...to 1997, Diebold manufactured its ATM machines in the United States, and sold them internationally via distribution agreements, first with Philips NV and then with IBM. Why do you think Diebold choose this mode of expanding internationally? (2 points) What were the advantages and disadvantages of this arrangement? (6 points) ANSWER 1: Diebold was able to use first Philips and then IBMs distributions systems, knowledge about international markets, and reputation. A foreign consumer could trust IBM more easily than a brand of which it had never heard. These were advantages. Disadvantages were that Diebold could not control the attention its products received from Philips and IBM. QUESTION 2: What do you think prompted Diebold to alter its international expansion strategy in 1997 and start setting up wholly owned subsidiaries in most markets? (3 points) Why do you think the company favored acquisitions as an entry mode? (3 points) ANSWER 2: Diebold faced a saturated domestic market and increasing foreign demand, especially in developing countries like China, India and Brazil. By pursuing acquisitions, Diebold could get a running start in these developing markets. QUESTION 3: Diebold entered China via a joint venture, as opposed to a wholly owned subsidiary. Why do you think they did this? (5 points) ANSWER 3: In China, there were no possible acquisitions, and Diebold wanted access to local knowledge. A J-V gave them this. QUESTION 4: Is Diebold pursuing...
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...George Nakos 19 November 2012 Diebold 1. Why do you think Diebold choose this mode of expanding internationally? What were the advantages and disadvantages of this arrangement? Diebold was able to use Philips first and then IBMs distributions systems and gained knowledge about international markets, and reputation. By the 1970s and 1980s the growth of the Diebold was driven by the rapid expectance of ATM in the USA. The company initiated to sell ATM machines in foreign markets in the 1980s. Diebold forged a distribution agreement with the large Dutch multinational company Philips. With this agreement, Diebold manufactured ATMs in the United States and exported them to foreign customers after Philips had made the sale. Therefore, the company selects the entry mode of exporting which is usually the first step for a firm which intend expanded internationally. The advantage is a foreign consumer could trust IBM more easily than a brand of which it never heard of, and the disadvantage were that Diebold could not control the attention its products received from Philips and IBM. 2. What do you think prompted Diebold to alter its international expansion strategy in 1997 and start setting up wholly owned subsidiaries in most markets? Why do you think the company favored acquisitions as an entry mode? Diebold faced a saturated domestic market and increasing foreign demand, especially in developing countries like China, India and Brazil. Diebold established a joint venture...
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...network and having data readily accessible with only a few clicks of a mouse. What was unclear to me at the time was how to properly secure that data, which is why I have chosen to study in the field of network security. Near the end of my sophomore year at Anne Arundel Community College, I decided to become a working college student. I worked at Sears as a Loss Prevention Detective for several years. I repeatedly investigated credit card fraud while in that position. I learned that credit card information can be obtained illegally several ways. One way is through skimming an ATM. I learned more on this topic when I was hired by Diebold, Incorporated, just this past year. Diebold installs and services ATMs for the financial industry throughout the world, and security is paramount in this business. Through my experience and training at Diebold, I learned that skimming devices are attached to an ATM, undetected to the untrained eye. Information technology professionals created several methods to defeat this security threat. For example, devices have been developed which block wireless signals on skimming devices. The use of skimming devices is just one example of the many challenges that organizations are faced with on a daily basis. These threats can be stopped though IT professionals educating businesses and individuals about how to prevent such security breaches. As a technician...
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...This paper, copyright the IEEE, appears in IEEE Symposium on Security and Privacy 2004. IEEE Computer Society Press, May 2004. This paper previously appeared as Johns Hopkins University Information Security Institute Technical Report TR-2003-19, July 23, 2003. Analysis of an Electronic Voting System TADAYOSHI KOHNO∗ A DAM S TUBBLEFIELD† DAN S. WALLACH§ February 27, 2004 AVIEL D. RUBIN‡ Abstract With significant U.S. federal funds now available to replace outdated punch-card and mechanical voting systems, municipalities and states throughout the U.S. are adopting paperless electronic voting systems from a number of different vendors. We present a security analysis of the source code to one such machine used in a significant share of the market. Our analysis shows that this voting system is far below even the most minimal security standards applicable in other contexts. We identify several problems including unauthorized privilege escalation, incorrect use of cryptography, vulnerabilities to network threats, and poor software development processes. We show that voters, without any insider privileges, can cast unlimited votes without being detected by any mechanisms within the voting terminal software. Furthermore, we show that even the most serious of our outsider attacks could have been discovered and executed without access to the source code. In the face of such attacks, the usual worries about insider threats are not the only concerns; outsiders can do the damage. That...
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...supervisor take me to my department, which is Dispatch Service Department, I don’t have any idea if what is going on in this department until my supervisor orient me about my task and this I meet and started to meet the Call Reports which is assigned to me for the rest of my training. My day have been so well and just exceeded my working hours. November 19-23, 2012 (Monday-Friday) This week I’m sorting Call Reports specifically the CM or the Corrective Maintenance, from the month of October sorting from 1st of October from the end of the month. I arranged it from banks to banks for it to be organized. I just had light duties by this time, I observed the call reports and notice that diebold has a lot of client, offering good services, offering products such as ATM, software and many more. Diebold Philippines Incorporation is a very huge company it has many branches in different part of the world. This ECE Company which is vision is to fulfill and exceed the customer expectations. The facilities and policies is just suit for the employee and to the firm. This office environment is just good for the working people. By the end of this week, I’m still adjusting myself for a new environment; this week was exhausted and very tiring for me. It’s like I already feel being a working person that all you want is to take a rest and sleep all day but I can say that I enjoyed being here, it’s like new life that I need to face all by myself. November 26-29, 2012 (Monday-Thusday) ...
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...economy. In this survey, I describe three different strands of such interdisciplinary macro-finance term structure research. The first adds macroeconomic variables and structure to a canonical arbitrage-free finance representation of the yield curve. The second examines bond pricing and bond risk premiums in a canonical macroeconomic dynamic stochastic general equilibrium model. The third develops a new class of arbitrage-free term structure models that are empirically tractable and well suited to macro-finance investigations. This article is based on a keynote lecture to the 41st annual conference of the Money, Macro, and Finance Research Group on September 8, 2009. I am indebted to my earlier co-authors, especially Jens Christensen, Frank Diebold, Eric Swanson, and Tao Wu. The views expressed herein are solely the responsibility of the author. Date: December 15, 2009. ∗ 1 Introduction The evolution of economic ideas and models has often been altered by economic events. The Great Depression led to the widespread adoption...
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...POL210: Final Project Gay Marriage Abstract Gay marriage has many viewpoints both for and against. These viewpoints are from religious organizations as well as studies that have provided statistics regarding gay marriage. There are many articles that are used for research that disprove many of the theories that religious organizations use to defend the opposition of gay marriage. Religious based bias against gay marriage comes from beliefs and a person’s moral make up. Gay marriage has been legalized in places like Massachusetts for over eleven years. There has been little to no impact on gay marriage. Studies show that gay marriage is actually a benefit rather than a disadvantage to the general population. An analysis of those for or against gay marriage show that arguments that are solely based on religion can be disproved by actual studies that have been conducted rather than religious rhetoric. There are five basic arguments against gay marriage. They are: 1. It would weaken the definition and respect for the institution of marriage. 2. It would further weaken the traditional family values essential to our society. 3. It could provide a slippery slope in the legality of marriage (e.g. having multiple wives or marrying an animal could be next). 4. It confuses children about gender roles and expectations of society, and only a man & woman can pro-create. 5. The gay lifestyle is not something to be encouraged, as a lot of research shows it leads to...
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...International Journal of Banking and Finance Volume 9 | Issue 1 Article 3 6-5-2012 Modelling and forecasting volatility in the gold market Stefan Trück Macquarie University, stefan.trueck@mq.edu.au Kevin Liang Macquarie University Follow this and additional works at: http://epublications.bond.edu.au/ijbf Recommended Citation Trück, Stefan and Liang, Kevin (2012) "Modelling and forecasting volatility in the gold market," International Journal of Banking and Finance: Vol. 9: Iss. 1, Article 3. Available at: http://epublications.bond.edu.au/ijbf/vol9/iss1/3 This Journal Article is brought to you by the Faculty of Business at ePublications@bond. It has been accepted for inclusion in International Journal of Banking and Finance by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Trück and Liang: Forecasting volatility in the gold market International Journal of Banking and Finance, Volume 9 (Number 1), 2012: pages 48-80 MODELLING AND FORECASTING VOLATILITY IN THE GOLD MARKET Stefan Trück and Kevin Liang Macquarie University, Australia _____________________________________________ Abstract We investigate the volatility dynamics of gold markets. While there are a number of recent studies examining volatility and Value-at-Risk (VaR) measures in financial and commodity markets, none of them focuses on the gold market. We use a large number of statistical models to model...
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...Torben G. Andersen Tim Bollerslev Peter F. Christoffersen Francis X. Diebold Working Paper 18084 http://www.nber.org/papers/w18084 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2012 Forthcoming in Handbook of the Economics of Finance, Volume 2, North Holland, an imprint of Elsevier. For helpful comments we thank Hal Cole and Dongho Song. For research support, Andersen, Bollerslev and Diebold thank the National Science Foundation (U.S.), and Christoffersen thanks the Social Sciences and Humanities Research Council (Canada). We appreciate support from CREATES funded by the Danish National Science Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Torben G. Andersen, Tim Bollerslev, Peter F. Christoffersen, and Francis X. Diebold. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Financial Risk Measurement for Financial Risk Management Torben G. Andersen, Tim Bollerslev, Peter F. Christoffersen, and Francis X. Diebold NBER Working Paper No. 18084 May 2012 JEL No. C1,G1 ABSTRACT Current...
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...Econometric Reviews, 27(1–3):10–45, 2008 Copyright © Taylor & Francis Group, LLC ISSN: 0747-4938 print/1532-4168 online DOI: 10.1080/07474930701853509 REALIZED VOLATILITY: A REVIEW Michael McAleer1 and Marcelo C. Medeiros2 2 School of Economics and Commerce, University of Western Australia Department of Economics, Pontifical Catholic University of Rio de Janeiro, Rio de Janeiro, Brasil 1 Downloaded At: 15:53 5 September 2008 This article reviews the exciting and rapidly expanding literature on realized volatility. After presenting a general univariate framework for estimating realized volatilities, a simple discrete time model is presented in order to motivate the main results. A continuous time specification provides the theoretical foundation for the main results in this literature. Cases with and without microstructure noise are considered, and it is shown how microstructure noise can cause severe problems in terms of consistent estimation of the daily realized volatility. Independent and dependent noise processes are examined. The most important methods for providing consistent estimators are presented, and a critical exposition of different techniques is given. The finite sample properties are discussed in comparison with their asymptotic properties. A multivariate model is presented to discuss estimation of the realized covariances. Various issues relating to modelling and forecasting realized volatilities are considered. The main empirical findings using...
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...Yale ICF Working Paper No. 02-04 November 21, 2002 PREDICTING THE EQUITY PREMIUM (WITH DIVIDEND RATIOS) Amit Goyal Goizueta Business School at Emory Ivo Welch Yale School of Management NBER This paper can be downloaded without charge from the Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract_id=158148 Predicting the Equity Premium (With Dividend Ratios)∗ Amit Goyal† Goizueta Business School at Emory and Ivo Welch‡ Yale School of Management and NBER November 21, 2002 Abstract Our paper suggests a simple recursive residuals (out-of-sample) graphical approach to evaluating the predictive power of popular equity premium and stock market time-series forecasting regressions. When applied, we find that dividend-ratios should have been known to have no predictive ability even prior to the 1990s, and that any seeming ability even then was driven by only two years, 1973 and 1974. Our paper also documents changes in the time-series processes of the dividends themselves and shows that an increasing persistence of dividend-price ratio is largely responsible for the inability of dividend ratios to predict equity premia. Cochrane (1997)’s accounting identity—that dividend ratios have to predict long-run dividend growth or stock returns— empirically holds only over horizons longer than 5–10 years. Over shorter horizons, dividend yields primarily forecast themselves. JEL Classification: G12, G14. ∗ Forthcoming: Management Science. The paper and its data...
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...earnings in the short-run but causes the firm’s value and stock price to drop in the future.1 They may also issue haphazard employee stock options which will reduce the equilibrium price and increase equilibrium quantity for this company's products and services. This will cause the supply curve to shift to the right and with an increase in supply, if the firm is a monopoly – single seller with considerable control over supply and prices, or an oligopoly – several large sellers who have some control over the prices, there will be a decline in the price of the product of the firm.2 The supply curve may shift to the right but its elasticity is not affected which means costs are shown at a lower rate and profits are inflated. In the case of Diebold company fraud in 2010, management may have inflated the earning due to pressure to meet projected forecast or the attractive incentives. A director at SEC, Robert Khuzami stated that “when executives disregard their professional obligations to investors, both they and their companies face significant legal consequences."3 However, section 304 of the Sarbanes-Oxley Act was implemented to help protect the readers of the financial statements and the investors against fraudulent management.3 Investors generally believe that when they invest in a company it is the duty of the management to accurately report the earnings of the firm and not inflate them, however, in most cases management end up...
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...Maurice Deloach 4600 Meadowcroft Rd, Greensboro, NC 27406 (C) 252-885-5996 E-Mail: mdeloach2004@yahoo.com Summary Diversified manufacturing experience in high and low volume production with an extensive background in manufacturing, process and industrial engineering. Demonstrated success in introducing new products into production, and in developing, implementing and managing new processes to improve quality and productivity. Hands-on experience in fabrication, machining, assembly and lean manufacturing. Creative analytical problem solver with excellent team-building skills. Professional Experience Deere-Hitachi-Kernersville, NC Assembly Engineer/Analyst (CONTRACT) 12/2012-6/2013 Provide support for day to day operations, new product introductions, and long range projects and planning. The support will relate primarily to safety, quality, productivity, and delivery initiatives for assembly. * Develop Operational Method Sheets (OMS) – Detailed description of the related process, through the utilization of 2D and 3-D CAD. * Responsible for the development, maintenance, and management of the manufacturing Where-Used Bill of Material (BOM). All material utilized in the manufacturing process from fabrication through machining is accounted for in this document. The storage and point of use location is maintained in an Excel document. *...
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...International Business Machines (IBM) is the world's top provider of computer hardware. It has 80 years of leadership in helping business innovate. IBM alliance with the companies of all sizes around the world and compete almost in every market worldwide. The company makes desktop and notebook PCs, mainframe and servers, storage systems, and peripherals, among its thousands of products. IBM is also one of the largest providers of both software and semiconductors. With the help of the partnership, the company become leading providers of the e-business solution world widely designed specific solution to meet the needs of companies of all sizes. According to IBM 's mission statement, the marketplace is on the top of IBM's principles. "The marketplace is the driving force behind everything we do." The second principle is related to technology. "At our core, we are a technology company with an overriding commitment to quality." With these missions, the company had an alliance with dozen of high-tech companies worldwide. The company made its constant effort to keep up with the fast-moving competitors. In the year 2002, IBM reorganized its hardware business; the company had merged its desktop and laptop operations. IBM utilizes the services of both Sanmina-SCI and Solectron by acquired manufacturing facilities from IBM. It had also formed a joint venture with Hitachi to combine its disk drive operation. In the software business, IBM is the second largest provider after Microsoft. The...
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...FINANCIAL RESEARCH REPORT WEEK 9 Jonathan Jackson Dr. Daniel Terfassa 9/11/2015 FIN 534 Introduction Southwest Airlines was founded in 1971 by Herb Kelleher and Rolling king. The company started its services for San Antonio, Dallas and Houston. In the mid-1980s, the company was first to offer the frequent miles program. This program allowed travelers to bank traveled air miles to be used latter credit for a reduced airfare or free ticket. It was the first airline company to offer senior discounts, fun packs and fun fans. From 1981 to 1984, the company continuously received the top ranking of number 1. By 1998 Southwest Airlines had become 5th largest US air carrier, caring more than 50 million passengers per year servicing the Southwest and Northwest and other primary locations all across the United States. In 1987, the company took over TranStar Airlines and Morris Air in 1994. This gave Southwest Airlines a stronger edge in the market. Originally the company was incorporated for serving three cities in Texas as Air Southwest on March 15, 1967, by Herb Kelleher and Rollin King. The airline experienced a great history of success, it adopted the first profit sharing plan in the US airline industry 1971. Employees own almost 10% of the company stock through this plan and others as well the company is almost 87 percent unionized. The pilots are represented by the pilot association of Southwest Airlines which is a union separate from the much larger Air Line Pilots...
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