Understanding the accounting concept of cash flow

The accounting concept of cash flow provides insight into businesses operations and cash positioning at the time the cash flow is recorded. Cash flow in its simplest form is the sum of cash that moves in and out of a business, specifically in terms of business operations, financing i.e. borrowing activities and investing activities. These three elements of cash flow are frequently recorded on the cash flow statement. (investopedia.com)

Cash flow statements, which became mandatory financial reporting statements in 1987 (ibid) illustrate cash details not included in other financial documentation. Since net income includes revenue owed but not received, this net income calculation can fall short in accurately reporting a companies complete financial position. (Brigham and Houston p.48) For example, net cashflow subtracts depreciation, amortization and cash receivables that haven't been received from net income (Ibid)

Why cash flow is important

Cashflow is important because it provides financial analysts, managers, shareholders and regulatory institutions such as the Securities and Exchange Commission (SEC) or the Federal Deposit Insurance Corporation (FDIC) with more detailed information regarding a businesses cash inflow and outflows. This information is useful in determining several factors regarding a business or company's use of cash. A few of the insights and facts revealed by a cash flow statement include the following:

• Demonstrates efficiency of cash utilization

• Allows for more comprehensive financial reporting and identification of cash usage

• Cash flow returns over time i.e. with several cash flow statements

• Operating, financing and investing activities

• Information used in calculating cash flow ratios and equations ex-net cash flow

• Assists in determining business valuation *Allows for more comprehensive financial reporting

How cash flow is measured 

Cashflow and information within cashflow statements is used in measuring several useful accounting and financial functions. Three such metrics include 1) net cash flow calculation 2) cash flow ratios and 3) cash flow based calculations such as present value of cash flows and internal rate of return. (wikipedia) Since the cashflow statement is divided into three sections included cash flow from operations, investing and financial activity, different ratios can be formed using each area of the cash flow statement. For example, the operating cash flow ratio is determined by dividing operating cash flow by current liabilities. (Brigham and Houston p.56) A few of the different cash flow ratio metrics are listed below.

• Operating cash flow ratio

• Price to cash flow ratio

• Free cash flow ratio

• Cash flow to debt ratio

• Working cash flow ratio

Additional cash flow measurements such as present value of future cash flow and internal rate of return use cash flow values to determine how much a series of cash flows are worth in terms of achievable interest rates as applied to each cash flow over time in the case of present value of cash flow (Brigham and Houston p.294) and matching costs to present value through adjustment of interest rate in the case of internal rate of return or IRR. (Ibid. p.509). These latter two calculations are quite important in bond and project valuation because they allow investors and managers to determine reasonable assessment of valuation and worth.

Both present value of future cash flows and internal rate of return can be calculated by using the functions of a financial calculator. For example, if a business has a 12 annual cash flows of $100, that are able to earn an interest rate of 10% upon receipt and where the first payment is received at the beginning of the first year the following function buttons can be used. N (Number of payments), I (Interest rate), PMT (Payments/Future cash flow), and FV (Future value). (Brigham and Houston p.295). 

To calculate the present value of future cash flows first determine the future value for poseterity by entering the values using these function buttons. For example, N=12, I=10, PMT=-100, PV=0 then CPT (compute) FV=$2138.428. Since payments are reversed the value is recorded as negative. Then, to compute the present value of the future cash flows, enter the same values except enter $0 FV and compute PV for a value of $681.369. (Ibid.p305) This is also called an annuity cash flow present value.

Summary 

Cash flow is a vital part of business operations and is often reported on the 'cash flow statement'. Cash flow is the movement of cash in and out of a company for various purposes over a given time and as recorded in the cash flow statement. Cash flow records can be used for a variety of financial and accounting purposes including valuation, assessing business management decisions, determining cash solvency via cash flow ratios, and illustrating how and where cash is used in a company. The cash flow within a company is a dynamic and important aspect of business operations, financing and investment for which the ideal balance of cash usage varies depending on type of business, economic conditions, business management and accounting reporting requirements.

Sources:

1. Eugene F. Brigham and Joel F. Houston. '0Fundamentals of Financial Management 9th edition'. Mason, Ohio. Southwestern, 2001. P.48-52.

2.http://www.answers.com/topic/cash-flow-statement 

3. http://www.investopedia.com/articles/04/033104.asp 

4. http://en.wikipedia.org/wiki/Cash_flow 

5.http://www.exinfm.com/board/cash_flow_ratios.htm 

6. http://www.candlestickforum.com/PPF/Parameters/11_1262_/candlestick.asp

Accounting terms: The General Ledger

In accounting, the general ledger is an important aspect of bookkeeping that verifies and documents where and how money is utilized within a business. General ledgers are important for assessing business cash flow, and in preparation of other financial documents that are distributed to corporate owners, managers and government regulatory authorities for financial disclosure and decision-making. General ledgers can be maintained using accounting software or via spreadsheets, and are ideally done so on a consistent basis. The following subtitled sections breakdown the general ledger into its component parts and principles.

• Credit and Debit accounts

Not all types of accounts in the general ledger work the same way. Some accounts are debit accounts and others are credit accounts. This means that value is subtracted from either the debit or credit side postings. If a general ledger T-Account is a debt account, it is increased by posting on the debit side and decreased on the credit side. The reverse is true for credit accounts. Debit accounts include assets and expenses whereas credit accounts include liabilities, owners equity and revenue. For an illustration of how posting in the general ledger is different for debit and credit accounts, consulting a guide to debit and credit on general ledger accounts can be helpful.

• General ledger accuracy

Posting numbers in the general ledger is important in accounting. There is essentially no room for error when posting numbers in a general ledger because accounting is either right or wrong when it comes to implementing Generally Accepted Accounting Principles (GAAP) and standard methods of recording financial activity. An inaccurate general ledger can lead to fault financial decision-making, bad financial reporting and poor financial records. If posting in the general ledger includes more than one account, the value of the credit posts must equal that of the debit. The accuracy of a general ledger may be discovered in a failure to reconcile or through an accounting audit.

•Posting in the general ledger

Several different people may post in a general ledger depending on the size and type of organization. Larger organizations may have a networked general ledger with which many people can record flow of money within and without a business at the same time. Efficiently and quickly posting in the general ledger helps in the resolution of questions regarding business finances and in the reconciliation of accounts. All debit and credit accounts should balance i.e. equal each other in value. This process is called reconciling the general ledger. An example of a general ledger posting is as follows: An asset is paid for in cash and credit; in the initial posting total debit will be split between the asset and expense accounts, and the total credit will be divided between cash and accounts payable.

• T-Accounts

Since the general ledger consists of multiple accounts, an accountant or bookkeeper can specifically allocate cash flows by documenting the movement of money on a T-Account. The T-Account consists of columns and rows used for recording date, and account type in addition to whether money is debited or credited on that account. T-accounts are named such because the debit or credit columns are formed on either side of the T, and the top of the T is the line where the account name is placed. Some general ledger accounts may also be assigned numbers in addition to names. For example, in the following linked to California State Administrative Manual, general ledger asset accounts are numbered between 1100-1999.

• General ledger software

There are many standardized, cost effective and useful types of accounting software that include general ledgers. If a company has specific intranet network needs, an accounting software may need to be customized to work most efficiently for that company network. Other times a software such as Intuit Quickbooks may be sufficient, cost effective and time efficient for recording and management of general ledger data. Cloud computing software may also enable outsourced Information Technology management and expanded options for use of general ledgers. For example, recording of general ledger information from mobile hardware and outsourced maintenance of accounting software.

Sources:

1. http://bit.ly/cJ26Ow (University of Houston-Victoria)
2. http://bit.ly/dvWCbc (California Department of General Services)
3. http://bit.ly/F0uNY (DWM Beancounter)
4. http://bit.ly/9mV94A (QuickMBA)
5. http://bit.ly/c1haCb (Watch Captain)

Understanding Net Operating Income

Net operating income (NOI) also referred to as Earnings before interest and taxes (EBIT) is the total gain from sales after a business or corporation's operating expenses have been deducted. Sometimes these deductions lead to a net operating loss. 

Net operating income is different from 1) income after interest and taxes, 2) net income and 3) net income available to shareholders because it is income after expenses and not income after interest and taxes. What's more deductions to net income after interest and taxes may also reduce retained earnings and lower profitability calculations such as price to earnings (P/E).

Attributes of net operating income

The net operating income is one of several financial values that assist in clarifying financial positioning. The value is particularly useful in assessing debt management and profitability of a company. A few of the attributes of net operating income include the following:

• Is found in the income statement of company financial records
• Assists financial analysts, managers and shareholders in determining cost efficiency
• Categorizes expenses by item ex. Administrative, research, and marketing expenses
• Can be inputted into ratio analysis ex. Times interest earned (TIE) and Basic earning power (BEP)
• Is also listed in quarterly financial reports and Government tax filings
• Helpful in determining business valuation

How to calculate net operating income and related calculations

Net operating income is a simply calculation and is found by subtracting expenses before interest on debt and taxes on income from revenue which is the same as monetary proceeds from sales. To utilize net operating income (or loss) to gage debt management and profitability the following two ratios can be used. (Brigham & Houston p.107)

• Times Interest Earned (TIE): Earnings before interest and taxes (Net operating income)/Interest charges

• Basic earning power (BEP): Earnings before interest and taxes (Net operating income)/Total assets.

The higher the TIE ratio the better as this indicates a greater amount of operating income in comparison to interest expense on debt. Similarly, the higher the BEP ratio result the better as this indicates a higher operating income return per asset worth.

Net operating income can also be applied to valuation of property (www.realdata.com). Specifically, when divided by capitalization rate i.e. expected return on investor capital, the resulting value can be used as a form of property valuation based on income generated by that property in the form of pre-tax and interest income.

Advantages and disadvantages of net operating income

While the net operating income calculation generally has more advantages than disadvantages, there are a few factors to take into account when reviewing this figure. Specifically, as with all financial statements, the recorded values are from a moment in time and are only a reflection of financial transactions used in the income statement. In other words, a dramatic drop in revenue, client base, economic circumstances, operating costs etc that occur as soon as a day after the issuing of the income statement will not be reflected in that statement's net operating income.

Additionally, since net operating income does not include interest on debt and taxes the numerical value may be misleading if not also understood in the context of net income and net income available to shareholders which are the "bottom lines" of the income statement.

The net operating income is nevertheless a useful and vital financial value that should not be undervalued in terms of financial analysis. It's use in ratios and the income statement is continued in accounting practice for good reason because it does indicate profit margin before interest and taxes and when compared to revenue figures is a good gauge of cost control.

Summary

Net operating income is a financial value found in business and corporate financial statements most notably the income statement. This value is found after operating expenses such as overhead, employee, advertising etc. and before taxes to income and interest on debt are deducted. 

The net operating income is used in financial analysis, reporting, valuation and assessment and is both useful and potentially misleading if not considered in terms of broader financial context, corporate environment conditions and time of reporting. The NOI value is thus a useful but incomplete representation of business income and beneficial in determining financial relationships between operating costs and sales figures.

Sources:

1. http://www.realdata.com/ls/noi.shtml
2. Eugene F. Brigham, and Joel F. Houston. Fundamentals of Financial Management 9th Ed. South-Western, 1999.p277-281.
3. Howard Bryan Bonham CPA, The complete Investment and Finance Dictionary. Avon Media Corporation, 2001.p.62

The Benefits of Credit Derivatives

Credit derivatives are exactly what the name implies i.e. derived from credit. In other words the financial instruments such as collateralized bonds are created from a credit instrument such as commercial credit or commercial loans. To illustrate, ABC company takes out a loan for project development from XYZ bank. XYZ bank has several such loan agreements with several companies. XYZ then decides it needs more capital to make more loans so it creates additional bank products such as bonds, that are collateralized by the commercial loans to ABC and other companies. These bonds are an example of credit derivatives since their value is based on the commercial loans.

Types of credit derivatives

Several types of credit derivatives exist, each with it's own purpose, core product, and rules of exchange. The reason derivatives have become more refined over time is because they tend to improve the efficiency of the originators business operations which in turn provides incentive for their creation. A few examples of derivatives are given below:

• Commodities derivatives: Financial instruments that's value is based on commodity value
• Corporate Bonds: Ex-Bundled loans in the form of an actively traded bond
• Credit Derivative Swaps: Ex- Exchanging of derivatives for insurance and/or another derivative.
• Credit Derivative Futures: Obligations to purchase credit derivatives at a future date with optional physical delivery.
• Credit Derivative Forwards: Similar to futures with less regulation and physical delivery

Benefits to buyers and sellers

"Global credit markets today display discrepancies in the pricing of the same credit risk across different asset classes, maturities, rating cohorts, time zones, currencies, and so on. These discrepancies persist because arbitrageurs have traditionally been unable to purchase cheap obligations against shorting expensive ones to extract arbitrage profits." (www.investingbonds.com)

What the above quote means is that credit derivatives in some markets may be under priced due to over supply and inefficiencies in the capitalization of international securities markets. While derivatives are generally favored by financial institutions and companies more than individual investors, there benefits do not discriminate if those taking part in the exchange of the derivatives are able to take advantage of those benefits. A few of the benefits to both buyers and sellers of credit derivatives are listed below.

Benefits to Buyers

• Greater market liquidity: The facilitation of trade is enhanced through liquidity
• Leveraged investment: The liquidity of derivatives allows them to be more easily leveraged
• Opportunity to earn fees: Insurers of credit derivatives can earn money if the value of the original financial instruments increase
• Diversification of insurance products: Allows insurers to diversify and thus lower insurance risk.
• Enhanced efficiency via de-bundling of underlying securities and/or commodities

Benefits to Sellers:

• Risk management and/or investment hedging : Ex: Derivative Bond Insurance
• Improved Efficiency of credit risk separation and timed risk management via duration
• Portfolio diversification: Ex. Credit derivative swaps
• Increased capital cash flow: Ex: proceeds from the sale of corporate derivative bonds

An example of a derivative earnings opportunity was in February of 2008 Warren Buffett extended an offer of insurance to mortgage derived bond insurers ailing from the financial effects of the housing market and credit crisis. In this case, the mortgage backed bonds were the credit derivatives, and the bond insurers were financial institutions willing to insure those derivatives with what is termed a 'credit default swap'. However, when the insurers of the credit derivatives experienced a capital squeeze, Buffett stepped in with an offer of liquidity to help keep the bond insurers credit rating high.

Generally speaking, credit derivatives are a sophisticated financial instrument that take significant know how, mathematical ability and business skill to effectively manage and trade. Credit derivatives are primarily used to manage credit risk but may also be used to increase corporate net worth or utilized for arbitrage in financial markets that exchange derivatives directly or via funds that manage derivatives. There are benefits to credit derivatives, notably to the originators of the derivatives who's purpose the financial instrument's creation was designed to serve. However, as with other types of financial instruments, derivatives also have secondary markets, and potential for gain through arbitrage.

Sources:

1. http://en.wikipedia.org/wiki/Credit_derivative
2. http://www.investinginbonds.com/assets/files/Intro_to_Credit_Derivatives.pdf
3. http://biz.yahoo.com/cnbc/080212/23125353.html

Understanding mark to market

Mark to market, also called marking to market, is financial lingo for the settling of funds owed between brokers and/or or market exchange facilitators such as the Chicago Mercantile Exchange (CME) or Foreign Exchange (FOREX). This occurs when a financial instrument such as commodities futures contracts are purchased with borrowed funds fall below or rise above a certain mark also known as margin percentage.

In other words, when a pre-established market price for a financial instrument reaches a certain point outside a specified percentage range or minimum value of collateral, the terms of the exchange require return of funding to compensate for a corresponding decline or rise in the price of a security such as a stock options or futures contract.

Attributes of mark to market

Mark to market can sometimes refer to market valuation of financial instruments such as managed funds per Investopedia. However, this definition is separate from the traditional meaning of the term, and can serve to complicate the terminology otherwise defining market value of an asset. Some key aspects of the margin mark to market between brokers and as described above are as listed.

• Protects lender from a decline in collateral i.e. stock option
• Allows lender to acquire an additional capital if collateral value declines 
• Requires an increase to borrowers margin if collateral rises in value
• Similar to a margin call between an options trader and a broker
• Facilitates credit leveraging between broker & exchange 'clearinghouse'

Illustration of mark to market

To illustrate the concept of mark to market and its application in practice the following example can be demonstrative. Broker A wants funds to enable a leveraged investment requested by a client. Since Broker A's funds are limited it borrows funds from Broker B on margin i.e. on credit. This credit is collateralized by a percentage portion of the security/financial instrument that is being leveraged.

For example, Broker A's client buys 1000 lbs of coffee at a price of $3.00/lb or $3000.00. A 20 percent margin is required by the commodities exchange as collateral for the lent funds. If the price of coffee declines to $2.90 per lb, the contract is now valued at $2900.00 and the margin requirement falls short by $20.00. Marking to market means the $20.00 would have to be added to the account either through addition of funds or selling of approximately 6.89 lbs of coffee or another agreed upon asset. Similarly, if the price of coffee where to rise to $3.10/lb, the commodities exchange would add $20 in funds to the margin account to represent the 20 percent collateral.

Similarly, a mark to market may also be applied to FOREX and/or Stock options. For example, if Broker A's client borrows funds to sell 10 call options (100 shares each) of ABC company with a strike price of $20.00/share and the share price rises above the strike price, the seller of the call option will be obligated to pay the difference between the market value and the strike price upon exercising of the option.

Marking to market can occur before the exercising of the option to ensure adequate collateral exists to pay the difference between strike and market price. In other words, if shares of ABC company rise to $22.50 the difference between the strike price and the market price becomes $2250.00. If the original margin was 20% or $2000.00, $250.00 will have to be added to mark to market.

Advantages and disadvantages of mark to market

Marking to market serves as a control mechanism for fluctuations in market prices and is therefore a form of partially secured credit. In this sense mark to market helps ensure solvency for the lender of leveraged funds. However, in the case of margin marking to market between brokers and clients, extreme price volatility may lead to less broker solvency and insufficient funds if it only accounts for a pre-specified collateral percentage.

The process of marking to market is a price risk insurance aspect of the facilitation of liquidity within market exchanges be they commodities, financial or stock related. This control mechanism and the liquidity it represents enhances trading activity and availability of funds in a similar way to the way a market maker or specialist facilitates liquidity of trading instruments such as shares. In other words, mark to market is a form of price risk insurance.

In the case of derivatives such as credit derivatives or less readily calculable derivatives, the market price of the financial instrument may be obscure. Consequently, the process of marking to market makes misrepresentation, misinformation and misunderstanding a financial moral hazard. For this reason, being thoroughly familiar with the valuation of and price fluctuations of the financial instrument being marked helps ensure actual rather than estimated mark to market calculations.

Summary

Marking to market is traditionally a form of collateralizing assets for price movements within market exchanges. Marking to market is a financial adjustment between borrowers and lenders that takes place on a periodic rather than continual basis.

The process of marking to market is similar to margin calls between brokers and clients and helps insure the lender from credit risk. It is also an aspect of liquidity control by clearinghouses such as the Chicago Mercantile Exchange. In the case of little known derivatives with elaborate pricing calculations, marking to market may include the risk of fraud requiring extra diligence on the part of the borrower.

Text Sources:

Eugene F. Brigham and Michael C. Ehrhardt. "Financial Management: Theory and Practice 10th Ed." Southwestern. 2002 p.420-422.
Eugene F. Brigham, and Joel F. Houston. Fundamentals of Financial Management 9th Ed. South-Western, 1999.p277-281.
Zvi Bodei, Alex Kane and Alan J.Marcus. 'Investments' Mcraw-Hill Irwin. New York, 2002. P. 265-271

Advantages and Disadvantages of Acquisitions and Mergers

Advantages and disadvantages of mergers and acquisitions (M&A) are determined by the short-term and long-term company strategic outlook of the new and acquiring companies. This is due to a host of factors including market conditions, differences in business culture, acquisition costs and changes to financial strength surrounding the corporate takeover.

A well known example of mergers gone bad was the September 15, 2008 merger between Bank of America and Merrill Lynch. This merger was surrounded by complications ranging from employee bonuses, added debt and forced hands as evident in the April 13, 2009 U.S. Senate Committee on Banking investigation of the merger. (7)

In the case where short-term financial benefits are not realized, long-term advantages may be seen as a valid and probable reason for the merger or acquisition. This article will discuss advantages and disadvantages of mergers and acquisitions in four parts consisting of pros and cons of M&A decision making, operational and financial advantages, costs, and consumer benefits and drawbacks.

• Pros and cons of mergers and acquisitions

A number of reasons provide sanction for a corporate merger and acquisition, not all of which are necessarily financial in nature. Moreover, M&A is within the scope of the Board of Directors to pursue (1) and the company executives to initiate and execute. Since board members may also be subject to political, social, and personal interests, decisions seemingly in favor of the shareholders may also become quagmired with additional factors.

According to Investopedia.com, an estimated 66% of mergers and acquisitions are not successful because of M&A intent. Of the 33% that are considered successful, the mergers and acquisitions achieved a net gain from the M&A with our without bad M&A intent. A number of reasons for the majority of failures exist in addition to the failures themselves indicating a potential disadvantage of M&A activity is a relatively high risk of failure.

This is further illustrated in an article from a 2005 article in the Journal of Global Business on M&A preparation. (6) Moreover, the article that refers to numerous M&A case studies and research sources states the reasons for M&A failures include 1) bad basis for decision making on the part of the company leadership, 2) failure to consider and/or incorporate the new company, 3) bad management and 4) overestimating the valuation of the acquired corporation.

Despite the reasons some M&A's fail, mergers and acquisitions, regulations of such and their circumstances may harness the characteristics of the decision makers for the net economic advantage despite possible conflicts of interest, short-term financial and consumer disadvantages. In other words, in theory, mergers and acquisitions may be economically beneficial in terms of reducing complexity of regulatory oversight, increasing global corporate competitiveness, and adding to shareholders net wroth. This is verified by the M&A activity that is successful through increases in equity valuations, larger market share, improved operational efficiency, higher industrial capacity etc.

• Operational and financial advantages of mergers and acquisitions

The operational and financial advantages of mergers and acquisitions are widely documented and may also present the face of M&A activity to shareholders, the public, corporate appeals to legislators etc. These advantages can include increased market share, lower cost of production, higher competitiveness, acquired research and development know how and patents. These and other advantages (2) of M&A are listed below:

• Increased market share
• Lower cost of operation and/or production
• Higher competitiveness
• Industry know how and positioning
• Financial leverage
• Improved profitability and EPS

Not all the above advantages of mergers and acquisitions may be realized, but are often included among the reasons for engaging in the corporate activity. When a company is able to benefit from all these advantages it can lead to more stability as a corporate entity and cold also provide for higher political influence and industry leadership.

• Costs of mergers and acquisitions

Mergers and acquisitions can be costly due to the high legal expenses, and the cost of acquiring a new company that may not be profitable in the short run. This is why a merger or acquisition may be more of strategic corporate decision than a tactical maneuver. Moreover, if a poison pill unknowingly emerges after a sudden acquisition of another company's shares, this could render the acquisition approach very expensive and/or redundant. (4)

• Legal expenses
• Short-term opportunity cost
• Cost of takeover
• Potential devaluation of equity
• Intangible costs

M&A activity can also be exacerbated by the short-term cost of opportunity or opportunity cost. This is the cost incurred when the same amount of investment could be placed elsewhere for a higher financial return. Sometimes this cost does not prevent or deter the merger or acquisition because projected long-term financial benefits outweigh that of the short-term cost.

• Consumer and shareholder drawbacks

In some cases, mergers and acquisitions may not only disadvantage the shareholders but consumers as well. In both cases, this may happen when the newly formed company becomes a large oligopoly or monopoly. Moreover, when higher pricing power emerges from reduced competition, consumers may be financially disadvantaged. Some of the potential disadvantages facing consumers in regard to mergers are the following. (3)

• Increase in cost to consumers
• Decreased corporate performance and/or services
• Potentially lowered industry innovation
• Suppression of competing businesses
• Decline in equity pricing and investment value

Shareholders may also be disadvantaged by corporate leadership if it becomes too content or complacent with its market positioning. In other words, when M&A activity reduces industry competition and produces a powerful and influential corporate entity, that company may suffer from non-competitive stimulus and lowered share prices. Lower share prices and equity valuations may also arise from the merger itself being a short-term disadvantage to the company.

Sources:

1. http://www.nvca.org/index.php?option=com_docman&task=doc_download&gid=368&Itemid=93
2. http://www.economicshelp.org/microessays/competition/benefits-mergers.html
3. http://www.economicshelp.org/microessays/competition/uk-mergers.html
4. http://www.investopedia.com/university/mergers/mergers5.asp
5. http://legal-dictionary.thefreedictionary.com/Mergers+and+Acquisitions
6. http://www.gbata.com/docs/jgbat/v1n2/v1n2p1.pdf
7. http://www.oag.state.ny.us/media_center/2009/apr/pdfs/BofAmergLetter.pdf

8. Jarrod McDonald, Max Coulhard, and Paul De Lange.(Fall, 2005) 'Planning for a Successful Merger: A Lesson form an Australian Case Study.' Journal of Global Business and Technology, Volume 1, Number 2.