Underwriters

2006

(return on
,
total assets)
.

1. ,
( swaps) . 2.
,

. 3.
.

.
-
.

.

,


, .

.
, ,
, ,
,
.

,

.


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,
.

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.
,
.
,

1
 .

()

().
,

, .
(Capital
employed)

.
(property inventory)
,


,
.

(yield) ,
%,
.
, , ,
.
/
.
(return on equity /return on investment)
.

.
.




.
(yield to
maturity)
.

.
(attributable profit)


.
(investment

2
turnover)
.


( , ).



.



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(capital .
effectiveness)
()

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(reserves)


.
.
(valuation reserve)
,



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(amortization)
()

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.) .

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(consistency concept)

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concern basis)
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3
 ,

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.
(prudence concept)



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(

).


(
/ )
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) (
)
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(secret reserves)
,
.

.
,

4

,

.
(dormat
partnership) ,

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( ),
.
.
Bed and breakfasting , , : O

.
,


.

Black-Scholes (Black-Scholes
model) .
,
, ,
, ,
. Fisher
Black, Myron Scholes, Robert Merton 1973.

, .

Blue chips blue chip

,
,

,
.
(note) ,
() ,
,
().
(capital expenditure) ,

,


(accrued charge)

.

5
 (
).
(acid-test
ratio/ liquid ratio)

.

.


.
(return on
assets ROA)



.
()
(current ratio) . ,


.


2: 1.

-return On Assets (ROA)
(fundamental
analysis).

12 ,
.
.

-return On
Equity (ROE) (fundamental
analysis).

12 ,
. .

ROE,

.

(turnover ratio) .
,

6

.
(capitalization
ratio)
,
( )
(
).
(working
capital ratio)

.



.

/
(price-Cash flow Ratio (P/CF)) .


(CV),

.

,
,
P/E & P/BV.
/ (Price-Earnings , /,
Ratio (P/E)) (PE ratio)

.


.
/
/


.
(solvency) ,

.

(market capitalization ratio)

.
,
.

7

.



, .

(Price / Book ,
Value)
.

.
(asset structure)

(portfolio
management)
,

.
(pre-emption ,
rights)

.

(right) ,


.




.

.
(bonus shares)
.

.
(
).
(quoted shares) .
.
(capitalization issue) .

8

.
(holding company) ,

.
(assets)
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, , , , ,

.

. :
) Fixed assets = .



.
: ) tangible fixed assets:
,
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,
) intangible fixed assets:

, ,
.
) Current assets =
, ,
.

.
) on-current assets =


.
(consolidated
balance sheet) ,

.
(fixed assets) ,
, , ,

(takeover)

.

9
(offshore financial centers) ,

,


.
(capital adequacy) To


.


()
()

().

.



.
(capitalization
rate)
.

(Discount rate).

,
,
,
.

,


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.
(capital losses) .


,
,
3.000.000 , ,

17.608.217,17

10
 .
(offshore companies).

(subsidiary company)
,
.
(equity)

.

(
)


.

,
,
, ,

. (common
equity)

. (total
equity)
. (net worth)

.
(balance sheet)

,

.

(assets) (liabilities)
.
.

(net fixed assets) ,

.

(,
)
.

(net asset value per ,

share)
,
.

11
 (net profit)
.
(net dividend)
.
(paid up
capital) .

(balloon payment) .

.

(profit and loss account)
, ,
.
(earnings per share- .
EPS) 12, .

.



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.
( )
.
(capital profits) .


.
(capital markets)

.
(capital expenditure) .
(capital structure)
,
(
,

).

(financial structure)

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(capital gain)

12
 .
(capital ratio)

.
(

),
,
,
.
(capital)
.

(principal)
,
.

(working capital)
.

.
(capitalization) 1.

,
.
2.
,

.


.

.

,
.

(position risk)

(, , ),
/
.

O

.
(inflation risk)

,

.

13
 (ordinary shares) ,
.
,
,

.

,
,


.


.


,
.

LIFO (Last In First Out) /

,

.
FIFO.

(accounts ,
receivable) .

(accounts .
payable)
(book value) 1.

.
,

.
2.
,

.
3.
.

(

14
 ), .

.
,
(matching concept) ,

365 .
(historical ,
accounting)

. ,
,
,

,
.

.
(current cost
accounting) .


.


.


.

Markowitz model
.
,



.
Markowitz,


(minority
shareholders) (
).


.

15

.




.

(stock
dividend) .
.

.
(stocks)
.
,
,
,
, ,





.
.
,
, ,
,
,
.

.
.
.

.


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- (stock -
capital)
.
,

16
 .

(gross profit) T ,
.
.
(gross dividend)
.

(break
even point) .

.
,

.

(Money laundering)
(Blanchiment de l argent)
(
, )

.


.
(fixed rate
bonds) .
(mortgage
debenture) ,


(
).
(debentures) ,
.

.
, ,

.

.

.
,
,

17



.


.


(,
, , ).

.

(par value)
. 100% .

.

.
(nominal value
of a share) .

.


.

.


.

(nominal rate) 1. .
. 2.
,


. Face
Value.


.


, .
,

18


.



.

(nominal / authorized share ,
capital) .

.
(
)
.

.
(revenue expenditure) .
(materiality)



.
(liabilities)

.

.
(present Value PV)

.
1.

.

.
2. H

.
(provision)
,

.
,
( )

19
 .

(discounting of accounts receivable)
.

(assigning) (pledging)
.
(preference shares)
.

.
,


(
).

,

,

.
.
(deferred shares)
.


.

,
(..,
)
.

,

.

.

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.

(capital budgeting) ,

.
(cash , ,

20
flow budget)

..




.

(liquidity)

.
,
, ,
.
(fixed charges)

,
.
(share premium)
.

,

.



, .
(associated
companies) 20%
,

.
(group
accounts) ,

.

(prudent
man investing)
,

.
.
,

.

21
 ,


.

(beta)
()

.

.
< 1


.
> 1


.
(articles of association)

,
,

(memorandum of .
Association) ,

.

(portfolio H
scheduling) ,

.
(capital
reserve) ,
.

,

.

( ).
/
(cash flow)

.

22

.
(current
liabilities) .
.
(offshore) ,


.
,

.
, ,
, British Virgin Islands ...



, ,

.
. ,



. ,


,
.


.
(capital
appreciation) .
(depreciation)
,
, . O

.
FIFO First In, First Out (
(FIFO) , ).
,

. (


,

).

23
 .
LIFO.
(goodwill)

.

,
, ,

, .


.
& ,


,
.
(capital O
gain taxation CGT) ,
.
(portfolio) , ,
,
,
.
(market
capitalization)
.


,
.

:
www.dpmlab.aueb.gr
www.ase.gr
. : , ,
(. )

:
. : (. )

24