10 Best Formats for your Company History Book - The Writers For Hire

10 BEST FORMATS FOR YOUR COMPANY HISTORY BOOK Given all that goes into starting and successfully running a business, chances are that your company has a story to tell. Have you been tasked with sharing it? Maybe you have a milestone anniversary to celebrate, a legacy to preserve, or a great brand origin to share. Whatever the reasons, if youve thought about chronicling your company history, you may have discovered there are several styles and formats to consider. If you don’t know where to begin, here are 10 company history books to get your creative juices flowing: 1.Beyond the Pale – The Story of Sierra Nevada Brewing Co. Ken Grossman’s memoir chronicles his personal experience as a homebrewer turned mega-successful craft brewer. In some 250 pages, Grossman shares not only his adventures and anecdotes but also the approach and mindset that built his brand. The book also contains a section of full-color photography depicting his journey, serving as a well-done combination of memoir and illustrative history. 2.Kaufman Fruit 100th Anniversary Book In this 145-page history, the Kaufman family includes a wide variety of family and product photographs, more than 50 fruit recipes, and stories based on 30 interviews – a style to consider if your family business has interesting anecdotes to share. 3.Anadarko 20th Anniversary Book This 165-page company history may look standard at first glance, but what stands out is the use of large, high-end photography, sometimes spanning a page or a full spread, as well as the incorporation of employees, past and present. If you have a strong culture and/or strong company imagery, this may be a style to consider for your book. 4.Behind the Cloud – The Salesforce.com Memoir Written by the founder of Salesforce.com, this memoir reads like nothing else on our list. In fact, it’s more like a playbook on how the startup became one of the worlds fastest-growing software companies. If sharing industry or entrepreneurial knowledge is more your thing, this may be the history book style for your company. 5.The Cullen Way – J.P. Cullen 125th Anniversary Book Family owned businesses and construction companies will want to consider this corporate history commissioned by three brothers in honor of their late father. In 155 pages, the book highlights the company’s construction project portfolio, a family tree, and a history that not only chronicles the business but also the family, dating back to the 1800s. 6.Aerojet 100th Anniversary Book If the l ength and level of detail of some anniversary books make you shy away from the idea, take a look at Aerojet’s concise compilation of history and photos in just 45 pages. Bulleted copy and a timeline make the book easy to comb through, and there is no shortage of imagery, from products to personal photographs, to advertisements and newspaper clippings over the years. 7.Korte Company 50th Anniversary Book If your company history archives include plenty of tangible mementos, consider a scrapbook-style chronicle. For this 145-page book, everything from drawings and floorplans, to newspaper clippings, to hand-written notes were scanned in and used to illustrate a 50-year history. 8.Godiva 90th Anniversary Coffee Table Book As you might expect, Godiva Chocolate’s anniversary book is a decadent journey through the company’s craftsmanship over the years. Unlike many of the others on our list, this one takes a coffee-table-book approach, full of attractive product p hotos and pitched as the perfect gift for chocolate lovers – an angle to consider if you have an aesthetically pleasing product or service (think architecture, food, fashion, travel). 9.Black Hills Corporation 125th Anniversary Book This 200-page company history includes a nice balance of text and imagery, but unlike some of the other books featured here, its design relies heavily on the energy company’s corporate colors – a great example of what can be done through graphic design should your business be lacking on photography. 10.Wild Company: The Untold Story of Banana Republic In this memoir penned by the founders of retail great Banana Republic, husband-and-wife team Mel and Patricia Ziegler write in alternating voices to tell their remarkable story. The nearly 100-page book is filled mostly with text supplemented by black-and-white photography and artist illustrations. Said by reviewers to read like fiction, this book may be a good example for companie s with a charismatic voice and a surprising story to inspire entrepreneurial success.

Frankenstein Monster Essay

Frankenstein Monster Essay Frankenstein: Monster Essay ïÆ'Ëœ It is by fate rather than fortune that Victor Frankenstein so young in age is mentally scarred by the death of his mother forever resulting to a rapid imagination of a monster. For the sake of his own sanity, Victor expands his passion of knowledge by creating a monster within. ïÆ'Ëœ He secretly reveals himself as the monster by proclaiming self-accusations. â€Å"my own spirit let loose from the grave† (78). â€Å"I called myself the murder..† (181) â€Å"I murdered her.† (189) (P 145)- explain why the monster would take the locket that has a picture of his brother. ïÆ' ¼ Presents evidence of guilt toward his father, he has no reason to say such things and put himself down by tragic †¦ Killed William (younger brother, jealousy), Frames Justine (Caroline’s favorite also regrets him when he had feelings for her), Kills Clerval (jealousy, because this is what Victor could’ve been), Kills Elizabeth (he’s expected to marry her, â€Å"sister†, blames her for his mother’s death). ïÆ'Ëœ He does not seek to have a romantic passion for Elizabeth but views her as the corpse of his own mother. The monster threatens Victor but it doesn’t make sense that Victor believes to that the threat is toward Elizabeth. â€Å"Sometimes I thought that the fiend followed me, and might expedite my remises by murdering my companion† (167). â€Å"I will be with you on your wedding-night† (173). ïÆ' ¼ Gives off that he would murder his own wife but if one was given a hint of harm during their wedding night, why would one

The Anti Slavery Movement In Britain in Birmingham Coursework

The Anti Slavery Movement In Britain in Birmingham - Coursework Example This is because of the fact that though Britain was one of the most influential and prosperous nations in this regard, other nations were no les behind. The practice of slave trade was rather a tricky affair and the basis of such trade was 'need'. Ships from ports such as Liverpool and Bristol used to head towards the backward African mainland laden with small goods such as spices, fabrics, arms and knives etc. things were by far petty and simple for the white man, but something that was of extreme value and demand to the African people. This is because these were some of the many things that the African were deprived of in those days given their backwardness. More often, such goods used to be of very cheap quality, for which Africa proved to be a lucrative 'dump'. As the topic of the essay ges to say, the anti slavery movement has an important association with Britain, and among these, the city of Birmingham has come to hold an important place. Most of these low quality and sub-standard goods were made in Birmingham and were popularly referred to as 'Brummagem ware'. In return for these goods, the African people had to pay the heaviest price they could have ever thought of-'themselves'. Goods were exchanged for large number of African people, who were then brought back or taken to other territories, where they were either sold of slaves or made to do hard work in the form of slaves in those territories. Many of them were captured in armed conflicts with the Europeans winning all of them given the kind of firearms they possessed in comparison to the bows and arrows, wherein the former outclassed the latter.After having been captured or being brought in as part of the trade, these people were then packed like sardines into these slave ships and were brought home to Britain in such inhuman and inhospitable conditions that many of them would perish midway. The conditions were so worse that they would not have the opportunity t o do even the commonest of other daily activities (as they were jam-packed), which resulted in the outbreak of disease. By the turn of the eighteenth century, the trade of slaves had risen to such terrific proportions that ships from Britain were now bringing back as many as 50,000 slaves every year. Those slaves who managed to survive through all the above-mentioned hardships were then sold for transportation to places such as the windies or the America to work in plantations, factories, mills etc1. The goods produced by the slaves within those regions would then come back to Britain, where they were then sold or sold in the colonies for exorbitant prices. Thu, it can be understood that the practice of slave trade profited Britain in particular, and the countries of Europe in general have benefited in huge ways by making huge profits on many trade-related fronts. On the other hand, the slaves who labored hard were made to live and work in inhospitable conditions ridden with poverty and disease. Thus, their fruits of labor were enjoyed by the people back in Britain (and Europe). Moreover, there was no sense of knowledge within the British public largely about the conditions that existed in these plantations and factories, while many just did not bother to know any2.But, as time passed by and decades rolled past, a sense of consciousness began to emerge

Reaction Paper (Political Psychology)- Perceptions & Attributions Essay

Reaction Paper (Political Psychology)- Perceptions & Attributions - Essay Example ons are not contrived in vacuum, but have a lot to do with the past held beliefs and prejudices, recent alterations motivated by the framing of political issues and the persuasion techniques used by the vested interests. Granberg aptly defines political perception as the â€Å"process by which people develop impressions of the characteristics and positions of political candidates, parties, and institutions (p.70).† I personally feel that political perceptions do play a vital role in determining outcomes and consequences in a democratic society. The perceptions of the masses towards political candidates and parties do often have a key role in the determination of the vital factors like the levels of satisfaction with the political institutions; trust in the state and the ensuing responses and actions by the citizens (Gadot, 2006). It seems that both the external features and the perceiver’s internal orientation tend to affect the ultimate nature and potency of such perceptions (Granberg, p.70). Moreover, an astute political candidate is often aware of the power that perceptions command in the overall process of the determination of the final political outcomes in a society. That is why it has been seen that political candidates do often tailor their messages to suit the audience they intend to address. For example, Lyndon Johnson often resorted to delivering fiery speeches, when faced with a highly stimulated audience (Granberg, p.71). Pragmatically speaking, political perception is an unpredictable entity determined and influenced by an array of factors that happen to be both subjective and rational at the same time. Still a thorough observance of the political campaigns facilitated by the developments in the digital media has established that persuasion by the political candidates does often have a crucial role in influencing the political perceptions. The paper by Iyengar establishes convincingly that the vantage point from which people perceive a particular

Alternative ways of funding healthcare system Essay

Alternative ways of funding healthcare system - Essay Example In this regard, healthcare system is required to be properly funded with the intention of meeting the needs of patients with enhanced medical technology and providing best practiced medication as well as treatment facilities. Subsequently, the increase cost of healthcare has been the main concern for the social policy makers with regard to health insurance coverage and growth for Medicaid. The increasing prices of the healthcare system have become a major concern as compared to other healthcare objectives. Developing countries are identified to be struggling in an immense manner in order to extend healthcare policies coverage in the entire population. The social and the health care system has been a mass concern and government intervention is necessary to improve the same. The need of health policy planning has been observed to be a major requirement for the development of healthcare system within a country. Contextually, funds are required to be procured with the aim of conducting h ealthcare operations effectively. In order to build a sustainable healthcare system the factor relating to accessibility plays an important role for the healthcare system with regard to its availability and affordability (Gutià ©rrez and Ferrara 1-16). Most of the countries are facing constant pressure to meet the need of funding of the healthcare policies owing to increasing healthcare expenditures. Presently, healthcare system needed adequate funds in order to meet the healthcare needs of people in an effective manner. Healthcare system obtains financial funds from different sources that include government firms, private firms, household or individuals, foreign charity organisation and non-governmental organisations (NGOs) among others. In healthcare system, funding is necessary for different factors that include implementation of innovative technology, redefining medical services, better access to

The Importance Of Unix

The Importance Of Unix Unix is not limited to specific computers other operating system like using a microprocessor as a cpu. .the good thing about this is that it run on all sizes of computers using a wide range of microprocessors.moerover ,current versions of many other operating systems have been revised to include the capability to run unix applications and connect smoothly with unix. The operating system unix was found on its begginings of MULTICS.and it stands for multiplexed operating and computing system, where the whole project began on 1960s time period and in 1969 the project was pulled out by bell laboratories. it plays a precious role by counting all of the various flavors of UNIX and all of the Linux Flavors (which are sort of descendants of UNIX systems) would make up a large portion of all of the computers in operation. The operating system unix has a great importance because it was mainly designed to handle multiple user which was connected to a central hub which, in turn, it may be connected with the other hubs. This defines a network with a star topology which, amazingly enough, is the same as the basic structure of the entire internet. the most prevalent operating system in use was unix which In a nut shell is an operating system which at one point in time. This operating system has a graet impact in business and scientific sectors. We also heard about a UNIX system and non-ATT around 1990 or 1991, from the study we have found that there are a lots of incidence at a Usenix conference whre they working as a team in a different version with that of BSD UNIX that had been purged of ATT codeon when this kind of thing was really anacademic effort- there was no way we can run on a cheap Intel-based Pc. However it was also familiar as a long-term goal of the GNU project there must have a complete OS, although is true that in the earlier times they were still trying to focus on commands and compilers. When we started with linux some years ago on fooling around , and it creates a awareness in the real-world installations like Google, it was out of our idea that how good linux was,because we are trying to look at it as a user, not as a systems programmer. Once we start updating a book, and we found nice result, which forced me to go deeeper. We have started working with different linux systems like FreeBSD and SuSE we found that it was running on two spare desktop boxes. After that we decided to buy a another another box to run Solaris, and we did it and finally decided to add it in a Macintosh to run OS X, where a UNIX kernel (Darwin) was existed. There was a book in which it was more than 17000 lines of different example code was there which was covered about 300 system calls, and we are trying to test all the examples on all four systems. We are trying to find out How the other three systems would stack up against Linux, where each of which was came or originated in some way from genuine UNIX ATT? We found a surprising result, as it turned out True, the Linux we were using the latest UNIX standard was well behind Solaris in conforming to, however it was lack of POSIX threads ,POSIX interprocess communication, , and a some other system calls, but the real thing was that whatever was there was complete ,solid, and, especially,more than enough. We have discovered Linux its targeted at the most critical industrial applications, has no academic exercise.Furthermore, although we are trying to write the book , Linux 0/s kept evolving. It has now POSIX threads. It has a great commercial domination, we have good idea that linux creates a big role , on SCOs litigation judging from the news articles about, Microsofts jitters , and Suns decline.However the most important thing of Linux is socially and technically? Its this: Linux and the BSD-derived systems are open source, Unlike other UNIX clones, , so that the users can have the source if they want to use it or simply want it, they can also that vendors who improve the source. We have different examples of that .for example Red Hat, have to share their improvements.the users have a chioce to be totally self-sufficient, building their own kernel and compiler. Otherwise , they have a choice to use a commercial distribution, and they still have the ability or chance to make their own. ambitious professionals and Students can learn how a real OS is put together. If we think about developing countries Linux is perfect, because to educate their knowledge workersand to make them skilled , they can use it.on the other hand, they can deploy by running afoul of intellectual-property agreements,or without spending cash or and which can make them self-sufficient rather than being dependent on European technology companies and US . From a statistics we have found that in the last 30 years, the operating system UNIX is still known as the storong, versatile,in a word simply the best operating systems in the world. howeverThe popularity of this operating system is hinges on its simplicity, its it has a ability in running in various different machines, open standards design, and it is also good for its portability system. The important thing about UNIX is that it was and reliable, multi-user, secure, operating system that continues to dominate the enterprise Web- and application-hosting landscape.. In the present time the computer experts believe that for the web hosting unix is the best choice , where the another best alternative is linux ®, and someof The biggest vendors like ibm are strongly backing . One of the biggest reasons for using Unix is networking capability. With other operating systems, additional software must be purchased for networking. With Unix, networking capability is simply part of the operating system. Unix is ideal for such things as world wide e-mail and connecting to the Internet. If we try to compare between windows and linux we can find a clear idea.which one is more secure,reliable and chatheap. From the statistics we have found that We know that unix operating system is more secure,reliable and less expensive than that of microsoft ® Windows NT ® servers.. it is out of our skepticism that, each point can be argued, but no one can argue the fact that many UNIX operating system flavors are free. Everybody need to remember one thing about the operating system unix is that it is open source. Even if we think about security, one of the report showing a different result which is an aggregation of UNIX operating systemflavors versus Windows operating system in a different battle field likely Web-hosting environment clearly reveals that it takes a lot of time if the hacker want to hack a unix based server. If we assume an enterprise which is based on microsoft based messaging but not independant,where Microsoft Active Server Pages (ASP), Office Accessà ¢Ã¢â‚¬Å¾Ã‚ ¢, BizTalk ® Server, or any other proprietary software, for instance, Windows servers will undoubtedly be a piece of the SOA puzzle that this article reviews, the reason behind this is that as they have no other choice if they need to run that kind of software. Unix operating system was written in a machine independent language. So Unix and unix-like operating systems can run on a variety of hardware. These systems are available from many different sources, some of them at no cost. Because of this diversity and the ability to utilize the same user-interface on many different systems, Unix is said to be an opensystem.. Everything in UNIX is either a file or a process.A process is an executing program identified by a unique PID (process identifier).A file is a collection of data. They are created by users using text editors, running compilers etc. Although we dont need to say, what the future may bring-virtualization; complete services-, mash-up-, or portlet-based application front ends with shared computing hosting and database environments-somewhere out there you will still have UNIX servers doing what they do best: providing a reliable operating system to host a variety of Web computing needs. From this information we can get a clear idea of the history of UNIX servers in the enterprise and how important they are to the SOA puzzle drills into and exposes which technologies are used for each SOA implementation and the platforms on which they perform best. Reference and bibliography: 1.understanding operating systems fourth edition , by ida M.Flynn Mclver Mchoes. 2.operating systems internals and design principles, fifth edition by william stallings. 3. http://www.unix.com/ 4. http://tutorial.jcwcn.com/Operating-Systems/Linux/Linux-and-other-OSs/2008-09-16/10803.html 5. http://www.sharadavikas.com/CourceMeterials/mca34.PDF. 6. http://www.thisislondon.co.uk/standard/?ito=1640 7. http://www.computing.net/

Comparing Femininity in The Woman Warrior and King Lear Essay -- compa

Femininity in The Woman Warrior and King Lear  Ã‚        Ã‚  Ã‚   What is femininity? What role should women play in society? These are questions that humanity has faced ever since the first hunter-gatherer tribes developed. Gender roles, at least in the popular imagination, were clear; the men hunted for big game, the women picked nuts and berries. There were clear reasons for this - hunting required the brute muscular strength of the male, while gathering did not. But as humanity invented labor-saving devices, physical strength became less and less important to survival, while "mental strength" - strength of character - played an ever-increasing role. This is a phenomenon that we see played out in Shakespeare's play King Lear and Maxine Hong Kingston's memoir The Woman Warrior.    Any work of literature can be said to make a claim about the nature of femininity; even a work with all male characters would be notable in this respect for the absence of females. But these two works are notable because rather than showing females in their "traditional" passive roles, they are made into active figures. Though the two works are vastly separated in space and time, they both make the same essential claim about the nature of woman. They make the claim that women can, and should, be empowered, and that the idea of the "woman warrior" is not a dream, but a viable reality. In order to show this, the character in each work that best exemplifies this "modern spirit must be considered. In King Lear, this is Cordelia, although the choice is superficially unobvious. In The Woman Warrior, the narrator - Maxine, for the sake of brevity - is the only female character well enough known to the reader for any empowerment to be perceived. In order... ...o begin the essay with the quote below:   The last thing I wanted was infinite security and to be    the place an arrow shoots off from. I wanted change and    excitement and to shoot off in all directions myself, like    the colored arrows from a Fourth of July rocket. Sylvia Plath, The Bell Jar (68)    Works Cited Feldman, Erica. Personal communication. 28 Sept 2000. Kingston, Maxine Hong. The Woman Warrior. New York: Vintage International, 1975. O'Brien, Tim. "How To Tell A True War Story." The Things They Carried. New York: Penguin, 1990. 73-91. Plath, Sylvia. The Bell Jar. New York: Harper and Row, 1971. Rolfe, Alex. "Fa Mu Lan: an autobiography." The Woman Warrior reaction papers. 2000. Shakespeare, William. King Lear. 1608. Ed. Barbara A. Mowat and Paul Werstine. New York: Washington Square Press, 1993.      

Financial Environment and Interest Rate and Inflation

An Assignment of Business Finance Course Code: FIN -2101 Submitted To: Md. Monzur Morshed Bhuiya Associate Professor Department of Finance Jagannath University, Dhaka. Submitted By: Md. Mazharul Islam. Group Representative of Finance Interface B. B. A, 3rd Batch (2nd Year, 1st Semester) Session: 2008-2009 Department of Finance Jagannath University, Dhaka. Date of Submission: 25-10-2010 Department of Finance Jagannath University 1|Page 1 Sl. No. Name 01. Md. Mazharul Islam. (Group Representative) 02. Khadizatuz Zohara. Roll No. 091541 091526 Department of Finance Jagannath University 2|PageTable of Contents Sl. No. 2-1 2-2 2-3 2-4 2-5 2-6 2-7 2-8 2-9 2-10 2-11 Contents Problems Yield Curves Yield Curves Inflation and Interest Rate Rate of Interest Real Risk-Free Rate, MRP and DRP Exam-Type Problems Expected Inflation Rate Expected Rate of Interest Expected Rate of Interest Interest Rate Interest Rate Expected Rate of Interest Ending Part Formula and Necessary Illustration for Calculat ion Summary of the Assignment Page No. 5 6 7 9 10 12 13 14 14 15 16 17 18 Department of Finance Jagannath University 3|Page The Financial Environment: Interest Rates Problems 2-1:Suppose you and most other investors expect the rate of inflation to be 7 percent next year, to fall to 5 percent during the following year, and then to remain at a rate of 3 percent thereafter. Assume that the real risk-free rate, k*, is 2 percent and that maturity risk premium on treasury securities rise from zero on very short-term bonds ( those that mature in few days) by 0. 2 percentage points for each year to maturity, up to a limit of 1. 0 percentage point on five year or longer-term T-bonds. a. Calculate the interest rate on one, two, three, four, five, 10 and 20 year Treasury securities, and Plot the yield curve. .Now suppose IBM, a highly rated company, had bonds with the same- maturities as the Treasury bonds. As an approximation, plot a yield curve for IBM on the same graph with the Treasury bon d yield curve, (Hint: Think about the default risk premium on IBM’s long-term versus its short-term bonds. ) c. Now plot the approximate yield curve of Long Island Lighting Company (LILCO), a risky nuclear utility. Solution 2-1: Requirement ‘a’: Expected Annual Inflation Rate 7% 5% 3% 3% 3% 3% 3% Real Risk-free Rate (k*) 2% 2% 2% 2% 2% 2% 2% Average Expected Inflation Rate or Inflation Premium (IP) = 7% 1 =7% 2 = (7%+5%) ? 2 = 6% 3 = (12%+3%) ? 3 = 5% 4 = (15%+3%) ? 4 =4. 5% 5 =(18%+3%) ? 5 = 4. 2% 10 =(21%+3%? 5) ? 10=3. 6% 20 =(36%+3%? 10) ? 20=3. 3% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Average Nominal Interest Rate = k* + IP 9% 8% 7% 6. 5% 6. 2% 5. 6% 5. 3%Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Maturity Risk Premium (MRP) 0. 2% 0. 2%+0. 2% =0. 4% 0. 4%+0. 2% =0. % 0. 6%+0. 2% =0. 8% 0. 8%+0. 2% =1. 0% 1. 0% 1. 0% Department of Finance Jagannath University 4|Page And Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond The yield Curve: + 9% + 0. 2% 8% + 0. 4% 7% + 0. 6% 6. 5% + 0. 8% 6. 2% + 1. 0% 5. 6% + 1. 0% 5. 3% + 1. 0% Interest Rate (k) 9. 2% 8. 4% 7. 6% 7. 3% 7. 2% 6. 6% 6. 3% 10. 5 10. 0 9. 5 9. 0 8. 5 Yield (%) 8. 0 7. 5 7. 0 6. 5 6. 0 5. 5 5. 0 0 2 4 6 8 Yield Curve LILCO IBM T – Bonds – Bonds T 10 12 14 16 18 20 Yield of MaturityRequirement ‘b’: The interest rate on the IBM bonds has the same components as the Treasury securities, except that the IBM bonds have default risk, so a default risk premium must be included. Therefore, = * + IP + MRP + DRP For a strong company such as IBM, the default risk premium is virtually zero for short-term bonds. However, as time to maturity increases, the probability of default, although still small, is sufficient to warrant a default premium. Thus, the yiel d risk curve for the IBM bonds will rise above the yield curve for the Treasury securities.In the graph, the default risk premium was assumed to be 1. 2 percentage points on the 20-year IBM bonds. The return should equal 6. 3% + 1. 2% = 7. 5%. Department of Finance Jagannath University 5|Page Requirement ‘c’: Long Island Lighting Company (LILCO) bonds would have significantly more default risk than either Treasury securities or IBM bonds, and the risk of default would increase over time due to possible financial deterioration. In this example, the default risk premium was assumed to be 1. 0 percentage point on the one-year LILCO bonds and 2. 0 percentage points on the 20-year bonds.The 20-year return should equal 6. 3% + 2% = 8. 3%. ————- Problem 2-2: The following yield on U. S. Treasury securities were taken from The Wall Street Journal on January 7, 2004: Term Rate 6 months 1. 0% 1 year 1. 2% 2 year 1. 6% 3 year 2. 5% 4 year 2. 9% 5 year 3 . 7% 10 year 4. 6% 20 year 5. 1% 30 year 5. 3% Plot a yield curve based on these data. Discuss how each term structure theory mentioned in the chapter can explain the shape of the yield curve you plot. Solution 2-2: 5. 35 5. 30 5. 25 Yield (%) 5. 20 5. 15 5. 10 5. 05 5. 00 4. 95 4. 90 4. 85 0 5 Yield Curve 10 15 20 Maturity (years) 25 30 ———— Department of Finance Jagannath University 6|Page Problem 2-3: Inflation currently is about 2 percent. Last year the Fed took actions to maintain inflation at this level. However, the economy is showing signs that it might be growing too quickly, and reports indicate that inflation is expected to increase during the next five year. Assume that at the beginning of 2005, the rate of inflation expected for the year is 4 percent; for 2006, it is expected to be 5 percent; for 2007, it is expected to be 7 percent; and, for 2008 and every year thereafter, it is expected to settle at 4 percent. a.What is the average expected inflation rate over the five year period 2005-2009? b. What average nominal interest would, over the five-year period, be expected to produce a 2 percent real risk-free rate of return on five-year Treasury securities? c. Assuming a real risk-free rate of 2 percent and a maturity risk premium that starts at 0. 1 percent and increases by 0. 1 percent each year, estimate the interest rate in January 2005on bond that mature in one, two, five, 10 and 20 years and draw a yield curve based on these data. d. Describe the general economic conditions that could be expected to produce an upward-sloping yield curve. . If the consensus among investors in early 2005 is that the expected rate of inflation for every future year is 5 percent ( = 5% for t = 1 to ? ), what do you think the yield curve would look like?Consider all the factors that are likely to affect the curve. Does your answer here make you question the yield curve you drew in part c? Solution 2-3: Requirement ‘a & b’: Expected Annual Inflation Rate 4% 5% 7% 4% 4% 4% 4% Real Risk-free Rate (k*) 2% 2% 2% 2% 2% 2% 2% Average Expected Inflation Rate or Inflation Premium (IP) 1 = 4% 1 =4% 2 = (4%+5%) ? 2 = 4. 5% 3 = (9%+7%) ? 3 = 5. 33% 4 = (16%+4%) ? =5% 5 =(20%+4%) ? 5 = 4. 8% 10 =(24%+4%? 5) ? 10=4. 4% 20 =(44%+2%? 5) ? 20=4. 2% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Average Nominal Interest Rate = k* + IP 6% 6. 5% 7. 33% 7% 6. 8% 6. 4% 6. 2% Requirement ‘c’: Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Department of Finance Maturity Risk Premium (MRP) 0. 1% 0. 1%+0. 1% =0. 2% 0. 2%+0. 1% =0. 3% 0. 3%+0. 1% =0. 4% 0. 5%+0. 1% =0. 5% 0. 5%+(0. 1%? 5) =1. 0% 1. 0%+(0. 1%? 10) =2. 0% Jagannath University 7|PageAnd Bond Type 1st year bond 2nd year bond 5th year bond 10th year bond 20th year bond The Yield Curve: 9. 0 8. 0 7. 0 6. 0 5. 0 4. 0 3. 0 2. 0 1. 0 0. 0 0 2 4 + 6% + 0. 1% 6. 5% + 0. 2% 6. 8% + 0. 5% 6. 4% + 1. 0% 6. 2% + 2. 0% Estimated Interest Rate (k) 6. 1% 6. 7% 7. 3% 7. 4% 8. 2% Yield Curve Yield (%) 6 8 10 12 14 Years to Maturity 16 18 20 Requirement ‘d’: The ? normal? yield curve is upward sloping because, in ? normal? times, inflation is not expected to trend either up or down, so IP is the same for debt of all maturities, but the MRP increases with years, so the yield curve slopes up.During a recession, the yield curve typically slopes up especially steeply, because inflation and consequently short-term interest rates are currently low, yet people expect inflation and interest rates to rise as the economy comes out of the recession. Requirement ‘e’: If inflation rates are expected to be constant, then the expectations theory holds that the yield curve should be horizontal. However, in this event it is likely that maturity risk premiums would be applied to long-term bonds because o f the greater risks of holding long-term rather than short-term bonds: Yield (%) Actual yield curveMaturity risk premium Pure expectations yield curve Years to Maturity Department of Finance Jagannath University 8|Page If maturity risk premiums were added to the yield curve in part e above, then the yield curve would be more nearly normal—that is, the long-term end of the curve would be raised. ————- Problem 2-4: Assume that the real risk-free rate of return, k*, is 3 percent, and it will remain at that level far into the future. Also assume that maturity risk premiums on Treasury Bonds increase from zero for bonds that mature in one year or less to a maximum of 2 percent, and MRP increases by 0. percent for each year to maturity that is greater than one year – that is, MRP equals 0. 2 percent for a two-year bond, 0. 4 percent for a three year bond, and so forth. Following are the expected inflation rates for the next five years: Year Inflat ion Rate (%) 2005 3 2006 5 2007 4 2008 8 2009 3 a. b. c. d. What is the average expected inflation rate for a one, two, three, four and five year bond? What should be the MRP for a one, two, three, four and five year bond? Compute the interest rate for a one, two, three, four and five year bond?If inflation is expected to equal 2 percent every year after 2009, what should be the interest rate for a 10 and 20 year bond? e. Plot the yield curve for the interest rates you computed in parts c and d. Solution 2-4: Requirement ‘a’: Expected Annual Inflation Rate 3% 5% 4% 8% 3% 2% 2% Real Risk-free Rate (k*) 3% 3% 3% 3% 3% 3% 3% Average Expected Inflation Rate or Inflation Premium (IP) 1 = 3% 1 =3% 2 = (3%+5%) ? 2 = 4% 3 = (8%+4%) ? 3 = 4% 4 = (12%+8%) ? 4 =5% 5 =(20%+3%) ? 5 = 4. 6% 10 =(23%+2%? 5) ? 10=3. 3% 20 =(33%+2%? 5) ? 20=2. 65%Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Requirement ‘b†™: Average Nominal Interest Rate = k* + IP 6% 7% 7% 8% 7. 6% 6. 3% 5. 65% Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond Maturity Risk Premium (MRP) 0% 0%+0. 2% =0. 2% 0. 2%+0. 2% =0. 4% 0. 4%+0. 2% =0. 6% 0. 6%+0. 2% =0. 8% 0. 8%+(0. 2%? 5)=1. 8% 2% Department of Finance Jagannath University 9|Page Requirement ‘c & d’: Bond Type 1st year bond 2nd year bond 3rd year bond 4th year bond 5th year bond 10th year bond 20th year bond 6% + 0% 7% + 0. 2% 7% + 0. 4% 8% + 0. 6% 7. 6% + 0. 8% 6. 3% + 1. 8% 5. 65% + 2% Interest Rate (k) 6% 7. 2% 7. 4% 8. 6% 8. 4% 8. 1% 7. 65% Requirement ‘e’: Yield Curve 9. 0 8. 5 Yield (%) 8. 0 7. 5 7. 0 6. 5 6. 0 5. 5 5. 0 0 2 4 6 8 10 12 14 16 18 20 Years to Maturity ————Problem 2-5: Today’s edition of The Wall Street Journal reports that the yield on Treasury bills maturing in 30 days is 3. 5 percent, the yield on Treasury bills m aturing in 10 years is 6. 5 percent, and the yield on a bond issued by Nextel Communications that matures in six years is 7. 5 percent.Also, today the Federal Reserve announced that inflation is expected to be 2 percent during the next 12 months. There is a maturity risk premium (MRP) associated with all bonds with maturities equal to one year or more. a. Assume that the increase in the MRP each year is the same and the total MRP is the same for bonds with maturities equal to 10 years and greater that is, MRP is at its maximum for bonds with maturities equal to 10 years and greater. What is the MRP per year? b. What is default risk premium associated with Nextel’s bond? c. What is the real risk-free rate of return? Department of Finance Jagannath University 0 | P a g e Solution 2-5: Requirement ‘a’:Since MRP associated with all bonds with maturities equal to one year or more, so with Treasury bills maturing in 30 days, 0% MRP is associated, then k = k* + IP ? 3. 5% = k* + 2% ? k* = 3. 5% ? 2% ? k* = 1. 5% At the 10 year bond: k = k* + IP + MRP ? 6. 5% = 1. 5% + 2% + MRP ? MRP = 6. 5% ? 1. 5% ? 2% ? MRP = 3% As MRP at 10 year bond is 3%. So MRP per year is (3? 10) = 0. 3%. Requirement ‘b’: Since 30 days T-bond and 10 years T-bond fulfills the equations:- K = k* +IP +MRP, We have to calculate DRP from 6 years Nextel Bond: k = k* +IP +DRP +MRP ? 7. 5% = 1. 5% + 2% + DRP + (0. % ? 6) ? 7. 5% = 3. 5% + DRP + 1. 8% ? DRP = 7. 5% ? 3. 5% ? 1. 8% ? DRP = 2. 2% Requirement ‘c’: Now real risk-free rate of return k* = 3. 5% – IP = 3. 5% – 2. 0% = 1. 5% ————- Exam-Type Problems 2-6: According to The Wall Street Journal, the interest rate on one-year Treasury bonds is 2. 2 percent, The rate on two-year Treasury bonds is 3. 0 percent, and the rate on three-year Treasury bonds is 3. 6 percent. These bonds are considered risk free, so the rates given here are risk free rates ( ). The one-y ear bond matures one year from today, the two-year bond matures two year from today and so forth.

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