Edited, memorised or added to reading list

on 08-Feb-2018 (Thu)

Do you want BuboFlash to help you learning these things? Click here to log in or create user.

Flashcard 1637648043276

Tags
#fractions
Question
The top number (the Numerator) is the number of [...]
Answer
parts we have.


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill
Improper Fractions
r Fraction, (but there is nothing wrong about Improper Fractions). Three Types of Fractions There are three types of fraction: Fractions A Fraction (such as 7 / 4 ) has two numbers: Numerator Denominator <span>The top number (the Numerator) is the number of parts we have. The bottom number (the Denominator) is the number of parts the whole is divided into. Example: 7 / 4 means: We have 7 parts Each part is a quarter ( 1 / 4 ) of a







Flashcard 1729650101516

Tags
#linear-algebra #matrix-decomposition
Question

eigendecomposition factorises a matrix into a [...] form

Answer
canonical


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
In linear algebra, eigendecomposition or sometimes spectral decomposition is the factorization of a matrix into a canonical form, whereby the matrix is represented in terms of its eigenvalues and eigenvectors. Only diagonalizable matrices can be factorized in this way.

Original toplevel document

Eigendecomposition of a matrix - Wikipedia
| ocultar ahora Eigendecomposition of a matrix From Wikipedia, the free encyclopedia (Redirected from Eigendecomposition) Jump to: navigation, search <span>In linear algebra, eigendecomposition or sometimes spectral decomposition is the factorization of a matrix into a canonical form, whereby the matrix is represented in terms of its eigenvalues and eigenvectors. Only diagonalizable matrices can be factorized in this way. Contents [hide] 1 Fundamental theory of matrix eigenvectors and eigenvalues 2 Eigendecomposition of a matrix 2.1 Example 2.2 Matrix inverse via eigendecomposition 2.2.1 Pr







Flashcard 1731681455372

Tags
#dynamic-programming
Question
The purpose of dynamic programming is to [...].
Answer
trade space for time


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
simpler subproblems, solving each of those subproblems just once, and storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply looks up the previously computed solution, thereby <span>saving computation time at the expense of a (hopefully) modest expenditure in storage space. (Each of the subproblem solutions is indexed in some way, typically based on the values of its input parameters, so as to facilitate its lookup.) <span><body><html>

Original toplevel document

Dynamic programming - Wikipedia
This article's factual accuracy is disputed. Relevant discussion may be found on the talk page. Please help to ensure that disputed statements are reliably sourced. (November 2015) (Learn how and when to remove this template message) <span>In computer science, mathematics, management science, economics and bioinformatics, dynamic programming (also known as dynamic optimization) is a method for solving a complex problem by breaking it down into a collection of simpler subproblems, solving each of those subproblems just once, and storing their solutions. The next time the same subproblem occurs, instead of recomputing its solution, one simply looks up the previously computed solution, thereby saving computation time at the expense of a (hopefully) modest expenditure in storage space. (Each of the subproblem solutions is indexed in some way, typically based on the values of its input parameters, so as to facilitate its lookup.) The technique of storing solutions to subproblems instead of recomputing them is called "memoization". Dynamic programming algorithms are often used for optimization. A dyna







Flashcard 1731712388364

Tags
#finance
Question
Under the Black–Scholes–Merton model, the option's unique price is decided by [...]
Answer
the risk-neutral rate


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
mula, which gives a theoretical estimate of the price of European-style options and shows that the option has a unique price regardless of the risk of the security and its expected return (instead replacing the security's expected return with <span>the risk-neutral rate). <span><body><html>

Original toplevel document

Black–Scholes model - Wikipedia
Black–Scholes model - Wikipedia Black–Scholes model From Wikipedia, the free encyclopedia (Redirected from Black–Scholes) Jump to: navigation, search The Black–Scholes /ˌblæk ˈʃoʊlz/ [1] or Black–Scholes–Merton model is a mathematical model of a financial market containing derivative investment instruments. From the partial differential equation in the model, known as the Black–Scholes equation, one can deduce the Black–Scholes formula, which gives a theoretical estimate of the price of European-style options and shows that the option has a unique price regardless of the risk of the security and its expected return (instead replacing the security's expected return with the risk-neutral rate). The formula led to a boom in options trading and provided mathematical legitimacy to the activities of the Chicago Board Options Exchange and other options markets around the world. [2]







Flashcard 1736000802060

Tags
#stochastics
Question
Playing a central role in the theory of probability, [...] is often considered the most important and studied stochastic process,
Answer
the Wiener process


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Playing a central role in the theory of probability, the Wiener process is often considered the most important and studied stochastic process, with connections to other stochastic processes. [1] [2] [3] [78] [79] [80] [81] Its index set and state space are

Original toplevel document

Stochastic process - Wikipedia
wnian motion due to its historical connection as a model for Brownian movement in liquids. [75] [76] [76] [77] [imagelink] Realizations of Wiener processes (or Brownian motion processes) with drift (blue) and without drift (red). <span>Playing a central role in the theory of probability, the Wiener process is often considered the most important and studied stochastic process, with connections to other stochastic processes. [1] [2] [3] [78] [79] [80] [81] Its index set and state space are the non-negative numbers and real numbers, respectively, so it has both continuous index set and states space. [82] But the process can be defined more generally so its state space can be n {\displaystyle n} -dimensional Euclidean space. [71] [79] [83]







Flashcard 1739056614668

Tags
#bayesian-network
Question
In a Bayesian network each node takes [...] as input
Answer
a set of values from parent nodes


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
re not connected (there is no path from one of the variables to the other in the Bayesian network) represent variables that are conditionally independent of each other. Each node is associated with a probability function that takes, as input, <span>a particular set of values for the node's parent variables, and gives (as output) the probability (or probability distribution, if applicable) of the variable represented by the node. <span><body><html>

Original toplevel document

Bayesian network - Wikipedia
ed acyclic graph (DAG). For example, a Bayesian network could represent the probabilistic relationships between diseases and symptoms. Given symptoms, the network can be used to compute the probabilities of the presence of various diseases. <span>Formally, Bayesian networks are DAGs whose nodes represent variables in the Bayesian sense: they may be observable quantities, latent variables, unknown parameters or hypotheses. Edges represent conditional dependencies; nodes that are not connected (there is no path from one of the variables to the other in the Bayesian network) represent variables that are conditionally independent of each other. Each node is associated with a probability function that takes, as input, a particular set of values for the node's parent variables, and gives (as output) the probability (or probability distribution, if applicable) of the variable represented by the node. For example, if m {\displaystyle m} parent nodes represent m {\displaystyle m} Boolean variables







Flashcard 1739080994060

Tags
#forward-backward-algorithm #hmm
Question
The foreward-backward algorithm makes use of the principle of [...] in its two passes.
Answer
dynamic programming


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The foreward-backward algorithm makes use of the principle of dynamic programming to compute efficiently the values that are required to obtain the posterior marginal distributions in two passes. The first pass goes forward in time while the second goes backward in t

Original toplevel document

Forward–backward algorithm - Wikipedia
| o 1 : t ) {\displaystyle P(X_{k}\ |\ o_{1:t})} . This inference task is usually called smoothing. <span>The algorithm makes use of the principle of dynamic programming to compute efficiently the values that are required to obtain the posterior marginal distributions in two passes. The first pass goes forward in time while the second goes backward in time; hence the name forward–backward algorithm. The term forward–backward algorithm is also used to refer to any algorithm belonging to the general class of algorithms that operate on sequence models in a forward–backward manner. I







Flashcard 1739933224204

Tags
#forward-backward-algorithm #hmm
Question

In the forward-backward algorithm, the forward and backward probability distributions are combined to obtain [...]

Answer
the distribution over states at any specific point in time given the entire observation sequence


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
pass, the algorithm computes a set of backward probabilities which provide the probability of observing the remaining observations given any starting point , i.e. . These two sets of probability distributions can then be combined to obtain <span>the distribution over states at any specific point in time given the entire observation sequence: The last step follows from an application of the Bayes' rule and the conditional independence of and given . It remains to be seen, of course, how the forwa

Original toplevel document

Forward–backward algorithm - Wikipedia
cific instance of this class. Contents [hide] 1 Overview 2 Forward probabilities 3 Backward probabilities 4 Example 5 Performance 6 Pseudocode 7 Python example 8 See also 9 References 10 External links Overview[edit source] <span>In the first pass, the forward–backward algorithm computes a set of forward probabilities which provide, for all k ∈ { 1 , … , t } {\displaystyle k\in \{1,\dots ,t\}} , the probability of ending up in any particular state given the first k {\displaystyle k} observations in the sequence, i.e. P ( X k | o 1 : k ) {\displaystyle P(X_{k}\ |\ o_{1:k})} . In the second pass, the algorithm computes a set of backward probabilities which provide the probability of observing the remaining observations given any starting point k {\displaystyle k} , i.e. P ( o k + 1 : t | X k ) {\displaystyle P(o_{k+1:t}\ |\ X_{k})} . These two sets of probability distributions can then be combined to obtain the distribution over states at any specific point in time given the entire observation sequence: P ( X k | o 1 : t ) = P ( X k | o 1 : k , o k + 1 : t ) ∝ P ( o k + 1 : t | X k ) P ( X k | o 1 : k ) {\displaystyle P(X_{k}\ |\ o_{1:t})=P(X_{k}\ |\ o_{1:k},o_{k+1:t})\propto P(o_{k+1:t}\ |\ X_{k})P(X_{k}|o_{1:k})} The last step follows from an application of the Bayes' rule and the conditional independence of o k + 1 : t {\displaystyle o_{k+1:t}} and o 1 : k {\displaystyle o_{1:k}} given X k {\displaystyle X_{k}} . As outlined above, the algorithm involves three steps: computing forward probabilities computing backward probabilities computing smoothed values. The forward and backward steps m







Flashcard 1741094259980

Tags
#measure-theory
Question
As its one singularly important property, a measure must be [...]


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Technically, a measure is a function that assigns a non-negative real number or +∞ to (certain) subsets of a set X (see Definition below). It must further be countably additive:

Original toplevel document

Measure (mathematics) - Wikipedia
[imagelink] Informally, a measure has the property of being monotone in the sense that if A is a subset of B, the measure of A is less than or equal to the measure of B. Furthermore, the measure of the empty set is required to be 0. <span>In mathematical analysis, a measure on a set is a systematic way to assign a number to each suitable subset of that set, intuitively interpreted as its size. In this sense, a measure is a generalization of the concepts of length, area, and volume. A particularly important example is the Lebesgue measure on a Euclidean space, which assigns the conventional length, area, and volume of Euclidean geometry to suitable subsets of the n-dimensional Euclidean space R n . For instance, the Lebesgue measure of the interval [0, 1] in the real numbers is its length in the everyday sense of the word – specifically, 1. Technically, a measure is a function that assigns a non-negative real number or +∞ to (certain) subsets of a set X (see Definition below). It must further be countably additive: the measure of a 'large' subset that can be decomposed into a finite (or countably infinite) number of 'smaller' disjoint subsets, is the sum of the measures of the "smaller" subsets. In general, if one wants to associate a consistent size to each subset of a given set while satisfying the other axioms of a measure, one only finds trivial examples like the counting measure. This problem was resolved by defining measure only on a sub-collection of all subsets; the so-called measurable subsets, which are required to form a σ-algebra. This means that countable unions, countable intersections and complements of measurable subsets are measurable. Non-measurable sets in a Euclidean space, on which the Lebesgue measure cannot be defined consistently, are necessarily complicated in the sense of being badly mixed up with their complement. [1] Indeed, their existence is a non-trivial consequence of the axiom of choice. Measure theory was developed in successive stages during the late 19th and early 20th centuries by Émile Borel, Henri Lebesgue, Johann Radon, and Maurice Fréchet, among others. The ma







Flashcard 1741128076556

Tags
#measure-theory #stochastics
Question
Note that P is [...] for each different probability distribution
Answer
a different measure

A measure is a function that maps a set to a non-negative number


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Note that P is a different function for each different probability distri- bution

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1741139348748

Tags
#measure-theory #stochastics
Question
A sigma-algebra for Ω must contain [...]
Answer


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
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.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1741147999500

Tags
#measure-theory #stochastics
Question
[...] is called a measurable space
Answer
A set Ω equipped with a sigma-algebra


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
A set Ω equipped with a sigma-algebra  is called a measurable space and usually denoted as a pair (Ω,). In this context, the elements of  are called measurable sets.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1741166873868

Tags
#measure-theory #stochastics
Question
[...] corresponds to the dx of ordinary calculus
Answer
Lebesgue measure on R


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Lebesgue measure on R corresponds to the dx of ordinary calculus: μ(A)=∫Adx whenever A is a set over which the Riemann integral is defined.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1741424299276

Tags
#lebesgue-integration
Question
The Lebesgue integral extends the (Riemann) integral to a larger class of functions and [...] on which these functions can be defined.
Answer
more domains


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The Lebesgue integral extends the (Riemann) integral to a larger class of functions. It also extends the domains on which these functions can be defined.

Original toplevel document

Lebesgue integration - Wikipedia
culus[show] Glossary of calculus v t e In mathematics, the integral of a non-negative function of a single variable can be regarded, in the simplest case, as the area between the graph of that function and the x-axis. <span>The Lebesgue integral extends the integral to a larger class of functions. It also extends the domains on which these functions can be defined. Long before the advent of the 20th century, mathematicians already understood that for non-negative functions with a smooth enough graph—such as continuous functions on closed bounded








#has-images #puerquito-session #reading-puerquito-verde
For firms with controlling shareholders, separation of ownership and control generates a two-level agency problem:
  1. Between controlling shareholders and management.
  2. Between minority shareholders and controlling shareholders.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Ownership structure is one of the main dimensions of corporate governance. For firms with controlling shareholders, separation of ownership and control generates a two-level agency problem: between controlling shareholders and management and between minority shareholders and controlling shareholders.

Original toplevel document

Subject 3. Principal-Agent and Other Relationships in Corporate Governance
; Information asymmetry. Managers almost always have more information than shareholders. Thus, it is difficult for shareholders to measure managers' performance or to hold them accountable for their performance. <span>Controlling and Minority Shareholder Relationships Ownership structure is one of the main dimensions of corporate governance. For firms with controlling shareholders, separation of ownership and control generates a two-level agency problem: between controlling shareholders and management and between minority shareholders and controlling shareholders. The interests of controlling and minority shareholders are often not aligned. For example, if a company has two classes of common shares (dual classes of common equity): Class A shareholders have all the voting rights. Class B shareholders don't have any voting rights. The management team and the board are more likely to focus on the interests of Class A shareholders. The rights of Class B shareholders may suffer as a consequence of the ownership structure. Minority shareholders have less influence on the board composition than controlling 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. Manager and Board Relationships This is another example of agency theory (discussed above). Shareholder versus Creditor Interests The




Flashcard 1742672366860



Tags
#has-images
Question
A [...] is defined as any person/group which can affect/be affected by the actions of a business.
Answer
stakeholder


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
head><head> 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 community and competitors. Edward Freeman, the original proposer of the stakeholder theory, recogn

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








Endowment Fund
#has-images #investopedia

An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Endowment Fund
<span>What is an 'Endowment Fund' An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors. BREAKING DOWN 'Endowment Fund' Financial endowments are typically structured so the principal amount invested remains intact, while investment income





#has-images #investopedia

A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common.

Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?)

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere




Flashcard 1744163966220

Tags
#lebesgue-integration
Question
as later set theory developments showed, it is actually impossible to assign a length (hence a measure) to all subsets of ℝ in a way that preserves some [...] invariance properties.
Answer
natural additivity and translation


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

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

Original toplevel document

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







Flashcard 1744168160524

Tags
#lebesgue-integration
Question
The set of [...] is closed under algebraic operations
Answer
measurable functions


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

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

Original toplevel document

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







Flashcard 1744180219148

[unknown IMAGE 1744178121996]
Tags
#has-images
Question
The sequence xn is shown in blue. The two red curves approach the [...] and [...] of xn, shown as dashed black lines.
Answer
limit superior and limit inferior


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The sequence x n is shown in blue. The two red curves approach the limit superior and limit inferior of x n , shown as dashed black lines. In this case, the sequence accumulates around the two limits. The superior limit is the larger of the two, and the inferior limit is the smaller of

Original toplevel document

Limit superior and limit inferior - Wikipedia
liminf, inferior limit, lower limit, or inner limit; limit superior is also known as supremum limit, limit supremum, limsup, superior limit, upper limit, or outer limit. [imagelink] An illustration of limit superior and limit inferior. <span>The sequence x n is shown in blue. The two red curves approach the limit superior and limit inferior of x n , shown as dashed black lines. In this case, the sequence accumulates around the two limits. The superior limit is the larger of the two, and the inferior limit is the smaller of the two. The inferior and superior limits agree if and only if the sequence is convergent (i.e., when there is a single limit). Contents [hide] 1 Definition for sequences 2 The case of sequences of real numbers 2.1 Interpretation 2.2 Properties 2.2.1 Examples 3 Real-valued functions 4 Funct







Flashcard 1744181792012

[unknown IMAGE 1744178121996]
Tags
#has-images
Question
The sequence xn is shown in blue. The inferior and superior limits agree if and only if the sequence is [...].
Answer
convergent


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
ed black lines. In this case, the sequence accumulates around the two limits. The superior limit is the larger of the two, and the inferior limit is the smaller of the two. The inferior and superior limits agree if and only if the sequence is <span>convergent (i.e., when there is a single limit). <span><body><html>

Original toplevel document

Limit superior and limit inferior - Wikipedia
liminf, inferior limit, lower limit, or inner limit; limit superior is also known as supremum limit, limit supremum, limsup, superior limit, upper limit, or outer limit. [imagelink] An illustration of limit superior and limit inferior. <span>The sequence x n is shown in blue. The two red curves approach the limit superior and limit inferior of x n , shown as dashed black lines. In this case, the sequence accumulates around the two limits. The superior limit is the larger of the two, and the inferior limit is the smaller of the two. The inferior and superior limits agree if and only if the sequence is convergent (i.e., when there is a single limit). Contents [hide] 1 Definition for sequences 2 The case of sequences of real numbers 2.1 Interpretation 2.2 Properties 2.2.1 Examples 3 Real-valued functions 4 Funct







Flashcard 1744183364876

Tags
#measure-theory
Question
measurable function is a function between [...] such that the preimage of any measurable set is measurable
Answer


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

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

Original toplevel document

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







Flashcard 1744254930188

Tags
#linear-algebra
Question
the cross product is [...123...].


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
In mathematics and vector algebra, the cross product or vector product (occasionally directed area product to emphasize the geometric significance) is a binary operation on two vectors in three-dimensional space (R 3 ) and is denoted by the symbol ×. Given two linearly independent vectors a and b, the cross product, a × b, is a vector that is perpendicular to both a and b and thus normal to the plane

Original toplevel document

Cross product - Wikipedia
edia, the free encyclopedia Jump to: navigation, search This article is about the cross product of two vectors in three-dimensional Euclidean space. For other uses, see Cross product (disambiguation). <span>In mathematics and vector algebra, the cross product or vector product (occasionally directed area product to emphasize the geometric significance) is a binary operation on two vectors in three-dimensional space (R 3 ) and is denoted by the symbol ×. Given two linearly independent vectors a and b, the cross product, a × b, is a vector that is perpendicular to both a and b and thus normal to the plane containing them. It has many applications in mathematics, physics, engineering, and computer programming. It should not be confused with dot product (projection product). If two vectors have the same







Flashcard 1744257289484

Tags
#linear-algebra
Question
the cross product is occasionally called directed area product to emphasize [...]
Answer
the geometric significance


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
In mathematics and vector algebra, the cross product or vector product (occasionally directed area product to emphasize the geometric significance) is a binary operation on two vectors in three-dimensional space (R 3 ) and is denoted by the symbol ×. Given two linearly independent vectors a and b, the cross product, a × b, is a ve

Original toplevel document

Cross product - Wikipedia
edia, the free encyclopedia Jump to: navigation, search This article is about the cross product of two vectors in three-dimensional Euclidean space. For other uses, see Cross product (disambiguation). <span>In mathematics and vector algebra, the cross product or vector product (occasionally directed area product to emphasize the geometric significance) is a binary operation on two vectors in three-dimensional space (R 3 ) and is denoted by the symbol ×. Given two linearly independent vectors a and b, the cross product, a × b, is a vector that is perpendicular to both a and b and thus normal to the plane containing them. It has many applications in mathematics, physics, engineering, and computer programming. It should not be confused with dot product (projection product). If two vectors have the same







Flashcard 1744258862348

Tags
#calculus
Question
The two branches of calculus are related to each other by the [...].
Answer
fundamental theorem of calculus


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
ches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the <span>fundamental theorem of calculus. <span><body><html>

Original toplevel document

Calculus - Wikipedia
small pebble', used for counting and calculations, as on an abacus) [1] is the mathematical study of continuous change, in the same way that geometry is the study of shape and algebra is the study of generalizations of arithmetic operations. <span>It has two major branches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the fundamental theorem of calculus. Both branches make use of the fundamental notions of convergence of infinite sequences and infinite series to a well-defined limit. Generally, modern calculus is considered to have been







Flashcard 1744261483788

Tags
#calculus
Question
differential calculus concerns [...]
Answer
rates of change and slopes of curves


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Calculus has two major branches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the fundamental th

Original toplevel document

Calculus - Wikipedia
small pebble', used for counting and calculations, as on an abacus) [1] is the mathematical study of continuous change, in the same way that geometry is the study of shape and algebra is the study of generalizations of arithmetic operations. <span>It has two major branches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the fundamental theorem of calculus. Both branches make use of the fundamental notions of convergence of infinite sequences and infinite series to a well-defined limit. Generally, modern calculus is considered to have been







Flashcard 1744263843084

Tags
#calculus
Question
integral calculus concerns [...] and [...] .[3]
Answer
accumulation of quantities and the areas under and between curves


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Calculus has two major branches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the fundamental theorem of calculus.

Original toplevel document

Calculus - Wikipedia
small pebble', used for counting and calculations, as on an abacus) [1] is the mathematical study of continuous change, in the same way that geometry is the study of shape and algebra is the study of generalizations of arithmetic operations. <span>It has two major branches, differential calculus (concerning rates of change and slopes of curves), [2] and integral calculus (concerning accumulation of quantities and the areas under and between curves). [3] These two branches are related to each other by the fundamental theorem of calculus. Both branches make use of the fundamental notions of convergence of infinite sequences and infinite series to a well-defined limit. Generally, modern calculus is considered to have been







Flashcard 1744266988812

Tags
#calculus-of-variations
Question
in Calculus of variations, variations mean [...]
Answer
small changes in functions and functionals,


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Calculus of variations is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. elementary calculus is about infinitesimally small changes in the values

Original toplevel document

Calculus of variations - Wikipedia
l Line integral Surface integral Volume integral Jacobian Hessian matrix Specialized[hide] Fractional Malliavin Stochastic Variations Glossary of calculus[show] Glossary of calculus v t e <span>Calculus of variations is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. [Note 1] Functionals are often expressed as definite integrals involving functions and their derivatives. Functions that maximize or minimize functionals may be found using the Euler–L







Flashcard 1744268561676

Tags
#calculus-of-variations
Question
In Calculus of variations functionals are mappings from [...] to the real numbers.
Answer
a set of functions


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
ead><head> Calculus of variations is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. elementary calculus is about infinitesimally small changes in the values of functions without changes in the function itself, calculus of variations is about infinitesimally small

Original toplevel document

Calculus of variations - Wikipedia
l Line integral Surface integral Volume integral Jacobian Hessian matrix Specialized[hide] Fractional Malliavin Stochastic Variations Glossary of calculus[show] Glossary of calculus v t e <span>Calculus of variations is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. [Note 1] Functionals are often expressed as definite integrals involving functions and their derivatives. Functions that maximize or minimize functionals may be found using the Euler–L







Flashcard 1744271183116

Tags
#calculus-of-variations
Question
elementary calculus is about [...] without changes in the function itself
Answer
infinitesimal changes in the values of functions


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
thematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. elementary calculus is about <span>infinitesimally small changes in the values of functions without changes in the function itself, calculus of variations is about infinitesimally small changes in the function itself, which are called variations. <span><body><html>

Original toplevel document

Calculus of variations - Wikipedia
l Line integral Surface integral Volume integral Jacobian Hessian matrix Specialized[hide] Fractional Malliavin Stochastic Variations Glossary of calculus[show] Glossary of calculus v t e <span>Calculus of variations is a field of mathematical analysis that uses variations, which are small changes in functions and functionals, to find maxima and minima of functionals, which are mappings from a set of functions to the real numbers. [Note 1] Functionals are often expressed as definite integrals involving functions and their derivatives. Functions that maximize or minimize functionals may be found using the Euler–L







Flashcard 1744287173900

Tags
#topology
Question
a [...] can be defined as a set which contains all its limit points.
Answer
closed set

This set can be anything. For example, it can be the set of all measurable functions, so that by being closed it means the measurable function space contains all point wise sequence limit functions.


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
In a topological space, a closed set can be defined as a set which contains all its limit points.

Original toplevel document

Closed set - Wikipedia
en set. For a set closed under an operation, see closure (mathematics). For other uses, see Closed (disambiguation). In geometry, topology, and related branches of mathematics, a closed set is a set whose complement is an open set. [1] [2] <span>In a topological space, a closed set can be defined as a set which contains all its limit points. In a complete metric space, a closed set is a set which is closed under the limit operation. Contents [hide] 1 Equivalent definitions of a closed set 2 Properties of closed








#cabra-session #has-images #reading-sus-straffon
Misleading practices included:

Varying Time Periods : Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
l investment results for a specific mandate. Survivorship Bias : Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. <span>Varying Time Periods : Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible. <span><body><html>

Original toplevel document

Reading 4  Introduction to the Global Investment Performance Standards (GIPS®)
nvestment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of performance reporting overall. <span>Misleading practices included: Representative Accounts: Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias: Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. Varying Time Periods: Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible. Making a valid comparison of investment performance among even the most ethical investment management firms was problematic. For example, a pension fund seeking to





#globo-terraqueo-session #has-images #reading-fajo-de-pounds
Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Measured by daily turnover, the foreign exchange (FX) market—the market in which currencies are traded against each other—is by far the world’s largest market. Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities. Moreover, volumes in FX turnover continue to grow: Some predict that daily FX turnover will reach USD10 trillion by 2020 as market participation spreads and deepens. </spa

Original toplevel document

Reading 20  Currency Exchange Rates Introduction
Measured by daily turnover, the foreign exchange (FX) market—the market in which currencies are traded against each other—is by far the world’s largest market. Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities. Moreover, volumes in FX turnover continue to grow: Some predict that daily FX turnover will reach USD10 trillion by 2020 as market participation spreads and deepens. The FX market is also a truly global market that operates 24 hours a day, each business day. It involves market participants from every time zone connected through electronic communications networks that link players as large as multibillion-dollar investment funds and as small as individuals trading for their own account—all brought together in real time. International trade would be impossible without the trade in currencies that facilitates it, and so too would cross-border capital flows that connect all financial markets globally through the FX market. These factors make foreign exchange a key market for investors and market participants to understand. The world economy is increasingly transnational in nature, with both production processes and trade flows often determined more by global factors than by domestic considerations. Likewise, investment portfolio performance increasingly reflects global determinants because pricing in financial markets responds to the array of investment opportunities available worldwide, not just locally. All of these factors funnel through, and are reflected in, the foreign exchange market. As investors shed their “home bias” and invest in foreign markets, the exchange rate—the price at which foreign-currency-denominated investments are valued in terms of the domestic currency—becomes an increasingly important determinant of portfolio performance. Even investors adhering to a purely “domestic” portfolio mandate are increasingly affected by what happens in the foreign exchange market. Given the globalization of the world economy, most large companies depend heavily on their foreign operations (for example, by some estimates about 40 percent of S&P 500 Index earnings are from outside the United States). Almost all companies are exposed to some degree of foreign competition, and the pricing for domestic assets—equities, bonds, real estate, and others—will also depend on demand from foreign investors. All of these various influences on investment performance reflect developments in the foreign exchange market. This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of ex





#has-images #puerquito-session #reading-garrafon-lleno-de-monedas-de-diez-pesos
You often estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital to reflect the risk of the project relative to the company’s average project.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s and estimates. Another challenge is that the cost of capital that is appropriately applied to a specific investment depends on the characteristics of that investment: The riskier the investment’s cash flows, the greater its cost of capital. <span>In reality, a company must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. <span><body><html>

Original toplevel document

Reading 36  Cost of Capital Introduction
A company grows by making investments that are expected to increase revenues and profits. The company acquires the capital or funds necessary to make such investments by borrowing or using funds from owners. By applying this capital to investments with long-term benefits, the company is producing value today. But, how much value? The answer depends not only on the investments’ expected future cash flows but also on the cost of the funds. Borrowing is not costless. Neither is using owners’ funds. The cost of this capital is an important ingredient in both investment decision making by the company’s management and the valuation of the company by investors. If a company invests in projects that produce a return in excess of the cost of capital, the company has created value; in contrast, if the company invests in projects whose returns are less than the cost of capital, the company has actually destroyed value. Therefore, the estimation of the cost of capital is a central issue in corporate financial management. For the analyst seeking to evaluate a company’s investment program and its competitive position, an accurate estimate of a company’s cost of capital is important as well. Cost of capital estimation is a challenging task. As we have already implied, the cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates. Another challenge is that the cost of capital that is appropriately applied to a specific investment depends on the characteristics of that investment: The riskier the investment’s cash flows, the greater its cost of capital. In reality, a company must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. This reading is organized as follows: In the next section, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimat





Money Measures in Japan (Haruhiko Kuroda)
#definitions-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten

The Bank of Japan calculates three measures of money. M1 is the narrowest measure and consists of cash currency in circulation. M2 incorporates M1 but also includes certificates of deposit (CDs). The broadest measure, M3, incorporates M2, plus deposits held at post offices, plus other savings and deposits with financial institutions. There is also a “broad measure of liquidity” that encompasses M3 as well as a range of other liquid assets, such as government bonds and commercial paper.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
with maturity up to two years. Finally, the euro area’s broadest definition of money is M3, which includes M2, plus repurchase agreements, money market fund units, and debt securities with up to two years maturity. <span>Money Measures in Japan The Bank of Japan calculates three measures of money. M1 is the narrowest measure and consists of cash currency in circulation. M2 incorporates M1 but also includes certificates of deposit (CDs). The broadest measure, M3, incorporates M2, plus deposits held at post offices, plus other savings and deposits with financial institutions. There is also a “broad measure of liquidity” that encompasses M3 as well as a range of other liquid assets, such as government bonds and commercial paper. Money Measures in the United Kingdom The United Kingdom produces a set of four measures of the money stock. M0 is the narrowest measure and compr

Original toplevel document

Money
e in the money supply. The central bank may also lend reserves directly to banks, creating excess reserves (relative to any imposed or self-imposed reserve requirement) that can support new loans and money expansion. <span>2.1.3. Definitions of Money The process of money creation raises a fundamental issue: What is money? In an economy with money but without promissory notes and fractional reserve banking, money is relatively easy to define: Money is the total amount of gold and silver coins in circulation, or their equivalent. The money creation process above, however, indicates that a broader definition of money might encompass all the notes and coins in circulation plus all bank deposits. More generally, we might define money as any medium that can be used to purchase goods and services. Notes and coins can be used to fulfill this purpose, and yet such currency is not the only means of purchasing goods and services. Personal cheques can be written based on a bank chequing account, while debit cards can be used for the same purpose. But what about time deposits or savings accounts? Nowadays transfers can be made relatively easily from a savings account to a current account; therefore, these savings accounts might also be considered as part of the stock of money. Credit cards are also used to pay for goods and services; however, there is an important difference between credit card payments and those made by cheques and debit cards. Unlike a cheque or debit card payment, a credit card payment involves a deferred payment. Basically, the greater the complexity of any financial system, the harder it is to define money. The monetary authorities in most modern economies produce a range of measures of money (see Exhibit 3). But generally speaking, the money stock consists of notes and coins in circulation, plus the deposits in banks and other financial institutions that can be readily used to make purchases of goods and services in the economy. In this regard, economists often speak of the rate of growth of narrow money and/or broad money . By narrow money, they generally mean the notes and coins in circulation in an economy, plus other very highly liquid deposits. Broad money encompasses narrow money but also includes the entire range of liquid assets that can be used to make purchases. Because financial systems, practice, and institutions vary from economy to economy, so do definitions of money; thus, it is difficult to make international comparisons. Still, most central banks produce both a narrow and broad measure of money, plus some intermediate ones too. Exhibit 3 shows the money definitions in four economies. <span><body><html>




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


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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








#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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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

Original toplevel document

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 #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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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




Flashcard 1746709384460



Tags
#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


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
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







Flashcard 1748528663820



Tags
#has-images #portfolio-session #reading-tiburon
Question
This reading talks about the risk management of [...] and [...] risk management.
Answer
enterprises in general

portfolio


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
This reading takes talks about the risk management of enterprises in general and portfolio risk management . The principles underlying portfolio risk management are generally applicable to the risk management of financial and non-financial institutions as well.

Original toplevel document

Reading 40  Risk Management: An Introduction Intro
Risk—and risk management—is an inescapable part of economic activity. People generally manage their affairs in order to be as happy and secure as their environment and resources will allow. But regardless of how carefully these affairs are managed, there is risk because the outcome, whether good or bad, is seldom predictable with complete certainty. There is risk inherent in nearly everything we do, but this reading will focus on economic and financial risk, particularly as it relates to investment management. All businesses and investors manage risk, whether consciously or not, in the choices they make. At its core, business and investing are about allocating resources and capital to chosen risks. In their decision process, within an environment of uncertainty, these entities may take steps to avoid some risks, pursue the risks that provide the highest rewards, and measure and mitigate their exposure to these risks as necessary. Risk management processes and tools make difficult business and financial problems easier to address in an uncertain world. Risk is not just a matter of fate; it is something that organizations can actively control with their decisions, within a risk management framework. Risk is an integral part of the business or investment process. Even in the earliest models of modern portfolio theory, such as mean–variance portfolio optimization and the capital asset pricing model, investment return is linked directly to risk but requires that risk be managed optimally. Proper identification and measurement of risk, and keeping risks aligned with the goals of the enterprise, are key factors in managing businesses and investments. Good risk management results in a higher chance of a preferred outcome—more value for the company or portfolio or more utility for the individual. Portfolio managers need to be familiar with risk management not only to improve the portfolio’s risk–return outcome, but also because of two other ways in which they use risk management at an enterprise level. First, they help to manage their own companies that have their own enterprise risk issues. Second, many portfolio assets are claims on companies that have risks. Portfolio managers need to evaluate the companies’ risks and how those companies are addressing them. This reading takes a broad approach that addresses both the risk management of enterprises in general and portfolio risk management. The principles underlying portfolio risk management are generally applicable to the risk management of financial and non-financial institutions as well. The concept of risk management is also relevant to individuals. Although many large entities formally practice risk management, most individuals practice it more informally and some practice it haphazardly, oftentimes responding to risk events after they occur. Although many individuals do take reasonable precautions against unwanted risks, these precautions are often against obvious risks, such as sticking a wet hand into an electrical socket or swallowing poison. The more subtle risks are often ignored. Many individuals simply do not view risk management as a formal, systematic process that would help them achieve not only their financial goals but also the ultimate end result of happiness, or maximum utility as economists like to call it, but they should. Although the primary focus of this reading is on institutions, we will also cover risk management as it applies to individuals. We will show that many common themes underlie risk management—themes that are applicable to both organizations and individuals. Although often viewed as defensive, risk management is a valuable offensive weapon in the manager’s arsenal. In the quest for preferred outcomes, such as higher profit, returns, or share price, management does not usually get to choose the outcomes but does choose the risks it takes in pursuit of those outcomes. The choice of which risks to undertake through the allocation of its scarce resources is the key tool available to management. An organization with a comprehensive risk management culture in place, in which risk is integral to every key strategy and decision, should perform better in the long-term, in good times and bad, as a result of better decision making. The fact that all businesses and investors engage in risky activities (i.e., activities with uncertain outcomes) raises a number of important questions. The questions that this reading will address include the following: What is risk management, and why is it important? What risks does an organization (or individual) face in pursuing its objectives? How are an entity’s goals affected by risk, and how does it make risk management decisions to produce better results? How does risk governance guide the risk management process and risk budgeting to integrate an organization’s goals with its activities? How does an organization measure and evaluate the risks it faces, and what tools does it have to address these risks? The answers to these questions collectively help to define the process of risk management. This reading is organized along the lines of these questions. Section 2 describes the risk management process, and Section 3 discusses risk governance and risk tolerance. Section 4 cove







Flashcard 1748601801996



Tags
#cabra-session #has-images #reading-sus-straffon
Question
Misleading practices included:

[...] : Only the results for profitable time periods are reflected.
Answer
Varying Time Periods


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Misleading practices included: Varying Time Periods : Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results diffic

Original toplevel document

Reading 4  Introduction to the Global Investment Performance Standards (GIPS®)
nvestment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of performance reporting overall. <span>Misleading practices included: Representative Accounts: Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific mandate. Survivorship Bias: Presenting an “average” performance history that excludes portfolios whose poor performance was weak enough to result in termination of the firm. Varying Time Periods: Presenting performance for a selected time period during which the mandate produced excellent returns or out-performed its benchmark—making comparison with other firms’ results difficult or impossible. Making a valid comparison of investment performance among even the most ethical investment management firms was problematic. For example, a pension fund seeking to








#globo-terraqueo-session #has-images #reading-fajo-de-pounds
Current estimates put daily turnover at approximately USD4 trillion for 2010

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities.

Original toplevel document

Reading 20  Currency Exchange Rates Introduction
Measured by daily turnover, the foreign exchange (FX) market—the market in which currencies are traded against each other—is by far the world’s largest market. Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities. Moreover, volumes in FX turnover continue to grow: Some predict that daily FX turnover will reach USD10 trillion by 2020 as market participation spreads and deepens. The FX market is also a truly global market that operates 24 hours a day, each business day. It involves market participants from every time zone connected through electronic communications networks that link players as large as multibillion-dollar investment funds and as small as individuals trading for their own account—all brought together in real time. International trade would be impossible without the trade in currencies that facilitates it, and so too would cross-border capital flows that connect all financial markets globally through the FX market. These factors make foreign exchange a key market for investors and market participants to understand. The world economy is increasingly transnational in nature, with both production processes and trade flows often determined more by global factors than by domestic considerations. Likewise, investment portfolio performance increasingly reflects global determinants because pricing in financial markets responds to the array of investment opportunities available worldwide, not just locally. All of these factors funnel through, and are reflected in, the foreign exchange market. As investors shed their “home bias” and invest in foreign markets, the exchange rate—the price at which foreign-currency-denominated investments are valued in terms of the domestic currency—becomes an increasingly important determinant of portfolio performance. Even investors adhering to a purely “domestic” portfolio mandate are increasingly affected by what happens in the foreign exchange market. Given the globalization of the world economy, most large companies depend heavily on their foreign operations (for example, by some estimates about 40 percent of S&P 500 Index earnings are from outside the United States). Almost all companies are exposed to some degree of foreign competition, and the pricing for domestic assets—equities, bonds, real estate, and others—will also depend on demand from foreign investors. All of these various influences on investment performance reflect developments in the foreign exchange market. This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of ex





#globo-terraqueo-session #has-images #reading-fajo-de-pounds
Daily turnover if FX is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities.

Original toplevel document

Reading 20  Currency Exchange Rates Introduction
Measured by daily turnover, the foreign exchange (FX) market—the market in which currencies are traded against each other—is by far the world’s largest market. Current estimates put daily turnover at approximately USD4 trillion for 2010. This is about 10 to 15 times larger than daily turnover in global fixed-income markets and about 50 times larger than global turnover in equities. Moreover, volumes in FX turnover continue to grow: Some predict that daily FX turnover will reach USD10 trillion by 2020 as market participation spreads and deepens. The FX market is also a truly global market that operates 24 hours a day, each business day. It involves market participants from every time zone connected through electronic communications networks that link players as large as multibillion-dollar investment funds and as small as individuals trading for their own account—all brought together in real time. International trade would be impossible without the trade in currencies that facilitates it, and so too would cross-border capital flows that connect all financial markets globally through the FX market. These factors make foreign exchange a key market for investors and market participants to understand. The world economy is increasingly transnational in nature, with both production processes and trade flows often determined more by global factors than by domestic considerations. Likewise, investment portfolio performance increasingly reflects global determinants because pricing in financial markets responds to the array of investment opportunities available worldwide, not just locally. All of these factors funnel through, and are reflected in, the foreign exchange market. As investors shed their “home bias” and invest in foreign markets, the exchange rate—the price at which foreign-currency-denominated investments are valued in terms of the domestic currency—becomes an increasingly important determinant of portfolio performance. Even investors adhering to a purely “domestic” portfolio mandate are increasingly affected by what happens in the foreign exchange market. Given the globalization of the world economy, most large companies depend heavily on their foreign operations (for example, by some estimates about 40 percent of S&P 500 Index earnings are from outside the United States). Almost all companies are exposed to some degree of foreign competition, and the pricing for domestic assets—equities, bonds, real estate, and others—will also depend on demand from foreign investors. All of these various influences on investment performance reflect developments in the foreign exchange market. This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of ex





#has-images #puerquito-session #reading-garrafon-lleno-de-monedas-de-diez-pesos
The cost of capital is not observable but, rather, must be estimated.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Cost of capital estimation is a challenging task. The cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates.

Original toplevel document

Reading 36  Cost of Capital Introduction
A company grows by making investments that are expected to increase revenues and profits. The company acquires the capital or funds necessary to make such investments by borrowing or using funds from owners. By applying this capital to investments with long-term benefits, the company is producing value today. But, how much value? The answer depends not only on the investments’ expected future cash flows but also on the cost of the funds. Borrowing is not costless. Neither is using owners’ funds. The cost of this capital is an important ingredient in both investment decision making by the company’s management and the valuation of the company by investors. If a company invests in projects that produce a return in excess of the cost of capital, the company has created value; in contrast, if the company invests in projects whose returns are less than the cost of capital, the company has actually destroyed value. Therefore, the estimation of the cost of capital is a central issue in corporate financial management. For the analyst seeking to evaluate a company’s investment program and its competitive position, an accurate estimate of a company’s cost of capital is important as well. Cost of capital estimation is a challenging task. As we have already implied, the cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates. Another challenge is that the cost of capital that is appropriately applied to a specific investment depends on the characteristics of that investment: The riskier the investment’s cash flows, the greater its cost of capital. In reality, a company must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. This reading is organized as follows: In the next section, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimat





#has-images #puerquito-session #reading-garrafon-lleno-de-monedas-de-diez-pesos
Arriving at a cost of capital estimate requires a host of assumptions and estimates.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Cost of capital estimation is a challenging task. The cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates.

Original toplevel document

Reading 36  Cost of Capital Introduction
A company grows by making investments that are expected to increase revenues and profits. The company acquires the capital or funds necessary to make such investments by borrowing or using funds from owners. By applying this capital to investments with long-term benefits, the company is producing value today. But, how much value? The answer depends not only on the investments’ expected future cash flows but also on the cost of the funds. Borrowing is not costless. Neither is using owners’ funds. The cost of this capital is an important ingredient in both investment decision making by the company’s management and the valuation of the company by investors. If a company invests in projects that produce a return in excess of the cost of capital, the company has created value; in contrast, if the company invests in projects whose returns are less than the cost of capital, the company has actually destroyed value. Therefore, the estimation of the cost of capital is a central issue in corporate financial management. For the analyst seeking to evaluate a company’s investment program and its competitive position, an accurate estimate of a company’s cost of capital is important as well. Cost of capital estimation is a challenging task. As we have already implied, the cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates. Another challenge is that the cost of capital that is appropriately applied to a specific investment depends on the characteristics of that investment: The riskier the investment’s cash flows, the greater its cost of capital. In reality, a company must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. This reading is organized as follows: In the next section, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimat





#globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
A drawbacks to a barter economy is that the exchange of goods for other goods would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
There are many drawbacks to a barter economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that a

Original toplevel document

Money
To understand the nature, role, and development of money in modern economies, it is useful to think about a world without money—where to purchase any good or service, an individual would have to “pay” with another good or service. An economy where such economic agents as households, corporations, and even governments pay for goods and services in this way is known as a barter economy . There are many drawbacks to such an economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. 2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is an





#globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
A drawback to a barter economy is that it might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . <span>It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have

Original toplevel document

Money
To understand the nature, role, and development of money in modern economies, it is useful to think about a world without money—where to purchase any good or service, an individual would have to “pay” with another good or service. An economy where such economic agents as households, corporations, and even governments pay for goods and services in this way is known as a barter economy . There are many drawbacks to such an economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. 2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is an





#globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
A problem occurs in a Barter Economy if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
re the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. <span>Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in t

Original toplevel document

Money
To understand the nature, role, and development of money in modern economies, it is useful to think about a world without money—where to purchase any good or service, an individual would have to “pay” with another good or service. An economy where such economic agents as households, corporations, and even governments pay for goods and services in this way is known as a barter economy . There are many drawbacks to such an economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. 2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is an





#globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ces. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. <span>Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span><body><html>

Original toplevel document

Money
To understand the nature, role, and development of money in modern economies, it is useful to think about a world without money—where to purchase any good or service, an individual would have to “pay” with another good or service. An economy where such economic agents as households, corporations, and even governments pay for goods and services in this way is known as a barter economy . There are many drawbacks to such an economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. 2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is an





#globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
A barter economy has no common measure of value that would make multiple transactions simple.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. <span>A barter economy has no common measure of value that would make multiple transactions simple. <span><body><html>

Original toplevel document

Money
To understand the nature, role, and development of money in modern economies, it is useful to think about a world without money—where to purchase any good or service, an individual would have to “pay” with another good or service. An economy where such economic agents as households, corporations, and even governments pay for goods and services in this way is known as a barter economy . There are many drawbacks to such an economy. First, the exchange of goods for other goods (or services) would require both economic agents in the transaction to want what the other is selling. This means that there has to be a double coincidence of wants . It might also be impossible to undertake transactions where the goods are indivisible—that is, where one agent wishes to buy a certain amount of another’s goods, but that agent only has one indivisible unit of another good that is worth more than the good that the agent is trying to buy. Another problem occurs if economic agents do not wish to exchange all of their goods on other goods and services. This may not be a problem, however, when the goods they have to sell can be stored safely so that they retain their value for the future. But if these goods are perishable, they will not be able to store value for their owner. Finally, in a barter economy, there are many measures of value: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. 2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is an





#function-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth .

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value pre

Original toplevel document

Money
: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span>2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is any asset that can be used to purchase goods and services or to repay debts. Money can thus eliminate the debilitating double coincidence of the “wants” problem that exists in a barter economy. When this medium of exchange exists, a farmer wishing to sell wheat for wine does not need to identify a wine producer in search of wheat. Instead, he can sell wheat to those who want wheat in exchange for money. The farmer can then exchange this money for wine with a wine producer, who in turn can exchange that money for the goods or services that she wants. However, for money to act as this liberating medium of exchange, it must possess certain qualities. It must: be readily acceptable, have a known value, be easily divisible, have a high value relative to its weight, and be difficult to counterfeit. Qualities (i) and (ii) are closely related; the medium of exchange will only be acceptable if it has a known value. If the medium of exchange has quality (iii), then it can be used to purchase items of relatively little value and of relatively large value with equal ease. Having a high value relative to its weight is a practical convenience, meaning that people can carry around sufficient wealth for their transaction needs. Finally, if the medium of exchange can be counterfeited easily, then it would soon cease to have a value and would not be readily acceptable as a means of effecting transactions; in other words, it would not satisfy qualities (i) and (ii). Given the qualities that money needs to have, it is clear why precious metals (particularly gold and silver) often fulfilled the role of medium of exchange in early societies, and as recently as the early part of the twentieth century. Precious metals were acceptable as a medium of exchange because they had a known value, were easily divisible, had a high value relative to their weight, and could not be easily counterfeited. Thus, precious metals were capable of acting as a medium of exchange. But they also fulfilled two other useful functions that are essential for the characteristics of money. In a barter economy, it is difficult to store wealth from one year to the next when one’s produce is perishable, or indeed, if it requires large warehouses in which to store it. Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. Another important characteristic of money is that it can be used as a universal unit of account. As such, it can create a single unitary measure of value for all goods and services. In an economy where gold and silver are the accepted medium of exchange, all prices, debts, and wealth can be recorded in terms of their gold or silver coin exchange value. Money, in its role as a unit of account, drastically reduces the number of prices in an economy compared to barter, which requires that prices be established for a good in terms of all other goods for which it might be exchanged. In summary, money fulfills three important functions, it: acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. 2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money





#function-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
The ability of precious metals, like gold, to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store

Original toplevel document

Money
: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span>2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is any asset that can be used to purchase goods and services or to repay debts. Money can thus eliminate the debilitating double coincidence of the “wants” problem that exists in a barter economy. When this medium of exchange exists, a farmer wishing to sell wheat for wine does not need to identify a wine producer in search of wheat. Instead, he can sell wheat to those who want wheat in exchange for money. The farmer can then exchange this money for wine with a wine producer, who in turn can exchange that money for the goods or services that she wants. However, for money to act as this liberating medium of exchange, it must possess certain qualities. It must: be readily acceptable, have a known value, be easily divisible, have a high value relative to its weight, and be difficult to counterfeit. Qualities (i) and (ii) are closely related; the medium of exchange will only be acceptable if it has a known value. If the medium of exchange has quality (iii), then it can be used to purchase items of relatively little value and of relatively large value with equal ease. Having a high value relative to its weight is a practical convenience, meaning that people can carry around sufficient wealth for their transaction needs. Finally, if the medium of exchange can be counterfeited easily, then it would soon cease to have a value and would not be readily acceptable as a means of effecting transactions; in other words, it would not satisfy qualities (i) and (ii). Given the qualities that money needs to have, it is clear why precious metals (particularly gold and silver) often fulfilled the role of medium of exchange in early societies, and as recently as the early part of the twentieth century. Precious metals were acceptable as a medium of exchange because they had a known value, were easily divisible, had a high value relative to their weight, and could not be easily counterfeited. Thus, precious metals were capable of acting as a medium of exchange. But they also fulfilled two other useful functions that are essential for the characteristics of money. In a barter economy, it is difficult to store wealth from one year to the next when one’s produce is perishable, or indeed, if it requires large warehouses in which to store it. Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. Another important characteristic of money is that it can be used as a universal unit of account. As such, it can create a single unitary measure of value for all goods and services. In an economy where gold and silver are the accepted medium of exchange, all prices, debts, and wealth can be recorded in terms of their gold or silver coin exchange value. Money, in its role as a unit of account, drastically reduces the number of prices in an economy compared to barter, which requires that prices be established for a good in terms of all other goods for which it might be exchanged. In summary, money fulfills three important functions, it: acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. 2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money





#function-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
able, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. <span>The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to o

Original toplevel document

Money
: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span>2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is any asset that can be used to purchase goods and services or to repay debts. Money can thus eliminate the debilitating double coincidence of the “wants” problem that exists in a barter economy. When this medium of exchange exists, a farmer wishing to sell wheat for wine does not need to identify a wine producer in search of wheat. Instead, he can sell wheat to those who want wheat in exchange for money. The farmer can then exchange this money for wine with a wine producer, who in turn can exchange that money for the goods or services that she wants. However, for money to act as this liberating medium of exchange, it must possess certain qualities. It must: be readily acceptable, have a known value, be easily divisible, have a high value relative to its weight, and be difficult to counterfeit. Qualities (i) and (ii) are closely related; the medium of exchange will only be acceptable if it has a known value. If the medium of exchange has quality (iii), then it can be used to purchase items of relatively little value and of relatively large value with equal ease. Having a high value relative to its weight is a practical convenience, meaning that people can carry around sufficient wealth for their transaction needs. Finally, if the medium of exchange can be counterfeited easily, then it would soon cease to have a value and would not be readily acceptable as a means of effecting transactions; in other words, it would not satisfy qualities (i) and (ii). Given the qualities that money needs to have, it is clear why precious metals (particularly gold and silver) often fulfilled the role of medium of exchange in early societies, and as recently as the early part of the twentieth century. Precious metals were acceptable as a medium of exchange because they had a known value, were easily divisible, had a high value relative to their weight, and could not be easily counterfeited. Thus, precious metals were capable of acting as a medium of exchange. But they also fulfilled two other useful functions that are essential for the characteristics of money. In a barter economy, it is difficult to store wealth from one year to the next when one’s produce is perishable, or indeed, if it requires large warehouses in which to store it. Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. Another important characteristic of money is that it can be used as a universal unit of account. As such, it can create a single unitary measure of value for all goods and services. In an economy where gold and silver are the accepted medium of exchange, all prices, debts, and wealth can be recorded in terms of their gold or silver coin exchange value. Money, in its role as a unit of account, drastically reduces the number of prices in an economy compared to barter, which requires that prices be established for a good in terms of all other goods for which it might be exchanged. In summary, money fulfills three important functions, it: acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. 2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money





#function-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
People were willing to use gold as a store of wealth because they believed that it would remain highly valued.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, <span>people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might als

Original toplevel document

Money
: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span>2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is any asset that can be used to purchase goods and services or to repay debts. Money can thus eliminate the debilitating double coincidence of the “wants” problem that exists in a barter economy. When this medium of exchange exists, a farmer wishing to sell wheat for wine does not need to identify a wine producer in search of wheat. Instead, he can sell wheat to those who want wheat in exchange for money. The farmer can then exchange this money for wine with a wine producer, who in turn can exchange that money for the goods or services that she wants. However, for money to act as this liberating medium of exchange, it must possess certain qualities. It must: be readily acceptable, have a known value, be easily divisible, have a high value relative to its weight, and be difficult to counterfeit. Qualities (i) and (ii) are closely related; the medium of exchange will only be acceptable if it has a known value. If the medium of exchange has quality (iii), then it can be used to purchase items of relatively little value and of relatively large value with equal ease. Having a high value relative to its weight is a practical convenience, meaning that people can carry around sufficient wealth for their transaction needs. Finally, if the medium of exchange can be counterfeited easily, then it would soon cease to have a value and would not be readily acceptable as a means of effecting transactions; in other words, it would not satisfy qualities (i) and (ii). Given the qualities that money needs to have, it is clear why precious metals (particularly gold and silver) often fulfilled the role of medium of exchange in early societies, and as recently as the early part of the twentieth century. Precious metals were acceptable as a medium of exchange because they had a known value, were easily divisible, had a high value relative to their weight, and could not be easily counterfeited. Thus, precious metals were capable of acting as a medium of exchange. But they also fulfilled two other useful functions that are essential for the characteristics of money. In a barter economy, it is difficult to store wealth from one year to the next when one’s produce is perishable, or indeed, if it requires large warehouses in which to store it. Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. Another important characteristic of money is that it can be used as a universal unit of account. As such, it can create a single unitary measure of value for all goods and services. In an economy where gold and silver are the accepted medium of exchange, all prices, debts, and wealth can be recorded in terms of their gold or silver coin exchange value. Money, in its role as a unit of account, drastically reduces the number of prices in an economy compared to barter, which requires that prices be established for a good in terms of all other goods for which it might be exchanged. In summary, money fulfills three important functions, it: acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. 2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money





#function-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
<div style="font-size:1.4em"><span><span><span><span><span><span><span><span>if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a </span></span></span></span></span></span></span></span><a href="https://jigsaw.vitalsource.com/books/9781944250607/epub/OEBPS/glossary.xhtml#CFA0134-R-g078">store of value</a> , and as such might also lose its status as a medium of exchange.</div> <img src="/static1515851872/app/images/FFFFFF-0.png" />

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, <span>if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. <span><body><html>

Original toplevel document

Money
: the price of oranges in terms of pears; of pears in terms of bread; of bread in terms of milk; or of milk in terms of oranges. A barter economy has no common measure of value that would make multiple transactions simple. <span>2.1.1. The Functions of Money The most generic definition of money is that it is any generally accepted medium of exchange. A medium of exchange is any asset that can be used to purchase goods and services or to repay debts. Money can thus eliminate the debilitating double coincidence of the “wants” problem that exists in a barter economy. When this medium of exchange exists, a farmer wishing to sell wheat for wine does not need to identify a wine producer in search of wheat. Instead, he can sell wheat to those who want wheat in exchange for money. The farmer can then exchange this money for wine with a wine producer, who in turn can exchange that money for the goods or services that she wants. However, for money to act as this liberating medium of exchange, it must possess certain qualities. It must: be readily acceptable, have a known value, be easily divisible, have a high value relative to its weight, and be difficult to counterfeit. Qualities (i) and (ii) are closely related; the medium of exchange will only be acceptable if it has a known value. If the medium of exchange has quality (iii), then it can be used to purchase items of relatively little value and of relatively large value with equal ease. Having a high value relative to its weight is a practical convenience, meaning that people can carry around sufficient wealth for their transaction needs. Finally, if the medium of exchange can be counterfeited easily, then it would soon cease to have a value and would not be readily acceptable as a means of effecting transactions; in other words, it would not satisfy qualities (i) and (ii). Given the qualities that money needs to have, it is clear why precious metals (particularly gold and silver) often fulfilled the role of medium of exchange in early societies, and as recently as the early part of the twentieth century. Precious metals were acceptable as a medium of exchange because they had a known value, were easily divisible, had a high value relative to their weight, and could not be easily counterfeited. Thus, precious metals were capable of acting as a medium of exchange. But they also fulfilled two other useful functions that are essential for the characteristics of money. In a barter economy, it is difficult to store wealth from one year to the next when one’s produce is perishable, or indeed, if it requires large warehouses in which to store it. Because precious metals like gold had a high value relative to their bulk and were not perishable, they could act as a store of wealth . However, their ability to act as a store of wealth not only depended on the fact that they did not perish physically over time, but also on the belief that others would always value precious metals. The value from year to year of precious metals depended on people’s continued demand for them in ornaments, jewellery, and so on. For example, people were willing to use gold as a store of wealth because they believed that it would remain highly valued. However, if gold became less valuable to people relative to other goods and services year after year it would not be able to fulfill its role as a store of value , and as such might also lose its status as a medium of exchange. Another important characteristic of money is that it can be used as a universal unit of account. As such, it can create a single unitary measure of value for all goods and services. In an economy where gold and silver are the accepted medium of exchange, all prices, debts, and wealth can be recorded in terms of their gold or silver coin exchange value. Money, in its role as a unit of account, drastically reduces the number of prices in an economy compared to barter, which requires that prices be established for a good in terms of all other goods for which it might be exchanged. In summary, money fulfills three important functions, it: acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. 2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money




Flashcard 1748633783564



Tags
#globo-terraqueo-session #has-images #monetary-policy #paper-money-creation-process #reading-agustin-carsten
Question
A crucial development in the history of money was the [...]


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
A crucial development in the history of money was the promissory note . The process began when individuals began leaving their excess gold with goldsmiths, who would look after it for them. In turn the goldsmiths would give the depositors a receipt, stating

Original toplevel document

Money
3; acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. <span>2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money relatively well for many years, and although carrying gold coins around was easier than carrying around one’s physical produce, it was not necessarily a safe way to conduct business. A crucial development in the history of money was the promissory note . The process began when individuals began leaving their excess gold with goldsmiths, who would look after it for them. In turn the goldsmiths would give the depositors a receipt, stating how much gold they had deposited. Eventually these receipts were traded directly for goods and services, rather than there being a physical transfer of gold from the goods buyer to the goods seller. Of course, both the buyer and seller had to trust the goldsmith because the goldsmith had all the gold and the goldsmith’s customers had only pieces of paper. These depository receipts represented a promise to pay a certain amount of gold on demand. This paper money therefore became a proxy for the precious metals on which they were based, that is, they were directly related to a physical commodity. Many of these early goldsmiths evolved into banks, taking in excess wealth and in turn issuing promissory notes that could be used in commerce. In taking in other people’s gold and issuing depository receipts and later promissory notes, it became clear to the goldsmiths and early banks that not all the gold that they held in their vaults would be withdrawn at any one time. Individuals were willing to buy and sell goods and services with the promissory notes, but the majority of the gold that backed the notes just sat in the vaults—although its ownership would change with the flow of commerce over time. A certain proportion of the gold that was not being withdrawn and used directly for commerce could therefore be lent to others at a rate of interest. By doing this, the early banks created money. The process of money creation is a crucial concept for understanding the role that money plays in an economy. Its potency depends on the amount of money that banks keep in reserve to meet the withdrawals of its customers. This practice of lending customers’ money to others on the assumption that not all customers will want all of their money back at any one time is known as fractional reserve banking . We can illustrate how it works through a simple example. Suppose that the bankers in an economy come to the view that they need to retain only 10 percent of any money deposited with them. This is known as the reserve requirement .2 Now consider what happens when a customer deposits €100 in the First Bank of Nations. This deposit changes the balance sheet of First Bank of Nations, as shown in Exhibit 2, and it represents a liability to the bank because it is effectively loaned to the bank by the customer. By lending 90 percent of this deposit to another customer the bank has two types of assets: (1) the bank’s reserves of €10, and (2) the loan equivalent to €90. Notice that the balance sheet still balances; €100 worth of assets and €100 worth of liabilities are on the balance sheet. Now suppose that the recipient of the loan of €90 uses this money to purchase some goods of this value and the seller of the goods deposits this €90 in another bank, the Second Bank of Nations. The Second Bank of Nations goes through the same process; it retains €9 in reserve and loans 90 percent of the deposit (€81) to another customer. This customer in turn spends €81 on some goods or services. The recipient of this money deposits it at the Third Bank of Nations, and so on. This example shows how money is created when a bank makes a loan. Exhibit 2. Money Creation via Fractional Reserve Banking First Bank of Nations Assets Liabilities Reserves €10 Deposits €100 Loans €90 Second Bank of Nations Assets Liabilities Reserves €9 Deposits €90 Loans €81 Third Bank of Nations Assets Liabilities Reserves €8.1 Deposits €81 Loans €72.9 This process continues until there is no more money left to be deposited and loaned out. The total amount of money ‘created’ from this one deposit of €100 can be calculated as: Equation (1)  New deposit/Reserve requirement = €100/0.10 = €1,000 It is the sum of all the deposits now in the banking system. You should also note that the original deposit of €100, via the practice of reserve banking, was the catalyst for €1,000 worth of economic transactions. That is not to say that economic growth would be zero without this process, but instead that it can be an important component in economic activity. The amount of money that the banking system creates through the practice of fractional reserve banking is a function of 1 divided by the reserve requirement, a quantity known as the money multiplier .3 In the case just examined, the money multiplier is 1/0.10 = 10. Equation 1 implies that the smaller the reserve requirement, the greater the money multiplier effect. In our simplistic example, we assumed that the banks themselves set their own reserve requirements. However, in some economies, the central bank sets the reserve requirement, which is a potential means of affecting money growth. In any case, a prudent bank would be wise to have sufficient reserves such that the withdrawal demands of their depositors can be met in stressful economic and credit market conditions. Later, when we discuss central banks and central bank policy, we will see how central banks can use the mechanism just described to affect the money supply. Specifically, the central bank could, by purchasing €100 in government securities credited to the bank account of the seller, seek to initiate an increase in the money supply. The central bank may also lend reserves directly to banks, creating excess reserves (relative to any imposed or self-imposed reserve requirement) that can support new loans and money expansion. 2.1.3. Definitions of Money The process of money creation raises a fundamental issue: What is money? In an economy with money but without promisso








#globo-terraqueo-session #has-images #monetary-policy #paper-money-creation-process #reading-agustin-carsten
The process of the promissory note began whith individuals leaving their gold with goldsmiths, to take care of it. Goldsmiths would give the depositors a receipt, stating how much gold they had deposited. Eventually these receipts were traded directly for goods and services, rather than there being a physical transfer of gold from the goods buyer to the goods seller. These depository receipts represented a promise to pay a certain amount of gold on demand. This paper money therefore became a proxy for the precious metals on which they were based, that is, they were directly related to a physical commodity.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
A crucial development in the history of money was the promissory note . The process began when individuals began leaving their excess gold with goldsmiths, who would look after it for them. In turn the goldsmiths would give the depositors a receipt, stating how much gold they had deposited. Eventually these receipts were traded directly for goods and services, rather than there being a physical transfer of gold from the goods buyer to the goods seller. Of course, both the buyer and seller had to trust the goldsmith because the goldsmith had all the gold and the goldsmith’s customers had only pieces of paper. These depository receipts represented a promise to pay a certain amount of gold on demand. This paper money therefore became a proxy for the precious metals on which they were based, that is, they were directly related to a physical commodity. Many of these early goldsmiths evolved into banks, taking in excess wealth and in turn issuing promissory notes that could be used in commerce.

Original toplevel document

Money
3; acts as a medium of exchange; provides individuals with a way of storing wealth; and provides society with a convenient measure of value and unit of account. <span>2.1.2. Paper Money and the Money Creation Process Although precious metals like gold and silver fulfilled the required functions of money relatively well for many years, and although carrying gold coins around was easier than carrying around one’s physical produce, it was not necessarily a safe way to conduct business. A crucial development in the history of money was the promissory note . The process began when individuals began leaving their excess gold with goldsmiths, who would look after it for them. In turn the goldsmiths would give the depositors a receipt, stating how much gold they had deposited. Eventually these receipts were traded directly for goods and services, rather than there being a physical transfer of gold from the goods buyer to the goods seller. Of course, both the buyer and seller had to trust the goldsmith because the goldsmith had all the gold and the goldsmith’s customers had only pieces of paper. These depository receipts represented a promise to pay a certain amount of gold on demand. This paper money therefore became a proxy for the precious metals on which they were based, that is, they were directly related to a physical commodity. Many of these early goldsmiths evolved into banks, taking in excess wealth and in turn issuing promissory notes that could be used in commerce. In taking in other people’s gold and issuing depository receipts and later promissory notes, it became clear to the goldsmiths and early banks that not all the gold that they held in their vaults would be withdrawn at any one time. Individuals were willing to buy and sell goods and services with the promissory notes, but the majority of the gold that backed the notes just sat in the vaults—although its ownership would change with the flow of commerce over time. A certain proportion of the gold that was not being withdrawn and used directly for commerce could therefore be lent to others at a rate of interest. By doing this, the early banks created money. The process of money creation is a crucial concept for understanding the role that money plays in an economy. Its potency depends on the amount of money that banks keep in reserve to meet the withdrawals of its customers. This practice of lending customers’ money to others on the assumption that not all customers will want all of their money back at any one time is known as fractional reserve banking . We can illustrate how it works through a simple example. Suppose that the bankers in an economy come to the view that they need to retain only 10 percent of any money deposited with them. This is known as the reserve requirement .2 Now consider what happens when a customer deposits €100 in the First Bank of Nations. This deposit changes the balance sheet of First Bank of Nations, as shown in Exhibit 2, and it represents a liability to the bank because it is effectively loaned to the bank by the customer. By lending 90 percent of this deposit to another customer the bank has two types of assets: (1) the bank’s reserves of €10, and (2) the loan equivalent to €90. Notice that the balance sheet still balances; €100 worth of assets and €100 worth of liabilities are on the balance sheet. Now suppose that the recipient of the loan of €90 uses this money to purchase some goods of this value and the seller of the goods deposits this €90 in another bank, the Second Bank of Nations. The Second Bank of Nations goes through the same process; it retains €9 in reserve and loans 90 percent of the deposit (€81) to another customer. This customer in turn spends €81 on some goods or services. The recipient of this money deposits it at the Third Bank of Nations, and so on. This example shows how money is created when a bank makes a loan. Exhibit 2. Money Creation via Fractional Reserve Banking First Bank of Nations Assets Liabilities Reserves €10 Deposits €100 Loans €90 Second Bank of Nations Assets Liabilities Reserves €9 Deposits €90 Loans €81 Third Bank of Nations Assets Liabilities Reserves €8.1 Deposits €81 Loans €72.9 This process continues until there is no more money left to be deposited and loaned out. The total amount of money ‘created’ from this one deposit of €100 can be calculated as: Equation (1)  New deposit/Reserve requirement = €100/0.10 = €1,000 It is the sum of all the deposits now in the banking system. You should also note that the original deposit of €100, via the practice of reserve banking, was the catalyst for €1,000 worth of economic transactions. That is not to say that economic growth would be zero without this process, but instead that it can be an important component in economic activity. The amount of money that the banking system creates through the practice of fractional reserve banking is a function of 1 divided by the reserve requirement, a quantity known as the money multiplier .3 In the case just examined, the money multiplier is 1/0.10 = 10. Equation 1 implies that the smaller the reserve requirement, the greater the money multiplier effect. In our simplistic example, we assumed that the banks themselves set their own reserve requirements. However, in some economies, the central bank sets the reserve requirement, which is a potential means of affecting money growth. In any case, a prudent bank would be wise to have sufficient reserves such that the withdrawal demands of their depositors can be met in stressful economic and credit market conditions. Later, when we discuss central banks and central bank policy, we will see how central banks can use the mechanism just described to affect the money supply. Specifically, the central bank could, by purchasing €100 in government securities credited to the bank account of the seller, seek to initiate an increase in the money supply. The central bank may also lend reserves directly to banks, creating excess reserves (relative to any imposed or self-imposed reserve requirement) that can support new loans and money expansion. 2.1.3. Definitions of Money The process of money creation raises a fundamental issue: What is money? In an economy with money but without promisso





#definitions-of-money #globo-terraqueo-session #has-images #monetary-policy #money #reading-agustin-carsten
Most central banks produce both a narrow and broad measure of money, plus some intermediate ones too.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Because financial systems, practice, and institutions vary from economy to economy, so do definitions of money; thus, it is difficult to make international comparisons. Still, most central banks produce both a narrow and broad measure of money, plus some intermediate ones too.

Original toplevel document

Money
e in the money supply. The central bank may also lend reserves directly to banks, creating excess reserves (relative to any imposed or self-imposed reserve requirement) that can support new loans and money expansion. <span>2.1.3. Definitions of Money The process of money creation raises a fundamental issue: What is money? In an economy with money but without promissory notes and fractional reserve banking, money is relatively easy to define: Money is the total amount of gold and silver coins in circulation, or their equivalent. The money creation process above, however, indicates that a broader definition of money might encompass all the notes and coins in circulation plus all bank deposits. More generally, we might define money as any medium that can be used to purchase goods and services. Notes and coins can be used to fulfill this purpose, and yet such currency is not the only means of purchasing goods and services. Personal cheques can be written based on a bank chequing account, while debit cards can be used for the same purpose. But what about time deposits or savings accounts? Nowadays transfers can be made relatively easily from a savings account to a current account; therefore, these savings accounts might also be considered as part of the stock of money. Credit cards are also used to pay for goods and services; however, there is an important difference between credit card payments and those made by cheques and debit cards. Unlike a cheque or debit card payment, a credit card payment involves a deferred payment. Basically, the greater the complexity of any financial system, the harder it is to define money. The monetary authorities in most modern economies produce a range of measures of money (see Exhibit 3). But generally speaking, the money stock consists of notes and coins in circulation, plus the deposits in banks and other financial institutions that can be readily used to make purchases of goods and services in the economy. In this regard, economists often speak of the rate of growth of narrow money and/or broad money . By narrow money, they generally mean the notes and coins in circulation in an economy, plus other very highly liquid deposits. Broad money encompasses narrow money but also includes the entire range of liquid assets that can be used to make purchases. Because financial systems, practice, and institutions vary from economy to economy, so do definitions of money; thus, it is difficult to make international comparisons. Still, most central banks produce both a narrow and broad measure of money, plus some intermediate ones too. Exhibit 3 shows the money definitions in four economies. <span><body><html>




#measure-theory #probability-measure
Given a collection of possible events B, why do you need to state ⌦? For one, having a sample space makes it possible to define complements of sets

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
A probability measure P over discrete set of events is basically what you know as a probability mass function

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
The nice thing about sets of measure zero is they don’t count when you want to state things about the collection of sets B.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
The support of a measure is all the sets that do not have measure zero.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
You often see written “the measure has compact support” to note that the support of the measure forms a compact (=closed and bounded) set

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#borel-algebra #measure-theory
In mathematics, a Borel set is any set in a topological space that can be formed from open sets (or, equivalently, from closed sets) through the operations of countable union, countable intersection, and relative complement.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Borel set - Wikipedia
Borel set - Wikipedia Borel set From Wikipedia, the free encyclopedia Jump to: navigation, search In mathematics, a Borel set is any set in a topological space that can be formed from open sets (or, equivalently, from closed sets) through the operations of countable union, countable intersection, and relative complement. Borel sets are named after Émile Borel. For a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. The Borel al




#topology
a topological space may be defined as
  1. a set of points, along with
  2. a set of neighbourhoods for each point, satisfying
  3. a set of axioms relating points and neighbourhoods.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Topological space - Wikipedia
n>Topological space - Wikipedia Topological space From Wikipedia, the free encyclopedia Jump to: navigation, search In topology and related branches of mathematics, a topological space may be defined as a set of points, along with a set of neighbourhoods for each point, satisfying a set of axioms relating points and neighbourhoods. The definition of a topological space relies only upon set theory and is the most general notion of a mathematical space that allows for the definition of concepts such as continuity, c




#topology
The definition of a topological space relies only upon set theory and is the most general notion of a mathematical space that allows for the definition of concepts such as continuity, connectedness, and convergence.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Topological space - Wikipedia
, search In topology and related branches of mathematics, a topological space may be defined as a set of points, along with a set of neighbourhoods for each point, satisfying a set of axioms relating points and neighbourhoods. <span>The definition of a topological space relies only upon set theory and is the most general notion of a mathematical space that allows for the definition of concepts such as continuity, connectedness, and convergence. [1] Other spaces, such as manifolds and metric spaces, are specializations of topological spaces with extra structures or constraints. Being so general, topological spaces are a centra




Flashcard 1748733660428

Tags
#topology
Question
a [...] may be defined by a set of of points, neighbourhoods, and axioms.
Answer
topological space


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
a topological space may be defined as a set of points, along with a set of neighbourhoods for each point, satisfying a set of axioms relating points and neighbourhoods.

Original toplevel document

Topological space - Wikipedia
n>Topological space - Wikipedia Topological space From Wikipedia, the free encyclopedia Jump to: navigation, search In topology and related branches of mathematics, a topological space may be defined as a set of points, along with a set of neighbourhoods for each point, satisfying a set of axioms relating points and neighbourhoods. The definition of a topological space relies only upon set theory and is the most general notion of a mathematical space that allows for the definition of concepts such as continuity, c







#borel-algebra #measure-theory
The Borel algebra on X is the smallest σ-algebra containing all open sets

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Borel set - Wikipedia
of countable union, countable intersection, and relative complement. Borel sets are named after Émile Borel. For a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. <span>The Borel algebra on X is the smallest σ-algebra containing all open sets (or, equivalently, all closed sets). Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be




Flashcard 1748736806156

Tags
#borel-algebra #measure-theory
Question
[...] on X is the smallest σ-algebra containing all open sets
Answer
The Borel algebra


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The Borel algebra on X is the smallest σ-algebra containing all open sets

Original toplevel document

Borel set - Wikipedia
of countable union, countable intersection, and relative complement. Borel sets are named after Émile Borel. For a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. <span>The Borel algebra on X is the smallest σ-algebra containing all open sets (or, equivalently, all closed sets). Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be







Flashcard 1748738379020

Tags
#borel-algebra #measure-theory
Question
The Borel algebra on X is the [...] containing all open sets
Answer
smallest σ-algebra


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The Borel algebra on X is the smallest σ-algebra containing all open sets

Original toplevel document

Borel set - Wikipedia
of countable union, countable intersection, and relative complement. Borel sets are named after Émile Borel. For a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. <span>The Borel algebra on X is the smallest σ-algebra containing all open sets (or, equivalently, all closed sets). Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be







#measure-theory #probability-measure
It turns out that just about any set you can describe on the real line is a Borel set

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
One thing that makes the Borel sets so powerful is that if you know what a probability measure does on every interval, then you know what it does on all the Borel sets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#measure-theory #probability-measure
if two cdfs are equal for all choices of b, then the two probability measures must be equal

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




#borel-algebra #measure-theory
Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be defined on all Borel sets of that space.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Borel set - Wikipedia
or a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. The Borel algebra on X is the smallest σ-algebra containing all open sets (or, equivalently, all closed sets). <span>Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be defined on all Borel sets of that space. Any measure defined on the Borel sets is called a Borel measure. Borel sets and the associated Borel hierarchy also play a fundamental role in descriptive set theory. In some contexts




#probability-theory
A random variable is defined as a function that maps outcomes to numerical quantities (labels)

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Random variable - Wikipedia
In the case of the coin, there are only two possible outcomes, namely heads or tails. Since one of these outcomes must occur, either the event that the coin lands heads or the event that the coin lands tails must have non-zero probability. <span>A random variable is defined as a function that maps outcomes to numerical quantities (labels), typically real numbers. In this sense, it is a procedure for assigning a numerical quantity to each physical outcome, and, contrary to its name, this procedure itself is neither random




Flashcard 1748753059084

Tags
#probability-theory
Question
A [...] is defined as a function that maps outcomes to numerical quantities (labels)
Answer
random variable


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
A random variable is defined as a function that maps outcomes to numerical quantities (labels)

Original toplevel document

Random variable - Wikipedia
In the case of the coin, there are only two possible outcomes, namely heads or tails. Since one of these outcomes must occur, either the event that the coin lands heads or the event that the coin lands tails must have non-zero probability. <span>A random variable is defined as a function that maps outcomes to numerical quantities (labels), typically real numbers. In this sense, it is a procedure for assigning a numerical quantity to each physical outcome, and, contrary to its name, this procedure itself is neither random







Flashcard 1748754631948

Tags
#probability-theory
Question
A random variable is defined as a function that maps outcomes to [...]
Answer
numerical quantities (labels)


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
A random variable is defined as a function that maps outcomes to numerical quantities (labels)

Original toplevel document

Random variable - Wikipedia
In the case of the coin, there are only two possible outcomes, namely heads or tails. Since one of these outcomes must occur, either the event that the coin lands heads or the event that the coin lands tails must have non-zero probability. <span>A random variable is defined as a function that maps outcomes to numerical quantities (labels), typically real numbers. In this sense, it is a procedure for assigning a numerical quantity to each physical outcome, and, contrary to its name, this procedure itself is neither random







Flashcard 1748756204812

Tags
#borel-algebra #measure-theory
Question
any measure defined on the open sets of a space, or on the closed sets of a space, must also be defined on [...].
Answer
all Borel sets of that space


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be defined on all Borel sets of that space.

Original toplevel document

Borel set - Wikipedia
or a topological space X, the collection of all Borel sets on X forms a σ-algebra, known as the Borel algebra or Borel σ-algebra. The Borel algebra on X is the smallest σ-algebra containing all open sets (or, equivalently, all closed sets). <span>Borel sets are important in measure theory, since any measure defined on the open sets of a space, or on the closed sets of a space, must also be defined on all Borel sets of that space. Any measure defined on the Borel sets is called a Borel measure. Borel sets and the associated Borel hierarchy also play a fundamental role in descriptive set theory. In some contexts







Flashcard 1748765379852

Tags
#measure-theory #probability-measure
Question
It turns out that just about any set you can describe on the real line is [...]
Answer
a Borel set


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
It turns out that just about any set you can describe on the real line is a Borel set

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1748768525580

Tags
#measure-theory #probability-measure
Question
if you know what a probability measure does on [...], then you know what it does on all the Borel sets.
Answer
every interval


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
One thing that makes the Borel sets so powerful is that if you know what a probability measure does on every interval, then you know what it does on all the Borel sets.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1748770622732

Tags
#measure-theory #probability-measure
Question
if you know what a probability measure does on every interval, then you know what it does on [...].
Answer
all the Borel sets


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
One thing that makes the Borel sets so powerful is that if you know what a probability measure does on every interval, then you know what it does on all the Borel sets.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1748772457740

Tags
#measure-theory #probability-measure
Question
The nice thing about [...] is they don’t count when you want to state things about the collection of sets B.
Answer
sets of measure zero


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The nice thing about sets of measure zero is they don’t count when you want to state things about the collection of sets B.

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1748776389900

Tags
#measure-theory
Question
[...] means that the support of the measure forms a compact set
Answer
the measure has compact support


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
You often see written “the measure has compact support” to note that the support of the measure forms a compact (=closed and bounded) set

Original toplevel document (pdf)

cannot see any pdfs







Flashcard 1748777962764

Tags
#measure-theory #probability-measure
Question
The support of a measure is [...].
Answer
all the sets that do not have measure zero


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The support of a measure is all the sets that do not have measure zero.

Original toplevel document (pdf)

cannot see any pdfs








#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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

Original toplevel document

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 #has-images #reading-rene-toussaint
Violations of moral principles can harm the community in a variety of ways.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

Original toplevel document

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's code of ethics:

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

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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).

Original toplevel document

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's code of ethics:

  • generates confidence not only among members of the organization but also among non-members (clients, prospective clients, and/or the general public).

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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).

Original toplevel document

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's code of ethics:

  • generates confidence not only among members of the organization but also among non-members (clients, prospective clients, and/or the general public).

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
A profession's code of ethics: generates confidence not only among members of the organization but also among non-members (clients, prospective clients, and/or the general public).

Original toplevel document

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 #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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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

Original toplevel document

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

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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

Original toplevel document

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




Flashcard 1748800769292



Tags
#has-images #pie-de-cabra-session #reading-molo
Question
Both [...] and [...] factors influence working capital needs
Answer
internal

external


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Both internal and external factors influence working capital needs

Original toplevel document

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>








#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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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 th

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





#has-images #manzana-session #reading-dedo-indice
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

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





#has-images #manzana-session #reading-dedo-indice
Security market indexes form the basis for new investment products.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
k 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 <span>form the basis for new investment products. <span><body><html>

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





#has-images #prerequisite-session #reading-dildo
economics is the study of production, distribution, and consumption

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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

Original toplevel document

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





#has-images #prerequisite-session #reading-dildo
Macroeconomics deals with aggregate economic quantities, such as national output and national income.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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 logic

Original toplevel document

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





#has-images #prerequisite-session #reading-dildo
microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
bution, 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 <span>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><body><html>

Original toplevel document

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





#has-images #prerequisite-session #reading-dildo
Demand and supply analysis is the study of how buyers and sellers interact to determine transaction prices and quantities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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,

Original toplevel document

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
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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. <span>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><body><html>

Original toplevel document

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 #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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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. 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

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
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s several aspects of short-term finance: Maintaining adequate levels of cash. Converting short-term assets (i.e., accounts receivable and inventory) into cash. Controlling outgoing payments to vendors, employees, and others. <span>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. <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





#has-images #reading-puerquito-verde
Corporate governance provides a framework that defines the rights, roles and responsibilities of various groups within an organization.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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 e

Original toplevel document

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.”





#has-images #reading-puerquito-verde
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

Original toplevel document

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.”




Flashcard 1748825410828



Tags
#has-images #puerquito-session #reading-puerquito-verde
Question
Creditors are most commonly [...] and [...]
Answer
bondholders

banks


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
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 compa

Original toplevel document

Open it
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








#has-images #puerquito-session #reading-puerquito-verde
Creditors do not hold voting power (unlike common
shareholders) and typically have limited influence over a company’s operations.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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.

Original toplevel document

Open it
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





#bascula-session #has-images #reading-embudo
The income statement presents information on the financial results of a company’s business activities over a period of time.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underl

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo
The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “st

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo
The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. <span>The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under IFRS , the inco

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo
The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.”

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
h revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. <span>The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under IFRS , the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the incom

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo
Under IFRS, the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income. US GAAP permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income).

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
tement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” <span>Under IFRS , the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income. US GAAP permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-e

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo

Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ncome. US GAAP permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). <span>Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. <span><body><html>

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-embudo
Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements.

Original toplevel document

Reading 24  Understanding Income Statements Intro
The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. The income statement is also sometimes referred to as the “statement of operations,” “statement of earnings,” or “profit and loss (P&L) statement.” Under International Financial Reporting Standards (IFRS), the income statement may be presented as a separate statement followed by a statement of comprehensive income that begins with the profit or loss from the income statement or as a section of a single statement of comprehensive income.1 US generally accepted accounting principles (US GAAP) permit the same alternative presentation formats.2 This reading focuses on the income statement, but also discusses comprehensive income (profit or loss from the income statement plus other comprehensive income). Investment analysts intensely scrutinize companies’ income statements.3 Equity analysts are interested in them because equity markets often reward relatively high- or low-earnings growth companies with above-average or below-average valuations, respectively, and because inputs into valuation models often include estimates of earnings. Fixed-income analysts examine the components of income statements, past and projected, for information on companies’ abilities to make promised payments on their debt over the course of the business cycle. Corporate financial announcements frequently emphasize information reported in income statements, particularly earnings, more than information reported in the other financial statements. This reading is organized as follows: Section 2 describes the components of the income statement and its format. Section 3 describes basic principles and selected applicati





#bascula-session #has-images #reading-magnifying-glass
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is

Original toplevel document

Reading 27  Financial Analysis Techniques Introduction
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1 The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the frame





#bascula-session #has-images #reading-magnifying-glass
Analysts seek to answer such questions as:

How successfully has the company performed, relative to its own past performance and relative to its competitors?

How is the company likely to perform in the future?

Based on expectations about future performance, what is the value of this company or the securities it issues?

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ead> Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management

Original toplevel document

Reading 27  Financial Analysis Techniques Introduction
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1 The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the frame





#bascula-session #has-images #reading-magnifying-glass
A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under IFRS and US GAAP. However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? <span>A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under IFRS and US GAAP . However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such

Original toplevel document

Reading 27  Financial Analysis Techniques Introduction
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1 The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the frame





#bascula-session #has-images #reading-magnifying-glass
This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. <span>This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondhold

Original toplevel document

Reading 27  Financial Analysis Techniques Introduction
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1 The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the frame





#bascula-session #has-images #reading-magnifying-glass
Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
tion, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. <span>Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit. <span><body><html>

Original toplevel document

Reading 27  Financial Analysis Techniques Introduction
Financial analysis tools can be useful in assessing a company’s performance and trends in that performance. In essence, an analyst converts data into financial metrics that assist in decision making. Analysts seek to answer such questions as: How successfully has the company performed, relative to its own past performance and relative to its competitors? How is the company likely to perform in the future? Based on expectations about future performance, what is the value of this company or the securities it issues? A primary source of data is a company’s annual report, including the financial statements and notes, and management commentary (operating and financial review or management’s discussion and analysis). This reading focuses on data presented in financial reports prepared under International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles (US GAAP). However, financial reports do not contain all the information needed to perform effective financial analysis. Although financial statements do contain data about the past performance of a company (its income and cash flows) as well as its current financial condition (assets, liabilities, and owners’ equity), such statements do not necessarily provide all the information useful for analysis nor do they forecast future results. The financial analyst must be capable of using financial statements in conjunction with other information to make projections and reach valid conclusions. Accordingly, an analyst typically needs to supplement the information found in a company’s financial reports with other information, including information on the economy, industry, comparable companies, and the company itself. This reading describes various techniques used to analyze a company’s financial statements. Financial analysis of a company may be performed for a variety of reasons, such as valuing equity securities, assessing credit risk, conducting due diligence related to an acquisition, or assessing a subsidiary’s performance. This reading will describe techniques common to any financial analysis and then discuss more specific aspects for the two most common categories: equity analysis and credit analysis. Equity analysis incorporates an owner’s perspective, either for valuation or performance evaluation. Credit analysis incorporates a creditor’s (such as a banker or bondholder) perspective. In either case, there is a need to gather and analyze information to make a decision (ownership or credit); the focus of analysis varies because of the differing interest of owners and creditors. Both equity and credit analyses assess the entity’s ability to generate and grow earnings, and cash flow, as well as any associated risks. Equity analysis usually places a greater emphasis on growth, whereas credit analysis usually places a greater emphasis on risks. The difference in emphasis reflects the different fundamentals of these types of investments: The value of a company’s equity generally increases as the company’s earnings and cash flow increase, whereas the value of a company’s debt has an upper limit.1 The balance of this reading is organized as follows: Section 2 recaps the framework for financial statements and the place of financial analysis techniques within the frame





#globo-terraqueo-session #has-images #reading-fajo-de-pounds
This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of exchange rate economics.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of exchange rate economics. The reading is divided up as follows. Section 2 describes the organization of the foreign exchange market and discusses the major players—who they are, how they

Original toplevel document

Reading 20  Currency Exchange Rates Introduction
ricing for domestic assets—equities, bonds, real estate, and others—will also depend on demand from foreign investors. All of these various influences on investment performance reflect developments in the foreign exchange market. <span>This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of exchange rate economics. The reading is divided up as follows. Section 2 describes the organization of the foreign exchange market and discusses the major players—who they are, how they conduct their business, and how they respond to exchange rate changes. Section 3 takes up the mechanics of exchange rates: definitions, quotes, and calculations. This section shows that the reader has to pay close attention to conventions used in various foreign exchange markets around the world because they can vary widely. Sometimes exchange rates are quoted in the number of domestic currency units per unit of foreign currency, and sometimes they are quoted in the opposite way. The exact notation used to represent exchange rates can vary widely as well, and occasionally the same exchange rate notation will be used by different sources to mean completely different things. The notation used here may not be the same as that encountered elsewhere. Therefore, the focus should be on understanding the underlying concepts rather than relying on rote memorization of formulas. We also show how to calculate cross-exchange rates and how to compute the forward exchange rate given either the forward points or the percentage forward premium or discount. In Section 4, we discuss alternative exchange rate regimes operating throughout the world. Finally, in Section 5, we discuss how exchange rates affect a country’s international trade (exports and imports) and capital flows. A summary and practice problems conclude the reading. <span><body><html>





#globo-terraqueo-session #has-images #reading-fajo-de-pounds
The reading is divided up as follows.

Section 2 describes the organization of the foreign exchange market and discusses the major players—who they are, how they conduct their business, and how they respond to exchange rate changes.

Section 3 takes up the mechanics of exchange rates: definitions, quotes, and calculations. This section shows that the reader has to pay close attention to conventions used in various foreign exchange markets around the world because they can vary widely. Sometimes exchange rates are quoted in the number of domestic currency units per unit of foreign currency, and sometimes they are quoted in the opposite way. The exact notation used to represent exchange rates can vary widely as well, and occasionally the same exchange rate notation will be used by different sources to mean completely different things. The notation used here may not be the same as that encountered elsewhere. Therefore, the focus should be on understanding the underlying concepts rather than relying on rote memorization of formulas. We also show how to calculate cross-exchange rates and how to compute the forward exchange rate given either the forward points or the percentage forward premium or discount.

Section 4, we discuss alternative exchange rate regimes operating throughout the world.

Section 5, we discuss how exchange rates affect a country’s international trade (exports and imports) and capital flows.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
y> This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of exchange rate economics. The reading is divided up as follows. Section 2 describes the organization of the foreign exchange market and discusses the major players—who they are, how they conduct their business, and how they respond to exchange rate changes. Section 3 takes up the mechanics of exchange rates: definitions, quotes, and calculations. This section shows that the reader has to pay close attention to conventions used in various foreign exchange markets around the world because they can vary widely. Sometimes exchange rates are quoted in the number of domestic currency units per unit of foreign currency, and sometimes they are quoted in the opposite way. The exact notation used to represent exchange rates can vary widely as well, and occasionally the same exchange rate notation will be used by different sources to mean completely different things. The notation used here may not be the same as that encountered elsewhere. Therefore, the focus should be on understanding the underlying concepts rather than relying on rote memorization of formulas. We also show how to calculate cross-exchange rates and how to compute the forward exchange rate given either the forward points or the percentage forward premium or discount. Section 4, we discuss alternative exchange rate regimes operating throughout the world. Section 5, we discuss how exchange rates affect a country’s international trade (exports and imports) and capital flows. <body><html>

Original toplevel document

Reading 20  Currency Exchange Rates Introduction
ricing for domestic assets—equities, bonds, real estate, and others—will also depend on demand from foreign investors. All of these various influences on investment performance reflect developments in the foreign exchange market. <span>This reading introduces the foreign exchange market, providing the basic concepts and terminology necessary to understand exchange rates as well as some of the basics of exchange rate economics. The reading is divided up as follows. Section 2 describes the organization of the foreign exchange market and discusses the major players—who they are, how they conduct their business, and how they respond to exchange rate changes. Section 3 takes up the mechanics of exchange rates: definitions, quotes, and calculations. This section shows that the reader has to pay close attention to conventions used in various foreign exchange markets around the world because they can vary widely. Sometimes exchange rates are quoted in the number of domestic currency units per unit of foreign currency, and sometimes they are quoted in the opposite way. The exact notation used to represent exchange rates can vary widely as well, and occasionally the same exchange rate notation will be used by different sources to mean completely different things. The notation used here may not be the same as that encountered elsewhere. Therefore, the focus should be on understanding the underlying concepts rather than relying on rote memorization of formulas. We also show how to calculate cross-exchange rates and how to compute the forward exchange rate given either the forward points or the percentage forward premium or discount. In Section 4, we discuss alternative exchange rate regimes operating throughout the world. Finally, in Section 5, we discuss how exchange rates affect a country’s international trade (exports and imports) and capital flows. A summary and practice problems conclude the reading. <span><body><html>





#board-of-directors-and-committees #has-images #puerquito-session #reading-puerquito-verde

Board of Directors Committees

A company's board of directors typically has several committees that are responsible for specific functions and report to the board.

  • The audit committee 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.

  • The governance committee tries to ensure that the company adopts good corporate governance practices.

  • The remuneration (compensation) committee develops and implements executive compensation policies. Incentives should be provided for actions that boost long-term share profitability and value.

  • The nomination committee searches for and nominates board director candidates, and establishes the nomination policies and procedures.

  • Other common committees include those responsible for overseeing management's activities in certain areas, such as mergers and acquisitions, legal matters, and risk management.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to the board. The audit committee 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. The governance committee tries to ensure that the company adopts good corporate governance practices. The remuneration (compensation) committee develops and implements executive compensation policies. Incentives should be provided for actions that boost long-term share profitability and value. The nomination committee searches for and nominates board director candidates, and establishes the nomination policies and procedures. Other common committees include those responsible for overseeing management's activities in certain areas, such as mergers and acquisitions, legal matters, and risk management.

Original toplevel document

Subject 5. Board of Directors and Committees
ment 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>Board of Directors Committees A company's board of directors typically has several committees that are responsible for specific functions and report to the board. The audit committee 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. The governance committee tries to ensure that the company adopts good corporate governance practices. The remuneration (compensation) committee develops and implements executive compensation policies. Incentives should be provided for actions that boost long-term share profitability and value. The nomination committee searches for and nominates board director candidates, and establishes the nomination policies and procedures. Other common committees include those responsible for overseeing management's activities in certain areas, such as mergers and acquisitions, legal matters, and risk management. <span><body><html>




Flashcard 1748855295244



Tags
#has-images #introduction #reading-globo-terraqueo
Question
Global investors must address two fundamentally interrelated questions: [...] and [...]
Answer
where to invest and in what asset classes?


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries m

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.








#globo-terraqueo-session #has-images #reading-globo-terraqueo
Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attrac

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
Some countries may be attractive from a fixed income perspective because of their interest rate environment and price stability.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
entally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. <span>Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, mone

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
tive because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. <span>To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage. <span><body><html>

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating speciali

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, an

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
omic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. <span>The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly e

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#globo-terraqueo-session #has-images #reading-globo-terraqueo
From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ed on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. <span>From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. <span><body><html>

Original toplevel document

Reading 19  International Trade and Capital Flows Introduction
Global investors must address two fundamentally interrelated questions: where to invest and in what asset classes? Some countries may be attractive from an equity perspective because of their strong economic growth and the profitability of particular domestic sectors or industries. Other countries may be attractive from a fixed income perspective because of their interest rate environment and price stability. To identify markets that are expected to provide attractive investment opportunities, investors must analyze cross-country differences in such factors as expected GDP growth rates, monetary and fiscal policies, trade policies, and competitiveness. From a longer term perspective investors also need to consider such factors as a country’s stage of economic and financial market development, demographics, quality and quantity of physical and human capital (accumulated education and training of workers), and its area(s) of comparative advantage.1 This reading provides a framework for analyzing a country’s trade and capital flows and their economic implications. International trade can facilitate economic growth by increasing the efficiency of resource allocation, providing access to larger capital and product markets, and facilitating specialization based on comparative advantage. The flow of financial capital (funds available for investment) between countries with excess savings and those where financial capital is scarce can increase liquidity, raise output, and lower the cost of capital. From an investment perspective, it is important to understand the complex and dynamic nature of international trade and capital flows because investment opportunities are increasingly exposed to the forces of global competition for markets, capital, and ideas. This reading is organized as follows. Section 2 defines basic terminology used in the reading and describes patterns and trends in international trade and capital flows. It also discusses the benefits of international trade, distinguishes between absolute and comparative advantage, and explains two traditional models of comparative advantage. Section 3 describes trade restrictions and their implications and discusses the motivation for, and advantages of, trade agreements. Section 4 describes the balance of payments and Section 5 discusses the function and objectives of international organizations that facilitate trade. A summary of key points and practice problems conclude the reading.





#essay-tubes-session #has-images #reading-tubos-de-ensayo
Inventory may represent a significant asset on Merchandising and manufacturing companies’ balance sheets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers,

Original toplevel document

Reading 28  Inventories Introduction
Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements. Inventories and cost of sales (cost of goods sold)3 are significant items in the financial statements of many companies. Comparing the performance of these companies is challenging because of the allowable choices for valuing inventories: Differences in the choice of inventory valuation method can result in significantly different amounts being assigned to inventory and cost of sales. Financial statement analysis would be much easier if all companies used the same inventory valuation method or if inventory price levels remained constant over time. If there was no inflation or deflation with respect to inventory costs and thus unit costs were unchanged, the choice of inventory valuation method would be irrelevant. However, inventory price levels typically do change over time. International Financial Reporting Standards (IFRS) permit the assignment of inventory costs (costs of goods available for sale) to inventories and cost of sales by three cost formulas: specific identification, first-in, first-out (FIFO), and weighted average cost.4 US generally accepted accounting principles (US GAAP) allow the same three inventory valuation methods, referred to as cost flow assumptions in US GAAP, but also include a fourth method called last-in, first-out (LIFO).5 The choice of inventory valuation method affects the allocation of the cost of goods available for sale to ending inventory and cost of sales. Analysts must understand the various inventory valuation methods and the related impact on financial statements and financial ratios in order to evaluate a company’s performance over time and relative to industry peers. The company’s financial statements and related notes provide important information that the analyst can use in assessing the impact of the choice of inventory valuation method on financial statements and financial ratios. This reading is organized as follows: Section 2 discusses the costs that are included in inventory and the costs that are recognised as expenses in the period in which they





#essay-tubes-session #has-images #reading-tubos-de-ensayo
Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
head><head> Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three diff

Original toplevel document

Reading 28  Inventories Introduction
Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements. Inventories and cost of sales (cost of goods sold)3 are significant items in the financial statements of many companies. Comparing the performance of these companies is challenging because of the allowable choices for valuing inventories: Differences in the choice of inventory valuation method can result in significantly different amounts being assigned to inventory and cost of sales. Financial statement analysis would be much easier if all companies used the same inventory valuation method or if inventory price levels remained constant over time. If there was no inflation or deflation with respect to inventory costs and thus unit costs were unchanged, the choice of inventory valuation method would be irrelevant. However, inventory price levels typically do change over time. International Financial Reporting Standards (IFRS) permit the assignment of inventory costs (costs of goods available for sale) to inventories and cost of sales by three cost formulas: specific identification, first-in, first-out (FIFO), and weighted average cost.4 US generally accepted accounting principles (US GAAP) allow the same three inventory valuation methods, referred to as cost flow assumptions in US GAAP, but also include a fourth method called last-in, first-out (LIFO).5 The choice of inventory valuation method affects the allocation of the cost of goods available for sale to ending inventory and cost of sales. Analysts must understand the various inventory valuation methods and the related impact on financial statements and financial ratios in order to evaluate a company’s performance over time and relative to industry peers. The company’s financial statements and related notes provide important information that the analyst can use in assessing the impact of the choice of inventory valuation method on financial statements and financial ratios. This reading is organized as follows: Section 2 discusses the costs that are included in inventory and the costs that are recognised as expenses in the period in which they





#essay-tubes-session #has-images #reading-tubos-de-ensayo
Manufacturers purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
y may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. <span>Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements. <span><body><html>

Original toplevel document

Reading 28  Inventories Introduction
Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements. Inventories and cost of sales (cost of goods sold)3 are significant items in the financial statements of many companies. Comparing the performance of these companies is challenging because of the allowable choices for valuing inventories: Differences in the choice of inventory valuation method can result in significantly different amounts being assigned to inventory and cost of sales. Financial statement analysis would be much easier if all companies used the same inventory valuation method or if inventory price levels remained constant over time. If there was no inflation or deflation with respect to inventory costs and thus unit costs were unchanged, the choice of inventory valuation method would be irrelevant. However, inventory price levels typically do change over time. International Financial Reporting Standards (IFRS) permit the assignment of inventory costs (costs of goods available for sale) to inventories and cost of sales by three cost formulas: specific identification, first-in, first-out (FIFO), and weighted average cost.4 US generally accepted accounting principles (US GAAP) allow the same three inventory valuation methods, referred to as cost flow assumptions in US GAAP, but also include a fourth method called last-in, first-out (LIFO).5 The choice of inventory valuation method affects the allocation of the cost of goods available for sale to ending inventory and cost of sales. Analysts must understand the various inventory valuation methods and the related impact on financial statements and financial ratios in order to evaluate a company’s performance over time and relative to industry peers. The company’s financial statements and related notes provide important information that the analyst can use in assessing the impact of the choice of inventory valuation method on financial statements and financial ratios. This reading is organized as follows: Section 2 discusses the costs that are included in inventory and the costs that are recognised as expenses in the period in which they




Flashcard 1748882558220



Tags
#essay-tubes-session #has-images #reading-tubos-de-ensayo
Question
Manufacturers typically classify inventory into three different categories: [...], [...] , and [...]
Answer
raw materials

work in progress

finished goods.


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
ady for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. <span>They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying

Original toplevel document

Reading 28  Inventories Introduction
Merchandising and manufacturing companies generate revenues and profits through the sale of inventory. Further, inventory may represent a significant asset on these companies’ balance sheets. Merchandisers (wholesalers and retailers) purchase inventory, ready for sale, from manufacturers and thus account for only one type of inventory—finished goods inventory. Manufacturers, however, purchase raw materials from suppliers and then add value by transforming the raw materials into finished goods. They typically classify inventory into three different categories: raw materials, work in progress, and finished goods. Work-in-progress inventories have started the conversion process from raw materials but are not yet finished goods ready for sale. Manufacturers may report either the separate carrying amounts of their raw materials, work-in-progress, and finished goods inventories on the balance sheet or simply the total inventory amount. If the latter approach is used, the company must then disclose the carrying amounts of its raw materials, work-in-progress, and finished goods inventories in a footnote to the financial statements. Inventories and cost of sales (cost of goods sold)3 are significant items in the financial statements of many companies. Comparing the performance of these companies is challenging because of the allowable choices for valuing inventories: Differences in the choice of inventory valuation method can result in significantly different amounts being assigned to inventory and cost of sales. Financial statement analysis would be much easier if all companies used the same inventory valuation method or if inventory price levels remained constant over time. If there was no inflation or deflation with respect to inventory costs and thus unit costs were unchanged, the choice of inventory valuation method would be irrelevant. However, inventory price levels typically do change over time. International Financial Reporting Standards (IFRS) permit the assignment of inventory costs (costs of goods available for sale) to inventories and cost of sales by three cost formulas: specific identification, first-in, first-out (FIFO), and weighted average cost.4 US generally accepted accounting principles (US GAAP) allow the same three inventory valuation methods, referred to as cost flow assumptions in US GAAP, but also include a fourth method called last-in, first-out (LIFO).5 The choice of inventory valuation method affects the allocation of the cost of goods available for sale to ending inventory and cost of sales. Analysts must understand the various inventory valuation methods and the related impact on financial statements and financial ratios in order to evaluate a company’s performance over time and relative to industry peers. The company’s financial statements and related notes provide important information that the analyst can use in assessing the impact of the choice of inventory valuation method on financial statements and financial ratios. This reading is organized as follows: Section 2 discusses the costs that are included in inventory and the costs that are recognised as expenses in the period in which they








#has-images #portfolio-session #reading-portafolios
By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
n. They ultimately center on formulating basic principles that determine how to think about investing. One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? <span>By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, we illustrate a number of reasons why a diversified portfolio perspective is important. <span><body><html>

Original toplevel document

Reading 39  Portfolio Management: An Overview Intro
titutional investors. After we outline the steps in the portfolio management process, we compare and contrast the types of investment management products that are available to investors and how they apply to the portfolio approach. <span>One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic principles that determine how to think about investing. One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, we illustrate a number of reasons why a diversified portfolio perspective is important. <span><body><html>





#has-images #portfolio-session #reading-portafolios
One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, wherea

Original toplevel document

Reading 39  Portfolio Management: An Overview Intro
titutional investors. After we outline the steps in the portfolio management process, we compare and contrast the types of investment management products that are available to investors and how they apply to the portfolio approach. <span>One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic principles that determine how to think about investing. One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, we illustrate a number of reasons why a diversified portfolio perspective is important. <span><body><html>





#has-images #portfolio-session #reading-portafolios
For individuals, the goal of investing might be to fund retirement needs. For such institutions as insurance companies, the goal of investing is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic p

Original toplevel document

Reading 39  Portfolio Management: An Overview Intro
titutional investors. After we outline the steps in the portfolio management process, we compare and contrast the types of investment management products that are available to investors and how they apply to the portfolio approach. <span>One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic principles that determine how to think about investing. One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, we illustrate a number of reasons why a diversified portfolio perspective is important. <span><body><html>





#has-images #portfolio-session #reading-portafolios
One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach?

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic principles that determine how to think about investing. <span>One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, w

Original toplevel document

Reading 39  Portfolio Management: An Overview Intro
titutional investors. After we outline the steps in the portfolio management process, we compare and contrast the types of investment management products that are available to investors and how they apply to the portfolio approach. <span>One of the biggest challenges faced by individuals and institutions is to decide how to invest for future needs. For individuals, the goal might be to fund retirement needs. For such institutions as insurance companies, the goal is to fund future liabilities in the form of insurance claims, whereas endowments seek to provide income to meet the ongoing needs of such institutions as universities. Regardless of the ultimate goal, all face the same set of challenges that extend beyond just the choice of what asset classes to invest in. They ultimately center on formulating basic principles that determine how to think about investing. One important question is: Should we invest in individual securities, evaluating each in isolation, or should we take a portfolio approach? By “portfolio approach,” we mean evaluating individual securities in relation to their contribution to the investment characteristics of the whole portfolio. In the following section, we illustrate a number of reasons why a diversified portfolio perspective is important. <span><body><html>





#has-images #microscopio-session #reading-wheat
Modern diversified economies are less influenced by weather and diseases but, as with crops, there are fluctuations in economic output, with good times and bad times.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
dy> Agricultural societies experience good harvest times and bad ones. Weather is a main factor that influences crop production, but other factors, such as plant and animal diseases, also influence the harvest. Modern diversified economies are less influenced by weather and diseases but, as with crops, there are fluctuations in economic output, with good times and bad times. <body><html>

Original toplevel document

Reading 17  Understanding Business Cycles Introduction
Agricultural societies experience good harvest times and bad ones. Weather is a main factor that influences crop production, but other factors, such as plant and animal diseases, also influence the harvest. Modern diversified economies are less influenced by weather and diseases but, as with crops, there are fluctuations in economic output, with good times and bad times. This reading addresses changes in economic activity and factors that affect it. Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic growth. Other factors, such as money supply and inflation, are more specific to short-term economic fluctuations. This reading is organized as follows. Section 2 describes the business cycle and its phases. The typical behaviors of businesses and households in different phases and tran





#has-images #microscopio-session #reading-wheat
This reading addresses changes in economic activity and factors that affect it.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
This reading addresses changes in economic activity and factors that affect it. Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic

Original toplevel document

Reading 17  Understanding Business Cycles Introduction
Agricultural societies experience good harvest times and bad ones. Weather is a main factor that influences crop production, but other factors, such as plant and animal diseases, also influence the harvest. Modern diversified economies are less influenced by weather and diseases but, as with crops, there are fluctuations in economic output, with good times and bad times. This reading addresses changes in economic activity and factors that affect it. Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic growth. Other factors, such as money supply and inflation, are more specific to short-term economic fluctuations. This reading is organized as follows. Section 2 describes the business cycle and its phases. The typical behaviors of businesses and households in different phases and tran





#has-images #microscopio-session #reading-wheat
Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic growth. Other factors, such as money supply and inflation, are more specific to short-term economic fluctuations.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
This reading addresses changes in economic activity and factors that affect it. Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic growth. Other factors, such as money supply and inflation, are more specific to short-term economic fluctuations.

Original toplevel document

Reading 17  Understanding Business Cycles Introduction
Agricultural societies experience good harvest times and bad ones. Weather is a main factor that influences crop production, but other factors, such as plant and animal diseases, also influence the harvest. Modern diversified economies are less influenced by weather and diseases but, as with crops, there are fluctuations in economic output, with good times and bad times. This reading addresses changes in economic activity and factors that affect it. Some of the factors that influence short-term economic movements—such as changes in population, technology, and capital—are the same as those that affect long-term sustainable economic growth. Other factors, such as money supply and inflation, are more specific to short-term economic fluctuations. This reading is organized as follows. Section 2 describes the business cycle and its phases. The typical behaviors of businesses and households in different phases and tran





#estatua-session #has-images #reading-guitarra-electrica
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization .

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and

Original toplevel document

Reading 53  Introduction to Asset-Backed Securities (Intro)
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. This reading discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of ABS. The terminology regarding ABS varies by jurisdiction. Mortgage-backed securities (MBS) are ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term “mortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term “asset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States. Note, however, that many non-US investors hold US ABS, including MBS, in their portfolios. To underline the importance of securitization from a macroeconomic perspective, Section 2 discusses of the benefits of securitization for economies and financial markets. I





#estatua-session #has-images #reading-guitarra-electrica
Securitization process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . <span>This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Ass

Original toplevel document

Reading 53  Introduction to Asset-Backed Securities (Intro)
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. This reading discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of ABS. The terminology regarding ABS varies by jurisdiction. Mortgage-backed securities (MBS) are ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term “mortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term “asset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States. Note, however, that many non-US investors hold US ABS, including MBS, in their portfolios. To underline the importance of securitization from a macroeconomic perspective, Section 2 discusses of the benefits of securitization for economies and financial markets. I





#estatua-session #has-images #reading-guitarra-electrica
Securities that come out the process of Securitization are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. <span>These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), co

Original toplevel document

Reading 53  Introduction to Asset-Backed Securities (Intro)
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. This reading discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of ABS. The terminology regarding ABS varies by jurisdiction. Mortgage-backed securities (MBS) are ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term “mortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term “asset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States. Note, however, that many non-US investors hold US ABS, including MBS, in their portfolios. To underline the importance of securitization from a macroeconomic perspective, Section 2 discusses of the benefits of securitization for economies and financial markets. I





#estatua-session #has-images #reading-guitarra-electrica
Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
d repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. <span>Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. <span><body><html>

Original toplevel document

Reading 53  Introduction to Asset-Backed Securities (Intro)
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. This reading discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of ABS. The terminology regarding ABS varies by jurisdiction. Mortgage-backed securities (MBS) are ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term “mortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term “asset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States. Note, however, that many non-US investors hold US ABS, including MBS, in their portfolios. To underline the importance of securitization from a macroeconomic perspective, Section 2 discusses of the benefits of securitization for economies and financial markets. I





#estatua-session #has-images #reading-guitarra-electrica
Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads.

Original toplevel document

Reading 53  Introduction to Asset-Backed Securities (Intro)
Previous readings examined risk characteristics of various fixed-income instruments and the relationships among maturity, coupon, and interest rate changes. This reading introduces an additional level of complexity—that of fixed-income instruments created through a process known as securitization . This process involves transferring ownership of assets from the original owners into a special legal entity. The special legal entity then issues securities backed by these assets, and the assets’ cash flows are used to pay interest and repay the principal owed to the holders of the securities. These securities are referred to generically as asset-backed securities (ABS); the pool of securitized assets from which the ABS’s cash flows are generated is called the collateral. Assets that are used to create ABS are called securitized assets . These assets are typically loans and receivables and include, among others, residential mortgage loans (mortgages), commercial mortgages, automobile (auto) loans, student loans, bank loans, accounts receivables, and credit card receivables. Advances and innovations in securitization have led to securities backed, or collateralized, by all kinds of income-yielding assets, including airport landing slots and toll roads. This reading discusses the benefits of securitization, describes securitization, and explains the investment characteristics of different types of ABS. The terminology regarding ABS varies by jurisdiction. Mortgage-backed securities (MBS) are ABS backed by a pool of mortgages, and a distinction is sometimes made between MBS and ABS backed by non-mortgage assets. This distinction is common in the United States, for example, where typically the term “mortgage-backed securities” refers to securities backed by high-quality real estate mortgages and the term “asset-backed securities” refers to securities backed by other types of assets. Because the US ABS market is the largest in the world, much of the discussion and many examples in this reading refer to the United States. Note, however, that many non-US investors hold US ABS, including MBS, in their portfolios. To underline the importance of securitization from a macroeconomic perspective, Section 2 discusses of the benefits of securitization for economies and financial markets. I





#cosa-de-madera-session #has-images #reading-bata-blanca
Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). The concepts and tools of hypothesis testing provide an objective means to gauge whether the available evidence supports the hypothesis. After a statistical test of a hypothesis we should have a clearer idea of the probability that a hypothesis is true or not, although our conclusion always stops short of certainty. Hypothesis testing has been a powerful tool in the advancement of investment knowledge and science.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
d market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)? To address these questions, we use the concepts and tools of hypothesis testing. <span>Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). The concepts and tools of hypothesis testing provide an objective means to gauge whether the available evidence supports the hypothesis. After a statistical test of a hypothesis we should have a clearer idea of the probability that a hypothesis is true or not, although our conclusion always stops short of certainty. Hypothesis testing has been a powerful tool in the advancement of investment knowledge and science. As Robert L. Kahn of the Institute for Social Research (Ann Arbor, Michigan) has written, “The mill of science grinds only when hypothesis and data are in continuous and abrasive contac

Original toplevel document

Reading 12  Hypothesis Testing Intro
Analysts often confront competing ideas about how financial markets work. Some of these ideas develop through personal research or experience with markets; others come from interactions with colleagues; and many others appear in the professional literature on finance and investments. In general, how can an analyst decide whether statements about the financial world are probably true or probably false? When we can reduce an idea or assertion to a definite statement about the value of a quantity, such as an underlying or population mean, the idea becomes a statistically testable statement or hypothesis. The analyst may want to explore questions such as the following: Is the underlying mean return on this mutual fund different from the underlying mean return on its benchmark? Did the volatility of returns on this stock change after the stock was added to a stock market index? Are a security’s bid-ask spreads related to the number of dealers making a market in the security? Do data from a national bond market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)? To address these questions, we use the concepts and tools of hypothesis testing. Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). The concepts and tools of hypothesis testing provide an objective means to gauge whether the available evidence supports the hypothesis. After a statistical test of a hypothesis we should have a clearer idea of the probability that a hypothesis is true or not, although our conclusion always stops short of certainty. Hypothesis testing has been a powerful tool in the advancement of investment knowledge and science. As Robert L. Kahn of the Institute for Social Research (Ann Arbor, Michigan) has written, “The mill of science grinds only when hypothesis and data are in continuous and abrasive contact.” The main emphases of this reading are the framework of hypothesis testing and tests concerning mean and variance, two quantities frequently used in investments. We give an





#cosa-de-madera-session #has-images #reading-bata-blanca

When we can reduce an idea or assertion to a definite statement about the value of a quantity, such as an underlying or population mean, the idea becomes a statistically testable statement or hypothesis. The analyst may want to explore questions such as the following:

  • Is the underlying mean return on this mutual fund different from the underlying mean return on its benchmark?

  • Did the volatility of returns on this stock change after the stock was added to a stock market index?

  • Are a security’s bid-ask spreads related to the number of dealers making a market in the security?

  • Do data from a national bond market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)?

To address these questions, we use the concepts and tools of hypothesis testing.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
When we can reduce an idea or assertion to a definite statement about the value of a quantity, such as an underlying or population mean, the idea becomes a statistically testable statement or hypothesis. The analyst may want to explore questions such as the following: Is the underlying mean return on this mutual fund different from the underlying mean return on its benchmark? Did the volatility of returns on this stock change after the stock was added to a stock market index? Are a security’s bid-ask spreads related to the number of dealers making a market in the security? Do data from a national bond market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)? To address these questions, we use the concepts and tools of hypothesis testing. Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). Th

Original toplevel document

Reading 12  Hypothesis Testing Intro
Analysts often confront competing ideas about how financial markets work. Some of these ideas develop through personal research or experience with markets; others come from interactions with colleagues; and many others appear in the professional literature on finance and investments. In general, how can an analyst decide whether statements about the financial world are probably true or probably false? When we can reduce an idea or assertion to a definite statement about the value of a quantity, such as an underlying or population mean, the idea becomes a statistically testable statement or hypothesis. The analyst may want to explore questions such as the following: Is the underlying mean return on this mutual fund different from the underlying mean return on its benchmark? Did the volatility of returns on this stock change after the stock was added to a stock market index? Are a security’s bid-ask spreads related to the number of dealers making a market in the security? Do data from a national bond market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)? To address these questions, we use the concepts and tools of hypothesis testing. Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). The concepts and tools of hypothesis testing provide an objective means to gauge whether the available evidence supports the hypothesis. After a statistical test of a hypothesis we should have a clearer idea of the probability that a hypothesis is true or not, although our conclusion always stops short of certainty. Hypothesis testing has been a powerful tool in the advancement of investment knowledge and science. As Robert L. Kahn of the Institute for Social Research (Ann Arbor, Michigan) has written, “The mill of science grinds only when hypothesis and data are in continuous and abrasive contact.” The main emphases of this reading are the framework of hypothesis testing and tests concerning mean and variance, two quantities frequently used in investments. We give an




Subject 2. The Six Components of the Code of Ethics
#reading-codigo-de-barras #six-components-code-of-ethics

Members and Candidates must:

  • Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

  • Place the integrity of the investment profession and the interests of clients above their own personal interests.

  • Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

  • Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

  • Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

  • Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

The Code of Ethics establishes the framework for ethical decision-making in the investment profession.

It applies to CFA Institute's members, CFA charterholders and CFA candidates.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on




Most modern operating systems have extended the process concept to allow a process to have multiple threads of execution and thus to perform more than one task at a time

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





Component 1
#ethics #has-images #reading-codigo-de-barras
Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

reading-codigo-de-barras six-components-code-of-ethics
Members and Candidates must: Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets. Place the integrity of the investment profession and the interests of clients above their own personal interests. Use reasonable care and exercise indepe




The process control block in the Linux operating system is represented by the C structure task struct, which is found in the ##BAD TAG##ched.h> include file in the kernel source-code directory. This structure contains all the necessary information for representing a process, including the state of the process, scheduling and memory-management information, list of open files, and pointers to the process’s parent and a list of its children and siblings. (A process’s parent is the process that created it; its children are any processes that it creates. Its siblings are children with the same parent process.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





Component 2
#has-images #reading-codigo-de-barras #six-components-code-of-ethics
Place the integrity of the investment profession and the interests of clients above their own personal interests.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
rity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets. <span>Place the integrity of the investment profession and the interests of clients above their own personal interests. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and




The objective of multiprogramming is to have some process running at all times, to maximize CPU utilization. The objective of time sharing is to switch the CPU among processes so frequently that users can interact with each program

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




the process scheduler selects an available process (possibly from a set of several available processes) for program execution on the CPU. For a single-processor system, there will never be more than one running process. If there are more processes, the rest will have to wait until the CPU is free and can be rescheduled

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




Flashcard 1748933676300

Question
By default, the system creates a list and form view for each table.
Answer
By default, the system creates a list and form view for each table.


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill
User interface elements
Add selected topic Add selected topic and subtopics Subscribe to Updates Share Save as PDF Save selected topic Save selected topic and subtopics Save all topics in Contents User interface elements <span>By default, the system creates a list and form view for each table. Application developers can configure the layout of these views to provide a basic user interface. In addition, they can also create supporting menus, modules, or UI pages to acce








Component 3
#has-images #reading-codigo-de-barras #six-components-code-of-ethics
Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
, colleagues in the investment profession, and other participants in the global capital markets. Place the integrity of the investment profession and the interests of clients above their own personal interests. <span>Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession. Promote the int




Component 4
#reading-codigo-de-barras #six-components-code-of-ethics
Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
13; Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities. <span>Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession. Promote the integrity and viability of the global capital markets for the ultimate benefit of society. Maintain and improve their professional competence





Component 5
#has-images #reading-codigo-de-barras #six-components-code-of-ethics
Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
aking investment actions, and engaging in other professional activities. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession. <span>Promote the integrity and viability of the global capital markets for the ultimate benefit of society. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals. The Code of





#has-images #reading-codigo-de-barras #six-components-code-of-ethics
Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
to practice in a professional and ethical manner that will reflect credit on themselves and the profession. Promote the integrity and viability of the global capital markets for the ultimate benefit of society. <span>Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals. The Code of Ethics establishes the framework for ethical decision-making in the investment profession. It applies to CFA Institute's members, CFA chart




#reading-codigo-de-barras #six-components-code-of-ethics

The Code of Ethics establishes the framework for ethical decision-making in the investment profession.

The Code of Ethics applies to CFA Institute's members, CFA charterholders and CFA candidates.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 2. The Six Components of the Code of Ethics
ty of the global capital markets for the ultimate benefit of society. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals. <span>The Code of Ethics establishes the framework for ethical decision-making in the investment profession. It applies to CFA Institute's members, CFA charterholders and CFA candidates. <span><body><html>




As processes enter the system, they are put into a job queue, which consists of all processes in the system. The processes that are residing in main memory and are ready and waiting to execute are kept on a list called the ready queue. This queue is generally stored as a linked list. A ready-queue header contains pointers to the first and final PCBs in the list. Each PCB includes a pointer field that points to the next PCB in the ready queue. The system also includes other queues. When a process is allocated the CPU, it executes for a while and eventually quits, is interrupted, or waits for the occurrence of a particular event, such as the completion of an I/O request. Suppose the process makes an I/O request to a shared device, such as a disk. Since there are many processes in the system, the disk may be busy with the I/O request of some other process. The process therefore may have to wait for the disk. The list of processes waiting for a particular I/O device is called a device queue. Each device has its own device queue

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




A common representation of process scheduling is a queueing diagram

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




A new process is initially put in the ready queue. It waits there until it is selected for execution, or dispatched. Once the process is allocated the CPU and is executing, one of several events could occur: • The process could issue an I/O request and then be placed in an I/O queue. • The process could create a new child process and wait for the child’s termination. • The process could be removed forcibly from the CPU,asaresultofan interrupt, and be put back in the ready queue

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





#globo-terraqueo-session #has-images #reading-agustin-carsten
The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycl

Original toplevel document

Reading 18  Monetary and Fiscal Policy Introduction
The economic decisions of households can have a significant impact on an economy. For example, a decision on the part of households to consume more and to save less can lead to an increase in employment, investment, and ultimately profits. Equally, the investment decisions made by corporations can have an important impact on the real economy and on corporate profits. But individual corporations can rarely affect large economies on their own; the decisions of a single household concerning consumption will have a negligible impact on the wider economy. By contrast, the decisions made by governments can have an enormous impact on even the largest and most developed of economies for two main reasons. First, the public sectors of most developed economies normally employ a significant proportion of the population, and they are usually responsible for a significant proportion of spending in an economy. Second, governments are also the largest borrowers in world debt markets. Exhibit 1 gives some idea of the scale of government borrowing and spending. Exhibit 1 Panel A. Central Government Debt to GDP, 2009 Panel B. Public Sector Spending to GDP, 2009 Note: All data are for 2009. Source: Thomson Financial. Government policy is ultimately expressed through its borrowing and spending activities. In this reading, we identify and discuss two types of government policy that can affect the macroeconomy and financial markets: monetary policy and fiscal policy. Monetary policy refers to central bank activities that are directed toward influencing the quantity of money and credit in an economy.1 By contrast, fiscal policy refers to the government’s decisions about taxation and spending. Both monetary and fiscal policies are used to regulate economic activity over time. They can be used to accelerate growth when an economy starts to slow or to moderate growth and activity when an economy starts to overheat. In addition, fiscal policy can be used to redistribute income and wealth. The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low. Crucially, the aim is therefore to steer the underlying economy so that it does not experience economic booms that may be followed by extended periods of low or negative growth and high levels of unemployment. In such a stable economic environment, householders can feel secure in their consumption and saving decisions, while corporations can concentrate on their investment decisions, on making their regular coupon payments to their bond holders and on making profits for their shareholders. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist. Moreover, there are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging consequences for the real economy, for financial markets, and for investors. The balance of the reading is organized as follows. Section 2 provides an introduction to monetary policy and related topics. Section 3 presents fiscal policy. The interact





#globo-terraqueo-session #has-images #reading-agustin-carsten
The challenges to achieving stable growth and low and stable inflation are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist. Moreover, there are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging con

Original toplevel document

Reading 18  Monetary and Fiscal Policy Introduction
The economic decisions of households can have a significant impact on an economy. For example, a decision on the part of households to consume more and to save less can lead to an increase in employment, investment, and ultimately profits. Equally, the investment decisions made by corporations can have an important impact on the real economy and on corporate profits. But individual corporations can rarely affect large economies on their own; the decisions of a single household concerning consumption will have a negligible impact on the wider economy. By contrast, the decisions made by governments can have an enormous impact on even the largest and most developed of economies for two main reasons. First, the public sectors of most developed economies normally employ a significant proportion of the population, and they are usually responsible for a significant proportion of spending in an economy. Second, governments are also the largest borrowers in world debt markets. Exhibit 1 gives some idea of the scale of government borrowing and spending. Exhibit 1 Panel A. Central Government Debt to GDP, 2009 Panel B. Public Sector Spending to GDP, 2009 Note: All data are for 2009. Source: Thomson Financial. Government policy is ultimately expressed through its borrowing and spending activities. In this reading, we identify and discuss two types of government policy that can affect the macroeconomy and financial markets: monetary policy and fiscal policy. Monetary policy refers to central bank activities that are directed toward influencing the quantity of money and credit in an economy.1 By contrast, fiscal policy refers to the government’s decisions about taxation and spending. Both monetary and fiscal policies are used to regulate economic activity over time. They can be used to accelerate growth when an economy starts to slow or to moderate growth and activity when an economy starts to overheat. In addition, fiscal policy can be used to redistribute income and wealth. The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low. Crucially, the aim is therefore to steer the underlying economy so that it does not experience economic booms that may be followed by extended periods of low or negative growth and high levels of unemployment. In such a stable economic environment, householders can feel secure in their consumption and saving decisions, while corporations can concentrate on their investment decisions, on making their regular coupon payments to their bond holders and on making profits for their shareholders. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist. Moreover, there are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging consequences for the real economy, for financial markets, and for investors. The balance of the reading is organized as follows. Section 2 provides an introduction to monetary policy and related topics. Section 3 presents fiscal policy. The interact





#globo-terraqueo-session #has-images #reading-agustin-carsten
There are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging consequences for the real economy, for financial markets, and for investors.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s stable and low. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist. Moreover, <span>there are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging consequences for the real economy, for financial markets, and for investors. <span><body><html>

Original toplevel document

Reading 18  Monetary and Fiscal Policy Introduction
The economic decisions of households can have a significant impact on an economy. For example, a decision on the part of households to consume more and to save less can lead to an increase in employment, investment, and ultimately profits. Equally, the investment decisions made by corporations can have an important impact on the real economy and on corporate profits. But individual corporations can rarely affect large economies on their own; the decisions of a single household concerning consumption will have a negligible impact on the wider economy. By contrast, the decisions made by governments can have an enormous impact on even the largest and most developed of economies for two main reasons. First, the public sectors of most developed economies normally employ a significant proportion of the population, and they are usually responsible for a significant proportion of spending in an economy. Second, governments are also the largest borrowers in world debt markets. Exhibit 1 gives some idea of the scale of government borrowing and spending. Exhibit 1 Panel A. Central Government Debt to GDP, 2009 Panel B. Public Sector Spending to GDP, 2009 Note: All data are for 2009. Source: Thomson Financial. Government policy is ultimately expressed through its borrowing and spending activities. In this reading, we identify and discuss two types of government policy that can affect the macroeconomy and financial markets: monetary policy and fiscal policy. Monetary policy refers to central bank activities that are directed toward influencing the quantity of money and credit in an economy.1 By contrast, fiscal policy refers to the government’s decisions about taxation and spending. Both monetary and fiscal policies are used to regulate economic activity over time. They can be used to accelerate growth when an economy starts to slow or to moderate growth and activity when an economy starts to overheat. In addition, fiscal policy can be used to redistribute income and wealth. The overarching goal of both monetary and fiscal policy is normally the creation of an economic environment where growth is stable and positive and inflation is stable and low. Crucially, the aim is therefore to steer the underlying economy so that it does not experience economic booms that may be followed by extended periods of low or negative growth and high levels of unemployment. In such a stable economic environment, householders can feel secure in their consumption and saving decisions, while corporations can concentrate on their investment decisions, on making their regular coupon payments to their bond holders and on making profits for their shareholders. The challenges to achieving this overarching goal are many. Not only are economies frequently buffeted by shocks (such as oil price jumps), but some economists believe that natural cycles in the economy also exist. Moreover, there are plenty of examples from history where government policies—either monetary, fiscal, or both—have exacerbated an economic expansion that eventually led to damaging consequences for the real economy, for financial markets, and for investors. The balance of the reading is organized as follows. Section 2 provides an introduction to monetary policy and related topics. Section 3 presents fiscal policy. The interact





#bascula-session #has-images #reading-camara-fotografica
Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues a

Original toplevel document

Reading 25  Understanding Balance Sheets Introduction
The balance sheet provides information on a company’s resources (assets) and its sources of capital (equity and liabilities/debt). This information helps an analyst assess a company’s ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners. The basic equation underlying the balance sheet is Assets = Liabilities + Equity. Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement. This reading is organized as follows: In Section 2, we describe and give examples of the elements and formats of balance sheets. Section 3 discusses current assets and curr





#bascula-session #has-images #reading-camara-fotografica
An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
dy> Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affect

Original toplevel document

Reading 25  Understanding Balance Sheets Introduction
The balance sheet provides information on a company’s resources (assets) and its sources of capital (equity and liabilities/debt). This information helps an analyst assess a company’s ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners. The basic equation underlying the balance sheet is Assets = Liabilities + Equity. Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement. This reading is organized as follows: In Section 2, we describe and give examples of the elements and formats of balance sheets. Section 3 discusses current assets and curr





#bascula-session #has-images #reading-camara-fotografica
Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. <span>Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement. <span><body><html>

Original toplevel document

Reading 25  Understanding Balance Sheets Introduction
The balance sheet provides information on a company’s resources (assets) and its sources of capital (equity and liabilities/debt). This information helps an analyst assess a company’s ability to pay for its near-term operating needs, meet future debt obligations, and make distributions to owners. The basic equation underlying the balance sheet is Assets = Liabilities + Equity. Analysts should be aware that different items of assets and liabilities may be measured differently. For example, some items are measured at historical cost or a variation thereof and others at fair value.1 An understanding of the measurement issues will facilitate analysis. The balance sheet measurement issues are, of course, closely linked to the revenue and expense recognition issues affecting the income statement. Throughout this reading, we describe and illustrate some of the linkages between the measurement issues affecting the balance sheet and the revenue and expense recognition issues affecting the income statement. This reading is organized as follows: In Section 2, we describe and give examples of the elements and formats of balance sheets. Section 3 discusses current assets and curr





#essay-tubes-session #has-images #reading-max
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fi

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
Long-lived assets may be tangible, intangible, or financial assets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
d> Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ferred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. <span>Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity o

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca




in a batch system, more processes are submitted than can be executed immediately. These processes are spooled to a mass-storage device (typically a disk), where they are kept for later execution. The long-term scheduler,orjob scheduler, selects processes from this pool and loads them into memory

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





#essay-tubes-session #has-images #reading-max
Examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
gible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; <span>examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
Examples of long-lived financial assets include investments in equity or debt securities issued by other companies.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and <span>examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). <span><body><html>

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets).

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. <span>The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). <span><body><html>

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to pro

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca




The short-term scheduler,orCPU scheduler, selects from among the processes that are ready to execute and allocates the CPU to one of them

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





#essay-tubes-session #has-images #reading-max
The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful live

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
te the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. <span>The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the valu

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca





#essay-tubes-session #has-images #reading-max
Additional issues that arise when accounting for long-lived assets are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. <span>Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. <span><body><html>

Original toplevel document

Reading 29  Long-Lived Assets Introduction
Long-lived assets , also referred to as non-current assets or long-term assets, are assets that are expected to provide economic benefits over a future period of time, typically greater than one year.1 Long-lived assets may be tangible, intangible, or financial assets. Examples of long-lived tangible assets, typically referred to as property, plant, and equipment and sometimes as fixed assets, include land, buildings, furniture and fixtures, machinery and equipment, and vehicles; examples of long-lived intangible assets (assets lacking physical substance) include patents and trademarks; and examples of long-lived financial assets include investments in equity or debt securities issued by other companies. The scope of this reading is limited to long-lived tangible and intangible assets (hereafter, referred to for simplicity as long-lived assets). The first issue in accounting for a long-lived asset is determining its cost at acquisition. The second issue is how to allocate the cost to expense over time. The costs of most long-lived assets are capitalised and then allocated as expenses in the profit or loss (income) statement over the period of time during which they are expected to provide economic benefits. The two main types of long-lived assets with costs that are typically not allocated over time are land, which is not depreciated, and those intangible assets with indefinite useful lives. Additional issues that arise are the treatment of subsequent costs incurred related to the asset, the use of the cost model versus the revaluation model, unexpected declines in the value of the asset, classification of the asset with respect to intent (for example, held for use or held for sale), and the derecognition of the asset. This reading is organised as follows. Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of ca




The short-term scheduler must select a new process for the CPU frequently. A process may execute for only a few milliseconds before waiting for an I/O request. Often, the short-term scheduler executes at least once every 100 milliseconds. Because of the short time between executions, the short-term scheduler must be fast

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





#estatua-session #has-images #reading-david-de-miguel-angel
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised paym

Original toplevel document

Reading 50  Fixed-Income Securities: Defining Elements (Intro)
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares. In portfolio management, fixed-income securities fulfill several important roles. They are a prime means by which investors—individual and institutional—can prepare to fund, with some degree of safety, known future obligations such as tuition payments or pension obligations. The correlations of fixed-income securities with common shares vary, but adding fixed-income securities to portfolios including common shares is usually an effective way of obtaining diversification benefits. Among the questions this reading addresses are the following: What set of features define a fixed-income security, and how do these features determine the scheduled cash flows? What are the legal, regulatory, and tax considerations associated with a fixed-income security, and why are these considerations important for investors? What are the common structures regarding the payment of interest and repayment of principal? What types of provisions may affect the disposal or redemption of fixed-income securities? Embarking on the study of fixed-income securities, please note that the terms “fixed-income securities,” “debt securities,” and “bonds” are often used interchangeably by experts and non-experts alike. We will also follow this convention, and where any nuance of meaning is intended, it will be made clear.1 The remainder of this reading is organized as follows. Section 2 describes, in broad terms, what an investor needs to know when investing in fixed-income securities. Sectio





#estatua-session #has-images #reading-david-de-miguel-angel
A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-inc

Original toplevel document

Reading 50  Fixed-Income Securities: Defining Elements (Intro)
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares. In portfolio management, fixed-income securities fulfill several important roles. They are a prime means by which investors—individual and institutional—can prepare to fund, with some degree of safety, known future obligations such as tuition payments or pension obligations. The correlations of fixed-income securities with common shares vary, but adding fixed-income securities to portfolios including common shares is usually an effective way of obtaining diversification benefits. Among the questions this reading addresses are the following: What set of features define a fixed-income security, and how do these features determine the scheduled cash flows? What are the legal, regulatory, and tax considerations associated with a fixed-income security, and why are these considerations important for investors? What are the common structures regarding the payment of interest and repayment of principal? What types of provisions may affect the disposal or redemption of fixed-income securities? Embarking on the study of fixed-income securities, please note that the terms “fixed-income securities,” “debt securities,” and “bonds” are often used interchangeably by experts and non-experts alike. We will also follow this convention, and where any nuance of meaning is intended, it will be made clear.1 The remainder of this reading is organized as follows. Section 2 describes, in broad terms, what an investor needs to know when investing in fixed-income securities. Sectio





#estatua-session #has-images #reading-david-de-miguel-angel
The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ecurities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. <span>The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. Payment of interest and repayment of principal (amount borrowed) are a prior claim on th

Original toplevel document

Reading 50  Fixed-Income Securities: Defining Elements (Intro)
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares. In portfolio management, fixed-income securities fulfill several important roles. They are a prime means by which investors—individual and institutional—can prepare to fund, with some degree of safety, known future obligations such as tuition payments or pension obligations. The correlations of fixed-income securities with common shares vary, but adding fixed-income securities to portfolios including common shares is usually an effective way of obtaining diversification benefits. Among the questions this reading addresses are the following: What set of features define a fixed-income security, and how do these features determine the scheduled cash flows? What are the legal, regulatory, and tax considerations associated with a fixed-income security, and why are these considerations important for investors? What are the common structures regarding the payment of interest and repayment of principal? What types of provisions may affect the disposal or redemption of fixed-income securities? Embarking on the study of fixed-income securities, please note that the terms “fixed-income securities,” “debt securities,” and “bonds” are often used interchangeably by experts and non-experts alike. We will also follow this convention, and where any nuance of meaning is intended, it will be made clear.1 The remainder of this reading is organized as follows. Section 2 describes, in broad terms, what an investor needs to know when investing in fixed-income securities. Sectio





#estatua-session #has-images #reading-david-de-miguel-angel
Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
f money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. <span>Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares. <span><body><html>

Original toplevel document

Reading 50  Fixed-Income Securities: Defining Elements (Intro)
Judged by total market value, fixed-income securities constitute the most prevalent means of raising capital globally. A fixed-income security is an instrument that allows governments, companies, and other types of issuers to borrow money from investors. Any borrowing of money is debt. The promised payments on fixed-income securities are, in general, contractual (legal) obligations of the issuer to the investor. For companies, fixed-income securities contrast to common shares in not having ownership rights. Payment of interest and repayment of principal (amount borrowed) are a prior claim on the company’s earnings and assets compared with the claim of common shareholders. Thus, a company’s fixed-income securities have, in theory, lower risk than that company’s common shares. In portfolio management, fixed-income securities fulfill several important roles. They are a prime means by which investors—individual and institutional—can prepare to fund, with some degree of safety, known future obligations such as tuition payments or pension obligations. The correlations of fixed-income securities with common shares vary, but adding fixed-income securities to portfolios including common shares is usually an effective way of obtaining diversification benefits. Among the questions this reading addresses are the following: What set of features define a fixed-income security, and how do these features determine the scheduled cash flows? What are the legal, regulatory, and tax considerations associated with a fixed-income security, and why are these considerations important for investors? What are the common structures regarding the payment of interest and repayment of principal? What types of provisions may affect the disposal or redemption of fixed-income securities? Embarking on the study of fixed-income securities, please note that the terms “fixed-income securities,” “debt securities,” and “bonds” are often used interchangeably by experts and non-experts alike. We will also follow this convention, and where any nuance of meaning is intended, it will be made clear.1 The remainder of this reading is organized as follows. Section 2 describes, in broad terms, what an investor needs to know when investing in fixed-income securities. Sectio




The long-term scheduler executes much less frequently; minutes may sep- arate the creation of one new process and the next. The long-term scheduler controls the degree of multiprogramming (the number of processes in mem- ory). If the degree of multiprogramming is stable, then the average rate of process creation must be equal to the average departure rate of processes leaving the system. Thus, the long-term scheduler may need to be invoked only when a process leaves the system. Because of the longer interval between executions, the long-term scheduler can afford to take more time to decide which process should be selected for execution

The long term scheduler spools processes from the disk and puts them into memory where they fall in line for cpu time

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs





#estatua-session #has-images #reading-barro-en-la-madre-que-da-vueltas
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as com

Original toplevel document

Reading 51  Fixed-Income Markets: Issuance, Trading, and Funding (Intro)
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. Understanding how fixed-income markets are structured and how they operate is important for debt issuers and investors. Debt issuers have financing needs that must be met. For example, a government may need to finance an infrastructure project, a new hospital, or a new school. A company may require funds to expand its business. Financial institutions also have funding needs, and they are among the largest issuers of fixed-income securities. Fixed income is an important asset class for both individual and institutional investors. Thus, investors need to understand the characteristics of fixed-income securities including how these securities are issued and traded. Among the questions this reading addresses are the following: What are the key bond market sectors? How are bonds sold in primary markets and traded in secondary markets? What types of bonds are issued by governments, government-related entities, financial companies, and non-financial companies? What additional sources of funds are available to banks? The remainder of this reading is organized as follows. Section 2 presents an overview of global fixed-income markets and how these markets are classified, including





#estatua-session #has-images #reading-barro-en-la-madre-que-da-vueltas
Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
obal fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. <span>Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply

Original toplevel document

Reading 51  Fixed-Income Markets: Issuance, Trading, and Funding (Intro)
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. Understanding how fixed-income markets are structured and how they operate is important for debt issuers and investors. Debt issuers have financing needs that must be met. For example, a government may need to finance an infrastructure project, a new hospital, or a new school. A company may require funds to expand its business. Financial institutions also have funding needs, and they are among the largest issuers of fixed-income securities. Fixed income is an important asset class for both individual and institutional investors. Thus, investors need to understand the characteristics of fixed-income securities including how these securities are issued and traded. Among the questions this reading addresses are the following: What are the key bond market sectors? How are bonds sold in primary markets and traded in secondary markets? What types of bonds are issued by governments, government-related entities, financial companies, and non-financial companies? What additional sources of funds are available to banks? The remainder of this reading is organized as follows. Section 2 presents an overview of global fixed-income markets and how these markets are classified, including





#estatua-session #has-images #reading-barro-en-la-madre-que-da-vueltas
At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ts bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. <span>At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. <span><body></h

Original toplevel document

Reading 51  Fixed-Income Markets: Issuance, Trading, and Funding (Intro)
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. Understanding how fixed-income markets are structured and how they operate is important for debt issuers and investors. Debt issuers have financing needs that must be met. For example, a government may need to finance an infrastructure project, a new hospital, or a new school. A company may require funds to expand its business. Financial institutions also have funding needs, and they are among the largest issuers of fixed-income securities. Fixed income is an important asset class for both individual and institutional investors. Thus, investors need to understand the characteristics of fixed-income securities including how these securities are issued and traded. Among the questions this reading addresses are the following: What are the key bond market sectors? How are bonds sold in primary markets and traded in secondary markets? What types of bonds are issued by governments, government-related entities, financial companies, and non-financial companies? What additional sources of funds are available to banks? The remainder of this reading is organized as follows. Section 2 presents an overview of global fixed-income markets and how these markets are classified, including





#estatua-session #has-images #reading-barro-en-la-madre-que-da-vueltas
At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ts bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. <span>At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. <span><body><html>

Original toplevel document

Reading 51  Fixed-Income Markets: Issuance, Trading, and Funding (Intro)
Global fixed-income markets represent the largest subset of financial markets in terms of number of issuances and market capitalization. These markets bring borrowers and lenders together to allocate capital globally to its most efficient uses. Fixed-income markets include not only publicly traded securities, such as commercial paper, notes, and bonds, but also non-publicly traded loans. At the end of 2010, the total amount of debt and equity outstanding was about $212 trillion globally.1 The global fixed-income market represented approximately 75% of this total; simply put, global debt markets are three times larger than global equity markets. Understanding how fixed-income markets are structured and how they operate is important for debt issuers and investors. Debt issuers have financing needs that must be met. For example, a government may need to finance an infrastructure project, a new hospital, or a new school. A company may require funds to expand its business. Financial institutions also have funding needs, and they are among the largest issuers of fixed-income securities. Fixed income is an important asset class for both individual and institutional investors. Thus, investors need to understand the characteristics of fixed-income securities including how these securities are issued and traded. Among the questions this reading addresses are the following: What are the key bond market sectors? How are bonds sold in primary markets and traded in secondary markets? What types of bonds are issued by governments, government-related entities, financial companies, and non-financial companies? What additional sources of funds are available to banks? The remainder of this reading is organized as follows. Section 2 presents an overview of global fixed-income markets and how these markets are classified, including





#cabra-session #has-images #reading-sus-straffon
In the past, the investment community had great difficulty making meaningful comparisons on the basis of accurate investment performance data.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
In the past, the investment community had great difficulty making meaningful comparisons on the basis of accurate investment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of p

Original toplevel document

Reading 4  Introduction to the Global Investment Performance Standards (GIPS®)
I. WHY WERE THE GIPS STANDARDS CREATED? Institutions and individuals are constantly scrutinizing past investment performance returns in search of the best manager to achieve their investment objectives. <span>In the past, the investment community had great difficulty making meaningful comparisons on the basis of accurate investment performance data. Several performance measurement practices hindered the comparability of performance returns from one firm to another, while others called into question the accuracy and credibility of performance reporting overall. Misleading practices included: Representative Accounts: Selecting a top-performing portfolio to represent the firm’s overall investment results for a specific manda




An I/O-bound process is one that spends more of its time doing I/O than it spends doing computations. A CPU-bound process, in contrast, generates I/O requests infrequently, using more of its time doing computations. It is important that the long-term scheduler select a good process mix of I/O-bound and CPU-bound processes. If all processes are I/O bound, the ready queue will almost always be empty, and the short-term scheduler will have little to do. If all processes are CPU bound, the I/O waiting queue will almost always be empty, devices will go unused, and again the system will be unbalanced. The system with the best performance will thus have a combination of CPU-bound and I/O-bound processes

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




On some systems, the long-term scheduler may be absent or minimal. For example, time-sharing systems such as UNIX and Microsoft Windows systems often have no long-term scheduler but simply put every new process in memory for the short-term scheduler. The stability of these systems depends either on a physical limitation (such as the number of available terminals) or on the self-adjusting nature of human users. If performance declines to unacceptable levels on a multiuser system, some users will simply quit

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




This medium-term scheduler is diagrammed in Figure 3.7. The key idea behind a medium-term scheduler is that sometimes it can be advantageous to remove a process from memory (and from active contention for the CPU) and thus reduce the degree of multiprogramming. Later, the process can be reintroduced into memory, and its execution can be continued where it left off. This scheme is called swapping. The process is swapped out, and is later swapped in, by the medium-term scheduler.

Processes that are removed from memory before they are actually finished are subbed out into medium term memory unitl they go back into memory

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

pdf

cannot see any pdfs




Flashcard 1749023067404

Question
Swapping may be necessary to
Answer
[default - edit me]


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

pdf

cannot see any pdfs








#has-images #microscopio-session #reading-calculadora
Microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
In the field of economics, microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households

Original toplevel document

Reading 16  Aggregate Output, Prices, and Economic Growth Introduction
In the field of economics, microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households on goods and services; the rate of change in the general level of prices; and the overall level of interest rates. Macroeconomic analysis examines a nation’s aggregate output and income, its competitive and comparative advantages, the productivity of its labor force, its price level and inflation rate, and the actions of its national government and central bank. The objective of macroeconomic analysis is to address such fundamental questions as: What is an economy’s aggregate output, and how is aggregate income measured? What factors determine the level of aggregate output/income for an economy? What are the levels of aggregate demand and aggregate supply of goods and services within the country? Is the level of output increasing or decreasing, and at what rate? Is the general price level stable, rising, or falling? Is unemployment rising or falling? Are households spending or saving more? Are workers able to produce more output for a given level of inputs? Are businesses investing in and expanding their productive capacity? Are exports (imports) rising or falling? From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies. This reading is organized as follows: Section 2 describes gross domestic product and related measures of domestic output and income. Section 3 discusses short-run and long-





#has-images #microscopio-session #reading-calculadora
Macroeconomics focuses on national aggregates, such as:
  1. Total
    investment
  2. Total
    consumption
  3. The rate of change in the general level of prices
  4. The overall level of interest rates.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. <span>Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households on goods and services; the rate of change in the general level of prices; and the overall level of interest rates. <span><body><html>

Original toplevel document

Reading 16  Aggregate Output, Prices, and Economic Growth Introduction
In the field of economics, microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households on goods and services; the rate of change in the general level of prices; and the overall level of interest rates. Macroeconomic analysis examines a nation’s aggregate output and income, its competitive and comparative advantages, the productivity of its labor force, its price level and inflation rate, and the actions of its national government and central bank. The objective of macroeconomic analysis is to address such fundamental questions as: What is an economy’s aggregate output, and how is aggregate income measured? What factors determine the level of aggregate output/income for an economy? What are the levels of aggregate demand and aggregate supply of goods and services within the country? Is the level of output increasing or decreasing, and at what rate? Is the general price level stable, rising, or falling? Is unemployment rising or falling? Are households spending or saving more? Are workers able to produce more output for a given level of inputs? Are businesses investing in and expanding their productive capacity? Are exports (imports) rising or falling? From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies. This reading is organized as follows: Section 2 describes gross domestic product and related measures of domestic output and income. Section 3 discusses short-run and long-





#has-images #microscopio-session #reading-calculadora
Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
nvestors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. <span>Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies. <span><body><html>

Original toplevel document

Reading 16  Aggregate Output, Prices, and Economic Growth Introduction
In the field of economics, microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households on goods and services; the rate of change in the general level of prices; and the overall level of interest rates. Macroeconomic analysis examines a nation’s aggregate output and income, its competitive and comparative advantages, the productivity of its labor force, its price level and inflation rate, and the actions of its national government and central bank. The objective of macroeconomic analysis is to address such fundamental questions as: What is an economy’s aggregate output, and how is aggregate income measured? What factors determine the level of aggregate output/income for an economy? What are the levels of aggregate demand and aggregate supply of goods and services within the country? Is the level of output increasing or decreasing, and at what rate? Is the general price level stable, rising, or falling? Is unemployment rising or falling? Are households spending or saving more? Are workers able to produce more output for a given level of inputs? Are businesses investing in and expanding their productive capacity? Are exports (imports) rising or falling? From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies. This reading is organized as follows: Section 2 describes gross domestic product and related measures of domestic output and income. Section 3 discusses short-run and long-





#has-images #microscopio-session #reading-calculadora
From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also h

Original toplevel document

Reading 16  Aggregate Output, Prices, and Economic Growth Introduction
In the field of economics, microeconomics is the study of the economic activity and behavior of individual economic units, such as a household, a company, or a market for a particular good or service, and macroeconomics is the study of the aggregate activities of households, companies, and markets. Macroeconomics focuses on national aggregates, such as total investment, the amount spent by all businesses on plant and equipment; total consumption, the amount spent by all households on goods and services; the rate of change in the general level of prices; and the overall level of interest rates. Macroeconomic analysis examines a nation’s aggregate output and income, its competitive and comparative advantages, the productivity of its labor force, its price level and inflation rate, and the actions of its national government and central bank. The objective of macroeconomic analysis is to address such fundamental questions as: What is an economy’s aggregate output, and how is aggregate income measured? What factors determine the level of aggregate output/income for an economy? What are the levels of aggregate demand and aggregate supply of goods and services within the country? Is the level of output increasing or decreasing, and at what rate? Is the general price level stable, rising, or falling? Is unemployment rising or falling? Are households spending or saving more? Are workers able to produce more output for a given level of inputs? Are businesses investing in and expanding their productive capacity? Are exports (imports) rising or falling? From an investment perspective, investors must be able to evaluate a country’s current economic environment and to forecast its future economic environment in order to identify asset classes and securities that will benefit from economic trends occurring within that country. Macroeconomic variables—such as the level of inflation, unemployment, consumption, government spending, and investment—affect the overall level of activity within a country. They also have different impacts on the growth and profitability of industries within a country, the companies within those industries, and the returns of the securities issued by those companies. This reading is organized as follows: Section 2 describes gross domestic product and related measures of domestic output and income. Section 3 discusses short-run and long-





#has-images #puerquito-session #reading-puerquito-verde
A lack of proper oversight by the board of directors, inadequate protection for minority shareholders, and incentives at companies that promote excessive risk taking are just a few of the examples that can be problematic for a company.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Weak corporate governance is a common thread found in many company failures. A lack of proper oversight by the board of directors, inadequate protection for minority shareholders, and incentives at companies that promote excessive risk taking are just a few of the examples that can be problematic for a company. Poor corporate governance practices resulted in several high-profile accounting scandals and corporate bankruptcies over the past several decades and have been cited as significantly co

Original toplevel document

Reading 34  Corporate Governance and ESG: An Introduction
Weak corporate governance is a common thread found in many company failures. A lack of proper oversight by the board of directors, inadequate protection for minority shareholders, and incentives at companies that promote excessive risk taking are just a few of the examples that can be problematic for a company. Poor corporate governance practices resulted in several high-profile accounting scandals and corporate bankruptcies over the past several decades and have been cited as significantly contributing to the 2008–2009 global financial crisis. In response to these company failures, regulations have been introduced to promote stronger governance practices and protect financial markets and investors. Academics, policy makers, and other groups have published numerous works discussing the benefits of good corporate governance and identifying core corporate governance principles believed to be essential to ensuring sound capital markets and the stability of the financial system. The investment community has also demonstrated a greater appreciation for the importance of good corporate governance. The assessment of a company’s corporate governance system, including consideration of conflicts of interest and transparency of operations, has increasingly become an essential factor in the investment decision-making process. Additionally, investors have become more attentive to environment and social issues related to a company’s operations. Collectively, these areas often are referred to as environmental, social, and governance ( ESG ). Section 2 of this reading provides an overview of corporate governance, including its underlying principles and theories. Section 3 discusses the various stakeholders of a





#has-images #investopedia
An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating

Original toplevel document

Endowment Fund
<span>What is an 'Endowment Fund' An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors. BREAKING DOWN 'Endowment Fund' Financial endowments are typically structured so the principal amount invested remains intact, while investment income





#has-images #investopedia
The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors.

Original toplevel document

Endowment Fund
<span>What is an 'Endowment Fund' An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors. BREAKING DOWN 'Endowment Fund' Financial endowments are typically structured so the principal amount invested remains intact, while investment income





#has-images #investopedia
Endowment funds are typically funded entirely by donations that are deductible for the donors.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
s consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. <span>Endowment funds are typically funded entirely by donations that are deductible for the donors. <span><body><html>

Original toplevel document

Endowment Fund
<span>What is an 'Endowment Fund' An endowment fund is an investment fund established by a foundation that makes consistent withdrawals from invested capital. The capital in endowment funds, often used by universities, nonprofit organizations, churches and hospitals, is generally utilized for specific needs or to further a company’s operating process. Endowment funds are typically funded entirely by donations that are deductible for the donors. BREAKING DOWN 'Endowment Fund' Financial endowments are typically structured so the principal amount invested remains intact, while investment income





#has-images #manzana-session #reading-pure-de-manzana

The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the future. Active returns refer to returns earned by strategies that do not assume that all information is fully reflected in market prices.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
iciency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.1 <span>The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the future. Active returns refer to returns earned by strategies that do not assume that all information is fully reflected in market prices. <span><body><html>

Original toplevel document

Reading 46  Market Efficiency (Intro)
Market efficiency concerns the extent to which market prices incorporate available information. If market prices do not fully incorporate information, then opportunities may exist to make a profit from the gathering and processing of information. The subject of market efficiency is, therefore, of great interest to investment managers, as illustrated in Example 1. EXAMPLE 1 Market Efficiency and Active Manager Selection The chief investment officer (CIO) of a major university endowment fund has listed eight steps in the active manager selection process that can be applied both to traditional investments (e.g., common equity and fixed-income securities) and to alternative investments (e.g., private equity, hedge funds, and real assets). The first step specified is the evaluation of market opportunity: What is the opportunity and why is it there? To answer this question we start by studying capital markets and the types of managers operating within those markets. We identify market inefficiencies and try to understand their causes, such as regulatory structures or behavioral biases. We can rule out many broad groups of managers and strategies by simply determining that the degree of market inefficiency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.1 The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the future. Active returns refer to returns earned by strategies that do not assume that all information is fully reflected in market prices. Governments and market regulators also care about the extent to which market prices incorporate information. Efficient markets imply informative prices—prices that accurately reflect available information about fundamental values. In market-based economies, market prices help determine which companies (and which projects) obtain capital. If these prices do not efficiently incorporate information about a company’s prospects, then it is possible that funds will be misdirected. By contrast, prices that are informative help direct scarce resources and funds available for investment to their highest-valued uses.2 Informative prices thus promote economic growth. The efficiency of a country’s capital markets (in which businesses raise financing) is an important characteristic of a well-functioning financial system. The remainder of this reading is organized as follows. Section 2 provides specifics on how the efficiency of an asset market is described and discusses the factors affectin





#has-images #manzana-session #reading-pure-de-manzana

The first step specified is the evaluation of market opportunity:

What is the opportunity and why is it there? To answer this question we start by studying capital markets and the types of managers operating within those markets. We identify market inefficiencies and try to understand their causes, such as regulatory structures or behavioral biases. We can rule out many broad groups of managers and strategies by simply determining that the degree of market inefficiency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
ted eight steps in the active manager selection process that can be applied both to traditional investments (e.g., common equity and fixed-income securities) and to alternative investments (e.g., private equity, hedge funds, and real assets). <span>The first step specified is the evaluation of market opportunity: What is the opportunity and why is it there? To answer this question we start by studying capital markets and the types of managers operating within those markets. We identify market inefficiencies and try to understand their causes, such as regulatory structures or behavioral biases. We can rule out many broad groups of managers and strategies by simply determining that the degree of market inefficiency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.1 The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the

Original toplevel document

Reading 46  Market Efficiency (Intro)
Market efficiency concerns the extent to which market prices incorporate available information. If market prices do not fully incorporate information, then opportunities may exist to make a profit from the gathering and processing of information. The subject of market efficiency is, therefore, of great interest to investment managers, as illustrated in Example 1. EXAMPLE 1 Market Efficiency and Active Manager Selection The chief investment officer (CIO) of a major university endowment fund has listed eight steps in the active manager selection process that can be applied both to traditional investments (e.g., common equity and fixed-income securities) and to alternative investments (e.g., private equity, hedge funds, and real assets). The first step specified is the evaluation of market opportunity: What is the opportunity and why is it there? To answer this question we start by studying capital markets and the types of managers operating within those markets. We identify market inefficiencies and try to understand their causes, such as regulatory structures or behavioral biases. We can rule out many broad groups of managers and strategies by simply determining that the degree of market inefficiency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.1 The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the future. Active returns refer to returns earned by strategies that do not assume that all information is fully reflected in market prices. Governments and market regulators also care about the extent to which market prices incorporate information. Efficient markets imply informative prices—prices that accurately reflect available information about fundamental values. In market-based economies, market prices help determine which companies (and which projects) obtain capital. If these prices do not efficiently incorporate information about a company’s prospects, then it is possible that funds will be misdirected. By contrast, prices that are informative help direct scarce resources and funds available for investment to their highest-valued uses.2 Informative prices thus promote economic growth. The efficiency of a country’s capital markets (in which businesses raise financing) is an important characteristic of a well-functioning financial system. The remainder of this reading is organized as follows. Section 2 provides specifics on how the efficiency of an asset market is described and discusses the factors affectin





#has-images
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
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

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 1749048233228



Tags
#has-images #investopedia
Question
A staggered board of directors is also known as a [...]
Answer
classified board


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the dir

Original toplevel document

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere








#has-images #investopedia
A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two m

Original toplevel document

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere





#has-images #investopedia
Information on corporate governance policies and board composition can be found in a public company's proxy statement.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
nual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. <span>Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile

Original toplevel document

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere





#has-images #investopedia
Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. <span>Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmo

Original toplevel document

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere





#has-images #investopedia
Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
aggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. <span>Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) <span><body><html>

Original toplevel document

What is a staggered board?
[imagelink] A: <span>A staggered board of directors (also known as a classified board) is a board that is made up of different classes of directors. Usually, there are three classes, with each class serving for a different term length than the other. Elections for the directors of staggered boards usually happen on an annual basis. At each election, shareholders are asked to vote to fill whatever positions of the board are vacant, or up for re-election. Terms of service for elected directors vary, but one-, three- and five-year terms are common. Information on corporate governance policies and board composition can be found in a public company's proxy statement. Generally, proponents of staggered boards sight two main advantages that staggered boards have over traditionally elected boards: board continuity and anti-takeover provisions - hostile acquirers have a difficult time gaining control of companies with staggered boards. Opponents of staggered boards, however, argue that they are less accountable to shareholders than annually elected boards and that staggering board terms tends to breed a fraternal atmosphere inside the boardroom that serves to protect the interests of management above those of shareholders. (To learn more, read Governance Pays, The Basics Of Corporate Structure and What Are Corporate Actions?) According to a study conducted by three Harvard University professors and published in the Stanford Law Review, more than 70% of all companies that went public in 2001 had staggere




Flashcard 1749057670412



Tags
#factors-affecting-relationships-and-cg #has-images #puerquito-session #reading-puerquito-verde
Question

Non-Market Factors

These factors include the [...] the media, and the corporate governance industry itself.

Answer
legal environment,


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
on for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. <span>Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself. <span><body><html>







Flashcard 1749059243276



Tags
#factors-affecting-relationships-and-cg #has-images #puerquito-session #reading-puerquito-verde
Question

Non-Market Factors

These factors include the legal environment, [...], and the corporate governance industry itself.

Answer
the media


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
on for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. <span>Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself. <span><body><html>







Flashcard 1749060816140



Tags
#factors-affecting-relationships-and-cg #has-images #puerquito-session #reading-puerquito-verde
Question

Non-Market Factors

These factors include the legal environment, the media, and the [...].

Answer
corporate governance industry itself


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
on for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. <span>Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself. <span><body><html>








#cabra-session #challenges-to-ethical-conduct #ethics #has-images #reading-rene-toussaint

Challenges to ethical behavior include:

  • the overconfidence bias. Most of us simply assume that we are good people and will therefore make sound ethical decisions. This overconfidence in one's own moral compass can lead to making decisions without serious ethical reflection.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 3. Challenges to Ethical Conduct
Challenges to ethical behavior include: the overconfidence bias. Most of us simply assume that we are good people and will therefore make sound ethical decisions. This overconfidence in one's own moral compass can lead to making decisions without serious ethical reflection. situational influences, which are external factors such as environmental or cultural elements. They can motivate individuals to act in their short-term interests without





#cabra-session #challenges-to-ethical-conduct #ethics #has-images #reading-rene-toussaint
Challenges to ethical behavior include:

situational influences, which are external factors such as environmental or cultural elements. They can motivate individuals to act in their short-term interests without recognizing the long-term risks or consequences for themselves and others. Examples include financial rewards, prestige, and loyalty to employer and colleagues.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on

Subject 3. Challenges to Ethical Conduct
confidence bias. Most of us simply assume that we are good people and will therefore make sound ethical decisions. This overconfidence in one's own moral compass can lead to making decisions without serious ethical reflection. <span>situational influences, which are external factors such as environmental or cultural elements. They can motivate individuals to act in their short-term interests without recognizing the long-term risks or consequences for themselves and others. Examples include financial rewards, prestige, and loyalty to employer and colleagues. <span><body><html>




Flashcard 1749066321164



Tags
#cosa-de-madera-session #has-images #reading-bata-blanca
Question
Hypothesis testing is part of [...], the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample).
Answer
statistical inference


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample).

Original toplevel document

Reading 12  Hypothesis Testing Intro
Analysts often confront competing ideas about how financial markets work. Some of these ideas develop through personal research or experience with markets; others come from interactions with colleagues; and many others appear in the professional literature on finance and investments. In general, how can an analyst decide whether statements about the financial world are probably true or probably false? When we can reduce an idea or assertion to a definite statement about the value of a quantity, such as an underlying or population mean, the idea becomes a statistically testable statement or hypothesis. The analyst may want to explore questions such as the following: Is the underlying mean return on this mutual fund different from the underlying mean return on its benchmark? Did the volatility of returns on this stock change after the stock was added to a stock market index? Are a security’s bid-ask spreads related to the number of dealers making a market in the security? Do data from a national bond market support a prediction of an economic theory about the term structure of interest rates (the relationship between yield and maturity)? To address these questions, we use the concepts and tools of hypothesis testing. Hypothesis testing is part of statistical inference, the process of making judgments about a larger group (a population) on the basis of a smaller group actually observed (a sample). The concepts and tools of hypothesis testing provide an objective means to gauge whether the available evidence supports the hypothesis. After a statistical test of a hypothesis we should have a clearer idea of the probability that a hypothesis is true or not, although our conclusion always stops short of certainty. Hypothesis testing has been a powerful tool in the advancement of investment knowledge and science. As Robert L. Kahn of the Institute for Social Research (Ann Arbor, Michigan) has written, “The mill of science grinds only when hypothesis and data are in continuous and abrasive contact.” The main emphases of this reading are the framework of hypothesis testing and tests concerning mean and variance, two quantities frequently used in investments. We give an








#has-images #manzana-session #reading-pure-de-manzana
If market prices do not fully incorporate information, then opportunities may exist to make a profit from the gathering and processing of information.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
If market prices do not fully incorporate information, then opportunities may exist to make a profit from the gathering and processing of information. The subject of market efficiency is, therefore, of great interest to investment managers

Original toplevel document

Reading 46  Market Efficiency (Intro)
Market efficiency concerns the extent to which market prices incorporate available information. If market prices do not fully incorporate information, then opportunities may exist to make a profit from the gathering and processing of information. The subject of market efficiency is, therefore, of great interest to investment managers, as illustrated in Example 1. EXAMPLE 1 Market Efficiency and Active Manager Selection The chief investment officer (CIO) of a major university endowment fund has listed eight steps in the active manager selection process that can be applied both to traditional investments (e.g., common equity and fixed-income securities) and to alternative investments (e.g., private equity, hedge funds, and real assets). The first step specified is the evaluation of market opportunity: What is the opportunity and why is it there? To answer this question we start by studying capital markets and the types of managers operating within those markets. We identify market inefficiencies and try to understand their causes, such as regulatory structures or behavioral biases. We can rule out many broad groups of managers and strategies by simply determining that the degree of market inefficiency necessary to support a strategy is implausible. Importantly, we consider the past history of active returns meaningless unless we understand why markets will allow those active returns to continue into the future.1 The CIO’s description underscores the importance of not assuming that past active returns that might be found in a historical dataset will repeat themselves in the future. Active returns refer to returns earned by strategies that do not assume that all information is fully reflected in market prices. Governments and market regulators also care about the extent to which market prices incorporate information. Efficient markets imply informative prices—prices that accurately reflect available information about fundamental values. In market-based economies, market prices help determine which companies (and which projects) obtain capital. If these prices do not efficiently incorporate information about a company’s prospects, then it is possible that funds will be misdirected. By contrast, prices that are informative help direct scarce resources and funds available for investment to their highest-valued uses.2 Informative prices thus promote economic growth. The efficiency of a country’s capital markets (in which businesses raise financing) is an important characteristic of a well-functioning financial system. The remainder of this reading is organized as follows. Section 2 provides specifics on how the efficiency of an asset market is described and discusses the factors affectin





#has-images #prerequisite-session #reading-codo
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.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
d 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. <span>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. <span><body><html>

Original toplevel document

Prerequisite Demand and Supply Analysis: Consumer Demand
By now it should be clear that economists are model builders. In the previous reading, we examined one of their 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. 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




#investopedia
Staggered boards need not be classified, but classified boards are inherently staggered.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Classified boards are often referred to as "staggered boards", although staggered boards and classified boards have somewhat different structures. Staggered boards need not be classified, but classified boards are inherently staggered.

Original toplevel document

Classified Board
DEFINITION of 'Classified Board' <span>A structure for a board of directors in which a portion of the directors serve for different term lengths, depending on their particular classification. Under a classified system, directors serve terms usually lasting between one and eight years; longer terms are often awarded to more senior board positions (i.e. chairman of the corporate governance committee). Classified boards are often referred to as "staggered boards", although staggered boards and classified boards have somewhat different structures. Staggered boards need not be classified, but classified boards are inherently staggered. BREAKING DOWN 'Classified Board' The classified board structure features continuity of direction and preservation of skill, but has come under




#investopedia
staggered boards and classified boards have somewhat different structures.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Classified boards are often referred to as "staggered boards", although staggered boards and classified boards have somewhat different structures. Staggered boards need not be classified, but classified boards are inherently staggered.

Original toplevel document

Classified Board
DEFINITION of 'Classified Board' <span>A structure for a board of directors in which a portion of the directors serve for different term lengths, depending on their particular classification. Under a classified system, directors serve terms usually lasting between one and eight years; longer terms are often awarded to more senior board positions (i.e. chairman of the corporate governance committee). Classified boards are often referred to as "staggered boards", although staggered boards and classified boards have somewhat different structures. Staggered boards need not be classified, but classified boards are inherently staggered. BREAKING DOWN 'Classified Board' The classified board structure features continuity of direction and preservation of skill, but has come under




Flashcard 1749077593356



Tags
#factors-affecting-relationships-and-cg #has-images #market-factors #reading-puerquito-verde
Question
[...] encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner.
Answer
Shareholder activism


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
Stakeholder relationships and corporate governance are continually shaped and influenced by a variety of market and non-market factors. Market Factors Shareholder engagement involves a company's interactions with its shareholders. It can provide benefits that include building support against short-term activist investors, countering negative recommendations from proxy advisory firms, and receiving greater support for management's position. Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management. Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.







Flashcard 1749079952652



Tags
#factors-affecting-relationships-and-cg #has-images #market-factors #reading-puerquito-verde
Question
[...] can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management.
Answer
Shareholder activism


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
Stakeholder relationships and corporate governance are continually shaped and influenced by a variety of market and non-market factors. Market Factors Shareholder engagement involves a company's interactions with its shareholders. It can provide benefits that include building support against short-term activist investors, countering negative recommendations from proxy advisory firms, and receiving greater support for management's position. Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management. Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.








#factors-affecting-relationships-and-cg #has-images #market-factors #puerquito-session #reading-puerquito-verde
Shareholder activism can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
Stakeholder relationships and corporate governance are continually shaped and influenced by a variety of market and non-market factors. Market Factors Shareholder engagement involves a company's interactions with its shareholders. It can provide benefits that include building support against short-term activist investors, countering negative recommendations from proxy advisory firms, and receiving greater support for management's position. Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management. Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.





#factors-affecting-relationships-and-cg #has-images #market-factors #puerquito-session #reading-puerquito-verde
Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
Stakeholder relationships and corporate governance are continually shaped and influenced by a variety of market and non-market factors. Market Factors Shareholder engagement involves a company's interactions with its shareholders. It can provide benefits that include building support against short-term activist investors, countering negative recommendations from proxy advisory firms, and receiving greater support for management's position. Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management. Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.





#factors-affecting-relationships-and-cg #has-images #market-factors #puerquito-session #reading-puerquito-verde
The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders.

statusnot read reprioritisations
last reprioritisation on reading queue position [%]
started reading on finished reading on


Parent (intermediate) annotation

Open it
Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders.

Original toplevel document

Subject 6. Factors Affecting Stakeholder Relationships and Corporate Governance
Stakeholder relationships and corporate governance are continually shaped and influenced by a variety of market and non-market factors. Market Factors Shareholder engagement involves a company's interactions with its shareholders. It can provide benefits that include building support against short-term activist investors, countering negative recommendations from proxy advisory firms, and receiving greater support for management's position. Shareholder activism encompasses a range of strategies that may be used by shareholders seeking to compel a company to act in a desired manner. It can take any of several forms: proxy battles, public campaigns, shareholder resolutions, litigation, and negotiations with management. Corporate takeovers can happen in different ways: proxy contest or proxy fight, tender offer, hostile takeover, etc. The justification for the use of various anti-takeover defenses should rest on the support of the majority of shareholders and on the demonstration that preservation of the integrity of the company is in the long-term interests of shareholders. Non-Market Factors These factors include the legal environment, the media, and the corporate governance industry itself.