implementation shortfall method -回复
CFA-Level-III-13-Trading, Monitoring and Rebalancing
1. Market Order: 即时单， Market order: an instruction to execute an order promptly in the public markets at the best price available./The market order emphasizes immediacy of execution.2. Limit order: 限价指令，an instruction to trade at the best price available but only if the price is at least as good as the limit price specified in the order./ For buy order, the executive price must not exceed the limit price;/ For sell order, the executive price must be at least as high as the limit price.3. Dealer: Bid:买入这个资产的价格，Ask 卖这个资产的价格Trader：Bid:卖出这个资产的价格，Ask 买入这个资产的价格4. 最低的Ask：market ask，inside ask最高的Bid：market bid，market bid5. The effective spread is a better representation of the true cost of a round-trip transaction because it captures both price improvement and the tendency for larger orders to move prices.* 但是并不是说这个effective spread小就是这个交易员水平高，也很有就可能是当时的流动性比较好产生的* 多笔交易可以是simple average，或者weighted average6. Quote-driven: investors trade with dealers. 外汇（Effective spread来评价dealer）Order-driven markets: investors trade with each other without the use of intermediaries. 股票Brokered markets: investors use brokers to locate the counterparty to a trade.房地产+婚姻介绍所+猎头（在流动性差以及匿名的时候）A fourth market. a hybrid market, is a combination of the other three markets. Additionally, new trading venues have evolved, and the electronic processing of trades has become more common. 新三板市场7. Order Driven:- ECN: electronic crossing network:usually for institutional investors; avoid information leakage, low commission, but no guarantee to find a counterparty- Auction market/ Periodic/batch auction; 集合竞价(在某个时间点只报价，但是不成交)，某个点位的数据拟合度高/ Continuous auction.连续竞价- Automated auciton8. Broker:- a large block to sell-remain anonymous-the market for the security is small or illiquid9. 市场好的时候做dealer：市场不好的时候做broker：Dealer 希望 bid-ask spread 越大越好Broker 希望 bid-ask spread 越小越好Broker：希望促成交易赚commissiondealer：bid-ask spread差价赚钱，给双边一个连续报价10. Markets are organized to provide liquidity. transparency, and assurity of completion.① The market has relatively low bid-ask spreads---这个反应流动性好坏- Such market is often called tight, and quoted spreads and effective spreads are low.② The market is deep--是否可以吸收大单- Depth means that big trades tend not to cause large price movements;- Deep markets have high quoted depth, which is the number of shares available for purchase or sale at the quoted bid and ask prices.③ Market is resilient--受到冲击后是否可以快速恢复- Market is resilient if any discrepancies between market price and intrinsic value tend to be small and correct quickly.④ Transparency⑤ Assurity of completion11. Volume-weighted average price 主要是给到 broker的考量There are plenty of shortcomings for VWAP① VWAP is less informative for trades that represent a large fraction of volume; 占比太大，扭曲了VWAP② A broker with sufficient discretion can try to "game" the measure. To game a cost measure is to take advantage of a weakness in the measure, so that the value of the measure may be misleading;- 每次到了收市前去操纵自己的买卖价格，导致错过了最佳的投资时机③ The missed trades are not considered into the VWAP12. Cost:- Explicit Costs- Market impact cost：反生效应- Missed trade opportunity cost：arise from the failure to execute a trade in a timely manner.◆Suppose a trader places a 1-day limit buy order at $50.00 for a security when the askprice is $50.04. The price rises and the order is left unfilled. If the security closes at $50.10, then the trader has lost out on these profits. The opportunity cost is $0.06 (= $50.10 - $50.04).- Delay costs (also called slippage), . a rise from the inability ,to complete the desired tradeimmediately due to its size and the liquidity of markets.13. Implementation shortfall: 目的是解决VWAP的问题，加入了一个decision price① Explicit costs are commissions, taxes, fees, et cetera;② Realized profit/loss is the difference between the execution price or prices if more than one trade execution is made and the relevant decision price (usually the previous day's close);③ Delay or slippage cost is the cost from not being able to fill the order immediately. It is the market close-to-dose price movement from the day an order was entered (if not executed) until filled;④ Missed trade opportunity cost is an opportunity loss or gain due to the inability to complete the trade. It is the difference between the cancelation price of the order and the decision price.* 这个并不能覆盖所哟肚饿cost，market impact很难进行测量* 参考价格首先考虑是交易员的心理价位，但是如果单独写了benchmark就用这个benchmark* paper portfolio return: 最最理想情况下的收益* realized profit loss是考量由于当天的交易员的交易产生的。
基于CCS的数字图像直方图均衡化的设计
基于CCS的数字图像直方图均衡化的设计作者：杨宏来源：《现代电子技术》2010年第08期摘要:直方图均衡化是最常用的图像增强方法之一,目前大多是用Matlab软件仿真,不利于硬件实现。
为了克服这一不足,这里给出了直方图均衡化算法以及程序设计流程,并在CCS v3.1的软件仿真环境下进行仿真实验。
结果表明,对图像进行直方图均衡化达到了增强的效果。
这为图像处理提供了一种硬件实现的方法。
关键词:CCS; 直方图均衡化; 数字图像; Matlab中图分类号:TP311文献标识码:B文章编号:1004-373X(2010)08-0111-02Design of Digital Image Histogram Equalization Based on CCSYANG Hong(College of Electronic Engineering, Xi’an University of Post and Telecommunications,Xi’an710061, C hina)Abstract:Histogram equalization is one of the image enhancement methods in common use.At present,the usage of Matlab software simulation is not benefit for hardware implementation. In order to overcome this shortfall, a histogram equalization algorithm and program design process are given, and the simulation is done in the CCS v3.1 software simulation environment. The results show that the histogram equalization on images achieves an enhanced effect. The method ofhardware implementation is provided for the image processing.Keywords:CCS; histogram equalization; digital image; Matlab图像增强处理技术一直是图像处理领域中一类非常重要的基本处理技术[1-2]。
MCS Fish Farming Policy 2009
Marine Conservation SocietyFish Farming Policy StatementIntroduction and overviewThe Marine Conservation Society (MCS) was established in 1983 with the aim of protecting the marine environment for wildlife and future generations. MCS is the only national environmental charity working exclusively on the range of issues affecting the marine environment.MCS campaigns for clean seas and beaches, sustainable fisheries, protection of marine life and their habitats, and the sensitive use of our marine resources for future generations. Through education, community involvement and collaboration, MCS raises awareness of the many threats that face our seas and promotes individual, industry and government action to protect our seas for the future.MCS believes responsible management, incorporating the mitigation of environmental impacts within a robust and transparent policy framework is essential to achieve an environmentally sustainable fish farming industry.MCS aims to research, promote and encourage the adoption of environmentally responsible and sustainable practices within the fish farming industry that:•minimise adverse effects on local wildlife, habitats and landscapes from pollution or poor siting;•utilise the best sustainable feed options available;•provide optimum protection of wild stocks from escapes associated with fish-farms;•continues to work towards achieving optimal health and welfare of farmed species; and •utilise the least damaging shellfish harvesting methods.MCS believes that adoption of these practices will help achieve a balance between the development and diversification of the aquaculture industry and the maintenance of marine ecosystem integrity.MCS promotes the adoption of sustainable fish-farming practices by working with fish farmers and other stakeholders, advising government and decision makers, and informing consumers of the most sustainable choices for farmed fish and shellfish. As the industry continues to develop and further research is undertaken this will be used to further inform and refine what MCS regards as sustainable practice.Fish FarmingCurrently 47% of fish destined for dinner tables worldwide is produced by aquaculture1. The Food and Agriculture Organisation of the United Nations (FAO) estimate that by 2030 the world will need to increase its production of food fish by another 40 million tonnes. Even if capture fisheries become more effectively managed their production volume is unlikely to increase above current levels, therefore this shortfall can only be achieved if aquaculture production increases to fill this gap. Potential limiting factors to this expansion are: feed fish supply for farming carnivorous species, freshwater supplies, suitable sites, environmental degradation and the effects of climate change.In 2002 FAO figures indicated that the UK was the third largest producer of farmed fish in the European Union (EU), with Atlantic salmon being the predominant farmed finfish species. 90% of salmon is farmed in Scotland, where fish farming rapidly expanded during the late 1980s and 1990s. The tonnage of salmon produced has increased from 598 tonnes in1980 to 130,000 tonnes in 2007.The fish farming industry is steadily diversifying, with a number of new farmed species now in commercial production. Species such as cod and halibut are being successfully farmed and trials are underway to commercially produce other species such as haddock and sea urchins. With coastal space becoming a premium due to increased demands from other coastal users, fish farming will potentially expand into deeper waters offshore. Although bringing some environmental benefits such as reduced impact on the seabed, such a move will also present a whole new set of challenges.MCS believes fish farming operations should operate in an environmentally sustainable and responsible manner with regard for the health and welfare of both farmed and wild fish, particularly wild salmon stocks. The long-term protection of the wider marine environment and other users such as shellfish farms, shellfisheries and wild salmon anglers also needs to be considered. This can only be achieved by implementation of a robust policy framework that promotes environmental best practice within the industry and incorporates regular independent farm audits combined with the participation in Area Management Agreements where available.MCS would like to see any future expansion of open - cage fish farming, only occurring within a suitable national planning framework, such as marine spatial planning combined with strategic environmental assessment, that identifies suitable locations for fish farms that can operate in harmony with other coastal users and the surrounding marine environment. Measures should also be taken to ensure that husbandry and management practices that reduce the impact of fish farming in the marine environment continue to be developed and implemented.Issues of concernThere are a range of environmental concerns associated with fish farming:•Dependence on industrial fisheries of wild fish stocks for manufacture of fish-feed.•Spread of disease and sea lice to and from wild stocks, which can be exacerbated with high-stocking densities.•Impacts on wild salmon stocks through escaped farmed salmon interbreeding with wild salmon and causing genetic dilution in subsequent generations.•Displacement of wild salmon eggs by the later spawning of escaped farmed salmon and increased competition for wild resources such as food created by such escapes.1 FAO. State of World Fisheries and Aquaculture.2008•Lack of wide ranging research on the effects of chemical pollution (from antifoulants and sea lice treatments) on other marine organisms.•Nutrient pollution (from faeces and waste food) building up underneath cages and being suspended in the water column.•Impacts on other activities such as shellfish culture, shellfisheries and angling interests.•Cumulative impacts from fish farming and other activities in sea lochs leading to an adverse affect on the integrity of the lochs ecosystem and its conservation status.•Conflicts with natural predatorsMCS Position on fin fish farming•MCS supports the principles of producers who strive to meet high environmental and welfare standards with due regard for socio-economic considerations.•MCS believes further expansion (of finfish production) should only occur within a robust strategic framework, such as strategic environmental assessment combined with marine spatial planning, which incorporates all environmental and ecological concerns.•MCS supports the continued development of environmentally sensitive and ecologically sustainable finfish farming practices.•MCS recognizes the value of independent and transparent accreditation schemes, such as the Soil Association organic certification, in promoting higher standards and increasing consumer awareness.•MCS recommends the relocation of inappropriately sited fish farms, including those in the immediate vicinity of salmon rivers and historic wild salmon runs, seal haul-outs and predatory birds nesting sites (unless it can be proven that they are having no adverse effects on those species) and marine habitats important for biodiversity.•MCS does not believe farming of new species is a long-term sustainable solution to mismanagement of capture fisheries but recognises that in some cases e.g. organic cod farming that does not rely on wild capture fish for feed, can relieve pressure on wild stocks.•MCS believes that the finfish and shellfish farming and angling sectors must work closely together for mutual benefit.MCS believes that in order for open cage finfish farms to be considered as sustainable and sensitively operated they must as a minimum:•Be sited sensitively taking into full consideration the protection of local biodiversity, the carrying capacity of enclosed ecosystems such as sea lochs, and the needs of other users of the area to minimise conflict. Such sites should be subject to a full environmentalassessment before farming takes place.•Use feeds that do not rely on unsustainable/poorly managed/below safe limit fisheries as assessed by ICES/FAO. The use of trimmings and offal should be maximised, as in organic production, and should the substitution of marine protein with vegetable alternatives.•Use feeding mechanism technology and set feeding regimes at levels that avoid wastage and reduce nutrient pollution to a minimum.•Keep the use of synthetic pesticides and chemotherapeutants to an absolute minimum and use only in situations where welfare would otherwise be compromised or as part of acoordinated area management agreement.•Introduce fallow periods of sufficient length (as determined by SEPA as a minimum) to allow marine ecosystems to recover from localised fish farming impacts, preferably utilisinga site rotation system wherever feasible.•Maintain stocking densities that minimise the proliferation of disease and sea lice and that ensure high welfare standards are achieved.•Maintain high welfare standards in accordance with RSPCA Freedom Foods welfare standards for farmed Atlantic salmon.•Ensure that the cage design, type and mooring mechanisms are sufficient for the energy of the environment in which they are being used. Cages, pens and nets should also be subject to regular inspection and maintenance to ensure they remain secure. Nets and pens should be cleaned using a method that does not include the use of antifoultants to preventbiofouling.•Employ effective non-lethal predator control measures.•Should have an Environmental Management System in place that monitors and minimises the environmental impacts the farming process generates and demonstrates year on year improvement.For more comprehensive guidelines the MCS Principles and Criteria for sustainable aquaculture should be consulted.。
刘昀论文523
分类号：密级：农业推广硕士研究生学位论文荆州市农村职业教育现状调查与发展对策研究推广领域：农村区域发展研究方向：农村经济研究生：刘昀指导教师：何蒲明副教授別友平高级经济师论文起止日期：2012年6月至2013年3月摘要在城乡统筹发展，工业反哺农业，建设社会主义和谐社会的今天，我国农村职业教育积极调整办学理念和育人目标，为新农村培养留得住、干得好的生力军，不断创新办学模式，为我国新农村建设培养适应生产、建设、管理、服务第一线需要的高等技术应用性专门人才。
在培养模式上，紧密结合本地区经济和社会发展需求科学合理地设置专业；建立产学研结合的高效长效机制；倡导“订单式”培养；大力推行“双证书”制度，以及弹性学制和灵活的教学管理制度，适应了国家产业结构调整的需要。
随着建设和谐社会和社会主义新农村任务的提出，农村职业教育呈现出巨大的经济和社会功能，成为社会关注的热点。
作者以荆州市农村职业教育为个案，采用调查研究法、比较研究法、统计分析法等研究方法，对荆州市农村职业教育的现状与经验、问题与成因、发展与对策进行了研究和探索。
全文共分五个部分。
第一部分论述了本论文研究的背景、意义，国内外研究动态，研究的主要内容及主要方法。
第二部分首先界定了农村职业教育的内涵，然后探讨了农村职业教育的发展历程，接着根据农村职业教育的发展历程，分析了农村职业教育的特点。
第三部分着重研究了当前荆州市农村职业教育在如下几个方面存在的主要问题：一是农村职业教育资源投入不足，办学条件差；二是农村职业教育办学定位不准，办学形式单一；三是农村职业教育结构布局不合理，区域发展不平衡；四是对农村职业教育缺乏全面、正确的认识。
第四部分探讨了国内外农村职业教育发展的主要经验，主要有如下几个方面：第一，实施“全民教育”的理念，提高农村人口的整体素质；第二，通过立法和政策保证农村职业教育的发展；第三，政府提供经费支持农村职业教育的发展；第四，为受教育者提供灵活的、高质量的农村职业技术教育等。
CFA3级各年考题比较
five requirements s for linking the performance data net or gross of fees. disclose the percentage of the composite composed of non-feepaying portfolios. Must disclose currency used to express performance.
risk tolerance in 3 strategies
Performance Evaluation macro evluation
Global Context
macro
Economic Analysis GIPS Dirivative
退休老人
2009
foundation smoothing rule WACC
Valuation risk;Cash flow volatility risk; Credit risk; Reinvestment risk
specification of asset classes
Black-Litterman approach
Returns-based Style Analysis: style drift;information ratio core-satellite portfolio
Asset Allocation
passive investment approach value and growth substyles: commodity: return components, collateral, spot,roll yield swap
cfa 三级 implementation shortfall 公式
"Implementation shortfall" 是投资管理中一个用于衡量交易绩效的指标，它衡量了投资组合经理在执行交易时实际执行价格与计划的价格之间的差异。
这个指标通常被用来评估交易策略的效果以及交易成本。
"Implementation shortfall" 的公式可以用以下方式表示：Implementation Shortfall = Realized P&L - Paper P&L其中，- Realized P&L（实现损益）表示实际执行交易后的损益，即实际的交易执行价格与交易开始时计划的价格之间的差异。
- Paper P&L（纸上损益）表示如果按照计划价格执行交易，会有多少损益。
"Implementation shortfall" 可以以货币单位（例如，美元）或百分比来表示，具体取决于您的偏好。
在公式中，通常会考虑以下几个因素：- 计划价格：开始执行交易时的计划价格。
- 实际执行价格：实际完成交易时的执行价格。
- 交易数量：要交易的资产数量。
- 交易成本：交易期间产生的成本，如佣金、买入/卖出价差等。
- 时间因素：考虑到市场波动性，交易执行的时间也可能影响"Implementation shortfall"。
具体的"Implementation shortfall" 计算可以根据您的投资策略和交易情况而有所不同。
在实际应用中，通常会考虑更多细节，例如分阶段执行、交易成本的具体计算等。
建议在实际使用时咨询投资专业人士或使用专业的交易绩效分析工具来计算"Implementation shortfall"。
保险专业英语词汇
magnitude 震级
malicious damage 恶意损害
moderate damage 中度破坏
multi-story building 多层建建筑
Munich Re 慕尼黑再
net retained lines 净自留额
risk of mould 发霉险
on deck risk 舱面险
保险业词汇
Terms used in insurance industryaccident
意外事故险
actuarial method
精算法
Advance Loss Profits (ALOP)
With Particular Average （W.P.A.） 水渍险
All Risks 一切险
risk of breakage 破碎险
risk of clashing 碰损险
risk of rust 生锈险
risk of hook damage 钩损险
priority 分保自留额
priority 自付责任
proportional reinsurance 比例再保险
rainstorm 雨暴
rating 费率
reinforced concrete building 钢筋混凝土建筑
finite risk 有限制的风险
flash floods 骤发洪水
flooding of rivers 洪水泛滥
frame structure 框架结构
full coverage 全额承保
full insurance value 足额保险价值
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implementation shortfall method -回复implementation shortfall是一种投资策略，旨在帮助投资者在交易器的执行中最大程度地减少实际交易价格与预期价格之间的差异。
这种方法在投资界被广泛使用，以在不同市场条件下实现最佳的价格执行。
本文将一步一步地回答与implementation shortfall方法相关的问题，帮助读者更好地理解和应用该策略。
第一步：了解implementation shortfall方法的基本原理和目标。
implementation shortfall方法旨在最小化实际交易成本与预期成本之间的差异。
预期成本是指在没有进行交易之前，投资者预期的成交价格，通常是一个合理的市场价格。
然而，实际成本常常会超过或低于这个预期价格，这是由于市场的流动性、交易规模、市场影响力等多种因素所影响。
实施不足方法的目标是通过适当的交易策略，在尽可能短的时间内完成交易，并最小化成交价格与预期价格之间的差异。
为实现这一目标，投资者需要进行仔细的规划和分析，结合适当的交易算法来管理交易。
第二步：确定预期交易价格。
实施不足方法的第一步是确定预期交易价格。
投资者需要进行深入的研究和分析，以确定合理的市场价格区间，并考虑到实际交易时可能遇到的市
场影响力。
这涉及到对相关市场的基本面、技术面和其他相关因素进行评估。
投资者可以利用各种分析工具和方法来帮助他们确定预期交易价格，并准备好反应市场波动的策略。
第三步：选择合适的交易算法。
实施不足方法的成功还依赖于选择合适的交易算法。
交易算法通常根据特定的投资目标和市场条件来确定。
有几种不同的交易算法可以选择，比如市价单、限价单和算法交易等。
市价单允许投资者以市场当前的最佳价格执行交易，而限价单则允许投资者设定一个特定的价格执行交易。
算法交易则结合了多种策略和算法，以最佳方式执行交易。
投资者需要综合考虑交易规模、市场流动性、交易成本以及实时市场数据等因素，来选择最适合自己投资策略和目标的交易算法。
第四步：监控和调整实施策略。
一旦投资者开始实施交易，他们需要密切监控市场波动和交易进展，并及
时调整实施策略。
这确保投资者能够适应变化的市场条件，并作出相应的决策。
监控市场波动可以通过实时市场数据和交易执行报告来实现。
投资者需要根据市场反应情况来评估投资策略的有效性，并根据需要进行调整。
第五步：评估交易执行与目标的差异。
实施不足方法的最后一步是评估实际交易执行与目标之间的差异。
投资者应该对交易执行过程进行回顾和评估，以了解哪些因素导致了差异，并从中吸取教训。
这可能涉及到分析交易成本、市场流动性、交易规模、市场反应等多个因素。
通过对过程的全面评估，投资者可以不断改进和优化实施策略，以获得更好的交易执行结果。
总结：
implementation shortfall方法是一种帮助投资者尽量减少实际交易价格与预期价格之间差异的策略。
通过确定预期交易价格、选择合适的交易算法、监控和调整实施策略，以及评估交易执行与目标之间的差异，投资者
可以更好地利用这一策略来管理交易，并在各种市场条件下实现最佳价格执行。
了解和应用implementation shortfall方法将有助于投资者更好地管理投资风险，实现投资目标。