...Introduction After the huge resurgence of interest in Purchasing Power Parity in 1982, an increasing number of economists started using new econometric methods, such as cointegration and non-stationary panel methods, to test PPP. Rogoff (1996) had introduced the so-called PPP puzzle in his paper, which concerns the question that ‘how is it possible to reconcile the extremely high short-term volatility of real exchange rates with the glacial rate (15 percent per year) at which deviations from PPP seem to die out?’ (Rogoff, 1996, p. 664). To solve the PPP puzzle, numerous explanations arose including the core of this essay, Pricing to Market. The objective of this essay is threefold: (i) to explore and review the concept of Pricing to Market (PTM), (ii) to illustrate the implications of PTM for Purchasing Power Parity, and (iii) to analyse the empirical evidence of PTM. Initially, I will start with an overview of the concept of PTM in the first part of this essay, then go on to interpret the implications of PTM for the PPP hypothesis in the following paragraph and cover the empirical evidence concerning Pricing to Market in the last section. Main body Pricing to Market as a concept was first introduced by Krugman in 1987 to characterise the phenomenon of imported goods’ prices staying the same or even increasing when the domestic currency appreciates. In other words, it implies that producers are capable of price discriminating among different international markets (Knetter...
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...No. ID -21 (revised) OFFICE OF INDUSTRIES WORKING PAPER U.S. INTERNATIONAL TRADE COMMISSION How Do Exchange Rates Affect Import Prices? Recent Economic Literature and Data Analysis Cathy L. Jabara Office of Industries U.S. International Trade Commission Revised, October 2009 Cathy Jabara is a Senior Economist with the Office of Industries of the U.S. International Trade Commission. Office of Industries working papers are the result of the ongoing professional research of USITC Staff and are solely meant to represent the opinions and professional research of individual authors. These papers are not meant to represent in any way the views of the U.S. International Trade Commission or any of its individual Commissioners. Working papers are circulated to promote the active exchange of ideas between USITC Staff and recognized experts outside the USITC, and to promote professional development of Office staff by encouraging outside professional critique of staff research. This paper is a revised version of Working Paper No. 21 dated May 2009. The paper has been updated to include 4 lags in the exchange rate estimation, instead of 3, and a new equation for Latin America is included. JEL codes: F10, F12 Key words: Exchange rates, pass-through, U.S. imports Address correspondence to: Office of Industries U.S. International Trade Commission Washington, DC 20436 How Do Exchange Rates Affect Import Prices? Recent Economic Literature and Data Analysis Cathy L. Jabara U...
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...APACHE ENGINE LOGISTICS PROCESS STANDARDIZATION IMPROVEMENTS FOR CORPUS CHRISTI ARMY DEPOTS by Renee Alicia Patterson A Graduate Capstone Project Submitted to the Extended Campus in Partial Fulfillment of the Requirements for the Degree Master of Science in Management Embry-Riddle Aeronautical University EXTENDED CAMPUS HUNTSVILLE RESIDENT CENTER FEBRUARY 2008 APACHE ENGINE LOGISTICS PROCESS STANDARDIZATION IMPROVEMENTS FOR CORPUS CHRISTI ARMY DEPOT by Renee Alicia Patterson This Graduate Capstone Project was prepared under the direction of the candidate's Project Review Committee Member, Mr. James Dunaway, Adjunct Associate Professor, Extended Campus, and the candidate's Project Review Committee Chair, Dr. Jonathan W. Campbell, Adjunct Associate Professor, Extended Campus, and has been approved by the Project Review Committee. It was submitted to the Extended Campus in partial fulfillment of the requirements for the degree of Master of Science in Management PROJECT REVIEW COMMITTEE _____________________________ James Dunaway, M.A.S Committee Member ______________________________ Jonathan W. Campbell Ph.D. Committee Chair ACKNOWLEDGEMENTS SPECIAL THANKS TO CHRISTY FORDHAM, PATRICIA WEITZEL AND DR. WALT WHITACRE AT THE HUNTSVILLE CENTER OF EMBRY-RIDDLE AERONAUTICAL UNIVERSITY, MY COMMITTEE CHAIR DR. JONATHAN CAMPBELL MY COMMITTEE MEMBER...
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...2005 Entrance Examination – Part 1 The Societies of Management Accountants of Alberta, Manitoba, New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan, and the Yukon, Certified Management Accountants Society of British Columbia, Ordre des comptables en management accrédités du Québec 2005 Entrance Examination Part 1 Notes: i) ii) All answers must be indicated on the scannable multiple-choice answer sheet. Work done on the question paper and examination foolscap will NOT be marked. Included in the examination envelope is a supplement consisting of formulae and tables. It is a standard supplement that may be useful for answering questions on this paper. Examination materials must NOT BE REMOVED from the examination writing centre. All examination materials (i.e. answer sheet, used and unused foolscap sheets, envelope, supplement and question paper) must be submitted to the presiding officer before you leave the examination room. iii) Disclaimer: In order to provide associates with questions that reflect the depth of knowledge required for the core topics of Financial Accounting, Managerial Accounting, Taxation and Corporate Finance, this exam has been altered to remove the extended topics which will no longer be tested on the Entrance Exam. As a result this exam is short and is not representative of what could be expected in terms of number of questions that will be included in the June 2007 exam (approximately...
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...Name-: Akinwande Babajide Davids Reg No-: BLR1208032018 Industry-: Retailing Industry: TESCO ORGANISATIONAL EFFECTIVENESS: THE NEED FOR E.R.P AND S.C.M Abstract This report attempts to give an overview of Enterprise Resource Planning (ERP) and Supply Chain Management (SCM). As an organization grows so must its Information Systems. Growth should see an organization transcend from the use of Spreadsheets for its data collection, analysis and storage to probably Oracle and then to ERP. ERP integrates information from both the internal and external business processes without which the various processes will be islands on their own. The report looks at the efficacy of supply chain management in organizations and how ERP complements SCM. It dabbles into the retailing industry as a whole considering giants like TESCO and Wal-mart, how the proliferation of SCM solutions such as RFID and VMI have been of help to them and also gives an insight into the phenomenon of Bullwhip, how it affects the supply chain and where the solution to the scourge lies. Introduction The retailing industry has come a long way in India, from the era of barter trading to the local, unorganized retailing and to the organized retailing; it is evident that the industry is under a significant revolution. With the recent opening of India’s retailing industry to foreign direct investments, major world players like TESCO and Wal-mart are gathering momentum to step into the scene in India; the success of this...
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...Advanced Network Technology June 1993 OTA-BP-TCT-101 NTIS order #PB93-203735 Recommended Citation: U.S. Congress, Office of Technology Assessment, Advanced Network Technology--Background Paper, OTA-BP-TCT-1O1 (Washington, DC: U.S. Government printing Office, June 1993). For sale by the U.S. Government Printing Office Supcl IIIILWIICIII (If [k)c ulllLlll\. \lAll stop $s01’, \$ Allllg((u. [)(’ 2(141? () ~?x ISBN 0-16 -041805-4 -— . . Foreword omputer networks are having dramatic impacts on our lives. What were once esoteric tools used only by scientists and engineers are becoming more widely used in schools, libraries, and businesses. At the same time, researchers are working to develop even more capable networks that promise to change fundamentally the way we communicate. This background paper analyzes technologies for tomorrow’s information superhighways. Advanced networks will first be used to support scientists in their work, linking researchers to supercomputers, databases, and scientific instruments. As the new networks are deployed more widely, they will be used by a broader range of users for business, entertainment, health care, and education applications. The background paper also describes six test networks that are being funded as part of the High Performance Computing and Communications Program. These test networks are a collaboration of government, industry, and academia, and allow researchers to try new approaches to network design and to attack a variety...
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...Bangladesh Development Research Working Paper Series (BDRWPS) BDRWPS No. 6 (May 2009) An Analysis of SAFTA in the Context of Bangladesh Md. Joynal Abdin The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Bangladesh Development Research Center (BDRC) The views and interpretations in this paper are those of the author(s) and do not necessarily represent those of the Bangladesh Development Research Center (BDRC). Copyright © 2009 Bangladesh Development Research Center (BDRC) for the overall Working Paper Series. The copyright of the content of the paper remains with the author(s) and/or the institution(s) submitting the content. Bangladesh Development Research Center (BDRC) 2508 Fowler Street Falls Church, VA 22046-2012, U.S.A. Tel. +1 703 532 4893 E-Mail: contact@bangladeshstudies.org http://www.bangladeshstudies.org Rights and Permissions All rights reserved. Text and graphics may be reproduced in whole or in part and in any form for educational or non-profit purposes, provided that credit is given to the source. Reproductions for commercial purposes are forbidden. The Bangladesh Development Research Center (BDRC) disseminates the findings of work in progress to encourage the exchange of ideas about development issues in Bangladesh. Our main objective is to disseminate findings and ideas quickly, so we compromise to some degree on quality. The papers are signed by the author(s) and should be cited and referred accordingly. The findings...
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...i Computational Complexity: A Modern Approach Draft of a book: Dated January 2007 Comments welcome! Sanjeev Arora and Boaz Barak Princeton University complexitybook@gmail.com Not to be reproduced or distributed without the authors’ permission This is an Internet draft. Some chapters are more finished than others. References and attributions are very preliminary and we apologize in advance for any omissions (but hope you will nevertheless point them out to us). Please send us bugs, typos, missing references or general comments to complexitybook@gmail.com — Thank You!! DRAFT ii DRAFT About this book Computational complexity theory has developed rapidly in the past three decades. The list of surprising and fundamental results proved since 1990 alone could fill a book: these include new probabilistic definitions of classical complexity classes (IP = PSPACE and the PCP Theorems) and their implications for the field of approximation algorithms; Shor’s algorithm to factor integers using a quantum computer; an understanding of why current approaches to the famous P versus NP will not be successful; a theory of derandomization and pseudorandomness based upon computational hardness; and beautiful constructions of pseudorandom objects such as extractors and expanders. This book aims to describe such recent achievements of complexity theory in the context of the classical results. It is intended to both serve as a textbook as a reference for self-study. This means...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com...
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...Risk in Housing Markets: An Equilibrium Approach⇤ Aurel Hizmo† NYU Stern January 30, 2012 Abstract Homeowners are overexposed to city-specific house price risk and income risks, which may be very di cult to insure against using standard financial instruments. This paper develops a micro-founded equilibrium model that transparently shows how this local uninsurable risk a↵ects individual location decisions and portfolio choices, and ultimately how it a↵ects prices in equilibrium. I estimate a version of this model using house price and wage data and provide estimates for risk premia for di↵erent cities, which imply that homes are on average about $20000 cheaper than they would be if owners were risk-neutral. This estimate is over $100000 for volatile coastal cities. Next, I simulate the model to study the e↵ects of financial innovation on equilibrium outcomes. Creating assets that hedge city-specific risks increases house prices by about 20% and productivity by about 10%. The average willingness to pay for completing the market per homeowner is between $10000 and $20000. Welfare gains come both from better risk-sharing and from more e cient sorting of households across cities. ⇤ I am deeply grateful to Patrick Bayer, Andrew Patton, and Peter Arcidiacono for their encouragement and support. I also thank Robert McMillan, Tim Bollerslev, Vish Viswanathan, Chris Timmins, Jimmy Roberts and the seminar participants at Duke Finance, the ERID Conference at Duke, Fed Board, NYU Stern...
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...gni THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill...
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...THE MCKINSEY WAY This page intentionally left blank. THE MCKINSEY WAY Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business ETHAN M. RASIEL M C G R AW- H I L L NEW YORK CARACAS SAN FRANCISCO LISBON WA S H I N G T O N , D . C . MADRID AUCKLAND BOGOTÁ MILAN LONDON NEW DELHI TOKYO MEXICO CITY SINGAPORE MONTREAL SAN JUAN SYDNEY TORONTO McGraw-Hill abc Copyright © 1999 by Ethan M. Rasiel. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-136883-3 The material in this eBook also appears in the print version of this title: 0-07-053448-9. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fash ion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales,...
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...29th Annual Report 2009-10 BOARD OF DIRECTORS Shri A K Srivastava Chairman-cum-Managing Director Shri S. K. Nayak, IAS Part-time Official Director Shri B. L. Bagra Director (Finance) Shri Joy Varghese Director (P&A) Shri A. K. Sharma Director (Production) Shri P. K. Padhi Director (P&T) Shri Ansuman Das Director (Commercial) 2 National Aluminium Company Limited INDEPENDENT DIRECTORS Dr. A. Sahay Shri S. S. Sohoni IAS (Retd.) Shri K. S. Raju Shri S. B. Mishra IAS (Retd.) Shri N. R. Mohanty Dr. Jyoti Mukhopadhyay Shri R. K. Sharma Maj. Gen. (Retd.) Samay Ram, UYSM, AVSM, VSM 3 29th Annual Report 2009-10 EXECUTIVE DIRECTORS Smt. Srabani Guha, IES CVO Shri P. K. Parida Shri B. N. Swain Shri A. Sapra Shri S. C. Dash Shri P. K. Mohapatra Shri K. N. Ravindra Company Secretary Shri K. S. Sreedhara 4 29th Annual Report 2009-10 The sale of 7,094 MT Special Grade Alumina was the highest surpassing the previous high of 4,769 MT achieved in 200809. The sale of Special Grade Hydrate at 12,815 MT was the highest ever sale surpassing the previous best of 11,670 MT achieved during 2007-08. FINANCE Your Company posted a lower total income of ` 5,548 crore in the year under report, as against ` 5,631 crore during the previous year. Profit After Tax for the year stands at ` 814 crore, as against ` 1,272 crore in the previous year. The decline in net profit during the year compared to previous year was due...
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...C Primer Plus Sixth Edition Developer’s Library ESSENTIAL REFERENCES FOR PROGRAMMING PROFESSIONALS Developer’s Library books are designed to provide practicing programmers with unique, high-quality references and tutorials on the programming languages and technologies they use in their daily work. All books in the Developer’s Library are written by expert technology practitioners who are especially skilled at organizing and presenting information in a way that’s useful for other programmers. Key titles include some of the best, most widely acclaimed books within their topic areas: PHP & MySQL Web Development Luke Welling & Laura Thomson ISBN 978-0-672-32916-6 Python Essential Reference David Beazley ISBN-13: 978-0-672-32978-4 MySQL Paul DuBois ISBN-13: 978-0-321-83387-7 PostgreSQL Korry Douglas ISBN-13: 978-0-672-32756-8 Linux Kernel Development Robert Love ISBN-13: 978-0-672-32946-3 C++ Primer Plus Stephen Prata ISBN-13: 978-0-321-77640-2 Developer’s Library books are available in print and in electronic formats at most retail and online bookstores, as well as by subscription from Safari Books Online at safari. informit.com Developer’s Library informit.com/devlibrary C Primer Plus Sixth Edition Stephen Prata Upper Saddle River, NJ • Boston • Indianapolis • San Francisco New York • Toronto • Montreal • London • Munich • Paris • Madrid Cape Town • Sydney • Tokyo • Singapore • Mexico City C Primer Plus Sixth...
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...SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS TABLE OF CONTENTS Chapter 1. Globalization and the Multinational Firm Suggested Answers to End-of-Chapter Questions 3 2. International Monetary System Suggested Answers and Solutions to End-of-Chapter Questions and Problems 12 3. Balance of Payments Suggested Answers and Solutions to End-of-Chapter Questions and Problems 17 4. The Market for Foreign Exchange Suggested Answers and Solutions to End-of-Chapter Questions and Problems 23 5. International Parity Relationships Suggested Answers and Solutions to End-of-Chapter Questions and Problems 33 6. International Banking Suggested Answers and Solutions to End-of-Chapter Questions and Problems 40 7. International Bond Markets Suggested Answers and Solutions to End-of-Chapter Questions and Problems 50 8. International Equity Markets Suggested Answers and Solutions to End-of-Chapter Questions and Problems 56 9. Futures and Options on Foreign Exchange Suggested Answers and Solutions to End-of-Chapter Questions and Problems 62 10. Currency and Interest Rate Swaps Suggested Answers and Solutions to End-of-Chapter Questions and Problems 70 11. International Portfolio Investments Suggested Answers and Solutions to End-of-Chapter Questions and Problems 78 12. Management of Economic Exposure Suggested Answers and Solutions to End-of-Chapter Questions and Problems 87 13. Management...
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