yilunzhao/KnowledgeMath huggingface dataset:
Topic: Accounting

A spreadsheet containing 108 monthly returns for shares in Saraswoti Inc is owned by Kaleb Perkins. He designs a software program that applies bootstrap resampling to generate 200 resamples from this Saraswoti data through sampling with replacement. Each resample comprises of 108 data points. The software programmed by Perkins computes the average of each of the 200 resamples, then determines that the mean of these 200 resample means equals 0.0261. The program subtracts 0.0261 from each of the 200 resample means, squares each of these 200 differences, and totals up the squared differences, resulting in 0.835. An estimate of the standard error of the sample mean is then calculated by the program. What is the estimated standard error of the sample mean?
Topic: Asset Classes & Derivatives

Reviewing the latest annual report for Fund VI (displayed in Exhibit 1) to assess Yushan's previous performance, what is the DPI value that Madan determines for Fund VI, taking into account a fund worth £300 million from 2011, management costs of 2%, a 20% carried interest, a 7% hurdle rate, and a term of 2018 up to 31st December 2016?

|                   | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
|-------------------|------|------|------|------|------|------|
| Called Down       | 120  | 40   | 25   | 60   | 25   | 10   |
| Realized Results  | 0    | 0    | 25   | 80   | 100  | 195  |
| Unrealized Results| -15  | -35  | 35   | 25   | 35   | 60   |
| Distributions     |      |      |      | 60   | 110  | 175  |
Topic: Accounting

Provided the following: The cash flow from operations is:

| Revenue | $2,600,000 |
| --- | --- |
| Net profit margin | 35% |
| Depreciation on PP&E | 180,000 |
| Increase in accounts receivable | 90,000 |
| Decrease in accounts payable | 70,000 |
| Increase in inventory | 500,000 |
| Gain on sale of equipment | 20,000 |
Topic: Accounting

For the financial year-end, Everest Aqua Enterprises (EAE) announced a net profit of $12 million and an average of 2,000,000 ordinary shares circulating. The firm disbursed $800,000 as preferred dividends and there were 100,000 options with an average exercise price of $20 still to be exercised. Over the course of the year, EAE's average market price was $25 a share. What is EAE’s diluted EPS?
Topic: Asset Classes & Derivatives

Jones mentions that the shift of a firm's ratings can affect the overall return of a bond asset. For instance, he chooses a 10-year maturity, 5% coupon bond presently trading at par and rated A+ by Moody's. He requests Smith to compute the anticipated total return over a one-year term assuming the bond is demoted by two notches and to figure out why the year-end duration for the bond is 6.9. Assuming no modification in market conditions and a horizontal yield curve and utilizing Table 2, what is the projected yield on Jones' demo bond over a one-year span?

| S&P Rating | G-Spread | S&P Rating | G-Spread |
|------------|----------|------------|----------|
| AAA        | 0.30     | A          | 1.00     |
| AA+        | 0.45     | A-         | 1.10     |
| AA         | 0.60     | BBB+       | 1.30     |
| AA-        | 0.70     | BBB        | 1.45     |
| A+         | 0.85     | BBB-       | 1.60     |
Topic: Asset Classes & Derivatives

Claire Smith, CFA, has been tasked with examining Shyrdak. Smith anticipates that Shyrdak's earnings and dividends will experience a consistent growth rate of 13 percent. The financial statements for the most recent two years (2007 and 2008) along with other details for Shyrdak are supplied in Exhibits 1 and 2. These exhibits offer actual 2007 and 2008 Financial Statements as of May 31st (in Millions exceptPer-ShareData) and selected Financial Information respectively. Based on the data from Exhibits 1 and 2 and Smith's projections for Shyrdak, what are the justified forward P/Es for this company?

| Income Statement        | 2007  | 2008  |
|------------------------ |-------|-------|
| Revenue                 | $474  | $598  |
| Depreciation            | 20    | 23    |
| Other operating costs   | 368   | 460   |
| Income before taxes     | 86    | 115   |
| Taxes                   | 26    | 35    |
| Net income              | 60    | 80    |
| Dividends               | 18    | 24    |
| Earnings per share      | $0.714| $0.952|
| Dividends per share     | $0.214| $0.286|
| Common shares outstanding|84.0  | 84.0  |

| Required rate of ROE | 14% |
|----------------------|-----|
| Growth rate of industry | 13% |
| Industry P/E | 26 |
Topic: Quantitative Analysis & Valuation

If Sarah desires to forecast her nation's tax revenue, she chooses GDP, Fiscal expenditure and RPI (Retail Price Index) as three independent variables. She finds that this year's GDP is 104790.6, Fiscal expenditure is 22053.15, and RPI is 98.7. What is the expected value of the tax revenue for this year?

| Variable          | Coefficient | Std. Error | t-Statistic |
|-------------------|-------------|------------|-------------|
| Intercept         | -2582.791   | 940.613    | -2.746      |
| GDP               | 0.022       | 0.006      | 3.667       |
| Fiscal Expenditure| 0.702       | 0.033      | 21.273      |
| RPI               | 23.985      | 8.738      | 2.745       |
Topic: Asset Classes & Derivatives

The stock collection has a market value of $6,000,000. The retirement fund is planning to use a futures contract priced at $250,000 to raise the beta from 0.9 to 1.2 for a span of one month. The futures contract has a beta of 0.95. After one month, the return of the stock market is 5%, the market value of the stock collection becomes $6,250,000, and the cost of the futures contract is $262,000. What is the effective beta of the stock element of the fund?
Topic: Quantitative Analysis & Valuation

You are creating models to predict earnings per share for two building firms, X and Y. The likelihood of Firm X's EPS growing by the year's end stands at 0.45. The chance of Firm Y's EPS swelling by the end of the year is 0.25. The probability that both firms' EPS will hike is 0.10. According to the predictive models, what is the likelihood that the EPS of at least one of these building firms will surge?
Topic: Accounting

Firms A and B start the year with the same book value of equity and identical tax rates. They have the same transactions all year and report them in the same way, except for one. Both firms purchase a printer worth £300,000 with a lifespan of three years and a salvage value of £0 at the start of the year. Firm A capitalizes the printer and depreciates it using a straight-line method, while Firm B expenses the printer. The following information is collected for Firm A at the end of the year. Given this information, what would be Firm B's return on equity using year-end equity?

|                        | Company X      |
|------------------------|----------------|
|                        | As of 31 December |
| Ending shareholders' equity | £10,000,000   |
| Tax rate               | 25%            |
| Dividends              | £0.00          |
| Net income             | £750,000       |
Topic: Portfolio Management & Strategy

If a risk analyst supposes the joint distribution of returns is multivariate normal and calculates the ensuing risk measures for a portfolio of two assets: what would be the decrease in portfolio VAR if we eliminate asset 2?

| Asset | Position | Individual VAR | Marginal VAR | VAR Contribution |
|-------|----------|----------------|--------------|------------------|
| 1     | USD 100  | USD 23.3       | 0.176        | USD 17.6         |
| 2     | USD 100  | USD 46.6       | 0.440        | USD 44.0         |
| Total | USD 200  | USD 61.6       |              | USD 61.6         |
Topic: Asset Classes & Derivatives

The portfolio manager of AB pension, Jacques, has recently contemplated incorporating PZ Inc. (New York Stock Exchange: PZ) into the portfolio. Instead of utilizing the two-stage DDM, Jacques intends to use his forecast that the stock of PZ will be valued at 20 times its earnings per share (trailing P/E of 20) in 4 years. With a projected earnings retention ratio of 0.6 and a dividend of $ 0.3461 at that point, what will be the terminal value of the stock according to this method?
Topic: Quantitative Analysis & Valuation

What is the standard deviation of return for a portfolio made up of Investment X and Investment Y?

|                                             | Fund A | Fund B |
|---------------------------------------------|--------|--------|
| Portfolio weights (%)                       | 70     | 30     |
| Expected returns (%)                        | 10     | 16     |
| Standard deviations (%)                     | 7      | 13     |
| Correlation between the returns of Fund A and Fund B | 0.80 |      |
Topic: Quantitative Analysis & Valuation

George Smith and his group gather a lot of analytical and statistical information about the automobile market. Based on this information, they infer that the average cost of SUVs exceeds $46,435 in their nation. Following this, they randomly pick 64 SUVs with an average cost of $46,760. The standard deviation of this sample is assumed to be 1370. George Smith performs a hypothesis test to validate their inference. At what significance level should George Smith reject the null hypothesis?
Topic: Market Analysis & Economics

A Chinese business organization primarily exports products to US and offers 90 days credit term to US firms. The transactions are settled in USD. The organization from China is concerned that the USD will lose its value and wants to hedge the potential risk by engaging in a short forward contract. The local risk-free rate is 4% and the foreign risk-free rate is 2%. The current spot rate is 6.7523￥per $. What is the cost of the forward contract?
Topic: Accounting

An analyst from an international securities firm's research department, named John Thronen, is working on a research report for Topmaker, Inc. This publicly-traded company adheres to IFRS. Now, a company named Castello Corp. has a plan to generate $40 million in capital through loans backed by its financial receivables. The plan entails formation of a special-purpose entity (SPE), injecting $10 million into the SPE, getting the SPE to secure a $40 million loan, and then use this capital to acquire $50 million worth of receivables from Castello Corp. Castello Corp., which fits the concept of control, aims to consolidate the SPE, with its balance sheet displayed in Exhibit 1. Considering Exhibit 1 and Castello Corp.'s method of lending against its financial receivables, what will the total assets on the consolidated balance sheet look like?

|                       |       |                         |       |
|-----------------------|-------|-------------------------|-------|
| **Exhibit 1. Blanca Co. Balance Sheet at 31 December 2016 ($ millions)** |       |                         |       |
| Cash                 | 20    | Current liabilities     | 25    |
| Accounts receivable  | 50    | Noncurrent liabilities  | 30    |
| Other assets         | 30    | Shareholders' equity    | 45    |
| Total assets         | 100   | Total liabilities and equity | 100   |
Topic: Quantitative Analysis & Valuation

Brown is curious about how the change in seasons impacts the sales of the down jacket. He structures a regression model incorporating a dummy variable (1 for winter and 0 for summer) as an independent variable and the sales volume (in thousands) as the dependent variable and achieves the following outcomes: What is the variance in the sales volume between summer and winter in thousands?

|               | Coefficients | Standard Error | t-Statistic |
|---------------|--------------|----------------|-------------|
| Intercept     | 3.7642       | 2.5743         | 1.4622      |
| Season dummy  | 20.5732      | 10.3958        | 1.9790      |
Topic: Market Analysis & Economics

The operations manager of a company collects the following data about the company's cost structure at various output levels: Please refer to the information in Exhibit 1. What is the average fixed cost (AFC) when the production quantity is 4 units?

| Quanty(Q) | Total Fixed Cost(TFC) | Total Variable Cost(TVC) |
|-----------|-----------------------|--------------------------|
| 0         | 200                   | 0                        |
| 1         | 200                   | 100                      |
| 2         | 200                   | 150                      |
| 3         | 200                   | 200                      |
| 4         | 200                   | 240                      |
| 5         | 200                   | 320                      |
Topic: Asset Classes & Derivatives

The two-year Libor-based interest rate swap with semi-annual resets (30/360 day count). In light of the following data, what is the swap's fixed rate?

| Days to Maturity | LIBOR | Present Value Factors |
|------------------|-------|-----------------------|
| 180              | 3.0%  | 0.985222              |
| 360              | 3.5%  | 0.966184              |
| 540              | 4.0%  | 0.943396              |
| 720              | 4.5%  | 0.917431              |
Topic: Market Analysis & Economics

A financial backer is pondering including three new assets into his globally focused fixed income collection. He is focusing on these non-callable assets: 1-year government bond, 10-year government bond and a 10-year BBB rated corporate bond. His plan is to either equally invest in all three assets under scrutiny, or he'll avoid all of them for the time being. His condition to make the additional investment is that the projected spread/premium of the equally weighed investment must be at least 1.5 percent (150bp) greater than the 1-year government bond. Using just the given details, calculate the estimated return that an equal-weighted investment in these three assets could offer.

| Risk free interest rate (1-year, incorporating 2.6% inflation expectation) | 3.8% |
| --- | --- |
| Term premium(10-year vs.1-year government bond) | 1% |
| 10-year BBB credit premium (over 10-year government bond) | 75bp |
| Estimated liquidity premium on 10-year corporate bonds | 55bp |
Topic: Corporate & Securities Issuance

If Apple View Corp.'s dividend policy is characterized by a slow adaptation towards a specific dividend payout proportion, and the company has projected its earnings per share for this year to be $4.00, given that last year, their earnings per share were $3.00 and they paid out a dividend of $0.60 per share, what will be this year's dividend per share, given that they have a predetermined payout proportion of 25 percent and employ a five-year period to adjust their dividend?
Topic: Asset Classes & Derivatives

A firm releases a leveraged floating-rate note which offers a coupon of 1.5 times Libor on notional principle of $1 million. This firm uses the capital to purchase a fixed-rate bond with 6% coupon rate. To counter the risk of fluctuating payments, the firm partakes in a swap with a fixed rate of 5% and a floating rate of 1.5 times Libor. Determine the net income from these transactions.
Topic: Risk Management

A production company named Silver borrowed USD 500 million from Star Bank. To protect its debt exposure to Silver, Star Bank engages in a credit default swap transaction with Metro Bank, where Metro Bank would wholly reimburse Star Bank if Silver defaults. If the defaults of Star Bank, Metro Bank, and Silver are independent and their default probabilities are considered to be 0.5%, 0.6%, and 4.0%, respectively. What is the likelihood that Star Bank will encounter a credit loss in its exposure to Silver?
Topic: Risk Management

A bond portfolio contains two bonds, bond X and bond Y. The values of bond X and bond Y are $60 millions and $40 millions respectively. The one-year probabilities of default and the recovery rate of bond X are 5% and 60% respectively, while for bond Y are 7% and 50%. Can you compute the one-year expected credit loss of this compilation? Assume that the default risk between X and Y is independent.
Topic: Market Analysis & Economics

The demand schedule in an entirely competitive market is dictated by P = 93 – 1.5Q (for Q ≤ 62) and the enduring cost organization of each corporation is: Total cost: 256 + 2Q +  4Q2 Average cost: 256/Q + 2 + 4Q Marginal cost: 2 + 8Q New corporations will infiltrate the market at any price above:
Topic: Market Analysis & Economics

The demand function for groceries is denoted by the equation Qdpg = 80 - 3Ppg + 0.1I + 0.5Ppdr where Qdpg is the quantity of groceries, Ppg is the price of groceries, I is the income, and Ppdr is the price of beverages. We understand that: Ppg = 30, I = 110, and Ppdr = 20. What will the price elasticity of demand for groceries be?
Topic: Accounting

A financial expert is assessing the liquidity of XYZ Corporation based on the financial data from 2016 and 2017. The total debt was $200 in 2016 and rose to $300 in 2017. The total assets were $500 in 2016, increasing to $800 in 2017. The total equity was $250 in 2016 and went up to $400 in 2017. What is the financial leverage ratio in 2017?
Topic: Quantitative Analysis & Valuation

An investment director purchased 600 call options on a stock that doesn't pay dividends, with a strike price of USD 60, at a cost of USD 3 each. If the current stock price is at USD 62, the daily stock return volatility is pegged at 1.82%, and the delta of the option stands at 0.5. How can we approximate the 1-day 95% VaR of this position using the delta-normal approach?
Topic: Accounting

Considering the data analyzed, what will be the impairment loss on this manufacturing plant (in thousands) under IFRS?

|        | £ thousands |
|--------|-------------|
| Carrying amount | 132 |
| Undiscounted expected future cash flows | 120 |
| Present value of expected future cash flows | 100 |
| Fair value if sold | 105 |
| Costs to sell | 1 |
Topic: Quantitative Analysis & Valuation

After settling on the last set of features, Johnson chooses and executes a model on the training set which labels the text as having either positive sentiment (Class "1") or negative sentiment (Class "0"). He subsequently inspects its performance through error analysis. As per Exhibit 1, what is the F1 score of the model?

|                |          | Actual Training |        |
|----------------|----------|--------------|--------------|
|                |          | results     |              |
| Predicted      |          | Class "1"   | Class "0"    |
| Results        | Class "1"| TP=182      | FP=52        |
|                | Class "0"| FN=31       | TN=96        |
Topic: Asset Classes & Derivatives

What is the carried interest paid to the general partner of the DeepSleep Investment, referenced in the brochure and having a committed capital of $150 million, a management fee of 2%, carried interest of 20%, and a hurdle rate of 9%, at the end of the second year? In the example given in the brochure, the fund demands $100 million in commitments at the start of the first year and disburses $40 million in Company X and $60 million in Company Y. At the onset of the second year, it calls the residual $50 million and invests into Company Z. By the end of the second year, the investment in Company Y is sold for $70 million. The investment in Company X amounts to $54 million by the end of the third year, the investment in Company Z is worth $40 million, and a cash reserve of $46 million is maintained.
Topic: Market Analysis & Economics

Using the income approach, compute the personal income using the details in the succeeding table.

| Compensation of employees | 1,044,005 |
|---------------------------|-----------|
| Gross operating surplus | 518,979 |
| Gross mixed income | 241,415 |
| Net mixed income | 180,653 |
| Taxes less subsidies on production | 90,507 |
| Taxes less subsidies on products and imports | 139,443 |
| Statistical discrepancy | 1,157 |
| Net property income | 136,011 |
Topic: Accounting

A CFA named Fabian, who is employed at the Equity investment firm, is in the process of preparing an analytical report on the PZ company, which is registered on the HK Exchange and is in compliance with IFRS 9. She has gathered data on three fixed-income investments from the PZ's 2019 year-end financial report (assuming cost equals par value). Could you determine the carrying value of PZ company's investment portfolio at the end of 2019?

|            | Classification  | Cost   | Market value  2018 | Market value 2019 |
|------------|-----------------|--------|------------------- |-------------------|
| Shoes Corp | FVOCI           | 12,000 | 15,000             | 16,000            |
| Angle PD   | Amortized cost  | 35,000 | 32,000             | 33,000            |
| T-vision   | FVPL            | 42,000 | 45,000             | 56,000            |
Topic: Asset Classes & Derivatives

What is the 3-year implied spot rate if all rates are annual rates stated for a periodicity of one (effective annual rates)?

| Time Period | Forward Rate |
|-------------|--------------|
| 0y1y        | 0.80%        |
| 1y1y        | 1.12%        |
| Z           | 3.94%        |
| 3y1y        | 3.28%        |
| 4y1y        | 3.14%        |
Topic: Portfolio Management & Strategy

Assuming the measure of risk aversion is -3, where is Mauricio Garcia, a daring investor who applies utility theory to select his investment portfolio, most likely to invest given a table of potential investments with expected returns and expected standard deviations?

| Investment | Expected Return(%) | Expected Standard Deviation(%) |
|-----------|------------------|-----------------------------|
| 1         | 19               | 3                           |
| 2         | 21               | 9                           |
| 3         | 24               | 20                          |
| 4         | 19               | 35                          |
Topic: Asset Classes & Derivatives

John is getting ready to assess the value of Company X's equity using the two-stage FCFE model. The anticipated growth rates for the initial three years are projected at 10%, 8%, and 6%, in that order, before potentially growing at 5% annually for an indefinite period. The necessary rate of return on equity for Company X stands at 10%. What is the fundamental value of Company X’s equity?

| Company M                    | $ millions |
|---------------------------|----------|
| Net Income                      | 485        |
| Depreciation expense      | 270        |
| Increase in accounts receivable | 59         |
| Increase in accounts payable    | 33         |
| Purchase of fixed assets        | 523        |
| Increase in notes payable       | 15         |
| Increase in long-term debt      | 60         |
Topic: Asset Classes & Derivatives

Recently, an analyst named Ahern from a financial firm gathered data for an equal-weighted index made up of assets A, B, and C: What is the index's price return?

|       | Beginning of Period Price($) | End of Period Price($) | Total Dividends($) |
|-------|------------------------------|------------------------|--------------------|
| A     | 8.00                         | 10.00                  | 0.50               |
| B     | 22.00                        | 19.00                  | 1.20               |
| C     | 25.00                        | 25.00                  | 1.50               |
Topic: Accounting

In 2013, AskIt bought a customer list for $100,000, expected to yield equal annual benefits for four years. It also registered $200,000 in goodwill from the takeover of a rival firm, with projections indicating substantial benefits for at least a decade. Furthermore, it allocated $300,000 on media slots publicizing the firm's donations of goods and services in the local community, a move which the CEO believes significantly boosted the company's reputation and anticipates it to yield rewards for five years. Consequently, how much should the company declare as amortization expense in 2014?