Showing 694–702 of 1965 results

  • Pfizer’s Unsuccessful Takeover of Astrazeneca

    $10.00

    Corporate Finance

    The case is the unsuccessful takeover of AstraZeneca by Pfizer which unfolded earlier this year.  News archives will be a main source of material for the case but you should also use your course notes when evaluating news items and to provide a background for your analysis.

    If you cite works in the report they must be included in a reference section.  If you use works but do not cite them you can include them in a bibliography.

    Pfizer’s unsuccessful takeover of AstraZeneca

    For an overview of the case please read the timeline available at

    http://www.theguardian.com/business/2014/may/14/pfizer-takeover-approach-astrazeneca-timeline

    This case illustrates how a takeover unfolds when the target’s management are not in favour of the takeover.  Pfizer keep raising their offer price whilst AstraZeneca provide a defence by publishing a strategy document.

    Following the Kraft-Cadbury case and, in particular, the loss of jobs which had been promised as secure, the UK government intervenes and the takeover becomes a potential vote issue.

    One main motive for Pfizer’s bid appears to be a desire to move to the UK to lower its tax bill.

    The takeover is unsuccessful but the media suggests that when the regulatory deadline (late November) passes Pfizer will launch another bid for AstraZeneca.

    Required

    Discuss the reasons for the UK intervening in the bid process and explain why Kraft-Cadbury has influenced the government’s stance on mergers and acquisitions.

    The following may be of help but do search for more.

    http://www.bbc.co.uk/news/business-27187215

    http://www.bbc.co.uk/news/business-27258143

    http://www.bbc.co.uk/news/business-27185027

    http://www.bbc.co.uk/news/business-27274954

    http://www.publications.parliament.uk/pa/cm200910/cmselect/cmbis/234/234.pdf

    http://www.ft.com/cms/s/0/f7f00654-39ca-11e4-83c4-00144feabdc0.html#axzz3DYItqmrh

    http://www.bbc.co.uk/news/business-27466278

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  • Corporate Finance

    $40.00

    Part 1

    The traditional assumptions of the perfect markets, the agency principle and the strength of the real world efficiency has underpinned comparative analyses of the so called random prices and returns by rational, risk averse investors. Nevertheless, they still provide indispensible, theoretical benchmarks for any framework of investment, first formalised as the Efficient Market Hypothesis (EMH) by Eugene Fama (1965)

    Required:

    Define “efficiency” and consider the implications of the EMH for the purposes of valuation and takeover in the corporate world.                                                                                                     (50 Marks)

    Part 2

    Modigliani, F and Miller, M.H., (1958), did set out their original case for the irrelevance of financial structure to corporate valuation and capital cost (WACC) in a perfect capital market. Referring to the original article you are required to:

    1. Clearly defined the three propositions advanced by MM and explained supporting your answers how they have been proved?  (20 Marks)
    2. B. Explain how do MM’s conclusions differ from a traditional view of capital structure in a tax-less world where the cost of debt is constant?                                        (10 Marks)
    1. C. Within the context of investment appraisal, what are the implications of MM’s hypothesis for financial management?                                                                (20 Marks) (Total 50 Marks)

    (Total 100 marks)

    The assignment maximum word count should be 2500 words

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  • Interpreting Annual Reports

    $20.00

    In addition to the financial statements in an annual report, there are three other important components that are usually part of the annual report; Management’s Discussion and Analysis (MD&A), a report on internal control, and a report from an independent accounting firm. Access the annual report (for the most recent year) for PepsiCo and review these three components.
    Summarize or answer the following:

    Discuss the main points of the information contained in the MD&A.
    As indicated in the report on internal control, what independent accounting firm audited the consolidated financial statements for PepsiCo? What changes did PepsiCo make to improve its internal controls?

    Briefly describe the main points of each paragraph of the report from the independent accounting firm and note the firm’s opinion of the financial statements.

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  • Applying the Capital Asset Pricing Model (CAPM)

    $5.00

    Analyze the Capital Asset Pricing Model (CAPM). Using two ARTICLES as references, address the following:

    •Explain how the CAPM assists in measuring both risk and return.

    •Explain how the CAPM assists in calculating the weighted average costs of capital (WACC) and its components.

    •Illustrate why some managers have difficulty applying the Capital Asset Pricing Model (CAPM) in financial decision making.

    •Identify the benefits and drawbacks of using the CAPM.

    Develop a 200 – 300 word answer supporting your position.

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  • ASB3210 Advanced Corporate Finance Assignment

    $40.00

    ASB3210 Advanced Corporate Finance

    Assignment

    The case is the unsuccessful takeover of AstraZeneca by Pfizer which unfolded earlier this year (2014).  News archives will be a main source of material for the case but you should also use your course notes when evaluating news items and to provide a background for your analysis.

    A maximum word limit of 3,000 words although I will allow a margin of 10% so the maximum acceptable is 3,300.  Do ensure you reference your source materials appropriately.  If you cite works in the report they must be included in a reference section.  If you use works but do not cite them you can include them in a bibliography.

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  • Banks’ risk management: a comparison study of UAE national and foreign banks

    $2.00

    Banks’ risk management: a comparison study of UAE national and foreign banks

    You should read article and analyze it abd provide a critical comments You should address ONE of the following: 1- By reporting the type of analysis the writer performs and assessing how this type of analysis supports the writer’s reasoning and claims; 2- By examining whether the writer’s analysis adequately supports the writer’s findings; 3-By suggesting new information, methods of analysis, or theoretical approaches that might make a contribution to the writer’s reasoning; 4-By pointing out conclusions or causes or effects of the writer’s reasoning that he or she has not addressed or anticipated; 5-By examining the article for signs of coherent connections between ideas and, if appropriate, by showing how the lack of connections between ideas leaves the writer’s conclusions or findings unsupported; 6-By suggesting how to shore up the writer’s claims with further study, information, data or analysis; 7-By discussing what remains to be examined on the topic; 8-By extending the writer’s attempts to make coherent connections between ideas with your own reasoning; 9-By showing your agreement with the writer’s lines of reasoning and claims and explaining why they are a good fit with your own knowledge and experience; 10-By supporting aspects of the writer’s claims and analysis and withdrawing your support in relation to other ideas, revealing how, in places, the writer does not offer convincing proof or analysis of claims or findings; 11-By considering interpretations of data and information the writer has not by imagining alternative claims, positions, and theories in relation to findings; 12-By bringing new analytical terms to an analysis of the topic that the writer has not considered; OR 13-By suggesting new processes of reasoning or methodology by which the writer might arrive at new, productive conclusions or thinking. the critical comments should be one or two paragraphs long

    Additional Files:

    Banks-risk-management-A-comparison-study-of-UAE-national-and-foreign-banks.pdf

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  • The Gulf Central Bank Structure

    $35.00

    You can work on your assignment from now but you need to fully understand Chapter 9, The Functions of the Federal Reserve

    Individual assignment: Your need to write  around 2000 words reports about how should be the structure of the suggested Central Bank for GCC? How might this bank be similar or different from the European Central Bank? What are the arguments for and against the GCC central bank? What are the most important objectives and functions for GCC central Bank?

    The report should be written in an academic style (executive summary, Introduction, discussion, conclusion, and references list).

    Marking guidelines Project Report: The assignment will be allocated 8 marks depending on the content, academic referencing and well structure and writing. Word count:  3000 words (not including references).

    Structure and Contents of Project report: The Project Report is an outline of your 5 points Project, providing information on the “What, Why, How conceptually and How practically” of your research. The purpose is to show the reader you have managed to arrange your broad Project research ideas into a logical account of research; and your work is justifiable and meaningful. It requires you to think clearly about your research objectives, research methods and relevant literature.

    The following information needs to be included in your Project Report: 

    1. Title of your Project Report and executive summary: Indicating the focus of your work
    2. Introduction-Background: This section should explain the rationale and the context for your topic. You should provide sufficient background information on the issues you want to discuss for the reader to be able to understand the rest of your report as well as its value. If you focus on an organization you should provide enough organizational information to put your research into context.
    3. Discussion: This may be presented under more than one heading. This include a detailed critical analysis of the literature provides an identification of themes from academic and other relevant recent and/or historically important literature which acts as the basis for your study and clarifies where your study fits into this debate. Then you turn to discuss the different parts of the question giving your own opinion.
    4. Conclusion: This part should summarize your work giving brief information about:
    • The brief answer for question
    • The most important results and its relation with the literature.
    • Your contribution what should we learn from you work.
    1. Reference list (Harvard standard or any)

    Assignment Marking Scheme                                         

    • Executive summary5%
    • Introduction/ Context/Background 15%
    • Writing Skills (including grammar and structural mistakes)30%
    • Discussion 35%
    • Referencing 5%
    • Overall Presentation 10%
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  • Financial Decision Making for Managers

    $5.00

    Hotels and airline companies often sell their rooms and seats at deep discounts on sites like www.priceline.com and www.hotwire.com. The prices for these hotel rooms and airline seats are often way below what the company needs to make to cover its costs.

    1. Discuss why airline and hotel companies are willing to do this? (Think about the different types of costs as they apply to hotels and airlines when you present your reasoning.)

    2. Airlines as well as hotel companies have their own websites where customers can buy seats or rooms. Why do you think they prefer to use Priceline or hotwire for the ‘deeply discounted’ product rather than their own website? (Note: This is not from the text and is really more of a marketing issue. But, it is always interesting to see the interrelatedness of the different branches of business – so use your marketing knowledge, personally savvy or imagination on this one!)

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  • Materiality in Auditing

    $35.00

    The title to be used when submitting this assignment is Materiality in Auditing.

    Assignment Question

    “The term ‘material’ is of critical importance in the auditing context” (Porter et al., 2014, p.73).

    “Materiality levels are more secret than the Coca Cola formula” (Mock et al., 2009, p.4).

    Discuss these abstracts in the context of academic research and recent developments in audit regulation and practice.

    Guidance

    The aim of this assignment is to assess your ability to construct a sustained academic argument around a key concept in auditing in the light of recent developments.

    The following questions may aid in researching, planning and writing:

    • Is materiality of ‘critical importance’ in auditing? If so, why?
    • Have the materiality levels used by auditors been secret? If so, why?
    • What has academic research shown about the importance and secrecy of materiality?
    • How has recent audit regulation, particularly in relation to audit reporting, changed audit practice in relation to the disclosure of materiality?
    • Is it possible to conclude whether or not this change is for the better?

    It will require a brief introduction, a clear conclusion, an appropriate bibliography, and referencing in the Harvard style. You should support your argument by at least one recent example from an audit report.

    The word limit for this assignment is 2,000 words (± 10%).

    Marks Available

    Will be marked using the categorical marking criteria shown in the Bangor Business School Undergraduate Handbook. The numerical mark for the assignment, as converted from its categorical equivalent, will constitute 20% of the mark for the module.

    Guide to Sources

    Our first tutorial will consist of a briefing on this assignment. Themes relevant will be touched upon in our first seven lectures on the auditing module and in our third tutorial.

    A starting point for your independent research in this area could be any good recent auditing text book. An appropriate source would be the relevant sections in our course text: Porter, B. et al. (2014) Principles of External Auditing (4th ed.), pp. 73-77, 350-361.

    The full text of the current International Standard on Auditing ISA 320 Materiality in Planning and Performing an Audit can be accessed on the website of the International Federation of Accountants (IFAC) at https://www.ifac.org/sites/default/files/publications/files/A018%202013%20IAASB%20Handbook%20ISA%20320.pdf.

    The IFAC website also contains the research report from which the second abstract question is taken, Mock, T. et al. (2009) The Unqualified Auditor’s Report: A Study of User Perceptions, Effects on User Decisions and Decision Processes, and Directions for Further Research, at  http://www.ifac.org/sites/default/files/downloads/Study__1_ASB_Summary_Report.pdf.

    A review of academic research on materiality to 2005, Messier, W. et al. (2005), A Review and Integration of Empirical Research on Materiality: Two Decades Later, can be accessed at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=786688.

    A review of current audit practice in relation to materiality in the UK can be found in the recent Financial Reporting Council (FRC) publication, FRC (2013), Audit Quality Thematic Review – Materiality, available at

    https://frc.org.uk/Our-Work/Publications/Audit-Quality-Review/Audit-Quality-Thematic-Review-Materiality.pdf.

    This document also provides brief coverage of the recent changes to audit reporting in the UK.

    The FRC website provides a generic example of the revised audit report now used in the UK at

    https://www.frc.org.uk/Our-Work/Publications/Audit-and-Assurance-Team/ISA-700-%28UK-and-Ireland%29-700-%28Revised%29/Illustrative-example-of-a-UK-auditor-s-report.aspx.

    Examples of such audit reports can also be found in the annual reports of UK companies for years ended from 30 September 2013 onwards. An example can be accessed at

    http://www.tescoplc.com/files/pdf/reports/ar14/download_annual_report.pdf,  pp.65-68.

    You may, of course, also wish to explore other authoritative sources in writing.

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