MSCI Index Calculation Methodology

Size: px
Start display at page:

Download "MSCI Index Calculation Methodology"

Transcription

1 Index Mehodology MSCI Index Calculaion Mehodology Index Calculaion Mehodology for he MSCI Equiy Indices

2 Index Mehodology MSCI Index Calculaion Mehodology Conens Conens... 2 Inroducion... 5 MSCI Equiy Indices... 6 Secion 1: MSCI Price Index Mehodology Price Index Level Index Marke Capializaion Example of calculaion Price Index Level (Alernaive Calculaion Formula Conribuion Mehod) Securiy Conribuion o he Index Today s Iniial Securiy Weigh Securiy Daily Price Reurn Example of calculaion using conribuion Nex Day Iniial Securiy Weigh Closing Index Marke Capializaion Today USD (Unadjused Marke Cap Today USD) Securiy Index Of Price In Local Noe on Index Calculaion In Local Currency Conversion of Indices Ino Anoher Currency Secion 2: MSCI Daily Toal Reurn (DTR) Index Mehodology Calculaion Mehodology Dividend Impac DTR Index Level from Securiy Informaion (Securiy DTR) Securiy Conribuion o he Index Securiy Daily Toal Reurn Securiy Daily Gross Reurn Securiy Daily Ne Reurn Iniial Securiy Weigh MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 2

3 Index Mehodology MSCI Index Calculaion Mehodology Currency Number Of Shares And Index Weighing Facor Reinvesmen Mehodology Timing of reinvesmen Reinvesmen Rules Dividends Resuling in a Reinvesmen Only Dividends Resuling in a Reinvesmen or in a Price Adjusmen Dividends Resuling in a Price Adjusmen Only Processing Rules Dividend Daa Corporae Acions Correcions Paymen Defaul Lae Dividends Counry Excepions Taxes On Dividends Tax Credi Wihholding Tax Counry Excepion Definiions Appendix I: Sunday Index Calculaion Appendix II: Annualized Traded Value Raio (ATVR) and Annual Traded Value Appendix III: Raes Appendix IV: Singapore & Malaysia A Hisory of Inclusion in he Emerging and Developed Markes Indices Appendix V: Singapore and Singapore Free Appendix VI: Wihholding Tax Raes Appendix VII: Closing Prices Policy Appendix VIII: Counry Composiion of MSCI Seleced Regional Indices Appendix IX: MSCI Real Time Indices MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 3

4 Index Mehodology MSCI Index Calculaion Mehodology Appendix X: Index Calculaion Mehodology Using Index Divisors MSCI Index Calculaion Mehodology Book Tracked Changes91 Clien Service Informaion is Available 24 Hours a Day Noice and Disclaimer Abou MSCI MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 4

5 Index Mehodology MSCI Index Calculaion Mehodology Inroducion This mehodology book describes MSCI s general Index calculaion mehodology for he MSCI Equiy Indices. MSCI provides wo ways of calculaing MSCI Equiy Indices, eiher by using he Price Adjusmen Facor (PAF) or he Index Divisors (Index Divisors mehodology available as an appendix). These policies and guidelines affec all securiies across he MSCI Equiy Indices and producs. Unless oherwise saed he policies and guidelines apply herefore o all securiies in he MSCI Equiy universe. Please noe ha he index consrucion mehodology and oher guiding principles for he MSCI Sandard Indices can be found in MSCI Global Invesable Marke Indices Mehodology Indices documen, available a MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 5

6 Index Mehodology MSCI Index Calculaion Mehodology MSCI Equiy Indices The MSCI Equiy Indices measure he performance of a se of equiy securiies over ime. The MSCI Equiy Indices are calculaed using he Laspeyres concep of a weighed arihmeic average ogeher wih he concep of chain-linking. MSCI counry and regional equiy Indices are calculaed in local currency as well as in USD, wih price, gross and ne reurns. Index levels are also available in several oher currencies such as AUD, BRL, CAD, CHF, CNY, EUR, GBP, HKD, INR, JPY, KRW, RUB and SGD. While he local currency series of regional indices canno be replicaed in he real world, i represens he heoreical performance of an index wihou any impac from foreign exchange flucuaions a coninuously hedged porfolio. Indices are calculaed 5 days a week, from Monday o Friday wih he excepion of a selecion of indices ha have a Sunday calculaion available. In cerain cases, where here are no qualifying securiies, i is possible for MSCI Indices o be empy following a securiy deleion or GICS change. If an index becomes empy i would be dynamically disconinued or rupured. I is hen possible for he index o be re-sared once a new securiy qualifies for he index, and his index level would be rebased o an appropriae level a ha ime. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 6

7 Index Mehodology MSCI Index Calculaion Mehodology Secion 1: MSCI Price Index Mehodology Price indices measure he marke prices performance for a selecion of securiies. They are calculaed daily and, for some of hem, on a real ime basis. Each index capures he marke capializaion weighed reurn of all consiuens included in he index Price Index Level As a general principle, oday s index level is obained by applying he change in he marke performance o he previous period index level. IndexAdjusedMarkeCapUSD PriceIndex LevelUSD PriceIndexLevelUSD 1 * IndexIniialMarkeCapUSD IndexAdjusedMarkeCapForLocal PriceIndex LevelLocal PriceIndexLevelLocal 1 * IndexIniialMarkeCapUSD Where: PriceIndex LevelUSD 1 is he Price Index level in USD a ime -1 IndexAdjus edmarkecapusd is he Adjused Marke Capializaion of he index in USD a ime IndexInii almarkecapusd is he Iniial Marke Capializaion of he index in USD a ime PriceIndex LevelLocal 1 is he Price Index level in local currency a ime -1 IndexAdjus edmarkecapforlocal is he Adjused Marke Capializaion of he index in USD convered using FX rae as of -1 and used for local currency index a ime Noe: IndexInii almarkeca pusd was previously called IndexUnadjusedMarkeCapPrevio ususd Index Marke Capializaion IndexAdjusedMarkeCapUSD si, EndOfDayNumberOfShares 1 * PricePerShare FXrae * InclusionFacor * PAF MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 7

8 Index Mehodology MSCI Index Calculaion Mehodology IndexAdjusedMarkeCapForLocal EndOfDayNumberOfShares ( 1 * PricePerShare FXrae * InclusionFacor * PAF ICI * ICI si, 1 1 ) IndexIniialMarkeCapUSD EndOfDayNumberOfShares 1 si, 1 * PricePerShare FXrae 1 * InclusionFacor Where: EndOfDayNu mberofshares 1 is he number of shares of securiy s a he end of day -1. PricePerSh are is he price per share of he securiy s a ime. PricePerSh are 1 is he price per share of securiy s a ime -1. InclusionF acor is he inclusion facor of he securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). PAF is he Price Adjusmen Facor of he securiy s a ime. FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. ICI is he Inernal Currency Index of price currency a ime. The ICI is differen han 1 when a counry changes he inernal value of is currency (e.g. from Turkish Lira o New Turkish Lira ICI = 1,000,000). ICI 1 is he Inernal Currency Index of price currency a ime -1. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 8

9 Index Mehodology MSCI Index Calculaion Mehodology The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. Noe: The only difference in he formulas beween USD and local currency indices calculaion is ha he same exchange rae is used in he numeraor and denominaor for local currency, which means ha here is no impac of currency change in he performance. Time varian exchange raes are used for he USD calculaion. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 9

10 Index Mehodology MSCI Index Calculaion Mehodology Example of calculaion Example of index calculaion. Day 1 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IndexAdjused MarkeCapUSD (see 1.1.1) IndexIniialMar kecapusd (see 1.1.1) IndexAdjused MarkeCapFor Local (see 1.1.1) Securiy A ,445,000 11,627,517 11,521,812 Securiy B ,224,696 2,394,737 2,244,211 Securiy C ,216,899 2,223,179 2,208,067 Securiy D ,672,000 54,121,200 54,672,000 Toal Index 70,558,595 70,366,633 70,646,090-1 daily perf PriceIndexLevelUSD (see 1.1) % PriceIndexLevelLocal (see 1.1) % Day 2 Securiy C is ex Righ issue 1 : 1300 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IndexAdjused MarkeCapUSD (see 1.1.1) IndexIniialMar kecapusd (see 1.1.1) IndexAdjused MarkeCapFor Local (see 1.1.1) Securiy A ,920,530 11,445,000 12,000,000 Securiy B ,129,310 2,224,696 2,147,826 Securiy C ,236,145 2,216,899 2,227,200 Securiy D ,701,987 54,672,000 54,060,000 Toal Index 69,987,971 70,558,595 70,435,026-1 daily perf PriceIndexLevelUSD (see 1.1) % PriceIndexLevelLocal (see 1.1) % Day 3 Securiy C has an increase of number of shares follow ing he righ issue ex on Day 2 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IndexAdjused MarkeCapUSD (see 1.1.1) IndexIniialMar kecapusd (see 1.1.1) IndexAdjused MarkeCapFor Local (see 1.1.1) Securiy A ,375,000 11,920,530 12,293,046 Securiy B ,266,667 2,129,310 2,286,207 Securiy C ,320,289 4,053,012 4,318,554 Securiy D ,264,000 53,701,987 53,904,636 Toal Index 73,225,956 71,804,839 72,802,443-1 daily perf PriceIndexLevelUSD (see 1.1) % PriceIndexLevelLocal (see 1.1) % MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 10

11 Index Mehodology MSCI Index Calculaion Mehodology 1.2. Price Index Level (Alernaive Calculaion Formula Conribuion Mehod) Anoher way o calculae he index level would be o use he iniial weigh and price reurn of he individual securiies included in he index: PriceIndexLevelUSD PriceIndexLevelLocal PriceIndexLevelUSD -1 PriceIndexLevelLocal *(1 1 si, *(1 SecuriyPr iceconribuiontoind exusd ) si, SecuriyPr iceconribuiontoind exlocal ) Securiy Conribuion o he Index SecuriyPr iceconribuiontoindexusd IniialSec uriyweigh * SecuriyDailyPriceRe urnusd SecuriyPr iceconribuiontoindexlocal IniialSec uriyweigh * SecuriyDailyPriceRe urnlocal Where: SecuriyDa ilypricere urnusd is he price reurn in USD of securiy s a ime. SecuriyDa ilypricere urnlocal is he price reurn of securiy s a ime convered using FX rae as of -1 and used for local currency calculaion a ime Today s Iniial Securiy Weigh MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 11

12 Index Mehodology MSCI Index Calculaion Mehodology IniialSec uriyweigh si, EndOfDayNumberOfShares FXrae 1 1 EndOfDayNumberOfShares ( FXrae 1 * PricePerShare 1 1 * PricePerShare * InclusionFacor 1 * InclusionFacor ) * 100 si, SecuriyIniialFullM arkecapusd * InclusionFacor (SecuriyIniialFull MarkeCapUSD * InclusionFacor ) * 100 SecuriyIniialMarkeCapUSD IndexIniialMarkeCapUSD * 100 Where: EndOfDayNu mberofshares 1 PricePerSh are 1 is he number of shares of securiy s a he end of day -1. is he price per share of securiy s a ime -1. InclusionF acor is he inclusion facor of securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 12

13 Index Mehodology MSCI Index Calculaion Mehodology Noe: The SecuriyIn iialfullm arkecapinsecuriypr icecurrency is also available in he securiy files and corresponds o he SecuriyIn iialfullm arkecapusd muliplied by he FXrae 1 The EndOfDayNu mberofshares 1 used o calculae oday s iniial weigh, available in he MSCI producs daed day, is shown as Number of Shares (Today Index) Securiy Daily Price Reurn SecuriyDa ilypricere urnusd SecuriyAd jusedmarkecapusd SecuriyIniialMarkeCapUSD 1 *100 SecuriyDa ilypricere urnlocal SecuriyAd jusedmarkecapforlocal SecuriyIniialMarkeCapUSD 1 *100 SecuriyAd jusedmarkecapforlocal EndOfDayNumberOfShares 1 * PricePerShare * InclusionFacor * PAF FXrae 1 ICI * ICI 1 SecuriyAd jusedmarkecapusd EndOfDayNumberOfShares 1 * PricePerShare FXrae * InclusionFacor * PAF SecuriyIniialMarkeCapUSD EndOfDayNumberOfShares 1 * PricePerShare FXrae 1 1 * InclusionFacor Where: SecuriyAd jusedmarkecapforlocal is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of -1 SecuriyAd jusedmarkecapusd is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of SecuriyIn iialmarkecapusd is he Iniial Marke Capializaion of securiy s in USD a ime MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 13

14 Index Mehodology MSCI Index Calculaion Mehodology EndOfDayNu mberofshares 1 PricePerSh are is he price per share of securiy s a ime. PricePerSh are 1 is he number of shares of securiy s a he end of day -1. is he price per share of securiy s a ime -1. InclusionF acor is he inclusion facor of securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). PAF is he Price Adjusmen Facor of securiy s a ime. FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. ICI is he Inernal Currency Index of price currency a ime. The ICI is differen han 1 when a counry changes he inernal value of is currency (e.g. from Turkish Lira o New Turkish Lira ICI = 1,000,000). ICI 1 is he Inernal Currency Index of price currency a ime -1. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 14

15 Index Mehodology MSCI Index Calculaion Mehodology Example of calculaion using conribuion Day 1 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IniialSecuri yweigh (see 1.2.2) SecuriyDaily Price_Reurn USD (see 1.2.3) SecuriyPrice conribuionto IndexUSD (see 1.2.1) SecuriyDaily Price_Reurn Local (see 1.2.3) SecuriyPrice conribuionto IndexLocal (see 1.2.1) Securiy A % -1.57% -0.26% -0.91% -0.15% Securiy B % -7.10% -0.24% -6.29% -0.21% Securiy C % -0.28% -0.01% -0.68% -0.02% Securiy D % 1.02% 0.78% 1.02% 0.78% Toal Index % 0.27% 0.40% -1 daily perf PriceIndexLevelUSD (see 1.2) % PriceIndexLevelLocal (see 1.2) % Day 2 Securiy C is ex Righ issue 1 : 1300 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IniialSecuri yweigh (see 1.2.2) SecuriyDaily Price_Reurn USD (see 1.2.3) SecuriyPrice conribuionto IndexUSD (see 1.2.1) SecuriyDaily Price_Reurn Local (see 1.2.3) SecuriyPrice conribuionto IndexLocal (see 1.2.1) Securiy A % 4.15% 0.67% 4.85% 0.79% Securiy B % -4.29% -0.14% -3.46% -0.11% Securiy C % 0.87% 0.03% 0.46% 0.01% Securiy D % -1.77% -1.37% -1.12% -0.87% Toal Index % -0.81% -0.18% -1 daily perf PriceIndexLevelUSD (see 1.2) % PriceIndexLevelLocal (see 1.2) % Day 3 Securiy C has an increase of number of shares follow ing he righ issue ex on Day 2 NumberOf Shares - 1 PricePer Share PricePer Share -1 Inclusion Facor PAF FXrae FXrae -1 IniialSecuri yweigh (see 1.2.2) SecuriyDaily Price_Reurn USD (see 1.2.3) SecuriyPrice conribuionto IndexUSD (see 1.2.1) SecuriyDaily Price_Reurn Local (see 1.2.3) SecuriyPrice conribuionto IndexLocal (see 1.2.1) Securiy A % 3.81% 0.63% 3.13% 0.52% Securiy B % 6.45% 0.19% 7.37% 0.22% Securiy C % 6.59% 0.37% 6.55% 0.37% Securiy D % 1.05% 0.78% 0.38% 0.28% Toal Index % 1.98% 1.39% -1 daily perf PriceIndexLevelUSD (see 1.2) % PriceIndexLevelLocal (see 1.2) % MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 15

16 Index Mehodology MSCI Index Calculaion Mehodology 1.3. Nex Day Iniial Securiy Weigh IniialSec uriyweigh 1 si, 1 EndOfDayNumberOfShares * PricePerShare * InclusionFacor FXrae EndOfDayNumberOfShares * PricePerShare ( * InclusionFacor FXrae 1 1 * 100 ) si, 1 SecuriyIniialFullM arkecapusd 1 (SecuriyIniialFull MarkeCapUSD * InclusionFacor 1 1 * InclusionFacor 1 * 100 ) SecuriyIniialMarkeCapUSD IndexIniialMarkeCapUSD 1 1 * 100 Where: EndOfDayNu mberofshares is he number of shares of securiy s a he end of day. PricePerSh are is he price per share of he securiy s a ime. InclusionF acor is he inclusion facor of he securiy s a ime +1. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). 1 FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 16

17 Index Mehodology MSCI Index Calculaion Mehodology Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The lis of index consiuens as of ime +1 is considered in he calculaion. Noes: The SecuriyIn iialfullm arkecapinsecuriypr icecurrency 1 is also available in he securiy files and corresponds o he SecuriyIn iialfullm arkecapusd 1 muliplied by he FXrae The EndOfDayNu mberofshares used o calculae nex day s iniial weigh, available in he MSCI producs daed day, is shown as Number of Shares (Nex Day Index) Closing Index Marke Capializaion Today USD (Unadjused Marke Cap Today USD) The value of he index marke capializaion as of he close of a day is calculaed as follows: IndexClosingMarkeCapUSD si, ClosingNumberOfShares * PricePerShare * InclusionFacor FXrae Where ClosingNum berofshares is he number of shares of securiy s a he close of. PricePerSh are is he securiy price per share of securiy s a ime. InclusionF acor is he inclusion facor of he securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 17

18 Index Mehodology MSCI Index Calculaion Mehodology The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The lis of index consiuens as of ime should be considered in he calculaion. Effecively his figure represens he shares a he close on, and does no include any of he effecs of corporae acions due a he open of he marke he nex day. The closing marke capializaion uses oday s price,, as i represens he marke capializaion a he close of he calculaion day Securiy Index Of Price In Local The securiy Index of Price is disribued in MSCI daily and monhly securiy producs [I represens he price reurn from period o period by uilizing he concep of an index of performance wih an arbirary base value. The index of price is fully adjused for capial changes and is expressed in local currency. SecuriyAd jusedmarkecapforlocal SecuriyPr iceindexlevel SecuriyPr iceindexlevel 1 * SecuriyIniialMarkeCapUSD SecuriyAd jusedmarkecapforlocal EndOfDayNumberOfShares 1 * PricePerShare * InclusionFacor * PAF FXrae 1 ICI * ICI 1 SecuriyIniialMarkeCapUSD EndOfDayNumberOfShares Where: 1 * PricePerShare FXrae 1 1 * InclusionFacor SecuriyPr iceindexlevel 1 is Securiy Price Index level a ime -1 SecuriyAd jusedmarkecapforlocal is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of -1 MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 18

19 Index Mehodology MSCI Index Calculaion Mehodology SecuriyIniialMarkeCapUSD is he Iniial Marke Capializaion of securiy s in USD a ime EndOfDayNu mberofshares is he number of shares of securiy s a he end of day PricePerShare 1 is he price per share of securiy s a ime. PricePerSh are is he price per share of securiy s a ime -1. InclusionFacor is he inclusion facor of securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). PAF is he Price Adjusmen Facor of securiy s a ime. FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. ICI is he Inernal Currency Index of price currency a ime. The ICI is differen han 1 when a counry changes he inernal value of is currency (e.g. from Turkish Lira o New Turkish Lira ICI = 1,000,000). ICI 1 is he Inernal Currency Index of price currency a ime -1. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology Noe on Index Calculaion In Local Currency The MSCI Counry and Regional Indices are calculaed in local currency as well as in USD. The concep of a local currency calculaion excludes he impac of currency flucuaions. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 19

20 Index Mehodology MSCI Index Calculaion Mehodology Noe ha for a counry index, he local currency index will no be he same as an index calculaed wih he official currency of ha counry, if here is more han one currency of lising. All currencies of lising are considered in he index calculaion in local currency where curren prices and previous day prices -1 are convered ino USD using he same exchange rae (exchange rae -1 ) in he numeraor and denominaor. As a consequence, he FX facor drops ou of he equaion. The USD calculaion includes exchange raes a and -1. Therefore, he local currency calculaion only represens he price appreciaion or depreciaion of he securiies, whereas he USD calculaion also accouns for he performance of he currency (or currencies) relaive o he USD Conversion of Indices Ino Anoher Currency An index can be calculaed ino any currency by convering he index in USD ino he seleced currency using he formula below. If he base dae of he index is prior o he sar dae of he currency, he indices should be rebased and convered using he following formula: IndexLevelinCurrency 100* IndexLevelinUSD IndexLevelinUSD currency_ base_ dae FXrae * FXrae currency_ base_ dae Noe ha 100 in he formula is he base value. This base value can be differen han 100 (e.g depending on he indices). If he base dae of he index is equal or poserior o he sar dae of he currency, he indices should be convered only, using he following formula: IndexLevelinCurrency FXrae IndexLevelinUSD * FXrae index_ base_ dae Example: Calculaion of he The World Index in EUR as of Ocober 20, 1999: Noe ha he sar dae of EUR is 31-Dec-1998 The World Index in USD as of 31-Dec-98 = 1, The World Index as of 20- Oc- 99 = 1, MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 20

21 Index Mehodology MSCI Index Calculaion Mehodology FxRae EUR vs USD as of 31-Dec- 98 = FxRae EUR vs USD as of 20-Oc-99 = WorldIndexinEUR 10/20/99 WorldIndexinUSD 100* WorldIndexinUSD 10/20/99 31/12/98 * EURvsUSDRae EURvsUSDRae 10/20/99 12/31/ * * MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 21

22 Index Mehodology MSCI Index Calculaion Mehodology 2. Secion 2: MSCI Daily Toal Reurn (DTR) Index Mehodology Toal reurn indices measure he marke performance, including price performance and income from regular cash disribuions (cash dividend paymens or capial repaymens). Regular cash disribuions paid ou of share capial or capial conribuion reserves are reaed in he same manner as regular cash dividends paid ou of reained earnings. This income is reinvesed in he index and hus makes up par of he oal index performance. MSCI s Daily Toal Reurn (DTR) mehodology reinvess regular cash disribuions in indices on he exdae of such disribuions.. I applies o all index families. Regular cash disribuions are no considered in price indices, excep for special dividends and capial repaymens deemed exraordinary in cerain circumsances described below. The sandard Daily Toal Reurn (DTR) Indices are calculaed and disribued on a daily basis. The indices are available in USD and local currency (no currency impac), wih gross and ne oal reurn Calculaion Mehodology DTRIndexLevelUSD DTRIndexLevelUSD 1 (IndexAdjusedMarkeCapUSD IndexDividendImpacUSD * IndexIniialMarkeCapUSD ) DTRIndexLevelLocal DTRIndexLevelLocal 1 (IndexAdjusedMarkeCapForLocal IndexDividendImpacForLocal * IndexIniialMarkeCapUSD ) Where: DTRIndexLevelUSD 1 is he Daily Toal Reurn index level in USD a ime -1 IndexDivid endimpacusd is he gross or ne amoun of dividends in USD o be reinvesed in he index in USD a ime IndexDivid endimpacforlocal is he gross or ne amoun of dividend in USD convered using FX rae as of -1 o be reinvesed in he local currency index a ime DTRIndexLevelLocal 1 he Daily Toal Reurn index level in local currency a ime -1 MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 22

23 Index Mehodology MSCI Index Calculaion Mehodology Dividend Impac IndexDividendImpacUSD si, EndOfDayNumberOfShares exdae1 * DividendPerShare * InclusionFacor FXrae IndexDividendImpacForLocal EndOfDayNumberOfShares ( exdae1 si, 1 * DividendPerShare * InclusionFacor ICI * Fxrae ICI 1 ) Where: EndOfDayNu mberofshares ex is he number of shares of he securiy s a he end of he dividend ex-dae-1. dae1 DividendPe rshare is he gross or ne dividend per share expressed in he same currency uni as he price per share of he securiy s o be reinvesed a ime DTR Index Level from Securiy Informaion (Securiy DTR) Anoher way o calculae a DTR index would be o use he securiy iniial weigh and securiy oal reurn: DTRIndexLevelUSD DTRIndexLevelLocal DTRIndexLevelUSD 1 * (1 SecuriyToalReurnConribuionToIndexUSD ) si, DTRIndexLevelLocal 1 * (1 SecuriyToalReurnConribuionToIndexLocal ) si, Securiy Conribuion o he Index Calculaion Formulas: SecuriyTo alreurnconribuiontoindexusd IniialSec uriyweigh * SecuriyDailyToalRe urnusd SecuriyTo alreurnconribuiontoindexlocal IniialSec uriyweigh * SecuriyDailyToalRe urnlocal MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 23

24 Index Mehodology MSCI Index Calculaion Mehodology Where: SecuriyDa ilytoalre urnusd is he gross or ne reurn in USD of securiy s a ime. SecuriyDa ilytoalre urnlocal is he gross or ne reurn of securiy s a ime convered using he FX rae as of -1 and used for local currency calculaion a ime Securiy Daily Toal Reurn Securiy Daily Gross Reurn SecuriyDailyGrossReurnUSD (SecuriyAdjusedMarkeCapUSD SecuriyGrossDividendImpacUSD SecuriyIniialMarkeCapUSD ) 1 * 100 SecuriyDailyGrossReurnLocal (SecuriyAdjusedMarkeCapForLocal SecuriyGrossDividendImpacForLocal SecuriyIniialMarkeCapUSD ) 1 * 100 Where SecuriyGrossDividendImpacUSD EndOfDayNumberOfShares exdae1 * GrossDividendPerShare FXrae * InclusionFacor SecuriyGrossDividendImpacForLocal EndOfDayNumberOfShares exdae1 * GrossDividendPerShare * InclusionFacor FXrae 1 * ICI ICI 1 Where SecuriyAd jusedmarkecapforlocal is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of -1 SecuriyAd jusedmarkecapusd is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 24

25 Index Mehodology MSCI Index Calculaion Mehodology SecuriyIn iialmarkecapusd is he Iniial Marke Capializaion of securiy s in USD a ime InclusionF acor is he inclusion facor of he securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. EndOfDayNu mberofshares ex is he number of shares of securiy s a he end of he dividend ex-dae-1. dae1 GrossDivid endpershare is he gross dividend per share expressed in he same currency uni as he price per share of he securiy s o be reinvesed a ime. ICI is he Inernal Currency Index of price currency a ime. The ICI is differen han 1 when a counry changes he inernal value of is currency (e.g. from Turkish Lira o New Turkish Lira ICI = 1,000,000). ICI 1 is he Inernal Currency Index of price currency a ime -1. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology Securiy Daily Ne Reurn MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 25

26 Index Mehodology MSCI Index Calculaion Mehodology SecuriyDailyNeReu rnusd (SecuriyAdjusedMarkeCapUSD SecuriyNeDividendImpacUSD SecuriyIniialMarkeCapUSD ) 1 * 100 SecuriyDailyNeReu rnlocal (SecuriyAdjusedMarkeCapForLocal SecuriyNeDividendImpacForLocal SecuriyIniialMarkeCapUSD ) 1 * 100 Where SecuriyNeDividendImpacUSD EndOfDayNumberOfShares exdae1 * NeDividendPerShare FXrae * InclusionFacor SecuriyNeDividendImpacForLocal EndOfDayNumberOfShares exdae1 * NeDividendPerShare * InclusionFacor ICI * FXrae ICI 1 1 Where SecuriyAd jusedmarkecapforlocal is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of -1 SecuriyAd jusedmarkecapusd is he Adjused Marke Capializaion of securiy s in USD convered using FX rae as of SecuriyIn iialmarkecapusd is he Iniial Marke Capializaion of securiy s in USD a ime InclusionF acor is he inclusion facor of he securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). FXrae is he FX rae of he price currency of securiy s vs USD a ime. I is he value of 1 USD in foreign currency. 1 FXrae is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 26

27 Index Mehodology MSCI Index Calculaion Mehodology EndOfDayNu mberofshares ex is he number of shares of he securiy s a he end of dividend ex-dae-1. dae1 NeDividen dpershare is he ne dividend per share expressed in he same currency uni as he price per share of he securiy s o be reinvesed a ime. ICI is he Inernal Currency Index of price currency a ime. The ICI is differen han 1 when a counry changes he inernal value of is currency (e.g. from Turkish Lira o New Turkish Lira ICI = 1,000,000). ICI 1 is he Inernal Currency Index of price currency a ime -1. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM Counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology Iniial Securiy Weigh MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 27

28 Index Mehodology MSCI Index Calculaion Mehodology IniialSec uriyweigh si, EndOfDayNumberOfShares FXrae 1 1 EndOfDayNumberOfShares ( FXrae 1 * PricePerShare 1 1 * PricePerShare * InclusionFacor 1 * InclusionFacor ) * 100 si, SecuriyIniialFullM arkecapusd * InclusionFacor (SecuriyIniialFull MarkeCapUSD * InclusionFacor ) * 100 SecuriyIniialMarkeCapUSD IndexIniialMarkeCapUSD * 100 Where: EndOfDayNu mberofshares 1 PricePerSh are 1 is he number of shares of securiy s a he end of day -1. is he price per share of securiy s a ime -1. InclusionF acor is he inclusion facor of securiy s a ime. The inclusion facor can be one or he combinaion of he following facors: Foreign Inclusion Facor, Domesic Inclusion Facor, Growh Inclusion Facor, Value Inclusion Facor, Index Inclusion Facor (*). FXrae 1 is he FX rae of he price currency of securiy s vs USD a ime -1. I is he value of 1 USD in foreign currency. (*) From June o May , o calculae he sandard or small cap index marke capializaion (excep for FM counries and China A), he securiy marke cap should be muliplied by he Sandard or Small Cap Index Inclusion Facor. From Sepember o November , o calculae he China A and relaed indices markes capializaion, he China A securiies marke cap should be muliplied by he Sandard Index Inclusion Facor. The Sandard Index Inclusion Facor is solely used for he compuaion of he MSCI Sandard Indices, and no for he Large Cap, Mid Cap and Provisional Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. The Small Cap Index Inclusion Facor is no used for he compuaion of he MSCI Emerging Markes and AC Small Cap Indices, MSCI Small Cap Value and Growh, MSCI Provisional Small Cap and MSCI Small Cap Secors Indices, as hese are all consruced using he Global Invesable Marke Indices mehodology and were no subjec o he ransiion mehodology. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 28

29 Index Mehodology MSCI Index Calculaion Mehodology Currency For index calculaions, all dividends are convered ino USD a he spo rae of he ex dae Number Of Shares And Index Weighing Facor A dividend amoun is expressed per share eniled o he dividend. Since he day before he ex-dae is he las day on which he share is eniled o he dividend, he oal dividend per securiy reinvesed ino an index is equal o he number of shares a he end of he ex-dae-1 muliplied by he dividend per share. In addiion, he weighing facor of he securiy in he index is applied o he oal dividend amoun o be reinvesed. This may be he Domesic Inclusion Facor (DIF), he Foreign Inclusion Facor (FIF), he Value Inclusion Facor (VIF), he Growh Inclusion Facor (GIF) or any inclusion facor considered in he price index calculaion Reinvesmen Mehodology Gross Daily Toal Reurn This series approximaes he maximum possible reinvesmen of regular cash disribuions (dividends or capial repaymens). The amoun reinvesed is he cash disribued o individuals residen in he counry of he company, bu does no include ax credis. Ne Daily Toal Reurn This series approximaes he minimum possible reinvesmen of regular cash disribuions. Provided ha he regular capial repaymen is no subjec o wihholding ax, he reinvesmen in he Ne Daily Toal Reurn is free of wihholding ax. Effecive December 1, 2009, he regular cash dividend is reinvesed afer deducion of wihholding ax by applying he maximum rae of he company s counry of incorporaion applicable o insiuional invesors. MSCI uses differen wihholding ax depending if he indices are inernaional or domesic: Inernaional indices: he maximum rae applicable o non-residen insiuional invesors who do no benefi from double axaion reaies. Domesic indices: he maximum rae applicable o residen insiuional invesors For more informaion on how axes are applicable o dividends, please refer o he Appendix for deails abou he wihholding ax raes for he various counries. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 29

30 Index Mehodology MSCI Index Calculaion Mehodology Timing of reinvesmen The amoun of an announced regular cash disribuion is reinvesed on he ex-dae of such disribuion on is principal exchange. For securiies rading on more han one exchange, MSCI uses he ex-dae a he exchange from which MSCI sources he securiy s price. If a securiy does no rade on he ex-dae or on he scheduled reinvesmen dae of he regular cash disribuion, he reinvesmen is posponed o he day when he securiy resumes rading. The scheduled reinvesmen dae of a dividend can be a dae laer han he dividend ex-dae in cases including, bu no limied o a lae dividend or a dividend correcion Reinvesmen Rules There are wo principal guidelines in accouning for dividends in MSCI s DTR Indices: A recurring cash disribuion in he form of dividend or capial repaymen - will be reinvesed among all he consiuens in an index. I is no considered in price indices A dividend ha is unusually large, i.e. a leas 5% of he securiy cum price, or oherwise unlikely o recur on a regular basis or any dividend ha is paid for wih exraordinary profis is handled by applying a price adjusmen facor and is hence aken ino accoun in price indices as well as DTR Indices. Capial repaymens deemed o be exraordinary are handled by applying a price adjusmen facor and are, herefore, considered in price indices similarly o special dividend. These guidelines are discussed in greaer deail below Dividends Resuling in a Reinvesmen Only The following cash disribuions are reinvesed in he DTR Index: Regular Cash Dividend A regular cash dividend is a disribuion of cash made by a company o is shareholders and is usually paid ou from operaing profis or reained earnings. Regular Capial Repaymen A capial repaymen or reurn of capial is characerized by a cash disribuion from he company s share capial or addiional paid-in capial (capial conribuion reserve) o is shareholders. A capial repaymen is considered as regular if he cash disribuion is in lieu of a regular cash dividend, or is in line wih he dividends policy of he company or wih he hisorical cash disribuions. Provided ha he capial repaymen is no subjec o wihholding ax, he reinvesmen in he DTR Indices is free of wihholding ax. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 30

31 Index Mehodology MSCI Index Calculaion Mehodology Opional Dividend In he case of an opional dividend, he company offers shareholders he choice of receiving he dividend eiher in cash or in shares. However, shareholders elecing he cash opion may receive he dividend consideraion in cash or shares, or some combinaion of cash and shares. These dividends are a common pracice in he U.S. For dividend reinvesmen purposes, MSCI assumes ha invesors elec he cash opion, herefore he dividend is reinvesed in he MSCI DTR Indices and price adjusmen is no necessary (if he dividend is less han 5% of he cum marke price of he underlying securiy). In he even ha shareholders elecing he cash opion receive he dividend disribuion in shares, or a combinaion of cash and shares, MSCI will increase he number of shares accordingly afer resuls have been officially communicaed, wih wo full business days noice. In oher counries, companies may exend shareholders he choice o paricipae in cerain programs (including, bu no limied o Dividend Reinvesmen Plans and Bonus Buyback programs). In hese cases, MSCI will assume invesors choose he defaul disribuion. If no defaul disribuion is available, MSCI will assume invesors elec he cash opion. If some shareholders choose o ake he sock opion, when i is confirmed, he number of shares will be increased accordingly a he nex regularly scheduled Index Review. Ineres on Capial The ineres on capial dividend is a cash paymen o shareholders accouned for as a pre-ax ineres expense by he company. The balance shee and he book value do no change. Ineress on capial are common in Brazil Dividends Resuling in a Reinvesmen or in a Price Adjusmen The dividends below are reinvesed in he DTR index if, a day prior o he ex-dae, he dividend impac on he price is less han 5%. However, if he impac is a leas 5%, he dividend will be refleced in he index hrough a price adjusmen. Special/Exra Dividend The company declares he dividend as special or exraordinary. I is usually funded by a special even or from exraordinary profis. MSCI may consider irregular and unusually large dividends as special even if hey are no declared as such by he company. Special cash dividends ha are greaer han or equal o 5% of he marke price of he underlying securiy are refleced in he MSCI Indices hrough an adjusmen on heir ex-dae. A Price Adjusmen Facor (PAF) using he gross dividend amoun is applied for he MSCI Price Indices, he MSCI Gross DTR Indices and he MSCI Ne DTR Indices. For special cash dividends subjec o wihholding axes as defined in Secion , MSCI reinvess a negaive amoun corresponding o he wihholding ax in he MSCI Ne DTR Indices only. This negaive reinvesmen is refleced simulaneously wih he PAF on he ex-dae of he special cash dividend. MSCI Daa Operaions & Technology 2012 MSCI Inc. All righs reserved. Please refer o he disclaimer a he end of his documen 31

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

Markit Excess Return Credit Indices Guide for price based indices

Markit Excess Return Credit Indices Guide for price based indices Marki Excess Reurn Credi Indices Guide for price based indices Sepember 2011 Marki Excess Reurn Credi Indices Guide for price based indices Conens Inroducion...3 Index Calculaion Mehodology...4 Semi-annual

More information

CALCULATION OF OMX TALLINN

CALCULATION OF OMX TALLINN CALCULATION OF OMX TALLINN CALCULATION OF OMX TALLINN 1. OMX Tallinn index...3 2. Terms in use...3 3. Comuaion rules of OMX Tallinn...3 3.1. Oening, real-ime and closing value of he Index...3 3.2. Index

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

I. Basic Concepts (Ch. 1-4)

I. Basic Concepts (Ch. 1-4) (Ch. 1-4) A. Real vs. Financial Asses (Ch 1.2) Real asses (buildings, machinery, ec.) appear on he asse side of he balance shee. Financial asses (bonds, socks) appear on boh sides of he balance shee. Creaing

More information

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook Nikkei Sock Average Volailiy Index Real-ime Version Index Guidebook Nikkei Inc. Wih he modificaion of he mehodology of he Nikkei Sock Average Volailiy Index as Nikkei Inc. (Nikkei) sars calculaing and

More information

Methodology brief Introducing the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global)

Methodology brief Introducing the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) Mehodology brief Emerging Markes Bond Index The EMBI Global, which currenly includes 27 counries, has been creaed in response o invesor demand for a broader emerging markes deb benchmark The EMBI Global

More information

CBOE VIX PREMIUM STRATEGY INDEX (VPD SM ) CAPPED VIX PREMIUM STRATEGY INDEX (VPN SM )

CBOE VIX PREMIUM STRATEGY INDEX (VPD SM ) CAPPED VIX PREMIUM STRATEGY INDEX (VPN SM ) CBOE VIX PREIU STRATEGY INDEX (VPD S ) CAPPED VIX PREIU STRATEGY INDEX (VPN S ) The seady growh of CBOE s volailiy complex provides a unique opporuniy for invesors inen on capuring he volailiy premium.

More information

SHB Gas Oil. Index Rules v1.3 Version as of 1 January 2013

SHB Gas Oil. Index Rules v1.3 Version as of 1 January 2013 SHB Gas Oil Index Rules v1.3 Version as of 1 January 2013 1. Index Descripions The SHB Gasoil index (he Index ) measures he reurn from changes in he price of fuures conracs, which are rolled on a regular

More information

INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES

INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES INTEREST RATE FUTURES AND THEIR OPTIONS: SOME PRICING APPROACHES OPENGAMMA QUANTITATIVE RESEARCH Absrac. Exchange-raded ineres rae fuures and heir opions are described. The fuure opions include hose paying

More information

GUIDE GOVERNING SMI RISK CONTROL INDICES

GUIDE GOVERNING SMI RISK CONTROL INDICES GUIDE GOVERNING SMI RISK CONTROL IND ICES SIX Swiss Exchange Ld 04/2012 i C O N T E N T S 1. Index srucure... 1 1.1 Concep... 1 1.2 General principles... 1 1.3 Index Commission... 1 1.4 Review of index

More information

Present Value Methodology

Present Value Methodology Presen Value Mehodology Econ 422 Invesmen, Capial & Finance Universiy of Washingon Eric Zivo Las updaed: April 11, 2010 Presen Value Concep Wealh in Fisher Model: W = Y 0 + Y 1 /(1+r) The consumer/producer

More information

S&P/Valmer Indices Methodology

S&P/Valmer Indices Methodology S&P/Valmer Indices Mehodology S&P Dow Jones Indices: Mehodology January 2016 Table of Conens Inroducion 4 Families 4 Eligibiliy Crieria 6 Eligible Securiies 6 Pricing 7 Timing of Changes 7 Sub- Rules 8

More information

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years.

What is a swap? A swap is a contract between two counter-parties who agree to exchange a stream of payments over an agreed period of several years. Currency swaps Wha is a swap? A swap is a conrac beween wo couner-paries who agree o exchange a sream of paymens over an agreed period of several years. Types of swap equiy swaps (or equiy-index-linked

More information

MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices

MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices MSCI Hedged Indices MSCI FX Hedge Indices MSCI Global Currency Indices Conens Conens... 2 Inroducion... 4 Secion 1: Common Principles in he Calculaion of MSCI Hedged, MSCI FX Hedge and MSCI Global Currency

More information

SEB Commodity Sector Index Series. Index Rules January 2014

SEB Commodity Sector Index Series. Index Rules January 2014 EB Commodiy ecor ndex eries ndex Rules January 2014 PART A 1. nroducion 1.1 ndex Descripion The EB Commodiy ecor ndex eries (The ndices ) is a family of benchmark indices ha covers all he major commodiy

More information

Return Calculation of U.S. Treasury Constant Maturity Indices

Return Calculation of U.S. Treasury Constant Maturity Indices Reurn Calculaion of US Treasur Consan Mauri Indices Morningsar Mehodolog Paper Sepeber 30 008 008 Morningsar Inc All righs reserved The inforaion in his docuen is he proper of Morningsar Inc Reproducion

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

NASDAQ-100 Futures Index SM Methodology

NASDAQ-100 Futures Index SM Methodology NASDAQ-100 Fuures Index SM Mehodology Index Descripion The NASDAQ-100 Fuures Index (The Fuures Index ) is designed o rack he performance of a hypoheical porfolio holding he CME NASDAQ-100 E-mini Index

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

Equities: Positions and Portfolio Returns

Equities: Positions and Portfolio Returns Foundaions of Finance: Equiies: osiions and orfolio Reurns rof. Alex Shapiro Lecure oes 4b Equiies: osiions and orfolio Reurns I. Readings and Suggesed racice roblems II. Sock Transacions Involving Credi

More information

Index Methodology - Equities. 18 December 2015

Index Methodology - Equities. 18 December 2015 Index Mehodology - Equiies 18 December 2015 Table of conens INTRODUCTION... 4 1.1 BACKGROUND... 4 1.2 THE INDEX FAMILY... 4 1.3 INFORMATION POLICY AND INDEX GOVERNANCE... 4 1.3.1 Producs Team... 5 1.3.2

More information

If You Are No Longer Able to Work

If You Are No Longer Able to Work If You Are No Longer Able o Work NY STRS A Guide for Making Disabiliy Reiremen Decisions INTRODUCTION If you re forced o sop working because of a serious illness or injury, you and your family will be

More information

1. Fund types and population covered

1. Fund types and population covered Performance and financial overview of invesmen funds - France 1 March 016 The Banque de France draws up he following informaion for invesmen funds: 1 monhly saisics on fund ousandings and flows, and on

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

FORWARD AND FUTURES CONTRACTS

FORWARD AND FUTURES CONTRACTS Page1 C H A P T E R 2 FORWARD AND FUTURES CONTRACTS 2.1 INTRODUCTION The main purpose of forward and fuures conracs is he managemen of risk. The exposure o risk as a resul of ransacing in he spo marke

More information

Description of the CBOE S&P 500 BuyWrite Index (BXM SM )

Description of the CBOE S&P 500 BuyWrite Index (BXM SM ) Descripion of he CBOE S&P 500 BuyWrie Index (BXM SM ) Inroducion. The CBOE S&P 500 BuyWrie Index (BXM) is a benchmark index designed o rack he performance of a hypoheical buy-wrie sraegy on he S&P 500

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

Diagnostic Examination

Diagnostic Examination Diagnosic Examinaion TOPIC XV: ENGINEERING ECONOMICS TIME LIMIT: 45 MINUTES 1. Approximaely how many years will i ake o double an invesmen a a 6% effecive annual rae? (A) 10 yr (B) 12 yr (C) 15 yr (D)

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01

BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015. All officiell statistik finns på: www.scb.se Statistikservice: tfn 08-506 948 01 RKET BALANCE OF PAYMENTS AND FINANCIAL MA REPORT 2015 All officiell saisik finns på: www.scb.se Saisikservice: fn 08-506 948 01 All official saisics can be found a: www.scb.se Saisics service, phone +46

More information

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

YTM is positively related to default risk. YTM is positively related to liquidity risk. YTM is negatively related to special tax treatment.

YTM is positively related to default risk. YTM is positively related to liquidity risk. YTM is negatively related to special tax treatment. . Two quesions for oday. A. Why do bonds wih he same ime o mauriy have differen YTM s? B. Why do bonds wih differen imes o mauriy have differen YTM s? 2. To answer he firs quesion les look a he risk srucure

More information

INDEX RULE BOOK Leverage, Short, and Bear Indices

INDEX RULE BOOK Leverage, Short, and Bear Indices INDEX RULE BOOK Leverage, Shor, and Bear Indices Version 14-01 Effecive from 1 June 2014 indices.euronex.com Index 1. Index Summary 1 2. Governance and Disclaimer 6 2.1 Indices 6 2.2 Compiler 6 2.3 Cases

More information

Table of contents Chapter 1 Interest rates and factors Chapter 2 Level annuities Chapter 3 Varying annuities

Table of contents Chapter 1 Interest rates and factors Chapter 2 Level annuities Chapter 3 Varying annuities Table of conens Chaper 1 Ineres raes and facors 1 1.1 Ineres 2 1.2 Simple ineres 4 1.3 Compound ineres 6 1.4 Accumulaed value 10 1.5 Presen value 11 1.6 Rae of discoun 13 1.7 Consan force of ineres 17

More information

Impact of scripless trading on business practices of Sub-brokers.

Impact of scripless trading on business practices of Sub-brokers. Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound,

More information

THOMSON REUTERS CONVERTIBLE INDICES

THOMSON REUTERS CONVERTIBLE INDICES REUTERS/Russell Boyce THOMSON REUTERS CONVERTIBLE INDICES Revision 5 Final 25 November 2015 METHODOLOGY Conens 1. OVERVIEW 1 1.1 Index Governance 1 1.2 Marke Feedback 2 1.2.1. User Base 3 1.2.2. Index

More information

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE:

LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: LECTURE: SOCIAL SECURITY HILARY HOYNES UC DAVIS EC230 OUTLINE OF LECTURE: 1. Inroducion and definiions 2. Insiuional Deails in Social Securiy 3. Social Securiy and Redisribuion 4. Jusificaion for Governmen

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012 Norhfield Asia Research Seminar Hong Kong, November 19, 2013 Esimaing Time-Varying Equiy Risk Premium The Japanese Sock Marke 1980-2012 Ibboson Associaes Japan Presiden Kasunari Yamaguchi, PhD/CFA/CMA

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

THE LAW SOCIETY OF THE AUSTRALIAN CAPITAL TERRITORY

THE LAW SOCIETY OF THE AUSTRALIAN CAPITAL TERRITORY Complee he form in BLOCK LETTERS Provide deails on separae shees if required To Responden Address THE LAW SOCIETY OF THE AUSTRALIAN CAPITAL TERRITORY Personal Injury Claim ificaion pursuan o he Civil Law

More information

Market Efficiency or Not? The Behaviour of China s Stock Prices in Response to the Announcement of Bonus Issues

Market Efficiency or Not? The Behaviour of China s Stock Prices in Response to the Announcement of Bonus Issues Discussion Paper No. 0120 Marke Efficiency or No? The Behaviour of China s Sock Prices in Response o he Announcemen of Bonus Issues Michelle L. Barnes and Shiguang Ma May 2001 Adelaide Universiy SA 5005,

More information

Hedging with Forwards and Futures

Hedging with Forwards and Futures Hedging wih orwards and uures Hedging in mos cases is sraighforward. You plan o buy 10,000 barrels of oil in six monhs and you wish o eliminae he price risk. If you ake he buy-side of a forward/fuures

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

Fifth Quantitative Impact Study of Solvency II (QIS 5) National guidance on valuation of technical provisions for German SLT health insurance

Fifth Quantitative Impact Study of Solvency II (QIS 5) National guidance on valuation of technical provisions for German SLT health insurance Fifh Quaniaive Impac Sudy of Solvency II (QIS 5) Naional guidance on valuaion of echnical provisions for German SLT healh insurance Conens 1 Inroducion... 2 2 Calculaion of bes-esimae provisions... 3 2.1

More information

THE SUPPLY OF STOCK MARKET RETURNS. Roger G. Ibbotson Yale University. Peng Chen Ibbotson Associates, Inc.

THE SUPPLY OF STOCK MARKET RETURNS. Roger G. Ibbotson Yale University. Peng Chen Ibbotson Associates, Inc. THE SUPPLY OF STOCK MARKET RETURNS Roger G. Ibboson Yale Universiy Peng Chen Ibboson Associaes, Inc. June 2001 The Supply of Sock Marke Reurns Roger G. Ibboson, Ph.D. Professor in he Pracice of Finance

More information

Foreign Exchange and Quantos

Foreign Exchange and Quantos IEOR E4707: Financial Engineering: Coninuous-Time Models Fall 2010 c 2010 by Marin Haugh Foreign Exchange and Quanos These noes consider foreign exchange markes and he pricing of derivaive securiies in

More information

Two Essays on Corporate Income Taxes and Organizational Forms in the United States

Two Essays on Corporate Income Taxes and Organizational Forms in the United States Two Essays on Corporae Income Taxes and Organizaional Forms in he Unied Saes A Disseraion Presened o The Academic Faculy By Zhenhua Hu In Parial Fulfillmen Of he Requiremens for he Degree Docor of Philosophy

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Why Do Real and Nominal. Inventory-Sales Ratios Have Different Trends?

Why Do Real and Nominal. Inventory-Sales Ratios Have Different Trends? Why Do Real and Nominal Invenory-Sales Raios Have Differen Trends? By Valerie A. Ramey Professor of Economics Deparmen of Economics Universiy of California, San Diego and Research Associae Naional Bureau

More information

Inflation Accounting. Advanced Financial Accounting

Inflation Accounting. Advanced Financial Accounting Inflaion Accouning Advanced Financial Accouning Inflaion: Definiions Decrease in purchasing power of money due o an increase in he general price level A process of seadily rising prices resuling in diminishing

More information

Supplementary Appendix for Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?

Supplementary Appendix for Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking? Supplemenary Appendix for Depression Babies: Do Macroeconomic Experiences Affec Risk-Taking? Ulrike Malmendier UC Berkeley and NBER Sefan Nagel Sanford Universiy and NBER Sepember 2009 A. Deails on SCF

More information

Graphing the Von Bertalanffy Growth Equation

Graphing the Von Bertalanffy Growth Equation file: d:\b173-2013\von_beralanffy.wpd dae: Sepember 23, 2013 Inroducion Graphing he Von Beralanffy Growh Equaion Previously, we calculaed regressions of TL on SL for fish size daa and ploed he daa and

More information

Yale ICF Working Paper No. 00-44 March 2002

Yale ICF Working Paper No. 00-44 March 2002 Yale ICF Working Paper No. 00-44 March 2002 STOCK MARKET RETURNS IN THE LONG RUN: PARTICIPATING IN THE REAL ECONOMY Roger G. Ibboson Yale School of Managemen Peng Chen Ibboson Associaes, Inc. This paper

More information

Technical Description of S&P 500 Buy-Write Monthly Index Composition

Technical Description of S&P 500 Buy-Write Monthly Index Composition Technical Descripion of S&P 500 Buy-Wrie Monhly Index Composiion The S&P 500 Buy-Wrie Monhly (BWM) index is a oal reurn index based on wriing he nearby a-he-money S&P 500 call opion agains he S&P 500 index

More information

MITEL NETWORKS CORPORATION CONSOLIDATED BALANCE SHEETS (in millions of US dollars) (unaudited) December 31, December 31, 2015 2014

MITEL NETWORKS CORPORATION CONSOLIDATED BALANCE SHEETS (in millions of US dollars) (unaudited) December 31, December 31, 2015 2014 CONSOLIDATED BALANCE SHEETS,, 5 ASSETS Curren asses: Cash and cash equivalens.. Accouns receivable..5 Sales-ype lease receivables.. Invenories.. Oher curren asses 5. 5. 5. 5. curren porion of sales-ype

More information

FIXED INCOME PERFORMANCE ATTRIBUTION

FIXED INCOME PERFORMANCE ATTRIBUTION FIXED INCOME PERFORMANCE ATTRIBUTION ANALYSIS OF A MULTI-CURRENCY BOND PORTFOLIO Diploma hesis submied o Swiss Federal Insiue of Technology, Zürich Universiy of Zürich, Swiss Banking Insiue for he degree

More information

ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW Annals of he Universiy of Peroşani, Economics, 12(1), 2012, 205-216 205 ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW MELANIA ELENA MICULEAC ABSTRACT: In order o reach he objecive of supplying some relevan

More information

INVESTIGATION OF THE INFLUENCE OF UNEMPLOYMENT ON ECONOMIC INDICATORS

INVESTIGATION OF THE INFLUENCE OF UNEMPLOYMENT ON ECONOMIC INDICATORS INVESTIGATION OF THE INFLUENCE OF UNEMPLOYMENT ON ECONOMIC INDICATORS Ilona Tregub, Olga Filina, Irina Kondakova Financial Universiy under he Governmen of he Russian Federaion 1. Phillips curve In economics,

More information

Tax Externalities of Equity Mutual Funds

Tax Externalities of Equity Mutual Funds Tax Exernaliies of Equiy Muual Funds Joel M. Dickson The Vanguard Group, Inc. John B. Shoven Sanford Universiy and NBER Clemens Sialm Sanford Universiy December 1999 Absrac: Invesors holding muual funds

More information

Chapter 9 Bond Prices and Yield

Chapter 9 Bond Prices and Yield Chaper 9 Bond Prices and Yield Deb Classes: Paymen ype A securiy obligaing issuer o pay ineress and principal o he holder on specified daes, Coupon rae or ineres rae, e.g. 4%, 5 3/4%, ec. Face, par value

More information

Name: Algebra II Review for Quiz #13 Exponential and Logarithmic Functions including Modeling

Name: Algebra II Review for Quiz #13 Exponential and Logarithmic Functions including Modeling Name: Algebra II Review for Quiz #13 Exponenial and Logarihmic Funcions including Modeling TOPICS: -Solving Exponenial Equaions (The Mehod of Common Bases) -Solving Exponenial Equaions (Using Logarihms)

More information

Option Put-Call Parity Relations When the Underlying Security Pays Dividends

Option Put-Call Parity Relations When the Underlying Security Pays Dividends Inernaional Journal of Business and conomics, 26, Vol. 5, No. 3, 225-23 Opion Pu-all Pariy Relaions When he Underlying Securiy Pays Dividends Weiyu Guo Deparmen of Finance, Universiy of Nebraska Omaha,

More information

Long-Run Stock Returns: Participating in the Real Economy

Long-Run Stock Returns: Participating in the Real Economy Long-Run Sock Reurns: Paricipaing in he Real Economy Roger G. Ibboson and Peng Chen In he sudy repored here, we esimaed he forward-looking long-erm equiy risk premium by exrapolaing he way i has paricipaed

More information

Double Entry System of Accounting

Double Entry System of Accounting CHAPTER 2 Double Enry Sysem of Accouning Sysem of Accouning \ The following are he main sysem of accouning for recording he business ransacions: (a) Cash Sysem of Accouning. (b) Mercanile or Accrual Sysem

More information

Working paper No.3 Cyclically adjusting the public finances

Working paper No.3 Cyclically adjusting the public finances Working paper No.3 Cyclically adjusing he public finances Thora Helgadoir, Graeme Chamberlin, Pavandeep Dhami, Sephen Farringon and Joe Robins June 2012 Crown copyrigh 2012 You may re-use his informaion

More information

Depreciation and Corporate Taxes

Depreciation and Corporate Taxes 205 Depreciaion and Corporae Taxes Chris Hendrickson Carnegie Mellon Universiy Tung Au Carnegie Mellon Universiy 205.1 Depreciaion as Tax Deducion 205.2 Tax Laws and Tax Planning 205.3 Decision Crieria

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

House Price Index (HPI)

House Price Index (HPI) House Price Index (HPI) The price index of second hand houses in Colombia (HPI), regisers annually and quarerly he evoluion of prices of his ype of dwelling. The calculaion is based on he repeaed sales

More information

Chapter 4 Corporate Taxation

Chapter 4 Corporate Taxation Chaper 4 Corporae Taxaion 4.1 Inroducion The corporaion is reaed as a separae eniy for ax purposes in all developed counries. I has been subjec of numerous ax insrumens wih a variey of differen moivaions.

More information

WHAT ARE OPTION CONTRACTS?

WHAT ARE OPTION CONTRACTS? WHAT ARE OTION CONTRACTS? By rof. Ashok anekar An oion conrac is a derivaive which gives he righ o he holder of he conrac o do 'Somehing' bu wihou he obligaion o do ha 'Somehing'. The 'Somehing' can be

More information

The Behavior of China s Stock Prices in Response to the Proposal and Approval of Bonus Issues

The Behavior of China s Stock Prices in Response to the Proposal and Approval of Bonus Issues The Behavior of China s Sock Prices in Response o he Proposal and Approval of Bonus Issues Michelle L. Barnes a* and Shiguang Ma b a Federal Reserve Bank of Boson Research, T-8 600 Alanic Avenue Boson,

More information

S&P GSCI Crude Oil Covered Call Index Methodology

S&P GSCI Crude Oil Covered Call Index Methodology S&P GSCI Crude Oil Covered Call Index Mehodology July 2014 S&P Dow Jones Indices: Index Mehodology Table of Conens Inroducion 3 Highlighs 3 The S&P GSCI Crude Oil Covered Call Index Mehodology 3 Definiions

More information

DEMAND FORECASTING MODELS

DEMAND FORECASTING MODELS DEMAND FORECASTING MODELS Conens E-2. ELECTRIC BILLED SALES AND CUSTOMER COUNTS Sysem-level Model Couny-level Model Easside King Couny-level Model E-6. ELECTRIC PEAK HOUR LOAD FORECASTING Sysem-level Forecas

More information

Guidelines for the Style Indices of the Vienna Stock Exchange. September 2015 Version 1.4.

Guidelines for the Style Indices of the Vienna Stock Exchange. September 2015 Version 1.4. Guidelines for he Syle Indices of he Vienna Sock Exchange Sepember 2015 Version 1.4. Table of Conens 1. Inroducion 4 2. General Basics of Calculaion 4 3. Top Dividend Indices 5 3.1. Concepion and Composiion

More information

Value Added in Bread Production

Value Added in Bread Production San Francisco Sae Universiy Naional Income and Produc Accouns (NIPA) 1 Michael Bar Our firs oal is o come up wih a noion of he economy s oupu or producive capaciy of he economy. The U.S. produces a variey

More information

MEDIA KIT NEW YORK CITY BAR

MEDIA KIT NEW YORK CITY BAR MEDIA KIT NEW YORK CITY BAR The New York Ciy Bar is he premier professional membership associaion for lawyers in he greaer New York Meropolian area. Wih over 24,000 aorney and law suden members, we represen

More information

A Note on Construction of Multiple Swap Curves with and without Collateral

A Note on Construction of Multiple Swap Curves with and without Collateral A Noe on Consrucion of Muliple Swap Curves wih and wihou Collaeral Masaaki Fujii, Yasufumi Shimada, Akihiko Takahashi Absrac There are now available wide variey

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

How Does the Corporate Bond Market Value Capital Investments and Accruals?

How Does the Corporate Bond Market Value Capital Investments and Accruals? How Does he Corporae Bond Marke Value Capial Invesmens and Accruals? Sanjeev Bhojraj Bhaskaran Swaminahan * Forhcoming in he Review of Accouning Sudies Final Draf: June 2007 * Bhojraj is Assisan Professor

More information

KiwiSaver Survey September Quarter 2015

KiwiSaver Survey September Quarter 2015 KiwiSaver Survey Sepember Quarer 2015 Volailiy se ino global equiy markes during he quarer amid concerns abou economic and financial uncerainy in China and poenial conagion across global economies. Negaive

More information

Earnings Timeliness and Seasoned Equity Offering Announcement Effect

Earnings Timeliness and Seasoned Equity Offering Announcement Effect Inernaional Journal of Humaniies and Social Science Vol. 1 No. 0; December 011 Earnings Timeliness and Seasoned Equiy Offering Announcemen Effec Yuequan Wang School of Accouning and Finance The Hong Kong

More information

Why Did the Demand for Cash Decrease Recently in Korea?

Why Did the Demand for Cash Decrease Recently in Korea? Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

More information

SEASONAL ADJUSTMENT. 1 Introduction. 2 Methodology. 3 X-11-ARIMA and X-12-ARIMA Methods

SEASONAL ADJUSTMENT. 1 Introduction. 2 Methodology. 3 X-11-ARIMA and X-12-ARIMA Methods SEASONAL ADJUSTMENT 1 Inroducion 2 Mehodology 2.1 Time Series and Is Componens 2.1.1 Seasonaliy 2.1.2 Trend-Cycle 2.1.3 Irregulariy 2.1.4 Trading Day and Fesival Effecs 3 X-11-ARIMA and X-12-ARIMA Mehods

More information

Cointegration Analysis of Exchange Rate in Foreign Exchange Market

Cointegration Analysis of Exchange Rate in Foreign Exchange Market Coinegraion Analysis of Exchange Rae in Foreign Exchange Marke Wang Jian, Wang Shu-li School of Economics, Wuhan Universiy of Technology, P.R.China, 430074 Absrac: This paper educed ha he series of exchange

More information

Investor sentiment of lottery stock evidence from the Taiwan stock market

Investor sentiment of lottery stock evidence from the Taiwan stock market Invesmen Managemen and Financial Innovaions Volume 9 Issue 1 Yu-Min Wang (Taiwan) Chun-An Li (Taiwan) Chia-Fei Lin (Taiwan) Invesor senimen of loery sock evidence from he Taiwan sock marke Absrac This

More information

A Brief Introduction to the Consumption Based Asset Pricing Model (CCAPM)

A Brief Introduction to the Consumption Based Asset Pricing Model (CCAPM) A Brief Inroducion o he Consumpion Based Asse Pricing Model (CCAPM We have seen ha CAPM idenifies he risk of any securiy as he covariance beween he securiy's rae of reurn and he rae of reurn on he marke

More information

Journal of Financial and Strategic Decisions Volume 12 Number 1 Spring 1999

Journal of Financial and Strategic Decisions Volume 12 Number 1 Spring 1999 Journal of Financial and Sraegic Decisions Volume 12 Number 1 Spring 1999 THE LEAD-LAG RELATIONSHIP BETWEEN THE OPTION AND STOCK MARKETS PRIOR TO SUBSTANTIAL EARNINGS SURPRISES AND THE EFFECT OF SECURITIES

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

Understanding the Profitability of Pairs Trading

Understanding the Profitability of Pairs Trading Undersanding he Profiabiliy of Pairs Trading Sandro C. Andrade UC Berkeley Vadim di Piero Norhwesern Mark S. Seasholes UC Berkeley This Version February 15, 2005 Absrac This paper links uninformed demand

More information

OPERATION MANUAL. Indoor unit for air to water heat pump system and options EKHBRD011ABV1 EKHBRD014ABV1 EKHBRD016ABV1

OPERATION MANUAL. Indoor unit for air to water heat pump system and options EKHBRD011ABV1 EKHBRD014ABV1 EKHBRD016ABV1 OPERAION MANUAL Indoor uni for air o waer hea pump sysem and opions EKHBRD011ABV1 EKHBRD014ABV1 EKHBRD016ABV1 EKHBRD011ABY1 EKHBRD014ABY1 EKHBRD016ABY1 EKHBRD011ACV1 EKHBRD014ACV1 EKHBRD016ACV1 EKHBRD011ACY1

More information

Chapter 4: Exponential and Logarithmic Functions

Chapter 4: Exponential and Logarithmic Functions Chaper 4: Eponenial and Logarihmic Funcions Secion 4.1 Eponenial Funcions... 15 Secion 4. Graphs of Eponenial Funcions... 3 Secion 4.3 Logarihmic Funcions... 4 Secion 4.4 Logarihmic Properies... 53 Secion

More information