We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byJacey Shackleford
Modified about 1 year ago
1- 1 © ADMN 4116, Anton Miglo ADMN 4116: Portfolio Management Lecture 1: Introduction Anton Miglo Spring 2015
1- 2 © ADMN 4116, Anton Miglo Organizational comments Blackboard: course outline, grades, announcements, PPT and PDF slides Class notes: key for your success Assignments: no late assignments Investment game: teams Tests: TBA no communication; only emergency cases (medical or smth.); I don’t answer the message if it was answered in class.
1- 3 © ADMN 4116, Anton Miglo Organizational comments Grades: additional points It has two parts: first 5% are given to everybody in the beginning of the course. This can only be reduced in the following cases: Irrespective behaviour Disruptive behaviour Missing classes Second 5% will be given at my discretion for class participation. Since any direct control of attendance is difficult and inefficient the following criteria are typically used: Questions in class Questions outside of class (office hours, not ).
1- 4 © ADMN 4116, Anton Miglo Organizational comments Stock Track Investment Management exercise: interaction, strategy, creativity Group projects: cases
1- 5 © ADMN 4116, Anton Miglo
1- 6 © ADMN 4116, Anton Miglo Please! 1.Don’t …. 2.Turn it off!
1- 7 © ADMN 4116, Anton Miglo
1- 8 © ADMN 4116, Anton Miglo
1- 9 © ADMN 4116, Anton Miglo Topics Introduction Types of securities Risk and Return CAPM and Portfolio Management Fixed-Income Securities Equity Analysis Options, Futures and Forwards Advanced Topics
1- 10 © ADMN 4116, Anton Miglo
1- 11 © ADMN 4116, Anton Miglo Lecture 1: Money and finance Types of business organization Financial decisions and corporate organization chart Financial information versus accounting reports Introduction to Excel Topics Covered
1- 12 © ADMN 4116, Anton Miglo Money and Finance
1- 13 © ADMN 4116, Anton Miglo Projects
1- 14 © ADMN 4116, Anton Miglo Securities
1- 15 © ADMN 4116, Anton Miglo Forms of Business Organization Sole proprietorship Partnership Corporation Ease of formation/ termination Easy Relatively Easy Complex Life of a firmTermination or death Death or withdrawal of partners In perpetuity Owners liability Unlimited Usually unlimited Limited Separate legal entity No Yes Degree of controlComplete StrongSeparation of control and ownership Taxes Based on personal Income taxesCorporate Income Tax & tax on dividends Transfer of ownership LimitedRequires agreement of the partners Unlimited
1- 16 © ADMN 4116, Anton Miglo Organization Chart Board of Directors CFO GM Production Treasurer: raising capital banking relationship CEO GM Marketing Controller: Prepares financial statements and budgets, Internal accounting, taxes
1- 17 © ADMN 4116, Anton Miglo The Balance Sheet (Accounting View) = Cash 42 Receivable 86 Inventory 14 Short-term Investments 15 Fixed Assets 902 Intangible Assets 85 Total Assets 1,144 Bank loan 40 Ac. Payable 120 Bonds 60 Long Term Bank Debt 464 Capital 110 Additional capital 40 Retained earnings 310 Liab&Shareholders’ Equity 1,144 ASSETS LIAB&EQUITY Book Values!!!!
1- 18 © ADMN 4116, Anton Miglo The Financial View of the Firm = Assets in place 1,144 Growth Assets 140 Total Assets 1,284 Debt 684 Equity 600 Liab&Shareholders’ Equity 1,284 ASSETS LIAB&EQUITY Market Values!!!!
1- 19 © ADMN 4116, Anton Miglo Income Statement Sales 1, Cost of Googs sold 1, EBITDA Depreciation & Amortization EBIT Net interest expense 10 Income Before Taxes Income Taxes Net Income After Taxes Cash Dividends22.00 Retained earnings69.00
1- 20 © ADMN 4116, Anton Miglo Excel! EVERYONE uses it! The biggest technical skill needed in business Use Excel to do finance and you’ll have a double advantage: Both finance and Excel
1- 21 © ADMN 4116, Anton Miglo Introduction to Excel Basic basics about Excel! Can probably be skipped! Most students know this materials
1- 22 © ADMN 4116, Anton Miglo Getting started You’ve managed to open Excel Excel buttonOffice button on desktop
1- 23 © ADMN 4116, Anton Miglo Excel 2003, Excel 2007, Excel 2010 All versions basically the same Differ in minor stuff (graphics, toolbars) All spreadsheets for Principles of Finance with Excel work in all versions of Excel (though see next slide)
1- 24 © ADMN 4116, Anton Miglo The small print PFE files are saved in the Excel 2007/2010 format To open in Excel 2003, download the compatibility pack from Microsoft:
1- 25 © ADMN 4116, Anton Miglo Some rules for financial modeling These rules will help you build better spreadsheets Readibility, Logic, Simplicity—this is what you should strive for
1- 26 © ADMN 4116, Anton Miglo Try to put important variables in one place
1- 27 © ADMN 4116, Anton Miglo Don’t hard-wire numbers Use formulas instead of numbers
1- 28 © ADMN 4116, Anton Miglo Avoid using blank columns to accommodate cell “spillovers”
1- 29 © ADMN 4116, Anton Miglo Do not forget to name your spreadsheets UGLY!! You can name sheets by clicking on the sheet tab.
1- 30 © ADMN 4116, Anton Miglo Adding “Getformula” to your spreadsheet Some of my spreadsheets embed a small program called Getformula that allows you to see what you’ve written in a cell When you open such a file, Excel will ask you if you want to open Getformula:
1- 31 © ADMN 4116, Anton Miglo You may have to tinker with your spreadsheet Security settings!
1- 32 © ADMN 4116, Anton Miglo You’ve got a blank spreadsheet Save it! (all the time!) Which format?? Excel Workbook: OK for most uses Excel Macro-Enable Workbook: If you want to embed Getformula macro into spreadsheet Excel Workbook: Lowest common denominator Where should you save it? My documents Special folder? Anton/Junk is a folder I’ve created
1- 33 © ADMN 4116, Anton Miglo Formatting the numbers Mark numbers to be formatted Press right mouse button and choose Format Cells
1- 34 © ADMN 4116, Anton Miglo Relative versus absolute copying Relative copying Absolute copying
1- 35 © ADMN 4116, Anton Miglo First spreadsheet How does an investment of $1000 grow over time with 15% annual interest? Note formula in cell and in Formula Bar
1- 36 © ADMN 4116, Anton Miglo Copying the formula by dragging The result
1- 37 © ADMN 4116, Anton Miglo Excel hint Instead of dragging cell B4, there’s an even simpler way to copy. Put your cursor on the handle and double- click with the left mouse button The formula will be copied through the last row of the adjacent filled column. In this case: from cell B5 through B13.
1- 38 © ADMN 4116, Anton Miglo Formatting: Look at the toolbar You can change the fonts You can change the cell alignment You can merge cells, wrap text You can do number formats PLAY AROUND WITH THIS! IT’S EASY!
1- 39 © ADMN 4116, Anton Miglo Shortcut There’s a shortcut to this format (2 decimals, comma): Ctrl+Shift+!
1- 40 © ADMN 4116, Anton Miglo Use F4 to change from Relative to Absolute references At this point, you’re still in the cell (haven’t hit Enter). By hitting F4, you can change the B2 to various kinds of absolute references: $B$2: Absolute when copied $B2: Column absolute, row relative B$2:Row absolute, column relative B2:Back to all relative
1- 41 © ADMN 4116, Anton Miglo Digression: Shortcuts in Excel Many! F1: Help F2: Edit cell F4: Repeat last action F2, then F4: change from relative to absolute copying 41
1- 42 © ADMN 4116, Anton Miglo [End]+[Arrow] shortcut Problem: You have a lot of data and you want to mark it all Put cursor on first cell Hold down Shift key Push End key and Down-arrow Problem: You have a lot of data and you want to get to the other end Put cursor on first cell Push End key and Down-arrow 42
1- 43 © ADMN 4116, Anton Miglo 43
1- 44 © ADMN 4116, Anton Miglo Last slide:
1- 45 © ADMN 4116, Anton Miglo Last slide:
Business Plan Brief summary of Executive Summary and Business Plan.
Microsoft ® Office Excel ® 2007 Training Get up to speed [Your company name] presents:
FINANCIAL MANAGEMENT I AND II The Scope of Corporate Finance.
McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc. All rights reserved.
BUSINESS & MANAGEMENT Unit 3.5 Final Accounts 1/39.
Working with Microsoft Excel 2010 Lesson 3. Objectives.
The Kyscope A kaleidoscope for assessing business income taxation options Press the slide show button in the bar below this slide, sit back and watch the.
MS Word BasicTraining. Section One: Word Basics Section Objectives Know how to open MS Word. Be able to identify the Toolbar. Know which Tabs on.
The ESC-QuickBooks Integration For Use with ESC Version 12.
aNm – Michael Sheyahshe MS Excel Training One.
Business Objects For Power Users BI_BOBJ_300. Course Content This course focuses on how to run, modify, and create a Business Objects report, including.
Learning Objectives 14.1 Describe the importance of accounting and financial information Differentiate between managerial and financial accounting.
Microsoft ® Office 2007 Overview Get up to speed with the 2007 system Leon County Schools presents:
Section Goals Understand Tables Know how to create, edit, and use Tables Investigate ‘nesting’ Tables Be able to format Tables.
Microsoft ® Office PowerPoint ® 2007 Training Get up to speed [Your company name] presents:
Computing Tools for Engineering Design ( ENME Computing Tools for Engineering Design ( ENME 337 H(3-2)) Instructor: Dr. Daniel Y. Kwok Office: ME321 Phone:
Excel for Managers Lets get started T T he essentials managers need to know about Excel.
Microsoft ® Office Training Get up to speed with the 2007 system Cecil County Government IT Department presents:
Getting started With Excel Getting started With Excel.
1. 2 Drawing and Graphics In this unit you will learn how to use the paint program to draw pictures on the computer. You will also learn how to delete,
Cancer Education Database (EDB) Version 2.0 Training Presentation Prepared By: Surveillance and Evaluation Unit Center for Center Surveillance and Control.
Raising Entrepreneurial Capital Chapter 2: Options in Venture Financing– Debt Capital.
Technological Innovation and Intellectual Capital BUA5FTS – WEEK 1.
Mozilla Thunderbird Management. Topic 1: Changing How is Organized Topic 2: Creating and Using Folders Topic 3: Attachments Topic 4: Organizing.
Excel Tips and Tricks Jon Paul Progressive System Solutions, Inc (Note- this was produced in.
Introduction to Microsoft Access
Introduction to Database Concepts and Access Using Access Foundation.
Lecture 2 Robert Zimmer Room 6, 25 St James. This course is about building models and making decisions It is about organising information It is about.
aNm – Michael Sheyahshe MS Excel Training Two.
Computer Training for Elders. As the name suggests, the first task for computers was performing calculations Today, computers are more often used for.
© 2016 SlidePlayer.com Inc. All rights reserved.