夏洛特顿论文代写：金融投资组合的风险管理

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夏洛特顿论文代写：金融投资组合的风险管理

金融投资组合的风险管理涉及评估极端稀有事件的概率(Gilli & K¨ellezi,2006)。基于EVT的分位数估计被认为是任何投资组合股票市场风险的最佳预测指标。该系列的反向测试也称为使用历史价值的测试也支持相同的发现(Gencay & Selcuk, 2004)，一些与市场相关的活动，如对冲、信用分析和衍生品估值依赖于投资组合和投资组合估值的回报。EVT被发现在评估和管理极端财务风险方面非常有用(Diebold, et al.， 2000)。因此，估计资产回报的依赖性是投资组合分析的一个重要方面。推荐EVT的一些常见场景包括信贷违约、货币危机、股市动荡等(Singh, et al.， 2011)。个人的风险偏好各不相同，这反映在他们的投资组合选择上。

夏洛特顿论文代写：金融投资组合的风险管理
然而，当使用上述风险模型进行风险评估时，则采用经济情景和数学方法等外部或宏观因素对风险进行评估。这些模型在评估投资组合风险时没有考虑个人风险偏好。虽然EVT提供最大偏离常态的可能性(Gilli & K¨ellezi, 2006), VaR的次数的概率提供了可能发生的可能性(亨德里克斯,1996)。使用基于GARCH的VaR对一个投资组合进行风险评估，可以帮助预测交易组合在不断变化的经济环境中的风险(Singh, et al.， 2011)。因此，通过将这两种方法结合起来，可以帮助降低给定投资组合中的风险，从而成为当今金融市场风险管理的重要步骤。

夏洛特顿论文代写：金融投资组合的风险管理

Risk management of financial portfolios involves assessing the probability of extreme and rare events (Gilli & K¨ellezi, 2006). Quantile estimates based on EVT are seen to be the best predictors of stock market risk of any portfolio. Back testing of the series also called testing using historical values also supports the same findings (Gencay & Selcuk, 2004), Several market-related activities like hedging, credit analysis and derivatives valuation is dependent on the returns from the portfolio and portfolio valuation. EVT is found to be extremely helpful in both assessing and managing extreme financial risk (Diebold, et al., 2000). Thus, estimating the dependence of returns from an asset is an important aspect of portfolio analysis. Some of the common scenarios wherein EVT is recommended includes credit defaults, currency crisis, stock market turmoils and so on (Singh, et al., 2011). The risk appetite of individuals varies and this is reflected in their portfolio choices.

夏洛特顿论文代写：金融投资组合的风险管理
However, when risk is assessed using the above mentioned risk models, external or macro factors like economic scenario and mathematical methods are used to assess the risk. These models do not consider individual risk appetite when assessing portfolio risk.While EVT provides for the possibility of the maximum deviation from the norm (Gilli & K¨ellezi, 2006), VaR provides the probability of the number of times the possibility may occur (Hendricks, 1996). The risk assessment of a portfolio done using the GARCH –based VaR helps to predict the risk of a trading portfolio in the changing economic environment that is commonly seen now-a-days(Singh, et al., 2011). Thus, by combining the two approaches togather help mitigate the risk in a given portfolio, and thus is an important step for risk management in today’s financial markets.

圣约翰斯论文代写：奢侈品牌销售

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圣约翰斯论文代写：奢侈品牌销售

对于奢侈品牌来说，零售店或批发或授权是收入的关键。Burberry Plc的主要渠道是零售或批发，授权从2011年的7%下降到2015年的3%。这说明在过去的5年里，授权下降了近50% (Burberry Plc, 2016)。虽然零售或批发渠道成本在过去5年有所上升，但与年初相比增幅并不明显。原因之一是越来越多的零售商店不接受授权。在过去的5年里，随着巴宝莉在中国市场的扩张，其在中国的成本可能一直在上升，但随着高端奢侈品市场从高速增长阶段放缓，巴宝莉最近通过关闭门店来缩减成本(Burberry Plc, 2016)。

圣约翰斯论文代写：奢侈品牌销售
2015年，美国和欧洲的经济同比均增长了中高个位数，但随着全球经济走软，2016年可能会面临挑战。如上图所示，亚太地区的销售额在过去5年增长了近两倍，但由于中国的逆风，年增长率一直在放缓。在欧洲、中东、印度和非洲(EMEIA),销售增长了1.5倍在过去的5年,但不幸的是,同比增长下降很多。巴宝莉已经承认在美洲地区的挑战,面对众多品牌的激烈竞争市场较低的价格和高质量(巴宝莉,2016)。消费者喜欢改变潮流，而博柏利却未能顺应潮流，最终失去了所有地区的市场。

圣约翰斯论文代写：奢侈品牌销售

For luxury brands retail stores or wholesale or licensing is the key for revenue. In case of Burberry Plc, the main channels were retail or wholesale as licensing decreased from 7% in 2011 to 3% in 2015. This indicates that in the last 5 years, the licensing decreased by almost 50% (Burberry Plc, 2016). Though retail or wholesale channel cost increased in last 5 years, this increase was not significant enough as compared with the growth in early years. One reason for this is that licensing was not accepted with an increasing number of retail stores.China costs have been likely increasing in the past 5 years as the company grew its presence, but Burberry has recently scaled back through store closings as the high-end luxury segment slows down from its hyper-growth stage (Burberry Plc, 2016).

圣约翰斯论文代写：奢侈品牌销售
Both America and Europe grew mid-high single digits on a year-over-year basis in 2015, but 2016 will likely be challenged as the global economy weakens.As indicated in the above chart, Asia Pacific sales increased by almost 2x in the last 5 years but Y/Y growth has been decelerating due to China headwinds. In Europe, Middle East, India & Africa (EMEIA), the sales increased by 1.5X in the last 5 years, but unfortunately here, year on year growth declined a lot. Burberry has acknowledged challenges in the Americas region as well, facing intense competition from numerous brands in the market with low price and high quality (Burberry Plc, 2016). Consumer loves changing trend and Burberry failed to go with the trend and ultimately lost the market across in all regions.

加拿大论文代写：合作伙伴之间的差异

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加拿大论文代写：合作伙伴之间的差异

基于企业文化的差异也会导致基于并购的陷阱。这与合作伙伴之间明显的差异有密切关系，但它适用于整个组织，而不是企业食物链顶端的合作伙伴之间的差异(Gaughan, 2010)。将两家公司与文化相结合的能力似乎是完全对立的，这不仅需要规划，还需要一定的艺术性水平。文化差异也会对并购结果造成威胁。另一个基本问题可能是企业并购中发生的整合问题，即并购后的整合需要发生(Maksimovic et al.， 2011)。将资源和努力结合起来的组织应该通过引入构成要素的所有要素来学习如何做到这一点。合资经营:在考虑合资经营时，有几个误区需要避免。

加拿大论文代写：合作伙伴之间的差异
第一个陷阱是快速消耗资本。各种合资企业最初利用资本的速度比预期的合作伙伴快。没有为这种可能性作出规划的合作伙伴可能在筹集更多资金和利用风险贷款以增加资金方面处于亏损状态。另一个问题是关于资本的争论。组织自然不喜欢放弃他们感兴趣的项目控制。这种心态是各种合资企业走向失败的原因，因为合作伙伴往往难以就如何考虑合资企业达成一致(Gomes et al.， 2013)。与所有类型的论证一样，这种论证可以发展成这样一种观点，即有关各方认为他们不再能够共同工作。

加拿大论文代写：合作伙伴之间的差异

Corporate culture based differences also causes merger based pitfall. This has a close relation to the differences evident between partners but it applicable to the organization on the whole instead of the differences between them at the corporate food chain top (Gaughan, 2010). The ability of combining two firms with cultures seems to be completely opposite to each other needs not only planning, but also certain artistry level. Differences in culture also can result in threatening the merger outcome. Another essential issue can be that of integration which happens with regard to a merger in corporate is the integration after merger which needs to take place (Maksimovic et al., 2011). Organizations combining their resources as well as efforts should learn doing this through bringing all of the elements of constituent. Joint venturing: There are several pitfalls to avoid when taking into consideration joint venturing.

加拿大论文代写：合作伙伴之间的差异
The first pitfall is rapidly consuming capital. Various joint ventures utilize their capital initially at a fast rate than their expected partners. Partners failing at planning for such a possibility might be at loss with regard to raising more capital and resorting to risk based loans so as to enhance the funds. Another issue is arguments on capital. Organizations naturally do not like to surrender the projects control that they have an interest within.Such a set of mind is a reason why various joint ventures lead towards failing as the partners are often struggling at agreeing over how the joint venturing needs to be considered (Gomes et al., 2013). As with all types of argument, the argument can develop to the perspective that the involved parties feel they no more can work collectively.