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1 Annualized return A The annual rate of return is used for comparison purposes among companies It is referred to as the APR, or annual percentage rate The annualized return is calculated by multiplying a given rate by the number of compounding periods that annualizes it For example, if the quarterly rate of return is 4 percent for an investment, the annual rate of return is 16 percent B Time value of analysis tells us that a 4 percent quarterly return is actually more than a 16 percent annual return It is actually 1699 percent [(104)4] 2 Real (in ation-adjusted) return A The real return is the earnings from an investment that are above in ation The real return is determined by the following formula: 1 nominal rate 1 100 (1) 1 inflation rate (2) Where the nominal rate is the absolute return, and the in ation rate is the rate of in ation for the period B Example: Assume an individual invests $1,000 at the beginning of the year and earns 10 percent The in ation over the period is 3 percent The real return equals 110 1 100 679% 103 3 Risk-adjusted return A In determining the various returns earned by a portfolio, a higher return by itself is not necessarily indicative of superior performance Alternately, a lower return is not indicative of inferior performance B There are three major composite equity portfolio measures that combine risk and return to give quanti able risk-adjusted numbers These composite performance measures are the Treynor index, the Sharpe index, and the Jensen index (see Topic 46) Investors can use these measures together to determine whether a portfolio or fund manager actually beat the market C In the simplest way, the risk-adjusted return is calculated by taking the rate of return of a stock or portfolio and dividing it by some risk measure, such as standard deviation or beta 4 Required rate of return The capital asset pricing model (CAPM) determines the required rate of return for any risky asset It speci es that the return on an investment (r) depends on the return the individual earns on a risk-free asset and a risk premium The return of a US Treasury bill is used as the risk-free asset The risk-adjusted return is expressed as r = rf + (rm rf) beta where rf is the risk-free asset and rm is the return of the market The risk premium, which is the additional return of the market over the risk-free rate of return (rm rf) is adjusted by the systematic risk associated with that asset, the beta coef cient.



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Port Types and Bindings With types and messages defined, we can move on to describing the operations of our service To keep things simple, we'll worry about only one logical operation the ability to get a price quote which we'll name GetPriceQuote





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this chapter we do not distinguish between bit and character (symbol) error probability. is the simplest form of integral required to evaluate average error probability performance and is characteristic of single-channel reception, which we discuss in great detail in 8. More complicated (e.g., multidimensional) forms of integrals are required to the evaluate performance of multichannel reception (see 9). However, in a large majority of cases, the new representation of the Gaussian Q-function allows these to be partitioned into a product of single-dimensional integrals of the type in (5.1). Thus it is suf cient at this point to consider only integrals of this type. 3 For a real nonnegative continuous random variable X, most textbooks dealing with probability de ne the moment generating function by MX (t) = E etX = 0 etx pX (x) dx, where t is a real variable. According to this de nition, the nth moment of X would then be obtained from E {X n } = (d n /dt n )MX (t) |t=0 . Since our interest is primarily in the transform property of the moment generating function rather than on its ability to generate the moments of the random variable, for convenience of notation we replace the real variable t with the complex variable s, in which case the Laplace transform of the PDF is given by MX ( s) = 0 e sx pX (x) dx. Also, if s is purely imaginary (i.e., s = j ), then one obtains the characteristic function, namely, X ( ) = E ej X = 0 ej x pX (x) dx = MX (j ).

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First, we need to define a logical port a port type that receives one message as input and one as output

It helps to be clear about your precise goals. There are numerous questions to help sort out what you really want. Are you trying to gain agreement/cooperation/implementation on a specific project Or is your primary goal to improve the working relationship across the two units It is likely that it was a specific task that has led to your thinking about how to deal with the other group, but wouldn t it be nice to have an improved relationship so the next time you have a request, agreement could be easier Sometimes it is possible to have both task attainment and an improved relationship, but if only one is possible, what is more important to you at this point in time What actual behavior do you most care about Giving you information Trying a new method Lending resources Performing some task Speeding up their responses All of the above Which requests are most crucial, and what is the minimum you will settle for Will you be satisfied with half a loaf or is it all or nothing If you are seeking a change in attitude, for example, a new respect for what your area does, is that more or less important than getting cooperation on a specific task, which could serve as a beginning of forming new attitudes Or is the attitude change so critical to overcome pervasive problems that specific cooperation won t help For example, if you are a central procurement office that sees excellent opportunities to save money by consolidating orders for office supplies from previously autonomous divisions, is it more important that others fill out forms telling you their needs ahead of time or that they now see central

<portType name="PriceQuotePortType"> <operation name="GetPriceQuote"> <input message="tns:PriceQuoteInput"/> <output message="tns:PriceQuoteOutput"/> </operation> </portType>

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