module 2 abnormal psych discussion

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Assignment 1: Discussion—Pros and Cons of Diagnosing Children

One of the great controversies in the field of psychology relates to how we define normal and abnormal behavior. There is general agreement with the official definitions of abnormal behavior; that is, abnormal behavior is severe or maladaptive enough to need diagnosis and psychological or psychiatric treatment. These official definitions are contained in the Diagnostic and Statistical Manual of Mental Disorders (DSM). There have been many revisions of this manual over the years. Currently, we are using the fifth edition, or the DSM-5 (APA, 2013).

Children and adolescents who display certain behaviors that cause them to have significant difficulty in their everyday functioning are likely to be diagnosed with one of the disorders in the DSM. Some of those diagnoses are temporary, whereas others are life-long.

Review the following case:Anna, a four-year-old Mexican-American girl, lives with her mother and father. Anna’s parents immigrated to the United States years before her birth. Her mother speaks only Spanish with her, while her father speaks only English. Anna’s parents are migrant workers who must move regularly. Anna and her parents have moved over ten times since her birth. They hope to provide Anna with more stability, now that she is approaching school age. Therefore, they are seeking other forms of employment.

Anna recently completed kindergarten orientation. The school psychologist recommended that her parents have her evaluated further, as her speech development is significantly delayed. She speaks very little; her vocabulary was screened at the kindergarten orientation and was found to be at least two years behind typical speech development. During the kindergarten screening, Anna was hyperactive, unable to sit still, distracted, and unable to complete the tasks. She was unable to complete them partially due to their difficulty level, but also due to her inability to focus sufficiently.

After a thorough evaluation at the local mental health center, Anna was diagnosed with attention-deficit/hyperactivity disorder (ADHD). She began participating in a behavioral modification program with a bilingual therapist, who speaks both English and Spanish. She will be evaluated in a few weeks by the psychiatrist, who will decide whether to prescribe stimulant medication for the ADHD.

Based on your analysis of the case, respond to the following:Analyze the pros and cons of diagnosing Anna with a mental health disorder. Identify at least three benefits and at least three costs Anna and her family may experience as a result of her diagnosis. When deciding which pros and cons to identify, consider benefits and costs related to at least fourof the following categories:StigmaPrescription of psychiatric medication to childrenSelection of a psychotherapy approachMulticultural factorsLabeling or mislabeling of childrenEarly intervention

Write your initial response in 300­­–500 words. Apply APA standards to citation of sources, including in-text citations and full references. Incorporate information from at least two academic sources to support your statements or ideas. Academic sources could include your textbook, required readings for this week, or academic journal articles found in the AU online library.

 

. Consider commenting on the following:Consider how you may have responded if Anna had a different cultural background.Address one of the categories you did not choose from the list.Explain whether you agree with the benefits and costs identified by your peers, and why.Request more information from peers who may have listed less than three benefits or three costs.Suggest interesting resources, Web sites, or articles you located for this assignment, and provide references for academic research articles that you have found in your research. Summarize the researched information for your peers.

 

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The post module 2 abnormal psych discussion appeared first on Psychology Homework.

Fin55. week 8:chapter 20: problems 3(a-c), 5(a-c), 8(a-c), 9(a-d),

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See CORRECT ATTACHMENT. Please complete in EXCEL FORMAT ONLY. 
LOOK AT THE HOMEWORK ASSISTANCE FOR HELP !
  
Week 8 Homework – Chapter 20: Problems 3(a-c), 5(a-c), 8(a-c), 9(a-d), and 10(a-d)
Problem 3(a-c)
3. Suppose that an investor holds a share of Sophia common stock, currently valued at $50. She is concerned that over the next few months the value of her holding might decline, and she would like to hedge that risk by supplementing her holding with one of three different derivative positions, all of which expire at the same point in the future:
(1) A short position in a forward with a contract price of $50 
(2) A long position in a put option with an exercise price of $50 and a front-end premium expense of $3.23 
(3) A short position in a call option with an exercise price of $50 and a front-end premium receipt of $5.20 
a. Using a table similar to the following, calculate the expiration date value of the investor’s combined (i.e., stock and derivative) position. In calculating net portfolio value, ignore the time differential between the initial derivative expense or receipt and the terminal payoff.
b. For each of the three hedge portfolios, graph the expiration date value of her combined position on the vertical axis, with potential expiration date share prices of Sophia stock on the horizontal axis.
c. Assuming that the options are priced fairly, use the concept of put-call parity to calculate the zero-value contract price (i.e., F0,t) for a forward agreement on Sophia stock. Explain why this value differs from the $50 contract price used in Part a and Part b.
  
Expiration Date
Sophia Stock Price
Expiration Date
Derivative Payoff
Initial Derivative Premium
Combined Terminal Position Value
 
25
 
30
 
35
 
40
 
45
 
50
 
55
 
60
 
65
 
70
 
75
Chapter 20: Problem 5(a-c)
5. The common stock of Company XYZ is currently trading at a price of $42. Both a put and a call option are available for XYZ stock, each having an exercise price of $40 and an expiration date in exactly six months. The current market prices for the put and call are $1.45 and $3.90, respectively. The risk-free holding period return for the next six months is 4 percent, which corresponds to an 8 percent annual rate.
a. For each possible stock price in the following sequence, calculate the expiration date payoffs (net of the initial purchase price) for the following positions: 
(1) buy one XYZ call option, and 
(2) short one XYZ call option:
20, 25, 30, 35, 40, 45, 50, 55, 60
Draw a graph of these payoff relationships, using net profit on the vertical axis and potential expiration date stock price on the horizontal axis. Be sure to specify the prices at which these respective positions will break even (i.e., produce a net profit of zero).
b Using the same potential stock prices as in Part a, calculate the expiration date payoffs and profits (net of the initial purchase price) for the following positions: (1) buy one XYZ put option, and (2) short one XYZ put option. Draw a graph of these relationships, labeling the prices at which these investments will break even.
c. Determine whether the $2.45 difference in the market prices between the call and put options are consistent with the put-call parity relationship for European-style contracts.
Chapter 20: Problem 8(a-c)
8. As an option trader, you are constantly looking for opportunities to make an arbitrage transaction (i.e., a trade in which you do not need to commit your own capital or take any risk but can still make a profit). Suppose you observe the following prices for options on DRKC Co. stock: $3.18 for a call with an exercise price of $60, and $3.38 for a put with an exercise price of $60. Both options expire in exactly six months, and the price of a six-month T-bill is $97.00 (for face value of $100).
a. Using the put-call-spot parity condition, demonstrate graphically how you could synthetically recreate the payoff structure of a share of DRKC stock in six months using a combination of puts, calls, and T-bills transacted today.
b. Given the current market prices for the two options and the T-bill, calculate the no-arbitrage price of a share of DRKC stock.
c. If the actual market price of DRKC stock is $60, demonstrate the arbitrage transaction you could create to take advantage of the discrepancy. Be specific as to the positions you would need to take in each security and the dollar amount of your profit.
Chapter 20: Problem 9(a-d)
9. You are currently managing a stock portfolio worth $55 million and you are concerned that over the next four months equity values will be flat and may even fall. Consequently, you are considering two different strategies for hedging against possible stock declines: (1) buying a protective put, and (2) selling a covered call (i.e., selling a call option based on the same underlying stock position you hold). An over-the-counter derivatives dealer has expressed interest in your business and has quoted the following bid and offer prices (in millions) for at-the-money call and put options that expire in four months and match the characteristics of your portfolio:
   
Bid
Ask
 
Call
$2.553
$2.573
 
Put
1.297
1.317
a. For each of the following expiration date values for the unhedged equity position, calculate the terminal values (net of initial expense) for a protective put strategy.
35, 40, 45, 50, 55, 60, 65, 70, 75
b. Draw a graph of the protective put net profit structure in Part a, and demonstrate how this position could have been constructed by using call options and T-bills, assuming a risk-free rate of 7 percent.
c. For each of these same expiration date stock values, calculate the terminal net profit values for a covered call strategy.
d. Draw a graph of the covered call net profit structure in Part c, and demonstrate how this position could have been constructed by using put options and T-bills, again assuming a risk-free rate of 7 percent.
Chapter 20: Problem 10(a-d)
10. The common stock of Company XLT and its derivative securities currently trade in the market at the following prices and contract terms:
   
Price   ($)
Excise   Price ($)
 
Stock   XLT
21.50
–
 
Call   Option on Stock XLT
5.50
21.00
 
Put   Option on Stock XLT
4.50
21.00
Both of these options will expire in 91 days from now; and the annualized yield for the 91-day Treasury bill is 3.0 percent.
a. Briefly explain how to construct a synthetic Treasury bill position.
b. Calculate the annualized yield for the synthetic Treasury bill in Part a using the market price data provided.

Fin55. week 8:chapter 20: problems 3(a-c), 5(a-c), 8(a-c), 9(a-d),

/in /by

See CORRECT ATTACHMENT. Please complete in EXCEL FORMAT ONLY. 

LOOK AT THE HOMEWORK ASSISTANCE FOR HELP !

  

Week 8 Homework – Chapter 20: Problems 3(a-c), 5(a-c), 8(a-c), 9(a-d), and 10(a-d)

Problem 3(a-c)

3. Suppose that an investor holds a share of Sophia common stock, currently valued at $50. She is concerned that over the next few months the value of her holding might decline, and she would like to hedge that risk by supplementing her holding with one of three different derivative positions, all of which expire at the same point in the future:

(1) A short position in a forward with a contract price of $50 

(2) A long position in a put option with an exercise price of $50 and a front-end premium expense of $3.23 

(3) A short position in a call option with an exercise price of $50 and a front-end premium receipt of $5.20 

a. Using a table similar to the following, calculate the expiration date value of the investor’s combined (i.e., stock and derivative) position. In calculating net portfolio value, ignore the time differential between the initial derivative expense or receipt and the terminal payoff.

b. For each of the three hedge portfolios, graph the expiration date value of her combined position on the vertical axis, with potential expiration date share prices of Sophia stock on the horizontal axis.

c. Assuming that the options are priced fairly, use the concept of put-call parity to calculate the zero-value contract price (i.e., F0,t) for a forward agreement on Sophia stock. Explain why this value differs from the $50 contract price used in Part a and Part b.

  

Expiration Date

Sophia Stock Price

Expiration Date

Derivative Payoff

Initial Derivative Premium

Combined Terminal Position Value

 

25

 

30

 

35

 

40

 

45

 

50

 

55

 

60

 

65

 

70

 

75

Chapter 20: Problem 5(a-c)

5. The common stock of Company XYZ is currently trading at a price of $42. Both a put and a call option are available for XYZ stock, each having an exercise price of $40 and an expiration date in exactly six months. The current market prices for the put and call are $1.45 and $3.90, respectively. The risk-free holding period return for the next six months is 4 percent, which corresponds to an 8 percent annual rate.

a. For each possible stock price in the following sequence, calculate the expiration date payoffs (net of the initial purchase price) for the following positions: 

(1) buy one XYZ call option, and 

(2) short one XYZ call option:

20, 25, 30, 35, 40, 45, 50, 55, 60

Draw a graph of these payoff relationships, using net profit on the vertical axis and potential expiration date stock price on the horizontal axis. Be sure to specify the prices at which these respective positions will break even (i.e., produce a net profit of zero).

b Using the same potential stock prices as in Part a, calculate the expiration date payoffs and profits (net of the initial purchase price) for the following positions: (1) buy one XYZ put option, and (2) short one XYZ put option. Draw a graph of these relationships, labeling the prices at which these investments will break even.

c. Determine whether the $2.45 difference in the market prices between the call and put options are consistent with the put-call parity relationship for European-style contracts.

Chapter 20: Problem 8(a-c)

8. As an option trader, you are constantly looking for opportunities to make an arbitrage transaction (i.e., a trade in which you do not need to commit your own capital or take any risk but can still make a profit). Suppose you observe the following prices for options on DRKC Co. stock: $3.18 for a call with an exercise price of $60, and $3.38 for a put with an exercise price of $60. Both options expire in exactly six months, and the price of a six-month T-bill is $97.00 (for face value of $100).

a. Using the put-call-spot parity condition, demonstrate graphically how you could synthetically recreate the payoff structure of a share of DRKC stock in six months using a combination of puts, calls, and T-bills transacted today.

b. Given the current market prices for the two options and the T-bill, calculate the no-arbitrage price of a share of DRKC stock.

c. If the actual market price of DRKC stock is $60, demonstrate the arbitrage transaction you could create to take advantage of the discrepancy. Be specific as to the positions you would need to take in each security and the dollar amount of your profit.

Chapter 20: Problem 9(a-d)

9. You are currently managing a stock portfolio worth $55 million and you are concerned that over the next four months equity values will be flat and may even fall. Consequently, you are considering two different strategies for hedging against possible stock declines: (1) buying a protective put, and (2) selling a covered call (i.e., selling a call option based on the same underlying stock position you hold). An over-the-counter derivatives dealer has expressed interest in your business and has quoted the following bid and offer prices (in millions) for at-the-money call and put options that expire in four months and match the characteristics of your portfolio:

   

Bid

Ask

 

Call

$2.553

$2.573

 

Put

1.297

1.317

a. For each of the following expiration date values for the unhedged equity position, calculate the terminal values (net of initial expense) for a protective put strategy.

35, 40, 45, 50, 55, 60, 65, 70, 75

b. Draw a graph of the protective put net profit structure in Part a, and demonstrate how this position could have been constructed by using call options and T-bills, assuming a risk-free rate of 7 percent.

c. For each of these same expiration date stock values, calculate the terminal net profit values for a covered call strategy.

d. Draw a graph of the covered call net profit structure in Part c, and demonstrate how this position could have been constructed by using put options and T-bills, again assuming a risk-free rate of 7 percent.

Chapter 20: Problem 10(a-d)

10. The common stock of Company XLT and its derivative securities currently trade in the market at the following prices and contract terms:

   

Price   ($)

Excise   Price ($)

 

Stock   XLT

21.50

–

 

Call   Option on Stock XLT

5.50

21.00

 

Put   Option on Stock XLT

4.50

21.00

Both of these options will expire in 91 days from now; and the annualized yield for the 91-day Treasury bill is 3.0 percent.

a. Briefly explain how to construct a synthetic Treasury bill position.

b. Calculate the annualized yield for the synthetic Treasury bill in Part a using the market price data provided.

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