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Platform Investments: A Lesson on Volatility Estimation 6.1 The Problem for This Chapter: A Platform Investment 6.2 A Way to Calibrate the Volatility Parameter 6.3 Break-Even Volatility 6.4 A Word of Caution 6.5 An Added Difficulty 6.6 Summary 7. Research and Development: Valuing the Preliminary Design of a Super-Jumbo Jet at Boeing 5.1 Background: Strategic Thinking and Strategic Investment 5.2 Why the Super-Jumbo-Jet Concept Displayed Negative Static NPV 5.3 The Static NPV of the Investment in Preliminary RECD 5.4 Creation of a Strategy = Creation of an Option 5.5 Valuing the Option 5.6 Postscript 5.7 Two Important Final Points 5.8 Bibliography 6. Modeling Uncertainty and Valuing Flexibility 4.1 How a Binomial Model Approximates a Normal Distribution 4.2 Valuation by Arbitrage and Linear Pricing in the Single-Step Binomial Model 4.3 The Amazing Theory of Risk-Neutral Pricing 4.4 Three Simplified Real-World Examples 4.5 Multistep Binomial Trees 4.6 How to Build Recombinant Binomial Trees 4.7 A Binomial Tree Example 4.8 Bibliography Appendix 4.1 An Alternative Approach to Binomial Trees 248 158 180 198 216 228 238 248 149 146 Appendix 4.2 Another Alternative Approach (This One with Simple Discounting) Appendix 4.3 249 252 Part 4 European-Style Real Options 5. Valuation of Real Assets: What Corporate Finance is All About 3.1 Our Model of the World 3.2 Evaluating a Static Growth Opportunity at the Consulting Firm 3.3 A Delayed Growth Opportunity 3.4 When Do Investors Want Managers to Maximize NPV? 3.5 Two Misconceptions and Why They Are Wrong 3.6 Summary 3.7 Bibliography and Suggested Reading Appendix 3.1 The Underlying Asset and the MAD Assumption (Advanced) Appendix 3.2 Solving for the Tracking Portfolio Holdings 135 132 126 129 131 131 114 121 104 105 93 Part 3 The Binomial Model 4. Valuation of Financial Assets 2.1 Arbitrage and Arbitrage Opportunities 2.2 Our Model Economy 2.3 Valuation by Arbitrage in Our Model Economy 2.4 Valuation of the Index Option (Advanced) 2.5 Summary 2.6 Bibliography Appendix 2.1 Solving for the Tracking Portfolio Holdings 90 81 88 89 58 40 41 44 Appendix 2.2 The Single-Period CAPM in Our Economy 3. Introduction 1.1 Theory Versus Practice 1.2 Two Important Concepts 1.3 Examples of Managers Investing When the Static NPV Is Negative 1.4 Examples of Managers Doing Nothing When the Static NPV Is Positive 1.5 A 50,000-Foot Flyover of Chapters 2 and 3 1.6 Why DCF Is Static 1.7 Chapter Summary 1.8 Bibliography 18 22 27 30 31 5 1 3 3 Part 2 The Theory of Value 2. Includes bibliographical references and indexĪn Applied Course in Real Options Valuation Table of Contents Preface and User's Guide xiv Part 1 Motivation 1. 7/15/2023 0 Comments Kaspersky com"Growing complexity of the trojans has allowed them to successfully bypass many anti-malware checks implemented by the marketplaces, remaining undetected for long periods of time," Kalinin said. 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"Whenever I make delicious food, I always want to share it with my friends, and this allows me to do that." "When I wake up every day, I have a lot of email and comments waiting for me," says Maangchi, who estimates that she receives between 60 and 100 comments daily. She also recently began using Twitter and Facebook to interact with her viewers. In addition to making the videos, Maangchi oversees every aspect of the website, which consists of recipe requests, photos, podcasts, and a discussion forum. She uploads a new episode every other week and has close to 95 recipes on YouTube. With the exception of the occasional technology tip from her son, Maangchi produces and edits all of her videos. That's why I make good Korean food fast." "My mom would work late and she would ask me to cook for my siblings. "My recipes come from my mother and both my grandmothers," she says. Most of these recipes were passed down to Maangchi from family members in Korea. 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She posted the clip under the moniker Maangchi - hammer in Korean - a name she used while playing the online game "City of Heroes."Īfter uploading several more videos featuring well-known Korean recipes ranging from kimchi (a spicy fermented cabbage) to dukbokki (hot and spicy rice cake), the Hammer's popularity grew, eventually attracting over 37,000 subscribers to her YouTube channel and over 6 million total upload views of her videos. Internet cooking sensation Emily Kim never saw it coming.īut in 2007, Kim, then a counselor at a non profit organization with what she considered the cooking skills of a Korean housewife, listened to suggestions from her food-loving friends and uploaded a YouTube video from her Manhattan kitchen. 7/14/2023 0 Comments Medusa with the head of perseusBy incorporating the Gorgon’s head into his arsenal, Perseus metaphorically assimilates the power of Medusa, integrating the darker elements of his anima into a protective, transformative force. 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That has been rejected by us for many reasons: one, it is the Chinese who have ingressed and this reinforces the new status quo two, this means we step back from our longstanding posts in the areas which is impractical three, their terrain and better infrastructure means equal time of movement of troops instead of equal distance should be considered as a factor and four, the Chinese want to maintain exceptions even in disengagement,” the officer said.ĭespite agreeing to a disengagement plan in PP17A in Gogra, the officer said the Chinese troops continue to occupy a height which allows them to dominate the area on the Indian side of the LAC. “The Chinese line in the last many talks has been about ‘mutual and equal’ disengagement which means that both sides step back by an equal distance. Modi and Xi held their second informal summit in Mamallapuram near Chennai in October last year with a focus on further broadening bilateral ties.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.Read| China envoy: Galwan clashes unfortunate, now working to handle talks properly In the summit, the two leaders decided to issue "strategic guidance" to their militaries to strengthen communications so that they can build trust and understanding. Prime Minister Narendra Modi and Chinese President Xi Jinping held their first informal summit in April 2018 in the Chinese city of Wuhan, months after the Doklam standoff. The concept of Line of Actual Control (LAC) came in a bilateral agreement in 1993. The 2020 crisis served as a wake-up call and there was greater focus on dealing with the threat along the northern borders. India’s strengthening of its infrastructure in border areas along the line of actual control (LAC) comes amid the worst border tension with China in decades in eastern Ladakh, where border troops. It is a boundary between China and India. China lays claim over several parts of Ladakh. China’s mobilisations along the Line of Actual Control (LAC) in May 2020 sparked a crisis that, two years on, still remains unresolved. China claims Arunachal Pradesh as part of southern Tibet while India contests it.īoth sides have been asserting that pending the final resolution of the boundary issue, it is necessary to maintain peace and tranquillity in the border areas.Ĭhina has been critical of India's reorganisation of Jammu and Kashmir, and has particularly criticised New Delhi for making Ladakh a union territory. The India-China border dispute covers the 3,488-km-long LAC. The troops of India and China were engaged in a 73-day stand-off in Doklam tri-junction in 2017 which even triggered fears of a war between the two nuclear-armed neighbours. At least 10 soldiers from both sides sustained injuries. In a separate incident, nearly 150 Indian and Chinese military personnel were engaged in a face-off near Naku La Pass in the Sikkim sector on May 9. On May 5, around 250 Indian and Chinese army personnel clashed with iron rods, sticks, and even resorted to stone-pelting in the Pangong Tso lake area in which soldiers on both sides sustained injuries. The sources said the Chinese side has erected at least 40-50 tents in the Galwan Valley following which India has also sent reinforcements. personnel of one side cross the line of actual control, upon being cautioned by the other side, they shall immediately pull back to their own side of the line of actual control. Limits of patrolling PPs within the LAC and the patrol routes that join them are known as limits of patrolling. Pangong Tso lake and Galwan Valley, several areas along the LAC in Ladakh and North Sikkim too witnessed major military build-up by both the sides. The Line of Actual Control (LAC) is a notional demarcation line that separates Indian-controlled territory from Chinese-controlled territory in the Sino-Indian border dispute. The LAC is the de-facto border between the two countries. India's response came two days after China accused the Indian Army of trespassing into its territory, claiming that it was an "attempt to unilaterally change the status" of the Line of Actual Control (LAC) in Sikkim and Ladakh. Starkly different approaches to 2,100-mile line of actual control on show as defence ministers meet in Delhi Hannah Ellis-Petersen in Delhi and Aakash Hassan in Ladakh Fri 06.56 EDT. At a media briefing, External Affairs Ministry Spokesperson Anurag Srivastava also strongly refuted China's contention that the tension was triggered by trespassing of Indian forces across the Chinese side. 7/14/2023 0 Comments Eon timer refresh intervalI've been using it with ten beeps at 1000 frequency, but I've also used it with the visual cue only, for when I'm listening to music at the same time, because as anyone who does RNG knows, it can be a little boring when you're waiting for the timers to run down, especially if you happen to have long timers, or even if you happen to do a lot of RNG in an afternoon. It's also very simple and easy to use as a non-C-gear timer as well. I caught a pokemon in two tries using C-gear mode. It solved issues with severely swinging delays on Gen 4 RNG and it is super efficient with C-gear seeds on Gen 5. It has everything you need to RNG on Gen 4 and Gen 5. I've been testing this timer and it is just the best timer ever. 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