...The Fama and French 3-Factor Model (Fama and French 1993) is used in asset pricing and portfolio management to describe stock returns. Unlike the CAPM, which uses only the market risk factor, in the Fama and French Model, two more factors are identified that cause stocks to do better than the market as a whole – the size factor and the value factor. This paper will first describe the methodology behind the size and value factor calculations. We will then discuss possible explanations as to why the two factors explain stock returns. Finally, we determine on the basis of academic evidence whether the two factors capture systematic risk. The three-factor model is mathematically expressed as follows: Where: ------------------------------------------------- r = portfolio expected return ------------------------------------------------- Β3 = “three factor” beta (conceptually analogous to the CAPM beta but not equal to it due to the presence of the two other coefficients in the regression) ------------------------------------------------- (Km- Rf) = market risk premium ------------------------------------------------- bs = sensitivity of expected return to size factor ------------------------------------------------- SMB = Small (market capitalisation) minus big ------------------------------------------------- bv = sensitivity of expected return to value factor HML = high (book to market ratio) minus low Fama and French (1992a) found that the historical-average...
Words: 3787 - Pages: 16
...BARTHÉLEMY CABOUAT THIBAULT MATHIEU ENCADRÉS PAR JEAN-MARC BARDET MAI 2014 Travail d’étude et de recherche : Les chaînes de Markov cachées Table des matières Introduction 2 Présentation générale 3 Chaînes de Markov 3 Propriété de Markov 3 Homogénéité 4 Noyaux de transition 5 Modèle de Markov caché 5 Définition 5 Exemple 7 Propriétés 9 Inférence 12 Estimateurs de paramètres : les MLE 12 Probabilité d’une séquence d’observations : l’algorithme Forward-Backward 15 Algorithme de Viterbi 17 Notations 17 Principe 18 Applications 20 Simulations Matlab 20 Inférence paramétrique 20 Algorithme de Viterbi 24 Application à la domotique 26 Conclusion 31 Bibliographie 32 Introduction Les modèles de Markov cachés ont été introduits par Baum et son équipe dans les années 60. Ils sont apparentés aux automates probabilistes, c’est-à-dire définis par une structure composée d’états et de transitions ainsi que par un ensemble de distributions de probabilité sur ces transitions. Les chaînes de Markov cachées sont utilisées dans différents cadres, que ce soit au niveau des objectifs visés ou bien des espaces considérés (discrets, continus). Les applications en sont nombreuses dans des domaines tels que le traitement du signal, la reconnaissance de la parole, le text mining (filtrage de spam, reconnaissance de parties de discours), la finance de marché, la bio-informatique, la physique quantique... Notre objectif est de proposer une vue d’ensemble de la...
Words: 4635 - Pages: 19
...thin. So-called “plus-size” models are a growing presence on magazine covers, television and lingerie catalogues but at the Fashion Weeks of New York and London they are still the exception. In a reflection of the expanding market for women who defy the super-slender ideals of the catwalk, leading fashion magazine Elle offered its readers a special issue in March featuring larger than normal models and sales jumped. British designer Mark Fast introduced shows last year in which the models were all above a British size twelve, and American size eight, following criticism that his dresses were too skinny. Despite their trailblazing status in the fashion world, when it comes to bigger models New York and London are slightly out of step. The move towards more generously sized models has accelerated since the death from anorexia in 2006 of Brazilian model Ana Carolina Reston, which shocked the fashion world. Spain and Italy banned models below a certain body mass index after her death, while Britain stopped short; banning only those aged under sixteen from the catwalk. “Sixteen corresponds to a level of maturity,” said Caroline Ruth of the British Fashion Council. When Frederique van der Wal, a former Victoria’s Secret model, attended designers’ shows during New York’s Fashion Week this month, she was “shocked” by the waiflike models who paraded down the catwalk. They seemed even skinnier than in previous years. “We know seeing super-thin models can play a role in causing...
Words: 1578 - Pages: 7
...ABOUT THE AGENCY The Agency Now Modeling Agency is the model and talent agency that is behind most of the advertisements you see in magazines and on television. The brands they have represented include RHB, KFC, Firefly Airways, Habib Jewels, Loreal, Proton and many others. They have also supplied models for fashion events you may have heard of such as Men's Fashion Week, Toy Watch, Hermes, Poney etc. Founded in 2008 by Sebastian Cheah, Now Modeling Agency has evolved into a prominent name in the Fashion, Modeling and Advertising industry. They were having received great praise and appreciation from top industry professionals, and establishing an almost cult-like following of new and established models. It was not long before word spread to other ASEAN countries, and offers started flooding in for foreign assignments. Now Modeling Agency also list at the top modeling agency in Malaysia. The Services Now Modeling Agency is a one-of-a-kind, full-service modeling agency, specializing in not only model and talent management, but also model training and development, event organization, casting services, and provision of on-ground promoters, just to name a few. Every assignment is unique – they each bear a distinctive creative vision and entail specific demands or requirements. When Now Modeling Agency undertakes an assignment, their main focus is to materialize the client's vision, not just market their talents and they also dedicate all their resources to support their client...
Words: 3587 - Pages: 15
...NAME: _______________________________________ CASE 8: Research In Motion: Managing Explosive Growth 1. BACKGROUND INFORMATION |Timeframe |Country(s) Involved |Key Individuals & Titles |Company Type & Size | | | | | | 2. BRIEF SUMMARY OF CASE SITUATION |Business or Industry Description |Particular Company Situation | 3. INDUSTRY AND COMPETITIVE ANALYSIS |Dominant Economic Characteristics |Strategic Group MAP | | | | | | | | | | | | | | ...
Words: 277 - Pages: 2
...the right hair, and covering nothing up but your crotch area. This interprets sexuality. The same goes for women. typical images for women are a big chest, a big behind, slim waist, long legs, skinny, oh and flawless. The stereotypes these advertisements perpetuate are that men are supposed to be taller, bigger, heartless, and tough. As for women, they have to be smaller, looked down upon, and even always being innocent. When it comes to race, a white boy has control over the white girl. But when it's a black boy and a white girl, the girl has the control. Go figure that race would have a part in advertisement. Another way race is involved in this is when it comes to colored women, they're seen as animals. They would dress up the colored models into an animal such as a tiger and have her pose as...
Words: 528 - Pages: 3
...comparison between model in the past and the present, and how models become more restraints than before. Also we will talk about the advantage of using models and how they can make our life much easy. Models have evolved since the beginning of the century. There are many kinds of models for almost any system or item that exist. Each model uses short, long, simple or complex mathematics formula it depends of which case the models solve. However the models that are used in these recent years are very complex and have many numerous computations which make the only one that can handle it is the computer. These kinds of models are usually use in a wide variety of tasks, such as prevision of the decision made, and an effective answer to everyday problems. During time, models start to be more restraints than before. These kinds of restraints should have value or weight to make a model compatible with the case that model solve. There are several constraints or restraints in each models, one of the most important one is budget of the project. In other words the more wherewithal, the more model accuracy. Mark P. McDonald ( December 8, 2010). To use complex mathematical formula in the models it requires an educated staffs with a good knowledge of model branch, which make the model more expensive and take more time to solve it, comparing with computer time and cost. However the need of special educated persons is strictly required to conclude if the models created by computer...
Words: 824 - Pages: 4
...superior performance in a given job, role, or situation.Competency modeling is the activity of determining the specific competencies that are characteristic of high performance and success in a given job. Competency modeling can be applied to a variety of human resource activities. This research paper will describe how organizations identify their core competencies and how they are applying this competency data to improve performance. It will also explain some emerging trends in competency modeling. Developing Competency Models Competencies enable employees to achieve results, thereby creating value. It follows that competencies aligned with business objectives help foster an organization's success. Organizations must understand their core competency needs - the skills, knowledge, behaviors, and abilities that are necessary for people in key roles to deliver business results.According to Boulter, et al (1998), there are six stages involved in defining a competency model for a given job role. These stages are: 1. Performance criteria - Defining the criteria for superior performance in the role. 2. Criterion sample - Choosing a sample of people performing the role for data collection. 3. Data collection - Collecting sample data about behaviors that lead to success. 4. Data analysis - Developing hypotheses about the competencies of outstanding performers and how these competencies work together to produce desired...
Words: 1154 - Pages: 5
...discovering similarity, maturity, and capability to measure, model asses and evolves the alignment level existing among business and technological assets of an enterprise. The top research issue for currently is the alignment between business processes and supporting software system. For the first time the issue was mention in the 1970 and then several studies and researches were conducted focused the alignment concerns. Actually this paper is aiming to review a proper analysis which considering the alignment topics. From the view of the business and technological alignment, it focuses on the degree of the information technology mission, objectives and plans, support and is supported by the business mission, objective and plans. To looking how the organization can achieve alignment, the traditional approaches have been used, however only a little contribution about how to identify and correct misalignment. To complete the alignment strategies, the modeling and measurement is a must. The phase of modeling is about the various entitled the alignment concept and the links between business and IT entities. Measurement of the alignment degree existing between the chosen assets for establishing if there is any improvement. The alignment is supported by an automatic support where it’s all the processes. There is several approaches was proposed to address issue from modeling to measurement. The approaches are Strategic Alignment Model (SAM) which used for financial service firms for determining...
Words: 714 - Pages: 3
...Problems: 1. Essay: from either 2.2.3, 2.4 or 5.2 2. Setting up a model. (like one of the modules) (Review modules and cases-Try setting them up) 1. Given a problem statement and a set-up module, give an Analysis- (will be given a spreadsheet) QBA Sample Quiz click on files Log into Blackboard: QBA- Content Open file and save to desktop as “ lastname-id#(without @ sign)-9:40 ” When done, load files back into blackboard. Have until 11:00. MENTAL MODELS AND FORMAL MODELS Informal Modeling- Informal modeling= mental modeling * Continues on through the problem solving stage * Problem solvers conduct quick informal mental models @ various stages in the process. * Ask a series of mental questions * Helps relate cause and effect – in a simplified , incomplete way * Helps determine what might be feasible in a given situation * Always influenced by our implicit preferences for certain outcomes over others. * Useful but extremely limiting * Sometimes don’t provide sufficient insight. Formal models- * Provide same information as mental models * Links causes to effects and help evaluate potential solutions * Used to measure how well each solution...
Words: 618 - Pages: 3
...1. MACRO ENVIRONMENT Social Forces Two publicly controversial issues in the modelling industry are slenderness and racial exclusion. Models do much more than promote the sale of fashion. The model look promotes and distributes ideas about how women and men should look. Models “do gender” professionally in ways that connect with social positions such as race, ethnicity and class, and there are many critiques of fashion models and their gendered and racial meanings. Modelling succeeds on the criticism of the female body and the gap between promoted beauty ideals and reality. As women gain political and social ground, beauty ideals are held to higher extremes of slenderness and perfection. Another social force for clients is they face uncertainty of changing consumer desires as they are highlighting the importance of healthy lifestyles and body types. Demographics For fashion models age is a very strong factor in the selection process. Models are usually discovered between the ages of 12 to 20 by agents or scouts. High fashion modeling agencies often demand height and body shape requirements and have strong preferences for standards. With cultural diversification of the Western world, ethnic diversity is becoming an important factor for all people in the modeling industry. Moreover, various races and backgrounds are becoming progressively noticeable. Anita Norris needs to be aware of the changing demographic trends in the modeling industry Technological Factors...
Words: 2018 - Pages: 9
...beauty whether it is appearance, their personality or the work they have done. Looking into celebrity culture, people follow it to help them feel beautiful or use celebrities as motivation. Celebrities are our role models and we try to follow them in the latest fashion like clothing, hair, make-up and acting. Teens especially want an iconic person to look up to and follow them for their selflessness deeds and actions. Celebrities like Tyra Banks, Oprah Winfrey, and Queen Latifah are example of iconic celebrities that many people look up to and try to mimic in order to feel self-fulfilled. Celebrity culture does help define our view of beauty for men and women worldwide. The celebrity culture is in our lives every day, people try to copy them in any way possible because they are they’re our role models. Tyra Banks is an exceptional model that has been through many difficulties as an African American model. She faced racism as a child when she first began her modeling career. As she was getting older she began to put aside all the harsh comments and continued her passion for modeling. Tyra Banks was the first black young woman in the modeling business. As she was growing up, she became very famous because of her age, origin, and difficulties she faced as a young model. Many teens started to look up to her and wanted to be just like her. Tyra was tall, skinny, and smart, she was the perfect package. Many people liked her because of her beauty; boys would love her, while many girls...
Words: 943 - Pages: 4
...body image, which can lead to unhealthy behaviors as women and girls strive for the ultra-thin body idealized by the media. This essay will attempt to prove that the media has a brutal effect on a women’s confidence. First, the media portrays that beauty is a necessity for all women. Unfortunately, the media pushes an unnatural body type, making natural beauty impossible to accept. The average American woman is 5\'4\" tall and weighs 140 pounds. Where as, the average American model is 5\'11\" tall and weighs 117 pounds ( Nikki Katz). Society is being brainwashed by the media. In fact, studies show that more than sixty percent of women do not like what they see in the mirror (Rutherford). Also, at young ages girls are impacted by the physical appearance of Barbie. Many people do not understand that looking like Barbie is physically impossible. Moreover, the models women see in magazines are completely flawless, and have incredible bodies. The majority of society could never look as good as the models they see. To summarize, women are discouraged with their bodies because the media only show beautiful...
Words: 262 - Pages: 2
...Computer Simulation: The process of computer simulation is mainly used for the purpose of generating an abstract model of a specific system. The way how system behaves can be shown by this along with few other activities involving constructing, designing and defining a model of a system. Simulation can be defined as mimicking or imitating through experimentation with a model of some real system Importance of Simulation: To lead a day-to-day life, many industries such as Healthcare, Military, Retail, Logistics etc. also makes use of these simulation models for their routine work to be done in an effective way. When these industries face problems they can be solved by acquiring the knowledge of simulation software which can be obtained by the use of analysis and modeling Simulation & Modeling can be used in various areas such as: In call centers- Simulation used in call centers is mainly to assure customer satisfaction. Simulation helps in predicting various calls and analyzing the agents to work on each type of call. Agents are trained in such a way that the waiting time for the incoming call should not be increased and one should respond to it immediately to answer customers queries managing their own time. This way customer satisfaction can be obtained handling numerous calls per day. Therefore simulation helps in call centers to plan and manage the workforce accordingly. In Healthcare- To investigate various diseases and to design new pharmaceutical agents modeling...
Words: 332 - Pages: 2
...TOYBOX WORDS:-2292 SUBMISSION:26TH NOVEMBER 2015 Contents 2 INTRODUCTION 3 2.1 Company 3 2.2 Purpose of Report and What it will Cover 3 3 E-BUSINESS 3 3.1 What is E-Business 3 3.2 Definition 4 3.3 Why is it Relevant to Toybox – Discussion of Concept 4 4 STRATEGIES 4 4.1 Definition of a Strategy 4 4.2 Strategy Definition Stage 5 4.3 Decisions That Toybox Should Take At This Point 5 4.3.1 Decision 1: Strategy To Assist with Market and Product Development 5 4.3.2 Decision 2 – Look at the Capabilities of Having a Supply Chain 6 4.3.3 Decision 3:- Looking at Business, Service and Revenue Models 6 5 E-BUSINESS REVENUE MODELS 7 5.1 Definition of a Revenue Model and Why is It Relevant to Toybox 7 5.1.1 Recommendation 1 – Cost Per Click Model - Advertising 7 5.1.2 Recommendation 2 – Auction Models 7 6 CONCLUSIONS 8 7 REFERENCES 9 INTRODUCTION Company Toybox is a toy manufacturer that is continually growing, providing traditional, wooden and educational toys aimed at a specific age group i.e. from birth to eight years old. The toys that they sell are sold in various price brackets ranging from pocket money toys through to toys that are retro inspired. Within the organisation, they have fifteen members of staff who are allocated duties which include designing the toys, purchasing the materials in which to build and manufacture the toys and then through their two outlets in Glasgow and Edinburgh, sell the goods...
Words: 2742 - Pages: 11
