SummaryInternational Business FinanceResults SummaryGroup Number1/22/191/29/192/5/192/12/192/19/192/26/193/5/193/19/193/26/194/2/194/9/194/16/194/23/19return3$40,000.00$42,011.40$ 43,848.64$46,684.81$51,794.88$53,873.09$54,325.70$53,930.06$53,509.69$55,824.19$55,734.67$54,703.96$55,813.3139.53%13$40,000.00$39,461.32$ 41,379.47$40,439.41$40,743.89$41,496.59$43,220.54$43,189.33$43,366.59$44,415.04$45,408.33$46,155.23$46,843.3517.11%12$40,000.00$40,466.25$ 42,403.84$42,471.43$42,685.22$44,120.05$44,011.80$44,627.71$43,320.86$44,627.27$45,122.79$45,140.15$45,965.1114.91%14$40,000.00$39,661.73$ 39,737.94$39,698.94$40,297.00$40,674.70$41,624.96$42,365.92$42,936.49$43,129.98$44,536.88$45,117.57$45,929.7814.82%11$40,000.00$41,352.34$ 42,407.44$41,382.06$41,914.86$42,981.96$43,222.04$43,660.60$42,153.16$42,504.20$43,228.50$44,857.36$45,371.6613.43%8$40,000.00$41,306.36$ 43,017.01$42,422.51$42,965.46$42,901.13$42,442.56$43,087.05$43,026.16$44,088.69$44,606.19$44,436.03$45,343.7913.36%7$40,000.00$40,426.00$ 40,837.84$41,957.17$42,972.54$43,789.05$42,459.01$43,376.45$43,156.38$44,227.83$44,763.45$44,797.70$45,091.7812.73%6$40,000.00$41,339.79$ 42,167.19$42,380.43$43,984.59$44,650.42$44,000.26$45,053.18$44,874.43$44,290.73$45,846.25$45,521.26$45,048.6712.62%17$40,000.00$38,799.63$ 39,313.32$39,812.79$40,418.63$41,326.88$42,916.10$43,377.63$43,375.16$44,376.12$44,596.81$44,498.98$44,258.7610.65%19$40,000.00$40,018.78$ 42,844.74$42,305.62$42,743.66$42,932.30$42,712.30$43,138.78$43,366.69$44,245.63$43,571.88$44,220.08$44,164.6910.41%5$40,000.00$39,839.54$ 40,132.60$39,689.64$40,278.18$40,778.88$41,535.06$41,370.10$40,155.80$41,077.10$41,656.10$43,964.20$44,073.2610.18%4$40,000.00$38,762.17$ 40,780.92$40,180.51$40,752.16$41,947.69$43,048.57$42,679.36$42,935.03$43,783.38$44,334.89$43,716.66$43,980.619.95%10$40,000.00$39,488.69$ 39,447.14$38,193.02$38,906.58$39,667.36$39,128.45$39,995.70$40,547.08$40,793.62$41,439.99$42,041.26$43,708.379.27%16$40,000.00$40,223.41$ 43,941.80$42,443.89$42,491.62$42,097.02$42,636.41$42,086.85$42,840.41$43,557.01$43,758.91$43,678.41$43,359.928.40%2$40,000.00$40,582.71$ 40,691.98$41,155.45$41,238.23$41,322.61$40,976.48$41,988.74$40,870.46$40,967.95$41,249.17$41,558.52$41,605.634.01%18$40,000.00$39,249.74$ 40,829.59$40,680.05$42,508.90$40,272.37$40,249.23$41,401.42$41,757.25$41,895.16$40,812.58$40,508.61$40,931.672.33%9$40,000.00$41,921.78$ 41,211.96$41,272.86$41,319.70$40,893.42$40,159.03$40,928.27$39,363.15$38,950.53$38,884.75$39,339.49$39,290.91-1.77%1$40,000.00$39,785.74$ 38,931.23$38,866.96$39,353.13$41,646.63$38,673.72$40,231.25$38,938.39$39,000.08$39,338.44$38,370.80$39,046.15-2.38%15$40,000.00$38,666.80$ 37,969.95$36,799.31$37,122.85$37,826.43$36,456.32$39,441.67$38,296.39$37,962.14$38,367.60$38,020.62$38,143.58-4.64%average$ 41,152.35$ 40,991.41$ 41,815.37$ 42,378.87$ 42,305.19$ 42,943.69$ 42,567.87$ 43,142.98$ 43,539.90$ 43,718.26$ 44,103.7410.26%S&P5002632.92933.6.

1. SummaryInternational Business FinanceResults SummaryGroup
Number1/22/191/29/192/5/192/12/192/19/192/26/193/5/193/19/
193/26/194/2/194/9/194/16/194/23/19return3$40,000.00$42,011
.40$
43,848.64$46,684.81$51,794.88$53,873.09$54,325.70$53,930.0
6$53,509.69$55,824.19$55,734.67$54,703.96$55,813.3139.53%
13$40,000.00$39,461.32$
41,379.47$40,439.41$40,743.89$41,496.59$43,220.54$43,189.3
3$43,366.59$44,415.04$45,408.33$46,155.23$46,843.3517.11%
12$40,000.00$40,466.25$
42,403.84$42,471.43$42,685.22$44,120.05$44,011.80$44,627.7
1$43,320.86$44,627.27$45,122.79$45,140.15$45,965.1114.91%
14$40,000.00$39,661.73$
39,737.94$39,698.94$40,297.00$40,674.70$41,624.96$42,365.9
2$42,936.49$43,129.98$44,536.88$45,117.57$45,929.7814.82%
11$40,000.00$41,352.34$
42,407.44$41,382.06$41,914.86$42,981.96$43,222.04$43,660.6
0$42,153.16$42,504.20$43,228.50$44,857.36$45,371.6613.43%
8$40,000.00$41,306.36$
43,017.01$42,422.51$42,965.46$42,901.13$42,442.56$43,087.0
5$43,026.16$44,088.69$44,606.19$44,436.03$45,343.7913.36%
7$40,000.00$40,426.00$
40,837.84$41,957.17$42,972.54$43,789.05$42,459.01$43,376.4
5$43,156.38$44,227.83$44,763.45$44,797.70$45,091.7812.73%
6$40,000.00$41,339.79$
42,167.19$42,380.43$43,984.59$44,650.42$44,000.26$45,053.1
8$44,874.43$44,290.73$45,846.25$45,521.26$45,048.6712.62%
17$40,000.00$38,799.63$
39,313.32$39,812.79$40,418.63$41,326.88$42,916.10$43,377.6
3$43,375.16$44,376.12$44,596.81$44,498.98$44,258.7610.65%
19$40,000.00$40,018.78$
42,844.74$42,305.62$42,743.66$42,932.30$42,712.30$43,138.7
8$43,366.69$44,245.63$43,571.88$44,220.08$44,164.6910.41%
5$40,000.00$39,839.54$

2. 40,132.60$39,689.64$40,278.18$40,778.88$41,535.06$41,370.1
0$40,155.80$41,077.10$41,656.10$43,964.20$44,073.2610.18%
4$40,000.00$38,762.17$
40,780.92$40,180.51$40,752.16$41,947.69$43,048.57$42,679.3
6$42,935.03$43,783.38$44,334.89$43,716.66$43,980.619.95%1
0$40,000.00$39,488.69$
39,447.14$38,193.02$38,906.58$39,667.36$39,128.45$39,995.7
0$40,547.08$40,793.62$41,439.99$42,041.26$43,708.379.27%1
6$40,000.00$40,223.41$
43,941.80$42,443.89$42,491.62$42,097.02$42,636.41$42,086.8
5$42,840.41$43,557.01$43,758.91$43,678.41$43,359.928.40%2
$40,000.00$40,582.71$
40,691.98$41,155.45$41,238.23$41,322.61$40,976.48$41,988.7
4$40,870.46$40,967.95$41,249.17$41,558.52$41,605.634.01%1
8$40,000.00$39,249.74$
40,829.59$40,680.05$42,508.90$40,272.37$40,249.23$41,401.4
2$41,757.25$41,895.16$40,812.58$40,508.61$40,931.672.33%9
$40,000.00$41,921.78$
41,211.96$41,272.86$41,319.70$40,893.42$40,159.03$40,928.2
7$39,363.15$38,950.53$38,884.75$39,339.49$39,290.91-
1.77%1$40,000.00$39,785.74$
38,931.23$38,866.96$39,353.13$41,646.63$38,673.72$40,231.2
5$38,938.39$39,000.08$39,338.44$38,370.80$39,046.15-
2.38%15$40,000.00$38,666.80$
37,969.95$36,799.31$37,122.85$37,826.43$36,456.32$39,441.6
7$38,296.39$37,962.14$38,367.60$38,020.62$38,143.58-
4.64%average$ 41,152.35$ 40,991.41$ 41,815.37$
42,378.87$ 42,305.19$ 42,943.69$ 42,567.87$ 43,142.98$
43,539.90$ 43,718.26$
44,103.7410.26%S&P5002632.92933.6811.42%
PortfoliosFIN450International Investing ProjectDescription of
Teams and PortfoliosSpring 2019 Portfolio formation date
1/22/2019Portfolio liquidation date 4/23/2019US Based
MNCsName of FirmTicker SymbolCountry# of shares
purchasedPurchase PriceInitial InvestmentClosing
PriceDividendPosition Value91 day HPREARTeam #1American

3. ExpressAXPUS99$100.48$9,947.52$113.97$0.390$11,283.0313
.81%68.03%United
HealthcareUNHUS37$265.50$9,823.50$230.58$0.900$8,531.46
-12.81%-42.30%Foreign Stocks (ADRs)United Utilities
GroupUUUK9$1,048.58$9,437.22$821.80$0.000$7,396.20-
21.63%-62.37%British
PetroleumBPUK245$40.76$9,986.20$45.02$0.615$11,029.9011.
96%57.32%Cash$805.56$805.56Total$40,000$39,046.15EW
Portfolio Return-2.17%5.17%VW Portfolio Return-
1.83%6.13%Team #2Procter and
GamblePGUS109$91.42$9,964.78$103.16$0.746$11,244.4413.6
6%67.11%Nike,
Inc.NKEUS124$80.45$9,975.80$87.43$0.220$10,841.328.95%4
1.03%Foreign Stocks (ADRs)Toyota Motor
Corp.TMJapan79$125.35$9,902.65$124.94$0.000$9,870.26-
0.33%-1.31%Nokia
Corp.NOKFinland1636$6.11$9,995.96$5.80$0.000$9,488.80-
5.07%-18.85%Cash$160.81$160.81Total$40,000$41,605.63EW
Portfolio Return4.30%22.00%VW Portfolio
Return4.29%21.92%Team #3US Based MNCsName of
FirmTicker SymbolCountry# of shares purchasedPurchase
PriceInitial
InvestmentSnapchatSNAPUS1686$5.93$9,997.98$11.99$0.000$
20,215.14102.19%1584.29%Roku,
IncROKUUS250$39.91$9,977.50$61.53$0.000$15,382.5054.17
%467.66%Foreign Stocks (ADRs)Cannon,
IncCAJJapan359$27.84$9,994.56$28.47$0.000$10,220.732.26%
9.39%SonySNEJapan206$48.47$9,984.82$48.30$0.000$9,949.8
0-0.35%-1.40%Cash$45.14$45.14Total$40,000$55,813.31EW
Portfolio Return39.57%514.99%VW Portfolio
Return39.62%514.64%Team #4Name of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentIntelINTCUS203$49.19$9,985.57$58.78$0.315$11,9
32.3420.14%108.72%PfizerPFEUS235$42.53$9,994.55$39.42$0
.360$9,263.70-6.47%-23.52%Foreign Stocks (ADRs)Toyota
Motor

4. Corp.TMJapan79$125.35$9,902.65$124.94$0.000$9,870.26-
0.33%-1.31%JD Com
INCJDChina429$23.26$9,978.54$29.78$0.000$12,775.6228.03
%169.43%Cash$138.69$138.69Total$40,000$43,980.61EW
Portfolio Return10.34%63.33%VW Portfolio
Return10.27%63.21%Team #5US Based MNCsName of
FirmTicker SymbolCountry# of shares purchasedPurchase
PriceInitial
InvestmentDisneyDISUS90$111.04$9,993.60$133.36$0.000$12,
002.4020.10%108.48%NikeNKEUS124$80.45$9,975.80$87.43$
0.220$10,841.328.95%41.03%Foreign Stocks
(ADRs)BarclaysBCSUK1166$8.57$9,992.62$8.59$0.209$10,01
5.942.67%11.16%AdidasADDYYGermany86$116.18$9,991.48$
129.85$0.000$11,167.1011.77%56.23%Cash$46.50$46.50Total$
40,000$44,073.26EW Portfolio Return10.87%54.22%VW
Portfolio Return10.86%54.17%Team #6Name of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentCostcoCOSTUS47$210.35$9,886.45$245.58$0.570$1
1,542.2617.02%87.84%Nike,
Inc.NKEUS127$78.53$9,973.31$87.43$0.220$11,103.6111.61%
55.38%Foreign Stocks
(ADRs)AlibabaBABAChina64$154.57$9,892.48$187.29$0.000$
11,986.5621.17%116.01%Gold FieldsGFISouth
Africa2808$3.56$9,996.48$3.62$0.014$10,164.962.08%8.60%C
ash$251.28$251.28Total$40,000$45,048.67EW Portfolio
Return12.97%66.96%VW Portfolio Return12.86%66.36%Team
#7US Based MNCsName of FirmTicker SymbolCountry# of
shares purchasedPurchase PriceInitial
Investment3MMMMUS52$190.94$9,928.88$219.50$1.440$11,4
14.0015.71%79.56%MarriottMARUS93$106.77$9,929.61$136.2
8$0.410$12,674.0428.02%169.36%Foreign Stocks
(ADRs)Amadeus H
GroupAMADYSpain136$73.25$9,962.00$79.23$0.000$10,775.2
88.16%36.99%AudiAUDVFGermany11$887.80$9,765.80$892.2
5$0.000$9,814.750.50%2.03%Cash$413.71$413.71Total$40,000
$45,091.78EW Portfolio Return13.10%71.98%VW Portfolio

5. Return13.01%71.50%Team #8Name of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentSouthwest
AirlinesLUVUS197$50.55$9,958.35$52.79$0.160$10,399.634.7
5%20.45%AppleAAPLUS65$153.69$9,989.85$207.48$0.730$13
,486.2035.47%237.97%Foreign Stocks (ADRs)Toyota Motor
Corp.TMJapan80$123.47$9,877.60$124.94$0.000$9,995.201.19
%4.86%NestleUSRGYSwitzerland118$84.17$9,932.06$95.09$2.
464$11,220.6215.90%80.74%Cash$242.14$242.14Total$40,000
$45,343.79EW Portfolio Return14.33%86.00%VW Portfolio
Return14.28%85.77%Team #9US Based MNCsName of
FirmTicker SymbolCountry# of shares purchasedPurchase
PriceInitial InvestmentInternational Business
MachinesIBMUS80$123.82$9,905.60$140.44$1.570$11,235.201
4.69%73.29%Walmart
IncWMTUS102$97.73$9,968.46$103.07$0.530$10,513.146.01%
26.36%Foreign Stocks (ADRs)Teva
PharmaceuticalTEVAIsrael531$18.82$9,993.42$14.91$0.000$7,
917.21-20.78%-60.71%Nokia
CorporationNOKFinland1636$6.11$9,995.96$5.80$0.000$9,488
.80-5.07%-
18.85%Cash$136.56$136.56Total$40,000$39,290.91EW
Portfolio Return-1.29%5.02%VW Portfolio Return-
1.32%4.84%Team #10Name of FirmTicker SymbolCountry# of
shares purchasedPurchase PriceInitial InvestmentMicrosoft
CorpMSFTUS93$106.95$9,946.35$125.44$0.460$11,665.9217.7
2%92.38%FordFUS1170$8.54$9,991.80$9.50$0.450$11,115.001
6.51%84.58%Foreign Stocks (ADRs)Toyota Motor
Corp.TMJapan80$124.00$9,920.00$124.94$0.000$9,995.200.76
%3.08%NintendoNTDOYJapan260$38.37$9,976.20$41.41$0.00
0$10,766.607.92%35.77%Cash$165.65$165.65Total$40,000$43,
708.37EW Portfolio Return10.73%53.95%VW Portfolio
Return10.69%53.78%Team #11US Based
MNCsNikeNKEUS124$80.46$9,977.04$87.43$0.220$10,841.32
8.94%40.96%DisneyDISUS90$110.13$9,911.70$133.36$0.000$
12,002.4021.09%115.47%Foreign Stocks

6. (ADRs)AlibabaBABAChina66$150.25$9,916.50$187.29$0.000$
12,361.1424.65%142.02%Compannia de
SaneamentoSBSBrazil932$10.72$9,991.04$10.69$0.000$9,963.
08-0.28%-
1.12%Cash$203.72$203.72Total$40,000$45,371.66EW
Portfolio Return13.60%74.33%VW Portfolio
Return13.50%73.76%Team #12Apple
INCAAPLUS64$154.94$9,916.16$207.48$0.730$13,278.7234.3
8%227.16%Caterpillar
IncCATUS75$131.66$9,874.50$142.03$0.860$10,652.258.53%3
8.86%Foreign Stocks
(ADRs)AlibabaBABAChina64$154.84$9,909.76$187.29$0.000$
11,986.5620.96%114.50%Nokia
Corp.NOKFinland1680$5.95$9,996.00$5.80$0.000$9,744.00-
2.52%-9.73%Cash$303.58$303.58Total$40,000$45,965.11EW
Portfolio Return15.34%92.70%VW Portfolio
Return15.19%91.84%Team #13US Based
MNCsAmazonAMZNUS5$1,715.71$8,578.55$1,923.77$0.000$9
,618.8512.13%58.26%DisneyDISUS89$111.25$9,901.25$133.36
$0.000$11,869.0419.87%106.90%Foreign Stocks (ADRs)British
PetroleumBPUK245$40.73$9,978.85$45.02$0.615$11,029.9012.
04%57.79%JD.com,
IncJDChina429$23.29$9,991.41$29.78$0.000$12,775.6227.87%
168.04%Cash$1,549.94$1,549.94Total$40,000$46,843.35EW
Portfolio Return17.98%97.75%VW Portfolio
Return17.49%95.35%Team #14US Based
MNCsAT&TTUS322$30.96$9,969.12$32.10$0.510$10,336.205.
33%23.15%Coca-Cola
ConsolodatedCOKEUS48$207.45$9,957.60$309.39$0.250$14,8
50.7249.26%398.52%Foreign Stocks (ADRs)British
PetroleumBPUK245$40.76$9,986.20$45.02$0.615$11,029.9011.
96%57.32%Sony
CorpSNEJapan199$50.18$9,985.82$48.30$0.000$9,611.70-
3.75%-14.20%Cash$101.26$101.26Total$40,000$45,929.78EW
Portfolio Return15.70%116.20%VW Portfolio
Return15.64%115.75%Team #15Abbvie

7. IncABBVUS111$89.50$9,934.50$78.66$1.070$8,731.26-
10.92%-37.10%Tanger Factory
OutletsSKTUS447$22.33$9,981.51$18.91$0.350$8,452.77-
13.75%-44.75%Foreign Stocks
(ADRs)HondaHMCJapan336$29.76$9,999.36Sony
Corp.SNEJapan199$50.18$9,985.82$48.30$0.000$9,611.70-
3.75%-
14.20%AuroraACBCanada1252$7.06$8,839.12$9.06$0.000$11,
343.1228.33%171.95%Cash$98.81$4.73Total4.73$40,000$38,14
3.58EW Portfolio Return-9.47%-32.02%VW Portfolio Return-
0.82%14.07%Team #16US Based MNCsName of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentTeslaTSLAUS33$302.23$9,973.46$263.90$0.000$8,
708.70-12.68%-
41.95%FacebookFBUS66$150.04$9,902.64$183.78$0.000$12,1
29.4822.49%125.60%Foreign Stocks (ADRs)Anheuser-
BuschBUDBelgium135$73.65$9,942.75$89.25$0.000$12,048.75
21.18%116.10%Agnico-Eagle Mines
LimitedAEMCanada256$38.99$9,981.44$40.13$0.125$10,273.2
83.24%13.66%Cash$199.71$199.71Total$40,000$43,359.92EW
Portfolio Return8.56%53.35%VW Portfolio
Return8.48%52.90%Team #17Name of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentJohnson &
JohnsonJNJUS78$127.91$9,976.98$139.90$0.900$10,912.2010.
08%46.98%AT&TTUS327$30.50$9,973.50$32.10$0.510$10,496
.705.33%23.15%Foreign Stocks (ADRs)Vale
SAVALEBrazil696$14.36$9,994.56$13.17$0.000$9,166.32-
8.29%-
29.32%JD.comJDChina457$21.84$9,980.88$29.78$0.000$13,60
9.4628.03%169.43%Cash$74.08$74.08Total$40,000$44,258.76
EW Portfolio Return8.79%52.56%VW Portfolio
Return8.77%52.44%Team #18US Based MNCsName of
FirmTicker SymbolCountry# of shares purchasedPurchase
PriceInitial
InvestmentMicrosoftMSFTUS92$107.71$9,909.32$125.44$0.46

8. 0$11,540.4817.72%92.38%Coca-
ColaKOUS210$47.61$9,998.10$48.21$0.400$10,124.102.10%8.
69%Foreign Stocks (ADRs)Novartis
AGNVSSwitzerland112$88.99$9,966.88$75.90$2.865$8,500.80-
11.49%-38.71%Royal Dutch ShellRDS-
ANetherlands163$61.07$9,954.41$65.00$0.940$10,595.007.97
%36.03%Cash$171.29$171.29Total$40,000$40,931.67EW
Portfolio Return4.08%24.60%VW Portfolio
Return4.04%24.38%Team #19Name of FirmTicker
SymbolCountry# of shares purchasedPurchase PriceInitial
InvestmentJohnson &
JohnsonJNJUS76$130.69$9,932.44$139.90$0.900$10,632.407.7
4%34.83%Tesla,
INCTSLAUS33$302.26$9,974.58$263.90$0.000$8,708.70-
12.69%-41.98%Foreign Stocks (ADRs)Nestle S.A.
(ADR)NSRGYSwitzerland118$84.63$9,986.34$95.09$2.464$11
,220.6215.27%76.83%LVMH Moet Hennessy Louis Vuitton
SELVMUYFrance173$57.65$9,973.45$77.86$0.905$13,469.783
6.63%249.64%Cash$133.19$133.19Total$40,000$44,164.69EW
Portfolio Return11.74%79.83%VW Portfolio
Return11.70%79.61%
Ch8-#22-Page334-
P08_06ObservationJohnFred166.475.6263.875.1369.374.6464.2
76.1555.771.6672.573.7766.275.8864.081.8968.373.31066.1731
164.377.81267.174.81370.161.31465.769.71563.068.71659.076.
11759.177.71865.9711967.871.62077.062.32165.466.42270.578
.32365.270.92473.3702563.270.92665.6702763.266.52862.771.
92961.167.83065.270.13164.672.13270.070.73365.860.33468.2
65.73570.268.63668.870.43758.561.43863.862.73964.0644068.
569.54169.062.34256.866.14364.862.14460.1684566.860.64673
.064.74766.060.64862.562.34969.759.15065.860.85165.268526
9.661.65364.858.35470.555.85561.367.85665.864.15767.963.95
868.860.25964.162.36060.561.16163.663.46267.664.56366.458.
56464.160.16572.162.96666.657.26766.063.56871.965.76965.6
64.77058.857.4

9. Ch7-#7-Page306-P07_07ShipmentProportion
Christopher J. Zappe, Ph.D.: Number of defective items in the
shipment divided by the total number of items in the shipment
(100).
10.1020.7730.1640.5450.0860.0570.3480.7690.57100.55110.23
120.86130.37140.46150.61160.52170.03180.60190.45200.64210
.03220.41230.10240.57250.39260.68270.61280.71290.51300.52
310.54320.58330.72340.06350.06360.91370.58380.11390.06400
.80410.88420.86430.10440.81450.31460.47470.72480.25490.17
500.63510.90520.45530.06540.62550.24560.74570.90580.85590
.62600.54610.29620.60630.73640.09650.32660.56670.43680.70
690.30700.47710.67720.11730.37740.40750.94760.14770.66780
.87790.84800.24810.44820.62830.66840.69850.45860.26870.81
880.97890.66900.51910.12920.08930.00940.13950.96960.16970
.20980.98990.431000.551010.211020.071030.621040.201050.93
1060.521070.791080.481090.621100.551110.391120.321130.51
1140.581150.661160.111170.371180.851190.571200.871210.30
1220.561230.271240.471250.561260.251270.321280.651290.48
1300.531310.631320.861330.671340.121350.141360.361370.97
1380.531390.871400.801410.351420.341430.841440.791450.10
1460.501470.981480.181490.811500.331510.611520.481530.30
1540.871550.941560.501570.761580.531590.891600.431610.77
1620.951630.961640.251650.141660.861670.941680.991690.54
1700.461710.091720.931730.111740.211750.271760.441770.69
1780.861790.131800.581810.741820.451830.351840.151850.75
1860.941870.161880.371890.211900.391910.371920.321930.74
1940.101950.711960.381970.161980.911990.392000.212010.40
2020.452030.762040.222050.652060.622070.472080.242090.85
2100.362110.032120.812130.012140.762150.472160.902170.99
2180.362190.302200.132210.802220.872230.292240.292250.90
2260.872270.142280.622290.302300.832310.582320.222330.50
2340.462350.492360.832370.022380.972390.152400.482410.40
2420.662430.152440.882450.502460.152470.722480.362490.86
2500.872510.422520.282530.212540.912550.272560.522570.85
2580.792590.922600.462610.032620.342630.812640.912650.29

10. 2660.142670.652680.912690.772700.312710.532720.392730.68
2740.862750.052760.152770.942780.312790.542800.922810.82
2820.182830.852840.672850.102860.552870.532880.882890.90
2900.272910.242920.952930.492940.532950.702960.392970.02
2980.612990.813000.503010.953020.533030.803040.603050.72
3060.313070.353080.553090.813100.403110.313120.333130.70
3140.233150.043160.223170.143180.413190.173200.883210.17
3220.743230.743240.923250.043260.893270.803280.983290.25
3300.523310.533320.683330.383340.823350.123360.963370.06
3380.163390.093400.613410.083420.923430.983440.003450.09
3460.693470.043480.403490.863500.373510.053520.243530.71
3540.173550.033560.493570.973580.813590.873600.683610.69
3620.653630.823640.443650.643660.523670.963680.653690.84
3700.233710.673720.463730.613740.243750.683760.313770.05
3780.883790.803800.583810.263820.643830.453840.693850.01
3860.233870.873880.523890.343900.773910.823920.543930.49
3940.393950.333960.753970.633980.363990.184000.434010.06
4020.824030.004040.094050.754060.714070.034080.644090.73
4100.754110.474120.134130.974140.354150.554160.074170.55
4180.214190.884200.654210.774220.384230.094240.684250.00
4260.564270.284280.444290.624300.614310.114320.034330.65
4340.774350.304360.684370.804380.084390.914400.134410.60
4420.194430.394440.694450.214460.714470.494480.404490.62
4500.544510.794520.404530.194540.664550.544560.114570.05
4580.714590.674600.524610.354620.384630.434640.184650.56
4660.144670.914680.344690.244700.964710.794720.794730.77
4740.414750.874760.004770.204780.394790.064800.594810.84
4820.914830.134840.234850.074860.744870.894880.954890.47
4900.214910.234920.334930.154940.854950.944960.044970.62
4980.184990.395000.85
Ch7=#8-Page306-P07_08CustomerTime
Christopher J. Zappe, Ph.D.: Measured in seconds.
14223533443954167473385497910491171123113521454154816
39179418321931204321592231237424312536264727442840297

11. 23031314932383377343135513649377338653959405141384286
43644470457046424713548544959503651128525053665471553
35653574758128591036032615362426381646065516645673168
31694370547193724773127743375557640773278427947803781
43821088352843485508658873688408983907791369234933694
41955096339734988299331004410133102451033310459105511
06611073710833109331103511132112481133911434115511163
41174911879119391203612138122421233112462125771263112
76812810012913413070131541323513369134301353413648137
13113836139441408214134142611434814453145391469514751
14848149371505615143152681535015451155341563815760158
89159571607816110216232163491643716531166551673216812
11697217010717159172321733317456175531765117738178381
79411804118150182731835418442185331863518731188651899
11903919186192122193311948719562196341974119861199522
00422019520243203372043620543206782075020858209352105
32114721213821351214146215522161082171122184321940220
59221442225222353224402255722639227932283822948230952
31642328523339234372354623651237332385923932240492413
52424324335244612458424636247372483524932250482513325
26125330254352554925610725735258114259352605826157262
77263332643126579266832675526836269135270302713027249
27334274392753327639277902787327912228032281382823628
33528452285842865128739288322894529034291712923229340
29447295552967329773298452993730033301463024930354304
13830579306353073330891309683104731136312823134531431
31555316303171573183231932320393213332248323423243232
54432639327473281263293833067331403323433339334413358
83363133761338773395534074341363424134359344433454034
63134711334841349593504735181352423533335465355603565
93574035871359503604036133362443633536410136532366933
67313684936945370503713237270373323744737540376104377
39378603796838031381503823338311538436385453864538753
38897389423904739112239263393533943239530396117397643
98613995940055401514029440342404734055540660407344084
64093441048411654124941334414103415674164641753418524

12. 19784206842146422454237642436425414261264275742831429
36430131431524327243334434374354943649437314385343939
44031441314426344338444444454944664447314485044978450
94451444523445380454434554545633457394585945931460354
61614624046358464394655746642467414686346942470354714
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34850432505425063250739508335093551065511495124651365
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08616094761032611356121036137061411461595616516173261
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01266614666211166342664316657766671667446685066944670
30671416724667355674102675112676536778567858679426805
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13869271693616944169531696115697456984769938700797013
77029670351704997058670610770737708607094271031711427
12757133971452715587165871737718407194372090721122722
40723747241607254872643727347284072946730447317373255
73331734427354073662737537387473996740337413474262743
14674462745357461027475674830749897504675147752937536
67546175534756407578675893759707601037615076210776355
76465765447666076750768121769497709877184772108773547
74317755577662777377781007795978048781327829978338784
81785144786121787567889278952790797916079249793577943

13. 27959179657797707984479966800114801798023380351804428
05448064780733808598093481058811708124481383814328155
28168581750818918194882036821488224082337824428254182
69282732828106829988304483152832378338283481835338366
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85834859338605886141862378633386467865468663186757868
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10100911359123791344914589153791656917379183491952920
63921379224992375924108925399264192760928399295093048
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39942829433394442945339464494763948419497595035951929
52419533095460955359564995747958459596296044961879623
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29846398539986909873498837989449903299130992359933999
44499569996599973299831999591000361001781002351003421
00440100573100610110073810085210096810103210118310128
81013341014481015551016531017421018381019371020331021
48102241102356102432102511410263410279410284410293310
30711031401032781033681034411035341036311037331038451
03958104031104140104289104347104433104542104635104738
10484710495510505010513610523610533710541581055571056
46105792105835105961106014410614310623410636910643910
65921066371067301068571069120107069107137107251107331
10741261075311076521077501078501079451080601081361082
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17810926010933310946910957210969410977110981091099541
10033110131110234110339110471110542110632110745110839
11098911103811113511125711134811143811156511163311179
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33112750112831112911011305711314211325711333611345611
35581136701137331138561139321140341141711142861143421

14. 14436114535114696114732114888114942115077115156115269
11531101154611155341156100115739115842115912611607311
61120116240116348116489116534116654116778116847116935
11704411713611724911734111743311758911764411771181178
691179103118036118147118276118351118480
7. A manufacturing company’s quality control personnel have
recorded the proportion of defective items for each of 500
monthly shipments of one of the computer components that the
company produces. The data are in the file P07_07.xlsx. The
quality control department manager does not have sufficient
time to review all
of these data. Rather, she would like to examine the proportions
of defective items for a sample of these shipments. For this
problem, you can assume that the population is the data from
the 500 shipments.
a.
Use Excel to generate a simple random sample of size 25 from
the data.
b.
Calculate a point estimate of the population mean from the
sample selected in part a. What is the sampling error, that is, by
how much does the sample mean differ from the population
mean?
c.
Calculate a good approximation for the standard error of the
mean.
d.
Repeat parts b and c after generating a simple random sample of
size 50 from the population. Is this estimate bound to be more
accurate than the one in part b? Is its standard error bound to be

15. smaller than the one in part c?
8.
The manager of a local fast-food restaurant is interested in
improving the service provided to customers who use the
restaurant’s drive-up window. As a first step in this process, the
manager asks his assistant to record the time it takes to serve a
large number of customers at the final window in the facility’s
drive-up system. The results are in the file P07_08.xlsx, which
consists of nearly 1200 service times. For this problem, you can
assume that the population is the data in this file.
a.
Use Excel to generate a simple random sample of size 30 from
the data.
b.
Calculate a point estimate of the population mean from the
sample selected in part a. What is the sampling error, that is, by
how much does the sample mean differ from the population
mean?
c.
Calculate a good approximation for the standard error of the
mean.
d.
If you wanted to halve the standard error from part c, what
approximate sample size would you need? Why is this only
approximate?
2. Calculate the following quantities using Excel. (If you have
Excel 2010 or later, we suggest using its new functions.)
a.
P(−2.00 ≤ t10 ≤ 1.00), where t10 has a t distribution with 10

16. degrees of freedom
b. P(−2.00 ≤ t100 ≤ 1.00), where t100 has a t distribution
with 100 degrees of freedom. How do you explain the difference
between this result and the one obtained in part a?
c.
P(−2.00 ≤ Z ≤ 1.00), where Z is a standard normal random
variable. Compare this result to the results obtained in parts a
and b. How do you explain the differences in these
probabilities?
d.
Find the 68th percentile of the t distribution with 20 degrees of
freedom.
e.
Find the 68th percentile of the t distribution with 3 degrees of
freedom. How do you explain the difference between this result
and the result obtained in part d?
22. The file P08_06.xlsx contains data on repetitive task times
for each of two workers. John has been doing this task for
months, whereas Fred has just started. Each time listed is the
time (in seconds) to perform a routine task on an assembly line.
The times shown are in chronological order.
a.
Calculate a 95% confidence interval for the standard deviation
of times for John. Do the same for Fred. What do these
indicate?
b.
Given that these times are listed chronologically, how useful are
the confidence intervals in part a? Specifically, is there any
evidence that the variation in times is changing over time for

17. either of the two workers?
International Business Finance
The objective of this project is to help students understand the
factors that influence the performance of MNCs and foreign
stocks.
Each team will create a stock portfolio of two US-based
multinational corporations (MNCs) and two foreign stocks.
Students will monitor the performance of their portfolio over
the semester and explain why the portfolio performed well or
poorly relative to the portfolios created by other students in the
class. The explanations will offer insight on what is driving the
valuations of the US-based MNCs and the foreign stocks over
time.
To get started: form your research team on the first day of class
and select two stocks of US-based MNCs that you want to
include in your portfolio. If you want to review a list of
possible stocks or do not know the ticker symbol of the stock
you want to invest in, go to the website http://biz.yahoo.com/i/ ,
which lists stocks alphabetically, or to http://biz.yahoo.com/p/ ,
which lists stocks by sectors or industries. Make sure that your
firms conduct a substantial amount of international business.
Next, select two foreign stocks that trade on US stock
exchanges and are not from the same foreign country. Many
foreign stocks trade on US stock exchanges as American
Depository Receipts (ADRs), which are certificates that
represent ownership of foreign stock. ADRs are denominated in
dollars, but reflect the value of a foreign stock, so an increase
in the value of the foreign currency can have a favorable effect
on the ADR’s value. To review a list of ADRs in which you may
invest, go to http://www.adr.com/entry_disclaimer.html. Go to

18. the website and click on ADR Universe. Click on any industry
listed to see a list of foreign companies within that industry that
offer ADRs and the country where each foreign company is
based. You can select ADRs of firms based in any of the
countries shown on the website
http://finance.yahoo.com/intlindices. Click on any company
listed to review background information, including a description
of its business and its stock price trend over the last year. It is
assumed that you will invest $10,000 in each stock that you
purchase (this means $40,000 in total).
List your portfolio in the following format:
Basis on TEAM #16
US Based MNCs
Name of Firm
Ticker Symbol
Number of Shares Purchased
Price per Share at Which You Purchased the Stock
Tesla
TSLA
33
$302.23
Facebook
FB
66
$150.04
Foreign Stocks (ADRs)
Name of Firm
Ticker Symbol
Country of Incorporation
Number of Shares Purchased
Price per Share at Which You Purchased the Stock
Anheuser-Busch

19. BUD
Belgium
135
$73.65
Agnico-Eagle Mines Limited
AEM
Canada
256
$38.99
You can easily monitor your portfolio using various Internet
tools. If you do not already use a specific website for this
purpose, I recommend you use yahoo finance, go to
http://finance.yahoo.com/?u to register for free. Follow the
instructions to create your own portfolio tracking system. This
system not only updates the values of your stocks, but also
provides charts, recent news, and other information on the
stocks in your portfolio.
Your progress reports should have the following information:
1. Return Calculation: Determine the percentage increase or
decrease in each of your stocks over the period of your
investment (portfolio formation date is January 22nd, 2019) and
provide that percentage in a table like the one below.
Name of Firm
Beginning Price
Ending Price
Dividend
Holding Period Return (EAR)
1.

20. 2.
3.
4.
Portfolio (value weighted)
2. Reason for the change in each of the stocks’ price based on
news about that stock. To review the recent news about each of
your stocks, click on http://finance.yahoo.com/?u and insert the
ticker symbol for each firm. Recent news will appear at the
bottom of the screen.
3. Relative Performance Analysis: How does your portfolio’s
performance compare to the portfolios of the other students?
You will be informed of the composition of your peer’s
portfolios on January 24th. Why do you think your portfolio
performance was relatively high or low compared to other
teams?
4. Determine the correlation coefficients of the stock returns in

21. your portfolio. Compute the variance-covariance matrix of the
daily returns of the four stocks in your portfolio. Explain which
stocks are highly correlated with one another and which stocks
are not.
5. Determine whether the performance of each of your US-based
MNCs is driven by the US market. Go to the site
http://finance.yahoo.com/?u and insert the symbol for your
stock. Once the quote is provided, click on Chart. Click on the
box marked S&P (which represents the S&P 500 index). Then,
click on Compare and assess the relationship between the US
market index movements and the stock’s price movements.
Include the graph and brief explanation in your report.
6. Determine whether the performance of each of your foreign
stocks is driven by the corresponding market where the firm is
based. First, go to the site http://finance.yahoo.com/?u and
insert the symbol for your stock. Click on Chart; at the bottom
of the chart, insert the corresponding market index symbol
(make sure you include the ^ if it is part of the index symbol) in
the box. Then, click on Compare and graphically assess the
relationship between the market index movements and the
stock’s price movements. Explain whether the stock’s price
movements appear to be driven by the local market conditions.
Repeat the analysis for each foreign stock in your portfolio.
7. Determine whether your foreign stock’s performance is
driven by the US market (using the S&P 500 as a market proxy).
Erase the symbol you typed into the box below the chart, and
click on S&P just to the right.
8. Review annual reports and news about each of your US-based
MNCs to determine their most important markets and the
foreign currencies to which they are most exposed. Determine
whether your US-stock returns are influenced by the movements
of the foreign currency (against the US dollar) to which it is

22. most exposed. Go to http://www.oanda.com and click on FX
History. You can convert the foreign currency to which the
MNC is highly exposed to US dollars and determine the
exchange rate movements over the period in which you invested
in the stock.
9. Determine whether the stock performance of each of your
foreign firms is influenced by the movements of the firm’s local
currency against the US dollar. You can obtain exchange rates
from http://www.oanda.com over the period in which you
invested in the stock. Provide your assessment of the
relationship between the currency’s exchange rate movements
and the performance of the stock over the investment period.