This article discusses the high transaction costs of buying and selling municipal bonds, as well as market inefficiencies of the municipal bond market, at least from the perspective of an individual investor. The slides are here: This paper discusses the implications of one of the assumptions of the CAPM — that there is complete agreement among investors about probability distributions of future payoffs on assets.
Unfortunately, there is only one thing we know for certain about those inputs, whatever they might be: Pitfalls in across-time diversification," Journal of Portfolio Management, Springpp. The paper concludes that each might be most appropriate in certain market conditions or for certain clients.
For funds with similar duration and credit worthiness, the difference in returns is likely to be similar to the difference in expense ratio. Here are the ten lessons referred to in the title: The appendices here are outstanding.
Controlling risk not only controls expected return, but it tends to preclude investors from allowing well-documented psychological phenomena to influence them to do things which are adverse to their financial well-being. Both contexts have required me to develop or adapt viable courses quickly, effectively gauge learner response and interest, and adjust materials on-the-fly to better meet learner needs.
Buy-and-hold, portfolio insurance both constant proportion and options-basedand constant-mix. There are at least two means for implementing a long-term giving program: This paper suggests that asset allocation should be calculated on the basis of post-tax values of your portfolio.
While disclosure has been proposed as a potential solution to this, we show that disclosure can have perverse effects, and might even increase bias. A good discussion of issues around investing in bonds.
Consumers are increasingly being led to believe that use of a Monte Carlo simulator accurately projects the probability of meeting their financial goals. Vance Roley and Gordon H.
For a good discussion of this study, see the Zweig article below. In other words, this paper suggests that selecting bond funds by price i. This outstanding article covers the same ground as the "Diversification Across Time" paper above, but at a level which is more readable for the layperson.
In fact, most of the average reward to extending maturity probably occurs by the time maturity reaches one year.
Corporate bond transaction costs are much lower for institutional-sized transactions. In general, bid-ask spreads: Implications for investors," Journal of Portfolio Management, Springpp.
The talk produced an article entitled "Turning a 3-hour face-to-face seminar into an opportunity for extended online blended learning" which I published first as a blog post and then in two different versions in two publications: For a smaller file version, see here kb.
Junkans, and Carmen M. This study builds on Reichenstein and Sibley papers below. See here for a good discussion of this paper.
Teacher feedback can be given in-class directly on real-time, interactive instances of student writing for all to see via in-class projector, and for individual students to follow right there on their laptops, whereas effective feedback can be given between classes via a medium where it can be immediately seen, day or night, when students are revising their work.
The gross returns for Intermediate-Term bond funds were consistent over five year periods, but less so for shorter periods with the yield on five year treasuries at the beginning of the period.
This paper suggests that corporate bonds can be modeled as riskless bonds i. Sandeep Singh and William H. Another critique of the two Determinants of Portfolio Performance papers. A summary of the issues.
Steven Horan, " An alternative approach to after-tax valuations ," Financial Services Review, 16pp. The recent market tumult offers a perfect opportunity to remember the advantages of a diversified, balanced portfolio ," Financial Planning, October Protect yourself ," Money, August 20 Kinniry, " The Asset Allocation Debate: An excellent paper which compares and contrasts the pros and cons of buying individual bonds vs.
The gross returns for Long-Term bond funds were consistent over ten to twenty year periods, but less so for shorter periods with the yield on twenty year treasuries at the beginning of the period.
Douglas Van Eaton and James A.
Berger, " Global Bonds and Emerging Debt: Bonds Fixed income assets e.Part One: General Marking Principles for Computing Studies Intermediate 1 This information is provided to help you understand the general principles you must apply when marking candidate responses to questions in this Paper.
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