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To lock or not to lock – An introduction to the Locked Box
To lock or not to lock – An introduction to the Locked Box

... aspects of the sale and purchase agreement (“SPA”) can be the difference between a good deal and a great deal. In any transaction, the SPA represents the outcome of key commercial and pricing negotiations between parties. The financial aspects of the SPA are key to ensure that the Buyer is buying (a ...
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... Ellen Drought; Godfrey & Kahn, S.C., 780 N. Water Street, Milwaukee, WI 53202 (With a copy to:) Registrant’s telephone number, including area code: (414) 347-7777 Date of fiscal year end: December 31, 2017 Date of reporting period: March 31, 2017 ...
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View the Entire Research Piece as a PDF here.

Macroeconomic Determination of Prices of Agricultural and Mineral
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... backwardation) signifies a low speculative return and should have a negative effect on inventory demand and on prices. ...
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... New Zealand's low on farm profitability has meant that the majority of growth in the industries capital has come from debt funding. Therefore in relation to the diagram above people borrow to purchase assets that return more than the interest on the debt, or in finance terms debt is a means of using ...
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... The geometric return is also called a time-weighted average return because it ignores the quarter-to-quarter variation in funds under management. In fact, an investor will obtain a larger cumulative return when high returns are earned in periods when larger sums have been invested and low returns ar ...
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... improved somewhat over the last year with the liquidity ratio dipping from 0.7 (1999) to 0.6 (2000) and now up to 0.8. Given that receivables quality is likely to be high (consistent, low default risk, low concentration) a below unity ratio is not a concern in itself. Indeed, current borrowings have ...
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Present value

In economics, present value, also known as present discounted value, is the value of an expected income stream determined as of the date of valuation. The present value is always less than or equal to the future value because money has interest-earning potential, a characteristic referred to as the time value of money, except during times of negative interest rates, when the present value will be greater than the future value. Time value can be described with the simplified phrase, “A dollar today is worth more than a dollar tomorrow”. Here, 'worth more' means that its value is greater. A dollar today is worth more than a dollar tomorrow because the dollar can be invested and earn a day's worth of interest, making the total accumulate to a value more than a dollar by tomorrow. Interest can be compared to rent. Just as rent is paid to a landlord by a tenant, without the ownership of the asset being transferred, interest is paid to a lender by a borrower who gains access to the money for a time before paying it back. By letting the borrower have access to the money, the lender has sacrificed the exchange value of this money, and is compensated for it in the form of interest. The initial amount of the borrowed funds (the present value) is less than the total amount of money paid to the lender.Present value calculations, and similarly future value calculations, are used to value loans, mortgages, annuities, sinking funds, perpetuities, bonds, and more. These calculations are used to make comparisons between cash flows that don’t occur at simultaneous times. The idea is much like algebra, where variable units must be consistent in order to compare or carry out addition and subtraction; time dates must be consistent in order to make comparisons between values or carry out simple calculations. When deciding between projects in which to invest, the choice can be made by comparing respective present values of such projects by means of discounting the expected income streams at the corresponding project interest rate, or rate of return. The project with the highest present value, i.e. that is most valuable today, should be chosen.
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