The Appropriateness Of A Mean Variance Simulation Model...

The appropriateness of a Mean-Variance Simulation Model for a Commonwealth public sector defined pension benefit fund Kevin Lian October 20, 2014 In this section, we will examine the use of a mean-variance simulation model on a commonwealth public section defined pension benefit fund. Firstly, we will examine the expected medium term returns using the reverse optimisation approach and discuss whether any adjustments are necessary. Secondly, we will examine how appropriate the model is for the fund. Lastly, we will discuss how to determine any inconsistencies if a mean-variance model is used. Expectations for medium term returns The market portfolio consisted of 8 asset classes 1 , in which we used an adjusted allocation size based on APRA†¦show more content†¦This is emphasised by the near singular correlation matrices 2 . Furthermore, the results are extremely sensitive to these mean and variance assumptions due to the structure of the M-V model. This exposes our results to a potentially unbounded error size. Thus, we suggest a Bayesian adjustment is needed to reflect our uncertainty about our assumptions. 1 AE - Australian Equity, IE - International Equity, LP - Listed property, UP - Unlisted Property, AFI - Australian Fixed Interest, IFI - International fixed Interest (Hedged), Cash - $AUD 2 This can be seen by determinants of the 5, 6, and 7 year correlation matrices, which were 2.31258E-48, -9.99469E- 34, and -1.72439E-20 respectively 1 Group B Part D ACTL4303 Assignment Student ID: 3374652 Furthermore, the results in Table 1 also requires some adjustments due to tax and the inherent assumptions of the reverse optimisation approach. In general, the returns of each asset class need to be subjected to the appropriate tax deductions and transaction fees. In particular, Australian equity returns have not accounted for the franking credits. In addition, the method used to calculate the risk-aversion coefficient result in time-invariant equity returns. Thus, adjustments are needed to reflect time-vary equity risk premiums. In

Elementary School Science Fair Projects

It can be a challenge to come up with an elementary school science fair project idea thats fun and challenging. Even at the grade-school level, there will be fierce competition to come up with the winning idea—but winning first prize should not be the focus of your childs project. Learning and making the project fun and encouraging a genuine interest in science should be your top priority. Elementary School Science Fair Project Basics Elementary school projects arent supposed to be rocket science (though of course, they can be). Keep in mind, judges will disqualify projects if they suspect parents did too much or all of the work. Part of science is making a reproducible procedure. Resist the temptation to let your child make a display or do a demonstration. Instead, gear the project toward answering a question or solving a problem. Start by finding a video an online tutorial for a project that appeals to your child and then let him or her try to reproduce it. Make sure to follow all directions and safety precautions outlined in the experiment to the letter. Documentation is also essential to the success of your childs project. Keeping careful notes and taking pictures as the project progresses is a great way to document data. These notes should include how well his or her results match those of the original project. How Much Time Should Be Devoted to the Project? Time is a factor that has to be considered for all science projects. Even though the actual number of hours spent to complete any given project may be the same, some science fair projects can be done over the space of a weekend, while others that involve recording data over a period of time (say, 10 minutes per day over the course of a few weeks). Finding out if theres going to be a year-end science fair that your child will be expected to participate in will allow you to plan accordingly. Weekend Projects The following projects can be accomplished fairly quickly. Make sure your child sets a specific goal to be achieved or question they will be attempting to answer. Gather the specific items needed to complete the project in advance. Have your child document the steps in the experiment as they go along and also record his or her conclusion at the end. Try making colored bubbles. Can you color them with food coloring? If so, what differences do you notice between colored bubbles and regular bubbles?Can you predict what things will glow under a black light?Will chilling an onion before cutting it keep you from crying?What ratio of vinegar to baking soda produces the best chemical volcano eruption?Are night insects attracted to lamps because of heat or light?Can you make Jell-O using fresh pineapples instead of canned pineapples?Do white candles burn at a different rate than colored candles?Compare using saltwater (a saturated solution of sodium chloride) and freshwater to dissolve Epsom salts. Will the saltwater dissolve the Epsom salts? Does the freshwater or saltwater work more quickly or effectively?Does the shape of an ice cube affect how quickly it melts?Do different brands of popcorn leave different amounts of unpopped kernels?How do differences in surfaces affect the adhesion of tape?If you shake up different kinds or brands of soft drinks (e.g., carbonated), will they all spew the same amount?Are all potato chips equally greasy (you can crush them to get uniform samples and look at the diameter of a grease spot on brown paper)? Is greasiness different if different oils are used (e.g., peanut versus soybean)?Can you use a household water filter to remove flavor or color from other liquids?Does the power of a microwave affect how well it makes popcorn?If you use invisible ink, does a message appear equally well on all types of paper? Does it matter what type of invisible ink you use?Do all brands of diapers absorb the same amount of liquid? Does it matter what the liquid is (water as opposed to juice or milk)?Do different brands of batteries (same size, new) last equally long? Does changing the device in which the batteries are used (e.g., running a flashlight as opposed to running a digital camera) change the results?Is the nutritional content of different brands of a vegetable (e.g., canned peas) the s ame? Compare labels.Are permanent markers really permanent? What solvents (e.g., water, alcohol, vinegar, detergent solution) will remove the ink? Do different brands/types of markers produce the same results?Is laundry detergent as effective if you use less than the recommended amount? More?How does the pH of soil relate to the pH of the water around the soil? You can make your own pH paper, test the pH of the soil, add water, then test the pH of the water. Are the two values the same? If not, is there a relationship between them?Do clear flavored drinks and colored flavored drinks (same flavor) taste the same? Does it matter if you can see the color?What percent of an orange is water? Get an approximate mass percent by weighing an orange, liquefying it in a blender, and measuring the strained liquid. (Note: other liquids, such as oils, will be present in trace amounts.) Alternatively, you could bake the weighed orange until it is dried and weigh it again.Does the temperature of a soda affect how much it sprays?You can refrigerate a soda, warm one in a hot water bath, shake them up, measure how much liquid is sprayed out. How do you explain the results?Do all brands of soda spray the same amount when you shake them up? Does it matter if its diet or regular soda?Do all brands of paper towels pick up the same amount of liquid? Compare single sheet of different brands. Be sure to use a teaspoon to measure incremental additions of liquid and record the number accurately. Continue to add liquid until the sheet until it is saturated, let any excess liquid drip off, and then squeeze the liquid from the wet paper towel into a measuring cup. Week-Long Projects These projects may take more than a few days to complete, as the processes they involve dont always happen overnight. If one of these projects interests your child, make sure he or she will have enough time to see it through to its conclusion, and again, make sure they document the steps they take along the way. What type of plastic wrap best prevents evaporation?What plastic wrap best prevents oxidation?Figure out how much of a weeks worth of your familys trash could be recycled. Compare the recyclables against the total amount of trash to determine what percentage is thrown away what could be re-used.Does light affect the rate at which foods spoil?Do the same types of mold grow on all types of bread?How does temperature affect the growth of Borax crystals? Crystals can be grown at room temperature, in the refrigerator, or in an ice bath. Growing crystals takes from two to five days. Since boiling water is required to melt the Borax, make sure to supervise your child.What conditions affect the ripening of fruit? Look at ethylene and enclosing a fruit in a sealed bag, temperature, light, or nearness to other pieces or fruit. Plant Germination and Growth (Long-Term Projects) Projects that involve growing plants over a period of time to see how different factors affect growth rate and germination are very popular with kids but they do take time and careful tending. You want your child to be excited by science. If it seems like a chore, they may lose interest. Younger children or those with short attention spans may be better off with a project from which they can see the results more quickly. If your child is good at keeping up with commitments and has the patience to watch things unfold, these projects are excellent examples from which they can learn and draw their scientific conclusions. How do different factors affect seed germination? Factors that you could test include the intensity, duration, or type of light, the temperature, the amount of water, the presence/absence of certain chemicals, or the presence/absence of soil. You can look at the percentage of seeds that germinate or the rate at which seeds germinate.Is a seed affected by its size? Do different size seeds have different germination rates or percentages? Does seed size affect the growth rate or final size of a plant?How does cold storage affect the germination of seeds? Factors you can control include the type of seeds, length of storage, the temperature of storage, light, and humidity.Does the presence of detergent in water affect plant growth?What is the effect of a chemical on a plant? You can look at natural pollutants (e.g., motor oil, runoff from a busy street) or unusual substances (e.g., orange juice, baking soda). Factors that you can measure include rate of plant growth, leaf size, life/death of the plant, the color of ​the  plant, and its ability to flower/bear fruit.Does magnetism affect the growth of plants? Science Fair Projects Beyond Grade School If your child loves science and is nearing grade school graduation and you want to keep their enthusiasm engaged, you can plan ahead by getting familiar with these science project ideas geared toward more advanced levels of education. Middle School ProjectsHigh School ProjectsCollege Projects

Analysis Of Margaret Atwood s The Handmaid s Tale

Sohul Kapil Mrs. Lilley Advanced Placement English Literature 9 September 2014 Freedom or Freeâ€Å"doom† Gilead’s society is oppressive and unjust to the point that the oppression causes delusion for the women. Gilead, through extensive efforts, tries to simmer their civilians by claiming that the incessant restrictions are for their own good. No restrictions are more stringent than those bestowed on the women, and more specifically, the handmaids. Although, Gilead claims to be built on a principal set of values, its principles are ignored and challenged to ensure everything runs smoothly in the eyes of Gilead’s patriarchy. In Margaret Atwood’s The Handmaid’s Tale, the Republic of Gilead, a corrupt government adamant on supporting a better way of life for females, undermines their very own beliefs. There is more than one kind of freedom...Freedom to and freedom from. In the days of anarchy, it was freedom to. Now you are being given freedom from. Don t underrate it (24). Gilead presumes that they offer females with freedom from both sexual harassment and the indiscretion of men, but instead Gilead only supports the harassment and indiscretion. Offred, the protagonist, states, â€Å"No man shouts obscenities at us, speaks to us, touches us. No one whistles† (24). Daily, the handmaids are able to stroll through the streets of Gilead sans being eyed by men as fresh meat. On the other hand, young men are, â€Å"watching†¦ touch with their eyes instead† (22). Gilead keeps women out of theShow MoreRelatedAnalysis Of Margaret Atwood s The Handmaids Tale 1405 Words   |  6 Pageshave witnessed the corruption of governments before even if we didn’t even realize it. From communism to democracy, world wars to civil wars, genocides to religious upraises, government involvement has always been silently exalted. In Margaret Atwood’s ‘The Handmaids Tale’, we see the fear of the Gileadian society caused by a rà ©gime government who practices its inhumane beliefs through everyday life in Gilead. The uses of military corruption, fear, and oppression are things that describe the everydayRead MoreAnalysis Of The Handmaid s Tale By Margaret Atwood1401 Words   |  6 Pagesand psychologists, but surprisingly, a writer - Margaret Atwood has successfully described if not answer the issue of independence and passivity in The Handmaid’s Tale. A dystopian novel set in the post-apocalyptic America now so-called Republic of Gilead, a totalitarian government. With the critically low reproduction rates due to biological warfare, the Handmaids are allocated to give births within the oppressive regime. The story of the Handmaids has clarified the definition of freewill and independenceRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale1825 Words   |  8 PagesIn Margaret Atwood’s The Handmaid’s Tale, we meet Offred, or so they call her, a Handmaid in the Republic of Gilead, a futuristic dystopian society. Gilead tarnished traditional values and replaced them with shear corruption after the rebels killed the President as well as most of Congress, took over the government, and decided to throw out the constitution. Instead the society relies on the bible to justify its barbaric rules, limitations and practices. In a totalitarian society of decreasing birthRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale843 Words   |  4 PagesUnorthodox Characters â€Å"I feel thankful to her. She has died that I may live. I will mourn later† (Atwood 286). Many sacrifices and hard decisions are made by unorthodox people to keep what they believe in alive. There would be no rebellions and no change without these nonconforming people. Offred, the main character and a Handmaiden, would have faced eminent death in her strictly orthodox world had it not been for the rebelliousness of those who died before her wanting change. The Republic ofRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale Essay1623 Words   |  7 Pagesthe id, ego, and superego. When examined using this theory, Margaret Atwood’s The Handmaid’s Tale, a dystopian novel about a patriarchal totalitarian government that has replaced the United States of America, is particularly interesting. The story’s protagonist and narrator is a woman referred to as Offred, who lives in the fairly new Republic of Gilead which has taken the place of the United States. She is what is known as a Handmaid; alarmingly low reproductive rates led to young women whomRead MoreAnalysis Of Mary Atwood And Sylvia Plath s The Handmaid s Tale, And Moira Of Margaret Atwood1905 Words   |  8 Pagesis in this despondent frame of mind, the woman of Sylvia Plath’s poem, Edge, and Moira of Margaret Atwood’s novel, The Handmaids Tale, find themselves accepting their condemnation as their destiny. Both Margaret Atwood and Sylvia Plath use their works as emotional outlets to express the hopeless disposition one comes to embrace having reached the point of exhaustion. Together, Moira from The Handmaid’s Tale and the â€Å"perfected woman† from Edge exemplify the quality of life or lack thereof, one isRead MoreThe Handmaid s Tale By Margaret Atwood1249 Words   |   5 PagesDystopian Research Essay: The Handmaid’s Tale by Margaret Atwood In the words of Erika Gottlieb With control of the past comes domination of the future. A dystopia reflects and discusses major tendencies in contemporary society. The Handmaid s Tale is a dystopian novel written by Margaret Atwood in 1985. The novel follows its protagonist Offred as she lives in a society focused on physical and spiritual oppression of the female identity. Within The Handmaid s Tale it is evident that through the explorationRead MoreThe Handmaid s Tale, By Margaret Atwood1629 Words   |  7 Pages Atwood s novel, The Handmaid s Tale depicts a not too futuristic society of Gilead, a society that overthrows the U.S. Government and institutes a totalitarian regime that seems to persecute women specifically. Told from the main character s point of view, Offred, explains the Gilead regime and its patriarchal views on some women, known as the handmaids, to a purely procreational function. The story is set the present tense in Gilead but frequently shifts to flashbacks in her time at the RedRead MoreMargaret Atwood s The Handmaid s Tale931 Words   |  4 Pagesthe concept of gender becoming a multi- layered shifting hypothesis to which society is adapting. Since the 19th-century, philosophers and theorists have continued to scrutinize gender beyond biological and social interpretation. Margaret Atwood s The Handmaid s Tale captures the limitations and social implications forced upon a set gender based on societal expectations. Gender is a social construct that limits the individua l to the restrictions and traditions of a society, or if it’s an individuallyRead MoreThe Reconstruction Of Power By Margaret Atwood943 Words   |  4 PagesHaley Hollimon LTC Bozeman EN 102, L19 3 February 2015 The Reconstruction of Power Throughout The Handmaid’s Tale, Margaret Atwood utilizes various elements of fiction to develop and question the concept of power and control in the patriarchal society of Gilead. Offred, the main Handmaid, is the instrument of which Atwood delivers her message about corruption and power. Offred’s vague diction, unreliable characterization, and erratic tone illustrate the distress of this transitional society (Abcarian

Non-Profit Enterprise in Market Economics

Question: Discuss about the Non-Profit Enterprise in Market Economics. Answer: The equity financing is defined as a methodology that helps to raise capital of a firm by selling the stocks of the corporation to its investors. Thus, in turn of the investment, the investors earn ownership interests to the firm. It can be said that the equity finance is more appropriate than any other sources of finance, especially for the long term funding companies, for example: banks. The reason behind this is that the banks are associated with long term bank loans. The major advantages of equity finance include firstly, the process of funding is associated with the business and the particular project. However, in this system, the shareholders can understand their investment only when the firm runs well (Nan and Wen 2014). Secondly, it helps to maintain with the costs of the serving bank loans and even with the debt finance that allows utilizing the capital for the activities of the business. Thirdly, the equity finance helps the external investors to expect regarding deliverin g values by the firm and thus it will aid in executing and exploring growth ideas. In addition to these, equity finance guides the venture capitalists to bring in valuable skills, experiences and contacts to the long term businesses. Therefore, it helps in expanding the long term funding companies. Furthermore, the equity finance also helps in making key decisions and strategy regarding operation of the business. As per the entrepreneur, the stakeholders also possess interest regarding the success of the business, its profitability ratio, continuous growth and expansion and raise in the value (Finnerty 2013). Lastly, it can be said that the equity finance assists the investors in providing follow-up funding with the growth of the organization. It has been found that maintenance of a healthy position of cash or cash reserve is considered as a vital factor for expanding a business. Therefore, the retained earnings are counted as profits that are kept within a corporation. Moreover, retained earnings of a firm are like personal savings account but it is for a company that is generally used in case of emergencies. Firms can run its daily operations by the help of its retained earnings. Additionally, this can assist the firm in capital investment or acquisitions, or can be used for paying expensive operating debts (Kaplan and Atkinson 2015). The expansion of the business is regarded as an important capital investment, thus, it has both merits and demerits. However, it has been found that advantages of retained earnings are relatively more than its total disadvantages. The reasons behind this include the process of funding by help of retained earnings is regarded as a powerful strategy for the businesses as it is not added to t he debt profile (James and Rose-Ackerman 2013). In addition to these, the particular conservative opinion also helps the firm to maintain and control the entire operations of the company and it reduces any kind of complication regarding new partners, creditors and external investors of the firm. Furthermore, internal funding through retained earnings assists the corporation to remain firmly in the seat of the driver. However, the process of retained earnings is slow; thus, opportunities of business might be missed out. References Finnerty, J.D., 2013.Project financing: Asset-based financial engineering. John Wiley Sons. James, E. and Rose-Ackerman, S., 2013.The Non-Profit Enterprise in Market Economics. Taylor Francis. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Nan, L. and Wen, X., 2014. Financing and investment efficiency, information quality, and accounting biases.Management Science,60(9), pp.2308-2323.