Role of Value Creation in the Indian Industry Free Essays

string(45) pharmaceutical medicinal services organization in India. Foundation: The Indian economy is generally accepted to have moved into its next period of feasible development pace of 8-10%. The most recent five years have seen a remarkable worth creation in Indian securities exchanges. Point: This investigation centers an explanatory valuation viewpoint of different favored organizations in India. We will compose a custom paper test on Job of Value Creation in the Indian Industry or on the other hand any comparable theme just for you Request Now Techniques: The informational index for the investigation was gathered from the CMIE ability database.The five industry areas were picked for the examination. Results: While quick financial exchange development is generally attributed to a worldwide liquidity excess and re-rating of Indian stocks, our examination shows that remarkable execution in business basics †deals and benefit †development has been the prevalent driver of this terrific worth creation in India. End: These discoveries have significant ramifications for any precaution or mediation techniques. Prologue To make reasonable, long haul investor esteem, it is essential to unequivocally build up a suitable investor esteem target.It can be contended that esteem creation is a definitive proportion of execution for a director. Organizations must set up needs dependent on esteem creation; outfitting arranging, execution estimation and motivating force remuneration frameworks towards investor worth and speaking with speculators regarding esteem creation. The capacity to oversee esteem is a basic piece of creating sound corporate and business strategiesâ€strategies that make an incentive for investors. An investigation by (Richard et al. 2000) saw that organizations in today’s superheated economies are in a race to find the fundamental code of significant worth creation. That is they are attempting to discover the best measure of benefits unmistakable and impalpable make the best measures of financial worth and to maintain a strategic distance from those mixes that pulverize it. Worth creation The term â€Å"value creation’ can be a misnomer, however for obtainment experts it is straightforward: conveying extra an incentive to the reality through new strategies. The trouble just lies in drawing that incentive out of the plenty of impalpable drivers that you need to bargain with.Non-monetary components like development, individuals and thoughts are hard to evaluate, once in a while recognized in bookkeeping strategies and not sufficiently estimated, oversaw or provided details regarding by associations. In any case, these are a portion of the basic wellsprings of significant worth that can be used by organizations to improve their upper hand. Expository VALUATION PRESPECTIVE: 1. Capability of the Automobile business The vehicle business in Ind ia happens to be the ninth biggest on the planet. Following Japan, South Korea and Thailand, in 2009, India developed as the fourth biggest exporter of automobiles.Several Indian car producers have spread their tasks all around too, requesting more interests in the Indian car division by the MNCs. In 2008, Hyundai Motors alone sent out 240,000 vehicles made in India. Nissan Motors intends to send out 250,000 vehicles produced in its India plant by 2011. Comparative plans are for General Motors. 2. Correspondence †Value-Added Services Market according to an exploration led by Stanford University, Indian versatile worth included administrations (MVAS) are relied upon to reach USD 2. 74 bn by the FY2010.To profit by the developing MVAS showcase in India, Reliance Communications and Bharti Airtel Limited are good to go to present online phone applications in Indian retail locations. While Bharti Airtel will offer around 1,250 applications, Reliance Communications’ applications will before long be open to its GSM customsers by Feb 2010. 3. Achievement of Indian programming organizations There are various reasons why the product organizations in India have been so effective. Other than the Indian programming organizations, various worldwide monsters have likewise dove into the India IT market.India is the center of modest and gifted programming experts, which are accessible in plenitude. It causes the product organizations to create financially savvy business answers for their customers. Accordingly, Indian programming organizations can put their items and administrations in the worldwide market in the most serious rate. This is the motivation behind why India has been a most loved goal for re-appropriating also. Numerous worldwide IT monsters additionally have their seaward improvement habitats in India. a portion of the top Indian programming organizations can be recorded as: †¢Tata Consultancy Services †¢Wipro Limited †¢Infosys HCL Technologies †¢Tech Mahindra †¢Patni Computer Systems †¢i-flex Solutions †¢MphasiS †¢LT Infotech †¢IBM India 4. IT Outsourcing in India according to NASSCOM, IT sends out in business process re-appropriating (BPO) administrations achieved incomes of US$ 48 billion in FY 2008-09 and represented over 77% of the whole programming and administrations salary. Throughout the years India has been th e most ideal redistributing center point for firm on a post to seaward their IT activities. The elements behind India being a favored goal are its sensibly valued work, positive business feeling and accessibility of master workforce.Considering its raising development, IBM has plans to expand its business procedure redistributing (BPO) works in India other than utilizing 5,000 workforces to help its development. 5. Pharmaceutical Industry Trends †¢The pharma industry by and large develops at around 1. 5-1. multiple times the Gross Domestic Product development †¢Globally, India positions third regarding fabricating pharma items by volume †¢The Indian pharmaceutical industry is relied upon to develop at a pace of 9. 9 % till 2010 and after that 9. 5 % till 2015 There are a few national and universal pharmaceutical organizations that work in India.Most of the country’s necessities for pharmaceutical items are met by these organizations. Some of them are quickly portrayed underneath: †¢Ranbaxy Laboratories Limited is the greatest pharmaceutical assembling organization in India. The organization is positioned at the eighth situation among the worldwide conventional . Ranbaxy Laboratories 2009-2010 Q3 Net Profit Results indicated a benefit of Rs 116. 6 crore when contrasted with Rs 394. 5 crore shortfall, recorded during the relating time frame last financial. †¢Dr. Reddy’s Laboratories fabricates and advertises a wide scope of pharmaceuticals both in India and abroad.Dr. Reddy’s Q1 FY10 result shows the incomes of the organization at Rs. 18,189 million which is up by 21%. †¢Cipla is an Indian pharmaceutical organization famous for the assembling of ease enemies of AIDS drugs. For the budgetary year 2008-09 the organization enrolled an expansion of 22% in deals and other pay over the earlier year. †¢Nicholas Piramal is the second biggest pharmaceutical medicinal services organization in India. You read Job of Value Creation in the Indian Industry in class Papers †¢Zydus Cadila otherwise called Cadila Healthcare is an Indian pharmaceutical organization situated in Gujarat. The company’s 1QFY2010 outcomes show the net deals at Rs880. cr which is higher than the evaluated Rs773cr. The net benefit was Rs124. 8cr which was increment of 39%; the expansion was by virtue of higher deals and improvement in the OPM. Exploration METHODOLOGY The informational collection for the investigation was gathered from the CMIE ability database. The accompanying five industry segments were picked for the examination. * Telecommunication, Information innovation, Automobiles, Software, pharmaceutical ventures. Other than essential information, the examination utilizing auxiliary information that accumulates by inside and outer information from the example of the study.The information additionally can be acquire from sites, flyers, books, magazines, release, paper cutting, distributed diary, government distribution and contextual analysis. The information assortment and investigation clears route for the proposal advertisement finish of the examination that uncovers some significant discoveries with respect to the methodology and corporate structure. RESULTS: While fast financial exchange development is broadly credited to a worldwide liquidity overabundance and re-rating of Indian stocks, our examination shows that remarkable execution in business basics †deals and benefit †development has been the transcendent drive r of this terrific worth creation in India.Automobile industry The figures show that the car segment in India has been developing vigorously. The pieces of the pie of the various kinds of vehicles will plainly portray the interest design in this segment. Local Market Share for 2008-09 Passenger Vehicles15. 96% Commercial Vehicles 3. 95% Three Wheelers 3. 6% Two Wheelers 76. 49% Communication industry With the deluge of new telecom monsters in Indian market, the ventures are probably going to increase huge force: †¢Investment of USD 6 bn by Vodafone Essar for the following 3 monetary years so as to extend its rundown of phone supporters of 100 million against the current 40 million. By 2010, Reliance Communications (RCom) is hoping to build the complete number of telecom towers by developing 56,596 telecom towers and accomplishing the preset objective of 100,000. †¢Telenor, Norway based telecom monster has bought 7% of offers in Unitech Wireless and now has 67. 25% by acquiring a speculation of USD 431. 70 million †¢Indian government possessed telecom player, BSNL will contribute USD1. 17 billion in its WiMax conspire †¢A proposition of outside direct venture worth USD 660. million by Federal Agency for State Property Management of the Russian Federation has been as of late endorsed by the Indian government. The Agency would get 20% stake in Sistema-Shyam in the wake of getting the speculation. †¢A USD 1 billion venture will be gotten by Tata Teleservices in its recently presented GSM office Tata DoCoMo. IT Outsourcing

Public Health in 1665 Essay Example For Students

General Health in 1665 Essay Ring around a roses, A pocket brimming with Poses, A tissue! A tissue! We as a whole tumble down! Indeed, even today, youngsters honestly serenade this old nursery rhyme, bringing the well-known adage into the real world, Ignorance is Bliss. Its spooky, to imagine that this old rhyme in certainty gives an ideal depiction of one of Europes most exceedingly awful bad dreams, the Great Plague. Numerous individuals overlook the repulsions of the Plague, and when they do recall and consider it, Public heath is seldom a factor that has a major influence when individuals begin to thoroughly consider things. There were many general wellbeing measures in 1665 the hour of the plague. Nonetheless, what number of these measures worked? A significant truth to recall is that in those occasions, suppositions and activities were either founded on or accused on religion and strange notion. For instance, individuals began walking the nation over, rebuffing themselves on the premise that the plague was the aftereffect of all of keeps an eye on transgression, while attempting to convince individuals of their motivation. Likewise, charms were utilized by certain societies, for example, the Abra Kadabra beguile, which was either cut, or worn as defensive adornments to avoid the underhanded spirits causing the plague. It seemed to be like the picture underneath. A B R A K A D A B R A B R A K A D A B R R A K A D A B A K A D A K A D A One measure they had was that of the red cross. This is the place they would paint a red cross on the entryways of individuals who were determined to have the plague. I figure this would have worked on the grounds that it would tell individuals who had the plague, so they could abstain from becoming sick themselves. A law was made, saying that once somebody was sick with the plague they were to remain in their home. Any individual who happened to live in a similar house as the sad soul was likewise secured, with dread that they could spread the ailment. Poor people were not permitted to ponder the avenues at whenever, and were executed promptly for doing as such without a given explanation. These, albeit reasonable thoughts (aside from the execution..) would not contribute towards general wellbeing, as the ailment was not infectious in the human network. It was in certainty passed on from insects living on dark rodents, however this information had not yet been created. On the off chance that somebody was chomped by this bug, at that point their future from that second would be between 23-29 days. Inspectors were named by individuals of high clinical power. It would be their assignment of going around England, verifying who had the plague, and guaranteeing that the right requests were being satisfied by the town. I imagine this would have assisted with making things increasingly sorted out, which in general would have a major effect, since individuals would know about which towns to stay away from. Anyway negative my perspectives on the Public Health circumstance in 1665 may sound, I would abhor for anyone to get the possibility that the clinical methodology and logical techniques were totally futile. Albeit extremely severe with laws, wrongdoing and discipline, the administration invested wholeheartedly in being sorted out. They took this to the point of looking through bodies, obviously to guarantee everybody was dead before internment. One trick is that they were in established truth searching for resources that could be valuable, or, more than likely sold for an incredible benefit. Regardless of their unexpected purposeful publicity, numerous residents were covered alive, just in light of the fact that there was no known solution for the ailment. Presently, during the time spent this, the bodies were checked, and exact records were taken of the plague casualties. This was compelling in positive manners, since it urged the legislature to be progressively effective when it came to insights. .u6619944b86afb9b4ebf5dbb3e66ac879 , .u6619944b86afb9b4ebf5dbb3e66ac879 .postImageUrl , .u6619944b86afb9b4ebf5dbb3e66ac879 .focused content zone { min-tallness: 80px; position: relative; } .u6619944b86afb9b4ebf5dbb3e66ac879 , .u6619944b86afb9b4ebf5dbb3e66ac879:hover , .u6619944b86afb9b4ebf5dbb3e66ac879:visited , .u6619944b86afb9b4ebf5dbb3e66ac879:active { border:0!important; } .u6619944b86afb9b4ebf5dbb3e66ac879 .clearfix:after { content: ; show: table; clear: both; } .u6619944b86afb9b4ebf5dbb3e66ac879 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; haziness: 1; change: darkness 250ms; webkit-change: murkiness 250ms; foundation shading: #95A5A6; } .u6619944b86afb9b4ebf5dbb3e66ac879:active , .u6619944b86afb9b4ebf5dbb3e66ac879:hover { obscurity: 1; change: mistiness 250ms; webkit-change: murkiness 250ms; foundation shading: #2C3E50; } .u6619944b86afb9b4ebf5dbb3e66ac879 .focused content region { width: 100%; position: relative; } .u6619944b86afb9b4ebf5dbb3e66ac879 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content improvement: underline; } .u6619944b86afb9b4ebf5dbb3e66ac879 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u6619944b86afb9b4ebf5dbb3e66ac879 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; outskirt range: 3px; box-shadow: none; text dimension: 14px; text style weight: intense; line-stature: 26px; moz-outskirt sweep: 3px; content adjust: focus; content enhancement: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u6619944b86afb9b4ebf5dbb3e66ac879:hover .ctaButton { foundation shading: #34495E!important; } .u6619944b 86afb9b4ebf5dbb3e66ac879 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u6619944b86afb9b4ebf5dbb3e66ac879-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u6619944b86afb9b4ebf5dbb3e66ac879:after { content: ; show: square; clear: both; } READ: True Brand Loyalty EssayAll on the whole, the general wellbeing measures in real life all through the plague accomplished to be sure work, and were powerful in both positive and negative ways. .

Ready, Set, Cook! How To Publish Your Cookbook

Ready, Set, Cook! How To Publish Your Cookbook Do you have several signature recipes that your friends and family beg for? Is your dish the one everyone raves about at family gatherings and holiday celebrations? If so, and if cooking is your passion, publishing a cookbook is the next logical stepâ€"particularly if you have a knack for writing, as well.But where do you begin?You begin by focusing on the best way to share your creativity and knowledge with other cooks who want to wow their families just like you do. Once you have that focus and are ready to start writing, here are the steps to follow if your dream is to publish a cookbook:Decide on the category and what youll offer your readersIf you happen to be a celebrity chef ready to publish a cookbook, this part is easy: chefs who have gained popularity, whether regionally or nationally, have a ready-made audience likely biting at the bit for a cookbook.Photo by Nick Karvounis on UnsplashHowever, if your notoriety is somewhere beneath celebrity chef status, youll need to take the time to really nail down the category and niche appeal you can add to the market. Without taking the time to do this, youll risk creating a cookbook that doesnt have much appeal to an audience (either because the market is oversaturated or you are not offering anything unique as a writer).The best market research you can do while preparing to write and publish a cookbook is on Amazons categories list. Under the general category Cookbooks, Food Wine youll find the following sub-categories:Asian CookingBakingBeverages WineCanning PreservingCelebrities TV ShowsComfort FoodCooking Education ReferenceCooking MethodsCooking by IngredientDessertsEntertaining HolidaysItalian CookingKitchen AppliancesMain Courses Side DishesOutdoor CookingProfessional CookingQuick EasyRegional InternationalSpecial DietU.S. CookingVegetarian VeganThis list is a great way to narrow down what youd like to do in creating a cookbook that is unique, engaging, and informative. Browse through the cate gories and glance at the summaries of the different types of cookbooks that are published. Pay attention to the rank in sales each book has achieved on Amazon, and if youre undecided between several potential categoriesâ€"make life easier for yourself and choose the one that shows the highest sales rating.If youre hoping to publish your cookbook through traditional publishers, here are a few questions theyll want you to answer in your pitch:How does this cookbook fill a gap in the market?How are you uniquely qualified to write it?Do you offer any valuable insights that are not widely known?By the end of this process, you should have enough information to continue to the next phase of writing a best-selling cookbook: Create a one-paragraph elevator pitch.Create your one-paragraph elevator pitchIn sales and marketing, the elevator pitch is a 30-second description of what youre selling. Since most elevator rides last 20 to 30 seconds, an elevator pitch needs to capture your audiences a ttention with minimal words. Basicallyâ€"be concise, be passionate, and make them want to know more.For example, lets say I want to publish a cookbook that contains canning and preserving recipes my grandmothers passed down to me. A great elevator pitch would be something like this:Preserving the Past is a cookbook for people who love recipes passed down through generations. It contains 50 canning and preserving recipes, ranging from apple butter to hot pepper relish to marinara sauce. Heart-healthy and diabetic friendly alternatives are included, and each recipe is followed by my recollections of working in the kitchen to prepare these recipes with my aunts and grandmothers.Photo by Maarten van den Heuvel on UnsplashNow for the fun partâ€"recipesMost cooks know the format of a recipe: Ingredients list and preparation instructions. However, the details that are included can mean the difference between a recipe that is easy to follow and one that frustrates readers.This is one reason why cooking tradition passed down through generations is so easy to remember. If you watched your grandmother make a dish over and overâ€"even helped her make it, at pointsâ€"you likely have the steps burned into your memory. Seeing the process makes it much easier to understand compared to only reading about the process.Another point to consider when you are writing out your recipes is that some of your readers might be on a diet plan, and need to know the serving size and nutritional information of the dish. Websites like SparkRecipes.com offer an easy-to-use calculator to determine the nutritional value of the recipe based on the ingredients and serving size. If you include this additional information, you should mention it in your elevator pitch, since it is a selling point.IngredientsBefore I discuss tips for writing your recipe ingredients, lets look at current food trends. An article published on Food Navigator notes that there is increasing awareness of the connections betw een diet, aging, and health. Heart disease, cancer, kidney stones, diabetesâ€"the list of health problems caused by diet is extensive.Considering that many people are battling these health issues, there is an eager audience for cookbooks promising health-conscious dishes. If you can boast health-conscious dishes that dont sacrifice flavor, youre steps ahead of the competition already.With this in mind, if there is a way you can adapt your ingredients to healthier alternativesâ€"do it. When youre in the elevator pitch stages, you can use trendy buzzwords like organic or healthier alternative or gluten free to get the attention of publishers.Photo by Gaelle Marcel on UnsplashBeyond considering health-conscious alternatives, here are a few tips for creating your ingredients list:List the ingredients in the order they will be used.Offer substitutes for ingredients that might be hard to find, or that are mainly found in certain regions.Be specific (for example, specify red, white, or yel low onion).Note the optimal size of the mixing bowl, food processor, or other cookware that is to be used.If ingredients are to be mixed in a certain order, note it and list them in the correct order.Preparation instructionsHere are some rules to follow when writing your recipes preparation instructions:Use short sentences and include cooking times, as well as how cooking times could differ at high altitude or in different dishes (for example, glass vs. metal).Explain each step in a logical manner. For example, if the oven needs to be preheated, note that. Or if brining the night before is required, that should be listed first in the preparation instructions.Explain what the correct consistency of the dish should be at each stage of the cooking process (for example, its consistency while mixing vs. its consistency when done).Note which cookware is best for the recipe. If a glass dish is best for cooking, inform your audience of that, along with which size pan or dish should be used. If the recipe contains different components of the dish (for example, a chocolate cake with glazed icing), you need to write the preparation instructions separately.For recipes with multiple components, use logic. If the icing needs to go on the cake once the cake has cooled, then write the preparation instructions for the cake first and the icing next. This insinuates to your reader that they can start the icing component after the cake component is placed in the oven for cooking.Get amazing photographsIf youve ever seen a photo of a mouthwatering dish and your stomach rumbles in response, then you understand the aesthetics and marketing value of food photography for your cookbook. Recipes that contain photos, especially photos of each stage in the preparation/cooking process are not only more appealingâ€"they make it easier for your readers to know what to expect.Photo by Christine Siracusa on UnsplashEven if you dont consider yourself to be a photographer, there are a few tricks to getting amazing photographs of your prepared dishes:Use natural lightingTaking a shot near a window at daylight will give you much better results than shooting at night with artificial lights.Use depth of fieldDepth of field is an expression used in photography to note the distance between foreground objects and background objects. When the background is blurry, the foreground seems closer, and is the focus of the shot. Without depth of field, objects in the background will appear too close to the dish, drawing focus away from it.Most modern smartphones now offer this feature and most digital cameras allow you to manually adjust the depth of field. If youre not sure how to make that happen, this article is a great resource for guiding you through the camera settings.Take shots of different stages in the preparation processSince cooking enthusiasts will be buying your book to prepare the recipes on their own, make sure the steps are simple to follow. One way to do this is to take shots at multiple stages of the preparation process. A photo would be especially useful to your reader if a certain step in the preparation stage could cause confusion.One final noteWhile your recipes are important, keep in mind that your story is also part of what attracts audiences. Being personable, open, and entertaining in your introductions and/or interludes between recipes will endear your readers to you as a chef. Since you, as an individual, are unique, making the recipes part of your personal story will produce a cookbook that stands apart from all the others.

The War Of The Vietnam War - 2247 Words

â€Å"I was persuaded then, and I remain persuaded now, that the war was wrong. And since it was wrong and since people were dying as a result of it, it was evil(O Brien 272).† Tim O Briens If I Die in a Combat Zone is based in the Vietnam war with the main character being Tim O Brien. He explains what it was like to be drafted into the war and the hardships that he went through fighting the Vietcong. The changes that happened before his eyes to people he was fighting with being turned into a deranged person. He describes the fears that the soldiers had of bouncing betties and the people hiding waiting to attack the moment they go to sleep. The Vietnam started in 1955 and ended in 1975 with a total body count of a million people killed†¦show more content†¦The overall weighted prevalence of a positive screen for PTSD in the population was 13.5%. Stratified analyses by deployment status resulted in a prevalence of a positive screen for PTSD of 15.7% in OEF/OIF veter ans and 10.9% in non deployed veterans (Table 2). For all subgroups, the prevalence of a positive screen for PTSD in OEF/OIF veterans was higher than the non deployed veterans. The highest prevalence in both OEF/OIF and non deployed veterans was among VA health care users and veterans who served on active duty. Sixteen percent of OEF/OIF deployed males screened positive for PTSD, whereas 10.5% of non deployed males screened positive. The percentage in the non deployed group. Those more likely to have a positive screen for PTSD in both the OEF/OIF and non deployed groups were Army and active duty veterans (Dursa). PTSD even happened when they were not in the battle zone. This is not just singled to the people in war but also the people who contract PTSD just by seeing someone die on the operating table in front of them. The study seemed to only be on males from the results and the chances of them having PTSD is still pretty high. This is considering how many people have been in war. Hochgesang wrote in the article The Psychological Effects of the Vietnam War that the soldiers in Vietnam mood changed toward the war dramatically. During the war, the main factor that affected the adjustments made by American soldiers and their attitudes was the DEROS

Things You Should Know About General Ielts Essay Topics with Answers

Things You Should Know About General Ielts Essay Topics with Answers The Meaning of General Ielts Essay Topics with Answers Expert writers behind such a company may provide all the essential help to the students. More research should be done before picking a specific supplier. You don't need to be an expert grammarian. You don't have to be an expert grammarian. Simply complete the form at the base of the page to post the essay question and it'll then be posted below. Before you commence writing, you must make an outline. As soon as you have finished the point of view, please don't try and make any more contrasting viewpoint in the identical paragraph because it will influence the coherence and flow of the essay. Writing sections, it's very essential for you in the event you write your own words. If you're writing an opinion essay, make certain you can determine either side of the problem. An excellent balance of simple and intricate sentences is utilized to develop an argument. Initially, you'd be provided a particular topic to talk about which would wind up getting a tougher interview vogue query. Try out this opinion essay question about the price of space exploration. The Pain of General Ielts Essay Topics with Answers Additionally, the memory of test-takers might not be reliable. The center ought to be conveniently located and the timings ought to be such that you can extract maximum from the course without unnecessary stress which might have adverse consequences. These steps would help you to get ready for the test in a more systematic and effective method. The Battle Over General Ielts Essay Topics with Answers and How to Win It IELTS is among the globally acclaimed tests and is recommended for global migration across the planet. So many men and women think IE LTS Exam is valid only in the united kingdom or Australia and, as an example, it's not valid in the united states, New Zealand, etc.. The preparation for IELTS is time consuming and requires plenty of practice besides good vocabulary and speaking abilities. Preparation for the PTE exam has to be completed in advance to get a superior score to qualify for a visa or maybe to study abroad. Any portion of the Listening exam may have a tricky question. When you prepare for the Reading section, it is best for you whether you read an excessive amount of context in English. Attend Demo class before you want to join. Writing test is just one of the most troublesome tests to score an 8 band. If you wish to discuss general things you do regularly, then you will need the current simple. To start with, if you get an excellent deal of money there's no true reason to go out to work or to strive for anything. Occasionally it can be in the very first part. Think of examples of the situations you mention instead of locating a way to explain them. On the flip side, people with a bad comprehension of English may take more time. The second lot, that have a knack for the language and have a tendency to fall back on the folks sharing the very same passion. Also, make certain to check at the word in a sentence to be conscious of the way it relates to other words. It is likewise very important to review words regularly. The Honest to Goodness Truth on General Ielts Essay Topics with Answers Many museums opt to have educational foreign exhibitions of important political and societal issues, which might be more informative than the media. The very first rationale is that the literature of their house country could possibly be too boring, making learning extremely frustrating. In addition, the literature of different countries exposes students to a number of distinct cultures, so studying it helps broaden their knowledge about other sections of the world.

Agency cost and ownership structure in aim traded companies Free Essays

Introduction The aim of this chapter is to explain and discuss a number of prior researches that have been developed in relation with agency cost. The literatures are grouped into four parts based on their different research area. The first part gives the overview of Alternative Investment Market (AIM). We will write a custom essay sample on Agency cost and ownership structure in aim traded companies or any similar topic only for you Order Now Subsequently, the issue of corporate governance in AIM companies will be discussed. The next part will focus on the causes of agency problem. Both direct and indirect measurement of agency cost, include asset utilisation, operating expense and the firm’s performance, will be detailed analysed in the final part. Overview of Alternative Investment Market Alternative Investment Market (AIM) is the world’s leading market for smaller and growing companies. It helps them to raise new capital and allowing their shares to be traded widely. Since it was launched in 1995, over 3000 companies from across the world have joined AIM and a large proportion of them are in oil and gas industry. Its admission requirement and on-going rules are less onerous. For example, there is no requirement on prior trading, minimum public float or market capitalization. In fact, to be admitted to AIM, a firm is only required to have the support from a nominated advisor (Nomad). Subsequently, the only disclosure obligation for the firm is the general duty of disclosure requiring information which is reasonably considered to be necessary by the issuer which will enable investors to have a full understanding of the applicant’s financial position. AIM membership roles were thus kept simpler for encouraging a wide variety of companies to join, keeping c apital rising and reducing membership cost. However, a SEC commissioner, Roel Campos likened AIM as a casino, and he stated that 30% of the issuers that list on AIM are gone within one year (Bawden Waller, 2007). This comment has aroused great amount of abjections and London Stock Exchange (LSE) claimed that the only 2% companies go into liquidation each year. Corporate governance in AIM companies AIM is crucial for investor’s confidence to the market and companies’ significant failures on AIM market would have a negative effect on the overall confidence in the UK market. A consequence of the deliberately light regulatory burden placed in AIM companies means that they are not obliged to abide the UK’s Combined Code (2006). However, based on the UK’s Combined Code, the Guidelines on the Quoted Corporate Governance for AIM companies have been produced by Companies Alliance (QCA). According to the wide range of interviews and detailed analysis of the corporate governance statements in the annual report and accounts, Mallin and Kean (2008) found the majority of their sample AIM companies disclose some basic elements of good governance practice, such as including a corporate statement, identifying the directors and their responsibilities, and splitting the role of chairman and the CEO, and the presence of board sub-committees. However, their sample of AI M companies did not disclose as much corporate governance practice as they were expected by the QCA Guidelines’ recommendations. Some interesting results were given by the regression of the firm and market related factors on the disclosure score. Firstly, the young AIM companies tend to disclose more of their governance practices than the older ones. Secondly, larger companies disclose more than smaller ones. Thirdly, by the presence of the institutional investors has influence on the disclosure levels. Subsequently, the higher gearing ratio of the company, the lower disclosure level there will be. It also suggested that the AIM companies with no long-term debt may be required better governance structures to protect the claims of equity investors, because there are no debt holders to monitor the companies. In addition, the board size has positive impact on the reporting of governance practice and the companies with small board are less likely to obey to the QCA Guidelines. Th erefore, the efficiency of corporate governance in AIM companies is related to the age of companies, size, gearing ratio, debt, as well as board size. The causes of agency problem When discussing the ownership of an organization, ‘agency problem’ is an inevitable vocabulary. According to Jensen and Meckling (1976), the agency relationship is defined as a contract between the principal(s) and the agent who is given some decision making authority to run the firm on the behalf of principal(s). In fact, for majority of companies, both agent and principals are utility maximizes. Consequently, the agent will not always act in the interest of principal. To mitigate the conflict in interest between both parties is a big issue in corporate governance. Besides establishing appropriate incentives for the agent, monitoring cost will be designed to limit the aberrant activities of the agent. In some situations, the agent needs to pay to expend resources (bonding costs) to guarantee he/she will not take the actions that will harm the principal’s interest or to ensure that the principal will be compensated if the agent does take such actions. Additionally, there will be some divergence between the agent’s decisions and those decisions which would maximize the principal’s welfare. The reduction in the principal’s welfare caused by thus divergence is also a cost of agency relationship which is referred by Jensen et al. (1976) as ‘residual loss’. They also stated that the costs of deviation from value-maximization decline as the management ownership rises. As their stakes rise, managers pay a larger part of these costs and are less likely to squander corporate wealth. However, limited direct evidence exists on the magnitude and extent of the actual costs with the agency problem. The measurement of agency cost Direct measurement Ang et al. (2000) analyzed the how agency cost is affected by the firm’s ownership structure, number of outsider managers and non-manger shareholders and external monitoring by banks. They measured firm’s agency cost with two measures, sales to asset ratio and expense to sales ratio. They argued that agency cost can be directly measured by assets-to-sales ratio as it measures the efficiency with which management uses the firm’s assets to generate sales. A high ratio reflects that the assets are generating significant sales and therefore indicates low agency cost. Conversely, a low ratio shows that manager makes poor investment decisions, exerts insufficient effort, resulting in low revenues, and consumes excessive unproductive assets, such as automobiles, fancy office space and resort properties. The expense ratio is the operating expense scaled by annual sales. It is a measure of how effectively the firm’s manager controls operating cost, including excess ive perquisite consumption and other direct agency cost. In contrast to the sales-to-asset ratio, agency cost is in line with the expense ratio. Banks usually require managers to report results regularly and honestly; consequently, managers may be forced to run the business efficiently. Thus, bank monitoring complements the monitoring of managers by shareholders, thereby reducing owner-manager agency cost indirectly. Ang et al. (2000) utilized a sample of 1708 small corporate from the National Survey of Small Business Finances (NSSBF) database and found agency costs are significantly higher when an outside manager manages the firm and when there are more non-manager shareholders. In this situation, managers’ ownership share and monitoring by banks may be a helpful corporate control mechanism that can decrease agency costs. Singh and Davidson (2003) adopted the approach used by Ang, Cole, and Lin to study large firms and sales, general, and administrative expenses were applied to measure agency cost instead of total operating expenses. Moreover, they analysed the role of corporate leverage in influencing the agency cost experienced by the large corporations instead of the banking relationship because large firms have larger access to the public debt market and therefore less depend on bank financing. They found that higher managerial ownership does positively influence asset utilization efficiency which was in line with result of Ang, Cole, and Lin. However, excessive discretionary expenses cannot be decreased by such ownership. Additionally, larger board size and outside block ownership does not improve the efficiency of a large corporation. However, this measure has three potential drawbacks. As McKnight and Weir (2009) suggested, sales may not actually come from profitable activities so sales may not be consistent with shareholders welfare. Secondly, cash flows that generated by the sales may being expropriated instead of being distributed to shareholders. Thirdly, as Coles et al. (2005) stated, productivity can vary even between firms within the same industry. Generally speaking, Ang et al. (2000) and Singh and Davidson (2003) provided a useful indicator of agency costs. Jacky Yuk-Chow So (2005) noticed that in Ang, Cole, and Lin’s study, ownership variables and external monitoring variables are highly significant statistically when a single regression is applied. However, some of these variables, such as family ownership and a banking relationship become insignificant when they are regressors of the multiple regressions. Therefore, he focused on the combined effect of expense ratio and asset-to sale ratio to measure agency cost using the NSSBF database from 1993 survey. This combined effect was analysed using both internal and external control variables. Debt-to-asset ratio and ownership variables were applied to study the impact of internal corporate control and the firm’s relationship to its bank was as proxies for external corporate control. Additionally, a dummy variable was also employed to capture the industry effect. Jacky Yuk-Chow So proposed that, the ‘combined effect’ approach implies that cash flow is a more app ropriate measure of managerial performance since it captures not only efficiency, but also leverage, which is measured by the debt-to-asset ratio. The ordinary least squares (OLS) method and seemingly uncorrelated regression (SUR) were used to test his hypotheses and found out firms in manufacturing industry tend to have the highest agency cost; family ownership more appropriately resolves the agency problem; cash flow reflect the joint impact of agency cost and efficiency; agency cost increases when there are more non-shareholder managers; the number of banks involves and the length of the bank relationship do not have significant impact to the agency cost. Indirectly measurement Jensen (1986) paid attention to the conflicts of interest between shareholders and managers over payout policies when the organization generates large free cash flow, which is the cash flow in excess of that requires to fund all projects that have positive net present value when discounted at the relevant coat of capital. He stated that agency costs will increase when high free cash flows are combined with poor growth opportunities and hence large free cash flows suggest greater managerial discretion and higher agency costs. Therefore, motivating managers to disgorge the cash rather than investing in low-return project or wasting it on organization inefficiencies is a puzzle of many firms. This theory explains the benefits of debt in reducing agency cost of free cash flows and how debt can substitute for dividends. Managers may increase dividends or repurchase stock or even announce a ‘permanent’ increase in dividend to control the use of free cash flow. However, such pr omises are weak since the dividends can be reduced in the future. In fact, the organization will be punished if dividend is cut with significant stock price reduction is consistent with the agency of free cash flow. Debt enables managers effectively bond their promise to pay out future cash flows. Thus debt reduces the agency cost of free cash flow by reducing the cash flow available for spending at the discretion of managers and can be an effective substitute for dividends. The interaction of free cash flow and growth prospects are used to measure of agency cost in many previous literatures. Opler and Titman (1993) stated that firms that have good growth prospects are more likely to be better managed. They are also less likely to have excess free cash flows because the available cash will be spent on positive net present value projects. Thus, as Jenson (1986), Doukas, Kim, and Pantzalis (2000) argued, agency costs may be regarded as a function of the interaction of growth opportunities and free cash flow. Firms that combine high free cash flow and low growth prospects can be regarded as suffering from high agency costs. Therefore, control function of debt is more important in thus organizations. Acquisitions are one way in which funds can be spent by managers rather than distributed to shareholders. Free cash flow theory (Jensen, 1986) predicts acquisitions decrease, rather than increase, shareholder wealth, particularly from the perspective of the acquirer’s shareholders. There is a significant literature which is in consistent with this theory. Servaes (1991) and Houston, James and Ryngaert (2001) have found significant negative short run returns to acquirers. Agrawal, Jaffe Mandelker (1992) undertook a thorough analysis of the post-merger performance of acquiring firms, measured by the stock market performance of a large number of acquiring firms over a long period of time. They concluded there is a strong evidence of long term underperformance following merger and this result is supported by Kohers and Kohers (2001). Accounting studies such as Sharma and Ho (2002) also show poorer post-acquisition performance. Finally, the survey done by Kelly, Cook, and Spitzer (1999) provide evidence that 53% of acquisitions were believed to have destroyed value. Given the extensive evidence that indicates a lack of positive returns to acquiring firms’ shareholders, it can be concluded that acquisitions can represent agency costs as directors use funds on negative net present value projects. Demsetz (1983) recognized, when a manager owns a small stake, market discipline may still force him toward value maximization. In contrast, a manager who controls a substantial fraction of the firm’s equity may have enough voting power or influence more generally to guarantee his employment with the firm at an attractive salary. In this case, manager may indulge his preference for non-value-maximizing behaviour. This Entrenchment hypothesis predicts the agency may increase and corporate assets can be less valuable when managed by an individual free from checks on his control. Morck et al. (1988) investigated the relationship between management ownership and the market value of the firm which is measured by Tobin’s Q. They found that Tobin’s Q increases as the board ownership increases from 0% to 5%, declines as the ownership rises further to 25%, and then continues to rise slowly when the board ownership rises beyond 25%. The increase of Tobin’s Q with ownership can be explained the convergence of interests between managers and shareholders, while the decline reflects entrenchment of the management team. The results confirm the conclusion that imposing a linear relationship between profit and the ownership by large shareholders is not appropriate. They also found that the presence of the founding family adversely affects Tobin’s Q in older firms, where the entrepreneurial of the founder might be less valuable. Conclusion The perspective of the development of AIM is optimistic. Mitigating the agency cost is a core part in corporate governance. Based on previous study, agency costs are higher when an outside manager manages the firm and when there are more non-manager shareholders. Managers’ ownership share and monitoring by banks may be a helpful corporate control mechanism that can decrease agency costs. However, imposing a linear relationship between profit and the ownership by large shareholders is not appropriate. The decrease of free cash flow will also decrease the agency cost. References Agrawal, A., Jaffe, J.F. Mandelker, G.N., 1992. The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. Journal of Finance, 47, 1605-1621. Ang, J., Cole, R., Lin, J., 2000. Agency Costs and Ownership Structure. The Journal of Finance, 55(1), 81–106. Bawden, T. Waller, M., 2007. London vs. New York: top US regulator attacks AIM ‘casino’. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article1490202.ece (accessed: 14 Jan 2011). Coles, J., Lemmon, M., Mescke, J., 2005. Structural Models and Endogeneity in Corporate Finance: The link between managerial ownership and corporate performance. Arizona State University working paper. Demsete, H., 1983, The Structure of Ownership and the Theory of the Firm. Journal of Law and Economics, 26, 375-390. Doukas, J., Kim, C., Pantzalis, C., 2000. Security Analysts, Agency Costs, and Company Characteristics. Financial Analysts Journal, 56(6), 54–63. Houston, J., James, C., Ryngaert, M., 2001. Where do merger gains come fromBank mergers from the perspective of insiders and outsiders. Journal of Financial Economics, 60, 285–311. Jacky Yuk-Chow So, 2005. Agency Costs and Ownership Structure: Evidence from the Small Business Finance Survey Data Base. Texas AM International University working paper. Jensen, M., Meckling, W, 1976. Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360. Jensen, M. C., 1986. Agency Costs of Free Cash Flow, Corporate Finance and Takeovers. American Economics Review, 76, 323–339. Jensen, M. C., 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance, 43(3), 831–880. Kohers, N., Kohers, T., 2001. Takeovers of technology firms: Expectations vs. reality. Financial Management, 30, 35–54. Kelly, J., Cook, C., Spitzer, D., 1999. Unlocking Shareholder Value: The Keys to Success. New York: KPMG LLP. McKnight, P. J. Weir, C., 2009. Agency Costs, Corporate Governance Mechanisms and Ownership Structure in Large UK Publicly Quoted Companies: A Panel Data Analysis. The Quarterly Review of Economics and Finance, 49, 139–158. Opler, T., Titman, S., 1993. The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs. Journal of Finance, 48, 1985–1999. Servaes, H., 1991. Tobin’s Q and the gains from takeovers. Journal of Finance, 46, 409–41. Sharma, D., Ho, J., 2002. The Impact of Acquisitions on Operating Performance: Some Australian Evidence. Journal of Business Finance and Accounting, 29, 155–200. Singh, M., Davidson, W. A., 2003. Agency Costs, Ownership Structures and Corporate Governance Mechanisms. Journal of Banking and Finance, 27, 793–816. Morck, R., Shleifer, A. Vishny, R. W., 1988, Management Ownership and Market Valuation. Journal of Financial Economics, 20, 293-315. Mallin, C. Kean Ow-Yong, 2008. Corporate Governance in Alternative Investment Market. The Institute of Chartered Accountants of Scotland. How to cite Agency cost and ownership structure in aim traded companies, Essay examples

Travels of a T-Shirt Book Report free essay sample

Often, when we think of a t-shirt, not much consideration goes past throwing it on and walking out the door. We discover in The Travels of a T-Shirt in the Global Economy, author Pietra Rivoli conveys the story of a t-shirt she purchased in Florida for just $5. 99. Beginning with core element of the t-shirt, she describes the cotton boom in the United States and why we have reigned supreme as the leading cotton producer. She even meets with a Texan farmer who warms your heart from the very beginning of the chapter. Next, the cotton goes on to textile mills and factories, and Rivoli explains the history of the textile industry. With this lesson, she demonstrates how the textile industry boom was a leading contributor of the Industrial Revolution in many countries. From this point, we see the t-shirt waiting to be stitched together and awaiting its entrance into the global economy. We will write a custom essay sample on Travels of a T-Shirt Book Report or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Rivoli then outlines how the garment finally enters U. S. franchises through a labyrinth of politics, quotas, slave labor, and activism. After it is purchased, worn, and discarded it enters a completely new market the small entrepreneurial clothing market in Africa, which according to Rivoli, is the only true free market. She illustrates how underdeveloped countries finally catch a break by capitalizing on another country’s garbage, ending the t-shirt’s international journey. Fundamentally, this book forces you to ask yourself some very important questions about our history as a nation, the exploitation of slave and labor, and the state of free trade as a whole. Question 2: What is this book’s main idea? With this comprehensive, economical, and historical depiction, Rivoli sincerely strives to present why. She insists the reader knows why the international textile industry functions the way it does, and shines a revealing light on the truth by conveying the good, the not-so-good, and especially the ugly. It is clear that Rivoli is striving to educate about global economics and allows for the reader to formulate their own conclusion about the industry. Her writing style takes into consideration those with very little economic awareness and fluidly phrases things into laymans terms. She is able to expand on the most complex ideas, such as quotas and tariffs in the textile industry, and still paint a complete picture in the mind of the reader. The relevance of this book can be measured by its ability to speak to the everyday individual, who may or may not know anything about economics, and plant the seed toward global economic education. It provides a keen social awareness to people who may or may not ordinarily care about international economics and can have an eye-opening effect toward what really happens in the textile industry. Rivoli also raises some substantial points about free trade and protectionism. After the facts are presented, she identifies that most of these alleged free markets aren’t actually free at all. She explains that quotas, political relationships, and labor issues make these markets restricted from being completely free. She writes a story of the wealth enhancing possibilities of globalization in some settings but a ‘cant win trap in others, a trap where power imbalances and poorly functioning politics and markets seem to doom the economic future. Question 3: Is the author arguing for free trade or protectionism? Explain. Rivoli is not making an argument for either side of protectionism or free trade. Of course, as an avid economist, Rivoli advocates free trade, as do all of her peers and colleagues unanimously. Nevertheless, she does not lean toward either side, but instead demonstrates that both sides can inadvertently stimulate economic development. She supplies us with an in-depth history of the protectionism of textiles in the United States up until the Multi-fiber Arrangement expired in 2005. She further emphasises the convolution, and even the ridiculousness, of the quotas, tariffs, and other restrictions that political lobbyists and U. S. manufacturers have enforced to protect the textile industry. Rivoli reveals that the t-shirt doesn’t enter into a free market until it becomes a discarded â€Å"castoff† and ends up in Salvation Army bin postmarked for Africa: America’s castoffs have customers the world over and clothing thrown away by Americans forms the backbone of a highly successful global industry. She argues, the policies of free markets are demanding that the American textile industry realize that international competitors from low-cost labor countries able to produce cheaper clothing, are forcing them to reconsider business strategies. She also points out that protectionism and lobbying has provided life to the American textile industry â€Å"only by unnatural acts of life support†. Moreover, Rivoli presents that most measures of protectionism have actually hindered American industries for the future. Question 4: According to Rivoli, what is the role of politics in international trade? The role of politics is very important within international trade. From the cotton slaves in the nineteenth-century, to the present crop insurance and subsidies paid by the taxpayer, cotton farmers of America have discovered a myriad of ways to escape the fires of the labor market. Primarily in China, freedom of movement is restricted internally to accomplish a parallel end result. Protectionism creates worldwide employment for the officials and bureaucrats administering the quotas, but simply delays the loss of lower-ranking jobs in the textile industry. Concurrently, it increases the price consumers pay for clothing and squelches textile manufacturing innovations in America. The cost of downstream industries increases and enhances foreign financiers who trade in quotas to determine market value. This tarnishes the efforts of freer trade in the United States with hypocrisy. Rivoli establishes the means behind the inefficiencies as the billions of dollars in costs are widely spread out, but the benefits are highly condensed. Rivoli touches briefly on the protection of property rights and insufficient rule of law in many countries. Furthermore, she suggests that the dilemma in underdeveloped countries is not the â€Å"cruelty of market forces†, but primarily an issue of politics. Since trade in used clothing is not as widely publicized as textile trade, this has given countries a leg up in improving their situation over the dominating economies. Question 5: What was the most intriguing idea or analysis you found in this book? The main point Rivoli derives from her t-shirt encounters is that the free markets aren’t as free as the name would suggest. Her findings about the restrictions, quotas, and politics of free trade made me realize it isn’t free at all. I liked that Rivoli allows the reader to come to this conclusion on their own and doesn’t bludgeon the facts with biased opinions. While reading this book, it was difficult for me to weigh the pros and cons of things like child labor and slavery. I found Rivoli’s optimistic outlook toward making the best out of terrible situations to be refreshing. By carefully interpreting the costs and benefits, I can see now that some of these sacrifices were worth it in the long run to enhance the industry. While providing an extensive history lesson about cotton, the politics of free trade, and worldwide Industrial Revolutions, I felt she may have left out a solid chunk of details about China. The details she included began with China’s Cultural Revolution but not much is offered before that. Since China is such a powerhouse in the global market, I would like to have encountered a stronger back-story. Overall, this book was educational and opened my eyes to how global trade really works. Not only did I gain a basic knowledge about the global economy as a whole, but I learned what a free trade market really means. Above all, Rivoli forced me to ask myself some very important questions about the history of cotton and the textile industry, the exploitation of labor and struggling underdeveloped countries, and the state of free trade on an international scale.