...Financial Markets Table of Contents Introduction 1 Overall Canadian Economy 1 Equity Market Analysis: 2 Bond Market 3 Money Market 4 Portfolio Allocation 5 Risk Analysis 5 Appendix 1: 6 Appendix 2: 6 Appendix 3: 9 Introduction The objective of this paper is to determine how market institutional portfolio managers should properly allocate their funds amongst the different financial markets. We will focus only on the Canadian money, bond and stock markets over the following year until the second quarter of 2014. Following a top-down approach, we will first discuss the strengths and weaknesses of the overall Canadian economy. We will then perform a similar analysis of the 3 financial markets and will conclude by choosing an appropriate asset allocation and determining the return and risk forecasts of the portfolio. Overall Canadian Economy According to the Bank of Canada, the Canadian economy is experiencing material slack, heightened competitive pressures in the retail sector and slower increases in regulated prices, resulting in a total and core CPI inflation of 1.2% in the second quarter of 2013. As the economy returns to full capacity, inflation is projected to rise gradually to 1.8% by the second quarter of 2014 (refer to appendix 1). The Bank of Canada also mentions that the exchange rate of the CAD is expected to remain at around USD$0.98 over the following year. This constant exchange rate will not cause any change in the competitiveness...
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...Table 1 Selected Interest Rates (Per cent) 2008 2009 2010 /1 2011 /2 2012 /2 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Treasury Bill Issue Rate 8.50 8.30 8.80 8.70 4.00 7.40 6.40 6.40 1.49 3.05 5.23 9.10 8.89 8.83 9.32 15.67 14.92 14.98 13.08 11.82 Monetary Policy Rate 3/ 9.50 10.25 9.75 9.75 9.75 8.00 6.00 6.00 6.00 6.00 6.25 6.25 7.50 8.00 9.25 12.00 12.00 12.00 12.00 12.00 Savings 2.94 2.79 2.75 2.92 2.62 2.67 2.36 3.33 3.03 1.95 1.49 1.51 1.41 1.40 1.46 1.41 1.67 1.76 1.79 1.66 Call 3.78 4.02 4.47 4.63 5.36 4.55 6.04 4.80 2.66 1.63 3.34 1.82 4.67 6.50 1.73 5.00 6.27 8.85 7 days 6.46 5.98 5.92 6.64 5.90 6.71 6.08 5.77 2.91 2.64 1.80 1.77 2.04 2.06 2.13 3.39 4.30 4.47 4.84 5.16 1 month 10.61 11.26 12.13 11.65 12.92 11.69 11.12 12.73 7.36 4.51 3.58 3.66 4.21 4.52 4.71 6.58 7.45 7.46 8.09 8.15 3 months 10.40 11.96 12.81 12.26 12.84 12.63 12.17 13.15 8.60 4.98 5.16 4.63 5.36 5.14 5.49 6.80 8.15 7.80 8.79 9.15 6 months 9.72 11.76 ...
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...together a large number of ideas and thoughts into a single, comprehensive vision so that each of them is seen as part of a larger goal. Each individual element stands on its own. But is also part of the larger picture. It is coordinated by DeitY, implemented by the entire government – both at the Centre and State. The weaving together makes the Mission transformative in totality The Programme: Pulls together many existing schemes. These schemes will be restructured and re-focused. They will be implemented in a synchronized manner. Many elements are only process improvements with minimal cost. The common branding of programmes as Digital India highlights their transformative impact. DIGITAL IND IA Vision of Digital India Centered on 3 Key Areas • Digital Infrastructure as a Utility to Every Citizen • Governance & Services on Demand • Digital Empowerment of Citizens DIGITAL IND IA Vision Area 1: Infrastructure as a Utility to Every Citizen • High speed internet as a core utility • Cradle to grave digital identity -unique, lifelong, online, authenticable • Mobile phone & Bank account enabling participation in digital & financial space • Easy access to a Common Service Centre • Shareable private space on a public cloud • Safe and secure Cyber-space DIGITAL IND IA Vision Area 2: Governance & Services On Demand • Seamlessly...
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...Since 1994, Jeffrey P. Bezos has been its Chairman of the Board and its Chief Executive officer since 1996, and with a brief interruption in 1999-2000, he has also been the President of Amazon.com, Inc. since its founding. Under the “AMZN’ symbol, its common stock is listed on the Nasdaq Global Select Market. Amazon.com, Inc. began on the World Wide Web in 1995, with its main customer base being “consumers, sellers, enterprises, and content creators”. Amazon.com, Inc. is managed on a geographic basis with North America and International being its low operating segments. For its consumers, the website offers millions of products sold by Amazon.com itself and by third parties. As of December 31, 2013, Amazon.com employs over 117,000 full and part-time people. GAAP In accordance with generally accepted accounting principles (GAAP) of the United States, Amazon.com, financial statements and accompanying notes, the required estimates and assumptions that may affect the company’s reported assets and liabilities, and its revenues and expenses, are disclosed. However, free cash flow, a non-GAAP measure, is utilized by Amazon.com, as a long-term financial focus. Free cash flow is defined as “net cash provided by operating activities less cash expenditures for purchases of property and equipment, including internal-use software and website development.” This definition meets that of the SEC regulations and its conditions for use of non-GAAP measures. In its use of the non-GAAP...
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...Human Development of Bangladesh Topic: Human Development of Bangladesh Subject: Macroeconomics Subject Code: ECO-502 Submitted to: Dr. Salehuddin Ahmed Course Instructor BRAC Business School BRAC University Submitted by: |Sl. No. |Name |ID | |01. |Sigma Sharmeen Khan Prema |141 64 010 | |02. |Rubaiya Binte Mustafa |141 64 005 | |03. |Mahmudur Rahman Polash |141 64 015 | |04. |Md. Mohsin Alam |132 64 001 | |Section: 01 | Date of Submission: 28-03-2015 Letter of Transmittal March 28, 2015 Dr. Salehuddin Ahmed Course Instructor BRAC Business School BRAC University Subject: Submission of report on “Human Development of Bangladesh” Dear Sir, With due respect & humble submission, we the students of M.B.A. Spring 2015, are submitting the report on “Human Development of Bangladesh”. It gives us immense pleasure to inform you that we have completed the report under your kind hearted direct supervision. ...
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...journalofdiabetology.org/ Review Article: Diabetes in Prevention Abstract: Pakistan: Epidemiology, Determinants and * R. Hakeem 1 , 2 , A . Fawwad 2 Epidemiology and determinants of diabetes in Pakistan have peculiar combination of risk factors. Strong gene and environment interplay along with in-utero programming in context of low birth weight and gestational diabetes are the main contributors of a high prevalence of type 2 diabetes in Pakistan. The real burden of diabetes is due to its chronic complications leading to increased morbidity and mortality. The unique combination of various risk factors necessitates research studies to make appropriate risk assessment tools to control this diabetes pandemic. Better understanding of aetio-pathological genetic and environmental factors are suggesting prevention should begin much before the start of disease process and interventions in high-risk subjects alone will not be sufficient. It is necessary to initiate population based programmes for primary prevention of diabetes including a range of activities targeted at different age groups from fetal life to old age. Synchronized and coordinated efforts from public and private sectors are needed to combat this mammoth health and economic issue. Key words: Diabetes, Pakistan, Introduction: Escalation in rates of diabetes, especially type 2 diabetes in Pakistan is posing threats to the economy and quality of life of people due to poor glycemic control and very high rates of complications...
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...Privatization and efficiency: Industry effects of the sale of British Airways Catherine Eckel, Doug Eckel, Vijay SingaP Virginia Pohechuic lrrrliarv (Received ad Apill!?95; Swe Wm. final v&on &c&q. received VA 2UW. July US.4 1996) We analyze the etkt 04 privatization on the performance of British Airways by examining the privatization’s impa on airfares and competitors’ stock priax We find that stodc prim of U.S. annpetil9rs fell a sigoiticant 7% up00 British Airways’ privatb tion. imply@ expectation afa more annpetitive British Airways Closcx rivals d British Aimarn~agcPlcrdrcpinstoclrpiccthanmonctiwntrivakFurthcr. airfares in markets send by British Airways kll sigdcantly upon pcivatizatioo. The results suggest that a change from gov-mamm t to private ownaship improves economic __ -Ker nxmfx IEL Privatization; cfass@ctuionz G32; Ownership; L3k G38; Airlines Eritisb Airways L93 When a firm is privatiz& several factors change ownership changes from the government to private simultaneously. hands. !kcond, Firs4 the the firm’s --.. ._- .--.-l c orqmdmg author. This paper iu.5 bcnditai fran helpful fx3inmmI.s and kalbask from workshop participeDts 81 the Unbwsity d Arizwm, University of North Cardina at Chapel fJill. lad Virginia Pdytbnic Institute and Sate University. We agqxbate the ax~.~ructivc su~kms of Jobn Chahuax Lhvc Dmis Diane Desk. Rob Hansat. Murali Jaganaatban, Greg Kadkc. Dan Lem, Nancy Lutz Michael Wcisbach, Ken Ldm (tbc I&U). a& cqkally of Jerry...
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...researchers, and to increase visibility and impact through open access to researchers around the world. For further information please contact epubs@scu.edu.au. Southern Cross University Doctor of Business Administration The contribution of business/management education, to small enterprise solvency Peter Ellis Submitted to Graduate College of Management Southern Cross University, in partial fulfilment of the Degree of Doctor of Business Administration. 2004 Copyright “The contribution of business/management education, to small enterprise solvency.” Copyright © 2004 by Dr Peter Ellis, who reserves all rights and asserts his right under the Copyright, Design and Patents Act 1988, to be identified as the author of this work. No part of this work may be used or reproduced in any manner whatsoever without written permission except in the case of acknowledged brief quotations embodied in this work. i Statement of original authorship I certify that the substance of this thesis has not been submitted for any other degree to date, nor is it currently being submitted for any other degree. I also certify that I have acknowledged all sources used and...
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...2454 Federal Register / Vol. 76, No. 9 / Thursday, January 13, 2011 / Proposed Rules 1. Electronically. You may submit electronic comments on this regulation to http://www.regulations.gov. Follow the ‘‘Submit a comment’’ instructions. 2. By regular mail. You may mail written comments to the following address only: Centers for Medicare & Medicaid Services, Department of Health and Human Services, Attention: CMS–3239– P, P.O. Box 8010, Baltimore, MD 21244– 8010. Please allow sufficient time for mailed comments to be received before the close of the comment period. 3. By express or overnight mail. You may send written comments to the following address only: Centers for Medicare & Medicaid Services, Department of Health and Human Services, Attention: CMS–3239–P, Mail Stop C4–26–05, 7500 Security Boulevard, Baltimore, MD 21244–1850. 4. By hand or courier. If you prefer, you may deliver (by hand or courier) your written comments before the close of the comment period to either of the following addresses: a. For delivery in Washington, DC— Centers for Medicare & Medicaid Services, Department of Health and Human Services, Room 445–G, Hubert H. Humphrey Building, 200 Independence Avenue, SW., Washington, DC 20201. (Because access to the interior of the Hubert H. Humphrey Building is not readily available to persons without Federal government identification, commenters are encouraged to leave their comments in the CMS drop slots located in the main lobby of the building. A stamp-in...
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...We hope you find this book useful and welcome comments so that we can improve future editions. FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman The Primary Analyst(s) identified above certify that the views expressed in this report accurately reflect his/her/their personal views about the subject securities/instruments/issuers, and no part of his/her/their compensation was, is or will be directly or indirectly related to the specific views or recommendations contained herein. This report has been prepared in accordance with our conflict management policy. The policy describes our organizational and administrative arrangements for the avoidance, management and disclosure of conflicts of interest. The policy is available at www.morganstanley.com/institutional/research. Please see additional important disclosures at the end of this report. Morgan Stanley & Co. Incorporated December 16, 2004 450 Transforming Real Estate Finance A CMBS Primer 1 2 INTRODUCTION T O C MBS 1 – 8 History and Structure Rating Agency Methodology MAJOR P ROPERTY T YPES I N...
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...its website: www.cbe.org.eg. Contents Page Main Monetary and Financial Indicators The Leading Article - Output Gap and Its Determinants: The Experience of Egypt ………………………………………… 1- Macroeconomic Performance 1/1 1/2 1/3 1/4 Gross Domestic Product (GDP)……………………………... Employment and Unemployment……………………………. Inflation……………………………………………………… Tourism………………………………………………………. 21 27 28 33 1 2- Monetary and Banking Developments 2/1 2/1/12/1/22/1/32/1/42/1/52/2 2/2/12/2/22/2/32/2/42/2/52/2/6Monetary and Banking Policy and Monetary Aggregates…… Monetary Policy……………………………………………... Reserve Money (M0)………………………………………… Domestic Liquidity (M2) and Counterpart Assets…………... Payment Systems and Information Technology (IT)………... RTGS and SWIFT Local Services…………………………… Banking and Credit Developments…………………………... Banking Reform……………………………………………... Supervision Sector…………………………………………… Overview of Banks' Aggregate Financial Position………….. Interbank Transactions in Egypt……………………………... Deposits……………………………………………………… Lending Activity……………………………………………... 37 37 38 42 46 48 50 50 53 58 60 61 62 3 - Non Banking Financial Sector 3/1 - Stock Market…………………………………………………. 3/2 - Mutual Funds………………………………………………… 66 70 4 - Public Finance and Domestic Public Debt 4/14/1/14/1/24/2 4/2/14/2/24/2/34/2/4Consolidated Fiscal Operations of the General Government. Estimates of the Consolidated Fiscal Operations of the General...
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...authority on investment profession conduct and practice. Each book in the CFA Institute Investment Series is geared toward industry practitioners along with graduate-level finance students and covers the most important topics in the industry. The authors of these cutting-edge books are themselves industry professionals and academics and bring their wealth of knowledge and expertise to this series. MANAGING INVESTMENT PORTFOLIOS WORKBOOK A DYNAMIC PROCESS Third Edition John L. Maginn, CFA Donald L. Tuttle, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA John Wiley & Sons, Inc. Copyright c 2007 by CFA Institute. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance...
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... C en ga Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States ge Le ar ni ng BUSN BUSN BUSN 6, 6th Edition Kelly | McGowen | Williams © 2014 Cengage Learning. All rights reserved. Senior Project Development Manager: Linda deStefano Market Development Manager: Heather Kramer Senior Production/Manufacturing Manager: Donna M. Brown Production Editorial Manager: Kim Fry Sr. Rights Acquisition Account Manager: Todd Osborne en C Printed in the United States of America ga ge Le Compilation © 2013 Cengage Learning ISBN-13: 978-1-285-88034-1 ISBN-10: 1-285-88034-X Cengage Learning 5191 Natorp Boulevard Mason, Ohio 45040 USA ALL RIGHTS RESERVED. No part of this work covered by the copyright herein LL RIGHT th repro reprodu ted, s may be reproduced, transmitted, stored or used in any form or by any means electro graphic, electronic, or mechanical, including but not limited to photocopying, scann di recording, scanning, digitizing, taping, Web distribution, information networks, a or information storage and retrieval systems, except as permitted under o t Section 107 or 108 of the 1976 United States Copyright Act, without the prior writ written permission of the publisher. pro For product information and technology assistance, contact us at Cen Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at cengage...
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...Probability and Statistics for Finance The Frank J. Fabozzi Series Fixed Income Securities, Second Edition by Frank J. Fabozzi Focus on Value: A Corporate and Investor Guide to Wealth Creation by James L. Grant and James A. Abate Handbook of Global Fixed Income Calculations by Dragomir Krgin Managing a Corporate Bond Portfolio by Leland E. Crabbe and Frank J. Fabozzi Real Options and Option-Embedded Securities by William T. Moore Capital Budgeting: Theory and Practice by Pamela P. Peterson and Frank J. Fabozzi The Exchange-Traded Funds Manual by Gary L. Gastineau Professional Perspectives on Fixed Income Portfolio Management, Volume 3 edited by Frank J. Fabozzi Investing in Emerging Fixed Income Markets edited by Frank J. Fabozzi and Efstathia Pilarinu Handbook of Alternative Assets by Mark J. P. Anson The Global Money Markets by Frank J. Fabozzi, Steven V. Mann, and Moorad Choudhry The Handbook of Financial Instruments edited by Frank J. Fabozzi Collateralized Debt Obligations: Structures and Analysis by Laurie S. Goodman and Frank J. Fabozzi Interest Rate, Term Structure, and Valuation Modeling edited by Frank J. Fabozzi Investment Performance Measurement by Bruce J. Feibel The Handbook of Equity Style Management edited by T. Daniel Coggin and Frank J. Fabozzi The Theory and Practice of Investment Management edited by Frank J. Fabozzi and Harry M. Markowitz Foundations of Economic Value Added, Second Edition by James L. Grant Financial Management and Analysis, Second Edition...
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...solution SOLUTIONS TO EXERCISES AND CASES For FINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Stephen H. Penman Fifth Edition CHAPTER ONE Introduction to Investing and Valuation Concept Questions C1.1. Fundamental risk arises from the inherent risk in the business – from sales revenue falling or expenses rising unexpectedly, for example. Price risk is the risk of prices deviating from fundamental value. Prices are subject to fundamental risk, but can move away from fundamental value, irrespective of outcomes in the fundamentals. When an investor buys a stock, she takes on fundamental risk – the stock price could drop because the firm’s operations don’t meet expectations – but she also runs the (price) risk of buying a stock that is overpriced or selling a stock that is underpriced. Chapter 19 elaborates and Figure 19.5 (in Chapter 19) gives a display. C1.2. A beta technology measures the risk of an investment and the required return that the risk requires. The capital asset pricing model (CAPM) is a beta technology; is measures risk (beta) and the required return for the beta. An alpha technology involves techniques that identify mispriced stocks than can earn a return in excess of the required return (an alpha return). See Box 1.1. The appendix to Chapter 3 elaborates on beta technologies. C1.3. This statement is based on a statistical average from the historical data: The return on stocks...
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