prepare a report for the Board of Directors of the company covering the following: The demarcation between a facilitation payment and bribery.

Description

Essay plan

700 words

The Question: Task 1: Resource Development plc is a multinational resource extraction company domiciled and headquartered in the UK. It prides itself on being an ethical company and has a zerotolerance commitment to bribery and corruption (though it has not yet developed a specific anti-bribery policy). Resource Development specialises in the mining of minerals and aggregates for use in large-scale infrastructure projects and employs 250 people across three quasi-autonomous divisions (Technical and Legal; Sales; Marketing and Strategy). Its business model also makes extensive use of local agents and sub-contractors in the territories where it operates, particularly as to the negotiation of mining rights, licences, and import/export fees. Resource Development is currently considering an expansion of its commercial operations into larger scale mining activities in various African countries. To facilitate this, Resource Development is considering a joint venture with Rare Earth Trading (a company incorporated in the British Virgin Islands). Since its incorporation in 2020, Rare Earth Trading has rapidly established itself in the extraction sector and operates in multiple sub-Saharan African countries. Rare Earth Trading boasts a 95% success rate in tenders for mining rights. You have recently been appointed to the Technical and Legal division at Resource Development and have been asked to prepare a report for the Board of Directors of the company covering the following: The demarcation between a facilitation payment and bribery. The Board have  requested your specific recommendations as to how Resource Development can ensure it does not commit any criminal offences through such payments. An assessment of the Bribery Act risks of expanding its mining operations through a joint venture with Rare Earth Trading (and your recommendations as to how best to address those risks)

prepare a 4-page document outlining the role of food and nutritional requirements for prevention and/or treatment for a specified health scenario relating to a health project.

Nutrition for the Prevention and Treatment of Disease

You are required to prepare a 4-page document outlining the role of food and nutritional requirements for prevention and/or treatment for a specified health scenario relating to a health project. The scenario relates to participants that have or are at risk of obesity and cardiovascular disease.

Mens Health Education Programme

“Mens Health in the Workplace” is a new local incentive to improve the health of adult males. You have been invited to work as part of a team of health advisors that educate and improve health in the prevention and treatment of disease within one large company. Your role is to focus on food, nutrition and diet. Your initial assignment is to work with a small group (approx. 20) of overweight and obese men, who have been identified as having raised blood pressure and therefore are at risk of cardiovascular disease.

Background information;

You should write a 4-page proposal that considers the following points; PLEASE USE TABLES/GRAPHS FROM RELEVANT DATA IF USEFUL

• Provide a rationale explaining why this project may be important for the participants.
• What health considerations are important for this population group and what is the impact of diet on the prevention and treatment?
• How might other health behaviours be integrated in prevention and treating the health conditions identified?
• Outline the key dietary outcomes for behaviour change that you would like to target.
• Critically evaluate the key dietary recommendations for the participants.
• Describe an intervention for targeting dietary behaviour change.
• Provide practical dietary advice to this population group to ensure they had adequate nutrition but lower their blood pressure and promote healthy blood lipids.
• Describe how you would monitor and evaluate their progress.

  HARVARD References: You should use a range of references to help support the concepts that you are discussing in your work. These can include dietary reference values, key literature, the National Diet and Nutrition Survey as well as UK Government reports and health promotion guidance.er (please note your reference list is in addition to the 4 pages allowed for your proposal).

Useful Resources:
– Department of Health
– WHO
– Public Health England
– Journal of Human Nutrition and Dietetics
– Public Health Nutrition
– British Journal of Nutrition
– Food and Nutrition Bulletin

MARK SCHEME: PLEASE FOLLOW MARK SCHEME AND MAKE SURE ALL POINTS IN IT ARE COVERED IN THE WORK.
Identify the rationale for your case study and the nutritional requirements for health promotion (20%)
-Provide an outstanding rationale for your case study and explanation of the food and nutritional requirements for the relevant health conditions outlined within your brief to optimise health.

Explanation of the mechanisms through which dietary manipulation and nutritional supplementation may influence health and disease (20%)
-An outstanding explanation of the mechanisms through which dietary manipulation and nutritional supplementation may influence health and disease.

Evaluate the links between diet and other health behaviours for prevention and treatment of disease (20%)
– An outstanding evaluation of the links between diet and other health behaviours for prevention and treatment of disease.

Recommendations (20%)
– Innovation of ideas for dietary interventions that promote wellbeing
Identified relevant food and nutrition recommend actions that meet all the dietary requirements for health promotion.

Typing should be at least 1.15 line spaced within the main content.
Within tables typing can be single spaced. The font should be Arial, size 11.

Extended direct quotes from literature should be indented from the left-hand margin. The left-hand margin should be a minimum of one and half inches. The top, bottom, and right-hand margins should be 2.54 cm (‘normal’ margins in Microsoft Word). All pages should be numbered consecutively.

Remember there is a page limit not a word limit and therefore think about how you format your work, e.g. using tables, text boxes etc.

submit a 3,000 word report consisting of a comprehensive learning needs analysis.

The Psychology of Learning: Needs Analysis Report

For this assessment, you are asked to submit a 3,000 word report consisting of a comprehensive learning needs analysis. Each component is indicative of performance on the assessment criteria and the overall grade awarded might differ slightly to that indicated by boxes checked. Grading criteria are attached for reference only. The grade for this assignment constitutes 100% of your overall module grade. You will select an organisation with which you are familiar (you may choose any you like) and conduct an analysis to identify learning needs. In addition to the learning needs, you will need to identify the context of the organisation, who the learners are and if there are additional needs to be considered. You should include the following elements in your report: • Problem statement: write a brief (50-100 words) outlining what kind of training you will embark on designing for. • Academic literature review (approx. 1000-1200 words) – review relevant training/psychological literature to that domain and consider what might be important considerations when designing training in this particular domain. • Context of the organisation and relevant aspects to training (e.g. geographical dispersion, budget, etc.) • Target audience of learners. Consider the demographic, baseline levels of knowledge/skills. • Competencies required for the learner • Justification for why those competencies are important for the training • ‘Gap’ analysis (likely difference between baseline levels of knowledge/skills and those required to achieve by the end of the training session). • Any additional needs to be considered for delivering the training (e.g. adaptations for disability, etc.). Feel free to use Table or diagram format to identify competencies. Each component is indicative of performance on the assessment criteria and the overall grade awarded might differ slightly to that indicated by boxes checked. Grading criteria are attached for reference only. The grade for this assignment constitutes 100% of your overall module grade.

using Giggs reflective cycle, demonstrate an incident when you provided care to a patient in your first year of training

2 Reflective accounts. (2000 words in total)

1000 words each using Giggs reflective cycle .

1^st reflective account should demonstrate an incident when you provided care to a patient in your first year of training and the 2nd reflection should demonstrate an incident where you provided care to patients and the progress you have made in your 3^rd year of training. To include references APA.

• As the reflective accounts will refer to an actual event, all names and locations must be changed in order to maintain confidentiality in accordance with NMC Standards of conduct, performance and ethics for nurses and midwives (2018) and the NMC Guidance on Professional Conduct for Nursing & Midwifery Students (2009) and a statement to this effect MUST be included in your reflective account

What themes does Dr Mah Hussain-Gambles draw on to talk about transitional moments in her life?

Important: These pages provide guidance on how to write your assignment. Please ensure you read all of this information right through until the end. Before you start work on this assignment, please ensure that you have read the Assessment Guidance specific to this module and are familiar with the advice in Social Sciences Assessment Information. These sources contain support and guidance that you may need to write your TMA, including, for example, advice on plagiarism, referencing and the marking system. Note that failure to comply with relevant guidance could result in the loss of marks or other penalties. Qualitative mini-project report Conduct a thematic analysis of an audio clip from an interview held in the Oral History of British Science archive of the British Library. Then, write an empirical report of three themes you have identified in your analysis of the interview in answer to the following research question: What themes does Dr Mah Hussain-Gambles draw on to talk about the transitional moments in her life? Word limit: 2000 words (excluding title, abstract, references and appendices) On the following pages you will find: learning outcomes addressed by this assignment student notes for this assignment. Tutor feedback Before submitting your TMA, consider if there are any areas or aspects for which you would particularly like to receive feedback. Add this as a note at the beginning of your TMA so your tutor has the opportunity to focus their comments on your concerns. Your tutor will continue to provide standard feedback too. For TMA 04 you will produce an empirical report that draws on psychological topics and methods covered in Block 3. One of the key themes of Block 3 concerns how we come to understand periods of fixity and moments of transition across the lifespan. This assignment develops this theme by asking you to use thematic analysis to explore how people make sense of themselves in their social world. This will allow you to consolidate your understanding of how psychological theory and qualitative research can be applied to a specific context. There are three stages to this TMA: data collection, data analysis, and report writing. In the following sections you will find guidance on how to complete each of these stages. Make sure that you read all of this guidance before beginning your assignment. Relevant material The following resources will be useful in completing your report: The topic material from Week 25, including Book 3, Chapter 5 and the online activities which discuss change and continuity across the lifespan, in particular in relation to transition. The methods material from Week 24 on thematic analysis, and the project material in Week 26. You will also find Chapter 6 of the DE100 textbook Investigating Methods useful. You need to identify a minimum of two relevant peer-reviewed psychology journal articles that you have found through an independent literature search. If you do not include and discuss two relevant journal articles, you will lose five marks from the overall score for your TMA. You may find it helpful to revisit the guidance in Week 2 and Week 20 on ‘Asking questions about the literature’. Stage 1: Data collection For this mini-project, the data has been provided for you. It is becoming more and more common for researchers to use naturally occurring data, such as documents or newspapers, or pre-existing data – data that has been collected by other researchers or for different reasons. The UK Research Councils keep a database of the research projects they have funded and of the data collected by those projects. In this assignment, you will be using a recording from the British Library’s Voices of Science. This is a collection of interviews with 100 leading UK scientists and engineers. If you are interested, you can explore the resource yourself by following the link above. As well as the audio recording of the interview, you have been provided with two versions of the interview transcript – a PDF and a Word document. You will need to download one of these for your analysis. Both versions of the transcript contain line numbers which you should refer to in your report when discussing extracts from the interview. You should include a list of initial codes, developed codes and themes in your appendix. Stage 2: Data analysis You will be conducting a thematic analysis of the interview using the skills that you learned about in DE100 in Chapter 6 of Investigating Methods and developed in Week 24 and Week 26 of this module. Do go back to refresh your memory if and when you like. Data analysis is always an iterative process that goes back and forth. Start by familiarising yourself with the data. Listen to the audio recording and read the transcript a number of times. Researchers always need to read a transcript a number of times to familiarise themselves with the content and to think about how it relates to the research question. Remember to keep the research question in mind as you listen and read: What themes does Dr Mah Hussain-Gambles draw on to talk about transitional moments in her life? Audio player: Dr Mah Hussain-Gambles Dr Mah Hussain-Gambles Transcript of Dr Mah Hussain-Gambles interview with line numbers (Word version) Transcript of Dr Mah Hussain-Gambles interview with line numbers (PDF version) You can then move on to coding. As you have been learning over the last few weeks, you should go through the transcript a few times, making notes and/or annotating as you go along, identifying and labelling sections that you think are relevant or interesting. Move from initial codes to developed ones. Coding can take quite a bit of time, and sometimes it can be helpful to go away and come back fresh to the task the next day. Here is a reminder of the Helpful questions for code development you learned about in Week 24: ● What? What is this about? What phenomena are mentioned? Which aspects of the phenomena are mentioned (or not mentioned)? ● Who? Who appears in the text? What actors are involved? What roles do they play? ● How? How were the actions achieved? What strategies were used to achieve the goal? ● When? When did the situation described happen? How long did it go on for? ● Where? Where did it happen? What locations or places are mentioned? ● Why? What reasons are given for the situation/phenomenon taking place? What intentions are described here? What is the purpose? Once you have completed this stage, you can move from the developed codes to identify themes. As you have seen, a group of codes that go together represent a pattern in the data, which is a theme. Look for relationships between the codes and then consider a meaningful title or label for the theme that you believe captures what the relationship is about. Not all the codes you have identified will necessarily be used as they might not fit into a clear theme or be relevant to your research question. Remember that the process of identifying themes is iterative so you can go back and forth from codes through to themes. Once you have identified your themes, try to write a few notes on each that address the research question. Then choose three themes that you would like to interpret in your report. The interpretation can be thought of as an explanation of your themes, which is built up and supported through the presentation of quotes or excerpts from the data. When presenting data excerpts, remember you will need to include the line numbers as they appear in the transcript. Qualitative researchers don’t let the data speak for themselves but provide an account of what the data means by explaining how they fit into the theme they have identified and for the research study. Stage 3: Writing your report Having completed your analysis, you can move on to writing up your report. Remember, when tackling this task, you may find it easier to write the sections of the report in a different order to how they will be finally presented. In Week 24 you completed activities on the different sections required for a qualitative report. Make sure you revisit those resources prior to writing up your report as they offer clear guidance on what information is required for each section. In Week 26, this process was more specifically tailored to TMA 04 and included a suggested order for writing the different sections of your report. Ensure that you follow that guidance closely. Methodology section For the purposes of this assignment we ask you to organise your Methodology section using the following subtitles: Design, Participants, Materials, Procedures, Ethical considerations and Reflexivity. Writing it up in this way serves as a check that all relevant information is being included. Ethical considerations Although the module team has dealt with many of the ethical issues while planning this project, you need to ensure that the project as a whole complies with the Code of Human Research Ethics published by the British Psychological Society. You may find page 12 of the document particularly helpful with respect to the use of existing data. In your Methodology section, you must include a discussion of how you addressed ethical considerations when analysing your data and writing your report. Remember that a key aspect of ethical research is that participants should be treated with respect. You should ensure that you adhere to this principle at all times. Indeed, show respect for everyone related to the research process (for example, participants, other researchers, readers) as you write up your analysis and even when informally discussing the project with other students. Reflexivity As you have learned, reflexivity is a key component of any qualitative analysis. You might want to revisit the discussion on this in Week 22. As we have mentioned, qualitative researchers don’t always take the same approach to writing the discussion of reflexivity. Sometimes, it is woven through the report when relevant to the specific point, or often it is included as part of the Methodology or Discussion sections. For the purposes of DE200, please include your discussion of reflexivity in the Methodology section. Here are some questions that will help guide you in reflecting on your work: ● How might the research question have impacted on your coding? ● What might have guided your choice of quotes for inclusion in the report? ● How are ethics relevant in the use of pre-existing data? ● How did you check the transparency of your interpretations?

Based on the concepts of core ideology covered in class (core values and core purpose), identify one organisation related to criminology and criminal justice and apply the Vision Framework. Briefly outline its core values and core purpose.

Title:      Vision of Yourself and One Organisation (I chose the Queensland Police Force)

Type:      Assignment–Written Assignment

Learning Outcomes Assessed: 1. Articulate a vision of yourself in terms of ideology, values, purpose

2. Locate mission, vision or value statements of organisations within the criminology and criminal justice system, and evaluate their alignment with your personal ethos

Weight:                  25%

Marked Out Of: 25

Task Description:

1000 words +/- 10%

This assessment involves applying the Vision Framework (core values and core purpose) developed by Collins and Porras (1996) (see your reading/slides in class) to your current situation and one organisation.

Based on the concepts of core ideology covered in class (core values and core purpose), identify one organisation related to criminology and criminal justice and apply the Vision Framework. Briefly outline its core values and core purpose. Finally, based on the concept of ‘envisioned future’ covered in class, articulate a vision of the future for the organisation and provide a short description of how this future could potentially look like.

[ Part 1: approx. 250 words ]

Repeat this exercise for yourself. In other words, based on the same concepts of core values, core purpose, and envisioned future, apply the Vision Framework to yourself. What would be the core values that best define yourself as a person and future professional? What would be your core purpose as a future professional? Articulate a vision of the future–your vision of the future–what does the future hold for you?

[ Part 2: approx. 250 words ]

Show alignment between the Vision Framework for yourself and the Vision Framework of the organisation chosen and discuss how and to which extent your Vision Framework is congruent with the Vision Framework for the organisation. Are your core values, core purpose and envisioned future consistent with those of the chosen organisation? What are your reasons for choosing this organisation – do these align with your values, or are they different? Please provide an explanation around those two questions.

Undertake a comparative analysis of at least three welfare states focusing on three or more policy areas (e.g. social security, housing, health, education, labour market policy, ECEC, and family policy).

Essay Question 5000 words count

Undertake a comparative analysis of at least three welfare states focusing on three or more policy areas (e.g. social security, housing, health, education, labour market policy, ECEC, and family policy).

The outline below gives an understanding of the essay question, checks the essay structure, and answers the essay question properly.

Comparative Social Policy/Social Welfare Analysis

What is social policy? ,

• Multi-disciplinary (e.g. sociology, history, economics, and political science) field of study, shares certain interests and core concepts with these and other established disciplines
• Analysis of social policy, including core social policy programmes and areas such as social security, housing, health, education, labour market policy, family policy, or cover the welfare state as a whole

What is Comparative Analysis

• CSP analysis might consider, for example, what and how policies are delivered in different countries, why policies have developed similarly or seem to diverge, or what outcomes they produce
• Important here are the units of analysis, or cases, often countries, ‘large-N’ (quantitative) or ‘small-N’ (qualitative)
• Researchers interested in the causes for policy emergence and variation in policy development draw on macro-sociology, political economy, and history frameworks
• Researchers interested in assessing the effects of social policies across countries might turn to evaluation and study policy implementation

why compare?

• Issues, concepts, functional equivalence, abstractions
• Causation, ideals, classification
• Research designs – experimental and non-experimental
• Methods, how to compare? – Large N (quantitative Studies) – Small N (qualitative Studies)

What to Compare?

– Macro (welfare states, welfare regime)

– Micro (poverty rates, unemployment rates, and welfare restructuring across nations)

Essay structure (5000 WORD COUNT)

• Essay question (always answer the question)
• Introduction

– Introduce the topic, theories, concepts

– Demonstrate your understanding of the question

– Explain how you propose to tackle it (i.e. outline the structure of the essay)

• Body

– Follow the outline provided in the introduction

– Demonstrate your knowledge and understanding of the subject matter

– Define/explain theories, key concepts + references

– Develop your argument in a clear and analytical way

– Present the evidence on which your conclusions will be based

• Conclusion

– Summarise the main arguments of the essay

– Provide your answer to the original question

• References

– List the sources which you have cited in the essay, using an appropriate format

– the Harvard style of referencing should be used for this course

NOTE

Your reference should be between 20-25 books. Let all the books you use be related to what you discuss in the essay.

These books will be useful and get more for the work

Gøsta Esping-Andersen’s (1990) Three Worlds study of welfare systems in 18 countries

Blum, S., Kuhlmann, J. and Schubert, K. eds., 2019. Routledge Handbook of European Welfare Systems. Routledge.

The real worlds of welfare capitalism by Robert E. Goodin · Ruud Muffels · Bruce Headey

With reference to empirical studies, critically evaluate whether typically developing children have a ‘Theory of Mind’ by age four.

Description

Describe and outline key concepts, methodologies and theories relevant to their choice of question Develop, structure and present coherent arguments addressing the question of choice Answer the question as set, omitting irrelevant material Make effective and appropriate use of empirical evidence and appropriate primary critical sources to support their arguments Include critical evaluation Communicate effectively in written form Use APA referencing convention appropriately

provide A 1000 word justification as to how and why you have redesigned, re-purposed or re-imagined the artefact, along with A render of what this new image/object or space looks like.

2 pages + well-structured + cited references

Description

For this task you are required to redesign your chosen design artefact from the perspective of a reading from an alternate week. Drawing on the concepts and issues raised by this second reading, provide: A 1000 word justification as to how and why you have redesigned, re-purposed or re-imagined the artefact, along with A render of what this new image/object or space looks like. Additional information: It is expected that you would refer to further research (at least two other sources) to inform your re-design and written justification- Include referencing using the Turabian style. You will not be assessed on the technical skill of your render, but rather your ability to identify key concepts and themes and apply these to your re-designed artefact. In this case I want you to redesign a dress which I will put it in the additional files. The redesign will be change to the theme of the reading which I will put it the additional files. Design that dress that I put in the additional files into the theme of the reading. Here the link for the dress: https://vintagedancer.com/vintage/polka‑dot‑dresses‑retro‑style‑1920s‑1960s/. The redesign doesn’t have to be very good. It can be sketch. Also Make sure you references other sources as well for the reasoning of the design

Evaluate the option premiums, call and put, European and American, based on a binomial lattice framework.

The assessment for this module is wholly based on an individually prepared coursework submission. The coursework assignment is composed of TWO questions: Question 1: Application of derivative contracts for hedging an exposure. Maximum possible mark is 50%. Question 2: Binomial lattice pricing of option contracts. Maximum possible mark is 50%. All EXCEL sheets, and any programming code, used in your analysis must be submitted. Plagiarism is unacceptable. The University will deal severely with any proven Incidences of plagiarism. The guide on plagiarism is available here: https://unibradfordac.sharepoint.com/sites/academic-skills-adviceintranet/Writing%20%20Study%20Resources/Short%20Guides/Cite%20Ref%20%26%2 0avoid%20Plagiarism%20-%20accompanying%20guide.pdf Submissions with a significantly high “TURNITIN” plagiarism score will be graded with a zero score. The submitted assignment must comply with the following formatting conventions: • Maximum word count of the work should be no more than 2500 words, excluding title page, contents page, tables, figure and appendices. • The work should be written in easy-to-read English using an academic style, and without journalistic hyperbole. • Pagination: each page is to be numbered consecutively from 1, except the first. • The first page is the title page including the module title, year of study and student details. • The body of contents is to be sectionalized and numerically ordered. • Minimum font size is Times Roman 12 pt or equivalent, with double or 1.5 line spacing. • Text is to be justified both left and right. Page 2 of 6 • Tables and figures must have a title and be numerically labeled. If convenient, they should be placed near the relevant text, or if large, exhibited in an appendix at the end. • All external sources of information are to be cited using the normal citation style. Complete details of all citations are to be collected under the “List of References”. • Equations such as formulas should be entered using an equation editor, and numbered. Complex derivations should be assigned to an appendix. Marks across the 2 questions are awarded according to the following scheme: 20% Formulation and understanding of the financial problem, stating any assumptions clearly as well as reviewing any relevant literature. 40% Computational analysis. Question 1: Deriving the impact of an unhedged and hedged strategy on firm performance. Question 2: Volatility estimation based on historic data and implicit Black-Scholes model; binomial lattice evaluation; examination of non-vanilla options. 40% Justification of your analysis and interpretation of your results; any reservations; improvements for future research; conclusion. You are always welcome to contact me for advice and guidance. The most effective way of contacting me is through email: r.adkins@bradford.ac.uk If you are experiencing any irresolvable issues, then you should contact me for advice. All advice given will be made public by posting it on the CANVAS discussion page. If you wish to submit an almost finished draft before submission for comment, then this must be sent to me through email at least 2 weeks before submission date. Page 3 of 6 Derivative Pricing and Valuation AFE7507 Coursework Assignment 2021-22 QUESTION ONE Swordfish Energy is a regional energy supplier, which purchases energy at spot market prices to resell to household customers, at a price determined by a 25% markup to yield a net profit sales ratio of 5%. Currently, the spot price for energy is £32.00 per unit. Swordfish Energy has 100 thousand household customers on its books. Annually, each household customer consumes on average 30 energy units, a total of 3 million energy units per year. At a mark-up of 25%, the per unit energy cost for household consumers is £40.00. Its current annual sales revenue is £120 million. Swordfish Energy has negotiated a distribution contract with the network companies to service its household customers. The network companies demand a distribution charge levied at 12% of the annual sales revenue made by Swordfish Energy. The fixed cost of £3.6 million incurred by Swordfish Energy is currently 3% of annual sales revenue and this cost is not expected to change due to any future spot price movements. The annual income statement for Swordfish Energy is presented below: £ million Sales of energy 120.0 Cost of energy 96.0 Distribution cost 14.4 Fixed cost 3.6 Net profit 6.0 Net Profit/Sales 5.0% The government energy regulator observes that the profit rate of energy distribution companies increases significantly for increases in per unit energy spot price. The regulator wishes to control this profit rate and stipulates that the per unit energy cost for household consumers is capped at the level of £40.00. This entails that Swordfish Energy and other energy suppliers cannot charge household customers a price higher than £40.00 per unit. Swordfish Energy management team believe that the energy spot price per unit will rise next year but they are unsure by how much. The management team intend to make a positive net profit and are aware that in the event of a spot price increase, their net profit sales revenue ratio may fall below the current level. An adverse increase in the energy spot price per unit may trigger bankruptcy if Swordfish Energy makes a loss. Further, there is uncertainty regarding next year’s household customer numbers and the annual energy usage per household. Next year, the number of customers is expected to lie between 90 and 110 thousand with equal probability, Page 4 of 6 and the average usage per household to lie between 29 and 31 units per year, also with equal probability. Swordfish Energy is considering the use of derivatives to manage its risk exposure. The current energy spot rate per unit is £32.00, the pre-paid one-year forward price is £30.8994, and the one-year forward price is £32.3216. The current premiums for one-year call and put options on 1 unit of energy are reported in the following table: Exercise Price Call Premium Put Premium 22 9.8893 0.0218 23 8.9562 0.0448 24 8.0402 0.0848 25 7.1490 0.1495 26 6.2914 0.2480 27 5.4768 0.3893 28 4.7139 0.5824 29 4.0104 0.8349 30 3.3719 1.1524 31 2.8018 1.5383 32 2.3010 1.9935 33 1.8681 2.5166 34 1.4997 3.1043 35 1.1910 3.7516 36 0.9360 4.4525 37 0.7282 5.2008 38 0.5612 5.9897 39 0.4285 6.8130 40 0.3244 7.6649 41 0.2436 8.5401 42 0.1815 9.4340 The one-year continuous interest rate is 4.5%. Assume all next year’s cash flows occur at the end of the year. Make recommendations to the management team of Swordfish Energy on how next year’s exposure should be managed. All recommendations must be justified by presenting your accompanying analysis and evaluations. Page 5 of 6 Derivative Pricing and Valuation AFE7507 Coursework Assignment 2021-22 QUESTION TWO The assignment task is to numerically evaluate the call and put option prices, both European and American, on an underlying stock index asset by using the lattice framework. Each student is required to select a company listed on a global exchange, which has a five-year history of daily market share price data and at least since January 1st 2022 market data on call and put options. Information on share and option data is accessible through Bloomberg. The selected company and the origination date for evaluating the option value must be registered1 . Although it is acceptable that more than one student may select the same company, the origination dates must be different. You are required to complete the following: 1. Use the daily market data to statistically evaluate the historical volatility for the share price. Collect information on the company’s annual dividend paid and assess its dividend yield. For your chosen origination date, collect data on the annual interest rate for various expiration dates. 2. Evaluate the option premiums, call and put, European and American, based on a binomial lattice framework. Compare your results with the given European option price, examine the effectiveness of your selected method, and make improvements where necessary. 3. Report the Greeks and perform any sensitivity analysis. 4. Derive the American put exercise boundary. 5. Extend your analysis to more complex exotic options. Calculating the option value requires knowledge of the volatility of the underlying asset. This can be estimated from both the daily (weekly) price data over the past 5 years (or an appropriate period) and the Black-Scholes implied volatility solution. Any material differences between the two methods needs to be explained. Lattice calculated European option values should always be compared with their theoretical equivalent for testing the effectiveness of your adopted framework parameter values. Besides the plain vanilla option, a complex option, such as a barrier, chooser, compound, Asian or other exotic option, should also be analyzed, and the results compared with any analytical solution and the plain vanilla variant. The use of Monte Carlo simulation where relevant may also be applied. Sensitivity analysis on their result by considering pertinent variations in the key parameters of their pricing model 1 Method of registration will be announced subsequently. Page 6 of 6 should be performed as well as considering alternative ways for determining the periodic up- and down-movements and risk-neutral probabilities. It is important to recognize that this is an academic piece of work, so full and complete referencing of the original articles, rather than citing textbooks, is demanded. Large tables of figures should be confined to the Excel file, and not reported in the text; where there is a need for their inclusion, they should be inserted in an appendix. You need to submit the Excel file of calculations (or other) used in your evaluations, which must be fully documented so the reader can readily understand the structure of calculations. You may find the following references useful in your binomial lattice evaluations: Black, F. and M. Scholes (1973). “The pricing of options and corporate liabilities.” The Journal of Political Economy 81(3): 637-654. Cox, J. C. and S. A. Ross (1976). “The valuation of options for alternative stochastic processes.” Journal of Financial Economics 3(1-2): 145-166. Cox, J. C., S. A. Ross and M. Rubinstein (1979). “Option pricing: A simplified approach.” Journal of Financial Economics 7(3): 229-263. Rendleman, R. J., Jr. and B. J. Bartter (1979). “Two-state option pricing.” Journal of Finance 34(5): 1093-1110. Smith, C. W. (1976). “Option pricing : A review.” Journal of Financial Economics 3(1- 2): 3-51.