Valuation of bonds, shares and portfolio
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This document analyzed portfolio, bond, and share valuation for three companies. It calculated the expected return and standard deviation of a portfolio consisting of two shares. It also valued three bonds with different coupon rates, finding one was issued at a premium. Finally, it calculated the market prices of shares with no growth, normal growth, supernormal growth, and different dividend growth rates over time. The recommendations were to invest in bonds and shares with frequent interest compounding, supernormal dividend growth, and higher expected returns to maximize portfolio returns while minimizing risk.
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Fin 515 week 5
1) This document discusses various topics related to common stock, including how stock represents ownership in a company and how stockholders elect directors who then hire management. It also discusses different types of stock like classified stock and tracking stock.
2) It provides an overview of how to value common stock using different approaches like the dividend growth model and comparing multiples of comparable firms. It includes an example of valuing a stock using the constant growth model.
3) The document discusses the cost of capital components including debt, preferred stock, and common equity. It provides examples of how to calculate the costs of each component.
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The document discusses two schools of thought on the impact of dividend decisions on firm valuation:
1) The irrelevance theory argues that dividend decisions do not affect shareholder wealth or firm valuation. Modigliani and Miller's approach states that firm value is determined by earnings, not dividend policy.
2) The relevance theory argues that dividends do impact shareholder wealth and firm value by signaling information to investors about profitability. Walter's model and Gordon's model support this view.
The document then analyzes a case study using Walter's model to demonstrate how dividend payout ratios at different levels can impact share price under varying assumptions about a firm's internal rate of return relative to its cost of capital.
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This document discusses dividend policy and its impact on firm value. It covers 5 sections: 1) Models relating investment and dividend decisions, including the Walter and Gordon models. 2) The traditional view that the market values dividends more than retained earnings. 3) The Miller-Modigliani position that dividend policy does not impact value under certain assumptions. 4) The radical view that dividends should be minimized due to tax advantages of capital gains. 5) An overall picture of two broad schools of thought on the relationship between dividends and share value.
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The document provides solutions to end-of-chapter questions and problems from a chapter on determining the cost of capital. It includes calculations of weighted average cost of capital (WACC) using different capital structures and component costs. It also discusses how changes like lowering taxes or increasing debt would affect the WACC. Multiple steps are shown to fully calculate the WACC for a sample company using market values for debt, preferred stock, and common equity.
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This document provides solutions to 10 illustrations related to calculating the cost of various sources of capital such as debt, equity and preference shares.
In the first illustration, the document calculates the cost of irredeemable debt issued at par, premium and discount by determining the interest rate after accounting for tax. The second illustration does the same calculation for redeemable debentures.
Subsequent illustrations calculate costs for alternative modes of debt, irredeemable and redeemable preference shares, equity using the dividend price approach and earnings price approach. The last two illustrations value equity shares using the dividend discount model and present value of future dividend flows approach.
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1) This document discusses various topics related to common stock, including how stock represents ownership in a company and how stockholders elect directors who then hire management. It also discusses different types of stock like classified stock and tracking stock.
2) It provides an overview of how to value common stock using different approaches like the dividend growth model and comparing multiples of comparable firms. It includes an example of valuing a stock using the constant growth model.
3) The document discusses the cost of capital components including debt, preferred stock, and common equity. It provides examples of how to calculate the costs of each component.
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The document discusses two schools of thought on the impact of dividend decisions on firm valuation:
1) The irrelevance theory argues that dividend decisions do not affect shareholder wealth or firm valuation. Modigliani and Miller's approach states that firm value is determined by earnings, not dividend policy.
2) The relevance theory argues that dividends do impact shareholder wealth and firm value by signaling information to investors about profitability. Walter's model and Gordon's model support this view.
The document then analyzes a case study using Walter's model to demonstrate how dividend payout ratios at different levels can impact share price under varying assumptions about a firm's internal rate of return relative to its cost of capital.
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This document discusses dividend policy and its impact on firm value. It covers 5 sections: 1) Models relating investment and dividend decisions, including the Walter and Gordon models. 2) The traditional view that the market values dividends more than retained earnings. 3) The Miller-Modigliani position that dividend policy does not impact value under certain assumptions. 4) The radical view that dividends should be minimized due to tax advantages of capital gains. 5) An overall picture of two broad schools of thought on the relationship between dividends and share value.
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This document provides solutions to 10 illustrations related to calculating the cost of various sources of capital such as debt, equity and preference shares.
In the first illustration, the document calculates the cost of irredeemable debt issued at par, premium and discount by determining the interest rate after accounting for tax. The second illustration does the same calculation for redeemable debentures.
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This document discusses dividend decision and theories. It defines dividends as the portion of profits distributed to shareholders. There are different types of dividends such as interim, final, stock, and scrip dividends. Dividend decision is influenced by legal provisions and is treated as a financing decision aimed at wealth maximization. The document discusses various dividend theories including the residual dividend policy, Modigliani-Miller's irrelevance theory, Walter's model, Gordon's model, and their underlying assumptions. It also covers factors influencing dividend policy and different approaches a company can take to its dividend policy.
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- Common stock represents ownership in a company. Stockholders elect directors who hire management to run the company. Different approaches can be used to value common stock, including the dividend growth model.
- Stock prices are determined by expected future dividends and the required rate of return. Small changes in expected growth rates or required returns can cause large changes in stock prices.
- The efficient market hypothesis states that securities prices fully reflect all available information. According to this hypothesis, it is difficult to "beat the market" consistently because stock market equilibrium is quickly reached as new information becomes public.
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The document discusses dividend policies and theories. It defines dividends and describes different types of dividends. It then explains relevance theories including Walter's model and Gordon's model that consider dividends relevant to firm value. Irrelevance theories like Modigliani-Miller's model are also summarized. The document analyzes Aditya Birla Nuvo's dividend policy, noting it declared a 50% equity dividend of Rs. 5 per share for the year ending March 2016.
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1. The profit maximization objective focuses on increasing short-term profits, while the wealth maximization objective aims to continuously increase the market price of shares over the long-run.
2. Wealth maximization is a better objective as it considers the timing, risk, and dividend policy of investments and their impact on share price and firm value, unlike profit maximization.
3. Both objectives have weaknesses, as profit maximization does not ensure long-term share price increases, while wealth maximization does not specify the expected return or consider investment risk.
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It calculates the cost of various sources of capital such as debt, preferred stock, and common equity. It also calculates the weighted average cost of capital (WACC) using different capital structure weights.
Key calculations include:
1) Calculating the cost of debt using the yield to maturity method and the approximation method.
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3) Calculating the cost of common equity using the capital asset pricing model.
4) Calculating the WACC using both book value and market value weights for the capital structure.
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Walter's model suggests that a firm's optimal dividend policy depends on the relationship between its cost of capital (k) and expected return on investments (r). If r > k, the firm should retain most earnings to fund new investments. If r < k, it should pay out most earnings in dividends. Gordon's model shows that a stock's price is determined by dividing expected future dividends by the difference between the required rate of return and growth rate. The Miller-Modigliani theorem suggests that a firm's value is unaffected by its dividend policy if markets are perfect and frictionless.
Dividend policy by cursors of business
This document provides an overview of dividend policy presented by Team 'CURSORS of BUSINESS'. It defines dividend as a distribution of a company's earnings to shareholders, and dividend policy as guidelines used to decide how much earnings to pay out. The objectives of dividend policy include wealth maximization, maintaining funds for future prospects, providing a stable dividend rate, and maintaining control. Factors affecting policy include legal requirements, liquidity, repayment needs, expected returns, and stability of earnings. Forms of dividends include cash and stock dividends. The document also discusses stability of dividends, forms of stability, bonus shares, share splits, and share buybacks.
14123 cost of capitalnew (2)
- The cost of capital is the minimum required rate of return for a project given its riskiness, while the firm's cost of capital is the weighted average required return across all projects.
- The cost of capital is used for investment decisions, debt policy design, and evaluating management performance.
- It represents the expected return forgone by investing in a project rather than the next best alternative of similar risk. Various capital sources have different costs depending on their risk.
- The weighted average cost of capital (WACC) is calculated by weighting the costs of different capital sources by their proportion of the total capital structure.
Dividend policy
This document discusses dividend policy and the various theories around it. It defines dividends and discusses Walter's model and Gordon's model, which propose that dividend policy affects firm value. It also covers the irrelevance theories of Modigliani-Miller and the traditional approach, which argue that dividend policy does not impact value. The document provides formulas for the different models and discusses their assumptions and criticisms.
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This document discusses dividend decision and theories. It defines dividends as the portion of profits distributed to shareholders. There are different types of dividends such as interim, final, stock, and scrip dividends. Dividend decision is influenced by legal provisions and is treated as a financing decision aimed at wealth maximization. The document discusses various dividend theories including the residual dividend policy, Modigliani-Miller's irrelevance theory, Walter's model, Gordon's model, and their underlying assumptions. It also covers factors influencing dividend policy and different approaches a company can take to its dividend policy.
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The document discusses dividend policy, which refers to a company's strategy for distributing earnings to shareholders. It covers different types of dividends that can be issued, such as cash, stock, or property. The policy affects financing choices and capital budgeting decisions. Factors like the business nature, investment opportunities, and shareholder composition influence policy. Goals include maximizing shareholder value and clearly communicating the approach. Policies can provide stable, regular dividends or vary payouts depending on annual earnings. Maintaining stable dividends provides assurance to shareholders but limits flexibility.
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The document discusses various methods for valuing long-term securities such as bonds and stocks. It covers discounted cash flow models, required rates of return, and how to calculate the value of different types of bonds. For stocks, it explains dividend discount models and how growth rates impact the valuation of stocks. Key valuation ratios discussed include price-earnings, payout, and plowback ratios.
ch 08 ; stock valuation
- Common stock represents ownership in a company. Stockholders elect directors who hire management to run the company. Different approaches can be used to value common stock, including the dividend growth model.
- Stock prices are determined by expected future dividends and the required rate of return. Small changes in expected growth rates or required returns can cause large changes in stock prices.
- The efficient market hypothesis states that securities prices fully reflect all available information. According to this hypothesis, it is difficult to "beat the market" consistently because stock market equilibrium is quickly reached as new information becomes public.
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The document discusses dividend policies and theories. It defines dividends and describes different types of dividends. It then explains relevance theories including Walter's model and Gordon's model that consider dividends relevant to firm value. Irrelevance theories like Modigliani-Miller's model are also summarized. The document analyzes Aditya Birla Nuvo's dividend policy, noting it declared a 50% equity dividend of Rs. 5 per share for the year ending March 2016.
Sums on fm
1. The profit maximization objective focuses on increasing short-term profits, while the wealth maximization objective aims to continuously increase the market price of shares over the long-run.
2. Wealth maximization is a better objective as it considers the timing, risk, and dividend policy of investments and their impact on share price and firm value, unlike profit maximization.
3. Both objectives have weaknesses, as profit maximization does not ensure long-term share price increases, while wealth maximization does not specify the expected return or consider investment risk.
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The document provides solutions to problems from Chapter 11 on the cost of capital.
It calculates the cost of various sources of capital such as debt, preferred stock, and common equity. It also calculates the weighted average cost of capital (WACC) using different capital structure weights.
Key calculations include:
1) Calculating the cost of debt using the yield to maturity method and the approximation method.
2) Calculating the cost of preferred stock as the dividend yield.
3) Calculating the cost of common equity using the capital asset pricing model.
4) Calculating the WACC using both book value and market value weights for the capital structure.
5) Exploring how
Capital structure
This document discusses capital structure and leverage. It defines capital structure as the mix of long-term financing sources like equity shares, preference shares, debentures, and long-term debt. It notes that the optimal capital structure maximizes shareholder wealth while minimizing costs. Leverage refers to using fixed costs to magnify returns - operating leverage uses fixed operating costs while financial leverage uses fixed financing costs. The document provides formulas for calculating operating, financial, and combined leverage and gives examples of how to compute them based on information about sales, costs, debt, and earnings.
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This document discusses the cost of capital components including debt, preferred stock, and common equity. It provides examples of how to calculate the cost of each component and determine the weighted average cost of capital (WACC). The key points are that the WACC should incorporate the after-tax costs and marginal costs of each capital component based on their target weights. Divisions may require different WACC calculations than the overall firm WACC depending on their individual risk levels.
Module 5 dividend discount model att
The document provides an overview of the dividend discount model (DDM) for valuing stocks. It discusses the basic inputs and expressions for single-period, multi-period, and infinite holding periods. Specific models covered include the Gordon growth model, two-stage growth model, and three-stage growth model. Worked examples are provided to demonstrate calculations for each model.
Arcadian microarray technologies R45 A2
Rodney Chu of Sierra Capital is negotiating the purchase of a 60% equity stake in Arcadian Microarray Technologies for $40 million. Simon has several tasks to help value Arcadian and determine a fair purchase price. Using a constant growth valuation with a 5% rate, Simon values Arcadian at $31 million from Arcadian's view and $22 million from Sierra's view, a difference of $9 million. Simon recommends Sierra use this approach and buy the 60% stake for $22 million.
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working capital ch solution financial management ....mohsin mumtaz
working capital ch solution financial management ....mohsin mumtaz
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cost of capital .....ch ...of financial management ..solution by MIAN MOHSIN ...
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This document is a Statement of Attainment awarded to Yip Wai Loon on September 2, 2015 for successfully completing an industry-approved competency in managing project timelines. The training and assessment for this competency were accredited under Singapore's workforce skills qualification system.
SBI Magnum Balanced Fund: Balance Between Growth And Stability - Feb 2016
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The document summarizes major events that occurred in 2014, including:
1) The 10th general election in Bangladesh which was controversial with major opposition boycotts and uncontested seats. Around 21 people were killed on polling day.
2) The start of the Ebola virus epidemic in West Africa in Guinea in December 2013 and its spread to Liberia and Sierra Leone, with the first victim identified.
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The document summarizes several key symbols and traditions of Christmas, including:
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- Santa Claus bringing gifts to good children on Christmas Eve, typically depicted as a jolly man in red with white trim.
- The Christmas tree tradition of bringing an evergreen tree into the home and decorating it with lights, ornaments, and an angel or star topper.
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The document discusses various methods for valuing bonds and shares. It defines key terms related to bonds such as par value, coupon rate, maturity period, current yield, and call option. It also describes types of bonds and risks associated with bonds like interest rate risk and reinvestment risk. Methods covered for valuing bonds include yield to maturity, yield to call, and duration. For shares, it discusses models for valuing preferred and equity shares, including the dividend discount model and various growth models. It provides an example of using a two-stage growth model to calculate the price of a share today given growth rates and discount rate.
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8-*
OutlineCommon Stock ValuationSome Features of Common and Preferred StocksThe Stock Markets
8-*
Cash Flows for StockholdersIf you buy a share of stock, you can receive cash in two waysThe company pays dividendsYou sell your shares, either to another investor in the market or back to the companyAs with bonds, the price of the stock is the present value of these expected cash flows
8-*
7.*
One-Period ExampleSuppose you are thinking of purchasing the stock of Moore Oil, Inc. You expect it to pay a $2 dividend in one year, and you believe that you can sell the stock for $14 at that time. If you require a return of 20% on investments of this risk, what is the maximum you would be willing to pay?Compute the PV of the expected cash flowsPrice = (14 + 2) / (1.2) = $13.33Or FV = 16; I/Y = 20; N = 1; CPT PV = -13.33
8-*
7.*
Two-Period ExampleNow, what if you decide to hold the stock for two years? In addition to the dividend in one year, you expect a dividend of $2.10 in two years and a stock price of $14.70 at the end of year 2. Now how much would you be willing to pay?PV = 2 / (1.2) + (2.10 + 14.70) / (1.2)2 = 13.33
8-*
7.*
Three-Period ExampleFinally, what if you decide to hold the stock for three years? In addition to the dividends at the end of years 1 and 2, you expect to receive a dividend of $2.205 at the end of year 3 and the stock price is expected to be $15.435. Now how much would you be willing to pay?PV = 2 / 1.2 + 2.10 / (1.2)2 + (2.205 + 15.435) / (1.2)3 = 13.33
8-*
7.*
Developing The ModelYou could continue to push back the year in which you will sell the stockYou would find that the price of the stock is really just the present value of all expected future dividendsSo, how can we estimate all future dividend payments?
8-*
7.*
Estimating Dividends:
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8-*
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8-*
7.*
Dividend Growth ModelDividends are exp.
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Common stock valuation methods include:
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2. Using the earnings per share and an industry benchmark PE ratio when dividends are not paid, as the PE ratio captures expected future earnings and dividend growth.
3. Special cases exist when dividends are constant forever or grow at a constant rate, allowing the stock value to be directly calculated using perpetuity or dividend growth models. However, these ideal cases are rare in practice.
Slide 1 7-1Cash Flows for Stockholders• If you o.docx
Slide 1
7-1
Cash Flows for Stockholders
• If you own a share of stock, you can receive
cash in two ways
The company pays dividends
You sell your shares, either to another investor in
the market or back to the company
• As with bonds, the price of the stock is the
present value of these expected cash flows
Dividends → cash income
Selling → capital gains
In this module, we turn to the other major source of financing for corporations, common and preferred stock.
The goal of financial management is to maximize stock prices, so an understanding of what determines
share values is obviously a key concern. The dividends currently being paid are one of the primary factors
we look at when we attempt to value common stocks. This module explores dividends, stock values, and
the connection between the two.
A share of common stock is more difficult to value in practice than a bond, for at least three reasons.
First, with common stock, not even the promised cash flows are known in advance.
Second, the life of the investment is essentially forever, since common stock has no maturity.
Third, there is no way to easily observe the rate of return that the market requires.
However, we can come up with the present value of the future cash flows for a share of stock making some
assumptions.
Slide 2
7-2
One Period Example
• Suppose you are thinking of purchasing the
stock of Moore Oil, Inc.
– You expect it to pay a $2 dividend in one year
– You believe you can sell the stock for $14 at that
time.
– You require a return of 20% on investments of this
risk
– What is the maximum you would be willing to
pay?
Slide 3
7-3
One Period Example
• D1 = $2 dividend expected in one year
• R = 20%
• P1 = $14
• CF1 = $2 + $14 = $16
• Compute the PV of the expected cash flows
33.13$
20.1
)142(
P
0
Note, the calculation can also be done as:
FV = 14; PMT = 2; I/Y = 20; N = 1; CPT PV = -13.33
Slide 4
7-4
Two Period Example
• What if you decide to hold the stock for two years?
– In addition to the dividend in one year, you expect a
dividend of $2.10 in two years and a stock price of
$14.70 at the end of year 2.
– Now how much would you be willing to pay?
33.13$
)20.1(
)70.1410.2(
20.1
2
P
20
Calculator: CF0 = 0; C01 = 2; F01 = 1; C02 = 16.80; F02 = 1; NPV; I =
20; CPT NPV = 13.33
We can use uneven cash flow keys.
Slide 5
7-5
Three Period Example
• What if you decide to hold the stock for three
years?
– In addition to the dividends at the end of years 1 and 2,
you expect to receive a dividend of $2.205 at the end of
year 3 and the stock price is expected to be $15.435.
– Now how much would you be willing to pay?
33.13$
)20.1(
)435.15205.2(
)20.1(
10.2
20.1
2
P
320
Calcultator: CF0 = 0; C01 = 2; F01 = 1; C02 = 2.10; F02 = 1; C03 = 17.64;
F03 = 1; NPV; I = 20; CPT NPV = 13.33
Slide 6
7-6
Devel.
Sheet4Assignment 1 LASA # 2—Capital Budgeting TechniquesSheet1So.docx
Sheet4Assignment 1 LASA # 2—Capital Budgeting Techniques
Sheet1
Solution
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End-to-end pipeline agility - Berlin Buzzwords 2024
We describe how we achieve high change agility in data engineering by eliminating the fear of breaking downstream data pipelines through end-to-end pipeline testing, and by using schema metaprogramming to safely eliminate boilerplate involved in changes that affect whole pipelines.
A quick poll on agility in changing pipelines from end to end indicated a huge span in capabilities. For the question "How long time does it take for all downstream pipelines to be adapted to an upstream change," the median response was 6 months, but some respondents could do it in less than a day. When quantitative data engineering differences between the best and worst are measured, the span is often 100x-1000x, sometimes even more.
A long time ago, we suffered at Spotify from fear of changing pipelines due to not knowing what the impact might be downstream. We made plans for a technical solution to test pipelines end-to-end to mitigate that fear, but the effort failed for cultural reasons. We eventually solved this challenge, but in a different context. In this presentation we will describe how we test full pipelines effectively by manipulating workflow orchestration, which enables us to make changes in pipelines without fear of breaking downstream.
Making schema changes that affect many jobs also involves a lot of toil and boilerplate. Using schema-on-read mitigates some of it, but has drawbacks since it makes it more difficult to detect errors early. We will describe how we have rejected this tradeoff by applying schema metaprogramming, eliminating boilerplate but keeping the protection of static typing, thereby further improving agility to quickly modify data pipelines without fear.
原版制作(Deakin毕业证书)迪肯大学毕业证学位证一模一样
学校原件一模一样【微信：741003700 】《(Deakin毕业证书)迪肯大学毕业证学位证》【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
一比一原版(UCSF文凭证书)旧金山分校毕业证如何办理
毕业原版【微信:176555708】【(UCSF毕业证书)旧金山分校毕业证】【微信:176555708】成绩单、外壳、offer、留信学历认证（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！
一比一原版(UO毕业证)渥太华大学毕业证如何办理
UO毕业证录取书【微信95270640】购买（渥太华大学毕业证成绩单硕士学历）Q微信95270640代办UO学历认证留信网伪造渥太华大学学位证书精仿渥太华大学本科/硕士文凭证书补办渥太华大学 diplomaoffer,Transcript购买渥太华大学毕业证成绩单购买UO假毕业证学位证书购买伪造渥太华大学文凭证书学位证书,专业办理雅思、托福成绩单，学生ID卡，在读证明，海外各大学offer录取通知书，毕业证书，成绩单，文凭等材料:1:1完美还原毕业证、offer录取通知书、学生卡等各种在读或毕业材料的防伪工艺（包括 烫金、烫银、钢印、底纹、凹凸版、水印、防伪光标、热敏防伪、文字图案浮雕，激光镭射，紫外荧光，温感光标）学校原版上有的工艺我们一样不会少，不论是老版本还是最新版本，都能保证最高程度还原，力争完美以求让所有同学都能享受到完美的品质服务。
文凭办理流程：
1客户提供办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：微信95270640我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。
7完成交易删除客户资料
高精端提供以下服务：
一：渥太华大学渥太华大学毕业证文凭证书全套材料从防伪到印刷水印底纹到钢印烫金
二：真实使馆认证（留学人员回国证明）使馆存档
三：真实教育部认证教育部存档教育部留服网站可查
四：留信认证留学生信息网站可查
五：与学校颁发的相关证件1:1纸质尺寸制定（定期向各大院校毕业生购买最新版本毕,业证成绩单保证您拿到的是鲁昂大学内部最新版本毕业证成绩单微信95270640）
A.为什么留学生需要操作留信认证?
留信认证全称全国留学生信息服务网认证,隶属于北京中科院。①留信认证门槛条件更低,费用更美丽,并且包过,完单周期短,效率高②留信认证虽然不能去国企,但是一般的公司都没有问题,因为国内很多公司连基本的留学生学历认证都不了解。这对于留学生来说,这就比自己光拿一个证书更有说服力,因为留学学历可以在留信网站上进行查询!
B.为什么我们提供的毕业证成绩单具有使用价值？
查询留服认证是国内鉴别留学生海外学历的唯一途径但认证只是个体行为不是所有留学生都操作所以没有办理认证的留学生的学历在国内也是查询不到的他们也仅仅只有一张文凭。所以这时候我们提供的和学校颁发的一模一样的毕业证成绩单就有了使用价值。只硕大的蛇皮袋手里拎着长铁钩正站在门口朝黑色的屋内张望不好坏人小偷山娃一怔却也灵机一动立马仰起头双手拢在嘴边朝楼上大喊：“爸爸爸——有人找——那人一听朝山娃尴尬地笑笑悻悻地走了山娃立马“嘭的一声将铁门锁死心却咚咚地乱跳当山娃跟父亲说起这事时父亲很吃惊抚摸着山娃的头说还好醒得及时要不家早被人掏空了到时连电视也没得看啰不过父亲还是夸山娃能临危不乱随机应变有胆有谋山娃笑笑说那都是书上学的看童话和小说时多
ViewShift: Hassle-free Dynamic Policy Enforcement for Every Data Lake
Dynamic policy enforcement is becoming an increasingly important topic in today’s world where data privacy and compliance is a top priority for companies, individuals, and regulators alike. In these slides, we discuss how LinkedIn implements a powerful dynamic policy enforcement engine, called ViewShift, and integrates it within its data lake. We show the query engine architecture and how catalog implementations can automatically route table resolutions to compliance-enforcing SQL views. Such views have a set of very interesting properties: (1) They are auto-generated from declarative data annotations. (2) They respect user-level consent and preferences (3) They are context-aware, encoding a different set of transformations for different use cases (4) They are portable; while the SQL logic is only implemented in one SQL dialect, it is accessible in all engines.
#SQL #Views #Privacy #Compliance #DataLake
一比一原版(BCU毕业证书)伯明翰城市大学毕业证如何办理
原版定制【微信:41543339】【(BCU毕业证书)伯明翰城市大学毕业证】【微信:41543339】成绩单、外壳、offer、留信学历认证（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41543339】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41543339】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！
一比一原版(Glasgow毕业证书)格拉斯哥大学毕业证如何办理
毕业原版【微信:41543339】【(Glasgow毕业证书)格拉斯哥大学毕业证】【微信:41543339】成绩单、外壳、offer、留信学历认证（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41543339】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41543339】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！
The Ipsos - AI - Monitor 2024 Report.pdf
According to Ipsos AI Monitor's 2024 report, 65% Indians said that products and services using AI have profoundly changed their daily life in the past 3-5 years.
一比一原版(UMN文凭证书)明尼苏达大学毕业证如何办理
毕业原版【微信:176555708】【(UMN毕业证书)明尼苏达大学毕业证】【微信:176555708】成绩单、外壳、offer、留信学历认证（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！
Natural Language Processing (NLP), RAG and its applications .pptx
1. In the realm of Natural Language Processing (NLP), knowledge-intensive tasks such as question answering, fact verification, and open-domain dialogue generation require the integration of vast and up-to-date information. Traditional neural models, though powerful, struggle with encoding all necessary knowledge within their parameters, leading to limitations in generalization and scalability. The paper "Retrieval-Augmented Generation for Knowledge-Intensive NLP Tasks" introduces RAG (Retrieval-Augmented Generation), a novel framework that synergizes retrieval mechanisms with generative models, enhancing performance by dynamically incorporating external knowledge during inference.
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Discussion on Vector Databases, Unstructured Data and AI
https://www.meetup.com/unstructured-data-meetup-new-york/
This meetup is for people working in unstructured data. Speakers will come present about related topics such as vector databases, LLMs, and managing data at scale. The intended audience of this group includes roles like machine learning engineers, data scientists, data engineers, software engineers, and PMs.This meetup was formerly Milvus Meetup, and is sponsored by Zilliz maintainers of Milvus.
一比一原版(Coventry毕业证书)考文垂大学毕业证如何办理
毕业原版【微信:41543339】【(Coventry毕业证书)考文垂大学毕业证】【微信:41543339】成绩单、外壳、offer、留信学历认证（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41543339】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41543339】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！
一比一原版(牛布毕业证书)牛津布鲁克斯大学毕业证如何办理
毕业原版【微信:41543339】【(牛布毕业证书)牛津布鲁克斯大学毕业证】【微信:41543339】成绩单、外壳、offer、留信学历认证（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41543339】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41543339】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！
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Dat...
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Round table discussion of vector databases, unstructured data, ai, big data, real-time, robots and Milvus.
A lively discussion with NJ Gen AI Meetup Lead, Prasad and Procure.FYI's Co-Found
一比一原版(UIUC毕业证)伊利诺伊大学|厄巴纳-香槟分校毕业证如何办理
UIUC毕业证offer【微信95270640】☀《伊利诺伊大学|厄巴纳-香槟分校毕业证购买》GoogleQ微信95270640《UIUC毕业证模板办理》加拿大文凭、本科、硕士、研究生学历都可以做,二、业务范围：
★、全套服务：毕业证、成绩单、化学专业毕业证书伪造《伊利诺伊大学|厄巴纳-香槟分校大学毕业证》Q微信95270640《UIUC学位证书购买》
(诚招代理)办理国外高校毕业证成绩单文凭学位证,真实使馆公证（留学回国人员证明）真实留信网认证国外学历学位认证雅思代考国外学校代申请名校保录开请假条改GPA改成绩ID卡
1.高仿业务:【本科硕士】毕业证,成绩单（GPA修改）,学历认证（教育部认证）,大学Offer,,ID,留信认证,使馆认证,雅思,语言证书等高仿类证书；
2.认证服务: 学历认证（教育部认证）,大使馆认证（回国人员证明）,留信认证（可查有编号证书）,大学保录取,雅思保分成绩单。
3.技术服务：钢印水印烫金激光防伪凹凸版设计印刷激凸温感光标底纹镭射速度快。
办理伊利诺伊大学|厄巴纳-香槟分校伊利诺伊大学|厄巴纳-香槟分校毕业证offer流程：
1客户提供办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）
-办理真实使馆公证（即留学回国人员证明）
-办理各国各大学文凭（世界名校一对一专业服务,可全程监控跟踪进度）
-全套服务：毕业证成绩单真实使馆公证真实教育部认证。让您回国发展信心十足！
（详情请加一下 文凭顾问+微信:95270640）欢迎咨询！的鬼地方父亲的家在高楼最底屋最下面很矮很黑是很不显眼的地下室父亲的家安在别人脚底下须绕过高楼旁边的垃圾堆下八个台阶才到父亲的家很狭小除了一张单人床和一张小方桌几乎没有多余的空间山娃一下子就联想起学校的男小便处山娃很想笑却怎么也笑不出来山娃很迷惑父亲的家除了一扇小铁门连窗户也没有墓穴一般阴森森有些骇人父亲的城也便成了山娃的城父亲的家也便成了山娃的家父亲让山娃呆在屋里做作业看电视最多只能在门口透透气间
My burning issue is homelessness K.C.M.O.
My burning issue is homelessness in Kansas City, MO
To: Tom Tresser
From: Roger Warren
一比一原版(爱大毕业证书)爱丁堡大学毕业证如何办理
毕业原版【微信:41543339】【(爱大毕业证书)爱丁堡大学毕业证】【微信:41543339】成绩单、外壳、offer、留信学历认证（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41543339】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41543339】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：
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Valuation of bonds, shares and portfolio
- 1. Executive summary: Thisreportcoveredportfolio,bondandshare valuationof three different companies providingan explanationaboutthe selectioncriteriaof anybondand share while investment of the fundsinthe portfolio.The reportcoveredthe calculationof the expectedreturnandstandard deviationof the portfolio.The reportalsocoveredthe valuationof three typesof bondwiththree differentcouponratestoprovide aninsightwhile investinginthe bonds.The share valuationcalculated the marketshare price of the shareswithno growth,normal growthand supernormal growth. 1. Portfoliovaluation Shares Type ExpectedReturn Standard Deviation CorrelationCoefficient Share JAY 12% 18% -0.3 Share KAY 24% 32% (a) To calculate covariance betweenshare Kayandshare Jay: Covariance betweenShare JayandShare Kay = Correlationcoefficient of share Jay& Kay * Standard Deviationof Share Kay* Standard Deviation of Share Kay = -0.3* 0.18*0.32 = - 0.01728 (b) To calculate expectedreturnandstandarddeviationof aportfoliowith35% of share Jayand 65% of share Kay Expectedreturn: Expectedreturnof the portfolio=0.12*0.35 + 0.24*0.65 = 0.042+ 0.156 = 0.198 = 19.8%
- 2. StandardDeviation: √𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒 Let’scalculate the Variance first PortfolioVariance = w2 A*σ2 (RA) + w2 B*σ2 (RB) + 2*(wA)*(wB)*Cov(RA, RB) = 0.352 * 0.182 + 0.652 * 0.322 * 2 * 0.35 * 0.65 * 0.01728 = 0.1225 * 0.0324 + 0.4225 * 0.1024 + 2 * 0.0039312 = .003969 + 0.043264 + 0.0078624 = 0.0550954 Variance=0.0550954 Nowstandarddeviation=√𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒 = √0.0550954 = 0.23472409= 23.47% (c) To calculate weightsof eachshare sothat the returnof the portfoliobe equal to15.6% Let be the weightsbe x and y NowExpectedreturn= 0.12 * x + 0.24 * y 0.156 = 0.12x + 0.24y ----------------------------(1) Alsox+y= 1 ---------------------------------------------------- (2) Solvingthese 2equations: X= 0.7 = 70% Y= 0.3 = 30% (d) Variance of the portfoliowithweightscalculatedinpart(c) above PortfolioVariance = w2 A*σ2 (RA) + w2 B*σ2 (RB) + 2*(wA)*(wB)*Cov(RA, RB) = 0.702 * 0.182 + 0.302 * 0.322 * 2 * 0.70 * 0.30 * 0.01728 = 0.49 * 0.0324 + 0.09 * 0.1024 + 2 * 0.0036288 = 0.015876 + 0.009216 + 0.0072576
- 3. = 0.0323496 Nowstandarddeviation=√𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒 = √0.0323496 = 0.17985995 = 17.9% 2. Bond valuation Jasmine Ltdisthinkingtoraise fundsfora new projectbysellingbonds.Followingare the three options available tothem: Bond CouponRate (%) Coupon/Compounding Frequency Yield Term in years Face Value A 0% half-yearly 7.5% 5 $1,000 B 6.5% half-yearly 7.5% 10 $1,000 C 8.4% yearly 7.5% 8 $1,000 (a) To calculate the marketprice of eachbond: BondA Here C= 0% n = 5 years M = $1,000 I = 7.5%
- 4. Couponfrequency:half yearly As thisiszerocoupon bond then Thenmarketprice of the bond= 1000÷ (1 + 0.075)5 = $696.56 Market price of bond B: Here C= 6.5 n = 10 years M = $1,000 I = 7.5% Couponfrequency:half yearly Afterinsertingall the valuesinthe above formula,the marketprice of the bondB will be equal to $958.94 Market price of bond C
- 5. Here C= 8.4% n = 8 years M = $1,000 I = 7.5% Couponfrequency:yearly Afterinsertingall the valuesinthe above formula,the marketprice of the bondB will be equal to $1,052.72 (b) Whenthe marketprice of the bond ismore than the face value,we can say thatthe bondisissued at premium WhenMarket price of the bond islessthan the face value,the bondisissuedatdiscount Whenmarketprice of the bondis equal tothe face value,the bondisissuedatpar As perabove notes,we cansay that onlybondC is issuedatpremium, restbondA and B are issuedat discount. (c) If Jasmine Ltddecidestosell onlyBbondsandneedstoraise $465,260, thenletus calculate the be numberof bondsB needstoissuedis $465,260 / $958.94 = 485.181 = 485 Jasmine Ltdhas to issue 485 bondstoraise requiredfunds.
- 6. 3. Share valuation (a) NoChange Ltdhas paid$4.25 as the last dividendwithnoexpectationstoincrease infuture dividends and no growthpotential aswell. Market Price of the share: P= Price of the share r = Discountrate Here,P needsto be claculated Dividend=$4.25 r = 10% ∴ P = $4.25/ 0.10 = $42.5 (b) ConstantGrowthLtdhas paida dividendof $4.25 and expectstogrow at 4% everyyear Market price of the share P= Market price of the share D1 = Dividendtobe paidnextyear r = Discountrate g = growthrate Here P needstobe calculated Do = $4.25 D1= $4.25 + $4.25 * 0.04 = $4.42 r = 10% g = 4%
- 7. ∴ P = 4.42/ 0.10- 0.04 = $4.42/ 0.06 = $73.66 (c) SteadyGrowthLtd has to pay a dividendof $4.25 nextyearand expectstogrow at 4% everyyear Market price of the share P= Market price of the share D1 = Dividendtobe paidnextyear r = Discountrate g = growthrate Here P needstobe calculated D1= $4.25 r = 10% g = 4% ∴ P = 4.25/ 0.10- 0.04 = $4.25/ 0.06 = $70.83 (d) SuperGrowthLtdhas paida dividendof $4.25 andexpectsa dividendtogrow at 12% peryear for next3 yearsAfter3 years,the dividendstogrow constantlyat 4% peryear To calculate the marketprice of the share we have to follow the below steps: 1. We have to find the three highgrowthdividends. 2. We have to thencalculate the value of the constantgrowthdividendsfromthe fourthdividend onward. 3. We have to thendiscounteachvalue calculatedinfirstandsecondstep. 4. Then we have to addthe discountedvaluestocalculate the marketprice of the share
- 8. Period Dividend Calculation Amount PV values @ 10 % Present Value 1 D1 $4.25x 1.121 $4.76 0.909 $4.32 2 D2 $4.25x 1.122 $5.33 0.826 $4.40 3 D3 $4.25 x 1.123 $5.97 0.751 $4.48 4 D4 $5.97 x 1.04 $6.20 $6.20 / (0.10-0.04) 103.33 $103.33/ 1.104 $103.33/1.4641 $70.57 NPV $83.77 Thus the marketprice of the share is$83.77 (e) QuickGrowthLtdhas to pay$4.25 nextyearand thendividendtogrow at 12% per yearfor the next three years. Dividendswillgrowatconstantrate of 4% peryear afterthe three yearsof quickgrowth. Period Dividend Calculation Amount PV values @ 10 % Present Value 1 D1 $4.25 $4.25 0.909 $3.86 2 D2 $4.25x 1.122 $5.33 0.826 $4.40 3 D3 $4.25 x 1.123 $5.97 0.751 $4.48 4 D4 $5.97 x 1.04 $6.20 $6.20 / (0.10- 0.04) 103.33 $103.33/ 1.104 $103.33/1.4641 $70.57 NPV $83.31 Market price of the share is$83.31 Recommendations: Investmentsshouldalwaysbe done inthose bonds where the compoundingof the interestis more frequently. Onlythose sharestobe purchasedwhere there isasupernormal growthof dividends. Proportionof thatshare shouldbe more inthe portfoliowhichhashighrate of return to have more expectedrate of returnonthe portfolio.
- 9. Shareswithlessstandarddeviationare worthof investment. Bondsissuedatpremiumisa smart investment Conclusion: The bondswhichhave frequentcompounding have more marketvalue. The shareswithsupernormal growthhave more marketvalue. Expectedrate of returnof that portfoliowillbe more whichhasmore proportionof the higher rate of returninvestment. The sharesand bondswithmore standarddeviationare notworthof investment.