Drug theft goes big Organized gangs are stealing prescription medicine in increasingly audacious heists. That's a problem for Big Pharma and for patients, who can unknowingly buy stolen -- and sometimes dangerous -- medications. By Katherine Eban, contributor FORTUNE -- A few years ago a security expert visited Eli Lilly's vast warehouse in Enfield, Conn., one of the pharmaceutical giant's three U.S. distribution sites, where hundreds of millions of dollars' worth of prescription drugs are stored. He then looked up at the ceiling. Sure enough, Lilly's (LLY) Enfield warehouse became the site of a headline-making heist -- the largest pharmaceuticals theft in history. Security was so lax that they pulled their tractor-trailer directly up to the loading dock and parked there for hours. Another alarm went off at some point during the burglary, say those familiar with the break-in. Pharma: The most lucrative target And pharmaceuticals top the list of the most lucrative targets. The FBI's top pharma-theft cop
Modern portfolio theory Economist Harry Markowitz introduced MPT in a 1952 essay,[2] for which he was later awarded a Nobel Prize in Economics. Mathematical model[edit] Risk and expected return[edit] MPT assumes that investors are risk averse, meaning that given two portfolios that offer the same expected return, investors will prefer the less risky one. Thus, an investor will take on increased risk only if compensated by higher expected returns. Under the model: Portfolio return is the proportion-weighted combination of the constituent assets' returns.Portfolio volatility is a function of the correlations ρij of the component assets, for all asset pairs (i, j). ,where for , or,where is the (sample) covariance of the periodic returns on the two assets, or alternatively denoted as , or .Portfolio return volatility (standard deviation):For a two asset portfolio: Portfolio return: Portfolio variance: For a three asset portfolio: Portfolio return: Portfolio variance: Diversification[edit] Efficient Frontier.
Marginal REVOLUTION - Small Steps Toward A Much Better World Industrial engineering Depending on the subspecialties involved, industrial engineering may also be known as, or overlap with, operations management, management science, operations research, systems engineering, management engineering, manufacturing engineering, ergonomics or human factors engineering, safety engineering, or others, depending on the viewpoint or motives of the user. For example, in health care, the engineers known as health management engineers[not verified in body] or health systems engineers are, in essence, industrial engineers by another name. Overview[edit] While the term originally applied to manufacturing, the use of "industrial" in "industrial engineering" can be somewhat misleading, since it has grown to encompass any methodical or quantitative approach to optimizing how a process, system, or organization operates. The various topics concerning industrial engineers include: History[edit] Origins[edit] Industrial Revolution[edit] Specialization of Labor[edit] Interchangeable Parts[edit]
Kenneth R. French - Data Library Because of changes in the treatment of deferred taxes described in FASB 109, files produced after August 2016 no longer add Deferred Taxes and Investment Tax Credit to BE for fiscal years ending in 1993 or later. U.S. Research Returns Data (Downloadable Files) Univariate sorts on Size, B/M, OP, and Inv Portfolios Formed on Size TXT CSV Details Portfolios Formed on Size [ex.Dividends] TXT CSV Details Portfolios Formed on Size [Daily] TXT CSV Details Portfolios Formed on Book-to-Market TXT CSV Details Portfolios Formed on Book-to-Market [ex. Portfolios Formed on Operating Profitability TXT CSV Details Portfolios Formed on Operating Profitability [ex. Portfolios Formed on Investment TXT CSV Details Portfolios Formed on Investment [ex. Bivariate sorts on Size, B/M, OP, and Inv 6 Portfolios Formed on Size and Book-to-Market (2 x 3) TXT CSV Details 6 Portfolios Formed on Size and Book-to-Market (2 x 3) [ex. Three-way sorts on Size, B/M, OP, and Inv Univariate sorts on E/P, CF/P, and D/P U.S.
Musings on Markets Chaos theory A double rod pendulum animation showing chaotic behavior. Starting the pendulum from a slightly different initial condition would result in a completely different trajectory. The double rod pendulum is one of the simplest dynamical systems that has chaotic solutions. Chaos: When the present determines the future, but the approximate present does not approximately determine the future. Chaotic behavior can be observed in many natural systems, such as weather and climate.[6][7] This behavior can be studied through analysis of a chaotic mathematical model, or through analytical techniques such as recurrence plots and Poincaré maps. Introduction[edit] Chaos theory concerns deterministic systems whose behavior can in principle be predicted. Chaotic dynamics[edit] The map defined by x → 4 x (1 – x) and y → x + y mod 1 displays sensitivity to initial conditions. In common usage, "chaos" means "a state of disorder".[9] However, in chaos theory, the term is defined more precisely. where , and , is: .
Investor Home - Fundamental Anomalies Gary Karz, CFA (email) Host of InvestorHome Principal, Proficient Investment Management, LLC Value Value investing is probably the most publicized anomaly and is frequently touted as the best strategy for equity investing. There is a large body of evidence documenting the fact that historically, investors mistakenly overestimate the prospects of growth companies and underestimate value companies. Professors Josef Lakonishok, Robert W. Vishny, and Andrei Shleifer (of LSV Asset Management) concluded that "value strategies yield higher returns because these strategies exploit the mistakes of the typical investor and not because these strategies are fundamentally riskier." 1 In Value and Growth Investing: Review and Update (or in the Financial Analysts Journal here January/February 2004) Louis K.C. Low Price to Book A classic study on the performance of low price to book value stocks was by Eugene Fama and Kenneth R. High Dividend Yield Low Price to Sales (P/S) Low Price to Earnings (P/E) 1.
Aswath Damodaran: Valuation, Books, Blog, Articles, Videos “A brand name is one of those competitive advantages you can hang on to for a long time.” — Aswath Damodaran Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues Q1 2020 hedge fund letters, conferences and more Aswath Damodaran: Background & bio Aswath Damodaran is the Professor of Finance at the Stern School of Business at New York University. Aswath Damodaran had a spate teaching at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. Aswath has published research papers in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies. Aswath Damodaran: Blog Musings on Markets Not-so-profound thoughts about valuation, corporate finance and the news of the day! Tools Taken from Aswath Damodaran’s website: Damodaran Online Spreadsheets Webcasts Mr. Papers
Game theory Game theory is the study of strategic decision making. Specifically, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers."[1] An alternative term suggested "as a more descriptive name for the discipline" is interactive decision theory.[2] Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science, and biology. Modern game theory began with the idea regarding the existence of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. This theory was developed extensively in the 1950s by many scholars. Representation of games[edit] Most cooperative games are presented in the characteristic function form, while the extensive and the normal forms are used to define noncooperative games. Extensive form[edit] The game pictured consists of two players. The extensive form can also capture simultaneous-move games and games with imperfect information. Lists