My Philosophy of Teaching :: Philosophy of Education

Philosophy of EducationAs a young girl, I would come home from school and pretend to be a appriseer. I would sit my younger cousins at small tables and ask them to complete various assignments, such(prenominal) as reading a book or writing the alphabet. We even had lunch in our pretend cafeteria, the dining room, and then we would venture outside for recess. world a teacher has almost always been a goal of mine. I went through a phase in junior high school where I wanted to become a doctor in order to receive their large salary. One conformation of biology is all it took for me to realize that my weak hold out could not handle being a doctor. Once, I wanted to become a lawyer for the real same reason however, after hearing barely what classes were needed, I quickly changed my mind. I want to become a teacher because of the rewarding experiences, the interacting with young children, and the gaining of new knowledge.With teaching comes many rewarding experiences. Seeing a childs face light up when they see that they have received a big A+ on their assignment can shed light on up anyones day. During my senior year in high school, I participated in the School to Work Program which allowed me to mentor a first form teacher for at least three hours a week. At first, I thought that I would sit in the back of the room and watch her teach but I was wrong. I was basically her teaching assistant for those few hours. She gave me a list of students and had me take one student at a clock time to have them read a short story or complete a worksheet. The worksheets included math problems, spelling words, and writing. Helping the students with skills that adults take for granted was very rewarding for me. Seeing a child smile because of something I did or said made me so happy. During my last week of mentoring, I was allowed to plan the classs end of the year party. After all of the planning and a little bit of stress, seeing how much fun the students were having made it all worth(predicate) it. I know that future teaching will have both pleasant experiences and not so pleasant experiences.

The Power of The Bluest Eye :: Bluest Eye Essays

The Power of The Bluest Eye   America has been described by various terms such(prenominal) as melting pot and tossed salad, but what these terms are trying to convey is that America is a country of great diversity. The literature of this country reflects its tribe in its diversity of genres, themes, phraseology, and voices. One of these voices is Toni Morrison, an author who knows and appreciates the power of language, and uses it. In her Nobel Prize acceptance speech she states, The vitality of language lies in its ability to limn the actual, imagined and workable lives of its speakers, readers, writers. The vitality of language of which Morrison speaks, may very well be the soul of the American novel, or at the very least, the soul of Morrisons novels, such as Sula, Beloved, and The Bluest Eye.   In The Bluest Eye, Morrison uses her ability with language to take her readers into the black community in Lorraine, Ohio, and into the various levels of that soc iety. She utilizes several points of view, both first person and third person omniscient, and universal themes such as love, hate, hope, despair, fear, courage, ugliness, and beauty to bring her characters and their struggles to vivification. The very universality of her themes provides a common point of contact that allows most readers to see in these people something of themselves or their life experience. For example, she shows a mothers love for a child when in the night, the mothers hand adjusted the quilt, and rested a moment on my forehead (14). This simple gesture conveys so much, and is familiar to many.   Morrisons powerful language lends depth and detail to every scene. She shows the pain and bewilderment of Claudia, Frieda, and Pecola over the blue-eyed blond ideal of beauty that is even perpetuated by their parents when they are given dolls that fit this mold. She brings to life the upper class colored people who were neat and quiet and who looked down on niggers who were dirty and loud (71), with language that flows like molasses on a warm day. They come from Mobile, Aiken. From Newport News. From Marietta. From Merdian. And the sound of these places in their mouths make you think of love (67).

Reader Response to Memoirs of a Geisha Essay -- Memoirs of a Geisha Es

Reader Response to Memoirs of a Geisha                Memoirs of a Geisha is Arthur Goldens debut novel, written fine with great detail. It was initially written as a novel that would depict the son borne of a geisha and a Japanese businessman, but once he had learned the professedly nature of a geisha, he changed his topic. Golden discovered the intrigue of the geisha - the attributes that draw in the geishas customers, that make them an irreplaceable part of Japanese history, that make them human as well as the ideal of what a woman should be. When these features were displayed through Sayuris voice, the novel became an emotionally enrapturing story, which drew in the reader and captivate the heart. I, personally, was affected deeply by this novel. I clear always been drawn in by Japanese culture, even as a child. When I learned of the geisha for the first time, I thought I even wanted to be one someday. While readin g this novel, any fantasies I may have had of what a geisha was were completely reshaped. This novel convinced me that the geisha actually were artists - they were trained and hired as musicians, dancers, conversationalists, jokesters, and drinking buddies, so to speak. The geisha incorporate two the demure and the vulgar aspects of the human spirit, and created instead a playful and desirable companion for the stressed and lonely businessmen.              When I learned of the mizuage, the supposed Japanese call for the occasion upon which a young geishas virginity is auctioned off to the highest bidder, I was absolutely shocked. Here was a culture that had prided... ...d my eyes to new styles of writing. While the writing was simple, it crossed the resembling barriers that were emotionally crossed throughout the novel.              Initially I did not think it possible, but aft er reading the novel I found it to be true - it is possible for people to truly understand one another despite any boundaries. Whether they be due to gender, age, culture, politics, or any other reason, these boundaries can be overcome by simply learning about one another, about everyones own personal histories, and trying to understand them as people rather than objects. Memoirs of a Geisha defied many boundaries and was able to create an intimate - and greatly appreciated - relationship between the reader and a fictional geisha from, essentially, another world. It was truly an incredible novel.

The Use of Suspense in Julius Caesar :: Julius Caesar Essays

The Use of Suspense in Julius Caesar         Suspense can be defined as the uncertainties the contributor feels about what leave alone happen next in a story, or in this case, a play.  William Shakespeare incorporated in Julius Caesar common chord very suspenseful regularts on which the whole play depends.         The first suspenseful event of this play occurs when the conspirators join and discuss their reasons for assassination.  Cassius feels that he is equal to Caesar, if not even better that him.  Shakespeare builds suspense by using this statement made by Cassius  I was born free as Caesar.../we both have fed as well, and we can both / endure the winters cold as well as he.  Then cassius tries to persuade Brutes to join in on the conspiracy by say him that it would be honorable to assassinate Caesar.  Cassius tells Brutes that the fate of Rome is in trouble with Caesar in power, which help s build suspense early in the play.  To convince Brutes conclusively, cassius forged earn and threw them into Brutuss window where he was sure to find them.  Shakespeare wrote this statement  we will awake him and be sure of him. This is a very powerful statement that builds suspense because the reader most likely feels that Brutes will join in and want to assassinate Caesar, yet the reader is uncertain as to whether or not the plan will work.  These events are very suspenseful as they lead up to the assassination of Caesar.         The next series of suspenseful events that foreshadow Caesars assassination happen on a very unusual night.  One night before Caesars death there were many strange occurrences the foreshadows darkness in the future.  A lioness gave birth in the streets, the assassinated rose from their graves, fiery worriers fought in the clouds so fiercely that blood drizzled upon the capitol, horses neighed, dying men groaned, and ghosts shrieked and squealed along the streets all events of this strange night that Shakespeare makes so suspenseful. besides on this unusual nigh, Calpurnia had a very frightening dream that was very suspenseful.  The dream was of Caesars statue emitting blood and many Romans were bathing in it.  When the reader reads this he is on the edge of his seat

Essay examples --

Our world is made up of many diverse cultures. These cultures have influenced many aspects of this world that we live in today. Understanding and developing knowledge just about these cultures is vitally important. Having the ability to understand other cultures will allow you to look deeper into your own cultural values. We will begin with looking at the nations largest minority group, which argon the Hispanic Americans (Healey, 2012). The Hispanic Americans are divided into many groups. The three largest groups are the Mexican Americans, Puerto Ricans, and Cuban Americans (Healey, 2012) and these are the three that will be focused on. Mexican Americans are the largest Latino, or Hispanic American, group. There are many events that have had an influence on the Mexican American way of life. immigration from Mexico flourished during the Mexico Revolution in 1910. Trouble was arising in Mexico and many people were fleeting hoping to stray away from the issues. After World War II, the re was an increased conduct for labor. This caused an increase in Mexican American immigration as well. The government of the United States fought back towards the immigration. Operation Wetback was put into place in the mid-fifties as a program in which almost 4 million Mexicans were deported. Mexican Americans privacy was vandalized, raided and broken into. Operation Wetback caused solid feelings towards Americans and has been a continuing issue for Mexican Americans to accept (Healey, 2012). One of the most significant changes in Mexican society came from the North American Trade Agreement, or NAFTA. In this agreement, the U.S. began to move their factory operations to Mexico. Jobs were offered at factories along the board but the wages were decreased (Heale... ...us in the nation. According to McKenzie and Rouse (2013), 79% of African Americans say religion is very important in their lives. African American religion is carried out in worship settings. They emphasize theology during their messages. The majority of African Americans are Protestant and classifying yourself in a group is highly valued in this society (McKenzie & Rouse, 2013). Just like religion is important in this culture, all-encompassing family is as well. The extended family of African Americans is typically described as close-knit. The blood ties of this culture are the strongest bonds. All adults are responsible for a childs upbringing. They are part of the community and it is the adults job to help them grow. Roles and jobs are shared through out the family. Sharing roles and working together are seen as stabilizing factors within the home (Henderson, 1999).

Essay examples --

Our world is made up of more diverse cultures. These cultures bind influenced many aspects of this world that we live in today. Understanding and developing knowledge about these cultures is vitally important. Having the ability to understand other cultures will allow you to way deeper into your own cultural values. We will begin with looking at the nations largest minority group, which atomic number 18 the Hispanic Americans (Healey, 2012). The Hispanic Americans are divided into many groups. The three largest groups are the Mexican Americans, Puerto Ricans, and Cuban Americans (Healey, 2012) and these are the three that will be focused on. Mexican Americans are the largest Latino, or Hispanic American, group. There are many events that have had an influence on the Mexican American way of life. Immigration from Mexico flourished during the Mexico Revolution in 1910. Trouble was arising in Mexico and many people were short hoping to stray away from the issues. After World War II , there was an increased demand for labor. This caused an increase in Mexican American immigration as well. The regimen of the United States fought back towards the immigration. Operation Wetback was put into place in the 1950s as a program in which al intimately 4 one thousand thousand Mexicans were deported. Mexican Americans privacy was vandalized, raided and broken into. Operation Wetback caused hard feelings towards Americans and has been a continuing issue for Mexican Americans to accept (Healey, 2012). One of the most significant changes in Mexican society came from the North American Trade Agreement, or NAFTA. In this agreement, the U.S. began to move their factory operations to Mexico. Jobs were offered at factories along the get along with but the wages were decreased (Heale... ...us in the nation. According to McKenzie and Rouse (2013), 79% of African Americans say religion is very important in their lives. African American religion is carried out in worship settings. They emphasize theology during their messages. The majority of African Americans are Protestant and classifying yourself in a group is highly set in this society (McKenzie & Rouse, 2013). Just like religion is important in this culture, extended family is as well. The extended family of African Americans is typically described as close-knit. The declivity ties of this culture are the strongest bonds. All adults are responsible for a childs upbringing. They are part of the community and it is the adults job to serve up them grow. Roles and jobs are shared through out the family. Sharing roles and working together are seen as stabilizing factors within the home (Henderson, 1999).

A Study of Factors Driving Shareholders’ Value

pic A Study of Factors Driving Sh arholders measure and Influencing Sensex Fluctuation In India Executive Summary The objective lens of this catch is to prove the about either authoritative(p) factors which drive manageholders, order. touchholders value hither refers to the MVA ( grocery value issueed) which means the additional value which sh atomic number 18holders are earning on their invested money. The exploit of a caller-up matters a lot in creating a positivistic image of that political party in front of its stakeholders. and, the main objective of a company is to maximize the shareholders value.So, shareholders always want to k no.that the Company with whom they gestate entrusted their hard earned money is efficiently utilizing it and thus, creating evaluate for them. We be in possession of always read the annual announce of the Companies to get taboo information ab disclose their top line and bottom line. We also start out various fiscal ratios and t erms which act as substantial factors to view for our aid wish well Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Divid shutdown per Share (DPS), Debt faithfulness symmetry (D/E Ratio) and Economic Value Added (EVA).This interrogation is an attempt to find out whether EVA, DPS, D/E Ratio, EPS, ROCE, RONW of the companies listed in sensex really exempts the value accretion for the shareholders and grounds fluctuation in sensex. So, I have interpreted these multivariates as In mutualist variables and MVA as a dependent versatile (shareholders value) to apply regression psycho abridgment to infer out with a resolving that which variable is having a high grade of Cor congenator with MVA and signifi sighttly explains variation in MVA. To perform this analysis secondary information has been collected from Prowess and www. bseindia. comOut of 30 companies listed in sensex, 23 companies are selected as sample. 7 companies are eliminat ed beca enforce of inadequate information available for these companies. The reason place choosing these companies is that their reliability in terms of selection of the Companies as precisely those Companies are selected which have a listing history of at least 3 calendar calendar month with sufficient handicraft frequency. After that the data of different financial indexs of these Companies (RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization and Beta value) are collected for the boundary of 2003-2008.CAPM determine is utilize for calculating represent of equity. The EVA and MVA is calculated. After that change in MVA has been calculated with respect of previous division. Here 2003 has been taken as a base course of study and study has been make category intelligent from 2004-2008. Both EVA and motley in MVA are standardized by dividing both of them by Net Worth of the respective(prenominal) companies. This is done in order to get relative value of EVA and M VA over the same Net Worth. SPSS software system is used for applying simple and octuple regression analysis. start Simple regression has been applied taking one Independent variable at a time in order to find or so in-chief(postnominal) variable and eliminate least all-important(a) variable and take apart each variables influence over Change in MVA individually. After this multiple regressions has been applied in order to find the combination of Independent variables which are solidly correlated with change in MVA. In my study EVA has been found the most important variable therefore RONW, and then ROCE. These variables are having a high degree of correlativity coefficient with change in MVA and signifi keistertly explaining the variation in MVA individually. epoch the combination of EVA, EPS, and DPS are having a real high degree of correlation with change in MVA. So, my analysis shows that it is outperform to invest in a company generating higher and ordained EVA, RO NW, and ROCE it pass on add additional value to shareholders. INDEX Chapter-1 Introduction Page No. 1. 1 Company Profile 12-13 1. 2 Product & Services Offered by IL Investsmart.. 14-16 1. 3 Background of the Problem17-19 1. Introduction of the Project. 20-21 1. 5 Scope of the Project.. 22 1. 6 Literature Review.. 23-24 1. 7 abridgment 25 1. 8 question Objective. 26 1. 9 Introducing MVA and EVA 27 Chapter-2 Research Methodology29-30 2. 1 Limitation of Research.. 31 Chapter -3 Research digest 3. 1 Different Measures used for Analysis36-36 3. 2 Regression Analysis 37 3. social class wise government issue of Simple Regression analysis38-42 3. 4 everywhereall Result of Simple Regression Analysis 43 3. 5 socio-economic class wise Results of Multiple Regression Analysis 44-62 3. 6 Overall result of Multiple Regression Analysis.. 63-64 Recommendations 65 Conclusion 66 Bibliography 67 Appendices Appendix-1 Table of annual Return of Sensex 68 Appendix-2 Table of Year wise yearbook NOPAT of the Companies. 9 Appendix-3 Table of Year wise one-year RONW of the Companies. 70 Appendix-4 Table of Year wise Annual ROCE of the Companies.. 71 Appendix-5 Table of Year wise Annual D/E Ratios of the Companies 72 Appendix-6 Table of Year wise EPS of the Companies 73 Appendix-7 Table of Year wise DPS of the Companies.. 74 Appendix-8 Table of Year wise Annual Market Cap. of the Companies. 75 Appendix-9 Table of Year wise law of the Companies. 76 Appendix-10 Table of Year wise Bank borrowing of the Companies.. 7 Appendix-11 Table of Year wise Annual Beta value of Companies.. 78 Appendix-12 Table of Year wise Levered Beta value of Companies79 Appendix-13 Table of Year wise equal of equity of Companies. 80 Appendix-14 Table of Year wise Cost of Capital of Companies 81 Appendix-15 Table of Year wise EVA of Companies.. 82 Appendix-16 Table of Year wise Stdz. EVA of Companies. 83 Appendix-17 Table of Yaer wise MVA of Companies. 84 Appendix-18 Table of Change in MVA of Companies . 85Appendix-19 Table of Stdz. MVA of Companies.. 86 Chapter-1 Introduction 1. 1-Company Profile IL IL Investsmart confine (IIL) is one of Indias leading financial services organizations providing individuals and corporate with customized financial heed solutions. Investsmart has a strong presence across wide clutches of products and operates in the areas of Investment Management and Advisory Services, Broking Services, Merchant Banking, Project Syndication, Equity and Debt Broking, Commodity Broking and Distribution of Financial Products.Earlier the company was owned by IL group but is now held by HSBC, one of the worlds largest banking and financial services organizations. According to press Release by HSBC, the Company has completed the acquisition of 93. 86% of IL Investsmart Limited for a total rumination of INR 1,311 Crore. According to Sandy Flockhart, Group Managing Director & Chief Executive Officer of Asia-Pacific, Investsmart will engender HSBC access to the innova tions third-largest Investor base, with over 20 million retail Investors. The business already has 143000 Customers. The documentation and name changing bring is yet going on (till fifteenth June 2009).In India, The HSBC Group offers a range of financial services including corporate, commercial, retail and private banking, insurance, asset management, investment banking, equities and bully securities industrys, institutional brokerage, custodial services. It also provides software development expertise and global services facilities for the HSBC Groups operations worldwide. IL Investsmart Ltd has an all India presence through its network of get-goes and franchi call fors over 128 cities. Following a successful sign Public Offer (IPO), IIL has been listed on both the discipline origination Exchange (NSE) and the Bombay Stock Exchange (BSE).IIL is geared towards understanding and achieving the financial goals of all its customers, through its specialists in the aforesaid areas. IILs 2000 employee provide a complete range of Investment solution in India through 88 branches and 190 Franchisee outlets from 128 Cities. It has been recognized as National Best Performing Financial Advisor Retail for two years in a row (06-07 and 07-08) by CNBC TV 18, With a market capitalization of approximately US$260 million. The Corporate Office and Research Division are located in Mumbai. In Delhi, the regional office is at Caunaght Place and the branch office is at Pitampura. . 2-Products and Services Offered by the IL The Company has grouped its Product and services in adjacent manners o Retail whirl o Institutional Offering o Advisory Report & Advisory Services o Online transaction Retail Offering It includes Advisory Products regarding search reports and analysis. Trading product It includes Equity and Derivatives. NRI Products It includes NRE Equity, NRI Portfolio Management services, Mutual Funds, IPO, Insurance, Wealth Management Products, PAN card services, Ad visory Report and Accounting and income Tax return filling in India.Institutional Offering Investment Banking Services IL Investsmart (IIL) offers extensive range of Investment Banking Services for equity related products and instruments. Their team advises Customers on transactions like business structuring and capital raising opportunities establish on their corporate needs and state of capital markets.Services it specialize in include Management of sign Public Offering (IPOs) Follow-on Offerings Qualified Institutional Placements (QIPs) Buyback of Equities Open Offers Mergers & Acquisitions Private Equity Placements ESOPs Institutional Equity Broking Services It includes IPOs, equities, derivatives and mutual funds. It also focuses on identifying unexplored value stocks to investors. Through its gamut of services, this division is well-suited to corporate investors, banks, financial institutions, insurance companies and FIIs. Their Institutional Equity Busines s (IEB) is well positioned to offer support for a complete range of investment banking service to corporate. Institutional Debt Broking Services Its institutional debt broking division includes, secondary market broking, primary market debt placement & distribution and provident fund consultative services. Advisory Report & Advisory Services It includes Equity Report, Mutual Fund Report, Debt Market Report, Sector Report, Derivatives & Technical Reports. The reports are sent to the Customers on a fooling stern before opening of Stock Market in the Morning through email. It also provides Advisory Services by message alert and ap signing birth Manager to HNI clients. Online TradingFor Online trading Company provides collar products as online trading Platform SmartStart It is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates Cusomers banking, broking, and demat accounts. A comprehensive tra ding service, which allows Investors to invest in equities and derivatives. SmartStart trading platform allows you the flexibility of trading on any internet capable system, with access to both the NSE and BSE. SmartInvest is a browser-based system designed for customers who transact occasionally. It is beliefl for investors who believe in the Buy and produce approach towards investment in equities.SmartInvests capability as a browser-based trading platform gives the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE & BSE. SmartInvest sophisticated yet easy to use point and click order entry interface allows you to play off to a greater extent quickly to the markets and make better decisions. SmartTrade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term harm movements. The platform offers active traders the tools they need to make critic al decisions with confidence. SmartTrade is designed and built from the ground up to address the needs of active traders. SmartTrade makes the most of state-of the-art technology to own power, speed and reliability.Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy. 1. 3-Background of the Problem In two month of my training my job was dissever into two take leaves. In one part I was told to sell the online trading product of the Company and in other part I was told to do my project in equity enquiry. Since the Company is rattling much customer oriented, It wants to give a complete Investment solution to the customer so that the Company can delight them. For this company has a research division located in Mumbai. Since I was working in Pitampura Branch and that branch deals in Equity only (Online trading Product). So, I was upposed to do my project on Equity research. In this two month as a summer trainee I use to generate Client Database from my own sources and then attack to the potential Customers by calling and arranging meeting with them and finally converting them into Customers. I was also handling the query of Existing Customers of the Company regarding Online Products. On the basis of their interrogative sentence I felt that the new retail Investors as well as existing Customers need a strong support from company to have an thought in which stock they should invest, so that in future their investment will result in a positive or will increase market value of their Investment in Stock market.For this Company use to send three research reports regarding better investment option on a routine basis on their email-id, message alert on mobile, and appoint Relationship Manager. So, for complete Customer satisfaction the company needs to have a strong research Division which is already on that point in Mumbai. Moreover, because of Global Melt Down investors are very much afraid to inves t in Stock Market as the sensex reaches to a minimum of 8000 from 21000 within a Year. Now they are looking for those brokerage firms, which will guide them with a strong research analysis. So, in this case it is very much essential for the Research analysts working in the Company to analyze those factors which are really going to accelerate the market value of share holders in order to gain a competitive edge over the Competitors.It is the time to do an in depth study on those factors which an investor should consider before investing in a situation Company or Stock, if they want to add some more money to their pocket. So, I was apt(p) a task to analyze those financial factors which will drive the share holders value in future and will keep them at safe end for a hanker as well as short term Investment. Since, if the market value of stock will increase, sensex will also go up. So, here we need to study on those factors which will increase the Market Value. First thing which come s in my musical theme is that Stock of a particular Company is very much similar to a person, like whatever is happening in a persons life, he or she is the one who is responsible for that.For usage if a person is non able to pass an MBA exam then we say that something is wrong with his or her mind, if he or she is non able to paseo seemlyly then something is wrong with his or her health. It means the problem is within the person. The same things apply in the stock Market like if a company is not able to increase its market value (Share holders Value) or market Capitalization it might be the reason that Company is not performing well, not generating enough scratch, not able to use its assets in an effective and efficient manner, not able to increase the earnings of its owner and etc. because of which it is destroying the share holders value.So, I decided to work on the financial performance of Companies itself and to analyze whether the financial Performance of a company like (RONW, ROCE, D/E Ratio, EPS, DPS, EVA) is having any gracious of correlation with their market value. I have also tried to analyze that is it so that we should consider these factors as a driver of Share holders value? pass on positive change in these factors give positive result to the Share holders? This is the rationale behind working on this project which is very much essential to understand in this recovery period of Economy. 1. 4-Introduction of the Project Today, one of the major goals of financial management is maximum utilization of the capital employed for maximization of Shareholders value. Since capital resources are scarce and costly, companies try to employ these resources in a way that yields highest return.Of course this should be accompanied by steps taken to minimize the cost of acquired resources. Otherwise, it will not increase the shareholders wealth and the firms value. The manager of a firm (as an internal user of financial information) and the investors a nd other parties (as the external users) are interested to use an appropriate performance measure in order to assess how the managerial actions affect the value of the firm. For this purpose the performance measure used, must consider at least three things, which are the amount of capital invested, the return earned on the capital, and the cost of capital (Weighted Average Cost of Capital).So, the first question comes to our mind is that how do shareholders know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their top line and bottom line. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), D/E Ratio, and Economic Value Added (EVA). Out of all the se factors EVA was introduced as an Indicator for Shareholders wealth maximization in 1990s by Stern Stewart & Co.It has been a focal point for majority of the studies. Stern has claimed that EVA as a tool of financial management is not just a phenomenon and neither is it limited to only for profit organizations. Economic Value Added has been put to use for management performance evaluation and much more than just a measure of performance, it is a framework for complete financial management (for improving allocation of scarce capital and for valuation of a target company at the time of acquisition). On the other hand, Market Value Added (MVA) is an indicator which measures the stock returns and shows the effect of different factors on share prices, in a particular market.While EVA is an accounting-based measure for the corporate performance of one year, MVA is a market-generated number. MVA is additive measure of the value created by the management in special of the capital invest ed. This research is an attempt to find out whether EVA, EPS, ROCE, RONW, DPS, D/E Ratio of the companies listed in sensex explains the value accretion for the shareholders and fluctuation in sensex. 1. 5-Scope of the Research Since, BSE Sensex of India represents the whole Indian Economy. The companies listed in sensex are the representative of all the major industries of Indian Economy. Millions of investors have invested their money in the stock market.The stock market is something where investors can earn lot of money but fortune is also there, because it follows fundamental of high riskiness High Return. So, it is very much require to analyze the behavior of market. It means we should know in which company we should invest or we should not. So, the scope of research is to analyze the most important driver of shareholders value. Since, Research Division of IL Invetssmart are very much working on analyzing the behavior of stock market so that they can properly guide their custo mers regarding investment. This research will be a value addition for the Research Division of IL Investsmart, as it ill give an idea which factor is highly correlated with Market value of the Companies. The market value of the Companies is very much dependent on the performance of the Companies. But which performance measure should be taken into consideration by the Investors before investing in any company is very much required. So, this research will explain whether performance measure does have any correlation with market Value added of the Companies. If it is so then which of the performance measures is strongly influencing the shareholders value? The research is an attempt to analyze the influence of fewer performance measures over the shareholders value and this will attention in taking correct investment decision. 1. 6-Literature reviewStewart (1991) had carried out a research to find out the relationship mingled with EVA and MVA. This study was done by taking average EVA values for the year 1987 and 1988 of 613 companies in ground forces and then analyse them with their MVA values for 1988. The study found an r2 of 97% betwixt the EVA and MVA value for the Companies with positive EVA man this correlation was undistinguished for the companies with negative EVA values. Finegan (1991) took a sample of 450 Companies in USA and found that average value of EVA could explain 61% of the variance in MVA whereas the similar figure was 44% in the midst of the change in EVA and change in MVA. He also observed that this r2 was 47% between ROCE and MVA.Dodd and Chen (1992) found ROA as a better driver of Shares returns as compared to EVA. Stern (1993) found out that EVA is the best measure that drives the Shareholders value with an r2 of 50% with MVA. The next important driver was ROE with an r2 of 25% with MVA. Lehn and Makhija (1996) also studied the relationship of share returns with ROE, ROA, Return on Sales (ROS), EVA, MVA and CEO turnover. Correlatio n was found to be highest in case of EVA however, (EVA divided by the Cost of Capital), NOPAT (Net Operating Profit after Tax) and free notes flow and correlation with them with market value divided by invested Capital. He found NOPAT as a better indicator with an r2 of 33% compared with 31% in case of EVA.However, changes in EVA values explained 74% of the change in market value over a period of 10 years. Uyemara and others (1996) studied MVAs correlation with EVA, Net Income, EPS, ROE, and ROA over a period of 10 years. r2 was highest technology industry for the period 1990-95 and found an r2 of 42%. EPS was judged as the second best measure of with an r2 of 34%. Kramer and Pushner (1997) established that lagged levels of NOPAT explained MVA better as compared to EVA. This correlation was found higher even when changes in NOPAT were correlated with changes in MVA. According to Biddle and others (1991), Net Income was found to be the best measure to explain Share returns. Majority of these studies were focused on US Companies.Giffith (2004) concluded that an Investor or analyst using EVA or MVA measures to forecast performance would have experienced significant losses. Ferguson and others (2005) also doubted that adopting EVA improves stock performance. JHvH de Wet (2005) analyze the database of 89 south African Companies and observed that the regularize Cash Flow from Operations (CFO divided by the invested Capital in the beginning) had an r2 of 38% with the Standardized MVA (MVA divided by the invested Capital in the beginning), which was found to be the best driver as compared to the Standardized EVA (EVA divided by the Invested Capital in the beginning), ROA, ROE, EPS, and DPS. He also observed that Correlation of EPS and DPS for valuing the Shares.Roji George (2005) analyzed the data of 21 Indian banks for the period 1999-2003 and concluded that there is a positive relationship between EVA and productivity and negative relationship between EVA and NPA. So, what I have found that nobody has done any analysis on the 30 companies which is listed in Sensex, while these companies represent all the major Industries of Indian Economy. So, it is better to analyze these Companies behavior. So, this research is an attempt to bridge this research gap. 1. 7- abridgment NOPAT Net Operating Profit After Tax RONW Return on Networth ROCE Return on Capital Employed D/E Ratio Debt/Equity Ratio EPS Earning per Share DPS Dividend per Share EVA Economic Value Added MVA Market Value Added R Coefficient of Correlation R2 Coefficient of Determination 1. 8-Research Objective The following are the objectives of my research of import Objective The primary objective is to find out what drives the share holders value. Specific Objective 1) To find out the correlation of the measures like RONNW, ROCE, D/E Ratio, EPS, DPS and EVA with MVA(Market Value added) 2) To find out the most important factors or variable which explain variance in MVA an d that variable should be consider before investing in any Company. 1. 9- Introducing EVA and MVAAs the introductory paragraph of this paper suggests, EVA is the surplus profit after accounting for all the expenses including the cost of capital. We have always looked at the figures of Profit after Tax to find out whether a company is performing well or not. However, what we forget is that the shareholders invest money in a company in expectation of some return. So, the basis for evaluation should be whether the company has earned over and above the minimum required rate of return by the investors. If there is surplus after accounting for this opportunity cost of equity, the company is creating value for its shareholders. If not, then it is destroying value.In other words, value is created when return earned by the firm is more than its cost of capital or firm invests in the project with positive NPV. EVA can be calculated through any of the following methods Increasing revenue, Red ucing operating costs, Efficient utilization of assets and Raising funds at cheaper cost Chapter-2 Research Methodology Research MEthodology Quantitative Research founding has been used in this research. This analysis was carried out over a period of 6 years (2003-2008) on companies which form part of BSE Sensex. constitution of Data Secondary Data has been used for this research. The Year wise annual data of NOPAT, RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization, beta value of 23 Companies out of 30 Companies listed in the Sensex.Source of Data For regression analysis the data has been collected from CMIEs Prowess and www. bseindia. com. Research Design Descriptive Research Design has been used as the problem is well define and key issues are known and which is to find out the most important variable which drive the Shareholders, Value. nether this Research design, Cross Sectional Study has been done. Year wise annual value of all the variables has been collected from 2003-2008 for finding the cause and effect relationship between Independent Variables (RONW, ROCE, D/E Ratio, EPS, DPS and EVA) with dependent variable (Change in MVA). The study has been done on yearly basis. Sampling Judgment (Purposive) Sampling Method has been used for selecting Companies.The analysis has been carried out over 23 Companies out of 30 Companies listed in sensex. Though Sensex comprises 30 companies, 7 companies were eliminated because of the inadequate information available for these Companies. The reason for choosing these Companies are their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. Sample Size Sample size is of 23 Companies has been taken for the Year 2003-2008. The following Table shows the List of Companies Company Name Bharat heartbreaking Electricals Ltd. Oil & Natural Gas Corpn. Ltd. Bharti Airtel Ltd. Ranbaxy Laboratories Ltd. Grasim Industries Ltd. Reliance Industries Ltd. H D F C Bank Ltd. Reliance Infrastructure Ltd. Hindalco Industries Ltd. State Bank Of India Hindustan Unilever Ltd. Sterlite Industries (India) Ltd. Housing learning Finance Corpn. Ltd. Sun Pharmaceutical Inds. Ltd. I C I C I Bank Ltd. Tata Motors Ltd. I T C Ltd. Tata Power Co. Ltd. Infosys Technologies Ltd. Tata Steel Ltd. Larsen & Toubro Ltd. Wipro Ltd. Mahindra & Mahindra Ltd. statistical Tool The Simple Regression Analysis and Multiple Regression Analysis have been done using SPSS to establish the relationship of MVA with EVA, ROCE, RONW, EPS, DPS, and D/E Ratio on Yearly basis. 2. 1- Limitation of Research The following are the limitation of this research Since, the research has been carried out to find out the important factors which drive shareholders value. So, only the financial ratios which measures performance of the Companies are taken into consideration. Hence, the focus of research is on micro economic f actors only. While macroeconomic factors (like GDP, FIIs, and Inflation) also does matter in creating or eroding the value of shareholders. Chapter-3 Research Analysis 3. 1- Different measures used for the analysisIn this research our main objective is to find out the factors which investor should look for or take into consideration before defileing share of any Company. Now it becomes very much essential to know the correlation between these Variables and the Shareholders value. Hence we have included some of the main variables like RONW, ROCE, D/E Ratio, EPS, DPS, EVA. These are the variables based on which an Investor decide to buy the shares of a particular Company. As depending upon these variables they buy the shares, the market Value of that particular Company increase which results in increase in Shareholders Value. Hence symbiotic Variable is MVA. (For data cheer see Appendix-17 p. no. 84)But since MVA is Stock concept so, for applying Regression Analysis change in MVA ( Market Value Added) with respect to previous year has been used. MVA=Market Capitalization-Investment (Book Value) Change in MVA= (MVAt MVAt-1 )/MVAt-1)x100 Here, MVAt= MVA of the Companies of Proceeding Year. MVAt-1= MVA of the Companies of preceding Year Independent Variables are six performance measures are considered as Independent Variable RONW, ROCE, D/E Ratio, EPS, DPS EVA. every last(predicate) these variables are flow variables. 1) Return on Net Worth (RONW) =NOPAT/ wide-cut NETWORTH NETWORTH=EQUITY+RESERVE & SURPLUSES Return on Networth measures a companys earnings in relation to all of the Investors it is using.RONW tells us what earnings were generated from the Networth. The Networth of the company comprises both equity and reserve and Surpluses. These types of financing are used to fund the operations of the company. The RONW figure gives investors an idea as to how effectively the company is converting the money it has into net income. (For data recreate see appendi x-3, p. no-70) 2) Return on Capital Employed (ROCE) = EBIT/(NET Worth+Debt) Return on Capital Employed (ROCE) is a measure of the returns that a company is realizing from its capital. It calculates as profit before interest and tax divided by the difference between total assets and current liabilities.The resulting ratio represents the efficiency with which capital is being utilized to generate revenue. (For data please see appendix-4, p. no. 71) 3)D/E Ratio=Total Debt /Total Equity D/E Ratio gives the idea about the Capital structure of the Company. It shows how risky is the Investment in a Company. On the basis of D/E ratio we can have an idea of the fixed liabilities of the Company if it is using more of Debt. (For data please see appendix-5, p. no. 72) 3) Earning per Share (EPS) = PAT/The Number of Equity Shares Earning per Share is the portion of a companys profit allocated to each outstanding share of common stock. Earning per Share as the name indicates, is the per share earn ing of a company in a reported period.This is the most important factor in the fundamental analysis of a stock. This coupled with a few related ratios gives a fair idea about the worth of a stock. (For data please see appendix-6 p. no. 73) 4) DPS is the Dividend allotted to each share holders (For data please see appendix-7. P. No. 74) 5) Economic Value Added (EVA) = NOPAT-(Cost of Equity x Networth) EVA attempts to measure how much value was created by an organization for its shareholders, during an accounting period. It is defined as the excess of a companys after tax net operating profit over the required minimum rate of return that the investors and lenders could get by investing in other securities of comparable risk. For data see appendix-15, p. no. 82) For Calculating Cost of Equity CAPM (Capital Assets Pricing Model has been used) Ke=Cost of Equity =Rf +? *(Rm-Rf) (For data please see appendix-13, p. no. 80) Rf =Yearly Risk free Rate of Return=6% (The yield of Treasury Bill has been taken as risk free rate of return which is around 6% for the period of 2003-2008) Rm=Yearly Sensex Rate of Return=17% (Average from 1995 to 2007 comes out to be 17% please see appendix-1, p. no. 68) ? = Beta Value of a particular Stock of a Company E= Total Networth (Equity+ Reserve and Surpluses) Since, the value of ? shows the riskiness of a particular stock with respect to market.This ? value shows riskiness on the basis of book value of a particular Company. So, these ? values of the Companies are converted into Unlevered ? and then Levered ? based on Companys present Market Capitalization, so that an accurate and present riskiness of the stock of Company can be taken into consideration for the research The Formula is Unlevered ? ju= ? /1+(D/S)(1-T) Here, D=Total Debt used by the Company S=Total Equity used by the Company (Book Value) T= Corporate Tax Rate (30%) Now Calculating Levered ? based on Market Capitalization using unlevered ? Levered ? = ? ju x (1+(D/S)x(1-T) (For data Please see appendix. -12, p. no. 79)Here, S=Present Market Capitalization of the Company. For an accurate result, the change in MVA and EVA has been standardized by dividing them by the Net worth of the respective Company. Standardization is done in order to find the relative value of EVA and MVA over the Net worth used by the Company. (For Stdz. EVA and Stdz. MVA please see Appendix-16, p. no. 83 and Appendix-19 p. no. 86) The collected and calculated data of ll the variables are attached in Appendices. Please see appendices for detail list. 3. 2-Regression Analysis The analysis is done in two parts. Firstly, simple regression analysis has been done between open Variable (Stdz.MVA) and Independent variables (RONW, ROCE, D/E Ratio, EPS, DPS and Stdz. Eva) taking one Independent Variable at a time for all the Years (2004-2008). Year 2003 has been considered as a base year for the Year 2004 to get change in MVA in 2004 and the same process has been used to calculate change in MVA till 2008. This Simple Regression analysis has been performed in order to understand the key variables which are having high degree of correlation with MVA. After analyzing the key variables, multiple regressions Analysis have been applied with the key variables in order to analyze the impact of key Independent Variables unitedly on Change in MVA. 3. -Year wise Result of Simple Regression Analysis from 2004 to 2008 Result of the Year 2004 RONW ROCE D/E Ratio EPS DPS Stdz. EVA R . 771 . 817 . 089 . 332 . 201 . 851 R2 . 594 . 667 . 008 . cx . 040 . 724 modify R2 . 575 . 652 -. 039 . 068 -. 005 . 711 Standard demerit of Estimate 2. 47868 2. 4331 3. 87455 3. 66887 3. 81084 2. 04402 Significance . 000 . 000 . 686 . 121 . 358 . 000 p-Value edition From this table, it can be observed that Change in MVA is positively related with all the financial indicators but only three variable ROCE, RONW and EVA are highly correlated with change in MVA. The coefficient of cor relation of change in MVA with RONW, ROCE and EVA is 0. 771, 0. 817 and 0. 51 respectively save the p-value (meaning) is also less than . 001. So, at 99% confidence level we can say that, these three variables significantly explain the variation in MVA. This shows that all these three variables are very much important from investment point of view. The coefficient of determination (Adjusted R2) Of Change in MVA with RONW is . 594 which means change in RONW explains 59. 4% of variation in MVA, while with ROCE it is . 652 which means change in RONW explains 65. 2% of variation in MVA and with EVA it is . 711, which means change in EVA explains 71. 1% variation in MVA, the most important driver of change in MVA.So, the simple regression analysis for this year shows that these three variables are very much important while EVA is the most important variable to consider before investment. While, EPS explains 6. 8% of variation in MVA but p value is more than . 000 and DPS has a very mod est bit of significance and D/E Ratio is insignificant to consider as a driver of Shareholders value. Result of the Year 2005 RONW ROCE D/E Ratio EPS DPS Stdz. EVA R . 578 . 543 . 046 . 323 . 289 . 96 R2 . 334 . 295 . 002 . 104 . 084 . 484 Adjusted R2 . 303 . 262 -. 045 . 061 . 040 . 459 Standard error of 2. 73331 2. 81226 3. 34638 3. 17073 3. 20682 2. 40672 Estimate Significance . 004 . 007 . 835 . 133 . 181 . 00 p-Value Interpretation According to the result we can see that correlation of Change in MVA with Stdz. EVA is the highest (. 696) then with RONW (. 578) and then with ROCE (. 543) for this year. The set R2 of Change in MVA with EVA, RONW and ROCE is . 459, . 303 and . 262 respectively which shows highest variation in MVA is explained by EVA that is 45. 9%. Moreover, the significance level lies between . 005 to . 010 which is less than . 010. Hence, these three variables are the most important variables to consider as standard error is also very low in comparison to other variable.While EPS and DPS has a very little significance and D/E Ratio is insignificant to consider. Result of the Year 2006 RONW ROCE D/E Ratio EPS DPS Stdz. EVA R . 725 . 638 . 025 . 450 . 054 . 801 R2 . 525 . 407 . 001 . 203 . 003 . 641 Adjusted R2 . 503 . 379 -. 047 . 165 -. 045 . 624 Standard error of 2. 60034 2. 0531 3. 77240 3. 36897 3. 76802 2. 25987 Estimate Significance . 000 . 001 . 910 . 031 . 806 . 000 p-Value Interpretation According to the result we can see that correlation of Change in MVA with EVA is the highest (. 801) then with RONW (. 725) and then with ROCE (. 638) for this year.The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 624, . 503 and . 379 respectively which again shows the highest variation in MVA is explained by EVA that is 62. 4% . Moreover, the significance level is also . 000 which is less than . 001. Hence, at 99% confidence level we can say that these three variables are the most important v ariables to consider and again EPS and DPS has a very little significance. D/E Ratio is again insignificant to consider Result of the Year 2007 RONW ROCE D/E Ratio EPS DPS Stdz. EVA R . 801 . 795 . 075 . 66 . 275 . 896 R2 . 641 . 632 . 006 . 134 . 075 . 802 Adjusted R2 . 624 . 615 -. 042 . 092 . 031 . 793 Standard error of 2. 37916 2. 40757 3. 95859 3. 69485 3. 81708 1. 76595 Estimate Significance . 000 . 000 . 34 . 086 . 205 . 000 p-Value Interpretation According to the result we can see that correlation of Change in MVA with EVA is again highest (. 896) then with RONW (. 801) & then with RONW (. 795) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 793, . 624 and . 615 respectively which again shows highest variation in MVA is explained by EVA that is 79. 3% . Moreover, the significance level is also . 000 in each of three cases which is less than . 001.Hence, out of all variables these three variables are the most important variabl es out of these three variables EVA is coming out to be the most important variable to consider while EPS and DPS are again having a little Significance and D/E Ratio is insignificant to consider as the driver of shareholders value. Result of the Year 2008 RONW ROCE D/E Ratio EPS DPS Stdz. EVA R . 900 . 890 . 152 . 252 . 259 . 950 R2 . 811 . 793 . 023 . 063 . 067 . 903 Adjusted R2 . 802 . 783 -. 034 . 019 . 023 . 99 Standard error of Estimate 2. 70932 2. 83630 6. 15528 6. 02644 6. 01501 1. 93688 Significance . 000 . 000 . 490 . 246 . 233 . 000 p-Value Interpretation According to the result we can see that correlation of MVA with EVA is the highest (. 950) then with RONW (. 900) and then with ROCE (. 890) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 899, . 802 and . 83 respectively which shows highest variation in MVA is explained by EVA that is 89. 9%. Moreover, the significance level is also . 000 which is less than . 001. Hence, these three variables are the most important variables to consider while EPS and DPS are again having a little Significance and D/E Ratio is again insignificant to consider as the driver of shareholders value as significance is more than . 001. Moreover out of these three, EVA is the most important and powerful variable. 3. 4-Overall Result of Simple Regression analysis pic Over all Result of the Analysis Hence, my over all Analysis shows that only three financial Indicators (EVA, RONW, and ROCE) are the important driver of shareholders value.Out of these three, EVA is the most important Indicator. So, if a company is earning more than its cost of capital, it is adding more value to the shareholders. In second, RONW is the important Indicator, which shows that companies utilizing its shareholders funds in an effective & efficient manner are adding value to shareholders. Third important Indicator is ROCE which shows Companies generating higher ROCE will add value to Shareholders. SO, befor e investment these three variables must be considered. 3. 5- Year wise Result of Multiple Regression Analysis In multiple regression analysis I found that there is multi collinearity exist between ROCE, RONW and EVA.So, I applied multiple regression taking three independent variables at a time excluding the variables like D/E Ratio because this variable is insignificant to consider while EPS and DPS is little bit of significant. So to come out with a strong and accurate analysis it is irrelevant to ignore these two variables. Result -1 In Result-1 analysis between Change in MVA with EPS, DPS and RONW has been observed for the period of 2004 to 2008. EPS and DPS have been taken because of their little significance. In this case Hypothesis is as follows H0 EPS, DPS, RONW are not significantly explaining variation in MVA H1 EPS, DPS, RONW are significantly explaining variation in MVA Result of the Year 2004 Model Summary Model R R even up Adjusted R Std.Error of the forthrightly Estimate 1 . 834(a) . 696 . 647 2. 25663 a Predictors (Constant), RONW, EPS, DPS ANOVA(b) Model Sum of Squares df look on Square F 1 . 742(a) . 550 . 479 2. 36227 2. 192 a Predictors (Constant), RONW, DPS, EPS b bloodsucking Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 831(a) . 691 . 642 2. 20440 2. 115 Predictors (Constant), DPS, RONW, EPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 860(a) . 739 . 698 2. 13011 2. 501 a Predictors (Constant), RONW, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 927(a) . 859 . 837 2. 45654 2. 493 a Predictors (Constant), RONW, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square 1 . 875(a) . 765 . 728 1. 98181 a Predictors (Constant), ROCE, EPS, DPS ANOVA(b) Model Sum of Squares df Mean Square F 1 . 728(a) . 530 . 455 2. 41542 1. 856 a Predictors (Constant), ROCE, DPS, EPS b Dependent Variabl e Stdz. MVA ANOVA(b) Model Sum of Squares Df Mean Square F 1 . 764(a) . 584 . 519 2. 55798 1. 913 Predictors (Constant), ROCE, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 850(a) . 722 . 678 2. 19925 1. 759 a Predictors (Constant), ROCE, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 918(a) . 843 . 818 2. 59745 2. 016 a Predictors (Constant), ROCE, EPS, DPS b Dependent Variable Stdz.MVA ANOVA(b) Model Sum of Squares df Mean Square 1 . 888(a) . 788 . 754 1. 88405 a Predictors (Constant), Stdz. EVA, DPS, EPS ANOVA(b) Model Sum of Squares df Mean Square F 1 . 824(a) . 679 . 628 1. 99688 2. 328 a Predictors (Constant), Stdz. EVA, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 89(a) . 790 . 757 1. 81740 1. 914 a Predictors (Constant), Stdz. EVA, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 9 23(a) . 852 . 829 1. 60570 2. 184 a Predictors (Constant), Stdz. EVA, DPS, EPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F 1 . 966(a) . 932 . 922 1. 0292 2. 103 a Predictors (Constant), Stdz. EVA, EPS, DPS b Dependent Variable Stdz. MVA ANOVA(b) Model Sum of Squares df Mean Square F Sig. 1 Regression 759. 238 3 253. 079 87. 270 . 000(a) Residual 55. 099 19 2. 900 Total 814. 337 22 a Predictors (Constant), Stdz. EVA, EPS, DPS b Dependent Variable Stdz. MVA Coefficients(a) Model Unstandardized Coefficients Standardized Coefficients Collinearity Statistics B Std. Error Beta t Sig. margin VIF 1 (Constant) 3. 899 . 674 5. 789 . 000 EPS -. 017 . 010 -. 147 -1. 92 . 089 . 530 1. 886 DPS -. 026 . 065 -. 033 -. 405 . 690 . 525 1. 905 Stdz. EVA 21. 424 1. 383 . 933 15. 494 . 000 . 982 1. 018 a Dependent Variable Stdz. MVA Interpretation The model Summary shows that EPS, DPS and EVA together having a high degree of correlatio n that is . 966 with change in MVA while variation in these three variables together explains 92. 2% of variation in MVA as adjusted R2 is 0. 922. The Durbin-Watson is 2. 103 which show that variables are following a similar trend and are not scattered. The analysis shows that this year these three variables are very strongly related with Change in MVA.The ANOVA table shows F is 87. 270 and significance is . 000 which is less than . 001. It means Reject H0 and own H1. Hence, these three variables significantly explain the variation in MVA and are very much important to consider. The coefficient table shows that there is no multi collinearity exists between independent variables because Tolerance is greater than 0. 2 and VIF is less than 5. It also shows that beta value of EVA is . 933. So, EVA is the most power full variable over here. Overall Result The analysis of all the years results in rejection of H0 and acceptance of H1. It means these three variables are also significantly explaining variation in MVA. 3. -Overall Result of Multiple Regression Analysis Since, because of multi colinearity between RONW, ROCE and EVA it was not possible to include these three variables together in the multiple regression analysis. But as they are correlated with each other, so we can consider any one of them with the other variables to reach at a conclusive result. Now after analyzing multiple regressions with three sets of independent variable with dependent variable which are Set-1 Change in MVA with EPS, DPS, RONW Set-2 Change in MVA with EPS, DPS, ROCE Set-3 Change in MVA with EPS, DPS, EVA The question comes in our mind is which set is to be given resource over other.Though all the sets are highly correlated with change in MVA and there is a little bit of variation in their correlation we can consider any one set out of the three. But to conclude the analysis a Year wise Comparison has been done with the help of following graph between the three sets pic From the gr aph we can see that correlation of Change in MVA with EPS, DPS and EVA was the highest throughout the Years. Moreover it is also increasing year by year. So, it is very much useful to consider as these three variables together act as a most important driver of shareholders value. While the second most important set to consider is EPS, DPS and RONW and then EPS, DPS and ROCE. RecommendationsSince, my research analysis has shown that there are three most important factors EVA, RONW and ROCE which drive the shareholders value. Moreover a combination of EPS, DPS, and EVA together causes major variation in shareholders value. So, Research division of IL should focus on these factors because companies generating higher ROCE, RONW, and EVA from their business will add more value to the Shareholders investment. Now a day, it has become very much important for the Brokerage firms to provide valuable services to their customers specially a proper guide line that where they should invest and w here they should not in order to bit the Competitors and retain customers with themselves.So, research division of IL Investsmart should guide the investors to invest in the shares of those companies which is earning more than cost of capital that is company with positive EVA moreover the companies which is effectively using the Owners fund means generating higher RONW and a higher ROCE. EPS, and DPS can be taken into consideration but can be avoided also if company is to good in generating positive EVA and higher RONW and ROCE because these variables indicate the growth of an organization. If the organization is growing and its not giving any dividend still it is good to invest in that Company, as the growth company will leads to increase in Market value and this will result in increase in Shareholders value. ConclusionAt the end I would conclude that the year wise research done over the period of five years from 2004 to 2008 has shows that EVA is the most important driver of share holders value as the correlation between EVA and change in MVA is very strong. so, a company generating positive and higher EVA is the best option to invest in because this will result in increase in market value which will result in increase in shareholders value. The second most important variable RONW and the third most important variable ROCE should be consider before investing in the share of any company because these two variables are also having a high degree of correlation with change in MVA. EPS and DPS alone are not the important factor to consider individually. But the combination of EPS, DPS and EVA together are highly correlated with change in MVA.According to my research analysis in 2008 it was found that these three variables together have explained 92. 2% of variation in MVA. So, the combination of these three variable can also be taken into consider before selecting a company to invest in. The analysis also shows that Correlation of change in MVA has been found to b e increasing year by Year from 2004 to 2008. So, for future investment it is better to look into these ratios before investing in any company. The regression analysis shows strong correlation of change in MVA with EVA, RONW and ROCE, which is not a surprise since shareholders should value an enterprise, based on the return what they are getting on their invested oney, which proves that it doesnt matter whether the company retains or distributed its earnings, so long it is being utilized for productive purposes. Bibliography o CMIES Prowess o http//www. bseindia. com/about/abindices/bse30. asp o http//www. bseindia. com/about/abindices/betavalues. asp o http//www. bseindia. com/histdata/hindices. asp o http//neeravnagar. blogspot. com/2007/08/drivers-of-shareholders-value. html o Ali M Ghanbari (Jul07) The Relationship between Economic Value Added and Market Value Added An Empirical Analysis in Indian Automobile manufacturing The ICFAI Journals of Accounting Research. o Chapter 32 o f Investment Valuation by Aswath Damodaran 65

How does Steinbeck present the life of an itinerant worker at the beginning of the novel?

Steinbeck begins his novel by creating the setting. He paints a beautiful image of a peaceful environment where Lennie and George stick out in. This suggests an ironic tone to their lives as it is not quite as peaceful and harmonic as the setting. Their lives is quite the opposite, as they work hard and their only constitute of entertainment is starting fights, drinking heartly and going to cathouses. Readers are introduced to the lives of itinerant workers in America during the Great Depression.Steinbeck uses setting to describe itinerant workers lives much(prenominal) as micro square windows a symbolism of the prison-like working conditions of a farmhand worker. Also, it portrays the small constricted view of the outside world that these itinerant workers had. They did not have any privileges and did not afford to have any luxury. It could be argued that their bosses had total control over the itinerant workers.They were confined to have a simple life much(prenominal) as dis played when it is said Tell ya what know what he done Christmas? Brang a gallon of whisky right in here and says, Drink hearty, boys. Christmas comes but once a year. This shows their chasteness and how they are easily pleased and impressed due to their low expectations. Although, at the mercy of their bosses, itinerant workers were victims of exploitation of work such as being overworked and maltreated as seen in this quote The boss gives him hell when hes mad. This suggests the workers had to keep the boss satisfied.African-American itinerant workers are mentioned at the beginning of the book and the frequent use of the word, now an explicitly racist word nigger is heavily used to emphasise the attitude society had to african-americans. The front reference to it is in the quote Ya see the stable bucks a nigger. We are hinted to the idea of niggers being treated worse than men such as Lennie and George, because of their skin colour and the old belief of african-americans being less worthy. Itinerant workers were used to the constant verbal and occasional physical demoralise given by their bosses. Readers get the opportunity to understand better the mentality of itinerant workers and how they would prefer to spend their leisure time.When the end of the month come, I could suck my fifty bucks and go into town and getwhatever I want. Why, I could stay in a cathouse all night., Order any damned thing I could think of, Get a gallon of whisky, or set in a pool room and play cards or shoot pool. Readers keep being reminded of their simple life and low-life cheap entertainment which was the norm, this was what itinerant workers enjoyed. Another suggestion to entertainment enjoyed by them is in the score of violence After that the guys went into Soledad and raised hell.. As they were farm-men and known for being masculine, they would carry out violent acts for the sake of satisfaction.Their simple way of living and their natural simplicity is stressed several times in the beginning of the novel such as when Lennie is described to the boss in an attempt to make him appear more(prenominal) handy Oh I aint saying hes bright. He aint. But I say hes a God damn good worker.. This emphasises the lack of education amongst itinerant workers. It is also reflected in the sociolect used by these men, which is grammatically incorrect but widely communicate An you aint gonna do no bad things like you done in Weed, neither.In conclusion, we are exposed to a lot of information in the beginning of the novel that describes the way itinerant workers lived and their personalities and interests in order to properly understand the story.

Marriages are made in heaven Essay

Marriages are made in heaven, so it is said, but they are solemnized hither on earth. This is a great occasion that comes in our only once and therefore, calls for a celebration anywhere in the world. In our country this is a real solemn occasion, accompanied with numerous customs associated with it, making it all more exciting and memorable. It a wonderful mixture of traditions blended with modernity that is even look up to by foreigners.Last month my best friend Alex, who lived in my neighborhood got married to her fiancee, a software engineer in the United States. I organism her best friend was assigned the responsibility of looking after the bride and chaperoning her at her wedding. On the appointed day since morning there was hectic activities beginning from the Haldi ceremony, chromatic was applied on her followed by ladies sangeet. Then I applied mehendi on her hands. By the time this was over, it was already lunch time.Immediately after lunch, we had to go to the market p lace to collect her bridal wear that had been given for some last minute alterations. Thereafter we went to the bridal beauty parlour, where we spent some time. By the time they were finished, it was problematical to recognize Alex, and for so striking was her beauty, that even tinsel heroines would have had a complex. It was now getting late we rushed home to find our family members anxiously hold for us.The barat was on its way and we could hear the drum beats. We all rushed outside to see the barat as it approached the gate. The bridegroom was astride on a horse bedecked with flowers. His overblown figure with a golden sehra on his head, made him look like a proverbial prince. There was the Dwar Puja at the gate followed by religious ceremonies performed by the pundit. Thereafter the groom was escorted to the dais

American Literature Essay

Fenny Fern, pseudonym of Sara Willis Parton, was the first woman columnist, a popular novelist and author of childrens stories. She was the most highly paid theme create verballyr of that period. She used to write on such topics, which a woman at that time would not dare to talk about in public. Fenny wrote on economic independence of women, prostitution, sustain control, childrens rights etc. Fenny was deeply affected by the injustice women had to face both at home and workplace and hence she raised those issues in her newspaper columns.She even used to suggest the right ways and wrestled or equal right, equal pay for women too. The operative girls of New York is just one step towards what seemed to be her target. Here she dealt with the problems that working women faced at that time including the problems at workplace and also the inequality of wages. Rebecca Harding Davis was a journalist who raised tender issues and is considered the pioneer of earthy fiction in American li terature. She achieved fame from her novel, life sentence in the Iron Mills. Davis used to write for a change in social status of blacks, women, immigrants and the working classify.She concentrated on the issues related to omen and portrayed the powerlessness of the working class in breaking the chains of industrial capitalism. According to Jean Pfaelzer, Life in the Iron Mills must be considered a central text in the origins of American realism, American proletarian literature, and American feminism. Both Fenny and Davis fought for social injustice with the help of their writing skills. Their medium of war was print and instrument was pen with which they used to fight for the prevailing social injustice. They raised issues of the downtrodden and the working class that had to suffer various problems at that time.

Race and Ethnicity Essay

Stereotypes can convey characters and images quickly and clearly, so advertising relies on stereotypes as shortcuts to meaning. The time and lay constraints of advertising and any other commercially driven message simply cannot al mortified for a complete representation of people from any given cordial group, but stereotypes can clue in to the importance responsibly. Depending on how they argon formed and used, stereotypes can present problems. They can be used in running(a) or dysfunctional way.The functional aspects of stereotypes stereotype is valuable to create classifications of individuals and serves as conventional characters. So, they ar functional when they argon accepted as a inseparable way to guide our expectations. Dysfunctional stereotype, a stereotype in which abnormal or impaired aspects of a glossiness are emphasized. So, they are dysfunctional when they are used as the sole way to wholly judge individuals incorrectly, seeing them only as part of group. An exam ple of a functional stereotype is that the Germans are punctual, which is correct.On average, they are more punctual than many other peoples. Certainly, the Italians and the Spanish have a different concept of time. For the Spanish, knowledge of this aspect of the German culture means that they can adapt their behavior when they are expected for dinner, 8 oclock means 8 oclock, and not 9 or 10 as it does in Spain. An example of a dysfunctional stereotype is the British face that the French are dirty, oversexed, and ludicrously obsessed with their culture, and the French saying that the British are cold, uncultivated, hypocritical, and unreliable.Yes, the British are more reserved in the eyes of the French, just like now, Hong Kong people think the mainland people are dirty, low education level, no civic sense and so on all these are dysfunctional stereotypes. However, it is necessary for the advertisements to consider the fact that the dysfunctional aspects of stereotypes far out weigh the functional aspects. Constant exposure of representation of social identity in stereotypical terms in media discourse can make people screw the dangers in real life.For instance, In 2009 Coke Brrr side of life? television commercial, racial or national identity are presented in stereotypical terms. worry arises when Blacks/Africans are more negatively stereotyped than Whites/Americans/Europeans and Japanese/Asians. Negative stereotypes generate negative social meanings or implications. By being depicted as lack in seriousness in the midst of a serious world conference, the African representatives seem misplaced or misbehaved.The negative social implications of these Sambo stereotypes are that Africans are seen as less civilized and less educated than Europeans and Asians, and thus inferior to them. The negative racial stereotyping is inevitable. It is necessary for the producer of this commercial to exploit the functional aspects of stereotypescreating classifications of individuals and as conventional characters in popular storiesto achieve their profit-oriented goal.What is more significant for the producer(s) to consider is the possibility of audience?s increasing anxiety that may be triggered by the broadcast of TV commercials with negative stereotypical representations like 2009 Coke Brrr side of life? and the risk of this anxiety to become audiences and consumers? foe to the commercial and the advertised product. If resistance happens, it is unlikely that the producer(s) can reach their profit-oriented goal. http//www. youtube. com/watch? v=99PC7AtabVk

NCAE result and course preference of 1st yr college students of USI SY 2013-2014

Over a lifetime, both every individual and the industry will change it is expected that many people will change occupations during their lives. C areers merchantman draw in or break a person and the people around them. Youth of today, however, fail to recognize this. Career supply and preparation are very much done during the last stratums of high develop life, more often than not, Career preparation is not happening.During senior year in high tutor, students are faced with the dilemma on what they want to do right after graduation pursue college education, learn a art by enrolling in technical-vocational program, or work immediately. Ideally, counselors should conduct calling education activities beginning in unsophisticated school. When students start thinking about their races in elementary school they are more likely to have better copeledge of their personal interests as well as what course options are available to them (Kayson, 2007).Helping students make success ful transitions from high school to their next step in life is one of the most basic, but important tasks a school counselor faces (Lapan, 2007). Skorikov & Vondracek, (2007) contends that occupational group planning should be viewed as a long term, ongoing career oriented process and one time, occupational choice approaches should be avoided. Whatever career decision the high school seniors eventually make, it is important to determine the career decision making process they undergo.It is also important to know which factors they consider or disregard in their career decisions. At stake in making the right career decision is their physical, mental, and emotional well-being. Thus, it is very important that they choose the career that best fits each of them. Villar (2009) verbalise that most parents aspired for their children to become professionals. Whatever their socio-economic status, they wanted their children to pursue a course that would attach a title to their name upon gradu ation.Current inquiry and trends have emphasized the immensity of career education and comprehensive school counseling programs in schools. To date, few researchers have asked students directly what they know and need to know for post-high school planning. Most of students, peculiarly from the public secondary schools do not have accurate information about occupational opportunities to help them make divert career choice ( Atienza et. al, 2010).NCAE topic and course preference of 1st yr college students of USI SY 2013-2014Over a lifetime, both every individual and the industry will change it is expected that many people will change occupations during their lives. Careers can make or break a person and the people around them. Youth of today, however, fail to recognize this. Career planning and preparation are often done during the last years of high school life, more often than not, Career preparation is not happening.During senior year in high school, students are faced with th e dilemma on what they want to do right after graduation pursue college education, learn a trade by enrolling in technical-vocational program, or work immediately. Ideally, counselors should conduct career education activities beginning in elementary school. When students start thinking about their careers in elementary school they are more likely to have better knowledge of their personal interests as well as what career options are available to them (Kayson, 2007).Helping students make successful transitions from high school to their next step in life is one of the most basic, but important tasks a school counselor faces (Lapan, 2007). Skorikov & Vondracek, (2007) contends that career planning should be viewed as a long term, ongoing career oriented process and one time, occupational choice approaches should be avoided. Whatever career decision the high school seniors eventually make, it is important to determine the career decision making process they undergo.It is also important to know which factors they consider or disregard in their career decisions. At stake in making the right career decision is their physical, mental, and emotional well-being. Thus, it is very important that they choose the career that best fits each of them. Villar (2009) stated that most parents aspired for their children to become professionals. Whatever their socio-economic status, they wanted their children to pursue a course that would attach a title to their name upon graduation.Current research and trends have emphasized the importance of career education and comprehensive school counseling programs in schools. To date, few researchers have asked students directly what they know and need to know for post-high school planning. Most of students, especially from the public secondary schools do not have accurate information about occupational opportunities to help them make appropriate career choice ( Atienza et. al, 2010).

Coca-Cola Fizz Factor Essay

1) The Coca-Cola Company in my opinion has every(prenominal) the resources listed in the chapter. They have been such a successful organization over the geezerhood that they posses financial, physical, human, intangible, and structural-cultural resources. It is because of their Global nature that I believe that they have these resources, and these are pauperisationed to for organizations to have capabilities and core competencies. Understanding that because Coca-Cola is such a world(prenominal) brand it style that their capabilities must stretch through culture so I do believe it is very hard to develop unique resources and distinctive capabilities. However, because of the resources behind them in some ways it is easier to develop strategies and gain that competitive profit.2) Coca-Cola has a number of distinctive capabilities. Its brand is one by itself, they have created a competitive advantage just by their name, Coca-Cola is known globally and it is a testament to the organ ization that it is so powerful. An otherwise distinctive capability would be the shape and design of their bottles and cans, it may not seem like much but it can create nostalgia for and again turn in to a competitive advantage. Also with the patent for their designs it makes it unacceptable for competitors to imitate and take away that competitive advantage.3) 127 Years of Happiness This is a major strength Coca-Colas history and tradition automatically give it credibleness and make customers trust the brand. Other newer competitors just cannot compete with this, however it is extremely important that they continue to change and innovate. 200+ countries This may mean a global organization, but this brings about some weaknesses.You have to deal with so many different cultures, languages, climates, and beliefs that it can be very difficult to remain everyone happy and keep providing a quality product. 3500 products worldwide Again this is like the example above, it can be very challenging due to the diversity and target audience of all the products. However, it can be an advantage because of the variety of products you provide sets Coca-Cola apart from it competitors, giving them yet another competitive advantage.1,322,000 Tweets per quarter Twitter is becoming huge, and we saw during the Superbowl memory loss how powerful a marketing tool it can be. Oreo cookies tweeted Power out? No problem. You can still dunk in the dark so in my eyes I see this growing number to be a huge positive on a marketing front. Although on the other hand, social media can be very damaging, and if Coca-Cola does something bad, a negative reputation could spread around the world in a matter of moments. Protest convocation of 100,000 people wanting the original Coke back this shows that if you get it wrong you can face a major backlash from your customers. But this also showed how loyal people were to the original Coke, yes it was a negative result but it really highlights to the Coca-Cola Company what a great product they have.4) It has to be the capabilities assessment profile, by following the five steps of this option Muhtar Kent can truly analyze the strengths and weaknesses of the organization on a global scale. The key competencies and capabilities are what set Coca-Cola apart and they need to continue to focus on these aspects, it creates the competitive advantage and this must be maintained in the future. This is vital if Coca-Cola want to remain up there as on of the most popular brands in the world.

American Jail Systems

The American jail system is said to be one of the almost overcrowded in the world manything that hampers the rehabilitation process of the offenders. Due to this fact, managing jails have become an uphill task. The American political sympathies in trying to make these systems to be impelling has come up with a plan of construct to a greater extent(prenominal)(prenominal) prisons and jails but this has also turn out to be ineffective. For this reason, this system incarcerating offenders has greatly been criticized. It is nit the best way of controlling crime infact, there is not any evidence that proves that is so.Because of this it should be replaced with other alternative methods such(prenominal) as community service, parole, death penalty and putting them in rehabilitation institutions such as probation schools. According to a report that was released by the Bureau for Justice Statistics revealed that in US, the number of prisoners has almost doubled recently and this has been witnessed pull down in the past period. For example in 1996, there was an increase in the number of inmates in unify States by 55,900 criminals and by the end of that year the carrying capacity was already exceeded by 16-24 percent.The most affected prisons were the federal ones which had a 25 percent increase of inmates. Today despite the fact that the US political sympathies has constructed more and more prisons the problem still persists as the jails are still overcrowded. There are d passions that are associated with overcrowding and whatsoever of these are escape attempts increase, the states budget is further strained, the prisons become understaffed this is because the inmates staff ratio goes down as the number of prisoners outdo that of the staff.Overcrowding in prisons leads to the release of unhabilitated dangerous criminals before their due period is over. This causes these criminals to turn to be recidivists for they are released before they have completed th eir jail term. (Romano J. 1991) This problem has a domino effect on other government sectors for example the tax payers become overburdened with taxes so that the government can butt against the need of those imprisoned though they are considered as social misfits and yet this bullion could be use in other sectors that of the government that are in dire need of financial assistance.These are institutions such as hospitals, schools, libraries and parks that are in dire need of assistance. The government spends a lot of money in building more jails in an effort to address the issue of overcrowding for example in 1992 it spent 94 US Dollars on civil and criminal justice. (Cornell, G. celestial latitude 1, 1990) This domino effect results because when overcrowding becomes a viridity thing, the effectiveness in correcting the behaviors of the offenders goes down. Many hatful repeat the said(prenominal) mistakes and end up in the same jails.This tends to overburdening of the prosecu tors, juries, public defendants and other support agencies. The overburdening of cases leads results to commitment of serious mistakes in the judicial execution process something that causes dissatisfaction, anger and tension to the citizens. In turn, this results to them committing even more crimes. The overcrowding problem in the uni9ted States is ca utilise by the high rate of recidivism which is caused by ineffectiveness of the jail systems. There are various correctional methods that if used and then 5the rate of recidivism would measure down.This could be achieved if and only if the issue of overcrowding is properly addressed and this cannot be solved by building more prisons and jails as this has already proved not to be effective in the past. The best way preceding is to use other alternative correctional methods such as community service, fines, parole, counseling the offenders, use of more harsh punishments and finally use of capital sentence punishment rather than life sentence. I study the future of reforming criminals lies with other alternative methods but not in internments.One effective method that should be used is assigning offenders to the community service. If some of the offenders who are taken to the prisons and yet they have not committed some serious crimes are given some work to do in the society, the rate of overcrowding in the prisons would be reduced. This is based on the fact that some offenders who are convicted with very minor charges end up in jails and that is why in US today there are about two million people in jails and this number keeps increasing.By assigning offenders to community service will not only help the government in resolving the problem of overcrowding but will also help in cutting the damage it spends on hiring people to work in hospitals, cleaning streets and slashing grass on the compound. This would be undecomposed in that these offenders would do that work there by helping the government to save some money. another(prenominal) method is use of parole. This is a system where by the first offenders who are convicted of committing small mistakes instead of them universe jailed, they are released on condition that they would not repeat the same mistakes.Though they are released they are closely monitored by the government officials who are assigned to them just to monitor their moves. If it is noted that they are not keeping the promise, then they should be arrested and imprisoned. (Marek M. K. 2004). The other method that should be used as an alternative method to incarceration would be the use of capital sentence as opposed to the flow rate system of life sentence. Most states in the United States do not advocate for capital sentence but if other methods have proved not to be ineffective then it should be used as the last option.The prison statutes should be amended to allow die hard criminals such as robbers, rapists, murders and terrorists to be executed. If this is implement ed then the current stalemate would be solved for once and for all. Se of death sentence would be like putting to death two birds with one stone at the same time as the government would cut the hail that it spends on maintaining these prisoners would be reduced. Still another method that should be used as an alternative to incarceration is the use of fines.Offenders who are convicted of committing less serious crimes should instead of being incarcerated be fined heavily. This would address the problem of overcrowding and at the same time deter crimes. This is why the Hudson County has introduced use of fines as an effective means of collecting revenues as the traditional methods have proved to be ineffective. (Romano J. 1991) Counseling of offenders would also be an effective method of cut back overcrowding in the United States prisons. This method would also address the problem of recidivism.When the offenders are properly counseled they get reform and the prospects of them repea ting the same mistakes are reduced for many turn to crimes due to being frustrated in life. Indeed the American jail system has failed in correcting the behaviors of the offenders. These people are released when they are halfway amend and that is why they turn to be recidivists. There are other alternative methods that are more effective than incarcerating prisoners that should be applied. If these are applied, then the problem of overcrowding and of recidivism would be addressed and the crime prevalence would go down.Reference Cornell, G. December 1, 1990. Rehabilitation Statistics Study on Effectiveness of Prison Ministries. The Wilson Daily Times. Accessed on Saturday, April 26, 2008 at http//www. prisonministry. org/stats. htm Marek M. K. 2004. Games Prisoners Play. Princeton University Press. Romano J. October 27, 1991. County Uses New manoeuvre On Criminals Unpaid Fines. New York Times. Accessed on Saturday, April 26, 2008 at http//query. nytimes. com/gst/fullpage. html? res =9D0CE7D8113DF934A15753C1 A967958260&sec=&spon=&pagewanted=all

Learning’s in OJT Essay

All HRM Students have their OJTs in different restaurants, we were designate in Stad. We started on April 27, 2012. I together with Rhems Tugas, Andrea Sagmit, Kaydee Gracia, Jerica Sarondo. We were oriented but in the middle of last April. I started the OJT in Stad is quite enjoying but the staff atomic number 18 so funny because they elaborated some calling card to teach us how to cook it. And we do it well I was surprised on the proper ways of how to communicate to customers with smile.The things that Im doing in Stad we have to greet the customer well and we said in the kitchen staff, they do it and ready to serve. Suppose the guest done we gave the receipt to the cashier have known how very much the bill. And then chance to interact closely with new co-workers and get practical advice about doing the job. Many times, the someone who will be doing the training and evaluation is the new workers supervisor or manager, so this in addition establishes job expectations from the very beginning.Read more discipline Insights in OJTThe feedback during on-the-job training is also immediate, so the new employee may experience faster growth in the job than he would in other types of training situations. My experience in Stad Restaurant as a Dine In unfeignedly served as one of the most unforgettable experiences because I learn how to handle difficult situations and able to nail down it the way I knew how by practical application of common sense remembering the principles and theories I learned during my dinner gown training in school.Personal experience shared by my mentors handling dissatisfied customers during my formal educational training helped me a lot during those hard times of my OJT. Indeed it is true that people are hard to please. Different guests have various need levels and definitions. Sometimes hard work does not countenance customer satisfaction. Part of my unforgettable and challenging experience was when one of the guests complained that w as unable to top up the chocolate box and stock up towels in the room.The first order reacting to the situation was to listen to what the guest was saying, cause that whatever and everything he uttered because he was unhappy on such given situation. After everything has been, an vindication extended with an assurance and attention shall be looked into to all of his needs. The brief awful encounter which almost send me in tears, feeling alone in country,being scolded by a stranger,the hard wrk in between required skipping meals just to finish the tasks given to me. Instead of giving up, it served as an inspiration to well on my OJT. Learnings in ojt2.

The Aquilealand Accounting Standard Board Accounting Essay

This intent of this study is to give advice on the development of an accountancy criterion for employee utilitys. Five antithetic jobs sing employee realizes willing be examined and each job will be related to an accounting construct. Recommendations will be suggested for these jobs every bit good.All employees work in outlook of being rewarded afterwards, or in progress in some instances. Beam and Mcfadden ( 2001 ) specify employee benefits as every benefits and aid of process of processs, other than rewards for clip worked that argon provided to employees in whole or in portion by their employers . These benefits include ill foliages, medical disbursals, pass fillips and many others. Therefore, it is necessary that there be certain regulations sing these benefits that will keep the even outs of the employees. In the developing secernate of Aquilealand, we do non h rare our ain conceptual model, and hence we adopt the IASB s model. Aquilealand Accounting Standards j ury should exercising a new criterion for employee benefits and this will be used by all companies in Aquilealand. There atomic number 18 several jobs refering employee benefits which need to be looked into in deepness, some of them will be discussed in the undermentioned paragraphs.Problem ( 1 ) Recognition of net incomes and losingss originating from program assets bingle of the jobs mentioned during the making the accounting criterion for Aquilealand is the realisation of expect return of program assets. In the attack V IASB evaluate return should be know and excluded from the assets service woo. However, anticipation of any future return involves a large essence of uncertainness ( Pastor, 2001 ) . Harmonizing to Pastor it is rightfully difficult to foretell expected return even utilizing mathematical theoretical accounts objectively. The ground is that subjectiveness and flavor dedicate a large regard on this procedure ( Pastor, 2001 ) . This fact is interrupting the objectiveness construct of the regulatory Framework. Harmonizing to this construct, histories should be free of opinion and should be measured by all people in the alike manner ( Alexander et Al ) . In add-on, quotation of expected return, which is unfulfilled return, may be misdirecting cultivation for the users of financial statements.As it is non possible to extinguish the opinion factor in the procedure of computation of expected return, companies should non recognize the expected return on program assets until it is truly gained. That will forestall the breakage of the objectiveness construct. This may in any case assist to supply more than accurate data somewhat the fiscal state of affairs of the company to the users of fiscal statements. Merely realized return on program assets should be recognized. In add-on, companies should be required to unwrap the reading about alteration of program plus in the annual study non as the portion of the statement of comprehensive income but as a separate subdivision.Problem ( 2 ) DisclosuresThere be three basic affairs that can be of import to be disclosed in fiscal statements. First, develop in inside cultivations the characteristics and hazards connected with its delineate benefit programs. Next, show the consequence of be benefit programs on the entity s future hard currency flow and which related to timing, uncertainty and sums. Finally, explain the numerical information that is involved in the fiscal statements bring forthing from its defined benefits program ( PWC, 2011 ) . However, there are many demands for revelations which might be hard to use.A company has to supply elaborate information about the fiscal events in order to run into three things because the users of fiscal statements need to measure numerical information ( KPMG, 2011 ) . Furthermore, sensitivity analysis revelation is given simply on the defined benefit commerce, although IASB provinces that, sensitivity analysis on the ne t defined benefit liability ( assets ) can be more utile. However, it is far more hard and complicated to transport out ( ibid. ) . Furthermore, revelations for multi-employer programs are presently extended because more information linked with multi- employer should be disclosed such as support agreement ( PWC, 2011 ) .Harmonizing to the materiality construct, fiscal statements are prepared to function the users to do the right determination. Therefore, all information that may impact their determination should be involved in fiscal statements. As a consequence, revelation rule is significantly associated with materiality because all the quantitative and qualitative information should be involved in fiscal statement such as accounting policies and important events ( Jan, O. , 2010 ) .As mentioned before, there are some recommendations that should be considered for employee benefits revelation. First, the companies required to unwraping the of import information involved in fiscal statements to fulfill the external users and assist them to understand information and do right determination ( PWC, 2013 ) . In add-on, the companies should utilize narrative description of fiscal information such as liabilities fiting so the readers can understand written information.Problem ( 3 ) Termination benefitsBased on the definition in IAS 19, accomplishment benefits are the benefits for those employees whose employments are voluntarily or involuntarily terminated before the normal privacy day of the month. Therefore, red benefits should be recognized as a liability and an disbursal in entity s fiscal study. For case, voluntary expiration benefits should be recognized when they are provided as a consequence of an suffer made in order to promote voluntary redundancy ( Alexander, Britton & A Jorissen, 2011 525 ) . On the other manus, as the name implies, forced expiration benefits should be recognized when the employment is terminated involuntarily, such as dismissa l.However, for recognition in fiscal accounting, it is indispensable to foremost make up ones mind when and how much it should be recognized. Therefore, the disbursal of the expiration benefits should be able to be expressed in money, which is besides known as one of the fiscal accounting conventions named monetary measuring ( Alexander, Britton & A Jorissen, 2011 ) . Furthermore, besides the sum to cognise, it is besides necessary to find the clip to have a go at it. For case, to live the nonvoluntary expiration benefits every bit shortly as the employees are cognizant of the expiration or at the clip they leave the entity should be regulated.Based on the counsel of fiscal accounting conventions, the sum and the clip for the acknowledgment could be easy determined. First, taking history of the pecuniary measuring convention, entity should guarantee the expiration benefits in its dismissal program could be measured. Similarly, the benefits included in the offer that entity pro vides for voluntary expiration should besides be mensurable. Furthermore, harmonizing to the accumulations convention, the disbursal of the entity should be recognized and recorded every bit shortly as the use of the disbursal is determined ( Alexander, Britton & A Jorissen, 2011 ) . Therefore, nonvoluntary expiration benefits should be recognized at the clip when entity formally notice the employees affected in its dismissal program. However, for those who have exchanged their expiration benefits for future services, the liability of their benefits should be recognized over the future period. At last, voluntary expiration benefits should be recognized when the employees accept the offer made in other to promote voluntary redundancy.Problem ( 4 ) Post-employment benefitsPost-employment benefits means the staff Begin having retirement benefits, for lesson, retirement benefits and other post-employment benefits after completed an employment relationship ( BDO, 2013 ) . Besides, the re are two classs of post-employment benefits programs. One is defined break in programs, another is defined benefit programs ( ibid. ) . In general, DCP ( which stand for defined part programs ) means employees retirement program benefits was reserved financess from the company s one-year net income ( Investopedia, n.d. ) . Accounting preventive is comparatively simple. But the duties undertaken of the employee is non rather clear. Therefore, the item of the handling is the employer ought to do the part towards the present service and have no duty to give excess part for past service ( Towers Watson, n.d. ) . For DBP ( which stand for defined benefit programs ) , it is a retirement program that employee benefits are classified harmonizing to a expression utilizing factors such as space of service and salary history, which was sponsored by the employer ( Investopedia, n.d. ) . Harmonizing to Towers Watson n.d. , owing to actuarial additions and losingss and anterior service b e are deferred, result in the pension liability that are non really required to bear the duties. The solution is straight off acknowledgment of actuarial additions and losingss and anterior service cost. The undermentioned specific patterns are canceling actuarial additions and losingss utilizing the corridor attack, take actuarial additions and losingss that are recognized in net income and loss commissariats and inquire all actuarial additions and losingss should be recognized instantly in other comprehensive income ( OCI ) . Furthermore, past service cost should non be deferred amortisation and besides necessitate to be recognized instantly when incurred ( ibid. ) . Besides IAS 19 alterations in the method of look, service cost and net involvement income or disbursal recognized in net income or loss, Re-measurable part recognized in OCI ( BDO, 2013 ) .Problem ( 5 ) Immediate acknowledgmentImmediate acknowledgment in other comprehensive income will hold an impact on organisatio ns which recognizes additions and losingss at the same time in net income and loss. The standard requires acknowledgment of defined benefit duty and program assets in the statement of comprehensive income and in the statement of fiscal place. Harmonizing to IASB, immediate acknowledgment provides more relevant information to users of fiscal statements and provides more faithful representation of the fiscal consequence of defined benefit programs ( KPMG 2011, p 5 ) .There are some looks of immediate acknowledgment which eliminated by AASB as the criterion of employee benefits. Among them are past service cost and disposal be and other disbursals. As an illustration of immediate acknowledgment jobs, past service be will be explained in item.Past service costs used to depict service costs different from current service costs and additions or losingss on the colony. It is defined as the alteration in the present value of the defined benefit duty for the employee service provided in a nterior periods ( KPMG, 2011 18 ) .We should specify whether past service costs is positive or negative. When the alterations improve employee benefits, it is positive ( Deloitte, 2011 ) . While it is negative if the alteration consequences in decrease of the bing benefits ( ibid ) . The following measure is to acknowledge them into the entities fiscal statements.Harmonizing to the prudence concept footing, it is besides necessary to describe the accounting minutess. Therefore, the method used to acknowledge a vested yesteryear service costs should differ from the one used to acknowledge an unvested yesteryear service costs. Based on the consistence concept footing, it states that accounting methods one time adopted must be applied systematically in future ( Jan, I. , 2012 ) . Therefore, the accounting intervention for both vested and unvested yesteryear service costs should be severally kept the same in several accounting periods.As it has been shown in the old paragraph, we reco mmend that the methods used to acknowledge vested and unvested yesteryear service cost should be different. Vested past service costs should be recognized instantly while unvested past service costs should be recognized on a straight-line footing over the staying vesting period ( Ernst and Young, 2011 4 ) . Furthermore, the methods used to acknowledge past service costs should follow a consistence footing.To reason, the Aquilealand Accounting Standard Board examined jobs sing employee benefits such as acknowledgment of net incomes and loss originating from program assets, revelations, expiration benefits, post employment benefits, and immediate acknowledgment. Each of these jobs relates to an accounting construct, and recommendations were suggested in order to make a suited criterion that fit a state which has an active inception market.