bias formula Thomas Noe Balliol College/SBS 21st October‚ 2013 This note relates to the derivation of the “quick and dirty” formula for estimating the bias generated by using the YTM as an approximation of the expected return on debt. The assumptions: 1. Debt is perpetual 2. probability of default is δ in each period. The probability is the same in every period 3. If default occurs‚ bondholders receive ρ fraction of the face (principal) value of the bond plus accrued interest. 4. Bond is
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The Objective Basis of Morality Challenged The origins of morality and what is defined as "good" or "bad"‚ "unethical" or "moral" can easily boggle the mind. It is a topic that can be debated almost endlessly. There are many factors that must be taken into consideration to provide valid philosophies; yet there will still always be debatable elements. Two concepts of morality that are in direct opposition of each other are moral objectivism and moral relativism. Moral relativism can be subjective
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Comparison and Contrast of Forecast Methods MGT 554 Operations Management University of Phoenix Professor Leonard Enger May 1‚ 2006 TABLE OF CONTENT Cover Page .1 Table of Contents ...2 Seasonal Forecasting ..3 Delphi Method 4 Technological Method 5 Time-series forecasting ...6 Company Forecasting Methods ..7 Conclusion ..8 References
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The Latin America debt crisis What Happened Both internal and external for Latin Americas roller coaster economic performance in what was known as the crisis. During the 50’s and 60’s there was favorable conditions in place to maintain steady employment creation‚ capital investment and overall economic expansion. But this period ended in 1973 amid the first world oil crisis rocked the world economy and caused an era of debt-led growth among the oil importing Latin America countries. Latin American
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2010–present government debt crisis Main article: Greek government debt crisis Greek government debt levels between 1999 and 2010. By the end of 2009‚ as a result of a combination of international and local factors (respectively‚ the world financial crisis and uncontrolled government spending)‚ the Greek economy faced its most-severe crisis since the restoration of democracy in 1974 as the Greek government revised its deficit from a prediction of 3.7% in early 2009 and 6% in September 2009
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been mainly investigated at the multilateral level. However‚ progresses towards global agreements have slowed down and at the same time regional initiatives have emerged at an increasing pace. Therefore the study of the trade-environment interface needs to take into account the shift from the global to the regional perspective because it might be more realistic to aim for trade and climate global cooperation in a sequence of regional steps rather than in one large multilateral step. The focus will
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Public Sector Accounting System in Nigeria: A Comparative Study of Cash-Basis and Accrual-Basis of Reporting By Cletus .O. Akenbor (Ph.D) Faculty of Management University of Port Harcourt‚ Choba Rivers State‚ Nigeria E-Mail: akenborcletus@yahoo.com Tel:+2348033364528 And Tennyson Oghoghomeh Director – Finance and Accounts Office of the Deputy Governor of Delta State Asaba‚ Nigeria oghoghomehtennyson@yahoo.com Tel: +2348035537037 ABSTRACT
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ahead to let others know of the delay. Of course‚ the less formal the situation‚ the less important it is to be exactly on time. At informal get-togethers‚ for example‚ people often arrive as much as 30 minutes past the appointed time. But they usually don’t try that at work. American lifestyles show how much people respect the time of others. When people plan an event‚ they often set the time days or weeks in advance. Once the time is fixed‚ it takes almost an emergency to change it. If people want
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The story “Of the Coming of John” is mainly about two Johns‚ a white John and a black John. In the essay‚ it gives you a description on the privilege of each John receives. You asked us to analyze the damaging impact of double consciousness. As W.E.B DuBois explained‚ double consciousness is having your identity divided into several parts. The damage of double-consciousness can be caused by the opinions and treatment of white people. Also double-consciousness gives some type of conflict towards
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External Debt Development and Management: Some Reflections on India Dr HK Pradhan Professor of Finance and Economics XLRI Jamshedpur India Regional Workshop on Capacity-building for External Debt Management in the Era of Rapid Globalization 6-7 July 2004 Bangkok Introduction In 1990-91 when India got into a severe foreign exchange crisis her outstanding level of external debt was $ 83. 8 billion. The level of debt was about 40 per cent of Gross Domestic Product
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