Corporate Finance Assignment Critically Analysing 4 Case Scenarios

Question

Task: Question 1
Part a.In Feb’2018, Amazon raised US$3.5bn by issuing 10-year bonds carrying annual coupon of 3.15%. Amazon could also have raised the same amount of funds from the equity market. What benefits does Amazon get by raising funds via bonds that they would not have received by issuing equity? Why do you think the company did not take a bank loan for the total amount raised? (5 marks) Part bIn Feb’2018, Amazon raised US$3.5bn by issuing 10-year bonds carrying annual coupon of 3.15%.The face value of the bond is $1000 and the coupon is paid every six months.

i. If the bond yield at the time of issue was 3.5%, what would be the price of the bond at the time of issue?
ii. If the bond yield at the time of issue was 3.0%, what would be the price of the bond at the time of issue? (3 marks)
iii. It is said that the price of a bond is inversely proportional to the prevailing interest rates. Prove this statement by taking the case of the above bond and computing the price of the bond at the above two yields (3.0%, and 3.5%) for different times from maturity. You may compute the bond prices at 5 years, 2 years, 1 year, and at maturity. (10 marks)
iv. What would be the price of the bond immediately before the payment of the final coupon (compute for both bond yields)? (2 marks)
v. What would be the price of the bond immediately after the payment of the final coupon (compute for both bond yields)? (2 marks)

Question 2
Mr. Kahn had $100,000 in his account. Using this fund, he made a portfolio of two– Microsoft Inc. (MSFT) and Tesla Inc. (TSLA) on 01 Jan 2020 in the ratio of 60:40, i.e. 60% funds in MSFT & 40% funds in TSLA.

The daily stock data of both stocks is attached herewith for reference. Using the stock data of the two stocks, you are required to compute the following:

a. Annual return of both MSFT and TSLA.
b. Annualized standard deviation of returns of both MSFT and TSLA. (3 marks)
c. Correlation coefficient of returns of MSFT and TSLA. What does this correlation coefficient signify about the correlation of the two stocks? (3 marks)
d. Portfolio return of the portfolio of two stocks. (3 marks)
e. Portfolio risk (standard deviation) of the portfolio of two stocks. (3 marks)
f. What do you infer from the portfolio risk and return so computed? Is there a better way to form a portfolio of these two stocks which will give higher returns with a lesser total risk? (6 marks)

Question 3 (35 marks)
Part a. Interpret the weighted average cost of capital (WACC) for a company. Why do finance managers focus on figuring out a company’s WACC? (10 marks)
Part b. The following is a snapshot of the financial statements of Amazon Inc. ($AMZN).

Profit & Loss (in $ millions)	FY19	FY18
Total Revenue	280,522	232,887
Operating Profit	14,541	12,421
Finance Costs	1,600	1,417
Profit before tax	13,976	11,261
Tax Expense	2,374	1,197
Net income	11,588	10,073

Balance Sheet (in $ millions)	FY19	FY18
Common Stock	5,000	5,000
Other equity capital	57,060	38,549
TOTAL SHAREHOLDERS FUNDS	62,060	43,549
Long Term Borrowings	23,414	23,495
Short Term Borrowings	0	0
TOTAL CAPITAL AND LIABILITIES	163,188	119,099
Fixed Assets	128,914	87,547
Cash and Cash Equivalents	55,021	41,250
Total Current Assets	96,334	75,101
TOTAL ASSETS	225,248	162,648

You are required to compute the various components of WACC and the WACC of Amazon using the above information.
i. Compute the cost of debt (Kd) of the company.
ii. Compute the cost of equity (Ke) of the company using CAPM. (3 marks)
iii. Compute the capital structure of the company. (5 marks)
iv. Compute the WACC of the companytaking corporate tax rate as 21%. (5 marks)
v. How would you interpret the values of Kd, Ke, and WACC computed in this question for a technology company such as Amazon? Draw your analogies from corresponding prices of other competitive companies in the landscape to arrive at your conclusions. (10 marks)

Further, the following information is available for computing the cost of equity:
For CAPM, you may refer to the share price data of AMZN and the NASDAQ index data (in US$) for one year from 1 Jan 2019 to 31 Dec 2019 (attached with this document) for computing the Beta. Necessary adjustment in the beta would be required to get a better estimate of the cost of equity.

Consider Rf = 1%, equity risk premium = 6%.

Question 4
Analyze the Bernard Madoff Investment Scandal 2008 from the perspective of Agency Theory and Corporate Governance. Your answer may first explain the above two concepts of Agency Theory and Corporate Governance and then explain and analyze the Madoff scandal from the perspective of these concepts. (20 marks)

Answer

Answer 1
Part a.
As per the case scenario explored in this corporate finance assignment, the Amazon has raised funds by issuing 10-year bonds at a coupon rate of 3.5% instead of raising by equity, the benefits which amazon get are it has to a fixed rate of interest in the case of bonds whereas if equity is issued then equity shareholders have right to all profits of the company that means the fluctuating rate of return. Also, the bondholders don’t have voting rights whereas equity shareholders have voting rights. In the case of a bank loan, amazon has to first get the loan amount sanctioned against some mortgage & also there is interest rates may be more than the coupon rate. So, it will be better to raise funds by issuing bonds.

Part b.

Particulars	Amount in Billion $
Funds Raised	3.50
Annual Coupon	3.15%
Face Value	$1,000
Payment Cycle	Every Six Months

i) If the bond yield at the time of issue was 3.5%, then the price of Bond would be calculated below within this corporate finance assignment:

Calculation of Price of Bond
Sr No.	Coupon @ 1.575%	Yield @ 1.75%	Maturity Value	PV
1	15.75	0.9828		15.48
2	15.75	0.9659		15.21
3	15.75	0.9493		14.95
4	15.75	0.9330		14.69
5	15.75	0.9169		14.44
6	15.75	0.9011		14.19
7	15.75	0.8856		13.95
8	15.75	0.8704		13.71
9	15.75	0.8554		13.47
10	15.75	0.8407		13.24
11	15.75	0.8263		13.01
12	15.75	0.8121		12.79
13	15.75	0.7981		12.57
14	15.75	0.7844		12.35
15	15.75	0.7709		12.14
16	15.75	0.7576		11.93
17	15.75	0.7446		11.73
18	15.75	0.7318		11.53
19	15.75	0.7192		11.33
20	15.75	0.7068		11.13
20		0.7068	1000	706.82
Price of Bond-				970.68

ii) If the bond yield at the time of issue was 3.0%, then the price of the bond would be calculated below within this corporate finance assignment:

Calculation of Price of Bond
Sr No.	Coupon @ 1.575%	Yield @ 1.75%	Maturity Value	PV
1	15.75	0.9828		15.48
2	15.75	0.9659		15.21
3	15.75	0.9493		14.95
4	15.75	0.9330		14.69
5	15.75	0.9169		14.44
6	15.75	0.9011		14.19
7	15.75	0.8856		13.95
8	15.75	0.8704		13.71
9	15.75	0.8554		13.47
10	15.75	0.8407		13.24
11	15.75	0.8263		13.01
12	15.75	0.8121		12.79
13	15.75	0.7981		12.57
14	15.75	0.7844		12.35
15	15.75	0.7709		12.14
16	15.75	0.7576		11.93
17	15.75	0.7446		11.73
18	15.75	0.7318		11.53
19	15.75	0.7192		11.33
20	15.75	0.7068		11.13
20		0.7068	1000	706.82
Price of Bond-				970.68

i) Let’s take Yield 3.50%

Price of Bond at 1 year, 2 years, 5 years& at Maturity

Price of Bond after 1 Year mentioned in the next section of corporate finance assignment
Sr No.	Coupon @ 1.575%		Yield @ 1.75%	Maturity Value			PV
1	15.75		0.9828				15.48
2	15.75		0.9659				15.21
2			0.9659	1000			965.90
							996.59

Price of Bond after 2 Year
Sr No.	Coupon @ 1.575%		Yield @ 1.75%	Maturity Value			PV
1	15.75		0.9828				15.48
2	15.75		0.9659				15.21
3	15.75		0.9493				14.95
4	15.75		0.9330				14.69
4			0.9330	1000			932.96
							993.30

Price of Bond after 5 Years
Sr No.	Coupon @ 1.575%	Yield @ 1.75%			Maturity Value	PV
1	15.75	0.9828				15.48
2	15.75	0.9659				15.21
3	15.75	0.9493				14.95
4	15.75	0.9330				14.69
5	15.75	0.9169				14.44
6	15.75	0.9011				14.19
7	15.75	0.8856				13.95
8	15.75	0.8704				13.71
9	15.75	0.8554				13.47
10	15.75	0.8407				13.24
10	-	0.8407			1000	840.73
Price of the Bond						984.07

So, as it can be seen as and when we go closer to maturity the price of bond is decreasing, there is inverse proportional.
Let’s take Yield 3.00%

Let’s take Yield 3.00%

Price of Bond after 1 Year
Sr No.	Coupon @ 1.575%	Yield @ 1.50%	Maturity Value	PV
1	15.75	0.9852		15.52
2	15.75	0.9707		15.29
2		0.9707	1000	970.66
Price of The Bond				1,001.47

Price of Bond after 2 Year
Sr No.	Coupon @ 1.575%	Yield @ 1.50%	Maturity Value	PV
1	15.75	0.9852		15.52
2	15.75	0.9707		15.29
3	15.75	0.9563		15.06
4	15.75	0.9422		14.84
4		0.9422	1000	942.18
Price of the Bond				1,002.89


Price of Bond after 5 Years
Sr No.	Coupon @ 1.575%	Yield @ 1.50%	Maturity Value	PV
1	15.75	0.9852		15.52
2	15.75	0.9707		15.29
3	15.75	0.9563		15.06
4	15.75	0.9422		14.84
5	15.75	0.9283		14.62
6	15.75	0.9145		14.40
7	15.75	0.9010		14.19
8	15.75	0.8877		13.98
9	15.75	0.8746		13.77
10	15.75	0.8617		13.57
10	-	0.8617	1000	861.67
Price of The Bond				1,006.92

Summary of the above Calculations:

Year	At 3.5%	At 3%
Year	Price	Price
1	996.59	1,001.47
2	993.30	1,002.89
5	984.07	1,006.92

As from above table presented in this corporate finance assignment, we can see that as the interest rate decreases, price increases for each period. Hence, it can be said that the price of a bond is inversely proportional to the prevailing interest rates.

iv) Price of Bond Immediately before Payment of Final Coupon

Calculation of Price of Bond @ 3.5%
Sr No.	Coupon @ 1.575%	Yield @ 1.75%	Maturity Value	PV
1	15.75	0.9828		15.47912
2	15.75	0.9659		15.21289
3	15.75	0.9493		14.95124
4	15.75	0.9330		14.69410
5	15.75	0.9169		14.44137
6	15.75	0.9011		14.19300
7	15.75	0.8856		13.94889
8	15.75	0.8704		13.70898
9	15.75	0.8554		13.47320
10	15.75	0.8407		13.24148
11	15.75	0.8263		13.01374
12	15.75	0.8121		12.78991
13	15.75	0.7981		12.56994
14	15.75	0.7844		12.35375
15	15.75	0.7709		12.14127
16	15.75	0.7576		11.93246
17	15.75	0.7446		11.72723
18	15.75	0.7318		11.52553
19	15.75	0.7192		11.32731
		0.7192	1000	719.19401
Price Of The Bond				971.91940

Calculation of Price of Bond @ 3%
Sr No.	Coupon @ 1.575%	Yield @ 1.5%	Maturity Value	PV
1	15.75	0.9852		15.51724
2	15.75	0.9707		15.28792
3	15.75	0.9563		15.06199
4	15.75	0.9422		14.83940
5	15.75	0.9283		14.62010
6	15.75	0.9145		14.40404
7	15.75	0.9010		14.19117
8	15.75	0.8877		13.98145
9	15.75	0.8746		13.77483
10	15.75	0.8617		13.57126
11	15.75	0.8489		13.37070
12	15.75	0.8364		13.17310
13	15.75	0.8240		12.97843
14	15.75	0.8118		12.78663
15	15.75	0.7999		12.59766
16	15.75	0.7880		12.41149
17	15.75	0.7764		12.22807
18	15.75	0.7649		12.04736
19	15.75	0.7536		11.86932
20		0.7536	1000	753.60747
Price of the Bond				1,012.3196

v) Price of Bond Immediately After Payment of Final Coupon

Calculation of Price of Bond
Sr No.	Coupon @ 1.575%	Yield @ 1.75%	Maturity Value	PV
1	15.75	0.9828		15.47912
2	15.75	0.9659		15.21289
3	15.75	0.9493		14.95124
4	15.75	0.9330		14.69410
5	15.75	0.9169		14.44137
6	15.75	0.9011		14.19300
7	15.75	0.8856		13.94889
8	15.75	0.8704		13.70898
9	15.75	0.8554		13.47320
10	15.75	0.8407		13.24148
11	15.75	0.8263		13.01374
12	15.75	0.8121		12.78991
13	15.75	0.7981		12.56994
14	15.75	0.7844		12.35375
15	15.75	0.7709		12.14127
16	15.75	0.7576		11.93246
17	15.75	0.7446		11.72723
18	15.75	0.7318		11.52553
19	15.75	0.7192		11.32731
20	15.75	0.7068		11.13249
20		0.7068	1000	706.82458
Price of the Bond				970.68246

Calculation of Price of Bond
Sr No.	Coupon @ 1.575%	Yield @ 1.5%	Maturity Value	PV
1	15.75	0.9852		15.51724
2	15.75	0.9707		15.28792
3	15.75	0.9563		15.06199
4	15.75	0.9422		14.83940
5	15.75	0.9283		14.62010
6	15.75	0.9145		14.40404
7	15.75	0.9010		14.19117
8	15.75	0.8877		13.98145
9	15.75	0.8746		13.77483
10	15.75	0.8617		13.57126
11	15.75	0.8489		13.37070
12	15.75	0.8364		13.17310
13	15.75	0.8240		12.97843
14	15.75	0.8118		12.78663
15	15.75	0.7999		12.59766
16	15.75	0.7880		12.41149
17	15.75	0.7764		12.22807
18	15.75	0.7649		12.04736
19	15.75	0.7536		11.86932
20	15.75	0.7425		11.69391
20		0.7425	1000	742.47042
Price Of The Bond				1,012.87648

Answer 2:

Particulars	Amount
Invested Amount	$100,000
MSFT (60%)	$60,000
TSLA (40%)	$40,000

a. Calculation of Annual Return done in the corporate finance assignment Annual Return = (Closing Price - Opening Price)/Opening Price X 100

MSFT = (157.59-101.12)/101.12 X 100
= 55.84%

TSLA = (82.94-62.02)/62.02 X 100
= 33.73%

b. Calculation of Standard Deviation
Standard Deviation = standard deviation in corporate finance assignment

Where,
N= Total number of Population
Xi=Price
U=Mean of Price

MSFT
N	251
U	130.27
Sum of square of (xi-u)	54979.04

	14.8


TSLA
N	251
U	54.59
Sum of square of (xi-u)	27392.56

	10.47

c) Calculation of Co-relation Coefficient based on the scenario of corporate finance assignment

Correlation Coefficient = Cov (MSFT, TSLA) / S.D. MSFT X S.D. TSLA
Cov (MSFT, TSLA) = Summation of Average of MSFT & TSLA / N -1
= 3891.96397628404/ (251-1)
= 15.56785591

r = 15.5678 / (11.41 X 7.39)
= 0.18

The two stocks are having positive correlation but very less.

d. Calculation of Portfolio Return in the corporate finance assignment
Portfolio Return = Return of MSFT X Weight + Return of TSLA X Weight
= 55.84% X 0.6 + 33.73% X 0.4
= 47.00%

e. Calculation of Portfolio Standard Deviation
S.D. of Portfolio = Square root of (X1^2) X (S.D.1^2) + (X2^2) X (S.D.2^2) + 2 X X1 X X2 X S.D.1 X S.D.2 X R
= Square root of (0.5584^2) X (0.0505^2) + (0.3373^2) X (0.0107^2) + 2 X 0.5584 X 0.3373 X 0.505 X 0.0107 X 0.18
= Square Root of 0.0011746070085953
= 0.03427254
= 3.42%
(Working Note at the end after references)

f. It is seen in this corporate finance assignmentthat the Portfolio Return is less as compared to Stock MSFT & high as compared to TSLA. Whereas the portfolio risk is low as compared to both so it can be said that the weight of stock MSFT & TSLA is perfect as return is getting at low risk as compared to stocks.

Answer 3:
Part a. The Weighted average cost of capital is a calculation of a firm's cost of capital in which each capital category is apportioned. It is calculated by managers to review the cost of the company.

Part b.
i) Calculation of the cost of debt (Kd) of the company

Cost of Debt = Interest * (1-Tax) * 100
Long term Borrowings
= 1600 * (1-21%) *100
23414
= 1264 *100
23414
= 5.40%

ii) Computation of the cost of equity (Ke) of the company
Rf = 1%
Equity Risk Premium = 6%

For Beta
Return on Amazon = (Closing Price - Opening Price)/Opening Price X 100
= (1846.89-1539.13)/1539.13 X 100
= 20.00%

Return on Market = (Closing Price - Opening Price)/Opening Price X 100
= (8945.99-6665.94)/6665.94 X 100
= 32.20%

Beta = Covariance (Security, Market)
Variance (Market)
= 1.14
0.97
= 1.17
Levered Beta =
Unlevered Beta*((1+(1-tax rate)*(Debt/Equity))
= 1.54

Return on Equity (Ke) = Rf + Beta * Equity Risk Premium
= 1% + 1.54 * (6%)
= 10.24%

iii) Calculation of Capital Structure of the company done in this corporate finance assignment

Capital Structure of the company
Sources of fund	Amount in $	Weight
Equity Share Capital	62062	0.73
Long Term Borrowings	23414	0.27
Total	85474	1

iv) Calculation of WACC if Corporate Tax Rate is 21%

WACC =	Kd X Weight of Debt + Ke X Weight of Equity

Sources of fund	Amount in $	Weight	Cost	Weighted Cost
Equity Share Capital	62060	0.73	10.24%	7.43%
Long Term Borrowings	23414	0.27	5.40%	1.48%
Total	85474	1		8.91%

(Working note at the end)

v) Interpretation
Cost of Debt i.e. Kd refers to the effective rate of interest which is being paid by company on its debt fund
Cost of Equity i.e. Ke refers to the required rate of return on a particular project or investment. Weighted Average Cost of Capital i.e. WACC refers to the Company’s overall cost of capital in which each component i.e Equity or debt are proportionately weighted.
Summary of calculation done in part i) to iv) are:

Particulars	Details
Cost of Debt (Kd)	5.40%
Cost of Equity (Ke)	10.24%
Weighted Average Cost of Capital (WACC)	8.91%

Since in the present case of corporate finance assignment, Cost of Debt is lower than the cost of equity which reflects that the company is having less fixed obligations to pay in the form of Interest. Also, to finance the project debt is the cheaper source of financing.

Answer 4.
Analysis of Agency theory and corporate governance
Analysing Agency Theory from the two articles written by Charles. W. L.Hill and Thomas M. Jones from the Business Administration School, University of Washington, and another article by Lex Donaldson and James H. Davis.

Agency theory focuses on the protection of shareholders' interests by separating the roles of board chair and CEO. Agency theory refers to the relationship between the owners or can also be termed as principal and the agent i.e. it is a principal and agent relationship.

Where principals are the stakeholders or owners of the organization and agents are the executives of the company hired on behalf of the stakeholders or shareholders of the company. Agency theory considered in the corporate finance assignment works on management and economic theory. Principals of the company delegate their powers to the agents of the company. Due to agency theory complexities in the organizations have reduced to a minimal level. Agency theory works on the mechanism of governance structure which helps in the reduction of agency loss. Agency theory helps in monitoring of managerial actions on behalf of shareholders. In agency theory CEO of the company holds the dual role of the chair, where the CEO’s duality is retained and shareholders’ interests are safeguard by providing some incentive scheme to the CEO and the shareholders where incentive scheme includes long term additional compensation along with the basic salary. Though the CEO may be the agent of stockholders and the board too, in the long run, they are principal too in the principal and agent relationship. In agency theory it is assumed that principals are in the driver’s seat running the company by specifying preferences, making contracts, deciding incentives, etc that agents must follow, it sometimes becomes more problematic. Relationships become stronger as time passes as with the passing time both principal and agent collect data and information about each other and there bonding becomes stronger. Principals learn which incentives will suit more and agents learn about the preferences they serve. Agency theory is like permutation and combinations which is exploring agency experience in the corporate firm. Stakeholders are the group of people who holds the legitimate claim on the company, these stakeholders contribute critical resources in the form of capital to the firm and in return, they expect risk-adjusted returns on the capital invested by them to satisfy their interests. Stakeholders also include creditors, suppliers, customers, communities, and the general public whereby creditors provide finance to the firm and in return expect their loans to be repaid on time, suppliers provide input to the firm and in return expect a fair price to be paid to them on the input supplied by them to the firm, customers supply revenues to the firm and expect value for money in return and local communities provide the firm with local infrastructure and in return they expect a good standard of life for the corporate citizens (French P., 1995).

Corporate Governance
The concept of corporate governance explored in this segment of corporate finance assignment is a collection of rules, law, or processes which is used by various parties to control, regulate, and operate corporations. It is surrounded by both internal and external factors which affect the interest of companies’ stakeholders including shareholders, customers, suppliers, management, and government regulators. Corporate governance aims at assessing the risk and how the performance of the company can be improved. Corporate governance practices should be changed from time to time with the changing circumstances of the company. Sound corporate governance practices encourages the company to generate high utility through entrepreneurialism, growth, and innovation it also provides accountability and control systems with the risk involved in the company. Implementation of corporate governance in the organization not only protects the interests of the local investors but it also protects the interest of the outside investors. Good corporate governance shows investors the company’s way of working and sound integrity and it helps companies in building trust with various stakeholders of the organization.

Abrief discussion on Bernard Madoff's investment scandal 2008 from the article written by Dr. Mohammad I. Azim, Accounting and Finance, Swinburne University of Technology, andDr. Saiful Azam, School of Accounting, College of Business.

The Bernard Madoff scandalwas a major case of fraud in stock and securities which were discovered in the year2008. It was considered as the worst white-collar crime where well-respected financier Madoff encouraged numbers of innocent investors to give their savings and falsely promising them to pay consistent returns. By using the Ponzi scheme, Madoff tricked the investors by paying them extraordinary returns from their money and they also used the money of the new investors. Bernard Madoff started his market firm in the year 1960 and he was one of the popularly known members of the financial industry which helped him to start the NASDAQ stock market. His firm kept on growing and he gained a reputation in the market. Madoff cheated his clients with the funds of almost $65 billion but in actual it revealed only $17.3 billion. Bernard was given 150 years of prison along with the restitution of US $ 17 billion (Azim and Azam, 2016).

Analysing Madoff scandal from the perspective of agency theory and corporate governance.

Madoff scandal from corporate governance: In this corporate finance assignment, the main aim of corporate governance in the company is assessing the risk and implementing the regulatory frameworks for the protection of investors’ interest. In companies, it is the responsibility of the auditors to assess the risk and to detect the duplicity, it is the responsibility of auditors to express their view on the financial statements with sufficient assurance and they should follow proper auditing methods to make sure that financial statements are free from incorrect statements caused due to inaccuracy or other fraudulent activities (Chen, 2020). This objective can only be achieved if auditors work with professionalism. Auditor has to discuss any suspected fraud with their team members and other members of the entity including the staff members regarding the risk of inaccuracy. Auditing standards require that if auditors detect any fraud they must communicate with the regulatory authorities and the staff charged with the governance. In the Madoff scandal since major positions were occupied by the members of the family and it was the duty of the auditor of the company to perform his auditing following the auditing procedures and following his professional code of conduct. Regulation bodies failed to maintain auditor quality (Sinha and Chaganty, 2010).
Madoff scandal from Agency theory-: Major feature in the Bernard Madoff scandal mentioned herein corporate finance assignment was that Bernard relied on only his close family members and friends. Major positions were held by his family members even the legal consultants and auditors were close members of the company where the bonds of loyalty were stronger than money bonds and this was the main reason because of which Ponzi scheme kept on going for an unusually long period which led to painful losses. Ponzi scheme is one of the examples of what the police often called “affinity scams” because victims know each other properly and have shared heritage. Since major positions were held by the family members and friends it gives them power, positions, and capability to commit fraud easily and to fulfil their non-shareable needs. It is determined in this corporate finance assignmentthat due to poor internal control systems especially in the case of segregation of duties in the organization, it gives fraudsters a positive approach to commit fraud. In the Madoff scandal as Madoff was the head of the company which gave him more advantages and it also gave him enough opportunities and increased chances to do the crime without being asked by anyone. Since major positions were given to known family members and friends and this gave Bernard Madoff sufficient power in the management to design internal controls and also to design corporate governance of the company in his advantageous way. All the key players in the company were his family members where the chief compliance officer’s post was held by his brother, his niece held the position of general counsel and compliance rules attorney. Madoff approved and claimed on using an independent auditor in the organization. Because of his excellent reputation, Madoff got an opportunity to gain investors trust, which gave investors a lack oversight and many investors fell into the Ponzi scheme thinking that fund management company outside a banking institution reduces fees and saves their money because of this mentality of stakeholders agency theory proved wrong as stakeholders truly relied on the management of the company (Wennermark2, 2013).

References -:
Azim, D., and Azam, D., 2016. Bernard Madoff’s ‘Ponzi Scheme’: Fraudulent Behaviour And The Role of Auditors. [online] Visar.csustan.edu. Available at: [Accessed 5 September 2020].

Chen, J., 2020. What Corporate Governance Means For The Bottom Line. [online] Investopedia. Available at: [Accessed 5 September 2020].

French, P., 1995. Ethics and Agency Theory - Agency Theory, Rational-Choice Theory, and Ethics Norman Bowie, ed. Oxford University Press, 1992. Corporate finance assignmentBusiness Ethics Quarterly, 5(3), pp.621-627.

Sinha, M., and Chaganty, s., 2010. Madoff Scandal: A Blow To Investor Confidence Case Study | Corporate Governance Case | Corporate Governance Issues. [online] Ibscdc.org. Available at: [Accessed 5 September 2020].

Wennermark2, S., 2013. [online] Digitalcommons.ric.edu. Available at: [Accessed 5 September 2020].

Working note on Answer 2

Date	MSFT	TSLA	MSFT		TSLA
			Xi-u	square of Xi-u	Xi-u	square of Xi-u
02-01-2019	101.12	62.02	-29.15	849.91	7.43	55.25
03-01-2019	97.40	60.07	-32.87	1080.65	5.48	30.05
04-01-2019	101.93	63.54	-28.34	803.34	8.95	80.05
07-01-2019	102.06	66.99	-28.21	795.98	12.40	153.79
08-01-2019	102.80	67.07	-27.47	754.78	12.48	155.73
09-01-2019	104.27	67.71	-26.00	676.17	13.12	172.01
10-01-2019	103.60	68.99	-26.67	711.46	14.40	207.46
11-01-2019	102.80	69.45	-27.47	754.78	14.86	220.86
14-01-2019	102.05	66.88	-28.22	796.55	12.29	151.03
15-01-2019	105.01	68.89	-25.26	638.23	14.30	204.36
16-01-2019	105.38	69.21	-24.89	619.67	14.62	213.73
17-01-2019	106.12	69.46	-24.15	583.38	14.87	221.16
18-01-2019	107.71	60.45	-22.56	509.10	5.86	34.36
22-01-2019	105.68	59.78	-24.59	604.82	5.19	26.97
23-01-2019	106.71	57.52	-23.56	555.22	2.93	8.57
24-01-2019	106.20	58.30	-24.07	579.52	3.71	13.77
25-01-2019	107.17	59.41	-23.10	533.76	4.82	23.21
28-01-2019	105.08	59.28	-25.19	634.70	4.69	21.95
29-01-2019	102.94	59.49	-27.33	747.10	4.90	24.02
30-01-2019	106.38	61.75	-23.89	570.88	7.16	51.31
31-01-2019	104.43	61.40	-25.84	667.87	6.81	46.42
01-02-2019	102.78	62.44	-27.49	755.88	7.85	61.64
04-02-2019	105.74	62.58	-24.53	601.88	7.99	63.80
05-02-2019	107.22	64.27	-23.05	531.45	9.68	93.69
06-02-2019	106.03	63.44	-24.24	587.73	8.85	78.38
07-02-2019	105.27	61.50	-25.00	625.16	6.91	47.77
08-02-2019	105.67	61.16	-24.60	605.32	6.57	43.16
11-02-2019	105.25	62.57	-25.02	626.16	7.98	63.64
12-02-2019	106.89	62.36	-23.38	546.77	7.77	60.39
13-02-2019	106.81	61.63	-23.46	550.52	7.04	49.61
14-02-2019	106.90	60.75	-23.37	546.31	6.16	37.99
15-02-2019	108.22	61.58	-22.05	486.34	6.99	48.79
19-02-2019	108.17	61.13	-22.10	488.55	6.54	42.74
20-02-2019	107.15	60.51	-23.12	534.68	5.92	35.06
21-02-2019	109.41	58.25	-20.86	435.27	3.66	13.36
22-02-2019	110.97	58.94	-19.30	372.61	4.35	18.93
25-02-2019	111.59	59.75	-18.68	349.06	5.16	26.66
26-02-2019	112.36	59.57	-17.91	320.88	4.98	24.81
27-02-2019	112.17	62.95	-18.10	327.73	8.36	69.85
28-02-2019	112.03	63.98	-18.24	332.81	9.39	88.08
01-03-2019	112.53	58.96	-17.74	314.82	4.37	19.07
04-03-2019	112.26	57.07	-18.01	324.47	2.48	6.16
05-03-2019	111.70	55.31	-18.57	344.96	0.72	0.51
06-03-2019	111.75	55.25	-18.52	343.11	0.66	0.43
07-03-2019	110.39	55.32	-19.88	395.34	0.73	0.53
08-03-2019	110.51	56.83	-19.76	390.58	2.24	5.01
11-03-2019	112.83	58.18	-17.44	304.26	3.59	12.91
12-03-2019	113.62	56.67	-16.65	277.33	2.08	4.33
13-03-2019	114.50	57.79	-15.77	248.79	3.20	10.25
14-03-2019	114.59	57.99	-15.68	245.96	3.40	11.57
15-03-2019	115.91	55.09	-14.36	206.30	0.50	0.25
18-03-2019	117.57	53.90	-12.70	161.37	-0.69	0.48
19-03-2019	117.65	53.49	-12.62	159.34	-1.10	1.20
20-03-2019	117.52	54.72	-12.75	162.64	0.13	0.02
21-03-2019	120.22	54.80	-10.05	101.07	0.21	0.05
22-03-2019	117.05	52.91	-13.22	174.85	-1.68	2.84
25-03-2019	117.66	52.08	-12.61	159.09	-2.51	6.28
26-03-2019	117.91	53.55	-12.36	152.85	-1.04	1.07
27-03-2019	116.77	54.97	-13.50	182.34	0.38	0.14
28-03-2019	116.93	55.72	-13.34	178.04	1.13	1.28
29-03-2019	117.94	55.97	-12.33	152.11	1.38	1.91
01-04-2019	119.02	57.84	-11.25	126.63	3.25	10.53
02-04-2019	119.19	57.18	-11.08	122.84	2.59	6.68
03-04-2019	119.97	58.36	-10.30	106.16	3.77	14.22
04-04-2019	119.36	53.56	-10.91	119.10	-1.03	1.07
05-04-2019	119.89	54.99	-10.38	107.81	0.40	0.16
08-04-2019	119.93	54.64	-10.34	106.98	0.05	0.00
09-04-2019	119.28	54.46	-10.99	120.85	-0.13	0.02
10-04-2019	120.19	55.21	-10.08	101.67	0.62	0.39
11-04-2019	120.33	53.68	-9.94	98.87	-0.91	0.82
12-04-2019	120.95	53.54	-9.32	86.92	-1.05	1.10
15-04-2019	121.05	53.28	-9.22	85.07	-1.31	1.73
16-04-2019	120.77	54.67	-9.50	90.31	0.08	0.01
17-04-2019	121.77	54.25	-8.50	72.30	-0.34	0.12
18-04-2019	123.37	54.65	-6.90	47.65	0.06	0.00
22-04-2019	123.76	52.55	-6.51	42.42	-2.04	4.16
23-04-2019	125.44	52.78	-4.83	23.36	-1.81	3.28
24-04-2019	125.01	51.73	-5.26	27.70	-2.86	8.17
25-04-2019	129.15	49.53	-1.12	1.26	-5.06	25.65
26-04-2019	129.89	47.03	-0.38	0.15	-7.56	57.19
29-04-2019	129.77	48.29	-0.50	0.25	-6.30	39.65
30-04-2019	130.60	47.74	0.33	0.11	-6.85	46.96
01-05-2019	127.88	46.80	-2.39	5.73	-7.79	60.66
02-05-2019	126.21	48.82	-4.06	16.51	-5.77	33.30
03-05-2019	128.90	51.01	-1.37	1.89	-3.58	12.85
06-05-2019	128.15	51.07	-2.12	4.51	-3.52	12.41
07-05-2019	125.52	49.41	-4.75	22.59	-5.18	26.82
08-05-2019	125.51	48.97	-4.76	22.69	-5.62	31.61
09-05-2019	125.50	48.40	-4.77	22.78	-6.19	38.37
10-05-2019	127.13	47.90	-3.14	9.88	-6.69	44.71
13-05-2019	123.35	45.40	-6.92	47.93	-9.19	84.43
14-05-2019	124.73	46.46	-5.54	30.73	-8.13	66.08
15-05-2019	126.02	46.39	-4.25	18.09	-8.20	67.25
16-05-2019	128.93	45.67	-1.34	1.80	-8.92	79.65
17-05-2019	128.07	42.21	-2.20	4.85	-12.38	153.38
20-05-2019	126.22	41.07	-4.05	16.43	-13.52	182.75
21-05-2019	126.90	41.02	-3.37	11.38	-13.57	184.27
22-05-2019	127.67	38.55	-2.60	6.78	-16.04	257.43
23-05-2019	126.18	39.10	-4.09	16.75	-15.49	240.02
24-05-2019	126.24	38.13	-4.03	16.27	-16.46	271.09
28-05-2019	126.16	37.74	-4.11	16.92	-16.85	283.94
29-05-2019	124.94	37.97	-5.33	28.44	-16.62	276.18
30-05-2019	125.73	37.64	-4.54	20.64	-16.95	287.19
31-05-2019	123.68	37.03	-6.59	43.47	-17.56	308.31
03-06-2019	119.84	35.79	-10.43	108.85	-18.80	353.31
04-06-2019	123.16	38.72	-7.11	50.60	-15.87	251.88
05-06-2019	125.83	39.32	-4.44	19.74	-15.27	233.25
06-06-2019	127.82	41.19	-2.45	6.02	-13.40	179.58
07-06-2019	131.40	40.90	1.13	1.27	-13.69	187.43
10-06-2019	132.60	42.58	2.33	5.41	-12.01	144.35
11-06-2019	132.10	43.42	1.83	3.34	-11.17	124.78
12-06-2019	131.49	41.85	1.22	1.48	-12.74	162.27
13-06-2019	132.32	42.78	2.05	4.19	-11.81	139.44
14-06-2019	132.45	42.98	2.18	4.74	-11.61	134.71
17-06-2019	132.85	45.01	2.58	6.64	-9.58	91.87
18-06-2019	135.16	44.95	4.89	23.88	-9.64	92.98
19-06-2019	135.69	45.29	5.42	29.34	-9.30	86.58
20-06-2019	136.95	43.92	6.68	44.58	-10.67	113.78
21-06-2019	136.97	44.37	6.70	44.85	-10.22	104.42
24-06-2019	137.78	44.73	7.51	56.35	-9.86	97.27
25-06-2019	133.43	43.95	3.16	9.97	-10.64	113.18
26-06-2019	133.93	43.85	3.66	13.37	-10.74	115.28
27-06-2019	134.15	44.57	3.88	15.03	-10.02	100.45
28-06-2019	133.96	44.69	3.69	13.59	-9.90	97.98
01-07-2019	135.68	45.43	5.41	29.23	-9.16	83.84
02-07-2019	136.58	44.91	6.31	39.78	-9.68	93.72
03-07-2019	137.46	46.98	7.19	51.65	-7.61	57.92
05-07-2019	137.06	46.62	6.79	46.06	-7.97	63.53
08-07-2019	136.96	46.07	6.69	44.71	-8.52	72.64
09-07-2019	136.46	46.01	6.19	38.28	-8.58	73.59
10-07-2019	137.85	47.78	7.58	57.41	-6.81	46.33
11-07-2019	138.40	47.72	8.13	66.04	-6.87	47.21
12-07-2019	138.90	49.02	8.63	74.42	-5.57	31.08
15-07-2019	138.90	50.70	8.63	74.42	-3.89	15.14
16-07-2019	137.08	50.48	6.81	46.33	-4.11	16.93
17-07-2019	136.27	50.97	6.00	35.96	-3.62	13.09
18-07-2019	136.42	50.71	6.15	37.78	-3.88	15.08
19-07-2019	136.62	51.64	6.35	40.28	-2.95	8.73
22-07-2019	138.43	51.14	8.16	66.53	-3.45	11.93
23-07-2019	139.29	52.03	9.02	81.30	-2.56	6.54
24-07-2019	140.72	52.98	10.45	109.14	-1.61	2.61
25-07-2019	140.19	45.76	9.92	98.34	-8.83	77.91
26-07-2019	141.34	45.61	11.07	122.47	-8.98	80.69
29-07-2019	141.03	47.15	10.76	115.71	-7.44	55.30
30-07-2019	140.35	48.45	10.08	101.54	-6.14	37.68
31-07-2019	136.27	48.32	6.00	35.96	-6.27	39.30
01-08-2019	138.06	46.77	7.79	60.63	-7.82	61.16
02-08-2019	136.90	46.87	6.63	43.91	-7.72	59.64
05-08-2019	132.21	45.66	1.94	3.75	-8.93	79.69
06-08-2019	134.69	46.15	4.42	19.51	-8.44	71.24
07-08-2019	135.28	46.68	5.01	25.07	-7.91	62.52
08-08-2019	138.89	47.66	8.62	74.25	-6.93	48.03
09-08-2019	137.71	47.00	7.44	55.31	-7.59	57.59
12-08-2019	135.79	45.80	5.52	30.44	-8.79	77.24
13-08-2019	138.60	47.00	8.33	69.34	-7.59	57.62
14-08-2019	133.98	43.92	3.71	13.74	-10.67	113.78
15-08-2019	133.68	43.13	3.41	11.61	-11.46	131.39
16-08-2019	136.13	43.99	5.86	34.30	-10.60	112.42
19-08-2019	138.41	45.37	8.14	66.21	-9.22	85.09
20-08-2019	137.26	45.17	6.99	48.82	-9.42	88.71
21-08-2019	138.79	44.17	8.52	72.54	-10.42	108.67
22-08-2019	137.78	44.43	7.51	56.35	-10.16	103.24
23-08-2019	133.39	42.28	3.12	9.71	-12.31	151.55
26-08-2019	135.45	43.00	5.18	26.80	-11.59	134.34
27-08-2019	135.74	42.82	5.47	29.89	-11.77	138.64
28-08-2019	135.56	43.12	5.29	27.95	-11.47	131.62
29-08-2019	138.12	44.34	7.85	61.57	-10.25	105.04
30-08-2019	137.86	45.12	7.59	57.56	-9.47	89.66
03-09-2019	136.04	45.00	5.77	33.26	-9.59	91.94
04-09-2019	137.63	44.14	7.36	54.12	-10.45	109.30
05-09-2019	140.05	45.92	9.78	95.59	-8.67	75.25
06-09-2019	139.10	45.49	8.83	77.91	-9.10	82.82
09-09-2019	137.52	46.36	7.25	52.52	-8.23	67.78
10-09-2019	136.08	47.11	5.81	33.72	-7.48	55.99
11-09-2019	136.12	49.42	5.85	34.19	-5.17	26.74
12-09-2019	137.52	49.17	7.25	52.52	-5.42	29.34
13-09-2019	137.32	49.04	7.05	49.66	-5.55	30.81
16-09-2019	136.33	48.56	6.06	36.69	-6.03	36.34
17-09-2019	137.39	48.96	7.12	50.65	-5.63	31.73
18-09-2019	138.52	48.70	8.25	68.01	-5.89	34.72
19-09-2019	141.07	49.32	10.80	116.57	-5.27	27.78
20-09-2019	139.44	48.12	9.17	84.03	-6.47	41.82
23-09-2019	139.14	48.25	8.87	78.62	-6.34	40.25
24-09-2019	137.38	44.64	7.11	50.51	-9.95	98.98
25-09-2019	139.36	45.74	9.09	82.57	-8.85	78.33
26-09-2019	139.54	48.51	9.27	85.87	-6.08	36.95
27-09-2019	137.73	48.43	7.46	55.60	-6.16	38.00
30-09-2019	139.03	48.17	8.76	76.68	-6.42	41.17
01-10-2019	137.07	48.94	6.80	46.20	-5.65	31.95
02-10-2019	134.65	48.63	4.38	19.16	-5.96	35.58
03-10-2019	136.28	46.61	6.01	36.08	-7.98	63.75
04-10-2019	138.12	46.29	7.85	61.57	-8.30	68.97
07-10-2019	137.12	47.54	6.85	46.88	-7.05	49.66
08-10-2019	135.67	48.01	5.40	29.13	-6.58	43.31
09-10-2019	138.24	48.91	7.97	63.47	-5.68	32.32
10-10-2019	139.10	48.95	8.83	77.91	-5.64	31.84
11-10-2019	139.68	49.58	9.41	88.49	-5.01	25.13
14-10-2019	139.55	51.39	9.28	86.06	-3.20	10.23
15-10-2019	141.57	51.58	11.30	127.62	-3.01	9.08
16-10-2019	140.41	51.95	10.14	102.76	-2.64	6.97
17-10-2019	139.69	52.39	9.42	88.68	-2.20	4.83
18-10-2019	137.41	51.39	7.14	50.93	-3.20	10.24
21-10-2019	138.43	50.70	8.16	66.53	-3.89	15.14
22-10-2019	136.37	51.12	6.10	37.17	-3.47	12.07
23-10-2019	137.24	50.94	6.97	48.54	-3.65	13.36
24-10-2019	139.94	59.94	9.67	93.45	5.35	28.57
25-10-2019	140.73	65.63	10.46	109.34	11.04	121.78
28-10-2019	144.19	65.54	13.92	193.68	10.95	119.93
29-10-2019	142.83	63.24	12.56	157.67	8.65	74.88
30-10-2019	144.61	63.00	14.34	205.54	8.41	70.75
31-10-2019	143.37	62.98	13.10	171.53	8.39	70.45
01-11-2019	143.72	62.66	13.45	180.82	8.07	65.15
04-11-2019	144.55	63.49	14.28	203.83	8.90	79.27
05-11-2019	144.46	63.44	14.19	201.27	8.85	78.38
06-11-2019	144.06	65.32	13.79	190.08	10.73	115.03
07-11-2019	144.26	67.11	13.99	195.63	12.52	156.68
08-11-2019	145.96	67.43	15.69	246.08	12.84	164.80
11-11-2019	146.11	69.02	15.84	250.80	14.43	208.15
12-11-2019	147.07	69.99	16.80	282.13	15.40	237.02
13-11-2019	147.31	69.22	17.04	290.25	14.63	214.08
14-11-2019	148.06	69.87	17.79	316.37	15.28	233.46
15-11-2019	149.97	70.43	19.70	387.96	15.84	251.01
18-11-2019	150.34	70.00	20.07	402.68	15.41	237.39
19-11-2019	150.39	71.90	20.12	404.69	17.31	299.75
20-11-2019	149.62	70.44	19.35	374.30	15.85	251.33
21-11-2019	149.48	70.97	19.21	368.90	16.38	268.15
22-11-2019	149.59	66.61	19.32	373.14	12.02	144.42
25-11-2019	151.23	67.27	20.96	439.19	12.68	160.71
26-11-2019	152.03	65.78	21.76	473.36	11.19	125.29
27-11-2019	152.32	66.26	22.05	486.06	11.67	136.13
29-11-2019	151.38	65.99	21.11	445.50	11.40	129.90
02-12-2019	149.55	66.97	19.28	371.60	12.38	153.35
03-12-2019	149.31	67.24	19.04	362.40	12.65	160.01
04-12-2019	149.85	66.61	19.58	383.25	12.02	144.37
05-12-2019	149.93	66.07	19.66	386.39	11.48	131.87
06-12-2019	151.75	67.18	21.48	461.25	12.59	158.44
09-12-2019	151.36	67.91	21.09	444.65	13.32	177.30
10-12-2019	151.13	69.77	20.86	435.01	15.18	230.35
11-12-2019	151.70	70.54	21.43	459.11	15.95	254.38
12-12-2019	153.24	71.94	22.97	527.47	17.35	300.86
13-12-2019	154.53	71.68	24.26	588.39	17.09	291.98
16-12-2019	155.53	76.30	25.26	637.91	21.71	471.30
17-12-2019	154.69	75.80	24.42	596.18	21.21	449.75
18-12-2019	154.37	78.63	24.10	580.66	24.04	577.89
19-12-2019	155.71	80.81	25.44	647.03	26.22	687.35
20-12-2019	157.41	81.12	27.14	736.41	26.53	703.70
23-12-2019	157.41	83.84	27.14	736.41	29.25	855.76
24-12-2019	157.38	85.05	27.11	734.78	30.46	927.77
26-12-2019	158.67	86.19	28.40	806.38	31.60	998.39
27-12-2019	158.96	86.08	28.69	822.93	31.49	991.33
30-12-2019	157.59	82.94	27.32	746.21	28.35	803.69

Working note on Answer 3

Particular					Value
Covariance (Amazon, NASDAQ)					1.137607
Variance (NASDAQ)					0.972673
Date	AMZN	NASDAQ	Return of Amazon	Return of NASDAQ
02-01-2019	1539.13	6665.94	-2.52	-3.04
03-01-2019	1500.28	6463.50	5.01	4.26
04-01-2019	1575.39	6738.86	3.44	1.26
07-01-2019	1629.51	6823.47	1.66	1.08
08-01-2019	1656.58	6897.00	0.17	0.87
09-01-2019	1659.42	6957.08	-0.19	0.42
10-01-2019	1656.22	6986.07	-0.95	-0.21
11-01-2019	1640.56	6971.48	-1.42	-0.94
14-01-2019	1617.21	6905.92	3.55	1.71
15-01-2019	1674.56	7023.83	0.55	0.15
16-01-2019	1683.78	7034.69	0.56	0.71
17-01-2019	1693.22	7084.46	0.18	1.03
18-01-2019	1696.20	7157.23	-3.77	-1.91
22-01-2019	1632.17	7020.36	0.48	0.08
23-01-2019	1640.02	7025.77	0.91	0.68
24-01-2019	1654.93	7073.46	0.95	1.29
25-01-2019	1670.57	7164.86	-1.96	-1.11
28-01-2019	1637.89	7085.68	-2.69	-0.81
29-01-2019	1593.88	7028.29	4.80	2.20
30-01-2019	1670.43	7183.08	2.89	1.37
31-01-2019	1718.73	7281.74	-5.38	-0.25
01-02-2019	1626.23	7263.87	0.44	1.15
04-02-2019	1633.31	7347.54	1.56	0.74
05-02-2019	1658.81	7402.08	-1.12	-0.36
06-02-2019	1640.26	7375.28	-1.58	-1.18
07-02-2019	1614.37	7288.35	-1.62	0.14
08-02-2019	1588.22	7298.20	0.18	0.13
11-02-2019	1591.00	7307.90	2.95	1.46
12-02-2019	1638.01	7414.62	0.12	0.08
13-02-2019	1640.00	7420.38	-1.06	0.09
14-02-2019	1622.65	7426.95	-0.91	0.61
15-02-2019	1607.95	7472.41	1.22	0.19
19-02-2019	1627.58	7486.77	-0.34	0.03
20-02-2019	1622.10	7489.07	-0.16	-0.39
21-02-2019	1619.44	7459.71	0.75	0.91
22-02-2019	1631.56	7527.54	0.09	0.36
25-02-2019	1633.00	7554.46	0.21	-0.07
26-02-2019	1636.40	7549.30	0.29	0.07
27-02-2019	1641.09	7554.51	-0.08	-0.29
28-02-2019	1639.83	7532.53	1.95	0.83
01-03-2019	1671.73	7595.35	1.46	-0.23
04-03-2019	1696.17	7577.57	-0.22	-0.02
05-03-2019	1692.43	7576.36	-1.39	-0.93
06-03-2019	1668.95	7505.92	-2.58	-1.13
07-03-2019	1625.95	7421.46	-0.32	-0.18
08-03-2019	1620.80	7408.14	3.07	2.02
11-03-2019	1670.62	7558.06	0.15	0.44
12-03-2019	1673.10	7591.03	1.06	0.69
13-03-2019	1690.81	7643.41	-0.27	-0.16
14-03-2019	1686.22	7630.91	1.55	0.76
15-03-2019	1712.36	7688.53	1.74	0.34
18-03-2019	1742.15	7714.48	1.13	0.12
19-03-2019	1761.85	7723.95	2.01	0.06
20-03-2019	1797.27	7728.97	1.22	1.42
21-03-2019	1819.26	7838.96	-3.00	-2.50
22-03-2019	1764.77	7642.67	0.54	-0.07
25-03-2019	1774.26	7637.54	0.54	0.71
26-03-2019	1783.76	7691.52	-1.01	-0.63
27-03-2019	1765.70	7643.38	0.44	0.34
28-03-2019	1773.42	7669.17	0.41	0.78
29-03-2019	1780.75	7729.32	1.88	1.29
01-04-2019	1814.19	7828.91	-0.01	0.25
02-04-2019	1813.98	7848.69	0.37	0.60
03-04-2019	1820.70	7895.55	-0.10	-0.05
04-04-2019	1818.86	7891.78	1.01	0.59
05-04-2019	1837.28	7938.69	0.68	0.19
08-04-2019	1849.86	7953.88	-0.76	-0.56
09-04-2019	1835.84	7909.28	0.63	0.69
10-04-2019	1847.33	7964.24	-0.18	-0.21
11-04-2019	1844.07	7947.36	-0.05	0.46
12-04-2019	1843.06	7984.16	0.10	-0.10
15-04-2019	1844.87	7976.01	0.98	0.30
16-04-2019	1863.04	8000.23	0.10	-0.05
17-04-2019	1864.82	7996.08	-0.17	0.02
18-04-2019	1861.69	7998.06	1.38	0.22
22-04-2019	1887.31	8015.27	1.93	1.32
23-04-2019	1923.77	8120.82	-1.14	-0.23
24-04-2019	1901.75	8102.01	0.03	0.21
25-04-2019	1902.25	8118.68	2.54	0.34
26-04-2019	1950.63	8146.40	-0.63	0.19
29-04-2019	1938.43	8161.85	-0.61	-0.81
30-04-2019	1926.52	8095.39	-0.78	-0.57
01-05-2019	1911.52	8049.64	-0.56	-0.16
02-05-2019	1900.82	8036.77	3.24	1.58
03-05-2019	1962.46	8164.00	-0.61	-0.50
06-05-2019	1950.55	8123.29	-1.51	-1.96
07-05-2019	1921.00	7963.76	-0.17	-0.26
08-05-2019	1917.77	7943.32	-0.93	-0.41
09-05-2019	1899.87	7910.59	-0.52	0.08
10-05-2019	1889.98	7916.94	-3.56	-3.41
13-05-2019	1822.68	7647.02	0.96	1.14
14-05-2019	1840.12	7734.49	1.69	1.13
15-05-2019	1871.15	7822.15	1.95	0.97
16-05-2019	1907.57	7898.05	-2.02	-1.04
17-05-2019	1869.00	7816.28	-0.54	-1.46
20-05-2019	1858.97	7702.38	-0.08	1.08
21-05-2019	1857.52	7785.72	0.12	-0.45
22-05-2019	1859.68	7750.84	-2.38	-1.58
23-05-2019	1815.48	7628.28	0.43	0.11
24-05-2019	1823.28	7637.01	0.72	-0.39
28-05-2019	1836.43	7607.35	-0.94	-0.79
29-05-2019	1819.19	7547.31	-0.16	0.27
30-05-2019	1816.32	7567.72	-2.27	-1.51
31-05-2019	1775.07	7453.15	-4.64	-1.61
03-06-2019	1692.69	7333.02	2.18	2.65
04-06-2019	1729.56	7527.12	0.52	0.64
05-06-2019	1738.50	7575.48	0.91	0.53
06-06-2019	1754.36	7615.55	2.83	1.66
07-06-2019	1804.03	7742.10	3.14	1.05
10-06-2019	1860.63	7823.17	0.16	-0.01
11-06-2019	1863.70	7822.57	-0.45	-0.38
12-06-2019	1855.32	7792.72	0.81	0.57
13-06-2019	1870.30	7837.13	-0.03	-0.52
14-06-2019	1869.67	7796.66	0.88	0.62
17-06-2019	1886.03	7845.02	0.81	1.39
18-06-2019	1901.37	7953.88	0.39	0.42
19-06-2019	1908.79	7987.32	0.49	0.80
20-06-2019	1918.19	8051.34	-0.36	-0.24
21-06-2019	1911.30	8031.71	0.14	-0.32
24-06-2019	1913.90	8005.70	-1.86	-1.51
25-06-2019	1878.27	7884.72	1.04	0.32
26-06-2019	1897.83	7909.97	0.34	0.73
27-06-2019	1904.28	7967.76	-0.56	0.48
28-06-2019	1893.63	8006.24	1.51	1.06
01-07-2019	1922.19	8091.16	0.63	0.22
02-07-2019	1934.31	8109.09	0.24	0.75
03-07-2019	1939.00	8170.23	0.20	-0.10
05-07-2019	1942.91	8161.79	0.48	-0.78
08-07-2019	1952.32	8098.38	1.84	0.54
09-07-2019	1988.30	8141.73	1.46	0.75
10-07-2019	2017.41	8202.53	-0.81	-0.08
11-07-2019	2001.07	8196.04	0.50	0.59
12-07-2019	2011.00	8244.14	0.50	0.17
15-07-2019	2020.99	8258.19	-0.55	-0.43
16-07-2019	2009.90	8222.80	-0.89	-0.46
17-07-2019	1992.03	8185.21	-0.71	0.27
18-07-2019	1977.90	8207.24	-0.68	-0.74
19-07-2019	1964.52	8146.49	1.07	0.71
22-07-2019	1985.63	8204.14	0.45	0.58
23-07-2019	1994.49	8251.40	0.32	0.85
24-07-2019	2000.81	8321.50	-1.35	-1.00
25-07-2019	1973.82	8238.54	-1.56	1.11
26-07-2019	1943.05	8330.21	-1.57	-0.44
29-07-2019	1912.45	8293.33	-0.73	-0.24
30-07-2019	1898.53	8273.61	-1.67	-1.19
31-07-2019	1866.78	8175.42	-0.61	-0.79
01-08-2019	1855.32	8111.12	-1.73	-1.32
02-08-2019	1823.24	8004.07	-3.19	-3.47
05-08-2019	1765.13	7726.04	1.29	1.39
06-08-2019	1787.83	7833.27	0.31	0.38
07-08-2019	1793.40	7862.83	2.20	2.24
08-08-2019	1832.89	8039.16	-1.38	-1.00
09-08-2019	1807.58	7959.14	-1.25	-1.20
12-08-2019	1784.92	7863.41	2.21	1.95
13-08-2019	1824.34	8016.36	-3.36	-3.02
14-08-2019	1762.96	7773.94	0.75	-0.09
15-08-2019	1776.12	7766.62	0.93	1.67
16-08-2019	1792.57	7895.99	1.31	1.35
19-08-2019	1816.12	8002.81	-0.81	-0.68
20-08-2019	1801.38	7948.56	1.23	0.90
21-08-2019	1823.54	8020.21	-1.04	-0.36
22-08-2019	1804.66	7991.39	-3.05	-3.00
23-08-2019	1749.62	7751.77	1.10	1.32
26-08-2019	1768.87	7853.74	-0.40	-0.34
27-08-2019	1761.83	7826.95	0.14	0.38
28-08-2019	1764.25	7856.88	1.26	1.48
29-08-2019	1786.40	7973.39	-0.57	-0.13
30-08-2019	1776.29	7962.88	0.76	-1.11
03-09-2019	1789.84	7874.16	0.60	1.30
04-09-2019	1800.62	7976.88	2.23	1.75
05-09-2019	1840.72	8116.83	-0.39	-0.17
06-09-2019	1833.51	8103.07	-0.12	-0.19
09-09-2019	1831.35	8087.44	-0.59	-0.04
10-09-2019	1820.55	8084.16	0.13	1.06
11-09-2019	1822.99	8169.68	1.13	0.30
12-09-2019	1843.55	8194.47	-0.23	-0.22
13-09-2019	1839.34	8176.71	-1.71	-0.28
16-09-2019	1807.84	8153.54	0.81	0.40
17-09-2019	1822.55	8186.02	-0.28	-0.11
18-09-2019	1817.46	8177.39	0.22	0.07
19-09-2019	1821.50	8182.88	-1.50	-0.80
20-09-2019	1794.16	8117.67	-0.49	-0.06
23-09-2019	1785.30	8112.46	-2.45	-1.46
24-09-2019	1741.61	7993.63	1.53	1.05
25-09-2019	1768.33	8077.38	-1.61	-0.58
26-09-2019	1739.84	8030.66	-0.83	-1.13
27-09-2019	1725.45	7939.63	0.61	0.75
30-09-2019	1735.91	7999.34	-0.01	-1.13
01-10-2019	1735.65	7908.68	-1.29	-1.56
02-10-2019	1713.23	7785.25	0.65	1.12
03-10-2019	1724.42	7872.26	0.88	1.40
04-10-2019	1739.65	7982.47	-0.40	-0.33
07-10-2019	1732.66	7956.29	-1.57	-1.67
08-10-2019	1705.51	7823.78	0.97	1.02
09-10-2019	1721.99	7903.74	-0.10	0.60
10-10-2019	1720.26	7950.78	0.68	1.34
11-10-2019	1731.92	8057.04	0.26	-0.10
14-10-2019	1736.43	8048.65	1.78	1.24
15-10-2019	1767.38	8148.71	0.57	-0.30
16-10-2019	1777.43	8124.18	0.57	0.40
17-10-2019	1787.48	8156.85	-1.68	-0.83
18-10-2019	1757.51	8089.54	1.60	0.91
21-10-2019	1785.66	8162.99	-1.12	-0.72
22-10-2019	1765.73	8104.30	-0.20	0.19
23-10-2019	1762.17	8119.79	1.06	0.81
24-10-2019	1780.78	8185.80	-1.09	0.70
25-10-2019	1761.33	8243.12	0.89	1.01
28-10-2019	1777.08	8325.99	-0.81	-0.59
29-10-2019	1762.71	8276.85	0.98	0.33
30-10-2019	1779.99	8303.98	-0.19	-0.14
31-10-2019	1776.66	8292.36	0.83	1.13
01-11-2019	1791.44	8386.40	0.74	0.56
04-11-2019	1804.66	8433.20	-0.16	0.02
05-11-2019	1801.71	8434.68	-0.33	-0.29
06-11-2019	1795.77	8410.63	-0.42	0.28
07-11-2019	1788.20	8434.52	-0.13	0.48
08-11-2019	1785.88	8475.31	-0.80	-0.13
11-11-2019	1771.65	8464.28	0.36	0.26
12-11-2019	1778.00	8486.09	-1.40	-0.05
13-11-2019	1753.11	8482.10	0.08	-0.04
14-11-2019	1754.60	8479.02	-0.86	0.73
15-11-2019	1739.49	8540.83	0.75	0.11
18-11-2019	1752.53	8549.94	0.01	0.24
19-11-2019	1752.79	8570.66	-0.41	-0.51
20-11-2019	1745.53	8526.73	-0.62	-0.24
21-11-2019	1734.71	8506.21	0.63	0.16
22-11-2019	1745.72	8519.88	1.61	1.32
25-11-2019	1773.84	8632.49	1.30	0.18
26-11-2019	1796.94	8647.93	1.20	0.66
27-11-2019	1818.51	8705.18	-0.97	-0.46
29-11-2019	1800.80	8665.47	-1.07	-1.12
02-12-2019	1781.60	8567.99	-0.65	-0.55
03-12-2019	1769.96	8520.64	-0.52	0.54
04-12-2019	1760.69	8566.67	-1.15	0.05
05-12-2019	1740.48	8570.70	0.64	1.00
06-12-2019	1751.60	8656.53	-0.12	-0.40
09-12-2019	1749.51	8621.83	-0.59	-0.07
10-12-2019	1739.21	8616.18	0.55	0.44
11-12-2019	1748.72	8654.05	0.66	0.73
12-12-2019	1760.33	8717.32	0.03	0.20
13-12-2019	1760.94	8734.88	0.47	0.91
16-12-2019	1769.21	8814.23	1.21	0.10
17-12-2019	1790.66	8823.36	-0.37	0.05
18-12-2019	1784.03	8827.74	0.46	0.67
19-12-2019	1792.28	8887.22	-0.32	0.42
20-12-2019	1786.50	8924.96	0.36	0.23
23-12-2019	1793.00	8945.65	-0.21	0.08
24-12-2019	1789.21	8952.88	4.45	0.78
26-12-2019	1868.77	9022.39	0.06	-0.17
27-12-2019	1869.80	9006.62	-1.23	-0.67
30-12-2019	1846.89	8945.99	0.00	0.00