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Risk Management Lessons from the Credit Crisis Philippe Jorion Paul Merage School of Business, University of California at Irvine and Pacific Alternative Asset Management Company (PAAMCO) E-mail: email@example.com Abstract Risk management, even if flawlessly executed, does not guarantee that big losses will not occur. Big losses can occur because of business decisions and bad luck. Even so, the events of 2007 and 2008 have highlighted serious deficiencies in risk models. For some firms, risk models failed because of known unknowns. These include model risk, liquidity risk, and counterparty risk. In 2008, risk models largely failed due to unknown unknowns, which include regulatory and structural changes in capital markets. Risk management systems need to be improved and place a greater emphasis on stress tests and scenario analysis. In practice, this can only be based on position-based risk measures that are the basis for modern risk measurement architecture. Overall, this crisis has reinforced the importance of risk management. Keywords: risk management, financial crisis, risk models, stress test JEL classifications: D81 (decision-making under risk), G11 (investment decisions), G16 (government policy and regulation), G21 (banks), G32 (financial policy) Keynote Address at the European Financial Management Association (EFMA) meetings, Nantes, France, April 2009 ...Many financial institutions that experienced large losses over the past few months apparently employed sophisticated risk management systems. That losses occurred does not necessarily imply that there were failures in risk management, however. As Stulz (2008) put it, “A large loss is not evidence of a risk management failure because a large loss can happen even if risk management if flawless.”... ...
page 1 The Six Mistakes Executives Make in Risk Management when accidents in nuclear plants might happen to preparing for the eventualities. In the same way, try to gauge how your company will be affected, compared with competitors, by dramatic changes in the environment. Will a small but unexpected fall in demand or supply affect your company a great deal? If so, it won’t be able to withstand sharp drops in orders, sudden rises in inventory, and so on. In our private lives, we sometimes act in ways that allow us to absorb the impact of Black Swan events. We don’t try to calculate the odds that events will occur; we only worry about whether we can handle the consequences if they do. In addition, we readily buy insurance for health care, cars, houses, and so on. Does anyone buy a house and then check the cost of insuring it? You make your decision after taking into account the insurance costs. Yet in business we treat insurance as though it’s an option. It isn’t; companies must be prepared to tackle consequences and buy insurance to hedge their risks. 2. We are convinced that studying the past will help us manage risk. Nassim N. Taleb is the Distinguished Professor of Risk Engineering at New York University’s Polytechnic Institute and a principal of Universa Investments, a firm in Santa Monica, California. He is the author of several books, including The Black Swan: The Impact of the Highly Improbable (Random House, 2007). Daniel G. Goldstein is an assistant professor of marketing at London Business School and a principal research scientist at Yahoo. Mark W. Spitznagel is a principal of Universa Investments. harvard business review • october 2009
ND-1000 Spectrophotometer V3.5 User’s Manual NanoDrop Technologies, Inc. 3411 Silverside Road Bancroft Building Wilmington, DE 19810 USA Voice: 302-479-7707 Fax: 302-792-7155 Email: firstname.lastname@example.org www.nanodrop.com NanoDrop is a registered trademark of NanoDrop Technologies, Inc. Other parties’ trademarks are the property of their respective owners and should be treated as such. Copyright © 2007 NanoDrop Technologies, Inc. rev 7/2007 Instrument Description The NanoDrop® ND-1000 is a full-spectrum (220-750nm) spectrophotometer that measures 1 ul samples with high accuracy and reproducibility. It utilizes a patented sample retention technology that employs surface tension alone to hold the sample in place. This eliminates the need for cumbersome cuvettes and other sample containment devices and allows for clean up in seconds. In addition, the ND-1000 has the capability to measure highly concentrated samples without dilution (50X higher concentration than the samples measured by a standard cuvette spectrophotometer). Operation A 1 ul sample is pipetted onto the end of a fiber optic cable (the receiving fiber). A second fiber optic cable (the source fiber) is then brought into contact with the liquid sample causing the liquid to bridge the gap between the fiber optic ends. The gap is controlled to both 1mm and 0.2 mm paths. A pulsed xenon flash lamp provides the light source and a spectrometer utilizing a linear CCD array is used to analyze the light after passing through the sample. The instrument is controlled by special software run from a PC, and the data is logged in an archive file on the PC. Applications UV/VIS spectrophotometry is simple for samples as small as 1 ul using the NanoDrop® ND-1000 Spectrophotometer. The small sample requirement and ease of use make the NanoDrop® ND-1000 Spectrophotometer ideally suited for measuring: ! Nucleic acid concentration and purity of nucleic acid samples up to 3700 ng/ul (dsDNA) without dilution ! Fluorescent dye labeling density of nucleic acid microarray samples ! Purified protein analysis (A280) up to 100 mg/ml (BSA) ! Expanded spectrum measurement and quantitation of fluorescent dye labeled proteins, conjugates, and ...
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Although Northern newspapers of the time no doubt exaggerated some of the Confederate atrocities at Fort Pillow, most modern sources agree that a massacre of Union troops took place there on April 12, 1864. It seems clear that Union soldiers, particularly black soldiers, were killed after they had stopped fighting or had surrendered or were being held prisoner. Less clear is the role played by Major General Nathan Bedford Forrest in Thesis asserts writer’s main point. …leading his troops. Although we will never know whether Forrest directly ordered the massacre, evidence suggests that he was responsible for it. What happened at Fort Pillow? Fort Pillow, Tennessee, which sat on a bluff overlooking the Mississippi River, had been held by the Union for two years. It was garrisoned by 580 men, 292 of them from United States Colored Heavy and Light Artillery regiments, 285 from the white Thirteenth Tennessee Cavalry. Nathan Bedford Forrest Statistics are cited with an endnote. …commanded about 1,500 men.1 The Confederates attacked Fort Pillow on April 12, 1864, and had virtually surrounded the fort by the time Forrest arrived on the battlefield. At 3:30 p.m., Forrest demanded the surrender of the Union forces, sending in a message of the sort he had used before: “The conduct of the officers and men garrisoning Fort Pillow has been such as to entitle them to being treated as prisoners of war. . . . Should my demand be refused, I cannot… …be responsible for the fate of your command.”2 Union Major William Bradford, who had replaced Major Booth, killed earlier by sharpshooters, asked for an hour to consider the demand. Forrest, Source: Hacker/Sommers (Boston: Bedford/St. Martin’s, 2010, 2007).
Creating Flashcards in Microsoft PowerPoint Microsoft PowerPoint slides can be used to create flashcards. When printed on card stock, the slides can be cut apart and used as flashcards for almost any subject. Consider these examples: • In language arts vocabulary words can be printed on one side of the card and definitions printed on the other side of the card. • In science chemical symbols could be printed on one side of the card and the name of the chemical on the other side. • In math the flashcards for the multiplication tables could be created. • For social studies historical events and their dates could be used. Laminating the cards will make them last a long time, a consideration for classroom sets. Flashcards should be created in multiples of six (with six flashcards printed per sheet). 1. Open Microsoft PowerPoint, and click on FILE > NEW > BLANK PRESENTATION. 2. Select a slide layout with text and graphics. 3. Type/insert clip art on the first six slides (flashcards) then add the information for the back of the flashcard on the next six slides. Note: In order for the correct definition to appear on each card, slide order has to be rearranged. For six flashcards, the first six slides will serve as the face of the flashcards. These will be in the normal order: 1, 2, 3, 4, 5, 6. The next six slides will be the backs of the flashcard and should be arranged 8, 7, 10, 9, 12, 11. When printed out this way, the correct information will appear on the back of the proper cards (back of slide 1 on slide 8, back of slide 2 on slide 7, etc.). 4. To rearrange the slides, select the SLIDE SORTER view, and drag the #8 slide in front of the #7, the #10 in front of the #9, and the #12 in front of the #11.C•R•E•A•T•E for Mississippi Copyright ©2001. All rights reserved.This document may be copied and distributed for nonprofit educational purposes only provided that credit is given to C•R•E•A•T•E for Mississippi. 5. When printing the slides, be sure that the HANDOUTS option is selected (six slides per page) in the PRINT WHAT pull down menu in the PRINT WINDOW. In the PRINT RANGE section of the PRINT WINDOW, select slide range 1-6. 6. When the first page is printed, reinsert the printed page into your printer so that slides 712 will be printed on the back. This may take some experimentation as it varies from printer to printer). Below are examples of flashcards created in the above manner along with a set of blank slides that show the order that is necessary for printing the flashcards properly and a blank set to be used as rough draft forms. When creating a presentation to use in this way, it is best to fill out rough draft forms first in order to minimize the number of times the slides have to be printed. Please review the rough draft forms and the template for flashcards as well as the examples provided before going on to create your own.
Microsoft PowerPoint Tutorial Microsoft Word Microsoft Access Microsoft Office Main Microsoft Excel Microsoft Publisher Introduction into Microsoft PowerPoint Starting Up Microsoft PowerPoint Creating a Presentation Opening an existing Presentation Creating a Blank Presentation Different PowerPoint Views Slide Manipulation Slide Animation Slide Transitions View Slide Show Navigating While in Slideshow Pack up a presentation for use on another computer Introduction into Microsoft PowerPoint Microsoft PowerPoint is a powerful tool to create professional looking presentations and slide shows. PowerPoint allows you to construct presentations from scratch or by using the easy to use wizard. This tutorial will help you get started with Microsoft PowerPoint and may solve some of your problems, but it is a very good idea to use the Help Files that come with Microsoft PowerPoint, or go to Microsoft's web site Starting Microsoft PowerPoint Two Ways 1. Double click on the Microsoft PowerPoint icon on the desktop. 2. Click on Start --> Programs --> Microsoft PowerPoint Creating & Opening a Presentation After you open up Microsoft PowerPoint, a screen pops up asking if you would like to create a New Presentation or Open An Existing Presentation. AutoContent Wizard Creates a new presentation by prompting you for information about content, purpose, style, handouts, and output. The new presentation contains sample text that you can replace with your own information. Simply follow the directions and prompts that are given by Microsoft ©TeachUcomp, Inc.
Welcome to Teachucomp Inc.’s Mastering PowerPoint Made Easy™. PowerPoint is a multimedia program designed to create and display presentations. A presentation is a collection of slides that you show to a group. A slide is a screen that can contain any content that you wish. They are like old photographic slides, but with much more power and flexibility in their design. This “Advanced” part of the tutorial is designed to enhance the skill set of a user who can already create basic presentations with text and pictures. In this part of the tutorial you will learn how to apply animation. You will also learn how to insert multimedia files, shapes, tables and other types of more advanced objects into slides. The overall purpose of the Mastering PowerPoint Made Easy™ tutorial is to give you the talents and skills necessary to create impressive presentations that allow you to fully control the expression of your ideas and your creativity using PowerPoint. CHAPTER 11- Drawing Objects 11.1- Inserting Shapes 11.2- Formatting Shapes- 2013:2010 11.3- Formatting Shapes- 2007 Only 11.4- Inserting WordArt- 2013:2010 11.5- Inserting WordArt- 2007 Only Drawing Objects- Actions Drawing Objects- Exercises CHAPTER 12- Inserting Video and Sound 12.1- Inserting Videos- 2013 Only 12.2- Inserting Videos- 2010:2007 Only 12.3- Inserting Audio- 2013 Only 12.4- Inserting Audio- 2010:2007 Only 12.5- Animating Multimedia Playback 12.6- Recording a Sound –Inserting Video and Sound- Actions Inserting Video and Sound- Exercises CHAPTER 17- Inserting Charts, Tables, and Objects 17.1- Inserting Charts 17.2- Inserting Tables 17.3- Inserting Objects –Inserting Charts, Tables, and Objects- Actions –Inserting Charts, Tables, and Objects- Exercises CHAPTER 18- Setting PowerPoint Options 18.1- Setting PowerPoint Options –Setting PowerPoint Options- Actions –Setting PowerPoint Options- Exercises –Power Point Keyboard Shortcuts CHAPTER 13- Using Themes 13.1- Applying Themes 13.2- Creating Custom Color Schemes 13.3- Creating Custom Font Schemes 13.4- Customizing the Slide Background Using Themes- Actions Using Themes- Exercises
MATH298B TUTORIAL PACKET :Excel, Equation Editor, PowerPoint , Word Blank Page Inserted for Double−Sided Printing TABLE OF CONTENTS PART 1: Microsoft Excel Tutorial PART 2: Equation Editor Tutorial PART 3: Microsoft PowerPoint Tutorial PART 4: Microsoft Word Tutorial Please note that each Part has its own page−numbering system. Blank Page Inserted for Double−Sided Printing COVER PAGE MATH298B Excel TUTORIAL 2003 and beyond, Lawrence Morales Excel Tutorial - Page 1
Microsoft PowerPoint Tutorial This tutorial will give you information on how to use Microsoft PowerPoint to do the following: 1. Create a presentation 2. Organize data on a slide 3. Incorporate graphics and data into a presentation All the information provided in this tutorial is for use with Microsoft PowerPoint (2002 version); however, the basic operations will work with other versions. Microsoft PowerPoint 2002 Screen Elements This is what the screen will look like when you open a new workbook in PowerPoint. As terms are used throughout this tutorial, you may want to refer back to this picture to help you locate the item being discussed. Creating a Presentation 1.Open PowerPoint. In the task pane under New select From Design Template, and then click OK (Microsoft Corporation, 2004). 2.On the Slide Design task pane, click the design template you want to use by selecting the appropriate thumbnail. You can choose a design template for either the whole presentation or individual slides. Right click the design template and choose either Apply to All Slides or Apply to Selected Slides. Background / Color Scheme The background color of slides can be customized by clicking Color Schemes in the task pane. You can either right-click on the desired color scheme or left-click the drop down menu of the desired scheme and choose to apply it to one or all of your slides (University of Alberta, 2001). The color scheme for slides can be customized by clicking Edit Color Scheme at the bottom of the task pane. Choose a preset scheme from the Standard tab or click the Custom tab, click on the desired component (e.g. Background), and click Change Color (a color selection window will appear). When you are done making color choices, click Apply to alter the current slide or Apply to All to alter all slides at once (University of Alberta, 2001). (University of Alberta, 2001) The Writing Centre, St. Francis Xavier University © 2005