Investment and Portfolio Management Assignment

INVESTMENTS AND PORTFOLIO

MANAGEMENT

Name: Synandre Montaque-Dwyer

ID#: 9911339

Lecturer: Dr. Neville Swaby

In partial Fulfilment for the Masters in Business Administration (MBA), University of

Technology Jamaica, 2008

Table of Contents

Assignment Outline ...................................................................................... 3

Introduction ................................................................................................... 4

Investment Portfolio Breakdown .................................................................. 5

SECTION A – Introduction to Investment Portfolio

Brief Overview of Stocks

1) Caribbean Cement Limited (CCC)

2) GraceKennedy Limited (GK)

3) Jamaica Broilers (JB)

4) Montego Freeport (MFP)

5) Scotia Jamaica Limited (SGJ)

Overview of other Investment Instruments

1) Foreign Exchange

2) Treasury Bills

3) Mutual Funds

4) Miscellaneous

SECTION B – Analysis of Investment Portfolio

Analysis of Stocks .....................................................................................................

Analysis of Foreign Exchange Investment ...............................................................

Analysis of Treasury Bill Investment .......................................................................

Analysis of Mutual Funds Investment ......................................................................

Analysis of Miscellaneous Investment .....................................................................

SECTION C – Critique of Portfolio

Conclusion and Assessment of Overall Portfolio .....................................................

Critique on Portfolio Performance ............................................................................

Glossary ....................................................................................................................

References .................................................................................................................

Appendices ................................................................................................................

2

Students in the course Investments Analysis and Behavior of the Masters of Business

Administration, Montego Bay Cohort were given the task of developing an investment

portfolio for Jamaican $15,000,000.00 based on the information listed below and report on

its performance at the end of twelve (12) weeks over the period July to September 2008.

1. Stock Market: Total of $7,000,000.00 to be invested in six stocks currently traded

on the Jamaican Stock Exchange (JSE) in the following proportions:

a) $2,500,000.00

b) $1,600,000.00

c) $1,000,000.00

d) $900,000.00

e) $600,000.00

f) $400,000.00

$7,000,000.00

2. Foreign Exchange: $2,500,000.00

3. Treasury Bills: $2,000,000.00

4. Mutual Funds: $2,000,000.00

5. Miscellaneous: $1,500,000.00

A detailed analysis of the performance of the portfolio is required for written submission.

3

Assignment Task: Investment Analysis and Behaviour





Investments included Stocks, Foreign Exchange, Treasury Bills, Mutual Funds and a

miscellaneous investment of our choice.

Stock Market: Total of $7,000,000.00 to be invested in six stocks currently traded on the

Jamaican Stock Exchange (JSE) in the following proportions:

STOCK A - $2,500,000.00

STOCK B - $1,600,000.00

STOCK C- $1,000,000.00

STOCK D - $900,000.00

STOCK E - $600,000.00

STOCK F - $400,000.00

TOTAL STOCKS $7,000,000.00

Foreign Exchange: $2,500,000.00

Treasury Bills: $2,000,000.00

Mutual Funds: $2,000,000.00

Miscellaneous: $1,500,000.00


Assignment Task: Investment Analysis and Behaviour





Investments included Stocks, Foreign Exchange, Treasury Bills, Mutual Funds and a

miscellaneous investment of our choice.

Stock Market: Total of $7,000,000.00 to be invested in six stocks currently traded on the

Jamaican Stock Exchange (JSE) in the following proportions:

STOCK A - $2,500,000.00

STOCK B - $1,600,000.00

STOCK C- $1,000,000.00

STOCK D - $900,000.00

STOCK E - $600,000.00

STOCK F - $400,000.00

TOTAL STOCKS $7,000,000.00

Foreign Exchange: $2,500,000.00

Treasury Bills: $2,000,000.00

Mutual Funds: $2,000,000.00

Miscellaneous: $1,500,000.00


Introduction

This Portfolio looks at various investments and how as an investor you are able to

assess their performance. The assignment sought to simulate an actual investment

environment. Basic guidelines for the investment portfolio was limited to just the allocation

amount of funds to each type of investment. Investors had free reign to make choices re the

investment as they would in a real investment environment.

Investment concepts taught throughout the course were put into practical application.

Stock Investments looked at concepts such as capital appreciation, dividends, arithmetic

mean, geometric mean, variance, standard deviation, covariance and correlation.

Information for the portfolio was obtained from various Jamaican institutions resource

centers, such as the Jamaica Stock Exchange (JSE) and various financial Institutions. Tables,

charts and graphs are included in the portfolio to help facilitate better assessment of the data

presented.

A point to note is that the period of this investment was one in which the financial

sector worldwide was experiencing a lot of instability. Excerpts from the spreadsheet used in

the calculations are included in the Portfolio.

4

Investment Portfolio Breakdown

The investment portfolio being assessed in this project is diversified into five (5) areas. Each

area will be analysed individually and then assessed as one entity – the portfolio. Fig. 1

shows a graphical representation of the allocation of funds for the portfolio. The majority of

funds, 47%, is allocated to stocks (six stocks in total), with foreign exchange following

second at 17%. Treasury Bills and Mutual Funds had 13% of the total funds allotted to each

with the smallest amount of 10% allocated to miscellaneous investments, of which I chose

Certificate of Deposits or CD’s.

5

Portfolio Investment BreakdownTotal Investment 15 Million Dollars

Stocks47%

Foreign Exchange

17%

Mutual Funds13%

T-Bills13%

Certificate of Deposits

10%Stocks

ForeignExchangeMutual Funds

T-Bills

Certificate ofDeposits

Fig. 1

6

Section A: Introduction to Investment Portfolio


Caribbean Cement Limited (CCC)

Grace Kennedy Limited (GK)

Jamaica Broilers (JB)

Montego Freeport (MFP)

Scotia Jamaica Limited (SGJ)


Foreign Exchange

Treasury Bills

Mutual Funds

Miscellaneous

Section A: Introduction to Investment Portfolio








Foreign Exchange

Treasury Bills

Mutual Funds

Miscellaneous

http://scotiabank.com/cda/index/0,,LIDen,00.html%00%E5%A1%B9%EF%92%81%E1%B4%BB%E4%A1%BF%E2%B2%AF%E5%B6%82%E8%97%84%E6%8C%A7%00%00%EA%AE%A5

Portfolio Investment: Stocks

The following Portfolio consists of six stocks comprising companies listed on the

Jamaica Stock Exchange (JSE). The stocks invested in spans various industries. These

include, Caribbean Cement Company Limited, Grace Kennedy, Jamaica Broilers, Kingston

Wharves, Montego Freeport and Scotia Group Jamaica Limited. Information on the different

companies is gathered from the company’s website.


Caribbean Cement Company Limited, through its subsidiaries, engages in the

manufacture and sale of Portland cement primarily in Jamaica. The company offers gypsum

materials and Carib cement, as well as offers technical support services to commercial

concrete producers and block makers. It also engages in the management of port facilities.

The company was incorporated in 1947 and is based in Kingston, Jamaica.

The idea of a cement company in Jamaica was aired in 1921. However, serious

consideration was given to the idea in the years just prior to the end of World War II. The

arguments used for a local plant were to curb the shortage of cement being experienced as a

result of the war, the presence of a large local market, an adequate supply of cement for

government's building projects and to utilize the shipping space made available by the

reduction of cement imports for other necessary commodities. Also, it was the aim to produce

and sell on the local market at a price less that the cement imported from Britain. Before the

war, cement was shipped from Britain at a cost four times the cost of producing in Jamaica.

7

Caribbean Cement Company Limited was incorporated and in 1948 accepted the

government's cement franchise terms for the construction of a plant with a capacity of

100,000 tonnes. (Excerpt Taken from: http://www.caribcement.com/about/history.asp &

http://investing.businessweek.com/research/stocks/)


GraceKennedy is one of the Caribbean's largest and most dynamic corporate entities.

The company started in Jamaica in 1922 as a small trading establishment and wharf founders.

It has expanded and diversified over the years, changing from a privately-owned enterprise to

a public company listed on the stock exchanges of Jamaica, Trinidad, Barbados and the

Eastern Caribbean. Today, the GraceKennedy Group comprises a varied network of some 60

subsidiaries and associated companies located across the Caribbean and in North and Central

America and the United Kingdom. Our operations span the food distribution, financial,

insurance, remittance, hardware retailing and food-processing industries.

Excerpt Taken from: http://www.gracekennedy.com/GRACE/corp_Profile.htm)


Jamaica Broilers Group Limited and its subsidiaries engage in the production and

distribution of poultry, beef, fish, animal feeds, and agricultural products in Jamaica. It

operates in three segments: Poultry Operations, Feed and Farm Supplies, and Fish

Operations. Further, Jamaica Broilers Group involves in cattle rearing, ocean freight

consolidation, captive insurance, property rental, and electricity generation businesses. The

company sells its products through a range of retailers, wholesalers, and shopkeepers.

Jamaica Broilers Group was founded in 1958 and is headquartered in St. Catherine,

Jamaica.Using state-of-the-art technologies throughout the production and processes, each of

8

http://www.caribcement.com/about/history.asp

our Group’s divisions constantly strives to achieve – and surpass – international standards of

efficiency and quality.

Jamaica Broilers Group has been a publicly-listed entity since 1977 and, in that same year,

became one of the first companies in the world to offer an Employee Share Ownership plan.

The company presently has a workforce of over 1,500 workers and operates from seven

locations islandwide, with two divisions located in the U.S.A.

Excerpt Taken from: http://www.jamaicabroilersgroup.com &

http://investing.businessweek.com

Kingston Wharves

Founded in 1945, Kingston Wharves Limited (KWL) is one of the Caribbean's

leading multipurpose terminal operators. Listed on the Jamaica Stock Exchange, with net

assets of US$ 54 million, the Company has experienced steady growth and boasts a steady

profit stream with a high proportion of retained earning ploughed back into the business.

Kingston Wharves Limited operates a terminal in Port Bustamante, just east and

adjoining Kingston Container Terminal. A continuous quay nearly 1,600 meters long

provides nine deepwater berths for ro-ro, lo-lo,container, general break bulk and bulk

shipping services. The 25 hectare terminal offers 22 hectare of open storage with 30,000

square meters of covered warehousing and cold storage. The company also has 53, 000

square meters of secure off-dock storage for motor vehicles.

Excerpt Taken from: http://www.kingstonwharves.com.jm)


9

http://investing.businessweek.com/

http://www.jamaicabroilersgroup.com/

Montego Freeport Limited (the company) is a company limited by shares. The

Government of Jamaica, through the Urban Development Corporation, owns approximately

82% of the issued share capital of the company, which is listed on the Jamaica Stock

Exchange. The company and its subsidiary (the Group) are incorporated and domiciled in

Jamaica and have registered offices at Montego Freeport Shopping Centre, Montego Bay.

The principal activity of the Group is property ownership and rental

(Taken From: Montego Freeport Financial Reports, March 21, 2008)


Scotia Group Jamaica Limited operates as the holding company for The Bank of Nova

Scotia Jamaica Limited (bank), which provides a range of financial products and services to

individuals and businesses in Jamaica. The bank operates in five segments: Retail Banking,

Corporate and Commercial Banking, Treasury, Investment Management Services, and

Insurance Services. The Retail Banking segment offers personal banking services, personal

customer current accounts, savings deposits, custody, credit and debit cards, customer loans,

and mortgages. The Corporate and Commercial Banking segment provides non-personal

direct debit facilities, current accounts, deposits, overdrafts, loans and other credit facilities,

and foreign currency transactions. The Treasury segment engages in liquidity and investment

management functions, management of correspondent bank relationships, and foreign

currency trading. The Investment Management Services segment engages in investments and

pension fund management, and the administration of trust accounts. The Insurance Services

segment offers life insurance products and services. The bank operates approximately 42

branches and 149 automated banking machines. The company was founded in 1889 and is

based in Kingston, Jamaica.

Excerpt Taken from: http://investing.businessweek.com/research/stocks/)

The following spreadsheet excerpt shows the performance of the stocks over

the twelve weeks. It shows weekly price and value of the stock as well as calculates

any capital gains or losses. The weekly percentage return is also highlighted.

10

Portfolio Investment: Foreign Exchange

Portfolio Investment Amount = $2,500,000.00

Foreign exchange refers to trading one type of currency for another. Unlike other

financial markets, the FX market has no physical location and no central exchange. It

operates "over the counter" through a global network of banks, corporations and individuals

trading one currency for another. The FX market is the world's largest financial market,

operating 24 hours a day with enormous amounts of money traded on a daily basis.

Unlike any other financial market, investors can respond to currency fluctuations

caused by economic, political and social events at the time they occur, without having to wait

for exchanges to open.

11

Portfolio Investment :Treasury Bills

Portfolio Investment = $2,000,000.00

Treasury bills are short term government debt instruments. In the United States, for example,

the market for short term central government debt is mainly comprised of Treasury bills with

a maturity of one year or less. Standard maturities are 3 months, 6 months and, in some cases,

1 year.

Liquidity in short-term government debt is usually high. This is because of:

the high credit standing/low default risk of the issuer i.e. government

the homogeneity of the instruments

the high (and regular) volume and low denomination size of the debt.

Treasury bills are usually issued at a discount and are redeemed at their full face value at

maturity.

Mutual Funds


Known also as an open ended fund or in the UK as unit trusts, mutual funds are pooled

investment vehicles. They mostly invest in stocks and bonds of companies and public

authorities. They offer the small investor the chance to spread their investment widely. An

investor who wishes to invest in a mutual fund simply buys new shares in the fund, which

then expands in size. Sellers can only sell their shares back to the fund, which shrinks

accordingly. Specialist companies typically run mutual funds.

12

Certificates of Deposits (CD’s)


Certificates of Deposit (CDs) are securitised bank time deposits. The CD market is a tiered

market offering securities backed by different ‘names’ and so a range of liquidities and

yields.

Earnings Per Share for Stocks in the Portfolio.

Caribbean Cement - 0.64

Ownership structure

Whether stock is undervalued or overvalued (do calculation to illustrate)

Price weighted Average of Stocks

Do an Analysis of the results. Use book to incorporate what results mean.

CAPM Model to find Expected return for each stock

Stock Current

Price

Expected

Price

Expected

Dividend

Requirement Estimated Evaluation

A

B

C

D

E

F

Treynor Index and Sharpe Ratio on the Portfolio

13

Dividends paid out

The Jamaica Broilers Group Limited generally distributes twenty percent

(20%) of its audited annual profits after tax as dividends.

Behavioural Finance – Psychological Biases of stock Investments

Standard Deviation of Portfolio.

Calculate Expected Share Price

Dividend discount model

Constant growth model

NAV

Calculate the future value of initial stock investment

14

15

Section B: Analysis of Investment Portfolio

Analysis of Investment Portfolio

Analysis of Stocks

Analysis of Foreign Exchange Investment

Analysis of Treasury Bill Investment

Analysis of Mutual Funds Investment

Analysis of Miscellaneous Investment

Section B: Analysis of Investment Portfolio

Analysis of Investment Portfolio

Analysis of Stocks

Analysis of Foreign Exchange Investment

Analysis of Treasury Bill Investment

Analysis of Mutual Funds Investment

Analysis of Miscellaneous Investment

PORTFOLIO: ANALYSIS OF STOCKS

For the stock option of the portfolio six stocks from varying industries were chosen. There

were no specific criteria for choosing the differing stock. Neither were their criteria for the

allotment of funds. The six stocks as was highlighted earlier are Caribbean Cement Limited

(CCC), Grace Kennedy Limited (GK), Jamaica Broilers (JB), Montego Freeport (MFP) and

Scotia Jamaica Limited (SGJ). The performance of the stock was assessed over a twelve (12)

week period. For this period it should be noted that it was a period of incredible volatility in

the financial sector worldwide. This period was at the peak of the the financial turmol which

is still ongoing.

Sto

ck C

ode

Sto

ck P

rice

Wee

k 1

Wee

k 2

Wee

k 3

Wee

k 4

Wee

k 5

Wee

k 6

Wee

k 7

Wee

k 8

Wee

k 9

Wee

k 1

0

Wee

k 1

1

Wee

k 1

2

CCC 9.75 9.51 9.89 9.61 9.41 9.42 9.21 9.00 9.01 8.85 9.00 9.00 8.85

GK 85.05 85 86 89 88.60 88.06 85.05 84.01 83.50 82.01 76.10 76 72

JB 5.70 5.98 5.75 6.61 6.40 6.40 6.41 6.30 6.55 7.20 7.20 7.25 6.30

KW 7.01 7.01 7.05 7.00 7.00 6.60 6.60 6.45 7.00 6.50 7.20 6.80 6.80

MFP 2.12 2.10 2.20 2.20 2.05 2.05 2.05 2.30 2.50 2.40 2.35 2.70 3.15

SGJ 24.00 24.20 24.90 24.4 23.97 23.55 24.50 23.80 24.45 24.50 23.86 23.80 23.52

16

Analysis: Highest Price: $9.89 Lowest Price: $8.85

Over the twelve (12) weeks Caribbean Cement experienced continuous decline in its stock

price except for the second week after purchasing the stock in which it saw an increase

($9.89) which was at a price even greater than the purchase price ($9.75) of the stock.


The GraceKennedy stock for the first half of the period experienced steady growth; however

for the last half it experienced a similar steady decline in its share price value. This is one of

the stocks that experience a capital loss at the end of the period.

17

Fig. B2

Fig. B1


The Jamaica Broilers stocks ended the period had a 10.5% capital gain. The stock however

experienced quite a bit of volatility, while other times having little or no movement or

fluctuations, as can be seen from the graph above.


18

Fig. B4

Fig. B3



19

Fig. B5

Fig. B6

Overview of all Stocks

Of the six stocks bought in July, only two realised capital gains. These two stocks are

Jamaica Broilers and Montego Freeport. All other stocks experienced loss in value of their

stock price by the end of the twelve (12) weeks. Percentage gains and Losses for the stocks

are as seen in the table below:

Stock Code Percentage Gain/Loss Status at 12 WeeksCaribbean Cement Company Ltd. -0.09231 LOSSGraceKennedy Ltd. -0.15344 LOSSJamaica Broilers 0.105263 GAINKingston Wharves Ltd. -0.02996 LOSSMontego Freeport Ltd. 0.485849 GAINScotia Group Jamaica -0.02 LOSS

Beta of Stocks

GK 1.05 Scotia .91 KW 1.1 JB .98 MFP 1.07 CCC 1.03

For the three stock Portfolio the three stocks chosen are from the Manufacturing Industry.

20

Fig. B7

PORTFOLIO: ANALYSIS FOREIGN EXCHANGE INVESTMENT

A sum of Jamaican $2,500.000.00 was to be invested in foreign exchange in a Jamaican

Financial institution- Jamaican Money Market Brokers (JMMB). With guidance from

investment advisors at the institution the currency to invest in would be ascertained. The

investment for this portfolio was in US dollars. If this amount was invested on the July 1st

2008, the following information would hold true. With an exchange rate on the day of

investment being J$71.90 = US$1.00 then J$2,500,000.00 would equate to $34,770.51

invested for three months at a rate of 4.55%. Exchange rate at the end of the period was

$72.68. The investment was done over a 81 day period. With the investment maturing in the

first month (31 days), reinvested for another month in which that also matured and in the last

reinvestment for 19 days. The total interest received on the investment is $286.85. Converted

to Jamaican dollars this would amount to J$20, 733.77. The

Exchange rate at the end of the investment is $72.68 which gives a value of $2, 513, 212.46.

This is a capital gain of $13, 212. 60 on the initial investment of $2,500,000.00. Therefore the

overall gain on the investment is the interest plus the exchange gain, which in this case would

be the J$20, 733.77. + $13, 212. 60 = 33,946.57. The percentage gain on the initial

investment is 1.36%

21

PORTFOLIO: ANALYSIS TREASURY BILL INVESTMENT

The rate on treasury bills is considered the risk free rate. Treasury bills do not pay

interest but are purchased by investors at a discount through an auction process utilising the

forces of supply and demand. The investment period for this portfolio did not see a Treasury

bill issue coinciding simultaneously. There was only one three month Treasury bill on offer

by the government of Jamaica dated 25 July, 2008 for redemption on 24 October 2008. This

issue was used to calculate the Treasury bill investment for the portfolio assessment. All

details of the issue were used with the exception of the issue and redemption dates. Fig TB1

shows the details of the issue.

The initial investment on Treasury Bills was Two Million dollars ($2,000,000.00). The

discounted price for each unit of the Treasury bill was $96.4946. With the two million dollar

investment a total of 20,725.5046 were number of units were bought. On redemption of the

total units (20,725.5046) the price paid was $100.00. Therefore the total redemption value

was Two million and Seventy Two Thousand, Five hundred and Fifty dollars and Forty-six

cents ($2,072,550.46 ). Therefore, the gross returns on the Treasury bill investment was

Seventy Two Thousand, Five hundred and Fifty dollars and Forty-six cents. The taxable

22

Treasury Bill Issue Information

Partial allotment price: $96.49946

Par value: $100.00

Average discount: 13.95% (annualised)

Average yield 14.46% (annualised)

Tax rate: 25%

Treasury Bill Issue Information

Partial allotment price: $96.49946

Par value: $100.00

Average discount: 13.95% (annualised)

Average yield 14.46% (annualised)

Tax rate: 25%Fig. TB1

amount of 25% was deducted from the gross returns, a value of Eighteen Thousand, One

hundred and Thirty Seven dollars and Sixty Two cents. The net return on the investment

therefore is Fifty Four Thousand, four hundred and Twelve dollars and eighty four cents

($54,412.84). Actual calculations of Treasury Bill investment is shown in Fig TB 2

23

Number of Units Purchased @ $96.4946 per unit

Redemption of units @ $100.00 per unit $2,072,550.46

Gross returns $72,550.46

Tax at 25% $18,137.62

Net Gain on investment $54,412.84

Number of Units Purchased @ $96.4946 per unit

Redemption of units @ $100.00 per unit $2,072,550.46

Gross returns $72,550.46

Tax at 25% $18,137.62

Net Gain on investment $54,412.84

Fig. TB2

PORTFOLIO: ANALYSIS MUTUAL FUND INVESTMENT

The mutual fund investment chosen for this portfolio was the Advantage Investment

Council (AIC) Focused Corporate Class Mutual Fund offered through the National

Commercial Bank (NCB) Capital Markets. All funds allotted to mutual fund investments was

invested in this one mutual fund. The mutual fund operates similarly to the stock market, in

that; prices of stocks are assessed over the 12 weeks. A total of $2,000,000 was invested on

July 02, 2008. The purchase price was $7.88 per unit. The number of units for the fund was

253,807.11.

Week Price Per Unit Value of Unit Gain/Loss Status

1 7.96 $2,020,304.57 20,304.57 GAIN

2 7.76 1,969,543.15 (50,761.42) LOSS

3 7.62 1,934,010.15 (35,532.99) LOSS

4 7.68 1,949,238.58 15,228.43 GAIN

5 7.82 1,984,771.57 35,532.99 GAIN

6 7.73 1,961,928.93 (22,842.64) LOSS

7 7.69 1,951,776.65 (10,152.28) LOSS

8 7.92 2,010,152.28 58,375.63 GAIN

9 8.03 2,038,071.07 27,918.78 GAIN

10 7.65 1,941,624.37 (96,446.70) LOSS

11 7.61 1,931,472.08 (10,152.28) LOSS

12 7.77 1,972,081.22 40,609.14 GAIN

24

The figure below shows the changes in unit price over the twelve week period.

The beginning price per unit was $7.88 and the ending price per unit was $7.77. The

investment experienced a loss of 0.11 cents per unit, an overall loss of $27,918.78.

25

26

Section C: Critique Portfolio

Critique of Portfolio

Conclusion and Assessment of Overall Portfolio

Critique on Portfolio Performance

Section C: Critique Portfolio

Critique of Portfolio

Conclusion and Assessment of Overall Portfolio

Critique on Portfolio Performance

CONCLUSION ON OVERALL PORTFOLIO PERFORMANCE

The stock investment made an overall loss. Even though two of the six stocks made a gain the

gains were not overly significant. The foreign exchange investment experienced minor gains

as well during the investment period. The mutual fund investment also experienced a loss

over the period. The certificate of deposit and Money Market instrument received a gain.

These investments are considered low risk. A breakdown of the investment and returns are as

follows:

Investment Initial Invest Returns on Investment

STOCKS 7,000,000.00

FOREIGN EXCHANGE 2,500,000.00

MUTUAL FUNDS 2,000,000.00

TREASURY BILL 1,500,000.00

CD’s & MONEY MARKET 2,500,000.00

Stocks

Treasury Bill investment is considered risk free and is considered an almost sure investment.

As finance majors we know in investments there is no such thing a risk free investment.

Treasury Bills are however, at least in the Jamaican environment, as close as we can get to

risk free.

Total Returns – Total Investment to assess the performance of the entire

portfolio.

27

Glossary

Stock Market

Shares

Foreign Exchange

28

Formula Sheet

29

References

Berk, Jonathan., Demarzo Peter. (2007) Corporate Finance, Pearson International Edition, New Jersey.

Hirschey, Mark. & Nofsinger, John. (2008).Investments Analysis and Behavior, McGraw-Hill/Irwin, New York

Hitman, Kent A., Hunter Hugh O. (2002) Foundations of Corporate Finance, SouthWestern,

Ohio.

Ross, Stephen. et al. (2001). Essentials of Corporate Finance, , McGraw Hill, New York

Financial Gleaner, October 17, 2008 published by the Gleaner Company of Jamaica Limited

Retrieved on http://www.financial-guide.net/glossary.php?language=en#TRetrieved on http://www.jamaicastockexchannge.com

Retrieved on http://www.investopedia.com

Retrieved on http://www.ncbcapitalmarkets.com

Retrieved on http://www.jncb.com

Retrieved on http://www.jmmbsecurities.com

Retrieved on http://www.boj.org.jm

30

http://www.boj.org.jm/

http://www.jmmbsecurities.com/

http://www.jncb.com/

http://www.ncbcapitalmarkets.com/

http://www.investopedia.com/

http://www.jamaicastockexchannge.com/

Appendices

31

Documents

Investment and Portfolio Management Assignment