Quantitative method for finance Essay Example | Topics and Well Written Essays - 1000 words

Quantitative method for finance - Essay Example 2. Probability models are models that become relevant when the outcome of interest is not continuous (such as wages per week or stock prices) but rather binary in nature such as, work/not work, survive/not survive etc. In such cases, the simplest possible methodology adoptable is that of the linear probability model or LPM. The response variable of interest, say Y takes the values 0 and 1 only and the approach is to model the expected value of this variable as a linear function of the independent predictor variables X: (ii) The variance of y will be dependent on x. That is, the model will suffer from conditional heteroscedasticity. This violates the homoscedasticity assumption of OLS. Thus, even though estimates will still be unbiased, the OLS estimator will not be efficient and the estimated standard error will be biased. (iii) The error terms are also binary. They can only take the values of or and thus cannot be normally distributed. Therefore, the assumption of normality of errors is also violated and this in turn would imply problems for typical inferential procedures. (iv) Finally, due to the binary nature of the dependent variable, diminishing returns cannot hold. Therefore, the functional form restricts the possibility of obtaining diminishing marginal impacts of the independent variable on the dependent variable. 3. (i) If the condition does not hold, then applying OLS is no longer optimum. The assumption implies the error covariances are zero. This is necessary for OLS estimates to have the â€Å"Best, Linear, Unbiased† properties. If the error covariances are not zero, then the assumption of the Gauss-Markov theorem are not satisfied and thus, the OLS estimates are no longer best, although they are still unbiased and consistent. The main problem arises in the context of inferences. 4. (i) If then the series is said to have a unit root. This implies that the series is non-stationary. This essentially translates to the mean and

Muhammad Ali Jinnah and Jinnah Briefly Essay Example for Free

Muhammad Ali Jinnah and Jinnah Briefly Essay Quaid-E-Azam Muhammad Ali Jinnah was born Mahomedali Jinnahbhai; 25 December 1876 – 11 September 1948).He was a lawyer, politician, and the founder of Pakistan. Jinnah served as leader of the All-India Muslim League from 1913 until Pakistans independence on 14 August 1947, and as Pakistans first Governor-General from independence until his death. He is revered in Pakistan as Quaid-i-Azam (Great Leader) and Baba-i-Qaum (Father of the Nation). His birthday is observed as a national holiday. By 1940, Jinnah had come to believe that Indian Muslims should have their own state. In that year, the Muslim League, led by Jinnah, passed the Lahore Resolution, demanding a separate nation. During the Second World War, the League gained strength while leaders of the Congress were imprisoned, and in the elections held shortly after the war, it won most of the seats reserved for Muslims. Ultimately, the Congress and the Muslim League could not reach a power-sharing formula for a united India, leading all parties to agree to separate independence for a predominately Hindu India, and for a Muslim-majority state, to be called Pakistan. As the first Governor-General of Pakistan, Jinnah worked to establish the new nations government and policies, and to aid the millions of Muslim migrants who had emigrated from the new nation of India to Pakistan after the partition. As a boy, Jinnah lived for a time in Bombay with an aunt and may have attended the Gokal Das Tej Primary School. He gained his matriculation from Bombay University at the high school. In his later years and especially after his death, a large number of stories about the boyhood of Pakistans founder were circulated: that he spent all his spare time at the police court, listening to the proceedings, and that he studied his books by the glow of street lights for lack of other illumination. Soon after his arrival in London, Jinnah gave up the apprenticeship in order to study law, enraging his father, who had, before his departure, given him enough money to live for three years. The aspiring barrister joined Lincolns Inn, later stating that the reason he chose Lincolns over the other Inns of Court was that over the main entrance to Lincolns Inn were the names of the worlds great lawgivers, including Muhammad. During his student years in England, Jinnah was influenced by 19th-century British liberalism, like many other future Indian independence leaders. Dissatisfied with the law, Jinnah briefly embarked on a stage career with a Shakespearean company, but resigned after receiving a stern letter from his father. In 1895, at age 19, he became the youngest Indian to be called to the bar in England. Legal and early political career: Barrister: Aged twenty, Jinnah began his practice in Bombay; the only Muslim barrister in the city. English had become his principal language and would remain so throughout his life. His first three years in the law, from 1897 to 1900, brought him few briefs. In 1900, P. H. Dastoor, a Bombay presidency magistrate, left the post temporarily and Jinnah succeeded in getting the interim position. After his six-month appointment period, Jinnah was offered a permanent position on a 1,500 rupee per month salary. Jinnah politely declined the offer, stating that he planned to earn 1,500 rupees a day—a huge sum at that time—which he eventually did. As a lawyer, Jinnah gained fame for his skilled handling of the 1907 Case†. One of Jinnahs fellow barristers from the Bombay High Court remembered that Jinnahs faith in him was incredible; he recalled that on being admonished by a judge with Mr. Jinnah, remember that you are not addressing a third-class magistrate Jinnah shot back My Lord, allow me to warn you that you are not addressing a third-class pleader. Another of his fellow barristers described him: He was what God made him, a great pleader. He had a sixth sense: he could see around corners. That is where his talents lay he was a very clear thinker But he drove his points home—points chosen with exquisite selection—slow delivery, word by word. Return to Politics: Jinnah (front, left) with the Working Committee of the Muslim League after a meeting in Luck now, October 1937. Beginning in 1933, Indian Muslims, especially from the United Provinces, began to urge Jinnah to return to India and take up again his leadership of the Muslim League, an organization which had fallen into inactivity. He remained titular president of the League, but declined to travel to India to preside over its 1933 session in April, writing that he could not possibly return there until the end of the year. Among those who met with Jinnah to seek his return was Liaquat Ali Khan, who would be a major political associate of Jinnah in the years to come and the first Prime Minister of Pakistan. At Jinnahs request, Liaquat discussed the return with a large number of Muslim politicians and confirmed his recommendation to Jinnah. In early 1934, Jinnah relocated to the subcontinent, though he shuttled between London and India on business for the next few years, selling his house in Hampstead and closing his legal practice in Britain. In the next two years, Jinnah worked to build support among Muslims for the League. He secured the right to speak for the Muslim-led Bengali and Punjabi provincial governments in the central government in New Delhi (the Centre). He worked to expand the league, reducing the cost of membership to two annas (â…› of a rupee), half of what it cost to join the Congress. He restructured the League along the lines of the Congress, putting most power in a Working Committee, which he appointed. By December 1939, Liaquat estimated that the League had three million two-Anna members.

David Lachapelle Essay -- Biography Biographies Bio

David LaChapelle is an incredible, modern photographer. He combines celebrities with the bizarre. His photography is unique, charged with sexual imagery, and provides a unique view on people you see in the media, today. I chose an article from American Photo, May/June 2003, as the basis of my research paper on David LaChapelle. The magazine has a nice design. It is easy to read the print, and the titles of topics are always visible. You won't turn a page and have to take a minute to figure out what is going on, on that page. Although there are many ads in the magazine, I suppose that one shouldn't expect any less; they're mainly ads for photography-type companies and such. This issue is still plentiful in articles, starting off with a page on Henri Cartier-Bresson. As I skim through American Photo, I finally come to an article on "The 25 Most Important Photographers Now." There's a nice introduction on the first page, about what this article is about, and on the bottom-left corner it starts with the first photographer in the list, Gilles Bensimon. The article has a nice layout, including a picture by each photographer and their name headlined above or below, and each photographer also has a good-sized paragraph about himself or herself. Many, many pages into the "top 25," David LaChapelle finally appears. The bottom half of the page shows LaChapelle's photograph, "Facial," which was taken for Italian Vogue in 2001 ("David LaChapelle"). The paragraph written about him starts off with a self-explanation of his photography: " My pictures are escapist. For me, pictures are fantasies. At the same time, they're a document of our time." The article goes on to explain his photography with more detail, and basically fin... ... plays a major part. The pattern adds to the absurdity of the two girls; their expressions are both totally different. It's actually really hard to tell what this picture is even supposed to be about exactly, but I guess I just love all the colors and the beautifulness of the photograph as a whole. The use of color is an important aspect in David LaChapelle's photography. He uses saturation to a very high extent. As far as almost making his photography seem dreamlike. I think it's beautiful, and I love the bright colors he uses. Even though he may use a lot of computer manipulation, I think LaChapelle's photography shows a distinct honesty throughout his photography. He still shows what is real, but he dramatizes it and puts it in your face. Overall, David LaChapelle is a wonderful photographer, and is obviously continuing to develop his skills as an artist. David Lachapelle Essay -- Biography Biographies Bio David LaChapelle is an incredible, modern photographer. He combines celebrities with the bizarre. His photography is unique, charged with sexual imagery, and provides a unique view on people you see in the media, today. I chose an article from American Photo, May/June 2003, as the basis of my research paper on David LaChapelle. The magazine has a nice design. It is easy to read the print, and the titles of topics are always visible. You won't turn a page and have to take a minute to figure out what is going on, on that page. Although there are many ads in the magazine, I suppose that one shouldn't expect any less; they're mainly ads for photography-type companies and such. This issue is still plentiful in articles, starting off with a page on Henri Cartier-Bresson. As I skim through American Photo, I finally come to an article on "The 25 Most Important Photographers Now." There's a nice introduction on the first page, about what this article is about, and on the bottom-left corner it starts with the first photographer in the list, Gilles Bensimon. The article has a nice layout, including a picture by each photographer and their name headlined above or below, and each photographer also has a good-sized paragraph about himself or herself. Many, many pages into the "top 25," David LaChapelle finally appears. The bottom half of the page shows LaChapelle's photograph, "Facial," which was taken for Italian Vogue in 2001 ("David LaChapelle"). The paragraph written about him starts off with a self-explanation of his photography: " My pictures are escapist. For me, pictures are fantasies. At the same time, they're a document of our time." The article goes on to explain his photography with more detail, and basically fin... ... plays a major part. The pattern adds to the absurdity of the two girls; their expressions are both totally different. It's actually really hard to tell what this picture is even supposed to be about exactly, but I guess I just love all the colors and the beautifulness of the photograph as a whole. The use of color is an important aspect in David LaChapelle's photography. He uses saturation to a very high extent. As far as almost making his photography seem dreamlike. I think it's beautiful, and I love the bright colors he uses. Even though he may use a lot of computer manipulation, I think LaChapelle's photography shows a distinct honesty throughout his photography. He still shows what is real, but he dramatizes it and puts it in your face. Overall, David LaChapelle is a wonderful photographer, and is obviously continuing to develop his skills as an artist.

Education and Fast Growing Society Essay

The co-educational system has always been an issue of great controversy. Its supporters claim that separating boys from girls is completely unrealistic since schools are supposed to depict society and prepare children to become its active members. On the other hand, those not in favor of it claim argue that single-sex schools are more effective since they are adapted to each sex’s needs and features. There is little doubt that single-sex schools may be more targeted to each sex’s traits. For example, boys’ schools are stricter in order to achieve discipline while girls’ schools focus on teaching them major principals that will help them lead a successful life not only as professionals but also as family leaders later in life. In addition, boys and girls tend to distract each other during the lesson and therefore make it difficult to concentrate. I am of the opinion that co-education has more to offer to the modern society. First of all, single-sex schools are utterly out-of-date and belong to the past when boys and girls socializing was considered immoral. Nowadays, that both sexes are equal, the mentality of creating and maintaining separate educational facilities is unacceptable. Moreover, having girls and boys in the same environment promotes their competitiveness in a creative way which leads to a high quality learning process. In a final analysis, co-education has proved to be more suitable in answering the increasing demands of our fast growing society. Considering how hard women have fought over the years to gain their rights, wouldn’t it be unfair to have separate schools?

Theoretical Background of Lending System

There Is a meticulous proverb about the bank's lending -â€Å"If you owe the bank take problem. † To be frank, lending to the businesses, governments, and Individuals Is one of the most Important services banks and their closest competitors provide, and It Is the riskier. The principal reason banks and many competitor lenders are issued charter of incorporation by government is to make loans to their customers.Banks, thrift institutions, and other chartered lenders are expected to support their local immunities with an adequate supply of credit for all legitimate business and consumer financial needs and to price that credit reasonably in line with competitively determined market interest rate. Indeed, making loans to fund consumptions and Investment spending Is the principal economic function of banks and their closest competitors. How well a lender performs In fulfilling the lending function has a great deal to do with the economic health of Its region, because loan support the growth of new business and Jobs wealth the lender's trade territory.Despite all the benefits of lending for both the institutions that makes loan and for their customer, the lending process bears careful internal and external monitoring at all the times. When a bank or other lender gets into serious financial trouble, its problems usually spring from loans that have become unconvertible due to mismanagement, illegal manipulation, misguided landing policies or an unexpected economic downturn. No wonder, then, that when examiners appear at a bank or other regulated lending Institution they conduct a thorough review of its loan portfolio.Usually this Involves detailed analysis of the documents and collateral for the largest loan, a review of a sample of small loans, and an evaluation of loan polices to ensure their sound and prudent In order to protect the public funds. 1. 2 Background of National Credit & Commerce Bank Ltd (UNCLE) National Credit and Commerce bank Limited bears a unique history of its own. The organization started its Journey in the financial sector of the country as an investment company back in 1985.The aim of the company was to mobile resources from within and invest them n such way so as to develop country's Industrial and Trade Sector and playing a catalyst role In the formation of capital market as well. Its membership with the bourse helped the company to a great extent In this regard. The company operated up to 1992 with 16 branches and thereafter with the permission of the Central Bank converted In to a full-fledged scheduled private commercial bank In May 1993 with paid up capital TX. 39. 00 core to serve the nation from a broader platform.During providing sincere personalized service to its customers in a technology-based environment. The Bank has set up a new standard in financing in the Industrial, Trade and Foreign Exchange business. Its various deposit and credit products have also attracted the clients-both corporate and indi viduals who feel comfort in doing business with the Bank. The initial authorized capital of the Bank was TX. 75. 00 core and, paid-up capital TX. 19. 50, core at the time of conversion, which is now raised, to TX. 9. 00 cores. The present authorized capital is TX. 250. 00 core and paid up capital is TX. 60. 78 core. The sponsors of the new bank consisted of 26 (Twenty six) Members, who comprised the iris Board of Directors. The share price of the bank is currently being quoted at both Dacha and Chitchatting Bourse at an average price of TX. 320/- against per value of TX. 100/-. NC Bank based upon its commendable business performance for the year ended 2004, has meanwhile declared stock dividend at the rate of 30%.The Bank which started with 16 branches in 1993, has at present 41 (forty one) branches and 03 (three) Booths located in prime commercial areas of Dacha, Chitchatting, Sylphs, Fine, Chula, Josser and Ranging District Headquarters, out of which as many as 17 seventeen) are A uthorized Dealer Branches, fully equipped for dealing in direct foreign exchange businesses. 1. 3 Scope of the Report This report has been prepared through extensive discussion with my colleagues and with the clients.While preparing this report, I had a great opportunity to have an in depth knowledge of all the banking activities practiced by the NC Bank limited. It also helped me to acquire a first-hand perspective of a leading private bank in Bangladesh. This report covers overall areas of UNCLE. It can be grouped into the allowing sections: Origin and historical background of UNCLE. Theoretical description about the products and services, general banking activities and departments of the bank.Analysis of the performance of UNCLE through some ratios. 1. 4 Objectives of the Report Primary Objectives The primary objectives of the report are to orient the real life nature of the bank and to measure the Job satisfaction of the staffs of the NC Bank Ltd, Mailbags branch, Dacha. Seconda ry Objectives To measure the level of Job satisfaction of employees with respect to the company. To understand the components that trigger Job satisfaction of the staffs.To know the reasons behind the Job dissatisfaction of the employees from the findings. To Judge the level of Job satisfaction of employees on various parameters: Working Conditions Rewards and other benefits Relationship with employees of company Job Security 1. 5 Methodology This report is made based on my theoretical and practical knowledge and as project report. National Credit Bank Limited is one of the well-known private commercial bank in Bangladesh. Its public reporting system is appreciable. Data are well managed.This arrangement is logical that helps easy application of analytical tool. Two sources are used to collecting data. These are: Primary Source Secondary Source Primary Source: Face to face conversation with the bank officers and staffs Study of different files of different section of the bank. Un-o fficial discussion with bank official. Secondary Sources: Annual report of NC Bank limited (2009-2013). Website. Literature summery. 1. 6 Limitations of the Study 1. Data Insufficiency 3. Lack of Updated Information.