s corporate tax rate is 35% and 70% of the dividends received are tax exempt. Find the after-tax rates returns on all three securities.
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  FIN 515 Homework #1

  $7.50

  1-1. What is the most important difference between a corporation and all other organizational forms?

  1-2. What does the phrase limited liability mean in a corporate context?

  1-3. Which organizational forms give their owners limited liability

  1-4. What are the main advantages and disadvantages of organizing a firm as a corporation?

  1-5. Explain the difference between an S corporation and a C corporation.

  1-6. You are a shareholder in a C corporation. The corporation earns $2 per share before taxes. Once it has paid taxes it will distribute the rest of its earnings to you as a dividend. The corporate tax rate is 40% and the personal tax rate on (both dividend and

  non-dividend) income is 30%. How much is left for you after all taxes are paid?

  1-7. Repeat Problem 6 assuming the corporation is an S corporation.

  2.8 In early 2009, General Electric (GE) had a book value of equity of $105 billion, 10.5 billion shares outstanding, and a market price of $10.80 per share. GE also had cash of $48 billion, and total debt of $524 billion. Three years later, in early 2012, GE had a book value of equity of $116 billion, 10.6 billion shares outstanding with a market price of $17 per share, cash of $84 billion, and total debt of $410 billion. Over this period, what was the change in GE’s:

  1. market capitalization?
  2. market-to-book ratio
  3. enterprise value?

  2-11.  Suppose that in 2013, Global launches an aggressive marketing campaign that boosts sales by 15%. However, their operating margin falls from 5.57% to 4.50%. Suppose that they have no other income, interest expenses are unchanged, and taxes are the same percentage of pretax income as in 2012.

  1. What is Global’s EBIT in 2013?
  2. What is Global’s net income in 2013?
  3. If Global’s P/E ratio and number of shares outstanding remains unchanged, what is Global’s share price in 2013?

  2-24.  Suppose your firm receives a $5 million order on the last day of the year. You fill the order with $2 million worth of inventory. The customer picks up the entire order the same day and pays $1 million upfront in cash; you also issue a bill for the customer to pay the remaining balance of $4 million in 30 days. Suppose your firm’s tax rate is 0% (i.e., ignore taxes). Determine the consequences of this transaction for each of the following:

  1. Revenues
  2. .Earnings
  3. Receivables
  4. Inventory
  5. Cash
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  FIN-516 WEEK 1 – HOMEWORK ASSIGNMENT

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  Problem Based on Chapter 14, Residual Dividends
  Middlesex Plastics Manufacturing had 2011 Net Income of $15.0 Million. Its 2012 Net Income is forecast to increase by 8%. The company’s capital structure has been 35% Debt and 65% Equity since 2010, and the company plans to maintain this capital structure in 2012. The company paid $3.0 Million cash dividends in 2011. The company is planning to invest in a major capital project in 2012. The capital budget for this project is $12.0 Million in 2012. Given:

  2011 Net Income = $15,000,000
  2012 Net Income = increased by 8% = ($15,000,000) + ($15,000,000 * 8%) = $16,200,000 2012 Target Equity Ratio = 65%
  2011 Dividend Payout = $3,000,000
  2012 Capital Budget = $12,000,000

  1. If Middlesex increases its cash dividends in 2012 at the same rate of growth as its Net Income rate, what will be the total 2012 dividend payout in Dollars?
  2. What is 2012 dividend payout ratio if the company increases its dividends at 8%?

  3. If the company follows a residual dividend policy, and maintains its 35% Debt level in its capital structure, and invests in the $12.0 Million capital budget in 2012, what would be the Residual Dividend level (in Dollars) in 2012? What would be this Residual Dividend payout ratio?

  4.How much additional capital (Debt and/or Equity) will the company have to raise from outside sources in 2012 if it invests in this capital project, and follows a residual dividend policy?

  5. What would be the prudent dividend policy for 2012?: Pay dividends at the current dividend growth rate of 8%, or pay the residual dividend amount.

  Problem 19-3 (Chapter 19) on Warrants
  This problem is posted on page 781 of the textbook.

  (19–3) What effect does the trend in stock prices (subsequent to issue) have on a firm’s ability to raise funds through (a) convertibles and (b) warrants?