EAST 211 Lecture Notes - Emperor Taizu Of Song, Emperor Jingzong Of Western Xia, Emperor Zhezong

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lemonsalmon361

23 Sep 2012

School

McGill University

Department

Asian Language & Literature

Course

EAST 211

Professor

Rebecca Doran

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Document Summary

Week 7 study guide: historical timeline, the five dynasties and ten kingdoms. After the fall of the tang and before the foundation of the song, five different dynasties came and went in a period of fifty years: later liang (907-923); later tang (923-936); later jin (936-947); later han (947- The rest of the former tang empire was also divided into ten independent kingdoms. A period of disunity, frequent successions, and warfare, which can be seen as a continuation of the divisions of the later tang: the song and border states. History of the song: founding the song. Founding figure: zhao kuangyin (928-976), general of the later zhou (951-960) When the later zhou emperor died, a child emperor was put on the throne. Zhao kuangyin took this opportunity to seize control with the help of his army. He established the song dynasty (960-1279) and became emperor taizu (r. 960-976). Policy of wen (civil principle) over wu (military)

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Several studies suggest that breast-fed babies become more intelligent children than formula-fed babies. One such study (Mortensen, Michaelsen, Sanders & Reinisch, 2002) involved a sample of over 3,000 women and men born in Copenhagen, Denmark, between October 1959 and December 1961. The samples were divided into five categories based on duration of breast-feeding, as assessed by physician interview with mothers at a one-year examination. The childâs intelligence was assessed using the Wechsler Adult Intelligence Scale (WAIS) at a mean age of 27.2 years. The results showed that duration of breast-feeding was associated with significantly higher scores on the verbal, performance, and full scale WAIS IAs. This difference was observed even after the researchers adjusted for differences in the social class and maternal education of the two groups. (This adjustment allowed the researchers to rule out any preexisting differences in the groups that might have independently contributed to IQ differences in their children. The authors acknowledged that other differences between the groups, such as the childrenâs genetic potential or their parentsâ caregiving skills or motivation to nurture, could explain the results. However, they believe that human milk contains various hormones and other factors that enhance brain growth and maturation.

1. State the research hypothesis in your own words. Identify the independent and dependent variables, and define all important concepts and terms as they are used in this study.

2. What evidence do the researchers offer as a test of their hypothesis? Is this evidence empirical (observable)? Is it valid?

3. What explanation do the researchers offer for their findings? Does this explanation make sense based on the evidence?

4. Given the results of this study, why canât the researchers draw a causal connection between type of food and later intelligence? What might be an alternative explanation for the results of this study? What could the researchers do in order to make a causal connection between the dependent and independent variables?

5. Are there any practical implications for this research?

CAN SOMEONE PLEASE HELP>... I NEED ONLY the last two questions answered and I had posted thise twice! I NEED HELP>>>>>>>>>>>>>>>>>>>> PLEASE EXPLAIN THE PROCESS OF THE ANSWER...

Nike is the company chosen!

What is the companyâs ticker symbol? Ticker = X

Find the amount of long-term debt (D): Publicly traded companies are required to produce annual accounting reports (10K) for the SEC detailing the financial operations of the past year. On the balance sheet, each company is required to list the value of long-term debt. (Note: Most of the tables in this report are created by accountants. Hence, this report provides book values. But, the book value of debt and the market value of debt are roughly equal.) These can be found on the SEC EDGAR webpage www.sec.gov/edgar.shtml. EDGAR stands for Electronic Data-Gathering, Analysis, and Retrieval system. Click âSearch for Company Filingsâ then âSearch by Company Name.â

Debt = X

Find the amount of equity (E):

What is the book value of equity? This can be found in the annual 10K report.

Book Value of Equity = X

What is the market value of equity? Several web pages list stock market information. All of this information can also be found on Bloomberg and Telemet using the terminals in the trading room. To find the information you need to find the amount of equity look in the Equity Research Category in the Key Stats and Company Financials Page. NOTE: Book equity and market equity are different!

Market Value of Equity = X

Use the answers to questions 2 and 3 to determine the market capital structure weights.

Weight of Debt = X

Weight of Equity = X

Estimate the cost of debt (r_D): You can find bond information for current bonds outstanding at the bond web page finra.org.

How many different bonds does the company currently have outstanding?

Number of bonds = X

What is the length of each bond?

Do the bonds have any special features (puts, calls, sinking funds, etc)?

What is the cost of debt of the most recently issued bond?

What do you think that the cost of debt will be if the company issues a new bond?

Estimate the cost of equity (r_E) two different ways:Dividend Growth Model

What is the current annual dividend (D₀)? On the Yahoo finance page follow the link for âHistorical Pricesâ and then âDividends Only.â This table can be exported into Excel to help you do calculations by clicking on âDownload to Spreadsheet.â

Embed Excel Spreadsheet showing dividends for the last few years.

Current annual dividend = X

Determine the annual dividend for the past several years. Is there an approximate pattern to the dividends? Are the dividends constant, growing, or uneven?

If the dividends grow over time, find dividend growth (g).

g = X

Find the current stock price (P₀).

Using the information above calculate the cost of equity using the constant dividend model or the dividend growth model or state that neither one can be used.

Cost of Equity = X

Capital Asset Pricing Model

Several sources list Î² including Telemet and Bloomberg. Find Î² from 3 different sources. State which source you used. Why are the betas different from different sources?

Source 1 = X, Î² = X

Source 2 = X, Î² = X

Source 3 = X, Î² = X

Reason why betas are different.

Estimate Î² yourself.

Download the historical stock price of your company and use them to calculate returns.

Embed an Excel Spreadsheet showing the stock price and returns with only few lines showing.

Download the historical price of the S&P 500 index to use as an approximation of market performance. Use the prices to find returns.

Embed an Excel Spreadsheet showing the stock price and returns with only few lines showing.

Run a regression in which returns of the company are the dependent variable and S&P 500 index returns are the independent variable. Note: Your estimate of Î² should be very similar to the Î²s that you provided above. If it is very different, you are doing something wrong.

Show regression results.

Î² = X

Find R_f. What is the risk-free rate based on?

State the source of R_f

You can assume that Market Risk Premium is 6.1%. Using the information above, calculate the cost of equity using the CAPM.

Cost of Equity =

Based on your different estimates, what do you think that the cost of equity is?

Cost of Equity =

What is your companyâs WACC?

Show the formula and numbers that you used to solve WACC.

WACC = X

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The company is considering a new project. At the end of the first year of the project they could earn net operating cash flow of $1 million, $2 million the following year and, $3 million in the last year. If the project requires an initial investment (upfront cost) of $5 million, would you advise them to accept the project? Why?

Show your work.

The company is considering a different project which could earn net operating cash flows of $500,000 per year for the next 10 years. The project costs $4 million. Would you advise them to accept the project? Why?

Show your work.

Few IPOs have garnered as much attention as social media giant Facebookâs public offering on May 18, 2012. It was the biggest IPO in Internet history, easily topping Googleâs initial public offering eight years earlier. Letâs take a closer look at the IPO itself, as well as the payoffs to some of Facebookâs early investors.

Begin by navigating to the SEC EDGAR Web site, which provides access to company filings: http://www.sec.gov/edgar.shtml. Choose âSearch for Company Filingsâ and pick search by company name. Enter âFacebookâ and then search for its IPO prospectus, which was filed on the date of the IPO and is listed as filing â424B4â (this acronym derives from the rule number requiring the firm to file a prospectus, Rule 424(b)(4)).

2. Navigate to Google Finance and search for âFacebook.â Determine the closing price of the stock on the day of the IPO (use the âHistorical pricesâ link). What was the first day return? How does this return compare to the typical IPO?

3.Using the data provided by Google Finance, calculate the performance of Facebook in the threemonth post-IPO period. That is, calculate the annualized return an investor would have received if he had invested in Facebook at the closing price on the IPO day and sold the stock three months later. What was the return for a one-year holding period?

4.Prior to the public offering, Facebook was able to raise capital from all the sources mentioned in the chapter. Letâs concentrate on one particular source, Microsoft Corporation.

a. Microsoft made one investment in Facebook, during October 2007. Go to Facebookâs corporate news Web site (http://newsroom.fb.com) and locate the press release announcing this investment. Using the information in that press release and the number of shares owned by Microsoft listed in the IPO prospectus, calculate the per share price Microsoft paid.

b. Calculate the return (expressed on an annual basis) Microsoft earned on its investment up to the IPO (using the IPO price).

c. How much money did Microsoft receive from the IPO?

5. Facebook had only one angel investor, Peter Thiel (the founder of PayPal). Mr. Thiel invested more than once in Facebook, both as an angel and, in later rounds, on behalf of investors in his venture capital firm, Founders Fund. As an angel, Mr. Thiel invested $500,000 in September 2004. Assuming that all the shares he received in the angel round were registered under the name Rivendell One LLC,²⁴ use the information in the prospectus to calculate:

a. The per share price he paid as an angel.

b. The annualized return (using the IPO price) he made on his investment.

c. The amount of angel money Mr. Thiel received from the proceeds of the IPO (that is, from his Rivendell investments alone).

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EAST 211 Lecture Notes - Emperor Taizu Of Song, Emperor Jingzong Of Western Xia, Emperor Zhezong

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