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Flashcard 1428265504012

Tags
#algebra-baldor
Question
un ei producto de dos factores, cualquiera de los factores es llamado [...] del otro factor.
Answer
coeficiente

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un ei producto de dos factores, cualquiera de los factores es llamado coeficiente del otro factor. Así, en el producto 3a el factor 3 es coeficiente del factor a e indica que el factor a se toma como sumando tres veces, o sea 3a = a + a + a; en el producto 5b, el fac

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Flashcard 1430670413068

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4-microeconomics-analysis
Question
Demand comes from the [...] and the [...], graphically represented by the indifference curve map.
Answer
utility function

budget constraint

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ir respective negative and positive slopes. That simple model yielded some very powerful implications about how markets work, but we can delve even more deeply to explore the underpinnings of demand and supply. In this reading, we examine the <span>theory of the consumer as a way of understanding where consumer demand curves originate. In a subsequent reading, the origins of the supply curve are sought in presenting the theory of the firm.<span>

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1. INTRODUCTION
r most fundamental models, the model of demand and supply. And as we have seen, models begin with simplifying assumptions and then find the implications that can then be compared to real-world observations as a test of the model’s usefulness. <span>In the model of demand and supply, we assumed the existence of a demand curve and a supply curve, as well as their respective negative and positive slopes. That simple model yielded some very powerful implications about how markets work, but we can delve even more deeply to explore the underpinnings of demand and supply. In this reading, we examine the theory of the consumer as a way of understanding where consumer demand curves originate. In a subsequent reading, the origins of the supply curve are sought in presenting the theory of the firm. This reading is organized as follows: Section 2 describes consumer choice theory in more detail. Section 3 introduces utility theory, a building block of consumer choice th







Flashcard 1737435254028

Tags
#linear-state-space-models
Question

Ergodicity is the property that averages of [...] and [...] coincide

Answer
time series and ensemble

The ensemble is the samples from the stationary distribution

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Ergodicity is the property that time series and ensemble averages coincide

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Linear State Space Models – Quantitative Economics
verages x¯:=1T∑t=1Txtandy¯:=1T∑t=1Tytx¯:=1T∑t=1Txtandy¯:=1T∑t=1Tyt Do these time series averages converge to something interpretable in terms of our basic state-space representation? The answer depends on something called ergodicity <span>Ergodicity is the property that time series and ensemble averages coincide More formally, ergodicity implies that time series sample averages converge to their expectation under the stationary distribution In particular, 1T∑Tt=1xt→μ∞1T∑t=1Txt→μ∞ 1T∑Tt=1(








Reading 47  Overview of Equity Securities (Intro)
#has-images #introduction #lingote-de-oro-session #reading-ana-de-la-garza

Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios.

The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features.

This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions:

  • What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations?

  • What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies?

  • What are private equity securities, and how do they differ from public equity securities?

  • What are depository receipts and their various types, and what is the rationale for investing in them?

  • What are the risk factors involved in investing in equity securities?

  • How do equity securities create company value?

  • What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return?

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Reading 47  Overview of Equity Securities (Intro)
Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions: What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations? What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies? What are private equity securities, and how do they differ from public equity securities? What are depository receipts and their various types, and what is the rationale for investing in them? What are the risk factors involved in investing in equity securities? How do equity securities create company value? What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return? The remainder of this reading is organized as follows. Section 2 provides an overview of global equity markets and their historical performance. Section 3 examines





Prerequisite Demand and Supply Analysis: The firm
#has-images #introduction #prerequisite-session #reading-saco-de-polipropileno

In studying decision making by consumers and businesses, microeconomics gives rise to the theory of the consumer and theory of the firm as two branches of study.

The theory of the consumer is the study of consumption—the demand for goods and services—by utility-maximizing individuals. The theory of the firm, the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services. Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs. The main focus of this reading is the cost side of the profit equation for companies competing in market economies under perfect competition. A subsequent reading will examine the different types of markets into which a firm may sell its output.

The study of the profit-maximizing firm in a single time period is the essential starting point for the analysis of the economics of corporate decision making. Furthermore, with the attention given to earnings by market participants, the insights gained by this study should be practically relevant. Among the questions this reading will address are the following:

  • How should profit be defined from the perspective of suppliers of capital to the firm?

  • What is meant by factors of production?

  • How are total, average, and marginal costs distinguished, and how is each related to the firm’s profit?

  • What roles do marginal quantities (selling prices and costs) play in optimization?

This reading is organized as follows:

Section 2 discusses the types of profit measures, including what they have in common, how they differ, and their uses and definitions.

Section 3 covers the revenue and cost inputs of the profit equation and the related topics of breakeven analysis, shutdown point of operation, market entry and exit, cost structures, and scale effects. In addition, the economic outcomes related to a firm’s optimal supply behavior over the short run and long run are presented in this section.

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Flashcard 1741123357964

Tags
#expectation-operator
Question

The expected value does not exist for random variables having some distributions with [...], such as the Cauchy distribution.[3]

Answer
large "tails"

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The expected value does not exist for random variables having some distributions with large "tails", such as the Cauchy distribution. [3] For random variables such as these, the long-tails of the distribution prevent the sum/integral from converging.

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Expected value - Wikipedia
on subsumes both of these and also works for distributions which are neither discrete nor absolutely continuous; the expected value of a random variable is the integral of the random variable with respect to its probability measure. [1] [2] <span>The expected value does not exist for random variables having some distributions with large "tails", such as the Cauchy distribution. [3] For random variables such as these, the long-tails of the distribution prevent the sum/integral from converging. The expected value is a key aspect of how one characterizes a probability distribution; it is one type of location parameter. By contrast, the variance is a measure of dispersion of t







Flashcard 1741140921612

Tags
#measure-theory #stochastics
Question
A sigma-algebra for Ω is closed under [...].
Answer
complements and countable unions and intersections

Is this property stopping the Banach-Tarski paradox?

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Let Ω be an arbitrary set. A sigma-algebra for Ω is a family of subsets of Ω that contains Ω and is closed under complements and countable unions and intersections.

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#has-images #pie-de-cabra-session #reading-molo
The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way.
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Reading 38  Working Capital Management Intro
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via ba





#has-images #pie-de-cabra-session #reading-molo

The scope of working capital management includes transactions, relations, analyses, and focus:

  • Transactions include payments for trade, financing, and investment.

  • Relations with financial institutions and trading partners must be maintained to ensure that the transactions work effectively.

  • Analyses of working capital management activities are required so that appropriate strategies can be formulated and implemented.

  • Focus requires that organizations of all sizes today must have a global viewpoint with strong emphasis on liquidity.

In this reading, we examine the different types of working capital and the management issues associated with each. We also look at methods of evaluating the effectiveness of working capital management.

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Reading 38  Working Capital Management Intro
13; Banking services Interest rates New technologies and new products The economy Competitors <span>The scope of working capital management includes transactions, relations, analyses, and focus: Transactions include payments for trade, financing, and investment. Relations with financial institutions and trading partners must be maintained to ensure that the transactions work effectively. Analyses of working capital management activities are required so that appropriate strategies can be formulated and implemented. Focus requires that organizations of all sizes today must have a global viewpoint with strong emphasis on liquidity. In this reading, we examine the different types of working capital and the management issues associated with each. We also look at methods of evaluating the effectiveness of working capital management. <span><body><html>





#has-images #introduction #pie-de-cabra-session #reading-molo

The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources.

Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments.

Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances.

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Reading 38  Working Capital Management Intro
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capit




Other Stakeholder Conflicts
#puerquito-session #reading-puerquito-verde
There are conflicts among other stakeholders, such as those between: customers and shareholders customers and suppliers shareholders and government or regulators.
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cts than creditors do, as creditors are more interested in strategies that will increase the chances of getting their investment back. Shareholders also prefer that the company pay more out in dividends than creditors would like. <span>Other Stakeholder Conflicts There are conflicts among other stakeholders, such as those between: customers and shareholders; customers and suppliers; shareholders and government or regulators. <span><body><html>

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Subject 3. Principal-Agent and Other Relationships in Corporate Governance
ontrolling shareholders. Controlling shareholders may receive special attention from management. They are often in the position to facilitate third-party takeovers by splitting the large gains on their own shares with the bidder. <span>Manager and Board Relationships This is another example of agency theory (discussed above). Shareholder versus Creditor Interests These two parties have different relationships to the company, accompanied by different rights and financial returns. For example, shareholders have an incentive to take on riskier projects than creditors do, as creditors are more interested in strategies that will increase the chances of getting their investment back. Shareholders also prefer that the company pay more out in dividends than creditors would like. Other Stakeholder Conflicts There are conflicts among other stakeholders, such as those between: customers and shareholders; customers and suppliers; shareholders and government or regulators. <span><body><html>





Agency Theory
#has-images #puerquito-session #reading-puerquito-verde
The agency theory is a supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships due to unaligned goals or different aversion levels to risk. The most common agency relationship in finance occurs between shareholders (principal) and company executives (agents).
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Agency Theory
What is the 'Agency Theory' <span>The agency theory is a supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships due to unaligned goals or different aversion levels to risk. The most common agency relationship in finance occurs between shareholders (principal) and company executives (agents). BREAKING DOWN 'Agency Theory' Agency theory addresses problems that arise due to differences between the goals or desires between the principal and a





#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management-mechanisms
The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely.
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ration should be given to votes cast in person or in absentia. A board of directors , which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. <span>The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency . It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions i

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Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management
Company reporting and transparency . It helps reduce of information asymmetry and agency costs.
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ncial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. <span>Company reporting and transparency . It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so o

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Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





Related-party transactions.
#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management-mechanisms
Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions.
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nancial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency . It helps reduce of information asymmetry and agency costs. <span>Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term perfo

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Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management
  • Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company?

  1. Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated.
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, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. <span>Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors ; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. &#1

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Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management-mechanisms
Contractual agreements with creditors ; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests.
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plans linked to the long-term performance of the company? Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. <span>Contractual agreements with creditors ; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct , and compliance offer(s) are all means a company can use to manage its relationship with its employees. &

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Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





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Contractual agreements with customers and suppliers .
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d by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct , and compliance offer(s) are all means a company can use to manage its relationship with its employees. <span>Contractual agreements with customers and suppliers . Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>

Original toplevel document

Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





#has-images #puerquito-session #reading-puerquito-verde #stakeholder-management-mechanisms
Laws and regulations a company must follow to protect the rights of specific groups.
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ws, contracts, codes of ethics and business conduct , and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers . <span>Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>

Original toplevel document

Subject 4. Stakeholder Management
groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <span>Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The right to participate in general shareholder meetings is a fundamental shareholder right. Shareholders, especially minority shareholders, should have the opportunity to ask questions of the board, to place items on the agenda and to propose resolutions, to vote on major corporate matters and transactions, and to participate in key corporate governance decisions, such as the nomination and election of board members. o Shareholders should be able to vote in person or in absentia, and equal consideration should be given to votes cast in person or in absentia. A board of directors, which serves as a link between shareholders and managers, acts as the shareholders' monitoring tool within the company. The audit function. It plays a critical role in ensuring the corporation's financial integrity and consideration of legal and compliance issues. The primary objective is to ensure that the financial information reported by the company to shareholders is complete, accurate, reliable, relevant, and timely. Company reporting and transparency. It helps reduce of information asymmetry and agency costs. Related-party transactions. Related-party transactions involve buying, selling, and other transactions with board members, managers, employees, family members, and so on. They can create an inherent conflict of interest. Policies should be established to disclose, mitigate, and manage such transactions. Remuneration policies. Does the company's remuneration strategy reward long-term or short-term growth? Are equity-based compensation plans linked to the long-term performance of the company? o Say on pay is the ability of shareholders in a company to actively vote on how much executives employed by the company should be compensated. Contractual agreements with creditors; indentures, covenants, collaterals and credit committees are tools used by creditors to protect their interests. Employee laws, contracts, codes of ethics and business conduct, and compliance offer(s) are all means a company can use to manage its relationship with its employees. Contractual agreements with customers and suppliers. Laws and regulations a company must follow to protect the rights of specific groups. <span><body><html>





Functions and Responsibilities of the Board
#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #puerquito-session #reading-puerquito-verde


Two primary duties of a board of directors are duty of care and duty of loyalty.


Among other responsibilities, the board is to:
  • establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner.

  • establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations.

  • hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance.

  • ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management.

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Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to




Flashcard 1742670007564

Tags
#has-images #introduction #reading-puerquito-verde
Question
[...] states that a company owes a responsibility to a wider group, other than just shareholders.


Answer
Stakeholder theory

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Stakeholder Theory Stakeholder theory, contrasting Shareholder Theory, states that a company owes a responsibility to a wider group of stakeholders, other than just shareholders. A stakeholder is defined as any person/group which can affect/be affected by the actions of a business. It includes employees, customers, suppliers, creditors and even the wider communi

Original toplevel document

Shareholder &amp; Stakeholder Theories Of Corporate Governance
ent dangers involved. The role of shareholder theory can be seen in the demise of corporations such as Enron and Worldcom where continuous pressure on managers to increase returns to shareholders led them to manipulate the company accounts. <span>Stakeholder Theory Stakeholder theory, on the other hand, states that a company owes a responsibility to a wider group of stakeholders, other than just shareholders. A stakeholder is defined as any person/group which can affect/be affected by the actions of a business. It includes employees, customers, suppliers, creditors and even the wider community and competitors. Edward Freeman, the original proposer of the stakeholder theory, recognised it as an important element of Corporate Social Responsibility (CSR), a concept which recognises the responsibilities of corporations in the world today, whether they be economic, legal, ethical or even philanthropic. Nowadays, some of the world’s largest corporations claim to have CSR at the centre of their corporate strategy. Whilst there are many genuine cases of companies with a “conscience”, many others exploit CSR as a good means of PR to improve their image and reputation but ultimately fail to put their words into action. Recent controversies surrounding the tax affairs of well known companies such as Starbucks, Google and Facebook in the UK have brought stakeholder theory into the spotlight. Whilst the measures adopted by the companies are legal, they are widely seen as unethical as they are utilising loopholes in the British tax system to pay less corporation tax in the UK. The public reaction to Starbucks tax dealings has led them to pledge £10m in taxes in each of the next two years in an attempt to win back customers. Enlightened Shareholder Value - A Happy Medium? Enlightened shareholder value (ESV) states that “corporations should pursue shareholder wealth with a long-run orientation that seeks







Flashcard 1743793032460

Tags
#has-images #puerquito-session #reading-puerquito-verde
Question
The [...] theory states that the sole responsibility of business is to increase profits.


Answer
shareholder theory

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Shareholder Theory The shareholder theory was originally proposed by Milton Friedman and it states that the sole responsibility of business is to increase profits. It is based on the premise that management are hired as the agent of the shareholders to run the company for their benefit, and therefore they are legally and morally obligated to serve

Original toplevel document

Shareholder &amp; Stakeholder Theories Of Corporate Governance
ined corporate governance as "the system by which companies are directed and controlled." Numerous theories have been proposed on corporate governance best practice, none more popular than the shareholder and stakeholder theories. <span>Shareholder Theory The shareholder theory was originally proposed by Milton Friedman and it states that the sole responsibility of business is to increase profits. It is based on the premise that management are hired as the agent of the shareholders to run the company for their benefit, and therefore they are legally and morally obligated to serve their interests. The only qualification on the rule to make as much money as possible is “conformity to the basic rules of the society, both those embodied in law and those embodied in ethical custom.” The shareholder theory is now seen as the historic way of doing business with companies realising that there are disadvantages to concentrating solely on the interests of shareholders. A focus on short term strategy and greater risk taking are just two of the inherent dangers involved. The role of shareholder theory can be seen in the demise of corporations such as Enron and Worldcom where continuous pressure on managers to increase returns to shareholders led them to manipulate the company accounts. Stakeholder Theory Stakeholder theory, on the other hand, states that a company owes a responsibility to a wider group of stakeholders, other than just shareholders. A stakeholder i







Flashcard 1743824751884

Tags
#board-of-directors-and-committees #has-images #puerquito-session #reading-puerquito-verde
Question
A [...] is the central pillar of the governance structure


Answer
board of directors

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Composition of the Board of Directors A board of directors is the central pillar of the governance structure, serves as the link between shareholders and managers, and acts as the shareholders' internal monitoring tool within the company. The structure and composition of a boa

Original toplevel document

Subject 5. Board of Directors and Committees
Composition of the Board of Directors A board of directors is the central pillar of the governance structure, serves as the link between shareholders and managers, and acts as the shareholders' internal monitoring tool within the company. The structure and composition of a board of directors vary across countries and companies. The number of directors may vary, and the board typically includes a mix of expertise levels, backgrounds, and competencies. Board members must have extensive experience in business, education, the professions and/or public service so they can make informed decisions about the company's future. If directors lack the skills, knowledge and expertise to conduct a meaningful review of the company's activities, and are unable to conduct in-depth evaluations of the issues affecting the company's business, they are more likely to defer to management when making decisions. Executive (internal) directors are employed by the company and are typically members of senior management. Non-executive (external) directors have limited involvement in daily operations but serve an important oversight role. In a classified or staggered board, directors are typically elected in two or more classes, serving terms greater than one year. Proponents argue that by staggering the election of directors, a certain level of continuity and skill is maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the








Subject 1. Ethics
#cabra-session #ethics #has-images #reading-rene-toussaint

Ethics is the study of moral principles used to make good choices.

  • Ethical principles are beliefs regarding what is good, acceptable, or responsible behavior, and what is bad, unacceptable, or forbidden behavior. They provide guidance for our behavior.

  • Ethical conduct is behavior that follows moral principles.

  • Ethical actions are those actions that are perceived as beneficial and conform to

    the ethical expectations of society.

Ethics encompass a set of moral principles (code of ethics) and standards of
conduct
that provide guidance for our behavior. Violations can harm the community in a variety of ways.

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Flashcard 1744136703244

Tags
#vector-space
Question

A norm must also satisfy certain properties pertaining to [...property...]

Answer
scalability and additivity

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A norm must also satisfy certain properties pertaining to scalability and additivity which are given in the formal definition below.

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Norm (mathematics) - Wikipedia
ositive length or size to each vector in a vector space—save for the zero vector, which is assigned a length of zero. A seminorm, on the other hand, is allowed to assign zero length to some non-zero vectors (in addition to the zero vector). <span>A norm must also satisfy certain properties pertaining to scalability and additivity which are given in the formal definition below. A simple example is two dimensional Euclidean space R 2 equipped with the "Euclidean norm" (see below) Elements in this vector space (e.g., (3, 7)) are usually drawn as arr







Flashcard 1744530181388

Tags
#cabra-session #ethics #has-images #reading-rene-toussaint


Question
Ethics is the study of [...] used to [...] .


Answer
moral principles
make good choices

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Subject 1. Ethics
Ethics is the study of moral principles used to make good choices. Ethical principles are beliefs regarding what is good, acceptable, or responsible behavior, and what is bad, unacceptable, or forbidden behavior. They pr







Flashcard 1744535424268

Tags
#cabra-session #ethics #has-images #reading-rene-toussaint


Question
[...] are beliefs regarding what is good, acceptable, or responsible behavior, and what is bad, unacceptable, or forbidden behavior. They provide guidance for our behavior.


Answer
Ethical principles

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Subject 1. Ethics
Ethics is the study of moral principles used to make good choices. Ethical principles are beliefs regarding what is good, acceptable, or responsible behavior, and what is bad, unacceptable, or forbidden behavior. They provide guidance for our behavior. Ethical conduct is behavior that follows moral principles. Ethical actions are those actions that are perceived as beneficial and conform to &#13







#ornstein-uhlenbeck-process #stochastics
The process can be considered to be a modification of the random walk in continuous time, or Wiener process, in which the properties of the process have been changed so that there is a tendency of the walk to move back towards a central location, with a greater attraction when the process is further away from the center.
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Ornstein–Uhlenbeck process - Wikipedia
nontrivial process that satisfies these three conditions, up to allowing linear transformations of the space and time variables. [1] Over time, the process tends to drift towards its long-term mean: such a process is called mean-reverting. <span>The process can be considered to be a modification of the random walk in continuous time, or Wiener process, in which the properties of the process have been changed so that there is a tendency of the walk to move back towards a central location, with a greater attraction when the process is further away from the center. The Ornstein–Uhlenbeck process can also be considered as the continuous-time analogue of the discrete-time AR(1) process. Contents [hide] 1 Representation via a stochastic d




#ornstein-uhlenbeck-process #stochastics
The Ornstein–Uhlenbeck process can also be considered as the continuous-time analogue of the discrete-time AR(1) process.
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Ornstein–Uhlenbeck process - Wikipedia
ous time, or Wiener process, in which the properties of the process have been changed so that there is a tendency of the walk to move back towards a central location, with a greater attraction when the process is further away from the center. <span>The Ornstein–Uhlenbeck process can also be considered as the continuous-time analogue of the discrete-time AR(1) process. Contents [hide] 1 Representation via a stochastic differential equation 2 Fokker–Planck equation representation 3 Application in physical sciences 4 Application in financial




#ornstein-uhlenbeck-process #stochastics
In mathematics, the Ornstein–Uhlenbeck process (named after Leonard Ornstein and George Eugene Uhlenbeck), is a stochastic process that, roughly speaking, describes the velocity of a massive Brownian particle under the influence of friction.
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Ornstein–Uhlenbeck process - Wikipedia
h θ = 1.0, σ = 300 and μ = (0, 0). Initially at the position (10, 10), the particle tends to move to the central point μ. [imagelink] A 3D simulation with θ = 1.0, σ = 300, μ = (0, 0, 0) and the initial position (10, 10, 10). <span>In mathematics, the Ornstein–Uhlenbeck process (named after Leonard Ornstein and George Eugene Uhlenbeck), is a stochastic process that, roughly speaking, describes the velocity of a massive Brownian particle under the influence of friction. The process is a stationary Gauss–Markov process, which means that it meets the three conditions of being a Gaussian process, a Markov process, and being temporally homogeneous. The Orn




#ornstein-uhlenbeck-process #stochastics
The process is a stationary Gauss–Markov process, which means that it meets the three conditions of being a Gaussian process, a Markov process, and being temporally homogeneous.
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Ornstein–Uhlenbeck process - Wikipedia
In mathematics, the Ornstein–Uhlenbeck process (named after Leonard Ornstein and George Eugene Uhlenbeck), is a stochastic process that, roughly speaking, describes the velocity of a massive Brownian particle under the influence of friction. <span>The process is a stationary Gauss–Markov process, which means that it meets the three conditions of being a Gaussian process, a Markov process, and being temporally homogeneous. The Ornstein-Uhlenbeck process is the only nontrivial process that satisfies these three conditions, up to allowing linear transformations of the space and time variables. [1] Over tim




#ornstein-uhlenbeck-process #stochastics

An Ornstein–Uhlenbeck process, xt, satisfies the following stochastic differential equation:

d x t = θ ( μ − x t ) d t + σ d W t {\displaystyle dx_{t}=\theta (\mu -x_{t})\,dt+\sigma \,dW_{t}}

where θ > 0 {\displaystyle \theta >0} , μ {\displaystyle \mu } , and σ > 0 {\displaystyle \sigma >0} are parameters and W t {\displaystyle W_{t}} denotes the Wiener process.

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Ornstein–Uhlenbeck process - Wikipedia
ernative representation for nonstationary processes 8 Scaling limit interpretation 9 Generalizations 10 Limitations 11 See also 12 Notes 13 References 14 External links Representation via a stochastic differential equation[edit source] <span>An Ornstein–Uhlenbeck process, x t , satisfies the following stochastic differential equation: d x t = θ ( μ − x t ) d t + σ d W t {\displaystyle dx_{t}=\theta (\mu -x_{t})\,dt+\sigma \,dW_{t}} where θ > 0 {\displaystyle \theta >0} , μ {\displaystyle \mu } , and σ > 0 {\displaystyle \sigma >0} are parameters and W t {\displaystyle W_{t}} denotes the Wiener process. The above representation can be taken as the primary definition of an Ornstein–Uhlenbeck process [1] [citation needed] or sometimes also mentioned as the Vasicek model. [2] Fokker–




#ornstein-uhlenbeck-process #stochastics
The Ornstein–Uhlenbeck process is one of several approaches used to model (with modifications) interest rates, currency exchange rates, and commodity prices stochastically. The parameter μ {\displaystyle \mu } represents the equilibrium or mean value supported by fundamentals; σ {\displaystyle \sigma } the degree of volatility around it caused by shocks, and θ {\displaystyle \theta } the rate by which these shocks dissipate and the variable reverts towards the mean. One application of the process is a trading strategy known as pairs trade.[3][4][5]
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Ornstein–Uhlenbeck process - Wikipedia
T / 2 {\displaystyle \langle E\rangle =k\langle (x-x_{0})^{2}\rangle /2=k_{B}T/2} in accordance with the equipartition theorem. Application in financial mathematics[edit source] <span>The Ornstein–Uhlenbeck process is one of several approaches used to model (with modifications) interest rates, currency exchange rates, and commodity prices stochastically. The parameter μ {\displaystyle \mu } represents the equilibrium or mean value supported by fundamentals; σ {\displaystyle \sigma } the degree of volatility around it caused by shocks, and θ {\displaystyle \theta } the rate by which these shocks dissipate and the variable reverts towards the mean. One application of the process is a trading strategy known as pairs trade. [3] [4] [5] Mathematical properties[edit source] The Ornstein–Uhlenbeck process is an example of a Gaussian process that has a bounded variance and admits a stationary probability distribution,




A stochastic differential equation (SDE) is a differential equation in which one or more of the terms is a stochastic process, resulting in a solution which is also a stochastic process.
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Stochastic differential equation - Wikipedia
People [show] Isaac Newton Leonhard Euler Émile Picard Józef Maria Hoene-Wroński Ernst Lindelöf Rudolf Lipschitz Augustin-Louis Cauchy John Crank Phyllis Nicolson Carl David Tolmé Runge Martin Wilhelm Kutta v t e <span>A stochastic differential equation (SDE) is a differential equation in which one or more of the terms is a stochastic process, resulting in a solution which is also a stochastic process. SDEs are used to model various phenomena such as unstable stock prices or physical systems subject to thermal fluctuations. Typically, SDEs contain a variable which represents random wh




Typically, SDEs contain a variable which represents random white noise calculated as the derivative of Brownian motion or the Wiener process.
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Stochastic differential equation - Wikipedia
in which one or more of the terms is a stochastic process, resulting in a solution which is also a stochastic process. SDEs are used to model various phenomena such as unstable stock prices or physical systems subject to thermal fluctuations. <span>Typically, SDEs contain a variable which represents random white noise calculated as the derivative of Brownian motion or the Wiener process. However, other types of random behaviour are possible, such as jump processes. Contents [hide] 1 Background 1.1 Terminology 1.2 Stochastic calculus 1.3 Numerical solutions





#cabra-session #ethics #has-images #reading-rene-toussaint

Ethical actions are those actions that are perceived as beneficial and conform to

the ethical expectations of society.

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Subject 1. Ethics
rding what is good, acceptable, or responsible behavior, and what is bad, unacceptable, or forbidden behavior. They provide guidance for our behavior. Ethical conduct is behavior that follows moral principles. <span>Ethical actions are those actions that are perceived as beneficial and conform to the ethical expectations of society. Ethics encompass a set of moral principles ( code of ethics ) and standards of conduct that provide guidance for our behavior. Violations can ha





#cabra-session #ethics #has-images #reading-rene-toussaint

Ethics encompass a set of moral principles (code of ethics) and standards of conduct that provide guidance for our behavior. Violations can harm the community in a variety of ways.

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Subject 1. Ethics
Ethical conduct is behavior that follows moral principles. Ethical actions are those actions that are perceived as beneficial and conform to the ethical expectations of society. <span>Ethics encompass a set of moral principles ( code of ethics ) and standards of conduct that provide guidance for our behavior. Violations can harm the community in a variety of ways. <span><body><html>





#cabra-session #ethics #ethics-and-professionalism #has-images #reading-rene-toussaint

A profession is:

  • based on specialized knowledge and skills.

  • based on service to others.

  • practiced by members who share and agree to adhere to a common code of

    ethics.

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Subject 2. Ethics and Professionalism
A profession is: based on specialized knowledge and skills. based on service to others. practiced by members who share and agree to adhere to a common code of ethics. A profession's code of ethics: communicates the shared principles and expected behaviors of its members. generates confidence n





#cabra-session #ethics #ethics-and-professionalism #has-images #reading-rene-toussaint

A profession's code of ethics:

  • communicates the shared principles and expected behaviors of its members.

  • generates confidence not only among members of the organization but also

    among non-members (clients, prospective clients, and/or the general public).

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Subject 2. Ethics and Professionalism
based on specialized knowledge and skills. based on service to others. practiced by members who share and agree to adhere to a common code of ethics. <span>A profession's code of ethics: communicates the shared principles and expected behaviors of its members. generates confidence not only among members of the organization but also among non-members (clients, prospective clients, and/or the general public). A profession may adopt standards of conduct to enhance and clarify the code of ethics. <span><body><html>





#cabra-session #ethics #ethics-and-professionalism #has-images #reading-rene-toussaint

A profession may adopt standards of conduct to enhance and clarify the code of ethics.

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Subject 2. Ethics and Professionalism
ected behaviors of its members. generates confidence not only among members of the organization but also among non-members (clients, prospective clients, and/or the general public). <span>A profession may adopt standards of conduct to enhance and clarify the code of ethics. <span><body><html>





#cabra-session #ethical-vs-legal-standards #ethics #has-images #reading-rene-toussaint

Laws often codify ethical actions that lead to better outcomes for society or specific groups of stakeholders. Legal and ethical conduct often coincide, but they are not always the same.

  • Some legal behaviors are not considered ethical.

  • Some ethical behaviors may not be legal in certain countries.

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Subject 5. Ethical vs. Legal Standards
Laws often codify ethical actions that lead to better outcomes for society or specific groups of stakeholders. Legal and ethical conduct often coincide, but they are not always the same. Some legal behaviors are not considered ethical. Some ethical behaviors may not be legal in certain countries. Laws and regulations are not always the best mechanism to reduce unethical behavior. They often lag behind current circumstances; legal standards





#cabra-session #ethical-vs-legal-standards #ethics #has-images #reading-rene-toussaint
Laws and regulations are not always the best mechanism to reduce unethical behavior. They often lag behind current circumstances; legal standards are often created to address past ethical failings and do not provide guidance for an evolving and increasingly complex world. In addition, new laws designed to reduce or eliminate conduct that adversely affects the markets can create opportunities for different but similarly problematic conduct.
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Subject 5. Ethical vs. Legal Standards
but they are not always the same. Some legal behaviors are not considered ethical. Some ethical behaviors may not be legal in certain countries. <span>Laws and regulations are not always the best mechanism to reduce unethical behavior. They often lag behind current circumstances; legal standards are often created to address past ethical failings and do not provide guidance for an evolving and increasingly complex world. In addition, new laws designed to reduce or eliminate conduct that adversely affects the markets can create opportunities for different but similarly problematic conduct. Investment professionals should act beyond legal standards, making good judgments and responsible choices even in the absence of clear laws or rules.





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Investment professionals should act beyond legal standards, making good judgments and responsible choices even in the absence of clear laws or rules.
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Subject 5. Ethical vs. Legal Standards
rovide guidance for an evolving and increasingly complex world. In addition, new laws designed to reduce or eliminate conduct that adversely affects the markets can create opportunities for different but similarly problematic conduct. <span>Investment professionals should act beyond legal standards, making good judgments and responsible choices even in the absence of clear laws or rules. <span><body><html>





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Both internal and external factors influence working capital needs
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Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors (Bill Cosby) External Factors

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Reading 38  Working Capital Management Intro
and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. <span>Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors External Factors Company size and growth rates Organizational structure Sophistication of working capital management Borrowing and investing positions/activities/capacities Banking services Interest rates New technologies and new products The economy Competitors The scope of working capital management includes transactions, relations, analyses, and focus: Transactions include payments for trade, financing, and investment. Relations with financial institutions and trading partners must be maintained to ensure that the transactions work effectively. Analyses of working capital management activities are required so that appropriate strategies can be formulated and implemented. Focus requires that organizations of all sizes today must have a global viewpoint with strong emphasis on liquidity. In this reading, we examine the different types of working capital and the management issues associated with each. We also look at methods of evaluating the effectiveness of working capital management. <span><body><html>





Internal Factors Affecting Working Capital Needs
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  • Company size and growth rates

  • Organizational structure

  • Sophistication of working capital management

  • Borrowing and investing positions/activities/capacities

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ead><head> Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors (Bill Cosby) External Factors Company size and growth rates Organizational structure Sophistication of working capital management Borrowing and investing positions/activities/capacities Banking services Interest rates New technologies and new products The economy Competitors </s

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Reading 38  Working Capital Management Intro
and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. <span>Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors External Factors Company size and growth rates Organizational structure Sophistication of working capital management Borrowing and investing positions/activities/capacities Banking services Interest rates New technologies and new products The economy Competitors The scope of working capital management includes transactions, relations, analyses, and focus: Transactions include payments for trade, financing, and investment. Relations with financial institutions and trading partners must be maintained to ensure that the transactions work effectively. Analyses of working capital management activities are required so that appropriate strategies can be formulated and implemented. Focus requires that organizations of all sizes today must have a global viewpoint with strong emphasis on liquidity. In this reading, we examine the different types of working capital and the management issues associated with each. We also look at methods of evaluating the effectiveness of working capital management. <span><body><html>





External Factors Affecting Working Capital Needs
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  • Banking services
  • Interest rates
  • New technologies and products
  • Competitors
  • Economy
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Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors (Bill Cosby) <span>External Factors Company size and growth rates Organizational structure Sophistication of working capital management Borrowing and investing positions/activities/capacities Banking services Interest rates New technologies and new products The economy Competitors <span><body><html>

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Reading 38  Working Capital Management Intro
and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. <span>Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capital Needs Internal Factors External Factors Company size and growth rates Organizational structure Sophistication of working capital management Borrowing and investing positions/activities/capacities Banking services Interest rates New technologies and new products The economy Competitors The scope of working capital management includes transactions, relations, analyses, and focus: Transactions include payments for trade, financing, and investment. Relations with financial institutions and trading partners must be maintained to ensure that the transactions work effectively. Analyses of working capital management activities are required so that appropriate strategies can be formulated and implemented. Focus requires that organizations of all sizes today must have a global viewpoint with strong emphasis on liquidity. In this reading, we examine the different types of working capital and the management issues associated with each. We also look at methods of evaluating the effectiveness of working capital management. <span><body><html>





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Because analyzing vast amounts of data can be both time consuming and difficult, investors often use a single measure that consolidates this information and reflects the performance of an entire security market.
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Investors gather and analyze vast amounts of information about security markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into i

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Reading 45  Security Market Indexes (Intro)
Investors gather and analyze vast amounts of information about security markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4 , 5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes. This reading is organized as follows. Section 2 defines a security market index and explains how to calculate the price return and total return of an index for a single per





#has-images #manzana-session #reading-dedo-indice
Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.
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ity markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. <span>Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES

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Reading 45  Security Market Indexes (Intro)
Investors gather and analyze vast amounts of information about security markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4 , 5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes. This reading is organized as follows. Section 2 defines a security market index and explains how to calculate the price return and total return of an index for a single per





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in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something.
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important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   <span>in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before

Original toplevel document

Reading 45  Security Market Indexes (Intro)
Investors gather and analyze vast amounts of information about security markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4 , 5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes. This reading is organized as follows. Section 2 defines a security market index and explains how to calculate the price return and total return of an index for a single per





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ORIGIN OF MARKET INDEXES

Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4,5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes.

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nce of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. <span>ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4 , 5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes. <span><body><html>

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Reading 45  Security Market Indexes (Intro)
Investors gather and analyze vast amounts of information about security markets on a continual basis. Because this work can be both time consuming and data intensive, investors often use a single measure that consolidates this information and reflects the performance of an entire security market. Security market indexes were first introduced as a simple measure to reflect the performance of the US stock market. Since then, security market indexes have evolved into important multi-purpose tools that help investors track the performance of various security markets, estimate risk, and evaluate the performance of investment managers. They also form the basis for new investment products.   in·dex, noun (pl. in·dex·es or in·di·ces) Latin indic-, index, from indicare to indicate: an indicator, sign, or measure of something. ORIGIN OF MARKET INDEXES Investors had access to regularly published data on individual security prices in London as early as 1698, but nearly 200 years passed before they had access to a simple indicator to reflect security market information.1 To give readers a sense of how the US stock market in general performed on a given day, publishers Charles H. Dow and Edward D. Jones introduced the Dow Jones Average, the world’s first security market index, in 1884.2 The index, which appeared in The Customers’ Afternoon Letter, consisted of the stocks of nine railroads and two industrial companies. It eventually became the Dow Jones Transportation Average.3Convinced that industrial companies, rather than railroads, would be “the great speculative market” of the future, Dow and Jones introduced a second index in May 1896—the Dow Jones Industrial Average (DJIA). It had an initial value of 40.94 and consisted of 12 stocks from major US industries.4 , 5 Today, investors can choose from among thousands of indexes to measure and monitor different security markets and asset classes. This reading is organized as follows. Section 2 defines a security market index and explains how to calculate the price return and total return of an index for a single per





#has-images #introduction #lingote-de-oro-session #reading-ana-de-la-garza
Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios.
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Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return ch

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Reading 47  Overview of Equity Securities (Intro)
Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions: What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations? What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies? What are private equity securities, and how do they differ from public equity securities? What are depository receipts and their various types, and what is the rationale for investing in them? What are the risk factors involved in investing in equity securities? How do equity securities create company value? What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return? The remainder of this reading is organized as follows. Section 2 provides an overview of global equity markets and their historical performance. Section 3 examines





#has-images #introduction #lingote-de-oro-session #reading-ana-de-la-garza
The study of equity securities is important for many reasons:
  1. The decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio.
  2. Different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways.
  3. Variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features.
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on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. <span>The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a glob

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Reading 47  Overview of Equity Securities (Intro)
Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions: What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations? What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies? What are private equity securities, and how do they differ from public equity securities? What are depository receipts and their various types, and what is the rationale for investing in them? What are the risk factors involved in investing in equity securities? How do equity securities create company value? What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return? The remainder of this reading is organized as follows. Section 2 provides an overview of global equity markets and their historical performance. Section 3 examines





#has-images #introduction #lingote-de-oro-session #reading-ana-de-la-garza

This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions:

  • What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations?

  • What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies?

  • What are private equity securities, and how do they differ from public equity securities?

  • What are depository receipts and their various types, and what is the rationale for investing in them?

  • What are the risk factors involved in investing in equity securities?

  • How do equity securities create company value?

  • What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return?

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heir risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. <span>This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions: What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations? What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies? What are private equity securities, and how do they differ from public equity securities? What are depository receipts and their various types, and what is the rationale for investing in them? What are the risk factors involved in investing in equity securities? How do equity securities create company value? What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return? <span><body><html>

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Reading 47  Overview of Equity Securities (Intro)
Equity securities represent ownership claims on a company’s net assets. As an asset class, equity plays a fundamental role in investment analysis and portfolio management because it represents a significant portion of many individual and institutional investment portfolios. The study of equity securities is important for many reasons. First, the decision on how much of a client’s portfolio to allocate to equities affects the risk and return characteristics of the entire portfolio. Second, different types of equity securities have different ownership claims on a company’s net assets, which affect their risk and return characteristics in different ways. Finally, variations in the features of equity securities are reflected in their market prices, so it is important to understand the valuation implications of these features. This reading provides an overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context. It addresses the following questions: What distinguishes common shares from preference shares, and what purposes do these securities serve in financing a company’s operations? What are convertible preference shares, and why are they often used to raise equity for unseasoned or highly risky companies? What are private equity securities, and how do they differ from public equity securities? What are depository receipts and their various types, and what is the rationale for investing in them? What are the risk factors involved in investing in equity securities? How do equity securities create company value? What is the relationship between a company’s cost of equity, its return on equity, and investors’ required rate of return? The remainder of this reading is organized as follows. Section 2 provides an overview of global equity markets and their historical performance. Section 3 examines





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In a general sense, economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics. Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logical starting point for the study of economics.
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Prerequisite Reading Demand and Supply Analysis: Introduction
In a general sense, economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics. Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logical starting point for the study of economics. This reading focuses on a fundamental subject in microeconomics: demand and supply analysis. Demand and supply analysis is the study of how buyers and sellers interact to





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This reading focuses on a fundamental subject in microeconomics: demand and supply analysis. Demand and supply analysis is the study of how buyers and sellers interact to determine transaction prices and quantities. As we will see, prices simultaneously reflect both the value to the buyer of the next (or marginal) unit and the cost to the seller of that unit. In private enterprise market economies, which are the chief concern of investment analysts, demand and supply analysis encompasses the most basic set of microeconomic tools.
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Prerequisite Reading Demand and Supply Analysis: Introduction
croeconomics has its roots in microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logical starting point for the study of economics. <span>This reading focuses on a fundamental subject in microeconomics: demand and supply analysis. Demand and supply analysis is the study of how buyers and sellers interact to determine transaction prices and quantities. As we will see, prices simultaneously reflect both the value to the buyer of the next (or marginal) unit and the cost to the seller of that unit. In private enterprise market economies, which are the chief concern of investment analysts, demand and supply analysis encompasses the most basic set of microeconomic tools. Traditionally, microeconomics classifies private economic units into two groups: consumers (or households) and firms. These two groups give rise, respectively, to the theor





#has-images #prerequisite-session #reading-dildo
Traditionally, microeconomics classifies private economic units into two groups: consumers (or households) and firms. These two groups give rise, respectively, to the theory of the consumer and theory of the firm as two branches of study. The theory of the consumer deals with consumption (the demand for goods and services) by utility-maximizing individuals (i.e., individuals who make decisions that maximize the satisfaction received from present and future consumption). The theory of the firm deals with the supply of goods and services by profit-maximizing firms. The theory of the consumer and the theory of the firm are important because they help us understand the foundations of demand and supply. Subsequent readings will focus on the theory of the consumer and the theory of the firm.
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Prerequisite Reading Demand and Supply Analysis: Introduction
marginal) unit and the cost to the seller of that unit. In private enterprise market economies, which are the chief concern of investment analysts, demand and supply analysis encompasses the most basic set of microeconomic tools. <span>Traditionally, microeconomics classifies private economic units into two groups: consumers (or households) and firms. These two groups give rise, respectively, to the theory of the consumer and theory of the firm as two branches of study. The theory of the consumer deals with consumption (the demand for goods and services) by utility-maximizing individuals (i.e., individuals who make decisions that maximize the satisfaction received from present and future consumption). The theory of the firm deals with the supply of goods and services by profit-maximizing firms. The theory of the consumer and the theory of the firm are important because they help us understand the foundations of demand and supply. Subsequent readings will focus on the theory of the consumer and the theory of the firm. Investment analysts, particularly equity and credit analysts, must regularly analyze products and services, their costs, prices, possible substitutes, and complements, to r





#has-images #prerequisite-session #reading-dildo
Investment analysts, particularly equity and credit analysts, must regularly analyze products and services, their costs, prices, possible substitutes, and complements, to reach conclusions about a company’s profitability and business risk (risk relating to operating profits). Furthermore, unless the analyst has a sound understanding of the demand and supply model of markets, he or she cannot hope to forecast how external events—such as a shift in consumer tastes or changes in taxes and subsidies or other intervention in markets—will influence a firm’s revenue, earnings, and cash flows.
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Prerequisite Reading Demand and Supply Analysis: Introduction
s. The theory of the consumer and the theory of the firm are important because they help us understand the foundations of demand and supply. Subsequent readings will focus on the theory of the consumer and the theory of the firm. <span>Investment analysts, particularly equity and credit analysts, must regularly analyze products and services, their costs, prices, possible substitutes, and complements, to reach conclusions about a company’s profitability and business risk (risk relating to operating profits). Furthermore, unless the analyst has a sound understanding of the demand and supply model of markets, he or she cannot hope to forecast how external events—such as a shift in consumer tastes or changes in taxes and subsidies or other intervention in markets—will influence a firm’s revenue, earnings, and cash flows. Having grasped the tools and concepts presented in this reading, the reader should also be able to understand many important economic relations and facts and be able to ans





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Having grasped the tools and concepts presented in this reading, the reader should also be able to understand many important economic relations and facts and be able to answer questions, such as:

  • Why do consumers usually buy more when the price falls? Is it irrational to violate this “law of demand”?

  • What are appropriate measures of how sensitive the quantity demanded or supplied is to changes in price, income, and prices of other goods? What affects those sensitivities?

  • If a firm lowers its price, will its total revenue also fall? Are there conditions under which revenue might rise as price falls and what are those? Why?

  • What is an appropriate measure of the total value consumers or producers receive from the opportunity to buy and sell goods and services in a free market? How might government intervention reduce that value, and what is an appropriate measure of that loss?

  • What tools are available that help us frame the trade-offs that consumers and investors face as they must give up one opportunity to pursue another?

  • Is it reasonable to expect markets to converge to an equilibrium price? What are the conditions that would make that equilibrium stable or unstable in response to external shocks?

  • How do different types of auctions affect price discovery?

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Prerequisite Reading Demand and Supply Analysis: Introduction
el of markets, he or she cannot hope to forecast how external events—such as a shift in consumer tastes or changes in taxes and subsidies or other intervention in markets—will influence a firm’s revenue, earnings, and cash flows. <span>Having grasped the tools and concepts presented in this reading, the reader should also be able to understand many important economic relations and facts and be able to answer questions, such as: Why do consumers usually buy more when the price falls? Is it irrational to violate this “law of demand”? What are appropriate measures of how sensitive the quantity demanded or supplied is to changes in price, income, and prices of other goods? What affects those sensitivities? If a firm lowers its price, will its total revenue also fall? Are there conditions under which revenue might rise as price falls and what are those? Why? What is an appropriate measure of the total value consumers or producers receive from the opportunity to buy and sell goods and services in a free market? How might government intervention reduce that value, and what is an appropriate measure of that loss? What tools are available that help us frame the trade-offs that consumers and investors face as they must give up one opportunity to pursue another? Is it reasonable to expect markets to converge to an equilibrium price? What are the conditions that would make that equilibrium stable or unstable in response to external shocks? How do different types of auctions affect price discovery? This reading is organized as follows. Section 2 explains how economists classify markets. Section 3 covers the basic principles and concepts o





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This reading is organized as follows.

Section 2 explains how economists classify markets.

Section 3 covers the basic principles and concepts of demand and supply analysis of markets.

Section 4 introduces measures of sensitivity of demand to changes in prices and income.
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Prerequisite Reading Demand and Supply Analysis: Introduction
s to converge to an equilibrium price? What are the conditions that would make that equilibrium stable or unstable in response to external shocks? How do different types of auctions affect price discovery? <span>This reading is organized as follows. Section 2 explains how economists classify markets. Section 3 covers the basic principles and concepts of demand and supply analysis of markets. Section 4 introduces measures of sensitivity of demand to changes in prices and income. <span><body><html>





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The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services. Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs. The main focus of this reading is the cost side of the profit equation for companies competing in market economies under perfect competition. A subsequent reading will examine the different types of markets into which a firm may sell its output.
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Prerequisite Demand and Supply Analysis: The firm
icroeconomics gives rise to the theory of the consumer and theory of the firm as two branches of study. The theory of the consumer is the study of consumption—the demand for goods and services—by utility-maximizing individuals. <span>The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services. Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs. The main focus of this reading is the cost side of the profit equation for companies competing in market economies under perfect competition. A subsequent reading will examine the different types of markets into which a firm may sell its output. The study of the profit-maximizing firm in a single time period is the essential starting point for the analysis of the economics of corporate decision making. Furthermore,





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The study of the profit-maximizing firm in a single time period is the essential starting point for the analysis of the economics of corporate decision making. Furthermore, with the attention given to earnings by market participants, the insights gained by this study should be practically relevant. Among the questions this reading will address are the following:

  • How should profit be defined from the perspective of suppliers of capital to the firm?

  • What is meant by factors of production?

  • How are total, average, and marginal costs distinguished, and how is each related to the firm’s profit?

  • What roles do marginal quantities (selling prices and costs) play in optimization?

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Prerequisite Demand and Supply Analysis: The firm
f this reading is the cost side of the profit equation for companies competing in market economies under perfect competition. A subsequent reading will examine the different types of markets into which a firm may sell its output. <span>The study of the profit-maximizing firm in a single time period is the essential starting point for the analysis of the economics of corporate decision making. Furthermore, with the attention given to earnings by market participants, the insights gained by this study should be practically relevant. Among the questions this reading will address are the following: How should profit be defined from the perspective of suppliers of capital to the firm? What is meant by factors of production? How are total, average, and marginal costs distinguished, and how is each related to the firm’s profit? What roles do marginal quantities (selling prices and costs) play in optimization? This reading is organized as follows: Section 2 discusses the types of profit measures, including what they have in common, how they differ, and their us





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This reading is organized as follows:


Section 2 discusses the types of profit measures, including what they have in common, how they differ, and their uses and definitions.

Section 3 covers the revenue and cost inputs of the profit equation and the related topics of breakeven analysis, shutdown point of operation, market entry and exit, cost structures, and scale effects. In addition, the economic outcomes related to a firm’s optimal supply behavior over the short run and long run are presented in this section.

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Prerequisite Demand and Supply Analysis: The firm
n? How are total, average, and marginal costs distinguished, and how is each related to the firm’s profit? What roles do marginal quantities (selling prices and costs) play in optimization? <span>This reading is organized as follows: Section 2 discusses the types of profit measures, including what they have in common, how they differ, and their uses and definitions. Section 3 covers the revenue and cost inputs of the profit equation and the related topics of breakeven analysis, shutdown point of operation, market entry and exit, cost structures, and scale effects. In addition, the economic outcomes related to a firm’s optimal supply behavior over the short run and long run are presented in this section. <span><body><html>




#expectation-operator
For random variables such as Cauhy, the long-tails of the distribution prevent the sum/integral from converging.
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The expected value does not exist for random variables having some distributions with large "tails", such as the Cauchy distribution. [3] For random variables such as these, the long-tails of the distribution prevent the sum/integral from converging.

Original toplevel document

Expected value - Wikipedia
on subsumes both of these and also works for distributions which are neither discrete nor absolutely continuous; the expected value of a random variable is the integral of the random variable with respect to its probability measure. [1] [2] <span>The expected value does not exist for random variables having some distributions with large "tails", such as the Cauchy distribution. [3] For random variables such as these, the long-tails of the distribution prevent the sum/integral from converging. The expected value is a key aspect of how one characterizes a probability distribution; it is one type of location parameter. By contrast, the variance is a measure of dispersion of t





#has-images #introduction #pie-de-cabra-session #reading-molo
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources.
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The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts re

Original toplevel document

Reading 38  Working Capital Management Intro
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capit




Flashcard 1744627961100

Tags
#expectation-operator
Question
For random variables such as Cauchy, the long-tails of the distribution prevent [...].
Answer
the sum/integral from converging

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For random variables such as Cauhy, the long-tails of the distribution prevent the sum/integral from converging.

Original toplevel document

Expected value - Wikipedia
on subsumes both of these and also works for distributions which are neither discrete nor absolutely continuous; the expected value of a random variable is the integral of the random variable with respect to its probability measure. [1] [2] <span>The expected value does not exist for random variables having some distributions with large "tails", such as the Cauchy distribution. [3] For random variables such as these, the long-tails of the distribution prevent the sum/integral from converging. The expected value is a key aspect of how one characterizes a probability distribution; it is one type of location parameter. By contrast, the variance is a measure of dispersion of t








#has-images #introduction #pie-de-cabra-session #reading-molo
Effective working capital management encompasses several aspects of short-term finance:
  1. Maintaining adequate levels of cash.
  2. Converting short-term assets (i.e., accounts receivable and inventory) into cash.
  3. Controlling outgoing payments to vendors, employees, and others.

To effectively manage their Workin Capital, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments.
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g of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. <span>Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term

Original toplevel document

Reading 38  Working Capital Management Intro
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capit





#has-images #introduction #pie-de-cabra-session #reading-molo
Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances.
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ds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. <span>Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. <span><body><html>

Original toplevel document

Reading 38  Working Capital Management Intro
The focus of this reading is on the short-term aspects of corporate finance activities collectively referred to as working capital management . The goal of effective working capital management is to ensure that a company has adequate ready access to the funds necessary for day-to-day operating expenses, while at the same time making sure that the company’s assets are invested in the most productive way. Achieving this goal requires a balancing of concerns. Insufficient access to cash could ultimately lead to severe restructuring of a company by selling off assets, reorganization via bankruptcy proceedings, or final liquidation of the company. On the other hand, excessive investment in cash and liquid assets may not be the best use of company resources. Effective working capital management encompasses several aspects of short-term finance: maintaining adequate levels of cash, converting short-term assets (i.e., accounts receivable and inventory) into cash, and controlling outgoing payments to vendors, employees, and others. To do this successfully, companies invest short-term funds in working capital portfolios of short-dated, highly liquid securities, or they maintain credit reserves in the form of bank lines of credit or access to financing by issuing commercial paper or other money market instruments. Working capital management is a broad-based function. Effective execution requires managing and coordinating several tasks within the company, including managing short-term investments, granting credit to customers and collecting on this credit, managing inventory, and managing payables. Effective working capital management also requires reliable cash forecasts, as well as current and accurate information on transactions and bank balances. Both internal and external factors influence working capital needs; we summarize them in Exhibit 1. Exhibit 1. Internal and External Factors That Affect Working Capit




Flashcard 1744635563276

Tags
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Question
Corporate governance can be defined as: [...] .


Answer
“the system of internal controls and procedures by which individual companies are managed

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Corporate Governance Overview
Corporate governance can be defined as: “the system of internal controls and procedures by which individual companies are managed. It provides a framework that defines the rights, roles and responsibilities of various groups . . . within an organization. At its core, corporate governance is the arrangement of check








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Corporate governance provides a framework that defines the rights, roles and responsibilities of various groups within an organization. At its core, corporate governance is the arrangement of checks, balances, and incentives a company needs in order to minimize and manage the conflicting interests between insiders and external shareowners.”
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Corporate Governance Overview
Corporate governance can be defined as: “the system of internal controls and procedures by which individual companies are managed. It provides a framework that defines the rights, roles and responsibilities of various groups . . . within an organization. At its core, corporate governance is the arrangement of checks, balances, and incentives a company needs in order to minimize and manage the conflicting interests between insiders and external shareowners.”





3.1.2 Creditors
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Creditors, most commonly bondholders and banks, are a company’s lenders and the
providers of debt financing. Creditors do not hold voting power (unlike common
shareholders) and typically have limited influence over a company’s operations.
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3.1.2 Creditors Creditors, most commonly bondholders and banks, are a company’s lenders and the providers of debt financing. Creditors do not hold voting power (unlike common shareholders) and typically have limited influence over a company’s operations. 3.1.3 Managers and Employees Senior executives and other high level managers are normally compensated through salary, bonuses, equity based remuneration (or compen





Managers & Employees
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3.1.3 Managers and Employees

Senior executives and other high level managers are normally compensated through salary, bonuses, equity based remuneration (or compensation). As a result, managers may be motivated to maximize the value of their total remuneration while also protecting their employment positions.
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ommonly bondholders and banks, are a company’s lenders and the providers of debt financing. Creditors do not hold voting power (unlike common shareholders) and typically have limited influence over a company’s operations. <span>3.1.3 Managers and Employees Senior executives and other high level managers are normally compensated through salary, bonuses, equity based remuneration (or compensation). As a result, managers may be motivated to maximize the value of their total remuneration while also protecting their employment positions. 3.1.4 Board of Directors A company’s board of directors is elected by shareholders to protect shareholders’ interests, provide strategic direction, and monitor com





3.1.4 Board of Directors
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A company’s board of directors is elected by shareholders to:
  1. Protect shareholders’ interests.
  2. Provide strategic direction.
  3. Monitor company and management performance.
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mally compensated through salary, bonuses, equity based remuneration (or compensation). As a result, managers may be motivated to maximize the value of their total remuneration while also protecting their employment positions. <span>3.1.4 Board of Directors A company’s board of directors is elected by shareholders to protect shareholders’ interests, provide strategic direction, and monitor company and management performance. 3.1.5 Customers Customers expect a company’s products or services to satisfy their needs and provide appropriate benefits given the price paid, as well as to meet a





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3.1.5 Customers
Customers expect a company’s products or services to satisfy their needs and
provide appropriate benefits given the price paid, as well as to meet applicable
standards of safety.

Compared with other stakeholder groups, customers tend to be less concerned with,
and affected by, a company’s financial performance.
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nt positions. 3.1.4 Board of Directors A company’s board of directors is elected by shareholders to protect shareholders’ interests, provide strategic direction, and monitor company and management performance. <span>3.1.5 Customers Customers expect a company’s products or services to satisfy their needs and provide appropriate benefits given the price paid, as well as to meet applicable standards of safety. Compared with other stakeholder groups, customers tend to be less concerned with, and affected by, a company’s financial performance. 3.1.6 Suppliers A company’s suppliers have a primary interest in being paid as contracted or agreed on, and in a timely manner, for products or services delivered t





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3.1.6 Suppliers
A company’s suppliers have a primary interest in being paid as contracted or agreed
on, and in a timely manner, for products or services delivered to the company.

Suppliers, like creditors, are concerned with a company’s ability to generate
sufficient cash flows to meet its financial obligations.
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its given the price paid, as well as to meet applicable standards of safety. Compared with other stakeholder groups, customers tend to be less concerned with, and affected by, a company’s financial performance. <span>3.1.6 Suppliers A company’s suppliers have a primary interest in being paid as contracted or agreed on, and in a timely manner, for products or services delivered to the company. Suppliers, like creditors, are concerned with a company’s ability to generate sufficient cash flows to meet its financial obligations. 3.1.7 Governments/Regulators Governments and regulators seek to protect the interests of the general public and ensure the well being of their nations’ econom





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3.1.7 Governments/Regulators

Governments and regulators seek to protect the interests of the general public and
ensure the well being of their nations’ economies.

As the collector of tax revenues, a government can also be considered one of the
company’s major stakeholders
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; on, and in a timely manner, for products or services delivered to the company. Suppliers, like creditors, are concerned with a company’s ability to generate sufficient cash flows to meet its financial obligations. <span>3.1.7 Governments/Regulators Governments and regulators seek to protect the interests of the general public and ensure the well being of their nations’ economies. As the collector of tax revenues, a government can also be considered one of the company’s major stakeholders <span><body><html>




Other Conflicts
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There are conflicts among other stakeholders, such as those between:
  • customers and shareholders
  • customers and suppliers
  • shareholders and government or regulators.
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There are conflicts among other stakeholders, such as those between: customers and shareholders customers and suppliers shareholders and government or regulators.

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Subject 3. Principal-Agent and Other Relationships in Corporate Governance
ontrolling shareholders. Controlling shareholders may receive special attention from management. They are often in the position to facilitate third-party takeovers by splitting the large gains on their own shares with the bidder. <span>Manager and Board Relationships This is another example of agency theory (discussed above). Shareholder versus Creditor Interests These two parties have different relationships to the company, accompanied by different rights and financial returns. For example, shareholders have an incentive to take on riskier projects than creditors do, as creditors are more interested in strategies that will increase the chances of getting their investment back. Shareholders also prefer that the company pay more out in dividends than creditors would like. Other Stakeholder Conflicts There are conflicts among other stakeholders, such as those between: customers and shareholders; customers and suppliers; shareholders and government or regulators. <span><body><html>




Flashcard 1746646207756

Tags
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Question
[...] theory is concerned with resolving problems that can exist between stakeholders due to unaligned goals or different aversion levels to risk.
Answer
Agency

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The agency theory is a supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships due to unaligned goals or different aversion levels to risk. The most common agency relationship in finance occurs between shareholders (principal) and company executives (agents).

Original toplevel document

Agency Theory
What is the 'Agency Theory' <span>The agency theory is a supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving problems that can exist in agency relationships due to unaligned goals or different aversion levels to risk. The most common agency relationship in finance occurs between shareholders (principal) and company executives (agents). BREAKING DOWN 'Agency Theory' Agency theory addresses problems that arise due to differences between the goals or desires between the principal and a








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Stakeholder management involves identifying, prioritizing, and understanding the interests of stakeholder groups and on that basis managing the company's relationships with stakeholders.
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Stakeholder management involves identifying, prioritizing, and understanding the interests of stakeholder groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure.

Original toplevel document

Subject 4. Stakeholder Management
Subject 4. Stakeholder Management Stakeholder management involves identifying, prioritizing, and understanding the interests of stakeholder groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The righ





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The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure.
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tml> Stakeholder management involves identifying, prioritizing, and understanding the interests of stakeholder groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. <html>

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Subject 4. Stakeholder Management
Subject 4. Stakeholder Management Stakeholder management involves identifying, prioritizing, and understanding the interests of stakeholder groups and on that basis managing the company's relationships with stakeholders. The framework of corporate governance and stakeholder management reflects a legal, contractual, organizational, and governmental infrastructure. Mechanisms of Stakeholder Management Mechanisms of stakeholder management may include: • General meetings. o The righ




#platão #wiki
Meno is a Socratic dialogue written by Plato. It appears to attempt to determine the definition of virtue
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Meno - Wikipedia
r The Chariot Related articles Commentaries The Academy in Athens Socratic problem Middle Platonism Neoplatonism and Christianity Allegorical interpretations of Plato Socratic fallacy [imagelink] Philosophy portal v t e <span>Meno (/ˈmiːnoʊ/; Greek: Μένων) is a Socratic dialogue written by Plato (Steph. 70–100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and Meno is r




Flashcard 1746680286476

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#platão #wiki
Question
[...] is a Socratic dialogue written by Plato. It appears to attempt to determine the definition of virtue
Answer
Meno

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Meno is a Socratic dialogue written by Plato. It appears to attempt to determine the definition of virtue

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Meno - Wikipedia
r The Chariot Related articles Commentaries The Academy in Athens Socratic problem Middle Platonism Neoplatonism and Christianity Allegorical interpretations of Plato Socratic fallacy [imagelink] Philosophy portal v t e <span>Meno (/ˈmiːnoʊ/; Greek: Μένων) is a Socratic dialogue written by Plato (Steph. 70–100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and Meno is r







Flashcard 1746681859340

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#platão #wiki
Question
Meno is a Socratic dialogue written by Plato. It appears to attempt to determine the definition of [...]
Answer

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Meno is a Socratic dialogue written by Plato. It appears to attempt to determine the definition of virtue

Original toplevel document

Meno - Wikipedia
r The Chariot Related articles Commentaries The Academy in Athens Socratic problem Middle Platonism Neoplatonism and Christianity Allegorical interpretations of Plato Socratic fallacy [imagelink] Philosophy portal v t e <span>Meno (/ˈmiːnoʊ/; Greek: Μένων) is a Socratic dialogue written by Plato (Steph. 70–100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and Meno is r







Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief.
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Meno - Wikipedia
100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and <span>Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief. Contents [hide] 1 Characters 2 Dialogue 2.1 Introduction of virtue 2.2 Meno's paradox 2.3 Dialogue with Meno's slave 2.4 Anytus 2.5 True belief and knowledge 3 Meno and P




Flashcard 1746685005068

Question
[...] is reduced to confusion or aporia. In response to [...] paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of [...] 's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief.
Answer
Meno's

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Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonst

Original toplevel document

Meno - Wikipedia
100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and <span>Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief. Contents [hide] 1 Characters 2 Dialogue 2.1 Introduction of virtue 2.2 Meno's paradox 2.3 Dialogue with Meno's slave 2.4 Anytus 2.5 True belief and knowledge 3 Meno and P







Flashcard 1746687364364

Question
Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the [...], the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief.
Answer
soul

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Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final li

Original toplevel document

Meno - Wikipedia
100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and <span>Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief. Contents [hide] 1 Characters 2 Dialogue 2.1 Introduction of virtue 2.2 Meno's paradox 2.3 Dialogue with Meno's slave 2.4 Anytus 2.5 True belief and knowledge 3 Meno and P







Flashcard 1746688937228

Question
Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as [...] (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief.
Answer
recollection

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head> Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge an

Original toplevel document

Meno - Wikipedia
100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and <span>Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief. Contents [hide] 1 Characters 2 Dialogue 2.1 Introduction of virtue 2.2 Meno's paradox 2.3 Dialogue with Meno's slave 2.4 Anytus 2.5 True belief and knowledge 3 Meno and P







Flashcard 1746690510092

Question
Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between [...] and true [...] .
Answer
knowledge
belief

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the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between <span>knowledge and true belief. <span><body><html>

Original toplevel document

Meno - Wikipedia
100). It appears to attempt to determine the definition of virtue, or arete, meaning virtue in general, rather than particular virtues, such as justice or temperance. The first part of the work is written in the Socratic dialectical style and <span>Meno is reduced to confusion or aporia. In response to Meno's paradox (or the learner's paradox), however, Socrates introduces positive ideas: the immortality of the soul, the theory of knowledge as recollection (anamnesis), which Socrates demonstrates by posing a mathematical puzzle to one of Meno's slaves, the method of hypothesis, and, in the final lines, the distinction between knowledge and true belief. Contents [hide] 1 Characters 2 Dialogue 2.1 Introduction of virtue 2.2 Meno's paradox 2.3 Dialogue with Meno's slave 2.4 Anytus 2.5 True belief and knowledge 3 Meno and P








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Two primary duties of a board of directors are duty of care and duty of loyalty.
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Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of

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Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to




Flashcard 1746709384460

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#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #reading-puerquito-verde
Question
Two primary duties of a board of directors are [...] and [...] .


Answer
duty of care

duty of loyalty

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Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of

Original toplevel document

Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to








#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #puerquito-session #reading-puerquito-verde
Among other responsibilities, the board is to:
  • establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner.

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Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire t

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Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to





#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #puerquito-session #reading-puerquito-verde
Among other responsibilities, the board is to:
  • establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations.
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establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. <span>establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has sup

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Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to





#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #puerquito-session #reading-puerquito-verde
Among other responsibilities, the board is to:
  • hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance.
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obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. <span>hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and

Original toplevel document

Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to





#board-of-directors-and-committees #functions-responsabilities-of-board #has-images #puerquito-session #reading-puerquito-verde
Among other responsibilities, the board is to:
  • ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management.
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of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. <span>ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. <span><body><html>

Original toplevel document

Subject 5. Board of Directors and Committees
maintained. However, staggered terms make it more difficult for shareholders to make fundamental changes to the composition and behavior of the board and could result in a permanent impairment of long-term shareholder value. <span>Functions and Responsibilities of the Board Two primary duties of a board of directors are duty of care and duty of loyalty. Among other responsibilities, the board is to: establish long-term strategic objectives for the company with a goal of ensuring that the best interests of shareholders come first and that the company's obligations to others are met in a timely and complete manner. establish clear lines of responsibility and a strong system of accountability and performance measurement in all phases of a company's operations. hire the chief executive officer, determine the compensation package, and periodically evaluate the officer's performance. ensure that management has supplied the board with sufficient information for it to be fully informed and prepared to make the decision that are its responsibility, and to be able to adequately monitor and oversee the company's management. Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to





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From a corporation's perspective, risks of poor governance include:

  • weak control systems or inefficient monitoring tools;

  • ineffective decision making;

  • legal, regulatory, and reputational risks;

  • default and bankruptcy risks.

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Subject 7. Corporate Governance and Stakeholder Management Risks and Benefits
From a corporation's perspective, risks of poor governance include: weak control systems or inefficient monitoring tools; ineffective decision making; legal, regulatory, and reputational risks; default and bankruptcy risks. Benefits of effective governance and stakeholder management include: better operational efficiency and control brought by effective mon





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Benefits of effective governance and stakeholder management include:

  • better operational efficiency and control brought by effective monitoring tools and control mechanisms;

  • better operating and financial performance;

  • lower default risk and cost of debt.

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Subject 7. Corporate Governance and Stakeholder Management Risks and Benefits
; weak control systems or inefficient monitoring tools; ineffective decision making; legal, regulatory, and reputational risks; default and bankruptcy risks. <span>Benefits of effective governance and stakeholder management include: better operational efficiency and control brought by effective monitoring tools and control mechanisms; better operating and financial performance; lower default risk and cost of debt. <span><body><html>





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Economic Ownership and Voting Control
What is the company's ownership and voting structure among shareholders?
Why do some shareholders own a small portion of a company's stock but get most of the voting power?
Does the practice really insulate managers from Wall Street's short-term mindset?

Dual-class structures create an inferior class of shareholders, and may allow management to make bad decisions with few consequences.
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
Economic Ownership and Voting Control What is the company's ownership and voting structure among shareholders? Why do some shareholders own a small portion of a company's stock but get most of the voting power? Does the practice really insulate managers from Wall Street's short-term mindset? Dual-class structures create an inferior class of shareholders, and may allow management to make bad decisions with few consequences. Board of Directors Representation Analysts should assess whether the experience and skill sets of board members match the needs of the company. Are they truly in





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Board of Directors Representation
Analysts should assess whether the experience and skill sets of board members match the needs of the company.
Are they truly independent?
Are there inherent conflicts of interest?
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
3; Does the practice really insulate managers from Wall Street's short-term mindset? Dual-class structures create an inferior class of shareholders, and may allow management to make bad decisions with few consequences. <span>Board of Directors Representation Analysts should assess whether the experience and skill sets of board members match the needs of the company. Are they truly independent? Are there inherent conflicts of interest? Remuneration and Company Performance What are the main drivers of the management team's remuneration and incentive structure? Does the remuneration plan reward lo





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Remuneration and Company Performance
What are the main drivers of the management team's remuneration and incentive structure?
Does the remuneration plan reward long-term or short-term growth?
Is it based on the performance of the company relative to its competitors or other peers?

Equity-based remuneration plans can offer the greatest incentives.
Are they linked to the long-term performance of the company?
What is the impact on the income statement?
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
Board of Directors Representation Analysts should assess whether the experience and skill sets of board members match the needs of the company. Are they truly independent? Are there inherent conflicts of interest? <span>Remuneration and Company Performance What are the main drivers of the management team's remuneration and incentive structure? Does the remuneration plan reward long-term or short-term growth? Is it based on the performance of the company relative to its competitors or other peers? Equity-based remuneration plans can offer the greatest incentives. Are they linked to the long-term performance of the company? What is the impact on the income statement? Investors in the Company What is the composition of investors in a company? Are there any significant investors in the company? Any sizable affiliated stock





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Investors in the Company
What is the composition of investors in a company?
Are there any significant investors in the company?
Any sizable affiliated stockholders that can block the votes of the majority?
Any activist shareholders that could bring rapid changes for the company?
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
e to its competitors or other peers? Equity-based remuneration plans can offer the greatest incentives. Are they linked to the long-term performance of the company? What is the impact on the income statement? <span>Investors in the Company What is the composition of investors in a company? Are there any significant investors in the company? Any sizable affiliated stockholders that can block the votes of the majority? Any activist shareholders that could bring rapid changes for the company? Strength of Shareholders' Rights How robust are the shareholder rights at the company? How robust compared to those of peers? Managing Long-Term Risks





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Strength of Shareholders' Rights
How robust are the shareholder rights at the company?
How robust compared to those of peers?
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
a company? Are there any significant investors in the company? Any sizable affiliated stockholders that can block the votes of the majority? Any activist shareholders that could bring rapid changes for the company? <span>Strength of Shareholders' Rights How robust are the shareholder rights at the company? How robust compared to those of peers? Managing Long-Term Risks How effectively is the company managing long-term risks, such as securing access to necessary resources, managing human capital, exhibiting in





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Managing Long-Term Risks
How effectively is the company managing long-term risks, such as securing access to necessary resources, managing human capital, exhibiting integrity and leadership, and strengthening the long-term sustainability of the enterprise?
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Subject 8. Analyst Considerations in Corporate Governance and Stakeholder Management
y? Any activist shareholders that could bring rapid changes for the company? Strength of Shareholders' Rights How robust are the shareholder rights at the company? How robust compared to those of peers? <span>Managing Long-Term Risks How effectively is the company managing long-term risks, such as securing access to necessary resources, managing human capital, exhibiting integrity and leadership, and strengthening the long-term sustainability of the enterprise? <span><body><html>





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ESG integration can be implemented across all asset classes.

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Subject 9. ESG Considerations for Investors
ESG integration is the practice of considering environmental, social, and governance factors in the investment process. It can be implemented across all asset classes. ESG Factors in Investment Analysis Environmental factors include natural resource management, pollution prevention, water conservation, energy efficiency and





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ESG Factors in Investment Analysis
Environmental factors include natural resource management, pollution prevention, water conservation, energy efficiency and reduced emissions, the existence of carbon assets, and adherence to environmental safety and regulatory standards.

Social factors generally pertain to human rights and welfare concerns in the workplace, product development, and, in some cases, community impact.

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Subject 9. ESG Considerations for Investors
/head> ESG integration is the practice of considering environmental, social, and governance factors in the investment process. It can be implemented across all asset classes. ESG Factors in Investment Analysis Environmental factors include natural resource management, pollution prevention, water conservation, energy efficiency and reduced emissions, the existence of carbon assets, and adherence to environmental safety and regulatory standards. Social factors generally pertain to human rights and welfare concerns in the workplace, product development, and, in some cases, community impact. ESG Implementation Methods Asset managers and asset owners can incorporate ESG issues into the investment process in a variety of ways.





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ESG Implementation Methods
Asset managers and asset owners can incorporate ESG issues into the investment process in a variety of ways.

  • Negative screening is a type of investment strategy that excludes certain companies or sectors from investment consideration because of their underlying business activities or other environmental or social concerns.

  • Positive screening and best-in-class strategies focus on investments with favorable ESG aspects.

  • Thematic investing focuses on a single factor, such as energy efficiency or climate change.

  • Impact investing strategies are targeted investments, typically made in private markets, aimed at solving social or environmental problems.

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Subject 9. ESG Considerations for Investors
d adherence to environmental safety and regulatory standards. Social factors generally pertain to human rights and welfare concerns in the workplace, product development, and, in some cases, community impact. <span>ESG Implementation Methods Asset managers and asset owners can incorporate ESG issues into the investment process in a variety of ways. Negative screening is a type of investment strategy that excludes certain companies or sectors from investment consideration because of their underlying business activities or other environmental or social concerns. Positive screening and best-in-class strategies focus on investments with favorable ESG aspects. Thematic investing focuses on a single factor, such as energy efficiency or climate change. Impact investing strategies are targeted investments, typically made in private markets, aimed at solving social or environmental problems. <span><body><html>