sta ad ef r

snla l rsEE

Pr Fe,

nd n

mc sb tt t

ltoco::elation

II (B) Xfa ket Xla"ipvlation

Dut:e t Chent

HI(B)Fait Dc i g
Ill(C) suitRbili

IH(D)krf
mance p esentaton
IH(El Pt w fC nhdeno 1
Co npens oon p angcm

n1

In,e ment 9 sk mmenda oo

V(A)
V lB)

V(C)

and c ion

ct and so^able Basis

iiun cao n witb Cl en Rnd

t iligt

ii

P,o pcc

,cC eo

Coll icts of Intc s1

(A) Dodo ute ofC
Hic
(B) P,i iity oF nsatt ns
I(C) Re

ec
1I
Rcspo sib itie a a CFA Inst
M mbc o'CFi Candida(
l/ l lAl
Conductin the CF^P,ogranl
oes1

nRJon and CFr Ptogl

^t

tlnclent ori11thc n odd pledi ion

di:k ncing

Aut g,k

autocotKIttt

E omatk

Con0de"ce inK1 al

sE oFf

=b,+(` X")+(bz x )
T st

statisticd sigl

t=

i (Rnce

lJ

p ll

apPr,c111ent cct de6ci

nd n

anci

hould11u~c

es

p
ve pa

salnt

r~MsR`Msr with k and n-k-1df(!t

::l
i

GroMh cor,

Re 1GDP gt
`
wd tcmpora lCDP c n
ah c subsis(ence le

:l;})J:|;

"

,t

Els l

~l+E

l+% 1+E(i

ical
Cla

lnt r^a on Fohcr Matlo

$umts K intc,c 9tltC tC q1m aC ss b (de

i te e t tuj
cntial cq 1als txpcc(ed in
tion dif+

rb~s

lXIsR Rss`k
MsE ssE`(n-k-l)
Tost stRtotid s gtnc ck|0ft
ession;

n c dt c mpalat,le good
eal pl1ce ua"countrle9

m,tng

K" y

count

si:ni
tlnt

ggtd ef refm Col ec:by addi"g laggcd1ctn

$
: :

^(11

Relad,e PPP:covl tries wid,higb innat on ratk|s

should9ee d e!c"rrk n e9 P c ar

ni;:
!
of b; H,: b

Un nti(it,
d shin to txl n c

L v f nc P
c

iiante fA Hs he

b3 xi)

Lox e teIa
t il co|ne gro
Lo tf la xe inn, nr t^h rnt
H he d me$it a ni e
t rat

mpr ved v tment o maF

PuKh ing
d et o

=u,+a 1+u,

RIIdtiPk Re ssl n

suV vs

A 0H detec ed

tc cu t

,,/

1cid`t cu1| ncl dcP knd nnan(i l Rcct dencit

b)

s s naL :indik cd by statis(ca y

l

gn cu"enq^at foJ,, r f

l Predicted v lue

Urantic a d biR t exP m net yP hq:highct

inoome d atcdinn c,tr dh ctts1R1Cs

if

X, X ~ :

b,=Y~blx

d imte,ceP

w" n eb naK the unit oo(

dc ,1ec
`Pc
f1|c iduJ not ignifoant

w0 R)m de

sE,squR1
oot0faVg squa,t
Rand m`~hlk ser:

io

FX m rkcts

C tKny appKciltc due t

b,
lI

f ne cu Koq
Pic

|,

: h 1T

=.

Me n ie,ert le,df r3Jt(l

li s

(E

bcli( b
)su ng quo1e

w th u t,
t s not Ck,variance`nti na!y Filst

Cotfk|latlon:

` mh iat

Unit oot,c0t Citnt o!llagged d vbl l seli6

and me
Dk vc y
C 1 tutn>1a get tetuln
Nollli a dR E kIlmgt Rat

r`` d if l
Pe, r UsD|CB th^
^

tqu te
m
e Pe Pec ve l eP
^ad

tatcd pc,ccnt ofastng p icc

Dick,ru tnest
simp eL:n ar Rcgtessio

,,th

Et nomi(gtow h c ltin

den^i dy as
(echnology ad ces
|r

te~iotend to d^t ,e n P duct

s ofd e

lo Ii c trcnd model:hll,) b,+blt

r,

Covartan stat:ona, mean a d vo d t

chan k thne Vtte,|n inc ifa ti ne k|"
` s

o a an cc onL ,(l)pb1dat l )iun an AR

n dd nd1e cof,datlons,and/or o)pctfc m

CFA

CFrt In.t u

ofec

Ncn Cro,th e ,

Foreign LxJlange

Llncar"cnd odtl;y bn+bt+:

tute

1 Vndhv

r t 1"1

ion toe ient` e bia`cd nd int|ons teot

ck ofconndtnce in hypodl

c gr v1hs(ops when teR1 ttut 1alge1

ReaI exchanfc,a E (P`P )

B c fpaymen :cu,|,| nt aCct+cap tJ cct
ci tc c VC a 0unt o

odeI is peofication
Omitting a v iable
X/a,ijbIc h uld bc t an`f tm|d
I c n|cct1yp 1ing ta
Using la d depcnden1vbI as i^depcndent vb
For |c ti g rlle p st
Xle
ri gi"dePendent v iabIk|s
it1elto1

Reg,|k s

t ms FanotheR b ,vedtn

Eflccts FMissPcuhcation

Rtco d Fk1ention

VII( RcRrcncc t

()o11elatioo a mong effot

IV(0R sPo bJhies Fsuperv^o

thco,

PbP gr xth hdeP d t

Co1rect by d!opping X a ables

IV
Dutle Empl y
IV(A) Loy ,

Etono

t ms Detect w d Du,bh XVat` n te po 0

auto rrdaJ nfD ( Co= tt by ad usung
ndtt
,t
u gH
cn1
cthod
`t
Mddc incaHt,H Kh" n~ ng
De ect ifF test sign ncant,t-t
iI gn1ncan1

l l Lo,9J P udentk a dc,k

C.1 ith

t;

nt

III

IV(B)Addk"on

Neod :cal

Regfcs o11Allhlso~pr blcms

He 1oskdastici1yN 'constan1 1 o,V 9an tt
Detect w th Brt11sch l gan,est Co ect witn
xxn
e c rrected smndad en0rs

H(~ Xlateh Nonpubhc Infonlaton

I

VMsFl

`:k`os bettet nt
Coe 0
t ofdete1n na o"(r Rss ssT)
f,a"a
h9oFV
ex ed b,X hightt r
%

Kn M1edg ofthe L
ln p
cc do e
lis eP esc11taoon
0l sconduct
Intt|g r/ofCapi1 1vlarl,c

sFI

oft im

sK k

E(i,) E ,)

Uncovered jntere Itate p itl

Countr s oth h n mhJ intcKstt tes hodd

cc thc cu"cnci dep oate

,i,4 : 9
t


9M,ts(o

L te.cs te pall

sets l 1hc
Jc c

Countfits with hi 1o m
hav(thei!c urtc,loics
P

nJ t
e ntes Wm

pioPort

a,htwatd disc nt to

dk|n R`bh,igc

Kth d;

nsolidatio"io be1wecn

bet,,een lFRs and1Js G

F_s

Un e i dFXg ns od bs ts
l
^a
"atle
s t secutitic lccognizcd on h
m snte
m eof

|1+`

undtfIFIks md s othcl 1nPt cn`ive inco me

vndtf sC 2

CurK q Arb rnge

Up thc b:d and do

nat

t!eatment ofillterc rpo ate invest1nk|nts `P

indude:

(1`tb)

Dif1orence

H9Perin ation:C.AqP,s1rRs
Hype inn ~cum 1inn >l0o% vti0yt G^P:
1 C tCnp rJ 1tthod IFR :ls
es1a1e reign
cuf s1 inn2nd,t al sl e With (u:lent Net

hl
c t under

acquisi(ion;lowest1u de tqvi

pu ch pox k|l
l ss tepo!ted in i1 co"le
dt1
xru Bascd I!lcome:Rccfu lp r:less Pe istent
d
c Part

Me ures

Accru s:s

Vs CA^P cat p
I ness c n bin i n
'es b
,nk ,ger` tlcq1 siti ns ,conso dRti ns
FPxs
d
n t dist ngui`h ber ecn tyPt^ f busine s

thc a`k

of eafmngs qu i

IFRs pc ,nits cith thc pafti l d F ,

fuu g dwi "mtcho tt,v ue ooJ uand

C0nttdlin$hlteKs1 Us G 2 cquiK tl c
ll goodwill1nethod
Us CP.d rqu res equ med df f

Aco ua s Psi0o

I
^`co
uPaKd
to Llr0`rlfO Ksults ny
tC0Cs
H ghert ts

(N0 =N N0XEG)

(NOAEND+x A G/2

joiotv
to n
Pt

tl,e FIFo s1now mcth d:

^dd di LIF0K elve1oc" tk|l 1k`Ct`lCn ng

te ett

subtnttthe n met xes on d)e LIFO r elve

ltom tur e"ta`se il
Add the1IFo t`er et oft xt
bar h ders

cqu1,
t thc r,angdn

thc u 0

e1 tf n

Add tl,e nlc me( Xes on the

ngc:n thc LIF0
,,et tnc nik|tax xpel e

r
`

Dcpreoat1on Allal
pxelag age n yet ) ccumd cd

d P1|e ia, n`

annuaI depleciRiio1 expen k|

x.,age d ., eci ,e"f ending gfos

in,c tmcnt`

annoa1deP eciati nxPe t

Rcmai ing uselul hf ~ending"et i" (st!ne1X
llnnuJ dcPt c at: n exPk
I

Fln ci se ,<20%owncd n

sig inn le ce

IelJt ~
at119ir,|
st0!lB s:int
d fca1 zcd
gaio`oss on1`s
^ i1abIe h sa atFMV w d u^Kdized g ns`

c p in1u,bcncn yc nsolidatc

thc X/

cost attua a1gains`1

c` bt1

ch^PJd

`
Fundcd tu n^
ct -PB0
P
P i nk xPen ccc mp ncnt c111| t

nt

wi

tc0 t eXp 1ed K1ul on pl 11 ( p i i

(pa st1 ce c t neta(m

n ss
Agg e sive ss"nP on lo
"gah
r n q
htyI hisl
d count ate o,X comP 9`attn gri,x l G"gl
dPe d etu 1
n n c pen i n f(n m ct m ujon
in c a pcn oo obhg If>ntm
n1nb 1i0n diff bo lo ng llnd tccl ftom
CFo CFFl

BaIance sheet:GAAP 1rRs

GAAp net a set/ ab lund d tttt u, eCo,lomt
reJiF IFR n setn ab n1nd dstamsa f,,9
io Exp: um f l
PB0(c,ctp1bentn p kss tuJ

tlndedying E onomc Pen

R0 pJso chg in nded stauls excl nfm

(ontfib1uons seJ /ice
(lire st

and actu

co t

0Pent ng expe1 se

Rt A,ePe ed

as n n p

incolne

t1| d c ntJn(d ub function Pl

Cn n

u Knc,1u c
u Knt
rdod:
t1slliRbnlt1.s t Cuktent ate
^
Co1n1non
stock t histo,c,l,ate
h1to m st,t o,
ta,e,agc ratk
RP
ha,eh ldc cqui1y
`u,e~
Di dtnd atratt whcn PJd
F r intcgntcd ub fun ti nal pfc cnt on
cu t
cy11sc tmpotal1netl od(
M
eQfY assetslliabili es at cvrfk|n1m1e
Nonmonu ty
e(s"ab1"e`at his
ic" 9tt
saks sG^at a,e ge nte
C0Cs d j ion at hototlcal ra
ExP su,|k mon ta ^ n0nen,habJiot
Xi t
tt P
i
n& p f ign cutKn 1os
thab P oon&dep fo go cuttk|ncy n

h $ooat 20-50%,nd
inHuet,ce XX1th q1 t metI od,pro-r ta shart of
d1e inves

Ils D

"t

s"1 a cct,Rlso i

"
ktd dc
c nv^tm cn, conot ll
eo r

notin I`s)

;>50/,o
,cd

Il1,sin s

Combinatio

quisltion

I le1l1od equi

t0^t,

ed undef U s G^

Goo ~ ll1 ot n0 0zed

u ect to
a1nual in pai 1nent tes( l ts li b, cv&
exP ofs11b combined wi pa
g
" Gxcludi1
nr omP tfans cd Oo%,mino t,n efes( cct
a"d IFf

fof sh (e o(o`)ed

tx/e,,tt!e,50%shaFd co"f,

lFRs

P,oPo"ionate onsol P9 f
k guIa
"ed s n Jart
C00s0 tPt nly i^tl P0i ta sha Us
C^AP f ry9med d

Financld E ct fCh ice F Metll d

Eq1i1y qu^it on &pt pot(ion (t conso"datio"
`dl

ice fjVIethod
t

In mcn

three n k|(hods,epo,t saine,9et i1 om

lth1 f Rcc u l

ncnt

rNocr~s

i ahz d

zk

n: ccu1|s t.

I iti l u rClnv+
CF 6 C-tl"

Multinaton 0peratlons d

gain

ta,n1n
omP

CaPh Btl d ExIsan n

Pension Accou u g
pBo omponeot tu"tntsewice (e

Mk|a Rex er

is

bss i"eq o B`s d mends i,lklest

Htld h trad`k,$es
o"1`s
ng FMX/dv
e"ds ot
tcJizcd and un,ca d gi" bs`e`
Dts 1atcd a fuit,Ju_ k hdd "I/s
a g

"t

"ate

un,|tt ni d itc

A.counting ror Inte C rp In estment

Invt tmentin

mitt d

i11tctc

C0Gs

s 1Jnd , FRs P
P rti

, a E ifany ofthe f0vug

h1s
ie)r ar,isk t q li,invest
en(
s bck dec on mab"g oght
s`bd n t ab o bl
`se
s`hd

t
CCive K idu 1bcn( t

a LI o fltm flnanti st eme"^to

subtt

"tn,

ohda0on P t, d but dlc cqui meth d

Ent

uFO t F1Fo

h ,ent

s Ratlt

Ilig,er uetin(on
Higber i v ot ry b a^ces
,cr
sh n v(m r t e~
Highc o ct nd o``ma gin`
Hightt cut,cnt atio
l0l inVel tolV tVl1 0 tt
It, 1deb to qv h
a u

b
cr)

N0AFxD~N0A:EG

c,mbinati ns

uFo/FIFo

/Clnv
=J)+0 (s C"! D+DT

,+Nxvrl"v_T(s"t_Bp

Capit Budget:ng pkpldtemcnt

s ne cxP i
o cpt u
c nt nc 1ax salVage
of ld sct :CduCc hliti ouda
In ttntntaI dePte0aoon s^i)dePtb
Pt ect ,,th Unequ Lke
l tc mm n d0 t fhvts

Equ dcntnnu
t

F^

:RRnvi

anl ui1Y(

eq11

ofP,ojcct CF

cts f Illn,ti n
Discount o nin" ea cash n ,x ttt m0m na1

ret uneXPec d chnnge9n^1 o^

duces the lk t
affect Ptoject P 6tai1tv
sav ngs om dcP ti i n;decrea c v
"cof
nxtd Paymcnt`to b dhl =.; c1s cos1s nd
it, n s di
cndI
Capital nhti ning

r+xPv p ect9>cRpiml choose comb^a|on

wi h hest XPV
R 0p on

,ning aband nmmt txPa

i n n K bili
lu^ mcotJ oPo n
Eco omic and Accounting Income
E ni c Al C + nPo,e Mv

con d
P ba don n nvk.stmenr`MV
Fc n n tJcd,
d be, Ri t fest pcn c
s1
rclP tmcctcd in d

unt at.

Acc int Pt, icc c c s

cc dcp b cd on o iginRl invest a,e)t cost
h 1et|s nn nting ts)dedu ed be K
(alcula

"g nccount ng intome

Xa uaton NIodel

E n

Pj Rt

XXj.CC
R idu

N0

CC,discounted at

`T_s

i C0mC| NI equi1y ch
gs
ountcd at cquocd lk|mn on equi
C1 n vVua(ion sop l ( Crsbasd on quit,
Rims l
quir l a d dcbt

^counted
at at
tost
nnted
cof
t fdcbt)
hoIde^lt^c

IvfM P,|tpI(No T
c p" s1`ucure |l&o t
r

(no tt c ttan of bankf

lPtcy st

M P p (No taxex,

crea`ed u c fc11(aut

oliglnaI F`s A Cur,ent

debt i^(lea es co`t ofequi

P1' s aod Is,,t os unchan d

lfI( d p9eciat ng t an at d mixod rat sw11bc
la

IfLC a
i ing tt&nshcd nixcd ati will bc
P

1 x d adds

ne `o1uC m imizod a1100%debt

MMP, P ton1I(xX/lth rx s t.x h dd ad
a1u( CC m:n mized atI00%debt

MlNi p P t0nI XVth Ta

cha g in
JCC

smJl(

"1

,'k,o

R f,

Pos 0 De n e Mer

'}
1nx e t p1e
rence

Thco les
NIXl`d~idend irdcva
c t,h ds tbat"
-Res wo ld,d idcnd Pohcy r:ekvant
no tax
"
b c u i di du i ves1ofs can K e the
,n
homtlnad(di d d
Dl,id(nd prcfc nce,h
,sa in st 6pt. t,tbe
ceft n
fcu to ,h. mre caplul g ns
1 a c
i n the

s that inves1o s uc tax

`t
a
lse to divi nJ
nd,,ou1 Pi,f 1con1panics
io
k|ad buy back ha
k

htectlve T.x Rate on Dlvldcnds

D :f, 1. s ,em,

cf: e~c

g!ee1

Ci

"jeXk

atl
P c

d ,1 ,ood w"e

'

p i

'
`

nrget he ftom
v uaon metri on imnar nvs+

1ak(o c,p cn iu l,

1J covct tf nsaCtio

`h

:n gaovc i Ju 1c m an
rment sees
many p ofl1ablc i
1m(nt oPP
tun"te

X/,+X ls-C

k`

XYhen the ck g9es ~di dend;

djus ncnt Modd

| ptctcd1o in Ka
nd
is below(he
1payou1

tht cu nt Pal n lt a o

tatlo

n in t ,
0es|o,atk d idtnds

th 11gh thc to owing fo,nub

f
h,A=s~TP s~(% l)

I acq ier a`sum i k& ! d

J, mc. l sk &t, t sh i ta,get f

h K9c n d.ncc i v,c c,acqu r

sc h

sha
a

P Ch e^equixalent to cash Yidcnd

uming eqknlt tr at" ent
k

U^c pc ed sha e ePu,cha e is good

,,xs
, a"on lcr )po ntal n a an O)shaK
pnce supp gn ng(3)adJcd nc b t,+l

Isett g dJuoon flon(,

k0P0 n
doycc t
and(5)i c ca ng Rn oJ Io
a
DI dtnd Pdi Approach6
Rc,d lal dWidend;dixlde1 ds

kss nds

L nge t

")

ed to in
1 e

sed on tafnin

c p"al

budse1

Corp Co,c nan 0 ec vcs

itiE te c f" terest be``en

"
(l) ,n and sha h lde and(2|dir.
s
r

sc,

u Cd

bencft invest

a"d

IVI

inc lnkt po` c

,mo1|c1|aPid
in ccc s1o uniquc

synctgi

caP b ioes di etsii n gr pe onal bentnts

btnen ,11nlo hidden Ju ,RchitYi1 g ir,tl goals

and bootstla0,ping earnil gs
P
|ofF

r Dcfcn

e lvl chanisi P

nP"ls

^
Rnd Put9fei11(o`P in st te`V`
stfictive
ke ve l agge d boa,d e ecoo s stri t

vo0og gh^ uPcm Fy" ng h

arnc^ hicots

and8

1dcn Pa achutc

F cc

MatuK D(dint

;t chnology gov |ln ntut soci

`te111al%cto
chnng dem g aPh , ign in ue"ces

Nomlnal vs Real Dis"nct1on Mat

Income taxe foKc st nomh cRn ngs

bef

taXes

Re"c h v m VC JQ;tonv
t

mind

lC t re

CF

Fotcc t tcd p dcp and EBr

D\

Discou ted Ca h Fl (DCF)Meth ds

Use d d dd^ ount modeb(DDM),he

mc(RI)whcn

Pc

Fi m lacks di i

d his1ofy
xpecttd rCf is(K. tive

Cordon G:o,th Modd(GGM)

X

um6P ,pctuJ

%
t

di

dcnd gmwth atc:

aPp

oPtia1c

e Xa ue and Crowdl pft ce ,

Tangib1eP

E~l`r

2 stage

t n hi`cP`E fi=n his la tof x gro flctol

F CF
IfR0E> nrm h^su ainab1ec npetit x
ajvantagc f, nchi k|h t >0

If FF>Oh ct c1Cn0m atio im ts h1h

J
C hlbhct rlanchisc P`E
H ghei Ho th ugh ieimPhes high P`E,dl
Ifinnat
imP1

P!cscnt Xaluc F Gro,xdl OPP rtmlltKs

% +Pvk.

ot J r

.th, ugh<lO0%
"n
c`bwcr P E
J1(bc eq11

high

in" ti n

C oxxil

1 Th at ofotw

"

I.ve,indvst yP o0ts
Nl

st efktti

at nd of
high'gtowth pc,lod
stcP D` u nt ntc m d idend`and tcrm nJ

xl ue9ot"ne zeio to nd st tk va1ue

H Model

gL"
x +g
xH
+ID
~[D _
_g
(g

s lxlng

ror RequLed Reul

able gow(l,l model k ngh,(

r tG
d n lo
thC

rc

cap,ice t

ling

tu,nv:c1d,

pllCing P ssur Bu, r

ptopcn ity to substitute sx,td ng ,`t

Pu PKscnte fs"b inp16,

uPPhej t ntk nti ion impoto"c t0soPPhe

threat f wa,d intt
a
n
5 ,-ong c 0ns c mpeoto1| v
,
k ofdc ttuctkc plic lF atute`mtkcting w s
Func1ion ofi!ldust grtb 6xed costs lalue
added'Pfod11c(dicr nc bnndiig dixel ty of
6
compeoto
`t bar,i
ky poinrh taPm ue addcd:
dit,en atiot,or

ii n hg
J o

Use GGNl f(efmi

al Valu

step

H=

an 1 m e plic
g p es ule

2 Thr at f ub titutcs

Iv1 del

stcP l: CJtu1att divi d in h h ow

Porter Fl,eF lces`ComPctit~ strategy

"si(i

r pe nzoll1 ,oc , nd mcta

MI|lgtr Mot
ton :RcI,icvc
g!t ,,th

txpeded fetvn -fcquir d eu1t11f, mG`PM

4 Barg ining pof ofs1pPl e,s detefmintd by

stakholdc

cyc1

Gtowt11

mu -suge m dd)

All,ha

f
3 Batg inil Powet fbu K functi
^
1 ining lev age`pli s
i

and sha chldc

PI9yt n,m stI "gtb

f n
tu fe,stablt l1
bmit oons aK:
X/ely sen n t1o estimates of/and
oifncult wi non di dend st c
Di ( k th vop ed cta e go vlth P,tt n use

else equal

sd11al dividend forec st capitm

P ntet

Mo t

1nnati n Fnects n l aIuaoon

budget "v th diVide d Pnvo11

Dividc snbni,:dividend g t^ t,a gtdwi;
sus1ahabk gt
c
9`rget p ou ratio:lo1 1t n pa,out ntio1a gct

Ll su ta

t offs a d liquid t ons

Fm

share R purchkt es

h dus y fe

U t idu inc

Ior1,1s ofdi tu,cs:eq1ity c (ou1

pin o

crE c v(fa c mto FCFE`(di dmds+

ha c cpu,k=h^es)

Industr,^

modeb d,en
ri1!n lacks stable divide1d Pohty
D"dend pohcy n t jdated t earnio
FCF srd dt
P0ntabiIi
C nt uing sh Kh 1dcr pc
~c

~Vi

&1astp ctrs 1 k

Di dend C vcmgc Ratos

dividend coverage
tio t in,,mc dividcnds

Indutk indust,cbanges t

Ust ftee c h nvl,Lcll

Me er Risk&Rewad

Pl

e nve f lces wtakst

exPb chang shi duso

P ett a d

Fir 1ha`d dcnd hi t ,

Divid(nd pohcy1ela1ed to t lni1 gs
) o i1y shateho!de pe`sP ct xe

xz

tmltlves
os0o""g frni whe
s c

i1

G r,1=TP=P

P~D11_TD)

ut

f,,t tv ue n m
'
1akoovtl Pf 1nium includcd

J,

Me,gef Vah ati ns

(o
d=

Ifc
pa
`tget
P y ean l"

mk

id ACC'

h chdd d~dua t R1e

y9ut Rau

qu

Metnods to Determine Tar8st`i ue

( g (p o tn rCf di . unted at
DC

h v

ngca mc,|gt

to cbk11

fp' i m
vt t n othc
"tae"e
tI|+(l-c

signing fe of Di d nd Changes
,r/ ;: an bi8u u`sig J

,o

i a1
'p `itiv

9u t
y no

:
F|lu,
:

:d ivc

"
The ner dahl l"f cbman Index(HHI

P ntc) ndi )

:h ga n

m i1 sh te ep11tch lcvt^
avtd,etaP the

an ac6 m oo n

+g

Free Ca h Flk ~to

FLm(FCF

suming DEP my Ncc

FCFF N Dep+"n1 (1-t
ate)) rClnv
C
v
FCFF [EBIT^(l t
at +Dep FCIn

~ C1 v
CFF
IEBITbX

(1-( atell+(DeP x t
ttltel-FClnv-XVCIov
FcFr~Cro+"
nte CInv
t
F e Cash Flow to Equl,(FCFEl
FCFE FC [_"nt (l_t
ate Net
(

=t

wing

Ilumtted

o""

,a 0

EQu IY
D ALT[R

9 |V | V

slmENIs<

b r
xling
FCFF~Nl~f(l_DR)

D~

- l

sin st c

CInv_DePlj

eth d fC lllpudbles
m
vltiplc>btncbm tkimP es ovctxJued
m muope<bench1n kimP
s"ndetv u d
Fund mt
u d bc
"ta s tbat affect1n11tlP1t `,
simi bcte n6,m Rnd be1 ma,k

M/r
n" (u d fofcc^t)

mc Mode!s
E_ ll )
~L
)

2-sug;FCFF`FCFE llI dels

skp11 Colcul FCFinI igh0 t P i d
st P2:
n c tlge rcr m dc1fo,: rn i
vu c atcnd fhsh glt ,th Pe0od

step D c unt

FCF andt ,mh

e
t time z t nnd s1 ck Ju "va
^e XX/ACC
rFC E, CFE

pHce t

Eamin lP`El R o

afec;s repor(ed ca,ning`

Justined P/E
Itadh P`E

tllhg

E=

:~g

I es k,f Re Estat InKstnlcllts

P s e and q d:6f spc uht and
deveIopc
r //!J : t"e modc atdy

^
q lid{iax sh(lt f ,h gh inc n e il)ve9t
^
l/ ,J ;p sl,e,11 oV utc1y liqui ; lp ssiv

"`techno1
E_g

0se beninco"
D` r ,

x vt
j

'

ml,yh h Pfun nd

n x,s

D es not captule co t`t9uCtute diR iences

Rcvenue1ecoglli(ion pk ti
ti d^t
es
(l_b)

_g)

"

_g

ailab!e

( ta asse
`toul asset ()`)

manipul ,e

th n

Ivlotc tab1c than P`F

itisutc c tnin quaht, c n cerns

Disa ant ,
Di cdt eson ace ttut CF0
FCFE bette(butlno e ola(ilt

EPs

sale

c
P

ck,

nt

[(l

Dl~,M vulc wiLI,th f ucM

AnimPe"ding P0of flllll s ( v uld deC ease

the DLOM
The P ment fd~deud

DL0M

x, uld

dc

e the

g/,I(1)a u disc atc fot P

b f

tc m

l se sc naoo an y s

c h

dtPr&am

tw h netinconle, dd btd n n

fdef

stm

c a :6subt act0in

ud,

"t

oPct oonJ

le
^

:invc tIy re atk d

imum

to,tock p ic
vc ec J.lc

&i1 n i n

High,itld dcbt
I 11k|rh scnio
h
tc,m no ing bank debt
al-co porRte s1fuc1 dcbt st,u t
Ji sset-b

Ik,M ef du ao n)

DL0Kl

cked d l,t

Qu i;y fc enl
stlvicct qu 1i0
"
Cash now stKs and P mcmt`t,uct
e
egal tf1c ulc
XI1t

icipal bonds

b ckd

`ue,

`P

DLOM
Rate,s

n w uld nc
e

RCE

phsate Equi,
^PF"//`c/F

7ed1e(ufn
T Tl
dt~0PI nult+RXI Ilnd1
fJ/V i :c Icu t pt noney vm
'J,
post n ol c
1 0`vnc^hiP h,ct 1 &p1ice pel

h le NPV n ethod
t b With POs

RR wi
exp futu(e,edd

C:edit Anis

11

.r

LP`

on, a

,t^co I, e
g,

T TT t

ultip1icativc1y using: t tal d

sv taina e Gr

LP`r ahzed

DL lC"l_DL0Ml

th

umul d^thb)`PIC

such as m
d
~d wn and` , nlue at!isk(,/a1o

in e mul Phct

GKate,,isk and vJue unc

antagc9

'
tI''1

L 9

Thc D00C and DIJ0M le9fpI d

DLOM

P e to Cash FIow `eq

Ratk s

mdt

KV ln ult (N Vu ,d t b)`PIC

Contlactu
e t i i n` n d
ck w uld
"g
n crease,he D00
Ag at
l fbuyc^would det,ea ed e

int _dist,ib

DPI

h
r
n di cdt duct dif i
kvt b tP ns h s,k&P ,t To

//F

'

would dcc1|ca etre

(n income`sak )

ie d t"b priot yr NnV Jtc

t ib
+cal`beF
caued d wn_mgmt es op fcsdt
NAV aftc d thb~NA be K dist b-ca icd

Hedge Fl,nd(,

E rhe hghc,Pa,m en c

Dupont M dcl

be6Kd^tllb)

Nl1]and aPPr P"capex

//zJ rF.h9/

hc nc

DL0C l

ct m1d um

g os

d C

Mgmt c% f PIC
Cal ed inttfcs %Cu,icd nt (changein NAV

r`O=

i a

P,tlnte Equi,Xalua[i

11

Ca h nc"~harder t
^d

td ta

` P

tment ld

",
ih

inc me md" (M)

nim

",

Xal g Income P,ope,t es

XlV

,d antage
Mcaning l evtn f di t,c,` dh9ns
s cs tO k|"ue00(t sill m niPdatk d
Not a v at"eas P`Et tios
u.fu ng matu ec,dc and sta"-up

RtnE

c"cl wJh

F/,1 ct m Jc,mdy liquid

RlI =:

P ce t salc (P`s)Bati

stlncd P`s=PM

mod

l/f,
c

i_g

n t

bJante_
patltn

we thy in tsto rs

PIC~%c

"J nd0
caP tal ca"ed d(
v"

pil lb e

hcome P,oPeI,A K CaP Rate

BV m ,e stabI thRn EPs

3 ( u N V fnnancid in uo s
D^ dvntag 9
sl di Kntt s tause mi ltkdi
mPa s
In uenk d by a c unting ch ice
m Mv duct inn t
gI

Disadvantage`
High sJc d

n ot1

",gP!ice^

>o

P`B~R

virc_t

l l
f :`

P ceto Book(P`B)Ra
Adv ntRg^:

oned

`
thost stc
ng tt
hc1te

oE

BV aluost J av

)hw ul tnt AnJ

CFAT~N0I_deb1
ERAT net se

1 l

N ,m lzatlon Meods
II st lic a t agk EPs
~ r ge

n/f,,,1. s/

Rc Est,te(R

de"

:eam

i;; :
F, f , z,,J / 6
/ P0s

cco n ,yo k|sj e`lXIB0;liq1id ion

r gtoss lRR rct11n lr m
0`
'
`
po"f,h c mPanlc N IRR~t tva n(6 !'Bn t
offees&calo 1 1c c t

.`on 1~s cC;NOPAl~EBlT(l_

PP g~

ll+g)

EX

invcst , and those seeking1ux s (ltc

t g

lRl du u

V 1 1e transit yP roon ofk ,nin m,kes

ltelp ctati nd tu t
j la1 agclncnt d
trcti ox e1accounting ch ite`

nnanch

Econ mic %lue3mdcd

te m

P0bkms vitl,P`E
rcam nE (OP E mc nind6

h~B,.l V fint im
o wth R +ll V orc nung R

` ukot g

Bt ~

no1dcbt p ma,y

sing e~stage 1!lloddt

F t CFl duatk =FcFI

9~g

mmo`eqvi

:i:, :

(I

iz/,/z ~C
.

DCFn t

VCI pte noney muuti n theinv

=i.,
subs q1 (eq1i diluti n

R
idual Inc

rCFFrFcFE Mod ls

"t,ued

NI+DeP_rCInv~ Inv+Net

FCFE

f, e" nee1 m fav

abk

dcbt nnan ing; uPeri r ahgnment finte=tsts

bct,,cen man
n1ent and PL ne s11ip

n unicip

bcil

d
Jy i`invd c,

debt stluctu e budgct

VP0h

l cal

aod int rgv 1nm nt l re,tn11c ava abi1i

i u ,os

tax

nd

o et0n0n tt el)v" nn1e1 t

M11,
ipJ bond c d t,n i hm ks fthe b sic
sec it n w ffun
t,uctu,c ra cn ants
and addit b
ds te 1s
s
ekign debt
L cJ f K1gn tu cnq n ing
Economic k bni,t
Pa
lb"ti(al!isk;wilhngness1o pav
1

Theo1 es of LIe erm struc Ie

PuK( b c

exPectai n

nctlon ofcxP cttd tu

`P

md at
)

t ates

F(s)

(|, t

l,t|^ *t g

X D I (Li (
0
t|
r uP`l ping s spot1 tCs (
Ifd n
Ping st r e spot f tcs
Ifnat sT t,"e`c ns(an1

CMO ptepa,ment sk
F3I:1tra
pAC1

E(s)Pk s hqtldi p m um

PlefgKd Hobit t1,eo :lmb anc

bet t n

ext

tk,sh

f 1np dc ,|cd

habita

bi,nd Po1t lio vRk1e

di teu
ir

RA

,, s when tlltcs inclea c lo ( wh n at

dtc a e

N
~rec

of,cus n
`se
L an~1k vel ctl"P t cti n

i d beginning vhen FRA exPit

m u ty

prop ,tv

c cdit li

F rb nds v th en

bedded options
s (
whCthCt

hte J

Gr:er q ,xxad(Intetst

dcle an ;P Paymc,tPe d,| dd

to rP

,ate gua,a"tee 1etf

fcled t,

I K n :K c vc

lunJ

dtCn

o c1|c0

FFlcurt

s(eP3: lab1c bondl nd omc0 ue

assumi g,tR,1down
odo dcu1 ed

ABs P ep ,ent Rsk

Clos end HF1;prep )"ents
Manu u,ed

F
,dsio
a s

Rat Pa isl

h u ing loanI1ow P,k pil nent:sk1

bJa cc hl dcPlc a on

bwb

n
student1 n ptPay,oent` ot i
h h dePr
c

ns l dat

Credit c:1 :d
1

c,ver

defdvIt,lo

"

reCci,urle:k,wP cP ymen;

od~ ll bk bond
P1t Put blc1ood_ nPutab1t b nd
0p n Ad u ed sP ad

P,|eP ym nt o

oPo
d spf ad
moY
C mP "K
aoon 9 q id tv and cKdt ok cho c
bcnth 1,rk

sp cad that1 Kc modd P ce~matkt P c

t,ps^ oPti nc
t Z^Ptead
ReI i Valua n Ar,d1 sis
Ifbenchma lleasu g or highe tRtcd bond
,

IFbenchn,a`k i 1F sPecinc:
B nd is v dtrva1ued iC0As)o
B d v Iued i|()As<o

Coveniblc Bonds
Conve ion value stock p ce co
t i0n nto
Mh mum,aI eo max(st t,a1 c nv on

(t

n8

a bond index)

Ad~tages rsynLh ccDo n

"d ng

h ttc,1|nP uP Peri ,d a gui,ccP

l01e
`11,
chcaPly tht ugh redit dc%u1tsw p
9

M Bs

sP e

Anal so

Phi1 vanilh colpoRle vse z

Pf l
cauablt c
node
lat use0 s ll nomi
M su e OAs( onte C,n m dd)
dit t ,d`aut

ABs u

z p

II gh quJity homc cqui Bs u e OAs

lues

sset x

Atbittage

buy,ot sm htttK

`b itPay Ioa at end

dal;de1 ta`set

L u
1

syI thetic CD0:bondho1d std c on onomic

o ks of as cts b1"no11egal oyin rshiP oFthcm;
k con ge lt pavments t efel e1 cc sCt g

tianchc

`waP
C
hw CD0:a
dy ma agcd no,ho t tern
t1ad

Ft,tute

(%,l

e nteK

uts

neg t~d corr |lakd

eqvit)`t,an le
u

positivc1y colle1a1ed

Fu1u es<folwa d When fates and

credit cards

s(f1 tulc enior anche( me ani c

Arbitn
dr~en c hCD0

FP-sn +Rf)T

sk

Fumres P ce

Futuic )
wJd cn rltcs d set

Collat al cd Debt ob1ig o n(CDo)

Ca n n
1hblc b

ncc

cbutP ,i d n

DC`FC

| |

Rrec(ed by

c c(tit
ting
3uto lo n;luxx ptePalll tnt"sk1s nml1J

valut>than cJ1pncc

Bond is Jndetv,ued if0 s)fk|q11 td0

B nd i`v 0:`u di |s<teq1i:ed As

stnio sub s uc1u c

Nst P3is

+ |1

b nd insu an oe

oPd

Ml bc uct i d atcath n de

6r

uode lyi g

ABs Crcdit%hancement

tPayo ent

an(hc

En bedded

FRA vJucut matu ity is intc

n tt
^t sa
ma1uti1V of disco1u (cd b ck:o FRA
expifatiol
tc1
ent I I8(DR
FM hleP
matu it,is nte k :ng
`
eso m ed l,y mPhed k d t tL c unted
`
b kt Juati n tc at cu,,cnt L1B0R

b r kv , cr dit t,oits

Xalue Bond wi

me^t(FR ql

dt nt,|act on intetest iute`1ong

Pk

Find tilnc on(d

~nn dc v ue

iI|f

FP j9,,e^ n)Phed6r ad
t 6c t

MBs

niaint(
n (
h
f
P.o Iclc 1pto on sCnio d ub Dated

rind mc Ktc uc

sec1

Fo w d Rate Agre

t tC

va ue Po it ly F ated to inK1c

Conl kl

k, k u

Val ng0p on F,ee Bonds

To k11e op11on f nd ith c bi mial t ee
statt at cnd dd
ount ba k tbr ugh the,(ee
(b dt
r indu tion mk|th d)
hl1e2yt Ptl n flcc b ndI
s P 1 rind the nco1 up nodc vJuc:

nt act o^

^
P0 tt ne8 ~ec
nv i,

at6 high

"e With

Ktv Rat Dura ,o

% vabeo!n100b in ky, c
Ha es ,e key ute 9y 10ytl
E om e ffe
fn
f u
ddcu wh
n

Pt n

at bw tu, nt t

opposite 1bJancc

nchts somcwhat h hct

atd on Fkd lncome secuhtle,

l
= n Pvq +R-)

a d xtensio1

osioo ,sk

I0 triP

fund uPPIy de,nand at ma uh1y1

ngc induces
1ende

tr

Fo1

wc ntn ion

and xttnsion!isk
suPF ,t ti2nChesi hight1co lt aCtio11 nd

of

`reHect expectation

t co a

nsk uet

Liq11idi thc ,yI F nt

chc

'

ft tut

ish ,t pot invk^t buy

.tod y;c ucc11 kn,b1y sst1undef ft"u res

co n o ct,dellx

tr to covef sh0rt saIe

Co,ts and N n XIo^etaty Benen

H ding cos^inc e fum s PJ Gn n
mo arl beneh teduce fu jte PJoe
Backwa,d : n futu P c ( pot pti
Cont ngo tu c ptlce> pot p i
Not1n bIJ atdR1ion:ft11 es p ice<e ected
sP t Pr1c

N nm ntango tu es Prite>exPect

d sP t

Pr1ce

Tte ur,Bond Futures

rl

dPk l|Rff Fv

Eqo,Futu es
FP(st tk)=s, (l

fP
dtx)

Rf)l

Fx/

R
T

valuk )

) arket

t n e^t Pre um~co

9`i0n ptice_

malkct Ptlce

C kbk convctouc b nd~`ttght bo^d+t

01

Fo
: d No A bh e

rp.s,

(l+R

Eurodollar Fuulrcs
P" dk disco"nt y tld;llB0

Phcng

sPFad ofcurr
o1igiuRl B,o tgagF fRtes
"t`
lo tgag fate pad, enna"
"g burnou0
Hou
g tuf1 ve,
l oan seasoning a dP(opt!t loc tion

Cootno n ko
e aie ge fe h
Ext n on r k c u

^0`ra

s fa

c P Payments

rate

low)u,crage hi

eP me

"

CootP ce Fu d ht
f,ame

Equi9F hvard
Fl

dd os

s10Ck-C1Ior,bond

MBs Prepa, llent sk

PrPa ne"t sPeed Facto

bRs

iced as do1 ,leld^dtposi(vRl11en

pel (tly hedged by ,odo"a, co,, att

-(S4 Pv +R

usi gn

tb

Put C kr1
ca"+R bo d Put+unde,|1 ng

%
|

Rjtu

t,

CaPs m d Flo rs
Cap
Poft6 o of n LIBOR
rl 1~po9tf o ofPuts n LIBOR
(l,i,n pag

"t

9ERIf9IIV s n1nued

Binomial opd

^P,i

dI n

i,r

selI c p(u d

buy

g Model

stcp1:C cu1ate Pti np yoj a1e1 d

step2:C cu1 c cxpcded nIue11sing
p

in J1 att s

obab itics

D soo11!lt t0t0day

t isk

Cre&tDe lv atl

6r c mPensat sburr wkn cre t

cvcnt o ru on,t , nt d bond`l ," Puci11s
depcnds on ctt thk f, krence b gati n not
intelest fa1e
sk
s F

9;bas ,cufvt il,d oPtion QP J

~
s u
u,e and corFIR on( Rd6

l+R~D

P=U_D
st p3:

t
xk JPi,0de~PV fn at ng PV of
e v luc il cK c`Wh(
a
^int,ease

%lue to oa1ing pay side PV offL d_PV f

n ating;value incle ses
hen ra1e dec,ea`e

V ue

Co a1 buv caP tnd

n
,

flcc nte

BsM^^sumpt ons&Lim ations

et
"uo us)l
tant and w` fvn llxlng
as ct co^sta0tand kn
ct
less n alkts
ratk|con

CAL e

tu cluI F ,Pri ing ptions on

not nst to on
$su u.a
n1 ot r | istlc

beeso"Rted

fii i nle s

EFFcct FEach Xatiablc on a Ca

ma

h nt vv

C L

Rt)

C l

(l`PMIEl

h Jucofopo n hia ne
P,i

ddt ber een O and l

ncrea`

as tock

p:1ce Inct

^cs
Ca delm closc1o
O fof fu u o thcm ney
c s;c os to1fot Rfin thc m n y o 1s
Put detta beb
t"-1and0;i c se flom_lo
Put d(lta ca11dc1ta_l(all el e equaI)
Dd a close to0f,fh ou th m ney pu`

~1br fa:i

tl e

l kd

ng st

for c ysma

ck

must be Requendy
a ced m nt hh
c d

tf l

o, nu u
ad,namic hedge

stock plice chang( ;la=

t wht n
n is at-thePt

monty

curlel

cies at nKd ,

ati
aKs
Interest Rate s aPs

Phin ani a
inte t^t rat

PRvnlt"t fof n0 (ing fate paYm

nt

aPPieciati n ,

A tuon(s. )

bd 1ong

tion by allowi gd e

invt ol to invest i lo get te1m le s liquid

hlghe sk ecuti"
The vestment Po f

anages
onat h
c1ent po,tfohos meets b ,h t nd ,ds f
c mP tente and standa ds r
ndutt Itis
imP ttant t

hat the P bh mana

=ecogoiz
wh
ti t1 c icld with pt6umkb
^an(

notc

owkdgc ofin est1nent pti ciplt tl a tbt

clien1 is in positio1 oft us1andso m ,st m t

Infornlad Ra 0

ro igh

oonst, ot P(r rm an lt,ic

diic tl n po1iq

(hc app opn tc ssCt an

::

nto R^&p

s)l tst09

sdec tl cgiC set ocation:ass chss

weighti!l bRsed on c p" ma1kt exPecmtion
1nv st , ti0 eh iz
n term
"s cat be s
l n t ,m
md0 ag L ng me hotizo
indic"c u gcatt
bili to tisk 1di1 nutnce

R,+pi (R ~

1!

the highest stRndards ofethical cond1ctin o1de1

cl ents he apptoP iat standa,d of

nduct s embod ed bythe CFA l s;itute C de
and staodards
to tr111y`e:
c

currenq Prem lI CRP)

ExP ctk d g" u re

y oPP ch n16s intcK

at di nti

FC F(% s) (tDc ic) sh DclI C

J^ auom10`PlvI

DC Ftuu FC inkrest nte

DC

FC aPPfk|

+FCRp
R:| c R )+

ati n

i1ek| tr t

FCR )+( 2 FcR )

(il

= (LC)+l

do ntstlc c11f

adition

exP )
` ney demand m
1

-PV of on"h datc

del P dict p

`it ve c1111en
oxpo ui:dcc c d LR CCon nic i0ous

dcP cci ti n and1o

et cqu ty Piioe

Tle llor Bi k

Modd

De
|lop RP !nkt Pectati n, t
lvkt iodex Port ()

pas

vely

2 ID ltd oF n sp"c d securitits arge+ _

alPh use~APM i

i I\
E(` Rd|

ftrt

t,Ctum

htstock

Z1+Z, +Zx

^q

yk

*n n ged

1~ZN

1nodtl pt dicts domestic cuti

t 1cP y 1cnts

t and imPot1e s hk IPed by

CnC, apPtccia1i

dePrtcia(io1 Nx ll in p ove con Petit cl c

and incFase equiFy P ces0 egat i |culloncy

cu ,tncy

pa neI ts; VaP Value is zeto1o

both Pa,te

a6 d

indudi
n the t ck ot
s di idcnd

Portf,Lo
$ ap Pllcing and hlua
n
ap rate is set so PV of oR1ing

CK=

um

Payment R tum can bc ciIit

PVof kd ate

rR oy

k,,`t ck ind x is p id

Jl peliod by nc Pat,in t tu,nh

total f |tur1

Expo,te^ait hu

ldi11gnKd

F,lll,sM aps
c

oPth po tloIio

shalpe latio(P has hi Kst shalp

Cu rency Ekpo ute

i!nelts(
te sWap t

1uln on sto k Po,tf 1i

P usi1 g

Dct
mh c invcsunent s1t et:)':passive,acdVe,

"

F(R)

Currenq``ps
Paylnens in o

tednwste i c sk

guiddine

mtifuot r ivlodel:cxtcnsion of 1'htt

l1k1 1node1 3tvPe lna foeconomic f ct
damentaI facto and a1i (ic 0c(ol
b.
A/ 0l\) R;+b +b

"rb

Canlnla
Me uK aK ofchangcin d ta und ng

Patt k|xs np

s pred

4Detcm h1cwt,A&M 1m

bie
and

#sh s f

p sltlon only hdd

DeIt neuttJ p

P ttf li :h^`en`it vi F net Partic11a!

nct f and zc: t 1 oqe,h.tois

l g Pbit L :F ,t with Pcc c set r t r

Ddt nevtlal

F.ct

chamg in valve of"nded

+|

Ma Ivl del Ri i ai+biRM

oncY Put

Ddta Neut,J Hed Rg

,t

o ock P"ce Dcre

cI se t

)-ana t

sk e ,on
p lL
li Managemt.,t plaming proce s
dJ cn and tct mo ccd
&1Ft collsttaints liquidir lne h rizo1 1 gal
ld regulato:yt s uniqu 09tum t ce
D v I
e dutic$
P IPs cl nt deschPti n Pu P

m= ket osk

-
t ck

w:=l wl

dlat sat|s

p r` shape aoo ofmkt Po

~ s1
kt isk P m um pe`u ni(of
Pe fCML~

Delu
t ch&ngc in

`cheduk m

Rc,|ti e Prtcc negm`tIy r ht d

un

0p on

^ct pllcc p sitivdy tehted

lr latih of
et p icc p siti dy elated
s free late:p sk e!y e1atcd
Time t exp tlon Vmuc $o dl

t`nates tl,ed an

XX

5 Deteln ine the app:opf9ate onocati

h`be me tr , ne

d=

";
undclI ng a`set ha`n CF Fu oP n opti ns
bond pllcc n K t nte m t

ss mi9P0 ed
o c1yn nagcd Po,tl l
ei lt(w)k ge l high
bw uns t nsk
weigbting l l

scc u tltlcs t0 1n

r(Rf) RF

sumPo n Phce unded

ws
^g fo l
`
logno n m dkti buo n
on
tf

Limitation`n

3Dct mi^e

us 2
Co2o10 aP|an In(A

Ri9ht,Rese,Ve