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Boundless Lecture Slides

Boundless Lecture Slides. Available on the Boundless Teaching Platform. Free to share, print, make copies and changes. Get yours at www.boundless.com. Using Boundless Presentations. Boundless Teaching Platform

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Boundless Lecture Slides

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  1. Boundless Lecture Slides Available on the Boundless Teaching Platform Free to share, print, make copies and changes. Get yours at www.boundless.com

  2. Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. Get started now at: • The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. http://boundless.com/teaching-platform • Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

  3. About Boundless • Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website, iOS apps, Kindle books, and iBooks. To get started learning or teaching with Boundless, visit boundless.com. Free to share, print, make copies and changes. Get yours at www.boundless.com

  4. The Security Markets Security Market Efficiency and Returns Understanding Returns Market Efficiency Market Regulation ] Security Market Efficiency and Returns Free to share, print, make copies and changes. Get yours at www.boundless.com

  5. Security Market Efficiency and Returns > The Security Markets The Security Markets • Types of Stock Market Transactions • Types of Market Organizations Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/security-market-efficiency-and-returns-9/the-security-markets-83/

  6. Security Market Efficiency and Returns > Understanding Returns Understanding Returns • Reporting • Dollar Returns • Percentage Returns • Historical Returns: Market Variability and Volatility • Calculating and Understanding Average Returns Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/security-market-efficiency-and-returns-9/understanding-returns-84/

  7. Security Market Efficiency and Returns > Market Efficiency Market Efficiency • Behavior of an Efficient Market • The Efficient Market Hypothesis • Implications and Limitations of the Efficient Market Hypothesis Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/security-market-efficiency-and-returns-9/market-efficiency-85/

  8. Security Market Efficiency and Returns > Market Regulation Market Regulation • Securities Act of 1933 • Securities Exchange Act of 1934 • Securities Acts Amendments of 1975 • Sarbanes–Oxley Act of 2002 • Global Research Settlement Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/finance/textbooks/boundless-finance-textbook/security-market-efficiency-and-returns-9/market-regulation-86/

  9. Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

  10. Security Market Efficiency and Returns Key terms • animal spiritsAfter Keynes (citation 1936, above), the emotional and intuitive factors that drive business decisions whether to make investment gambles. • auction marketan exchange where goods and services are offered up for bid, bids are taken, and then sold to the highest bidder • boards of directorsA board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. • capital gainsValues captured from the trade of assets on the securities market. • clearanceIn banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction. • compound annual growth rateCAGR. A method for finding the average annual return of an investment. • compounding returnsReturns earned on previous returns. Akin to compounding interest. • conflict of interestA conflict of interest (COI) occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other. • conflicts of interestA conflict of interest (COI) occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other. • dealer marketan exchange where institutions are assigned to a particular security and trade out of their own account • efficient markets hypothesisa set of theories about what information is reflected in securities trading prices • FINRAIn the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD). Though sometimes mistaken for a government agency, it is a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets. The government organization which acts as the ultimate regulator of the securities industry, including FINRA, is the Securities and Exchange Commission. Free to share, print, make copies and changes. Get yours at www.boundless.com

  11. Security Market Efficiency and Returns • forwardsA non-standardized contract between two parties to buy or sell an asset at a specified future time at a price agreed upon today. • fundamental analysisAn analysis of a business with the goal of financial projections in terms of income statement, financial statements and health, management and competitive advantages, and competitors and markets. • information biasInformation bias is a type of cognitive bias, and involves distorted evaluation of information. Information bias occurs due to people's curiosity and confusion of goals when trying to choose a course of action. • insider tradingBuying or selling securities of a publicly held company by a person who has privileged access to information concerning the company's financial condition or plans. • internal rate of returnIRR. The rate of return on an investment which causes the net present value of all future cash flows to be zero. • IPOsAn initial public offering (IPO) or stock market launch is a type of public offering where shares of stock in a company are sold to the general public, on a securities exchange, for the first time. • Martingale modelIn probability theory, a martingale is a model of a fair game where knowledge of past events will never help to predict future winnings. • NASDAQThe National Association of Securities Dealers Automated Quotations; this is an electronic stock market. • off-balance-sheetOff-balance sheet (OBS), or Incognito Leverage, usually means an asset or debt or financing activity not on the company's balance sheet. • private placementsPrivate placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. • returnGain or loss from an investment. • return on investmentROI. The dollar return of the investment divided by the initial value. Free to share, print, make copies and changes. Get yours at www.boundless.com

  12. Security Market Efficiency and Returns • SECThe U.S. Securities and Exchange Commission (frequently abbreviated SEC) is a federal agency[2] which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. • securitiesSynonymous with "financial instrument. " A tradable asset of any kind; either cash, evidence of an ownership interest in an entity, or a contractual right to receive or deliver cash or another financial instrument. • SecuritiesAssets purchased in the securities market, such as equity, debt and derivatives. • settlementSettlement of securities is a business process whereby securities or interests in securities are delivered, usually against (in simultaneous exchange for) payment of money, to fulfill contractual obligations, such as those arising under securities trades. • swapsA swap is a derivative in which counterparties exchange cash flows of one party's financial instrument for those of the other party's financial instrument. • systemic riskThe risk of collapse of an entire financial system or entire market. • technical analysisA stock or commodity market analysis technique which examines only market action, such as prices, trading volume, and open interest. • underwriterAn entity which markets newly issued securities • volatilityA quantification of the degree of uncertainty about the future price of a commodity, share, or other financial product. Free to share, print, make copies and changes. Get yours at www.boundless.com

  13. Security Market Efficiency and Returns NASDAQ NASDAQ is a major example of a secondary quote-driven market. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."NASDAQ."GNU FDLhttp://en.wikipedia.org/wiki/NASDAQView on Boundless.com

  14. Security Market Efficiency and Returns Cash Flow Return The ROI is the percentage return, and is calculated by dividing the dollar return by the initial value of the investment ($1,000). Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Rate of return."GNU FDLhttp://en.wikipedia.org/wiki/Rate_of_return%23Arithmetic_average_rate_of_returnView on Boundless.com

  15. Security Market Efficiency and Returns Random Walk Stock market cannot be predicted. Free to share, print, make copies and changes. Get yours at www.boundless.com http://www.xdr.com/dash/blog/index.php?entry=Whoosh!-There-goes-silver!."Dave's Blog."CC BYhttp://www.xdr.com/dash/blog/index.php?entry=Whoosh!-There-goes-silver!View on Boundless.com

  16. Security Market Efficiency and Returns SEC The amendments are direct SEC to enable the establishment of a National Market System. Free to share, print, make copies and changes. Get yours at www.boundless.com Google."Google Image Result for."CC BYhttp://www.google.com/imgres?q=sec&hl=en&biw=1275&bih=596&tbs=sur:fmc&tbm=isch&imgrefurl=http://www.sec.gov/&tbnid=2yqHh2CNP5MCsM&docid=jdKNOGW5BBdgRM&ved=0CFAQhRYoAg&ei=-C-LUKjbHcm60AHs_4HIAg&dur=6011View on Boundless.com

  17. Security Market Efficiency and Returns 2008 Financial Crisis The strong form of EMH is diminished by the 2008 crisis Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."2007–2012 global financial crisis."Public domainhttp://en.wikipedia.org/wiki/2007%E2%80%932012_global_financial_crisisView on Boundless.com

  18. Security Market Efficiency and Returns Internal Rate of Return The IRR is calculated by finding the discount rate at which the NPV of the investment equals 0. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."IRR1 - Grieger."CC BY-SAhttp://en.wikipedia.org/wiki/File:IRR1_-_Grieger.jpgView on Boundless.com

  19. Security Market Efficiency and Returns Stock Price Index Over Time The securities trading markets have appreciated substantially in recent times, making the scale of investments (and subsequent reporting) more important than ever. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."IE_Real_SandP_Prices2C_Earnings2C_and_Dividends_1871-2006.png."CC BY-SA 3.0https://upload.wikimedia.org/wikipedia/commons/6/6f/IE_Real_SandP_Prices%2C_Earnings%2C_and_Dividends_1871-2006.pngView on Boundless.com

  20. Security Market Efficiency and Returns Securities Exchange Act of 1934 Act of 1934 governs the secondary trading of securities. Free to share, print, make copies and changes. Get yours at www.boundless.com Google."Google Image Result for."CC BYhttp://www.google.com/imgres?q=sec&hl=en&biw=1275&bih=596&tbs=sur:fmc&tbm=isch&imgrefurl=http://www.sec.gov/&tbnid=vrnFd26EwBPUWM&docid=jdKNOGW5BBdgRM&ved=0CE8QhRYoAQ&ei=-C-LUKjbHcm60AHs_4HIAg&dur=1925View on Boundless.com

  21. Security Market Efficiency and Returns DJIA 1900-2009 The Dow Jones Industrial Average has generally increased overall since 1900, but its past performance is not a guarantee of future performance. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."File:DJIA historical graph to jan09 (log).svg - Wikipedia, the free encyclopedia."Public domainhttp://en.wikipedia.org/w/index.php?title=File:DJIA_historical_graph_to_jan09_(log).svg&page=1View on Boundless.com

  22. Security Market Efficiency and Returns Payments The table shows the payments of each company Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Global Settlement."GNU FDLhttp://en.wikipedia.org/wiki/Global_SettlementView on Boundless.com

  23. Security Market Efficiency and Returns Dollar Profit/(Loss) The dollar return is the difference in value from year to year, plus the previous dollar return. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia."Rate of return."GNU FDLhttp://en.wikipedia.org/wiki/Rate_of_returnView on Boundless.com

  24. Security Market Efficiency and Returns US SEC The U.S. Securities and Exchange Commission (frequently abbreviated SEC) is a federal agency, which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry Free to share, print, make copies and changes. Get yours at www.boundless.com Google."Google Image Result for."CC BYhttp://www.google.com/imgres?q=Securities+and+Exchange+Commission&hl=en&biw=1275&bih=639&tbs=sur:fmc&tbm=isch&imgrefurl=http://news.doddleme.com/news-room/sec-to-review-quiet-period-ipo-rule-after-facebook-mess-wsj/attachment/sec-logo-securities-and-exchange-commission/&tbnid=w0Q_AS-gZj602M&docid=FkjWD7TpK59eMM&ved=0CFEQhRYoAA&ei=2yuLUNemF8_W0gGtq4HACA&dur=1210View on Boundless.com

  25. Security Market Efficiency and Returns The Philippine Stock Market Board Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia Commons."The Philippine Stock Market Board."CC BY-SA 3.0https://commons.wikimedia.org/wiki/File:Philippine-stock-market-board.jpgView on Boundless.com

  26. Security Market Efficiency and Returns Senator Sarbanes and Representative Oxley Senator Sarbanes and Representative Oxley sponsored the 2002 Act. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia Commons."Senator Sarbanes and Representative Oxley."CC BY-SA 3.0https://commons.wikimedia.org/wiki/File:SarbanesOxley.jpgView on Boundless.com

  27. Security Market Efficiency and Returns Attribution • Wikipedia."Efficient-market hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient-market_hypothesis • Wikipedia."Martingale model."CC BY-SA 3.0http://en.wikipedia.org/wiki/Martingale%20model • Wikipedia."IPOs."CC BY-SA 3.0http://en.wikipedia.org/wiki/IPOs • Wiktionary."conflict of interest."CC BY-SA 3.0http://en.wiktionary.org/wiki/conflict_of_interest • Wikipedia."Global Settlement."CC BY-SA 3.0http://en.wikipedia.org/wiki/Global_Settlement • Wikipedia."Private placement."CC BY-SA 3.0http://en.wikipedia.org/wiki/Private_placement • Wikipedia."Secondary market."CC BY-SA 3.0http://en.wikipedia.org/wiki/Secondary_market • Wikipedia."Secondary market offering."CC BY-SA 3.0http://en.wikipedia.org/wiki/Secondary_market_offering • Wikipedia."IPOs."CC BY-SA 3.0http://en.wikipedia.org/wiki/IPOs • Wikipedia."Stock repurchase."CC BY-SA 3.0http://en.wikipedia.org/wiki/Stock_repurchase • Wikipedia."FINRA."CC BY-SA 3.0http://en.wikipedia.org/wiki/FINRA • Wiktionary."underwriter."CC BY-SA 3.0http://en.wiktionary.org/wiki/underwriter • Wikipedia."Efficient markets hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient_markets_hypothesis • Wikipedia."Efficient-market hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient-market_hypothesis • Wikipedia."Efficient-market hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient-market_hypothesis • Wikipedia."information bias."CC BY-SA 3.0http://en.wikipedia.org/wiki/information%20bias • Wikipedia."CAGR."CC BY-SA 3.0http://en.wikipedia.org/wiki/CAGR Free to share, print, make copies and changes. Get yours at www.boundless.com

  28. Security Market Efficiency and Returns • Wikipedia."CAGR."CC BY-SA 3.0http://en.wikipedia.org/wiki/CAGR • Wikipedia."Internal rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/Internal_rate_of_return • Wikipedia."Rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/Rate_of_return%23Multiperiod_average_returns • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/compounding-returns • Wikipedia."internal rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/internal%20rate%20of%20return • Wikipedia."CAGR."CC BY-SA 3.0http://en.wikipedia.org/wiki/CAGR • Wikipedia."Yield (finance)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Yield_(finance) • Wikipedia."Rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/Rate_of_return • Wikipedia."return on investment."CC BY-SA 3.0http://en.wikipedia.org/wiki/return%20on%20investment • Wikipedia."Internal rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/Internal_rate_of_return • Boundless Learning."Boundless."CC BY-SA 3.0http://www.boundless.com//finance/definition/compound-annual-growth-rate • Wikipedia."Capital gains tax - United States."CC BY-SA 3.0https://en.wikipedia.org/wiki/Capital_gains_tax#United_States • Wikipedia."Gain (accounting)."CC BY-SA 3.0https://en.wikipedia.org/wiki/Gain_(accounting) • Wikipedia."Security (finance)."CC BY-SA 3.0https://en.wikipedia.org/wiki/Security_(finance) • Wikipedia."Securities market."CC BY-SA 3.0https://en.wikipedia.org/wiki/Securities_market • Wikipedia."Security market line."CC BY-SA 3.0https://en.wikipedia.org/wiki/Security_market_line • Wikipedia."Stock market."CC BY-SA 3.0https://en.wikipedia.org/wiki/Stock_market • Wikipedia."Primary market."CC BY-SA 3.0https://en.wikipedia.org/wiki/Primary_market • Wikipedia."Secondary market."CC BY-SA 3.0https://en.wikipedia.org/wiki/Secondary_market Free to share, print, make copies and changes. Get yours at www.boundless.com

  29. Security Market Efficiency and Returns • Wikipedia."Financial market."CC BY-SA 3.0https://en.wikipedia.org/wiki/Financial_market • Wikipedia."Rate of return."CC BY-SA 3.0http://en.wikipedia.org/wiki/Rate_of_return • Wiktionary."return."CC BY-SA 3.0http://en.wiktionary.org/wiki/return • Wikipedia."Profit (accounting)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Profit_(accounting) • Wikipedia."systemic risk."CC BY-SA 3.0http://en.wikipedia.org/wiki/systemic%20risk • Wikipedia."Efficient-market hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient-market_hypothesis • Wikipedia."Animal spirits (Keynes)."CC BY-SA 3.0http://en.wikipedia.org/wiki/Animal_spirits_(Keynes) • Wikipedia."Historical simulation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Historical_simulation • Wikipedia."Systemic risk."CC BY-SA 3.0http://en.wikipedia.org/wiki/Systemic_risk • Wikipedia."Great Depression."CC BY-SA 3.0http://en.wikipedia.org/wiki/Great_Depression • Wiktionary."volatility."CC BY-SA 3.0http://en.wiktionary.org/wiki/volatility • Wiktionary."animal spirits."CC BY-SA 3.0http://en.wiktionary.org/wiki/animal_spirits • Wikipedia."Regulation NMS."CC BY-SA 3.0http://en.wikipedia.org/wiki/Regulation_NMS • Wikipedia."National Market System."CC BY-SA 3.0http://en.wikipedia.org/wiki/National_Market_System • Wikipedia."Securities Industry Automation Corporation."CC BY-SA 3.0http://en.wikipedia.org/wiki/Securities_Industry_Automation_Corporation • Wikipedia."clearance."CC BY-SA 3.0http://en.wikipedia.org/wiki/clearance • Wikipedia."National market system plan."CC BY-SA 3.0http://en.wikipedia.org/wiki/National_market_system_plan • Wiktionary."settlement."CC BY-SA 3.0http://en.wiktionary.org/wiki/settlement • Wikipedia."private placements."CC BY-SA 3.0http://en.wikipedia.org/wiki/private%20placements Free to share, print, make copies and changes. Get yours at www.boundless.com

  30. Security Market Efficiency and Returns • Wikipedia."Securities Act of 1933."CC BY-SA 3.0http://en.wikipedia.org/wiki/Securities_Act_of_1933 • Wikipedia."SEC."CC BY-SA 3.0http://en.wikipedia.org/wiki/SEC • Wikibooks."US Corporate Law/Securities."CC BY-SA 3.0http://en.wikibooks.org/wiki/US_Corporate_Law/Securities%23Securities_Act_of_1933 • Wikipedia."conflicts of interest."CC BY-SA 3.0http://en.wikipedia.org/wiki/conflicts%20of%20interest • Wikipedia."off-balance-sheet."CC BY-SA 3.0http://en.wikipedia.org/wiki/off-balance-sheet • Wikipedia."boards of directors."CC BY-SA 3.0http://en.wikipedia.org/wiki/boards%20of%20directors • Wikipedia."Sarbanes–Oxley Act."CC BY-SA 3.0http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act • Wikibooks."UNIX Computing Security/Principles and policies."CC BY-SA 3.0http://en.wikibooks.org/wiki/UNIX_Computing_Security/Principles_and_policies%23Sarbanes-Oxley • Wikipedia."Securities Exchange Act of 1934."CC BY-SA 3.0http://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934 • Wiktionary."NASDAQ."CC BY-SA 3.0http://en.wiktionary.org/wiki/NASDAQ • Wikibooks."US Corporate Law/Securities."CC BY-SA 3.0http://en.wikibooks.org/wiki/US_Corporate_Law/Securities%23Securities_Exchange_Act_of_1934 • Wikipedia."Efficient-market hypothesis."CC BY-SA 3.0http://en.wikipedia.org/wiki/Efficient-market_hypothesis • Wiktionary."insider trading."CC BY-SA 3.0http://en.wiktionary.org/wiki/insider_trading • Wiktionary."fundamental analysis."CC BY-SA 3.0http://en.wiktionary.org/wiki/fundamental_analysis • Wiktionary."technical analysis."CC BY-SA 3.0http://en.wiktionary.org/wiki/technical_analysis • Wikipedia."securities."CC BY-SA 3.0http://en.wikipedia.org/wiki/securities • Wikipedia."Market maker."CC BY-SA 3.0http://en.wikipedia.org/wiki/Market_maker • Wikipedia."NYSE."CC BY-SA 3.0http://en.wikipedia.org/wiki/NYSE%23Trading • Wikipedia."swaps."CC BY-SA 3.0http://en.wikipedia.org/wiki/swaps Free to share, print, make copies and changes. Get yours at www.boundless.com

  31. Security Market Efficiency and Returns • Wikipedia."Auction."CC BY-SA 3.0http://en.wikipedia.org/wiki/Auction • Wikipedia."Securities market."CC BY-SA 3.0http://en.wikipedia.org/wiki/Securities_market • Wikipedia."forwards."CC BY-SA 3.0http://en.wikipedia.org/wiki/forwards • Wikipedia."Broker-dealer."CC BY-SA 3.0http://en.wikipedia.org/wiki/Broker-dealer Free to share, print, make copies and changes. Get yours at www.boundless.com

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