...Blahb bbbbbbbb bbbbbbb bbbbbbbbb bbbbbbbbbb bbbbbbbbb b bb b bbb b bb b b b b b b b b b b b b b b bbbbbbbbbbbbbbbbbbb b b b bbbbbb b b b bbb bbb bbbb bbbbbbbb bbbbb bbb bbbbb bbbbbbbbbbbbbb b bbbbbbbbbbbbb bbbbbbbbbbbb bbbbbbbbbbbb bbbbbbbbbbbbbb bbbbbb bbbbbbbbb bbbbbbbbb bbbbbbb bbbb bbb bb bb bb bb bbbbb bbbb bbbb bbbb bbbbb bbbb bbbb bbbbb bbbb bbbb bbb bb bbb bb b b bbbbb bbb bbbb bbbbbb bbbbbb bbbbb bbbbbb bbbbbb bbbbbb bbbbb bbbbb bbbbb bbbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bbbbbb bbbbbb bbbbb bbbbbb bbbbb bbbbb bbbbb bbbbb bbbbb bb b b b b b b b b b b b b b b b b u hug yg y gy g ui gy g ui g uy gy bh ij hugytf ghb ji uhgy jhj iuhyg g hbjj uh ygg vjh jij uyg gv hbj uhh g h uhygu g h uhyg gvh hj uhyg gv vf gy hujn bvfc tgyuhjn b v cfgtg yuhjn km b vcfgg y hujnk o i9u89y t76fg hjb n c fxde4 56rt 7yuhj kn b vcfxd e45 56 78 ygg h ui 786 t gh ui 78 67 tfg hu h8 76 7tf g huh 8 7 67tf ygj jiu89 76t gh u7 6 t huh 8 7 6y u 87 6t tfg h gftt 67 gy y8u 8 uyu7g yg 8u 9 8uy gv ygu8 9 8uy gg hj i9 8u y7g v gy uh jhb gv yu j hbgvgy uij hbgvy uijn hbvgyu...
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...Production designer Fashion designer Gth nkjig ftdrghjk lokjhg fdrgv hjklo yhugtf vhbnj k loiu ygft cvbh njiuy hghjvbh bbbbbbb bbb bbbb bbbbb bbbb bbbbbbbbbb bbbb bbbbb bbbb bbbb bb bbb bbbbbb bbbb bbb bbb bbb bbb bbb bbb bb bbb bbb bbb bbb bb bb bb bb bbb bb bbbb bbbb bbb bbb bbb bb bbb bbb bb bb bb b bb bb bbbb bbb bbb bb bb bbb bbbb bbbbb bbb bbb bbb bb b bbb bbbbb bbbb bbb bbb bb bb bbbb bbb b bbbb bbb bb bb bb bb bbbb bbbb b b b bbb bb njbkjn jhbj hjj njkhnkjm jhnkhn jhnjk k hnk kkj kkm jln ln jkj jk j jklj jljlj jlj ljk j kjmk m kmlk mjl jjkjkjjkjujh j jkij h jgh ikjhjikhn hg bgtygf tyfgtf gtfrtfrtcftdcfc gtfvg fh jki hgfg ikj ijg t h j ki jhgbvghj k hnj g hj hhg j hghj jijkjmkm h h hh gh f h gv fg fdgf dfg f fg dfg fgf dg fdg f dg fg f gf g r sdg f hrfd hjgffc gg srf dr fgd d fgb fvhbgf d g fdxc t rf dg fcv vd xc fd fg fdv fc f drfg fgt drf g rgf h f gft h r ftg fg ge tgf ftgh ed gh trd tg rgt rdf t r tr t dr ghg rf gf gh fv b rgy t g r gt r gyh yg rf rt gjtf g rtg h drf g tgf g fcv...
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...FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman This book is an overview of the Commercial Mortgage-Backed Securities (CMBS) market. The contents of this publication are over eight years in the making and include excerpts of research reports from as early as 1997. In this fifth edition of our primer, we have reorganized the chapters to highlight the different investment options within CMBS. New material since our last edition includes sections on the various types of AAA CMBS classes, total rate of return swaps, floating rate large loan transactions, and an updated version of the commercial mortgage default study. 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...
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...Università degli studi di torino | Rating agencies and financial speculation | An analysis of the protagonists of the world market | | Elisa Valenti | Matricola 711323 | | INDEX The protagonists of the world market | 2 | A particular source of power: rating agencies and country rating | 2 | Conflict of interest? | 4 | Other issues of concern * Barriers to entry and lack of competition * Transparency | 555 | The importance of reputation | 6 | What went wrong? | 7 | The need for regulation | 7 | Can we trust the rating agencies? * The Enron Case Study * The Parmalat Case Study | 889 | Are rating agencies guilty? | 12 | The sinister power of rating agencies | 13 | A world without rating agencies | 14 | Conclusions | 15 | References | 16 | The protagonists of the world market A rating agency is a private firm which publicly evaluates a company capacity to repay the debt issued. This capacity is classified using a scale that goes from a maximum of AAA and a minimum of DDD. Obviously the evaluation received influences the interests that a company has to pay to receive credit. Today the rating market is controlled by three giants, the so called “three sisters”: Moody’s Investor Service, Standard & Poor’s and Fitch . Till the 70s rating agencies were not making high profits, but today they are extremely relevant such that in 1996 the New York Times was writing that there were just two powers in the world, the United...
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...CONFIDENTIAL – INDICATIVE TERMS ABACUS 2007-AC1 $2 Billion Synthetic CDO Referencing a static RMBS Portfolio Selected by ACA Management, LLC February 26, 2007 The information contained herein is indicative only and the actual terms of any transaction will be set forth in the definitive Offering Circular. Capitalized terms but not defined herein shall have the meanings set forth in the definitive Offering Circular. Table of Contents Disclaimer and Risk Factors Exhibit I. Transaction Overview II. Portfolio Selection Agent Overview III. Structure Overview Appendix A. Initial Reference Portfolio B. Selected ACA Biographies C. Goldman Sachs Contact Information 1 Disclaimer The information contained herein is confidential information regarding securities that may in the future be offered by ABACUS 2007-AC1, Ltd. (the “Issuer”). The information is being delivered to a limited number of sophisticated prospective institutional investors in order to assist them in determining whether they have an interest in the type of securities described herein and is solely for their internal use. By accepting this information, the recipient agrees that it will use and it will cause its directors, partners, officers, employees and representatives to use the information only to evaluate its potential interest in the securities described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction...
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...External Environment of The Automobile Industry Table of Contents External Environment of the Automobile Industry Sub Group A , , Introduction- * Purpose of the analysis Overview * Industry Description * History of the industry General Environment Dimensions- * PESTEL Specific External Environment Dimensions- * Porter’s 5 Forces Competitive Environment Analysis- * Industry Characteristics * Strategic Maps Competitor Analysis- Conclusion and Summary- Bibliography and References I Introduction: Purpose of analysis Overview/outline of written report This report will begin with the automotive industry description, followed by the history from the 19th century to the 20th century. Next, the general environment with specialized attention to the external environment through PESTEL (political, economic, social, technological, environment and legal). The analysis will continue the use of Porter’s five forces which will explain the automotive industry in its current state. Competitive environment analysis will describe the industry characteristics, industry structure and the anticipated shifts that are occurring in the automotive industry. Next, the competitor analysis will look at a group of selected competitors, indicating the strengths and weakness of the companies, pin pointing the weakest firm in the industry. The conclusion this will be a summarization of the opportunity and threats...
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...9-201-113 REV: AUGUST 27, 2001 D O LISA MEULBROEK Risk Management at Apache N Introduction O By March of 2001, managers at Apache Corporation, an independent oil and gas exploration and production company, had reason to be optimistic. While oil prices had softened somewhat recently, at $27 a barrel they were much higher than the pernicious levels of 1998, when oil bottomed out at $11 per barrel. Apache had just closed on the acquisition of Repsol in Egypt's Western desert and, along with its partner Shell Overseas Holdings, had also acquired Fletcher Challenge Energy, for a combined cost of $1 billion. The value of such acquisitions, however, depended in large part on the future prices of oil and gas. To decrease its exposure to oil and gas price volatility, Apache had begun a limited hedging program centered mostly on its recently acquired properties. Apache’s managers knew that hedging could create its own risks, and so it seemed prudent to re-evaluate the success of the new program. The decision facing Apache’s managers was whether the firm should continue hedging, and if so, should its current program be extended beyond hedging the revenues from acquisitions? T CO Apache Corporation PY Apache Corporation was founded in 1954 by Raymond Plank, its current Chairman and Chief Executive Officer. Mr. Plank’s son, Roger, was the company’s current CFO, but the company was not controlled by the Plank family, and in fact, officers and...
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...CHAPTER 1 INTRODUCTION A NSWERS TO Q UESTIONS 1.1 Computer architecture refers to those attributes of a system visible to a programmer or, put another way, those attributes that have a direct impact on the logical execution of a program. Computer organization refers to the operational units and their interconnections that realize the architectural specifications. Examples of architectural attributes include the instruction set, the number of bits used to represent various data types (e.g., numbers, characters), I/O mechanisms, and techniques for addressing memory. Organizational attributes include those hardware details transparent to the programmer, such as control signals; interfaces between the computer and peripherals; and the memory technology used. 1.2 Computer structure refers to the way in which the components of a computer are interrelated. Computer function refers to the operation of each individual component as part of the structure. 1.3 Data processing; data storage; data movement; and control. 1.4 Central processing unit (CPU): Controls the operation of the computer and performs its data processing functions; often simply referred to as processor. Main memory: Stores data. I/O: Moves data between the computer and its external environment. System interconnection: Some mechanism that provides for communication among CPU, main memory, and I/O. A common example of system interconnection is by means of a system bus, consisting...
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...This watermark does not appear in the registered version - http://www.clicktoconvert.com 1 BACHELOR OF COMPUTER APPLICATIONS (BCA) COBOL CONTENTS Syllabus UNIT –1 Lesson-1 Lesson-2 Lesson-3 Lesson-4 Lesson-5 Introduction to COBOL Divisions of COBOL Picture clause characteristics Editing Level Structure PAGE NO 1 9 16 20 26 UNIT – 2 Lesson-6 Lesson-7 Lesson-8 Lesson-9 Lesson-10 Data Movement verb: MOVE Arithmetic Verbs Input and Output Verbs Corresponding Options Programs using Arithmetic Verbs 30 34 41 48 54 UNIT – 3 Lesson-11 Lesson-12 Lesson-13 Lesson-14 Lesson-15 Conditions Conditionals Statements PERFORM statements RENAMES & REDEFINES Clauses Programs 60 70 77 82 86 UNIT– 4 Lesson-16 Lesson-17 Lesson-18 Lesson-19 Lesson-20 Sequential Files Direct Access Files Indexed Sequential Files Sorting and Merging of Files Programs 92 98 102 107 114 UNIT – 5 Lesson-21 Lesson-22 Lesson-23 Lesson-24 Lesson-25 Table Handling Indexed Tables & Index Names Search & Start Verbs Programs using OCCURS & Screen Section List of Programs 123 128 132 136 142 This watermark does not appear in the registered version - http://www.clicktoconvert.com 2 UNIT – I LESSON – 1: INTRODUCTION TO COBOL CONTENTS 1.0 Aims and Objectives 1.1 History of COBOL 1.2 FORMAT FOR COBOL PROGRAMS 1.3 STRUCTURE OF A COBOL PROGRAM 1.4 CHARACTER SET 1.5 COBOL WORDS ...
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...Google Web Toolkit Tutorial GOOGLE WEB TOOLKIT TUTORIAL Simply Easy Learning by tutorialspoint.com tutorialspoint.com i COPYRIGHT& DISCLAIMER NOTICE All the content and graphics on this tutorial are the property of tutorialspoint.com. Any content from tutorialspoint.com or this tutorial may not be redistributed or reproduced in any way, shape, or form without the written permission of tutorialspoint.com.Failure to do so is a violation of copyright laws. This tutorial may contain inaccuracies or errors andtutorialspointprovidesno guarantee regarding the accuracy of the site or its contents including this tutorial. If you discover that the tutorialspoint.com site or this tutorial content contains some errors, please contact us at webmaster@tutorialspoint.com ii ABOUT THE TUTORIAL GWT Tutorial Google Web Toolkit (GWT) is a development toolkit for building and optimizing complex browser-based applications. GWT is used by many products at Google, including Google AdWords and Orkut. GWT is open source, completely free, and used by thousands of developers around the world. It is licensed under the Apache License version 2.0. This tutorial will give you great understanding on GWT concepts needed to get a web application up and running. Audience This tutorial is designed for Software Professionals who are willing to learn GWT Programming in simple and easy steps. This tutorial will give you great understanding on GWT Programming concepts and after completing...
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...HTML & CSS Design and Build Websites Jon Duckett John Wiley & Sons, Inc. HTML & CSS Design and build Websites Published by John Wiley & Sons, Inc. 10475 Crosspoint Boulevard Indianapolis, IN 46256 www.wiley.com ©2011 by John Wiley & Sons, Inc., Indianapolis, Indiana ISBN: 978-1-118-00818-8 Manufactured in the United States of America Published simultaneously in Canada 10 9 8 7 6 5 4 3 2 1 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 Sections 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 Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 7486011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales...
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...Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-07434 Aflac Incorporated (Exact name of registrant as specified in its charter) Georgia (State or other jurisdiction of incorporation or organization) 58-1167100 (I.R.S. Employer Identification No.) 1932 Wynnton Road, Columbus, Georgia (Address of principal executive offices) 31999 (ZIP Code) Registrant’s telephone number, including area code: 706.323.3431 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, $.10 Par Value Name of each exchange on which registered New York Stock Exchange Tokyo Stock Exchange Securities registered pursuant to Section 12(g) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. None Yes ¨ Yes ¨ No No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
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...什么是股票市盈率 市盈率是某种股票每股市价与每股盈利的比率。（市盈率＝普通股每股市场价格÷普通股每年每股盈利）上式中的分子是当前的每股市价，分母可用最近一年盈利，也可用未来一年或几年的预测盈利。市盈率是估计普通股价值的最基本、最重要的指标之一。一般认为该比率保持在20－30之间是正常的，过小说明股价低，风险小，值得购买；过大则说明股价高，风险大，购买时应谨慎。但高市盈率股票多为热门股，低市盈率股票可能为冷门股。 什么是换手率 换手是指得帐户与帐户之间的交易。一个帐户内频繁交易是不能形成换手率的。主力的帐户毕竟有限。 除权除息 上市证券发生权益分派、公积金转增股本、配股等情况，交易所会在股权（债权）登记日（B股为最后交易日）次一交易日对该证券作除权除息处理。 常见问题 股票除权当天，股价何以“大跌”？ 一些股民在不了解除权除息有关知识的情况下，对股价除权当天的“大跌”感到吃惊，这是认识上的误区，这种认识误区大多发生在新股民当中。 上市公司分红送股必须要以某一天为界定日，以规定哪些股东可以参加分红，那一天就是股权登记日，在这一天仍持有该公司股票的所有股东可以参加分红，这部分股东名册由登记公司统计在册，在固定的时间内，所送红股自动划到股东账上。 股权登记日后的第二天再买入该公司股票的股东已不能享受公司分红，具体表现在股票价格变动上，除权日当天即会产生一个除权价，这个价格相对于前一日(股权登记日)虽然明显降低了，但这并非股价下跌，并不意味着在除权日之前买入股票的股东因此而有损失，相对于除权后“低价位”买入股票但无权分享红利的股东而言，在“高价位”买入但有权分享红利的股东，二者利益、机会是均等的，后者并无何“损失”。 例如： 某股10送3股，股权登记日当天股民甲以收市价10元，买进1000股共花本金10000元(不含手续费、印花税)，第二天该股除权，除权价为7.69元，此时股民甲股票由原来的1000股变为1300股，以除权价计算，其本金仍为10000元，并没有损失。 什么是股权登记日、除权（息）日？ 上市公司的股份每日在交易市场上流通，上市公司在送股、派息或配股的时候，需要定出某一天，界定哪些股东可以参加分红或参与配股，定出的这一天就是股权登记日。也就是说，在股权登记日这一天仍持有或买进该公司的股票的投资者是可以享有此次分红或参与此次配股的股东，这部分股东名册由证券登记公司统计在案，届时将所应送的红股、现金红利或者配股权划到这部分股东的账上。这里请投资者注意，上交所规定，所获红股及配股需在股权登记日后第二个交易日上市流通。 所以，如果投资者想得到一家上市公司的分红、配股权，就必须弄清这家公司的股权登记日在哪一天，否则就会失去分红、配股的机会。 股权登记日后的第一个交易日就是除权日或除息日，这一天购入该公司股票的股东是不同于可以享有本次分红的“新股东”，不再享有公司此次分红配股。 什么是含权、含息股；填权和贴权？ 上市公司在董事会、股东大会决议的送红、配股后，尚未正式进行分红、配股工作，股票未完成除权、除息前称为“含权”、“含息”股票。 股票在除权后交易，交易市价高于除权价，取得送红或配股者得到市场差价而获利，为填权。交易市价低于除权价，取得送红配股者没有得到市场差价，造成浮亏，则为贴权。 除权、除息价怎样计算？ 上市公司进行分红后，除去可享有分红、配股权利，在除权、除息日这一天会产生一个除权价或除...
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