The attached Excel sheet contains data on annual returns on IBM and 3M stocks over the period 1990-2002, as well as annual returns on S&P 500 Index and one-year U.S. Treasury bills for this period. You are asked to evaluate performance of IBM and 3M stocks using the CAPM’s Security Market Line with S&P 500 Index as proxy for the market return.

(i) Compute the annual excess returns of IBM, 3M, and the S&P 500.

(ii) Use Excel to compute regression coefficients of IBM excess returns on S&P 500 excess returns. More precisely, use Excel functions SLOPE and INTERCEPT to compute the slope and the intercept of the regression. The slope is the estimate of IBM’s beta. If the intercept is positive, IBM stock has “overper- formed”. Otherwise, it has “underperformed”. Which way is it? Use RSQ

function to find the regression’s R2.

(iii) Do the same calculations for 3M stock as for IBM in part (ii). How has 3M

stock performed over the time period 1990-2002?

Sainsbury's is the second largest chain of supermarkets in the United Kingdom. The have expanded internationally and have recently also opened stores in Egypt. However, Sainsbury has since experienced a variety of issues with the Egyptian market. As business development analyst you only see the three follow- ing options for Sainsbury’s business in Egypt:

Today is December 31, 2000. Suppose you have the following information about the financial implications of Sainsbury’s three strategic options.

Option 1: Scale down operations
Sainsbury’s immediately starts to scale down its operations and plans to eventually leave the Egyptian market effective as of Jan. 01, 2006 (i.e. after 5 more years). At the end of 2001, Sainsbury’s operations in Egypt are projected to generate a loss of £6 million. However, due to the effects of scaling down operations and a number of efficiency increases, Sains- bury’s estimates a profit of £7,2 million at the end of 2002, which is then expected to decrease by 3% on a yearly basis until Dec. 31, 2005. All fore- casts for this option are based on assumptions and considered as risky.

Option 2: New local partners
The NPV of acquiring new local partners has already been calculated for you: £12 million

Option 3: Sell business entirely
Sainsbury’s immediately sells its Egyptian operations to a local investor. The local investor is willing to pay a total £15 million, in three parts of £10 million (today) and £4 million (on Dec. 31, 2001) and £1 million (on Dec. 31, 2002). Since the local investor has also presented a bank guarantee for the whole acquisition price (issued by a well-known British bank), op- tion 3 is considered to be risk-free.

The risk-free interest rate is 1% EAR. Sainsbury’s continuing operations in Egypt are seen as risky and the appropriate risk premium is 8%.

1. Calculate the net present values (NPVs) of options 1 and 3 indicated above. (4 pts)

2. Clearlyindicatewhichoption(Option1,Option2orOption3)shouldbe chosen by Sainsbury’s management, and explain the reasons for your choice in two or three sentences – use technical terminology as needed. (1 pts)

data

Use R Studio. (you just need to write R code)

year = year state = A code identifying the relevant U.S. state realbeertax = the state tax per gallon of beer sold pc_perinc = personal income per person pop1620 = population ages 16-20 ur1620_r = unemployment rate among people age 16-20 (in percent) ANYBAC26 = number of fatal accidents involving alcohol among people age 26 and up ANYBAC1620 = number of fatal accidents involving alcohol among people age 16-20 NOBAC26 = number of fatal accidents not involving alcohol among people age 26 and up NOBAC1620 = number of fatal accidents not involving alcohol among people age 16-20 mwdef = minimum wage (in 2006 dollars)

1, Create a new variable that is equal to the log of personal income per person (pc_perinc).

2,Note that this dataset includes observations from all states and from all years between 1998 and 2002. For simplicity, let’s focus on one year: 2001. Create a new object consisting of the data only for 2001

3,We now have a cross-sectional dataset that includes several quantitative variables. One question we might ask is, what is the relationship between (the log of) personal income per capita and a state’s minimum wage? Create a graph that would let you evaluate this relationship visually

4, Use R to calculate the correlation between the two variables you plotted in question 5.

All work must be done in R programing. Consider this dataset provided to you as prob10.txt c1 t1 c2 t2 c3 t3 c4 t4 2650 3115 2619 2933 2331 2799 2750 3200 1200 1101 1200 1309 1888 1901 1315 980 1541 1358 1401 1499 1256 1238 1625 1421 1545 1910 1652 2028 1449 1901 1399 2002 1956 2999 2066 2880 1777 2898 1999 2798 1599 2710 1754 2765 1434 2689 1702 2402 2430 2589 2789 2899 2332 2300 2250 2741 1902 1910 2028 2100 1888 1901 2000 1899 1530 2329 1660 2332 1501 2298 1478 2287 2008 2485 2104 2871 1987 2650 2100 2520 (2) Read it in and set the row names to “Gene 1” through “Gene 10” It should look like this in R > prob10 c1 t1 c2 t2 c3 t3 c4 t4 Gene 1 2650 3115 2619 2933 2331 2799 2750 3200 Gene 2 1200 1101 1200 1309 1888 1901 1315 980 Gene 3 1541 1358 1401 1499 1256 1238 1625 1421 Gene 4 1545 1910 1652 2028 1449 1901 1399 2002 Gene 5 1956 2999 2066 2880 1777 2898 1999 2798 Gene 6 1599 2710 1754 2765 1434 2689 1702 2402 Gene 7 2430 2589 2789 2899 2332 2300 2250 2741 Gene 8 1902 1910 2028 2100 1888 1901 2000 1899 Gene 9 1530 2329 1660 2332 1501 2298 1478 2287 Gene 10 2008 2485 2104 2871 1987 2650 2100 2520 (3 )Perform a one-sample t-test to compare the hypothesis that the mean of the control expression values is 2000.

In C# please and thanks so much,

Create an Employee class with five fields: first name, last name, workID, yearStartedWked, and initSalary. It includes constructor(s) and properties to initialize values for all fields.

Create an interface, SalaryCalculate, class that includes two functions: first,CalcYearWorked() function, it takes one parameter (currentyear) and calculates the number of year the worker has been working. The second function, CalcCurSalary() function that calculates the current year salary.

Create a Worker classes that is derived from Employee and SalaryCalculate class.

• In Worker class, it includes two field, nYearWked and curSalary, and constructor(s). It defines the CalcYearWorked() function using (current year – yearStartedWked) and save it in the nYearWked variable. It also defines the CalcCurSalary() function that calculates the current year salary by using initial salary with 3% yearly increment.

Create a Manager class that is derived from Worker class.

• In Manager class, it includes one field: yearPromo and constructor(s). Itincludes a CalcCurSalary function that calculate the current year salary by overriding the base class function using initial salary with 5% yearly increment plus 10% bonus. The manager’s salary calculates in two parts. It calculates as a worker before the year promoted and as a manager after the promotion.

Write an application that reads the workers and managers information from files (“worker.txt” and “manager.txt”) and then creates the dynamic arrays of objects. Prompt the user for current year and display the workers’ and managers’ current information in separate groups: first and last name, ID, the year he/she has been working, and current salary.

Please make streamreader read text from file and the new line so that the text files stay original.

TEXT FILES:

worker.txt

Hector
Alcoser
A001231
1999
24000
Anna
Alaniz
A001232
2001
34000
Lydia
Bean
A001233
2002
30000
Jorge
Botello
A001234
2005
40000
Pablo
Gonzalez
A001235
2007
35000

manager.txt

Sam
Reza
M000411
1995
51000
2005
Jose
Perez
M000412
1998
55000
2002
Rachel
Pena
M000413
2000
48000
2010

Language is C# (i've got some code but it seems to not run correctly, would love a new take)

Create an Employee class with five fields: first name, last name, workID, yearStartedWked, and initSalary. It includes constructor(s) and properties to initialize values for all fields. Create an interface, SalaryCalculate, class that includes two functions: first,CalcYearWorked() function, it takes one parameter (currentyear) and calculates the number of year the worker has been working. The second function, CalcCurSalary() function that calculates the current year salary. Create a Worker classes that is derived from Employee and SalaryCalculate class. In Worker class, it includes two field, nYearWked and curSalary, and constructor(s). It defines the CalcYearWorked() function using (current year – yearStartedWked) and save it in the nYearWked variable. It also defines the CalcCurSalary() function that calculates the current year salary by using initial salary with 3% yearly increment. Create a Manager class that is derived from Worker class. In Manager class, it includes one field: yearPromo and constructor(s). Itincludes a CalcCurSalary function that calculate the current year salary by overriding the base class function using initial salary with 5% yearly increment plus 10% bonus. The manager’s salary calculates in two parts. It calculates as a worker before the year promoted and as a manager after the promotion. Write an application that reads the workers and managers information from files (“worker.txt” and “manager.txt”) and then creates the dynamic arrays of objects. Prompt the user for current year and display the workers’ and managers’ current information in separate groups: first and last name, ID, the year he/she has been working, and current salary.

Worker.txt

5
Hector
Alcoser
A001231
1999
24000
Anna
Alaniz
A001232
2001
34000
Lydia
Bean
A001233
2002
30000
Jorge
Botello
A001234
2005
40000
Pablo
Gonzalez
A001235
2007
35000

Manager.txt

3
Sam
Reza
M000411
1995
51000
2005
Jose
Perez
M000412
1998
55000
2002
Rachel
Pena
M000413
2000
48000
2010

Ingrid Smith is a 66-year-old female who has been on dialysis for six months. She is finally getting used to the demanding schedule of spending most of three full days a week preparing for her treatments, traveling to and from the center, and discomfort of being on the machine for hours at a time. She does not like that it takes her away from her grandkids and the comfort of her own home so regularly, but that is a sacrifice she is willing to make. Ingrid has struggled with her weight and her diabetes for a long time. She has been trying to keep all these new rules and restrictions with her diet straight, but it is complicated and her memory is not what it used to be. Lately the dietitian has focused on her consumption of mac and cheese. Apparently, it is bad for her for all kinds of reasons, but this recipe is her claim to fame, it is the one that everyone asks for when she is providing food for events like church functions and birthday parties.

On top of all the stress she is feeling with the changes to her lifestyle that kidney failure has created, she has a deep fear of needles and dreads every time she has to be hooked up to the dialysis machine. Even though it is much easier having a fistula in place, it is still the worst part of her dialysis treatment; even worse than the nausea she feels during treatment. Ingrid is new to your facility. She has expressed that the dialysis staff at her previous facility treated her as though she did not care about her own health or treatment plan, and they were not understanding of her fear of needles. She does care about her health; she wants to watch her grandchildren grow up, she doesn't want her health to keep spiraling down, and she would like to eventually get a kidney transplant. She knows she needs to stay healthy to do all this and feels she has been trying her best to follow the complex rules and endure being hooked up to the dialysis machine.

1, In thinking about your role and how you would interact with Ingrid, how would you ensure she had a warm welcome to the clinic, and show empathy towards her situation knowing what you do about her dietary struggles and fear of needles?

Taking consideration of the following articles, solve the follwing question

by Joel Rosenblatt

The former chief financial officer of Autonomy Corp was found guilty of orchestrating an accounting fraud to arrive at the $US10.3 billion price Hewlett-Packard paid for the UK software maker more than six years ago.

A jury voted to convict Sushovan Hussain on Monday on all 16 counts of wire and securities fraud after three days of deliberations in San Francisco federal court.

Autonomy was the UK's second-largest software business when Hewlett-Packard acquired it in 2011. Hewlett-Packard later wrote down its value by $US8.8 billion, citing fraud by Autonomy and asking the US Justice Department to investigate.

The guilty verdict at least partially vindicates Hewlett-Packard. It also gives the company momentum as it heads toward a trial next year in London in a $US5 billion civil suit against Hussain and Autonomy co-founder and former chief executive officer Mike Lynch.

John Keker, Hussain's lawyer, declined to comment. Robert Leach and Adam Reeves, the lead US prosecutors, also declined to comment.

Advertisement

The US accused Hussain of spinning his company's financials to create a false appearance of growth.

At trial the government presented emails, phone records, earnings statements, press releases, and even an alleged payment of "hush money" to show what prosecutor Adam Reeves called "a balance sheet of fraud".

'Ponzi scheme'

From 2009 to 2011, when most technology companies were struggling in the wake of the 2008 financial crisis, Hussain built a facade to "eek out consensus estimates" of Autonomy's revenue before the merger with Hewlett-Packard, Reeves said in his closing argument.

Autonomy by late 2011 had become an "unsustainable Ponzi scheme", he said, leading Hussain to exhort Lynch to sell the company. Hussain was "desperate", and "constantly anguishing, and looking for revenue", Reeves said.

Keker, Hussain's lawyer, argued that HP bought, and then hobbled, an increasingly profitable software company. It was one of a string of failed acquisitions requiring write-offs, a list that includes Palm, Compaq, and Electronic Data Systems, he said.

Keker described a Hewlett-Packard "machine" that deployed an army of company lawyers and consultants to support the government prosecution, which he said relies on false testimony from cooperating witnesses who buckled under "tremendous pressure".

"They're trying to make this Englishman into a criminal, when committing a crime was the furthest thing from his mind when he was working," Keker said, referring to Hussain during his closing argument. "Everybody gets a pass but he's supposed to be a criminal. This case belongs in a civil case in London where it already is."

This case is U.S. v. Hussain, 16-cr-00462, U.S. District Court, Northern District of California (San Francisco).

In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume that you are the senior accountant working for a major firm. Question 1 - 9 marks (1,500 words) The CEO has forwarded to you an interesting article and requires you to provide her with a deeper theoretical understanding of the issues discussed so that she can fully engage in the lively discourse at an upcoming conference. You are required to find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after the 1st of January 2018. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator. You then need to explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. Support your analysis of the assumptions and implications of the topic or theory as appropriate with reference to sources in APA 6 style. For example, this article from the Sydney Morning Herald in April 2016 could be linked to the topics of accounting regulation and measurement (and perhaps others). You must provide a copy of the article or web page, with details of the source, date and page number with your answer.

Assume you are the marketing manager of a large electronic equipment manufacturing firm. It is the Spring of the year 2004. Your firm has pioneered an electronic book reader that mimics the reading experience on paper and the test-market results have indicated that the new product will be well received. However, as it is a completely new product on the market, the firm is unsure of adoption rates. You are in charge of a large geographical region in Asia and a third-party market research firm has indicated that the total market size is likely to be 280 million. The task of developing a reliable forecast now rests on your shoulders and you decide to put the learnings from your NPD class to work. As you do not have previous sales information to forecast, you decide to use a bass model based prediction by analogy.

There are two analogous products with their respective precalculated coefficients of innovation (p) and imitation (q). However, you decide to rate the products based on three factors using experts on a 10-point scale in order to use a weighted average technique to determine the final p and q to use. The following table shows the relevant numbers.

Given the information you have, what is the final coefficient of innovation you’d use to compute forecasts using the Bass model by analogy?

What is the final coefficient of imitation you’d use to compute forecasts using the Bass model by analogy?

Using those p and q suggested by the weighted average technique, and market size = 280 million, what will be your forecast of new product adoption for the first year (2004)?

What will be your sales forecast in millions for the year 2006 (third year from launch assuming the same parameters as in previous question)

When will the cumulative sales exceed 50 million units?

In the year 2006, how much of the total annual sales in millions can be attributed to the effect of imitation instead of innovation?

            Assets at 12/31/03                                 Liabilities at 12/31/03

            Cash                                   $   200         Short-term trade payables            $   500

            Short-term trade receivables     600         Note payable to CEO, due 8/31/04 (2) 350

            Inventories                               700         Wages payable                                 100

            Prepaid warehouse rentals (1) 300         Customer advances (3)                     150

            Property & equipment, net       900         Income taxes payable                         50

            Total assets                       $2,700         Bonds payable, due 2004-11 (4)       800

                                                                           Total liabilities                            $1,950

            Notes:

            1.   Prepaid warehouse rentals cover the period 1/1/04-12/31/05.

2.   Following a plan adopted on 12/31/03, the Company borrowed $350 from the bank on 1/15/04, giving a 10% note payable due on 8/31/05 in exchange, and used the proceeds from this loan to repay the 8/31/04 note payable.

            3.   Customer advances are for goods to be delivered during 2004.

4.   Bonds payable are due in annual increments of $100, beginning on 12/31/04 and ending on 12/31/11.

Shown above is a complete listing of Zed Corp.’s assets and liabilities at December 31, 2003. Zed’s 12/31/03 balance sheet will be issued to shareholders and the SEC on or about 1/31/04.

In its contract with bondholders, Zed promises, while the bonds are outstanding, to maintain:

       a. a current ratio no smaller than 1.75;

       b. working capital no smaller than $500;

       c. a ratio of total liabilities to total stockholders’ equity no greater than 3.00; and

       d. a ratio of noncurrent liabilities to total assets no greater than 0.40.

Bondholders may declare the bonds immediately due and payable if Zed violates one or more of these contract provisions.

Are Zed’s 12/31/03 balance sheet relationships in compliance with the terms of the company’s contract with bondholders? Support your answer with a detailed calculation of total current assets, total current liabilities, and each of the balance sheet relationships in (a)-(d) above.