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\author{Natalie Moore (NatalieMoore)}
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  /Title (scope-of-corporate-finance.pdf)
  /Creator (Cheatography)
  /Author (Natalie Moore (NatalieMoore))
  /Subject (Scope of Corporate Finance Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Scope of Corporate Finance Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Natalie Moore (NatalieMoore)} via \textcolor{DarkBackground}{\uline{cheatography.com/19119/cs/11139/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}Natalie Moore (NatalieMoore) \\
  \uline{cheatography.com/nataliemoore} \\
        \uline{\seqsplit{www}.jchmedia.com/}
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 11th March, 2017.\\
   Updated 11th March, 2017.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What Should a Financial Manager Try to Maximize?}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Maximize Profit?}}} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{Many believe managers job} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{2}{x{5.377cm}}{Take only actions to increase revenues} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Maximise amount earned on each share} \tn 
% Row Count 4 (+ 1)
% Row 4
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\mymulticolumn{2}{x{5.377cm}}{Earnings per share (EPS) = earnings of common stockholders divided by number of shares of common stock outstanding} \tn 
% Row Count 7 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Flaws in approach:} \tn 
% Row Count 8 (+ 1)
% Row 6
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\mymulticolumn{2}{x{5.377cm}}{- Figures for earnings historical, reflect past performance} \tn 
% Row Count 10 (+ 2)
% Row 7
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\mymulticolumn{2}{x{5.377cm}}{- Do not focus on what is happening now / in future} \tn 
% Row Count 12 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Timing may be ignored. Large profits that pay off many years in future may be less valuable than smaller profits received next year} \tn 
% Row Count 15 (+ 3)
% Row 9
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Maximize Shareholder Wealth?}}} \tn 
% Row Count 16 (+ 1)
% Row 10
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\mymulticolumn{2}{x{5.377cm}}{Current theory} \tn 
% Row Count 17 (+ 1)
% Row 11
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\mymulticolumn{2}{x{5.377cm}}{Measured by market price of firm's stock.} \tn 
% Row Count 18 (+ 1)
% Row 12
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\mymulticolumn{2}{x{5.377cm}}{Stock price reflects timing, magnitude, and risk of cash flows that investors expect a firm to generate over time.} \tn 
% Row Count 21 (+ 3)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Take only actions that increase value of firms future cash flows.} \tn 
% Row Count 23 (+ 2)
% Row 14
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\mymulticolumn{2}{x{5.377cm}}{Shareholders are residual claimants. Can claim only on cash flows that remain after employees, suppliers, creditors, governments, and other stakeholders are paid in full} \tn 
% Row Count 27 (+ 4)
% Row 15
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{There is a risk shareholders receive nothing} \tn 
% Row Count 28 (+ 1)
% Row 16
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\mymulticolumn{2}{x{5.377cm}}{Shareholders bear most of risk of running firm} \tn 
% Row Count 29 (+ 1)
% Row 17
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{This is why firms operate to maximize shareholder wealth. The benefit to all is that it gives investors incentive to accept the risks necessary to buy stock and provide funds necessary for a business to thrive.}}} \tn 
% Row Count 34 (+ 5)
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What Should a Financial Manager Try to Maximize? (cont)}}  \tn
% Row 18
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\mymulticolumn{2}{x{5.377cm}}{-} \tn 
% Row Count 1 (+ 1)
% Row 19
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Focus on other Stakeholders?}}} \tn 
% Row Count 2 (+ 1)
% Row 20
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\mymulticolumn{2}{x{5.377cm}}{Many firms also focus on employees, customers, tax authorities, and communities} \tn 
% Row Count 4 (+ 2)
% Row 21
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\mymulticolumn{2}{x{5.377cm}}{These firms consciously avoid actions that harm stakeholders by transferring their wealth to shareholders.} \tn 
% Row Count 7 (+ 3)
% Row 22
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\mymulticolumn{2}{x{5.377cm}}{Not to maximize others interests but to preserve those interests.} \tn 
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% Row 23
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\mymulticolumn{2}{x{5.377cm}}{Benefits} \tn 
% Row Count 10 (+ 1)
% Row 24
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- & Keeping stakeholders happy has long-term benefit to share-holders \tn 
% Row Count 12 (+ 2)
% Row 25
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- & Helps minimise employee turnover, conflicts, and litigation. \tn 
% Row Count 14 (+ 2)
% Row 26
\SetRowColor{LightBackground}
- & Usually actually leads to maximizing shareholder wealth \tn 
% Row Count 16 (+ 2)
% Row 27
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Conflicts} \tn 
% Row Count 17 (+ 1)
% Row 28
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- & Between these two objectives inevitably arises. \tn 
% Row Count 19 (+ 2)
% Row 29
\SetRowColor{white}
- & Firms is ultimately run to benefit stockholders. \tn 
% Row Count 21 (+ 2)
% Row 30
\SetRowColor{LightBackground}
- & Corporations are generally expected to be socially responsible \tn 
% Row Count 23 (+ 2)
% Row 31
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- & But rarely required by law to be in US and AUS \tn 
% Row Count 25 (+ 2)
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Finance skills}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{{\bf{All finance jobs require:}}} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{1}{x{5.377cm}}{Good written and verbal communication skills} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{Ability to work in teams} \tn 
% Row Count 3 (+ 1)
% Row 3
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\mymulticolumn{1}{x{5.377cm}}{Proficiency with computers and the Internet} \tn 
% Row Count 4 (+ 1)
% Row 4
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Many finance jobs require:}}} \tn 
% Row Count 5 (+ 1)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{In-depth knowledge of international business} \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Finance career opportunities:}}} \tn 
% Row Count 7 (+ 1)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{Corporate finance} \tn 
% Row Count 8 (+ 1)
% Row 8
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\mymulticolumn{1}{x{5.377cm}}{Commercial banking} \tn 
% Row Count 9 (+ 1)
% Row 9
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\mymulticolumn{1}{x{5.377cm}}{Investment banking} \tn 
% Row Count 10 (+ 1)
% Row 10
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\mymulticolumn{1}{x{5.377cm}}{Money management} \tn 
% Row Count 11 (+ 1)
% Row 11
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Consulting}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Analyse firms business processes and strategies} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{Recommend how practices should change to make firms more competitive} \tn 
% Row Count 3 (+ 2)
% Row 2
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\mymulticolumn{2}{x{5.377cm}}{Implement recommendations} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Spend up to 200+ days yearly on the road} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Money Management}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Industry}}} \tn 
% Row Count 1 (+ 1)
% Row 1
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% Row Count 2 (+ 1)
% Row 2
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% Row Count 3 (+ 1)
% Row 3
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% Row Count 4 (+ 1)
% Row 4
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% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
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% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Any person or institution that acts as a fiduciary—someone who invests and manages money on someone else's behalf} \tn 
% Row Count 9 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Trends}}} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Baby Boomers investing large sums in preparation for retirement - demand for pofessional money managers surged} \tn 
% Row Count 13 (+ 3)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Australian superanuation legislation passed in 1992 requring all employees to be members of a superfund - that industry grew massively} \tn 
% Row Count 16 (+ 3)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Institutionalisation of investment, means today institutional investors dominate the markets} \tn 
% Row Count 18 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Corporate Finance}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{The duties of the financial manager in a business / Not for profit / Corporation} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Tasks include:}}} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Budgeting} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Financial forecasting} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Cash management} \tn 
% Row Count 6 (+ 1)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{Credit administration} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Investment analysis} \tn 
% Row Count 8 (+ 1)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{Funds procurement} \tn 
% Row Count 9 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Modern business changes:}}} \tn 
% Row Count 10 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Increases in regulatory environments have increased the importance and complexity of the financial manager's duties} \tn 
% Row Count 13 (+ 3)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Globalisation has increased need to assess and manage the risks associated with volatile exchange rates and rapidly changing political environments.} \tn 
% Row Count 16 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance Function: Financial Management}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Managing firms operating cash flows as efficiently and profitably as possible.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Capital structure decision}} finding right mix of debt and equity securities to maximise firms overall market value.} \tn 
% Row Count 5 (+ 3)
% Row 2
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Managing working capital}}} \tn 
% Row Count 6 (+ 1)
% Row 3
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\mymulticolumn{2}{x{5.377cm}}{Ensure enough working capital on hand for day-to-day operations} \tn 
% Row Count 8 (+ 2)
% Row 4
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\mymulticolumn{2}{x{5.377cm}}{Obtaining seasonal financing} \tn 
% Row Count 9 (+ 1)
% Row 5
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\mymulticolumn{2}{x{5.377cm}}{Building up enough inventories to meet customer needs} \tn 
% Row Count 11 (+ 2)
% Row 6
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\mymulticolumn{2}{x{5.377cm}}{Paying suppliers} \tn 
% Row Count 12 (+ 1)
% Row 7
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\mymulticolumn{2}{x{5.377cm}}{Collecting from customers} \tn 
% Row Count 13 (+ 1)
% Row 8
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\mymulticolumn{2}{x{5.377cm}}{Investing surplus cash} \tn 
% Row Count 14 (+ 1)
% Row 9
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\mymulticolumn{2}{x{5.377cm}}{Maintaining adequate cash balances} \tn 
% Row Count 15 (+ 1)
% Row 10
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Skills:}}} \tn 
% Row Count 16 (+ 1)
% Row 11
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\mymulticolumn{2}{x{5.377cm}}{Technical and analytical skills} \tn 
% Row Count 17 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{People skills - relationships with customers, suppliers, lenders, and others} \tn 
% Row Count 19 (+ 2)
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance function: Risk Management}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Identifies, measures, and manages many types of risk exposures including:} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
- & Predictable business risks-losses such as adverse interest rate movement commodity price changes, and currency value fluctuations. \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
- & Unpredictable 'acts of nature' \tn 
% Row Count 7 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Risk management techniques}}} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Insurance products (fire, flood, theft, injury)} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Self-insurance to manage exposures} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Quantify the sources and magnitudes of risk exposure and decide whether to accept them or to manage them.} \tn 
% Row Count 13 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Diversification (contract with several suppliers, even if it means purchasing the input at slightly more than the lowest possible price)} \tn 
% Row Count 16 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Modern risk management}}} \tn 
% Row Count 17 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Market-driven risks interest rates, commodity prices, and currency values.} \tn 
% Row Count 19 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Financial instruments called derivatives (derive their value from other, underlying assets) have been developed for use in hedging (offsetting) for more threatening market risks.} \tn 
% Row Count 23 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Australian legal forms of business}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Sole proprietorships} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{General Partnerships} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Limited Partnerships} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Proprietry Limited Company} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Company} \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{General Partnerships}}}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Proprietorship between 2+ owners} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{No distinction between owners and business} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{2}{x{5.377cm}}{Joint and several liability} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Unless specified all debts and equity, profits, are split evenly} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Decision making ability is split evenly} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Income taxed at personal level} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Limited life - cease when one owner dies or retires} \tn 
% Row Count 9 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Limited access to capital - Reinvesting profits, personal loans} \tn 
% Row Count 11 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Unlimited personal liability - Personally liable owner for all debts, including lawsuits} \tn 
% Row Count 13 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Proprietry Limited Company}}}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Business seperate entity to owner} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Creates roles of employee, director, shareholder} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Regulated under the corporations act 2001} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Establishment and ongoing costs to manage can be high} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Suited to Medium and Large businesses} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Role of finance manager}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{constantly apply financial tools to solve real business problems} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Ensure business managers take only actions where benefits exceed costs} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Interact with experts in a wide range of disciplines} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Study economics of a market} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Develop pricing strategy} \tn 
% Row Count 8 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Negotiate licensing agreements} \tn 
% Row Count 9 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Work with authorities to ensure compliance} \tn 
% Row Count 10 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Advise business managers and professionals} \tn 
% Row Count 11 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Work with accounting and systems staff to develop systems} \tn 
% Row Count 13 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Managing cash flows} \tn 
% Row Count 14 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Assessment and funding of research} \tn 
% Row Count 15 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Aid business in accumulating the capital needed to fund projects} \tn 
% Row Count 17 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{The skills and knowledge needed to achieve corporate business objectives are the same as those needed to be a successful entrepreneur, to manage family businesses, or to run a nonprofit organization. Successful financial managers must be able to creatively manage both people and money.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Financial intermediary}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Companies can obtain debt capital by selling securities either directly to investors or through financial intermediaries.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Financial intermediary}}} \tn 
% Row Count 4 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Institution that raises capital by issuing liabilities against itself} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Uses the capital raised to make loans to corporations and individuals} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Borrowers have no direct contact with those who funded the loan} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Financial intermediaries include:} \tn 
% Row Count 11 (+ 1)
% Row 6
\SetRowColor{LightBackground}
- & Insurance companies \tn 
% Row Count 12 (+ 1)
% Row 7
\SetRowColor{white}
- & Savings and loan institutions \tn 
% Row Count 13 (+ 1)
% Row 8
\SetRowColor{LightBackground}
- & Credit unions \tn 
% Row Count 14 (+ 1)
% Row 9
\SetRowColor{white}
- & Commercial banks \tn 
% Row Count 15 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Modern financial intermediary services}}} \tn 
% Row Count 16 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Loans to corporations and individuals} \tn 
% Row Count 17 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Allow companies and individuals to place their money in demand deposits} \tn 
% Row Count 19 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Backbone of the payments system:} \tn 
% Row Count 20 (+ 1)
% Row 14
\SetRowColor{LightBackground}
- & Collect payment on transfers sent to corporate customers \tn 
% Row Count 22 (+ 2)
% Row 15
\SetRowColor{white}
- & Make payment on the transfers by their customers to other parties \tn 
% Row Count 24 (+ 2)
% Row 16
\SetRowColor{LightBackground}
- & Provide information-processing services to SME businesses \tn 
% Row Count 26 (+ 2)
% Row 17
\SetRowColor{white}
- & Handle large-volume transactions such as payroll \tn 
% Row Count 28 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{These organisations issue liabilities such as demand deposits (checking accounts) to companies and individuals and then loan these assets to corporations, governments, and households}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Investment Banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Interesting nature of work} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Three main types of activities:}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Helping corporate customers obtain funding by selling securities such as stocks and bonds to investors} \tn 
% Row Count 5 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Providing advice to corporate clients on strategic transactions such as mergers and acquisitions} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Trading debt and equity securities for customers or for the firm's own account} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Profitability}}} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{High income potential} \tn 
% Row Count 11 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Extraordinarily high since the early 1990s} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Highly volatile industry} \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Entry-level salary range \$50,000 to more than \$80,000, plus bonuses} \tn 
% Row Count 15 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Incomes often rise rapidly} \tn 
% Row Count 16 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Industry}}} \tn 
% Row Count 17 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Dominant AU firms: Macquarie Group, and CommSec} \tn 
% Row Count 18 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Dominant foreign firms: BNP, Deutsche Bank, Credit Suisse, HSBC, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Goldman Sachs, Citigroup} \tn 
% Row Count 21 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Extremely competitive} \tn 
% Row Count 22 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Long working hours} \tn 
% Row Count 23 (+ 1)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Lucrative rewards for those who master the game} \tn 
% Row Count 24 (+ 1)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Key skills}}} \tn 
% Row Count 25 (+ 1)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Good analytical and communication skills} \tn 
% Row Count 26 (+ 1)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Social and networking skills also pay handsome dividends.} \tn 
% Row Count 28 (+ 2)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Growth expectations}}} \tn 
% Row Count 29 (+ 1)
% Row 21
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Ongoing development of new financial products and services} \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Investment Banking (cont)}}  \tn
% Row 22
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Continued internationalization of corporate finance} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance Function: Capital Budgeting}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Financial managers single most important activity} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Managers evaluate very large investments in the capital budgeting process} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Companies prosper in a competitive economy only by seeking out the most promising new products, processes, and services to deliver to customers.} \tn 
% Row Count 6 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Big companies make huge capital outlays} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{ROI drive the value of their firms and wealth of shareholders.} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Consequences of flawed capital budgeting processes are serious} \tn 
% Row Count 11 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{The capital budgeting process:}}} \tn 
% Row Count 12 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{1. Identifying potential investments} \tn 
% Row Count 13 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{2. Analysing the set of investment opportunities and identifying those that create shareholder value} \tn 
% Row Count 15 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{3. Implementing and monitoring the investments selected in Step 2} \tn 
% Row Count 17 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Managers have the greatest opportunity to create value for shareholders by acquiring assets that yield benefits greater than their costs}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance function: Corporate Governance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Important to avoid scandal and damage to reputation} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Systems of incentive / structures that influence good ethical behaviours and decision making} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Intentions}}} \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Determine who benefits most from company activities} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Develop procedures to maximise firm value and to ensure that employees act ethically and responsibly} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Encourage the hiring and promotion of qualified and honest people} \tn 
% Row Count 11 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Motivate employees to achieve company goals through salary and other incentives} \tn 
% Row Count 13 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Challenges in practice}}} \tn 
% Row Count 14 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Conflicts inevitably arise among stockholders, managers, and other stakeholders.} \tn 
% Row Count 16 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Stockholders want managers to work hard and to protect shareholders interests.} \tn 
% Row Count 18 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{It costs time and money to ensure that managers act appropriately.} \tn 
% Row Count 20 (+ 2)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Though managers may wish to maximize shareholder wealth, they do not want to work harder than necessary, especially if others are going to reap most of the benefits.} \tn 
% Row Count 24 (+ 4)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Managers and shareholders may decide together to run a company to benefit themselves at the expense of creditors or other stakeholders} \tn 
% Row Count 27 (+ 3)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Creditors and other stakeholders generally don't have a voice in corporate governance.} \tn 
% Row Count 29 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Strong boards of directors play a vital role in any well-functioning governance system, because boards must hire, fire, pay, and promote senior managers.} \tn 
% Row Count 33 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance function: Corporate Governance (cont)}}  \tn
% Row 15
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Boards must also develop fixed and contingent compensation packages that align managers incentives with those of shareholders.} \tn 
% Row Count 3 (+ 3)
% Row 16
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{In Australia}}} \tn 
% Row Count 4 (+ 1)
% Row 17
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{ASIC - Australian Securities and Investments Commission oversees corporate activities} \tn 
% Row Count 6 (+ 2)
% Row 18
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Est in 1998} \tn 
% Row Count 7 (+ 1)
% Row 19
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Corporate, markets and financial services regulator} \tn 
% Row Count 9 (+ 2)
% Row 20
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{ASIC enforce and regulate company and financial services laws to protect Australian consumers investors and creditors} \tn 
% Row Count 12 (+ 3)
% Row 21
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{ASIC oversees the Australian Securities Exchange (ASX) (2006 merger of Aus stock exchange and Sydney Futures Exchange)} \tn 
% Row Count 15 (+ 3)
% Row 22
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Most work done under the Corporations Act 2001} \tn 
% Row Count 16 (+ 1)
% Row 23
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Governments governance}}} \tn 
% Row Count 17 (+ 1)
% Row 24
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Countries also struggle} \tn 
% Row Count 18 (+ 1)
% Row 25
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Governments establish legal frameworks for corporate finance that encourage competitive businesses to develop and efficient financial markets to run properly} \tn 
% Row Count 22 (+ 4)
% Row 26
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Commercial laws should} \tn 
% Row Count 23 (+ 1)
% Row 27
\SetRowColor{LightBackground}
- & Provide protection for creditors and minority shareholders \tn 
% Row Count 25 (+ 2)
% Row 28
\SetRowColor{white}
- & Limit opportunities for managers or majority shareholders to transfer corporate wealth from investors to themselves. \tn 
% Row Count 29 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Sole proprietorships}}}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{One legal owner} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{No distinction between owner and business} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Owners personal property} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Limited life - cease when owner dies or retires} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Limited access to capital - Reinvesting profits, personal loans} \tn 
% Row Count 6 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Unlimited personal liability - Personally liable owner for all debts, including lawsuits} \tn 
% Row Count 8 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{High risk, often not insurable} \tn 
% Row Count 9 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Income taxed at personal level} \tn 
% Row Count 10 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Limited Partnerships}}}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Sprung from legislation in 2000} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Unlimited personal liability} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Ideal for start ups with losses in early years - limited partners can use to offset other income tax} \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{1+ partners with unlimited personal liability who receives a greater share of income} \tn 
% Row Count 6 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Other partners} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Limited liability partners} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Must be completely passive} \tn 
% Row Count 9 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Name cannot be associated with business} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Can not take a role in the business} \tn 
% Row Count 11 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Can not be employed by the business} \tn 
% Row Count 12 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- No personal liability for debts} \tn 
% Row Count 13 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Can not be sued} \tn 
% Row Count 14 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Income taxed as personal income} \tn 
% Row Count 15 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Modern businesses}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Face a modern, knowledge based economy} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Finance role is vital in creating wealth} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Involve people with many different skills and backgrounds working together toward common goals.} \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Debt and Equity: The Two Flavors of Capital}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Two broad types of capital exist: debt and equity} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Debt capital}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Long term borrowing from creditors} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Borrower pays interest, at a specified annual rate, on the loans principle (full amount borrowed)} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Borrower repays the principal amount at the debts maturity} \tn 
% Row Count 7 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Payments made on a fixed schedule} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Creditors have a legally enforceable claim against the firm.} \tn 
% Row Count 10 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Defaults on debt payments mean creditors can take legal action to force repayment.} \tn 
% Row Count 12 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Creditors can sometimes force the borrowing firm into bankruptcy, out of business and selling (liquidating) assets to repay creditor claims.} \tn 
% Row Count 15 (+ 3)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Equity capital}}} \tn 
% Row Count 16 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Business owners contribution} \tn 
% Row Count 17 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Expected to remain permanently invested in the company} \tn 
% Row Count 19 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Sources of equity capital}}} \tn 
% Row Count 20 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Common stock} \tn 
% Row Count 21 (+ 1)
% Row 14
\SetRowColor{LightBackground}
- & Bear most of the firms business and financial risk \tn 
% Row Count 23 (+ 2)
% Row 15
\SetRowColor{white}
- & Receive returns on their investments only after creditors and preferred stockholders are paid in full \tn 
% Row Count 26 (+ 3)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Preferred stock} \tn 
% Row Count 27 (+ 1)
% Row 17
\SetRowColor{white}
- & Similar to creditors \tn 
% Row Count 28 (+ 1)
% Row 18
\SetRowColor{LightBackground}
 & "Preferred Stockholders" \tn 
% Row Count 29 (+ 1)
% Row 19
\SetRowColor{white}
 & Promised a fixed annual payment on their invested capital \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Debt and Equity: The Two Flavors of Capital (cont)}}  \tn
% Row 20
\SetRowColor{LightBackground}
 & Claims are not legally enforceable \tn 
% Row Count 1 (+ 1)
% Row 21
\SetRowColor{white}
 & Cannot force a company into bankruptcy if a preferred stock dividend is missed \tn 
% Row Count 4 (+ 3)
% Row 22
\SetRowColor{LightBackground}
 & Upon liquidation, preferred stockholders claims are paid before any money is paid to common stockholders. \tn 
% Row Count 7 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Commercial Banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{In Australia is dominated by the 'big four' (75\% market share):}}} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{ANZ} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Commonwealth Bank} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{NAB} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Westpac} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Hiring}}} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Banks continue to hire large numbers of new business and finance graduates each year} \tn 
% Row Count 9 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Banks train many managers who later migrate to other fields} \tn 
% Row Count 11 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Key skills}}} \tn 
% Row Count 12 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Cash flow valuation} \tn 
% Row Count 13 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Financial and credit analysis} \tn 
% Row Count 14 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Consumer banking vs Commercial banking} \tn 
% Row Count 15 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Excellent finance skills} \tn 
% Row Count 16 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Intimate knowledge of telecommunications and computer technology} \tn 
% Row Count 18 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Investment Banking}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Interesting nature of work} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Three main types of activities:}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Helping corporate customers obtain funding by selling securities such as stocks and bonds to investors} \tn 
% Row Count 5 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Providing advice to corporate clients on strategic transactions such as mergers and acquisitions} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Trading debt and equity securities for customers or for the firm's own account} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Profitability}}} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{High income potential} \tn 
% Row Count 11 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Extraordinarily high since the early 1990s} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Highly volatile industry} \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Entry-level salary range \$50,000 to more than \$80,000, plus bonuses} \tn 
% Row Count 15 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Incomes often rise rapidly} \tn 
% Row Count 16 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Industry}}} \tn 
% Row Count 17 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Dominant AU firms: Macquarie Group, and CommSec} \tn 
% Row Count 18 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Dominant foreign firms: BNP, Deutsche Bank, Credit Suisse, HSBC, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Goldman Sachs, Citigroup} \tn 
% Row Count 21 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Extremely competitive} \tn 
% Row Count 22 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Long working hours} \tn 
% Row Count 23 (+ 1)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Lucrative rewards for those who master the game} \tn 
% Row Count 24 (+ 1)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Key skills}}} \tn 
% Row Count 25 (+ 1)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Good analytical and communication skills} \tn 
% Row Count 26 (+ 1)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Social and networking skills also pay handsome dividends.} \tn 
% Row Count 28 (+ 2)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Growth expectations}}} \tn 
% Row Count 29 (+ 1)
% Row 21
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Ongoing development of new financial products and services} \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Investment Banking (cont)}}  \tn
% Row 22
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Continued internationalization of corporate finance} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Five Basic Corporate Finance Functions}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Generally = managing cash flows} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Five basic functions}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Raising capital via external financing} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Capital budgeting function - choosing the best projects in which to invest resources} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Financial management (cash flows)} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Corporate governance} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Risk management} \tn 
% Row Count 8 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Finance function: Financing}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Raise money to support investment and other activities} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Via}}} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Internally by retaining and reinvesting operating profits} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Externally from shareholders or creditors} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Internally}}} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Companies raise about two-thirds of their required funding internally each year} \tn 
% Row Count 9 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Externally}}} \tn 
% Row Count 10 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Sole proprietorships and partnerships have limited external funding opportunities} \tn 
% Row Count 12 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Corporations have varied opportunities} \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
- & selling equity (common or preferred stock) \tn 
% Row Count 15 (+ 2)
% Row 10
\SetRowColor{LightBackground}
- & borrowing money from creditors \tn 
% Row Count 16 (+ 1)
% Row 11
\SetRowColor{white}
- & Young and small corps usually raise equity capital privately, from friends and family, or from professional investors such as venture capitalists. \tn 
% Row Count 21 (+ 5)
% Row 12
\SetRowColor{LightBackground}
- & {\bf{Venture capitalists}} make high-risk/high-return investments in rapidly growing entrepreneurial businesses \tn 
% Row Count 24 (+ 3)
% Row 13
\SetRowColor{white}
- & Larger corps can {\bf{go public}} by conducting an initial public offering (IPO) of stock—selling shares to outside investors and listing the shares for trade on a stock exchange. \tn 
% Row Count 29 (+ 5)
% Row 14
\SetRowColor{LightBackground}
- & After IPO, selling additional stock in the future \tn 
% Row Count 31 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Growing Importance of Financial Markets}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Traditional intermediaries (banks) useage as providers of debt capital to corporations has declined} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Nonfinancial corporations often go to capital markets for external financing} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{New types of intermediaries: pension funds and mutual funds} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Because}}} \tn 
% Row Count 7 (+ 1)
% Row 4
\SetRowColor{LightBackground}
- & Modern information processing enables investors to evaluate thousands of potential corporate borrowers and issuers of common and preferred stock equity \tn 
% Row Count 12 (+ 5)
% Row 5
\SetRowColor{white}
- & These intermediaries are major purchasers of the securities non-financial corporations issue \tn 
% Row Count 15 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Primary market transactions}}} \tn 
% Row Count 16 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Corporations sell securities to investors in exchange for cash} \tn 
% Row Count 18 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Raise capital} \tn 
% Row Count 19 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Firm actually receives the proceeds from issuing securities} \tn 
% Row Count 21 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Large fraction of all bond market transactions} \tn 
% Row Count 22 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{True capital-raising events} \tn 
% Row Count 23 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Secondary-market transactions}}} \tn 
% Row Count 24 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{After firms initial offering (IPO) investors can sell securities to other investors} \tn 
% Row Count 26 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Trades between investors} \tn 
% Row Count 27 (+ 1)
% Row 15
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Generate no new cash flow for the firm} \tn 
% Row Count 28 (+ 1)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Most stock market transactions} \tn 
% Row Count 29 (+ 1)
% Row 17
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Not true capital-raising events} \tn 
% Row Count 30 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Company}}}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{An entity created by charter, prescription or legislation} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{A 'person' seperate from shareholders} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Many same economic rights / responsibilities as individuals} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Owned by shareholders}}} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Shares of stock carry voting rights} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Shareholders vote at annual meetings to elect boards of directors (BOD)} \tn 
% Row Count 9 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- BOD hire / fire managers, and set corporate policys} \tn 
% Row Count 11 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Constitution}}} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Legal document} \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Created at company's inception} \tn 
% Row Count 14 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Parameters of corporate governance} \tn 
% Row Count 15 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Can only be changed by vote of shareholders} \tn 
% Row Count 16 (+ 1)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Can sue and be sued} \tn 
% Row Count 17 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Can own property and execute contracts in their own names} \tn 
% Row Count 19 (+ 2)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Can be tried and convicted for crimes committed by their employees} \tn 
% Row Count 21 (+ 2)
% Row 15
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Unlimited life - Perpetual life until explicitly terminated} \tn 
% Row Count 23 (+ 2)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Limited liability - Shareholders cannot be held personally liable} \tn 
% Row Count 25 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\emph{CEOs and chief financial officers (CFOs) can be held personally liable under the Sarbanes-Oxley Act if the debts result from improper accounting practices or fraudulent acts.}}} \tn 
% Row Count 29 (+ 4)
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Separable contracting}}. Can contract individually with managers, suppliers, customers, and ordinary employees, and each contract can be renegotiated, modified, or terminated without affecting other stakeholders.} \tn 
% Row Count 34 (+ 5)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Company}} (cont)}}  \tn
% Row 19
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Improved access to capital}}} \tn 
% Row Count 1 (+ 1)
% Row 20
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Can borrow money from creditors} \tn 
% Row Count 2 (+ 1)
% Row 21
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- Can issue preferred and common stock to equity investors} \tn 
% Row Count 4 (+ 2)
% Row 22
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{- Ownership stock claims can be freely traded among investors without obtaining permission from other investors} \tn 
% Row Count 7 (+ 3)
% Row 23
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{- A public company can list shares on a public security market} \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}