MBA Corporate Finance Assignment
Long-term finance may be generated internally or externally to fund long-term investments. Public listed companies have various alternative long-term sources open to them in the form of share capital and debt.
In class, your Tutor will allocate you a company from within any of the following sectors: Utilities, Oil & Gas, Food & Beverages, Retailers, Telecommunications and Pharmaceuticals.
Please note: it is your responsibility to check with your tutor if you are unclear about the chosen company.
Critically discuss the following using the listed company (preferably geared) selected:
1. Justify and critically evaluate the usual assumption made in corporate finance literature that the objective of a company is to maximise the wealth of the shareholders. (Do not consider how this wealth is measured.) Discuss critically other goals that companies claim to follow, and explain why these might be adopted in preference to the maximisation of shareholder wealth.
2. The various external sources of finance available to the company. These sources of finance must be clearly identified, carefully explained and distinguished.
3. The possible considerations that may have been taken into account by the management when choosing the type of finance. All the relevant considerations explained and placed clearly in the context of the particular circumstances of the chosen public listed company.
4. The calculation of the weighted average cost of capital appears to be straightforward in theory but difficult in practice. Evaluate the information available to calculate the weighted average cost of capital and the practical problems/difficulties that may be encountered for the chosen company.
5. Conclusion and recommendations on the capital structure of the chosen company
3000 words +/- 10%. Any deviation from this will be penalised.
• Must be based on your own work and on your chosen public listed company. The company chosen should preferably be one that has several sources of long-term finance besides equity such as preference share capital, debentures and long-term loans.
• May use and depend on external sources of information for the chosen listed company.
FORMATTING AND LAYOUT
Please note the following when completing your written assignment:
1. Writing: Written in English in an appropriate business/academic style
2. Focus: Focus only on the tasks set in the assignment.
3. Length:3000 words
4. Formatting: Typed on A4 paper in Times New Roman or Arial font 12 with at least 2.5 centimetre space at each edge, double spaced and pages numbered.
5. Document format:Report
6. Ensure a clear title, course, and name or ID number is on a cover sheet and a bibliography using Harvard referencing throughout is also provided.
7. Research: Research should use reliable and relevant sources of information e.g. academic books and journals that have been peer reviewed. The research should be extensive.
The use of a range of information sources is expected – academic books, peer reviewed journal articles, professional articles, press releases and newspaper articles, reliable statistics, company annual reports and other company information.All referencing should be in Harvard style.
NOTE: The guidance offered below is linked to the five common assessment criteria overleaf and specifically aligned to the “exceptional” outcome category to which we anticipate students aspire.
1. Research-informed Literature
Your work must embed and be informed and supported by relevant and credible scholarly material that is accessible in the learned journals listed on the module schedule. You should refer to at least 25 such sources. Additionally, you should refer to text books, current news items and benchmark your organisation against other organisations to ensure your assignment is current and up-to-date. High-level referencing skills using the Harvard Method must be demonstrated throughout your work and all sources listed alphabetically within your bibliography.
2. Knowledge and Understanding of Subject
Your work must demonstrate the growing extent of your knowledge and understanding of concepts and underlying principles associated with the subject area. This means that within your work, you should provide evidence of your growing mastery in critical awareness of current challenges, new insights and the constant need for innovation within the field. Furthermore, a critical awareness of the ambiguities and limitations of knowledge and even understanding, should be considered and examples of such, illustrated within your work.
To be considered masters worthy, your work must contain evidence of analysis, evaluation and synthesis. This means not just describing “What!” but also justifying: Why? How? When? Who? Where? And at what cost! At all times, you must provide justification of your arguments and judgements. Evidence that you have reflected upon the ideas of others on matters occurring in the real world of business is crucial to you providing a reasoned and informed debate within your work. Your choice of methodologies to gather data and information must be rigorously defended. Furthermore, you should provide evidence that you are able to make sound judgements and convincing arguments in the absence of complete data, since within the real world of work, we rarely have access to, or know all the information! Persuasive conclusions are especially necessary and must be derived from the content of your work – there should be no new information presented within your conclusion. Your work should aspire to resemble work which is of journal publishable quality.
4. Practical Application and Deployment
It is essential that you rationalise how you decided upon certain methods, materials, tools and techniques to inform and complete your work. You must demonstrate what informed your decision(s) to apply certain concepts that enabled you to formulate innovative and creative solutions to the challenges presented to you or that you identified for yourself. Plausible, costed and justifiable recommendations are demanded and where these are absent, your work is undermined. Your work should provide evidence that you are growing in mastery in developing cutting edge processes and techniques within the subject area.
5. Skills for Professional Practice
Your work must provide evidence of your attributes in the application of professional practice. This includes demonstrating that you are highly capable of individual and collaborative working. Regarding the presentation of your work, you must demonstrate your ability to select and deploy the appropriate media that is “fit for purpose. Additionally, you must exhibit your ability to: communicate with an exceptionally high level of professionalism; work professionally, autonomously and within a team; develop leadership skills; and produce/present work that is
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