Financial economics

Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is to appear on both sides of a trade". Its concern is thus the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy, it has two main areas of focus: corporate finance. It thus provides the theoretical underpin for much of "finance"; the subject is concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment". It therefore centers on decision making under uncertainty in the context of the financial markets, the resultant economic and financial models and principles, is concerned with deriving testable or policy implications from acceptable assumptions, it is built on the foundations of microeconomics and decision theory. Financial econometrics is the branch of financial economics that uses econometric techniques to parameterise these relationships.

Mathematical finance is related in that it will derive and extend the mathematical or numerical models suggested by financial economics. The emphasis there is mathematical consistency, as opposed to compatibility with economic theory. Financial economics has a microeconomic focus, whereas monetary economics is macroeconomic in nature. Financial economics is taught at the postgraduate level. Specialist undergraduate degrees are offered in the discipline; this article provides an overview and survey of the field: for derivations and more technical discussion, see the specific articles linked. As above, the discipline explores how rational investors would apply decision theory to the problem of investment; the subject is thus built on the foundations of microeconomics and decision theory, derives several key results for the application of decision making under uncertainty to the financial markets. The underlying economic logic distills to a ”fundamental valuation result”, as aside, developed in the following sections.

Underlying all of financial economics are the concepts of present value and expectation. Calculating their present value allows the decision maker to aggregate the cashflows to be produced by the asset in the future, to a single value at the date in question, to thus more compare two opportunities. An immediate extension is to combine probabilities with present value, leading to the expected value criterion which sets asset value as a function of the sizes of the expected payouts and the probabilities of their occurrence, X s and p s respectively; this decision method, fails to consider risk aversion. In other words, since individuals receive greater utility from an extra dollar when they are poor and less utility when comparatively rich, the approach is to therefore "adjust" the weight assigned to the various outcomes correspondingly, Y s. See Indifference price.. Choice under uncertainty here may be characterized as the maximization of expected utility. More formally, the resulting expected utility hypothesis states that, if certain axioms are satisfied, the subjective value associated with a gamble by an individual is that individual's statistical expectation of the valuations of the outcomes of that gamble.

The impetus for these ideas arise from various inconsistencies observed under the expected value framework, such as the St. Petersburg paradox; the concepts of arbitrage-free, "rational", pricing and equilibrium are coupled with the above to derive "classical" financial economics. Rational pricing is the assumption that asset prices will reflect the arbitrage-free price of the asset, as any deviation from this price will be "arbitraged away"; this assumption is useful in pricing fixed income securities bonds, is fundamental to the pricing of derivative instruments. Economic equilibrium is, in general, a state in which economic forces such as supply and demand are balanced, and, in the absence of external influences these equilibrium values of economic variables will not change. General equilibrium deals with the behavior of supply and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium.

The two concepts are linked as follows: where market prices do not allow for profitable arbitrage, i.e. they comprise an arbitrage-free market these prices are said to constitute an "arbitrage equilibrium". Intuitively, this may be seen by considering that where an arbitrage opportunity does exist prices can be expected to change, are therefore not in equilibrium. An arbitrage equi

FK Tekstilac Derventa

Fudbalski klub Tekstilac Derventa is a professional association football club from the town of Derventa, situated in Bosnia and Herzegovina. Tekstilac plays in the First League of the Republika Srpska and plays its home matches on the Derventa City Stadium which has a capacity of 1,500 seats; the first football club in Derventa before World War II was FK Dečko, formed before FK Tekstilac. After World War II FK Dečko merged into FK Tekstilac Derventa. In the long and rich history of FK Tekstilac Derventa, the teams which played between 1960 and 1968 will be remembered as one of the most talented and the best; the creator and leader of this brilliant team was the legendary attacker Faruk Tarabar. He had excellent pedagogical skills, he managed to compose the skill of that excellent Tekstilac generation. Those teams brought lots of fans to the stadium to cheer for FK Tekstilac. Fans came to games in big numbers and players of Tekstilac gave them unforgettable times in that period. Lots of fans still remember, they will not forget, the start of the series in 1966/67 when Tekstilac, in the first tree matches, beat first team of FK Radnik Bijeljina with 5:0 in next game they did the same thing to team of NK Zvijezda Gradačac, in third match Tekstilac beat FK Budućnost Banovići in Banovići with 5:1.

Many of the players and member of the board of directors are not alive today, like Nikica Sirovina, Faruk Tarabar, Haso Kapetanović, Kemal "Spazo" Buzadžić, Nezir "Benco" Crnčević. Many of them were refugees from Derventa: Ramo Slomić, Alija Vejzović and Mesud Jegić who all live in Sweden today. Emin Nakić and Pavek are in United States, Zvonko Bošnjak and others are in Germany. From other generations there was Branko Janković as a multi-talented player of both Handball and football; as of 1 July 2019Note: Flags indicate national team. Players may hold more than one non-FIFA nationality. Faruk Tarabar Damir Porobić Radivoje "Rade" Vasiljević Predrag Drinić Edin "Dino" Porobić Slobodan Kovačević Mitar Lukić Bojan Magazin Zoran Dragišić Marko Stojić Danimir Milkanović Official website FK Tekstilac Derventa at FSRS


The Theban Tomb TT39 is located in El-Khokha, part of the Theban Necropolis, on the west bank of the Nile, opposite to Luxor. It is the burial place of Puimre; the portico of the tomb contains 8 stela. The hallway is decorated with scenes depicting gardens, workshops of the temple of Amun and agricultural scenes. Further scenes in the hall include a banquet and the recording of produce from Nubia for the treasury of Amun. A son offers a bouquet to Puiemre and his wife Senseneb, while in another scene Puiemre is accompanied by his wife Tanefert while inspecting produce. In yet another scene Puiemre and Senseneb are shown inspecting other items including geese, etc. In the south chapel sons and daughters are shown offering new year gifts with his wife Senseneb depicted on one wall and his wife Tanefert depicted on the other; the north chapel contains further funeral scenes. The central chapel includes scenes showing a son before Puiemre. Priestesses of Hathor are shown offering emblems of the goddess to Puimre.

The tomb of Puyemré dates back to the New Kingdom during the time of Reign of Thutmosis III. Puyemré's parents were Puia and Nerferioh and he had two wives named Tanefert and Senseneb, he was the second prophet of Amūn. In his earlier career Puyemré as second priest of Amon had been responsible for Queen Hatshepsut for the construction of the outworks of her temple. Puyemré was given the name of “Baumeister des Hatschepsuttempels von Deir el-Bahari” by B. Engelmann von Carnap because of the responsibility he had for Queen Hatshepsut; the tomb of Puyemré is a private tomb located in Khokha. It was excavated in the rock in the great cemetery in the western bank of the Nile at Thebes; the current location of the tomb of Pyuemré is now at the museum under the Tytus Fund. The architecture of this tomb with its columned portico and transverse hall leading to three chapels is unique compared to typical T-shaped tombs of the Eighteenth Dynasty; the portico has been reconstructed due to being old, a common thing in all tombs that reconstruction would happen.

The portico the roof being supported by columns that have texts of deceased in the intercolumnar there remained scenes including banquet and deceased by two priest. The three chapels: south chapel, north chapel and the central chapel are all filled with decorations that capture different scenes; the south chapel has sons and daughters with new year gifts before deceased and wife Sensonb on the left and Tanefer on the right wall. Puyemré wives must have been important to him because they are in every wall pictured doing something different. In the north chapel there are funeral scenes on each side of the doorway as well as offering lists to Nefertem before being deceased. In the central chapel there are two scenes of Hathor that emblems to deceased. Before the men are deceased there are oils on burnt offerings and the priest with offerings is deceased with his wife; the façade was not only the form of decoration that TT39 courtyard had but has false doors at slight intervals and rounded tablets but its execution the backward lean and the incised inscription in monochrome.

The proposed shelter was taken into consideration the quality of the rock at the level that it was being 4.5 meters above the floor of the false doors could not be cut into. So there was an alternative way or reconstruction including flat stones twelve to fifteen centimeters thick to provide support; the hall way that leads to the three chapels show scenes with inspects workshops of the temple of Amūn and ploughing in carpenters, stone-vase workers and attendants with horses and chariot. There is women with lyre. In TT39 the only repast scenes incorporating an offering procession were shown in the southern chapel. Where the scene corresponds with the selection of gifts presented to the deceased; this scene is being questioned because it’s found in TT81 in the corresponding wall, TT71 and in TT100. This scene was a popular decoration to have in the Eighteenth Dynasty. What links the scene in TT 39 and that in the Chapel of Hatshepsut, apart from the presented product, are the titles of the bearers.

All of them in TT 39 are described as Hrj mrt, ‘an overseer of mrt-people’. Seven of fifteen men in the Chapel of Hatshepsut are entitled sS Hrj mrt, ‘a scribe an overseer of mrt-people’, while the figures with this title tend to concentrate in the end of the register. N. de G Davies gives an example referenced to the Hatshepsut chapel where there’s scenes that are placed in the chapel of Hatshepsut in TT39. The chapel of Hatshepsut is seen as a significance to TT39 for inspiration and decoration the scenes the non offering list, the motifs of incense and animals incorporated into the offering procession and the figures of Iunmutef and Thot, placed in the Chapel itself are interesting when compared to the typical Old and Middle kingdom offering scenes. Where the offering scenes served as a symbolic and as well as a magical purpose. Inside the tomb there are thirty-one plates that consist of photogravures, line drawings and twelve color plates. Puyemré had reserved his tomb for his family including his two wives.

This shows that Puyemré did not follow the old custom of assigning names and offices to all but the humblest servitors. There is a repetition in scenes that show Puyemré and his two wives where Tanefret is his companion on the north wall and Senseneb on