Capital Asset Pricing Model Essay

The capital asset pricing model (CAPM) is an important model in finance theory. CAPM is a theory or model use to calculate the risk and expected return rate of an investment portfolio (normally refer to stocks or shares). All stocks have 2 risks: Systematic Risk (also called Market Risk which affect every stocks) and Unsystematic Risk (also called Specific or Unique Risk that only affects individual stocks). To diversify unsystematic risk, we selected and combined different stocks, which are negatively correlated with one another into one portfolio. In this way risk are eliminated greatly. See diagram below. CAPM Equation The general formula used for Capital Asset Pricing Model is: re = rf + [ ß (rm – rf) ] where the components are as follows: re = Expected return rate of the investment portfolio rf = Risk free rate of return ß = Beta (correlation between the shares and the market) rm = Expected market return which also means: rm – rf = Market risk (systematic risk) ß (rm – rf) = Risk premium *Beta is overall risk value for investing in the stock market. The higher the beta, the more the risk. CAPM Example Assume there is two Investment portfolio (stocks) or project – A & B. With the information given below, we can use CAPM to help us decide which to invest on. risk free rate beta expected market return A 3% 2.5 10% B 3% 1.2 10% From the beta value above, we know A is a more risky portfolio. A is 2.5 times more risky than the overall market and B is 1.5 times less risky. †¢ Expected return produce by A re = rf + [ ß (rm – rf) ] re = 3 + [ 2.5 (10 – 3) ] = 20.5 % †¢ Expected return produce by B re = rf + [ ß (rm – rf) ] = 3 + [ 1.2 (10 – 3) ] = 11.4 % Using CAPM formula, we calculated A produce a 20.5% expected return rate. It is higher than the overall market expected return, which is 10%. Whereas for B, the expected return rate are only 11.2% compare to market return of 10%. Base on result, A is definitely a better but if you don’t feel conformable with A’s risk or think it might not able to produce the expected return rate, then you would probably can choose investing in B. Criticisms of CAPM Although CAPM seems to be one of the most widely used methods to determine the expected return of a investment portfolio, It still have its limitation. Many had criticized on its unrealistic assumptions. †¢ Required a well-diversified portfolio Firstly CAPM works really well with a well-diversified portfolio as it accounted for systematic risk (market risk) but as seen on the graph on page 1, systematic risk is still undiversified. Therefore unsystematic risk is ignore in CAPM calculation. †¢ Beta as it main calculation components As Beta value are computed base on past one year figures so in this case CAPM assume that the future won’t change. Also beta may not really reflect the actual performance of different stocks. This was question by professors Eugene Fama and Kenneth French where they looked at share returns on the New York Stock Exchange, the American Stock Exchange and Nasdaq between 1963 and 1990, they found that differences in betas over that lengthy period did not explain the performance of different stocks. The linear relationship between beta and individual stock returns also breaks down over shorter periods of time. These findings seem to suggest that CAPM may be wrong. †¢ Risk free rate of return CAPM assumes there is a risk free rate where investors can borrow or lend at this rate but it is not true in the real world. †¢ Perfect capital market exists There is no transaction cost for trading in the market and profit is non-taxable. †¢ All investor are the same CAPM assume all investors have the same expectations on the risk and expected return.

Disaster Management Viii

An Introduction to Disaster Management for Class 8 Central Board of Secondary Education ‘Shiksha Kendra’, 2, Community Centre Preet Vihar, Delhi – 110092, India Tel : 91-011-22509252-57/59, Fax : 91-011-22515826 E-mail : [email  protected] vsnl. net. in Website : www. cbse. nic. in TOGETHER, TOWARDS, A SAFER INDIA An Introduction to Disaster Management for Class 8 FIRST EDITION 2003 ? CBSE, DELHI ACKNOWLEDGEMENTS AUTHORS Dr. Kamala Menon, Principal, Mirambika School, New Delhi Ms. A. Venkatachalam, Mother’s International School, New Delhi Ms. P. Thakur, Education Officer, Kendriya Vidyalaya Sangathan, New Delhi EDITORS Shri M. P. Sajnani, Director (Disaster Management), Ministry of Home Affairs, Govt. of India Ms. Aparna Kanda, Programme Associate (Vulnerability Reduction and Sustainable Environment) UNDP, New Delhi COORDINATOR Ms. Sugandh Sharma, Education Officer (Commerce), CBSE , Delhi CBSE ADVISORS Mr. Ashok Ganguly, Chairman Mr. G. Balasubramanian, Director (Academics) PUBLISHED BY : The Secretary, Central Board of Secondary Education, ‘Shiksha Kendra’, 2, Community Centre, Preet Vihar, Delhi 110 092 DESIGN & LAYOUT BY : CBSE, Delhi PRINTED BY : Tara Art Press, B-4, Hans Bhawan, B. S. Zafar Marg, New Delhi – 110 002 Ph. 23378626, 23379686 ii Hkkjr dk lafo/kku mIsf’kdk ge] Hkkjr ds yksx] Hkkjr dks ,d1 [lEiw. kZ izHkqRo&laiUu lektoknh iaFkfujis{k yksdra=kRed x. kjkT;] cukus ds fy,] rFkk mlds leLr ukxfjdksa dks% lkekftd] vkfFkZd vkSj jktuSfrd U;k;] fopkj] vfHkO;fDr] fo’okl] /keZ vkSj mikluk dh Lora=rk] izfr†Bk vkSj volj dh lerk izkIr djkus ds fy,] rFkk mu lc esa O;fDr dh xfjek vkSj2 [jk†V? h ,drk vkSj v[k. Mrk] lqfuf’pr djus okyh ca/kqrk csa vkSj mldk ifjj{k. k djsa( izkd`frd i;kZoj. k dh ftlds varxZr ou] >hy] unh] vkSj oU; tho gSa] j{kk djsa vkSj mldk lao/kZu djsa rFkk izkf. k ek= ds izfr n;kHkko j[ksa( oSKkfud n`f†Vdks. k] ekuookn vkSj KkuktZu rFkk lq/kkj dh Hkkouk dk fodkl djsa( lkoZtfud la ifYk dks lqjf{kr j[ksa vkSj fgalk ls nwj jgsa( O;fDrxr vkSj lkewfgd xfrfof/k;ksa ds lHkh {ks=ksa esa mRd†kZ dh vksj c

Trip Report to Saint John Market Place Essay Example | Topics and Well Written Essays - 1000 words

Trip Report to Saint John Market Place - Essay Example On docking at the harbor, one is welcome by several volunteers dressed in traditional regalia who hands out the Canadian flags, buttons, and stickers. This kind of warm welcome into the city of Saint John makes one develop the feeling of being at home. First timers like myself are made to feel like they are in a different world altogether. The town is also famous for its several attraction sites that visitors can explore as tourist attraction. One such is Saint John market, which is regarded as the centerpiece of uptown. My visit to the market revealed it all. The market is the heart of the vivacious and booming uptown shopping community. The City market has a lot of significance to the town in terms of tourist attraction and shopping market. Local from the greater Saint John region visit the market in their number due to its peculiar atmosphere of tradition and history. In this regard, the market acts as a special place where local can gather with families and friends and engage wit h the community at large. By the time a visited the town, I was amazed by the kind of atmosphere and the numerous activities that takes place in the market. In fact, the market is known as a hub of activity especially during special accessions and weekends when locals visit to the market for shopping and leisure. ... In fact, the market caters for the needs of very many cultures. This became apparent from the fact that the market has several restaurants in the market that serves different cultural cuisines such as the Chinese, Turkish, French cuisines. For instance, I got the opportunity to visit the Shaworm restaurant, which serves the Turkish cuisines. The Saint John Market also serves as a leading tourist attraction site in the greater Saint John region. Visitors from all over the country and beyond are drawn to the market by its peculiar of state-of-the-art, lively and contemporary market operating in a clean and tidy environment, and a historically significant building. The City Market offers an environment where tourists can relax and enjoy a unique shopping and dining experience. In addition, visitors to the market are able to explore and stroll around the market to observe the history of this extraordinary landmark by having a look at the interpretation stations, which are found, througho ut the market that narrates the story of the market in both words and picture. As earlier mentioned, the market is characterized by a flurry of activities aided by the strong local trade. This makes the market very appealing to visitors of the market. Just as at the harbor of the city, the market is also very hospitable and has merchants and local customers who are very welcoming. In fact, during my visit to the market, I received a warm welcome by a certain merchant in the market called John who owns a shop where sealing of the locally manufactured maple syrup takes place. Apart from just welcoming e to the market, John also taught me few new business skills, including how best to cater for the needs of different people from different parts of the world. In

Law and Management Essay Example | Topics and Well Written Essays - 2500 words

Law and Management - Essay Example Leaders aspiring to be visionary should be able to mentor their successors at all levels and look beyond the horizon. To maintain the quality of leadership and lead people effectively, one needs to maintain the time and adopt the change required by the market. To be ahead in the competition, he should be the market leader in product development and technology. The leader should be a continuous learner, who always observes the global economic trends very closely, improves his listening skills and maintains a good relationship with his employees, while showing the empathy that will lead to better organizational culture. This will help to attract, nurture and retain the best talent in the organization. An effective leader should ask himself some retrospective questions like whether he is inspiring his own employees in the right direction or not Whether he is able to communicate effectively his vision, mission and strategic goals of the business, across the organization or not How courageous he is to implement his strategies, even during difficult times How frequently he takes the feedback whether he is in the wrong direction or right How best is he able to take timely decisions And, at the same time, whether he directs his employees towards right path or not An effective leader should maintain the simplicity and should be careful enough in matters of costs for the company and if the company is global he should not think in terms of dollars but should see each pie in terms of that country's currency. This will help him become aware of the local problems and culture that, in turn, will be helpful in solving such issues by adopting a suitable strategy related to that unit. An effecti ve leader lays emphasis on leadership principles, especially on the awesome responsibility of taking care of a good number of people's life and livelihood. According to James C Hunter, the author of "The Servant Leadership", the true foundation of leadership is not power, but authority, which is built upon relationships, love, service and sacrifice. Traditional Leadership Styles Comprehending the types of leadership styles is an essential first step in leadership development, which will help one to decide the leadership style that would work best for oneself and the organization Basically there are three classic leadership styles Laissez Faire, Autocratic, and Participative. 1. The Laissez-faire Style This style works well if one has highly skilled and highly motivated people and where direct reporting is done. The laissez-faire style employs low control; it depends more upon the leader's perception of how much freedom one should give to the people. 2. The Autocratic Style An autocratic leader is one who demands instant conformity to his words. These are the characteristics of autocratic leadership: Directs others what to do; restricts ideas or novel ways of doing things; generates fear of power, nepotism and humiliation; the team does not experience the teamwork sensation; shows immediate discontent at the petite blunder in accomplishing the business goals. This style is the least effective, because of hierarchical decision-making. It slaughters the creativity of employees. The autocratic style is found to be very effective when time is scarce, team members are unknown, persons/team lack expertise and know-how, and also in turning around a company, or in a formidable hostile takeover. 3. The Participative Style This style

Interview A Manager Assignment Example | Topics and Well Written Essays - 1500 words

Interview A Manager - Assignment Example In its long journey Coca Cola has done many mergers and acquisitions which have contributed a lot in the growth and development of the company. The firm operates its business through franchise distribution. It only manufactures the syrup and then sent it to various bottling partners. In many places the company itself owns many bottlers. Manager is an important person of an organization. He plays a vital role in planning and directing works to its subordinates. He develops important strategies for growth and development of the company. Under his guidance the company performs vital tasks. The manager has the power to hire and fire employees working under him. He has the authority to judge the performance of its subordinates and give promotion to them. He is the person responsible for administrating and controlling the functions of the organization. A company has different types of manager’s accordi9ng to its divisions. One of the famous managers of Coca Cola is Brandon M. Buchanan. He is with the company for past 17years. For past 1year 3 months he holds the position of District Sales manager of Coca Cola. Brandon M. Buchanan feels pride for working in Coca Cola. In 1996 he joined the company. Now he holds the position of district sales manager. It is a large store in Phoenix, Arizon. As a manager of this store he has to execute sales for generating more revenue. He supervises different promotional activities of the store in Arizon district. It helps to influence the sales figure of that region. He plays a vital role in developing the market for the products of Coca Cola through building community relationship. One of its important job responsibilities is to train and develop its subordinates for achieving the goals and objectives of District Sales Team. He assists its team members in innovating and developing new business plans and opportunities. Brandon M. Buchanan set up and delivers profit and budgeted volume at the

My passion for education. Why become an educator Essay

My passion for education. Why become an educator - Essay Example A society is a place where human beings work together to form a livable environment. It’s a place where everyone has a role to play. But what shapes a society? Well the people obviously! But who shapes these people? The answer is teachers. From the point of our birth to the end of our lives we keep learning new things, big or small, it does not matter. In our childhood our energies are high and we perceive this world as a place of abundant knowledge but what knowledge is important? This is something that is pointed out by our teachers. What to learn what not to learn. Our teachers shape our minds, open our imaginations and give us the belief and the tools to learn. A teacher quite literally shapes the future. I want to be a teacher because of all these things. Today our world is falling into chaos. Nations are at their wits ends, wars are being waged, hunger, famine and much more. This is all because we fail to look forward to the future. The children of today are the future of this world, so I feel like it is my responsibility to step up and take charge. I feel responsible to mold these young minds for a better and stronger future- a future filled with happiness! Becoming an educator has a lot to do with passion and skill. There is no doubt that anyone can have any sort of passion but being an educator requires a lot of skill. It’s about passing on your own knowledge in an effective way. In a way that the receiver of that education not only absorbs the meaning of it but also develops the urge to further study it. I have that passion in me and I definitely have the skill as well. There is also a concept of morality behind the desire to be an educator. Whenever we go out in the search of truth and somehow find it we share it with the world because if we did not we would have still been in the dark ages. If Heisenberg had not shared his uncertainty principle or if Schrodinger had not shared the knowledge of his

Benefit of Leisure Essay Example | Topics and Well Written Essays - 750 words

Benefit of Leisure - Essay Example Although an individual gains when engaging in leisure activities, it is critical to point out that the society becomes healthy physically once members engage in leisure and related recreational activities as this expose elucidates. Individuals draw  various health benefits  from engaging in leisure activities. First, studies indicate that individuals who engage in leisure activities reduce their risk of becoming obese. On the other hand, obese people can engage in leisure activities related to walking in parks, engaging in trail walks, and related activities (State of California Resources Agency, 2005). In a society, whereby obesity cases have been on the rise with Ogden et al. (2014) indicating that  about  two-thirds of Americans are  either overweight or obese, the value of engaging in leisure activities that contribute to a healthy living cannon be overstated. In this case, individuals who engage in leisure activities reduce the risks associated with obesity since they start living a healthy lifestyle as physical activities reduces intra-abdominal visceral fats (State of California Resources Agency, 2005). Although the consumption of foods rich in fats is a primary contributor to obesity, it is s ignificant to point out that the prevalence of this condition, in the society, is strongly related to the failure by individuals to participate in physical activities than their consumption of foods rich in high calories (Welk & Blair, 2000). Hence, a society that motivates and encourages its people to engage in leisure activities ensures that it drew maximum physical health benefits from the population as they engage in activities that reduce their risks of becoming obese. In a 1996 report titled Physical Activity and Health: A Report of the Surgeon General published by the US Department of Health and Human Services, there is evidence to support the proof that the American society has lost lives from diseases and conditions that could be prevented

Leveraging IT for Business Assignment Example | Topics and Well Written Essays - 2500 words

Leveraging IT for Business - Assignment Example The benefits of offshoring are numerous to the company that engages in it. These include the reduction of the cost of doing business. Businesses have been able to reduce costs especially on the salaries that it pays out as well as other benefits. This is of benefit to the organization as it enables the organization to continue to function without unnecessary expense added to it (Click and Duening 2005). This is because most of the outsourcing destinations like China, India and other countries offer cheaper labour to these companies that outsource to them. Another benefit of outsourcing is the competitive advantage that it gives to those companies that use it. This is gained both in the local as well as in the international scene. This is due to the lower cost of business operations and the proximity to the available market for the finished goods. On the other hand, the difficulties of outsourcing a business are also present and must be put into consideration. These include the propor tionality of the projects availed and the provider of the BPO to fulfil the obligations. As the size of the provider goes up, so is the risk. At the same time, there is the matter of trust between the provider and recipient. The people or companies that are the recipients of the services that are being outsourced may be unknown. This means that it is a testing venture when a company, for example, far away, Australia decides to entrust its business to a little-known group like in India. The end result may be a poor show of the BPO which may be a great threat to the survival of the company. Another challenge to outsourcing is that it has the capacity to cause brain drain. According to unions within Australia, the outsourcing has driven a number of nationals from Australia to other countries in search of better terms of employment (Switzer 2006). This is because when companies outsource, they reduce the number of local jobs that they have. This is nature of unemployment that drives the job seekers elsewhere to try and survive. Outsourcings will, therefore, cost the country a lot of its highly productive labour.  

What are Hamlets feelings on pages 74 and 75 Essay Example for Free

What are Hamlets feelings on pages 74 and 75 Essay Page 74 is the first time Hamlet is introduced to the audience and this first speech of his is very important as it sets the tone of the play and allows the audience to adjust to the type of genre it is going to be, it also shows how desperate Hamlet is and how distressed he truly is. It tells the plot of the story to the audience and shows why Hamlet is so unhappy at his mother and uncle being married, and the time in which they did so. We immediately begin to see how alone and confused Hamlet on what to do Hamlet really is, so much so almost a third of the speech is basically him contemplating suicide, which is strictly against his religion. The main pillars in his life, the people he could relay on the most have betrayed him and he is unsure who he can trust and he is torn between taking vengeance mainly on his mother for dishonoring his fathers memory by marrying his uncle (obviously he does not yet know who killed his father or how he died) or to remain true to his mother, and turn the other cheek as his religion tell him to. He thinks that his mother and uncle have been too hasty in getting married, But two months dead, nay, not so much, not two and he has suspicions that they had something to do with his fathers death. He seems very bitter towards his mother in particular and refers to her like a parasite. Why, she would hang on him, as if increase of appetite had grown by what it fed on and his initial reaction, before he is visited by his fathers ghost, is to take revenge on his mother. Which shows how he is feeling as he expects his mother should be the main support to him in his time of mourning but instead she has abandoned him, this also shows how emotional week Hamlet is from his first sentence. He does talk about the sexual relationship between his mother and uncle, O, most wicked speed, to post with such dexterity to incestuous sheets! It is not, nor it cannot come to good. This could be Hamlets way of surging energy and guts that will enable him too take vengeance on his fathers death and his mothers dishonor towards his fathers memory. This also gives the impression that Hamlet is quite week emotionally and is in need of help or guidance, something that he does not receive from any of his friends or family, many of who attempt to kill him and I think the fact he often tries to justify his weakness. For example he says the only reason he does not commit suicide is because it is a sin, similarly when he goes to kill his uncle he does not because he is praying at the time and this would lead to him being sent straight to heaven instead of to hell where he belongs. I think Hamlet is shown as being very lonely and not too sure who to trust shows in the final line of his speech, But break my heard, for I must hold my tongue, this shows that he wants to solve his problems by himself. Again symbolizing his isolation from the people around him and his complete lack of trust in anyone and the fact the speech is said to the audience also shows that he is completely alone in the world and does not know where to turn to. Hamlet obviously had great respect for his father and despite saying that he is not a great warrior Married with my uncle, but no more like my father than I to Hercules his father was and you begin to see that Hamlets main influence in his life, the one person he admired the most was his father and now he has gone, Hamlet feels very lost and insecure without him and seems to punish himself and continually put himself down throughout the speech creating a very distressed first scene, but ironically he remains one of the few Shakespearean characters which have a sense of humor and as the play progresses we begin to see how sly and sarcastic hamlet can be, especially when talking to Polonius.

Learning by Doint Essay Example for Free

Learning by Doint Essay Your state’s statute that defines what is considered to be a public record that must be made available to the public upon request. Public Records are documents, papers, letters, maps, books, tapes, photographs and computer-based or generated information. Access to public records is available to both local nonresidential individuals of Georgia. Residents of Georgia have the right to Public records under the Georgia Open Records Act. Nonresidents of Georgia have the right to public records under the instruction of the Attorney General. Under the Open Records Acts, Georgia mandated Every state department, agency, board, bureau, commission, public corporation, authority, county, municipal corporation, school district and other political subdivision, department, agency, board, bureau, commission, authority and similar body of each county, municipal corporation or other political subdivision of the state; city, county, regional or other authority established pursuant to state law; and non-profit organizations that receive more than one-third of their funds from a direct allocation of state funds from the governing authority of an agency. The archives Georgia state’s statue define a public record that should be made available to public upon request are Court Records, Criminal Records, Birth Records, Death Records, Marriage Records, Divorce Records, and Genealogy records. Government meetings, election results, crime statistics, home deeds, annual tax on homes and vehicles, and food service inspections are open to the public as well. (Baker, 2008) The pre-World War I opinion by the U. S. Supreme Court holding, on re-argument, that a federal income tax was unconstitutional. Prior to World War I the United Stated had few taxes. The government was supported by internal taxes. The U. S. Supreme Court decided that the income tax was unconstitutional because it was not apportioned among the states in conformity with the Constitution. Protesters were in favor of the decision. (Siegal) The federal statute authorizing the U. S. Secretary of Transportation to make payments to states for the value of materials stockpiled near federal highway construction projects in conformity with the project specifications. The federal governments provides the state with funding for projects such as highway reconstruction. No funding is given unless the secretary follows up with inspections. There are several administrations that aid in the department of transportation such as Federal Aviation Administration (FAA , Federal Highway Administration (FHWA), Federal Motor Carrier Safety, Administration (FMCSA), Federal Railroad Administration (FRA), Federal Transit Administration (FTA), Maritime Administration (MARAD), National Highway Traffic Safety, Administration (NHTSA), Office of Inspector General (OIG) , Office of the Secretary of Transportation (OST), Pipeline and Hazardous Materials Safety Administration (PHMSA), Research and Innovative Technology Administration (RITA), Saint Lawrence Seaway Development Corporation (SLSDC) and the Surface Transportation Board. The federal joint regulation of the U. S. Fish Wildlife Service, Department of the Interior, National Oceanic and Atmospheric Administration, and Department of Commerce, identifying the factors for listing, delisting, or reclassifying endangered species. The federal joint regulation of the U. S.  Fish Wildlife Service, Department of the Interior, National Oceanic and Atmospheric Administration, and Department of Commerce, identifying the factors for listing, delisting, or reclassifying endangered species provides a list of endangered species or are in danger or becoming endangered. Issues that are addressed are the present he present or threatened destruction, modification, or curtailment of its habitat or range, over utilization for commercial, recreational, scientific, or educational purposes, disease or predation, the inadequacy of existing regulatory mechanisms and other natural or manmade factors affecting its continued existence. Plans to protect natural resources are tackled. Recovery and protections plans are also addressed. The department of commerce promotes economic growth. The department focus on the creation of jobs and the enhancement of living standards. Your state’s administrative regulations specifying the licensure process for real estate agents. The Georgia real estate and commission boards determine the regulations for the licensure process for real estate agents. There job is to ensure the housing market is fair and honest. Background checks are performed and successful completion of education is required. There is also a real estate test to be taken before an individual can practice. Georgia also has real estates schools. The local ordinance in your municipality governing noise. There are several cities which have laws prohibiting noise above a certain level. In the state of Georgia, it unlawful for any person to make, continue or cause to be made or continued any loud or excessive noise which unreasonably interferes with the comfort, response, health and safety of others within the jurisdiction of the city. For example, the younger generation install systems in their vehicles which allows their vehicles to play music really loud. The music is so loud it causes other vehicles to feel the vibration. This excessive noise is a violation of the Georgia noise ordinance. The noise ordinance does not only pertain to music in a vehicle, it pertains to a television, pets that make noise, machinery, and emergency signaling devices. The most recent opinion of your state’s highest appeals court describing the extent to which the state constitution requires that the power of eminent domain be exercised only for a public use. Recently, Augusta, Georgia, did some reconstruction with the roads on Mike Padgent High way due to so many deaths. The deaths were caused by the accidents on the highway because there is no turning lane. The only solution was to widen the highways and make a turning lane. In order to do so, land must be purchase from the homeowners and used to extend the highway. The state was in favor of this opinion because is would save so many life on †Death Highway. † A recent federal trial court decision in your federal district describing the standard for summary judgment in federal court. Barnes vs. Zaccari is a very significant court case which lead to setting a standard for summary judgment is federal court. The Barnes VS. Zaccari case The president of Valdosta State University, Ronald Zaccari expelled Thomas Hayden Barnes for exemplifying a clear and present danger to other students on campus. Barnes sued Zaccari in the federal courts because he did not receive a warning before he was withdrawn from school. Barns won the his case against Zaccari. The case describe the violation of the due process clause which claims that Barnes was due notice on the charges against him. Ley, 2012) A law-review article published within the past five (5) years about libel law and political campaign advertisements. It never fails during campaign season, there are always political advertisement with candidates bashing their opponents. Political parties compete against their parties make statements about what their opponent stands for. The advertisements are used to expose individuals to the U. S. citizens in hopes to gain votes. There are certain statements that are on the verge of defamation. Defamation is providing false information that can be proven false on an individual that harms that person’s reputation. Opinions which express negativity on someone is also protected by the first amendment.

Opportunities And Challenges For Wal Mart In India Marketing Essay

Opportunities And Challenges For Wal Mart In India Marketing Essay India is seen as an emerging market for retail by global retailers. A.T. Kearneys Global Retail Development Index (GRDI) of 2009 ranks India as the most emerging destination for retail ahead of Russia and China. However, to protect its own retail industry, the Government of India has permitted only 51 % FDI for single brand retail. This has deterred many multi-brand retailers to enter the retail business in India. However, these retailers can enter the wholesale business where 100 % FDI is permitted. In November, 2006, Wal-Mart entered into a 50:50 joint venture with Bharti Enterprises to enter the wholesale sector as well as back end partner. Several apprehensions are being raised about the success of Wal-Mart in India which has largely been dominated by traditional retailers. The case analyses the opportunities and challenges that Wal-Mart will face in India and concludes with discussion on the future of Wal-Mart with respect to the advantages and disadvantages that the global reta iler will have in India. Introduction Since liberalization in 1991, the Indian market has a limited presence of global retailers such as McDonalds, Landmark, Dominos, Pizza Hut and few others. In January 2006, the Union Cabinet approved the policy on foreign direct investment (FDI) in retail to further simplify procedures for investing in India and to avoid multiple layers of approvals required in some activities. To facilitate easier inflow, FDI up to 100 % was allowed under the automatic route for cash and carry wholesale and export trading. However to protect the interests of Indian retailers, the FDI up to 51 % was permitted in single brand retail only. In 2006, Wal-Mart of US entered into a 50:50 joint venture with Indian retail major, Bharti Retail to foray into the wholesale business in India. The first Wal-Mart Bharti store opened in Amritsar in late 2009. In the same year, A.T. Kearneys Global Retail Development Index (GRDI), ranked India as the most emerging destination for retail ahead of Russia and China. Gl obal retailers like French based Carrefour and US based Starbucks were exploring opportunities in the Indian retail market while; Swedish retailer IKEA shelved its plans. A report by Northbridge Capital, UK based investment bank, revealed Retail market size in 2009 is estimated to be of $450 billion, growing at the rate of 30 per cent per annum. It is expected to grow to $720 billion by the end of 2011  [1]  .An analysis by AT Kearney revealed that organized retail in India accounted for only 6 % of the total retail market . Market analysts believe that India had traditionally been dominated by unorganized retail. They wonder whether global retailers can sustain in India considering the restrictions on FDI in retail and a strong competitive unorganized market. About Wal-Mart of US The retail chain Wal-Mart was established by Sam Walton in 1962 in the US. Over the years, the retail chain grew leaps and bounds to be the most successful retailer in the US. The retail chain operates in various formats such as discount stores, supercentres and warehouse clubs. Wal-Mart stores are huge stores with size varying from 42,000 sq. feet to more than 200,000 sq. feet. The business model of Wal-Mart is based on selling a wide variety of merchandize at always low prices often referred to as everyday low prices. Wal-Mart successfully expanded its operations to 14 countries which included Mexico, UK, China, Argentina, Brazil, Canada, Chile, India and Puerto Rico. By 2010, the chain operated 2,980 stores outside the US. Wal-Mart also ranks the topmost global retailer in the world with revenues of more than $ 400 billion from worldwide operations in 2009. About Bharti Enterprises of India Bharti Enterprises is an Indian business conglomerate established by Sunil Bharti Mittal. The group was founded in early 1990s. The group is involved in variety of businesses such as telecom, insurance, fresh foods, retail and realty. Outside India, the company has a presence in Bangladesh, Sri Lanka, Jersey, Guernsey and Seychelles. The group is in the process of establishing itself in countries like Burkina Faso, Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania,Uganda, and Zambia in the African sub-continent. The brand names Airtel and Beetel are household names in India. Its revenues for the year 2009 were estimated at $ 10 billion. Bharti Wal-Mart Tie Up After entering into discussions with Tesco of UK and Carrefour of France which did not materialize, Bharti Enterprises of India finally struck a deal with Wal-Mart of US in November 2006. According to the deal, Bharti would handle front end retail stores while Wal-Mart would act as a wholesale and back-end partner. However, Bharti would use the name Wal-Mart for its stores. The joint partnership planned to make investments in the retail sector to the tune of $100 millon which could go upto $1.46 billion. Wal-Mart was already procuring goods from various Indian companies to the tune of $1.5 billion. Industry observers say that the Wal-Mart would benefit from Bhartis experience in India while Bharti would benefit from Wal-Marts experience in overseas markets. However, after tremendous opposition from local people and political parties, the first store opened in Amritsar in late 2009. Consumer Shopping Behavior in India Consumers in the west are accustomed to shopping at organized formats while in India such formats are still evolving. Various researchers analyzing consumer shopping behavior in India made the following observations with respect to selection of stores by consumers: Traveling time : If the desired products are available in the neighborhood store, consumers would not visit the far away supermarket or hypermarket. Range of products offered : If the consumer shopping list is such that the required goods are not available in the neighborhood store, they would visit the supermarket or hypermarket. Services offered : The neighborhood stores offer personalized services such as credit facilities, free home delivery service, sms service and extended working hours. The organized retail formats offer good ambience, promotional offers and a good shopping experience. Socio Economic background : The socio-economic background of consumers determine their lifestyles and the kind of stores they would be comfortable to shop. Initially, the lower income group was hesitant to shop at organized retail formats as they felt that such stores were for the elite. However, over a period of time, the retailers adopted steps to change the perception of such consumers. Opportunities According to a report by McKinsey Company, the rise in disposable income of Indian consumers would be a major factor in contributing to the growth of retail consumption. The factors contributing to the growth of organized retailing in India include growth in working population, double income households, one stop destination for all needs, changing consumer lifestyles and easy availability of credit. Data by Investment Commission of India, 2007 revealed that significant retail opportunities existed in product categories like food and beverage, consumer durables and home improvement. It further forecasted that home improvement and consumer durables would grow at a compounded annual growth rate of 20 % in 10 years time. It further mentioned that India had a significant potential to emerge as a sourcing base for a wide variety of goods for international retailers. Leading international retailers including Tesco, GAP and JC Penney are already sourcing from India. A report prepared by Ernst and Young for India Brand Equity Foundation (IBEF) reveals that there are significant opportunities for organized retailers in various cities of India. This is because these cities have households with tremendous spending power and lower penetration of organized retail compared to metro cities such as Delhi, Mumbai and Bangalore. The online retail business progressed in India with growth of internet connections and e-payment service users. Retailers such as ebay.in, indiatimes.com and rediff.com were early entrants. Many small retailers also had their portals for online sale of merchandize. 70 % of Indias population is in the rural areas which offer tremendous opportunity for retailers. Key players in the rural retail market includ Indian Tobacco Companys Choupal Sagaar, DCM Shriram group owned Hariyali Kisan Bazaar and Indian Oil Corporations Kisan Seva Kendra among others. The main product categories marketed in rural areas include seeds, urea, FMCG goods and farm produce. Airport retailing is another emerging area for retailers. Raheja Groups Shoppers Stop partnered with Nuance Group, a leading Swiss global retailer to set up retail outlets at Bangalore and Hyderabad airports. Airport retailing offers opportunities in luggage, clothing and related accessories, food and beverage and souvenirs. The growing tourism industry has created significant demand for retailers dealing in artifacts. Challenges Logistics infrastructure in India has always been a cause of concern for global retailers. Lukas Ruecker, who oversaw emerging market business as vice president at Staples commented that the overall logistics is so much more difficult from a port in Chennai or a port in Shanghai to stores. Sumant Sinha, CEO, Aditya Birla Retail, is of the view that the logistics and supply chain infrastructure has to be built from scratch; its really about creating a new industry. Indias retail industry seems promising but is tempered by the fact that the country is grappling with severe infrastructure and policy issues, says the CII in the report it produced with A. T. Kearney. Cold chains (distribution chains for perishable items), warehousing and logistics infrastructure will create problems for global retailers if the Indian government does not focus on infrastructure. The report also points at inadequate quality control and the lack of a skilled workforce in India. Global retailers would have to customize their formats to suit Indian conditions. The Government of India fears that entry of global retail giants could put many retailers in the unorganized sector out of business. However, discussions at various retail forums have often proved that there is enough space for organized and unorganized retail in the country. Inspite of repeated discussion on the issue at various government levels to further liberalize the retail sector, no headway had been made. Indian retailers in organized and unorganized sector had geared themselves to face global competition. The organized retailers have focused on mall space acquisition, store expansion and diversification into various formats in addition to above and below the line promotional activities. The unorganized sector has focused on value added services. A report by PriceWaterhouseCoopers and Confederation of Indian Industry mentioned that small retailers in India had inherent advantages. They were located next to the consumer, making it convenient for top-up purchases. They knew the consumers well, some even by name. The report further mentioned that fixed costs for small retailers was very low thereby reducing their breakeven point to as low as 46 % of sales. They were also focusing on re-organizing their stores and stocking new products. The road ahead for Wal-Mart Industry observers wonder whether the failure of Wal-Mart in three major countries can be taken as a backdrop to predict its future in India. Consumer Behaviour experts are of the view that global retailers would have to understand shopping behavior in India and provide answers to why should Indians consistently shop at foreign retail outlets? Asitava Sen, retail industry specialist, PricewaterhouseCoopers., sharing his views in an article mentioned, Infrastructure is a significant challenge, especially while managing fresh produce, where producers are fragmented and there is multiple level of intermediation causing waste of up to 30% to 40% in the supply chain. Real estate is scarce and expensive in comparison to the quality being offered. An inadequate supply of skilled and trained people is another significant challenge.  [2]  

Animal Farm Diary Entries :: Animal Farm Essays

Animal Farm Diary Entries Old major I am getting closer and closer to death. These last few years of my life have been haunted by terrible thoughts of REVOLUTION!!!! I need to tell the other animals about these thoughts. I don’t know what they will think. They may object to them greatly or they may see it as a way to be set free, but other animals will have different opinions. The cat is a household pet his life is good. He never has to do any work. He will not be keen. However there are animals like pigs that live for one purpose, to be killed. They will be keen. I will confront the animals soon. Snowball Old major rounded all the animals in the barn today. What he said shocked us all. He obviously had been thinking about it for a long time. He told each what our fate was; usually it was to be slaughtered. Instantly most of the animals realised that they should provoke this revolution or be killed. I am happy to help because it is inevitable Mr. Jones’ cold hands will slaughter me if I don’t help. Its just my mind is flooded with thoughts of what could go wrong. How would we get food? How would we run the farm? Won’t other people just come to claim the farm? So many things could go wrong but if we succeeded it would have a huge effect on not just this farm but on surrounding farms too. We could provoke these farms to follow our example. Soon animals would be seen as equals next to men. There’s even a possibility that we could be seen as superior. I say the revolution should happen and it will happen. Revolution is coming to Manor farm! Napoleon Today something happened, it was inevitable, it had to happen sometime. I knew it. Old Major gathered all the animals in the barn. He began to lay the foundations for a revolution. I admire him very much to have the courage to oppose Mr. Jones. I now am sure Mr. Jones’ rule will be other within the year. The animals want a revolution and they will get one. Revolution, I see it as a time when one person loses something and another gains something. I wish to be the one to gain. I have always been the runt in the litter, now I will become superior to everyone else. I know I can. Mr. Jones will die and I will live and my life will be great. It’s all because of revolution. People will die and I will benefit.

Comparing and Contrasting the Role of Women in Things Fall Apart and He

Role of Women in Things Fall Apart and Heart of Darkness       Women were once little more than slaves to their male "betters." Some women might have been respected, but their places were limited to roles as wives and mothers. They might rule a home, but were not believed intelligent enough for any other role. This chauvinistic attitude is well reflected in the novels Things Fall Apart, by Chinua Achebe, and Heart of Darkness, by Joseph Conrad.    In Things Fall Apart, women are praised in their capacities as wives and mothers, almost revered really. In many instances, Achebe paints glowing pictures of them in these roles. "Anasi was a middle aged woman, tall and strongly built. There was authority in her bearing and she looked every inch the ruler of the womenfolk in a large and prosperous family" (Achebe 20). Anasi's role as Nwakibie's first wife is obviously one of great respect and she is regarded nearly as a queen. She presides over the other wives of her husband and keeps them under control and peaceful. Because she does a good job, she is highly regarded as a woman. Also, "Ani played a greater part in the life of the people than any other deity. She was the ultimate judge of morality and conduct" (Achebe 36). This quote may be surprising to the reader at first that men might worship a female goddess, but it fits with feminine roles in the Ibo society. Women are often entrusted with instilling morality in their children and governing their conduct. A female goddess will remind men to uphold their morals and mind their conduct, much the way a mother would her child. Again, there is the valued role of a mother for a woman. She will be admired and cherished for that, but little else. Outside the roles of mother and w... ...orld, this is a sad attitude. Worldwide, women have it even worse. In Africa and parts of Asia today women are still as they were in Heart of Darkness and Things Fall Apart. They hold little power, are married to produce children, and are no much better than slaves. Achebe and Conrad, though indriectly, have painted a pitiful picture of the role of women in certain societies. In both novels, societies run by men eventually turn evil and fall apart. The admired war-like men come to destroy their lives and that of those around them. Well, perhaps it is time to give the women, the guardians of morality and conduct, a chance to run things. Maybe then there will be some peace on earth.    Works Cited: Achebe, Chinua.   Things Fall Apart.   Greenwich: Fawcett Publications, Inc., 1959. Conrad, Joseph.   Heart of Darkness.   London: Penguin Books, 1989.