## 经济代写|公司金融学代写Corporate Finance代考|BEA651

statistics-lab™ 为您的留学生涯保驾护航 在代写公司金融学Corporate Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写公司金融学Corporate Finance代写方面经验极为丰富，各种代写公司金融学Corporate Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|公司金融学代写Corporate Finance代考|Profitability and Risk

Risk and uncertainty pervade the field of finance. Assuming stockholder wealth maximization as a first approximation of the producer’s goal, and developing marginal analysis as a tool, economics can provide useful insights into the organization of society and business decision-making. However, the typical financial decision is made under varying degrees of uncertainty, and the problem is to change these uncertainties, as far as possible, into objective probabilities, and arrive at the proper charge or premium for risk. ${ }^{6}$ Uncertainty is moved toward more stable probability only as more and more individual but similar events are averaged together. This means that financial decision-making tends to deal in averages and probabilities.

In practice, financial decisions are basically choices between potential return and risk. Consider the structure of the firm’s asset holdings. The greater the liquidity of the assets, the less is the risk of loss. The larger the percentage of assets the firm borrows, the greater is the risk of loss. Greater use of borrowed funds may raise the net return to the owners, but only at the cost of increasing the uncertainty of the firm’s survival. The problem of the composition of asset holdings is characteristically posed as liquidity vs. earnings. The problem of choosing sources of funds is a question of maximizing earnings per share and the stock price. The choice between a conservative financial structure and an aggressive financial structure influences returns to the common shareholders.

## 经济代写|公司金融学代写Corporate Finance代考|Areas Covered in This Book

We conceive of the corporation as the major institution for capital formation in our economy. It is also a method for formalizing the division of risk-bearing, control, and income among the various contributors of funds.

The book develops the legal and organizational framework of the corporation from a functional point of view. The discussion of the major accounting statements provides an understanding of the source of financial data. A description and analysis of the capital markets and the instruments of long-term financing follow. Throughout we are interested in setting up the interplay of risk, control, and the cost of funds.
Although policy considerations (both internal and external) are introduced early, their discussion dominates the last half of the book. This text addresses the income statements, balance sheets, and ratios topics found in many great traditional texts such as Buchanan (1940), Dewing (1953), Schwartz (1962), Van Horne (2002), and Weston and Copeland (1986). The authors explore the factors governing the choice between return and risk in the various areas of financial decision-making and discuss the area of choice in the deployment investment in working assets and the retention of funds for emergencies or improved opportunities. The text deals with the analysis of expansion programs, analyzing their effect on cash flow, in the determination of whether the resultant risk is justified by the projected return. It should explore the models depicting the optimum capital structure, i.e., the composition of borrowed and equity funds, which would maximize the value of the ownership shares. Lastly, the authors discuss the circumstances under which a firm would be disbanded, liquidated, or reorganized. We discuss the financial decisions of firms, dividend and stock buyback strategies, liquidity strategies, leverage policies, merger and acquisition strategies from the perspective of stock price maximization. Robichek Quantitative modeling in Mao (1969), Pogue and Bussard (1972), Vander Weide Quantitative modeling in Mao (1969), Pogue and Bussard (1972), Vander Weide corporate planning and management. Mao (1969), Weston and Copeland (1986), Van Horne (2002), Brealey and Myers (2003), Brealey, Myers, and Allen (2006), and Guerard Jr. and Schwartz (2007) continue to address optimality. The Brealey, Myers, and Allen and Guerard and Schwartz are integrated with Compustat databases. We continue to use real-world business data in this text, particularly in financial statement and ratio analysis, dividend, stock buyback, and corporate export analysis, domestic and global multi-factor portfolio construction and management, merger and acquisition analysis, and socially responsible investing policies. Guerard $\mathrm{Jr}$, Markowitz, and Xu (2014) addresses financial decision-making optimality. Chandler (1977), Carleton and McInnes (1982), and Ackoff (1999) specifically noted the dynamic nature of the corporation.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|公司金融学代写Corporate Finance代考|GSBS6130

statistics-lab™ 为您的留学生涯保驾护航 在代写公司金融学Corporate Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写公司金融学Corporate Finance代写方面经验极为丰富，各种代写公司金融学Corporate Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|公司金融学代写Corporate Finance代考|Types of Business Risk

All other things equal, the element of risk intensifies the longer the production cycle. Risk varies directly with the length of time required from the first application of resources to the final appearance of the product. One type of time risk is of natural or physical origin. It includes fire, theft, flood, drought, and machinery breakdown. These risks can sometimes be insured against, if the probabilities of their recurrence are known, if they are independent events, and if society is sufficiently well organized to have set up the insurance mechanism. But the full losses entailed by these events are often uninsurable, for though the value of the physical assets may be recovered, lost time in production or sales may not be. Furthermore, a company may suffer a loss through disasters to other firms it relies on as suppliers or customers.

Insurance companies may not write regular policies against certain hazards (such as flood) or the insurance costs may be prohibitive.

Another type of time risk involves unexpected political or economic changes. A recession may occur, government policies may change, a rival product appears, or tastes may change before the process of recovering the investment is completed. This type of risk is double-edged; there is always the possibility that conditions may change in a favorable direction and lead to a greater return than anticipated.

There is a greater chance of the economy veering over a longer time span. Any productive organization utilizes many factors to which its commitment varies in length of time, and the risks to the firm depend partly upon the composition of these productive resources. Some resources, such as labor, may perhaps be withdrawn quickly; fixed plant or machinery, however, may have to be used for a long period before their value can be recovered. The complete production cycle for different resources (assets) varies, and for the firm, the composition of the resources it uses entails different degrees of risk.

## 经济代写|公司金融学代写Corporate Finance代考|Division of Risk, Income, and Control

Although risks and uncertainties are inherent in every business enterprise, different classes of investors in the firm do not shoulder the same degree of risk. The investor earns returns from bonds and stocks and incurs risk in the form of uncertainty of those returns. An investor in bonds earns returns from interest paid on the debt and possible bond price appreciation. The stock investor earns a return dependent upon the dividends paid on the shares of equity and the stock price appreciation. The interest paid on bonds is determined by the coupon rate of the bond, whereas dividends are paid from the earnings of the corporation. Firms may experience losses for several years and not pay dividends. Moreover, the firm’s stock price may decline, as we saw from 2000 to 2003 , such that total returns may be negative. Traditionally, the total return on stocks over time has exceeded the return on bonds, but with much greater variability of returns.

Mơdern finance has created different formal legal (or accounting) relationships that distinguish different classes of investors contributing to the funds of the business organization: the intensity of risk which each investor class bears varies considerably. The legal classifications on the liability and capital side of the balance sheet represent a division of risk. For example, the element of risk is less for current creditors. They advance funds for only a few weeks or months. The possibility of deterioration in the credit position of the borrower is limited because of the shortterm maturity of the loan. A trade creditor or banker making a short-term advance of credit funds usually looks to the flow of cash from current operations or from the liquidation of receivables or inventory to provide the repayment to the firm. Because of his minimal risk position, the short-term creditor generally offers funds at a low cost.

## 经济代写|公司金融学代写Corporate Finance代考|Division of Risk, Income, and Control

Mơdern Finance 建立了不同的正式法律（或会计）关系，以区分不同类别的投资者为商业组织的资金做出贡献：每个投资者类别承担的风险强度差异很大。资产负债表的负债和资本方面的法律分类代表了风险的划分。例如，当前债权人的风险因素较少。他们只预付几周或几个月的资金。由于贷款期限较短，借款人信用状况恶化的可能性有限。进行短期信贷资金预付款的贸易债权人或银行家通常会关注当前业务或应收账款或库存清算的现金流量，以向公司提供偿还。

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 经济代写|公司金融学代写Corporate Finance代考|FINC13

statistics-lab™ 为您的留学生涯保驾护航 在代写公司金融学Corporate Finance方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写公司金融学Corporate Finance代写方面经验极为丰富，各种代写公司金融学Corporate Finance相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|公司金融学代写Corporate Finance代考|Financial Mathematics and Theory

The financial market is basically free of the frictions of imperfect competition. Securities of a given class and grade are largely homogenous, and the traders and investors do not have strong label or brand preferences. Because the markets are large and have a long history, there is a large mass of data that can be evaluated. This means that financial theory and derived mathematical models may be better evaluated, more appropriate, and better applied than elsewhere in the continuum of business and economic studies. We make extensive use of data in this text, using the data found on MSN (Money), FactSet (for Institutional Managers), Wharton Research Data Services (WRDS) Compustat, Global Compustat, IBES, and Center for Research in Security Prices (CRSP) databases. These databases are well known and respected sources of financial data. The investor or financial researcher can find 4 years on MSN, 10 or 20 years on FactSet, and 20 years of income statement and balance sheet data on an industrial Compustat database, and data for the 1950-2018 Dominion Energy, and IBM as firms to study with respect to their respective financial statements, ratios, valuation, and the cost of capital. Guerard and Vaught (1989) highlighted IBM and Dominion Resources (now Dominion Energy) and Guerard and Schuartz (2007) featured IBM, DuPont, and Dominion Resources in the first edition. These three firms are large, respected firms in their industries and are familiar to many readers of this text. The reader is introduced to regression and time series analysis to facilitate quantitative analysis, such as estimating betas, or measures of market risk, forecasting earnings per share, predicting stock rankings, and analyzing the predictive power of the leading economic indicators. Researchers have used financial data for well over 75 years to evaluate financial policies, such as merger (see Dewing, 1953), and to build financial planning models. Mao (1969), Carleton and McInnes (1982), Vander Weide and Maier (1985), and Pogue and Bussard (1972) are excellent examples of financial planning models.

## 经济代写|公司金融学代写Corporate Finance代考|Risk and Uncertainty Inherent in Finance

The financial management has the tasks of minimizing the total cost of financial funds to the firm, providing adequate resources for expansion at a cost low enough to make it profitable at a risk low enough to maximize the firm’s chance of survival and its stock price. Sometimes the problem of providing adequate funds at minimum financial costs can be separated from the problem of survival or risk and be dealt with simply as a problem in costing or economics. Where this is possible, however, it is usually because some earlier decision set the bounds of the problem. An earlier decision assumed the risks, and historically assumed risks can no more be discarded than historically assumed sunk costs. Whatever the initial approach, the heart of financial theory is the problem of risk and risk-bearing. ${ }^{1}$ The flow of values generated by an initial commitment of productive resources cannot be exactly predicted. Risk is always two-sided. Asset prices may be better or lower than the original value of the assets invested. If the long-run flow of values is larger than estimated, the value of the owners’ original investment is augmented; if, on the other hand, the flow of values falls below the original estimate, the owners will have to accept a lower valuation or a forfeiture of their claims. Should the stream of income fall low enough, even the creditors, depending on their legal position and status as risk-bearers, might have to accept some of the losses. One of the goals of this text is to acquaint the reader with the tools necessary to quantify risk and return.

The financial student must always grapple with the problem of uncertainty. The financial results of any single productive attempt are never sure. There is risk not only when a new enterprise is launched, but also for established firms as long as uncertainty exists continually and concurrently with the productive cycle.

## 有限元方法代写

tatistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。