Multiple-Period Attribution: Residuals and Compounding

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Multiple-Period Attribution: Residuals and Compounding"

Transcription

1 Multple-Perod Attrbuton: Resduals and Compoundng Our revewer gave these authors full marks for dealng wth an ssue that performance measurers and vendors often regard as propretary nformaton. In 1994, Dens S. Karnosky, Ph.D. and Bran D. Snger, CFA wrote Global Asset Management and Performance Attrbuton, a monograph that offers a performance attrbuton system for solatng the effects of market allocaton, currency management, and securty selecton on global portfolos. In response to publc nqures about ths method, the authors composed the followng artcle, whch addresses several ssues, and descrbes the mplementaton of the methodology over multple perods. Bran D. Snger, CFA s head of Investment Rsk Management at Brnson Partners, n Chcago, where he s responsble for the development and management of rsk managed and absolute return portfolos. As a member of the Asset Allocaton and Currency Commttee, Mr. Snger partcpates n the development and mplementaton of global nvestment strateges. Mr. Snger frequently contrbutes artcles on rsk management, global asset management and performance attrbuton to nvestment publcatons. He holds a BA from Northwestern Unversty and an MBA from the Unversty of Chcago. He was the recpent of a 1991 Graham and Dodd Scroll. In 1994, he co-authored the Karnosky-Snger monograph wth Dens S. Karnosky, Ph.D. He s also a member of ths publcaton s Advsory Board. Mguel Gonzalo s Assocate Drector and Research Assstant n the Asset Allocaton/Currency area at Brnson, where hs dutes nclude performance evaluaton and nvestment analytcs. He also asssts n the development and management of the frm s performance attrbuton and performance analytcs databases. Pror to jonng the frm, Mr. Gonzalo consulted for an nternatonal nformaton management company. He s a Level III Chartered Fnancal Analysts canddate. He s a graduate of the Internatonal Foundaton of Employee Benefts Plans Program and holds a BA from Notre Dame Unversty. Marc Lederman s a Performance Analyst for Brnson, responsble for performance evaluaton and nvestment analytcs and asssts n the frm s performance attrbuton and performance analytcs databases. Pror to jonng Brnson, Mr. Lederman was head of the development of quanttatve equty selecton processes at an nvestment research and management company. He s a Level I Chartered Fnancal Analysts canddate. The Karnosky-Snger monograph 1 ntroduces an analytcal framework desgned to overcome the defcences n sngle-country attrbuton models. Its usefulness n attrbutng a global portfolo manager s returns to market, securty, and currency management has been proven through mplementaton and analyss of performance. Although the monograph s theory s soundly based, n practce t sometmes fals to fully attrbute all of a portfolo s total added value to the decson-makng areas. Ths falure to fully explan the sources of added value s not due to a flaw n the theory, but rather s a result of at least four nterrelated factors: 1) cross-products, 2) the smplfyng assumptons made when collectng performance data and defntons of decsonmakng areas, 3) ntramonth changes n portfolo strategy, and 4) the mpact of compoundng the returns across tme. RESIDUAL EFFECTS These factors n concert create a resdual, whch s the dfference between the portfolo s actual added value and the sum of the added values from market, securty and currency selecton. Over tme, hopefully the re- The Journal of Performance Measurement

2 sdual returns from ntramonth strategy changes wll add value, whle all other sources of resduals wash out to leave a clear pcture of how the portfolo has performed. Through many years of mplementaton, t has been found that lnkng monthly data n a specfc manner produces analyses for longer perods wth small resduals and allows for an accurate assessment of portfolo performance over any selected tme perod. Ths paper revews a suggested method for lnkng sngle perod analyss nto a multple-perod analyss; ths s non-trval because the total added value compounds through tme. MARKET SELECTION MARKET SELECTION = Actve Market Weght {[ ] [( ) RP] } = w w r c Passve Market Return Weght Passve Market Premum Index Market Return Premum Equaltes Over any tme perod: Total Added Value = Portfolo Return - Benchmark Return And: Total Added Value = Market Selecton + Currency Selecton + Securty Selecton + resdual CONSIDER THE SOURCE where, w r c RP = weght of country assets = return from the assets of country, n localcurrency terms = return from country Eurodeposts = aggregate passve benchmark local-currency return premum It s helpful to consder the sources of sngle-perod resduals wthn the framework before dscussng multpleperod analyss. In practce, trade-offs must be made between the amount of data gathered to analyze portfolo total returns and the ncreased level of accuracy ganed from performng ths operaton. Further, the framework has cross-products, or small slvers of addedvalue that fall between the explaned returns. One example of such a cross-product s exchange rate gans, or losses, on the same perod s local market gans, or losses. 2 (Note the market and currency cross-products are accounted for wthn the framework, and do not end up n the resdual.) DEFINE PERIODS Also, the ablty to explan added values wthn sngle perods s dependent on the defnton of a perod. Each sngle perod analyss wll tend to become more accurate as the perods are defned as shorter lengths of tme (such as weekly versus monthly perods). Ths property can be observed wthn the market selecton added value term by studyng the sngle perod equaton. * Note: Plan lower-case letters ndcate portfolo weghts and returns; letters wth a bar over them ndcate passve benchmark weghts and returns. Statc Applyng statc, begnnng of the month weghts for both the portfolo and benchmark generally works well for computng added values. The effectveness depends on the relatve weghts durng the month not devatng sgnfcantly from the begnnng of the month snapshot, as the actve weghts of a portfolo depend drectly on the portfolo manager s decsons. For example, wthn a month a manager can decde to make a strategc shft n market weghts by reducng holdngs n one market and ncreasng them n another. Usng begnnng of the month weghts, the changes from the shft would not be reflected n the attrbuton s weghts untl the start of the followng month. So the portfolo s market selecton added value would be calculated based on the orgnal strategy, meanng any gans or losses from the strategy change would end up n the resdual untl the start of the next month The Journal of Performance Measurement

3 More frequent snapshots of the portfolo would correct for ths problem by reducng the length of tme untl changes n the actve weghts enter nto the attrbuton calculatons (attrbuton weghts would accurately model the actual weghts as they change wth tme). Yet, the margnal mprovement n accuracy that would come from usng less dated weghts (especally on a regular bass) would nvolve a very large ncrease n the data mantaned, technologcal resources requred, and tme spent analyzng the attrbuton. Keepng monthly perods, whle beng somewhat flexble n selectng the date for each perod s actve weghts, s more easly mplemented, f a slghtly less rgorous soluton. For example, f the above descrbed shft n assets occurred on the thrd day of a gven month, t would probably be more accurate to use actve weghts from the fourth day, rather than the begnnng of the month. Compoundng When movng from sngle perod returns analyses to analyses over more than a sngle perod, t s necessary to consder the mpact of compoundng. Portfolos and ther benchmarks compound ndependently through tme; so added values, or dfferences n returns, are also approxmately compounded through tme. Compoundng wthn attrbutons s necessary for smple U.S. balanced portfolos as well as global portfolos wth hedgng. Table A (see page 25) s an example of a multpleperod attrbuton analyss for a three naton global portfolo. Each market added value area can be vewed as a collecton of weghted rsk premums. So, by addng or subtractng specfc weghted rsk premum returns t s possble to construct any of the market decson makng areas, as descrbed by the followng equatons: Securty selecton: { w [( r c ) ( r c )]} = w r c Market cross-product: { [( ) ( )]} w w r c r c = - w [ r c] + w [ r c] w r c w r c - w r c - The frst step toward a multple-perod attrbuton of market added-values s calculatng the weghted rsk premum returns for each market n every perod. Then, the weghted rsk premum returns represented n Table B (see page 26) are compounded over the perods wthn the multple-perod attrbuton. Next, the resultng compounded rsk premums are added or subtracted as necessary to form the multple perod market explaned added values as descrbed n Table C (see page 26). The procedure to calculate multple-perod added values for currency selecton, hedge selecton and currency cross-product s completely analogous to ther market counterparts. 3 Fnally, t s helpful to restate the equalty that gves resduals. The total added value over any selected perod equals the dfference n compounded returns between a portfolo and ts benchmark. Ths equalty determnes the multple-perod resdual once the total multple-perod explaned added value has been calculated. Market selecton: { [( ) ]} w w r c RP = [ ] - w [ RP ] + w [ RP ] w r c w r c - CONCLUSION The Karnosky-Snger attrbuton framework s structured to provde nformaton at all levels of decson makng. Lnkng the sngle-perod analyss nto a multple-perod attrbuton study s a powerful tool for The Journal of Performance Measurement

4 The Journal of Performance Measurement -25- PASSIVE BENCHMARK Passve market weght ( w ) TABLE A EXAMPLE OF A MULTIPLE-PERIOD ATTRIBUTION Passve market return ( r ) Passve hedge weght ( h ) Eurodepost return ( c ) Exchange rate return ( e ) Index average rsk premum (RP) = w ( r c ) U.S % 9.25% N/A 5.25% N/A 2.95% Perod 1 Germany 30.00% 7.00% N/A 5.50% -8.00% 2.95% Japan 30.00% 8.50% N/A 5.50% % 2.95% U.S % 8.50% N/A 4.75% N/A 0.60% Perod 2 Germany 30.00% 6.00% N/A 4.00% 5.00% 0.60% Japan 30.00% -2.00% N/A 3.00% 17.00% 0.60% U.S % -5.25% N/A 4.75% N/A -3.85% Perod 3 Germany 30.00% 3.75% N/A 4.25% 6.00% -3.85% Japan 30.00% 4.50% N/A 3.50% 2.00% -3.85% ACTIVE PORTFOLIO Actve market weght ( w ) Actve market return ( r ) Actve hedge weght ( h ) Eurodepost return ( c ) Exchange rate return ( e ) U.S % 10.00% 15.00% 5.25% N/A Perod 1 Germany 38.50% 6.00% 0.00% 5.50% -8.00% Japan 25.25% 8.75% % 5.50% % U.S % 7.50% 34.00% 4.75% N/A Perod 2 Germany 34.25% 6.75% -6.00% 4.00% 5.00% Japan 33.75% -4.00% % 3.00% 17.00% U.S % -1.75% 14.00% 4.75% N/A Perod 3 Germany 42.00% 5.25% 0.00% 4.25% 6.00% Japan 28.25% 4.00% % 3.50% 2.00%

5 Table B Weghed Rsk Premums [ ] w [ r c ] w [ RP ] w r c w RP w [ r c ] w [ r c] Perod % 1.60% 1.07% 1.18% 1.90% 1.72% U.S. Perod % 1.50% 0.19% 0.24% 1.10% 0.88% Perod % -4.00% -1.15% -1.54% -2.60% -1.93% Compounded -0.39% -1.00% 0.10% -0.14% 0.34% 0.63% Perods 1-3 Perod % 0.45% 1.14% 0.89% 0.15% 0.19% Germany Perod % 0.60% 0.21% 0.18% 0.83% 0.94% Perod % -0.15% -1.62% -1.16% 0.30% 0.42% Compounded 1.05% 0.90% -0.30% -0.10% 1.28% 1.56% Perods 1-3 Perod % 0.90% 0.74% 0.89% 0.98% 0.82% Japan Perod % -1.50% 0.20% 0.18% -2.10% -2.36% Perod % 0.30% -1.09% -1.16% 0.15% 0.14% Compounded -0.66% -0.32% -0.15% -0.10% -1.00% -1.42% Perods 1-3 nvestment management by provdng a means for crtcal revew of the decson process over long perods of tme. As the ssues nvolved wth multple-perod attrbuton analyss are not partcular to any one framework, the explanaton s drawn broadly. Stll, the explanaton lays out n detal an approach for handlng the complextes of multple-perod attrbuton analyss for the beneft of analysts seekng to mplement the Karnosky-Snger framework. ENDNOTES Table C Multple-Perod Added Values Market selecton Securty selecton Market crossproduct Total market added value U.S 0.37% 1.34% -0.32% 1.39% Germany 0.35% 0.38% 0.13% 0.85% Japan -0.30% -0.68% -0.08% -1.06% Total 0.42% 1.04% -0.27% 1.19% Note: Due to roundng sums and totals may devate from expected amounts. construct a performance attrbuton system that solates the effects of market allocaton, currency management, and deep theoretcal ssues of asset prcng or optmal nvestment strateges but, rather, on the ssue of developng useful measures of the market and currency components of global nvestment ssues. 1 Ths monograph develops an analytcal framework for evaluatng global asset markets and uses that framework to Ths work reflects the ongong efforts wth Brnson Partners to address practcal ssues n the management of glo- The Journal of Performance Measurement

6 bal portfolos. The analytcal framework and the performance attrbuton system are ntegral parts of our nvestment process, and we beleve that open dscusson of these tools wll enhance general understandng of global nvestment ssues. The analyss provdes a consstent framework for all who are nvolved n the evaluaton of nvestment opportuntes, Performance, and rsks. Ths monograph reflects the dscussons and research of many Brnson Partners nvestment managers and analysts, to all of whom we owe a great debt. The presentaton benefted partcularly from the thoughts and arguments of Gary Brnson, Rchard Carr, Khaled Salama, Raymond Chan and Norman Cummng. Ray Chan was also ndspensable n solvng the large number of techncal ssues nvolved n the performance attrbuton program. Robert Clarke was nstrumental n the early development of the attrbuton program. We also thank the Research Foundaton of the Insttute of Chartered Fnancal Analysts, and AIMR, for ther support and encouragement n preparng ths monograph. 2 For example, a foregn asset wth a 10% local market return and a 5% exchange rate return would have a total return (measured n base currency) of 15.5 percent. TOTAL RETURN = (1+10%)x(1+5%)-1 = 15.5% = LOCAL RETURN + FX RETURN + CROSS-PRODUCT The local return and exchange rate returns are 10% and 5% respectvely. The cross-product s 0.5%, the exchange rate gan on the addtonal market exposure obtaned through the 10% local return. +, C + and [ w + h] ), compounded and assembled nto the decson-makng areas. 3 The Eurodepost returns n base currency ( [ c e] and [ c + e] ) are weghted by the currency weghts ( [ w h] The Journal of Performance Measurement

An Alternative Way to Measure Private Equity Performance

An Alternative Way to Measure Private Equity Performance An Alternatve Way to Measure Prvate Equty Performance Peter Todd Parlux Investment Technology LLC Summary Internal Rate of Return (IRR) s probably the most common way to measure the performance of prvate

More information

Performance attribution for multi-layered investment decisions

Performance attribution for multi-layered investment decisions Performance attrbuton for mult-layered nvestment decsons 880 Thrd Avenue 7th Floor Ne Yor, NY 10022 212.866.9200 t 212.866.9201 f qsnvestors.com Inna Oounova Head of Strategc Asset Allocaton Portfolo Management

More information

Overview of monitoring and evaluation

Overview of monitoring and evaluation 540 Toolkt to Combat Traffckng n Persons Tool 10.1 Overvew of montorng and evaluaton Overvew Ths tool brefly descrbes both montorng and evaluaton, and the dstncton between the two. What s montorng? Montorng

More information

A Simplified Framework for Return Accountability

A Simplified Framework for Return Accountability Reprnted wth permsson from Fnancal Analysts Journal, May/June 1991. Copyrght 1991. Assocaton for Investment Management and Research, Charlottesvlle, VA. All rghts reserved. by Gary P. Brnson, Bran D. Snger

More information

Fixed income risk attribution

Fixed income risk attribution 5 Fxed ncome rsk attrbuton Chthra Krshnamurth RskMetrcs Group chthra.krshnamurth@rskmetrcs.com We compare the rsk of the actve portfolo wth that of the benchmark and segment the dfference between the two

More information

Financial Mathemetics

Financial Mathemetics Fnancal Mathemetcs 15 Mathematcs Grade 12 Teacher Gude Fnancal Maths Seres Overvew In ths seres we am to show how Mathematcs can be used to support personal fnancal decsons. In ths seres we jon Tebogo,

More information

Intra-year Cash Flow Patterns: A Simple Solution for an Unnecessary Appraisal Error

Intra-year Cash Flow Patterns: A Simple Solution for an Unnecessary Appraisal Error Intra-year Cash Flow Patterns: A Smple Soluton for an Unnecessary Apprasal Error By C. Donald Wggns (Professor of Accountng and Fnance, the Unversty of North Florda), B. Perry Woodsde (Assocate Professor

More information

Course outline. Financial Time Series Analysis. Overview. Data analysis. Predictive signal. Trading strategy

Course outline. Financial Time Series Analysis. Overview. Data analysis. Predictive signal. Trading strategy Fnancal Tme Seres Analyss Patrck McSharry patrck@mcsharry.net www.mcsharry.net Trnty Term 2014 Mathematcal Insttute Unversty of Oxford Course outlne 1. Data analyss, probablty, correlatons, vsualsaton

More information

Calculation of Sampling Weights

Calculation of Sampling Weights Perre Foy Statstcs Canada 4 Calculaton of Samplng Weghts 4.1 OVERVIEW The basc sample desgn used n TIMSS Populatons 1 and 2 was a two-stage stratfed cluster desgn. 1 The frst stage conssted of a sample

More information

benefit is 2, paid if the policyholder dies within the year, and probability of death within the year is ).

benefit is 2, paid if the policyholder dies within the year, and probability of death within the year is ). REVIEW OF RISK MANAGEMENT CONCEPTS LOSS DISTRIBUTIONS AND INSURANCE Loss and nsurance: When someone s subject to the rsk of ncurrng a fnancal loss, the loss s generally modeled usng a random varable or

More information

Fuzzy TOPSIS Method in the Selection of Investment Boards by Incorporating Operational Risks

Fuzzy TOPSIS Method in the Selection of Investment Boards by Incorporating Operational Risks , July 6-8, 2011, London, U.K. Fuzzy TOPSIS Method n the Selecton of Investment Boards by Incorporatng Operatonal Rsks Elssa Nada Mad, and Abu Osman Md Tap Abstract Mult Crtera Decson Makng (MCDM) nvolves

More information

Simple Interest Loans (Section 5.1) :

Simple Interest Loans (Section 5.1) : Chapter 5 Fnance The frst part of ths revew wll explan the dfferent nterest and nvestment equatons you learned n secton 5.1 through 5.4 of your textbook and go through several examples. The second part

More information

DEFINING %COMPLETE IN MICROSOFT PROJECT

DEFINING %COMPLETE IN MICROSOFT PROJECT CelersSystems DEFINING %COMPLETE IN MICROSOFT PROJECT PREPARED BY James E Aksel, PMP, PMI-SP, MVP For Addtonal Informaton about Earned Value Management Systems and reportng, please contact: CelersSystems,

More information

IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS

IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS Chrs Deeley* Last revsed: September 22, 200 * Chrs Deeley s a Senor Lecturer n the School of Accountng, Charles Sturt Unversty,

More information

Traffic-light a stress test for life insurance provisions

Traffic-light a stress test for life insurance provisions MEMORANDUM Date 006-09-7 Authors Bengt von Bahr, Göran Ronge Traffc-lght a stress test for lfe nsurance provsons Fnansnspetonen P.O. Box 6750 SE-113 85 Stocholm [Sveavägen 167] Tel +46 8 787 80 00 Fax

More information

LIFETIME INCOME OPTIONS

LIFETIME INCOME OPTIONS LIFETIME INCOME OPTIONS May 2011 by: Marca S. Wagner, Esq. The Wagner Law Group A Professonal Corporaton 99 Summer Street, 13 th Floor Boston, MA 02110 Tel: (617) 357-5200 Fax: (617) 357-5250 www.ersa-lawyers.com

More information

The Current Employment Statistics (CES) survey,

The Current Employment Statistics (CES) survey, Busness Brths and Deaths Impact of busness brths and deaths n the payroll survey The CES probablty-based sample redesgn accounts for most busness brth employment through the mputaton of busness deaths,

More information

Reporting Forms ARF 113.0A, ARF 113.0B, ARF 113.0C and ARF 113.0D FIRB Corporate (including SME Corporate), Sovereign and Bank Instruction Guide

Reporting Forms ARF 113.0A, ARF 113.0B, ARF 113.0C and ARF 113.0D FIRB Corporate (including SME Corporate), Sovereign and Bank Instruction Guide Reportng Forms ARF 113.0A, ARF 113.0B, ARF 113.0C and ARF 113.0D FIRB Corporate (ncludng SME Corporate), Soveregn and Bank Instructon Gude Ths nstructon gude s desgned to assst n the completon of the FIRB

More information

One Click.. Ȯne Location.. Ȯne Portal...

One Click.. Ȯne Location.. Ȯne Portal... New Addton to your NJ-HITEC Membershp! Member Portal Detals & Features Insde! One Clck.. Ȯne Locaton.. Ȯne Portal... Connect...Share...Smplfy Health IT Member Portal Benefts Trusted Advsor - NJ-HITEC s

More information

Institute of Informatics, Faculty of Business and Management, Brno University of Technology,Czech Republic

Institute of Informatics, Faculty of Business and Management, Brno University of Technology,Czech Republic Lagrange Multplers as Quanttatve Indcators n Economcs Ivan Mezník Insttute of Informatcs, Faculty of Busness and Management, Brno Unversty of TechnologCzech Republc Abstract The quanttatve role of Lagrange

More information

Number of Levels Cumulative Annual operating Income per year construction costs costs ($) ($) ($) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000

Number of Levels Cumulative Annual operating Income per year construction costs costs ($) ($) ($) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000 Problem Set 5 Solutons 1 MIT s consderng buldng a new car park near Kendall Square. o unversty funds are avalable (overhead rates are under pressure and the new faclty would have to pay for tself from

More information

Efficient Project Portfolio as a tool for Enterprise Risk Management

Efficient Project Portfolio as a tool for Enterprise Risk Management Effcent Proect Portfolo as a tool for Enterprse Rsk Management Valentn O. Nkonov Ural State Techncal Unversty Growth Traectory Consultng Company January 5, 27 Effcent Proect Portfolo as a tool for Enterprse

More information

CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK. Sample Stability Protocol

CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK. Sample Stability Protocol CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK Sample Stablty Protocol Background The Cholesterol Reference Method Laboratory Network (CRMLN) developed certfcaton protocols for total cholesterol, HDL

More information

Using Series to Analyze Financial Situations: Present Value

Using Series to Analyze Financial Situations: Present Value 2.8 Usng Seres to Analyze Fnancal Stuatons: Present Value In the prevous secton, you learned how to calculate the amount, or future value, of an ordnary smple annuty. The amount s the sum of the accumulated

More information

Study on CET4 Marks in China s Graded English Teaching

Study on CET4 Marks in China s Graded English Teaching Study on CET4 Marks n Chna s Graded Englsh Teachng CHE We College of Foregn Studes, Shandong Insttute of Busness and Technology, P.R.Chna, 264005 Abstract: Ths paper deploys Logt model, and decomposes

More information

Risk Model of Long-Term Production Scheduling in Open Pit Gold Mining

Risk Model of Long-Term Production Scheduling in Open Pit Gold Mining Rsk Model of Long-Term Producton Schedulng n Open Pt Gold Mnng R Halatchev 1 and P Lever 2 ABSTRACT Open pt gold mnng s an mportant sector of the Australan mnng ndustry. It uses large amounts of nvestments,

More information

PSYCHOLOGICAL RESEARCH (PYC 304-C) Lecture 12

PSYCHOLOGICAL RESEARCH (PYC 304-C) Lecture 12 14 The Ch-squared dstrbuton PSYCHOLOGICAL RESEARCH (PYC 304-C) Lecture 1 If a normal varable X, havng mean µ and varance σ, s standardsed, the new varable Z has a mean 0 and varance 1. When ths standardsed

More information

Return decomposing of absolute-performance multi-asset class portfolios. Working Paper - Nummer: 16

Return decomposing of absolute-performance multi-asset class portfolios. Working Paper - Nummer: 16 Return decomposng of absolute-performance mult-asset class portfolos Workng Paper - Nummer: 16 2007 by Dr. Stefan J. Illmer und Wolfgang Marty; n: Fnancal Markets and Portfolo Management; March 2007; Volume

More information

A G E N E R A L I Z E D H Y B R I D F I X E D I N C O M E AT T R I - B U T I O N M O D E L

A G E N E R A L I Z E D H Y B R I D F I X E D I N C O M E AT T R I - B U T I O N M O D E L A N D R E W C O L I N A N D K ATA L I N K I S S A G E N E R A L I Z E D H Y B R I D F I X E D I N C O M E AT T R I - B U T I O N M O D E L F L A M E T R E E T E C H N O L O G I E S P T Y LT D Copyrght

More information

Staff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall

Staff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall SP 2005-02 August 2005 Staff Paper Department of Appled Economcs and Management Cornell Unversty, Ithaca, New York 14853-7801 USA Farm Savngs Accounts: Examnng Income Varablty, Elgblty, and Benefts Brent

More information

A DYNAMIC CRASHING METHOD FOR PROJECT MANAGEMENT USING SIMULATION-BASED OPTIMIZATION. Michael E. Kuhl Radhamés A. Tolentino-Peña

A DYNAMIC CRASHING METHOD FOR PROJECT MANAGEMENT USING SIMULATION-BASED OPTIMIZATION. Michael E. Kuhl Radhamés A. Tolentino-Peña Proceedngs of the 2008 Wnter Smulaton Conference S. J. Mason, R. R. Hll, L. Mönch, O. Rose, T. Jefferson, J. W. Fowler eds. A DYNAMIC CRASHING METHOD FOR PROJECT MANAGEMENT USING SIMULATION-BASED OPTIMIZATION

More information

Answer: A). There is a flatter IS curve in the high MPC economy. Original LM LM after increase in M. IS curve for low MPC economy

Answer: A). There is a flatter IS curve in the high MPC economy. Original LM LM after increase in M. IS curve for low MPC economy 4.02 Quz Solutons Fall 2004 Multple-Choce Questons (30/00 ponts) Please, crcle the correct answer for each of the followng 0 multple-choce questons. For each queston, only one of the answers s correct.

More information

Solution: Let i = 10% and d = 5%. By definition, the respective forces of interest on funds A and B are. i 1 + it. S A (t) = d (1 dt) 2 1. = d 1 dt.

Solution: Let i = 10% and d = 5%. By definition, the respective forces of interest on funds A and B are. i 1 + it. S A (t) = d (1 dt) 2 1. = d 1 dt. Chapter 9 Revew problems 9.1 Interest rate measurement Example 9.1. Fund A accumulates at a smple nterest rate of 10%. Fund B accumulates at a smple dscount rate of 5%. Fnd the pont n tme at whch the forces

More information

Moving Beyond Open Markets for Water Quality Trading: The Gains from Structured Bilateral Trades

Moving Beyond Open Markets for Water Quality Trading: The Gains from Structured Bilateral Trades Movng Beyond Open Markets for Water Qualty Tradng: The Gans from Structured Blateral Trades Tanl Zhao Yukako Sado Rchard N. Bosvert Gregory L. Poe Cornell Unversty EAERE Preconference on Water Economcs

More information

To manage leave, meeting institutional requirements and treating individual staff members fairly and consistently.

To manage leave, meeting institutional requirements and treating individual staff members fairly and consistently. Corporate Polces & Procedures Human Resources - Document CPP216 Leave Management Frst Produced: Current Verson: Past Revsons: Revew Cycle: Apples From: 09/09/09 26/10/12 09/09/09 3 years Immedately Authorsaton:

More information

7.5. Present Value of an Annuity. Investigate

7.5. Present Value of an Annuity. Investigate 7.5 Present Value of an Annuty Owen and Anna are approachng retrement and are puttng ther fnances n order. They have worked hard and nvested ther earnngs so that they now have a large amount of money on

More information

The impact of hard discount control mechanism on the discount volatility of UK closed-end funds

The impact of hard discount control mechanism on the discount volatility of UK closed-end funds Investment Management and Fnancal Innovatons, Volume 10, Issue 3, 2013 Ahmed F. Salhn (Egypt) The mpact of hard dscount control mechansm on the dscount volatlty of UK closed-end funds Abstract The mpact

More information

The Development of Web Log Mining Based on Improve-K-Means Clustering Analysis

The Development of Web Log Mining Based on Improve-K-Means Clustering Analysis The Development of Web Log Mnng Based on Improve-K-Means Clusterng Analyss TngZhong Wang * College of Informaton Technology, Luoyang Normal Unversty, Luoyang, 471022, Chna wangtngzhong2@sna.cn Abstract.

More information

Section 5.4 Annuities, Present Value, and Amortization

Section 5.4 Annuities, Present Value, and Amortization Secton 5.4 Annutes, Present Value, and Amortzaton Present Value In Secton 5.2, we saw that the present value of A dollars at nterest rate per perod for n perods s the amount that must be deposted today

More information

Activity Scheduling for Cost-Time Investment Optimization in Project Management

Activity Scheduling for Cost-Time Investment Optimization in Project Management PROJECT MANAGEMENT 4 th Internatonal Conference on Industral Engneerng and Industral Management XIV Congreso de Ingenería de Organzacón Donosta- San Sebastán, September 8 th -10 th 010 Actvty Schedulng

More information

Selecting Best Employee of the Year Using Analytical Hierarchy Process

Selecting Best Employee of the Year Using Analytical Hierarchy Process J. Basc. Appl. Sc. Res., 5(11)72-76, 2015 2015, TextRoad Publcaton ISSN 2090-4304 Journal of Basc and Appled Scentfc Research www.textroad.com Selectng Best Employee of the Year Usng Analytcal Herarchy

More information

THE DISTRIBUTION OF LOAN PORTFOLIO VALUE * Oldrich Alfons Vasicek

THE DISTRIBUTION OF LOAN PORTFOLIO VALUE * Oldrich Alfons Vasicek HE DISRIBUION OF LOAN PORFOLIO VALUE * Oldrch Alfons Vascek he amount of captal necessary to support a portfolo of debt securtes depends on the probablty dstrbuton of the portfolo loss. Consder a portfolo

More information

1.1 The University may award Higher Doctorate degrees as specified from time-to-time in UPR AS11 1.

1.1 The University may award Higher Doctorate degrees as specified from time-to-time in UPR AS11 1. HIGHER DOCTORATE DEGREES SUMMARY OF PRINCIPAL CHANGES General changes None Secton 3.2 Refer to text (Amendments to verson 03.0, UPR AS02 are shown n talcs.) 1 INTRODUCTION 1.1 The Unversty may award Hgher

More information

A Secure Password-Authenticated Key Agreement Using Smart Cards

A Secure Password-Authenticated Key Agreement Using Smart Cards A Secure Password-Authentcated Key Agreement Usng Smart Cards Ka Chan 1, Wen-Chung Kuo 2 and Jn-Chou Cheng 3 1 Department of Computer and Informaton Scence, R.O.C. Mltary Academy, Kaohsung 83059, Tawan,

More information

What is Candidate Sampling

What is Candidate Sampling What s Canddate Samplng Say we have a multclass or mult label problem where each tranng example ( x, T ) conssts of a context x a small (mult)set of target classes T out of a large unverse L of possble

More information

A powerful tool designed to enhance innovation and business performance

A powerful tool designed to enhance innovation and business performance A powerful tool desgned to enhance nnovaton and busness performance The LEGO Foundaton has taken over the responsblty for the LEGO SERIOUS PLAY method. Ths change wll help create the platform for the contnued

More information

Module 2 LOSSLESS IMAGE COMPRESSION SYSTEMS. Version 2 ECE IIT, Kharagpur

Module 2 LOSSLESS IMAGE COMPRESSION SYSTEMS. Version 2 ECE IIT, Kharagpur Module LOSSLESS IMAGE COMPRESSION SYSTEMS Lesson 3 Lossless Compresson: Huffman Codng Instructonal Objectves At the end of ths lesson, the students should be able to:. Defne and measure source entropy..

More information

Lecture 3: Annuity. Study annuities whose payments form a geometric progression or a arithmetic progression.

Lecture 3: Annuity. Study annuities whose payments form a geometric progression or a arithmetic progression. Lecture 3: Annuty Goals: Learn contnuous annuty and perpetuty. Study annutes whose payments form a geometrc progresson or a arthmetc progresson. Dscuss yeld rates. Introduce Amortzaton Suggested Textbook

More information

iavenue iavenue i i i iavenue iavenue iavenue

iavenue iavenue i i i iavenue iavenue iavenue Saratoga Systems' enterprse-wde Avenue CRM system s a comprehensve web-enabled software soluton. Ths next generaton system enables you to effectvely manage and enhance your customer relatonshps n both

More information

Time Value of Money Module

Time Value of Money Module Tme Value of Money Module O BJECTIVES After readng ths Module, you wll be able to: Understand smple nterest and compound nterest. 2 Compute and use the future value of a sngle sum. 3 Compute and use the

More information

Capacity-building and training

Capacity-building and training 92 Toolkt to Combat Traffckng n Persons Tool 2.14 Capacty-buldng and tranng Overvew Ths tool provdes references to tranng programmes and materals. For more tranng materals, refer also to Tool 9.18. Capacty-buldng

More information

Nordea G10 Alpha Carry Index

Nordea G10 Alpha Carry Index Nordea G10 Alpha Carry Index Index Rules v1.1 Verson as of 10/10/2013 1 (6) Page 1 Index Descrpton The G10 Alpha Carry Index, the Index, follows the development of a rule based strategy whch nvests and

More information

A Master Time Value of Money Formula. Floyd Vest

A Master Time Value of Money Formula. Floyd Vest A Master Tme Value of Money Formula Floyd Vest For Fnancal Functons on a calculator or computer, Master Tme Value of Money (TVM) Formulas are usually used for the Compound Interest Formula and for Annutes.

More information

Multiple discount and forward curves

Multiple discount and forward curves Multple dscount and forward curves TopQuants presentaton 21 ovember 2012 Ton Broekhuzen, Head Market Rsk and Basel coordnator, IBC Ths presentaton reflects personal vews and not necessarly the vews of

More information

Assessing the Fairness of a Firm s Allocation of Shares in Initial Public Offerings: Adapting a Measure from Biostatistics

Assessing the Fairness of a Firm s Allocation of Shares in Initial Public Offerings: Adapting a Measure from Biostatistics Assessng the Farness of a Frm s Allocaton of Shares n Intal Publc Offerngs: Adaptng a Measure from Bostatstcs by Efstatha Bura and Joseph L. Gastwrth Department of Statstcs The George Washngton Unversty

More information

Business Process Improvement using Multi-objective Optimisation K. Vergidis 1, A. Tiwari 1 and B. Majeed 2

Business Process Improvement using Multi-objective Optimisation K. Vergidis 1, A. Tiwari 1 and B. Majeed 2 Busness Process Improvement usng Mult-objectve Optmsaton K. Vergds 1, A. Twar 1 and B. Majeed 2 1 Manufacturng Department, School of Industral and Manufacturng Scence, Cranfeld Unversty, Cranfeld, MK43

More information

Interest Rate Futures

Interest Rate Futures Interest Rate Futures Chapter 6 6.1 Day Count Conventons n the U.S. (Page 129) Treasury Bonds: Corporate Bonds: Money Market Instruments: Actual/Actual (n perod) 30/360 Actual/360 The day count conventon

More information

Survey on Virtual Machine Placement Techniques in Cloud Computing Environment

Survey on Virtual Machine Placement Techniques in Cloud Computing Environment Survey on Vrtual Machne Placement Technques n Cloud Computng Envronment Rajeev Kumar Gupta and R. K. Paterya Department of Computer Scence & Engneerng, MANIT, Bhopal, Inda ABSTRACT In tradtonal data center

More information

1 Approximation Algorithms

1 Approximation Algorithms CME 305: Dscrete Mathematcs and Algorthms 1 Approxmaton Algorthms In lght of the apparent ntractablty of the problems we beleve not to le n P, t makes sense to pursue deas other than complete solutons

More information

Finite Math Chapter 10: Study Guide and Solution to Problems

Finite Math Chapter 10: Study Guide and Solution to Problems Fnte Math Chapter 10: Study Gude and Soluton to Problems Basc Formulas and Concepts 10.1 Interest Basc Concepts Interest A fee a bank pays you for money you depost nto a savngs account. Prncpal P The amount

More information

Brigid Mullany, Ph.D University of North Carolina, Charlotte

Brigid Mullany, Ph.D University of North Carolina, Charlotte Evaluaton And Comparson Of The Dfferent Standards Used To Defne The Postonal Accuracy And Repeatablty Of Numercally Controlled Machnng Center Axes Brgd Mullany, Ph.D Unversty of North Carolna, Charlotte

More information

Small pots lump sum payment instruction

Small pots lump sum payment instruction For customers Small pots lump sum payment nstructon Please read these notes before completng ths nstructon About ths nstructon Use ths nstructon f you re an ndvdual wth Aegon Retrement Choces Self Invested

More information

The OC Curve of Attribute Acceptance Plans

The OC Curve of Attribute Acceptance Plans The OC Curve of Attrbute Acceptance Plans The Operatng Characterstc (OC) curve descrbes the probablty of acceptng a lot as a functon of the lot s qualty. Fgure 1 shows a typcal OC Curve. 10 8 6 4 1 3 4

More information

A Critical Note on MCEV Calculations Used in the Life Insurance Industry

A Critical Note on MCEV Calculations Used in the Life Insurance Industry A Crtcal Note on MCEV Calculatons Used n the Lfe Insurance Industry Faban Suarez 1 and Steven Vanduffel 2 Abstract. Snce the begnnng of the development of the socalled embedded value methodology, actuares

More information

Joe Pimbley, unpublished, 2005. Yield Curve Calculations

Joe Pimbley, unpublished, 2005. Yield Curve Calculations Joe Pmbley, unpublshed, 005. Yeld Curve Calculatons Background: Everythng s dscount factors Yeld curve calculatons nclude valuaton of forward rate agreements (FRAs), swaps, nterest rate optons, and forward

More information

Section 5.3 Annuities, Future Value, and Sinking Funds

Section 5.3 Annuities, Future Value, and Sinking Funds Secton 5.3 Annutes, Future Value, and Snkng Funds Ordnary Annutes A sequence of equal payments made at equal perods of tme s called an annuty. The tme between payments s the payment perod, and the tme

More information

Stress test for measuring insurance risks in non-life insurance

Stress test for measuring insurance risks in non-life insurance PROMEMORIA Datum June 01 Fnansnspektonen Författare Bengt von Bahr, Younes Elonq and Erk Elvers Stress test for measurng nsurance rsks n non-lfe nsurance Summary Ths memo descrbes stress testng of nsurance

More information

HP Mission-Critical Services

HP Mission-Critical Services HP Msson-Crtcal Servces Delverng busness value to IT Jelena Bratc Zarko Subotc TS Support tm Mart 2012, Podgorca 2010 Hewlett-Packard Development Company, L.P. The nformaton contaned heren s subject to

More information

Developing an Employee Evaluation Management System: The Case of a Healthcare Organization

Developing an Employee Evaluation Management System: The Case of a Healthcare Organization FINANCIAL ENGINEERING LABORATORY Techncal Unversty of Crete Developng an Employee Evaluaton Management System: The Case of a Healthcare Organzaton Evangelos Grgorouds Constantn Zopounds Workng Paper 20

More information

Section C2: BJT Structure and Operational Modes

Section C2: BJT Structure and Operational Modes Secton 2: JT Structure and Operatonal Modes Recall that the semconductor dode s smply a pn juncton. Dependng on how the juncton s based, current may easly flow between the dode termnals (forward bas, v

More information

Optimal Customized Pricing in Competitive Settings

Optimal Customized Pricing in Competitive Settings Optmal Customzed Prcng n Compettve Settngs Vshal Agrawal Industral & Systems Engneerng, Georga Insttute of Technology, Atlanta, Georga 30332 vshalagrawal@gatech.edu Mark Ferguson College of Management,

More information

10. (# 45, May 2001). At time t = 0, 1 is deposited into each of Fund X and Fund Y. Fund X accumulates at a force of interest

10. (# 45, May 2001). At time t = 0, 1 is deposited into each of Fund X and Fund Y. Fund X accumulates at a force of interest 1 Exam FM questons 1. (# 12, May 2001). Bruce and Robbe each open up new bank accounts at tme 0. Bruce deposts 100 nto hs bank account, and Robbe deposts 50 nto hs. Each account earns an annual e ectve

More information

Load Settlement System. Procedures and Methods

Load Settlement System. Procedures and Methods Procedures and Methods Effectve January 01 TABLE OF CONTENTS 1. NTRODUCTON... 1. STE TO SETTLEMENT ZONE MAPPNG.... LOAD PROFLNG... LOAD RESEARCH SAMPLES... SAMPLNG ACCURACY REQUREMENTS... HSTORC CLASS

More information

FINANCIAL MATHEMATICS. A Practical Guide for Actuaries. and other Business Professionals

FINANCIAL MATHEMATICS. A Practical Guide for Actuaries. and other Business Professionals FINANCIAL MATHEMATICS A Practcal Gude for Actuares and other Busness Professonals Second Edton CHRIS RUCKMAN, FSA, MAAA JOE FRANCIS, FSA, MAAA, CFA Study Notes Prepared by Kevn Shand, FSA, FCIA Assstant

More information

Designing and Implementing a Performance Management System in a Textile Company for Competitive Advantage

Designing and Implementing a Performance Management System in a Textile Company for Competitive Advantage Desgnng and Implementng a Performance Management System n a Textle Company for Compettve Advantage Muhttn Oral Fehm Peker December 2009 CIRRELT-2009-54 Bureaux de Montréal : Bureaux de uébec : Unversté

More information

Optimal allocation of safety and security resources

Optimal allocation of safety and security resources 397 A publcaton of VOL. 31, 2013 CHEMICAL ENGINEERING TRANSACTIONS Guest Edtors: Eddy De Rademaeker, Bruno Fabano, Smberto Senn Buratt Copyrght 2013, AIDIC Servz S.r.l., ISBN 978-88-95608-22-8; ISSN 1974-9791

More information

Capital International Global Equities Fund (Hedged)

Capital International Global Equities Fund (Hedged) Captal Internatonal Global Equtes Fund (Hedged) Product dsclosure statement Contents 1. About Captal Group Investment Management Lmted 2. How Global Equtes Fund (Hedged) works 3. Benefts of nvestng n Global

More information

Power-of-Two Policies for Single- Warehouse Multi-Retailer Inventory Systems with Order Frequency Discounts

Power-of-Two Policies for Single- Warehouse Multi-Retailer Inventory Systems with Order Frequency Discounts Power-of-wo Polces for Sngle- Warehouse Mult-Retaler Inventory Systems wth Order Frequency Dscounts José A. Ventura Pennsylvana State Unversty (USA) Yale. Herer echnon Israel Insttute of echnology (Israel)

More information

Analysis of Premium Liabilities for Australian Lines of Business

Analysis of Premium Liabilities for Australian Lines of Business Summary of Analyss of Premum Labltes for Australan Lnes of Busness Emly Tao Honours Research Paper, The Unversty of Melbourne Emly Tao Acknowledgements I am grateful to the Australan Prudental Regulaton

More information

A Model of Private Equity Fund Compensation

A Model of Private Equity Fund Compensation A Model of Prvate Equty Fund Compensaton Wonho Wlson Cho Andrew Metrck Ayako Yasuda KAIST Yale School of Management Unversty of Calforna at Davs June 26, 2011 Abstract: Ths paper analyzes the economcs

More information

Project Networks With Mixed-Time Constraints

Project Networks With Mixed-Time Constraints Project Networs Wth Mxed-Tme Constrants L Caccetta and B Wattananon Western Australan Centre of Excellence n Industral Optmsaton (WACEIO) Curtn Unversty of Technology GPO Box U1987 Perth Western Australa

More information

0.02t if 0 t 3 δ t = 0.045 if 3 < t

0.02t if 0 t 3 δ t = 0.045 if 3 < t 1 Exam FM questons 1. (# 12, May 2001). Bruce and Robbe each open up new bank accounts at tme 0. Bruce deposts 100 nto hs bank account, and Robbe deposts 50 nto hs. Each account earns an annual effectve

More information

The Short-term and Long-term Market

The Short-term and Long-term Market A Presentaton on Market Effcences to Northfeld Informaton Servces Annual Conference he Short-term and Long-term Market Effcences en Post Offce Square Boston, MA 0209 www.acadan-asset.com Charles H. Wang,

More information

A Framework. for Measuring and Managing. Brand Equity

A Framework. for Measuring and Managing. Brand Equity A Framework for Measurng and Managng Brand Equty 6 Summer 2008 By Wllam Neal and Ron Strauss For most publcly owned organzatons, the majorty of ther assets cannot be accounted for by current fnancal accountng

More information

Design and Development of a Security Evaluation Platform Based on International Standards

Design and Development of a Security Evaluation Platform Based on International Standards Internatonal Journal of Informatcs Socety, VOL.5, NO.2 (203) 7-80 7 Desgn and Development of a Securty Evaluaton Platform Based on Internatonal Standards Yuj Takahash and Yoshm Teshgawara Graduate School

More information

ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING

ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING ANALYZING THE RELATIONSHIPS BETWEEN QUALITY, TIME, AND COST IN PROJECT MANAGEMENT DECISION MAKING Matthew J. Lberatore, Department of Management and Operatons, Vllanova Unversty, Vllanova, PA 19085, 610-519-4390,

More information

AN APPOINTMENT ORDER OUTPATIENT SCHEDULING SYSTEM THAT IMPROVES OUTPATIENT EXPERIENCE

AN APPOINTMENT ORDER OUTPATIENT SCHEDULING SYSTEM THAT IMPROVES OUTPATIENT EXPERIENCE AN APPOINTMENT ORDER OUTPATIENT SCHEDULING SYSTEM THAT IMPROVES OUTPATIENT EXPERIENCE Yu-L Huang Industral Engneerng Department New Mexco State Unversty Las Cruces, New Mexco 88003, U.S.A. Abstract Patent

More information

Underwriting Risk. Glenn Meyers. Insurance Services Office, Inc.

Underwriting Risk. Glenn Meyers. Insurance Services Office, Inc. Underwrtng Rsk By Glenn Meyers Insurance Servces Offce, Inc. Abstract In a compettve nsurance market, nsurers have lmted nfluence on the premum charged for an nsurance contract. hey must decde whether

More information

HOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA*

HOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA* HOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA* Luísa Farnha** 1. INTRODUCTION The rapd growth n Portuguese households ndebtedness n the past few years ncreased the concerns that debt

More information

MAPP. MERIS level 3 cloud and water vapour products. Issue: 1. Revision: 0. Date: 9.12.1998. Function Name Organisation Signature Date

MAPP. MERIS level 3 cloud and water vapour products. Issue: 1. Revision: 0. Date: 9.12.1998. Function Name Organisation Signature Date Ttel: Project: Doc. No.: MERIS level 3 cloud and water vapour products MAPP MAPP-ATBD-ClWVL3 Issue: 1 Revson: 0 Date: 9.12.1998 Functon Name Organsaton Sgnature Date Author: Bennartz FUB Preusker FUB Schüller

More information

Proceedings of the Annual Meeting of the American Statistical Association, August 5-9, 2001

Proceedings of the Annual Meeting of the American Statistical Association, August 5-9, 2001 Proceedngs of the Annual Meetng of the Amercan Statstcal Assocaton, August 5-9, 2001 LIST-ASSISTED SAMPLING: THE EFFECT OF TELEPHONE SYSTEM CHANGES ON DESIGN 1 Clyde Tucker, Bureau of Labor Statstcs James

More information

ERP Software Selection Using The Rough Set And TPOSIS Methods

ERP Software Selection Using The Rough Set And TPOSIS Methods ERP Software Selecton Usng The Rough Set And TPOSIS Methods Under Fuzzy Envronment Informaton Management Department, Hunan Unversty of Fnance and Economcs, No. 139, Fengln 2nd Road, Changsha, 410205, Chna

More information

Investment Portfolio Evaluation by the Fuzzy Approach

Investment Portfolio Evaluation by the Fuzzy Approach Investment Portfolo Evaluaton by the Fuzzy Approach Lambovska Maya, Marchev Angel Abstract Ths paper presents a new fuzzy approach for the evaluaton of nvestment portfolo, where the approach s vewed by

More information

Construction Rules for Morningstar Canada Target Dividend Index SM

Construction Rules for Morningstar Canada Target Dividend Index SM Constructon Rules for Mornngstar Canada Target Dvdend Index SM Mornngstar Methodology Paper October 2014 Verson 1.2 2014 Mornngstar, Inc. All rghts reserved. The nformaton n ths document s the property

More information

Causal, Explanatory Forecasting. Analysis. Regression Analysis. Simple Linear Regression. Which is Independent? Forecasting

Causal, Explanatory Forecasting. Analysis. Regression Analysis. Simple Linear Regression. Which is Independent? Forecasting Causal, Explanatory Forecastng Assumes cause-and-effect relatonshp between system nputs and ts output Forecastng wth Regresson Analyss Rchard S. Barr Inputs System Cause + Effect Relatonshp The job of

More information

An Interest-Oriented Network Evolution Mechanism for Online Communities

An Interest-Oriented Network Evolution Mechanism for Online Communities An Interest-Orented Network Evoluton Mechansm for Onlne Communtes Cahong Sun and Xaopng Yang School of Informaton, Renmn Unversty of Chna, Bejng 100872, P.R. Chna {chsun,yang}@ruc.edu.cn Abstract. Onlne

More information

An Analysis of Central Processor Scheduling in Multiprogrammed Computer Systems

An Analysis of Central Processor Scheduling in Multiprogrammed Computer Systems STAN-CS-73-355 I SU-SE-73-013 An Analyss of Central Processor Schedulng n Multprogrammed Computer Systems (Dgest Edton) by Thomas G. Prce October 1972 Techncal Report No. 57 Reproducton n whole or n part

More information

DEGREES OF EQUIVALENCE IN A KEY COMPARISON 1 Thang H. L., Nguyen D. D. Vietnam Metrology Institute, Address: 8 Hoang Quoc Viet, Hanoi, Vietnam

DEGREES OF EQUIVALENCE IN A KEY COMPARISON 1 Thang H. L., Nguyen D. D. Vietnam Metrology Institute, Address: 8 Hoang Quoc Viet, Hanoi, Vietnam DEGREES OF EQUIVALECE I A EY COMPARISO Thang H. L., guyen D. D. Vetnam Metrology Insttute, Aress: 8 Hoang Quoc Vet, Hano, Vetnam Abstract: In an nterlaboratory key comparson, a ata analyss proceure for

More information

SIMULATION OPTIMIZATION: APPLICATIONS IN RISK MANAGEMENT

SIMULATION OPTIMIZATION: APPLICATIONS IN RISK MANAGEMENT Internatonal Journal of Informaton Technology & Decson Makng Vol. 7, No. 4 (2008) 571 587 c World Scentfc Publshng Company SIMULATION OPTIMIZATION: APPLICATIONS IN RISK MANAGEMENT MARCO BETTER and FRED

More information

8 Algorithm for Binary Searching in Trees

8 Algorithm for Binary Searching in Trees 8 Algorthm for Bnary Searchng n Trees In ths secton we present our algorthm for bnary searchng n trees. A crucal observaton employed by the algorthm s that ths problem can be effcently solved when the

More information