HOLDING PERIOD
WHO 第992号技术报告 附录4：保存时间研究通用指南
WHO 第992号技术报告附录4：保存时间研究通用指南，2015Annex 4General guidance on hold?time studies1. Introduction and background 概述和背景2. Glossary 术语3. Scope 范围4. Aspects to be considered 要考虑的方面Reference 参考文献1. Introduction and background 概述和背景Manufacturers should ensure that the products that they manufacture are safe, effective and of the quality required for their intended use. Systems should be in place to ensure that pharmaceutical products are produced according to validated processes and to defined procedures. Manufacturing processes should be shown to be capable of consistently manufacturing pharmaceutical products that are of the required quality and that comply with their specifications.生产商必须保证其生产的产品安全有效，具有其既定用途所需要的质量。
应有一个系统来保证药品是根据经过验证的工艺和既定的程序生产的。
生产工艺应具备持续生产出具有所需的质量，并符合其质量标准的药品的能力。
Good manufacturing practices (GMP) require that arrangements should be made to ensure that the dispensed raw materials and packaging materials, intermediate products, bulk and finished products are stored under appropriate conditions. Storage arrangements should not have deleteriouseffects on the subsequent processing, stability, safety, efficiency or quality of starting materials, intermediate products and bulk products prior to final packing. Maximum acceptable holding periods should therefore be established to ensure that intermediates and bulk product can be held, pending the next processing step, without producing results outside the acceptance criteria for the quality of the material. Normally, intermediate and bulk products should not be stored beyond the established hold time.优良生产规范（GMP）要求必须做出适当的安排来保证分好的原料、包材、中间产品、散装产品和包装后的成品存贮在适当的条件下。
Dividend Discount Model
4
Dividend Discount Model Assumptions
Using the assumption that dividends will grow at a constant rate, the dividend discount model can be adapted to the Gordon Growth Model
1
Dividend Discount Model Continued
Value of Common Equity:
Present value of future dividends during the holding period
Present value of stock at end of holding period
(C) 2003 Prentice Hall, Inc.
12
Equity Value as a Function of Dividend Growth Rate
Equity value ($/share)
Value of Firm at Various Growth Rates
150 125 Initial dividend = $3
Dividend Discount Model
Is the only model that makes a direct link between the value of the firm's equity and the payoff to investors in that equity
(C) 2003 Prentice Hall, Inc.
(C) 2003 Prentice Hall, Inc.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 4 Working Capital
Cash operating cycle= stock holding period + debtors’ collections period – creditors’ payment period.
Capital assets
Long-term debt and equity
11
1.1 Working capital characteristic of different business
Holding inventory Taking time to pay suppliers and other account payable Allowing customers time to pay
> current liabilities
Current liabilities
Capital assets
Long-term debt and equity
9
NWC: An operational focus
Current assets = current liabilities
Current assets
15
3 Role of working capital management
Fast forward
A business needs to have clear policies for management of each component of working capital.
STOCKOPTIONS
STOCK OPTIONSDE 231SK Rev. 4 (1-11) (INTERNET)Page 1 of 3CUWhaT aRE EmPlOyEE STOCK OPTIONS?An employee stock option is the right or privilege granted by a corporation to an employee to purchase the corporation’s stock at a specified price during a specified period.Those stock option plans that meet the requirements of Sections 421 through 424 of the Internal Revenue Code (IRC) are referred to as statutory stock options; those that do not are referred to as nonstatutory or nonqualified stock options (NSOs).The determination whether a stock option plan meets the requirements of the IRC are made by the Internal Revenue Service (IRS).California’s employment tax treatment of stockoptions conforms to the federal tax treatment, which has evolved through court decisions, IRS rulings and notices, and amendments to the IRC.In addition to statutory and nonstatutory stock optionsdefined in the IRC, there is also a California Qualified Stock Option, which must meet the requirements of Section 17502 of the Revenue and T axation Code (R&TC).The following discussion defines the various types of stock options and provides a detailed explanation of California’s employment tax treatment of income derived from stock options.The attached one-page summary table is provided for quick reference.STaTuTORy STOCK OPTIONSThere are two types of statutory stock options:• Incentive Stock Options (ISOs), which must meetthe requirements of IRC Section 422 and are usually intended for “key” employees as defined by the IRC. The gain from the exercise of an ISO is based on the spread income (the difference between the fair market value of the stock when the option is exercised, less the cost to the employee).• Employee Stock Purchase Plans (ESPPs), which mustmeet the requirements of IRC Section 423 and are usually intended for “rank and file” employees. Thegain from the exercise of an ESPP is based on both the spread income and the discount portion of the stock (ESPPs may be granted with an option price below the full fair market value of the stock as of the date granted, but this discount may not exceed 15 percent).The employment tax treatment of a statutory stock option depends, in part, upon when the employee disposes of (meaning sells, exchanges, gifts, or transfers) the stock acquired through the exercise of the option. Stock that is disposed of after a required minimum holding period is said to have a “qualifying disposition.” Stock not held for this period is said to have a “disqualifying disposition.” Stock disposed of to comply with conflict-of-interest requirements is an exception to the minimum holding period.Employment Tax Treatment of Statutory Stock Options California’s employment tax treatment of the income realized from a statutory stock option is the same as the federal treatment: no income results from the grant or exercise of the stock option. Any gain from the sale of stock is a capital gain, not wages, and it is not subject to employment taxes: Unemployment Insurance (UI),Employment Training Tax (ETT), State Disability Insurance* (SDI), and Personal Income T ax (PIT) withholding.Note: Although no employment taxes are required, in cases where there has been a disqualifying disposition of a statutory stock option, the gain from the spreadincome (and the discount portion of stock acquired by the exercise of an ESPP) must be reported as PIT wages on the Quarterly Contribution Return and Report of Wages (Continuation) (DE 9C).NONSTaTuTORy STOCK OPTIONSAs stated above, an NSO is an employee stock option that does not meet the requirements of Sections 421 through 424 of the IRC. Consequently, it does not enjoy the same favorable tax treatment as a statutory stock option.Employment Tax Treatment of Nonstatutory Stock OptionsWhen an NSO is subject to tax depends on whether, at the time the option is granted, the stock has a “readily ascertainable” fair market value. This is determined by Section 83 of the IRC and corresponding federal regulations.• Income resulting from an NSO that has a fair marketvalue at the time it is granted is wages subject to UI, ETT , SDI, and PIT withholding and reportable as PIT wages at time the option is granted.• Income resulting from an NSO that did not have areadily ascertainable fair market value at the time it was granted is wages subject to UI, ETT , SDI, and PIT withholding and reportable as PIT wages at the time the option is exercised.Note: Most NSOs do not have a readily ascertainable fair market value at the time they are granted.* Includes Paid Family Leave (PFL).CalIFORNIa QualIFIED STOCK OPTIONS (CQSOs)Section 17052 of the R&TC provides that a stock option specifically designated as a CQSO will receive the favorable tax treatment provided by Section 421 of the IRC if all the following conditions are met:1. The option was issued on or after January 1, 1997, andbefore January 1, 2002.2. The earned income of the employee to whom the optionis issued does not exceed $40,000 in the tax year inwhich the option is exercised.3. The number of shares of stock granted in the optiondoes not exceed 1,000 and the combined fair marketvalue of the shares is less than $100,000 at the time the option is granted.4. The employee must be employed by the company at thetime the option is exercised (or within three months ofthat date), or within one year if permanently and totally disabled.Employment T ax T reatment of CQSOsFor federal purposes, CQSOs are subject to federal employment taxes in the same manner as an NSO (see above).For California employment tax purposes, a qualified CQSO receives the favorable tax treatment of a statutory stock option (see above). However, there is no minimum holding period for a CQSO, so there can be no disqualifying disposition. As a result, PIT wages are never reportable upon the disposition of stock obtained through a CQSO.STOCK OPTIONS TRaNSFERRED IN a COmmuNITy PROPERTy SETTlEmENTI n California, a stock option granted during the period of a marriage (or, effective January 1, 2005, during a registered domestic partnership) is community property. Any stock option transferred in a community property settlement is an NSO, either because it did not qualify as a statutory stock option initially or by virtue of the transfer. If a statutory stock option is transferred due to a divorce or pursuant toa domestic relations order, the option no longer qualifiesas a statutory stock option as of the day of the transfer. Thereafter the option is treated as an NSO.When an NSO is transferred to the nonemployee spouse/ partner as part of a community property settlement, there is no income to either party until the nonemployee exercises the option. When the option is exercised, the incomeis subject wages for UI, ETT, SDI, and PIT withholding purposes. However, the income is not reportable as PIT wages.The employee’s ex-spouse (or former registered domestic partner) realizes income based on the employee’s services. The employer should report the income as follows, based on the requirements established by the IRS in Revenue Rulings 2002-22 and 2004-60:• Employee: The income is reportable on behalf of the employee for California UI, ETT, and SDI purposessince it resulted from the employee’s prior services.However, the income is not subject to PIT withholdingand is not reportable as PIT wages for the employee.• Ex-spouse or former registered domestic partner: The income is reportable as nonemployee compensation on federal Form 1099-MISC. California PIT withholding is required, but the income is not reportable as PIT wages.mulTISTaTE JuRISDICTIONal ISSuESStock options, as explained above, may not immediately become “wages” subject to taxation. An employee maybe granted an option in one state, exercise the option ina second state, and dispose of the stock in a third state. For UI, ETT, and SDI purposes, wages derived from the exercise of a stock option are subject to the jurisdiction of the state in which services are otherwise subject at the time the “wages” are paid (when the option becomes taxable). For California PIT purposes, wages derived from stock options are allocated between the states in which the employee performs services for the employer that grants the option. This allocation begins when the option is granted and ends when the income derived becomes taxable. ExampleAn employee is granted an NSO (without a readily ascertainable fair market value) for services performed in California employment. The employee retires and moves to Nevada, where he exercises his option.In this case, the spread income is subject to UI, ETT, and SDI in California because the services that resulted inthe stock option were localized in California. Similarly, for PIT withholding and wage reporting purposes, becauseall the employee’s services were performed in California, the income (and tax thereon) is allocated exclusively to California.aDDITIONal INFORmaTIONFor further assistance, please contact the Taxpayer Assistance Center at (888) 745-3886 or visit the nearest Employment Tax Office listed in the California Employer’s Guide (DE 44) and on the Employment Development Department’s (EDD) Web site at/Office_locator/.The EDD is an equal opportunity employer/program. Auxiliary aids and services are available upon request to individuals with disabilities. Requests for services, aids, and/or alternate formats need to be made by calling (800) 745-3886 (voice), or TTY (800) 547-9565.This information sheet is provided as a public service and is intended to provide nontechnical assistance. Every attempt has been made to provide information that is consistent with the appropriate statutes, rules, and administrative and court decisions. Any information that is inconsistent with the law, regulations, and administrative and court decisions is not binding on either the Employment Development Department or the taxpayer. Any information provided is not intended to be legal, accounting, tax, investment, or other professional advice. DE 231SK Rev. 4 (1-11) (INTERNET)Page 2 of 3E m p l o y m e n t T a x T r e a t m e n t o f S t o c k O p t i o n sF e d e r a l E m p l o y m e n t T a x T r e a t m e n tC a l i f o r n i a E m p l o y m e n t T a x T r e a t m e n t1I R C , S e c t i o n 3306(b )(1)2 I R C , S e c t i o n 3121(a )(22)3 I R C , S e c t i o n 421(a )4 I R C . S e c t i o n 421(b )5 I R C . S e c t i o n 423(c )6 I R C , S e c t i o n 83(a )7 C o d e o f F e d e r a l R e g u l a t i o n s , T i t l e 26, S e c t i o n 1.83-7(a )8 I R C , S e c t i o n 83(e )(3)D E 231S K R e v . 4 (1-11) (I N T E R N E T )P a g e 3 o f 3C U。
个人住房转让涉税事项(建议收藏)
个人住房转让涉税事项在房屋产权转让过程中，所涉及的税种税率极为繁杂。
本文旨在梳理各种住房产权转移形态中涉及的个人税务事项。
依照《民法典》，发生住房产权转移的法律行为或法律事实主要有：买卖、赠与、继承、以及婚姻。
本文将基于上述法律行为或法律事实，逐项分析个人住房转让涉税事项。
一、房屋买卖（一）卖方税务就卖方而言，卖方出卖住房涉及的税种包括：增值税及三项附加（城市维护建设税、教育费附加、地方教育附加）、印花税、土地增值税、个人所得税。
影响税负的第一个因素是卖方售出住房前的持有时间。
持有时间长度直接影响增值税及三项附加税负和个人所得税税负。
根据现行税收政策，卖方售出住房前的持有时间共有三档：持有不满两年、持有满两年、持有满五年。
根据财税【2016】36号附件三第五条，个人将购买不足两年的住房对外销售的，按照5%的征收率全额缴纳增值税；个人将购买两年以上（含两年）的住房对外销售的，免征增值税。
一旦卖方售出住房前的持有时间满五年，就需要考虑到第二个因素，即卖方所售出的住房是否是其家庭的唯一住房。
如果卖方所售出的住房是其家庭的唯一住房，根据财税【1994】20号第二条第（六）项，个人转让自用达五年以上、并且是唯一的家庭生活用房取得的所得，暂免征收个人所得税。
反之，卖方所售出的住房属于家庭的多套住房，则需根据《个人所得税法》课征个人所得税。
关于卖方的印花税以及土地增值税，根据财税[2008]137号第二条与第三条，对个人出售住房的，暂免征收印花税和土地增值税。
个人住房卖方税负总结如下表：旁白：现在知道为什么房屋中介贴出的广告写着“满二”、“满五”、“唯一”、“不唯一”之类的术语了吧！（二）买方税务就买方而言，买方购买住房涉及的税种包括契税和印花税。
影响买方契税税负的核心因素有两个，一是所购卖房屋的面积，二是购买行为的次数、购买房屋的套数。
根据财税(2016)23号第一条和第二条规定，买方购买的房屋建筑面积在90平方米以下的，无论所购买的是家庭唯一住房或者是家庭第二套住房，契税税率为1%。
抛泥许可证审批流程
抛泥许可证审批流程1.申请人需要先向当地环保部门提交抛泥许可证申请表格。
The applicant needs to first submit the mud disposalpermit application form to the local environmental protection department.2.环保部门会对申请材料进行初步审查，确保材料齐全和符合要求。
The environmental protection department will conduct a preliminary review of the application materials to ensurethey are complete and meet the requirements.3.如果申请材料不符合要求，申请人会被要求补充相关材料。
If the application materials do not meet the requirements, the applicant will be asked to provide additional materials.4.一旦材料审核通过，环保部门会安排现场核查，确认申请人的抛泥管理设施符合标准。
Once the materials are reviewed and approved, the environmental protection department will arrange for an on-site inspection to confirm that the applicant's mud disposal facilities meet the standards.5.核查通过后，环保部门会向申请人颁发抛泥许可证。
After the inspection is passed, the environmental protection department will issue the mud disposal permit to the applicant.6.申请人需要遵守许可证所规定的抛泥管理要求，定期向环保部门提交相关报告。
Returns to Buying Winners and Selling Losers Implications for Stock Market Efficiency
A. A Simple One-Factor Model
Consider the following one-factor model describing stock returns:
The superior performance of the relative strength strategies documented in the last section implies that stocks that generate higher than average returns in one period also generate higher than average returns in the period that follows. In other words, these results imply that:
To increase the power of our tests, the strategies we
examine include portfolios with overlapping holding periods.
The profits of the above strategies were calculated for both a series of buy and hold portfolios and a series of portfolios that were rebalanced monthly to maintain equal weights. Since the returns for these two strategies were very similar we
I. Trading Strategies
If stock prices either overreact or underreact to information, then profitable trading strategies that select stocks based on their past returns will exist. This study investigates the efficiency of the stock market by examining the profitability of a number of these strategies.
广外货币银行学期末重点全英米什金
⼴外货币银⾏学期末重点全英⽶什⾦考试题型以及分数分布：⼀、选择题：1’*20=20’⼆、名词解释：4’*5=20’三、简答题：8’*5=40’四、论述题：20’*1=20’重点制作思路：1.考虑到时间关系，抓⼤放⼩2.结合⽼师提及复习内容进⾏预测3.以理顺书本架构为主，看到⼀个知识点猜⼀下可能会出什么题The economics of money,banking and financial markets----by Kyle Chapter1：Why Study Money, Banking, and Financial Markets？（本章了解⼀下这个问题即可，最多考⼀下选择）Answer：To examine how financial markets such as bond and stock markets workTo examine how financial institutions such as banks workTo examine the role of money in the economyChapter2：An Overview of the Financial System1.Function of Financial MarketsPerform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of fundsDirect finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.Promotes economic efficiency by producing an efficient allocation（分配）of capital（资⾦）, which increases production Directly improve the well-being of consumers by allowing them to time purchases better 2.Structure of Financial Markets Debt and Equity （普通股）MarketsPrimary and Secondary MarketsExchanges and Over-the-Counter (OTC不通过交易所⽽直接售给顾客的) MarketsMoney and Capital Markets（货币和资本市场）3. Financial Market Instruments(要能举出例⼦，很可能考选择)Money markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments.4.Internationalization of Financial Markets（重点，选择、名词解释都有可能）Foreign Bonds & EurobondEurocurrencies & EurodollarsWorld Stock Markets5．Function of Financial Intermediaries: Indirect Finance（记⼀下⾦融中介机构的功能，交易成本很可能考名词解释）Lower transaction costs (time and money spent in carrying out financial transactions).Reduce the exposure of investors to riskDeal with asymmetric 不对称information problemsConclusion:Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.6. Types of Financial Intermediaries（会分类即可）Depository institutionsContractual saving institutionsInvestment intermediaries7.Regulation of the Financial SystemTo increase the information available to investors:To ensure the soundness 健康稳固of financial intermediariesChapter3：What Is Money?1.Meaning of Money（即definition，必考名词解释！！）Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.2.Functions of Money（重点）Medium of Exchange:A medium of exchange mustUnit of Account:Store 储藏of Value:3.Evolution of the Payments SystemCommodity 商品MoneyFiat 法定MoneyChecks ⽀票Electronic Payment (e.g. online bill pay).E-Money (electronic money):4.Measuring Money （重中之重，M1/M2都很有可能考名词解释）Construct monetary aggregates using the concept of liquidity:（构建货币总量使⽤流动性的概念）M1 (most liquid assets)= currency + traveler’s checks + demand deposits + other checkable deposits.M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money marketmutual fund shares.Chapter 4：Understanding Interest Rates1.measuring interest rates:Present Value(很可能考察名词解释)A dollar paid to you one year from now is less valuable than a dollar paid to you todaySimple Present Value：PV=CF/(1+i)n次⽅2.Four Types of Credit Market InstrumentsSimple LoanFixed Payment LoanCoupon Bond 附票债券Discount Bond 贴现债券3.Yield to Maturity（重点，很可能名词解释）The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today 计算4种不同信⽤⼯具外加Consol or Perpetuity（⾦边债券或永久债券）的YM4. Yield on a Discount Basis（了解即可）Current Yield当期收益率Yield on a Discount Basis 折价收益率Rate of Return 收益率5.Rate of Return and Interest Rates（收益率与利息率的distinction）The return equals the yield to maturity only if the holding period equals the time to maturityA rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding periodThe more distant a bond’s maturity, the greater the size o f the percentage price change associated with an interest-rate changeThe more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise6.Interest-Rate RiskPrices and returns for long-term bonds are more volatile than those for shorter-term bondsThere is no interest-rate risk for any bond whose time to maturity matches the holding period7.Real and Nominal Interest Rates（重点，很可能考察简答题）Nominal interest rate makes no allowance for inflationReal interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowingEx ante real interest rate is adjusted for expected changes in the price levelEx post real interest rate is adjusted for actual changes in the price level8.Fisher Equation（重点考察）Chapter5：The Behavior of Interest Rates1.Determining the Quantity Demanded of an AssetWealth: the total resources owned by the individual, including all assetsExpected Return: the return expected over the next period on one asset relative to alternative assetsRisk: the degree of uncertainty associated with the return on one asset relative to alternative assetsLiquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets（流动性很有可能考名词解释）2.Theory of Asset Demand（必考，死活都得背下来）Holding all other factors constant:1.The quantity demanded of an asset is positively related to wealth2.The quantity demanded of an asset is positively related to its expected returnrelative to alternative assets3.The quantity demanded of an asset is negatively related to the risk of its returnsrelative to alternative assets4.The quantity demanded of an asset is positively related to its liquidity relative toalternative assets3.Supply and Demand for Bonds（见到看⼀下图）Market Equilibrium4.Shifts in the Demand for BondsWealth: in an expansion with growing wealth, the demand curve for bonds shifts to the rightExpected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the leftExpected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the leftRisk: an increase in the riskiness of bonds causes the demand curve to shift to the left Liquidity: increased liquidity of bonds results in the demand curve shifting right 5．Shifts in the Supply of BondsExpected profitability of investment opportunities: in an expansion, the supply curve shifts to the rightExpected inflation: an increase in expected inflation shifts the supply curve for bonds to the rightGovernment budget: increased budget deficits shift the supply curve to the right6.The Liquidity Preference Framework（重中之重）7.Demand for Money in the Liquidity Preference FrameworkAs the interest rate increases:–The opportunity cost of holding money increases…–The relative expected return of money decreases……and therefore the quantity demanded of money decreases.8.Shifts in the Demand for Money（都很重要）Income Effect:a higher level of income causes the demand for money at each interest rate to increase and the demand curve to shift to the rightPrice-Level Effect: a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the rightLiquidity preference framework leads to the conclusion that an increase in the money supply will lower interest rates: the liquidity effect.Income effect finds interest rates rising because increasing the money supply is an expansionary influence on the economy (the demand curve shifts to the right). Chapter9:Banking1.The Bank Balance SheetLiabilities–Checkable deposits–Nontransaction deposits–Borrowings–Bank capitalAssets–Reserves(准备⾦)–Cash items in process of collection–Deposits at other banks–Securities–Loans–Other assets2.Basic Banking:Cash Deposit：Opening of a checking account leads to an increase in the bank’s reserves equal to the increase in checkable depositsCheck Deposit3．Inter-businessBank settlementFinance leaseFiduciary businessSafe deposit box4.Off-Balance-Sheet ActivitiesLoan sales (secondary loan participation)Generation of fee income. Examples:Chapter12:Central Banks and the Federal Reserve System(此章省略很多)1.Structure of the Fed(了解即可)12 FRBs（9⼈）Member BanksFOMC (7+1+4⼈)Federal Advisory Council （12⼈）2.Federal Reserve Bank（3+3+3⼈）Functions：Clear checksIssue new currencyWithdraw damaged currency from circulationAdminister and make discount loans to banks in their districtsEvaluate proposed mergers and applications for banks to expand their activitiesAct as liaisons between the business community and the Federal Reserve SystemExamine bank holding companies and state-chartered member banksCollect data on local business conditionsUse staffs of professional economists to research topics related to the conduct of monetary policyChapter13&14：The Money Supply Process:1.Players in the Money Supply ProcessCentral bank (Federal Reserve System)Banks (depository institutions; financial intermediaries)Depositors (individuals and institutions)2．Fed’s Balance Sheet4.Open Market PurchaseThe effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in depositsThe effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchaseOpen Market SaleReduces the monetary base by the amount of the saleReserves remain unchangedThe effect of open market operations on the monetary base is much more certain than the effect on reserves5.Fed’s Ability to Control the Monetary BaseSplit the monetary base into two components :MBn= MB - BRthe non-borrowed monetary base :MBnborrowed reserves:BR6.The Formula for Multiple Deposit Creation（很重要！必考,记住公式）7.Factors that Determine the Money SupplyChanges in the nonborrowed monetary base MBnChanges in borrowed reserves from the FedChanges in the required reserves ratioChanges in currency holdingsChanges in excess reserves8.The Money Multiplier(重点)Assume that the desired holdings of currency C and excess reserves ER grow proportionally with checkable deposits D. Then,c = {C/D} = currency ratioe = {ER/D} = excess reserves ratioThe monetary base MB equals currency (C) plus reserves (R):MB = C + R = C + (r x D) + ERM=m*MB=m*(MBn+BR)M=1+c/r+e+cChapter 15：Tools of Monetary Policy1. Tools of Monetary PolicyOpen market operationsChanges in borrowed reservesChanges in reserve requirementsFederal funds rate: the interest rate on overnight loans of reserves from one bank to another 2.Demand in the Market for ReservesSupply in the Market for Reserves3.Affecting the Federal Funds Rate4.Open Market Operations（超级重点）Advantages：The Fed has complete control over the volumeFlexible and preciseEasily reversedQuickly implemented5.Discount Policy（超级重点）Advantages：Used to perform role of lender of last resortdisadvantages：Cannot be controlled by the Fed; the decision maker is the bank6.Reserve Requirements（超级重点）Advantages：No longer binding for most banksdisadvantages：Can cause liquidity problemsIncreases uncertainty for banks7.Monetary Policy Tools of the European Central BankOpen market operationsLending to banksReserve RequirementsChapter16：The Conduct of Monetary Policy: Strategy and Tactics1. Goals of Monetary Policy（1）The Price Stability GoalLow and stable inflationInflationNominal anchor to contain inflation expectationsTime-inconsistency problem（2）Other Goals of Monetary PolicyHigh employmentEconomic growthStability of financial marketsInterest-rate stabilityForeign exchange market stability2.Monetary TargetingAdvantages–Almost immediate signals help fix inflation expectations and produce less inflation –Almost immediate accountability Disadvantages–Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregat e3.Inflation TargetingPublic announcement of medium-term numerical target for inflationInstitutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goalInformation-inclusive approach in which many variables are used in making decisions AdvantagesDoes not rely on one variable to achieve targetEasily understoodReduces potential of falling in time-inconsistency trapStresses transparency and accountabilityDisadvantagesDelayed signalingToo much rigidityPotential for increased output fluctuationsLow economic growth during disinflation4.Monetary Policy with an Implicit Nominal AnchorThere is no explicit nominal anchor in the form of an overriding concern for the Fed.Forward looking behavior and periodic “preemptive strikes”The goal is to prevent inflation from getting started.Advantages–Uses many sources of information–Avoids time-inconsistency problemDisadvantages–Lack of transparency and accountability–Strong dependence on the preferences, skills, and trustworthiness of individuals in charge–Inconsistent with democratic principles5.Tactics: Choosing the Policy InstrumentTools–Open market operation–Reserve requirements–Discount ratePolicy instrument (operating instrument)–Reserve aggregates–Interest rates–May be linked to an intermediate targetInterest-rate and aggregate targets are incompatible (must chose one or the other).6.Linkages Between Central Bank Tools, Policy Instruments, Intermediate Targets, and Goals of Monetary Policy(中间⽬标是超级重点，死活都要背下来)Chapter19:The Demand for Money1.Velocity of Money and The Equation ofExchangeV=P*Y/MM*V=P*Y2.Quantity Theory of Money DemandSO: Demand for money is determined by:The level of transactions generated by the level of nominal income PYThe institutions in the economy that affect the way people conduct transactions and thus determine velocity and hence k 3.Keynes’s Liquidity Preference TheoryTransactions motivePrecautionary motiveSpeculative motiveVelocity is not constant:4.Friedman’s Modern Quantity Theory of Money(记住该公式及其含义)5.Differences between Keynes’s and Friedman’s Model (cont’d)Friedman–Includes alternative assets to money–Viewed money and goods as substitutes–The expected return on money is not constant; however, r b – r m does stay constant as interest rates rise–Interest rates have little effect on the demand for moneyFriedman (cont’d)–The demand for money is stable–velocity is predictable–Money is the primary determinant of aggregate spendingChapter23：Transmission Mechanisms of Monetary Policy: The Evidence1.Framework(1)Structural Modelwhether one variable affects anotherTransmission mechanism–The change in the money supply affects interest rates–Interest rates affect investment spending–Investment spending is a component of aggregate spending (output) Advantages and Disadvantages(2)Reduced-FormAnalyzes the effect of changes in money supply on aggregate output (spending) to see if there is a high correlation Advantages and Disadvantages2.Transmission Mechanisms of Monetary Policy(1)Asset Price EffectsTraditional interest rate effectsExchange rate effects on net exports...(2)Credit ViewChapter24:Money and Inflation1.meaning of inflation(死活背下来)extremely high for a sustained period of time, its rate of money supply growth is also extremely highMoney Growth–High money growth produces high inflationFiscal Policy–Persistent high inflation cannot be driven by fiscal policy aloneSupply Shocks–Supply-side phenomena cannot be the source of persistent high inflation ?Conclusion: always a monetary phenomenon 2.Origins of Inflationary Monetary PolicyCost-push inflation–Cannot occur without monetary authorities pursuing an accommodating policy ?Demand-pull inflationBudget deficits–Can be the source only if the deficit is persistent and is financed by creating money rather than by issuing bondsTwo underlying reasons–Adherence of policymakers to a high employment target–Presence of persistent government budget deficits3.The Discretionary (Activist)/ Nondiscretionary (Nonactivist) Policy Debate（1）Advocates of discretionary policy：regard the self-correcting mechanism as slowPolicy lags slow activist policy（2）Advocates of nondiscretionary policy:believe government should not get involvedDiscretionary policy produces volatility in both the price level and output。
topic1
Topic 1: Relationship Between Risk and ReturnBUS 442 Investment Theory and Portfolio ManagementOne of the most important concepts in investment theory is the relationship between risk and return. It is this relationship that drives the theoretical foundation of many investment models (such as the Capital Asset Pricing Model). Before we begin our discussion on the development of theoretical models that attempt to “capture” the relationship between risk and return, we need to first understand how these two variables (or measurements) are determined.1. (Rate of) ReturnIn your own words, explain what rate of return represents and why it is so important to an investor?One of the measurements of return is the holding period return (HPR), which represents the return an investor received for holding an investment for a certain amount of time. The formula for determining the HPR is as follows:pricePurchase income Current gain/loss Capital price Purchase income Current price) Purchase price (Sale +=+-=HPRFrom the above formula, it is clear that the HPR is dependent on two components:(a) Capital gain/loss(b) Current incomeRefer to In-class Example 1It is important to understand that the HPR is an ex-post return, i.e. a return that has already taken place. It is sometimes known as the historical return. Another thing that you should be aware of is that the HPR is a measurement for return over a single period (i.e. 4 months, 5 years, etc.)What happen if you needed to determine the investment returns over multiple periods? In other words, what if you are interested in the average returns of an investment over a number of quarters or years? There are three different measures for average returns: (a) arithmetic average, (b) geometric average, and (c) dollar-weighted average return. It is important for you to understand the advantages and disadvantages for each of the three return measurements.(a)Arithmetic average(i)Advantage(ii)Disadvantage(b)Geometric average(i)Advantage(ii)Disadvantage(c)Dollar-weighted average return(i)Advantage(ii)DisadvantageRefer to In-class Example 2In order to compare the performances among different investments, it is important to make sure that you are doing so on equal terms. In other words, you need to “compare apples with apples”. One way to do this is to annualize all your returns before making the comparisons. There are two common annualized returns: (a) annual percentage rates (APR) and (b) effective annual rate (EAR).(a) Annual percentage rate (APR)Explain how the APR of an investment is determined. What does this measurement ignored?(b) Effective annual rate (EAR)Explain the difference between APR and EAR.The relationship between the EAR and the APR of an investment can be expressed with the formula as follows:nn APR EAR ⎪⎭⎫ ⎝⎛+=+11where n = number of compounding period per year.Keep in mind that the formula has to be “modified” when you are dealing with continuous compounding. In this case, the relationship between EAR and APR is determined by the formula as follows:1-=APR e EARRefer to In-class Example 32. Uncertainty and its Impact on ReturnWhen it comes to investments, there are always some levels of uncertainty associated with future holding period returns. Such uncertainty is commonly known as the risk of the investment.What cause s the uncertainty (or volatility) of an investment’s returns? The answer depends on the nature of the investment, the performance of the economy, and other factors. In other words, when you “dissect” the uncertainty of an investment’s return, you will real ize that it is made up of different components. The following are some of the components:(a) Business risk : This is the uncertainty regarding the earnings (or profitability) of a firm as a result ofchanges in demand, input prices, and technological obsolescence.(b) Default risk : This is the uncertainty regarding an issuing firm’s ability to pay interest, principal, etc. on itsdebt instruments.(c) Inflation risk : This is the uncertainty over future rates of inflation. If the return from an investment is barelykee ping up with the rate of inflation, an investor’s purchasing power will be eroded as time goes on. In other words, the investor will receive a lesser amount of purchasing power than what was originally invested because the cost of buying everything has gone up. Inflation risk is also known as purchasing power risk .(d) Market risk : This represents the changes in an investment’s price (or market value) as a result of an eventthat affects the entire market. An example is the impact of a market correction or a market crash on an investment’s return.(e) Interest rate risk : This represents the fluctuation in the value of an investment when market interest ratechanges. This has a big impact on interest-paying investments because as market interest rate rises (falls), a n investor’s money is tied up in a bond that pay less (more) than the going rate, and hence the value of the investor’s bond decreases (increases).(f) Liquidity risk : This is the risk of not being able to sell an investment immediately with a reasonable price. (g) Political risk : This is caused by changes in the political environment that affect an investment’s marketvalue. Political risk can be classified as either domestic or foreign political risk. An example of domestic political risk is a change in the tax laws, and an example of foreign political risk is a change in a foreign government’s policy regarding capital outflow.(h) Callability risk : This is the risk that an investment is recalled (or retired) prior to the original stated date.This type of risk is most applicable to long-term bonds and preferred stocks. This usually happens when the issuing firms find the market conditions favorable in “refinancing” such investments.(i) Exchange rate risk : This is the uncertainty regarding the changes in exchange rates that might affect thevalue of an investment. Exchange rate uncertainty has an impact on both domestic and foreign investments. Why is this the case?It is important to understand that the components of risk present and the “size” of each component differ f rom one investment to another investment. For example, certain investments have no liquidity risk while other investments have extremely high level of liquidity risk.Now that you knew more about the concept of risk, how do we measure it? We can determine the risk of an investment using the scenario analysis approach. This approach is based on an investment’s expected return rather than its historical return.In your own words, explain what the expected return represents (or measures).The expected return of an investment can be determined using the following formula:)(...)()(][)(2211n n i i p r p r p r p r r E ⨯++⨯+⨯=⨯=∑where i p = probability of a given scenario and n = the number of scenarios.The above formula should look familiar to you since you would have encountered it in statistics and introductory finance courses. Now that you are once again comfortable with the formula to calculate the expected return, lets take a look at a slightly more complex formula for calculating the standard deviation, which is a common measurement for risk.[][]22)()(r E p r i i -⨯=∑σIt is easier to understand the concept of standard deviation when we look at the distribution curve of the returns of an asset. The following graph depicts the distribution curves of the returns of two assets, A and B, which have the same expected return.Frequency Return Mean Asset AAsset BWe know the standard deviation measures how far the returns deviate from the asset’s average return. In the preceding graph, we know that the standard deviation of Asset B is greater than that of Asset A because we can visually verify that the returns of Asset B deviate more from its mean return. Another way to compare the volatility (or standard deviation) of two assets is to look at the shapes of the distribution curves. The flatter (or more spread out) the curve, the more volatile the returns; and the narrower the curve, the less volatile the returns.Refer to In-class Example 4It is important to understand that the formula above is an ex-ante formula. In other words, it tries to “predict” the volatility of a particular investment’s returns in the future. However, it is also crucial to analyze how the investment had behaved in the past. In order to accomplish this, we will need to analyze the volatility of the investment’s historical return.The concepts behind standard deviations based on expected returns and historical returns are very similar. They both look at the average deviation of the returns from the investment’s average return. The only differ ence is that one uses the expected return for the average return while the other uses average historical return for the average return (which is denoted by x ). The following is the formula for calculating the standard deviation based on historical returns:[]122--=∑n x n x sIt is important to note that most investors use a small sample of an investment’s historical returns to determine its volatility. As a result, we will be determining the standard deviation of an investment’s return based on a sample rather than the population. In other words, we are solving for the sample standard deviation, and this is usually denoted by s rather than σ (as indicated by the formula above).Refer to In-class Example 5。
财务管理--Working_capital_management
• Investing surplus
– CD – Gilt-edged securities – …
Working capital funding strategies
• Permanent and fluctuating current assets • In most businesses, a proportion of the current assets are fixed over time:
– Receivables
Net Working capital = current assets – current liabilities
Why manage working capital
• All companies need some working capital in order to keep the business running. • Current assets are a major balance sheet item. In typical manufacturing firm, it account for over half of its total assets. For distribution company, they account for even more • Working capital decisions require continuous, day-to-day supervision • Working capital decisions have effect on the firm’s risk, return, share price, and more important, cash flows.
?finance
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HOLDING PERIOD
Affiliate(control person)v. Non-affiliate transactions
Affiliate or person selling on behalf on an affiliate Non-affiliate (and has not
affiliate during the prior
before issuance)
Restricted securities of REPORTING ISSUER 6 month holding period 6 month holding period
NO RESALE under rule 144 NO RESALE under rule
144
After 6 months holding period from issuance After 6 months holding
period from issuance
MAY RESELL under rule 144 if: a. Current public info b. Volume Limitarions c. Manner of sale requirements for equity securities,and d. Filing of Form 144 UNLIMITED PUBLIC
RESALE under Rule 144
so long as the issuer
continues to report for
another 6 months after
sale.
After 1 year holding
period-unlimited public
resales under 144;no need
to comply with any other
Rule 144 requirements.
Restricted securities of 1 year holding period 1 year holding period
NON-REPORTING ISSUER NO RESALE under rule 144 After 1 year holding period
from issuance
MAY RESELL in accordance with all Rule 144 requirements,including: a. Current public info. b. Volume limitations, c. Manner of sale requirements for equity securities,and d. Filing of Form 144 UNLIMITED PUBLIC
RESALE under rule
144;need not comply any
other rule 144
requirements.