Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 1000 words - 1

Corporate Social Responsibility - Essay Example I have to admit that my knowledge about ethics prior to the course was limited. I only knew it was important and my understanding was limited to generalize idea such as â€Å"we should always strive for the right thing to do† and being ethical is always desirable. I came to the realization that ethics was important because I was aware that the recent financial crisis that rocked the world that made lives difficult for everybody was rooted in greed and lack of ethical practice in business. This explains why I chose to write about this topic because the exercise affords me the opportunity to examine the ethical aspect of business which is often neglected. I believed that this is important to learn especially when we are still in the academe and still in the process of equipping ourselves the necessary skills and knowledge so that it will be ingrained within us to become better professionals in the future. The lessons that we will learn would guide us when we make our choices in any ethical dilemma that we would confront, and would run business organisations in a corporate responsible manner. I believe that given the recent scandals that rocked the business and financial world, it now becomes an imperative that each individual entering into the corporate and financial industry must have a strong sense of corporate social responsibility or accounting to avoid similar occurrences in the future. It should begin right in the academe where future professionals, employees or entrepreneurs are being trained and prepared. It is now important because the neglect and disregard for ethical practice in business has contributed to the recent financial and mortgage breakdown that stemmed from greed and lack of ethical practice that made life difficult for everybody. The high incidence of unethical practices in modern business has prompted a stream of organizational research about morality in business1. In fact, industry experts such as Ernst & Young has pointed out that unethical business practice is the main culprit that precipitated the recent economic crisis which caused a lot of jobs and homes to be lost that made life difficult for everybody which is why it is now an imperative not only to integrate but also to stress corporate responsibility and audit beginning in the academe when future business professionals are being trained and prepared. The obvious disregard about proper corporate conduct is not surprising as Crane and Matten hypothesized that business in itself has been argued to be amoral that to put ethics in business is an oxymoron because they contradict each other2. Business in pursuit of its profit motive will invariably set aside ethics as it endeavour to make profit. Actions which may be considered unethical such as lying and deception may even become permissible in the business’ pursuit for profit3. This is consistent with the consequential normative ethic theory that â€Å"holds that the moral rightness of acts, which holds that whether an act is morally right, depends only on the consequences of that act or of something related to that act, such as the motive behind the act or a general rule requiring acts of the same kind4†. In plain language, a business person may be prompted to choose a certain course of action or inaction based on the benefit or the avoidance of harm that may be derived from such action or inaction. In the case of business, it can chose to shun any propriety in conducting business with the idea that it is more expedient to make profit by disregarding scruples in conducting its operation. Having corporate responsibility does not mean that a business organisation is already shunning the importance of profit. Profit is equally important for without it, business

Describe Fingerprint photographic technique you would use to recover Assignment

Describe Fingerprint photographic technique you would use to recover such marks following U.K. guidance - Assignment Example In general we have three types of fingerprints mainly latent, plastic and patent prints. Latent prints are formed from oils and sweat from the skin surface. They are invisible to un-aided eye, therefore; they require additional treatments. Patent fingerprints are made from ink, grease, dirt and blood. They are visible to the naked eye. Finally, the plastic fingerprints are in three-dimension, and they are made after pressing the hands on fresh soap, wax or paints. The prints are visible to the naked eye (Houck and Siegel, 2010, p. 29). To improve the visibility of latent fingerprints various lighting techniques can be used to obtain the invisible surfaces. According to Chaikovsky, Argaman, Batman, Sin-David, Barzovski and Yaalon (2005, p. 574), digital multiple exposure technique is applied. The process is simple and productive. Digital photography and computerized image processing with application of layers methodology produce many images that are easily controlled by computer programmes. Production of many images that are combined into a single image enables improved visualization of the selected portions of the latent print without affecting the rest part of the image. According to SIRCHIE (2013, p. 1), Crime scene photos are important in the crime scene inquiry. The photographs complement the investigator data in the form of data. A camera can be used to capture every object of importance within the crime scene. Warren (2014, p. 1), conducted a research to determine usage digital photography for forensic purposes. It was found out that digital imaging devices with spectral filters are very effective in the identification of untreated latent fingerprints in that it is viable and non destructive. According to the National Law Enforcement (2011, p. 6), it is believed that every individual has different body parts hence comparison of the measurements can be used to distinguish between two individuals. The method was developed by

Vernacular Language Essay Example for Free

Vernacular Language Essay According to the dictionary, vernacular refers to the native language of a country. Throughout Rome, the language that was used was Latin; it was used throughout the Mediterranean and became the dominant language. Widely used by people with power, kings and queens. Latin was used as the formal language used in government and politics, this all changed during the 12th century when vernacular language started to become increasingly popular. During the Renaissance, Europe was undergoing a transformation. Cultural change occurs when there is a change in language or idea. During these times, people were interested in intellectual exploration. It was during this time that people felt that only highly educated people knew Latin. Bringing about a vernacular language was a way that they felt the need to educate the ordinary people. It was during this time that they began the transformation into the vernacular language. Up until the 17th century, most scholarly works were said to be in Latin. During the 12th century, many literary works were subject to translating. Most of the time the person translating would change things, they were not concerned with the ending, only how they have changed the various pieces into art. The development of the printing press and other technological advances was thought to be a method that sped up the process of spreading vernacular language. During this time, people who were economically disadvantaged could now read and own a bible. The use of vernaculars was thought of as a way to convert the non-believers. The spread of Christianity proved to be a method for spreading vernacular language. Petrarch was thought of as one of the most important figures of this time. He criticized the habits of the culture and believed their ideas were ancient soon others followed and this brought about the birth of humanism. Humanism was based on the belief that the philosophical works of Ancient Greece and Rome provided the best guide for living. Humanism was believed to be founded on three teachings humanistic studies, moral philosophy, and the qualities that make men and women good. Women played an important role in the spread of vernacular language, noble women insisted that literature was either written or translated to vernacular. Women began to assert their role as preservers of history. (Mccash, 2008) Most women had limited education so they were not proficient in Latin, this led to the acceptance of Romance and Germanic vernaculars. Women were given a chance to express themselves and participate in courtly debates. Women played a huge role in the transformation from clergy to court. (McCash, 2008) Women felt a sense of power by the rise of vernacular language; they began to write poetry, some even became translators. In the 13th century, Margery Kemp wrote the first autobiography in the English language. â€Å"Women turned to literature to express their pain and suffering, their longing and their loss, and their beliefs and vision† (McCash, 2008)

Evolution of Investment Banking

Evolution of Investment Banking INTRODUCTION At a very macro level, ‘Investment Banking as term suggests, is concerned with the primary function of assisting the capital market in its function of capital intermediation, i.e., the movement of financial resources from those who have them (the Investors), to those who need to make use of them for generating GDP (the Issuers). Banking and financial institution on the one hand and the capital market on the other are the two broad platforms of institutional that investment for capital flows in economy. Therefore, it could be inferred that investment banks are those institutions that are counterparts of banks in the capital markets in the function of intermediation in the resource allocation. Nevertheless, it would be unfair to conclude so, as that would confine investment banking to very narrow sphere of its activities in the modern world of high finance. Over the decades, backed by evolution and also fuelled by recent technologies developments, an investment banking has transf ormed repeatedly to suit the needs of the finance community and thus become one of the most vibrant and exciting segment of financial services. Investment bankers have always enjoyed celebrity status, but at times, they have paid the price for the price for excessive flamboyance as well. To continue from the above words of John F. Marshall and M.E. Eills, ‘investment banking is what investment banks do . This definition can be explained in the context of how investment banks have evolved in their functionality and how history and regulatory intervention have shaped such an evolution. Much of investment banking in its present form, thus owes its origins to the financial markets in USA, due o which, American investment banks have banks have been leaders in the American and Euro markets as well. Therefore, the term ‘investment banking can arguably be said to be of American origin. Their counterparts in UK were termed as ‘merchants banks since they had confined themselves to capital market intermediation until the US investments banks entered the UK and European markets and extended the scope of such businesses. Investment banks help companies and governments and their agencies to raise money by issuing and selling acquisitions and other types of financial transactions. Investment banks also act as intermediaries in trading for clients. Investment banks differ from stocks, bonds, and mutual funds. However some firms operate as both brokerages and investment banks; this includes some of the best known financial services firms in the world. More commonly used today to characterize what was traditionally termed† investment banking† is â€Å"sells side. This is trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e. underwriting,research, etc.). The buy side constitutes the hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment. Many firms have both buy and sell side components. Definition An individual or institution, which acts as an underwriter or agent for corporations and municipalities issuing securities. Most also maintain broker/dealer operations, maintain markets for previously issued securities, and offer advisory services to investors. Investment banks also have a large role in facilitating mergers and acquisitions, private equity placements and corporate restructuring. Unlike traditional banks, investment banks do not accept deposits from and provide loans to individuals. Also called investment banker. Who needs an Investment Bank? Any firm contemplating a significant transaction can benefit from the advice of an investment bank. Although large corporations often have sophisticated finance and corporate development departments provide objectivity, a valuable contact network, allows for efficient use of client personnel, and is vitally interested in seeing the transaction close. Most small to medium sized companies do not have a large in-house staff, and in a financial transaction may be at a disadvantage versus larger competitors. A quality investment banking firm can provide the services required to initiate and execute a major transaction, thereby empowering small to medium sized companies with financial and transaction experience without the addition of permanent overhead, an investment bank provides objectivity, a valuable contact network, allows for efficient use of client personnel, and is vitally interested in seeing the transaction close. Most small to medium sized companies do not have a large in-house staff, and in a financial transaction may be at a disadvantage versus larger competitors. A quality investment-banking firm can provide the services The main activities and units The primary function of an investment bank is buying and selling products both on behalf of the banks clients and also for the bank itself. Banks undertake risk through proprietary trading, done by a special set of traders who do not interface with clients and through Principal Risk, risk undertaken by a trader after he or she buys or sells a product to a client and does not hedge his or her total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet An investment bank is split into the so-called Front Office Middle Office and Back Office. The individual activities are described below: Front Office Investment Banking is the traditional aspect of investment banks which involves helping customers raise Corporate Finance (often pronounced corpfin). mutual funds) . Research and Structuring. Sales desks then communicate their clients orders to the appropriate trading desks, which can price and execute trades, or structure new products that fit a specific need. Research is the division which reviews companies and writes reports about their prospects, often with buy or sell ratings. While the research division generates no revenue, its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. In recent years the relationship between investment banking and research has become highly regulated, reducing its importance to the investment bank. Structuring has been a relatively recent division as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities. Middle Office * operational risk and the assurance Middle Offices provide now include measures to address this risk. When this assurance is not in place, market and credit risk analysis can be unreliable and open to deliberate manipulation. Back Office Operations involve data-checking trades that have been conducted, ensuring that they are not erroneous, and transacting the required transfers. While it provides the greatest job security of the divisions within an investment bank, it is a critical part of the bank that involves managing the financial information of the bank and ensures efficient capital markets through the financial reporting function. The staff in these areas are often highly qualified and need to understand in depth the deals and transactions that occur across all the divisions of the bank. New products Investment banking is one of the most global industries and is hence continuously challenged to respond to new developments and innovation in the global financial markets. Throughout the history of investment banking, many have theorized that all investment banking products and services would be copyrighted, they are very often copied quickly by competing banks, pushing down trading margins. For example, OTC contract has to be uniquely structured and could involve complex pay-off and risk profiles. Listed option contracts are traded through major exchanges, such as the CBOE, and are almost as commoditized as general equity securities. In addition, while many products have been commoditized, an increasing amount of profit within investment banks has come from proprietary trading, where size creates a positive network benefit (since the more trades an investment bank does, the more it knows about the market flow, allowing it to theoretically make better trades and pass on better guidance to clients). Potential conflicts of interest may arise between different parts of a bank, creating the potential for financial movements that could be market manipulation. Authorities that regulate investment banking (the Chinese wall which prohibits communication between investment banking on one side and research and equities on the other. Some of the conflicts of interest that can be found in investment banking are listed here: Historically, equity research firms were founded and owned by investment banks. One common practice is for equity analysts to initiate coverage on a company in order to develop relationships that lead to highly profitable investment banking business. In the 1990s, many equity researchers allegedly traded positive stock ratings directly for investment banking business. On the flip side of the coin: companies would threaten to divert investment banking business to competitors unless their stock was rated favorably. Politicians acted to pass laws to criminalize such acts. Increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble Many investment banks also own retail brokerages. Also during the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior may have led to investment banking business or even sales of surplus shares during a public offering to keep public perception of the stock favorable. Since investment banks engage heavily in trading for their own account, there is always the temptation or possibility that they might engage in some form of front running. Types of investment banks underwrite (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital markets activities such as mergers and acquisitions Merchant banks were traditionally banks which engaged in trade financing. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike Venture ca pital firms, they tend not to invest in new companies. Investment banks provide four primary types of services: Raising capital, advising in mergers and acquisitions, executing securities sales and trading, and performing general advisory services. Most of the major Wall Street firms are active in each of these categories. Smaller investment banks may specialize in two or three of these categories. Raising Capital An investment bank can assist a firm in raising funds to achieve a variety of objectives, such as to acquire another company, reduce its debt load, expand existing operations, or for specific project financing. Capital can include some combination of debt, common equity, preferred equity, and hybrid securities such as convertible debt or debt with warrants. Although many people associate raising capital with public stock offerings, a great deal of capital is actually raised through private placements with institutions, specialized investment funds, and private individuals. The investment bank will work with the client to structure the transaction to meet specific objectives while being attractive to investors. Mergers and Acquisitions Investment banks often represent firms in mergers, acquisitions, and divestitures. Example projects include the acquisition of a specific firm, the sale of a company or a subsidiary of the company, and assistance in identifying, structuring, and executing a merger or joint venture. In each case, the investment bank should provide a thorough analysis of the entity bought or sold, as well as a valuation range and recommended structure. Sales and Trading These services are primarily relevant only to publicly traded firms, or firms, which plan to go public in the near future. Specific functions include making a market in a stock, placing new offerings, and publishing research reports. General Advisory Services: Advisory services include assignments such as strategic planning, business valuations, assisting in financial restructurings, and providing an opinion as to the fairness of a proposed transaction. Terms Related To Investment Bank Buying and Selling Buying Deciding on the proper time to purchase a security that you would like to add to your holdings can be a daunting task. If the price drops immediately after you buy, it may seem as if you missed out on a better buying opportunity. If the price jumps right before you make your move, you may feel as if you paid too much. As it turns out, you should not let these small fluctuations influence your decision too much. As long as the fundamentals that led you to decide on the purchase have not changed, a few points in either direction should not have a large impact on the long-term value of your investment. Similarly, the fact that an investment has been increasing in value of late is not a sufficient reason for you to purchase it. Momentum can be very fickle, and recent movement is not necessarily an indicator of future movement. Therefore, buying decisions should be based on sound and thorough research geared toward discerning the future value of a security relative to its current price. This analysis will probably not touch upon price movement in the very recent past. As you learn more about investing youll get better at deciding when to buy, but most experts recommend that beginners avoid trying to time the market, and just get in as soon as they can and stay in for the long haul. The proper time to buy a security is quite simply when it is available for less than its actual value. These undervalued securities are actually not as rare as they sound. However, the problem is simply that they are never sure bets. The value of a security includes estimates of the future performance of factors underlying the value of the security. For stocks, these factors include things like earnings growth and market share. Changes can be predicted to a degree, but they are subject to fluctuation due to forces both within and beyond the control of the company. The overall economic climate, changes in the industry or even bad decisions by management can all cause a security poised to ascend in value to become an under performer. Therefore, it is essential to practice your analysis before putting your money into action. Make some mock purchases based on your personal analysis technique and track the results. Not all of your decisions will lead to the results you were expecting, but if most of your choices turn out to be good and there are mitigating factors that you can learn from to explain your missteps, then you may be ready to put your analysis technique and investing strategy into action. At this point, the need to continuously monitor your investments does not disappear. Both under performers and overachievers should be studied carefully to fine-tune your strategy. You should also regularly look at your securities to make sure that the fundamentals for success that led you to buy in the first place are intact. If not, you may need to prepare to cash in and start looking for the next opportunity. One way to avoid the hassles of deciding when to buy altogether is to practice dollar-cost averaging. This strategy advocates investing a fixed dollar amount at regular intervals. The price when you first invest is relatively unimportant (as long as the fundamentals are sound) because you will be purchasing shares at a different price each time you buy. The success of your investment then lies not with short-term fluctuations, but with the long-term movement of the value of the security. Selling: There comes a time when investments must be liquidated and converted back into cash. In a perfect world, selling would only be necessary when investment goals have been reached or time horizons have expired, but, in reality, decisions about selling can be much more difficult. For one thing, it can be just as hard to decide when to sell as it can be to decide when to buy. No one wishes to miss out on gains by selling too soon, but, at the same time, no one wishes to watch an investment peak in value and then begin to decline. Investors often seek to sell investments that have dropped in value in the short-term. However, if conditions have not changed significantly, drops in price may actually represent an opportunity to buy at a better price. If the initial research, which led to the purchase, was sound, a temporary decline does not preclude the success that was originally predicted. Of course, things change, and if the security no longer meets the criteria that led to its purchase, selling may in fact be the best option. Selling may also become necessary if investment goals change over time. You may need to reduce the amount of risk in your portfolio or you may have the opportunity to seek out greater returns. Additionally, a security may have increased in value to the point that it is overvalued. This creates an excellent opportunity to cash in and seek out new undervalued investments. Often you will need to make this type of sale in the course of rebalancing a portfolio necessitated by gains and losses in different areas. Selling can be especially difficult when an under performing stock must be dumped. Some investors let their emotions dictate their actions and hold on to stocks that have fallen in value rather than to sell, thinking that selling at a loss is like admitting that they made a mistake. However, realizing the loss and moving on to better investments is often preferable to continuing to hold onto a loser in the hopes that it will somehow rebound. When considering any sale, you must factor in the costs of the sale itself. Fees and taxes will eat into profits, so they must be subtracted from any increases in value to understand the true impact of the transaction. Capital gains taxes are higher for gains on investments held less than one year, so its often wise to invest for the long term rather than to buy and sell quickly. On the other hand, it can be dangerous to hold an investment longer than you want to, simply to reduce the tax burden. It is essential to remember that just because an investment increases in value after it has been sold does not necessarily mean that it was sold prematurely. Managing risk and diversification are often more important than capitalizing on short-term gains in a particular security. Keeping in mind the initial goals for the investment and adjusting them to fit your present goals will allow you to make smarter decisions about selling. Principles of Investing 1. Start Investing Now We say this not just to discourage procrastination, but because an early start can make all the difference. In general, every six years you wait doubles the required monthly savings to reach the same level of retirement income. Another motivational statistic: If you contributed some amount each month for the next nine years, and then nothing afterwards, or if you contributed nothing for the first nine years, then contributed the same amount each month for the next 41 years, you would have about the same amount. Compounding is a beautiful thing. 2. Know Yourself The right course of action depends on your current situation, your future goals, and your personality. If you dont take a close look at these, and make them explicit, you might be headed in the wrong direction. Current Situation: How healthy are you, financially? Whats your net worth right now? Whats your monthly income? What are your expenses (and where could they be reduced)? How much debt are you carrying? At what rate of interest? How much are you saving? How are you investing it? What are your returns? What are your expenses? Goals: What are your financial goals? How much will you need to achieve them? Are you on the right track? Risk Tolerance: How much risk are you willing and able to accept in pursuit of your objectives? The appropriate level of risk is determined by your personality, age, job security, health, net worth, amount of cash you have to cover emergencies, and the length of your investing horizon. 3. Get Your Financial House In Order Even though investing may be more fun than personal finance, it makes more sense to get started on them in the reverse order. If you dont know where the money goes each month, you shouldnt be thinking about investing yet. Tracking your spending habits is the first step toward improving them. If youre carrying debt at a high rate of interest (especially credit card debt), you should unburden yourself before you begin investing. If you dont know how much you save each month and how much youll need to save to reach your goals, theres no way to know what investments are right for you. If youve transitioned from a debt situation to paycheck-to-paycheck situation to a saving some money every month situation, youre ready to begin investing what you save. You should start by amassing enough to cover three to six months of expenses, and keep this money in a very safe investment like a money market account, so youre prepared in the event of an emergency. Once youve saved up this emergency reserve, you can progress to higher risk (and higher return) investments: bonds for money that you expect to need in the next few years, and stocks or stock mutual funds for the rest. Use dollar cost averaging, by investing about the same amount each month. This is always a good idea, but even more so with the dramatic fluctuations in the market in the past 10 years. Dollar cost averaging will make it easier to stomach the inevitable dips. And remember; never invest in anything you dont understand. 4. Develop A Long Term Plan Now that you know your current situation, goals, and personality, you should have a pretty good idea of what your long-term plan should be. It should detail where the money will go: cars, houses, college, and retirement. It should also detail where the money will come from. Hopefully the numbers will be about the same. Dont try to time the market. Get in and stay in. We dont know what direction the next 10% move will be, but we do know what direction the next100% move will be. Review your plan periodically, and whenever your needs or circumstances change. If you are not confident that your plan makes sense, talk to an investment advisor or someone you trust. 5. Buy Stocks Now that youve got a long term view, you can more safely invest in riskier investments, which the market rewards (in general). This requires patience and discipline, but it increases returns. This approach reduces the entire universe of investment vehicles to two choices: stocks and stock mutual funds. In the long run, theyre the winners: In this century, stocks beat bonds 8 out of 9 decades, and theyre well in the lead again. According to Ibbotsons Stocks, Bonds, Bills and Inflation 1995 Yearbook, here are the average annual returns from 1926 to 1994 (before inflation): Stocks: 10.2% (and small company stocks were 12.1%) Intermediate term treasury bonds: 5.1% 30-day T-bills: 3.7% But is it really worth the additional risk just for a few percentage points? The answer is yes. 10% a year for 20 years is 570%, but 7% a year for 20 years is only 280%. Compounding is Gods gift to long-term planners. If you buy outstanding companies, and hold them through the markets gyrations, you will be rewarded. If you arent good at selecting stocks, select some mutual funds. If you arent good at selecting mutual funds, go with an index fund (like the Vanguard SP 500). 6. Investigate Before You Invest Always do your homework. The more you know, the better off you are. This requires that you keep learning, and pay attention to events that might affect you. Understand personal finance matters that could affect you (for example, proposed tax changes). Understand how each of your investments fits in with the rest of your portfolio and with your overall strategy. Understand the risks associated with each investment. Gather unbiased, objective information. Get a second opinion, a third opinion, etc. Be cautious when evaluating the advice of anyone with a vested interest. If youre going to invest in stocks, learn as much as you can about the companies youre considering. Understand before you invest. Research, research, Read books. Consider joining an investment club or an organization like the American Association of Individual Investors. Experiment with various strategies before you put your own money on the line. Examine historical data or participate in a stock market simulation. Try a momentum portfolio, a technical analysis portfolio, a bottom fisher portfolio, a dividend portfolio, a price/earnings growth portfolio, an intuition portfolio, a mega trends portfolio, and any others you think of. In the process youll find out which ones work best for you. Learn from your own mistakes, and learn from the mistakes of others. If you dont have time for all this work consider mutual funds, especially index funds. 7. Develop the Right Attitude The following personality traits will help you achieve financial success: Discipline: Develop a plan, and stick with it. As you continue to learn, youll become more confident that youre on the right track. Alter your asset allocation based on changes in your personal situation, not because of some short-term market fluctuation. Confidence: Let your intelligence, not your emotions; make your decisions for you. Understand that you will make mistakes and take losses; even the best investors do. Re-evaluate your strategy from time to time, but dont second-guess it. Patience: Dont let your emotions be ruled by todays performance. In most cases, you shouldnt even be watching the day-to-day performance, unless you like to. Also, dont ever feel like its now or never. Dont be pressured into an investment you dont yet understand or feel comfortable with. The following personality traits will hurt your chances of financial success: Fear: If you are unwilling to take any risk, you will be stuck with investments that barely beat inflation. Greed: As an investment class, get rich quick schemes have the worst returns. If your expectations are unrealistically high, youll go for the big scores, which usually dont work. It is generally a good idea to avoid making financial decisions based on emotional factors. 8. Get Help If You Need It The do-it-yourself approach isnt for everyone. If you try it and its not working, or youre afraid to try it at all, or you just dont have the time or desire, theres nothing wrong with seeking professional assistance. If you want others to handle your financial affairs for you, you will nevertheless want to remain involved to some degree, to make sure your money is being spent wisely. Initial Public Offerings Initial Public Offerings (IPOs) are the first time a company sells its stock to the public. Sometimes IPOs are associated with huge first-day gains; other times, when the market is cold, they flop. Its often difficult for an individual investor to realize the huge gains, since in most cases only institutional investors have access to the stock at the offering price. By the time the general public can trade the stock, most of its first-day gains have already been made. However, a savvy and informed investor should still watch the IPO market, because this is the first opportunity to buy these stocks. Reasons for an IPO When a privately held corporation needs to raise additional capital, it can either take on debt or sell partial ownership. If the corporation chooses to sell ownership to the public, it engages in an IPO. Corporations choose to go public instead of issuing debt securities for several reasons. The most common reason is that capital raised through an IPO does not have to be repaid, whereas debt securities such as bonds must be repaid with interest. Despite this apparent benefit, there are also many drawbacks to an IPO. A large drawback to going public is that the current owners of the privately held corporation lose a part of their ownership. Corporations weigh the costs and benefits of an IPO carefully before performing an IPO. Going Public If a corporation decides that it is going to perform an IPO, it will first hire an investment bank to facilitate the sale of its shares to the public. This process is commonly called underwriting; the banks role as the underwriter varies according to the method of underwriting agreed upon, but its primary function remains the same. In accordance with the Securities Act of 1933, the corporation will file a registration statement with the Securities and Exchange Commission (SEC). The registration statement must fully disclose all material information to the SEC, including a description of the corporation, detailed financial statements, biographical information on insiders, and the number of shares owned by each insider. After filing, the corporation must wait for the SEC to investigate the registration statement and approve of the full disclosure. During this period while the SEC investigates the corporations filings, the underwriter will try to increase demand for the corporations stock. Many investment banks will print tombstone advertisements that offer bare-bones information to prospective investors. The underwriter will also issue a preliminary prospectus, or red herring, to potential investors. These red herrings include much of the information contained in the registration statement, but are incomplete and subject to change. An official summary of the corporation, or prospectus, must be issued either before or along with the actual stock offering. After the SEC approves of the corporations full disclosure, the corporation and the underwriter decide on the price and date of the IPO; the IPO is then conducted on the determined date. IPOs are sometimes postponed or even withdrawn in poor market conditions. Performance The aftermarket performance of an IPO is how the stock price behaves after the day of its offering on the secondary market (such as the NYSE or the NASDAQ). Investors can use this information to judge the likelihood that an IPO in a specific industry or from a specific lead underwriter will perform well in the days (or months) following its offering. The first-day gains of some IPOs have made investors all too aware of the money to be had in IPO investing. Unfortunately, for the small individual investor, realizing those much-publicized gains is nearly impossible. The crux of the problem is that individual investors are just too small to get in on the IPO market before the jump. Those large first-day returns are made over the offering price of the stock, at which only large, institutional investors can buy in. The system is one o

How Hitchcock Challenges Audience Expectations in his Film Psycho :: Papers

How Hitchcock Challenges Audience Expectations in his Film Psycho Hitchcock does very well in his film with censorship of film making in the nineteen fifties as he goes right to the limits of were the film is just suitable to show the nation. He does this many times in his film, one example is where Marian gets undressed and dressed. You see her bra and knickers in this scene, which is very unusual back then, it is worse than seeing nudity in films now. If Marian had taken any think else off in this scene it would have been explicit nudity, therefore not be able to be shown in the film. This is what I mean by how Hitchcock takes censorship to the limit. Some other censorship themes that Hitchcock took to the boundary was expressive kissing, swearing and brutality. Hitchcock went as far as possible with censorship to grip the audience and get more of a feel to the film. Psycho is a fifteen in England to buy on video these days because the censorship now is nothing compared to back when the film was made, a director can do basically anything now. The audience now would say it should be a twelve or lower as there is no swearing or sexual scenes and not that much brutality and parents would not mind their children seeing this. The scenes are still scary to the audience though and it would take quite an intelligent twelve year old to wrap their head round what is about and how it develops at the end. The editing in psycho is great and must have taken a week to do just one scene. It is very good for the scene and for the audience as it builds tension and creates an atmosphere. The best scene to show this as an example is the famous shower scene where Marian is murdered, whilst having a shower, by Norman dressed as his mother with a knife. There was seventy-eight separate camera set ups needed for the shower scene from the shower head, down the toilet, from the mirror, Marians How Hitchcock Challenges Audience Expectations in his Film Psycho :: Papers How Hitchcock Challenges Audience Expectations in his Film Psycho Hitchcock does very well in his film with censorship of film making in the nineteen fifties as he goes right to the limits of were the film is just suitable to show the nation. He does this many times in his film, one example is where Marian gets undressed and dressed. You see her bra and knickers in this scene, which is very unusual back then, it is worse than seeing nudity in films now. If Marian had taken any think else off in this scene it would have been explicit nudity, therefore not be able to be shown in the film. This is what I mean by how Hitchcock takes censorship to the limit. Some other censorship themes that Hitchcock took to the boundary was expressive kissing, swearing and brutality. Hitchcock went as far as possible with censorship to grip the audience and get more of a feel to the film. Psycho is a fifteen in England to buy on video these days because the censorship now is nothing compared to back when the film was made, a director can do basically anything now. The audience now would say it should be a twelve or lower as there is no swearing or sexual scenes and not that much brutality and parents would not mind their children seeing this. The scenes are still scary to the audience though and it would take quite an intelligent twelve year old to wrap their head round what is about and how it develops at the end. The editing in psycho is great and must have taken a week to do just one scene. It is very good for the scene and for the audience as it builds tension and creates an atmosphere. The best scene to show this as an example is the famous shower scene where Marian is murdered, whilst having a shower, by Norman dressed as his mother with a knife. There was seventy-eight separate camera set ups needed for the shower scene from the shower head, down the toilet, from the mirror, Marians

The short story If I Quench Thee by William E. Chambers is an appropria

The short story If I Quench Thee by William E. Chambers is an appropriate story as it effectively deals with the issue of racism by showing it through the eyes of a racist white father who assumes his daughter is marrying a black man. If I Quench Thee Choose a short story that you know well that deals with an important issue. State what the issue is and show, by referring to the plot, character, and technique and how the author has successfully explored the issue in an interesting and unusual way. The short story â€Å"If I Quench Thee† by William E. Chambers is an appropriate story as it effectively deals with the issue of racism by showing it through the eyes of a racist white father who assumes his daughter is marrying a black man. â€Å"If I Quench Thee† is about Arthur Stern, a successful business man who visits his daughter who works as a social worker in the ghetto. Whilst Arthur is visiting her she is visited by a black man who is rejected by her father because he is racist so he leaves. He waits outside and thinks about it and realises he can bare his daughter dating a black man so he goes back to apologise. When he returns he overhears the black man saying to Arthur’s daughter Monica that marrying her would be the best the he would do. Hearing this Arthur fills will anger and leaves. He waits for Tod to come out then murders him saying that it was a mugging and it was self defence. In the police station his daughter turns up and tells her father that the black man was the vicar for her wedding. This has been the only time Arthur was ever scared. Arthur Stern is a successful business man who owns a mink farm. He was in the Korean war which I think lead to his hatred of other races. Arthur an... ... disgusted that people could be so racist and how people could think that they have a right to kill others just because they aren’t the same skin colour as them. It made me think about how sick and twisted people can be and how that some people can hate something so much that they would take it too such extreme lengths as to things such as murder. I personally think racism is wrong because people of a different race aren’t any different or inferior to white people like Arthur Stern thought. To conclude, I think that the author has expressed the view on racism in an effective way relating to the plot, characters and techniques used. Even though Stern was such an â€Å"evil† man, he can still feel regret for such a terrible act after realising that what he has done is actually wrong. This makes me believe that human society can improve on its views of racism.

Case Analysis Swatch Essay

In 1978, when Dr. Ernst Thomke became managing director of ETA, the position of this Swiss flagship industry had changed dramatically. Especially with the presence of a strong competency (Japan and U. S). Macro-environment: (PESTEL Analysis) * Economic: Threat: The market share had fallen from 56% to a mere 20%. Opportunity: The production had grown from 61 million to 320 million pieces and movements annually. Opportunity: the decline of the dollar was not quite as evident. Threat: Market share loss was more pronounced in finished watches (Japan was producing 50. million Electronic watch compared to Switzerland and had 21% of market share on finished watches) Threat: The situation was aggravated by adverse exchange rate movements relative to the U. S Dollar. Swiss watches was more expensive. Summary: The company had a great problem due to the high technologies of competitors, also their watches was more expensive so their market share had decreased. Industry Environment: 5 Forces of M. Porter: Threat of entry: * New entrants in the market of watches: Japan, Hong Kong. * Prices dropped dramatically from 1000/2000 $ in 1970 to merely 20/40 $ by the end of 70’s * In the 80’s, several competitors switched to the more sophisticated analogue models and thus created competition for the Swatch. Intensity of rivalry among existing competitors: Japan held the technological edge and created the new electronic watch to compete with Swatch. Most of the early American digital watch producers had started to withdraw from the watch business * Ebauches entered into direct international competition with Japanese, French, German and Soviet manufacturers. Bargaining power of Suppliers: * Ebauches S. A, of which ETA was part, was the major producer and supplier of watch movements for ASUAG, the main company (the Switzerland’s largest watch corporation). Bargaining power of Buyers: The third world and newly industrialized nations offer a previously unexplored market for Swatch * The Swiss exported movements and unassembled parts to foreign customers * ETA expanded its movements sales beyond its then current customers (Switzerland, France and Germany) to Japan, Hong Kong and Brazil. Substitute Products: * The invention of â€Å"Electronic Watches† by Japan. The new analogue watch designed by Swatch Key Success Factors: * The â€Å"Delirium† project with the objective to create the world’s thinnest analogue quartz movement. * Highly qualified labor, requiring flexibility, quality, and first-class styling at low-cost. The company adopted the strategy of differentiation and low-cost (economies of scale). * The Swiss company had their stronghold in assembly. * ETA and its parent company ASUAG have a long history of high quality watch design and manufacture. * As part of Switzerland’s largest watch company, ETA had the resources to mount a turnaround effort. * ETA claimed more control over its distribution channels and increased authority in formulating its strategy. The Swatch is produced in one single operation, which means that the production costs are lower. Attractive distributor margins and extensive training of the retailers sales personnel combined with innovative advertising ensure the unique positioning of the product. * The Swatch’s innovative design and production technology led to the creation of a low-cost, highly reliable watch; giving ETA a clear competitive advantage. * Strong brand and customer loyalty: †¢ Repositioning into in the fashion market. A wide range of products with different designs across all price points Mission, Goals, Objectives, Social Responsibility and Ethics: Objectives: Price: Quartz-analogue watch, retailing for no more than 50 Franc Suisse * Sales target: 10 million pieces during the first three years. * Manufacturing costs: Initially 15 SFr – less than those of any competitor. At a cumulative volume of 5 million pieces, learning and scale economies would reduce costs to 10 SFr or less. Continued expansion would yield long-term estimated costs per watch of less than 7 SFr. * Quality: High quality, waterproof, shock resistant, no repair possible, battery only replaceable element, all parts standardized, free choice of material, model variations only in dial and hands.