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The preceding expectation reduces to a Black-like formula if P(T, S) has a lognormal distribution conditional on t under the T-forward measure. Note that we can go back to the original bank-account (i.e., MMA) measure by evaluating dQ t t = P(t , T )E Q h(T ) dQT In general, a numeraire should be chosen so that S(t)Nt is a tradable asset. If so, then (S(t)Nt)/Nt = S(t) is a martingale under the measure QN. This eliminates the drift for the dynamics of S: dS(t) = (t)S(t)dz(t) and simpli es computing expected values of functions of S. Moreover, under a martingale measure, one can use lognormal dynamics:



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1 )

java org.apache.axis.wsdl.Java2WSDL -o myService.wsdl -l <Service_url_location> -n <Namespace URL> -p java.class

Entities also can be used for external definitions, as follows:

G/T(dB(K-1))

beveled edges for the acrylic. The halves are removed, and the beveled edges are moistened with monomer. Pour the estimated needed acrylic powder into a paper cup, add only enough monomer to moisten all of the powder granules, and mix with a wooden tongue depressor. Independently place acrylic on the beveled edges of each half, place both halves onto the teeth, and press the soft acrylic to join the two portions. If necessary, a gloved nger can be used to add acrylic to overbulk the area slightly (Figure 12.39).

TABLE 3-3





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5 describes how a number of Excel s worksheet functions are at times unreliable when dealing with text in a cell. The following CELLHASTEXT function returns TRUE if the cell argument contains text or contains a value formatted as Text.

14

To fully understand the Treynor ratio and its application as a risk-adjusted performance measure, we must understand what beta is and how it is calculated The rst point that needs to be made is that beta is a comparative measure, meaning it needs to be calculated in relation to some stated benchmark It is critically important that the benchmark being used be appropriate to the portfolio or fund under review The beta can be interpreted as the slope of the line in a regression equation or in a capital asset pricing model (CAPM) context The only difference is that excess portfolio and index returns are used in the CAPM calculation whereas total portfolio and index returns are used in the regression format Because this book is focused more on the practical application of investment methodologies and less so on formal statistical derivations, I will avoid a full discourse on beta.

(A.5.28)

Listing 4.3 SOAP Envelope element. (continued)

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The most noteworthy change is that the construction InitialContext doesn t require additional parameters. This is so because the J2EE container that manages the servlet will provide the proper values by default. In fact, you should avoid passing any parameters in, because this subverts the role of the application server. Here s a sample from servlet code that uses JMS:

Beta can be easily calculated using any statistical software package or simply by using the beta function in Microsoft Excel or some other spreadsheet package Beta can be interpreted in the following way: Beta > 1: The portfolio or fund under review is more volatile than the index being used For example, it can be interpreted that if the market goes up 10%, a portfolio with a beta of 15 would be expected to go up 15% (15 times the market) Beta < 1: The portfolio or fund under review is less volatile than the index being used For example, it can be interpreted that if the market goes up 10%, a portfolio with a beta of 05 would be expected to go up 5% (05 times the market).

Excel Application object. This can be different depending on the variable name you give to the Excel Application object.

Barracuda is a first-class framework that comes from the Enhydra project that was originally created by Lutris Technologies. Although Lutris Technologies did not survive the dot.com crash, the open source Barracuda framework that Lutris created did survive. ObjectWeb now sponsors Barracuda and the other Enhydra-related projects. Barracuda, much like the other frameworks we discuss, provides classes that allow the developer to develop Web applications faster, more easily, and with fewer bugs. The product summary is provided in the following table.

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