Finance Educator: Courses最新文献

{"title":"Introduccion a los Derivados Financieros: Relaciones Básicas, Posiciones Simples, y Algebra Matricial (An Inquiry to Financial Derivatives: Basic Relationships, Single Positions and Matrix Algebra)","authors":"Hernán Gil Forleo","doi":"10.2139/ssrn.3458706","DOIUrl":"https://doi.org/10.2139/ssrn.3458706","url":null,"abstract":"<b>Spanish Abstract:</b> En este trabajo incorporamos los efectos de los costos de intermediación e impuestos transaccionales sobre los precios de equilibrio, el ingreso neto de fondos y las variaciones relativas de las posiciones simples de opciones de compra y venta, sean estas long o short. Definimos y caracterizamos las posiciones simples. Deducimos gráficamente la relación entre precio del subyacente y el beneficio esperado. Así como la independencia y combinación lineal en R^2. Por último, una solución general de la elasticidad precio – beneficio de cada posición.<br><br><b>English Abstract:</b> In this working paper, we add the effects on brokerage fee and duties on the break-even price, the net inflow and the relative change of the single positions of Calls and Puts in long and short term. Also, we define and characterized the single positions. We deduce in graphical term the relationship between the underlying asset and the expected revenue. The linear independence is determinate using matrix algebra after the analysis in 𝑅 2 space. Finally, the elasticity between the underlying asset price and the expected profit take place.<br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133274034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Using Portfolio Theory to Design Better Exams","authors":"Ehsan Ardjmand, David L. Stowe, J. Stowe","doi":"10.2139/ssrn.3434422","DOIUrl":"https://doi.org/10.2139/ssrn.3434422","url":null,"abstract":"The mathematics behind many psychometric measures is similar to the mathematics in portfolio theory. Faculty often build exams based on judgment and experience and only use psychometric tools after an exam is administered. An obvious question is, can portfolio optimization models be used to design exams with desirable psychometric outcomes and content coverage? Although underlying variables (stock returns versus exam question scores) differ fundamentally, a portfolio approach to exam development can be used. The objective functions and underlying constraints will differ, but many faculty can readily apply the principles of portfolio theory to design more optimal exams. In this paper we contrast the objectives and mechanics of portfolio and exam development and use an integer programming model to develop the optimal set of exam questions given a realistic example.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131601034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Rookie’s Guide to the Academic Job Market in Finance: The Labor Market for Lemons","authors":"Alexander W. Butler, T. Crack","doi":"10.2139/ssrn.3433785","DOIUrl":"https://doi.org/10.2139/ssrn.3433785","url":null,"abstract":"We first wrote and circulated our “Rookie’s Guide” paper about the academic labor market for newly minted finance PhDs twenty years ago. It passed hand-to-hand and via photocopies of photocopies sent using snail mail (or, back then, we just called it ‘mail’). Since then, much has changed in our labor market, and much has not. Logistics are easier now due to technological change. But the basic informational frictions that made it difficult for rookies to learn the ropes 20 years ago are still evident, as are the fundamental market frictions that make the bilateral matching between labor demand (hiring schools) and labor supply (the rookies) awkward and challenging. This manuscript refreshes the advice we have given in the past, adds some more specific suggestions for preparing for the intense interview process at the academic meetings, and offers a brief epilogue discussing what a rookie should do at the successful conclusion of the job market. We incorporate by reference some of the basic advice from previous guides (Butler and Crack, 2004, 2005, 2006, 2007, 2012). We begin by offering some truths for the reader to internalize. Then we use an FAQ format to impart additional information. We end with our epilogue and a list of references.<br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122123206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Implementation of Enterprise Risk Management","authors":"Ty Branch","doi":"10.2139/ssrn.3429108","DOIUrl":"https://doi.org/10.2139/ssrn.3429108","url":null,"abstract":"First, the purpose of this paper is to examine the German insurance industry Enterprise Risk Management program and the relationship to corporate governance, line management, as well as, portfolio management. To use scientific research to determine the intricate details about this German insurance industry implementation process and to seek information regarding risk exposure to the environment and to investigate each component that links risk exposure to the stakeholders. To find if the board and the risk assessment officers responsible for risk control are failing at their jobs.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132005622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Los Diferentes Tipos De Cash Flow (The Different Types of Cash Flow - Presentation Slides)","authors":"J. Casielles","doi":"10.2139/ssrn.3425303","DOIUrl":"https://doi.org/10.2139/ssrn.3425303","url":null,"abstract":"<b>Spanish Abstract:</b> El cash flow operativo y el cash flow de negocio: ¿Qué es el cash flow operativo? ¿Qué es el cash flow de negocio? ¿Cuál es la relación entre el cash flow operativo y el cash flow de negocio? ¿Cuándo coinciden? ¿Cuándo el cash flow operativo es mayor que el cash flow de negocio? ¿Cuándo es inferior? <br>El cash flow de los accionistas: ¿Qué es el cash flow de los accionistas? ¿Qué relación hay entre el cash flow de los accionistas y el cash flow de negocio? ¿Cuándo el cash flow de los accionistas coincide con el cash flow de negocio? ¿Cuándo el cash flow de los accionistas es inferior al cash flow de negocio? ¿Cuándo el cash flow de los accionistas es superior al cash flow de negocio?<br>Aplicación o financiación del cash flow de negocio: Si el cash flow de negocio es positivo, ¿para qué puede utilizarse? Si el cash flow de negocio es negativo, ¿cómo se puede financiar este déficit de cash flow de negocio?<br>La variación de caja: ¿Cómo analizar la variación de caja de un ejercicio a otro? <br>El free cash flow: ¿Qué es el free cash flow? ¿Qué relación hay entre el free cash flow y el cash flow de las acciones?<br>Se incluyen múltiples ejercicios y preguntas de autoevaluación.<br> <br><b>English Abstract:</b> Operating cash flow and business cash flow: What is operating cash flow? What is business cash flow? What is the relationship between operating cash flow and business cash flow? When do they match? When is the operating cash flow greater than the business cash flow? When is it lower?<br><br>The cash flow of shareholders: What is the cash flow of shareholders? What is the relationship between shareholders' cash flow and business cash flow? When is the cash flow of shareholders equal to the business cash flow? When is the cash flow of shareholders lower than the business cash flow? When is the cash flow of shareholders higher than the business cash flow?<br><br>Application or financing of business cash flow: If business cash flow is positive, what can it be used for? If business cash flow is negative, how can this business cash flow deficit be financed?<br><br>The cash variation: How to analyze the variation of cash from one fiscal year to another?<br><br>Free cash flow: What is free cash flow? What is the relationship between free cash flow and cash flow of shareholders?<br><br>Multiple exercises and practice questions are included.<br><br>","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114438070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Effectiveness of Executive Education of Corporate Professionals regarding the Role and Responsibility of Group Management from a Business Law Perspective.","authors":"Louis Spoor","doi":"10.2139/ssrn.3424810","DOIUrl":"https://doi.org/10.2139/ssrn.3424810","url":null,"abstract":"Business professionals should keep up with (legal) changes in their business practise and environment. This research project offers some insight in the effectiveness of executive business law education regarding the role and responsibilities of group management. Because specific law is absent on this subject, corporate professionals responsible for the design and judgement of the corporate legal structure, like management accountants and lawyers, should be aware of the risk that their view on the subject differs amongst professionals. This study investigates whether corporate professionals have different views on corporate responsibilities and liabilities, using an experimental study based on 40 observations. The case study describes a situation of emerging financial distress in a group which is led by a non-dominant parent. The study finds evidence that management accountants and lawyers differ in their fundamental view on the role of the parent company as group manager. It is important for those responsible for executive education in accounting, but also directors, accountants, controllers and regulators as well as legal advisors to be aware of the existence of these differing views as this can also help to reduce possible waste of society’s resources as a consequence of litigation.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126066263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A General Method for Valuing Complex Capital Structures","authors":"Paul Borochin, Y. Kopeliovich, Kevin A Shea","doi":"10.2139/ssrn.3366559","DOIUrl":"https://doi.org/10.2139/ssrn.3366559","url":null,"abstract":"Abstract We develop a numerical method based on the Cox et al. (1979) binomial tree option valuation approach that can accommodate arbitrarily complex capital structures with varying debt maturities and seniorities, as well as preferred stock and warrants. The method provides straightforward valuation for common bond market features such as convertibility and prepayment options, as well as sinking fund provisions, that have proven challenging to model analytically.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122090561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Previsiones financieras (Financial Forecasts - Presentation Slides)","authors":"J. Casielles","doi":"10.2139/ssrn.3421714","DOIUrl":"https://doi.org/10.2139/ssrn.3421714","url":null,"abstract":"<b> Spanish Abstract:</b> Cómo hacer previsiones financieras cuadrando el balance con crédito bancario: ¿Cómo calculamos los activos fijos previsionales, las existencias, las cuentas por cobrar, la deuda a largo plazo, las cuentas a pagar, el patrimonio y la deuda? Efecto del crecimiento, los días operativos, % NOF y % AFN, payout y ROS. Previsiones financieras cuando las ventas no aumentan: si estamos realizando previsiones financieras y esperamos que las ventas no cambien, ¿aumentan las NOF? Si el AFN no cambia, ¿aumentará la deuda? Previsiones financieras cuando las ventas no aumentan y los días operativos cambian. Si estamos haciendo una previsión financiera y esperamos que las ventas no cambien, pero los días operativos cambian, ¿afectará esto a las NOF? ¿Afectará esto a la deuda? Previsiones financieras cuando las ventas crecen. Si esperamos que las ventas aumenten, pero los días operativos no cambien y el AFN no cambie, ¿afectará esto a la deuda? Previsiones financieras cuando las ventas y AFN aumentan: si esperamos que las ventas y AFN aumenten, ¿afectará esto a la deuda? El efecto del payout: si estamos realizando previsiones financieras para dos escenarios con payout diferentes, ¿qué escenario necesitará menos deuda? El efecto del ROS: si estamos realizando previsiones financieras para dos escenarios con ROS diferentes, ¿qué escenario necesitará menos deuda? Un atajo para hacer el balance previsional cuadrando el balance con la deuda. Introducción a la tasa de crecimiento sostenible. La tasa de crecimiento sostenible: ¿Cuál es la primera definición para la tasa de crecimiento sostenible? ¿Cómo se calcula si CAPEX = Amortizaciones? ¿Cómo se calcula si g AFN = g ventas? ¿Cuál es la segunda definición de Tasa de Crecimiento Sostenible? ¿Cómo se calcula? Cómo hacer previsiones a partir de establecer un objetivo de nivel de deuda. ¿Qué es el Cash Flow de los accionistas? Se incluyen múltiples ejercicios, un mini caso real y preguntas de autoevaluación<br><br><b>English Abstract:</b> How to make forecast by balancing the balance sheet with bank credit: How do we calculate the estimated fixed assets, Inventory, receivables, cash long term debt accounts payable equity and debt? Effect of growth, the operating days, % NFO and % NFA, payout and ROS. Financial Forecasting when sales don’t grow: If we are making a financial forecasting and we expect the sales don’t change, do expected NFO increase? If NFA don’t change, will the debt increase?. Financial Forecasting when sales don’t grow and the operating days change. If we are making a financial forecasting and we expect sales don’t change but operational days change, will this affect to NFO? will this affect to debt? Financial Forecasting when sales grow. If we expect sales increase but operational days don’t change and NFA don’t change, will this affect to debt? Financial Forecasting when sales and NFA grow: If we expect sales and NFA increase, will this affect to debt? The effect of payout: If w","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"9 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131697875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Illustration of the 'Professional Trader’s Paradox'","authors":"F. Michel","doi":"10.2139/ssrn.3420164","DOIUrl":"https://doi.org/10.2139/ssrn.3420164","url":null,"abstract":"In this note I illustrate the argument of Reference relating non-ergodicity to an under-estimation of risks. Using a simple toy-model, I quantify how neglecting correlations between successive random events can lead to a false sense of confidence about the scarcity of extreme scenarios.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124658627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Propensity Score Matching with Replacement Using Weighted Least Squares: SAS Code and Macros","authors":"Steven Utke","doi":"10.2139/SSRN.2964990","DOIUrl":"https://doi.org/10.2139/SSRN.2964990","url":null,"abstract":"While propensity score matching (PSM) is increasingly common in finance and accounting research (Roberts and Whited 2013; Shipman, Swanquist, and Whited 2017), coding PSM in SAS can be tedious, with limited coding resources available to researchers. This is especially true when undertaking PSM with replacement, which is preferred in many settings (Roberts and Whited 2013) and which also serves as a worthwhile robustness test (Shipman et al. 2017). In this paper, I provide comprehensive macros for PSM in SAS to significantly increase the speed of coding, with a particular focus on PSM with replacement. While this paper provides the tools for undertaking PSM, I encourage researchers to carefully consider the appropriateness of PSM for their study (e.g., King and Nielsen 2016) before using these tools.","PeriodicalId":208149,"journal":{"name":"Finance Educator: Courses","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133863031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}