S-F-249 Graduate School of Business STANFORD UNIVERSITY MARRIOTT CORPORATION BONDHOLDERS VERSUS EQUITY HOLDERS On October 5‚ 1992‚ Marriott Corporation announced a plan to restructure the company by splitting itself into two parts. The announcement caused immediate and opposite price movements for its stock and its bonds. Stockholders were happy and bondholders were in a furor‚ particularly those that bought a new issue of bonds in April. The Restructuring Plan The two separate companies
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Introduction The statement of mission and values plays an important role in the maintenance of high standard police work. To aid an officer in effective delivery of policing the National Decision Model [NDM] (2012) is used. At the center of the six key elements in the NDM‚ are the statement of mission and values‚ which play a big part in delivering effective and a high standard of police work. This essay will look at good and bad examples of police work and will focus on integrity and police use
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A Ride To VIctory How Did Chariots Innovate The Creation Of Modern Vehicles? Chariots What do you imagine when you think of the word chariots? Do you think of a two wheeled cart pulled by a horse or something else? Chariots the car of the ancient world‚ chariots were important in many civilizations history like in Greece‚ Rome‚ Mesopotamia‚ and Egypt. Chariots were said to be invented by the Mesopotamians (a region in the middle east during 3000 B.C.E.). Chariots were invented by 3000-2500 B.C
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promotion for senior Electronic Technician rated personnel‚ I investigated alternative paths for retention and advancement in the organization. Through my research only two reserve ELC Chief Warrant Officers’ have received appointment. Desperately trying to discover another avenue‚ my age became a disqualifier for all other Officer Accession Programs.
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Chief Nursing Officer: Is This the Future Nursing is a large area for opportunity. Over the next couple of years‚ nurse leaders will be looking to retire. Approximately 55% of nurse leaders will be retiring. There are several nurse leadership positions. At the entry level‚ one can see filling a role as a supervisor or assistant manager. This role only requires two to three years clinical experience and to have a Register Nurse licensure. It requires managing day-to-day operations of a department
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1. How did Electrolux Chief Executive Straberg break down barriers between departments? Why did he do this? Explain. The CEO of Electrolux used a very important tool to break the barriers‚ enhance communication and to build a team‚ that is what I believe is called “integration”. With the company going through financial turnovers‚ with the attempt of turning multiple groups into an effective team to develop‚ create and transforming how they created their products how they use to manage their business
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WACC calculation: 1) Lodaging: For Risk free rate‚ we use the 30-year U.S. government interest rate to match the duration of lodge. rf = 8.95% For the expected return of the market portfolio‚ we use the average of S&P 500 index returns from 1926 – 87 as the proxy. rm = 12.01% Therefore‚ the Market Risk Premium‚ MRP = rm - rf = 12.01% - 8.95% = 3.06% The debt rate spread of lodging = 1.10% βD = spread of lodging / MRP = 1.1 / 3.06 = 0.3595 rD = rf + MRP * βD = 8.95% + 3.06% * 0.3595
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My topic is on the Chief Executive Officer of State Farm Insurance‚ Edward B. Rust Jr. Like his grandfather and father before him‚ Edward B. Rust Jr. became the chairman and chief executive officer of State Farm Insurance Companies. Having been associated with the company his entire life‚ Rust was well rounded in the mutual insurer ’s corporate culture‚ which placed a great deal of emphasis on serving policyholders‚ who were the legal owners of the company‚ and avoiding spending money unnecessarily
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When J. Willard Marriott opened his first nine stool A&W restaurant in Washington D.C. on May 20‚ 1927 he had no idea what his name would mean to the world one day. John Willard Marriott was born on September 17‚ 1900. He was from a farm in Utah where he spent his childhood and young adult ages working for his parents. Early on‚ J. Willard was a young mind looking for business. When he was old enough his dad let him travel for the family business. While he was going through Washington D.C. he
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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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