Pennsylvania

Pennsylvania ⁱ/ˌpɛnsᵻlˈveɪnjə/ (Pennsylvania German: Pennsilfaani), officially the Commonwealth of Pennsylvania, is a state located in the northern and Mid-Atlantic regions of the United States. The Appalachian Mountains run through its middle. The state borders Delaware to the southeast, Maryland to the south, West Virginia to the southwest, Ohio to the west, Lake Erie and the Canadian province of Ontario to the northwest, New York to the north, and New Jersey to the east.

Pennsylvania is the 33rd largest, the 6th most populous, and the 9th most densely populated of the 50 United States. The state's five most populous cities are Philadelphia (1,560,297), Pittsburgh (305,801), Allentown (118,577), Erie (100,671), and Reading (89,893). The state capital is Harrisburg. Pennsylvania has 51 miles (82 km) of coastline along Lake Erie and 57 miles (92 km) of shoreline along the Delaware Estuary.

The state is one of the 13 original founding states of the United States; it was originally founded in 1681 as a result of a royal land grant to William Penn, the son of the state's namesake. It was the second state to ratify the United States Constitution, on December 12, 1787. Independence Hall, where the United States Declaration of Independence and United States Constitution were drafted, is located in the state's largest city of Philadelphia. During the American Civil War, the Battle of Gettysburg was fought in the south central region of the state.

Equity

Equity may refer to:

Finance, accounting and ownership

Fairness

Private equity

In finance, private equity is an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.

A private equity investment will generally be made by a private equity firm, a venture capital firm or an angel investor. Each of these categories of investor has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company’s operations, management, or ownership.

Bloomberg Businessweek has called private equity a rebranding of leveraged-buyout firms after the 1980s. Common investment strategies in private equity include: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital. In a typical leveraged-buyout transaction, a private-equity firm buys majority control of an existing or mature firm. This is distinct from a venture-capital or growth-capital investment, in which the investors (typically venture-capital firms or angel investors) invest in young, growing or emerging companies, and rarely obtain majority control.

University of Pennsylvania

The University of Pennsylvania (commonly referred to as Penn or UPenn) is a private, Ivy League, research university located in Philadelphia. Incorporated as The Trustees of the University of Pennsylvania, Penn is one of 14 founding members of the Association of American Universities and one of the nine original Colonial Colleges. Penn is one of several universities that claims to be the first university in the United States of America.

Benjamin Franklin, Penn's founder, advocated an educational program that focused as much on practical education for commerce and public service as on the classics and theology although Franklin's curriculum was never adopted. The university coat of arms features a dolphin on the red chief, adopted directly from the Franklin family's own coat of arms. Penn was one of the first academic institutions to follow a multidisciplinary model pioneered by several European universities, concentrating multiple "faculties" (e.g., theology, classics, medicine) into one institution. It was also home to many other educational innovations. The first school of medicine in North America (Perelman School of Medicine, 1765), the first collegiate business school (Wharton School of Business, 1881) and the first "student union" building and organization (Houston Hall, 1896) were all born at Penn.

Credit (finance)

Credit (from Latin credit, "(he/she/it) believes") is the trust which allows one party to provide money or resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower.

Credit does not necessarily require money. The credit concept can be applied in barter economies as well, based on the direct exchange of goods and services. However, in modern societies, credit is usually denominated by a unit of account. Unlike money, credit itself cannot act as a unit of account.

Movements of financial capital are normally dependent on either credit or equity transfers. Credit is in turn dependent on the reputation or creditworthiness of the entity which takes responsibility for the funds. Credit is also traded in financial markets. The purest form is the credit default swap market, which is essentially a traded market in credit insurance. A credit default swap represents the price at which two parties exchange this risk – the protection seller takes the risk of default of the credit in return for a payment, commonly denoted in basis points (one basis point is 1/100 of a percent) of the notional amount to be referenced, while the protection buyer pays this premium and in the case of default of the underlying (a loan, bond or other receivable), delivers this receivable to the protection seller and receives from the seller the par amount (that is, is made whole).