Climatic and Ecological Change: Past and Future The earth and its life are always changing. However, many of the most important changes occur over such long periods of time or at such large spatial scales that they are difficult to study. Two approaches that provide insights into long-term and large-scale processes are studies of pollen preserved in lake sediments and evolutionary studies. Margaret Davis (1983, 1989) carefully searched through a sample of lake sediments for pollen. The sediments had come from a lake in the Appalachian Mountains, and the pollen they contained would help her document changes in the community of plants living near the lake during the past several thousand years. Davis is a paleoecologist trained to think at very large spatial scales and over very long periods of time. She has spent much of her professional career studying changes in the distributions of plants during the Quaternary period, particularly during the most recent 20,000 years. S ome of the pollen produced by plants that live near a lake falls on the lake surface, sinks, and becomes trapped in lake sediments. As lake sediments build up over the centuries, this pollen is preserved and forms a historical record of the kinds of plants that lived nearby. As the lakeside vegetation changes, the mix of pollen preserved in the lake’s sediments also changes. In the example shown in f igure 1.8, pollen from spruce trees, Picea spp., first appears in lake sediments about 12,000 years ago then pollen from beech, Fagus grandifolia, occurs in the sediments beginning about 8,000 years ago. Chestnut pollen does not appear in the sediments until about 2,000 years ago. The pollen from all three tree species continues in the sediment record until about 1920, when chestnut blight killed most of the chestnut trees in the vicinity of the lake. Thus, the pollen preserved in the sediments of lakes can be used to reconstruct the history of vegetation in the area. Margaret B. Davis, Ruth G. Shaw, and Julie R. Etterson review extensive evidence that during climate change, plants evolve, as well as disperse (Davis and Shaw 2001; Davis, Shaw, and Etterson 2005). As climate changes, plant populations simultaneously change their geographic distributions and undergo the evolutionary process of    adaptation    , which increases their ability to live in the new climatic regime. Meanwhile, evidence of evolutionary responses to climate change is being discovered among many animal groups. Willranging from small mammals and birds to insects ( fig. 1.9 ), in response to increasing growing season length as a consequence of the now-well-documented phenomenon of globaliam Bradshaw and Chrranging from small mammals and birds to insects ( fig. 1.9 ), in response to increasing growing season length as a consequence of the now-well-documented phenomenon of global istina Holzapfel (2006) summarized several studies documenting evolutionary change in northern animals, ranging from small mammals and birds to insects ( fig. 1.9 ), in response to increasing growing season length as a consequence of the now-well-documented phenomenon of global warming (see chapter 23, p. 519). Research such as that by Davis and her colleagues will be essential to predicting and understanding ecological responses to global climate change. I n the remainder of this book we will fill in the details of the sketch of ecology presented in this chapter. This brief survey has only hinted at the conceptual basis for the research described. Throughout this book we emphasize the conceptual foundations of ecology. Each chapter focuses on a few e cological concepts. We also explore some of the applications associated with the concepts introduced. Of course, the most important conceptual tool used by ecologists is the scientific method, which is introduced on page 9. W e continue our exploration of ecology in section I with natural history and evolution. Natural history is the foundation on which ecologists build modern ecology for which evolution provides a conceptual framework. A major premise of this book is that knowledge of natural history and evolution improves our understanding of ecological relationships.

During the course of the studies reviewed in this chapter, each scientist or team of scientists measured certain variables. What major variable studied by Margaret Davis and her research team distinguishes their work from that of the other research reviewed in the chapter?

Question 1

Apple has the following financial statement information for fiscal year 2001 (in millions):

Income Statement	2001	Balance Sheet	2001	2000
Revenues	$5,363	Cash and Marketable Securities	$2,310	$1,191
Cost of Goods Sold	4,026	Inventory	11	33
Gross Profit	1,337	Total Current Assets	5,143	5,427
SG&A Exp.	1,568	Total Assets	6,021	6,803
Net Income (Net Loss)	-25	Total Current Liabilities	1,518	1,933
		Total Liabilities	2,101
		Total Equity	3,920	4,107
Sales (Year 2000)	7,983	Cash Flow Statement
Net Income (Year 2000)	786	Cash Flows from Operations	185

Using common-size analysis, Apple's total liabilities for 2001 is:

	a.	39.2%
	b.	53.6%
	c.	38.7%
	d.	34.9%

Question 2

Following Question 1, Apple's operating cash flow ratio for 2001 is:

	a.	12.2%
	b.	3.5%
	c.	3.1%
	d.	3.6%

Question 3

Following Question 1, Apple's inventory turnover ratio for 2001 is:

	a.	243.8x
	b.	547.4x
	c.	183.0x
	d.	366.0x

Question 4

Following Question 1, Apple's working capital turnover ratio for 2001 is:

	a.	1.13x
	b.	2.32x
	c.	1.48x
	d.	1.51x

Question 5

Following Question 1, Apple's debt ratio for 2001 is:

	a.	34.9%
	b.	39.2%
	c.	25.2%
	d.	53.6%

Question 6

Following Question 1, Apple's gross margin for 2001 is:

	a.	24.8%
	b.	1.9%
	c.	22.2%
	d.	75.1%

Question 7

Following Question 1 and using common-size analysis, Apple's Gross Profit is for 2001 is:

	a.	1.9%
	b.	24.9%
	c.	100.0%
	d.	22.2%

Question 8

Following Question 1, Apple's current ratio for 2001 is:

	a.	338.8%
	b.	152.2%
	c.	29.5%
	d.	244.8%

Question 9

Following Question 1, Apple's total asset turnover for 2001 is:

	a.	89.1%
	b.	41.8%
	c.	119.6%
	d.	83.6%

Question 10

Following Question 1, Apple's debt to equity ratio for 2001 is:

	a.	38.7%
	b.	34.9%
	c.	53.6%
	d.	39.2%

Question 11

Following Question 1, Apple's return on sales ratio for 2001 is:

	a.	0.5%
	b.	24.9%
	c.	100.0%
	d.	9.8%

Question 12

The following financial information is given for General Electric for fiscal year 2001 (in thousands):

Sales	$125,679	Cash	$  9,082
Cost of Goods Sold	42,008	Inventory	8,565
Gross Profit	83,671	Current Assets	340,708
Net Income	13,684	Total Assets	495,023
Operating Cash Flow	32,195	Current Liabilities	198,904
Earnings per share	1.38	Total Liabilities	440,111
Dividends per share	0.66	Total Equity	54,824
Net Income (fiscal year 2000)	12,735	Total Assets (fiscal year 2000)	437,006
Sales (fiscal year 2000)	129,417	Inventory (fiscal year 2000)	7,812

In GE's 2001 common-size income statement, Net Income is equal to:

	a.	10.9%
	b.	2.8%
	c.	16.4%
	d.	100.0%

Question 13

Following Question 12, in GE's 2001 common-size balance sheet, Current Liabilities are equal to:

	a.	45.2%
	b.	158.3%
	c.	362.9%
	d.	40.2%

Question 14

Following Question 12, the Cash Ratio for GE in 2001 is:

	a.	58.4%
	b.	4.6%
	c.	16.6%
	d.	2.1%

Question 15

Following Question 12, GE's 2001 Long-term Debt to Equity Ratio is:

	a.	9.0
	b.	4.4
	c.	8.0
	d.	3.6

Question 16

Following Question 12, GE's 2001 Return on Assets is:

	a.	25.0%
	b.	2.8%
	c.	2.9%
	d.	27.0%

  

Question 17

Following Question 12, GE's 2001 Dividend Payout is:

	a.	47.8%
	b.	0.01%
	c.	10.9%
	d.	42.5%

Question 18

Which of the following ratios is part of the Du Pont Model:

	a.	Dividend Payout
	b.	Operating Cash Flow Ratio
	c.	Current Ratio
	d.	Return on Equity

Question 19

Using the Du Pont Model, solvency (leverage) is measured as:

	a.	Sales / average total assets
	b.	Average total assets / average common equity
	c.	Sales / average working capital
	d.	Net income / sales

Question 20

Using the Du Pont Model, return on assets can be calculated as:

	a.	Return on Sales x Return on Assets
	b.	Return on Equity x Total Assets
	c.	Return on Sales x Asset Turnover
	d.	Gross Margin x Inventory Turnover

Question 21

A limitation on the use of ratios analysis is:

	a.	Relative size of the companies is not considered
	b.	The numbers used are assumed to be correct
	c.	Important qualitative issues such as business strategy are not involved
	d.	It can be difficult to determine what results are good or bad
	e.	All of the above

Question 22

The following data is given for annual operations for Hilton Hotels (in millions):

Hilton

	1997	1998	1999	2000	2001
Revenue	$1,475	$1,769	$1,959	$3,177	$2,632
Gross Profit	395	464	567	1,008	686
Net Income	250	297	174	272	166

Given the data above, the growth analysis for Hilton shows revenue growth for 1999 of:

	a.	10.7%
	b.	34.4%
	c.	8.9%
	d.	24.7%

Question 23

Following Question 22, the growth analysis for Hilton shows net income growth for 2000 of:

	a.	39.0%
	b.	36.0%
	c.	56.3%
	d.	8.8%

Question 24

Following Question 22, which year would be used as the base year for Hilton?

	a.	1997
	b.	1998
	c.	2001
	d.	2000

Question 25

Following Question 22, trend analysis for Hilton shows gross profit for 2001 of:

	a.	413.2
	b.	26.1
	c.	173.7
	d.	68.1

Question 26

Below are quarterly performance data for Marriott:

	Mar 2002	Dec 2001	Sept 2001	Jun 2001	Mar 2001
Revenue	$2,364	$2,868	$2,373	$2,450	$2,461
Net Income	82	-116	101	130	121

The quarterly % change in revenue for March 2002 from the same quarter one ago was:

	a.	3.5%
	b.	17.6%
	c.	96.1%
	d.	3.9%

Question 27

Following Question 26 and using common-size, September 2001 net income would be:

	a.	4.3%
	b.	100.0%
	c.	18.8%
	d.	16.5%

Question 28

Big Bill Computer has a stock price of $50, an EPS of $4.80, projected earnings growth of 8% a year and pays dividends of $2 per share. It is an investment fit to which fund?

	a.	Gotrocks Growth Fund
	b.	Gotrocks Income Fund
	c.	Gotrocks Value Fund
	d.	Gotrocks Money Market Fund

Question 29

Sell Co. has a stock price of $15, 2.3 millions shares outstanding, total stockholders equity of $12.6 million and total assets of $20 million. Sell Co. has a market to book ratio of:

	a.	$11.6 million
	b.	2.7x
	c.	1.7x
	d.	1.2x

Question 30

Following Question 29, Sell Co. has an intrinsic value of $18. What is the intrinsic value to price ratio?

	a.	1.7
	b.	$41.4 million
	c.	2.7
	d.	1.2

Question 31

The following financial information is given for Du Pont and Dow for fiscal year 2001:

	Du Pont	Dow
Closing Stock Price, Feb. 15, 2002	44.90	30.57
EPS (actual for 2001)	4.50	-0.46
EPS (forecast for 2002)	1.60	0.52
Dividend per share	1.40	1.34
5 year forecast earnings growth rate	10.2%	10.0%
Intrinsic value per share	103.84	33.38

Given the Feb. 15 stock prices, Du Pont & Dow have PE ratios (based on year-ahead EPS forecast) of:

	a.	28.06 & 66.46, respectively
	b.	32.07 & 22.81, respectively
	c.	9.98 & 58.79, respectively
	d.	28.06 & 58.79, respectively

Question 32

Following Question 31, given the Feb. 15 stock prices, Du Pont & Dow have dividend yields of:

	a.	3.56% & 1.70%, respectively
	b.	3.12% & 4.38%, respectively
	c.	31.11% & 2.58%, respectively
	d.	13.72% & 13.40%, respectively

Question 33

Following Question 31, given the Feb. 15 stock prices, PE based on actual EPS & 5-year-ahead earnings forecast, Du Pont has a PEG of:

	a.	2.75
	b.	3.14
	c.	0.98
	d.	4.40

Question 34

Following Question 31, based on PEG, which company seems to be the better investment opportunity?

	a.	Dow because the PEG is less than the benchmark cutoff of 1
	b.	Du Pont because of the very high PEG
	c.	Du Pont because the PEG is less than the benchmark cutoff of 1
	d.	Dow because of the very high PEG

Question 35

Following Question 31, based on intrinsic value to share price, Du Pont and Dow are:

	a.	Du Pont is undervalued but Dow is overvalued
	b.	Both overvalued
	c.	Du Pont is overvalued but Dow is undervalued
	d.	Both are undervalued

Question 36

The following financial information is given for Hilton & Marriott:

	Hilton	Marriott
Closing Stock Price, October 8, 2002	10.54	27.46
EPS (actual for 2001)	0.45	0.92
EPS (forecast for 2002)	0.51	1.83
Dividend per share	0.08	0.28
5 year forecast earnings growth rate	15.1%	15.7%
Common shares outstanding (thousands)	376,025	241,801

Given the October 8 stock prices:

	a.	Based on actual EPS Marriott has a higher PE than Hilton
	b.	Based on either actual or forecast EPS, Marriott has a PE almost double that of Hilton
	c.	Hilton s PE rises from actual to forecast because of poor performance
	d.	Based on forecast EPS Marriott has a higher PE than Hilton

Question 37

Following Question 36, based on the dividend yields for Hilton & Marriott:

	a.	Both are excellent fits to the Gotrocks Income Fund
	b.	Marriott has a higher yield than Hilton at 1.0% versus 0.8% for Hilton
	c.	Hilton has a high yield of 17.8%
	d.	Both Hilton & Marriott pay out dividends higher than actual earnings

Question 38

Following Question 36, given the October 8 stock prices, PE based on forecast EPS & 5-year-ahead earnings forecast, Hilton & Marriott have PEGs of:

	a.	1.55 & 1.90, respectively
	b.	0.70 & 1.75, respectively
	c.	20.67 & 15.01, respectively
	d.	1.37 & 0.96, respectively

Question 39

Following Question 36, based on PEG (using forecast EPS), which company seems to be the better investment opportunity?

	a.	Hilton because of its very high PEG
	b.	Hilton because its PEG is lower than Marriott
	c.	Marriott because of the very high PEG
	d.	Marriott because the PEG is less than the benchmark cutoff of 1

Question 40

Following Question 36, which company has the higher market capitalization?

	a.	Marriott because its stock price is more than twice as high as Hilton
	b.	Hilton valued at $14.72 billion versus Marriott at $11.89 billion
	c.	Marriott valued at $6.64 billions versus Hilton at $3.96 billion
	d.	Hilton because its book value is much higher than Marriott

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Using the general principles of ordinary income, is income proceeds from selling the copyright to a book where the recipient was an employee accountant who wrote a novel in her spare time over a number of years, considered "ordinary" income in the hands of the receipient?

a. This income represents income from a business and would be added to the tax calculation for the accountants employer. b. This income would not be considered 'ordinary income' in the hands of the receiptient. c. The income would be seen as trust income held by the individual until another book is written. If there is no further book within the next financial year the income would be seen as a capital asset. d. This is ordinary income in the hands of the receipient.

The Big Bang Company was set up by Ed, an Australian resident. It is incorporated in Singapore and has two directors who are resident in Singapore and who hold board meetings in Singapore. Each director has two shares in the Big Bang Company, which they hold on trust for Ed. The Big Bang Company owns real property, all of which is outside Australia, and makes its profits from commercial property leases on a large scale. Ed does not attend the board meetings in Singapore; however, the constitution of the Big Bang Company provides that the decisions of the directors are only effective if Ed concurs with them. The directors carry on all operational activities, such as collecting rent, paying commission, finding tenants, making minor repairs and maintaining the buildings. Is there any possible scenario in which the Big Bang Company could be considered a resident of Australia for tax purposes?

a. The Big Bang Company is an Australian resident for tax purposes. b. The Big Bang Company is not an Australian resident however as Singapore has an extradition agreement with Australia a portion of the corporation's tax to the Singapore government will be forwarded to the Australian commonwealth govenment. c. The Big Bang Company is not an Australian resident for tax purposes. d. The Big Bang Company is now recognised as a tax paying entity in Australia and Ed will be taxed personally as an Australian resident with all money received by the corporation being attributed to him.

Ajay is a student from India who comes to Australia to study for a four-year bachelor degree in business. Ajay lives in rental accommodation near the university with fellow students and works part-time at the university social club as a barman. After six months, he has to withdraw from his studies and return to India because his father is ill. Is Ajay considered a resident of Australia?

a. Ajay would be an Australian resident for tax purposes and pay tax on one third of his income. b. Ajay is not an Australian resident for tax purposes. c. Ajay is not an Australian resident for tax purposes however he will owe the Australian government all the tips he earned while working as a barman. d. Ajay would be an Australian resident for tax purposes.

Fred, an executive of a British corporation specialising in management consultancy, comes to Australia to set up a branch of his company. Although the length of his stay is not certain, he leases a residence in Melbourne for 12 months. His wife accompanies him on the trip but his teenage sons, having just commenced college, stay in London. Fred rents out the family home. Apart from the absence of his children, Fred’s daily behaviour is relatively similar to his behaviour before entering Australia. As well as the rent on the UK property, Fred earns interest from investments he has in France. Because of ill health Fred returns to the UK 11 months after arriving in Australia. Would Fred be an Australian resident for tax purposes?

a. Fred would not be an Australian resident for tax purposes however part of the tax he will pay in the United Kingdom will be paid to the Australian Tax Office as part of a bi-lateral tax agreement. b. Fred would not be an Australian resident for tax purposes. c. Fred would be an Australian resident for tax purposes. d. Fred would be an Australian resident for tax purposes for half of his income

Nivea Sun Protection Products: A Case Study in Market Segmentation A careful market segmentation is critical to successfully selling products; you need to understand what makes different consumers tick and how best to reach them. Skincare giant Nivea conducted an impressive market research campaign that can be modeled by other firms. First, a little background: Beiersdorf is an international skincare company with leading brands such as Nivea and Eucerin. They have expanded significantly in the UK market through effective segmentation that matches consumer needs. The company has become the value leader in the field, meaning people spend more on Nivea sun protection products than any other brand. One important product line for Nivea is sun-related skincare products, worth upwards of £173.6 million in the United Kingdom alone. Nivea’s reputation in this broad segment is bolstered by robust scientific research and development focused on providing the best protection possible from the sun’s skin-damaging rays. The key was to further segment the sun protection products market by two important factors: Skin type and the climate where the products are used. Skin types include very light, fair, normal, dark and children (who tend to have thinner, lesser developed skin) while the climates include moderate, hot and very hot. The level of protection is measured by SPF, which stands for Sun Protection Factor. The lighter the skin and the higher the temperature, the higher the SPF that is needed. SPF 20 may be adequate protection for a fair-skinned person in the UK, but SPF 40 might be recommended for the same person if they were in a more tropical environment. The company’s market research revealed significant demographic differences between men (who go for convenience), women (who gravitate towards more luxurious products) and children (a market reached through adult parents, mostly mothers). Through the use of surveys and focus groups, Nivea was able to determine the attitudinal differences between distinct segments of consumers. They discovered concerned consumers who were not at all concerned about getting a tan but instead were more focused on protection from sun damage. Sun avoiders don’t buy these products at all because they avoid high-exposure situations, although with education they may be convinced of the need for sun protection product purchases. Conscientious sun lovers love being out in the sun but are concerned about protection. Careless tanners, on the other hand, don’t worry about the sun at all and buy low-SPF products if they buy any at all. Finally, the naïve beauty conscious people are the ones who want to have a good tan but don’t adequately understand the relation between SPF and protection. Nivea used this research to develop their unique brand positioning that includes making sun care as simple as possible, providing education about the importance of protection and finding ways to reinforce that protection message. One product innovation that came from this research was a product that offered full and instant protection from both UVA and UVB sunrays because many consumers fail to apply such products in the necessary time frame for effectiveness (20-30 minutes before exposure). Other product innovations have included sprays that are easy to apply, colorful products for children and water-resistant products for both children and adults. Advertising for children’s products targets the mothers of children with a protection message. Through targeted research, Nivea develop an understanding of customer segments that takes buying habits and motivations into account. Using this segmentation, product development and messaging both become more effective and sales and revenue increase.
Questions:
What are the different market segments identified in this case Study? Explain in detail with the help of the content given in the case. (You are supposed to find all the segments) What are the techniques Nivea company has adopted for collecting customer information? How Nivea company is improving its brand positioning through the information they get from customer research?

Please change it in other words because it is plagiarized

Topic: Training and development impact on Employee performance in Abu Dhabi islamic bank

Introduction

The training processes are the basis for providing information and for a training team to configure the specific experience through training methods and communication to influence their behavior and increase functional abilities, and to provide training knowledge to individual knowledge and skills. Its related behaviors directly translate into career and organizational stages, that’s increases the level of work productivity.

The desires and needs about the costumer are present and, for this reason, specialists and researchers about the field of modern training and management have gained importance. The industries gives a comprehensive explanation about concepts related to training strategy, which includes the concept of training, the concept of training strategy, preparation steps, obstacles to training strategy, also effective training program. the importance about the benefits, and training, its methods, methods and goals,.

Theoretical Framework of the study

Reinforcement Theory

Skinner's Reinforcement Theory is a theories based on human motivation. The theory is based on the principles of causality and knowledge, which is the behavior of the worker are regulated through the end of reward.

Skinner's Reinforcement Theory and Reinforcement Theory or one about the theory based on human motivation. The Reinforcement Theory Burrhus was published in 1957 by American social philosopher, psychologist and behavioral philosopher Frederic Skinner.

The theories are base upon the rules of knowledge and causality that govern employee behavior according to the kind of rewards. The theory is not evaluate personality, but is based on recognized and behavior.

Encouragement theory

Adlerian therapy and the therapy for short-term objectives and plus psychodynamics, based of theory and the Alfred Adler, a former colleague about the Sigmund Freud's. Adlerian therapy are focusing the develop about the individual identity while accepting and understanding the collaboration of all human beings. It is the concepts about the Adlerian theory.

This emphasizing the dignity and the value about human being, also the a positive outlook, affirming that they are capable of creating, deciding, and acting to change individuals. Promotion is often understood as an adrenal therapy technique or intervention. Promoting is not a technique, but a way of being with others that includes the skills of creating attitude and relationships.

Victor Vroom Expectancy Theory

The theory of hope Victor Vroom proposed by the Yale School Board in 1964) Vroom insists, not needs, is focus the outcomes, unlike Herzberg and Maslow. The theories states which is intensity about tendency for perform about the special way depends with the intensity about the expectation of a specific outcome and the attractiveness of the individual.

Expectancy theories the basics and4 assumptions “Vroom, 1964, cited Chintallo, S and Mahadeo, J. “2013”. The Vroom expect theories it assumes which is the behavior of consequence of conscious choices, and their goal is to maximize pleasure and minimize pain. Vroom realized that employee performance is based on individual factors, skills, such as personality, knowledge, skills and experience.

Empirical Review

The “Kraiger, 2009” in their research explain that increasing the organization's revenue and reducing turnover and playing the best role in reducing unemployment for the society. This thing is makes the society more efficient and beneficial.

Immediately, in 2016, the Islamic Bank of Abu Dhabi recognizing the governmental initiative to fill a thousand works in the financial sector within a hundred days. “ADIB, 2017” Bank workers will gain satisfaction when they play clients and increase profits, while increased profits will advantage the society more by csr activity.

(Abdelgadir and Elbadri, 2001) study, titled: Polish box training practices: an assessment also the improvement agenda".

This research is aim to study the training practices as well as the activity about Polish banks, and collected the data from (30) Polish banks. The training actions analyzed were:

Identify the training requires, the development of training program, also the evaluates effective of such programs. Research has founding which many of these banks work to identify training needs, the process of evaluating the results of training programs, and the outcome of their workforce.

(Daniels, 2003) study, titled: the Worker Training: the Strategic of Approaches the Better Investment Performance."

The research (15) met the added returns of the training process for one person working in the UK bank.

Research has found which is the training works hard in developing individuals' learning and skills, building effect and work groups, achieving high levels of quality, and making the organizational culture that supports the organization's goals and strategies, which in turn contributes to the return on training investments.

A study by “Gascó, et.al, 2004, entitled: "Using Information Technology for the H-R Training: And the E-Learning” Case Study.

This research is the conduct for the investigation and impact about information technologies about the (HRM) practices, particularly the training strategy for Spanish Tele-communication organization (Telefonica)

The essential findings about the study were the using about the technology of information in training, which has significantly develop the exploitation about their season managers and increased the number of attendees, also has helped to evaluate and improve effectiveness about the training programs. quality about this subsequent and programs quality systems.

This service organization goal to growth training systems it has receives be a self-help training list for workers.

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Required:

Question: Rewrite these paragraphs because it is plagiarized. please change the words

.

Note: plagiarism is strictly prohibited please rewrite it and correct the grammer

please do it

You have been assigned to construct an optimal portfolio comprising two risky assets (Portfolios A & B) while considering your client’s risk tolerance. The attached spread sheet shows historical monthly returns of the two portfolios; the S&P 500 index; and 90-day Treasury Bills. Also shown are the annualized returns for each for the period specified. The first risky asset (Portfolio A) is a US equity strategy that uses publically available valuation, technical and sentiment factors to assess which stocks are over-priced and which are under-priced. Fundamental factors indicate the magnitude and quality of a company’s earnings and the strength of its balance sheet. Examples of such factors include: cash flow growth, cash flow return on invested capital, price to cash flow, and accruals which assess earnings quality (low quality earnings indicate that management may be manipulating earnings by adjusting accruals). Companies with favorable fundamental factors tend to outperform those with less favorable factors. Technical and sentiment factors seek to identify mispriced stocks resulting from investor behavior. Examples include: momentum and price reversals where investors tend to over-react to good news by bidding up prices ABOVE fair value and bad news by bidding down prices BELOW fair value; short interest on a stock which can indicate the investor sentiment about the company’s prospects; share buybacks which can indicate a positive signal from management’s optimism regarding a firm’s future prospects; and earnings / revenue surprise. Firms with favorable technical and sentiment factors also tend to outperform. For example, firms whose earnings and revenue exceed analysts’ expectations tend to continue to outperform vs. those firms that experience earnings surprise due to cost cutting.Starting with the market portfolio, the US equity strategy over-weights those stocks with more favorable fundamental, technical and sentiment factors and under-weights or avoids those stocks with less-favorable or un-favorable factors. The strategy seeks to out-perform the market portfolio as represented by the S&P 500. The monthly returns of the US equity strategy are shown in the attached spreadsheet (Portfolio A).The second risky asset (Portfolio B) is a global macro hedge fund. This strategy seeks to benefit from mis-pricings within and across broad asset classes by taking long and short positions in equity markets, bond markets and currencies. For example, if the manager believes that US equities will out-perform Japanese equities, the portfolio will go long S&P 500 futures and short TOPIX futures (TOPIX is a Japanese equity index). This long/short trade is not impacted by the overall direction of global equities, but rather the relative movement between US and Japanese equities. Similarly for bonds, if the manager believes that interest rates in the United Kingdom (UK) will decline more so than interest rates in Australia, then the manager will buy UK gilt futures (gilt is the 10-year UK bond) and short Australian 10-year bond futures. Again, this trade is not impacted by the overall direction of global interest rates, but rather the relative movement between UK and Australian rates. Recall that bond prices rise as interest rates decline. The global macro hedge fund is mostly market neutral meaning that long positions equal short positions thereby dramatically reducing systematic exposure (low beta). Portfolios A & B are much more volatile than the risk free rate. You will find that their correlation is small indicating that there is a diversification benefit to be had from holding both in a portfolio (I don’t show the correlation, but you will need to calculate this using the excel function “=correl(range 1, range2)”. You will be meeting with a client that is looking for investment advice from you based on your two strategies A & B. In preparation for your upcoming meeting with the client, your boss asks that you respond to the questions below and be ready to discuss. Hint: You will need to determine the correlations and volatilities for each risk premium. Analytical AssignmentThe analytical portion of the case assignment should be completed in the excel template which can be found in Canvas.1. Plot in Excel the risky asset opportunity set for Portfolios A & B. To do this you will need to calculate the missing information in the table from the Excel spreadsheet that accompanies the case using weights of portfolio A & B in 10 percentage point increments. To do this you will need to know how to program formulas in Excel using absolute and relative cell references from the data provided. (The table below already exists in the Excel file). Weight Port AWeight Port BReturn Standard DeviationSharpe Ratio0%100%1090208030704060505060407030802090101000Determine the optimal risky portfolio (e.g. the optimal allocation of A & B) using the concepts from Modern Portfolio Theory draw in the Capital Allocation Line (CAL). The approximate optimal allocation can be determined using the table in Excel like the one shown above. Or you can obtain a more precise optimal allocation using the formula shown in Chapter 7 (equation 7.13). Students are also encouraged to use Excel’s Solver function to find the optimal risky portfolio – that is also acceptable. When drawing the CAL on the efficient frontier graph plotted in Excel, you can manually draw a line starting at the risk free rate to the tangent point.2.Find the optimal complete portfolio based on your client’s indifference curve. Hint: Plot an indifference curve on the same graph you just created using the utility function formula from Chapter 6. To make things easier, you can use the same portfolio risk numbers from the table above and then calculate the expected return based on U = 9% and a risk aversion coefficient A = 10. Plot the indifference curve AND the opportunity set of risky assets on the same graph. Next determine the optimal complete portfolio. While this can be done graphically, you need to use utility theory concepts to determine a more precise allocation of the optimal risky portfolio (ymaxU) and T-Bills (1-ymaxU). 3.Use the capital asset pricing model (CAPM) to determine the beta and alpha of Portfolio A & Portfolio B. Show the CAPM relationship graphically for BOTH Portfolio A and Portfolio B (separate graphs). The market portfolio is represented by the S&P 500 and the risk free rate is represented by 90 day T-Bills. Determine the beta for portfolio A & B using the following methods:i.The slope function in Excel, and ii.The beta formula (co-variance divided by the market variance) is explained in the Modules 6 & 7 Notes; ppt lecture notes; and text book. Recall the covariance between two assets (A & B) is the volatility of asset A times the volatility of asset B times the correlation between A & B. Then calculate the alpha for each portfolio A & B using the intercept function in Excel and the CAPM formula solving for alpha. Note the two CAPM regressions are based on monthly returns so the y-intercept (or alpha) is a MONTHLY alpha. If you plug the annualized returns of the respective portfolio (A or B); the S&P 500; and T-Bills, the alpha you calculate will be an ANNUALIZED alpha. Intuition Questions a. Your client asks why you would combine the lower returning portfolio (A) with portfolio (B) in arriving at the optimal risky portfolio. What is your response? b. Your client believes in the weak form of market efficiency as it relates to security selection. Is Portfolio A’s performance sufficient justification to prove this belief? Why or why not?c. Assume your client believes in the strong-form of market efficiency as it relates ONLY to security selection, what portfolio substitution(s) would you make to your optimal risky portfolio? No calculations are necessary.d. After meeting with the client, she informs you that she prefers a return higher than that of the optimal risky portfolio. i. Is this possible to achieve and if so, how? ii. What does that indicate about your initial assumptions regarding the indifference curve?e. Portfolio A returned 5.86% p.a. over the evaluation period compared to a 2.57% p.a. for the S&P 500. This equates to a difference or outperformance of 3.29% p.a. According to the CAPM, the annualized alpha of portfolio A is 3.32% p.a. Explain the difference between the two numbers. (Note: It’s not due to rounding)Additional RequirementsOrganize and present your results neatly and be prepared to discuss.

When a solid is placed in a container and heat is applied, a phase change occurs.
___Temperature remains constant while all of a solid is converted to a liquid.
___When heat is applied to a solid, the molecular motion decreases as the temperature increases.
___The average kinetic energy of the system changes while all of a solid is converted to a liquid.
___The temperature increases while all of a liquid is converted to a gas.
___When a solid is converted to a liquid, heat is absorbed.
check all that apply

The G string on a guitar is 69 cm long and has a fundamental frequency of 196 Hz. A guitarist can play different notes by pushing the string against various frets, which changes the string's length. The third fret from the neck gives B♭ (233.08 Hz); the fourth fret gives B (246.94 Hz).

How far apart are the third and fourth frets?

Express your answer to two significant figures and include the appropriate units.