# on 01-Feb-2018 (Thu)

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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
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Bomber enjoys, eating sausages. He also enjoys reading Shakespeare. Bomber is confronted with two baskets: Basket A, contains several goods and a package of sausages, and B, contains identical quantities of the other goods as Basket A, but instead of the sausages, it contains a book by Shakespeare.

When asked which basket she prefers, he replies, “I like them both, but sausages and a book by Shakespeare are so different that I cannot compare the two baskets.”

Is Bomber is obeying all the axioms of preference theory?

Bomber is violating the assumption of complete preferences.

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rs, he replies, “I like them both, but sausages and a book by Shakespeare are so different that I cannot compare the two baskets.” Determine whether Bomber is obeying all the axioms of preference theory. Solution: <span>Smith is violating the assumption of complete preferences. <span><body><html>

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
at analysis, we shall model the willingness of the investor to trade off between increased investment returns and increased certainty, which is the absence of risk. EXAMPLE 1 Axioms Concerning Preferences <span>Helen Smith enjoys, among other things, eating sausages. She also enjoys reading Marcel Proust. Smith is confronted with two baskets: Basket A, which contains several other goods and a package of sausages, and B, which contains identical quantities of the other goods as Basket A, but instead of the sausages, it contains a book by Proust. When asked which basket she prefers, she replies, “I like them both, but sausages and a book by Proust are so different that I simply cannot compare the two baskets.” Determine whether Smith is obeying all the axioms of preference theory. Solution: Smith is violating the assumption of complete preferences. This assumption states that a consumer must be able to compare any two baskets of goods, either preferring one to the other or being indifferent between the two. If she complies with th

#### Flashcard 1433091050764

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#4-3-the-investment-opportunity-set #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4

Question
Wuz dat?
Risk free rate of return

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#algebra-baldor
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El Signo de Raíz es √ y es llamado signo [...],

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El Signo de Raíz es v 7 llamado signo radical, y bajo este signo se co loca la cantidad a la cual se le extrae la raíz. Así, \T á equivale a raíz cuadrada de a, o sea, la cantidad que elevada al cuadrado reproduce la can tidad a; W

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#### Flashcard 1448341802252

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

2nd part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

• [...] to a customer.

• Examining compliance with debt covenants or other contractual arrangements.

• Assigning a debt rating to a company or bond issue.

• Valuing a security for making an investment recommendation to others.

• Forecasting future net income and cash flow.

Extending credit

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2nd part In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a

#### Flashcard 1448346258700

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

1st Part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

• Determining the [...] in order to decide whether to [...] and if so, what [...]

creditworthiness of a company

extend a loan to the company

terms to offer.

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merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the <span>creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. <span><body><html>

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a

#### Flashcard 1451171122444

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#conversation-tactics #how-to-take-a-complement
Question
Why are conversation tactics background music in a television scene?
When they’re there, you don’t notice that everything is flowing smoothly.

But when they’re gone, you notice (sometimes immediately)

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

#### Flashcard 1465038802188

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#48-laws-of-power #law-3-conceal-your-intentions
Question
PART I: USE [...] AND [...] TO THROW PEOPLE OFF THE SCENT
DECOYED OBJECTS OF DESIRE

RED HERRINGS

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PART I: USE DECOYED OBJECTS OF DESIRE AND RED HERRINGS TO THROW PEOPLE OFF THE SCENT If at any point in the deception you practice people have the slightest suspicion as to your intentions, all is lost. Do not give them the

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The most common way to estimate the average risk required rate of return is to [...] of these costs.
calculate the marginal cost of each of the various sources of capital and then calculate a weighted average.

This weighted average is referred to as the weighted average cost of capital (WACC).

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The most common way to estimate the average risk required rate of return is to calculate the marginal cost of each of the various sources of capital and then calculate a weighted average of these costs. This weighted average is referred to as the weighted average cost of capital (WACC).

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2. COST OF CAPITAL
n the cost of capital for the entire company (later we will address how to adjust that for specific projects). The cost of capital of a company is the required rate of return that investors demand for the average-risk investment of a company. <span>The most common way to estimate this required rate of return is to calculate the marginal cost of each of the various sources of capital and then calculate a weighted average of these costs. This weighted average is referred to as the weighted average cost of capital (WACC). The WACC is also referred to as the marginal cost of capital (MCC) because it is the cost that a company incurs for additional capital. The weights in this weighted average are the prop

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Question
The SEC requires listed companies to provide an [...] and specifies the content.
MD&A

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n the United States, the SEC requires listed companies to provide an MD&A and specifies the content.

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3.1.6. Management Commentary or Management’s Discussion and Analysis
content elements include 1) the nature of the business; 2) management’s objectives and strategies; 3) the company’s significant resources, risks, and relationships; 4) results of operations; and 5) critical performance measures. I<span>n the United States, the SEC requires listed companies to provide an MD&A and specifies the content.7 Management must highlight any favorable or unfavorable trends and identify significant events and uncertainties that affect the company’s liquidity, capital resources, and results of o

#### Flashcard 1477041065228

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#48-laws-of-power #law-2-never-trust-friends-learn-how-to-use-enemies #reversal
Question
Nothing is stable in the realm of power, and even [...] can be transformed into the worst of enemies.
the closest of friends

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Nothing is stable in the realm of power, and even the closest of friends can be transformed into the worst of enemies.

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Expenses reflect outflows, [...], and incurrences of liabilities in the course of the activities of a business.
depletions of assets

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Expenses reflect outflows, depletions of assets, and incurrences of liabilities in the course of the activities of a business.

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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
hereas Kraft lists the years in decreasing order with the most recent year listed in the left-most column. Different orderings of chronological information are common. Differences in presentations of items, such as expenses, are also common. <span>Expenses reflect outflows, depletions of assets, and incurrences of liabilities in the course of the activities of a business. Expenses may be grouped and reported in different formats, subject to some specific requirements. For example, Danone reports research and development expenses as a separate line item w

#### Annotation 1737901608204

Reading 40  Risk Management: An Introduction Intro

#### Annotation 1741513428236

 the operating system is the one program running at all times on the computer—usually called the kernel. (Along with the kernel, there are two other types of programs: system programs, which are associated with the operating system but are not necessarily part of the kernel, and application programs, which include all programs not associated with the operation of the system.)

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ms take up less than a megabyte of space and lack even a full-screen editor, whereas others require gigabytes of space and are based entirely on graphical windowing systems. A more common deﬁnition, and the one that we usually follow, is that <span>the operating system is the one program running at all times on the computer—usually called the kernel. (Along with the kernel, there are two other types of programs: system programs, which are associated with the operating system but are not necessarily part of the kernel, and application programs, which include all programs not associated with the operation of the system.) <span><body><html>

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#### Annotation 1741516573964

 Ideally, we want the programs and data to reside in main memory permanently. This arrangement usually is not possible for the following two reasons: 1. Main memory is usually too small to store all needed programs and data permanently. 2. Main memory is a volatile storage device that loses its contents when power is turned off or otherwise lost.

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Ideally, we want the programs and data to reside in main memory permanently. This arrangement usually is not possible for the following two reasons: 1. Main memory is usually too small to store all needed programs and data permanently. 2. Main memory is a volatile storage device that loses its contents when power is turned off or otherwise lost. Thus, most computer systems provide secondary storage as an extension of main memory. The main requirement for secondary storage is that it be able to hold large quantities of data perm

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#### Annotation 1741518146828

 The main requirement for secondary storage is that it be able to hold large quantities of data permanently.

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re all needed programs and data permanently. 2. Main memory is a volatile storage device that loses its contents when power is turned off or otherwise lost. Thus, most computer systems provide secondary storage as an extension of main memory. <span>The main requirement for secondary storage is that it be able to hold large quantities of data permanently. The most common secondary-storage device is a magnetic disk, which provides storage for both programs and data. Most programs (system and application) are stored on a disk until they ar

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#### Annotation 1741519719692

 Most programs (system and application) are stored on a disk until they are loaded into memory. Many programs then use the disk as both the source and the destination of their processing.

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ension of main memory. The main requirement for secondary storage is that it be able to hold large quantities of data permanently. The most common secondary-storage device is a magnetic disk, which provides storage for both programs and data. <span>Most programs (system and application) are stored on a disk until they are loaded into memory. Many programs then use the disk as both the source and the destination of their processing. Hence, the proper management of disk storage is of central importance to a computer system, <span><body><html>

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Question
A general-purpose computer system consists of
CPUs and multiple device controllers that are connected through a common bus.

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A general-purpose computer system consists of CPUs and multiple device controllers that are connected through a common bus. Each device controller is in charge of a speciﬁc type of device. Depending on the controller, more than one

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#### Annotation 1741525749004

 A device controller maintains some local buffer storage and a set of special-purpose registers.

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A device controller maintains some local buffer storage and a set of special-purpose registers. The device controller is responsible for moving the data between the peripheral devices that it controls and its local buffer storage. Typically, operating systems have a device driver

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#### Annotation 1741527321868

 The device controller is responsible for moving data between the peripheral devices that it controls and its local buffer storage

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A device controller maintains some local buffer storage and a set of special-purpose registers. The device controller is responsible for moving the data between the peripheral devices that it controls and its local buffer storage. Typically, operating systems have a device driver for each device controller. This device driver understands the device controller and provides the rest of the operating system with a

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The device controller is responsible for moving data between [...] and its local buffer storage
the peripheral devices that it controls

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The device controller is responsible for moving data between the peripheral devices that it controls and its local buffer storage

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The device driver understands the device controller and provides the rest of the operating system with
a uniform interface to the device

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of special-purpose registers. The device controller is responsible for moving the data between the peripheral devices that it controls and its local buffer storage. Typically, operating systems have a device driver for each device controller. <span>This device driver understands the device controller and provides the rest of the operating system with a uniform interface to the device. To start an I/O operation, the device driver loads the appropriate registers within the device controller. The device controller, in turn, examines th

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#### Annotation 1741535186188

 To start an I/O operation, the device driver loads the appropriate registers within the device controller. The device controller, in turn, examines the contents of these registers to determine what action to take (such as “read a character from the keyboard”). The controller starts the transfer of data from the device to its local buffer. Once the transfer of data is complete, the device controller informs the device driver via an interrupt that it has ﬁnished its operation. The device driver then returns control to the operating system

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its local buffer storage. Typically, operating systems have a device driver for each device controller. This device driver understands the device controller and provides the rest of the operating system with a uniform interface to the device. <span>To start an I/O operation, the device driver loads the appropriate registers within the device controller. The device controller, in turn, examines the contents of these registers to determine what action to take (such as “read a character from the keyboard”). The controller starts the transfer of data from the device to its local buffer. Once the transfer of data is complete, the device controller informs the device driver via an interrupt that it has ﬁnished its operation. The device driver then returns control to the operating system, possibly returning the data or a pointer to the data if the operation was a read. For other operations, the device driver returns status information. This form of interrupt-driven I/O

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#### Annotation 1741537021196

 #lebesgue-integration Riemann's definition of integral starts with the construction of a sequence of easily calculated areas that converge to the integral of a given function.

Lebesgue integration - Wikipedia
igor in mathematics in the nineteenth century, mathematicians attempted to put integral calculus on a firm foundation. The Riemann integral—proposed by Bernhard Riemann (1826–1866)—is a broadly successful attempt to provide such a foundation. <span>Riemann's definition starts with the construction of a sequence of easily calculated areas that converge to the integral of a given function. This definition is successful in the sense that it gives the expected answer for many already-solved problems, and gives useful results for many other problems. However, Riemann integ

#### Annotation 1741539118348

 #lebesgue-integration However, Riemann integration does not interact well with taking limits of sequences of functions

Lebesgue integration - Wikipedia
e of easily calculated areas that converge to the integral of a given function. This definition is successful in the sense that it gives the expected answer for many already-solved problems, and gives useful results for many other problems. <span>However, Riemann integration does not interact well with taking limits of sequences of functions, making such limiting processes difficult to analyze. This is important, for instance, in the study of Fourier series, Fourier transforms, and other topics. The Lebesgue integral is bet

#### Annotation 1741541215500

 #lebesgue-integration The insight is that one should be able to rearrange the values of a function freely, while preserving the value of the integral.

Lebesgue integration - Wikipedia
. After I have taken all the money out of my pocket I order the bills and coins according to identical values and then I pay the several heaps one after the other to the creditor. This is my integral. —  Source: (Siegmund-Schultze 2008) <span>The insight is that one should be able to rearrange the values of a function freely, while preserving the value of the integral. This process of rearrangement can convert a very pathological function into one that is "nice" from the point of view of integration, and thus let such pathological functions

#### Annotation 1741543312652

 #lebesgue-integration While the Riemann integral considers the area under a curve as made out of vertical rectangles, the Lebesgue definition considers horizontal slabs that are not necessarily just rectangles, and so it is more flexible.

Lebesgue integration - Wikipedia
es, Fourier transforms, and other topics. The Lebesgue integral is better able to describe how and when it is possible to take limits under the integral sign (via the powerful monotone convergence theorem and dominated convergence theorem). <span>While the Riemann integral considers the area under a curve as made out of vertical rectangles, the Lebesgue definition considers horizontal slabs that are not necessarily just rectangles, and so it is more flexible. For this reason, the Lebesgue definition makes it possible to calculate integrals for a broader class of functions. For example, the Dirichlet function, which is 0 where its argument is

#### Annotation 1741545409804

 #lebesgue-integration As later set theory developments showed (see non-measurable set), it is actually impossible to assign a length to all subsets of ℝ in a way that preserves some natural additivity and translation invariance properties. This suggests that picking out a suitable class of measurable subsets is an essential prerequisite.

Lebesgue integration - Wikipedia
a useful abstraction of the notion of length of subsets of the real line—and, more generally, area and volume of subsets of Euclidean spaces. In particular, it provided a systematic answer to the question of which subsets of ℝ have a length. <span>As later set theory developments showed (see non-measurable set), it is actually impossible to assign a length to all subsets of ℝ in a way that preserves some natural additivity and translation invariance properties. This suggests that picking out a suitable class of measurable subsets is an essential prerequisite. The Riemann integral uses the notion of length explicitly. Indeed, the element of calculation for the Riemann integral is the rectangle [a, b] × [c, d], whose area is calculated to be

#### Annotation 1741547506956

 #lebesgue-integration The set of measurable functions is closed under algebraic operations, but more importantly it is closed under various kinds of point-wise sequential limits:

Lebesgue integration - Wikipedia
∈ R . {\displaystyle \{x\,\mid \,f(x)>t\}\in X\quad \forall t\in \mathbb {R} .} We can show that this is equivalent to requiring that the pre-image of any Borel subset of ℝ be in X. <span>The set of measurable functions is closed under algebraic operations, but more importantly it is closed under various kinds of point-wise sequential limits: sup k ∈ N f

#### Annotation 1741552225548

 #measure-theory In mathematics and in particular measure theory, a measurable function is a function between two measurable spaces such that the preimage of any measurable set is measurable

Measurable function - Wikipedia
Measurable function - Wikipedia Measurable function From Wikipedia, the free encyclopedia Jump to: navigation, search In mathematics and in particular measure theory, a measurable function is a function between two measurable spaces such that the preimage of any measurable set is measurable, analogously to the definition that a function between topological spaces is continuous if the preimage of each open set is open. In real analysis, measurable functions are used in the

#### Annotation 1741553798412

 #lebesgue-integration The Riemann integral uses the notion of length explicitly.

Lebesgue integration - Wikipedia
lly impossible to assign a length to all subsets of ℝ in a way that preserves some natural additivity and translation invariance properties. This suggests that picking out a suitable class of measurable subsets is an essential prerequisite. <span>The Riemann integral uses the notion of length explicitly. Indeed, the element of calculation for the Riemann integral is the rectangle [a, b] × [c, d], whose area is calculated to be (b − a)(d − c). The quantity b − a is the length of the base

#### Annotation 1741555895564

 #lebesgue-integration Even if a simple function can be written in many ways as a linear combination of indicator functions, the integral is always the same. This can be shown using the additivity property of measures.

Lebesgue integration - Wikipedia
. {\displaystyle \int \left(\sum _{k}a_{k}1_{S_{k}}\right)\,\mathrm {d} \mu =\sum _{k}a_{k}\int 1_{S_{k}}\,d\mu =\sum _{k}a_{k}\,\mu (S_{k}).} The convention 0 × ∞ = 0 must be used, and the result may be infinite. <span>Even if a simple function can be written in many ways as a linear combination of indicator functions, the integral is always the same. This can be shown using the additivity property of measures. Some care is needed when defining the integral of a real-valued simple function, to avoid the undefined expression ∞ − ∞: one assumes that the representation

#### Annotation 1741557992716

 #lebesgue-integration We say that the Lebesgue integral of the measurable function f exists, or is defined if at least one of and is finite:

Lebesgue integration - Wikipedia
| = f + + f − . {\displaystyle |f|=f^{+}+f^{-}.\quad } <span>We say that the Lebesgue integral of the measurable function f exists, or is defined if at least one of ∫ f + d μ {\displaystyle \int f^{+}\,\mathrm {d} \mu } and ∫ f − d μ {\displaystyle \int f^{-}\,\mathrm {d} \mu } is finite: min ( ∫ f +

#### Annotation 1741560089868

 #lebesgue-integration Complex valued functions can be similarly integrated, by considering the real part and the imaginary part separately.

Lebesgue integration - Wikipedia
μ < ∞ , {\displaystyle \int |f|\,\mathrm {d} \mu <\infty ,} we say that f is Lebesgue integrable. It turns out that this definition gives the desirable properties of the integral. <span>Complex valued functions can be similarly integrated, by considering the real part and the imaginary part separately. If h=f+ig for real-valued integrable functions f, g, then the integral of h is defined by ∫ h d μ

#### Annotation 1741562187020

 #lebesgue-integration A technical issue in Lebesgue integration is that the domain of integration is defined as a set (a subset of a measure space), with no notion of orientation.

Lebesgue integration - Wikipedia
1 ] ) = 0 , {\displaystyle \int _{[0,1]}1_{\mathbf {Q} }\,\mathrm {d} \mu =\mu (\mathbf {Q} \cap [0,1])=0,} because Q is countable. Domain of integration[edit source] <span>A technical issue in Lebesgue integration is that the domain of integration is defined as a set (a subset of a measure space), with no notion of orientation. In elementary calculus, one defines integration with respect to an orientation: ∫ b a

#### Annotation 1741571362060

 #bisturi-session #has-images #reading-machaca-de-sonora High-quality earnings result from activities that a company will likely be able to sustain in the future and provide a sufficient return on the company’s investment. The concepts of earnings quality and financial reporting quality are interrelated because a correct assessment of earnings quality is possible only when there is some basic level of financial reporting quality. Beyond this basic level, as the quality of reporting increases, the ability of financial statement users to correctly assess earnings quality and to develop expectations for future performance arguably also increases.

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by the company’s actual economic activities and the resulting financial condition. The term “earnings quality” is commonly used in practice and will be used broadly to encompass the quality of earnings, cash flow, and/or balance sheet items. <span>High-quality earnings result from activities that a company will likely be able to sustain in the future and provide a sufficient return on the company’s investment. The concepts of earnings quality and financial reporting quality are interrelated because a correct assessment of earnings quality is possible only when there is some basic level of financial reporting quality. Beyond this basic level, as the quality of reporting increases, the ability of financial statement users to correctly assess earnings quality and to develop expectations for future performance arguably also increases. <span><body><html>

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Reading 32  Financial Reporting Quality Introduction
Ideally, analysts would always have access to financial reports that are based on sound financial reporting standards, such as those from the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), and are free from manipulation. But, in practice, the quality of financial reports can vary greatly. High-quality financial reporting provides information that is useful to analysts in assessing a company’s performance and prospects. Low-quality financial reporting contains inaccurate, misleading, or incomplete information. Extreme lapses in financial reporting quality have given rise to high-profile scandals that resulted not only in investor losses but also in reduced confidence in the financial system. Financial statement users who were able to accurately assess financial reporting quality were better positioned to avoid losses. These lapses illustrate the challenges analysts face as well as the potential costs of failing to recognize practices that result in misleading or inaccurate financial reports.1Examples of misreporting can provide an analyst with insight into various signals that may indicate poor-quality financial reports. It is important to be aware, however, that high-profile financial scandals reflect only those instances of misreporting that were identified. Although no one can know the extent of undetected misreporting, some research suggests that it is relatively widespread. An Ernst & Young 2013 survey of more than 3,000 board members, executives, managers, and other employees in 36 countries across Europe, the Middle East, India, and Africa indicates that 20% of the respondents had seen manipulation (such as overstated sales and understated costs) occurring in their own companies, and 42% of board directors and senior managers were aware of some type of irregular financial reporting in their own companies (Ernst & Young, 2013). Another survey of 169 chief financial officers of public US companies found that they believed, on average, that “in any given period, about 20% of companies manage earnings to misrepresent economic performance, and for such companies 10% of EPS [earnings per share] is typically managed” (Dichev, Graham, Harvey, and Rajgopal, 2013). This reading addresses financial reporting quality, which pertains to the quality of information in financial reports, including disclosures in notes. High-quality reporting provides decision-useful information, which is relevant and faithfully represents the economic reality of the company’s activities during the reporting period as well as the company’s financial condition at the end of the period. A separate but interrelated attribute of quality is quality of reported results or earnings quality, which pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition. The term “earnings quality” is commonly used in practice and will be used broadly to encompass the quality of earnings, cash flow, and/or balance sheet items. High-quality earnings result from activities that a company will likely be able to sustain in the future and provide a sufficient return on the company’s investment. The concepts of earnings quality and financial reporting quality are interrelated because a correct assessment of earnings quality is possible only when there is some basic level of financial reporting quality. Beyond this basic level, as the quality of reporting increases, the ability of financial statement users to correctly assess earnings quality and to develop expectations for future performance arguably also increases. Section 2 provides a conceptual overview of reporting quality. Section 3 discusses motivations that might cause, and conditions that might enable, management to issue finan

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#### 三十而 立 不起来？？？学会这招，硬一辈子！还有女性教学3个动作

1. O型夹

2.X型挤

1.勃起或喷射略有困难时，做O型夹；
2.需要延长时间时，在“临界点”前做X型挤；

3.日常训练，每天XOXOXO交替着做5组（每组12-16个回合，两组之间歇1分钟，别太久），这可以锻炼括约肌强度和运动能力；坚持下去，哪怕只有1周，你都会回来感谢我的！

Tips：
1. 此法对盆底肌肉的力量和灵活度均有要求，长期练习，可以提高盆底肌肉的运动能力，对女性身体健康大有裨益。

2. 练习的过程中，务必按照一定的节奏，刚开始不熟悉动作时，宁愿动作特别慢，也不要打乱了节奏；节奏正确后，速度可以慢慢提高；而如果一开始片面追求速度，打乱了节奏后就很难找回；学过钢琴等乐器的朋友们应该能理解个中缘由。

3. 建议先独自练习，熟悉后，再与伴侣共同尝试。

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[科普]芒道“松”与“紧”的秘密