Teropitka Business and Finance

Archive for the ‘Business service Industri’ Category

The growth of business travel services in the city of Bandung threatened roads in place because the government has not given permission fleet addition of the travel route from Jakarta to Bandung.

Andrew Arristianto, Chairman of the Entrepreneurs Association Travel (Hipatra) Bandung, said the decision to permit the closure of the fleet will have a major impact on the company’s business plan.

According to him, travel companies in the Flower City beginning of each year has made in developing a business plan.

“One of the travel company’s business development step is the addition of the fleet. Not to issuance of travel permits by the government that strongly inhibit the travel business to expand this year, “said Director of Operations Citra Tiara Transport (Cititrans) is to Bisnis yesterday.

He exemplifies Cititrans until the end of last year has 90 units of travel. In 2010, it was actually proposed additional fleet of about 40-50 units, but the city of Bandung Transportation Agency approved only 20 units.

This year, he said, adding fleet Cititrans plan as one step expansion of the company’s business is transportation services.

“However, this year the majority of travel operators can perform the expansion because of pessimistic permission from the government is difficult,” he said.

Andrew added during this Cititrans fleet capable of serving up to 200 departure Bandung-Jakarta route every day with an average passenger 800-1000 people.

Plan the addition of the fleet is also, he said, is done to improve the company’s revenue targets. This year, the number of passengers Cititrans target increased to 10% when the government approved the addition of the fleet.

With the termination of a temporary permit that, according to Andrew, travel companies hesitate to define the attitude and planning ahead in developing its business.

“We had to await the decision of the government has not permitted additions to the fleet every travel company,”

In addition to the restricted stock studies, U.S. publicly traded companies are able to sell stock to offshore investors (SEC Regulation S, enacted in 1990) without registering the shares with the Securities and Exchange Commission. The offshore buyers may resell these shares in the United States, still without having to register the shares, after holding them for just 40 days. Typically, these shares are sold for 20% to 30% below the publicly traded share price. Some of these transactions have been reported with discounts of more than 30%, resulting from the lack of marketability. These discounts are similar to the marketability discounts inferred from the restricted and pre-IPO studies, despite the holding period being just 40 days. Studies based on the prices paid for options have also confirmed similar discounts. If one holds restricted stock and purchases an option to sell that stock at the market price (a put), the holder has, in effect, purchased marketability for the shares. The price of the put is equal to the marketability discount. The range of marketability discounts derived by this study was 32% to 49%. However, ascribing the entire value of a put option to marketability is misleading, because the primary source of put value comes from the downside price protection. A correct economic analysis would use deeply in-the-money puts or Single-stock futures, demonstrating that marketability of restricted stock is of low value because it is easy to hedge using unrestricted stock or futures trades.

Restricted stocks are equity securities of public companies that are similar in all respects to the freely traded stocks of those companies except that they carry a restriction that prevents them from being traded on the open market for a certain period of time, which is usually one year (two years prior to 1990). This restriction from active trading, which amounts to a lack of marketability, is the only distinction between the restricted stock and its freely-traded counterpart. Restricted stock can be traded in private transactions and usually do so at a discount. The restricted stock studies attempt to verify the difference in price at which the restricted shares trade versus the price at which the same unrestricted securities trade in the open market as of the same date. The underlying data by which these studies arrived at their conclusions has not been made public. Consequently, it is not possible when valuing a particular company to compare the characteristics of that company to the study data. Still, the existence of a marketability discount has been recognized by valuation professionals and the Courts, and the restricted stock studies are frequently cited as empirical evidence. Notably, the lowest average discount reported by these studies was 26% and the highest average discount was 45%.

The current method mainly used in industry today in the construction of computer-based applications, so-called structured analysis and design. This method was created on the basis of structured programming techniques in the 1970s. This structured methodology for system development (CDD) has been refined and used for many years in the real world. But in recent years through various programming languages are becoming increasingly popular and widely used in industry and universities. In continuation of this trend developed a method to help programmers develop applications with object-oriented languages. This method is an object of analysis and design (OOAD) known.

OOAD The strategy addresses the problem from the perspective of the object as a functional perspective, which is the main objective of the traditional method of structured development. In recent years, the increasing use of OOAD method, which has been on traditional structured development significantly expanded. Be created as a new and more complex programming languages, there still seems to need for an object-oriented approach to developing enterprise applications. However, use them to with the greatest needs of this new method over the traditional? Compare the two methods and their advantages and disadvantages of solving this problem.