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Case study
Publication date: 1 November 2022

Louis Gattis

This case was a real-life situation faced by the author. Names were changed, so students would not know that the author was the protagonist. The case had been developed over…

Abstract

Research methodology

This case was a real-life situation faced by the author. Names were changed, so students would not know that the author was the protagonist. The case had been developed over several years as a capstone to the capital budgeting section of an MBA finance course and an advanced undergraduate course.

Case overview/synopsis

Trey and Lauren Gallo were considering the purchase of a vacation condo that also generated rental income. The current owners were willing to sell at a lowball offer of $605,000 as the pandemic entered its 13th month. The Gallos felt they needed to act fast to get this deal. However, the risks were extraordinary, as the pandemic had reduced rental income by 50% and borders had just recently closed. The case provides all data needed to compute rental revenues, capital expenditure, operational expenditures and financing costs. Students are expected to compute the NPV and IRR of free cashflows. Students will compute and evaluate the cost of capital using the condo’s projected debt structure, a choice of several proxy betas and a project risk premium. The case also uses extensive sensitivity analysis. This case differs from corporate capital budgeting problems because it evaluates both levered and unlevered cashflows, and the cashflows include savings from personal use. The case has been successfully used in MBA finance courses and advanced undergraduate finance courses. The case can be used as a capstone case for capital budgeting or a comprehensive exam in undergraduate, MBA and executive programs. The case questions can also be spread throughout a course to cover the topics of financial statement forecasting, free cash flows, capital budgeting, cost of capital and sensitivity analysis.

Complexity academic level

Earlier versions of this case have been used in an advanced undergraduate corporate finance course and MBA finance courses. The case is generally used as a capstone to the material on capital budgeting. Students should have already covered material on financial statements, loan cashflows, levered and unlevered cashflows, CAPM, proxy betas, weighted average cost of capital, NPV and IRR. This case is also appropriate for courses in real estate finance and personal finance.

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Article
Publication date: 1 April 1969

Barbara Brill

IN SAMOA seventy‐five years ago this December, Robert Louis Stevenson died far away from his ‘hills of home’. Samoa has chosen to commemorate this occasion with a special issue of…

49

Abstract

IN SAMOA seventy‐five years ago this December, Robert Louis Stevenson died far away from his ‘hills of home’. Samoa has chosen to commemorate this occasion with a special issue of postage stamps, each one carrying a head of Stevenson and scenes from some of his well known books. From Treasure Island, Long John Silver is shown hurrying up the beach with his parrot, Captain Flint, on his shoulder, while the schooner, Hispaniola, is lying at anchor in the background with sails furled, flying the Jolly Roger. From Kidnapped, Alan Breck is seen striding over the moors on a stormy evening with David Balfour in the distance. From Dr Jekyll and Mr Hyde, Mr Hyde is shown walking out into the foggy night while Dr Jekyll drinks the evil potion. From Weir of Hermiston, Archie Weir and Christina Elliott are seen meeting at the Weaver's Stone.

Details

Library Review, vol. 22 no. 4
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 1 March 1999

Ron Feldman

Fannie Mae and Freddie Mac receive explicit and implicit off-budget subsidies from the federal government. This paper reviews the methods to estimate the dollar amount of the…

25

Abstract

Fannie Mae and Freddie Mac receive explicit and implicit off-budget subsidies from the federal government. This paper reviews the methods to estimate the dollar amount of the subsidies. None of the three techniques to estimate the indirect subsidy yield accurate point estimates. They do suggest that Fannie and Freddie could receive billions of dollars in subsidies in some years and much smaller amounts in other years. However, assessing the size of the implied subsidies is most valuable in demonstrating that Fannie and Freddie, not the federal government, control their size. Efforts to improve federal control face significant difficulties including informational asymmetries and the political incentives that have led to the status quo. These drawbacks bolster the rationale for eliminating federal support for Fannie and Freddie.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 11 no. 1
Type: Research Article
ISSN: 1096-3367

Available. Content available
Book part
Publication date: 24 July 2012

Abstract

Details

Health Disparities Among Under-served Populations: Implications for Research, Policy and Praxis
Type: Book
ISBN: 978-1-78190-103-8

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Book part
Publication date: 25 July 2019

Perry Warjiyo and Solikin M. Juhro

Abstract

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Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

Available. Content available
Book part
Publication date: 21 March 2017

Abstract

Details

Grassroots Leadership and the Arts for Social Change
Type: Book
ISBN: 978-1-78635-687-1

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Article
Publication date: 28 October 2013

Aysit Tansel and Nil Gungor

This study is concerned with the separate output effects of female and male education, as well as output effects of the educational gender gap. Several recent empirical studies…

1545

Abstract

Purpose

This study is concerned with the separate output effects of female and male education, as well as output effects of the educational gender gap. Several recent empirical studies have examined the gender effects of education on economic growth or on output level using the much exploited, familiar cross-country data. This paper aims to undertake a similar study of the gender effects of education on economic growth using a panel data across the provinces of Turkey for the period 1975-2000.

Design/methodology/approach

The theoretical basis of the estimating equations is the neoclassical growth model augmented to include separate female and male education capital and health capital variables. The methodology the authors use includes robust regression on pooled panel data controlling for regional and time effects. The results are found to be robust to a number of sensitivity analyses, such as elimination of outlier observations, controls for simultaneity and measurement errors, controls for omitted variables by including regional dummy variables, steady-state versus growth equations and different samples of developed and less-developed provinces of Turkey.

Findings

The main findings indicate that female education positively and significantly affects the steady-state level of labor productivity, while the effect of male education is in general either positive or insignificant. Separate examination of the effect of educational gender gap was to reduce output.

Originality/value

As evident in the literature, there is controversy surrounding the gender effects of education on growth. This paper provides new evidence on this issue from the perspective of a single country rather than a cross-country viewpoint.

Details

Journal of Economic Studies, vol. 40 no. 6
Type: Research Article
ISSN: 0144-3585

Keywords

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Book part
Publication date: 5 October 2020

Ayşe Günsel and Mesut Yamen

At the doorsteps of the fourth wave of the industrial revolution, it is compulsory to develop a new understanding regarding the future of human labor based on “Industry 4.0” for…

Abstract

At the doorsteps of the fourth wave of the industrial revolution, it is compulsory to develop a new understanding regarding the future of human labor based on “Industry 4.0” for German manufacturers, and two American concepts: “The Industrial Internet” and “The Internet of Things.” How will the nature of human work be in the digital economy of the forthcoming future? The problem of unemployment and the composition of the labor market, in terms of professional skills, are yet to be waiting for answers. Scientific management is also transforming to answer the emerging requirements of this new era, as “Digital Taylorism” to re-organize work in a techno-centric manner. Accordingly, the aim of this chapter is to examine the nature and the possible opportunities and threats of the digital age and try to develop a digital Taylorism understanding to minimize the negative impacts of digitalism on both individual workers and society in a way that all parts including the manufacturers can fully take the benefit of potential advantages of this new era.

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Agile Business Leadership Methods for Industry 4.0
Type: Book
ISBN: 978-1-80043-381-6

Keywords

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Article
Publication date: 1 April 1901

The question has been recently raised as to how far the operation of the Sale of Food and Drugs Acts of 1875, 1879, and 1899, and the Margarine Act, 1887, is affected by the Act…

48

Abstract

The question has been recently raised as to how far the operation of the Sale of Food and Drugs Acts of 1875, 1879, and 1899, and the Margarine Act, 1887, is affected by the Act 29 Charles II., cap. 7, “for the better observation of the Lord's Day, commonly called Sunday.” At first sight it would seem a palpable absurdity to suppose that a man could escape the penalties of one offence because he has committed another breach of the law at the same time, and in this respect law and common‐sense are, broadly speaking, in agreement; yet there are one or two cases in which at least some show of argument can be brought forward in favour of the opposite contention.

Details

British Food Journal, vol. 3 no. 4
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 January 1953

M. ROBERT‐HENRI BAUTIER

Avant‐propos sous les auspices de l'Institut international de Coopération intellectuelle, paraissait en 1934 le t. I, consacré à l'Europe, du Guide international des Archives. Le…

112

Abstract

Avant‐propos sous les auspices de l'Institut international de Coopération intellectuelle, paraissait en 1934 le t. I, consacré à l'Europe, du Guide international des Archives. Le questionnaire envoyé à tous les États européens comportait sous les points 4 et 6 les questions suivantes: ‘Existe‐t‐il un guide général pour les diverses catégories d'Archives ou des guides particuliers pour l'une ou l'autre d'entre elles?’ et ‘Existe‐t‐il des catalogues imprimés, des publications tant officielles que privées, susceptibles de constituer un instrument complet de référence pour tout ou partie importante des fonds d'archives?’ Les réponses des divers pays à ces questions, malgré leur caractère très inégal, ont fait du Guide international un bon instrument d'information générale sur les Archives. Malheureusement les circonstances ont empêché la publication du volume consacré aux États non européens, tandis que le temps qui s'écoulait tendait à rendre périmés les renseignements fournis sur les Archives européennes.

Details

Journal of Documentation, vol. 9 no. 1
Type: Research Article
ISSN: 0022-0418

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