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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

... options. General and administrative expenses as a percentage of net revenues decreased to 10.7% in 1995 from 14.4% in 1994 due primarily to the nonrecurring compensation expense recorded in 1994 and larger net revenues being spread over the fixed costs related to various centralized functions such a ...
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... leverage being used by a company. A low percentage means that the company is less dependent on leverage, i.e., money borrowed from and/or owed to others. The lower the percentage, the less leverage a company is using and the stronger its equity position. In general, the higher the ratio, the more ri ...
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... Following its contribution, we will measure job satisfaction by using the lists of “Best Companies to Work” published by Great Place to Work® Institute. In this work, we will use the 4-factor model. This model was constructed by Carhart (1997) using Fama and French (1993) 3-factor model. Finally, us ...
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

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Study Unit 2 - CMAPrepCourse

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... especially for well-run institutions. With an eye towards balancing the costs versus benefits of bank supervision, four criteria may be specified as a starting point for assessing whether information contained in market data is useful to regulators. First, the information should be “separable” at th ...
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Stock valuation

In financial markets, stock valuation is the method of calculating theoretical values of companies and their stocks. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged undervalued (with respect to their theoretical value) are bought, while stocks that are judged overvalued are sold, in the expectation that undervalued stocks will, on the whole, rise in value, while overvalued stocks will, on the whole, fall.In the view of fundamental analysis, stock valuation based on fundamentals aims to give an estimate of the intrinsic value of a stock, based on predictions of the future cash flows and profitability of the business. Fundamental analysis may be replaced or augmented by market criteria – what the market will pay for the stock, without any necessary notion of intrinsic value. These can be combined as ""predictions of future cash flows/profits (fundamental)"", together with ""what will the market pay for these profits?"" These can be seen as ""supply and demand"" sides – what underlies the supply (of stock), and what drives the (market) demand for stock?In the view of others, such as John Maynard Keynes, stock valuation is not a prediction but a convention, which serves to facilitate investment and ensure that stocks are liquid, despite being underpinned by an illiquid business and its illiquid investments, such as factories.
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