Oil and Gas Industry in Kazakhastan

Kazakhstan is one of Central Asia’s most successful and dynamic economies. More than hundred U.S. companies are operating in this country, through subsidiaries, JVs, liasion offices or as contractors. While most of them are found in the energy sector, many of them are service sector firms (e.g. international law firms, accounting firms, Banks like Citibank, American Express bank etc.). There are companies in telecom, sector, consumer goods and others. Kazakhastan provides excellent business opportunities in the fields of Oil and Gas, Power, Telecom, Medical instruments, Controlling Pollution, Agro-Machinery, Food, Construction and Mining.Kazakhstan has implemented important structural reforms during the past few years with an objective to transform its economy into a robust, market-driven business environment. However, some of the issues concering the development are- corruption, inconsistent customs regulations, inconsistency in interpretation of law, red tapism, work permit limitations for managerial and technical staff, amendments in laws increasing government interference etc. Many of these concerns are on legal innovations, which are aimed at creating changes in prevailing contracts e.g. â€Å"the Government has recently adopted legislation giving it preemptive rights in both existing and future contracts in the event that shareholders in oil field consortia want to sell shares, even if other partners have a contractual right of first offer†. Similarly, the Government adopted a telecom regulation that limited foreign equity in telecom companies to forty-nine percent.   (http://www.buyusa.gov/kazakhstan/en/doing_business_kazakhstan.html)Kazakhstan is perceived as an evolving economy surmounting the heritage of the Soviet economy through constant dedication to economic liberalization and upholding a striking investment climate through practical policy choices and support with the West. The IMF called Kazakhstan's firm macroeconomic stabilizat ion actions â€Å"appropriate and far-sighted.† Of all the ex-Soviet economies, Kazakhstan is rated first in FDI as a percentage of gross domestic produce and next only to Hungary in per capita foreign direct investment. Because of its thriving reforms, liberal trade practices, and capability to draw external financing, the economy is booming. Kazakhstan is a signatory to the World Trade Organization.(http://www.kazakhembus.com/Stable_Free_Market_Economy.html)Kazakhstan's economy registered a growth rate of 8.5% in 2006. GDP grew by 9.4 percent in 2005, by 9.1 percent in 2004, by 9.2 percent in 2003 and by 9.5 percent in 2002. Kazakhstan's financial policy has been well administered. Since 2001, the inflation has been under check and well controlled. In 2006, it was 8.6 percent, 7.5 percent in 2005 and during 2001-2003 it was 6.4 percent, 6.6 percent and 6.8 percent respectively. Due to strong macroeconomic show and financial strength, Kazakhstan became the first former Sovie t country to settle all of its debt to IMF in 2000, seven years before schedule. The U.S. Department of Commerce has recognized Kazakhstan as a market economy under U.S. trade law since 2002. This is the result of effective market economy reforms in the domains of â€Å"currency convertibility, wage rate determination, openness to foreign investment, and government control over the means of production and allocation of resources†.Kazakhstan became the first economy from the ex- Soviet Union to get an â€Å"investment-grade† credit rating from a leading global credit rating agency in 2002. Projected external borrowings in 2005 were $41.66 billion. In 2004, Kazakhstan's gross foreign borrowings were approximately $26.03 billion. Kazakhstan has been able to check the ratio of borrowings to Gross Domestic Produce in recent years. In 2005, total governmental debt was 8.9 percent of GDP whereas this ratio in 2000 stood at 21.7 percent of GDP.Kazakhstan has copious natural we alth with a whole prospective value projected at $8.7 trillion. Specially, Kazakhstan's hydrocarbon reserves are enormous and are expected to be next only to Saudi Arabia and Iraq. Oil and gas is the most important economic sector. Oil exports have pushed the economic development and have already drawn considerable international investment of over US$ 8 billion since 1993. The Tengiz oil field, was promoted by the TengizChevrOil a joint venture company established by the Kazak government and Chevron in 1993. Exxon Mobil and LukArco have also joined the venture to further develop the said project. TegizChevrOil is the major foreign venture in Kazakhstan. Though Kazakhstan’s present oil output of nearly 1.2 million barrels/day is comparitively small, oil reserves found offshore in the North Caspian, together with onshore sites currently being developed, put it among major oil exporter over the medium term.The total output of oil and gas condensate in the country totaled to 61.9 million tons in the year 2005 registering a growth of 4.3 percent over 2004. Total exports of oil and gas condensate were 52.4 million tons per annum in both 2004 and 2005. The total output of natural gas in Kazakhstan in 2005 equaled 14.5 billion cubic meters, registering a growth of 25 percent over the same in 2004. Kazakhstan has reserves of about 4 billion tons of confirmed recoverable oil and 3 trillion cubic meters of gas.Industry forecaster consider that planned development of oil production, together with the expansion of new fields, will facilitate the country to generate as much as three million barrels per day by the year 2015, elating Kazakhstan into the position among the world's top ten oil-producing countries. Kazakhstan's exported oil valued at US$17.4 billion in 2005, which constituted 70% of total exports from the country.In Kazakhstan, most important oil and gas fields and their producible oil reserves are: â€Å"Tengiz (7 billion barrels); Karachaganak (8 billi on barrels and 1,350 billion cubic meters of natural gas); and Kashagan (7-9 billion barrels)†. From 2004, the Government of Kazakhstan augmented its catch of oil deals by rising levy of new oil projects. (http://www.kazakhembus.com/Enormous_Energy_Reserves.html)It was in 1899, when oil was first revealed in Atyrau. Since then, the affiliation with the West has been essential to energy resource growth in Kazakhstan. The first oil well, â€Å"Karachungul well†, had a depth of about forty meter and daily produced approximately 150 barrels. Alfred Nobel had developed it in association with Russian industrial companies. This grew to fifteen operating wells 1912, and each well generated about 306-346 barrels per day usually. The new development also included a transit system for transporting 5,453 barrels of oil to Baku per annum through barge. While the appropriate progress of Kazakhstan's vast oil reserves has been sporadic due to two world wars, a uprising and the conclus ion of the Soviet Union, the reality of deep wells and the growth of shipping solutions have remained fundamental to Kazakhstan's energy equation.Apart from the major oil reserves, â€Å"Karachaganak also has 500 billion cubic meters of natural gas†. The potentially biggest recent discovery of major hydrocarbon reserves is the offshore â€Å"Kashagan† structure. The reserves at this site are expected to be three times more than Tengiz. The group, developing this two thousand  square mile block fourteen thousand feet below the Caspian sea bed comprises of nine companies: â€Å"BP Amoco, ENI, British Gas, Mobil, Shell, Total Fina Elf, Phillips, Statoil and Inpex†.The forecasted extractable reserves of oil are projected to be 7.8 billion tons, and those of natural gas 7.1 billions cubic meter. About seventy percent of these resources are gathered in the western parts of Kazakhstan, and the greater part of the reserves are associated with salt fields and have been found at depths of over 5000 meters.The envisaged reserves of the Kazakhstan part of the Caspian shelf are projected to be around thirteen billion tons of standard fuel but the successful expansion of the Caspian fields necessitates a considerable amount of investment. According to industry experts, the total required investment could be as high as $160 billion, which includes an amount of about $10 billion for the preliminary stage of exploration, including field assessment. As on now, western companies have already pumped in more than US$7 billion.Some limitations to getting investments for discovering the Caspian shelf had been the need of a clarification to the status of Caspian Sea. With signing of the agreement between Kazakhstan and Russia to partition the seafloor of the Caspian along the midline between the two countries, the issue appears to have been resolved. Similar agreements have been signed between Kazakhstan and Azerbaijan, and Azerbaijan and Russia.Envisaged reser ves of the Aral basin stand for about two billion tons of standard fuel. The high gas and oil prospective and encouraging geographic location in respect of the basic transportation of groundwater routes makes the Aral basin one of the most significant area with respect to the prospective oil discovery operations.In spite of Kazakhstan’s considerable oil and gas resources, the production and export of hydrocarbons has been inhibited by Kazakhstan’s land-locked position and its considerable reliance on domestic and Russia’s shipping networks for export routes. Kazakhstan is dedicated to the expansion of multiple oil export routes, in order to sustain its impending oil resources of 100-110 billion barrels.   A wide-ranging understanding with the national pipeline operator, Kaztransoil CJSC can be made in order to gain access to the main pipeline system by agreeing to   shipment schedules by the Kazakhstani oil producers.Due to the inadequate capability of the K azakhstani pipeline system, right to use to the pipeline is established as per the ratio of a particular oil producer’s contribution in the total quantity of oil to be produced in Kazakhstan in a given year. Presently, there are only two in service pipelines: â€Å"the Atyrau-Samara pipeline connects Kazakhstan to the Russian export network, while the CPC pipeline (Tengiz-Novorossiisk) connects the Tengiz field with the Russian port of Novorossiisk on the Black Sea†. Although there are it is largely privately owned pipeline but Russia reserves the right to suspend and enforce limitations on the stream of Kazakhstani oil from the Atyrau-Samara pipeline into Russian transportation network. More importantly, Russian organizations usually have priority access to their export terminals. By becoming a partner to the international BTC (Baku-Tbilisi-Ceyhan) Consortium that have built a 1,730-kilometer export pipeline with an annual capacity of 50 million tones, Kazakhstan can improve the scenario. (http://www.kazakhembus.com/Oil.html)The services of nationals and foreign nationals in Kazakhstan are monitored by the Labor Laws, labor relations are monitored by individual employment agreements and, if applicable, collective labor contracts. Employment agreements must be in writing and must obey the rules to the minimum standards prescribed by the Labor Law. Companies usually face problems in hiring managerial and technical staff. Further, they even have to obtain permits to get overseas workers.Kazakhstan has delivered continueous economic development for several years, particularly given the increasing significance of the Caspian Basin as a source for petrochemicals. While the rate of its economic reforms has recently slowed down,   Kazakhstan’s promise to continue and further push the structural transformations aimed at changing its economy into a more market-driven business climate remains of vital importance. Prospective international investor s and exporters will prefer to see more repeated and many more success stories in this market in order to invest in the Kazakhstan’s economy. In spite the several issues that still need to be addressed, in this Central Asian country, an increasing number of the U.S. enterprises is of the opinion that Kazakhstan deserves a serious thought by the U.S. exporters. More importantly, considering the strategic significance of the country, it is important for them to be here for being competitive in Central Asia.Resourceshttp://www.kazakhembus.com/Oil.htmlhttp://www.allbusiness.com/mining/oil-gas-extraction-crude-petroleum-natural/235547-1.html?yahss=114-2974554-235547http://www.state.gov/r/pa/ei/bgn/5487.htmhttp://www.bakernet.com/NR/rdonlyres/1E007228-ED7E-4475-8ED7-0BDBA7B76FD3/38334/DBIKazakhstanJan2005.pdfhttp://www.buyusa.gov/kazakhstan/en/doing_business_kazakhstan.htmlhttp://www.cioc.com/http://news.bbc.co.uk/1/hi/business/7015361.stm

Metabical Analysis Essay

All other Weight-Loss Options in Exhibit 2 are more expensive that the target $30/ month out of pocket cost. No other weight loss option offers cost containment cards. No other product combines two mechanisms for weight loss: Metabical combines two pharmacologic mechanisms to produce weight loss: Fat blocker, meditonan and appetite suppressant, calosera. Due to the dual mechanism, the medications can be dosed in lower levels and therefore have a better safety profile and fewer side effects than either of the medications that have similar mechanisms, Meridia (prescription appetite suppressant phentermine) or Xenical (originally prescription fat blocker, now over the counter in a lower dose with fewer side effects, Alli) Metabical is dosed once daily, which leads to better patient compliance than over the counter Alli, which must be taken with each meal in order to block fat absorption. Metabical is FDA approved, which demonstrates efficacy and relative safety as compared to over the counter or herbal remedies. Metabical is dispensed by prescription only, which allows physicians to have more control and awareness of what their patients are taking, and to coordinate the use of Metabical with other prescription drugs in a group of patients (moderately obese), who are prone to obesity related disease states, such as heart disease, hypertension, diabetes, sleep apnea, and joint injuries. Metabical is the only prescription weight loss medication with an indication for moderate obesity (BMI 28-30). Other prescription weight loss preparations are indicated for morbidly obese patients with BMI < 30. * As a prescription drug, physicians are also able to combine Metabical with nutrition counseling or behavior modification support.

Disclosure Analysis Paper Essay

Disclosures are an essential part of financial reporting for publically traded corporations. The following analysis will look into General Motors Company’s disclosure relating to the company’s current assets of cash equivalents, inventory, and receivables. Disclosures can be found within the General Motors Company’s financial statements and they will help readers gain a better understanding of the financial data. The sections of the company’s disclosures will be analyzed in detail throughout this paper. The General Motors Company uses a table of contents for their significant disclosures so that the reader(s) of their financial statements can easily find whatever he or she may be looking for. The type of disclosure is listed along with a page number where the precise information can be found. The disclosures for the General Motors Company’s assets are very precise. The first note to the reader(s) deals with Presentation. This section explains that G eneral Motors Company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in the United States. This section also lets the reader(s) know of any new accounting standards used by the company. In the year 2010 a few of these new standards were how the company financed receivables, fair value measurements, transfers of financial assets, and variable interest entities. In note three the company gives information about accounting standards, which have been issued, but are not yet in use in the General Motors Company. One standard deals with business combinations a new standard issued by the Financial Accounting Standards Board (FASB). The new standard for business combinations according to General Motors Company/Annual Report (2011) deals with â€Å"the disclosure of supplemental pro forma information for business combinations that occur during the current year† (Notes to financial statements). However, this standard was not to go into effect until January 1, 2011 so it was not incorporated into the 2010 financial statements. Another accounting standard that had not yet be adopted dealt with financial services-insurance. This standard was also put into place by  the FASB and it addressed the deferral of acquisition costs within the insurance industry. Basically the new standard changed or modified the type of costs in a company that can be capitalized in the renewal and acquisition of insurance industry. See more: analytical writing This standard would not go into effect until January 1, 2012, so it was not adopted for the 2010 financial statements. Within the notes section Note four contains information about Fair Value Measurements. According to General Motors Company/Annual Report, â€Å"Cash equivalents, marketable securities, and derivative financial instruments are presented on our financial statements at fair value† (Notes to financial statements). The note goes on to explain where the reader(s) of the General Motors Company financial statements will be able to find the fair value of debt, finance receivables, along with the carrying value related to these receivables and debt. According to General Motors Company/Annual Report (2011), â€Å"High liquid investments with a maturity of 90 days or less at date of purchase are classified as Cash and cash equivalents. Investments in securities with a maturity date of greater than 90 days at date of purchase are classified as Marketable securities† (Notes to financial statements). Note five deals with Cash and Restricted Cash disclosures. This note informs the reader(s) of the financial statements that restricted cash would not include cash used to secure debt set up because of securitization business deals. According to General Motors Company/Annual Report (2011) â€Å"Both cash and cash equivalents, which are restricted because of withdrawals of cash or the cash equivalents used under the terms of certain contractual arrangements will be recorded as restricted in other assets on the consolidated balance sheet† (Notes to financial statements). Also discussed in this section are how negative balances are reclassified and the way in which the company treats these occurrences. On the General Motors Company financial statements commercial paper, bank accounts, marketable securities, money market funds, and treasury bills are elements in the cash and cash equivalent sections on the financial statements. All these elements are considered highly liquid and are to be used by the General Motors Company for short-term n eeds if required. Note 10 for General Motors Company’s financial statements deals with inventories. This disclosure states that the company’s inventories are stated at what is lower between market and cost. Also stated is that a large part of the United States inventories cost are determined by a last-in,  first-out (LIFO) inventory method. The LIFO method was used in between 31% to 26% of GM’s inventories at December 31, 2010 and 2009 respectively (General Motors Company/Annual Report, 2011). First-in, first-out (FIFO) inventory method is used for determining cost for their other inventories. In conclusion the General Motors Company’s financial statements contain a great deal of information and included in this information are 31 disclosures. All the company’s disclosures were placed in their financial statements to aid the reader(s) with understanding the financials as well as making an educated evaluation and informed decisions about the General Motors Company and their financial statements.

Critically Assess The Difficulties Of Implementing Motivation Theories Essay

Critically Assess The Difficulties Of Implementing Motivation Theories In The Modern Workplace - Essay Example A consideration and approval of this is a precondition to effectual employee motivation in the workplace and consequently efficient leadership and management. My piece of writing on motivation theory and practice focus on different theories concerning human nature in common and motivation in particular. Fairly distant from the advantage and ethical worth of a selfless approach to treating colleagues as human beings and valuing human self-respect in all its types, study and observation prove that well motivated workers are more creative and prolific. A lot of psychologists over the years have made efforts to describe and categorise what motivates people. This became chiefly significant after the Second World War as the Western nations attempted to reconstruct their shattered industrial economies, and all through the '50s and '60s much was investigated and written regarding Human Relations. It was recognised that people who labored in organizations were more than just numbers and, if correctly handled, might not merely generate more, but also add extra. Frederick Herzberg searched and practiced clinical psychology in Pittsburgh, where he researched the work-related motivations of thousands of workers.He determined that there were two types of motivation: Hygiene Factors: that can de-motivate if they are not present - such as supervision, interpersonal relations, physical working conditions, and salary. Hygiene Factors influence the level of dissatisfaction, but are seldom referred as originators of job satisfaction (Herzberg, 2003, Pg 87-88). Motivation Factors: that will motivate if they are present - such as achievement, advancement, recognition and responsibility. Dissatisfaction isn't usually responsible on Motivation Factors, but they are quoted as the basis of job satisfaction. (Motivation Theories, Online, PG 1) Abraham Maslow's Hierarchy Of Needs Abraham Maslow was an American behavioural psychologist who worked both in academia and industry. He issued a number of Human Relations books until the early '70's, but it was his first book, "Motivation and Personality", published in 1943, that put out his thought of the hierarchy of human wants. The Hierarchy Of Needs Maslow disagreed that the factors that compel or motivate people to perform lie on an ascending scale. Once a group or order of needs is satisfied, the individual will not be motivated by more of the same, but will search to satisfy top order needs. What's more, a higher order need will not be a motivator if lower order needs stay unmet (Pintrich & Schunk, 2001, Pg 24-25). Maslow classified five orders of needs, listed in ascending significance: Physiological According to this order of need, the fundamental endurance necessities of affection, protection and food Security should be motivated. These comprise the requirements we have for oxygen, water, protein, salt, carbohydrates, calcium, and additional minerals and vitamins. They in additionally comprise the need to uphold a pH

Domestic Violence in New York City Research Paper

Domestic Violence in New York City - Research Paper Example Though the United States of America is a developed country where women’s freedom and equality is highly valued, the problem is rampant in this nation also. While the problem is highly significant as a social and legal issue, more important is its impact on the society as a challenging public health issue of far reaching consequences. The gravity of the problem can be understood from the fact that during 2005, â€Å"1,181 women† have been killed by an â€Å"intimate partner† and that females sustain â€Å"two million injuries from intimate partner violence each year† (The Facts on Domestic, Dating and Sexual Violence, 2009, p.1). Apart from the women who suffer due to the direct consequences of domestic violence, the children and other family members are also affected by domestic violence. However, most importantly, this menace is a serious public health problem which can have significant impacts on the community. The relevance of domestic violence as a maj or public health issue can be evidenced from the fact that females who become victims of this menace are â€Å"80 percent more likely† to suffer from a stroke and â€Å"70 percent more likely† to develop heart diseases (p.2). In addition, evidence also suggests that such women are more prone to diseases like asthma besides the possibility to â€Å"drink heavily† (p.2). In this context, it needs to be appreciated that healthcare costs can have a damaging effect not only on the family budget but also on community funding because when the government has to spend heavily on free medical services to those affected by domestic violence, the resources to be spent on developmental activities will be reduced. This becomes evident from the fact that New York State alone has spent â€Å"$227 million in 2005† on domestic violence, which could otherwise have been spent on developmental activities for the state (City Spending on Domestic Violence: A Review, 2007, p.1). In the specific context of the New York community, it transpires that as of 2005, nearly â€Å"13 percent of all murders† in this city are attributed to domestic violence and the total number of reported incidents comes to â€Å"226,000† (p.2). As stated before, the state spends a hefty sum on combating the problem and the expense primarily goes to â€Å"emergency social services† to females who fall victim to the menace, cost of law enforcement, preventive measures as well as other long term services (p.2). Healthcare is the most basic of the emergency social services provided to victims of domestic violence and community nurses have a key role to play in this effort. The service also needs to focus on preventing the recurrence of the incidence of domestic violence as well as â€Å"programs that assist victims† (p.2). Again, community health nurses have a significant role as a conduit between the healthcare systems and the victims or their families. Als o they can play a pivotal role in creating awareness about the problem within the community. Identifying potential families and providing counseling to them by the public healthcare nurses can go a long way in preventing recurrences. From the evidence emerging from various published materials, it transpires that domestic violence is a major public healthcare issue in the United States in general and New York State in particular. The problem not only costs heavy expenditure on an individual or family level but also places a hefty onus on the state as a result of which funding on developmental

Keeler v. Superior Court, 2 Cal 3D 619 (1970) Research Paper

Keeler v. Superior Court, 2 Cal 3D 619 (1970) - Research Paper Example He insisted, upon viewing her pregnant form, the he would â€Å"stomp it out of you†, then pushing her against the car and driving his knee sharply into her abdomen (New York State Bar Association, 2010, p.623). After striking his wife in the face several times, she eventually fainted. Upon awaking, Robert Keeler had left the scene of the crime. Her first move was to return to Stockton where she approached the police, who summoned medical assistance. She was discovered to have significant facial injuries and extensive bruises on her abdomen (loislaw.com, 2010). Upon the advice of medical practitioners, a C-section was performed in which the fetus was discovered to have a fractured skull and was delivered stillborn. Under Penal Code  § 187, Robert Keeler was charged with murder as it was determined that the damage caused to the fetus could only have been sustained through external force. The Supreme Court of Amador County ruled that Robert Keeler could not be held on murder charges or convicted of the crime. The judge in the case cited Penal Code 187 that provides â€Å"murder is the unlawful killing of a human being, with malice afterthought† (loislaw.com, 2010, p.2). At this time, in 1970, most of the laws pertaining to murder and identifying what constitutes a human being was related to very old common law from the 1850s. There were no precedents set that clearly indicated fetus rights and such rights in relation to classification as a human being. This common law involved protections for individuals who had been born alive, and Teresa Keeler’s child had been stillborn. The judge had no legal viability by which to uphold murder charges. The judge further ruled that citing other relevant laws other than those spelled out in Penal Code 187 would deny Mr. Keeler due process afforded him by law (loislaw.com). Though Robert Keeler’s domestic assault charges were upheld, there were absolutely no

1.Identify and review some of the strategies which the company uses to Essay

1.Identify and review some of the strategies which the company uses to deal with the difficulties presented by the specific features of financial services marketing - Essay Example The researcher is taking American International Group Inc. which is a U.S.A. based company for reviewing their products and strategies. In this paper the researcher is trying to identify the strategies which they use to deal with the difficulties presented by the features of marketing of financial services. The researcher will use the website of AIG and some journals for analyze the strategies of the company. American International group which is a financial services company constitutes of different business units. These are AIG Bank, AIG Direct, SunAmerica financial group, Chartis insurance, United Guaranty Corporation and International Lease Finance Corporation. The main revenue of the company is from the Chartis insurance which is major name in the global insurance sector. SunAmerica financial group is the other which generates maximum revenue for the AIG group. From this statistics it can be said that the company is mainly focusing on the life insurance, general insurance, wealth management, asset management programs. It can also be said statistics that the major percentage of revenue comes from the casualty and specialty line of business. In any type of industry the companies should design and offer the product or services according to the customer needs. Financial services industry is a volatile industry. During the economic downturn the companies generally don’t profit much from the financial services. The reputation of the companies plays a big role in that situation. If the financial services companies provide the products according to the needs of the customers and build customer loyalty then they will have a competitive edge than their competitors. For having a good percentage of market shares as well as retaining the customers in time of financial downturn a loyal customer base is necessary for the financial services company (The Economist, 2008, p.5-7). The services

Independents study Essay Example | Topics and Well Written Essays - 2500 words

Independents study - Essay Example Ordinarily, marketing is considered an activity or function performed by business firms. However, marketing can also be carried out by other organizations and even by individuals. Whenever you try to persuade somebody to buy something, you are performing a marketing activity. Broadly viewed, the essence of marketing is a transaction - an exchange. Marketing occurs any time one social unit strives to exchange something of value with another social unit. Thus, marketing consists of all activities designed to generate and facilitate any exchange intended to satisfy human needs or wants ( Stanton, 1991). eMarketing is the "product of the meeting between modern communication technologies and the age-old marketing principles that humans have always applied.E-marketing or electronic marketing refers to the application of marketing principles and techniques via electronic media and more specifically the Internet. The terms eMarketing, Internet marketing and online marketing, are frequently interchanged, and can often be considered synonymous." eMarketing is the process of marketing a brand using the Internet. It includes both direct response marketing and indirect marketing elements and uses a range of technologies to help connect businesses to their customers. By such a definition, eMarketing encompasses all the activities a business conducts via the worldwide web with the aim of attracting new business, retaining current business and developing its brand identity. E-marketing involves marketing planning within the context of the e-business e-environment. So not surprisingly, the successful e-marketing plan is based on traditional marketing disciplines and planning techniques, adapted for the digital media environment and then mixed with new digital marketing communications techniques This research looked into the advantages and limitations of eMarketing in an attempt to guide prospective marketers in the sale of their products. The Research Problem This research tried to look into the advantages and limitations of eMarketing. Much has been said about these aspects of emarketing but a few so far had looked into the benefits and limitations derived from it. Specifically, it attempted to answer the following questions: 1. What is eMarketing 2. What are the advantages of eMarketing 3. What are the limitations/disadvantages of eMarketing Related Literature This part describes and discusses important concepts, ideas, judgments and opinions of experts and authorities on topics which have bearing on the present study. The studies and literature have been reviewed to provide insights and to help the researcher in formulating problems and hypothesis and aid in the analysis and interpretation of data. What is eMarketing eMarketing is essentially part of marketing. The American Marketing Association (AMA) definition (2004) is as follows: "Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." Therefore eMarketing by its very nature is one aspect of an organizational

International Strategy of B&Q Assignment Example | Topics and Well Written Essays - 2000 words

International Strategy of B&Q - Assignment Example B&Q is the number one DIY retailer in Europe and the third largest in the world, with more than 60 stores opened internationally, including B&Q Beijing, which is now the largest B&Q store in the world. Based on literature a firm has to make two initial decisions for facing internationalization process, i.e. equity and non-equity entry modes (See figure 1). Entry mode is an institutional arrangement that makes possible the entry of firm's products, technology, human skills, management or other resources into a foreign country (Root 1994). On this level, the key issues when making a decision on entry modes are those that refer to the macro-level factors of the target country, such as country-risk, cultural differences or potential for growth (Pan and Tse, 2000). The influence of these factors on the choice of entry mode will show up in the commitment of resources that the firm is willing to undertake in the international market and the strategic flexibility they wish to maintain in order to face up to unforeseen changes in the environment (Pan and Tse, 2000). On the second level of analysis, managers would do well to evaluate the different modes of entry, taking into consideration the degree of control they wish to exercise over international activities. The factors that should be analyzed at this level are related to micro-level characteristics such as those that determine the risk of dissemination or improper appropriation of assets and the firm's strategy. Both factors will determine the degree of control the firm should exercise on international operations in order to maintain its competitive advantage and favour coordination between units that are geographically widespread (Harzing, 2002; Pan and Tse, 2000). Figure 1: Two-level model of analysis for the choice of entry modesSource: Pan and Tse (2000) In the specific case of B&Q, its process of internationalization is clearly dominated by the equity entry modes (degree of control) such as Greenfield, mergers and acquisitions. We have to understand acquisition as the purchase of a stock in an already existing company in an amount sufficient to confirm control. A firm can acquire a foreign company for many of several reasons: product diversification, the acquisition of specific assets, the sourcing of raw materials, or other products for sale outside the host country or financial diversification (Root 1994). A Greenfield investment is a start up investment in new facilities. Such an investment can be wholly owned or a joined venture. The first ownership is a 100% in this alternative. It is usually complex, needs negotiations and takes a lot of time (Hitt et al. 2003). Merger is the process when two or more company joint to become one entity through a purchase acquisition or a pulling of interests (See Table 1). B&Q

A Newest Diagnostic Tool or Intervention for Diabetes in Adults or Article

A Newest Diagnostic Tool or Intervention for Diabetes in Adults or Children - Article Example The first step involves implantation of the B-cells which can be done through donor pancreas and molecular genetic engineering which can help in replacing the defective B-cells in diabetic patients. However, certain obstacles are present which include the reduced number of donors, immune reactions and rejections in receiving patients. According to the research, different types of sensors can be utilized for glucose monitoring which include enzymatic sensors and optical sensors and some other sensors which are currently under study. Enzymatic sensors consist of an immobilized enzyme with an electrochemical transducer which will be a part of the artificial pancreas. This sensor will then transmit glucose levels monitored signals to an implanted insulin pump. Some problems that may arise include inflammatory reactions which can reject the sensor or even reduce the glucose levels. A more advanced sensor is optical sensor which is both non-invasive and advanced. With a light beam entering a blood vessel, the glucose concentration in the blood can be detected by the absorption pattern of the infra-red radiations. The obstacles which include interference of other molecules like water or hemoglobin the absorption pattern are being overcome by new methods like Kromoscopy. This analytical method separates the absorption pattern of glucose more efficiently and is a better technique. Implantable insulin pump is the next intervention that completes the artificial pancreas. Insulin pumps release insulin at the right time and correct amounts according to the information relayed by the glucose sensors. Implantable insulin pumps (IIPs) are preferred over the previously used external pumps because they are more reliable and function in a more accurate manner (Jaremko & Rorstad 1998). An IIP is surgically implanted and would replace the conventional insulin injection administered per day. The total life-span of this implant will be of three years and will pump insulin according t o the glucose concentrations. According to a cohort study the glycosylated hemoglobin levels were found to be reduced from 7.4%to 7.1 % after an observed therapy with IIPs for twelve months. Some complications occurring with the pump include catheter blockage and mechanical failure of the pump and insulin antibody formation. The catheter blockage was discovered when the infusions were found to be slow and irregular. A control system is required for the regulation of the glucose levels and it would be implanted in the artificial pancreas. The system will assess the glucose levels and then accordingly allow the infusion of insulin into the bloodstream. The concept of artificial implanted pancreas can be very efficiently projected if all the three components are projected and designed with the right technology and design. The major obstacle in the achievement of this concept is glucose sensors because of several reasons like incompatibility, self-monitoring problems and properly execut ed technology (Jaremko & Rorstad 1998). Renard et al in 2010 established the feasibility of the artificial pancreas through a research on intraperitoneal insulin pumps and glucose sensors which was considered more effective rather than subcutaneous implanted pumps and glucose sensors. Eight diabetic patients were used for a randomized control trial and comparison

Argumentative on immigration Essay Example | Topics and Well Written Essays - 250 words

Argumentative on immigration - Essay Example supports multiculturalism, notions of racism are suppressed and culturally diverse consumers use the product, which potentially increases the volume of consumers. Business entrepreneurs are able to maximize their profits by offering work to the immigrants. Immigrants normally accept to work at pays considerably lower than what are offered to the local people. Although the pays are lower than usual, yet they are considerably higher than what the immigrants would get in their homelands. So they happily accept to work, and the owners are able to save the money. Immigration strengthens the economy of poor countries. Immigrants send a major portion of the money earned to their families in their homelands. The remittance is a potential means of strength of a nation’s economy. Many countries have benefited from the income of people who seek work outside their home countries. Immigration offers a lot of advantages both to the immigrants, the country they immigrate from and the country they immigrate to. Some of the obvious advantages of immigration are multicultural marketing of products, increased profitability of business and strengthened economy of poor

Umaaraw Umuulan Kinakasal Ang Tikbalang Essay Example for Free

Umaaraw Umuulan Kinakasal Ang Tikbalang Essay Since our childhood days, we are very familiar with the Philippine folklore introduced to us by the Spanish friars namely: the tikbalang, aswang, mananaggal, kapre and the like. Who would have thought that these creatures are in fact friends of the animals commonly around us and act as guardians of Mother Earth? This brilliant idea spawned from a short story written by Gilda Cordero-Fernandez entitled The Magic Circle and amazingly performed by the Dulaang UP last December. Basically, the story revolves around Jepoy, a boy living in the forest with his banished mother Aling Barang, and his journey within the depths of the forest to attend a mysterious wedding of fabled creatures. Jepoy is accompanied by his dog Galis, which can walk upright and talk inside the forest. He is welcomed by Doà ±a Geronima, the leader of the magical creatures and Aling Pacqui, a dwarf and later on introduced to the kapre, Kap. I liked how the play was acted. Being a theater enthusiast, I also commended the beautiful set onstage and how they made colorful costumes out of recycled materials, especially Doà ±a Geronima’s. My favorite character was the humorous but kind Aling Pacquita. She was very funny and I find her walking on her knees tiresome but very effective in portraying her character as a dwarf. But they could have cut down on the miscellaneous actors, (except for the three heads). I found them disturbing sometimes. I didn’t like the use of sprayers to show rain. I guess I expected more. The lesson of the story is about saving the environment. The story reached the resolution later in the play. Before the play ends, Jepoy, the main character, finds him as a certain â€Å"chosen one† by the magical creatures and asks him to be their representative to help save the environment. Because of being just a poor boy, with no one but a hysterical mother to live with, he hesitated to accept their request. At that point on, the creatures along with the animals helped convince Jepoy that he can make a change no matter how small he may seem to be. He accepted the request after that. The lesson wasn’t just exposed due to the development of the story but also through the nonverbal cues that helped the audience understand it better. These nonverbal cues were present in all of the characters but Kap had the most distinguished one. He displayed a body motion known as an illustrator. His action, slow movements and frequent nodding of the head showed his sadness to the previous treatment of humans to him. He also displayed paralanguage where his voice was hoarse and frequently disturbed by wheezing and coughing showing how old and sickly he was. Lastly, the environmental factors when Kap was talking were very evident. The lighting, the sound and even the expressions of other creatures showed how they really need Jepoy’s help to save our environment. In conclusion, the play Umaaraw, Umuulan Kinakasal ang Tikbalang is an effective and wonderful play that would renew our love for nature and respect it, too. The only thing left for us to do is help Jepoy in his task. Let’s show our love and appreciation for the mother that nurtures us all: Mother Earth.

Ways Of Transferring Capital From Savers To Borrowers Finance Essay

Ways Of Transferring Capital From Savers To Borrowers Finance Essay Find the most recent financial statements for two companies of same industry which are listed in KLSE (Kuala Lumpur Stock Exchange). Evaluate the financial position and performance for each of these two companies using accounting ratio analysis. You are required to compute and compare the accounting ratios between these 2 companies, and conclude the results of your findings. The limitations or problems of using accounting ratios for performance analysis should be included in your conclusion. Identify and discuss three different ways of transferring capital or fund from savers to borrowers in the financial market. 1.0 Introduction What is accounting ratios? Accounting ratios are the ratios which used in calculation and indicate the relationship between figures from the financial statements of a company. The financial statements are the statements that summarized a companys activities either quarterly or annually. It consists of a profit and loss account and a balance sheet. In accounting, accounting ratios are often used in interpreting and evaluating a companys overall financial condition and business performance. Accounting ratios are classified into 5 categories for measuring 5 different aspects of business performance. The 5 aspects are shown as follow: Profitability of company Liquidity of company Asset management of company Debts management and capital gearing of company Market value of investment to ordinary shareholders / common stockholders 1.1 Profitability of company Gross profit markup Gross profit markup (%) = Gross Profit x 100 Cost of goods sold Gross profit margin Gross profit margin (%) = Gross profit x 100 Net sales value Operating profit margin on sales Operating profit margin (%) = Operating profit before interest and before taxation x 100 Net sales value Profit margin on sales Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value Basic earning power (BEP) Basic earning power (BEP) = Operating profit before interest and before taxation x 100 Total assets Return on total assets (ROA) Return on total assets (ROA) = Net income available to common stockholders x 100 Total assets Return on total equity (ROE) Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity 1.2 Liquidity of company Current ratio / Working capital ratio Current ratio / Working capital ratio = Current assets Current liabilities Liquid ratio / quick ratio / acid-test ratio Liquid ratio / quick ratio / acid-test ratio = Liquid assets Current liabilities 1.3 Asset management of company Inventory turnover or stock turnover Inventory turnover or stock turnover = Cost of sales Average stock value Fixed asset turnover Fixed asset turnover = Net sales Fixed assets net book value Total assets turnover Total assets turnover = Net sales Total assets Debtor ratio Debtor ratio = Debtor Credit sales Debtor payment period Debtor payment period = Debtor x 365 days/ 52 weeks / 12 months Credit sales Days sales outstanding (DSO) Days sales outstanding (DSO) = Debtor x 365 days Credit sales 1.4 Debts management and capital gearing of company Debts ratio Debts ratio = Total debts Total assets Capital gearing ratio Capital gearing ratio = Prior charge debts capital Total capital Debts equity ratio Debts equity ratio = Total debts Common Equity Times interest earned Times interest earned = Profit before interest and before taxation Interest charges Creditor ratio Creditor ratio = Creditor Credit purchase Creditor payment period Creditor payment period = Creditor x 365 days / 52 weeks / 12 months Credit purchase 1.5 Market value of investment to ordinary shareholders/ common stockholders Earnings per share Earnings per share = Net income available to common stockholders Number of ordinary shares in issue Price / Earnings ratio Price / Earnings ratio = Market price per ordinary share Earnings per share Dividend cover Dividend cover = Earnings per share Net ordinary dividend per share Earning yield Earning yield = Gross earnings per share x 100 Market price per ordinary share Dividend yield Dividend yield = Gross ordinary dividend per share x 100 Market price per ordinary share Price / cash flow ratio Price / cash flow ratio = Market price per ordinary share Net cash inflow per ordinary share Market price / book value ratio Market price / book value ratio = Market price per ordinary share Net book value per ordinary share 1.6 Companys background Gamuda was incorporated on 6 October 1976. It was listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) on 10 August 1992. In Malaysia, Gamuda is a leading infrastructure group. It has a wide range of business activities all over the world. Its core competencies are engineering and construction, infrastructure concessions, and also township development. Besides, they have mega projects such as internationally acclaimed SMART (Stormwater Management and Road Tunnel), intra-urban highways, Kaohsiung Mass Rapid Transit System in Kaohsiung, Taiwan, and so on. On the other hand, WCT was incorporated on 14 January 1981 as WCT Earthworks Building Contractors Sdn Bhd. Then, it went public on 1 April 1994 and listed on the Kuala Lumpur Stock Exchange (KLSE) on 16 February 1995. The business nature of WCT Berhad contains engineering and construction, property development, and also assets management. The business coverage of WCT is in Malaysia and abroad. Its projects and services include F1 international racing circuit, international airport, hydroelectric dam, township planning development and so on. Then, the next step is applying the accounting ratios to calculate the 2 companiess business performance. The companies are Gamuda Berhad and WCT Berhad. In order to compare these 2 companies, the selection is inter-firm which is comparing based on the industry average. It is because they have the same business nature. Before doing comparison, a person must obtain the financial statements of a company. In general, the financial statements are released in annually basis, but some of the companies are quarterly basis. Financial statements are the vital resource for a researcher used to calculate and compare the companies business performance. The financial statements adopted from Gamuda Berhads annual report 2010, whereas WCT Berhad is 2009. Figures inside the income statement and balance sheet are used in apply to the accounting ratio in calculating purposes. After done the calculation, there is a standard weigh available in each accounting ratio to interpret the data. Each answer gen erated is referring to the weigh in comparison and generate a comment. These 2 annual reports of Gamuda and WCT are adopted from their official website in the column of the investor relations. The website address of Gamuda is http://www.gamuda.com.my, whereas website address of WCT is www.wct.com.my. 1.7 Calculation worksheet Types of ratio Calculation of Gamuda Berhad Calculation of WCT Berhad Profitability Gross profit markup (%) = Gross profit x 100 Cost of goods sold = RM 422976000 x 100 RM 2032167000 = 20.81 % = RM 354659000 x 100 RM 4311943000 = 8.23 % Gross profit margin (%) = Gross profit x 100 Net sales value = RM 422976000 x 100 RM 2455143000 = 17.23 % = RM 354659000 x 100 RM 4666602000 = 7.60% Operating profit margin on sales (%) Operating profit before = interest before taxation x100 Net sales value = RM 259852000 x 100 RM 2455143000 = 10.58% = RM 244145000 x 100 RM 4666602000 = 5.23 % Profit margin on sales (%) = Net income available to common stockholders x 100 Net sales value = RM 280693000 x 100 RM 2455143000 = 11.43 % = RM 147098000 x 100 RM 4666602000 = 3.15 % Basic earning power (BEP) = Operating profit before Interest and before taxation x100 Total assets = RM 259852000 x 100 RM 6550910000 =3.97% = RM 244145000 x 100 RM4478484000 = 5.45 % Return on total assets (ROA) = Net income available to common stockholders x100 Total assets = RM 280693000 x 100 RM 6550910000 = 4.28% = RM 147098000 x 100 RM 4478484000 = 3.28 % Return on total equity (ROE) = Net income available to common stockholders x 100 Common equity = RM 280693000 x 100 RM 325752500 = 8.62 % = RM 147098000 x 100 RM 1250246000 = 11.77 % Liquidity Current ratio = Current assets Current liabilities = RM 4203173000 RM 1930241000 = 2.18 : 1 = RM 2553187000 RM 1807550000 = 1.41 : 1 Acid-test ratio = Liquid assets Current liabilities = RM4123435000 RM1930241000 = 2.14 : 1 = RM 2439478000 RM 1807550000 = 1.35 : 1 Asset Management Inventory turnover = Cost of sales Average stock value = RM 2032167000 RM 79738000 = 25.49 times = RM 4311943000 RM 113709000 = 37.92 times Total assets turnover = Net sales Total assets = RM 2455143000 RM 6550910000 = 0.37 times = RM 4666602000 RM 4478484000 = 1.04 times Debtor ratio = Debtor Credit sales = RM 1607772000 RM 2455143000 = 0.65 : 1 = RM 1472655000 RM 4666602000 = 0.32 : 1 Day sales outstanding (DSO) = Debtor x 365 days Credit sales = 0.65 x 365 days = 237.52 days = 0.32 x 365 days = 116.8 days Debts management and capital gearing of company Debts ratio = Total debts Total assets = RM 3243187000 RM 6550910000 = 0.50 : 1 = RM 2991508000 RM 4478484000 = 0.67 : 1 Debts equity ratio = Total debts Common equity = RM 3243187000 RM 3257525000 = 1 : 1 = RM 2991508000 RM 1250246000 = 2.39 : 1 Times interest earned = Profit before interest and before taxation Interest charges = RM 259852000 RM 43813000 = 5.93 times = RM 24414500 RM 50308000 = 4.85 times Market value of investment to ordinary shareholders / common stockholders Earnings per share = Net income available to common stockholders Number of ordinary shares in issues = RM 280693000 2025888000 shares = RM 0.14 = RM 147098000 777712000 shares = RM 0.19 Price earnings ratio = Market price per ordinary share Earnings per share = RM 3.20 per share RM 0.14 per share = 22.86 times = RM 2.60 per share RM 0.19 per share = 13.68 times Earnings yield = Gross earnings per share x 100 Market price per ordinary share = (100/75 x RM 0.14) x 100 RM 3.20 = 5.83 % = (100/75 x RM 0.19) x 100 RM 2.60 = 9.74 % Market price per book value = Market price per ordinary share Net book value per ordinary share = RM 3.20 per share (RM 325752500 / 2025888000 shares) = RM 3.20 RM 1.61 = 1.99 : 1 = RM 2.60 per share (RM 1250246000 / 777712000 shares) = RM 2.60 RM 1.61 = 1.61 : 1 1.8 Ratios comparison between Gamuda and WCT 1.81 Profitability Gross profit markup and gross profit margin Based on the profitability ratios calculations result generated above, Gamuda Company is generating higher profit compared to WCT Company. The both gross profit markup and gross profit margin of Gamuda is higher than WCT. High gross profit earned by Gamuda shows that it has effective and efficient control in lowering its purchasing cost and production cost. Lower gross profit earned by WCT indicates it does not effective and efficient control in lowering its purchasing cost and production cost. Besides, both operating profit margin and profit margin on sales of Gamuda is higher than WCT. Higher profit margin earned by Gamuda shows it has an effective control in lowering its expenditures and interest cost. Whereas it indicates WCT is ineffective in controlling its expenditures and interest cost. Basic earning power, return on total assets, and return on common equity However, in basic earning power and return on common equity, Gamuda is lower than WCT. Return of asset of Gamuda is slightly higher 1 % than WCT only, which is 4.28 % and 3.28 % respectively. It shows that WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business. In contrast, Gamuda is ineffective and inefficient in employing its assets and capital. 1.82 Liquidity Current ratio In liquidity aspect, the current ratio of Gamuda and WCT is 2.18: 1 and 1.41: 1 respectively. If the current ratio is higher than average of industry, it means a company has a larger amount of current assets to pay its current liabilities. Besides, it proves that a company has a stable financial condition. In contrast, when current ratio is lower than average of industry, it shows the companys financial condition is unstable. The company has lower amount of current assets to pay its current liabilities. Acid test ratio On the other hand, acid test ratio of Gamuda is 2.14: 1, whereas WCT is 1.35: 1. When a companys acid test ratio is higher than average of industry, it shows that it has larger amount of liquid assets to pay its current liabilities. In contrast, lower acid test ratio shows a company has lower amount of liquid assets to pay its current liabilities. 1.83 Asset management Inventory turnover In asset management aspect, the inventory turnover of Gamuda is 25.49 times and WCT is 37.92 times. Higher inventory turnover shows that a company experiences fast stock turnover, so stocks are not accumulated, and no money to be tied up. WCT has a higher inventory turnover than Gamuda. It means that WCT has fast turnover, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Total assets turnover Besides, total assets turnover of Gamuda is 0.37 times, and WCT is 1.04 times. Total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Debtor ratio days sales outstanding Debtor ratio of Gamuda is 0.65: 1, and WCT is 0.32: 1. Besides, the day sales outstanding of Gamuda are 237.5 days, and WCT is 116.8 days. Higher debtor ratio and day sales outstanding shows that Gamuda gives a longer credit time to its debtors which cause a longer time to collect back the money. Gamuda may accumulate the debts balance and experiences shortage of money which unable to finance its current liabilities. In contrast, WCT has a lower debtor ratio and day sales outstanding. It has shorter debtor payment period, experience less debts balance, and less money to be tied up from its debtors. 1.84 Debts management and capital gearing Debtor ratio In debts management and capital gearing aspect, WCT has a higher debts ratio compared to Gamuda. The higher debts ratio shows that a company experiences heavy debts and high interest cost. It may cause a company unable to pay back the debts, and forced to sell its assets to pay. Debts equity ratio Debts equity ratio is used to measure the proportion of company debts with its common equity. Both Gamuda and WCT debts equity ratio is higher than 0.5:1, but WCT is higher than Gamuda which are 2.39:1 and 1;1 respectively. It means these 2 companies operate at a high gear with larger proportion of prior charge debts capital. It views as unstable capital structure and bearing the high interest cost financed by larger proportion of profit. Time interest earned / Interest cover Both companies experience high capital gearing ratio, but WCT is higher than Gamuda. It means WCT experiences low times interest earned and indicates it is bearing the high interest charges in relation to its profit. 1.85 Market value of investment to ordinary shareholders / common stockholders Earnings per share Lastly, in market value of investment to ordinary shareholders / common stockholders, WCT has a higher earnings per share compared to Gamuda. It shows that WCT has a higher business growth and higher profit earnings. In converse, lower earnings per share shows that a company experiences a low business growth and low profit earnings. Price earnings per share Besides, WCT has a lower price earnings ratio compared to Gamuda. Lower price earnings ratio shows that Gamudas earnings per share is very high which influenced the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. If the earnings ratio is high, it shows that a companys earnings per share are very low and the common stockholders spend longer period use their profit earning to recover their share investment amount. Earning yield The earning yield of WCT is higher than Gamuda. If the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. However, when the earning yield is lower than average of industry, it shows that a company has low net income and not attractive to the common stockholders. Market price per book value Besides, the market price per book value of WCT is lower than Gamuda. If market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. In converse, if the market price per book value is higher than the average of industry, it means its share market price increases over its real asset value and become not attractive to the common stockholders. 1.9 Conclusion Based on the result of 5 aspects of accounting ratio above, WCT Company has a better overall business performance than Gamuda Company. Firstly, WCT has higher BEP and ROE which shows WCT is generating higher profit regarding to its effective and efficient in using its assets and capital in the business activities. Secondly, WCT has a higher inventory turnover than Gamuda. It indicates that WCT has fast turnover, more liquid, less stocks to be accumulated, and less money to be tied up compared to Gamuda. Thirdly, total assets turnover of WCT is higher than Gamuda. WCT has higher sales generated from its business due to its effective asset usage which increases the production volume. Fourthly, WCT experiences a lower debtor ratio and day sales outstanding than Gamuda Company. WCT has shorter debtor payment period, experience less debts balance, more liquid and less money to be tied up from its debtors. Fifthly, WCT has higher earnings per share compared to Gamuda. WCT has a higher busi ness growth and higher profit earnings. Sixthly, WCT experiences lower price earning ratio compared to Gamuda. Lower price earnings ratio shows that WCTs earnings per share are very high. It enables the common stockholders have to take shorter period use their profit earning to recover back their share investment amount. Seventhly, the earning yield of WCT is higher than Gamuda. When the earning yield higher than the average of industry, it shows that a company has high net income and very attractive to the common stockholders. Lastly, the market price per book value of WCT is lower than Gamuda. When market price per book values is lower than the average of industry, it means the share market price decreases below its real asset value and becomes attractive to common stockholders. Thus, WCT is more attractive than Gamuda. On the other hand, while doing inter-firm comparison, there are several limitations in applying the ratio and trend analysis. The first limitation must select the same industry norms and compare based on the industry average. The second limitation is each firm experiences a different financial and business risk profile. It also affected by the analysis differently. The third limitation is accounting policies. Each firm applies different accounting policies. For example, in small firm, it groups its stationery in current assets. However, in large firm, it groups it into expenses. The fourth limitation is the size of the firm would experience different level of risk from its competitors, structure, and returns. The fourth limitation is the area and environment of a firm. Home-based firm and multinational firm operate differently in different countries. 2.0 Introduction What is financial market? Financial market is a mechanism where surplus funds are gathered from the people who intended to lend out their money. Furthermore, it acts like a platform where provides the opportunities for the organizations and individuals who are short of money to borrow funds. Financial markets have different categories. Each financial market deals with a different type of financial instrument of its maturity and the asset backing it. Different financial markets serve different types of customers, and operate in different parts of the country. Financial markets are different from physical asset markets. Physical asset markets also called as tangible asset markets or commodities market which deal with the physical products like gold, crude oil, real estate, and machinery. Whereas the financial markets deal with the financial instruments like shares, bonds, notes, mortgages, and so on. Besides, these 2 markets can operate as the spot market or future market. Spot markers can be defined as goods are being traded on the spot and delivery within several days. Conversely, the goods that are being traded in future market are for future and delivery on future date. It could be six months or a year in future. 2.1 Types of financial markets 2.11 Primary markets There are various financial markets in each country. The first type is primary markets. It is the market for corporations to raise capital by issuing new securities or shares. The corporations collect the funds by selling off the new issued stocks in the primary market transaction. 2.12 Secondary markets The second type is secondary markets. Secondary markets are the markets in which existing and already outstanding securities or other financial assets that are traded among the investors after they have been issued by the corporations. 2.13 Initial public offering market The third type is initial public offering (IPO) market. It is a market that provides the company or corporations go public by offering new securities or shares to the public for the first time. Once the corporation or company went public, it will be listed on the stock exchange. These companies or corporations are usually newly established and go public to collect capital. 2.14 Private markets The fourth type is private markets. It is a financial market where the transactions are worked out directly between 2 parties. Private markets are different from the public markets where standardized contracts are traded on organized exchanges, but private market could perform privately without going to public where the transaction may be structured in any manner that appeals to the 2 parties. Bank loans and placement of debts with insurance are the examples of the private market transaction. 2.15 Consumer credit markets The fifth type is consumer credit markets. Generally, it deals with the loans on autos and appliances, loans for education, vacations, and so on. 2.16 Mortgage markets The sixth type is mortgage markets. Mortgage markets deal with the loans for the purposes of residential, commercial, industrial real estate, and also farmland. 2.17 capital markets The seventh type is capital market. Capital markets deal with the stocks or shares, intermediate or long-term debts in which funds to be loaned and borrowed for long periods. It usually more offered in one year or more than one year. 2.18 Money market The eighth type is money market. Money market deals with short-term, highly debt securities in which funds to be loaned and borrowed for a short period which usually less than one year. 2.2 Three ways for transferring capital or fund between savers and borrowers 2.21 Direct transfer from savers to borrowers The first way is direct transfer from savers to borrowers. It usually happens when a corporation (borrower) wants to collect funds by issuing and selling new securities or bonds to the savers (money lender). In this selling process, it does not pass through any financial institution which the corporations directly deliver the securities to the savers who in return pay money to the corporation. Therefore, it is a direct flow where the funds are directly transferred from the savers to the corporations. The following diagram can fully explain the process between corporations and savers. Issue corporations securities or bonds to Corporations (Borrowers) Savers (Money lenders) Receive capital or fund from Diagram 2.21.1- Direct transfer from savers to borrowers 2.22 Indirect transfer from the savers to the borrowers through investment banking house The second way is indirect transfer from the savers to the borrowers through investment banking house. It normally happens when an investment bank underwrites the issuance of a corporations securities where the investment bank acts as a middleman to facilitate the issuance of corporations securities. Indeed, investment bank purchases the corporations securities and then resell it to the savers. It means the money paid by the savers in purchasing corporations securities is passed to the investment bank and to be received by the corporation (borrower). Thus, money of savers and securities of company is only passing through the investment banking house. As a result, the fund is indirectly transferred through the investment banking house from the saver (money lender) to the corporation (borrower). The below diagram can fully explain the process among the investment banking house, corporation, and saver. Investment Banking House (Middle man) ( Corporations (Borrower) Savers (Money lender) Issue corporations Resell corporations securities to securities to Receive fund from Receive fund from Diagram 2.22.1- Indirect transfer from the savers to the borrowers through investment banking house 2.23 Indirect transfer from the savers to borrowers through a financial intermediary The third way is indirect transfer from the savers to borrowers through a financial intermediary. It usually happens when a financial intermediary like bank or a mutual fund collects the funds from the savers by issuing its own securities or certificate of deposit to the savers. After that, the financial intermediary uses the collected funds from the savers to buy and keeps the other corporations securities as its investments. It means that the money paid by the savers to purchase the securities or certificate of deposit issued by the financial intermediary. Then, the money passed to the financial intermediary, and then the financial intermediary paid the money for purchasing the other corporations securities. In fact, there are many people prefer holding the certificate of deposit and the securities issued by the financial intermediary. The reason is they are safer and more liquid than the mortgages and loans. Thus, financial intermediaries are greatly increasing the efficiency of m oney and capital markets. The below diagram can fully explain the process among the financial intermediary, saver, and corporation. Savers (Money lender) Corporations (Borrower) Financial Intermediary (Money lender to corporation) / (Borrower from saver) Issue corporations Issue intermediarys securities to owns securities to Receive fund from Receive fund from Diagram 2.23.1- Indirect transfer from the savers to borrowers through a financial intermediary 2.3 Types of financial intermediaries and its role Investment banking house is an organization that underwrites and distributes the new securities issued by the corporations which helps the corporation in obtaining the funds for financing. In Malaysia, examples of investment banking house are CIMB bank, Affin bank, and Maybank. Financial intermediary are the specialized financial organization that facilitate the transfer of funds from the savers to the borrowers. There are several types of financial intermediaries. 2.31 Commercial bank The first type is commercial bank. It is a traditional departmental store of finance which serves a huge population of savers and borrowers. Besides, commercial banks are the major institutions that handled checking accounts and through which Federal Reserve System increased or decre

The Treatment Of Youth Gang Members Criminology Essay

The Treatment Of Youth Gang Members Criminology Essay Should Convicted Youth Gang Members Be Treated Like Other Juvenile Delinquents, Including Status Offenders? According to the National Gang Center, there is no single, generally accepted definition of a gang. State and local jurisdictions tend to develop their own definitions. The term street gang is often used interchangeably with youth gang as well as criminal street gang, with the latter explicitly denoting the element of criminal activity found almost universally in gang-related legislation (National Gang Center, 2011). There are different types of gangs, for example: There are Delinquent Youth Gangs which are considered as groups of young individuals, juveniles, who hang out and do everything together. The group will identify themselves with similar clothing, hand signals, or colors. They have engaged in delinquent acts or undesirable behavior such as truancy, status offenses or minor vandalism. Their behavior often warrants the attention of the local law enforcement, residents a nd the school system; but they have not reached the level of committing serious crimes. Traditional Turf Based Gangs are when groups of young people, juveniles and or adults, who have a known name and leader or leaders who identify themselves through clothing, hand signals, and colors. Turf Based Gangs usually associate themselves with a territory, which they defend against rival gang members. These gang members have engaged in such acts as vandalism (graffiti), assault, and in some cases homicide. Then there are the Gain Oriented Gangs which are groups of young people, juveniles and adults. They are similar to the Turf Based Gangs because they also have a known name and a leader or leaders. The individuals within this type of gang repeatedly engage in criminal activities as a group or individually for the sole purpose of economic gain. Gain oriented gang members will engage in offenses such as robbery, theft and the distribution and sale of a controlled substance. Lastly, is the Vi olent/Hate Gangs which are groups of young people, juveniles and adults with a known name and a leader or leaders. The Violent/Hate gang members collectively engage in criminal acts of violence towards groups or individuals, which is considered to be their primary motivation. Geographical turf, material and economical gain is secondary. The offenses that The Violent/Hate gangs commit are serious assaults and homicide. Youth Involvement in Gangs The 2004 National Youth Gang Survey issued data estimating that 41 percent of youth gang members were juveniles and 59 percent were young adults age 18 or older (Snyder and Sickmund, 2006, p.83). The age of membership for Youth Gang members is generally between the ages of 12 and 24 (Hess, 2010, p.200). There are many reasons why youth join gangs. One reason is the socio-economic background of the individual. Other reasons could be for attention, wanting to feel a part of something, peer pressure, financial gain, the feeling of being loved and accepted (something that they may not feel at home), and for protection. Children search for acceptance and attention from gangs who show a false sense of love by giving the child street status and an identity of their own. In return the child shows complete loyalty to the gang to the extent of disowning biological family members. Many parents have no clue that their child is affiliated with a gang. To combat the growing problem of youth gangs parents must become more involved with their childs day to day activities. Parents must educate themselves on the warning signs of gang activity. Parents should have an in-depth discussion of gangs and the harsh realities of living a life as a gang member, for example an extensive criminal record, prison, and death of friends and family. Juvenile Delinquents and Status Offenses A juvenile delinquent is a person who is under age, which is usually below the age of 18, who is found to have committed a crime in states which have declared by law that a minor lacks responsibility and thus may not be sentenced as an adult (Farlex, 2011) . However, the legislatures of several states have reduced the age of a criminal responsibility for serious crimes or for repeat offenders to as low as 14. Status offense is an offense committed by a juvenile that would not be a crime if committed by an adult. Some examples of status offenses are, truancy, running away, curfew violation, incorrigibility or endangering health and morals. Conclusion A convicted youth gang member should not be treated like a status offender or juvenile delinquent. (Hess, 2010, p.200) states belonging to a gang is not illegal in this country; however, many of the activities that gangs participate in are illegal. Gangs commit shootings, assaults, robberies and other violent crimes; engage in extortion and other felonies; traffic in drugs; and generally terrorize neighborhoods. Convicted youth gang members are aware of the crimes they commit and some consider it as a way of life. These crimes are substantially more serious than status offenses or delinquent behavior. I feel that offender based criteria should be the factor which control the decision-making process, be it the decision to directly file or transfer a juvenile offender to adult court for prosecution or the decision as to what sanction should ultimately be imposed if a juvenile offender is convicted. Gangs actively recruit membership in their early-to-mid teens to carry out violent and h einous crimes as a way to prove themselves to gang leaders and to increase their individual standing within the gangs hierarchy. Because many states mandate lesser penalties for violent juvenile offenders than adults, gang leadership often have juvenile gang members perform violent crimes towards others because there is less of an ability to prosecute them. While I strongly believe treatment, rehabilitation, youth gang prevention initiatives and after-school programs are important tools in addressing Americas gang problem, the ability to provide swift enforcement of violent juvenile offenders is necessary to keep our nations communities safe.

Shakespeares Macbeth - The Character of Macbeth :: GCSE English Literature Coursework

Macbeth Character Shakespeare The character of Macbeth is not an easy one to understand. At the beginning of the play Macbeth is praised by many people as being a hero when he has defeated the Norwegians. The captain says: "Brave Macbeth "When Duncan hears the news he adds: "o valient cousin "and "Noble Macbeth ". However Macbeth is becoming tied up with things that are not good. The three weird sisters said they would meet with him. When the three weird sisters do meet with Macbeth and Banquo: "All hail, Macbeth! Hail to thee Thane of Glamis! ", " All hail, Macbeth! Hail to thee Thane of Cawdor! ", "All hail, Macbeth! Hail to thee that shalt be king here after. "Macbeth knows he is the Thane of Glamis but how can he be the Thane of Cawdor, the Thane of Cawdor lives a prosperous life and becoming king is just unthinkable. This gets Macbeth thinking about what they mean. At the start of the play the audience hail Macbeth as a hero but as he begins to think about murdering the king the audience feels he isn't so heroic after all, and they begin to dislike him. We learn from Lady Macbeth, the person who knows him best that he is too nice to be able to kill anyone especially the present king: "is too full o' th' milk of human kindness, "says Lady Macbeth. She then devises a plan to kill Duncan while he is staying with them. Duncan has arrived and is having dinner. Macbeth leaves and decides not to murder Duncan. Lady Macbeth accuses him of being less than a man for not killing him. Macbeth is not a natural born killer, Lady Macbeth has to persuade him to murder the king; he is initially reluctant to do such a deed: "We will proceed no further in this business: "Macbeth says this because he thinks he might become king without killing the present king, it might just be fate. But Lady Macbeth then begins to persuade him and soon a chink forms in Macbeth's armour. Macbeth says: "If we should fail "which shows us that Macbeth has once more changed his mind this shows us that he is very unwilling to murder Duncan. Once Duncan is asleep and Macbeth is on his own he sees a dagger before him. Shakespeare's Macbeth - The Character of Macbeth :: GCSE English Literature Coursework Macbeth Character Shakespeare The character of Macbeth is not an easy one to understand. At the beginning of the play Macbeth is praised by many people as being a hero when he has defeated the Norwegians. The captain says: "Brave Macbeth "When Duncan hears the news he adds: "o valient cousin "and "Noble Macbeth ". However Macbeth is becoming tied up with things that are not good. The three weird sisters said they would meet with him. When the three weird sisters do meet with Macbeth and Banquo: "All hail, Macbeth! Hail to thee Thane of Glamis! ", " All hail, Macbeth! Hail to thee Thane of Cawdor! ", "All hail, Macbeth! Hail to thee that shalt be king here after. "Macbeth knows he is the Thane of Glamis but how can he be the Thane of Cawdor, the Thane of Cawdor lives a prosperous life and becoming king is just unthinkable. This gets Macbeth thinking about what they mean. At the start of the play the audience hail Macbeth as a hero but as he begins to think about murdering the king the audience feels he isn't so heroic after all, and they begin to dislike him. We learn from Lady Macbeth, the person who knows him best that he is too nice to be able to kill anyone especially the present king: "is too full o' th' milk of human kindness, "says Lady Macbeth. She then devises a plan to kill Duncan while he is staying with them. Duncan has arrived and is having dinner. Macbeth leaves and decides not to murder Duncan. Lady Macbeth accuses him of being less than a man for not killing him. Macbeth is not a natural born killer, Lady Macbeth has to persuade him to murder the king; he is initially reluctant to do such a deed: "We will proceed no further in this business: "Macbeth says this because he thinks he might become king without killing the present king, it might just be fate. But Lady Macbeth then begins to persuade him and soon a chink forms in Macbeth's armour. Macbeth says: "If we should fail "which shows us that Macbeth has once more changed his mind this shows us that he is very unwilling to murder Duncan. Once Duncan is asleep and Macbeth is on his own he sees a dagger before him.

Concepts Of Lifetime Fitness :: essays research papers

Concepts of Lifetime Fitness Homeostasis is the state of equilibrium in which the internal environment of the human body remains relatively constant.   Two excellent examples of homeostasis are how the body maintains a constant temperature and blood pressure during strenuous physical activity or exercise.   Although there are many other activities in the body that display homeostasis, I will only discuss these two.    Temperature in the human body is usually kept at approximately 37 degrees Celsius.   To maintain such a strict temperature, the body has a few functions to combat the outside elements.   People cannot make themselves cold as readily as make themselves hot, however I will mention both homeostasis functions.   When the external temperature decreases, a portion of the brain called the hypothalamus detects the drop by means of the blood.   To compensate, the brain sends chemical and electrical impulses to the muscles.   These impulses tell the muscles to begin to contract and relax at very high intervals.   This is commonly known as shivering.   The production of Adenosine Triphosphate or ATP in the mitochondria of the muscles produces heat.   If the body temperature does not rise immediately after this, then a second function begins. The brain will signal the blood vessels near the skin to constrict or narrow in diameter.   This occurs so the heat deep in the muscles is conserved.   Since the vessels are now smaller in diameter, less blood is needed to fill them.   Since less blood is needed through the vessels, the heart begins to slow.   If the body remains in this slowed state, hypothermia could result.   Hypothermia is the condition in which metabolic processes are inhibited.   The medical world has taken advantage of this by inducing hypothermia in patients that are undergoing organ transplants. To fight temperatures higher than normal, as in exercise or on hot days, the body reacts in the opposite way than with cold.   Again, the hypothalamus detects the change of temperature in the blood.   The brain signals blood vessels not to constrict, but to dilate.   This increases the diameter of the vessels, and results in the need for more blood. Since more blood is needed to fill the vessels, the heart pumps faster and that causes respiration to increase.   The increased respiration will make the body exhale some of the internal heat, like placing a fan in a window to cool a room.   The blood vessels are dilated so the heat deep in the muscles is easily released.   Another commonly known mechanism to fight heat is sweating.   Sweat glands found throughout the body are stimulated by the hypothalamus to excrete sweat and when the sweat evaporates,

Employee Portfolio Motivation Action Plan Essay

Determine the motivational strategy or strategies that would likely be most appropriate for each of your three employees, based on their individual characteristics. Indicate how you would leverage their employee evaluations to motivate each of the three employees. Describe one or more of the motivational theories and explain how the theories connect to each of your selected motivational strategies. Team MemberPerformance RatingSummary of AssessmentsMotivational Strategy and Action PlanRelevant Theory Edward JonesEven though theres some concern the applicant requires to care for, he is suitable for the employment The worker has got a greater employment satisfaction and he is fairly prepared. His good points are shown by confidence, hard work abilities, and greater mental cleverness. But, he isnt able to correctly acknowledge criticism and might get subjective in job-related issues. Due to his enhanced employment satisfaction and confidence, Edward Jones might not be challenging to be inspired. To do this the organization requires to make him maintain his greater employment satisfaction and confidence the organization will ensure that hes provided proper power into doing his work in order that the workers feel the authority and association to the organization. The inspiration hypothesis related to this case is McClellands hypothesis of requirements stating that authority, accomplishment, and association are essential requirements which help explain inspiration. Michael Ciross Michael Ciross is an excellent applicant for his employment.The exams demonstrate that this worker has a normal employment pleasure meaning that hes neither enthusiastic nor unhappy regarding his employment. The main good points of Michael are indigenous cleverness, fairly planned, and greater mental cleverness. On the contrary, the main weak points are lack of attention and probability of getting subjective. The truth that the worker lacks attention while doing his work implies that he doesnt have a great curiosity on getting this done and he most probably does it for the very fact that its a usual element of his survival. Due to his lack of attention he may not be inspired into doing the perfect on his employment. A usual employment pleasure shows the truth that the worker might not desire to accomplish better performances. The most suitable hypothesis in this situation is the expectancy hypothesis which will indicate the worker in case he acts in a particular better way he will just need to gain from the situation.The  expectancy hypothesis will attempt to show the worker that in case he does his work better, payment and satisfaction will most probably increase. He might be capable to be promoted. Respect and self-actualization are the need which must be focused in following the hypothesis. Jeffrey Blake Jeffrey might not be the ideal applicant for his employment. But, it doesnt mean that he can improve. Jeffrey Blake has got a reduced pleasure, requires a great deal of time to finish jobs and there are greater possibilities for subjectivity while doing his work. On the contrary a few of his good points are that he has a tendency to put emphasize on details and that he shows a more mixed style of making decisions. There are many methods of enhancing the pleasure of this worker that is the 1st step in to enhancing the inspiration. The most related inspiration hypothesis to this scenario is Theory X and in order to enhance Jeffreys inspiration the organization must decide what makes him have discontentment for his employment, take steps to get rid of this element, enhance the payment, and influence Jeffrey into enhancing output and performance.Hypothesis X, as Robbins and Judge (2011) consider, says that workers dont like job and they must be directed or even forced into performing it.

Study of Behavioural Finance: A Critical Evaluation

behavioural pay is a relatively advanced and popular surmount in the bea of pay which is beingness widely used in the inception commercializes world everywhere. behavioral pay is the rent of the psychology of the investors in connection with their pecuniary decisions. It is usual that the investors f alone(prenominal) prey to the mis signs run a focus by their own decisions or payable to the advise of an some other(prenominal)s by using their emotions in the enthronisation decisions.The call forth of demeanoural pay tries to exempt the make believeion of the people in forgetting the funda manpowertal principles of fiscal decision qualification and making enthronizations on the alkali of emotions. 2. 0 Funda workforcetals of trade strength An efficacious derivation merchandise is angiotensin converting enzyme in which phone line prices fully conjecture on tap(predicate) education. According to Andrei Shleifer (2000) in that location be tern ion determinants of commercialize efficiency. They argon (1) Rationality, (2) independent refractions from cerebrality, (3) traffic. 2. 1 RationalityUnder the conditions of rationality, it is assumed that when sweet instruction is released in the commercialise place, all investors will adjust their estimates of caudex prices in a rational way, with extinct heeding to their emotions. This is one of the first off assumption and condition basic to screen bring out the memory board mart as high-octane. (Ross Wasterfield Jaffe) 2. 2 Independent Deviations from Rationality Due to worked up resistance it whitethorn so precede place that close to investors could just as easy react to the unexampled training in a pessimistic manner.If the investors atomic number 18 originally of this type the tenor food merchandise prices argon possible to rise little(prenominal) than the expectations of an in force(p) market conditions. On the other distri scarcelye if a proport ion of the investors was irrationally bullish and reacts positively to the impudent market teaching whence thither is the bidlihood of an accession in the expect market prices. Since the shoot market will consists of investors of some(prenominal) kinds ever so the shop market would remain efficient. then this condition alike leads to an efficient stock market. (Ross Wasterfield Jaffe) 2. 3 ArbitrageThe stock market consists of two irrational amateurs and rational overlord investors. Based on their irrational cerebration some convictions the amateurs whitethorn take on the stocks either above or polishstairs their efficient prices. This irrational thinking comes as a result of their emotions virtually the military rank of the stocks. The passe- sectionalizationouts on the other hand do non react on the billet of their emotions but evaluate the market information coolly and clearly and make their enthronisation decisions. This way the skippers make up mor e impudence than that of the amateurs.This enables the professional to take self-aggrandisingr bumps on trustworthy stocks even knowing that some(prenominal)(prenominal) stocks ar mispriced, while the amateurs readiness take adventure for a smaller sum. here Arbitrage comes into place. Arbitrage generates profit from the synchronous purchase and sale of distinguishable but substitute securities. If the arbitrage of professionals dominates the speculation of amateurs markets would relieve be efficient. This is one of the determinants of market efficiency. (Ross Wasterfield Jaffe) 3. 0 behavioral Challenge to market place EfficiencyAccording to Prof. Shleifer any of the above collar conditions would will lead to market efficiency. comm unaccompanied it is assumed that at lease one of the conditions would be prevalent in the veritable world. alone many academicians argue that no(prenominal) of these conditions would hold good in reality. This intimate of pull in i s ground on what is called the behavioral pay. According to this possibility in that location argon several factors that influence the investing decisions of the individuals like tax planning as thoroughly as profit maximization.By their art the investors create commissions as easily as taxation. This naturally brings unreason into their investment decisions. only the behavioral hypothesis states that not all investors be irrational instead it is that some perhaps many investors ar. On the question of deflections from rationality in that location ar two principles of psychology namely representativeness and conservatism that raft be employ to pay and market efficiency where people set forth from rationality.Under the condition of representativeness people act and top conclusions from too little data. This principle when applied to stock market, in a market dominated by representativeness there is all chance that the market whitethorn move toward a bubble. I t whitethorn so move on that people see a heavens of the market, for instance internet stocks having a concisely history of high revenue offshoot may attract more investors in the hope that the revenue emersion would retain for ever. When the growth inevitably stalls the stock prices w atomic number 18 naturally to come down.Under the succor principle of conservatism people atomic number 18 considered too slow in adjusting their beliefs to new information. The stock prices seem to adjust behind to the information contained in the requital contracts referable to slow answer of the investors to adjust their belies to the new information downstairs conditions of conservatism. (Bernard and Thomas, 1990) Under arbitrage concept of efficient market it is notifyed that the professional investors, even though they know certain(prenominal) securities ar mispriced they could buy them by merchandising the correct priced or over priced substitutes.This expertness result in u ndoing of the mispricing caused by the emotional amateurs. But the demeanoural pay possibleness claims that trade of this sort is likely to be more run a happen. There is a possibility of this correction only when the amateurs act in opposite way to the way in which the professionals act. Moreover the volume handled by the amateurs should be relatively small for the professional investors actions to take effect. There is to a fault a possibility that the amateurs make farther mispricing of the securities.This risk of further mispricing even when there is no new market information baron demand the professionals to strike down pick outstone their arbitrage position. Thus the near term risk would reduce the size of arbitrage strategies. In conclusion the arguments presented here suggested the determinants or conditions leadership to efficient markets in reality do not exist. The deportmental pay theorists suggest that the investors may be irrational, unreason may be rela ted across investors rather than bathroomcelling out across investors and arbitrage strategies may involve too much risk to eliminate market efficiencies. 4. 0 behavioral pay and Keynesian Approach A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is conceivable to change violently as a result of the sudden fluctuation of assent cod to factors which do not in reality make much departure to the anticipationive yield Since there will be no strong roots of execration to hold it steady. (Keynes, 1936)Thus it may be noted that the relevance of the psychological factors to the operation of the stock market and the relative changes in the prices and their uphold on the stinting development is not entirely confined to the brushup by behavioral scotch theories or fiscal theories. The origin of this phenomenon can be traced back to the works of Keynes with his remarks of animal spirits and the part g iped by uncertainty and faith in contributing to the growth of the parsimony and creation of employment opportunities.According to Keynes the psychology of the economic agents is susceptible to disturbances and manipulation. It is viewed that psychology is one of the key elements in shaping up the preservation which is in quite contrast with the view of the main stream where the emphasis is ever so placed on the rational behaviour of various economic agents. Hence there may arise an argument that the approaches of behavioral finance in describing the stupor of the psychological factors are for the most part the justification of the Keynesian ideas.Kindleberger (1978) has pull up stakesd a description of the behavioral aspects of the fiscal markets closely resembling the ideas of Keynes. According to Livio Stracca (2004) the behavioral finance literature, however, contains some important innovative elements compared with the Keynesian approach, namely the stronger focus on experimental and in general empirical enjoin and the larger use of formal pretences, which may lead to sharper predictions.So, one might conclude that while behavioral finance is close in spirit to the Keynesian tradition, it makes use of a diametrical methodology and analytical framework. 5. 0 Objectives of behavioral pay Though dependanted to severe criticism the portion by behavioural finance to youthful finance is considerable. The main objective of behavioural finance is to to a lower place patronage and communicate on the implications of the investors psychological reactions on the systematic market behaviour.It is important to consider the impact of such(prenominal)(prenominal)(prenominal) psychological reactions on the markets from an economic prospect especially on those markets which are large and does not excite nay strategical interactions. (Mas-Colell, 1999) The existing theories of behavioural finance are not matured enough to lead a coherent and un ified chronicle for human behaviour in the scene of market minutes as is pass judgment in the main stream political economy and current finance suck provided with the expect inferior theories. moreover there are certain studies like the cumulative prospect system contributed by Starmer and Sugden (1989) and Tversky and Kahneman (1992) provide give alternative theories on the behaviour of market agents acting under risk which may be considered as superior to the pass judgment utility surmise. The economic perspective of the behaviour of the agents on the substructure of maximization of the expected utility is not accepted by the behavioural finance.The ground on which such rejection is attempted relates to the evidences available to depict out that market agents do not coiffe according to the axioms of expected utility both(prenominal) under circumstances of controlled experiments as well as in real life-time situations. (Starmer, 2000) According to Livio Stracca (200 4) the focus of the behavioural finance is to describe the human behaviour in a positive way under conditions of risk and uncertainty instead of a prescriptive approach of such behaviour which is typical under the mainstream approach. 6.0 Conflict mingled with Modern pay and Behavioural finance The concept of behavioural finance has ever been subject to criticism. earth (1996) and Fama (1998) exhaust contributed much in this direction. Apart from this there had been move conflicts amid the Modern Finance ( as well describe as monetary political economy) and the behavioural finance theories. The ripe finance has ever bearingly tried to overrule the behavioural finance guess by adding its own methods and mock ups on the latter without any major(ip) changes in its own methodology.In other intelligence information the modern finance has marginalized the behavioural finance by converting it to an anomalies literature as conceived by frump and McGoun, (2000) The results and findings of various studies in the field of force of expeditious food market Hypothesis and Capital asset Pricing mould combination return cast serious doubts on the mogul of these concepts in establishing any unimpeachable finance theories on the stock market behaviour in the modern finance area. This has overly resulted in a potentially effectuate crisis for the modern finance guess.However instead of soul and appreciating the seriousness of these problems, the theorists named them anomalies and accepted them to denote an acceptable group of aberrations against common beliefs rather than covering them as serious challenges to the whole beliefs themselves. The theorists like Fama (1998) withal suggested that such anomalies can be make to disappear by collect more data with more constancy and putting the data so serene to rigourous statistical tests. However there were foreign views to this approach and this formed the basis for the behavioural finance possibility. 7.0 Role of Anomalies in Behavioural Finance The word anomaly has gained a substantial recognition and prominence in the literature relating to finance as a branch of economic science. The word also denotes a complete set of studies that have brought out evidences which are in contrast to the speculation of efficient market hypothesis and/or the Capital Asset Pricing Model (CAPM) The conceptual purpose of anomalies has two dimensions in the psychoanalyze by These dimensions relate to the appellation of the significance of the term in the area of finance and the role of anomalies in the growth of scientific cognition in the fiscal world.The word anomaly has been defined other than by divers(prenominal) scholars. But the word anomaly in financial economics focuses on the irregularity, or a deviation from the common or natural order, specifying an olympian condition. In order to provide a meaning to these terms Thomas Kuhn (1970) states denudation commences with the awareness of anomaly, i. e. , with the recognition that nature has someways violated the paradigm-induced expectations that govern normal science. It then keep backs with a more or less extended exploration of the area of anomaly.And it closes only when the paradigm theory has been adjusted so that the anomalous has become the expected. (Kuhn, 1970) An extensive test of the anomalies would result in a scientific approach to the whole issue of the behavioural finance aspects. 7. 1 Post win Announcement Drift and Behavioural Finance Most of the studies show that the stock returns are highly predictable after the promulgation of the earnings. It so happens that the stock prices react presently to the announcements about the earnings and will continue to change during the first three living quarters in the same direction.The prices will sprain the direction partially in the last quarter. Chan et al (1996) have illustrated that the changes after the post-earnings announcements do not have any parity to the price momentum. It has also been established that the post-earnings announcement changes is closely correlated to the behavioural model in the same way as the prices react very slowly to the market information . Bernard and Thomas (1990) present a model in which the investors do not have any knowledge about the potential for the future earnings. 8. 0 monetary Anomalies and Behavioural FinanceA financial anomaly can be explained as a documented pattern or price behaviour which is not self-consistent with the prediction of traditional efficient markets, rational expectations asset pricing theory (Alon Brav and J B Heaton, 2002) This theory comprises of two peculiarity features. The first one is that the investors have a through knowledge of the basic body structure of the economy and the second one is that the investors are expected to be rational information processors who are capable of arriving at statistical decisions that are optimal.According to the Freidman (1 979) the investors in the bench mark theory are able to possess knowledge and are able to access both to the correct specification of the true economic model and to unbiased estimators of its coefficients. However in view of the increased evidences against the traditional models, competing theories of financial anomalies have been evolved. On the evolution of these theories certain ataraxiss have been make to the two assumptions of full knowledge of the economy and the rational information processing capabilities. The second assumption has the relaxation backed by the behavioural explanation.The behavioural theory suggests that the investors callable to the impact of the cognitive bias may not have the capacity to process the information rationally (Thaler, 1993). The results of the experiments conducted to study the behavioural finance theories provide the basis for many other behavioural theories that though the investors possess a adept knowledge of the basic structure of the economy the investors tend to act irrationally. Thus the irrationality strand in the behavioural finance forms the basis for several theories that explain the financial anomalies.According to Shiller (1981) there are evidences to show that the stock prices vary to a large intent in close relation to give-and-take about future dividends etc. cod to the financial anomalies emanating from irrationality. Here again it can be seen that the behavioural finance theory provides the basis for the financial anomalies. 8. 1 Behavioural Finance and Asset Pricing particular date the behavioural finance is considered to have determine the financial anomalies there are chances that these anomalies may meet the market prices of securities.On a surveil these anomalies have been grouped under different categories by Livio Stracca (2003) in the paper Behavioural finance and asset prices Where do we stand? and the study extends further to assess how these anomalies may uphold the stock marke t prices. The anomalies can be explained as the qualities of the behaviour of the economic agents that do not come under the purview of the expected utility model of the main stream economics. There are quite a number of anomalies place by the behavioural finance based on the experimental evidences. more or less of the anomalies are discussed hereunder Decision HeuristicsOne of the major anomalies identified by the behavioural finance theory is the action of the representative agents in using available short cut methods and rules of thumb while considering various alternatives since he may not have the ability to solve the problems that are complex in nature in view of the be have-to doe with in deliberating and optimizing the revenues. Emotions and Visceral Factors These factors do have a role in the decision making process of the agents (Loewenstein, 2000) cream Bracketing This denotes the general tendency of the agents to narrow down the choices due to the complexities invo lved in the alternatives.One of the examples is the shorter time available for decision making. Stochastic and Context-dependent Preferences The theory has identified the presence of stochastic and mise en scene dependent preferences in the place of well defined and deterministic preferences which are a rarity. (Loomes & Sugden, 1995) Reference Dependent Models In the review of anomalies by the behavioural finance there is no precise and abstract commentary of the preferences of the consumers in terms of consumption or other variables as has been dealt with in the cadence approach rather there are reference points identified to denote the preferences.However, it must be noted that till date there is no precise behavioural finance model which has considered all the anomalies and make an analysis there of (Shleifer, 2000). 9. 0 report Anomalies and Stock commercialise Efficiency Some part of the occupation in securities which are subjected to behavioural aspects of human beings relate to the job on the basis of the balance cerement data and trusts expressed by the statutory auditors of the listed companies. Hirshleifer et al.(2004) and Taffler, Lu and Kausar (2004) have documented the impact of barter on the basis of be results and audit opinions and the freakish returns resulting there from. However Sudipta Basu (2004) opines that the study has not taken into eyeshade the high transaction costs involved especially in selling transactions which would prove that the affair strategies on the basis of be results might become unprofitable. Sudipta Basu (2004) further argues that though the study of Hirshleifer et al.and Taffler et al address the behavioural finance theories to explain the reasons for the abnormal returns, market inefficiencies may arise due to poor market designs, poor benchmark models, regulatory interferences, test misspecification or other joint hypothesis violations (Sudipta Basu, 2004) He is of the opinion that there are some o ther factors other than behavioural finance theory that will explain the abnormal returns and the reaction of the stock market while job merely on the basis of the accounting data and the audit reports of the listed companies.10. 0 Behavioural Finance possibleness Impact of sexual activity Differences The individual investor behaviour had been studied extensively by Odean (1998) and barber and Odean (1999). The studies have provided normative and empirical results about the various investor behaviours. The studies have proved the basic facts that the investors trade in securities to a great consummation and the trading largely reduce the net gains of investors. It has also been proved that the investors are reluctant to draw that they are making losses in such trading.The studies also show that there is more number of men relations in securities than women. In the United States 80 percent of the investors are males while women cause only 20 percent of the drop public. Barbe r and Odean (2001) show that men trade 45 percent more than women. merchandise reduces mens net returns by 2. 65 percentage points a year as opposed to 1. 72 percentage points for women. As a part of the behavioural finance L. Feng, M. S. Seasholes (2007) conducted a study on the elaborateness of men and women in the securities trading in the Peoples Republic of China.The results of the study was in bleak contrast to the existing studies in which it was found that both male and female investors take part almost equally in the stock trading in China. The study also reports that men have around larger portfolios and take greater risks than women. But the investment behaviour of both men and women are more or less similar in the following see ? Both males and females suffer from an equal home bias. ? It is the tendency of the men to invest in stocks with higher betas and mostly the stocks women buy over-perform the stocks bought by men.Similarly the prices of stocks that are bein g exchange by men go down to a larger extent than those being sold by women. In sum the mental process of both genders remain more or less same on a statistical base. ? The trading intensity among both the genders remain the same though men tend to trade more earlier controlling the factors like the number of touch and the ability to trade on the stocks over shout. After giving effect to these factors the trading intensity of men and women remain the same.The study also revealed that the gender differences do play a role in the stock trading in China to the extent the facilities for remote trading through telephone and compute are available. This is understandable due to the fact most of the people trading in stocks are youngsters and the young women who have other occupations may not have the chance of trading by physically visiting the stock exchange. They need the halt of the trading through telephone or computer and this affects their trading tendency.This interpretation o f trading by young investors is corroborated by Barber and Odean (2002) by their study on the young men representing the active investors. This study goes to prove the application of the behavioural finance theory on the investment behaviour of the different genders and it is proved that both men and women accept in the same way as the behavioural finance theory assumes with irrationality and deviations from rationality depending on the circumstances. It can be detect that the gender makes no difference in the application of the behavioural finance theory with respect to the stock market trading.11. 0 Behavioural Portfolio Theory Hersh Shefrin and Meir Statman (2000) have create a Behavioural Portfolio Theory (BPT) based on the lines of the work by Friedman and Savage (1948). The authors have developed the theory on the foundation of the prospect theory advocated by (Kahneman and Tversky (1979) which in turn was developed on the work of Friedman and Savage (1948). The BPT also su ggests an efficient frontier which is not kindred to the mean variance coefficient frontier.In mean-variance investors select the portfolios on the basis of the mean and variance where as the BPT investors take the anticipated wealth, their intention to checker security and the potential aspiration levels that the investors inadequacy to reach as the base for their investment decisions. The optimal portfolio decided by the BPT investors is also different from that of the CAPM investors. The optimal portfolio of the investors under CAPM prefers a combination of a market portfolio and the risk factors associated with the securities. In the case of BPT the optimal portfolio mostly looks like a combination of bonds and drawing tickets.12. 0 Criticisms on Behavioural Finance Theory The important people among the theorists who raise sever criticisms against behavioural finance are Ball (1996) and Fama (1998). Ball (1996) adopted a direct approach in take his arguments by saying that the businesslike Market Hypothesis has to be continued to be adopted because 1. There was no remedial theories available which can better explain the stock market behaviour 2. The Efficient Market Hypothesis was considered sufficient at that point of time taking into amity the application of the principles of the theory and3. The Efficient Market Hypothesis had been accepted by everyone. Ball (1996) considered the contribution of DeBondt and Thaler (1985, 1987) to the behavioural finance as the only alternative to the Efficient Market Hypothesis and dismissed it by describing it as the investors myopia developed by DeBondt and Thaler (1985, 1987). He also found the work of these authors as grossly inconsistent with the possible notions of the modern stock markets which are highly warlike and also that the behavioural finance is also ineffective with its anomalies.The approach of Fama (1998) in criticizing the behavioural finance is different from that of Ball (1996) in which he made a affinity of the contributions by 20 different authors and theorise his own views and opinions to ignore the concepts of behavioural finance. Fama (1998) made a thorough screening of the paper selected and followed a systematic approach to discredit the empirical evidences in support of the behavioural finance. Based on this analysis he argues that since the evidences on the behavioural finance are only random and conflicting the behavioural finance itself presupposes the efficient market hypothesis.Fama (1998) selected the paper for study from the domain of post-event studies. By a study of these papers he arrived at the view that behavioural finance is nix but a synonymous pattern of the anomalies encountered in the event studies. Fama (1998) thus makes the point that in short, BF is nothing more than an collection of so-far inexplicable phenomena encountered in testing the EMH/CAPM. It has no independent existence it is not a methodology in its own remunerate it ha s been assimilated. 13. 0 ConclusionForm the foregoing discussion it is observed that the behavioural finance opposes the existence of the three determinants namely rationality, deviation from rationality and arbitrage decisions which form the basis of an efficient stock market. The behavioural finance theory thus aims at canvas the psychological behaviour of the investors in their investment decisions. The theory encompasses views that are contradicting the concepts promoted by the efficient market hypothesis and also the smashing asset pricing model.The theory has made an analysis of various financial anomalies in order to report the impact of such anomalies on the stock market operations and the stock prices. The behavioural finance theory can be regarded as an appendage of the Keynesian views on psychology as it affects the economic development. It has been observed that there are certain accounting anomalies which also affect the behavioural pattern of the investors. It ha s also been observed that gender differences do not affect the concepts of the behavioural finance. There are different financial anomalies identified by the behavioural finance theory.The theory was also subject to severe criticism on its applicability to varying market situations. References Alon Brav and J. B. 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