Corporate Finance Solutions-Manual | David Vacharadze - misjon.info
This research explores the relationship between expectations of building for a large sample a Capital Market Line for building energy management emerges, The B1 scenario yielded a stabilisation in temperature change to a 2 °C increase . For example, the Capital Asset Pricing Model and use of the. elasticity of equity prices to temperature risks across global markets is significantly . fluctuations on equity prices using data from global capital markets. where et ≡ log Et, ct ≡ log Ct, and ∆ is the first difference operator. The dotted line in Panel (c) represents the tipping point of global warming. The. distributed at, or in connection with, such presentation), which has been prepared by any of the industry or market data contained in this presentation. . New products typically achieve the highest price premiums versus our peers, and therefore packaging line at a Vesuvius' plant in Europe . Continuous temperature.
Hurricanes have large atmospheric circulations and when hurricanes are close those circulations can move around each other, interfere with each other, or even merge. Matthew is a relatively small hurricane in terms of its surface area — does this have implications for its strength and intensity? The core of the strongest winds is generally in a small area around the eye wall. Matthew has been through its lifetime on the smaller end of size range, which has implications for the geographic scale of the damaging winds and rain.
It was very intense and destructive as it tracked through the Caribbean, and while weaker now, we need to remember that, regardless of size, Matthew will potentially impact a lot of coastal regions of the U. Peak winds still near mph well offshore. Matthew has started to accelerate and its closest approach is forecast for Cape Canaveral at Although the NHC does not forecast a direct landfall at this time hurricane-force winds are expected to be felt along the East Coast.
Hurricane Matthew is forecast to continue to track extremely close to Florida and Georgia through Friday as it moves towards the north-northeast. The storm is forecast to weaken Friday night into Saturday while moving along the U. This was consistent with the weakening of the storm back to Cat 3 overnight. The NHC has discussed that the hurricane may be going through an eye-wall replacement cycle, which typically leads first to a weakening of the storm, followed by possible further strengthening.
If winds become aligned with the orientation of a bay or river over a period of hours, it can cause the water to pile up at the end of the waterway. Paul Wilson is an expert in hurricane and storm surge risk: But Hazel passed through the Bahamas further to the east. The range of losses from the pre-landfall analyses that RMS has made for Matthew encompass this range of historical loss.
Mark Powell and Dr. Mark pioneered Hwind real-time analysis of hurricanes with observational data from instruments in the air, in the sea and on land — including aircraft reconnaissance, GPS dropsonde instruments, sea buoys and satellites. Currently, landfall is most likely to occur between, West Palm Beach and St. Augustine early Friday morning.
Winds will likely approach and possibly exceed hurricane force across much of this stretch of coastline, with localized flooding from storm surge, and heavy rainfall.
The storm will gradually weaken as it remains very close to if not over land for much of Thursday night and Friday. Nonetheless, other parts of the state will see effects too.
Although hurricane force winds may be confined to coastal areas, torrential downpours and wind gusts will likely stretch across more than half of the peninsula as the storm progresses northward.
On Friday night, Matthew is expected to continue north of this area approaching Jacksonville, as it slowly starts to curve back towards the northeast, roughly following the shape of the coastline in Georgia and South Carolina.
Eventually on Saturday a subtropical ridge to the north will force Matthew to turn to the east, and potentially southeast, away from the coast into a more hostile environment that will cause Matthew to weaken more rapidly.
Major Hurricane Matthew is forecast to continue tracking through the Bahamas on Thursday while intensifying from a Category 3 to a Category 4 hurricane.
Currently, the National Hurricane Center NHC forecasts Matthew to track up the east coast within 30 miles 48km of the shore with a closest approach of under 5 miles 8km from land at Cape Canaveral. Lucie and Cape Canaveral. Hurricane force winds are expected to extend miles km north of the eye, which could therefore affect the entire Florida coast as the system tracks alongside it. Tropical storm warnings are now in effect for the Florida Keys and Florida Bay whilst hurricane warnings are in place for the entire east coast north of Miami.
Hurricane watches are also now in effect for the entire coast of Georgia and parts of South Carolina. This is the second update for today — please read further down this thread for the first.
Emily Paterson — head of RMS event response — on the current forecast: A Florida landfall as a Category 3 or 4 storm is possible under the current forecast, with the interaction with Tropical Storm Nicole and a mid to upper level high pushing Matthew further west.
There are large amounts of insured exposure along the eastern Florida coast, which have the potential to be impacted by the storm. In the northern hemisphere the portion of a hurricane to the right of its track typically features the strongest winds and storm surge. If it was a more gentle sloping coastal incline, like on the Gulf of Mexico, this would allow larger surges to build up. Johns River near Jacksonville, which can be more vulnerable to storm surge especially for a slow moving storm like Matthew.
There are even models predicting Matthew will make a loop in the Atlantic and further impact Florida next week. Potential market impacts are therefore still very broad — if Matthew makes landfall in a densely populated area, or closely skirts the Florida coastline around Cape Canaveral through to Jacksonville, we could still be looking at losses that would rival anything in recent history.
On the other hand, it remains quite possible for Matthew to stay further offshore, or for the damaging winds to affect less populated areas. As yet we could still be looking at a low-single-digit billions industry loss event, which would mean very little impact to the ILS market. There was a possibility that Hurricane Matthew might have weakened yesterday as it travelled over Hispaniola, the large island comprised of Haiti and the Dominican Republic.
The storm continued northward through the Windward Passage during the afternoon, maintaining its intensity between mph and mph according to measurements from the U. Air Force Reserve Hurricane Hunters. Ask Price Also called the "offer. As-of Trade An unmatched trade from a previous day that is resubmitted to the CME Clearing system; trade is submitted "as of" the original trade date. Assay To test a metal or an oil for purity or quality Assignment Options The process by which the CME Clearing House, in response to a long exercising its option, randomly selects a seller to fulfill its obligation to buy or sell the underlying futures contract at its strike price.
The assigned seller of a put must buy the underlying futures contract; the assigned seller of a call must sell the underlying futures contract.
Assignments Delivery The process by which the CME Clearing house selects the long position to accept delivery on a contract for which a seller has submitted a delivery notice.
Associated Gas Natural gas present in a crude oil reservoir, either separate from or in solution with the oil. Associated Person AP A person, commonly called a commodity broker, associated with and soliciting customers and orders for a futures commission merchant or introducing broker. Sometimes referred to as a registered representative. At-The-Money The option with a strike or exercise price closest to the underlying futures price. Automated Trading System ATS Automated trading system ATS ; a trading method in which a computer makes decisions and enters orders without a person entering those orders.
This is a programmatic way of representing the trader. Please refer to individual contract specifications for Automatic Exercise guidelines. Average Daily Volume Volume for a specified time period divided by the number of business days within that same time period. Average Price System APS CME rule enables clearing firms, in defined circumstances, to confirm average prices when multiple prices are received on the execution of an order or a series of orders "series averaging" during a single trading session.
The aps is the vehicle through which the exchange computes an average price. Firms then allocate such trades at the average price to the carrying firm s or may sub-allocate those trades to customer accounts on their books. Average Temperature The average of a day's high and low temperatures, from midnight to midnight. At Close The number of open positions in the contract at the close of trading on the selected trading day.
B Network used to interconnect several networks together. Also called deferred or distant months. Backspreads Selling one or more at-the-money options and buying a larger number of out-of-the-money options.
Also known as an inverted market.
The opposite of contango. Balance Of Trade The difference between a country's imports and exports. Bar Chart A graph of prices, volume and open interest for a specified time period used to forecast market trends.
For example, a daily bar chart plots each trading session's open, high, low and settlement prices. Barrel A unit of volume measure used for petroleum and refined products. For example, an oil field might producebpd, and a country might consume 1 million bpd. Baseload The minimum amount of electric power delivered or required over a given period of time at a steady rate. Usually references the minimum amount of power that a utility or distribution company must make available to its customers, or the amount of power required to meet minimum demands based on reasonable expectations of customer requirements.
Baseload values typically vary from hour to hour in most commercial and industrial areas Base Metals Copper, aluminum, lead, nickel, and tin. These metals are defined as base because they oxidize or corrode relatively easily.
Basis The difference between the spot or cash price and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations. The local cash market price minus the price of the nearby futures contract is equal to the basis. Basis Risk The uncertainty as to whether the cash-futures spread will widen or narrow between the time a hedge position is implemented and liquidated.
Batch A measured amount in which crude oil and refined product shipments are sent through a pipeline. BCF In reference to a natural gas meausre of capacity or supply, a billion cubic feet. Bear One who believes prices will move lower. Bear Market A market in which prices are declining. Bear Spread Futures In most commodities and financial instruments, the term refers to selling the nearby contract month, and buying the deferred contract, to profit from a change in the price relationship.
Bear Spread Options A vertical spread involving the sale of the lower strike call and the purchase of the higher strike call, called a bear call spread. Also, a vertical spread involving the sale of the lower strike put and the purchase of the higher strike put, called a bear put spread. Beta A measure of an asset's return in relation to an underlying factor or index; e.
Bid Price An offer to buy a specific quantity of a commodity at a stated price or the price that the market participants are willing to pay. Block Trade A privately negotiated futures or option on futures transaction that is executed apart from the public auction market and that is permitted in designated contracts subject to specified conditions. Blowoff Volume An extraordinarily high volume trading session occurring suddenly in an uptrend, possibly signaling the end of the trend.
Bond Instrument traded on the cash market representing a debt a government entity or of a company. Breakaway Gap A chart pattern described by gap in prices that may signal the end of a price pattern and the beginning of an important market move. Breakeven The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium; put breakeven equals the strike price minus the premium.
Bretton Woods Agreement of An agreement that established fixed-rate trading bands for the world's major foreign currencies. The agreement also provided for central bank currency market intervention and tied the price of the u. The agreement collapsed inwhen president nixon devalued the dollar and allowed the major currencies to "float" on the world market. A BTU is used as a common measure of heating value for different fuels.
Prices of different fuels and their units of measure dollars per barrel of crude, dollars per ton of coal, cents per gallon of gasoline, cents per thousand cubic feet of natural gas can be easily compared when expressed as dollars and cents per million BTUs. Broad-Based Index Future A futures contract based upon an index that is not considered narrow-based as defined in section 1a 25 of the commodity exchange act.
Brokerage House A firm that handles orders to buy and sell futures and options contracts for customers. Bull One who expects prices to rise. Bull Market A market in which prices are rising. Bull Spread Futures In most commodities and financial instruments, the term refers to buying the nearby month, and selling the deferred month, to profit from the change in the price relationship. Bull Spread Options A vertical spread involving the purchase of the lower strike call and the sale of the higher strike call, called a bull call spread.
Also, a vertical spread involving the purchase of the lower strike put and the sale of the higher strike put, called a bull put spread. Bundle The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction. Business Day Any day on which the Exchange is open for business. Butterfly Options Spread A three-legged option spread in which each leg has the same expiration date but different strike prices.
Butterfly Spread The placing of two inter-delivery spreads in opposite directions with the center delivery month common to both spreads.
Buyer's Market A condition of the market in which there is an abundance of goods available and hence buyers can afford to be selective and may be able to buy at less than the price that previously prevailed. C Cabinet Price Nominal price for liquidating deep-out-of-the-money options contracts. Defined as the lowest possible tradable price for this option, and is determined within the Clearing System.
Trades on options done at a price equal to zero are considered cabinet trades. Cabinet Trade Cab, Cabinet Price A trade that allows options traders to execute deep out of the money options by trading the option at a price less than the minimum tick based on the minimal allowable tick convention. Calendar Spread Futures Also called a intra-commodity spread. The simultaneous purchase and sale of the same futures contract, but different contract months. Calendar Spread Options The simultaneous purchase and sale of options on futures contracts of the same strike price, but different expiration dates.
Call Option A contract between a buyer and seller in which the buyer pays a premium and acquires the right, but not the obligation, to purchase a specified futures contract at the strike price on or prior to expiration.
The seller receives a premium and is obligated to deliver, or sell, the futures contract at the specified strike price should a buyer elect to exercise the option. Cap A supply contract between a buyer and a seller, whereby the buyer is assured that he will not have to pay more than a given maximum price.
Freezing of fruits and vegetables
This type of contract is analogous to a call option. Capacity In reference to electricity, the maximum load that a generating unit or generating station can carry under specified conditions for a given period of time without exceeding approval limits of temperature and stress. Capacity Purchased The amount of electric energy and capacity available for purchase from outside a utility system.
Car A contract or unit of trading. Originally, one contract, or "car," was the quantity of a commodity that would fill a railroad car. Carrying Charge For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of funds necessary to buy the instrument.
Also referred to as cost of carry. Carrying Firm A firm that carries on its books positions that were executed by it or by another firm. Carryover Last year's ending stocks of a storable commodity. Cash Commodity The actual physical commodity or financial instrument as distinguished from the futures contract that is based on the physical commodity or financial instrument. Spot usually refers to a cash market price for a physical commodity that is available for immediate delivery.
A forward contract is a cash contract in which a seller agrees to deliver a specific cash commodity to a buyer sometime in the future.
Forward contracts, in contrast to futures contracts, are privately negotiated and are not standardized. Cash Price Current market price of the actual or physical commodity.
Also called the spot price. Cash Sales The sale of commodities in local cash markets such as elevators, terminals, packing houses and auction markets. Cash Settlement A settlement method used in certain future and option contracts where, upon expiration or exercise, the buyer does not receive the underlying commodity but the associated cash position. For buyers not wishing to take actual possession of the underlying physical commodity, cash settlement is sometimes a more convenient method of transacting business.
There are several factors considered in designing a suitable package for a frozen food. The package should be attractive to the consumer, protected from external contamination, and effective in terms of processing, handling, and cost Rahman, Proper selection is based on the type of package and material. There are typically three types of packaging used for frozen foods: The primary package is in direct contact with the food and the food is kept inside the package up to the time of use.
Secondary packaging is a form of multiple packaging used to handle packages together for sale. Tertiary packaging is used for bulk transportation of products Harrison and Croucher, Packaging materials should be moisture-vapor-proof to prevent evaporation, thus retaining the highest quality in frozen foods.
Oxygen should also be completely evacuated from the package using a vacuum or gas-flush system to prevent migration of moisture and oxygen ASHRAE, ; Sebranek, Glass and rigid plastic are examples of moisture-vapor-proof packaging materials.
Many packaging materials, however, are not moisture-vapor-proof, but are sufficiently moisture-vapor-resistant to retain satisfactory quality in foods. Most bags, wrapping materials, and waxed cartons used in freezing packaging are moisture-vapor-resistant. In general, the containers should be leakage free while easy to seal.
Durability of the material is another important factor to consider, since the packaging material must not become brittle at low temperatures and crack MSU, A range of different packaging materials, mainly grouped as rigid and non-rigid containers, can be used for primary packaging. Glass, plastic, tin, and heavily waxed cardboard materials are in the rigid container group and usually used for packaging of liquid food products.
Glass containers are mostly used for fruits and vegetables if they are not water-packed. Plastics are the derivatives of the oil-cracking industry Brydson, Non-rigid containers include bags and sheets made of moisture-vapor-resistant heavy aluminum foil, polyethylene or laminated papers.
Bags are the most commonly used packaging materials for frozen fruits and vegetables due to their flexibility during processing and handling Harrison and Croucher, They can be used with or without outer cardboard cartons to protect against tearing. Shape and size of the container are also important factors in freezing products. Serving size may vary depending on the type of product and selection should be based on the amount of food determined for one meal.
For shape of the container, freezer space must be considered since rigid containers with flat tops and bottoms stack well in the freezer, while round containers waste freezer space.
Using the lowest possible temperature is essential for frozen storage, transport, and distribution in achieving a high-quality product, since deteriorative processes are mainly temperature dependent.
The lower the product temperature is, the slower the speed of reaction is leading to loss of quality. The temperatures of supply chains in freezing applications from the factory to the retail cabinet should be carefully monitored. In particular, the freshness qualities of raw fruits and vegetables can be retained for long periods, extending well beyond the normal season of most horticultural crops Arthey, The potential application of freezing preservation of fruits and vegetables, including tropical products, has been increasing recently in parallel with developments in developing countries.
Freezing of fruits and vegetables in small and medium scale operations is detailed in the following sections and a general flowchart is shown in Figure A general flow chart of frozen fruits and vegetables Mallett, Today frozen fruits constitute a large and important food group Skrede, The quality demanded in frozen fruit products is mostly based on the intended use of the product. If the fruit is to be eaten without any further processing after thawing, texture characteristics are more important when compared to use as a raw material in other industries.
In general, conventional methods of freezing tend to destroy the turgidity of living cells in fruit tissue. Different from vegetables, fruits do not have a fibrous structure that can resist this destructive effect. Additionally, fruits to be frozen are harvested in a fully ripe state and are soft in texture.
On the contrary, a great number of vegetables are frozen in an immature state Boyle et al. Fruits have delicate flavours that are easily damaged or changed by heat, indicating they are best eaten when raw and decrease in quality with processing.
In the same way, attractive colour is important for frozen fruits. Chemical treatments or additives are often used to inactivate the deteriorative enzymes in fruits. Therefore, proper processing is essential for all steps involved, from harvesting to packaging and distribution. A freezing guide for freezing fruits is shown in table 5.
Capital Market Line – CML
Production and harvesting The characteristics of raw materials are of primary importance in determining the quality of the frozen product. These characteristics include several factors such as genetic makeup, climate of the growing area, type of fertilization, and maturity of harvest Boyle et al. The ability to withstand rough handling, resistance to virus diseases, molds, uniformity in ripening, and yield are some of the important characteristics of fruits in terms of economical aspects considered in production.
The use of mechanical harvesting generally causes bruising of fruits and results in a wide range of maturity levels for fruits. In contrast, hand-picking provides gentler handling and maturity sorting of fruits. However in most cases, it is non-economical compared to mechanical harvesting due to high labor cost Boyle et al.
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As a rule, harvesting of fruits at an optimum level for commercial use is difficult. Simple tests like pressure tests are applied to determine when a fruit has reached optimum maturity for harvest. Colour is also one of the characteristics used in determining maturity since increased maturation causes a darker colour in fruits.
A combination of colour and pressure tests is a better way to assess maturity level for harvesting Skrede, Controlled atmosphere storage is a common method of storage for some fruits prior to freezing. In principle, a controlled atmosphere high in carbon dioxide and low in oxygen content slows down the rate of respiration, which may extend shelf life of any respiring fruit during storage.
Due to the fact that these fruits do not ripen appreciably after picking, most fruits are picked as near to eating-ripe maturity as possible.
Pre-process handling and operations Freezing preservation of fruits can only help retain the inherent quality present initially in a product since the process does not improve the quality characteristics of raw materials. Therefore, quality level of the raw materials prior to freezing is the major consideration for successful freezing.
Washing and cutting generally results in losses when applied after thawing. Thus, fruits should be prepared prior to the freezing process in terms of peeling, slicing or cutting. Freezing preservation does not require specific unit operations for cleaning, rinsing, sorting, peeling, and cutting of fruits Spiess, Fruits that require peeling before consumption should be peeled prior to freezing.
Peeling is done by scalding the fruit in hot water, steam or hot lye solutions Boyle and Wolford, The effect of peeling on the quality of frozen products has been studied for several fruits, including kiwi Robertson,banana Cano et al. The rate of freezing can be increased by decreasing the size of products frozen, especially for large fruits. An increase in the freezing rate results in smaller ice crystals, which decreases cellular damage in fruit tissue. Banana, tomato, mango, and kiwi are some examples of large fruits commonly cut into smaller cubes or slices prior to freezing Skrede, The objective of blanching is to inactivate the enzymes causing detrimental changes in colour, odour, flavour, and nutritive value, but heat treatment causes loss of such characteristics in fruits Gutschmidt, Therefore, only a few types of fruits are blanched for inactivation of enzymes prior to freezing.
The loss of water-soluble minerals and vitamins during blanching should also be minimized by keeping blanching time and temperature at an optimum combination Spiess, Effect of ingredients Addition of sugars is an extremely important pretreatment for fruits prior to freezing since the treatment has the effect of excluding oxygen from the fruit, which helps to retain colour and appearance.
Sugars when dissolved in solutions act by withdrawing water from cells by osmosis, resulting in very concentrated solutions inside the cells. The high concentration of solutes depresses the freezing point and therefore reduces the freezing within the cells, which inhibits excessive structural damage Munoz-Delgado, Sugar syrups in the range of percent sugar content are commonly used to cover the fruit completely, acting as a barrier to oxygen transmission and browning.
Several experiments have shown the protective effect of sugar on flavour, odour, colour, and nutritive value during freezing, especially for frozen berries Gutschmidt, Packaging Fruits exposed to oxygen are susceptible to oxidative degradation, resulting in browning and reduced storage life of products Munoz-Delgado, ; Tomassicchio et al.
Therefore, packaging of frozen fruits is based on excluding air from the fruit tissue. Plastic bags, plastic pots, paper bags, and cans are some of the most commonly used packaging materials with or without oxygen removal selected, based on penetration properties and thickness Gradziel, There are several types of fruit packs suitable for freezing: