finm8016 Mid-Semester Exam

SCHOOL OF FINANCE, ACTUARIAL STUDIES AND APPLIED STATISTICSMid-Semester ExaminationApplied Portfolio Construction (FINM 3008)Study Period: 15 minutesTime Allowed: 2 hoursPermitted Material:A4 sheet of notes (2-sided), calculator, dictionaryInstructions to Candidates:•This exam is worth a total of 20 marks. It comprises 19 questions in two parts. Part A contains sixteen (16) multiple choice questions, each worth 0.5 marks. Part B contains three (3) questions requiring written answers, each worth 4 marks.•Part A: Multiple choice – Select only one answer from the five options provided.Answers are to be submitted via a multiple choice answer sheet. It is highlyrecommended that students complete the answer sheet with a 2B pencil, as this makes alteration of answers easier. (Note: Deductions will not be made for incorrect multiple choice answers.)•Part B: Written answer questions – Answers are to be submitted via a script book.Where the question refers to either ‘describe’ or ‘identify’ or ‘list’, a fact-based answer is expected. Where the question refers to either ‘explain’, ‘discuss’ or ‘outline’, the answer should demonstrate an understanding of the underlying concepts and their application. •Candidates are expected to attempt ALL questions.•This examination paper consists of 8 pages in total, including the cover page.Page 1PART A: MULTIPLE CHOICE (16 questions, 0.5 marks each)Question 1Which of these trends has been observed in the fund management industry over the last 5-10 years?(a) High industry growth rates - in excess of GDP(b) Movement towards defined contribution pension funds, relative to defined benefit(c) Growth in the hedge fund industry(d) Concentration of fund managers, especially at the larger end(e) All of the aboveQuestion 2Which of the following types of funds are less likely to be considered part of the wholesale (i.e. institutional) segment of the fund management industry?(a) Defined Benefit Superannuation Funds(b) Retail Superannuation Funds(c) Self-Managed Superannuation Funds (SMSFs)(d) Endowments and Foundations(e) Sovereign Wealth FundsQuestion 3Which of the following investors is most likely to be concerned about tracking error risk?(a) Private investor(b) Insurance company(c) Fund manager(d) Defined benefit superannuation fund(e) Sovereign wealth fundInvestors typically receive the same gross ‘market’ return. Listed below are some ways in which investors may differ. For the sake of argument, assume that investors differ along only one of these dimensions. Which would be least likely to imply that investors place different values on the returns they receive?(a) Tax rates(b) Costs incurred when investing(c) Objectives(d) Risk aversion(e) Baseline (i.e. reference) portfolioQuestion 5Which of the following statements about illiquidity is more correct?(a) Illiquidity relates to the additional cost of trading illiquid securities.(b) Illiquidity can have a significantly different impact across investors.(c) Illiquidity risk relates to the possibility that an investor may not be able to sell.(d) Illiquidity risk is a constant in the market.(e) Illiquidity is simple to analyze.Question 6Which of the following statements is incorrect?a) Confidence interval around per-annum expected return usually narrows withinvestment horizon.b) Confidence interval around wealth can either widen or narrow with investmenthorizon.c) Variance is a linear function of time horizon only if returns are independent.d) Risk as measured by a shortfall constraint depends on the mean and variance ofreturns.e) Risk as measured by a shortfall constraint does not depend on investmenthorizon.Assume you intend to estimate the Sharpe ratio and compound returns for a portfolio. Your analysis is to be based on a time series of historical asset returns, with the mean of the series adjusted in line with the expected return according to the ‘implied views’ method. Which of the following set of Excel functions can be used to perform this analysis?(a) AVERAGE(), SUMPRODUCT(), SLOPE(), STDEV(), LN(), EXP()(b) MEAN(), SUMPRODUCT(), BETA(), STDEV(), LOG(), EXP()(c) AVERAGE(), SUMPRODUCT(), BETA(), STDEV(), LN(), EXP()(d) AVERAGE(), PRODUCT(), BETA(), STDEV(), LOG(), EXP()(e) MEAN(), PRODUCT(), SLOPE(), STDEV(), LN(), EXPON()Question 8Nominate which of the following statements best describes the concept of ‘sequential risk’ when applied to defined contribution pension funds, as discussed in the course reading by Smith and Collie (2008).(a) The timing of contributions has an important influence on pension fund risk.(b) Pension fund investors lose the most when they suffer a sequence of negativereturns.(c) The impact of negative returns is greatest when it occurs early in theaccumulation phase.(d) The impact of negative returns is greatest when it occurs close to retirement.(e) None of the above describes sequential risk as discussed by Smith and Collie.Question 9Assume a return series demonstrates significant positive serial correlation. Which of the following statements is most likely to be incorrect under this situation?(a) Variance of wealth tends to decrease with investment horizon.(b) Variance of per annum returns tends to decrease with investment horizon.(c) Variance of wealth tends to increase with investment horizon.(d) Variance of per annum returns tends to increase with investment horizon.(e) The underlying asset may be thinly-traded.Question 10An optimizer is used to generate mean-variance optimal portfolios. Some of the portfolios contain weightings of over 100% in international fixed income, the majority of which is offset by large short positions in local fixed income. What is the most likely source of this result?(a) International fixed income is clearly the much more attractive asset.(b) International fixed income has been given a higher expected return, while bothasset classes make a similar contribution to total portfolio risk.(c) Stems from the failure of mean-variance analysis to take into account anyskewness in the return distribution.(d) This outcome is a function of the assumed investment horizon.(e) The optimizer package contains a bug.Question 11Under the taxonomy of ‘alpha’ versus ‘beta’, which of the following best describes the‘industry’ definition of beta?(a) Any market exposure that can be cheaply replicated(b) Sensitivity to returns on some broad-based equity index, e.g. S&P500, MSCIWorld Index(c) Returns generated from market timing(d) Some priced, non-diversifiable risk factor(e) None of the aboveQuestions 12 to 16 refer to the following 5-period sequence of gross returns plus the supplementary information provided below:Period Return1 16%2 -1%3 30%4 -10%5 2%Supplementary information:Standard deviation of series 15.7%Risk-free rate 3.0%Question 12What is the geometric mean of the 5-period return series provided (to the nearest decimal place)?(a) 6.2%(b) 6.3%(c) 6.5%(d) 7.4%(e) None of the aboveQuestion 13What is the Sharpe ratio for the return series provided (to the nearest two decimal places)?(a) 0.20(b) 0.21(c) 0.22(d) 0.28(e) 0.30Question 14Assume you invest $1 in the underlying asset or portfolio at the beginning of period 1. What is the value of wealth at the end of period 5 (to nearest cent)?(a) $1.32(b) $1.35(c) $1.36(d) $1.43(e) None of the aboveQuestion 15Given the standard deviation of 15.7% and assuming independent returns, what is the standard deviation of wealth over 3 periods (to the nearest decimal place)?(a) 22.2%(b) 27.2%(c) 47.1%(d) 54.9%(e) 68.6%Question 16Assume that the arithmetic mean of the series is adjusted towards an expected per-period return of 5%. After this adjustment, what is the probability of loss under non-parametric (i.e. data-based) methods?(a) 20%(b) 32%(c) 38%(d) 40%(e) 60%PART B: WRITTEN ANSWER QUESTIONS (3 questions, 4 marks each)Question 17: Estimating expected returns (4 marks in total)(a) Identify the key problem with using the sample mean as an estimate of expected returnfor the purpose of mean-variance analysis of portfolios. (0.5 mark)(b) List and briefly describe three (3) alternative methods of estimating expected returns forthis purpose. (1.5 marks)(c) Explain the difference between ‘unconditional’ and ‘conditional’ modelling of assetexpected returns. (1 mark)(d) Outline two (2) situations where an investor might use a conditional modelling approach.(1 mark)Question 18: Asset allocation frameworks (4 marks in total)Under modern portfolio theory, an investor uses mean-variance portfolio optimization to generate the efficient frontier, and then selects the portfolio on the frontier which accords with their risk preference.(a) Describe four (4) major problems with using this approach to form portfolios in practice.(2 marks)(b) Outline two (2) alternative approaches that an investor might use to set their assetallocation. In doing so, identify which problems with mean-variance optimization that each approach helps to overcome. (2 marks)Question 19 (4 marks)Consider two equity market investors. The first investor is a hedge fund manager that relies on very active trading, and borrows from investment banks in order to leverage their investment. Their remuneration depends on total base fee earned by their fund as a percentage of net assets under management, plus a yearly bonus based on returns generated above a hurdle rate. The second investor is a high net-worth individual who is investing for their own retirement, which they anticipate to occur in 10 years or more. Identify three dimensions of risk that are likely to have a significantly different impact on these two investors. Explain the nature of the difference. Suggest aspects that each investor might monitor in order to control the risks most relevant to them.[END OF EXAM]。

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Semester test--Maths-P1--PAL--2010

(a) Solve the inequality 4774x x +>+ []2(b) Solve the inequality 28150x x -+> []3(c) Find the values of k , such that (3)(5)x x k --> for all possible values of x[]32 (a) Given that 1279,x x -=find the value of x . []3(b) Solve the equation ()5244x x -=. []43(a) A debt of ﹩3726 is repaid by weekly payments which are in arithmetic progression.The first payment is ﹩60and the debt is fully repaid after 48weeks. Find the thirdpayment. []3(b) Find the sum to infinity of the geometric progression whose first term is 6and whosesecond term is 4. []34 Functions f and g are defined for x R ∈by2:42f x x x - :53g x x +(i) Find the range of f . []2(ii) Find the value of the constant k for which the equation ()gf x k =has equal roots.[]35 Solve the simultaneous equations223207x y x xy y +=++=[]56 The diagram shows a trapezium A B C D in which B C is parallel to A D and angle90.BCD = The coordinates of ,A B and D are ()()2,0,4,6and ()12,5respectively.(i) Find the equations of B C and C D . []5(ii) Calculate the coordinates of C . []27 Functions f and g are defined by:25,f x x - x R ∈4:,2g x x - , 2.x R x ∈≠(i) Find the value of x for which ()7.fg x = []3(ii) Express each of 1()f x -and 1()gx -in terms of .x []3 (iii) Show that the equation 1()f x -=1()g x -has no real roots. []3(iv) Sketch, on a single diargram, the graphs of ()y f x =and 1()y f x -=,making clearthe relationship between these two graphs. []38 Answer the whole of this question on a sheet of graph paper.The function f is defined by 4()f x x x =+.(i) Sketch the graph of this function using plotting method. []4 (ii) Find the natural domain and range []2(iii) When 0x >, for what range of values of k does the equation 4x k x +=have(a) only one real root? []2(b) exactly two real roots []29 A teacher received a salary of $12800in his first full year of teaching. He models his future salary by assuming it to increase by a constant amount of $950each year up to a maximum of $20400.(i) How much will he earn in his fifth year of teaching ? []2 (ii) In which year does he first receive the maximum salary? []3 (iii) Determine expressions for the total amount he will have received by the end of his n th year of teaching,stating clearly for which values of n each is valid. []4。

专升本期中考

专升本期中考College English (1st Semester of the Academic Year2010-2011)Mid-term ExamPart I Writing (30 minutes) (15%)注意：此部分试题在答题卡1上。

Part II Reading Comprehension (Skimming and Scanning) (15 minutes)（10%）Directions: In this part, you will have 15 minutes to go over the passage quickly and answer the questions on Answer Sheet 1.For questions 1-7, choose the best answer from the four choices marked A), B), C) and D).For questions 8-10, complete the sentences with the information given in the passage.Something About LondonPiccadilly CircusIt is difficult to say what is the real center of London, but many people would choose Piccadilly Circus (⽪卡迪利⼴场). This is because it is not only located central but also the heart of London’s entertainment world. Within a few hundred yards we find most of London’s best-known theaters and cinemas, the most famous restaurants and the best night clubs.Many of the buildings around the Circus have bright, multicolored signs, advertising goods and entertainment. Piccadilly Circus at night enjoys a beautiful sight.Underneath Piccadilly Circus there is an important tube station with escalators (⾃动扶梯) leading down to two different lines. There are entrances from all the main streets that meet at the Circus. It is particularly in the evening that Piccadilly Circus is crowded with people going to the theatre or the cinema, or perhaps to a restaurant. Many others have come for a relaxed evening walk; they will probably have a cup of coffee or a glass of beer before they go home. The crowd is composed of people from many different countries. The peoples of the British Commonwealth (英联邦) are well represented, as there are many Indians, Pakistanis, West Indians and Africans in London; they are either working or studying here. Some of them wear their national dress. Many foreign visitors walk among the crowd; some come from the Continent, while some others from more distant places. It is interesting to try to identify people of different countries by their style and type of clothing. This is no longer as easy as it used to be. Also, one can hear a great variety of languages around.Lunch in TownMost people who work in London get a break of about an hour for lunch. As they mostly live too far from home to go back for lunch, they are obliged to make other plans for their midday meal.Many large firms have a place to eat for their employees. In such a place, the food served is plain but good enough. And although there is some variety of choice, the number of dishes is usually small. The employees themselves fetch their dishes from acounter at which they are served. A meal in these places is cheap and may consist of soup, fish or meat and vegetables, with fruit or maybe even ice cream.As there are so many people at work in London, there are numerous cafes and restaurants. A meal may cost anything from a modest sum to quite a few pounds, depending on the restaurant and the food chosen. Moreover, one can generally get a meal in a pub. In many of these cafes there is self-service—there are no waiters or waitresses. Instead, the customers help themselves and pay at a cash-desk before going to their tables. In recent years there has also been a large increase in the number of “takeaway” food shops of all kinds.Many employees do not bother to go out for lunch. They bring their own sandwiches, and perhaps an apple or some bread with which they have a cup of tea, probably made in the office. This method has the advantages of being cheap and saving time over getting to a restaurant and lining up there. In summer, many people go out and sit on a bench in a park or at a public square, and eat their sandwiches there. They may also enjoy the lunch-time concerts and plays.The Big StoresIn London there are a number of big stores, most of which are to be found in or near the West End. They are vast buildings. Inthem you may buy almost anything you want, from a box of matches to furniture. Most of these stores are very modern, and have well-planned lighting and heating. You can spend hours wandering around these stores, and you will probably lose your way while you are doing so, in spite of the notices pointing towards the way to the lifts and entrances. If you have been in the store so long that you feel hungre, you will not need ot leave the building, for nearly all the big stores have cafes or restaurants.Although shops usually close at 5:30 or 6 p.m., on Thursday the West End stores and most other shops there stay open as late as 8 o’clock. As it is early closing day in many London suburbs, a number of people come into town on Thursday for a special shopping. Because of the number of cars on the road, Thursday evening in the West End is probably the worst of the week for driving.Another quality of London’s shopping life is the chain store, in which prices are low and a wide variety of goods is offered —chiefly food, household goods, clothing and office supplies. The goods are displayed on open counters and it is a regrettable fact that some theft goes on, despite the careful attention of the store police. These chain stores have branches in most Britain towns of importance. They keep their prices low, thanks to careful bulk-buying (⼤量购买).Many of the food stores now operate on the “serve yourself” method: You go in, pick up a basket, walk around the shop and choose whatever you want. At the exit there is a cash desk where you pay for all your goods together. This system cuts down the firm’s expenses, for fewer assistants are required. It is the method used in a great and a still growing number of London’s supermarkets —large self-service stores chiefly concerned with the sale of food but increasingly with other types of goods as well.注意：此部分试题请在答题卡1上作答；8-10题在答题卡1上。

机器学习期中考试 midterm

10-701Midterm Exam,Spring20111.Personal info:•Name:•Andrew account:•E-mail address:2.There are14numbered pages in this exam(including this cover sheet).3.You can use any material you brought:any book,notes,and print outs.You cannotuse materials brought by other students.4.No computers,PDAs,phones or Internet access.5.If you need more room to answer a question,use the back of the preceding page.6.Work eﬃciently.Consider answering all of the easier questionsﬁrst.7.There is one optional extra credit question,which will not aﬀect the grading curve.Itwill be used to bump your grade up,without aﬀecting anyone else’s grade.8.You have80minutes,the test has100points.Good luck!Question Topic Max.score Score1Short Questions202Bayes Nets233Decision Surfaces and Training Rules124Linear Regression205Conditional Independence Violation256[Extra Credit]Violated Assumptions61[20Points]Short Questions1.1True or FalseAnswer each of the following True of False.If True,give a short justiﬁcation.If False,a counter-example or convincing one-sentence explanation.1.[2pts]If we train a Naive Bayes classiﬁer using inﬁnite training data that satisﬁes allof its modeling assumptions(e.g.,conditional independence),then it will achieve zero training error over these training examples.2.[2pts]If we train a Naive Bayes classiﬁer using inﬁnite training data that satisﬁes allof its modeling assumptions(e.g.,conditional independence),then it will achieve zero true error over test examples drawn from this same distribution.3.[2pts]Every Bayes Net deﬁned over10variables X1,X2,...X10 tells how to factorthe joint probability distribution P(X1,X2,...X10)into the product of exactly10 terms.Consider the three Bayes Nets shown below:A B C4.[3pts]True or false:Every joint distribution P(X1,X2,X3)that can be deﬁned byadding Conditional Probability Distributions(CPD)to Bayes Net graph A can also be expressed by appropriate CPD’s for Bayes Net graph B.5.[3pts]True or false:Every joint distribution P(X1,X2,X3)that can be deﬁnedby adding Conditional Probability Distributions to Bayes Net graph A can also be expressed by appropriate CPD’s for Bayes Net graph C.1.2Quick questionsAnswer each of the following in one or two sentences,in the space provided.1.[2pts]Prove that P(X1|X2)P(X2)=P(X2|X1)P(X1).(Hint:This is a two-lineproof.)2.[3pts]Consider a decision tree learner applied to data where each example is describedby10boolean variables X1,X2,...X10 .What is the VC dimension of the hypothesis space used by this decision tree learner?3.[3pts]Consider the plot below showing training and test set accuracy for decisiontrees of diﬀerent sizes,using the same set of training data to train each tree.Describe in one sentence how the training data curve(solid line)will change if the number of training examples approaches inﬁnity.In a second sentence,describe what will happen to the test data curve under the same condition.2[23Points]Bayes Nets2.1[17pts]InferenceIn the following graphical model,A,B,C,and D are binary random variables.1.[2pts]How many parameters are needed to deﬁne the Conditional Probability Dis-tributions(CPD’s)for this Bayes Net?2.[2pts]Write an expression for the probability P(A=1,B=1,C=1,D=1)interms of the Bayes Net CPD e notation like P(C=1|A=0)to denote speciﬁc parameters in the CPD’s.3.[3pts]Write an expression for P(A=0|B=1,C=1,D=1)in terms of the BayesNet Conditional Probability Distribution(CPD)parameters.4.[2pts]True or False(give brief justiﬁcation):C is conditionally independent of Bgiven D.5.[2pts]True or False(give brief justiﬁcation):C is conditionally independent of Bgiven A.Suppose we use EM to train the above Bayes Net from the partially labeled data given below,ﬁrst initializing all Bayes net parameters to0.5.A B C D10101?01110?0?0?010?6.[2pts]How many distinct quantities will be updated during theﬁrst M step?7.[2pts]How many distinct quantities will be estimated during theﬁrst E step?8.[2pts]When EM converges,what will be theﬁnal estimate for P(C=0|A=1)?[Hint:You do not need a calculator.]2.2[6pts]Constructing a Bayes netDraw a Bayes net over the random variables{A,B,C,D}where the following conditional independence assumptions hold.Here,X⊥Y|Z means X is conditionally independent of Y given Z,and X ⊥Y|Z means X and Y are not conditionally independent given Z,and∅stands for the empty set.•A⊥B|∅•A ⊥D|B•A⊥D|C•A ⊥C|∅•B ⊥C|∅•A ⊥B|D•B⊥D|A,C3[12Points]Decision Surfaces and Training Rules Consider a classiﬁcation problem with two boolean variables X1,X2∈{0,1}and label Y∈{0,1}.In Figure1we show two positive(“+”)and two negative(“-”)examples.Figure1:Two positive examples and two negative examples.Question[2pts]:Draw(or just simply describe)a decision tree that can perfectly classify the four examples in Figure1.Question[3pts]:In the class we learned the training rule to grow a decision tree: we start from a single root node and iteratively split each node using the“best”attribute selected by maximizing the information gain of the split.We will stop splitting a node if: 1)examples in the node are already pure;or2)we cannotﬁnd any single attribute that gives a split with positive information gain.If we apply this training rule to the examples in Figure1,will we get a decision tree that perfectly classiﬁes the examples?Brieﬂy explain what will happen.Question[5pts]:Suppose we learn a Naive Bayes classiﬁer from the examples in Figure1,using MLE(maximum likelihood estimation)as the training rule.Write down all the parameters and their estimated values(note:both P(Y)and P(X i|Y)should be Bernoulli distributions).Also,does this learned Naive Bayes perfectly classify the four examples?Question[2pts]:Is there any logistic regression classiﬁer using X1and X2that can perfectly classify the examples in Figure1?Why?4[20Points]Linear RegressionConsider a simple linear regression model in which y is the sum of a deterministic linear function of x,plus random noise .y=wx+where x is the real-valued input;y is the real-valued output;and w is a single real-valued parameter to be learned.Here is a real-valued random variable that represents noise, and that follows a Gaussian distribution with mean0and standard deviationσ;that is, ∼N(0,σ)(a)[3pts]Note that y is a random variable because it is the sum of a deterministic function of x,plus the random variable .Write down an expression for the probability distribution governing y,in terms of N(),σ,w and x.(b)[3pts]You are given n i.i.d.training examples{(x1,y1),(x2,y2),...,(x n,y n)}to train this model.Let Y=(y1,...,y n)and X=(x1,...,x n),write an expression for the conditional data likelihood:p(Y|X,w).(c)[9pts]Here you will derive the expression for obtaining a MAP estimate of w from the training data.Assume a Gaussian prior over w with mean0and standard deviationτ(i.e.w∼N(0,τ)).Show thatﬁnding the MAP estimate w∗is equivalent to solving the following optimization problem:w∗=argmin w 12ni=1(y i−wx i)2+λ2w2;Also express the regularization parameterλin terms ofσandτ.(d)[5pts]Above we assumed a zero-mean prior for w,which resulted in the usualλ2w2regularization term for linear regression.Sometimes we may have prior knowledge that suggests w has some value other than zero.Write down the revised objective function that would be derived if we assume a Gaussian prior on w with meanµinstead of zero(i.e.,if the prior is w∼N(µ,τ)).5[25Points]Conditional Independence Violation 5.1Naive Bayes without Conditional Independence Violation Table 1:P (Y )Y =0Y =10.80.2Table 2:P (X 1|Y )X 1=0X 1=1Y =00.70.3Y =10.30.7Consider a binary classiﬁcation problem with variable X 1∈{0,1}and label Y ∈{0,1}.The true generative distribution P (X 1,Y )=P (Y )P (X 1|Y )is shown as Table 1and Table 2.Question [4pts]:Now suppose we have trained a Naive Bayes classiﬁer,using inﬁnite training data generated according to Table 1and Table 2.In Table 3,please write down the predictions from the trained Naive Bayes for diﬀerent conﬁgurations of X 1.Note that ˆY (X 1)in the table is the decision about the value of Y given X 1.For decision terms in the table,write down either ˆY=0or ˆY =1;for probability terms in the table,write down the actual values (and the calculation process if you prefer,e.g.,0.8∗0.7=0.56).Table 3:Predictions from the trained Naive BayesˆP (X 1,Y =0)ˆP (X 1,Y =1)ˆY(X 1)X 1=0X 1=1Question [3pts]:What is the expected error rate of this Naive Bayes classiﬁer on testing examples that are generated according to Table 1and Table 2?In other words,P (ˆY (X 1)=Y )when (X 1,Y )is generated according to the two tables.Hint:P (ˆY(X 1)=Y )=P (ˆY (X 1)=Y,X 1=0)+P (ˆY (X 1)=Y,X 1=1).5.2Naive Bayes with Conditional Independence Violation Consider two variables X 1,X 2∈{0,1}and label Y ∈{0,1}.Y and X 1are still generated according to Table 1and Table 2,and then X 2is created as a duplicated copy of X 1.Question[6pts]:Now suppose we have trained a Naive Bayes classiﬁer,using inﬁnite training data that are generated according to Table1,Table2and the duplication rule. In Table4,please write down the predictions from the trained Naive Bayes for diﬀerent conﬁgurations of(X1,X2).For probability terms in the table,you can write down just the calculation process(e.g.,one entry might be0.8∗0.3∗0.3=0.072,and you can just write down0.8∗0.3∗0.3to save some time).Hint:the Naive Bayes classiﬁer does assume that X2is conditionally independent of X1given Y.Table4:Predictions from the trained Naive BayesˆP(X,X2,Y=0)ˆP(X1,X2,Y=1)ˆY(X1,X2)1X1=0,X2=0X1=1,X2=1X1=0,X2=1X1=1,X2=0Question[3pts]:What is the expected error rate of this Naive Bayes classiﬁer on testing examples that are generated according to Table1,Table2and the duplication rule?Question[3pts]:Compared to the scenario without X2,how does the expected error rate change(i.e.,increase or decrease)?In Table4,the decision ruleˆY on which conﬁgura-tion is responsible to this change?What actually happened to this decision rule?(You need to brieﬂy answer:increase or decrease,the responsible conﬁguration,and what happened.)5.3Logistic Regression with Conditional Independence Violation Question[2pts]:Will logistic regression suﬀer from having an additional variable X2that is actually a duplicate of X1?Intuitively,why(hint:model assumptions)?Now we will go beyond the intuition.We have a training set D1of L examples D1={(X11,Y1),...,(X L1,Y L)}.Suppose we generate another training set D2of L examples D2={(X11,X12,Y1),...,(X L1,X L2,Y L)},where in each example X1and Y are the same as in D1and then X2is a duplicate of X1.Now we learn a logistic regression from D1,which should contain two parameters:w0and w1;we also learn another logistic regression from D2,whichshould have three parameters:w0,w1and w2.Question[4pts]:First,write down the training rule(maximum conditional likelihoodestimation)we use to estimate(w0,w1)and(w0,w1,w2)from data.Then,given the trainingrule,what is the relationship between(w0,w1)and(w0,w1,w2)we estimated from D1andD2?Use this fact to argue whether or not the logistic regression will suﬀer from having an additional duplicate variable X2.6[Extra Credit 6pts]Violated assumptionsExtra Credit Question :This question is optional –do not attempt it until you have completed the rest of the exam.It will not aﬀect the grade curve for the exam,though you will receive extra points if you answer it.Let A,B,and C be boolean random variables governed by the joint distribution P (A,B,C ).Let D be a dataset consisting of n data points,each of which is an independent draw from P (A,B,C ),where all three variables are fully observed.Consider the following Bayes Net,which does not necessarily capture the correct condi-tional independencies in P (A,B,C).Let ˆPbe the distribution learned after this Bayes net is trained using D .Show that for any number ,0< ≤1,there exists a joint distribution P (A,B,C )such that P (C =1|A =1)=1,but such that the Bayes net shown above,when trained on D ,will (with probability1)learn CPTs where:ˆP (C =1|A =1)= b ∈{0,1}ˆP(C =1|B =b )ˆP (B =b |A =1)≤ as |D |approaches ∞.Assume that the Bayes net is learning on the basis of the MLE.You should solve this problem by deﬁning a distribution with the above property.Your ﬁnal solution may be either in the form of a fully speciﬁed joint distribution (i.e.you write out the probabilities for each assignment of the variables A,B,and C ),or in the form of a Bayes net with fully speciﬁed CPTs.(Hint:the second option is easier.)。

ECON5001_Microeconomics_2008 Semester 1_Mid_Semester exam ECON5001_2004

Discipline of EconomicsECON 5001: MICROECONOMICSMid-Semester Test(Friday September 10, 2004)Instructions1.The test lasts for 1½ hours. Maximum marks = 40.2.The test consists of two parts. You must answer ALL questions in both parts.(i).Part A Multiple Choice: 20 questions (1 mark each).Answer on the sheet provided.(ii).Part B Problems: 2 problems (10 marks each).Answer in the booklet provided.3.Put your name, SID, and stream on the multiple choice answer sheet, and theexam booklet. Failure to comply may result in a mark of zero.4.This is a closed book exam: no notes are allowed. Non-programmable calculatorsare permitted.5.University of Sydney Examination Regulations apply. No person may leave theexamination room in the first 30 minutes or in the last 20 minutes of the exam. 6.GOOD LUCK!Part A: Multiple Choice (20 marks)1. The slope of an indifference curve reveals:a.that preferences are complete.b.the marginal rate of substitution of one good for another good.c.the ratio of market prices.d.that preferences are transitive.e.none of the above.2. Jane is trying to decide which courses to take next semester. She has narroweddown her choice to two courses Econ 1 and Econ 2. Now she is having trouble.She just cannot decide whi ch of the two courses to take. It’s not that she isindifferent between the two courses, she just cannot decide. An economistwould say that this is an example of preferences that:a.are not transitive.b.are incomplete.c.violate the assumption that more is preferred to less.d.all of the above.3. If a consumer must spend her entire income on some combination of twocommodities and chooses to spend it all on just one of the commodities then:a.the other commodity is an economic bad.b.the other commodity must have zero marginal utility.c.the other commodity generates less utility per dollar spent on the good.d.the two commodities must be perfect substitutes.4. The change in the price of one good has no effect on the quantity demanded ofanother good. These goods are:plements.b.substitutes.c.both inferior.d.both Giffen goods.e.none of the above.5. The income-consumption curve for Dana between Q A and Q B is given by theequation Q A = Q B. His budget constraint is given as:120 = Q A + 4Q BHow much Q A will Dana consume to maximize utility?a.0.b.24.c.30.d.60.e.More information is needed to answer this question.6. Assume that beer is a normal good. If the price of beer rises, then thesubstitution effect results in the person buying ______ of the good and theincome effect results in the person buying ______ of the good.a.more, more.b.more, less.c.less, more.d.less, less.7. Which of the following will cause the price of beer to rise?a. A shift to the right in the demand curve for beer.b. A shift to the left in the supply curve of beer.c.both (a) and (b).d.none of the above.8. Blanca would prefer a certain income of $20,000 to a gamble with a 0.5probability of $10,000 and a 0.5 probability of $30,000. Based on thisinformation:a.we can infer that Blanca neutral.b.we can infer that Blanca is risk averse.c.we can infer that Blanca is risk loving.d.we cannot infer Blanca's risk preferences.Wanting to invest in the computer games industry, you select Whizbo, Yowzo and Zowiebo as the three best firms. Over the past 10 years, the three firms have had good years and bad years. The following table shows their performance:9. Refer to the table above. Where is the highest expected revenue, based on the10 years' past performance?a.Whizbo.b.Yowzo.c.Zowiebo.d.Whizbo and Yowzo.e.Yowzo and Zowiebo.10. The price of good A goes up. As a result the demand for good B shifts to theleft. From this we can infer that:a.good A is used to produce good B.b.good B is used to produce good A.c.goods A and B are substitutes.d.goods A and B are complements.e.none of the above.11. A firm uses two factors of production. Irrespective of how much of each factoris used, both factors always have positive marginal products which imply thata. isoquants are relevant only in the long run.b. isoquants have negative slope.c. isoquants are convex.d. isoquants can become vertical or horizontal.e. none of the above.12. A firm's marginal product of labor is 4 and its marginal product of capital is 5.If the firm adds one unit of labor, but does not want its output quantity tochange, the firm shoulda. use five fewer units of capital.b. use 0.8 fewer units of capital.c. use 1.25 fewer units of capital.d. add 1.25 units of capital.13. If input prices are constant, a firm with increasing returns to scale can expecta. costs to double as output doubles.b. costs to more than double as output doubles.c. costs to go up less than double as output doubles.d. to hire more and more labor for a given amount of capital, since marginalproduct increases.e. to never reach the point where the marginal product of labor is equal tothe wage.14. Which of the following is not an expression for the cost minimizing combinationof inputs?a. MRTS = MP L / MP K.b. MP L / w = MP K / r.c. MRTS = w / r.d. MP L / MP K = w / r.e. None of these.15. A firm wants to minimize the total cost of producing 100 tons of dynamite. Thefirm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found wherea.the marginal products of chemicals and labor are equal.b.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the marginal product of chemicals to the marginalproduct of labor.c.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the price of chemicals to the wage rate.d.the production of an additional unit of dynamite costs the same regardlessof whether chemicals or labor are used.e.none of the above.16. A firm employs 100 workers at a wage rate of $10 per hour, and 50 units ofcapital at a rate of $21 per hour. The marginal product of labor is 3, and themarginal product of capital is 5. The firma. is producing its current output level at the minimum cost.b. could reduce the cost of producing its current output level by employingmore capital and less labor.c. could reduce the cost of producing its current output level by employingmore labor and less capital.d. could increase its output at no extra cost by employing more capital andless labor.e. both (b) and (d) are true.17. When an isocost line is just tangent to an isoquant, we know thata.output is being produced at minimum cost.b.output is not being produced at minimum cost.c.the two products are being produced at the least input cost to the firm.d.the two products are being produced at the highest input cost to the firm.18. If current output is less than the profit-maximizing output, then the next unitproduceda.will decrease profit.b.will increase cost more than it increases revenue.c.will increase revenue more than it increases cost.d.will increase revenue without increasing cost.e.may or may not increase profit.19. If a graph of a perfectly competitive firm shows that the MR = MC point occurswhere MR is above AVC but below ATC,a.the firm is earning negative profit, and will shut down rather thanproduce that level of output.b.the firm is earning negative profit, but will continue to produce whereMR = MC in the short run.c.the firm is still earning positive profit, as long as variable costs arecovered.d.the firm is covering explicit, but not implicit, costs.e.the firm can cover all of fixed costs but only a portion of variable costs.20.When the price faced by a competitive firm was $5, the firm produced nothingin the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer thata.the firm's marginal cost curve must be flat.b.the firm's marginal costs of production never fall below $5.c.the firm's average cost of production was less than $10.d.the firm's total cost of producing 100 tons is less than $1000.e.the minimum value of the firm's average variable cost lies between $5and $10.Part B: Problems (20 marks - Answer BOTH questions)1. (10 marks)Mark derives utility from attending rock concerts (R) and fromcolas (C) as follows:U(C,R) = C 0.9R 0.1.The marginal utility of cola (MU C) and the marginal utility of rock concerts(MU R) are given as follows:MU C = 0.9C −0.1R 0.1 ,MU R = 0.1C 0.9R−0.9 ,withMRS = MU C/ MU R = 9R / C.a.If the price of cola (P C) is $1 and the price of concert tickets (P R)is $30 and Natasha's income is $300, how many colas and ticketsshould Natasha buy to maximize utility? (4 marks)b.Suppose that the promoters of rock concerts require each fan tobuy 4 tickets or none at all. Under this constraint and given theprices and income in (a), how many colas and tickets shouldNatasha buy to maximize utility? (4 marks)c.Is Natasha better off under the conditions in (a) or (b)? Explainyour answer. (2 marks)2.(10 marks)Consider a competitive market made up of a large number ofidentical firms. The market demand curve for the product is:Q = 1,000 – 50P,where P is price and Q is quantity. The market supply is expressed as:Q = 200P– 1,000.A typical firm in the industry has a marginal cost function as follows:MC = 5 + 0.5Q.a.Determine the market equilibrium price and quantity for theindustry. (2 marks)b.Determine each firm’s ou tput level and the number of firms in theindustry. (2 marks)c.Suppose that the government imposes a tax of $1 per unit ofoutput produced by firms. Compute the new equilibrium price inthe market after the tax is imposed. (3 marks)d.Suppose that the price in (a) represented a long-run equilibrium inthe market. Does the new equilibrium (c) represent a long-runequilibrium? What adjustments, if any, will occur in the industry?Explain. (3 marks)***** END OF TEST ******。

六年级下册英语期中考试易考作文

六年级下册英语期中考试易考作文全文共10篇示例，供读者参考篇1Title: My Funny Day with FriendsHi everyone! My name is Tim and I want to share my funny day with my friends. We had a super fun time together and I can't wait to tell you all about it!It was a sunny Saturday morning when my friends and I decided to go to the park. We brought our bikes and scooters with us, ready for an adventure. As soon as we arrived, we started racing around the park, laughing and shouting with excitement.After racing for a while, we decided to have a picnic. We spread out a big blanket on the grass and unpacked all of our snacks. We had sandwiches, fruits, and juice boxes. It was so yummy!While we were eating, we saw a group of squirrels playing nearby. We decided to see who could get the closest to them without scaring them away. It was tricky, but we managed to get really close and even feed them some nuts. It was so cool!After our picnic, we played on the playground. We climbed the monkey bars, went down the slides, and even tried the swings. We laughed so much and had a great time together.As the sun started to set, we knew it was time to go home. We said our goodbyes and promised to meet up again soon for another adventure. I'll never forget this funny day with my friends. It was the best day ever!I hope you enjoyed hearing about my day. Have you had any fun adventures with your friends recently? Let me know in the comments below! Bye for now!篇2Hey guys, have you ever wondered what a typical midterm exam essay might look like for sixth graders? Well, I'm here to show you! Let's imagine we're all preparing for our English midterm exam and we have to write an essay. Here's how my essay might go:Title: My Favorite SeasonHey everyone, today I want to talk about my favorite season. My favorite season is definitely summer because I love going tothe beach and feeling the warm sun on my skin. I also enjoy eating ice cream and playing outdoors with my friends.One of the best things about summer is the long days and short nights. I can stay up late watching movies or going to bonfires with my family. I also love going on vacation during the summer and exploring new places.Another reason why I love summer is because I can wear my favorite clothes like shorts, tank tops, and sandals. I feel so comfortable and free in my summer outfits. I also enjoy swimming in the pool and playing water games with my friends.In conclusion, summer is the best season because of the warm weather, long days, and fun activities. I can't wait for summer to come again so I can have more adventures and make more memories with my friends and family.So, that's my essay for the English midterm exam. I hope you guys enjoyed reading it as much as I enjoyed writing it. Thanks for listening!篇3Title: My English Midterm ExamHey guys! So last week we had our English midterm exam and I want to tell you all about it. The exam was not too hard, but we had to study a lot to be prepared.First, we had to write a composition about our favorite season. I chose summer because I love going to the beach and playing in the sun. I wrote about all the fun things I do during summer vacation like swimming, eating ice cream, and playing with my friends. I also included some details about the weather and the clothes I like to wear in the summer.Next, we had to answer some questions about a reading passage. The passage was about a boy named Jack who wanted to be a famous basketball player. We had to read the passage carefully and answer questions about what Jack did to achieve his dream, how he felt when he won his first game, and what his parents thought about his goal. It was a little tricky, but I think I did a good job.After that, we had to listen to a recording of a conversation between two people and answer some questions about it. The conversation was about a girl who lost her dog and was asking for help to find him. We had to listen for details like where the girl last saw her dog, what color he was, and what his name was.It was a bit challenging, but I managed to get most of the answers correct.Overall, I think I did pretty well on the exam. I studied hard and tried my best, and that's all that matters. I can't wait to get my results and see how I did. I hope you all did well too! Bye for now!篇4Hello everyone! Today I want to talk about our upcoming mid-term English exam for the sixth grade. It's super important, so we need to be prepared!First of all, we need to review all the grammar rules we've learned so far. That means going over past tense verbs, adjectives, adverbs, and all that stuff. We also need to study our vocabulary words and make sure we know how to spell them correctly. Maybe we can make flashcards or play some games to help us remember.Next, we should practice writing different types of essays. We might have to write a persuasive essay, a narrative essay, or a descriptive essay. It's important to plan out our ideas before we start writing, so we can stay organized and make sure our essay makes sense.And don't forget about reading comprehension! We might have to read a passage and answer questions about it. So let's practice reading different types of texts, like stories, articles, and poems. We can even try summarizing what we've read to make sure we understand it.Lastly, let's make sure we know how to use punctuation correctly. That means using commas, periods, question marks, and exclamation points in the right places. We don't want our sentences to be all jumbled up and hard to read!I know it's a lot to remember, but if we study hard and practice every day, I'm sure we'll do great on the exam. Let's work together and show our teacher how awesome we are at English! Good luck, everyone!篇5Title: My Six Grade English Midterm ExamHi everyone! Today I want to share with you my English midterm exam experience. It was quite a challenge, but I think I did pretty well!The first part of the exam was reading comprehension. We had to read a passage about a girl named Sarah and answersome questions about it. The questions were tricky, but I tried my best to remember the details from the story.Next, we had a vocabulary section. We had to match words with their meanings and use them in sentences. Some of the words were really hard, but I remembered studying them in class so I felt pretty confident.After that, we had a grammar section. We had to fill in the blanks with the correct verb tense or word. This part was tricky because there were so many rules to remember, but I tried to think logically and choose the best answer.Finally, we had to write a short essay about our favorite hobbies. I wrote about playing soccer with my friends and how much fun it is. I made sure to use good grammar and spelling so that my teacher would be impressed.Overall, I think I did well on my English midterm exam. I worked hard and studied a lot, so I hope my efforts paid off. I can't wait to see my grade and celebrate with my friends. Yay for English exams!篇6Hey guys! Today I want to talk to you about the English midterm exam that we have in the sixth grade. It's super important, so we need to make sure we're prepared to do our best!First of all, we need to review all the stuff we've learned so far this semester. That means going over our vocabulary words, grammar rules, and reading passages. We can make flashcards, study with a buddy, or even ask our teacher for help if we're confused about something.Next, we should practice writing essays. The exam might ask us to write about our hobbies, our favorite animal, or a trip we took. So let's think about what we want to say and practice writing it down. Remember to use complete sentences, good descriptions, and proper punctuation.And don't forget about listening and speaking! We might have to answer questions in English or have a conversation with a partner. Let's practice listening to English songs, watching English videos, or even just talking to each other in English.Lastly, let's stay calm and focused on exam day. Take deep breaths, read the questions carefully, and do our best. Remember, we've been working hard all year, so we're ready for this!Alright, guys, let's do this! I know we can all rock this midterm exam and show off our awesome English skills. Good luck!篇7Oh no, it's time for the mid-term exam in our sixth grade English class! I need to do my best and show off all the English skills I've been learning this semester. The exam is going to be tough, but I'm ready to tackle it head on!First, there will definitely be a reading comprehension section where we have to read a passage and answer questions about it. I need to make sure I pay attention to all the details in the passage so I can answer the questions correctly. I'll remember to underline important information and take my time reading carefully.Next, there will be a grammar section where we have to identify parts of speech, correct sentences, and fill in the blanks with the right words. I've been practicing my grammar exercises every day, so I feel confident that I can ace this part of the exam.I just need to remember all the rules we've learned in class.Then, there will be a writing section where we have to write a short essay on a given topic. I love writing essays because I get toexpress my thoughts and ideas on paper. I'll make sure to use good vocabulary, proper grammar, and organize my ideas in a clear and logical way. I want my essay to stand out and impress my teacher!Overall, I know the mid-term exam is going to be challenging, but I'm determined to do my best and show off all the English skills I've been working on this semester. I'm excited to see how well I can do and I know that all my hard work will pay off in the end. Wish me luck!篇8Yo, dudes and dudettes! Today, our teacher told us that we gotta write a super long essay for our midterm exam. It's gonna be like over 2000 words long, can you believe it?! But hey, no sweat, I got this!So, the topic for our essay is gonna be all about our favorite subject in school. For me, that's gotta be English class. I mean, who doesn't love learning about cool stuff like grammar, reading awesome stories, and writing our own essays? English class is where it's at!In English class, we get to read all kinds of books and stories that take us on amazing adventures. I love getting lost in a goodbook and imagining myself as one of the characters. It's like going on a mini-vacay without even leaving the classroom!And let's not forget about all the fun we have learning grammar and vocabulary. I know it sounds boring, but our teacher makes it really interesting with games and activities. Plus, it's super important to know all that stuff so we can communicate well in English.Writing essays is another thing I love about English class. I get to express my thoughts and ideas on paper, and it's so cool to see my words come to life. Plus, our teacher always gives us great feedback to help us improve our writing skills.So yeah, English class is definitely my fave subject in school. It's fun, interesting, and helps me become a better communicator. I can't wait to write all about it in my midterm exam essay! Let's do this!篇9Title: My English Midterm ExamHi everyone! Do you know what happened yesterday? We had our English midterm exam! It was a bit scary at first becausewe had to write a long essay, but I think I did okay. Let me tell you all about it!First, we had to answer some multiple-choice questions. They were not too difficult because we had practiced a lot in class. Then, we had to write a short paragraph about our favorite animal. I wrote about my cat, Whiskers. She is so cute and fluffy!But the hardest part was the essay. We had to write about our dream vacation. I wrote about going to a tropical island with my family. We would swim in the clear blue water and build sandcastles on the beach. It was so much fun to imagine!After the exam, we had a break and played some games outside. It was a nice way to relax after all that writing. I hope I did well on the exam, but even if I didn't, I had a lot of fun writing about my favorite things.I can't wait to see my grade on the exam. I hope I did my best and made my teacher proud. I'll keep studying hard for the next exams and keep improving my English skills.That's all for now! Bye bye!篇10Hey guys! Today I'm gonna talk about the mid-term English exam for our sixth grade class. It's super important and I gotta make sure I study hard for it!So, for the exam, we gotta write a super long essay. The teacher said it should be at least 2000 words, which is like, a lot! But I'm gonna try my best to write a great essay and get a good grade.For the essay, we have to choose a topic related to our school or community and write about it. I think I'm gonna write about our school's new recycling program. It's really cool and important for our environment, so I wanna talk about how we can all help by recycling more.I'm gonna start my essay by introducing the topic and explaining why it's important. Then I'll talk about how the program works and how it's been going so far. I'll also include some ideas for how we can improve and get even better at recycling.I'm gonna make sure to use lots of good vocabulary and sentence structures in my essay. I want to impress the teacher and show that I've been working hard in English class.I'm feeling a little nervous about the exam, but I know if I study and practice writing my essay, I'll do great! Wish me luck, guys! Let's ace this mid-term exam together!。

FINC6000_Quantitative Finance_2009 Semester 2_UOS_Outline_FINC6000_S2_20091

FINC6000Quantitative FinanceSemester 2, 2009 Unit of Study OutlineCoordinator: Mr. Quan GanPhone: 02 9114 0831, Email: q.gan@.auOffice: Room 470, H04Consultation time: Tue 2-4pmLecturer:Dr. Andrew LeponePhone: 02 9351 6453, Email: a.lepone@.auOffice: Room 408, H69Consultation time: Wed 5-6pmClasses:Stream 1Time: Tue 09:00-12:00 Venue: Merewether Lecture Room 5 (Rm 277)Lecturer: Quan GanStream 2Time: Tue 18:00-21:00 Venue: Peter Nicol Russell Drawing Office 1Lecturer: Quan GanStream 3Time: Wed 18:00-21:00 Venue: New Law Seminar Room 105Lecturer: Andrew Lepone1.Unit of study information1.1. Faculty Handbook descriptionThe principle objective of this unit is to provide students with mathematical treatment of theoretical and analytical concepts in quantitative finance. Students are exposed to key areas in the investment, portfolio optimization, pricing of derivative contracts and instruments. The course assumes that students have taken an introductory course in finance and an introductory course in probability and statistics.1.2. Aims and contextThe key focus or purpose of thisunitThe course focuses on the valuation and risk of derivatives.How this unit of study relates to previously studied units Reinforce and extend in a mathematical context the key financial concepts introduced in Capital Markets and Corporate Finance (FINC5001).How this unit of study prepares students for subsequent units This unit will prepare the student for Derivative Securities (FINC6010) and Advanced Asset Pricing course (FINC6005).How this unit of study relates to the degree program/s This unit is a compulsory unit for the Quantitative Finance major in the Master of Commerce.2.Learning outcomes, learning and teaching activities & assessment2.1 Intended learning outcomesThe skills developed, knowledge constructed and qualities acquired through the successful completion of this unit will contribute to a number ofFINC6000, Quantitative Finance2.2.Learning and teaching activitiesPrescribed textbooks:The following textbooks are required in the course –David G. Luenberger, Investment Science, Oxford University Press, 1998John C. Hull, Options, Futures and Other Derivatives 7th Edition, Pearson Prentice Hall.Solutions manuals are highly recommended –David G. Luenberger, Solutions Manual for Investment Science, Oxford University Press, 1998John C. Hull, Student Solutions Manual for Options, Futures, and Other Derivatives, 7eBlackboard:Lecture notes for each week will be made available on the blackboard web-site (.au).2.4. Assessment detailsAssignment:Assignments must be completed in groups of 3-5 students. Assignments questions are 2.29, 3.23, 3.24, 3.25 and 3.26 in Hull’s book. Assignments must be submitted electronically via Blackboard and in hard copy in the assignment collection boxes in the Economics and Business Building. Submission is not valid unless both copies are identical and both received by the due date. If submission problems occur, students should contact the unit co-ordinator as soon as possible. Further details are available at the end of this unit of study outline.Mid-term exam:Lectures in week 1-7 will be covered in the mid-term. The mid-term exam will be a multiple choice exam.Final exam – 2 hours:The final will cover the assignment and lectures in week 9 -13.2.5. Workload and minimum requirementsThe Academic Board student workload for six credit point units equates to an average of 9-12 hours of student effort per week per 13-week semester. If you are an average student seeking to get an average result for this unit then you should spend at least 9 hours each week in reading textbook, solving questions, discussing your work with friends and when necessary attending staff consultations. This unit has high requirement in calculation. Students with inadequate quantitative background are strongly recommended to take ECMT5001 Principles of Econometrics prior to attending this unit.2.6. FeedbackWeekly tutorial questions and discussions provide timely and regular feedback for students.Students must do their weekly tutorial questions independently before attending the class.Students should use solutions manual frequently as a way to self-evaluate and check their solutions.In week 13, students will have feedback on their group assignment and mid-term exam.2.7. Academic honesty and plagiarismCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to the University’s policies on a cademic honesty and plagiarism (.au/policy), the Faculty’s procedures for dealing with allegations(.au/sio) and use the assessment cover sheet.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one’s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.3.Student feedback and evaluation3.1 Feedback received from previous studentsAs a teaching team we review all the ratings and comments at the end of the last semester to plan changes for this semester. The same feedback approach will be incorporated this semester.3.2 Improvements madeStudents’ feedback was generally positive about the administration and teaching. The negative comments focused on the alignment of textbook, lecture notes, tutorial questions and assignment. As a result of the feedback, in this semester we will use only one textbook. Lecture notes, tutorial questions and assignment are all based on and from this textbook.3.3 Collection of feedback from current studentsStudent feedback is very important for this unit. Anonymously evaluation is typically undertaken through the Unit of Study Evaluation (USE) instrument at the end of each semester. Feedback will be used to make further changes to improve the unit of study.4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures.Faculty policies are contained in the Administration Manual for Students at.au/StudentManual. It is crucial that you take the time to consult this manual early in your studies in order to familiarise yourself with policies and procedures relating to critical issues such as the Faculty’s policy on specia l consideration (applications due within 5 working days of an assessment), appeals (15 working days from decision) etc. Assistance is available from the Faculty’s Student Information Office at .au/sioUniversity policies at .au/policy include: academic honesty.au/ab/policies/Academic_Honesty_Cwk.pdf, plagiarism.au/senate/policies/Plagiarism.pdf. Assistance is available from the University’s Student Centre .au/studentcentreThe code of conduct is an important policy which outlines the University’s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying. .au/ab/policies/Student_code_conduct.pdf Links to other student services and resources are included on Blackboard and on the Faculty’s Learning and Teaching website .au/students/learningsupport (e.g. counselling services).。

FINM8014 course outline (1)

FINM8014Applied Financial Intermediation & Debt MarketsCourse DescriptionThis course will begin by analysing the theory and practice of financial intermediation, broadly construed to include banks, savings institutions and investment/merchant banks. Topics will include the role of banking firms in a developed capital market, their impact on corporate financial decisions for non-banking firms, and the regulation of banks. The course will then narrow its focus to provide a comprehensive analysis of the role of financial intermediaries in the development of fixed-income markets and will also provide an introduction to the valuation of fixed income securities. We shall discuss the institutional structure of the fixed income markets and the role they play in: (1) portfolio management; and (2) risk management of financial intermediaries. Topics will include theoretical models and analytical techniques used for dealing with credit risk, interest rate risk and liquidity risk –for example: maturity matching, duration and immunization, loan sales, securitization, collateralized debt obligations (CDOs), and collateralized mortgage obligations (CMOs).1 | T H E A U S T R A L I A N N A T I O N A L U N I V E R S I T YCOURSE OVERVIEWCourse Learning OutcomesUpon successful completion of the requirements for this course, students should have the knowledge and skills to:1. Understand the role of banks in an economy and the global trends in banking2. Understand how banks’ lending policies can influence corporate decision making3. Identify and measure banking risks4. Understand credit risk and credit risk management5. Understand debt markets and their role in liquidity management6. Understand interest rate risk and management7. Understand banking regulation globally8. Understand bank loan sales and securitization9. Understand the causes and consequences of bank failure and the global financialcrises10. Work in teams and present results.Research-Led TeachingTextbook material will be supplemented with the most recent information from research and news.Continuous ImprovementWe use feedback from students, professional bodies and staff to make regular improvements to the course. In response to this feedback, design improvements from the previous version of the course include more market based research.Student FeedbackAll CBE courses are evaluated using Student Experience of Learning and Teaching (SELT) surveys, administered by Planning and Statistical Services at the ANU. These surveys are offered online, and students will be notified via email to their ANU address when surveys are available in each course. Feedback is used for course development so please take the time to respond thoughtfully. Course feedback is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching and to improve courses across the university. For more information on student surveys at ANU and reports on feedback provided on ANU courses, visit.au/surveys/selt/students/and.au/surveys/selt/results/learning/COURSE SCHEDULECOURSE ASSESSMENTAssessment SummaryAssessment Task 1: Tests 1, 2 and 3Details of task: Three closed book tests under examination conditions. The duration of each test is 45 minutes (including reading time). Details of the tests and topic coverage will be covered in lectures. There will be no special examinations for the tests. Instead for students who would normally meet the requirements for a special exam (e.g. medical certificate), the weighting will be moved to the final exam. Students who do not sit one of the tests and do not meet the necessary requirements for a special exam will receive a zero.Assessment Task 2: Final ExaminationThere is a final exam to be scheduled during the exam period (exact date TBA). The exam will be 3 hours in length, with an additional 15 minutes of reading time. The exam will be closed book. A non-programmable calculator and a dictionary are allowed for all tests and exams.ScalingYour final mark for the course will be based on the raw marks allocated for each assignment or examination. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed or equal the scaled mark of that student), and may be either up or down. READING LISTSFinancial Markets and Institutions: A Risk Management Approach, 8th edition, by Anthony Saunders, Marcia Millon Cornett, McGraw Hill, 2013. http://shop.mcgraw-/mhshop/productDetails?isbn=0078034809The printed version of text is available from the ANU co-op. An e-book version is also an option for students at a reduced price (note you will not be able to print out the e-book version). Students can locate and purchase the e-book online by following these simple steps:1. Go to /shop/2. Search for and select book by Title, ISBN, Author, or State/School.ISBN: 9781308075167Title: Financial Institutions Management: A Risk Management Approach3. Add the book to your cart and pay using a credit card or access code.COMMUNICATIONI am a part time Academic at the ANU so it is best to contact me by email or during lectures.EmailIf necessary, the lecturers and tutors for this course will contact students on their official ANU student email address. Information about your enrolment and fees from the Registrar and Student Services' office will also be sent to this email address.AnnouncementsStudents are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations. Notifications of emergency cancellations of lectures or tutorials will be posted on the door of the relevant room.Course URLsMore information about this course may be found on:• Programs and Courses (.au/2015/Catalogue)• the College of Business and Economics website (/courses) and• Wattle (https://.au), the University's online learning environment. Log on to Wattle using your student number and your ISIS password.POLICIESThe University offers a number of support services for students. Information on these is available online from .au/studentlife/ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standa rds, and implement them. You can find the University’s education policies and an explanatory glossary at:.au/Students are expected to have read the Student Academic Integrity Policy before the commencement of their course.Other key policies include:∙Student Assessment (Coursework)∙Student Surveys and Evaluations。

大学英语期中测试TheMid-TermTest

⼤学英语期中测试TheMid-TermTestMid-term testI. Choose the best that completes the sentences. (15 points)1. Extensive reporting on television has helped to ________ interest in a wide variety sports and activities.A gatherB generateC assembleD yield2. My brother’s plans are very ________ ; he wants to master English, French and Spanish before he is sixteen.A abundantB ambitiousC arbitraryD aggressive3. Computer science is an ________ subject for law students at our university, and many students choose it.A opticalB optionC opponentD optional4. Most broadcasters maintain that TV has been unfairly criticized and argue that the power of the medium is ________.A grantedB impliedC exaggeratedD remedied5. In the Chinese household, grandparents and other relatives play ________ roles in raising children.A insensibleB indispensableC incapableD infinite6. In Britain people ________ four million tons of potatoes every year.A swallowB disposeC consumeD exhaust7. Cancellation of the flight ________ many passengers to spend the night at the airport.A result inB propelC demandD recommend8. Operation which left patients________ and in need of long periods of recovery time now leave them feeling relaxed and comfortable.A exhaustedB abandonedC injuredD deserted9. When we fill in a form, we will usually write down our name, address, ________, etc.A jobB employmentC occupationD profession10. American boys and girls, with ________ and part-time jobs now have an annual purchasing power of four billion dollars.A wagesB salariesC incomesD allowances11. The Car Club couldn’t ________ to meet the demands of all its members.A ensureB guaranteeC assumesD confirm12. They had a fierce ________ as to whether their company should restore the trade relationship which was broken many years ago.A debateB clashC disagreementD contest13. You should ________ being late for your class.A avoidB missC overtakeD leave14. Yong people are not ________ to stand and look at works of art; they want art they can participate in.A conservativeB contentC confidentD generous15. We’d like to________ a table for five for dinner this evening.A preserveB reserveC retainD sustainII Complete the following sentences with phrases or expressions given below. Change the form where necessary.(10 points)1. If I tell the police I was with you that day, will you ________ me ________?2. The Chinese government has ________ been combating drug trafficking.3. She likes everything to be ________ before she starts work.4. I love literature and admire a lot of famous writers, and I like Ernest Hemingway ________.5. Don’t worry for my illness; what I need is________ a few days’ rest.6. The friendly contacts between our two peoples ________ the 2nd century.7. The wealthier emigrants ________ poverty by selling their jewels.8. This candidate does not ________ our company’s philosophy.9. Who is to ________ the company’s business when the boss is away?10. Just think what would happen if every single woman ________ and refused to do housework.III.Reading Comprehension（30%）(2'×15)Directions:In this section, there are 4 passages followed by questions or unfinished statements. For each of them there are four choices marked A, B, C, and D. You should decide on the best choice.PASSAGE 1Another cultural aspect of nonverbal communication is one that you might not think about: space. Every person perceives himself to have a sort of invisible shield surrounding his physical body. When someone comes too close, he feels uncomfortable. When he bumps onto someone, he feels obligated to apologize. But the size of a person’s“ comfort zone”depends on his cultural ethnic origin. For example, in casual conversation, many Americans stand about four feet apart. In other words, they like to keep each othe r“ at arms length”, people in Latin or Arab cultures, in contrast, stand very close to each other, and touch each other often. If someone from one of those cultures stands too close to an American while in conversation, the American may feel uncomfortable and back away.When Americans are talking, they expect others to respond to what they are saying. To Americans, polite conversationalists empathize by displaying expressions of excitement or disgust, shock or sadness. People with a “poker face”, whose emotions are hidden by a deadpan expression, are looked upon with suspicion. Americans also indicate their attentiveness in a conversation by raising their eyebrows, nodding, smiling politely and maintaining good eye contact. Whereas some cultures view direct eye contact as impolite or threatening, Americans see it as a sign of genuineness and honesty. If a person doesn’t look you in the eye, American might say, you should question his motives—or assume that he doesn’t like you. Yet with all the concern for eye contact, Americans still consider staring — especially at strangers —to be rude.1. What the author discussed in the previous section is most probably about.A. classification of nonverbal communicationB. the reasons why people should think about spaceC. the relationship between communication and spaceD. some other cultural aspects of nonverbal communication2. How far people keep to each other while talking is closely associated with their _________ .A. originB. cultureC. customD. nationality3. When an Italian talks to an Arabian on informal occasions,.A. he stands about four feet awayB. “comfort zone” does not existC. keeping close enough is preferredD. communication barriers may emerge4. A “poker face” (Line 3,Para. 2) refers to a face whic h is .A. attentiveB. emotionalC. suspiciousD. expressionless5. In a conversation between friends, Americans regard it as sincere and truthful to .A. maintain direct eye contactB. hide emotions with a deadpan expressionC. display excitement or disgust, shock or sadnessD. raise their eyebrows, nod and smile politelyPASSAGE 2Questions 6 to 10 are based on the following passage.We all know that DNA has the ability to identify individuals but, because it is inherited, there are also regions of the DNA strand which can relate an individual to his or her family (immediate and extended), tribal group and even an entire population. Molecular Genealogy (宗谱学) can use this unique identification provided by the genetic markers to link people together into family trees. Pedigrees (家谱) based on such genetic markers can mean a breakthrough for family trees where information is incomplete or missing due to adoption, illegitimacy or lack of records. There are many communities and populations which have lost precious records due to tragic events such as the fire in the Irish courts during Civil War in 1921 or American slaves for whom many records were never kept in the first place.The main objective of the Molecular Genealogy Research Group is to build a database containing over 100,000 DNA samples from individuals all over the world. These individuals will have provided a pedigree chart of at least four generationsand a small blood sample. Once the database has enough samples to represent the world genetic make-up, it will eventually help in solving many issues regarding genealogies that could not be done by relying only on traditional written records. Theoretically, any individual will someday be able to trace his or her family origins through this database.In the meantime, as the database is being created, molecular genealogy can already verify possible or suspected relationships between individuals“. For example, if two men sharing the same last name believe that they are related, but nowritten record proves this relationship, we can verify this possibility by collecting a sample of DNA from both and looking for common markers (in this case we can look primarilyat the Y chromosome (染⾊体)),” explains Ugo A. Perego, a member of the BYU Molecular Genealogy research team.6. People in a large area may possess the same DNA thread becauseA. DNA is characteristic of a regionB. they are beyond doubt of common ancestryC. DNA strand has the ability to identify individualsD. their unique identification can be provided via DNA7. The possible research of family trees is based on the fact thatA. genetics has achieved a breakthroughB. genetic information contained in DNA can be revealed nowC. each individual carries a unique record of who he is and how he is related to othersD. we can use DNA to prove how distant an individual is to a family, a group or a population8. The Molecular Genealogy Research Group is building a database for the purpose ofA. offering assistance in working out genealogy-related problemsB. solving many issues without relying on traditional written recordsC. providing a pedigree chart of at least four generations in the worldD. confirming the assumption that all individuals are of the same origin9. If two men suspected for some reason they have a common ancestor,A. we can decide according to their family treeB.we can find the truth from their genetic markersC. we can compare the differences in their Y chromosomeD. we can look for written records to prove their relationship10. Which of the following CANNOT be inferred from the passage?A. We are a walking, living, breathing record of our ancestorsB. Many American slaves did not know who their ancestors were.C. An adopted child generally lacks enough information to prove his identity.D. Molecular genealogy can be used to prove a relationship between individuals. PASSAGE 3Questions 11 to 15 are based on the following passage.In recent years, teachers of introductory courses in Asian American studies have been facing a dilemma nonexistent a few decades ago, when hardly any texts in that field were available. Today, excellent anthologies（⽂选）and other introductory texts exist, and books on individual Asian Americans are published almost weekly. Even professors who are experts in the field find it difficult to decide which of these to assign to students; non-experts who teach in related areas and are looking for writings for and by Asian American to include in survey courses are in an even worse position.A complicating factor has been the continuing lack of specialized one-volume reference works on Asian Americans, such as biographical dictionaries or desktop encyclopedias. Such works would enable students taking Asian American studies courses (and professors in related fields) to look up basic information on Asian American individuals, institutions, history, and culture without having to wade through mountains of primary source material. In addition, given such works. Asian American studies professors might feel more free to include more challenging AsianAmerican material in their introductory reading lists, since good reference works allow students to acquire on their own the background information necessary to interpret difficult or unfamiliar material.11. The author is primarily concerned with ______.A. responding to a criticismB. describing a course of studyC. discussing a problemD. evaluating a past course of action12. The “dilemma”(Line 2, Para.1) can best be characterized as being caused by the necessity to make a choice when faced with a ______.A. lack of acceptable alternativesB. lack of strict standards for evaluating alternativesC. preponderance of bad alternatives as compared to goodD. multitude of different alternatives13. Biographical dictionaries and desktop encyclopedias are _____A. primary source materialsB. introductory textsC. excellent anthologiesD. reference materials14. Which of the following is implied about the introductory courses in Asian American studies a few decades ago?A. The range of different textbooks that could be assigned for such courses was extremely limitedB. The texts assigned as readings in such courses were often not very challenging for studentsC. Students often complained about the texts assigned to them in such coursesD. Such courses were offered only at schools whose libraries were rich in primary sources15. According to the passage, the existence of good one-volume reference works about Asian Americans could result in______.A. increased agreement among professors of Asian American studies regarding the quality of the sources available in their fieldB. an increase in the number of students sighing up for introductory courses in Asian American studiesC. increased accuracy in writings that concern Asian American history and cultureD. the inclusion of a wider range of Asian American material in introductory reading lists in Asian American studiesIV Translate the following paragraph into English. ( 25 points )汉语中“关系”⼀词，有时可以⽤来表⽰“⽹络”。

Instructor-NYUStern

316-466Monetary EconomicsSemester2,2003InstructorChris EdmondOﬃce Hours:Wed1:00pm-3:00pm,Economics and Commerce Rm419Email:<********************.au>Prerequisites316-312Macroeconomics and316-313MicroeconomicsClassesMon9:00am-10:30am Babel Lower TheatreWed9:00am-10:30am Old Arts-204(CLS)Textbook•Carl E.Walsh.(1998)Monetary Theory and Policy.Cambridge,MA:MIT Press.In addition to the text by Walsh(above),we will also make use of material from:•Michael Woodford.(2003)Interest and Prices:Foundations of a Theory of Monetary Policy.Princeton,NJ:Princeton University Press,forthcoming.Subject overviewAn advanced introduction to modern monetary economics.Covers topics such as:neoclassi-cal monetary theory;price rigidities;interest rates,inﬂation targeting and central banking; rules versus discretion in monetary policy;microeconomic foundations of monetary eco-nomics.Both theoretical and empirical issues will be emphasized.Open economy aspects of monetary economics will be covered where appropriate.AssessmentEither(a):180minuteﬁnal examination(70%)and homework assignments(30%);or (b)90minute mid-semester examination(20%),180minuteﬁnal examination(50%)and homework assignments(30%).1Schedule of topics•Students with strong interests in international monetary economics are also encouraged to attend my PhD course,316-632International Monetary Economics,where many related topics will be covered.•I plan to split the course into four parts of varying lengths.There will be one homework assignment for each part.Part I:Intertemporal Prices and Choices1.Introduction and course overview.One lecture.•Some provocative reading:—J.Bradford De Long.(2000).“The Triumph of Monetarism?”Journal ofEconomic Perspectives.14(1):83-94.—Milton Friedman.(1968).“The Role of Monetary Policy,”American Eco-nomic Review.58(1):1-17.—Robert E.Lucas,Jr.(1996).“Nobel Lecture:Monetary Neutrality,”Journalof Political Economy.104(4):661-682.2.Monetary economics concepts.One lecture.Barter and exchange economies.Dou-ble coincidences.Money as a medium of exchange,store of value,and unit of account.Money as memory.Fiat money versus commodity money.The“Hahn problem.”In-ﬂation.Liquidity.Quantity theories and Fisher equations.Etc.3.Asset pricing basics.Four lectures.Choice under uncertainty.Intertemporal prices.Intertemporal budget constraints.Consumption-based asset pricing.•Concise textbook treatment:—Lars Ljungqvist and Thomas J.Sargent.(2000).Recursive MacroeconomicTheory.Cambridge,MA:MIT Press.Chapters7and10.•A classic article:—Robert E.Lucas,Jr.(1978).“Asset Prices in an Exchange Economy,”Econo-metrica.46(6):1429-1445.•An excellent text for future reference:—John H.Cochrane.(2001).Asset Pricing.Princeton,NJ:Princeton Univer-sity Press.•First homework due at end of week three.2Part II:Monetary Economics with Flexible Prices1.Money demand and money-in-the-utility-function models(Chapter2of Walsh).Three lectures.Money demand.Monetary neutrality and superneutrality.Speculative hyperinﬂations.Welfare costs of inﬂation.•References:—Robert E.Lucas,Jr.(1980).“Two Illustrations of the Quantity Theory ofMoney,”American Economic Review.70(5):1005-1014.—Robert E.Lucas,Jr.(1988).“Money Demand in the United States:AQuantitative Review,”Carnegie-Rochester Conference Series on Public Pol-icy.29(1):137-167—Robert E.Lucas,Jr.(2000).“Inﬂation and Welfare,”Econometrica.68(2):247-274.—George T.McCandless Jr and Warren E.Weber.(1995).“Some MonetaryFacts,”Federal Reserve Bank of Minneapolis Quarterly Review.19(3):2—11.—Maurice Obstfeld and Kenneth Rogoﬀ.(1983).“Speculative Hyperinﬂationsin Maximizing Models:Can We Rule Them Out?”Journal of Political Econ-omy.91(4):675-687.2.Cash-in-advance models(Chapter3of Walsh).Four lectures.Pricing nominalassets.Interest rates and inﬂation.Liquidity eﬀects and asset market segmentation(if time permits).•References:—Fernando Alvarez,Andrew Atkeson,and Patrick J.Kehoe.(2002).“Money,Interest Rates,and Exchange Rates with Endogenously Segmented Markets,”Journal of Political Economy.110(1):71-112.—Fernando Alvarez,Robert E.Lucas,Jr and Warren E.Weber(2001).“Inter-est Rates and Inﬂation,”American Economic Review91(2):219-225.—Alberto Giovannini and Pamela Labadie.(1991).“Asset Prices and InterestRates in Cash-in-Advance Models,”Journal of Political Economy.99(6):1215-1251.—Robert J.Hodrick,Narayana Kocherlakota,and Deborah Lucas.(1991).“The Variability of Velocity in Cash-in-Advance Models,”Journal of PoliticalEconomy.99(2):358-384.—Robert E.Lucas,Jr.(1984).“Money in a Theory of Finance,”Carnegie-Rochester Conference Series on Public Policy.21(2):9—45.—Robert E.Lucas,Jr and Nancy L.Stokey.(1987).“Money and Interest in aCash-in-Advance Economy,”Econometrica.55(3):491-513.—Cyril Monnet and Warren E.Weber.(2001).“Money and Interest Rates,”Federal Reserve Bank of Minneapolis Quarterly Review.25(4):2—13.33.Money and exchange rates.Two lectures.Open economy extensions of theﬂexibleprice approach.Two-country cash-in-advance models.Monetary approach to exchange rates.Evidence for nominal rigidities.•A classic reference for theﬂexible price approach:—Robert E.Lucas,Jr.(1982).“Interest Rates and Currency Prices in a Two-Country World,”Journal of Monetary Economics.10:335-360.•Concise textbook treatment:—Maurice Obstfeld and Kenneth Rogoﬀ.(1996).Foundations of InternationalMacroeconomics.Cambridge,MA:MIT Press.Chapter8.•Second homework due at end of week seven.Part III:Monetary Economics with Nominal Rigidities1.Money and output in the short run–sticky price models(Chapter5ofWalsh,Chapters1though6of Woodford).Five lectures.Goods market imperfec-tions.Sticky prices.Phillips curves,natural rates,etc.Overview of“new Keynesian”macroeconomics.Interest rate rules.Reduced form and structural models.•References:—Olivier Blanchard and Nobuhiro Kiyotaki.(1987).“Monopolistic Compe-tition and the Eﬀects of Aggregate Demand,”American Economic Review.77(4):647-666.—Guillermo,A.Calvo.(1983).“Staggered Prices in a Utility-MaximizingFramework,”Journal of Monetary Economics.12(3):383-398.—V.V.Chari,Patrick J.Kehoe,and Ellen R.McGrattan.(2000).“Sticky-Price Models of the Business Cycle:Can the Contract Multiplier Solve thePersistence Problem?”Econometrica.68(5):1151-1179.—Richard Clarida,Jordi Galí,and Mark Gertler.(1999).“The Science of Mon-etary Policy:A New Keynesian Perspective,”Journal of Economic Literature.37(4):1661—1707.—Richard Clarida,Jordi Galí,and Mark Gertler.(2000).“Monetary PolicyRules and Macroeconomic Stability:Evidence and Some Theory,”QuarterlyJournal of Economics.115(1):147-180.—John B.Taylor(1980).“Aggregate Dynamics and Staggered Contracts,”Journal of Political Economy.88(1):1-23.—John B.Taylor(1993).“Discretion Versus Policy Rules in Practice,”Carnegie-Rochester Conference Series on Public Policy.39:195-214.42.Inﬂation dynamics(Chapter5of Walsh,Chapter3of Woodford).One lecture.Empirical models of inﬂation dynamics.•References:—JeﬀFuhrer and George Moore.(1995).“Inﬂation Persistence,”QuarterlyJournal of Economics.110(1):127-159.—Jordi Galíand Mark Gertler.(1999).“Inﬂation Dynamics:A StructuralEconometric Analysis,”Journal of Monetary Economics.44(2):195-222 3.Evidence on sticky prices(Chapter3of Woodford).One lecture.Empirical testsof price stickiness.Implications for structural models.•References:—Mark Bils and Peter J.Klenow.(2002).“Some Evidence on the Importanceof Sticky Prices,”NBER Working Paper No.9069.—Mark Bils,Peter J.Klenow,and Oleksiy Kryvtsov.(2003).“Sticky Pricesand Monetary Policy Shocks,”Federal Reserve Bank of Minneapolis QuarterlyReview.27(1):2-9—Argia M.Sbordone.(2002).“Prices and Unit Labor Costs:A New Test ofPrice Stickiness,”Journal of Monetary Economics.49(2):265-292.•Third homework due at end of week eleven.Part IV:Central Banking(if time permits)1.Central banks and incentives(Chapter8of Walsh).Two lectures.Rules vs dis-cretion.Time mitment.•References:—Andrew Atkeson and Patrick J.Kehoe.(2001).“The Advantage of Trans-parent Instruments of Monetary Policy,”NBER Working Paper No.8681.—Robert J.Barro and David B.Gordon.(1983).“A Positive Theory of Mon-etary Policy in a Natural Rate Model,”Journal of Political Economy.91(4):589-610.—David Backus and John Driﬃll.(1985).“Inﬂation and Reputation,”Ameri-can Economic Review.75(3):530-538.—Finn E.Kydland and Edward C.Prescott.(1979).“Rules Rather than Dis-cretion:The Inconsistency of Optimal Plans,”Journal of Political Economy.85(3):473-492.—Nancy L.Stokey.(2002).“‘Rules versus Discretion’after Twenty-Five Years,”in Mark Gertler and Kenneth Rogoﬀ(eds).NBER Macroeconomics Annual.Cambridge,MA:MIT Press.•Fourth homework due at end of week twelve.5。

MidtermExam_Sample

MidtermExam_SampleNote: This sample test should only be used as a guide to the styles of mid-semester exam questions. The topics covered here are not exhaustive. Your revision should not be based on these set of questions only. The level of difficulty of this sample test is also NOT indicative of the level of difficulty of the actual test. The answers are in bold.1. If the average annual rate of return for common stocks is 11.7%, and treasury bills is 4.1%, what is the average market risk premium?A) 15.8%B) 4.1%C) 7.6%D) None of the above2.You are thinking about investing in a mine that will produce $10,000 worth of ore in the first year. As the ore closest to the surface is removed it will become more difficult to extract the ore. Therefore, the value of the ore that you mine will decline at a rate of 8% per year forever. If the appropriate interest rate is 6%, then the value of this mining operation is closest to:A) $71,429B) $166,667C) $500,000D) This problem cannot be solved3.As the number of stocks in a portfolio is increased:A) Unique risk decreases and approaches zeroB) Market risk decreasesC) Unique risk decreases and becomes equal to market riskD) Total risk approaches zero4.Tom's portfolio consists solely of an investment in Merck stock. Merck has an expected return of 13% and a volatility of 25%. The market portfolio has an expected return of 12% and a volatility of 18%. The risk-free rate is 4%. Assume that the CAPM assumptions hold in the market. Assuming that Tom wants to maintain the current volatility of his portfolio, then the maximum expected return that Tom could achieve by investing in the market portfolio and risk-free investment is closest to:A) 12%B) 13%C) 15%D) 16%5.The three year annual return for stock B comes out to be 0%, 10% and 26%. Three year annual returns for the market portfolios are +6%, 18%, 24%. Calculate the beta for the stock.A) 0.7B) 1.36C) 1.0D) None of the above6.The efficient portfolios:(I) have only unique risk(II) provide highest returns for a given level of risk(III) provide the least risk for a given level of returns(IV) have no risk at allA) I onlyB) II and III onlyC) IV onlyD) II only7.Suppose you borrow at the risk-free rate an amount equal to your initial wealth and invest in a portfolio with an expectedreturn of 20% and a standard deviation of returns of 16%. The risk-free asset has an interest rate of 4%; calculate the expected return on the resulting portfolio:A) 20%B) 40%C) 36%D) none of the above8.The capital asset pricing model (CAPM) states that:A) The expected risk premium on an investment is proportional to its betaB) The expected rate of return on an investment is proportional to its betaC) The expected rate of return on an investment depends on the risk-free rate and the market rate of returnD) The expected rate of return on an investment is dependent on the risk-free rate9.If the beta of Microsoft is 1.7, risk-free rate is 3% and the market risk premium is 8%, calculate the expected return for Microsoft.A) 16.6%B) 15.6%C) 13.9%D) 11.3%10. A stock with a beta of zero would be expected to:A) Have a rate of return equal to zeroB) Have a rate of return equal to the market risk premiumC) Have a rate of return equal to the risk-free rateD) Have a rate of return equal to the market rate of return11.An option that can be exercised any time before the expiration date is called:A) a European optionB) an American optionC) a call optionD) a put option12. The buyer of a call option has the choice to exercise, but the writer of the call option has:A) The choice to offset with a put optionB) The obligation to deliver the shares at exerciseC) The choice to deliver shares or take a cash payoffD) The choice of exercising the call or not13.Suppose you buy a call and lend the present value of its exercise price. You could match the payoffs of this strategy by:A) Buying stock and selling a callB) Selling a put and lending the present value of the exercise priceC) Buying stock and buying a putD) Buying stock and selling a put14. A stock is currently selling for $50. The stock price could go up by 10% or fall by 5% each month. The monthly interest rate is 1% (periodic rate). Calculate the price of a European call option on the stock with an exercise price of $50 and a maturity of two months. (Use the two-stage binomial method)A) $5.10B) $2.71C) $4.78D) $3.6215.If the spot price of an asset is $785, and the risk-free rate of interest is 4.65% p.a., what should the futures price be for the asset in half a year?A)803.47B)811.06C)822.36D)825.87E)868.86。

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