Panama the Republic of Panama, is a transcontinental country in Central America and South America, bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, the Pacific Ocean to the south. The capital and largest city is Panama City, whose metropolitan area is home to nearly half the country's 4 million people. Panama was inhabited by indigenous tribes before Spanish colonists arrived in the 16th century, it broke away from Spain in 1821 and joined the Republic of Gran Colombia, a union of Nueva Granada and Venezuela. After Gran Colombia dissolved in 1831, Panama and Nueva Granada became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the US Army Corps of Engineers between 1904 and 1914; the 1977 Torrijos–Carter Treaties led to the transfer of the Canal from the United States to Panama on December 31, 1999. Revenue from canal tolls continues to represent a significant portion of Panama's GDP, although commerce and tourism are major and growing sectors.
It is regarded as a high-income country. In 2018 Panama ranked 66th in the world in terms of the Human Development Index. In 2018, Panama was ranked seventh-most competitive economy in Latin America, according to the World Economic Forum's Global Competitiveness Index. Covering around 40 percent of its land area, Panama's jungles are home to an abundance of tropical plants and animals – some of them found nowhere else on earth. Panama is a founding member of the United Nations and other international organizations such as OAS, LAIA, G77, WHO, NAM; the definite origin of the name Panama is unknown. There are several theories. One states that the country was named after a found species of tree. Another states that the first settlers arrived in Panama in August, when butterflies are abundant, that the name means "many butterflies" in one or several of indigenous Amerindian languages that were spoken in the territory prior to Spanish colonization; the most scientifically corroborated theory by Panamanian linguists, states that the word is a hispanicization of Kuna language word "bannaba" which means "distant" or "far away".
A relayed legend in Panama is that there was a fishing village that bore the name "Panamá", which purportedly meant "an abundance of fish", when the Spanish colonizers first landed in the area. The exact location of the village is unknown; the legend is corroborated by Captain Antonio Tello de Guzmán's diary entries, who reports landing at an unnamed village while exploring the Pacific coast of Panama in 1515. In 1517, Don Gaspar de Espinosa, a Spanish lieutenant, decided to settle a post in the same location Guzmán described. In 1519, Pedrarias Dávila decided to establish the Spanish Empire's Pacific port at the site; the new settlement replaced Santa María La Antigua del Darién, which had lost its function within the Crown's global plan after the Spanish exploitation of the riches in the Pacific began. The official definition and origin of the name as promoted by Panama's Ministry of Education is the "abundance of fish and butterflies"; this is the usual description given in social studies textbooks.
At the time of the arrival of the Spanish in the 16th century, the known inhabitants of Panama included the Cuevas and the Coclé tribes. These people have nearly disappeared; the Isthmus of Panama was formed about three million years ago when the land bridge between North and South America became complete, plants and animals crossed it in both directions. The existence of the isthmus affected the dispersal of people and technology throughout the American continent from the appearance of the first hunters and collectors to the era of villages and cities; the earliest discovered artifacts of indigenous peoples in Panama include Paleo-Indian projectile points. Central Panama was home to some of the first pottery-making in the Americas, for example the cultures at Monagrillo, which date back to 2500–1700 BC; these evolved into significant populations best known through their spectacular burials at the Monagrillo archaeological site, their beautiful Gran Coclé style polychrome pottery. The monumental monolithic sculptures at the Barriles site are important traces of these ancient isthmian cultures.
Before Europeans arrived Panama was settled by Chibchan and Cueva peoples. The largest group were the Cueva; the size of the indigenous population of the isthmus at the time of European colonization is uncertain. Estimates range as high as two million people, but more recent studies place that number closer to 200,000. Archaeological finds and testimonials by early European explorers describe diverse native isthmian groups exhibiting cultural variety and suggesting people developed by regular regional routes of commerce; when Panama was colonized, the indigenous peoples fled into nearby islands. Scholars believe that infectious disease was the primary cause of the population decline of American natives; the indigenous peoples had no acquired immunity to diseases, chronic in Eurasian populations for centuries. Rodrigo de Bastidas sailed westward from Venezuela in 1501 in search of gold, became the first European to explore the isthmus of Panama. A year Christopher Columbus visited the isthmus, established a short-lived settlemen
The 1993 Boston College Eagles football team represented Boston College in the 1993 NCAA Division I-A football season. The Eagles were led by head coach Tom Coughlin, in his third and final year with the team, played their home games at Alumni Stadium in Chestnut Hill, Massachusetts, they competed as members of the Big East Conference. After opening the year with two consecutive losses, Boston College went on an eight-game win streak, the last of, a monumental upset over rival Notre Dame. Notre Dame had been the favorites to win the national title after beating Florida State the week prior, but their title hopes were dashed by Boston College when Eagles kicker David Gordon hit a 41-yard field goal as time expired to win 41–39. After losing to eventual Big East champions West Virginia in the final game of the regular season, they were invited to the 1994 Carquest Bowl, where they defeated Virginia, 31–13; the Eagles were ranked 13th in the season's final AP Poll. Quarterback Glenn Foley was named Big East Offensive Player of the Year, throwing for 3,397 yards and 25 touchdowns.
Profit-at-Risk is a risk management quantity most used for electricity portfolios that contain some mixture of generation assets, trading contracts and end-user consumption. It is used to provide a measure of the downside risk to profitability of a portfolio of physical and financial assets, analysed by time periods in which the energy is delivered. For example, the expected profitability and associated downside risk might be calculated and monitored for each of the forward looking 24 months; the measure considers both price volume risk. Mathematically, the PaR is the quantile of the profit distribution of a portfolio. Since weather related volume risk drivers can be represented in the form of historical weather records over many years, a Monte-Carlo simulation approach is used. If the confidence interval for evaluating the PaR is 95%, there is a 5% probability that due to changing commodity volumes and prices, the profit outcome for a specific period will fall short of the expected profit result by more than the PaR value.
Note that the concept of a set'holding period' does not apply since the period is always up until the realisation of the profit outcome through the delivery of energy. That is the holding period is different for each of the specific delivery time periods being analysed e.g. it might be six months for December and therefore seven months for January. The PaR measure was pioneered at Norsk Hydro in Norway as part of an initiative to prepare for deregulation of the electricity market. Petter Longva and Greg Keers co-authored a paper "Risk Management in the Electricity Industry" which introduced the PaR method; this led to it being adopted as the basis for electricity market risk management at Norsk Hydro and by most of the other electricity generating utilities in the Nordic region. The approach was based on monte-carlo simulations of paired reservoir inflow and spot price outcomes to produce a distribution of expected profit in future reporting periods; this tied directly with the focus of management reporting on profitability of operations, unlike the Value-at-Risk approach, pioneered by JP Morgan for banks focused on their balance sheet risks.
As is the case with Value at Risk, for risk measures like the PaR, Earnings-at-Risk, the Liquidity-at-Risk or the Margin-at-Risk, the exact implementation rule vary from firm to firm. Value at risk Margin at risk Liquidity at risk