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Finance 537 Financial Risk Management Spring 2024 Neil D. Pearson 1
Homework 4 Due Sunday, February 18, 2024 at 10:00 p.m. US central time Total 10 points Instructions
. This is a group assignment. Groups may include up to 4 people. Please submit a Word or .pdf document with your solutions via the Canvas site prior to 10:00 p.m. on Sunday, February 18. You should also upload the computer codes and data files you use. 1. (2 points) Find Goldman Sachs’ Annual Report for the year ended December 31, 2022. Page 104 of the Annual Report indicates that, “Net losses incurred on a single day for such [trading] positions exceeded our 95% one-day VaR (i.e., a VaR exception) on two occasions during 2022 and on one occasion during 2021.” (a)
(1/2 point) If a VaR model is accurate, what is the expected number of times that the daily trading loss exceeds the VaR during a year? (Assume 252 trading days per year.) (b)
(1 point) Consider 252 independent Bernoulli trials (i.e., 252 trials of a binomial random variable) where on each trial the probability of a “success” is 0.95 and the probability of a “failure” is 0.05. What is the probability that the 252 trials result in two or fewer failures? What is the probability that 252 Bernoulli trials result in one or fewer failures? (You might want to look at your statistics book to refresh your memory about the binomial distribution and the distribution of Bernoulli trials.) Hint
. You might find the R functions dbinom() and/or pbinom() to be useful. Alternatively, you might find the Excel function binom.dist()
to be helpful. (c)
(1/2 point) What does this analysis of Bernoulli trials tell you about whether Goldman’s VaR model is or is not biased? 2.
(1 point) You own a portfolio of CUB stock and options on CUB stock that has a current value of $10 million. The current price of CUB stock is $100 per share. Simple returns on CUB stock are described by the normal distribution with a mean of 0.5% per month and a standard deviation of 3.6538% per month. The figure below shows the value of your portfolio after one month. If you use the Monte Carlo method and a probability of 1%, what is the VaR of your portfolio? Remark
. The horizon of the VaR estimate is one month, so do not assume the expected return is zero. Do not do the simulation
rather, based on the figure, figure out what the outcome of the simulation would be.
Finance 537 Financial Risk Management Spring 2024 Neil D. Pearson 2
3.
(1 point) At the close of trading on Friday, December 16, 2022, the prices of XLE, XLF, and XLY are $84.36, $33.70, and $133.90 per share. The implied volatilities of ATM options with 91 days to expiration are 0.317964, 0.227176, and 0.290478, and the continuously compounded 3-
month interest rate is 0.0485 per year. XLE, XLF, and XLY will pay dividends of $0.85963, $0.20962, and $0.36581, respectively, on December 22, 2022. The ex-dividend dates are Monday, December 19, 2022, the same for all three ETFs. Using these inputs, compute the values of a 91-day call option on XLE with a strike price of 84, a 91-day call option on XLF with a strike price of 34, and 91-day call option on XLY with a strike price of 134. Remark.
You might find the R function am_call_bin_propdiv
in the R library AmericanCallOpt
to be useful in computing the option prices. For this function, the dividend is entered as a fraction of the stock price. For the three ETFs, the fractions are $0.85963/$84.36, $0.20962/$33.70, and $0.36581/$133.90, respectively. The 91-day call options expire on March 17, 2023. In using the R function, compute the fraction of a year using trading days. December 16, 2022 to March 17, 2023 is 91 calendar days but only 13 ×
5 – 4 = 61 trading days, due to the four holidays (Christmas, New Year, MLK, and President’s Day). Also, the ex-dividend date of December 19 is one trading day after December 16. Use 1,000 timesteps for the binomial model. 4.
(2 points) At the close of trading on December 16, 2022, you hold 30,000 shares of XLE, 60,000 shares of XLF, and 10,000 shares of XLY. In addition, you have written call options on 30,000 shares of XLE, 60,000 shares of XLF, and 10,000 shares of XLY. The call options all expire on March 17, 2022, that is, in 91 days. The strike prices of the options on XLE, XLF, and 8,500,000
9,000,000
9,500,000
10,000,000
10,500,000
11,000,000
11,500,000
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
Portfolio value after one month
Finance 537 Financial Risk Management Spring 2024 Neil D. Pearson 3
XLY are 84, 34, and 134, respectively. The continuously compounded interest rate is r
= 0.0485. XLE, XLF, and XLY will pay dividends of $0.85963, $0.20962, and $0.36581, respectively, on December 22, 2022. The ex-dividend dates are Monday, December 19, 2022, the same for all three ETFs. Please use the simple historical simulation method to compute the VaR of this portfolio as of the close of trading on December 16, 2022. Use a probability of 5% and a holding period of one day. Use six market factors, these being the log returns on XLE, XLF, and XLY, and the log changes in the three ATM implied volatilities. Relevant data are in the three .csv files ETFprices.csv, ETFreturns.csv, and ETFATMvols.csv. For this question, use only 100 timesteps in the binomial model you use to compute the simulated options prices. Use the most recent 500 returns, including the return on December 16, in the historical simulation method. 5. (1 point) Use the most recent 500 daily log returns (including the return on December 16, 2022) for the three ETFs and most recent 500 daily log changes in the implied volatilities to compute the exponentially-weighted covariance matrix of the six market factors. Use λ
= 0.94, and the expected log returns or log changes are zero when you compute the exponentially-
weighted covariance matrix. Remark
. Compute the covariance matrix using the log returns and log changes, not the simple return and percentage changes. Note that while the question tells you to use 500 past returns, you do not actually need to use this many past returns. In thinking about how many past days should you use to compute the exponentially-weighted covariance matrix, you should think about how large is λ
τ
for various values of τ
. 6.
(2 points) Consider the portfolio from Question 4. Please use the Monte Carlo method with holding period of one day, a probability of 5%, and the exponentially-weighted covariance matrix with λ
= 0.94 from Question 5 to compute the Monte Carlo VaR of your portfolio as of the close of trading on December 16, 2022. Use 1,000 Monte Carlo trials to estimate the VaR. Remark.
You will make it easier for our TA to grade your homeworks if you set the seed equal to 137. Specifically, letting mu
and cov
be the mean vector and covariance matrix, generate the simulated log returns using the code n <- 1000 set.seed(137) simreturns <- mvrnorm(n, mu = mu, Sigma = cov)
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Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
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On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
The October transactions recorded in the special journals are presented below.
Special Journals
October Transactions
Sales journal
Total sales
$183,000
Purchases journal
Total purchases
75,000
Cash receipts journal
Accounts receivable column total
128,000
Cash payments journal
Accounts payable column total
49,000
Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31.
Accounts Receivable
Compute the balances of the accounts payable control accounts after the monthly postings on October 31.
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
December 31.
Nov. 1
Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
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Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
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Accrued interest revenue on all notes receivable.
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Exercise 11-13 a-b (Part Level Submission)
According to a payroll register summary of Bramble Company, the amount of employees' gross pay in December was $862,000, of which $87,000 was not subject to Social Security
taxes of 6.2% and $761,000 was not subject to state and federal unemployment taxes.
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X Your answer is incorrect. Try again.
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Payroll tax expense
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Minnie has asked you to review the methods Min Armin Wastege uses when dealing with
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On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
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At the beginning of the current period, Vaughn had balances in Accounts Receivable of $273,000 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of
$870,000 and collections of $826,500. It wrote off as uncollectible accounts receivable of $6,700. However, a $3,000 account previously written off as uncollectible was recovered before the end of
the current period. Uncollectible accounts are estimated to total $25,200 at the end of the period. (Omit cost of goods sold entries.)
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(a) Prepare the entries to record sales and collections during the period.
(b) Prepare the entry to record the…
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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Exercise 133 a-b
On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
The October transactions recorded in the special journals are presented below.
Special Journals
October Transactions
Sales journal
Total sales
$183,000
Purchases journal
Total purchases
75,000
Cash receipts journal
Accounts receivable column total
128,000
Cash payments journal
Accounts payable column total
49,000
Compute the balance of the accounts receivable control accounts after the monthly postings on October 31.
Accounts Receivable
Compute the balances of the accounts payable control accounts after the monthly postings on…
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ring the first month of operations, Johnson Services, Ic., completed the following transactions:
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Mar 2: Johnson Services received $62,000 cash
Mar 2 Johnson Services received $62,000 cash and issued common stock to the
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3 Purchased supplies, $600, and equipment, $11,400 on account.
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7 Paid cash to acquire land, $38,000.
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New Wave Images is a graphics design firm that prepares its financial statements using a calendar year.
Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet
as of December 31. In January, this balance sheet will be submitted along with an application for a loan
from First Peoples Community Bank. An excerpt from the balance sheet follows:
Cash
$ 25,000
Accounts Receivable
85,000
Total Assets
$ 250,000
The accounts receivable balance includes a $56,000 loan to Tom Morrow, the company president. Tom
borrowed the money from New Wave 18 months earlier for a down payment on a new home. Tom has
orally assured Manny that he will pay off the loan within the next year. Because Tom is the company
president, Manny treats the amount due as a trade account receivable. In addition, Manny knows that the
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)
$
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logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month
ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)
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- plz solve with explanation within 30-40 min and get multiple upvotesarrow_forwardAssignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…arrow_forwardQuality of initial posting 15 Frequency of responses to classmates 2.5 Quality of responses to classmates 2.5 Reference to supporting readings 2.5 Language and grammar 2.5 Total 25arrow_forward
- Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 133 a-b CALCULATOR PRINTER VERSION BACK NEXT On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts Payable control account had a credit balance of $109,000. The October transactions recorded in the special journals are presented below. Special Journals October Transactions Sales journal Total sales $183,000 Purchases journal Total purchases 75,000 Cash receipts journal Accounts receivable column total 128,000 Cash payments journal Accounts payable column total 49,000 Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31. Accounts Receivable Compute the balances of the accounts payable control accounts after the monthly postings on October 31. Accounts Payable SUBMIT…arrow_forward* CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel G module 5 problem set x blem Set: Mod x now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. eBook Show Me How Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on merchandise. Previous Next Check My Work 1:36 PM 54°F A O E A 4 11/28/2021 %23arrow_forwardView History Bookmarks Window Help A education.wiley.com IN Netflix A Assignments Week 8 - Sp22 BTEC 142. NWP Assessment Player UI Application - /3 三 Question 7 of 10 View Policies Current Attempt in Progress On October 1, Head and Heart Company's petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation Attempts: 0 of 1 used Submit Answer Save for Later 4. tv ... 80 00 DII DD F1 F2 F3 F4 FS F6 F7 F8 F9 F10 @ # $ & * 2 3 4 5 6 7 8 9 W E Y P Rarrow_forward
- ccounting | Spring 2023 uiz Course Home - kar X K Chapter 9 Quiz OA. $18,200 OB. $18,800 OC. $17,500 O D. $20,300 mylab.pearson.com Question 5 of 10 X G At year-end, Snow 0 4 kara harper 04/09/23 10:36 AM This quiz: 10 point(s) possible This question: 1 point(s) possible ? Submit quiz Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of $2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is $1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts Receivable at year-end.arrow_forwardFMfcgxwLsmmztLTTFHnxfgtfwHRqwdvc?projector=18&messagePartld=0.3 Homework Assignment #3 Due in drop box 4/8 by 11:59 p.m. Chapter 6 2. John Walters is comparing the cost of credit to the cash price of an item. If John makes an $80 down payment and pays $35 a month for 24 months, how much more will that amount be than the cash price of $685? 5. A work-at-home opportunity is available in which you will receive 3 percent of the sales for customers you refer to the company. The cost of your "franchise fee" is $600. How much would your customers have to buy to cover the cost of this fee? Chapter 7 7. Which mortgage would result in higher total payments? Mortgage A: $985 a month for 30 years Mortgage B: $780 a month for 5 years and $1,056 for 25 years end F12 home prt sc F10 F6 F7 F8 F9 F11 F3 F4 F5 %23 % 5 6 7 8 9arrow_forwardBookmarks Window Help Fri Apr 30 7:38 PM edugen.wileyplus.com W WileyPLUS Bb Upload Assignment: Exercise16b - 2021 Spring Term (1)... Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION 4 ВАСK NEXT Exercise 9-12 a-b (Part Level Submission) Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. lournalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are…arrow_forward
- Bookmarks Window Help Q 8 Tue May 4 4:20 PM A edugen.wileyplus.com SOFTWARE UPDATE 25m ago Return to Blackboard macOS Big Sur 11.3.1 is available and will be installed later tonight. Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION 4BACK NEXT Exercise 11-13 a-b (Part Level Submission) According to a payroll register summary of Bramble Company, the amount of employees' gross pay in December was $862,000, of which $87,000 was not subject to Social Security taxes of 6.2% and $761,000 was not subject to state and federal unemployment taxes. (a) X Your answer is incorrect. Try again. Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.4%, and federal unemplayment 0.8%. (Round answer to 0 decimal places, e.g. 125.) Payroll tax expense $: Click if you would like to Show Work for this question: Open Show Work SUBMIT A W…arrow_forwardA- A- Bapk Title Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Heading 5 abe X, x? A - te with security updates, fixes, and Improvements, choose Check for Updates. Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months and wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with an Allowance for Doubtful Debts of $462 Cr. In the last two months Sales (net of GST) Sales Returns & Allowances (net of GST) Cash Collected Bad Debts to be written off (Including GST) $4 800 400 3 550 660 The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED: А. Prepare the following General Journal entries to 1. account for the write off of the bad debt during the past two…arrow_forwardB Milestone Two Guidel x G module 5 problem set n Set: Mod x * CengageNOWv2 | Onl x Cengage Learning .com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres... Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading 2:58 PM 56°F 11/28/2021arrow_forward
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