TAILIEUCHUNG - Lecture Financial markets and institutions (4/e) – Chapter 18

After studying chapter 18, you should be able to: Understand the dividend retention versus distribution dilemma faced by the firm, explain the Modigliani and Miller (M&M) argument that dividends are irrelevant, explain the counterarguments to M&M – that dividends do matter, identify and discuss the factors affecting a firm’s dividend and retention of earnings policy,. | 8- McGraw-Hill/Irwin Chapter Eighteen Pension Funds 18- McGraw-Hill/Irwin Pension Funds Pension funds (PFs) offer savings plans through which participants accumulate tax deferred savings during their working years before withdrawing them in their retirement years funds invested are exempt from current taxation (., during working years) tax payments are not made until funds are withdrawn by the participant (., during retirement) PFs were first established in the . in 1759 to benefit the widows and children of church ministers The first corporate PF was established by American Express Co. in 1875 18- McGraw-Hill/Irwin Pension Funds By 1940 approximately 400 PFs existed most were for employees in the railroad, banking, and public utilities industries By 2007 over 700,000 PFs existed of . households’ financial assets were in PFs compares to just over 5% in 1950 There are two distinct PF sectors private PFs are funds administered by private corporations (., insurance companies or mutual funds) public PFs are funds administered by federal, state, or local governments (., Social Security) 18- McGraw-Hill/Irwin Pension Funds A pension plan governs the operation of a pension fund Pension funds are broadly classified into two categories, defined benefit plans and defined contribution plans A defined benefit PF if a fund in which the employer agrees to provide the employee with a specific cash benefit upon retirement a flat benefit formula PF pays a flat amount for every year of employment a career average formula PF pays benefits based on the employee’s average salary over the entire period of employment a final pay formula PF pays benefits based on a percentage of the average salary during a specified number of years at the end of the employee’s career times the number of years of service 18- McGraw-Hill/Irwin Pension Funds Defined benefit PFs (cont.) a fully funded PF has sufficient funds available to meet all .

• Tài chính doanh nghiệp
• Financial management
• Fundamentals of financial management
• Financing decisions
• Investment decisions
• Role of management
• Financial management function
• Financial statement
• International trade transactions
• Financial statement analysis
• International financial management
• Quản lý tài chính
• Multinational financial management
• Exchange rates
• Financial environments
• Overview of Financial Management and the Financial Environment
• The financial environment
• Forms of business organization
• Determinants of stock pricing
• Financial instruments
• Practical financial management
• Financial background
• Financial statements
• Financial planning
• Financial system
• Financial ratio
• IT financial management
• Setting the scene
• IT financial management maturity
• Parameters influencing IT financial management
• Costs of IT financial management
• More quantifiable benefits
• Overview of roles
• Hospitality financial management
• Hospitality industry management
• Analysis of financial reports
• Analyzing financial statements
• Management decision making
• Foundations of financial management
• Review of accounting
• Financial analysis
• Financial forecasting
• The financing decision
• Financial leverage
• Current asset management
• Paper F7
• Revision kit 2016
• Management Financial
• Financial Management Exam Review
• Review of Financial Management
• Study text 2016
• Lecture Multinational financial management
• International financial reporting standards
• Foreign exchange risk management
• International cash management
• Cash flow analysis
• Centralized cash management
• Intermediate financial management
• Financial options
• Corporate valuation
• Corporate governance
• Financial markets
• Cash flow
• Analysis of financial statements
• Ratio analysis
• Interest rates
• Financial institutions
• Forecasting sales
• Business environment
• Limited liability company
• Common size analysis
• Statement analysis
• Break even analysis
• Break even point