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The Final Paper will involve applying the concepts learned in class to an analysis of a company using data from its annual report. Using the concepts from this course, you will analyze the strengths a
The Final Paper will involve applying the concepts learned in class to an analysis of a company using data from its annual report. Using the concepts from this course, you will analyze the strengths and weaknesses of the company and write a report recommending whether or not to purchase the company stock.
The completed report should include:
- An introduction to the company, including background information.
- A financial statement review.
- Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth rate in sales and Cost of Goods Sold (COGS) for each of the next two years.
- A ratio analysis for the last fiscal year using at least two ratios from each of the following categories:
- Liquidity
- Financial leverage
- Asset management
- Profitability
- Market value
- Calculate Return on Equity (ROE) using the DuPont system.
- Assess management performance by calculating Economic Value Added (EVA).
- Evaluate the soundness of the company’s financial policies (e.g. capital structure, debt, leverage, dividend policy, etc.) based on the material covered during class.
- A synopsis of your findings, including your recommendations and rationale for whether or not to purchase stock from this company.
This report should be 15 pages long, excluding title page and reference page(s), using APA 6th edition formatting guidelines. Support your findings and recommendations with evidence from at least five scholarly sources in addition to the annual report, such as the textbook, industry reports, and articles from the Ashford University Library. Be sure to include links to websites that were used as references or to access company information.
The Final Paper
- Must be 15 to 20 double-spaced pages in length (excluding the title and reference pages), and formatted according to APA style as outlined in the Ashford Writing Center (Links to an external site.).
- Must include a separate title page with the following:
- Title of paper
- Student’s name
- Course name and number
- Instructor’s name
- Date submitted
- Must begin with an introductory paragraph that has a succinct thesis statement.
- Must address the topic of the paper with critical thought.
- Must end with a conclusion that reaffirms your thesis.
- Must use at least five scholarly sources.
- Must document all sources in APA style, as outlined in the Ashford Writing Center.
- Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
MORE GUIDANCE :
Steps to calculate EVA:
This is NOT an essay about EVA. (please don't write an essay and expect a grade)
please calculate EVA for the most recent year (not for pro forma). Assume that the book depreciation and economic depreciation are the same.
- Calculate Net Operating Profits After Tax (NOPAT)
- Calculate Invested Capital
That is to calculate:
- Total debt
- Adjusted Equity = shareholders’ equity + Net Deferred tax + Non-controlling interest + other accumulated comprehensive income (loss) {the last item is negative, but should be added in this equation}
- Calculate Invested capital =item a above + item b above
- Calculate market value of equity (be sure to add the date)
- Calculate CAPM (Make a valid assumption for the cost of debt using actual data)
- Calculate effective debt interest rate = Interest Expenses / total debt
- Calculate WACC
- Calculate EVA and explain its importance
- The final step is to analyze the result.
- Company evaluation (At least do capital structure, debt, leverage, and the dividend policy)
- Summary and rational to purchase the stock
- Reference page
Reminder: these tasks are worth 29% of the final grade.
What is ratio analysis?
Ratio analysis is a tool that was developed to perform quantitative analysis on numbers found on financial statements. Ratios help link the three financial statements together and offer figures that are comparable between companies and across industries and sectors. Ratio analysis is one of the most widely used fundamental analysis techniques.
However, financial ratios vary across different industries and sectors and comparisons between completely different types of companies are often not valid. In addition, it is important to analyze trends in company ratios instead of solely emphasizing a single period’s figures.
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** **** **** of *** co-founders ******* Bernard Marcus ****** ***** *** ****** *** *** Bill ** **** The **** idea ** ****** ** **** The **** Depot *** ** ***** * ********** **** ***** incorporate **************** ***** and that would be ***** ** compared to *** ************ ***************** ****** ***** To ****** *** ********* ******* ******** *** the formation ** this superstore ** investment ****** Ken ******* **** some ****** *** helped Marcus ***** ****** ** ********** ******* **** *** needed *** *** ********* ************ During **** *** ** *** close ** ***** ********* ** ******* such amount ** ***** ** **** but ********** **** ****** *** ****** **** **** initiated ** ***** the ******** **** ****** out **** *** ** ****** which ******* were ******* ** ************ ** their ******** ********** They ******** *********** ***** ***** ** * ******** store *** **** ****** ** a ******* ************ based ** ***** in the ***** Atlanta ** June 21st **** ** 1981 ****** ********* The **** Depot **** *** ****** publicly ** the NASDAQ *** ******** * ***** ** $4 ******* *** **** ***** business **** one to join *** *** **** ***** ******** NYSE in **** ******* *** ******* ****** ******** **** was ******** ** the store had ******* been made in **** ******* this ******** ****** were **** ** *** ****** ** *** ******* *** now ******* **** serious ******** *** **** ***** not **** to ******* ********** in *** market to beat ***** *********** ** ***** *********** **** ***** ****** *** ***** *** ****** *** ******** ********** **** Georgina to ******* in 1981 ***** ** *** stores ***** ****** ** ********* ** the **** **** ******* the **** ***** store was now *********** ************* ****** ***** ****** ***** **** ******* ** **** $256 ******* **** ** *** **** ** ******* the boundaries ** ****** *** **** ***** ****** a company by *** **** ******* Home ****** **** *** ******* ************* ** 1984 *** * *** ******* **** ** *** Home ***** ********* to ******** its ********* ** the ********* ** ******* experiencing ********* ******** *** total sales would **** ** ***** ** *** *** *** ****** ******* of **** *********** ** $200 ******* *** **** ***** was ****** ** ***** **** their stock ***** through ***** ******** ********** *** ** *** ********** **** it ***** ***** ******* losses ** ***** ****** ****** ******* to ***** **** issue *** **** ***** **** ahead ** **** **** *** ****** in **** **** * ***** offering of *** ******* shares having ****** ***** share ***** ** *** *** ***** ********* ***** that **** ** *** rescue for *** **** Depot resolve *** arrears **** had been incurred ** fate ***** **** ** *** **** ***** emerged ** the ****** States’ ******* ********** ***** **** ***** **** **** *********** ***** ** *** ** its ******* when ** *** ** ******* ****** which *** by **** *** **** ***** competitor ****** *** ***** *** **** ***** *** ***** ******** ********** **** would later on **** it ** redefine *** ******** ** *** *********** **** **** ** ******** *** ************ ** * program **** ***** ******* ******* **** ************ ** ****** ******* from windows *** **** in **** ** was dubbed *** **** **** ******* ** consisted ** * **** that was 480 ***** **** called Home Improvement ***** ***** *** *********** ** **** The **** ***** stretched *** ***** **** ******* and acquired * ******** ******** store ************* ******** ****** ****** *** **** ** **** *** * $150 ******* deal ********* a 75% ******** ** the **** ******** ************* Canadian Hardware shops *** ******* ** Home Depot Stores when it *** already *** 1995 Sales had topped up to *** billion **** the ********* of *** ****** ****** ***** ******* up ** *** stores ************ ** *** year 2000 the ****** ******* Electric executive ****** Nardelli ***** ** ******** *** *** *** ********* ** The Home ***** ** it ***** ** ******** *** **** Depot *** to ******** ******* ********* *** *********** into *** ******* ** ******* a sustainable ******** **** led ** *** emergence and ****** Facing ********* *********** ****** *** ********* it *** ********** ***** ** be * ********* to accommodate the store ****** *** baby ***** ******* ******* ******* ************* and persistence ***** ***** ****** ** a ********* ***** the company did ******* **** ** was ******* **** ** *** **** ** **** and *** ***** ********* ** **** upward ****** ***** ****** ***** ****** *** *** **** ******* this *** Home ***** ***** **** be ******** ** its *********** from the likes ** ****** and how ** ******* **** to ******* ******* running stores *** ****** the ******* ********** ** terms ** ****** It emerged * ******** ******** ** the **** sector *** However there are ***** *********** **** **** later ** *** ****** * threat ** *** ******************* Review ********** ******* ***** *** ****** Statement A ******* sheet of * ***** ******** ************ ** **** *** ********* *** financial soberness of *** ****** ** ******** ********* **** ** *** very *** ** *** ********* **** ******* ********* *** *** body **** ** manage *** available *** ******** assets *********** *** ****** ************ *** ******** equation **** ** ***** up *** ******* ***** ** its *********** is ****** *** ***** ** adding *** **** *** Equity ie ***** = Liability * Equity(Sutherland ***** **** *********** ** **** ******** to * ******* **** *** ******* ****** that *** ******** ** several *********** ******* **** to be ******* ** **** there can be * vivid ***** ** *** different products ***** Several *********** subsets ***** ** **** ** ********** *** ********* ****** based ** * ***** ****** ** a ***** ************ *** ****** could ****** ******** ******* ** *** sufficient funds ** not based ** *** ***** **** pay *** by ********* *** ******* ****** ******** ** *** ******* liabilities during **** period ** the ***** hand *** ****** ********* *** **** ******* based on *** revenue ******** that ******* ******** ******* *** *** ***** ******** ** *** ******* *** * ***** ** reduction *** income statement tends ** also ******** ** operational ******* ***** before *** interest *** tax ********* and **** *** net ****** that is **** *** cumulative ******* generated ** the firm ** ***** ** **** to track ******** *** *** ******** ******** ** ****** ** *** ********** ***** ** *** performance ** the ******** over a ***** **** ** *** **** be **** ** *** ******* to ******* ******* ***** of *** ****** where *** ****** has **** **** ** excess ** ***** amounts By ***** ** specific amounts ** ********** ******* ***** ** directed ** ********** ***** *** *** monies ****** ***** *** *** intended purpose **** ***** ******* no ******** ** underused ** ******** monies The ******* had developed * statement based ** the ************* ****** **** would **** ** getting ********** *** detailed *********** ** the ****** report movement **** had been illustrated in the balance sheet ***** ** *** ********* ************* type2013 "in million" ********* ****** ********* *************** ******************* leverage ******** ************** ** ****** ==128Asset ********** ******* ***** ******** ********** assets ******** ****************** *********** ****** ******* ****************** ****** **************** ****** ***** ********* ** ****** ******* ***** ********** *** ***** ************* per ***** ==068Measure ** relative ***** P/E==3425P/B==3346Activity ratio *********** turnover==376Accounts ********** ****************** **** ******* ratio ******** ** ******* *********** ********* ******** From the above *********** ** ***** ** ******* **** *** big **** ** ************ ******** ********* It can be manifested ** the less ******* ***** of *** ***** is ******** small than the ******* ******** threshold ** * This ******* *** ***** ** the ******* **** is *** in * ******** ** ****** its ********** requirements *********** **** **** **** *** ** a ********* ***** in *** ******** ************* ***** ******* ** *** ****** ** ******* the ******** ****** it *** ** ******* **** the company's ***** based on the equity **** ** *** ****** ***** ** *** In contrast the **** ** ******** ** *** ****** ***** stands ** *** **** ********* the **** **** ** ****** ***** *********** **** the ************ ******** **** *** **** is ********* ** * huge borrowing ****** **** ******** ******* ** ******* its ****** in ***** ** *** ********* aspect ** **** **** is more likely ** ******** *** *********** ** ********** **** ***** ******** *** ********** However *** firm ******* its assets ******** ** ************ by a possible high ***** ***** ******** ** 385 *** *** ************ It illustrates **** *** firm’s ******* ** tall and *** the probable ****** ** *********** ********** and *** ****** sustainability ********* *** ****** management of assets ***** ******* the ******** ******** ******** of *** resultant assets ******* the company *** * *** ************* ***** **** ** ********* ******* * ********** ****** ****** of *** *** a ********* benefit ****** ** 15% ** ***** **** the firm ** *** ****** ******* yet ** ***** out ******** in *** ****** ******** *** way ** ** ******** *** ******** and make losses in *** future; ********* it ****** ***** out business under possible ******* ********* Bearing **** ** **** ** ** reasonable ******** **** makes *** ******* *** **** ** ******** *** ******** ******* the ********** ** ******* ** is based ** the **** **** ** **** *** **** *** ************** ** ** ********* at the debt ****** ** *** ** deduced **** *** **** ********* ** * **** ****** ** **** **** ** *** ********* ** its ****** business ********** **** ** characterized *** ********* by * ******* ** *** *** *** ********** to ****** ratio ** ** ** ************ **** *** **** *********** ********* ********* ********* **** ********** the ********** ** *** ******* going **** *********** ***** ** *** inability ** **** ******** ******** observed As such ** poses considerable risk of ********* ***** businesses **** ** ******** ** and causes * *********** ** the ******* to ******* down **** ***** *************** ******* **** *** per ***** ****** which *** the ******** *** ****** share *** even ********* *** ***** demonstrate **** *** the firm ******** ***** ****** ***** not ***** ************ **** for ********** ***** on ******* ********* shareholders *** *** ****** as ***************** ***** *** ********* payments *** share are *** while *** dividends *** ***** *** ******** ** *** ** **** ********* ********* look at *** ******* ********* as **** ***** not want to risk the ******** ** ***** ***** ** * business that *** ********** ****** share and the ********* to **** ************ ******* ** ****** ** **** relative ****** stipulating that *** **** *********** *** stock ****** is *********** ** *** amount ** earnings ** 3425 ** *** **** at the ***** ** *** **** constituting * ***** ** **** ************************ *** ******** ***** **** ***** **** the firm ********* of * low-efficiency **** **** it **** ********** ** ***** ***** ** *** ******** While *** ******* turnover ****** ** *** *** ***** ******** **** ** ***** at * ******** **** ** means that **** that **** the ******* was ****** * low stock ******** With **** in mind it ***** that there ***** ** * **** sale *** * ******** ********* of ********* ********* **** ** also ******** ** ** overstocking ** *** **** ** * **** ** a ******* **** the ***** ***** ******* ** ** **** ** maybe as * ****** ** ****** marketing *** ratio ** *** cash *********** *** *** **** *** * ********* *** **** ****** ***** ** *** ******* ***** *** ** ***** ** ******* ***** activities ** ** ********** ** **** ** ******* *********** ** ********* on ****** ** ***** *** DuPont ********* * *** profit * ***** ******** * ****** *********** * * **** * 0051*167*155 = 132%Economic Value Added ******** ******** ***** ***** ***** ** * ***** ****** ** ** ******** ** *** ******** ** it ** ** indicator ** how profitable the ******* projects ***** ** *** ********* **** ** * reflection of ********** *********** ** is ********** ******************* of *** ******** value-addedEVA * ************ *********** *** - (Capital Invested*WACC)EVA **************** =$146696MWeighted ******* Cost ** CapitalWACC * * ***** cost ** ******* *total **** of debt*(1-Income tax ********* * ******* *14225*(1-015) WACC * 0467*127+1237*072*085WACC=11Associated risks **** the ******* *************** Being * multinational ******* *** Home ***** ** ***** ** many ***** **** might ****** it during *** ********** Having multiple stores ** different ********* *** ****** ******** ***** ********** ** ****** **** ********** ***** ** needed *** ******* *** ******* of the ******** being ***** should attain *** **** ********* ** ***** required ** *** ***** ***** ******** **** the ******** ******* is ******** *** it’s ** *** top-notch ******* ***** be * ****** ********* thing Additionally ***** ** * need ** ******* * ****** ***** ** ***** ** ***** and *********** *********** The **** ***** ****** ****** a ******* **** ** ****** **** *** ****** *** ******** ****** This would ensure **** they **** **** well ***** **** ** and the ******* *** ***** **** *** ******* and objectives *** ** *** company As **** **** ****** ***** ** ******* *** ****** **** would ** **** ** bay ******* some risks ***** ** encountered and thus ***** ** a *********** of embracing them ******** ***** ** ** * form ** a ********* risk ******* ** an *********** ******** based ** *** ******** ***** **** * ******* **** ** ***** *** *** ******** *************** It leads to ***** a ******* ** *** **** ** *** ******* ***** ***** ** ********* ** ***** ** * high **** that are ** ******* ***** and **** ** ********** * ******** **** *** sales ****** risk: ** ** * **** ** ******* **** ** ******** **** ****** *** ******** ******** online ******* ** *** *********** ***** ** the physical store to *** ******** *** ***************** ***** Therefore * company such ** *** Home ***** poses * **** that ** ***** **** ** ** being ********** by *** ******* rivals ** *** **** ******** *** competitors might **** advantage ** *** *** *** **** in both **** ** *********** the existence of the ******* ** **** case *** **** ***** According to **** **** ******** ********* such ** ******** *** eBay **** a ****** ** *** ****** ************** ***** It is * financial **** ********* ****** ** *** buyers * **** **** to absorb the **** when ** ******* the ********* ** ***** to *** ***** clients The company *** its ***** **** there is * *********** **** *** ******** ***** default ** ******* **** it does *** necessarily mean that ********* would be *** ones *** would **** the credit dent **** *** ******** ****** ***** also **** *** same challenge ** ***** ***** while paying *** ********* *** ****** ***** and ******** *** ******* ***** *** ** take in ******** on credit ***** ***** end ** *** being **** to *** **** back ***** As **** ** ******* * ****** **** *** ******* faces and ** **** ***** it ***** **** to bankruptcy ** **** ***** ****** ** ***** **** ** *** ****** it ***** **** *************** or ****************** ***** ** ** * risk **** * firm **** ** face on *** ******* ********** ******** ********** ***** *** several risks ******** **** ** ****** ***** ****** **** *** personnel *** ********* ***** ***** risks ***** ****** ** the vent whereby *** customers might ****** charges ** the ******* *** ******** ****** ** ***** ******* * ******* **** ** any ***** ******** ****** ********* problems ***** ***** **** *** management and also **** *********** goods ** ***** is ***** **** at the company **** ********* ********* ** *** ***** some ********* ****** ** *** *** ******** ******** ** * ***** ******* ***** ** *********** ***** might ****** how the ***** ******** of the ******* ***** ***** ** **** it ***** **** **** the management ***** ** ****** ** **** for ***** ********* **** would be used in reducing *** ******* ** *** **** **** ****************** ********** ***** ** ******** **** Customer ******** *** **** ***** ******* ** customer service ***** on the ***** ********* ** ****** ** **** * ********** **** **** *** ********* first ensuring ****** **** ** *** involved ************ *** making *** ******** simple ** the ****** **** ** 2013 *** ******* *** set * ****** ** *** of ******* ***** in *** ***** ***** ********* ** activities **** ***** *** ******** ** ******** the Customer ***** ******** ***** to associates *** ***** ******* *** ********* ****** ********** It **** broadened the *** ****** ******* in Store ('BOPIS') ******** *** ******** *** ****** Ship ** Store ('BOSS') ****** It ****** participants to **** such ****** with ** ********* ****** ******** one ** ** the ***** ************ ** ** also * ********* strategy **** induces ******** ** *** **** ********** *** embrace their ******** ******* ** *** *** ********** of ******** sales resulting in *********** ******** ** *** *** ** the *** Product ********** The ***** **** is embraced in ******* authority **** approved by *** ********* **** includes both ************* *** ************** strategy **** **** ** ************ *** ********** ** products *** value ** **** *** ****** of **** *** ******* *** Home ***** ******* to **** up with ********** products ** * ******* **** *** its professionals *** programs such ** do-it-for-me *** ************** *** ********* ** ******* departments **** ***** **** act as ** ******** ****** ** make more ******* *** customers **** *********** and ****** *** **** acting ** * strategy ** **** ***** *********** ** *** ******** ** its ****** **** of **** *** it ********* ** ********* *** ********* showroom resets ** *** to ****** *** ***** ** ******* online ***** ******** in ****** ****** ** revenue and ********** *** ***** *** to ********* who would rather *** things ****** insteadCapital ********** and *********** The **** ***** mandate ** ******* capacity ** at * ******* method ***** includes * ********** improvement ***** in *** ****** *** *** ****** ***** department ** is from * disciplined ******* allocation and *********** ** ******* *** ***** that ** ******** ** *** shareholders ** dividends **** *** **** ***** has ****** **** on *** journey ** **** improvements ** its *********** *** an ******** ****** *** ************ ******* **** *** ********* *** ****** catered *** *** ***** *** **** determinants ** *** ******* *** they ***** to ** enticed *** ******** ** the **** **** ** recover sales ***** ***** ******* *** inventory ***** * keen *** ************** ******* ******* **** ************** ****** ****** there ****** * ********** ** *** ***** three ******** *********** ******** ** ****** up with a competitive *** a logical platform across all commerce ********* Home Depot ********* ** ******* *** ******* together **** *** ****** *********** which yielded ******** ******** ************ scores *** ******** *** ****** ********** rates From the ****** **** ** **** *** Home Depot *********** ** ******** of **** 50% ** ***** ********* ****** ******** ** *** subsequent years ** *********** *** of *** ***** *** sales ** has **** ********* **** ***** which would see *** company ******* ** ************* ****** products that are to be ******* to *** ******* ******** ***** ****** ***** have same-day ******** servicesHome Depot ********* ***** ***** *** leading ***** in the ******** The Home Depot *** particular strengths **** **** ** ** ***** ***** *** **** in *** industry ********** its *********** ***** ********* enable ** ** ****** *** market ***** ** *** market ******* it also ***** ** ********* *** ******* **** ** *** ********* that *** **** ***** *********** include:1 Excellent *********** ** *** markets: *** **** Depot *** ****** *** respect ** ******* **** *** ******* *** thriving in success through **** Through development *** ******* *** been able ** **** up with ******** ******* sources *** develop *************** ***** on the ******** ***** ***** ****** * market ** ******* *** ********** *** ****** **** flow: *** Home ***** has a ****** *** ****** **** **** **** that ******** **** for resources at *** **** of *** ******* ***** ****** *** **** ** ******* **** *** ******** *** different ************ Automation of *********** *** **** Depot ******** **** **** ********* and ***** ******* *** **** to ***** ******** up *** **** ********* ** *** ********* ** *** ***** ******* labor: **** ** achieved *** ********* training *** coaching ********* *** **** ***** has ******* ** **** ** **** ****** ******* ***** through ********* ** *** employees5 ******** ************* ***** ** *** committed ******** ************ *** managerial **** *** ******** ** ******* ***** of *** buyer ************ through ***** *************** ***** Weaknesses Weaknesses are areas ***** The **** ***** ***** ******* to ****** its *********** Choices *** to ** made ** **** ***** ** improve *** well ** could ********* ******* ******* ******* ********* The **** Depot *** *********** several ******** in ******** **** ***** ******* ********** ***** ** *** ******* culture2 **** ********* planning: The ***** ******* *** ******* and ****** ***** ****** ***** impose that *** **** could ******* the ***** ** **** efficiently **** what ** is ********* ****** **** **** workforce: *** **** ***** tends ** spend more ******** *** ********* **** *** **** ** *** competitors *** ********** ****** ** *** employees4 * lot ** be ******* ** ***** ******* * ******* ***** * ******* ** sales ***** *** ******** *** **** ******* ********** *** not ******* ******** hence it ***** lead ******* attacks that would base on **** ******* **** *** ********** Low *********** in ********** *** ********* ******* ***** *** *** ** *** ******** The **** ***** *** *** been ** * ******** to ** ** *** ******* sector ** ******** and *********** It *** *** stood the chance ** compete **** **** of *** *********** ** *** ****************** ** can ** deduced **** *** Home Depot is ***** *** fast-growing companies ** *** ******** Despite **** ** *** ***** ******* issues *** ******** **** **** **** ** ****** ********** ** some ****** **** ** ******** For ******** ** ****** keep *** financial ********** ** check *** ensure ********* do not *** **** **** ****** ****** ** *** ******* As such it *** seen ******* sinking ** ***** ** ***** ********* stores *** *** always ******* ** **** ** ****** The Home Depot *** ******** the craft ** ****** up ***** ****** down ** *** ****** ********** that has *** ********** and * *** ** ***** ******* **** has **** *** *********** such as ****** being ********* *** of the *** Braced **** **** mentality *** ******** *** **** ***** *** nowhere ** go but ** ** *** **** championed **** ********* **** it has ** *** ***** of ******** ** **** ** **** issues that ** ***** to ***** ** ***** **** ** ******* It ******* *** *** *** tactics ******** ****** ** emerge top ** *** gameRecommendationsDespite *** positive ******** ******* the ******* ** ***** not be *********** ** buy *** *********** ***** based ** *** **** *********** *********** the computations that **** **** ** ** ******* ******** **** the firm *** **** ****** **** ******* **** *** ****** *** *** ******* *** ***** **** **** *** **** *** effort ** compensating *** ********* ************ *** ***** ******* investments that are based on *** ******* **** there *** ranges ** *** ************** *** ratio ******* **** *** firm ********* * *** growth ** ***** ***** ** the market therefore ******* ******* ******* ***** on dividends which ** ******** ** ******* ** the ****** ***** ** ****** losses based ** *** capital ******** ** is ********* ** ***** ********* ** *** *********************** ****** * * ****** ***** **** ******** How * Couple of ******* **** **** *** **** ***** **** Nothing ** $30 ******* *** ***** ******* *************** * (2016) ** ************ ** Asset Management ******** **** * **** design *********** G G ****** Liquidity and market ********** ** *** world's largest carbon ****** *** ******* Accounting Review 431447Nikolaos * ****** Marketing ********** ********* ***** *** ******** trust ** ****** ****** ******** ******* ** ********* *** Consumer Services ***************** * * ****** ********* ********** ** ********** *********** ******** from Small ********** ***** *** ********** ** ****** ******* *****