Efficient Market Theory and Behavioural Finance Essay -- Business, Glo

The conduct of business sectors and financial specialists, the dynamic in the commercial center and the elements of interest and flexibly in some random market can't be resolved with a hundred percent exactness. Anyway engineers in the past have structured different strategies and speculations that assist speculators with settling on a specific purchasing choice, or to settle on decisions consistently. These hypotheses and procedures help today’s speculators to peep into the future and make practically faultless forecasts with respect to the future conduct of the market and the progressing patterns. A layman night see the dynamic of a financial specialist as being exclusively founded on hypothesis however actually every move that a speculator makes today in the commercial center is supported up by sound count and hypotheses. Two of the most discussed and basic speculations or ideas that are identified with the market elements and that will be talked about finally in this task are Efficient Market Theory and Behavioral Finance. Effective Market Theory recommends that in each money related market the progression of data is productive and this is reflected in the cost of the offer at which it is being exchanged. As we realize that the cost of the offer drifting in a market isn't just needy upon the organization name printed and the data about the organization to be decided sheet and other budget reports accessible to the general population (Baghestani, H., 2009). Actually government and political dependability, swelling, loan fees, treasury bills and a few additional components decide the cost at which a specific offer is sold or purchased at. Data pretty much every one of these elements is constantly accessible to each financial specialist in the market, be it the purchaser or the vender. Additionally this data is accessible in an effi... ...ormation with respect to the elements of the market and on the off chance that this remains constant, at that point a budgetary market can never crumple. Anyway in certifiable we face occasion like that of the 2007 worldwide money related emergency that decelerated the worldwide monetary advancement a lot and once prosperous economies like the US wound up winding up in a condition of frenzy where the destitution transcended all the past levels and joblessness climbed to painful levels. Besides, the loan fees in the United States tumbled to a terrifying 1% during this emergency prompting falling reserve funds in its economy. Consequently we can infer that Efficient Market Theory presents a powerless contention to characterize commercial center elements. Notwithstanding if a blend of Efficient Market Theory and Behavioral Finance is used to foresee commercial center elements then this would be characterized as a proficient and powerful methodology.

A Few Memorable Persuasive Problem Solution Essay Topics

A Few Memorable Persuasive Problem Solution Essay TopicsIf you're serious about getting your degree from a prestigious college or university, you'll probably find the following ideas on persuasive problem solution essay topics very useful. If you don't have the money to pay for tutoring or consulting with a professional instructor, you can find a lot of help by looking at a good course outline. Even if you've already studied what you need to know on your own, you can always revise your assignment in your own time, making sure that it's always the most informative and accurate answer you can provide.One of the most common persuasive problem solution essay topics is based on probability and statistics. It doesn't matter whether you're going for a real-life question or simply presenting information that might be questioned, there are many different types of problem solutions to choose from. For example, you could choose a statistical problem solution based on a certain aspect of the bod y, or even present information about some random factor like frequency.Another type of problem solutions could be the problem solving involved in statistics. For example, you could be asked to use statistics to solve a law related to the recording of statistics or data. Or perhaps you need to deal with a certain type of information so many different statistical methods cannot be used in order to come up with the best answer. In that case, one idea would be to apply statistical analysis and create a presentation.Another type of persuasive problem solution essay topics could be based on business or production issues. Of course, there are a variety of ways you could go about this, so take your time to think about how you would present your results and provide a fair representation of the quality of your work. Don't forget that you can actually show examples of both the good and bad aspects of your job, and when presented properly, these answers will probably inspire confidence will lea d to more work.Somepersuasive problem solution essay topics might center on social issues or group or team issues. It's possible to get several different responses in a specific class based on your personality and how you act in various situations. You may end up presenting some events and people that are deeply connected to your life, and you may want to come up with an answer to a problem related to how to act in these situations. Consider including one or two references to your life experiences as well as maybe taking some time to reflect on what exactly these events and people mean to you.Some more persuasive problem solution essay topics might be centered on science and technology. For example, you might present some of the problems that arise from using something or having technology that may be incompatible with the environment you live in. You could also consider issues like how your personal reaction to pollution is affected by the time and money you spend in getting things done.To help you out, you can find a number of articles and books on persuasive problem solution essay topics. Even if you can't afford to pay for professional tutoring, you can always take advantage of online resources and online courses. Online materials have all the information you need to get the job done effectively, and since it's so easy to access, you can pretty much get started whenever you need to.

God of Fire and Metallurgy in Ancient Mythologies Free Essay Example, 2000 words

As in the case of the Greek stories, in Norse mythology also there has been some changes occurred as it is passing down through many generations. Poetic Edda and Prose Edda are the two main sources of Morse Mythology. It was Snorri Sturluson from Iceland who wrote Prose Edda around the year 1200 (Norse Mythology). The Poetic Edda is a collection of authorless Old Norse poems. The book entitled, Norse Mythology writes, Loki, a trickster, and troublemaker, was both a giant and a god in Norse mythology (Norse mythology 16). He is the god of the Jotun Race and is considered as the evil god of fire God in Norse Mythology. This Loki was once bound and shut up in a dark cave when he caused many problems to the gods. The website entitled; Norse Gods and Immortals remarks the character of Loki as, The sly, trickster god. Son of two giants. Also known as the Sly One, the Trickster, the Shape Changer and the Sky Traveler. Becomes increasingly eviler. He is responsible for the death of Balder . Bound until Ragnarok. The presentation of Loki in Norse mythology is very interesting that one can find various beliefs existing with Loki, the mischief maker. The Norse mythology presents Loki as the father of lies and deceit, and shapeshifter (Daly Rengel 63). We will write a custom essay sample on God of Fire and Metallurgy in Ancient Mythologies or any topic specifically for you Only $17.96 $11.86/page Loki had two wives Angrboda and Sign. Loki had three children in Angrboda and two in Signyn (Norse mythology 16). As Loki belonged to the Jotun race, he is often viewed as an enemy of gods. Some believe that he is the blood brother of the great god Odin, which is why the gods never harm him though he causes for many mischiefs and certain other problems.

What Intervention Activities Would Be The Most Help For...

Specific Intervention Activities: When assessing what intervention activities would be the most help in addressing Haiti’s health problem many underlying factors were considered. For a full list refer to Table 1 included in the Appendix. However, the critical factors targeted in this intervention come down to four focus areas. These priorities are: 1) provision of safe water and sanitation infrastructure, 2) carry out health education among community members, 3) fill critical healthcare gap, and 4) improve and increase epidemiological surveillance In a blog post written by Sokari Ekine, the Nigerian social justice activist explains that cholera is an illness â€Å"exacerbated by heavy rains; poor sanitation; and limited clean water and associated poor hygiene† (Ekine, 2013). These components factor largely into the chosen intervention activities. Haiti is an island that experiences significant flooding due to its location in the hurricane belt; this flooding makes acces s to safe water a major issue in a nation with flimsy infrastructure (World Health Organization, 2011). This program plans to restore and improve water and sanitation facilities for they are the main mode of transmission for the cholera bacterium. The corresponding poor hygiene that stems from lack of safe water and sanitation will be addressed in the health education provided for community members. Concentrating on the healthcare gap is meant to be a preventative measure for future need. By ensuring thatShow MoreRelatedStephen P. Robbins Timothy A. 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Doll Story Plot Essay Example For Students

Doll Story Plot Essay This short story, The Doll is about poor out of work okies back inthe early 1930s looking for any type of job they can find, so they can get paidor something to eat. Mrs. Hollis and the two okies are the main characters inthe story. The story tells about these okies asking for work from a well offwoman, Mrs. Hollis, and how she treats them. In spite of her will to help them,she eventually sends them away after meager payment and food. The story startsoff as two ragged boys walk up Mrs. Hollis lawn coming from the camp, wherepoor out of work families live. They were two okies looking for ajob to get some food. Mrs. Hollis is disgusted at all of the dirt and raggedclothes theyre wearing. Mrs. Hollis gives the okies some work to do in exchangefor some food. One of the boys points to the other and tells Mrs. Hollis that heis his uncle. He was a short man in his 40s. His hands reminded Mrs. Hollis ofan old wedding doll she used to have years ago. She was still disgusted at hisragged image . As she fixed some sandwiches and coffee for them, she gave themone of her chocolate cherries in a red shiny wrapper. They have only had one ofthose once in their whole lifetime and were very excited. While Mrs. Hollis wastaking her afternoon nap, she was awoken by a knock on the door. She went andlooked, and sure enough it was the two okies again asking if theycould go piss in her bathroom. She got mad and told them to finish their workand leave, then slammed the door. She came out later to tell them thats enoughfor the day because its getting hotter. They didnt get their work done, butshe still gave them a dollar. One of them grinned while snatching the dollarfrom her hand. She asked why he was grinning like that. He pointed to his uncleand he was pissing in his pants. Mrs Hollis saw a puddle forming onher patio and in disgust she ran to her bathroom and threw up everywhere. Myimpression of this story is it is referring to right after the Great Depression. I can picture back around 1930 these two okies walking up to her door and askingher for a job. I would be a little disgusted from all the dirt and the raggedsmelly clothes on them, but I would mainly feel sorry for the two. I would paythem to do some chores for me. I would supply them with food while they werethere, and pay them when they were done. I wouldnt let them use my bathroomthough. I wouldnt want them to enter my house at all, because they are completestrangers. I would just simply point to a tree away from the house. When Mrs. Hollis gave them the chocolate cherry in a red wrapper, I think it resembles allof the things poor people couldnt get. I think Mrs. Hollis gave them a dollarbecause she felt sorry for them. She sent them home without finishing the jobbecause she wanted them to leave before her Bridge Club came over so shewouldnt be embarrassed by their presence.

Jetblue Ipo Essay Example

Jetblue Ipo Paper JetBlue Airlines, a low-fare commercial airline, has planned to go public towards the end of 2001. During the process the firm had restructured their initial price from $22- 24 per share to $26 – 28 per share. Advantages / Disadvantages of the IPO Decision There are considerable advantages with obtaining equity through the IPO process. There are, however, some drawbacks that also need to be taken into consideration. Some of the advantages and disadvantages are: Advantages| Disadvantages| Equity value is established for the firm * Current shareholders can diversify personal portfolios| * SEC requires public disclosure of financial information (transparency) * IPO expenses| * Liquidity of stock increases| * Owner restricted to immediate cash-out| * Easier to raise capital in the future| * Sharing of future earnings with outsiders| | * Legal liability| Exhibit A in the appendix outlines some additional key advantages and disadvantages of going public through the IPO process. IPO Valuation Techniques Deriving a value for an IPO is the critical part of the process. In both fixed price and book building offers some form of initial price must be determined by the investment bank. Key methods are used to determine the value of a company and thus the initial IPO price includes: * Discounting Methods: based on a firms intrinsic value (future cash flows) * Comparable Multiples Method: value based on similar publicly traded companies Using information from the case we perceived the IPO pricing of $24-26 was determined by using the comparable multiples approach. Therefore, we will use the discounted cash flows method to determine an introductory price and evaluate whether it is in-line with the current proposed price. Exhibit B provides a description of each method. Discounted Cash Flow Recommendation It is our recommendation for the firm to set the price range for the IPO at the adjusted rate of $26 to 28. Although more value is achievable through a higher price, the lower range will meet the needs of the firm, maintain interest in the share, and possibly give large returns to the investors right away. Advantages and Disadvantages of Going Public through the IPO Process Advantages The partners can obtain a true value of the shares they possess in the company * Partners can remove their signatures from the lines of credit and thus, are no longer personally liable to the creditors * The overall financial condition of a company is improved as it brings in non-refundable money * A broader capital base gives the company more access to credit whi ch gives the company an option to venture into new business opportunities * Capital raised in an IPO can be used to pay off debt and thus reduce the interest costs and enhance the company’s debt to equity ratio * The value of the stock may see an upward trend thus increasing the initial investor’s financial wealth * When a company goes public, it attracts the attention of the media and financial community thus providing free publicity and helps in creating a better corporate image * By going public and listing on a stock exchange it can directly foster public reputation in general Disadvantages The market is extremely unpredictable and an unsuccessful IPO can result in a great loss of time as well as money for the company * The ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors * Continuous dealing with shareholders and the press is a time-consuming process * Shareholders judge the perfor mance of the company on the basis of the profits and stock price and may cause managers to overlook the long-term strategic objectives * The company needs to make nation-wide presentations about its performance to the interested shareholders, brokers and the investment bankers * The company’s continued success may bring a lot of close scrutiny by the public * Large amounts of fees and expenses are associated with a public company on a continual basis commissions, advertising costs, securities exchange fees etc. Exhibit B: IPO Valuation Techniques Discounting Methods Theoretically, the price of a share is derived by discounting all future cash flows that accrue to shareholders. These techniques are used throughout industry; however, they do suffer in practical application due to the risk associated with forecasting both revenue and expenses (Draho, 2004). The two most frequently used discounting methods include the discounted free cash flows (DCF) and a residual income model (RIM). * Discounted Free Cash Flows Free cash flows are defined as the cash flows from operations after investment in working capital and any capital expenditures. We will write a custom essay sample on Jetblue Ipo specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Jetblue Ipo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Jetblue Ipo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer These cash flows are considered more appropriate than accounting earnings which include non cash items such as depreciation that cannot be used to pay shareholders. Cash flows are used to pay dividends and thus capture true value for the investor. These cash flows are then discounted using a risk adjusted rate. The rate is estimated either by using the capital asset pricing model (CAPM) for a 100% equity company or by calculating the weighted average cost of capital of the firm’s debt and equity (Geddes, 2003). * Residual Income Model The DCF model requires accounting earnings to be converted to cash flows. This is considered inappropriate as accounting values do not take into consideration the time value of money and may be subject to manipulation by way of accounting methods. The RIM is similar to the DCF method in that both methods use a risk adjusted discount rate. The RIM model, however, utilizes the difference between the realized earnings and the expected earnings, where the expected earnings is the cost of equity multiplied by the start of period equity book value (Draho, 2004). Comparable Multiples This is the most common method used by investment banks to value IPO’s. Its fundamental approach is the comparison of ratios of companies that operate in similar businesses that possess the same characteristics of risk, current and future profitability and growth prospects. There are number of ratios that can be used under this method, the most common being: * Price/Earnings multiples * Price/EBIT Market value/Book value * Price/sales The successful application of this method lies in choosing an appropriate comparison company. One method used by practitioners is to select up to 10 company’s operating within the same industry and to use the group’s median multiple to value the issuer. The second and most common method is to select 3-4 companies that are direct competitors within the particular industry to the issuer. The third method is to use multiples of firms that have recently gone public assuming all issuers share common valuation multiples. The comparable multiples method is a popular method to value an IPO due to its simplicity and accuracy. With the use of multiples there is no need to estimate the cost of capital, neither is there a need to depend on forecasted earnings and assumptions of valuation models. The use of multiples is supported by the assumption that relevant ratios capture the markets estimate of risk and growth. References Bruner, R. F. , Eades, K. M. , Schill, M. J. (2010). Case Studies in Finance: Managing for Corporate Value Creation. New York, NY: The McGraw-Hill Companies. Damodaran, Aswath. Damodaran Online: Home Page for Aswath Damodaran. Welcome to Pages at the Stern School of Business, New York University. Web. 1 July 2010. http://pages. stern. nyu. edu/~adamodar/. Draho, J. (2004). â€Å"The IPO Decision: Why and How Companies Go Public†. Cheltenham, UK: Edward Elgar Publishing. Jetblue Ipo Essay Example Jetblue Ipo Paper JetBlue Airlines, a low-fare commercial airline, has planned to go public towards the end of 2001. During the process the firm had restructured their initial price from $22- 24 per share to $26 – 28 per share. Advantages / Disadvantages of the IPO Decision There are considerable advantages with obtaining equity through the IPO process. There are, however, some drawbacks that also need to be taken into consideration. Some of the advantages and disadvantages are: Advantages| Disadvantages| Equity value is established for the firm * Current shareholders can diversify personal portfolios| * SEC requires public disclosure of financial information (transparency) * IPO expenses| * Liquidity of stock increases| * Owner restricted to immediate cash-out| * Easier to raise capital in the future| * Sharing of future earnings with outsiders| | * Legal liability| Exhibit A in the appendix outlines some additional key advantages and disadvantages of going public through the IPO process. IPO Valuation Techniques Deriving a value for an IPO is the critical part of the process. In both fixed price and book building offers some form of initial price must be determined by the investment bank. Key methods are used to determine the value of a company and thus the initial IPO price includes: * Discounting Methods: based on a firms intrinsic value (future cash flows) * Comparable Multiples Method: value based on similar publicly traded companies Using information from the case we perceived the IPO pricing of $24-26 was determined by using the comparable multiples approach. Therefore, we will use the discounted cash flows method to determine an introductory price and evaluate whether it is in-line with the current proposed price. Exhibit B provides a description of each method. Discounted Cash Flow Recommendation It is our recommendation for the firm to set the price range for the IPO at the adjusted rate of $26 to 28. Although more value is achievable through a higher price, the lower range will meet the needs of the firm, maintain interest in the share, and possibly give large returns to the investors right away. Advantages and Disadvantages of Going Public through the IPO Process Advantages The partners can obtain a true value of the shares they possess in the company * Partners can remove their signatures from the lines of credit and thus, are no longer personally liable to the creditors * The overall financial condition of a company is improved as it brings in non-refundable money * A broader capital base gives the company more access to credit whi ch gives the company an option to venture into new business opportunities * Capital raised in an IPO can be used to pay off debt and thus reduce the interest costs and enhance the company’s debt to equity ratio * The value of the stock may see an upward trend thus increasing the initial investor’s financial wealth * When a company goes public, it attracts the attention of the media and financial community thus providing free publicity and helps in creating a better corporate image * By going public and listing on a stock exchange it can directly foster public reputation in general Disadvantages The market is extremely unpredictable and an unsuccessful IPO can result in a great loss of time as well as money for the company * The ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors * Continuous dealing with shareholders and the press is a time-consuming process * Shareholders judge the perfor mance of the company on the basis of the profits and stock price and may cause managers to overlook the long-term strategic objectives * The company needs to make nation-wide presentations about its performance to the interested shareholders, brokers and the investment bankers * The company’s continued success may bring a lot of close scrutiny by the public * Large amounts of fees and expenses are associated with a public company on a continual basis commissions, advertising costs, securities exchange fees etc. Exhibit B: IPO Valuation Techniques Discounting Methods Theoretically, the price of a share is derived by discounting all future cash flows that accrue to shareholders. These techniques are used throughout industry; however, they do suffer in practical application due to the risk associated with forecasting both revenue and expenses (Draho, 2004). The two most frequently used discounting methods include the discounted free cash flows (DCF) and a residual income model (RIM). * Discounted Free Cash Flows Free cash flows are defined as the cash flows from operations after investment in working capital and any capital expenditures. We will write a custom essay sample on Jetblue Ipo specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Jetblue Ipo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Jetblue Ipo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer These cash flows are considered more appropriate than accounting earnings which include non cash items such as depreciation that cannot be used to pay shareholders. Cash flows are used to pay dividends and thus capture true value for the investor. These cash flows are then discounted using a risk adjusted rate. The rate is estimated either by using the capital asset pricing model (CAPM) for a 100% equity company or by calculating the weighted average cost of capital of the firm’s debt and equity (Geddes, 2003). * Residual Income Model The DCF model requires accounting earnings to be converted to cash flows. This is considered inappropriate as accounting values do not take into consideration the time value of money and may be subject to manipulation by way of accounting methods. The RIM is similar to the DCF method in that both methods use a risk adjusted discount rate. The RIM model, however, utilizes the difference between the realized earnings and the expected earnings, where the expected earnings is the cost of equity multiplied by the start of period equity book value (Draho, 2004). Comparable Multiples This is the most common method used by investment banks to value IPO’s. Its fundamental approach is the comparison of ratios of companies that operate in similar businesses that possess the same characteristics of risk, current and future profitability and growth prospects. There are number of ratios that can be used under this method, the most common being: * Price/Earnings multiples * Price/EBIT Market value/Book value * Price/sales The successful application of this method lies in choosing an appropriate comparison company. One method used by practitioners is to select up to 10 company’s operating within the same industry and to use the group’s median multiple to value the issuer. The second and most common method is to select 3-4 companies that are direct competitors within the particular industry to the issuer. The third method is to use multiples of firms that have recently gone public assuming all issuers share common valuation multiples. The comparable multiples method is a popular method to value an IPO due to its simplicity and accuracy. With the use of multiples there is no need to estimate the cost of capital, neither is there a need to depend on forecasted earnings and assumptions of valuation models. The use of multiples is supported by the assumption that relevant ratios capture the markets estimate of risk and growth. References Bruner, R. F. , Eades, K. M. , Schill, M. J. (2010). Case Studies in Finance: Managing for Corporate Value Creation. New York, NY: The McGraw-Hill Companies. Damodaran, Aswath. Damodaran Online: Home Page for Aswath Damodaran. Welcome to Pages at the Stern School of Business, New York University. Web. 1 July 2010. http://pages. stern. nyu. edu/~adamodar/. Draho, J. (2004). â€Å"The IPO Decision: Why and How Companies Go Public†. Cheltenham, UK: Edward Elgar Publishing.

imperialism and race relations essays

imperialism and race relations essays A small Indian man by the name of Mohandas Karamchand Gandhi, or, more commonly known as Mahatma Gandhi, played the dominant role in securing the downfall of British rule in India. Not only did he play a pivotal role in creating an Independent India but he tried to do did it without guns or physical violence. Gandhis fight against racism and British rule in India began in South Africa when he was thrown off a train for being an Indian in a first class carriage. On returning to India he continued his goal of an independent India through policies of non-cooperation, non-violence and Satyagraha (Sanskrit for truth and firmness). Gandhi, the major leader for the movement for an Independent India was born in India. In 1988 he then went to the University College in London where he gained a degree in law and was admitted to the British bar. Gandhi, attempting to set up a law firm in Bombay had very little success. Two years later he was offered a job from a South African firm in Durban and on route to this new job he suffered major mistreatment, on the train, through injustice and racism. This sparked Gandhis fight for the rights and liberties of the Indian people. Gandhi stayed in South Africa for over twenty years, during which he gained much experience in battling colonial governments. The first being the Indian Franchise Bill passed in 1984. This meant that Indians had the right to vote withdrawn. Gandhi fought the Natal Government and managed to have little success. Although the act was changed, it was just the wording and it still did as it did before. During the Boer War Gandhi established an Ambulance Corp in support of the British after which he continued his campaign. In 1906 the Black Ordinance was introduced which meant that all Indians had to have in possession a certificate that could be demanded when ever. Gandhi opposed this with his policies of non-cooperation and satyagraha. Before Gandhi was ...