What is the overall weighted average cost of capital for Marriott Corporation? (Use a corporate tax rate of 34%). What type of investments would you value using Marriott’s WACC? Cost of debt：8.95%+1.3%=10.25% Cost of equity：8.95%+1.64*7.43%=21.14% 實際beta=1.11，根據exhibit 1，長期債務為24.99億美元，權益價值為35.64億美元(30元*118.8百萬股)，可以得出D/V=24.99/35.64=41%標的資本結構D/V=60%，所以必需做出調整。 V=D+E，D/V=41%，E/V=59% Beta of asset=(E/V)*beta of equity=0.59*1.11=0.655 Beta of equity=(V/E)*beta of asset=(1/0.4)*0.655=1.64 Risk free
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punishments. While to say that this is a simplification of the theories of famed American behaviourist B.F. Skinner would be an understatement‚ it is accurately descriptive of the most basic aspect of his beliefs. Operant behaviour and operant conditioning‚ Skinner’s most widely acclaimed work‚ is based on a system of both positive and negative reinforcement. While it is commonly known that behaviour is affected by its consequences‚ Skinner’s theory of operant conditioning further states that the process
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Introduction Numerous studies have been conducted on leadership styles and theories‚ leading to an abundance of information on the topic. This paper will identify leadership styles and theories that the author has experienced in the maintenance field. Given the leadership styles identified‚ the author has identified one leadership theory that has influenced their leadership style for an ongoing project that they are currently working on. The study of leadership has identified many different styles exhibited
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complexity leadership theory was postulated by Marion and Uhl-Bien in 2001 (Lichtenstein‚ Uhl-Bien‚ Marion‚ Seers‚ Orton‚ & Schreiber‚ 2006). This leadership theory examines leadership practices in organizational operations and involves the study organizational leadership systems related to interaction amongst themselves‚ how such interactions maintain adaptations and how such interactions eventually influence operational outcomes. (Beyer‚ B. (2012). A distinct quality of this theory is its ability
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he has accepted placement in a facility. He will also under mind his own progress by refusing therapy and refusing to participate in his own care. Theory and intervention I have chosen to use the Cognitive Behavioral Theory with this client. The intervention will be Cognitive Restructuring and the use of the ABC model. I have decided to use this theory and intervention because it has been shown to be successful with a wide range of people‚ the client is alert and oriented‚ and I feel it will help
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Marriott Corporation: The Cost of Capital T c=income taxes of 1987 / income before income taxes of 1987 = 175.9/398.9 = 44% Step 1:From the Exhibit 3 ß equity for each firm in this industry are below Marriot Corporation 1.11; Hilton Hotels Corporation .76 ; Holiday Corporation 1.35 La Quinta Motor Inns .89; Ramada Inns‚ Inc 1.36. Step 2: For each firm in the industry‚ to estimate bunlevered using the bequity estimate: bequity = [1 + (1-TC)Debt/Equity]bunlevered bunlevered of Marriot= 1.11/[1+(1-
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MARRIOTT INTERNATIONAL‚ INC. { PEST ANALYSIS } External Environment Analysis Every organization has analyzed its strength and weakness. Nevertheless‚ the external environment is also the important factor that affects the future of the organization. In the environment that we are living nowadays has changed all the time. Therefore‚ it has to analyze on the external factors. PEST Analysis is the tool and method to handle the marketing‚ which is one of the well-known methods to analyze the external
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Table of contents Introduction 2 Task 1Pass (P1) 3 Leadership Theories and Styles 3 Leadership Theories 3 Leadership Styles 4 Impact of Leadership Styles 5 Task 2 Pass (P2) 7 Current Assessment and Future Requirements: Large Scale Retail Business 7 Task 3 Pass (P3) 8 Future Proposals 8 Conclusion 10 Introduction Leadership can broadly be described as influencing people through provision of purpose‚ direction and motivation all the while operating to accomplish established goals and
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Running Head: Leadership Theories 1 Leadership Theories Leadership Models and Theories 2 Leadership Theories According to Daft (2008‚ p.20) leadership typically reflects the larger society‚ and theories have evolved as norms‚ attitudes‚ and understandings in the larger world of change
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Leadership Theories and Styles IAAP 2009 Administrative Professionals Week Event April 28‚ 2009 Development Development of Leadership Theory • Until approximately 1930‚ there was not much academic interest in the area of leadership • Fredrick Taylor –Scientific Management (time/motion studies of productivity) (late 1800’s) • Max Weber –(writing on bureaucracy) a leader possessed power by virtue of his position (1922) • Mary Parker Follett – participatory management in “power with” as opposed to “power over
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