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Robert Litterman and Jose Scheinkman were the first to study how changes in the shapes of the yield curve affect the total return on the Treasury securities. The historical returns can be explained using three factors: the changes in the level of rates, changes in the slope of the yield curve, and the changes in the curvature of the yield curve. The first factor is the largest contributing factor for the change in treasury returns. Therefore, the managers of treasury portfolios should control the exposure to changes in the level of interest rates. Duration measure can be used to quantify such risks. The second factor is the next largest contributor to the change in returns. However, the second factor is only 1/10 as significant as the first factor. The third factor contributes very little to the changes in returns.
QUESTION 1 Part A i) Define the terms finance lease and operating lease and explain how you would distinguish between the two leases ii) When accounting for fina
Market Capitalization : Often referred to as market cap, it refers to the value of a company, that is, the market worth of its outstanding shares. A common misconception is that
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Ledgers: Ledgers record all the entries into the Cash Books. They use the concept of 'double entry' bookkeeping where every ledger entry must be accompanied by another ledger e
Why auditors need to attain audit evidence When significant fluctuations/unexpected relationshipsare identified which are inconsistent with other relevant information or t
What are the techniques of financial management There are two widely-discussed techniques: (i) Profit maximisation approach and (ii) Wealth maximisation approach.
SCL Limited a highly profitable company is engaged in the manufacture of power intensive products.
Treasury securities are government bonds issued by the US Treasury Department. These are issued through the Bureau of the Public Debt. They are debt-financing ins
Definition of cost of capital In analyzing the cost of capital it is presumed that business risk of the firm remains unchanged (i.e., that projects accepted don't affect the va
Assume that the treasurer of a company has an extra cash reserve of $1,000,000 to invest for six months. The six-month interest rate is 8% per year in the U.S. and 6% per year in G
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