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• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 10:04 AM

  지렛대 측도(measure of leverage)

• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 10:11 AM

  Security Market Line (증권시장선)
  투자자들은 시장의 비교적인 위험도에 관해 보상을 받을것. 분산가능 리스크는 다각화되어 없어질것이며; 투자자들은 분산불능 리스크에 관해 보상을 받을것이다. SML의 공식은 CAPM이며 이는 분산불능 리스크/반환에 평형 관계이다.
  총 리스크 = 분산불능 + 분산가능 리스크

• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 10:16 AM

  Example of Degree of Total Leverage
  Let’s put the degree of total leverage into practice by looking at an example. Assume that Company ABC’s current EPS is $3, and it is trying to determine what its new EPS will be in the event that it experiences a 10% increase in sales revenue.
  
  For our example, also assume the following for Company ABC:
  
  Contribution margin is $15 million
  Fixed costs are $3 million
  Interest expenses are $1.5 million
  
  
  The first step in determining Company ABC’s new EPS is to calculate the percentage of response that the current EPS will experience with a 1% change in revenue from sales, which is also equal to the degree of operating leverage. The calculation should look something like this:
  
  $15m/$15m – $3m (1.25) x $15m – $3m / $15m – $3m – $1.5m (1.14) =
  
  1.25 x 1.14 = 1.43%
  
  
  
  The degree of total leverage for Company ABC is 1.43%. The figure can then be used to help the company determine what its new EPS will be if it sees a 10% increase in sales revenue. The calculation for the new EPS should look like this:
  
  $3 (current EPS) x (1 + 1.43 x 10%) = $3.49

• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 10:20 AM

  The degree of operating leverage is equivalent to:
  
  Contribution margin (Total sales – Variable costs) / Earnings before interest and taxes (EBIT)
  
  
  
  The degree of financial leverage is equivalent to:
  
  Earnings before interest and taxes (EBIT) / EBIT – interest expenses

• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 08:09 PM

  a given percent change(주어진 변화율)의 당기 순이익 변화율은 Total leverage 판매에서 주어진변화율 EBIT의 변화율은 operating leverage 반면 EBIT서 주어진 변화율로부터 net income(당기 순이익)의 변화율은 financial leverage

• JohnKwon ( john.kwon2**@gmail.com )

  Dec, 28, 08:28 PM

  투자자들은 시장에 대한 위험이 보상되어져야 한다 분산 가능 리스크는 다양화되어 투자자들은 체계적 위험을 위해 보상 되어져야 한다

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 02, 12:24 AM

  (Corporate Governance)One-tier board: Includes internal and external directors.(Two-tier board):Supervisory board of external directors, management board of internal directors.( Board committees):Audit :Financial reporting.(Governance):Legal and ethics compliance. Nominations: Find board candidates. Remuneration:Compensation for senior managers.Risk:Firm risk tolerance and risk management.Investment:Review large capital projects,asset purchases,asset sales.

• JohnKwon ( john.kwon2**@gmail.com )

  Jan, 02, 12:29 AM

  ESG in Investment Analysis (Negative screening:Exclude companies with poor ESG records.)Positive scrrening:Invest in companies with good ESG records.Thematic investing:Invest to promote a specific ESG goal.Active ownership:Use share voting,access to managers to promote ESG goals.