for investment projects or business expansion can source funding via this market. Secondly, it also acts as a secondary market for trading (that is to say buying and selling) of existing securities. The secondary market also serves as a source of pricing information for the primary market. Capital markets provide important benefits for investors, companies and the economy as a whole. Some of the main benefits include: ▪ Improved market efficiency: capital markets provide a platform for the effective
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Advanced Corporate Finance [FN2] Examination Blueprint 2013/2014 Purpose The Advanced Corporate Finance [FN2] examination has been constructed using an examination blueprint. The blueprint, also referred to as the test specifications, outlines the content areas covered on the examination and the weighting allotted to each content area. This document also lists the topics, the level of competence for each topic, and the related learning objectives and competencies. The learning objectives have been
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Copyright © 2009 by National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 INDIA All content included in this book, such as text, graphics, logos, images, data compilation etc. are the property of NSE. This book or any part thereof should not be copied, reproduced, duplicated, sold, resold or exploited for any commercial purposes. Furthermore, the book in its entirety or any part cannot be stored in a retrieval system or transmitted in any
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International Series in Quantitative Marketing Min Ding Jehoshua Eliashberg Stefan Stremersch Editors Innovation and Marketing in the Pharmaceutical Industry Emerging Practices, Research, and Policies Chapter 3 Portfolio Management in New Drug Development Min Ding, Songting Dong, Jehoshua Eliashberg, and Arun Gopalakrishnan Abstract The pharmaceutical industry leads all industries in terms of R&D spend. Portfolio management in new drug development is extremely challenging due to
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Betting Against Beta Andrea Frazzini and Lasse H. Pedersen* This draft: October 9, 2011 Abstract. We present a model with leverage and margin constraints that vary across investors and time. We find evidence consistent with each of the model’s five central predictions: (1) Since constrained investors bid up high-beta assets, high beta is associated with low alpha, as we find empirically for U.S. equities, 20 international equity markets, Treasury bonds, corporate bonds, and futures; (2) A
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But diversification lowers risk even if assets' returns are not negatively correlated—indeed, even if they are positively correlated.[3] More technically, MPT models an asset's return as a normally distributed function (or more generally as an elliptically distributed random variable), defines risk as the standard deviation of return, and models a portfolio as a weighted combination of assets, so that the return of a portfolio is the weighted combination of the assets' returns. By combining different
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ACST828 LECTURE 6 Part 1: Normal distribution: X ~ N , 2 mean (average) Variance 2 probability density function 1 x 2 1 exp f x 2 2 cumulative density function 1 t 2 1 F x dt exp 2 2 Standard Normal Density X ~ N 0,1 probability density function n x cumulative density function x N x 1 1 exp x 2 2 2 x
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Company Information Zynga Inc., formerly Presidio Media LLC, incorporated in Delaware in 2007, and is the leading provider of social media games to date. With the advent of social media, such as Facebook, the company has grown exponentially in just a few short years and in December 2011 became a publicly traded company. The information enclosed in this report, unless otherwise stated in the footnotes and bibliography, is from Zynga’s Form 10-K for the period ending 12/31/11. The purpose of
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equivalent CA Price of an American call option CE Price of a European call option d Dividend rate or amount ∆ Number of shares in the replicating portfolio (Chapter xx E The expectations operator ek Endowment of agent k in state of nature θ θ f Futures position (Chapter 16); pf Price of a futures contract (Chapter 16) F, G Cumulative distribution functions associated with densities: f, g Probability density functions K The strike or exercise price of an option K(˜) Kurtosis of the random variable x
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2016 FRM Exam Study Guide ® The designation recognized by risk management professionals worldwide 2016 Financial Risk Manager (FRM®) Exam Study Guide TOPIC OUTLINE, READINGS, able to deal with them effectively. As TEST WEIGHTINGS such, the Exams are comprehensive in The Study Guide sets forth primary nature, testing a candidate on a number topics and subtopics covered in the FRM of risk management concepts and Exam Part I and Part II. The topics were approaches
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