Introduction

This extract from BU130 Working and learning: developing effective performance at work is taken from the introductory week of this module. In it, you will be asked to identify areas in which you would like to improve your performance at work and to think about how you might carry out projects in the workplace to learn how to achieve this improvement. If you choose to go on to study this module you will spend the first eleven weeks planning these projects (which we call work-based learning in
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4.1 Introduction

This section looks at how discounted cash flow (DCF) and the net present value (NPV) rule help investors to choose between possible alternative investments and decide whether the return offered on an investment is worth it, given the risk.

  • DCF allows us to compare two alternative investments with different expected cash flows, different maturities and different risks.

  • NPV allows us to decide whether or not to go ahead in either case.<
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5.1 Why is it important to be organised?

  • 87% of items that are filed into a filing cabinet are never looked at again. STANFORD UNIVERSITY

  • TIn 2010, the world’s digital information output was estimated to pass 1.2 zettabytes. A zettabyte is a new term which equals a thousand billion gigabytes.UNIVERSITY OF CALIFORNIA (BERKELEY)

  • A new blog is created every second. TECHNORATI

  • 10% of salary costs are wasted as employee
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1.7 Monitoring equity performance

For those equities in issue their current market value and some indicators of their performance are provided in the daily press. Table 3 shows the closing levels and the volume of shares traded in respect of a selection of companies on the London, New York, Frankfurt and Tokyo Stock Exchanges on 7 June 2005.

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1.2 Staying private – private equity and venture capital

For many companies – particularly in Europe and Asia – private equity together with retained earnings have been a sufficient source of capitalisation, allowing these companies to avoid listing on a stock exchange. (Retained earnings are the post-tax undistributed – i.e. not paid out in dividends – profits of a company.) The capacity to remain private has been assisted by the rapid growth of private equity in recent years. Private equity has been employed not just by newly established
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1.1 Equity instruments

Both public and private incorporated companies can issue shares in order to finance their operations. Those who invest in shares expect a return blended from dividend yield and capital growth – although the expectations of investors vary from country to country. In the USA, for example, many companies rarely, if ever, pay dividends, with the result that investors seek their returns through share price growth. You will have learnt from earlier finance studies that investors require higher re
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Learning outcomes

After studying this unit you should be able to:

  • understand private equity and the role of venture capital companies in providing this;

  • understand why and how public equity issues can be undertaken;

  • look at the reasons for cross-listing on stock exchanges;

  • examine why a company might de-list from an exchange and return to private ownership.


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Introduction

This unit looks at equity finance – the range of equity instruments and markets available to a company. First, we look at private equity and the role of venture capital companies that provide such finance. We look at the mechanics of an initial public offering (IPO) and at recent cases of companies ‘listing’ on a stock exchange for the first time. We go on to explore certain important strategic issues for a business when considering equity finance:

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Acknowledgements

The content acknowledged below is Proprietary (see terms and conditions) and is used under licence.

Unit Image

Zohar_Manor-Abel

All other materials included in this unit are derived from content originated at the Open University.

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References

Baker, M. (2006). Private communication, Business in the Community, 29 March.
Brewster, D. (2004). ‘CalPERS wave-making brings flak’, Financial Times Fund Management, 9 August.
Business Week (2004). ‘Special report: corporate governance, investors fight back’, 17 May.
Butz, C. (2003). Decomposing SRI
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1.4 Analysis

Data analysis begins with the statement of data requirements and then produces a conceptual data model. The aim of analysis is to obtain a detailed description of the data that will suit user requirements so that both high and low level properties of data and their use are dealt with. These include properties such as the possible range of values that can be permitted for attributes such as, in the Open University example for instance, the course code, course title and credit points.
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1.1.1 Desirable properties of a database

As you will see, there are many possible choices that can be made during the design and many rules to guide this work. When trying to decide if some choices are better than others, you need to consider the key desirable properties of a database. The table here outlines some of them:

Completeness Ensures that users can access the data they want.
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Learning outcomes

Having completed your study of this unit you will:

  • be able to describe the key points of the waterfall model applied to database development;

  • appreciate the roles of various development artefacts, such as the data requirements document, conceptual data model and such like used to communicate between activities in the database development life cycle;

  • be able to communicate effectively about aspects of the development of databases.


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Acknowledgements

Grateful acknowledgement is made to the following sources for permission to reproduce material within this product.

Figure 1 The National Gallery, London;

Figure 3 NOAA-AVHRR image provided courtesy of the Canada Centre for Remote Sensing, Natural Resources Canada;

Figure 4(a) Map extract produced by FWT and reproduced with the kind permission of the Association of Train Operating Companies;

Figure 4(b) Reproduced from multimap.com. Ordnance Survey map with permission
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1.3 Learning through activities

The unit has been designed to actively involve you in your own learning. One of the most important aspects of this are the activities that you are asked to do.

For each activity, there is a suggested time, for example, ‘Allow about 10 minutes for this activity’. These estimates are intended to give you a sense of the amount of effort required. However, you may find that you spend longer on each activity. That is fine, so long as you feel you are learning. If you come across ideas th
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3.1 The beginning of the research process

What distinguishes psychological research from common sense is that psychologists approach information and knowledge in a systematic and consciously articulated way. They use rules and procedures about how to build and apply theories, how to design studies to test hypotheses, how to collect data and use them as evidence, and how to evaluate all forms of knowledge. (See Figure 1, ‘The cycle of enquiry’ in Author(s): The Open University

3.3 Operations in modular arithmetic

The Division Algorithm tells us that all the possible remainders on division by an integer n lie in the set

We denote this set by Author(s): The Open University

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3.2 Congruence

The Division Algorithm tells us that, when we divide any integer by a positive integer n, the set of possible remainders is {0, 1, 2, …, n − 1}. Integers which differ by a multiple of n have the same remainder on division by n and are, in this sense, ‘the same’ as each other. We now
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A snowy owl pair has made a nest and before long, their owlets begin to hatch in this clip from Nature.  (01:27)
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