Equity Capital Market

growth prospects or high business risk, and – Potential difficulties in raising capital. Classic LBO Models: Late 1970s and Early 1980s • Debt normally 4 to 5 times equity. Debt amortized over no more than 10 years. • Existing corporate management encouraged to participate. • Complex capital structure: As percent of total funds raised – Senior debt (60%) – Subordinated debt (26%) – Preferred stock (9%) – Common equity (5%) • Firm frequently taken public within seven years as tax benefits diminish

Company overview AMP Limited is a wealth management and life insurer company operating in Australia and New Zealand. It has also investments in the Asian market and banking business in Australia. AMP Limited was established in 1849 as the Australian Mutual Provident Society and in 19998 was listed on the Australian and New Zealand stock exchanges. In 2009, AMP employed more than 3 700 people and had more than 3.8 million of customers around the world. Furthermore, with more than 828 000 shareholders

Business Service About the Contributors Introduction Jonathan Reuvid xi xiii xv xxi Part One: The Corporate Finance Environment 1 1.1 Strategic Considerations – Making the Right Choice 3 Shiju Varghese, Tenon Corporate Transactions 1.2 Financial Market and Business Conditions for SMEs 9 Jonathan Reuvid 1.3 Small Business Service (SBS) and SME Finance 17 Adrian Piper, SBS 1.4 Finance for Technology-based Small Companies (TBSFs) 25 Jonathan Reuvid 1.5 Modern Company Law for a Competitive Economy –

Bases of valuation The valuation requirement Required return on investment Valuation methods Market based methods Asset based methodologies The DCF technique Trading companies: the choices Asset based approaches The use of DCF Financing considerations More complex methods Industry ‘rules of thumb’ Shareholder value analysis techniques Information about the business Required market information Applying market information Overseas valuations Bibliography 2 2 3 4 4 5 5 6 6 8 9 9 10 10 11 12 13 14 15 15

EQUITY VALUATION MEASURE What can they tell us? Describe in your own words what a yield curve is and what the impact is of a central bank’s monetary policy. A yield curve is a curve which represents graphically the interest rate of same quality of credit bond related to a precise moment. The point is that those bonds have not the same date of maturity (long-term and short-term rates). The yield curve represents the price of what we can call “the price of liquidity renunciation”. The

both in emerging markets as well as in Western Europe and North America. This growth represents an acceleration over the corresponding period in 2009, particularly in Europe as well as in Asia, Oceania and Africa. This top-line performance was combined with a 60 basis points EBIT margin improvement in Food and Beverages. Organic growth for all Food and Beverages operations was 5.3% in the Americas, 3.6% in Europe and 10.4% in Asia, Oceania and Africa. The Group’s emerging markets continued to achieve

29 Chapter 3. Hedge fund industry retrospection and tendencies. 35 1. The 1990-Q2 2008 hedge fund industry survey. 35 2. The 2008-2009 tendencies on alternative asset management market. 43 2.1. Hedge fund performance in 2008. 43 2.2. Highlights of the hedge fund industry in 2009. 53 Chapter 4. Hedge fund activity and perspectives

front-office en salle de marché, de gestion de portefeuille, ainsi qu’aux métiers de risk management, d’analyse financière, et de fusions-acquisitions. Infos clés • En • 1 an. Multicampus, en France et en Asie. • 2 filières : – Financial Markets & Corporate Finance 25 % de cours en anglais ; – Financial Engineering Asia 100 % de cours en anglais. Profil type des promotions • 70 % d’ingénieurs et de scientifiques en mathématiques appliquées et en économétrie. • 27 % d’étudiants en économie

T.Raiff C.Levi T.Degroote J.Eichenlaub Depuis trois ou quatre ans, le marché de la mezzanine a bel et bien changé. Le nombre d’acteurs actifs dans l’Hexagone a triplé pour atteindre 15 acteurs dédiés à la mezzanine. En 2007, European Capital, Capzanine, ICG, Axa Mezzanine et Paris Orléans se sont montrés les plus actifs mais tous les acteurs semblent avoir trouvé leur place sur un marché de plus en plus concurrentiel. Tour d’horizon. Par Olivier Bénureau 17 l y a quelques jours

The Theorical foundations of International trade ( Following Foreign trade : it’s the exchange of capital, goods, and services across borders or territories Foreign exchange : it’s the exchange of money in one currency for another. Customs duties : it’s a kind of indirect tax which is collected by a local agency responsible on goods of international trade. Tariffs : it’s a tax levied on imported or exported goods. Quotas : The share or proportion assigned to each in a division.