Stock market index
A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks, it is a tool used by investors and financial managers to describe the market, to compare the return on specific investments. Two of the primary criteria of an index are that it is investable and transparent: the method of its construction should be clear. Many mutual funds and exchange-traded funds attempt to "track" an index with varying degrees of success; the difference between an index fund's performance and the index is called tracking error. Stock market indices may be classified in many ways. A'world' or'global' stock market index — such as the MSCI World or the S&P Global 100 — includes stocks from multiple regions. Regions may be defined geographically or by levels of income. A'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy; the most quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, the Indian NIFTY 50, the British FTSE 100.
Other indices may be regional, such as the FTSE Developed Europe Index or the FTSE Developed Asia Pacific Index. Indexes may be based on exchange, such as the NASDAQ-100 or NYSE US 100, or groups of exchanges, such as the Euronext 100 or OMX Nordic 40; the concept may be extended well beyond an exchange. The Wilshire 5000 Index, the original total market index, represents the stocks of nearly every publicly traded company in the United States, including all U. S. stocks traded on NASDAQ and American Stock Exchange. Russell Investment Group added to the family of indices by launching the Russel Global Index. More specialized indices exist tracking the performance of specific sectors of the market; some examples include the Wilshire US REIT which tracks more than 80 American real estate investment trusts and the Morgan Stanley Biotech Index which consists of 36 American firms in the biotechnology industry. Other indices may track companies of a certain size, a certain type of management, or more specialized criteria — one index published by Linux Weekly News tracks stocks of companies that sell products and services based on the Linux operating environment.
Some indices, such as the S&P 500, have multiple versions. These versions can differ based on how the index components are weighted and on how dividends are accounted for. For example, there are three versions of the S&P 500 index: price return, which only considers the price of the components, total return, which accounts for dividend reinvestment, net total return, which accounts for dividend reinvestment after the deduction of a withholding tax; as another example, the Wilshire 4500 and Wilshire 5000 indices have five versions each: full capitalization total return, full capitalization price, float-adjusted total return, float-adjusted price, equal weight. The difference between the full capitalization, float-adjusted, equal weight versions is in how index components are weighted. An index may be classified according to the method used to determine its price. In a price-weighted index such as the Dow Jones Industrial Average, NYSE Arca Major Market Index, the NYSE ARCA Tech 100 Index, the price of each component stock is the only consideration when determining the value of the index.
Thus, price movement of a single security will influence the value of the index though the dollar shift is less significant in a highly valued issue, moreover ignoring the relative size of the company as a whole. In contrast, a capitalization-weighted index such as the S&P 500 or Hang Seng Index factors in the size of the company. Thus, a small shift in the price of a large company will influence the value of the index. Traditionally, capitalization- or share-weighted indices all had a full weighting, i.e. all outstanding shares were included. Many of them have changed to a float-adjusted weighting which helps indexing. An equal-weighted index is one. For example, the Barron's 400 Index assigns an equal value of 0.25% to each of the 400 stocks included in the index, which together add up to the 100% whole. A modified capitalization-weighted index is a hybrid between capitalization weighting and equal weighting, it is similar to a capitalization weighting with one main difference: the largest stocks are capped to a percent of the weight of the total stock index and the excess weight will be redistributed amongst the stocks under that cap.
Moreover, in 2005, Standard & Poor's introduced the S&P Pure Growth Style Index and S&P Pure Value Style Index, attribute-weighted. That is, a stock's weight in the index is decided by the score it gets relative to the value attributes that define the criteria of a specific index, the same measure used to select the stocks in the first place. For these two indexes, a score is calculated for every stock, be it their growth score or the value score and accordingly they are weighted for the index. One argument for capitalization weighting is that investors must, in aggregate, hold a capitalization-weighted portfolio anyway; this gives the average return for all investors. Investors use theories such as modern portfolio theory to determine allocations; this considers risk and return and does not consider weights
Wall Street is an eight-block-long street running northwest to southeast from Broadway to South Street, at the East River, in the Financial District of Lower Manhattan in New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial services industry, or New York–based financial interests. Anchored by Wall Street, New York City has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, the former American Stock Exchange. There are varying accounts about. A accepted version is that the name of the street was derived from a wall on the northern boundary of the New Amsterdam settlement, built to protect against Native Americans and the British.
A conflicting explanation is that Wall Street was named after Walloons—the Dutch name for a Walloon is Waal. Among the first settlers that embarked on the ship "Nieu Nederlandt" in 1624 were 30 Walloon families. While the Dutch word "wal" can be translated as "rampart", it only appeared as "de Walstraat" on English maps of New Amsterdam; however some English maps show the name as Waal Straat, not as Wal Straat. According to one version of the story: The red people from Manhattan Island crossed to the mainland, where a treaty was made with the Dutch, the place was therefore called the Pipe of Peace, in their language, Hoboken, but soon after that, the Dutch governor, sent his men out there one night and massacred the entire population. Few of them escaped, but they spread the story of what had been done, this did much to antagonize all the remaining tribes against all the white settlers. Shortly after, Nieuw Amsterdam erected a double palisade for defense against its now enraged red neighbors, this remained for some time the northern limit of the Dutch city.
The space between the former walls is now called Wall Street, its spirit is still that of a bulwark against the people. In the 1640s basic picket and plank fences denoted residences in the colony. On behalf of the Dutch West India Company, Peter Stuyvesant, using both African slaves and white colonists, collaborated with the city government in the construction of a more substantial fortification, a strengthened 12-foot wall. In 1685, surveyors laid out Wall Street along the lines of the original stockade; the wall started at Pearl Street, the shoreline at that time, crossing the Indian path Broadway and ending at the other shoreline, where it took a turn south and ran along the shore until it ended at the old fort. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, over time divided themselves into two classes—auctioneers and dealers. Wall Street was the marketplace where owners could hire out their slaves by the day or week; the rampart was removed in 1699 and a new City Hall built at Wall and Nassau in 1700.
Slavery was introduced to Manhattan in 1626, but it was not until December 13, 1711, that the New York City Common Council made Wall Street the city's first official slave market for the sale and rental of enslaved Africans and Indians. The slave market operated from 1711 to 1762 at the corner of Pearl Streets, it was a wooden structure with a roof and open sides, although walls may have been added over the years and could hold 50 men. The city directly benefited from the sale of slaves by implementing taxes on every person, bought and sold there. In the late 18th century there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities; the benefit was being in proximity to each other. In 1792, traders formalized their association with the Buttonwood Agreement, the origin of the New York Stock Exchange; the idea of the agreement was to make the market more "structured" and "without the manipulative auctions", with a commission structure.
Persons signing the agreement agreed to charge each other a standard commission rate. In 1789 Wall Street was the scene of the United States' first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30, 1789; this was the location of the passing of the Bill Of Rights. Alexander Hamilton, the first Treasury secretary and "architect of the early United States financial system," is buried in the cemetery of Trinity Church, as is Robert Fulton famed for his steamboats. In the first few decades, both residences and businesses occupied the area, but business predominated. "There are old stories of people's houses being surrounded by the clamor of business and trade and the owners complaining that they can't get anything done," according to a historian named Burrows. The opening of the Erie Canal in the early 19th century meant a huge boom in business for New York City, since it was the only major eastern seaport which had direct access by inland waterways to ports on the Great Lakes.
Wall Street became the "money capital of America". Historian Charles R. Geisst suggested that there has been a "tug-of-war" between business interests on Wall Street and authorities in Washington, D. C. the capital of the United States by then. During the 19th c
Library of Congress Classification
The Library of Congress Classification is a system of library classification developed by the Library of Congress. It is used by most research and academic libraries in the U. S. and several other countries. LCC should not be confused with LCCN, the system of Library of Congress Control Numbers assigned to all books, which defines URLs of their online catalog entries, such as "82006074" and "http://lccn.loc.gov/82006074". The Classification is distinct from Library of Congress Subject Headings, the system of labels such as "Boarding schools" and "Boarding schools—Fiction" that describe contents systematically; the classifications may be distinguished from the call numbers assigned to particular copies of books in the collection, such as "PZ7. J684 Wj 1982 FT MEADE Copy 1" where the classification is "PZ7. J684 Wj 1982"; the classification was invented by Herbert Putnam in 1897, just before he assumed the librarianship of Congress. With advice from Charles Ammi Cutter, it was influenced by his Cutter Expansive Classification, the Dewey Decimal System, the Putnam Classification System.
It was designed for the purposes and collection of the Library of Congress to replace the fixed location system developed by Thomas Jefferson. By the time Putnam departed from his post in 1939, all the classes except K and parts of B were well developed. LCC has been criticized for lacking a sound theoretical basis. Although it divides subjects into broad categories, it is enumerative in nature; that is, it provides a guide to the books in one library's collections, not a classification of the world. In 2007 The Wall Street Journal reported that in the countries it surveyed most public libraries and small academic libraries used the older Dewey Decimal Classification system; the National Library of Medicine classification system uses the initial letters W and QS–QZ, which are not used by LCC. Some libraries use NLM in conjunction with LCC. Others include Medicine R. Subclass AC -- Collections. Series. Collected works Subclass AE – Encyclopedias Subclass AG – Dictionaries and other general reference works Subclass AI – Indexes Subclass AM – Museums.
Collectors and collecting Subclass AN – Newspapers Subclass AP – Periodicals Subclass AS – Academies and learned societies Subclass AY – Yearbooks. Almanacs. Directories Subclass AZ – History of scholarship and learning; the humanities Subclass B – Philosophy Subclass BC – Logic Subclass BD – Speculative philosophy Subclass BF – Psychology Subclass BH – Aesthetics Subclass BJ – Ethics Subclass BL – Religions. Mythology. Rationalism Subclass BM – Judaism Subclass BP – Islam. Bahaism. Theosophy, etc. Subclass BQ – Buddhism Subclass BR – Christianity Subclass BS – The Bible Subclass BT – Doctrinal theology Subclass BV – Practical Theology Subclass BX – Christian Denominations Subclass C – Auxiliary Sciences of History Subclass CB – History of Civilization Subclass CC – Archaeology Subclass CD – Diplomatics. Archives. Seals Subclass CE – Technical Chronology. Calendar Subclass CJ – Numismatics Subclass CN – Inscriptions. Epigraphy Subclass CR – Heraldry Subclass CS – Genealogy Subclass CT – Biography Subclass D – History Subclass DA – Great Britain Subclass DAW – Central Europe Subclass DB – Austria – Liechtenstein – Hungary – Czechoslovakia Subclass DC – France – Andorra – Monaco Subclass DD – Germany Subclass DE – Greco-Roman World Subclass DF – Greece Subclass DG – Italy – Malta Subclass DH – Low Countries – Benelux Countries Subclass DJ – Netherlands Subclass DJK – Eastern Europe Subclass DK – Russia.
Soviet Union. Former Soviet Republics – Poland Subclass DL – Northern Europe. Scandinavia Subclass DP – Spain – Portugal Subclass DQ – Switzerland Subclass DR – Balkan Peninsula Subclass DS – Asia Subclass DT – Africa Subclass DU – Oceania Subclass DX – Romanies Class E does not have any subclasses. Class F does not have any subclasses, however Canadian Universities and the Canadian National Library use FC for Canadian History, a subclass that the LC has not adopted, but which it has agreed not to use for anything else Subclass G – Geography. Atlases. Maps Subclass GA – Mathematical geography. Cartography Subclass GB – Physical geography Subclass GC – Oceanography Subclass GE – Environmental Sciences Subclass GF – Human ecology. Anthropogeography Subclass GN – Anthropology Subclass GR – Folklore Subclass GT – Manners and customs Subclass GV – Recreation. Leisure Subclass H – Social sciences Subclass HA – Statistics Subclass HB – Economic theory. Demography Subclass HC – Economic history and conditions Subclass HD – Industries.
Land use. Labor Subclass HE – Transportation and communications Subclass HF – Commerce Subclass HG – Finance Subclass HJ – Public finance Subclass HM – Sociology Subclass HN – Social history and conditions. Social problems. Social reform Subclass HQ – The family. Marriage and Sexuality Subclass HS – Societies: secret, etc. Subclass HT – Communities. Classes. Races Subclass HV – Social pathology. Social and public welfare. Criminology Subclass HX – Socialism. Communism. Anarchism Subclass J – General legislative and executive papers Subclass JA – Political science Subclass JC – Political theory Subclass JF – Political institutions and public administration Subclass JJ – Political institutions and public administration Subclass JK – Political institutions and public administration Subclass JL – Political instit
Benjamin Graham was a British-born American investor and professor. He is known as the "father of value investing," and wrote two of the founding texts in neoclassical investing: Security Analysis with David Dodd, The Intelligent Investor, his investment philosophy stressed investor psychology, minimal debt, buy-and-hold investing, fundamental analysis, concentrated diversification, buying within the margin of safety, activist investing, contrarian mindsets. After graduating from Columbia University at age 20, he started his career on Wall Street founding the Graham-Newman Partnership. After employing his former student and future manager of Berkshire Hathaway, Warren Buffett, he took up teaching positions at his alma mater, at UCLA Anderson School of Management at the University of California, Los Angeles, his work in managerial economics and investing has led to a modern wave of value investing within mutual funds, hedge funds, diversified holding companies, other investment vehicles. Throughout his career, Graham had many notable disciples who went on to receive substantial success in the world of investment, including Buffett, who described him as the second most influential person in his life after his own father.
Other such disciples were Bert Olden, Irving Kahn and Walter J. Schloss. In addition, Graham's thoughts on investing have influenced the likes of Seth Klarman and Bill Ackman. Graham was born Benjamin Grossbaum in England, to Jewish parents, he moved to New York City with his family. After the death of his father and experiencing poverty, he became a good student, graduating as salutatorian of his class at Columbia, he declined an offer to teach English and philosophy, choosing instead to take a job on Wall Street, where he started his Graham-Newman Partnership. Early on, Graham made a name for himself with "The Northern Pipeline Affair, " involving John D. Rockefeller, his first book, Security Analysis, with David Dodd, was published in 1934. Security Analysis and The Intelligent Investor, published in 1949, are his two most acclaimed books. Warren Buffett describes The Intelligent Investor as "the best book about investing written." Graham exhorted the stock market participant to first draw a fundamental distinction between investment and speculation.
In Security Analysis, he proposed a clear definition of investment, distinguished from what he deemed speculation. It read, "An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative." Graham wrote that the owner of equity stocks should regard them first and foremost as conferring part ownership of a business. With that perspective in mind, the stock owner should not be too concerned with erratic fluctuations in stock prices, since in the short term the stock market behaves like a voting machine, but in the long term it acts like a weighing machine. Graham distinguished between the active investor; the passive investor referred to as a defensive investor, invests cautiously, looks for value stocks, buys for the long term. The active investor, on the other hand, is one who has more time and more specialized knowledge to seek out exceptional buys in the market. Graham recommended that investors spend effort to analyze the financial state of companies.
When a company is available on the market at a price, at a discount to its intrinsic value, a "margin of safety" exists, which makes it suitable for investment. Graham wrote. By that he meant that the stock investor is neither right nor wrong because others agreed or disagreed with him. Graham's favorite allegory is that of Mr. Market, a fellow who turns up every day at the stock holder's door offering to buy or sell his shares at a different price; the price quoted by Mr. Market seems plausible, but it is ridiculous; the investor is free to either agree with his quoted price and trade with him, or to ignore him completely. Mr. Market doesn't mind this, will be back the following day to quote another price; the point is that the investor should not regard the whims of Mr. Market as determining the value of the shares that the investor owns, he should profit from market folly rather than participate in it. The investor is best off concentrating on the real life performance of his companies and receiving dividends, rather than being too concerned with Mr. Market's irrational behavior.
Graham was critical of the corporations of his day for obfuscated and irregular financial reporting that made it difficult for investors to discern the true state of the business's finances. He was an advocate of dividend payments to shareholders rather than businesses keeping all of their profits as retained earnings, he criticized those who advised that some types of stocks were a good buy at any price, because of the prospect of sustained stock price growth, without a good analysis of the business's actual financial condition. These observations remain relevant today, his contributions spanned numerous fields, one of, fundamental value investing. According to The Snowball, after his son's death, Graham had an affair with the deceased's girlfriend Marie Louise "Malou" Amingues and used to travel to France to visit her, he separated from his wife, after she refused his offe
The Wall Street Journal
The Wall Street Journal is a U. S. business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, a division of News Corp; the newspaper is published in online. The Journal has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, Charles Bergstresser; the Wall Street Journal is one of the largest newspapers in the United States by circulation, with a circulation of about 2.475 million copies as of June 2018, compared with USA Today's 1.7 million. The Journal publishes the luxury news and lifestyle magazine WSJ, launched as a quarterly but expanded to 12 issues as of 2014. An online version was launched in 1996, accessible only to subscribers since it began; the newspaper is notable for its award-winning news coverage, has won 37 Pulitzer Prizes. The editorial pages of the Journal are conservative in their position. The"Journal" editorial board has promoted fringe views on the science of climate change, acid rain, ozone depletion, as well as on the health harms of second-hand smoke and asbestos.
The first products of Dow Jones & Company, the publisher of the Journal, were brief news bulletins, nicknamed "flimsies", hand-delivered throughout the day to traders at the stock exchange in the early 1880s. They were aggregated in a printed daily summary called the Customers' Afternoon Letter. Reporters Charles Dow, Edward Jones, Charles Bergstresser converted this into The Wall Street Journal, published for the first time on July 8, 1889, began delivery of the Dow Jones News Service via telegraph. In 1896, The "Dow Jones Industrial Average" was launched, it was the first of several indices of bond prices on the New York Stock Exchange. In 1899, the Journal's Review & Outlook column, which still runs today, appeared for the first time written by Charles Dow. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902. Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism.
In 1921, Barron's, the United States's premier financial weekly, was founded. Barron died in 1928, a year before Black Tuesday, the stock market crash that affected the Great Depression in the United States. Barron's descendants, the Bancroft family, would continue to control the company until 2007; the Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, company CEO in 1945 compiling a 25-year career as the head of the Journal. Kilgore was the architect of the paper's iconic front-page design, with its "What's News" digest, its national distribution strategy, which brought the paper's circulation from 33,000 in 1941 to 1.1 million at the time of Kilgore's death in 1967. Under Kilgore, in 1947, the paper won its first Pulitzer Prize for William Henry Grimes's editorials. In 1967, Dow Jones Newswires began a major expansion outside of the United States that put journalists in every major financial center in Europe, Latin America and Africa.
In 1970, Dow Jones bought the Ottaway newspaper chain, which at the time comprised nine dailies and three Sunday newspapers. The name was changed to "Dow Jones Local Media Group".1971 to 1997 brought about a series of launches and joint ventures, including "Factiva", The Wall Street Journal Asia, The Wall Street Journal Europe, the WSJ.com website, Dow Jones Indexes, MarketWatch, "WSJ Weekend Edition". In 2007, News Corp. acquired Dow Jones. WSJ. A luxury lifestyle magazine, was launched in 2008. A complement to the print newspaper, The Wall Street Journal Online, was launched in 1996 and has allowed access only by subscription from the beginning. In 2003, Dow Jones began to integrate reporting of the Journal's print and online subscribers together in Audit Bureau of Circulations statements. In 2007, it was believed to be the largest paid-subscription news site on the Web, with 980,000 paid subscribers. Since online subscribership has fallen, due in part to rising subscription costs, was reported at 400,000 in March 2010.
In May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. By June 2013, the monthly cost for a subscription to the online edition was $22.99, or $275.88 annually, excluding introductory offers. On November 30, 2004, Oasys Mobile and The Wall Street Journal released an app that would allow users to access content from the Wall Street Journal Online via their mobile phones. Many of The Wall Street Journal news stories are available through free online newspapers that subscribe to the Dow Jones syndicate. Pulitzer Prize–winning stories from 1995 are available free on the Pulitzer web site. In September 2005, the Journal launched a weekend edition, delivered to all subscribers, which marked a return to Saturday publication after a lapse of some 50 years; the move was designed in part to attract more consumer advertising. In 2005, the Journal reported a readership profile of about 60 percent top management, an average income of $191,000, an average household net worth of $2.1 million, an average age of 55.
In 2007, the Journal launched a worldwide expansion of its website to include major foreign-language editions. The p
Finance is a field, concerned with the allocation of assets and liabilities over space and time under conditions of risk or uncertainty. Finance can be defined as the art of money management. Participants in the market aim to price assets based on their risk level, fundamental value, their expected rate of return. Finance can be split into three sub-categories: public finance, corporate finance and personal finance. Matters in personal finance revolve around: Protection against unforeseen personal events, as well as events in the wider economies Transference of family wealth across generations Effects of tax policies management of personal finances Effects of credit on individual financial standing Development of a savings plan or financing for large purchases Planning a secure financial future in an environment of economic instability Pursuing a checking and/or a savings account Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance and saving for retirement.
Personal finance may involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are: Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flows. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time. Household cash flows total up all from the expected sources of income within a year, minus all expected expenses within the same year. From this analysis, the financial planner can determine to what degree and in what time the personal goals can be accomplished. Adequate protection: the analysis of how to protect a household from unforeseen risks; these risks can be divided into the following: liability, death, disability and long term care. Some of these risks may be self-insurable, while most will require the purchase of an insurance contract.
Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance. Business owners, professionals and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance enjoys some tax benefits, utilizing insurance investment products may be a critical piece of the overall investment planning. Tax planning: the income tax is the single largest expense in a household. Managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, which can be used to reduce the lifetime tax burden. Most modern governments use a progressive tax; as one's income grows, a higher marginal rate of tax must be paid. Understanding how to take advantage of the myriad tax breaks when planning one's personal finances can make a significant impact in which can save you money in the long term. Investment and accumulation goals: planning how to accumulate enough money – for large purchases and life events – is what most people consider to be financial planning.
Major reasons to accumulate assets include purchasing a house or car, starting a business, paying for education expenses, saving for retirement. Achieving these goals requires projecting what they will cost, when you need to withdraw funds that will be necessary to be able to achieve these goals. A major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the financial planner will suggest a combination of asset earmarking and regular savings to be invested in a variety of investments. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, which will subject the portfolio to a number of risks. Managing these portfolio risks is most accomplished using asset allocation, which seeks to diversify investment risk and opportunity; this asset allocation will prescribe a percentage allocation to be invested in stocks, bonds and alternative investments.
The allocation should take into consideration the personal risk profile of every investor, since risk attitudes vary from person to person. Retirement planning is the process of understanding how much it costs to live at retirement, coming up with a plan to distribute assets to meet any income shortfall. Methods for retirement plans include taking advantage of government allowed structures to manage tax liability including: individual structures, or employer sponsored retirement plans and life insurance products. Estate planning involves planning for the disposition of one's assets after death. There is a tax due to the state or federal government at one's death. Avoiding these taxes means that more of one's assets will be distributed to one's heirs. One can leave one's assets to friends or charitable groups. Corporate finance deals with the sources of funding and the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, the tools and analysis used to allocate financial resources.
Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Corporate f
Columbia University is a private Ivy League research university in Upper Manhattan, New York City. Established in 1754, Columbia is the oldest institution of higher education in New York and the fifth-oldest institution of higher learning in the United States, it is one of nine colonial colleges founded prior to the Declaration of Independence, seven of which belong to the Ivy League. It has been ranked by numerous major education publications as among the top ten universities in the world. Columbia was established as King's College by royal charter of George II of Great Britain in reaction to the founding of Princeton University in New Jersey, it was renamed Columbia College in 1784 following the Revolutionary War and in 1787 was placed under a private board of trustees headed by former students Alexander Hamilton and John Jay. In 1896, the campus was moved from Madison Avenue to its current location in Morningside Heights and renamed Columbia University. Columbia scientists and scholars have played an important role in the development of notable scientific fields and breakthroughs including: brain-computer interface.
The Columbia University Physics Department has been affiliated with 33 Nobel Prize winners as alumni, faculty or research staff, the third most of any American institution behind MIT and Harvard. In addition, 22 Nobel Prize winners in Physiology and Medicine have been affiliated with Columbia, the third most of any American institution; the university's research efforts include the Lamont-Doherty Earth Observatory, Goddard Institute for Space Studies and accelerator laboratories with major technology firms such as IBM. Columbia is one of the fourteen founding members of the Association of American Universities and was the first school in the United States to grant the M. D. degree. The university administers the Pulitzer Prize annually. Columbia is organized into twenty schools, including three undergraduate schools and numerous graduate schools, it maintains research centers outside of the United States known as Columbia Global Centers. In 2018, Columbia's undergraduate acceptance rate was 5.1%, making it one of the most selective colleges in the United States, the second most selective in the Ivy League after Harvard.
Columbia is ranked as the 3rd best university in the United States by U. S. News & World Report behind Princeton and Harvard. In athletics, the Lions field varsity teams in 29 sports as a member of the NCAA Division I Ivy League conference; the university's endowment stood at $10.9 billion in 2018, among the largest of any academic institution. As of 2018, Columbia's alumni and affiliates include: five Founding Fathers of the United States — among them an author of the United States Constitution and co-author of the Declaration of Independence. S. presidents. Discussions regarding the founding of a college in the Province of New York began as early as 1704, at which time Colonel Lewis Morris wrote to the Society for the Propagation of the Gospel in Foreign Parts, the missionary arm of the Church of England, persuading the society that New York City was an ideal community in which to establish a college. However, it was not until the founding of the College of New Jersey across the Hudson River in New Jersey that the City of New York considered founding a college.
In 1746, an act was passed by the general assembly of New York to raise funds for the foundation of a new college. In 1751, the assembly appointed a commission of ten New York residents, seven of whom were members of the Church of England, to direct the funds accrued by the state lottery towards the foundation of a college. Classes were held in July 1754 and were presided over by the college's first president, Dr. Samuel Johnson. Dr. Johnson was the only instructor of the college's first class, which consisted of a mere eight students. Instruction was held in a new schoolhouse adjoining Trinity Church, located on what is now lower Broadway in Manhattan; the college was founded on October 31, 1754, as King's College by royal charter of King George II, making it the oldest institution of higher learning in the state of New York and the fifth oldest in the United States. In 1763, Dr. Johnson was succeeded in the presidency by Myles Cooper, a graduate of The Queen's College, an ardent Tory. In the charged political climate of the American Revolution, his chief opponent in discussions at the college was an undergraduate of the class of 1777, Alexander Hamilton.
The American Revolutionary War broke out in 1776, was catastrophic for the operation of King's College, which suspended instruction for eight years beginning in 1776 with the arrival of the Continental Army. The suspension continued through the military occupation of New York City by British troops until their departure in 1783; the college's library was looted and its sole building requisitioned for use as a military hospital first by American and British forces. Loyalists were forced to abandon their King's College in New York, seized by the rebels and renamed Columbia College; the Loyalists, led by Bishop Charles Inglis fled to Windsor, Nova Scotia, where the