Porter Analysis IKEA

In United States as in Sweden, we can observe there are some companies operating in the furniture industry and there are many on the market retailers like Home Depot, Wal-Mart, Costco, Euromarket, etc†¦ The import of products from China for all these companies allows them to sell at low cost. These elements therefore tell us that the furniture industry is very competitive. There is an analysis of the rivalry of IKEA in this sector: IKEA works in a highly competitive industry highlighted by other low priced furniture producers like Galiform (England), Wal-Mart (USA), Euromarket (USA), Argos (England), and others. IKEA has wisely attempted to compete by entering the markets that typically pose the largest competition, such as China and Japan » (Caplan, 2006). IKEA reach a wider market to increase his customers and his market share. The company is, in the world, the leader in the industry of discounted furniture. For the customers, IKEA is the most in delivering the complete pack age, there are equivalent to those of furniture IKEA but value for money, IKEA is leader. The trust in customers about product quality, the global brand name and the design very popular design has given IKEA a competitive edge.To conclude, IKEA diversify this products with the food, textile and mobile industry so we can add Sainsbury’s, Tesco, Asda for UK food or Virgin, Vodafone and O2 for mobile to the list of IKEA’s competitors. Threat of New Entrants: Capital requirements – The need to invest large financial resources make it difficult for a competitor to enter a new market, because they have to commit money up front with no guarantee of returns in the end. This positively affects IKEA, in a short term because any new entrants will have to invest a large amount of capital in order to compete with them.IKEA has already a vast supply chain and its brand is already unique and known in a large scale and a new entrant in the furniture market would need a very lar ge amount of money to establish its brand and practice low prices as IKEA do. Supply-side economies of scale – â€Å"Economies of scale are factors that cause the average cost of producing something to fall as the volume of its output increases†(The economist). IKEA is positively affected by supply side economies of scale, because it is large enough for it. They make economies of scale as they use better technology and they also have a very large supply chain.Due to this, when new competitors enter this market, they will have a higher cost of production, because they have smaller economies of scale. Demand side benefits of scale – â€Å"Network effects arise in industries where a buyer’s willingness to pay for a company’s product increases with the number of other buyers who also patronize the company†(Harvard Business Review). This is a good point to IKEA as it has a large number of customers than the new entrants. The customers would prefe r to buy IKEA products than the products of the new entrant.Incumbency advantages independent of size – IKEA has an advantage because they have an established brand, this is a strong competitive advantage in a short term compared to new competitors. In this case entry barriers in the furniture market are high; this is an advantage to IKEA. On the other hand, IKEA stores are not present in many small towns; this is an opportunity for the new competitors to move into small and midsized cities where there are smaller stores and less selection. Even though it is not easy because new entrants would have to provide a large supply chain.Threat of Substitute: The threat of having substitutes in the home furnishings industry seems very low as there is no specific product, which can substitute the furniture. If we look at the definition of â€Å"substitute† proposed by Jean-Marc LEHU, we can say that in the industry of furniture manufacture, probability of substitutes is almost impossible. Possible threat of trend changes exists, i. e. there is growing orientation towards greater manufacture of furniture made from other materials than wood, that is, various metals, plastics and glass.However, despite the reduction of wood in furniture manufacture in the past years, wood is expected to stay one of the most important raw materials for furniture manufacture, because of its advantages when compared with other materials. As the market is becoming more environment concerned many firms are giving slogan to go green. But the basic functional demand has remained the same. So it is safe to say that there are no threats of substitutes. Buyer power: When we speak about buyers who are concentrated, we understood that there are few buyers and many sellers.In the home furnishing industry, there are indeed many sellers, of different sort, like furniture retailer, department store or big brand too. But in the same time, the number of all consumers is not comparable. Nowada ys, each person in the world needs home furnishing, never mind the country or the social status. So we cannot say that buyers are concentrated in the home furnishing industry. When the home furnishing industry concerns individuals, they don’t buy large volume except for special occasions. Home furnishing concerns purchase of something reflective or rather useful.We cannot buy home furnishing the same way as we buy food. Conversely, companies can buy easier large volume than individuals, but they don’t represent the bulk of buyers. As mention previously, there are many home furnishing stores around the world in order to satisfy or attract more and more consumers. These numerous competitors are in different sectors in office their size. Each company have to make their different with their price, products and service as add value, to response buyer’s needs. The most of the companies in the home furnishing industry try to make the difference in having low price to l ure buyers.For consumer, when a product, that he wants, it’s too expensive or not at his taste, it’s really easy for him to go to other stores. And buyers know that there are numerous alternatives sellers that give them power. Switching costs means that if a consumer compares the similar product from one seller to another seller, there is not a high difference of price. Indeed, in home furnishing industry, we cannot that the entire price are practically in the same price. We can remark too that the most of the products are similar that means they’re â€Å"standardised†.We can take the example of a whisk in five different stores (four presents in Ireland and one in France) Stores Price IKEA 6â‚ ¬50 Debenhams 5â‚ ¬ Mark & Spenser 7â‚ ¬50 Woodie’s DIY 5â‚ ¬ Alinà ©a 5â‚ ¬90 That chart show that all of the stores have practically the same price for exactly the same product. So we can say that buyers have a high power of negotiation with the several alternative sellers, the low switching costs and with the products that are standardised. Supplier Power: The supplier power in the home furnishings industry is quite low for numerous reasons.According to a French documentary, the number of supplier all over the world is huge. Most of these suppliers are located in the developed countries (Japan, Australia, Europe, Canada†¦). Each company has its own supplier. The suppliers have no influence because they can be substituted. (Gà ©rard Poitou-Weber, 2007). Yet, the customers in this industry are fragmented. The companies of this industry are implanted worldwide; every country has at least 5 companies of home furnishings that informed us how this market is developed.It appears that the suppliers of every home furnishings store are neither powerful nor famous. Each company is provided by different suppliers. The biggest companies have at least 500 suppliers from 20 or 30 countries (El pais, 2006). Based on this inform ation, we can suppose that it could be difficult for a supplier to become a key competitor. Of course, they still can integrate the market, but it’ll on a small scale. Suppliers have not that much power because they depend a lot on the companies they provide.It’s the companies from home furnishings industry which decide who will be their suppliers and they have a lot a choices. Most of the suppliers would go bankrupt without IKEA, M&S or Alinea. Big companies nearly impose the price of the items they want to buy from the suppliers (Alexandre DEBOUTE, Le Figaro, 2010). To conclude, the example of IKEA’s suppliers can illustrate the lack of power for the suppliers. The Franchisor IKEA Website provides us a large amount of figures that can show the low power of their suppliers.Ikea owns 338 stores but have about 1300 suppliers from 53 different countries. None of them can seriously think about integrate the market and try to compete with IKEA. IKEA also owns manufa cturing company like SwedwoodManufacturer. So it is evident that IKEA can threats the suppliers to enter into their business. In a nutshell, the supplier power in the home furnishings industry can be defined as quite low because of the numbers of suppliers, the numbers of home furnishings companies and the status of the biggest companies.

Harvey Norman

Harvey Norman Holdings Limited Group case study [pic] Tutor: Dr. Mahesh Joshi Group members: JIN CHEN 3350416 MINGFENG CHI 3316768 JINGHAN REN 3365087 TABLE OF CONTENTS Executive summary3 Introduction4 Source of Finance and financial segments4 Industry and competitor analysis5 Key highlights of financial and operational performance5 Highlights and change of financial performance5 Highlight of operational performance5 Change in accounting policies6 Assets – PPE and Intangibles6 eased assets and liabilities9 Auditor and auditor report11 Reference13 Executive summary Harvey Norman Holdings Ltd, a public company, is one of the most successful retail companies in Australia. They use a unique franchise model with granting franchises to independent business operators, and there are approximately 700 franchisees in Australia. As a retailer, their products include electrical, bedding, computers & communications, bathrooms & home improvements, furniture, small appliances, carpet & floor ing and lighting.In recent years, the company has begun expanding the international market, and there are an increasing number of Harvey Norman stores in New Zealand, Ireland, Slovenia, Malaysia and Singapore. The aim of this report is to show an overview of Harvey Norman’s business based on the 2011 Annual Report of Harvey Norman. This report will mainly focus on their core business, industry, operating activities, financial performance, PPE & intangible and leased assets & liabilities. Finally, independent auditor’s report will discuss their compliance with the AASB standard.COMAPNY Introduction Being a leader in retail stores of electrical, computer, furniture, entertainment and bedding goods, Harvey Norman was founded in 1982, Australia. At first, it is only a single store which sells electrical goods and appliances; however, the opening has proved to be a great success. With more and more stores open, Harvey Norman changed its operation into superstore format at t he beginning of the 1990s. After that Harvey Norman has been expanding its business globally and keepsincreasing the diversity of its products.In the financial year of 2011, Harvey Norman has gained an after tax net profit of 252. 26 million. And this makes it to be ranked at the 126th position out of 2000 large companies in Australia. (IBIS World, 2011) Source of Finance and financial segments Harvey Norman Holding LTD generally generates its revenue from those four segments below: †¢ Franchisee: with holding 195 franchise stores in Australia, it contributes the largest part to its company’s sales revenue. This revenue is consisting of the franchise fee and interest of franchise loans.However, due to the downturn of the whole economic environment, the franchisees themselves are struggling to keep their business alive. In my opinion, it is dangerous for Harvey Norman to be too rely on the franchising revenue. †¢ Retail store: excluding the 195 franchise outlets with in Australia, the company is running 96 complexes department by the time of 30 of June 2011, which are 26 more than 2010. †¢ Property: the property income Harvey Norman LTD is mainly coming from the rental of the franchisees and some other outlets who are renting their complex. Other businesses: as a public listed company, Harvey Norman also earns a good amount of revenue from trading its listed securities. Industry and competitor analysis As the main services the company is retailing. The industry it involves would be retailing industry of computer and software, household appliances and furniture. However, as the integrating of online services and strength of Australiandollar, the retailing industry has been very much affected. Even the chairman of Harvey Norman had commented the macro-environment to be challenging and difficult.Fortunately, as introduced above, although retailing has always been the core business activity of the company, it does not constitute the major part of its financial performance. The diversity of business activities leads a multiple option of financial growth. The main competitors of Harvey Norman Holding LTD is the group of J B HI-FI, who has declared a sales revenue from 2. 73Bn to 2. 96Bn as an increase of 8. 3% (P. 2, JB HI-FI annual report 2011), compares to the increase of 9% of Harvey Norman.According to the figure,it seems Harvey Norman is doing better than J B HI-FI, but the business segment for J B HI-FI is much less diversified than Harvey Norman, therefore, J B HI-FI is actually doing better in just viewing the computer and software segment. Key highlights of financial and operational performance †¢ Highlights and change of financial performance There is no significant increase or deduction in terms of financial performance. There is a slightly downturn showing in the franchising sales revenue from 5. 9bn to 5. 08bn contributed by almost the same amount of outlets. Basic earnings per share have increased from 21 . 78c to 23. 75c whilst a decrease of 2c in dividend per share compared with 2010. After closing date of report, the company announced 7 Clive Peters and Rick Hart may close and the rest of 18 stores will be changed into Harvey Norman format. The shutdown of 7 stores is to estimate to incur a charge around $10 million in the financial report of 2012. †¢ Highlight of operational performanceA very significant key operational activity occurs after the reporting date of 2011, which is Harvey Norman, launched its online retail store in the October of 2011. The company has fully confidence in this action and believes it will make a good difference in the financial report of 2012 Change in accounting policies According to Australian Accounting Standards, a few accounting policies have been put out recently but have not yet shown its effect on the report of 2011 will result an impact on 2012. Assets – PPE and Intangibles PPE 1. The carrying amount of each class of PPE, at report ing date, of Harvey Norman a. PPEIn accounting system, property, plant and equipment are belong to tangible asset and recorded as non-current asset if they are kept for more than one year or beyond the normal cycle of the entity. According to AASB116, if the cost of an item can be measured reliably and the future benefit will flow to the entity, then the items of property, plant and equipment can be recognized as PPE. b. Each class of PPE It can be seen from the HN’s note 12 that the PPE of HN was classified into: (1) Land and Buildings; (2) Plant and Equipment; (3) Lease make good asset. And the carrying amount of each class of PPE is showed in the below table: Category |Land and buildings | Plant and Equipment ($’000) |Lease make good asset |Total | | |($’000) | |($’000) |($’000) | |Year | | | | | |2010 |230,595 |206,563 |1,875 |439,033 | |2011 |257,765 |254,714 |500 |512,479 |According to the table, the total amount of PPE was about $512 million in 2011, which was much higher than the amount of 2010 about 73 million. 2. The accounting policies relating to PPE adopted by Harvey Norman. HN used cost model, under the AASB116. 73, to disclose items on PPE that each item was measured at historical costs or deemed costs less accumulated depreciation and accumulated impairment losses. (Statement of Significant Accounting Police 1(d)(v)) The land and buildings were measured at fair value, then less the accumulated depreciation.After that, the impairment loses were recorded when the revaluation was done. Besides, the straight- line method was used to calculate the asset’s depreciation during the estimated useful life. According to AASB116. 73 (e), each class of PPE should disclose a reconciliation of the carrying amount at the beginning and end of the period, and the changes include additions, disposals, impairment and amortization. In the HN’s report, the assets’ residual values, useful lives and amortization methods were adjusted in the end of financial year.Intangible assets 1. The intangible assets reported by Harvey Norman and their composition and relevance to this company’s business. Intangible assets are usually treated as non-monetary assets without physical substance. Therefore, they must be separately stated in company’s financial statement. By following the accounting standard, HN’s intangible assets are classified into three categories: (a) Computer Software; (b) Goodwill; (c) Licence Property; Category |Computer Software ($’000) |Goodwill |Licence Property |Total | | | | |($’000) |($’000) | |Year | |($’000) | | | |2010 |23,745 |11 |473 |24,229 | |2011 |57,791 |9 |494 |58,294 |HN’s report demonstrated that there was about $58 million in intangible assets in 2011, which showed a huge increase when compared to $24 million in 2010. Besides, it is clearly showed in the table that the Computer Software took the most part of t he intangible asset 2. The accounting policies relating to Intangible Assets adopted by Harvey Norman. All the disclosed intangible assets should comply with the AASB 138. 3/4/9, and the intangible asset which has an infinite useful life cannot be amortized in the annual report, based on AASB138. 107. Furthermore, in accordance with AASB 136. 08, an entity is required to test an intangible asset with an indefinite useful life for impairment by comparing its recoverable amount with its carrying amount annually or there is an indication of impairment. In the annual report, the intangible assets of HN in its annual report consist of two parts: (a) Identifiable intangible assets:Computer Software and Licence Property (which have a finite life and are amortised using the straight-line method over the useful lifes, computer software is no greater than 7. 5 years). (b) Unidentifiable intangible assets: Goodwill which accounts for only a little proportion of its total intangible assets. Goo dwill is not amortised, but it should be tested about impairment on an annual basis). The gains or losses from both two kinds of intangible assets are measured as the difference between the net disposal amount and carrying amount. 3. The items of impaired PPE or Intangible Assets of Harvey Norman According to AASB116, under cost model, the carrying amounts of assets should be reviewed during every financial reporting period to determine whether there is impairment. An impairment gain or loss should be recognized immediately if the carrying amount is lower or higher than the recoverable amount. PPE (a) Impairment of Plant and EquipmentUnder this standard, a review of the recoverable amount of assets resulted in an impairment gain of $968,000. Intangible Assets The computer software has a finite life and is amortised over the useful life, but goodwill has an infinite life, then, it is only subject to impairment test if there is an indication of impairment. (a) Impairment of Computer S oftware Under this standard, a review of the recoverable amount of assets resulted in an impairment loss of $674,000. leased assets and liabilities The lease liabilities consist of finance leases, AASB 117 – par 11, and operation leases, AASB 117 – par 12.This paper will analyze finance leases first, and then followed by operation leases. Firstly, the detail of the finance leases, numeric disclosure required by AASB117. In 2011 are: [pic] (Annual Report 2011, p104, p105) Secondly, the detail of operating leases, numeric disclosure required by AASB 117. In 2011 are: [pic] (Annual Report 2011, p105) Finance lease receivables are reconciled to amounts receivable in respect of finance leases as follows: [pic] (Annual Report 2011, p77) According to the information illustrated in 2011 Annual report page 63, amounts due from lessees under finance leases are recorded as receivables.Finance lease receivables are primarily recognized at amounts equal to the present value of any unguaranteed residual value expected to accrue at the end of the lease term plus the minimum lease payments receivable. Finance lease payments are apportioned between reduction of the lease receivable over the term of the lease and interest revenue so that it can reflect a constant periodic rate of return on the net investment outstanding in respect of the lease (Annual Report 2011, p63). Leases where the lessor retains substantially all the rewards and risks of ownership of the asset are recognized as operating leases.Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as the lease income. Operating lease payments are classified as an expense in the income statement on a straight-line basis over the lease term (Annual Report 2011, p63). Auditor and auditor report Ernst & Young is the independent auditor which is appointed to Harvey Norman Ltd. They have high reputat ion to satisfy the credible auditor requirements. We can find the auditor’s opinion on page 140 of annual report.According to the content in the auditor’s report and opinion issued by the auditor. This annual report is definitely an unqualified report because the auditor claims in their report that the financial report of Harvey Norman Ltd complies the Corporations Act 2001 and Australian Accounting Standards by giving a true and fair view of the company’s financial position. The financial report is also in accordance with International Financial Reporting Standards. An unqualified opinion also represents that any differences between management and auditor with accounting matters have been resolved to the auditor’s satisfaction.Conclusion This report states a lot of important information about the business performance of Harvey Norman, which can be compared with competitors and within the retail market. As one of the most successful retail companies in Au stralia, Harvey Norman’s core business include leasing properties, granting franchises to independent business operators who retail all kinds of products for home and office. In the financial year of 2011, Harvey Norman has gained an after tax net profit of 252. 26 million. Its financial statements complied with the accounting standards and the accounting methods were generally discussed.PPE and Intangible assets were also explained to associate with all the related requirements of AASB involving their disclosures. Moreover, the company followed the Corporations Act as well as International Financial Reporting Standards, and disclosed all the information required, which can be proved by unqualified auditor report issued by Ernst& Young. All the information given by 2011 Annual report can be relied by public to make decision on general purpose. Reference Harvey Norman Holdings Ltd, IBIS World (2011) Harvey Norman Holdings Ltd-Premium Company Report Australia, viewed 20 August 2012,J B HIFI, J B HIFI (2011) J B HIFI ANNUAL REPORT 2011 P. 2, viewed 20 August 2012, < http://www. jbhifi. com. au/documents/reports/110_2011-09-09_4-04-34. pdf> Harvey Norman Holdings Limited, Harvey Norman Holdings Limited Australian Packaging Covenant Action Plan 2010 – 2015 Revised March 2012, viewed 23 August 2012, Harvey Norman Holdings Limited, Company Profile, viewed 23 August 2012, Australian Standard Aboard, AASB 116, 117, 136, 138 2011 Accounting standards, viewed 23 August 2012, Harvey Norman Holdings Limited, Annual report 2011, p63, p77, p104, p105, viewed 22 August 2012,

HRM 2 Research Paper Example | Topics and Well Written Essays - 1750 words

HRM 2 - Research Paper Example The firm seeks to improve the productivity of the staff to realize greater output at relatively low cost. This plan is in line with the policy recommended by their management team to improve the welfare of the employees for better organizational performance. Clinix is established on a strong foundation of the spirit of service to humanity and this explains its aim to provide a comfortable working environment for the workers and clients in line with efforts to realize quality healthcare provision as proposed by the contemporary campaign on the healthcare sector across the globe. The Human resource department is at the center of discussion in regards to the increasing pressure on it to develop mechanisms of enhancing employee performance. The HR management in this firm is also expected to seek highly skilled human capital that would deliver quality output to justify the wage bill and promote the organization and the public relationship. Successful attainment of these HR performance pro jections are pegged on the above mentioned organizational strategic plan. The current human resource practices in Clinix healthcare can be categorized at an average level. The organization has always been working on a contractual engagement of most of its staff especially the nurses as a strategy of pushing employees to perform if they are to have their contracts renewed. It is important to note that the HR has very stringent laws and punitive measures as far as workplace malpractices are concerned. Issues like unexplained absenteeism, bullying of co-workers, insubordination, and negligent behavior towards safety precaution stipulations of the organization are highly prohibited and can attract heavy penalties if committed to the limit of prosecution. Another critical practice of Clinix HR is its objection towards flexible working policy towards the staff. The only available flexible working option is for the nursing officers who are allowed to report on their duties in shifts. Other members of the workforce are strictly on 8.00 a.m to 5.00 p.m reporting policy. It is worth to note that this healthcare organization emphasizes on continuous and free communication between its staff and the top management for effective co-ordination of activities. The interest of the workers is fairly taken care of in terms of their health conditions, emotional status, and spiritual wellbeing. The HR has consistently been undertaking employee appraisal as an effort towards encouraging the staff members to pursue their career and boost the performance index of the firm. Being a healthcare organization, the HR absorbs staff on pure merit criteria to achieve its target of working with skilled manpower capable of measuring up to the competitive environment on which the organization operates. Clinix has consistently believed in internal control as a tool to ensure that the staff is doing the right thing all the time with the culture of integrity and accountability. The employees are ex pected to uphold ethical standards and strict adherence to legal framework on which the healthcare sector is based. There is an annual on-job training on how to manage stress in the workplace and professional approach towards interpersonal relationships between the workers and patients. The nursing profession is fairly

Discuss how the credit crunch could affect corporate decision making Essay

Discuss how the credit crunch could affect corporate decision making over the next few years - Essay Example Taking the Asian example, in the years succeeding 1997, both the demand and supply were determined to have been affected by the credit crunch. Demand for credit declined as consumption and investment were sharply reduced due to uncertainty, overcapacity, weakening economic conditions, and the negative wealth effect arising from a fall in asset prices. The borrowers lost credit worthiness, which made banks reluctant to lend, even at higher interest rates. The financial system will also be affected in such a situation, resulting in the decline of supply of credit, which further weakens its demand (Lindgren, 1999, p. 24 - 25). According to Jubak (2007), in a credit crunch, lenders stop lending and credit becomes tough to obtain. Credit crunch is a crisis that feeds on fear and uncertainty. A lender can compensate for fear by raising interest rates, tightening credit standards or writing more protective covenants into the terms of a loan. But if the size of the losses is uncertain enough, lenders cant compensate for the additional risk because lenders dont know how large that risk might be. Credit crunch is characterized by extremely depressed liquidity and deteriorated balance sheet positions for households, corporations and financial institutions; sharply increased interest rates as all sectors scramble for remaining available funds; rising yield differentials as investors sell risky investments and switch to safe assets; a severely depresses stock market; and the inability of many borrowers to obtain funds at any cost (Wolfson, 1994, p. 22). The supply of funds is restricted not only because of the tight monetary policy by reducing bank reserves, but also due to smaller deposit inflows to financial institutions and reduced savings flows (Wolfson, 1994, p. 22). In order to study the causes of credit crunch, Clair and Tucker (1993) focus on the Texas banking industry and the credit crunch phase of seven years starting 1986. The authors

Construction Health and Safety Essay Example | Topics and Well Written Essays - 2500 words

Construction Health and Safety - Essay Example For this reason, some insurance companies fear that handling these risky sites and vouching for the health and the lives of the employees involved in the job may cause them too much funds that may indeed jeopardize their financial stability. Hence, the establishment of the limit of the fund to be allotted for the said issue has already been passed and rather applied in business organizations today. There are certain standards that companies today need to abide with which gives them a chance to be accommodated by several insurance companies in support to the healthcare assurance that they need, however these provisions are guided by certain limitations that both employers and employees must carefully give attention to. This is especially true on the part of those who are involved in the construction industry. In this paper, the statement mentioned above with regards handling risks successfully as an employer, as an employee and as a team of people working together to establish a struc ture, shall be well discussed and assessed as to how much they should be recognized by the current construction project planners at present. Avionics Solution is a small business organization serving as one of the leaders in manufacturing avionics equipment. It started as a family-owned business that delivers quality products given to its regular clients. As of today, Avionics Solution is currently employing at least 48 personnels within its manufacturing facility. It is the main aim of the organization's administration to be of great help to its employees as well as with its clients. Through the establishment of a fine communication system that flows between the employers, the administrative sector and the rank and file employees, the organization's head officers try to bridge the gap existing between the said stakeholders of the organization. Clearly, the mission of the organization to serve the community with the best possible services it could offer have been understood by the organization's authorities to have been effectively sourced out from the establishment of fine camaraderie among the people making up the enti re company, including the employees as the primary actors within the organization's journey towards success. Certainly, Avionics Solution wants to make sure of its competitive status in the manufacturing industry by providing its employees a workplace that stimulates employee interaction and economic growth. However, with all the fine set of missions created by the administration for the entire organization to follow, it has been found out that most of the employees complained about the fact that there are several provisions not granted by the organization, which namely includes health insurance and retirement plan. It is then proposed in this plan paper that the said issue be addressed well. This is to help the company get assured that it would be able to stay in its status of competition within the industry, through its provision of the utmost important factors of consideration for its employees. The said plan proposal

Managing hospitality and tourism projects Essay

Managing hospitality and tourism projects - Essay Example Relying on the superiority of software, it could manage planning and estimation, scheduling, budget management and cost control, resource allocation, communication, collaboration software, quality management, decision making and administration or documentation system. Total quality management is referred to the structured and comprehensive approach towards organizational management which seeks to enhance the quality of services and products through ongoing improvements in response to the continuous feedback. Total quality management can be put into practice by any kind of organization; it was initiated in manufacturing sector and then it has been adapted in almost each type of companies including churches, schools, hotel management, and highway maintenance. The purpose of the report is to critically evaluate several concepts, theories, and tools related to the project management and decision making. Various concept of project management will be applied in the Radisson Blu Hotel at Di sneyland Paris and focus will be paid on how change management will help the company to attain success. Cost benefit analysis involves first totalling the benefits and then evaluating these with costs related with the course of action. The outcomes of the investigation are frequently expressed in terms of payback period which is the time taken for the benefits in order to repay the costs. The cost benefit analysis technique can be used in various situations such as in making decision whether to employ new member of team, during making evaluation of a novel project, and in determining the viability of assets or capital purchase (Layard and Glaister, 1994). Determine scope and objectives: The initial step involves outlining the characteristics of problem which is to be addressed. The information provided at this phase should also present an initial sign of how suitable the objectives are relative to the needs of

Introduction to E-Commerce Coursework Example | Topics and Well Written Essays - 2000 words - 2

Introduction to E-Commerce - Coursework Example The case of â€Å"The Royal Automobile Club† and â€Å"Cabela’s† will be discussed in this report. These are two businesses which expanded their operations through e-commerce. Enhancement of the web portals increased the sustainability of the businesses. The new platform anchored by the businesses provided the customers with a world-class shopping experience. This enhanced the domain of retail selling of the businesses at a whole new level. This report will emphasize on assessing the findings and analyzing the benefits which the businesses have availed through this practice. The findings in this section have been supported by applying two cases which have elaborately been placed in the appendix. The first case is of Cabela’s which is a retail store business which supplies fishing, hunting, and camping equipment. Cabela’s has several physical stores located and it is engaging with e-commerce for providing ease of accessibility to different customers and at the same time enhance the existing customer base (Micros, 2013). Similarly, the other case of the Royal Automobile Club shows that to facilitate its existing members the business has initiated entering in the e-commerce business. This gives the club members flexibility of reserving the restaurant and rooms at the club in the easiest possible manner (Micros, 2012). Both the cases are adopting e-commerce but the purpose and customers.

Organisational behiever design Essay Example | Topics and Well Written Essays - 750 words

Organisational behiever design - Essay Example So lack of appropriate leadership was the main issue for the company facing so many crises. Following are the related four sub issues. One of the four sub issues was lack of motivation amongst employees. It is very important to keep the working environment challenging for the employees so that they are kept motivated. But again how challenging it should be so that it does not harm the productivity is again the leader’s responsibility. By the implication of the expectancy theory, the employees of the company could have been motivated. The theory relates to the determinants of the attitudes and behaviors at the workplace. There are three things that this theory explains that are valence, instrumentality and expectancy (Judge and Robbins, 2010). Valence is the measure of the attraction and the satisfaction associated with the predefined outcome for an individual. Instrumentality is the belief of the person regarding the relationship amongst performing the action and experiencing the outcome. Expectancy is the belief related to the link amongst the effort making and the good performance in true terms. So if the CEO at that time could have been able to use this theory then the results might not have got worse like in the decade of his leadership. Maslow’s Hierarchy of Needs Theory is one other theory that applies in this case. The reason is that the new CEO failed to fulfill the two higher level needs of the employees of the company that are the esteem and self actualization, Esteem incorporates internal factors like self-respect, achievement and autonomy external factors like recognition. Self-actualization relates to things like achieving your potential, growth and self-fulfillment. The new CEO could not safeguard the higher order needs of the Maslow’s Hierarchy Need Theory. Another sub issue was lack of trust in the company amongst the CEO and all levels of employees. It is known that trust is an expectation that is positive that another does not and will not by words, decisions and actions act opportunistically. Trust is based on two things mainly that are familiarity and risk. Trust has a lot of dimensions mainly like integrity, competence, consistency, loyalty and openness etc. Integrity relates to things like truthfulness and honesty, competence means the interpersonal and technical knowledge and skills, consistency relates to predictability, good judgment and reliability under various situations, loyalty means the willingness to safeguard and protect face for any other person and openness relates to the reliance on someone else to provide you the truth in full. Basically there are three types of trusts that employees in any company can experience. One is deterrence or fear of punishment based trust, the other is identification or trust based on mutual understanding, appreciation for other people’s desires and wants, and the knowledge based or behavioral predictability based trust that roots back to the inter action history. At J.J. Meyers Company the basic issue was that the trust was deterrence based. It means that the employees feared punishment and were forced to trust the CEO whereas they dint not like his leadership style at all. One other issue was that the expectations of the employees were not being fulfilled as they were being in the previous times of success of the company. The culture, the leadership style, the communication, group dynamics are the things on which the perception of the worker is based and these are the things that direct the

Managing Remote Coders Research Paper Example | Topics and Well Written Essays - 1000 words

Managing Remote Coders - Research Paper Example Job requirements as highlighted by organizations in their job advertisements, location of remote coders and responsibilities of a remote coder, all have evolved with time. These remote coders can work from any location including their home and can provide quality service to health care providers. Many job opportunities are available for remote coders on national and international level. The need for precise coding of patient data has created a high demand for the professional remote coding specialists. Weil (2007) in his article claims that â€Å"with coder shortages, increasing coding complexity and the ever-present need to find cost saving solutions, organizations are turning to outside relationships to maintain a competitive advantage while delivering superior patient care†. The medical coding process involves the coding of medical records of patients into numerical format for the purpose of data storing. Coding is done by reviewing medical records of the patients and trans forming medical details of the patients’ illnesses and procedures into numerical codes. Requirements of Other Organizations based on Job Advertisements The organizations, which appoint remote coders, have certain requirements. To become a remote coding specialist, one must acquire certain technical skills and qualifications. Adequate resources and training are available for remote coders to polish their skills. A remote coder needs to have certification from a well-recognized organization as AHIMA or AAPC. A certified coding specialist certificate is essential to work as a remote coder. A certified professional coder is a specialized person with high professional value who has passed a coding examination conducted by AAPC. It is highly recommended that a remote coder has at least two years of coding experience at a hospital and is able to satisfy the CEU requirements. According to Becksterhead (2010), â€Å"applicants must have a minimum of one year's coding experience and A HIMA certification, with Registered Health Information Administrator (RHIA), Registered Health Information Technician (RHIT) or Certified Coding Specialist (CCS) certifications†. The remote coders are expected to have high school diploma. However, the preference is mostly for candidates with a Bachelors degree. The remote coder applicant is also expected to possess excellent written and verbal communication skills. Since the coder has to review the medical records and other documents extensively, the language proficiency is of prior importance for him. As per Black (2009), â€Å"he should have excellent organizational skills for detail-oriented and repetitive job duties. Also requires the ability to work independently and make decisions with minimal supervision†. It is also essential for the coder to have knowledge of medical terminologies, pharmacology and disease processes. Implementing Remote Coding at a Facility Initially to implement a remote coding program, an adm inistrator can make use of simple cost and benefit analysis. It is highly cost effective to recruit remote coders on permanent basis. Klarberg (2010) in his article writes, â€Å"Remote coding can be successfully implemented and managed by even the smallest of facilities. Prior to implementing a remote coding program, it is imperative that HIM administrators fully discuss remote coding solutions with various departments†

Western Artists Have Approached The Orient At Various Moments With Research Paper

Western Artists Have Approached The Orient At Various Moments With Perfectly Honourable Intentions And Genuine Respect - Research Paper Example At the end of the paper the writer shall conclude by saying that the western artists indeed have approached the orient in a honourable and respected fashion, as the case ought to have been. Orientalism is a term, which is used in history fir the depiction of the Eastern art by the writers, artists, painters and authors belonging from the western countries. In order to understand the contribution of the western artists on orientalism, it is pertinent to understand the definition of orientalism. Following is the definition of Orientalism: â€Å"The countries of Asia, especially of eastern Asia.† Orient is the word, which has been given to the east and the art of the east, which consists of the Middle East, India, Turkey and North Africa. â€Å"Figures in Middle Eastern dress appear in Renaissance and Baroque works by such artists as Bellini, Veronese, and Rembrandt, and the opulent eroticism of harem scenes appealed to the French Rococo aesthetic.† The earliest indication s of Orient Art in the western culture started to show up in the 15th century, when the renaissance movement had started. The intermingling of the Western people with the Asian and the eastern culture was paramount and fundamental towards the development of Orientalism. Beginning of Orientalism: â€Å"In 1798, a French army led by General Napoleon Bonaparte invaded Egypt and occupied the country until 1801. The European presence in Egypt attracted Western travelers to the Near and Middle East, many of whom captured their impressions in paint or print. In 1809, the French government published the first installment of the twenty-four-volume Description de l'Egypte (1809–22), illustrating the topography, architecture, monuments, natural life, and population of Egypt.† Once the French initiated orientalism, more and more European nations started coming forwards by taking interest in the culture of the Middle East and eastern Asia. The taste for orientalism manifested itsel f in European architecture, the building styles and the furniture. Orientalism has positively influenced the design and art of the European architecture. Orientalism in Architecture: The Middle Eastern style of architecture had a major influence and was a source of inspiration for the European countries, as well as motivating them to build similar style of building in their own countries. The Guildhall, London, is an important example where the British adopted the Indian style of architecture during the late 17th century. The Indian style of architecture was also known as Hindoo Style of architecture. Another example of the Indian style of architecture is the Sezincote house, which was built from the inspiration of the nawab style of Bengal. The intermingling of the culture of the east with the western adaptation had already started once the British invaded India. It is imperative to state that the British were heavily inspired by the tomb style architecture of the Muslims and the N awabs, and that reflected in their sense of architecture design of the future. Apart from learning the influence of the Indian architecture, the Western people also took great influence form the Turkish style of construction, which was an integral part of the 19th century French architecture. French Orientalism: French orientalism kick started in the early 18th century after Napoleon Bonaparte conquered Egypt as part of his annexation agenda in Asia. The French invasion of Egypt has a great role to play to influence the French tribes and locals to start inheriting the Egypt form of art back to their home country. The major influence which the French took form Egypt was in the form of painting, especially oil

Assessment for Learning Essay Example for Free

Assessment for Learning Essay The results of the personal survey of assessment literacy showed that general considerations scored 87/90, prior to test design scored 53/55, writing the test scored 28/30, during test administration scored 15/15, and after testing reflected 25/25. Our school is a small private school with small classroom sizes. As a result, most of our students receive specialized one on one attention and strong supervision for their academic success. Teachers believe every student can and will succeed. It is not an option to do otherwise. â€Å"Teachers must believe that all students can achieve a certain level of academic success, must bring all of their students to believe this of themselves, must accommodate the fact that students learn at different rates by making use of differentiated instruction, and must guide all students toward the attainment of standards† (Stiggins, 2005, pg. 326). How we test students need to take into consideration the impact of the learner (Stiggins, 2008). Stiggins (2008) informed teachers to utilize assessments for students by looking at the classroom level of use, the program level of use, and the institutional accountability and policy level of use. Looking at the school survey of assessment literacy will take into account these three types of assessment uses and their importance in generating an accountability system for our school to develop a system that fosters learning for all students. My greatest area of strength in regard to assessment literacy can be found in during test administration (15/15) and after testing (25/25). These were perfect scores and illustrated that student’s needs were met when considering the testing environment as conducive to maximize student performance and monitoring the students as they take ASSESSMENT FOR LEARNING 3 the test. Directions are always clear and questions are rarely asked. Tests are accurately scored because they are reviewed twice. Assessment data is gathered for what questions students answered incorrectly and notes are made for improvement of material taught the following year. It is reviewed again after the results of the test are completed to ensure mastery before moving on to the next chapter. The main goal is always on student achievement and mastery of the material. The data adjusts instruction to improve student performance. Any students who do poorly are given the opportunity to retest for 92% of the grade for improvement and mastery. Parents are notified of any student receiving below an 86%. This is our school policy. Retests are given within a week of the original test. Tests are graded the same day and given back the next day. This enables students to observe what they got wrong and assess ways to improve for the retest or master the material. Assessments are not always tests. Projects, reports, computer uses, etc. are vital ways to assess student learning through a plethora of ways. Gardner (1999) believed that students learn through spatial, linguistic, naturalist, interpersonal, intrapersonal, bodily kinesthetic, logical/mathematical, musical, and existential. Educators should recognize that diversity needs an on-going presence, availability, and active participation in the classroom teaching process (Spasovski, 2010). â€Å"If society wants all students to meet standards, then all students must believe they can meet those standards; they all must be confident enough to be willing to take the risk of trying† (Stiggins, 2008, p. 8). My greatest limitation in regard to assessment literacy is working with colleagues to design common assessments. Since we are a small private school, teachers are left ASSESSMENT FOR LEARNING 4 with the task of compiling their own assessments. Our principal will supply the assessments created by the publisher in book form or cd rom or teachers can compile their own. None of us work with colleagues to create assessments. We have team meetings that cross teach certain areas that are being studied to enhance learning across disciplines of teaching. However, assessments are each teacher’s responsibility. The Stanford test scores analyze our teaching productivity. Data is analyzed for the incorrect answer. The results address the weakest area of student learning. Teachers are to find solutions to fix them through data and research of proven strategies that work within successful classrooms. According to Creighton (2001), collecting data without purpose is meaningless. Data driven decision making and instructional leadership support one another. By analyzing the data that exist in our schools, student achievement and quality in teaching and learning can improve to assist students to become avid learners. Part 2: Analyzing the Survey Results The survey results of the criteria for the school survey of assessment literacy scored 84/90. Assessment, curriculum, and instruction are balanced in our school. Assessments are aligned to benchmarks, standards, and scaffolding of material over time to foster students’ learning. To promote student achievement, assessments are varied and reliable. Communication is accomplished with parents about performance through emails, assessments sent home requiring signatures, progress reports, report cards, and Stanford test scores. Since our students score in the 79-99% ranking of Stanford test scores as a class average, teachers seek solutions through data to ASSESSMENT FOR LEARNING 5 improve class average test scores. If any student did poorly, teachers seek ways that will improve student learning. Principals and teachers can learn to maneuver through the statistical data to help create goals and strategies for change and improvement (Creighton, 2001). The school’s greatest area of strength in regard to assessment literacy was that data-based decisions about student mastery of standards are made collaboratively by administrators and teachers. By looking at our strengths, opportunities, weaknesses, and threats, teachers can gain insightful information into how they may best serve their diverse students’ needs and administrators can find solutions to helping these students achieve an optimal learning experience at school. This creates an opportunity for teachers and administrators to work together to improve student achievement. By understanding our diverse students’ needs, teachers and administrators can see the big picture and find viable solutions to problems that arise at their school. This year we have added a resource room to help struggling students with special needs get help from an ESE teacher. Curriculums are modified to accommodate student’s needs based on any language or learning barriers. The dominant culture of the nation-state should incorporate aspects of their experiences, cultures, and languages, which will enrich the mainstream culture as well as help marginalized groups to experience civic equality and recognition (Gutmann, 2004). Teachers have professional development sessions and team meetings to assess proven methodologies and research to help students learn. â€Å"When teachers support students by treating them with respect and caring about their futures, and encourage students by helping them to succeed, students are more likely ASSESSMENT FOR LEARNING 6 to respect and get along with one another; when taught how to be more tolerant of others, students exhibit greater tolerance† (Gollnick Chinn, 2006). Our school climate is multicultural and is reflected in every aspect of the education at our school. This is imperative if we want our students to compete in a global economy and to ensure learning and equity for all students. The school’s greatest limitation in regard to assessment literacy is that not all teachers recognize students’ emotional connection to assessment and its results. Also, the formative assessments are not used regularly to tell members precisely where to focus their improvement efforts and how to do it in a timely manner. My students complain that some teachers take a month to grade papers. Parents complain to me that other teachers do not understand their child’s special needs. For instance, I have a student with dysgraphia, dyslexia, and ADHD. For spelling tests, I have found it beneficial to call him up after tests and have him spell the word to me verbally that he got wrong in writing and he often gets it correct. He has transformed from a failing student to an â€Å"A† student. I grade his paper immediately after he turns it in and I ask him to spell the words he got wrong to me verbally. When students are failing, teachers need to find viable solutions to increase student learning. No single assessment is capable of answering all these questions to aid a student’s learning capabilities. A productive, multi-level assessment system is needed to ensure accuracy of all instructional decisions (Stiggins, 2008). Relying heavily on Stanford test scores impedes a student’s emotional connection to assessment and its results. Instead a wide arrangement of student work should become part of a portfolio to determine the overall ASSESSMENT FOR LEARNING 7 success rate of a student. â€Å"If all students are to succeed, they must have continuous access to credible evidence of their own academic success at mastering prescribed achievement standards† (Stiggins, 2008, p. 8). Data shows teachers areas that need improvement in teaching, student’s weaknesses, and how to do better next time. This will enable students to build self-efficacy when teachers help students to see what success looks like through assessment analysis to improve test taking the next time (Stiggins, 2008). This is the reason our school offers a retest at 92% of the grade. This is what Stiggins refers to as replacing the intimidation of accountability as the primary motivator through tests with the promise of academic success for all learners. This type of assessment promotes hope for all students to become successful. We are reminded by Tashik (2010), that an effective performance assessment system requires the complete interplay of several components: 1. Teaching and learning must remain the constant focus of the school. 2. Teams of teachers collaborate on all aspects of instruction and assessment. 3. Staff, department, and grade meetings are regular features of the school week. 4. Scheduling includes blocks of time for teachers to mentor and supervise student progress on the performance assessment tasks. 5. Continual development of new courses and units of study to better engage students in their learning and meet their academic needs. When these key components are intertwined, effective assessments can benefit our students through diversity and it can take the shape of molding into our students’ needs. When we look at the classroom level of use, the program level of use, and the ASSESSMENT FOR LEARNING 8 institutional accountability and policy level of use, assessments can work together to scaffold student learning for optimal success. In a perfect assessment system, the foundation would comprise of an array of assessments that enable students to learn more through scaffolding and take ownership of his or her learning success (Stiggins, 2004). ASSESSMENT FOR LEARNING 9 References Creighton, T. (2001). Data analysis and the principalship. Principal Leadership, 1(9), 52. Gardner, H. (1999). Intelligence reframed: Multiple intelligences for the 21st century. New York: Basic Books. Gollnick, D. and Chinn, P. (2006) Multicultural education in a pluralistic society. New Jersey: Pearson Education. Gutmann, A. (2004). Unity and diversity in democratic multicultural education: Creative and destructive tensions. In J. A. Banks (Ed. ), Diversity and citizenship education: Global perspectives (pp. 77-96). San Francisco: Jossey-Bass. Spasovski, Ognen. (2010). Principles of the inclusive education and the role of teachers and in-school professional staff. The Journal of Special Education and Rehabilitation,111(1-2), 67-86. Tashik, P. (2010). Changing the national conversation on assessment. Phi Delta Kappan, 91(6), 55-59. Stiggins, R. (2004). Classroom assessment for student learning: Doing it right – Using it well. Portland, OR: Assessment Training Institute. Stiggins, R. (2005, Dec. ). From formative assessment to assessment FOR learning: A path to success in standards-based school. Phi Delta Kappan, 87(4), 324-328. Stiggins, R. (2008). Assessment manifesto: A call for the development of balanced assessment systems. Portland, OR: ETS Training Institute.

An Analysis Of A Mergers Profitability

An Analysis Of A Mergers Profitability Abstract Introduction In the last few years we have observed a revived surge in the number of mergers. They are more often observed in countries with better accounting standards. Companies undergo mergers for a number of reasons. The primary reason is the proper allocation of resources and thus, increasing cost efficiency. A small amount of research has been done in the past years analyzing the short and long term effects of mergers in creating value for the companies. It has been seen that most mergers result in failures but not much research has been done in analyzing the reasons behind it. My research would be based on few of the biggest mergers that have taken place in the last few years. Firstly, my analysis of a mergers profitability would be based on standard event study methodology. It would take into account the return to shareholders. Secondly, it would also aim to provide evidence regarding the signalling theory and the synergistic and the agency views. This would be based on an in-depth analys is of various determinants such as the excess returns around the announcement of the merger bid and around the termination of the merger and the significant differences in the responses of firms attempting focusing versus diversifying mergers respectively. Lastly, this would be followed by a thorough analysis of the valuation effects of mergers. There have been varied views but no one conclusion has been reached. I would thus, like to investigate deeper into it 2. Literature Review and Hypotheses Analysis revealed My research concentrates on the effects of a focusing and diversifying merger on the abnormal returns around the announcement period of the merger. The study by Delong (1999) can be seen as an extension to my research. He based his research on evaluating the stock pricing behaviour of the bidder and the target in bank mergers. He further studied the abnormal returns according to the nature of the merger i.e. focusing or diversifying. In my analysis, I take into account only activity focused mergers, whereas Delong (1999) considers mergers which focus on both activity and geography. His results show an enhancement in value of a focusing firm of about 2 % to 3 % as compared to a diversifying firm irrespective of the time period. On investigating further, he found that the relative market size of the target to the bidder and the pre-merger performance of the targets show an apparent relationship with the cumulative abnormal returns so calculated. Wong and Cheung (2009) analyse the changes in the stock prices of the bidding and target firms in Hong Kong, China, Taiwan, Singapore, South Korea and Japan, following a merger or an acquisition announcement. It can be seen from their analysis that such an announcement yields positive results for the bidding firms but does not prove to be very beneficial for the target firms. Their hypotheses considered the consequences of the mode of payment, the type of acquisition and the type of the target firm on the stock pricing. Out of them only the second variable seems to have a direct effect on the post announcement returns of the bidding firm. Huang and Walkling (1987) conducted similar research by extracting a sample of acquisitions from the Wall Street Journal which consisted of all initial front-page acquisition announcements. But this, took into account slightly different variables as compared to the other analyses discussed above. They determined the effect of tender offers vs. mergers; cash offers vs stock offers and resisted offers vs. unresisted offers. Their analysis revealed higher abnormal returns for tender offers which were quite insignificant once the effect of the extent of resistance and the payment type were isolated from it. The deals which faced resistance during a merger or tender offer showed higher abnormal returns irrespective to the mode of payment. All the results obtained above were either insignificant or marginally significant, but the effects of the third variable i.e. the form of payment showed some concrete results. The cumulative abnormal returns obtained from cash offers were radically high er than those obtained from stock offer. This research carried out by Huang and Walkling gave quite a holistic overview of the effect of the announcement of an acquisition, as it took into consideration, variables which are affected by both the bidding and target firms decisions. All the literature discussed earlier in this paper, has illustrated some positive effects of an acquisition for both the bidders and the target firms. But, the analysis conducted by Bruner (2001) showed a little variation to the above. It suggested that only the target shareholders draw upon the benefits of the acquisition. No such profitable return is observed for the bidding firms. But, the combined returns of the bidder and the target yield positive results. The approach followed by Bruner differs significantly from most of the research discussed earlier. He measures the performance of a merger and acquisition based on the investors required returns. After observing the abnormal returns of the acquirer around the announcement date of the merger as per my research, the most obvious next step would be to analyse the long term effects of the merger. Various studies have been done in order to rightfully determine the outcome .The study by Asquith (1983) showed drastic negative returns after about three years of the merger. One of the best analyses that I found was by Agrawal, Jaffe and Mandelkar (1992) in their paper ‘The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Their results are based on a thorough analysis of a number of mergers that took place from 1955 to 1987. They explored the effect of the size of the firm and its beta risk, and found a loss of 10 % in the total wealth of the acquiring firm, five years after the merger was completed. An attempt was also made to find the additional NPV which is not captured by the announcement returns analysis. But, it was seen that the modification of t he market was similar for both the announcement and post merger analyses. Cole et al (2006) Investigate a number of unsuccessful mergers in order to determine if they create or destroy value for acquirers by using mainly two approaches. Their signalling approaches show that the value of the bidding firm is reduced by a large margin in the market, which is a form of a punishment for considering the acquisition of a low NPV project. They also find that horizontal mergers yield negative CAR. Hypothesis 1: The average abnormal returns (AAR) yield positive results for all sub-periods in the event Hypothesis 2: The Cumulative average abnormal returns (CAAR) yield positive results for all sub-periods in the event. Hypothesis 3: The type of acquisition, kind of acquisition, the mode of payment and the type of target firms affects the value of the cumulative abnormal returns (CAR) around the announcement day t=0 in the event. Take into account focusing and diversifying 3. Methodology We begin by classifying the effective sample into two categories – Focusing and Diversifying. The classification approach has been adopted by Mann and Sicherman (1991).This can be done by comparing the two-digit SIC Codes of the acquirer and the target firm respectively. If both the firms involved in a deal have the same two-digit SIC Code, it can be classified as a focusing acquisition, whereas, if both firms have different codes, it is classified as a diversifying acquisition. Now we progress towards analysing the cumulative value created by a focusing and diversifying acquisition around the announcement date, using a standard event-study methodology described by MacKinlay (1997), Huang and Walkling (1987) and Wong and Cheung (2009). The Market Return Model is used in this case, to calculate the abnormal returns of the sample using a linear relationship between stock returns and market return. Rit = ÃŽ ±i + ÃŽ ²iRmt + ÃŽ µit (1) E (ÃŽ µit = 0) var (ÃŽ µit) = ÏÆ'ÃŽ µt2 Where: Rit : Return on security i on day t Rmt : Return on market portfolio on day t ÃŽ µit : Zero mean disturbance term ÃŽ ±i, : expected value of the difference between Ri and ÃŽ ²iRmt ÃŽ ²i : covariance between Rit and Rmt divided by the variance of Rmt ÏÆ'ÃŽ µt2 : variance of the error term We use the market model instead of the constant mean return model as it gives us a more accurate judgement of the effect of the event. This is true as it does not take into account the variation of the market return , thus, giving us more accurate abnormal returns. ( if any words remain add how to calculate rit and rmt) In order to calculate the abnormal returns, we use the market model parameter estimates. ^ ^ ARit = Rit – (ÃŽ ±i + ÃŽ ²iRmt) (2) Where: ARit : the abnormal return for security i on day t ^ ^ ÃŽ ±i and ÃŽ ²i : estimates of ÃŽ ±i and ÃŽ ²i In order to calculate the abnormal returns we use a maximum of 351 daily observations (Huang and Walkling, 1987). We start collecting data from t -300 to t +50 days, with t = 0 being the announcement date of the acquisition. These 351 days include non-trading days as well. In other words, we actually gather data from t -214 to t +36, taking only trading days into account. We use different time periods of an event for a complete comparative analysis of abnormal returns in each sub period which is described as below: Event period : day t -10 → day t +30 (41 days) Pre-announcement period : day t -10 → day t -2 ( 9 days) Announcement period : day t -1 → day t 0 ( 2 days) Post Announcement Period : day t +1 → day t +30 (30 days) diagram To analyse the effect of the event , we now calculate the average abnormal return (AAR) for all the securities for a time period t. AAR is the sum of all abnormal returns of firms on day t divided by N( the number of firms): (3) The t statistic, à Ã¢â‚¬ ¢, is calculated by dividing AARt by the standard deviation of the average abnormal returns. This is final step of the model, which helps in determining the significance of the AARt in the event period. (4) While calculating the standard error, an estimator is used to calculate the variance of the abnormal returns in the absence of but in this case we use the sample variance measure of that we derive from the market model regression. The estimator is as follows: In order to establish a more holistic viewpoint, the cumulative average abnormal returns (CAAR) are calculated: Where T1 to T2 is the duration of the event in which the AARt is collected. According to our hypotheses we have to calculate one more variable, the cumulative average abnormal return (CAAR) over a certain period. In order to find out the significance of CAAR we calculate its t statistic as follows: Where var(CAAR) is the variance of the cumulative average abnormal returns. We could use a variety of formulas to calculate the standard deviation and t statistic such as those described in Campbell, Lo and MacKinlay (1997) and Brown and Warner (1985). But we calculate using the method adopted by Kothari and Warner (1985): Where: : Variance of the average abnormal return for one period. L : Longer the L, the higher is the variance of CAAR To test the third hypothesis, another variable is taken into consideration the Cumulative abnormal returns (CAR). We now develop a regression model using dummy variables to test the effect of the type of acquisition, kind of acquisition, the type of the target firm and the mode of payment on the CAR of the acquirers. The control variables are the relative market size of the market value of the target to acquirer (RMV) and the market size of the acquiring firm (M) (Wong and Cheung, 2009). Where: : Cumulative abnormal return from day d1 → day d2 D1 : 1 if the type is acquisition D1 : 0 otherwise i.e. merger D2 : 1 if it is focusing D2 : 0 otherwise i.e. diversifying D3 : 1 if target firm is private D3 : 0 otherwise i.e. public D4 : 1 if mode of payment is cash D4 : 0 otherwise i.e. stock M : Market Value of the acquiring firm=Number of outstanding share *closing price on the announcement date The tests of hypotheses 1, 2 and 3 can be described as the following tests: H1 : H0 : AARt = 0 H1: AARt ≠  0 H2 : H0 : CAARt = 0 H1: CAARt ≠  0 H3 : H3i :ÃŽ ²1 = 0 (Acquisitions vs. Mergers) H3ii :ÃŽ ²2 = 0 (Focusing vs. Diversifying) H3iii :ÃŽ ²3 = 0 (Public vs. Private target firms) H3iv :ÃŽ ²4 = 0 (Cash offer vs. Share offer) 4. Data Description The number of mergers and acquisitions carried out in India has been quite extensive. Hence, certain criterion has been used to select a suitable sample. The deals carried out with Morgan Stanley, JP Morgan, Goldman Sachs, UBS, Deustche Bank and Citi as their financial advisors should be included. These banks have been chosen as they deal with high valued mergers which are perfect for highlighting the true effects of a focusing or diversifying merger. All deals should have been completed from January, 2003 to March, 2010. The sample consists of only 178 completed transactions. All the acquirer firms must be publicly listed in the Bombay Stock Exchange. The SIC Codes for the target and acquirer should be available in the CRSP Database. This helps in dividing the sample into focusing and diversifying mergers. Because of these restrictions, the sample reduces to 70 firms, three of which have some information missing regarding the stock returns etc and hence our effective sample is 67. It has been further classified into 44 focusing and 23 diversifying deals. Using only publicly listed firms enables us to extract information about these deals such as – announcement dates, termination dates, stock returns, market returns etc. from the Thomson One database, company websites and the Bombay Stock Exchange. The Bombay Stock Exchange Sensitivity Index or the BSE Sensex (30) has been used to gather the market returns of the firms.

Human Relations And Privacy And Confidentiality Social Work Essay

Human Relations And Privacy And Confidentiality Social Work Essay (Professional Ethics, n.d., para. 1) states, Ethics are rules and values used in a professional setting. Professional ethics concerns the moral issues that arise because of the specialist knowledge that professionals attain, and how the use of this knowledge should be governed when providing a service to the public. (Professional Ethics, n.d., para. 1) further states the professional carries additional moral responsibilities to those held by the population in general. This is because professionals are capable of making and acting on an informed decision in situations that the general public cannot, because they have not received the relevant training. Most professions use professional ethics, which, are encoded in their code of ethics to internally regulate themselves and preserve the integrity of the profession as well as preventing the exploitation of clients. The codes of ethics are broad guidelines that members are required to convert to the appropriate professional behaviour. Herlihy and Corey (as cited in Corey, Corey and Callanan 2007) suggests that a code of ethics has the following objectives: Educate the professional about sound ethical conduct Provide a mechanism for professional accountability Serve as a catalyst for improving practice Engels, Pope and Vasquez cited in Corey, Corey and Callanan (2007) highlighted that despite these code of ethics the professional will face limitations and problems in striving to be ethically responsible. Limitations cited included: Ethic codes may lack clarity and precision which make assessment of ethical applications difficult A practitioners personal values may conflict with a specific standard within an ethics code The codes may not align with state laws or regulations regarding reporting requirements Ethics codes should be understood and applied within the specific cultural framework) Professional ethics can be subdivided into two levels, namely mandatory ethics and aspirational ethics. Mandatory ethics represents basic ethics, which comply with the minimal standards, while aspirational ethics are the highest standards of thinking and conduct to be sought by the professional (Corey, Corey and Callanan, 2007, p.13). Corey, Corey and Callanan (2007) states Aspiration ethics means that the professional will seek to go further and reflect on the effects their interventions may have on the welfare of their clients. Aspirational ethics have been captured by the American Psychological Association (APA) in the general principles of its codes of ethics. (APA General Guidelines , n.d., par 1) states that compliance with these guidelines are not mandatory or enforceable however they are intended to guide and inspire psychologists toward the very highest ethical ideals of the profession. The principles stated in the APA Ethical Principles Code of Conduct include the following : Beneficence and Non-maleficence This requires the psychologist to strive to benefit those with whom they work and take care to ensure they do no harm. In addition, they are to seek to safeguard the welfare and rights of those with whom they interact professionally and other affected persons. Fidelity and Responsibility Psychologists are expected to establish relationships of trust with those with whom they work. They should be aware of their professional and scientific responsibilities to society and to the specific communities in which they work. They should uphold professional standards of conduct, clarify their professional roles and obligations, accept appropriate responsibility for their behavior, and seek to manage conflicts of interest that could lead to exploitation or harm. Integrity-Psychologists should seek to promote accuracy, honesty and truthfulness in the science, teaching and practice of psychology. In these activities psychologists should not steal, cheat, or engage in fraud, subterfuge, or intentional misrepresentation of fact. Justice -Psychologists should recognize that fairness and justice entitle all persons to access to and benefit from the contributions of psychology and to equal quality in the processes, procedures, and services being conducted by psychologists. Respect for people rights and dignity-Psychologists should respect the dignity and worth of all people and the rights of individuals to privacy, confidentiality and self-determination. Psychologists should be are aware that special safeguards may be necessary to protect the rights and welfare of persons or communities whose vulnerabilities impair autonomous decision-making. The other component of the APA Ethical Principles and Code of Conduct for psychologist is the Code of Conduct/ Ethical Standards, which are enforceable standards that should guide the actions of the psychologist in their professional lives. The APA has 10 ethical standards and, for the purpose of our discussion, we will focus on three of these namely, competence, human relations and privacy and confidentiality. The three standards cover a broad spectrum of issues, which will be discussed at a summary level. The APA Ethical Principles and Code of Conduct competence standard requires the Counseling and Consulting Psychologist to only provide services, teach or conduct research only within the boundaries of their competence, based on their education, training, supervised experience, consultation, study or professional experience. Additionally they are expected to continuously undertake efforts to maintain and improve their competence. Finally, they should exercise self-awareness that will reduce the likelihood that they will undertake an activity, which their personal problems could prevent them from performing in a competent manner. Possessing the relevant competencies, maintaining and improving these competences and taking steps to ensure that personal conflicts or problems do not prevent them from properly executing their job is tied into the general principle of beneficence and non maleficence which are aimed at doing what is best for the client. Seeking to prevent personal conflicts a nd problems affecting the working relationship is consistent with the recommendation that Counseling and Consulting Psychologist maintain notes of their feelings resulting from interactions with clients. The counseling psychologist in the therapeutic relationship would maintain process notes, which among other things includes the therapist thoughts, feelings and reactions to clients. The consulting psychologist should keep notes, such as a diary, which details feelings and reactions to members of the client organization system. This self-monitoring should help the psychologist to identify problems during the therapeutic/consultative process that can negatively affect the relationship and therefore take the requisite steps such as getting counseling or terminating to prevent harm to the client. The APA ethical standard on human relations encompasses the avoidance of unfair discrimination of clients, avoiding harm, multiple relationships, use of informed consent, and managing conflict of interest among others. Discussions in this paper will be on avoiding harm, multiple relationships and informed consent. The standard requires the counseling and consulting psychologist to take reasonable steps to avoid harm to clients, organisational client, supervisees and others with whom they work and to minimize harm where it is foreseeable and unavoidable. Seeking to minimize harm where it is foreseeable and unavoidable bears significance for the consulting psychologist as their interventions and the resulting changes may have an impact on persons unknown. This results from the nature of the consulting relationship, which usually involve three parties, the consultant, the consultee/client system and the client groups served by the consultee (Lowan, 2002, p. 733). Additionally, the APA s tandard states the Counseling and Consulting psychologist should avoid multiple relationships with clients directly or thorough a person closely associated with or related to the client. Lowman, (2002) defines multiple relationships as those situations in which the psychologist functions in more than one professional relationship, as well as those in which the psychologist functions in a professional role and another definitive and intended role. Specific risks associated with such relationships outlined in the code of ethics include loss of objectivity and exploitation of the client by the psychologist (Lowman, 2002, p. 739). The consulting psychologist needs to be aware of the potential harm that can result from their failing to effectively manage relationships within the organization and that it can affect not only those in the dual relationship but also others in the organization (Lowman, 2002, p. 740). The challenges facing consulting psychologists in this regard are special, a s in most instances a dual relationship will exist. Dual relationships in and of themselves are not always bad and they can be considered inevitable however, they need to be managed carefully. If the consultant is hired based on a referral from a member of the consultee system with whom the consultant has a previous social or professional relationship, this can present several issues. These issues includes how the consultants perspective may be affected by information received from this person, expectations that the persons may have in terms of access to or influence on the consultant, how the dual relationship is perceived by other in the organization and is resultant impact on these persons interaction with the consultant.(Lowman, 2002, p.741). The presence of dual or multiple relationships in the therapeutic relationship can create situations in which the client feels they cannot be assertive or take care of themselves. This arises primarily due to the existence or previous exist ence of a therapeutic relationship that creates and uneven balance of power between the therapist and the client. These multiple relationships can include romantic involvement with a previous client after the 2 years stipulated by the standards or the therapist involvement in a business relationship with the client. The avoidance of these dual relationships are advocated for family member and close friends as the increased intimacy can reduce the therapist effectiveness as a professional. The psychologist objectivity and maintenance of professional distance is usually impaired if dual relationships are established. Informed Consent is a particularly important area covered by this ethical standard. Freeman (cited in Lowan 2002) defined informed consent in terms of four essential elements (1) the competence of participants to make rational decisions regarding whether or not to participate; (2) the voluntary nature of participation; (3) access to full information regarding the purposes, potential risks and benefits, and the likely outcomes of participation; and (4) the ability to comprehend relevant information. The Consulting psychologist faces peculiar challenges in obtaining informed consent, as the client is more difficult to identify. The consulting psychologist will rightly identify the organization as the client but the organization is made up of groups of individuals organized in a hierarchical structure that intrinsically carries power differentials. While the consulting psychologist can say that the organization is represented by whom ever contracted them, and these persons may be suppor tive of the consultation, can the same be said of others in the lower levels of the organization. The organization hierarchical structure makes one question whether participation is truly voluntary (Lowman, 2002, p.737). Additionally, contrary to group therapy where all the individuals sign an informed consent, this may not be practical for all the persons that may be involved with the consultative process. A dilemma exists even if the contracting person (organisational representative) signs an informed consent, can it be said to be truly be on behalf of all the persons in the organization? In my opinion, the matter of persons having full information regarding the purposes, potential risks and benefits of the process can also be questioned. Again, full information may be available to top management, but not to all members of the organization. The counseling psychologist is expected to obtaining informed consent from the individuals, families, couples or groups members in the early stages of establishing the therapeutic relationship. Corey, Corey and Callanan state, The main purpose of the informed consent is to increase the chances that the client will become involved, educated and a willing participant in therapy. Informed consent involves providing the client with sufficient information to make informed choices about entering into, and continuing the client/therapist relationship. Providing the client with information, is a way of protecting the clients rights and teaching them about their rights, which encourages the developments of a healthy sense of self and personal power (Corey, Corey Callanan, 2007, p.154). It is important, as it outlines the basis of the relationship and is one of the means of establishing boundaries within the relationship. The APA Privacy and Confidentiality ethical standard states Psychologists have a primary obligation to take reasonable precautions to protect confidential information obtained through or stored in any medium. The importance of confidentiality is emphasized by Bersoff (cited in Lowan 2002) who states except for the ultimate percept -above all, do no harm there is probably no ethical value in psychology that is more inculcated than confidentiality. The psychologist is required to protect the information and to disclose the limitation on that confidentiality as dictated by legal or other requirements. Confidentiality in the organizational setting, poses challenges, such as the number of persons who have legitimate access to the data collected, for example management personnel or committees (Lowman, 2002, p. 738). The consulting psychologist will have to address these limitations openly and seek to establish a collective responsibility with members of the consultee system, which will pr omote a collective approach to the handling of such matters (Lowman, 2002, p. 738). Unlike the counseling psychologist, who deals with clients one to one, by their choice or acts on behalf of a third party, in which case the client is informed and can chose what information to divulge. The consulting psychologist has to work to overcome the perception of possible victimization that less powerful persons within an organization may feel if they disclose certain information. This can prevent the psychologist from obtaining important information, and if it is received, he/she may be faced with an ethical dilemma of how to use the information, taking into consideration how it can affect the individual or the organization. Based on the fore going discussions it is seen that the professional code of ethics is vital for the counseling and consulting psychologist. Professional ethics are a requirement for the profession of psychologist, just as a society cannot exist with rules and laws so psychological profession cannot exist without ethics. The counseling and consulting psychologist needs to know and practice these ethical requirements in their professional practice, failing which, they could be barred from the profession or face legal action. Compliance is required for the profession and for the individual to be economically viable, as the service provided must be of a quality that can be trusted. Professions are built on the trust that the public places in it and if that trust is eroded, it is doomed. Additionally, professional ethics protect the consumers of the service by the establishment of standards and removing some of the personal values or morals, which could be harmful. It has its limitations , as it does not provide ready-made answers for everything, only provide broad guidelines.

Should there be limits on new drivers? :: essays research papers

There have been many debates on whether or not there’s should be limits oppose to new drivers. New drivers tend to get a little out of hand when first driving. I believe that there should be limits on new drivers. Although this is my point of view, others have an opposite view. One reason is that many teens depend on driving these days. This is the time they begin to depend on their parents for rides, which can become an inconvenience to them. Also if there was a limit then teens would be limited to where and when they can go out, or with whom they go out with. In fact, no one is the perfect driver when they start out. With limitations a teen will gain more experience along with responsibility while behind the wheel. A new driver will be more careful with limitations against the license then a person without limitation. The reason why is because the teen will have something to work towards to get more privileges. Not all things are always handed to anyone. You have to earn it by proving that you can handle more responsibilities, like driving. New drivers at the age of sixteen tend to take driving for granted rather then as a privilege. With limitations on young new drivers it will help them have a clear mind while driving. A sixteen year old with other peers in the car, music pumped up, and so forth tend to get distracted easily. With such distraction it may cause the new sixteen-year-old driver to have a better judgment while driving. In conclusion, the controversial for limitations on new young drivers are very high these days. New young drivers want the same privilege as an older driver. It is common for young drivers to make mistakes as well as

The Early Church Essay -- Religion, Jesus

Over the past years of my life I have seen many changes, some for the good and others not as good. Change can be demanding and also crucial. The early believers would encounter this. One can see that significant change happened, when reading through the gospels and the book of acts it is obvious to the reader that the believers who followed Jesus would never be the same again. They had enjoyed a time of fellowship with Jesus and teaching from Him. But He was now preparing them to understand that he was going to leave them. This was one of the factors that were going to turn these believers world upside down and bring and opportunity to turn the world upside down. Because he was teaching his disciples. He said to them, â€Å"The Son of Man is going to be delivered into the hands of men. They will kill him, and after three days he will rise.† (Mark 9:31 ) The disciples where to face new challenges in their lives, Jesus was to be crucified and they would all leave Him. Then all the disciples deserted him and fled (Matt 26:59} they were now discouraged, they left their master, they seemed defeated and finished. But they were going through a transient period from believers to believers of power who would overcome and turn the world upside down. Jesus had rose from the dead and now he opens their mind to what the scriptures say (Luke 24:45) he now encourages them to stay in the city. I am going to send you what my Father has promised; but stay in the city until you have been clothed with power from on high.†(Luke 24:48) What was this power Jesus mentions? And would this power make a difference to the believer’s life? As we pursue the answers to these questions it is important to study the book of acts which is also commonly known a... ..., The apostle Paul would now help this growing group to spread the gospel with the to the gentile world It is also crucial to see that God was using situations an circumstances and bring them together Michael green said â€Å"The quality and extent of roads in the Roman Empire is legendary. Thousands of miles of roads connected major cities as well as outlying areas of the Roman Empire, facilitating and encouraging travel throughout the Mediterranean world and beyond† this would and help the early believers travel from place to place so that his small group baptised in the holy spirit would make a difference and change the world for ever without this baptism they could not and would not make the impact on this world it would not matter how many roads where built through the roman empire it was ultimately the power of the Holy spirit that made the difference.

cloning Essay -- essays research papers

Since March 1997, the birth of a cloned sheep, named Dolly, has caused a great sensation around the world. The reason why Dolly shocked the world was that she was the first clone from a cell of an adult mammal: something scientists thought to be impossible. The cloning of a mammal cell meant that the possibility of cloning a human beings was increased. For fear human cloning, a lot of countries have taken necessary measures to regulate the study of it. We should ban human cloning because it has the possibility to reduce the value of human life: taking away individuality in our society. Richard Seed, a physicist who supports human cloning, said in a radio interview that he would open a clinic of human cloning for infertile people and make a big profit (Hotwired Japan). If human cloning were allowed there would be so many people just like Seed who would use cloning technology to make money. The business of operating the technology looks so profitable because there could be 100,000 or so women in the U.S. who would like a similar chance to use cloning to have their own babies. Probably, they do not care how much money they pay to have their own blood-related babies. Allowing human cloning creates a world where one could get life with money. Buying life reduce the value of it because we do not respect things which we can get easily. It could lead to the increase of murder. One day it might be possible that at a department Saavedra Page 2 store we can buy life that is labeled,... cloning Essay -- essays research papers Since March 1997, the birth of a cloned sheep, named Dolly, has caused a great sensation around the world. The reason why Dolly shocked the world was that she was the first clone from a cell of an adult mammal: something scientists thought to be impossible. The cloning of a mammal cell meant that the possibility of cloning a human beings was increased. For fear human cloning, a lot of countries have taken necessary measures to regulate the study of it. We should ban human cloning because it has the possibility to reduce the value of human life: taking away individuality in our society. Richard Seed, a physicist who supports human cloning, said in a radio interview that he would open a clinic of human cloning for infertile people and make a big profit (Hotwired Japan). If human cloning were allowed there would be so many people just like Seed who would use cloning technology to make money. The business of operating the technology looks so profitable because there could be 100,000 or so women in the U.S. who would like a similar chance to use cloning to have their own babies. Probably, they do not care how much money they pay to have their own blood-related babies. Allowing human cloning creates a world where one could get life with money. Buying life reduce the value of it because we do not respect things which we can get easily. It could lead to the increase of murder. One day it might be possible that at a department Saavedra Page 2 store we can buy life that is labeled,...

Mba Essay Sample

MBA essay sample I came from a family who made constant use of street smarts to survive living in Nigeria. Both of my parents have not even finished secondary education. However, my hardworking mother never wanted the same fate for me. She never dare imagine me as a mainstay in the sweltering, overpopulated streets of Lagos, in danger of becoming the next victim of violence. It is a city full of tribal and religious tensions, forever waiting to explode. Yet, this was where I had learned leadership and discipline.It was hard enough to live in a dangerous neighborhood, but to concentrate in my studies while helping my parents sell market goods during my free time seemed next to impossible. I made a game out of it, giving points to myself for everyday I was able to fulfill all my duties. If I had to add the points together and redeem them in a form of money, I would now be a very rich man. With points in my imaginary bank, I was able to get a college degree in Economics.This made sense to me because I had always been interested in supply and demand. My parents’ daily toil in the market awakened me to this idea since I was just a young boy. I was also interested in the idea of rewarding a job well done, as I used to do to myself. An Economics degree also made me understand how some countries could rise and fall. I want to be able to control the rise of a future business. Here in the United States, I worried more about social acceptance and understanding.I am, after all, a minority among minorities, a black Muslim. The dangers that I was exposed to back home had taught me how to put on a brave front. However, I realized there was no need to be afraid. Even though there were still people who would look at me curiously when I don my traditional Nigerian clothes, everything is almost perfect. I say almost perfect, because we are always still working toward perfection. I am now aiming to enroll into an MBA program, hoping that this will enhance whatever business skills I already have.I want to be able to create a safer environment, in which my parents can sell their goods. Maybe I can convince them to start a new business, aside from selling in a market stall. An MBA degree is a special tribute I give to my parents. My parents value education, though they were not so lucky to become fully educated. It is with gratitude that I turn to them, looking back to the day I received my Economics diploma. It is with hope that I face my future, hopefully with an MBA degree that can help not just myself but my beloved parents to survive their plight.