A tax shield is the reduction in income taxes that results from taking an allowable deduction from taxable income. For example, because interest on debt is a tax-deductible expense, taking on debt creates a tax shield. Since a tax shield is a way to save cash flows, it increases the value of the business, and it is an important aspect of business valuation.

Case A

Consider one unit of investment cost $1,000 and returns $1,100 at the end of year 1. Assume tax rate of 20%. If an investor pays $1,000 of capital, at the end of the year, he will have ($1,000 return of capital, $100 income and -$20 tax) $1,080. He earned net income of $80, or 8% return on capital.

[edit]Case B

Consider the investor has an option to borrow $4000 at 8% interest (same rate as return of capital in Case A). By borrowing $4,000 (+$1,000 capital), the investor can purchase 5 units of investment. At the end of the year he will have ($5,000 return of capital, -$4,000 repayment of debt, $500 revenue, -$320 interest payment and -$36 tax) considering $1000 initial capital he is left with $1,144. He earned net income $144, or 14.4%.

The reason that he was able to earn additional income is because the cost of capital (opportunity cost, 8%) is not deductible for tax purposes, but the cost of debt (interest, 8%) is.

[edit]Value of the Tax Shield

In most business valuation scenarios, it is assumed that the business will continue forever. Under this assumption, the value of the tax shield is: interest bearing debt x tax rate.

Using the above examples:

• Assume Case A brings $80 after tax income per year, forever.
• Assume Case B brings $144 after tax income per year, forever.

• Value of firm in Case A: $80/0.08 = $1,000
• Value of firm in Case B: $144/0.08 = $1,800
• Increase in firm value due to tax shield: $1,800 - $1,000 = $800
• Debt x tax rate: $4,000 x 20% = $800

In financial markets, a share is a unit of account for various financial instruments including stocks, mutual funds, limited partnerships, and REIT's. In British English, use of the word shares in the plural to refer to stock is so common that it almost replaces the word stock itself. In American English, the plural stocks is widely used instead of shares, in other words to refer to the stock (or perhaps originally stock certificates) of even a single company. Traditionalist demands that the plural stocks be used only when referring to stock of more than one company are rarely heard nowadays. The income received from shares is called a dividend, and a person owning shares is called a shareholder. A share of stock is one of a finite number of equal portions in the capital of a company, entitling the owner to a proportion of distributed, non-reinvested profits known as dividends, and to a portion of the value of the company in case of liquidation. Shares can be voting or non-voting, meaning they either do or do not carry the right to vote on the board of directors and corporate policy. Whether this right exists often affects the value of the share. Voting and non-voting shares are also known as Class A and B shares respectively.

The foreign exchange (currency, forex or FX) market is where currency trading takes place. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global forex and related markets is continuously growing. Traditional turnover was reported to be over US$ 3.2 trillion in April 2007 by the Bank for International Settlement. [1] Since then the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008

今日介紹既係 investment bank

Investment banks profit from companies and governments by raising money through issuing and selling securities in the capital markets (both equity and bond), as well as providing advice on transactions such as mergers and acquisitions. To perform these services in the US, an advisor must be a licensed broker-dealer, and is subject to SEC (FINRA) regulation. Until the late 1980s, the United States and Canada maintained a separation between investment banking and commercial banks.

A majority of investment banks offer strategic advisory services for mergers, acquisitions, divestiture or other financial services for clients, such as the trading of derivatives, fixed income, foreign exchange, commodity, and equity securities.

Trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e., underwriting, research, etc.) is referred to as the "sell side."

Dealing with the pension funds, mutual funds, hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment constitutes the "buy side". Many firms have buy and sell side components.

The last two major bulge bracket firms on Wall Street were Goldman Sachs and Morgan Stanley until both banks elected to convert to traditional banking institutions on the 22nd of September, 2008, as part of a response to the US financial crisis.[1] Barclays, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JP Morgan Chase, and UBS AG are "universal banks" rather than bulge-bracket investment banks, since they also accept deposits (though not all of them have U.S. branches).

早年生活及事業

巴拉克·奧巴馬生於夏威夷州檀香山，父親老巴拉克是生於肯亞的盧歐族人，母親安（Ann Duham）生於堪薩斯州的威奇托，祖父為英國殖民統治肯亞時期之公務員（公僕）。

成長時期

奧巴馬的父母在位於檀香山瑪諾亞之夏威夷大學相識，當時他的父親以國際學生身份在校求學。在奧巴馬2歲時，父母分居，隨後離婚。他的父親便往哈佛大學攻讀博士學位，最終返回肯亞。而她的母親則嫁給了一位印度尼西亞籍的學生Lolo Soetoro，並誕下一個女兒。奧巴馬六歲時，與母親一家遷居到耶加達。四年後，奧巴馬回到夏威夷，與外祖父母住在一起。從五年級起，奧巴馬就讀於位於檀香山的大型私立學校Punahou學校，且於當地讀到12年級，于1979年畢業。

奧巴馬21歲時，父親在肯亞遭遇一場車禍去世。母親在他的1995年的回憶錄《我父親的夢想》出版幾個月後去世。

在《我父親的夢想》中，奧巴馬描述了自己在母親的白種美國中產家庭成長的經歷，它對於自己早逝的黑人父親的信息多來自於家庭故事和照片。對於童年，奧巴馬寫道：「我的父親與我身邊的人完全不同——他的皮膚像瀝青一樣黑，我的母親卻像牛奶一樣白——我對這一點印象深刻。」在青年時，奧巴馬因為自己的多種族背景，很難取得社會認同。他回憶自己當年吸食大麻和可卡因，為了「將『我是誰』的問題擠出腦袋」。

大學時代

高中畢業後，奧巴馬在加州西方學院（Occidental College）求學兩年，隨後轉至紐約市的哥倫比亞大學的哥倫比亞學院，在那裡主修政治學及國際關係。在1983年取得文學士之後，奧巴馬在國際商務公司工作了一年。1985年，他遷往芝加哥，主持了一個非營利計劃，以協助當地教堂為窮困的居民組織好職業訓練。

法學院時代

奧巴馬于1988年進入哈佛法學院。1990年2月，由於被選為首個哈佛法律評論的首位非洲裔美國人主席，奧巴馬首次獲得了全國性的認可。1991年奧巴馬在哈佛獲得了「極優等」（拉丁文的學位榮譽，magna cum laude）法學士的學位。回到芝加哥後，奧巴馬主持了一次選民登記運動，且為民權律師事務所Miner，Barnhill & Galland工作。後來，自1993年至2005年競選聯邦參議員的12年中，奧巴馬一直在芝加哥大學法學院任職憲法講師。

州議員生涯

奧巴馬與布殊接見外賓

奧巴馬與其家人

1996年，奧巴馬從芝加哥第十三區，南部的海德園（Hyde Park）區被選入伊利諾州議會。2003年1月，當民主黨重新取得議會的控制權，他被提名為州衛生與公眾服務委員會主席[17]。在奧巴馬的立法提案中，他幫助編撰了工作所得抵稅法（Earned Income Tax Credit），為低收入家庭提供援助；還為一些致力於無法承擔健康保險的居民的立法相關項目，更協助通過增加對愛滋病預防和病人照料的項目增加預算。

參議員事績

2000年，奧巴馬挑戰波比·拉什所擔任了4年的聯邦眾議院席位，但最終失敗。前黑豹黨成員和社區活動家拉什指責奧巴馬，稱其「在第一選區的時間不長，無法看到真實的情況」。拉什獲得61%的選票，奧巴馬獲得30%競選失敗後，奧巴馬專註于自己的參議員工作，編撰了要求對可能判死刑罪犯的審問必須錄像的法律。奧巴馬2002年競選連任，未遇對手。

縱觀奧巴馬的伊利諾州參議員生涯，政治評論員注意到他在與民主黨人和共和黨人工作時不僅都很有效率，且能團結一致[。後來為聯邦參議員競選時，儘管奧巴馬曾支持一些警察工會所反對的議案，他還是獲得了伊利諾州警察同業會（Fraternal Order of Police）的支持，且讚賞他「多年對槍支控制的支持，和願意商談與妥協的態度」。

我個人喜歡佢做US 總統~麥生太老PAT PAT~奧生既魅力連中國人都比佢吸引左

不過點解佢地2位次次演講廢話既時候~D 市民都可以WE 嗶鬼叫~非常 HYPER

百思不得其解?

終於我明白倆人要的是一個結束
所有的辯解都讓對方以為是企圖
放一把火燒掉你送我的禮物
卻澆不熄我胸口灼熱的憤怒
就這樣被你征服 切斷了所有退路
我的心情是堅固 我的決定是糊塗
就這樣被你征服 喝下你藏好的毒
我的劇情已落幕 我的愛恨已入土

你如果經過我的墳墓
你可以雙手合十為我祝福

就這樣被你征服 切斷了所有退路
我的心情是堅固 我的決定是糊塗
就這樣被你征服 喝下你藏好的毒
我的劇情已落幕 我的愛恨已入土

就這樣被你征服 切斷了所有退路
我的心情是堅固 我的決定是糊塗
就這樣被你征服 喝下你藏好的毒
我的劇情已落幕 我的愛恨已入土

就這樣被你征服 切斷了所有退路
我的心情是堅固 我的決定是糊塗
就這樣被你征服 喝下你藏好的毒
我的劇情已落幕 我的愛恨已入土

弊傢伙~開始影響我生活tim
3點幾~仲未想訓~

前日又係盡訴心中情既時候
又繼續我既 調查~
原來好多女人同男人
同我想像中係唔一樣

本港著名唱片騎師陳任於11月1日因病逝世，終年63歲。

陳任曾為《中國學生周報》專欄作者，後任職英文報章China Mail，他於六十年代投身廣播業，為香港中文唱片騎師鼻祖。

陳任曾服務本港三家電台，主持音樂節目，深受聽眾歡迎。

見到 tristen 講西班牙講得咁開心~
令我諗起尼日利亞既英文名
好耐以前有一次睇波~ 有2個阿叔係前面
甲:哩隊波係咩?
乙:尼日利亞
甲:英文名既 咩?
乙: li yi li ar
甲:咁羅馬利亞 呢?
乙:law ma li ar

我:=.=

尼日利亞(Nigeria)
羅馬利亞(Rumania)

今日會所搞helloween~化左一個癲既 小丑look
帶其中一組小朋友~點知撞正個反斗星~
成日打人搶人野~同一個賊無咩分別~
有消息指~哩個靚仔連老母都打~~~
我係佢老豆老母實一巴打到佢牙血都出埋~

電腦剷機~唔係壞事
無曬d 資料先係壞事
我都已經多一手準備啦~有用資料都已經燒左 碟backup
點知放driver前失手跌左隻碟落地~
夾層爆開左~ 咁就讀唔到~

唔係好運成咁ar ma~~~ =.=

電腦又出事~都唔知咩事~
一install hp printer driver就出事
又慢又reboot~

等我完左個t&d既 game~我就剷你一鑊~
等我有多 d $~我就砌多一部


泰林賤價出貨~睇下到時有咩平野 可以買先

哥 林 多 前 書
13:4 愛 是 恆 久 忍 耐 、 又 有 恩 慈 ． 愛 是 不 嫉 妒 ． 愛 是 不 自 誇 ． 不 張 狂 ．
13:5 不 作 害 羞 的 事 ． 不 求 自 己 的 益 處 ． 不 輕 易 發 怒 ． 不 計 算 人 的 惡 ．
13:6 不 喜 歡 不 義 ． 只 喜 歡 真 理 ．
13:7 凡 事 包 容 ． 凡 事 相 信 ． 凡 事 盼 望 ． 凡 事 忍 耐 。
13:8 愛 是 永 不 止 息

嚴格黎講~我半個基督徒都唔係~但我信以上既 說話

星期日去左打 war game~
第2次玩~一開game就比人打到隻耳仔
first game就流蚊飯~ =.=

之後仲要比人零距離射爆左個膊頭~
到左今日都仲好明顯有6粒彈孔係膊頭
好在之後都打返果條友報仇姐~xd

返學好多 project~幾時先可以ko 曬ar~~~~~~~~~~

今日睇到tv~黃生向特首飛蕉~好明顯係做戲~第一堂就大龍鳳
日後都唔知議事堂又會有咩搞作