Chap11 Revised - 360文档中心

Chap027博迪,凯恩,马库斯《投资学》课件

27-15
The BL Model as Icing on the TB Cake
• Suppose that you have two portfolios—one for the US and one for Europe – The model would be run as two separate divisions – Each division would compile values of alpha relative to their own passive portfolio – Relative performance of the two markets can be expected to add information to the independent macro forecasts for the two economies – Portfolios need to be optimized separately
27-8
Table 27.5 The Optimal Risky Portfolio with the Analysts’ New Forecasts
(benchmark risk constrained to 3.85%)
27-9
Adjusting Forecasts for the Precision of Alpha
27-16
Value of Active Management
• Model for estimation of potential fees – Kane, Marcus, and Trippi derive an annuitized value of portfolio performance measured as a percent of funds under management – The percentage fee that investors would be willing to pay for active services can be related to the difference between the square of the portfolio Sharpe ratio and that of the passive portfolio – Source of the power of the active portfolio is the additive value of the squared information ratios

会计专业英语Chap009

9-11
Straight-Line Depreciation
Depreciation = Expense per Year Cost - Residual Value Years of Useful Life
9-12
Straight-Line Depreciation
On January 2, S&G Wholesale Grocery buys a new delivery truck. The truck cost $24,000, has an estimated residual value of $3,000, and an estimated useful life of 5 years. Compute annual depreciation using the straight-line method.
The allocation is based on the relative Fair Market Value of each asset purchased.
The total cost must be allocated to separate accounts for each asset.
Depreciation = = Depreciation = ($75,000 - $5,000) ÷ 10 $7,000 for a full year $7,000 × 1/2 = $3,500
9-16
Declining-Balance Method
Depreciation in the early years of an asset’s estimated useful life is higher than in later years.

Revised

Revised final draft On the futility of criticizing the neoclassical maximization hypothesis © Lawrence A. Boland

The last couple of decades have seen an intensification of methodological criticism of the foundations of neoclassical theory and in particular of the maximization hypothesis. Harvey Leibenstein argued for a ‘Micro-Micro Theory’ on the grounds that profit maximization is not necessarily the objective of the actual decision makers in a firm and that a complete explanation would require an explanation of intrafirm behavior. He also gave arguments for why maximization of anything may not be realistic or is at best a special case. Herbert Simon’s Nobel lecture argued that individuals do not actually maximize anything – they ‘satisfice’. And of course, George Shackle had for many years argued that maximization is not even possible. Some anti-neoclassical economists are very encouraged by these arguments, but I think these arguments are unsuccessful. For anyone opposed to neoclassical theory, a misdirected criticism which by its failure only adds apparent credibility to neoclassical theory will be worse than the absence of criticism. The purpose of this paper is to explain why, although the neoclassical hypothesis is not a tautology, no criticism of that hypothesis will ever be successful. My arguments will be based first on the possible types of theoretical criticism and the logic of those criticisms, and second on the methodological status of the maximization hypothesis in neoclassical explanations.

PA-chapter11-managing the system

– 20% of effort in development – 80% of effort in maintenance
Pfleeger and Atlee, Software Engineering: Theory and Practice
Chapter 11.12
11.1 The Changing System
• E-system: constant change
Pfleeger and Atlee, Software Engineering: Theory and Practice
Chapter 11.9
11.1 The Changing System
Activity from which itial change results Requirement analysis System design
Pfleeger and Atlee, Software Engineering: Theory and Practice
Chapter 11.7
11.1 The Changing System
E-System • It is an integral part of the world it models
• Is the cost of maintaining the hardware great enough to justify replacing it with cheaper, newer hardware?
Pfleeger and Atlee, Software Engineering: Theory and Practice
Pfleeger and Atlee, Software Engineering: Theory and Practice Chapter 11.5

chap11 Anti tax avoidance

（四）一方半数以上的高级管理人员（包括董事会成员和经理）同时担任另一方的高级管理人员（包括董事会成员和经理），或者一方至少一名可以控制董事会的董事会高级成员同时担任另一方的董事会高级成员。（五）一方的生产经营活动必须由另一方提供的工业产权、专有技术等特许权才能正常进行。（六）一方的购买或销售活动主要由另一方控制。（七）一方接受或提供劳务主要由另一方控制。（八）一方对另一方的生产经营、交易具有实质控制，或者双方在利益上具有相关联的其他关系，包括虽未达到本条第（一）项持股比例，但一方与另一方的主要持股方享受基本相同的经济利益，以及家族、亲属关系等。
Transfer Pricing——审核与调整关联企业间收入和费用分配的原则
总利润原则Principle of transactional profit
• 指按照一定标准将跨国公司的总利润分配给各关联企业
正常交易定价原则Principle of arm’s length price
• 独立核算原则、独立竞争原则 • 指跨国关联公司之间发生的收入和费用应按照无关联关系的公司企业之间进行交易所体现的独立竞争的精神进行分配，企业之间的关联关系不能影响利润在二者之间的合理分配。
An enterprise of a Contracting State participates directly or indirectly in the management, control or capital of an enterprise of the other Contracting State, or The same persons participate directly of indirectly in the management, control or capital of an enterprise of a Contracting State and an enterprise of the other Contracting State, and in either case conditions are made or imposed between the two enterprise in their commercial or financial relations which differ from those which would be made between independent enterprises, then any profits which would, but for those conditions, have accrued to one of the enterprises, but, by reason of those conditions, have not so accrued, may be included in the profits of that enterprise and taxed accordingly.

APA-chinese

9
APA
六
Nicotine and Tobacco Research, 6, 249-267. doi: 10.1090/14622200410001676305 6 C DOI Author, A. A., Author, B. B., & Author, C. C. (Year). Title of article. Title of Periodical, xx(xx), xxx-xxx. 例 Wolchik, S. A., West, S. G., Sandler, I. N. Tein, J., Coatsworth, D., Lengua, L., & Botros, N. (2000). An experimental evaluation of theory-based mother and mother-child programs for children of divorce. Journal of Consulting and Clinical Psychology , 68, 843-856. 7. D DOI C brackets 8. E DOI 度行 Author, A. A., Author, B. B., & Author, C. C. (Year). Title of article. Title of Periodical. Advance online publication. doi:xx.xxxxxxxxxx 例 Van Ledebur, S. C. (2007). Optimizing knowledge transfer by new employees in companies. Knowledge Management Research & Practice. Advance online publication. doi: 10.1057/paigrave. kmrp.8500141 9. F 行 Author, A. A., Author, B. B., & Author, C. C. (in press). Title of article. Title of Periodical. Retrieved from http://xxx.xxx.xxx 例 Briscoe, R. (in press). Egocentric spatial representation in action and perception. Philosophy and phenomenological Research. Retrieved from http: 10. 年例力行 90 年 2 6 14-16

负折射率隐身衣英文版

Geometric optics-based multiband cloaking of large objects with the wave phase and amplitude preservation
Ran Duan,1 Elena Semouchkina,2,* and Ravi Pandey1
1Leabharlann Abstract: The geometric optics principles are used to develop a unidirectional transmission cloak for hiding objects with dimensions substantially exceeding the incident radiation wavelengths. Invisibility of both the object and the cloak is achieved without metamaterials, so that significant widths of the cloaking bands are provided. For the preservation of wave phases, the λ-multiple delays of waves passing through the cloak are realized. Suppression of reflection losses is achieved by using half-λ multiple thicknesses of optical elements. Due to periodicity of phase delay and reflection suppression conditions, the cloak demonstrates efficient multiband performance confirmed by full-wave simulations.

INVESTMENTS 投资学 Chap011 The Efficient Market Hypothesis精品文档

• Stock prices that change in response to new (unpredictable) information also must move unpredictably.
• Stock price changes follow a random walk.
INVESTMENTS | BODIE, KANE, MARCUS
INVESTMENTS | BODIE, KANE, MARCUS
EMH and Competition
• Information: The most precious commodity on Wall Street – Strong competition assures prices reflect information. – Information-gathering is motivated by desire for higher investment returns. – The marginal return on research activity may be so small that only managers of the largest portfolios will find them worth pursuing.
INVESTMENTS | BODIE, KANE, MARCUS
Versions of the EMH
• Weak • Semi-strong • Strong
INVESTMENTS | BODIE, KANE, MARCUS
Types of Stock Analysis
• Technical Analysis - using prices and volume information to predict future prices