...Introduction to CreditMetrics™ The benchmark for understanding credit risk New York April 2, 1997 • • • A value-at-risk (VaR) framework applicable to all institutions worldwide that carry credit risk in the course of their business. A full portfolio view addressing credit event correlations which can identify the costs of over concentration and benefits of diversification in a mark-to-market framework. Results that drive: investment decisions, risk-mitigating actions, consistent risk-based credit limits, and rational risk-based capital allocations. J.P. Morgan Co-sponsors: Bank of America Bank of Montreal BZW Deutsche Morgan Grenfell KMV Corporation Swiss Bank Corporation Union Bank of Switzerland Table of Contents 1. Introduction to CreditMetrics 2. The case for a portfolio approach to credit risk 3. The challenges of estimating portfolio credit risk 4. An overview of CreditMetrics methodology 5. Practical applications 3 9 12 14 30 Introduction to CreditMetrics Copyright © 1997 J.P. Morgan & Co. Incorporated. All rights reserved. J.P. Morgan Securities, Inc., member SIPC. J.P. Morgan is the marketing name for J.P. Morgan & Co. Incorporated and its subsidiaries worldwide. CreditMetrics™, CreditManager™, FourFifteen™, and RiskMetrics™ are trademarks of J.P. Morgan in the United States and in other countries. They are written with the symbol ™ on their first occurance in the publication, and as CreditMetrics, CreditManager, FourFifteen or RiskMetrics thereafter...
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...BSR 64000 Command Reference Guide Compass ID: 271820115 Version 3 Release 5.0.0 Notice Copyright © 2008 Motorola, Inc. All rights reserved No part of this publication my be reproduced in any form or by any means or used to make any derivative work (such as translation, transformation or adaptation) without written permission from Motorola, Inc. Motorola reserves the right to revise this publication and to make changes in content from time to time without obligation on the part of Motorola to provide notification of such revision or change. Motorola provides this guide without warranty of any kind, either implied or expressed, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. Motorola may make improvements or changes in the product(s) described in this manual at any time. Motorola and the stylized M logo are registered trademarks of Motorola, Inc. Broadband Services Router, BSR, BSR 64000, RiverDelta, and SmartFlow are trademarks of Motorola, Inc. All other trademarks and registered trademarks are the property of their respective owners. Caring for the Environment by Recycling When you see this symbol on a Motorola product, do not dispose of the product with residential or commercial waste. Recycling your Motorola Equipment Please do not dispose of this product with your residential or commercial waste. Some countries or regions, such as the European Union, have set up systems to collect and recycle electrical...
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...AACSB Table 10-1: Summary of Faculty Qualifications, Development Activities, and Professional Responsibilities Date Range: January 1, 2007 - August 1, 2012 Accounting: Professor | | | | | | | Five-Year Summary of Development Activities Supporting AQ or PQ Status | | Name | Highest Earned Degree & Year | Date of First Appointment to the School | Percent of Time Dedicated to the School's Mission | Acad Qual | Prof Qual | Other | Intell. Contrib. | Prof. Exper. | Consult. | Prof. Develop. | Other Prof. Activities | NormalProfessionalResponsibilities | | | | | | | | | | | | | | Som Bhattacharya | Ph D, 1994 | | 100.0 | YES | | | 12 (5) | Service: 0Work: 0 | 0 | 0 | Editor/Review: 6Other:13 | UG, GR, RES, SER and ADM | Intellectual Contributions (12) Hopwood, W., Bhattacharya, S., Premuroso, R. (2011). Tasteless Tea Company: A Comprehensive Revenue Transaction Cycle Case Study. Issues in Accounting Education, 26(1), 163-179. Cao, J., Nicolaou, A., Bhattacharya, S. (2010). A Longitudinal Study of market and Firm Level Factors Influencing ERP Systems’ Adoption and Post-Implementation System Enhancement Options. 7th Annual International Conference on Enterprise Systems, Accounting, and Logistics. Rhodos: ICESAL. Behara, R., Bhattacharya, S. (2008). DNA of a successful BPO. Journal of Service Science, 1(1), 111-118. Premuroso, R., Bhattacharya, S. (2008). Do Early Members of XBRL International Signal Superior Corporate Governance and Future...
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...House # 3, Road #78, Apt # 403, Gulshan 2, Dhaka, Bangladesh Gulshan 2, Dhaka-1212, Bangladesh EDUCATION: Post Doctoral Industrial Statistics, (Concentration: Quality Improvement) September 2002 University of Calgary, Alberta, Canada. Research: Modeling censored data for quality improvement from replicated design of experiments. Ph.D. Industrial Engineering, (Area: Production Management and Applied Statistics.) September 1999 Northeastern University, Boston, USA. Thesis: Analysis of censored life test data and robust design method for reliability improvement from highly fractionated experiments. M.S. Operations Research, (Area: Decision Science and Operations Research) June 1996 Northeastern University, Boston, USA. M.Sc. Statistics, First Class, 4th Position December 1987 Department of Statistics, Jahangirnagar University, Dhaka, Bangladesh. B.Sc. (Hons.) Statistics, First Class, 6th Position, (Minor: Mathematics, Economics), July 1986 Department of Statistics, Jahangirnagar University, Dhaka, Bangladesh. EMPLOYMENT: April 2008- present Professor, School of Business, North South University, Dhaka, Bangladesh. Teaching business statistics, operations management, Total quality management and quantitative methods classes in both the MBA and EMBA programs. Supervising under graduate and graduate intern students. Conducting researches on Product/process quality and reliability Improvement, Service...
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...Cost Analysis 1st August – 12th August 2011 Syllabus FINC 327 - Cost Analysis 2011 Assessment: An unseen, two hour closed book examination: Part A Compulsory, Part B & C, A choice of ONE of TWO questions THREE questions in total Recommended Textbook Colin Drury, Cost and Management Accounting, an introduction, Pub. Thomson, 7th Edition WWW.thomsonlearning.co.uk ISBN 0-412-58780-7 Lecturer: Prof. Melvin Ch. Williams E-mail: mcwilliams23942@btinternet.com Prof. M C Williams, Cardiff University 1 Cost Analysis 1st August – 12th August 2011 Programme Day 01.08.2011 • • • • • • • • • • • • • • • • • • A.M. Introduction Costing Definitions Cost Behaviour Job Costing Material Costing Labour Costing Overhead Analysis Total Absorption Costing Total Absorption Costing Activity Based Costing Variable (Marginal) Costing CVP Analysis CVP Analysis Relevant Costing for decision-making Budgeting Budgetary Control Budgetary Control Exam • P.M. Worked examples 02.08.2011 03.08.2011 04.08.2011 05.08.2011 08.08.2011 09.08.2011 10.08.2011 11.08.2011 12.08.2011 • • • • • • • Worked examples Worked examples Worked examples Worked examples Worked examples Worked examples Worked examples NOTES 1. A calculator is a must for this module – a mobile phone is insufficient. 2. Also, a ruler, pencil and eraser should be brought each day. 3. You MUST print out the hand-outs and tutorial questions for yourselves and bring them with you each day. They are needed, so please...
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...Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved 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 or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively visit the Science and Technology Books website at www.elsevierdirect.com/rights for further information Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for...
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...CHAPTER 16 Securitizations Introduction In October 1990, one year after the Resolution Trust Corporation (RTC) was created, a securitization program was established to facilitate the sale of mortgage loans. This chapter focuses on the creation, development, and performance of this program. Overview Mortgage loans were the largest single category of assets in the RTC’s inventory. In August 1990, the total volume of those loans held in RTC-controlled institutions was estimated to be more than $34 billion. The size of this portfolio led the RTC to explore the concept of securitization as a method for broadening the potential range of mortgage loan purchasers because the market for mortgage-backed securities was large and well developed. Securitization is the process by which assets with generally predictable cash flows and similar features are packaged into interest-bearing securities with marketable investment characteristics. Securitized assets have been created using diverse types of collateral, including home mortgages, commercial mortgages, mobile home loans, leases, and installment contracts on personal property. The most common securitized product is the mortgage-backed security (MBS). The following types of mortgage loans are most suitable for securitization. 406 M A N A GI N G T H E C R I S I S Conforming Residential Loans Conforming residential loans are single-family, performing (one-to-four family) mortgage loans that conform to Federal National Mortgage...
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...For the exclusive use of D. Xiang, 2015. 9-200-044 REV: JANUARY 15, 2002 LISA MEULBROEK Kmart Inc. and Builders Square Introduction In July 1997, Kmart appeared to be nearing a year-long effort to sell its faltering Do-It-Yourself (DIY) home improvement chain, Builders Square. Leonard Green & Partners, a Los Angeles-based retail buyout firm, had proposed to buy Builders Square (BSQ) and merge it with Hechinger’s, a Washington, D.C.-based DIY chain that had been a pioneer in the retail home improvement industry. The newly-formed Builders Square-Hechinger combination would create the nation’s third largest DIY retailer, and seemed to be one of the few options left to Kmart. Kmart’s CEO, Floyd Hall, had a difficult decision to make: should he move forward with Green’s offer of $10 million for Builders Square, or should he continue the search in hopes of receiving a higher offer? Green’s offer seemed surprisingly low, even given Builders Square’s recent sub-par performance, yet bidders for Builders Square had been slow to materialize. Indeed, Kmart’s recent talks concerning a joint venture with Waban Co.’s HomeBase centers ended when Waban’s management withdrew without explanation. As the decision neared, Kmart’s options seemed limited and time was short. Kmart and its Entry into Specialty Retailing Kmart Corporation, one of the world’s largest mass merchandise retailers, began as the S.S. Kresge Company in 1912 and by the 1950s it was one of the largest...
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...MBA Program Course: Financial Analysis and Decision Making MBA730 Instructor: Marlena L. Akhbari Wright State University Finance and Financial Services McGraw-Hill/Irwin =>? McGraw−Hill Primis ISBN: 0−390−42334−3 Text: Case Studies in Finance: Managing for Corporate Value Creation, 4/e Bruner This book was printed on recycled paper. MBA Program http://www.mhhe.com/primis/online/ Copyright ©2003 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 MBAP ISBN: 0−390−42334−3 MBA Program Contents Bruner • Case Studies in Finance: Managing for Corporate Value Creation, 4/e II. Financial Analysis and Forecasting 1 1 6 16 16 39 52 52 60 66 66 84 100 100 6. The Financial Detective, 1996 11. ServerVault: ‘‘Reliable, Secure, and Wicked Fast’’ III. Estimating the Cost of Capital 12. ‘‘Best Practices’’ in Estimating the Cost of Capital: Survey and Synthesis 15. Teletech Corporation, 1996 IV. Capital Budgeting and Resource Allocation 19. Diamond...
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...MBA Program Course: Financial Analysis and Decision Making MBA730 Instructor: Marlena L. Akhbari Wright State University Finance and Financial Services McGraw-Hill/Irwin =>? McGraw−Hill Primis ISBN: 0−390−42334−3 Text: Case Studies in Finance: Managing for Corporate Value Creation, 4/e Bruner This book was printed on recycled paper. MBA Program http://www.mhhe.com/primis/online/ Copyright ©2003 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw−Hill Primis text may include materials submitted to McGraw−Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. 111 MBAP ISBN: 0−390−42334−3 MBA Program Contents Bruner • Case Studies in Finance: Managing for Corporate Value Creation, 4/e II. Financial Analysis and Forecasting 1 1 6 16 16 39 52 52 60 66 66 84 100 100 6. The Financial Detective, 1996 11. ServerVault: ‘‘Reliable, Secure, and Wicked Fast’’ III. Estimating the Cost of Capital 12. ‘‘Best Practices’’ in Estimating the Cost of Capital: Survey and Synthesis 15. Teletech Corporation, 1996 IV. Capital Budgeting and Resource Allocation 19. Diamond...
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...LAW AND LEGAL STUDIES Guru Gobind Singh Indraprastha University Kashmere Gate, Delhi – 110403 (With effect from the Academic Session 2008-2009) 1 FIVE-YEAR LAW COURSE BA LLB (H) PROGRAMME w.e.f. Academic Session 2008 – 2009 FIRST YEAR First Semester Paper Code LLB 101 BA LLB 103 BA LLB 105 LLB 107 LLB 111 BA LLB 113 BA LLB 115 SUBJECTS Legal Method History-I (Indian History) Political Science-I Law of Contract – I English and Legal Language Sociology-I (Introduction to Sociology) Economics-I (Microeconomic Analysis) Total Second Semester L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 Paper Code LLB 102 BA LLB 104 LLB 110 LLB 112 SUBJECTS L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 History – II (Legal History) Political Science – II Law of Contract – II Techniques of Communication, Client Interviewing and Counselling BA LLB 114 Environmental Studies BA LLB 116 Sociology-II (Indian Society) BA LLB 118 Economics – II (Macroeconomic Analysis) Total (With effect from the Academic Session 2008-2009) 2 SECOND YEAR Third Semester SUBJECTS L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 Paper Code LLB 201 LLB 203 LLB 205 LLB 207 LLB 209 BA LLB 213 Business Law Family Law – I Constitutional Law – I Law of Crimes – I Advocacy Skills History – III (History of Modern Europe: 1740-1947) BA LLB 215 Political Science – III Total Fourth Semester Paper Code LLB 202 LLB 204 LLB 206 LLB 208 LLB 210 SUBJECTS L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 ...
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...Santander UK plc 2011 Half Yearly Financial Report Intentionally left blank Santander UK plc Half Yearly Financial Report for the six months ended 30 June 2011 Contents Chief Executive Officer’s Review and Forward-looking Statements Chief Executive Officer’s Review 2 Forward-looking Statements 5 General Information 5 Business and Financial Review – Interim Management Report Business Review - Summary 6 Business Review – Divisional Results 9 Other Material Items 18 Balance Sheet Business Review 20 Risk Management 39 Principal Risks and Uncertainties 110 Related Party Transactions 111 Gender Diversity 111 Board of Directors 111 Financial Statements Independent Review Report to Santander UK plc 112 Primary Financial Statements 113 Notes to the Condensed Financial Statements 117 Shareholder Information Risk Factors 152 Glossary of Financial Services Industry Terms 163 Directors’ Responsibility Statement 177 1 Business Review and Forward-looking Statements Chief Executive Officer’s Review Overview Santander UK has delivered profit in the first six months of 2011 maintaining its strong track record of profitability and balance sheet strength. In line with other UK banks, a further provision for payment protection insurance remediation has also been made, resulting in statutory profit after tax attributable to equity shareholders declining by 51% to £413m. Santander UK’s trading profit before tax was £1,142m, 2% lower than the first half of 2010, impacted...
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...CHAPTER ONE Introduction 1 1.1 INTRODUCTION INTRODUCTION TO NESTLÉ S.A. Nestlé began in Switzerland in the mid 1860s when founder Henri Nestlé created one of the first baby formulas. Henri realized the need for a healthy and economical product to serve as an alternative for mothers who could not breastfeed their babies. Mothers who were unable to breastfeed often lost their infants to malnutrition. Henri’s product was a carefully formulated mixture of cow’s milk, flour and sugar. Nestlé’s first product was called Farine Lactée (“cornflour gruel” in French) Henri Nestlé. The product was first used on a premature baby who could not tolerate his mother’s milk or other alternative products of that time. Doctors gave up on treating the infant. Miraculously the baby tolerated Henri’s new formula and it provided the nourishment that saved his life. Within a few years the first Nestlé product was marketed in Europe. In 1874, Jules Monnerat purchased the Nestlé Company. Nestlé developed its own condensed milk to contend with its competitor, the Anglo-Swiss Condensed Milk Company. The Anglo-Swiss Condensed Milk Company made products like cheese and instant formulas. The two companies merged in 1905, the year after Nestlé added chocolate to its line of foods. The newly formed Nestlé and Anglo-Swiss Milk Company had factories in the United States, Britain, Spain and Germany. Soon the company was full-scale manufacturing in Australia with warehouses in Singapore, Hong Kong and...
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...History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security Analysis for the Lay Investor: General Approach COMMENTARY ON CHAPTER 11 12. Things to Consider About Per-Share Earnings COMMENTARY ON CHAPTER 12 13. A Comparison of Four Listed Companies COMMENTARY ON CHAPTER 13 14. Stock Selection for the Defensive Investor COMMENTARY ON CHAPTER 14 15. Stock Selection for the Enterprising Investor COMMENTARY ON CHAPTER 15 16....
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...tly A sk ed Fr equen in s Question orporate C FinanCe io, a llocch ur izio D uiry, M a lv i Pa sc a l Q tonio Sa Le Fur , A n Ya nn From the team behind Pierre Vernimmen’s % = Corporate FinanCe + 3 Frequently Asked Questions in Corporate Finance Frequently Asked Questions in Corporate Finance Pierre Vernimmen, Pascal Quiry, Antonio Salvi, Maurizio Dallocchio and Yann LeFur A John Wiley & Sons, Ltd., Publication This edition first published in 2011 Copyright 2011 Pierre Vernimmen Registered office John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com The rights of Pierre Vernimmen, Pascal Quiry, Antonio Salvi, Maurizio Dallocchio and Yann LeFur to be identified as the authors of this work have been asserted in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. 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 or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with...
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