Chap013cc Return Risk and the Security Market LinePPT课件
风险承受英文作文
风险承受英文作文英文：Risk tolerance is an important concept in investing. It refers to the amount of risk an individual is willing to take on in their investment portfolio. Risk tolerance can vary greatly among individuals and is influenced by a variety of factors such as age, income, investment goals, and personal preferences.Personally, I consider myself to have a moderate risk tolerance. I am willing to take on some level of risk in order to potentially earn higher returns, but I also want to ensure that my investments are diversified and not overly exposed to any one sector or asset class. For example, I may invest in a mix of stocks, bonds, and real estate investment trusts (REITs) to achieve a balance of risk and return.On the other hand, I know individuals who have a highrisk tolerance and are comfortable investing heavily in stocks or other high-risk assets. They may be younger and have a longer investment horizon, or they may simply have a higher tolerance for volatility.Conversely, there are also individuals who have a low risk tolerance and prefer to invest in more conservative assets such as bonds or cash. They may be closer to retirement age and are more concerned with preserving their capital than earning high returns.Ultimately, it is important for individuals to understand their own risk tolerance and invest accordingly. Investing too conservatively may result in lower returns, while investing too aggressively may result in significant losses. By finding the right balance, individuals can achieve their investment goals while minimizing risk.中文：风险承受能力是投资中的一个重要概念。
Intermediate Accounting 题库Chap013
Chapter 13 Current Liabilities and ContingenciesQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 13-1A liability entails the present, the future, and the past. It is a present responsibility, to sacrifice assets in the future, caused by a transaction or other event that already has happened. Specifically, ―Elements of Financial Statements,‖ Statement of Financial Accounting Concepts No. 6, par. 36, describes three essential characteristics: Liabilities–1. are probable, future sacrifices of economic benefits2. that arise from present obligations (to transfer goods or provide services) to other entities3. that result from past transactions or events.Question 13-2Liabilities traditionally are classified as either current liabilities or long-term liabilities in a classified balance sheet. Current liabilities are those expected to be satisfied with current assets or by the creation of other current liabilities. Usually, but with exceptions, current liabilities are obligations payable within one year or within the firm's operating cycle, whichever is longer.Question 13-3In concept, liabilities should be reported at their present values; that is, the valuation amount is the present value of all future cash payments resulting from the debt, usually principal and/or interest payments.In this case, the amount would be determined as the present value of $100,000, discounted for three months at an appropriate rate of interest for a debt of this type. This is proper because of the time value of money.In practice, liabilities ordinarily are reported at their maturity amounts if payable within one year because the relatively short time period makes the interest or time value component immaterial. [FASB ASC 835-30-15-3: Interest – Imputation of Interest – Scope and Scope Exceptions (previously ―Interest on Receivables and Payables,‖ Accounting Principles Board Opinion No 21, (New York, AICPA, August 1971, Par. 3))] specifically exempts from present value valuation all liabilities arising in connection with suppliers in the normal course of business and due within a year.Answers to Questions (continued)Question 13-4Lines of credit permit a company to borrow cash from a bank up to a prearranged limit at a predetermined, usually floating, rate of interest. The interest rate often is based on current rates of the prime London interbank borrowing, certificates of deposit, bankers’ acceptance, or other standard rates. Lines of credit usually must be available to support the issuance of commercial paper.Lines of credit can be noncommitted or committed. A noncommitted line of credit allows the company to borrow without having to follow formal loan procedures and paperwork at the time of the loan and is less formal, usually without a commitment fee. Sometimes a compensating balance is required to be on deposit with the bank as compensation for the service. A committed line of credit is more formal. It usually requires a commitment fee in the neighborhood of 1/4 of one percent of the unused balance during the availability period. Sometimes compensating balances also are required. Question 13-5When interest is ―discounted‖ from the face amount of a note at the time it is written, it usually is referred to as a ―noninterest-bearing‖ note. They do, of course entail interest, but the interest is deducted (or discounted) from the face amount to determine the cash proceeds made available to the borrower at the outset and included in the amount paid at maturity. In fact, the effective interest rate is higher than the stated discount rate because the discount rate is applied to the face value, but the cash borrowed is less than the face value.Question 13-6Commercial paper represents loans from other corporations. It refers to unsecured notes sold in minimum denominations of $25,000 with maturities ranging from 30 to 270 days. The firm would be required to file a registration statement with the SEC if the maturity is beyond 270 days. The name ―commercial paper‖ implies that a paper certificate is issued to th e lender to represent the obligation. But, increasingly, no paper is created because the entire transaction is computerized. Recording the issuance and payment of commercial paper is the same as for notes payable.The interest rate usually is lower than in a bank loan because commercial paper (a) typically is issued by large, sound companies (b) directly to the lender, and (c) normally is backed by a line of credit with a bank.Question 13-7This is an example of an accrued expense– an expense incurred during the current period, but not yet paid. The expense and related liability should be recorded as follows:Salaries expense 5,000Salaries payable 5,000This achieves a proper matching of this expense with the revenues it helps generate, and recognizes that a liability has been created by the employee earning wages for which she has not yet been paid.Question 13-8An employer should accrue an expense and the related liability for employees' compensation for future absences, like vacation pay, if the obligation meets each of four conditions:(1) the obligation is attributable to employees' services already performed, (2) the paid absence can be taken in a later year –the benefit vests (will be compensated even if employment is terminated) or the benefit can be accumulated over time, (3) the payment is probable, and (4) the amount can be reasonably estimated.Customary practice should be considered when deciding whether an obligation exists. For instance, whether the rights to paid absences have been earned by services already rendered sometimes depends on customary policy for the absence in question. An example is whether compensation for upcoming sabbatical leave should be accrued. Is it granted only to perform research beneficial to the employer? Or, is it customary that sabbatical leave is intended to provide unrestrained compensation for past service?Similar concerns also influence whether unused rights to the paid absences can be carried forward or expire. Although holiday time, military leave, maternity leave, and jury time typically do not accumulate if unused, if it is customary practice that one can be carried forward, a liability is accrued if it’s probable employees will be compensated in a future year. Similarly, sick pay is specifically excluded from mandatory accrual, according to GAAP regarding compensated absences, because future absence depends on future illness, which usually is not a certainty. But, if company policy or custom is that em ployees are paid ―sick pay‖ even when their absence is not due to illness, a liability for unused sick pay should be recorded.Question 13-9When a company collects cash from a customer as a refundable deposit or as an advance payment for products or services, a liability is created obligating the firm to return the deposit or to supply the products or services. When the amount is to be returned to the customer in cash, it is a refundable deposit. When the amount will be applied to the purchase price when goods are delivered or services provided (gift certificates, magazine subscriptions, layaway deposits, special order deposits, and airline tickets), it is a customer advance.Question 13-10Gift cards are a particular form of advance collection of revenues. When the payment is received, the seller debits cash and credits an unearned revenue liability. Later, unearned revenue is reduced and revenue recognized either when the customer redeems the gift card or when the probability of redemption is viewed as remote, based on an expiration date or the company’s experience. Question 13-11Examples of amounts collected for third parties that represent liabilities until remitted are sales taxes, and payroll-related deductions such as federal and state income taxes, social security taxes, employee insurance, employee contributions to retirement plans, and union dues.Question 13-121. Current liability— The requirement to classify currently maturing debt as a current liabilityincludes debt that is callable, or due on demand, by the creditor in the upcoming year even if the debt is not expected to be called.2 Long-term liability— The current liability classification includes (a) situations in which thecreditor has the right to demand payment because an existing violation of a provision of the debt agreement makes it callable and (b) situations in which debt is not yet callable, but will be callable within the year if an existing violation is not corrected within a specified grace period – unless it's probable the violation will be corrected within the grace period. In this case, the existing violation is expected to be corrected within 6 months.Question 13-13Short-term obligations can be reported as noncurrent liabilities if the company (a) intends to refinance on a long-term basis and (b) demonstrates the ability to do so by a refinancing agreement or by actual financing.Question 13-14Under U.S. GAAP, ability to finance must be demonstrated by securing financing prior to the date the balance sheet is issued; under IFRS, ability to finance must be demonstrated by securing financing prior to the balance sheet date (which typically is a couple of months earlier than the date of issuance).Question 13-15A loss contingency is an existing situation, or set of circumstances involving potential loss that will be resolved when some future event occurs or doesn’t occur. Examples: (1) a possible repair to a product under warranty, (2) a possible uncollectible receivable, (3) being the defendant in a lawsuit. Question 13-16The likelihood that the future event(s) will confirm the incurrence of the liability must be categorized as:P ROBABLE– the confirming event is likely to occur.R EASONABLY P OSSIBLE– the chance the confirming event will occur is more than remote but less than likely.R EMOTE– the chance the confirming event will occur is slight.Question 13-17A liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated.Question 13-18Under U.S. GAAP, the term ―contingent liability‖ is used to refer generally to contingent losses, regardless of probability. Under IFRS, a contingent liability refers only to those contingencies that are not recognized in the financial statements; the term ―provision‖ is used to refer to those that are accrued as liabilities because they are probable and reasonably estimable.Question 13-19If one or both of the accrual criteria is not met, but there is at least a reasonable possibility that an obligation exists (the loss will occur), a disclosure note should describe the contingency. The note also should provide an estimate of the possible loss or range of loss, if possible. If an estimate cannot be made, a statement to that effect should be included.Question 13-201. Manufacturers’ product warranties —these inevitably involve expenditures, and reasonablyaccurate estimates of the total liability for a period usually are possible, based on prior experience.2. Cash rebates and other premium offers — these inevitably involve expenditures, and reasonablyaccurate estimates of the total liability for a period usually are possible, based on prior experience. Question 13-21The contingent liability for warranties and guarantees usually is accrued. The estimated warranty (guarantee) liability is credited and warranty (guarantee) expense is debited in the reporting period in which the product under warranty is sold. An extended warranty provides warranty protection beyond the manufacturer’s original warranty. A manufacturer’s warranty is offered as an integral part of the product package. By contrast, an extended warranty is priced and sold separately from the warranted product. It essentially constitutes a separate sales transaction and is recorded as such.Question 13-22Several weeks usually pass between the end of a company’s fiscal year and the date the financial statements for that year actually are issued. Any enlightening events occurring during this period should be used to assess the nature of a loss contingency existing at the report date. Since a liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated, the contingency should be accrued.Question 13-23When a contingency comes into existence only after the year-end, a liability cannot be accrued because none existed at the end of the year. Yet, if the loss is probable and can be reasonably estimated, the contingency should be described in a disclosure note. The note should include the effect of the loss on key accounting numbers affected. Furthermore, even events other than contingencies that occur after the year-end but before the financial statements are issued must be disclosed in a ―subsequent events‖ disclosure note if they have a material effect on the company’s financial position. (i.e., an issuance of debt or equity securities, a business combination, or discontinued operations). Question 13-24In U.S. GAAP, the low end of the range is accrued as a liability, and the rest of the range is disclosed. In IFRS, the mid-point of the range is accrued.Question 13-25When an assessment is probable, reporting the possible obligation would be warranted if an unfavorable settlement is at least reasonably possible. This means an estimated loss and contingent liability would be accrued if (a) an unfavorable outcome is probable and (b) the amount can be reasonably estimated. Otherwise footnote disclosure would be appropriate. So, when the assessment is unasserted as yet, a two-step process is involved in deciding how it should be reported:1. Is the assessment probable? If it is not, no disclosure is warranted.2. If the assessment is probable, evaluate (a) the likelihood of an unfavorable outcome and (b)whether the dollar amount can be estimated to determine whether it should be accrued, disclosed only, or neither.Question 13-26You should not accrue your gain. A gain contingency should not be accrued. This conservative treatment is consistent with the general inclination of accounting practice to anticipate losses, but to recognize gains only at their realization. Though gain contingencies are not recorded in the accounts, they should be disclosed in notes to the financial statements. Attention should be paid that the disclosure note not give "misleading implications as to the likelihood of realization."BRIEF EXERCISESBrief Exercise 13-1Cash ............................................................... 60,000,000Notes payable .............................................. 60,000,000Interest expense ($60,000,000 x 12% x 3/12) ...... 1,800,000Interest payable .......................................... 1,800,000Brief Exercise 13-2Cash (difference) .......................................................... 54,600,000Discount on notes payable ($60,000,000 x 12% x 9/12) . 5,400,000Notes payable (face amount) .................................... 60,000,000 Interest expense ($60,000,000 x 12% x 3/12) ................. 1,800,000Discount on notes payable ................................... 1,800,000Brief Exercise 13-3a.December 31$100,000 x 12% x 6/12 = $6,000b.September 30$100,000 x 12% x 3/12 = $3,000Brief Exercise 13-4Cash (difference) .......................................................... 11,190,000Discount on notes payable ($12,000,000 x 9% x 9/12) ... 810,000Notes payable (face amount) .................................... 12,000,000 Interest expense ........................................................ 810,000Discount on notes payable........................................... 810,000 Notes payable (face amount) ........................................ 12,000,000Cash ....................................................................... 12,000,000Brief Exercise 13-5Cash (difference) .......................................................... 9,550,000Discount on notes payable ($10,000,000 x 6% x 9/12) ... 450,000Notes payable (face amount) .................................... 10,000,000Effective interest rate:Discount ($10,000,000 x 6% x 9/12)$ 450,000Cash proceeds ÷ $9,550,000Interest rate for 9 months 4.712%x 12/9___________Annual effective rate 6.3%Brief Exercise 13-6December 12Cash ....................................................................... 24,000Liability – customer advance ........................... 24,000 January 16Cash ....................................................................... 216,000Liability – customer advance ............................... 24,000Sales revenue ..................................................... 240,000Brief Exercise 13-7In 2011 Lizzie would recognize $11,500 of revenue ($4,000 + $3,000 + $2,500 + $2,000). In 2012 Lizzie would recognize the remainder of $6,500 ($18,000 -$11,500), either because gift cards were redeemed (the $1,000 in January and the $500 in February) or because they are viewed as expired.Brief Exercise 13-8Accounts receivable .............................................. 645,000Sales revenue.................................................... 600,000Sales taxes payable ([6% + 1.5%] x $600,000) ...... 45,000Brief Exercise 13-9Under U.S. GAAP, the debt would be classified as long-term for both completion dates, as what is key is that the refinancing be completed before the financialstatements are issued.Brief Exercise 13-10Under IFRS, the debt would be classified as long-term if the refinancing wascompleted by December 15, 2011, but not if completed by January 15, 2012,because for IFRS what is key is that the refinancing be completed by the balance sheet date.Brief Exercise 13-11This is a loss contingency and the estimated warranty liability is credited and warranty expense is debited in the period in which the products under warranty are sold. Right will report a liability of $130,000:Warranty Liability_________________________________________150,000Warranty expense (1% x $15,000,000) Actual expenditures20,000130,000 BalanceBrief Exercise 13-12This is a loss contingency and should be accrued because it is both probable that the confirming event will occur and the amount can be at least reasonablyestimated. Goo Goo should report a $5.5 million loss in its income statement anda $5.5 million liability in its balance sheetLoss – product recall ....................................................... 5,500,000Liability – product recall .......................................... 5,500,000A disclosure note also is appropriate.Brief Exercise 13-13This is a gain contingency. Gain contingencies are not accrued even if the gain is probable and reasonably estimable. The gain should be recognized only when realized. A carefully worded disclosure note is appropriate.Brief Exercise 13-14This is a loss contingency. A liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated. If one or both of these criteria is not met (as in this case), but there is at least a reasonable possibility that the loss will occur, a disclosure note should describe the contingency. That’s what Bell should do here.Brief Exercise 13-15Only the third situation’s costs should be accrued. A liability should be accrued fora loss contingency if it is both probable that the confirming event will occur andthe amount can be at least reasonably estimated. If one or both of these criteria is not met, but there is at least a reasonable possibility that the loss will occur, a disclosure note should describe the contingency. Both criteria are met only for the warranty costs.Brief Exercise 13-16Under U.S. GAAP, no liability would be recognized, because a 51% chance is less than the level of probability typically associated with ―probable‖ in the U.S. A liability would be acc rued under IFRS, as 51% is clearly ―more likely than not.‖ Ifa liability were accrued under U.S. GAAP, it would be for $10 million, the low endof the range, but under IFRS it would be for $15 million, the midpoint of the range. Brief Exercise 13-17No disclosure is required because an EPA claim is not yet asserted, and an assessment is not probable. Even if an unfavorable outcome is thought to be probable in the event of an assessment and the amount is estimable, disclosure is not required unless an unasserted claim is probable.EXERCISESExercise 13-1Requirement 1Cash ............................................................... 16,000,000Notes payable .............................................. 16,000,000 Requirement 2Interest expense ($16,000,000 x 12% x 2/12) ...... 320,000Interest payable ........................................... 320,000 Requirement 3Interest expense ($16,000,000 x 12% x 7/12) ...... 1,120,000Interest payable (from adjusting entry) ............... 320,000Notes payable (face amount) ............................. 16,000,000Cash (total) ................................................... 17,440,000 Exercise 13-21. Interest rate Fiscal year-end12% December 31$400 million x 12% x 6/12 = $24 million2. Interest rate Fiscal year-end10% September 30$400 million x 10% x 3/12 = $10 million3. Interest rate Fiscal year-end9% October 31$400 million x 9% x 4/12 = $12 million4. Interest rate Fiscal year-end6% January 31$400 million x 6% x 7/12 = $14 millionExercise 13-32011Jan. 13No entry is made for a line of credit until a loan actually is made. It would be described in a disclosure note.Feb. 1Cash .......................................................................... 5,000,000Notes payable ........................................................ 5,000,000 May 1Interest expense ($5,000,000 x 10% x 3/12)................... 125,000Notes payable (face amount) ........................................ 5,000,000Cash ($5,000,000 + 125,000)...................................... 5,125,000 Dec. 1Cash (difference) .......................................................... 9,325,000Discount on notes payable ($10,000,000 x 9% x 9/12) ... 675,000Notes payable (face amount) .................................... 10,000,000 Dec. 31The effective interest rate is 9.6515% ($675,000 ÷ $9,325,000) x 12/9. So, properly, interest should be recorded at that rate times the outstanding balance timesone-twelfth of a year:Interest expense ($9,325,000 x 9.6515% x 1/12)............. 75,000Discount on notes payable ................................... 75,000 However the same results are achieved if interest is recorded at the discountrate times the maturity amount times one-twelfth of a year:Interest expense ($10,000,000 x 9% x 1/12)................... 75,000Discount on notes payable ................................... 75,000Exercise 13-3 (concluded)2012Sept. 1Interest expense ($10,000,000 x 9% x 8/12)* ................. 600,000Discount on notes payable ................................... 600,000 Notes payable (balance)............................................... 10,000,000Cash (maturity amount) ............................................. 10,000,000 * or, ($9,325,000 x 9.6515% x 8/12) = $600,000Exercise 13-4Wages expense (increases wages expense to $410,000) ........... 6,000Liability – compensated future absences.................... 6,000** ($404,000 - 4,000] = $400,000 non-vacation wagesx 1/40 = $10,000 vacation pay earned(4,000) vacation pay taken= $ 6,000 vacation pay carried overExercise 13-5Requirement 1Wages expense (700 x $900) .............................................. 630,000Liability – compensated future absences............ 630,000 Requirement 2Liability – compensated future absences................. 630,000Wages expense ($31 million + [5% x $630,000]) .............. 31,031,500Cash (or wages payable) (total) ............................ 31,661,500Exercise 13-6Requirement 1Cash ............................................................................. 5,200Liability – gift certificates...................................... 5,200Cash ($2,100 + 84 - 1,300) (884)Liability – gift certificates ......................................... 1,300Sales revenue ........................................................... 2,100Sales taxes payable (4% x $2,100) (84)Requirement 2Gift certificates sold$5,200Gift certificates redeemed(1,300)Liability to be reported at December 31 $3,900 Requirement 3The sales tax liability is a current liability because it is payable in January.The liability for gift certificates is part current and part noncurrent:Gift certificates sold$5,200x 80% Estimated current liability$4,160Gift certificates redeemed (1,300)Current liability at December 31 $2,860Noncurrent liability at December 31 ($5,200 x 20%) 1,040Total $3,900Exercise 13-7Requirement 1Deposits CollectedCash .................................................................. 850,000Liability – refundable deposits ................... 850,000Containers ReturnedLiability – refundable deposits ....................... 790,000Cash .............................................................. 790,000Deposits ForfeitedLiability – refundable deposits ....................... 35,000Revenue – sale of containers ....................... 35,000Cost of goods sold ........................................... 35,000Inventory of containers ............................... 35,000 Requirement 2Balance on January 1$530,000Deposits received850,000Deposits returned (790,000)Deposits forfeited (35,000)Balance on December 31 $555,000Exercise 13-8Requirement 1Cash ....................................................................... 7,500Liability – customer advance ........................... 7,500 Requirement 2Cash ....................................................................... 25,500Liability – refundable deposits......................... 25,500 Requirement 3Accounts receivable .............................................. 856,000Sales revenue.................................................... 800,000Sales taxes payable ([5% + 2%] x $800,000)......... 56,000Exercise 13-9Requirement 1The entire $10,000 sold in January will be recognized as revenue during2011. $6,000 because of gift card redemption; $4,000 because of gift cardbreakage.Requirement 2January Gift Card SalesCash .................................................................. 10,000Liability – unearned gift card revenue ......... 10,000 Redemption of January Gift CardsLiability – unearned gift card revenue............ 6,000Revenue – gift cards ..................................... 6,000 Expiration of January Gift CardsLiability – unearned gift card revenue............ 4,000Revenue – gift cards ..................................... 4,000 Requirement 3Of the $16,000 sold in March, $10,000 will be recognized as revenue:$4,000 because of gift card redemption; $6,000 of the remaining $12,000because of gift card expiration. To calculate the amount of gift cardbreakage, consider that, if March sales all occurred on the first day of themonth, all would have been outstanding for 10 months during 2011 andtherefore all $12,000 of non-redeemed gift cards would be viewed asexpired. On the other hand, if March sales all occurred on the last day ofthe month, none would have been outstanding for 10 months during 2011and therefore none of the $12,000 of non-redeemed gift cards would beviewed as expired. Assuming that sales of gift cards occur on average onMarch 15 gets us to the average of ($12,000 + $0) / 2 = $6,000 from giftcard expiration.Requirement 4The only liability at 12/31/2011 would be the $6,000 of unexpired March giftcards (see answer to requirement 3).。
CF2 Ch 05 Risk and Return 公司财务与金融 课件
Firm-specific, or diversifiable, risk is that part of a security’s stand-alone risk that can be eliminated by diversification.
21
Alternative Method: Find portfolio return in each economic state
22
Use portfolio outcomes to estimate risk and expected return
r^p = (3.0%)0.10 + (6.4%)0.20 + (10.0%)0.40 + (12.5%)0.20 + (15.0%)0.10 = 9.6%.
By forming well-diversified portfolios, investors can eliminate about half the risk of owning a single stock.
32
Can an investor holding one stock earn a return commensurate with its risk?
The reason is due to negative correlation (r) between Alta and Repo.
24
Bonus Slide: of Two-Stock Portfolio
金融英语第十三章答案
金融英语第十三章答案Chapter13 (exercises)I .Answer the following questions in English.1.Carefully describe a futures contract.A future contract is a blinding agreement between a seller and a buyer to make and to take delivery of the underlying commodity at a specified future date with agreed upon payment terms.Futures contracts are standardized with respect to the delivery month.2.Explain how futures contracts are valued daily,It is possible to calculate a theoretical fair value for a futures contract.The fair value of a futures contract should approximately equal the current value of the underlying shares or index,plus an amount referred to as the “cost of carry”.The full value of the contract is not paid or received when the contract is established-instead both buyer and seller pay a small initialmargin.3.Describe the role of the clearinghouse in futures trading.The clearinghouse,an agency or separate corporation of a futures exchange.The clearinghouse becomes the buyer to each seller and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.4. Explain the differences between a hedger and a speculator.The difference between hedgers an speculators is the risk.Hedgers are parties at risk with a commodity or an asset,but speculators trads futures with the objective of making a profit by being on the right side of a price move.5. Give a brief description of the history of futures.Both the histories of futures are focused on that how people have tried to improve the effectiveness of the commercial marketplace. 6. What is key difference between forward and futures?Forward contracts and futures comparison: the former is a standardized contract, OTC, flexible and high transaction cost, risk is big. The latter are standardized contracts, exchange as a medium, investors and unlike forward contracts as the direct trading, risk is small.Options and futures comparison: futures trading both sides has rights and obligations. While the option buyer the right to sell only, only obligation. In addition from the gains and losses, the futures of profit and loss is uncertain, but the option buyer 's loss is the option premium.Ⅱ. Fill in the e ach blank with an appropriate word or expression.1. Futures are binding agreements made between two partiesthrough a regulated futures exchange. Each futures contract specifies the quantity and quality of the item, expirationmonth, the time of delivery and virtually all the detailsof the transaction except price , which the two partiesnegotiate based on current market conditions.2. The clearinghouse, an agency or separate corporation of afutures exchange, is responsible for settlingtrading accounts, collecting and margin monies,regulating delivery and reporting trade data.3. A futures contract is an agreement to purchase or sell acommodity for delivery in the future: ( 1 ) at a price thatis determined at initiation of the contract; (2) whichobligates each party to the contract to the contract at thespecified price; (3) which is used to assume or shift pricerisk ; and(4) which may be satisfied by delivery or offset４. The key to any hedge is that a futures position is taken opposite to the position in the cash market. That is, the nature of cash market position determines the hedge in the futures market.5. Currency futures are standardized contracts that tradelike conventional commodity futures on the floor of a futures exchange.6. These orders,from companies,individuals,and evenmarket-making commercial banks, are happened to the floor ofthe futures exchange.Ⅲ. Translate the following sentences into English.1．商品生产者和经营者在生产和经营过程中，时刻面临着价格波动的风险。
酒店风险管理英文作文
酒店风险管理英文作文英文：Risk management is an essential aspect of running a successful hotel business. As someone who has worked in the hospitality industry for many years, I have seen firsthand the importance of identifying and mitigating potential risks.One of the most common risks in the hotel industry is the risk of injury or accident to guests. To manage this risk, hotels must have comprehensive safety protocols in place, such as regular maintenance checks, staff training on emergency procedures, and clear signage throughout the property.Another risk that hotels must manage is the risk of financial loss due to fraud or theft. This can include everything from credit card fraud to employee theft. To mitigate this risk, hotels should have strict securitymeasures in place, such as background checks for employees, surveillance cameras in public areas, and secure payment processing systems.In addition to these risks, hotels must also beprepared for unexpected events such as natural disasters or pandemics. This requires having a contingency plan in place, such as a plan for evacuating guests in the event of a fire or a plan for handling a widespread illness outbreak.Overall, effective risk management is essential for the success of any hotel business. By identifying potentialrisks and implementing strategies to mitigate them, hotels can ensure the safety and satisfaction of their guestswhile protecting their own financial interests.中文：风险管理是酒店业成功运营的重要方面。
2章Risk and Return 学习课件,财务管理英文版
The greater the chance of a return far below the expected return, the greater the risk.
The larger the standard deviation, the higher the probability that returns will be far below the expected return.
Coefficient of variation is an alternative measure of stand-alone risk.
Coefficient of variation(CV)
CV
kˆ
When two investments if one has the higher expected return but the other the lower standard deviation, people will choose the one with the lower CV(Coefficient of variation).
Calculate ^kp and p.
Expected Return on a Portfolio
k ˆpw 1k ˆ1w 2k ˆ2 w nk ˆn
Portfolio Return, ^kp
k^p is a weighted average:
^kp
=
n
wik^i
i=1
^kp = 0.5(17.4%) + 0.5(1.7%) = 9.6%. k^p is between k^HT and k^Coll.
Chap013博迪,凯恩,马库斯《投资学》课件
Tests of the CAPM
Tests of the expectrst Pass Regression
– Estimate beta, average risk premiums and unsystematic risk
13-2
The Index Model and the Single-Factor APT
• Expected Return-Beta Relationship
E(ri ) rf i E(rM rf
• Estimating the SCL
rit rft i bi (rMt rft ) eit
Overview of Investigation
• Tests of the single factor CAPM or APT Model
• Tests of the Multifactor APT Model – Results are difficult to interpret
• Studies on volatility of returns over time
• CAPM is not testable unless we know the exact composition of the true market portfolio and use it in the tests
• Benchmark error
13-6
Measurement Error in Beta
13-12
Tests of the Multifactor Model
• Chen, Roll and Ross 1986 Study Factors Growth rate in industrial production Changes in expected inflation Unexpected inflation Unexpected Changes in risk premiums on
CCNASecurityChap2答案
Which three services on a router does Cisco SDM One-Step Lockdown enable? (Choose three.)SNMPTCP interceptsSSH access to the routerCisco Discovery Protocolpassword encryption servicefirewall on all outside interfacesWhich statement describes the operation of the Cisco SDM Security Audit wizard?The wizard configures a router to prevent unauthorized access.The wizard compares a router configuration against recommended settings.The wizard monitors network data and logs possible unauthorized or malicious traffic.The wizard logs the effectiveness of network security measures for baselinecomparisons.Which service is enabled on a Cisco router by default that can reveal significant information about the router and potentially make it more vulnerable to attack?HTTPCDPFTPNTPTFTPRefer to the exhibit. What two facts can be determined from the output? (Choose two.)The Cisco IOS image and configuration files have been properly secured.ROMmon mode will be inaccessible upon entering the privileged EXEC reloadcommand.The Cisco IOS Resilient Configuration feature is enabled.The Cisco IOS Resilient Configuration feature has detected an image versionmismatch.The Cisco IOS configuration files have been erased.An administrator needs to create a user account with custom access to most privileged EXEC commands. Which privilege command is used to create this custom account?privilege exec level 0privilege exec level 1privilege exec level 2privilege exec level 15What is the minimum recommended modulus key length for keys generated to use with SSH?25651276810242048Which three options can be configured by Cisco AutoSecure? (Choose three.)CBACSNMPsyslogsecurity bannerinterface IP addressenable secret passwordWhich three commands are required to restore a primary bootset from a secure archive on a router on which Cisco IOS resilience is enabled? (Choose three.)Restart the router in ROM monitor mode and display the secure bootset Cisco IOS image name using the dir command.Restart the router, enter privileged EXEC mode, and display the secure bootset Cisco IOS image name using the show flash command.Boot the secure bootset Cisco IOS image using the boot command with the filename.Copy the secure bootset Cisco IOS image to flash using the copy IOS-backup-image flash command.Restore the secure configuration file using the copy config-backup flash command.Restore the secure configuration file using the secure boot-config restore filename command.Refer to the exhibit. Routers R1 and R2 are connected via a serial link. One router is configured as the NTP master, and the other is an NTP client. Which two pieces of information can be obtained from the partial output of the show ntp associations detail command on R2? (Choose two.)Both routers are configured to use NTPv2.Router R1 is the master, and R2 is the client.Router R2 is the master, and R1 is the client.The IP address of R1 is 192.168.1.2.The IP address of R2 is 192.168.1.2.What are two characteristics of SNMP community strings? (Choose two.)A vulnerability of SNMPv1, SNMPv2, and SNMPv3 is that they send the communitystrings in plaintext.Commonly known community strings should be used when configuring secure SNMP.If the manager sends one of the correct read-only community strings, it can getinformation and set information in an agent.SNMP read-only community strings can be used to get information from anSNMP-enabled device.SNMP read-write community strings can be used to set information on anSNMP-enabled device.What are three requirements that must be met if an administrator wants to maintain device configurations via secure in-band management? (Choose three.)network devices configured to accommodate SSHa separate network segment connecting all management devicesat least one router acting as a terminal serverencryption of all remote access management trafficconnection to network devices through a production network or the Internetdirect access to the console ports of all network devicesIf AAA is already enabled, which three CLI steps are required to configure a router with a specific view? (Choose three.)assign a secret password to the viewassign commands to the viewassign users who can use the viewassociate the view with the root viewcreate a superview using the parser view view-name commandcreate a view using the parser view view-name commandWhich two characteristics apply to Role-Based CLI Access superviews? (Choose two.)CLI views have passwords, but superviews do not have passwords.Users logged in to a superview can access all commands specified within the associatedCLI views.A single superview can be shared among multiple CLI views.Commands cannot be configured for a specific superview.Deleting a superview deletes all associated CLI views.Refer to the exhibit. Based on the output of the show running-config command, which type of view is SUPPORT?secret view, with a level 5 encrypted passwordroot view, with a level 5 encrypted secret passwordsuperview, containing SHOWVIEW and VERIFYVIEW viewsCLI view, containing SHOWVIEW and VERIFYVIEW commandsRefer to the exhibit. Which statement regarding the JR-Admin account is true?JR-Admin can issue show, ping, and reload commands.JR-Admin can issue ping and reload commands.JR-Admin can issue only ping commands.JR-Admin can issue debug and reload commands.JR-Admin cannot issue any command because the privilege level does not match one ofthose defined.Which recommended security practice prevents attackers from performing password recovery on a Cisco IOS router for the purpose of gaining access to the privileged EXEC mode?Keep a secure copy of the router Cisco IOS image and router configuration file as abackup.Disable all unused ports and interfaces to reduce the number of ways that the router canbe accessed.Configure secure administrative control to ensure that only authorized personnel canaccess the router.Locate the router in a secure locked room that is accessible only to authorized personnel.Provision the router with the maximum amount of memory possible.An administrator defined a local user account with a secret password on router R1 for use with SSH. Which three additional steps are required to configure R1 to accept only encrypted SSH connections? (Choose three.)configure the IP domain name on the routerenable inbound vty Telnet sessionsgenerate the SSH keysconfigure DNS on the routerenable inbound vty SSH sessionsgenerate two-way pre-shared keysBy default, how many seconds of delay between virtual login attempts is invoked when the loginblock-for command is configured?onetwothreefourfiveWhich set of commands are required to create a username of admin, hash the password using MD5, and force the router to access the internal username database when a user attempts to access the console?R1(config)# username admin password Admin01pa55R1(config)# line con 0R1(config-line)# login localR1(config)# username admin password Admin01pa55R1(config)# line con 0R1(config-line)# login internalR1(config)# username admin Admin01pa55 encr md5R1(config)# line con 0R1(config-line)# login localR1(config)# username admin secret Admin01pa55R1(config)# line con 0R1(config-line)# login localR1(config)# username admin secret Admin01pa55R1(config)# line con 0R1(config-line)# login internalWhich three areas of router security must be maintained to secure an edge router at the network perimeter? (Choose three.)physical securityflash securityoperating system securityremote access securityrouter hardeningzone isolationRefer to the exhibit. What two pieces of information can be gathered from the generated message? (Choose two.)This message is a level five notification message.This message appeared because a minor error occurred requiring further investigation.This message appeared because a major error occurred requiring immediate action.This message indicates that service timestamps have been globally enabled.This message indicates that enhanced security was configured on the vty ports.Refer to the exhibit. Which two statements describe the current SDM logging setup? (Choose two.)Buffered logging will be enabled on the router for Logging Level 7 messages.Buffered logging will be enabled on the syslog server for Logging Level 7 messages.All messages with a trap level of 4 and higher (less critical) will be logged.All messages with a trap level of 4 and lower (more critical) will be logged.The router interface IP address that is connected to the syslog server is 192.168.1.3.The syslog server IP address is 192.168.1.3.Refer to the exhibit. What is the significance of secret 5 in the generated output?The ADMIN password is encrypted using DH group 5.The ADMIN password is encrypted via the service password-encryption command.The ADMIN password is hashed using MD5.The ADMIN password is hashed using SHA.Which two operations are required to implement Cisco SDM One-Step Lockdown? (Choosetwo.)Choose the One-Step Lockdown feature.Apply the documented network policies.Deliver the configuration changes to the router.Compare the router configuration against recommended settings.Select the Firewall and ACL task on the SDM Configuration screen.Which statement matches the CLI commands to the SDM wizard that performs similar configuration functions?aaa configuration commands and the SDM Basic Firewall wizardauto secure privileged EXEC command and the SDM One-Step Lockdown wizardclass-maps, policy-maps, and service-policy configuration commands and the SDM IPSwizardsetup privileged EXEC command and the SDM Security Audit wizardWhat are two characteristics of the SDM Security Audit wizard? (Choose two.)It uses interactive dialogs and prompts to implement AAA.It automatically enables Cisco IOS firewall and implements Cisco IOS IPS security configurations to secure the router.It displays a screen with Fix-it check boxes to let you choose which potential security-related configuration changes to implement.It requires users to first identify which router interfaces connect to the inside network and which connect to the outside network.It is initiated from CLI and executes a script in which the managment plane functions and forwarding plane services are tested against known vulnerabilities.。
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State
Probability
C
T
Boom
0.3
15
25
Normal
0.5
10
20RLeabharlann cession0.22
1
• If the risk-free rate is 4.15%, what is the risk premium?
• Risk premium is the difference between the expected return on a risky investment and the certain return on a risk-free investment
Chapter 13
Return, Risk, and the Security Market Line
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Key Concepts and Skills
13-3
Expected Returns
• Expected returns are based on the probabilities of possible outcomes
• In this context, “expected” means average if the process is repeated many times
13-2
Chapter Outline
• Expected Returns and Variances • Portfolios • Announcements, Surprises, and Expected Returns • Risk: Systematic and Unsystematic • Diversification and Portfolio Risk • Systematic Risk and Beta • The Security Market Line • The SML and the Cost of Capital: A Preview
• Stock T
– 2 = .3(25-17.7)2 + .5(20-17.7)2 + .2(1-17.7)2 = 74.41 – = 8.63%
13-8
Another Example
• Consider the following information:
State Boom Normal Slowdown Recession
13-5
Example: Expected Returns
• What are the expected returns?
– RC = .3(15) + .5(10) + .2(2) = 9.9% – RT = .3(25) + .5(20) + .2(1) = 17.7%
• If the risk-free rate is 4.15%, what is the risk premium?
• Consider the previous example. What are the variance and standard deviation for each stock?
• Stock C – 2 = .3(15-9.9)2 + .5(10-9.9)2 + .2(2-9.9)2 = 20.29 – = 4.50%
– Stock C: 9.9 – 4.15 = 5.75% – Stock T: 17.7 – 4.15 = 13.55%
13-6
Variance and Standard Deviation
• Variance and standard deviation measure the volatility of returns
• Know how to calculate expected returns • Understand the impact of diversification • Understand the systematic risk principle • Understand the security market line • Understand the risk-return trade-off • Be able to use the Capital Asset Pricing Model
n
E(R) pi Ri i 1
13-4
Example: Expected Returns
• Suppose you have predicted the following returns
for stocks C and T in three possible states of the
economy. What are the expected returns?
• Using unequal probabilities for the entire range of possibilities
• Weighted average of squared deviations
n
σ2 pi (Ri E(R))2 i 1
13-7
Example: Variance and Standard Deviation
Probability .25 .50 .15 .10
ABC, Inc. (%) 15 8 4 -3
• What is the expected return?
• What is the variance?
• What is the standard deviation?
13-9
Another Example
• What is the expected return?
– E(R) = .25(15) + .5(8) + .15(4) + .1(-3) = 8.05%
• What is the variance?
– Variance = .25(15-8.05)2 + .5(8-8.05)2 + .15(4-8.05)2 + .1(-38.05)2 = 26.7475