the state and national outlook to 2015

... order to identify the grade for each factor Step 5: Plus the grade of all factors to determine the total grade of the matrix Evaluation: The total grade of the matrix does not depend on the number ... number of factors in the matrix, the highest grade is 4 and the lowest one ts 1 If the total grade is 4 that the company is responding well to the opportunities and threats, if the total grade ... need to make this matrix to consider the response capacity and view to the strengths and weaknesses Since then it will support the enterprise to make use of strengths to exploit and prepare the

Ngày tải lên: 27/03/2015, 15:29

... in the descriptive research It was because in this thesis, the researcher described the data based on the theory to find out the result of the research 3.2 Data Sources The USA Today is a national ... on the daily outstanding people and events in the country and around the world The two newspapers are among the top broadsheets in terms of readership as stated by the official websites of the ... to, be due to, be going to, be liable to, be likely to, be certain to, be sure to, be to, be unlikely to, be supposed to, have to, have got to, had better, would rather, would sooner; - phased

Ngày tải lên: 23/09/2020, 22:11

... as the cost of the spread, or 0.50.The break-even level is the level at which a decline in the stock pays for the cost of the spread This is calculated as the higher strike minus the cost of the ... or puts The further a spread is from the underlying, the less cost or income it has, and the less probability it has of becoming in-the-money out-of-the-1×1s and volatility skews In the stock or ... is the same Here, the maximum profit is the credit received from the spread, or 0.90 This profit is earned if the stock is at or below the lower strike, or 117 The maximum loss occurs if the stock

Ngày tải lên: 20/06/2014, 20:20

... deeply in the money and therefore subject to. .. profit occurs if the underlying closes at the middle strike The maximum loss is the cost of the spread With the above Marks and Spencer ... is the strike price of the higher put minus the total income from the spread, or 340 – 5.5 = 334.5. The maximum downside loss is the difference between put strikes minus the income from the ... Taking the example above, if XYZ closes at 100, then the 95–100 call spread is worth 5, and the 100–105 call spread is worth zero The cost of the butterfly... are then long the April

Ngày tải lên: 20/06/2014, 20:20

... to risk. In order to cover their risk, the market-makers need to widen their bid–ask spreads. Under these circumstances, to ask the market-makers to tighten their spreads is to ask them to ... sellers, and they feel like sitting ducks. Often the market retraces and stabilises, and time decay begins to eat away at the puts, but by then the put sellers are only too glad to close their ... implied volatility increases their premium. There is increased demand for them because they are alternatives to a stock purchase and because they can be converted into synthetic puts. This also discussed

Ngày tải lên: 20/06/2014, 20:20

... by the cost of carrying on the stocks. 21  Futures, synthetics and put–call parity 223 On the other hand, the holder of the long futures position forgoes the dividends payable for the ... contract simply expires to the current cash value of the index. There, the holder of the long futures contract pays the cash value of all the stocks in the index. The holder of the short futures ... contract If, on the other hand, you sell the call at 34.40 and pay 33.70 for the put, then you have sold the synthetic future at 1140.70 Here, you have the obligation to sell the future

Ngày tải lên: 20/06/2014, 20:20

... them close to expiration in order to clear options off our books and to avoid pin risk. But then again, the arbs try to pay 19.75 for the above box, and they try to sell it at 20.25. They often ... the synthetics pair off, and you pay the value of the box to the counterparty. For an example, simply reverse the long box transaction in M&S, above. Sell the 340 synthetic and buy the 360 ... example, there were no dividends through expiry.) During the next 75 days the difference between the synthetic and the stock will converge from 0.40 to zero. Long box The box is another spread

Ngày tải lên: 20/06/2014, 20:20

... at 16.00, and 14.50 is paid for the put (c) If the return on a sale of the stock is 0.50 per cent, then no more than £0.40 must be paid for the synthetic over the bid price of the stock Bearing ... also increase (b) If the implied increases, then the gamma of the January 57.50 call will increase, and the vega will decrease (c) If the implied decreases, then the vega of the December 52.50 ... What is the value of the May synthetic future, and why is it so valued? (b) To be realistic, there is probably a bid–ask market for Marks and Spencer of 350–351 and the spread is certain to increase

Ngày tải lên: 20/06/2014, 20:20

... for a specified time period The put buyer has the right, but not the obligation, to sell the underlying The put seller has the obligation to buy the underlying at the put buyer’s discretion Put ... awareness about stock manipulators The Big Con (2000) by David W Maurer, Arrow/Random House Written in the 1930s Anyone involved in the Bernie Madoff scandal could read this and weep The rest of ... underlying A long synthetic is a long call plus a short put at the same strike A short synthetic is a short call plus a long put at the same strike Sometimes referred to as the combo. Theta The amount

Ngày tải lên: 20/06/2014, 20:20

... on a put 1×2 He began to cover their risk by selling futures Then the other players in the market needed to sell futures in order to cover their risk The market went down and down Traders were ... expiration, the stock closes below the put strike, or 45, you will be assigned on the short put, and you will be obli-gated to buy the stock at the strike price, or 45 The cost of your stock purchase ... that the stock has bottomed out Use the technicals to find a support area If at expiration the stock closes between 45 and 57.50, the credit from the spread, or 0.03 in this case, is earned The

Ngày tải lên: 21/06/2014, 00:20

... occurs at the strike price of the call There, you gain the price appreciation of the stock plus the full income from the call The maximum profit is calculated as the strike price minus the purchase ... of the stock plus the income from the call, or (60 – 52.67) + 0.34 = 7.67 Above the call strike price, the profit from the stock is offset by the loss on the call, on a point for point basis The ... write The covered write is best suited to long-term stock-holders who can ate a decline in the stock price below the current price toler-There are two solutions to the upside risk Using the above

Ngày tải lên: 21/06/2014, 00:20

... Trang 1The exceptions to Table 15.3 are the deep in-the-money and far the-money options, such as the December 320 calls and puts, and the December 440 calls and puts When these options ... vegas of the out-of-the-money and the in-the-money options increase As the underlying increases its range, these options are more likely to become the-money Their vegas approach that of the the-money ... expiration There is a serious exception to the above Far out-of- and in-the-money options, such as the $3.00 puts and $4.60 calls increase their gamma They have low gammas to begin with because their

Ngày tải lên: 21/06/2014, 00:20

... because they can be exercised to gain cash and, therefore, interest. Trang 2Chapter 4 questions 1 What is the difference between the historical and the implied volatility? 2 Suppose that the S&P ... (October 1997) Are you a seller? (Hint: First, estimate the volatility of the index at the opening, then compare it to the implied volatility of the options.) Chapter 4 answers 1 The historical ... consequences, then the vola-tility will revert to the 30-day 5 The implied has increased (to 8.25 per cent), which indicates that the near-term historical volatility is expected to increase The options

Ngày tải lên: 21/06/2014, 00:20

... father of the perpetrator of the hoax As Middleton uncovers the truth of the scandal, so does his professional star rise until, at the end of the novel, he accepts the Chair of the History 22 The Cambridge ... until the The State and the Novel 35 final page The other is an extended allusion to Virginia Woolf, in Grace’s planned (and continually deferred) trip to the lighthouse in the seaside town in ... of the media; a sequence of stock-market scandals; the poisoning of the food chain in the pursuit of profit; and the displacement of aesthetic values in the art world The chief villains are the...

Ngày tải lên: 01/11/2013, 10:20

... highlight the role of the professions as mediators between the state and its citizens It brings the interdependence and tensions between the health professions, the state and public interest into focus ... for the expertise needed to formulate policy and to deliver that policy” (2004, p 31) This statement underscores the interdependence of professions, the state and the public, and the need to balance ... enable change, and to better understand the barriers towards integration and policies introduced from the top down Towards context-sensitive approaches: professions, the state and the public as...

Ngày tải lên: 06/03/2014, 07:20