UGB363: Strategic Corporate Finance - Efficient Market Hypothesis (EMH) - Accounting and Finance Assignment Help

Assignment Task:

Requirements:

Part A of the assessment is compulsory for all students with a marking allocation of 50% awarded within this element. Students will then select to attempt EITHER Part B or Part C of the assessment with this element of the work also being awarded a mark allocation of 50%.

The assignment has been designed to cover the following learning outcomes associated with successful completion of the module:

Knowledge

K1. Critical understanding of the key strategic decisions that a business may have to make and appreciated how accounting and finance can assist in making and evaluating those decisions.

K2. Critical understanding of specific analytical skills in key decision areas within strategy and finance at local and international level.

K3. Critical understanding of the limitations of the current state of financial theory in making strategic business decisions.

Skills

S1. Competence in applying the key valuation concepts and methodologies of financial decision making in order to contribute to the wider decision making of the organization

Part A (compulsory) 

You have recently joined the Finance team of Power Assets Holding Limited. As part of the initial duties you have been asked by the Board of Directors to produce a report that:

1. investigates and analyzes the latest three-year performance of the company, and  (35 marks)

2. evaluates the need and how to adjust its existing capital structure, if the strategic direction of the company in the near future is a more high-growth, entrepreneurial, acquisition-active and global one. (15 marks)

Required:

In this section students should demonstrate both knowledge and understanding of a range of topics, theories, and concepts covered within the UGB363 Strategic Corporate Finance module. A report format should be utilized that offers clear, concise analysis, resulting in the production of robust recommendations. Topics and concepts that can be considered for inclusion within the report include corporate governance policy, financing strategy, investment strategy, ratio analysis and interpretation, capital structure alterations, dividend policy, and merger and acquisition activity. This is not an exhaustive list and students should be prepared to investigate other key aspects from the module if they feel necessary.

Total for Part A – 50 marks

Part B

On August 20, 2019, Li Ka-Shing's CK Asset offers to pay US$3.27 billion to buy Greene King, operator of 2,700 pubs, restaurants and hotels in UK”. You are required to: 

1. critically analyze the impact of this news on the share price of CK Assets by studying the stock price movement of the company before and after the release of the news. Your impact analysis should specifically consider impacts on the expected financial position and health of the company (20 marks) using corporate finance notions and models on firm value. Usage of charts and graphs, e.g., on stock movement prior and post the news release, etc., is required to support your analysis (15 marks). 
2. examine the movement of the company’s share price before and after the release of the news in terms of the Efficient Market Hypothesis (EMH). The examination should reflect on the validity of the EMH in this case, bearing in mind the specific factors that influence the market efficiency of the Hong Kong Stock Market.
3. discuss what financial managers of listed companies in Hong Kong could learn from your evaluation answers in (i) and (ii) for their corporate financial management practices.

Required:

In this section, students should demonstrate an understanding and knowledge of the theoretical aspects that underpin the differing strengths of market efficiency. The discussion/evaluation should be supported with relevant, contemporary, academic research that has been undertaken within this field and should be referenced accordingly. Ensure the response does not become overly descriptive within its approach, rather, attempt to incorporate a critical viewpoint throughout, allowing logical conclusions to be offered. Specifically, it is important to examine the share price movement of CK Asset prior and post the news release, with share price movement charts.

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