...Qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvb nmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwerty uiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxc vbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwer tyui Submitted by: DIVYA GUPTA 09BS0000711 SEC: B asdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzx cvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwe rtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopa sdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjkl zxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmq wertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuio pasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklz xcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqw ertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiop asdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjk lzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnm ...
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...Instituto Tecnológico y de Estudios Superiores de Monterrey Campus Ciudad de México Primer Avance, Proyecto Final: Karen Itzel García Nava A0112492 Melissa Castilla López A00568287 Análisis de la Información Financiera (04) Susana González 27 de marzo de 2014 1. Datos generales de las empresas: I. Índice II. Resumen ejecutivo III. Desempeño del Sector IV. Descripción de la Compañía V. Estrategia de la empresa 2. Análisis de reportes financieros anuales (20012, 2013), notas a los estados financieros, informes de los órganos de gobierno corporativo Reporte anual 2011 Durante el 2011 las ventas de la empresa Walmart ascendieron a 329,690 millones de peso, esto representa un crecimiento del 11.5%, el flujo operativo fue de 34,514 millones de pesos como resultado de eficiencias operativas y logísticas. La empresa tuvo una generación de efectivo durante el año de 41,142 millones de pesos, la cual fue utilizada para el financiamiento de: * La inversión en activos fijos por 18,352 millones de pesos * El pago de dividendos por 9,659 millones de pesos * La recompra de acciones por 3,455 millones de pesos * El pago de impuestos por 8,878 millones de pesos Reporte anual 2012 En el año de 2012, la empresa Walmart logró recaudar una gran cantidad de efectivo ya que se consiguió obtener un balance sin deudas y requerimientos de capital negativo. Durante este año, la recaudación de efectivo fue de 41,714 millones de pesos los cuales fueron...
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...possible "pie". tradeoff between the two: will you sacrifice to become a doctor if your wealth is taxed? Principle #2: The cost of something is what you give up to get it. example: College education. The benefits are the job opportunities and personal satisfaction, but there are costs besides “out of pocket” costs like tuition and books. Make sure you count the 4 years' lost earnings. (Lebron James made a good choice.) Just count the room and board costs over and above what you would have paid if you didn't go to college. opportunity cost--what you give up in order to obtain the item in question. Principle #3: Rational people think at the margin. A marginal change is a small adjustment to an existing plan of action. [a deriv*****] example: Suppose you are an airline executive deciding whether to sell a standby ticket for $300. The 200 seat plane is nearly, but not quite, sold out, and the total costs for the flight are $100,000, or an average cost of $500. Should you sell a standby seat "below cost"? Yes, since the marginal benefit, $300, exceeds the marginal cost (cost of peanuts, soda, extra fuel costs, discomfort due to congestion--at most $20). A rational decision maker (who can finely adjust his/her action) chooses the level of action where the marginal benefit equals the marginal cost. Principle #4: People respond...
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...封面专题 COVER FEATURES 关于银行间市场推出人民币利率期权的研究 Study on launching RMB interest rate option in interbank market 蔡杭坚 董 琦 利率期权作为我国基础利率衍生品序列的最后一环,在利率市场化的大背景下,其推出与发展已迫在眉睫。文章介绍 了国际利率期权市场的发展概况,重点考察了场外利率期权市场的发展经验,并论述了银行间市场推出利率期权的必 要性和可行性。最后,从标的合约、基础设施和市场配套等方面探讨了银行间市场利率期权的路径选择。 Interest rate option, the last product in the series of China’s basic interest rate derivatives, is facing imminent need to develop under the background of interest rate marketization. The article introduces the development of the international interest rate option market with a focus on the development of OTC interest rate option market, and discusses the necessity and feasibility of launching interest rate option in the interbank market. It then discusses the development path of interest rate option in the interbank market in terms of the underlying contract, infrastructure and support facilities. (一)利率期权的种类 率期权(Interest Rate Option) 利 从合约特性看,利率期权可 复杂,合约设置也更具个性化,如 是一种以利率为标的资产、 按标准划分为普通香草期权(Plain 执行价格不是一个常数、在一定条 到期以现金或者与利率相关的合约 Vanilla Options)、奇异期权(Exotic 件内期权有效等。 (如利率期货、利率远期或者政府 Options)和结构化产品(Structured 债券)进行结算的期权。最早交易 Products)。 生品合约和固定收益证券等原生产 的交易所利率期权合约是1982年3月 普通香草期权是结构最简单的 品组合在一起的复合合约,比如可 澳大利亚悉尼期货交易所推出的银 利率期权类型,主要包括互换期权 转换债券、可赎回债券、可回售债 行票据期货期权,而在场外市场最 (Swaption)、利率上限/下限(Cap/ 券等。 早交易的利率期权则是在1985年推 Floor)、债券期权(Bond Option)、 (二)利率期权的发展情况 出的利率上限期权,当时银行因向 利率保证(Interest Rate Guarantee) ...
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...20/02/2012 Inventor Management Review: McDonald's, a guide to the benefits of JIT Inventor Management Review Charles Atkinson on inventory management topics. Nov ember 08, 2005 McDonald's, a guide to the benefits of JIT Just-in-Time (JIT) inv entory is the big thing right now in operations. This, along with lean operations and six sigma are the buzz words being talked most about. But what ex actly is the deal with JIT operations? First of all, JIT is a form of prov iding supplies for customers, as the name suggests, just in time. For ex ample, Dell, whom I wrote about, has become famous for its JIT model which inv olv es not ev en being in possession of the raw materials needed to fulfill an order until that order is placed and y et they are still capable of filling orders in a short period of time. McDonald's is another ex ample of a JIT sy stem wherein McDonald's doesn't begin to cook (well, I should probably say reheat and assemble what may or may not be actual food) its orders until a customer has placed a specific order. What used to be the case was McDonald's would pre-cook a batch of hamburgers and let them sit under heat lamps. They would keep them for as long as possible and ev entually discard what couldn't be sold. The only way to get a fresh hamburger under the old sy stem was to make a special order. Now, due to more sophisticated burger-making technology (including a record-breaking bun toaster), McDonald's is able to make food fast enough to wait until...
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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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...FDI In Insurance INTRODUCTION With the deregulation of insurance industry in India since 1999, private players have got an opportunity to enter in an insurance markets. Prior to its deregulation, the life insurance business was dominated by the public sector company is life insurance Corporation of India. While liberalization of insurance sector, as many as twelve new private life insurance companies were entered with the help of foreign equity up to 26 per cent in the life insurance business apart from the HDFC standard life, which has stand foreign equity only 18.6% in the beginning of insurance business, in the present time there are entire 22 private life insurance companies operating business in India, their in we have selected five private life insurance companies, as like ICICI prudential life insurance (2000), HDFC standard life (2000), Aviva life (2002), SBI life insurance (2001), TATA life insurance (2001). They are entire companies is playing a vital role in life insurance business with motive for exist and prospective customers to provide better facilities in lives saving scheme, future security, investment plan, funds investment etc. Consequently, the public-sector company has been face towards countering the challenges posed by the entered new players in the same business. The private players have been striving to build confidence in customers and get a foothold in the markets. In competitive markets, life insurance companies come out...
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...CHAPTER 1 – TAXES AND TAXING JURISDICTION Taxes are pervasive because they: o Are so widespread. o Come in so many varieties, and o Affect virtually every area of modern life. Taxes are dynamic because tax law changes so freque ntly. o Rate of change reflects fact that economic and poli tical assumptions on which tax structures are based are constantly ev olving. Tax – Payment to support the cost of government. o Differs from fine or penalty because tax is not int ended to deter or punish unacceptable behavior. o Taxes, on the other hand are compulsory rather than voluntary on part of the payer. o Differs from user’s fee because payment of tax does not entitle payer to specific good or service in reutnr. o Citizens receive government benefits for tax dollar s but the value of those benefits is not correlated to the tax the per son must pay. o NOT an assessment of benefits, but a means of distr ibuting burden and cost of government. o Taxpayer “entitled to benefit derived from enjoymen t of privileges of living in organized society, established and safe g uarded by devotion of taxes to public purposes.” 2 Taxpayer – Any person or organization required by law to pay a tax to a governmental authority. o Person – Natural persons and corporations. o Corporations are entities organized under law of ju risdiction and enjoy same legal rights, privileges, and protection ...
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...International Referred Research Journal,August, 2011. ISSN- 0974-2832, RNI-RAJBIL 2009/29954;VoL.III *ISSUE-31 Research Paper— Management Foreign Investment in Life Insurance Companies * Kishor Kumar Meena * Management, Jaipur National University, Jaipur A B S T R A C T The Insurance sector reforms have open in the door for private play-ers, private insurance companies in the beginning of life insurance bus-iness with public sector company (LIC). Foreign Direct Investment (FDI) has allowed in private life insurance companies in India, under an act of IRDA with a limit of foreign equity of 26%.The life insurance sector is playing a pivo-tal role in both Indian and Global markets.Those factor we have taken for the analysis of private life insurance companies performance are premium growth, market share of the companies, portfolio Invest-ment, equity share capital etc. It is use for a measure of positive or negative impact of FDI investment in Indian private life insurance co-mpanies. It has investigated for a sample of five selected private life insurance companies and one pub-lic company for the purpose to co-mparison with selected companies it is using a panel data for analysis in between the period of 2002-10. Different key variable is use to an-alysis yearly premium income, infr-astructure development, employee facilities, business expansion etc. it was examined to identify cause for any significant impact on the life insurance sector. The study has made use of secondary...
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...Sacha inchi investigación de mercado ProFound - Advisers in Development Sobre nosotros El proyecto Perúbiodiverso tiene como objetivo incrementar el volumen de negocios de empresas y asociaciones de productores que cumplen los Principios y Criterios del Biocomercio. Con el fin de asegurar el futuro de los recursos biológicos nativos y articular a los pequeños productores con el mercado, Perúbiodiverso promueve el biocomercio en el Perú, entendido como el conjunto de actividades de recolección, producción, transformación y comercialización de bienes y servicios derivados de la biodiversidad nativa, bajo criterios de sostenibilidad ambiental, social y económica. En un trabajo coordinado con los equipos técnicos de los gobiernos regionales priorizados, Perúbiodiverso ha contribuido al fortalecimiento de nueve cadenas de valor de productos: algarrobo y cacao nativo en Piura; aguaymanto, tara y yacón en Cajamarca; plantas medicinales y sacha inchi en San Martín; maca en Junín, y camu camu en Loreto. Asimismo, a través de la Dirección Regional de Comercio Exterior y Turismo – Dircetur de la región San Martín, Perúbiodiverso asesoró en el proceso de formulación e implementación del Plan Estratégico Regional de Turismo 2008‐2013 e impulsó el desarrollo de tres emprendimientos piloto de ecoturismo en San Martín. Perúbiodiverso es una iniciativa apoyada por la Cooperación Suiza ‐ SECO y ...
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...in a spectrum of public education, legislative advocacy, litigation and scholarly activity. ABOUT THE AUTHOR Jonathan Hafetz is Litigation Director of the Liberty and National Security Project at the Brennan Center. He is actively involved in post-9/11 litigation involving detainee rights and other national security issues, and is lead counsel in several leading detention cases. An expert on habeas corpus, Mr. Hafetz has authored numerous scholarly and popular articles on the subject and frequently serves as an expert commentator. He is writing a book on post-9/11 detentions to be published by NYU Press. He can be contacted at: jonathan.hafetz@nyu.edu. © 2007 This paper is covered by the Creative Commons “Attribution-No . Derivs-NonCommercial”...
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...Multivariate Discriminant Analysis Priyanshi Gupta An Overview MDA is a statistical technique used to classify an observation into one of the several a priori groupings dependent on the observation’s individual characteristics. It is used primarily to classify and/or make predictions in the problems where dependent variable comes in qualitative form, for example, male or female, bankrupt or non-bankrupt etc. So the first step is to establish explicit group classifications. We have got observations coming from k groups. We are trying to look at what is the best way or best function in order to discriminate observations coming from different groups. Once such function is in place, we go to classification which basically is the problem of classification of a new observation into appropriate population using the discriminant function. So typically in such problems, once you have a set of data (called LEARNING set of data) with observations possibly coming from different populations are pre-classified, having predefined memberships to the groups. And based on the particular previously classified data, we create a discriminant function and can use it after proper calibration to classify a new observation to be coming from one of the groups. Discriminant analysis is used when groups are known a priori. Types of DA Problems 2 Group Problems... …regression can be used k-Group Problem (where k>=2)... …regression cannot be used if k>2 Example of a...
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...NEWS for R version 3.0.3 (2014-03-06) NEWS R News CHANGES IN R 3.0.3 NEW FEATURES: • On Windows there is support for making ‘.texi’ manuals using texinfo 5.0 or later: the setting is in file ‘src/gnuwin32/MkRules.dist’. A packaging of the Perl script and modules for texinfo 5.2 has been made available at http://www.stats.ox.ac.uk/pub/Rtools/. • write.table() now handles matrices of 231 or more elements, for those with large amounts of patience and disc space. • There is a new function, La_version(), to report the version of LAPACK in use. • The HTML version of ‘An Introduction to R’ now has links to PNG versions of the figures. • There is some support to produce manuals in ebook formats. (See ‘doc/manual/Makefile’. Suggested by Mauro Cavalcanti.) • On a Unix-alike Sys.timezone() returns NA if the environment variable TZ is unset, to distinguish it from an empty string which on some OSes means the ‘UTC’ time zone. • The backtick may now be escaped in strings, to allow names containing them to be constructed, e.g. \ . (PR#15621) • read.table(), readLines() and scan() now warn when an embedded nul is found in the input. (Related to PR#15625 which was puzzled by the behaviour in this unsupported case.) • (Windows only.) file.symlink() works around the undocumented restriction of the Windows system call to backslashes. (Wish of PR#15631.) • KalmanForecast(fast = FALSE) is now the default, and the help contains an example of how fast = TRUE can be used in this version. (The usage will...
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...DECRETO SUPREMO N° 594 APRUEBA REGLAMENTO SOBRE CONDICIONES SANITARIAS Y AMBIENTALES BASICAS EN LOS LUGARES DE TRABAJO Núm.594.- Santiago, 15 de septiembre de 1999.- Visto: lo dispuesto en los artículos 2°, 9 letra c) y en el Libro Tercero, Título III, en especial en el artículo 82, del Código Sanitario, aprobado por Decreto con Fuerza de Ley N° 725 de 1967, del Ministerio de Salud; en los artículos 65 y 68 de la ley N° 16.744; en los artículos 4° letra b) y 6° del decreto ley N° 2.763 de 1979; en los decretos supremos N° 18 y N° 173 de 1982; N° 48 y N° 133 de 1984 y N° 3 de 1985, todos del Ministerio de Salud, y teniendo presente las facultades que me otorgan los artículos 24 y 32 N° 8 de la Constitución Política de la República, y Considerando: La necesidad de actualizar las disposiciones vigentes destinadas a velar porque en los lugares de trabajo existan condiciones sanitarias y ambientales que resguarden la salud y el bienestar de las personas que allí se desempeñan, incorporando los adelantos técnicos y científicos ocurridos, D e c r e t o: Apruébase el siguiente Reglamento sobre Condiciones Sanitarias y Ambientales Básicas en los Lugares de Trabajo: TITULO I Disposiciones Generales Artículo 1°: El presente reglamento establece las condiciones sanitarias y ambientales básicas que deberá cumplir todo lugar de trabajo, sin perjuicio de la reglamentación específica que se haya dictado o se dicte para aquellas faenas que requieren condiciones especiales. Establece, además...
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...Chapter 8: Institutions and Procedures in Secondary Markets A. Exchanges and Floor Markets The Securities and Exchange Act of 1934 defined an exchange to be: any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange. An exchange is typically a physical or virtual meeting place drawing together brokers, dealers and traders to facilitate the buying and selling of securities. Thus, exchanges include the floorbased markets as well as many virtual meeting sites and screen-based systems provided by Electronic Communications Networks (ECNs). In the United States and most other countries, exchange transactions are executed through some type of auction process. Exchanges in the United States are intended to provide for orderly, liquid and continuous markets for the securities they trade. A continuous market provides for transactions that can be executed at any time for a price that might be expected to differ little from the prior transaction price for the same security. In addition, exchanges traditionally served as self-regulatory organizations (SROs) for their members, regulating and policing their...
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