Finance Term Paper - 738 Words

University of Texas at Dallas Jindal School of Management FIN4300 Problem Set #3 Fall 2014 Important note: Please submit paper copy of your solutions Due Dates: Dec. 8 for Section 002 and Section 501; Dec. 9 for Section 001 (all in-class) 1. Suppose you are a portfolio manager at Paulson Co. Inc. Today is the last day of April 2013. Your portfolio did not do well in the most recent month. After learning about the post earnings announcement drift, you decide to give it a try. You gather most recent earnings information on 100 stocks as of April 30 2013. After examining the earnings surprises, you decide to buy an equally weighted portfolio of the top 10 stocks with the most positive earnings surprises. At the same time,†¦show more content†¦(a) What is the annual coupon payment of a bond that trades at par and has the yield to maturity equal to the interest rate, 4%? The bond has a face value of $1,000 and pays annual coupons. (b) What is the price of an annual coupon bond with a face value of $1,000, a coupon rate of 10%, and 30 years to maturity? 1 4. Suppose the term structure of interest rates are not ï ¬â€šat. The one year spot rate, r1 , is 6.01%/year, the two-year and the three-year spot rates, r2 and r3 , are both 5%/year. (a) What are the forward interest rates for the second and the third year? (b) Consider a zero-coupon bond with the face value of $1,000 and three years to maturity. What should be the bond price today? 5. In your calculations, please round computed prices to the second decimal place (e.g., 220.78 instead of 220.7765). A risk-free annuity A pays two annual payments of $100 (the ï ¬ rst payment is made in a year). (a) If the term structure of interest rates is ï ¬â€šat and the interest rate is 61.80%/year, what is the price of the annuity? (b) What is the yield to maturity of the annuity? (c) The term structure suddenly changes and now the spot interest rate for one year (r1 ) is 80%/year and the spot interest rate for two years (r2 ) is 50%/year. As it turns out, the price of the annuity stays the same as in part (a). What is the yield to maturity of the annuity now? (d) Suppose that there are twoShow MoreRelatedDeviance Paper1765 Words   |  8 Pagessociety is academic dishonesty, or cheating as it relates to term papers. Through an analysis of the various avenues of plagiarism available for term papers online, we will better be able to understand the factors surrounding this epidemic tempting students’ nationwide. Type in â€Å"term paper† in the googler (google.com) and you are inundated with millions of results saturated by â€Å"paper mills† offering you a variety of plagiarized papers and services for a few greenbacks. A few years back, a lot ofRead MoreSample Essay1236 Words   |  5 PagesSample Essay on FINANCE: How to calculate the return on an investment (ROI) Research Paper Example of Research Paper, Sample essay Without calculating the return on an investment (ROI) is not possible to realize any marketing activity and be sure not to loose capital investments. It is essential for making one’s marketing activity more effective and uniquely productive. ROI can be expressed for different time periods: one year, one month, one week, one day. This makes it a necessary objective analystRead MoreFin 370 Syllabus Essay examples1359 Words   |  6 Pages | | |Finance for Business | Copyright  © 2012, 2011, 2010, 2008, 2006 by University of Phoenix. All rights reserved. Course Description This course introduces the student to the essential elements of finance for business. Emphasis is placed on financial management, financial markets, and the tools, techniques, and methodologiesRead MoreUniversity of Phoenix Corporate Finance Syllabus1329 Words   |  6 PagesSyllabus School of Business FIN/571 Version 5 Corporate Finance | Copyright  © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course applies corporate finance concepts to make management decisions. Students learn methods to evaluate financial alternatives and create financial plans. Other topics include cash flows, business valuation, working capital, capital budgets, and long-term financing. Policies Faculty and students/learners willRead MoreHow The Bank Rescue Schemes In France And Germany?1134 Words   |  5 PagesIn this paper Woll compares the different bank rescue schemes in France and Germany during the global financial crisis of 2008-2009. Offering an interesting contribution to current academic literature on the theme power of finance, Woll argues that variations in the cost of different national bailout schemes depend crucially on the willingness or capacity of the banking sector to act collectively and in coordination with the government (Kalaitzake 2017). In this instance Woll attempts to demonstrateRead MoreCash Management Essay1091 Words   |  5 Pagesthe market. Cash is also needed to keep the cycle of the company’s operations going. Many organizations have maximized the use of cash on hand by effective cash management techniques and the use of short-term financing. This paper will discuss various cash management techniques and short-term financing methods used by organizations. 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Finance Finances are the studies and addresses the ways in which individuals, businesses, and organizationsRead MoreFinancial Statement Thesis Statement767 Words   |  4 Pagesthe Ph.D. program at Carroll School will help my professional experience and academic training come together in the long term - My long term career goal is to become a Finance Professor to teach, conduct research, and produce research publications that would add value and contribute to my field of specialization. At Carroll School, I intend to concentrate in Behavior Finance and Comparative Study between Developed and Emerging Financial Markets. I have over 15 years stock investment experience inRead MoreQuestions On Non Financial Firms1468 Words   |  6 Pagesa negative shock to the supply of external finance needed by non-financial firms. However, as the two quotes by some leading policymakers and scholars at the beginning of the paper indicate, the idea that non-financial firms suffer from a strongly negative supply-of-finance shock is not universally shared. In addition, if non-financial firms do not do well, there can certainly be other causes, such as a contraction of demand for their products. This paper has three objectives. First, it aims to developRead MoreWhat are bank and non-bank financial institution, compare them briefly and explain each of them.1282 Words   |  6 Pagescommerce by providing: safekeeping for cash deposited in the current, savings and fixed deposit accounts a convenient and a safe means of making payments through the current account, or by way of bank drafts, bank transfers and bills of exchange; Finance in the form of loans, overdrafts or discounted bills of exchange; Advice on financial investments or on the credit-worthiness of customers, local or abroad. There are three types of Bank; Central Bank, Commercial Banks, and also Merchant Banks

The Effects Of Low Sleep Deprivation On Effects Of Alcohol...

I choose this particular study because it compares the effects of moderate sleep deprivation to the effects of alcohol intoxication in how both decrease road safety and industrial performance. I see this correlation meaningful and interesting especially since it involves the intercommunication of two different sciences: psychology and medicine. Williamson and Feyer’s article focus around fatigue and its effects; it uses the already known alcohol intoxication reactions as a model to standardize results. Fatigue in a known issue whose effects are acknowledged but not assessed properly and highly underestimated. Fatigue poses a risk to health and safety, being one of the main causes of road accidents. The authors want to assess at which level fatigue becomes a real problem, and use the results of studies of alcohol effects as a benchmark to draw the correlation in risk between the two (2000). The methods of the study involved the choice of participants, measures, testing procedures and statistical analyses. The test subjects consisted in 39 people, divided in 37 males and two females. They haven’t been chosen with particular characteristics in mind: the all came from the transport field, they were volunteering for the study and received paid work time. They knew about the experiment and what it involved and signed a consent (Williamson and Feyer, 2000). The researchers decided to use established tests that were administered through a computer monitor. The tests involvedShow MoreRelatedSleep Deprivation Has Adverse Effects On Driving Performance.1700 Words   |  7 PagesSleep Deprivation Has Adverse Effects on Driving Performance It is difficult to constantly get sufficient sleep due to work and family related circumstances, and an estimated 15-30% of traffic accidents are directly related to driver drowsiness (Howard, Jackson, Kennedy, Swann, Barnes Pierce, 2007). Sleep deprivation has been demonstrated to strongly impair mood, cognitive performance, and motor function as a result of decreasing mental impairment (Durmer Dinges, 2005). Therefore, it will beRead MoreThe Effects Of Sleep Deprivation On Children1427 Words   |  6 Pagesinfluence or alcohol or substances and people suffering from sleep deprivation. Effects of fatigue are thought to play a part in between 16% and 60% of road accidents and in the United states were estimated to cost in vicinity of $50 billion. This essay will argue just how dangerous driving under the influence of sleep deprivation really is. This essays argument will be supported by two major papers the first one is â€Å"Impairment of Driving Performance Caused by Sleep Depr ivation or Alcohol: A ComparativeRead MoreSleep Deprivation Negatively Influences Driving Performance1722 Words   |  7 Pagesaround 16 hours a day, however sometimes within busy lives sleep may become a last priority between family and work, and thus extending the period a person is awake (Williamson Feyer, 2000). In this essay, it will be argued that sleep deprivation negatively influences driving performance, as it has been found that driving for long periods of time or after sleep deprivation leads to poor driving performance as levels of alertness are low. Two empirical studies have been chosen to support this argumentRead MoreSleep Deprivation And The Sleep1928 Words   |  8 PagesSleep is a basic necessity of everyday life. According to the National Foundation of sleep, a person is required to sleep at least seven to nine hours a day. 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There is a quotation from the bible taken from genesis II lines 21-23; â€Å"And the Lord God caused a deep sleep to fall upon Adam, and he slept; and He too k one of his ribs, and closed up the flesh thereof. And the rib which the Lord God had taken from man, made He a woman, and brought her unto the man. And Adam said, this is now bone of my bone, and flesh ofRead MoreIgbo Dictionary129408 Words   |  518 PagesDoes not include an English-Igbo finderlist 2. Is very comprehensive (the Igbo-English section is pages 1-845) and draws on many dialects with particular emphasis on Central dialects. 3. Marks vowels with subdots as in the present manuscript 4. Marks low, downstep, rising and falling tones leaving high unmarked as in the present manuscript. 5. Has limited scientific names and technical vocabulary. The most striking feature of Igwe is that because it includes words from many dialects, it symbolises the

All about russia Free Essays

string(68) " upheavels led to the â€Å"era of stagnation† in the 1980s\." Every society in the world with its embolic powers of coexistence with the nature’s upheavals and society’s turbulence is always on the move towards growth and development for assuring the maintenance for the generation next. This typical feature of the Society is its Character by which it is recognized. This Character is further determined by the interaction of traditional culture, its Land and its social and political tendencies, which since centuries are digging deeper roots in the consciousness of the citizens and their intellectual attitude towards life and society. We will write a custom essay sample on All about russia or any similar topic only for you Order Now In 989 when St. Vladimir accepted Christianity, Russia took its first step forward to take over the heritage of Constantinopole. Again in 1453, when New Rome of Constantinopole had fallen to Turks, Moscow emerged as a â€Å"Third Rome† and the Soviet Union after taking its own course became a new synthesis of the dialectic of history and its Duke became the â€Å"Tsar of All the Russians†. The history of Russia begins with the East Slavs, an ethnic group, which was eventually split into Russia, Ukrainian and Belarusians. This group emerged from the Vikings who were the barbarian tribes and illiterate pagans indulged in the activity of raping and pillaging, but they were technologically quite advanced and had stable organizational set up. These Vikings entered the Black sea through the Russian river systems known as â€Å"Varangians† (from their name in Slavic, now Varyag in Russian), but when they settled in the area, they came to be known as Rus. Primary Chronicle even says that, â€Å"These particular Varangians were known as Russes. † (Ross, Successors of Rome: Russia, 862-Present, Grand Princes of Kiev, Para. 1). Kievan Rus was the first East Salvic state that was converted to Christianity in 988(Online, Russian Church Architecture) and they brought with it the Cyrillic alphabet, which got authenticity by the Soviet Union along with the other unrelated languages like the Turkish of Central Asia. Poland and the Baltic States brought Latin alphabet characteristic of Francia and the Jews of Poland wrote Yiddish in the Hebrew alphabet. And with the passing time, the small nations of the Caucasus like the Armenians and Georgians started using their own alphabets. (Ross, Successors of Rome: Russia, 862-Present, Introduction, Para. 2) After the 13th century, Moscow became the vast cultural centre and by 18th century, the Grand Duchy of Moscow formed the huge Russian Empire, stretching from Poland towards the Pacific Ocean. By 19th century, development in the Western Countries created an incredible influence on the Russia, which led Russian regime to make the way for reforms for the overall growth and development. As a result, Russian serfdom was abolished in 1861 but it proved to be fruitless for the peasants that led to the building of revolutionary pressures. With the abolishment of Serfdom and the beginning of World War I in 1914, Russia saw numerous changes in the economy and politics. The most prominent reform was the reform of Stolypin agrarian reforms, which transferred the archaic obshchina form of Russian agriculture towards more progressive and capitalist oriented form of agriculture, giving private ownership rights to the farmers, second was the First constitution of 1906 which was also known as fundamental laws and was enacted on April 23rd, thirdly there was the establishment of State Duma. A State duma constituted one of the several representative assemblies of modern Russia. These reforms brought about numerous changes in economy and even in the politics of Russia, but still the autocratic rule of the Tsars did not vanish completely and the result was the Russian Revolution in 1917. There were two revolutions in Russia: First Revolution was the overthrowing of the Tsar and formation of the Provisional Government and the other was the October revolution in which Bolsheviks overthrew the Provisional Government. The life in Russia during Revolution saw the immense change and uncertainty. On one hand cities and industries were mushrooming whereas on the other hand there was great level of uncertainties. Rural population began to migrate more and more towards the Industrially centered areas, middle class of white-collar employees, businessmen, and professionals like doctors, lawyers, teachers, journalists, engineers, etc. were on the rise. Nobles too were undergoing through different stages, finding ways to adjust themselves in this changing economy. Two types of classes emerged- proletarians and capitalists, who were divided along the lines of status, gender, age, ethnicity, and belief. There was emergence of different groups- migrating peasants, worker intellectuals, gentry professionals etc. which changed the whole texture of the life of people inculcating themselves into the world of materialism. This rapid industrialization led to the over crowding of the urban areas and poor conditions for urban industrial workers. A new proletariat was formed between 1890 and 1910 due to the increase in the population of the St Petersburg and Moscow from 1,033,600 to 1,905,600. Thus there was unrest everywhere which was the ground enough for the Russian revolution to fuel. The Russian revolution brought the coalition of liberals and moderate socialists to power on the one hand and then Communist Bolsheviks on the other. Between 1922 and 1991, there was the beginning of the new era in the history of Russia when Soviet Union came into existence, a union that held the roots of ideological thoughts and perceptions. The beginning of the post-Stalinist in 1919’s saw the growth of media and intervention of TV and radio programs in its vicinity, which led to the real awakening among the Russians in all the social, political and economic spheres. Stalinism with this Marxism and Leninism approach replaced the New Economic Policy (NEP) in the year 1920 with Five Year Plans of 1928 and collective farming, which by the end of 1930 led the Soviet Union to be emerged as the major Industrial power in the world, but this had adverse effect on the peasants due to the collective policy and the repressive measures of the Government. The repressions and political, social and economical upheavels led to the â€Å"era of stagnation† in the 1980s. You read "All about russia" in category "Papers" But by the late 1980s, the weaknesses in the economic and political structures led the Communist leaders to embark upon the major reforms, resulting in the collapse of the Soviet Union and the emergence of the Russian Federation. By the mid of 1990 when Yeltsin came to power he adopted most unpopular Yegor Gaidar’s shock therapy for putting an end to the price controls, cutting in state spending, and starting of the open foreign trade regime in early 1992. These reforms were the blow to the living standards of most of its citizens, especially for the groups who were enjoying the benefits of Soviet-era state-controlled wages and prices, state subsidies, and welfare entitlement programs and consequently Russia suffered an economic downturn much more severe than the United States or Germany had undergone six decades earlier during the Great Depression. On the other hand these economic reforms opened the doors of the World Bank and the International Monetary Fund, for the largest and fastest privatization in the world. The big enterprises were acquired by the old managers, leading to criminal mafias and Western investors, and at the bottom level there was inflation, unemployment, prostitution, and crime. Tax revenues had collapsed and Russia’s economy was further plunged into the Financial crises in 1998. Russian Economy again recovered in 1999, due to the increase in the world price of oil and gas. (Wikipedia Encyclopedia, Russian Federation, para. 5) By 2000, Yeltsin gave his resignation, and gave the reigns of the government to the Prime Minister, Vladimir Putin. The whole of the character of the Russian Industry was dependent on the combined efforts from the various spheres of economy. Russia did not rely on the European powers but leaped towards the development on its own efforts, the separate branches made tremendous progress, which rose with extraordinary speed especially between the first revolution and the war and made the Russian historians say, â€Å"We must abandon the legend of backwardness and slow growth. † When the war was at its peak the tzarist Russia had prospered to considerable degree; as for every one hundred square kilometres of land, Russia had, at the time of war, 0. 4 kilometers of railroads, Germany 11. 7, Austria-Hungary 7. (Trotsky, Peculiarities of Russia’s Development, Para. 17). The Financial Institutions had also developed in Russia to implement the growth of Industrial Revolution but the heavy industries such as metal, coal and oil were all under the control of foreign finance capital, which had created auxiliary and intermediate system of banks in Russia, and it was true for light industries also. The other nations were holding 40 per cent of the stock capital of Russia, but in the leading branches of industry this percentage was much higher. The Russian industry even influenced the social character of the Russian bourgeoisie and its political physiognomy and the concentration of the industries meant that there was no hierarchy of transitional layers between the capitalist leaders and the popular masses, but the ownership of the foreign hands led to un-stability. All these factors along with the concentrated oppressions of tzarism led the Russian workers towards the revolutionary thoughts. Russia at the onslaught of the twentieth century had a population of about 150 million, out of whom more than 3 million were in Petrograd and Moscow, from which emerged social differences. From the artisans and independent peasants of the army of Cromwell and through the sansculottes of Paris – to the industrial proletarians of St. Petersburg, the revolution deeply changed its social mechanism methods, and its aims. (Trotsky, Peculiarities of Russia’s Development, Para. 24). Thus this Russian Revolution made the tzarism to fall and the bourgeoisie became economically more powerful. In the beginning, the Russian revolution was called as the democratic revolution but caused the problem of political democracy. Once Vladimir Lenin says, â€Å"If you have no opportunity to implement the proclaimed slogans, revoke them! And in fact the Bolsheviks lacked the skill to do that† (Birshtein, Russian Character In The Aspect Of Reflexive Comprehension, Para. 27) Russia’s character now lies in its perusal of regional policies for nationalistic, strategic and for the development of economic resources, but there never emerged the need for reducing regional and income disparities in the standard of living of the people. Even Lenin said once, â€Å"Russian Empire was a â€Å"prison-house of nations† but so was the Soviet Union and so is the Russian Federation of today†. (Watkins, Economy of Russia, para. 1) Russia by now is not just a geographical space but its citizens by inheriting their ancient traditions have cultivated new behavioral and spiritual moulds. The number of Billionaires has grown up-to 53, which makes Russia in the third place of Forbis list with billionaires of the world. Russia is also the second biggest Oil manufacturer after Saudi Arabia. The estimated growth rate of Russia is 6. 6% in 2006 and now above 6%. Its foreign debt is totaled 8% of the GNP but it is also true that majority of the Russian population is crushing under the poverty line, there is hindrance in the expression of civil liberties, centralization of power and decline of all societal values. (Stanfel, Social Unrest In The Land Of Billionaires, Para. 6) On one hand there is an upsurge of Billionaires whereas on the other hand for common citizens, life in Russia is a struggle. Even though there is a considerable reduction of the inflation rate it is still on the higher rate, which goes up-to nine percent a year. The average salary of the citizen amounts to half the average salary in Croatia. Russian peasants are below the poverty line whereas Billionaires are using expensive yachts to cross the rivers because of the slow traffic on the roads. (Stanfel, Social Unrest In The Land Of Billionaires, Para. 8. ) Looking at the social life in the 20th century, and with the advent of the new technology in Media and cultural affairs it was analyzed by the Intellectuals that the role of Media could exert a negative impact on the social ideologies and evolution of human beings in capitalist and socialist countries. The advocates of the socialist ideologies consider that the penetration of western social ideas and artistic values into the minds of Soviet people can lead the Soviet youth towards the violence and pornography of bourgeois pop-art which has started spreading like wild fire and is taking the rich culture of Russia in its vicinity. As expressed by Ashin: â€Å"one who approaches the analysis of `mass culture’ predominantly from the assumption about its content and social functions is compelled to deny it in the conditions of socialism†. (Yerofeyev, Youth and The System of Cultural Reproduction: Rethinking the Critique of Mass Culture in the Soviet Union†, Para. 6) Thus, in the past ten years, the life of Russia has considerably changed in all the economic, political and cultural spheres. The contemporary younger generation Russians are growing up in a pluralistic, westernized society and does not recognize themselves with the totalitarian government and are following the free market rules in all their business activities. The biggest group of Russians participated in the democratization and glasnost movement. The oldest group are finding themselves outplace and with communism enshrined in their blood, they are more conservatives and are finding very difficult to adjust to the fast pace Russia. The changes in the business arena also are going on at a rapid pace but there is no clear-cut rule. Younger generation is not allowing the rule of central planning and bureaucratic structure to enter in economic field and on the other hand the older generations are against capitalist way of thinking. Though it is a Patriarchy society, women are making their mark felt in the economic development in the large numbers though they have to involve themselves in the domestic chores. They can work, own property and sign contracts. The soul of Russia is hospitality of its people. Their openness and friendliness with which they welcome the strangers cannot be forgotten in the generations ahead. (Olga Ivanova-Nuss and Katrin Franz, People and Life in Contemporary Russia, Para. 8-10). Thus the character of Russia as said by classical philosophical thinker Nikolai Berdyaev (1874-1948), who was persecuted in Soviet Russia and was emigrated in 1922 to Berlin and then to Paris said that the spiritual structure of the Russian people is their attribute towards the Westernization, basically Russia is the Christian East. â€Å"This contradiction-filled nature of the Russian soul was determined by the complexity of the Russian historical destiny, collision and antagonism of the Eastern and Western elements in it†¦. Among the Russian â€Å"the nature† is a spontaneous force stronger than among the Western people†. (Birshtein, Russian Character In the Aspect of Reflexive comprehension, Para. 20) WORKS CITED 1. Birshtein I. B â€Å"Russian Character In The Aspect Of Reflexive Comprehension† Internet (2003) Available: http://72. 14. 235. 104/search? q=cache:P-QWqYb3dXMJ:www. reflexion. ru/Library/EBirshtein2003. doc+development+of+Russian+character+through+ageshl=enct=clnkcd=9gl=inie=UTF-8, April 26, 2007 2. Ivanova-Nuss Olga Franz katrin, â€Å"People and Life in Contemporary Russia,† Internet Available: http://216. 239. 59. 104/search? q=cache:lTkoqb_4BF8J:www. culturalawareness. com/Newsletter-2002-04. pdf+Social+life+of+Russiahl=enct=clnkcd=4gl=in, April 26, 2007 3. Kaboub Fadhel â€Å"A Rising Tide Cannot Lift All Boats† Internet (February 2001) Available: http://f. students. umkc. edu/fkfc8/RisingTide. html, April 26, 2007 4. Reuters, Javno. com â€Å"Russia-Berezovsky: Tycoon Stands by Threat to Topple Putin† Internet Available: http://www. javno. com/en/world/clanak. php? id=35911, April 26, 2007 5. Ross L. Kelley, â€Å"Successors of Rome: Russia, 862-Present† Internet (1999) Available: http://www. friesian. com/russia. htm, April 26, 2007 6. Stanfel Nikolina, â€Å"A New Revolution? † Internet (March 11, 2007) Available: http://www. javno. com/en/world/clanak. php? id=25573, April 26, 2007 7. Trotsky Leon, â€Å"Peculiarities of Russia’s Development† Volume One: The Overthrow of Tzarism, The History of the Russian Revolution ONLINE VERSION: Translated by Max Eastman, 1932, Transcribed for the W. W. W by John Gowland (Australia), Alphanos Pangas (Greece) and David Walters (United States) 1997 through 2000 Internet (Updated:15. 4. 2007) Available: http://www. marxists. org/archive/trotsky/1930/hrr/ch01. htm, April 26, 2007 8. Watkins Thayer, â€Å"The Economic History and Economy of Russia† Internet. Available: http://www. sjsu. edu/faculty/watkins/russia. htm, April 26, 2007 9. Wikipedia Encyclopedia, â€Å"History of Russia† Internet (Last Updated: 24 April 2007) Available: http://en. wikipedia. org/wiki/History_of_Russia, April 26, 2007 10. Yerofeyev Sergey, â€Å"Youth and The System of Cultural Reproduction: Rethinking the Critique of Mass Culture in the Soviet Union† Internet Available: http://lucy. ukc. ac. uk/csacpub/russian/yerofeyev. html How to cite All about russia, Papers