School Funding and Resource Allocation

School Funding and Resource Allocation

Author: Shelly R Wall

Publisher:

Published: 2012

Total Pages: 234

ISBN-13: 9781267410689

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In the 2006-2007 school year, the State of Wyoming adopted an evidenced-based school funding model. The Wyoming funding model reviewed in this study is considered an evidence-based approach, utilizing expert judgment to determine educational funding. In an evidence-based approach, educational strategies are identified and a dollar figure is attached to implementing them. Lawrence O. Picus and Associates along with the Wyoming Legislature's Select Committee on Recalibration, The Legislative Service Office, and the Wyoming Department of Education reviewed evidence-based approaches to educational funding and developed an educational basket designed to help students meet proficiency on the Wyoming standards. Recommendations were made for the implementation of various instructional strategies and staffing levels with the aim of maximizing student achievement. After the new Wyoming funding model was implemented in 2006, the state of Wyoming commissioned Lawrence O. Picus and Associates to conduct a statewide investigation of the degree to which schools and districts were implementing the model recommendations. The first phase of this study was part of the larger Picus study. Data were collected from 10 schools in two Wyoming districts in 2007. An independent follow-up study was conducted in 2012. The overarching purpose of this research was to determine, six years after implementation of the model, characteristics of the reform practices in the 10 schools in two districts studied in 2007. This study provides allocation details of how the districts/schools have implemented instructional strategies and allocated staffing resources to specific dimensions of the school improvement process. Specifically, it first explored the instructional improvement strategies used and the alignment of school resource usage practices to the funding model recommendations upon implementation of an evidence-based funding model. It then compared the strategies and resource usage in 2007 to those in place in 2012 to determine if changes had occurred since the Wyoming funding model was initiated. Second, it investigated whether there were resource practices and/or instructional improvement strategies that appeared to be more associated with schools making larger student performance gains as demonstrated by the Wyoming state test, PAWS. Since implementation of the Wyoming Evidence-Based Funding Model in 2006, schools in this study have made changes in resource allocation and implementation of instructional strategies; furthermore the schools have changed the complexity of the instructional strategies and implemented them with more breadth and depth. This study finds that effective instructional improvement strategies in the areas of restructuring the learning environment, implementing PLCs, providing opportunities for collaboration, and integrating effective instructional leadership practices were important to school improvement and student achievement. Overall, the districts in the study have attempted to align human resource category usage more closely to funding model recommendations although it was not possible to find commonalities in student achievement linked to staffing allocations. Since the Wyoming Evidence-Based Funding Model was enacted in 2006 proficient and advanced performance on PAWS has increased.


Implementing Models of Financial Derivatives

Implementing Models of Financial Derivatives

Author: Nick Webber

Publisher: John Wiley & Sons

Published: 2011-09-07

Total Pages: 772

ISBN-13: 0470661844

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Implementing Models of Financial Derivatives is a comprehensive treatment of advanced implementation techniques in VBA for models of financial derivatives. Aimed at readers who are already familiar with the basics of VBA it emphasizes a fully object oriented approach to valuation applications, chiefly in the context of Monte Carlo simulation but also more broadly for lattice and PDE methods. Its unique approach to valuation, emphasizing effective implementation from both the numerical and the computational perspectives makes it an invaluable resource. The book comes with a library of almost a hundred Excel spreadsheets containing implementations of all the methods and models it investigates, including a large number of useful utility procedures. Exercises structured around four application streams supplement the exposition in each chapter, taking the reader from basic procedural level programming up to high level object oriented implementations. Written in eight parts, parts 1-4 emphasize application design in VBA, focused around the development of a plain Monte Carlo application. Part 5 assesses the performance of VBA for this application, and the final 3 emphasize the implementation of a fast and accurate Monte Carlo method for option valuation. Key topics include: ?Fully polymorphic factories in VBA; ?Polymorphic input and output using the TextStream and FileSystemObject objects; ?Valuing a book of options; ?Detailed assessment of the performance of VBA data structures; ?Theory, implementation, and comparison of the main Monte Carlo variance reduction methods; ?Assessment of discretization methods and their application to option valuation in models like CIR and Heston; ?Fast valuation of Bermudan options by Monte Carlo. Fundamental theory and implementations of lattice and PDE methods are presented in appendices and developed through the book in the exercise streams. Spanning the two worlds of academic theory and industrial practice, this book is not only suitable as a classroom text in VBA, in simulation methods, and as an introduction to object oriented design, it is also a reference for model implementers and quants working alongside derivatives groups. Its implementations are a valuable resource for students, teachers and developers alike. Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.


A Descriptive Review of the Development and Implementation of a Funding Model for the Kentucky Community and Technical College System

A Descriptive Review of the Development and Implementation of a Funding Model for the Kentucky Community and Technical College System

Author: Timothy F. Zimmerman

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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Prior to the passage of the 1997 Kentucky Postsecondary Education Reform Act, postsecondary education in Kentucky was governed by the Council on Higher Education. The council was responsible for overseeing the educational activities of the University of Kentucky, the University of Louisville, Morehead State University, Northern Kentucky University, Eastern Kentucky University, Western Kentucky University, Murray State University, and Kentucky State University. At that time, 2-year postsecondary education was segmented among 14 public community colleges under the control of the University of Kentucky's Community College System and 15 state vocational-technical schools known as Kentucky Tech, under the administration of the Workforce Development Cabinet. With the passage of HB 1, the Council on Higher Education was replaced by the Council on Postsecondary Education, and the Kentucky Community and Technical College System was created, combining the 14 community colleges and 15 vocational- technical schools. This research examines the development and implementation of a funding model for the Kentucky Community and Technical College System (KCTCS), from its inception in 1998 through its 10th anniversary in 2008. This examination reviews and analyzes the funding of KCTCS from its formation in 1997, until a new funding model was implemented at the beginning of the 2003-2004 fiscal year. The study then compares the funding of the 16 colleges of KCTCS prior to and after the implementation of the new equity funding model, to determine if the model was successful in providing a more equitable method of public funds allocation. This study utilizes two methodological approaches, the first being a comparative analysis of KCTCS and its 16 colleges' funding for a period of 10 years and the second being a qualitative analysis of historical data interviews obtained from 8 key individuals who were directly affected by the passage of the 1997 Kentucky Postsecondary Education Improvement Act. The findings of this study detail the development of a new KCTCS equity funding model and show that when new appropriations were distributed utilizing the new model, the gap in funding inequities between the highest funded and the lowest funded colleges showed significant compression.


Financial Modelling

Financial Modelling

Author: Joerg Kienitz

Publisher: John Wiley & Sons

Published: 2013-02-18

Total Pages: 736

ISBN-13: 0470744898

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Financial modelling Theory, Implementation and Practice with MATLAB Source Jörg Kienitz and Daniel Wetterau Financial Modelling - Theory, Implementation and Practice with MATLAB Source is a unique combination of quantitative techniques, the application to financial problems and programming using Matlab. The book enables the reader to model, design and implement a wide range of financial models for derivatives pricing and asset allocation, providing practitioners with complete financial modelling workflow, from model choice, deriving prices and Greeks using (semi-) analytic and simulation techniques, and calibration even for exotic options. The book is split into three parts. The first part considers financial markets in general and looks at the complex models needed to handle observed structures, reviewing models based on diffusions including stochastic-local volatility models and (pure) jump processes. It shows the possible risk-neutral densities, implied volatility surfaces, option pricing and typical paths for a variety of models including SABR, Heston, Bates, Bates-Hull-White, Displaced-Heston, or stochastic volatility versions of Variance Gamma, respectively Normal Inverse Gaussian models and finally, multi-dimensional models. The stochastic-local-volatility Libor market model with time-dependent parameters is considered and as an application how to price and risk-manage CMS spread products is demonstrated. The second part of the book deals with numerical methods which enables the reader to use the models of the first part for pricing and risk management, covering methods based on direct integration and Fourier transforms, and detailing the implementation of the COS, CONV, Carr-Madan method or Fourier-Space-Time Stepping. This is applied to pricing of European, Bermudan and exotic options as well as the calculation of the Greeks. The Monte Carlo simulation technique is outlined and bridge sampling is discussed in a Gaussian setting and for Lévy processes. Computation of Greeks is covered using likelihood ratio methods and adjoint techniques. A chapter on state-of-the-art optimization algorithms rounds up the toolkit for applying advanced mathematical models to financial problems and the last chapter in this section of the book also serves as an introduction to model risk. The third part is devoted to the usage of Matlab, introducing the software package by describing the basic functions applied for financial engineering. The programming is approached from an object-oriented perspective with examples to propose a framework for calibration, hedging and the adjoint method for calculating Greeks in a Libor market model. Source code used for producing the results and analysing the models is provided on the author's dedicated website, http://www.mathworks.de/matlabcentral/fileexchange/authors/246981.