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Intermediate Financial Management, 5th Ed.
Intermediate Financial Management, 5th Ed.

China | Looking for new monetary policy tools in
China | Looking for new monetary policy tools in

... rate liberalization, the PBoC need to develop new price tools in their policy ammunitions. It is reported that the PBoC increased their operations under the MLF to inject a large amount of liquidity in the run-up to the Chinese New Year, so as to stabilize interbank market rates. Meanwhile, the PBoC ...
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MCEV – Market Consistent Embedded Value Report 2015

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Mankiw: Brief Principles of Macroeconomics, Second Edition
Mankiw: Brief Principles of Macroeconomics, Second Edition

pedagogical concerns with reserve ratios and the new tool of the fed
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... When building an LBO deal, analysts consider the market conditions to determine how much debt the market will support. They want to maximize debt and minimize equity capital yet ensure the long-term success of the firm. So, let’s assume conditions are good and will support a total debt to EBITDA mu ...
Mergers and Acquisitions
Mergers and Acquisitions

... Firms may be able to manage existing assets more effectively under one umbrella Some assets may be sold if they are redundant in the combined firm (this includes human capital as well) ...
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... T: With your blocks, show me this number. (Silently write 13 on the board.) T: Whisper the number first in unit form, then in standard form. (1 ten 3 ones, thirteen.) T: (Point to place value disks) Show me the same number with your place value disks and whisper the unit form and standard form as yo ...
IFRS 9 Financial Instruments
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DOC - Douglas Dynamics Investor Relations

... December 31, 2013. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (Uni ...
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A Problem With the Pure Time Preference Theory of Interest:
A Problem With the Pure Time Preference Theory of Interest:

... remain the same, day after day), the spot and forward prices are the same for any commodity. For example, if the spot price of wheat is $10 per bushel, then someone who locks himself into buying 100 bushels of wheat in twelve months’ time will also lock himself into paying (at that time) $10 per bus ...
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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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