Negotiation, Listening and Responding Essay Example | Topics and Well Written Essays - 750 words

Negotiation, Listening and Responding - Essay Example First, I would like to take this credit of bringing up a valid point. Although the service director did not really grant my wish, yet I feel relieved to have said what I wanted to say. Had I not said it all, it would have pinched me from inside and my productivity would have been affected for the worse. By principle, I should not have been scheduled to cover a route on Thursday since it was not in my district. In response to this, the service director also brought up a very valid and reasonable point that routes in my district were being covered by the skippers which was something that did not happen in other districts. Parts of the negotiation that employed ineffective listening and speaking included the occasional noise of the passing trolleys outside the service director’s office which disrupted the conversation. â€Å"The goal of communication between a sender and a receiver is understanding of the message being sent. Anything that interferes with this can be referred to as ‘noise’† (intstudentsup.org, 2013). Our conversation was frequently disturbed by a call from the GM and from the service managers to the service director. The service director also seemed to be in a hurry probably because the GM had assigned him some urgent task. After the obtainment of message through the visual and auditory channels, it is important to attend to it inside the working memory which can be achieved by focusing on the visual and auditory stimuli (Wolvin, 2012, p. 2).... 2). I believe that his understanding was being impaired by the phone calls. However, I was a bit nervous because the service director was much senior to me not only in rank but also in age. I was the age of his child. My immaturity of age compared to his might have made him feel as if I was having that problem because of lack of my understanding of the gravity of matters. I did not do right by only thinking in my mind that things would be the same as they were before. I had presumed that the service director had decided already and would not reconsider my request; that was wrong. I should have believed as a successful negotiator that both of us were trying to reach an agreement (Guasco and Robinson, 2007, p. 4). One alternative way to conduct this conversation in a manner that would enhance the understanding of the matter for both of us and facilitate effective listening and speaking would be sending an email to the service director discussing the whole problem, and getting a reply f rom him via an email. The advantage of this alternative would be that he would consider my problem thoroughly in free time and think over it deeply before making me a reply. Another advantage would be that I would say everything I wanted to in the email without keeping any thoughts to myself. Another alternative way would be first discussing the issue with the service manager and ask him to convey it to the service director. The advantage of this would be that I would be conveying my message through a proper channel i.e. via service manager. Secondly, since the service manager and the service director are age-fellows, their conversation would not be impaired by

Expectations about own work role Essay Example for Free

Expectations about own work role Essay It is important to understand the expectations, including codes of practise, regulations, minimum standards or national occupational standards. Some expectations are: see more:explain expectations about own work role as expressed in relevant standards ââ€"  reflect on their work ââ€"  record their qualifications ââ€"  understand what effective practise looks like ââ€"  formulate their self ­development plan ââ€"  allow managers to understand staff experience/qualifications and training needs to support the development of the setting. It is also expected as a practitioner to keep every child safe and secure in the environment as they learn and develop. It is very important to complete risk assessments daily for the safety of the children. Making sure the nursery is clean will help prevent the spread of illnesses and infections in the provision. Childcare providers must also have procedures for administering medication and supporting children with medical needs or who appear unwell during the day.

A Change in Hemoglobins Structure Can Disturb Hemoglobin Function Essa

A Change in Hemoglobin's Structure Can Disturb Hemoglobin Function Abstract: The fact that a molecule?s structure determines its function can be seen through the oxygen transporter protein, hemoglobin. Hemoglobin can take two forms, oxy state and deoxy state, and each performs a distinct function for the hemoglobin. In a normal hemoglobin, the oxygen binds to a heme group during the oxy state and releases oxygen during the deoxy state. However, when hemoglobin is mutated like in sickle cell anemia, in which the amino acid glumatic acid is substituted with valine in the sixth position of beta subunit; the hemoglobin will not function correctly in the deoxy state. This will lead the hemoglobin to take a sickle shape that will eventually cause sickle cell anemia. Imagine doing an internship in the emergency department of the hospital, suddenly, a five year old athlete comes to the ER that is having hard time breathing. The results from the tests that were done on the athlete show that he could not become like his idol, Michel Jordan, in basketball because he has sickle cell anemia. During the talk with one of the doctors that you were working with, you discover that sickle cell anemia is a hereditary disease that occurs due to the deficiency of the red blood cells. This is caused by a genetic mutation in the hemoglobin, an oxygen carrier protein, in which one amino acid is changed to another. This mutation in the structure of the hemoglobin disturbs the proteins? normal function and eventually leads to sickle cell anemia. Have you wondered how this small change in the structure of hemoglobin can cause sickle cell anemia, and 3 stop the athlete from playing basketball? Well, this is one of the main topics that w... ...6um%3D 1%26hl%3Den>. (3)"blood: hemoglobin tetramer." Encyclopedia Britannica. 2007. Encyclopï ¿ ½dia Britannica, Inc. . 27 Jul 2008 . (4) "Porphyrin." The Free Dictionary. Copyright ï ¿ ½ 2008 . Farlex, Inc.. 27 Jul 2008 . (5)DR.JAKUBOWSKI,"CHAPTER5-BINDING."05/16/08.27Jul2008 html>. 6)Voet, Donald. Biochemsitry . 1990. John Wiely , 7, 8) ?How Does Sickle Cell Cause Disease?." April 11, 2002 . harvard . 27 Jul 2008 . 12 Acknowledgments: I acknowledge Dr. Peck, Mike, Bless and my professors from the chemistry cluster: Dean, Tim, and Tobey for always being there for me whenever I needed their help to spark this project. A Change in Hemoglobin's Structure Can Disturb Hemoglobin Function Essa A Change in Hemoglobin's Structure Can Disturb Hemoglobin Function Abstract: The fact that a molecule?s structure determines its function can be seen through the oxygen transporter protein, hemoglobin. Hemoglobin can take two forms, oxy state and deoxy state, and each performs a distinct function for the hemoglobin. In a normal hemoglobin, the oxygen binds to a heme group during the oxy state and releases oxygen during the deoxy state. However, when hemoglobin is mutated like in sickle cell anemia, in which the amino acid glumatic acid is substituted with valine in the sixth position of beta subunit; the hemoglobin will not function correctly in the deoxy state. This will lead the hemoglobin to take a sickle shape that will eventually cause sickle cell anemia. Imagine doing an internship in the emergency department of the hospital, suddenly, a five year old athlete comes to the ER that is having hard time breathing. The results from the tests that were done on the athlete show that he could not become like his idol, Michel Jordan, in basketball because he has sickle cell anemia. During the talk with one of the doctors that you were working with, you discover that sickle cell anemia is a hereditary disease that occurs due to the deficiency of the red blood cells. This is caused by a genetic mutation in the hemoglobin, an oxygen carrier protein, in which one amino acid is changed to another. This mutation in the structure of the hemoglobin disturbs the proteins? normal function and eventually leads to sickle cell anemia. Have you wondered how this small change in the structure of hemoglobin can cause sickle cell anemia, and 3 stop the athlete from playing basketball? Well, this is one of the main topics that w... ...6um%3D 1%26hl%3Den>. (3)"blood: hemoglobin tetramer." Encyclopedia Britannica. 2007. Encyclopï ¿ ½dia Britannica, Inc. . 27 Jul 2008 . (4) "Porphyrin." The Free Dictionary. Copyright ï ¿ ½ 2008 . Farlex, Inc.. 27 Jul 2008 . (5)DR.JAKUBOWSKI,"CHAPTER5-BINDING."05/16/08.27Jul2008 html>. 6)Voet, Donald. Biochemsitry . 1990. John Wiely , 7, 8) ?How Does Sickle Cell Cause Disease?." April 11, 2002 . harvard . 27 Jul 2008 . 12 Acknowledgments: I acknowledge Dr. Peck, Mike, Bless and my professors from the chemistry cluster: Dean, Tim, and Tobey for always being there for me whenever I needed their help to spark this project.

International Marketing MacDonald`s Essay

This paper will look at the development of the McDonalds Corporation in Kazakhstan and the obstacles that it has overcome. It will also look at the McDonalds Corporation in relation to its major competitors and analyze how the company has responded to its surrounding environment. In closing, we will look at the prospects for McDonald’s future and it will be clear that McDonalds will be able to maintain its dominant market position. It will continue to be a model that serves as a benchmark for others in the industry. We will go on to analyze the market segments, target market, advertisement of the corporation to the target audience and performance of McDonald’s Corporation. 1.0 Introduction McDonalds Corp., headquartered in Oak Brook Illinois, is the world’s number one fast food chain, serving about 49 million customers daily. The company operates and licenses more than 31,000 restaurants 30,000 McDonald’s in about 120 countries which generated a total $19.06 million in revenues for the fiscal year of 2012. McDonald’s brand is one of the ten most popular brands worldwide. Continuous marketing, promotional and public relations activities promote McDonald’s brand image in order to differentiate the Company from its many competitors. McDonald’s restaurant offer a menu that is uniform to all locations and emphasizes low value prices which includes its famous burgers, cheeseburgers like the Big Mac, Quarter Pounder with Cheese, several chicken sandwiches, Chicken McNuggets, french fries, salads, desserts, sundaes, soft drinks and other beverages. Its restaurants also provide breakfast menu that would include Egg McMuffin, bagel sandwiches, hotcakes, and muffins. Many new products were introduced in the last two years in accordance to the management’s decision to establish a new menu with more choices that is expected to bring a significant growth in sales as it was already shown by the financial results of 2012 which the highest increase in US comparable sales for the last 30 years. The successful manager constructs a marketing program designed for optimal adjustment to the uncertainty of the business climate. The inner circle represents the area under control of the marketing manager. Assuming the necessary overall corporate resources structures, and competencies that can limit or promote strategic choice the marketing manager blends price, product, promotion, channels-of-distribution, and research activities to capitalize on anticipated demand. The controllable elements can be altered in the long run and, usually, in the short run to adjust to changing market conditions, consumer tastes, or corporate objectives. Kazakhstan, from the Kazakh language, means a land of Kazakhs Stan – land. Kazakhstan is located in Central Asia, and is the ninth largest country in the world after Russia, China, USA, Argentina, Brazil, Canada, India and Australia. It is situated north of Uzbekistan, northwest of Kyrgyzstan, northwest of Turkmenistan, east of China, and south of Russia. Kazakhstan shares the Caspian Sea with other countries on its western border. As its neighbors in the region, Kazakhstan is a landlocked country and the second largest republic of the Commonwealth of Independent States after the Russian Federation. Kazakhstan doesn`t have MacDonald’s in the market. However it is really good opportunity to bring the fast food to a new market and get to know the culture. There must be a reason behind not having world’s most famous fast food corporation in a big country. According to my research it is possible to bring new product to the new market and get success in that market. 2.0 Objectives 1. To introduce MacDonald`s to a new market in Kazakhstan city of Almaty 2. To open 20 franchise by the end of 2015 in Almaty, Kazakhstan 3. To increase sales in fast food in 5 coming years. 4. To increase the customers till 50% by the end of 1st year. 3.0 Issues The theoretical framework of this study is based on a number of relevant theories that are discussed in this part. The model which authors constructed in this study integrates cross-culture and 4P marketing strategy. It can be divided into two parts. Firstly, the authors will analyze some components of culture which lead to the phenomenon of cross culture, such as the different values, languages and customer behaviors. During this process, Hofstede‟s culture dimensions will be employed as the approach to understand cross-culture better. Secondly, based on the analysis of marketing standardization and adaptation, the marketing mix 4ps as main international marketing strategies will be used to achieve our research purpose. When marketers discuss international marketing, one of the important issues often considered is the cultural differences. In relation to international marketing, culture can be defined as â€Å"the sum total of learned beliefs, values, and customs that serve to direct consumer behavior in a particular country‟s market† (Doole and Lowe, 2008, p.73). Such components as beliefs, values and customs are often ingrained in a society and have obvious differences among different countries. Cultural differences manifest themselves in several ways. Hofstede (2001) distinguishes symbols, heroes, rituals and values. Among theseï ¼Å'the underlying values are invisible. Although values are always invisible and may be hard to measure, they often play an important role when the marketers try to make decisions, which help to enter a foreign market. Also, according to Mooij (2004), the values that characterize a society cannot be observed directly. They can be inferred from various cultural products (fairy tales, children‟s books, or advertising) or by asking members of society to score personal values by stating their preferences among alternatives, and then calculating the central tendency of the answers. When it comes to marketing, the value concept is often used in an ethnocentric way. Besides, values are learned unconsciously, people are only partly aware of them, and measuring values is not an easy job (Lowe et al, 1998). Often, the problems they face are a result of their mistaken assumption that foreign markets will be similar to the home market, and so they can do the business in a similar way. Doole and Lowe (2007) point out that the values of a culture satisfy a need within that society for order, direction and guidance. Culture sets the standards shared by significant sections of that society which, in turn, set the rules for operating in that market. Mooij (2003) considered that the managers of transnational corporations should provide appropriate products according to the local consumer values and buying behaviors of a certain market. The product strategy owing to cultural factors, usage factors and legal factors. Hall (1990) described some countries‟ culture is high-context culture. 3.1 SWOT Analysis 3.2 Strength MacDonald’s has a strong global presence with its nearest domestic competitor being only half its size, McDonald’s is the market leader in both the domestic and international markets. MacDonald’s benefit from cost reduction through economies of scale because of its enormous size and its huge global presence allows it to diversify risk involved with the economic performance of specific countries. In international markets, MacDonald’s is well placed to expand and take advantage of long-term economic growth. MacDonald’s also has a strong real estate portfolio. The company’s outlets are located in areas that are highly known for visibility, traffic volume and ease of access. MacDonald’s also has exceptional brand recognition. This strong brand recognition creates significant opportunities for the company. MacDonald’s is able to generate more sales because of its brand recognition. 3.3 Weakness The food industry is really saturated. As a result of this, MacDonald’s has to deal with the prospect of looming market saturation, which could make it difficult to add new outlets. The market is forecast to grow by around 2% per year. Lack of product innovation is another weakness of McDonalds. The last breakthrough for McDonald’s was the Chicken McNugget in 1983, but again the company’s new strategy seems to have successfully dealt with the problem through the popularity of its new salads and other new products. 3.4 Opportunity MacDonald’s sold its Donatos Pizzeria back to its founder in 2003 and discontinued Boston market operations outside of the US. The company will instead focus on Chipotle Grill which is the company’s most successful non MacDonald’s branded chain of restaurants. Also to increase profitability the company has slowed its expansion of McDonald’s restaurants so as to refurbish and change the image of current restaurants and adding new features such as Internet access. 3.5 Treats McDonald’s is exposed to changes in the global economy. The company’s aggressive international expansion has left it extremely vulnerable to other countries economic slowdown. Foreign currency fluctuation is also another problem global companies like McDonalds. The Fast food industry is becoming an increasingly competitive sector. MacDonald’s keeps up with competitors through expensive promotional campaigns which leads to limited margins to gain market share. McDonald’s is attempting to differentiate itself, with new formats and new menu items, but other fast food industry are doing the same too. 4.0 Marketing MacDonald`s in Kazakhstan 4.1 Marketing Mix The marketing mix can be adjusted on a frequent basis, to meet the changing needs of the target group, and the other dynamics of the marketing environment Barlon and Kimuli (2006). They are as follows: product, price, place, and promotion. Having identified its key audiences, a company has to ensure a marketing mix is created those appeals specifically to those people. The marketing mix is a term used to describe the four main marketing tools the 4Ps. By analyzing detailed information about their customers, as derived from ongoing market research, the McDonald’s Marketing department can ascertain information key to determining the correct marketing mix. * Which products are well received in Kazakhstan * What prices consumers are willing to pay * What TV programmers, newspapers and advertising consumers read and view * Which restaurants are visited Accurate research is essential in creating the right marketing mix which will help to win customer loyalty and increase sales. As the economy and social attitudes change, so do buying patterns. McDonald’s needs to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future. Market research considers everything that affects buying decisions. These buying decisions can often be affected by factors wider than just the product itself. Psychological factors are important, e.g. the image a particular product conveys or how the consumer feels when purchasing it. These psychological factors are of significant importance to the customer. They can be even more important than the products’ physical benefits. Through marketing, McDonald’s establishes a promine nt position in the minds of customers. This is known as branding. 4.2 Product The important thing to remember when offering menu items to potential customers is that there is a huge amount of choice available to those potential customers with regard to how and where they spend their money. Therefore McDonald’s places considerable emphasis on developing a menu which customers want. Market research establishes exactly what this is. However, customers’ requirements change over time. What is fashionable and attractive today may be discarded tomorrow. Marketing continuously monitors customers’ preferences. At any time a company will have a portfolio of products, each in a different stage of its cycle. Some of McDonald’s options are growing in popularity while arguably the Big Mac is at the ‘maturity’ stage. 4.3 Price The customer’s perception of value is an important determinant of the price charged. Customers draw their own mental picture of what a product is worth. A product is more than a physical item; it also has psychological connotations for the customer. The danger of using low price as a marketing tool is that the customer may feel that a low price is indicative of compromised quality. It is important when deciding on the price to be fully aware of the brand and its integrity. 4.5 Promotions The promotions aspect of the marketing mix covers all types of marketing communications. One of the methods employed is advertising, sometimes known as ‘above the line’ activity. Advertising is conducted on TV, radio, in cinema, online, using poster sites and in the press for example in newspapers and magazines. What distinguishes advertising from other marketing communications is that media owners are paid before the advertiser can take space in the medium. Other promotional methods include sales promotions, point of sale display, merchandising, direct mail, telemarketing, exhibitions, seminars, loyalty schemes, door drops, demonstrations, etc. 4.6 Place Place, as an element of the marketing mix, is not just about the physical location or distribution points for products. It encompasses the management of a range of processes involved in bringing products to the end consumer.

Web Content Management Systems

Templates: Standard output templates can be created and applied to change the design of the entire web page can be changed centrally. Access Control: Some of the web content management systems allow the content manager to manage access rights to certain groups or users, 0 0 Access rights can be provided or certain pages can be blocked for specific user groups Access right can also be managed to allow or block access for ‘logged on' or ‘anonymous users' Scalable Expansion: WOWS' provide the capability to expand a single implementation (one installation on one server) to various domains.Work flow management: Workflow is the process of creating cycles of sequential and parallel tasks that must be accomplished in the SMS. For example, one or many content creators can submit a story, but it is not published until the copy editor clearness it up and the editor-in-chief approves it. Collaboration: WOWS allows many people to collaborate on a single web page. Many authorized conte nt writers can work on one document or web page simultaneously, these changes can be authorized to make them permanent or denied to revert to the original document.Document management: SMS software may provide a meaner of collaboratively managing the life cycle of a document from initial creation time, through revisions, publication, archive, and document destruction. Content fertilization: SMS software may provide a meaner of allowing each user to work within a virtual copy of the entire web site, document set, and/or code base.This enables changes to multiple interdependent resources to be viewed and/or executed in-context prior to Content syndication: Content management systems help in content distribution by he likes of IRS feeds, emails can also be sent out to registered users in case the content is updated. Multilingual support: The content can be displayed in multiple languages. Versioning: Like many document management system, versioning can be done on the web content as wel l.Authorized content editors can pick up writing from a point in the article already published. This feature is very useful in contents that require regular updating. Types of content management systems There are three types of content management systems: 0 0 0 Online SMS Offline SMS Hybrid SMS Online SMS: The online content management systems are capable of displaying content on demand when a user visits the web page. E. G. A certain template can be applied to the weapon from the web cache when a user is visiting the web page.Offline SMS: These are sometimes referred to as â€Å"static-site generators†, here instead of displaying the content on-demand, the content processing is done before publishing. Since pre-processing tools don't require a server to display content on- demand. Offline SMS can also exist purely as a design time tool. Hybrid SMS: These intent management systems write executable content, in which SMS itself doesn't have to be deployed on a server but server similar functionality of the online SMS.Most popular content management systems 0 0 0 0 0 Wordless Joana Mood Text pattern Refinery SMS Drupes Concrete 5 Donned nuke Embrace Tiny SMS Advantages of SMS Cost effective With a content management system, a web page can be maintained for a fraction of a price of hiring a web developer. Easy customization The web page can be easily customized without coding. Most WOWS provide a GUI using which the intent can be customized using user friendly features such as ‘drag and drop'.SEE friendly Websites managed by WOWS are more Search Engine friendly for the following reasons; 0 0 0 Regularly updated content- Some search engines give preference to regularly updated content while displaying the results. URL rewriting can be implemented easily which produces clean URL without parameters. Auto generated IRS feeds increase the number of subscribers to the website. Disadvantages of SMS Latency issues Larger Cams can experience latency if hardwar e infrastructure is not up to date, if loaded every time data is updated grow large.Load balancing issues may also impair caching files. (1) Tool mixing Because the URL of many Cams are dynamically generated with internal parameters and reference information, they are often not stable enough for static pages and other web tools, particularly search engines, to rely on them. (1) Managerial Implications of Implementing a SMS In today's business scenario, where having an e-presence is no longer a differentiating factor but a necessity, where profit margins are wafer thin.WOWS' can lay a crucial role of meeting both goals of having an e-presence at the same time keeping the costs related to maintaining a website in check. With a WOWS except for the implementing costs the rest of the functioning is relatively cost free, as any ‘non- technical' person with little or no training can maintain content using a SMS. WOWS' allows for frequent updating of content, which would help keep the content fresh and help in SEE. References 0 0 http://en. Wisped. Org/wick/content_management_system http:// www. Masseuses. Com/tag/l (I-popular-content-management-systems-online/

A Review of Robinson Crusoe by Daniel Defoe

A Review of 'Robinson Crusoe' by Daniel Defoe Have you ever wondered what you would do if you washed up on a deserted island? Daniel Defoe dramatizes such an experience in Robinson Crusoe! Daniel Defoes Robinson Crusoe was inspired by the story of Alexander Selkirk, a Scottish sailor who went to sea in 1704. Selkirk requested that his shipmates put him ashore on Juan Fernandez, where he remained until he was rescued by Woodes Rogers in 1709. Defoe may have interviewed Selkirk. Also, several version of Selkirks tale were available to him. He then built on the story, adding his imagination, his experiences, and a whole history of other stories to create the novel for which he has become so well-known. Daniel Defoe In his lifetime, Defoe published more than 500 books, pamphlets, articles, and poems. Unfortunately, none of his literary endeavors ever brought him much financial success or stability. His occupations ranged from spying and embezzling to soldiering and pamphleteering. He had started out as a merchant, but he soon found himself bankrupt, which led him to choose other occupations. His political passions, his flare for libel, and his inability to stay out of debt also caused him to be imprisoned seven times. Even if he wasnt financially successful, Defoe managed to make a significant mark on literature. He influenced the development of the English novel, with his journalistic detail and characterization. Some claim that Defoe wrote the first true English novel: and hes often considered to be the father of British journalism. At the time of its publication, in 1719, Robinson Crusoe was a success. Defoe was 60 when he wrote this first novel; and he would write seven more in the years to come, including Moll Flanders (1722), Captain Singleton (1720), Colonel Jack (1722), and Roxana (1724). The Story of Robinson Crusoe Its no wonder the story was such a success... The story is about a man who is stranded on a desert island for 28 years. With the supplies hes able to salvage from the wrecked ship, Robinson Crusoe eventually builds a fort and then creates for himself a kingdom by taming animals, gathering fruit, growing crops, and hunting.The book contains adventure of all sorts: pirates, shipwrecks, cannibals, mutiny, and so much more... Robinson Crusoes story is also Biblical in many of its themes and discussions. Its the story of the prodigal son, who runs away from home only to find calamity. Elements of the story of Job also appear in the story, when in his illness, Robinson cries out for deliverance: Lord, be my help, for I am in great distress. Robinson questions God, asking, Why has God done this to me? What have I done to be thus used? But he makes peace ​and goes on with his solitary existence. After more than 20 years on the island, Robinson encounters cannibals, which represent the first human contact hes had since being stranded: One day, about noon, going towards my boat, I was exceedingly surprised with the print of a mans naked foot on the shore, which was very plain to be seen on the sand. Then, hes alone - with only the brief far-off view of a shipwreck - until he rescues Friday from the cannibals. Robinson finally makes his escape when a ship of mutineers sail to the island. He and his companions help the British captain to take back control of ​the ship. He sets sail for England on December 19, 1686after spending 28 years, 2 months, and 19 days on the island. He arrives back in England, after being gone for 35 years, and finds that he is a wealthy man. Loneliness and the Human Experience Robinson Crusoe is the tale of a lonely human being who manages to survive for years without any human companionship. Its a story about the different ways that men cope with reality when hardship comes, but its also the tale of a man creating his own reality, rescuing a savage and fashioning his own world out of the untamed wilderness of a desert island. The tale has influenced many other tales, including The Swiss Family Robinson, Philip Quarll, and Peter Wilkins. Defoe followed up the tale with his own sequel, The Further Adventures of Robinson Crusoe, but that tale was not met with a much success as the first novel. In any case, the figure of Robinson Crusoe has become an important archetypal figure in literature - Robinson Crusoe was described by Samuel T. Coleridge as the universal man.

Information Technology In Marketing Of Tourist Destination Tourism Essays

Information Technology In Marketing Of Tourist Destination Tourism Essays Information Technology In Marketing Of Tourist Destination Tourism Essay Information Technology In Marketing Of Tourist Destination Tourism Essay subsystem of concern associations and Chamberss, a subsystem of the populace sector ( province governments responsible for touristry, national, regional and local touristry organisations, tourer information centres, etc. ) a subsystem of tourers ( consumers ) , a subsystem of occupants ( both because of the importance of their attitude towards tourers every bit good as user of the same installations and services ) , every bit good as related services subsystem ( guide service, educational establishments etc. ) . Tourism is an activity that involves motion and stay of people in such topographic points that are non topographic points of their lasting abode. They visited other states, faiths, colonies, and this is called by a name aa‚Â ¬ a tourer finish. Since there is no topographic point on Earth, which tourists do non see, it should be emphasized that, in the context of modern touristry, a topographic point can go a finish merely as a consequence of two sets of related activities: the development of installations designed for run intoing the demands of tourers who visit the finish and the being of the finish selling activities such as the tourers offers in topographic points where it is needed. Selling in touristry is direction doctrine by which holders of tourer and concern policies tend to make and keep the mark group of tourers through the designation and ( effectual and efficient ) seeking to run into their demands, and on that footing to accomplish their organisational ends and societal involvement. Today in the international touristry, states, parts and metropoliss are viing as a finish, non merely companies. Selling of merchandises of touristry finishs can non be left merely to the endeavors because they are non normally capable to back up independently, financially or otherwise such attempts. For this ground it is necessary that such activities are done by Tourist policy holders, and assorted province organic structures which are responsible for touristry ( such as public sector ) . But we should non undervalue the function and importance of the assorted enterprises of the private sector. The development of mass touristry has threatened and someplace damaged non merely natural but besides adult male s entire environment. It is necessary to take into history the long-run involvements of society ( Internet Explorer, finish ) and continue the environment ( natural, socio-cultural and other ) so that the tourer finish would non go a victim of its ain development. Therefore, the application of selling in touristry assumes the credence of construct of socially responsible selling. Selling in touristry, in general, has a figure of specific inside informations that are related to touristry as an activity. These are: intangibleness of services, their connexion with those who provide them, variableness of quality, the impossibleness of their storage, important clip distance between the determination to buy and ain ingestion, frequently weak trueness to the trade name, concentrating demand to offer, seasonal concentration of demand, its heterogeneousness and flexibleness, heterogeneousness and inelasticity every bit good as high hazard in purchasing their merchandise. It should be said that besides the legion characteristics of selling in touristry in general, a tourer finish carries extra particulars that arise from the following features: Tourist finish, irrespective of physical screens, normally has a multifunctional character ; spacial coverage tourer finish, that is seen by tourers, frequently differs from the 1 that is seen by the finish governments ; It may go on that some sets of aims of public and private sectors do non overlap or that they are in struggle ; the finish method of utilizing the merchandise differs well from the usage of any merchandise or services, and eventually, those who manage the finish ( which is the public sector ) , have small or no control over the assorted elements of the tourer finish. Specific services include selling and usage of specific selling constructs, besides the one related to the four selling mix instrument. It is about internal selling and synergistic selling. Finish selling organisations ( DMO ) can implement internal selling on three degrees: the micro degree, Internet Explorer. within the DMO, where the chief mark audience is the forces employed in the DMO, so at the degree of tourer activity, where the mark is the employees in the industries of touristry and eventually at the finish as a whole, where the mark audience is the occupants. Talking about synergistic selling chances the execution of these activities is smaller than in the instance of internal selling. It is of great importance for the selling of a tourer finish to keep and better the dealingss with tourers that are normally committed towards attitudes and behaviours of service suppliers. Synergistic selling has its topographic point in the sphere of touristry information centres and checkpoints, through changeless contact, by supplying information, aid and in treating ailments. 2. INFORMATION TECHNOLOGY IN DESTINATION Selling Information engineering, by itself, can non be a beginning of enduring competitory advantage of tourer finish. It may lend barely to the competitory advantage through its impact on beef uping the microeconomic footing of fight which consists of human resources, physical substructure, administrative substructure, information substructure, scientific and technological substructure, developed domestic market and competition, sophisticated and demanding petition. In the selling of tourer finishs, its application is found in a big figure of information engineerings: teletext, videotext, information booths, computing machine reserve systems, planetary distribution systems, finish selling systems, databases, adept systems and the Internet. 2.1. Teletext Teletext is a engineering of one-way broadcasted information through uninterrupted transmittal of groups of information in rhythms from one centre, along with broadcasted telecasting signals. The thought of this innovation was patented in early 1970ss in the UK, and the thought was to liberate the lines of Television signal which were non used for transmittal of picture signals and to asseverate an extra digital signal. The digital signal carries the information presented in the signifier of numbered pages, which can demo text and images. Decoded information in order to be read on screen requires Television with decipherer. Pages of information are broadcast in rhythms, and the user, with the aid of the keyboard, select the coveted page. The disadvantage of Teletext, in this respect lies in the fact that it must wait until the coveted page appears in the broadcast rhythm. This limits the capacity of several hundred pages which means that the choice and elaborate information are limit ed. For the intents of the tourer industry, the place information system, can supply updated information, such as conditions forcast, traffic conditions on roads, clip of going and reaching of aircraft and trains etc.. Besides this, there is the possibility to do a purchase, for illustration, which means to purchase the bundle of tourer agreements and to purchase for it by the phone with the recognition card. This is peculiarly suited for the bundle of agreements that are unsold merely before the start of travel. 2.2. Videotext Videotext is an electronic system for directing information and messages that allows bipartisan communicating, normally by telephone, with the information shown in the signifier of text or artworks on a custom Television or some other terminal such as personal computing machines. Videotext services are used both in private and in concern intents. Some of the information can be obtained via videotext services include: intelligence and conditions, preparation or instruction at place, tourer information, catalog sale. Besides this, videotext can be used to execute the reserve of tickets, film, assorted computations ( eg computation of involvement ) , so to direct messages between users. Videotext can be publically accessible or private, or restricted to private users ( alleged closed-user group ) . Publicly available videotext was developed in many states. Travel bureaus, peculiarly in the UK, frequently use videotext. Therefore, the British rider agents, through any of the bing videotext system, can acquire information about going and arrival times, and monetary values of all major air and ferry companies, and monetary values on the car rental services, the staying topographic points in charter flights and the staying bundle information on visas, exchange rate etc.. Videotext in the touristry industry is far more used to acquiring information instead than booking. When it comes to usual travel ( leisure travel ) particularly the bundle in the UK, in most instances, these merchandises can be booked online entirely through videotext. On the other manus, in Germany, for illustration, circuit operators in this respect are less restrictive, and through videotext book merely a few per centum of the bundle agreement. Booking services for concern travellers, for the most portion use the computerized reserve systems, air hoses and system-START Amadeus. France is the lone state in Europe ( and in the universe ) with the broad usage of videotext system in concern and private intents, with lt ; lt ; Minitel gt ; gt ; device in 1000000s of offices and places. A survey done for the Gallic national telecommunications company and the Ministry of Tourism in 1991, has shown that the usage of lt ; lt ; Minitel gt ; gt ; for roll uping information on touristry services among its clients is popular, although dawdling behind the booklets and information presented by travel bureaus. 2.3. Information booths Development in the field of information engineering has led to the visual aspect of information booths. It is the sort of information system for the independently entree of the client and autonomously usage. New coevals systems are of multimedia characters, dwelling of computing machines, talkers, keyboard ( required if your proctor is non the type of touch-screen ) , CD-ROM thrust, sometimes the little pressman and stored in robust lodging. They are normally set in the hotel anteroom, shopping centres, at the airdromes, coach and railroad Stationss and on similar topographic points. Users ( tourers ) can freely near and utilize it to acquire the specific information ( through text, images, picture and sound ) , and to book the adjustment. The characteristics of information booths are:[ 1 ] Good balance in the usage of different media, Good quality content, Simple but clear and apprehensible organisation of content, Consistency in the manner the stuff is fragmented, connected and presented on the screen, Consistency in the presentation of different functionality and It links clearly the significance and map ( sometimes with expressed account ) . Information booths have besides disadvantages. There may be negative impacts on the environment ( noise and general exhilaration ) . Availability / handiness of booths may depend on the working hours where they are located. Besides, the frequence locations lose their privateness in obtaining the information through the booths, as passers and those waiting in line for the booth can see ( and hear ) the information that is broadcasted across the screen of the booth. In any instance, information booths are widespread in touristry information engineering and are devoted to the visitants on the finish. Their map is to inform the tourers and carry them to remain longer in the peculiar finish every bit good as to pass more money at that place. 2.4. Compact disc read-only memory CD-ROM ( Compact Disk Read Only Memory ) system allows the optical maser compact phonograph record to hive away coloured recordings: hotel, gallery, landscapes, metropoliss etc. and to expose them by color-screen personal computing machines that are installed in travel bureaus. This new technological invention is frequently called electronic booklet . It allows possible tourers to see any selected finish or partial tourer merchandises and ease a determination on purchase. Electronic booklets can be made by national and regional and local touristry organisations, circuit operators, hotels, proprietors of computerized engagement system CD-ROM ( or video phonograph record ) is really suited for assorted usage with videotext system. Namely, videotext has entree to big databases that are updated continuously, but is limited to their text and simple in writing show. On the other manus, video-disc is inflexible from the point of updating the information ( one time registered the informati on on optical maser compact phonograph record can non be deleted ) , but the possibility of exposing inactive and traveling images of high quality and sound. Therefore, for illustration tourists` travel bureau or tourer information centre can necessitate hotel adjustment in a peculiar finish. Videotext on its page gives information on pricing and handiness but the image of the hotel, room etc. , are shown by a video-disc. 2.5. Computer reserve systems, touristry endeavors ( CRS ) Reservation systems are the most of import component in the system of distribution of tourer services. Their formation is the consequence of the desire of direction in touristry endeavors to set up pre-booking system, which, with monetary value alterations and the formation of waiting lists, is one of the techniques of commanding demand in the short term, without alterations to the offer. In add-on, the reserve system enables organisations whose resources are non limited to better demand and consequently to that it takes stairss to increase supply. Besides, CRS enables suppliers of tourer services to maximise capacity use through monetary value alterations and rearranging the bundle of services, and sometimes through the transportation ( redirect ) consumers with the merchandises whose demand exceeds the offer to those with weaker demand.CRS may be organized in one of three ways:[ 2 ] aa‚Â ¬A? As manual ( manual ) system, where the demands are taken by the phone, and so inscribe in these particular books, journals, and tabular arraies ; aa‚Â ¬A? As a computerized system where the demands are besides received by phone, but all records of the reserve is processed and stored on a computing machine ; aa‚Â ¬A? As a to the full automated computing machine reserve system, for which agents have straight entree ( on line ) from terminuss in their offices and execute engagement. 2.6. Adept systems Adept systems have found their first application in a extremely structured job work outing in scientific discipline and technology. In the field of touristry about they appeared during the eightiess of the last century, when it began with the development of paradigms of these systems for operational and physical direction of tourer companies, particularly for air hoses and big hotels. Expert systems contain the cognition of experts in such signifier to enable them to offer for specific job solutions or do intelligent determinations. Expert system should hold the ability to explicate and warrant its decision, every bit good as the ability to make informations on actions with unsure effects. Characteristic of these systems is that they are able to retrieve the good solutions and include them in the bank of cognition for later usage in work outing other jobs. For direction intents, the acceptance of such systems and larning about them are indispensable. The comparatively recent literature, which covers the country of application of information engineerings in touristry, began to till the issue of application of adept systems in reding tourers in choosing the most appropriate finish. Adept systems in this respect could be used as agents of aid ( travel counsellors ) in supplying aid to tourers in the pick of finishs and services in entire. The tourers can happen the same application but without the agent. What are the chances in the country of application of adept systems in finish selling? Apart from the expert systems which should assist in the choice of one, the most suited finish between multiple options, which in this instance are ( controlled ) agencies of selling, there remains the possibility of using for a narrower or wider finish, in order to help in taking the best paths and paths, and harmonizing to penchants of tourers, irrespective of whether the tourers had direct entree or through an agent. Adept systems have non had broad application in this country or agents in the country of aid in giving advice to tourers. The ground for making this, is a great complexness in patterning penchant for intangible merchandises and expand of the range of influence on decision-making procedure. The immediate hereafter will non convey important alterations in this respect. We should anticipate the first concrete effort to present adept systems in travel bureaus, while the procedure of imp lementing the expert system with direct entree will travel slower except, possibly, over the Internet. 2.7. Tourist information systems on the Internet The rapid development of Internet at the terminal of 90 old ages has brought a revolution in touristry. The Internet has moved the spread between consumers and concerns and it enables synergistic communicating and trade. Tourism has ever been a complex activity, which is based on a partnership between the single organisations within a defined system of values. Distribution channels in touristry include the figure of shops which include travel bureaus, circuit operators and other organisations. B2B Internet commercialism has enabled many organisations in the touristry industry to redesign its concern operations and spread out their concern theoretical accounts. We can state that about every serious company in the tourer economic system in the developed states, has its ain web site. This applies to the air hoses, hotel ironss, RAC companies, railroads. But in less tourer companies that are seen on the Internet as a comparatively cheap medium for acquiring the international market. It is interesting to observe that due to the comparatively rapid credence of the Internet by the tourer client and there occur writers who speak of the terminal of the tourer bureaus and the absence of the demands of their mediation. Equally good as it shows the demand of the bureaus to acquire cognize its clients, and the profile of the tourers ( in fact develop Database selling ) so non to stay without them. With the new information engineering, particularly Internet, Marketing section is altering quickly in five foreparts:[ 3 ] From mass selling to database selling. Given that companies tend to all facets of the organisation work smarter, doing more with less, the cost of unsuccessful advertisement will turn. For these grounds, selling experts must, utilize the engineering of informations garnering to aim more exactly coveted sections of their propaganda. This involves roll uping more client information and custom-making the message by utilizing the information demands of the mark audience and to do the distinction between merchandises and services. From mass media to synergistic media. Customers progressively want to take when, where and how to run into the holders offer. This means turn toing the single demands of clients and services in a manner that the client prefers. Synergistic media will play a critical function in this procedure and it should be involved in marketing scheme at the first chance. From the market portion to the relationship wealth. Since marketing sections can function instead than sell their public presentation should be measured otherwise. The accent will be on the wealth of dealingss with consumers, instead than merely the market portion. To be effectual, this passage must be strongly communicated to all degrees of the company. From gross revenues to service clients. Marketing no longer means to convey your message to the widest possible audience. It means to take attention of clients. It moves into production, logistics, client service centres, aid desks, assisting to take barriers in the manner of sale to consumers. From technologically sophisticated to the most originative. The Internet was non for many selling sections of import thing but it was an interesting thing. Today, it is a basic demand in all selling schemes. In the yesteryear, the best selling experts, they were most originative. Today, the best selling experts are those who are most engineering sophisticated. The importance of creativeness remains, but the importance of holding technologically sophisticated usage of selling, gives chances for geometric growing. Internet is non used merely for tourer information, but besides for sale. Association of American hotels and motels ( AHRMA ) points out that electronic gross revenues service adjustment over the Internet beginning of the XXI century has reached a value near to 3 billion USD.[ 4 ] All of import tourer finishs of the universe have their presentations on the Internet ( or more accurately on the Word Wide Web ) . It is a medium that no 1 wants to drop in their selling activities. Our state is connected to the Internet from 1996. twelvemonth. Since so a figure of tourer companies, every bit good as some finishs, develop their presentations on the Internet. Yet it is progressively used to roll up different information in order to happen new content, for supervising communicating, for creative activity and design of tourer services. Decision From the point of view of marketing tourer finishs, teletext and videotext have about no possible. Cadmium Rom has been a traditional selling tool known as Electronic booklet , although a figure of finish presentations on the Cadmium Rom suffer from the stereotype positions. Information booths are designed for those who have already visited the finish, in order to widen their stay and increase ingestion. In that sense, it is a widespread engineering. Computer reserve systems, touristry companies, including planetary distribution systems, are oriented to increase the efficiency of gross revenues, therefore the dealing. Therefore, the weak involvement for a selling finish is expressed. Many of the finishs selling organisations ( DMO ) with the building of finish selling systems make their finish more accessible electronically. Experiences are different, and it is obvious that we should wait with giving the concluding mark. Database of visitants can be a solid foundation for database selling. In fact, it is necessary to put up and develop a coherent system of roll uping informations on visitants, in cooperation with the private sector ( eg touristry industry ) . Adept systems, for now had wider application in the country of finish selling, and the first efforts will be related to the operation of travel bureaus. The Internet likely carries the greatest possible, peculiarly because of the possibility of uniting with other information engineerings. Destination selling organisations is already utilizing the Internet for their activities. Despite its restrictions, it is certain that the Internet will hold a important topographic point in incorporate selling activities of tourer finishs.

Ectothermic Animals

Ectothermic Animals An ectothermic animal, also commonly known  as a cold-blooded animal, is one who cannot regulate its own body temperature, so its body temperature fluctuates according to its surroundings. The term ectotherm comes from the Greek  ektos, meaning outside, and thermos, which means heat.   While common colloquially, the term cold-blooded is misleading because ectotherms blood isnt actually cold. Rather, ectotherms  rely on external or outside sources to regulate their body heat.  Examples of ectotherms include  reptiles,  amphibians,  crabs, and fish. Ectothermic Heating and Cooling Many ectotherms live in environments where very little regulation is needed, like the ocean, because the ambient temperature tends to stay the same. When necessary, crabs and other ocean-dwelling ectotherms will migrate toward preferred temperatures. Ectotherms who live mainly on land will use basking in the sun or cooling off in the shade to regulate their temperature. Some insects use the vibration of the muscles that control their wings to warm themselves without actually flapping their wings.   Due to ectotherms dependence on environmental conditions, many are sluggish during the night and early in the morning. Many  ectotherms need to heat up before they can become active.   Ectotherms in the Winter During the winter months or when food is scarce, many ectotherms enter torpor, a state where  their metabolism slows or  stops. Torpor is basically a short-term hibernation, which might last from a few hours to overnight. The  metabolic rate for torpid  animals can decrease up to 95 percent of its resting rate.   Ectotherms can also hibernate, which can occur for a season and for some species like the burrowing frog, for years. The metabolic rate for hibernating ectotherms falls to between one and two percent of the animals resting rate. Tropical lizards have not adapted to cold weather so they do not hibernate.

Goldman Sachs unethical behaviour Essay Example | Topics and Well Written Essays - 1000 words

Goldman Sachs unethical behaviour - Essay Example This implies that the responsible players at the helm of its management should operate its functions devoid of the slightest mistake that could cause a multiplier effect of unpleasant results across the board. Flouting basic business ethics in such a sensitive system could perhaps amount to the worst ethical bleach of this age. Informed from such a global perspective, this section of this discourse assesses the conduct of one of the players at the helm Wall Street to find its credibility from a business ethics perspective (US Senate, 3). Operations of the Wall Street are largely accused of the downfall of the US economy from 2008, due to unprecedented departure from safety lending regulations particularly in the financial services sector. The most affected were mortgage, debt and stock markets whose effect spilled over into the other financial institutions in such a rate that almost paralyzed the entire economy. Sooner than later, the global economy were feeling a pinch of the spiraling impact. A leader in the mortgage business was perhaps more responsible than many more players in the market. Goldman Sachs happened to be one of the main two players in the infamous mortgage market immediately before the collapse of the Wall Street in 2008, alongside Deutsche Bank. The conduct of Goldman Sachs in terms of ethical responsibility it had to observe demonstrates incompetence due to a number of abuses. Firstly, the manner in which mortgage and other related securities were handled in the unstable market left a lot to be desired (Griffin, 94). Goldman Sachs participated in the design of a risky complex securities system whose failure orchestrated the downfall of several aspects of the market. The mortgage instruments designed by Goldman Sachs and other players were complicated in such a manner that the derived securities became more valuable than the original instruments of trade in the market. Goldman Sachs was aware of

Product Sales Plan for iPhone Research Paper Example | Topics and Well Written Essays - 2500 words

Product Sales Plan for iPhone - Research Paper Example It is evidently clear from the discussion that prior to the development of the iPhone, the mobile industry had a rough journey in terms of sales. There is a clear dependence on the network providers. Mobile phones were even viewed then as a tool to achieve services from the said mobile network. In the said view, mobile phones were cheap and the features were limited. In 2006, there had been a rapid increase in the number of mobile users and subscribers estimated at 2 billion all over the world. Another trend that started in the same period is the sales of mobile phones based on the technology or the features which became the onset for the development of technologies related to mobile cameras, wireless capabilities, memory capacities and other concepts that became weapons of competitive advantage. Basically, the development of the iPhone took advantage of the said trends and developments in the mobile industry. The technology presented by the iPhone also considered by authorities as a wave that enabled the mobile phone companies to dictate sales on the basis of the product capabilities rather than the services that the mobile networks are offering. The product iPhone is from Apple Inc., a company known for product innovation and product exclusiveness which enable the company to set a price different from competitors. Apple Inc. is recognized for products such as the Mac computer, iPod, iTunes, and the latest innovation iPad.

Responses Essay Example | Topics and Well Written Essays - 750 words - 3

Responses - Essay Example author feels that following the earthquake and tsunami damages on the nuclear plants in Japan, there has been power deficit of about 1.1 to 1.3 billion cubic feet of natural gas per day experienced in the country (243-245). The author is of the opinion that the tsunami and the earthquake attacks were immense on the Fukushima but still, there was no big impact on humans and the environment. He therefore feels that nuclear energy is the best form of energy. However, I think the damage was less because the power station was a long way from the epicenter and it was also well away from major population centers. Moreover, the population stayed calm and the wind blew across the Pacific during the worst radiation leaks implying that the author may be dishonest about the risks. According to Johnson, David Brooks explains how business genius George Mitchell fought against all odds and opposition to extract natural gas from shale through the method called fracking (238). Shale gas currently plays a major role in the American natural gas supplies. Fracking mechanism tends to change the energy marketplace because it results into cleaner and cheaper energy source. The author further asserts that the evolution of shale gas has created more than half a million jobs by making companies that rely heavily on natural gas such as Dow Chemical to invest in the U.S instead of abroad. He believes that shale gas has reduced fuel prices and eventually electricity prices and reduced reliant on foreign suppliers. Brooks seem to support fracking by highlighting several benefits accrued from it but I do not think that it is the clean energy America and the world needs. My understanding for the source of energy and clean energy has not changed Jonathan Facelli adds on the voice of the national political agenda of â€Å"energy independence† that was evident in 2008 and attempts to give solution to the way independence can be achieved (Johnson 256). He does not seem to concur with politicians

Overweight in a Pre-School Population Essay Example | Topics and Well Written Essays - 2000 words

Overweight in a Pre-School Population - Essay Example The effectiveness of the social campaigns just as the name suggests relies on the ability of the campaigns to recruit numerous participants thus curbing the trend in the society.   Let’s take on child obesity: one step at a time is an appropriate example social marketing campaign that strives to curb the prevalence of childhood obesity in Europe while promoting specific products. In the campaign, the marketers address specific factors that lead to childhood obesity thereby advising on the uptake of appropriate physical activities and diet that will help curb the negative prevalent. Childhood obesity is a vice, one that denies children appropriate childhood. Obesity makes children susceptible to numerous other diseases such as high blood pressure and diabetes. As such, curbing childhood obesity is a fundamental social role the government must undertake in order to improve the quality of life for the citizenry. Additionally, social problems often create a market for private investors as proprietors develop products and services that promise to improve the situation.   The same is the situation in this context as Safefood a commercial organization that sells food products decide to capitalize on the situation thereby developing a substantial market for its products. The company, therefore, develops the Let’s take on child obesity: one step at a time campaign in order to market its products while addressing the social problem. The campaign addresses specific issues that will help curb the prevalence of childhood obesity. The developers of the campaign observe specific policies thus developing an appropriate campaign, one that addresses the specific issues illustriously. The campaign, for example, proposes at least sixty minutes of play.  

Family Law coursework Essay Example | Topics and Well Written Essays - 1250 words

Family Law coursework - Essay Example If it’s proved not to be, there could be a long custody battle and who knows what other kinds of problems. The fact that the vicar, Leonie, was doing a ‘test-run’ marriage ceremony is of no consequence as long as there is proof that both parties actually went through with the ceremony. Moreover, the Family Law Act 1996 states that â€Å"†¦an application for divorce can only be made if the couple have been married for a year or more and the only ground for a divorce petition is that the marriage has irretrievably broken down.†1 Obviously, since Myles and Emilia have been married for more than one year—and since Emilia is having destructive ‘fits’ of sorts—this could definitely apply to your situation as having been ‘broken down.’ More so, you, Mr. McHenty, have every legal reason to receive benefits even though you don’t have a prenuptial agreement. In the court case Parlour v Parlour,2 Ray Parlour was orde red to give a significant portion of his wealth and assets to his wife. It was a shocking case because Mr. Parlour obviously did not have a prenuptial agreement—which, in the end, hurt him. Similarly, in your case it may hurt Emilia the most that she did not draw up a prenup considering the wealth of estate with which she’s been entrusted by a relative. ... favor besides the fact of the missing prenuptial agreement is that Emilia has accustomed you to a certain way of life that you would not have had had it not been for the estate which had been so graciously bestowed upon her—and which, she shared with you, at least in the beginning. In Miller v Miller,4 it was ruled that multimillionaire Alan Miller had to pay five million pounds to his former wife of three years, for several reasons—but one of them namely being that he had hoped his wife would have a better standard of living. Therefore, since Emilia had rights to the estate, you are in even better of a position as someone who doesn’t have the same wealth as she does. Therefore, you are allowed to earn some type of spousal support from her, as the case may be. For example, in McFarlane v McFarlane,5 it was ruled by the courts that Mrs. McFarlane should be allowed to partake of the high income of her former husband. That notwithstanding, there is another case, Whi te v White,6 which proved that needs and reasonable requirements should be taken into account in divorce proceedings, rather than just a simple mathematical calculation which would take care of the question of equitable division of the assets. This means that not only must Emilia share her assets, but they must be divided up in such a manner that is ‘fair.’ Of course, it is up to the courts to decide what constitutes fairness; however, the case is once again going to be in your favour. With regard to living arrangements, the courts will make a suitable argument that will take care of your needs indefinitely. III. Whether Local Social Services Could Take Your Son Into Its Care Now, as to whether local social services could take your son into its care, is an entirely different matter altogether. â€Å"In

Overweight in a Pre-School Population Essay Example | Topics and Well Written Essays - 2000 words

Overweight in a Pre-School Population - Essay Example The effectiveness of the social campaigns just as the name suggests relies on the ability of the campaigns to recruit numerous participants thus curbing the trend in the society.   Let’s take on child obesity: one step at a time is an appropriate example social marketing campaign that strives to curb the prevalence of childhood obesity in Europe while promoting specific products. In the campaign, the marketers address specific factors that lead to childhood obesity thereby advising on the uptake of appropriate physical activities and diet that will help curb the negative prevalent. Childhood obesity is a vice, one that denies children appropriate childhood. Obesity makes children susceptible to numerous other diseases such as high blood pressure and diabetes. As such, curbing childhood obesity is a fundamental social role the government must undertake in order to improve the quality of life for the citizenry. Additionally, social problems often create a market for private investors as proprietors develop products and services that promise to improve the situation.   The same is the situation in this context as Safefood a commercial organization that sells food products decide to capitalize on the situation thereby developing a substantial market for its products. The company, therefore, develops the Let’s take on child obesity: one step at a time campaign in order to market its products while addressing the social problem. The campaign addresses specific issues that will help curb the prevalence of childhood obesity. The developers of the campaign observe specific policies thus developing an appropriate campaign, one that addresses the specific issues illustriously. The campaign, for example, proposes at least sixty minutes of play.  

Global Assessment of Haiti Part 2 Research Paper

Global Assessment of Haiti Part 2 - Research Paper Example Pneumonia and Influenza are the major diseases that cause a lot of deaths of the Haitian population (World Fact book, 2013). The country is vulnerable to environmental impacts like harsh climatic changes and stressors of the environment like hurricanes and earthquakes. The country has presidential system and the national assembly is bestowed with law making processes. Use of voodoo doctrines is part and parcel of the Haitian population and the whole population is strong believers of the Roman Catholic. Lack of proper planning possesses a lot of challenge to the health sector of this country; because of the poor organization, most of the health care management is conducted by NGOs like Cuban Brigade and other bodies like MSF. Because of the natural calamities like earthquakes, the free medical services offered by the government had to stop because the government became bank craft and could no longer provide for the needs of the population. The old generation and the youngsters are the most susceptible members of the society based on outbreak of diseases like cholera. The case of cholera has been epidemic due to the poor hygiene and sanitation in the country. The vivid impact of the health issues is death among the vulnerable population. Due to the escalation of the health standards in the country, many international bodies have decided to offer a helping hand and some of such bodies are Pan American Health Organization (PAHO) and Partners in Health Organizations (PIH). These international bodies have embarked on vaccination programs against cholera to reduce its escalating effects. Another international body that has played a major role is UNICEF. This body has been engaged in vaccination programs to reduce the spread of cholera and other water-borne diseases. Haiti health concern with millennium development goals Some of the goals of the millennium development are eradication of extreme poverty rate and hunger, reduction of mortality rate among children below t he age of five years, improvement of maternal health care, and combating HIV/AIDS and malaria diseases (Adam et al., 2006). Based on the findings of Haiti case, nearly all the millennium goals have not been met. Haitian population still suffers from poverty since most of them live below the poverty line and this therefore, means that the first goal of eradication of poverty by millennium development has not been achieved. The second goal is reduction of mortality rate among children below the age of five years and this goal has equally not been achieved because the most vulnerable people in the Haitian population are the children below the age of five years. The country can be said to be far away from achieving the millennium goals because of their poor health organization and failure to eradicate water-borne disease like cholera. For the country to attain these goals then a lot of changes should be done on the health sector. The government should be able to contain the health situa tion and it should be able to give provisions to basic medical requirements and also cleaning drinking water for the citizens. Without these changes then the country will still be far away from achieving the highlighted goals. Three levels of prevention Levels of prevention can be broadly classified into three categories: primary, secondary, and

Psychology Interview Essay Example for Free

Psychology Interview Essay Does the interviewee remember information more accurately if he or she observes the behavior being performed or does he/she prefer to read how the behavior is performed?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The interviewee stated that he will be able to easily remember how a behavior is performed if he read about it; that’s why he prefers the second choice (Carducci, 2008). Also, he admitted that if any occurrence or behavior is to be observed only, he is more likely not to be able to recall it especially that he has a countless things on his mind and numerous things listed on his â€Å"to do list† (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Comparing him to myself though, I prefer the opposite. I have proven to myself countless of times that I remember more clearly those occurrences or behaviors if I see it being performed. I prefer to observe since I am the type who remembers anything that I have paid careful attention to. Does the interviewee prefers studying in a library, or at home where there are background noises and some distractions? My friend opts to stay in the house to study (Carducci, 2008). He says he cannot focus on his lessons without his personal computer and subwoofers switched on (Carducci, 2008). It is very important that something noisy is present while he studies because otherwise he might just doze off and not accomplish anything at the end of the day (Carducci, 2008). He also stated that he likes to walk around the living room or his own room while reading his lessons aloud (Carducci, 2008). This is another major reason why he does not want to study in the library; he says â€Å"I will only be asked to keep quiet and may even be requested to leave the premises if I study in that manner† (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I cannot do what he does though. I am the type who would be more efficient and effective in studying if I stay in a quiet place like the library. I prefer to stay there if my purpose is to grasp the readings and lessons that the exam will cover. In addition to that, the references that I need for further inquiry are found there and so I must stay in the library to study; computers are available as well in case I need online references. Reading/reviewing while listening to music or any kind of distraction involving sounds just does not go together for me. III. Had the person you are interviewing taken the Myers Briggs test? Report the results.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Yes, the interviewee already experienced taking the Myers Briggs test (Humanmetrics, 2007). The following feedback resulted from the â€Å"Carl Jung and Isabel Myers-Briggs typological approach to personality† (Humanmetrics, 2007). According to the aforementioned, the interviewee is â€Å"very expressed extravert; that he possesses slightly expressed sensing personality; that he has a moderately expressed thinking personality; as well as slightly expressed judging personality† (Humanmetrics, 2007). He is then excessively extroverted, slightly thinking, moderately sensing, and to some extend a perceiving individual (Humanmetrics, 2007).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The results that I got after answering numerous questions are the following: â€Å"that I am distinctively expressed introvert; moderately expressed intuitive personality; moderately expressed feeling personality; and distinctively expressed judging personality† (Humanmetrics, 2007). It says that I am introverted and equally judging; as well as, intuitive and equally feeling (Humanmetrics, 2007). Which experiences does this person feel contributed most in the development of his/her personality?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The interviewee stated that there were countless experiences that he went through (Carducci, 2008). He believes that all these contributed largely in the development of his personality (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   First of all, he comes from an unprivileged family (Carducci, 2008).   During his elementary and high school days, he struggled too much as he cannot even go to school everyday because there was no money to be spent on food (Carducci, 2008).   He said it was too difficult to stay focused in the lessons or anything that’s going on in the classroom with an empty stomach for two or three days straight (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Second, his father usually does not have a job (Carducci, 2008). In cases where he finds one, the longest time that he is able to stay is only four weeks (Carducci, 2008).   This is because he is a drunkard and sometimes would go to work extremely drunk (Carducci, 2008).   Since such behavior poses great threat to other employees, eventually he is fired (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Third, his father comes home without money and would check on the fridge if there was food to eat (Carducci, 2008).   If he does not find anything, he would lash out at his mother and/or attack her (Carducci, 2008).   His mother would be whipped, slapped, punched, and even thrown (Carducci, 2008).   If he tries to protect his mother and fight his father off, then they would both get hurt at the end of the day (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fourth, his mother would release her anger on him and his brothers and sisters (Carducci, 2008). She would shout at them, threaten them that she is going to leave them behind because she could no longer take it (Carducci, 2008). She would state that her life would not be so excruciatingly difficult if she did not have a husband and children like them (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fifth, his little sister turned suicidal because of the family problems that they went through (Carducci, 2008).   He would feel hopeless and helpless because of his little sisters numerous attempts (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sixth, his father was sent to prison because of violence against women and children (Carducci, 2008).   He feels hurt but at the same time relieved that he no longer has to put up with him (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Seventh, before he can even recover from his â€Å"loss†, he feels he is going to lose another important loved one again as his mother remarries a younger man (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It turned out though that his stepfather is a nice, brilliant, open-minded man who cares deeply for his mother and for his brothers and sisters (Carducci, 2008).   In fact, he sent him to one of the best schools when he decided he wanted to attend college and finish a Baccalaureate course (Carducci, 2008).   He also sent his brothers and sisters to school (Carducci, 2008). In addition to that, he put up a small flower shop for his mother who finished BS Management in college; he said it is about time that his mother also attends to enriching her own career (Carducci, 2008). He also bought each and everyone their needs (and even some of their wants); in fact, he got a personal computer, his brothers received game boy, his sisters got branded dolls, etc (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   His stepfather also brought him to places that he has never been into including the following: â€Å"Transamerica Pyramid, Bank of America, Chinatown, Lombard Street, Haight-Ashbury, Coit Memorial Tower, Golden Gate Bridge, San Francisco Museum of Modern Art, California Academy of Sciences, Palace of Fine Arts, Presidio, Alcatraz, University of California, Berkeley† (Carducci, 2008). The trip gave him an opportunity to bond with someone who can be a father to him, who can guide him as he goes along, and who can protect him as he battles with life’s surprises and difficulties (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   He learned to be strong as he went through poverty, abuse from his father, etc (Carducci, 2008). He became even stronger when his extra nice stepfather came along (Carducci, 2008). The training that he got from his stepfather and the good examples showed to him played a large role in the development of his personality (Carducci, 2008). I have my own experiences as well that helped in the development of my personality. First of all, I have a mother who is very supportive and proud of whatever I have accomplished. Second, I was brought up to be a nice individual, not hurting anyone, helping people in need, putting God at the center of life, etc. Such values were instilled in me because the people around me exhibited/portrayed great examples. Third, I experienced being sent to the best schools and so I have learned the proper ethics, training, and etiquette. Fourth, I have witnessed my mom’s battle with ovarian cancer. In spite of being given only a few months to live, she showed me how determined she was in fighting that illness. She showed me her strength, as well as, her faith. I grew to be almost like her, never losing hope and always believing in God. Last but not least, I am also surrounded with friends who are extremely serious and concerned with life. I only have a few friends, which probably explains, why I am introverted, but I am proud to say that they are all true friends. I have developed a positive personality partly because of them as well. Does this person feel that he/she is self-monitoring in regards to his/her attitudes? How or how not? The interviewee believes that he is not at all â€Å"self-monitoring† (Carducci, 2008). He admits he would probably be more scared if he would be one (Carducci, 2008). He also feels that he were like that, he would not know what to do since he will turn more conscious about the negative occurrences and may all the more exhibit the negative attitudes that he observed (Carducci, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On the other hand, I am the â€Å"self-monitoring† type since I tend to reminisce about everything that happens to me. I think about it seriously and try to realize what needs to be learned from it and apply it in life. I make sure to try to instill another positive attitude or value to improve my personality. What does the interviewee feel was the strongest influence on his/her attitudes? His stepfather contributed largely to the interviewee’s attitudes as he is the one who showed and instilled good values on him (Carducci, 2008). Without him and his examples, his personality would not have been developed into a positive/good one (Carducci, 2008). He is also relieved that his stepfather had the strongest influence on his attitude instead of his real father who has never been a good example to him (Carducci, 2008). VII. What role does your interviewee feel a persons race, gender, or ethnicity play when forming that persons personality and attitudes?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ethnicity, gender, and race are three concepts that may be subjected to stereotyping and so an individuals’ personality/attitude may be greatly affected if these three factors come into play (Carson et. al., 1992).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I believe it can as well; but it only will if a person consents to it. See, stereotyping is subjective, and so if only people can be objective enough then ethnicity, gender, and race will not be able to play a role in the development of one’s personality, at least not in the negative manner. VIII. Does this person feel he/she is better at tasks when intrinsically motivated or extrinsically motivated?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The interviewee is more comfortable with â€Å"extrinsic motivation† or when an incentive or reward is provided (Meyers, 2004).   Meanwhile, I am at ease with its opposite. References Carducci, I.C. (2008). Personal Interview. Carson, R.C. Butcher, J.N. (1992). The World of Abnormal Psychology. New York: Harper Collins. Humanmetrics. (2007). Jung Typology Test. Retrieved January 24, 2008 from   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.humanmetrics.com/cgi-win/JTypes1.htm    Meyers, D. (2004). Psychology: Seventh Edition. New York: Worth Publishers.

Impact On Fashion Industry Marketing Essay

Impact On Fashion Industry Marketing Essay The increasing variety of choices, cheaper prices, increasing use of social media and increasing level of comfort across all age groups are changing the retail landscape with more and more users going online to purchase products. In line with this trend, Australian online shopping expenditure is predicted to be worth $26.9 billion by 2016, a growth of 14.1% (PwC). Research conducted by PwC indicates that the retail categories that will show the strongest online growth is clothing, foot wear, jewellery and fashion accessories; in short the fashion industry. With 62% of Australians owning a smart phone and 22% owning a tablet pc (PwC), use of advanced mobile devices are growing at a rapid pace. Further, research shows that 73% of smart phone users and 90% of iPhone users use their phones to access the internet (Essential research). This accessibility has given rise to mobile shopping, as research by PwC shows that of all devices used to purchase goods online in Australia, 34% was through mobile phones and 17% was through tablet pcs. Further, the same research indicated that 57% of Australian online shoppers have increased their online spending through mobile shopping in the last 12 months. Retailers are taking note of these trends; online retailers are mushrooming, while the brick and mortar businesses are building more interactive and mobile-optimized web sites, enhancing them with mobile apps, including aspects of social media such as mood boards and fashion diaries, they are trying to cater to the tech savvy customer. This phenomenon along with emerging technologies such as wave and pay has the ability to completely transform the fashion retail industry. This new trend in consumer buying behaviour poses opportunities as well as challenges to marketers to engage in innovative ways with the consumers. This will involve understating consumer needs, and understanding the importance of the rise of advanced mobile devices and its impact on the fashion industry consumers. Description Source Source Justification Impact (Key takeout) David Jones Media release on new strategic direction David Jones Ltd. David Jones is an up-market Australian department store chain founded in 1838. It currently has 37 stores located in most Australian states and territories. Identifying the evolving practises and innovations of companies in response to changing consumer behaviour. The future of retailing an insight into the Australian online shopping market PwC Australia PwC is a global professional services firm. It is the worlds largest professional services firm and the largest of the Big Four accountancy firms measured by 2011 revenues. The factors stimulating growth of Australian online retail, how consumers and technologies are evolving and key considerations for the future. Market Profile Guide for Apparel (Fashion) In Australia New Zealand Trade and Enterprise (NZTE) NZTE is New Zealands economic development and trade promotion agency. It provides a wide range of standard services and sophisticated solutions that assist businesses through every stage of the export process. Key information and statistics on the Australian apparel industry. Research on online retailing in Australia AustraliaInstitue The Australia Institute is an independent public policy think tank based in Canberra. Since its launch in 1994, the Institute has carried out highly influential research on a broad range of economic, social and environmental issues. Key information and statistics on the Australian online retailing. Australian e-commerce Forrester Research and PayPal Forrester Consulting provides independent and objective research-based consulting to help leaders succeed in their organizations. PayPal is a secure payments system that lets people buy online without sharing their personal financial Information. PayPal has operated in Australia for 5 years. The challenges and opportunities facing Australian businesses in the online retail boom. Retail statistics and performance Textile and Clothing sector of Australia Australian Bureau of Statistics (website) A government source which provides accurate and up to date information. A comparison of online and brick and mortar apparel retailing performance The impact of search technologies MckinseyCompany MckinseyCompany is a leading research company with experience in research across many sectors. The primary sources of value from search for online retailers Critically assess one macro environmental change (socio- technological) The popularity of new mobile devices How will it effect consumer behavior mobile shopping, group shopping, customers looking for more interactive and social shopping experience How to respond to it à ¢Ã¢â€š ¬Ã‚ ¦ Strategic marketing perspective Effects on marketing in the industry Visionary Creative thinking A smart phone is a mobile phone built on a mobile computing software including more advanced computing ability and connectivity than a normal feature phone. Smart phones generally include high resolution touch screens, web browsers and high speed data access via wi-fi and mobile broadband. A tablet pc is a mobile computer, usually having a touch screen. Sales of smart phone devices are huge with 467 million units sold worldwide in 2011. With such popularity of smart phones, the smart phone industry is set to grow at a massive 19% from 2012-2016 (Market research.com).

Support of the Arts :: essays papers

Support of the Arts Researchers DiMaggio and Pettit (1999), report that the National Endowment for the Arts (NEA) has had trouble keeping support from the U.S. Congress. The House of Representatives has voted against the NEA, however, the Senate was still in favor of supporting it. The NEA has also been given a lot of trouble from Christian conservatives and Republicans who are highly against the NEA and working hard to end their federal support. Attitudes Toward the Arts DiMaggio and Pettit (1999) conducted a study by getting numerous people to complete different surveys, all having to do with support for the arts. The results were reported as fairly positive overall for attitudes toward art. There is a general agreement that the arts are beneficial and public funding for them is supported. However, there are significant differences between the opinions of people from differing backgrounds. Women are more supportive than men, younger people are more supportive than elder, African Americans are more supportive than whites, and people with more education or higher incomes are also more supportive than the less educated/lower income portion of the population (DiMaggio & Pettit, 1999). Overall, the researchers feel that examination conducted through surveys is very useful and necessary. From their survey results, they concluded that the arts have a respectable amount of support. James MacKenzie (1998) wrote a paper arguing that the arts are necessary for the full development of an individual and also to maintain culture. While some do feel that the arts are unnecessary, others still feel very strongly that without the arts, we as a society are basically committing ourselves to cultural suicide. The supporters of this theory believe that â€Å"the Arts are inherent to the existence of every soul† (MacKenzie, 1998). The fact that so many people believe this makes a strong argument for the support of the arts and fine arts education. That would clearly be beneficial to anyone in the field of art, whether teaching or creating. The article on DiMaggio and Pettit’s review (1999) and MacKenzie’s paper (1998), along with others included in this paper, contain findings that could be useful to argue that the arts are well supported and highly thought of. Therefore, the arts should be included in school curriculums and for after school clubs/activities. Attitudes Toward the Support of Art Education In his book, Schwartz (2000) argues that â€Å"art should be subsidized because it brings important educational benefits† (p.

A Study of Factors Driving Shareholders’ Value

[pic] A Study of Factors Driving Shareholders’ Value and Influencing Sensex Fluctuation In India Executive Summary The objective of this project is to analyze the most important factors which drive shareholders, value. Shareholders’ value here refers to the MVA (market value added) which means the additional value which shareholders are earning on their invested money. The performance of a company matters a lot in creating a positive image of that company in front of its stakeholders. Moreover, the main objective of a company is to maximize the shareholders’ value. So, shareholders always want to know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), Debt Equity Ratio (D/E Ratio) and Economic Value Added (EVA). This research is an attempt to find out whether EVA, DPS, D/E Ratio, EPS, ROCE, RONW of the companies listed in sensex really explains the value accretion for the shareholders and cause fluctuation in sensex. So, I have taken these variables as Independent variables and MVA as a dependent Variable (shareholders’ value) to apply regression analysis to come out with a result that which variable is having a high degree of Correlation with MVA and significantly explains variation in MVA. To perform this analysis secondary data has been collected from Prowess and www. bseindia. com Out of 30 companies listed in sensex, 23 companies are selected as sample. 7 companies are eliminated because of inadequate information available for these companies. The reason behind choosing these companies is that their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. After that the data of different financial indicators of these Companies (RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization and Beta value) are collected for the period of 2003-2008. CAPM model is used for calculating cost of equity. The EVA and MVA is calculated. After that change in MVA has been calculated with respect of previous year. Here 2003 has been taken as a base year and study has been done year wise from 2004-2008. Both EVA and Change in MVA are standardized by dividing both of them by Net Worth of the respective companies. This is done in order to get relative value of EVA and MVA over the same Net Worth. SPSS software is used for applying simple and multiple regression analysis. First Simple regression has been applied taking one Independent variable at a time in order to find most important variable and eliminate least important variable and analyze each variables influence over Change in MVA individually. After this multiple regressions has been applied in order to find the combination of Independent variables which are strongly correlated with change in MVA. In my study EVA has been found the most important variable then RONW, and then ROCE. These variables are having a high degree of correlation with change in MVA and significantly explaining the variation in MVA individually. While the combination of EVA, EPS, and DPS are having a very high degree of correlation with change in MVA. So, my analysis shows that it is best to invest in a company generating higher and positive EVA, RONW, and ROCE it will add additional value to shareholders. INDEX Chapter-1 Introduction Page No. 1. 1 Company Profile†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12-13 1. 2 Product & Services Offered by IL Investsmart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14-16 1. 3 Background of the Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17-19 1. Introduction of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20-21 1. 5 Scope of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 22 1. 6 Literature Review†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23-24 1. 7 Abbreviation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 1. 8 Research Objective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 1. 9 Introducing MVA and EVA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 27 Chapter-2 Research Methodology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦29-30 2. 1 Limitation of Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 31 Chapter -3 Research Analysis 3. 1 Different Measures used for Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦36-36 3. 2 Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 37 3. Year wise Result of Simple Regression analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦38-42 3. 4 Overall Re sult of Simple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 43 3. 5 Year wise Results of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 44-62 3. 6 Overall result of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 63-64 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 65 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 66 Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 67 Appendices Appendix-1 Table of Annual Return of Sensex†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 68 Appendix-2 Table of Year wise Annual NOPAT of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Appendix-3 Table of Year wise Annual RONW of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 70 Appendix-4 Table of Year wise Annual ROCE of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 71 Appendix-5 Table of Year wise Annual D/E Ratios of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 72 Appendix-6 Table of Year wise EPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 73 Appendix-7 Table of Year wise DPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 74 Appendix-8 Table of Year wise Annual Market Cap. of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 75 Appendix-9 Table of Year wise Equity of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦76 Appendix-10 Table of Year wise Bank borrowing of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Appendix-11 Table of Year wise Annual Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 78 Appendix-12 Table of Year wise Levered Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦79 Appendix-13 Table of Year wise cost of equity of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 80 Appendix-14 Table of Year wise Cost of Capital of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 81 Appendix-15 Table of Year wise EVA of Companies†¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 82 Appendix-16 Table of Year wise Stdz. EVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 83 Appendix-17 Table of Yaer wise MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 84 Appendix-18 Table of Change in MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 85 Appendix-19 Table of Stdz. MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 86 Chapter-1 Introduction 1. 1-Company Profile: IL IL Investsmart Limited (IIL) is one of India’s leading financial services organizations providing individuals and corporate with customized financial management solutions. Investsmart has a strong presence across wide range of products and operates in the areas of Investment Management and Advisory Services, Broking Services, Merchant Banking, Project Syndication, Equity and Debt Broking, Commodity Broking and Distribution of Financial Products. Earlier the company was owned by IL Group but is now held by HSBC, one of the world's largest banking and financial services organizations. According to press Release by HSBC, the Company has completed the acquisition of 93. 86% of IL Investsmart Limited for a total consideration of INR 1,311 Crore. According to Sandy Flockhart, Group Managing Director & Chief Executive Officer of Asia-Pacific, Investsmart will give HSBC access to the World’s third-largest Investor base, with over 20 million retail Investors. The business already has 143000 Customers. The documentation and name changing process is yet going on (till 15th June 2009). In India, The HSBC Group offers a range of financial services including corporate, commercial, retail and private banking, insurance, asset management, investment banking, equities and capital markets, institutional brokerage, custodial services. It also provides software development expertise and global services facilities for the HSBC Group's operations worldwide. IL Investsmart Ltd has an all India presence through its network of branches and franchisees over 128 cities. Following a successful Initial Public Offer (IPO), IIL has been listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). IIL is geared towards understanding and achieving the financial goals of all its customers, through its specialists in the aforesaid areas. IIL’s 2000 employee provide a complete range of Investment solution in India through 88 branches and 190 Franchisee outlets from 128 Cities. It has been recognized as â€Å"National Best Performing Financial Advisor – Retail† for two years in a row (06-07 and 07-08) by CNBC TV 18, With a market capitalization of approximately US$260 million. The Corporate Office and Research Division are located in Mumbai. In Delhi, the regional office is at Caunaght Place and the branch office is at Pitampura. . 2-Products and Services Offered by the IL: The Company has grouped its Product and services in following manners: o Retail Offering o Institutional Offering o Advisory Report & Advisory Services o Online Trading Retail Offering: It includes Advisory Products regarding research reports and analysis. Trading product: It includes Equity and Derivatives. NRI Products: It includes NRE Equity, NRI Portfolio Management services, Mutual Funds, IPO, Insurance, Wealth Management Products, PAN card services, Advisory Report and Accounting and income Tax return filling in India. Institutional Offering: |Investment Banking Services | |IL Investsmart (IIL) offers extensive range of Investment Banking Services for equity | |related products and instruments. Their team advises Customers on transactions like business | |structuring and capital raising opportunities based on their corporate needs and state of capital | |markets. Services it specialize in include Management of: | |Initial Public Offering (IPOs) | |Follow-on Offerings | |Qualified Institutional Placements (QIPs) | |Buyback of Equities | |Open Offers | |Mergers & Acquisitions | |Private Equity Placements | |ESOPs | |Institutional Equity Broking Services: | It includes IPOs, equities, derivatives and mutual funds. It also focuses on identifying undiscovered value stocks to investors. Through its gamut of services, this division is well-suited to corporate investors, banks, financial institutions, insurance companies and FII’s. Their Institutional Equity Business (IEB) is well positioned to offer support for a complete range of investment banking service to corporate. Institutional Debt Broking Services: | Its institutional debt broking division includes, secondary market broking, primary market debt placement & distribution and provident fund advisory services. Advisory Report & Advisory Services: It includes Equity Report, Mutual Fu nd Report, Debt Market Report, Sector Report, Derivatives & Technical Reports. The reports are sent to the Customers on a daily basis before opening of Stock Market in the Morning through email. It also provides Advisory Services by message alert and appointing Relationship Manager to HNI clients. Online Trading: For Online trading Company provides three products as online trading Platform: SmartStart It is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates Cusomer’s banking, broking, and demat accounts. A comprehensive trading service, which allows Investors to invest in equities and derivatives. SmartStart trading platform allows you the flexibility of trading on any internet capable system, with access to both the NSE and BSE. SmartInvest is a browser-based system designed for customers who transact occasionally. It is ideal for investors who believe in the Buy and Hold approach towards investment in equities. SmartInvest's capability as a browser-based trading platform gives the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE & BSE. SmartInvest sophisticated yet easy to use point and click order entry interface allows you to react more quickly to the markets and make better decisions. SmartTrade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term price movements. The platform offers active traders the tools they need to make critical decisions with confidence. SmartTrade is designed and built from the ground up to address the needs of active traders. SmartTrade makes the most of state-of the-art technology to deliver power, speed and reliability. Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy. 1. 3-Background of the Problem In two month of my training my job was divided into two parts. In one part I was told to sell the online trading product of the Company and in other part I was told to do my project in equity research. Since the Company is very much customer oriented, It wants to give a complete Investment solution to the customer so that the Company can delight them. For this company has a research division located in Mumbai. Since I was working in Pitampura Branch and that branch deals in Equity only (Online trading Product). So, I was upposed to do my project on Equity research. In this two month as a summer trainee I use to generate Client Database from my own sources and then approaching to the potential Customers by calling and arranging meeting with them and finally converting them into Customers. I was also handling the query of Existing Customer s of the Company regarding Online Products. On the basis of their Query I felt that the new retail Investors as well as existing Customers need a strong support from company to have an idea in which stock they should invest, so that in future their investment will result in a positive or will increase market value of their Investment in Stock market. For this Company use to send three research reports regarding better investment option on a daily basis on their email-id, message alert on mobile, and appoint Relationship Manager. So, for complete Customer satisfaction the company needs to have a strong research Division which is already there in Mumbai. Moreover, because of Global Melt Down investors are very much afraid to invest in Stock Market as the sensex reaches to a minimum of 8000 from 21000 within a Year. Now they are looking for those brokerage firms, which will guide them with a strong research analysis. So, in this case it is very much essential for the Research analysts working in the Company to analyze those factors which are really going to accelerate the market value of share holders in order to gain a competitive edge over the Competitors. It is the time to do an in depth study on those factors which an investor should consider before investing in a particular Company or Stock, if they want to add some more money to their pocket. So, I was given a task to analyze those financial factors which will drive the share holders’ value in future and will keep them at safe end for a long as well as short term Investment. Since, if the market value of stock will increase, sensex will also go up. So, here we need to study on those factors which will increase the Market Value. First thing which comes in my mind is that Stock of a particular Company is very much similar to a person, like whatever is happening in a person’s life, he or she is the one who is responsible for that. For example if a person is not able to pass an MBA exam then we say that something is wrong with his or her mind, if he or she is not able to walk properly then something is wrong with his or her health. It means the problem is within the person. The same things apply in the stock Market like if a company is not able to increase its market value (Share holders’ Value) or market Capitalization it might be the reason that Company is not performing well, not generating enough Profit, not able to use its assets in an effective and efficient manner, not able to increase the earnings of its owner and etc. because of which it is destroying the share holders’ value. So, I decided to work on the financial performance of Companies itself and to analyze whether the financial Performance of a company like (RONW, ROCE, D/E Ratio, EPS, DPS, EVA) is having any kind of correlation with their market value. I have also tried to analyze that is it so that we should consider these factors as a driver of Share holders’ value? Will positive change in these factors give positive result to the Share holders? This is the rationale behind working on this project which is very much required to understand in this recovery period of Economy. 1. 4-Introduction of the Project Today, one of the major goals of financial management is maximum utilization of the capital employed for maximization of Shareholders’ value. Since capital resources are scarce and costly, companies try to employ these resources in a way that yields highest return. Of course this should be accompanied by steps taken to minimize the cost of acquired resources. Otherwise, it will not increase the shareholders wealth and the firm's value. The manager of a firm (as an internal user of financial information) and the investors and other parties (as the external users) are interested to use an appropriate performance measure in order to assess how the managerial actions affect the value of the firm. For this purpose the performance measure used, must consider at least three things, which are: the amount of capital invested, the return earned on the capital, and the cost of capital (Weighted Average Cost of Capital). So, the first question comes to our mind is that how do shareholders know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), D/E Ratio, and Economic Value Added (EVA). Out of all these factors EVA was introduced as an Indicator for Shareholders’ wealth maximization in 1990’s by Stern Stewart & Co. It has been a focal point for majority of the studies. Stern has claimed that EVA as a tool of financial management is not just a phenomenon and neither is it limited to only `for profit' organizations. Economic Value Added has been put to use for management performance evaluation and much more than just a measure of performance, it is a framework for complete financial management (for improving allocation of scarce capital; and for valuation of a target company at the time of acquisition). On the other hand, Market Value Added (MVA) is an indicator which measures the stock returns and shows the effect of different factors on share prices, in a particular market. While EVA is an accounting-based measure for the corporate performance of one year, MVA is a market-generated number. MVA is cumulative measure of the value created by the management in excess of the capital invested. This research is an attempt to find out whether EVA, EPS, ROCE, RONW, DPS, D/E Ratio of the companies listed in sensex explains the value accretion for the shareholders and fluctuation in sensex. 1. 5-Scope of the Research Since, BSE Sensex of India represents the whole Indian Economy. The companies listed in sensex are the representative of all the major industries of Indian Economy. Millions of investors have invested their money in the stock market. The stock market is something where investors can earn lot of money but risk is also there, because it follows fundamental of high Risk High Return. So, it is very much require to analyze the behavior of market. It means we should know in which company we should invest or we should not. So, the scope of research is to analyze the most important driver of shareholders’ value. Since, Research Division of IL Invetssmart are very much working on analyzing the behavior of stock market so that they can properly guide their customers regarding investment. This research will be a value addition for the Research Division of IL Investsmart, as it ill give an idea which factor is highly correlated with Market value of the Companies. The market value of the Companies is very much dependent on the performance of the Companies. But which performance measure should be taken into consideration by the Investors before investing in any company is very much required. So, this research will expla in whether performance measure does have any correlation with market Value added of the Companies. If it is so then which of the performance measures is strongly influencing the shareholders’ value? The research is an attempt to analyze the influence of few performance measures over the shareholders’ value and this will help in taking correct investment decision. 1. 6-Literature review Stewart (1991) had carried out a research to find out the relationship between EVA and MVA. This study was done by taking average EVA values for the year 1987 and 1988 of 613 companies in USA and then comparing them with their MVA values for 1988. The study found an r2 of 97% between the EVA and MVA value for the Companies with positive EVA while this correlation was insignificant for the companies with negative EVA values. Finegan (1991) took a sample of 450 Companies in USA and found that average value of EVA could explain 61% of the variance in MVA whereas the similar figure was 44% between the change in EVA and change in MVA. He also observed that this r2 was 47% between ROCE and MVA. Dodd and Chen (1992) found ROA as a better driver of Shares returns as compared to EVA. Stern (1993) found out that EVA is the best measure that drives the Shareholders’ value with an r2 of 50% with MVA. The next important driver was ROE with an r2 of 25% with MVA. Lehn and Makhija (1996) also studied the relationship of share returns with ROE, ROA, Return on Sales (ROS), EVA, MVA and CEO turnover. Correlation was found to be highest in case of EVA however, (EVA divided by the Cost of Capital), NOPAT (Net Operating Profit after Tax) and free cash flow and correlation with them with market value divided by invested Capital. He found NOPAT as a better indicator with an r2 of 33% compared with 31% in case of EVA. However, changes in EVA values explained 74% of the change in market value over a period of 10 years. Uyemara and others (1996) studied MVA’s correlation with EVA, Net Income, EPS, ROE, and ROA over a period of 10 years. r2 was highest technology industry for the period 1990-95 and found an r2 of 42%. EPS was judged as the second best measure of with an r2 of 34%. Kramer and Pushner (1997) established that lagged levels of NOPAT explained MVA better as compared to EVA. This correlation was found higher even when changes in NOPAT were correlated with changes in MVA. According to Biddle and others (1991), Net Income was found to be the best measure to explain Share returns. Majority of these studies were focused on US Companies. Giffith (2004) concluded that an Investor or analyst using EVA or MVA measures to forecast performance would have experienced significant losses. Ferguson and others (2005) also doubted that adopting EVA improves stock performance. JHvH de Wet (2005) analyze the database of 89 south African Companies and observed that the Standardized Cash Flow from Operations (CFO divided by the invested Capital in the beginning) had an r2 of 38% with the Standardized MVA (MVA divided by the invested Capital in the beginning), which was found to be the best driver as compared to the Standardized EVA (EVA divided by the Invested Capital in the beginning), ROA, ROE, EPS, and DPS. He also observed that Correlation of EPS and DPS for valuing the Shares. Roji George (2005) analyzed the data of 21 Indian banks for the period 1999-2003 and concluded that there is a positive relationship between EVA and productivity and negative relationship between EVA and NPA. So, what I have found that nobody has done any analysis on the 30 companies which is listed in Sensex, while these companies represent all the major Industries of Indian Economy. So, it is better to analyze these Companies’ behavior. So, this research is an attempt to bridge this research gap. 1. 7- Abbreviation |NOPAT |Net Operating Profit After Tax | |RONW |Return on Networth | |ROCE Return on Capital Employed | |D/E Ratio |Debt/Equity Ratio | |EPS |Earning per Share | |DPS |Dividend per Share | |EVA |Economic Value Added | |MVA |Market Value Added | |R |Coefficient of Correlation | |R2 |Coefficient of Determination | 1. 8-Research Objective The following are the objectives of my research: Main Objective The primary objective is to find out what drives the share ho lders’ value. Specific Objective 1) To find out the correlation of the measures like RONNW, ROCE, D/E Ratio, EPS, DPS and EVA with MVA(Market Value added) 2) To find out the most important factors or variable which explain variance in MVA and that variable should be consider before investing in any Company. 1. 9- Introducing EVA and MVA As the introductory paragraph of this paper suggests, EVA is the surplus profit after accounting for all the expenses including the cost of capital. We have always looked at the figures of Profit after Tax to find out whether a company is performing well or not. However, what we forget is that the shareholders invest money in a company in expectation of some return. So, the basis for evaluation should be whether the company has earned over and above the minimum required rate of return by the investors. If there is surplus after accounting for this opportunity cost of equity, the company is creating value for its shareholders. If not, then it is destroying value. In other words, value is created when return earned by the firm is more than its cost of capital or firm invests in the project with positive NPV. EVA can be calculated through any of the following methods:  · Increasing revenue, Reducing operating costs, Efficient utilization of assets and Raising funds at cheaper cost Chapter-2 Research Methodology Research MEthodology Quantitative Research Design has been used in this research. This analysis was carried out over a period of 6 years (2003-2008) on companies which form part of BSE Sensex. Nature of Data: Secondary Data has been used for this research. The Year wise annual data of NOPAT, RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization, beta value of 23 Companies out of 30 Companies listed in the Sensex. Source of Data: For regression analysis the data has been collected from CMIE’s Prowess and www. bseindia. com. Research Design: Descriptive Research Design has been used as the problem is well define and key issues are known and which is to find out the most important variable which drive the Shareholders, Value. Under this Research design, Cross Sectional Study has been done. Year wise annual value of all the variables has been collected from 2003-2008 for finding the cause and effect relationship between Independent Variables (RONW, ROCE, D/E Ratio, EPS, DPS and EVA) with dependent variable (Change in MVA). The study has been done on yearly basis. Sampling: Judgment (Purposive) Sampling Method has been used for selecting Companies. The analysis has been carried out over 23 Companies out of 30 Companies listed in sensex. Though Sensex comprises 30 companies, 7 companies were eliminated because of the inadequate information available for these Companies. The reason for choosing these Companies are their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. Sample Size: Sample size is of 23 Companies has been taken for the Year 2003-2008. The following Table shows the List of Companies: |Company Name | |Bharat Heavy Electricals Ltd. Oil & Natural Gas Corpn. Ltd. | |Bharti Airtel Ltd. |Ranbaxy Laboratories Ltd. | |Grasim Industries Ltd. |Reliance Industries Ltd. | |H D F C Bank Ltd. |Reliance Infrastructure Ltd. | |Hindalco Industries Ltd. |State Bank Of India | |Hindustan Unilever Ltd. |Sterlite Industries (India) Ltd. | |Housing Development Finance Corpn. Ltd. |Sun Pharmaceutical Inds. Ltd. | |I C I C I Bank Ltd. |Tata Motors Ltd. | |I T C Ltd. |Tata Power Co. Ltd. | |Infosys Technologies Ltd. |Tata Steel Ltd. | |Larsen & Toubro Ltd. |Wipro Ltd. | |Mahindra & Mahindra Ltd. |   | Statistical Tool : The Simple Regression Analysis and Multiple Regression Analysis have been done using SPSS to establish the relationship of MVA with EVA, ROCE, RONW, EPS, DPS, and D/E Ratio on Yearly basis. 2. 1- Limitation of Research The following are the limitation of this research: Since, the research has been carried out to find out the important factors which drive shareholders value. So, only the financial ratios which measures performance of the Companies are taken into consideration. Hence, the focus of research is on micro economic factors only. While macroeconomic factors (like GDP, FIIs, and Inflation) also does matter in creating or eroding the value of shareholders. Chapter-3 Research Analysis 3. 1- Different measures used for the analysis In this research our main objective is to find out the factors which investor should look for or take into consideration before buying share of any Company. Now it becomes very much essential to know the correlation between these Variables and the Shareholders value. Hence we have included some of the main variables like RONW, ROCE, D/E Ratio, EPS, DPS, EVA. These are the variables based on which an Investor decide to buy the shares of a particular Company. As depending upon these variables they buy the shares, the market Value of that particular Company increase which results in increase in Shareholder’s Value. Hence Dependent Variable is MVA. (For data please see Appendix-17 p. no. 84) But since MVA is Stock concept so, for applying Regression Analysis change in MVA (Market Value Added) with respect to previous year has been used. MVA=Market Capitalization-Investment (Book Value) Change in MVA= (MVAt – MVAt-1 )/MVAt-1)x100 Here, MVAt= MVA of the Companies of Proceeding Year. MVAt-1= MVA of the Companies of preceding Year Independent Variables are: six performance measures are considered as Independent Variable RONW, ROCE, D/E Ratio, EPS, DPS EVA. All these variables are flow variables. 1) Return on Net Worth (RONW) =NOPAT/Total NETWORTH NETWORTH=EQUITY+RESERVE & SURPLUSES Return on Networth measures a company's earnings in relation to all of the Investor’s it is using. RONW tells us what earnings were generated from the Networth. The Networth of the company comprises both equity and reserve and Surpluses. These types of financing are used to fund the operations of the company. The RONW figure gives investors an idea as to how effectively the company is converting the money it has into net income. (For data please see appendix-3, p. no-70) 2) Return on Capital Employed (ROCE) = EBIT/(NET Worth+Debt) Return on Capital Employed (ROCE) is a measure of the returns that a company is realizing from its capital. It calculates as profit before interest and tax divided by the difference between total assets and current liabilities. The resulting ratio represents the efficiency with which capital is being utilized to generate revenue. (For data please see appendix-4, p. no. 71) 3)D/E Ratio=Total Debt /Total Equity D/E Ratio gives the idea about the Capital structure of the Company. It shows how risky is the Investment in a Company. On the basis of D/E ratio we can have an idea of the fixed liabilities of the Company if it is using more of Debt. (For data please see appendix-5, p. no. 72) 3) Earning per Share (EPS) = PAT/The Number of Equity Shares Earning per Share is the portion of a company's profit allocated to each outstanding share of common stock. Earning per Share as the name indicates, is the â€Å"per share earning† of a company in a reported period. This is the most important factor in the fundamental analysis of a stock. This coupled with a few related ratios gives a fair idea about the worth of a stock. (For data please see appendix-6 p. no. 73) 4) DPS is the Dividend allotted to each share holders (For data please see appendix-7. P. No. 74) 5) Economic Value Added (EVA) = NOPAT-(Cost of Equity x Networth) EVA attempts to measure how much `value' was created by an organization for its shareholders, during an accounting period. It is defined as the excess of a company's after tax net operating profit over the required minimum rate of return that the investors and lenders could get by investing in other securities of comparable risk. For data see appendix-15, p. no. 82) For Calculating Cost of Equity CAPM (Capital Assets Pricing Model has been used) Ke=Cost of Equity =Rf +? *(Rm-Rf) (For data please see appendix-13, p. no. 80) Rf =Yearly Risk free Rate of Return=6% (The yield of Treasury Bill has been taken as risk free rate of return which is around 6% for the period of 2003-2008) Rm=Yearly Sensex Rate of Return=17% (Average from 1995 to 2007 comes out to be 17% – please see appendix-1, p. no. 68) ? = Beta Value of a particular Stock of a Company E= Total Networth (Equity+ Reserve and Surpluses) Since, the value of ? shows the riskiness of a particular stock with respect to market. This ? value shows riskiness on the basis of book value of a particular Company. So, these ? values of the Companies are converted into Unlevered ? and then Levered ? based on Company’s present Market Capitalization, so that an accurate and present riskiness of the stock of Company can be taken into consideration for the research The Formula is: Unlevered ? ju= ? /1+(D/S)(1-T) Here, D=Total Debt used by the Company S=Total Equity used by the Company (Book Value) T= Corporate Tax Rate (30%) Now Calculating Levered ? based on Market Capitalization using unlevered ? Levered ? = ? ju x (1+(D/S)x(1-T) (For data Please see appendix. -12, p. no. 79) Here, S=Present Market Capitalization of the Company. For an accurate result, the change in MVA and EVA has been standardized by dividing them by the Net worth of the respective Company. Standardization is done in order to find the relative value of EVA and MVA over the Net worth used by the Company. (For Stdz. EVA and Stdz. MVA please see Appendix-16, p. no. 83 and Appendix-19 p. no. 86) The collected and calculated data of ll the variables are attached in Appendices. Please see appendices for detail list. 3. 2-Regression Analysis The analysis is done in two parts. Firstly, simple regression analysis has been done between Dependent Variable (Stdz. MVA) and Independent variables (RONW, ROCE, D/E Ratio, EPS, DPS and Stdz. Eva) taking one Independent Variable at a time for all the Years (2004-2008). Year 2003 has been considered as a base year for the Year 2004 to get change in MVA in 2004 and the same process has been used to calculate change in MVA till 2008. This Simple Regression analysis has been performed in order to understand the key variables which are having high degree of correlation with MVA. After analyzing the key variables, multiple regressions Analysis have been applied with the key variables in order to analyze the impact of key Independent Variables together on Change in MVA. 3. -Year wise Result of Simple Regression Analysis from 2004 to 2008 Result of the Year 2004: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 771 |. 817 |. 089 |. 332 |. 201 |. 851 | |R2 |. 594 |. 667 |. 008 |. 110 |. 040 |. 724 | |Adjusted R2 |. 575 |. 652 |-. 039 |. 068 |-. 005 |. 711 | |Standard error of Estimate |2. 47868 |2. 4331 |3. 87455 |3. 66887 |3. 81084 |2. 04402 | |Significance |. 000 |. 000 |. 686 |. 121 |. 358 |. 000 | |p-Value | | | | | | | Interpretation: From this table, it can be observed that Change in MVA is positively related with all the financial indicators but only three variable ROCE, RONW and EVA are highly correlated with change in MVA. The coefficient of correlation of change in MVA with RONW, ROCE and EVA is 0. 771, 0. 817 and 0. 51 respectively; moreover the p-value (significance) is also less than . 001. So, at 99% confidence level we can say that, these three variables significantly explain the variation in MVA. This shows that all these three variables are very much important from investment point of view. The coefficient of determination (Adjusted R2) Of Change in MVA with RONW is . 594 which means change in RONW explains 59. 4% of variation in MVA, while with ROCE it is . 652 which means change in RONW explains 65. 2% of variation in MVA and with EVA it is . 711, which means ch ange in EVA explains 71. 1% variation in MVA, the most important driver of change in MVA. So, the simple regression analysis for this year shows that these three variables are very much important while EVA is the most important variable to consider before investment. While, EPS explains 6. 8% of variation in MVA but p value is more than . 000 and DPS has a very little bit of significance and D/E Ratio is insignificant to consider as a driver of Shareholders’ value. Result of the Year 2005: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 578 |. 543 |. 046 |. 323 |. 289 |. 96 | |R2 |. 334 |. 295 |. 002 |. 104 |. 084 |. 484 | |Adjusted R2 |. 303 |. 262 |-. 045 |. 061 |. 040 |. 459 | |Standard error of |2. 73331 |2. 81226 |3. 34638 |3. 17073 |3. 20682 |2. 40672 | |Estimate | | | | | | | |Significance |. 004 |. 007 |. 835 |. 133 |. 181 |. 00 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with Stdz. EVA is the highest (. 696) then with RONW (. 578) and then with ROCE (. 543) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 459, . 303 and . 262 respectively which shows highest variation in MVA is explained by EVA that is 45. 9%. Moreover, the significance level lies between . 005 to . 010 which is less than . 010. Hence, these three variables are the most important variables to consider as standard error is also very low in comparison to other variable. While EPS and DPS has a very little significance and D/E Ratio is insignificant to consider. Result of the Year 2006 | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 725 |. 638 |. 025 |. 450 |. 054 |. 801 | |R2 |. 525 |. 407 |. 001 |. 203 |. 003 |. 641 | |Adjusted R2 |. 503 |. 379 |-. 047 |. 165 |-. 045 |. 624 | |Standard error of |2. 60034 |2. 0531 |3. 77240 |3. 36897 |3. 76802 |2. 25987 | |Estimate | | | | | | | |Significance |. 000 |. 001 |. 910 |. 031 |. 806 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is the highest (. 801) then with RONW (. 725) and then with ROCE (. 638) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 624, . 503 and . 379 respectively which again shows the highest variation in MVA is explained by EVA that is 62. 4% . Moreover, the significance level is also . 000 which is less than . 001. Hence, at 99% confidence level we can say that these three variables are the most important variables to consider and again EPS and DPS has a very little significance. D/E Ratio is again insignificant to consider Result of the Year 2007: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 801 |. 795 |. 075 |. 66 |. 275 |. 896 | |R2 |. 641 |. 632 |. 006 |. 134 |. 075 |. 802 | |Adjusted R2 |. 624 |. 615 |-. 042 |. 092 |. 031 |. 793 | |Standard error of |2. 37916 |2. 40757 |3. 95859 |3. 69485 |3. 81708 |1. 76595 | |Estimate | | | | | | | |Significance |. 000 |. 000 |. 34 |. 086 |. 205 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is again highest (. 896) the n with RONW (. 801) & then with RONW (. 795) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 793, . 624 and . 615 respectively which again shows highest variation in MVA is explained by EVA that is 79. 3% . Moreover, the significance level is also . 000 in each of three cases which is less than . 001. Hence, out of all variables these three variables are the most important variables out of these three variables EVA is coming out to be the most important variable to consider while EPS and DPS are again having a little Significance and D/E Ratio is insignificant to consider as the driver of shareholders’ value. Result of the Year 2008: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 900 |. 890 |. 152 |. 252 |. 259 |. 950 | |R2 |. 811 |. 793 |. 023 |. 063 |. 067 |. 903 | |Adjusted R2 |. 802 |. 783 |-. 034 |. 019 |. 023 |. 99 | |Standard error of Estimate |2. 70932 |2. 83630 |6. 15528 |6. 02644 |6. 01501 |1. 93688 | |Significance |. 000 |. 000 |. 490 |. 246 |. 233 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of MVA with EVA is the highest (. 950) then with RONW (. 900) and then with ROCE (. 890) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 899, . 802 and . 83 respectively which shows hi ghest variation in MVA is explained by EVA that is 89. 9%. Moreover, the significance level is also . 000 which is less than . 001. Hence, these three variables are the most important variables to consider while EPS and DPS are again having a little Significance and D/E Ratio is again insignificant to consider as the driver of shareholders’ value as significance is more than . 001. Moreover out of these three, EVA is the most important and powerful variable. 3. 4-Overall Result of Simple Regression analysis [pic] Over all Result of the Analysis: Hence, my over all Analysis shows that only three financial Indicators (EVA, RONW, and ROCE) are the important driver of shareholders’ value. Out of these three, EVA is the most important Indicator. So, if a company is earning more than its cost of capital, it is adding more value to the shareholders. In second, RONW is the important Indicator, which shows that companies utilizing its shareholders’ funds in an effective & efficient manner are adding value to shareholders. Third important Indicator is ROCE which shows Companies generating higher ROCE will add value to Shareholders. SO, before investment these three variables must be considered. 3. 5- Year wise Result of Multiple Regression Analysis In multiple regression analysis I found that there is multi collinearity exist between ROCE, RONW and EVA. So, I applied multiple regression taking three independent variables at a time excluding the variables like D/E Ratio because this variable is insignificant to consider while EPS and DPS is little bit of significant. So to come out with a strong and accurate analysis it is irrelevant to ignore these two variables. Result -1: In Result-1 analysis between Change in MVA with EPS, DPS and RONW has been observed for the period of 2004 to 2008. EPS and DPS have been taken because of their little significance. In this case Hypothesis is as follows: H0: EPS, DPS, RONW are not significantly explaining variation in MVA H1: EPS, DPS, RONW are significantly explaining variation in MVA Result of the Year 2004 Model Summary |Model |R |R Square |Adjusted R |Std. Error of the | | | | |Square |Estimate | |1 |. 834(a) |. 696 |. 647 |2. 25663 | a Predictors: (Constant), RONW, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 742(a) |. 550 |. 479 |2. 36227 |2. 192 | a Predictors: (Constant), RONW, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 831(a) |. 691 |. 642 |2. 20440 |2. 115 | Predictors: (Constant), DPS, RONW, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 860(a) |. 739 |. 698 |2. 13011 |2. 501 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 927(a) |. 859 |. 837 |2. 45654 |2. 493 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square | |1 |. 875(a) |. 765 |. 728 |1. 98181 | a Predictors: (Constant), ROCE, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 728(a) |. 530 |. 455 |2. 41542 |1. 856 | a Predictors: (Constant), ROCE, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |Df |Mean Square |F | |1 |. 764(a) |. 584 |. 519 |2. 55798 |1. 913 | Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 850(a) |. 722 |. 678 |2. 19925 |1. 759 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 918(a) |. 843 |. 818 |2. 59745 |2. 016 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square | |1 |. 888(a) |. 788 |. 754 |1. 88405 | a Predictors: (Constant), Stdz. EVA, DPS, EPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 824(a) |. 679 |. 628 |1. 99688 |2. 328 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 89(a) |. 790 |. 757 |1. 81740 |1. 914 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 923(a) |. 852 |. 829 |1. 60570 |2. 184 | a Predictors: (Constant), Stdz. EVA, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 966(a) |. 932 |. 922 |1. 0292 |2. 103 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square |F |Sig. | |1 |Regression |759. 238 |3 |253. 079 |87. 270 |. 000(a) | | |Residual |5 5. 099 |19 |2. 900 | | | | |Total |814. 337 |22 | | | | |a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA Coefficients(a) Model | |Unstandardized Coefficients |Standardized Coefficients | | |Collinearity Statistics | | | |B |Std. Error |Beta |t |Sig. |Tolerance |VIF | |1 |(Constant) |3. 899 |. 674 | |5. 789 |. 000 | | | | |EPS |-. 017 |. 010 |-. 147 |-1. 92 |. 089 |. 530 |1. 886 | | |DPS |-. 026 |. 065 |-. 033 |-. 405 |. 690 |. 525 |1. 905 | | |Stdz. EVA |21. 424 |1. 383 |. 933 |15. 494 |. 000 |. 982 |1. 018 | |a Dependent Variable: Stdz. MVA Interpretation: The model Summary shows that EPS, DPS and EVA together having a high degree of correlation that is . 966 with change in MVA while variation in these three variables together explains 92. 2% of variation in MVA as adjusted R2 is 0. 922. The Durbin-Watson is 2. 103 which show that variables are following a similar trend and are not scattered. The analysis shows that this year these three variables are very strongly related with Change in MVA. The ANOVA table shows F is 87. 270 and significance is . 000 which is less than . 001. It means Reject H0 and accept H1. Hence, these three variables significantly explain the variation in MVA and are very much important to consider. The coefficient table shows that there is no multi collinearity exists between independent variables because Tolerance is greater than 0. 2 and VIF is less than 5. It also shows that beta value of EVA is . 933. So, EVA is the most power full variable over here. Overall Result: The analysis of all the years results in rejection of H0 and acceptance of H1. It means these three variables are also significantly explaining variation in MVA. 3. -Overall Result of Multiple Regression Analysis Since, because of multi colinearity between RONW, ROCE and EVA it was not possible to include these three variables together in the multiple regression analysis. But as they are correlated with each other, so we can consider any one of them with the other variables to reac h at a conclusive result. Now after analyzing multiple regressions with three sets of independent variable with dependent variable which are: Set-1 Change in MVA with EPS, DPS, RONW Set-2 Change in MVA with EPS, DPS, ROCE Set-3 Change in MVA with EPS, DPS, EVA The question comes in our mind is which set is to be given preference over other. Though all the sets are highly correlated with change in MVA and there is a little bit of variation in their correlation we can consider any one set out of the three. But to conclude the analysis a Year wise Comparison has been done with the help of following graph between the three sets: [pic] From the graph we can see that correlation of Change in MVA with EPS, DPS and EVA was the highest throughout the Years. Moreover it is also increasing year by year. So, it is very much useful to consider as these three variables together act as a most important driver of shareholders’ value. While the second most important set to consider is EPS, DPS and RONW and then EPS, DPS and ROCE. Recommendations Since, my research analysis has shown that there are three most important factors EVA, RONW and ROCE which drive the shareholders’ value. Moreover a combination of EPS, DPS, and EVA together causes major variation in shareholders’ value. So, Research division of IL should focus on these factors because companies generating higher ROCE, RONW, and EVA from their business will add more value to the Shareholders’ investment. Now a day, it has become very much important for the Brokerage firms to provide valuable services to their customers specially a proper guide line that where they should invest and where they should not in order to bit the Competitors and retain customers with themselves. So, research division of IL Investsmart should guide the investors to invest in the shares of those companies which is earning more than cost of capital that is company with positive EVA moreover the companies which is effectively using the Owners fund means generating higher RONW and a higher ROCE. EPS, and DPS can be taken into consideration but can be avoided also if company is to good in generating positive EVA and higher RONW and ROCE because these variables indicate the growth of an organization. If the organization is growing and its not giving any dividend still it is good to invest in that Company, as the growth company will leads to increase in Market value and this will result in increase in Shareholders’ value. Conclusion At the end I would conclude that the year wise research done over the period of five years from 2004 to 2008 has shows that EVA is the most important driver of shareholders’ value as the correlation between EVA and change in MVA is very strong. so, a company generating positive and higher EVA is the best option to invest in because this will result in increase in market value which will result in increase in shareholders’ value. The second most important variable RONW and the third most important variable ROCE should be consider before investing in the share of any company because these two variables are also having a high degree of correlation with change in MVA. EPS and DPS alone are not the important factor to consider individually. But the combination of EPS, DPS and EVA together are highly correlated with change in MVA. According to my research analysis in 2008 it was found that these three variables together have explained 92. 2% of variation in MVA. So, the combination of these three variable can also be taken into consider before selecting a company to invest in. The analysis also shows that Correlation of change in MVA has been found to be increasing year by Year from 2004 to 2008. So, for future investment it is better to look into these ratios before investing in any company. The regression analysis shows strong correlation of change in MVA with EVA, RONW and ROCE, which is not a surprise since shareholders should value an enterprise, based on the return what they are getting on their invested oney, which proves that it doesn’t matter whether the company retains or distributed its earnings, so long it is being utilized for productive purposes. Bibliography o CMIE’S Prowess o http://www. bseindia. com/about/abindices/bse30. asp o http://www. bseindia. com/about/abindices/betavalue s. asp o http://www. bseindia. com/histdata/hindices. asp o http://neeravnagar. blogspot. com/2007/08/drivers-of-shareholders-value. html o Ali M Ghanbari (Jul’07) â€Å"The Relationship between Economic Value Added and Market Value Added: An Empirical Analysis in Indian Automobile Industry† The ICFAI Journals of Accounting Research. o Chapter 32 of â€Å"Investment Valuation† by Aswath Damodaran ———————– 65