学习的方法
2008/08/29 09:06,
1.此刻打盹，你将做梦；而此刻学习，你将圆梦。
2.我荒废的今日，正是昨日殒身之人祈求的明日。
3.觉得为时已晚的时候，恰恰是最早的时候。
4.勿将今日之事拖到明日。
5.学习时的苦痛是暂时的，未学到的痛苦是终生的。
6.学习这件事，不是缺乏时间，而是缺乏努力。
7.幸福或许不排名次，但成功必排名次。
8.学习并不是人生的全部。但，既然连人生的一部分——学习也无法征服，还能做什么呢？
9.请享受无法回避的痛苦。
10.只有比别人更早、更勤奋地努力，才能尝到成功的滋味。
2.我荒废的今日，正是昨日殒身之人祈求的明日。
3.觉得为时已晚的时候，恰恰是最早的时候。
4.勿将今日之事拖到明日。
5.学习时的苦痛是暂时的，未学到的痛苦是终生的。
6.学习这件事，不是缺乏时间，而是缺乏努力。
7.幸福或许不排名次，但成功必排名次。
8.学习并不是人生的全部。但，既然连人生的一部分——学习也无法征服，还能做什么呢？
9.请享受无法回避的痛苦。
10.只有比别人更早、更勤奋地努力，才能尝到成功的滋味。
Citing Sources on the Internet
A Short Guide to Bibliographic Referencing of Web Source Materials
We've received a number of requests from people and students wanting to know how to cite California Energy Commission documents or web pages in their bibliographies.
Please cite the author if listed on the web page, or if no specific author is given, please use California Energy Commission as the author. Use the standards explained below.
We are attempting to make sure that all our Web pages have a date stamp on them so you would know when the document was created or updated.
A Short Guide to Bibliographic Referencing of Web Source Materials
We've received a number of requests from people and students wanting to know how to cite California Energy Commission documents or web pages in their bibliographies.
Please cite the author if listed on the web page, or if no specific author is given, please use California Energy Commission as the author. Use the standards explained below.
We are attempting to make sure that all our Web pages have a date stamp on them so you would know when the document was created or updated.
Just for remembering these answers so that I typed them out.
1. Give a general definition of "foreign exchange exposure" as it relates to the operations of a multinational enterprise.
In its general sense, foreign exposure is the possibilities of either beneficial or harmful effects on companies caused by the change in foreign exchange rates. The effect on the company may be on its cash flows, its profits, or its market value.
2. Explain the differences among the transaction, operation and translating exposure.
Transaction exposure is the potential gain or loss in contracted-for near term cash flows caused by a foreign exchange rate induced change in the value of amounts due to MNE or amount MNE owes to other parties. As such, it is a change in the home currency value of cash flows that are already contracted for.
Operating exposure is the potential for a change in the value of MNE, usually viewed as the present value of all cashinflows, caused by unexpected exchange rate changes. As such, it is a change in expected long-term cash flows; i.e., future cash flow expected in the cause of normal business but not yet contracted for.
Translation exposure is the possibility of change in the entity section(common stock, retained earnings, and equity reserves) of MNE's consolidated balance sheet, caused by a change (expected or not expected) in foreign exchange rates. As such, it is not a cash flow change but a result in consolidating into one parent company's financial statement the individual financial statements of related subsidiaries and affiliates.
3. What is risk tolerance? can it be measured?
Risk tolerance is the psychological or philosophical willingness of a firm, or of its managers, to bear risk. As such, it can not be quantified or measured, although observations and comparisons of management decisions over times can provide a rough inkling of such management's risk tolerance.
Variations in risk tolerance reflect the fact that different individuals have different opinions about whether or not a risk is worth bearing, or, conversely, whether or not a risk should be left open ended or hedged.
1. Give a general definition of "foreign exchange exposure" as it relates to the operations of a multinational enterprise.
In its general sense, foreign exposure is the possibilities of either beneficial or harmful effects on companies caused by the change in foreign exchange rates. The effect on the company may be on its cash flows, its profits, or its market value.
2. Explain the differences among the transaction, operation and translating exposure.
Transaction exposure is the potential gain or loss in contracted-for near term cash flows caused by a foreign exchange rate induced change in the value of amounts due to MNE or amount MNE owes to other parties. As such, it is a change in the home currency value of cash flows that are already contracted for.
Operating exposure is the potential for a change in the value of MNE, usually viewed as the present value of all cashinflows, caused by unexpected exchange rate changes. As such, it is a change in expected long-term cash flows; i.e., future cash flow expected in the cause of normal business but not yet contracted for.
Translation exposure is the possibility of change in the entity section(common stock, retained earnings, and equity reserves) of MNE's consolidated balance sheet, caused by a change (expected or not expected) in foreign exchange rates. As such, it is not a cash flow change but a result in consolidating into one parent company's financial statement the individual financial statements of related subsidiaries and affiliates.
3. What is risk tolerance? can it be measured?
Risk tolerance is the psychological or philosophical willingness of a firm, or of its managers, to bear risk. As such, it can not be quantified or measured, although observations and comparisons of management decisions over times can provide a rough inkling of such management's risk tolerance.
Variations in risk tolerance reflect the fact that different individuals have different opinions about whether or not a risk is worth bearing, or, conversely, whether or not a risk should be left open ended or hedged.
周四晚：FINC 6013 复习
周五 周六：FINC 6013 & 6001
周日：FINC 6017
周五 周六：FINC 6013 & 6001
周日：FINC 6017
In finance, short selling or "shorting" is the practice of selling securities the seller does not then own, in the hope of repurchasing them later at a lower price. This is done in an attempt to profit from an expected decline in price of a security, such as a stock or a bond, in contrast to the ordinary investment practice, where an investor "goes long," purchasing a security in the hope the price will rise.
The term "short selling" or "being short" is often also used as a blanket term for all those strategies which allow an investor to gain from the decline in price of a security. Those strategies include buying options known as puts. A put option consists of the right to sell an asset at a given price; thus the owner of the option benefits when the market price of the asset falls. Similarly, a short position in a futures contract, or to be short a futures contract, means the holder of the position has the obligation to sell the underlying asset at a later date.
The term "short selling" or "being short" is often also used as a blanket term for all those strategies which allow an investor to gain from the decline in price of a security. Those strategies include buying options known as puts. A put option consists of the right to sell an asset at a given price; thus the owner of the option benefits when the market price of the asset falls. Similarly, a short position in a futures contract, or to be short a futures contract, means the holder of the position has the obligation to sell the underlying asset at a later date.
In finance, a long position in a security, such as a stock or a bond, or equivalently to be long in a security, means the holder of the position owns the security and will profit if the price of the security goes up.
Similarly, a long position in a futures contract or similar derivative, means the holder of the position will profit if the price of the underlying security goes up.
Similarly, a long position in a futures contract or similar derivative, means the holder of the position will profit if the price of the underlying security goes up.
house money effect (HOWS muh.nee.uh.fekt) n. The premise that people are more willing to take risks with money they obtained easily or unexpectedly.
Example Citations:
The Flemings lot are now talking about "regret aversion," investors' inclination to sell their winners and stick by their losers, and the "house money effect," where people are more likely to bet recklessly in casinos with money they have recently won.
—"The Psycho Path," Investment Week, March 17, 2003
—"The Psycho Path," Investment Week, March 17, 2003
Prospect theory is a theory that describes decisions between alternatives that involve risk, i.e. alternatives with uncertain outcomes, where the probabilities are known. The model is descriptive: it tries to model real-life choices, rather than optimal decisions.
这个理论很有趣的一点是：人们对金钱上的收入和损失的心里感受是完全不平均的。当你得到一点点的时候，你满足感会上升的很快，以至于你持续得到很多钱以后，你的满足感反而上升的变慢了；当你失去一点钱的时候，你很痛苦，但是随着你失去的越来越多，你反而不会像以前那么痛苦了。
这个理论很有趣的一点是：人们对金钱上的收入和损失的心里感受是完全不平均的。当你得到一点点的时候，你满足感会上升的很快，以至于你持续得到很多钱以后，你的满足感反而上升的变慢了；当你失去一点钱的时候，你很痛苦，但是随着你失去的越来越多，你反而不会像以前那么痛苦了。
In probability theory, Bayes' theorem (often called Bayes' Law) relates the conditional and marginal probabilities of two random events. It is often used to compute posterior probabilities given observations. For example, a patient may be observed to have certain symptoms. Bayes' theorem can be used to compute the probability that a proposed diagnosis is correct, given that observation. (See example 2)
As a formal theorem, Bayes' theorem is valid in all interpretations of probability. However, it plays a central role in the debate around the foundations of statistics: frequentist and Bayesian interpretations disagree about the ways in which probabilities should be assigned in applications. Frequentists assign probabilities to random events according to their frequencies of occurrence or to subsets of populations as proportions of the whole, while Bayesians describe probabilities in terms of beliefs and degrees of uncertainty. The articles on Bayesian probability and frequentist probability discuss these debates at greater length.
Variance = Standard deviation Squared
In finance, standard deviation is a representation of the risk associated with a given security (stocks, bonds, property, etc.), or the risk of a portfolio of securities. Risk is an important factor in determining how to efficiently manage a portfolio of investments because it determines the variation in returns on the asset and/or portfolio and gives investors a mathematical basis for investment decisions. The overall concept of risk is that as it increases, the expected return on the asset will increase as a result of the risk premium earned – in other words, investors should expect a higher return on an investment when said investment carries a higher level of risk.
For example, you have a choice between two stocks: Stock A historically returns 5% with a standard deviation of 10%, while Stock B returns 6% and carries a standard deviation of 20%. On the basis of risk and return, an investor may decide that Stock A is the better choice, because Stock B's additional percentage point of return generated (an additional 20% in dollar terms) is not worth double the degree of risk associated with Stock A. Stock B is likely to fall short of the initial investment more often than Stock A under the same circumstances, and will return only one percentage point more on average. In this example, Stock A has the potential to earn 10% more than the expected return, but is equally likely to earn 10% less than the expected return.
Calculating the average return (or arithmetic mean) of a security over a given number of periods will generate an expected return on the asset. For each period, subtracting the expected return from the actual return results in the variance. Square the variance in each period to find the effect of the result on the overall risk of the asset. The larger the variance in a period, the greater risk the security carries. Taking the average of the squared variances results in the measurement of overall units of risk associated with the asset. Finding the square root of this variance will result in the standard deviation of the investment tool in question. Use this measurement, combined with the average return on the security, as a basis for comparing securities.
From: http://en.wikipedia.org/wiki/Standard_deviation
Topic Related:
Variance
Beta
In finance, standard deviation is a representation of the risk associated with a given security (stocks, bonds, property, etc.), or the risk of a portfolio of securities. Risk is an important factor in determining how to efficiently manage a portfolio of investments because it determines the variation in returns on the asset and/or portfolio and gives investors a mathematical basis for investment decisions. The overall concept of risk is that as it increases, the expected return on the asset will increase as a result of the risk premium earned – in other words, investors should expect a higher return on an investment when said investment carries a higher level of risk.
For example, you have a choice between two stocks: Stock A historically returns 5% with a standard deviation of 10%, while Stock B returns 6% and carries a standard deviation of 20%. On the basis of risk and return, an investor may decide that Stock A is the better choice, because Stock B's additional percentage point of return generated (an additional 20% in dollar terms) is not worth double the degree of risk associated with Stock A. Stock B is likely to fall short of the initial investment more often than Stock A under the same circumstances, and will return only one percentage point more on average. In this example, Stock A has the potential to earn 10% more than the expected return, but is equally likely to earn 10% less than the expected return.
Calculating the average return (or arithmetic mean) of a security over a given number of periods will generate an expected return on the asset. For each period, subtracting the expected return from the actual return results in the variance. Square the variance in each period to find the effect of the result on the overall risk of the asset. The larger the variance in a period, the greater risk the security carries. Taking the average of the squared variances results in the measurement of overall units of risk associated with the asset. Finding the square root of this variance will result in the standard deviation of the investment tool in question. Use this measurement, combined with the average return on the security, as a basis for comparing securities.
From: http://en.wikipedia.org/wiki/Standard_deviation
Topic Related:
Variance
Beta
Variance, Beta and Risk 对我来说，是比较容易混淆的概念，需要熟读的~
In probability theory and statistics, the variance of a random variable, probability distribution, or sample is one measure of statistical dispersion, averaging the squared distance of its possible values from the expected value(mean). Whereas the mean is a way to describe the location of adistribution, the variance is a way to capture its scale or degree ofbeing spread out. The unit of variance is the square of the unit of the original variable. The positive square root of the variance, called the standard deviation, has the same units as the original variable and can be easier to interpret for this reason.The variance of a real-valued random variable is its second central moment, and it also happens to be its second cumulant.Just as some distributions do not have a mean, some do not have avariance as well. The mean exists whenever the variance exists, but notvice versa.
In probability theory and statistics, the variance of a random variable, probability distribution, or sample is one measure of statistical dispersion, averaging the squared distance of its possible values from the expected value(mean). Whereas the mean is a way to describe the location of adistribution, the variance is a way to capture its scale or degree ofbeing spread out. The unit of variance is the square of the unit of the original variable. The positive square root of the variance, called the standard deviation, has the same units as the original variable and can be easier to interpret for this reason.The variance of a real-valued random variable is its second central moment, and it also happens to be its second cumulant.Just as some distributions do not have a mean, some do not have avariance as well. The mean exists whenever the variance exists, but notvice versa.
The Beta coefficient, in terms of finance and investing, is a measure of volatility of a stock or portfolio in relation to the rest of the financial market.[1]
An asset with a beta of 0 means that its price is not at all correlated with the market; that asset is independent. A positive beta means that the asset generally follows the market. A negative beta shows that the asset inversely follows the market; the asset generally decreases in value if the market goes up.
Correlations are evident between companies within the same industry, or even within the same asset class (such as equities), as was demonstrated in the Wall Street crash of 1929. This correlated risk, measured by Beta, creates almost all of the risk in a diversified portfolio.
The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be mitigated by the diversification provided by the portfolio of many risky assets, because it is correlated with the return of the other assets that are in the portfolio. Beta is calculated for individual companies using regression analysis.
文学城上有位老兄居然找到了30多年前的高考题，现在贡献出来跟大家一起做做，看看都能得多少分。
1977年语文高考试卷
一、给下面这句话注音，要标调（3分）将正确的答案填写到下面的横线上
对待同志要象春天般温暖。
二、回答下列问题 将正确的答案填写到下面的横线上
1.指出下面句子中加粗的词属于什么词类（2分）
雷锋为（人民）服务的心最红
2.指出下面复杂词组中的每个词组属于哪种类型（4分）
恢复和发扬毛主席树立的优良传统和作风
3.分析句子成分（4分）
为了实现Communist主义的伟大理想，我要献出自己的毕生精力和整个生命。
4.分析多层复句的层次关系（3分）
因为我们是为人民服务的，所以，我们如果有缺点，就不怕别人批评指出。
1977年语文高考试卷
一、给下面这句话注音，要标调（3分）将正确的答案填写到下面的横线上
对待同志要象春天般温暖。
二、回答下列问题 将正确的答案填写到下面的横线上
1.指出下面句子中加粗的词属于什么词类（2分）
雷锋为（人民）服务的心最红
2.指出下面复杂词组中的每个词组属于哪种类型（4分）
恢复和发扬毛主席树立的优良传统和作风
3.分析句子成分（4分）
为了实现Communist主义的伟大理想，我要献出自己的毕生精力和整个生命。
4.分析多层复句的层次关系（3分）
因为我们是为人民服务的，所以，我们如果有缺点，就不怕别人批评指出。
A woman applies for two jobs, job A and job B. She thinks that she has 60% chance of getting job A and a 50% chance of getting job B. She also thinks that if she gets A, then the chance of her getting B increases to 70%.
Required:
1. Find the probability that she will get one job exactly;
2. Find the probability that she will get both jobs.
3. Find the probability that she will get job A if she knows already that she has get job B.
Required:
1. Find the probability that she will get one job exactly;
2. Find the probability that she will get both jobs.
3. Find the probability that she will get job A if she knows already that she has get job B.
What are the different ways of measuring the success of Mergers and Acquisitions?
今儿不把它写完，誓不为人。。。
今儿不把它写完，誓不为人。。。
想当年在学校里头，一起学国际关系来着。
不过他后来考上了北大和英国伦敦政治经济学院的双硕士了。而我只是一个硕士，在悉尼大学。
然后他又考上剑桥了。
我还在读着这个硕士，尚未毕业。
祝贺大个~~李晨~~
哎。。。伤感。
不过他后来考上了北大和英国伦敦政治经济学院的双硕士了。而我只是一个硕士，在悉尼大学。
然后他又考上剑桥了。
我还在读着这个硕士，尚未毕业。
祝贺大个~~李晨~~
哎。。。伤感。
英文适用
Your report should be with 1.5 line spacing and size 12 Times New Roman Font.
The following is an extract from the Journal of Finance submission guidelines. This the method to be
used in referencing material for your major assignment.
References must be typed on a separate page, double-spaced, at the end of the paper. References
to publications in the text should appear as follows: "Jensen and Meckling (1976) report that..." or
"(Jenson and Meckling (1976))." At the end of the manuscript (before tables and figures), the
complete list of references should be as follows:
For monographs:
Fama, Eugene F., and Merton H. Miller, 1972. The Theory of Finance (Dryden Press, Hinsdale, Ill.).
For contributions to collective works:
Grossman, Sanford J., and Oliver D. Hart, 1982, Corporate financial structure and managerial
incentives, in John J. McCall, ed.: The Economics of Information and Uncertainty (University of
Chicago Press, Chicago, Ill.).
For periodicals:
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency
costs and ownership structure, Journal of Financial Economics 3, 305-360
(http://www.afajof.org/journal/submission.asp)
Your report should be with 1.5 line spacing and size 12 Times New Roman Font.
The following is an extract from the Journal of Finance submission guidelines. This the method to be
used in referencing material for your major assignment.
References must be typed on a separate page, double-spaced, at the end of the paper. References
to publications in the text should appear as follows: "Jensen and Meckling (1976) report that..." or
"(Jenson and Meckling (1976))." At the end of the manuscript (before tables and figures), the
complete list of references should be as follows:
For monographs:
Fama, Eugene F., and Merton H. Miller, 1972. The Theory of Finance (Dryden Press, Hinsdale, Ill.).
For contributions to collective works:
Grossman, Sanford J., and Oliver D. Hart, 1982, Corporate financial structure and managerial
incentives, in John J. McCall, ed.: The Economics of Information and Uncertainty (University of
Chicago Press, Chicago, Ill.).
For periodicals:
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency
costs and ownership structure, Journal of Financial Economics 3, 305-360
(http://www.afajof.org/journal/submission.asp)
1 Harvard Univ USA 美国哈佛大学
2 Stanford Univ USA 美国斯坦福大学
3 Univ Cambridge UK 英国剑桥大学
4 Univ California - Berkeley 美国加州大学伯克利分校
5 Massachusetts Inst Tech (MIT) USA 美国麻省理工学院
6 California Inst Tech USA 美国加州理工学院
7 Princeton Univ USA 美国普林斯顿大学
8 Univ Oxford UK 英国牛津大学
9 Columbia Univ USA 美国哥伦比亚大学
10 Univ Chicago USA 美国芝加哥大学
11 Yale Univ USA 美国耶鲁大学
12 Cornell Univ USA 美国康奈尔大学
13 Univ California - San Diego USA 美国加州大学圣地亚哥分校
14 Tokyo Univ Japan 日本东京大学
15 Univ Pennsylvania USA 美国宾夕法尼亚大学
我喜欢斯坦福大学，也许仅仅为了“喜欢”这个词，可以意味着很多东西。
This is a plan.
2 Stanford Univ USA 美国斯坦福大学
3 Univ Cambridge UK 英国剑桥大学
4 Univ California - Berkeley 美国加州大学伯克利分校
5 Massachusetts Inst Tech (MIT) USA 美国麻省理工学院
6 California Inst Tech USA 美国加州理工学院
7 Princeton Univ USA 美国普林斯顿大学
8 Univ Oxford UK 英国牛津大学
9 Columbia Univ USA 美国哥伦比亚大学
10 Univ Chicago USA 美国芝加哥大学
11 Yale Univ USA 美国耶鲁大学
12 Cornell Univ USA 美国康奈尔大学
13 Univ California - San Diego USA 美国加州大学圣地亚哥分校
14 Tokyo Univ Japan 日本东京大学
15 Univ Pennsylvania USA 美国宾夕法尼亚大学
我喜欢斯坦福大学，也许仅仅为了“喜欢”这个词，可以意味着很多东西。
This is a plan.
斯坦福大学位于美国加利福尼亚州的帕拉阿图市（ Palo Alto ），与旧金山（ San Francisco ）相邻，乘坐汽车只需要 1 个小时便可到达旧金山。
加州的气候宜人，人种差异大，定居于此的亚裔人士也很多。该州开放的民风，对于新观念的接受程度显然也较其他的美国各州来得强。曾经有人这么比喻加州，说加州仿佛位于东西俩股文化势力冲突的版块上；而也就是因为异文化的冲击，造成加州有别于其他美国城市的都会美感。
斯坦福大学商学院和哈佛大学商学院被认为是美国最好的商学院。这两所学院多次在美国权威杂志的商学院排名中并列第一。提到斯坦福商学院，人们不可避免地也会想到它的竞争对手哈佛商学院。光从学生人数来说，斯坦福商学院的规模要比哈佛商学院小得多。
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