1. Main Goals The theory of asset pricing has grown markedly more sophisticated in the last two decades, with the application of powerful mathematical tools such as probability theory, stochastic processes and numerical analysis. The main goal of this book is to provide a systematic exposition, with practical appli cations, of the no-arbitrage theory for asset pricing in financial engineering in the framework of a discrete time approach. The book should also serve well as a textbook on financial asset pricing. It should be accessible to a broad audi ence, in particular to practitioners in financial and related industries, as well as to students in MBA or graduate/advanced undergraduate programs in finance, financial engineering, financial econometrics, or financial information science. The no-arbitrage asset pricing theory is based on the simple and well ac cepted principle that financial asset prices are instantly adjusted at each mo ment in time in order not to allow an arbitrage opportunity. Here an arbitrage opportunity is an opportunity to have a portfolio of value aat an initial time lead to a positive terminal value with probability 1 (equivalently, at no risk), with money neither added nor subtracted from the portfolio in rebalancing dur ing the investment period. It is necessary for a portfolio of valueato include a short-sell position as well as a long-buy position of some assets.
First published in 1986. Based on the theme that defense procurement serves as an instrument of alliance and domestic politics, this book provides the first comprehensive analysis of post-war West German approaches to and experience with procurement strategies. Dr. Cowen explores how successive German governments have used military procurement to facilitate the rehabilitation of the new West German state and later to consolidate the German position within the alliance. The author shows that by the mid-1970s the Federal Republic had succeeded in its procurement policy, acting as a serious partner for defense projects in Europe and building a flourishing defense industry. The book's final chapters describe the structural tensions between competing procurement objectives that have recently emerged. The FRG must decide whether to continue to maintain a whole range of defense industrial capacities or to specialize nationally and purchase other necessary commodities in the United States. According to the author, national specialization is not seriously considered by the German government. Such a step, the author suggests, would diminish Germany's role in the alliance and jeopardize one of its foremost foreign policy goals: equality with Great Britain and France
Professor Herzlinger documents how the consumer-driven health caremovement is being implemented and its impact on insurers,providers, new intermediaries, and governments. With additionalcontributions by health care's leading strategists,innovators, regulators and scholars, Consumer-Driven HealthCare presents a compelling vision of a health care system builtto satisfy the people it serves. This comprehensive resource includes the most important thinkingon the topic and compelling case studies of consumer-driven healthcare (CDHC) in action, here and abroad, including newconsumer-driven intermediaries for information and support; typesof insurance plans; focused factories for delivering health care;personalized drugs and devices; and government roles.
The Canadian Wheat Board is a monopoly seller of western Canadian wheat, durum, and barley for human consumption, and feed wheat for export. In this study, the authors first examine Canada's position in the world wheat & barley markets and the Board's role relative to multinational grain companies (MGCs). Chapter 3 presents the regulatory framework governing the Canadian grain industry. The single- desk selling concept of the Board is examined from a theoretical perspective in chapter 4. This chapter also describes the structure of the world wheat & barley trade in which MGCs play key roles. Recent changes in government policies in the US, the European Union, and Canada are discussed in chapter 5. Chapter 6 discusses state trading in grain, the World Trade Organization (WTO) attempts to discipline state trading enterprises, and the Board's impact on trade in the WTO context. Chapter 7 covers the numerous confrontations concerning Canada-US grain trade. Chapter 8 focuses on the debate over creation of a dual market for feed barley. Chapter 9 examines the Charter of Rights case brought against the Board by barley producers & organizations. The focus of chapter 10 is grain transportation, its regulatory framework, and the Board's roles in the grain transportation system. Chapter 11 examines the Board's economic performance. Chapter 12 discusses the marketing of flax and canola in order to better understand how the Board can achieve price premiums and eliminate inefficiencies when marketing grains. The Board's ability to introduce additional price & marketing flexibility is discussed in chapter 13, including the implications of providing the option for using futures markets. Chapter 14 explores the debate over dual marketing and its viability for western Canadian grain producers. The final chapter draws overall conclusions.
Spain's development from a premodern society into a modern unified nation-state with an integrated economy was painfully slow and varied widely by region. Economic historians have long argued that high internal transportation costs limited domestic market integration, while at the same time the Castilian capital city of Madrid drew resources from surrounding Spanish regions as it pursued its quest for centralization. According to this view, powerful Madrid thwarted trade over large geographic distances by destroying an integrated network of manufacturing towns in the Spanish interior. Challenging this long-held view, Regina Grafe argues that decentralization, not a strong and powerful Madrid, is to blame for Spain's slow march to modernity. Through a groundbreaking analysis of the market for bacalao--dried and salted codfish that was a transatlantic commodity and staple food during this period--Grafe shows how peripheral historic territories and powerful interior towns obstructed Spain's economic development through jurisdictional obstacles to trade, which exacerbated already high transport costs. She reveals how the early phases of globalization made these regions much more externally focused, and how coastal elites that were engaged in trade outside Spain sought to sustain their positions of power in relation to Madrid. Distant Tyranny offers a needed reassessment of the haphazard and regionally diverse process of state formation and market integration in early modern Spain, showing how local and regional agency paradoxically led to legitimate governance but economic backwardness.
This book presents a practical approach to ensuring your retail stores success with consumers. It explores topics, such as merchandising and display techniques, retail promotions, consumer perception and behavior, impulse buying, store environment and operations, visual merchandising, customer care, and the promotional work force. Simple, practical, and illustrated with real photos taken in many countries, this book allows even a small store with a limited budget to stay ahead of global retailers with limitless resources. Learn how to: pick the best location to locate a store; make your exterior design inviting; set up an ideal atmosphere for purchasing; understand about gondola arrangement and planograms; analyze your customers conduct different types of promotions.
Examines the history behind industrialized nations' dependence on natural resources, particularly fossil fuels, as well as developing nations' increasing consumption of these resources.
Agricultural policy reform is one of the major challenges facing India today. Such reform is required to reduce poverty through faster agricultural growth and to promote more sustainable use of natural resources while ensuring food security. Subsidy policies that promote the use of fertilizer and of electricity for groundwater irrigation are in particular need of reform. While subsidies for these two inputs played a crucial role in achieving India's Green Revolution, they have been criticized during the past decade for benefitting large-scale farmers more than smallholders, placing a fiscal burden on the state, and having negative environmental effects. By analyzing the evolution of these input subsidy policies and examining the political processes involved in efforts to reform them, this study throws new light on the factors that have so far prevented a move toward more pro-poor and environmentally sustainable agricultural input policies in India. The authors show that electoral politics, institutional factors, and policy paradigms or belief systems all play an important role in blocking reform. They identify several policy reform options as well as political strategies that can overcome past obstacles to reform. Community-based policy solutions, new coalitions for policy reform, fresh approaches to the policy debate, innovative and consensus-oriented forms of deliberation, and effective use of research-based knowledge can all make positive contributions to Indian policy reform. The analyses and proposals presented in this study will be a valuable resource for policymakers and stakeholders concerned with the politics of agricultural development.
Presents a collection of essays that were published in the American Review of Canadian Studies special theme issue on agriculture and its impact on Canada-US relations. The volume begins with a history of agriculture in the context of the Canada-US relationship. The six subsequent essays focus on the state of contemporary agricultural trade relations, notably in relation to the dramatic growth in Canadian grain, beef, and pork exports since the implementation of the Free Trade Agreement. The first two of these essays examine the grain trade, its economic & legal environment, and the impact of the removal of rail transport subsidies. The third discusses perceptions & reality in state trading in wheat, examining the role of the Canadian Wheat Board and the commercial integration of grain trading companies. The fourth essay evaluates Canadian experience with countervailing and anti-dumping actions taken by the US. This is followed by an essay on the integration & interdependence of the Canadian and US live cattle & beef sectors. The final essay studies pressures and challenges in integrating the Canada-US grains sector.
The EU emissions trading scheme is the largest emissions control scheme in the world, capping almost half of European CO2 emissions. As the scheme emerges from its pilot phase, this special issue of Climate Policy journal analyses the lessons learned from the last two years and their implications for phase II.The volume presents some of the key analyses that helped inform the European Commission's decisions on national allocation plans, with research ranging from detailed country-by-country comparisons to more generic analysis that puts forward the case for harmonization. Challenging calls to seperate electricity from other sectors, a macroeconomic study suggests that the biggest efficiency gains come from inter-sectoral trading, even more than international trading. Empirical papers, which look at the expected scarcity of allowances in the market and merge models for the power and non-power sectors to project emissions and contrast these to the aggregate allocation volume, are complemented by two numerical simulations of trade and distributional effects, estimating the efficiency gains of the EU ETS in phase I and assessing allocation and distribution effects in the RGGI context.
Charting - An Australian Investor's Guide is probably the most widely read introduction to charting published in Australia, and has been continuously in print since 1990. Author Regina Meani believes that the use of charts and technical analysis can help any investor understand teh way that markets move and how they are likely to move in the future.
This book is a review of the analytical methods required in most of the quantitative courses taught at MBA programs. Students with no technical background, or who have not studied mathematics since college or even earlier, may easily feel overwhelmed by the mathematical formalism that is typical of economics and finance courses. These students will benefit from a concise and focused review of the analytical tools that will become a necessary skill in their MBA classes. The objective of this book is to present the essential quantitative concepts and methods in a self-contained, non-technical, and intuitive way.
Carbon markets – both emission trading systems and baseline and credit systems – are an increasingly common policy instrument being introduced to address climate change mitigation. However, their design is crucial to ensure that they deliver cost-effective emission reductions while maintaining environmental integrity. This Element puts together a comprehensive, principle-based overview of the risks and abuses to environmental integrity and cost effectiveness that have emerged for carbon markets at all jurisdictional levels around the world, provides concrete examples, and offers effective policy and governance solutions to overcome such risks. This title is also available as Open Access on Cambridge Core.
For programmers, analysts, and database administrators, this Nutshell guide is the essential reference for the SQL language used in today's most popular database products. This new fourth edition clearly documents SQL commands according to the latest ANSI/ISO standard and details how those commands are implemented in Microsoft SQL Server 2019 and Oracle 19c, as well as in the MySQL 8, MariaDB 10.5, and PostgreSQL 14 open source database products. You'll also get a concise overview of the relational database management system (RDBMS) model and a clear-cut explanation of foundational RDBMS concepts--all packed into a succinct, comprehensive, and easy-to-use format. Sections include: Background on the relational database model, including current and previous SQL standards Fundamental concepts necessary for understanding relational databases and SQL commands An alphabetical command reference to SQL statements, according to the SQL:2016 ANSI standard The implementation of each command by MySQL, Oracle, PostgreSQL, and SQL Server An alphabetical reference of the ANSI SQL:2016 functions and constructs as well as the vendor implementations Platform-specific functions unique to each implementation
Myth has played an important and ongoing role in the development of Saskatchewan's political economy. First, during the time of the National Policy, Saskatchewan was portrayed to immigrants as a promised land. This period served as the psychological and economic foundation for the provice. When belief in Saskatchewan as a promised land was shattered by the Great Depression and Dirty Thirties, the myth was reconstituted through the inspiration of the social gospel. It was then politically reinvigorated in the meaning of medicare and has been expressed in recent decades through the competing visions for economic development. Through all these eras, no matter what the tides of politics, there remained one constant--the singular, collective idea that Saskatchewan was a special place with unrealized potential. The challenge for the public dialogue of Saskatchewan, as the province enters its second century, is to not replay the mistakes of the past. Saskatchewan people must recognize the role that myth has played, and must continue to play, in the life of the province. But, at the same time, they must differentiate it from reality by understanding the power of myth as a force for progress and its potential to create false expectations."--pub. desc.
An integrated approach to restaurant design, incorporating front- and back-of-the-house operations Restaurant design plays a critical role in attracting and retaining customers. At the same time, design must facilitate food preparation and service. Successful Restaurant Design shows how to incorporate your understanding of the restaurant's front- and back-of-the-house operations into a design that meets the needs of the restaurant's owners, staff, and clientele. Moreover, it shows how an understanding of the restaurant's concept, market, and menu enables you to create a design that not only facilitates a seamless operation but also enhances the dining experience. This Third Edition has been thoroughly revised and updated with coverage of all the latest technological advances in restaurant operations. Specifically, the Third Edition offers: All new case solutions of restaurant design were completed within five years prior to this edition's publication. The examples illustrate a variety of architectural, decorative, and operational solutions for many restaurant types and styles of service. All in-depth interviews with restaurant design experts are new to this edition. To gain insights into how various members of the design team think, the authors interviewed a mix of designers, architects, restaurateurs, and kitchen designers. New information on sustainable restaurant design throughout the book for both front and back of the house. New insights throughout the book about how new technologies and new generations of diners are impacting both front- and back-of-the-house design. The book closes with the authors' forecast of how restaurants will change and evolve over the next decade, with tips on how designers and architects can best accommodate those changes in their designs.
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