We wrote the first edition of this textbook more than ten years ago. The intervening years
have been a period of rapid and profound change in the investments industry. This is due in
part to an abundance of newly designed securities, in part to the creation of new trading
strategies that would have been impossible without concurrent advances in computer technology,
and in part to rapid advances in the theory of investments that have come out of the
The inclusion of Business Angels in the range of ‘informal’ (as opposed to ‘institutional’) investors
provides us an indication that there are potential difficulties in measuring the size of the Business
Angel community. Mason and Harrison identify two main problems, identification and definition.
Regarding the former, in his seminal work on Business Angels, William Wetzel (1983) notes that
the total population of Business Angels is unknown and probably unknowable on account of their
invisibility, desire for anonymity, and the undocumented nature of their investing.
This study, given its Bayesian approach, is related to the recent article by Baks, Metrick,
and Wachter (2001), who estimate funds' alphas using informative prior beliefs about alpha.
They investigate the degree to which informative priors can preclude an investor from infer-
ring that at least one actively managed fund has a positive alpha. This inference relates to
an investment problem of a mutual fund investor who can also earn the hypothetical costless
returns on the benchmark indexes.
This demand feature bridges the gap between borrowers and lenders. It
allows governments to issue the long-term bonds they prefer, while making
that debt eligible for purchase by money funds that must invest in short-term
Sound like the SIVs we discussed earlier? VRDNs are like SIVs in many
respects, but with some key differences. First, there is generally less concern
about the credit quality of the bonds in a VRDN than the securities held
in a SIV—governments are usually pretty good payers.
There are purported to be over 10,000 mutual funds available to the public for purchase. There
are also many hundreds of sponsors, each with a stable of these funds. Each of a sponsor's funds
pursues a different investment strategy. At any point in time, and over varying periods of time,
merely by the laws of random chance, it is inevitable that some funds will have delivered higher
returns than others. Those funds which have delivered the highest returns are given the greatest
visibility by the many mutual fund rating services; and they are also the specific...
This paper discusses the effects of bank competition on bank loan and deposit rate levels as well as on
their responses to changes in market rates and, hence, on the monetary policy transmission mechanism.
Given the prominent role of the banking sector in the euro area’s financial system, it is of significant
importance for the ECB to monitor the degree of competitive behaviour in the euro area banking
market. A more competitive banking market is expected to drive down bank loan rates, adding to the
welfare of households and enterprises.
iversification.Many investors in the stock market also
hold bond funds to help smooth out the inevitable fluctuations
in the value of their overall investment portfolios. Although
bond funds can fluctuate in value just as stock funds do, bond
funds do not always move in the same direction or to the
same degree as stock funds.
As a starting point, we look at publications from investment banks and at the
development of interest rate swap spreads around key fiscal policy events. The euro
interest rate swap spread seems to be a good indicator of the relative risk of private
versus government long-term bonds versus the private inter-bank market. The main
result of our review of investment bank newsletters and notes is that market
participants closely observe and contribute to the debate on the SGP and its
In preparation to this new scenario, many hardware and software companies are
investing to create new platforms able to attract customers on the clouds. Cloud
platforms provide services to create applications in competition or in alternative to
on-premises platforms, the traditional platforms based on an operating system as a
foundation, on a group of infrastructure services and on a set of packaged and cus-
Over the past 25 years, Ethernet standards have evolved from 10 Mbps and
100 Mbps to Gigabit and now 10 Gigabit. The rapid growth of Internet use
and bandwidth-intensive applications combined with routine transmission of
large files is driving the need for 10 Gigabit Ethernet (10GbE) in many network
backbone and data center connections. Implementation is happening all
around us. Sales of 10GbE switch ports are increasing dramatically, and will
continue to grow over the next decade.
Stochastic Optimization Algorithms have become essential tools in solving a wide range of difficult and critical optimization problems. Such methods are able to find the optimum solution of a problem with uncertain elements or to algorithmically incorporate uncertainty to solve a deterministic problem. They even succeed in â€œfighting uncertainty with uncertaintyâ€. This book discusses theoretical aspects of many such algorithms and covers their application in various scientific fields
the prevalence of HiV/aiDS among pregnant women
is 0.9% (i.e. low for the region). Whilst 57% and 71%
of women and men respectively have ever heard about
aiDS, knowledge of prevention of transmission through
the use of condoms was very low. there are currently
no national guidelines for Prevention of Mother to child
transmission (PMtct) or Highly active antiretroviral
therapy (Haart). coverage for PMtct is accordingly
very low: only 11 pregnant women living with HiV
received PMtct services in 2007, an estimated
coverage of 1% (11/940 women).
We appreciate that many investors will be willing to bet on the long-run excess
performance of value tilt strategies, through either the RAFI or through a combination of
ETF’s. But we have presented longer-term evidence that should caution investors from
dramatically shifting the indexed core holdings of their portfolios away from
capitalization weighting. As historical data clearly show, the dissected value and growth
components of the market have for decades had a tug-of-war of outperforming each
In Financial Economics, many researchers have studied option prices, because these
derivatives contain unique information that is not available from the prices of other financial
instruments. A call option gives the buyer the right to purchase in the future a certain asset at
a price fixed today. The value of such an option is determined by the distance between the
current stock price and the exercise price. When market participants price option contracts in
the course of trading, they use forecasts of the probability of different asset prices for the
period until the derivative expires.
Given the nature of such strategic decisions, the question of what is the relevant time frame over
which economic value is created or destroyed becomes salient. A short-term focus on creating value
exclusively for shareholders may result in the loss of value over the longer term through a failure to make
the necessary investments in process and product quality and safety. Such a short-term approach to
decision-making often implies both an inter-temporal loss of profit and a negative externality being
imposed on stakeholders. That is, managers take decisions that increase...
Lagerhaltung dient im Allgemeinen der Anpassung von Angebots- und Nachfrageprozessen,
die nicht zusammen passen. So beschreibt es Paul Zipkin in seinem
Buch Foundations of Inventory Management  sehr treffend. Ziel ist es also die
Produktions- oder Beschaffungsabläufe mit den Nachfrageprozessen zu verheiraten,
ohne dass es zu Problemen in den Kundenbeziehungen kommt, weil nachgefragte
Teile nicht geliefert werden können.
Lager dienen als Puffer, der in Zeiten geringer Nachfrage die Überproduktion
aufnimmt und in Zeiten besonders starker Nachfrage die Unterproduktion ausgleicht.
There is an urgent need to improve the health
of women and children, particularly in areas of Africa,
where Millennium Development Goals (MDGs) 4
and 5 are most lagging. This requires strong community
engagement and formal investments in national
health systems, especially for those least likely to be
reached through current national health strategies,
such as those in rural communities. Community
Health Workers (CHWs) have been internationally
recognized for their notable success in reducing morbidity
and averting mortality in mothers, newborns
2008 market on a par with 2007 due to little volume growth and slightly lower raw material prices, but 23.6% fall in 2009 due to lower raw material prices and lower volumes.LV Energy –Rated below 1kV
Power Cable –Rated 1kV and Above
Telecom -External copper telecom cable
Data –All types of cable for data transmission
Winding Wire –All enamelled wire and covered conductors
Fibre Optic –All fibre optic cables
During the last decades, the usage of telecommunications systems has increased rapidly.
Because of a permanent necessity for new telecommunications services and additional
transmission capacities, there is also a need for the development of new telecommunications
networks and transmission technologies. From the economic point of view,
telecommunications promise big revenues, motivating large investments in this area.
Mobile Satellite Communication∗
In principle communications satellites provide the same connectivity as terrestrial (wireless and wireline) networks. The advantages of satellites, such as fast wide-area coverage, ﬂexible transmission parameters and cost independence due to distance, are compared with the disadvantages, such as restricted channel capacity because of the frequencies available, orbital positions, need for line-of-sight connectivity and high initial investment besides relatively long signal propagation times.