New Zealand is a sovereign island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, the South Island —and around 600 smaller islands. New Zealand is situated some 2,000 kilometres east of Australia across the Tasman Sea and 1,000 kilometres south of the Pacific island areas of New Caledonia and Tonga; because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinct biodiversity of animal and plant life; the country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington. Sometime between 1250 and 1300, Polynesians settled in the islands that were named New Zealand and developed a distinctive Māori culture. In 1642, Dutch explorer Abel Tasman became the first European to sight New Zealand. In 1840, representatives of the United Kingdom and Māori chiefs signed the Treaty of Waitangi, which declared British sovereignty over the islands.
In 1841, New Zealand became a colony within the British Empire and in 1907 it became a dominion. Today, the majority of New Zealand's population of 4.9 million is of European descent. Reflecting this, New Zealand's culture is derived from Māori and early British settlers, with recent broadening arising from increased immigration; the official languages are English, Māori, NZ Sign Language, with English being dominant. A developed country, New Zealand ranks in international comparisons of national performance, such as quality of life, education, protection of civil liberties, economic freedom. New Zealand underwent major economic changes during the 1980s, which transformed it from a protectionist to a liberalised free-trade economy; the service sector dominates the national economy, followed by the industrial sector, agriculture. Nationally, legislative authority is vested in an elected, unicameral Parliament, while executive political power is exercised by the Cabinet, led by the prime minister Jacinda Ardern.
Queen Elizabeth II is the country's monarch and is represented by a governor-general Dame Patsy Reddy. In addition, New Zealand is organised into 11 regional councils and 67 territorial authorities for local government purposes; the Realm of New Zealand includes Tokelau. New Zealand is a member of the United Nations, Commonwealth of Nations, ANZUS, Organisation for Economic Co-operation and Development, ASEAN Plus Six, Asia-Pacific Economic Cooperation, the Pacific Community and the Pacific Islands Forum. Dutch explorer Abel Tasman sighted New Zealand in 1642 and named it Staten Land "in honour of the States General", he wrote, "it is possible that this land joins to the Staten Land but it is uncertain", referring to a landmass of the same name at the southern tip of South America, discovered by Jacob Le Maire in 1616. In 1645, Dutch cartographers renamed the land Nova Zeelandia after the Dutch province of Zeeland. British explorer James Cook subsequently anglicised the name to New Zealand. Aotearoa is the current Māori name for New Zealand.
It is unknown whether Māori had a name for the whole country before the arrival of Europeans, with Aotearoa referring to just the North Island. Māori had several traditional names for the two main islands, including Te Ika-a-Māui for the North Island and Te Waipounamu or Te Waka o Aoraki for the South Island. Early European maps labelled the islands North and South. In 1830, maps began to use North and South to distinguish the two largest islands and by 1907 this was the accepted norm; the New Zealand Geographic Board discovered in 2009 that the names of the North Island and South Island had never been formalised, names and alternative names were formalised in 2013. This set the names as North Island or Te Ika-a-Māui, South Island or Te Waipounamu. For each island, either its English or Māori name can be used. New Zealand was one of the last major landmasses settled by humans. Radiocarbon dating, evidence of deforestation and mitochondrial DNA variability within Māori populations suggest New Zealand was first settled by Eastern Polynesians between 1250 and 1300, concluding a long series of voyages through the southern Pacific islands.
Over the centuries that followed, these settlers developed a distinct culture now known as Māori. The population was divided into iwi and hapū who would sometimes cooperate, sometimes compete and sometimes fight against each other. At some point a group of Māori migrated to Rēkohu, now known as the Chatham Islands, where they developed their distinct Moriori culture; the Moriori population was all but wiped out between 1835 and 1862 because of Taranaki Māori invasion and enslavement in the 1830s, although European diseases contributed. In 1862 only 101 survived, the last known full-blooded Moriori died in 1933; the first Europeans known to have reached New Zeala
Stanford Graduate School of Business
The Stanford Graduate School of Business is the graduate business school of Stanford University in Stanford, California. Stanford GSB offers a general management Master of Business Administration degree, the MSx Program and a Ph. D. program, along with joint degrees with other schools at Stanford including Earth Sciences, Engineering and Medicine. The school was founded in 1925 when trustee Herbert Hoover formed a committee of Wallace Alexander, George Rolph, Paul Shoup, Thomas Gregory, Milton Esberg to secure the needed funds for the school's founding. Willard Hotchkiss became first dean of Stanford GSB; the library was formally inaugurated on April 3, 1933. The collection was established with assorted reports; the school moved from Jordan Hall to new quarters in the History Corner of the Main Quad in 1937. Jonathan Levin was appointed as the 10th dean of the school in September 2016; the Knight Management Center is situated within the greater Stanford campus. There are ten buildings at the Knight Management Center: the Gunn Building, Zambrano Hall, North Building, Arbuckle Dining Pavilion, Bass Center, the Faculty Buildings, the Patterson Building, the MBA Class of 1968 Building, the McClelland Building.
The Schwab Residential Center was designed by Mexican architect Ricardo Legorreta. The 158,000 square-foot facility consists of 280 guest rooms. There are three main art installations on campus, including Monument to Change as it Changes, Monument to the Unknown Variables, Ways to Change; the GSB maintains close links with the venture capital and technology firms of nearby Silicon Valley. Stanford GSB has the traditional MBA program and the MSx program: The school has 400 students per year in its full-time two-year MBA program, considered the best in the world. In June 2006, the School announced a dramatic change to its curriculum model, it aims to offer each student a customized experience by offering broader menus of course topics. The graduating class of 2009 was the first class having gone through the new curriculum. Current and past students include Fulbright Scholars, Marshall Scholars, Gardner, Rhodes and Truman fellows. 15% of the class entered the MBA program with other graduate or professional degrees.
Ds. Stanford GSB offers a PhD in Management degree for those looking to pursue a career in academia; the students at the school have traditionally maintained a policy of grade non-disclosure whereby they do not release grades. Some annual academic distinctions do exist. Students graduating in the top ten percent of the class are designated "Arjay Miller Scholars", named after the former dean, Arjay Miller; the top student receives the Henry Ford II award at graduation. At the end of the first year five students are designated Siebel Scholars based on a combination of academics and extracurriculars; the Stanford MSx Program is a full-time, one-year master's degree program for managers in mid-career. Fellows who complete the academic program are awarded the degree of Master of Science in Management; the program's principal objective is to help participants strengthen their capacity for organizational leadership. The ideal MSx candidate is a senior manager who has had or will soon be appointed to his or her first general management position.
The Stanford MSx was called the Stanford Sloan Master's Program, because students in the program are known as Stanford Sloan Fellows. The Stanford MSx is one of the three Sloan Fellows programs, sharing a similar format with the others at the MIT Sloan School of Management and the London Business School; these programs were supported by Alfred P. Sloan, Chairman of General Motors from 1937 to 1956, who envisioned the Sloan Fellowship in his alma mater of MIT in 1931; the degree distinguishes itself from the MBA by acknowledging the life experiences of fellows. Like the MBA program, the MSx program requires a set of core courses along with electives, the MSx program has separate core courses, more tailored for the experience level of fellows. Stanford GSB has a number of relationships with other leading business schools, it offers a number of Executive Education programs jointly with Harvard Business School. It offers one of the three Sloan Fellows programs, coordinating with the others at the MIT Sloan School of Management and the London Business School.
The school works at the forefront of global business teaching. There are three winners of the Nobel Memorial Prize in Economic Sciences on the faculty, five recipients of the John Bates Clark Award, 19 members of the American Academy of Arts and Sciences, four members of the National Academy of Sciences. William F. Sharpe's research interests focus on macro-investment analysis, equilibrium in capital markets and the provision of income in retirement. Myron Scholes’ research has focused on understanding uncertainty and its effect on asset prices and the value of options, including flexibility options. Michael Spence's research interests focus on the study of economic growth and development, dynamic competition and the economics of information. In 2017, GSB was tied for 4th by U. S. News & World Report No. 1 by Forbes, 1st by the Financial Times, 5th by The Economist, 2nd by Bloomberg Businessweek. In the ranking aggregator Poets & Quants Stanford's MBA Program was ranked 2nd in the US; the Stanford Graduate School of Business is the most selective business school in the United States.
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In finance, volatility is the degree of variation of a trading price series over time as measured by the standard deviation of logarithmic returns. Historic volatility measures a time series of past market prices. Implied volatility looks forward in time, being derived from the market price of a market-traded derivative. Volatility as described here refers to the actual volatility, more specifically: actual current volatility of a financial instrument for a specified period, based on historical prices over the specified period with the last observation the most recent price. Actual historical volatility which refers to the volatility of a financial instrument over a specified period but with the last observation on a date in the past near synonymous is realized volatility, the square root of the realized variance, in turn calculated using the sum of squared returns divided by the number of observations. Actual future volatility which refers to the volatility of a financial instrument over a specified period starting at the current time and ending at a future date Now turning to implied volatility, we have: historical implied volatility which refers to the implied volatility observed from historical prices of the financial instrument current implied volatility which refers to the implied volatility observed from current prices of the financial instrument future implied volatility which refers to the implied volatility observed from future prices of the financial instrumentFor a financial instrument whose price follows a Gaussian random walk, or Wiener process, the width of the distribution increases as time increases.
This is because there is an increasing probability that the instrument's price will be farther away from the initial price as time increases. However, rather than increase linearly, the volatility increases with the square-root of time as time increases, because some fluctuations are expected to cancel each other out, so the most deviation after twice the time will not be twice the distance from zero. Since observed price changes do not follow Gaussian distributions, others such as the Lévy distribution are used; these can capture attributes such as "fat tails". Volatility is a statistical measure of dispersion around the average of any random variable such as market parameters etc. For any fund that evolves randomly with time, the square of volatility is the variance of the sum of infinitely many instantaneous rates of return, each taken over the nonoverlapping, infinitesimal periods that make up a single unit of time. Thus, "annualized" volatility σannually is the standard deviation of an instrument's yearly logarithmic returns.
The generalized volatility σT for time horizon T in years is expressed as: σ T = σ annually T. Therefore, if the daily logarithmic returns of a stock have a standard deviation of σdaily and the time period of returns is P in trading days, the annualized volatility is σ P = σ daily P. A common assumption is. If σdaily = 0.01, the annualized volatility is σ annually = 0.01 252 = 0.1587. The monthly volatility would be σ monthly = 0.1587 1 12 = 0.0458. Σ monthly = 0.01 252 12 = 0.0458. The formulas used above to convert returns or volatility measures from one time period to another assume a particular underlying model or process; these formulas are accurate extrapolations of a random walk, or Wiener process, whose steps have finite variance. However, more for natural stochastic processes, the precise relationship between volatility measures for different time periods is more complicated; some use the Lévy stability exponent α to extrapolate natural processes: σ T = T 1 / α σ. If α = 2 you get the Wiener process scaling relation, but some people believe α < 2 for financial activities such as stocks, indexes and so on.
This was discovered by Benoît Mandelbrot, who looked at cotton prices and found that they followed a Lévy alpha-stable distribution with α = 1.7. Much research has been devoted to modeling and forecasting the volatility of financial returns, yet few theoretical models explain how volatility comes to exist in the first place. Roll shows. Glosten and Milgrom shows that at least one source of volatility can be explained by the liquidity provision process; when market makers infer the possibility of adverse selection, they adjust their trading ranges, which in turn increases the band of price oscillation. Investors care about volatility for at least eight reasons: The wider the swings in an investment's price, the harder it is to not worry.
Australian National University
The Australian National University is a national research university located in Canberra, the capital of Australia. Its main campus in Acton encompasses seven teaching and research colleges, in addition to several national academies and institutes. Founded in 1946, it is the only university to have been created by the Parliament of Australia. A postgraduate research university, ANU commenced undergraduate teaching in 1960 when it integrated the Canberra University College, established in 1929 as a campus of the University of Melbourne. ANU employs 3,753 staff; the university's endowment stood at A$1.13 billion in 2012. ANU is regarded as one of the world's leading research universities, it is ranked 1st in Australia and the whole of Oceania, 24th in the world by the 2019 QS World University Rankings, 49th in the world by the 2019 Times Higher Education. ANU was named the world's 7th most international university in a 2017 study by Times Higher Education. In the 2017 Times Higher Education Global Employability University Ranking, an annual ranking of university graduates' employability, ANU was ranked 21st in the world.
ANU is ranked 100th in the CWTS Leiden ranking. The university is well known for its programmes in the arts and social sciences, ranks among the best in the world for a number of disciplines including politics and international relations, social policy, geography. ANU counts six Nobel laureates and 49 Rhodes scholars among its faculty and alumni; the university has educated two prime ministers, 30 current Australian ambassadors and more than a dozen current heads of government departments of Australia. The latest releases of ANU's scholarly publications are held through ANU Press online. Calls for the establishment of a national university in Australia began as early as 1900. After the location of the nation's capital, was determined in 1908, land was set aside for the university at the foot of Black Mountain in the city designs by Walter Burley Griffin. Planning for the university was disrupted by World War II but resumed with the creation of the Department of Post-War Reconstruction in 1942 leading to the passage of the Australian National University Act 1946 by the Chifley Government on 1 August 1946.
A group of eminent Australian scholars returned from overseas to join the university, including Sir Howard Florey, Sir Mark Oliphant, Sir Keith Hancock and Sir Raymond Firth. Economist Sir Douglas Copland was appointed as ANU's first Vice-Chancellor and former Prime Minister Stanley Bruce served as the first Chancellor. ANU was organised into four centres—the Research Schools of Physical Sciences, Social Sciences and Pacific Studies and the John Curtin School of Medical Research; the first residents' hall, University House, was opened in 1954 for faculty members and postgraduate students. Mount Stromlo Observatory, established by the federal government in 1924, became part of ANU in 1957; the first locations of the ANU Library, the Menzies and Chifley buildings, opened in 1963. The Australian Forestry School, located in Canberra since 1927, was amalgamated by ANU in 1965. Canberra University College was the first institution of higher education in the national capital, having been established in 1929 and enrolling its first undergraduate pupils in 1930.
Its founding was led by Sir Robert Garran, one of the drafters of the Australian Constitution and the first Solicitor-General of Australia. CUC was affiliated with the University of Melbourne and its degrees were granted by that university. Academic leaders at CUC included historian Manning Clark, political scientist Finlay Crisp, poet A. D. Hope and economist Heinz Arndt. In 1960, CUC was integrated into ANU as the School of General Studies with faculties in arts, economics and science. Faculties in Oriental studies and engineering were introduced later. Bruce Hall, the first residential college for undergraduates, opened in 1961; the Canberra School of Music and the Canberra School of Art combined in 1988 to form the Canberra Institute of the Arts, amalgamated with the university as the ANU Institute of the Arts in 1992. ANU established its Medical School in 2002, after obtaining federal government approval in 2000. On 18 January 2003, the Canberra bushfires destroyed the Mount Stromlo Observatory.
ANU astronomers now conduct research from the Siding Spring Observatory, which contains 10 telescopes including the Anglo-Australian Telescope. In February 2013, financial entrepreneur and ANU graduate Graham Tuckwell made the largest university donation in Australian history by giving $50 million to fund an undergraduate scholarship program at ANU. ANU is well known for its history of student activism and, in recent years, its fossil fuel divestment campaign, one of the longest-running and most successful in the country; the decision of the ANU Council to divest from two fossil fuel companies in 2014 was criticised by ministers in the Abbott government, but defended by Vice Chancellor Ian Young, who noted:On divestment, it is clear we were in the right and played a national and international leadership role. E seem to have played a major role in a movement; as of 2014 ANU still had investments in major fossil fuel companies. A survey conducted by the Australian Human Rights Commission in 2017 found that the ANU had the second highest incidence of sexual assault and sexual harassment.
3.5 per cent of respondents from the ANU re
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