November 2018

Assignment Instructions

 One of the first things you will learn in law practice is the need to be able to follow instructions from your seniors. This ability is paramount as mistakes, due to a breach of this rule, can cause untold damage to clients and your firm’s reputation. In that vein you will be marked on your ability to follow instructions in this assessment.

1. Letter of Advice

The first task you are required to undertake a letter of advice to your client. You will be provided with a copy of a file note, taken by your supervising partner Godfrey Shonk, of an interview with Tom Jones, a director of KUWTJ Pty Ltd.

You are requested by Godfrey to draft a letter of advice to KUWTJ Pty Ltd with respect to matter(s) discussed.

Regarding the format of this letter you are advised as follows:

1. You are to use the letterhead provided for the firm Shonk, Shonk & Shyster No changes may be made to the letterhead.

1. The letter is to be no more than three (3) A4 pages in length.

1. You are to use Arial font but no less than 12point in size. Line spacing is to be 1.5.

1. Margins are to be 1.5 cm top and bottom and both sides.

1. The letter will be signed off by Godfrey Shonk as Partner of the firm.

1. There are to be no footnotes nor endnotes to the letter.

1. The reference for this matter is: <Insert your SID>:NJS:BSS. Your name or any identifier that would lead to your identity should not appear on the letter. This task, as with the majority of assessment in the Law Faculty, will be marked blind.

1. Save the letter as a Word document. The file name will be your SID then surname of your Tutor ( ie Jackson or Stevens) no other identifier should appear.

2. Memo of Advice to Partner.

The second stage of this assessment task will be a Memo of Advice to your Senior Partner Godfrey Shonk based on the letter of advice provided.

You are to undertake the relevant research and provide Godfrey with a detailed advice on the issues raised. You are expected to refer to legislation and precedent where relevant. Any such reference should be acknowledge by the use of Endnotes. Endnotes will not be included in the 3 page restriction

Regarding the format of this Memo you are advised as follows:

1. Use whatever format for the Memo you think appropriate.
2. The Memo is to be no longer than three (3) A4 pages in length ( not including Endnotes). It will be in 12 point Arial font with 1.5 spacing between lines. Margins 1.5cm all around
3. The reference for this matter is: <Insert your SID>:NJS:BSS. Your name or any identifier that would lead to your identity should not appear on the Memo. If your name is required to appear it will be your SID only. This task, as with the majority of assessment in the Law Faculty, will be marked blind.
4. Save the Memo with the letter in the file as advised above. Please ensure there are appropriate page breaks.

CHECKLIST

Letter

☐ Identification of purpose, audience

☐ Introductory paragraph

☐ Factual statements

☐ Frame legal questions, summarise key legal principles

☐ Client-centered legal discussion canvassing options

☐ Conclusion

☐ Format

☐ Grammar

Memo

☐ Format – to/from/re

☐ Introduction (brief)

☐ Headings

☐ Key legal issues and sub-issues

☐ Clear statements of law backed by authority

☐ Identify problems, weaknesses, alternatives, additional information required

☐ Grammar

☐ Citation

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Pick a Florida College or University and using their County of primary residence, develop a Mass Media plan to support a college/university capital projects development plan by using a county wide referendum, two years long – one penny sales tax. The voting date is March 16 of next year.

GRADING CRITERION AND PRODUCTION CHECK LIST:

I want from you:

Using the common informative speech outline present a 3 to 5-minute talk using power point explaining what you chose and why and.. give me a copy print of the slides.

Power point presentation elements and final project grading checklist: eight items at 17.5 points each.

__ A basic history of the school and undergraduate fees.
__ Identify County voter demographics (D/R ages and income) and your opinion
how they will vote for or against the tax rate.
__ Identify 3 real community leaders in the college’s area who might support your
referendum and explain why you picked them.
__ Which Maslow’s need will you use to persuade the voters, and why did
you choose that need?
__ Using your selected need compose one, four paragraph press release to the
public to solicit public support.
__ Using your selected need compose One Tweet to support your call to action.
__ Using your selected need compose a One page video script with visuals and
audio copy. (split page format)
__ Design one side of a 5X7 inch mailing complete with copy and illustration(s) and explain why you chose the pictures you chose.

note: the press release, tweet, and script must have all the points relevant to that medium. No partial credit for any grading point.

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Consider a new CMBS deal with the following tranches, ratings, and tranche size:

• A1, AAA, 6% (3yr maturity target)
• A2, AAA, 9% (5yr maturity target)
• A3, AAA, 4% (7yr maturity target)
• A4, AAA, 58% (10yr maturity target)
• B, AA, 4%
• C, A, 4%
• D, BBB, 6%
• E, BB, 5%
• F, NR, 4%

A large loan in the CMBS conduit, which represents 15% of the principal of the deal defaults in the first year and, upon resolution has a 60% loss severity. Which of the following best describes the effect on the pool?

(a) The D, E and F tranches are wiped out

(b) The F tranche is wiped out and the A1 tranche is paid off

(c) The E and F tranches are wiped out and the A1 tranche is repaid

(d) The A1 and A2 tranches are repaid

 Question 2:

Which of the following statement relating to the Option Adjusted Spread is FALSE?

(a) Calculating the OAS for an IO mortgage backed security requires an interest rate model and a prepayment model

(b) I want to buy securities with a positive OAS and sell securities with a negative OAS

(c) If the prepayments come in faster than expected by the model on a mortgage pool, the model will show a positive OAS for the IO tranche.

(d) If the prepayments come in faster than expected by the model on a mortgage pool, the model will show a negative OAS for the IO tranche.

 Question 3:

Which of the following facts/trends is unfavorable for the health and future prosperity of the single‐family rental market?

(a) The urbanization rate is continuing to increase

(b) Generation Y is showing little appetite for home ownership as it comes of age

(c) Mortgage lending standards are getting laxer again

(d) Turnover in single-family housing is lower than in multifamily housing

(e) The SFR securitization deals have seen spreads come in

Section II: Numerical

A CMBS is collateralized by the following interest‐only mortgages with five‐year

maturity.

It is tranched as follows:

Assume all bonds were issued on May 1st, 2017.

(a) Calculate the collateral WAC, the distribution WAC, and the excess spread for the first year, assuming no defaults during the first year?

(b) The excess spread is collateralized into a CMBS WAC IO security. You buy the IO bond when the structure is set up. If your discount rate is 5%, how much are you willing to pay for the entire IO tranche at origination (May 1, 2017)? The open period is the last year of the mortgages, while the first four years have defeasance. Assume a 0% CPY during the defeasance phase and 50% CPY during the open period. Assume a 0% CDR throughout. Assume all interest payments are made on the last day of the year.

(c) We are now 3 years later (May 1, 2020). There were no defaults in year 1 and no defaults in year 2. In the last but one day of year 3, mortgage #3 defaults and is immediately resolved with a loss severity of 50%. What is the excess spread on the structure right after the default has been resolved?

(d) What is the new price of the IO, on the last day of year 3, assuming no further defaults and the same discount rate CPY assumptions as before?

(e) If you sell the IO on this day, what was your IRR on the 3‐year investment? Explain why it is higher or lower than your expected return (discount rate)?

Section III: Essay Question

If you were the chief regulator in charge of designing the future of securitization, what concrete actions would you take to enable a resurgence of solid and safe structured finance infrastructure?

Answer this question from a risk management angle, using what you have learned in this module (and potentially in previous modules).

Please, no more than 1 page in 11pt font.

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JWI 530: Financial Management I; Assignment 2: Management Accounting Application

In this assignment, you will demonstrate your understanding of capital investment techniques by evaluating
the following three case studies. In addition to your calculations for each scenario, you should submit a Word
document in which you respond to the questions in each scenario.
Case Analysis 1 (Weight 20% of Total Assignment)
You work for a small, local telecommunications company. In five years, the company plans to undertake a
major upgrade to its servers and other IT infrastructure. Management estimates that it will need up to
$450,000 to cover all related costs; however, as a fairly young company, the goal is to pay for the upgrade
with cash and not to take out loans. Right now, you have $300,000 in a bank account established for Capital
Investments. This account pays 4% interest, compounded annually. A member of the finance department
has approached you with an investment opportunity for the $300,000 that covers a five-year period and has
the following projected after-tax cash flows:
Year Projected Cash Flow
1 $90,000
2 $115,000
3 $135,000
4 $110,000
5 $90,000
Based on this information, in an MS Word document, answer the following questions:
1) How much money will be in the bank account if you leave the $300,000 alone (earning 4% compounded
interest) until you need it in five years?
2) If you undertake the investment opportunity, what is the Nominal Payback Period?
3) Using the Present Value factors for 7% (which can be found on any PV Factor table), what is the
discounted Payback Period of the investment opportunity?
4) What is the Net Present Value at 7% of the investment opportunity?
5) Which option (make the investment or leave the money in a savings account) would you recommend to
your CEO? Why? What additional factors/information might make you change your point of view?
Case Analysis 2 (Weight 30% of Total Assignment)
The CEO of Dynamic Manufacturing was at a conference and talked to a supplier about a new piece of
equipment for its production process that she believes will produce ongoing cost savings. As the Operations
Manager, your CEO has asked for your perspective on whether or not to purchase the machinery.
After talking to the supplier and meeting with your Engineers and Financial Analysts, you’ve gathered the
following pieces of data:
• Cost of Machine: $140,000
• Estimated Annual After Tax Cash Flow Savings: $60,000 (which may or may not grow)
• Estimated machinery life: 3-5 years (after which there will be zero value for the equipment and no
further cost savings)
• You seem to recall that Dynamic’s Finance organization recommends either a 10% or a 15%
discount rate for all Cost Savings Projects
From your JWMI MBA, you know that you need to understand the project financials to ensure that this
investment will be economically attractive to Dynamic Manufacturing’s shareholders.
Calculate the Nominal Payback, the Discounted Payback, the Net Present Value and the IRR for each
scenario, assuming:
A. Ann (A) recommends using the base assumptions above: 3 year project life, flat annual savings, 10%
discount rate.
B. Bob (B) recommends savings that grow each year: 3 year project life, 10% discount rate and a 10%
compounded annual savings growth in years 2 & 3. In other words, instead of assuming savings stay
flat, assume that they will grow by 10% in year 2, and then grow another 10% over year 3 in year.
C. Cassidy (C) believes we use a higher Discount Rate because of the risk of this type of project: 3 year
project life, flat annual savings, 15% discount rate.
D. David (D) is convinced the machine will last longer than 3 years. He recommends using a 5 Year
Equipment Life: 5 year project and savings life, flat annual savings, 10% discount rate. In other
words, assume that the machine will last 2 more years and deliver 2 more years of savings.

In an MS Word document, in paragraph form, respond to the following questions:
1) Which person’s scenario would you present to management and why? From a strictly financial
(numbers) perspective, would you recommend this purchase to management?
2) In your opinion, which person’s scenario is based on the most aggressive assumptions? If you were
to select this scenario as the basis for your proposal, how would you justify the more aggressive
assumptions?
3) In SIMPLE English (as in talking to a non-Finance and non-MBA person), explain why there is value
to management in running all 4 of these scenarios.
4) Beyond financial measures, what other factors would you want to consider, before making a
recommendation to management?
5) If you were the CEO, would you approve this proposal? Why or why not?
Case Analysis 3 (Weight 40% of Total Assignment)
You are the General Manager at the Bicker, Slaughter, and Lynch Law Firm. There is an opportunity to buy
out a small law firm that was just started by a young MBA/JD, and you believe the firm can be grown and
become a lucrative part of your Firm. With help from your finance leader, you have estimated the following
benefit streams for this new division:
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Before Tax
Cash Flow
From
Operations
$(149,000) $0 $51,380 $88,760 $114,100 $129,780 $143,640 $167,300
After Tax
Net Income
From
Operations
$(103,500) $(50,500) $36,700 $63,400 $81,500 $92,700 $102,600 $119,500
After Tax
Cash Flow
From
Operations
$(85,600) $15,000 $48,600 $72,200 $95,550 $101,300 $125,200 $140,200

• You estimate that the purchase price for this firm would be $200,000 and that additional net working
capital would be needed in the amount of $60,000 in year 0, an additional $15,000 in year 2 and then
$15,000 in year 5.
• BSL usually spend about $275,000 per year in advertising. If you make this acquisition, you would
ask that advertising spending be increased by an incremental one-time amount of $45,000 in year 0
to publicize the firm’s expansion.
• Your finance leader has indicated that the firm has access to a credit line and could borrow the funds
at a rate of 6%. He also mentions that when he runs project economics for capital budgeting (such
as a new copier or a company car), he recommends a standard 10% rate discount, but the one other
time they looked at an acquisition of a smaller firm, he used a 13% rate discount. Obviously you will
want to select the most appropriate discount rate for this type of project.
• At the end of 8 years, the plan is to sell this division. The estimated terminal value (the sale and the
return of working capital) is conservatively estimated to be $350,000 of after-tax cash flow help.
Using the data that you need (and ignoring the extraneous information), for this potential acquisition,
calculate each of the following items:
o the Nominal Payback
o the Discounted Payback
o the Net Present Value
o the IRR
In an MS Word document, in paragraph form, respond to the following questions:
1) From a purely financial (numbers) perspective, would you recommend this purchase to
management? Why?
2) What are some of the non-financial elements that need to be considered for this proposal?
3) Assumptions in project economics can have a huge impact on the result. Identify 3 financial
elements/assumptions in your analysis that would make this project financially unattractive? In other
words, what would have to be true for this to be a bad investment?
4) If you were the CEO, would you approve this proposal? Why or why not?

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Describe a time when you were faced with a challenging situation and how you worked through or handled it? Have you ever been in a situation when one of your team members was unproductive or uncooperative? Tell us about it and what you did.

The paper should be 5 pages, double-spaced, with 1 inch margins, 12 point font, and a widely used font (no odd fonts that either decrease or increase your paper’s length) Times New Roman, Calibiri, Arial are all appropriate.

Other questions
What factors influence the ability for a candidate to get elected, and what role do political parties play in elections? How does a winter-take-all system affect elections and political parties? How do elections and parties affect the discussion on the national debt? Given your above discussion, how do you propose we deal with the debt?

You must cite all sources used for this paper, and I strongly encourage you to use relevant and vetted sources to both learn about your topic, and as sources to support your analysis. Wikipedia is an excellent starting point to learn about any topic, but it has no place in an academic paper. Any use of Wikipedia as a source will result in your paper being graded down.

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Legalities Report: describe the laws pertaining to beer sales in one major jurisdiction and how they relate to breweries, distributors, on and off premise locations. You will also compare your findings to the other region you are given as a secondary jurisdiction.
Your goal is to present facts about the beer laws from your assigned region and compare
and contrast them to your secondary region.
Step 2 – Your Assignment
You are a lobbyist for a major brewing trade organization, the “North American Beer
Association”, and are assigned a certain region. One of your goals as a lobbyist is to
convince the State, Local and Federal legislatures that laws need standardization and
updating. You can cite any relevant law or regulation worldwide, except laws outlawing
alcohol (remember your job title). You must present relevant laws for your assigned
region and compare and contrast those laws to your secondary region.
You have been assigned to do research on the following regions:
Primary: ______________________________________________________
Secondary: ______________________________________________________
Step 3 – Questions for Discussion
What questions do you need to answer?
What information will be needed?
Where are you going to find the necessary information?
Step 4 – Research
Individuals gather and prepare information.
Step 5 – Paper
Although there is no formal presentation, please be prepared to give a brief summary of
your paper and any interesting laws.
Prepare a paper of 1050 – 1450 words comparing and contrasting the laws in your two
assigned jurisdictions.
Only papers using APA format and properly cited references will be given credit.
nts

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Make a 2,500 word long analysis of a freely chosen company from STOXX All Europe 100[1]. It is required from you to include in your paper financial valuation analysis based on

1. the Dividend Discount Model (DDM), or
2. the Free Cash flow to Equity Model (FCFE), or
3. the Free Cash flow to Firm (FCFF) Model,

Acquire a thorough understanding of the role, key methods and techniques of valuation, and be aware of the subjectivity and limitations that underpin objective inputs to a financial decision

• Critically analyse investment information contained in financial statements, take positions, form opinions and make financial decisions independently

and

1. Relative valuation, specifically:
   1. Price / Earnings Per Share (P/E) valuation,
   2. Enterprise Value / Earnings Before Interests, Taxes, Depreciation and Amortization (EV/EBITDA) valuation,

• Price / Book Values (P/BV) valuation,

1. Enterprise Value / Sales (EV/S) valuation, and
2. Other industry-specific valuation metrics.

1. Purposes of the paper: The purpose is to have a comprehensive picture about the company you have chosen including
   1. the model chosen,
   2. the inputs chosen,
   3. the valuation characteristics,
   4. the mechanics of the valuation
   5. the outcome of valuation
   6. sensitivity of the valuation
   7. triangulation with ratios
   8. limitations of the financial information
2. Task description: students should critically analyze financial terminology and techniques, a set of company accounts, valuation inputs and management accounting information. Students should audit published financial information, determine the limitations of such information and generate relevant recommendations as well. State valuation problems that the chosen company is facing and provide solutions through the use of valuation concepts within a business context. Finally, critically appraise the limitations of valuation figures, sensitivities for business decision-making by using relative valuation techniques outlined above.

The description of the company and the real financial management situation shall be no longer than 25 percent of the paper, 625 words. Students here have to introduce the chosen STOXX All Europe 100 company from a financial management perspective outlining the industry, the company and the main Financial Reports findings. Tools may include the Five Forces analysis for the industry, SWOT analysis for the company and vertical or horizontal analysis for the Financial Reports. The bottom line is the financial analysis preparing the financial measures and the Discounted Cash Flow analysis (DCF).

The complex set of financial measures shall be no longer than 25 percent of the paper, 625 words. Students should first of all comment on the risk profile of the company outlining its bond rating and debt financing costs, evaluating the overall riskiness of the industry and the specific company position within the industry. Following the cost of debt, the cost of equity has to be calculated within the CAPM framework. The resulting weighted average cost of equity (WACC) should be triangulated with other industry players also reflecting the company’s financial structure and risk level. Where applicable, project NPVs and IRRs need to be calculated additionally to evaluate project investment, capital budgeting and other separate investment decisions.

The introduction of the discounted cash flow analysis techniques shall be no longer than 50 percent of the paper, 1250 words. Students need to choose either the Free Cash Flow to Equity (FCFE) or the Free Cash Flow to Firm (FCFF) or the Dividend Discount Model (DDM) valuation models. The analysis of the Financial Statements is essential to be able to use the percentage-of-sales financial forecasting technique, as practiced during the seminars. The forecasting of the line items such as NOPAT, CAPEX and NWC resulting in the Free Cash Flow should be discounted to current state with the previously calculated WACC. Students are also required to calculate the Beta with regressing stock and market returns for at least one year. For the Terminal Value (TV) calculation it is essential to double check calculations with scenario and sensitivity analysis and relative valuation methods. The comparison to other industry players using Enterprise Value (EV), Earnings Before Interest and Taxes (EBIT), Earnings Before Interest and Taxes, Depreciation and Amortisation (EBITDA) and Price / Earnings (P/E) ratios is essential to outline the current valuation of the firm.

1. Model contents: The papers should include the following sections at a minimum
   1. Title page including the student’s name and the word count of the main document.
   2. Contents outlining the major sections of the document.
   3. Introductory page outlining
      1. Why the company has been chosen?
      2. What the aims of the paper are?

• What tools will be used during the analysis?

1. Analysis of the financial valuation
   1. The model chosen,
   2. The inputs chosen,

• The valuation characteristics,

1. The mechanics of the valuation.

1. The outcome of valuation
   1. Sensitivity of the valuation,
   2. Triangulation with ratios and other companies and industry values,

• Limitations of the financial information.

1. Conclusions and recommendations.

1. Choice of company: The students can freely choose a company from the STOXX All Europe 100, to be chosen in the Moodle.
2. The length of the paper: 2,500 words plus/minus ten percent.
3. Format of the paper: written assignment in the Word program, uploaded to Moodle. Calculations should be conducted in the Excel program and uploaded as well.
4. Referencing of the paper: Harvard-style referencing should be used throughout the text.
5. Plagiarism: all papers need go through the Turnitin program and papers with high plagiarism score will need to be resubmitted.
6. Size limitations: There is a 5MB size limitation on the main document to be uploaded to Moodle. The Word and the Excel document should include all calculations and appendices.
7. Rules concerning late submission: Papers below fifty percent grade or with a high plagiarism score need to be re-submitted.

[1] http://www.stoxx.com/indices/index_information.html?symbol=SXEBCP

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Critically discuss the ways in which the ideas of one early pioneer have influenced current Early Years provision in England and Wales.

General guidance

This should have a conventional essay structure: Introduction, main body, conclusion. No subheadings.

You must show at least six sources in your work. Early Years Foundation stage (EYFS) must be a source.

You must use at least two books.

Plan and write in paragraphs, a theme at a time.

This time, you do not need to comment on your sources. Instead, you need to evaluate what you have read critically.

Comparing and contrasting is a good start. To evaluate, you need to show that you have thought carefully about what sources say. You can do this in each paragraph by showing your understanding of the evidence for and against each point, then basing your conclusion on that evidence.

Detailed guidance

An introduction should set out what you intend to do in the essay. Note: you do not need to repeat the title in the introduction – but do make sure that it is at the top of the essay.

Possible development, paragraph by paragraph: you could go idea by idea, or deal with the pioneer’s ideas first, then follow with current provision.

To conclude, you need to sum up the argument you have made in the essay. Try not to repeat what you have said, and refer back to the introduction.

What does ‘pioneer’ mean?

For the purposes of this assignment, an ‘early pioneer’ is someone who was among the first to put something into practice, or to actually do something.

So Locke, Rousseau and other philosophers were not pioneers because they formulated theories and did not carry them out.

Pioneers mentioned in the module include Steiner, Pestalozzi, the Macmillan sisters (they count as one as they worked so closely together), Montessori, Froebel, Robert Owen and others. If you have found a pioneer who interests you but has not been mentioned in any detail (eg Susan Isaacs), you may write about that person.

If you are not sure, check with the tutor.

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