Saturday, August 31, 2019

Dmg Shanghai

1. Why do you think that it is so important to cultivate guanxi and guanxiwang in China? Guanxi and guanxiwang are essential to business in China. It is an important mechanism for building long-term business relationships and getting business done in China successfully. Because China is a big country for mechanism.By establishing connections in relationships would help do a better job and mechanism; and the society of China lacks a strong rule-based legal tradition, thus guanxi and guangxiwang is becoming a necessary and regulations Guanxi is based on reciprocity, which is the undertaking of higher authority to accept an obligation to return a favor in the unspecified future whenever they benefit from the guanxi network. The development and expansion of the guanxi is a form of social investment that enriches the executive's resources and future potential.The importance of cultivating guanxi and guanxiwang in China is to realize the imperativeness of personal connection between two in dividuals who are bounded by an implicit psychological contract to follow the social norms of guanxi. The norms include self-disclosure, dynamic reciprocity, and the long-term equity principle. Establishing connections in relationships would help do a better job in completing an assignment and may be able to bend the rules for a temporary time period.The society of China lacks a strong rule-based legal tradition, thus guanxi and guanxiwang is becoming a necessary and important mechanism for building long-term business relationships and getting business done in China successfully.2. What does the experience of DMG tell us about the way things work in China? What would likely happen to a business that obeyed all the rules and regulations, rather than trying to find a way around them as Dan Mintz apparently does? As we look through the case of DMG in Shanghai, we recognize the influence of guanxi more apparently.Dan Mintz, the founder of DMG, had no prior experience in the fields of ad vertisement. He had no contact in China, even no Mandarin language. However, he had guanxi with two young Chinese who have connections with people of various levels. Making their connections as bedrock of the company’s guanxiwang, they were able to emerge as one of the China’s fastest growing advertising agencies. DMG shows us that culture is an important thing in China. Guanxi refers to the business connections that are so important to companies doing business in China.Guanxiwang refers to the relationship network that companies cultivate. Both of these are important to the Confucian ethics – loyalty, reciprocal obligations, and honesty in dealing with others – that drives business in China. Dan Mintz believes that guanxi and guanxiwang are important because they help companies get around restrictions that limit the ability of companies to function. It also is very useful when you have a business that delivers a good job; they bring the message over what gives you the opportunity to get good assignments from major companies.So a business in China without the relationships network is doomed to fail, because if you can’t work around the law and have doors opened for you it is almost impossible to get a successful business. China cares very much about its culture, especially because its rich history goes back centuries around 500 B. C. The DMG experience in China shows that culture as an imperative factor when conducting business there: foreign or domestic. The guanxi and guanxiwang factors are very important pieces of China’s culture. Both are essential to someone who is trying to start a successful business in China.Even though DMG may have obligations with higher authority, it has helped them to get a good reputation and support for the future, especially when meeting connections, such as with Bing Wu and Peter Xiao. When relationships are created in China, it helps businesses work around the laws and policies and it can open doors for any business that normally cannot be conducted anywhere else. Overall this is an advantage that DMG was able to acquire due to the fact that Wu was a recognized national champion and Xiao has political connections. . What are the ethical issues that might arise when drawing upon guanxiwang to get things done in China? What does this suggest about the limits of using guanxiwang for a Western business committed to high ethical standards? Guanxiwang plays a crucial role in business ethics, specifically referring to Western businesses moving to China. According to the case, it is impossible to get anything done without an intermediary, a third party introducing how to do business in China.In this case, for example: Bing Wu and Peter Xiao. Chinese will simply not do business with strangers unless someone is able to draw guanxiwang, which is the intermediary in the networking circle. As indicated in the case, the reciprocation obligations almost like a bribe, for exampl e, I’ll hit you and you hit me back! Business ethics in China rests upon a rich and diverse cultural moral heritage that emphasizes personal virtue and a right ordering of personal relationships in social organization and institutions.There are several ethical issues that can be provoked by drawing upon guanxiwang (Hill, 2009, p. 105). First of all, there will not be many business opportunities. For those who are starting up a business, guanxi companies that exist can be barriers for entering a market. For example, the existing businesses can use guanxi to initiate confrontations among them or to acquire restricted rights for using essential facilities to operate business activities from the government. Overall, it might hurt the system of free market competition.

Friday, August 30, 2019

Printing and its influence on the intellectual life Essay

The history of printing dated back as early as 868 AD when the Chinese used it to produce the earliest dated printed book known as the â€Å"Diamond Sutra. † However, it is believed that book printing may have occurred even before that. Around 1041, the movable clay type printing system was first invented by Bi Sheng in China. Later on, the metal movable type was invented in Korea in 1230. At around 1450, a goldsmith named Johannes Gutenberg assembled a printing system from which the modern printing system was developed. At present, all movable type printing systems have been derived from the Gutenberg design. Thereafter, the invention of the printing system hastened the production of many books. As more books were produced, the production of manuscripts also declined. During that time, manuscript was the official form of publication for all printed communications on the scientific and literary sphere. Political and religious communications are slowly catching up to the printing trend. Concurrently, publishing entities soon emerged. Printing and publishing materialized as a profitable livelihood. It even became an essential tool for the dissemination of information. Clandestine manuscript production containing unconventional ideas were easily produced and circulated due to the ease of its production. Evidently, printing and publishing had a profound impact on intellectual life. Impact of Printing on Intellectual Life Prior to the advent of printing, everything had to be done by hand. Think of it as diaries or journals, religious and medieval manuscripts are prepared by monks by copying the text. Biblical manuscripts and other books were handwritten and copied from a portion of the text source. These handwritten copies of books consist of attempts to reconstruct the original text. During that era, manuscripts were used as the means of storing and disseminating information, and the manuscript culture was basically dominated by monks until its transition to the market in the cities, along with the rise of universities. When Gutenberg introduced his printing system, it marked an improvement, at first, on the production of manuscripts, then on the production of books. His system revolutionized Europe’s book-making process that the technology expanded throughout the continent. Books were produced faster than before. Faster production of books means one thing: an increase of literacy. With this widespread increase in literacy rate, intellectual quests took off. The people have become thirsty for more knowledge, and printing became an essential tool to advance the academic pursuits. Gutenberg’s printing system, regarded as the most important invention of the second millennium, has been a key factor in the European Renaissance. With his printing system, the cultural movement easily spread throughout Europe. It allowed the people easy access to books. In addition, the invention of the printing system helped in the assimilation of Greek and Arabic knowledge. Classical and ancient ideas, which were lost through time have been revived and disseminated. The rebirth of these ideas fuelled the quest for rediscovery of ancient knowledge that had been long forgotten. While these old ideas were revived, novel thought were also spawned and disseminated. Combined with the technology of printing, intellectual pursuits were easily advanced. The printing technology also facilitated the social and political upheavals at that time through the dissemination of clandestine printed articles containing unorthodox views that challenged mainstream thought. Thus, printing afforded wide latitude of political freedom. It made the political atmosphere conducive for the advancement of revolutionary ideas. Printing and publishing also contributed to the transformation of scientific thought. Fundamentals in physics, astronomy and biology were easily propagated with the use of printed materials. Ancient science has been easily superseded with the dissemination of these new ideas. Thus, the scientific revolution ensued. The scientific revolution paved the way for modern science as we know today. Galilei, Copernicus, Kepler, Newton and the others questioned the foundation of the old science. Their ideas contradicted the prevailing ideas at that time. Theoretical developments, thus, emerged. The printing system facilitated the propagation of Copernicus’ work on the heliocentric model of the solar system. In the 16th century, Copernicus contended that the sun is the center of the solar system. This was received with opposition from the church. The church firmly adhered to geocentrism, which placed the earth as the center of the universe. With the help of the printing system, information regarding Heliocentrism was easily dispersed. With printing and publishing, these brilliant minds were able to easily communicate their knowledge through scholarly journals. It resulted to a greater awareness of things, which were previously hidden from the general public. Dissemination of information gave an understanding of the information dispersed. With printing, the process was rapidly spread across Europe. Printed articles of classical thought were reprinted and widely spread. A curiosity on all things were intellectual was aroused. People have begun to engage in intellectual discussions; hence, books have become a commodity. Book production evolved into a commercial enterprise. Accordingly, copyright laws were passed to protect these artistic and literary creations. This legal notion was conceptualized as a reaction to the advent of printing. Charles II of England was apprehensive about the unregulated production and copying of books. Moreover, printing helped established the standards of spelling and syntax. The English language also emerged as the language commonly used in most published works; thus, the use of Latin declined. On the religious end, printing also facilitated the Protestant Reformation. The movement was started an attempt to reform the Catholic Church. At that time, the Church’s hierarchy was plagued with corruption. Many Catholics observed that false doctrines and malpractices were carried out. This corruption was seen as even reaching the position of the Pope. With the printing press, the reform movement advanced the culture of Biblical literacy. By the translating the Bible and making it available to the masses, the message was dispersed and made it more accessible for the public. Moreover, Martin Luther, an Augustinian monk, also raised his protests against the Catholic Church. He discussed his discontent of the Church’s sale of indulgences. Because of the printing system, the swift dissemination of discontent was facilitated. Information relating to Luther’s theological teachings was dispersed in the form of broadsheets, to the poor sector of society. These broadsheets evolved into newspapers. Presently, newspapers are the most accessible tools for public information and written journalism. Information relating to political events, business and the society, among others, are disseminated. The wide circulation of newspapers as a means of communication was largely due to the advances of printing. Printing presses accelerated the process of making newspapers. With printing, intellectual innovations have progressed into something that we have today. The printing system has been a valuable tool in the dissemination of knowledge and information. Human advancements in the field of science, artistic and literary domain have been realized. The rapid dispersal of information is attributable to the fast production of books and other scholarly articles. These would not have been realized were it not for printing. The invention of printing assisted in the proliferation of new thought. Ideas, both old and new, were unearthed. Ancient knowledge was rediscovered. Dissemination thereof was necessary in order to inform the general public thereof. The innovation of printing and publishing helped pushed these ideas to the open, making it accessible for the public to see.

Merchant Banking Essay

A merchant banking is a financial institution primarily engaged in offering financial services and advice to company and wealthy individuals on how to use their money. A merchant bank deal with commercial banking needs of finance, company & long term loans and stock writing. Merchant banking does not have retail offices where customer can go and access their account. A merchant bank is also called as wholesale banking. OBJECTIVE Main objective of merchant banking is coordinating the activities like the bankers, advertising agency, printers and underwriters etc. Guide companies to get register there share under SEBI act.  The merchant banking determine the number of share, price of the stocks and the timing of the release of this new stock. They also provide services to the finance housing schemes for the construction of houses and buying of land. History and growth of Merchant Banking in India Before 1960s there was no merchant banking in India. This system started after 1960s. The Grind lay’s bank was the first bank which started merchant banking services. Grind lay’s bank is the largest foreign bank in the country. The main service offered by merchant banking includes the management of public issues and some aspects of financial consultancy. After this more banks took initiative of merchant banking services. Bank like Citibank came in 1970. Merchant banking with Citibank play role in new entrepreneur and evaluation of new project. Raising funds through equity took place. Management consultancy services were started. State bank of India started the merchant banking in 1972. Before 1972 state bank of India used to only provide funds. But after 1972 state bank of India started multi-tasking. Commercial banks which followed state bank of India were 1. Central bank in 1977. 2. Syndicate bank in 1977. 3. Standard chartered bank, mercantile bank and bank of Baroda in 1978. 4. United bank of India, Punjab national bank, canara bank, Indian overseas  bank in late 70’s and in early 80’s. Importance of Merchant Banking Need for Merchant Banking is felt in the wake of huge public savings lying untapped. Merchant bankers can play highly significant role in mobilizing funds of savers to investible channels assuring promising returns on investments and thus can assist in meeting the widening demand for inevitable funds for economic activity. With growth of merchant banking profession corporate enterprises are undertaking expansion, modernization, and diversification of the existing enterprises. This reinforces the need for a vigorous role to be played by merchant banking. Reasons why specialist merchant banks have crucial role to play in India 1) Growing industrialization and increase of technologically advanced industries. 2) Need for encouragement of small and medium industrialists, who require specialist services. 3) Growing complexity in rules and procedures of the government. 4) Need to develop backward areas and states which require different criteria. 5) Exploring the possibility of joint ventures abroad and foreign markets. 6) Promoting the role of New Market in mobilizing savings from the public. Functions performed under Merchant Banking The important functions of merchant bankers are: 1) Management of Debt and Equity Offerings: This forms the main function of the merchant banker. He assists the companies in raising funds from the market. The undergoing tasks include instrument designing, pricing the issue, registration of the offer document, underwriting support, marketing of the issue, allotment and refund and listing on stock exchanges. 2) Placement and Distribution: The merchant banker helps in distributing various securities like equity shares, debt instruments, mutual funds, insurance products, and commercial paper, to name a few. The distribution network of the merchant banker can be classified as institutional and retail in nature. The institutional network  consists of mutual funds, foreign institutional investors; private equity funds pension funds, financial institutions, etc. 3) Corporate Advisory Services: It denotes advice provided by a merchant banker to a corporate unit to ensure better corporate unit to ensure better corporate performance in terms of image building among investors, steady growth through good working, appreciation in market value of its equity shares. The counseling is limited to only opinions and suggestions and any detailed analysis would form part of a specific service 4) Project Advisory Services: Project counseling is a very important and lucrative merchant banking service. It covers development of an idea into a project, preparation of the project report , estimation of the cost of the project and deciding upon the means of financial and techno-economic appraisal of projects for capital issue/financing etc. The fee charged for project report preparation / appraisal ranges between 0.25% to 2% of the total project cost. The fee charged depends upon- a)Total size of the project b)The total complexity of the project 5) Loan Syndication: Merchant bankers arrange to tie up loans for their clients. This takes place in a series of steps. Firstly, they analyze the pattern of the client’s cash flows, based on which the terms of the borrowings can be defined. Then the merchant banker prepares a detailed loan memorandum, which is circulated to various banks and financial institutions and they are invited to participate in the syndicate. The banks then negotiate the terms of lending on the basis of which the final allocation is done. 6) Providing Venture Capital Financing: Merchant bankers help companies in obtaining venture capital financing for financing their new and innovative strategies. 7) Management of Capital Issues: a) Pre-issue Management: Steps required to be taken to manage Pre-issue activity are as follows: 1) Obtaining stock exchange approvals tomemorandum and articles of association. 2) Taking action as per SEBI guidelines. 3) Finalising the appointments of the following agencies – Co managers /advisors to the issue. Underwriters to the issue. Brokers to the issue. Bnakers to the issue and refund banker. Advertising agency. Printers and registrars to the issue. 4) Advise the company to appoint auditors, legal advisers and broad base Board of Directors. 5) Drafting the prospectus. 6) Obtaining approvals of draft prospectus from the company’s legal advisors, underwriting financial institutions/banks. 7) Obtaining consent from parties and agencies acting for the issue to be enclosed with the prospectus. 8) Approval of prospectus from Securities and exchange Board Of India(Sebi). 9) Filing of the prospectus with registrar of companies (Roc) 10) Making an application for enlistment with Stock Exchange along with copy of the prospectus. 11) Publicity of the issue with advertisement and conferences 12) Open subscription list. B) Post Issue Management: Steps involved: 1) To verify and confirm that the issue is subscribed to the extent of 90% including development from underwriters in case of subscription. 2) To supervise and co-ordinate the allotment procedures of registrar to the issue  as per prescribed Stock Exchange guidelines. 3) 3)To ensure issue of refund order , allotment letters/certificates within the prescribed time limit of 10 weeks after the closure of subscription list 4) To report periodically to SEBI about the progress in the matters related to allotment and refunds. 5) To ensure the listing of securities at a stock exchanges. 6) To attend the investors for managers regarding the public issue. 7) The merchant bankers managing public issue can negotiate fee subject to a ceiling .This fee is to be shared by all lead managers, advisers etc. Registration with SEBI as Merchant Banker Merchant banks are generally setup as subsidiary companies of banks. For e.g.: SBI caps, ICICI securities etc. Once the feasibility studies are undertaken and it comes out to be viable then the following steps are undertaken for registration with SEBI: Application for grant of certificate: An application for grant of certificate is required to be made with SEBI as without holding the certificate no person can act as a merchant banker. The application can be made in one of the following categories: 1. Category 1: To carry out any activity of issue management which includes preparation of prospectus and other information relating to issue, determining financial structure, tie up of financers and financial allotment, and refund of the subscription. Another activity that pertains to this category is of advisor, consultant manager, underwriter, portfolio manager. 2. Category 2: To act as advisor. Consultant, co manager, underwriter and portfolio manager. 3. Category 3: To act as underwriter, advisor, and consultant to an issue. 4. Category 4: To act only as advisor and consultant to an issue. To carry on the activity of underwriter and portfolio manager, a separate certificate of registration needs to be obtained from SEBI. Furnishing of information, clarification, and personal representation: The applicant may need to provide further information or clarification regarding matters related to activity of merchant banker. Consideration of application: Before granting the certificate, the Board shall take into account that the  applicant complies with the following requirement 1. The applicant shall be a body corporate other than a non banking financial company. 2. The merchant banker who has been granted the certificate by RBI to act as primary dealer shall carry on such activity with the condition that it should not accept or hold any public deposit. 3. The applicant should have necessary infrastructure to carry on his activities. 4. The applicant should employ atleast two persons who have the experience to conduct the business of merchant banker. 5. The applicant should fulfill the capital adequacy requirement as follows: The capital adequacy requirement should not be less than the net worth of the applicant. The net worth shall be as follows Category 1: 5 crores Category 2: 50 lacs Category 3: 20 lacs Category 4: Nil 6. The applicant or any of his associate should be free of any legal charges, should not have been convicted for any offence and not found guilty of any economic offence. 7. The applicant should possess professional qualification from any recognized govt. institute in finance law or business management. Procedure for registration: The SEBI on being satisfied with the eligibility of the applicant shall grant him a certificate . Payment of fees: The applicant has to pay Rs. 5 lacs within 15 days of date of receipt of intimation regarding grant of certificate. If the merchant banker fails to pay the required fee, the Board may suspend the registration and applicant may cease to carry on activity as merchant banker for the period during which the subscription subsists. The merchant banker may commence on the business as merchant banker on the acquisition of Certificate of Registration from SEBI after the completion of above mentioned formalities. Procedure for Inspection: Board’s Right to inspect The Board may appoint one or more persons as inspecting authority to undertake inspection of the books of accounts, records and documents of the merchant banker for any of the purposes specified in sub-regulation (2). Notice before inspection: Before undertaking an inspection, the Board shall give a reasonable notice to the merchant banker for that purpose. Where the Board is satisfied that in the interest of the investors no such notice should be given, it may inspect without prior notice. During the course of inspection, the merchant banker against whom an inspection is being carried out shall be bound to discharge his obligations. Obligations of Merchant Banker on Inspection: It shall be the duty of every director, proprietor, partner, officer and employee of the merchant banker, who is being inspected, to produce to the inspecting authority such books, accounts and other documents in his custody or control and furnish him with the statements and information relating to his activities as a merchant banker within such time as the inspecting authority may require. The merchant banker shall allow the inspecting authority to have reasonable access to the premises occupied by such merchant banker or by any other person on his behalf and also extend reasonable facility for examining any books, records, documents and computer data in the possession of the merchant banker or any such other person and also provide copies of documents or other materials which, in the opinion of the inspecting authority are relevant for the purposes of the inspection. The inspecting authority, in the course of inspection, shall be entitled to examine or record statements of any principal officer, director, partner, proprietor and employee of the merchant banker. It shall be the duty of every director, proprietor, partner, officer or employee of the merchant banker to give to the inspecting authority all assistance in connection with the inspection which the merchant banker may be reasonably expected to give. Submission of Report to the Board: The inspecting authority shall, as soon as possible submit, an inspection report to the Board. Action on Inspection or Investigation Report: The Board of the Chairman shall after consideration of inspection or investigation report take such action. Appointment of Auditor: The Board may appoint a qualified auditor to investigate into the books of account or the affairs of the merchant banker. Communication of findings: The Board shall after consideration of the inspection report communicate the  findings to the merchant banker to give him an opportunity of being heard before any action is taken by the Board on the findings of the inspecting authority. On receipt of the explanation if any, from the merchant banker, the Board may call upon the merchant banker to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with provisions of the Act, rules and regulations. Guidelines of SEBI The SEBI has issued guidelines for the issue of capital by companies. The guidelines mainly cover the requirement for the first issue by a new or existing company. The guidelines issued by SEBI are mentioned below: If any company’s other income exceeds 10% of the total income, the details should be disclosed. The company should disclose any adverse situation which affects the operations of the company. The company should also disclose the capacity utilization of plant for the last 3 years. The promoters must maintain their holding at least 20% of the expanded capital. The minimum application money payable at the time of issue should not be less than 25% of the issue price. The company should disclose the time normally taken for the disposal of investor’s grievances. The company can make firm allotments in public issues as follows: 1. Indian Mutual funds (20%) 2. FII’s (24%) 3. Regular employees of the company (10%) 4. Financial institution (20%) The company should disclose the safety net scheme or buy back arrangements of the shares proposed in public issue. In case of public issues, atleast 30 mandatory collection centres should be established. In the guidelines regarding right issue, the company should give advertisements in not more than 2 newspapers about the dispatch of letter of offers. No preferential allotment to be made along then rights issue. The company should disclose the free agreement between the lead managers and the company in the memorandum of understanding. Difference between Merchant Banking and Commercial Banking MERCHANT BANKING COMMERCIAL BANKING Merchant banking deals with equity and equity related finance. Merchant banks are management oriented. Merchant banks willing to accept risks of business. The activities of merchant banks include project counseling in area of capital restructuring, mergers, amalgamations e.t.c. Commercial banking deals with debt and debt related finance. Commercial banks are asset oriented. Commercial banks generally avoid risks of business. Commercial bankers are merely financiers. Difference between Merchant Banking and Investment Banking MERCHANT BANKING INVESTMENT BANKING Merchant banking is purely fee based. Merchant banking are impossible to stay aloof from international trends. Merchant banks expands into the field of securities, underwriting Merchant banking primarily perform international financing activities such as 1. Foreign corporate investing 2. Foreign real estate investment. 3. Trade finance and inter transaction facilitation. Merchant banks tends to operate on small scale companies and offer creative equity financing ,and numbers of corporate credit products. Investment banking is both fee based and fund based. Investment banking commits their own funds. Investment banks trade finance activities. Investing banking facilitate mergers and acquisitions through share sales and provide research and financial consulting to companies. It focuses on IPO’s and large public and private share offering. While investment banks tends to  focus on large companies. Recent developments in Merchant Banking The recent developments in merchant banking are due to certain contributory factors in India are : The merchant banking was at its best during 1985-1992 when there were many new issues . It was expected that 2010 going to be good time for merchant banks , as many new issues are coming up . The foreign investors- both in the form of portfolio investment and through foreign direct investments are venturing in Indian Economy. It is increasing the scope of merchant bankers in many ways. Disinvestments in the government sector in the country give a big scope to the merchant bankers to function as consultants. Introducing of new financial instruments in the market has increased the opportunity for the merchant banks. The merger and corporate restructuring along with MOU and MOA are giving immense opportunities to the merchant bankers for consultancy jobs. Challenges faced by Merchant Banker in India SEBI guideline has restricted their operations to Issue Management and Portfolio .Management to some extent due to which the scope of work is limited. The net worth requirement is very high in categories I and II specially so many professionally experienced person/organizations cannot come into the picture. Poor New issues market in India is drying up the business of the merchant bankers. Scope for Merchant Banking 1. Growth of primary market: if the primary market grows and issues increases, the scope of merchant banking will be enhanced. 2. Entry of foreign investment: now India capital market directly taps foreign capital through euro issues.FDI is increased in capital market .so merchant bankers is required to advice them for their investment in India. The increasing number of joint ventures also requires expert services of merchant bankers. if more and more NRI’s participate in capital market ,there will be great demand for merchant banker services. 3. Changing policy of financial institutions: now the lending prices of financial institutions are based on project orientation, so the merchant banker services will be needed by corporate enterprise to provide expert guidance. 4. Development of debt markets: if the debt market is enhanced, there will be tremendous scope for merchant bankers, now NSE and OTCEI are planned to raise funds through their debt instruments. 5. Corporate restructuring: due to liberalization and globalization companies are facing lot of competitions .In order to compete, they have to restructuring, merger, acquisitions or disinvestments. They offer good opportunities to merchant bankers.

Thursday, August 29, 2019

Biology (u2 ip&db) Essay Example | Topics and Well Written Essays - 750 words

Biology (u2 ip&db) - Essay Example 1) â€Å"Sunlight is converted to chemical energy in the form of ATP (adenosine triphosphate), which is the main energy-storing molecule in living organisms. ATP is then transported throughout the chloroplast and used to provide the chemical energy necessary to power other metabolic reactions† (GlobalChange, 2008, pg. 1). â€Å"Cellular respiration allows organisms to use (release) in the chemical bonds of glucose (C6H12O6). The energy in glucose is used to produce ATP. Cells use ATP to supply their energy needs. Cellular respiration is therefore a process in which the energy in glucose is transferred to ATP† (SUNY, 2008, pg. 1). Organisms that can use photosynthesis to produce glucose are also known as photoautrophs. Examples include soybeans, photosynthetic bacteria, cyanobacteria, bacteriochlorophyll, trees, and house plants. Organisms that can use aerobic cellular respiration to break down glucose to produce ATP are known as lithotrophs. Examples include bacteria and archaea. â€Å"Under anaerobic conditions, the absence of oxygen, pyruvic acid can be routed by the organism into one of three pathways: lactic acid fermentation, alcohol fermentation, or cellular (anaerobic) respiration. Humans cannot ferment alcohol in their own bodies, we lack the genetic information to do so. These biochemical pathways, with their myriad reactions catalyzed by reaction-specific enzymes all under genetic control, are extremely complex. We will only skim the surface at this time and in this course. Alcohol fermentation is the formation of alcohol from sugar. Yeast, when under anaerobic conditions, convert glucose to pyruvic acid via the glycolysis pathways, then go one step farther, converting pyruvic acid into ethanol, a C-2 compound† (Estrella Mountain Community College, 2008, pg. 1) When there is a chemical reaction, enzymes and catalysts lower the activation energy required. Each enzyme catalyzes only one reaction, so there are

Wednesday, August 28, 2019

Source Analysis - Accounts of Louis XIV Essay Example | Topics and Well Written Essays - 1000 words

Source Analysis - Accounts of Louis XIV - Essay Example got complete opportunity of introducing and applying his own political, economic and legal policies regarding the administration of country as well as foreign affairs of the monarch. He played decisive role in both peace and war times and France observed triumphs in many wars against England, Denmark and other neighboring countries under his leadership. The grand monarchy left a legacy of financial bankruptcy for his successors, who had to pay ransom amount of his misdeeds and lust for capturing more and more territories of the neighboring countries. One of the given documents has been written by Marquise De Sevigne, who was a French aristocrat of famous Burgundian family. She had developed great taste for writing and maintained command over letter-writing and correspondence in which she used to depict the royal personalities and their activities in a dexterous and refined manner. Her letters, later published by her grand-daughter in 1725, portrayed the political situation of her times and presented significant information of some specific political issue in a prà ©cised but comprehensive way. The given letter was written in 1671 and portrays the King Louis XIV and the procedure of his court in a magnificent way. This letter was written on 26th of April, 1671, at a time when the King had decided to wage a war against Holland in order to subjugate the poor country by threatening her and seizing her territories to get heavy war indemnity and leave long term fear of France over Holland. The royal court spent a lot on such adventures and the masses had to suffer a lot in the form of heavy taxation. The poor peasantry had to bear the brunt of the extravaganza consumed on dinners and drinks of the royal adventures. The Kind went out to see his commander to remote area of Chantilly, which cost a lot to the nation. Moreover, a luxurious dinner had been planned in the forest to enjoy the moments and entertain the nobility so that their unconditional support could be

Tuesday, August 27, 2019

Week 5 DQ 2 Assignment Example | Topics and Well Written Essays - 250 words

Week 5 DQ 2 - Assignment Example Sharing and appreciation of valuable information has now become so easy. Technology that has paved way for the creation of virtual world via consecutive phases of up gradation is now admired as a heavenly blessing for mankind. Talking about workers’ perspectives, gone are the days when people had to bear the stressful 9 to 5 timings of office life (Baack, 2012). They can now peacefully step in the welcoming and opportunity rich environment of the virtual arena. They can now mint money via definite desirable flexibility of working on their own terms. The con of this virtual resource of employment is that the dependability of technology is not much sustained. A breakdown of power supply can result in hefty losses of income and reputation. Multi technical complexities and setbacks can also often arise without expertise to sort them out. Physical absence can also serve as a great hurdle in the employee’s productivity as it provokes more towards miscommunication. However, Te chnology has innumerable advantages. Within an unimaginable time lapse, accurate condensed information across the world can be attained regarding multiple factors, enabling efficient decision-making. The virtual world saves hefty travelling costs and valuable time, therefore providing ornamental profits to any business. Technological advancements such as the internet, teleconferencing and email has impacted the virtual organizations in quite a positive manner and are the main reasons due to which virtual organizations have become so well known (Chmiel,

Monday, August 26, 2019

Stategic Management of Human Resources Essay Example | Topics and Well Written Essays - 3500 words

Stategic Management of Human Resources - Essay Example But today, personnel departments are replaced or merged with the human resources departments; (Is there a difference between human resources and the personnel department) hence the demarcation between the two functions has been eliminated. Therefore, now personnel departments in addition to recruiting and selecting personnel, it maintains employee records, helps in career development and training of employees, handles and enforce all kinds of laws and regulations as put forward by the state administration, and moreover, also deals with individual and unionized employees in their personnel actions. The staffing function of personnel department has three parts to it namely, selecting, hiring and training. After the organizing function of the management determines the places and the jobs that are critical for the organization performance of its functions, the role of staffing comes into play. Thus, personnel managers recruit a new pool of individuals from outside if they see no internal fillings can be done. The recruiting may begin with the ad for a job vacancy, referral etc. The short listed applicants are screened through interview and other tools that are used t evaluate such as projective techniques etc. Management discharges, dismissals, transfers are also a part of it. The handling of personnel records help the company generate weekly or monthly activity records for these to be monitored, in light of all the rules, regulations and the ordinance requirements put forth. Various documentation that is required as a part of daily operating process such as subpoenas, employment verifications and also the unemployment compensation is handled. Besides, evaluation of employees and the maintenance of data is also handled as a part of record and data base of the employees by this department. In short, it has all the classified information of all the employees that are a part of the company be it temporary, permanent, seasonal, or part time etc. Another issue that relates to the function of the personnel department is the workers compensation. Normally, under the worker compensations acts as different states' requirements puts responsibility on the personnel department. This requires the personnel department to determine the compensation - weekly, monthly or the daily wage basis. Besides, benefits such as compensation for permanent or temporary disabilities, work related injuries, other than that medical, vocational rehabilitation, insurance, or other kind of benefits for the family members of the workers is also managed by the personnel managers. It also handles workers' compensation claims, issues related to sick or annual leave, etc. Fringe benefits are also administered under this role. One of the primary functions of the personnel department is the training of employees and the workers. This helps the employees achieve the maximum level of competency and assist employees that lack in certain areas to polish and brush up their skills. The training may be aimed at conducting work out sessions for employees at the entry level position and also the managers as they climb up the ladder. The

Sunday, August 25, 2019

Discussion Essay Example | Topics and Well Written Essays - 250 words - 128

Discussion - Essay Example She describes it as the management for uncertainties. She denotes that Agile embraces change by determining the requirements of a project and implementing them throughout the project thereby making it easy to accommodate any changes. The other difference, according to Erin, is that the Agile approach promotes the implementation of user stories in which common risks are mitigated and return on investment realized. According to Erin, the Agile approach drives the scope while the Iron Triangle of Waterfall fixes it. In this case, the Iron Triangle determines the scope of a project before estimating the effort needed to make the project a reality. Finally, the time required and budget needed for the implementation of the project are derived from these estimates (Erin). An Agile project, on the contrary, begins with a high-level build-up of features and allows for the selection of specific user stories needed for implementation throughout the project. In this case, the project scope is defined in the entire project hence the feeling that it changes in the entire process. After a clear analysis of Erin’s lecture, it is important to note that the Agile approach can be used in the personal projects. When used, cases of project inflexibility and uncertainties can be

Saturday, August 24, 2019

Is there something problematic in the idea of European citizenship Essay

Is there something problematic in the idea of European citizenship - Essay Example I consider this question to be worth-discussing, thus the given work will try to find the answer for it by means of the corresponding research. First of all, the definition or meaning of the term â€Å"citizenship† will be provided. In order to find the correct answer to this question, the attention with be paid to such significant factors as democracy, rights, identity, constitutional patriotism, symbols etc. It will be given a short description of each of these points in order to form the attitude to the problem under consideration. As a result the most problematic issue in the idea of European leadership will be defined and the solution to the problem will be offered. The overview of the recent controversy will be presented in order to prove that even in the modern conditions, it is still possible to determine what it means to be a European citizen. The notion of citizenship The notion of citizenship is closely connected with the notion of state, because, if there is no sta te, it is impossible to talk about the citizenship. Democracy also can’t exist without citizenship. It looks like a closed circle. In this context it is possible to talk about sovereignty as well. ... It could be easily explained in the following way: it is the citizens, who form the body of government. The democracy can operate only due to the equality and participation of citizens. Liebert states: â€Å"people do effectively engage in the making of a European polity. By initiating national court proceedings active citizens are promoting fundamental European rights in Member States' practices. As party members they contribute to shaping mass media communication about, and national publics' understanding of, European political alternatives. As civil society activists citizens help build social networks for contesting certain EU reforms or advocating others. Last but not least, as voters in national and European elections they choose between competing party visions, and national parliamentary stances regarding the role of democratic citizenship. This original contribution to the debate about democratic citizenship vis-a-vis the challenges of economic globalization and European pol itical integration presents critical explorations of different fields of direct, representative, participatory and deliberative democratic citizenship practices that affect the transformation of Europe† (Liebert 2013:2). One can notice that nowadays these principals are not working in a full capacity; some of them are just omitted. As Bellamy states â€Å"Citizenship as it developed within the member states combined the values of belonging, rights and participation. EU citizenship has attempted to develop the first from an attachment to the second, and to employ new and more selective forms of the third. However, neither rights nor participation prove sustainable without a fairly strong sense of belonging, such as has already developed within the

Friday, August 23, 2019

Quantitative method for finance Essay Example | Topics and Well Written Essays - 1000 words

Quantitative method for finance - Essay Example 2. Probability models are models that become relevant when the outcome of interest is not continuous (such as wages per week or stock prices) but rather binary in nature such as, work/not work, survive/not survive etc. In such cases, the simplest possible methodology adoptable is that of the linear probability model or LPM. The response variable of interest, say Y takes the values 0 and 1 only and the approach is to model the expected value of this variable as a linear function of the independent predictor variables X: (ii) The variance of y will be dependent on x. That is, the model will suffer from conditional heteroscedasticity. This violates the homoscedasticity assumption of OLS. Thus, even though estimates will still be unbiased, the OLS estimator will not be efficient and the estimated standard error will be biased. (iii) The error terms are also binary. They can only take the values of or and thus cannot be normally distributed. Therefore, the assumption of normality of errors is also violated and this in turn would imply problems for typical inferential procedures. (iv) Finally, due to the binary nature of the dependent variable, diminishing returns cannot hold. Therefore, the functional form restricts the possibility of obtaining diminishing marginal impacts of the independent variable on the dependent variable. 3. (i) If the condition does not hold, then applying OLS is no longer optimum. The assumption implies the error covariances are zero. This is necessary for OLS estimates to have the â€Å"Best, Linear, Unbiased† properties. If the error covariances are not zero, then the assumption of the Gauss-Markov theorem are not satisfied and thus, the OLS estimates are no longer best, although they are still unbiased and consistent. The main problem arises in the context of inferences. 4. (i) If then the series is said to have a unit root. This implies that the series is non-stationary. This essentially translates to the mean and

Thursday, August 22, 2019

Recycling paper Lab Report Example | Topics and Well Written Essays - 1500 words

Recycling paper - Lab Report Example Recycling paper It is estimated that recycling one ton of paper saves up to seventeen trees, seven thousand 26500 liters of water, 1400 liters of oil, 3.3 cubic yards of landfill and 4, 000 kilowatts of energy, and reduce green gas emissions by one ton of carbon equivalent. Paper as is known today was first made 2200 years ago in China by an official of the Chinese dynasty; he was known as Ts’ai Lun at Lei Yang. The paper looks at the three most significant usage and benefits of recycling paper. These include: †¢ Recycling leads to the conservation of natural resources as less tress need to be cut to make new paper, which in effect reduces the amount of greenhouse gases emitted to the environment †¢ Recycling also saves energy and water that could have been used during the manufacturing process of paper from virgin trees, below is a research study conducted in the UK, cementing this point †¢ Recycling frees these landfill areas to allow space for other types of trash that cannot be easily recycled. It is also important that such landfills are freed as the cost of land is today at a premium The report therefore seeks to review key developments in paper recycling over the last few decades which saw initiatives aimed at bettering recycling processes, innovations and education play a vital role in increasing recycling rates, the efficacy of certain processes and a surge in more defined corporate social responsibility. The paper looks at the three most significant usage and benefits of recycling paper. These include: Recycling leads to the conservation of natural resources as less tress need to be cut to make new paper, which in effect reduces the amount of greenhouse gases emitted to the environment Recycling also saves energy and water that could have been used during the manufacturing process of paper from virgin trees, below is a research study conducted in the UK, cementing this point Recycling frees these landfill areas to allow space for other types of trash that cannot be easily recycled. It is also important that such landfills are freed as the cost of land is toda y at a premium Introduction It is estimated that recycling one ton of paper saves up to seventeen trees, seven thousand 26500 liters of water, 1400 liters of oil, 3.3 cubic yards of landfill and 4, 000 kilowatts of energy, and reduce green gas emissions by one ton of carbon equivalent. Paper as is known today was first made 2200 years ago in China by an official of the Chinese dynasty; he was known as Ts’ai Lun at Lei Yang (Roth and George, 2000).   However, before Egyptians, Greeks and the Romans used Papyrus weed as a writing materials. This first piece of paper that was made by the Chinese official was rudimentary, rough, and very heavy, despite this shortcomings, this piece of craftsmanship was the stepping stone for production of paper that were much light, and very white. The use of paper cannot be taken lightly; it has immense significant contribution to human civilization and the growth of knowledge. In modern times paper finds use in a variety of uses, paper is use d as packaging materials in most industries, used in making tissue for usage in washrooms, used in production of newspapers for dissemination of information to the public. Moreover, papers are also used in the production of billions of textbooks and exercise books for billions of school going children and higher education purposes. The multiple uses of paper in different sectors human live and particularly the need to increase knowledge continually coupled with the benefit of environmental conservation necessitated recycling of papers. A German immigrant who had gained sufficient knowledge in papermaking first did this human desire in the United States in 1690; he made paper from left cotton wool and wood fiber. The processes The process of recycling paper passes through two important steps, the first is the collection stage, and the second most important stage after collection of paper waste is the processing stage. These two stages have various other sub processes, and they will b e discussed in these subsequent paragraphs. Collection This is the first step in the process of paper recycling, this is the most important and needs contribution from the users of paper, in this process bins containing waste paper should be strategically located in such that a way that users easily identify the bin and deposit waste papers in that bin. Figure 1 Bins that

The Black Newsletter Essay Example for Free

The Black Newsletter Essay Through the years, black women have endured the pressures and struggles in living with the American society. They exist in the middle of two strongholds: race and gender. These issues are somewhat weight on their backs and dealing with these burdens is definitely not easy. But living it through entails survival to meet the demands of the society. Further, one of those demands that must be accomplished is the aspect on education. Hence, how well do these black women perform in academics compared to whites and other race is a significant query and might as well be given a particular focus on this discussion. Evidently, there is no direct source that straightly compares the SAT scores of black women in contrast with that of the whites and all others. Instead, the race and gender of SAT takers in general were compared. According to JBHE Weekly Bulletin, â€Å"the racial scoring gap on the latest SAT college entrance examination is the widest in 20 years, as it shows that for white high school seniors, the average combined score on the reading and math sections was 1065 while the blacks’ average score was 856 and so the racial gap now is 209 points, which is 10 points higher than a year ago† (http://www. jbhe. com/latest/index090408_p. htm). The Black Newsletter also listed the result of the SAT, which included other races: â€Å"Black (430 Verbal, 427 Math), Asian (501 Verbal, 569 Math), White (527 Verbal, 533 Math) and Puerto Rican (455 Verbal, 451 Math)† (www. blackexcel. org/nov-2003. html). Noticeably, the black rated the lowest on that result listing. On the other hand, the Princeton Review held that â€Å"there was a variation by gender on the SAT result based on the College Board’s report, which revealed that women scored 42 points lower than men, representing a gap that has grown each of the past three years† (www. advancingwomen. com/college_satbias. html). Consequently, the abovementioned statistics greatly revealed that the black women are situated amidst two forces. Indeed, â€Å"black women have known they are the heirs of a dual inheritance: racism and sexism† says Veronica Chambers Doubleday, author of the book â€Å"Having It All: Black Women and Success† (www. highbeam. com/doc/1G1-99375215. html).

Wednesday, August 21, 2019

Types Of Securitization Instruments Finance Essay

Types Of Securitization Instruments Finance Essay Securitization defined as process by which loan is made into tradable security. It becomes tradable security when against it any negotiable instrument or bill of exchange is issued which is backed by the loan or receivables Securitization generally refers to the sale of assets, which generate cash flows, from the institution that owns them, to another company that has been specifically set up for the purpose, and the issuing of notes by this second company. These notes are backed by the cash flows from the original assets. The institution is called originator which issues the the same and own the assets backed by it. Another party to it is Special Purpose Vehicle which purchases the assets and that generate cash flows. The special purpose vehicle will hold the assets that are sold by originator to SPV as collateral which are later sold to investors. Structure of Securitization : The receiver of high net worth receivables sell them to specially formed company named Special Purpose Vehicle and it sells the same to other investors as sale mode transaction against the collateral of receivables. The SPV provides the security to investors in the process by issuing special note or bond or borrowing from bank as security to investor. The SPV pays the servicing fee to it and authorizes the originator to collect funds on behalf of special purpose entity which is used to pay the principal and cost of it for the funded loan. The proceeds are latter invested to earn return. The SPV is not the subsdiary of origniatory thus it is not the company whose shares are held by originator but the charitable trustee or any other than originator. To ensure the recieavles will be sufficient to repay the amount owed to investors on time, other arranegments are made to ensure sufficient liquidity in the process like Credit Enhancement or guarantee by third party or subordinated loan Rating agency often rates the note receivables or the process.The higher the rating, the higher would be funds obtainable. The SPV that generates the income through additional money earned through recieavles to originator to earn profit. SPV pays the same to originator as the fees Below is a figure which perfectly complements our summary: The originator is very important element of this process because it can be real person or legal one which basically initiates the process by sorting out the assets which are to be securitized against the same. Motives for Securitization: Advantages to issuer Funding cost: Depending upon the rating of the fund, cost of fund is charged at low. For Instance a cash flow is rated AA and second one is rated BB , the one with AA ratting will be charged lower than the latter one. Reduces  asset-liability mismatch: From the financial funding exposure point of view , securization offers great opportunity to elimate the issue of duration and pricing concerns at large.Securization offers high cost saver to issuer. For instance banks can utilize it efficiently because they have a large amounts of recievales and collaterials as securities thus they can issue securities backed by these assets and let them to be self funded asset book. Lower  capital  requirements: There are very stiff requirements of the regulatory and legal pertaining to leverage capitalization. The recieavles and assets under securization will considered earning assets and thus removing from balance sheets for accounting purpose. Profit: Given the fact that the specific business block for whose profit is not certain or not yet emerged then the assets of those can be securitized and immediate cash flow can be realized and thus locked in profit for this block results. Transfer of risk:  Securitization process makes it easy to transfer the credit, liquidity reinvestment easy to transfer to those who accept it on condition to receive profit. Off balance sheet: Securitization as implied by derivates which are referred as off balance sheet items which classifiy the same as zero sum impact on balance sheet. There is general requirement internationally that records the derivatives at fair value in the financial statements i.e Balance sheet. Earnings: Securitization makes the oringinator capable to bounce back without addition to the firm whereas the true sale takes place between the orginiatory and special purpose entity.It is to highlight that the earnings of the SPV increase the wealth with parent company. Admissibility of bad debt: Future cash flows may not result in perfect recovery because there is also some bad debt in the receivables. Securitization thus makes it possible to get the immediately cash against those too in advance. Liquidity: Securitization simply provides you the future cash flow now thus increasing the liquidity with the company.Thus it will be available with the company to spend and make investment from the same amount thereby increasing the reinvestment return Disadvantages to issuer May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk. Costs:There are costs involved in the securization process raning from legal fees, system cot, rating cost, underwriting fees and administrative cost. Size limitations: It involves huge amount of funds to structure the same to be efficient if otherwise the funds are less then the process with lesser funds. Risks: It is structured transaction thus it is vulnerable to risks such as prepayment, credit loss and reinvestment Advantages to investors A chance to earn higher rate of return It usually involves high quality assets back because there are very stiff requirements for securitization process, such as attaining high ratings, maintaining liquidity and diversified portfolio. Portfolio  diversification: It is worth narrating here that large institutional investors and corporate investors tend to invest in the securitized funds because returns from their this investment is not related to their equity or bond side investment due to un-correlation between the investment portfolio in the market. Isolation of credit risk from the parent entity: Securitization process desegregate the parent and SPV rating. Regardless the companys rating; SPV may be issued separate rating. Suppose the banks rating is not good but the portfolio of borrower of bank is of high quality thus there are less chances of default of the same and investors in securitized asset are more willing to have them in their portfolio. Risks to investors Liquidity risk(Credit/default) Defualt risk meant inability of borrower to repay the principal and interest payment on due period of time. An indicator of securitys high risk is its credit rating or credit worthiness. High risky portfolio of borrowers receives lower ratting then those of ones with less risky portfolio. Prepayment/reinvestment/early amortization: The securitized assets are always prone to early amortization and reinvestment risk. These risks arises out of huge payouts of the borrowers thus causing premature confession of liability and affecting the rate of return. This also affects the gap between the spread that bank pays and collects from borrowers and investors respectively. Contractual agreements: It is generally perceived that the manager who deals with investors and quote the rate which is solely dependent upon the performance of the underlying asset. Now question arises if the underlying assets become risky from the investors perspective i.e default ratio or high bad debt ratio then the price of portfolio. Types of Securitization Instruments Pass Through Securities: PTS is also called Participation Certificate because it bears ownership of the investors in the underlying asset. The amount received on account of the period payments including principal and interest payment which is collected by SPV and is passed on to the investors. Tranched Securities: In this type of security, the amount received as cash flows in tranches and the same is received as first priority with subsequent payments in latter tranches. Planned Amortization (PAC) Tranches: It is a type of security in which sinking fund is created which controls the prepayments that are beyond the limit thus ensures the stability of cash flows. This offers lower yields while comparing them with those without sinking fund. Z-Tranches or Accretion Bonds: In this type of security, interest payment is not paid in the period in which accrued interest is higher in lock out period. Once the period is over, it starts paying out the interest payments and principal. Principal Only (PO) Securities: These type of securities are issued on discount such as T-Bills. Thereof investors receive their principal in installments. The bonds are issued at huge discount rate and thus remaining amount is paid till the differential payment is made till the face value. Interest Only (IO) Securities: These type of securities have no any specific face value thus they offer only interest components to the investors while cash flows diminishes and is repaid. Floater and Inverse Floater Securities: They are securities which pay interest payments which is dependent upon the performance of any index or benchmark i.e Kibor. Floater and Inverse floater are two opposite type of securities. In Floater, the interest payment moves in exactly the same direction as benchmark rate moves and opposite is true for Inverse Floater securities. Types of Securitization Structures There are several types of Securitization structures: type of securitization structures include: Cash vs. Synthetic Structures: Cash structure is the worlds most followed structure in this field of specialization. In cash Structure, originator sell its assets in exchange of cash immediately. In Synthetic structure, the originator keeps the title with itself and investment is unaffected on the assets. In simple words, he does not put their assets on sale rather the risk/reward is merely transferred being derivative transaction. True sale and Secured Loan Structure: In true sale structure, originator sale the assets in true sprit which involve transfer of title and legal interest in the assets. In SLS, issuer takes the secured lending as loan. Fixed and floating charges are issued to investors to protect their stake and rights over the undertaking of issuer and trustee is empowered to take the possession of assets. Pass Through vs. Collateral Structure: The SPV issues participation certificates to investors that represent the direct participation of them thus they are exposed to performance of assets. Investors receive return when there is any cash generation from those assets and so is true for risk involved in these assets.To mitigate the risk of delay payment credit enhancement is opted. Pay through/Collateralized mortagge obligation(CMO) is another name of collateral structure in which SPV keeps the assets with it whereas charge is given to investors only not the assets. The special purpose entity issues the debt against those assets which are transferred by issuer. Discreet Trust vs. Master Trust: It is a type of structure in which Special purpose vehicle identifies a specificil pool of assets for investors to participates and thereby earn from cash flow pool thus it is called discreet. While Master trust is creation of larger fund backed by many pools which are transferred for several investors in which funds raised are not greater than the assets transferred this also covers the repayemtn structural and tenure issue to reciprocate. Conduit vs. Standalone Transactions: In this type of structure the purchaser or originator collects the assets from different orignators and keeping them backed to debt he issues commericial paper. It is for short term duration and thus it requires short term financing frm the banks. In stand alone strucute, the conduit sources the assets from single originator thus securities are issued keeping in view the maturity of asset pool. ISLAMIC SECURITIZATION Islamic securitization can best be defined as process which satisfy the conventional asset backed securitization and parallel adherence to Islamic laws of economic finance.The rights of cash flows are transferred to SPV from originator thereby issue notes to investors as sold. In this system, SPV becomes the trust and thus holds the assets in capacity of fund manager. The security issued through Islamic securitization is called Sukuk in official terms which is issued by SPV and the income is derived from the funds being received against the funds hold as underlying asset. Islamic finance encourages dealing in assets not the cash as commodity, therefore it is permissible under Islamic finance to securitize the assets provided they adhere to the guidelines of Islamic Finance. The theme is that Islamic securitization can replicate the process of conventional securitization with joint supervision of Shariha and Fund manager.If any thing which is not in compliance to Islamic law then regardless if the process is crystal clear, the securitization stands null and void in the eyes of Shariha. For example, if underlying assets are credit cards and conventional mortgages and income from them will be shared with investors soon shall it realized, the process is null as credit cards income do not comply with Shariha because it has interest bearing instruments attached with it. If investors are investing in assets then the ownership of the same be transferred to them too if it has to comply with Shariha guidelines.It must be noted that transfer of title to assets is not necessary or compulsory but the rights to collect them, access them and right to know them is given to investors that justifies the shariha rules. Investors are supposed to bear risk of loss and profit to underlying asset as they are enterning into ownership contract. Adapting the Principles of Islamic Finance to Securitization Islamic securitization requires two stage evaluation.Firstly Shariha compliance of assets/portfolio and returns from the same, secondly the structure of transaction which includes credit enhancement and liquidity management. The first standing principle is simple Islamic securitization in no way accepts the income that involves interest bearing. It has to be structured in such a way that the investors are exposed to some sort of business risk in relation to their share in investment. Therefore it is made compulsory for the investors that the return must be commensurate to the risk they bear. Islam disallow debt trading, management of prepayment risk and other conventional tools which can cause customers who are income only-centered not to invest with them. Shariha requires procedural and objective evaluation of securitization process to carry on process and prohibits elements of gharar, interest, haram and encourages real economic participation with mutual risk sharing, profit sharing and benefit of entire society. Securitiziation has to adhere to following princples of Islam to be shariha compliant: The purpose of raising funds through securitization must be genuine as not to defraud the investors. And the assets which are under lying in the process must be clearly identifiable and revenue from them must be separable from those which are not under umbrella of securitization. The assets under consideration must not be consumable. Each investor must receiver their share commensurate to their share of investment and risk exposure in the assets. Therefore if assets earn profit, that is sharable other wise you can not fix the rate of return on their investment. The security must not be backed bu the debt or prohibited activity as prohibited by Shariha. It must not be involved in any kind of haram, unethical or exploitation of natural resources with or without non-productive investment The transaction must involve the risk factor and not just the mere return. It must involve compensation for the investor and exposure to risk in the assets under securitization.It must not hold debt as underling security and mere exchange of money and interest on that. It means transaction must not be mere debt and risk free exchange of return. Investors must hold unsecured payment obligation and that be unconditional investment. The principal cannot be guaranteed that the same will be redeemed in full or in part. Investors must be given hand in the ownership of underlying assets The proceeds from investors can not be invested in cash based instruments or interest bearing notes. Without any exception, even the return from that can not be reinvested in any short term cash based instruments or interest based debts(bonds). The turnover must be kept low to avoid any un-utilization of assets.Speculation of underlying assets and payment obligation is to be prohibited without any exception. Islamic takaful should be sought instead of conventional insurance for the credit enhancemenet and liquidity management. There must be Transfer of ownership and direct participation in the assets Exclusive linkage between the cash flows and underlying asset has to be developed. Islamic scholars are of view that credit enhancement be allowed on condition that does not change the over all structure of securitization process. In conventional securitization there is tranche subordination which is not allowed in Islamic law but there is option in Islamic Law the lease-buyback(Ijaraha) transaction. The issuer gives partial ownership rights of underlying assets to investors with respect to risk exposure of their investment in the portfolio thereby leasing back the same in exchange for fixed rental payments which is conditional on repurchasing the portfolio at already specified price on future date. This covers the reinvestment risk of the portfolio. Islamic finance ruled out that interest bear financing instruments are allowed on the basis of partnership not on interest bassis. The point is to refute the concept of interest in all the ways. It is creation of sukuk which shows evidence of ownership on assets i.e tangible and intangilble, fixed or revolving what ever they be but must be productive cash flows within finite period of time. Structure of Islamic Securitization There are following parties involved in the Islamic securitization transaction process. The Originator: It is the issuer of sukuk and is authorized to use the funds against selling of assets to SPV. It may delegate any other institutuons to carry on the issue as under writer. SPV: It is referred as Issuer of the securitization issue. It is entitity established to manage issue and purchases the assets from originator from the funds thereby issuing sukuk. Investment banks: They are agents and underwriters of the sukuk. They manage to raise funds on commission only base. Subscribers of Sukuk : They can be like any thing for instance banks, non financial institutions who basically invests in the sukuk. In its basic concept, originators would sell existing or future revenues from lease receivables (asset-based), sale-back profit (debt-based) or private equity from a portfolio of Islamically acceptable assets to a special purpose vehicle (SPV),30 which refinances itself by issuing unsecured securities to market investors, who are the capital market corollary to a singular lender in Islamic finance (see Figure 3). They assume the role of a collective financier whose entrepreneurial investment does not involve guaranteed, interest-based earnings. If we look at the structure of both conventional and Islamic securitization there it can be depicted there exists no any difference from structural point of view involving parties to it. Originator sells the assets (existing or future ) from a portfolio of Islamically aacceptable assets to SPV, which then refinance itself by issuing securities to investors that are unsecured by nature. The proceeds are then passed on to originator. Like in Ijara sukuk, SPV raises funds to purchase the assets and the same must be equal to purchase price. Investors have equity interest in the SPV in Ijaraha sukuk structure in other words they have direct ownership in the assets. The SPV thereafter leases back to originator. SPV must match the payments with its obligation under Ijarah sukuk and it receives lease payments from seller. Upon maturity, special purpose entitity redeems the assets to originator and liabilities are deducted at source because they are owned by SPV.If any portion of income earne d is categorized as haram or unethical then the same be given in charity without any objection to it. Figure Process of Islamic securitization: Following figure depicts the process of Islamic securitization based on Ijaraha: Islamic securitization will best be categorized as monetization of assets underlying in the securitization process where as conventional counter parts best be defined as mere sale of debts. The process of issuing sukuk is kind of sale of share in assets. Islamic alternative offers almost the same benefits as conventional ones have to offer for instance enhanced asset liability management, term structure transformation, better management and control over assets.

Tuesday, August 20, 2019

How Do Organisations Build Customer Relationships?

How Do Organisations Build Customer Relationships? Why do organisations seek to build relationships with customers and how do they successfully develop such relationships? Terms of Reference In the pursuit of my studies for a degree in â€Å"Business Studies and Marketing,† and to aid my chosen career development and progression in the future, I have selected a specific area of marketing as the topic for this dissertation, this relating to the concept of customer relationships development and, in particular, the determination of why this is so important to organisations and what comprises a successful marketing strategy to achieve these ends. There has been a considerable amount of literature related to the issue of customer relationships and its management, which covers areas including the use of branding and brand loyalty as part of the market strategy needed to create such relationships. In addition, although almost as a separate issue, other empirical researches have been undertaken into the study of the consumer practical and psychological buying determinants. However, as Jerry Zaltman (2003) states in introducing his consumer research â€Å"too many marketers don’t understand how their own and their customers minds interact.† The purpose of this dissertation is to take a closer look at the level of interaction that should exist between the two areas of research and endeavour to determine how a greater level of research and understanding of the consumer buying determinants can be used to enhance the successful creation of the consumer relationship management strategy objectives of the firm. In order to provide a greater understanding of this subject, the dissertation will focus on the following objectives: Provide an understanding of customer buying determinates Define the term â€Å"customer relationship† and the benefits that building such relationships provide for the corporation Identify how an understanding can assist in the development of a firm’s customer relationship strategy and management. Literature Review As Zaltman (2003) and Evans et al (2006) suggest, understanding consumer psychology and buying determinates should be a pre-requisite for building successful brand strategies that lead to the building and managing of successful customer relationships, although this is not always deemed to be the case. Therefore, the literature review for this dissertation will concentrate upon three main aspects of this subject, this being consumer behavioural determinates, branding and consumer loyalty and retention, and customer relationship management and the tools used Consumer behaviour determinates Consumer behaviour is driven, consciously or sub-consciously, by a combinations of emotional, physical and psychological elements. This includes experience created memories, both past and present, which are used to judge the quality and appropriateness of a purchase to the consumers needs and satisfaction, as Bagozzi et al (2002), Zaltman et al (2002) and Evans et al (2006) explain at length in their studies. As this research further stresses, the memory element is an important element of the study as it creates the perception that consumers associate with the product or service. The involvement of habit, peer pressure and demographics are other important consumer determinants that organisations need to consider. For example, being subjected to family influences, following the pack, a peer pressure that is particularly relevant to the younger age group, are all parts of the consumer decision-making process. As Zaltman (2003) and Evans et al (2006) discovered, evidence of the successful integration of these determinates to entice consumers to products can be found in the adoption of nostalgic advertising and â€Å"fad† promotion using celebrity endorsement. These also help to retain the consumer’s custom in the case of new products (Arnold 1992). Demographics, in the form of targeting, determines which customer segment or group of segments is most likely to need or desire the product (Arnold 1992 and Stroud 2005), for example, dividing the consumer into age groups of appropriate value to the product being marketed. However, it has also been sugge sted that there is, within the consumer determinant, the need to consider the impact that emotional attachment to the product can have upon the consumer decision-making process and loyalty (Durgee 1999, Shrimp and Madden 198 and Thomson et al 2005). The study and researching of all these determinants, together with the issues of trust and confidence, are important if an organisation wants to create a successful relationship strategy with the consumer because, as (Kelly 2005) states, the purchase is only confirming that these have been met in the mind of the consumer. Branding and loyalty Commercial organisations attract consumers to their products by the method known as Branding, endeavouring to create an automatic and lasting consumer reaction in terms of perception and association, as found with McDonalds equating to burgers, (Haig 2004). The art and purpose of branding can therefore be seen to have two main purposes. The first of these relates to quality, standard and reputation (Kolter 2002), which is important to repeat purchase (Kolter 2002 and Kracklauer et al 2003), and the second is to achieve a dominant market position (Buttle 2004 and Bruhn 2006). Experts are of the opinion that there are two important aspect to focus upon when developing a branding strategy within CRM, the first of which is its usage in the process of targeting and forming a connection with the consumer, which is need to create a foundation for a relationship that can be nurtured over time. An essential part of the targeting process is research into demographics and segmentation, a task by which the marketer is able to closely identify which customer segment or group of segments is most likely to be attracted to the product because of need, desire, emotional attachment or financial capability. Arnold (1992 and Stoud (2005) have suggested that, with many marketers, some segments, such as the older age groups are overlooked, irrespective of the recorded increase in their disposable incomes. The second aspect when developing branding strategy is related to longevity. As the downfall of Marks and Spencer PLC in the late 1990’s and early 2000’s evidenced, brands have a short life and need undated to retain their relevance, both in terms of physical appearance and connection with the changes in consumer needs and perceptions (Floor 2006 and Haig 2004). Loyalty and retention Floor’s (2006) research states, â€Å"as long as the†¦ experience matches the brand identity, the consumer will come back.† This is known as the loyalty factor. Customer loyalty can be achieved in a number of ways. This includes the traditional methods of special offers, saver and store cards (Kracklauer 2003: 5; Buttle 2004: 10 and Bruhn 2006: 15). The concept here is that, whilst the customer derives benefit the store itself benefits from constant contact with the customer, as a result of these services, it acquires a considerable amount of research data about the customer. This is essential if a business wants to improve and better manage the customer relationship management system. Customer Relationship Management The potential conclusion from the above is that the marketer has to incorporate consumer determinants, branding and loyalty into a customer relationship designed to achieve the business objectives of increased product sales (Zaltman 2003). The crux of customer relationship management is the importance of every customer, recognising that a lost customer costs (Kracklauer et al 2003 and Buttle 2004). Therefore it is important to build a relationship and bond with each consumer (Kelly 2005 and Bruhn 2006). However, to ensure that this relationship building is approached in the correct manner, it is important to ensure that the firm and its marketers are fully cognisant of the factors that need to form the foundation of their research. As can be observed from the explanations given earlier this includes consumer behaviour and loyalty, but also the effect that â€Å"brand love† has upon this element of the relationship. CRM Tools There are a number of Branding and Loyalty tools that the CRM process can use to continue developing the relationship between organisations and customers. Loyalty cards are one possibility for data collection, which is essential in CRM (Buttle 2004). This data can be used to aid understanding of changing consumer needs and desires, directing them to purchase other products and as a basis for designing future promotional and marketing campaigns (Bruhn 2006 and Kracklauer 2006). If the relationship is close, the customer will also recommend the business, thus helping increase market share. Data Sources It was decided that the data sources being used for this dissertations will be a combination of a qualitative and quantitative nature. The reason for this is that the secondary data can be used as a means of comparison and evaluation of the primary data. Primary Data The intention is to collect primary data using a process of structured questionnaires. The questions will be designed around a combination of the â€Å"closed† and â€Å"open† format with the intention of these being directed to the areas that require an affirmative or negative response in terms of the former and a multiple choice option for the latter. It is also intended to provide additional spacing within which the interviewees can add personal comments if considered appropriate. The intention, time and resources permitting, is to distribute around 150 questionnaires and interviews, of which 25 will be directed to employees at all levels within the retailing industry and the remainder to consumers across a wide range of age and lifestyle segmentations. This mode of distribution has been chosen for two purposes. The first is to test the comment about lack of connection of minds between consumers and marketers mention by Zaltman (2003) and the second is to provide practical evidence of the consumer buying determinates used within the decision-making process. Clear definition of the reason for the questionnaire and the purposes for which it will be used will be included in explanatory notes. Space will also be provided with each answer to allow for comments that the respondents may wish to add. In addition, and in order to comply with data and identity protection, there will be no identifying questions included apart from age, occupation and other non-personally descriptive issues. Secondary data From a practical viewpoint, and in particular to be utilised for comparative purposes in respect of the authors own qualitative research, data from newspapers and periodicals, as well as the results of previously relevant surveys will be researched and included. The benefit of the gathering of extensive secondary data is that it can be useful for the purpose of cross referencing and evaluation of accuracy and compatibility. Methodology The methodology being used for this research can be summarised as follows. The initial period of time allocated to the research will be utilised in the gathering of data from external sources and analysing the relevance to the subject matter. This will additionally be useful in the preparation of the questionnaire to be used for the collection of primary data. Once this data has been collected, the draft and final questionnaires will be prepared and distributed. During the time required for the return of completed questionnaires, work will be commenced on areas of the dissertation, such as the literature review. Once the questionnaires have been returned and analysed using the Excel programme, these will be introduced to the dissertation to enable the analysis of the responses and findings. It is anticipated that, during the preparation of the study, additional secondary data may be required. Where this is appropriate, it will be collected and added to the existing references indicated at the closure of this proposal. Project Framework Although during the course of the dissertations preparation the final project framework may be subject to change the current intention, in order to create a logical and sequential progression for the study, is to base the project around the following breakdown of chapters: Chapter 1. Introduction In order to provide the reader with a clear understanding of the purpose and direction of the dissertation, this chapter will serve as an introduction to the subject matter. It will therefore include a brief definition of the term customer buying determinants and how this theory fits within the wider concept of consumer relationship management. In addition, a brief overview of the aims and objectives of the research will be included. Within this chapter a clear hypothesis for the research will also be set. Chapter 2. Literature Review In research of this nature it is important that the findings be founded, set against, and compared with existing literature relating to the subject. Therefore, a critical review of literature will be conducted in this chapter, which is intended to cover the research into all aspects of consumer behavioural determinates, branding and consumer loyalty and retention and customer relationship management. Chapter 3. Methodology In a step-by-step process, chapter three will be used to explain the methods used for the preparation and execution of the dissertation. This will include my reasoning for the data collection methods, which relates to both primary and secondary sources, the origination of the data and the methods by which it was to be analysed and assimilated into the final study. Furthermore, the limitations of my research will also be included within this chapter. Chapter 4. Results and Findings In chapter four it is intended to analyse the results of my findings into the areas that have been studied, in a manner that will the reader with an understanding and explanation of the basis upon which the conclusions of the research has been derived. For ease of understanding and explanation statistical and graphical diagrams will be used where appropriate, particular in explaining the results of the primary research. Chapter 5. Analysis and discussion Using the findings form the primary and secondary sources outlined in chapter 4, this chapter will further analyse those results and discuss the affect that these have upon the interrelationship between consumer determinants, branding, brand loyalty and the commercial CRM strategy process in general. Furthermore, the discussion will outline the commercial benefits of combining these two disciplines for the purpose of marketing strategy. Chapter 6. Conclusion Chapter six brings the research to a conclusion. This section will convey to the reader whether the research conducted has proved or disproved the hypothesis presented in the introduction. In addition, recommendations in respect of further area of research required and actions that corporations should take as a result of the findings will also be outlined within this concluding chapter. Other comments The intention of this dissertation is to add value to the existing research that has been conducted into the fields of consumer determinants and customer relationship management (CRM), in particular in respect of identifying the beneficial impact that building relationships with customers has for the corporations, together with the practical ways that the result of consumer determinants research can be added to the practical elements of marketing research into branding, consumer relationship and loyalty can be used as a further tool to enhance the success of their promotional strategy in this area. References   Arnold D (1992). The Handbook of Brand Management. Century Business: The Economist Books. London, UK. Bagozzi, Richard P. Gurhan-Canli, Zeynep and Priester, Joseph R (2002). The Social Pyschology of Consumer Behaviour. Open University Press. Buckingham, UK. Bailey, Craig (2005). Unlocking the Value of Your Customer Satisfaction Surveys. CRM Today, May 2005. Bruhn, Manfred (2006). Service Marketing: Managing the Service Value Chain. Pearson Education. Harlow, UK. Buttle, Francis (2004). Customer Relationship Managements. Elsevier Butterworth-Heinemann. Oxford, UK Durgee, J.F. (1999). Deep soulful satisfaction. Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behaviour, 12, 53 – 63. Evans, Martin. Jamal, Ahmed and Foxall, Gordon (2006). Consumer Behaviour. John Wiley Sons Ltd. Chichester, UK. Floor, Ko (2006). Branding a Store: How to Build Successful Retail Brands in a Changing Marketplace. Kogan Page Ltd. London, UK. Fournier, S. (1998). Consumers and their brands: developing relationship theory in consumer research. Journal of Consumer Research. Vol. 24. pp.343 – 373. Haig, Matt (2004) Brand Failures: The Truth about the 100 Biggest Branding Mistakes of All Time. Kogan Page Ltd. London, UK. Kelly, Sean. (2005). Customer intelligence From Data to Dialogue. John Wiley Sons Ltd. Chichester, UK. Kolter, Phillip (2002). Marketing Management. 11th edition. FT Prentice Hall. London. UK. Kracklauer, Alexander H., Mills, Daniel, Q and Seifert (2003). Collaborative Customer Relationship Management: Taking CRM to the Next Level. Springer-Verlag Berlin Heidelberg. New York, US Oliver, R.L. (1999). Whence consumer loyalty? Journal of Marketing, 63 (Special Issue), pp.33 – 44. Oliver, R.L., Rust, R.T., Varki, S. (1997). Customer delight: foundations, findings, and managerial insight. Journal of Retailing, 73, 311 – 36. Reichheld, F. and Sasser, W. (1990) Zero defects: quality comes to services. Harvard Business Review, Sept-Oct, 1990, pp 105-111 Shimp, T.A., Madden, T.J. (1988). Consumer-object relations: a conceptual framework based analogously on Stermberg’s triangular theory of love. In: Houston M.J. (ed), Advances in consumer research, Provo, UT: Association for Consumer Research, vol. 15 pp. 163 – 168. Stroud, Dick. (2005) The 50 Plus Market: Why the Future is Age-neutral when it comes to Marketing and Branding Strategies. Kogan Page Ltd. Chichester, UK Thomson, M., McGinnis, D.J., Park, C.W. (2005). The ties that bind: measuring the strength of consumer’s emotional attachment to brands. Journal of Consumer Psychology, 15, 77 – 91. Zaltman, Jerry (2003) How Customers Think. Essential Insights into the mind of the market. Harvard Business School Press. Massachusetts, US.

Monday, August 19, 2019

For the Love of Ones Nation :: Political Governmental America Essays

For the Love of One's Nation The country is painted red, white, and blue and the national anthem is being heard nation wide. Everywhere you look you see little American flags posted in peoples front gardens or big flags hanging in their windows. Many stores are closed, even supermarkets usually open 24 hours close for a while, and those that are open for a while have all baked goods with American flags on them. People line the streets for parades, in big or small towns alike, and everywhere you look people are dressed in red, white, and blue. It could be no other day than the 4th of July in the United States. The big day when people remember history and unite together to enjoy their country's independence. This display of the American flag, the sound of the national anthem, and the pride people feel as they watch the morning parade is nationalism. To have the devotion to die for one's country, to hail to one's flag, to sing one's national anthem with pride, and to fear or hate others because they are not one of you are a few of the many characteristics of nationalism. Nationalism makes a person have love, pride, and an emotional union with the nation to which they belong. Being happy and loving one's nation can be a good thing as long as this pride is kept within reason and does not engulf a nations entire existence and lead to racism and the feeling of superiority towards others. A persons pride and loyalty for their nation-state has been a recent development, since previously a persons loyalty went to one's "crown, religion, city, or clan" (Weatherby, 39). A nation-state is a legal entity with people sharing a common identity, land, government, and independence, such as the former Soviet Union. Nationalism results from four types of bonds and is displayed through four types of symbols. However, even though nationalism can br ing nations together it can also hurt the unity of the entire world by causing nations to measure other nations by their own value system which leads to inferiority and racism. One bond of nationalism is common territory, which is a natural bond since people are located close to each other. When traveling to other countries or even other areas in your own nation a person would feel closer and sometimes more comfortable in the new place if they met someone who was also from where they lived.

Sunday, August 18, 2019

Import Cars vs. Domestic Cars :: Compare Contrast Cars Car Essays

Muscle cars have always been a big in the United States such as the Ford Mustang, Chevrolet Camaro, and Chevrolet Corvette. These cars have been some of the most popular cars for the past 35 or more years, but over the past 20 years, Japanese cars are becoming more and more popular. Many people who are into muscle cars despise these 'imports' and people who are into these imports have the same feelings toward muscle cars. These two types of car lovers have a strong dislike for each other and these cars. Many people see both muscle and import cars as just a car and don't perceive any difference between the two cars. One of the major differences between the two is the type of engines they have. Most muscle cars have a V-8 or even a V-10 with a large displacement. These engines produce a large amount of horse power and create a lot of torque at the higher RPM (Revolutions Per Minute) range, but to fit these large engines, they need large cars to put them in. On the other hand, imports have a much smaller, inline 4 engine, and because it has a smaller engine, it can fit into a smaller car. To make comparing easier, a 2004 Ford SVT (Special Vehicle Teams) Mustang Cobra and a 2000 Acura Integra Type R will be used as the comparison. The engine in the Mustang is a 4.601 liter, 280.8 cubic inch V-8 engine with 32 valves DOHC (Dual Over Head Cams), sequential electronic fuel injection, and an Eaton Generation IV roots-type supercharger, with a TTC T-56 6 speed Manual creating 390 break horse power at 6000 RPM and 389 foot pounds of torque at 3500 RPM. It has a 0-60 mph time of 4.5 seconds, a quarter mile time of 12.6 seconds at 112 mph, and has a limited top speed of 155 mph. The Integra has a B18C5, 1.797 liter, 110 cubic inch, 4 cylinders, 16 valves DOHC VTEC engine. It creates 195 horse power at 8000 RPM and 130 foot pounds of torque at 7000 RPM. It has a 0-60 mph time of 6.5 seconds, a quarter mile time of 14.7 seconds, and has a limited top speed of 135 mph. Even though the Integra is slower than the Mustang, the Integra engine has something the Mustang engine does not have, and that is a VTEC.