query: the profitability index of an investment project is the ratio of the

pos: Profitability index Profitability index Profitability index (PI), also known as profit investment ratio (PIR) and value investment ratio (VIR), is the ratio of payoff to investment of a proposed project. It is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment. The ratio is calculated as follows: Assuming that the cash flow calculated does not include the investment made in the project, a profitability index of 1 indicates breakeven. Any value lower than one would indicate that the project's present value (PV) is less than the initial investment. As the

pos: Profitability index value of the profitability index increases, so does the financial attractiveness of the proposed project. Rules for selection or rejection of a project: For example: Calculate Net present value at 10% and PI: Use explained in the business book: Pursuing the Competitive Edge, Hayes, Pisano, Upton and Wheelwright. Wiley, 2005. pg. 264 Profitability index Profitability index (PI), also known as profit investment ratio (PIR) and value investment ratio (VIR), is the ratio of payoff to investment of a proposed project. It is a useful tool for ranking projects because it allows you to quantify the amount of value created per

neg: Benefit–cost ratio Benefit–cost ratio A benefit-cost ratio (BCR) is an indicator, used in cost-benefit analysis, that attempts to summarize the overall value for money of a project or proposal. A BCR is the ratio of the benefits of a project or proposal, expressed in monetary terms, relative to its costs, also expressed in monetary terms. All benefits and costs should be expressed in discounted present values. A BCR can be a profitability index in for-profit contexts. Benefit cost ratio (BCR) takes into account the amount of monetary gain realized by performing a project versus the amount it costs to execute the project.

neg: Total project control Total project control Total project control (TPC) is a project management method that emphasizes continuous tracking and optimization of return on investment (ROI). It was developed by Stephen Devaux. It builds upon earlier techniques such as earned value management, critical path method, and program evaluation and review technique, but uses these to track and index projected project profitability as well as the more traditional cost and schedule. In this way it aims to manage projects as profit and investment centers, rather than cost centers. Introduced with TPC are a variety of project management metrics and techniques, among them critical path

neg: Total project control calculation has been coded into project scheduling software, both in Spider Project and as an add-on product to Microsoft Project from Boyle Project Consulting, PLLC. Total project control Total project control (TPC) is a project management method that emphasizes continuous tracking and optimization of return on investment (ROI). It was developed by Stephen Devaux. It builds upon earlier techniques such as earned value management, critical path method, and program evaluation and review technique, but uses these to track and index projected project profitability as well as the more traditional cost and schedule. In this way it aims to manage projects

neg: Index fund factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing. Some index providers announce changes of the companies in their index before the change date and other index providers do not make such announcements. The

neg: Francisco García Paramés an accumulated profitability from 1998 to 2007 that multiplied by seven the one obtained by the reference index (MSCI World Index). Thanks to his profitability, Paramés has managed to make Bestinver the value investing European benchmark, together with Jean-Marie Eveillard from First Eagle. Paramés is known in the financial world for his faith in his investment philosophy, thanks to which he avoided investing in technological values in 2000 or in companies of the banking sector and real estate in 2007. Although he is not keen on appearing in the press, he brings together his investors every year in a conference

neg: Operating margin Operating margin In business, operating margin—also known as operating income margin, operating profit margin, EBIT margin and return on sales (ROS)—is the ratio of operating income ("operating profit" in the UK) to net sales, usually presented in percent. "Net profit" measures the profitability of ventures after accounting for all costs. "Return on sales (ROS)" is net profit as a percentage of sales revenue. ROS is an indicator of profitability and is often used to compare the profitability of companies and industries of differing sizes. Significantly, ROS does not account for the capital (investment) used to generate the profit. In a

neg: Sharpe ratio Sharpe ratio In finance, the Sharpe ratio (also known as the Sharpe index, the Sharpe measure, and the reward-to-variability ratio) is a way to examine the performance of an investment by adjusting for its risk. The ratio measures the excess return (or risk premium) per unit of deviation in an investment asset or a trading strategy, typically referred to as risk, named after William F. Sharpe. Since its revision by the original author, William Sharpe, in 1994, the "ex-ante" Sharpe ratio is defined as: where formula_2 is the asset return, formula_3 is the risk free rate. formula_4 is the expected

neg: Sharpe ratio returns, and these properties can vary considerably among strategies, portfolios, and over time. Sharpe ratio In finance, the Sharpe ratio (also known as the Sharpe index, the Sharpe measure, and the reward-to-variability ratio) is a way to examine the performance of an investment by adjusting for its risk. The ratio measures the excess return (or risk premium) per unit of deviation in an investment asset or a trading strategy, typically referred to as risk, named after William F. Sharpe. Since its revision by the original author, William Sharpe, in 1994, the "ex-ante" Sharpe ratio is defined as: where formula_2 is

neg: Investment in social media refers to the money that a business or a corporation earns as a percentage of the full value of their assets which have been invested. The method to calculate this is: "Return on investment = (Income - Cost) / Cost". ROI is the most common profitability ratio that establishes the efficiency of an investment. In this context, ROI will measure the returns from a social media investment. However, it is commonly argued that calculating ROI is difficult and also depends on the applied returns and costs. There is no universal way of measuring the ROI of the social media commitments

neg: Stock market index expense ratio of mutual funds (fund expenses are a drag on the funds' return by exactly that ratio). Since index funds attempt to replicate the holdings of an index, they eliminate the need for — and thus many costs of — the research entailed in active management, and have a lower churn rate (the turnover of securities which lose fund managers' favor and are sold, with the attendant cost of commissions and capital gains taxes). Indices are also a common basis for a related type of investment, the exchange-traded fund or ETF. Unlike an index fund, which is priced daily,

neg: Internal rate of return capital projects in terms of the rate of return. For example, a corporation will compare an investment in a new plant versus an extension of an existing plant based on the IRR of each project. To maximize returns, the higher a project's IRR, the more desirable it is to undertake the project. If all projects require the same amount of up-front investment, the project with the highest IRR would be considered the best and undertaken first. The internal rate of return is an indicator of the profitability, efficiency, quality, or yield of an investment. This is in contrast with the

neg: Saleability Saleability Saleability (also called profitability) is a technical analysis term used to compare performances of different trading systems or different investments within one system. Note, it is not simply another word for profit. There are varying definitions for it, some as simple as the expected or average ratio of revenue to cost for a particular investment or trading system or "ratio of the number of winning trades or investments to the total number of trades or investments made, a number ranging from zero to 1." Others can be complex or counter-intuitive. This is computed for each system or investment being

neg: Composite Index of National Capability may not represent total national power. Each component is a dimensionless percentage of the world's total. RATIO=formula_1 CINC = formula_2 Where TPR = total population of country ratio UPR = urban population of country ratio ISPR = iron and steel production of country ratio ECR = primary energy consumption ratio MER = military expenditure ratio MPR = military personnel ratio Countries listed by CINC, data is from 2007 Composite Index of National Capability The Composite Index of National Capability (CINC) is a statistical measure of national power created by J. David Singer for the Correlates of War project in 1963.

neg: Capital budgeting have in the future and adds these values to the NPV. The real value of capital budgeting is to rank projects. Most organizations have many projects that could potentially be financially rewarding. Once it has been determined that a particular project has exceeded its hurdle, then it should be ranked against peer projects (e.g. - highest Profitability index to lowest Profitability index). The highest ranking projects should be implemented until the budgeted capital has been expended. Capital budgeting investments and projects must be funded through excess cash provided through the raising of debt capital, equity capital, or the use of

neg: V2 ratio large, or, more precisely, with the index commonly quoted by medias, such as the S&P 500 or the Dow Jones Industrial Average. To address this, the V2 ratio divides the excess return of an investment by the quadratic mean of the relative drawdowns. The relative drawdown compares the loss in value of the investment since its previous peak with the loss in value in the benchmark. For instance, if an asset is down 30% since its peak while the market at large is down by 25%, then the relative drawdown is only 5%. The perception of the poor performance of

neg: Adaptive reuse or demolish built assets is driven by economic considerations such as development costs, project costs, investment returns and market. The economic costs differ from project to project and some professionals go as far as to assert that "new build is always more economical" and "renovation is universally more expensive" due to their own involvement with adaptive reuse projects. Others claim that the return on investment is enhanced when using an older building because of the savings involved. One Canadian developer claims that reusing buildings generally represents a saving of between 10-12% over building new. In terms of profitability, there are

neg: Loan life coverage ratio for estimates of the credit quality of a project from a lender's perspective. Related ratios are: Project Life Coverage Ratio (PLCR) and Reserve Life Coverage Ratio (RLCR). The ratio usually is in a range from 1.25 for highly geared infrastructure investment to 2.5 or higher in an investments with more insecure income, such as oil and gas transactions. Loan life coverage ratio Loan Life Coverage Ratio LLCR is a ratio commonly used in project finance. The ratio is defined as: Net Present Value of Cashflow Available for Debt Service ("CFADS") / Outstanding Debt in the period. Financial modelling of LLCR

neg: Index fund ratio difference would result in an after expense return of 9.9% for the large cap index fund versus 8.85% for the actively managed large cap fund. The investment objectives of index funds are easy to understand. Once an investor knows the target index of an index fund, what securities the index fund will hold can be determined directly. Managing one's index fund holdings may be as easy as rebalancing every six months or every year. Turnover refers to the selling and buying of securities by the fund manager. Selling securities in some jurisdictions may result in capital gains tax charges,

neg: Clean Development Mechanism of additionality: A number of terms for different kinds of additionality have been discussed, leading to some confusion, particularly over the terms 'financial additionality' and 'investment additionality' which are sometimes used as synonyms. 'Investment additionality', however, was a concept discussed and ultimately rejected during negotiation of the Marrakech Accords. Investment additionality carried the idea that any project that surpasses a certain risk-adjusted profitability threshold would automatically be deemed non-additional. 'Financial additionality' is often defined as an economically non-viable project becoming viable as a direct result of CDM revenues. Many investors argue that the environmental additionality interpretation would make the CDM

neg: V2 ratio the asset is somehow mitigated by the overall loss of the market. Taking the ulcer index as a direct inspiration, the V2 ratio uses a quadratic mean of the relative drawdowns to over-penalize large swerves, as investors are more likely to liquidate the asset or abandon the strategy when facing such large relative losses. V2 ratio The V2 ratio (V2R) is a measure of excess return per unit of exposure to loss of an investment asset, portfolio or strategy, compared to a given benchmark. The goal of the V2 ratio is to improve on existing and popular measures of risk-adjusted

neg: Jaws ratio profitability, and profitability growth rate. The ratio may also be a negative percentage, which should be a cause for concern for the owners / management of a trading entity as this will over time result in eroded profitability. Jaws ratio The jaws ratio is a measure used in finance to demonstrate the extent to which a trading entity's income growth rate exceeds its expenses growth rate, measured as a percentage. Strictly speaking it is not a true ratio in that the calculation is not expressed as one number divided by another, and is calculated as follows: "Jaws ratio = Income

neg: Alpha (finance) Alpha (finance) Alpha is a measure of the active return on an investment, the performance of that investment compared with a suitable market index. An alpha of 1% means the investment's return on investment over a selected period of time was 1% better than the market during that same period; a negative alpha means the investment underperformed the market. Alpha, along with beta, is one of two key coefficients in the capital asset pricing model used in modern portfolio theory and is closely related to other important quantities such as standard deviation, R-squared and the Sharpe ratio. In modern financial

neg: Net asset value trusts (REITs, pronounced "Reets"). NAV is normally quoted "per investment unit" where the value is divided by the number of total outstanding investment units. In simple terms, NAV is an adjusted net asset value reflecting the market values of real estate properties held by an investment corporation. The degree of premium/discount on individual investment unit prices relative to the per-unit NAV serves as the yardstick for assessment. The NAV index is synonymous to the adjusted price-to-book ratio in which factors such as unrealized losses/gains of owned properties and brand values are reflected. News companies such as PropertyMall typically report on

neg: Internal rate of return net present value, which is an indicator of the net value or magnitude added by making an investment. Applying the internal rate of return method to maximize the value of the firm, any investment would be accepted, if its profitability, as measured by the internal rate of return, is greater than a minimum acceptable rate of return. The appropriate minimum rate to maximize the value added to the firm is the cost of capital, i.e. the internal rate of return of a new capital project needs to be higher than the company's cost of capital. This is because an investment

neg: Saleability compared over the same period long enough to include significant "ups" and "downs". A suitable period is something like the last 5 to 20 years. Saleability Saleability (also called profitability) is a technical analysis term used to compare performances of different trading systems or different investments within one system. Note, it is not simply another word for profit. There are varying definitions for it, some as simple as the expected or average ratio of revenue to cost for a particular investment or trading system or "ratio of the number of winning trades or investments to the total number of trades

neg: Cash value added destruction. Cash value added Cash value added (CVA) is a measure of business profitability defined as the EBITDA after tax generated by the business less its required return. The required return is an annuity based on the purchase price of the assets in use in the business, inflated to today's value of money, the weighted average cost of capital (WACC) and the economic life of the assets. CVA can also be expressed as an index, where the CVA is divided by the required return. An index of more than 1.0 will indicate profitability while an index below 1.0 will indicate

neg: Cash value added Cash value added Cash value added (CVA) is a measure of business profitability defined as the EBITDA after tax generated by the business less its required return. The required return is an annuity based on the purchase price of the assets in use in the business, inflated to today's value of money, the weighted average cost of capital (WACC) and the economic life of the assets. CVA can also be expressed as an index, where the CVA is divided by the required return. An index of more than 1.0 will indicate profitability while an index below 1.0 will indicate value

neg: Bias ratio expectations of investors with the valuation of assets that determine their performance. The bias ratio measures how far the returns from an investment portfolio – e.g. one managed by a hedge fund – are from an unbiased distribution. Thus the bias ratio of a pure equity index will usually be close to 1. However, if a fund smooths its returns using subjective pricing of illiquid assets the bias ratio will be higher. As such, it can help identify the presence of illiquid securities where they are not expected. The bias ratio was first defined by Adil Abdulali, a risk manager

neg: Environmental Investment Organisation ET Carbon Rankings and ET Index Series and took on the role of commercialising the ET Index Series. The ET Carbon Ranking can be found on the ET Index Research website. Carbon Disclosure Project Index fund EIO website ET Index website ET Carbon Ranking reports Environmental Investment Organisation The Environmental Investment Organisation (EIO) is a UK-based not-for-profit body dedicated to researching, proposing and implementing solutions to climate change. It has developed the "Environmental Tracking" (ET) concept, rebranded by ET Index Research in 2016 to Engaged Tracking, into two separate components known as the ET Carbon Rankings and the ET Index

neg: EV/EBITDA companies with low profit margins (i.e., for an EBITDA estimate to be reasonably accurate, the company under evaluation must have legitimate profitability). Often, an industry average EV/EBITDA multiple is calculated on a sample of listed companies to use for comparison to the company of interest (i.e., as a benchmark). An example of such an index is one that provides an average EV/EBITDA multiple on a wide sample of transactions on private companies in the Eurozone. The reciprocate multiple EBITDA/EV is used as a measure of cash return on investment. EV/EBITDA Enterprise value/EBITDA (more commonly referred to by the acronym EV/EBITDA)

neg: Offshore investment of less tax is the driving force behind most 'offshore' activity. Due to the use of offshore centers, investors are able to conduct investment activities in a more profitable fashion. Often, taxes levied by an investor's home country are critical to the profitability of any given investment. Using offshore-domiciled special purpose mechanisms (or vehicles) an investor may reduce the amount of tax payable, allowing the investor to achieve greater profitability overall. Another reason why 'offshore' investment is considered superior to 'onshore' investment is because it is less regulated, and the behavior of the offshore investment provider, whether he be a

neg: General glut crafted by Sismondi (1819), endorsed the idea that the circularity of transactions was not always complete and immediate. If money is held, Marx contended, even if for a little while, there is a breakdown in the exchange process and a general glut can occur. For Marx, since investment is part of aggregate demand, and the stimulus for investment is profitability, accumulation will continue unhindered as far as profitability is high. However, Marx saw that profitability had a tendency to fall, which would lead to a crisis in which insufficient investment generates an insufficiency of demand and a glut of markets.

neg: Agriculture in Kazakhstan sets goals and projections for grain production, consumption and exports between 2013-2020. A few key trends shown in these projections include: In 2014 the volume of investments in Kazakhstan’s agricultural sector exceeded 166 billion KZT, which is 17 percent more than in 2013. The aggregate profitability index of large and medium-sized companies operating in Kazakhstan’s agricultural sector stood at 17.7 percent, while this index was equal to 4.5 percent in the same period of 2013. Investment in agriculture in 2015 increased 3.4 times, which totaled to 167 billion tenge. On May 23, 2015, Food and Agriculture Organization of the United

neg: Benefit–cost ratio The higher the BCR the better the investment. General rule of thumb is that if the benefit is higher than the cost the project is a good investment. The inverse is the cost-benefit ratio (CBR). In the absence of funding constraints, the best value for money projects are those with the highest net present value. Where there is a budget constraint, the ratio of NPV to the expenditure falling within the constraint should be used. In practice, the ratio of PV of future net benefits to expenditure is expressed as a BCR. (NPV-to-investment is net BCR.) BCRs have been used

neg: McLaren 12C ratio of per horsepower. 2013 McLaren 12C has a power to weight ratio of per horsepower. The name's former prefix 'MP4' has been the chassis designation for all McLaren Formula 1 cars since 1981. 'MP4' stands for McLaren Project 4 as a result of the merger between Ron Dennis' Project 4 organisation with McLaren. The '12' refers to McLaren's internal Vehicle Performance Index through which it rates key performance criteria both for competitors and for its own cars. The criteria combine power, weight, emissions, and aerodynamic efficiency. The coalition of all these values delivers an overall performance index that has

neg: Crony-capitalism index banking and investment banking; infrastructure and pipelines; ports; airports; real estate and construction; steel and other metals; mining and commodities; utilities and telecoms services. Then, the total wealth of world’s billionaires who actively involve in rent-heavy industries from the data of Forbes will be calculated. Results can be achieved from the ratio of billionaire wealth to GDP in their own countries; higher ratio of billionaire wealth to GDP indicates higher possibility of suffering from crony capitalism. The 2016 index was published on May 7, 2016. The results of the crony-capitalist Index of 23 countries were published in March 15, 2014.

neg: Tactical asset allocation by Morningstar, Inc., they examined the "net annualized return, standard deviation, Sharpe ratio, and maximum drawdown from July 31, 2010, to December 31, 2011," of 163 tactical funds. They concluded that only a small percentage of firms outperformed the Vanguard Balanced Index, the exceptions being PIMCO and GMO (Grantham, Mayo, Van Otterloo) Global Asset Allocation. Updated to June 2013, they found that 20 percent of funds beat the Vanguard Balanced Index Fund, and just four had a better Sharpe ratio. Tactical asset allocation Tactical asset allocation (TAA) is a dynamic investment strategy that actively adjusts a portfolio's asset allocation. The

neg: Criticality index Criticality index Criticality index is mainly used in risk analysis. The Criticality Index of an activity (task) can be expressed as a ratio (between 0 and 1) but is more often expressed as a percentage. During a (e.g. Monte Carlo) simulation tasks can join or leave the critical path for any given iteration. The Criticality Index expresses how often a particular task was on the Critical Path during the analysis. Tasks with a high Criticality Index are more likely to cause delay to the project as they are more likely to be on the Critical Path. If a task does

neg: Return on capital employed Return on capital employed Return on capital employed is an accounting ratio used in finance, valuation, and accounting. It is a useful measure for comparing the relative profitability of companies after taking into account the amount of capital used. formula_1 It is similar to return on assets (ROA), but takes into account sources of financing. In the denominator we have net assets or capital employed instead of total assets (which is the case of Return on Assets). Capital Employed has many definitions. In general it is the capital investment necessary for a business to function. It is commonly represented as

neg: Rate of profit Rate of profit In economics and finance, the profit rate is the relative profitability of an investment project, of a capitalist enterprise, or of the capitalist economy as a whole. It is similar to the concept of the rate of return on investment. The rate of profit depends on the definition of "capital invested". Two measurements of the value of capital exist: capital at historical cost and capital at market value. Historical cost is the original cost of an asset at the time of purchase or payment. Market value is the re-sale value, replacement value, or value in present or

neg: Criticality index problem one must also measure the correlation between the duration of a task and the duration of the project. Spearman's Rank correlation or Pearson's Product Moment can be used to measure the correlation. Criticality index Criticality index is mainly used in risk analysis. The Criticality Index of an activity (task) can be expressed as a ratio (between 0 and 1) but is more often expressed as a percentage. During a (e.g. Monte Carlo) simulation tasks can join or leave the critical path for any given iteration. The Criticality Index expresses how often a particular task was on the Critical Path

neg: Hang Seng Index candidates, final selections are based on their: The current Hang Seng Index is calculated from this formula: formula_1 Descriptions on parameters: Investors in Asian markets monitor the following reports for investment activities: The representativeness of the HSI can be studied by the turnover of the whole stock market and by how much its market capitalisation covers. The aggregate market value of the HSI constituent stocks is maintained at approximately 60% of the total market value. This coverage ratio compares favorably with major overseas stock indices. Hang Seng Index The Hang Seng Index (abbreviated: HSI, ) is a freefloat-adjusted market-capitalization-weighted stock-market

neg: Porter's generic strategies target market segment, or at least the lowest price to value ratio (price compared to what customers receive). To succeed at offering the lowest price while still achieving profitability and a high return on investment, the firm must be able to operate at a lower cost than its rivals. There are three main ways to achieve this. The first approach is achieving a high asset utilization. In service industries, this may mean for example a restaurant that turns tables around very quickly, or an airline that turns around flights very fast. In manufacturing, it will involve production of high volumes

neg: Social enterprise lending the project is profitable. Social lenders might also offer small grants as part of an investment package. Social lending and social investors increased in popularity and number in the 1990s, in part as a reaction to the trend within charities, social enterprises and other voluntary and community organisations towards increasing their percentage of earned income and away from depending on shrinking sources of grant income. As a non-profit organisation develops new income streams, there is typically a funding gap between necessary investment in capacity, staff or infrastructure and profitability. This trend coincided with an increased tendency, in both the US

neg: Portfolio (finance) been suggested in the literatures that combines risk and return in the optimization problem. There are many types of portfolios including the market portfolio and the zero-investment portfolio. A portfolio's asset allocation may be managed utilizing any of the following investment approaches and principles: equal weighting, capitalization-weighting, price-weighting, risk parity, the capital asset pricing model, arbitrage pricing theory, the Jensen Index, the Treynor ratio, the Sharpe diagonal (or index) model, the value at risk model, modern portfolio theory and others. There are several methods for calculating portfolio returns and performance. One traditional method is using quarterly or monthly money-weighted returns;

neg: Rate of profit 5%, if all profits are invested or accumulated. In Marxian political economy, the rate of profit (r) would be measured as where surplus value corresponds to unpaid labor in the production process or to profits, interest, and rent (property income). Rate of profit In economics and finance, the profit rate is the relative profitability of an investment project, of a capitalist enterprise, or of the capitalist economy as a whole. It is similar to the concept of the rate of return on investment. The rate of profit depends on the definition of "capital invested". Two measurements of the value of

neg: Floor area ratio Floor area ratio Floor area ratio (FAR) is the ratio of a building's total floor area (gross floor area) to the size of the piece of land upon which it is built. The terms can also refer to limits imposed on such a ratio through zoning. As a formula FAR = (gross floor area) / (area of the plot) Floor Area ratio is sometimes called floor space ratio (FSR), floor space index (FSI), site ratio or plot ratio The difference between FAR and FSI is that the first is a ratio, while the latter is an index. Index numbers are

neg: Fama–French three-factor model ability but the market value of equity factor performs poorly. In a recent paper, Foye, Mramor and Pahor (2013) propose an alternative three factor model that replaces the market value of equity component with a term that acts as a proxy for accounting manipulation. In 2015, Fama and French extended the model, adding a further two factors -- profitability and investment. Defined analogously to the HML factor, the profitability factor (RMW) is the difference between the returns of firms with robust (high) and weak (low) operating profitability; and the investment factor (CMA) is the difference between the returns of firms

neg: Information ratio of the manager's portfolio divided by the amount of risk that the manager takes relative to the benchmark. The higher the information ratio, the higher the active return of the portfolio, given the amount of risk taken, and the better the manager. Top-quartile investment managers typically achieve annualized information ratios of about one-half. There are both ex ante expected and ex post observed information ratios. Generally, the information ratio compares the returns of the manager's portfolio with those of a benchmark such as the yield on three-month Treasury bills or an equity index such as the S&P 500. The information

neg: Profit margin Profit margin Profit margin, net margin, net profit margin or net profit ratio is a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue. Profit margin is calculated with selling price (or revenue) taken as base times 100. It is the percentage of selling price that is turned into profit, whereas "profit percentage" or ""markup"" is the percentage of cost price that one gets as profit on top of cost price. While selling something one should know what percentage of profit one will get on a particular investment, so companies calculate profit

neg: Prices received index index are used to calculate the parity ratio. Prices received index The prices received index is an index that measures changes in the prices received for crops and livestock. The National Agricultural Statistics Service currently publishes the index on a 1990-92 = 100 base. A ratio of the prices received index to the prices paid index on the 1990-92 base that is greater than 100% indicates that farm commodity prices have increased at a faster rate than farm input prices. When the ratio is less than 100%, farm input prices are increasing a more rapid pace than farm commodity prices.

neg: HUI Gold Index represents its assigned weight in the index. The HUI-gold ratio is an expression which compares the relative quantities of the NYSE Gold BUGS Index and the price of gold. The ratio is calculated by dividing the value of the NYSE Gold BUGS Index by the price of gold. Investors use the HUI-gold ratio to illustrate the ever-shifting relative strength of the gold stocks versus gold. HUI Gold Index The NYSE Arca Gold BUGS Index is a modified equal dollar weighted index of companies involved in gold mining. BUGS stands for Basket of Unhedged Gold Stocks. It is also referred to

neg: Bankia targets set by the European Commission in the BFA-Bankia Group Restructuring Plan. The bank also reported the best efficiency, solvency and profitability among the six largest Spanish banks. On 23 February 2016, Fitch raised Bankia's rating to "BBB-", restoring the bank's rating to investment grade. On 8 September, Bankia announced that it was included in the Dow Jones Sustainability Index with a score of 84 out of 100. On 27 June 2017, Bankia agreed to acquire state-owned bank BMN (Banco Mare Nostrum) for €825 million in an all-stock deal. BMN was the result of the merger of the savings banks

neg: Ibrahim Index of African Governance Ratio of Total Revenue to Total Expenditure, Fiscal Policy, Ratio of External Debt Services to Exports, Revenue Collection and Soundness of banks. The Business Environment sub-category includes six indicators measuring Competition Environment, Investment Climate, Investment Climate for Rural Businesses, Bureaucracy and Red Tape, and Customs Procedures. The Infrastructure sub-category includes six indicators measuring Electricity, Roads, Rail Network, Air Transport, Telephone and IT Infrastructure and Digital Connectivity. The Rural Sector subcategory includes seven indicators measuring Public Resources for Rural Development and Land and Water for Low-Income Rural Populations, Agricultural Research and Extension Services, Agricultural Input and Produce Markets, Policy and Legal

neg: Devaux's Index of Project Performance reflecting the project's investment value, against which any changes in the three variables of scope, time and cost can be measured. Any changes in the expected value of the scope, any acceleration or delay in schedule, and any change in the planned Cost ETC can be reflected in the Actual DIPP. This can be measured against the Planned DIPP to produce the DIPP Progress Index (DPI), an extension to the project's expected business value of the earned value indices the schedule performance index (SPI) and the cost performance index (CPI). The DIPP Progress Index formula is: The DIPP baseline presents

neg: The Banker well as by individual country. The awards are the industry’s most widely used index of global banking, and are internationally recognised as the definitive guide to the soundness, strength and profitability of banks. The banks are assessed by Tier 1 capital, with secondary rankings by assets, capital/asset ratio, real profit growth, profit on average capital, and return on assets. In 2013 ICBC was ranked in top place, the first time ever for a Chinese bank and retained the top position in the 2014 ranking. As well as The Bank of the Year Awards, the Banker also conducts awards for Deals

neg: Devaux's Index of Project Performance progress reporting date. The Tracking DIPP baseline formula is: As project work is performed and sunk costs accrue, the Cost ETC is expected to decrease at a planned rate. Since the planned Cost ETC is the denominator of the DIPP formula, the DIPP can be plotted to rise steadily during project execution, reflecting the fact that as a project nears completion, the return on the remaining investment becomes greater and greater (thus usually making it unwise to kill an ongoing project unless its Actual DIPP approaches 1.0 or less). As the project is executed, the DIPP provides an integrated metric,

neg: Programming productivity applicable and accepted means for productivity measurement yet. The same holds for more specific area of programming productivity. Profitability and performance are closely linked and are, in fact, often confused. However, as profitability is usually defined as the ratio between revenue and cost Profitability = Revenue / Cost It has a wider scope than performance, i.e. the number of factors that influence profitability is greater than the number of factors than influence productivity. Particularly, profitability can change without any change to the productivity, e.g. due to external conditions like cost or price inflation. Besides that, the interdependency between productivity and

neg: Barron's 400 Index Barron's 400 Index The Barron's 400 Index is an equal-weighted stock market index that tracks the performance of certain public companies in the United States, based on the strength of financial characteristics related to growth, market value, profitability and cash flow. The Barron's 400 has tended to outperform certain other major indexes at least since 2000 through the first half of 2013. The Barron's 400 employs a consistent “growth-at-a-reasonable price” (GARP) selection strategy. The index differs from some other major indexes in that it is equal-weighted, unlike the Dow Jones US Total Stock Market Index, the NASDAQ Composite and the

neg: V2 ratio V2 ratio The V2 ratio (V2R) is a measure of excess return per unit of exposure to loss of an investment asset, portfolio or strategy, compared to a given benchmark. The goal of the V2 ratio is to improve on existing and popular measures of risk-adjusted return, such as the Sharpe ratio, information ratio or Sterling ratio by taking into account the psychological impact of investment performances. The V2 ratio over-penalizes investments for which the investors had to go through bad returns comparatively to the market. The V2R is calculated as: formula_1 where formula_2 is the ratio between the investment

neg: Ape index Ape index Ape index, or ape factor factor, or gorilla index is slang or jargon used to describe a measure of the ratio of an individual's arm span relative to their height. A typical ratio is 1, as identified by the Roman writer, architect and engineer Vitruvius prior to 15 BC. Vitruvius noted that a "well made man" has an arm span equal to his height, as exemplified in Leonardo da Vinci's drawing, the "Vitruvian Man". In rock climbing it is believed that an Ape Index greater than one, where the arm span is greater than the height, provides for

neg: Net present value for the entire investment duration. Refer to the tutorial article written by Samuel Baker for more detailed relationship between the NPV value and the discount rate. For some professional investors, their investment funds are committed to target a specified rate of return. In such cases, that rate of return should be selected as the discount rate for the NPV calculation. In this way, a direct comparison can be made between the profitability of the project and the desired rate of return. To some extent, the selection of the discount rate is dependent on the use to which it will be

neg: Melt flow index the procedure for measurement of the melt flow rate. The procedure for determining MFI is as follows: Synonyms of Melt Flow Index are Melt Flow Rate and Melt Index. More commonly used are their abbreviations: MFI, MFR and MI. Confusingly, MFR may also indicate "melt flow ratio", the ratio between two melt flow rates at different gravimetric weights. More accurately, this should be reported as FRR (flow rate ratio), or simply flow ratio. FRR is commonly used as an indication of the way in which rheological behavior is influenced by the molecular mass distribution of the material. The flow parameter

neg: Carr index of a powder is the Hausner ratio, which can be expressed as formula_7. Both the Hausner ratio and the Carr index are sometimes criticized, despite their relationships to flowability being established empirically, as not having a strong theoretical basis. Use of these measures persists, however, because the equipment required to perform the analysis is relatively cheap and the technique is easy to learn. Carrs index formula to change (Tapped density - Bulk density) / tapped density X 100 Carr index The Carr index (also: Carr's index or Carr's Compressibility Index) is an indication of the compressibility of a powder. It

neg: The Cosmonaut three-staged model (in which the first stage would be the first year of the project) keeps crowdfunding and private investment as funding means, their role in the project varies: economically, crowdfunding carries less weight than in the first draft of the project. Nevertheless, its use is kept due to the weight such a completely developed infrastructure has in keeping and strengthening a fan community. Regarding private investment, it keeps the same operational system, but the owned profits per invested money ratio vary depending on the project stage. According to Riot Cinema data, of the €860,000 the project will cost, it

neg: Prices received index Prices received index The prices received index is an index that measures changes in the prices received for crops and livestock. The National Agricultural Statistics Service currently publishes the index on a 1990-92 = 100 base. A ratio of the prices received index to the prices paid index on the 1990-92 base that is greater than 100% indicates that farm commodity prices have increased at a faster rate than farm input prices. When the ratio is less than 100%, farm input prices are increasing a more rapid pace than farm commodity prices. The prices received index and the prices paid

neg: Barron's 400 Index exchange-traded fund (ETF) launched June 4, 2013 under the ALPS ETF Trust. The ETF tracks the index and seeks results corresponding to the underlying B400 index of 400 stocks. ALPS, headquartered in Denver CO, provides asset servicing and gathering to the financial services industry. Barron's 400 Index The Barron's 400 Index is an equal-weighted stock market index that tracks the performance of certain public companies in the United States, based on the strength of financial characteristics related to growth, market value, profitability and cash flow. The Barron's 400 has tended to outperform certain other major indexes at least since 2000

neg: Peren–Clement index Peren–Clement index The Peren–Clement index is a method of country-specific risk analysis for businesses engaged in international trade and direct investment. This instrument provides a guideline when deciding which foreign markets offer the possibility of additional business engagement and investment and the extent of an existing engagement or investment can be increased or should be reduced. The Peren-Clement index can be used as an early detection system, which evaluates probabilities and risks of an investment in a certain foreign market, which are determined by the political situation, its social, economical and judicial environment as well as its predictable or anticipated

neg: Hausner ratio a powder. A Hausner ratio greater than 1.25 is considered to be an indication of poor flowability. The Hausner ratio (H) is related to the Carr index (C), another indication of flowability, by the formula formula_4. Both the Hausner ratio and the Carr index are sometimes criticized, despite their relationships to flowability being established empirically, as not having a strong theoretical basis. Use of these measures persists, however, because the equipment required to perform the analysis is relatively cheap and the technique is easy to learn. Hausner ratio The Hausner ratio is a number that is correlated to the flowability

neg: Public Market Equivalent of the Long Nickels PME : an investment outperforming the index will yield a negative value in the index theoretical investment. Instead of modifying the NAV of the investment, the PME+ discount every distribution by a factor computed so that the NAV of the index investment matches the NAV of the fund. Like the Long Nickels PME, the PME+ needs to be compared to the IRR. An IRR outperforming the PME means that the fund outperformed the public index. Using Henly Notation in "PME Benchmarking Method": formula_5 where formula_6 and formula_7 formula_8 In other words, lambda is chosen so that

neg: Credit analysis starting an inquiry to determine whether a particular ratio for a potential borrower differs markedly from the norm for its industry. In reality, however, the unsatisfactory level of one ratio is frequently mitigated by the strength of some other measure. A firm, for example, may have a poor profitability ratio but an above-average liquidity ratio. One limitation of the univariate approach is the difficulty of making trade-offs between such weak and strong ratios. Of course, a good credit analyst can make these adjustments. However, some univariate measures – such as the specific industry group, public versus private company, and region

neg: FIRS (index) FIRS (index) The FIRS Index is a share index of the 13 privatisation-investment funds (PIFs) listed on the Banja Luka Stock Exchange (BLSE), established on 29 July 2004. FIRS stands for "Indeks investicionih fondova Republike Srpske", which is Serbian for Investment Funds Index of Republika Srpska. The highest value of the index to 22 September 2006, was on that day, at 4467.74. Other indices on the Banja Luka Stock Exchange are the BIRS (an index of 12 leading shares) and ERS10 (an index of 10 companies from the power utility sector). All of the companies listed on this index include

neg: Poverty gap index is 5% of the poverty line. The total increase needed to eliminate poverty is US$250 million—$25 multiplied by 10 million individuals. The poverty gap index is an important measure beyond the commonly used headcount ratio. Two regions may have the similar headcount ratio, but distinctly different poverty gap indexes. A higher poverty gap index means that poverty is more severe. The poverty gap index is additive. In other words, the index can be used as an aggregate poverty measure, as well as decomposed for various sub-groups of the population, such as by region, employment sector, education level, gender, age or

neg: Poverty gap index Poverty gap index The poverty gap index is a measure of the intensity of poverty. It is defined as the average poverty gap in the population as a proportion of the poverty line. The poverty gap index is an improvement over the poverty measure headcount ratio which simply counts all the people below a poverty line, in a given population, and considers them equally poor. Poverty gap index estimates the depth of poverty by considering how far, on the average, the poor are from that poverty line. The poverty gap index, sometimes referred to as poverty gap ratio or PG

neg: Ulcer index than weekly though, since for instance with quarterly prices a fall and recovery could take place entirely within such a period and thereby not appear in the index. Martin recommends his index as a measure of risk in various contexts where usually the standard deviation (SD) is used for that purpose. For example, the Sharpe ratio, which rates an investment's excess return (return above a safe cash rate) against risk, is The ulcer index can replace the SD to make an ulcer performance index (UPI) or Martin ratio, In both cases annualized rates of return would be used (net of

neg: Incremental capital-output ratio net investment. formula_1 According to this formula the incremental capital output ratio can be computed by dividing the investment share in GDP by the rate of growth of GDP. As an example, if the level of investment (as a share of GDP) in a developing country had been (approximately) 20% over a particular period, and if the growth rate had been (approximately) 5% per year during the same period, then the ICOR would be 20/5 = 4. Incremental capital-output ratio The Incremental Capital-Output Ratio (ICOR) is the ratio of investment to growth which is equal to the reciprocal of the

neg: First break picking ratio can be defined as, where "r" is the STA/LTA ratio at time index "i+1", and "r" is the STA/LTA ratio at time index "i". For noise-free seismograms, the maximum value of the numerical derivative of the STA/LTA ratio is close to the time of the first arrival. Wong et al. (2009) modified the algorithm of the energy ratio method, where they named the method as modified energy ratio. In this method, they define the energy ratio as, where "x" is the times series representing a seismogram with the time index "i=1, 2 … N." and the number of points

neg: Forestry in Russia companies decreased to 0.7%, compared to 9.0% in the previous year. Woodworking companies’ profitability was slightly higher than that of pulp and paper companies (5.7% and 4.9% respectively). Only four of the Top 50 companies managed to reach a double-digit profitability ratio. Zelenodolskiy plywood plant had the highest profitability ratio (17%) in 2008. The fastest-growing forest industry company in Russia was United Panel Group, which revenue boosted by 89.5% up to 3.04 billion roubles. Among pulp and paper companies, the fastest-growing was Obyedinyonnye bumazhnye fabriki (United paper mills, +49.6% up to 1.76 billion roubles). Ilim Group gained the largest net

neg: Abu Dhabi Investment Authority returns, the fact that it has moved closer to the index and manages most of its funds through external third party fund managers shows that its tolerance for risk taking is greatly diminished over the years. However, ADIA's ratio of third-party fund managers is being actively managed. In 2006, between 70% and 80% of the organization’s assets were managed outside with an aim to bring that down to between 60% and 70%. On 27 May 2013, ADIA published its 2012 Review, with an overview of its activities during the past year as well as an explanation of its approach to

neg: Ape index Deadlift, where longer arms reduce the range of motion required to complete the lift . Ape index Ape index, or ape factor factor, or gorilla index is slang or jargon used to describe a measure of the ratio of an individual's arm span relative to their height. A typical ratio is 1, as identified by the Roman writer, architect and engineer Vitruvius prior to 15 BC. Vitruvius noted that a "well made man" has an arm span equal to his height, as exemplified in Leonardo da Vinci's drawing, the "Vitruvian Man". In rock climbing it is believed that an Ape

neg: Average accounting return is no clear indication of profitability. And also should use an arbitrary benchmark cutoff rate is kind of disadvantage thing. The last disadvantage is it is based on accounting net income and book values, not cash flows and market values. Average accounting return The average accounting return (AAR) is the average project earnings after taxes and depreciation, divided by the average book value of the investment during its life. Approach to making capital budgeting decisions involves the average accounting return(AAR). There are many different definitions of the AAR. However, in one form or another, the AAR is always defined as:

neg: Horowitz index Horowitz index The Horowitz index (synonyms: oxygenation after Horowitz, Horowitz quotient, P/F ratio) is a ratio used to assess lung function in patients, particularly those on ventilators. It is useful for evaluating the extent of damage to the lungs. The simple abbreviation as oxygenation can lead to confusion with other conceptualizations of oxygenation index. The Horowitz index is defined as the ratio of partial pressure of oxygen in blood (PaO2), in millimeters of mercury, and the fraction of oxygen in the inhaled air (FIO2). In healthy lungs the Horowitz index depends on age and usually falls between 350 and 450.

neg: Corrib gas project prices. Up to 2007, the Irish Petroleum Licensing Terms imposed a flat 25% income tax on gas production revenues. In August 2007, the top rate of tax on the most profitable fields was increased to 40%. The new licensing terms called for changes to the tax imposed based upon fields ' profit ratios (equal to the rate of profit less 25% divided by the accumulated level of capital investment). Where this ratio is greater than 4.5, an additional 15% tax was imposed, where it is between 3.0 and 4.5 an additional 10% was imposed and where the profit ratio is

neg: The Global 100 non-disclosure. The Global 100 Index has been recognized as a leader in transparency and industry best practices for sustainability rankings, according to SustainAbility’s Rate the Raters project. The Global 100 The Global 100 Index is a ranking of the world's most sustainable corporations. The list is compiled by Toronto-based media and investment advisory firm, Corporate Knights (CK). Each year, the latest iteration of the index is announced at the World Economic Forum in Davos, Switzerland. As at December 31, 2013 the Global 100 has outperformed its benchmark, the MSCI All Country World Index by 3.21%. The Global 100 was created

neg: Expense ratio finance and accounting professionals to demonstrate the profitability and viability of the operations of a business. In this context, the expense ratio shows the percentage of an operation's gross revenues that is being allocated to the expenses related to running the operation. Business managers who use profit and loss statements (i.e. income statements) to draft business plans find expense ratios to be very useful indices in producing forecasts, and determining where cost cutting and revenue maximization opportunities exist. Expense ratio The expense ratio of a stock or asset fund is the total percentage of fund assets used for administrative, management,

neg: Public Market Equivalent fund with the S&P500 Index by creating a theoretical investment into the S&P using the Private Equity fund cashflows : As the index price evolves, the value of the theoretical amount invested in the index changes. When receiving a valuation for the fund, we can then compare the value of the fund investment to the theoretical value of the index investment. Negative cashflows are treated as contributions. On the first period, a $100 call in the fund is matched by a $100 investment into the index. On the second period, the $100 index investment is now worth $105, to which

neg: Professional services automation reporting and project management). However, in their most robust incarnation they can also include customer relationship management (CRM), resource management, opportunity and knowledge management. A comparison of PSA software is available. PSA software is designed to improve the performance and profitability of professional services firms. A recent end-user survey conducted by SPI Research showed significant improvement in key performance indicators such as: The study concluded with a return on investment (ROI) model for an average 172-person professional services firm. According to the research, over a five-year horizon, the firm could expect to invest just under $200,000 in implementation and software

neg: Accounting rate of return Accounting rate of return Accounting rate of return, also known as the Average rate of return, or ARR is a financial ratio used in capital budgeting. The ratio does not take into account the concept of time value of money. ARR calculates the return, generated from net income of the proposed capital investment. The ARR is a percentage return. Say, if ARR = 7%, then it means that the project is expected to earn seven cents out of each dollar invested (yearly). If the ARR is equal to or greater than the required rate of return, the project is acceptable.

neg: Capital structure substitution theory theory suggests that the Fed equilibrium was only observable after 1982, the year in which the United States Securities and Exchange Commission allowed open-market repurchases of shares. It can be shown that repurchasing has a disadvantage over dividends for companies with a debt-equity ratio above formula_8 Under the assumptions described above, low valued, high leveraged companies with limited investment opportunities and a high profitability are expected to use dividends as the preferred means to distribute cash. From the earnings payout graph it can be seen that S&P 500 companies with a low earnings yield (=highly valued) on aggregate changed their

neg: Total project control drag, the value breakdown structure (VBS), Devaux's Index of Project Performance (the DIPP), Doubled Resource Estimated Duration (DRED), and Cost of Leveling with Unresolved Bottlenecks (CLUB). The Project Management Institute's monthly magazine PM Network reviewed the TPC methodology as making "solid points about what can be done to maximize ROI during project execution." In a 2015 PMI white paper on organizational project management, Joseph Sopko wrote about the DIPP: "The effect of project delivery of any new capability on program NPV should always be quantified and communicated to the project team by the project sponsor... DIPP is the ratio of

neg: Sharpe ratio advantage that it is directly computable from any observed series of returns without need for additional information surrounding the source of profitability. Other ratios such as the bias ratio have recently been introduced into the literature to handle cases where the observed volatility may be an especially poor proxy for the risk inherent in a time-series of observed returns. While the Treynor ratio works only with systematic risk of a portfolio, the Sharpe ratio observes both systematic and idiosyncratic risks. The returns measured can be of any frequency (i.e. daily, weekly, monthly or annually), as long as they are normally

neg: Sustainability metrics and indices Environment Programme (UNEP) and during the tenure of Kofi Annan, it cooperated with the UN Secretary-General's Global Compact. In 1956 Dr. Howard T. Odum of the University of Florida coined the term Emergy and devised the accounting system of embodied energy. In 1997, systems ecologists M.T. Brown and S. Ulgiati published their formulation of a quantitative Sustainability Index (SI) as a ratio of the emergy (spelled with an "m", i.e. "embodied energy", not simply "energy") yield ratio (EYR) to the environmental loading ratio (ELR). Brown and Ulgiati also called the sustainability index the "Emergy Sustainability Index" (ESI), "an index that

neg: CASA ratio net interest margin. In India, it is used as one of the metrics to assess the profitability of a bank. formula_1 CASA ratio CASA ratio stands for current and savings account ratio. CASA ratio of a bank is the ratio of deposits in current and saving accounts to total deposits. A higher CASA ratio indicates a lower cost of funds, because banks do not usually give any interests on current account deposits and the interest on saving accounts is usually very low 3-4%. If a large part of a bank's deposits comes from these funds, it means that the bank

neg: Dividend policy typically choose between dividends and share repurchases. But as dividends are in most cases taxed higher than capital gains, investors are expected to prefer capital gains. However, the CSS theory shows that for some companies share repurchases lead to a reduction in EPS. These companies typically prefer dividends over share repurchases. From the CSS theory it can be derived that debt-free companies should prefer repurchases whereas companies with a debt-equity ratio larger than should prefer dividends as a means to distribute cash to shareholders, where Low valued, high leverage companies with limited investment opportunities and a high profitability use dividends

neg: Logistic regression by This is the most analogous index to the squared multiple correlation in linear regression. It represents the proportional reduction in the deviance wherein the deviance is treated as a measure of variation analogous but not identical to the variance in linear regression analysis. One limitation of the likelihood ratio "R" is that it is not monotonically related to the odds ratio, meaning that it does not necessarily increase as the odds ratio increases and does not necessarily decrease as the odds ratio decreases. "R" is an alternative index of goodness of fit related to the "R" value from linear

neg: Public Market Equivalent that the private fund outperformed the public index. The difference between the IRR and the PME is called the IRR spread. The PME is an IRR on the cashflows of the investment, using as final cashflow an adjusted PME NAV. formula_1 Where : formula_2 is the cashflow from the investment at date s, positive for a contribution, negative for a distribution formula_3 is the value of the index at date s then : formula_4 As stated in Long and Nickels paper: "If a private investment greatly outperforms the index because it makes frequent, large distributions, it is possible for the

neg: Liu Chong Hing Investment at Shanghai and Beijing in 2016, with the hotel in Guangzhou remains in operation. The company was removed from Hang Seng Composite Index in March 2018. Liu Chong Hing Investment Liu Chong Hing Investment Limited () is a Hong Kong incorporated-listed company founded in 1970. Its main business was originally on residential and commercial property developments in Hong Kong and China. It became a public listed company in 1972 in Hong Kong and later expanded its business into investment holding, property management, hotel management, warehouses investment, treasury investment, trading and manufacturing. In 2003, the company started to develop property project

neg: Capital markets index systems management and the implementation of the index constituent selection process. Capital markets index The capital markets index (CPMKTS) is an investment tool that tracks the value of traditional investment-grade U.S. capital market securities. CPMKTS is a real-time, market-weighted index. It includes approximately 9,500 equity, fixed income and money market instruments. CPMKTS index was launched by Dorchester Capital Management Company of Houston, Texas on May 4, 2006. The Capital Markets Index is carried on the American Stock Exchange under the symbol CPMKTS with updates every 15 seconds. CPMKTS measures the capital markets on a consolidated basis. Rather than further subdivide