Stock market return
•Download as PPT, PDF•
0 likes•466 views
The document examines the relationship between stock market returns, inflation, and real economic activity in India. It analyzes two hypotheses: the Fisher hypothesis about nominal stock returns and expected inflation, and the "proxy effect" hypothesis about macroeconomic relationships. The study uses an ARIMA model to test expectations and finds support for the Fisher hypothesis. Regression analyses show inflation is negatively linked to current and future real activity, while stock returns positively correlate with current activity alone. The results contrast previous findings for developed economies.
Report
Share
Report
Share
Recommended
URS FinalPoster
This document summarizes a student's research project that models basic financial cycles of businesses using a physical mass-spring system. The student translates variables from the physical mass-spring system equations to basic financial variables. Two models are created: 1) with no external forcing oscillator to analyze economic dynamics in an ideal situation and 2) with an external forcing oscillator to account for how stock valuation affects net income in reality. The models are implemented in MatLab code and applied to financial data from various businesses. While the economic model provides a qualitative understanding, refinements are needed to improve quantitative accuracy such as better defining variable parallels and tailoring the models to specific industries.
someraj1-Project I Description
The document describes a finance project that involves advising a client on investing $1 million. It involves calculating risk metrics like beta and standard deviation for different assets, illustrating how diversification reduces risk, and analyzing how correlation between assets affects diversification and risk. The project has three parts: 1) calculate beta and other risk metrics for stocks, 2) create portfolios with different asset allocations to show impact on risk and return, 3) analyze effect of correlation on diversification by comparing portfolios with different correlation coefficients.
Economy analysis fore casting techniqes
1) Anticipatory surveys involve surveying businesses, consumers, and government about their future spending plans to forecast economic activity.
2) The indicator approach uses leading, coincidental, and lagging economic indicators like unemployment claims, production, and inventories to predict how the economy will perform.
3) Econometric modeling applies statistical and mathematical techniques to specify precise relationships between economic variables in formal equations to forecast the economy.
Forecasting exchange rates
The document discusses forecasting exchange rates. It describes why firms forecast exchange rates, the common techniques used including technical, fundamental, market-based and mixed forecasting, and how forecasting performance can be evaluated. Evaluation involves measuring accuracy over time, testing for bias, comparing forecasts graphically or statistically, and assessing volatility and how forecasts impact firm value.
Demand Forecasting
The document discusses demand forecasting and methods for forecasting. It outlines key steps in the forecasting process including identifying objectives, determining the nature of goods, selecting an appropriate forecasting method, and interpreting results. Some common types of data used in forecasting are also mentioned, such as time-series, cross-section, and panel data. The document aims to provide an overview of demand analysis and forecasting as important tools for managers to help reduce uncertainties and enable more meaningful planning.
FORECASTING
Quantitative Math - MATH 132
Credits: Group 4 Reporters S.Y. 2015-2016
The ppt has animations, you'll appreciate the presentation if you'll download it. Thank you
Budgeting
A budget is a plan that relates planned resource consumption to a specific period of time. It allows organizations to track expenses, categorize expenditures according to needs, and act as a safety valve to prevent overspending. Budgets must be planned and approved before activities begin and follow organizational policies. Budgets do not exist in isolation but are part of larger projects or plans. Careful planning is needed to avoid over or under expenditures. Common types of budgeting include incremental, zero-based, and activity-based or flexible budgeting.
High low methode
The document discusses the high-low method for separating variable and fixed costs. It has three steps: 1) Identify the month with the highest sales volume as the "high" month and the month with the lowest sales as the "low" month. 2) Calculate the change in costs between the high and low months and relate it to the change in sales. 3) Determine the variable cost per unit of sales. The method uses only two data points but could be inaccurate if those months are not representative of the full year. Alternative methods like adjusting figures or using standard costs can address distortions.
Recommended
URS FinalPoster
This document summarizes a student's research project that models basic financial cycles of businesses using a physical mass-spring system. The student translates variables from the physical mass-spring system equations to basic financial variables. Two models are created: 1) with no external forcing oscillator to analyze economic dynamics in an ideal situation and 2) with an external forcing oscillator to account for how stock valuation affects net income in reality. The models are implemented in MatLab code and applied to financial data from various businesses. While the economic model provides a qualitative understanding, refinements are needed to improve quantitative accuracy such as better defining variable parallels and tailoring the models to specific industries.
someraj1-Project I Description
The document describes a finance project that involves advising a client on investing $1 million. It involves calculating risk metrics like beta and standard deviation for different assets, illustrating how diversification reduces risk, and analyzing how correlation between assets affects diversification and risk. The project has three parts: 1) calculate beta and other risk metrics for stocks, 2) create portfolios with different asset allocations to show impact on risk and return, 3) analyze effect of correlation on diversification by comparing portfolios with different correlation coefficients.
Economy analysis fore casting techniqes
1) Anticipatory surveys involve surveying businesses, consumers, and government about their future spending plans to forecast economic activity.
2) The indicator approach uses leading, coincidental, and lagging economic indicators like unemployment claims, production, and inventories to predict how the economy will perform.
3) Econometric modeling applies statistical and mathematical techniques to specify precise relationships between economic variables in formal equations to forecast the economy.
Forecasting exchange rates
The document discusses forecasting exchange rates. It describes why firms forecast exchange rates, the common techniques used including technical, fundamental, market-based and mixed forecasting, and how forecasting performance can be evaluated. Evaluation involves measuring accuracy over time, testing for bias, comparing forecasts graphically or statistically, and assessing volatility and how forecasts impact firm value.
Demand Forecasting
The document discusses demand forecasting and methods for forecasting. It outlines key steps in the forecasting process including identifying objectives, determining the nature of goods, selecting an appropriate forecasting method, and interpreting results. Some common types of data used in forecasting are also mentioned, such as time-series, cross-section, and panel data. The document aims to provide an overview of demand analysis and forecasting as important tools for managers to help reduce uncertainties and enable more meaningful planning.
FORECASTING
Quantitative Math - MATH 132
Credits: Group 4 Reporters S.Y. 2015-2016
The ppt has animations, you'll appreciate the presentation if you'll download it. Thank you
Budgeting
A budget is a plan that relates planned resource consumption to a specific period of time. It allows organizations to track expenses, categorize expenditures according to needs, and act as a safety valve to prevent overspending. Budgets must be planned and approved before activities begin and follow organizational policies. Budgets do not exist in isolation but are part of larger projects or plans. Careful planning is needed to avoid over or under expenditures. Common types of budgeting include incremental, zero-based, and activity-based or flexible budgeting.
High low methode
The document discusses the high-low method for separating variable and fixed costs. It has three steps: 1) Identify the month with the highest sales volume as the "high" month and the month with the lowest sales as the "low" month. 2) Calculate the change in costs between the high and low months and relate it to the change in sales. 3) Determine the variable cost per unit of sales. The method uses only two data points but could be inaccurate if those months are not representative of the full year. Alternative methods like adjusting figures or using standard costs can address distortions.
Quantitative forecasting
This document discusses quantitative forecasting methods. Quantitative forecasting depends on data and analytical techniques to predict future demand based on past demand information. Some common quantitative forecasting methods discussed include time series analysis, causal models, and simulation. Time series methods like simple moving averages, weighted moving averages, and exponential smoothing are explained as techniques to forecast future demand based on historical data trends. Linear regression models are also mentioned as a way to establish relationships between demand and other factors. Key factors that influence the selection of a forecasting method include data availability, required time horizon, accuracy needs, and available resources.
Forecasting techniques
This document discusses quantitative approaches to forecasting, including time series analysis and forecasting techniques. It covers the components of a time series, including trends, cycles, seasonality, and irregular components. Specific quantitative forecasting approaches covered include smoothing methods like moving averages, weighted moving averages, and exponential smoothing. Examples are provided to demonstrate how to perform moving averages and exponential smoothing on time series data for sales of headache medicine. The document aims to teach readers how to analyze time series data and select appropriate forecasting techniques.
Forecating calculations
The document provides information about forecasting methods. It includes a table with historical demand and forecast data for 8 periods. It defines formulas to calculate Mean Absolute Deviation (MAD), Mean Squared Error (MSE), Mean Absolute Percentage Error (MAPE), and Tracking Signal (TS) based on the data. It then lists common features of forecasts, elements of a good forecast, steps in the forecasting process, types of forecasts including qualitative and quantitative methods, components of time series data, and describes the naive forecasting method.
Trend analysis
meaning and defination of trend analysis and types of trend analysis and why we make trend with examples
Production analysis 3
The document discusses several concepts related to production analysis including:
1. It defines total production, marginal product, and average product, and explains the law of variable proportions.
2. It describes the three stages in the law of variable proportions and the causes of increasing returns.
3. It explains the law of returns to scale and how output responds to changes in inputs at constant, increasing, and diminishing returns to scale.
4. It discusses economies of scale and the internal and external economies that firms can achieve through expansion.
Forecasting and methods of forecasting
The presentation gives Glimpses of meaning of forecasting and analytical ways to know the forecast demand for future
Forecasting model 15 04-31
1. The document discusses 10 different forecasting models: time series moving average, market research, exponential smoothing, jury of executive opinion, naive method, correlation-regression, sales force composite, Delphi technique, and econometric models.
2. It provides examples and explanations of simple and weighted moving averages as well as exponential smoothing. It also outlines advantages and disadvantages of various qualitative forecasting methods.
3. The document concludes with an application example of forecasting apricot production and distribution using a times series seasonal model.
Time series mnr
This document discusses quantitative forecasting methods, including time series and causal models. It covers key time series components like trend, seasonality, and cycles. Three main time series methods are described: smoothing, trend projection, and trend projection adjusted for seasonal influence. Moving averages and exponential smoothing are explained as common techniques for forecasting stationary time series. The document also covers decomposing a time series into trend, seasonal, and irregular components. Regression methods are mentioned as another approach when a trend is present in the data.
Role of a managerial economist www.it-workss.com
Managerial Economics & Business Economics Concepts for MBA, BBA, B. Com, M. Com Students.
by
https://www.it-workss.com/
New microsoft office word document
A function is an action performed by an entity that produces a result, where the action remains consistent but the purpose can vary. In mathematics, a function describes a dependent variable that is determined by an independent variable - if the independent variable changes, the dependent variable also changes, such as expenditure being dependent on income. A business function refers to a core business process or activity.
ForecastIT 1. Introduction to Forecasting
This lesson begins with background information about forecasting and continues discussing the forecasting process. We concentrate on four main steps: set an objective, build model, evaluate model, and use model.
Presentation 2
This document discusses forecasting techniques based on time series analysis. It defines key concepts like extrapolation, time series components, and analytical indicators. Extrapolation involves projecting past trends and patterns into the future, and can be used to forecast trends, cycles, and causal relationships. Time series data has components like trends, seasonality, cycles, and random variations. Analytical indicators like absolute and percentage changes are used to analyze time series data and make forecasts. The document provides an example of forecasting future demand using average absolute increase and average growth rate.
Quantitative methods of demand forecasting
This document discusses forecasting techniques in time series analysis and causal models. It describes time series models as analyzing a time-ordered sequence of observations over regular intervals to identify trends. These include simple exponential smoothing, which weights older data less and newer data more, and moving averages, which use an average of past periods to forecast the next period. Causal models are based on relationships between dependent and independent variables, assuming past trends will continue influencing future variables. Linear regression is provided as an example causal model that fits a line to measure the effect of a single independent variable.
Forecasting Techniques
Interventions required to meet business objectives - from Forecasting Methods,
Forecast Accuracy / Error Reduction,
Integrate – Sales Forecast / Production to undertaking a CPFR
Forecasting
- Forecasting involves making predictions about future market conditions and demand. It is an important part of business planning but forecasts will always be imperfect.
- Market size refers to the number of potential buyers and sellers in a market. Understanding market size is important for launching new products or services. Qualitative and quantitative models can be used to forecast market size.
- Qualitative models include expert opinion methods like the Delphi method and jury of executive opinion. Quantitative time series models analyze historical demand patterns using techniques like moving averages, exponential smoothing, and regression analysis. These techniques help minimize forecast errors.
Fundamentals and stock returns in Japan
This study examines the relationship between stock returns and fundamental variables in Japan from 1971 to 1988. It finds significant relationships between returns and book-to-market ratio, cash flow yield, and earnings yield. Book-to-market and cash flow yield had the most positive impact on returns, while earnings yield sometimes had a negative impact. The results provide evidence that fundamental variables can predict returns in the Japanese market.
forecasting methods
- Forecasting helps reduce risk and uncertainty in decision making by predicting future outcomes.
- There are three main types of forecasting methods: qualitative, extrapolative/time series, and causal/explanatory.
- Time series forecasting uses historical data patterns to predict future values, accounting for trends, seasonality, cycles, and randomness. Common time series forecasting techniques include moving averages, weighted moving averages, and exponential smoothing.
Ops management lecture 2 forecasting
This document discusses forecasting methods. It defines forecasting and identifies different types of forecasts. It discusses time horizons, approaches to forecasting including qualitative and quantitative methods, and steps in the forecasting process. It also describes averaging techniques like moving averages and exponential smoothing that are used to forecast and determine what makes a good forecast.
Mba ii pmom_unit-1.3 forecasting a
This document discusses forecasting methods used in production and operations management. It defines forecasting as predicting future values based on historical data. The key types of forecasts discussed are judgmental forecasts using subjective inputs, time series forecasts using historical data patterns, and associative models using explanatory variables. Time series methods covered include simple moving averages, weighted moving averages, and exponential smoothing. Exponential smoothing gives more weight to recent periods to generate forecasts. Quantitative forecasting methods are chosen based on the forecast horizon and data available.
Time series
This document discusses time series analysis and its various components. It defines a time series as a set of observations made over time, usually at regular intervals. The key components of a time series are the secular trend, seasonal variation, cyclical variation, and irregular variation. Several methods are discussed for measuring and decomposing these components, including free hand curve, semi-average, moving average, and least squares methods. The importance of time series analysis for forecasting and planning is also highlighted. Time series analysis decomposes a time series into its various components to help understand the data better and make predictions.
Stock market returns summary
The document provides an analysis of sectorial returns for various Indian stock market indices between 2009-2013 and discusses key factors affecting each sector. It summarizes returns and composition for 11 indices: CNX Auto, CNX Finance, CNX FMCG, CNX Energy, CNX IT, CNX Pharma, CNX Media, CNX Metal, CNX Realty, CNX MidCap. For each sector, it lists the top 10 companies, their weights, and macroeconomic and regulatory factors influencing industry performance.
Stock market
The document provides an introduction to the Indian stock market index called the Sensex. It explains that the Sensex tracks the stock prices of 30 large companies listed on the Bombay Stock Exchange and represents over 50% of the total market capitalization. The Sensex level indicates how well the overall stock market and Indian economy are performing, with a rising Sensex signaling investor expectations of better future company earnings and economic growth.
More Related Content
What's hot
Quantitative forecasting
This document discusses quantitative forecasting methods. Quantitative forecasting depends on data and analytical techniques to predict future demand based on past demand information. Some common quantitative forecasting methods discussed include time series analysis, causal models, and simulation. Time series methods like simple moving averages, weighted moving averages, and exponential smoothing are explained as techniques to forecast future demand based on historical data trends. Linear regression models are also mentioned as a way to establish relationships between demand and other factors. Key factors that influence the selection of a forecasting method include data availability, required time horizon, accuracy needs, and available resources.
Forecasting techniques
This document discusses quantitative approaches to forecasting, including time series analysis and forecasting techniques. It covers the components of a time series, including trends, cycles, seasonality, and irregular components. Specific quantitative forecasting approaches covered include smoothing methods like moving averages, weighted moving averages, and exponential smoothing. Examples are provided to demonstrate how to perform moving averages and exponential smoothing on time series data for sales of headache medicine. The document aims to teach readers how to analyze time series data and select appropriate forecasting techniques.
Forecating calculations
The document provides information about forecasting methods. It includes a table with historical demand and forecast data for 8 periods. It defines formulas to calculate Mean Absolute Deviation (MAD), Mean Squared Error (MSE), Mean Absolute Percentage Error (MAPE), and Tracking Signal (TS) based on the data. It then lists common features of forecasts, elements of a good forecast, steps in the forecasting process, types of forecasts including qualitative and quantitative methods, components of time series data, and describes the naive forecasting method.
Trend analysis
meaning and defination of trend analysis and types of trend analysis and why we make trend with examples
Production analysis 3
The document discusses several concepts related to production analysis including:
1. It defines total production, marginal product, and average product, and explains the law of variable proportions.
2. It describes the three stages in the law of variable proportions and the causes of increasing returns.
3. It explains the law of returns to scale and how output responds to changes in inputs at constant, increasing, and diminishing returns to scale.
4. It discusses economies of scale and the internal and external economies that firms can achieve through expansion.
Forecasting and methods of forecasting
The presentation gives Glimpses of meaning of forecasting and analytical ways to know the forecast demand for future
Forecasting model 15 04-31
1. The document discusses 10 different forecasting models: time series moving average, market research, exponential smoothing, jury of executive opinion, naive method, correlation-regression, sales force composite, Delphi technique, and econometric models.
2. It provides examples and explanations of simple and weighted moving averages as well as exponential smoothing. It also outlines advantages and disadvantages of various qualitative forecasting methods.
3. The document concludes with an application example of forecasting apricot production and distribution using a times series seasonal model.
Time series mnr
This document discusses quantitative forecasting methods, including time series and causal models. It covers key time series components like trend, seasonality, and cycles. Three main time series methods are described: smoothing, trend projection, and trend projection adjusted for seasonal influence. Moving averages and exponential smoothing are explained as common techniques for forecasting stationary time series. The document also covers decomposing a time series into trend, seasonal, and irregular components. Regression methods are mentioned as another approach when a trend is present in the data.
Role of a managerial economist www.it-workss.com
Managerial Economics & Business Economics Concepts for MBA, BBA, B. Com, M. Com Students.
by
https://www.it-workss.com/
New microsoft office word document
A function is an action performed by an entity that produces a result, where the action remains consistent but the purpose can vary. In mathematics, a function describes a dependent variable that is determined by an independent variable - if the independent variable changes, the dependent variable also changes, such as expenditure being dependent on income. A business function refers to a core business process or activity.
ForecastIT 1. Introduction to Forecasting
This lesson begins with background information about forecasting and continues discussing the forecasting process. We concentrate on four main steps: set an objective, build model, evaluate model, and use model.
Presentation 2
This document discusses forecasting techniques based on time series analysis. It defines key concepts like extrapolation, time series components, and analytical indicators. Extrapolation involves projecting past trends and patterns into the future, and can be used to forecast trends, cycles, and causal relationships. Time series data has components like trends, seasonality, cycles, and random variations. Analytical indicators like absolute and percentage changes are used to analyze time series data and make forecasts. The document provides an example of forecasting future demand using average absolute increase and average growth rate.
Quantitative methods of demand forecasting
This document discusses forecasting techniques in time series analysis and causal models. It describes time series models as analyzing a time-ordered sequence of observations over regular intervals to identify trends. These include simple exponential smoothing, which weights older data less and newer data more, and moving averages, which use an average of past periods to forecast the next period. Causal models are based on relationships between dependent and independent variables, assuming past trends will continue influencing future variables. Linear regression is provided as an example causal model that fits a line to measure the effect of a single independent variable.
Forecasting Techniques
Interventions required to meet business objectives - from Forecasting Methods,
Forecast Accuracy / Error Reduction,
Integrate – Sales Forecast / Production to undertaking a CPFR
Forecasting
- Forecasting involves making predictions about future market conditions and demand. It is an important part of business planning but forecasts will always be imperfect.
- Market size refers to the number of potential buyers and sellers in a market. Understanding market size is important for launching new products or services. Qualitative and quantitative models can be used to forecast market size.
- Qualitative models include expert opinion methods like the Delphi method and jury of executive opinion. Quantitative time series models analyze historical demand patterns using techniques like moving averages, exponential smoothing, and regression analysis. These techniques help minimize forecast errors.
Fundamentals and stock returns in Japan
This study examines the relationship between stock returns and fundamental variables in Japan from 1971 to 1988. It finds significant relationships between returns and book-to-market ratio, cash flow yield, and earnings yield. Book-to-market and cash flow yield had the most positive impact on returns, while earnings yield sometimes had a negative impact. The results provide evidence that fundamental variables can predict returns in the Japanese market.
forecasting methods
- Forecasting helps reduce risk and uncertainty in decision making by predicting future outcomes.
- There are three main types of forecasting methods: qualitative, extrapolative/time series, and causal/explanatory.
- Time series forecasting uses historical data patterns to predict future values, accounting for trends, seasonality, cycles, and randomness. Common time series forecasting techniques include moving averages, weighted moving averages, and exponential smoothing.
Ops management lecture 2 forecasting
This document discusses forecasting methods. It defines forecasting and identifies different types of forecasts. It discusses time horizons, approaches to forecasting including qualitative and quantitative methods, and steps in the forecasting process. It also describes averaging techniques like moving averages and exponential smoothing that are used to forecast and determine what makes a good forecast.
Mba ii pmom_unit-1.3 forecasting a
This document discusses forecasting methods used in production and operations management. It defines forecasting as predicting future values based on historical data. The key types of forecasts discussed are judgmental forecasts using subjective inputs, time series forecasts using historical data patterns, and associative models using explanatory variables. Time series methods covered include simple moving averages, weighted moving averages, and exponential smoothing. Exponential smoothing gives more weight to recent periods to generate forecasts. Quantitative forecasting methods are chosen based on the forecast horizon and data available.
Time series
This document discusses time series analysis and its various components. It defines a time series as a set of observations made over time, usually at regular intervals. The key components of a time series are the secular trend, seasonal variation, cyclical variation, and irregular variation. Several methods are discussed for measuring and decomposing these components, including free hand curve, semi-average, moving average, and least squares methods. The importance of time series analysis for forecasting and planning is also highlighted. Time series analysis decomposes a time series into its various components to help understand the data better and make predictions.
What's hot (20)
Viewers also liked
Stock market returns summary
The document provides an analysis of sectorial returns for various Indian stock market indices between 2009-2013 and discusses key factors affecting each sector. It summarizes returns and composition for 11 indices: CNX Auto, CNX Finance, CNX FMCG, CNX Energy, CNX IT, CNX Pharma, CNX Media, CNX Metal, CNX Realty, CNX MidCap. For each sector, it lists the top 10 companies, their weights, and macroeconomic and regulatory factors influencing industry performance.
Stock market
The document provides an introduction to the Indian stock market index called the Sensex. It explains that the Sensex tracks the stock prices of 30 large companies listed on the Bombay Stock Exchange and represents over 50% of the total market capitalization. The Sensex level indicates how well the overall stock market and Indian economy are performing, with a rising Sensex signaling investor expectations of better future company earnings and economic growth.
Sector Return Vs Market Return
provides the comparison of the sectoral returns of BSE with Market return BSE. at the same time checks out the volatility and its transmission to market returns
6 Stock Market Index
Stock market indexes are used to evaluate market performance and make comparisons. They are constructed using a representative sample of stocks, with weighting based on factors like market value. Maintaining representative samples over time requires adjustments for stock splits and substitutions to replace delisted stocks. Popular US indexes include the Dow Jones Industrial Average (DJIA) and S&P 500, while in India examples are the BSE Sensex and Nifty 50.
Impact of macroeconomic variables on stock returns
The document discusses the impact of macroeconomic factors on stock returns. It provides background information on financial markets, primary and secondary markets, and stock market returns. It then summarizes several empirical studies that have examined the relationship between macroeconomic variables like interest rates, inflation, GDP, exchange rates, and stock market returns in countries like Pakistan, Japan, Nigeria, and others. The studies found both positive and negative relationships between different macroeconomic factors and stock returns in various markets. The document aims to contribute to this area of research by examining the impact of macroeconomic variables on stock returns in the Pakistani stock market.
STOCK EXCHANGE
Stock exchanges are places where trading of company shares occurs through buying and selling. The two largest stock exchanges in India are the Bombay Stock Exchange (BSE), established in 1875, and the National Stock Exchange (NSE), established in 1992. Both exchanges list some of the largest companies in India and track major stock indices, with the BSE tracking the Sensex and the NSE tracking the Nifty. To invest in the stock market, one needs a demat account, savings/current bank account, PAN card, and to meet other basic eligibility criteria.
Viewers also liked (6)
Impact of macroeconomic variables on stock returns
Impact of macroeconomic variables on stock returns
Similar to Stock market return
Lecture 7 - Stock Market and EMF
The document discusses the efficient market hypothesis (EMH), which states that current stock prices fully reflect all available information. Under EMH, it is impossible for investors to consistently outperform the market because stock prices adjust rapidly to new information. However, some evidence suggests markets are not always efficient, as seen in crashes not explained by economic changes. While published reports may be reflected in prices already, the EMH remains useful as a benchmark for understanding market behavior.
MKI_Basic08
The document discusses theories relating inflation, interest rates, and exchange rates. It explains the purchasing power parity (PPP) theory, which holds that inflation differentials between countries should be offset by exchange rate changes to maintain equal prices of similar goods. A higher domestic inflation rate should lead to currency depreciation. The international Fisher effect theory similarly suggests that currencies with higher interest rates will depreciate due to higher expected inflation. Empirical tests find the relationships do not always hold perfectly due to other influencing factors.
Basic08
This chapter discusses theories relating inflation, interest rates, and exchange rates. It covers the purchasing power parity (PPP) theory, which holds that inflation differentials between countries should be offset by exchange rate changes to maintain equal prices of similar goods. The chapter also examines the international Fisher effect (IFE) theory, which links interest rate differentials to expected inflation differentials and predicted exchange rate adjustments. Both theories are derived mathematically and their empirical validity is mixed. Factors like other influences on exchange rates and lack of goods substitutability can prevent PPP and IFE from holding precisely.
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.
Multi factor models in asset pricing
This document summarizes critiques of the Capital Asset Pricing Model (CAPM) and presents alternative models. It discusses empirical studies from the 1980s and 1990s that found variables other than beta help explain stock returns, contradicting CAPM. Fama and French's 1992 study found firm size and book-to-market ratio better predict returns than beta. Their three-factor model and the Arbitrage Pricing Theory were proposed as alternatives to CAPM. Overall, the document outlines major empirical challenges to CAPM and influential models that improved on its ability to explain stock returns.
1.1.Introduction Econometrics.pptx
This document provides an introduction to financial econometrics. It defines econometrics as the application of statistical techniques to economic and financial problems. The key aspects of econometrics discussed include establishing mathematical models of economic theories, collecting and testing data, and using models for forecasting, prediction, and policy purposes. The document also distinguishes between econometrics and financial econometrics, noting that the latter focuses more on financial data and variables like stock and index prices and returns. It outlines some common financial data characteristics and approaches to modeling financial data.
Basic08
This chapter discusses three theories related to inflation, interest rates, and exchange rates:
1) Purchasing power parity (PPP) theory suggests that inflation differentials between countries will be offset by exchange rate changes.
2) International Fisher effect (IFE) theory suggests that higher interest rates in a country reflect higher expected inflation, so the currency of that country will depreciate.
3) Tests of these theories show they do not always hold perfectly due to other factors affecting exchange rates. However, PPP and IFE provide useful frameworks for understanding long-run relationships between macroeconomic variables.
Relationship between Inflation, Interest Rates, and Exchange Rates
explaining what is Purchasing Power Parity, International Fisher Effect, Interest Parity, and their implication for exchange rate changes.
Statistical Arbitrage
This document summarizes a statistical arbitrage strategy that evaluates mean reversion in stock prices over time. It describes the strategy's assumptions that stock prices temporarily diverge from their equilibrium relative to the market before reverting. The experiment uses S&P 500 stock data to calculate daily returns, correlations, betas and residuals over rolling 60-day windows. When residuals exceed +/-2 standard deviations, positions are taken assuming reversion will occur. While backtested returns are appealing, live trading realities like transaction costs and limited share availability would likely reduce profits versus this theoretical analysis.
Fundamental Analysis, economic analysis.pptx
Fundamental analysis is really a logical and systematic approach to estimating the future dividends and share price.
It is based on the basic premise that share price is determined by a number of fundamental factors relating to the economy, industry and company.
It is a detailed analysis of the fundamental factors affecting the performance of companies.
Each share is assumed to have an economic worth based on its present and future earning capacity. This is called its intrinsic value or fundamental value.
The purpose of fundamental analysis is to evaluate the present and future earning capacity of a share based on the economy, industry and company fundamentals.
The investor can compare the intrinsic value of the share with the prevailing market price to arrive at an investment decision.
If the market price of the share is lower than the its intrinsic value, the investor would decide to buy the share as it is underpriced.
The price of such a share is expected to move up in future to match with its intrinsic value
When the market price of a share is higher than its intrinsic value, it is perceived to be overpriced.
The market price of such share is expected to comedown in future.
The investor would decide to sell such a share
When the market price of a share is higher than its intrinsic value, it is perceived to be overpriced.
The market price of such share is expected to comedown in future.
The investor would decide to sell such a share
The fundamental analysis thus involves 3 steps:
Economic analysis
Industry analysis
Company analysis
The performance of a company depends on the performance of the economy.
If the economy grows rapidly, the industry can also be expected to show rapid growth and vice versa.
When the level of economic activity is low, stock prices are low, and when the level of economic activity is high, stock prices are high reflecting the prosperous outlook for sales and profits of the firms.
A study of these economic variables would give an idea about future corporate earnings and the payment of dividends and interest to investors.
The following are the some of the key economic variables that an investor must monitor as part of his fundamental analysis.
Growth Rates of National Income
Inflation
Interest Rates
Budget
The balance of payment
Infrastructure
Monsoon
Economic and Political Stability
GNP (Gross national product), NNP (Net national product) and GDP (Gross domestic product) are the different measures of the total income or total economic output of the country as a whole.
The growth rates of these measures indicate the growth rate of the economy.
The estimate of GNP, NNP and GDP and their growth rates are made available by the government from time to time.
An economy typically passes through different phases of prosperity known as the different stages of the economic or business cycle
The stage of the economic cycle through which a country passes has a direct impact on the performance of industries an
Efficient market hypothesis
The document discusses the efficient market hypothesis which states that financial markets are efficient and security prices reflect all available information. It provides evidence that markets are at least semi-strong form efficient in that publicly available information does not allow consistently beating the market. The hypothesis implies that no investments are better than others and security prices accurately reflect risk and return. While markets quickly react to new information, predicting short-term movements is very difficult. Overall, the evidence supports some level of market efficiency.
Chapter 7 demand forecasting in a supply chain
1. Forecasting is essential for supply chain planning and involves forecasting demand using historical data and time-series methods.
2. The components of a demand forecast include the systematic components of level, trend, and seasonality as well as the random error.
3. Common time-series forecasting methods include moving averages, exponential smoothing, and Winter's method which accounts for trend and seasonality.
Persistent Slowdowns, Expectations and Macroeconomic Policy
This document provides an overview of Seppo Honkapohja's lecture on persistent slowdowns, expectations, and macroeconomic policy. The lecture discusses how recessions like the Great Recession can result in prolonged periods of low growth and interest rates near zero. It presents empirical data showing slow recoveries in the US, Japan, and Eurozone. The lecture then examines different modeling approaches to analyze economies stuck at the zero lower bound, including models based on rational and learning-based expectations. It focuses on analyzing dynamics using a New Keynesian model framework where private agents form expectations using steady-state learning. The lecture discusses how learning dynamics can result in multiple equilibrium states, including a stable high-inflation state and unstable low
Security analysis
This slide discuss about the risk,return, CAPM, APT, Sharpe Ratio, Treynor Ratio, Fama decomposition etc. it has lots of charts for support.
Persistence of Mutual Fund Performance in India
The document discusses analyzing the persistence of mutual fund performance in India. It provides motivation for studying whether past performance can predict future returns. The objective is to analyze equity fund performance using risk-adjusted measures and regressing past performance on future returns over 1, 2, and 3 year periods. The methodology section outlines the various formulas and techniques used, including Sharpe ratio, Treynor ratio, Jensen's alpha, and others. Literature review finds mixed evidence from international and Indian studies on whether past performance persists. Sample fund data is analyzed over rolling periods and performance measures are regressed on future returns to examine predictability.
Risk and return analysis.pptx
This document discusses concepts related to risk and return analysis in finance. It defines key terms like return, expected return, risk measures including beta, standard deviation, and alpha. It also categorizes different types of risk and explores the relationship between risk and return. Methods for computing rates of return from market data and calculating variance and standard deviation of returns are presented.
Unit_2_IAPM_PPT.pdf
This document discusses key concepts in investment analysis and portfolio management including systematic and unsystematic risks, alpha and beta, the Capital Asset Pricing Model (CAPM), the Security Market Line, calculating historical and expected rates of return, and measuring the risk of expected returns. It provides examples and explanations of these fundamental investment topics.
Regression
Regression analysis is a statistical technique used to determine the relationship between variables. It allows one to quantify the strength and character of the association between a dependent variable and one or more independent variables. Regression models are used across various disciplines like finance, economics, and investing to help explain phenomena and predict outcomes.
Volatility in Indian Stock Market: A study to assess volatility, persistence ...
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Mishkin fmi9ge ppt_c06
This document provides an overview of Chapter 6 from the textbook "Financial Markets and Institutions". It discusses the efficient market hypothesis which proposes that financial markets are informationally efficient and security prices fully reflect all available information. The chapter preview outlines topics to be covered including expectations in financial markets, the EMH framework, and empirical evidence evaluating market efficiency. Several sections then provide details on the rationale for the EMH, examples of how it indicates pricing should occur, and evidence both supporting and contradicting the hypothesis. In particular, it notes mixed findings from studies on whether security prices quickly incorporate new public information.
Similar to Stock market return (20)
Relationship between Inflation, Interest Rates, and Exchange Rates
Relationship between Inflation, Interest Rates, and Exchange Rates
Persistent Slowdowns, Expectations and Macroeconomic Policy
Persistent Slowdowns, Expectations and Macroeconomic Policy
Volatility in Indian Stock Market: A study to assess volatility, persistence ...
Volatility in Indian Stock Market: A study to assess volatility, persistence ...
More from Yasha Singh
Transparency international
Transparency International is a non-governmental organization founded in 1993 in Germany that works to curb corruption. It publishes an annual Corruption Perceptions Index and Barometer and has a mission to promote transparency and integrity globally. It receives funding from government agencies, foundations, corporations and other groups but maintains independence.
Morgan stanley roundtable on managing financial trouble
The document discusses trends in corporate workouts and bankruptcies in the United States over the past two decades. Specifically, it notes that (1) the system has traditionally focused on rehabilitating troubled companies rather than liquidating them, but market forces now drive many debts into the hands of parties seeking ownership; and (2) in the 1980s, 85% of large companies entering Chapter 11 bankruptcy would undergo traditional court-supervised reorganizations, but now companies often fix their capital structure through a pre-negotiated plan before filing. It also examines the roles and incentives of various players like management, creditors, and investors in modern bankruptcy proceedings.
Inter american development bank
The Inter-American Development Bank (IDB) is owned by 48 member countries and is the largest source of development financing for Latin America and the Caribbean. It was established in 1959 and lends to governments and agencies in 26 borrowing countries to support economic development, social development, and regional integration. The IDB focuses on eliminating poverty and inequality by providing financing, technical assistance, and knowledge for projects in priority sectors like infrastructure, institutions, and the environment. It is governed by a Board of Governors and Board of Executive Directors and led by a President who oversees day-to-day operations.
Suggestions to Stimulate Financing under Micro and Small Enterprises
This topic deals with the financing problem faced by micro and small enterprises and suggestions to stimulate financing in micro and small enterprises. This project report contains 5 different chapters.
The report begins with the first chapter which consists introduction to the problem, background of micro and small enterprises, objective of the project etc.
The second chapter is the introduction to the literature review which gives a brief idea regarding theoretical rationale for loan guarantee programs in micro and small enterprises.
The third chapter is about research methodology adopted in preparing this report. It covers the sample procedure, types of data used and the data collection method.
The fourth chapter comprehensive coverage of forecasting concepts and techniques which shows the analysis of data through tabulation, computation and graphical representation of data collected from survey.
The fifth chapter deals with the findings, suggestion and conclusion.
Option on two correlated assets
This document discusses three techniques for valuing American options dependent on two correlated assets:
1) Transformation variables - Creates a three dimensional tree representing movements of two uncorrelated variables by combining two dimensional trees for each variable.
2) Using a nonrectangular tree - Suggests a nonrectangular tree method by Rubinstein to build a three dimensional tree modeling the price movements of two correlated stocks.
3) Adjusting the probabilities - Assumes initially no correlation, then adjusts the probabilities at each node to reflect the actual correlation between the two assets.
How do exchanges select stocks for option listing
The document examines the characteristics that led to stocks being selected for option listing by exchanges from 1973 to 1996. A logit model was used to analyze how trading volume, volatility, and market capitalization related to the probability of option listing. The analysis found that exchanges were more likely to list options on stocks with higher trading volume and volatility. However, volatility became less important over time as the option markets matured. The same factors that predicted listing also predicted trading volume after listing.
Derivative activity at troubled banks
This document discusses derivative activity at troubled banks and regulatory oversight. It finds that while derivatives are important for hedging risks, troubled banks engage in higher levels of derivative activity which could enable speculative "second bets." However, the analysis found no evidence that derivative activity alone leads to regulatory actions, which instead focus on problems like poor lending. The document calls for regulators to more closely monitor derivative use at troubled banks to limit speculative behavior.
Volatility impact of political and economic events
The document presents research examining stock market volatility in Taiwan using Markov switching autoregressive conditional heteroscedasticity (SWARCH) models. The researcher uses SWARCH and GARCH models to analyze daily stock price index data from the Taiwan Stock Exchange to identify which model better explains volatility. Findings indicate that the SWARCH model describes Taiwan stock market volatility more accurately than ARCH models and can identify volatility regime switches related to political and economic events.
Tokyo stock exchange(nikki)
The Tokyo Stock Exchange was established in 1878 and is currently the third largest stock exchange in the world. It reopened in 1949 after being shut down during World War II. The exchange switched to electronic trading in 1999 and restructured as a stock company in 2001. It has over 2,200 listed companies with a total market capitalization of over $4.5 trillion, and is regulated by the Financial Service Agency.
The libor game, global financial markets and
Robo Bank and its employees were involved in illegal activities related to manipulating LIBOR submission rates to benefit themselves financially. LIBOR manipulation impacted global markets in several ways. It negatively affected capital markets since LIBOR is a reference rate for many financial instruments. It also impacted currency exchange rates and inflation levels. Mortgage rates, student loan rates, and commodity prices were all influenced by shifts in LIBOR. In India specifically, LIBOR manipulation hampered capital markets since the MIBOR rate is set in reference to LIBOR. Additionally, fluctuations in the INR currency rate compared to the dollar and euro despite economic conditions could partially be attributed to manipulation of the LIBOR rate, which influences global currency markets.
Suggestions to stimulate financing under micro and small
Problem faced by micro and small enterprises, suggestions to solve those problems so that micro and small enterprises can easily access to finance.
Sebi act’1992
The document outlines the chapters of the SEBI Act of 1992, which establishes the Securities and Exchange Board of India (SEBI) and grants it powers and functions to regulate the securities market and protect investors. The chapters cover preliminary aspects, the establishment of SEBI, the transfer of assets/liabilities to SEBI, SEBI's powers and functions, registration requirements, prohibitions on market manipulation and insider trading, finance and auditing, penalties and adjudication procedures, the appellate tribunal, and miscellaneous provisions.
Rule of thumb method
This document provides summaries of several business valuation methods including the Rule of Thumb Method, valuing specific intangible assets, the Economic Profit Model, and the Guideline Transaction Method. The Rule of Thumb Method uses statistical averages to value businesses based on rules of thumb. Valuing specific intangible assets focuses on the buyer acquiring an intangible asset rather than creating it. The Economic Profit Model measures value created as the difference between return on invested capital and weighted average cost of capital. The Guideline Transaction Method determines market multiples by reviewing actual transaction data involving public or private companies.
Lifting the veil
The document examines how revealing information about the limit-order book affects trading strategies, price evolution, and liquidity. It analyzes data from before and after a change in policy that increased pre-trade transparency by making more order book information available. The analysis looks at how trading strategies, price efficiency, and liquidity changed as a result. Statistical tests like median comparisons and regressions are used to analyze the effects of the increased transparency. The findings suggest that while investors did not significantly change their strategies, greater pre-trade transparency allowed for more complex trading strategies and improved liquidity.
Internet fraud
This document discusses internet fraud in the capital market and the role of regulatory bodies. It outlines several capital market scams in India and steps that investors and market regulators can take to prevent such frauds. As an investment manager, one must be aware of various scam types and conduct thorough background checks. Stock exchanges can undertake due diligence, auditing of brokers, set guidelines for information dissemination, and enforce codes of conduct to reduce fraud. Derivatives can also help hedge risks by allowing risk transfer through futures and options contracts.
Competition commission of india
The Competition Commission of India was established through the Competition Act of 2002 and its subsequent amendment in 2007. The Commission is fully operational with a chairperson and six members. It aims to promote fair competition and consumer welfare through enforcement of anti-competitive regulations and by establishing transparent engagement with stakeholders. The Commission seeks to prevent anti-competitive practices, promote competition, protect consumer interests, and ensure freedom of trade in Indian markets.
Ipo scam 2005 yes bank
This document summarizes an IPO scam involving Yes Bank shares in 2005. Certain entities obtained shares meant for retail investors by making thousands of fake applications using fake or borrowed identities. They then sold the shares on the listing day for a profit, as the share price rose. An investigation found one entity, Roopalben Panchal, had used over 6,000 fake applications to obtain over 9 lakh shares, which she sold for a profit of over 13 crore rupees. The scam took advantage of the bull market and lack of proper verification to illegally obtain shares and booking early profits.
Bombay stock exchange
Brief introduction to BSE, how it has developed over the year, major activies of BSE and regulatory body of BSE.
Rupee ends at 59
The rupee posted its biggest quarterly gain since 2012, hitting an 8-month high against the dollar. Heavy foreign buying of Indian equities and debt boosted the rupee, but further gains may be limited as the central bank tries to slow the currency's rise. Foreign funds purchased $3.7 billion in equities and $5.8 billion in debt so far in 2014. The central bank bought $2-3 billion this week to slow the rupee's appreciation and support its foreign exchange reserves.
Opec
OPEC is a permanent intergovernmental organization consisting of 12 oil producing countries located in Africa, Asia, and South America. It was founded in 1960 in Baghdad, Iraq by 5 countries and seeks to coordinate oil policies and stabilize oil prices. OPEC members hold over 80% of global crude oil reserves and collectively produce over 29 million barrels per day. The organization meets twice yearly to set production quotas and policies aimed at maintaining stable oil markets.
More from Yasha Singh (20)
Morgan stanley roundtable on managing financial trouble
Morgan stanley roundtable on managing financial trouble
Suggestions to Stimulate Financing under Micro and Small Enterprises
Suggestions to Stimulate Financing under Micro and Small Enterprises
Volatility impact of political and economic events
Volatility impact of political and economic events
Suggestions to stimulate financing under micro and small
Suggestions to stimulate financing under micro and small
Recently uploaded
How to Invest in Cryptocurrency for Beginners: A Complete Guide
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
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.
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.
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。
Discover the Future of Dogecoin with Our Comprehensive Guidance
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
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
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【网址🎉ac99.net🎉】
【网址🎉ac99.net🎉】欧洲杯足彩是一家创立于1998年的在线的体育博彩公司。欧洲杯足彩由库拉索岛政府授权，可以从事体育博彩相关活动。成立初期，欧洲杯足彩专注于快速发展的国内市场，现在它为全世界的玩家和职业玩家提供投注服务。毫无疑问，欧洲杯足彩是欧洲乃至全球最受欢迎的知名在线体育博彩公司。玩家的积极反馈、存款和提款的安全性都充分证明了该公司的可靠性。欧洲杯足彩 Sports公司 以其良好的服务而得到了客户的认可。该公司在2004年获得了最高水平服务奖、2006年最佳博彩公司奖（EOG.com）、最佳博彩运营商前5名（The Online Wire）和著名门户网站“Gambling”颁发的最佳优惠和奖金奖项，这是对这家博彩公司的最为中肯的评价。
Dr. Alyce Su Cover Story - China's Investment Leader
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
高仿英国伦敦艺术大学毕业证（ual毕业证书）文凭证书原版一模一样
原版一模一样【微信：741003700 】【英国伦敦艺术大学毕业证（ual毕业证书）文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）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，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
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
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
13 Jun 24 ILC Retirement Income Summit - slides.pptx
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
China's Investment Leader - Dr. Alyce SU
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Accounting Information Systems (AIS).pptx
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
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.
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
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Monthly Market Risk Update: June 2024 [SlideShare]
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！】
【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【微信号:176555708】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！
Understanding-Stocks-and-Real-Estate.pptx
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
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
University of North Carolina at Charlotte degree offer diploma Transcript
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Recently uploaded (20)
How to Invest in Cryptocurrency for Beginners: A Complete Guide
How to Invest in Cryptocurrency for Beginners: A Complete Guide
Exploring-Madhya-Pradesh-Culture-Heritage-and-Land-Records.pptx
Exploring-Madhya-Pradesh-Culture-Heritage-and-Land-Records.pptx
Discover the Future of Dogecoin with Our Comprehensive Guidance
Discover the Future of Dogecoin with Our Comprehensive Guidance
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
13 Jun 24 ILC Retirement Income Summit - slides.pptx
13 Jun 24 ILC Retirement Income Summit - slides.pptx
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
The Rise and Fall of Ponzi Schemes in America.pptx
The Rise and Fall of Ponzi Schemes in America.pptx
University of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcript
Stock market return
- 1. Presented by- Yasha singh 4113007007
- 2. • Relationship between Stock Market Returns, Inflationary Trends and real activity as it pertains to the Indian economy • Investing in developing countries – taking stakes in their growth prospects • The study examines fishers hypothesis and find results to be contingent upon the proxy employed for measuring expected inflation. • Inflation is found to be a significant determinant of stock returns even after controlling for current and future activity.
- 3. • Two hypothesis Examined : • The Fisher Hypothesis nominal Stock returns and inflationary expectations. • The “proxy effect” hypothesis Fundamental macro economic relation that characterize the economy. • ARIMA (Autoregressive integrated moving average) an autoregressive integrated moving average (ARIMA) model is a generalization of an autoregressive moving average (ARMA) model.
- 4. • These models are fitted to time series data either to better understand the data or to predict future points in the series. • ARIMA- based expectation model support the Fisher hypothesis and the commonly held belief that common stocks are a hedge against expected inflation. • The results also show that inflation is negatively linked to both current and future real activity.
- 5. • Monthly stock returns are derived from the continuous compounding of the daily closing prices of the BSENI. • Period : April 1984 to December 1992. • Data from PTI Stock scan Service, Bombay. • Reasons: Equally weighted index of 100 stocks.
- 6. • Express the relationship in joint hypothesis: • Stock markets are efficient. • Nominal return = expected real return + expected inflation rate • Rt = α + βE(πt / Øt-1)+еt • Rt – nominal return on market portfolio , π t – inflation rate • E is expectations operator and Øt – information set available to investor. • If B=1 Asset or Portfolio is a perfect hedge against expected inflation.
- 7. • Real returns and expected inflation rate vary independent of each other. This extension involves decomposing of inflation rate into an expected and unexpected component. • Rt = α + β1E(π t / Øt-1)+β2[(π t –E(πt/ Øt-1)]+nt’ • unexpected component=Realized inflation rate and expected inflation rate. • Regression of real Stock returns on current and future real Activity. • (Rt- Πt)= α + βΣTt+I
- 8. • Regression of inflation on current and future real activity. • Πt= α + βΣTt+I • Regression of real stock returns on inflationary expectations and current and future real activity. • (Rt- Πt)=α + β1E(Π)+ β2(Πt- E(Πt))+ β3ΣTt+i
- 9. • After examining two inter-related economic issues with respect to the Indian stock market • Fisher “There is a contingency on proxy employed in measuring inflationary expectations”. • ARIMA “Stock holding offer a hedge against expected inflation
- 10. • It is contrary to oft-documented negative relationship between stock return and inflation in Developed economies • Real stock returns are significantly positively related to current real activity alone.