Hybrid equity warrants pricing formulation under stochastic dynamics

—A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study

Legal, Accounting and Tax Aspects of the Selected Non-profit Organisation

Import 04/11/2015Práce je zaměřena na občanská sdružení a jejich transformaci na spolek, popsání účetnictví v neziskové organizaci a také na jeho zdaňování. Pomocí analýzy právních předpisů, je popsán postup při transformaci občanského sdružení na spolek a také jsou zde uvedeny dokumenty, které jsou pro transformaci potřeba, dále znázorňuje účetnictví a zdanění ve vybrané neziskové organizaci. Práce je řešena v souvislosti s novou právní úpravou občanského zákoníku a jiných předpisů.The work is focused on civil associations and their transformation to the association, describe the accounting in non-profit organisation and also to its taxation. Through the analysis of legislation, a process is described for the transformation of the civic association in the association and documents, which are for the transformation of the need for, further illustrates the accounting and taxation in the selected non-profit organization. The work is addressed in the context of the new legislation of the civil code and other regulations.117 - Katedra účetnictvívelmi dobř

A community-based cluster randomised controlled trial to evaluate the effectiveness of different bundles of nutrition-specific interventions in improving mean length-for-age z score among children at 24 months of age in rural Bangladesh: study protocol

PRIFPRI3; CRP4; ISIPHND; A4NHCGIAR Research Program on Agriculture for Nutrition and Health (A4NH

A community-based cluster randomised controlled trial in rural Bangladesh to evaluate the impact of the use of iron-folic acid supplements early in pregnancy on the risk of neonatal mortality: The Shonjibon trial

Abstract Background Iron-deficiency is the most common nutritional deficiency globally. Due to the high iron requirements for pregnancy, it is highly prevalent and severe in pregnant women. There is strong evidence that maternal iron deficiency anaemia increases the risk of adverse perinatal outcomes. However, most of the evidence is from observational epidemiological studies except for a very few randomised controlled trials. IFA supplements have also been found to reduce the preterm delivery rate and neonatal mortality attributable to prematurity and birth asphyxia. These results combined indicate that IFA supplements in populations of iron-deficient pregnant women could lead to a decrease in the number of neonatal deaths mediated by reduced rates of preterm delivery. In this paper, we describe the protocol of a community-based cluster randomised controlled trial that aims to evaluate the impact of maternal antenatal IFA supplements on perinatal outcomes. Methods/design The effect of the early use of iron-folic acid supplements on neonatal mortality will be examined using a community based, cluster randomised controlled trial in five districts with 30,000 live births. In intervention clusters trained BRAC village volunteers will identify pregnant women & provide iron-folic acid supplements. Groundwater iron levels will be measured in all study households using a validated test kit. The analysis will follow the intention to treat principle. We will compare neonatal mortality rates & their 95% confidence intervals adjusted for clustering between treatment groups in each groundwater iron-level group. Cox proportional hazards mixed models will be used for mortality outcomes & will include groundwater iron level as an interaction term in the mortality model. Discussion This paper aims to describe the study protocol of a community based randomised controlled trial evaluating the impact of the use of iron-folic acid supplements early in pregnancy on the risk of neonatal mortality. This study is critical because it will determine if antenatal IFA supplements commenced in the first trimester of pregnancy, rather than later, will significantly reduce neonatal deaths in the first month of life, and if this approach is cost-effective. Trial registration This trial has been registered with the Australian New Zealand Clinical Trials Registry (ANZCTR) on 31 May 2012. The registration ID is ACTRN12612000588897

Providing Microfinance and Social Space to Empower Adolescent Girls: An Evaluation of BRAC’s ELA Centres

Lately there has been a surge in the variety of approaches to assist the adolescents, specially the girls, in building up their lives and livelihoods. With financial assistance from Nike Foundation, BRAC started combining financial and social interventions in 2005 by setting up ELA (Employment and Livelihood for Adolescents) Centres for the ELA microfinance group members. This study is intended to assess the usefulness of this combined approach. It is based on a panel dataset of ELA Centre participants and non-participants, which tried to capture changes using qualitative tools.[Working Paper No. 3]adolescents, girls, livelihoods, Nike Foundation, financial assistance, BRAC, Employment, Livelihood, ELA Centre, capture, qualitative, social interventions, microfinance, employment, livelihood, panel, dataset,

Pengurusan fiskal kerajaan negeri di Semenanjung Malaysia: analisis autoregressive distributed lag (ARDL)

Peningkatan saiz defisit fiskal dan hutang kerajaan negeri telah membangkitkan motivasi untuk mengkaji penyebab ketakseimbangan fiskal tersebut agar pelarasan dan pengukuhan fiskal dapat dilakukan. Justeru, kajian ini bertujuan untuk menguji kointegrasi (hubungan jangka panjang) dan arah hubungan sebab-menyebab antara hasil dengan belanja mengikut kerajaan negeri di Semenanjung Malaysia dengan menggunakan data agregat dan mengikut komponen utama hasil dan belanja. Model autoregressive distributed lag (ARDL) telah digunakan untuk melihat hubungan kointegrasi dan arah sebab-menyebab antara hasil-belanja. Dapatan kajian menunjukkan di kebanyakan kerajaan negeri, kerajaan merangka kutipan hasil terlebih dahulu sebelum membuat keputusan perbelanjaan dalam jangka panjang. Penemuan kajian ini menyokong hipotesis hasil-belanja (revenue-spend hypothesis), yang mana kutipan hasil ditentukan terlebih dahulu sebelum belanja ditentukan. Di samping itu, komponen belanja mengurus juga dilihat lebih cenderung dipengaruhi oleh hasil (secara agregat mahupun komponen) berbanding komponen belanja pembangunan. Implikasi dasar daripada kajian ini menjelaskan pemahaman hubungan antara hasil dengan belanja adalah amat penting kepada kerajaan negeri untuk mengawal defisit fiskal daripada berpanjangan dan membolehkan kerajaan mengekalkan pencapaian belanjawan sasaran

Sex Workers and Condom Use-the Political Economy of HIV/AIDS in Bangladesh

A study was undertaken in Madaripur brothel to understand condom use reality within the social context of the commercial sex workers' (CSW) lives in brothel and to critically analyze BRAC's HIV/AIDS programme's effectiveness in condom promotion. It was found that the chukris (bonded sex workers) were controlled by the sardarnis (madam) and the sardarnis did not promote condom use among the chukris as most of them (sardarnis) only bothered about money and about keeping on high client flow to the chukris, in context of most of the clients refusing to use condoms and even willing to pay double the rate for not using condoms. On the other hand, the older sex workers were found less in demand, and did not have the financial power to bargain condom use with the clients. The HIV/AIDS programme, one of the two wings of BRAC's brothel based intervention was found over-shadowed by and preoccupied with the activities of the other wing, ‘Microfinance’. Furthermore, for distributing condom the brothel based staff targeted only the bariwalis and sardarnis who belonged to the top of brothel hierarchy, and never tried to reach the chukris who consisted of the majority of the brothel community. Moreover, though BRAC was supposed to provide condom to the CSWs at subsidized rate (100 condoms for Tk. 10), the brothel based staff delivered it at much higher price, Tk. 20-25. Thus, BRAC's brothel based HIV/AIDS intervention was facing the opposite way of promoting condom use among the brothel based CSWs.[Working Paper No. 4]Madaripur, commercial sex workers, sardarnis, condoms, HIV/AIDS, Microfinance

Modelling automatic IoT home light system (SmartLi) by NODEMCU ESP8266

Most people are always forgot to switch off the light when going out for holiday and left the light on as long as they are on holiday. This could lead to the waste of the electricity. If the lights turn off, dark condition and environment will attract and expose to the burglar target. Technology in network and communication system allows us to remotely control the light condi-tion either off or on in order to pretend the house is occupied. The aim of this project is to develop an automatic home light system that able to control remotely by using internet of thing (IoT) technology. Mobile application (SmartLi) for home light was developed and integrated with in-tensity and motion sensor. The porch lamp will light up when it’s dark and also it will become brighter when there is a motion detected in dark surrounding

Post-Pandemic Analysis for Value at Risk of Real Estate Investment Trust in Malaysia Under Quantitative Approach

A Real Estate Investment Trust (REIT) is a fund or trust that owns and manages commercial real estate and generates revenue. After two years of the COVID-19 pandemic, the whole REITs sector suffered from lockdown, diminishing revenue from office and shopping mall rentals. Hence, investors may lose more than expected on invested capital without further analysing this situation. This highlights the importance of investors knowing the risk of investing in REITs to plan their investment strategies appropriately. The Value at Risk (VaR) is widely employed to calculate the investment risk under a mathematical model to achieve this. A past review suggested that two approaches had been utilised for modelling, i.e., parametric and non-parametric methods. The methods under non-parametric include historical simulation, Monte Carlo simulation, and bootstrapping simulation. Thus, comparing parametric methods, historical simulation, Monte Carlo simulation, and bootstrapping simulation is essential in determining the best method to analyse the VaR in the Malaysia REITs (M-REITs) sector, which particularly focuses on Malaysia. Actual previous five-year history raw price data for each REIT in Malaysia are extracted from Yahoo Finance, Refinitiv Eikon, and DataStream via University Utara Malaysia’s (UUM) e-resources database. The result of VaR from those methods is compared and validated using backtesting. Other than that, the result reveals that the parametric method and Monte Carlo simulation are good methods for REIT’s VaR calculations in Malaysia, which are close to the current value for 12 from 17 M-REITs companies

Improvement and shelf life extension of fresh creams chocolate filling for Tolaal Enterprise

Tolaal Enterprise started to supply food & catering services as the founder, Hj Hamidun had 30 years expertise in the food catering industry. When Hj Hamidun passed away in 2010, her daughter Aznida took the lead & added the chocolate section to the catering services as the chocolate industry in Malaysia is rising. They are facing problems associated with fillings softening and short shelf life (less than 2 weeks) with the use of fresh fruit puree. Based on the above mentioned problems, it is necessary to develop suitable formulation of mango and pineapple fresh cream fillings to be inserted into milk chocolate shell. Thus, the approach of our present study is to increase the viscosity of fillings by adding five different hydrocolloids (Xanthan gum, Guar gum, Carboxy Methyl Cellulose, Locust Bean gum and Pectin) from 0 to 1g/100g (w/w) concentration as a thickener to ensure that longer shelf life and better texture is made available to meet the expectations of the consumer. The suitable hydrocolloid at optimum concentration is expected to contribute high quality filled milk chocolate containing mango and pineapple purees after storage at suitable storage conditions. Thus, the making of milk chocolate with fresh fillings can be expanded to help increase the profits of the company