The Black Scholes Option Pricing Theory - 2335 Words

Client Specification My uncle in law is Portuguese who has been living in Macao for more than 20 years. Recently he plans to go back to Portugal after his retirement. Portugal has been in deep recession for 5 years and is the third European country to need a bail out. After noticing the default crisis in Greece and Argentina, he is worried about Portugal will default very soon under the impact of European sovereign credit crisis. Therefore I want to use my knowledge gained in this year to solve his puzzle. Regarding that my uncle in law does not have strong econometric knowledge, simple method with detailed steps and theory is preferred. This report aims to use the basic Merton Model with brief described procedure to compute sovereign†¦show more content†¦In order to calculate the sovereign probability of default, Gray et al (2007) suggests a sovereign capital structure which simply use the information from the sovereign balance sheet and apply the Merton Model for the estimation of sovereign asset and volatility. It has been proved by Sy-Hoa Ho (2014) with the evidence from Argentina and initially mentioned in Van et al (2005) with the Netherlands case. In Figure 1, the 5-YR CDS shows high bp starting from late-2009 to late-2012 and a gradually decreasing trend starting from the late-2013. In Figure 2, it is observed that there is steady and significant increase in the percentage debt of total GDP in Portugal since 2009 compared with others. Besides, there is a slowdown of the increasing trend in the last two years. Specification Sovereign Asset Sovereign assets is a state owned asset and is equal to the sum of the sovereign equity and sovereign debt at any time. V_t=S_t+B_t (1) According to Gray et al (2007, Page 10), it states that â€Å"sovereign assets includes the foreign currency reserves (R_MA), public asset (A_Other) and net fiscal asset (A_G) which is the present value of taxes and revenues â€Å"and is expressed in the following equation: A_S=R_MA+A_G+A_Other=M_BM+(B Ì…_SLC-P_SLC )+(B Ì…_SFX-P_SFX )+ÃŽ ±P_F where M_BM-monetary base (B Ì…_SLC-P_SLC ) is the risky debt of local (domestic) currency (B Ì…_SFX-P_SFX ) is the risky debt of foreign

Analysis Of Sara Content Analysis Approach - 1556 Words

6. How were the data then analyzed? What procedures were used? (pgs. 88-89) The data were analyzed with the SARA content analysis approach. This approach involves constant comparison, multisource and multipass strategies, and triangulation of data sets for more robust findings (86). Audiotape recordings, researcher observations and intentional debriefings after each focus group were used to document the focus group sessions. The researchers constructed themes and dimensions in an attempt to identify the messages communicated in the focus group sessions. The idea of multipass strategies is to continue data analysis until no new findings or insights emerge. The focus of the study using SARA was on the meaning of the experiences in the words of the participants and not how some researchers use SARA by counting how frequently certain words are used. Validity was based on the collective results of all focus groups and the saturation of common themes and responses. The researchers analyzed the data in eight different passes as noted below: 1. Each researcher independently analyzed all of the transcripts, reading carefully and writing down important information. 2. The researchers collectively discussed the information provided in #1 above and agreed on commonalities and differences among the individual analysis. 3. Themes (labels) emerged and the researchers developed definitions to describe these themes. 4. The data were coded into themes by each individualShow MoreRelatedEssay on Community Policing and Problem-Oriented Policing1408 Words   |  6 Pagesdue to the fact that it is a police strategy that focuses on the identification and analysis of specific crime and disorder problems (Goldstein, 2001). Plus, the concept of problem-oriented policing involves interaction with the public just as community policing does. So where is the difference? POP emphasizes on research more than any other aspect of policing. Not only is it a strategy, but it is also an approach to policing in which distinct parts of police business are subject to â€Å"microscopicRead MoreContent Analysis of Focus Group Data7519 Words   |  31 PagesRESEARCH Understanding the Experiences of Adult Learners: Content Analysis of Focus Group Data Jeff Zacharakis, Marie Steichen, and Gabriela Diaz de Sabates, Kansas State University Dianne Glass, Kansas Board of Regents ABSTRACT In this qualitative research study, we sought to better understand the experiences of adult learners in adult education centers. We conducted eight focus groups with 104 adult education students from 25 adult learning centers. Five groups were made up of English-speakingRead MoreSaras Dairy2797 Words   |  12 PagesRESEARCH ANALYSIS [A] CONSUMER SATISFACTION LEVEL IN MILK Q NO (1)- Milk purchased from? Key findings and suggestions—total milk consumption in jodhpur urban is approx. 4 lac. Liters. Out of which saras is sharing only 29% market share. So, it is suggested that to increase the market share we should make sound interventions in supply chain management i.e. direct delivery to consumers to grab the share of dholwalas. Strategies against growing share of milk mandi i.e. chowta and localRead MoreReport Based Upon Observation On The Classroom2455 Words   |  10 Pagesteacher and a lot of oral QA when problems were being worked out on the Smartboard. Many times, I saw the teacher use think aloud procedures to coax her students into solving new math problem that they didn’t think they could do. I liked this guided approach because it reminded me a great deal of how I used to learn math. She even gave out math homework assignments that were to be graded in class and turned in daily. She kept detailed records for of all these assessments in her grade book. Mrs. DavisRead MoreSarss Dairy Project11199 Words   |  45 PagesA SUMMER TRAINING REPORT ON â€Å"CONSUMER AWARENES TOWARDS SARAS PRODUCT† AJMER ZILA DUGDH UTPADAK SAHAKARI SANGH LTD., AJMER SUBMITTED TO RAJASTHAN TECHNICAL UNIVERSITY, KOTA 2010-2012 Submitted by: Supervised by; MukeshDukya Ms. Swati Jangid MBA – 3rd Sem. Assistant Professor ARYA COLLEGE OF ENGINEERINGRead MoreEssay on Freedom of Speech in Cyberspace2592 Words   |  11 PagesFreedom of Speech in Cyberspace: Government Restrictions on Content in the United States of America (this essay is missing the url of each source cited) Information wants to be free. The Internet fosters free speech on a global scale.[1] Introduction The Internet provides a gateway for an individual to speak freely and anonymously without being targeted to what he or she said. With this said, one of the biggest issues concerning the Internet today is freedom of speech. The issue ofRead MoreTui Mgt 499 Module 2 Case1230 Words   |  5 PagesTrident University International MGT499 – Strategic Management Module 2 Case Core Professor: Dr. Sara Garski Toyota Motor Corporation (TMC) is a global automaker based in Toyota, Aichi, Japan. The company is a global leading automaker in terms of sales and output, and it employs more than 320,808 people globally. Toyota’s main business is automobile manufacturing and financial services (Investopedia.com, 2011). This is a great company that has been very successful over the past coupleRead MoreAmerican Apparel: Vertically Integrated in Downtown L.A.2170 Words   |  9 Pagesmarketing side of their operations by capitalizing on both brand names and retail outlets. For example, Sara Lee Corporation, one of the largest apparel producers in the United States—who’s stable of famous brand names includes L’eggs hosiery, Hanes, Playtex, Wonder-bras, Bali, and Coach leather products. It recently announced its plans to ‘de-verticalize’ its consumer products divisions, According to a Sara Lee spokeswoman, ‘‘the operating model for today’s exemplary companies no longer needs to includeRead MoreWalt Disney s Objectives Of The World s Leading Producers And Providers Of Entertainment Essay1397 Words   |  6 PagesMission â€Å"The purpose of the company Walt Disney is to be one of the world s leading producers and providers of entertainment and information using its portfolio of brands to differentiate its content, services and consumer goods. The primary financial objectives of the company are to maximize profits and cash flow, and allocate capital to initiatives the development of long-term shareholder value.† Organizational Structure Disney operates using a strategic business organizational structure ofRead MoreAl Jazeera and CNN1741 Words   |  7 Pages and analyzing the content, of Al Jazeera is very different than that of CNN. When first searching for Al Jazeera content their website, that is free of any outside advertising, is the first return that is discovered. The headlines at the top of the website consist of human rights issues and investigations, the common headline â€Å"entertainment†, that is present on almost every profit media conglomerate, is absent. Al Jazeera presents many programs that provide in depth analysis on controversial stories

Project Scheduling and Cost Control

Question: Discuss about the Project Scheduling and Cost Control. Answer: Introduction: In 1910s Henry Gantt, (an American mechanical engineer and management consultant) devised a special type of a bar chart called a Gantt chart that denotes a schedule of a particular project (Milos?evic?, 2013). In my research, I will use a Gantt chart to demonstrate the commencement and culmination periods of the summary and terminal rudiments of the task. Summary and terminal essentials in this case will comprise of the task breakdown structure of the entire project. Besides, the Gantt chart will be used to depict the dependency (that is the precedence linkage) correlation between activities (Taylor, 2008). As shown in the timeline, the research process will cover a period of eight months that is from April to November 2017. The terminal and summary elements of the study proposal are represented in a dependency relationship such that one is a prerequisite of the other. For instance, identification of the research proposal will be a precondition that is the phase must take place first before formulating the research questions. Throughout my researching activities, I will strive to insurer all stages in the Gantt chart are conducted as stipulated within the given time frames but I will also allow room for flexibility. Bibliography Milos?evic?, D. (2013). Project management toolbox : tools and techniques for the practicing project manager. Hoboken, N.J.: J. Wiley Sons. Taylor, J. (2008). Project scheduling and cost control : planning, monitoring and controlling the baseline. Ft. Lauderdale, Fla.: J. Ross Pub.

5 Number Problems

5 Number Problems 5 Number Problems 5 Number Problems By Mark Nichol 1. Number Collisions In the sentence â€Å"The day the slain woman was to turn 28, 3,000 gathered at a church to recall her life,† the proximity of her age (assuming it is styled numerically rather than spelled out) and the number of mourners confuses the eye. Readers may assume, before they comprehend the sense of the sentence, that the comma after her age and the following letter space are erroneous and that the digits belong in one figure. If the numerical style for the age is correct, revise the sentence to read, â€Å"The day the slain woman was to turn 28, several thousand people gathered at a church to recall her life.† (This distraction can also occur when a year, a room or building number, or any other numerical designation precedes a figure.) 2. Number Ranges Do not use the word from preceding a number range in which a dash (or, in this case, as employed often in newspapers and online, a hyphen) appears: â€Å"The Korean War lasted from 1950-1953† should read â€Å"The Korean War lasted from 1950 to 1953† or â€Å"The Korean War lasted 1950-1953.† â€Å"The class will be held from 7-10 p.m.† is correctly expressed â€Å"The class will be held from 7 p.m. to 10 p.m.† (the first p.m. may be elided) or â€Å"The class will be held 7-10 p.m.† 3. Number Names When you employ specialized terms that include combinations of numbers or numbers and letters, be sure you’re typing them correctly. The term in â€Å"It’s safe to open your 401K statement again† is correctly rendered 401(k). The designation for a certain nonprofit corporation sometimes incorrectly styled 501c3 or 501(c)3 should appear as 501(c)(3). 4. Numbers with Hyphenation I’ve written about hyperhyphenation and hypohyphenation before (search this site for â€Å"hyphens† for more posts on the topic), but these twin troubles persist, so I will, too: Pay attention when using hyphens in phrases involving numbers. No hyphens are necessary in â€Å"The electrified fence is 10-feet-high,† because â€Å"10 feet high† is a simple description, not an adjectival phrase describing a noun that follows immediately (â€Å"10-foot-high electrified fence† is correct). One of those extra hyphens can be donated to the phrase â€Å"21-year old world record,† which refers not to an old world record consisting of 21 years (is that â€Å"old world,† as in â€Å"old-world charm†?), but to a world record that is 21 years old. 5. Numbers and Currency Take care when making references to money: Redundant references such as â€Å"The fine was set at $5 million dollars† or â€Å"I found $100 bucks in an old shoe box† are common. Be consistent in one article or book about whether you use currency symbols or spell the terms out; the determination should be based on the level of formality (currency terms are usually spelled out in more formal writing) weighed against the frequency of occurrence (numerous and/or technical references to money are best presented with symbols). Keep in mind, too, that use of the dollar sign is ubiquitous, but the cent sign is rare, so if reference is made separately to dollars and cents, it’s best to spell out both terms: â€Å"In 1960, the candy bar cost 5 cents; by the beginning of the twenty-first century, it sold for a dollar.† Also, avoid using numerals for orders of magnitude. The figure in â€Å"The binary star is more than 57,000,000,000,000 miles from Earth† is difficult to read, as is the total in â€Å"The budget was 5,666,943,643 dollars.† In the first example, use the term of magnitude: â€Å"The binary star is more than 57 trillion miles from Earth.† Use the same approach for the monetary figure, which is unnecessarily precise; multidigit references to currency are often rounded off at two decimals past the degree of magnitude. â€Å"The budget was 5.66 billion dollars.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:30 Synonyms for â€Å"Meeting†50 Idioms About Fruits and Vegetables20 Ways to Cry

History of the Dust Bowl Ecological Disaster

History of the Dust Bowl Ecological Disaster The Dust Bowl was the name given to an area of the Great Plains (southwestern Kansas, Oklahoma panhandle, Texas panhandle, northeastern New Mexico, and southeastern Colorado) that was devastated by nearly a decade of drought and soil erosion during the 1930s. The huge dust storms that ravaged the area destroyed crops and made living there untenable. Millions of people were forced to leave their homes, often searching for work in the West. This ecological disaster, which exacerbated the Great Depression, was only alleviated after the rains returned in 1939 and soil conservation efforts had begun in earnest. It Was Once Fertile Ground The Great Plains was once known for its rich, fertile, prairie soil that had taken thousands of years to build up. Following the Civil War, cattlemen over-grazed the semi-arid Plains, overcrowding it with cattle that fed on the prairie grasses that held the topsoil in place. Cattlemen were soon replaced by wheat farmers, who settled in the Great Plains and over-plowed the land. By World War I, so much wheat grew that farmers plowed mile after mile of soil, taking the unusually wet weather and bumper crops for granted. In the 1920s, thousands of additional farmers migrated to the area, plowing even more areas of grassland. Faster and more powerful gasoline tractors easily removed the remaining native Prairie grasses. But little rain fell in 1930, thus ending the unusually wet period. The Drought Begins An eight-year drought started in 1931 with hotter than usual temperatures. Winter’s prevailing winds took their toll on the cleared terrain, unprotected by indigenous grasses that once grew there. By 1932, the wind picked up and the sky went black in the middle of the day when a 200-mile-wide dirt cloud ascended from the ground. Known as a black blizzard, the topsoil tumbled over everything in its path as it blew away. Fourteen of these black blizzards blew in 1932. There were 38 in 1933. In 1934, 110 black blizzards blew. Some of these black blizzards unleashed large amounts of static electricity, enough to knock someone to the ground or short out an engine. Without green grasses to eat, cattle starved or were sold. People wore gauze masks and put wet sheets over their windows, but buckets of dust still managed to get inside their homes. Short on oxygen, people could barely breathe. Outside, the dust piled up like snow, burying cars and homes. The area, which had once been so fertile, was now referred to as the â€Å"Dust Bowl,† a term coined by reporter Robert Geiger in 1935. The dust storms grew bigger, sending swirling, powdery dust farther and farther, affecting more and more states. The Great Plains were becoming a desert as over 100 million acres of deeply plowed farmland lost all or most of its topsoil. Plagues and Illnesses The Dust Bowl intensified the wrath of the Great Depression. In 1935, President Franklin D. Roosevelt offered help by creating the Drought Relief Service, which offered relief checks, the buying of livestock, and food handouts; however, that didn’t help the land. Plagues of starving rabbits and jumping locusts came out of the hills. Mysterious illnesses began to surface. Suffocation occurred if one was caught outside during a dust storm – storms that could materialize out of nowhere. People became delirious from spitting up dirt and phlegm, a condition which became known as dust pneumonia or the brown plague. People sometimes died from their exposure to dust storms, especially children and the elderly. Migration With no rain for four years, Dust Bowlers by the thousands picked up and headed west in search of farm work in California. Tired and hopeless, a mass exodus of people left the Great Plains. Those with tenacity stayed behind in hopes that the next year is better. They didn’t want to join the homeless who had to live in floorless camps with no plumbing in San Joaquin Valley, California, desperately trying to seek enough migrant farm work to feed their families. But many of them were forced to leave when their homes and farms were foreclosed. Not only did farmers migrate but also businessmen, teachers, and medical professionals left when their towns dried up. It is estimated that by 1940, 2.5 million people had moved out of the Dust Bowl states. Hugh Bennett Has an Idea In March 1935, Hugh Hammond Bennett, now known as the father of soil conversation, had an idea and took his case to lawmakers on Capitol Hill. A soil scientist, Bennett had studied soils and erosion from Maine to California, in Alaska, and Central America for the Bureau of Soils. As a child, Bennett had watched his father use soil terracing in North Carolina for farming, saying that it helped the soil from blowing away. Bennett also had witnessed areas of land located side by side, where one patch had been abused and become unusable, while the other remained fertile from nature’s forests. In May 1934, Bennett attended a Congressional hearing regarding the problem of the Dust Bowl. While trying to relay his conservation ideas to the semi-interested Congressmen, one of the legendary dust storms made it all the way to Washington D.C. The dark gloom covered the sun and the legislators finally breathed what the Great Plains farmers had tasted. No longer in doubt, the 74th Congress passed the Soil Conservation Act, signed by President Roosevelt on April 27, 1935. Soil Conservation Efforts Begin Methods were developed and the remaining Great Plains farmers were paid a dollar an acre to try the new methods. Needing the money, they tried. The project called for the phenomenal planting of two hundred million wind-breaking trees across the Great Plains, stretching from Canada to northern Texas, to protect the land from erosion. Native red cedar and green ash trees were planted along fencerows separating properties. The extensive re-plowing of the land into furrows, planting trees in shelterbelts, and crop rotation resulted in a 65 percent reduction in the amount of soil blowing away by 1938. However, the drought continued. It Finally Rained Again In 1939, the rain finally came again. With the rain and the new development of irrigation built to resist drought, the land once again grew golden with the production of wheat.

Building Your Company's Vision by Jim Collins & Jerry Porras Assignment

Building Your Company's Vision by Jim Collins & Jerry Porras - Assignment Example It is the sum of the characters of an organization which forms the infrastructure of the organization over the period of time. Core Ideology is the heritage of the founders or other eminent members of the organization leave behind which stays with the company forever. It shows where the organization stands, what is its purpose, and why does it exists. The most fundamental part of core ideology is the purpose of existence of the organization. Core ideology is not about the market trends or the customer needs. It is an internal organizational matter and it is not affected by the fluctuations and demands of the market. In a world of continuous change, core ideology is vital for the company to hold an organization and its personnel together at all times and makes it indifferent to the entire outside stimulus which may have the potential to hinder the company’s development. HP, Sony, Disney, Motorola, 3M and many other powerful companies have had focused and clear core ideologies w hich helped them pave their way to success. Core values are those lasting tenets of an organization which do not require any external justification or explanation. They exist for the company itself not for the market or the customers. They do not change according to the market trends but are formed on the basis of the values and beliefs of the people working in these organizations. Core values are not strategies for success but they are a handful of principles and rules passed on to generations which helps the company to last in the ever-changing business world. They do not change frequently if they change at all. Core values remain constant during times of environmental and social change as they are values of the people working inside an organization and behold their intrinsic beliefs and insights.  

Internationl Economic Law Essay Example | Topics and Well Written Essays - 2250 words

Internationl Economic Law - Essay Example These trade advantages encompass benefits like larger import quotas or lower tariffs and import duties. A country designated with the MFN status must be treated on an equal platform as any other country that has been awarded the MFN status by the nation granting this special status. The MFN treatment principle is important in the context of the WTO whose members have pledged to award MFN statuses to each other. There are also certain exceptions like designating free trade sectors on a regional basis and providing additional benefits to the developing nations. Under the MFN system stipulated by the WTO, a member nation that grants the most-favoured status to a non-member state for a particular product is obliged to provide the same benefits to other members of the WTO2. Thus, the WTO ensures that trade benefits are provided to all members as well as non-members on an equitable basis. The notion of a Most-Favoured Nation has existed since medieval times where smaller versions of such a greements have existed since the 15th Century. However, the expansion of MFN status in international trade began to develop during the 18th century3. Before the General Agreement on Tariffs and Trade (GATT), the MFN treatment could be found only among Bilateral Investment Treaties (BITs) which indeed aided in liberalizing international trade. MFNs also find mention in the ‘Fourteen points’ laid out by United States (US) President Woodrow Wilson in 1918 which called for the liberalization and equality of trade conditions among nations4. Features of the MFN principle The MFN treatment principle has numerous economic effects that are elaborated below. Advantages to International Trade The most important benefit of the MFN principle is that it allows nations to import goods from the most cost-effective and efficient producer without disrupting the notion of comparative advantage5. For instance, a country can import products from the best supplier from different countries ba sed on cost, quality and efficiency thereby improving its economic efficiency. However this efficiency is distorted if the importing nation imposes a higher tariff on imports from the efficient supplier, prompting the importer to prefer products of the next best supplier (from a different country) at lower tariffs. This results in a trade imbalance which reduces the economic benefit to the importing nation besides disrupting global economic efficiency6. The provision of the MFN status in this context to all the countries implies that the importing country will levy equal tariffs on all exporting nations resulting in the procurement of goods from the most efficient supplier. Thus, the primary objective of the MFN treatment principle is to improve the efficiency of international trade. Free Trade System As mentioned above, the equal treatment of nations based on the MFN treatment principle accords the most liberal business environment that allows WTO member states to cut costs in nego tiation and monitoring trade agreements. In simpler words, the MFN treatment has resulted in the reduction of costs associated with the maintenance and functioning of the free trade system7. Equal treatment for imports from all member countries also means that costs associated with ascertaining the originating port or country are also reduced thereby contributing