Ch04-4e Essentials of Investment
Ch05-4e Essentials of Investment
• Non-Life Companies
– Invest premiums not paid back to policyholders for loss – Hedge against potential claims
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
11
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Investment Policy: Active or Passive
Active Trying to secure better than average performance Must balance returns and costs Passive Trying to get average returns rather than do better than the market Mix of Passive and Active
2
Bodie • Kane • Marcus
Essentials of Investments
商务英语综合教程第四册Unit 4 International Risks
entrant n. 进入者；新会员；参加竞赛者；新工作者 例：That's because only a few system calls can be safely called inside
2. Porter defines them as: threat of new entrants in the industry, threat of substitute goods and services, intensity of competition within the industry, bargaining power of suppliers, and bargaining power of consumers.
Exercise: I. Answer the following questions according to the text:
1. What is the main topic of the passage?
The topic of the passage is Risks in International Business.
2. What do you know about the international risks?
Just as there are reasons to get into global markets, and benefits from global markets, there are also risks involved in locating companies in certain countries. Each country may have its potentials; it also has its woes that are associated with doing business with major companies. Some of the rogue countries may have all the natural minerals but the risks involved in doing business in those countries exceed the benefits.
可持续性资本理论
B OSTON U NIVERSITY Center for Energy and Environmental Studies Working Papers SeriesNumber 9501 September 1995 THE CAPITAL THEORY APPROACH TO SUSTAINABILITY:A CRITICAL APPRAISALbyDavid Stern675 Commonwealth Avenue, Boston MA 02215Tel: (617) 353-3083Fax: (617) 353-5986E-Mail: dstern@WWW: /sterncv.htmlThe Capital Theory Approach to Sustainability:A Critical AppraisalDavid I. SternBoston UniversityNovember 1995______________________________________________________________________________ Center for Energy and Environmental Studies, Boston University, 675 Commonwealth Avenue, Boston MA 02215, USA. Tel: (617) 353 3083 Fax: (617) 353 5986, E-Mail: dstern@The Capital Theory Approach to Sustainability:A Critical Appraisal______________________________________________________________________________ SummaryThis paper examines critically some recent developments in the sustainability debate. The large number of definitions of sustainability proposed in the 1980's have been refined into a smaller number of positions on the relevant questions in the 1990's. The most prominent of these are based on the idea of maintaining a capital stock. I call this the capital theory approach (CTA). Though these concepts are beginning to inform policies there are a number of difficulties in applying this approach in a theoretically valid manner and a number of critics of the use of the CTA as a guide to policy. First, I examine the internal difficulties with the CTA and continue to review criticisms from outside the neoclassical normative framework. The accounting approach obscures the underlying assumptions used and gives undue authoritativeness to the results. No account is taken of the uncertainty involved in sustainability analysis of any sort. In addition, by focusing on a representative consumer and using market (or contingent market) valuations of environmental resources, the approach (in common with most normative neoclassical economics) does not take into account distributional issues or accommodate alternative views on environmental values. Finally, I examine alternative approaches to sustainability analysis and policy making. These approaches accept the open-ended and multi-dimensional nature of sustainability and explicitly open up to political debate the questions that are at risk of being hidden inside the black-box of seemingly objective accounting.I.INTRODUCTIONThe Brundtland Report (WCED, 1987) proposed that sustainable development is "development that meets the needs of the present generation while letting future generations meet their own needs". Economists initially had some difficulty with this concept, some dismissing it1 and others proliferating a vast number of alternative definitions and policy prescriptions (see surveys by: Pezzey, 1989; Pearce et al., 1989; Rees, 1990; Lélé, 1991).In recent years, economists have made some progress in articulating their conception of sustainability. The large number of definitions of sustainability proposed in the 1980's have been refined into a smaller number of positions on the relevant questions in the 1990's. There is agreement that sustainability implies that certain indicators of welfare or development are non-declining over the very long term, that is development is sustained (Pezzey, 1989). Sustainable development is a process of change in an economy that does not violate such a sustainability criterion. Beyond this, the dominant views are based on the idea of maintaining a capital stock as a prerequisite for sustainable development. Within this school of thought there are opposing camps which disagree on the empirical question of the degree to which various capital stocks can be substituted for each other, though there has been little actual empirical research on this question.There is a consensus among a large number of economists that the CTA is a useful means of addressing sustainability issues.2 Capital theory concepts are beginning to inform policy, as in the case of the UN recommendations on environmental accounting and the US response to them (Beardsley, 1994; Carson et al., 1994; Steer and Lutz, 1993). There are, however, a growing number of critics who question whether this is a useful way to address sustainability (eg. Norgaard, 1991; Amir, 1992; Common and Perrings, 1992; Karshenas, 1994; Pezzey, 1994; Common and Norton, 1994; Faucheux et al., 1994; Common, 1995). The literature on sustainable development and sustainability is vast and continually expanding. There are also a large number ofsurveys of that literature (eg. Tisdell, 1988; Pearce et al., 1989; Rees, 1990; Simonis, 1990; Lélé, 1991; Costanza and Daly, 1992; Pezzey, 1992; Toman et al., 1994). I do not intend to survey this literature.The aim of this paper is to present a critique of the capital theory approach to sustainability (CTA henceforth) as a basis for policy. This critique both outlines the difficulties in using and applying the CTA from a viewpoint internal to neoclassical economics and problems with this approach from a viewpoint external to neoclassical economics. I also suggest some alternative approaches to sustainability relevant analysis and policy. The neoclasscial sustainability literature generally ignores the international dimensions of the sustainability problem. I also ignore this dimension in this paper.The paper is structured as follows. In the second section, I discuss the background to the emergence of the capital theory approach, while the third section briefly outlines the basic features of the approach. The fourth section examines the limitations of the CTA from within the viewpoint of neoclassical economics and the debate between proponents of "weak sustainability" and "strong sustainability". The following sections examine the drawbacks of this paradigm from a viewpoint external to neoclassical economics and discuss alternative methods of analysis and decision-making for sustainability. The concluding section summarizes the principal points.SHIFTING DEBATE: EMERGENCE OF THE CAPITAL THEORY II. THEAPPROACHMuch of the literature on sustainable development published in the 1980's was vague (see Lélé, 1991; Rees, 1990; Simonis, 1990). There was a general lack of precision and agreement in defining sustainability, and outlining appropriate sustainability policies. This confusion stemmed in part from an imprecise demarcation between ends and means. By "ends" I mean the definition ofsustainability ie. what is to be sustained, while "means" are the methods to achieve sustainability or necessary and/or sufficient conditions that must be met in order to do the same. As the goal of policy must be a subjective choice, considerable debate surrounded and continues to surround the definition of sustainability (eg. Tisdell, 1988). As there is considerable scientific uncertainty regarding sustainability possibilities, considerable debate continues to surround policies to achieve any given goal.Sharachchandra Lélé (1991) stated that "sustainable development is in real danger of becoming a cliché like appropriate technology - a fashionable phrase that everyone pays homage to but nobody cares to define" (607). Lélé pointed out that different authors and speakers meant very different things by sustainability, and that even UNEP's and WCED's definitions of sustainable development were vague, and confused ends with means. Neither provided any scientific examination of whether their proposed policies would lead to increased sustainability. "Where the sustainable development movement has faltered is in its inability to develop a set of concepts, criteria and policies that are coherent or consistent - both externally (with physical and social reality) and internally (with each other)." (613). Judith Rees (1990) expressed extreme skepticism concerning both sustainable development and its proponents. “It is easy to see why the notion of sustainable development has become so popular ... No longer does environmental protection mean sacrifice and confrontation with dominant materialist values” (435). She also argued that sustainable development was just so much political rhetoric. A UNEP report stated: "The ratio of words to action is weighted too heavily towards the former" (quoted in Simonis, 1990, 35). In the early days of the sustainability debate, vagueness about the meaning of sustainability was advantageous in attracting the largest constituency possible, but in the longer run, greater clarity is essential for sustaining concern.In the 1990's many people have put forward much more precisely articulated definitions of sustainable development, conditions and policies required to achieve sustainability, and criteria toassess whether development is sustainable. This has coincided with a shift from a largely politically-driven dialogue to a more theory-driven dialogue. With this has come a clearer understanding of what kinds of policies would be required to move towards alternative sustainability goals, and what the limits of our knowledge are. There is a stronger awareness of the distinction between ends and means. Most, but not all (eg. Amir, 1992), analysts agree that sustainable development is a meaningful concept but that the claims of the Brundtland Report (WCED, 1987) that growth just had to change direction were far too simplistic.There is a general consensus, especially among economists, on the principal definition of sustainable development used by David Pearce et al. (1989, 1991): Non-declining average human welfare over time (Mäler, 1991; Pezzey, 1992; Toman et al., 1994).3 This definition of sustainability implies a departure from the strict principle of maximizing net present value in traditional cost benefit analysis (Pezzey, 1989), but otherwise it does not imply a large departure from conventional economics. John Pezzey (1989, 1994) suggests a rule of maximizing net present value subject to the sustainability constraint of non-declining mean welfare. It encompasses many but not all definitions of sustainability. For example, it excludes a definition of sustainability based on maintaining a set of ecosystem functions, which seems to be implied by the Holling-sustainability criterion (Common and Perrings, 1992; Holling, 1973, 1986) or on maintaining given stocks of natural assets irrespective of any contribution to human welfare. A sustainable ecosystem might not be an undesirable goal but it could be too strict a criterion for the goal of maintaining human welfare (Karshenas, 1994) and could in some circumstances lead to declining human welfare. Not all ecosystem functions and certainly not all natural assets may be necessary for human welfare. Some aspects of the natural world such as smallpox bacteria may be absolutely detrimental to people. In the context of the primary Pearce et al. definition, the Holling-sustainability criterion is a means not an end.The advantage of formalizing the concept of sustainability is that this renders it amenable to analysis by economic theory (eg. Barbier and Markandya, 1991; Victor, 1991; Common and Perrings, 1992; Pezzey, 1989, 1994; Asheim, 1994) and to quantitative investigations (eg. Repetto et al., 1989; Pearce and Atkinson, 1993; Proops and Atkinson, 1993; Stern, 1995). Given the above formal definition of sustainability, many economists have examined what the necessary or sufficient conditions for the achievement of sustainability might be. Out of this activity has come the CTA described in the next section. The great attractiveness of this new approach is that it suggests relatively simple rules to ensure sustainability and relatively simple indicators of sustainability. This situation has seemingly cleared away the vagueness that previously attended discussions of sustainability and prompted relatively fast action by governments and international organizations to embrace specific goals and programs aimed at achieving this notion of the necessary conditions for sustainability.III. THE ESSENCE OF THE CAPITAL THEORY APPROACHThe origins of the CTA are in the literature on economic growth and exhaustible resources that flourished in the 1970s, exemplified by the special issue of the Review of Economic Studies published in 1974 (Heal, 1974). Robert Solow (1986) built on this earlier literature and the work of John Hartwick (1977, 1978a, 1978b) to formalize the constant capital rule. In these early models there was a single non-renewable resource and a stock of manufactured capital goods. A production function produced a single output, which could be used for either consumption or investment using the two inputs. The elasticity of substitution between the two inputs was one which implied that natural resources were essential but that the average product of resources could rise without bound given sufficient manufactured capital.The models relate to the notion of sustainability as non-declining welfare through the assumption that welfare is a monotonically increasing function of consumption (eg. Mäler, 1991). The path ofconsumption over time (and therefore of the capital stock) in these model economies depends on the intertemporal optimization rule. Under the Rawlsian maxi-min condition consumption must be constant. No net saving is permissible as this is regarded as an unjust burden on the present generation. Under the Ramsey utilitarian approach with zero discounting consumption can increase without bound (Solow, 1974). Here the present generation may be forced to accept a subsistence standard of living if this can benefit the future generations however richer they might be. Paths that maximize net present value with positive discount rates typically peak and then decline so that they are not sustainable (Pezzey, 1994). Pezzey (1989) suggested a hybrid version which maximizes net present value subject to an intertemporal constraint that utility be non-declining. In this case utility will first increase until it reaches a maximum sustainable level. This has attracted consensus as the general optimizing criterion for sustainable development. Geir Asheim (1991) derives this condition more formally.Under the assumption that the elasticity of substitution is one, non-declining consumption depends on the maintenance of the aggregate capital stock ie. conventional capital plus natural resources, used to produce consumption (and investment) goods (Solow, 1986). Aggregate capital, W t,and the change in aggregate capital are defined by:W t=p Kt K t + p Rt S t (1)∆W t=p Kt∆K t + p Rt R t (2)where S is the stock of non-renewable resources and R the use per period. K is the manufactured capital stock and the p i are the relevant prices. In the absence of depreciation of manufactured capital, maintenance of the capital stock implies investment of the rents from the depletion of the natural resource in manufactured capital - the Hartwick rule (Hartwick 1977, 1978a, 1978b). Income is defined using the Hicksian notion (Hicks, 1946) that income is the maximum consumption in a period consistent with the maintenance of wealth. Sustainable income is,therefore, the maximum consumption in a period consistent with the maintenance of aggregate capital intact (Weitzman, 1976; Mäler, 1991) and for a flow of income to be sustainable, the stock of capital needs to be constant or increasing over time (Solow, 1986).The initial work can be extended in various ways. The definition of capital that satisfies these conditions can be extended to include a number of categories of "capital": natural, manufactured, human, and institutional.4 Natural capital is a term used by many authors (it seems Smith (1977) was the first) for the aggregate of natural resource stocks that produce inputs of services or commodities for the economy. Some of the components of natural capital may be renewable resources. Manufactured capital refers to the standard neoclassical definition of "a factor of production produced by the economic system" (Pearce, 1992). Human capital also follows the standard definition. Institutional capital includes the institutions and knowledge necessary for the organization and reproduction of the economic system. It includes the ethical or moral capital referred to by Fred Hirsch (1976) and the cultural capital referred to by Fikret Berkes and Carl Folke (1992). For convenience I give the name 'artificial capital' to the latter three categories jointly. None of these concepts is unproblematic and natural capital is perhaps the most problematic. Technical change and population growth can also be accommodated (see Solow, 1986).Empirical implementation of the CTA tends to focus on measurement of sustainable income (eg. El Serafy, 1989; Repetto, 1989) or net capital accumulation (eg. Pearce and Atkinson, 1993; Proops and Atkinson, 1993) rather than on direct estimation of the capital stock.5 The theoretical models that underpin the CTA typically assume a Cobb-Douglas production function with constant returns to scale, no population growth, and no technological change. Any indices of net capital accumulation which attempt to make even a first approximation to reality must take these variables into account. None of the recent empirical studies does so. For example, David Pearce and Giles Atkinson (1993) present data from eighteen countries on savings and depreciation of natural andmanufactured capital as a proportion of GNP. They demonstrate that only eight countries had non-declining stocks of total capital, measured at market prices, and thus passed a weak sustainability criterion of a constant aggregate capital stock, but their methodology ignores population growth, returns to scale or technological change.IV.INTERNAL APPRAISAL OF THE CAPITAL THEORY APPROACHIn this section, I take as given the basic assumptions and rationale of neoclassical economics and highlight some of the technical problems that are encountered in using the CTA as an operational guide to policy. From a neoclassical standpoint these might be seen as difficulties in the positive theory that may lead to difficulties in the normative theory of sustainability policy. In the following section, I take as given solutions to these technical difficulties and examine some of the problems inherent in the normative neoclassical approach to sustainability.a.Limits to Substitution in Production and "Strong Sustainability"Capital theorists are divided among proponents of weak sustainability and strong sustainability. This terminology is confusing as it suggests that the various writers have differing ideas of what sustainability is.6 In fact they agree on that issue, but differ on what is the minimum set of necessary conditions for achieving sustainability. The criterion that distinguishes the categories is the degree of substitutability believed to be possible between natural and artificial capital.7The weak sustainability viewpoint follows from the early literature and holds that the relevant capital stock is an aggregate stock of artificial and natural capital. Weak sustainability assumes that the elasticity of substitution between natural capital and artificial capital is one and therefore that there are no natural resources that contribute to human welfare that cannot be asymptotically replaced by other forms of capital. Reductions in natural capital may be offset by increases inartificial capital. It is sometimes implied that this might be not only a necessary condition but also a sufficient condition for achieving sustainability (eg. Solow, 1986, 1993).Proponents of the strong sustainability viewpoint such as Robert Costanza and Herman Daly (1992) argue that though this is a necessary condition for sustainability it cannot possibly be a sufficient condition. Instead, a minimum necessary condition is that separate stocks of aggregate natural capital and aggregate artificial capital must be maintained. Costanza and Daly (1992) state: "It is important for operational purposes to define sustainable development in terms of constant or nondeclining total natural capital, rather than in terms of nondeclining utility" (39).8 Other analysts such as members of the "London School" hold views between these two extremes (see Victor, 1991). They argue that though it is possible to substitute between natural and artificial capital there are certain stocks of "critical natural capital" for which no substitutes exist. A necessary condition for sustainability is that these individual stocks must be maintained in addition to the general aggregate capital stock.The weak sustainability condition violates the Second Law of Thermodynamics, as a minimum quantity of energy is required to transform matter into economically useful products (Hall et al., 1986) and energy cannot be produced inside the economic system.9 It also violates the First Law on the grounds of mass balance (Pezzey, 1994). Also ecological principles concerning the importance of diversity in system resilience (Common and Perrings, 1992) imply that minimum quantities of a large number of different capital stocks (eg. species) are required to maintain life support services. The London School view and strong sustainability accommodate these facts by assuming that there are lower bounds on the stocks of natural capital required to support the economy, in terms of the supply of materials and energy, and in terms of the assimilative capacity of the environment, and that certain categories of critical natural capital cannot be replaced by other forms of capital.Beyond this recognition it is an empirical question as to how far artificial capital can substitute for natural capital. There has been little work on this at scales relevant to sustainability. However, the econometric evidence from studies of manufacturing industry suggest on the whole that energy and capital are complements (Berndt and Wood, 1979).In some ways the concept of maintaining a constant stock of aggregate natural capital is even more bizarre than maintaining a non-declining stock of total capital. It seems more reasonable to suggest that artificial capital might replace some of the functions of natural capital than to suggest that in general various natural resources may be substitutes for each other. How can oil reserves substitute for clean air, or iron deposits for topsoil? Recognizing this, some of the strong sustainability proponents have dropped the idea of maintaining an aggregate natural capital stock as proposed by Costanza and Daly (1992) and instead argue that minimum stocks of all natural resources should be maintained (Faucheux and O'Connor, 1995). However, this can no longer really be considered an example of the CTA. Instead it is an approach that depends on the concept of safe minimum standards or the precautionary principle. The essence of the CTA is that some aggregation of resources using monetary valuations is proposed as an indicator for sustainability.The types of models which admit an index of aggregate capital, whether aggregate natural capital or aggregate total capital, is very limited. Construction of aggregate indices or subindices of inputs depend on the production function being weakly separable in those subgroups (Berndt and Christensen, 1973). For example it is only possible to construct an index of aggregate natural capital if the marginal rate of substitution between two forms of natural capital is independent of the quantities of labor or capital employed. This seems an unlikely proposition as the exploitation of many natural resources is impractical without large capital stocks. For example, in the production of caught fish, the marginal rate of substitution, and under perfect competition the price ratio, between stocks of fresh water fish and marine fish should be independent of the number of fishingboats available. This is clearly not the case. People are not likely to put a high value on the stock of deep sea fish when they do not have boats to catch them with.If substitution is limited, technological progress might reduce the quantity of natural resource inputs required per unit of output. However, there are arguments that indicate that technical progress itself is bounded (see Pezzey, 1994; Stern, 1994). One of these (Pezzey, 1994) is that, just as in the case of substitution, ultimately the laws of thermodynamics limit the minimization of resource inputs per unit output. Stern (1994) argues that unknown useful knowledge is itself a nonrenewable resource. Technological progress is the extraction of this knowledge from the environment and the investment of resources in this activity will eventually be subject to diminishing returns.Limits to substitution in production might be thought of in a much broader way to include nonlinearities and threshold effects. This view is sometimes described as the "ecological" viewpoint on sustainability (Common and Perrings, 1992; Common, 1995) or as the importance of maintaining the "resilience" of ecological systems rather than any specific stocks or species. This approach derives largely from the work of Holling (1973, 1986). In this view ecosystems are locally stable in the presence of small shocks or perturbations but may be irreversibly altered by large shocks. Structural changes in ecosystems such as those that come about through human interference and particularly simplification, may make these systems more susceptible to losing resilience and being permanently degraded. There is clearly some substitutability between species or inorganic elements in the role of maintaining ecosystem productivity, however, beyond a certain point this substitutability may suddenly fail to hold true. This approach also asks us to look at development paths as much less linear and predictable than is implied in the CTA literature.All things considered, what emerges is a quite different approach to sustainability policy. It is probable that substitution between natural and artificial capital is limited, as is ultimately technicalchange. Additionally the joint economy-ecosystem system may be subject to nonlinear dynamics. This implies that eventually the economy must approach a steady state where the volume of physical economic activity is dependent on the maximum economic and sustainable yield of renewable resources or face decline ie. profit (or utility) maximizing use of renewable resources subject to the sustainability constraint. As in Herman Daly's vision (Daly, 1977) qualitative change in the nature of economic output is still possible. Sustainability policy would require not just maintaining some stocks of renewable resources but also working to reduce "threats to sustainability" (Common, 1995) that might cause the system to pass over a threshold and reduce long-run productivity.The notion of Hicksian income originally applied to an individual price-taking firm (Faucheux and O'Connor, 1995). However, even here it is not apparent that the myopic policy of maintaining capital intact from year to year is the best or only way to ensure the sustainability of profits into the future. If a competing firm makes an innovation that renders the firm's capital stock obsolete, the latter's income may drop to zero. This is despite it previously following a policy of maintaining its capital intact. The firm's income measured up to this point is clearly seen to be unsustainable. In fact its policy has been shown to be irrelevant to long-run sustainability. In the real world firms will carry out activities that may not contribute to the year to year maintenance of capital and will reduce short-run profits such as research and development and attempts to gain market share.10 These activities make the firm more resilient against future shocks and hence enhance sustainability.b.Prices for AggregationSupposing that the necessary separability conditions are met so that aggregation of a capital stock is possible, analysts still have to obtain an appropriate set of prices so that the value of the capital stock is a sustainability relevant value. The CTA is more or less tautological if we use the "right" prices. However, these correct "sustainability prices" are unknown and unknowable. A number of。
CH04-Supply Chain Management
• Counteract Change the way suppliers forecast product demand by making this information available at all levels of the supply chain. Share real demand information (POS terminals) Eliminate order batching. Stabilize pricing. Eliminate gaming.
• Supply Chain Management is the vital business function that coordinates all of the network links. Coordinates movement of goods through supply chain from suppliers to manufacturers to distributors. Promotes information sharing along chain like forecasts, sales data, and promotions.
traffic management – arranging the method of shipment for both incoming and outgoing products or material distribution management – movement of material from manufacturer to the customer
• Bullwhip effect - the inaccurate or distorted demand information created in the supply chain
Essentials of Investments (4)
Potential disadvantages
4-27
4.7 MUTUAL FUND INVESTMENT PERFORMANCE: A FIRST LOOK
4-28
Mutual Fund Performance
Fee Structure
– Front-end load – Back-end load
Operating expenses 12 b-1 charges
– distribution costs paid by the fund – Alternative to a load
Fees and performance
4-13
Table 4.1 Mutual Funds by Investment Classification
4-14
How Funds Are Sold
Directly marketed Sales force distributed Revenue sharing on sales force distributed
Evidence shows that average mutual fund performance is generally less than broad market performance Evidence suggests that over certain horizons some persistence in positive performance
Calculation: Market Value of Assets - Liabilities Shares Outstanding
国际财务管理(英文)_PPT_ch04
Real interest rate Nominal interest rate Inflation rate
10
© 2010 South-Western/Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
4
Exchange Rate Determination
Chapter Objectives
This chapter will:
A. Explain how exchange rate movements are measured
B. Explain how the equilibrium exchange rate is determined C. Examine factors that determine the equilibrium exchange rate D. Explain the movement in cross exchange rates
Exhibit 4.3 Supply Schedule of British Pounestern/Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
财务管理(英文第十三版)Ch 4_sheena
Cash Flow: only the face value received
at maturity.
Fundamentals of Financial
22
Management /12th Edition
Zero-Coupon Bond
and face value at maturity
V=
I
(1 + kd)1
I
I + MV
+ (1 + kd)2 + ... + (1 + kd)n
nI
=S t=1
(1 + kd)t
+
MV
(1 + kd)n
V = I (PVIFA kd, n) + MV (PVIF kd, n)
Fundamentals of Financial
Types of Bonds
A non-zero coupon-paying bond is a bond has a finite maturity and the bondholder receive interest payment and face value at maturity
Cash Flow: not only the fixed annual interest payment, but also the face value at maturity.
V = $120 (PVIFA10%, 30) + $1,000 (PVIF10%, 30) = $120 (9.427) + $1,000 (.057)
[Table IV]
[Table II]
= $1131.24 + $57
Investment 4 投资学
shares purchased. Value” or “ NAV”.
The value of each share is called “ Net Asset Calculation:
4-6
NET ASSET VALUE: EXAMPLE 4.1
Consider a mutual fund that manages a portfolio
4-9
TYPES OF INVESTMENT COMPANIES
Managed Investment Companies Open-End funds
Fund issues new shares when investors buy and
redeems shares when investors cash out Priced at Net Asset Value (NAV) Do not trade on exchanges Investors buy and liquidate through the investment company at net asset value Mutual Funds are known as Unit Trusts in some countries such as Singapore, Malaysia, and Australia
Exchanged-traded funds(ETFs)
4-3
INVESTMENT COMPANIES
Financial intermediaries that collect funds
from individual investors and invest in a wide range of securities or other assets.
道德与投资4
中英双语杂志2001/12/20Investing in Vices道德与投资（4）Power Sources[13] Nuclear power is another issue that people feel strongly about. In the wake of Chernobyl and Three Mile Island, I can't argue that it's wrong to be concerned about the safety of nuclear plants. And yet, I believe people forget the hundreds of injuries and the massive pollution caused by oil-and coal-fueled electrical generating plants. Nuclear power, at least potentially, is a less polluting energy source than most of its competitors.[14] The green so of cutting hack on energy use strikes me as misguided. Economic opportunity and social justice are much easier to achieve in an expanding economy. And an expanding economy virtually requires abundant energy.[15] Alcohol, to some people, is the worst villain. And yet, when the nation tried to ban alcohol during prohibition, the experiment proved a failure. I can't resist adding that moderate drinkers have much lower death rates from heart attack than teetotalers.[16] There are no liquor stocks I want to own presently. But at the right price, I would own one.动力源：核动力是另外一个引起人们强烈关注的问题。
bvi公司法2004中英文对照
bvi公司法2004中英文对照BVI公司法2004是英属维尔京群岛（British Virgin Islands，简称BVI）的一部重要法律，对该地区的公司设立、运营和管理等方面进行了规范。
下面将对该法律的中英文进行对照，以便更好地理解和应用。
第一章：公司的设立和注册第一节：公司的设立第1条：公司的设立(1) 任何一个或多个自然人或法人，根据本法的规定，可以设立一家公司。
(2) 公司的设立必须通过注册登记。
(3) 公司的设立应当遵守本法和其他适用的法律。
Section 1: Establishment of a CompanyArticle 1: Establishment of a Company(1) Any one or more natural persons or legal entities may establish a company in accordance with the provisions of this Law.(2) The establishment of a company must be registered.(3) The establishment of a company shall comply with this Law andother applicable laws.第二节：公司的名称第2条：公司的名称(1) 公司的名称必须以“有限公司”或“有限责任公司”结尾。
(2) 公司的名称不得与已经注册的公司名称相同或相似，以免引起混淆。
(3) 公司的名称不得包含违反公共秩序或道德的内容。
Section 2: Company NameArticle 2: Company Name(1) The name of a company must end with "Limited" or "Limited Liability Company".(2) The name of a company shall not be identical or similar to that of a registered company, so as to avoid confusion.(3) The name of a company shall not contain content that violates public order or morals.第三节：公司的注册登记第3条：公司的注册登记(1) 公司的注册登记应当向注册机关提出申请，并提交相关文件和资料。
ch04 理解利率 双语分析
payment loan might require you to pay $126
every year for 25 years.
Slide 4–16
• 3. A coupon bond 息票债券 pays the owner of the bond a fixed interest payment (coupon payment) every year until the maturity date, when a specified final amount (face value or par value 面值) is repaid.息票债券持有人在到 期前定期（每年、半年或每季）要得到定额的利 息支付，到期则要收回票面金额和到期当年的利 息支付。 • The coupon payment is so named because the bondholder used to obtain payment by clipping a coupon off the bond and sending it to the bond issuer, who then sent the payment to the holder. Nowadays, it is no longer necessary to send in coupons to receive these payments.
Slide 4–19
• These four types of instruments require payments at different times: Simple loans and discount bonds make payment only at their maturity dates, whereas fixed-payment loans and coupon bonds have payments periodically until maturity. • How would you decide which of these instruments provides you with more income? • To solve this problem, we use the concept of present value, explained earlier, to provide us with a procedure for measuring interest rates on these different types of instruments.
nec4合同中英文对照
nec4合同中英文对照The NEC4 Contract: A Comprehensive Guide。
The NEC4 Contract, also known as the New Engineering Contract 4th Edition, is a widely used standard form of contract in the construction industry. It provides a framework for effective project management and promotes collaboration between the parties involved. This article aims to provide a detailed comparison of the NEC4 Contract in both English and Chinese versions.1. Introduction。
The NEC4 Contract is renowned for its flexibility, clarity, and emphasis on risk management. It is designed to be user-friendly and adaptable to a wide range of construction projects. The contract is divided into several sections, each addressing different aspects of the project, such as contract data, scope, time, quality, payment, and dispute resolution.2. Contract Data。
选择性必修第四册 Unit 4 Everyday economics(教师版)
Ⅰ.阅读单词——会意1．forehead n．额，前额2．chairwoman n．女主席；女会长3．sunrise n．日出(时分)；黎明；拂晓4．bug n．突然的兴趣，迷恋5．input n．投入(物)6．phase n．阶段，时期7．manufacturer n．制造商；制造公司，制造厂8．cosmetics n．化妆品，美容品9．bonus n．奖金；红利10．entrepreneurial adj.创业的，具有创业精神的11．equator n．赤道12．estate n．庄园13．calorie n．卡(路里)14．freshman n．(高中或大学的)一年级学生15．afloat adj.经济上周转得开的；不欠债的16．rational adj.(想法、决定等)合理的，基于理性的17．toddler n．学步的儿童，刚学走路的小孩18．designer clothes名牌服装19．thereby ad v.因此，由此20．supervision n．监督；管理21．theft n．偷窃，偷盗22．purse n．(女式)钱包Ⅱ.重点单词——记形1．blank adj.无表情的，木然的2．potential n．(事物的)潜力，可能性3．obstacle n．障碍，阻碍，妨碍4．purchase v．购买5．superior adj.质量上乘的，优质的6．mild adj.不浓烈的，淡的7．subjective adj.主观的8．interfere v．介入；干涉9．exceed v．超过，超出10．hire v．(短期的)租用，租借11．expense n．费用，花费12．abuse n．滥用Ⅲ.拓展单词——悉变1．dizzy adj.头晕目眩的→dizzily ad v.眩晕地→dizziness n．头昏眼花2．enterprising adj.有创业精神的；有事业心的；有进取心的→enterprise n．企业；事业；进取心3．distribution n．(商品的)分销，经销→distribute v t.分销；分发→distributor n．经销商；分销商4．guidance n．指导，引导→guide v．指导；带领n．向导；导游5．consultant n．顾问→consult v．咨询；商量；查阅6．conventional adj.传统的，常规的→convention n．习俗；常规；惯例7．discriminate v．不公正地区别对待，歧视→discrimination n．歧视8．financial adj.财政的，金融的；财务的→finance n．财政；金融9．accumulate v．积累，积聚→accumulation n．积累10．automatically ad v.自动地→automatic adj.自动的→automate v．使自动化11．sorrow n．令人悲伤的事，不幸→sorrowful adj.使人伤心的；悲伤的12．frustration n．懊丧，懊恼，沮丧→frustrate v t.使沮丧→frustrated adj.沮丧的→frustrating adj.令人沮丧的1．snatch /snætʃ/v t.强夺；攫取；偷窃2．ample /'æmpl/adj.充足的；丰裕的3．robbery /'rɒbəri/n．抢劫；掠夺4．queue /kjuː/n．(人、汽车等的)队、行列v i.排队(等候)5．scheme /skiːm/n．方案；体系；阴谋v i.& v t.密谋；图谋6．weird /w Iəd/adj.古怪的；不寻常的；怪诞的7．debut (also début) /'de I bjuː/n．& v i.(演员、运动员的)首次亮相；初次登台make one’s debut首次亮相8．refine /r I'fa I n/v t.完善；改进；提炼9．adhere /əd'h Iə(r)/v i.黏附；附着adhere to遵循；信守10．trivial /'tr I viəl/adj.琐碎的；微不足道的Ⅳ.背核心短语1．make ends meet使收支仅能相抵2．interfere with妨碍，阻止3．go into debt陷入债务之中，负债4．rent out出租(房屋、房间、土地等)5．at the expense of以损害……为代价6．as to至于，关于7．a world away from与……相差甚远；完全不同8．row upon row鳞次栉比9．be bitten by the...bug爱上……；对……迷恋10．response to对……的反应11．at rock-bottom prices以最低价12．do a further favour再帮个忙Ⅴ.悟经典句式1．Though she welcomes the new entrepreneurial spirit，she advises that people be realistic and seek guidance from expert consultants before rushing into things.[advise that sb (should) do]尽管她希望看到新的创业精神的涌现，但她也建议人们要现实一些，在仓促行事之前先寻求专业顾问的指导。
香港会计准则第40号
HKAS 40 (December 2004October 2008)Hong Kong Accounting Standard 40Investment PropertyAn entity shall apply amendments resulting from Improvements to HKFRSs issued in October 2008 for annual periods beginning on or after 1 January 2009.HKAS 40 COPYRIGHT© Copyright 2008 Hong Kong Institute of Certified Public AccountantsThis Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong.All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at.HKAS 40 (December 20042007)ContentsHong Kong Accounting Standard 40Investment Propertyparagraphs OBJECTIVE1 SCOPE2-4 DEFINITIONS5-15 RECOGNITION16-19 MEASUREMENT AT RECOGNITION 20-29 MEASUREMENT AFTER RECOGNITION 30-56 Accounting Policy 30-32 Fair Value Model 33-55 Inability to Determine Fair Value Reliably 53-55 Cost Model 56 TRANSFERS 57-65 DISPOSALS 66-73 DISCLOSURE 74-79 Fair Value Model and Cost Model74-75 Fair Value Model76-78 Cost Model79 TRANSITIONAL PROVISIONS 80-84 Fair Value Model80-82 Cost Model83-84 EFFECTIVE DATE 85-85A WITHDRAWAL OF SSAP 13 86 APPENDIX:Amendments resulting from other HKFRSsComparison with International Accounting StandardsBASIS FOR CONCLUSIONSHong Kong Accounting Standard 40 Investment Property (HKAS 40) is setout in paragraphs 1-86. All the paragraphs have equal authority. HKAS 40shall be read in the context of its objective and the Basis for Conclusions, thePreface to Hong Kong Financial Reporting Standards and the Framework forthe Preparation and Presentation of Financial Standards. HKAS 8Accounting Policies, Changes in Accounting Estimates and Errors providesa basis for selecting and applying accounting policies in the absence ofexplicit guidance.Hong Kong Accounting Standard 40Investment PropertyObjective1. The objective of this Standard is to prescribe the accounting treatment for investment propertyand related disclosure requirements.Scope2. This Standard shall be applied in the recognition, measurement and disclosure ofinvestment property.3. Among other things, this Standard applies to the measurement in a lessee’s financialstatements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in HKAS 17 Leases, including:(a) classification of leases as finance leases or operating leases;(b) recognition of lease income from investment property (see also HKAS 18 Revenue);(c) measurement in a lessee’s financial statements of property interests held under alease accounted for as an operating lease;(d) measurement in a lessor’s financial statements of its net investment in a finance lease;(e) accounting for sale and leaseback transactions; and(f) disclosure about finance leases and operating leases.4. This Standard does not apply to: (a) biological assets related to agricultural activity (see HKAS41 Agriculture); and (b) mineral rights and mineral reserves such as oil, natural gas and similarnon-regenerative resources.Definitions5. The following terms are used in this Standard with the meanings specified:Carrying amount is the amount at which an asset is recognised in the balance sheet.Cost is the amount of cash or cash equivalents paid or the fair value of otherconsideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised inaccordance with the specific requirements of other HKFRS, e.g. HKFRS 2 Share-basedPayment.Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capitalappreciation or both, rather than for:(a) use in the production or supply of goods or services or for administrativepurposes; or(b) sale in the ordinary course of business.property is property held (by the owner or by the lessee under a finance Owner-occupiedlease) for use in the production or supply of goods or services or for administrativepurposes.6. A property interest that is held by a lessee under an operating lease may be classifiedand accounted for as investment property if, and only if, the property would otherwisemeet the definition of an investment property and the lessee uses the fair value model set out in paragraphs 33-55 for the asset recognised. This classification alternative isavailable on a property-by-property basis. However, once this classification alternative is selected for one such property interest held under an operating lease, all propertyclassified as investment property shall be accounted for using the fair value model.When this classification alternative is selected, any interest so classified is included inthe disclosures required by paragraphs 74-78.7. Investment property is held to earn rentals or for capital appreciation or both. Therefore, aninvestment property generates cash flows largely independently of the other assets held by anentity. This distinguishes investment property from owner-occupied property. The production or supply of goods or services (or the use of property for administrative purposes) generates cash flows that are attributable not only to property, but also to other assets used in the production or supply process. HKAS 16 Property, Plant and Equipment applies to owner-occupied property.8. The following are examples of investment property:(a) land held for long-term capital appreciation rather than for short-term sale in theordinary course of business.(b) land held for a currently undetermined future use. (If an entity has not determined thatit will use the land as owner-occupied property or for short-term sale in the ordinarycourse of business, the land is regarded as held for capital appreciation.)(c) a building owned by the entity (or held by the entity under a finance lease) and leasedout under one or more operating leases.(d) a building that is vacant but is held to be leased out under one or more operatingleases.9. The following are examples of items that are not investment property and are therefore outsidethe scope of this Standard:(a) property intended for sale in the ordinary course of business or in the process ofconstruction or development for such sale (see HKAS 2 Inventories), for example,property acquired exclusively with a view to subsequent disposal in the near future orfor development and resale.(b) property being constructed or developed on behalf of third parties (see HKAS 11Construction Contracts).(c) owner-occupied property (see HKAS 16), including (among other things) property heldfor future use as owner-occupied property, property held for future development andsubsequent use as owner-occupied property, property occupied by employees(whether or not the employees pay rent at market rates) and owner-occupied propertyawaiting disposal.(d) property that is being constructed or developed for future use as investment property.HKAS 16 applies to such property until construction or development is complete, atwhich time the property becomes investment property and this Standard applies.However, this Standard applies to existing investment property that is beingredeveloped for continued future use as investment property (see paragraph 58).(e) property that is leased to another entity under a finance lease.10. Some properties comprise a portion that is held to earn rentals or for capital appreciation andanother portion that is held for use in the production or supply of goods or services or foradministrative purposes. If these portions could be sold separately (or leased out separatelyunder a finance lease), an entity accounts for the portions separately. If the portions could notbe sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes.11. In some cases, an entity provides ancillary services to the occupants of a property it holds. Anentity treats such a property as investment property if the services are insignificant to thearrangement as a whole. An example is when the owner of an office building provides securityand maintenance services to the lessees who occupy the building.12. In other cases, the services provided are significant. For example, if an entity owns andmanages a hotel, services provided to guests are significant to the arrangement as a whole.Therefore, an owner-managed hotel is owner-occupied property, rather than investmentproperty.13. It may be difficult to determine whether ancillary services are so significant that a property doesnot qualify as investment property. For example, the owner of a hotel sometimes transfers some responsibilities to third parties under a management contract. The terms of such contracts varywidely. At one end of the spectrum, the owner’s position may, in substance, be that of a passive investor. At the other end of the spectrum, the owner may simply have outsourced day-to-dayfunctions while retaining significant exposure to variation in the cash flows generated by theoperations of the hotel.14. Judgement is needed to determine whether a property qualifies as investment property. An entitydevelops criteria so that it can exercise that judgement consistently in accordance with thedefinition of investment property and with the related guidance in paragraphs 7-13. Paragraph75(c) requires an entity to disclose these criteria when classification is difficult.15. In some cases, an entity owns property that is leased to, and occupied by, its parent or anothersubsidiary. The property does not qualify as investment property in the consolidated financialstatements, because the property is owner-occupied from the perspective of the group.However, from the perspective of the entity that owns it, the property is investment property if itmeets the definition in paragraph 5. Therefore, the lessor treats the property as investmentproperty in its individual financial statements.Recognition16. Investment property shall be recognised as an asset when, and only when:(a) it is probable that the future economic benefits that are associated with theinvestment property will flow to the entity; and(b) the cost of the investment property can be measured reliably.17. An entity evaluates under this recognition principle all its investment property costs at the timethey are incurred. These costs include costs incurred initially to acquire an investment propertyand costs incurred subsequently to add to, replace part of, or service a property.18. Under the recognition principle in paragraph 16, an entity does not recognise in the carryingamount of an investment property the costs of the day-to-day servicing of such a property.Rather, these costs are recognised in profit or loss as incurred. Costs of day-to-day servicingare primarily the cost of labour and consumables, and may include the cost of minor parts. Thepurpose of these expenditures is often described as for the ‘repairs and maintenance’ of theproperty.19. Parts of investment properties may have been acquired through replacement. For example, theinterior walls may be replacements of original walls. Under the recognition principle, an entityrecognises in the carrying amount of an investment property the cost of replacing part of anexisting investment property at the time that cost is incurred if the recognition criteria are met.The carrying amount of those parts that are replaced is derecognised in accordance with thederecognition provisions of this Standard.Measurement at Recognition20. An investment property shall be measured initially at its cost. Transaction costs shall beincluded in the initial measurement.21. The cost of a purchased investment property comprises its purchase price and any directlyattributable expenditure. Directly attributable expenditure includes, for example, professionalfees for legal services, property transfer taxes and other transaction costs.22. The cost of a self-constructed investment property is its cost at the date when the constructionor development is complete. Until that date, an entity applies HKAS 16. At that date, theproperty becomes investment property and this Standard applies (see paragraphs 57(e) and65).23. The cost of an investment property is not increased by:(a) start-up costs (unless they are necessary to bring the property to the conditionnecessary for it to be capable of operating in the manner intended by management),(b) operating losses incurred before the investment property achieves the planned level ofoccupancy, or(c) abnormal amounts of wasted material, labour or other resources incurred inconstructing or developing the property.24. If payment for an investment property is deferred, its cost is the cash price equivalent. Thedifference between this amount and the total payments is recognised as interest expense overthe period of credit.25. The initial cost of a property interest held under a lease and classified as an investmentproperty shall be as prescribed for a finance lease by paragraph 20 of HKAS 17, ie theasset shall be recognised at the lower of the fair value of the property and the presentvalue of the minimum lease payments. An equivalent amount shall be recognised as aliability in accordance with that same paragraph.26. Any premium paid for a lease is treated as part of the minimum lease payments for this purpose,and is therefore included in the cost of the asset, but is excluded from the liability. If a propertyinterest held under a lease is classified as investment property, the item accounted for at fairvalue is that interest and not the underlying property. Guidance on determining the fair value ofa property interest is set out for the fair value model in paragraphs 33-52. That guidance is alsorelevant to the determination of fair value when that value is used as cost for initial recognitionpurposes.27. One or more investment properties may be acquired in exchange for a non-monetary asset orassets, or a combination of monetary and non-monetary assets. The following discussion refers to an exchange of one non-monetary asset for another, but it also applies to all exchangesdescribed in the preceding sentence. The cost of such an investment property is measured atfair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired asset is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carrying amount of the asset given up.28. An entity determines whether an exchange transaction has commercial substance byconsidering the extent to which its future cash flows are expected to change as a result of thetransaction. An exchange transaction has commercial substance if:(a) the configuration (risk, timing and amount) of the cash flows of the asset receiveddiffers from the configuration of the cash flows of the asset transferred, or(b) the entity-specific value of the portion of the entity’s operations affected by thetransaction changes as a result of the exchange, and(c) the difference in (a) or (b) is significant relative to the fair value of the assetsexchanged.For the purpose of determining whether an exchange transaction has commercial substance,the entity-specific value of the portion of the entity’s operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.29. The fair value of an asset for which comparable market transactions do not exist is reliablymeasurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If the entity is able to determine reliably the fairvalue of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.Measurement after RecognitionAccounting Policy30. With the exception noted in paragraphs 32A and 34, an entity shall choose as itsaccounting policy either the fair value model in paragraphs 33-55 or the cost model inparagraph 56 and shall apply that policy to all of its investment property.31. HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors states that avoluntary change in accounting policy shall be made only if the change will result in a moreappropriate presentation of transactions, other events or conditions in the entity’s financialstatements. It is highly unlikely that a change from the fair value model to the cost model willresult in a more appropriate presentation.32. This Standard requires all entities to determine the fair value of investment property, for thepurpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine the fair value ofinvestment property on the basis of a valuation by a valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of theinvestment property being valued.32A. An entity may:(a) choose either the fair value model or the cost model for all investment propertybacking liabilities that pay a return linked directly to the fair value of, or returnsfrom, specified assets including that investment property; and(b) choose either the fair value model or the cost model for all other investmentproperty, regardless of the choice made in (a).32B. Some insurers and other entities operate an internal property fund that issues notional units,with some units held by investors in linked contracts and others held by the entity. Paragraph32A does not permit an entity to measure the property held by the fund partly at cost and partly at fair value.32C. If an entity chooses different models for the two categories described in paragraph 32A, sales ofinvestment property between pools of assets measured using different models shall berecognised at fair value and the cumulative change in fair value shall be recognised in profit or loss. Accordingly, if an investment property is sold from a pool in which the fair value model is used into a pool in which the cost model is used, the property’s fair value at the date of the sale becomes its deemed cost.Fair Value Model33.After initial recognition, an entity that chooses the fair value model shall measure all of its investment property at fair value, except in the cases described in paragraph 53.34.When a property interest held by a lessee under an operating lease is classified as an investment property under paragraph 6, paragraph 30 is not elective; the fair value model shall be applied.35.A gain or loss arising from a change in the fair value of investment property shall be recognised in profit or loss for the period in which it arises.36. The fair value of investment property is the price at which the property could be exchangedbetween knowledgeable, willing parties in an arm’s length transaction (see paragraph 5). Fairvalue specifically excludes an estimated price inflated or deflated by special terms orcircumstances such as atypical financing, sale and leaseback arrangements, specialconsiderations or concessions granted by anyone associated with the sale.37. An entity determines fair value without any deduction for transaction costs it may incur on sale or other disposal.38.The fair value of investment property shall reflect market conditions at the balance sheet date.39. Fair value is time-specific as of a given date. Because market conditions may change, theamount reported as fair value may be incorrect or inappropriate if estimated as of another time.The definition of fair value also assumes simultaneous exchange and completion of the contract for sale without any variation in price that might be made in an arm’s length transaction between knowledgeable, willing parties if exchange and completion are not simultaneous.40. The fair value of investment property reflects, among other things, rental income from currentleases and reasonable and supportable assumptions that represent what knowledgeable,willing parties would assume about rental income from future leases in the light of currentconditions. It also reflects, on a similar basis, any cash outflows (including rental payments and other outflows) that could be expected in respect of the property. Some of those outflows arereflected in the liability whereas others relate to outflows that are not recognised in the financial statements until a later date (eg periodic payments such as contingent rents).41. Paragraph 25 specifies the basis for initial recognition of the cost of an interest in a leasedproperty. Paragraph 33 requires the interest in the leased property to be remeasured, ifnecessary, to fair value. In a lease negotiated at market rates, the fair value of an interest in aleased property at acquisition, net of all expected lease payments (including those relating torecognised liabilities), should be zero. This fair value does not change regardless of whether, for accounting purposes, a leased asset and liability are recognised at fair value or at the presentvalue of minimum lease payments, in accordance with paragraph 20 of HKAS 17. Thus,remeasuring a leased asset from cost in accordance with paragraph 25 to fair value inaccordance with paragraph 33 should not give rise to any initial gain or loss, unless fair value is measured at different times. This could occur when an election to apply the fair value model ismade after initial recognition.42. The definition of fair value refers to “knowledgeable, willing parties”. In this context,“knowledgeable” means that both the willing buyer and the willing seller are reasonablyinformed about the nature and characteristics of the investment property, its actual and potential uses, and market conditions at the balance sheet date. A willing buyer is motivated, but notcompelled, to buy. This buyer is neither over-eager nor determined to buy at any price. Theassumed buyer would not pay a higher price than a market comprising knowledgeable, willingbuyers and sellers would require.43. A willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor oneprepared to hold out for a price not considered reasonable in current market conditions. Thewilling seller is motivated to sell the investment property at market terms for the best priceobtainable. The factual circumstances of the actual investment property owner are not a part of this consideration because the willing seller is a hypothetical owner (eg a willing seller would not take into account the particular tax circumstances of the actual investment property owner). 44. The definition of fair value refers to an arm’s length transaction. An arm’s length transaction isone between parties that do not have a particular or special relationship that makes prices oftransactions uncharacteristic of market conditions. The transaction is presumed to be between unrelated parties, each acting independently.45. The best evidence of fair value is given by current prices in an active market for similar propertyin the same location and condition and subject to similar lease and other contracts. An entitytakes care to identify any differences in the nature, location or condition of the property, or in the contractual terms of the leases and other contracts relating to the property.46. In the absence of current prices in an active market of the kind described in paragraph 45, anentity considers information from a variety of sources, including:(a) current prices in an active market for properties of different nature, condition or location(or subject to different lease or other contracts), adjusted to reflect those differences;(b) recent prices of similar properties on less active markets, with adjustments to reflectany changes in economic conditions since the date of the transactions that occurred atthose prices; and(c) discounted cash flow projections based on reliable estimates of future cash flows,supported by the terms of any existing lease and other contracts and (when possible)by external evidence such as current market rents for similar properties in the samelocation and condition, and using discount rates that reflect current marketassessments of the uncertainty in the amount and timing of the cash flows.47. In some cases, the various sources listed in the previous paragraph may suggest differentconclusions about the fair value of an investment property. An entity considers the reasons forthose differences, in order to arrive at the most reliable estimate of fair value within a range ofreasonable fair value estimates.48. In exceptional cases, there is clear evidence when an entity first acquires an investmentproperty (or when an existing property first becomes investment property following thecompletion of construction or development, or after a change in use) that the variability in therange of reasonable fair value estimates will be so great, and the probabilities of the variousoutcomes so difficult to assess, that the usefulness of a single estimate of fair value is negated.This may indicate that the fair value of the property will not be reliably determinable on acontinuing basis (see paragraph 53).49. Fair value differs from value in use, as defined in HKAS 36 Impairment of Assets. Fair valuereflects the knowledge and estimates of knowledgeable, willing buyers and sellers. In contrast, value in use reflects the entity’s estimates, including the effects of factors that may be specific to the entity and not applicable to entities in general. For example, fair value does not reflect any of the following factors to the extent that they would not be generally available to knowledgeable,willing buyers and sellers:(a) additional value derived from the creation of a portfolio of properties in differentlocations;(b) synergies between investment property and other assets;(c) legal rights or legal restrictions that are specific only to the current owner; and(d) tax benefits or tax burdens that are specific to the current owner.50. In determining the fair value of investment property, an entity does not double-count assets orliabilities that are recognised as separate assets or liabilities. For example:(a) equipment such as lifts or air-conditioning is often an integral part of a building and isgenerally included in the fair value of the investment property, rather than recognisedseparately as property, plant and equipment.(b) if an office is leased on a furnished basis, the fair value of the office generally includesthe fair value of the furniture, because the rental income relates to the furnished office.When furniture is included in the fair value of investment property, an entity does notrecognise that furniture as a separate asset.(c) the fair value of investment property excludes prepaid or accrued operating leaseincome, because the entity recognises it as a separate liability or asset.(d) the fair value of investment property held under a lease reflects expected cash flows(including contingent rent that is expected to become payable). Accordingly, if avaluation obtained for a property is net of all payments expected to be made, it will benecessary to add back any recognised lease liability, to arrive at the fair value of theinvestment property for accounting purposes.51. The fair value of investment property does not reflect future capital expenditure that will improveor enhance the property and does not reflect the related future benefits from this futureexpenditure.52. In some cases, an entity expects that the present value of its payments relating to an investmentproperty (other than payments relating to recognised liabilities) will exceed the present value of the related cash receipts. An entity applies HKAS 37 Provisions, Contingent Liabilities andContingent Assets to determine whether to recognise a liability and, if so, how to measure it. Inability to Determine Fair Value Reliably53. There is a rebuttable presumption that an entity can reliably determine the fair value of aninvestment property on a continuing basis. However, in exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existingproperty first becomes investment property following the completion of construction or development, or after a change in use) that the fair value of the investment property isnot reliably determinable on a continuing basis. This arises when, and only when,。
PracticalManagementScienceSolutionManual4shared
Practical Management Science Solution Manual 4sharedIf searched for the ebook Practical management science solution manual 4shared practical-management-science-solution-manual-4shared.pdf in pdfform, in that case you come on to the faithful site. We presented complete version of this book in DjVu, ePub, txt,PDF, doc formats. You can read Practical management science solution manual 4shared online practical-management-science-solution-manual-4shared.pdf either downloading. Also, on our website you may reading guides and different art books online,either download theirs. We want to invite your note what our website not store the book itself, but we provide refto the site whereat you may load either read online. So that if you have must to downloading pdf Robinair model34134z repair manual practical-management-science-solution-manual-4shared.pdf, in that case you come on to the correct site. Weown Practical management science solution manual 4shared DjVu, ePub, doc, txt, PDF forms. We will be pleased if you returnagain and again.practical management science, 4th edition - wayne - Practical Management Science, Test Bank with ExamView testing software, all data sets and problem files, all solutions files, solution shells,practical management science (with essential - solutions manual. Our solution manuals are written by Chegg experts so you can be assured of the highest quality! Chegg s Practical Management Sciencepractical management science 3rd edition problem - practical management science 3rd edition problem solution: Solution Manual Heat and Mass Transfer A Practical Master-the-management-metrics-that-drivepractical management science solutions manual - Practical Management Science Solutions Manual Download fresh windows warez idm adobe avast crack keygen nero facebook. Home; About; Feedback; Last comments; Add aspractical, management, science, 4th edition,test - Oct 08, 2013 Practical, Management, Science, 4th Edition,Test Banks, and, Solutions Manual. 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THEINVESTMENTENVIRONMENT投资环境
THEINVESTMENTENVIRONMENT 投资环境
Fixed Income
Payments fixed or determined by a formula
Money market debt: short term, highly marketable, usually low credit risk
Financial Intermediaries: Pool and invest funds Investment Companies Banks Insurance companies Credit unions
Hafiz Hoque
1-13
Universal Bank Activities
Capital market debt: long term bonds, can be safe or risky
Hafiz Hoque
1-4
Common Stock and Derivatives
Common Stock is equity or ownership in a corporation.
Asset allocation Choice among broad asset classes
Security selection Choice of which securities to hold within asset class Security analysis to value securities and determine investment attractiveness
国际大石油公司炼油业务发展战略分析
2018年第37卷第8期 CHEMICAL INDUSTRY AND ENGINEERING PROGRESS·2875·化 工 进展国际大石油公司炼油业务发展战略分析乔明，李雪静（中国石油石油化工研究院，北京 102206）摘要：在石油市场波动、需求增速放缓、能源结构转型、市场竞争加剧的新形势下，国际大石油公司更加重视炼油业务的战略应对，力求巩固优势，进一步扩大市场份额，并引领行业前沿。
本文分析了国际大石油公司炼油业务发展面临的形势，重点研究了埃克森美孚、BP 、壳牌等主要的国际大石油公司进行的战略调整，这些公司改变了以往炼油“大而全”的战略，更加专注做精优质资产，聚焦重点市场，主导超前领域，推进低碳转型。
文章指出战略重点包括：保持优势炼油资产的竞争力，实现稳健增长；高度重视炼油生产与下游业务的一体化发展；重点发展“核心”市场，慎重选择新项目投资地点；保持技术领先优势，突出技术对业务的支撑引领；及早制定低碳发展战略，增强炼油业务在未来低碳情景下的灵活性和适应性。
国际大石油公司炼油业务的战略调整和规划对于我国石油公司做强下游业务具有参考借鉴意义。
关键词：石油公司；炼油；战略；燃料；可持续性；温室气体中图分类号：TE626 文献标志码：A 文章编号：1000–6613（2018）08–2875–05 DOI ：10.16085/j.issn.1000-6613.2018-0392Analysis of refining business development strategies of global oil majorsQIAO Ming , LI Xuejing（Petrochemical Research Institute of PetroChina Company Limited ，Beijing 102206，China ）Abstract: In order to consolidate advantage, further expand market share and lead the future trend, theglobal oil majors such as ExxonMobil, Shell and BP have been adjusting their refining business strategies and portfolios under the new situation of volatile oil market, demand growth slowdown, energy structure transformation and increased competition. This paper analyzes the situation in details and studies the refining strategic adjustments of the global oil companies. These companies have changed their previous strategy which emphasizes on ‘big and comprehensive’ refining operations to pursuing excellent performance of their competitive assets, insisting on market oriented, leading in the development of disruptive technologies and promoting the low-carbon transformation. The focuses of their refining strategies concentrate on the following areas: maintain the competitive advantage of refining assets and achieve steady growth; emphasize the integration of refining and downstream business; focus on the expansion of key markets and think twice of investment on new projects; maintain leading status in technology innovation and highlight the technical support for business development; make low carbon strategy one of the priorities in advance to enhance the flexibility and adaptability of refining business in the future low carbon scenario. Chinese oil companies could learn experiences from the strategic adjustment of refining business by global oil majors to strengthen their downstream business. Key words: oil companies; refining; strategy; fuel; sustainability; greenhouse gas教授级高级工程师，主要从事炼油化工发展战略研究、技术趋势跟踪和科技规划编制工作。
cahpo4 的英文表述
cahpo4的英文表述The English translation of"cahpo4"is"calcium phosphate".It is a chemical compound with the formula Ca3(PO4)2.It is awhite,odorless,tasteless powder that is insoluble in water.Calcium phosphate is a major component of bones and teeth.It is also used in a variety of industrial and medical applications.Here are some other possible English translations of"cahpo4":Calcium orthophosphateTricalcium phosphateTribasic calcium phosphateCalcium dihydrogen phosphateCalcium hydrogen phosphateCalcium phosphate dihydrateDicalcium phosphate dihydrateThe specific translation that is most appropriate will depend on the context in which the term is being used.In addition to the calcium phosphate mentioned above, there are many other types of phosphates that contain calcium. One example is monocalcium phosphate, which is a water-soluble salt that is commonly used in food manufacturing and fortification. Another example is dicalcium phosphate, which is a commonly used antacid and oral healthproduct. There are also several types of calcium phosphates that are used as agricultural fertilizers, including tribasic calcium phosphate and tetracalcium phosphate.Calcium phosphates are also widely used in the production of ceramic and glass-ceramic materials. They serve as fluxes and modifiers in these processes and can significantly influence the physical and chemical properties of the final products. In addition, calcium phosphates are used in the production of pharmaceuticals, cosmetics, and other personal care products.In terms of health and nutrition, calcium phosphate is an important mineral that is necessary for maintaining bone health and strength. It also plays a role in regulating blood acid-base balance and in the transportation of certain nutrients within the body.Overall, the specific type of calcium phosphate that is most appropriate for use in a given application will depend on its intended use and the desired properties of the final product.。
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5
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Open-End and Closed-End Funds: Key Differences
Shares Outstanding • Closed-end: no change unless new stock is offered • Open-end: changes when new shares are sold or old shares are redeemed Pricing • Open-end: Net Asset Value(NAV) • Closed-end: Premium or discount to NAV
1
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Chapter 4
Mutual Funds and Other Investment Companies
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
• Operating expenses • 12 b-1 charges
– distribution costs paid by the fund – Alternative to a load
• Fees and performance
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
8
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Sources of Information on Mutual Funds
• • • • • Wiesenberger’s Investment Companies Morningstar Investment Company Institute Popular press Investment services
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
3Bodie • Kane来自• MarcusEssentials of Investments
Fourth Edition
Net Asset Value
• Used as a basis for valuation of investment company shares
– Selling new shares – Redeeming existing shares
Calculation Market Value of Assets - Liabilities Shares Outstanding
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
6
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Investment Policies
• • • • • • • Money Market Fixed Income Equity Balance & Income Asset Allocation Indexed Specialized Sector
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
2
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Services of Investment Companies
• • • • Administration & record keeping Diversification & divisibility Professional management Reduced transaction costs
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
4
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Types of Investment Organizations
• Unit Trusts • Managed Investment Companies
– Open-End – Closed-End
• Other investment organizations
– Commingled funds – REITs
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
Irwin / McGraw-Hill
© 2001 The McGraw-Hill Companies, Inc. All rights reserved.
Irwin / McGraw-Hill
7
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Costs of Investing in Mutual Funds
• Fee Structure
– Front-end load – Back-end load