Premium Essay

Canvas

In: People

Submitted By fabiobrambilla
Words 5229
Pages 21
The Application of FRICTO Analysis to Making Financing Decisions in Practice: Two Case Examples in Australia
George W. Kester, Washington and Lee University Jamie Mckellar, Thiess Pty Ltd Jeremiah Mulcahy, BHP Billiton Ltd

This paper describes the use of the FRICTO analytical framework for comparing financing alternatives and making financing decisions. Two case examples in Australia are presented to illustrate how two former investment bankers have used the FRICTO framework to help clients make financing decisions that take into account flexibility, risk, income, control, timing and other considerations. They have found the analytical framework prompts decision-makers to consider other important issues beyond risk and the effect on earnings per share that reflect a company’s unique and often complicated circumstances.

INTRODUCTION Modigliani and Miller (1958) advanced the proposition that based upon several simplifying assumptions, capital structure has no effect on the value of a firm. However, recognizing the impact of taxes, bankruptcy, agency costs, and asymmetric information, capital structure theory has evolved to acknowledge that the use of debt does affect the value of a firm. Modern theories of capital structure can be classified into two categories: “static tradeoff models” and the “pecking order hypothesis.” Static tradeoff models imply an optimal debtequity mix which is determined by a tradeoff between the benefits and costs of debt (i.e., balancing the tax advantages of debt against the risk of bankruptcy and agency costs). The pecking order hypothesis implies a hierarchy in raising funds, in which the firm prefers internal to external financing and, if it obtains external funds, debt to equity. This empirically motivated hypothesis, which has been theoretically justified on the basis of asymmetric information by Myers (1984) and Myers and Majluf…...

Similar Documents

Free Essay

1malaysia: Beyond the Canvas

...1Malaysia: Beyond the Canvas The 18@8 exhibition signified the inauguration of Wei-Ling Gallery at Brickfields in 2005. Hermetic readings of every chapter for the past few years portrayed varied concerns channelled into different themes. This landmark exhibition has exhibited some of the most compelling works by many a local artist. An important milestone was created when this very same event was replicated beyond the shores of the country, bringing Malaysian Art to Karachi, Pakistan. A show that demarcates the objectives of Wei-Ling Gallery to promote contemporary Malaysian Art, previous instalments provided a platform to two dimensional art works that vetted specific matters. The artists strived to create dialectic works with characteristic impulses. In concurrence with the 5th instalment of the 18@8 exhibition, the gallery posed a new challenge to the participating artists and itself. A turning point for Wei-Ling Gallery is its initiative to orchestrate and curate shows based on its own direction, heartening the artists to widen their tangential perspectives with conceptualized shows. As the gallery is taking the road less travelled in more experimental and cutting edge shows, so do the artists. This vehicle (18@8) presents the artists with an avenue to work beyond the boundaries of individualistic concerns, transgressing beyond the norm of what we expect. With an exploratory ardour, Wei-Ling Gallery conceptualized and challenged the artists to partake in thematic......

Words: 1727 - Pages: 7

Premium Essay

Lean Canvas

...3Doodler – Alexander Weiss (RedID: 816410953) Lean Canvas and Criticism Problem When people are drawing, they often can’t help feeling limited, because they can’t touch or feel their paintings. In short, drawings don’t feel real! This is really sad, since people try to be creative when they are drawing and being creative is easier the more flexible you are and the better you can capture your imagination, your thoughts and feelings. Hence many people don’t feel comfortable, but limited by drawing in just two dimensions. Besides the restrictions of 2D drawing many creative women would rather develop a new, individual piece of jewelry on their own than just to buy a finished product. Wearing their own creations women could express themselves in a better way. Currently alternatives for 3d printing require a high level of technical knowhow and they are very expensive and therefore not accessible to many people. Solutions Possible Solutions could be provided for instance by 3D Printers. In the past they used to be very expensive, but prices have decreased very quickly and technology has made good advances in this research area. Due to these developments experts expect a creativity revolution through 3D printing in the very near future. 3D printing is also very fast and accurate. But one possible disadvantage of 3D printing could be the somehow distanced relationship to the printings. Artists often want to connect with their art in a special way and this is not always ensured......

Words: 2188 - Pages: 9

Free Essay

Canvas Pay4Me

...canvas ® PayForMe ™ Mobile Collect Call Application Calling collect has been one of the key services in the wireline networks. It has allowed operators to generate additional revenues and has enabled subscribers to connect to friends and family from public locations, especially in an emergency. Canvas® PayForMe™, Mobile Collect Call Application, brings the same functionality to wireless operators. The Canvas® brand covers multiple solutions with key components that are optimal for future growth in the evolving next generation networks. Each Canvas product offers not only a point solution, but also reusable building blocks that seamlessly integrate with other Canvas products as well as with Telenity partner solutions. Canvas PayForMe is a member of the Canvas Value Added Services portfolio. It is a network based value added service solution that enables wireless carriers to target end-users like the youth market, low budget and prepaid subscribers and enterprises. It allows mobile subscribers to make collect calls without the involvement of an operator through a simple USSD message or a voice call. The benefits of Canvas PayForMe include the following: Convenience of Placing a Call Without Available Credits Canvas PayForMe application offers pre-paid subscribers a peace of mind that, in case of a personal emergency, they can reverse the charges even if the pre-paid account is depleted. Similarly, parents can feel safe about setting spending limits on their teenagers'......

Words: 955 - Pages: 4

Free Essay

Aplicación Canvas

...Canvas: Para el análisis del Canvas, se debe comenzar identificando a los principales clientes. En el caso particular de aíslate, hemos decidido considerar a nuestros intermediarios como clientes además de los clientes finales. Por lo tanto, por un lado tenemos a los intermediarios compuesto por Easy y Sodimac Constructor y por el otro lado, tenemos a nuestros clientes finales compuesto principalmente por familias y trabajadores. Para cada uno de los clientes, tenemos una propuesta de valor similar pero que difiere en algunos puntos. En el caso de los intermediarios, buscamos otorgarles valor ofreciéndoles un producto de calidad, que cumpla con estándares internacionales y sea seguro para el cliente final, dándoles una posibilidad de diversificar y tener productos innovadores dentro de aquellos que ofrece. Por otro lado, procuraremos darle un razonable tiempo de respuesta para así poder lograr una mayor fidelización. Para el caso de los clientes finales, también procuraremos otorgarles un buen servicio asegurando que existan incentivos que motiven a promocionar nuestro producto y dar una atención de calidad. También agregaremos valor ofreciéndole un producto seguro, que reducirá las enfermedades derivadas de la mala aislación asegurando una buena calidad de producto debido a su certificación. ¿Cómo llegaremos a nuestros clientes? A los distribuidores llegaremos a través de la página web, oficinas propias y revistas relacionadas con el rubro o la industria de......

Words: 713 - Pages: 3

Free Essay

Html5 Canvas - Lap Trinh Game 2d V1.0

... HTML5 Canvas Lập Trình Game 2D v1.0 Lý thuyết và demo thực hành về lập trình game 2D với API Canvas trong Html5 http://vietgamedev.net/ http://yinyangit.wordpress.com/ 1/7/2012 Yin Yang HTML5 Canvas - Lập trình Game 2D 2 |P age Yin Yang HTML5 Canvas - Lập trình Game 2D LỜI TỰA Flash là một công nghệ rất hiệu quả, phổ biến và cho phép lập trình viên có thể tạo ra những ứng dụng với đầy đủ các hiệu ứng hình ảnh, âm thanh đặc sắc. Những công nghệ tương tự như Java Applet hay một “đứa con” sáng giá của Microsoft là Silverlight cũng không thể đứng vững và cạnh tranh được với Flash. Nhưng một vấn đề nảy sinh ở đây là khả năng tương tác giữa các công nghệ này với các thành phần xung quanh nó (như các thẻ HTML) dường như không thể. Chúng bị cô lập và hoạt động độc lập với thế giới bên ngoài. Giải pháp là quay trở lại sử dụng thuần HTML, Javascript và CSS, lập trình viên vẫn có thể tạo được ra ứng dụng với hiệu ứng đặc biệt và không bị các giới hạn mà những công nghệ trên gặp phải. Nhưng trở ngại lớn nhất là không có đủ API để tạo ra được những ứng dụng tương tự như trên Flash. Và tốc độ của các ứng dụng thuần HTML khá chậm, hầu như không thể chấp nhận được với một game có yêu cầu cấu hình trung bình. Nhưng với sự ra đời của HTML5 cùng với các thành phần và API mới, giới hạn trên đã bị phá bỏ và đang từng bước thay thế dần các công nghệ như Flash. Với các ứng dụng cần những hiệu ứng đồ họa và chuyển động đặc biệt, lập trình viên có thể sử dụng Canvas với......

Words: 14611 - Pages: 59

Premium Essay

Business Canvas

...Business Model Canvas Alexander Osterwalder Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) ACTIVITIES VALUE Finance Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from......

Words: 611 - Pages: 3

Premium Essay

A Blank Canvas

...of imagination with the purpose of gaining happiness or life’s true meaning. Imagination is something which is unique to ever individual on earth past or present, because like the world we live in, imagination is in constant change, adaption and always learning. When unlocked and encompassed with the power of the mind, imagination can achieve endless means in theory. For an artist this may be a chance to create something new, something colourful or perhaps even dark. For a scholar it creates a chance of expression through words. Right to expression however, is key to any successful contemporary or classical work most importantly. Whether for good or bad intentions it creates the basis for which to explore and perhaps even indulge. A blank canvas creates a new beginning. Like a second chance in life, an empty sheet can give an individual a new beginning and allows him/her to forget the past, it is no longer relevant, unless the artist depicts it that way. If it were not for blank canvases nothing new would ever be imagined just simply copied, tweaked and regurgitated in another form....

Words: 259 - Pages: 2

Premium Essay

Business Canvas

...Entrepreneurship Business Canvas: Online Store Divided by Country Key Partners 8 | Key Activities 7 | Value Propositions 2 | Customer Relationships 4 | Customers Segments 1 | * Foreign companies * Postal service companies | * Platform/Network * Intermediate sales | * Accessibility * Convenience | * Personal assistance * Automated services | * Niche market * Multi-sided platforms | | Key Resources 6 | | Channels 3 | | | * Physical * People | | * Website | | Cost Structure 9 | Revenue Streams 5 | * People * Marketing | * Brokerage fees | Activities Description 1. Customers Segments There are two kinds of customers segments in this business. The first one is Niche Market because this is a new business that is focused in a specialized customer segment that is foreign people. The second customers segment is Multi-Sided Platform. This business needs both sides of the market, the customers and the suppliers, so it will help the customers offering them their needs as well as the suppliers making them go to sell their products abroad. 2. Value Propositions This new service will make some products more accessible around the world. People that need to buy something from their country will have it easy available online. Also, it will make the act of buying products that are difficult to find much more convenient. Therefore, the two value propositions of this business are Accessibility and Convenience. ...

Words: 532 - Pages: 3

Free Essay

Canvas

... The Secession of Crimea The crisis in Ukraine has been long cooking since 2004 and the Orange Revolution (1). Since then, there has been a strong opposition to pro-Russian supporters. The situation in the country was relatively calm until 2010, when President Yanukovich won elections and his rival candidate, Yulia Timoshenko, was arrested. In November 2013 the protests started gaining velocity, violent conflicts erupted and opposition blew up in Kiev, responding to Yanukovich’s new agreement on working closer with Russia, whilst stopping negotiations with the European Union. The conflicts did not reach the Crimean peninsula, nevertheless the Crimean Parliament, which is granted limited autonomy, asked Russia to protect them. Crimea has been part of the Ukrainian state –or formerly the Ukrainian Soviet Socialist Republic- since 1954 and provides great strategic value, since the Black Sea ports of Crimea offer unproblematic access to the Eastern Mediterranean Sea. Crimea has been the base of the Russian Black Sea Fleet for several decades and is therefore of great importance to Russian military strategy. For the Russian Federation, the base in Sevastopol is the only access into international waters, since the northern ports in e.g. Siberia are subject to freezing. According to the State Statistics Committee of Ukraine, the population is composed of 58.5% ethic Russians, 24.4% Ukrainians and 12.1% Crimean Tartars among others, amounting to a total population of......

Words: 2091 - Pages: 9

Free Essay

Blackberry Osterwalder Canvas

...BlackBerry Bold 9700 Inhoudsopgave • Productvoorstelling • Osterwalder canvas 1 Productvoorstelling • BlackBerry = smartphone • RIM = Research In Motion (1984, Canada) • Introductie BlackBerry Bold 9700: 2009 • Opvolger van BlackBerry Bold 9000 • Voorloper van BlackBerry Bold 9780 (reeds beschikbaar) en Bold 9900 en 9930 (beschikbaar in zomer ’11) 2 • ‘Bold’ (stoutmoedig/’vet’) verwijst naar scherm dat zo omschreven werd tijdens de testfase • BlackBerry Bold familie = één van de langst lopende productlijn van RIM • Kenmerken: BlackBerry 6 OS (recenste model) QWERTY/AZERTY toetsenbord Ingebouwde GPS & Wi-Fi Digitale camera Hoge-resolutie scherm Ondersteuning voor hoge snelheidsnetwerk • Prijs BBB 9700 zonder abonnement: ca. €400 3 Osterwalder canvas 4 Customer segments • Enterprise markt: IT oplossingen • Prosumer markt: zakelijk & persoonlijk gebruik • Consumer markt: persoonlijk gebruik 5 Value Proposition • Innovatie: business integratie • Performantie: productiviteit , orderverwerking , etc. • Personalisering: business en persoonlijke aanpassing • Risicoreductie: hoge beveiliging van bedrijfsgegevens • Kostenreductie: factuurcyclus , etc. • Toegankelijkheid: directe verbinding & toegang • Gebruiksgemak: eenvoudige bediening  Blackberry wireless solutions • Merk: Blackberry = business 6 Customer Relationships • • • • Persoonlijke assistentie Zelfservice via website ondersteuning Communities: BlackBerry forum......

Words: 287 - Pages: 2

Premium Essay

Business Model Canvas

...Business Model Canvas Alexander Osterwalder Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from Alexander Osterwalder: Business Models Reloaded (SKOLKOVO open lecture) ACTIVITIES VALUE Finance Maxim Arzumanyan, 3rd ISS Student school 2013 Slide from......

Words: 611 - Pages: 3

Premium Essay

Opportunity Analysis Canvas

...SOLD TO THE FINE kaptoxic@yahoo.com THE OPPORTUNITY ANALYSIS CANVAS Dr. James V. Green Copyright © 2013 by Venture Artisans Press All rights reserved. No part of this book may be reproduced in any form, by Photostat, microform, retrieval system, or any other means, without prior written permission of the publisher. www.opportunityanalysiscanvas.com Publication Data Green, James V. The opportunity analysis canvas / James V. Green Edition 1.0 1. Entrepreneurship 2. Innovation i For Jamesia and Ally Thank you for giving me the opportunity every day to be a husband and dad. ii ABOUT THE AUTHOR An award-winning educator at the University of Maryland, Dr. James V. Green leads the education activities of the Maryland Technology Enterprise Institute. As its Director of Entrepreneurship Education, he manages 25 undergraduate and graduate courses in entrepreneurship, innovation, and technology commercialization. He has created and led a host of innovative programs and activities to serve 100,000 innovators and entrepreneurs from 150 countries. With 20 publications, he is a thought leader in entrepreneurship education pedagogy and entrepreneurial opportunity analysis. In 2011, he earned first prize in the 3E Learning Innovative Entrepreneurship Education Competition presented at the United States Association for Small Business and Entrepreneurship (USASBE). In 2013, he launched the University of Maryland’s first course with Coursera,......

Words: 9404 - Pages: 38

Free Essay

1malaysia: Beyond the Canvas

...in art works that move beyond the constraints of the canvas. The encouragement to deviate from the propensity of the artists in conventional formats ostensibly creates invigorating impulses to re-think and re-shape their artistic practices to fulfil the prerequisites of the show. It is indeed deranging for many a local art aficionado to ponder and envision the shift of artistic presentation we see in this exposition. Yet some would argue that it is perchance a vitalizing and stimulating exercise of experimentation. Going beyond the confines of what is expected. The artists evolve and develop new modes of presentation derived from their existing portrayals. Indeed, participants are pushed to the edge and forced to cross boundaries that define their artistic perimeters, so to speak. Having said this, the artists broke new ground in producing works that may open new directions to their own distinctive explorations. Technically, the artists are creating new modes of representations. This involves material studies, experimentations and presentation in an entirely modulated manner. A thematic group show entails its participants to be rescinding certain preferences in partitive spirit. Thirteen artists have a varied lexicon of concerns, subject matter and style. Yet we see attempts to construct a disciplined practice as a collective entity. Such a spirit is in queue with the context of the show, 1Malaysia: Beyond the Canvas. 1Malaysia is a much borrowed tagline in the......

Words: 1728 - Pages: 7

Premium Essay

Business Canvas

...MH SINAR RESOURCES SDN. BHD. PT 2167 taman seri desa pahLAwan, kota bharu, kelantan. ------------------------------------------------- BUSINESS PLAN mh sinar resources sdn. bhd. MH SINAR RESOURCES SDN. BHD. PT 2167 taman seri desa pahLAwan, kota bharu, kelantan. ------------------------------------------------- BUSINESS PLAN mh sinar resources sdn. bhd. Prepared by: AinFazlinMohdPodzi (KBA 14012) Nuruljannah Mohammad (KBA 14028) NurSyamimiRamli (KBA 14027) Siti Khadijah Abdul Halim (KBA 14020) Prepared by: AinFazlinMohdPodzi (KBA 14012) Nuruljannah Mohammad (KBA 14028) NurSyamimiRamli (KBA 14027) Siti Khadijah Abdul Halim (KBA 14020) Contents 1.0 EXECUTIVE SUMMARY 2 2.0 INTRODUCTION 3 3.0 THE VISION AND MISSION 5 4.0 THE OPPORTUNITY 6 4.1 PESTLEANALYSIS…………………………………………………………………….…..6 4.2 SWOT ANALYSIS 123 5.0 MARKET RESEARCH 17 5.1 FEASIBILITY ANALYSIS…………………………………………………………………. 5.2 MARKET ANALYSIS………………………………………………………………………. 5.3 COMPETITORS ANALYSIS………………………………………………………………. 6.0 BRANDING 35 7.0 RESOURCES AND FINANCE 37 8.0 RECOMMENDATION 38 9.0 REFERENCES 43 10.0 APPENDIX 45 1.0 EXECUTIVE SUMMARY The purpose of this business plan is to create the image of business potential growth of MH Sinar Resources if they are given the opportunity for expanding it. MH Sinar Resources is a small medium enterprise (SME) business and had operated from 13th of March 2013. Since that, they are practicing a poor performance due to lack of experience, knowledge and......

Words: 8346 - Pages: 34

Free Essay

Business Model Canvas

...Nuestro canal de distribución es el local, con un ambiente acogedor para los clientes, y en una ubicación cómoda y segura. Nuestro canal de distribución es el local, con un ambiente acogedor para los clientes, y en una ubicación cómoda y segura. Consideramos como principales fuentes de ingresos: * Membresías a mediano y largo plazo de nuestros consumidores * Auspicios de compañías con productos especializados (pañales, alimentos, productos ortopédicos) Consideramos como principales fuentes de ingresos: * Membresías a mediano y largo plazo de nuestros consumidores * Auspicios de compañías con productos especializados (pañales, alimentos, productos ortopédicos) Nuestra estructura de costes es basada en la generación de valor, con costos fijos (alquiler, sueldos) bastante uniformes y un bajo nivel de costo variable. Nuestra estructura de costes es basada en la generación de valor, con costos fijos (alquiler, sueldos) bastante uniformes y un bajo nivel de costo variable. Nuestro segmento de clientes son todos los Hombres y Mujeres mayores de 65 años, de nivel socio-económico medio alto residentes en la ciudad de Buenos Aires. Nuestro segmento de clientes son todos los Hombres y Mujeres mayores de 65 años, de nivel socio-económico medio alto residentes en la ciudad de Buenos Aires. Nuestra propuesta de valor es ofrecerle a nuestro cliente un propósito nuevo mediante actividades que lo hagan sentir útil y activo en sus últimos años de......

Words: 553 - Pages: 3