Fixed income project

Fixed Income Due: 12/2/21 (electronically), no late submissions accepted Project #1 35 Points Total
You will implement the Black-Derman-Toy (1990) interest rate model to value a callable bond and to derive risk measures such as effective duration and effective convexity. It is recommended that you refer to your class notes for this project. Use Excel to generate the answers to the following questions – a template is provided. 1. (10 points) Using the information from the table below, calibrate the benchmark forward rates for the binomial tree using the forward induction method.
σ Year 1 2 3 4 5 30% Zero Rates 3.1% 3.2% 3.5% 4.1% 4.3%
You will take the last two digits of your UIN and divide by 50000 and then add that amount to each zero rate. For example, if your UIN is xxxxxxx55, then take 55/50000 = 0.0011 and add that to each rate (e.g., 0.031 + 0.0011 = 0.0321, etc.)
Tree Calibration (a) For each of the UIN adjusted zero rates, compute the zero coupon bond price – do this per $1 face which gives a present value factor. (b) The rate for the first period is fixed; however, you need to find a set of forward rates, which at each time step are linked by σ, and which are also consistent with the respective zero coupon bond prices. For example, you will find a set of forwards y∗ 1,2 such that P(y∗ 1,2,σ) = Pz 2 , where Pz 2 is the zero coupon price. On the first step, you will have y∗ 1,2 and yu 1,2 = y∗ 1,2 e2σ √∆t (Note: I simplify this by using annual rates with the number of steps equal to the number of years, so √∆t = 1). (c) Once you find y∗ 1,2, use those rates, and repeat the process to find y∗ 2,3, i.e., forward induction. (d) Repeat the process to find y∗ 3,4 and y∗ 4,5. Compute the OAS, s∗

2. (8 points) Below is the price of a 5-year callable bond and that bond is not callable until year 2 (second interest rate step), You will find an OAS, s∗, such that callable bond priced off the calibrated forward rate tree equals the market price. Note: this is also another optimization, because you will want to minimize (Pmkt −P(s∗))2 as a function of s∗. Report your result to the nearest 1/10 of a basis point. Term Coupon Call Price Non-call period Market Price 5 years UIN Dependent $101 1 year $99.75
   The coupon is determined as follows: Coupon = 4.8 + ID/500, where ID is the last 2 digits of your UIN. 3. (6 points) Use s∗ to answer the following two questions: (a) What is the price of a non-callable bond priced at s∗, i.e., if you add s∗ to each zero rate, and price the bond without any callability, what is the price? (b) What is the option cost for the bond? (c) What is the ZV spread for the bond and option cost in basis points? Be careful: Bond is still callable and may be called early based on ZV forward rates so include this logic in your equations.
   Compute Effective Duration and Convexity
3. (8 points) You will do a parallel downward shift of the yield curve by 10 bps, recalibrate the curve and reprice the bond using s∗, then repeat the process shifting the yield curve up by 10 bps. What is the effective duration and convexity?
   Compute Vega, V 5. (3 points) Because your callable bond is short a call option you want to know the impact of volatility on the price. You will change volatility, say by 1%, recalibrate the forward rate tree, then reprice. Compute vega as:
   V =
   P(s∗,σ + 0.01)−P(s∗,σ) 0.01
   What is the predicted change in price for a 1% increase in volatility?

Describe rle of nurse in patient care situation

This assignment highlight the role you (Nurse) play in quality, safe patient care on a daily basis.

Identify a patient care case from your own practice experience that involves quality and safety.

Note: If you are not practicing or have nor practice, use a case that has received media attention or one from the textbook.

Summarize the situation.

Describe your (or the nurse’s) role in the patient care situation.

Explain the role the patient played in their own quality- or safety-related situation.

Evaluate the relationship between the patient’s care and the outcome.

Identify how the care environment affected the situation, including the nurse or provider, the patient, and the outcome.

Determine whether a quality model was employed. If yes, identify and explain it. If not, identify one that could have improved the situation.

Explain what actions you might take to improve the outcome or prevent an adverse outcome in the future.

Format your assignment as 875-word paper

Perfectly competitive firm

 Suppose you are a consultant for a firm that is perfectly competitive. The firm is worried only about its policies in the short run. What would you recommend in terms of quantity changes (raise, cut, shut down, or stay put) and price changes (raise, cut, or stay put) in each of the following situations:

a. [10 points]. P = $19 MC = $14 AVC = $20

b. [10 points]. P = $111 MC = $106 AVC = $107

[Notations/Abbreviations: P = price; MC = marginal cost; AVC = average variable cost]

Othello

Write an extensive analysis using quotes from “Othello” to support your ideas. 4-5 pages

Violence and Sexuality

How does MacKinnon’s view of violence and sexuality relate to your assigned reading? What is the social reality of that particular situation (revenge porn, Twitch, OnlyFans, pornography, etc.)? Is this part of violence against women? Is it sexual in nature? Is it about power? What are the implications of normalizing selling sex or normalizing women’s autonomy over their sexuality and control over their own profits? Is it empowerment or part of the same structure of misogynistic control? In essence, how does the idea that male dominance is part of a sexual hierarchy in the society fit with what you are reading? Lastly, what are your own experiences and interpretations on the subjects in your reading?

As a group, come up with an insightful discussion to share with the class.

EACH person has to upload a document, but you can have one document per group.

Difference between options and future contracts

Explain the differences between Options and Futures Contracts? Using one example, how Options and Futures Contracts can be used to hedge against risk?

plant adaptation to water stress

• Write a research proposal to examine one plant adaptation to water stress (a significant deviation from optimal water availability conditions).
• Follow the Writing a Research Proposal information posted in the Modules – Week 14 area of Canvas.
• No more than two pages, in paragraph format
• Grammar and spelling count
• 20 points, due electronically by 1159pm on Sunday, 11/28. Late submissions will not be accepted.
• NOT A GROUP ASSIGNMENT. Everyone is expected to work independently
• Make sure to cite any sources used in your paper.

Challenging issues for organization

Why is sustainability such a complex and challenging issue for organizations? ( 1 page)

How can they simplify these challenges from a supply chain perspective? Explain. (1 page)

Requirements: 2 pages   

software prototype and explain its aim, objective(s) and the problem it is targeted to solve.

2 Marks Learning Outcome(s): LO1: Define interaction design process and describe different type of models, theories and frameworks for conceptualizing interaction.              

Question One

Modern HCI realizes that a user interface (UI) is meant for users. Hence, it is appropriate that the design process be centered on the users. This type of design is called user-centered design. 

Using the general user-centered activities described in Chapter 2, propose a design for a software prototype for one of these groups of users:

1. Elderly
2. Children
3. Disabled people
4. Professional

Your software prototype can be of any platform – web, mobile, stand-alone, wearable, etc. Your tasks are:

1. Name your software prototype and explain its aim, objective(s) and the problem it is targeted to solve.
2. Collect requirements from potential users via an online survey and interview or observation based on your chosen type of user group. Get a minimum of 10 survey data and two interviews or observation data (or a mix of both).
3. Present your requirement results based on the needs, tasks, and functional analysis.
4. Highlight any surprising suggestion or feedback from potential users, if any, or the use of any metaphors.

2 Marks Learning Outcome(s): LO1: Explain cognitive, social and emotional aspect of different type of UI.    LO2: Demonstrate data gathering, analysis and presentation techniques for discovering user interface requirement.                     Question Two

The designing process is the preparation for prototyping. It shall include a drawing and description of each UI design. Based on your analysis and findings from Question One, describe how the prototype will look and work. Your tasks are:

1. Preparing the conceptual design:

Present a minimum of three model layouts that describe abstractly what the users require, how it can solve the problem, and what the users can do with the prototype. You may want to include the knowledge from some of the interdisciplinary fields you have learned in Chapter 1 into your conceptual design. Conceptual design is discussed in Chapter 3. You can perform this task with a simple sketch too.

• Preparing the concrete design:

Translate the conceptual design in (1) with the details, including the colors, sounds, images, menus, icons, etc. You may want to consider more concrete design issues discussed in Chapter 7 and 12. You may use any visual programming tools you familiar with.

4 Marks Learning Outcome(s): LO4: Illustrate prototyping for interaction design and explain practical facets of interface constructions            

Question Three

Prototyping is part of the development phase. You are to prepare the interaction design of your proposed concrete design in Question Two.  This is where you make your prototype comes to life.  You need to provide the behavior as well as the look and feel of your designs.  This will allow your potential users to interact and navigate with the UI during the prototype evaluation later.  Your prototyping process should not aim to achieve a fully functional product.  You may use any visual programming tool to achieve this.  Provide each screenshot with the description of the function, its previous and subsequent state and highlight any UX design practices you used to prevent users from making errors. You may refer to the UX design pattern discussed in Chapter 13.

Submit a 2-minute video presentation on the prototype interaction to support and complement your attached screenshots.

2 Marks Learning Outcome(s): LO5: Describe and apply various interaction evaluation techniques.        

Question Four

Evaluation is the process of determining the usability and acceptability of the product based on UX criteria. Choose a minimum of 3 potential users, preferably from the same users you interviewed earlier or from the list of users involved in your product requirement online survey. Conduct a User Acceptance Test (UAT) with the identified users. Review their feedback based on the following guidelines:

1. Average subjective satisfaction from the users based on its aim and objective(s).
2. Number of both familiar and unfamiliar metaphors / details to users.
3. Number of actions / functions / inputs / outputs that are considered confusing to users.
4. Any new suggestions / feedbacks from users for improvement.

Explain the differences between the companies’ business strategies and target markets.

Understanding Strategic Differences.

Select two companies in the same industry, either in service or in manufacturing. You can select industries such as fast-food, banking, healthcare, computer manufacturing, or auto manufacturing.

Use the Internet to visit the selected companies’ Web sites and collect the following information:

1. Their mission statement,
2. Target market, and
3. Specifics of their product and service offerings.

Then explain the differences between the companies’ business strategies and target markets.

How do their product and service offerings differ relative to their target markets and their overall strategies?

Finally, how does their operations function support their business strategies?

Try to explain how operations utilizes specific organizational resources to support the business strategy.

Requirements: The body of your summery must use 1½ line spacing with 12point fonts, must not exceed 3 pages