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For instance, RAROC leaves the Credit Department with illiquid credit risk and specific operational risk44 because it assumes that all (hedgable) interest rate and currency risk is sold to the bank s Treasury unit45 However, if the Treasury unit decides not to sell off these hedgable risks in liquid markets, it will be allocated (economic) capital and has to earn a fair return on it Furthermore, using RAROC avoids having to calculate the external beta for each transaction (in order to determine the required hurdle rate return via the CAPM) RAROC assumes that one single hurdle rate can be used bankwide for all transactions, because the amount of required economic capital correctly adjusts for risk by changing the leverage of the transaction accordingly This assumes that a correct risk measure is used to allocate capital.

if not as openly innovative, then at least as far-sighted and consistent with Rome s overall aspiration to peace in the empire Particularly malevolent ancient historians apparently deemed this to be a character aw in Commodus If we look at it from the perspective outlined above, however, it may well have been the very opposite Mazzarino s research on the relationship between Commodus and the empire s emerging Christian communities came later than The Fall of the Roman Empire, which adheres to the traditional hostile view of Commodus In the 1950s and early 1960s, Hollywood epics had emphasized the cruel, persecutory attitude toward Christianity on the part of Roman emperors and aristocrats, most extensively on view in two historically questionable but emotionally powerful lms, both adapted from extraordinarily popular novels: Mervyn LeRoy s Quo Vadis (1951) and William Wyler s Ben-Hur (1959).

46 However, in a RAROC world, capital is allocated according to the project s internal beta47 and not the project s systematic or priced risk in the broad market48 We will examine potential problems arising from this approach in the subsequent sections in more detail When this approach does not work correctly, a fixed hurdle rate across all businesses and transactions has two problems It leads to the following behavior:49.

Per serving: Calories, 420; Protein, 40 g; Fat, 22 g (48% cal.); Cholesterol, 105 mg; Carbohydrates, 13 g; Fiber, 2 g; Sodium, 210 mg.

Therefore any attribution of pro-Christian feelings to Commodus, one of the most roundly criticized of all Roman emperors, would have been unthinkable Commodus, whom ancient sources describe as similar to the ferocious, merciless Nero, was, in fact, quite unlike him, not least as an advocate of the minority religion that would later conquer the whole Roman Empire and even become its of cial religion with the Edict of Thessalonica in 380 As we have seen, Commodus political strategy, aside from the in uence of his favorite Marcia, was in general oriented toward an acceptable (at least to him) compromise with what today we might call diversity, be it a religious minority like the Christians or the phenomenon, increasing at that time, of barbarian peoples penetrating into the empire It is not by chance that the so-called barbarians were often Christian converts.

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Under this condition, the Chapman-Kolmogorov DTMC simplifies to:

The absence of such considerations and re ections from The Fall of the Roman Empire unfortunately works against the lm s second half, which looks much less accurate than the rst, set on the frontier and culminating in the magni cent scene of Marcus Aurelius funeral service The massacre of the Germanic farmers, whom we see, more or less plausibly, as people now integrated into the fabric of Roman society and willing to live peacefully under Rome s protection, sharply contrasts with the ideal of paci cation attributed to Commodus by all ancient sources, even the most hostile ones The historical Marcus Aurelius, the Hellenizing and Stoic emperor, did not refrain from war and religious repression in order to save his Rome both from external threats and from the internal threat of a short-sighted conservative senate.

If the correction factor corr is in the interval [(l - c), . . . , (1 + E)], then stop the iteration. Tests have shown that for E = 0.025 we get good results. For smaller E, only the number of iterations increased but the accuracy of the results did not improve significantly.

Figure 56-10: Defrag after defragmenting files Not all files can be defragmented, so don t expect everything to be perfect when you ve finished. But things will be better than they were. When defrag is finished, you can just close any open dialog boxes and the Disk Defragmenter program window.

the navigation s graphic area ends abruptly (see Figure 36.1).

A careful analysis of the historical Commodus reveals him, not his father and predecessor, to have been the last preserver of the empire, even if he did not live up to the complex challenges he was facing or may have found himself crushed under the.

Carrying this de-

EXHIBIT 4.1 (Continued)

Cold,dry cereals are purchased ready prepared and need no preparation by the kitchen. Like hot cereals, they are served with accompanying milk or cream, sugar, and, sometimes, fruit such as berries or sliced bananas.