numerical simulation dynamical model of three
... Abstract: In this paper, we study an ecological model with a tritrophic food chain with a classical Lotka-Volterra functional response. There are three equilibrium points of the system. In the parameter space, there are passages from instability to stability, which are called Hopf bifurcation points ...
... Abstract: In this paper, we study an ecological model with a tritrophic food chain with a classical Lotka-Volterra functional response. There are three equilibrium points of the system. In the parameter space, there are passages from instability to stability, which are called Hopf bifurcation points ...
Subject CT4 – Models Institute of Actuaries of India
... Develop census formulae given age at birthday where the age may be classified as next, last, or nearest relative to the birthday as appropriate. The deaths and census data may use different definitions of age. ...
... Develop census formulae given age at birthday where the age may be classified as next, last, or nearest relative to the birthday as appropriate. The deaths and census data may use different definitions of age. ...
Recessions and balanced portfolio returns
... Recessions are never welcome, of course, and they are often associated with higher return volatility for stocks (and hence for balanced portfolios in general). However, we have shown why the average returns on a balanced portfolio since 1926 have been statistically equivalent regardless of whether t ...
... Recessions are never welcome, of course, and they are often associated with higher return volatility for stocks (and hence for balanced portfolios in general). However, we have shown why the average returns on a balanced portfolio since 1926 have been statistically equivalent regardless of whether t ...
Access to Financial Services as a Driver for the Post-2015
... economy in a sustainable way in both developing and developed countries. The importance of this focus is supported by recent examples, such as the new strong relationship between corporate borrowing and shareholders’ payouts in the United States, and interfinancial credits much higher than financing ...
... economy in a sustainable way in both developing and developed countries. The importance of this focus is supported by recent examples, such as the new strong relationship between corporate borrowing and shareholders’ payouts in the United States, and interfinancial credits much higher than financing ...
NBER WORKING PAPER SERIES INFLATION ILLUSION, CREDIT, AND ASSET PRICING Monika Piazzesi
... using the real interest rate to discount future (real) cash flows as in the usual formula, investors discount at the nominal rate. The modified formula is useful for thinking about stocks that appear undervalued in the 1970s and overvalued in the 1990s.4 Its application to the housing market, however, ...
... using the real interest rate to discount future (real) cash flows as in the usual formula, investors discount at the nominal rate. The modified formula is useful for thinking about stocks that appear undervalued in the 1970s and overvalued in the 1990s.4 Its application to the housing market, however, ...
Efficient Price Discovery in Stock Index Cash and Futures Markets
... Besides the traditional role of risk sharing assigned to futures markets, these markets play an important role in the aggregation of information (see, for example, GROSSMAN [1977], BRAY [1981] and BRANNEN and ULVELING [1984]). The case of stock index futures is analyzed in SUBRAHMANYAM [1991] and in ...
... Besides the traditional role of risk sharing assigned to futures markets, these markets play an important role in the aggregation of information (see, for example, GROSSMAN [1977], BRAY [1981] and BRANNEN and ULVELING [1984]). The case of stock index futures is analyzed in SUBRAHMANYAM [1991] and in ...
expansion planning in electricity markets. two different
... anticipating the future reaction of the follower firms. In the second stage, the leader firm and the follower firms compete in the short-term market in a Cournot manner (as it is described in 2.2). This model is similar to the close loop Cournot model presented in [7]. They are both different types ...
... anticipating the future reaction of the follower firms. In the second stage, the leader firm and the follower firms compete in the short-term market in a Cournot manner (as it is described in 2.2). This model is similar to the close loop Cournot model presented in [7]. They are both different types ...
DOC - World bank documents
... increasing the extent of pass-through to the consumers based on economic efficiency and macroeconomic sustainability. Standard public finance theory suggests that since oil is a private good, it is most efficient that consumers pay the market price for oil.2 This will induce them to conserve the use ...
... increasing the extent of pass-through to the consumers based on economic efficiency and macroeconomic sustainability. Standard public finance theory suggests that since oil is a private good, it is most efficient that consumers pay the market price for oil.2 This will induce them to conserve the use ...
How Do Underwriters Value Initial Public Offerings?
... underwriters value IPOs in practice. This differs from Kim and Ritter (1999), Purnanandam and Swaminathan (2004) and Houston et al. (2006), who only consider the use of multiples valuation and that have to estimate the value of IPO firms using their own techniques assuming that the results approxima ...
... underwriters value IPOs in practice. This differs from Kim and Ritter (1999), Purnanandam and Swaminathan (2004) and Houston et al. (2006), who only consider the use of multiples valuation and that have to estimate the value of IPO firms using their own techniques assuming that the results approxima ...
Liberty Mutual Holding Company Inc. First Quarter 2016
... I, now referred to as SICAD. Additionally, the new exchange controls established the Marginal Foreign Exchange System (“SIMADI”), which is intended to be a free floating rate. As of September 30, 2015, the exchange rate of bolivars per U.S. dollar for CENCOEX, SICAD and SIMADI was 6.3, 13.5, and 198 ...
... I, now referred to as SICAD. Additionally, the new exchange controls established the Marginal Foreign Exchange System (“SIMADI”), which is intended to be a free floating rate. As of September 30, 2015, the exchange rate of bolivars per U.S. dollar for CENCOEX, SICAD and SIMADI was 6.3, 13.5, and 198 ...
BIS Working Papers Asset prices, financial and monetary stability: exploring the nexus
... the necessary autonomy to pursue them. And yet, the same decades will in all probability also be remembered as those that saw the emergence of financial instability as a major policy concern, forcing its way to the top of the international agenda. One battlefront had opened up just as another was vi ...
... the necessary autonomy to pursue them. And yet, the same decades will in all probability also be remembered as those that saw the emergence of financial instability as a major policy concern, forcing its way to the top of the international agenda. One battlefront had opened up just as another was vi ...
Investor Preferences and Portfolio Selection: Is Diversification an
... constructing a diversified portfolio in order to reduce risk. As shown in Simkowitz and Beedles (1978), even though portfolio variance decreases as diversification occurs, skewness may either increase or decrease with diversification. Based on computations of the raw skewness, they find that skewnes ...
... constructing a diversified portfolio in order to reduce risk. As shown in Simkowitz and Beedles (1978), even though portfolio variance decreases as diversification occurs, skewness may either increase or decrease with diversification. Based on computations of the raw skewness, they find that skewnes ...
Valuation of Raised Breeding Livestock
... Education Act), the Americans with Disabilities Act of 1990, and other federal and state laws and regulations, does not discriminate on the basis of race, color, national origin, genetic information, sex, age, sexual orientation, gender identity, religion, disability, or status as a veteran, in any ...
... Education Act), the Americans with Disabilities Act of 1990, and other federal and state laws and regulations, does not discriminate on the basis of race, color, national origin, genetic information, sex, age, sexual orientation, gender identity, religion, disability, or status as a veteran, in any ...
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... need to decide whether excessive monetary ease was a sufficient condition for the Japanese bubble (“if there is a sustained monetary ease, then a bubble occurs”), a necessary condition for the Japanese bubble (“if a bubble occurs, then there must have been prior monetary ease”), or both. The theoret ...
... need to decide whether excessive monetary ease was a sufficient condition for the Japanese bubble (“if there is a sustained monetary ease, then a bubble occurs”), a necessary condition for the Japanese bubble (“if a bubble occurs, then there must have been prior monetary ease”), or both. The theoret ...
Foreign exchange markets` seasonal effects in the
... Financial markets’ efficiency may be related to information processing, agents’ rationality or functional aspects. Information efficiency is by far the most popular concept, and the Efficient Markets Hypothesis states that financial markets’ agents are efficient processors of information, and price ...
... Financial markets’ efficiency may be related to information processing, agents’ rationality or functional aspects. Information efficiency is by far the most popular concept, and the Efficient Markets Hypothesis states that financial markets’ agents are efficient processors of information, and price ...
Institutional Use of Mortgage Markets
... For mortgages allowing negative amortization, tracking changing principal and interest payments can be difficult ...
... For mortgages allowing negative amortization, tracking changing principal and interest payments can be difficult ...
Financial markets and the allocation of capital
... capital formation, value added, and output for up to 28 three-digit ISIC manufacturing industries (an international classi"cation standard that corresponds approximately to two-digit SIC industries), in several dozen countries, annually over the period 1963 to 1995. Value added is de"ned as the valu ...
... capital formation, value added, and output for up to 28 three-digit ISIC manufacturing industries (an international classi"cation standard that corresponds approximately to two-digit SIC industries), in several dozen countries, annually over the period 1963 to 1995. Value added is de"ned as the valu ...
Strategy Spotlight: Considerations in volatility
... There is no consensus on this question. The issue is whether investors will benefit from adding such exposure to their portfolios. The important starting point is to acknowledge that buying volatility is a hedging activity and that selling volatility, whether in equity, commodity, rates or FX, is a ...
... There is no consensus on this question. The issue is whether investors will benefit from adding such exposure to their portfolios. The important starting point is to acknowledge that buying volatility is a hedging activity and that selling volatility, whether in equity, commodity, rates or FX, is a ...
High Yield Bond Fund
... lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden an ...
... lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden an ...
The Elephant in the Room: The Need to Deal with What
... provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks ...
... provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks ...