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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|衍生品代写Derivatives代考|ASSET CHARACTERISTICS

Greer (1997) argues that there are three different types of asset class.

• Capital assets – examples include bonds, which pay an investor a stream of fixed cash flows and equities, which would normally pay a stream of dividends. These types of assets can be valued using discounted cash flow (DCF) techniques. For example, for bonds, value is determined by present valuing the fixed cash flows. For equities, techniques such as the dividend discount model can also be used for valuation purposes.
• Consumable/transformable assets – According to Greer: ‘You can consume it. You can transform it into another asset. It has economic value. But it does not yield an ongoing stream of value’. Examples of this type of asset would include most commodities such as agriculture, metals, and energy. Greer’s comment is significant: ‘the profound implication of this distinction is consumable/transformable $(\mathrm{C} / \mathrm{T})$ assets … cannot be valued using net present value (NPV) analysis. $\mathrm{C} / \mathrm{T}$ assets must be valued more often based on the particular supply and demand characteristics of their specific market.’
• Store of value assets – this type of asset cannot be consumed, nor does it generate income. However, it does have value. One example given by Greer is fine art. Auctions of fine art at substantial prices are often reported in the press.

## 金融代写|衍生品代写Derivatives代考|PRINCIPLES OF COMMODITY VALUATION

Within the context of commodities, analysts who have gravitated from traditional financial assets have tried to apply NPV techniques to value commodities. However, the application of these models has proved to be problematic because, as Greer points out, commodities are not bonds and equities. Barclays (2011) argues, ‘Most financial assets can be understood and valued through a cash flow discounting technique approach. Commodities are different – they are not capital assets and are subject to unique supply and demand forces that lead to complex valuation dynamics’. Examples of some of these dynamics are given below:
Inventories
One subtle fact of commodity price behaviour relates to the balance of supply that is either above or below ground. Typically for gold there is substantial above ground inventories and as such, short-term prices are not significantly influenced by changes in either fundamental demand or supply (e.g. a change in mine supply). However, for a metal such as copper, the dynamics tend to be different with lower levels of inventories being common resulting in greater short-term price sensitivity to changes in fundamental demand and supply.
Seasonality
The demand and supply for certain commodities may only occur at certain times in the year. So, the demand for heating oil may be greater in winter than in summer. This would result in higher prices for winter delivery and lower prices for summer delivery.

# 衍生品代考

## 金融代写|衍生品代写Derivatives代考|ASSET CHARACTERISTICS

Greer (1997) 认为存在三种不同类型的资产类别。

• 资本资产——例子包括债券，它向投资者支付固定现金流和股票，通常会支付股息。这些类型的资产可以使用贴现现金流 (DCF) 技术进行估值。例如，对于债券，价值是通过对固定现金流的现值确定的。对于股票，股息贴现模型等技术也可用于估值目的。
• 消耗性/可变形资产——根据 Greer 的说法：“你可以消耗它。您可以将其转换为另一种资产。它具有经济价值。但它不会产生持续的价值流”。此类资产的示例包括大多数商品，例如农业、金属和能源。Greer 的评论很重要：“这种区别的深刻含义是可消费的/可转换的(C/吨)资产……无法使用净现值 (NPV) 分析进行估值。C/吨资产必须更频繁地根据其特定市场的特定供求特征进行估值。
• 价值存储资产——这类资产不能被消费，也不能产生收入。然而，它确实有价值。格里尔给出的一个例子是美术。报刊经常报道高价艺术品拍卖。

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