the uses and abuses of research

... in the way people at the firm work together, in the way alumni feel about the firm and each other, and in the power­ ful spiritual bonds that command their attention and commitment The leaders of ... photocopying, or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book The scanning, uploading, and distribution of this book via the Internet ... part of the first major Jewish migration to America The Kuhns, the Lehmans, the Loebs, the Seligmans, and others the families that called themselves “our crowd”—were already establishing the German...

Ngày tải lên: 30/10/2014, 17:00

... on the distribution strength of the client, the stickiness of the assets and the capacity of the product in question The more complex strategies tend to have higher prices, and the smaller the ... market, there are only limited signs of increased concentration at the top end of the market The top ten asset managers made up 47% of the market as of the end of November 2013, according to the ... understanding of their cost base For example, understanding the cost to serve retail clients and the cost of various combinations of products and assets is a prerequisite Hard choices will then...

Ngày tải lên: 04/12/2015, 00:12

... or to another party The buyer of the contract must pay a fee (option price) for the seller There is a big uncertainty about if the buyer of the option will take the advantage of it and what option ... level of profitability and risk because of the specifics of these financial instruments Though all different types of investment vehicles can be compared using characteristics of risk and return and ... principles, such as the present value, the future value, the cost of capital) And very often investment and financing analysis for decision making use the same tools, but the interpretation of the results...

Ngày tải lên: 14/08/2014, 22:20

... characteristics of the assets and how to measure them? How does one asset in the same portfolio influence the other one in the same portfolio? And what could be the influence of this relationship to the ... also the risk of the portfolio For evaluation of portfolio performance appropriate measures of return and risk and benchmarks are needed A benchmark is the performance of predetermined set of assets, ... investment Each type of investment vehicles could be characterized by certain level of profitability and risk because of the specifics of these financial instruments The main types of financial investment...

Ngày tải lên: 14/08/2014, 22:20

... assets to the investment portfolio on the basis of their risk and return characteristics and the assessment of the relationship of their returns investor must consider to the fact that these assets ... of one stock relative to the market 14 The slope of the characteristic line is called the Beta factor The Beta factor of the stock is an indicator of the degree to which the stock reacts to the ... returns of stock J and the market portfolio; δ²(rM) - variance of returns on market portfolio The Beta factor of the stock is an indicator of the degree to which the stock reacts to the changes in the...

Ngày tải lên: 14/08/2014, 22:20

... Analysis and Portfolio Management lies between -1 and +1 and is the convenient measure of intensity and direction of the relationship between the assets Risk of the portfolio, which consists of securities ... specification of the relevant macroeconomic factors Much of the current empirical APT research are focused on identification of these factors and the determination of the factors’ Betas And this problem ... valuation of the firm Note that the market with a semi strong form of efficiency encompasies the weak form of the hypothesis because the historical market data are part of the larger set of all...

Ngày tải lên: 14/08/2014, 22:20

... picture” of the financial condition of the firm and when continue with stock valuation After calculating the ratios, the investor must compare the ratios of the firm with the ratios of a relevant ... effects of different equity value drivers: growth, profitability, risk PER is increasing, then the profitability of the firm and its growth rates are increasing PER is decreasing then the risk of the ... on the profitability of stocks) C - Company analysis (the financial analysis of the individual companies from the shareholder approach) The contents of Macroeconomic analysis: • The behavior of...

Ngày tải lên: 14/08/2014, 22:20

... Because of the remarkable time gap between the orders of this production and the terms of their realization, these stocks demonstrate their high and stabile prices in the latest phases of business ... efficiently and market value ratios are an additional group of ratios which reflect the market value of the stock and the firm The investor must compare the ratios of the firm with the ratios of a relevant ... denominated in the currency of the purchaser The term Eurobond is often applied to these bonds that are offered outside the country of the borrower and outside the country in whose currency the securities...

Ngày tải lên: 14/08/2014, 22:20

... the role of the ratings of the bonds as the integrated indicator for the investor is important in the evaluation of yield and prices for the bonds The rating of the bond and the yield of the bond ... supply and the demand for the credit; The interest rate o the price of borrowing money in the market depend on the supply and demand in the credit market; When the economy is growing the demand ... by the incorrect rating of the bonds and the exchange of the unequal bonds causing the loss of the investor Interest rate anticipation swap is based on one of the key features of the bond – the...

Ngày tải lên: 14/08/2014, 22:20

... rates 15 The essentiality of bond swaps strategies is the replacement of the bond which is in the portfolio by the other bond which was not in the portfolio for the meantime The aim of such replacement ... while covering the costs of trading On the other hand, if the investor does not have superior ability but rather is suffering from a dose of overconfidence, then the high frequency of turnover will ... show the preference for matching the length of the payments to the length of time the goods or services are used Economic theories predict that people will consider the present and future costs and...

Ngày tải lên: 14/08/2014, 22:20

... value of the put option; Ps - the market price of the underlying stock; E - the exercise price of the option; max - means to use the larger of the two values in brackets When evaluating the call and ... by adding the profits and the losses shown in Fig 7.2 (Buy call) and 7.3 (Buy put); profit and loss from the strategy “Write a put and a call” can be derived by adding the profits and the losses ... price of the underlying stock; Risk of the underlying common stock, measured by the standard deviation of the continuously compounded annual rate of return on the stock; Exercise price of the option;...

Ngày tải lên: 14/08/2014, 22:20

... particular time The market value of the portfolio at the end of the period is calculated in the same way, only using end -of- period prices of the securities held in the portfolio The return on the portfolio ... indication of the amount of market risk that the portfolio had during the time interval It can be compared directly with the betas of other portfolios You cannot compare the ex post or the expected and ... portfolio alternative is the target portfolio Beta Over time the values of the portfolio components and their Betas might change This can cause the portfolio Beta to shift and then the portfolio Beta...

Ngày tải lên: 14/08/2014, 22:20

... decision of the Hanoi People's Committee) and feasibility of investment efficiency (through the criteria NPV, IRR and payback period) 3.4 Propose further research Research and application of PPPs ... responsibilities and obligations of the partners involved in the project must be implemented base on capacity and resources at their disposal The involvement and support of the state to help ... economic and social; 2) The partners involved in the project are responsible for and benefits of implementing PPP projects; 3) The division of the risk to the public is capable of the best risk management,...

Ngày tải lên: 07/09/2015, 10:21

... different sets of PFKnown and the plots illustrate the superiority of one set over the other in each of the optimization goals While the first optimization goal of convergence is the first and foremost ... where x is the vector of decision variables bounded by the decision space, Ω : x ∈ n and f is the set of objectives to be minimized The functions g and h represent the set of inequality and equality ... distribution of the average weight for (a) MA, (b) RSI and (c) SO at discrete values of risk exposure of 0.1 The vertical lines denote the standard deviation of the weight at each value of risk exposure...

Ngày tải lên: 12/09/2015, 11:00

... to the fates of parties and their reemergence In this light, arguments four and five concern the delayed effects of 12 the breakdown of the nascent party system between 1945 and 1948, and the ... from the demand side – what voters and candidates look for to the supply side of electoral politics – that is, the kinds of parties that exist and the kinds of rules affecting those parties These ... these parties hindered the consolidation of the party system and handcuffed the collective power of parties vis-à-vis other political institutions The recent rough and tumble of Thai party politics...

Ngày tải lên: 12/10/2015, 17:33

... major role in the pathogenesis of both types of diabetes mellitus High levels of free radicals and the decline of antioxidant defense mechanisms lead to damage of cellular organelles and enzymes, ... that causes diabetic complications (11-13) The combination of the low levels of antioxidants and raised levels of free radical play a major role in delaying wound healing in aged rate and diabetic ... current (maximum of milliAmperes) of one polarity for 11.5 minutes, which then switched to the opposite polarity for another 11.5 minutes The device was designed to switch the direction of current...

Ngày tải lên: 26/10/2012, 09:39

... examinations of project success focus almost exclusively on the functions of the project manager, there is an understandable lack of awareness of the importance of the project environment and the behavior ... service on the faculty of the University of Cincinnati, he also served on the faculties of the Georgia Institute of Technology and Case Western Reserve University At CWRU he was Director of the Economics-in-Action ... percent of a department’s activities, they demand a different kind of attention Executives trained in the theories of twentieth-century management recognized a gap—theories of economies of scale and...

Ngày tải lên: 07/02/2013, 09:32

... including the board of trustees The COO acted as the primary contact point and was the most visible member of the HSC to the project and the hospital staff Early Stakeholder Identification and Involvement ... involved in the project the stakeholders—have to agree on these project rules The rules define the project, and this structure of rules then provides the foundation for the next two stages of the project: ... project: planning and control Chapters and look at the roles played by the various stakeholders and the steps necessary to bring all of them to agreement on the definition and direction of the project...

Ngày tải lên: 07/02/2013, 09:32

... Institute of Logistics and Transport, 1998) “Logistics is the efficient movement of finished product from the end of the production line to the consumer, and in some cases includes the movement of raw ... placed in the lowest layers of the racks to be moved out of their stocking locations conveniently and easily Reserve stocks occupy the rest higher layers In the other case, when the quantities of each ... increase over the time However, the rate of revenue which Logistics Department contributes to the total number of the whole branch is rather low despite the fact that logistics is one of the most...

Ngày tải lên: 20/04/2013, 11:13

... combining the expertise of the consultant, contractor and the client had yielded a satisfactory outcome of the project The Project standing of the coastal processes and sound engineering judgement The ... Beautification of the rivers and the creation of landscaped river walk The river improvement works were complimented with hard and soft landscaping on both banks The river walkway were landscaped ... plankton, etc Of these surveys, the coral reef mapping has a major impact of the civil engineering design A detailed investigation on the living status of the coral reef and their distribution and species...

Ngày tải lên: 25/04/2013, 08:20