Personal name

They ought to contain your name and position title, contact number, email address and site address. On the off chance that conceivable, your business name, logo and administrations or items additionally ought to be recorded. It is normal practice to have a twofold sided card in the U. K. With the business subtleties on the front and the individual contact subtleties on the back 2. Shaking hands Shaking hands is a typical type of welcome A handshake Is standard for business events and when visiting a home. Ladies don't generally shake hands.In business, a light handshake Is standard. When vaulting a home, a handshake Is appropriate; in any case, a handshake Is not generally right at social events. See what others do. In the UK it is normally a solitary right hand that does the shaking. Not very many individuals shake with their left hand and it is esteemed discourteous to offer your hand without taking your glove off first. 3. Bowing 4. Kissing 5. Being formal or casual 6. Dependabili ty Punctuality is central. You ought to consistently show up for an arrangement/meeting on schedule, possibly five minutes early.If you will be late, phone and give when you expect you will show up. 7. Silliness Do not poke fun at the regal family. 8. Eye to eye connection The British regularly don't take a gander at the other individual while they talk. Keep in touch during the welcome. 9. Associating with contacts The most ideal approach to reach senior officials is through an outsider. It isn't suitable to have this equivalent outsider Intervene later If issues emerge. While business meals are getting less normal, business morning meals are picking up In popularity.Work Is frequently examined during business morning meals and snacks, in spite of the fact that these can likewise be utilized as an open door for general casual discussion to get to now your associates better and develop a decent working relationship Meetings typically open with a considerable lot of little talks, so as to make a warm, positive atmosphere helpful for functioning admirably together. They last inside 5-10 minutes before gatherings Animals are typically a decent subject of discussion. 11 . Tolerating interference 12. Giving presents Giving endowments in a business setting isn't very common.When they are given, thank you blessings are generally little representative things, for example, journals, pens, champagne, and so on. Blessings ought not appear to be improperly costly. Additionally, blessings are typically given at the finish of something, for example, a venture, to check the event or as a much obliged. Instead of giving endowments, it is desirable over welcome your hosts out for a feast or a show. At the point when you are welcome to an English home, you may bring blossoms (not white lilies, which mean passing), alcohol or champagne, and chocolates. Send a concise, written by hand card to say thanks quickly a short time later, ideally via mail or email-?not by messenger.When bringing blossoms, talk with the flower vendor about the proper sort and umber. 13. Being immediate (saying precisely what you think) 14. Utilizing first name When welcome individuals in the I-J, stand by to utilize first names until the other individual uses yours or requests that you call them by their first name. The reaction you provide for a presentation ought to have a similar degree of convention as the presentation itself. In any case, British business manners is turning out to be increasingly casual and first names are regularly utilized immediately The utilization of first names is getting progressively normal. In any case, you should follow the activity of your host.

Events Throughout History That Have Changed Us †History Essay

Carl Jung: The Undiscovered Self Essay

?The book of C. G Jung â€Å"The Undiscovered Self† was composed during the virus war concerning socialism. He saw during this time the pattern toward community as the most extreme danger to the individual self. He communicates despondency over the reception of mass mindedness, and energizes its mystic deterioration. Seeing the physical and mental pulverization of war, Jung gives the peruser his diagnostic translation of the unique loss of self in the interruption of mainstream religion and social cooperation. Jung shows that in spite of the fact that science attempts to force request on the world, the remarkable thing about genuine realities, alternately, is their uniqueness. Notwithstanding, the mind stays irresolvable riddle. An individual need to comprehend not the mankind in general yet rather than oneself. At whatever point individual is forced by a gathering an impact will happen simply like piece of the individual self will be denied so as to fit-in to the benchmark of the gathering. The individual quits considering itself an outcome the gathering turns into the character of the person. The difficulty of a person on the planet he lives is losing his self during the time spent adjusting the components that can influence him as a person. We need to get ourselves all together before we can get the remainder of the world all together. Truly, man as a social being can't proceed with life over the long haul without the connection to the network. However, it doesn’t imply that the network will characterize us. We are required to have consistently the feeling of harmony between the state, religions, and obviously our individual mind. Finding in the model these three are exhibited by the two powers, the cognizant and oblivious. Later on this paper, it will be further talk about additional. Returning, in the event that we have an affinity to keep up the harmony between the three, we can achieve the self-information that will describe us, as a genuine person. The model shows that there are factors that can influence one’s self information. In the book, Jung attempts to call attention to that the self-information on a person is a constrained information since it just relies upon the social factors that can influence it. There are many vulnerable sides in self-information, and these vulnerable sides can have negative ramifications for oneself and for other people. For instance, one who overestimates the energy of their character or status is regularly hated by others, while having knowledge into how others see oneself and recognizing one’s defects appears to weaken the antagonism of others’ impressions. Poor self-information is likewise connected with adverse intrapersonal results, for example, powerless scholastic accomplishment and passionate issues. In like manner, absence of understanding into how one will feel or carry on later on will in general outcome in poor dynamic, dissatisfaction with unpredicted results, and eventually lower life fulfillment. What we basically think about our self is the cognizant state. We are not familiar that there is an inward express that is inside us that can assist with molding more our own self-information. What I am discussing here is the oblivious clairvoyant. We could have realized that this oblivious mystic can exceed the cognizant clairvoyant. To put it plainly, one can't exist without the other. These two mystic powers should collaborate to advance a progressively obvious comprehension of the self-information. In all actuality there are cognizant and oblivious plans in the mind and both are significant. It doesn't assist with setting up the oblivious to contend with the cognizant. In the cerebrum whenever a large portion of the plans are oblivious, a lot of it is, nonetheless, awareness inclined. The cognizant and the oblivious consistently cooperate, in dreams as well as in alertness. Our heart for example can reprimand us out of the oblivious center from our memory, however by doing so it gets cognizant, and it is then the assignment of the contemplated will to draw the outcomes out of it. The oblivious isn't the â€Å"bad something† Freud had considered, a something that pulls pranks on us. It is fairly the ground laborer for awareness, the staff that underpins the pioneer. Also, the pioneer is: The cognizant, contemplated through and through freedom. Why the oblivious is named as the â€Å"evil† inside us? As an ordinary individual at whatever point we don’t like something important to us, or at whatever point we won't concede something important to us, we push those energies profound inside the openings of our mind, making cut off renditions of who we truly are. Furthermore, to make matters much increasingly troublesome, we give those energies, awful names like â€Å"shadows† â€Å"demons† and â€Å"negative vibes. † As expressed on the book, â€Å"Since it all around accepted that man is simply what his awareness is aware of itself, he views himself as innocuous thus adds ineptitude to injustice. He doesn't deny that horrible things have occurred and still continue occurring, yet it is consistently â€Å"the others† who do them. † Man has the dread of perceiving the shadow that is in the absolute in front of the rest of the competition was there. This dread of the oblivious mind to be uncovered hinders the comprehension of self-information. Since referenced previously, the cognizant and oblivious must keep up harmony to accomplish self-information to the genuine degree. Human must not fear the shadow that stays inside us. Where in all actuality, this shadow can assist us with molding the independence we need to determine. In the event that a general had no clue with respect to what establishes an ideal fight result, there would be no utility in mimicking fight developments. Assessing potential activities is testing since it relies upon considering assorted contemplations (e. g. , physical or social outcomes). Most information with respect to what is great is as of now encapsulated in the very agentic frameworks that, before the approach of concealment, controlled conduct legitimately. Oblivious compromise forms subsequently outfit significant data to cognizant procedures of getting ready for what's to come. Given adequately solid inspirations and duty to the arranged game-plan, explicit plans, for example, â€Å"when X occurs, I will do Y† themselves work consequently whenever the future open door emerges, as in the execution expectation research of Gollwitzer and associates (e. g. , Gollwitzer, 1999). Along these lines, oblivious procedures adjust us to the current circumstance, however they additionally impact the tracks we lay to direct our future conduct. As notice prior in this paper, the state and religion including the individual mind ought to keep up a feeling of security in a person. Man ought not let neither the state nor religion, remove his singularity. One part of the book was entitled â€Å"Religion as the Counterbalance to Mass-mindedness†. Religion is characterized as a, â€Å"organized conviction framework that incorporates shared and regulated virtues, convictions about God, and contribution in strict community,† Individuals might be profound not strict, strict not otherworldly, strict and otherworldly, or neither profound nor strict. Intermittently the profound not strict individual is looking for significance, association with others, and fulfillment. The strict not otherworldly individual regularly takes part in strict organizations, holds mystical convictions, and systematized virtues. The otherworldly and strict individual holds attributes of both while the neither profound nor strict individual holds barely any of these qualities. In the book, Jung recognizes religion and doctrine, marking religion as the relationship of a person to God and a statement of faith as an admission of confidence in an aggregate conviction. Statements of faith have systematized their perspectives, customs and convictions and externalized themselves to such a degree, that the outside perspective has happened to minor significance. Jung attempts to bring up that, religion like the state long for the person to forfeit himself. The state and the religion have a similar goal towards an individual yet they have diverse line of assault to get a handle on it. Neither the state nor the religion is corrupt. Actually, we do require them, however they should be at a similar position in one’s self. One ought not supersede the other, for it must be keep upstanding. Look at the spirits that talk in you. Become basic. â€Carl Jung References: Carlson, E. N. (2013). Defeating the Barriers to Self-Knowledge : Mindfulness as a Path to Seeing Yourself as You Really Seem to be. Points of view on Psychological Sciences , 2. Deecke, L. (2012). There Are Conscious and Unconscious Agendas in the Brain. 4. Morsella, J. A. (2008). The Unconscious Mind. 7-8. Nickles, T. (2011). THE ROLE OF RELIGION AND SPIRITUALITY IN COUNSELING. 3-4.

Leading and Managing Organizational Change Organizational Innovation

Question: Examine about the Leading and Managing Organizational Change for Organizational Innovation. Answer: Proposals from Head of Human Resource Department Human Resource enlistment Strategy: Existing issues at the organization which includes recruiting unpracticed workers on legally binding premise can be unraveled with appropriate HR enrollment strategy(Kramar, 2014). A firm methodology that incorporates instructive, ability and experience necessity for every post should be resolved and settled. Such normalized benchmarks for enrollment. Benchmarking of enrollment will likewise involve normalization of items and setting high characteristics in them as it bargains in designing items. Human Resource Department KMS: MDDiv being a huge association spread across different branches spread in different area. Being an assembling unit with different specialists the organization needs to make a Knowledge the executives framework for its HRM division to take into account its enlistment and determination needs. Further, this framework will permit mechanized refreshing and assessment of criterias against set targets. Coordinated Human Resource Management Systems: Application of a unique KMS will alone not fill the need of enlistment of such an enormous association with shifted problems(Chitakornkijsil). Coordinated structure should be created. such coordinated frameworks will take into consideration normalization of enrollment procedures and accessibility of human asset quality. This will likewise empower moving an appropriate worker to a spot where he is generally required. To get rid of documentation out and out: The organization needs to concentrate and weight on getting rid of reports. All together for taking care of and overseeing complex activities at the organization a solitary enlistment and choice strategy will additionally expel any abberations existing during the time spent HRM particularly in enrollment. Setting Organization driven culture: It will be enthusiastically recommendable for embracing a comparable hierarchical culture over the whole association. Rather than making individualistic societies that oversees neighborhood legally binding workers at its different branches, if the association sets indistinguishable societies with comparable targets and occupation functionalities it will be advantageous to general equivalent normalization for items and assess them too. In nation driven hierarchical culture set up there may be errors happening on the item quality level that may somehow or another effect the brand name for the company(Dias, 2016). Adjusting of Human Resources Objectives: There have been significant disparities and clashes among the branches and administrative center. Anyway such functionalities conflict may bring about conflict of interests. Such premiums and goals between head office and branch office may bring about trouble in applying techniques and starting changes to convey seriousness in the market. Reference Lists Chitakornkijsil, P. (n.d.). The internationalization of human asset the executives in the host country setting vital methodology of IHRM. Universal Journal of Organizational Innovation, 3(2), 379. Dias, L. (2016). Human Resource Management. . Human Resource Management. Kramar, R. (2014). Past key human asset the executives: is practical human asset the board the following methodology?. . The International Journal of Human Resource Management, 1069-1089.

E-Commerce Essay Example | Topics and Well Written Essays - 500 words - 2

Online business - Essay Example also, utilize an assortment of online business applications, which make their organizations increasingly effective and help them to meet the most refined client needs. For the most part, online business applications spread an assortment of frameworks and procedures, which organizations and business visionaries can use to meet their business and buyer destinations. Flexibly chain the board, e-following and obtainment, sell off, business sites, and web search tools are broadly used to advance the ubiquity and effectiveness of online organizations. In this specific circumstance, a gracefully chain is, presumably, the most mainstream and notable type of web based business application. A flexibly chain can be commonly characterized as â€Å"a set of connections between various organizations who have an advantageous relationship with one another in that one organization supplies items or administrations to different organizations which, thusly, gracefully wares or administrations to different organizations, thus on† (Kalakota and Robinson, 2005). That e-organizations everywhere throughout the world apply to the advantages of flexibly chains isn't unexpected, for the last have just become a regular type of making business and a productive instrument of setting up cozy connections among providers and clients, just as among them and their accomplices. Be that as it may, flexibly chain the executives arrangements would not do the trick, to bring internet business to the present purpose of advancement: today, organizations and business visionaries online can utilize an assortment of different applications, including e-following and acquisition. E-following is a well known type of making business on the web, which suggests the utilization of original arrangements like those at Amazon.com. E-following is the general type of selling products on the web, and is frequently treated as an equivalent word to web based business, e-business, and business-to-client exchanges on the web. Amazon is, most likely, the most brilliant case of how e-following functions practically speaking: Amazon envelops a wide range of uses and arrangements that permit clients making buys internet, following their

General Essay Topics With Answers - Writing Essays For Students With Personality

General Essay Topics With Answers - Writing Essays For Students With PersonalityFinding general essay topics with answers is the easy part. The hard part is finding the ones that will interest you and get your student that much closer to a passing grade. This will vary based on your students personality and strengths, but you should be able to find some things that they like.You may find that your students love history or science, but you need some way to involve them in the topic by giving them general essay topics with answers. You can also go with a historical story, a favorite story from their history class, or even something about where they are in their life now.If you want to have a little more historical or real-world situations in the essay, you may find that you can get away with a little more in-depth essay. You don't have to follow the same essay rules as every other class, and you can make sure that your students get the more in-depth experience that they deserve.As long as you keep in mind that you're going to teach your students what interests them, not the boring rules of the writing world, you shouldn't have any problems getting your teaching style down. Teachers are trained to help students learn the skills they need to make their own writing shine, and that includes how to write an essay. If you want to, you can incorporate your own personality into the essay and still find the answers that your students want.When you find the general essay topics with answers that you like, take a look at some of your students' assignments and see what they've chosen. Make sure that they cover all of the general topics that they need to write an essay about.This may not be enough, so you'll need to look for essays that have essays with topics with answers in them. This should be easy because you already know what topics your students want to cover and how they're covering those topics. It will be hard to get students to start taking a real interest in essays that they weren't really interested in before.Instead of just spending time answering questions, however, you might want to have some fun with the essays, as well as showing some personal side to the topic. These can be the best ways to get your students talking and giving suggestions for what they'd like to discuss next.Find the general essay topics with answers that you like and spend some time thinking about what it would be like to write an essay without the actual essay as a basis. This may take some creativity, but you can be sure that your students will appreciate the extra attention when they're sitting in the class.

Efficient Market Hypothesis - Free Essay Example

Literature Review 2.0 Introduction In order to better understand the origin and the idea behind the Efficient Market Hypothesis (EMH), the first section deals with an overview of the EMH. Section 2 deals with the Random Walk Model which is a close counterpart of the EMH. We then have examine the different degrees of information efficiency that exist, namely the weak form efficiency, semi-strong form efficiency and the strong form efficiency. In section 4, we have a brief overview of the different types of statistical tests that have been used in the literature to examine the weak form efficiency. Section 5 explains the implications of efficient markets for investors. Section 6 2.1 Efficient Market Hypothesis (EMH) The concept of efficiency is one of the essential concepts in finance. Market efficiency is a term used in many different contexts with many different meanings. Market efficiency involves three related concepts- allocation efficiency, operational efficiency and informational efficiency. * Allocation efficiency: A characteristic of an efficient market in which capital is allocated in a way that benefits all participants. It occurs when organizations in the public and private sectors can obtain funding for the projects that will be the most profitable, thereby promoting economic growth * Operational efficiency: A marketcondition that exists when participants can execute transactions and receive services at a price that fairly equates to the actual costs required to provide them.Economists use this term to describe the way resources are employed to facilitate the operation of the market. It is usually desirable that markets carry out their operations at as low a cost as possible . * Information efficiency: The actual market price of a share should reflect its intrinsic value. Information efficiency implies that the observed market price of a security reflect all information relevant to the pricing of the security. The investor can manage to earn merely a risk-adjusted return from his investment, as prices move instantaneously and in an unbiased manner to any news. The efficiency in the market for financial assets and assets returns refers here to the information efficiency and should not be confused with the other types of efficiency. As explained by Rahman and Hossain (2006): For a stock market to be efficient, stock prices must always fully reflect all relevant and available information. This definition can be expressed as ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢(Ri,t, Rj,t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ | ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1) = ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢( Ri,t, Rj,t ÃÆ' ¢ à ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ | ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1), where ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢(.) = a probability distribution function, Ri,t = the return on security i in period t, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1 = the information set used by the market at t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ 1, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1 = the specific information item placed in the public domain at t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ 1. This equation has two important implications. 1. Specific information item at t-1 (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1) cannot be used to earn non zero abnormal return. 2. When a new information item is added to the information set ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M, it is instantaneously reflected on market prices. The concept of market efficiency was first introduced by Bachelier (1900). Since then, there has been many studies like Working (1934), Cowles and Jones (1937), Kendall (1953), Cootner (1964). However it was Fama (1965) who first used termed it as ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"efficient marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ . Fama (1970) later stated the sufficient but not necessary conditions for efficiency: i. there are no transaction costs in trading securities; ii. all available information is costlessly available to all market participants, and iii. all agree on the implications of current information for the current price and distributions of future prices of each security He also identified three degrees of informational efficiency namely the weak form, the semi-strong form and the strong form. 2.2 Random Walk Model (RWM) The Random Walk Model is a close counterpart of the Efficient Market Hypothesis. The model was originally examined by Kendall (1953). It states that stock price fluctuations are independent of each other and have the same probability distribution. Thus the Random Walk theory suggests that stock price change randomly, making it impossible to predict stock prices. The Random Walk Model is linked to the belief that markets are efficient and that investors cannot beat or predict the market because stock prices reflect all available information and the new information arises randomly. As mentioned in Fama (1970) the two hypotheses constituting the Random Walk Model , that is (i) successive price changes are independent and (ii) successive changes are identically distributed, are implicitly assumed in the Efficient Market Hypothesis. The Random Walk Model is in direct opposition to technical analysis, which suggests that a stocks future price can be forecasted based on historical info rmation through observing chart patterns and technical indicators. 2.3 3 Forms of Market Efficiency 2.3.1 Weak-Form Efficiency Fama (1970) stipulates that no investor can earn excess returns by formulating trading strategies based on historical price or return information in a weak-form efficient market. The weak-form efficiency thus assumes that the price of a stock fully reflects all information contained in past prices, that is the historical sequence of prices, rate of returns and other historical market information. A weak-form efficient market implies that it is of no use to engage in technical analysis that use past prices alone to find undervalued stocks. In order to test whether past share prices can be used to predict future share prices( that is, weak-form efficiency), statistical or econometric tests can be used. These studies seek to study the evolution of share prices from one period to the next period and try to detect correlation between the successive price changes. Technical analysts study the evolution of past share prices, with the aim of predicting share prices to make gains. 2.3.2 Semi-Strong Form Efficiency Fama (1970) described the semi-strong form efficiency as one where share price fully reflect all information contained not only in past prices but all public information. All public information includes capital market information as used in the weak form Efficient Market Hypothesis(EMH) as well as non-market information such as earnings, dividend announcements, price earnings ratio, information about the economy and political news (Reilly1997). New public information is almost instantaneously integrated in share price and the share price is adjusted so as to reflect the true value of the share. This means that an investor cannot use public information to generate gains on the stock market. In order to test for semi-strong form efficiency, event studies are often used. These event studies are performed by analyzing the effect of the release of new public information on the share price. If the market is semi-strong form efficient, the new public information ( for example annual re ports, earning announcement or dividend announcement) is instantaneously integrated in the share price, so as to reflect the intrinsic value of the share. New information can be both good or bad. Thus they can cause increases or decreases at their release. 2.3.3 Strong Form Efficiency Under strong form efficiency, the current price reflects all information, public as well as private. Private information, in this context, means information not yet published. On the stock market, there are professionals (for example security analysts, fund managers) who have private as well as public information. Efficient Market Hypothesis (EMH) assumes that no investor has monopolistic access to any information. This means that as new public and private information is released, it is incorporated in share price to reflect its true value. An investor will not be able to consistently find undervalued or overvalued shares and make gains on the strong form efficient market. Fama (1970) perceives a strong form efficient market as one where investors are not expected to earn excess returns by relying on inside information. To test whether past share prices, public and private information can used to predict future share prices, the investment records and gains generated by professi onal investors are often studied. Investors should not be consistently able to make gains by using public and private information. At all moments, the share prices incorporate all public and private information to reflect the true value of the shares. 2.4 Statistical Tests to examine validity of Weak-Form EMH In order to examine the validity of the weak form efficiency, a number of statistical tests have been used in the literature. These tests can be categorized into two groups: i. Using mechanical trading rules also known as filter rules. These rules test for the possibility of non-linear dependence existing in the price data. Filter rules were first used by S.A Alexander (1961) and later Fama and Blume (1966) added to the literature. Professor Alexanders filter techniques attempts to apply a sophisticated criteria to identify movements in stock prices. An x percent filter is defined as follows: If the daily closing price of a particular security moves up at least x percent, buy and hold the security until its price moves down at least x percent from a subsequent high, then sell and go short (Fama and Blume, 1966). The short position is then maintained until the daily closing price rises at least x percent above a subsequent low when one is going to cover and buy. Moves less tha n x percent in either direction are ignored. ii. Statistical tests of independence between successive price changes. Serial autocorrelation tests and run tests are among the most popular tests. Some of the researches in this field use Spectral Analysis which decomposes a time series into a spectrum of cycles of different length. This spectral decomposition of a time series yield a spectral density function that measures the contribution of each of the frequency bands to the overall variance of the times series. There is also a relatively new test introduced by Lo and Mackinlay (1988), it is called the Variance Ratio which is based on the heteroscedasticity problem. The basic idea behind the Lo and Mackinlay (1988) variance-ratios test is that if a natural logarithm of a time series is a pure random walk, then, the variance of its k-differences in a finite sample grows linearly with the difference, Let (pt) denote a time series consisting of T observations p1,p2,ÃÆ' ¢Ãƒ ¢Ã¢â ‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦,pT of asset returns. Then, the variance-ratio of the k-th difference, VR(k), is defined as: VR(k)= ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(k)/ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(1) where, VR(k) is the variance-ratio of the shares returns k-th differences; ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(k) is the unbiased estimator of 1/k of the variance of the shares returns k-th differences, under the null hypothesis; ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(1) is the variance of the first-differenced share returns series, and k is the number of days of base observations interval or lag (Ntim et al. ,2007). 2.5 Implications of EMH Market efficiency has important implications for both investors and authorities. If a market is inefficient, investors should doubt the ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"hold the marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  strategy and should try to ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"beat the marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ . While the authorities on their part should restructure the stock market by enacting effective law and enhancing financial media. The graph below shows the effect of EMH on stock prices. The straight line shows the reaction under EMH while the dotted lines show the over-reaction and under-reaction that occur with the existence of market imperfections. If a market is efficient, investors: 1. should not worry about investment analysis. They should rather concentrate on holding a well diversified portfolio. Investors holding an inefficient diversified portfolio will be exposed to risk which could be avoided and for which they will not be rewarded. In other words, the market only provides return for systematic risk, while specific risks have to be diversified away. 2. Should adopt a buy and hold policy once they have established their portfolios. This is because there is no advantage in changing from one group of securities to another. By doing this, there would be transaction costs which they would have to incur and as a result, the risk-adjusted return would be affected. Altering the composition of a portfolio can only be justified a) if the risk exposure has changed due to relative changes in the market value of the constituent securities. b) if tax payments can be minimized. Other implications of EMH are: * Price changes are random and unpredictable * Investors are not easily fooled by the glossy financial reports or ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“creative accounting techniques * Timing of new issues of securities are not important since prices represent the intrinsic and will reflect the degree of ris k in the share. Thus under EMH neither fundamental nor technical analysis can be used to achieve superior gains. Investors should concentrate on constructing and holding efficiently diversified portfolios. 2.6 Empirical Evidences Based on the literature, it can be seen that there are two competing schools of thoughts about market efficiency. The first school argues that markets are efficient and as a result, returns cannot be predicted. For example early studies (Working, 1934; Kendall, 1943, 1953; Cootner, 1962; Osborne, 1962; Fama, 1965) on developed markets support the weak form efficiency of the market with a low degree of serial correlation and transaction cost. The studies in this school of thought, support the Efficient Market Hypothesis (EMH) and show that price changes could not be used to forecast future price changes, especially after transaction costs were taken into account. The second school, on the other hand, provides empirical evidence of ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“anomalies that contradict the theory of efficient markets. Some of these studies are Summers (1986), Keim (1988), Fama and French (1988), Lo and MacKinlay (1988) and Poterba and Summers (1988). They found some ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“anomalies, which could not be explained by the theory of Fama (1965). Some of the market anomalies that they found are:  · January Effect/Turn of The Year Effect Stock returns are usually abnormally high during the first few days of January. The January effect occurs because many investors choose to sell some of their stock right before the end of the year in order to claim a capital loss for tax purposes. Then they quickly reinvest their money after the new year, causing stock prices to rise. Rozeff and Kinney (1976) was among the first to prove this market anomaly. Rozeff and Kinney (1976) methodology gives smaller companies greater relative influence than would be true in value-weighted indices where large firms dominate. Subsequent researches (Reinganum, 1983; Roll, 1983, among others) later confirm that the January effect is a small cap phenomenon.  · Size Effect/Small Firm Effect The Size Effect is the tendency for firms with a small market capitalization to outperform larger companies over the long term. For example Banz (1981) and Reinganum (1981) showed that small-capitalization firms on the New York Stock Exchange (NYSE) earned a return in excess of what would be predicted by the Sharpe (1964) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ Linter (1965) capital asset-pricing model (CAPM) from 1936-1975. However as mentioned by G.W. Schwert(2003, p.943), it seems that the small-firm anomaly has disappeared since the initial publication of the papers that discovered it. Alternatively, the differential risk premium for small-capitalization stocks has decreased over the years.  · Weekend Effect/Day of The Week Effect This is a phenomenon in which stock returns on Mondays are often significantly lower than those of the immediately preceding Friday. French (1890) observed this anomaly. He noted that the average return to the Standard and Poors (SP) Composite Portfolio was reliably negative over weekends in the periods 1953-1977. Again, like the size effect, the weekend effect seems to have disappeared, or at least substantially attenuated, since it was first documented in 1980.  · Value Effect/Price Earnings Ratio Effect The value effect refers to the tendency for stocks with low price earnings ratio to outperform portfolios consisting of stocks with a high price earnings ratio. Basu (1977) shows that investors holding low price earnings ratio portfolio earned higher returns. The existence of market anomalies have important implications. If stock returns do not follow a random process, then it is possible to design profitable trading strategies based on historical information 2.6.1 Empirical Evidences from Developing Countries Despite the large number of empirical studies that have been conducted to test the validity of the Efficient Market Hypothesis (EMH) in developed countries with booming financial markets, studies to support or dispute the efficiency or inefficiency of the African stock markets are quite limited. There is a small number of empirical studies analyzing emerging African equity markets with regards to weak form of market efficiency test. While some of these studies have analysed single markets ( e.g. Samuels and Yacout 1981; Parkinson 1984; Ayadi 1984; Dickinson and Muragu 1994; Osei 1998; Olowe 1999; Mecagni and Sourial 1999; Asal 2000; Adelegan, 2004; Dewotor and Gborglah, 2004; Ntim et al., 2007), others have analysed groups of countries (e.g. Claessens et al., 1995; Magnusson and Wydick, 2002; Smith et al., 2002; Appiah-Kusi and Menya, 2003; Simons and Laryea, 2004; Jefferis and Smith, 2005). However, while there are only a few empirical studies, their conclusions as to the effic iency and predictability of future stock returns have been mixed. For example Dickinson and Muragu (1994) shows that the Kenyan stock market is weak form efficient, in contrast to the results of Parkinson (1984). Also, most of the existing studies made use of conventional weak form testing techniques such as serial correlation tests. Samuels and Yacout (1981) and Parkinson (1984) were among the first to use serial correlation tests to examine the weak form efficiency on the African continent. Samuels and Yacout analysed the weak form market efficiency in weekly price series of 21 listed Nigerian firms from 1977 to 1979 and provided empirical evidence that the market was efficient. Parkinson on his part, analysed monthly price series of 30 listed Kenyan firms from 1974 to 1978 and rejected the weak form efficiency. Dickinson and Muragu (1994) reinvestigated the Kenyan market by applying run and serial correlation tests to weekly stock price series of 30 listed companies on the Nai robi Stock Exchange and their results were in contrast with Parkinson (1984). They demonstrated that successive price changes are independent of each other for the majority of the companies investigated. Most of the developing countries suffer from the problem of thin trading (Mlambo and Biekpe, 2005). The problems caused by thin trading have been widely acknowledged in financial market researches (e.g., Dimson, 1979; Cohen et al. ,1983; Butler and Simonds, 1987; Lo and Mackinlay, 1990a and b; Bowie, 1994; Muthuswamy and Whaley, 1994) . Fisher (1966) who was the first to identify the bias caused by thin trading in the serial correlation of index returns, explained that recorded prices of securities are not necessarily equal to their underlying theoretical values. This is because when a share does not trade, the price recorded remains the closing price when the share was last traded. However, while most of the African stock markets suffer from thin trading, many existing studie s fail to adjust for thin trading. For example recent studies conducted on the Stock Exchange of Mauritius (Appiah-Kusi and Menya, 2003 and Simons and Laryes, 2004) made used of conventional techniques and did not adjust for thin trading. Other studies (Kabba, 1998; Roux and Gilberson, 1978 and Poshawale, 1996) which have examined the behavior of stock price and rejected the weak-form efficiency, have explained that the inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market.

Abraham Lincoln s War Strategies - 874 Words

Abraham Lincoln to Be Remembered Abraham Lincoln shaped America because of his tactics for war, ending slavery and the two big documents to change it, and how he has made an impact on citizens today. Lincoln’s war strategies shaped the war effort by making it a no ally war, blocking trade for the south, having the best general, and taking over the big capitol of the south. The first strategy was to mess with the economy of the southern states and proposed the Anaconda plan to blockade the southern ports. Doing this made no trade to occur, causing the South to not be able to trade their cotton with Great Britain and receive money for ammunition. He also made sure he had the best general for the army to pursue the acts Lincoln wanted to be done. When a general failed Lincoln would fire them and hire a new one and they failed mostly because they were intimidated by Robert Lee and were not prepared for a fight. He went through many generals until one could do what Lincoln really wanted to achieve from the war which was a preserved union and win the battles. Abraham Lincoln also made it possible that no other country could interfere with the war occurring, which meant no allies or help from any country making it just about their nation. The last tactic was to take over Richmond, Virginia because it was the capitol for the Confederate states. Having Abraham Lincoln approach the fighting of the war with this as something to achieve, it kept the states from permanentlyShow MoreRelatedAbraham Lincoln: Americas Greatest President Essay952 Words   |  4 PagesEmancipator† is not granted to just any person, but rather it highlights a courageous, respectful, and driven individual. Abraham Lincoln’s contribution to the United States is so grand and captivating, that he is deservingly recognized as America’s greatest president. 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He has acquired a culturally significant stature in the American society. The movies have been madeRead MoreLincolns Efforts to Preserve the Union Essay1407 Words   |  6 PagesLincoln’s economic, military, and political policies from 1861 to 1865 contribute to the preservation of the Union? Abraham Lincoln won the election of 1860. As a president of the United States, Lincoln’s goal was to keep the Union together. The problem of slavery and the secession by the South are mainly the two issues that lead to the dissolve of the Union, in which Lincoln put all his efforts to deal with during his presidency. â€Å"He believes this government cannot endure permanently half slaveRead MoreHow Lincoln Made His Personal Ideals Become a Reality632 Words   |  3 PagesFor most of his life, Abraham Lincoln abhorred slavery. He did not believe in the expansion of slavery, this coincided with his personal values, and the idea the forefathers held, that slavery would eventually end. However, he believed that the institution of slavery should be allowed where it already existed. In fact, during his early presidency he enforced pro-slavery laws to uphold what was already in the constitution. Though he was explicit in his plans to not interfere with slavery,R ead MoreThe Legacy Of Abraham Lincoln1521 Words   |  7 PagesAbraham Lincoln was the 16th President of the United States, serving from March 1861 until his assassination in April 1865. Lincoln led the United States through its Civil War—its bloodiest war and its greatest moral, constitutional, and political crisis. In doing so, he preserved the Union, abolished slavery, strengthened the federal government, and modernized the economy. Born in Hodgenville, Kentucky, Lincoln grew up on the western frontier in Kentucky and Indiana. 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Racism And Racism - 732 Words

Sexism, racism and heterosexism are happening in contemporary America till this day. The media reflects everyday struggles that Americans face based primarily on their gender, race and sexual preferences. Many innocent Americans are getting killed in protests and rallies while they defend their rights. Everyday millions of Americans are faced with backlash from their community, state and even their own country for who they are! Heterosexism is the prejudice against homosexuals. Many Americans believe that heterosexuality is the way everyone should be, meaning that you must only be attracted to the opposite sex. They believe that if you are gay, lesbian and or bisexual that you are not in the norm. The LGBTQ community,†¦show more content†¦In modern America racism still goes on throughout all fifty states. Racism is the discrimination towards someone based on their race. In August 11,2017 a far-right rally went on in Charlottesville, Virginia it was composed of white supremac ists many holding confederate flags and some in KKK attire. The KKK which is an abbreviation for the Ku Klux Klan is a group that is anti-black and for white supremacy only. During this rally a 20 year old African American was assaulted and beaten by a group of white supremacist KKK members. He was beaten because a group of people thought they were above him just based on the color of his skin. Recently a protest broke out on October 20, 2017 in Gainesville, Florida. Richard Spencer, who is an open white supremacist, was scheduled to speak at the University of Florida but was greeted with students chanting â€Å"say it loud, say it clear, Nazis are not welcomed here.† Many students were also holding signs that read â€Å"go home racist† attempting to make Richard Spencer flee their school. Sexism till this day is still alive in America. It is the discriminating behavior towards the opposite sex primarily women. Women are getting paid 77 cents per dollar a man makes, me aning women are not given the equal pay as men. In the essay â€Å"Sexism and Language† author Alleen Pace Nilsen talks about the language that is used to talk about women in an insulting way. Nilsen talks about how when a man isShow MoreRelatedRacism : Racism And Racism1544 Words   |  7 PagesTo understand whether or not racism is learnt, we first have to divulge into the nature of racism. It is usually assumed that racism has been a part of civilisation since civilisation started, that it is embedded into how people work and that no matter what, it will always exist. Another assumption is that racism derives from the capitalism of the slave trade by white elitist men seeking to dehumanize people for economic gain, and used racism as a way to mask their financial motives to justify enslavementRead MoreRacism : Racism And Racism1003 Words   |  5 Pagesracism: Racism-â€Å"the belief that all members of each race possess characteristics or abilities specific to that race, especially so as to distinguish it as inferior or superior to another race or races.† Imagine, 5 black men. Singing a church song still faithful for hope. Chained and cuffed together. Flies follow them as they walk by in the dry hot desert. With the white oppressor behind them yelling nasty words that poison their brain. Yet they still sing and wait and keep faith. In some statesRead MoreRacism : Racism And Racism953 Words   |  4 PagesRacism in America â€Å"Racism is a refuge for the ignorant. It seeks to destroy. It is the enemy of freedom, and it deserves to be met head-on and stamped out.† - Pierre Berton Racism is the unjust hate for any people who are simply different for a various array of reasons. It is all around us and always will be, but that does not give us the right to be passive on the subject. This discrimination against culturally diverse people is hurting our â€Å" land of the free†, one racist remark at a time.Read MoreRacism : Racism And Racism1181 Words   |  5 PagesThis issue of racism is popular by name but tends to be sugar coated by the way people see it. In order to truly understand racism you need to take a bite into the topic in order to get a taste of what it is really like. Racism comes in many different forms and can be seen many different ways. But why even care about racism at all? Why does it even matter? One would think that with such a harsh background regarding racism in America it would no longer exist in society today. 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It is quite clear that racism is alive not only in the United States, but across the globe. Though the topic is widely talked about, nobody really does anything to stop it. People will be quick to elaborate on the fact that it should be stopped, then make no changes themselves. Yet do they truly understand the concepts of racism and what it really means to be racist? Granted everybody understands that it is racist to hate a groupRead MoreRacism : Racism And Racism1094 Words   |  5 PagesRacism has been an issue that has caused controversial debates for years. It is a topic that stirs up lots of emotions within people and continues to be an argument for all. When there has been a shooting between a white and a colored or a cop and a colored person, people blame it on racism. They state that since the white cop shot the black man it simply means the cop was racist. Then the people want to speak that j ustice needs to be served and the cop needs to be put in prison or released from

An Essay About The Experience In The City - 1568 Words

As I rode through this new town, my eyes dashed from side to side trying to get a good view of the place. I wasn’t used to the country style atmosphere that I felt riding past the flowing acres of grass and corn. With the windows down feeling the fall breeze, the smell of cow manure began to permeate throughout our car. The stench made my nose cringe, I didn’t want to keep the window down much longer. Soon after my mom pointed out a herd of cows in a field, no wonder the air was so polluted. And a few minutes later a couple of horse in a ranch too. As we got closer in town I noticed more homes and stores but still spread further apart and less busy than usual I thought. Since passing the fields, I had let my window low again, but now the†¦show more content†¦The house looked very much was like the others that surrounded it just a few hundred feet apart. Each had its own playground set, half basketball court and big yard out front and back. This would be my new home and start of my 10 year journey at the Milton Hershey School. My mother and I were first introduced to a middle aged white couple that greeted and helped us inside. After a brief tour and brief conversations I made with them, they sat us down to explain some of the schools rules and regulations, most of which I didn’t agree with. The biggest of which was me having to cut my long hair. Boys weren’t allowed to have braids or hair longer than a few inches, I didn’t understand why. But what I agreed with didn’t matter. I had already gotten the â€Å"talk† from my parents before leaving home and was reminded multiple times on my trip there. I don’t remember the whole spiel, but it basically consisted of not acting crazy in front of these white folks and to always be civilized and show respect. See, my mom’s the sweetest person, but she made sure that we wouldn’t act out in front of company and always had respect, especially aro und people we didn’t know. And since I’d be living there for now on, the rules and fake front of always being sincere and respectful began. Soon after, it was time for my mom to go, and I was stuck there in Hershey, PA. Later that day I met the rest of my housemates. As school let out aroundShow MoreRelatedComparison of Two Personal Narratives1264 Words   |  6 Pagesthis assignment I have chosen to compare two personal narratives; The Myth of the Latin Women by Judith Cofer and Outcasts in Salt Lake City by James Weldon Johnson. Both essays cover the struggle of ethnic minorities and individuals who are at the lower end of the social spectrum, as they struggle to integrate themselves into the mainstream. 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Ernesto Galarza s Sacramento is filled with a lot of Mexican and other Latin American people living in a particular area of the city. Barrio Boy s Sacramento took place in around the 1910s-1920s which was

Role of artists in Audens poetry Essay Example For Students

Role of artists in Audens poetry Essay Addends poetry raises a wide range of issues and subjects such as love, war, relations or even psychology but as a user of art himself, Aden gives an important role to art and artists in his work. In several poems, through poetry, his own art, he has chosen to highlight other forms of art to show many different points of view and work he finds interesting. The poem Musse des Beaux Arts can illustrate the link that Aden made between poetry and painting. In the first stanza, Aden points out the talent and the uncommon foresight of the Old Masters that are 16th -17th European painters, to describe indifference and selfishness to the suffering of the others, as they are too absorbed by their own life. Old Masters quoted here are artists described as more attentive, learned than others, with a capacity to understand what people ignore they were never wrong/how well they understood. Their pictorial form of work depicts this recurrent problem in humanity which is something that Aden seems to admire. Indeed, in the second stanza, the representation of suffering made by Burgher with his painting Landscape with the Fall of Cirrus seemed so prodigiously done that Aden, instead of giving his own definition of suffering, uses the painting and describes the painted characters, the atmosphere poetically, which can make the reader easily think that the poet speaks o an unseen listener. Thus his description gives another dimension to the painting, whereas the painting helps the poet to treat the subject, this way, they are complementary. The work of the poet is directly linked to the painters one as they create an image, a landscape composed of colors, movements existing differently : on the one hand by association of words the sun shone/white legs/into the green water and on the other hand created by paint. Their role, associated together, is to make re-think about our relationship with others and the attention given to ourselves o the detriment of others. They act as witnesses of the suffering. Through a piece of art another one is shown by the process of the miss en abeam. However, Burgher was not the only artist quoted by Aden. On the occasion of the outbreak of World War II, Aden wrote the poem September 1, 1939 in which he evokes the conflicting situation that is spreading over Europe ; in the same poem we also find the names of Nijinsky and Dishevel who are two important figures of the Russian scene being respectively dancer and a manager, the creator of the Russian Ballets. The verses What mad Nijinsky wrote About Dishevel Is true of the normal heart refer to their personal life and especially the time when Nijinsky was diagnosed with schizophrenia and wrote notebooks where hateful quotes relate to Dishevel. Indeed the latter threw Nijinsky out of the Russian Ballet and ruined his career after he left him to marry a woman. Aden opted for Nijinsky and Dishevel as a couple to illustrate the fact that people are not interested in universal love but only by being loved personally Not universal love But to be loved alone, the poet exemplifies the act that the actual situation (I. E. Sasss war) is caused partly by men selfishness, a fault that appeared also within a love relationship. Their role in the poem is to make an example as two important figures, that everyone is familiar with. Differently, Aden inserts a fictional character and artist in his poem The Shield of Achilles: Vulcan the ancient Roman god of fire, a blacksmith who forges the famous shield of Achilles adorned with imagery. In the poem, Achilles mother, Thesis, observes the creation of the shield and expects peaceful and happy scenes to be on the shield but instead, Vulcan makes a totally different ornament She looked over his shoulder For vines and olive trees/But on the shining metal His hands had put instead An artificial wilderness. He engraves Achilles destiny on the shining metal. .u82f391dff662e6aaa26cd0a2c627df93 , .u82f391dff662e6aaa26cd0a2c627df93 .postImageUrl , .u82f391dff662e6aaa26cd0a2c627df93 .centered-text-area { min-height: 80px; position: relative; } .u82f391dff662e6aaa26cd0a2c627df93 , .u82f391dff662e6aaa26cd0a2c627df93:hover , .u82f391dff662e6aaa26cd0a2c627df93:visited , .u82f391dff662e6aaa26cd0a2c627df93:active { border:0!important; } .u82f391dff662e6aaa26cd0a2c627df93 .clearfix:after { content: ""; display: table; clear: both; } .u82f391dff662e6aaa26cd0a2c627df93 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u82f391dff662e6aaa26cd0a2c627df93:active , .u82f391dff662e6aaa26cd0a2c627df93:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u82f391dff662e6aaa26cd0a2c627df93 .centered-text-area { width: 100%; position: relative ; } .u82f391dff662e6aaa26cd0a2c627df93 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u82f391dff662e6aaa26cd0a2c627df93 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u82f391dff662e6aaa26cd0a2c627df93 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u82f391dff662e6aaa26cd0a2c627df93:hover .ctaButton { background-color: #34495E!important; } .u82f391dff662e6aaa26cd0a2c627df93 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u82f391dff662e6aaa26cd0a2c627df93 .u82f391dff662e6aaa26cd0a2c627df93-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u82f391dff662e6aaa26cd0a2c627df93:after { content: ""; display: block; clear: both; } READ: Compare the ways in which the poems present murderous relationships and their consequences EssayMaybe by the utilization of this character, Aden wanted to show one role proper to an artist: reflecting reality through his work with this usual sense of sincerity. Finally, Addends inspiration is signified by a poem dedicated his colleague William Butler Yeats, another artist closer to his own work. The first part of In Memory of W. B Yeats ascribes the day Yeats died as a cold and dark day as if the world lost someone really important. In this first part, Aden wants to show how essential the work of artists is and reveals one of the poet functions: the transmission. Aden explains that the artist continues to live thanks to his written and had transmitted his knowledge but that people will probably interpret it differently. The tone changes in the following parts of the poem, where Aden does not glorify Yeats, the poem is no longer a simple elegy. Aden criticizes the fact that some artists take advantage of heir great power of dissemination and especially their flexible use of the language t disseminate bad ideas like Yeats did but also Kipling and his views and Paul Claude, Pardons him for well writing. Indeed Kipling had stated his imperialist beliefs and Paul Claude had supported Franco during the Spanish Civil War. But Aden also says Poetry makes nothing happen to express that poetry usually fails t provoke revolutions, changes in peoples mind, it does not stop wars, when a poet dies, only his style of writing remains and not necessarily what he had said. After all, he language and the strength of words and poesy redeems the poets ideas and positions. In his poetry Aden mentions many artists but what is interesting is Aden as an artist himself and the roles that he plays. Literature is fully considered as an art and by extension poetry is so, that is why Aden has a real status of artist. In ancient Greek, the definition of poetry, TOILET (poi) signifies l create. The role that would seem to be obvious, is the one to associate words together to create something beautiful at the sight and hearing: a poem made of verses and stanzas, composed of adaptors, associations, images and rhymes. Following this idea, Aden, or poets in general, are also musicians. We can see it, in W. H. Aden poetry first of all with the titles given to his poems with Lullaby or Refugee Blues which are both pieces of music. Addends choice between a fixed-form sonnet or a free versed poem is always justified, as the poet wants to give a monotonous (Miss Gee offers 25 stanzas with 4 verses each, with regular rhymes to show the monotony of Miss Gee life) or a vivid rhythm (in Look, Stranger he uses alternatively short and long free verses to create n echo effect). However, beyond the simple creation a poet has a myriad of roles which appear in many poems of Aden. Aden is a poet that is seen as unromantic, his aim is to reflect reality in his poems according to a sort of mimesis. We find in his work a real need for sincerity which is true for every subject that he treats such as love, politics, death and so on. First of all, Aden has the role to give his own view on subjects that constitute the human life. Thanks to the form of language that he uses, associations of words, he put into words what others would find difficult to say, build vision that people could adhere to. In Addends poetry, love is an important subject: he gives a very pessimistic but realistic definition of love with The More Loving One. Love is not only about having positive feelings, it also has a fleeting nature and might be a source of pain too. Furthermore, Aden was really committed in global conflicts of the time and defends his own politic beliefs: he exposes to his readers some political leaders actions of the time. For instance, in Epitaph on a Tyrant, Aden clearly portrays Hitler and his dictatorship. .ua8d501c072c8cccb54782a276bce98ba , .ua8d501c072c8cccb54782a276bce98ba .postImageUrl , .ua8d501c072c8cccb54782a276bce98ba .centered-text-area { min-height: 80px; position: relative; } .ua8d501c072c8cccb54782a276bce98ba , .ua8d501c072c8cccb54782a276bce98ba:hover , .ua8d501c072c8cccb54782a276bce98ba:visited , .ua8d501c072c8cccb54782a276bce98ba:active { border:0!important; } .ua8d501c072c8cccb54782a276bce98ba .clearfix:after { content: ""; display: table; clear: both; } .ua8d501c072c8cccb54782a276bce98ba { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua8d501c072c8cccb54782a276bce98ba:active , .ua8d501c072c8cccb54782a276bce98ba:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua8d501c072c8cccb54782a276bce98ba .centered-text-area { width: 100%; position: relative ; } .ua8d501c072c8cccb54782a276bce98ba .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua8d501c072c8cccb54782a276bce98ba .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua8d501c072c8cccb54782a276bce98ba .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua8d501c072c8cccb54782a276bce98ba:hover .ctaButton { background-color: #34495E!important; } .ua8d501c072c8cccb54782a276bce98ba .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua8d501c072c8cccb54782a276bce98ba .ua8d501c072c8cccb54782a276bce98ba-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua8d501c072c8cccb54782a276bce98ba:after { content: ""; display: block; clear: both; } READ: Compare the changing attitudes/views on war between 'The Going of the Battery', 'The Send-off' and 'Joining the Colours' EssayUnlike other people that would denounce mom political regime, the poet can criticize through methods of writing such as metaphors, images to override censorship and, at the same time, touch an informed audience. Spain is another example to show his political anchor as a pro-republican denounces the lack of help provided by others nations to Spain during this difficult time of civil war. Lastly, like Baudelaire did in his poetry collection Less Flours du Mall Aden is interested in the poorest in Refugee Blues and The Unknown Citizen. Poesy is a real mean of denunciation. As an artist himself, Aden show the alliterated aspect of the poet but he also links all forms of art together: by the evocation of several figures coming from different forms of art, Aden gives another point of view and evokes people he admires, respects. Moreover as artists, they have the same intention: the one to create and generate emotions, reflexive and even hope. Associations of words, he put into words what others would find difficult to say, builds audience. Spain is another example to show his political anchor as a pro-republican time of civil war. Lastly, like Baudelaire did in his poetry collection Less Flours du Mall,

Financial Forecast Principles of Corporate Finance

Question: Describe about the Financial Forecast for Principles of Corporate Finance. Answer: Assessment 1 Financial forecast and significance Financial forecasting is a fiscal management tool that helps in estimating relevant information based on the past, present and expected financial conditions. This helps in identification of future income and expenditure trends that might have a long-term or immediate influence on the strategic goals, government policies etc (Fields, 2011). Successful companies rely on such financial forecasting to develop business strategies because companies doing an accurate financial forecast always advance ahead and do not lag behind. Financial forecasting is an important tool if companies are applying for a loan. It also plays a major role where the companys operations are cyclical, so that cash shortfalls can be overcome and company can plan ahead accordingly by paying its payroll, rent and other expenses (Deegan, 2011). If a company is planning to introduce a new product into its business, then financial forecasting can allow the companies to construct a model of how its business will perform financially if specific strategies are carried out. Performance of Dr. Reddy In the year 2007-2208, there is a fall in the revenue by 22%which amounts to INR 51,945 from the previous figure of INR 66,418 and this can be attributed due to setbacks of interim nature with the third party suppliers. The alteration in the dynamics of the market urged the company to spot the Betapharma value. Assets impairment worth $406 million was taken in the past 3 years. As per the statements, it can be commented that the revenue, as well as shares increased, the impairment of goodwill, the non-cash write-down of intangible assets is a strong reflection on the margin, as well as profitability portraying a loss of INR 9172 million in the year 2009. Revenue enhanced by 39% taking the figure to INR 70,000 million. Moreover, going by the moves of Dr Reddy it can be said that the company is banking on a positive note. Importance of Sales Forecasting Sales forecasting can help to easily adjust the demand and supply of products by overcoming the temporary demand in the light of expected estimate. It can help in benefitting the inventory control by avoiding the weaknesses of over-stocking and under-stocking. Sales forecast also helps in the facilitation of territory allocation and reallocation (Davies Crawford, 2012). Sales volume can be estimated by various factors such as territory potential that includes estimating the market potential for a product line in a geographical region. It can also be estimated by the past sales experience by taking the past years sales for every geographical sales region, add a percentage of arbitrage and decide the sales volume. Companies also use executive judgement for estimating the sales volume when the market information is absent. The senior managers or executives apply their judgement based on the past experience to forecast the sales volume (Choi Meek, 2011). Significance of Pro forma statements Pro forma (as a matter of form) is applied to the method of presenting financial projections for a particular period of time in a standardized format. These are used by businesses for decision making and control processes and for external reporting to investors, creditors and owners. It can be used as a basis of comparison and analysis so that the management, credit officers and investment analysts can be provided a feel for a specific nature of the financial structure of a business (Graham Smart, 2012). It is a vital organ of the planning process and can also help in minimizing the risks associated with the initiation and operation of a business. Importance of External Funds External funds are acquired from outside sources of a company. If investment having a high interest rate can be found than the secured bank loan obtained by a company, then preservation of own resources can be done and these external funds can be used for the investment purpose. External funds can also be utilized for financing growth projects that the company could not have funded itself (Brigham Ehrhardt, 2011). Sources of external funds like shareholders and investors requires the company to give its portion of ownership in exchange of funds and in this way, companies can obtain huge influx of cash that can be invested for different purposes like launch of a new product etc (Horngren, 2013). Assessment 2 An organization cannot operate in isolation. It is influenced by various factors and different environment. It needs to be noted that change is inevitable and organizations has to undergo changes to adapt to the prevailing situation. The external environment influences the overall organization and it is not easy to control the external environment (Brigham Daves, 2012). The external environment is: Changes in the economy the prevailing situation in the economy plays a leading role in influencing the operations of the organization. If the economy is booming it will lend support to the business and vice versa. Competition threats organization operates under threat from the customers. The rivals are always in the hunt to gather a leading edge and this is done through many ways. Government rules the rules of the government also influences the organization. If the government regulations are rigid in nature it hampers the smooth functioning while a lenient policy helps the business. Organizational structure, as well as objectives helps in financial forecasts because a well designed structure along with firm objective helps in management and cost accounting that ultimately leads to preparation of the budgets. When the budgets are prepared in an appropriate manner, it helps in forecasting the financial aspect of the business (Horngren, 2013). The key success factor for organization can be done through reputation, endurance, credibility and the operations in Wangaratta and Benalla for the period of 50 years. Moreover, the community focus also plays a pivotal role along with the quality and responsibility. The professional approach also plays a leading role in delivering success such as governance, finance, innovation, systems, etc. The factor of governance and integrated system helps in achievement of the objective and ensure success (Brealey et. al, 2011). Through SWOT analysis we can define the organization. Strength A strong brand with a strong network Continuous performance in the long term Financial management Innovative management and strong capacity Weakness Aging websites Improper access to staff or trainers Inability to adapt to strong change Weak relation with HESG Opportunities Leading role in community projects Online learning, enrolment and registration. Staff development Products driven by market Threats Turnover of the staff Remuneration Funding of the government Exposure to economic environment The centre derives income through various sources like Commonwealth and State government, statutory authorities and other fee derived from business, as well as individuals. The development of budgets every year helps in keeping a tab over income and expenses. The bottom up approach is considered in this scenario (Burke et. al, 2010). The scenario in the past three years indicates that there is a decline in the total income along with increment of the expenses. The operating profit has turned negative and event the growth income that stood at -28.8%. As per the budgeted figure the total income will enhance in the coming three years with an increment in the operating profit (Brealey et. al, 2011). The position of the organization was affected in 2013 by non compliance and a surplus was seen in 2014. The total income enhanced from 2009 to 2012 while declined in 2013. At the same time expenses increased considerably. There was a change in the reported profit in the past three years where a decline was witnessed. The growth projects that after an increase in 2012 it slumped in 2013. This indicates a strong show but the figures are weak in 2013 and hence call for a strong attention by the management. Moreover, the business plan clearly indicates that the external environment is an important factor that plays a leading role when it comes to the organization point of view. The external environment like customer base, competitor policy all plays a leading role and hence needs to be considered in an effective manner (Albrecht et. al, 2011). There are various risks that come in the way of the organization. Maintenance of cash reserves is an important consideration and hence operations will be impacted. The customer and the funding base have been subjected to risk but only few contracts has accounted for over 50% of the funding base. Therefore, the risk pertains to funding agreements and the large contracts are prone to breach. Therefore, limiting such risk is not in control. The key assumption for the purpose of forecasting is taken from the budgeted figures that is taken with the help of past year trend. The operations clearly indicate that there will be a growth in the operations. Therefore, the total income can be projected to be high in the upcoming years. Similarly with the growth in the income there will be an increment in the expenses and operating profit will scale higher. Moreover, the external environment will play a leading role. While considering the external environment utmost importance is provided to the government regulations, policies and the competition. It is assumed that the government policy will aid in prosperity of the organization and will create better opportunities. Moreover, a cut-throat competition will aid in bringing favorable result to the organization as a whole. Assessment 3 Cash flow statement forecast Financial forecast for the next year Statement of cash flows For the financial year ended 31st December 2015 2015 2014 2013 Operating Activities Subscription entrance fees 157,92,304.85 137,32,439.00 104,74,318.00 Training, examination Assessment fees 239,11,574.00 224,11,574.00 209,41,063.00 Sponsorship and donations 30,26,000.00 27,76,000.00 25,29,068.00 Conference registrations 35,47,798.00 31,97,798.00 20,77,466.00 Property rental recoveries 13,50,753.00 10,50,753.00 7,83,782.00 Project income and associated fees 203,35,142.30 184,86,493.00 162,52,001.00 Interest income 25,342.00 34,342.00 43,453.00 Other income 1,80,000.00 2,18,451.00 6,20,779.00 Payments to suppliers and employees (628,62,810.00) (566,62,810.00) (469,44,296.00) Net cash flows from operating activities 53,06,104.15 52,45,040.00 67,77,634.00 Investing activities Net movement from investment securities (31,42,835.00) (31,12,835.00) (30,81,431.00) Payments for property, plant and equipment (6,15,044.00) (18,15,044.00) (14,86,950.00) Net proceeds from sale property 6,56,655.00 5,06,655.00 19,53,755.00 Net cash flows used in investing activities (31,01,224.00) (44,21,224.00) (26,14,626.00) Financing activities - - - Net cash flows used in financing activities - - - Net increase in cash and short term deposits 22,04,880.15 8,23,816.00 41,63,008.00 Cash and short term deposits at 1 January 2015 163,66,097.00 155,42,281.00 113,79,273.00 Cash and short term deposits at 31 December 2015 185,70,977.15 163,66,097.00 155,42,281.00 Sales Forecast Sales forecast Training Based sales due to change in the demographic 1500000 admission for new community programme 15% Revenue increase 20% Particulars 2015 2014 Subscription entrance fees 157,92,304.00 137,32,439.00 Training, examination Assessment fees 239,11,574.00 224,11,574.00 Sponsorship and donations 30,26,000.00 27,76,000.00 college operation 284,12,884.80 236,77,404.00 sales forecast 711,42,762.80 625,97,417.00 Profit and Loss forecast Particulars 2015 2014 2013 Continuing Operations Revenue from operating activities 711,42,762.80 625,97,417.00 553,37,919.00 Net surplus on sale of property 5,56,500.00 4,96,190.00 10,81,605.00 Other income from investments 35,56,981.00 38,56,961.00 86,06,362.00 Revenue 752,56,243.80 669,50,568.00 650,25,886.00 Expenditure Personnel costs 323,45,706.00 203,45,706.00 191,08,694.00 Consultants fees - clinical 9,76,667.00 8,76,667.00 7,65,866.00 Consultants fees - management 19,44,968.00 16,44,968.00 13,17,342.00 Telephone, teleconference and audio visual costs 9,28,941.00 8,58,941.00 9,30,701.00 Printing, stationery and photocopying 16,02,664.00 15,75,664.00 15,48,950.00 Postage and courier costs 7,04,417.00 6,64,417.00 7,03,837.00 Information system costs 12,66,824.00 11,76,824.00 12,66,163.00 Travel and accommodation 60,85,893.00 55,35,893.00 49,92,152.00 Associations and library publications 9,97,334.00 7,72,334.00 5,49,193.00 Audit, legal and professional fees 1,50,000.00 1,34,504.00 3,60,535.00 Bank fees and merchant charges 6,70,000.00 6,61,952.00 5,63,839.00 Rent, rates, power, repairs and other property cost 24,46,909.00 23,16,909.00 21,96,683.00 Insurance 2,18,817.00 3,38,817.00 3,51,303.00 Project equipment purchases, hire and repairs 9,97,244.00 8,97,244.00 7,20,356.00 Training manuals and consumables used in education and field projects 7,20,579.00 6,75,579.00 6,30,711.00 Scholarships, fellowships and research grants 11,50,883.00 11,10,883.00 12,71,300.00 Awards, other grants, gifts and prizes 8,60,443.00 5,60,443.00 5,38,980.00 Grants funded from external sources 5,39,144.00 91,82,180.00 63,11,364.00 Facilities hire and catering costs 54,91,793.00 41,91,793.00 28,29,648.00 Foreign exchange loss 18,000.00 21,070.00 2,02,086.00 Depreciation expense 15,23,498.70 23,02,257.00 27,45,787.00 Amortisation expense lease incentive 64,846.00 64,846.00 64,846.00 Specialist societies funding costs 38,94,707.00 41,40,769.00 43,86,831.00 Committee and office bearers costs 1,57,010.00 82,800.00 8,590.00 Doubtful debts expense 1,11,404.00 91,404.00 9,734.00 QSEC write-off development and legal costs - - - 4,180.00 Other expenses from operating activities 4,52,560.00 4,02,560.00 4,56,606.00 Expenditure 663,21,251.70 606,27,424.00 548,36,277.00 Surplus for the period 89,34,992.10 63,23,144.00 101,89,609.00 Other Comprehensive Income Foreign currency translation (3,680.00) (1,198.00) (15,536.00) TOTAL SURPLUS 89,31,312.10 63,21,946.00 101,74,073.00 Key Assumption and forecast The company has decided to increase the sales in the year 2015. The young generation people want to go abroad and do further studies. They are interested to join this college because this college is providing a better education. Even the student who are staying here are keen to join this college. This college is improving their way of teaching every year. At present it is thinking to introduce a new community programs which will make the company sales to be increase by 15 percent. Even they are changing its strategy so that the revenue will increase by 20 percent (Horngren, 2013). The planning of the new programs and various new activities to be launched in the coming year will make the sales increase to $ 71,142,762. Key Milestone Even in todays era company are requiring different type of qualities in the young generation people. This college is giving this type of training to the students so that after leaving this company they get their job immediately because of this quality of the college the sales are being increased. Due to the new strategy operating profit will increase by $ 8,913,312.10 compare to the previous year in which the profit was $ 6,312,946. The college is member of the Australian council for international development (ACFID). This ACFID will build trust among the stakeholders and will also lead to international development of the colleges. Though there are some of the external factors that lead to a positive impact on the environment. Some of the college programs are now available online because of that student can do abroad studies by sitting at their native place. For having a new style of studies young generation are approaching abroad colleges. Key Assumptions The present scenario is that young minds are going abroad for pursuing their higher studies which lead to an n increase in revenue. In order to improve their career opportunities young student are going abroad. The company has also forecast that they will give awards to students like scholarship which will help more and more students to participate in any project (Libby et. al, 2011). It leads to increase in expenses of awards, gifts prizes to $ 860,433. The picture for emerging market and developing economies is diverse but in many cases challenging. The continuous trend of new development, new community programs for youth will continue to weigh on the growth prospectus in coming years. Even the company wants to invest in new location for that it wants to spend S 12, 00,000 in the following project. It will lead to increase in the land acquired by them with the help of this they will recruit more more students for giving education. Even it in the coming year they will recruit more employees so that the work of the college are done quite easily. The current asset of the college is $ 92,259,439 which shows that the college is very much flexible they will run smoothly even in the adverse situation. Rationale used External environment affect a lot on the economy. The college is now focusing on the new development and even them giving training programs. The colleges are now scanning and monitoring so that they have huge development in the coming year. The external environment is divided into market, industry and macro environment. The colleges are even changing their way of studies according to the market trends such as online classes have been started for students. The market environment focuses on the students, faculty and colleges in abroad. The macro environment aim in the word (STEEP) social, technology, economic, environment and political. They are interrelated to each other. If any of the factors are being affected then it will affect the whole economy. The following factor should be stable so that the college trends of increase in economy remain stable. A sense of positive approach should be there and more and more students should come from outside for having higher education (Melville, 2013). Factors that impact the financial forecast The college must also focus on the following to have growth in the economy such as change with requirement of the market, social values. The proper analysis is the first priority with regard to development strategy. Even the government is funding grants to the college so that they give education to the young generation. Thus they are also getting help from the government in education related purposes. The audit fees have also been increase a little bit according to the forecast because of which profit have increase (Needles Powers, 2013). Even the college is providing a proper diet food in the college which will lead to catering cost being increase to $ 5,491,793. For this type of forecast a very experienced batch of faculty are needed who will do a proper forecast. Due to this forecast only they will go in the right path in the coming year. Assessment 4 The overall assignment is based on the concept of financial forecasting and methods. Dr Reddy has been studied for the purpose of financial reporting. From the assessment it has come to the forefront that financial forecasting plays a dominant role in the strategic growth of the company. The performance of Dr Reddy in the past year has been formidable except the previous year where there has been a downfall. Further, the importance of pro forma statement has been discussed and the need of external funds has been correctly chalked out. The performance of a company depends upon various factors and financial forecasting is an important tool because the future course of action needs to be pre determined so that proper action can be taken in this regard (Northington, 2011). The Centre for continuing Education has been discussed in Assessment 2. In this scenario, the business plan has been reviewed and the external environment in which the organization operates is studied. Moreover, the success factor of the organization has been brought to the forefront. A SWOT analysis has been to analyse the performance. A business functions under internal, as well as external environment and both play a major role in shaping the destiny of the business. External environment should not be strict else it might lead to a pause in the business. The Assessment 3 has been done to shed light on the financial forecast and budget. The financial forecast has been done with the help of excel features. Therefore, the cash flow forecast, sales forecast, profit and loss forecast. Various parameters have been undertaken and the business plan was designed with the following trends (Williams, 2012). Further with the help of various assessment criteria, the study has been done. Proper analysis is the need of the hour and this has been highly advocated. It also emphasizes that the process of forecasting involves a number of parameters for the business. According to the parameter it becomes easy to forecast. Further with the help of forecasting proper answers has been delivered about the functioning and future growth. References Albrecht, W., Stice, E. and Stice, J 2011, Financial accounting, Mason, OH: Thomson/South-Western. Brealey, R., Myers, S. and Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Brigham, E.F. Ehrhardt, M.C 2011, Financial Management: Theory and Practice, USA: Cengage Learning. Burke, A., Van, S. A., Thurik, R 2010, Blue ocean vs. five forces, Harvard Business Review,vol. 88, no. 5, pp. 28-29. Choi, R.D. and Meek, G.K 2011, International accounting, Pearson . 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