BUSI 408 FULL YEAR PACKAGE (All Class Notes, Midterms, Final, Textbook).

Busi 408 at UNC Chapel Hill's Kenan-Flagler Business School is taught by professor Chip Snively and Melissa Hart. This study guide contains the FULL PACKAGE for everything you need to know, including all class notes, midterm preparation (x2), final exam preparation, and notes from the textbook. It is crucial you do well in this course at it is the prerequisite for most other courses in the Business School, and corporate finance is the basic building block for your future career. Companies and business schools (for your MBA) will request your transcript and this is a course that they expect you to do well in as the bare minimum. Even if you are not yet in the business school or even go to a different school, I strongly recommend you use this guide to learn everything you need to know in introductory business. My best advice is to start early and get ahead of the curve. Best of luck. 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Use similarly rated preferred stocks to determine preferred annual dividend and current stock price. WACC (Weighted Average Cost of Capital): Compute a weighted average of individual costs of capital to determine the required return on the firm's assets. Capital structure weights are determined by the proportion of equity and debt financing used. Long-term bonds and short-term bonds are considered when calculating the WACC. Interest paid by the corporation is tax-deductible, while equity and preferred stocks are not. WACC formula is used to calculate the weighted average cost of capital. Payback Period: Payback period is the period required for an investment to recover its initial cost. Calculate the payback period by identifying the last period with a negative cumulative cash flow and adding the absolute value of cumulative cash flows at that period divided by the cash flow after that period. Risk-Return Trade-off: Risk is rewarded with a potential return. Total dollar return includes dividends and capital gains. Total percent return is the return on investment expressed as a percentage of the original investment. Risk is measured by the dispersion or volatility of returns. Standard deviation is a common measure of return dispersion. Efficient Market Hypothesis: Strong Form: Inside information is of little use as all information is public or private. Semi-strong Form: Fundamental analysis is of little use as prices reflect all publicly available information. Weak Form: Technical analysis is of little use as prices already reflect past prices and volume data. Crossover Rate: Crossover rate is the discount rate at which two projects have the same net present value (NPV). Profitability Index (PI): PI is calculated by dividing the present value of future cash flows by the initial investment. PI greater than 1 indicates that the project should be accepted. NPV (Net Present Value) and IRR (Internal Rate of Return): NPV represents the total present value of future cash flows minus the initial investment. IRR is the discount rate that makes the NPV zero. NPV is generally considered the primary decision criterion, while IRR can be misleading in some cases. Sensitivity Analysis: Analyzing how changes in key input variables affect NPV or IRR. Helps understand the impact of different scenarios on investment outcomes. Terminal Value and Forecasting: Terminal value represents the value of an investment at the end of its economic life. Forecasts are subject to uncertainty and may not be entirely accurate. Sensitivity analysis can help assess the impact of forecast errors. Scenario Analysis, sensitivity analysis, forecasting, cash flows, dividends, net income, cash flow, balance sheet, income statement, accounting rules, risk-reward, capital investment decisions, stock price, future dividends, discounted cash flows, government debt, interest rates, rating agency, equity, bonds, VC GP, deposits, FDIC, traditional banking models, Credit Suisse, assumptions, forecast, growth rate, accounting data, incremental cash flows, opportunity costs, cannibalism, erosion, taxes, inflation, sunk costs, allocations, overhead, valuation equation, NPV, D&A, net income estimation, revenue forecasts, expense forecasts, balance sheet projection, NWC, fixed assets, terminal value, liquidation value, book value, perpetuity, constant growth perpetuity, growth rate. Historical Variance, Standard Deviation, average return, actual return, average squared difference, volatility, deviation, Geometric Average Return, compound return, arithmetic average return, estimates, Efficient Capital Market, inefficient market, delayed reaction, overreaction, Efficient Market Hypothesis, zero NPV investments, dividend yield, stock price, dividend amount, Total Dollar Return, capital gain/loss, return on investment, income component, capital gains yield, Ibbotson & Sinquefield, Historical Rates of Return, Large-Company Stocks, Small-Company Stocks, Long-Term Corporate Bonds, Long-Term U.S. Government Bonds, U.S. Treasury Bills, inflation, CPI, real returns, nominal returns, risk-free return, risk premiums, market risk premium, excess return, riskier assets, expected return, unexpected return, total return, systematic risk, unsystematic risk, total risk, beta, portfolio diversification, systematic risk principle, risk-to-reward ratio, Capital Asset Pricing Model, Security Market Line, average annual return, real rate of return, nominal rate of return, real risk-free rate, nominal risk premium, Capital Asset Pricing Model, Security Market Line, portfolio, portfolio weights, portfolio variance, portfolio diversification. Forms of Market Efficiency refer to different levels at which financial markets incorporate and reflect information in stock prices. There are three forms of market efficiency: Weak Form Efficient: In this form, the current stock price already reflects all past price information. In other words, studying historical price patterns or trends would not provide an investor with an advantage in predicting future price movements. Semistrong Form Efficient: This form of efficiency suggests that stock prices already reflect all publicly available information, including financial statements, news, and other market data. Investors cannot gain an advantage by analyzing publicly available information as the market quickly incorporates it into stock prices. Strong Form Efficient: The strongest form of efficiency implies that stock prices reflect all information, including public and private or insider information. In this form, even insider information does not provide an advantage to investors as it is already reflected in stock prices. This form is considered extreme and is rarely observed in real-world markets. Efficient markets are characterized by rapid price adjustments to new information. The future direction of stock prices in the short run is difficult to predict using publicly available information alone. In an efficient market, mispriced stocks are not easily identified, and simple investment strategies based on public information are unlikely to be consistently successful. Furthermore, the Fisher Effect relates nominal interest rates (R) to real rates of return (r) and inflation rates (h), expressing the relationship as (1 + R) = (1 + r)(1 + h). The real rate of return can be calculated by dividing the difference between the nominal rate and inflation rate by one plus the inflation rate. 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