The unexpected, sharp drop in profits during
the second quarter was a big _______ to the
members of the corporation's executive committee.
The global economy is in a severe recession infl icted by
a massive fi nancial crisis and acute loss of confi dence.
While the rate of contraction should moderate from
the second quarter onward, world output is projected
to decline by 1.3 percent in 2009 as a whole and to
recover only gradually in 2010, growing by 1.9 percent.
Achieving this turnaround will depend on
stepping up efforts to heal the fi nancial sector, while
continuing to support demand with monetary and
fi scal easing.
The National Target Program (NTP) will communicate priority
activities addressing the urgent and immediate needs and concerns
of the country, relating to adaptation to the impacts of CC. Activities proposed through NTP would be those whose further delay could increase vulnerability, or lead to increased costs at a later stage. The NTP will be presented in the form of a document specifying a
list of priority activities, with a concise justification based on a
tight set of criteria.
The second difference has to do with the tax treatment of capital gains. In
the United Kingdom, the system is simple: Investors only pay capital gains tax
when they sell their shares in a fund. In the United States, however, investors
face an additional form of capital gains tax. U.S. mutual funds must distribute
net capital gains realized by the fund, and when they do so, their investors
are liable for tax on these distributions.
In this section, you will learn to: Describe the Top-down and Bottom-up approach Describe data redundancy Describe the first, second, and third normal forms Describe the Boyce-Codd Normal Form (BCNF) Appreciate the need for denormalization
Results obtained from fixed effect and ordinary least squares are indifferent. However, results
based on fixed effect model yield more insightful interpretation. The outcomes from fixed effect model
help indicating that three determinants affecting mutual fund growth are types of AMCs,
Administrative expense ratio, and size of AMCs. Types of AMCs or dummy variables are used to
represent distribution channel and parent reputation.
Investors in MMMFs choose these funds because of the stability and liquidity that they provide
. This is
precisely why these investors are prone to run during a financial crisis when either or both of these
product features may be compromised. If investor losses resulted from market events more frequently, it
is possible that the investor base and level of interest in the funds today would be very different.
It is unclear whether MMMFs, as currently structured, are really pass-through entities. Fund investors see
no fluctuations in their share values based on changing interest rates or credit spreads. When fund losses
materialize, it is usually the sponsors rather than investors who absorb them. And in the only recent
example of investors being required to absorb a loss, a run was triggered on other funds that may have
significantly impacted the broader economy absent government intervention. ...
Our results based on 1’472 U.S. open-end equity funds between 1975 and 2002 clearly
show that the impact of luck on performance is substantial. First, our estimators of
the number of funds with differential, positive and negative performance is much lower
than those obtained with the standard approach. It implies that our judgement on
performance across the different investment categories can substantially differ from the
one implied by the standard approach. Second, we find that luck has a stronger impact
on the performance of the best rather than the worst funds....
New Era is a manufacturing company that has two types of suppliers. The first type of suppliers allow credit and the second type of suppliers insist on payment in cash before delivery. The manufacturer wants to maintain information on these two types of suppliers separately. For the credit suppliers, “credit period” and “credit limit” have to be recorded. For the cash suppliers, “date of payment” needs to be stored. John is the database administrator at New Era. He needs to draw an E/R diagram to represent the above situation. ...
The very strong growth of collateralised structured operations in the context of synthetic ETFs
and ETF-based securities lending suggests that there are significant benefits for authorities
and ETF market participants alike in improving their understanding of the risks attached, and
the ways in which they can be mitigated. The current protracted period of low interest rates
provides incentives for re-leveraging in non-standard market segments, which may lead to a
build up of financial vulnerabilities, especially as the process of financial repair is not
Outsourcing in the animation industry is one of the more promising business process outsourcing
services today with a current world market valued at about US$68.4 billion. This figure is expected to
rise to almost US$80 billion by 2010. With a projected 16.5% growth in two years’ time, this displays
the extensive opportunity the industry has.
The increase in demand may be attributed to the continued production of animation in the
entertainment sector which accounts for 74% of total revenues in the global animation industry.
In Europe, economic sentiment resumed its decline, dropping significantly in
the summer months. After stagnation in the first quarter of 2012, the EU and
euro-area economies contracted in the second quarter reflecting a decrease in
domestic demand and lower net export growth. Unemployment increased
further, in particular in the countries that were hardest hit by the sovereign-
debt crisis. Available hard data and leading indicators point to a weak second
half of the year. For 2012 as a whole, GDP is now expected to contract by
¼% in the EU and almost ½% in the euro area. ...
Because of their size, strategic importance, and the magnitude of the institutional
changes they have experienced during economic transition, the economic policies and
performance of Russia and China provide dramatic experiments for the social scientist.
A key element of each country’s transition has been the attempt to construct a fiscal
system providing a coherent framework for accountability of the government’s use of
Despite this, there is little evidence that actual or expected future sales
significantly affected asset prices. Graph 5 (centre and right-hand panels)
shows time series of price quotes for selected high-spread securitised assets,
distressed bonds and leveraged loans. True, the price of US leveraged loans
fell and spreads on some securitised assets rose after the EBA capital target
announcement, consistent with the deleveraging implications of this news.
The ongoing post-financial crisis correction continues to weigh heavily on
economic activity and employment in the EU. In the first half of 2012,
domestic demand has continued to contract while the global economy has
also slowed down, and consumers as well as firms have become more
pessimistic about the near-term perspectives. The EU economy has dipped
back into contraction in the second quarter with further weakness expected in
the second half of the year. Unemployment has risen and cross-country
divergences have widened. Yet, compared with the...
Businesses can invest in modernizing equipment, but the impact of further declines in interest rates
is likely to be limited. There is a large body of research that finds that investment is not very
responsive to interest rates.
Furthermore, the rate of growth of equipment and software investment
is already quite rapid, with growth averaging 19.9 percent from third quarter of 2009 to the second
quarter of 2010. It does not seem likely that lower interest rates will increase this rate substantially,
especially in a context where demand is contracting due to budget cuts.
The apartment vacancy rate in metro Denver declined to 4.3% at the end of the third
quarter of 2012, down from 4.8% in the second quarter and 4.9% in the third quarter
of 2011. This is the lowest level of vacancy in Denver for over a decade. It reflects increasing
demand as Denver recovers from the Great Recession and, until now, a lack of
new construction. The data used in the Apartment Perspective comes primarily from
the quarterly Denver Metro Apartment Vacancy and Rent Survey conducted by Jennifer
L. Von Stroh and Ron L. Throupe, Ph.D.
Recombinant human transcobalamin (TC) was probed with 17 monoclonal
antibodies (mAbs), using surface plasmon resonance measurements. These
experiments identified five distinct epitope clusters on the surface of holo-TC. Western blot analysis of the CNBr cleavage fragments of TC allowed
us to distribute the epitopes between two regions, which spanned either the
second quarter of the TC sequence GQLA…TAAM(103–198) or the C-ter-minal peptide LEPA…