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The business is risky. But______we would be rich.
A．should we succeed
B．would we succeed
C．might we succeed
D．could we succeed
答案
更多“The business is risky. But______we would be rich.A．should we succeedB．would we succeedC．mi”相关的问题
第1题
Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.
The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.
Required:
(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)
(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)
(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)
(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)
第2题
Nonetheless, many companies still hesitate to use the Web because of doubts about its reliability. "Businesses need to feel they can trust the pathway between them and the supplier," says senior analyst Blanc Erwin of Forrester Research. Some companies are limiting the risk by conducting online transactions only with established business partners who are given access to the company's private intranet.
Another major shift in the model for Internet commerce concerns the technology available for marketing. Until recently, Internet marketing activities have focused on strategies to "pull" customers into sites. In the past year, however, software companies have developed tools that allow companies to "push" information directly out to consumers, transmitting marketing messages directly to targeted customers. Most notably, the Pointcast Network uses a screen saver to deliver a continually updated stream of news and advertisements to subscribers' computer monitors. Subscribers can customize the information they want to receive and proceed directly to a company's Web site. Companies such as Virtual Vineyards are already starting to use similar technologies to push messages to customers about special sales, product offering, or other events. But push technology has earned the contempt of many Web users. Online culture thinks highly of the notion that the information flowing onto the screen comes there by specific request. Once commer-cial promotion begins to fill the screen uninvited, the distinction between the Web and television fades. That's a prospect that horrifies Net purists.
But it is hardly inevitable that companies on the Web will need to resort to push strategies to make money. The examples of Virtual Vineyards, Amazon.com, and other pioneers show that a Web site selling the right kind of products with the right mix of interactivity, hospitality, and security will attract online customers. And the cost of computing power continues to free fall, which is a good sign for any enterprise setting up shop in silicon. People looking back 5 or 10 years from now may well wonder why so few companies took the online plunge.
What do we learn about the present web business？
A．Web business is no longer in fashion.
B．Business-to-business sales are the trend.
C．Web business is prosperous in the consumer market.
D．Many companies still lack confidence in web business.
第3题
To remain fully compliant with the Effland corporate governance code, the board established audit, remuneration and nomination committees which were solely populated by independent non-executive directors. However, it did not consider it necessary to create a separate risk committee because the board believed that the remit of the audit committee included all aspects of risk management policy. This explanation was formally submitted to the shareholders at its first general meeting, who agreed with the board’s proposal.
As part of its expansion strategy, the board of Branscombe Co decided it needed to enter overseas markets, and in particular the developing country of Geeland. The reason that Geeland was selected as a suitable market was because it had experienced rapid economic growth and domestic prosperity following the discovery of rich, offshore mineral deposits. Unfortunately, this small island nation has never enjoyed stable democratic government and is notorious for corrupt business practices, with customs officials regularly demanding bribes from both importers and exporters. As a result, Geeland has a poor international credit rating. In order to attract both domestic and foreign inward investment, the government of Geeland operates with very low levels of indirect tax, which has stimulated the island’s tourist industry and led in turn to a significant increase in hotel building.
Following a successful tendering exercise, Branscombe Co was awarded the contract to supply all of the bathroom equipment for a 200-room hotel, currently under construction in a remote area of the island. The total value of the supply contract amounted to Geeland $1,800,000, and it was to be paid in three equal instalments as the bathrooms were delivered to the hotel. The contract assigns responsibility for shipping the goods the 3,000 km from Effland to the island solely with Branscombe Co, and no payment will be made until an agreed volume of goods clears Geeland customs. A further problem is that the Geeland dollar is quite volatile, but recently it has been strengthening against the Effland dollar. As all contract payments are to be made in Geeland currency, Branscombe Co is exposed to foreign exchange risks.
The many contract-related issues amount to significant risks to Branscombe Co requiring effective management if the supply contract is to be a success and contribute to the company’s ambitious growth targets.
Required:
(a) Explain the function and roles of a risk committee within an effective corporate governance framework, and discuss the advantages which a risk committee could add to the governance of Branscombe Co. (10 marks)
(b) Explain the term risk appetite, and assess how the risk appetite of Branscombe Co has influenced both its corporate strategy and the risks it has chosen to bear. (7 marks)
(c) Explain how Branscombe Co could effectively control the strategic and operational risks which arise from the Geeland supply contract. (8 marks)
第4题
In the past decade the market for student loans has doubled to around $85 billion a year. Student numbers have swelled while incomes have failed to keep pace with the soaring cost of college education. Sallie Mae has over a quarter of the entire business in America. And though margins are wafer-thin the firm made a profit of $1.2 billion last year.
This profitability has attracted the interest of both Democratic and Republican lawmakers, seeking ways to save money while making education more affordable. Particularly vulnerable is the proportion doled out to big and profitable private companies like Sallie Mae to subsidise affordable government-backed loans. These now account for around 85% of its lending.
Sallie Mae's profits and healthy cash-flow are a draw for private equity. And the involvement of the two banks could prove useful for plugging any gap in financing, if the firm's credit rating slips following the assumption of so much debt. It helps that Sallie Mae is also making money beyond its core business. The market for private loans, without government subsidies or guarantees, is growing fast as the cost of education grows while the size of federal loans that students can take out has remained flat. This sort of loan is nicely profitable because lenders can levy high interest rates. New graduates are also targets: Sallie Mae has built a big debt-collection arm for reluctant repayers and a college-fund business for fast breeders.
Even the renewed interest from politicians could play into Sallie Mae's hands. The lure of profits over the past decade has drawn more lenders into the business. Any future regulations or legislation that might shave profit margins further could deter new entrants or force smaller lenders out of the business, and Sallie Mae may get more opportunities to offset the reduction. But despite all the safeguards, students are high risk borrowers who quickly amass big debts. Sallie Mae, like many of the students it serves, could wake up one day with a nasty hangover(拖欠) and little recollection about how it came about.
The example of Sallie Mae Company is used by the author to ______
A．express the current situation of student-loan.
B．describe the banking industry of the U.S.
C．show problems in politics.
D．talk about the environment of education in the U.S.
第5题
But not everyone who loses a job will end up in the unemployment line. Many will shift to growing positions within their own companies. When new technologies shook up the telecomm business, telephone operator Judy Dougherty pursued retraining. She is now a communications technician, earning about $64,000 per year. Of course, if you've been a tollbooth collector for the past 30 years, and you find yourself replaced by an E-ZPass machine, it may be of little consolation(安慰) to know that the telecomm field is booming.
And that's just it: The service economy is fading; welcome to the expertise economy. To succeed in the new job market, you must be able to handle complex problems. Indeed, all but one of the 50 highest-paying occupations-air-traffic controller-demand at least a bachelor's degree.
For those with just a high school diploma, it's going to get tougher to find a well-paying job. Since fewer factory and clerical jobs will be available, what's left will be the jobs that compumation can't kill: Computers can't clean offices, or care for Alzheimer's patients(老年痴呆病人). But, since most people have the skills to fill those positions, the wages stay painfully low, meaning compumation could drive an even deeper wedge(楔子) between the rich and poor. The best advice now: Never stop learning, and keep up with new technology.
For busy adults, of course, that can be tough. The good news is that the very technology that's reducing so many jobs is also making it easier to go back to school—without having to sit in a classroom. So-called Internet distance learning is hot, with more than three million students currently enrolled, and it's gaining credibility with employers.
Are you at risk of losing your job to a computer？ Check the federal Bureau of Labor Statistics' Occupational Outlook Handbook, which is available online at bls.gov.
From the first paragraph we can infer that all of the following persons are easily thrown into unemployment EXCEPT
A．secretaries.
B．stock clerks.
C．managers.
D．wholesalers.
第6题
In Dave Barrys opinions, meetings______.
A．have been blocking human progress
B．may fade away from the human world
C．are an important part of the human race
D．are meant to solve problems for humans
第7题
Office jobs are among the positions hardest hit by computation(计算机自动化). Word processors and typists will lose about 93,000 jobs over the next few years, while 57,000 secretarial jobs will vanish. Blame the PC: Today, many executives type their own memos and carry their "secretaries" in the palms of their hands. Time is also hard for stock clerks, whose ranks are expected to decrease by 68, 000． And employees in manufacturing firms and wholesalers are being replaced with computerized systems.
But not everyone who loses a job will end up in the unemployment line. Many will shift to growing positions within their own companies. When new technologies shook up the telecomm business, telephone operator Judy Dougherty pursued retraining. She is now a communications technician, earning about $64, 000 per year. Of course, if you've been a tollbooth collector for the past 30 years, and you find yourself replaced by an E-ZPass machine, it may be of little consolation(安慰) to know that the telecomm field is booming.
And that's just it : The service economy is fading ; welcome to the expertise (专门知识) economy. To succeed in the new job market, you must be able to handle complex problems. Indeed, all but one of the 50 highest-paying occupations-air-traffic controller-demand at least a bachelor's degree.
For those with just a high school diploma(毕业证书), it's going to get tougher to find a well-paying job. Since fewer factory and clerical jobs will be available, what's left will be the jobs that computation can't kill: Computers can't clean offices, or care for Alzheimer's patients (老年痴呆病人). But, since most people have the skills to fill those positions, the wages stay painfully low, meaning computation could drive an even deeper wedge(楔子) between the rich and poor. The best advice now: Never stop learning, and keep up with new technology.
For busy adults, of course, that can be tough. The good news is that the very technology that's reducing so many jobs is also making it easier to go back to school-without having to sit in a classroom. So-called Internet distance learning is hot, with more than three million students currently enrolled, and it's gaining credibility with employers.
Are you at risk of losing your job to a computer？ Check the Federal Bureau of Labor Statistics' Occupational Outlook Handbook, which is available online at bls. gov.
From the first paragraph we can infer that all of the following persons are easily thrown into unemployment EXCEPT______.
A．secretaries
B．stock clerks
C．managers
D．wholesalers
第8题
In 1880, Sir Joshua Waddilove, a Victorian philanthropist, founded Provident Financial to provide affordable loans to working-class families in and around Bradford, in northern England. This month his company, now one of Britain's leading providers of "home credit"—small, short-term, unsecured loans—began the nationwide rollout of Vanquis, a credit card aimed at people that mainstream lenders shun. The card offers up to & 200 ($380) of credit, at a price: for the riskiest customers, the annual interest rate will be 69%.
Provident says that the typical interest rate is closer to 50% and that it charges no fees for late payments or breaching credit limits. Still, that is triple the rate on regular credit cards and far above the 30% charged by store cards. And the Vanquis card is being launched just when Britain's politicians and media are full of worry about soaring consumer debt. Last month, a man took his own life after running up debts of ￡130,000 on 22 different credit cards.
Credit cards for "sub-prime" borrowers, as the industry delicately calls those with poor credit records, are new in Britain but have been common in America for a while. Lenders began issuing them when the prime market became saturated, prompting them to look for new sources of profit. Even in America, the sub-prime market has plenty of room for growth. David Robertson of the Nilson Report, a trade magazine, reckons that outstanding sub-prime credit-card debt accounts for only 3% of the $597 billion that Americans owe on plastic. The sub-prime sector grew by 7.9% last year, compared with only 2.6% for the industry as a whole.
You might wonder, though, how companies can make money from lending to customers they know to be bad risks—or at any rate, how they can do it legitimately. Whereas delinquencies in the credit-card industry as a whole are around 4%—5%, those in the sub-prime market are almost twice as high, and can reach 15% in hard times.
Obviously, issuers charge higher interest rates to compensate them for the higher risk of not being repaid. And all across the credit-card industry, the assessment and pricing of risks has been getting more and more refined, thanks largely to advances in technology and data processing. Companies also use sophisticated computer programs to track slower payment or other signs of increased risk. Sub-prime issuers pay as much attention to collecting debt as to managing risk; they impose extra charges, such as application fees; and they cap their potential losses by lending only small amounts ($500 is a typical credit limit).
All this is easier to describe than to do, especially when the economy slows. After the bursting of the technology bubble in 2000, several sub-prime credit-card providers failed. Now there are only around 100, of which nine issue credit cards. Survivors such as Metris and Providian, two of the bigger sub-prime card companies, have become choosier about their customers' credit histories.
As the economy recovered, so did lenders' fortunes. Fitch, a rating agency, says that the proportion of sub-prime credit-card borrowers who are more than 60 days in arrears(a good predictor of eventual default) is the lowest since November 2001. But with American interest rates rising again, some worry about another squeeze. As Fitch's Michael Dean points out, sub-prime borrowers tend to have not just higher-rate credit cards, but dearer auto loans and variable-rate mortgages as well. That makes a risky business even riskier.
Sir Joshua Waddilove is mentioned in the first paragraph to
A．illustrate the history of credit card companies.
B．introduce the issuing of a new credit card.
C．show how working class families got affordable loans.
D．build up consumers' trust in Provident Financial.
