Pioneer petroleum free essay sample

Pioneer Petroleum was founded in 1924, through a merger within industrial, pipeline transportation, and refining fields. PP has evolved over the last 60 years into a company that now also works with agricultural chemicals, plastics, and real estate development concentrating in gas, oil, petrochemicals, and coal. In 1990, PP improved their coker and sulfur recovery facility to make their refining process more efficient and in turn has become one of the lowest cost refiners on the West Coast. Due to the refining process PP’s gasolines are among the most cleanest-burning in the industry. PP’s is also the producer of one-third of the world’s supply of methyl tertiary butyl ether (MTBE), which is a chemical used to make cleaner burning gasolines. They also produce one third of the world’s supply of MTBE. Major Issues The major issue that PP is facing right now is that the management board of PP is trying to decide whether to use a single cutoff rate or a system of multiple cutoff rates to determine the minimum acceptable rate of return on new capital investments. We will write a custom essay sample on Pioneer petroleum or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As of right now PP is using one single company-wide cutoff rate that is based on their overall weighted cost of capital. The current single rate system that PP is using has increased their overall risk by causing them to choose investment decisions in divisions with higher risk because they exceed the cutoff hurdle, while not investing in lower risk areas because they do not exceed the hurdle rate. In addition PP has not been calculating their weighted cost of capital correctly. This has caused them to invest in riskier areas rather than those with greater chance of having a positive net present value. PP needs to reevaluate which method to use as well as how to correctly compute WACC. Analysis As stated before PP has been weighing two alternatives options to calculate the minimum acceptable rate of return on their capital investments. As of right now PP’s approach is to accept all proposed investments with a positive net present value, after being discounted at the appropriate rate. The issue with this is that this approach has been reliant on a single company-wide cutoff rate based on PP’s overall WACC that has continuously been calculated incorrectly for each investment decision. PP has been calculating their WACC by three steps: (1) the expected proportions of future funds sources were estimated; (2) costs were assigned to each of the future funds sources; and (3) a WACC was calculated by multiplying the estimated proportions of future funds sources by the estimated future after-tax cost percent. Due to the fact that PP has calculated their WACC this way it has led to their adopted rule that funded debt should represent approximately 50% of total capital. In addition it has led to the cost of equity being 10% with current earnings yield on stock equaling the cost of both new equity and retained earnings for PP. Alternative Options PP has two alternative options to choose from when considering acceptable rates of return on future investments. 1. Single company-wide rate. 2. Multiple cutoff rates based on each economic sector within the company. The multiple rate system will also use WACC approach for each operating sector within the company to determine the individual’s rates for each economic sector within PP. This should allow them to see differences in divisions. Determining Pioneer Petroleum’s Cost of Capital PP has been finding their equity while determining the WACC of capital by using the CAPM formula but has been finding the incorrect equity value. PP has correctly found the cost of debt, but has failed to find the correct cost of equity because they have set their equity’s weight to 10%. In order to determine WACC PP needs to correctly calculate equity, debt, and also the weighted averages of both. Cost of bond after-tax cost Debt KD=Y(1-tax rate), where Y=12% and tax rate=34% (p. 66) KD=12%(1-34%) KD=7. 92% Cost of common equity Ki=Rf+(Rm–Rf)Bi, where Rf=7. 8%, Rm=16. 25% and Bi=0. 8 (p. 68-69) Ki=7. 8%+(16. 25%-7. 8%)0. 8 Ki=14. 56% Weighted average cost of capital Kw=KD(WtD)+Ki(Wti), where WtD=50% and Wti=50% (p. 66) Kw=7. 92%(50%)+14. 56%(50%) Kw=11. 3% Analysis of Alternatives In recalculating PP’s WACC correctly their actual average cost of capital came out to be 11. 3% as opposed to the 9% that PP has calculated. This shows that PP underestimated their WACC by 2. 3% due to the fact that they set equity at 10%. If PP chooses to continue to use their single cutoff rate based on the company’s overall WACC, they will now have a cutoff of 11. 3%. Again, the problem with using the single rate method is that it does not allow use to see, or account for the differences in each division of PP. Another problem with the single cutoff rate is that due to the increased rate PP will invest their funds in higher return projects which will result in higher risk. This risk is a result of only the high-risk divisions being able to exceed the single rate hurdles using the single rate cutoff method. If PP chooses to go with the multiple cutoff rate approach it allows them to create cutoff rates that reflect the risk-profit characteristics of the individual economic sectors in which PP’s subsidiaries operate. In order to do this you need to determine the equity, debt, and WACC of each firm for each sector as opposed to the single cutoff rate. The discount rate will also vary for each project due to the use of different divisions and sectors. A multiple cutoff rate may actually exceed PP’s overall average costs because of the vertically integrated parts involved. In using the multiple cutoff rate approach PP can have cutoff rates that are better tailored to the economic sectors that will allow lower risk divisions to exceed their cutoff rate. This decreases risk for PP by essentially allowing them to diversify their portfolio, or the ‘Portfolio effect’. CONCLUSION Suggested Course of Action The multiple hurdle rates for each division based on the corresponding risk for each division is the suggested course of action for PP. The problem that PP has with using the current single company-wide cutoff rate is that it limits PP to projects that exceed that rate which tend to be more risky. The single rat method ignores differences in each division as well as the different risks of those divisions. This led to a misallocation of funds for each division and also did not allow PP to participate in low risk projects that could have been profitable and made PP more risk averse. Using the multiple cutoff rate approach will diminish the imbalance of divisions over investing in cutoff rates that are too low and divisions under investing in cutoff rates that are too high. In using the multiple cutoff rate approach PP will be able to make better investment decisions based on the NPV of potential investments for each division due to the fact that each division will have their own hurdle rate. Pioneer Petroleum free essay sample Second, PPC has been using a single company-wide rate for their multi-divisional company. In either instance the company is not maximizing wealth. Statement of Facts and Assumptions: PPC has been calculating their after tax cost of debt using the coupon rate of 12% instead of the actual interest rate which is 8%. Taking the 8% interest rate into account, PPC’s actual cost of capital would be calculated as: [. 08(1-. 34)]= 5. 28%. PPC has simply been using 10% (their equity growth rate) as their cost, but must instead either use the CAPM model to calculate their cost of equity, or the Dividend-growth model. If they use the CAPM model, which is the most accurate, their cost of equity will be: . 078+. 8(. 1625-. 078)=14. 56%. Or they can use the Dividend-growth model and their cost of equity would be: (2. 7/63)+. 1=14. 29%. Both are acceptable but, because the Dividend-growth model is subjective, and the coupon rate (that PPC was originally using is a sunk cost, they should use the market rate). We will write a custom essay sample on Pioneer Petroleum or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Thus using the market rate to calculate CAPM you use the Beta and market risk premium which are both based on the market rate and more accurate. Finally, their company WACC of 9% that they have calculated is incorrect and given the above calculations, their WACC using CAPM would be: [5. 28(. 5)+14. 6(. 5)]=9. 94% and their WACC using Dividend-growth would be: [5. 28(. 5)+14. 3(. 5)]=9. 79%. Either way, it is significantly larger than the 9% they had calculated. It should also be stated that PPC would benefit by using the target rate because they are planning longer term into their future. Analysis: Using a single cut-off rate for the entire company has increased the overall risk of their company. The use of an acceptable range based on a company-wide average cost of capital inappropriately leads the company to invest in divisions with high risk that should possibly have a higher required rate of return or to not invest in low risk divisions that would be profitable, merely because they do not exceed the company rate. Thus, using a WACC for each division will more accurately allow the corporation to decide which projects to accept and deny based on the specific risk factors of the section instead of the risk of the entire company which has been skewed because of diversification. Based on my calculations, the company wide WACC and cut off rate that should be used is 9. 94% based on CAPM or 9. 8% based on Dividend-growth, and any projects that are below that percentage should not be accepted for the company as a whole. Recommendations: Overall, I would recommend that PPC recalculate their WACC per each specific division and establish multiple cutoff rates instead of calculating a company wide WACC cutoff rate. This will benefit them the most in accepting and denying projects that will meet the appropriate cutoff rate that each division is susceptible to based off the specific risk each division must overcome. When recalculating their WACC, it would benefit them most to use the CAPM model to determine their cost of equity, but using the Dividend-growth model is also acceptable. To determine the cost of debt, they must remember to use the actual interest rate instead of the coupon rate to determine the after tax cost accurately.

Free Essays on Nan Goldin

Nan Goldin’s contribution to the epidemic of AIDS has been her friends. Through her visual diary of photography, she gives a human face to AIDS. Known as the â€Å"gay cancer† upon its widespread discovery, many of Goldin’s friends or members of her extended family (that she refers to lovingly as her tribe), were afflicted by this unforgiving disease. One of the most memorable of her works about AIDS is The Cookie Portfolio. It is the narrative of Cookie Mueller. In the accompanying text, Goldin says she â€Å"thought that if I photographed someone enough, I could never really lose them.† (Goldin, I’ll Be Your Mirror, 256). But has admitted that when she put the portfolio together it made her realize how little photography did because it could not save her friend. The first three images I have selected are from The Cookie Portfolio (Goldin, I’ll Be Your Mirror, 256-273). The first two, Cookie laughing, NYC 1985 and Cookie with me after I was punched, Baltimore, Md., 1986, show Cookie Mueller as a friend. Even though she is alone in the first image, she is engaged in genuine laughter with someone outside of the frame. She is a part of the world, engaged in it and very much involved in it, as an actress, a writer, a mother, a lover, and as a friend. She is especially portrayed as a friend in the second image. Nan Goldin has just been punched by another photographer at a convention. Mueller stands by her side with a fierce loyalty. She also holds onto Goldin’s shoulder in a protective, motherly way. Even as she is an actress, a writer, a mother, a lover, and a friend, she is also a woman with AIDS. It is in the last image of Mueller that one begins to see the isolation that begins to take over. It is a self-imposed isolation as well as one that society contrives upon those who are different. In Cookie being x-rayed, NYC, October... Free Essays on Nan Goldin Free Essays on Nan Goldin Nan Goldin’s contribution to the epidemic of AIDS has been her friends. Through her visual diary of photography, she gives a human face to AIDS. Known as the â€Å"gay cancer† upon its widespread discovery, many of Goldin’s friends or members of her extended family (that she refers to lovingly as her tribe), were afflicted by this unforgiving disease. One of the most memorable of her works about AIDS is The Cookie Portfolio. It is the narrative of Cookie Mueller. In the accompanying text, Goldin says she â€Å"thought that if I photographed someone enough, I could never really lose them.† (Goldin, I’ll Be Your Mirror, 256). But has admitted that when she put the portfolio together it made her realize how little photography did because it could not save her friend. The first three images I have selected are from The Cookie Portfolio (Goldin, I’ll Be Your Mirror, 256-273). The first two, Cookie laughing, NYC 1985 and Cookie with me after I was punched, Baltimore, Md., 1986, show Cookie Mueller as a friend. Even though she is alone in the first image, she is engaged in genuine laughter with someone outside of the frame. She is a part of the world, engaged in it and very much involved in it, as an actress, a writer, a mother, a lover, and as a friend. She is especially portrayed as a friend in the second image. Nan Goldin has just been punched by another photographer at a convention. Mueller stands by her side with a fierce loyalty. She also holds onto Goldin’s shoulder in a protective, motherly way. Even as she is an actress, a writer, a mother, a lover, and a friend, she is also a woman with AIDS. It is in the last image of Mueller that one begins to see the isolation that begins to take over. It is a self-imposed isolation as well as one that society contrives upon those who are different. In Cookie being x-rayed, NYC, October...

Explain The Implications Of Globalisation For The National Economies Assignment

Explain The Implications Of Globalisation For The National Economies In General And Its Impact On The Business Environment In The United Kingdom - Assignment Example Most of the governments were unable to protect their market from the foreign competitors and got attracted by the import tariffs. On the other hand, the introduction of advanced technologies has reduced the costs of communication and transportation by a certain degree (Shangquan, 2000). Likewise, this paper will provide a study of the enhancing factors and the major impacts imposed by globalisation in developing the economy and also the business environment of the UK. Theoretical Background There has always been a strong linkage between globalisation and growth along with development. Globalisation is duly considered as one of the major aspects in the modern economic scenario and is also regarded as one of the vital factors determining the future prospect of economic growth and development. This can be justified from a theoretical perspective that it affects the productivity of goods or services of a nation. In addition, it also affects labour employment and the elements utilised in the process of production by a greater extent. One of the major impacts of globalisation, in general, can be apparently observed as the growth in Foreign Direct Investment (FDI). The FDI growth rate is much higher than the entire growth in the world trade in the course of globalisation. The reduction in trade barriers and the increment in the global income of FDI have led several countries towards attaining superior competitive position with better economic growth along with development. The growth in the FDI rate eventually lead towards the introduction of pioneering technological advancements and the establishment of huge enterprises on the global level. Thus, the combination of... This paper stresses that the aforesaid study reflects detailed information about the impact of globalisation especially on the national economy in general and also on the business environment of the UK. It has already been observed in the earlier description that the UK economy was the major beneficiary of globalisation. The reduction in the income of the labour and the fall in the bargaining power of the labour force are the major aspects that have been attained from the impact of globalisation. One of the vital impacts of globalisation on the UK economy and also on the business environment of the UK can be viewed as that the major portion of the companies has become much international in nature. This report makes a conclusion that tthe global financial system of the world is not working well as it is intended to. The writer affirmed that if the global system is working well, then why the global crises are occurring in various nations of the world. In recent years, it can be viewed that the net flow of funds has been transferring from the poor countries to the richer ones, but the actual incident should be the opposite one. However, in order to cope up with the problem, the writer has also suggested that the government and the larger organizations must keep in mind certain important aspects while performing business at the global level. The companies must possess effective labour force in their capital market.

My Legends Essay Example | Topics and Well Written Essays - 1500 words

My Legends - Essay Example What happened to me in sixth grade was just a spot of my bad history the real beginning was in junior high school. After graduating from primary school, I went to the fourth junior high school in the city. This was the best school in my hometown, but it was also famous for bad boys and girls. Most bad students from my city came to this school. There were three grades and I made several new friends who always wanted to play. I usually go with them and we played together every day. In China, we can’t smoke and go to the entertainment places. However, I started to smoke and was able to go to internet clubs with them. Sometimes we fight with other students for any reason, so some students were scared of us and treated us as bad guys, but we were not the worst students. Even though I always did bad things, my grade was a little good. I was good at English and Math, and I always got in the first three ranks. At the same time my parents began to work on their own company, so they har dly had time for me, and I started to behave worse. Actually, I thought I would have a party time without my parents’ control over me, but it didn’t take long. One day, I went to the internet club, as usual, not knowing that my mother followed me;. she criticized me and pulled me home. As a punishment, my parents made me kneel for three hours to reflect on what I did. Another occasion, my father learned from his friend that I also involved myself in fighting in the streets, so I was again punished for it.

Gender,Sexuality and Diversity Essay Example | Topics and Well Written Essays - 2000 words

Gender,Sexuality and Diversity - Essay Example This paper shall critically discuss the post-feminist argument that in Western societies, women are empowered to choose whether or not to engage in beauty practices. A discussion on the various manifestations of women empowerment will be included in this paper. Body Western societies are now seemingly perceived to be post-feminist, which may mean that structural elements negatively affecting women have already been managed and that any lingering differences between men and women are being attributed to the manifestations of individual choices (Jeffreys, 2005). Writers acknowledge that choice has become the battle cry of the post-feminist era; under these conditions, as long as the actions of women are based on their own choices, there is no need for further assessment of their actions and choices (Braun, 2009). Beauty practices are very much related to such post-feminist ideas and arguments. Even if the use of beauty products have been subjected to feminist critique, practices like p utting on lipstick or shaving one’s legs do not any more represent issues for feminists (Stuart and Donahue, 2012). Third-wave feminists express that women’s power to choose the engagement in these beauty practices is a welcome element of feminism (Baumgardner and Richards, 2000). However, even with much support attributed to various choices, and even with the entry of women into areas in society where they were not previously included, women’s bodies are still made part of high surveillance and discipline (Jeffreys, 2005). The chances given to women to increase their achievements which were not available to them before has not been coordinated with the power to do away with the oppressive elements and practices of femininity. Scholars argue that the discarding of traditional female roles in the workplace has been matched with a greater focus on feminine bodies (Gill, 2007). Gill (2007) points out that femininity for the current western culture has followed the suggested trajectory laid out by Bartky (1990), Bordo (1993), and Wolf (1990) where social applications relating to femininity are not anymore directed towards the manifestation of traditional gender roles, but are leaning more towards practices which strongly highlight the management and beautification of women’s bodies. Postfeminist marks of liberation via empowerment and choices are placed within the context of harsh beauty requirements and images which Western women are compared to and judged against (Gill, 2006). In effect, with all the apparent choices, the contemporary western culture puts a very harsh and intense evaluation of women’s bodies. Contextualizing femininity within the post-feminist conditions is a major focus of contemporary feminist work (Evans, et.al., 2010). Feminine beauty practices were a clear focus for the second-wave feminism with a more critical assessment made on the means by which such practices have impacted on the reification of the dis parities between men and women, as well as the objectification of women (Bartky, 1990). By the end of the 1980s, as feminism secured more success in the liberation of women, the negative reaction against the second wave feminism caused new restrictions on women’s liberties (Jeffreys, 2005). The conditional message has been suggested relating to women gaining a more liberated status, for as long as such status is not made at the cost of their femininity. Such message is seen in

Inflation Rate and GDP Growth of Pakistan

Inflation Rate and GDP Growth of Pakistan CHAPTER 1: The topic of this research is relationship between inflation rate and GDP growth of Pakistan. Nowadays in Pakistan inflation rate is high, when inflation crosses logical limits, it has negative effects on GDP growth. It drops the value of money, resulting in uncertainty of the value of profit loss of borrowers, lenders, buyers and sellers. The rising the uncertainty in saving and investment. In Feb 2009 CPI Inflation rate of Pakistan was 22.97% and GDP was 5.8%. GDP and inflation rate negative correlation present even when other factors are included to the study and the investment rate, population of growth, and the constant advances in technology and still when the factor in the effects of supply shocks features of a part of the observed period 1.2 PROBLEM STATEMENT: In this research determine how much rate of inflation affect the GDP growth of Pakistan. In this research also determine inflation rate significantly affect the GDP growth of Pakistan. GDP shows the economic performance of a country so it is of most importance for concerned departments and economists of that country. On the other hand rising inflation can impact negatively on GDP and the objectives that a country achieves can be demolished by rising inflation. 1.3 SIGNIFICANCE OF RESEARCH: If GDP growing fast and rate of inflation is falling down, it is good for the economy. More money comes in Pakistan and financer invests more and more capital. GDP indicates all sectors such as agriculture, telecommunication, services, manufacturing and Per Capita Income. These all indicators represent the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy. If these sectors were growing fast, countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy also grows faster. Foreign investors observe the market condition of Pakistan and foreign investors must see the GDP Inflation Rate of Pakistan. If the GDP growing faster and inflation going down, foreign investors invest more money into Pakistan. If GDP is growing faster, the investor earns more money and achieves good profit and aspires to keep doing business for long term and expects less risk for the loss. Investors also expect for greater dividend in real terms, if rate of inflation is dropping down. This research is also significant for foreign investor and domestic investor of stock market. If inflation is increasing, investors invest less in market because investors do not expect good profit and dividend for the shares and also expect huge risk in market for long term. If any countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s inflation rate is increasing, it is very difficult for financial institution to maintain the trust of investors because there is a chance of loss for the investors. This research is also significant for exporters. Exporters must see the inflation and GDP of Pakistan. If inflation is increasing, exporters export fewer goods because goods are expensive for exporters due to high inflation. Exporters export more goods, when inflation is low because goods are affordable for exporters and easy to export goods. This research is also significant for fresh graduate students. If inflation is high, there is less chance of jobs because the rate of unemployment is also high due to inflation rate. Fresh graduate also do not start business because it is carries more risk and there is chance waste of capital. 1.4 HYPOTHESES: H1: There is a negatively relationship between the Inflation rate and economic growth of Pakistan. H2: Inflation rate significantly effect on economic growth rate of Pakistan. 1.5 SUMMARY OF RESEARCH: The overall summary of this research defined in the following parts: First chapter is Introduction. In this part describe overview of all research, research problem, hypotheses of this research and definitions used in this research. Literature Review is second chapter. Describe summary of all articles, which related to this research. Third Chapter is Research Method. In this part describe data collection method, how sample size of this research and also describe technique of this research. Fourth Chapter is Results. In this part includes interpretations and findings in relevance to the hypotheses test. In this part also describe hypotheses assessment summary in table form. Fifth and last Chapter is Conclusion. In this part includes discussion based on this research finding in setting with the past research findings. In this part also describe some recommendations and implications of this research and also describe future research possibilities. Ending this part with conclusion. 1.6 DEFINITIONS: GDP and Inflation are the key macroeconomic indicators of the economic performance of any country. The relationship and cause affects are very important for any economic performance of the country. GDP Economic Growth: GDP indicates only currently produced goods and services. It is a flow measure of output per time period. For Example, per quarter or per year and indicates only goods and services produced during this interval. Such market transactions as exchange of previously produced houses, cars or factories do not enter into GDP. However, two types of goods used in the production process are counted in GDP. The first is Capital Goods and other type of goods is Intermediate Goods (Froyen, 2005). Components of GDP: GDP is broken down into the components. The first component is Consumption component of GDP. Consumption consists of the household sectors. Consumption can be further broken down into consumer durable goods (e.g., automobiles, television), nondurable consumption goods (e.g., foods, beverage, and clothing) and consumer services (e.g., medical services, haircuts) (Froyen, 2005). The second component of GDP is Investment. Investment is part of GNP (Gross National Product) purchased by the business sector in addition residential construction. Investment divided into three sub components. First is business fixed investment, second is residential construction investment and final id inventory investment (Froyen, 2005). The third component of GDP is government purchases. It is goods and services that are the parts of recent output that goes to the government sector such as federal government, state and local government (Froyen, 2005). The final component of GDP is Net exports. Net Exports equal total (gross) export minus imports. Gross exports are currently produced services goods and sold to foreign buyers, should be counted in GDP. Imports are purchases by domestic buyers of goods and services produced abroad and should not be counted in GDP. Imported goods and services are, however, included in the consumption, investment and government spending totals in GDP. Therefore, need to subtract the value of imports to arrive at the total of domestically produced goods and services (Froyen, 2005). Inflation: Inflation is when prices continue to keep rising, typically as a result of overheated economic growth or extra capital in the market search for too few opportunities. Wages usually creep upwards, so that companies can retain good workers (Amadeo, 2008). How Protection Inflation: If person are locking inflation protect alone, one best way to protect. Person purchase treasury bills and bonds; there pay fixed rates of interest. However, twice a year the governments readjust the principle in response to changes in the CPI, published monthly by the Statistics Bureau. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s mean, as inflation increases, the value of bonds increases. This is best way for protect inflation, when inflation increases (Amadeo, 2008). Aggregate Demand Theory: Aggregate Demand Theory shows that the negatively relationship between Inflation rate (price Level) and output/income (National Product). Aggregate Demand theory was developed by the English economist John Maynard Keyness (1883-1946). Term of à ¢Ã¢â€š ¬Ã‹Å"Aggregateà ¢Ã¢â€š ¬Ã¢â€ž ¢ was also used as à ¢Ã¢â€š ¬Ã‹Å"aggregate spendingà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"aggregate expenditureà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Case and Fair, 1992). How Aggregate Demand (AD) Curve deriving: The aggregate demand (AD) curve shows that the negative/inversely relationship between the aggregate output/income and the Inflation/price level and the aggregate demand (AD) curve is showing downward sloping (Case and Fair, 1992). Figure 1.1 INFL2 INFL1 Inflation Rate AD y2 y1Real Output/Income (National Product) (Source: Case and Fair, 1992) Reason for downward-slopping Aggregate Demand Curve: The increase price level/inflation causes the demand for money to increase, which cause the interest rate to increase and then the higher interest rate causes aggregation out to down (Case and Fair, 1992). The decrease in consumption brought about by a rises in the interest rate contributes to the generally fall in output. (Case and Fair, 1992). CHAPTER 2: LITERATURE REVIEW Metin (1998) analyzed the empirical relationship between inflation and growth for the Turkish economy by a multivariate co-integration analysis. Metin (1998) developed model shows that the scaled income growth significantly affects inflation in Turkey. The qualified model of inflation was constant and it estimated a model previously. In this paper developed model because if inflation change one percent so it significantly affect to Growth Rate. An extensive literature had examined the relationship between the budget deficit/Income growth and inflation. At a theoretical level, Sargent and Wallace (1981) showed that under certain conditions, if the times paths of government spending and taxes were exogenous, bond-financed deficits were non-sustainable, and the central bank should eventually monetize the deficit. Money supply and inflation was rising in the long run. These findings had subsequently been generalized for the open economy case and for alternative forms of financing. Increase money supply and inflation in the long run due to the government spending and economical condition were not sustainable (Scarth, 1987; Langdana, 1990). Metin (1995) analyzed inflation for Turkey using a general framework of sector relationships and found that fiscal expansion was a determining factor for inflation. The excess demand for money affected inflation positively, but only in the short run. On the other hand, imported inflation, the excess demand for goods, and the excess demand for assets in the capital markets had little or no effect on inflation. A key policy implication of was that Turkish inflation could be reduced rapidly by eliminating the budget deficit. The demand for money, assets and goods impact on inflation (Metin, 1995). The losses were automatically financed by the credits extended by the Central Bank to the SEEs, resulting in high money growth. For 1950 period in Turkish inflation rising and balance of Payment had difficulties. Most the private firm purchase commodities at official price and reached experienced losses (Aktan, 1964; Okyar, 1965; Fry, 1972; Krueger, 1974, Onis and Riedel, 1993). Metin (1958) implemented a fairly typical International Monetary Fund (IMF)-supported stabilization program, which improved the foreign-exchange situation and drastically reduced inflation. The most important component of the program was an increase in the prices of SEE goods, a component that was featured prominently in the 1970 and 1980 reforms as well. Raising those prices in 1958 resulted in an immediate and once-and-for-all increase in the price level, after which the reduced rate of expansion of Central Bank credits reduced inflation. Metin (1958) analyzed inflation dropped from 25% in 1958 to less than 5% in 1959, real gross domestic product (which had been declining) started growing immediately due to the greater availability of imports. Metin (1998) analyzed that Turkey was among the more rapidly growing developing countries during most of the 1960s, with an annual inflation rate of 5%-10%. The nominal exchange rate was kept constant after the 1958 devaluation. Investment spending increased and was financed mainly by foreign aid. In the late 1960s, foreign id did not increase, but the rate of investment spending was maintained. In addition, some difficulties appeared in obtaining imports, creating visible restraints on economic activity and growth. Turkeyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Economic volatility in deferent sectors such as in the late 1960s, foreign aid did not increase, but the rate of investment spending was maintained. In addition, some difficulties appeared in obtaining imports, creating visible restraints on economic activity and growth Barro (1995) studied that If a number of countries characteristics were held constant, in that case regression results shows that an raise in average inflation of ten proportion points per year reduces the growth rate of real per capita income GDP by 0.2 to 0.3 proportion points per year and lowers the proportion of investment to GDP by 0.4 to 0.6 proportion points. Over here come to know that some characteristics were stay constant but some of effected due to increase of inflation rate result reduce the growth rate of real per capita. Barro (1995) analyzed the result that inflation control on growth looks little; the long term inflation effects on standards of living were considerable. such as, a shift in monetary policy that increase the long-term average of inflation rate increase by ten percentage points per year was projected to down the level of real GDP after 30 years by 4% to 7%, more than enough to justify a strong interest in price constancy. The inflation rateà ¢Ã¢â€š ¬Ã¢â€ž ¢s influence intensively effected lives standard which identifies by the Monitory Policy, average inflation rate and GDP. To evaluate the effects of inflation on economic growth, Barro (1995) Regression Equation method used to which many other determinants of growth were held constant. The framework was one that in this paper had developed and applied previously. Barro (1995) identified that tool through in this paper assessed influence of inflation on the development of economy and to evaluate the effects of inflation on economic growth. Fama (1981) explained these anomalous stock return-inflation relations. The data were consistent with the hypothesis that the negative relations between stock returns and inflation positive relations between actual variables and stock returns, which were more fundamental determinants of equity values. The inflation had negative influence on stock return and also real variable Metin (1995) examined the relationship between the public- sector deficit and inflation. System co-integration analysis suggests three stationary relationships. Although weak relation does not hold for variables concerned (except Ay), one was still able to develop a conditional model for inflation. In that model, an increase in the scaled budget deficit immediately increases inflation. Real income growth had a negative immediate effect and positive second-lag effect on inflation. The shortfall affected inflation at a second lag. These dynamics were consistent with institutional and general knowledge of the economy. The conditional model of inflation was constant over the sample period, even though several significant structural breaks occurred during the period. Breaks included three devaluations, structural stabilization, and economic liberalization programs. The major finding from the new equation was that budget deficits (as well as real income growth) significantly affect inflati on in Turkey. Braun and Tella (2000) studied that there was a positive partial correlation between inflation and corruption for several countries for which data was available. Furthermore, argue that causality was from inflation variability to corruption. There was a positive relationship between corruption and inflation. Dornbusch and Frenkel (1973) had developed alternative approaches to be analysis of growth and inflation. found that the effect of inflation on per capita real balance, consumption and the capital-labor ratio remain ambiguous if the yield on capital was a function of per capita real balance or if consumption was an increasing function of the rate of inflation. That ambiguity was in general not entirely removed by consideration of maximization and a specification of the nature of the service of real balance. The alternative effects inflation on per capital real balance, consumption and the capital labor ratio. Fama (1981) tested out the hypothesis that the negative relations between real stock returns and inflation observed during the post-1953 period were the consequence of proxy effects. Stock returns were determined by forecasts of more relevant real variables, and negative stock return-inflation relations were induced by negative relations between inflation and real activity. This relation inflation, real activity and stock returns define through the money demand and the quantity theory of money. Barro (1995) evaluated the effect on investment shows up clearly only for inflation rates above 10%à ¢Ã¢â€š ¬Ã¢â‚¬Å"20% per year. For lower inflation rates, the estimated effect of inflation on the investment ratio tends not pointedly different from zero. The investment effects positively when inflation above 10% to 20% per year but lower inflation effect on investment negatively and zero inflation not significantly effect on investment. Barro (1995) analyzed that the Inflation effects on growth and investment were significantly negative and long term Inflation to reduce the value of growth and investment. The analysis was that the effects of inflation on growth were significantly negative relation and also the effects of inflation on investment were significantly negative relation. Barro (1995) the values of inflation for three periods (i.e. 1965-75, 1975-85 and 1985-90) were not differing significantly from one to another. If different coefficient of inflation test for each period, then resulting values was not significantly from one to another period. If the inflation rise 10% year, growth rate of real per Capita income of GDP by 0.2% to 0.3% point per year. Khan and Senhadji (2001) located that under floating exchange rates, growing domestic inflation can move up long-run output if credit was rationed (inflation was low). However, there exist inflation thresholds as were observed empirically inflation and output were positively (negatively) correlated below (above) the threshold. With fixed exchange rates, the scope for credit to be rationed depends in a relatively complicated way on the rate of foreign and domestic inflation, and increasing foreign inflation always reduces long-run output. Barro (1995) calculated the standard deviation and analyzed the result was that if the standard deviation of inflation was included in the regressions, then the estimated coefficient on average inflation changes little, and the estimated effect of the standard deviation of inflation was still around zero. Standard deviation of inflation included in the regression, result of estimated coefficient on average inflation was little and standard deviation was around zero. Results were directly related to the literature on the costs of inflation. Despite a long tradition of research on the subject, empirical estimates were scant. Following Bailey (1956) estimating the area under the money demand curve, Fischer and Lucas (1981) found that for the US, an inflation rate of 10-percent per annum would cost 0.3- 0.9 percent of national income each year. More recently, Fischer (1993) estimated in a cross-section of countries that an increase in the inflation rate of 100 percentage points would lead to a reduction in the annual growth rate of 3.9 percentage points. Barro (1997) found that the negative relation between inflation and growth was stronger for low levels of inflation, and that inflation variance was also negatively correlated with growth. The estimated in a cross section of countries that an increase in the average inflation rate of 10 percentage points per year leads to a reduction in the growth rate of GDP of 0.3 to 0.4 percentage points per year. Braun and Tella (2000) presented the cross section estimates of the correlation between inflation variability and corruption. Average the data for 1982-1994 to obtain a maximum sample. Document a positive and significant correlation between measure of noise in the price system (Inflation Variance) and corruption. The Positive and significant correlation between the inflation and corruption Barro (1995) analyzed that it was also possible that the inflation produce a positive and significant relationship between inflation and growth. This thing happen, when demand of goods increase. Braun and Tella (2000) analyzed the result was that the increase in the cost of audit leads to an increase in corruption and in the extant fixed cost of investing. This in turn leads to a decline in aggregate investment and growth. Using the evidence that relative price oscillations increase with inflation variability, assume that the cost of audit was an increasing function of inflation variability. If corruption was increasing, Growth and Investment was decrease because negatively impact on growth and investment. Inflation was increasing due to corruption was rising. Barro (1995) evaluated that in recent years, many central banks, including the Bank of England, more emphasis on price stability. One indicator concern, the Bank of England began in February 1993 to issue the Inflation Report. Central bank gave more importance on price stability and monetary policy defines in term of interest rate or growth with stable and low inflation. In this paper contributes to closing this perception gap. Find a theoretical and empirical link between inflation variability and corruption. Since corruption had been found to had a negative/inversely impact on growth and investment. There was an indirect, corruption affected cost of inflation. Estimate that a one standard deviation raise in inflation variability from the median can lead to a reduction in the annual growth rate of one third of a percentage point and a reduction in the investment rate of 1-percent. Corruption was negative impact on growth and investment. Corruption affected cost of inflation (Mauro, 1995; Knack and Keefer, 1995; Kaufmann and Wei, 1999). Fama (1981) found the result was that the negative relations between inflation and real activity predicted by the money demand-quantity theory model and observed consistently in the regressions were negative partial correlations. The relations between inflation and real activity predicted by the money demand quantity theory model Braun and Tella (2000) calculated that increase in inflation variability of one standard deviation from the median leads to an increase in corruption of 0.12 of a standard deviation. Repeating the above calculations obtain that an increase in inflation variance of one standard deviation leads to a decline in investment of 1.02 percent of GDP, and a decline in growth of 0.33 percentage points. Braun and Tella (2000) estimated for the impact of an increase in inflation variability of one standard deviation range from 1.02 percent to 2.72 percent of GDP for investment, and from 0.33 to 0.88 percentage points for growth. Increase in inflation of one standard deviation leads to decline in investment of 1.02 % of GDP and decline in growth 0.33 % points. Braun and Tella (2000) estimated the effects were also economically significant. Researcher basic cross section approximate suggests that a one standard deviation increase in the variance of inflation associated with an increase in corruption of up to 0.47 points, or 32-percent of the standard deviation of corruption. Braun and Tella (2000) estimated can be used to calculate an indirect cost of variable inflation that operates through corruption. Researcher find that an increase in inflation variability of one standard deviation from the median can lead to a decline in investment of 2.7-percent of GDP, and to a decline in the annual growth rate of 0.9 percentage points. Increase in inflation of one standard deviation leads to decline in investment of 2.7 % of GDP and decline in growth 0.9 % points. Braun and Tella (2000) calculated that increase in inflation variability of one standard deviation from the median leads to an increase in corruption of 0.12 of a standard deviation. Braun and Tella (2000) analyzed the result was that an increase in inflation variance of one standard deviation leads to a decline in investment of 1.02 percent of GDP, and a decline in growth of 0.33 percentage points. Braun and Tella (2000) estimated for the impact of an increase in inflation variability of one standard deviation range from 1.02 percent to 2.72 percent of GDP for investment, and from 0.33 to 0.88 percentage points for growth. Increase in inflation of one standard deviation leads to decline in investment of 1.02 % of GDP and decline in growth 0.33 % points. Fama (1981) analyzed two types of models for expected inflation were estimated and compared. One approach was interest rates into expected inflation rates and expected real returns. Since the interest rates were observed at the beginning of the time intervals of interest, this approach estimates the ex ante expected inflation rates which eventually allow to document the negative relations between ex ante expected stock returns and expected inflation rates. The negative relation between the expected stock returns and expected inflation rates Fama (1981) analyzed second approach, based on money demand and quantity theory of money, estimates conditional expected inflation rates as functions of money and real activity growth rates. Since measures of current money and current and future real activity growth rates were major explanatory variables, these conditional expected inflation rates were not ex ante measures. Fama (1981) also analyzed the money demand-quantity theory models of inflation provide the empirical economic story which explains why the ex ante expected inflation rates extracted from interest rates were also strongly related to current and future real activity. Inflation rate were strongly related to interest rate because of money demand theory and quantity theory of money. Fisher (1911) observed the relations between inflation and the measures of current and future real activity which this model presumes were important in the determination of stock market returns. The theoretical basis for the study of inflation-real activity relations was a rational expectations combination of money demand theory. The theory and empirical results were abstracted from my 1980 paper. In this paper presented just enough of the theory and evidence to document the inflation-real activity relations of interest. Verme (2004) was study the Walrasian equilibrium; changes in either the domestic inflation rate or in the world inflation rate had qualitatively similar effects. When credit was rationed, changes in the domestic inflation rate and the world inflation rate always affect the domestic capital stock differently. This occurs because credit rationing breaks the link between the marginal product of capital and the rate of interest on loans: what matters was how the domestic and foreign rates of inflation affect the self-selection constraint and researcher affect this differently. Whenever there were restrictions on capital availability, the domestic and foreign inflation rates react differently on the economy. Verme (2004) analyzed theory of Walrasian equilibrium was that changes in the domestic rate of inflation can had very different effects under credit rationing. Again, this happens because what matters was how the domestic inflation rate affects the self-selection constraint. Higher domestic inflation can actually relax this constraint by increasing the rate of interest on loans, and hence attenuating the incentives of agents to misrepresent the type. The domestic inflation can also cause dearth of capital if the interest rate rises for the reason of inflation. Verme (2004) presented a model of a small open economy where financial intermediaries make a real allocate function then consider the relative merits of different exchange regimes, focusing my attention on policies that had been implemented in Latin America and, particularly, in Argentina and Peru. This document puts forward an example of an open economy where financial intermediaries may cause situations where credit may not always be restricted. Verme (2004) observed that the inflation thresholds as were observed empirically: increasing inflation beyond the threshold level reduces domestic growth output. However in economies with fixed exchange rates, increases in the foreign (and domestic) rate of inflation always had adverse consequences for real activity. In case of variable exchange rates, inflation can encourage production if credit was limited, however if the inflation exceeds beyond a certain limit then it reduce the output. Mauro (1995) estimates may be used to derive an indirect, corruption-induced, cost of inflation variability. This cost can be calculated by multiplying estimated of the impact of inflation variability on corruption by exogenous estimates of the impact of corruption on investment and growth. Given that Mauro (1995) presented such estimates, this calculation was relatively straightforward. The cost of inflation can also increase if corruption impacts investment and growth. Fama (1981) explanation of the absence of positive simple relations between money supply and real activity growth rates during the post- 1953 period was an interesting topic for future research. This was especially so since the monetary measure used, the growth rate of the base, was the one most under the control of the monetary authorities. Studying the relationship between money supply and growth rate reveals that the said rate was under most control of the controlling authorities. Braun and Tella (2000) estimated that an increase in corruption of one standard deviation leads to a decline in the average investment rate of 8.5 percent of GDP. In this paper also estimates that GDP growth would decline by 2.76 percentage points per year. It was estimated that a slight increase in the corruption can greatly decline the investment. Fama (1981) tested that the effect hypothesis implies that actions of real activity should dominate dealings of inflation when both were used as explanatory variables in real stock return regressions. In monthly, quarterly, and annual data, growth rates of money and real activity eliminate the negative relations between real stock returns and expected inflation rates. In the annual stock return regressions unexpected inflation also loses its explanatory power when located in competition with future real activity. Sometimes inflation loses its quality of increasing growth rates when there was real economic growth in the future. Fama (1981) analyzed the hypothesis for both common stocks and bonds were that expected real returns were determined in the real sector. Spurious negative relations between inflation and expected real returns were then induced by a somewhat unexpected characteristic of the money supply process during the post- 1953 period, in particular, the fact that most of the variation in real money demanded in response to variation in real activity had been accommodated through offsetting variation in inflation rather than through nominal money growth. After the analysis of securities, it was accomplished that there exists a negative/inversely relationship between inflation and expected real returns. The severe drought in India during the current cropping season may put more pressures on international prices of a number of commodities i.e. international sugar prices had already risen substantially, which had also impacted domestic prices, which sufficient domestic availability, Increasing the int

The West Point Cheating Scandal Essay -- West Point Academy Cheating E

The West Point Cheating Scandal Description: In April of 1976 it was found that there was a possibility that over half of the junior class at West Point Academy had violated the West Point honor code by cheating on a case assignment. The honor code states "A cadet will not lie, cheat, or steal, nor tolerate those who do." This was by far the largest violation of the honor code in West Point history and presented some unusual challenges to the administration. As the year dragged on it was found that more and more students possibly had cheated on the assignment and was also becoming a public relations nightmare in the press and internally to the Army branch of the United States military. The honor code at West Point was pointed and harsh in its dealings with violators and this case brought scrutiny, criticism as well as staunch support for the code and how violations were dealt with. To follow the honor code would be to expel all students involved and this would be a heavy hit on the academy. â€Å"At this time West Point had been having trouble recruiting soldiers because of the public attitude toward the military following the Vietnam War† The other possibility was to scrap the way the system was supposed to behave to keep the cadets in school and to reconstruct the honor code and the way it handled violations. Diagnosis: The diagnosis of the problem stems from the fact that honor code was a rigid book of rules that all cadets were expected to adhere too. All parties guilty of violations were given the harshest punishment of expulsion. They were 100% aware of what was involved and consequences of actions if violated. The Army and the military in general has always been a place of direct leaders and subordinates and takes in pride in the fact that it is a highly disciplined way of life. More so at the respective academies which were created to train and educate future leaders in the branches. The academies are based on trust of your superiors as well as obedience to their commands. There is also the possibility of disappointing your colleagues and in turn losing their respect and camaraderie. This in itself is the one of the reasons some say that the honor code and system had been so successful throughout the years. A change in the code would go against everything that West Point had always stood for and then would hold future gr... ...e, however in support of changing the honor code system in terms of the expulsion penalty at all times as well as the tolerance portion of the penalty. I feel that there are many circumstances in which expulsion is extreme and unnecessary especially when it has to do with tolerance of an honor code violation. Fallout: There is no answer that is going to satisfy all. If the code is changed those who lived and died by it are going to be upset. No matter what happens the media is going to point to different answers. The best answer is one that displays that the army and the academy are strict yet fair and understand and employ honor at all times themselves. When issues like this arise it is a good chance to update a system that could be considered outdated and it is a good time to show that a system such as this can change with the times while still reflecting the pride and honor that is so bestowed upon it. Works Cited http://www.findarticles.com/p/articles/mi_m1316/is_n11_v20/ai_6860628 http://www.valuebasedmanagement.net/methods_french_raven_bases_social_power.html Luthans, F. (2005). Organizational Behavior. 10th edition. New York: The McGraw Hill Companies.

Globalization Positive Effects

University American College Skopje School of Business Administration Final paper Spring Semester 2011 International Management & Globalisation Instructor:Student: Professor Dimitrios E. Akrivoulis Vlatko Bogoevski ID: 9243 Skopje, April, 2011 Table of content: Globalization Impact of the globalization Positive effects of the globalization †¢ Increased Competition †¢ Employment †¢ Investment and Capital Flows †¢ Foreign Trade †¢ Spread of Technical Know-How †¢ Spread of Culture †¢ Spread of Education †¢ Legal and Ethical Effects Negative impact of the globalization †¢ Employment issues Safety and security concerns †¢ Environmental issues †¢ Other negative effects What is the influence of the globalization process in India Globalization effect to the Indian women What are the main players in the process of Globalizations †¢ Transnational Corporations †¢ Investors †¢ World Trade Organization †¢ World Bank and IMF †¢ U. S. Treasury Department †¢ NGO’s Abstract: The purpose of this paper is to introduce, discuss, and analyze the topic of Globalization. Specifically it will discuss the positive and negative effects of the Globalizations, and how it reflected to the Indian market.In addition, it will provide information of the main players in the globalization process and which organizations played the most important rule in setting up the international law and regulations. Summary: It is clear that globalization is something more than a purely economic phenomenon manifesting itself on a global scale. Based on my broader research of the topic of globalization and its effects, we may conclude that the process has had many positive and negative aspects. Some countries gained more benefits than others; some people lost their jobs while some of them get employment using the benefits of the globalization.Taking the positive side in the process, I believe that international organizat ions and governments have to support the phenomenon of globalization by implementing fair rules and regulations equal for all players and countries. International organization like WTO, World Bank, IMF have to foreseen the countries especially developing countries to change the criteria of attracting foreign companies in which the resources, safety and country stability will be the main criteria of attracting foreign capital, rather than exploitation labor force or neglecting the main safety and environmental standards.By creating a fair competition the trend of multi nationals companies will slow down and will provide room for development and maintain of small and medium companies. Strict law and regulations has to be foreseen from the international organizations to the governments and main players (multinational companies) in the process of globalization in which they will monitor the effects and take the right actions that will boost only the positive and beneficial aspects. Glob alization People in the world are much more connected than ever before.Goods and services produced in Asia or Africa short after are available on the other continents in the world. Travelers moving in other countries more frequent. International communication based on last technology achievements, (the internet) make people to communicate in much easier way than ever before. Information, data, and money flow are trade all around the world quickly than ever. This phenomenon has been named as Globalization. In the modern world globalizations has been identified as system of communications and relations among the countries that will help to develop the global economy and people living standard.It mostly refers to the integration of trade and industry, political and cultural exchanges all over the world. [1] Joseph Stiglitz, an economist and winner of the Nobel Prize defines globalization as the closer integration of the countries and peoples of the world †¦ brought about by the en ormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders. [2] Impact of the globalizationSome argue that globalization is a positive development as it will help to develop new industries and will create more jobs in developing countries, while other says that the globalization is negative. They believe that it may force poorer countries of the world to do whatever the big developed countries tell them to do. Another viewpoint is that developed countries, like USA, Canada, are the ones who may lose out because they are involved in outsourcing many of the manufacturing jobs that used to be done by their own citizens.Positive effects of the globalization: The positive effects are numerous and extremely beneficial for everyone in all countries. The following effects have been identified as the major benefits of the Globalization: Increased Competition It†™s more than obvious if the market is bigger and more companies could offer the products at the same market and under same conditions the final consumers would feel the benefic in terms of financial and quality. Customer service approaches to production have led to improved quality of products and services.As the domestic companies have to fight out foreign competition, they are compelled to raise their standards and customer satisfaction levels in order to survive in the market. Employment Many companies like NIKE, Mercedes, Procter&Gamble, have transferred the production into developing countries having the opportunity to use the benefits of it, like reducing the unemployment rate, higher government revenue expectation due to different taxes etc. However, the employment benefit of the globalization may have negative effect.Due to global nature of the businesses, people of developing countries can obtain employment opportunities, but the developed countries have lost jobs on acco unt of this movement of jobs to the developing world. Investment and Capital Flows One of the most positive impacts of globalization in China is the flow of foreign capital. Many companies have directly invested in China by starting the production factories there. Chinese companies which have been performing well, both in China and abroad, will attract a lot of foreign investment, and pushes up the reserve of foreign exchange available in China.This is also one of the positive effects of globalization in US and other developed countries as developing countries give them a good investment proposition. Foreign Trade Foreign trade has had positive impact records in the history. Globalization process through different organization like World Trade Organization, IMF and others have been established with a view to control and regulate the trade activities of the countries. [3] Spread of Technical Know-How It is generally assumed that all the innovations happen in the developed countries.D ue to globalization the know-how comes into developing countries that help them to use the benefits of it and speed up the developing process. Without globalization the knowledge of new inventions, medicines would remain in the countries that came up, and no one else would benefit. But due to improved political ties, there is a flow of information both ways. Spread of technical know how may be counted as one of the most positive aspect of the globalization. [4] Spread of Culture This effect of globalization has many positive impacts but also we may find it as reason of intolerance between different nationalities that leads to wars.Societies have become larger as they have welcomed people of other civilizations and backgrounds and created a whole new culture of their own. Cooking styles, languages and customs have spread all due to globalization. The same can be said about movies, musical styles and other art forms. They too have moved from one country to another, leaving an impressi on on a culture which has adopted them. Spread of Education One of the most powerful positive effects of globalization to the people is the spread of education. People from different continents may study abroad and gaining the positive experience may not find in their own country.A good example of that is how the American managers went to Japan to learn the best practices in the field of mass production and incorporated that knowledge in their own production units. Legal and Ethical Effects Gone are the days where the limited jurisdiction became a barrier in the prosecution of criminals. These days due to international courts of justice, these criminals can no longer seek protection in a foreign country. Due to globalization, there is also an understanding between the security agencies and the police of two or more different countries who will come together to curb  global terrorism.This is undoubtedly one of the greatest positive effects of globalization on society. [5] Negative impact of the globalization Globalization has the negative side as well. Opponents of the globalization point out to the following negative effects: Employment issues Many companies have transferred the manufacturing work in developing countries like China where the cost of the production goods are lower. That means fewer jobs for the people in developed countries. Programmers, accountant and others in developed countries lost their job due to outsourcing to cheaper location like Pakistan, India. Etc.In additional, globalization has led to exploitation of labor. P Prisoners and child workers are used to work in inhumane conditions while safety standards are ignored to produce cheap goods. Job insecurity seems to be real problem of globalization. While in the past people had stable and permanent jobs, today they live in constant dread of losing their jobs to competition. Increased job competition has led to salary reduction and lower standards of living. Safety and security concerns Advanced technology does not mean that always will be used in a proper way, like to improve the people life or to benefit the global economy.Terrorists use the internet to communicate between themselves and also they have access to sophisticated weapons that increase their ability to inflict damages. This is undoubtedly the negative effects of the globalization. [6] Environmental issues Many companies in the developing countries have set up the industries causing pollution due to the poor environmental regulation. Other negative effects: †¢ Bad aspects of foreign cultures are affecting the local cultures through TV and the Internet. †¢ Enemy nations and organization can spread propaganda through the Internet.The domino effect in the Egypt and Libya come as the result of fast and easy channels of transferring information. †¢ Deadly diseases are being spread by travelers to the remotest corners of the globe. †¢ The increase in prices has reduced the government†™s ability to sustain social welfare schemes in developed countries. †¢ Multinational companies and corporations which were previously restricted to commercial activities are increasingly influencing political decisions. [7] What is the influence of the globalization process in IndiaIndia opened up the economy for foreign investors in the early nineties. The new government has implemented law, regulations, and globalization strategy that will be in favor of international businesses and radically pushed forward market oriented economy. The government of India made changes in its economic policy in 1991 by which it allowed direct foreign investments in the country. As a result of this, globalization of the Indian Industry took place on a major scale. Liberalization that was established in the 1990’s included the following major changes: Modifying of the industrial licensing regime, †¢ Reduction in the number of areas reserved for the public sector, †¢ Amendment of the monopolies and the restrictive trade practices, †¢ Start of the privatization programme, †¢ Reduction in tariff rates and change over to market determined exchange rates. [8] Over the years the liberalization of the Indian market become reality, more and more sectors opened up for foreign direct investments facilitating the entry of industries like steel, pharmaceutical, petroleum, chemical, textile, cement, retail and etc.One of the great changes, the sharply reduction of the tariffs rates contributed to speed up the process of foreign investment. â€Å"The Indian tariff rates reduced from average of 72. 5% in 1991-92 to 24. 6 in 1996-97. Though tariff rates went up slowly in the late nineties it touched 35. 1% in 2001-02. India is committed to reduced tariff rates. Peak tariff rates are to be reduced to be reduced to the minimum with a peak rate of 20%, in another 2 years most non-tariff barriers have been dismantled by March 2002, including almost all quantitat ive restrictions. [9] One of the major impacts of the globalization in Indian industry is that many international companies have decided to invest there particularly in the pharmaceutical, petroleum, and manufacturing industries. It helped Indian economy to develop significantly. Those investments has reduced the unemployment rate in country and brought highly advanced technology that helped to make the Indian Industry more technologically advanced. The various negative effects of Globalization on Indian Industry are that it increased competition between the foreign and domestic companies.Goods produced by the foreign companies were cheaper and better to the one produced by the domestic companies. It reduced the profit of the domestic companies and many people lost the jobs. This happened mainly in the pharmaceutical, manufacturing, chemical, and steel industries. The negative effects of Globalization on Indian Industry are that with the coming of technology the number of labor requ ired decreased and this resulted with higher unemployment rate. [10] Globalization effect to the Indian women: Globalization has had negative implications for Indian women.According to estimates from World Development Indicators, â€Å"Women work two-thirds of the world’s working hours, produce half of the world’s food, but earn only ten percent of the world’s income, and own less than one percent of the world’s property. †[11] In India most of the women work two full time jobs. One in a factory where they are paid almost nothing, the  other is in home where they are paid nothing. One example of women’s labor being exploited would be the Noida Export Processing Zone, which is 24 km from  New Delhi. These â€Å"zones† prefer to hire women because they are more docile and more productive in men.In short they are easier to control and less likely to retaliate against less than ideal working conditions, which are exactly what thousand s of women encounter 12 hours a day. The zone is dangerous, hot, and unsanitary. Unnecessary body searches are routine. There are no maternity benefits and minimum wage is never enforced. Women who become pregnant or marry are immediately fired. Overtime is compulsory but women are paid lower rates than men. In order to avoid being fired, women turn to unsafe abortions performed by unqualified â€Å"doctors. In the zone â€Å"respiratory problems, pelvic inflammatory disease, and sever cases of dehydration and anemia are common. †[12] What are the main players in the process of Globalizations Transnational Corporations: Large corporations (such as Nike, Hanes, Dole, Exxon, etc. ) that operate mostly in developing countries, are not regulated by any international body and because making a profit is their main responsibility, they often move factories in nations that offer the lowest wages, environmental standards, taxes, etc. with aim to maximize the profit and lower the prod uction costs.Of the world’s primary economic financial powers (with the largest revenue), 49 are countries— and 51 are corporations. [13] Investors: Investment firms, banks, mutual funds and hedge funds, etc. , who â€Å"move† money around constantly, buying and selling internationally. World Trade Organization: â€Å"The General Agreement on Tariffs and Trade and international trade agreement which developed at the Bretton Woods Conference. This conference also created WTO the United Nations, the World Bank and the International Monetary Fund.The WTO develops and enforces trade rules for all member nations; for example it can decide that certain country’s environmental standards are unfair barriers to trade. World Bank and IMF: The World Bank and IMF make loans for development purposes (roads, power plants, etc. ) to developing countries to move people out of poverty and into self-sufficiency. When poor countries fall behind in loan payments (they canno t seek bankruptcy protection like corporations such as Enron can), the Bank makes additional loans that dictate the poor country’s economic system so it can pay back the growing interest.These structural adjustment policies (SAPs) have meant countries in Africa, for example, have had to cut back funding for health care, education, and social services. People in these counties must now grow food for export to pay off loans rather than for feeding their own people. U. S. Treasury Department: U. S. Treasury department controls 17% of the World Bank and IMF decision-making power by giving it a larger share of power than any other country in decisions. It also plays a dominant role in the WTO. Many of its decisions in these bodies are shaped by the U. S.Treasury Department which handles financial and currency matters for U. S. Government. NGO’s: Non-governmental organizations are a wide range of non-profit groups representing different communities and segments of civil soci ety. Such groups are increasingly working together through growing networks to bring positive change and economic justice to people in poverty and without power. †[14] List of references: http://global_india1. tripod. com/negative. htm http://www. scribd. com/doc/49266417/Effects-of-Globalization-on-Indian-Industry http://www. buzzle. com/articles/negative-effects-of-globalization. tml http://iecblogs. org/informational/globlisation-its-impact-on-india http://usforeignpolicy. about. com/od/trade/a/whatisgz. htm http://mindtools. net/GlobCourse/gdef. shtml http://ezinearticles. com/? The-Positive-Effects-of-Globalization&id=1126427 http://www. buzzle. com/articles/negative-effects-of-globalization. html http://iecblogs. org/informational/globlisation-its-impact-on-india Business Organisation And Management (For Delhi University B. Com Hons. Course http://www. scribd. com/doc/49266417/Effects-of-Globalization-on-Indian-Industry by Phillip Tomlinson; http://www. simulconference. om/clients/sowf/dispatches/dispatch22. html http://www. ramveena. com/p/ramveena-india-is-one-of-few-countries. html http://juan-globalization. blogspot. com/ http://members. iimetro. com. au/~hubbca/globalisation. htm http://en. wikipedia. org/wiki/World_Trade_Organization http://riskreport. weforum. org/ Words: 2779 ———————– [1] http://usforeignpolicy. about. com/od/trade/a/whatisgz. htm [2] http://mindtools. net/GlobCourse/gdef. shtml [3] http://en. wikipedia. org/wiki/World_Trade_Organization [4] http://members. iimetro. com. au/~hubbca/globalisation. htm [5] http://ezinearticles. com/?The-Positive-Effects-of-Globalization&id=1126427 [6] http://riskreport. weforum. org/ [7] http://www. buzzle. com/articles/negative-effects-of-globalization. html [8] http://iecblogs. org/informational/globlisation-its-impact-on-india [9] Business Organisation And Management (For Delhi University B. Com Hons. Course [10] http://www. scribd. c om/doc/49266417/Effects-of-Globalization-on-Indian-Industry [11] by Phillip Tomlinson; http://www. simulconference. com/clients/sowf/dispatches/dispatch22. html [12] http://www. ramveena. com/p/ramveena-india-is-one-of-few-countries. html [13] http://juan-globalization. blogspot. com/ [14]

5 Tips How to Make Homework Fun

5 Tips How to Make Homework Fun Your children spent their days at school, and then they come home and the big battle starts! They need to make their home assignments that are not a big pleasure for both kids and parents, and we know how it can be difficult if you need to ask, beg, force them to do their home task. For some parents it's nightmare. Children can be nervous with you, they may hate to fulfill assignments, and they find various reasons to avoid from start. We are sure you understand how it ends. Your kids might go to school with undone tasks and get low grades, or they spend long hours in the night with making the assignment, and you can't wake them up to the school in morning. Both variants sound bad and wrong. In both cases you and your kids would be overstressed and angry; it affects your family  relationship and this could end up with a nervous disorder. Are you looking for a way to manage tasks at home, and interested how to do homework without stress, nerves, and quarreling? We know how to make homework fun! Keep reading our article and learn many awesome hints how to help your child with assignments and get everything done without wasted time and nerves. Hint # 1 A new place for doing your homework. First important thing how to make homework fun is to make comfortable workplace for them to work. If kids have their own space, they appreciate it a lot; try to create their homework space they will love. If your child doesn't have their own table and does their assignments in the kitchen, it wouldn't be exciting for them. Such kids will find a million reasons to avoid making their tasks at home. If you don't have a lot of space at home, try to create a workplace with good lighting for your kid. Children love to have something their own, and you should encourage them to clean their place after they did homework. A good idea is to buy small school desk with lockers where children can put their books, exercise-books, and pencils. Kids are happy to have their own place, and they don't mind about cleaning it and keeping neat; this will help to develop their accuracy. Hint # 2 Make rewards for finished task. If you feel tired thinking how to do homework without pushing on your kids, you may try incentives. With some kids, it works perfectly. We need to mention this method might work not for everyone, so if you accept incentives, you should try it out. Promise them more time with computer or tablet, late bedtime on weekend, or going to the zoo with their friends. Offer your children something after they finish their assignments. You may offer cinema tickets, their favorite ice-cream, a new toy they desire to get. Just turn your fantasy and think up something your kids love - you know a plenty ways how to make homework fun! HELP WITH MY HOMEWORK Hint # 3 Some snacks will make homework fun. The next tip how to make homework fun is giving your children snacks during their studying; they can't have food in class during lessons, that's why it's wonderful treat while they are at home.   If your kid is hungry, he or she will be unfocused and unhappy. Give them simple snacks like crackers or cookies; just choose snacks won't make their hands dirty while they write or read the book. It's good to offer an apple or sliced fruits and vegetables during their reading. Just watch the time to not spoil the dinner. Snacks help kids to be more concentrated on their tasks, plus tasty things can make their homework fun! Hint # 4 Take breaks to stay fresh! Are your kids tired after just 20 minutes of sitting with their tasks? Use this tip how to make homework fun, and you will see they can do much more and better. Just take short breaks! We guarantee this is a good tip how to finish homework fast. Don't be a bad cop anymore telling they can get off the chairs if all homework will be finished. You should involve children in doing something during the break, they don't have just to sit and wait till you will force them to work on lessons more. Break can be a fun! It could be short play time, quick dance, aerobics, or bathroom break. During the break, kids' attention will switch on something else, and they will finish their assignment quicker and easier when they come back to the desk. Hint # 5 Help your kids how to do homework. We understand you are extremely busy for all day, but you should take some time and join your children while they are making their lessons at home. You will be able to see what they work in school at the current time, and they may ask you how to do homework. Give them good advice how they need to make this or that. We are not going to suggest telling them how to cheat on homework, but you can teach them how to focus on homework, and with other our tips, your kids will have their homework fun! How to Get Professional Help With Homework? In some cases, students get complicated tasks to fulfill at home, and they have no idea how to do homework. Visit our company site and get professional and fast help with your homework! We can make various assignments: math, literature, geography, chemistry, physics, etc. It's very easy to make your order – just search for our order page, fill all details about your task, calculate the price and click confirm button. We will start working on your homework just after you sent your assignment! Our service collaborates with talented writers to deliver a professionally done task to you. We guarantee high quality, professionalism, and individual approach to each and every client. Our company will keep your personal data confidential. Many people all over the world trust our service, don't hesitate and contact us right now if you have got any questions.

Goku’s Portrayal in Dragon Ball and Dragon Ball Evolution Essays

Goku’s Portrayal in Dragon Ball and Dragon Ball Evolution Essays Goku’s Portrayal in Dragon Ball and Dragon Ball Evolution Essay Goku’s Portrayal in Dragon Ball and Dragon Ball Evolution Essay Dragon Ball was a manga series released in Japan on November 10th, 1985, written and illustrated by Akira Toriyama. It followed the adventures of Son Goku and his super powered, martial arts fighting friends, travelling the world searching for the Dragon Balls; seven magical balls that if gathered, grant the user any wish. The manga series became extremely popular, not only in Japan, but around the world. Looking to capitalize off the popularity of Dragon Ball, 20th Century Fox announced that in 2009 they would release a live action Dragon Ball movie called â€Å"Dragon Ball: Evolution†. The movie, released on March 13th, 2009, was met with a largely negative reaction and bombed at the box office. Many fans felt that Dragon Ball Evolution deviated from its source material so much that it barely resembled the manga. Perhaps one of the largest differences in Dragon Ball Evolution was the portrayal of the main character, Son Goku. Among the main differences were his age, his upbringing, and the attitude of the character. In the original Dragon Ball manga, Goku is defined by his age and his upbringing. At the start of the series Goku is ten years old. He is raised in the woods by his Granpa Gohan and is taught martial arts and how to survive, but is completely unaware of the world around him. This simple view of the world defines Goku as, even though he holds the power of a god, he often times becomes a â€Å"fish out of water† where ever he goes. Being young and naive gives the audience a person to relate to in the fictional Dragon Ball universe and makes the character flawed. In Dragon Ball Evolution, Goku is a teenager who lives on the outskirts of the city, and goes to high school. : This completely eliminates the childlike aspect of Goku that defines him in the manga. Goku goes to high school in the city, has to deal with bullies, while also concealing his great powers, becoming a â€Å"teenaged geek with powers† type character that is portrayed in many superhero films. Age and environment aside, the most important aspect of Goku’s character is his attitude. In the original manga Goku is naive, curious, and always courageous. These are his greatest strengths, but also his greatest weaknesses. His naive, curious, and simple nature allow him to be good to a fault, and to see the good in other people. However, villains often take advantage of his naivety. While his courageous attitude is a source of strength, it also causes Goku to become vulnerable. In Dragon Ball Evolution, Goku is awkward, unassuming, and unsure of himself. He functions much more as an unlikely hero than his manga counterpart. His weakness comes from a lack of self confidence, as opposed to overconfidence in the manga. In the main fight against the main villain, Piccolo Jr. , in Dragon Ball Evolution, Goku is very unsure of himself and has to garner confidence throughout the movie in order to face his foe. In the manga, Goku initially loses the battle due to being headstrong and learns to grow in powers and as a person before facing and defeating his foe. Although the Dragon Ball manga and Dragon Ball Evolution both feature the main character â€Å"Son Goku† the Goku in both mediums are polar opposites. They differ in age, surroundings, and personality. Although Hollywood adaption’s need to take liberties with the source material in order to condense the stories, they also need to maintain similarities. Fans that go to see films about characters that they love wish to see them portrayed closely to what they are in the source material. With all of the changes made to Goku, among others, the fans lost interest in the movie and it ultimately failed. Dragon Ball Evolution stands as a testament that in order to make a successful adaptation of literature, film makers must try to maintain elements of the series that they are adapting from.

Contrast and Compare Absorption Costing with Marginal Costing Essay

Contrast and Compare Absorption Costing with Marginal Costing - Essay Example The Strict adherence to a particular costing method is critically important to effectively managing the finance in a firm since its management will be bale to make proper appraisal of the productivity as well as performance of various costs units in the firm. This piece of research reviews full costing and variable costing and outlines the conceptual framework and key assumptions of these cost methods. This paper compares and contrasts these approaches to product and services costing with a view to explain whether the choice of full costing or variable costing still matter or not. Full Costing: Conceptual Framework and key assumptions Full costing, also commonly termed as Absorption Costing, refers to a costing method in which all manufacturing costs, including variable as well as fixed costs, are attributed to the production costs. Hilton, Maher and Selto (200, p. 58) stated that full costing applies all manufacturing-overheads to manufactured goods along with direct materials and d irect labor costs. Full costing is also termed as absorption costing because it absorbs and recovers both fixed and variable costs (Heisinger, 2009, p. 276). The cost incurred for the production of a unit is considered as variable cost per unit plus an allocated share of the fixed overheads (Jawahar-Lal, 2008, p. 627, Nigam, Nigam and Jain, 2004, p. 398). In full costing, direct costs are directly allocated to the cost units and manufacturing overhead-costs are taken to the product and other overheads. Direct material costs and direct labor costs are variable costs and these are directly attributed to the product. But, fixed costs are charged over different products that the firm manufactures over a given period of time (Williams, Haka and Bettner, 2004, p. 923, Jiambalvo, 2009, p. 181). Inventory costs should include all production overheads with fixed as well as variable costs and therefore SSAP 9 considers Full Costing as an essential requirement for the external reporting purpos es if the firm has to undergo it (Broadbent, Broadbent and Cullen, 2003, p. 92). In Full Costing method, the demand of the product is never considered, but prices are considered as the functions of the costs. Full costing includes pasts costs that may not always be relevant to the present decision making purposes and pricing determinants (Jackson, Sawyers and Jenkins, 2008, p. 228, Drury. 2006, p. 227) In Full Costing method, the demand of the product is never considered, but prices are considered as the functions of the costs. Full costing includes pasts costs that may not always be relevant to the present decision making purposes and pricing determinants. It is therefore criticized that Full costing may not be able to provide reliable and accurate information in order to make decision making be effective (Boardguess, 2009). Variable Costing: Conceptual Framework and key assumptions As detailed above, Full costing includes direct materials, direct labors and both variable and fixed manufacturing overheads that are incurred in manufacturing a product. In contrast, variable costing doesn’

Sociology questions Essay Example | Topics and Well Written Essays - 500 words

Sociology questions - Essay Example By integration, the structural assimilation from may be on the primary level where minor group members enter the cliques and clubs of friendship in the dominant society or on the secondary level in which group members penetrate organizations or public institutions made by the dominating class. Intermarriage is another form of assimilation which allows members of the minor group to have marital engagement with the members of the dominant group to bring the lower status at a much higher level. In the case of pluralism, acculturation is a form taken by the group as it chooses to maintain its own identity whereas cultural differences are almost negligible in structural pluralism and the groups may be designated at different points within the social structure. Equivalently, pluralism may take integration without accumulation as the third form. (2) The experience of conquest and colonization differed for men and women. Summarize the gender differences in the experiences of African Americans, American Indians, and Mexican Americans. Why did these differences occur? In general, gender differences have stereotyped Afro-American men as hypermasculine and oversexed while Afro-American women are the ones capable of being ‘welfare queens’ and giving a significant number of births. African American men and women alike have shown great support at political struggle toward feminism and egalitarian views of men’s and women’s roles though Afro-American women display much liberalism. Mexican American men, on the contrary, have often been supposed to possess traditional gender functions though it still depends on the generation to which a man belongs and the type of experience with family under force of labor. Despite certain standards traditionally set by parents for their daughters, the latter, as Mexican American women in the making, behave with