...Investment Theory (Master course, ABS) Final Exam 2013 Your Name: Student Number: Signature: Remark: In all the questions of this exam we assume that there is no transaction cost and investors can take long and short positions in any asset without margin requirement. Part I (8 questions, 5 points each; circle one and only on choice that you think is the best. No penalty for the wrong choice.) 1. The excess return on any stock can be seen as a zero-cost gamble because a. it is highly risky, and risk averse people don’ like it. t b. its expected value is zero provided there is no arbitrage. *c. it is priced at zero when there is no arbitrage. d. all the above are correct. e. both b) and c). 2. The stochastic discount factor (SDF) a. is unique when the capital market is mean-variance e¢ cient. b. is a random variable that is used for pricing all other risky assets. c. has an expected value equal to the present value of 1: d. is unique when the capital market is complete. *e. satis…es all above descriptions except a). 3. Consider a trinomial model of capital market in which there are three possible states of economy in one year with equal probability of occurrence. Let s denote the price of the Arrow-Debreu security that pays $1 in state s and zero otherwise. Suppose 1 = 0:2; 2 = 0:45; and 3 = 0:33: Suppose a stock is currently priced at 33:5; and its payo¤ will be 20; 30; 50 in state 1; 2; and 3 respectively. Then *a. there is an arbitrage opportunity because the stock is too...
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...Company ABC is a leading consumable chemical packaged goods company, offering a wide variety of chemical cleaning solutions and related products and services which have many applications, ranging from large commercial needs, to individual consumers. They have many recognizable brands, both in the U.S. and internationally, including ABC, ABC Professional, ABC Commercial, as well as numerous other brands. Their stock traded on the New York Stock Exchange under the ticker “ABC”. They currently have operations in the U.S., Canada and Europe, with 83% of their sales coming in the U.S., and 8% and 9% in the other two, respectively. As of August 31, 2014, they had approximately 2,300 employees. ABC was undervalued largely due to non-recurrent factors outside of their control, which had a material negative impact on their 2014 and early 2015 earnings. In May of 2014, there was a large fire at their biggest aerosol manufacturing facility, and the damages have been significant. After all costs to get it back up and running, their earnings had been depleted by $0.12 per share. They also were faced with a litigation issue in California, which was opened in 2010 and closed in 2014, decreasing their 2014 earnings by $0.18 per share. In total, these factors cut earnings by 50% while their revenue continued to grow. ABC hired a new management team in February 2014 to focus on growing the company organically. They have since implemented many cost cutting measures down the supply chain and shifted...
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...Rock piere Mrs. Rubin AP language August 20, 2012 AP language and composition summer reading 102 MINUTES 1. The lights are ringing an the market is going to open (pg.34) 2. After fighting high-rise fires in midtown Manhattan, New York City, for the past ten years, in my opinion that the fire service has been lucky (pg.107). 3. About five floors from the top, you have about fifty people with their faces pressed against the windows trying to breathe (pg. 136). 4. In the name of god a voice wailed. in the name of god, in the name of god (pg. 156). 5. I just saw a guy rip his shirt off because it was on fire and jump (pg. 32) Catastrophe- an event producing a subversion of the order or system of things, a final event, usually of a calamitous nature; hence, sudden calamity; great misfortune. It’s a catastrophe because everyone is jumping for their life hence the great mistune of the planes that have hit the burning building. Astonishing- so remarkable as to elicit belief: amazing, fabulous, fantastic, and marvelous phenomenal, prodigious. It is astonishing that after all that is taking course the people is still in the building trying to start business instead of trying to evacuate. Heartbreaking- causing overwhelming grief or distress, producing a strong emotional reaction extremely sad or pitiful It is heartbreaking because the people are crying and calling out in the name of god. Disaster- a sudden event, such as an accident or a natural...
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...Four Basic Data Gathering Procedure Options Some students are not aware of the fact that they need to know some data gathering proceduretechniques when writing their research papers. Usually, they are simply concentrating on how to come with a good thesis statement, how to develop literature review or even how to cute reference materials. Let us now talk about the methods of data gathering since some research proposal examples do not even mention about this segment. There are different ways for you to conduct data gathering procedures. Usually, these ways are related to the same processes in statistics. Dissertation research methods are almost always related to data gathering so you really need to learn how to acquire your data for analysis. * Data mining – this procedure involves the search for published data from reputable sources. The process is simpler than other techniques but you need to make sure that the data is up to date. * Interviewing o this data gathering procedure involves a certain amount of time and effort investment. However, you can maximize the data that you can acquire form each respondents because you will personally acquire data from them. * Depending on your research paper topics, you can conduct surveying. If you wish to gather quick and raw data, this is the best medium for you. Prepare a set of questionnaire and then have your respondents fill them out. * Lab experiments – this type of data gathering procedure is intended if you wish...
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...A VISUAL GUIDE TO ESSAY WRITING Dr Valli Rao, Associate Professor Kate Chanock, and Dr Lakshmi Krishnan use a visual approach to walk students through the most important processes in essay writing for university: formulating, refining, and expressing academic argument. ‘MetamorTHESIS‘ Your main argument or thesis is your position in answer to the essay question. It changes and develops as you undertake your reading and research towards the essay. how to develop & communicate academic argument “I love the way the authors explain what an argument is. I also love the way they justify holding opinions in an academic context … A Visual Guide to Essay Writing shows you excellently how to communicate with your marker by employing your ‘authorial voice’.” - Dr Alastair Greig Head, School of Social Sciences The Australian National University Valli Rao Kate Chanock Lakshmi Krishnan “This is a great book ... clear, useful, beautifully conceived and produced ... an intriguing approach, one that will make sense to students and really assist their essay writing skills.” - Brigid Ballard & John Clanchy authors of the international best-seller Essay writing for students: a practical guide How effective structure supports reasoned argument in essays1 Discipline/field Topic Underlying question Introduce discipline/field/context and topic Roughly, 10–15% of essay length Why is this topic interesting from the perspective of the discipline/field...
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...Introduction This guide has been created to assist my graduate students in thinking through the many aspects of crafting, implementing and defending a thesis or dissertation. It is my attempt to share some of the many ideas that have surfaced over the past few years that definitely make the task of finishing a graduate degree so much easier. (This Guide is a companion to the Guide for Writing a Funding Proposal.) Usually a guide of this nature focuses on the actual implementation of the research. This is not the focus of this guide. Instead of examining such aspects as identifying appropriate sample size, field testing the instrument and selecting appropriate statistical tests, this guide looks at many of the quasi-political aspects of the process. Such topics as how to select a supportive committee, making a compelling presentation of your research outcomes and strategies for actually getting the paper written are discussed. Of course, many of the ideas that are presented can be used successfully by other graduate students studying under the guidance of other advisers and from many different disciplines. However, the use of this guide carries no guarantee - implied or otherwise. When in doubt check with your adviser. Probably the best advice to start with is the idea of not trying to do your research entirely by yourself. Do it in conjunction with your adviser. Seek out his/her input and assistance. Stay in touch with your adviser so that both of you know what's happening...
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...general statement that announces what the paragraph is about. By starting a paragraph with a topic sentence, your audience may immediately identify your topic. This construction also helps you, the writer, stay focused on your subject. Consider the following example of an essay introduction: The first sentence is the topic sentence: It tells the readers they will learn about past narratives. The sentences that follow the topic sentence relate to the topic sentence because they provide examples of past narratives. Finally, the last sentence is the thesis of the essay, which expresses the author’s position on the topic and previews what the entire paper is about. You learn more about writing effective introductions later in this course. Supporting Paragraphs Every paragraph after your introduction must be a supporting paragraph. A supporting paragraph supports or proves your thesis. All supporting paragraphs must include a topic sentence. You may then develop the supporting paragraphs within your paper by using one or more of the following methods: • Examples and illustrations • Data, facts, or historical or personal details • A simple story, or narrative • Descriptions • Division and classification • Analysis • Process analysis • Definitions • Cause-effect • Comparison-contrast • Argument The previous paragraph about journals used examples to support the topic sentence. Consider the paragraph...
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...|[pic] |Course Design Guide | | |College of Humanities | | |COM/156 Version 7 | | |University Composition and Communication II | Copyright © 2013, 2011, 2010, 2009 by University of Phoenix. All rights reserved. Course Description This course builds upon the foundations established in COM/155. It addresses the various rhetorical modes necessary for effective college essays: narration, illustration, description, process analysis, classification, definition, comparison and contrast, cause and effect, and argumentation. In addition, requirements for research essays, including the use of outside sources and appropriate formatting, are considered. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject...
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...MNUALLL/301/0/2013 Tutorial Letter 101/0/2013 General tutorial letter for proposal, dissertation and thesis writing MNUALLL Year module Department of Health Studies IMPORTANT INFORMATION: This tutorial letter contains important information about your module. Note: Copyright pertaining to Mouton (2006) has been ceded to Unisa CONTENTS Page 1 2 2.1 2.2 2.3 2.3.1 2.4 2.5 2.6 2.7 2.8 3 3.1 3.2 3.3 3.4 3.5 4 4.1 4.2 4.3 4.4 4.5 4.6 5 5.1 5.2 5.2.1 5.2.2 2 WELCOME ................................................................................................................................... 6 SECTION 1: BEING REGISTERED FOR THE RESEARCH PROPOSAL MODULE (RPM) .... 7 Introduction ................................................................................................................................... 7 Application .................................................................................................................................... 7 Registration for Research Proposal Module (RPM) ...................................................................... 7 Registration................................................................................................................................... 8 Appointment of supervisor ............................................................................................................ 8 Guidelines for writing a proposal ...............................................................................................
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...FALE 1033 WRITING FOR SCIENCE Topics Covered Introduction to effective writing skills Writing thesis statement and topic sentences Definition , exemplification and classification Description Cause and effect Interpreting diagrammatic information Comparing and contrast Proofreading and editing Text Used 1. 2. Main Text: Oshima, A & Hogue. ( 1997). Introduction to Academic Writing. New York: AddisonWesley, Longman Zimmerman. (2003).English for Science. Singapore: Prentice Hall Additional Text Brannan, B. (2003). A Writer’s Workshop: Crafting Paragraphs, Building Essays. McGraw Hill Trible,C. (2003). Writing Oxford: Oxford University Press Method of Assessment 2 Assignments + 1 Test Assignment 1 -15% (Outlines) Assignment 2 – 15% (interpreting data) Test – 10% (Grammar/proofreading) Final Examination- 60% Section A- Essay Section B- Grammar Section C- Interpreting Graphic Data LECTURE 1 INTRODUCTION TO EFFECTIVE WRITING SKILLS What is Science Writing? Science writers are responsible for covering fields that are experiencing some of the most rapid advances in history, from the stunning advances in biotechnology to the exotic discoveries in astrophysics. A science writer may include coverage of new discoveries about viruses, the brain, evolution, artificial intelligence, planets around other suns, and the global environment, to name a few topics Aims and objectives for writing for science To provide students with the necessary knowledge of the...
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...or at the end of the essay. 4. Now re-read more slowly and carefully, this time making a conscious attempt to begin to isolate the single most important generalization the author makes: his thesis. Follow his line of thought; try to get some sense of structure. The thesis determines the structure, so the structure, once you begin to sense it, can lead you to the thesis. What is the main point the author is making: Where is it? Remember, examples or "for instances" are not main points. The thesis is the generalization the author is attempting to prove valid. Your job, then is to ask yourself, "What is the author trying to prove"? Another way of identifying the thesis is to ask yourself, "What is the unifying principle of this essay"? or "What idea does everything in this essay talk about"? or "Under what single main statement could all the subdivisions fit"? If the author has stated his thesis fully and clearly and all in one place, your job is easier. The thesis is apt to be stated somewhere in the last few paragraphs, in which case the preceding paragraphs gradually lead up to it, or else somewhere right after the introduction, in which case the balance of the essay justifies the statement and refers back to it. Sometimes, however, the author never states the entire thesis in so many words; he gives it to you a piece at a time. Never mind. You can put it together...
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...Thesis abstracts / 75 Writing a structured abstract for the thesis James Hartley suggests how to improve thesis abstracts (From Psychology Teaching Review, 2010, 16, 1, 98-100) Two books on writing abstracts have recently come to my attention. One, Creating Effective Conference Abstracts and Posters in Biomedicine: 500 tips for Success (Fraser, Fuller and Hutber, 2009) is a compendium of clear advice – a must book to have in your hand as you prepare a conference abstract or a poster. The other, Abstracts and the Writing of Abstracts (Swales and Feak, 2009) contains several research-based exercises on writing abstracts for journal articles in the Arts and Social Sciences. Both books extol the virtues of structured abstracts (i.e., those with standard sub-headings found in several journals published by the BPS) but both contain few examples. Thesis abstracts Swales and Feak also have a short chapter on writing the abstract for the PhD – a rather different kind of abstract. Here two such abstracts are presented for analysis. However, because the book is written mainly for a North American audience, British students might like to check their institution’s regulations in this respect. It is likely, of course, that these will not be very helpful. Here, for example, are the regulations from my own University: Abstract The page should be headed Abstract, followed by no more than 300 words describing the key features of the thesis. Many information retrieval...
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...ACADEMIC YEAR 2013/2014 FOUNDATION SCIENCE FHEL1012 ENGLISH FOR ACADEMIC STUDY MID-TERM TEST JULY 2013 TIME: 1 HOUR NAME: ____________________________________ TUTORIAL GROUP: T ( ) SECTION A: COMPOSING TOPIC SENTENCES (12 MARKS) Given below are 3 thesis statements. For each thesis statement, write 2 topic sentences that will function as the first sentence of a body paragraph. (You will note that one topic sentence has been constructed for each thesis statement) 1. Thesis statement: There are three ways of combating the stress which undergraduates face in university. Topic sentence 1 To begin with, undergraduates should adhere to a daily time table that allows them to manage tasks in an organized manner Topic sentence 2 _______________________________________________________________________________________________________________________________________________________________________________________________________________ [2 Marks] Topic sentence 3 _______________________________________________________________________________________________________________________________________________________________________________________________________________ [2 Marks] 2. Thesis statement: Plastics are injurious to the environment in three ways. Topic sentence 1 _______________________________________________________________________________________________________________________________________________________________________________________________________________ ...
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...Thesis and Capstone Project Comparison In some ways the thesis and capstone project are similar. Both should follow the same basic outline and should represent a scholarly effort of high quality. As noted in the Graduate School requirements, "Graduate programs leading to the Master of Arts, Master of Science, or Doctor of Philosophy degrees emphasize the development of the student's ability for independent scholarly work and the creation of new knowledge through research. Practice-oriented programs, which ordinarily lead to the degree of master or doctor in a particular professional field, emphasize preparation of the student for professional practice at the frontiers of existing knowledge." Both capstone projects and theses should have a clear statement of the problem or issue to be addressed; a literature review which covers the important work related to the problem, with content clearly relating to the statement of problem; analysis of results; and statement of conclusions. When there is a question as to whether the proposal is a thesis or a capstone project, the proposal shall be submitted to the EDP Program Director for a decision. This must be done prior to registering for thesis or capstone project credits. The thesis should answer a question which contributes to new knowledge and is generalizable beyond a single setting. The thesis should be analytic, should systematically analyze data, and should develop and make appropriate...
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...edu 14237249 Associate of Science degree in Network Systems Administration EN 1320 Composition I ITT Technical Institute – Clovis, CA October 11th, 2013 Chapter 9 (Writing Today, pp. 171-196) 1. What is the purpose of a commentary? Commentaries are used to express opinions on current issues and events, offering new and interesting perspectives that help readers understand the world in which they live. It is to convince readers to agree with you and, perhaps, to change their minds. 2. What is the basic organizational pattern of the commentary? * A topic based on current events or current issues. * An introduction that immediately engages the reader by clearly announcing the issue under examination, the writer’s thesis, and the angle he or she will take on this topic. * An explanation of the current event or issue that reviews what happened and the ongoing conversation about it. * An argument for a specific position that includes reasoning, evidence, examples, and observations. * A clarification that qualifies the argument, avoiding the tendency to overgeneralize or oversimplify the topic. * A conclusion that offers an overall assessment of the issue, highlights its importance to readers, and looks to the future. 3. What are strategies for inventing the content of your commentary? You should begin by listening, understanding; listen for what is not being said, or was is not being pursued. Have knowledge of what you’re going to talk...
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