assignmentutor-lab™ 为您的留学生涯保驾护航 在代写利率理论portfolio theory方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写利率理论portfolio theory代写方面经验极为丰富，各种代写利率理论portfolio theory相关的作业也就用不着说。

• 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|利率理论代写portfolio theory代考|IVY-COVERED ENDOWMENT WOES

Harvard University’s endowment has been the target of envy for many years. It is by far the largest endowment in the United States. Along with the Yale endowment, the second largest in the United States, it is credited with pioneering a cutting-edge approach to institutional asset management based on heavy use of so-called alternative asset classes and derivative instruments. The Harvard Management Company (HMC) hired the best and the brightest and paid them handsomely. Returns were strong: $15.7$ percent per year versus $9.2$ percent for the S\&P 500 over the 15 years ended June $2008 .$

In the fall of 2008 , however, the ivy-covered walls came crashing down. The Harvard endowment was more than 100 percent invested (i.e. it was levered). It was very heavily invested in illiquid asset classes such as private equity and hedge funds. It had large “synthetic” positions in various asset classes created with derivative contracts. Then came the collapse of Lehman Brothers and AIG. The global credit markets ceased to function and stock and commodity prices plummeted. The endowment faced a mounting liquidity crisis as it tried to raise the cash needed to cover margin calls. It sold what it could, but its cutting-edge approach left it with illiquid positions and commitments to fund even more such positions!

By February 2009 the university was projecting the endowment would lose 30 percent, roughly $\$ 11$billion, for the fiscal year ending June 2009-a staggering blow to a university that relied on its endowment for more than one-third of its operating budget. As a result, the university announced pay freezes and retrenchment in its ambitious capital expenditure program to build a whole new, high-tech campus on the Boston side of the Charles River across from the Cambridge campus it has occupied for nearly 375 years. In response to lagging performance relative to peer institutions, in 2017 HMC announced a shift toward outsourcing the majority of its assets to external managers, moving away from its “hybrid model” of internal and external managers, and reduction in staff with a move to a generalist investment model.${ }^{14}$## 金融代写|利率理论代写portfolio theory代考|Pension Plans There are two main types of employer-sponsored pension plans in the United States: Defined Benefit (DB) plans and Defined Contribution (DC) plans. As of Q2 2017, these plans accounted for roughly 61 percent of the$\$26.6$ trillion in U.S. retirement assets. 15

The terms defined benefit and defined contribution describe the key distinction between the two types of plan. In a defined benefit plan the employer is contractually obligated to make a stream of benefit payments to employees during their retirement. To fulfill these obligations the employer segregates assets in a pooled investment fund-the “pension fund.” Strictly speaking, the employer is a sponsor and does not own the assets in the pension fund-they may only be used for the beneficiaries of the plan (i.e. the employees). ${ }^{16}$ Nonetheless, the employer bears the investment risk because it must cover any shortfall if the required benefit payments cannot be met from the fund. In addition, since employees receive benefits until their death, the employer bears the longevity risk of unexpectedly long life spans.

A DC plan is really a tax-advantaged savings and investment platform that employees can use to fund their own retirement. There is no pooled pension fund. Instead, each employee makes contributions to their own account and invests in the various investment vehicles on the platform. The employer/sponsor runs the platform for the employees and may make periodic contributions to each employee’s account. That is the extent of the employer’s obligations. In particular, the employee is not promised a stream of benefits and is not assured of accumulating sufficient assets at retirement. In contrast to a defined benefit plan, the employee bears both the investment risk and the longevity risk. In addition, the participant pays the investment fees and some expenses in a DC plan, whereas the employer pays them for a DB plan.

# 利率理论代考

## 金融代写|利率理论代写portfolio theory代考|IVY-COVERED ENDOWMENT WOES

DC 计划实际上是一个税收优惠的储蓄和投资平台，员工可以用它来为自己的退休提供资金。没有集合养老基金。相反，每个员工都为自己的账户做出贡献，并投资于平台上的各种投资工具。雇主/赞助商为员工运营平台，并可能定期向每个员工的账户供款。这就是雇主义务的范围。特别是，员工没有得到福利流的承诺，也不能保证在退休时积累足够的资产。与固定收益计划相比，员工同时承担投资风险和长寿风险。此外，参与者在 DC 计划中支付投资费用和一些费用，而雇主为 DB 计划支付这些费用。

## 有限元方法代写

assignmentutor™作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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