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(2007, 2500 words)
The work outlines the CAPM theory, and argues that although the theory can be used for the single-period discounting, it is less practical for the multi-period experiments. The main problem is the changing parameters that have to be adopted, which make the formula extremely complicated and impractical. However, lack of alternatives makes the CAPM the best basis available for the new theoretical work
(2006, 1500 words)
The paper examines the influence of capital structure changes upon the firm's value seeking to identify an optimal capital structure. Determinants of a firm's value are singled out; the rates of return on earnings per share (EPS) are discussed; theories of capital structure are reviewed.
(2006, 5000 words)
This paper analyzes the aspects which should be taken into account by entrepreneurs when they intend to buy an existing business. Financial analysis is utilized to uncover the weak points of operational performance of a prospective target. Then, the role of human capital is considered and proved to be one of the major determinants of shareholder value. Finally, DCF analysis and basic balance sheet methods are used to obtain an estimate of fair value of the company.
(2006, 1500 words)
The following research paper is devoted to analysis of capital raising in the media industry, particularly Mobile TV and Internet TV broadcasting sectors. The first part of the research provides a general overview of the factors that determine supply of the Venture capital. The second part proceeds with discussion of current developments in Media industry. The final part identifies key determinants of successful fundraising.
(2006, 2000 words)
The paper examines the relationship between risk and return reviewing academic opinions on the theory of CAPM (Capital Asset Pricing Model) and discussing its weakness in todayÒs world.
(2006, 1400 words)
This work looks at the importance of capital maintenance within a company. Within accounting capital maintenance is expressed in terms of depreciation, however what type of capital can really be ÓmaintainedÔ? The work provides different arguments with regards to different types of capital and also brings in historical arguments. The work provides a number of very different points of view that historically been expressed by academics.
(2005, 1500 words)
The paper examines the role of CAMP (Capital Asset Pricing Model) in capital budgeting reviewing academic sources, calculating net cash flows (NCF), net present value (NPV), Internal Rate of Return (IRR), etc., and performing sensitivity analysis of the project.
(2005, 2500 words)
The paper analyses the importance of Beta (ÿ) in the Capital Asset Pricing Model (CAPM). Assumptions behind CAPM are formulated; studies related to empirical tests on CAPM and equilibrium models are reviewed. Factors affecting cross sectional returns on assets are outlined.
(2005, 1400 words)
This paper gives an outline, advantages and disadvantages of the following models: Asset based Valuation, Discounted cash flow Dividend discount model, Residual income models, Free cash flow discount model
(2005, 2000 words)
The paper critically evaluates the view that, in the light of recent empirical evidence, beta is not a useful tool for investors and an alternative framework to that of the CAPM is required.
(2005, 1200 words)
This paper represents the analysis of the decision making process with respect to capital budgeting in large organizations. It points out that the modern capital budgeting theory can exaggerate the significance of quantitative methods of assessment of investment projects. Indeed, there are a lot of psychological and behavioral aspects within the organization which may strongly influence decision-making. The author makes a comprehensive analysis of the two descriptive models of decision-making suggested by King (1975) and Pinches (1982) who divide this process into a number of stages. Overall, the conclusion of this work is that decision-making can be substantially improved if the behavioral theory is combined with DCF, payback period and IRR methods. This paper can be useful for students elaborating on the concept of capital budgeting and the ways of improving it.
(2005, 1500 words + all calculations and data,)
The author of this paper conducts empirical investigation of the validity of the CAPM. Almost one hundred of stocks of British companies are chosen for the analysis. The time period covers 1980-2001 with monthly data employed. First-pass and second pass regressions are run to check time-series and cross-section relationship between betas and returns. Overall, it is shown that the CAPM does not hold for this particular sample. However, the author gives theoretical explanations of why the CAPM may not hold in empirical testing. The Roll's critique is also scrutinized as one of the most attractive defence of the CAPM. Various hypotheses are tested in order to check other possible sources of variation in returns. For instance, market values and market-to-book ratios are found to be useful in explaining excess returns. The paper may be very useful for those conducting empirical tests of the CAPM or interested in reasons for failure of the CAPM. Excel files with calculations are available upon request.
(2004, 1300 words)
The paper critically reviews the article: "Do we need CAPM for Capital Budgeting?" by Authors: Ravi Jagannathan and Ivan Meler, published in Financial Management Winter 2002.
(2005, 1500 words)
This paper presents the analysis of the ways to raise funds for a company long - term financing. It considers internal and external financing, such as shares issuing, earnings retaining and borrowing. A glance at the financial performance of a computer security software producing company was made, where some financial ratios were evaluated, such as ROE, EAT and the company's value. This company was analysed from the point of view of selling some part of its shares, advantages and disadvantages of the sale were discussed and the ways to get an optimal gain from the sale were recommended.
(2005, 1200 words)
The essay gives the best fit to those who are interested in stock pricing, market theory or just need to refresh his knowledge about it before exam. The text contains all necessary information about the model, beta, SLM (Security market line) and CML (capital market line). It contains all formulas and some graphs making the topic absolutely clear for understanding.
(2005, 1500 words)
The essay covers theoretical background related to the topic of weighted average cost of capital (WACC). It fully describes the nature of WACC and its use, with good theoretical background using graphs and formulas. It also covers as traditional view on the problem as Modigliani and Miller view with their both first and second prepositions. The essay also contains some information about factors that affect WACC.
(2004, 3700 words)
In the paper it is explained why the cost of capital is important and what the Weighted Average Cost of Capital (WACC) is. The paper also analyses the accuracy of the WACC, which has to do with the Modigliani and Miller (M&M) assumptions. Their three famous propositions are also discussed briefly in the paper. By including numerical illustration, it is shown how the WACCs components are estimated and it is briefly explained what these components are. It is then examined, by using appropriate data, how decision makers actually consider the cost of capital in their decisions and how important that is.
(2003, 11000 words)
The dissertation aims to review some of the most important recent literature about the CAPM. The major paper discussed in this dissertation was the Fama and French 1992 paper. Moreover the dissertation investigates the performance of the CAPM in different markets. Recent literature has been concerned with how the model fares in markets other than the US. Furthermore, the dissertation looks at how some academics have attempted to rescue the CAPM by making improvements to it, and how others have discarded it entirely and begun looking for alternatives. The major change that was performed was allowing for negative excess market returns. The model most likely to replace the CAPM is the APT. (Further information is available on request)
(2004, 1600 words)
The paper evaluates how Modigliani and Miller's criticisms of the concept of Weighted Average Cost of Capital alter when they incorporate Taxes into their analysis. And also the paper examines whether their work merely is "over-elaborate theorising".
(2003, 5900 words)
The paper analyses and discusses the impacts on the productivity of the firms within UK financial sector from the increasing investment in Information Technology. (Further information is available on request)
(2004, 17000 words)
This dissertation investigates the nowadays topical and innovative subject whether the Physical Asset Valuation Methodologies used in Energy and Utilities industry influence the Capital Investment Decision - Making. There is a growing popularity of the Market Approach Valuation Methodologies application in the Industry, like Replacement Cost and Deprival Value based Methodologies, yet the traditional Discounted Cash Flow and Net Present Value Methodologies have still being applied in the unregulated markets. Three of those Market approach Methodologies are subjects to detailed scrutiny in this research, which are: Depreciated Optimised Replacement Cost (DORC), Economic Value (EV) and Deprival Optimised Value (ODV). The reason of considering those Methodologies is that regulators have actively been promoting them, yet the Asset Valuators and the company stakeholders are still unsure about the proper value of the Methodologies. Therefore, when determining whether those Methodologies influence the Investment Decision - Making it's also being tried to find out, which of those Methodologies is most likely to give a more accurate valuation result.
The main objectives of this research are originally to manage the physical asset at the companies within Industry in the way to achieve its main goal - add a value to the company, and the Valuation Methodologies is the part of the Asset Management Planning. The theoretical concepts relating to the issue are considered and the empirical analysis - made. The Quantitative approach survey is performed with practitioners in the asset valuation and academics. The survey demonstrates a support for value of the Market Approach Valuation Methodologies because the Valuation Methodologies definitely influence the Investment Decision - Making and the Market approach ones give more accurate asset valuation results. Albeit the three Methodologies observed (DORC, EV and ODV) have closely equal advantages though. This research is one of the original points for further researches into the Asset Valuation Methodologies in relation to the Asset Management Planning in Energy and Utilities Industry area.
(2002, 2100 words)
(2003, 3000 words)
The report identifies which of the capital funding methods (debt and preferred stock in the form of debentures and preference shares) for the long-term finance is better for the given company basing on a given financial data. In order to do so the WACC will be calculated. Afterwards, some recommendations will be given concerning factors that may have an impact on the firm's ability to raise the capital in reality.
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