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y market has developed for the CDs of the large money market banks. Default risk is that of the bank failing. Life bankers acceptance, corporations buy domestic as well as CDs of large foreign banks. The letter are known as “Yankee” CDs, and they typically carry a higher expected return.

Short Term municipals

State and local governments are increasingly providing securities tailored to the short term investor. One is a commercial paper type of instrument, where the interest rate is reset every week. That is, the security is essentially floating rate where the weekly reset ensures that market value will vary scarcely at all. Some corporations invest in longer term municipal securities, but the maturity usually is kept within one or two years. A problem with longer term instruments is that marketability is only fair. Shorter term instruments designed for the corporate treasures and for municipal money market mutual funds have much better marketability and price stability.

Money Market Preferred Stock

Beginning 1982, a special type of preferred stock originated, and it found considerable favour in the marketable security portfolios of corporations. Straight preferred stock is a perpetual security where the dividend can be omitted by the issuer when its financial conditions deteriorates. For these reasons, we usually do not think of preferred stock as being suitable for the marketable security portfolio of a corporation. However, the corporate investor gains a considerable tax advantage, in that 70 percent dividend from preferred stock is exempt from federal taxation.

THEORETICAL FRAME WORK

Theoretical frame work is a fishbone diagram to describe the problem definition. The theoretical framework is a conceptual model of how one theorizes or makes logical sense of the relationship among the several factors that have been identified as important to the problem. The theoretical work is a foundation on which the entire research project is based. The relationship between the literature survey and the theoretical framework is that the former provides a solid foundation for developing the later. Theoretical framework also elaborates the relationship among the variables.

Since the theoretical framework is none other than identifying the network of relationship among the variables considered important to the study of any given problem situation. It is essential to understand what a variables means and what the different types of variables are.

Variables

A variable is anything that can take on differing or varying values. The values can differ at various times for the same object or person, or at the same time for different object or persons.

TYPES OF VARIABLES

There are four main types of variables.

1. Dependent variable

2. Independent variable

3. Moderating variable

4. Intervening variable

DEPENDNET VARIABLE

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