Might Google Have a Sly Motive Behind Motorola?

Might Google Have a Sly Motive Behind Motorola?

http://online.wsj.com/news/articles/SB10001424052702303672404579147624149283910?mod=rss_Technology

 

Twitter's IPO is approaching

http://dealbook.nytimes.com/2013/10/27/twitter-prepares-to-feed-new-hunger-for-i-p-o-s/?_r=0

 

http://dealbook.nytimes.com/2013/10/24/twitter-said-to-be-close-to-unveiling-price-range-for-i-p-o/

Alcatel-Lucent to Reduce 10,000 Jobs as Losses Mount

Alcatel-Lucent to Reduce 10,000 Jobs as Losses Mount
http://www.bloomberg.com/news/2013-10-07/alcatel-lucent-said-to-plan-to-reduce-staff-by-10-000-worldwide.html

http://www.reuters.com/article/2013/10/08/us-alcatel-jobs-idUSBRE9960RR20131008

Apple’s recent $17bn bond issuance

Apple's Record Bond Issue
http://www.fool.com/investing/general/2013/05/06/apples-record-bond-issue.aspx


Debt-Averse Apple Sets 6-part Bond Deal To Establish Funding Yield Curve
http://www.forbes.com/sites/spleverage/2013/04/30/debt-averse-apple-sets-6-part-bond-deal-to-establish-funding-yield-curve/

The real corporate tax rate of big multinational and tax haven

Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes
http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html


A fun presentation of tax haven.
https://sites.google.com/site/zhaoshan75/corpfinance/Expos_Tax_Havens.ppt

Some Wall Street Journal reports related to WACC and NPV.

Do you want to see how people use these concepts in the real world. Please see below for some media (esp., Wall Street Journal) reports related to WACC and NPV.


https://sites.google.com/site/zhaoshan75/corpfinance/Pearson_WACC.pdf



https://sites.google.com/site/zhaoshan75/corpfinance/Rio_Tinto_WACC.pdf



https://sites.google.com/site/zhaoshan75/corpfinance/NPV.pdf


Is David Einhorn Right About Apple?
http://www.fool.com/investing/general/2013/02/21/is-david-einhorn-right-about-apple.aspx

Some articles on European debt crisis

Can Europe Be Saved?   By Paul Krugman

http://www.nytimes.com/2011/01/16/magazine/16Europe-t.html

 

Why the euro crisis is not yet over by Martin Wolf

http://www.ft.com/intl/cms/s/0/74acaf5c-79f2-11e2-9dad-00144feabdc0.html

 

Will the Euro survive?  by Martin Wolf

https://www.google.fr/search?num=20&newwindow=1&q=will+the+euro+survive&oq=will+the+eu&gs_l=serp.3.0.0i20l2j0l8.11076.22298.0.23738.20.17.3.0.0.1.173.2128.2j15.17.0...0.0...1c.1.12.serp.seKChACukAc

Apple's Cash Debates

The recent debates about cash holdings of Apple demonstrate some interesting corporate finance ideas from cost of capital, agency problems, and capital structure. The articles below from FT are recommended.

https://sites.google.com/site/zhaoshan75/corpfinance/Apple_cash_May1.pdf

 

https://sites.google.com/site/zhaoshan75/corpfinance/Apple_cash_May2.pdf

 

https://sites.google.com/site/zhaoshan75/corpfinance/Apple_cash_Feb7.pdf

 

https://sites.google.com/site/zhaoshan75/corpfinance/Apple_cash_Apr23.pdf

Is David Einhorn Right About Apple?
http://www.fool.com/investing/general/2013/02/21/is-david-einhorn-right-about-apple.aspx

Icahn Ends Call for Apple Stock Buyback  February 10, 2014
http://dealbook.nytimes.com/2014/02/10/icahn-backs-off-apple-buyback-proposal/

Equity risk premium and credit rating

See the link below for a paper on equity risk premium

http://people.stern.nyu.edu/adamodar/pdfiles/papers/ERP2012.pdf




Standard & Poor's (S&P) is an American financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds.

http://en.wikipedia.org/wiki/Standard_%26_Poor's

David Booth: the man who became a billionaire using financial research

Professor Eugene Fama (left) with donor David G. Booth (right) at the donation ceremony



http://en.wikipedia.org/wiki/David_G._Booth


His investment strategies, investing in "small" (low capitalization) stocks, as well as "value" (low price/book ratio), were largely from academic financial research.

Highest Paid Hedge Fund Managers

http://www.forbes.com/sites/nathanvardi/2012/03/01/the-40-highest-earning-hedge-fund-managers-3/

http://www.cnbc.com/id/46896629/page/6


for old data, please see page 13 and 14 of the slides here,
http://faculty.chicagobooth.edu/steven.kaplan/research/kgovppt.pdf

A course on hedge funds
http://www.cba.uri.edu/tong/mba570.htm

The disappearing public companies

The Economist magzine published an article last year about disappearing public companies. It is worth reading.

“The endangered public company”

http://www.economist.com/node/21555562

 

Some Corporate Finance suggestions for the Catholic Church

NPR (http://en.wikipedia.org/wiki/NPR) has an interesting piece for the newly elected Pope.


An Economic Makeover For The Catholic Church

http://www.npr.org/blogs/money/2013/03/01/173255772/episode-440-an-economic-makeover-for-the-catholic-church

Wrong discount rate leads to four trillion deficit

 

http://insight.kellogg.northwestern.edu/article/the_impending_pension_problem/

 

http://www.econtalk.org/archives/2012/11/joshua_rauh_on.html

Corporation: one of the biggest financial innovation

 

 

The shipyard of the Dutch East India Company in Amsterdam, circa 1750

From http://en.wikipedia.org/wiki/Corporation  

 

“An incorporated entity is a separate legal entity that has been incorporated through a legislative or registration process established through legislation. Incorporated entities have legal rights and liabilities that are distinct from their shareholders,[1] and may conduct business for either profit-seeking business or not for profit purposes.

        Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration. In addition to legal personality, registered companies tend to have limited liability, who can transfer their shares to others, and controlled by a board of directors whom the shareholders appoint.”

The most powerful force in the universe

http://www.cbsnews.com/8301-505123_162-37743513/compound-interest---the-most-powerful-force-in-the-universe/

Albert Einstein is said to have called "the power of compound interest the most powerful force in the universe." The story in this posting will illustrate the power far better than I ever could in theory. It will also allow me an opportunity to come clean on my use of this quote.

A recent Huffington Post story ran about a woman celebrating her 98th year as a customer of a local bank. June Greg's father deposited $6.11 into her account 98 years ago, when she was only two years old. My colleague Conrad deAenlle also wrote about this money in the bank.


How much would $6.11 be worth today?

Neither the article or the bank said how much the $6.11 would have grown to today. But if the account paid a 2 percent interest rate, June would now have $42.55 and could buy a moderately priced dinner to celebrate her 100th birthday

FT headline: Apple targeted by hedge fund activists

Feb 7th

Apple under pressure on $137bn cash pile

http://www.ft.com/intl/cms/s/0/b4171642-7136-11e2-9d5c-00144feab49a.html

Apple downplays Einhorn suit as ‘sideshow’

http://www.ft.com/intl/cms/s/0/60373cf6-752c-11e2-b8ad-00144feabdc0.html

Activists keep tech sector on its toes

http://www.ft.com/intl/cms/s/0/593d9790-74a7-11e2-b323-00144feabdc0.html

February 22, 2013 9:01 pm
Einhorn wins battle to block Apple vote

http://www.ft.com/intl/cms/s/0/3feeeffa-7d30-11e2-8bd7-00144feabdc0.html#axzz2LzcopXau

http://www.ft.com/intl/cms/s/3/a630c9be-7f79-11e2-8d96-00144feabdc0.html#axzz2LzcopXau

BTW, you can easily get stockholding by Institutional shareholders for any company at ft.com. Here is an example,

http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=GE:NYQ