Fixed income quiz
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The document contains a 13 question quiz on fixed income concepts. The questions cover topics like bond pricing, duration, convexity, yield curves, and spreads. Sample questions calculate the price value of a basis point (PVBP) for a bond, determine the duration of a bond portfolio, and identify the order of market yields for different types of municipal bonds from highest to lowest.
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Introduction portfolio management
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and online sources
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Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.
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Read more about our plans to invest in 100 new European startups with our biggest and boldest fund yet over on our blog: http://seedcamp.com/seedcamp-fund-iv-announcement/
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Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://sdca.mp/SeedcampVI
All data taken at Q2'22, investment disclaimers and regulatory notices have been removed from the public version of this deck.
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After raising an initial $3M angel fund in 2017, then a $10M early-stage fund in 2019, Weekend Fund used this pitch deck to raise a $21M Fund "3.0" in 2022.
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Fixed income tutorial question
1. A bond selling at a discount will have its coupon rate less than its current yield and yield to maturity. The coupon rate will be the lowest of the three.
2. Reinvestment risk is not higher for callable bonds than option-free bonds. Longer maturity bonds have lower reinvestment risk than shorter maturity bonds.
3. For the bond described, with a face value of $100 paying 8% annual coupons over 3 years, the current market value based on arbitrage-free valuation is $100.72.
Chapter 22
This document contains a chapter summary on managing interest rate risk and insolvency risk on the bank's balance sheet. It includes 38 true/false and multiple choice questions covering topics like repricing gaps, duration gaps, and how these measures are used to analyze a bank's sensitivity to interest rate changes. The questions assess understanding of how different gap positions impact a bank's earnings and market value when rates rise or fall.
Hw05 fin. mgmt.
The document contains 5 multiple choice questions about bond valuation. Question 1 asks which statement is correct about the prices of 3 bonds with the same YTM but different coupon rates if interest rates remain constant. Question 2 asks which statement is correct about the price difference between callable and non-callable bonds of the same maturity and coupon rate. Question 3 asks which statement is correct regarding the relationship between current yield, yield to maturity, and premium/discount bonds. Questions 4 and 5 ask which statement is correct about the impact of different capital structures on bond yields and interest expenses.
BONDS
BONDS, FEATURES OF BONDS, BOND VALUATION, MEASURING YIELD, ASSESSING RISK, TYPES OF LONG- TERM DEBT INSTRUMENTS, SERIAL BONDS, TYPES OF RISK, SEMI- ANNUAL BONDS, YIELD TO CALL, YIELD TO MATURITY, DEFAULT RISK & FACTORS AFFECTING DEFAULT RISK & BOND RATINGS, etc.
Ccra session 9_new
This document provides an overview of bond valuation concepts including:
- Calculating the value of bonds using the present value of future cash flows discounted at the yield to maturity
- How the price of a bond is affected by changes in interest rates
- The relationship between coupon rates, yields and whether a bond trades at a premium or discount
- Traditional yield measures used for bonds like current yield, yield to maturity and how they relate to each other based on whether a bond trades at a premium or discount
- Additional bond concepts covered include dirty and clean prices, pull to par effect, and zero coupon bond valuation.
W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
W E B E X T E N S I O N 5C
A Closer Look at Bond Risk:
Duration
T his extension explains how to manage the risk of a bond portfolio using the con-cept of duration.
5.1 BOND RISK
In our discussion of bond valuation in Chapter 5, we discussed interest rate and rein-
vestment rate risk. Interest rate (price) risk is the risk that the price of a debt secu-
rity will fall as a result of increases in interest rates, and reinvestment rate risk is the
risk of earning a less than expected return when debt principal or interest payments
are reinvested at rates that are lower than the original yield to maturity.
To illustrate how to reduce interest rate and reinvestment rate risks, we will consider
a firm that is obligated to pay a worker a lump-sum retirement benefit of $10,000 at the
end of 10 years. Assume that the yield curve is horizontal, the current interest rate on all
Treasury securities is 9%, and the type of security used to fund the retirement benefit is
Treasury bonds. The present value of $10,000, discounted back 10 years at 9%, is
$10,000(0.4224) = $4,224. Therefore, the firm could invest $4,224 in Treasury bonds
and expect to be able to meet its obligation 10 years hence.1
Suppose, however, that interest rates change from the current 9% rate immedi-
ately after the firm has bought the Treasury bonds. How will this affect the situation?
The answer is, “It all depends.” If rates fall, then the value of the bonds in the port-
folio will rise, but this benefit will be offset to a greater or lesser degree by a decline
in the rate at which the coupon payment of 0.09($4,224) = $380.16 can be reinvested.
The reverse would hold if interest rates rose above 9%. Here are some examples (for
simplicity, we assume annual coupons).
1. The firm buys $4,224 of 9%, 10-year maturity bonds; rates fall to 7% immediately
after the purchase and remain at that level:
Portfolio value at
the end of 10 years
¼
Future value of
10 interest payments
of $380:16 each
compounded at 7%
þ Maturity
value
¼ $5; 252 þ $4; 224
¼ $9; 476
Therefore, the firm cannot meet its $10,000 obligation, and it must contribute
additional funds.
1For the sake of simplicity, we assume that the firm can buy a fraction of a bond.
1
2. The firm buys $4,224 of 9%, 40-year bonds; rates fall to 7% immediately after the
purchase and remain at that level:
Portfolio value at
the end of 10 years
¼ $5; 252 þ
Value of
30-year
9% bonds
when rd ¼ 7%
¼ $5; 252 þ $5; 272
¼ $10; 524
In this situation, the firm has excess capital at the end of the 10-year period.
3. The firm buys $4,224 of 9%, 10-year bonds; rates rise to 12% immediately after the
purchase and remain at that level:
Portfolio value at
the end of 10 years
¼
Future value of
10 interest payments
of $380:16 each
compounded at 12%
þ Maturity
value
¼ $6; 671 þ $4; 224
¼ $10; 895
This situation also produces a funding surplus.
4. The firm buys $4,224 of 9%, 40-year bonds; rates rise to 12% immediately after the
purchase a ...
Chapter 06 Valuation & Characteristics Of Bonds
The document discusses various topics related to bond valuation and characteristics, including:
- Bonds are valued based on the present value of their expected future cash flows.
- Bond prices fluctuate as interest rates change, with bond prices falling when rates rise.
- Other factors like call provisions, convertibility, credit ratings, and bond indentures also impact bond valuation and risk.
- Diluted earnings per share calculations must account for potential share dilution from convertible bonds.
CHAPTER 7INTEREST RATES AND BOND VALUATIONCopyright © 2019 M.docx
CHAPTER 7
INTEREST RATES AND BOND VALUATION
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
6.1
Define important bond features and types of bond
Explain bond values and yields and why they fluctuate
Describe bond ratings and what they mean
Outline the impact of inflation on interest rates
Illustrate the term structure of interest rates and the determinants of bond yields
Key Concepts and Skills
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
6.2
Remember, as with any asset, the value of a bond is simply the present value of its future cash flows.
Bonds and Bond Valuation
More about Bond Features
Bond Ratings
Some Different Types of Bonds
Bond Markets
Inflation and Interest Rates
Determinants of Bond Yields
Chapter Outline
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
Par value (face value) = principal amount, repaid at maturity
Coupon = stated interest payment
Coupon rate = annual coupon divided by face value
Maturity date
Yield or Yield to maturity = rate of return required in the market for the bond
Bond Definitions
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
6.4
Section 7.1 (A)
Although the coupon is typically paid in cash, examples exist of firms paying investors with product.
Yield to maturity, required return, and market rate are used interchangeably.
Bond Value = PV of coupons + PV of par
Bond Value = PV of annuity + PV of lump sum
As interest rates increase, present values decrease.
So, as interest rates increase, bond prices decrease and vice versa.
Present Value of Cash Flows
as Rates Change
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
Section 7.1 (B)
6.5
Consider a bond with a coupon rate of 10% and annual coupons. The par value is $1,000, and the bond has 5 years to maturity. The yield to maturity is 11%. What is the value of the bond?
Using the formula:
B = PV of annuity + PV of lump sum
B = 100[1 – 1/(1.11)5] / .11 + 1,000 / (1.11)5
B = 369.59 + 593.45 = 963.04
Using the calculator:
N = 5; I/Y = 11; PMT = 100; FV = 1,000
CPT PV = -963.04
Valuing a Discount Bond with Annual Coupons
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
7-‹#›
6.6
Section 7.1 (B)
Remember the sign convention on the calculator. The easy way to remember it with bonds is we pay the PV (-) so that we can receive the PMT (+) and th.
S11a
1. The seminar discusses various types of loans including personal and mortgage loans. It provides details on the calculation of interest rates for different loan types and factors affecting credit scores.
2. Sample questions are provided to test understanding of key concepts around loans, assets, liabilities, interest rates and credit scoring.
3. The document appears to be materials for a seminar or training on banking products like loans, liabilities, assets and credit evaluation.
Sample exam 2
The document provides a sample exam for a finance course, including 20 multiple choice questions covering various topics related to annuities, bonds, and loans. The questions test understanding of key concepts such as defining different types of annuities, calculating future and present value of cash flows, and determining prices and yields of bonds. This sample exam is intended to help students prepare for the actual exam by familiarizing them with the types of questions that may be asked.
Chapter 7
This chapter discusses interest rates and bond valuation. It defines important bond features such as par value, coupon, coupon rate, and maturity date. It explains how bond values and yields are calculated and why they fluctuate. The chapter also describes bond ratings and their meaning, and the impact of inflation on interest rates. Finally, it illustrates the term structure of interest rates and the determinants of bond yields.
Bba 2204 fin mgt week 6 bonds
This document provides an overview and learning goals for a lecture on interest rates and bonds. It discusses key concepts like the term structure of interest rates, bond yields, prices, and types. It also covers bond valuation basics, factors that influence interest rates, and theories of the term structure. Examples are provided to illustrate expectations theory and the impact of inflation on interest rates. The document reviews corporate bond features, costs, and ratings. Tables present bond characteristics, issuer risks, and rating scales.
Fin 650 gc week 8 exam 3 latest
FIN 650 GC Week 8 Exam 3 Latest
Question 1. A lease versus purchase analysis should compare the cost of leasing to the cost of owning, assuming that the asset purchased
A. is financed with short-term debt.
B. is financed with long-term debt.
C. is financed with debt whose maturity matches the term of the lease.
D. is financed with a mix of debt and equity based on the firm’s target capital structure, i.e., at the WACC.
E. is financed with retained earnings
Question 2. In the lease versus buy decision, leasing is often preferable
A. because it has no effect on the firm's ability to borrow to make other investments.
B. because, generally, no down payment is required, and there are no indirect interest costs.
C. because lease obligations do not affect the firm’s risk as seen by investors.
D. because the lessee owns the property at the end of the least term.
E. because the lessee may have greater flexibility in abandoning the project in which the leased property is used than if the lessee bought and owned the asset.
A04
This document contains 7 questions related to bond valuation and the efficient market hypothesis for a finance homework assignment. Question 1 asks which observation would contradict the weak form of the efficient market hypothesis. Question 2 asks whether to buy or sell a stock given management ratings. Question 3 asks to calculate the annual coupon rate of a bond given its price and yield to maturity. Question 4 asks how the price of a bond will change over a year given constant yield to maturity.
1. Which of the following statements about pension plans is co.docx
1. Which of the following statements about pension plans is correct?
A. A pension plan that grants mortgage loans is called a savings and loan association.
B. A pension plan that grants mortgage loans isn't an example of a financial intermediary.
C. A pension plan that grants mortgage loans can't suffer losses.
D. A pension plan that grants mortgage loans is an example of a financial intermediary.
2. The term structure of interest rates involves the relationship between
A. yields and bond ratings.
B. stock and bond yields.
C. term and yields.
D. risk and yields.
3. If an individual buys stock on margin and its price rises, the investor
A. must put up additional collateral.
B. must pay interest on the borrowed funds.
C. may take delivery of the stock.
D. must pay tax on the unrealized gain.
4. Which of the following is indicated by an upward-sloping yield curve?
A. Higher prices for long-term maturity
B. Higher interest rates for long-term maturity
C. Lower interest rates for long-term maturity
D. Lower prices for short-term maturity
5. Teresa buys 100 shares of XYZ stock on margin at $20 per share. If the margin
requirement is 45
percent, the interest rate is 10 percent, and she holds the security for 1 year, how much
interest must she
pay?
A. $2,000
B. $200
C. $90
D. $110
6. What is a nation's cash inflow or outflow on its current account given the following
information?
Imports $145
Direct investments abroad $72
Foreign purchase of domestic securities $86
Net income from foreign investments $37
Exports $211
Foreign investments in country $143
Purchase of foreign securities $29
Government spending abroad $22
A. Inflow of $128
B. Inflow of $81
C. Outflow of $128
D. Outflow of $81
7. The minimum margin requirement is established by
A. Congress.
B. the Federal Reserve.
C. brokerage firms.
D. the SEC.
8. The Securities and Exchange Commission regulates
A. the margin requirement.
B. trading in privately held securities.
C. trading in publicly held securities.
D. the amount a stock's price may change.
9. Money market mutual funds invest in
A. federal government treasury bills.
B. federal government bonds.
C. corporate stock.
D. corporate bonds.
10. If a nation exports fewer goods than it imports, it experiences
A. a surplus in current account.
B. an inflow of currency.
C. no change to currency.
D. an outflow of currency.
11. The value of common stock depends on the
A. present value of cash flows.
B. price of the stock.
C. retirement date.
D. coupon rate.
12. Which of the following is a correct statement about default?
A. Default is failure to make interest payments only.
B. Default is failure to meet any of the terms of the indenture.
C. Default is failure to make dividend payments.
D. Default is failure to maintain more assets than liabilities.
13. Investment in investment companies reduce _______ risk.
A. inte ...
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The document discusses several topics related to financial markets and institutions:
- Capital markets facilitate the flow of long-term funds with maturities over one year, while primary markets facilitate the issuance of new securities. Commercial banks are the most dominant depository institution.
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- Debt security yields are influenced by characteristics like risk, tax status, liquidity, and term to maturity. The term structure of interest rates, as depicted by the yield curve, also influences
Session 3 Bond and equity valuation.pdf
This document discusses bond and equity valuation. It defines different types of financial instruments like bonds, stocks, and preferred stocks. It explains the differences between stocks and bonds, and between common and preferred stocks. It also covers bond valuation concepts like par value, coupon rate, maturity period, and types of bonds. The document provides examples of valuing bonds using the present value of future cash flows approach and calculating bond prices at different interest rates. It introduces bond yield measures like yield to maturity and current yield. Duration is defined as a measure of a bond's price sensitivity to interest rate changes.
1.You have $24,435.78 in a brokerage account, and you plan to depo.docx
1.You have $24,435.78 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $240,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
years
2.Time for a lump sum to double
If you deposit money today in an account that pays 5.5% annual interest, how long will it take to double your money? Round your answer to two decimal places.
years
3.Present and future values of a cash flow stream
An investment will pay $150 at the end of each of the next 3 years, $250 at the end of Year 4, $300 at the end of Year 5, and $600 at the end of Year 6.
a. If other investments of equal risk earn 4% annually, what is its present value? Round your answer to the nearest cent.
$
b. If other investments of equal risk earn 4% annually, what is its future value? Round your answer to the nearest cent.
$
Problem 5-14
Future value of an annuity
Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent.
a. $1,000 per year for 10 years at 6%.
$
b. $500 per year for 5 years at 3%.
$
c. $1,000 per year for 16 years at 0%.
$
Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent.
d. $1,000 per year for 10 years at 6%.
$
e. $500 per year for 5 years at 3%.
$
f. $1,000 per year for 16 years at 0%.
$
Problem 5-9
Present and future values for different periods
Find the following values using the equations and then a financial calculator. Compounding/discounting occurs annually. Round your answers to the nearest cent.
a. An initial $500 compounded for 1 year at 8%.
$
b. An initial $500 compounded for 2 years at 8%.
$
c. The present value of $500 due in 1 year at a discount rate of 8%.
$
d. The present value of $500 due in 2 years at a discount rate of 8%.
$
Problem 6-1
Yield Curves
TERM
RATE
6 months
5.03%
1 year
5.41%
2 years
5.65%
3 years
5.79%
4 years
5.87%
5 years
6.1%
10 years
6.35%
20 years
6.63%
30 years
6.76%
a. Plot a yield curve based on these data.
The correct sketch is A, B, C, D
.
b. What type of yield curve is shown?
1. The yield curve is abnormal
2.upward sloping
3. curve is flat
4. downward sloping
5. inverted
c. What information does this graph tell you?
1. In general the rate of inflation is expected to increase and the maturity risk premium is less than zero
2. In general the rate of inflation is expected to decrease and the maturity risk premium is less than zero
3. In genera the rate of inflation is expected to increase and the maturity risk premium is greater than zero
4. The shape of the yield curve depends only on expectations about future inflation which is expected to increase
5. In general the rate of inflation is expected to decrease and the maturity risk premium is greater than zero
d. Based on this y ...
Group 4.pptx
Here are the answers to the word search:
1. Repo
2. Forward rates
3. Duration
4. Expectations
5. LIBOR
6. Zero rate
BBA 3310 Unit VI AssignmentInstructions Enter all answers dir.docx
BBA 3310 Unit VI Assignment
Instructions: Enter all answers directly in this worksheet. When finished select Save As, and save this document using your last name and student ID as the file name. Upload the data sheet to Blackboard as a .doc, .docx or .rtf file when you are finished.
Question 1: (10 points). (Bond valuation) Calculate the value of a bond that matures in 12 years and has $1,000 par value. The annual coupon interest rate is 9 percent and the market's required yield to maturity on a comparable-risk bond is 12 percent. Round to the nearest cent.
The value of the bond is
Question 2: (10 points). (Bond valuation) Enterprise, Inc. bonds have an annual coupon rate of 11 percent. The interest is paid semiannually and the bonds mature in 9 years. Their par value is $1,000. If the market's required yield to maturity on a comparable-risk bond is 14 percent, what is the value of the bond? What is its value if the interest is paid annually and semiannually? (Round to the nearest cent.)
a. The value of the Enterprise bonds if the interest is paid semiannually is
$
b. The value of the Enterprise bonds if the interest is paid annually is
$
Question 3: (10 points). (Yield to maturity) The market price is $750 for a 20-year bond ($1,000 par value) that pays 9 percent annual interest, but makes interest payments on a semiannual basis (4.5 percent semiannually). What is the bond's yield to maturity? (Round to two decimal places.)
The bond's yield to maturity is
%
Question 4: (10 points). (Yield to maturity) A bond's market price is $950. It has a $1,000 par value, will mature in 14 years, and has a coupon interest rate of 8 percent annual interest, but makes its interest payments semiannually. What is the bond's yield to maturity? What happens to the bond's yield to maturity if the bond matures in 28 years? What if it matures in 7 years? (Round to two decimal places.)
The bond's yield to maturity if it matures in 14 years is
%
The bond's yield to maturity if it matures in 28 years is
%
The bond's yield to maturity if it matures in 7 years is
%
Question 5: (15 points). (Bond valuation relationships) Arizona Public Utilities issued a bond that pays $70 in interest, with a $1,000 par value and matures in 25 years. The markers required yield to maturity on a comparable-risk bond is 8 percent. (Round to the nearest cent.) For questions with two answer options (e.g. increase/decrease) choose the best answer and write it in the answer block.
Question
Answer
a. What is the value of the bond if the markers required yield to maturity on a comparable-risk bond is 8 percent?
$
b. What is the value of the bond if the markers required yield to maturity on a comparable-risk bond increases to 11 percent?
$
c. What is the value of the bond if the market's required yield to maturity on a comparable-risk bond decreases to 7 percent?
$
d. The change in the value of a bond caused by changing interest rates is called interest-rate risk. Ba ...
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W E B E X T E N S I O N 5CA Closer Look at Bond RiskDurat.docx
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CHAPTER 7INTEREST RATES AND BOND VALUATIONCopyright © 2019 M.docx
CHAPTER 7INTEREST RATES AND BOND VALUATIONCopyright © 2019 M.docx
1. Which of the following statements about pension plans is co.docx
1. Which of the following statements about pension plans is co.docx
1.You have $24,435.78 in a brokerage account, and you plan to depo.docx
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BBA 3310 Unit VI AssignmentInstructions Enter all answers dir.docx
BBA 3310 Unit VI AssignmentInstructions Enter all answers dir.docx
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Commuication unit 1
The document discusses various aspects of corporate communication including defining communication, the components and models of communication processes, communicating in work teams, non-verbal communication, business meetings, and business etiquette. It provides details on how information is transmitted between individuals and organizations, the stimulus, filter, message, medium, destination, and feedback in communication, and guidelines for effective communication in meetings, teams, and business settings.
Management principles and practices
The document discusses key concepts in organizing, including:
1) The definition of an organization as the coordination of people's activities to achieve common goals through division of labor and authority hierarchies.
2) The organizing process involves identifying activities, grouping them, assigning duties, and delegating authority.
3) Important determinants of organizational structure include goals, strategy, size, technology, and the external environment.
4) Span of management refers to the number of direct reports a manager has, which is determined by factors like the work, technology, abilities of managers and subordinates, and degree of decentralization.
Non verbal communication
This document discusses non-verbal communication and body language. It defines non-verbal communication as communication through gestures, facial expressions, eye contact, posture, touch, and other bodily cues rather than spoken words. It then examines various aspects of non-verbal communication including personal appearance, posture, gestures, facial expressions, eye contact, spatial distances, touch, and artifacts. The document suggests that body language plays a significant role in oral communication and interprets messages on a subconscious level.
Minutes of the academic meeting
The minutes summarize the 1st academic meeting held on October 24, 2009 at IBMR. Key points:
1) Three committees were formed - one to prepare meeting minutes, an internal examination committee headed by Mr. Ravi Eggoni, and an attendance committee headed by Mr. Bidyanand Jha.
2) The executive director, Mr. L.B. Rao, emphasized the importance of teamwork to make IBMR a top business school.
3) It was decided that the first internal exam will be on November 17, 2009. Mr. Eggoni will display the exam timetable by October 28. The exam will include different types of questions worth a total of 50 marks over 1 hour
Executive communication completion
The document outlines an executive communication course to be completed by November 16, 2009. Unit 1 on types of communication and principles of effective communication is complete. Unit 2 on correspondence including letters for different situations is complete except for sales promotion letters and customer complaints. Future units will cover report writing, non-verbal communication, conducting meetings, and group discussions. The five units must be finished by the specified date.
Dyadic communication
Dyadic communication refers to an interaction between two individuals. It provides ideal conditions for close-range feedback as the interactions are person-to-person. Fidelity is high as reactions are mutually observable. Common forms of dyadic communication include face-to-face conversations, telephone conversations, interviews, and instruction. Face-to-face conversation is the most common, linking people socially and professionally through informal exchanges of views and ideas, with participants alternating between speaking and listening roles. Effective face-to-face conversations require analyzing one's habits, maintaining interest, flexibility in topics, and courtesy.
Barriers to communication
The document discusses various barriers to communication, including environmental barriers like noise, individual barriers like judging others, and organizational barriers where messages get distorted as they pass through hierarchies. It provides an example of how a message about viewing a comet gets distorted as it passes through different levels in an organization. Other barriers mentioned include wrong choice of communication channel, linguistic barriers between cultures, and conflicting nonverbal communication. The document recommends overcoming these barriers through encouraging feedback, creating an open climate, using multiple communication channels, active listening, careful wording, and selecting the right channel.
Business Finance Chapter 11 Risk and return
This chapter discusses predicting stock market returns and measuring risk. It introduces expected returns and standard deviation as measures of average return and risk. It then discusses how new, unexpected information can impact stock prices and returns. It also introduces beta as a measure of a stock's systematic, market risk. The chapter concludes by discussing the security market line and capital asset pricing model, which relate expected return and risk by establishing the market risk premium.
Business Finance Chapter 8
The document discusses various investment criteria for capital budgeting decisions, with a focus on net present value (NPV). It defines NPV as the difference between the present value of a project's expected future cash flows and the initial investment cost. The document also discusses other criteria like payback period, accounting rate of return, and internal rate of return. It provides examples to demonstrate how to calculate NPV and compares it to other criteria. It emphasizes that NPV is preferable because it considers the time value of money and risk, and indicates whether a project will increase firm value.
Business Finance Chapter 10
This document summarizes key lessons from analyzing historical capital market returns between 1926-2008:
1. There is typically a reward for bearing more risk, as seen by higher average returns for asset classes like stocks compared to less risky treasury bills. However, riskier assets also experience greater variability in returns.
2. Variability, or volatility, in returns is a measure of risk. Greater variability is seen in scatter plots and frequency distributions that show a wider spread of returns for riskier assets like stocks versus less variable returns for treasury bills.
3. While history shows average returns that reward risk, the future is unpredictable and past performance does not guarantee future results, as seen from periods like 2000-2002
Business Finance Chapter 9
This document discusses various topics related to making capital investment decisions, including relevant cash flows for projects, cash flows from accounting numbers, MACRS tax depreciation rules, and sensitivity analysis. It provides examples of calculating net present value from pro forma financial statements and cash flows. It emphasizes that actual future cash flows are unknown and discusses using scenario and sensitivity analysis to account for forecasting risk when evaluating projects.
Business Finance Chapter 7
This document discusses various topics related to stocks, dividends, and equity markets. It begins by explaining how stock values are related to dividends and dividend growth. It then covers features of common and preferred stocks. The document also discusses how corporate directors are elected and provides an overview of stock markets. Several examples are provided to illustrate stock valuation models including models for constant dividends, constant dividend growth, and non-constant growth. The key differences between debt and equity are also summarized.
Chapter 20 IFM
This chapter discusses corporate strategy and foreign direct investment. It covers the theory of the multinational corporation, including why firms engage in FDI and different types of market integration. The chapter also examines the strategy of the multinational enterprise depending on the firm's stage of development. Finally, it outlines the necessary elements for designing a global expansion strategy, such as selecting a mode of entry, adjusting the effectiveness of the entry mode, and estimating how long competitive advantages will last overseas.
97044413 international-financial-management-11
This document discusses considerations for multinational capital budgeting. It compares capital budgeting analyses from the perspective of a parent company versus a subsidiary and identifies factors that create differences in their cash flows, such as taxes, regulations on transferring funds, and exchange rate movements. The document also outlines inputs needed for multinational capital budgeting analyses and methods for assessing risk.
97044292 international-financial-management-6
This chapter discusses how multinational corporations (MNCs) can manage economic exposure and translation exposure from exchange rate fluctuations. Economic exposure refers to the impact of exchange rates on a firm's future cash flows. An MNC can assess its economic exposure under different exchange rate scenarios and then restructure operations like changing foreign sales, suppliers, or debt levels to balance exchange-rate-sensitive cash flows. Translation exposure results from translating subsidiary financials into the parent currency for reporting. While it does not directly affect cash flows, some firms hedge it using forward contracts to offset potential impact on reported earnings. Effective management of exposure requires long-term strategies rather than short-term fixes.
76345446 foreign-exchange-management-act
The document discusses the Foreign Exchange Management Act (FEMA) of India. It provides the following key details:
1. FEMA was passed in 1999 to replace the Foreign Exchange Regulation Act and make foreign exchange offenses civil offenses. It extends to all of India.
2. Unlike the previous act, FEMA took a more liberal approach by making everything permitted unless specifically prohibited, compared to prohibiting everything unless permitted.
3. The act gave the central government power to impose restrictions on foreign exchange transactions and the holding of foreign assets by Indian residents.
72653145 international-financial-management-1
This document provides an overview of international financial management. It discusses the globalized business environment and the financial challenges that managers face. Key topics covered include international financial markets, the goals and risks of multinational corporations, types of foreign exchange exposure, and important terms in international finance such as letters of credit, balance of payments, and authorized dealers. The document aims to introduce readers to the complex field of managing financial issues that arise in international trade and global business operations.
71521831 international-financial-management-3
This document discusses foreign direct investment (FDI), international portfolio investment, and multinational capital budgeting. It provides reasons why firms invest abroad, how FDI flows occur, determinants of FDI volume, composition of FDI, direction of FDI flows, and processes for multinational capital budgeting. Key points include firms investing abroad for new markets, resources, and efficiencies; FDI occurring through exports, joint ventures, and acquisitions; volume of FDI depending on factors like profitability, infrastructure, and policies; composition including physical assets, intellectual property, and equity; and methods for evaluating foreign investment projects.
63983288 foreign-exchange-management-act
The document provides an overview of India's foreign exchange management policy and foreign trade scenario over the years. It discusses the evolution from strict controls under FERA to a more liberalized management system under FEMA. Foreign exchange reserves have increased substantially from $6 billion in 1991 to over $270 billion in 2007 due to large capital inflows. Exports and imports have both increased steadily over the years, with imports generally exceeding exports, leading to a trade deficit.
Chapter 20 IFM
This document discusses various mechanisms used by multinational corporations to transfer funds between subsidiaries to reduce taxes and take advantage of regulatory differences. It describes mechanisms like transfer pricing, where internal prices are adjusted to shift profits between high and low tax jurisdictions. Reinvoicing centers, where a center in a low tax nation handles invoicing to gain currency and tax advantages, are also discussed. The document provides examples and details of these various intercompany fund transfer mechanisms used by multinational financial systems.
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一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
原版一模一样【微信：741003700 】【(cwu毕业证书)美国中央华盛顿大学毕业证成绩单】【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】外观非常简单，由纸质材料制成，上面印有校徽、校名、毕业生姓名、专业等信息。
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】格式相对统一，各专业都有相应的模板。通常包括以下部分：
校徽：象征着学校的荣誉和传承。
校名:学校英文全称
授予学位：本部分将注明获得的具体学位名称。
毕业生姓名：这是最重要的信息之一，标志着该证书是由特定人员获得的。
颁发日期：这是毕业正式生效的时间，也代表着毕业生学业的结束。
其他信息：根据不同的专业和学位，可能会有一些特定的信息或章节。
办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】价值很高，需要妥善保管。一般来说，应放置在安全、干燥、防潮的地方，避免长时间暴露在阳光下。如需使用，最好使用复印件而不是原件，以免丢失。
综上所述，办理(cwu毕业证书)美国中央华盛顿大学毕业证【微信：741003700 】是证明身份和学历的高价值文件。外观简单庄重，格式统一，包括重要的个人信息和发布日期。对持有人来说，妥善保管是非常重要的。
Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Exploring-Madhya-Pradesh-Culture-Heritage-and-Land-Records.pptx
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
The Rise and Fall of Ponzi Schemes in America.pptx
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
How to Use Payment Vouchers in Odoo 18.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
原版定制【微信:bwp0011】《(nwu毕业证书)美国西北大学毕业证学位证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
The Impact of the 2024 Indian
Election Beyond Borders
01. Investment Gyan
02. Market Update
03. Inspiration investment story
What Lessons Can New Investors Learn from Newman Leech’s Success?
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Discovering Delhi - India's Cultural Capital.pptx
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
South Dakota State University degree offer diploma Transcript
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
PM pre reads for the product manager framework
For kingfisher airlines, interpret this with product management frameworks and answer the below questions
How to Identify the Best Crypto to Buy Now in 2024.pdf
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
原件一模一样【微信：bwp0011】《(RWTH毕业证书)德国亚琛工业大学毕业证》【微信：bwp0011】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问微bwp0011
【主营项目】
一.毕业证【微bwp0011】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【微bwp0011】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
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https://www.britannica.com/event/Expo-Shanghai-2010
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Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
挂科购买【微信号:176555708】【挂科购买(UPenn毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
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二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号:176555708】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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- 1. ©Pristine-Neev Knowledge Management Pvt Ltd Mangalayatan University PGCFR Fixed Income-Quiz 1. 8% $1,000 par-value, semi-annual pay bond with 5 years to maturity is currently trading at $1041.58. The bond’s price value of a basis point (PVBP) is closest to A. $0.42 B. $0.56 C. $0.85 2. In case of option-free bonds, when interest rate changes are large, the duration measure will A. Underestimate the increase in a bond’s price from a given fall in interest rate & overestimate the fall in bond’s price from a given increase in interest rate. B. Underestimate the increase & decrease in a bond’s price from a given fall & increase in interest rate respectively. C. Overestimate the increase in a bond’s price from a given fall in interest rate & underestimate the fall in bond’s price from a given increase in interest rate. 3. All else same, for a bond with higher convexity, investors will require A. Higher yield. B. Lower yield. C. Convexity does not affect the yield required by the investors. 4. A bond currently priced at $978.25 has a modified duration of 8 & a convexity of 37.5. Calculate the new price of the bond if interest rate rises by 10 basis points. A. $986.11 B. $903.66 C. $970.46 5. A portfolio consists of 3 bonds Bond Duration Par-value Market Value X 2.4 $2.5million $2.25million Y 7.8 $1million $1.1milliom Z 9.4 $5 million $5.2million Calculate the duration of the portfolio. A. 7.15 B. 7.37 C. 7.46 6. Which of the following is the most appropriate measure of duration for bonds with embedded options? A. Effective Duration B. Macaulay Duration C. Modified Duration
- 2. ©Pristine-Neev Knowledge Management Pvt Ltd Mangalayatan University 7. The current price of a $1000, 10 year, 6% semiannual coupon bond is $1038.06. The bond’s PVBP is closest to: A. $0.77 B. $0.67 C. $0.87 8. A non-callable bond with 6 years remaining maturity has a semi-annual coupon of 14% and a $1,000 par value. The current yield to maturity on is 12%. Which of the following is closest to the estimated price change of the bond using duration if rates rise by 75 basis points? A. 33.165 B. 32.625 C. 31.265 9. The 2-year spot rate is 6% & the 1-year spot rate is 4%. Which of the following rates is closest to the forward rate for 1 year, 1 year from now? A. 8.04% B. 8.00% C. 7.96% 10. New Jersey Municipal Corporation, a local authority has issued 3 bonds. Bond A is a limited tax general obligation bond. Bond B is an unlimited tax general obligation bond. Bond C is a revenue bond. What is most likely the order of the market yields on these three bonds starting from highest to lowest? A. Bond C, Bond B, Bond A. B. Bond B, Bond A, Bond C. C. Bond C, Bond A, Bond B. 11. Which one of the following statements is most likely true when the spot yield curve is negatively sloped: A. Z spread is less than nominal spread B. Z spread is equal to nominal spread C. Z spread is greater than nominal spread 12. Which of the following is most likely to be true, regarding nominal spread and zero-volatility spread? A. The steeper the bench mark spot rate curve, the greater the difference between the two spread measures. B. The earlier the bond principal is paid, the greater the difference between the two spread measures. C. When the spot yield curve is upward sloping, the nominal spread is larger than the Z-spread. 13. Given the following spot and forward rates, how much should an investor pay for each $1000 of a 2-year, annual zero-coupon bond? One-year spot rate is 5.5% The 1-year forward rate 1 year from today is 8.50%
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