Question 1
Questions are: (based on the attached document) As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision.What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)?Should HF pledge up to 5% of the endowment to Sirius V? Case description: Investment Policy at the Hewlett Foundation Purpose of the case To provide students with the opportunity to discuss the design of asset allocation policies for long-term investors, the design and implementation of return overlay (or ?alpha transport?) strategies, evaluation of performance and risk exposure of hedge fund strategies, portfolio diversification, and investments in non-liquid assets. Objectives After completing this case students will understand: 1. Asset allocation design 2. Design of overlay portfolios, also known as ?alpha transport? or ?portable alpha? strategies, to separate search from alpha from risk exposure. 3. The role of hedge funds in investors? portfolios 4. Portfolio undiversification 5. The benefits of specialization versus the benefits of portfolio diversification. 6. The use of geometric mean returns and arithmetic means returns as forecasts of expected returns al long horizons. Case Synopsis This case examines the asset allocation decisions that the William and Flora Hewlett Foundation (HP) is considering in early 2005. After careful analysis of the financial challenges and investment opportunities the foundation is currently facing, the chief investment officer and his team are about to make three asset allocations proposals to the foundation committee which, if approved will substantially change the foundation?s investment portfolio. ? First Proposal Adopt a new allocation policy to reduce considerably the foundation?s portfolio of domestic equities and instead increase the allocation to absolute return (or hedge fund) strategies and US TIPS (Treasury Inflation Protected Securities). This recommendation is based on a detailed asset allocation study that includes a re-valuation of HF?s long-term projections of capital market conditions. 2 ? Second Proposal. Implement a return overlay program for the absolute return portfolio. This recommendation is based on a study of the historical performance and risk exposure of the foundation?s long-standing absolute return portfolio. This study has concluded that returns on this portfolio have consistently exceeded the returns on a passive investment in Treasury bills, with a risk exposure that is largely market neutral with respect to the equity market and the fixed income market. The investment team at HF is asking the investment committee to consider enhancing the expected return on the foundation?s portfolio by transforming this exposure into equities, nominal bonds, and TIPS using return overlay strategies. These strategies will allow HF to capture the excess return, or ?alpha?, in the absolute return portfolio and superimpose it on the expected return on a balanced portfolio of equities and long-term bonds. ? Third Proposal. To commit up to 5% of assets to a global distressed real state investment fund with which the foundation has invested in the past. This represents an unusually large commitment to single investment manager for a non-profit institutional investor.,OK, thank you very much. I look forward to hear from you soon! Questions are:(based on the attached document) As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision.What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)?Should HF pledge up to 5% of the endowment to Sirius V? The rest of the information, just give you the idea of this case.,And there are total 9 questions, but I need help in answering # 8. 1. Provide a brief summary of the case 2. Was HF?s donor stock sale program a good idea? In your discussion you need to provide arguments in favor and arguments against the program 3. What are the financial issues facing the Hewlett Foundation (HF)? 4. Describe how HF manages its assets. 5. Is the proposed allocation adequate to meet the HF?s long term spending pay out of 5% (inflation adjusted) while preserving capital in real terms and avoiding short term fluctuations in spending? 6. As a member of HF?s Investment Committee, would you agree with the proposal to double to 20% the allocation to absolute return strategies? To support your decision, in your discussion you must provide arguments in favor and arguments against the proposal . 7. As a member of HF?s Investment Committee would you agree with the proposal to implement the bondization and equitization overlay program (alpha transport)? You need to discuss the effect of these programs on the expected return of the absolute return portfolio and what contracts will be most effective for HF to utilize. To support your decision you must provide arguments in favor and against the proposal. 8. As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision (.What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)?Should HF pledge up to 5% of the endowment to Sirius V?) 9. Give a summary of your recommendation for the three proposals,You need to solve this questions based on the case study attached: As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision. (What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)?Should HF pledge up to 5% of the endowment to Sirius V?) The whole assignment description: Investment Policy at the Hewlett Foundation Purpose of the case To provide students with the opportunity to discuss the design of asset allocation policies for long-term investors, the design and implementation of return overlay (or ?alpha transport?) strategies, evaluation of performance and risk exposure of hedge fund strategies, portfolio diversification, and investments in non-liquid assets. Objectives After completing this case students will understand: 1. Asset allocation design 2. Design of overlay portfolios, also known as ?alpha transport? or ?portable alpha? strategies, to separate search from alpha from risk exposure. 3. The role of hedge funds in investors? portfolios 4. Portfolio undiversification 5. The benefits of specialization versus the benefits of portfolio diversification. 6. The use of geometric mean returns and arithmetic means returns as forecasts of expected returns al long horizons. Case Synopsis This case examines the asset allocation decisions that the William and Flora Hewlett Foundation (HP) is considering in early 2005. After careful analysis of the financial challenges and investment opportunities the foundation is currently facing, the chief investment officer and his team are about to make three asset allocations proposals to the foundation committee which, if approved will substantially change the foundation?s investment portfolio. ? First Proposal Adopt a new allocation policy to reduce considerably the foundation?s portfolio of domestic equities and instead increase the allocation to absolute return (or hedge fund) strategies and US TIPS (Treasury Inflation Protected Securities). This recommendation is based on a detailed asset allocation study that includes a re-valuation of HF?s long-term projections of capital market conditions. 2 ? Second Proposal. Implement a return overlay program for the absolute return portfolio. This recommendation is based on a study of the historical performance and risk exposure of the foundation?s long-standing absolute return portfolio. This study has concluded that returns on this portfolio have consistently exceeded the returns on a passive investment in Treasury bills, with a risk exposure that is largely market neutral with respect to the equity market and the fixed income market. The investment team at HF is asking the investment committee to consider enhancing the expected return on the foundation?s portfolio by transforming this exposure into equities, nominal bonds, and TIPS using return overlay strategies. These strategies will allow HF to capture the excess return, or ?alpha?, in the absolute return portfolio and superimpose it on the expected return on a balanced portfolio of equities and long-term bonds. ? Third Proposal. To commit up to 5% of assets to a global distressed real state investment fund with which the foundation has invested in the past. This represents an unusually large commitment to single investment manager for a non-profit institutional investor. Study Questions for the Oral and Written Presentations 1. Provide a brief summary of the case 2. Was HF?s donor stock sale program a good idea? In your discussion you need to provide arguments in favor and arguments against the program 3. What are the financial issues facing the Hewlett Foundation (HF)? 4. Describe how HF manages its assets. 5. Is the proposed allocation adequate to meet the HF?s long term spending pay out of 5% (inflation adjusted) while preserving capital in real terms and avoiding short term fluctuations in spending? 6. As a member of HF?s Investment Committee, would you agree with the proposal to double to 20% the allocation to absolute return strategies? To support your decision, in your discussion you must provide arguments in favor and arguments against the proposal . 7. As a member of HF?s Investment Committee would you agree with the proposal to implement the bondization and equitization overlay program (alpha transport)? You need to discuss the effect of these programs on the expected return of the absolute return portfolio and what contracts will be most effective for HF to utilize. To support your decision you must provide arguments in favor and against the proposal. 8. As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision 9. Give a summary of your recommendation for the three proposals Team Meetings Meeting of October 25th, 2011: Issues to be discussed by the teams 1. What are HF?s objectives as a foundation (Exhibits 1a and Exhibit 2)? What is the role of HF?s Laurie Hoagland and his investment team? 2. How HF?s philanthropic objectives translate into specific objectives for the endowment (Exhibit 3a)? 3. What investment policy could HF adopt to achieve simultaneously its two objectives of maintaining its asset based in real terms and avoid fluctuations in spending (Exhibits 3a and 4? 4. Is the volatility of the proposed portfolio too high or too low? What alternatives can you offer? 5. Should HF adopt highly levered mean-variance portfolios instead of the proposed portfolio? 6. Should HF take into consideration how other large foundations allocate their assets (Exhibit 6)? 7. Review of HF?s capital market assumptions. Does HF think that returns are predictable? 8. Given HF?s views on capital markets, is 5% real spending rate compatible with the proposed investment policy? 4 Meeting of November 1st, 2011: Issues to be discussed by the teams. 1. Should other foundations with concentrated assets follow HF?s example of disposing of donor?s stock (Exhibits 7a and 7b)? 2. If you were a member of HF?s investment committee would you approve the proposal to double the allocation to absolute return strategies (hedge funds) from 10% of assets (or about $600 million) to 20% of assets (or about $1.2 billion (Exhibits 6, 8a, 8b, 9a and 9c)? 3. What additional questions would you ask Laurie Hoagland before approving (or rejecting) the absolute return strategy? Meeting of November 8th, 2011: Issues to be discussed by the teams 1. How a return overlay strategy (also known as ?alpha transport? or ?portable alpha? strategy) works in a simple setting, for example, one in which HF transports the expected alpha in the absolute return portfolio into the S&P 500? 2. What is the impact on the expected return on the absolute portfolio of the proposed overlay portfolio, which involves exposure not only to domestic equities but also to bonds and inflation indexed-bonds? What are the risks? 3. How can HF implement the return overlay program (?bondize? and ?equitize? its absolute return portfolio)? Should HF ?bondize and equitize? the absolute return portfolio? 4. What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)? Should HF pledge up to 5% of the endowment to Sirius V?,Min 2 pages, max-unlimited.,I am sorry, min 1,5 pages, maximum - unlimited,You understood my assignment wrong. The only question I asked to answer is question number 8 about Sirius 5..., which I posted for you. The rest of the assignment I posted just to let you know about this assignment in general. You shouldn't answer the rest of the questions. I am sorry that you spent so much time for this... But you should concentrate in details only on the question about Sirius V...,Ok, thank you. The ONLY questions I wanted you to answer are these ones: "As a member of the HF?s Investment Committee would you make the 5% commitment to Sirius V? You must provide arguments in favor and arguments against the proposal to support your decision.What are the advantages and disadvantages of investing in Sirius V, the global distressed investment fund (Exhibits 10, 11, 12a and 12b)?Should HF pledge up to 5% of the endowment to Sirius V?",I feel bad that you spent so much time answering every single question in the assignment.,Thank you very much for your help!,Do you think you will be able to expand the answer to the question more about Sirius 5 by Tuesday 10 am, by including also I) NEGATIVE points: 1).power of diversification, meaning that concentrating on the investment to a single asset would be potential dangerous.2). Impact of the public opinion 3). Conpetition II). POSITIVE POINTS: 1). Previous experience with Sirius 4(exhibit 12a); 2) investment money not at once 3) according to exhibit 12b: peak, break-even point, expected return 4) if they succeed what will happen with alpha.
Question 2
I need these questioned answered today: 1. Why is analysis important to the business function of marketing management? (Points : 1) Analysis helps a firm allocate resources appropriately to control its projects, people, and ideas. Analysis helps define the role, mission, and objectives for which each department is responsible. Analysis uncovers meaningful information that guides marketers toward strategies that leverage internal strengths and external market opportunities. Analysis breaks relevant data into its component parts for examination and evaluation. 2. What is missing from the following media goal statement? ?Advertising in printing trade journals will create increased awareness of PrinTower?s variable data printing equipment.? (Points : 1) Selection of specific media vehicles in which advertising will run. Estimate of spending required to increase awareness among the target audience. Description of the desired target audience by firmographic variables. A measurable statement of a desired outcome to aid calculation of ROMI. 3. Which of the following statements was discussed in Chapter 9 as a benefit of developing and following a written marketing plan? (Points : 1) The company can better decide how to allocate budget dollars across various marketing, finance, and operations tactics. The firm is better prepared to measure effectiveness of its sales force management. The company finds it easier to improve with each iteration of its strategic marketing plan. The organization is better prepared to use the Task-Objective approach to developing the marketing plan. 4. Which answer BEST describes the concept illustrated by the example of Pulling Down the Moon? (Points : 1) Analysis reveals factors that help business planners make choices that lead toward profitable, sustainable growth. Analysis helps a firm choose the value proposition to use in its branding, positioning, and marketing communications. Analysis helps a firm negotiate with suppliers, customers, and other stakeholders by quantifying factors affecting decision-making. Analysis can produce systematic information for decision-making but cannot forestall uncontrollable outcomes. 5. Which of the following terms represents the budget allocation method that involves planning marketing actions, followed by estimating costs associated with those actions? (Points : 1) Adaptive Control Task-Objective Affordable Competitive Parity 6. Which answer BEST describes the use of the BCG Matrix as an input to business strategy? (Points : 1) Use of the BCG Matrix helps corporate planners know when to develop distinct corporate strategies for separate SBUs. Use of the BCG Matrix analytic helps marketers assess growth potential among the assets in its business portfolio. Use of the BCG Matrix helps an organization improve its product line management over time through iterative planning cycles. Use of the BCG Matrix assigns SBUs, products, or brands to quadrants based on the amount of cash it requires. 7. What typically differentiates a marketing plan intended for an internal audience from one written for potential investors? (Points : 1) A plan prepared for potential investors will contain more information designed to build confidence in the company?s capacity to succeed. A plan prepared for an internal audience is likely to include more sections on financial performance. A plan prepared for an external audience, such as potential investors, will include more description of the marketing environment and the product/brand. A plan prepared for an internal audience is more likely to be a formal written document designed to track accountability for follow-through. 8. What strategic similarity exists between the Question Marks of the BCG Matrix and the Diversification strategy in Ansoff?s Matrix? (Points : 1) Both always require the most investment of the four strategies in their groups. Both are likely to receive less marketing support due to their inherent risks. Both represent an opportunity to leverage a company?s strengths in the marketplace. Both carry the risk of drawing companies into areas in which they have little expertise. 9. Why should marketers emphasize consistency of marketing communications across all message channels? (Points : 1) Because consumers assemble their own information from the media environment around them. Because few marketers are well-equipped to function in the ?push-and-pull? communication model Because Integrated Marketing Communications requires a tightly-controlled outbound cross- functional marketing program. Because media convergence has created an environment in which more marketing communications are blocked. 10. Which of the following statements was NOT discussed as a success factor in implementation and control? (Points : 1) A company?s decision systems. A company?s channel partners. A company?s judgment of the performance of past tactics. A company?s historical campaign performance.
Question 3
Baker, CPA, was engaged to audit Mill Company's financial statements for the year ended September 30, 20X1. After obtaining an understanding of Mill's internal control structure, Baker decided to obtain evidential matter about the effectiveness of both the design and operation of the policies and procedures that may support a low assessed level of control risk concerning Mill's shipping and billing functions. During the prior years' audits Baker used nonstatistical sampling, but for the current year Baker used a statistical sample in the tests of controls to eliminate the need for judgment. Baker wanted to assess control risk at a low level, so a tolerable rate of deviation or acceptable upper precision limit (UPL) of 20 percent was established. To estimate the population deviation rate and the achieved UPL, Baker decided to apply a discovery sampling technique of attribute sampling that would use a population expected error rate of 3 percent for the 8,000 shipping documents, and decided to defer consideration of allowable risk of assessing control risk too low (risk of overreliance) until evaluating the sample results. Baker used the tolerable rate, the population size, and the expected population error rate to determine that a sample size of 80 would be sufficient. When it was subsequently determined that the actual population was about 10,000 shipping documents, Baker increased the sample size to 100. Baker's objective was to ascertain whether Mill's shipments had been properly billed. Baker took a sample of 100 invoices by selecting the first 25 invoices from the first month of each quarter. Baker then compared the invoices to the corresponding prenumbered shipping documents. When Baker tested the sample, eight errors were discovered. In addition, one shipment that should have been billed at $10,443 was actually billed at $10,434. Baker considered this $9 to be immaterial and did not count it as an error. In evaluating the sample results, Baker made the initial determination that a reliability level of 95 percent (risk of assessing control risk too low 5 percent) was desired and, using the appropriate statistical sampling table, determined that for eight observed deviations from a sample size of 100, the achieved UPL was 14 percent. Baker then calculated the allowance for sampling risk to be 5 percent, the difference between the actual sample deviation rate (8 percent) and the expected error rate (3 percent). Baker reasoned that the actual sample deviation rate (8 percent) plus the allowance for sampling risk (5 percent) was less than the achieved UPL (14 percent); therefore, the sample supported a low level of control risk. Required Describe each incorrect assumption, statement, and inappropriate application of attribute sampling in Baker's procedures.
Question 4
Go to YouTube, located at http://www.youtube.com/, and search for an episode of ?UnderCover Boss?. Imagine you are the CEO of the company in the selected episode. Write a two to three (2-3) page paper in which you: 1. Compare two (2) job positions from the episode and perform a job analysis of each position. 2. Describe your method of collecting the information for the job analysis (i.e., one-on-one, interview, survey, etc.). 3. Create a job description from the job analysis. 4. Justify your belief that the job analysis and job description are in compliance with state and federal regulations. 5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: 1. Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. 2. Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Question 5
Weaver Company Comparative Balance Sheet December 31, 2009 and 2008 2009 2008 Assets Cash $9 $15 Accounts receivable 340 240 Inventory 125 175 Prepaid expenses 10 6 Plant and equipment 610 470 Less accumulated depreciation (93) (85) Long-term investments 16 19 Total assets $1,017 $840 Liabilities and Stockholder's Equity Accounts payable $310 $230 Accrued liabilities 60 72 Bonds payable 290 180 Deferred income taxes 40 34 Common stock 210 250 Retained earnings 107 74 Total liabilities and equity $1,017 $840 Weaver Company Income Statement For the Year Ended December 31, 2009 Sales $800 Cost of goods sold 500 Gross margin 300 Selling and administrative expenses 213 Net operating income 87 Nonoperating items: Gain on sale of investments $7 Loss on sale of equipment 4 3 Income before taxes 90 Income taxes 27 Net income $63 During 2009, the company sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation for $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Cash dividends totaling $30 were paid during 2009. 1. Using the indirect method, determine the net cash provided by operating activities for 2009. 2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for 2009.,Dear Tutor, Please provide the information that how did you calculate the $(180) purchase of equipment on row 88? Thanks,
