Chapter 10 Stocks and Their Valuation ANSWERS TO END-OF-CHAPTER QUESTIONS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Chapter 10 Stocks and Their Valuation ANSWERS TO END-OF-CHAPTER QUESTIONS"

Transcription

1 Chapter Stoc and Their Valuation ANSWERS TO EN-OF-CHAPTER QUESTIONS - a. A proxy i a document giving one peron the authority to act for another, typically the power to vote hare of common toc. If earning are poor and tocholder are diatified, an outide group may olicit the proxie in an effort to overthrow management and tae control of the buine, nown a a proxy fight. A taeover i an action whereby a peron or group ucceed in outing a firm management and taing control of the company. b. The preemptive right give the current hareholder the right to purchae any new hare iued in proportion to their current holding. The preemptive right may or may not be required by tate law. When granted, the preemptive right enable current owner to maintain their proportionate hare of ownerhip and control of the buine. It alo prevent the ale of hare at low price to new tocholder which would dilute the value of the previouly iued hare. c. Claified toc i ometime created by a firm to meet pecial need and circumtance. Generally, when pecial claification of toc are ued, one type i deignated Cla A, another a Cla B, and o on. Cla A might be entitled to receive dividend before dividend can be paid on Cla B toc. Cla B might have the excluive right to vote. Founder hare are toc owned by the firm founder that have ole voting right but retricted dividend for a pecified number of year. d. Some companie are o mall that their common toc are not actively traded; they are owned by only a few people, uually the companie manager. Such firm are aid to be cloely held corporation. In contrat, the toc of mot larger companie are owned by a large number of invetor, mot of whom are not active in management. Such companie are aid to be publicly owned corporation. e. The over-the-counter (OTC) maret i the networ of dealer that provide for trading in unlited ecuritie. An organized ecurity exchange i a formal organization, having a tangible phyical location, that facilitate trading in deignated ( lited ) ecuritie. The two major U.S. ecurity exchange are the New Yor Stoc Exchange (NYSE) and the American Stoc Exchange (AMEX). f. The econdary maret deal with trading in previouly iued, or Harcourt, Inc. item and derived item copy right by Harcourt, Inc. Anwer and Solution: -

2 outtanding, hare of etablihed, publicly owned companie. The company receive no new money when ale are made in the econdary maret. The primary maret handle additional hare old by etablihed, publicly owned companie. Companie can raie additional capital by elling in thi maret. g. Going public i the act of elling toc to the public at large by a cloely held corporation or it principal tocholder, and thi maret i often termed the initial public offering (IPO) maret. h. Intrinic value ( Pˆ) i the preent value of the expected future cah flow. The maret price (P ) i the price at which an aet can be old. i. The required rate of return on common toc, denoted by, i the minimum acceptable rate of return conidering both it riine and the return available on other invetment. The expected rate of return, denoted by ˆ, i the rate of return expected on a toc given it current price and expected future cah flow. If the toc i in equilibrium, the required rate of return will equal the expected rate of return. The realized (actual) rate of return, denoted by, i the rate of return that wa actually realized at the end of ome holding period. Although expected and required rate of return mut alway be poitive, realized rate of return over ome period may be negative. j. The capital gain yield reult from changing price and i calculated a (P - P )/P, where P i the beginning-of-period price and P i the end-of-period price. For a contant growth toc, the capital gain yield i g, the contant growth rate. The dividend yield on a toc can be defined a either the end-of-period dividend divided by the beginning-of-period price, or the ratio of the current dividend to the current price. Valuation formula ue the former definition. The expected total return, or expected rate of return, i the expected capital gain yield plu the expected dividend yield on a toc. The expected total return on a bond i the yield to maturity.. A zero growth toc ha contant earning and dividend; thu, the expected dividend payment i fixed, jut a a bond coupon payment. Since the company i preumed to continue operation indefinitely, the dividend tream i a perpetuity. A perpetuity i a ecurity on which the principal never ha to be repaid. l. Normal, or contant, growth occur when a firm earning and dividend grow at ome contant rate forever. One category of noncontant growth toc i a upernormal growth toc which ha one or more year of growth above that of the economy a a whole, but at ome point the growth rate will fall to the normal rate. Thi occur, generally, a part of a firm normal life cycle. Anwer and Solution: - Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

3 l. Equilibrium i the condition under which the expected return on a ecurity i jut equal to it required return, ˆ, and the price i table. n. The Efficient Maret Hypothei (EMH) tate () that toc are alway in equilibrium and () that it i impoible for an invetor to conitently beat the maret. In eence, the theory hold that the price of a toc will adjut almot immediately in repone to any new development. In other word, the EMH aume that all important information regarding a toc i reflected in the price of that toc. Financial theorit generally define three form of maret efficiency: wea-form, emitrong-form, and trong-form. Wea-form efficiency aume that all information contained in pat price movement i fully reflected in current maret price. Thu, information about recent trend in a toc price i of no ue in electing a toc. Semitrong-form efficiency tate that current maret price reflect all publicly available information. Therefore, the only way to gain abnormal return on a toc i to poe inide information about the company toc. Strong-form efficiency aume that all information pertaining to a toc, whether public or inide information, i reflected in current maret price. Thu, no invetor would be able to earn abnormal return in the toc maret. o. Preferred toc i a hybrid--it i imilar to bond in ome repect and to common toc in other repect. Preferred dividend are imilar to interet payment on bond in that they are fixed in amount and generally mut be paid before common toc dividend can be paid. If the preferred dividend i not earned, the director can omit it without throwing the company into banruptcy. So, although preferred toc ha a fixed payment lie bond, a failure to mae thi payment will not lead to banruptcy. Mot preferred toc entitle their owner to regular fixed dividend payment. - True. The value of a hare of toc i the PV of it expected future dividend. If the two invetor expect the ame future dividend tream, and they agree on the toc riine, then they hould reach imilar concluion a to the toc value. -3 A perpetual bond i imilar to a no-growth toc and to a hare of preferred toc in the following way:. All three derive their value from a erie of cah inflow--coupon payment from the perpetual bond, and dividend from both type of toc.. All three are aumed to have indefinite live with no maturity value (M) for the perpetual bond and no capital gain yield for the toc. Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 3

4 -4 Ye. If a company decide to increae it payout ratio, then the dividend yield component will rie, but the expected long-term capital gain yield will decline. -5 No. The correct equation ha in the numerator and a minu ign in the denominator. -6 a. The average invetor in a lited firm i not really intereted in maintaining hi proportionate hare of ownerhip and control. If he wanted to increae hi ownerhip, he could imply buy more toc on the open maret. Conequently, mot invetor are not concerned with whether new hare are old directly (at about maret price) or through right offering. However, if a right offering i being ued to effect a toc plit, or if it i being ued to reduce the underwriting cot of an iue (by ubtantial underpricing), the preemptive right may well be beneficial to the firm and to it tocholder. b. The preemptive right i clearly important to the tocholder of cloely held firm whoe owner are intereted in maintaining their relative control poition. Anwer and Solution: - 4 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

5 SOLUTIONS TO EN-OF-CHAPTER PROBLEMS - $.5; g -3 5%; g n %; through 5? ( + g ) $.5(.5) $.575. ( + g )( + g ) $.5(.5) $ ( + g )( + g )( + g 3 ) $.5(.5) 3 $ ( + g )( + g )( + g 3 )( + g n ) $.5(.5) 3 (.) $.9. 5 ( + g )( + g )( + g 3 )( + g n ) $.5(.5) 3 (.) $.. - $.5; g 7%; 5%; Pˆ? Pˆ g $ $ P $; $.; g %; Pˆ?; ˆ? Pˆ P ( + g) $(.) $. ˆ P $. $ + g $.(.) $ %. ˆ 5.5%. -4 p $5.; V p $6; p? p v p p $5. $ % Pˆ Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 5

6 Step : Calculate the required rate of return on the toc: RF + ( M - RF )b 7.5% + (4%)..3%. Step : Calculate the expected dividend: $. $.(.) $.4 $.(.) $.88 3 $.88(.7) $3.8 Step 3: Calculate the PV of the expected dividend: PV iv $.4/(.3) + $.88/(.3) $.4 + $.8 $4.4. Step 4: Calculate Pˆ : Pˆ 3 /( - g) $3.8/(.3 -.7) $58.. Step 5: Calculate the PV of Pˆ : PV $58./(.3) $46.8. Step 6: Sum the PV to obtain the toc price: Pˆ $4.4 + $46.8 $5.5. Alternatively, uing a financial calculator, input the following: CF, CF.4, and CF 6.99 ( ) and then enter I.3 to olve for NPV $ The problem a you to determine the contant growth rate, given the following fact: P $8, $4, and 4%. Ue the contant growth rate formula to calculate g: ˆ P + g $ g $ 8 g.9 9%. -7 The problem a you to determine the value of 3 Pˆ, given the following fact: $, b.9, RF 5.6%, RP M 6%, and P $5. Proceed a follow: Anwer and Solution: - 6 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

7 Step : Calculate the required rate of return: RF + ( M - RF )b 5.6% + (6%).9 %. Step : Ue the contant growth rate formula to calculate g: ˆ P + g $. + g $ 5 g.3 3%. Step 3: Calculate Pˆ 3 : Pˆ P 3 ( + g) 3 $5(.3) 3 $7.38 $7.3. Alternatively, you could calculate 4 and then ue the contant growth rate formula to olve for Pˆ 3 : 4 ( + g) 3 $.(.3) 3 $.855. Pˆ $.855/(. -.3) $7.388 $ V p p / p ; therefore, p p /V p. a. p $8/$6 3.3%. b. p $8/$8 %. c. p $8/$ 8%. d. p $8/$4 5.7%. -9 Pˆ g ( + g) g $ 5[ + (.5)].5 (.5)] $ 5(.95) $4.75. $ a. i RF + ( M - RF )b i. C 9% + (3% - 9%).4.6%. 9% + (3% - 9%)-.5 7%. Note that i below the ri-free rate. But ince thi toc i lie an inurance policy becaue it pay off when omething bad happen (the maret fall), the low return i not unreaonable. b. In thi ituation, the expected rate of return i a follow: ˆ C /P + g $.5/$5 + 4% %. Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 7

8 However, the required rate of return i.6 percent. Invetor will ee to ell the toc, dropping it price to the following: Pˆ C $ $.73. At thi point, ˆ C equilibrium. $.5 $ %.6%, and the toc will be in - $, S 7% + 6% 3%, g 5%, g 5%, g n 6% % g 5% g 5% g 6% /(.3 -.6) $5.3 - Calculate the dividend tream and place them on a time line. Alo, calculate the price of the toc at the end of the upernormal growth period, and include it, along with the dividend to be paid at t 5, a CF 5. Then, enter the cah flow a hown on the time line into the cah flow regiter, enter the required rate of return a I 5, and then find the value of the toc uing the NPV calculation. Be ure to enter CF, or ele your anwer will be incorrect. ;,, 3. 4.(.5).5; 5.(.5).5; 6.(.5) (.8) $.43. Pˆ? % g 5% g 8% $9.89 Pˆ Pˆ 5 6 /( - g).43/(.5 -.8) Thi i the price of the toc at the end of Year 5. CF ; CF - ; CF 3.; CF 4.5; CF ; I 5%. With thee cah flow in the CFLO regiter, pre NPV to get the value of the toc today: NPV $9.89. Anwer and Solution: - 8 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

9 -3 a. V p p p $.8 $5. b. V p $. $ g 5%. 3 4 Pˆ a. $(.5) $.. $(.5) $.. 3 $(.5) 3 $.3. b. PV $.(.899) + $.(.797) + $.3(.78) $ Calculator olution: Input,.,., and.3 into the cah flow regiter, input I, PV? PV $5.9. c. $34.73(.78) $4.7. Calculator olution: Input,,, and into the cah flow regiter, I, PV? PV $4.7. d. $4.7 + $5.9 $3. Maximum price you hould pay for the toc. e. Pˆ ( + g) g g $...5 $3.. f. The value of the toc i not dependent upon the holding period. The value calculated in Part a through d i the value for a 3-year holding period. It i equal to the value calculated in Part e except for a mall rounding error. Any other holding period would produce the ame value of Pˆ ; that i, Pˆ $ a. g $.449/$ %. Calculator olution: Input N, PV -.7, PMT, FV.449, I? I 7.%. b. $.7/$.4 5%. c. ˆ /P + g $.7/$.4 + 7% 5% + 7% %. Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 9

10 -6 a.. Pˆ $ (.5) $.9. $9.5.. Pˆ $/.5 $ Pˆ $ (.5).5.5 $.. $.. 4. Pˆ $ (.).5. $..5 $44.. b.. Pˆ $.3/ Undefined.. Pˆ $.4/(-.5) -$48, which i nonene. Thee reult how that the formula doe not mae ene if the required rate of return i equal to or le than the expected growth rate. c. No. -7 The anwer depend on when one wor the problem. We ued the June 6,, Wall Street Journal: a. $33½ to $6. b. Current dividend $.88. ividend yield $.88/$ %. You might want to ue an expected dividend yield of ($.88)( + g)/$ , with g etimated omehow. c. The $ cloe wa up 5 / 8 from the previou day cloe. d. The return on the toc conit of a dividend yield of about.6 percent plu ome capital gain yield. We would expect the total rate of return on toc to be in the to percent range. Anwer and Solution: - Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

11 -8 a. End of Year: % g 5% g 5% t ( + g) t $.75(.5) $.. 3 $.75(.5) $.75(.35) $.3. 4 $.75(.5) 3 $.75(.59) $ $.75(.5) 4 $.75(.749) $ $.75(.5) 5 $.75(.4) $3.5. b. Step PV of dividend t ( 5 t t + ) PV $.(PVIF %, ) $.(.899) $.79 PV 3 $.3(PVIF %, ) $.3(.797) $.84 PV 4 $.66(PVIF %,3 ) $.66(.78) $.89 PV 5 $3.6(PVIF %,4 ) $3.6(.6355) $.94 PV 6 $3.5(PVIF %,5 ) $3.5(.5674) $. PV of dividend $9.46 Step. Pˆ 6 7 g n 6(+ gn) g n $ 3.5(.5)..5 $3.7.7 $5.8. Thi i the price of the toc 5 year from now. The PV of thi price, dicounted bac 5 year, i a follow: PV of Pˆ 6 $5.8(PVIF %,5 ) $5.8(.5674) $9.96. Step 3 The price of the toc today i a follow: Pˆ PV dividend Year -6 + PV of Pˆ 6 $ $9.96 $39.4. Thi problem could alo be olved by ubtituting the proper value into the following equation: 5 t ( + g ) 6 Pˆ. t t ( ) gn Calculator olution: Input,.,.3,.66, 3.6, 56.3 ( ) into the cah flow regiter, input I, PV? PV $ Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: -

12 c. /P $./$ % Capital gain yield 6.9* Expected total return.% 7 6 /P 5 $3.7/$5.8 7.% Capital gain yield 5. Expected total return.% *We now that i percent, and the dividend yield i 5. percent; therefore, the capital gain yield mut be 6.9 percent. The main point to note here are a follow:. The total yield i alway percent (except for rounding error).. The capital gain yield tart relatively high, then decline a the upernormal growth period approache it end. The dividend yield rie. 3. After /3/6, the toc will grow at a 5 percent rate. The dividend yield will equal 7 percent, the capital gain yield will equal 5 percent, and the total return will be percent. d. People in high income tax bracet will be more inclined to purchae growth toc to tae the capital gain and thu delay the payment of taxe until a later date. The firm toc i mature at the end of 3. e. Since the firm upernormal and normal growth rate are lower, the dividend and, hence, the preent value of the toc price will be lower. The total return from the toc will till be percent, but the dividend yield will be larger and the capital gain yield will be maller than they were with the original growth rate. Thi reult occur becaue we aume the ame lat dividend but a much lower current toc price. f. A the required return increae, the price of the toc goe down, but both the capital gain and dividend yield increae initially. Of coure, the long-term capital gain yield i till 4 percent, o the long-term dividend yield i percent. Anwer and Solution: - Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

13 -9 a. Part. Graphical repreentation of the problem: Supernormal Normal growth growth 3 ( + Pˆ ) 3 PV PV PVPˆ P ( + g ) $.6(.) $.9. ( + g ) $.6(.) $.34. Pˆ 3 g n ( + g ) g n n $.34(.6)..6 $6.6. Pˆ PV( ) + PV( ) + PV( Pˆ ) Pˆ + + ( + ) ( + ) ( + ) $.9(.99) + $.34(.864) + $6.6(.864) $54.. Calculator olution: Input,.9, ( ) into the cah flow regiter, input I, PV? PV $54.. Part. Expected dividend yield: /P $.9/$ %. Capital gain yield: Firt, find Pˆ which equal the um of the preent value of and Pˆ, dicounted for one year. $.34 + $6.6 Pˆ (PVIF %, ) + Pˆ(PVIF %, ) (.) $57.6. Calculator olution: Input, ( ) into the cah flow regiter, input I, PV? PV $57.6. Second, find the capital gain yield: Pˆ P P $ 57.6 $54. $ %. ividend yield 3.55% Capital gain yield 6.45.%. Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 3

14 b. ue to the longer period of upernormal growth, the value of the toc will be higher for each year. Although the total return will remain the ame, %, the ditribution between dividend yield and capital gain yield will differ: The dividend yield will tart off lower and the capital gain yield will tart off higher for the 5-year upernormal growth condition, relative to the -year upernormal growth tate. The dividend yield will increae and the capital gain yield will decline over the 5-year period until dividend yield 4% and capital gain yield 6%. c. Throughout the upernormal growth period, the total yield will be percent, but the dividend yield i relatively low during the early year of the upernormal growth period and the capital gain yield i relatively high. A we near the end of the upernormal growth period, the capital gain yield decline and the dividend yield rie. After the upernormal growth period ha ended, the capital gain yield will equal g n 6%. The total yield mut equal %, o the dividend yield mut equal % - 6% 4%. d. Some invetor need cah dividend (retired people) while other would prefer growth. Alo, invetor mut pay taxe each year on the dividend received during the year, while taxe on capital gain can be delayed until the gain i actually realized. - a. RF + ( M - RF )b % + (4% - %).5 5.5%. Pˆ /( - g) $.5/( ) $.43. b. 9% + (% - 9%).5 3.5%. Pˆ $.5/( ) $6.47. c. 9% + (% - 9%).5.%. Pˆ $.5/(. -.5) $3.4. d. New data given: RF 9%; M %; g 6%, b.3. RF + ( M - RF )b 9% + (% - 9%).3.6%. Pˆ /( - g) $.7/(.6 -.6) $ a. Old RF + ( M - RF )b 9% + (3%)..6%. New 9% + (3%).9.7%. Old price: Pˆ g ( + g) g $(.7) $38.. New price: Pˆ $(.5).7.5 $3.34. Since the new price i lower than the old price, the expanion in conumer product hould be rejected. The decreae in ri i not ufficient to offet the decline in profitability and the reduced Anwer and Solution: - 4 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

15 growth rate. b. P Old $38.. P New $(.5)..5 Solving for we have the following: $38. $..5 $. $38.( ) - $.95 $4.5 $38.( ).496. Solving for b:.496% 9% + 3%(b).496% 3%(b) b Chec: 9% + (3%) %. Pˆ $ $38.. Therefore, only if management analyi conclude that ri can be lowered to b.49865, or approximately.5, hould the new policy be put into effect. Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Anwer and Solution: - 5

16 SOLUTION TO SPREASHEET PROBLEMS - The detailed olution for the problem i available both on the intructor reource C-ROM (in the file Solution for Ch - Build a Model.xl) and on the intructor ide of the Harcourt College Publiher web ite, -3 a. Supernormal growth rate %; normal growth rate 4% INPUT ATA: KEY OUTPUT: Supernormal growth.% Current price (P ) $3.5 Normal growth rate 4.% Price at /3/6 $4.9 Req. rate of return.% ividend yield 6.% Lat dividend ( ) $ % Supernormal period 5 year Cap. gain yield 5.78% 7 4.% Total return both yr..% MOEL-GENERATE ATA: Expected dividend: PV of dividend: $ $ Stoc price Stoc price at /3/6: $4.9 at //: $3.5 Yield in 7: Yield in : ividend 8.% ividend 6.% Capital Gain 4.% Capital Gain 5.78% Total.% Total.% b.. 3 percent INPUT ATA: KEY OUTPUT: Supernormal growth.% Current price (P ) $7.86 Normal growth rate 4.% Price at /3/6 $35.64 Req. rate of return 3.% ividend yield 7.3% Lat dividend ( ) $ % Supernormal period 5 year Cap. gain yield 5.97% 7 4.% Total return both yr. 3.% Solution to Spreadheet Problem: - 6 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

17 . 5 percent INPUT ATA: KEY OUTPUT: Supernormal growth.% Current price (P ) $.59 Normal growth rate 4.% Price at /3/6 $9.6 Req. rate of return 5.% ividend yield 8.68% Lat dividend ( ) $.75 7.% Supernormal period 5 year Cap. gain yield 6.3% 7 4.% Total return both yr 5.% 3. percent INPUT ATA: KEY OUTPUT: Supernormal growth.% Current price (P ) $5. Normal growth rate 4.% Price at /3/6 $.5 Req. rate of return.% ividend yield.89% Lat dividend ( ) $ % Supernormal period 5 year Cap. gain yield 7.% 7 4.% Total return both yr.% Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Solution to Spreadheet Problem: - 7

18 CYBERPROBLEM -4 The detailed olution for the cyberproblem i available on the intructor ide of the Harcourt College Publiher web ite: Solution to Cyberproblem: - 8 Harcourt, Inc. item and derived item copyright by Harcourt, Inc.

19 Harcourt, Inc. item and derived item copyright by Harcourt, Inc. Mini Cae: - 9

Chapter 7 Stocks, Stock Valuation, and Stock Market Equilibrium ANSWERS TO END-OF-CHAPTER QUESTIONS

Chapter 7 Stocks, Stock Valuation, and Stock Market Equilibrium ANSWERS TO END-OF-CHAPTER QUESTIONS Chapter 7 Stocks, Stock Valuation, and Stock Market Equilibrium ANSWERS TO END-OF-CHAPTER QUESTIONS 7-1 a. A proxy is a document giving one person the authority to act for another, typically the power

More information

Sample Problems Chapter 9

Sample Problems Chapter 9 Sample roblem Chapter 9 Title: referred tock (olve for value) 1. Timele Corporation iued preferred tock with a par value of $7. The tock promied to pay an annual dividend equal to 19.% of the par value.

More information

MSc Financial Economics: International Finance. Bubbles in the Foreign Exchange Market. Anne Sibert. Revised Spring 2013. Contents

MSc Financial Economics: International Finance. Bubbles in the Foreign Exchange Market. Anne Sibert. Revised Spring 2013. Contents MSc Financial Economic: International Finance Bubble in the Foreign Exchange Market Anne Sibert Revied Spring 203 Content Introduction................................................. 2 The Mone Market.............................................

More information

MBA 570x Homework 1 Due 9/24/2014 Solution

MBA 570x Homework 1 Due 9/24/2014 Solution MA 570x Homework 1 Due 9/24/2014 olution Individual work: 1. Quetion related to Chapter 11, T Why do you think i a fund of fund market for hedge fund, but not for mutual fund? Anwer: Invetor can inexpenively

More information

Unit 11 Using Linear Regression to Describe Relationships

Unit 11 Using Linear Regression to Describe Relationships Unit 11 Uing Linear Regreion to Decribe Relationhip Objective: To obtain and interpret the lope and intercept of the leat quare line for predicting a quantitative repone variable from a quantitative explanatory

More information

State-space analysis of control systems: Part I

State-space analysis of control systems: Part I Why a different approach? State-pace analyi of control ytem: Part I Uing a tate-variable approach give u a traightforward way to analyze MIM multiple-input, multiple output ytem. A tate variable model

More information

Queueing systems with scheduled arrivals, i.e., appointment systems, are typical for frontal service systems,

Queueing systems with scheduled arrivals, i.e., appointment systems, are typical for frontal service systems, MANAGEMENT SCIENCE Vol. 54, No. 3, March 28, pp. 565 572 in 25-199 ein 1526-551 8 543 565 inform doi 1.1287/mnc.17.82 28 INFORMS Scheduling Arrival to Queue: A Single-Server Model with No-Show INFORMS

More information

A technical guide to 2014 key stage 2 to key stage 4 value added measures

A technical guide to 2014 key stage 2 to key stage 4 value added measures A technical guide to 2014 key tage 2 to key tage 4 value added meaure CONTENTS Introduction: PAGE NO. What i value added? 2 Change to value added methodology in 2014 4 Interpretation: Interpreting chool

More information

A note on profit maximization and monotonicity for inbound call centers

A note on profit maximization and monotonicity for inbound call centers A note on profit maximization and monotonicity for inbound call center Ger Koole & Aue Pot Department of Mathematic, Vrije Univeriteit Amterdam, The Netherland 23rd December 2005 Abtract We conider an

More information

Free Enterprise, the Economy and Monetary Policy

Free Enterprise, the Economy and Monetary Policy Free Enterprie, the Economy and Monetary Policy free (fre) adj. not cont Free enterprie i the freedom of individual and buinee to power of another; at regulation. It enable individual and buinee to create,

More information

Decision Theory and the Normal Distribution

Decision Theory and the Normal Distribution MODULE 3 Deciion Theory and the Normal Ditribution LEARNING OBJECTIVE After completing thi module, tudent will be able to: 1. Undertand how the normal curve can be ued in performing break-even analyi.

More information

Project Management Basics

Project Management Basics Project Management Baic A Guide to undertanding the baic component of effective project management and the key to ucce 1 Content 1.0 Who hould read thi Guide... 3 1.1 Overview... 3 1.2 Project Management

More information

The Cash Flow Statement: Problems with the Current Rules

The Cash Flow Statement: Problems with the Current Rules A C C O U N T I N G & A U D I T I N G accounting The Cah Flow Statement: Problem with the Current Rule By Neii S. Wei and Jame G.S. Yang In recent year, the tatement of cah flow ha received increaing attention

More information

Thus far. Inferences When Comparing Two Means. Testing differences between two means or proportions

Thus far. Inferences When Comparing Two Means. Testing differences between two means or proportions Inference When Comparing Two Mean Dr. Tom Ilvento FREC 48 Thu far We have made an inference from a ingle ample mean and proportion to a population, uing The ample mean (or proportion) The ample tandard

More information

CHAPTER 9 Stocks and Their Valuation

CHAPTER 9 Stocks and Their Valuation CHAPTER 9 Stocks and Their Valuation Preferred stock Features of common stock etermining common stock values Efficient markets 1 Preferred Stock Hybrid security. Similar to bonds in that preferred stockholders

More information

A Note on Profit Maximization and Monotonicity for Inbound Call Centers

A Note on Profit Maximization and Monotonicity for Inbound Call Centers OPERATIONS RESEARCH Vol. 59, No. 5, September October 2011, pp. 1304 1308 in 0030-364X ein 1526-5463 11 5905 1304 http://dx.doi.org/10.1287/opre.1110.0990 2011 INFORMS TECHNICAL NOTE INFORMS hold copyright

More information

Chapter 4: Mean-Variance Analysis

Chapter 4: Mean-Variance Analysis Chapter 4: Mean-Variance Analyi Modern portfolio theory identifie two apect of the invetment problem. Firt, an invetor will want to maximize the expected rate of return on the portfolio. Second, an invetor

More information

PEM GROUP 2015 FINANCIAL RESULTS

PEM GROUP 2015 FINANCIAL RESULTS Venture Debt Fund July 2015 PEM GROUP 2015 FINANCIAL RESULTS WARSAW, 10 MARCH 2016 Agenda Key miletone in 2015 TSR - our offer for invetor 2015 financial reult Lat 4 year in number New invetment in 2015

More information

Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001*

Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001* Allen M. Potehman Univerity of Illinoi at Urbana-Champaign Unuual Option Market Activity and the Terrorit Attack of September 11, 2001* I. Introduction In the aftermath of the terrorit attack on the World

More information

1 Safe Drivers versus Reckless Drunk Drivers

1 Safe Drivers versus Reckless Drunk Drivers ECON 301: General Equilibrium IV (Externalitie) 1 Intermediate Microeconomic II, ECON 301 General Equilibrium IV: Externalitie In our dicuion thu far, we have implicitly aumed that all good can be traded

More information

Harmonic Oscillations / Complex Numbers

Harmonic Oscillations / Complex Numbers Harmonic Ocillation / Complex Number Overview and Motivation: Probably the ingle mot important problem in all of phyic i the imple harmonic ocillator. It can be tudied claically or uantum mechanically,

More information

MECH 2110 - Statics & Dynamics

MECH 2110 - Statics & Dynamics Chapter D Problem 3 Solution 1/7/8 1:8 PM MECH 11 - Static & Dynamic Chapter D Problem 3 Solution Page 7, Engineering Mechanic - Dynamic, 4th Edition, Meriam and Kraige Given: Particle moving along a traight

More information

v = x t = x 2 x 1 t 2 t 1 The average speed of the particle is absolute value of the average velocity and is given Distance travelled t

v = x t = x 2 x 1 t 2 t 1 The average speed of the particle is absolute value of the average velocity and is given Distance travelled t Chapter 2 Motion in One Dimenion 2.1 The Important Stuff 2.1.1 Poition, Time and Diplacement We begin our tudy of motion by conidering object which are very mall in comparion to the ize of their movement

More information

Profitability of Loyalty Programs in the Presence of Uncertainty in Customers Valuations

Profitability of Loyalty Programs in the Presence of Uncertainty in Customers Valuations Proceeding of the 0 Indutrial Engineering Reearch Conference T. Doolen and E. Van Aken, ed. Profitability of Loyalty Program in the Preence of Uncertainty in Cutomer Valuation Amir Gandomi and Saeed Zolfaghari

More information

Office of Tax Analysis U.S. Department of the Treasury. A Dynamic Analysis of Permanent Extension of the President s Tax Relief

Office of Tax Analysis U.S. Department of the Treasury. A Dynamic Analysis of Permanent Extension of the President s Tax Relief Office of Tax Analyi U.S. Department of the Treaury A Dynamic Analyi of Permanent Extenion of the Preident Tax Relief July 25, 2006 Executive Summary Thi Report preent a detailed decription of Treaury

More information

CHARACTERISTICS OF WAITING LINE MODELS THE INDICATORS OF THE CUSTOMER FLOW MANAGEMENT SYSTEMS EFFICIENCY

CHARACTERISTICS OF WAITING LINE MODELS THE INDICATORS OF THE CUSTOMER FLOW MANAGEMENT SYSTEMS EFFICIENCY Annale Univeritati Apuleni Serie Oeconomica, 2(2), 200 CHARACTERISTICS OF WAITING LINE MODELS THE INDICATORS OF THE CUSTOMER FLOW MANAGEMENT SYSTEMS EFFICIENCY Sidonia Otilia Cernea Mihaela Jaradat 2 Mohammad

More information

DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS. G. Chapman J. Cleese E. Idle

DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS. G. Chapman J. Cleese E. Idle DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS G. Chapman J. Cleee E. Idle ABSTRACT Content matching i a neceary component of any ignature-baed network Intruion Detection

More information

Two Dimensional FEM Simulation of Ultrasonic Wave Propagation in Isotropic Solid Media using COMSOL

Two Dimensional FEM Simulation of Ultrasonic Wave Propagation in Isotropic Solid Media using COMSOL Excerpt from the Proceeding of the COMSO Conference 0 India Two Dimenional FEM Simulation of Ultraonic Wave Propagation in Iotropic Solid Media uing COMSO Bikah Ghoe *, Krihnan Balaubramaniam *, C V Krihnamurthy

More information

Senior Thesis. Horse Play. Optimal Wagers and the Kelly Criterion. Author: Courtney Kempton. Supervisor: Professor Jim Morrow

Senior Thesis. Horse Play. Optimal Wagers and the Kelly Criterion. Author: Courtney Kempton. Supervisor: Professor Jim Morrow Senior Thei Hore Play Optimal Wager and the Kelly Criterion Author: Courtney Kempton Supervior: Profeor Jim Morrow June 7, 20 Introduction The fundamental problem in gambling i to find betting opportunitie

More information

DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS

DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS DISTRIBUTED DATA PARALLEL TECHNIQUES FOR CONTENT-MATCHING INTRUSION DETECTION SYSTEMS Chritopher V. Kopek Department of Computer Science Wake Foret Univerity Winton-Salem, NC, 2709 Email: kopekcv@gmail.com

More information

Stochastic House Appreciation and Optimal Subprime Lending

Stochastic House Appreciation and Optimal Subprime Lending Stochatic Houe Appreciation and Optimal Subprime Lending Tomaz Pikorki Columbia Buine School tp5@mail.gb.columbia.edu Alexei Tchityi NYU Stern atchity@tern.nyu.edu February 8 Abtract Thi paper tudie an

More information

naifa Members: SERVING AMERICA S NEIGHBORHOODS FOR 120 YEARS

naifa Members: SERVING AMERICA S NEIGHBORHOODS FOR 120 YEARS naifa Member: SERVING AMERICA S NEIGHBORHOODS FOR 120 YEARS National Aociation of Inurance and Financial Advior Serving America Neigborhood for Over 120 Year Since 1890, NAIFA ha worked to afeguard the

More information

Four Points Beginner Risk Managers Should Learn from Jeff Holman s Mistakes in the Discussion of Antifragile arxiv:1401.2524v1 [q-fin.

Four Points Beginner Risk Managers Should Learn from Jeff Holman s Mistakes in the Discussion of Antifragile arxiv:1401.2524v1 [q-fin. Four Point Beginner Rik Manager Should Learn from Jeff Holman Mitake in the Dicuion of Antifragile arxiv:1401.54v1 [q-fin.gn] 11 Jan 014 Naim Nichola Taleb January 014 Abtract Uing Jeff Holman comment

More information

RISK MANAGEMENT POLICY

RISK MANAGEMENT POLICY RISK MANAGEMENT POLICY The practice of foreign exchange (FX) rik management i an area thrut into the potlight due to the market volatility that ha prevailed for ome time. A a conequence, many corporation

More information

INSIDE REPUTATION BULLETIN

INSIDE REPUTATION BULLETIN email@inidetory.com.au www.inidetory.com.au +61 (2) 9299 9979 The reputational impact of outourcing overea The global financial crii ha reulted in extra preure on Autralian buinee to tighten their belt.

More information

Is Mark-to-Market Accounting Destabilizing? Analysis and Implications for Policy

Is Mark-to-Market Accounting Destabilizing? Analysis and Implications for Policy Firt draft: 4/12/2008 I Mark-to-Market Accounting Detabilizing? Analyi and Implication for Policy John Heaton 1, Deborah Luca 2 Robert McDonald 3 Prepared for the Carnegie Rocheter Conference on Public

More information

Stochastic House Appreciation and Optimal Mortgage Lending

Stochastic House Appreciation and Optimal Mortgage Lending Stochatic Houe Appreciation and Optimal Mortgage Lending Tomaz Pikorki Columbia Buine School tp2252@columbia.edu Alexei Tchityi UC Berkeley Haa tchityi@haa.berkeley.edu December 28 Abtract We characterize

More information

Ch. 22 Electromagnetic Induction

Ch. 22 Electromagnetic Induction Ch. 22 Electromagnetic Induction 22.1 Induced emf So electric current (moving charge) create agnetic Field. I the revere true? Can magnetic field create current??? D Ye!!! ut it take a changing magnetic

More information

! Search engines are highly profitable. n 99% of Google s revenue from ads. n Yahoo, bing also uses similar model

! Search engines are highly profitable. n 99% of Google s revenue from ads. n Yahoo, bing also uses similar model Search engine Advertiement The Economic of Web Search! Search engine are highly profitable Revenue come from elling ad related to querie 99% of Google revenue from ad Yahoo, bing alo ue imilar model CS315

More information

Labor, the Economy and Monetary Policy

Labor, the Economy and Monetary Policy Labor, the Economy and Monetary Policy Labor, capital, natural reource and entrepreneurhip are the primary factor that contribute to labor (la - ber), and influence economic growth in the United State.

More information

Schneider Small Cap Value Fund Fourth Quarter 2015

Schneider Small Cap Value Fund Fourth Quarter 2015 Fourth Quarter 2015 Portfolio Objective The Fund eek long-term capital growth by inveting primarily in common tock of companie that have a market capitalization that are le than the larget company in the

More information

FEDERATION OF ARAB SCIENTIFIC RESEARCH COUNCILS

FEDERATION OF ARAB SCIENTIFIC RESEARCH COUNCILS Aignment Report RP/98-983/5/0./03 Etablihment of cientific and technological information ervice for economic and ocial development FOR INTERNAL UE NOT FOR GENERAL DITRIBUTION FEDERATION OF ARAB CIENTIFIC

More information

Global Imbalances or Bad Accounting? The Missing Dark Matter in the Wealth of Nations. Ricardo Hausmann and Federico Sturzenegger

Global Imbalances or Bad Accounting? The Missing Dark Matter in the Wealth of Nations. Ricardo Hausmann and Federico Sturzenegger Global Imbalance or Bad Accounting? The Miing Dark Matter in the Wealth of Nation Ricardo Haumann and Federico Sturzenegger CID Working Paper No. 124 January 2006 Copyright 2006 Ricardo Haumann, Federico

More information

Name: SID: Instructions

Name: SID: Instructions CS168 Fall 2014 Homework 1 Aigned: Wedneday, 10 September 2014 Due: Monday, 22 September 2014 Name: SID: Dicuion Section (Day/Time): Intruction - Submit thi homework uing Pandagrader/GradeScope(http://www.gradecope.com/

More information

Growth and Sustainability of Managed Security Services Networks: An Economic Perspective

Growth and Sustainability of Managed Security Services Networks: An Economic Perspective Growth and Sutainability of Managed Security Service etwork: An Economic Perpective Alok Gupta Dmitry Zhdanov Department of Information and Deciion Science Univerity of Minneota Minneapoli, M 55455 (agupta,

More information

322 CHAPTER 11 Motion and Momentum Telegraph Colour Library/FPG/Getty Images

322 CHAPTER 11 Motion and Momentum Telegraph Colour Library/FPG/Getty Images Standard 7.7.4: Ue ymbolic equation to how how the quantity of omething change over time or in repone to change in other quantitie. Alo cover: 7.2.6, 7.2.7 (Detailed tandard begin on page IN8.) What i

More information

A Spam Message Filtering Method: focus on run time

A Spam Message Filtering Method: focus on run time , pp.29-33 http://dx.doi.org/10.14257/atl.2014.76.08 A Spam Meage Filtering Method: focu on run time Sin-Eon Kim 1, Jung-Tae Jo 2, Sang-Hyun Choi 3 1 Department of Information Security Management 2 Department

More information

Illiquid Banks, Financial Stability, and Interest Rate Policy

Illiquid Banks, Financial Stability, and Interest Rate Policy Nov 008: Revied April 0 Illiquid Bank, Financial tability, and Interet Rate Policy Dougla W. Diamond Raghuram G. Rajan Univerity of Chicago and NBER Do low interet rate alleviate banking fragility? Bank

More information

Health Insurance and Social Welfare. Run Liang. China Center for Economic Research, Peking University, Beijing 100871, China,

Health Insurance and Social Welfare. Run Liang. China Center for Economic Research, Peking University, Beijing 100871, China, Health Inurance and Social Welfare Run Liang China Center for Economic Reearch, Peking Univerity, Beijing 100871, China, Email: rliang@ccer.edu.cn and Hao Wang China Center for Economic Reearch, Peking

More information

Newton s Laws. A force is simply a push or a pull. Forces are vectors; they have both size and direction.

Newton s Laws. A force is simply a push or a pull. Forces are vectors; they have both size and direction. Newton Law Newton firt law: An object will tay at ret or in a tate of uniform motion with contant velocity, in a traight line, unle acted upon by an external force. In other word, the bodie reit any change

More information

A Life Contingency Approach for Physical Assets: Create Volatility to Create Value

A Life Contingency Approach for Physical Assets: Create Volatility to Create Value A Life Contingency Approach for Phyical Aet: Create Volatility to Create Value homa Emil Wendling 2011 Enterprie Rik Management Sympoium Society of Actuarie March 14-16, 2011 Copyright 2011 by the Society

More information

Chapter and. FIGURE 9 36 The deviation of an actual gas-turbine cycle from the ideal Brayton cycle as a result of irreversibilities.

Chapter and. FIGURE 9 36 The deviation of an actual gas-turbine cycle from the ideal Brayton cycle as a result of irreversibilities. Chapter 9 The thermal efficiency could alo be determined from where h th q out q out h h 789.7 00.9 89. kj>kg Dicuion Under the cold-air-tard aumption (contant pecific heat value at room temperature),

More information

Morningstar Fixed Income Style Box TM Methodology

Morningstar Fixed Income Style Box TM Methodology Morningtar Fixed Income Style Box TM Methodology Morningtar Methodology Paper Augut 3, 00 00 Morningtar, Inc. All right reerved. The information in thi document i the property of Morningtar, Inc. Reproduction

More information

CASE STUDY BRIDGE. www.future-processing.com

CASE STUDY BRIDGE. www.future-processing.com CASE STUDY BRIDGE TABLE OF CONTENTS #1 ABOUT THE CLIENT 3 #2 ABOUT THE PROJECT 4 #3 OUR ROLE 5 #4 RESULT OF OUR COLLABORATION 6-7 #5 THE BUSINESS PROBLEM THAT WE SOLVED 8 #6 CHALLENGES 9 #7 VISUAL IDENTIFICATION

More information

Neoclassical Growth Theory with Exogenous Saving

Neoclassical Growth Theory with Exogenous Saving Dougla Hibb Macro Theory 2004 04 07 Neoclaical Growth Theory with Exogenou Saving (Solow-Swan) 1 Stylized Fact (QN) > 0; teady ecular growth (KN) > 0; phyical capital to labor ratio grow r F 0 K @Q eem

More information

Capital Investment. Decisions: An Overview Appendix. Introduction. Analyzing Cash Flows for Present Value Analysis

Capital Investment. Decisions: An Overview Appendix. Introduction. Analyzing Cash Flows for Present Value Analysis f. Capital Invetment Deciion: An Overview Appendix Introduction Capital invetment deciion are the reponibility of manager of invetment center (ee Chapter 12). The analyi of capital invetment deciion i

More information

6. Friction, Experiment and Theory

6. Friction, Experiment and Theory 6. Friction, Experiment and Theory The lab thi wee invetigate the rictional orce and the phyical interpretation o the coeicient o riction. We will mae ue o the concept o the orce o gravity, the normal

More information

Basic Quantum Mechanics in Coordinate, Momentum and Phase Space

Basic Quantum Mechanics in Coordinate, Momentum and Phase Space Baic Quantum Mechanic in Coorinate, Momentum an Phae Space Frank Rioux Department of Chemitry College of St. Beneict St. Johnʹ Univerity The purpoe of thi paper i to ue calculation on the harmonic ocillator

More information

T-test for dependent Samples. Difference Scores. The t Test for Dependent Samples. The t Test for Dependent Samples. s D

T-test for dependent Samples. Difference Scores. The t Test for Dependent Samples. The t Test for Dependent Samples. s D The t Tet for ependent Sample T-tet for dependent Sample (ak.a., Paired ample t-tet, Correlated Group eign, Within- Subject eign, Repeated Meaure,.. Repeated-Meaure eign When you have two et of core from

More information

Candy Phylogeny Lab. Procedure:

Candy Phylogeny Lab. Procedure: Candy Phylogeny Lab Material Candy Bar (2 each) o Baby Ruth o Reee Piece o rhey Cookie and Cream o Snicker Cruncher o Snicker o MM Peanut o MM Plain o rhey o rhey Almond o Skittle Picture of Candy Bar

More information

Support Vector Machine Based Electricity Price Forecasting For Electricity Markets utilising Projected Assessment of System Adequacy Data.

Support Vector Machine Based Electricity Price Forecasting For Electricity Markets utilising Projected Assessment of System Adequacy Data. The Sixth International Power Engineering Conference (IPEC23, 27-29 November 23, Singapore Support Vector Machine Baed Electricity Price Forecating For Electricity Maret utiliing Projected Aement of Sytem

More information

Partial optimal labeling search for a NP-hard subclass of (max,+) problems

Partial optimal labeling search for a NP-hard subclass of (max,+) problems Partial optimal labeling earch for a NP-hard ubcla of (max,+) problem Ivan Kovtun International Reearch and Training Center of Information Technologie and Sytem, Kiev, Uraine, ovtun@image.iev.ua Dreden

More information

Growth and Sustainability of Managed Security Services Networks: An Economic Perspective

Growth and Sustainability of Managed Security Services Networks: An Economic Perspective Growth and Sutainability of Managed Security Service etwork: An Economic Perpective Alok Gupta Dmitry Zhdanov Department of Information and Deciion Science Univerity of Minneota Minneapoli, M 55455 (agupta,

More information

TRADING rules are widely used in financial market as

TRADING rules are widely used in financial market as Complex Stock Trading Strategy Baed on Particle Swarm Optimization Fei Wang, Philip L.H. Yu and David W. Cheung Abtract Trading rule have been utilized in the tock market to make profit for more than a

More information

Review of Multiple Regression Richard Williams, University of Notre Dame, http://www3.nd.edu/~rwilliam/ Last revised January 13, 2015

Review of Multiple Regression Richard Williams, University of Notre Dame, http://www3.nd.edu/~rwilliam/ Last revised January 13, 2015 Review of Multiple Regreion Richard William, Univerity of Notre Dame, http://www3.nd.edu/~rwilliam/ Lat revied January 13, 015 Aumption about prior nowledge. Thi handout attempt to ummarize and yntheize

More information

A Resolution Approach to a Hierarchical Multiobjective Routing Model for MPLS Networks

A Resolution Approach to a Hierarchical Multiobjective Routing Model for MPLS Networks A Reolution Approach to a Hierarchical Multiobjective Routing Model for MPLS Networ Joé Craveirinha a,c, Rita Girão-Silva a,c, João Clímaco b,c, Lúcia Martin a,c a b c DEEC-FCTUC FEUC INESC-Coimbra International

More information

Modelling and Solving Two-Step Equations: a(x + b) = c

Modelling and Solving Two-Step Equations: a(x + b) = c Modelling and Solving Two-Step Equation: a( + b) c Focu on After thi leon, you will be able to model problem with two-tep linear equation olve two-tep linear equation and how how you worked out the anwer

More information

Apigee Edge: Apigee Cloud vs. Private Cloud. Evaluating deployment models for API management

Apigee Edge: Apigee Cloud vs. Private Cloud. Evaluating deployment models for API management Apigee Edge: Apigee Cloud v. Private Cloud Evaluating deployment model for API management Table of Content Introduction 1 Time to ucce 2 Total cot of ownerhip 2 Performance 3 Security 4 Data privacy 4

More information

Buying High and Selling Low: Stock Repurchases and Persistent Asymmetric Information

Buying High and Selling Low: Stock Repurchases and Persistent Asymmetric Information RFS Advance Acce publihed February 9, 06 Buying High and Selling Low: Stock Repurchae and Peritent Aymmetric Information Philip Bond Univerity of Wahington Hongda Zhong London School of Economic Share

More information

Morningstar Fixed-Income Style Box TM Methodology

Morningstar Fixed-Income Style Box TM Methodology Morningtar Fixed-Income Style Box TM Methodology Morningtar Methodology Paper April 30, 01 01 Morningtar, Inc. All right reerved. The information in thi document i the property of Morningtar, Inc. Reproduction

More information

ARTICLE IN PRESS. Journal of Financial Economics

ARTICLE IN PRESS. Journal of Financial Economics Journal of Financial Economic 97 (2010) 239 262 Content lit available at ScienceDirect Journal of Financial Economic journal homepage: www.elevier.com/locate/jfec Payoff complementaritie and financial

More information

Control of Wireless Networks with Flow Level Dynamics under Constant Time Scheduling

Control of Wireless Networks with Flow Level Dynamics under Constant Time Scheduling Control of Wirele Network with Flow Level Dynamic under Contant Time Scheduling Long Le and Ravi R. Mazumdar Department of Electrical and Computer Engineering Univerity of Waterloo,Waterloo, ON, Canada

More information

Resource allocation, productivity and growth in Portugal 1

Resource allocation, productivity and growth in Portugal 1 Article 61 Reource allocation, productivity and growth in Portugal 1 Daniel A. Dia 2 Carlo Robalo Marque 3 Chritine Richmond 4 Abtract Allocative efficiency in the Portuguee economy trongly deteriorated

More information

OPINION PIECE. It s up to the customer to ensure security of the Cloud

OPINION PIECE. It s up to the customer to ensure security of the Cloud OPINION PIECE It up to the cutomer to enure ecurity of the Cloud Content Don t outource what you don t undertand 2 The check lit 2 Step toward control 4 Due Diligence 4 Contract 4 E-dicovery 4 Standard

More information

Supplemental Material for Elementary Principles of Chemical Processes. Chapter 7 Energy and Energy Balances

Supplemental Material for Elementary Principles of Chemical Processes. Chapter 7 Energy and Energy Balances Chapter 7 Energy and Energy Balance Name: Date: In Chapter 7, it will be hown how energy balance can be ued to olve problem involving chemical procee. Different type of problem including the type of energy

More information

Pipe Flow Calculations

Pipe Flow Calculations Pipe Flow Calculation R. Shankar Subramanian epartment o Chemical and Biomolecular Engineering Clarkon Univerity We begin with ome reult that we hall ue when making riction lo calculation or teady, ully

More information

Section 5.2 - Random Variables

Section 5.2 - Random Variables MAT 0 - Introduction to Statitic Section 5. - Random Variable A random variable i a variable that take on different numerical value which are determined by chance. Example 5. pg. 33 For each random experiment,

More information

Analyzing Myopic Approaches for Multi-Agent Communication

Analyzing Myopic Approaches for Multi-Agent Communication Analyzing Myopic Approache for Multi-Agent Communication Raphen Becker Victor Leer Univerity of Maachuett, Amhert Department of Computer Science {raphen, leer, hlomo}@c.uma.edu Shlomo Zilbertein Abtract

More information

Assessing the Discriminatory Power of Credit Scores

Assessing the Discriminatory Power of Credit Scores Aeing the Dicriminatory Power of Credit Score Holger Kraft 1, Gerald Kroiandt 1, Marlene Müller 1,2 1 Fraunhofer Intitut für Techno- und Wirtchaftmathematik (ITWM) Gottlieb-Daimler-Str. 49, 67663 Kaierlautern,

More information

The Import-Export Paradigm for High-Quality College Courses

The Import-Export Paradigm for High-Quality College Courses Public Policy Editor: Stephen Ruth ruth@gmu.edu The Import-Export Paradigm for High-Quality College Coure An Anwer to Tuition Through-the- Roof Cot Spiral? Stephen Ruth George Maon Univerity Three new

More information

TIME SERIES ANALYSIS AND TRENDS BY USING SPSS PROGRAMME

TIME SERIES ANALYSIS AND TRENDS BY USING SPSS PROGRAMME TIME SERIES ANALYSIS AND TRENDS BY USING SPSS PROGRAMME RADMILA KOCURKOVÁ Sileian Univerity in Opava School of Buine Adminitration in Karviná Department of Mathematical Method in Economic Czech Republic

More information

Bundled Discounts: Strategic Substitutes or Complements?

Bundled Discounts: Strategic Substitutes or Complements? Bundled Dicount: Strategic Subtitute or Complement? Duarte Brito y Univeridade Nova de Liboa and CEFGE-UE Helder Vaconcelo z Faculdade de Economia, Univeridade do Porto, CEF.UP and CEPR June 2, 24 btract

More information

Finite Automata. a) Reading a symbol, b) Transferring to a new instruction, and c) Advancing the tape head one square to the right.

Finite Automata. a) Reading a symbol, b) Transferring to a new instruction, and c) Advancing the tape head one square to the right. Finite Automata Let u begin by removing almot all of the Turing machine' power! Maybe then we hall have olvable deciion problem and till be able to accomplih ome computational tak. Alo, we might be able

More information

Group Mutual Exclusion Based on Priorities

Group Mutual Exclusion Based on Priorities Group Mutual Excluion Baed on Prioritie Karina M. Cenci Laboratorio de Invetigación en Sitema Ditribuido Univeridad Nacional del Sur Bahía Blanca, Argentina kmc@c.un.edu.ar and Jorge R. Ardenghi Laboratorio

More information

On the optimality of List Scheduling for online uniform machines scheduling

On the optimality of List Scheduling for online uniform machines scheduling On the optimality of Lit Scheduling for online uniform machine cheduling Fangqiu HAN Zhiyi TAN Yang YANG Abtract Thi paper conider claical online cheduling problem on uniform machine We how the tight competitive

More information

Solutions to Problems: Chapter 7

Solutions to Problems: Chapter 7 Solution to Poblem: Chapte 7 P7-1. P7-2. P7-3. P7-4. Authoized and available hae LG 2; Baic a. Maximum hae available fo ale Authoized hae 2,000,000 Le: Shae outtanding 1,400,000 Available hae 600,000 b.

More information

HUMAN CAPITAL AND THE FUTURE OF TRANSITION ECONOMIES * Michael Spagat Royal Holloway, University of London, CEPR and Davidson Institute.

HUMAN CAPITAL AND THE FUTURE OF TRANSITION ECONOMIES * Michael Spagat Royal Holloway, University of London, CEPR and Davidson Institute. HUMAN CAPITAL AND THE FUTURE OF TRANSITION ECONOMIES * By Michael Spagat Royal Holloway, Univerity of London, CEPR and Davidon Intitute Abtract Tranition economie have an initial condition of high human

More information

Equity Valuation Formulas. William L. Silber and Jessica Wachter

Equity Valuation Formulas. William L. Silber and Jessica Wachter Equity Valuation Formulas William L. Silber and Jessica Wachter I. The ividend iscount Model Suppose a stoc with price pays dividend one year from now, two years from now, and so on, for the rest of time.

More information

Bond Valuation. What is a bond?

Bond Valuation. What is a bond? Lecture: III 1 What is a bond? Bond Valuation When a corporation wishes to borrow money from the public on a long-term basis, it usually does so by issuing or selling debt securities called bonds. A bond

More information

Heat transfer to or from a fluid flowing through a tube

Heat transfer to or from a fluid flowing through a tube Heat tranfer to or from a fluid flowing through a tube R. Shankar Subramanian A common ituation encountered by the chemical engineer i heat tranfer to fluid flowing through a tube. Thi can occur in heat

More information

Exchange Rate Volatility of US Dollar and British Pound during Different Phases of Financial Crisis

Exchange Rate Volatility of US Dollar and British Pound during Different Phases of Financial Crisis Exchange Rate Volatility of US ollar and Britih Pound during ifferent Phae of Financial Crii aniel Stavárek Sileian Univerity School of Buine Adminitration Univerzitní nám. 1934/3 Karviná, 733 40 Czech

More information

Recall the commutative and associative properties of multiplication. The Commutative Property of Multiplication. If a and b are any integers,

Recall the commutative and associative properties of multiplication. The Commutative Property of Multiplication. If a and b are any integers, 6 MODULE 2. FUNDAMENTALS OF ALGEBRA 2b Order of Operation Simplifying Algebraic Expreion Recall the commutative and aociative propertie of multiplication. The Commutative Property of Multiplication. If

More information

Short-term allocation of gas networks and gas-electricity input foreclosure

Short-term allocation of gas networks and gas-electricity input foreclosure Short-term allocation of ga network and ga-electricity input forecloure Miguel Vazquez a,, Michelle Hallack b a Economic Intitute (IE), Federal Univerity of Rio de Janeiro (UFRJ) b Economic Department,

More information

Optical Illusion. Sara Bolouki, Roger Grosse, Honglak Lee, Andrew Ng

Optical Illusion. Sara Bolouki, Roger Grosse, Honglak Lee, Andrew Ng Optical Illuion Sara Bolouki, Roger Groe, Honglak Lee, Andrew Ng. Introduction The goal of thi proect i to explain ome of the illuory phenomena uing pare coding and whitening model. Intead of the pare

More information

Chapter 7 SOLUTIONS TO END-OF-CHAPTER PROBLEMS

Chapter 7 SOLUTIONS TO END-OF-CHAPTER PROBLEMS Chapter 7 SOLUTIONS TO END-OF-CHAPTER PROBLEMS 7-1 0 1 2 3 4 5 10% PV 10,000 FV 5? FV 5 $10,000(1.10) 5 $10,000(FVIF 10%, 5 ) $10,000(1.6105) $16,105. Alternatively, with a financial calculator enter the

More information

Get Here Jeffrey M. Kurtz Client Feedback Evaluation Implementation Extenion/Termination Solution Development Analyi Data Collection Problem Definition Entry & Contracting CORE to all Problem Solving Equilibrium

More information

Availability of WDM Multi Ring Networks

Availability of WDM Multi Ring Networks Paper Availability of WDM Multi Ring Network Ivan Rado and Katarina Rado H d.o.o. Motar, Motar, Bonia and Herzegovina Faculty of Electrical Engineering, Mechanical Engineering and Naval Architecture, Univerity

More information

Solution of the Heat Equation for transient conduction by LaPlace Transform

Solution of the Heat Equation for transient conduction by LaPlace Transform Solution of the Heat Equation for tranient conduction by LaPlace Tranform Thi notebook ha been written in Mathematica by Mark J. McCready Profeor and Chair of Chemical Engineering Univerity of Notre Dame

More information

New Sales Productivity

New Sales Productivity E-BOOK New Sale Productivity Help ale rookie get off the bench and into the game Sponored by Table of Content Introduction 3 4 5 6 8 9 About SAVO 10 New-Hire Ramping 2 Introduction A new hire can t tranform

More information

How Enterprises Can Build Integrated Digital Marketing Experiences Using Drupal

How Enterprises Can Build Integrated Digital Marketing Experiences Using Drupal How Enterprie Can Build Integrated Digital Marketing Experience Uing Drupal acquia.com 888.922.7842 1.781.238.8600 25 Corporate Drive, Burlington, MA 01803 How Enterprie Can Build Integrated Digital Marketing

More information