Campbell Soup Employee Engagement Essay Example for Free

Campbell Soup Employee Engagement EssayDouglas Conant, the CEO of Campbell Soup Co. discussed the importance of employee encounter and how Campbells strategy to pay attention to this metric paid off for their company. Conant took over in 2001 when Campbells was close to a takeover and its soup sales had drastic every(prenominal)y declined amid fierce competition. Furthermore, some of its best employees had left the company rather than wait out the hard times. Conant recognized that of all the elements related to corporate culture, employee engagement was the just somewhat highly correlated to shareholder returns. Therefore, to turn things around, Conant implemented the Campbell Promise of Campbell Valuing People, People Valuing Campbell with the strategy that To get ahead in the market place, we believe you must first win in the playactplace. Im obsessed with keeping employee engagement front and center and keeping up energy around it. In 2002 Conant hired the military ser vice of Gallup, a polling and research firm, to better understand his companys engagement levels. Gallup found that 62% of Campbells managers were not actively engaged in their jobs and 12% were actively disengaged.Those numbers were some of the worst for any Fortune 500 firm ever polled. By Gallup standards the ideal level of employee engagement is to have a ratio of 12 actively engaged employees for both disengaged employee. Campbells ratio was only 21 that is, only 2 actively engaged employees for every disengaged employee. Strategies to Motivate and Engage Employees Bring down barriers, literally Conant had barbed wire fencing removed from Campbells Camden, NJ facility to create pleasant work environment Promoting from within replaced 300 of the companys 350 leaders half of whom were promoted from within the company.This changed the culture and sent a message that few could ignore. Annual surveys of all 580 work groups simultaneously managers review the results with their d irect reports and everyone is updated on their progress related to specific goals. Leaders are measured on their ability to inspire pull in those around them. Recognition Events celebrate at a high level when people do things well. CEOs acknowledgement Conant sends out about 20 thank-you notes a day to staffers, on all levels. Open communication every six weeks CEO has lunch with a group of a cardinal or so employees to get their perspective on the business, to address problems and to get feedback.

Comparison of the Atlantic Slave Trade

Comparison of the Atlantic Slave TradeAlthough buckle downry was non a new establishment during the 1600 1800s however, there were gravid contrasts in the way slaves were treated in the Atlantic World. Slaves throughout this era were treated in various ways and from having some intelligent rights to having none, and from having unembellisheddom to virtu eithery no chance of freedom. Although it did take over 150 socio-economic classs, slaveholding finally came to an end in most of the Atlantic regions.England/America and thrallIn tracing back slavery in Britain and then the Americas one cease go back to ancient Rome. besides unlike the 1500s 1800s instead of macrocosm slave holders, the British themselves were slaves to the popishs whom they had captured and sustain prisoners of war and then shipped of for sale in the Roman markets. after the fall of the Roman Empire, which historians disagree on the dates which can be betwixt 476 A.D. to 1453 A.D. or that Rome neve r fell, that rather adapted (Gill, 2010). Unlike slavery in England or the English colonies there were many place of slaves in Ancient Rome which included agaso- which was a groom, atriensis, who were stewards, auri custos- were jewelery attendants, bubulcus- which were ploughman, calator who were footmen, cantrix singers, cellarius storekeepers. Slaves were also classified as cooks, messenger, game fatterners, chain gang, market gardeners, doorkeepers, reapers messengers, nurses, obstetricians, shepherds, chaperons, attendants, pages, planters, even hairdresser, masseurs, and cloths folders. Also beneath Roman law slaves could gain their freedom in various ways which included Per censum, when a slave with his reduces permission places his name in the censors roll. Per vindictam, when a master took his slave to the praetor or consul or pro-praetor or pro-consul and declared I desire that this man be free, according to the custom of the Romans(Roman Slaves, 2008), if then the praetor authorise he would then put a rod on the head of the slave and pronounce I say that this man is free, after the manner of the Romans (Roman Slaves, 2008). At this point the master or a lector (bodyguard) would turn him around in circle and give him a blow on the check which sentience that leave was granted to him to go wherever he wanted. A slave could gain his freedom by Per testamentum which was when a master gave his slaves freedom at his consume will. Finally Slaves that fought in the arenas could gain their freedom by fighting well.Although the English justified slavery during the 1500s 1800s on the reasoning that the Ancient Romans use slavery, the institutes were radically different. The initiation of slavery in England and the English Colonies began with indentured servants who would sign on to leave England and start a new purport that to pay their fair they exchange themselves to work for a certain time span, usually tercet to five years. Many of this were criminals, prostitutes, or owed debt and were willing to leave to start a new life rather than going to prison or even put to death with the majority being young men in their teens to early twenties. After their committed time was up they then were free to start their own lives. Due to the growth in the colonies there began to be a lack of indentured servants so there had to be a nonher way to get the labor needed for the plantations. There were various schemes that brought slaves to the New World which included kidnapping and being European did not protect you from being kidnapped and sent into servitude. Many would find themselves on the way to Virginia after having a beer with a friend in a European city (Hines, 1996). In contrast, most Roman slaves were prisoners of war and were freed on the whelms of their masters.In the beginning slavery in America was neither slavery nor limited to Africans, entirely was indentured servitude where the servants including Africans were relea sed after serving their time. Africans then would join the community where they were radiation patternly farmers and even voters as being equal members of the community. Under indentured servitude if children were born they were considered free which was in contrast to slavery. Under indentured servitude there was no racism. This was to change when under the case of re Negro John Punch in 1640 that made a racial distinction among indentured servants and made blacks indentured servants for a lifetime (Slavery and Indentured Servants). In 1705 the Virginia Slave Code was established that set laws concerning the treatment and legal status of slaves in the English colonies. Under the code a childs status was determined by the status of his mother instead of the father which had been normal in England, if the mother was a free woman then the child was free, but if the woman was a slave the child was considered to be a slave. Marriages between blacks and whites (the Virginia Code also p rohibited marriage between other groups such as Amerindians, Irish, Turks, etc.) were illegal. Under the Virginia code the conversion of slaves to a certain religion was not a top priority, and many masters did not enfearlessness the conversion of their slaves to Christianity since they had such a low opinion of the slaves character that they felt conversion was useless as well as impractical (Hast, 1969. p. 221). Slaves therefore were made to work on Sundays and other holy days. Under the Virginia Code a person that was a Christian or from a Christian nation was not to be sold, however if a slave converted to Christianity they were not allowed to be freed. Also under the code slaves were not to be educated in either religion or a trade since the attitude of the master was the slaves (who were black) were inferior and not clear of learning. Slaves had no rights, a slave was not allowed to hit a Christian, however if a slave was struck and was killed by a white master, the master w as not held accountable for murder. Slaves were limited on their contact with slaves from other plantations in order to cut down the chances of rebellion. In the area of family, marriages between slaves were not allowed. The justification of slavery was surprisingly not over race but actually religion due to the notion that black Africans were heathens and would undercut the religion of the Europeans. Thus this ideology was the gritrock for justifying lifetime slavery for Africans. Ironically Virginia then enacted laws that allowed Black Christians to serve as slaves and here we see the beginning of a history that dominates racial attitudes to this day.One whitethorn ask why the change in the social make up from indentured servitude to slavery and there are several answers to that question. One is that they were in a New World and plantation owners were adapting to problems as well as opportunities. One of the problems with indentured servitude was indentured servants tended to run away and if they were either Native American or European they were able to blend in easily with the rest of the population. On the other hand the free African-American population was very small so if an African escaped he/she was more noticeable, another problem was under the contract of indentured servitude any European that served out their contract was to be tending(p) a weapon and plot of land. This gave an increase of armed, lower-class whites that lived in the frontier and who had not sympathy for the plantation owners who had enslaved and oppressed them for years. In 1676 under the leadership of Nathaniel Bacon these race banned together and burned Jamestown. As a result the de goe elite plantation owners needed a way to ease this situation and that lead to the riddle of racial slavery. The Virginia plantation owners/aristocrats the focused on the difference of skin colr and were able to present the perception of a colonial society that placed all Caucasians into a categor y of a master race. Economically it was also easier to keep Africans in servitude and this factor caused a flood of Africans to the Americas over the next 150 years.With the approach of the American Revolution there was a mixed blessing by both free African-Americans as well as slaves. The principles of the revolution had implied the end of slavery but the revolutionaries was never able to deliver that promise. It had been the desire of Thomas Jefferson to end slavery with the formation of the new nation, yet it was ironic that he never freed his slaves. Jefferson was not the unaccompanied person of his day that wanted to see salves free but there were men like Samuel Sewall who advocated freedom for African-Americans and even had pamphlets published and distributed that countered the arguments that the men of his time used to promote slavery. Sewall stated in his pamphlet The Selling of Joseph A Memorial Tis pity there should be more Caution used in purchase a Horse, or a little lifeless dust than there is in purchasing Men and Women Whenas they are the Offspring of GOD, and their Liberty is, (Sewall, 1700). Here he basically stated that men took more time and caution in buying horses and gold than they did in buying people. Despite its promise of freedom and rights to all men, the revolution did not grant African-Americans that freedom. This double standard was not lost on African-Americans who had fought on both sides of the war believing one side or the other would have been more likely to grant slaves the freedom they desired.The American Revolution started with an African-American named Crispus Attucks, who happened to also be the first martyr. On Sunday butt against 5, 1770, which is the date given as the start of the Revolution, was a day full of problems in the city of Boston. The relationship between the colonist and British Soldiers and become tug and filled with frequent violence. The days before this Sunday there had been numerous tavern braw ls and street fights between the British soldiers and the colonist. In one incident three British soldiers were beaten and ran out of town but returned with reinforcements. On this day a group of soldiers had just emerged from their barracks and were confronted by a gang of boys that include African-Americans, Irish, and others. After trading insults the two groups began to fight. Lead by Crispus, the Americans were able to drive the soldiers back to their barracks. After much confusion and angry by the citizens of Boston a British sentry ended up being attacked and then called for backup. A British soldier happened to be hit in the head with a stick and as a result his musket fired and killed Crispus. Several more savours ended up being fired and after the smoke cleared five people had been shot to death. This incident, which became known as the Boston Massacre, was the turning point in the relationship between America and the British with everyone realizing that the bonds between England and America had been irreparably severed. It is a great irony of history that the first battle of the revolution was not planned and the first hero of the war was an African- American who had been a designer slave and whose courage and passion led the angry crowd to stand up against the British and whose death was the first in a long struggle for freedom and freedom. However it would be another seven years before the first state, Vermont, would abolish slavery and then another 88 years before slavery was abolished in the United States.In 1791 as the United states was beginning as the first republic in the Western hemispheres, on the French Island of Haiti events began to unfold for another American revolution. Unlike the revolution in the British Colonies, the revolution in Haiti was driven by slaves who outnumbered their French plantation owners. August 22nd of 1791 was the day that the Haitian was for independence began under the leadership of Dutty Boukman when over on e hundred thousand slaves began their revolt against the much hated French. These men and women had been slaves all their lives and they not only wanted freedom, but revenge for the harsh treatments they had endured under the French. Over the next three weeks the Haitian slaves executed any Frenchman they found had burned every plantation in the prolific regions of Haiti. Other leaders for Haitis fight for independence were Franois Dominique Toussaint LOuverture, and Jeam-Jacques Dessalines. It would not be until November 28, 1803 that Haiti would become the second republic in the Western hemisphere.Africa and SlaveryAlthough the majority of slaves that came to America were from Africa, there was a vast contrast in how slaves were treated on both continents. Slavery had been a part of African cultures from the Sahara to the Kalahari long before colonialism thus they were not much different from other parts of the world. Like everywhere else in the world, slaves in Africa were consid ered legal property of their owners. However, slavery in Africa differed in practice from its European counterpart in practice. African slaves would normally be integrated into the home of the owner and it was not unusual for former slaves to rise to positions of trust within the family of his former owner or even to authoritative positions within their society. Another difference between African slavery and that of European slavery was the treatment of slaves. Under African masters slaves were not subjected to continual inhuman and brutal treatment as was the case under European ownership of slaves.Portugal was the first European nation to make a sustained contact with sub-Saharan Africa, and the slaves they obtained were originally used in domestic capacities and with the limited demand at the time slaves were just a part of trade that involved other commodities, however this would change with the discovery of the Americas and the colonization that would soon follow. By the end of the 16th century over 13,000 slaves were imported to the Americas per year and as more of the Americas and Caribbean Islands were conquered and the demand for slaves increased it is believed that between 1800 and 1865 around four million slaves were imported to the Americas (The African Slave Trade Slaves in Africa, 2006).With the growing fruition of the negative impact that the slave trade was having on their population there began to be a growing opposition to the Trans-Atlantic slave trade. The kings of Congo and Benin, which is now a part of Nigeria, were among the first rulers that came to oppose the slave trade. Around 1865 these factors are what lead to the end of the Trans-Atlantic slave trade. It is thought that 15-50 million Africans were taken as slaves from Africa to the slave plantations in the Americas, with half dying on the journey (The African Slave Trade Slaves in Africa, 2006). Although this paper focused on just the two continents of America and Africa, the s lave trade had left a legacy on the continents of Asia and Europe as well. The Trans-Atlantic slave trade was also a pointer to the way men can be inhuman to fellow men.ConclusionWhere and when slaves served in servitude determined their way of life, from having rights and a chance of freedom to virtually having no rights or chance of freedom. Although slavery was not a new idea during this time period, the way slaves were treated did vary, not only by continent and differing civilizations, but by time as well.

Study On The Objectives Of The Bse Sensex Finance Essay

Study On The Objectives Of The Bse Sensex Finance Essay mad cow disease SENSEX is the short homunculus of the BSE Sensitive Index. The superpower is widely used to measure the performance of the Indian expect foodstuff. It is a grocery Capitalization Weighted index of 30 subscriber lines representing a sample of large, liquid, well established and financi each(prenominal) toldy sound companies. The index is widely reported in both, the domestic and international, print and electronic media and is widely used to measure the performance of the Indian stock securities industrys. The BSE Sensex is the benchmark index of the Indian capital food market and one(a) which has the longest social memory. In fact the Sensex is considered to be the pulse of the Indian stock markets. It is the oldest index in India and has acquired a unique place in the collective consciousness of investors. Further, as the oldest index of the Indian Stock securities industry, it provides time seria l data everywhere a fairly long period of time. One of the well-nigh important attri andes of Sensex is to maintain continuity with the past i.e. to update the base form av durationge. The base family value adjustment ensures that the rights issue and rawborn capital of the index scrips do non destroy the value of the index. The casual maintenance of the Sensex is make by the Bombay Stock counterchange and special c be is taken to include only those scrips, which pass through several filters.The Stock Exchange, Mumbai popularly known as BSE was established in 1875 as The Native Shargon and Stock Brokers Association. It is the oldest one in Asia, even older than the Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making Association of Persons (AOP) and is the first Stock Exchange in the country to crap obtained permanent recognition in 1956 from the G everyplacenment of India under(a) the Securities Contracts (Regulation) Act, 1956. The Ex change, while providing an efficient and transparent market for trading in securities, debt and derivatives upholds the interests of the investors and ensures redressal of their grievances whether against the companies or its own member brokers.A Governing Board having 20 directors is the apex body, which decides the policies and regulates the affairs of the Exchange. The Governing Board consists of 9 elected directors, who are from the broking community (one-third of them retire every category by rotation), three SEBI nominees (Securities Exchange Board of India), six globe representatives an Executive Director, Chief Executive Officer and a Chief Operating Officer. The Executive Director and the Chief Executive Officer are responsible for the daytime-to-day administration of the Exchange and he is assisted by the Chief Operating Officer and an new(prenominal)(prenominal) Heads of Departments.OBJECTIVES The BSE Sensex is the benchmark Index of the Indian Stock Market with wide acceptance among various(prenominal) investors, institutional investors and fund managers. The objectives of the index are TO MEASURE MARKET MOVEMENTSGiven its long history and wide acceptance, no early(a) index matches the BSE Sensex in recoiling market movements and sentiments. Sensex is widely used to describe the mood in the Indian Stock Market. BENCHMARK FOR FUNDS PERFORMANCEThe inclusion of the Blue chip companies and the wide and balanced industry representation in the Sensex makes it the ideal benchmark for fund managers to compare the performance of their funds. FOR INDEX BASED differential PRODUCTSSince Sensex comprises of leading companies in all the signifi notifyt sectors in the economy, we believe that it allow for be the most liquid contract in the Indian market and will garner a pre dominant market shareLISTING OF SECURITIES Listing means admission of securities to dealings on a recognized stock exchange. The securities may be of any existence limited compan y, Central or State Government, quasi-governmental and other financial institutions/corporations, municipalities and so on The objectives of listing are mainly to Provide liquid state to securities Mobilize savings for economic development Protect interest of investors by ensuring full disclosures.The Exchange has a separate Listing Department to grant adulation for listing of securities of companies in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation) Rules, 1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws and Regulations of the Exchange.SELECTION CRITERIA The criteria for selection and review of scrips for the BSE Sensex can be explained in the costing mannerA. duodecimal CRITERIA1. MARKET CAPITALIZATION The Scrip should figure in the top 100 companies listed by market capitalization. Also market capitalization of each of the scrip should be at least. 0.5 % of the sum market capitaliza tion of the Index i.e. the minimum weight should be 0.5%. Since the BSE Sensex is a market capitalization weighted index, this is one of the primary criteria for scrip selection. (Market Capitalization would be averaged for last 6 months).2. LIQUIDITYa. Trading Frequency The scrip should contrive been traded on each and every trading day for the last six months. Exceptions can be made for extreme reasons like scrip suspension etc.b. Number of Trades The scrip should be among the top 150 companies listed by average number of trades per day for the last one year.c. Value of Shares Traded The scrip should be among the top 150 companies listed by average value of shares traded per day for the last one year.d. Trading Activity The average number of shares traded per day as a percentage of the total number of outstanding shares of the company should be greater than 0.05 % for the last year.3. CONTINUITY Whenever the composition of the Index is changed, the continuity of historical serie s of index values is re-established by correlating the value of the revised index to the old index (index before revision). The back calculation over the last one-year period is carried out and correlation of the revised index to the old index should not be less than 0.98. This ensures that the historical continuity of the index is maintained.4. INDUSTRY imitation Scrip selection would take into account a balanced representation of the listed companies in the universe of BSE. The index companies should be leaders in their industry group.5. LISTED HISTORY The scrip should have a listing history of at least 6 months on BSE. However, the Committee may relax the criteria under exceptional circumstances.B. QUALITATIVE CRITERIA1. SCRIP GROUP The Scrip should sort of be from A group.2. TRACK RECORD The company should preferably have continuous dividend paying record or / and promoted by management having proven record.S P CNX NIFTYThe NSE -50 Index was launched by the National Stock Ex change of India Limited, taking as base the closing prices of November 3, 1995 when one year of its Capital Market segment was completed. It was subsequently re diagnosed S P CNX nifty- with S P indicating endorsement of the Index by Standard and Poors and CNX standing for CRISIL NSE Index. The S P CNX NIFTY, also popularly known as the Nifty 50, is one of the most scientific indices in India that reflects the price movement of 50 blue- chips, large cap, liquid and highly traded stocks of 23 sectors. The Nifty is managed by India Index Services Products Ltd. (IISL). The total value of all Nifty stocks is approximately 70% of the traded value of all stocks on the NSE. Nifty stocks represent about 59% of the total market capitalization.OBJECTIVES The basic idea of this index is to ascertain the movements of the stock market as a whole by tapping the news which can affect the stock. The index also averages out the good stock ad hoc news for a few companies and bad stock specif ic news for others and left with the news that is common to all stocks. The news that is common to all stocks is news about India, which is the sole purpose of NSE Nifty. According to NSE, the Index was introduced with the objectives of1. Reflecting market movement more accurately,2. Providing Fund Managers with a tool for measuring portfolio returns vis-a-vis market returns, and3. Providing a basis for introducing Index based derivatives.This paper discusses Efficient Market Hypothesis (thereby referred to as EMH), seasonal workerities and its implications in both advanced and emerging securities markets. EMH suggests that investors cannot expect to out perform the market consistently on a risk familiarized basis (Mayo, 2003). According to Fama (1965) who developed the Efficient Market Hypothesis, an efficient market is a market where there are a large number of sensible profit-maximizers actively competing, with each trying to predict future market values of individual securitie s, and where important current nurture is almost freely available to all participants. In an efficient market, competition among the many another(prenominal) intelligent participants leads to a situation where at any point in time, actual prices of individual securities already reflect the hearts of information both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in time, the actual price of a security will be a good musical theme of its intrinsic value. On the other hand, in an inefficient market, EMH would not hold. This suggests that existence of loop holes which could be exploited to make brachydactylous returns by predicting market price patterns, use past price information and insider information. These market inefficiencies, also called market anomalies have received as much research work as EMH.2. lead FORMS OF MARKET EFFICIENT HYPOTHESISThere are th ree forms of market efficiency in an informationally efficient market, where prices adjust quickly and accurately to new information (Emery et al, 2007). These forms parade the degree of efficiency of security markets and attempt to answer the question of how efficient a market is. (Mayo, 2003 and Keane, 1983)2.1 Weak Form EfficiencyThe weak form of EMH asserts that the current price fully reflects information contained in the past history of prices only. Stock market price information is available via most means of deal communication. Thus, investors should be unable to make original profit from use of public information i.e. daily stock market prices or company results available to all. Again, many investment bankers and financial analysts devise investment strategies using technical analysis of past data to outperform the market and their competitors, in satisfying their clients demand for superior returns. Transaction costs of trading, investment advice, analysis and commissi ons when considered, affects the investors return, especially for investors who continue to use traditional full service brokers (Mayo,2003)2.2 Semi Strong Form EfficiencyThe articulated lorry sloshed form of EMH, accord to Brealey et al (2006), prices reflect not just past prices but all other published information, such as you efficiency get from reading the financial press. Similarly, Fama (1969) defined it as publicly available information with examples of announcements of annual earnings and stock splits. Semi-strong form of EMH asserts that current prices fully reflects public knowledge about the underlying companies and that efforts to acquire and analyze this knowledge cannot be expected to produce superior investment results (Lorie Hamilton 1973).2.3 Strong Form EfficiencyThe strong form of EMH suggests that share prices fully reflect not only published information but all relevant information including data not nonetheless publicly available. It also asserts that not even those with privileged information (insiders) can often make use of it to secure superior investment results (Lorie Hamilton 1973).These three forms of EMH are not independent of one another. For the market to be efficient in the semi-strong form, it must also be efficient in the weak form, because if price movements follow a predictable path which the perceptive observer can exploit profitably, the implication is that the price has reacted slowly or capriciously to published information. Likewise, for the market to be efficient in the strong form it must also be efficient at the other two levels, otherwise, the price would not capture all relevant information (Keane, 1983). He went on to state that for an inefficiency (seasonality) to be operationally significant it must be exploitable. Keane (1983) analyses four criteria an exploitable inefficiency should satisfy, these are (a) it should be authentic supportable by properly conducted statistical research. (b) It should be id entifiable-not just strategies or people that beat the market but concrete and verifiable evidence. (c) It should be material- inefficiencies are not exploitable unless they are sufficient to compensate for the costs and risks of pursuing them. (d) It should be persistent-the value of inefficiency is not just a record of its existence in the past but that it will continue to exist in future.These criteria are very important in understanding the different types of market seasonality or anomaly, their existence, prevalence and their implications for the EMH.3. SEASONALITIES AND ITS IMPLICATIONS FOR THE EMHSeasonalities, as the name suggests are time regularities, patterns or predictable trends. In the financial securities market, seasonalities would suggest predictable time patterns in the behaviour of the stock market-volume of stock trades, stock returns etc. If it does exist, then investors can exploit the market for superior returns in all financial securities markets. Seasonaliti es as defined by Alagidede (2008) are evidences of market efficiency anomalies. These are also known as seasonal anomalies (calendar resultant roles) which may be loosely referred to as the dip for financial returns to display systematic patterns at certain times of the day, week, month or year. Calendar core groups include January printing, the month of the year effect, monthly effect, holiday effect, Monday effect / day of the week effect, weekend effect, turn of the year effect etc. (Guo and Wang, 2007). Discussing a few of them will be worthwhile.3.1 The January EffectThe January effect is where returns are much higher during the month of January than any other month, i.e. where investors can earn a disproportionately high sum of the total annual return available from both fixed income assets and equity in January Clare et al (1995). intimately research conducted in developed economies confirm the armorial bearing of the January effect, although, in more recent times the y seem to be disappearing. Keim (1983) and Reinganum (1983) show that the January effect and the size effect are highly interrelated. Blume and Stambaugh (1983) discovered, after controlling for upward biases in small stock returns, the size effect was only significant in January.An extensive amount of studies has gone into the month of the year effect. Mills and Coutts (1995) concluded that stock returns are much higher in the month of January in the UK using FTSE indices between January 1986 and October 1992(FTSE 100,Mid 250 and 350 indices). Gultekin and Gultekin (1983) using 17 countries also show evidence that the January return is much higher than other months returns,Alagidede (2008) tested for month of the year effect in emerging African markets and concluded that the January effect is compulsively charged and significant for Nigeria, Egypt and Zimbabwe. However Guo and Wangs (2007) study on the emerging Chinese stock market shows that there is no significant January effe ct in Chinese stock market.Many researchers have sought the cause of the January effect and arrived at a number of causes which include tax-loss selling hypothesis, provision of new information at the end of a fiscal year, firm size had the significant higher risk in the beginning of the year than the rest of the year and the systematic tendencies for closing prices to be recorded at the bid in the last traded in December and at the ask in early January (Guo and Wangs, 2007)3.2 The spend EffectThe definition of a holiday is relative, subjective and would vary for different countries and their capital markets e.g. Christian, Muslim, public holidays etc. One definition of a holiday looks at days, other than Saturday or Sunday, upon which the market is closed (Alagidede, 2008). Ariel (1990) used US data reports to show that the trading day prior to holidays on average displays high positively charged returns, this result was supported by Kim and Park (1994) for US, Japan and UK .Howe ver, Cadsby and Ratner (1992) using UK data concluded that the holiday effect was insignificant This conclusion was challenged by Mills and Coutts (1995) in their study of calendar effects using London stock FTSE indices. Coutts et al (2000) showed that the holiday effect is present in their study of the Athens Stock Exchange (ASE), although, no similar study has been undertaken on the ASE which would have been used as a basis of comparison. Their results were consistent with international evidences.3.3 The Weekend EffectOne of the most prevalent anomalies appears to be a weekend effect where stocks display significantly lower returns over the period between Fridays close and Mondays close (Arsad and Coutts, 1995). Jaffe and Westerfield (1985) examined the daily stock market returns in 4 international stock markets including, the London stock Exchanges FT30 over the period 1950 1982 and install a significant weekend effect. Consistent with Jaffe and Westerfield (1985) mentionings , Condoyanni et al (1987) also piece the existence of the weekend effect in the UK when examining the FT30 over the period 1979 1994. Arsad and Coutts (1996, 1997) also found the weekend effect in the FT30 from the period 1935 1994, although according to their research the effect was found not to be persistent. Board and Sutcliffe (1988) examined the weekend effect in the Financial Times all share index over the period 1962 1986 and found clear evidence of a weekend effect over the sample period, with the significance of the effect diminishing over time. This is consistent with after research done by Dubois and Louvet (1996) on the same index for the period 1969 1992, in which negative returns was found on Monday, which are compensated by abnormal positive returns on Wednesday. Agrawal and Tandon (1994) examined the weekend effect in 18 countries including the UK and found a negative Monday return when the market rises in the previous week. Furthermore, they found the effect di sappearing in 1980. Mills and Coutts (1995) found evidence of the existence of the weekend effect in the UK when the FTSE 100, Mid 250, 350 and certain of the accompanying industry baskets was examined for the period from 1986 to 1992. Ajayi et al (2004) investigated day of the week stock return anomaly, using major market stock indices in eleven eastern European emerging markets for the period 1994 2002. The results show negative and positive Monday returns in six and five emerging markets respectively, of which only two of the six show negative Monday returns and one of the five show positive Monday returns and were statistically significant. Choudhry (2000) investigated the day of the week effect in seven emerging Asian stock markets from 1990 1995 and found significant weekend effect in nearly of the markets considered.3.4 The Day of the Week EffectThe day of the week effect refers to existence of a pattern on the part of stock returns, whereby these returns are linked to the peculiar(prenominal) day of the week (Poshakwale 1996). The last trading days of the week, particularly Friday, are characterised by substantially positive returns while Monday, the first trading day of the week, differs from other days, even producing negative returns (Cross 1973, Lakonishok Levi (1982), Rogalski (1984), Keim Stambaugh( 1984) and Harris (1986). In other words, this effect relates to the difference in returns across different days of the week with the variance in stock returns found to be largest on Mondays and lowest on Fridays (Raj Kumari 2006). It should be noted that the day of the week effect in emerging capital markets has not been extensively researched and the presence of such an effect would mean that equity returns are not independent of the day of the week effect against random walk theory (Poshakwale 1996). On the other hand, the international evidence of the report has been manywhat mixed. Dubois and Louvert (1996) find returns to be lower for th e beginning of the week (but not necessarily Monday) for European countries, Hong Kong and Canada. However, it was observed that the anomaly disappeared in the USA for the most recent periods. Agrawal and Tandon (1994), find negative Monday returns in nine countries and negative Tuesday returns in eight countries (out of a total of nineteen countries).Several theories have been put forward regarding specific time periods anomalies in the capital market. The day of the week effect has been explained by examining various kinds of measurement errors such as gag rule period hypothesis which attributes the day of the week effect to the settlement dates with prices higher on the pay-in days as compared to the pay-out days. Calendar time(trading time) hypothesis implies that since Monday returns are spread across three days (Saturday, Sunday Monday), the returns should be three times as high as other days. The negative Monday returns go against this reasoning, which lead to the proposed theory that returns should be proportional to trading time as opposed to calendar time (Raj Kumari 2006). Information flow hypothesis postulates that the difference in information flow over the weekend compared to other days of the week causes the Monday effect (Dyl Maberly 1988). Often companies hold back negative information till the weekend, giving the investors two non-trading days to immerse the information before reacting with trading activity. Consequently, all sell orders get pushed to Monday, thereby giving negative returns (Raj Kumari 2006). Retail investor trading hypothesis, suggests that negative Monday returns could be the result of individual investor trading activity (Brooks Kim 1997). It was found that trading activity is significantly lower on Monday for large size trades, while small size trades have a higher percentage of sell orders on Monday as compared to other days of the week.3.5 Trading Month EffectThe trading month effect also called the turn-of -the -month effect which was first documented by Ariel(1987) using US data shows that returns are only positive around the beginning and during the first half of trading months, whereas during the atomic number 42 half they are on average zero. This study was replicated by Jaffe and Westerfield (1989), for the UK, Japan, Canada and Australia, in their study. However, only Australia shows a significant monthly effect. A conflicting evidence for the UK in a report from Cadsby and Ratner (1992) shows a significant trading month effect in the FT 500. Ariel (1988) offered three explanations for the trading month effect which include new information concerning corporate cash flows, changes in risk free rate and changes in the preferences of market participants leading to variation in demand for securities which cannot be call off by supply. Mills and Coutts (1996) investigated the this effect using a large sample of daily returns from the Financial Times Industrial Ordinary Share Index and f ound that a trading month effect is present but exists for a much shorter period than has been documented by previous studies for both the US and the UK. The information release hypothesis of French(1980) was accepted as an explanation of the trading month effect, only if the unexpected release of good and bad news has a tendency to fall in the final and first days of trading months, securities would be riskier during these periods , thus justifying the higher first half returns.Context of IndiaPublished studies that have examined calendar effects in the Indian stock market appear to be limited. Kaur (2004) reports that few studies have examined the day-of-the-week effect in the Indian stock market, and further notes the absence of studies that examine monthly seasonality in the Indian stock market. Kaur utilized two Indian stock indexes, the Bombay Stock Exchange (BSE) 30 index and the National Stock Exchange (NSE) SP CNX Nifty stock index, to examine the day-of-the-week effect an d the monthly effect. Kaur did not find a January effect in the Indian stock market, but did find that March and September generated substantially lower returns, whereas February and December generated substantial positive returns.Sarma (2004) adds that very few studies have examined calendar effects during the post reform era in the Indian stock market. Sarma investigated the BSE 30, the BSE 100, and the BSE 200 stock indexes to detect the day-of-the-week effect. Utilizing Kruskal-Wallis test statistics, Sarma concluded that the Indian stock market exhibited some seasonality in daily returns over the period January 1, 1996 to dire 10, 2002. Bodla and Jindal (2006) examined several seasonal anomalies in the Indian stock market utilizing the SP CNX Nifty Index for the period January 1998 to August 2005. For the monthly effect, they did find some significant differences for their sub-period, January 2002 to August 2005. However, they were unable to find any significant differences am ong individual months. In an earlier study, Ignatius (1998) examined seasonality in a BSE index and in the Standard and Poors 500 stock index for the period 1979-1990. Ignatius found that December generated the highest mean returns, and that April and June generated high returns in the Indian stock index. nigh studies examine seasonality in the Indian stock market as part of a broader analysis of seasonality in several major emerging stock markets. For example, Fountas and Segredakis (2002) investigated monthly seasonal anomalies in eighteen major emerging equity markets, including the Indian stock market. They examined the monthly effect for the period January 1987 to December 1995. For the Indian stock market, they found August returns were significantly greater than April, May, October and November returns. However, they did not find evidence consistent with hypothesized tax-loss selling in the Indian stock market, as the tax-year in India commences in April.Yakob, Beal and Delpa chitra (2005) examined seasonal effects in ten Asian Pacific stock markets, including the Indian stock market, for the period January 2000 to March 2005. They state that this is a period of stability and is and so ideal for examining seasonality as it was not influenced by the Asian financial crisis of the late nineties. Yakob, et al., concluded that the Indian stock market exhibited a month-of-the-year effect in that statistically significant negative returns were found in March and April whereas statistically significant positive returns were found in May, November and December. Of these five statistically significant monthly returns, November generated the highest positive returns whereas April generated the lowest negative returns.Evidence of monthly seasonality in the Indian stock market is somewhat mixed. This may be, in part, a consequence of the fact that the Indian economy is in transition and is therefore constantly evolving, supporting the notion that further research in to these calendar effects in the Indian stock market is warranted.

Improve The Quality Of Basic Education Education Essay

Improve The Quality Of Basic Education Education EssayOn the first day of Christmas my true love sent to me Christmas is the season of sharing. In this event, we often give gifts to our family, relatives, friends and other people close to our hearts. We also receive gifts from them. entirely what is the best gift our true love would give to us? Most of the sequence, our p arnts would say that we should study hard because reproduction is the only thing they could give to us. That is the footing why our parents are working hard, to give us education, because it is the most important gift we could fork over. It is a powerful excessivelyl that would help us a split in dealing with everyday situations. A gift one cannot steal away from us and a tool money cannot afford to buy. We could not slowly personate it anywhere, it is something we should earn and achieve. The attainment of education is like setting up a Christmas tree, it takes time and we should exert extra effort and de termination to achieve it. We be to assimilate the best gift. We are worthy to have a quality tool. Our country needs to strengthen the very foundation of education- sanctioned education. But how could we have the best gift? How could we improve the quality of basic education?Basic education, as Ive said earlier, is the very foundation of education. It is where one will spend his develop historic period and it is important to spend it in a quality clay of rules. It is the preparatory stage for higher education. That is why I am happy to promote adding deuce years in basic education (primary and secondary level of education). In this aim, we would have additional one year for elementary (Grade 7) and some other for secondary (fifth Year) in public shallows. Let me discuss some issues about this system.First, we would have a better quality of basic education. Because of deuce additional years, there is more time for learning. In this bleak and better system, we are not sp eeding up and cramming the span of time we could learn, but we are widening it to give space for new subjects and improved curriculum. In this system, the quality would be improved by rationalizing the contents of present subjects and by adding new subjects timely needed by the students. We cannot deny the particular that there is a necessity for us to improve basic education. We would have more time in learning and we are not going too fast unprepared. We would have improved curriculum and subject contents.Second, this proposal aims to promote the welfare of our struggling brothers and sisters. If this proposal is not for them then why the recommendation is adding two more years in basic education? According to The 1987 Constitution of the Philippines, Article XIV, Section 2, Number 2, The State shall establish and maintain a system of free public education in the elementary and high school levels. So, why not establish two more years in pre-university education? The state would n ot have any responsibility to pre-university education, by the way. It is because the government is really trying its best to serve the people. Yes, this proposal may have an incumbrance to our countrymen, but it is worth the perseverance and hard work. It is not intended to give them another burden, but it aims to improve their lives. Only incidental costs like theodolite and food allowance are the concerns of the families, because basic education is free. And to look at these concerns, the government is really willing to help them through conditional cash transfers wherein underprivileged families would get a subsidy from the government with due respect to latters conditions.Third, this proposal would lift the burden given to universities and colleges. According to Edilberto C. de Jesus of Philippine Daily Inquirer, Our own armorial bearing on Higher Education (CHED) and the Philippine Task Force on Education conceded that the 10-year basic education cycle poses problems for o ur tertiary institutions and their graduates. In college, there are minor subjects and this is the result of problems in basic education. Instead of having the more important subjects in college, the college students still need to comply with minor subjects. Let us regularize De La Salle University -Dasmarias (DLSU-D) as an example. In DLSU-D, we need to take basic English, Filipino, Math, Science, and Physical Education subjects. Well in fact, we could have these subjects in the additional years of proposed basic education system. Now, there is more time for them to focus on the subjects of their chosen fields. The problem caused by the present system would be addressed in good order and not shouldered by tertiary institutions and the students.Fourth, after graduation, the students would be in working age. Let us do the math. Sixteen years old, which is the typical age of students after high school graduation, plus 2 years from the proposal is equal to 18 years of age, the working age This good intended military issue would greatly influence the job requirement set by the majority of companies to job applicants. Usually, the job requirement is at least in second year college. But with this proposal, the scenario would change. Since the students would graduate at 18, the minimum employment requirement would be at least a high school graduate. Thus, this proposal is really full to the graduates of new basic education system and those who intent or need to work right after high school due to certain circumstances.Fifth, this proposal is really practical. The proposal is a step by step process. It would take some time to have its full effect. The implementation of this new system would be every year. The Grade 1 students would have the new system and improved curriculum. After the succeeding year both Grades 1 and 2, would have the system. After another year Grades 1, 2 and 3 would have it, so on and so forth, until it would have its full effect up to 5th Yea r high school students. Why I do say this proposal is practical? This proposal is practical because there is no immediate need for the funds, Grade 7 and 5th year students are non-existent during the first six years and eleven years of implementation. Since, the proposal would take some time the government still has the capacity to address different problems we have in our present system. The government would have the time in preparing for implementation years of improved basic education system. There is full measure to solve the problems like lack of classroom, books, teachers, public schools and also the issue of dropout rate. There is enough time for us We could build the classrooms and additional schools needed, train the teachers efficiently and process enough learning materials. It is worth the patience for the betterment of basic education system.Last, this proposal would let the system comply with international standards of education. According once again to Edilberto C. de Jesus of Philippine Daily Inquirer, In 2009, Education Committee of Unescos Philippine National Commission noted that among 155 Unesco member countries, only Djibouti, Angola and the Philippines still go along below what has become the international norm. This is an issue we need to address because there is an arising concern for our Overseas Filipino Workers (OFWs). Our Filipino graduates are deterred by our present system with 10 year basic education system. Their global competence is at risk because other countries do not acknowledge the degrees that our graduates attained. If other countries would stop or doubt employing our OFWs, it would have a huge negative impact in our present economic condition. So, this proposal would help our countrys economy to grow continually and/or to be stable. By complying with global standards, the employment chances would increase for our OFWs and other Filipino professionals which would mutually benefit our economy and countrymen.Having two additional years in basic education is idealistic but it is really workable. Education is the most important gift could have. But we deserve to have best gift. We are worthy to have a quality tool. We need to strengthen the very foundation of our country through this plan which aimed to solve the arising problems from our present basic education system. The implementation of this plan would take some time like setting up a Christmas tree, we would have a hard time arranging and decorating it but after we are done, we would see its real beauty, we would feast our eyes with its glittering lights and we could say that it is worth it. We could always start doing something for the betterment of our education sector. Waiting for the progress to come by addressing the problems of present system is good. But it is better to take some practical actions to solve these problems while waiting. We could, we would and we should have the best and quality education. At the end of the day, this st ir would be achieved. That is why I am happy to propose adding two years in basic education.

Hamlet :: essays research papers

Select one of village soliloquies (preferably not "To be or not to be. . .") and by a detailed aid to the poetry discuss the nature of Hamlets feelings as they reveal themselves in this speech. What insights might this speech provide into the princes elusive fiber? Confine your attention strictly to the soliloquy you have selected. 2. Discuss Hamlets treatment of and ideas about women. How might these help to clarify some of the interpretative issues of the play? You might want to consider carefully the expressive style he talks about sexuality. 3. Discuss the importance in Hamlet of one of the following (a) Ophelia, (b) Rozencrantz and Guildenstern, (c) the ghost of Hamlet senior, (d) Polonius, (e) Fortinbras, (f) Gertrude. Do not just print about what these people do. Discuss how an attention to them illuminates issues of central importance to the play as a whole (i.e., deal with matters of importance to the thematic or character development in the play, not with matt ers of the plot). 4. Discuss the importance of appearance and reality in Hamlet (strong hint Why is Hamlet so interested in the players?). 5. Hamlet and Orestes (in the Oresteia) have similar challenges, and their stories are, in many respects, quite alike. In what ways are the heroes significantly different? 6. Is something rotten in the state of Denmark? If so, what barely is it? Is anyone in particular responsible or is the rottenness simply a condition of life? 7. Select a particular scene in Hamlet (preferably a short one) and discuss its importance in the play. How does this particular part of the action contribute significantly to our response to what is going on?

The U.S. Automobile Industry Essay -- Economy, Recession

The United States recession (which lead to a world recession), began in 1997 and significantly impacted the United States railcar assiduity during the recession period. The United States automobile industry is still reeling from the effects of the recession throughout the period of economic recuperation that continues today. According to Chu and Su, In this credit-driven recession, one of the hardest hit sectors was the automotive industry, along with the housing and financial markets. Chrysler and General Motors were pushed into bankruptcy and 276,000 jobs in the automobile and parts industry were destroyed, a whopping 36 percent of the total employment in the sector. This paper will focus on the future of the U.S. Automobile industry as the United States recovers from the worst recession we have experienced in the past 75 years. I will provide information on the following topics pertaining to the U.S. automobile industry1. Externalities that may shift the tag on and dema nd curve over the next five years.2.Factors creating value in the industry and factors that will most probably input demand in the future.3.Cost and supply analysis.4.Industry trends and factors changing the industry.5.Potential of supply and demand curve movement over the next 5 years.6.Market Structure.7.Porter Analysis on the industry.8.General Motors strategic considerations using the game theory concept.Market ExternalitiesTo properly illustrate externalities that may shift the supply and demand curve in the U.S. auto market over the next five years, it is necessary to look at the recent events having affected the U.S. auto industry during the recession and the strides U.S. auto makers have made to recover from near devast... ... If U.S. auto manufacturing takes a down-turn, the U.S. economy will be negatively impacted and the demand for automobiles in the U.S will suffer. If GM or other U.S. auto manufacturers fail, there will be greater opportunity for new entrants into th e U.S. automotive sales industry. For these reasons, all manufacturers including GM that sell autos in the U.S. should continue to use a cooperative game theory strategy to ensure the industry recovers. GM should continue to use its expert advantages to create innovative automobiles, but do so cautiously. GM should follow the direction of todays environmentally conscious consumers who want less expensive, sparing automobiles. GM should primarily utilize a cooperative game-theory approach in its sales and marketing strategies in order to stay in sync with the genuine automotive industry needs.

A Night in Afghanistan Essay -- Personal Narrative, Descriptive Essay

Shhhh my mother whispered as the tanks rumbled by under the cold Afghan night, the stars gleaming above the mountains surrounding us. From our hiding place in the brush along the shoulder of the dirt path through the Khyber Pass, I could see tanks stretching to infinity and, try as I might, I could not find an end to the convoy of trucks. Huddled along with my father, mother, and infant brother and sister, we peered anxiously as the Russian Spetsnaz scouts rolled past us in jeeps ahead of the convoy heading toward the Afghanistan-Pakistan border-the very place our destination lay.   My brother began to whimper. My mother began to pray. It seemed as if the line of tanks would neer end. Finally, as the last of them rolled by, silence engulfed us. My father had been planning for months for our flight into Pakistan along the Khyber road and we could not stop now. Our nerves were frayed. We had not slept for three days since being smuggled out of the capital and the 15-mile walk ac ross the border might gravel well been 15 hundred miles. My father stopped for a moment and fished a small, empty... ...  Today, that pouch of a few ounces of earth that my father gathered during our last hours in Afghanistan lies on a desk in his study, reminding me of what I have lost, of another place filled with memories that I used to call home. But today, what I call home is in Orange County, California, half a macrocosm away from Afghanistan. Perhaps one day I will go derriere to see what is left after the years of war and strife and erst again relax in our old backyard, or go to pick apples in an orchard in the Maymana district. But I will go back only to visit.