Excel is the Microsoft spreadsheet package that we shall be using in some of our worked examples. If you are already familiar with this product, you may be able to skip some, or all, of this introductory section. To get the most out of this section, it is advisable to work through it on your own computer, as there is no substitute for having a go. When you enter the Excel package, either by double-clicking the icon on your desktop, or by selecting it from the list of programs, a blank worksheet will be displayed, as shown in Figure I.2 (overleaf). JBsiarll S Micn Boft Excel JBsiarll S Micn Boft Excel EXCEL In order to create a fifth column containing the profits, we first type the heading Profit in cell E3. Excel is capable of performing calculations and entering the results in particular cells. This is achieved by typing mathematical formulae into these cells. In this case, we need to enter an appropriate formula for profit in cells E4 to E8. Excel can automatically adjust the width...
Excel provides an easy way to perform the calculations. We type in the values, 0, 1, 2, , 10 for each time period down the first column, type in the value of the initial price, P0, in the second column, and then copy the relevant formula down the second column to generate successive values of Pt. Once this has been done, Chart Wizard can be used to draw the time path. The most appropriate way of representing the results graphically is to use a bar chart. We would like the numbers in the first column of the spreadsheet to act as labels for the bars on the horizontal axis. Unfortunately, unless we tell Excel that we want to do this, it will actually produce two sets of bars on the same diagram, using the numbers in column A as heights for the first set of bars, and the numbers in column B as heights for the second set. This can be avoided by entering the values down the first column as text. This is done by first highlighting column A and then selecting Format Cells from the menu bar....
Figure 8 reports the inflation rate from 1960 to 2002. As this chapter states, inflation continues to be a major a factor in economic policy. Go to ftp ftp.bls .gov pub speciahrequests cpi cpiai.txt. Move data into Excel using the method described at the end of Chapter 1. Delete all but the first and last column (date and annual CPI). Graph this data and compare it to Figure 8.
Standard spreadsheet packages such as Excel can perform multiple regression analysis and are sufficient for most routine tasks. A regression equation can be calculated via menus and dialogue boxes and no knowledge of the formulae is required. However, when problems such as autocorrelation (see below) are present, specialised packages such as TSP, Microfit or Stata are much easier to use and provide more comprehensive results.
I A spreadsheet icon like the one shown here indicates where Examples or Problems involve spreadsheets, which are available on the Instructor's Resource CD-ROM. The use of computers by engineers is now as commonplace as the use of slide rules was 30 years ago. Students using this book will likely be yen- familiar with spreadsheet software. Consequently, such knowledge is assumed rather than taught in this book. The spreadsheet Examples and Problems are presented in such a manner that they can be done using any popular spreadsheet program, such as Excel, Lotus 1-2-3, or Quattro Pro. I Tables of interest factors are provided in Appendix A, Appendix B, and Appendix C. I Answers to Selected Problems are provided in Appendix D.
Published by MINITAB, Inc., and SPSS Advanced Statistics, published by SPSS, Inc. Both are inexpensive, easy to learn, and offer a wealth of powerful techniques for data analysis and regression model estimation. Less comprehensive statistical software that run along with Microsoft Excel and other spreadsheet programs can also be useful, especially when detailed statistical analysis is unnecessary. This section focuses on the interpretation of regression output.
Use Excel to draw 1,000 random numbers in two columns, called wE and wP. (Create one formula, and copy it into all of the cells.) Each of these 2,000 cells should use the formula 'rnorm()*3-l'. Create a new column that is one minus wE and wP, and call it wX. Now consider these investment weights in VEURX, VPACX, and XOM. Compute the risk and reward for each of these portfolios (one portfolio is three numbers one wE, one wP, and one wX), using the standard deviation and expected return formulas. Create an x-y plot that shows, for each of your wE, wP, and wX portfolios, the risk-reward combination. How does it look like
Electronic spreadsheets like LOTUS, EXCEL, and QUATTRO PRO are ideal for preparing cash flow analyses and they permit the study of various cases using what if' analysis. The spreadsheet selected will depend on the user's personal preference. The EXCEL spread sheet is illustrated in the cash flow analysis in Example 8.5.
Among others, Evans and Jovanovic (1989), Evans and Leighton (1989), and Kihlstrom and Laffont (1979) discuss the importance of financial resources and constraints on entrepreneurial decisions. Gifford (1998) and Murphy et al. (1991) discuss the optimal allocation of human resources. Gromb and Scharfstein (2002) and Hamilton (2000) discuss the interdependence between entrepreneurial decisions and conditions in the labor market. Leazar (2002) argues that entrepreneurs are jacks-of-all-trades who may not excel at any one skill but are competent in many, and links entrepreneurial decisions to the previous work experiences of the entrepreneur. Gompers and Lerner (2001), Kortum and Lerner (2001), and Lerner and Gompers (2001) discuss entrepreneurship and venture capital. Finally Gompers and Lerner (forthcoming) discuss initial private offerings. In line with neoclassical methodology, most of these studies use representative agent models and focus on issues of scarcity and...
Most people use computer packages like EXCEL in this first phase, but it is worth investing time using a serious statistical package, because you probably will need it in the quantitative phase. We will refer mainly to SAS, but there are good alternatives including STATA, SPSS, LIMDEP, and EVIEWS.
Two men can make both shoes and hats, and one is superior to the other in both employments, but in making hats he can only exceed his competitor by one-fifth or 20 per cent, and in making shoes he can excel him by one-third or 33 per cent - will it not be for the interest of both that the superior man should employ himself exclusively in making shoes, and the inferior man in making hats 4
Xt is normally independently distributed over time with constant variance and zero mean. In other words Xf IS ct white-noise process. A white-noise process is not a proper model for most macroeconomic time-series because it does not feature their most common characteristic, namely persistence. To show the point consider the data-set USUK.XLS which contains, in EXCEL format, quarterly time series data for nominal and real personal disposable income and consumption in the UK and the US over the sample 1959 1-1998 1. The data-set, retrieved from DATASTREAM, contains nine variables
Computer output parameters, their standard errors and test hypotheses, we now present all these results as they would be generated by a computer software package, in this case Excel. This removes all the effort of calculation and allows us to concentrate on more important issues such as the interpretation of the results. Table 7.6 shows the computer output. The regression coefficients, standard errors and t ratios are given at the bottom of the table, suitably labelled. The column headed 'P value' (this is how Excel refers to the Prob-value, discussed in Chapter 5) gives some additional information - it shows the significance level of the t statistic. For example, the slope coefficient is significant at the level of 0.1 ,3 i.e. there is this probability of getting such a sample estimate by chance. This is much less than our usual 5 criterion, so we conclude that the sample evidence did not arise by chance. Table 7.6 Regression analysis output using Excel Table 7.6 Regression analysis...
A Masters, who launched his fund when he was an unemployed stockbroker with virtually no track record gave this response to a similar question. I realized that if somebody could make money trading, so could I. Also, the fact that I had competed successfully at the highest levels of swimming gave me confidence that I could excel in this business as well. seems like an easy way to make a lot of money, yet those who excel tend to be extraordinarily hard workers almost to a fault. Consider just some of the examples in this book
Goals that are outside a trader's comfort zone. Thus, the trader seeking to excel needs to continually redefine goals so that they are always a stretch. Traders also need to monitor their performance to make sure they are on track toward reaching their goals and to diagnose what is holding them back if they are not.
To come up with formulas to beat the market. The market is not a science. The science may help increase the probabilities, but to excel you need to master the art of trading. People always want to know what's in my computer model. I think that is the least relevant issue to successful trading. Of course you need an edge, but there are a thousand ways to get an edge. Some people use strategies that are completely opposite mine, yet we can both be very profitable.
The goods and services produced by the giant Microsoft Corporation touch all our lives on a daily basis. With almost any computer you use (other than an Apple product), you encounter Microsoft each time you boot up into Windows. Even with an Apple computer, you are likely to use Microsoft Word or Excel. And even if you don't use a computer, you may have frequent dealings with people who do. For example, when you book a flight, visit your doctor, or buy textbooks, the businesses 2. Applications software, such as Word, Excel, and Internet Explorer.
RESUME - ABSTRACT CYCLING IS CONSIDERED AN ECO-FRIENDLY MODE OF TRANSPORT. TRANSPORT PLANNING ON ALL LEVELS FAVOURS CYCLING AS A POSSIBILITY OF COPING WITH HIGH TRAFFIC VOLUMES IN THE FUTURE ESPECIALLY IN URBAN AREAS. TRANSPORT PROFESSIONALS CAN EXCEL IN THE PROMOTION OF CYCLING ONLY IF THEY HAVE PROFOUND KNOWLEDGE OF IT, THE RESULT OF A GOOD UNIVERSITY EDUCATION. THIS PAPER PRESENTS A STUDY CONDUCTED ON THE LEVEL AND QUALITY OF BICYCLE-RELATED EDUCATIONAL PROGRAMS AND PROJECTS AT VARIOUS UNIVERSITIES. THE RESULT CORRESPONDS TO SOME DEGREE WITH MOBILITY PATTERNS KNOWN FROM OTHER SURVEYS. ALL COUNTRIES WHERE THE STATUS OF THE MOTORISED TRAFFIC IS VERY FIRM (USA, CANADA, BUT ALSO MEDITERRANEAN EUROPE) REPORTED THAT BICYCLE TRAFFIC IS NOT A BIG ISSUE AND CONSEQUENTLY NOT WELL REPRESENTED IN THE TEACHING STRUCTURE OF THEIR UNIVERSITIES. ONE CONCLUSION IS THAT BICYCLE-RELATED EDUCATION AT THESE UNIVERSITIES SHOULD BE IMPROVED.
What do you need to understand this book You do not need any specific background in finance. You do need to be thoroughly comfortable with arithmetic and generally comfortable with algebra. You do need mathematical aptitude, but you do not need to know advanced mathematical constructs, such as calculus. Knowledge of statistics would be very helpful, but the book will explain the relevant concepts when the need arises. You should own a S20 scientific calculator. A financial calculator is not necessary, though your instructor may like one. As to myself, I prefer that you learn how to operate a spreadsheet (such as Excel in Microsoft's Office or the free OpenCalc spreadsheet in OpenOffice). It is easier to work with information on a large screen with a 2,000 MHz processor than on a small 2-line display with a 2MHz processor. Because I have tried hard to keep the book self-contained and to explain everything from first principles, you should not need to go hunting for details in...
The personal computer revolution in business really got underway in the 1980s following the publication of powerful and easy-to-use spreadsheet software. Microsoft's Excel has blown away the original standard, Lotus 1-2-3, to make income statement and balance sheet analysis quick and easy. Recent versions incorporate a broad range of tools for analysis, including net present value, internal rate of return, linear programming, and regression. Such software also allows managers to analyze and display operating data using a wide variety of charting and graphing techniques. For basic statistical analysis, Excel features easy-to-use statistical capabilities like regression and correlation analysis.
The software directs the computer to perform very specific tasks such as creating a financial spreadsheet statement model, preparing a slide presentation, or writing a document on a word processing program. Specific applications software include programs such as Microsoft's Word (word processing), PowerPoint (presentations), and Excel (financial spreadsheets).
The study of economics does not seem to require any specialized gifts of an unusually high order. Is it not . . . a very easy subject compared with the higher branches of philosophy or pure science An easy subject, at which very few excel The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must be mathematician, historian, statesman, philosopher in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the
First, let's differentiate the concept of bundling from similar practices. The practice of bundling refers to packaging two or more products and selling the bundle in fixed proportions. In other words, if you buy 10 bundles, you get 10 units of each component of the bundle. Components of a bundle sold individually as well as in bundles is called a mixed bundling strategy. Microsoft, for example, uses a mixed bundling strategy in selling its various programs (including Word, Excel, PowerPoint, and Outlook) individually or as a bundle in a Microsoft Office suite. Narrowly defined, bundling always refers to a group of different products. When the bundle consists of the same product, this is called quantity-dependent pricing. For example, computer diskettes are sold in packages of 10 where the price is often lower than the sum of 10 individual diskettes sold separately. Also, bundling is different from tie-ins, where a buyer of one product is also required to buy another product. But...
In these exercises, you will reproduce some of the empirical results from Trefler (1993, 1995). To complete the exercise, the Excel file hov_pub.csv should be stored in the directory After this, run the STATA program hov_pub.do , which will create a new STATA data file trefler.dta . Then do
Using the a data set on monthly US data, which is the version of the Hansen-Singleton 20 data-set made available as a tutorial data-set for Microfit version 4.04. The data set is available in Excel format as HS.XLS. It contains monthly data for the sample 1959 3-1978 12 on the following variables
Has with the manager are the best opportunities they have for enhancing their respective skills. Coaching enables the employees to excel at their tasks. Instilling confidence in employees is extremely important. If management conveys the belief that employees will exceed expectations, it helps them do so.
The more successful of the Indians have prospered through trade, usually in retail stores but a growing proportion has been attracted into secondary industrial activity in Natal. The less successful have obtained employment as waiters (in which craft they excel), as barmen, as domestic servants, in fishing or in plantations and farming That the background, habits and education of this group make them more easily assimilable into the white man's traditional occupations than any other non-white group seems temporarily to have aggravated enormously the influence of racial prejudice. In this case, fear of competition is probably the chief cause and it is every bit as strong a factor among the mainly English-speaking Whites of Natal, as it is among the mainly Afrikaans-speaking Whites of the Transvaal. In a market economy the South African Indians would, there is little doubt, have made excellent business men and the fact that, even under the existing r gime, many have been highly...
Cell C11 contains the formula ' IRR(C4 C8)' - this can be seen just above the column headings - which is the function used in Excel to calculate the internal rate of return. The IRR for this project is therefore 13.7 which is indeed above the market interest rate of 12 . The final two columns show that the PV of the income stream, when discounted using the internal rate of return, is equal to the initial outlay. The discount factors in the penultimate column are calculated using r 13.7 .
Which has a t distribution with n - k - 1 29 - 2 - 1 26 degrees of freedom (k is the number of explanatory variables excluding the constant, 2). The critical value for a one-tail test at the 95 confidence level is 1.706. Since the test statistic comfortably exceeds this we reject H0 P1 0 in favour of H1 P1 0. Hence income does indeed affect imports the sample data are unlikely to have arisen purely by chance. Note that this t ratio is given on the Excel print-out. For price, the test statistic is which is in excess of the critical value for the F distribution of 3.37 (at 5 significance), so the null hypothesis is rejected, as expected. The actual significance level is given by Excel as '5.2E-18', i.e. 5.2 x 10-18, effectively zero and certainly less than 5 .