...Todd’s worst fear is that his life has no meaning, and therefore, he has no verse to contribute. For example, after the first day of class, Todd writes “Carpe Diem” on his paper, dreaming of what it would be like if he, too, could contribute a verse and be great like those in the picture. His insecurity gets the better of him, though, and he throws out the paper believing he has nothing to contribute. Later, in class, after being asked to write a poem, Todd tells Keating he never completed the assignment after he spent many hours writing and revising his poem only to have thrown it away before class. This is a prime example of Todd’s struggle between romanticism and realism, where Todd begins dreaming of future possibilities and ways of expressing himself only to have his realistic expectations crash down on him and diminish his thoughts of potential greatness. Keating sees through Todd’s fear and first makes him yawp, and later makes him say whatever comes to mind. This is the beginning of the change in Todd. “I close my eyes and this image floats beside me The sweaty-toothed madman with a stare that pounds my brains His hands reach out and choke me And all the time he’s mumbling Truth, like a blanket that always leaves your feet cold. You push it, stretch it, it will never be enough Kick it beat it, it will never cover any of us. From the moment we enter crying, to the moment we leave dying, it will just cover your face as you wail and cry and scream.” In this...
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...December 2012 c 2012 by Kai Du All rights reserved. Abstract Essays in Accounting Theory: Corporate Earnings Management in a Dynamic Setting and Public Disclosure in the Financial Services Industry Kai Du 2012 This dissertation consists of three essays on the interactions between economic fundamentals and accounting information in three different settings: an infinite-horizon financial reporting problem, a coordination game with trading in the secondary market, and a bank which provides risk sharing among demand depositors. In the first essay, I propose a dynamic model of corporate earnings management in which investors have different expectations schemes. I find that while earnings management may exist when investors have rational expectations or misspecified Bayesian beliefs, it disappears in the long run of an adaptive learning process. The model also offers ample predictions on the time-series properties of asset prices and return predictabilities. The second essay studies the role of public disclosure by a distressed firm whose creditors engage in a coordination game with trading. I find that conditioned on the private information environment and equilibrium selection, better public disclosure could lead to higher probability of creditor run and lower expected welfare. The third essay introduces loan loss provision to a bank that transforms illiquid assets into demand deposits, and shows that the contingency in demand-deposit contracts induced by loan loss...
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...Chapter 6 Commodity Forwards and Futures Question 6.1. The spot price of a widget is $70.00. With a continuously compounded annual risk-free rate of 5%, we can calculate the annualized lease rates according to the formula: F0,T = S0 × e(r−δl )×T ⇔ F0,T S0 = e(r−δl )×T S0 = (r − δl ) × T F0,T 1 ln T S0 ⇔ ln F0,T ⇔ δl = r − Time to expiration Forward price Annualized lease rate 3 months $70.70 0.0101987 6 months $71.41 0.0101147 9 months $72.13 0.0100336 12 months $72.86 0.0099555 The lease rate is less than the risk-free interest rate. The forward curve is upward sloping, thus the prices of exercise 6.1. are an example of contango. Question 6.2. The spot price of oil is $32.00 per barrel. With a continuously compounded annual risk-free rate of 2%, we can again calculate the lease rate according to the formula: δl = r − F0,T 1 ln T S0 Time to expiration Forward price Annualized lease rate 3 months $31.37 0.0995355 6 months $30.75 0.0996918 9 months $30.14 0.0998436 12 months $29.54 0.0999906 80 Chapter 6 Commodity Forwards and Futures The lease rate is higher than the risk-free interest rate. The forward curve is downward sloping, thus the prices of exercise 6.2. are an example of backwardation. Question 6.3. The question asks us to find the lease rate such that F0,T = S0 . We take our pricing formula, F0,T = S0 × e(r−δl )×T , and immediately see that the sought equality is established if e(r−δl )×T = 1, which is guaranteed for any T > 0 if and only if...
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...IT460 Unit 4 Assignment Dwayne M Sullivan Kaplan University Context Level Diagram This context diagram shows the scope and boundaries of the Training Information Management System. In this diagram, we see that the central process, which is the TIMS, will interact with six entities, which include the corporate client, the training administrator, the instructor, the student, the course, and the accounting system. Moreover, the interaction among these entities will involve six different data flows. The corporate client will be provided a training summary. The training administrator will receive training reports and will supply schedule decisions. The instructor will supply completion data and receive a class roster and course assignments. The accounting system will receive data regarding accounting. The course will receive course data from and supplied data back to the system. The student will request courses. When their request is processed, they will receive a confirmation and an invoice. The student can then submit a payment. Level 0 Diagram The training administrator will submit schedule decisions which are processed by the manage course scheduling process. The course management scheduling process will supply information about the course offered. This information might include course times, schedules, descriptions and so forth. The manage course scheduling process will also receive information from the courses. The Manage Course Scheduling process...
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...Explain the five steps for solving rational equations. Can any of these steps be eliminated? Can the order of these steps be changed? Would you add any steps to make rational equations easier to complete or understand? - Find the LCD of the terms in the equation. - Multiply each side of the equation by the LCD. - Simplify each term. - Solve the resulting equation. - Check each answer in the given equation. Any value that makes a denominator equal 0 should be rejected because it is an extraneous solution. • You can eliminate the “check your answer” step, but it’s not recommended, because you would want to know if the answer you come up with is the correct answer. • Yes. You can simplify each term and then multiply each side by the LCD. • I will not add any steps to make the equations easier. Do all rational equations have a single solution? Why is that so? • No. Not all rational equations have a single solution. f(x) = (x² + 4x + 1)/(x^8 + 2) Then, we can get a lot of possible solutions where x can be any real value What constitutes a rational expression? How would you explain this concept to someone unfamiliar with it? - A rational expression is a fraction whose numerator and/or denominator are polynomials. - A rational expression can be written as PQ , where P and Q are polynomials. A rational expression is defined whenever Q is not equal to zero. Ex: If z = 1, then 5z + 8/z^2 - 2z + 1 = 5(1) + 8/1^2 - 2(1) + 1, or 13/0, which is undefined because division...
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...Psychological egoism is the view that everyone always acts selfishly. It describes human nature as being wholly self-centered and self-motivated. Psychological egoism is different from ethical egoism in their “direction of fit” to the world. Psychological ego-ism is a factual theory. It aims to fit the world. In the world is not how psychological ego-ism says it is because someone acts unselfishly, then something is wrong with psycho-logical egoism. In my opinion this argument is completely wrong and unsound. According to James Rachel, an author of “Elements of Moral Philosophy,” there two main arguments exist against psychological egoism. The first argument can be formulated as such: 1) Everyone always does what they most want to do. 2) If everyone always does what they most want to do, they act selfishly 3) Everyone always acts selfishly. Opponents claim that psychological egoism renders ethics useless. There two cri-ticisms of this argument. First criticism is on premise one: “It is not the case that everyone always does what they most want to do because sometimes people do what they are obligated to do. They are either forced to do it because someone makes them or they do it because they seek the end result of it, such as a visit to the dentist entails.” (J. Rachels p. 70) In his book “Elements of Moral Philosophy” Rachel gives great examples to support this criti-cism: “the soldier who falls on the grenade to save his buddies, the person who runs into the busy...
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...Problem 1: Binomial Trees and Real Options Suppose that the spot price, 6-month forward price, 12-months forward price and 18-months forward price for wheat are 250, 260, 270.4 and 281.216 cents per bushel, respectively.[1] A farmer has a project that involves an immediate expenditure of $20,000 and a further expenditure of $90,000 in six months. The farmer collects two wheat harvests per year, and if this project is implemented, it will increase wheat that is harvested and sold by 20,000 bushels in one year and in 18 months (as compared to his typical harvest). Assume that there is no uncertainty about the harvests (all uncertainty comes from future wheat prices). The continuously compounded risk-free rate is 5% p.a. a) If the project has no flexibility (a “yes or no” decision), what is the value of the project? Notice that you do not have to use the binomial tree to answer this question. b) Suppose that the wheat price follows a binomial tree process with parameters u=1.1 and d=0.95 (determine y from forward prices and remember to take this variable into account when computing risk-neutral probabilities). Suppose that the farmer can abandon the project in six months and avoid paying the $90,000 cost at that time (in this case, the increase in harvest will be 5,000 bushels per year instead of 20,000). What is the value of this abandonment option? Is this abandonment option a put or a call? What is its strike? Explain. c) Now, assume that there is no option to...
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...ABSTRACT THESIS: A Comparative Assessment of the Performance of Selected Public and Private Schools in Mathematics 7: Basis for Learning Difficulties in Real Numbers RESEARCHERS: Fanuncio, Rowena Mae B. Huit, Richell G. Javier, Rajah Mae R. Nicolas, April Joy A. Resulto, Paul James M. ADVISER: Mr. Anjo M. Abaratigue The main goal of the study is to compare the Performance of Selected Public and Private Schools in Mathematics 7 as basis for learning difficulties in Real Numbers. Specifically, this seeks to answer the following questions: 1. What are the strengths of the respondents in Real numbers of the public and private schools? 2. What are the learning difficulties or weaknesses of the respondents in Real numbers of the public and private schools? 3. What are the performances of the respondents in Real numbers of the public and private schools? 4. Is there a significant difference between the performance of public and private schools? 5. Is there a significant difference in the learning competencies in Mathematics 7 as basis for learning difficulties in Real numbers between public and private schools? The study utilized a descriptive method of research. This method was used to obtain information concerning the current status of a phenomenon to describe which exist with respect to variables as condition in a situation. This is suitable in this study where the intention is to describe the level of learning difficulties in mathematics 7 of...
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...1. Psychological Egoism All forms of egoism require explication of “self-interest” (or “welfare” or “well-being”). There are two main theories. Preference or desire accounts identify self-interest with the satisfaction of one's desires. Often, and most plausibly, these desires are restricted to self-regarding desires. What makes a desire self-regarding is controversial, but there are clear cases and counter-cases: a desire for my own pleasure is self-regarding; a desire for the welfare of others is not. Objective accounts identify self-interest with the possession of states (such as virtue or knowledge) that are valued independently of whether they are desired. Hedonism, which identifies self-interest with pleasure, is either a preference or an objective account, according to whether what counts as pleasure is determined by one's desires. Psychological egoism claims that each person has but one ultimate aim: her own welfare. This allows for action that fails to maximize perceived self-interest, but rules out the sort of behavior psychological egoists like to target — such as altruistic behavior or motivation by thoughts of duty alone. It allows for weakness of will, since in weakness of will cases I am still aiming at my own welfare; I am weak in that I do not act as I aim. And it allows for aiming at things other than one's welfare, such as helping others, where these things are a means to one's welfare. Psychological egoism is supported by our frequent observation of...
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...1. Number and Fractions |Video Clip |Title |CGP Revision Guide Page |Edexcel Revision Guide Page | |8, 55 |Fraction of an amount |9 |3, 8 | |10 |Fractions, Decimals and percentages |8,10,12,16 | | | | | |8,3,4, | |47 |Equivalent Fractions |8 |3 | |48 |Simplifying fractions |8 |3 | |56a , 56b |Adding and subtracting fractions |9 |3 | |57 |Multiplying and dividing fractions |8 |3 | |58 |Changing fractions into decimals |16 |4 | |17, 18 |Long multiplication and division | | ...
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...corrections and comments. Abstract. These are some notes on introductory real analysis. They cover the properties of the real numbers, sequences and series of real numbers, limits of functions, continuity, differentiability, sequences and series of functions, and Riemann integration. They don’t include multi-variable calculus or contain any problem sets. Optional sections are starred. c John K. Hunter, 2014 Contents Chapter 1. Sets and Functions 1 1.1. Sets 1 1.2. Functions 5 1.3. Composition and inverses of functions 7 1.4. Indexed sets 8 1.5. Relations 11 1.6. Countable and uncountable sets 14 Chapter 2. Numbers 21 2.1. Integers 22 2.2. Rational numbers 23 2.3. Real numbers: algebraic properties 25 2.4. Real numbers: ordering properties 26 2.5. The supremum and infimum 27 2.6. Real numbers: completeness 29 2.7. Properties of the supremum and infimum 31 Chapter 3. Sequences 35 3.1. The absolute value 35 3.2. Sequences 36 3.3. Convergence and limits 39 3.4. Properties of limits 43 3.5. Monotone sequences 45 3.6. The lim sup and lim inf 48 3.7. Cauchy sequences 54 3.8. Subsequences 55 iii iv Contents 3.9. The Bolzano-Weierstrass theorem Chapter 4. Series 4.1. Convergence of series 4.2. The Cauchy condition 4.3. Absolutely convergent series ...
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...Chapter 6 Commodity Forwards and Futures Question 6.1 The spot price of a widget is $70.00. With a continuously compounded annual risk-free rate of 5%, we can calculate the annualized lease rates according to the formula: F0,T = S0 × e( r −δl )×T ⇔ F0,T S0 = e( r −δl )×T ⇔ ⎛F ln ⎜ 0,T ⎝ S0 ⎞ ⎟ = ( r − δ l) × T ⎠ ⇔ δl = r − 1 ⎛ F0,T ⎞ ln ⎜ ⎟ T ⎝ S0 ⎠ Time to expiration Forward price Annualized lease rate 3 months $70.70 0.0101987 6 months $71.41 0.0101147 9 months $72.13 0.0100336 12 months $72.86 0.0099555 The lease rate is less than the risk-free interest rate. The forward curve is upward sloping, thus the prices of exercise 6.1 are an example of contango. Question 6.2 The spot price of oil is $32.00 per barrel. With a continuously compounded annual risk-free rate of 2%, we can again calculate the lease rate according to the formula: δl = r − 1 ⎛ F0,T ⎞ ln ⎜ ⎟ T ⎝ S0 ⎠ 83 ©2013 Pearson Education, Inc. Publishing as Prentice Hall 84 Part Two/Forwards, Futures, and Swaps Time to expiration Forward price Annualized lease rate 3 months $31.37 0.0995355 6 months $30.75 0.0996918 9 months $30.14 0.0998436 12 months $29.54 0.0999906 The lease rate is higher than the risk-free interest rate. The forward curve is downward sloping, thus the prices of exercise 6.2 are an example of backwardation. Question 6.3 The question asks us to find the...
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...of the variables. ( ) for and a. 148 b. 134 c. 128 d. 142 5. Which of the following is the simplified expression for ( )– ? a. [9] 02/18/2014 MA1210 College Mathematics I Quizzes and Exam b. c. d. – 6. Find the sum of the polynomials ( – ) (– – ) a. – b. – c. – – d. – 7. Find the product of ( ) ( – ). a. b. – c. – d. – – – 8. Factor the following trinomial or state that it is prime. – a. ( )( ) b. ( – )( – ) c. ( – )( ) d. Prime 9. Find all numbers that must be excluded from the domain of the following rational expression: – – a. b. c. – d. – [10] 02/18/2014 MA1210 College Mathematics I Quizzes and Exam 10. Find the simplified form of the following rational expression: a. b. c. 1 d. [11] 02/18/2014 MA1210 College Mathematics I Quizzes and Exam QUIZ 1: ANSWER SHEET DATE: STUDENT NAME: COURSE NUMBER: INSTRUCTOR: SCHOOL LOCATION: General Instructions: To answer each question, darken the circle corresponding to the best answer using a pencil. If you decide to change your answer, please erase your original answer completely and darken your new answer. Question No. (A) (B) (C) (D) 1 2 3 4 ...
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...CONTENTS BONDS 1 STOCKS 6 OPTIONS 10 FUTURES 16 PORTFOLIO PERFORMANCE EVALUATION 20 INTERNATIONAL INVESTING 26 BONDS Page 480 –CFA Problems Questions #1 1. Leaf Products may issue a 10-year maturity fixed-income security, which might include a sinking fund provision and either refunding or call protection. a) Describe a sinking fund provision. The sinking fund provision allows the firm to repurchase a fraction of the outstanding bonds at either the market price or the sinking fund price (usually set at par), depending on the structure of the provision. The provision may be for a specific number of bonds or a percentage of the bond issue. The bonds selected for repurchase are generally selected at random. b) Explain the impact of a sinking fund provision on: i. The expected average life of the proposed security. We would expect a fraction of the total bond issue to be retired before the stated maturity data under the sinking fund provision. Therefore, the sinking fund provision decreases the expected average life of the proposed security. ii. Total principal and interest payments over the life of the proposed security. The sinking fund provision does not affect the total principal payments that investors would receive. However, investors may receive their principal repayments earlier than expected if the firm invokes the sinking fund provision. The sinking fund provision could decrease the amount of interest payments investors would receive...
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...Egoists are often thought of as being full of themselves or believing that the world revolves around them, but is that really the case? In the novel, Anthem, by Ayn Rand, the main character demonstrates egoism as being a healthy amount of self-confidence and individualism. He shows that egoism is not negative, rather it should be encouraged. Egoism provides us with individualism and with individualism, we gain a reason to live. We realize that the have a role on the Earth and that we are a human being with rights and a chance to make a difference. The narrator in Anthem shows a perfect example of egoism and the reason why egoism is not something to be ashamed of. I believe that in the novel, Anthem, the main character, Prometheus, is an egoist....
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