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Type: term paper. Topic: Finance. Code: fina0020.
Format: Ms Word. Pages: 30

Development of new financial instruments

CONTENT Introduction Chapter 1. Key Financial Instruments 1.1. Categories of financial instruments 1.2. Short-term instruments 1.3. Ordinary share 1.4. Securities with fixed income Chapter 2. The classification of derivative financial instruments 2.1.Options 2.2. Swaps and forward rate agreement 2.3. OTC derivatives Chapter 3. Investment resources of international financial market Chapter 4. New Financial Instruments 4.1. Islamic financing 4.2. Investors and issuers Conclusion References

Keywordws: Bank | financial instruments

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Type: term paper. Topic: Finance. Code: fina0012.
Format: pdf. Pages: 13

Distributional consequences of capital tax coordination

This paper has two ambitions. First, we review the economic literature on tax coordination. Second, we argue that the taxation of capital is not an issue of efficiency, but instead an issue of equity. In particular, capital tax coordination can alter the vertical distribution of income between the production factors capital and labour. Capital is in perfectly elastic supply in a small open economy. Therefore the tax incidence falls to the immobile factor, labour. By contrast, capital is in inelastic supply at the international level, and therefore the capital tax incidence falls completely on capital, without welfare losses of taxation.

Keywordws: capital tax

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Type: term paper. Topic: Finance. Code: fina0004.
Format: pdf. Pages: 31

Eastern European Integration and Tax Competition

The member countries of the enlarged European Union show large differences in the structure of their tax systems. While consumption taxes have been largely harmonized over the past decades, differences remain in taxes on factor incomes, in particular on capital income. Also, effective tax rates on capital income in Central and Eastern European countries (CEEC) have been falling substantially over the last decade- a trend that may suggest that some tax competition has taken place in the enlarged European Union. The contribution of this paper is twofold. First, it presents and contrasts effective tax rates of Western European countries with those of the CEEC. Second, from a theoretical aspect, it presents a model framework within which a quantitative macroeconomic analysis of tax competition between the two regions can be conducted. In addition the model suggests that part of the large real exchange rate appreciation and current account deficits that CEE countries have experienced during the last decade might be attributed to effects from tax competition.

Keywordws: Tax competition | European Integration | International Transmission

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Type: term paper. Topic: Finance. Code: fina0014.
Format: pdf. Pages: 16

European portability rules for social security benefits and their effects on the national social security systems

This paper discusses the impact of European unification on the national systems of social security and provides a framework for studying the effects of the current European portability and coordination scheme for social security benefits within the European Economic Area. To simplify the analysis, it focuses on one of the many aspects of social security related to old age – long-term care provision. This branch of social security still lacks attention and a systematic approach in some European countries. As a consequence, national (and subnational) solutions to long-term care are not fully compatible with each other, which poses a variety of challenges to the current systems of long-term care provision: Since in a single European market workers and their kin are thought to move as freely as in a national labour market, the national social security systems face claims made from abroad. Critics fear that European integration and the free movement of labour may undermine the notion of solidarity most member states adhere to. The paper to be presented intends to rationalise these fears by studying to what extent respective effects of Europeanization may evolve. For this purpose it describes the current European portability scheme and offers a framework for analysing possible effects of this scheme on the national social security schemes. The analysis concentrates on the effects of portability between just three EU member states: Spain, Germany and Austria.

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Type: term paper. Topic: Finance. Code: fina0019.
Format: Ms Word. Pages: 110

Financial analysis of Wipro ltd

1. INTRODUCTION 2. ANALYSIS OF BALANCE SHEET 2.1 Trend analysis of Balance sheet 2.1.1 Trend analysis of fixed assets 2.1.2 Trend analysis of total current assets 2.1.3 Trend analysis of share holders equity 2.1.4 Trend analysis of total current assets 2.1.5 Share holder’s fund 2.1.6 Sources of fund 2.1.7 Investment 2.1.8 Application of funds 2.2 Horizontal analysis of Balance sheet 2.2.1 Sources of fund 2008 2.2.2 Application of fund 2008 2.2.3 Sources of fund for five years 2.2.4 Application of fund for five years 3. ANALYSIS OF P & L ACCOUNT 3.1 Trend analysis of P & L 3.1.1 Trend analysis of total income 3.1.2 Profit after tax 3.1.3 Transfer to general reserve 3.1.4 Net sales and services 3.2 Horizontal analysis of P & L 3.2.1 Comparison of PBT and Income with expenditure 4. CASH FLOW ANALYSIS 4.1 Introduction 4.2 Cash flow statement 4.3 Interpretation of Cash flow statement 5. RATIO ANALYSIS 5.1 Introduction of the ratio analysis 5.2 Liquidity ratio 5.2.1 Current ratio 5.2.2 Quick ratio 5.2.3 Net working capital 5.3 Profitability ratio 5.3.1 Gross profit 5.3.2 Operating ratio 5.3.3 Net profit ratio 5.3.4 Return on investment 5.3.5 Return on equity 5.4 Assets turnover ratio 5.4.1 total asset turn over ratio 5.4.2 net fixed asset turn over 5.4.3 inventory turn over ratio 5.4.4 average age of inventories 5.4.5 debtor turn over ratio 5.5 Finance structure ratio 5.5.1 debt ratio 5.5.2 debt equity 5.5.3 interest coverage ratio 5.6 Valuation ratio 5.6.1 earning per share 5.6.2 divident pay out ratio 5.6.3 P/E ratio 5.6.4 Profit margin ratio 5.7 Du-Pont chart 6. SCENARIO ANALYSIS 6.1 business unit performance 6.2 company analysis 6.2.1 Share holding pattern 6.2.2 Market capitalization 7 ANNEXURES 8 BIBLIOGRAPHY

Keywordws: Financial analysis

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Type: thesis. Topic: Finance. Code: fina0021.
Format: pdf. Pages: 50

Financial Statement Analysis of Pakistan Cables Ld

Method used by interested parties such as investors, creditors, and management to evaluate the past, current, and projected conditions and performance of the firm. Some tools of Financial Statement Analysis as follow: i. Ratio Analysis ii. Index Analysis iii. Common-size Analysis

Keywordws: Financial Statement Analysis

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Type: term paper. Topic: Finance. Code: fina0002.
Format: pdf. Pages: 31

Financial uncertainty and business investment

The paper seeks to contribute to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility of the stock market index, and the real gold price as indicators for financial uncertainty. An increase in the volatility of a variable is a sufficient, but not a necessary condition for an increase in uncertainty (regarding this variable). The effects of changes in uncertainty on investment are investigated econometrically for the USA, the UK, the Netherlands, Germany, and France. Financial uncertainty has significant negative effects in the USA and the Netherlands.

Keywordws: business investment | uncertainty | financial instability | Keynesian economics | financial systems

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Type: term paper. Topic: Finance. Code: fina0016.
Format: pdf. Pages: 11

Fixed price dynamics versus flexible price dynamics

This paper contrasts the dynamical behaviors of fixed and flexible price regimes for a monopolistically competitive manufacturing sector in which firms base decisions on expectations about product demands.

Keywordws: dynamics | fixed prices | flexible prices

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Type: term paper. Topic: Finance. Code: fina0007.
Format: pdf. Pages: 50

Integration of European Stock Markets. A Review and Extension of Quantity-Based Measures.

We examine to what extent Europe´s stock markets are integrated, and how this can be measured. We review 54 empirical studies and find an overemphasis on price-based measures and a need for more quantity-based studies. We update the Baele et al (2004) study on investment funds` equity holdings to March 2006 for ten euro area and four non-euro area countries, provide additional quantity based evidence, and discuss integration theories. Our results indicate a decline in home bias particularly after the advent of the euro. We conclude that although European stock markets have undergone significant developments, the level of European integration is below expectations and there is a high joint integration with the U.S.

Keywordws: Financial Markets Research | Integration of Stock Markets | Integration Measurement | Quantity-based

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Type: thesis. Topic: Finance. Code: fina0017.
Format: pdf. Pages: 64

Investment-Cash Flow Sensitivity Under Changing Information Asymmetry

Most studies of the investment-cash flow sensitivity hypothesis in the literature compare estimates of the sensitivity coefficients from cross sectional regressions across groups of firms classified into more or less financially constrained groups based on some measure of perceived financial constraint. These studies report conflicting results depending on the classification scheme used to stratify the sample. They have been criticized on conceptual and methodological grounds. In this study we mitigate some of these problems reported in the literature by using the insights from Cleary, Povel and Raith (2007) in a new research design. We test for the significances of the changes in the investment-cash flow sensitivity, in a time-series rather than cross sectional framework, for the same set of firms surrounding an exogenous shock to the firms’ information asymmetry. The CPR (2007) model predicts an unambiguous increase (decrease) in investment-cash flow sensitivity when information asymmetry of the firm increases (decreases). Further, by examining the differences in the sensitivity coefficients we expect some of the biases in the coefficient from measurement errors in Q to cancel out. The two events we study are (i) the implementation of SOX which is expected to decrease information asymmetry from improved and increased disclosure and (ii) the deregulation of industries which is expected to increase information asymmetry largely from the lifting of price controls and entry barriers. We report that information asymmetry decreases following SOX and that there is a commensurate decrease in the investment-cash flow sensitivity, pre- to post SOX. The hypothesis that a greater change in investment cash flow sensitivity is associated with a greater change in information asymmetry is only weakly supported by the data. We also report that information asymmetry increases following deregulation with a commensurate increase in investment cash flow sensitivity, pre to post deregulation. The hypothesis of a greater increase in the sensitivity for subsamples with a greater increase in information asymmetry is not supported by the data. Overall, however, the study supports the investment-cash flow sensitivity hypothesis using a research design that corrects for some of the problems identified in the existing literature on the hypothesis.

Keywordws: nformation Asymmetry | Investment Cash Flow Sensitivity

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