Find Essays
Find Essays
Find Essays
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Finance and Deluxe
Executive Summary
Despite being one of the marketing leaders in the check printing industry, Deluxe
Corporation is incapable of incorporating the best capital structure. Failure in exposure to
the advantages of debt financing has force it into higher costs of finance. Meanwhile, the
emergence of new technology, e.g. electronic payments, has forced Deluxe to streamline
its business and has constrained the firm to focus on only its core activities. This
unfavorable external environment the firm is facing has driven a need of debt financing.
Problems with current financial structure are as follows: 1. Deluxe will have insufficient
cash to support its long term stock repurchase program. 2. Flexibility is not well
managed by ... Show more content on Helpwriting.net ...
Assuming Deluxe will spend same amount of what it spent in 2001 in repurchasing in
coming years (Exhibit 1), it is undoubted that external funds have to be raised in order
to pursue this kind of aggressive restructurings. The amount of debt to borrow depends
on 3 main criteria, bond rating, flexibility and cost of capital. Based on flexibility
analysis (Exhibit 2), both scenarios, expected and pessimistic, show a negative
relationship between the bong ratings and maximum debt capacities implied by EBIT
interest coverage. As a firm is taking on more debts, the financial risks associated with
the debts increase and therefore lower the bond rating of the firm. The drastic increase
in maximum debt capacity between A graded bond and BBB graded bond together
with the low yield spread reveals a distinct advantage possessed by BBB graded bond
in terms of flexibility. Against the pessimistic scenario, issuing BBB graded bond will
left Deluxe with $199 millions of unused debt at minimum before downgrading, which
will be sufficient to sustain the daily operations of a check printing company in case of
recession. Regarding cost of capital, the assumption made by Hudson Bancorp about
equity investors somewhat oversimplifies the market. An increase in financial risk
decreases a firm s market value which
John Steinbeck Influences
John Steinbeck, the author of various forms of literature, was also known as the writer
of the 1930 s (2). Throughout his career, he found himself writing through many periods
and eras. Periods, such as the Postwar period and the World War II era, gave Steinbeck
different introspective, which helped write with numerous different styles (2).
His background, education, and accomplishments all help define the person who John
Steinbeck was. On February 27th, 1902, John Ernst Steinbeck was born in Salinas,
California (2). He grew up in Monterey County alongside his father, John who was a
county treasurer, and his mother, Olive who was a school teacher (1). Later in his life,
Steinbeck married a woman named Carol Henning in 1930. The two moved
Internet Communication as a Tool for Qualitative Research
Research Method 1
While calloborating on the research community, the World Wide Web has opened a
different perspective and provides access for data collection. The Internet user can now
engage in research on a world wide, low cost, almost instantaneous scale and in ways
which potentially overcome some of the barriers imposed by more conventional research
approaches. However, this idealistic view some what obscures both methodological and
ethical difficulties ... Show more content on Helpwriting.net ...
In contrast, their are also people who spend their time viewing merchandise and making
purchases online. Generally speaking, using the technologies for transmission as well as
information gathering. The Internet may also provide social spaces and this consist of
relationships, communities, and cultures emerging through the exchange of text and
images. When social spaces take place, this could happen delayed time sequences or real
time. There is a long tradition of social interaction and community development based on
the capabilities of the Internet. On the other hand, while speaking of short terms, the
Internet can be perceived as a set of technological tools, a complex network of social
relations, a language system, a cultural milieu, and so forth. Quote, The way one defines
and frames the Internet influences how one Research Method 4
interacts with Internet based technologies, as well as how one studies the Internet.
The Internet as a Research Tool:
People might naturally or deliberately perceive the Internet as a tool for receiving and
sending information. Moreover, to extend one s physical reach to connect with others, to
and from, between multiple cultural fields, or performing multiple tasks simultaneously.
From this perspective, users tend to
Jazz Messenger Art Blakey
In the same way as other admired jazz artists, the drummer Art Blakey held tight
sufficiently long to see his way to deal with music return into style.
A main drummer of the post World War II bop style exemplified by Charlie Parker,
Blakey was better known for his authority of his Jazz Messengers, one of the longest
running and reliably superb gatherings in jazz. The street to incredible status was
twisting, in any case. Shunning the vanguard, Blakey was overlooked by jazz
faultfinders in the trial 1960s and disregarded by American groups of onlookers in the
1970s, when rock applied its hegemonic control over the matter of popular music. Not
able to land a U.S. recording contract, he discharged various collections for European
names in the ... Show more content on Helpwriting.net ...
Putting aside his neo bop style, which he spearheaded, Blakey took in band individuals
whose tastes were unequivocally more pop than jazz. Throw Mangione s minimal
known stay in the Messengers trumpet seat was maybe a definitive impression of the
breakdown in the social concensus about the components of true jazz. Yet for Blakey
afficianados, the 1970s have much to offer, as another re issue from Fantasy Records
illustrates. Mission Eternal contains two full collections recorded by a heavenly Blakey
band in March 1973 and initially discharged by the Prestige mark under the titles of
Buhaina and Athenagin. A cut underneath Blakey s best recordings of the 1960s, these
collections by and by demonstrate a familiarity with the cutting edge, a desire for Latin
beats and roused exhibitions by solid sidemen. Cedar Walton stays the gathering on piano
and contributes some solid organizations, outstandingly Mission Eternal. Carter
Jefferson, an innovative saxophonist who merits more extensive thankfulness, strikes a
decent harmony between constancy to models and the unavoidable quest for new sounds.
His performance on Gertrude s Bounce is brutish yet melodic. Vocalist Jon Hendricks,
who joins the gathering on two cuts, is hypnotizing on the jazz standard Moanin and
spooky on Along Came
Hedge Funds Essay
Hedge Fund Policy
What makes a hedge fund such a unique investment? And why is it so controversial?
Many feel the risks of a hedge fund strongly outweigh its benefits. And with some
funds, it does. But when a hedge fund strives, it has impeccable potential. It is arguable
that the regulation on hedge funds, or lack there of, is what allows for so many to falter.
However, despite various suggestions for policy changes, a few lemons still remain.
Would changes in policy and regulation of a Hedge Fund allow it to be a more attractive
investment opportunity? Although some alterations could make the hedge fund a safer
investment, some risks are completely unavoidable. Ultimately, these changes may not
only create more problems, but also ... Show more content on Helpwriting.net ...
And investors in the final hedge fund strategy, global asset allocation, invest in
currencies, commodities, equities and debt around the world. There is no such thing as
an average hedge fund. Because of different strategies, along with various management
styles, there is an extremely wide array of hedge fund returns. Although they have
potential for large profits, hedge funds are exposed to a number of risks. Factors such as
leverage, portfolio concentration, and liquidity may make hedge funds riskier than other
investments like bonds or mutual funds. The name hedge fund was thus derived to
avoid, or hedge, some of these risks. This can be done, for example, by shorting stock or
selling put options.
Alfred Winslow formed the first hedge fund in 1949. He believed he had a better
system for managing money, which included selling short stock to protect against
market risk and borrowing money to boost the potential return on assets. In 1952, he
later limited his partnership and charged incentive fees for his management. The
success of his new idea caught on, and by 1966 there were nearly 200 hedge funds.
Good management skills were proved to be an essential factor in the survival of the
hedge fund in the decades to come. Many leveraged long, in particularly risky and
uncooperative markets, which led to only 68 identifiable hedge funds in 1984. However,
as new ideas were developed, such as investing in the currency markets or using futures
and options,