The Rotten Apple Essay -- Self Identity Stereotypes Stereotyping Essay

The Rotten Apple My mom has always told me, "If you're ever going to get anywhere in life, you have to make good first impressions!". I'll spare you the details about the hell holes I'd live in and the dead-end jobs described by my mom if I did otherwise. Not a lot of people would think this is a big deal. I mean, making a good first impression is one of the first things parents should be telling their kids to do right? I, however, get the lecture a lot when I was a kid. Heck, my mom called me last night to give me my fix. I seem to be unable to make any sort of good impression with lots of people. This is especially true with teachers. You had no idea the pain I went through trying to look for a teacher who liked me to write my recommendation. I'm not complaining though. I make no effort in trying to leave a good first impression, nor do I ever care for the first impression someone leaves after meeting me. What is a first impression anyway? It is probably the judgement a person makes on another based on the way he or she talks and acts in the first meeting. But in a lot of cases, first impressions are made based on the stereotypes, especially racial ones, that person fit in. "Wow, you must be really smart.". For most people, this is usually meant as a compliment. And I would take that comment as a compliment, if I had, for example, shown whoever said it the proof to a complicated math problem. But when given the comment the first time I meet someone, it means something completely different to me. It means they forgot to say "because you're Chinese". "Oh, stop complaining! You're in a good stereotype!" is the general response I get when I talk about this with my friends or people in general. That’s about when we would... ...identifies with a stereotype, he is losing a part of his self to the masses. He then tends to act or behave accordingly, based on what the stereotype demands of him. He asks himself, â€Å"What am I supposed to do?† as opposed to â€Å"What do I want to do?†. That â€Å"want†, I think, is the one answer of how to destroy the concept of stereotype. Still, I find it very ironic that, in a country found on the preservation of individuality and equality, there can be such problems associated with stereotyping and double standards. Perhaps, as a country, we are losing sight of the importance and mystique of the individual. Perhaps we are becoming too lazy and impersonal to understand each other for the human that we are, and not just some vague generalization. I am not a nerd, Americanized Chinese immigrant, Weezer-maniac, rebelling teen, overachiever, or crazed sports fan. I am Wang.

Suffering in Charles Dickens Oliver Twist and James Watsons Talking in Whispers :: English Literature

Suffering in Charles Dickens' 'Oliver Twist' and James Watson's 'Talking in Whispers' I am going to explore the ways in which human suffering is portrayed in Charles Dickens' 'Oliver Twist' and James Watson's 'Talking in Whispers'. I am also going to explore the ways in which sympathy is created for the characters Oliver Twist and Andres Larreta. With consideration of Oliver Twist's and Andres Larreta's suffering I am going to see if they can be considered as heroes. I am going to do all of this by analysing areas of the novels, 'Oliver Twist' and 'Talking in Whispers'. Oliver Twist and Andres Larreta both experience a great deal of suffering. They experience physical, emotional and mental suffering. The societies in which they are a part of also suffer. The suffering of society in both novels 'Oliver Twist' and 'Talking in Whispers' are caused by the authorities. However, the society in 'Talking in Whispers' seems to be much bigger than the society that comes across in 'Oliver Twist'. I think this is because 'Oliver Twist' is mainly about the life of Oliver Twist and how he reunites with some of his relatives, whereas 'Talking in Whispers' mainly focuses on Andres Larreta's life and Chile under dictatorship. It also has lots of information about the Chileans as a whole. Both character's Andres Larreta and Oliver Twist possess heroic qualities. I believe they are both heroes for surviving the suffering they had received. Oliver Twist and Andres Larreta both experience physical and emotional suffering. Oliver Twist is a young child, below the age of 10 years. He experiences a great deal of physical suffering. Oliver experiences abuse at the workhouse. He was very poor and had little food, which made him hungry. He had to work to stay alive. Although his work only earned him just about enough to survive. "The hungry and destitute situation of the infant orphan was duly reported by the workhouse authorities." The author Charles Dickens states that Oliver is hungry and is in a poor situation. Another instance of physical suffering Oliver experiences, is the beating he receives after he has a fight with Noah. "Oliver's clothes had been torn in the beating he had received; his face was bruised and scratched; and his hair scattered over his forehead." Dickens describes his condition and implies to the reader that his beating was rough, violent and severe. He makes the reader sympathise with Oliver. Not only is this physical suffering for Oliver, but for a child as young as Oliver it is also emotional suffering. It leads him to believe nobody cares for him and that he is

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

Pain Management

PAIN MANAGEMENT WITH THE CORRECT TOOLS Lorin Fernandez TESC Health Assessment NUR-416 Dr. Pamela S. Card February 24, 2013 Introduction Cancer patients, end of life patients, patients with chronic diseases, and patients with a simple complaint of pain are all entitled to the best pain management available for their specific needs. This topic is of particularly important for nursing professionals who need to have the knowledge to adequately assess and manage a patient’s pain with the correct tools in the various clinical settings.Pain is not one dimensional; author Hughes presents a detailed article describing all three chronic pain syndromes that are relevant to palliative care. Authors Arbour and Gelinas provide a glimpse into the implementation of the newly created Critical-Care Pain Observation Tool (CPOT). Arbour, C. , & Gelinas, C. (2011, December). Setting Goals For Pain Management When Using A Behavioral Scale: Example With The Critical-Care Pain Observation Tool. Criti cal Care Nurse, 31(6), 66-68. ttp://dx. doi. org/Ebscohost The article presents the new implementation of the Critical-Care Pain Observation Tool (CPOT). The CPOT was developed to help critical care nurses recognize pain in their critical nonverbal patients. The tool has been developed to help the healthcare provider assess the patient’s pain through a whole body assessment. The table incorporates a facial expression marker, body movement, ventilator assessment, and muscle tension evaluation.The scores are rated from 0 to 2 in each category with a total score from 0 to 8. The behavioral observational tool has been shown to be effective in helping nurses discriminate between pain and other states of anxiety or fear. Hughes, I. D. (2012, July). Assessment and management of pain in older patients receiving palliative care. Advanced illness, 24(6), 23-29. http://dx. doi. org/EbsCohost Palliative by definition is relieving pain or alleviating a problem without dealing with the und erlying cause.Patients in need of palliative care for the most part have a poor prognosis due to active progressive, advance disease. Author Hughes presents nursing to play a key role in palliative care because of the interaction with patients in their daily routine. Author Hughes also points how important it is to have a knowledgeable nursing staff that can properly aid patients in their time of need. Conclusion In essence the primary goal of palliative care is to achieve the best quality of life for patients utilizing pain management and holistic care to achieve patient comfort.Both palliative and critical care settings utilize the three definitions of pain syndromes for pain management. Both palliative and critical care use their own set of tools specially designed to help aid in the treatment of their particular patient population. This author found the articles provided insight into two completely different therapeutic areas for which the primary goal is to properly treat, asse ss, and holistically manage patient’s pain. References Arbour, C. , & Gelinas, C. (2011, December). Setting Goals For Pain Management When Using A Behavioral Scale:Example With The Critical-Care Pain Observation Tool. Critical Care Nurse, 31(6), 66-68. http://dx. doi. org/Ebscohost Hughes, I. D. (2012, July). Assessment and management of pain in older patients receiving palliative care. Advanced illness, 24(6), 23-29. http://dx. doi. org/EbsCohost

Is Our Society to Dependent of Computers Essay

Is Our Society too Dependent on Computers? Computers have found their way into just about every aspect of our lives, and in most cases, they make things easier for us. They allow people to work from home, socialize with friends and family, and they provide an ever-welcome stress relief from school or work. Since their invention, people far and wide have become increasingly dependent on computers. Children today are growing up in a world where computers are needed to do everything from controlling vicious heat seeking missiles to saving lives. The computers role in education is growing with increasing investments and technological innovation. The computer is a good thing, but the world must proceed with caution and a critical eye. As people increasingly rely on computers to get through the day, the question begs to be asked: is our society too dependent on computers? Despite the many benefits of computers, there are also a number of arguments against them, one of which is the negative effect some believe they are having on children’s education. Illiteracy is a growing issue, and many say that computers are to blame. In the past few years, many teachers have taken to shuffling their students off to a computer to type out short, quick assignments that could easily be written out by hand. While this is not much of an issue for older students, it is an issue for the younger students who are just learning to read and write. Regardless of how much we are coming to rely on computers, printing and handwriting are a necessary skill to have. But typing out assignments has an effect on more than just the ability to print; it can also negatively impact their spelling and grammar. While most programs now have spelling and grammar-check, they are not foolproof; they cannot differentiate between groups of words that have the same spelling but different meanings and will often times suggest corrections that are not, in fact, correct. Furthermore, information is often more easily and accurately remembered when children have to spend a little time writing it out by hand, rather than a few quick minutes typing away at a keyboard. Because of these factors some believe, computers in school should be reserved for older students, longer assignments, or classes which specifically teach how to use a computer. Another case against computers arises when a person’s interest in computers goes too far and becomes an obsession. Computers make it possible to do many things from the comfort of our own home; we can shop online, keep in touch with our friends online, even go to school online. They make it easier to record and organize information and entertain us with a nearly endless variety of games. However, it is still important to maintain a life outside of the cyber world. When a computer becomes the central point of a person’s life, they undergo a change in behavior; they become idle and develop anti-social tendencies, and, in some severe cases, simply cannot function without a computer. It is a common thing seen in children who have been allowed to spend too much time on the computer, watching television, or playing video games but when it comes time to walk away, they throw temper tantrums. But it is not just a matter of behavioral changes, when a person cannot tear themselves away from the screen long enough to take part in any other activity, it can take a toll on their health. They may experience weight gain, strained eyes, and headaches, among other unpleasant side-effects. Computers can also have a negative effect on the environment. Firstly they are a major source of energy consumption. Whole buildings are full of desks running computers day and night, causing a major drain on our natural resources. New computers become outdated far too quickly. Manufacturers are developing hardware at such a vast rate that people feel the need to upgrade. After upgrading the old hardware is obsolete and is usually disposed of. There are a lot of harmful substances that make up a modern computer, and these should, but are not always disposed of correctly. Many end up in landfills. These are just examples of issues with household computers. Instead of writing a check, people whip out their debit/ credit cards to pay for things when they are short on cash. What happens when the internet goes down and they are stuck in the checkout line with two hundred dollars worth of groceries, and no way to pay for them because they do not have a blank check? What happens when everyone is driving their fancy, futuristic cars that run on a computer chip and something goes wrong? In a few hundred years, will anyone know how to drive the cars of today? People put their computers through a lot of grief because they don’t quite know what they’re doing when they decide to fix a problem or clean up their hard drive, but there are also errors in programming, bugs that need to be fixed long after the product is out on the market, and there are always people trying to ruin a perfectly good thing with nasty computer viruses. Perhaps the most convincing argument, however, is the issue of safety. Aside from the issue of sharing personal information such as full names and addresses, there is also the bigger issue of stolen personal information. As our dependence on computers grows, so does our comfort level with them, people are more likely to save personal information to our computer. While it would be nice to think that it is always perfectly safe to do so, the fact is that there are predators that have any number of ways to gain access to personal files, and therefore, any personal information stored on your computer. Even if you do not knowingly keep any personal information on your computer, if you bank or shop online at all, it is possible for someone who knows what they are doing to gain access to delicate financial information. There is also the threat of younger computer users being introduced to violence and sex. As many negative aspects as there are against computers there are also positive ones. The first computers differed drastically from the ones we are accustomed to using. They were so massive that they occupied whole rooms or buildings and were also relatively slow. Nowadays they can perform many complex operations simultaneously and there are numerous jobs that could not be done without the aid of a computer. Imagine how much paper would be wasted and how many trees would have to be cut down just to save the information that is today saved on a computer. Computers can also calculate and process information faster and more accurate than a human. There is an ever-increasing desire to get children started learning early, even before schools start. Pre-Kindergarten programs or parent teaching is necessary for preschoolers to be prepared for a kindergarten curriculum that no longer starts with the absolute basic skills and knowledge. Kindergarten has a more advanced curriculum than it did years ago, and technology is available to help parents teach kids the basics before they ever go to school. There are many educational websites that feature games based on math, spelling, color recognition, reading and other basic educational necessities that children enjoy playing. Getting practice in this way, prior to enrollment, allows school systems to start at a higher level. The easy access and sharing capability of the Internet allows students to access study guides, tests and even grades through their computers. In addition to making these materials available to students on their home computers, there is the fact that this technology allows schools to save money on printing and save time on distributing paper copies of everything a student needs to know. Not every student has the same mental and physical ability. Therefore, there must be ways to convey information and allow for completion of work that vary with some students. Technology plays an important role in providing assistive devices to learning or physically disabled students. The computer era has unveiled new career dimensions. Specialists are required by companies, organizations, governments and other bodies to run the computer innovations in these areas. Globalization has resulted to a more search and availability of international career opportunities. Through the Internet, organizations can advertise their job vacancies to the society regardless of border limits. They can source for manpower from all the spheres of the world. Timely and up to date information is now moved from one point to another in order to reach the intended audience. The core issue is that, there is faster and convenient transmission of this data to the destination point. Think of for example, the Internet, you log on to the Web and minutes after, you have written down your content and placed the send button and instantaneously its delivered to the another part of the world. This is truly amazing. Another area computers impact is the entertainment area. Most people like science fiction or action movies, especially the ones with the neat looking effects. Well, those graphics were mostly made by computers. Most of the movies today use computer graphics to make things more realistic. Computer graphics are mostly used to create spaceships, aliens, monsters, and special effects. Movies like Jurassic Park, Starship Troopers, Star Wars SE, and the latest Star Trek Movies used computers to make them look more interesting and realistic. There are even movies completely made by computers like Toy Story and A Bugs’ Life. Finally, the most signigicant role computers play is in the medical field. Their uses include storing patient related data, housing knowledge bases, scanning and imaging the body, and facilitating speedy communications. Patient records are stored on computer databases in the medical field. Details of the medications prescribed are stored together with details of any that cannot be prescribed. Appointments are scheduled using a computer database. Billing information is also stored. Hospitals and surgeries depend on computers for administrative and financial functions. Hospital monitoring equipment is often based on computer programming. Emergency alarms, bed beeping systems and X-ray machines are all examples of equipment using computer technology. Magnetic resonance imaging (MRI) and computer tomography (CT) employ computer software. High-resolution images are achieved with the use of sophisticated computers and infrared cameras. Some surgical procedures are even computer guided. Computers also monitor heart rates, pulse rates and brain readings. It would be virtually impossible for a human to do this. Computer networking facilitates fast communication. Doctors on opposite sides of the world can communicate instantly via the internet. Images and messages can be exchanged in seconds and conclusions can be reached speedily. Computers are also used in the medical field in the manufacture of medications. Patients benefit from readily available information on the internet. Computer applications help in research studies. Computers are a must have in every medical profession. Computers have impacted the way we live on a large scale. You will find computers in hospitals, libraries, schools and banks, each running tasks that would be difficult for people to do on their own. The computer has been widely considered as one of the greatest inventions of the 21st century, but it also is blamed for many day-to-day problems and even tragic events. As computer technology advances, the effects will continue to change the world for better or worse. One thing is apparent computers and the technologies they possess are not going anywhere therefore society will become increasingly dependent upon them.

Insider Trading Essay

Watching â€Å"Martha, Inc. : The Story of Martha Stewart† finally made me realize what the whole scandal of Martha Stewart was all about. From what I learned, Martha Stewart, known as a television personality and famous multimillionaire, was â€Å"indicted on securities fraud, obstruction of justice and conspiracy charges in an insider trading scandal†. Before this all started, she was happily baking cookies for children and making homemade arts and crafts for her friends. At the middle of 2003, she was sent for a five month term of prison. Insider trading was the crime Martha Stewart committed; she basically wanted to get ahead as CEO of her company.By definition, insider training is â€Å"the illegal practice of trading on the stock exchange to one's advantage through having access to confidential information†. â€Å"Insider trading† is a term that most investors would usually associate with illegal conduct. Illegal insider trading â€Å"refers to buyi ng or selling a security while in possession of nonpublic information about the security†. Apparently, based on articles I have read, Martha Stewart was told by her friend Sam Waksal that his company ImClone’s cancer drug had been rejected by the Food and Drug Administration before this information was made public.Because of this, the price of his company's stock diminished quickly. â€Å"The (Securities and Exchange Commission) SEC’s job is to make sure that all investors are making decisions based on the same information. Insider trading can be illegal because it destroys this level playing field. Insider trading is only illegal when a person bases their trade of stocks in a public company on information that the public does not know. † Clearly, Martha Stewart was a huge symbol of corporate greed. She wanted more money even when she had reached one billion dollars as her net worth.Stewart had lost about $400 million â€Å"because of the company's declin ing value, legal fees and lost business opportunities†. To make a comeback, she made a camp again in 2005 which led to profits a year later. Stewart then rejoined the board of directors and became chairman of her namesake company again this year. She hasn't reached her full potential from before but is still catching up to it. (Sentences in quotes are from several Internet sources. No copyright infringement intended. )

Blue-Collar Workers Essay

Blue-collar workers refer to employees performing manual labor generally, their jobs entails physical labor, such as in a factory or workshop. Blue-collar work may involve skilled or unskilled, manufacturing, mining, construction, mechanical, maintenance, technical installation and many other types of physical work. A higher level academic education is often not required for many blue-collar jobs. However, certain fields may require specialized training, licensing or certification as well as a high school diploma. Blue-collar work is often paid hourly wage-labor, although some professionals may be paid by the project or salaried. There is a wide range of pay scales for such work depending upon field of specialty and experience. The term blue collar has in the past implied a certain lack of worker education as well, but it is not the case nowadays. Today blue collar workers can be formally educated, skilled and highly paid. They can also earn more annually then some of their white collar counterparts. Eventually white-collar employees are paid more but compared to the past, blue-collar workers are respected and are fairly paid for their job. Blue collar jobs are any type of employment situations that involve manual labor that is compensated with an hourly wage rather than a salary. There are a number of different types of jobs that fall into this category, many of which provide a steady and attractive amount of income. Some of the more common examples of blue collar jobs are found in construction, mechanical repairs, plumbing, and electrical work.