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CUSTOMER_CODE SMUDE DIVISION_CODE SMUDE
CUSTOMER_CODE SMUDE DIVISION_CODE SMUDE

... net present value of the cash inflow. Is does not differentiate between profits of current year with the profits to be earned in later years •The concept of profit maximization fails to consider the fluctuations in profits earned from year to year. Fluctuations may be attributed to the business risk ...
ACCA F9 S16 Notes
ACCA F9 S16 Notes

International Bond - American Century Investments
International Bond - American Century Investments

... the fund will decline. The opposite is true when interest rates decline. The fund is classified as nondiversified. Because it is non-diversified, it may hold large positions in a small number of securities. To the extent it maintains such positions; a price change in any one of those securities may ...
A Different Way to Invest
A Different Way to Invest

... wholly owned subsidiary of Bank of America Corporation. Bloomberg Barclays data provided by Bloomberg. Citi fixed income indices copyright 2017 by Citigroup. Indices are not available for direct investment. ...
The Phoenix CFA Society Wendell Licon, CFA
The Phoenix CFA Society Wendell Licon, CFA

... • Get paid back during the 4th year. We need $1MM entering yr 4, and get $10MM for the whole year. If we assume $10MM comes evenly throughout the year, then we reach $20MM in {1MM/10MM} or .1 yrs. • So, payback = 3.1 years. • Do we accept or reject the project? ...
- SlideBoom
- SlideBoom

... 4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) ...
tactallocbrochure - Railroad Street Weaith Management LLC
tactallocbrochure - Railroad Street Weaith Management LLC

... classes, but the tactical part of the strategy is to use a concept such as DWA’s Tactical Portfolio Research (TPR) to determine the weighting of each asset class, and that that weighting won’t stay exactly the same over time; it will fluctuate depending on trends in the market. Recall that TPR is de ...
General Presentations Template - Texas Municipal Retirement System
General Presentations Template - Texas Municipal Retirement System

... TMRS Asset Allocation Philosophy Current policy assists to ensure that the risk tolerance remains appropriate The Strategic Target Allocation will be reviewed at least annually to ensure that the longterm return objective and risk tolerance continues to be appropriate considering significant economi ...
Handout 4 - Wharton Finance Department
Handout 4 - Wharton Finance Department

... In real life, the most common case we encounter is that ρ > 0. For example, in the case above, ρ = .2. The intuition for the positive correlation case is exactly the same as in the zero-correlation case, though the gains from diversification are less powerful. Below, ρ = .2 and ρ = .5 are added into ...
1 BEM 103: Introduction to Finance J-L Rosenthal Lectures MW 9
1 BEM 103: Introduction to Finance J-L Rosenthal Lectures MW 9

... The journals, once turned in will allow the instructor to produce a data base of student choices that will  be use solely for expositional purposes.  For instance, it is likely that students will be more engaged in  discussion of yield curves and risk return trade‐offs if they see a distribution of  ...
questions in real estate finance
questions in real estate finance

session32slides
session32slides

finc 5000 lesson notes -- session 2
finc 5000 lesson notes -- session 2

... - Example: Suppose you looked in the Wall St Journal and found that the Microsoft bond we've been discussing was selling for “111.470.” Bond prices are quoted as a percentage of par ($1,000), so a quote of 111.470 translates into a dollar price of $1,114.70. If you bought the bond and held it to mat ...
May 15, 2013, The Citizen`s Share: History, Research, Policy
May 15, 2013, The Citizen`s Share: History, Research, Policy

...  Employees with shares: are more loyal, more willing to work harder for the firm, & more willing to innovate. ...
Click to download DGHM ACV March 2016
Click to download DGHM ACV March 2016

... This document is for information purposes and internal use only. It is neither an advice nor a recommendation to enter into any investment. Investment suitability must be determined individually for each investor, and the financial instruments described above may not be suitable for all investors. T ...
A Prudent Way To Invest - Brown Brothers Harriman
A Prudent Way To Invest - Brown Brothers Harriman

... The Benefits of Customer Loyalty Many investors do not fully appreciate the importance of customer loyalty. A business with consistently high customer retention rates has much stronger future prospects than a company with mediocre or poor retention rates. As described in more detail below, high cust ...
Asian Total Return Bond Fund
Asian Total Return Bond Fund

... FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore. Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus before investing. All views expressed an ...
statement of investment policy
statement of investment policy

... B. Liquidity: An adequate percentage of the portfolio will be maintained in liquid, shortterm securities which can be converted to cash if necessary to meet disbursements requirements. Since all cash requirements cannot be anticipated, investments in securities with active secondary or resale market ...
relative return strategies classic portfolio
relative return strategies classic portfolio

1 A $1000 bond has a coupon of 6% and matures after
1 A $1000 bond has a coupon of 6% and matures after

... have on your answer to part e? Would the answer be different if the rate were 14%? g) If the firm's cost of capital had been 10%, what would be investment A's internal rate of return? h) The payback method of capital budgeting selects which investment? Why? ...
Cash Flow Forecast Worksheet - 4
Cash Flow Forecast Worksheet - 4

... involves looking ahead to when you believe cash is flowing into your business, and when it needs to flow out. Review your cash flow forecast once a week. This worksheet is a template to help you determine the cash flow for your business. ...
Investment Seminar
Investment Seminar

... indicated that decades of high perceived market risk have been followed by decades of lower perceived market risk. ...
J. Maloney William No.
J. Maloney William No.

... input markets are competitive. Where appropriate, we will discuss the influence of product market structure on the results of the paper. Since we are using an explicit valuation framework, the input price of capital need not include a capitalization rate. The assumption of additive uncertainty is ma ...
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Alpha Dynamics_Evaluating the Activeness of Equity Portfolios.indd

C 0 - chass.utoronto
C 0 - chass.utoronto

... making decision of what to produce. • Fisher Separation Theorem implies even the two investors differ in their subjective perception of how to consume between now and future, they both has one unified objective, i.e, to maximize their current wealth. • Doing so means the firm can maximize its value. ...
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Modified Dietz method

The modified Dietz method is a measure of the historical performance of an investment portfolio in the presence of external flows. (External flows are movements of value such as transfers of cash, securities or other instruments in or out of the portfolio, with no equal simultaneous movement of value in the opposite direction, and which are not income from the investments in the portfolio, such as interest, coupons or dividends.) To calculate the modified Dietz return, divide the gain or loss in value, net of external flows, by the average capital over the period of measurement. The result of the calculation is expressed as a percentage rate of return for the time period. The average capital weights individual cash flows by the amount of time from when those cash flows occur until the end of the period.This method has the practical advantage over Internal Rate of Return (IRR) that it does not require repeated trial and error to get a result.The cash flows used in the formula are weighted based on the time they occurred in the period. For example if they occurred in the beginning of the month they would have a higher weight than if they occurred at the end of the month. This is different from the simple Dietz method, in which the cash flows are weighted equally regardless of when they occurred during the measurement period, which works on an assumption that the flows are distributed evenly throughout the period.With the advance of technology in the past 15 years, most systems can calculate a true time-weighted return by calculating a daily return and geometrically linking in order to get a monthly, quarterly, annual or any other period return. However, the modified Dietz method remains useful for performance attribution, because it still has the advantage of allowing modified Deitz returns on assets to be combined with weights in a portfolio, calculated according to average invested capital, and the weighted average gives the modified Dietz return on the portfolio. Time weighted returns do not allow this.This method for return calculation is used in modern portfolio management. It is one of the methodologies of calculating returns recommended by the Investment Performance Council (IPC) as part of their Global Investment Performance Standards (GIPS). The GIPS standard is intended to standardize the way portfolio returns are calculated internationally.The method is named after Peter O. Dietz.
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