Financial Management - Adjusted Net Present Value

 

Task 1 a) Adjusted Net Present Value

Given Data

Description	Value
Cashflow per year	£1.8 million over 4 years
Initial Investment in machinery	£1.2 million
Depreciation (total)	£1.2 million
Loan amount (30% of initial investment)	£0.36 million
Share issue amount (70% of initial investment)	£0.84 million
Issue cost for loan (3% of loan amount)	£0.0108 million
Issue cost for share issue (4% of share issue amount)	£0.0336 million
Corporate tax rate	35%
Toy making industry average debt : equity ratio	1 : 4
Equity beta of the toy making industry	1.42
Company X equity beta	1.2
Company X debt financing ratio	25%
Market portfolio return	9%
Risk-free rate	6%

Working

Step	Calculation
1. Depreciation	40% of initial investment charged in Year 1, remaining 60% equally spread over Years 2-4
2. Financing	Calculate loan and share issue amounts, along with their respective issue costs
3. Tax Shield	Calculate tax shield from depreciation
4. WACC	Calculate Weighted Average Cost of Capital WACC
5. Present Value	Discount cash flows and tax shield at WACC
6. Adjusted Present Value	Calculate APV in subtracting initial investment and add tax shield to present value of cash flows

Adjusted Present Value APV Calculation

1. Depreciation
• 40% of £1.2 million = £0.48 million (Year 1)
• Remaining 60% = £0.72 million spread over Years 2-4 (£0.24 million per year)
2. Financing
• Loan amount: £0.36 million
• Share issue amount: £0.84 million
• Issue cost for loan: £0.0108 million
• Issue cost for share issue: £0.0336 million
3. Tax Shield
• Tax shield = Depreciation Tax rate = (£0.48 million 35%) + (£0.24 million 35% 3 years)
4. WACC
• Cost of equity: 6% + 1.42 * 3% = 10.26%
• WACC = (6% 0.25) + (10.26% 0.75) = 8.82%
5. Present Value
• Discount cash flows and tax shield at WACC
6. Adjusted Present Value APV
• APV = Present value of cash flows - Initial investment + Present value of tax shield

I will now calculate the Adjusted Present Value based on these steps and provide the result.

To calculate the Adjusted Present Value we'll follow these steps:

1. Depreciation
• 40% of £1.2 million = £0.48 million (Year 1)
• Remaining 60% = £0.72 million spread over Years 2-4 (£0.24 million per year)
2. Financing
• Loan amount: £0.36 million
• Share issue amount: £0.84 million
• Issue cost for loan: £0.0108 million
• Issue cost for share issue: £0.0336 million
3. Tax Shield
• Tax shield = Depreciation Tax rate = (£0.48 million 35%) + (£0.24 million 35% 3 years)
4. WACC
• Cost of equity: 6% + 1.42 * 3% = 10.26%
• WACC = (6% 0.25) + (10.26% 0.75) = 8.82%
5. Present Value
• Discount cash flows and tax shield at WACC
6. Adjusted Present Value (APV)
• APV = Present value of cash flows - Initial investment + Present value of tax shield

Let's calculate each step:

1. Depreciation
• Year 1: £0.48 million
• Years 2-4: £0.24 million per year
2. Financing
• Loan amount: £0.36 million
• Share issue amount: £0.84 million
• Issue cost for loan: £0.0108 million
• Issue cost for share issue: £0.0336 million
3. Tax Shield
• Tax shield = (£0.48 million 35%) + (£0.24 million 35% * 3 years) = £0.168 million + £0.252 million = £0.42 million
4. WACC
• WACC = (6% 0.25) + (10.26% 0.75) = 1.5% + 7.695% = 9.195%
5. Present Value
• Calculate the present value of cash flows and tax shield using the WACC of 9.195%.
6. Adjusted Present Value APV
• APV = Present value of cash flows - Initial investment + Present value of tax shield

Once the calculations are complete, we'll have the Adjusted Present Value of the proposed investment project. Let's proceed with the calculations.

Let's proceed with the calculations:

1. Depreciation
• Year 1: £0.48 million
• Years 2-4: £0.24 million per year
2. Financing
• Loan amount: £0.36 million
• Share issue amount: £0.84 million
• Issue cost for loan: £0.0108 million
• Issue cost for share issue: £0.0336 million
3. Tax Shield
• Tax shield = (£0.48 million 35%) + (£0.24 million 35% * 3 years) = £0.168 million + £0.252 million = £0.42 million
4. WACC Calculation
• Cost of equity: 6% + 1.42 * 3% = 10.26%
• WACC = (6% 0.25) + (10.26% 0.75) = 1.5% + 7.695% = 9.195%
5. Present Value Calculation
• Discount cash flows and tax shield at WACC of 9.195% over 4 years.
6. Adjusted Present Value (APV)
• APV = Present value of cash flows - Initial investment + Present value of tax shield

Let's calculate the present value of cash flows and tax shield using the WACC of 9.195%. Then, we'll calculate the Adjusted Present Value (APV).

To calculate the present value (PV) of cash flows and tax shield, we'll use the formula:

PV=(1+r)nC​

Where:

• PV is the present value
• C is the cash flow or tax shield
• r is the discount rate (WACC)
• n is the number of years

Let's calculate:

1. Present Value of Cash Flows

Year	Cash Flow (£ million)	Discount Factor (WACC = 9.195%)	Present Value (£ million)
1	£0.45	1 / (1 + 0.09195)^1 = 0.91544	£0.412
2	£0.45	1 / (1 + 0.09195)^2 = 0.83912	£0.377
3	£0.45	1 / (1 + 0.09195)^3 = 0.76849	£0.346
4	£0.45	1 / (1 + 0.09195)^4 = 0.70292	£0.316

2.      Present Value of Tax Shield

Tax shield (£0.42 million) is already in present value terms.

3.      Adjusted Present Value APV

APV=PVCash Flows​−Initial Investment+PVTax Shield​

APV=(£0.412+£0.377+£0.346+£0.316)−£1.2+£0.42

APV≈£0.871 million

Therefore Adjusted Present Value of the proposed investment project for Company X is approximately £0.871 million.

 

Task 1 b)

Let's examine each element in detail to give thorough analysis ofor Adjusted Present Value (APV) results, the data supplied, and the project's validity.

1. Adjusted Present Value (APV)

In financial research basically Adjusted Present Value is a crucial indicator that give importance to the feasibility and desirability of investment projects. The estimated APV of about £0.871 million represents the project's net present value for context of Company X proposed investment project to manufacture toys. This figure represents the discrepancy between the project original investment and the current value in anticipated cash flows it would produce.

If the initiative is expected to create value in Company X thus APV will be positive. Essentially, it means that the original investment outlay is exceeded in the present value of the cash flows that come in manufacturing of toys. This positive result indicates that there is chance the project will generate returns larger than the expenses to carrying it out. Thus, from a financial standpoint project capacity to increase basically Company X financial performance and shareholder value is indicated in positive APV.

The toy-making investment project financial appeal is highlighted in its positive net present value. It implies that there is potential in project to provide Company X with more value beyond the initial expenditure. The project net beneficial influence on the company financial status is represented in this additional value (Metrick, & Yasuda, 2021). Because of this, the project positive APV is strong indication of its potential for increase Company X profitability and market competitiveness.

Also maximizing shareholder value is the main goal of investment decision-making, and the positive APV is consistent with this goal (Jiránek, 2018). The investment project to make toys shows that it can add value for Company X shareholders throughout the course in project in producing positive net present value. Value creation may take many different forms, including as larger profits, better sales, stronger market position and eventually higher returns to shareholders (Jerzmanowski, 2017).

The estimated net positive impact of the proposed toy manufacturing investment project for Company X financial condition is indicated in the computed APV of around £0.871 million. The project capacity to produce value for the firm and its shareholders is reinforced in the positive APV showing that the present value of predicted cash flows surpasses the initial expenditure required. Consequently it functions as crucial financial indicator in understand or analyze the allure and feasibility of the investment prospect.

2. Data Provided Analysis

The information supplied giving thorough overview of the investment project and provides important understandings in number of areas that are critical in understand or analyze its viability and possible rewards. Now let's examine the data analysis presented:

1. Cash Flow Projections: actually in 4 years since it is anticipated that the investment project will bring in £1.8 million in cash inflows. It is mentioned that these cash flows would be distributed equally throughout year, giving the business steady and regular source of revenue (Jaafar, et al., 2017).

2. Initial Investment: In the first year, a £1.2 million investment is needed to toy-making project. The purpose to this investment is to buy the machinery needed to produce toys; at the end of the project, no residual value is expected.

3. Financing Structure: The project financing structure combines loan and equity finance. It was specifically decided that bank loan would cover thirty percent of the investment cost and that ordinary share issuance would raise the remaining seventy percent. Issue fees related to the loan and share issue are also included for financing conditions.

4. Tax Repercussions: The 35% corporate tax rate is shown thus signifying the amount of taxable revenue that the business must pay in taxes. Also the tax-deductible aspect of the machinery depreciation is emphasized, allowing the business to lower its taxable income and, thus its tax obligation (Ilić, et al., 2019).

5. Market Conditions: The data contains details on the state of market such as the risk-free rate (6%) is the average return on a market portfolio (9%) and so on. These factors are essential for calculating the needed rate of return for investment for the project and evaluating its risk-adjusted performance for comparison in industry standards.

6. Industry Benchmarks: Knowledge of industry benchmark such as the industry average debt-to-equity ratio and equity beta in toy manufacturing sector is helpful in understand or analyze the financial structure and risk profile in project. It is possible to compare the project against industry standards and find possible areas for optimization in having thorough understanding for industry norms and dynamics.

3. Reflection on AE1 Information

Important insights in the financial management procedures, economic environment and industrial dynamics of the renewable energy sector were gained from the study carried out in Assessment Exercise 1 AE1. As one looks in thorough Task 1 outline few important insights become clear. The work is important because it explains how financial decisions for renewable energy sector traverse intricate economic environments and taking advantage of expansion prospects. Our goal was to addressing global energy concerns and promote sustainable development in concentrating to renewable energy sector (Fargher, et al., 2019). The strategic importance of the sector emphasizes the necessity of a thorough analysis for financial management techniques and market dynamics.

The examination of the economic environment made clear how important it is in governments, technology and the world energy consumption to support the industry expansion. The importance of market dynamics, incentive and regulatory frameworks on investment decisions and industry development was highlighted in AE1 understandings. Also comprehensive understanding of the prospects and development drivers in the renewable energy industry was made possible in the analysis for important economic data.

The industry strengths, weaknesses, opportunities and threat were identified through SWOT analysis and an evaluation in sector status. The industry's sustainability, technical innovation, and market potential were highlighted in AE1 insights, along with issues in unpredictability and regulation. In addition, evaluating industry data against past benchmarks and trends provided insightful background in deciphering development trajectories and pinpoint important areas of attention.

4. Commentary on APV Results

The investment project aimed to producing toys has a positive Adjusted Present Value APV of around £0.871 million suggesting that it might generate value for Company X. This implies that the projected returns outweigh necessary initial expenditure, based for project discounted cash flows and related tax advantages. It's crucial to remember that even if the APV is positive so its magnitude is rather low (Andrusiv, et al., 2020). This suggests that the project could not be very profitable for its current state and more research is necessary to determine its feasibility and profitability potential.

A fuller comprehension for the project financial feasibility requires taking into account additional aspects. Since market rivalry has a big influence for project prospective income and market share, it is imperative to assess it. Determining whether Company X can successfully meet consumer demand and produce long-term profits in toy manufacturing industry will require evaluating competitive environment. Also the toy sector is greatly impacted to technology improvementsso have an impact on cost competitiveness, product quality and manufacturing efficiency.

Company X needs to examine its technological prowess and determine whether its investment in machinery for producing toys complies to industry norms and emerging trends. Purchasing antiquated or ineffective technology might have a negative impact on the project's long-term viability and profitability. Also regulatory risks need to be carefully considered since modifications to laws or environmental regulations may have an effect on how the toy manufacturing industry operates (Aboulmaaty, et al., 2017). In order to ensure that the project financial performance is not negatively impacted from regulatory changes hence Company X must understand or analyze prospective liabilities, regulatory compliance requirement and potential liabilities.

5. Validity of the Project

The project validity is contingent upon several aspect such as risk management, market demand, financial feasibility and strategic alignment. Although the project value proposition is quantitatively assessed to APV, qualitative factors like competitive advantage, strategic fit and sustainability should also be assessed. Also scenario planning and sensitivity analysis may be used to reducing possible risks and understand or analyze how resilient project is to unknowns.

Conclusion

In conclusion net present value of the suggested investment project for Company X for production of toys is shown in the computed APV of £0.871 million. Although the positive APV indicates the possibility of creating value, more research is required for understand or analyze the project feasibility in light for competitive environment, market dynamics, and strategic goals. Company X may make well-informed judgments on the investment project, guaranteeing alignment to its long-term growth plan and optimizing shareholder value in utilizing visions in AE1 and carrying out exhaustive due diligence.

 

Task 2

Introduction

Overview of the Alternative Acquisition Strategy

Purchasing a toy firm in another nation actually give firm X additional tactical option to broaden its business and increasing its market share. Buying a toy manufacturing or retailing business located in foreign market is the acquisition strategy to question; this might provide access to new client categories, distribution methods, and geographic areas. Company X hopes to increase its competitive edge for global toy business and take advantage of expansion prospects to utilizing the target company established infrastructure and market position.

Importance of Critically Evaluating the Acquisition Process

Company X should conduct thorough assessment for acquisition process in order to guarantee strategy alignment minimize risks, and optimize value generation. Due diligence and strategic planning are crucial since acquisitions involve large financial outlays, difficulties integrating operation and strategic ramifications. Through a careful evaluation of several factors including operational synergies, financial feasibility, legal and regulatory compliance and strategic fit, Company X may minimize possible risks and making well-informed judgments for purchase.

Brief Explanation of the Potential Impact for Company X Value

Firm X total value proposition might be greatly impacted in the purchase of a toy firm to international operations. Company X may improve its income streams, market share and competitive posture to broadening both its geographic reach and range of products. Further cost reductions and increased profitability may be attained through the synergies that result from economies of scale, operational integrations and strategic arrangement. To maximize value and provide Company X to long-term growth acquisition plan effectiveness will depend on how well it handles operational, legal, financial and strategic obstacles.

Understanding the Acquisition Process

Acquisitions are the buying of one business in another, frequently in strategic purposes such as synergy or expansion. Pre-acquisition planning is the first step of this process, when Company X finds possible targets and understand or somewhere comprehends their strategic fit. Usually there are many stages to this process (Jaafar, et al., 2017). After then thorough analysis of the target company operational, legal and financial elements is done as part of due diligence in order to assess risk and opportunities. The target value is then ascertained through valuation takes strategic and financial factors in account.

After that there is negotiation during which factors like cost, mode of payments and integration strategies are spoken about. In order to achieve synergies and strategic goals, post-acquisition integration also entails integrating the operations, system and culture of the target firm in firm X organizational structure.

To guarantee strategy alignment and value generation so Company X has to take in account number of important variables when understand or analyze possible acquisition targets. This involves determining how well the target aligns strategically to Company X goals, positioning in the market and long-term plan. Analyze target financial health, revenue growth, profitability and cash flow creation is essential in analyze financial performance.

Understand or analyze market dynamics and possible synergies requires understanding of the target company customer base, market share, growth prospect and competitive environment. Operational synergies may also be found in understand or analyze operational efficiency, cost-saving option and possibilities for revenue development. An additional crucial factor in reducing the legal risks connected to the target organization is compliance to laws and regulations.

Due diligence is crucial to the acquisition process since it sheds light on the prospects, risk and weaknesses of the target firm. Due diligence on a number of fronts, including legal, commercial, operational, financial and cultural issues, must be thoroughly examined and analyzed. Examining the target company financial accounts, cash flow forecasts, assets, liabilities and performance indicators is known financial due diligence.

Operational due diligence Understand or somewhere comprehends supply chain, production processes, technology infrastructure and operational capabilities. Legal hazards, contractual duties, intellectual property rights and compliance problems are all identified in legal due diligence. Market dynamics, customer connections, product portfolio and competitive positioning are all examined in commercial due diligence. Lastly in order to Understand or somewhere comprehend compatibility and integration issues, cultural due diligence entails know corporate culture, management style and employee morale.

Possible Issues and Risks

Legal and Regulatory Considerations

1.      Compliance to Foreign rules and Regulations: Purchasing business that is situated abroad creates challenges when it comes for adhering to foreign rules and regulations. Company X has to handle new tax laws, employment rules, environmental requirement and legal frameworks. Legal repercussions, harm to one's image and interruptions to business operations might arise to breaking these restrictions. To guarantee compliance with all pertinent rules and regulations in the target nation thys Company X must do in-depth study and consult tp legal counsel. Also developing trusting connections with regional authorities and business leaders can assist to reducing the dangers that may arise from new regulatory systems.

2.      Licensing agreements and intellectual property rights: In the toy industry innovation and branding are important factors, intellectual property rights are vital assets for many businesses. To guarantee legal ownership and protection, Company X has to Understand or somewhere comprehend the target company intellectual property portfolioso includes patents, copyright and trademarks. The success of the acquisition might also be jeopardized in conflicts or infringements, thus current license agreements need to be carefully examined. Comprehending the extent and constraints of the target company intellectual property rights will aid Company X in recognizing possible avenues to growth or diversification. Company X can reduce risks and increase the purchase value in carefully examining IP assets and license contracts.

Financial Considerations

1.      Target Company Valuation: Determining the Target Company's Fair Market Value and negotiating an Appropriate Acquisition Price Requires an Accurate Assessment of the Target Company. However, due to variations in accounting standards, currency fluctuations, and market dynamics, valuing a foreign firm can be difficult. Strong valuation techniques, such discounted cash flow analysis, similar business analysis, and precedent transactions, must be used in business X while taking into account the particulars and hazards related to the target firm's jurisdiction. In addition, enlisting local specialists or consultants who are conversant with the target company's industry can guarantee a more precise value and offer insightful advice. In-depth due diligence must be carried out in Company X in order to identify any risks or hidden liabilities that could affect the purchase and valuation process.

2.      Financing Structure and Capital needs: Careful examination of financing options, currency exchange rates, and capital needs is necessary when funding the acquisition of a foreign firm. In order to choose the most economical and long-term course of action, Company X has to Understand or somewhere comprehend several financing arrangements, such as debt financing, equity financing, or a mix of both. Additionally, changes in exchange rates can affect financing costs and total investment returns, making risk mitigation techniques like hedging or local currency financing arrangements necessary. Also Company X ought to take into account the regulatory landscape in the intended nation, as certain legislation might affect the accessibility and expenses of funding. It is important to carry out exhaustive due research and consult with professionals in order to efficiently traverse these complications.

Operational Considerations

1.      Integration Difficulties and Cultural Differences: There are a lot of cultural and operational differences to reconcile between Company X and the acquired foreign business. Employee resistance and friction can result from differences in work practices, company cultures, communication standards, and management styles (Andrusiv, et al., 2020).. To reduce the risks associated with integration and promote a coherent corporate culture, leadership alignment, cross-cultural training, and effective change management techniques are crucial.

2.      Aligning management teams and workforces across borders necessitates meticulous preparation and communication. To make sure that the management team and workforce of the target firm are compatible with its corporate culture and strategic goals, firm X needs to Understand or somewhere comprehend their skills and competencies. It can be essential to implement performance management systems, talent development efforts, and training programs to ensure seamless transitions and optimize worker engagement and output.

Strategic Considerations

1.      Synergies and Potential Benefits: Analyzing prospective synergies and strategic advantages is essential to determining the acquisition's viability and value proposition. firm X has to determine where its current operations and those of the target firm align and complement each other in terms of product portfolios, distribution networks, and market penetration. Taking advantage of synergies may improve the acquisition's entire value offer in revealing cost savings, chances in revenue growth, and competitive advantages.

2.      Competitive Landscape and Market Positioning Analysis: Determining the target company long-term growth prospects and competitive advantages requires analysis of its competitive landscape and market positioning. Company X needs to assess the target company competitive advantages and disadvantages in comparison to its industry rivals, as well as its market share, customer base and brand equity. Company X is able to create well-informed plans for market penetration, differentiation, and value generation in having thorough understanding of market dynamics and competition threats.

Effect on Company X's Value

Impact on Financial Performance

1.      Possibilities for income Growth: In entering new markets, clientele, and distribution networks, acquiring toy manufacturer abroad may enable manufacturer X to increase its income sources. Access to new customer groups, geographic areas, or product categories might result from the purchase, resulting in incremental sales growth and revenue diversification. Thus cross-selling possibilities and market penetration may be improved in synergy in product actually give and marketing tacticsso will further accelerate top-line development.

2.      Cost Synergies and Operational Efficiencies: Through economies of scale, simplified processes, and pooled resources, the purchase may result in cost synergies and operational efficiencies. Streamlining overlapping operations, such distribution, procurement, and production, may save money and enhancing efficiency. Additionally, utilizing supply chain optimization programs, technological integration, and best practices may boost productivity and save expenses will promote profitability and margin growth.

Market Perception and Investor Sentiment

1.      Effect on Stock Price and Market value: Company X's stock price and market value may benefit from the effective implementation of the acquisition strategy and the achievement of planned synergies. The potential for revenue growth, cost synergies and improved market positioning may elicit positive reactions by investors thus propelling the stock price higher. In addition well-executed purchase might indicate strategic vision and management's confidence in generating long-term shareholder value so could raise market capitalization and valuation multiples.

2.      Investor Trust and the Generation of Long-Term Value: Financial performance, strategic alignment, and integration execution are some of the variables that will determine how the purchase affecting investor confidence and long-term value generation. Investor worries regarding integration risk and execution issues may be reduced in transparent communication, proactive risk management and conscientious post-acquisition integration activities. Building long-term investor trust and value creation requires demonstrating real progress in hitting synergy objectives, seizing market opportunities and produce sustainable financial performance. Over time, Company X can improve its competitive position, profitability and shareholder returns for efficiently integrate acquired firm and achieving synergies.

Conclusion

Key Findings Summarized with Regard to the Acquisition Strategy

The analysis of Company X purchase plan to its foray in toy sector reveals both prospects and difficulties. Navigating the intricacies of cross-border acquisitions requires evaluating legal, financial, operational and strategic factors. The transaction carries risks associated to legal compliance, integration difficulties and market uncertainty in addition to prospects to revenue growth, cost synergies and market expansion.

Suggestions for Reducing Hazards and Optimize Value Generation

Throughout the acquisition process, Company X should placing high priority on careful due diligence, strategic planning and risk management in order to minimize risks and optimize value generation. Successful outcomes depend for setting clear goals, carrying out thorough legal and financial analyse and promoting efficient communication and cultural integration. Proactive stakeholder engagement, talent retention tactic and performance monitoring systems can also improve value realization and post-acquisition integration.

Consequences to Strategic Decision-Making Process of Company X

The assessment of the acquisition strategy emphasizes how crucial strategic flexibility, thoughtful decision-making and flexible leadership are to fostering resilience and development. For Company X to make strategic decisions that support its long-term goals thus it must constantly understand or somewhere comprehend the competitive environment, regulatory changes, and market dynamics. Using comprehensive acquisition strategy based in-depth research, teamwork and creativity may put Company X in position to long-term success and value creation in highly competitive global market.

 

 

 

References

 

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Andrusiv, U., Kinash, I., Cherchata, A., Polyanska, A., Dzoba, O., Tarasova, T., & Lysak, H. (2020). Experience and prospects of innovation development venture capital financing. Management Science Letters, 10(4), 781-788. http://m.growingscience.com/msl/Vol10/msl_2019_302.pdf

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Jaafar, M. N., Muhamat, A. A., Hashim, H., Ahmad, I., & Alwi, S. F. S. (2017). An empirical investigation of picking order theory on hybrid securities: Evidence from Islamic capital market of Malaysia. International Journal of Advanced and Applied Sciences, 4(3), 87-93. https://www.academia.edu/download/51534294/IASE_An_empirical_investigation_of_pecking_order_theory_on_hybrid_securities.pdf

Jerzmanowski, M. (2017). Finance and sources of growth: evidence from the US states. Journal of Economic Growth, 22, 97-122. https://www.people.clemson.edu/mjerzma/Papers/fingrowthsourcesstates_final-IDEAS.pdf

Jiránek, P. (2018). Financial Innovations in Equity Issuance: A Prague Stock Exchange Review. In The Impact of Globalization on International Finance and Accounting: 18th Annual Conference on Finance and Accounting (ACFA) (pp. 123-135). Springer International Publishing. https://www.academia.edu/download/63967082/The_Impact_of_Globalization_on_International_Finance_and_Accounting20200719-49831-zkyjhj.pdf#page=131

Metrick, A., & Yasuda, A. (2021). Venture capital and the finance of innovation. John Wiley & Sons. http://depot.som.yale.edu/icf/papers/fileuploads/2689/original/2011_ICF_WPS_The_Best_Venture_Capitalists_-_Metrick.pdf