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Class Notes for 16655 at University of Technology Sydney

Property Cash Flow Analysis

16655 Lecture Notes - Lecture 2: Market Depth, Liquidity Risk, Legal Risk

Workshop1Day 2 Net Present Value Based on The Time Value of Money: Future values (cash flows) or benefits must be discounted at a required discount rate to calculate their present values Maximising the Wealth of Corporate ...

Design, Architecture and Building
16655
Song Shi
16655 Lecture Notes - Lecture 1: Relate, Risk Premium, Basis Point

Workshop1 Day 1 Finance Theory 1. Modern Portfolio Theory Based off the concept dont put all your eggs in one basket The more investments we have, the lower the overall risk we are taking If I buy one stock, Im exposed to ...

Design, Architecture and Building
16655
Song Shi
16655 Lecture Notes - Lecture 13: Procter & Gamble, Nick Leeson, Bbc

Companies That Use Derivatives to Manage Market Risk Gibson Greetings Proctor and Gamble Orange County Barings Any REIT this reporting season Based on recent press reports, the current med...

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16655
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16655 Lecture Notes - Lecture 5: Capital Structure, Bridge Street, Sydney, Syndicated Loan

Tradeoff Theory In contrast to Modigliani and Millers theory that capital structure doesnt matter, tradeoff theory suggests that companies will utilise the amount of debt that maximises its value ...

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16655
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16655 Lecture Notes - Lecture 3: Real Estate Investment Trust, Market Risk, Sharpe Ratio

Why Does Beta Matter? If Im certain of how a stock/asset will behave relative to the market, I can buy more or less of it to reflect my risk appetite If Im risk averse, Ill buy low Beta stocks (the...

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16655
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16655 Lecture Notes - Lecture 17: Net Present Value, Floating Interest Rate, Market Analysis

Project Development, Financing Structure and Application Project Development Finance land acquisition with intent of developing it and selling it Highly fragmented, competitive, and local business The ...

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16655 Lecture Notes - Lecture 12: Interest Rate Swap, Life Insurance, Financial Instrument

Bond Pricing In the above example, to calculate the bond price at a quoted yield of 5, we have i = 52 = 0.025 V = 1(1+i) =1(1+.025)=0.9756 an= (1V )i = (10.9756^ )0.025=14.9789 f = 181 d = 181 g = 100 x 62=3 n = 19 P = 0.9...

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16655
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16655 Lecture Notes - Lecture 16: Senior Debt, National Debt Of The United States, Commercial Paper

Sources of Capital Sources of Capital Ordinary Equity PreferredSubordinated Equity Debt Senior Debt (SecuredUnsecured) Junior or Mezzanine Debt (SecuredUnsecured) Hybrid Securities (Mixture of Debt and Equity Characteristi...

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16655
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16655 Lecture Notes - Lecture 11: Operational Risk, Interest Rate Swap, Interest Rate Risk

Operational Risk Operational risk is the risk that deficiencies in the effectiveness and accuracy of the information systems or internal controls will result in a material loss. Operational risk exists because of human err...

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16655
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16655 Lecture Notes - Lecture 7: Real Estate Investment Trust, Capital Structure, Capital Asset Pricing Model

Minimising WACC in the Real World In the real world, few REITs would attempt to determine their ideal capital structure by using the CAPM (though many equity analysts use it in their company analysis and research). CAPM as...

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16655
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16655 Lecture Notes - Lecture 10: Day Count Convention, Interest Rate Swap, Market Risk

Market Risk Market risk refers to the risk of movements in market prices (asset prices, volatility, changes in yield curve or other market variables) the impact of those movements on the earnings of a company. Most loans ...

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16655
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16655 Lecture Notes - Lecture 6: Mechanical Advantage, Credit Risk, Interest Rate

Impact of Leverage of Corporate Risk Definition of LEVERAGE 1. The action of a lever or the mechanical advantage gained by it 2. POWER, EFFECTIVENESS <trying to gain more political leverage> 3. The use of credit to enhance...

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16655
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16655 Lecture Notes - Lecture 2: Risk-Free Interest Rate, Democratic Republic Of The Congo, Capital Asset Pricing Model

Example of CAPM Calculations R =2% f b =1.2 E(R m )=5% What is the expected return for the asset? E(R )=R +b x (E(R )R ) i f m f =2% ...

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16655
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16655 Lecture Notes - Lecture 1: Harry Markowitz, South Sydney Rabbitohs, Weighted Arithmetic Mean

Finance Theory Modern Portfolio Theory Modern Portfolio Theory was first developed by Harry Markowitz and outlined in 1952 in the Journal of Finance. (I know the 1950s doesnt sound very modern, but it hasnt really changed....

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16655
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16655 Lecture Notes - Lecture 8: Sibor, Telerate, The Australian Financial Review

Cost of Equity The cost of equity is often approximated by the one year prospective dividenddistribution yield. That is, where we are trying to work out what the cost of an equity raising will be, we will look at how much ...

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16655
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