Impact of elimination of uptick rule on stock market volatility

Size: px
Start display at page:

Download "Impact of elimination of uptick rule on stock market volatility"

Transcription

1 Journl of Finne nd Aountny Impt of elimintion of uptik rule on stok mrket voltility ABSTRACT Vivek Bhrgv Alorn Stte University Dniel Konku Northern Mihign University The uptik rule is former rule estlished y the SEC tht required tht every short sle trnstion e entered t prie tht is higher thn the prie of the previous trde. The purpose of this rule ws to prevent short-sellers from dding to the downwrd momentum of shrp deline y ontinully selling short, induing profits, thus ontriuting to potentil rshes. On June 6, 007, SEC eliminted the uptik rule fter pilot test on 30% of Russell 3000 stoks. The purpose of this pper is to determine whether the elimintion of uptik rule inresed the short-term voltility of the mrket. Using dt from DJIA, S&P 500 index, nd 30 Dow ompnies, it is found tht oth intrdy nd inter-dy voltility went up in response to the elimintion of the rule. Keywords: uptik rule, stok mrket voltility Impt of Elimintion of, Pge 1

2 Journl of Finne nd Aountny INTRODUCTION A short sle is the sle of seurity tht the seller does not own. Typilly, the seller orrows the seurity from roker, deler or n institutionl investor nd sells it in ntiiption of prie deline. The seller then returns the seurity to the lender y purhsing the sme mount on the open mrket, thus profiting from the prie deline. Other investors lso use short selling to hedge the risk of long position in the sme or relted seurity. Opinion is divided mong demiins nd prtitioners out the role of short selling in providing liquidity nd priing effiieny to the mrket. Short sellers provide liquidity y offsetting temporry imlnes in the supply nd demnd of the seurities they trde in. In so doing they redue the risk tht the prie pid y other investors is either too high or too low, due to temporry supply or demnd disprities. Short sellers lso dd to mrket effiieny euse their trdes revel to the mrket the overvlution of the seurities they trde in. Their trdes set up speedy orretion of the overvlued seurity to its true vlue nd, therefore, regultion prevents the mrket from refleting the effiient prie of seurity. Furthermore, it imposes ost of witing the ernings lost y the short seller s result of witing for n prie uptik to trde Proponents of the uptik rule ontend tht unregulted short selling my e used s tool for mnipultion when seurity is sold short without restrint, thus reting sell-side imlne, resulting in n inresed momentum of deline nd susequently, mrket rsh. The regultory ojetive of the uptik rule ws to disourge this type of mnipultive ondut. In response to the sudden-prie-deline rgument, the Seurities nd Exhnge Commission (SEC) originlly dopted the uptik Rule (more formlly known s Rule 10-1) in 1938 to restrin short selling in delining mrket. This followed n offiil inquiry into the effets of short selling during the mrket rek of Mny nlysts lso lme the stok mrket rsh of 199 on short selling, in wht hs eome known s the er rid. The uptik rule hs remined, perhps, the most deted rule of the mny restritions on short sles. On June 6, 007, SEC deided to eliminte the uptik rule. This deision sprked new wve of dete mong investors nd reserhers; mny rgue tht the elimintion would use the voltility of the mrket to inrese signifintly. The purpose of this pper is to determine the impt of the elimintion of the uptik rule on prie voltility. The rule provided tht listed seurity my e sold short: (i) t prie ove the prie t whih the immeditely preeding sle ws exeuted (plus tik), or (ii) t the lst sle prie, if it is higher thn the lst different prie (zero-plus tik). Conversely, short sles were not permitted on minus tiks or zero-minus tiks, sujet to limited exeptions. The uptik rule ment tht trder ould not short stok if the movement prior to the short sle ws down. The opertion of these provisions is ommonly desried s the "tik test." The referene prie for the tik test is either the lst trnstion prie reported following n effetive trnstion reporting pproved y the SEC or on prtiulr exhnge. 1 1 Both the New York Stok Exhnge, In. (NYSE) nd the Amerin Stok Exhnge LLC (Amex) hve eleted to use the pries of trdes on their own floors for the tik test. Impt of Elimintion of, Pge

3 Journl of Finne nd Aountny In dopting the rule, the SEC sid it sought to hieve three ojetives () llowing reltively unrestrited short selling in n dvning mrket; () preventing short selling t suessively lower pries, thus eliminting short selling s tool for driving the mrket down; nd () preventing short sellers from elerting delining mrket y exhusting ll remining ids t one prie level, using suessively lower pries to e estlished y long sellers. Most mrket prtiipnts elieve tht the elimintion of this rule will inrese the voltility in the mrket. Gregory Drhushk, vie president of Jnney Montgomery Sott, wrote in note to lients in the sme week; "Inresed voltility is here to sty s long s the new regultion remins." On the Mrh 0, 008 television episode of Md Money on CNBC, host Jim Krmer lunhed mpign to reinstte the uptik rule, liming tht the elimintion of the uptik rule hs used wild swings in the mrket. So high ws the onern tht on July 16, 008, Sentor Gry Akermn, N.Y, introdued legisltion in the Sente for reinstting the rule. Ironilly, former SEC Chirmn Christopher Cox sent letter to the Congressmn dted Jnury 0, 009 the dy he left the geny in whih Cox sid he supports the reinsttement of the uptik rule. Cox sent the orrespondene despite the ft tht the SEC delined severl ppels to restore the regultion during his tenure s Chirmn. Other voies for reinsttement of the rule inlude NYSE Euronext CEO Dunn Niederuer, nd the US House Finnil Servies Committee Chirmn Brney Frnk. Impt of the removl of uptik rule on mrket prtiipnts. Individul Investors The sene of the tik rule ould led to firly onsistent selling pressure s there is no impediment to shorting seurity. Extreme selloff ptterns tht our during periods of stok mrket pni ould e exerted, driving pries lower thn fundmentl vlues nd inresing voltility. The sene of the uptik rule ould led to more tive trding nd wider vriety of trding strtegies, whih in turn ould led to wider spred nd higher short-term voltility. In the long term, however, no signifint dverse effet on individul investors is expeted, s short sellers uy k stoks to lose their position. The uptik rule only overs short sle of seurities listed or trded on n exhnge or the NASDAQ s Ntionl Mrket System (NMS). Seurities trded on the Over-the- Counter (OTC) mrkets (Ntionl Smll Cp, NASD OTCBB nd the Pink Sheet) re not sujet to short sle restritions. However, the Ntionl Assoition of Seurity Delers (NASD) hs its own rules (NASD Rule 3350) overing the short sle of seurities trded on tht mrket. Seurities trded on the NASDAQ Ntionl Mrket will e ffeted y NASD Rule 3330 prohiits short sle y NASDAQ Memers in NMS seurities t or elow the urrent est (inside) id s shown on the NASDAQ sreen when tht id is lower thn the previous est (inside) id. This is referred to s id test. The rule lso inludes exemptions similr to those provided under the SEC Rule 10-1 regulting seurities on the exhnges. Impt of Elimintion of, Pge 3

4 Journl of Finne nd Aountny ny hnges in the uptik rule in fshion similr to those on the NYSE nd the AMEX. Seurities on the OTC mrkets should e lrgely unffeted y the hnges.. Institutionl Investors It is widely elieved tht, institutionl investors put in signifint mount of uy orders to move stok to n uptik nd then put in their rel short sle order. Aitkins et l (1977) investigte the prie ehvior of short-sell orders on the Austrlin Stok Exhnge (ASX) nd report tht oth mrket id nd sk pries move systemtilly upwrd in the 15 minute intervl prior to short trdes initited y mrket orders. They ttriute this to the enforement of the uptik rule on the ASX. The SEC requires institutionl investors to report informtion onerning short sles of seurities eletronilly on its EDGAR system. Even though this informtion will not e mde pulily ville until fter two weeks, suh puli dislosure my inrese voltility when it is eventully mde puli. This is euse less sophistited investors will likely emulte the trdes of the institutionl investors. The purpose of this pper is to determine whether the intr-dy nd inter-dy voltility inresed fter SEC eliminted the uptik rule on June 6, 007. This is omplished y mesuring the pre- nd post-elimintion dte voltility using four different methods. One should expet intrdy voltility to inrese more thn the dily voltility. Two different methods re used to mesure intrdy voltility. In ddition, the dily historil voltility nd the dily onditionl voltility re used to mesure inter-dy voltility. It is found tht the voltility goes up signifintly for oth indexes nd numer of stoks, espeilly the intrdy voltility for the 50 dy trding period. LITERATURE REVIEW The uptik rule nd the generl issue of short sle remin the most deted issues in finne literture. More thn seven dedes fter doption, demi reserh nd nlyst opinions still remin divided over the usefulness of the rule. In 1991, the House Committee relesed report on short selling whih stted tht the effets of short selling on the seurities mrkets re not widely understood nd tht mny people hve questioned the effetiveness of the uptik rule. Nerly two dedes fter the Committee expressed these onerns, the impt of the short sle rules hve not een understood ny lerer, neither hve mrket prtiipnts stopped questioning their effetiveness. Short sellers trde when they elieve stoks re overpried or tht there is some dverse news out the stok. In the presene of onstrints inding short sles, stoks n e overpried euse these onstrints prevent dverse informtion or opinions from eing freely expressed in seurity pries. Consistent with this rgument, Jones et l (00) find tht stoks tht enter the orrowing mrket for shorting hve high vlutions, high mrket-to-ook vlues nd susequent negtive exess returns. Furthermore, the exess returns re higher thn the ost of shorting, mking n ritrge possile to the shorter ut not to the lender. Miller (1977) rgues tht restritions on short selling inrese the prie of risky ssets ove those tht would our without ny restritions. He showed tht n inrese Impt of Elimintion of, Pge 4

5 Journl of Finne nd Aountny in ggregte demnd ours euse if restritions r investors from shorting overpried seurities, the most rtionl lterntive is to void holding the stok. Chen et l (00) nd Figlewski (1981) find evidene onsistent with the Miller hypothesis. Using dt from mutul fund holdings, Chen reports tht stoks whose hnge in redth in the prior qurter re in the lowest deiles of the smple underperform those in the top deiles y 6.38% in the twelve months fter formtion. Jrrow (1980) exmined the influene tht short sle restritions hve on reltive risky sset pries. He showed tht reltive risky sset pries ould rise or fll due to short sle onstrints. However, if investors hold homogeneous elief out future pries, short sle onstrints will only inrese risky sset pries. Dimond nd Verrenhi (1987) model the effet of short sle onstrints on the speed of djustment of seurity pries to privte informtion. They oserve tht onstrints eliminte some informtive trdes ut do not is pries upwrds. They lso find tht prohiiting trders from shorting seurities redues the djustment speed of pries to privte informtion, espeilly d news. Ho (1996) reports tht voltility of stok returns inreses when short sles re severely restrited on the Singpore Stok Mrket. There is lso evidene tht short sle restritions suppress symmetri effets. More reently, Bris et l (007) did more omprehensive glol omprison of 46 equity mrkets to determine the effet of short sle restritions on mrket effiieny. They report evidene tht pries inorporte negtive informtion fster is ountries where short sles re llowed nd tully prtied nd tht short sle restritions inhiit downwrd prie disovery. Mrket developments nd the elimintion of the uptik rule There hve een onsiderle developments in the seurities mrkets tht hve ompelled the SEC to reonsider regultions on short sles. The most notle mong them were the deimliztion of trde pries, the Commodity Futures Moderniztion At 000 tht lifts the n on seurities futures, nd the growing numer of seurities tht trde outside the NASDAQ mrkets nd therefore re not sujet to the tik test. Prior to the elimintion of the uptik rule in June 007, the SEC hd temporrily suspended the short sle prie test in My 005 on suset of the Russell 1000 Index on pilot sis to determine the effet of unrestrited short selling on mrket voltility, prie effiieny nd liquidity (SEC Regultion HSO). Werner et l (007) find signifint inrese in short sle tivity for oth NYSE nd NASDAQ pilot stoks ut returns nd voltility t the dily level re no more ffeted thn the ontrol smples. Avrmov et l (006) propose trding-sed explntion for the symmetry in prie voltility; voltility inreses (dereses) following stok prie delines (inreses). They show tht selling tivity governs the symmetri voltility in individul stok returns. This finding is onsistent with those of Hellwig (1980) nd Wng (1993) who show tht non-informtionl trding tivity leds to enhned voltility while informed trding leds to deline in voltility. This pper employs the intuition of the preeding rgument. This study hypothesizes derese in voltility when pries re on the in voltility uptrend fter the elimintion of the uptik rule nd n inrese when pries re on the downtrend. Until the elimintion of the uptik rule, the informed trder ould only hve short y entering Impt of Elimintion of, Pge 5

6 Journl of Finne nd Aountny prie higher thn the lst trde, thus pushing the prie even further wy from its true vlue. After the elimintion of the rule, the informed trder does not hve to wit for n uptik to short n overvlued stok. If enough of the informed trders strt to sell their stoks or short orrowed stoks, pries would go on the downtrend. Uninformed trders will lose their onfidene in long positions nd join the selling hysteri. The omined effet of ll the widespred selling would drive down pries elow fundmentl vlues. Under the uptik rule the short sellers ould not hve put in sell order elow the lst prie. Therefore, it is expeted tht the net effet of the elimintion will e n inrese in the overll voltility nd hene riskiness of the mrket. DATA AND METHODOLOGY Dt is otined for the Dow Jones Industril Averge (DOW) nd the S&P 500 index (GSPC) nd ll the 30 Dow ompnies. Intrdy nd Inter-dy voltility s well s returns nd lulted nd F-test is onduted to test whether the post uptik rule elimintion voltility is higher thn the pre uptik rule elimintion voltility. Two test periods re onsidered: 30 trding dys nd 50 trding dys efore nd fter the elimintion of rule dte. Intrdy voltility is mesured using two methods. The first method is the Prkinson (1980) Ht σ = *[ln( (1) ID, t L )] t Where σ is the intrdy voltility, H t nd L t re the dily high nd low pries. This pper lso used the Grmn nd Klss (1980) method is lso used to mesure the intrdy voltility. Aording to this method the voltility n e found using the following eqution. σ = 0.5(H L ) (C O () ID, t t t t t ) Where C t nd O t re the open nd lose pries for dy t. In this method not only the high nd the low pries re onsidered ut open nd lose pries re lso tken into ount to mesure intrdy voltility. Inter dy voltility is mesured using two methods. The first is the dily historil voltility nd is determined y the following eqution T (Pt P) HSD = (3) t= 1 T 1 t = 0 trding dys Where HSD is the historil stndrd devition, Pt is the prie on dy t nd P is the verge prie. Historil stndrd devition is lulted using 0 trding dy history. Finlly, this pper uses GARCH (1, 1) to find the dily onditionl vrine nd use tht s n dditionl mesure of voltility. P ε σ t t t = I µ t 1 = α t 1 N(0, σ ) 0 + ε t + αε t 1 t 1 + α σ t 1 (4) Impt of Elimintion of, Pge 6

7 Journl of Finne nd Aountny where µ t-1 is the men P t onditionl on pst informtion nd σ t is the mesure of voltility. Numerous previous studies show tht onditionl vrine from the GARCH (1, 1) model is the pproprite voltility mesure for studies suh s this one. To determine whether the voltility hs inresed post elimintion of uptik rule period, simple F-test is performed. H 0 : S pre = S Post (5) H : S pre or < S Post F = S S Post Pre where S is the voltility. The null hypothesis is tht the pre nd post June 6, 007 voltilities re the sme nd the lternte hypothesis is tht they re different. RESULTS This pper ttempts to determine whether the elimintion of uptik rule resulted in n inrese in voltility. Using four different methods of determining the intrdy nd the inter-dy (dily) voltility, tests re onduted to determine whether the voltility hs inresed fter the elimintion of the uptik rule. To ondut the nlysis, two different test periods re used: 30 trding dys nd 50 trding dys. The DJIA, the S&P 500 index nd the 30 stoks tht form the DJIA re used in this nlysis Tle 1 gives the voltility mesures for the pre nd post 30 dy nd 50 dy periods using the four different mesurement methods. It is interesting to note tht for oth the indexes s well s ll the 30 stoks the post period voltility is more thn the pre period voltility. This result is true for the intrdy, voltility, historil voltility s well s the onditionl voltility. These results re s expeted nd the voltility tully did go up fter the elimintion of the uptik rule. F- test is performed to determine whether the differenes in voltility etween the pre nd the post period time re sttistilly signifint. Tle gives the results for the F test. F test shows tht for 30 dy period, when historil inter dy voltility is used, the voltility is signifintly higher in the post rule period for oth indexes nd 11 of 30 DJIA stoks. This signifine is not found when the other three methods re pplied to determine voltility. Results signifintly hnge when 50 trding dy period is used. It is found tht voltility is signifintly higher for oth indexes using ll 4 methods. For intrdy voltility, when Prkinson (1980) voltility mesure is used, it is found tht voltility is signifintly higher for 18 of 30 Dow stoks. When Grmn nd Klss (1980) mesure is used, it is found tht the voltility is signifintly higher for 7 of the 30 Dow stoks. When inter-dy voltility mesures re used, it n e seen tht signifine n e found in seven Dow stoks when dily historil voltility is used nd four stoks when onditionl vrine using GARCH is used. Impt of Elimintion of, Pge 7

8 Journl of Finne nd Aountny It is lso interesting to know tht for DuPont, Honeywell nd Hewlett Pkrd, voltility does not hnge signifintly with either of the time periods, or ny of the four methods. For Wl-Mrt, Pfizer, MMM, Co ol, Johnson nd Johnson, Intel, Home Depot, nd GM, voltility is signifintly higher only when G&K is used over 50 dy period. Overll, it n e onluded tht voltility went up fter the elimintion of uptik rule nd historil voltility inrese ws signifint for 30 dy study period nd intrdy voltility inrese ws signifint for 50 dy study period. CONCLUSIONS On June 6, 007, SEC eliminted the uptik rule tht prohiited short selling on downtik. Short selling ws only llowed when the previous tik hd een n uptik. A numer of nlysts nd demiins elieved tht the elimintion of this rule would result in inresed mrket voltility nd lower pries s investors would try to short sell in delining mrkets. The purpose of this pper is to determine whether the voltility tully inresed in the short run in response to the elimintion of this rule. Two different time periods re used in this study. The first period onsists of 30 trding dys efore nd 30 trding dys fter the elimintion dte nd the seond period onsists of 50 trding dys efore nd fter the dte of the elimintion. Periods longer thn these re not onsidered, s the frther wy one moves from the elimintion dte there is more likelihood tht ftors other thn elimintion of uptik rule will hve n impt on voltility. It is lso elieved tht the intrdy voltility will inrese more thn inter dy voltility. Therefore, four different methods to mesure voltility re used two eh for the intrdy nd dily voltility. Intrdy voltility is mesured y the method proposed y Prkinson (1980), whih uses the dily high nd low pries nd the method developed y Grmn nd Klss (1980), whih uses the high, low, open, nd lose prie to determine intrdy voltility. In ddition, dily historil voltility s well the dily onditionl vrine using GARCH (1,1) modeling is used for inter-dy voltility. DJIA nd S&P 500 index re used to determine the impt on voltility of the overll mrket in response to the elimintion of uptik rule. In ddition to the two indexes, the impt on voltility of the 30 ompnies tht onstitute the Dow is lso nlyzed. The reson for piking these 30 stoks is tht they re mong the most tively trdes stoks nd will e impted most y elimintion of this rule. It is found tht for oth periods, tht is, 30 trding dys nd 50 trding dys, the voltility goes up for oth the indexes nd ll the Dow ompnies irrespetive of the method used for mesuring voltility. This inrese in not sttistilly signifint for ll ses. For the 30 dy period, the historil voltility goes up signifintly for 17 of 30 Dow ompnies. For the 50 dy period, it is found tht the intrdy voltility goes up for 7 of the 30 Dow ompnies. In nutshell, voltility is higher in post rule period, ut signifine is not found ll the time. Furthermore, intrdy voltility seems to hve inresed more thn the inter dy voltility. Impt of Elimintion of, Pge 8

9 Journl of Finne nd Aountny REFERENCES Aitkins, M.J., Frino, A., MCorry, M.S., nd Swn, P.L., (1977). Intrdy Prie Behvior Surrounding Short Sles: Evidene from the Austrlin Stok Exhnge, Working Pper, University of Sydney Avrmov, D., Chordi, T., nd Goyl, A, (006), The Impt of Trde on Dily Voltility, Review of Finnil Studies, 9, Bris, A.B., Goetzmnn, W.N., nd Zhu, N. (007). Effiieny nd the Ber: Short Sles nd Mrkets Around the World, Journl of Finne, 3, Chen, J., Hong, H., nd Stein, J.C., (00). Breth of ownership nd stok returns. Journl of Finnil Eonomis 66, Dimond, D., Verrehi, R., (1987). Constrints on short-selling nd sset prie djustment to privte informtion. Journl of Finnil Eonomis 18, Deither, K.B., Lee, K.H., nd Werner, I.M. It s SHO Time! Short-Sle Prie Tests nd Mrket Qulity, The Ohio Stte University Working Pper No Grmn, M.B., nd Klss, M.J., (1980) On the Estimtion of Seurity Prie Voltilities From Historil Dt, Journl of Business, 53, Hellwig, M.F., (1980), On the Aggregtion of Informtion in Competitive Mrkets, Journl of Eonomi Theory,, Ho, K.W., (1996). Short sles restritions nd voltility: the se of the Stok Exhnge of Singpore. Pifi-Bsin Finne Journl 4, Jones, C.M., nd Lmont, O.A. (00). Short-sle onstrints nd stok returns. Journl of Finnil Eonomis 66, Prkinson, M., (1980). The Extreme Vlue Method for Estimting the Vrine of the Rte of Return. Journl of Business, 53, 1, Stiglewski, S., (1981). The informtionl effets of restritions on short sles: some empiril evidene. Journl of Finnil nd Quntittive Anlysis 4, Wng, J., (1994), A Model of Competitive Stok Trding Volume, Journl of Politil Eonomy, 10, Impt of Elimintion of, Pge 9

10 Journl of Finne nd Aountny Tle 1: Voltility for Pre nd Post event period Prkinson G&C Historil GARCH (1, 1) Post Pre Post Pre Post Pre Post Pre DOW 30 dy dy GSPC 30 dy dy AA 30 dy dy AIG 30 dy dy AXP 30 dy dy BA 30 dy dy C 30 dy dy CAT 30 dy dy DD 30 dy dy DIS 30 dy dy GE 30 dy dy GM 30 dy dy HD 30 dy dy HON 30 dy dy HPQ 30 dy dy IBM 30 dy dy Int 30 dy dy JNJ 30 dy dy JPM 30 dy dy KO 30 dy dy MCD 30 dy dy MMM 30 dy dy Impt of Elimintion of, Pge 10

11 Journl of Finne nd Aountny Tle 1 Continued MO 30 dy dy MRK 30 dy dy MSFT 30 dy dy PFE 30 dy dy PG 30 dy dy T 30 dy dy UTX 30 dy dy VZ 30 dy dy WMT 30 dy dy XOM 30 dy dy Tle 1 gives the voltility for DJIA, S&P 500 nd 30 Dow Stoks for 30 nd 50 dy Pre nd Post elimintion of uptik rule dy, tht is, June 6, 007. Impt of Elimintion of, Pge 11

12 Journl of Finne nd Aountny Tle : F test Results 30 Dys 50 Dys Prk G&K Hist GARCH Prk G&K Hist GARCH DOW GSPC AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM Int JNJ JPM KO MCD MMM MO MRK MSFT PFE PG T UTX VZ WMT XOM ,, nd re signifine levels t 1%, 5%, nd 10% respetively. This Tle reports the F signifine test to determine whether the post elimintion rule voltility hs inresed when ompre the pre elimintion rule period. Impt of Elimintion of, Pge 1

European Convention on Social and Medical Assistance

European Convention on Social and Medical Assistance Europen Convention on Soil nd Medil Assistne Pris, 11.XII.1953 Europen Trety Series - No. 14 The governments signtory hereto, eing memers of the Counil of Europe, Considering tht the im of the Counil of

More information

Smith Barney Portfolio Manager Institute Conference

Smith Barney Portfolio Manager Institute Conference Smith Barney Portfolio Manager Institute Conference Richard E. Cripps, CFA Portfolio Strategy Group March 2006 The EquityCompass is an investment process focused on selecting stocks and managing portfolios

More information

Small Businesses Decisions to Offer Health Insurance to Employees

Small Businesses Decisions to Offer Health Insurance to Employees Smll Businesses Decisions to Offer Helth Insurnce to Employees Ctherine McLughlin nd Adm Swinurn, June 2014 Employer-sponsored helth insurnce (ESI) is the dominnt source of coverge for nonelderly dults

More information

Your duty, however, does not require disclosure of matter:

Your duty, however, does not require disclosure of matter: Your Duty of Disclosure Before you enter into contrct of generl insurnce with n insurer, you hve duty, under the Insurnce Contrcts Act 1984 (Cth), to disclose to the insurer every mtter tht you know, or

More information

c b 5.00 10 5 N/m 2 (0.120 m 3 0.200 m 3 ), = 4.00 10 4 J. W total = W a b + W b c 2.00

c b 5.00 10 5 N/m 2 (0.120 m 3 0.200 m 3 ), = 4.00 10 4 J. W total = W a b + W b c 2.00 Chter 19, exmle rolems: (19.06) A gs undergoes two roesses. First: onstnt volume @ 0.200 m 3, isohori. Pressure inreses from 2.00 10 5 P to 5.00 10 5 P. Seond: Constnt ressure @ 5.00 10 5 P, isori. olume

More information

UNIVERSITY AND WORK-STUDY EMPLOYERS WEBSITE USER S GUIDE

UNIVERSITY AND WORK-STUDY EMPLOYERS WEBSITE USER S GUIDE UNIVERSITY AND WORK-STUDY EMPLOYERS WEBSITE USER S GUIDE Tble of Contents 1 Home Pge 1 2 Pge 2 3 Your Control Pnel 3 4 Add New Job (Three-Step Form) 4-6 5 Mnging Job Postings (Mnge Job Pge) 7-8 6 Additionl

More information

European Convention on Products Liability in regard to Personal Injury and Death

European Convention on Products Liability in regard to Personal Injury and Death Europen Trety Series - No. 91 Europen Convention on Produts Liility in regrd to Personl Injury nd Deth Strsourg, 27.I.1977 The memer Sttes of the Counil of Europe, signtory hereto, Considering tht the

More information

Words Symbols Diagram. abcde. a + b + c + d + e

Words Symbols Diagram. abcde. a + b + c + d + e Logi Gtes nd Properties We will e using logil opertions to uild mhines tht n do rithmeti lultions. It s useful to think of these opertions s si omponents tht n e hooked together into omplex networks. To

More information

Boğaziçi University Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS Problem Set 5 Answer Key

Boğaziçi University Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS Problem Set 5 Answer Key Boğziçi University Deprtment of Eonomis Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS Prolem Set 5 Answer Key 1. One yer ountry hs negtive net exports. The next yer it still hs negtive net exports n

More information

Ratio and Proportion

Ratio and Proportion Rtio nd Proportion Rtio: The onept of rtio ours frequently nd in wide vriety of wys For exmple: A newspper reports tht the rtio of Repulins to Demorts on ertin Congressionl ommittee is 3 to The student/fulty

More information

DlNBVRGH + Sickness Absence Monitoring Report. Executive of the Council. Purpose of report

DlNBVRGH + Sickness Absence Monitoring Report. Executive of the Council. Purpose of report DlNBVRGH + + THE CITY OF EDINBURGH COUNCIL Sickness Absence Monitoring Report Executive of the Council 8fh My 4 I.I...3 Purpose of report This report quntifies the mount of working time lost s result of

More information

Orthodontic marketing through social media networks: The patient and practitioner s perspective

Orthodontic marketing through social media networks: The patient and practitioner s perspective Originl rtile Orthodonti mrketing through soil medi networks: The ptient nd prtitioner s perspetive Kristin L. Nelson ; Bhvn Shroff ; l M. Best ; Steven J. Linduer d BSTRCT Ojetive: To (1) ssess orthodonti

More information

Practice Test 2. a. 12 kn b. 17 kn c. 13 kn d. 5.0 kn e. 49 kn

Practice Test 2. a. 12 kn b. 17 kn c. 13 kn d. 5.0 kn e. 49 kn Prtie Test 2 1. A highwy urve hs rdius of 0.14 km nd is unnked. A r weighing 12 kn goes round the urve t speed of 24 m/s without slipping. Wht is the mgnitude of the horizontl fore of the rod on the r?

More information

Return of Organization Exempt From Income Tax

Return of Organization Exempt From Income Tax PUBLIC DISCLOSURE COPY Form 99 Return of Orgniztion Exempt From Inome Tx Uner setion 51, 527, or 4947(1) of the Internl Revenue Coe (exept privte fountions) OMB 1545-47 Do not enter Soil Seurity numers

More information

Chapter. Contents: A Constructing decimal numbers

Chapter. Contents: A Constructing decimal numbers Chpter 9 Deimls Contents: A Construting deiml numers B Representing deiml numers C Deiml urreny D Using numer line E Ordering deimls F Rounding deiml numers G Converting deimls to frtions H Converting

More information

PRIVATE HEALTH INSURANCE. Geographic Variation in Spending for Certain High-Cost Procedures Driven by Inpatient Prices

PRIVATE HEALTH INSURANCE. Geographic Variation in Spending for Certain High-Cost Procedures Driven by Inpatient Prices United Sttes Government Aountility Offie Report to the Rnking Memer, Committee on Energy nd Commere, House of Representtives Deemer 2014 PRIVATE HEALTH INSURANCE Geogrphi Vrition in Spending for Certin

More information

Reasoning to Solve Equations and Inequalities

Reasoning to Solve Equations and Inequalities Lesson4 Resoning to Solve Equtions nd Inequlities In erlier work in this unit, you modeled situtions with severl vriles nd equtions. For exmple, suppose you were given usiness plns for concert showing

More information

TOA RANGATIRA TRUST. Deed of Trust 3714386.2

TOA RANGATIRA TRUST. Deed of Trust 3714386.2 TOA RANGATIRA TRUST Deed of Trust 1 Deed dted 2011 Prties 1 Te Runng o To Rngtir Inorported n inorported soiety hving its registered offie t Poriru (the Runng ) Bkground A B C D The Runng is n inorported

More information

Polynomial Functions. Polynomial functions in one variable can be written in expanded form as ( )

Polynomial Functions. Polynomial functions in one variable can be written in expanded form as ( ) Polynomil Functions Polynomil functions in one vrible cn be written in expnded form s n n 1 n 2 2 f x = x + x + x + + x + x+ n n 1 n 2 2 1 0 Exmples of polynomils in expnded form re nd 3 8 7 4 = 5 4 +

More information

Simulation of a large electric distribution system having intensive harmonics in the industrial zone of Konya

Simulation of a large electric distribution system having intensive harmonics in the industrial zone of Konya Turkish Journl of Eletril Engineering & omputer Sienes http:// journls. tuitk. gov. tr/ elektrik/ Reserh rtile Turk J Ele Eng & omp Si (2013) 21: 934 944 TÜİTK doi:10.3906/elk-1201-55 Simultion of lrge

More information

Student Access to Virtual Desktops from personally owned Windows computers

Student Access to Virtual Desktops from personally owned Windows computers Student Aess to Virtul Desktops from personlly owned Windows omputers Mdison College is plesed to nnoune the ility for students to ess nd use virtul desktops, vi Mdison College wireless, from personlly

More information

Return of Organization Exempt From Income Tax

Return of Organization Exempt From Income Tax Form 990 Deprtment of the Tresury Internl Revenue Servie Return of Orgniztion Exempt From Inome Tx Uner setion 501(), 527, or 4947()(1) of the Interni Revenue Coe (exept lk lung enefit trust or privte

More information

1. Definition, Basic concepts, Types 2. Addition and Subtraction of Matrices 3. Scalar Multiplication 4. Assignment and answer key 5.

1. Definition, Basic concepts, Types 2. Addition and Subtraction of Matrices 3. Scalar Multiplication 4. Assignment and answer key 5. . Definition, Bsi onepts, Types. Addition nd Sutrtion of Mtries. Slr Multiplition. Assignment nd nswer key. Mtrix Multiplition. Assignment nd nswer key. Determinnt x x (digonl, minors, properties) summry

More information

J. Q. Mou, Fukun Lai, I. B. L. See, and W. Z. Lin Data Storage Institute, 5 Engineering Drive 1, Singapore 117608

J. Q. Mou, Fukun Lai, I. B. L. See, and W. Z. Lin Data Storage Institute, 5 Engineering Drive 1, Singapore 117608 Anlysis of Noteook Computer Cssis Design for rd Disk Drive nd Speker Mounting J. Q. Mou, Fukun Li, I. B. L. See, nd W. Z. Lin Dt Storge Institute, 5 Engineering Drive 1, Singpore 117608 Astrt - Cssis design

More information

Enterprise Digital Signage Create a New Sign

Enterprise Digital Signage Create a New Sign Enterprise Digitl Signge Crete New Sign Intended Audiene: Content dministrtors of Enterprise Digitl Signge inluding stff with remote ess to sign.pitt.edu nd the Content Mnger softwre pplition for their

More information

Seeking Equilibrium: Demand and Supply

Seeking Equilibrium: Demand and Supply SECTION 1 Seeking Equilirium: Demnd nd Supply OBJECTIVES KEY TERMS TAKING NOTES In Setion 1, you will explore mrket equilirium nd see how it is rehed explin how demnd nd supply intert to determine equilirium

More information

Active Directory Service

Active Directory Service In order to lern whih questions hve een nswered orretly: 1. Print these pges. 2. Answer the questions. 3. Send this ssessment with the nswers vi:. FAX to (212) 967-3498. Or. Mil the nswers to the following

More information

BSA E-Filing - Report of Foreign Bank and Financial Accounts (FBAR) THEFREE20140001

BSA E-Filing - Report of Foreign Bank and Financial Accounts (FBAR) THEFREE20140001 FINANCIAL CRIMES ENFORCEMENT NETWORK BSA E-Filing - Report of Foreign Bnk nd Finnil Aounts (FBAR) THEFREE0000 Version Numer:. FinCEN Form OMB Control Numer: 0-0009 Effetive Jnury, 0 Filing Nme THE FREEDOM

More information

Spot and Forward Volatility in Foreign Exchange

Spot and Forward Volatility in Foreign Exchange Spot nd Forwrd Voltility in Foreign Exhnge Psqule Dell Corte Luio Srno ; Ilis Tsiks ;d : Wrwik Business Shool : Css Business Shool : Centre for Eonomi Poliy Reserh (CEPR) d: University of Guelph June 2010

More information

PLWAP Sequential Mining: Open Source Code

PLWAP Sequential Mining: Open Source Code PL Sequentil Mining: Open Soure Code C.I. Ezeife Shool of Computer Siene University of Windsor Windsor, Ontrio N9B 3P4 ezeife@uwindsor. Yi Lu Deprtment of Computer Siene Wyne Stte University Detroit, Mihign

More information

Treatment Spring Late Summer Fall 0.10 5.56 3.85 0.61 6.97 3.01 1.91 3.01 2.13 2.99 5.33 2.50 1.06 3.53 6.10 Mean = 1.33 Mean = 4.88 Mean = 3.

Treatment Spring Late Summer Fall 0.10 5.56 3.85 0.61 6.97 3.01 1.91 3.01 2.13 2.99 5.33 2.50 1.06 3.53 6.10 Mean = 1.33 Mean = 4.88 Mean = 3. The nlysis of vrince (ANOVA) Although the t-test is one of the most commonly used sttisticl hypothesis tests, it hs limittions. The mjor limittion is tht the t-test cn be used to compre the mens of only

More information

GAO POSTSECONDARY EDUCATION. Student Outcomes Vary at For-Profit, Nonprofit, and Public Schools. Report to Congressional Requesters

GAO POSTSECONDARY EDUCATION. Student Outcomes Vary at For-Profit, Nonprofit, and Public Schools. Report to Congressional Requesters GAO United Sttes Government Aountbility Offie Report to Congressionl Requesters Deember 2011 POSTSECONDARY EDUCATION Outomes Vry t For-Profit, Nonprofit, nd Publi Shools GAO-12-143 Contents Letter 1 Limited

More information

Factoring Polynomials

Factoring Polynomials Fctoring Polynomils Some definitions (not necessrily ll for secondry school mthemtics): A polynomil is the sum of one or more terms, in which ech term consists of product of constnt nd one or more vribles

More information

Maximum area of polygon

Maximum area of polygon Mimum re of polygon Suppose I give you n stiks. They might e of ifferent lengths, or the sme length, or some the sme s others, et. Now there re lots of polygons you n form with those stiks. Your jo is

More information

Inter-domain Routing

Inter-domain Routing COMP 631: COMPUTER NETWORKS Inter-domin Routing Jsleen Kur Fll 2014 1 Internet-sle Routing: Approhes DV nd link-stte protools do not sle to glol Internet How to mke routing slle? Exploit the notion of

More information

Appendix D: Completing the Square and the Quadratic Formula. In Appendix A, two special cases of expanding brackets were considered:

Appendix D: Completing the Square and the Quadratic Formula. In Appendix A, two special cases of expanding brackets were considered: Appendi D: Completing the Squre nd the Qudrtic Formul Fctoring qudrtic epressions such s: + 6 + 8 ws one of the topics introduced in Appendi C. Fctoring qudrtic epressions is useful skill tht cn help you

More information

p-q Theory Power Components Calculations

p-q Theory Power Components Calculations ISIE 23 - IEEE Interntionl Symposium on Industril Eletronis Rio de Jneiro, Brsil, 9-11 Junho de 23, ISBN: -783-7912-8 p-q Theory Power Components Clultions João L. Afonso, Memer, IEEE, M. J. Sepúlved Freits,

More information

Data Security 1. 1 What is the function of the Jump instruction? 2 What are the main parts of the virus code? 3 What is the last act of the virus?

Data Security 1. 1 What is the function of the Jump instruction? 2 What are the main parts of the virus code? 3 What is the last act of the virus? UNIT 18 Dt Seurity 1 STARTER Wht stories do you think followed these hedlines? Compre nswers within your group. 1 Love ug retes worldwide hos. 2 Hkers rk Mirosoft softwre odes. 3 We phone sm. Wht other

More information

Or more simply put, when adding or subtracting quantities, their uncertainties add.

Or more simply put, when adding or subtracting quantities, their uncertainties add. Propgtion of Uncertint through Mthemticl Opertions Since the untit of interest in n eperiment is rrel otined mesuring tht untit directl, we must understnd how error propgtes when mthemticl opertions re

More information

Module 5. Three-phase AC Circuits. Version 2 EE IIT, Kharagpur

Module 5. Three-phase AC Circuits. Version 2 EE IIT, Kharagpur Module 5 Three-hse A iruits Version EE IIT, Khrgur esson 8 Three-hse Blned Suly Version EE IIT, Khrgur In the module, ontining six lessons (-7), the study of iruits, onsisting of the liner elements resistne,

More information

PUBLIC DISCLOSURE COPY

PUBLIC DISCLOSURE COPY PUBLIC DISCLOSURE COPY TA RETURN FILING INSTRUCTIONS ** FORM 990 PUBLIC DISCLOSURE COPY ** FOR THE YEAR ENDING ~~~~~~~~~~~~~~~~~ Deemer, 0 Prepred for Prepred y Amount due or refund Mke hek pyle to Mil

More information

SOLVING EQUATIONS BY FACTORING

SOLVING EQUATIONS BY FACTORING 316 (5-60) Chpter 5 Exponents nd Polynomils 5.9 SOLVING EQUATIONS BY FACTORING In this setion The Zero Ftor Property Applitions helpful hint Note tht the zero ftor property is our seond exmple of getting

More information

REMO: Resource-Aware Application State Monitoring for Large-Scale Distributed Systems

REMO: Resource-Aware Application State Monitoring for Large-Scale Distributed Systems : Resoure-Awre Applition Stte Monitoring for Lrge-Sle Distriuted Systems Shiong Meng Srinivs R. Kshyp Chitr Venktrmni Ling Liu College of Computing, Georgi Institute of Tehnology, Atlnt, GA 332, USA {smeng,

More information

GATEWAY HOMES, INC 11901 REEDY BRANCH ROAD CHESTERFIELD, VA 23838 GATEWAY HOMES, INC: ENCLOSED IS THE ORGANIZATION S 2012 EXEMPT ORGANIZATION RETURN.

GATEWAY HOMES, INC 11901 REEDY BRANCH ROAD CHESTERFIELD, VA 23838 GATEWAY HOMES, INC: ENCLOSED IS THE ORGANIZATION S 2012 EXEMPT ORGANIZATION RETURN. GATEWAY HOMES, INC 11901 REEDY BRANCH ROAD CHESTERFIELD, VA 88 GATEWAY HOMES, INC: ENCLOSED IS THE ORGANIZATION S 01 EEMPT ORGANIZATION RETURN. SPECIFIC FILING INSTRUCTIONS ARE AS FOLLOWS. FORM 990 RETURN:

More information

2008-2011 Project Report

2008-2011 Project Report 2008-2011 Projet Report Projet Nme: Emmetsurg Soil Study: Evlution of orn o nd stover removl levels on rop prodution, soil qulity nd nutrient levels. Priniple Investigtors: Dr. Sturt Birrell, Assoite Professor

More information

PUBLIC DISCLOSURE COPY 05481017 793760 2127 2011.04030 JAMES A. MICHENER ART MUSEU 2127 1

PUBLIC DISCLOSURE COPY 05481017 793760 2127 2011.04030 JAMES A. MICHENER ART MUSEU 2127 1 Cution: Forms printed from within Adoe Arot produts my not meet IRS or stte txing geny speifitions. When using Arot.x produts, unhek the "Shrink oversized pges to pper size" nd unhek the "Expnd smll pges

More information

Innovation in Software Development Process by Introducing Toyota Production System

Innovation in Software Development Process by Introducing Toyota Production System Innovtion in Softwre Development Proess y Introduing Toyot Prodution System V Koihi Furugki V Tooru Tkgi V Akinori Skt V Disuke Okym (Mnusript reeived June 1, 2006) Fujitsu Softwre Tehnologies (formerly

More information

Clause Trees: a Tool for Understanding and Implementing Resolution in Automated Reasoning

Clause Trees: a Tool for Understanding and Implementing Resolution in Automated Reasoning Cluse Trees: Tool for Understnding nd Implementing Resolution in Automted Resoning J. D. Horton nd Brue Spener University of New Brunswik, Frederiton, New Brunswik, Cnd E3B 5A3 emil : jdh@un. nd spener@un.

More information

Do not enter Social Security numbers on this form as it may be made public. Open to Public Internal Revenue Service

Do not enter Social Security numbers on this form as it may be made public. Open to Public Internal Revenue Service PUBLIC INSPECTION COPY OMB. 1-007 Return of Orgniztion Exempt From Inome Tx Form 990 Under setion 01(), 7, or 97()(1) of the Internl Revenue Code (exept privte foundtions) 01 Deprtment of the Tresury Do

More information

BUSINESS PROCESS MODEL TRANSFORMATION ISSUES The top 7 adversaries encountered at defining model transformations

BUSINESS PROCESS MODEL TRANSFORMATION ISSUES The top 7 adversaries encountered at defining model transformations USINESS PROCESS MODEL TRANSFORMATION ISSUES The top 7 dversries enountered t defining model trnsformtions Mrion Murzek Women s Postgrdute College for Internet Tehnologies (WIT), Institute of Softwre Tehnology

More information

Young Women s Christian Association of Form 990 (2014) Northwest Georgia, Inc 58-0617782

Young Women s Christian Association of Form 990 (2014) Northwest Georgia, Inc 58-0617782 Young Women s Christin Assoition of Form 990 (0) rthwest Georgi, In 8-0778 Prt III Sttement of Progrm Servie Aomplishments Chek if Shedule O ontins response or note to ny line in this Prt III Briefly desrie

More information

MINNESOTA 4-H FOUNDATION

MINNESOTA 4-H FOUNDATION MINNESOTA -H FOUNDATION 990 Return Puli Inspetion Copy For the Yer Ended June 0, 0 00 INWOOD AVENUE NORTH SUITE 0 OAKDALE, MN 8 TEL: () -80 FA: () - www.kinshenke.om ** PUBLIC DISCLOSURE COPY ** OMB. -007

More information

2014 Department of the Treasury Internal Revenue Service

2014 Department of the Treasury Internal Revenue Service ** PUBLIC DISCLOSURE COPY ** OMB. -007 Return of Orgniztion Exempt From Inome Tx Form 990 Under setion 0(), 7, or 97()() of the Internl Revenue Code (exept privte foundtions) 0 Deprtment of the Tresury

More information

Information Asymmetry, Market Segmentation and the Pricing of Cross-listed Shares: Theory and Evidence from Chinese A and B Shares

Information Asymmetry, Market Segmentation and the Pricing of Cross-listed Shares: Theory and Evidence from Chinese A and B Shares Informtion Asymmetry, Mrket Segmenttion nd the Pricing of Cross-listed Shres: Theory nd Evidence from Chinese A nd B Shres Sugto Chkrvrty Purdue University West Lfyette, IN 47906 Asni Srkr 1 Federl Reserve

More information

Arc-Consistency for Non-Binary Dynamic CSPs

Arc-Consistency for Non-Binary Dynamic CSPs Ar-Consisteny for Non-Binry Dynmi CSPs Christin Bessière LIRMM (UMR C 9928 CNRS / Université Montpellier II) 860, rue de Sint Priest 34090 Montpellier, Frne Emil: essiere@rim.fr Astrt. Constrint stisftion

More information

AntiSpyware Enterprise Module 8.5

AntiSpyware Enterprise Module 8.5 AntiSpywre Enterprise Module 8.5 Product Guide Aout the AntiSpywre Enterprise Module The McAfee AntiSpywre Enterprise Module 8.5 is n dd-on to the VirusScn Enterprise 8.5i product tht extends its ility

More information

KEY SKILLS INFORMATION TECHNOLOGY Level 3. Question Paper. 29 January 9 February 2001

KEY SKILLS INFORMATION TECHNOLOGY Level 3. Question Paper. 29 January 9 February 2001 KEY SKILLS INFORMATION TECHNOLOGY Level 3 Question Pper 29 Jnury 9 Ferury 2001 WHAT YOU NEED This Question Pper An Answer Booklet Aess to omputer, softwre nd printer You my use ilingul ditionry Do NOT

More information

Qualmark Licence Agreement

Qualmark Licence Agreement Terms nd Conditions Qulmrk Liene Agreement Terms nd Conditions Terms nd Conditions 1. Liene Holder Applint 2. Confirmed Sttus 3. Term nd Renewl 4. Use of the Intelletul Property 5. Qulmrk Progrmme Rtings

More information

1 Fractions from an advanced point of view

1 Fractions from an advanced point of view 1 Frtions from n vne point of view We re going to stuy frtions from the viewpoint of moern lger, or strt lger. Our gol is to evelop eeper unerstning of wht n men. One onsequene of our eeper unerstning

More information

PUBLIC-TRANSIT VEHICLE SCHEDULES USING A MINIMUM CREW-COST APPROACH

PUBLIC-TRANSIT VEHICLE SCHEDULES USING A MINIMUM CREW-COST APPROACH TOTAL LOGISTIC MANAGEMENT No. PP. Avishi CEDER PUBLIC-TRANSIT VEHICLE SCHEDULES USING A MINIMUM CREW-COST APPROACH Astrt: Commonly, puli trnsit genies, with view towrd effiieny, im t minimizing the numer

More information

Foreign Debt and The Gold Standard: Comparing Russian and Japanese Experience in Late XIX Century Ivan Medovikov

Foreign Debt and The Gold Standard: Comparing Russian and Japanese Experience in Late XIX Century Ivan Medovikov Foreign Det n The Gol Stnr: Compring Russin n Jpnese Experiene in Lte XIX Century Ivn Meovikov Astrt The following work will exmine risk premiums on government et issue y Russin n Jpnese governments in

More information

General Regression Neural Network Model for Behavior of Salmonella on Chicken Meat during Cold Storage

General Regression Neural Network Model for Behavior of Salmonella on Chicken Meat during Cold Storage Generl Regression Neurl Network Model for Behvior of Slmonell on Chiken Met during Cold Storge Thoms P. Osr M: Food Miroiology & Sfety Astrt: A study ws undertken to investigte nd model ehvior of Slmonell

More information

BEC TESTS Gli ascolti sono disponibili all indirizzo www.loescher.it/business

BEC TESTS Gli ascolti sono disponibili all indirizzo www.loescher.it/business Gli solti sono disponiili ll indirizzo www.loesher.it/usiness SURNAME AND NAME CLASS DATE BEC TEST Prt one Questions 1-8 For questions 1-8 you will her eight short reordings. For eh question, hoose one

More information

Do not enter Social Security numbers on this form as it may be made public. Open to Public Internal Revenue Service

Do not enter Social Security numbers on this form as it may be made public. Open to Public Internal Revenue Service OMB. 1-007 Return of Orgniztion Exempt From Inome Tx Form 990 Under setion 01(), 7, or 97()(1) of the Internl Revenue Code (exept privte foundtions) 01 Deprtment of the Tresury Do not enter Soil Seurity

More information

2014 Department of the Treasury Internal Revenue Service

2014 Department of the Treasury Internal Revenue Service ETENDED TO NOVEMBER 6, 0 OMB. -007 Return of Orgniztion Exempt From Inome Tx Form 990 Under setion 0(), 7, or 97()() of the Internl Revenue Code (exept privte foundtions) 0 Deprtment of the Tresury Internl

More information

THE LONGITUDINAL FIELD IN THE GTEM 1750 AND THE NATURE OF THE TERMINATION.

THE LONGITUDINAL FIELD IN THE GTEM 1750 AND THE NATURE OF THE TERMINATION. THE LONGITUDINAL FIELD IN THE GTEM 175 AND THE NATURE OF THE TERMINATION. Benjmin Guy Loder Ntionl Physil Lbortory, Queens Rod, Teddington, Middlesex, Englnd. TW11 LW Mrtin Alexnder Ntionl Physil Lbortory,

More information

Utilization of Smoking Cessation Benefits in Medicaid Managed Care, 2009-2013

Utilization of Smoking Cessation Benefits in Medicaid Managed Care, 2009-2013 Utiliztion of Smoking Cesstion Benefits in Medicid Mnged Cre, 2009-2013 Office of Qulity nd Ptient Sfety New York Stte Deprtment of Helth Jnury 2015 Introduction According to the New York Stte Tocco Control

More information

ROGERS, ANDERSON, MALODY & SCOTT, LLP CPAS 735 E. CARNEGIE DRIVE, SUITE 100 SAN BERNARDINO, CA 92408 (909) 889-0871

ROGERS, ANDERSON, MALODY & SCOTT, LLP CPAS 735 E. CARNEGIE DRIVE, SUITE 100 SAN BERNARDINO, CA 92408 (909) 889-0871 ROGERS, ANDERSON, MALODY & SCOTT, LLP CPAS 7 E. CARNEGIE DRIVE, SUITE 00 SAN BERNARDINO, CA 908 (909) 889-087 APRIL 8, 0 UNIVERSITY ENTERPRISES CORPORATION AT CSUSB 00 UNIVERSITY PARKWAY SAN BERNARDINO,

More information

Warm-up for Differential Calculus

Warm-up for Differential Calculus Summer Assignment Wrm-up for Differentil Clculus Who should complete this pcket? Students who hve completed Functions or Honors Functions nd will be tking Differentil Clculus in the fll of 015. Due Dte:

More information

ENCLOSED ARE THE ORGANIZATION'S 2014 EXEMPT ORGANIZATION RETURNS. THE PAPER FILED RETURN(S) SHOULD BE SIGNED, DATED, AND MAILED, AS INDICATED.

ENCLOSED ARE THE ORGANIZATION'S 2014 EXEMPT ORGANIZATION RETURNS. THE PAPER FILED RETURN(S) SHOULD BE SIGNED, DATED, AND MAILED, AS INDICATED. CHILD, INC. 88 E. RD STREET AUSTIN, T 787 ATTENTION: ALBERT L. BLACK DEAR MR. BLACK: ENCLOSED ARE THE ORGANIZATION'S 0 EEMPT ORGANIZATION RETURNS. THE PAPER FILED RETURN(S) SHOULD BE SIGNED, DATED, AND

More information

P.3 Polynomials and Factoring. P.3 an 1. Polynomial STUDY TIP. Example 1 Writing Polynomials in Standard Form. What you should learn

P.3 Polynomials and Factoring. P.3 an 1. Polynomial STUDY TIP. Example 1 Writing Polynomials in Standard Form. What you should learn 33337_0P03.qp 2/27/06 24 9:3 AM Chpter P Pge 24 Prerequisites P.3 Polynomils nd Fctoring Wht you should lern Polynomils An lgeric epression is collection of vriles nd rel numers. The most common type of

More information

Move, Inc. 2010 Citi EMT Conference January 5, 2010

Move, Inc. 2010 Citi EMT Conference January 5, 2010 Move, Inc. 2010 Citi EMT Conference Jnury 5, 2010 Sfe Hrbor Sttement 2 This presenttion my contin forwrd-looking sttements, including informtion bout mngement s view of Move s future expecttions, plns

More information

End of term: TEST A. Year 4. Name Class Date. Complete the missing numbers in the sequences below.

End of term: TEST A. Year 4. Name Class Date. Complete the missing numbers in the sequences below. End of term: TEST A You will need penil nd ruler. Yer Nme Clss Dte Complete the missing numers in the sequenes elow. 8 30 3 28 2 9 25 00 75 25 2 Put irle round ll of the following shpes whih hve 3 shded.

More information

Revised products from the Medicare Learning Network (MLN) ICD-10-CM/PCS Myths and Facts, Fact Sheet, ICN 902143, downloadable.

Revised products from the Medicare Learning Network (MLN) ICD-10-CM/PCS Myths and Facts, Fact Sheet, ICN 902143, downloadable. DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Meire & Meii Servies Revise prouts from the Meire Lerning Network (MLN) ICD-10-CM/PCS Myths n Fts, Ft Sheet, ICN 902143, ownlole. MLN Mtters Numer: SE1325

More information

- DAY 1 - Website Design and Project Planning

- DAY 1 - Website Design and Project Planning Wesite Design nd Projet Plnning Ojetive This module provides n overview of the onepts of wesite design nd liner workflow for produing wesite. Prtiipnts will outline the sope of wesite projet, inluding

More information

OUTLINE SYSTEM-ON-CHIP DESIGN. GETTING STARTED WITH VHDL August 31, 2015 GAJSKI S Y-CHART (1983) TOP-DOWN DESIGN (1)

OUTLINE SYSTEM-ON-CHIP DESIGN. GETTING STARTED WITH VHDL August 31, 2015 GAJSKI S Y-CHART (1983) TOP-DOWN DESIGN (1) August 31, 2015 GETTING STARTED WITH VHDL 2 Top-down design VHDL history Min elements of VHDL Entities nd rhitetures Signls nd proesses Dt types Configurtions Simultor sis The testenh onept OUTLINE 3 GAJSKI

More information

SUMMARY OF INDEX DAILY CLOSINGS FOR WEDNESDAY, MARCH 4th, 2009. Sep 8 9 2 9

SUMMARY OF INDEX DAILY CLOSINGS FOR WEDNESDAY, MARCH 4th, 2009. Sep 8 9 2 9 ROERT D. MCHUGH, JR., Ph.D. Dily Mrket Newsletter A Puliction of Min Line Investors, Inc. P.O. ox 06 Issue No. 08 Emil Address: Kimerton, PA 9 Wednesdy, Mrch th, 009 rmchugh@techniclindictorindex.com SUMMARY

More information

BUSINESS OWNERS PACKAGE INSURANCE APPLICATION

BUSINESS OWNERS PACKAGE INSURANCE APPLICATION BUSINESS OWNERS PACKAGE INSURANCE APPLICATION Progrm ville through: CAMICO Insurnce Services Tel: 800.652.1772 Prt 1: Generl Informtion 1. Firm Nme: 2. Contct Person: (Person designted nd uthorized y the

More information

Application Bundles & Data Plans

Application Bundles & Data Plans Appliction Appliction Bundles & Dt Plns We ve got plns for you. Trnsporttion compnies tody ren t one-size-fits-ll. Your fleet s budget, size nd opertions re unique. To meet the needs of your fleet nd help

More information

EQUATIONS OF LINES AND PLANES

EQUATIONS OF LINES AND PLANES EQUATIONS OF LINES AND PLANES MATH 195, SECTION 59 (VIPUL NAIK) Corresponding mteril in the ook: Section 12.5. Wht students should definitely get: Prmetric eqution of line given in point-direction nd twopoint

More information

GENERAL OPERATING PRINCIPLES

GENERAL OPERATING PRINCIPLES KEYSECUREPC USER MANUAL N.B.: PRIOR TO READING THIS MANUAL, YOU ARE ADVISED TO READ THE FOLLOWING MANUAL: GENERAL OPERATING PRINCIPLES Der Customer, KeySeurePC is n innovtive prout tht uses ptente tehnology:

More information

2. Transaction Cost Economics

2. Transaction Cost Economics 3 2. Trnsction Cost Economics Trnsctions Trnsctions Cn Cn Be Be Internl Internl or or Externl Externl n n Orgniztion Orgniztion Trnsctions Trnsctions occur occur whenever whenever good good or or service

More information

Combined Liability Insurance. Information and Communication Technology Proposal form

Combined Liability Insurance. Information and Communication Technology Proposal form Comined Liility Insurnce Informtion nd Communiction Technology Proposl form Comined Liility Insurnce Informtion nd Communiction Technology - Proposl form This proposl form must e completed nd signed y

More information

Angles 2.1. Exercise 2.1... Find the size of the lettered angles. Give reasons for your answers. a) b) c) Example

Angles 2.1. Exercise 2.1... Find the size of the lettered angles. Give reasons for your answers. a) b) c) Example 2.1 Angles Reognise lternte n orresponing ngles Key wors prllel lternte orresponing vertilly opposite Rememer, prllel lines re stright lines whih never meet or ross. The rrows show tht the lines re prllel

More information

The remaining two sides of the right triangle are called the legs of the right triangle.

The remaining two sides of the right triangle are called the legs of the right triangle. 10 MODULE 6. RADICAL EXPRESSIONS 6 Pythgoren Theorem The Pythgoren Theorem An ngle tht mesures 90 degrees is lled right ngle. If one of the ngles of tringle is right ngle, then the tringle is lled right

More information

Using CrowdSourcing for Data Analytics

Using CrowdSourcing for Data Analytics Using CrowdSouring for Dt Anlytis Hetor Gri-Molin (work with Steven Whng, Peter Lofgren, Adity Prmeswrn nd others) Stnford University 1 Big Dt Anlytis CrowdSouring 1 CrowdSouring 3 Rel World Exmples Ctegorizing

More information

Pentominoes. Pentominoes. Bruce Baguley Cascade Math Systems, LLC. The pentominoes are a simple-looking set of objects through which some powerful

Pentominoes. Pentominoes. Bruce Baguley Cascade Math Systems, LLC. The pentominoes are a simple-looking set of objects through which some powerful Pentominoes Bruce Bguley Cscde Mth Systems, LLC Astrct. Pentominoes nd their reltives the polyominoes, polycues, nd polyhypercues will e used to explore nd pply vrious importnt mthemticl concepts. In this

More information

Lesson 5 Save and Invest: Stocks Owning Part of a Company

Lesson 5 Save and Invest: Stocks Owning Part of a Company Lesson 5 Save and Invest: Stocks Owning Part of a Company Lesson Description This lesson introduces students to information and basic concepts about the stock market. In a bingo game, students become aware

More information

Regression-based techniques for statistical decision making in singlecase

Regression-based techniques for statistical decision making in singlecase Psiothem 2010. Vol. 22, nº 4, pp. 1026-1032 www.psiothem.om ISSN 0214-9915 CODEN PSOTEG Copyright 2010 Psiothem Regression-sed tehniques for sttistil deision mking in singlese designs Rumen Mnolov, Jume

More information

CHAPTER 15 STOCKHOLDERS EQUITY. IFRS questions are available at the end of this chapter. TRUE-FALSE Conceptual

CHAPTER 15 STOCKHOLDERS EQUITY. IFRS questions are available at the end of this chapter. TRUE-FALSE Conceptual CHAPTER 15 STOCKHOLDERS EQUITY IFRS questions re ville t the en of this hpter. TRUE-FALSE Coneptul Answer T F T F T F T F F T F T T F F T T F F T No. Desription 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

More information

European Treaty Series - No. 141 CONVENTION ON LAUNDERING, SEARCH, SEIZURE AND CONFISCATION OF THE PROCEEDS FROM CRIME

European Treaty Series - No. 141 CONVENTION ON LAUNDERING, SEARCH, SEIZURE AND CONFISCATION OF THE PROCEEDS FROM CRIME Europen Trety Series - No. 141 CONVENTION ON LAUNDERING, SEARCH, SEIZURE AND CONFISCATION OF THE PROCEEDS FROM CRIME Strsourg, 8.XI.1990 2 ETS 141 Lundering of the Proeeds from Crime, 8.XI.1990 Premle

More information

Foreign portfolio investors before and during a crisis

Foreign portfolio investors before and during a crisis Journl of Interntionl Economics 56 (2002) 77 96 www.elsevier.com/ locte/ econbse Foreign portfolio investors before nd during crisis b,c,d, * Woochn Kim, Shng-Jin Wei School of Public Policy nd Mngement,

More information

Car insurance. Policy Booklet. www.tesco.ie. In association with

Car insurance. Policy Booklet. www.tesco.ie. In association with Cr insurne Poliy Booklet www.teso.ie In ssoition with Teso Cr Insurne poliy ontents Generl Cutting the ost, not the over! Speil notes, ident nd rekdown ssist phone numers 2 Introdution 3 Complints proedure

More information

Unit 5 Section 1. Mortgage Payment Methods & Products (20%)

Unit 5 Section 1. Mortgage Payment Methods & Products (20%) Unit 5 Setion 1 Mortgge Pyment Methos & Prouts (20%) There re tully only 2 mortgge repyment methos ville CAPITAL REPAYMENT n INTEREST ONLY. Cpitl Repyment Mortgge Also lle Cpitl & Interest mortgge or repyment

More information

FOOD FOR THOUGHT Topical Insights from our Subject Matter Experts

FOOD FOR THOUGHT Topical Insights from our Subject Matter Experts FOOD FOR THOUGHT Topial Insights from our Sujet Matter Experts DEGREE OF DIFFERENCE TESTING: AN ALTERNATIVE TO TRADITIONAL APPROACHES The NFL White Paper Series Volume 14, June 2014 Overview Differene

More information

LISTENING COMPREHENSION

LISTENING COMPREHENSION PORG, přijímí zkoušky 2015 Angličtin B Reg. číslo: Inluded prts: Points (per prt) Points (totl) 1) Listening omprehension 2) Reding 3) Use of English 4) Writing 1 5) Writing 2 There re no extr nswersheets

More information

The Cat in the Hat. by Dr. Seuss. A a. B b. A a. Rich Vocabulary. Learning Ab Rhyming

The Cat in the Hat. by Dr. Seuss. A a. B b. A a. Rich Vocabulary. Learning Ab Rhyming MINI-LESSON IN TION The t in the Ht y Dr. Seuss Rih Voulry tme dj. esy to hndle (not wild) LERNING Lerning Rhyming OUT Words I know it is wet nd the sun is not sunny. ut we n hve Lots of good fun tht is

More information

A System Context-Aware Approach for Battery Lifetime Prediction in Smart Phones

A System Context-Aware Approach for Battery Lifetime Prediction in Smart Phones A System Context-Awre Approh for Bttery Lifetime Predition in Smrt Phones Xi Zho, Yo Guo, Qing Feng, nd Xingqun Chen Key Lbortory of High Confidene Softwre Tehnologies (Ministry of Edution) Shool of Eletronis

More information

Operations with Polynomials

Operations with Polynomials 38 Chpter P Prerequisites P.4 Opertions with Polynomils Wht you should lern: Write polynomils in stndrd form nd identify the leding coefficients nd degrees of polynomils Add nd subtrct polynomils Multiply

More information