Blackrock free essay sample

The Portfolio Analytics Group or (PAG) within Blackrock Solutions utilises Blackrock’s proprietary analytics tools and models, such as the Green Package reporting suite, to measure risk on both a security and portfolio level. This area immediately attracts me as this is exactly the roles and responsibilities that i am looking for with regards to an internship Summer Internship with yourselves. The PAG Analyst role is central in supporting Blackrock’s investment process, producing reports and analytics utilised by all areas of the firm, giving rise to a unique opportunity to see how all functional areas operate and link together. The role is also central in supporting BlackRock Solutions external clients across their investment process and risk management oversight. Therefore this does not only fulfil and provide insight into all the areas that i am so very interested and intrigued by, but also gives a much broader perspective to the wider functions of BlackRock. We will write a custom essay sample on Blackrock or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page BlackRock is widely recognized for its disciplined investment process and rigorous risk management. Since its inception, we have focused on the assessment of security and portfolio-level risks for investment decision making as well as for efficient transaction execution. As a result, BlackRock developed an integrated suite of investment management tools that provide solutions to these many varied facets of the business model. All these points help to culminate together in understanding what attracts me personally to an internship with an industry leader such as yourselves. The way you operate as a firm, your corporate culture and identity, plus your track record and that fact that you are so highly regarded within your respective industry fields, all help to see why exactly i am attracted to an internship opportunity at BlackRock, a firm that truly encapsulates everything i am looking for with regards to my future and further professional learning, development, and career prospects.

Finance for Business Operated Repairing Household Works

Question: Discuss about the Finance for Business for Operated Repairing Household Works. Answer: A. Emu electronics is the electronic manufacturer previously operated repairing household works. Currently the business is expanded and now known to be a manufacturer of the speciality electronic items. The company is prime seller of smart phone. For the emerging demand of the variety of features of smart phones, Emu electronics spent more into the research and developmental works for upgrading the system and deliver more modified version to their customers. Based on the case scenario and the information, this report has addressed several questions in the first section of the assignment. The calculation of NPV, payback period, profitability index has been done in the below mentioned table: Year Sales (Unit) Unit price ($) Total sales ($) 1 64000 485 31040000 2 106000 485 51410000 3 87000 485 42195000 4 78000 485 37830000 5 54000 485 26190000 Table 1: Total sales calculation (Source: Created by author) Calculation of Depreciation Value($) Cost of Manufacturing Equipments 34500000 Depreciated over the 7 years life (Straight Line Method) 4928571.429 Table 2: Per year depreciation calculation (Source: Created by author) Calculation of Net cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Net Sales 31040000 51410000 42195000 37830000 26190000 Fixed Costs -5100000 -5100000 -5100000 -5100000 -5100000 Variable Costs -13120000 -21730000 -17835000 -15990000 -11070000 Total costs -18220000 -26830000 -22935000 -21090000 -16170000 Profit 12820000 24580000 19260000 16740000 10020000 Less: Depreciation -4928571 -4928571 -4928571 -4928571 -4928571 EBIT 7891429 19651429 14331429 11811429 5091429 Corporate Tax@30% 2367428.7 5895428.7 4299428.7 3543428.7 1527428.7 EAT 5524000 13756000 10032000 8268000 3564000 Total cash flow (EAT+Dep) 10452571 18684571 14960571 13196571 8492571 Table 3: Calculation of Net cash flow (Source: Created by author) Calculation of Net working capital 6208000 10282000 8439000 7566000 5238000 Changes in Working capital 4074000 -1843000 -873000 -2328000 Table 4: changes in working capital over the years (Source: Created by author) Year Cash Flow Changes in NWC Cumulative cash flow Discounted factor (@12%) Discounted Cash flow 0 -35450000 0 -35450000 1 10452571 10452571 -24997429 0.892857143 9332652.946 2 18684571 -4074000 14610571 -10386857 0.797193878 11647457.99 3 14960571 1843000 16803571 6416714 0.711780248 11960450.14 4 13196571 873000 14069571 20486285 0.635518078 8941466.917 5 8492571 2328000 10820571 31306857 0.567426856 6139882.75 48021910.74 Payback period 2.61813392 IRR 25% Profitability index 1.354637821 NPV 12571910.74 Table 5: Calculation of NPV (Source: Created by author) Assessment of sensitivity in accordance NPV to changes in price It has been assumed that the price of the smart phone has been reduced by 10 % Year Sales (Unit) Unit price ($) Total sales ($) 1 64000 436.5 27936000 2 106000 436.5 46269000 3 87000 436.5 37975500 4 78000 436.5 34047000 5 54000 436.5 23571000 Table 6 : Revised sales figure after price change (Source: Created by author) Calculation of Net cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Net Sales 27936000 46269000 37975500 34047000 23571000 Fixed Costs -5100000 -5100000 -5100000 -5100000 -5100000 Variable Costs -13120000 -21730000 -17835000 -15990000 -11070000 Total costs -18220000 -26830000 -22935000 -21090000 -16170000 Profit 9716000 19439000 15040500 12957000 7401000 Less: Depreciation -4928571 -4928571 -4928571 -4928571 -4928571 EBIT 4787429 14510429 10111929 8028429 2472429 Corporate Tax@30% 1436228.7 4353128.7 3033578.7 2408528.7 741728.7 EAT 3351200 10157300 7078350 5619900 1730700 Total cash flow (EAT+Dep) 8279771 15085871 12006921 10548471 6659271 Calculation of Net working capital 5587200 9253800 7595100 6809400 4714200 Changes in Working capital 3666600 -1658700 -785700 -2095200 Table: Revised working capital change (Source: Created by author) Year Cash Flow Changes in NWC Cumulative cash flow Discounted factor (@12%) Discounted Cash flow 0 -35450000 -35450000 1 8279771 8279771 -27170228.7 0.892857143 7392653 2 15085871 -3666600 11419271 -15750957 0.797193878 9103373 3 12006921 1658700 13665621 -2085336 0.711780248 9726919 4 10548471 785700 11334171 9248835 0.635518078 7203071 5 6659271 2095200 8754471 18003307 0.567426856 4967522 38393538 Payback period 3 IRR 15% Profitability Index 1.083033521 NPV 2943538.316 Table 7: Changed NPV calculation considering the Price fluctuation (Source: created by author) In the above scenario, the NPV is calculated assuming the 10% reduction in price of the products of the Emu Electronics. In that case, per unit selling price has been changed to $485 to $436.5. Here the NPV is reduced from $12571910.74 to $2943538.316. This is quite evident that the price is highly sensitive. These changes also affect on the profitability index of the business. According to Galvez, Ordieres-Mer and Capuz-Rizo (2015), the sensitivity helps to make understand the overall changes to the assessment of the profitability of the business. In this case scenario, the price reduction has been considered and calculation has been done based on 10 percent price reduction consideration. Assess sensitivity in accordance NPV to changes in sales It has been assumed that the sales of the smart phone has been reduced by 16 % Year Sales (Unit) Unit price ($) Total sales ($) 1 53760 485 26073600 2 89040 485 43184400 3 73080 485 35443800 4 65520 485 31777200 5 45360 485 21999600 Table : Calculation of sales considering the sales reduction (Source: created by author) Calculation of Net working capital 5214720 8636880 7088760 6355440 4399920 Changes in Working capital 3422160 -1548120 -733320 -1955520 Table 8 : Changes in working capital (Source: Created by author) Year Cash Flow Changes in NWC Cumulative cash flow Discounted factor (@12%) Discounted Cash flow 0 -35450000 -35450000 1 6976091 6976091 -28473908.7 0.892857143 6228652.946 2 12926651 -3422160 9504491 -18969417 0.797193878 7576922.274 3 10234731 1548120 11782851 -7186566 0.711780248 8386800.818 4 8959611 733320 9692931 2506365 0.635518078 6160033.074 5 5559291 1955520 7514811 10021177 0.567426856 4264105.747 32616514.86 Payback period 4 IRR 9% Profitability Index 0.920070941 NPV -2833485.141 Table 9: NPV calculation considering the sales fluctuation (Source: created by author) In the above scenario, the entire NPV calculation has been done based on the assumption of the reduction of sales volume by 16 percent. Under this condition, the sales units have been reduced and thus, the net sales amount is also being decreased. Based on the 12 percent discounting factor, the net present value, profitability index, payback period and IRR have been calculated. This is clearly indicated that the net present value of the business is least compared to other two options. Based on the above three scenarios, this can be concluded that the original condition of the business is the most viable for production of smart phone. Under this scenario, the net present value of Emu Electronics is $12571910.74. On the other hand, the profitability index id the project appraisal technique which ensures the projects viability and the future cash outlay. Under this scenario, the profitability index is the highest i.e., 1.35. This means that the existing condition is the idea financial condition where the maximum return can be achieved by the company. In addition, the interest rate of return evaluates the desirability of the project. In the first scenario, the highest rate of return has been ascertained, thus the company should produce the new smart phone for generating more revenue in the future. If Emu Electronics losses sales on other models, that does not impacts on the new production of smart phones. Hence, any such variations will not impact on the new smart phone of Emu electronics. Therefore, the changes made in the oil handset do not impact on the net present value of the new production. Part B Ascertainment the book value of debt and equity for Harvey Norman and Interest rate risk management: Total debt to equity 2013 2014 2015 Total debt $820.28m $707.97m $698.44m Less: cash reserves -$161.66m -$144.96m -$185.84m Net Debt $658.62m $563.01m $512.60m Total equity $2.38bn $2.51bn $2.58bn Net debt to equity (%) 27.69% 22.40% 19.88% Table 10: Ascertainment of book value of equity and debt of Harvey Norman (Source: Harveynorman.com.au 2016) In 2015, the total net debt of the Harvey Norman is $512.60m. On the other hand, the total equity of the company in that year is $2.58bn. The total book value of the debt is considered both short term and long term debt of the company while calculating the total debt. On the contrary, the total value of equity has been derived after deducting the preferred equity shares. The book value of debt is useful for determination of the book ratio of the business. However, several researchers have been criticised that it is very difficult to value the debt because this has been varied at times with the figure of the balance sheet. However this above figure gives the clear idea about the companys net exposure and the overall interest rate over the years. Estimation of cost of equity of Harvey Norman: Consideration of the current price of stock of Harvey Norman: At present the stock price of the company is $5.34 which is specified in the company website. Consideration of the market value of equity and market capitalisation of Harvey and Norman: The figure of $5.94 is the overall market capitalization of the company. Computation of the outstanding shares of Harvey Norman: Presently, the company has approximately $11126.56 million of shares as outstanding in the capital market. Assessment of the current annual dividend paid by Harvey Norman: The net amount of dividend paid in the present year is $0.17. This reflects the overall rate of return which is of 5.65 percent. The yield value of government debt in Australia: This has been evident that the overall risk free government debt is ascertained as 3.25 percent and the value of the yield of the government debt is 1.49 percent Computation of the Cost of equity of Harvey Norman by using the model of CAPM: The above mentioned data attained for the yield of the market for the determination of the cost of capital of Harvey Norman. The below information are as follows: Risk free rate 3.25% Market return rate 6.60% Market value of risk premium 3.35% Variance 0.000109918 Beta 0.199367955 Covariance between stock and market 2.19142E-05 SD of market 0.010484185 Cost of Equity 3.92% Table 11: The cost of equity of Harvey Norman (Source: Created by author) Calculation of the cost of equity: To ascertain the weighted average costs of capital of the company, it is necessary to ascertain the costs of debt. The cost of debt as computed is the book value of the stock, i.e. 11.91 percent. Here the present interest rate is also being considered which is charged at 5.60 percent from Westpac. To take the appropriate decision, the investors need to assess the weighted average costs of capital. Calculation of the Weighted Average Cost of Capital of Harvey Norman considering the tax rate: Cost of Equity 3.92% Interest expenses 32.0822 Book value of Debt 269.459 Market value of cost of debt 5.60% Book value of Cost of debt 11.91% Equity 4490.27 Total Capital 4759.729 Debt 269.459 Tax rate 28.88% WACC on the basis of Book value 4.18% WACC on the basis of Market value 3.92% Table 12 : The Weighted Average Cost of Capital of Harvey Norman (Source: Created by author) Using pure play method, the assessment of the cost of capital for HCL and determining any problems which may affect the scenario: The pure play method is not efficient for the assessment of the costs of capital because it does not provide the overall costs of capital for HCL. On the other hand, HCL Company does not have the exposure of the diverse business operations which is unlike from Harvey Norman. Hence, the costs of capital may not give any benefit for the computation of the overall weighted average costs of capital. References: Galvez, E.A., Ordieres-Mer, J. and Capuz-Rizo, S.F., 2015. Analysis of project duration uncertainty using global sensitivity analysis. The Journal of Modern Project Management, 2(3). Harveynorman.com.au. (2016). Harvey Norman | Shop Online for Computers, Electrical, Furniture, Bedding, Bathrooms Flooring | Harvey Norman Australia. [online] Available at: https://Harveynorman.com.au [Accessed 26 Sep. 2016]. Bibliography: Arrow, K.J. and Lind, R.C., 2014. Uncertainty and the evaluation of public investment decisions. Journal of Natural Resources Policy Research, 6(1), pp.29-44. Aue, A., Hrmann, S., Horvath, L., Huskov, M. and Steinebach, J., 2012. A sequential procedure to detect changes in the beta for the functional capm model. Econometrica, 28(4), pp.804-837. Baker, M. and Wurgler, J., 2013.Do strict capital requirements raise the cost of capital? Banking regulation and the low risk anomaly(No. w19018). National Bureau of Economic Research. Barberis, N., Greenwood, R., Jin, L. and Shleifer, A., 2015. X-CAPM: An extrapolative capital asset pricing model.Journal of Financial Economics,115(1), pp.1-24. Cheynel, E., 2013. A theory of voluntary disclosure and cost of capital.Review of Accounting Studies,18(4), pp.987-1020. Hugonnier, J., Malamud, S. and Morellec, E., 2015. Capital supply uncertainty, cash holdings, and investment. Review of Financial Studies, 28(2), pp.391-445. Johnstone, D., 2015. The effect of information on uncertainty and the cost of capital. Contemporary Accounting Research. Liesi, J. and Punkka, A., 2014. Baseline value specification and sensitivity analysis in multiattribute project portfolio selection. European Journal of Operational Research, 237(3), pp.946-956.

Crooks Diary Entry Of mice and Men Essay Example

Crooks Diary Entry Of mice and Men Paper Oh god. So much happened today; I dont remember the last time I had so much to deal with in one night. I just sittin around, workin in my room, enjoying the peace and quite of the night when I heard someone at the door. It was Lennie, the new big guy, askin about his damn pups. What does he think hes doing? Disturbing me from my daily routines. But I was feelin pretty lonely at the time, so I let him in. He came in and started talkin about his stupid rabbits and how hes going to have a ranch of his own with George, his small friend. Ha! What is this? Some sortta of joke? They dont even have the money for it! Gosh hes such an idiot, coming to someone like me at night and just yaking bout how hes going to accomplish is dream and pet rabbits. Hes nuts. Acts like hes a 5-year old kid or somethin. But then, the strangest thing happened, I had another visitor. It was the old swamper. At least it was someone who has somewhat of a brain. Said to me that it must be nice to have the whole room to myself. If only he would understand what I prefer to have; Id rather be in a room cramped with 20 people than facing 4 white walls every evening! We will write a custom essay sample on Crooks Diary Entry Of mice and Men specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Crooks Diary Entry Of mice and Men specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Crooks Diary Entry Of mice and Men specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Candy went on to say that he was part of Lennie and Georges rambled about how close they are to actually succeeding, like it was really going to happen. I couldnt believe the big guy was speaking the truth all along! I cant stop myself from thinking, if these two people can talk to me like Im somebody, living with them on their ranch my twist my fate, I will no longer be discriminated! Suddenly, the fact that my future could change into something better, something to look forward to, really made me excited. Images of what I can accomplish flushed into my mind, The thought of having to deal with less of what I deal with now is just exhilarating! When Candy talked about having their own land and living without the worry of losing a place to live, food to eat, and actually owning property, my heart soared, that would really be a great idea, my life really could change! I cant stop thinking about it, how Lennie and George are so close to achieving their goal, mine might be possible too! I could have if I had my own land, I might earn more than what I earn now, even raise a family, I could be a dad and so much possibilities. Curleys wife appeared at my front door, the one that has tons of makeup on her face, which brought us three men to shock, I dont remember the last time this room was so crowded! What trouble does she want now? With her here, I could imagine the worst happening, us three being sacked from our jobs, is that what she wants nowI think that in one way, me and Curleys wife have in common is having no one to communicate with. But she really pissed me off when she used her position in the ranch to threaten my job, that was not what I would do if I wanted to get along with someone or find someone to talk to. It was her fault for not believing that Curley did not get his hand stuck into the machine, what have I done to deserve those words that came out from her mouth? Who she call a nigger? That mean bitch that had no friends, she forgot that she was in my room, what she doing coming in so late to a mans room, wanting to get us all into trouble? Why cant she just mind her own business and leave us all to our peace? But Im glad she reminded me, I almost forgot my idenity, who I am as a black, how could I have even bared the thought of getting a life outside? I totally forgot about myself and how these white people treat me, how could I live with them, we are from different worlds, we cannot live together in peace, it will never happen. Good thing I told Lennie that I have changed my mind to being part of their land, god knows what might happen if I really went to start a new life with them! Tonight was such a strange night, how could everyone be suddenly off guard and talked to me like I was somebody to them, I havent had company for a very long time and Ive really missed it a lot. I really want someone to talk to ,to be able to listen to me talk, I really believe that being alone for such a long time would really drive me crazy somehow. The yearning I have for a companion is driving me close to being mad! But I will not forget about my dignity and who I am as a black person.

Idem and Ibid

Idem and Ibid Idem and Ibid Idem and Ibid By Maeve Maddox A reader asks, Could you discuss the use of â€Å"id.† in conjunction with referencing citations, especially web links? The abbreviation id. in bibliographical citations stands for Latin idem: â€Å"the same.† The abbreviation id. and the word idem are often seen in older scholarly works, but modern style guides, like The Chicago Manual of Style, no longer countenance the use: 14.30 â€Å"Idem† When several works by the same person are cited successively in the same note, idem (â€Å"the same,† sometimes abbreviated to id.) has sometimes been used in place of the author’s name. Except in legal references, where the abbreviation id. is used in place of ibid., the term is rarely used nowadays. Chicago discourages the use of idem, recommending instead that the author’s last name be repeated. Ibid. is another abbreviation related to the Latin word for same. It stands for ibidem, â€Å"in the same place† and usually refers to a single work cited in the note immediately preceding. Here is an example from the bibliographical endnotes for Chapter I, â€Å"Maid of France† in Marina Warner’s Joan of Arc: The Image of Female Heroism: 18. Pernoud, Retrial, pp. 197-8. (first mention of the book cited) 19. Ibid, p. 201. 20. Ibid, p. 134. 21. Ibid, p. 75. 22. Ibid, p. 177. 23. Ibid, p. 149. 24. Ibid, p. 96. 19. Ibid, pp. 90-2. All the references marked Ibid. are from the same source. Note: â€Å"Pernoud, Retrial† is the abbreviated form that Warner uses in the notes for Regine Pernoud’s The Retrial of Joan of Arc: The Evidence at the Trial for Her Rehabilitation. Ibid, italicized when referred to as a word, is not italicized in use. Ibid is pronounced with short i in both syllables. The i in idem is also a short vowel, as is the e. The reader asks about the use of id. in reference to Web links. I can’t recall having come across it, but if people do use it online, the same conventions that are described here would apply. For example: Maddox, Maeve. â€Å"Let the Word Do the Work.† Daily Writing Tips. May 30, 2007. Web. August 13, 2015. Ibid. The pattern for a Web citation (MLA style) is as follows: Last name, First name. â€Å"Article Title.† Website Title. Publisher. Date Month Year Published. Web. Date Month Year Accessed. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:How to Format a US Business Letter50 Synonyms for â€Å"Idea†Rite, Write, Right, Wright

Effects of Media Violence Research Paper Example | Topics and Well Written Essays - 1250 words

Effects of Media Violence - Research Paper Example There are at least four kinds of violent media effects on the life of people. The first one is about the transformation of reality in humans’ minds under the impact of mass media. The thing is that all kinds of information, such as television, newspapers, Internet, video games, and advertisement, give the audience a new concept of the world order, or in other words they present the universe like it is seen by them or like it is comfortable for them. No wonder, people who see, read or hear about violence day by day, probably begin to perceive the world in its totally negative aspects. They realize their system to be a heart of evil and harmful actions, which threaten not only physical health of mankind, but also hurt its mental state with all possible expected results. In fact, media is the new environment and the reality of modern culture. Unfortunately, the latter is penetrated with more negative sides than positive ones. So there is a conflict between people’s vision of rosy reality and violent reality of mass media itself. But this case is almost exceptional, for the vast majority of people turn into so-called blind believers in mass media notions of the world, due to its ability of erasing the boundaries of true reality and drawing of landscapes of fictional one with its main feature, that is, violence. As a result people with their modified perception of the world hand it.The second kind of media effect concerns to the changeover of society as a direct form of people’s union.

Why the civil acts rights of 1875 failed and the civil acts rights act Research Paper

Why the civil acts rights of 1875 failed and the civil acts rights act of 1964 succeeded - Research Paper Example Almost half of the country agreed to abolish slavery, wealthy owners of plantations in the southern States could not agree to such a loss of cheap workforce. People were exhausted by the Civil War lasting for four years. Economy of the country was also going down because of devastating effects of the Civil War. Big cities and small towns were damaged starting from houses and ending with roads and railroads. Introduced in 1870, the Civil Rights Act became a law only in 1875. Most of the Southern Republicans were against this law. However, it was pass According to the Civil Rights Act â€Å"equality of men before law† was recognized. One of the duties of government was â€Å"mete out equal and exact justice to all, of whatever nativity, race, color, or persuasion, religious or political†.1 Therefore, treating people equally in all the spheres of public activity and social life had to become one of the prerogatives of American society. However, not long after enactment of this law, in 1883, the Supreme Courte declared this law unconstitutional.2 This law offered by Senator Summers was one of the major effective actions of Reconstruction. Even though the Civil Rights Act of 1875 â€Å"outlawed racial segregation in public accommodations and prohibited the exclusion of blacks from jury duty†,3 it still was controversial in some aspects. First of all, the law did not include access of African Americans to many important public places such as schools, cemeteries, religious institutions, etc. Social rights of Americans became their civil rights according to the provisions of this law. Furthermore, this law allowed segregated schools rather than requiring mixed schooling. The Civil Rights Act of 1964 was declared in the time of the social unrest. The major movement for social equality was initiated by Martin Luther King. Protesting men, women, and children were severely beaten by police in Birmingham, Alabama. American president John F. Kennedy was greatly

Ethical Case Scenario Development Assignment Example | Topics and Well Written Essays - 250 words

Ethical Case Scenario Development - Assignment Example This will help me to generate the much needed knowledge I may require in order to complete this assignment. Again this is a good decision since it would improve my knowledge. However, recommending the board to undertake the project fully knowing that it is not feasible is unethical. Whilst I may pretend that all is well, my conscience would tell me that I have done something wrong. In the event that something goes terribly wrong during or after the project after I have indicated that all is well, I would be guilty of lying. I would have put myself in a tight corner where I would be forced to lie. Lying is unethical therefore it is always good to be truthful every time. As noted, lying is bad. The other option is to write a negative report without stating the reasons. This action is likely to cause anxiety among the board members. Writing a negative report is a good thing since it would help the management to review the whole scenario. In any case, this will help them to make informed decisions whether to proceed with the project or