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Concept# Stock

Résumé

Stock (also capital stock, or sometimes interchangeably, shares) consist of all the shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the shareholder (stockholder) to that fraction of the company's earnings, proceeds from liquidation of assets (after discharge of all senior claims such as secured and unsecured debt), or voting power, often dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is necessarily equal, as certain classes of stock may be issued, for example, without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders.
Stock can be bought and sold privately or on stock exchanges. Such transactions are closely overseen by governments and regulatory bodies to prevent f

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FIN-401: Introduction to finance

The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, financing decisions, and other financial decisions of firms.

FIN-404: Derivatives

The objective of this course is to provide a detailed coverage of the standard models for the valuation and hedging of derivatives products such as European options, American options, forward contracts, futures contract and exotic options.

MGT-482: Principles of finance

The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, financing decisions, and other financial decisions of firms.

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Obligation (finance)

thumb|250px|Obligation de 500 F à 5 % au porteur, 1901, gravée par Luigi Loir.
Une obligation est une valeur mobilière qui constitue une créance sur son émetteur, elle est donc représentative d'une de

Option

En finance, une option est un produit dérivé qui établit un contrat entre un acheteur et un vendeur. L'acheteur de l'option obtient le droit, et non pas l'obligation, d'acheter (call) ou de vendre (pu

Finance

La finance renvoie à un domaine d'activité , aujourd'hui mondialisé, qui consiste à fournir ou trouver l'argent ou les « produits financiers » nécessaire à la réalisation d'une opération économique. L

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Joseph Jean François Desruelle

This thesis applies structural optimization techniques to develop a general methodology for design from reuse. A thorough case study serves as proof-of-concept. Reusing elements from dismantled structures appears as a promising, yet little explored approach to respond to current environmental challenges faced by the construction sector, namely limitation of natural resources, carbon footprint reduction and waste management concerns. Compared to a conventional design approach, the usage of reclaimed elements introduces additional geometrical and mechanical constraints to the structural problem. The structural layout becomes function of given elements, e.g. their quantity, length, cross-section, strength and connection details. Up to date, applications of structural reuse mostly comprise case-by-case empirical approaches that do not explore the solution space. To recover design freedom, this thesis proposes the development of structural optimization techniques based on the consideration of a stock of reused structural elements. The approach has the advantage of generating optimal solutions for reuse while enabling design explorations. The second part of this thesis is a case study that illustrates the theoretical methodology. In particular, the design of a new roof cover for the Lausanne’s train station is investigated. This hypothetical project considers the reuse of a real stock of structural elements from 322 electric pylons to be dismantled in 2020. The outcome of this case study is twofold; it validates applicability and at the same time it informs future theoretical prospects.

2018This thesis presents new flexible dynamic stochastic models for the evolution of market prices and new methods for the valuation of derivatives. These models and methods build on the recently characterized class of polynomial jump-diffusion processes for which the conditional moments are analytic. The first half of this thesis is concerned with modelling the fluctuations in the volatility of stock prices, and with the valuation of options on the stock. A new stochastic volatility model for which the squared volatility follows a Jacobi process is presented in the first chapter. The stock price volatility is allowed to continuously fluctuate between a lower and an upper bound, and option prices have closed-form series representations when their payoff functions depend on the stock price at finitely many dates. Truncating these series at some finite order entails accurate option price approximations. This method builds on the series expansion of the ratio between the log price density and an auxiliary density, with respect to an orthonormal basis of polynomials in a weighted Lebesgue space. When the payoff functions can be similarly expanded, the method is particularly efficient computationally. In the second chapter, more flexible choices of weighted spaces are studied in order to obtain new series representations for option prices with faster convergence rates. The option price approximation method can then be applied to various stochastic volatility models. The second half of this thesis is concerned with modelling the default times of firms, and with the pricing of credit risk securities. A new class of credit risk models in which the firm default probability is linear in the factors is presented in the third chapter. The prices of defaultable bonds and credit default swaps have explicit linear-rational expressions in the factors. A polynomial model with compact support and bounded default intensities is developed. This property is exploited to approximate credit derivatives prices by interpolating their payoff functions with polynomials. In the fourth chapter, the joint term structure of default probabilities is flexibly modelled using factor copulas. A generic static framework is developed in which the prices of high dimensional and complex credit securities can be efficiently and exactly computed. Dynamic credit risk models with significant default dependence can in turn be constructed by combining polynomial factor copulas and linear credit risk models.

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When investors have incomplete information, expected returns, as measured by an econometrician, deviate from those predicted by standard asset pricing models by including a term that is the product of the stock's idiosyncratic volatility and the investors' aggregated forecast errors. If investors are biased this term generates a relation between idiosyncratic volatility and expected stocks returns. Relying on forecast revisions from IBES, we construct a new variable that proxies for this term and show that it explains a significant part of the empirical relation between idiosyncratic volatility and stock returns. (C) 2012 Elsevier B.V. All rights reserved.

2012