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91-464: The HP-12C is a financial calculator made by Hewlett-Packard (HP) and its successor HP Inc. as part of the HP Voyager series , introduced in 1981. It is HP's longest and best-selling product and is considered the de facto standard among financial professionals. There have been multiple revisions over the years, with newer revisions moving to an ARM processor running a software emulator of

182-466: A shareholder rights plan to fend off Xerox's pursuit of a hostile takeover . Four days later, HP announced that, if shareholders rejected the Xerox purchase, it planned on offering $ 16 billion in capital return between fiscal 2020 and 2022, including $ 8 billion in additional share buybacks and raising its "target long-term return of capital to 100% of free cash flow generation". HP criticized Xerox's bid as

273-468: A "Rev 2" plate on the bottom side. It continues to use two parallel CR2032 cells. The firmware reports a 2015 build date. Serial numbers starting with "PHA", "9CJ", "7CD", or "3CD" rule out the older model variant. The 2×3-pin flash port now uses the USB protocol instead of a TTL serial protocol; in addition to this, the calculator's circuit board features an unpopulated mount for a Micro-USB connector. In 2022,

364-554: A "flawed value exchange" based on "overstated synergies". On March 5, 2020, HP rejected an offer at $ 24 per-share. On March 31, 2020, Xerox rescinded its bid to buy HP Inc, citing that "the current global health crisis and resulting macroeconomic and market turmoil " had "created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc." HP develops personal computers (PCs), printers and related supplies, as well as 3D printing services. Its consumer PCs have been marketed under brands such as

455-619: A 3-year sleeve sponsorship deal with Real Madrid , being the first sleeve sponsor of the club's 121-year history. In April 2024, it was announced HP had signed a "multi-year" deal to become the title sponsor for the Scuderia Ferrari Formula One team, extending to the team's F1 Academy and esports programmes. The HP logo will feature on both the team's 2024 car, the Ferrari SF-24 , and the race suits of drivers Carlos Sainz Jr. and Charles Leclerc . Alongside

546-428: A broad range of subfields exists within finance. Asset- , money- , risk- and investment management aim to maximize value and minimize volatility . Financial analysis assesses the viability, stability, and profitability of an action or entity. Some fields are multidisciplinary, such as mathematical finance , financial law , financial economics , financial engineering and financial technology . These fields are

637-594: A different product. In contrast to the preceding revision, it supported two parallel CR2032 cells, of which only one was necessary to run the calculator. Based on the same processor, a limited HP 12c 30th Anniversary Edition (NW258AA) was introduced in 2011. Only 40,000 of this model were made. The internal hardware of the HP-12C changed again in 2015, when the design switched to use an Atmel ATSAM4LC2CA-AU processor with ARM Cortex-M4 core. The calculator's part number and physical appearance didn't change except for

728-747: A dot-matrix display, switchable fonts and clock speeds, and, based on a Silicon Labs CP2102 converter chip, they come with a USB ( Mini-B ) serial interface to exchange data with a PC etc. for backup purposes (and possibly to communicate with applications like PC-based HP-12C emulators) or to update the firmware. Powering via USB is not supported. Finance In these financial systems, assets are bought, sold, or traded as financial instruments , such as currencies , loans , bonds , shares , stocks , options , futures , etc. Assets can also be banked , invested , and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. Due to its wide scope,

819-431: A high degree of computational complexity and are slow to converge to a solution on classical computers. In particular, when it comes to option pricing, there is additional complexity resulting from the need to respond to quickly changing markets. For example, in order to take advantage of inaccurately priced stock options, the computation must complete before the next change in the almost continuously changing stock market. As

910-492: A loan or other debt obligations. The main areas of personal finance are considered to be income, spending, saving, investing, and protection. The following steps, as outlined by the Financial Planning Standards Board, suggest that an individual will understand a potentially secure personal finance plan after: Corporate finance deals with the actions that managers take to increase the value of

1001-738: A long-term strategic perspective regarding investment decisions that affect public entities. These long-term strategic periods typically encompass five or more years. Public finance is primarily concerned with: Central banks, such as the Federal Reserve System banks in the United States and the Bank of England in the United Kingdom , are strong players in public finance. They act as lenders of last resort as well as strong influences on monetary and credit conditions in

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1092-414: A mix of an art and science , and there are ongoing related efforts to organize a list of unsolved problems in finance . Managerial finance is the branch of finance that deals with the financial aspects of the management of a company, and the financial dimension of managerial decision-making more broadly. It provides the theoretical underpin for the practice described above , concerning itself with

1183-732: A new PC gaming sub-brand known as Omen (reusing trademarks associated with VoodooPC ), including gaming laptops and desktops (with the latter offering options such as CPU water cooling and Nvidia 's GTX 1080 graphics, and promoted as VR -ready), and other accessories (such as monitors) designed to cater to the market. In May and August 2016, certain assets were sold to OpenText , including TeamSite and Exstream . In November 2017, HP acquired Samsung Electronics ' printer division for $ 1.05 billion. In February 2021, HP announced its acquisition of Kingston 's gaming division HyperX for $ 425 million. The deal only includes computer peripherals branded as HyperX, not memory or storage. The sale

1274-447: A result, the finance community is always looking for ways to overcome the resulting performance issues that arise when pricing options. This has led to research that applies alternative computing techniques to finance. Most commonly used quantum financial models are quantum continuous model, quantum binomial model, multi-step quantum binomial model etc. The origin of finance can be traced to the beginning of state formation and trade during

1365-446: A sophisticated mathematical model is required, and thus overlaps several of the above. As a specialized practice area, quantitative finance comprises primarily three sub-disciplines; the underlying theory and techniques are discussed in the next section: DCF valuation formula widely applied in business and finance, since articulated in 1938 . Here, to get the value of the firm , its forecasted free cash flows are discounted to

1456-398: A well-diversified portfolio, achieved investment performance will, in general, largely be a function of the asset mix selected, while the individual securities are less impactful. The specific approach or philosophy will also be significant, depending on the extent to which it is complementary with the market cycle . Risk management here is discussed immediately below. A quantitative fund

1547-482: Is about performing valuation and asset allocation today, based on the risk and uncertainty of future outcomes while appropriately incorporating the time value of money . Determining the present value of these future values, "discounting", must be at the risk-appropriate discount rate , in turn, a major focus of finance-theory. As financial theory has roots in many disciplines, including mathematics, statistics, economics, physics, and psychology, it can be considered

1638-521: Is also available as Procalc FN 1200C in Brazil. The Truly SC123 in 2015 closely resembles the HP ;12c Platinum as well, but in a vertical case layout. In 2012, SwissMicros (aka RPN-Calc) introduced a miniature clone named DM-12CC approximating the size of an ID-1 credit card (88 mm × 59 mm × 7 mm). It closely emulates the functionality of the original HP-12C by running

1729-717: Is listed on the New York Stock Exchange and is a constituent of the S&;P 500 Index . In the 2023 Fortune 500 list, HP is ranked 63rd-largest United States corporation by total revenue. Hewlett-Packard was founded in 1939 by Bill Hewlett and David Packard , who both graduated with degrees in electrical engineering from Stanford University in 1935. The company started off in the HP Garage in Palo Alto, California . On November 1, 2015, Hewlett-Packard

1820-436: Is managed using computer-based mathematical techniques (increasingly, machine learning ) instead of human judgment. The actual trading is typically automated via sophisticated algorithms . Risk management , in general, is the study of how to control risks and balance the possibility of gains; it is the process of measuring risk and then developing and implementing strategies to manage that risk. Financial risk management

1911-444: Is mathematics that is actually important in this new scenario Finance theory is heavily based on financial instrument pricing such as stock option pricing. Many of the problems facing the finance community have no known analytical solution. As a result, numerical methods and computer simulations for solving these problems have proliferated. This research area is known as computational finance . Many computational finance problems have

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2002-657: Is often indirect, through a financial intermediary such as a bank , or via the purchase of notes or bonds ( corporate bonds , government bonds , or mutual bonds) in the bond market . The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary earns the difference for arranging the loan. A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Investing typically entails

2093-497: Is referred to as "wholesale finance". Institutions here extend the products offered , with related trading, to include bespoke options , swaps , and structured products , as well as specialized financing ; this " financial engineering " is inherently mathematical , and these institutions are then the major employers of "quants" (see below ). In these institutions, risk management , regulatory capital , and compliance play major roles. As outlined, finance comprises, broadly,

2184-471: Is the branch of economics that studies the interrelation of financial variables , such as prices , interest rates and shares, as opposed to real economic variables, i.e. goods and services . It thus centers on pricing, decision making, and risk management in the financial markets , and produces many of the commonly employed financial models . ( Financial econometrics is the branch of financial economics that uses econometric techniques to parameterize

2275-485: Is the practice of protecting corporate value against financial risks , often by "hedging" exposure to these using financial instruments. The focus is particularly on credit and market risk, and in banks, through regulatory capital, includes operational risk. Financial risk management is related to corporate finance in two ways. Firstly, firm exposure to market risk is a direct result of previous capital investments and funding decisions; while credit risk arises from

2366-400: Is then often referred to as "business finance". Typically, "corporate finance" relates to the long term objective of maximizing the value of the entity's assets , its stock , and its return to shareholders , while also balancing risk and profitability . This entails three primary areas: The latter creates the link with investment banking and securities trading , as above, in that

2457-583: The CHS key different from that of the 12C and other classical RPN calculators. The first HP 12c Platinum version (F2231A) did not have parentheses, which often led to awkward key sequences to solve problems in algebraic mode. Since 2005, newer versions (F2232A) of the HP 12c Platinum have parentheses on the blue-shifted functions of the STO and RCL keys. They also support undo and backspace and provide memory for up to 80 CFj registers. The firmware changes increased

2548-665: The Bronze Age . The earliest historical evidence of finance is dated to around 3000 BCE. Banking originated in West Asia, where temples and palaces were used as safe places for the storage of valuables. Initially, the only valuable that could be deposited was grain, but cattle and precious materials were eventually included. During the same period, the Sumerian city of Uruk in Mesopotamia supported trade by lending as well as

2639-619: The Essential line and Pavilion (consumer), Envy and Spectre (high-end and prosumer ), and Omen ( gaming ). HP's business computers are marketed under the "Pro" and "Elite" prefixes. It also manufactures the DeskJet , OfficeJet, and LaserJet series of printers. In the professional space, HP market the HP Z series of desktop workstations and its mobile equivalent, HP ZBook . In March 2015, HP announced that Bang & Olufsen would become

2730-568: The HP Development Company, L.P. 's licensees Moravia Consulting spol. s r.o. and Royal Consumer Information Products, Inc. released a minor revision of the HP 12C without "Hewlett-Packard" on the frontplate and with a screw added to the battery compartment cover. The HP-12C is one of only four calculators permissible in the Chartered Financial Analyst exams, the others being its sister,

2821-577: The HP ;12c Platinum , and the Texas Instruments BA II Plus and BA II Plus Professional . Often referred to as a tool for "Old-ie Time-ies," critics of the HP-12C claim its early 1980s technology and style are antiquated. Proponents, however, are quick to note that the HP-12C continues to be both the de jure and de facto standard of high finance. The HP 12c Platinum is similar in appearance and functionality to

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2912-588: The Israeli Police , Israeli Prison Service , and Israeli Population and Immigration Authority . The BDS movement has called for consumers and organizations to boycott all HPE IT services and products as well as printers, computers, and printer cartridges from HP Inc. A French association called Halte à l'Obsolescence Programmée (HOP) has filed a complaint against the printer manufacturer HP, accusing it of planned obsolescence practices. The complaint alleges that HP artificially blocks printers when it detects

3003-711: The Roman Republic , interest was outlawed by the Lex Genucia reforms in 342 BCE, though the provision went largely unenforced. Under Julius Caesar , a ceiling on interest rates of 12% was set, and much later under Justinian it was lowered even further to between 4% and 8%. HP Development Company, L.P. David Packard HP Inc. is an American multinational information technology company headquartered in Palo Alto, California , that develops personal computers (PCs), printers and related supplies, as well as 3D printing services. Founded in 2015 as

3094-446: The managerial application of the various finance techniques . Academics working in this area are typically based in business school finance departments, in accounting , or in management science . The tools addressed and developed relate in the main to managerial accounting and corporate finance : the former allow management to better understand, and hence act on, financial information relating to profitability and performance;

3185-724: The numerical methods applied here. Experimental finance aims to establish different market settings and environments to experimentally observe and provide a lens through which science can analyze agents' behavior and the resulting characteristics of trading flows, information diffusion, and aggregation, price setting mechanisms, and returns processes. Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions and therefore prove them, as well as attempt to discover new principles on which such theory can be extended and be applied to future financial decisions. Research may proceed by conducting trading simulations or by establishing and studying

3276-402: The 12C, and is designed to mimic the 12C whilst extending its capabilities in various aspects. The calculator was introduced in 2003, is visibly distinguished by its silver-colored upper half as opposed to the gold-colored plate on the original 12c. There are six variants of the HP 12c Platinum (including two special issues). The first release of the 12c Platinum used a faster processor than

3367-486: The CPU was changed to a 3 V process ( Agilent 2AF1-0001, later a Marvell 2AF1-0002) and the battery was therefore changed to a single CR2032 cell replacing the three LR44 cells previously used (F1637A). In 2008, HP modified the design to use an Atmel AT91SAM7L128 processor with ARM7TDMI core running a software emulator of the previous Nut processor, written by Cyrille de Brébisson , in order to execute an image of

3458-668: The HP Board to do the right thing and pursue this compelling opportunity." Xerox stated in January 2020 that it would propose the replacement of HP's board of directors during its next shareholder meeting in April 2020. In a statement to TechCrunch , HP disclosed a belief that Xerox's bid was being "driven by" activist shareholder Carl Icahn . Xerox raised its bid to $ 24 per-share in February 2020. On February 21, 2020, HP instituted

3549-534: The HP-12C in 2003. Capitalizing on the limited availability of the HP 12c Platinum 25th Anniversary Edition, Victor Technology released the Victor V12 in 2007 which was a budget priced clone of the HP 12c Platinum edition. It is also available as BrtC FC-12 in Brazil. The 2010 Compucessory CCS28956 aka Compucessory 28956 , a clamshell design, is another clone of the HP 12c Platinum, but with added margin calculation functions (COST, SELL, MGN). It

3640-420: The HP-12C rounds up the number of payments to the next integer, which produces meaningless results when calculating fractional periods. Consequently, solving for n returns a value that is mathematically incorrect when compared to the standard annuity formula and different from the value returned by other financial calculators, Excel, etc. The Aurora FN1000 calculator in clamshell design was closely inspired by

3731-529: The ROM size beyond the capabilities of the original processor, so it was replaced by the Generalplus GPLB31A (still with 6502 core), which is also faster. It was manufactured by Kinpo Electronics . In 2006, Hewlett-Packard released a limited edition of the 12c Platinum to commemorate the 25th anniversary of the original 12C's introduction. The HP 12c Platinum 25th Anniversary Edition also has

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3822-478: The above " Fundamental theorem of asset pricing ". The subject has a close relationship with financial economics, which, as outlined, is concerned with much of the underlying theory that is involved in financial mathematics: generally, financial mathematics will derive and extend the mathematical models suggested. Computational finance is the branch of (applied) computer science that deals with problems of practical interest in finance, and especially emphasizes

3913-501: The behavior of people in artificial, competitive, market-like settings. Behavioral finance studies how the psychology of investors or managers affects financial decisions and markets and is relevant when making a decision that can impact either negatively or positively on one of their areas. With more in-depth research into behavioral finance, it is possible to bridge what actually happens in financial markets with analysis based on financial theory. Behavioral finance has grown over

4004-517: The branding deal, HP will supply the team with services "ranging from computers, printers and other hardware to conferencing technology." HP reported total CO 2 e emissions for the twelve months ending October 31, 2023, at 19,764,400 tonnes CO 2 -equivalent and plans to reduce emissions 60% by 2025 from a 2015 base year. According to a press release issued on April 20, 2021, HP seeks to achieve net zero greenhouse gas emissions by 2040. In 2016, HP introduced firmware in its printers that disabled

4095-579: The business's credit policy and is often addressed through credit insurance and provisioning . Secondly, both disciplines share the goal of enhancing or at least preserving, the firm's economic value , and in this context overlaps also enterprise risk management , typically the domain of strategic management . Here, businesses devote much time and effort to forecasting , analytics and performance monitoring . (See ALM and treasury management .) For banks and other wholesale institutions, risk management focuses on managing, and as necessary hedging,

4186-891: The capital raised will generically comprise debt, i.e. corporate bonds , and equity , often listed shares . Re risk management within corporates, see below . Financial managers—i.e. as distinct from corporate financiers—focus more on the short term elements of profitability, cash flow, and " working capital management " ( inventory , credit and debtors ), ensuring that the firm can safely and profitably carry out its financial and operational objectives; i.e. that it: (1) can service both maturing short-term debt repayments, and scheduled long-term debt payments, and (2) has sufficient cash flow for ongoing and upcoming operational expenses . (See Financial management and Financial planning and analysis .) Public finance describes finance as related to sovereign states, sub-national entities, and related public entities or agencies. It generally encompasses

4277-444: The cash amount agreed was $ 40 per share, which implied a total enterprise value of $ 3.3bn, inclusive Poly's net debts. On November 5, 2019, The Wall Street Journal reported that print and digital document company Xerox was contemplating acquiring HP. The company unanimously rejected two unsolicited offers, including a cash-and-stock offer at $ 22 per-share. HP stated that there was "uncertainty regarding Xerox's ability to raise

4368-407: The cash portion of the proposed consideration" (especially given that Xerox is a smaller company in terms of market cap than HP), and noted the company's aggressiveness. On November 26, 2019, Xerox issued a public letter defending allegations by HP that its offer was "uncertain" and "highly conditional", and declared its intent to "engage directly with HP shareholders to solicit their support in urging

4459-411: The company's new premium audio partner for its computers and other devices. This replaced the partnership with Beats Electronics that ended upon being acquired by Apple Inc. in 2014. In May 2024, HP announced that its PC models would adopt a new branding nomenclature, with most of its consumer computer models (besides Omen) folded under the "Omni" brand, with " OmniBook " (a revival of the brand that

4550-461: The economy. Development finance , which is related, concerns investment in economic development projects provided by a (quasi) governmental institution on a non-commercial basis; these projects would otherwise not be able to get financing . A public–private partnership is primarily used for infrastructure projects: a private sector corporate provides the financing up-front, and then draws profits from taxpayers or users. Climate finance , and

4641-672: The excess, intending to earn a fair return. Correspondingly, an entity where income is less than expenditure can raise capital usually in one of two ways: (i) by borrowing in the form of a loan (private individuals), or by selling government or corporate bonds ; (ii) by a corporation selling equity , also called stock or shares (which may take various forms: preferred stock or common stock ). The owners of both bonds and stock may be institutional investors —financial institutions such as investment banks and pension funds —or private individuals, called private investors or retail investors. (See Financial market participants .) The lending

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4732-522: The fact that a relatively simple but iterative process such as amortizing the interest over the life of a loan, a calculation that modern spreadsheets can complete almost instantly, can take over a minute with the HP-12C. The 1977 October edition of the HP Journal contains an article by Roy Martin, the inventor of the simple method of operation used in HP financial calculators, which describes, in detail,

4823-510: The field is referred to as quantitative finance and / or mathematical finance, and comprises primarily the three areas discussed. The main mathematical tools and techniques are, correspondingly: Mathematically, these separate into two analytic branches : derivatives pricing uses risk-neutral probability (or arbitrage-pricing probability), denoted by "Q"; while risk and portfolio management generally use physical (or actual or actuarial) probability, denoted by "P". These are interrelated through

4914-416: The field. Quantum finance is an interdisciplinary field, in which theories and methods developed by quantum physicists and economists are applied to solve financial problems. It represents a branch known as econophysics. Although quantum computational methods have been around for quite some time and use the basic principles of physics to better understand the ways to implement and manage cash flows, it

5005-410: The firm to the shareholders, the sources of funding and the capital structure of corporations, and the tools and analysis used to allocate financial resources. While corporate finance is in principle different from managerial finance , which studies the financial management of all firms rather than corporations alone, the concepts are applicable to the financial problems of all firms, and this area

5096-587: The firmware was intended to provide "the best consumer experience" and "protect" customers from "counterfeit and third-party ink cartridges that do not contain an original HP security chip and that infringe on our IP ." In 2023, PC World reported that HP printers still prevent users from using third-party ink. In 2023, HP was sued over allegations that it intentionally designed its all-in-one printers not to perform scanning or faxing when they were low on ink. In February 2019, How-To Geek published an article reporting that HP remotely disabled ink cartridges when

5187-451: The first scholarly work in this area. The field is largely focused on the modeling of derivatives —with much emphasis on interest rate- and credit risk modeling —while other important areas include insurance mathematics and quantitative portfolio management . Relatedly, the techniques developed are applied to pricing and hedging a wide range of asset-backed , government , and corporate -securities. As above , in terms of practice,

5278-627: The flows of capital that take place between individuals and households ( personal finance ), governments ( public finance ), and businesses ( corporate finance ). "Finance" thus studies the process of channeling money from savers and investors to entities that need it. Savers and investors have money available which could earn interest or dividends if put to productive use. Individuals, companies and governments must obtain money from some external source, such as loans or credit, when they lack sufficient funds to run their operations. In general, an entity whose income exceeds its expenditure can lend or invest

5369-414: The former Nut-based firmware in it. This has brought advanced possibilities such as flashing new firmware, not previously possible. HP also released a software development kit (SDK), making it possible to make new and custom operating systems . The calculator ran 60–90 times faster on most benchmark operations. This version (F2230A) was colloquially known as the " HP-12C+ ", although HP did not market it as

5460-413: The former as title sponsor of Williams F1 from 2002 until 2005, which was known as a breakup between Williams and BMW. In July 2013 HP agreed to extend the sponsorship agreement with Tottenham Hotspur Football Club . This took over the original agreement between the club and Autonomy PLC who HP acquired. HP took over as the club's principal partner for the 2013–14 season . In February 2024 HP signed

5551-400: The foundation of business and accounting . In some cases, theories in finance can be tested using the scientific method , covered by experimental finance . The early history of finance parallels the early history of money , which is prehistoric . Ancient and medieval civilizations incorporated basic functions of finance, such as banking, trading and accounting, into their economies. In

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5642-712: The fundamental risk mitigant here, investment managers will apply various hedging techniques as appropriate, these may relate to the portfolio as a whole or to individual stocks . Bond portfolios are often (instead) managed via cash flow matching or immunization , while for derivative portfolios and positions, traders use "the Greeks" to measure and then offset sensitivities. In parallel, managers — active and passive — will monitor tracking error , thereby minimizing and preempting any underperformance vs their "benchmark" . Quantitative finance—also referred to as "mathematical finance"—includes those finance activities where

5733-506: The heart of investment management is asset allocation — diversifying the exposure among these asset classes , and among individual securities within each asset class—as appropriate to the client's investment policy , in turn, a function of risk profile, investment goals, and investment horizon (see Investor profile ). Here: Overlaid is the portfolio manager's investment style —broadly, active vs passive , value vs growth , and small cap vs. large cap —and investment strategy . In

5824-444: The last few decades to become an integral aspect of finance. Behavioral finance includes such topics as: A strand of behavioral finance has been dubbed quantitative behavioral finance , which uses mathematical and statistical methodology to understand behavioral biases in conjunction with valuation. Quantum finance involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in

5915-423: The late 19th century, the global financial system was formed. In the middle of the 20th century, finance emerged as a distinct academic discipline, separate from economics. The earliest doctoral programs in finance were established in the 1960s and 1970s. Today, finance is also widely studied through career -focused undergraduate and master's level programs. As outlined, the financial system consists of

6006-427: The latter, as above, are about optimizing the overall financial structure, including its impact on working capital. Key aspects of managerial finance thus include: The discussion, however, extends to business strategy more broadly, emphasizing alignment with the company's overall strategic objectives; and similarly incorporates the managerial perspectives of planning, directing, and controlling. Financial economics

6097-417: The manufacturing process (as the foundry could no longer manufacture the necessary chips, having moved on to making higher-density chips). However, HP's market research found in the late 1980s that users did not trust results obtained too quickly and so the CPU speed was never improved from the original 884 kHz, but the speed could be increased by a user modification. In 2001 (from serial number CN11500001),

6188-426: The mathematics and functionality built by William Kahan and Roy Martin that is still used today. There were at least nine hardware revisions of the HP-12C since 1981 (including one special issue). Over its lifespan, the proprietary bulk CMOS HP Nut (originally the 1LF5, then 1LM2) processor's technology has been redesigned to integrate all the circuitry into a single chip (first the 1LQ9, then 1RR2) and to refresh

6279-422: The original 12C, but is otherwise like the fourth HP 12c Platinum model (F2231AA). In 2022, alongside the latest revision of the original 12C, Moravia and Royal also released a mostly cosmetic update of the 12c Platinum, with the words "Hewlett-Packard" removed from the frontplate, subtle adjustments to the layout and contact information on the rearplate, and a screw added to the battery compartment. By design,

6370-467: The original Nut processor. Critics claim that its 1980s technology is antiquated, but proponents point out that it is still the de facto and de jure standard in finance. The HP-12C is HP's longest and best-selling product, in continual production since its introduction in 1981. Due to its simple operation for key financial calculations, the calculator long ago became the de facto standard among financial professionals. Its popularity has endured despite

6461-475: The original ROM image in an emulator on an ARM Cortex-M0 -based NXP LPC1114 processor. Newer DM12 models since 2013 feature a better keyboard and more RAM ( LPC1115 ). A DM12 Silver Edition in a titanium case is available as well. In February 2016, SwissMicros introduced the DM12L, a version of the calculator about the same size as the original HP-12C. Deviating from the HP original, these calculators feature

6552-459: The parentheses feature and features the GPLB31A processor as well. The latest hardware revision of the 12c Platinum was introduced in 2007 (F2231AA). As in the later revisions of the 12C, it features two parallel rather than only one CR2032 cells, but it continues to be based on the GPLB31A processor. In 2008, the HP 12c Prestige (F2233A) was released. It features a gold-colored plate like

6643-444: The present using the weighted average cost of capital for the discount factor. For share valuation investors use the related dividend discount model . Financial theory is studied and developed within the disciplines of management , (financial) economics , accountancy and applied mathematics . Abstractly, finance is concerned with the investment and deployment of assets and liabilities over "space and time"; i.e., it

6734-569: The printers if users used ink or toner cartridges which did not contain “new or reused HP chips or electronic circuitry.” As a result, HP faced scathing criticism (such as that from the Electronic Frontier Foundation ) and paid millions in class-action lawsuits, such as to certain customers in the US ($ 1.5 million ), Canada ($ 700,000 CAD ), Australia, and Europe ($ 1.350 million ), but without admitting wrongdoing. HP's stated that

6825-409: The purchase of stock , either individual securities or via a mutual fund , for example. Stocks are usually sold by corporations to investors so as to raise required capital in the form of " equity financing ", as distinct from the debt financing described above. The financial intermediaries here are the investment banks . The investment banks find the initial investors and facilitate the listing of

6916-491: The quarter. Free cash flow includes $ 121 million in net cash from operating activities, with adjustments of $ 62 million for net lease investments and $ 158 million for property, plant, and equipment investments. The key trends for HP Inc. are (as of the financial year ending October 31): HP started involvement in Formula One sponsorship at the 2002 British Grand Prix , following the merger of Compaq and HP, replacing

7007-749: The rate of 20 percent per year. By 1200 BCE, cowrie shells were used as a form of money in China . The use of coins as a means of representing money began in the years between 700 and 500 BCE. Herodotus mentions the use of crude coins in Lydia around 687 BCE and, by 640 BCE, the Lydians had started to use coin money more widely and opened permanent retail shops. Shortly after, cities in Classical Greece , such as Aegina , Athens , and Corinth , started minting their own coins between 595 and 570 BCE. During

7098-724: The related Environmental finance , address the financial strategies, resources and instruments used in climate change mitigation . Investment management is the professional asset management of various securities—typically shares and bonds, but also other assets, such as real estate, commodities and alternative investments —in order to meet specified investment goals for the benefit of investors. As above, investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, exchange-traded funds , or REITs . At

7189-413: The relationships suggested.) The discipline has two main areas of focus: asset pricing and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital; respectively: Financial mathematics is the field of applied mathematics concerned with financial markets ; Louis Bachelier's doctoral thesis , defended in 1900, is considered to be

7280-524: The revision of the original HP-12C which was available at that time. (However, the subsequent revisions of the original 12C which switched to ARM-based processors have reversed that speed gap.) It was equipped with a Sunplus SPLB20D2 with a 6502 core, larger memory (for up to 30 CFj registers and 400 program steps) and more built-in functions. It allows input to be entered in algebraic mode as well as in 4-level classical RPN . The calculator's particular implementation of RPN exhibits an unusual behaviour of

7371-497: The sale of consumer printers. Over 65 percent of revenue in 2022 came from customers outside of the United States. HP's first quarter fiscal 2024 net revenue was $ 13.2 billion, representing a 4.4% decrease (4.9% in constant currency) year-over-year. HP's strong operating activities in the first quarter of fiscal 2024 generated $ 121 million in net cash. The company also reported a positive free cash flow of $ 25 million for

7462-475: The securities, typically shares and bonds. Additionally, they facilitate the securities exchanges , which allow their trade thereafter, as well as the various service providers which manage the performance or risk of these investments. These latter include mutual funds , pension funds , wealth managers , and stock brokers , typically servicing retail investors (private individuals). Inter-institutional trade and investment, and fund-management at this scale ,

7553-440: The successor of the original Hewlett-Packard , HP Inc. is the world's second-largest personal computer vendor by unit sales after Lenovo and ahead of Dell , as of 2024. The company was formed on November 1, 2015, as the legal successor of the original Hewlett-Packard Company after the company's enterprise product and business services divisions were spun off as a new publicly traded company, Hewlett Packard Enterprise . HP

7644-623: The three areas of personal finance, corporate finance, and public finance. These, in turn, overlap and employ various activities and sub-disciplines—chiefly investments , risk management, and quantitative finance . Personal finance refers to the practice of budgeting to ensure enough funds are available to meet basic needs, while ensuring there is only a reasonable level of risk to lose said capital. Personal finance may involve paying for education, financing durable goods such as real estate and cars, buying insurance , investing, and saving for retirement . Personal finance may also involve paying for

7735-446: The use of interest. In Sumerian, "interest" was mas , which translates to "calf". In Greece and Egypt, the words used for interest, tokos and ms respectively, meant "to give birth". In these cultures, interest indicated a valuable increase, and seemed to consider it from the lender's point of view. The Code of Hammurabi (1792–1750 BCE) included laws governing banking operations. The Babylonians were accustomed to charging interest at

7826-573: The use of involuntary labor of any kind. HP also commits to respecting fundamental rights and freedoms defined in the United Nations (UN) Universal Declaration of Human Rights (UDHR) in an approach consistent with the UN Guiding Principles on Business and Human Rights (UNGPs) as outlined in our Human Rights Policy." In 2023, HP as well as Hewlett Packard Enterprise (HPE) has come under criticism for its products provided to

7917-588: The user cancels their Instant Ink subscription. In 2020, the Australian Strategic Policy Institute accused at least 82 major brands, including HP Inc, of being potentially connected to forced Uyghur labor in the Chinese Xinjiang province. In 2022, in response to the U.S. Uyghur Forced Labor Prevention Act , HP responded, "HP is committed to respecting human rights across our global supply chain and we prohibit

8008-635: The various positions held by the institution—both trading positions and long term exposures —and on calculating and monitoring the resultant economic capital , and regulatory capital under Basel III . The calculations here are mathematically sophisticated, and within the domain of quantitative finance as below. Credit risk is inherent in the business of banking, but additionally, these institutions are exposed to counterparty credit risk . Banks typically employ Middle office "Risk Groups" , whereas front office risk teams provide risk "services" (or "solutions") to customers. Additional to diversification ,

8099-572: Was completed in June 2021. In February 2022, HP announced it had acquired the Edinburgh -based packaging development company, Choose Packaging, in an effort to strengthen its capabilities in the sustainable packaging vertical. In March 2022, HP announced the acquisition of the California -headquartered communications software and hardware provider Poly Inc. in an all-cash transaction. HP said

8190-410: Was originally defunct in 2002 after acquiring Compaq that year), "OmniStudio", and "OmniDesk" models. In fiscal year 2023, total revenue of US$ 54 billion included US$ 24.7 billion from the sale of notebook computers , US$ 10.9 billion from the sale of desktop computers , US$ 11.4 billion from the sale of printer supplies, US$ 4.2 billion from the sale of commercial printers, and US$ 2.4 billion from

8281-510: Was split into two companies. Its personal computer and printer businesses became HP Inc., while its enterprise business became Hewlett Packard Enterprise . The split was structured so that Hewlett-Packard changed its name to HP Inc. and spun off Hewlett Packard Enterprise as a new publicly traded company. HP Inc. retains Hewlett-Packard's pre-2015 stock price history and its former stock ticker symbol, HPQ, while Hewlett Packard Enterprise trades under its own symbol, HPE. In May 2016, HP introduced

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