International Dimensions of Business Essay Example

Universal Dimensions of Business Paper For the last errand of this unit, I will be fundamentally evaluating the points of interest and weaknesses of the development and impact of a MNC (global organization) of my decision. With this, I will analyze the key explanations behind extension while looking at the effect it would have/has on a creating host nation regarding variables, for example, purchasers decision, work rates, people/residents, different organizations (rivalry), and so on. At long last, I will likewise be surveying the effect it has on evolved have nations and the effect it would have on their legislatures. The business I have chosen to pick is Ryan Air on the grounds that as I have been chipping away at it all through this unit, I trust I will think that its simpler to relate sure to subjects and hypotheses to it. Key Reasons why RyanAir Expanded For the initial segment of this undertaking, I will be giving vital reasons why RyanAir chose to extend globally. As a matter of first importance, most essential motivation behind why RyanAir more likely than not had any desire to extend globally is on the grounds that that is the idea of what flight administrations are, moving between various countries reliably and securely and as this is RyanAirs administration there was fundamentally no other decision however to grow. Notwithstanding. The following are some other essential key reasons regarding why they may have chosen to grow. Geographic Diversion (RyanAir) Geographic preoccupation is where organizations intentionally expect to spread their dangers by moving into abroad markers and could have been a factor in RyanAirs choice to go about as a universal organization. We will compose a custom exposition test on International Dimensions of Business explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on International Dimensions of Business explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on International Dimensions of Business explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Geographic choices is utilized specifically situations where a business has soaked their home market simply like RyanAir appear have finished with the UK thus in this way utilize huge markets abroad in which they would have the option to construct a serious market. So for instance, if RyanAirs deals and number of travelers began to fall in the UK, the achievement being appreciated in different nations would exile the hazard being held to RyanAir as an organization. Tightening a Global Logic (RyanAir) The second vital motivation behind why RyanAir may have chosen to grow is to seek after a worldwide rationale this significance to recognize a condition in the market that requires an organization to embrace a worldwide system. This implies on account of the idea of the market, that extending is the main reasonable activity and that certainly applies to RyanAir in light of the fact that air flights are a worldwide help thus by growing across Europe RyanAir had the option to spread their expenses more than a large number of more clients. The Temptations of Overseas Markets (RyanAir) Despite the UK having a serious huge and all around organized market, the allurements of bigger markets, for example, Germany and Russia may have been what enticed RyanAir to grow across European waters and despite the fact that these nations may not be as monetarily progressed as the UK nor is the normal compensation as high, RyanAirs low admissions are probably going to stop this being an issue. To build Profits (RyanAir) Moving to another country to utilize existing assets is presumably probably the best choice a business today can make in light of the fact that for instance, an organization that spends a lot of cash on innovative work will find that they can really spread the expense over an a lot bigger yield by selling in a more extensive market which would inevitably prompt higher benefits which is one of the fundamental points of any business and without a doubt offers to RyanAir. Points of interest of Becoming a MNC There are numerous favorable circumstances to originate from being a one-nation business into a multi-country enterprise, for this piece of the undertaking I will currently be clarifying in incredible detail a portion of the focal points that profited or that will profit RyanAir later on from turning into a MNC. The following is a table of some = of the preferences that originate from being a MNC identified with RyanAir. By turning into a MNC, RyanAir have allowed themselves the chance to profit by them the developing scene advertise for merchandise and enterprises. This is a piece of the procedure of globalization which is the quick development of comparative merchandise administrations created and dispersed by MNEs on a world scale and regardless of RyanAir just being an European organization, their flights and air administration despite everything has a major part to play and this thus the organization would profit. Another advantage that would originate from being a MNC to RyanAir is that they are giving themselves a higher possibility of the fundamental dangers and vulnerabilities of the unhindered commerce cycle that they face from inside their own economy. This is on the grounds that the more they spread their impact of different countries through their administration simply like they have done on the UK, they are then ready to spread their dangers en route. Probably the greatest advantage is that working abroad furnishes RyanAir with the ideal chance to react to the expanded remote rivalry that is persistently rising and ensure their own European piece of the overall industry. At the point when other outside worldwide organizations (aircrafts) start to contend in a specific MNE showcase that RyanAir is engaged with, this gives them the motivator to venture into new markets. Being a MNC additionally permits RyanAir to conquer tax dividers from inside the United Kingdom. Obviously, being a MNC gives RyanAir a more extensive scope of clients to target and browse as they give almost everybody around Europe the alternatives of utilizing their administration instead of simply limiting themselves to the UK which gives them a higher possibility of acquiring a bigger client base quite a long time after year. Above are only a portion of the focal points and advantages that RyanAir would have had the option to appreciate from working as a worldwide co-activity that would have given the organization itself a more noteworthy possibility of accomplishment and progressively global acknowledgment. How RyanAir turning into a MNC influences less created/creating Countries I will presently be talking about how RyanAir turning into a worldwide organization would influence less created nations or creating nations in which they work and what sway it would make on them. Since RyanAir just work in Europe, it would be hard to state how they influence less created nations (third world nations) in light of the fact that close to none of these exist in Europe anyway I can say what sway they would have on creating nations (second world nations) on the grounds that huge numbers of these exist in Eastern Europe, nations, for example, Bosnia, Serbia, Poland, Belarus, Ukraine, Romania, Russia, and so on and RyanAir work in every one of them. The components where I will examine how RyanAir influence these countries will be separated into elements, for example, client decision, business, rivalry and nature. Shopper Choice/Individuals No issue the condition of the economy or government, having a wide decision accessible is consistently an advantage to the residents of that country, however conceivable especially more so for individuals in creating nations than in higher created nations. Almost all of Western Europe is filled all the more monetarily created nations, for example, Spain, Portugal, England, France, and so forth anyway having a more extensive decision accessible (for this situation of flights) would be progressively significant to those living in Eastern Europe and I will currently clarify why. Numerous things can be resolved in various nations by the condition of their economies and whether they have a place with the principal, second or third world class these variables incorporate things, for example, way of life and normal pay. When there is a more extensive selection of alternatives accessible paying little heed to the field of item or administration, as a general rule this outcomes in lower estimating in light of the fact that all the organizations attempt to contend and pick up the biggest client base and the biggest piece of the pie so costs fall significant with the end goal for this to be accomplished. Alongside this, individuals living in Eastern Europe live in creating nations, for example, Bosnia and Serbia (second world nations) thus the normal compensation of the populace would be extensively lower than that of those living in Eastern Europe thus on account of this an expansion in client decision which is the thing that RyanAir would get terms of flights would improve the probability of costs of flights falling in light of the fact that it is expanded rivalry thus this would be increasingly significant to those with lower normal wages Eastern Europeans particularly with a professional RyanAir who effectively offer modest flights normally. So to sum up, RyanAir working in creating nations, for example, these would be immensely valuable to the individuals in light of the fact that in addition to the fact that they get a more extensive decision to browse, however this would likewise bring about lower trips for them which is incredible all round and couldn't have been accomplished had RyanAir never turned into a MNC. Work Employment is another factor that would be influenced by RyanAir working in creating European nations and in a positive way. One of the variables that perhaps square creating nations from arriving at their maximum capacity is joblessness levels. Set very forth plainly, RyanAir working in nations like these would profit RyanAir as well as the nations themselves on the grounds that with their presentation and presence across parts of the nations, at that point this opens up a totally different scope of employments which must be taken by residents of those nations without hurting the situation of anybody elses occupations. All in all, RyanAir working in creating nations in no uncertainty benefits them as far as business essentially on the grounds that without compromising the occupations of those previously working, it opens up positions for the individuals who arent which cuts down work levels

All My Sons essays

Every one of My Sons papers The citation We are the reason for our own hindrances, by Meister Eckhart is exceptionally illustrative of how life is. The citation implies that the issues in ones life are brought about by that people activities. I somewhat conviction this announcement since I conviction that indeed, your activities influence you, they influence others also, messing up them that they didn't welcome on themselves. On the off chance that I choose to put a coin on a railroad track, when the train comes it will crash. Sure I may go to prison for my activities which shows that I carried the difficulty to myself, yet it additionally influences the individuals who were on the train. It was not their flaw that I put the coin on the track and as a result of me, I perhaps executed or hurt numerous individuals. In this model, I have caused some minor deterrents for myself, yet have caused stupendous hindrances for the individuals riding the train and furthermore their family and family members. Arthur Miller shows this understanding of the citation in All My Sons. In this play, Joe Keller transports some broke chamber heads during the war and they are set in certain planes. The planes crash and murder twenty-one men. Joe Keller goes to prison for a little however he is sans set since he was not at the shop when the heads were delivered. Rather he had his accomplice, Steve Deever, send the chamber heads and Joe remained at home to keep up a vindication. Steve, be that as it may, is rebuffed considerably more harshly. He was accused of the wrongdoing and was sent to jail since he was the genuine one who provided the request. This shows how Joe Keller's activities didnt truly impact him much. It influenced all the ones who were murdered and their families. It likewise influenced Steve Deever and his family. During the time spent rebuffing others with his activities, Joe additionally influenced his child Larry. Larry couldnt conviction what his dad had done. To rebuff his dad and make him see what he had fouled up, Larry slaughters himself. This activity shows Joe t... <!

Obvious Marketing Moves I was Totally Missing on LinkedIn and Mobile!

Obvious Marketing Moves I was Totally Missing on LinkedIn and Mobile! Squeeze Pack Solutions While eating out of a nut butter squeeze pack a few weeks ago, I reached the point where I could not squeeze out any moreâ€"but I knew there was still plenty of almond butter stuck to the inside walls of the package. It didn’t take me long to figure out that I could cut the package open to extract the remaining goo. It was messy, but it worked. Shortly thereafter, I reached the end of a toothpaste tube and thought, “I wonder if there’s toothpaste stuck to the insides of this packaging too?” I cut open the tube and retrieved three brushings worth of paste. It took me what… 40 years? to even notice this problem. The solution was easy. Blinding Flashes of the Obvious We all have moments where something happens, or someone makes a suggestion to us, and a light bulb goes off. Wow! That makes total sense! How did I not think of that? It was right in front of my face. How have I not done that already? My ActionCOACH coaches call these sudden revelations “Blinding Flashes of the Obvious.” When one of these ideas arises, I am surprised by it because I probably knew somewhere deep inside that I needed to do this thing, but it hadn’t risen to the surface as a priority. After an initial, “What have I been thinking?!” I get into action. This past week, I attended The National Resume Writers’ Association annual conference, where I garnered several “blinding flashes of the obvious” from conversations I had with my colleagues. Here are my top two: 1. Create more than one LinkedIn profile Experience entry for my “job” at The Essay Expert. You’d think that as a LinkedIn expert I would have maximized my LinkedIn SEO already. I tell other people all the time that if they held more than one position at a company, they should create more than one entry in order to include more keywords. But was I following this advice myself? Nope. I was like the proverbial overweight, cigarette-smoking doctor. Yikes. At The NRWA conference, a fellow resume writer showed me her LinkedIn profile to ask my opinion. She had eight (eight!!) entries for her current business, and she had stuffed keywords into every one. While I did not recommend that she use this tactic, and while I believe that “keyword stuffing” can backfire, I realized that with only one entry for my role in my business, I was missing out on a big opportunity to put more keywords into my own LinkedIn profile. As of Sunday night, I have created separate sections in my profile for my position as an Executive Resume Writer, Executive LinkedIn Profile Writer, and College Admissions Essay Consultant. I am in disbelief that for the past eight years, I had been cramming all these roles into one LinkedIn Experience entry. I am curious to see what happens with my profile views and inquiries for business now that I have followed my own advice! 2. Get texting capabilities to and from my business phone line. For at least two years, texting has been the most popular form of communication used in this country. It would seem obvious that people would want to send texts to my business number. In fact, I’m sure many people have sent texts to my business number, thinking they were reaching me. Until yesterday, those texts were going directly to nowhere. Not only that, but when I wanted to send a text to a client, I had to do it through my personal cell phone. I did not like texting clients because then they would call me on my personal cell phone number, and I much prefer to keep that number, well, personal. I was avoiding texting because of this issue, despite the fact that my clients probably would have loved to text me. Was I thinking of the most obvious solution to this problem? No. I was not prioritizing the issue, despite the fact that 95% of texts are read within 3 minutes, while only 12% of emails are opened. Enabling text was a no-brainer, and I apparently had no brain. It took me until last week’s conference, at the suggestion of my brilliant colleague Robin Schlinger, to bite the bullet and enable texting capabilities on my business line. She mentioned that several executive clients had texted her with inquiries for her services, and that was enough to convince me to get on the texting bandwagon! Now clients will be able to reach out to me via their preferred mode of communication, whether that is phone, email, or … text!! And I can easily send texts without revealing my personal number. On a related note, I needed a better way to make calls from my cell phone that appeared to be coming from my business number. Purchasing texting capabilities led me to download the eVoice app, which solved that problem too. I had been wanting that kind of solution for yearsâ€"getting the app was another blinding flash of the obvious! In order to have the types of revelations I’ve been describing, we have to be paying attention, listening for good ideas (they could appear at any moment), and willing to take new action. Are you ready? Are there nagging problems in your life that you have been ignoring, not even giving them the time of day? Maybe they are more important than you think, and easier to fix than you think. I challenge you to have a “blinding flash of the obvious” this week, and share below what it is!

Ch 13 Organization of International Business Essay

1. Intro Background Wal-Mart Stores, Inc. was incorporated in 1969 and now is the world’s largest and most successful grocery retailer which was selected as world’s largest company in 2007, by Fortune 500. It has 8,970 stores in 15 countries and total revenue of $421,849 billion (2010). Wal-Mart’s main business strategy is ‘EDLP-Every Day Low Price’ which is the key-point of their success. To accomplish this strategy, they mainly focused on efficiency of distribution structure. They used ‘Cross-docking system’, ‘POS’ system, ‘QR-Quick Response’ System. All those strategies core values are ‘Time’ and ‘Response’. Shorten the time for everything includes distribution, storing, etc directly affected lower the price of goods which†¦show more content†¦The centralization wasn’t that bad when they started because there were not many things to care about. However, by the international division gets bigger, they had to deal with bunch of things from lot of different countries. The headquarter had to consider tons of decisions and problems. Of course the whole process got into arrears. In other word, the headquarter of Wal-Mart was overloaded. This condition was natural because the domestic way couldn’t be fitted same in other countries. Each international division tried their best in order to make maximum profit on their market, and that effort caused lot of things to be approved by headquarter. To solve this problem, Wal-Mart started to decentralize their international division. This helped each division to tailor them self more easily for the local customers. They could make decision and take action faster. Also they could response to local customer’s need instantly. I think this decision was pretty appropriate. Headquarter can focus to their main domestic market without waste their energy and international division also can make best result in their local market. 3. 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Book Review The Omnivores Dilemma by Michael Pollan

The Omnivores Dilemma by Michael Pollan brings to light the food choices Americans make on a daily basis. In chapters 1, 2, and 3, of The Omnivores Dilemma, Pollan addresses the issues related to food to enlighten the reader of Americas poor food production processes and its unhealthy consequences. After informing the reader where food really comes from, he educates the reader about healthy food options that one should take on a consistent basis. Near, the end of the book, the author takes a look into the past to demonstrate how food used to be processed. Pollan divided The Omnivores Dilemma into three parts. This book review will focus solely on part I of industrial corn. Part 1 described the consequences that America is facing due to the overproduction of corn. Pollan traveled to a handful of farms to witness the farming practices for himself. He witnessed how America has transitioned from local farming to industrial farming. One significant factor that stood out to Pollan during h is travels was learning about the many uses that corn has as compared to that of earlier years. For example, at one point of time, corn was used as feed for animals such as cows and chickens. Nowadays, corn is used to make corn syrup. According to Pollan, there are some forty-five thousand items in the average American supermarket and more than a quarter of them now contain corn. Corn is in the coffee whitener and Cheez Whiz, the frozen yogurt and TV dinner, the canned fruit and ketchupShow MoreRelatedOmnivore s Dilemma By Michael Pollan1657 Words   |  7 PagesBenecia Felix COL:Earth Book Review Omnivore’s Dilemma By Michael Pollan Michael Pollan is the author of several New York Times bestseller books including the Omnivore’s Dilemma. He is a professor of journalism at UC Berkeley Graduate School of Journalism. Michael Pollan’s perspective on food is that we should know what is in it and where it comes from, who grows it and how. The theme of this book is the industrial revolution for food. Its purpose is to make awareness that our food is gettingRead MoreAbstarct. This Paper Will Review And Discuss Michael Pollan’S1444 Words   |  6 PagesAbstarct This paper will review and discuss Michael Pollan’s The Omnivore’s Dilemma, A Natural History of Four Meals, which was named a New York Times best seller. Michael holds the prestigious title of the John S. and James L. Knight Professor of Journalism at Berkeley, as well as being a contributor to the New York Times Magazine. He also has the distinction of being named one of the one hundred most influential people in the world by Time magazine. The author will discuss the book, its references toRead MoreAnnotated Bibliography of Omnivores Dilemma566 Words   |  2 PagesOmnivores Dilemma Annotated Bibliography Horrigan, L., Lawrence, R., Walker, P. 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Even though The Omnivore’s Dilemma didn’t allow me to do that, it was anRead MoreThe Different Sections Of The Book The Omnivore s Dilemma 2173 Words   |  9 Pagesthe book â€Å"The Omnivore’s Dilemma† embody the flawed system that America is currently facing, particularly the food industry. There is a limited understanding of what constitute an ideal meal, and process of prepping one. It could be that the information available are not clear and direct, or most consumers are choosing to overlook the lurking d angers behind the accessible food products. Either way, it is evident that most consumers have fell out of touch with knowing what they eat. The book providesRead MoreOmnivore’s Dilemma Chapter Review1326 Words   |  6 PagesOmnivore’s Dilemma Chapter Review In almost every culture, one of the most cherished pass times is food. We eat to sustain or health, to celebrate, to morn, and sometimes just to do it. Yet, how often do we question were that food comes from? 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Battleship Sailor by Theodore Mason Free Essays

Ensuring one’s safety is a task we ought to do for ourselves. However, serving in battle for one’s country is not very common to all. In this way, we can say that military officers are real heroes. We will write a custom essay sample on Battleship Sailor by Theodore Mason or any similar topic only for you Order Now Being in the service, they promise to do their best not only to defend lives in danger, but guard the nation’s security. In his book, Theodore Mason details the war he witnessed as a navy officer during the bombing of the Pearl Harbor. Set in 1941, the author provides details on the struggles of being in the navy—the challenges and boredom, success and fears. Unlike other accounts of wars, this book takes a different angle in that the author is not a colored officer, rather a low-rank radio operator who was not well-trained in ammunitions. At first, the book is a bit monotonous, as it talks about the usual everyday life of the members of the navy. Mason’s use of acronyms and his namecalling could almost make the ordinary reader sleep for difficulty of relating with the characters and things he mentioned. Nevertheless, he is good at describing virtually the environment and the people around him. He wrote about the drinking sprees they had in Honolulu, San Francisco and Seattle when they went on shore. Just like the usual navy officers, they had fun drinking, dancing, and watching girls. The main part of the book is the Japanese plot on the ships, which is made intense by the fact that the navy officials that time were on shore, thus the ammunitions were all locked up. To worsen the situation, Mason states that crews did not have much knowledge of defense, and were not trained to hold ammunitions. When the Japanese attacked on the Pearl Harbor, Mason was sent to USS California’s maintop, which allowed him a bird’s eyeview of everything happening, including the sinking of their ship and the devastation caused by the enemies. At the end of the book, the author gives his reflections about the war. From what he witnessed, he expressed sadness from the ruins of war to a nation so beautiful and great. Work Cited Mason, Theodore. â€Å"Battleship Sailor. † Maryland: Naval Institute Press, 1994. How to cite Battleship Sailor by Theodore Mason, Papers

The Witchcraft Hysteria Essays - Culture, Religion, Creativity

The Witchcraft Hysteria The Witchcraft Hysteria In 1692, in Salem Massachusetts, the superstition of witches existed in a society of strong puritan beliefs. Anybody who acted out of the ordinary was accused of being a witch, and then the accused would actually be forgiven if they admitted it and told the court of anyone else that was with the devil. This was one of the main themes of the play entitled, The Crucible by Arthur Miller. In this play a group of young girls act up and are then accused of being witches. These girls then blamed other people in order to get out of trouble, and even pretended to be bewitched in front of the court during the trial. This leads into the deaths of some innocent people who were accused and automatically found guilty. I believe, in many ways the people of Salem were responsible for the witch hysteria in Salem. The person with the most influence was Abigail. Abigail had an affair with John Proctor. Elizabeth Proctor, Johns wife, then fired Abigail. Abigail was jealous because of Johns lack of attention. So Abigail, a few other girls, and a servant from the Caribbean named Tituba danced around in the woods hoping a spell would kill Proctors wife. Reverend Parris, Abigails uncle, sees them and reports them to the courts. When Abigail is questioned about this, she denies the accusations but doesnt tell the truth about what was going on. The news of Abigail and the other girls strange behavior gets around and the hysteria starts. Without Abigails superstition and her fear of telling the truth, I think the events in The Crucible would not have become as serious as they did or even started. John Proctor was another agitator of the witch hysteria in Salem. Proctor adds to the hysteria when he and his wife were talking about Abigail and why she is acting so oddly. Although John Proctor knows she is making up everything and blaming innocent people, he is reluctant to go to the court in Salem and testify against her as a fraud because of the adultery he committed with Abigail. If he would have done this, the witch trials could have been stopped. John Proctor added to the hysteria, and eventually did hang for his refusal to admit or deny the accusations of being a witch, but in the end helped stop the trials. Another person who had a key role in the witchcraft hysteria was Governor Danforth. Danforths part in the actual trials and his court system was very brutal and uncivilized. In fact, he said, If you are not with the court, then you are against the court, which basically means, if youre on trial and you don't believe what the court believes, then you are guilty. Danforth contributed to the hysteria in another way by the method he used to judge who was guilty in terms of evidence. Danforth believed word of mouth more than the actual evidence, mostly because he wanted the trials to be over fast and he wanted it to turn out the way he wanted. Without Danforths ignorant court procedures and weak justice system, the trials would have gone much better and the truth of the hysteria would have most likely been uncovered. The ignorance and superstition of the people of Salem were responsible for the witch hysteria. I believe that this kind of hysteria could never exist in a society like the one I live in today. Todays courts are much better than the church/courts of the late 1600s. Another thing to consider. is that our Declaration of Independence states that we have freedom of religion. Therefore, even if someone was a witch and didnt harm anybody, they would receive more trouble from the press than from the law. Theater Essays

Rohypnol essays

Rohypnol essays To inform people about Rohypnol Topic: Rohypnol (date rape drug/roofies) Its strange how someone can be having a great time one minute and the next, be fighting for their life. Well, numerous teenage girls have been in this situation. Some are fortunate to have another shot and fight in order to go back to the life they knew before that dreadful minute, and others remain forever lost in those sixty seconds. According to the website www.faculty.washington.edu accessed on October 24, 2004, Ellen Kuwana, a Neuroscience for Kids Staff Writer, stated that Rohypnol, is a drug that depresses the central nervous system and is also used as a sleeping aid. Although illegal in the U.S., Ellen Kuwana states that Rohypnol is made in Europe and Latin America and is distributed throughout the world. Rohypnol is a serious problem affecting todays youth all around the globe. Today I will discuss what Rohypnol (the date rape drug) is as well as its different uses. Second, I will tell you about who uses Rohypnol, how, and why there has been an increase in the teen use of t his substance. Finally, I will share with you what happens as well as what the side effects are of using this potent drug. O Lets shift over to my first point. I. Rohypnol (the date rape drug) is a drug and has several different uses. A. The manufacturers of Rohypnol and what it is made for. 1. According to the U.S. Drug Enforcement Administrations website accessed on October 24, 2004, Rohypnol is made by Hoffman-La Roche, Inc., which is a large Pharmaceutical company. 2. This drug demoralizes the central nervous system. 3. This drug is colorless, odorless, and flavorless. B. The different uses of Rohypnol. 1. It is also used in combination with other drugs such as heroin, and cocaine to make he effect of the drug even more powerful. 2. Rohypnol is used as an aid for insomnia. It also allows individuals taking i ...

What You Need to Know About Weekend MBA Programs

What You Need to Know About Weekend MBA Programs A weekend MBA program is a part-time business degree program with class sessions that are held on the weekend, usually on Saturdays. The program results in a Master of Business Administration degree. Weekend MBA programs are typically campus-based but may incorporate some form of distance learning, such as video-based lectures or online discussion groups. Most weekend MBA programs are just that: programs that take place on the weekend. However, there are some programs that have weekend and evening classes. Programs like this have classes on the weekend as well as classes that take place in the evening on weekdays. Types of Weekend MBA Programs There are two basic types of weekend MBA programs: the first is a traditional MBA program for students who would enroll in a typical MBA degree program, and the second is an executive MBA program. An executive MBA program, or EMBA, is specifically designed for corporate executives, managers, and other working professionals with extensive work experience. Although work experience can vary, most executive MBA students have 10-15 years of work experience on average. Many executive MBA students also receive full or partial company sponsorship, meaning that they typically receive some form of tuition reimbursement. Top Business Schools With Weekend MBA Programs There are a growing number of business schools offering weekend MBA programs. Some of the top business schools in the country offer this program option for people who want to attend school part-time. Some examples include: The University of Chicago Booth School of Business: At Chicago Booth, students meet every Saturday for 11 weeks at a time and earn an MBA degree in 2.5 to 3 years. The curriculum for the weekend MBA program is the same as the curriculum for the full-time MBA program.The University of California Berkeley Haas School of Business: At Berkeley Haas, students can choose from a weekend or evening schedule for MBA classes and could earn their degree in as little as 2.5 years. Weekend MBA classes are held on Saturdays in the spring and fall, but year-round activities are available.Kellogg School of Management at Northwest University: Kelloggs weekend MBA program takes place on Saturdays, but students can choose to take evening classes in addition to weekend classes. There are two weekend MBA options: traditional pace and accelerated. The traditional option takes 20.5 months to complete, while the accelerated option requires fewer credits and evening classes and takes 15.5 months to complete. Pros and Cons of Weekend MBA Programs There are many good reasons to consider a weekend MBA program, but this education option might not be the best choice for everyone. Lets explore a few pros and cons of weekend MBA programs. Pros The biggest advantage of weekend MBA programs is that you can take all of your classes on the weekend, which makes it easier to work part-time or full-time while you earn your degree.A weekend MBA program may make it easier to attend a business school that is not located near your home. It is not unusual for MBA students to fly in from somewhere else for weekend classes.Some full-time MBA programs take two years to complete. You can often earn your degree in the same amount of time (or close to it) as you would in a full-time program by attending part-time weekend MBA programs.Some weekend MBA programs allow you to reduce your tuition costs. In other words, you might pay less for a weekend MBA program than you would for a traditional, full-time MBA program. Cons Classes might take place just one day per week in a weekend MBA program, but you will have to put in work on other days of the week to keep up with your studies.Being able to put what you learn into practice right away in an advantage for students who work while they attend school, but it is also important to remember that it can be exhausting to work and study at the same time. Furthermore, there will come a day when you have to choose between work and academic commitments, and one is likely to suffer because of your choice.Students in full-time programs sometimes get the opportunity to spend more time with their cohorts, which is conducive to relationship building. In a weekend MBA program, you may not have as many opportunities to network or make friends.

What dose future hold for organanized labor in the u.s commercial Research Paper

What dose future hold for organanized labor in the u.s commercial aviation industry - Research Paper Example The decline in organized labor was to such an extent that by the beginning of the 21st century, it represented less than 10% of private sector workers although in the public sector organized labor still represented about 35% of all workers. In 2005, there was another setback to organized labor, when two of America’s most powerful unions – SEIU and Teamsters – resigned from AFL-CIO. The commercial aviation industry has been undergoing several setbacks due to rising prices for jet fuel, increasing uneasiness about the legacy carriers moving towards bankruptcy which can disrupt the market place, and issues such as public liability potential for unfounded pensions of major carriers (ENO, 2005). Strategies in the commercial aviation and airlines industry has been evolving based on two factors – growing concern for passenger safety and ever increasing and changing consumer demands and expectations (Appelbaum & Fewster, 2003). The strategy thus has to focus on ho w the HR department aligns the activities, policies and procedures with the employee and labor relations. Despite these challenges, passengers traveling by air is on the rise and is expected to double by 2025 (ENO, 2005). The aircraft operations are expected to triple which implies that public confidence in safety is back to normal. It is feared that public safety may be taken for granted in the future, which could lead to under funding of safety measures. It is very important that Air Traffic Management (ATM) system handles the growing congestion in the skies efficiently and safely. However, the Federal Aviation Administration (FAA) in the past two decades had failed to bring about significant improvement. There are inefficiencies built into the current labor contracts within the airline labor unions. According to a union representative the airline management cannot ‘plead temporary insanity’ regarding the

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Public Health Problem & Solution - Research Paper Example The point of this paper is also to establish the biomedical basis, the environmental factors, social and behavioral factors, and solutions which surround the problem. This paper also seeks to define depression, to provide evidence of the problem and then assess, to discuss the solutions which have already been implemented to solve it, and to determine what else can be done in order to resolve it. This paper should be read because it sets forth important information about the disease which can be used by health care professionals in their assessment and treatment of the disease. This paper should be read because it helps call the attention of most individuals on the possible symptoms of depression and how these symptoms may not be noticed by the depressed person himself. This paper should be read because it helps further the discussion on how this disease is underdiagnosed and undertreated most likely, in the primary care environment (Sheehan, 2004). This paper should be read because even as more patients are seeking help for their depression and even with the increase in the use of antidepressants, the treatment of this disease remains inadequate and in order to remedy this situation, patients, providers, payers, employers, accrediting agencies, and governmental agencies have to be involved in the process (Sheehan, 2004). The issue of depression should be considered a crucial issue because it carries the risk for suicide. In cases where it is undiagnosed and untreated, depression can later lead to the patient’s attempts at and possible success in committing suicide. Most people affected by this disease are older adults. Figures indicate that suicide rates for older Americans are high (Cody, 2004). Some of these older adults often visit their physicians in the month leading up to their suicide and during these times, they often manifest with depressed symptoms (Cody, 2004). These older adults often understand and feel like

Analysis of the Capital Assets Pricing Model

Analysis of the Capital Assets Pricing Model Chapter I The QUARREL ON THE CAPM: A LITERATURE SURVEY Abstract The current chapter has attempted to do three things. First it presents an overview on the capital asset pricing model and the results from its application throughout a narrative literature review. Second the chapter has argued that to claim whether the CAPM is dead or alive, some improvements on the model must be considered. Rather than take the view that one theory is right and the other is wrong, it is probably more accurate to say that each applies in somewhat different circumstances (assumptions). Finally the chapter has argued that even the examination of the CAPMs variants is unable to solve the debate into the model. Rather than asserting the death or the survival of the CAPM, we conclude that there is no consensus in the literature as to what suitable measure of risk is, and consequently as to what extent the model is valid or not since the evidence is very mixed. So the debate on the validity of the CAPM remains a questionable issue. 1. INTRODUCTION The traditional capital assets pricing model (CAPM), always the most widespread model of the financial theory, was prone to harsh criticisms not only by the academicians but also by the experts in finance. Indeed, in the last few decades an enormous body of empirical researches has gathered evidences against the model. These evidences tackle directly the models assumptions and suggest the dead of the beta (Fama and French, 1992); the systematic risk of the CAPM. If the world does not obey to the models predictions, it is maybe because the model needs some improvements. It is maybe because also the world is wrong, or that some shares are not correctly priced. Perhaps and most notably the parameters that determine the prices are not observed such as information or even the returns distribution. Of course the theory, the evidence and even the unexplained movements have all been subject to much debate. But the cumulative effect has been to put a new look on asset pricing. Financial Researchers have provided both theory and evidence which suggest from where the deviations of securities prices from fundamentals are likely to come, and why could not be explained by the traditional CAPM. Understanding security valuation is a parsimonious as well as a lucrative end in its self. Nevertheless, research on valuation has many additional benefits. Among them the crucial and relatively neglected issues have to do with the real consequences of the models failure. How are securities priced? What are the pricing factors and when? Once it is recognized that the models failure has real consequences, important issues arise. For instance the conception of an adequate pricing model that accounts for all the missing aspects. The objective of this chapter is to look at different approaches to the CAPM, how these have arisen, and the importance of recognizing that theres no single ‘right model which is adequate for all shares and for all circumstances, i.e. assumptions. We will, so move on to explore the research task, discuss the goodness and the weakness of the CAPM, and look at how different versions are introduced and developed in the literature. We will, finally, go on to explore whether these recent developments on the CAPM could solve the quarrel behind its failure. For this end, the recent chapter is organized as follows: the second section presents the theoretical bases of the model. The third one discusses the problematic issues on the model. The fourth section presents a literature survey on the classic version of the model. The five section sheds light on the recent developments of the CAPM together with a literature review on these versions. The next one raises the quarrel on the model and its modified versions. Section seven concludes the paper. 2. THEORETICAL BASES OF THE CAPITAL ASSET PRICING MODEL In the field of finance, the CAPM is used to determine, theoretically, the required return of an asset; if this asset is associated to a well diversified market portfolio while taking into account the non diversified risk of the asset its self. This model, introduced by Jack Treynor, William Sharpe and Jan Mossin (1964, 1965) took its roots of the Harry Markowitzs work (1952) which is interested in diversification and the modern theory of the portfolio. The modern theory of portfolio was introduced by Harry Markowitz in his article entitled â€Å"Portfolio Selection, appeared in 1952 in the Journal of Finance. Well before the work of Markowitz, the investors, for the construction of their portfolios, are interested in the risk and the return. Thus, the standard advice of the investment decision was to choose the stocks that offer the best return with the minimum of risk, and by there, they build their portfolios. On the basis of this point, Markowitz formulated this intuition by resorting to the diversifications mathematics. Indeed, he claims that the investors must in general choose the portfolios while getting based on the risk criterion rather than to choose those made up only of stocks which offer each one the best risk-reward criterion. In other words, the investors must choose portfolios rather than individual stocks. Thus, the modern theory of portfolio explains how rational investors use diversification to optimize their portfolio and what should be the price of an asset while knowing its systematic risk. Such investors are so-called to meet only one source of risk inherent to the total performance of the market; more clearly, they support only the market risk. Thus, the return on a risky asset is determined by its systematic risk. Consequently, an investor who chooses a less diversified portfolio, generally, supports the market risk together with the uncertaintys risk which is not related to the market and which would remain even if the market return is known. Sharpe (1964) and Linter (1965), while basing on the work of Harry Markowitz (1952), suggest, in their model, that the value of an asset depends on the investors anticipations. They claim, in their model that if the investors have homogeneous anticipations (their optimal behavior is summarized in the fact of having an efficient portfolio based on the mean-variance criterion), the market portfolio will have to be the efficient one while referring to the mean-variance criterion (Hawawini 1984, Campbell, Lo and MacKinlay 1997). The CAPM offer an estimate of a financial asset on the market. Indeed, it tries to explain this value while taking into account the risk aversion, more particularly; this model supposes that the investors seek, either to maximize their profit for a given level of risk, or to minimize the risk taking into account a given level of profit. The simplest mean-variance model (CAPM) concludes that in equilibrium, the investors choose a combination of the market portfolio and to lend or to borrow with proportions determined by their capacity to support the risk with an aim of obtaining a higher return. 2.1. Tested Hypothesis The CAPM is based on a certain number of simplifying assumptions making it applicable. These assumptions are presented as follows: The markets are perfect and there are neither taxes nor expenses or commissions of any kind; All the investors are risk averse and maximize the mean-variance criterion; The investors have homogeneous anticipations concerning the distributions of the returns probabilities (Gaussian distribution); and The investors can lend and borrow unlimited sums with the same interest rate (the risk free rate). The aphorism behind this model is as follows: the return of an asset is equal to the risk free rate raised with a risk premium which is the risk premium average multiplied by the systematic risk coefficient of the considered asset. Thus the expression is a function of: The systematic risk coefficient which is noted as; The market return noted; The risk free rate (Treasury bills), noted This model is the following: Where: ; represents the risk premium, in other words it represents the return required by the investors when they rather place their money on the market than in a risk free asset, and; ; corresponds to the systematic risk coefficient of the asset considered. From a mathematical point of view, this one corresponds to the ratio of the covariance of the assets return and that of the market return and the variance of the market return. Where: ; represents the standard deviation of the market return (market risk), and ; is the standard deviation of the assets return. Subsequently, if an asset has the same characteristics as those of the market (representative asset), then, its equivalent will be equal to 1. Conversely, for a risk free asset, this coefficient will be equal to 0. The beta coefficient is the back bone of the CAPM. Indeed, the beta is an indicator of profitability since it is the relationship between the assets volatility and that of the market, and volatility is related to the returns variations which are an essential element of profitability. Moreover, it is an indicator of risk, since if this asset has a beta coefficient which is higher than 1, this means that if the market is in recession, the return on the asset drops more than that of the market and less than it if this coefficient is lower than 1. The portfolio risk includes the systematic risk or also the non diversified risk as well as the non systematic risk which is known also under the name of diversified risk. The systematic risk is a risk which is common for all stocks, in other words it is the market risk. However the non systematic risk is the risk related to each asset. This risk can be reduced by integrating a significant number of stocks in the market portfolio, i.e. by diversifying well in advantage (Markowitz, 1985). Thus, a rational investor should not take a diversified risk since it is only the non diversified risk (risk of the market) which is rewarded in this model. This is equivalent to say that the market beta is the factor which rewards the investors exposure to the risk. In fact, the CAPM supposes that the market risk can be optimized i.e. can be minimized the maximum. Thus, an optimal portfolio implies the weakest risk for a given level of return. Moreover, since the inclusion of stocks diversifies in advantage the portfolio, the optimal one must contain the whole stocks on the market, with the equivalent proportions so as to achieve this goal of optimization. All these optimal portfolios, each one for a given level of return, build the efficient frontier. Here is the graph of the efficient frontier: The (Markowitz) efficient frontier The efficient frontier Lastly, since the non systematic risk is diversifiable, the total risk of the portfolio can be regarded as being the beta (the market risk). 3. Problematic issues on the CAPM Since its conception as a model to value assets by Sharpe (1964), the CAPM has been prone to several discussions by both academicians and experts. Among them the most known issues concerning the mean variance market portfolio, the efficient frontier, and the risk premium puzzle. 3.1 The mean-variance market portfolio The modern portfolio theory was introduced for the first time by Harry Markowitz (1952). The contribution of Markowitz constitutes an epistemological shatter with the traditional finance. Indeed, it constitutes a passageway from an intuitive finance which is limited to advices related to financial balance or to tax and legal nature advices, to a positive science which is based on coherent and fundamental theories. One allots to Markowitz the first rigorous treatment of the investor dilemma, namely how obtaining larger profits while minimizing the risks. 3.2 The efficient frontier 3.3 The equity premium puzzle 4. Background on the CAPM â€Å"The attraction of the CAPM is that it offers powerful and intuitively pleasing predictions about how to measure risk and the relation between expected return and risk. Unfortunately, the empirical record of the model is poor poor enough to invalidate the way it is used in applications. The CAPMs empirical problems may reflect theoretical failings, the result of many simplifying assumptions.† Fama and French, 2003, â€Å"The Capital Asset Pricing Model: Theory and Evidence†, Tuck Business School, Working Paper No. 03-26 Being a theory, the CAPM found the welcome thanks to its circumspect elegance and its concept of good sense which supposes that a risk averse investor would require a higher return to compensate for supported the back-up risk. It seems that a more pragmatic approach carries out to conclude that there are enough limits resulting from the empirical tests of the CAPM. Tests of the CAPM were based, mainly, on three various implications of the relation between the expected return and the market beta. Firstly, the expected return on any asset is linearly associated to its beta, and no other variable will be able to contribute to the increase of the explanatory power. Secondly, the beta premium is positive which means that the market expected return exceeds that of individual stocks, whose return is not correlated with that of the market. Lastly, according to the Sharpe and Lintner model (1964, 1965), stocks whose return is not correlated with that of the market, have an expected return equal to the risk free rate and a risk premium equal to the difference between the market return and the risk free rate return. In what follows, we are going to examine whether the CAPMs assumptions are respected or not through the empirical literature. Starting with Jensen (1968), this author wants to test for the relationship between the securities expected return and the market beta. For this reason, he uses the time series regression to estimate for the CAPM ´ s coefficients. The results reject the CAPM as for the moment when the relationship between the expected return on assets is positive but that this relation is too flat. In fact, Jensen (1968) finds that the intercept in the time series regression is higher than the risk free rate. Furthermore, the results indicate that the beta coefficient is lower than the average excess return on the market portfolio. In order to test for the CAPM, Black et al. (1972) work on a sample made of all securities listed on the New York Stock Exchange for the period of 1926-1966. The authors classify the securities into ten portfolios on the basis of their betas.They claim that grouping the securities with reference to their betas may offer biased estimates of the portfolio beta which may lead to a selection bias into the tests. Hence, so as to get rid of this bias, they use an instrumental variable which consists of taking the previous periods estimated beta to select a securitys portfolio grouping for the next year. For the estimate of the equation, the authors use the time series regression. The results indicate, firstly, that the securities associated to high beta had significantly negative intercepts, whereas those with low beta had significantly positive intercepts. It was proved, also, that this effect persists overtime. Hence, these evidences reject the traditional CAPM. Secondly, it is found that the relation between the mean excess return and beta is linear which is consistent with the CAPM. Nevertheless, the results point out that the slopes and intercepts in the regression are not reliable. In fact, during the prewar period, the slope was sharper than that predicted by the CAPM for the first sub period, and it was flatter during the second sub period. However, after that, the slope was flatter. Basing on these results, Black, Fischer, Michael C. Jensen and Myron Scholes (1972) conclude that the traditional CAPM is inconsistent with the data. Fama and MacBeth (1973) propose another regression method so as to overcome the problem related to the residues correlation in a simple linear regression. Indeed, instead of estimating only one regression for the monthly average returns on the betas, they propose to estimate regressions of these returns month by month on the betas. They include all common stocks traded in NYSE from 1926 to 1968 in their analysis. The monthly averages of the slopes and intercepts, with the standard errors of the averages, thus, are used to check, initially, if the beta premium is positive, then to test if the averages return of assets which are not correlated with the market return is from now on equal to the average of the risk free rate. In this way, the errors observed on the slopes and intercepts are directly given by the variation for each month of the regression coefficients, which detect the effects of the residues correlation over the variation of the regression. Their study led to three main results. At first, the relationship between assets return and their betas in an efficient portfolio is linear. At second, the beta coefficient is an appropriate measure of the securitys risk and no other measure of risk can be a better estimator. Finally, the higher the risk is, the higher the return should be. Blume and Friend (1973) in their paper try to examine theoretically and empirically the reasons beyond the failure of the market line to explain excess return on financial assets. The authors estimate the beta coefficients for each common stock listed in the New York Stock Exchange over the period of January 1950 to December 1954. Then, they form 12 portfolios on the basis of their estimated beta. They afterwards, calculate the monthly return for each portfolio. Third, they calculate the monthly average return for portfolios from 1955 to 1959. These averaged returns were regressed to obtain the value of the beta portfolios. Finally, these arithmetic average returns were regressed on the beta coefficient and the square of beta as well. Through, this study, the authors point out that the failure of the capital assets pricing model in explaining returns maybe due to the simplifying assumption according to which the functioning of the short-selling mechanism is perfect. They defend their point of view while resorting to the fact that, generally, in short sales the seller cannot use the profits for purchasing other securities. Moreover, they state that the seller should make a margin of roughly 65% of the sales market value unless the securities he owns had a value three times higher than the cash margin. This makes a severe constraint on his short sales. In addition to that, the authors reveal that it is more appropriate and theoretically more possible to remove the restriction on the short sales than that of the risk free rate assumption (i.e., to borrow and to lend on a unique risk free rate). The results show that the relationship between the average realized returns of the NYSE listed common stocks and their correspondent betas is almost linear which is consistent with the CAPM assumptions. Nevertheless, they advance that the capital assets pricing model is more adequate for the estimates of the NYSE stocks rather than other financial assets. They mention that this latter conclusion is may be owed to the fact that the market of common stocks is well segmented from markets of other assets such as bonds. Finally, the authors come out with the two following conclusions: Firstly, the tests of the CAPM suggest the segmentation of the markets between stocks and bonds. Secondly, in absence of this segmentation, the best way to estimate the risk return tradeoff is to do it over the class of assets and the period of interest. The study of Stambaugh (1982) is interested in testing the CAPM while taking into account, in addition to the US common stocks, other assets such as, corporate and government bonds, preferred stocks, real estate, and other consumer durables. The results indicate that testing the CAPM is independent on whether we expand or not the market portfolio to these additional assets. Kothari Shanken and Sloan (1995), show that the annual betas are statistically significant for a variety of portfolios. These results were astonishing since not very early, Fama and French (1992), found that the monthly and the annual betas are nearly the same and are not statistically significant. The authors work on a sample which covers all AMEX firms for the period 1927-1990. Portfolios are formed in five different ways. Firstly, they from 20 portfolios while basing only on beta. Secondly, 20 portfolios by grouping on size alone. Thirdly, they take the intersection of 10 independent beta or size to obtain 100 portfolios. Then, they classify stocks into 10 portfolios on beta, and after that into 10 portfolios on size within each beta group. They, finally, classify stocks into 10 portfolios on size and then into 10 portfolios on beta within each size group. They use the GRSP equal weighted portfolio as a proxy for the whole market return market. The cross-sectional regression of monthly return on beta and size has led to the following conclusions: On the one hand, when taking into account only the beta, it is found that the parameter coefficient is positive and statistically significant for both the sub periods studied. On the other hand, it is demonstrated that the ability of beta and size to explain cross sectional variation of the returns on the 100 portfolios ranked on beta given the size, is statistically significant. However, the incremental economic benefit of size given beta is relatively small. Fama and French published in 1992 a famous study putting into question the CAPM, called since then the Beta is dead paper (the article announcing the death of Beta). The authors use a sample which covers all the stocks of the non-financial firms of the NYSE, AMEX and NASDAQ for the period of the end of December 1962 until June 1990. For the estimate of the betas; they use the same test as that of Fama and Macbeth (1973) and the cross-sectional regression. The results indicate that when paying attention only to the betas variations which are not related to the size, it is found that the relation between the betas and the expected return is too flat, and this even if the beta is the only explanatory variable. Moreover, they show that this relationship tend to disappear overtime. In order to verify the validity of the CAPM in the Hungarian stock market, Andor et al. (1999) work on daily and monthly data on 17 Hungarian stocks between the end of July 1991 and the beginning of June 1999. To proxy for the market portfolio the authors use three different indexes which are the BUX index, the NYSE index, and the MSCI world index. The regression of the stocks return against the different indexes return indicates that the CAPM holds. Indeed, in all cases it is found that the return is positively associated to the betas and that the R-squared value is not bad at all. They conclude, hence, that the CAPM is appropriate for the description of the Hungarian stock market. For the aim of testing the validity of the CAPM, Kothari and Jay Shanken (1999), study the one factor model with reference to the size anomaly and the book to market anomaly. The sample used in their study contains annual return on portfolios from the GRSP universe of stocks. The portfolios are formed every July from 1927 to 1992. The formation procedure is the following; every year stocks are sorted on the basis of their market capitalization and then on their betas while regressing the past returns on the GRSP equal weighted index return. They obtain, hence, ten portfolios on the basis of the size. Then, the stocks in each size portfolio are grouped into ten portfolios based on their betas. They repeat the same procedure to obtain the book-to-market portfolios. Using the Fama and MacBeth cross-sectional regression, the authors find those annual betas perform well since they are significantly associated to the average stock returns especially for the period 1941-1990 and 1927-1990. Moreover, the ability of the beta to predict return with reference to the size and the book to market is higher. In a conclusion, this study is a support for the traditional CAPM. Khoon et al. (1999), while comparing two assets pricing models in the Malaysian stock exchange, examine the validity of the CAPM. The data contains monthly returns of 231 stocks listed in the Kuala Lumpur stock exchange over the period of September 1988 to June 1997. Using the cross section regression (two pass regression) and the market index as the market portfolio, the authors find that the beta coefficient is sometimes positive and some others negative, but they do not provide any further tests. In order to extract the factors that may affect the returns of stocks listed in the Istanbul stock exchange, Akdeniz et al. (2000)make use of monthly return of all non financial firms listed in the up mentioned stock market for the period that spans from January 1992 to December 1998. They estimate the beta coefficient in two stages using the ISE composite index as the market portfolio. First, they employ the OLS regression and estimate for the betas each month for each stock. Then, once the betas are estimated for the previous 24 months (time series regression), they rank the stocks into five equal groups on the basis of the pre-ranking betas and the average portfolio beta is attributed to each stock in the portfolio. They, afterwards, divide the whole sample into two equal sub-periods and the estimation procedure is done for each sub-period and the whole period as well. The results from the cross sectional regression, indicate that the return has no significant relationship with the market beta. This variable does not appear to influence cross section variation in all the periods studied (1992-1998, 1992-1995, and 1995-1998). In a relatively larger study, Estrada (2002) investigates the CAPM with reference to the downside CAPM. The author works on a monthly sample covering the period that spans from 1988 to 2001 (varied periods are considered) on stocks of 27 emerging markets. Using simple regression, the authors find that the downside beta outperforms the traditional CAPM beta. Nevertheless, the results do not support the rejection of the CAPM from two aspects. Firstly, it was found that the intercept from the regression is not statistically different from zero. Secondly, the beta coefficient is positive and statistically significant and the explanatory power of the model is about 40%. This result stems for the conclusion according to which the CAPM is still alive within the set of countries studied. In order to check the validity of the CAPM, and the absence of anomalies that must be incorporated to the model, Andrew and Joseph (2003) try to investigate the ability of the model to predict book-to market portfolios. If it is the case, then the CAPM captures the Book-to-market anomaly and theres no need to further incorporate it in the model. For this intention, the authors work on a sample that covers the period of 1927-2001 and contains monthly data on stocks listed in the NYSE, AMEX, and NASDAQ. So as to form the book-to-market portfolios, they use, alike Fama and French (1992), the size and the book-to-market ratio criterion. To estimate for the market return, they use the return on the value weighted portfolios on stocks listed in the pre-cited stock exchanges and to proxy for the risk free rate; they employ the one-month Treasury bill rate from Ibbotson Associates. They, afterwards, divide the whole period into two laps of time; the first one goes from July 1927 to June 1963, and the other one span from July 1963 to the end of 2001. Using asymptotic distribution the results indicate that the CAPM do a great job over the whole period, since the intercept is found to be closed to zero, but there is no evidence for a value premium. Hence, they conclude that the CAPM cannot be rejected. However, for the pre-1963 period the book to market premium is not significant at all, whereas for the post-1963 period this premium is relatively high and statistically significant. Nevertheless, when accounting for the sample size effect, the authors find that there is an overall risk premium for the post-1963 period. The authors conclude then that, taken as a whole, the study fails to reject the null that the CAPM holds. This study points to the necessity to take into account the small sample bias. Fama and French (2004), estimate the betas of stocks provided by the CRSP (Center for Research in Security Prices of the University of Chicago) of the NYSE (1928-2003), the AMEX (1963-2003) and the NASDAQ (1972-2003). They form, thereafter, 10 portfolios on the basis of the estimated betas and calculate their return for the eleven months which follow. They repeat this process for each year of 1928 up to 2003. They claim that, the Sharpe and Lintner model, suppose that the portfolios move according to a linear line with an intercept equal to risk free rate and a slope which is equal to the difference between the expected return on the market portfolio and that of the risk free rate. However, their study, and in agreement with the previous ones, confirms that the relation between the expected return on assets and their betas is much flatter than the prediction of the CAPM. Indeed, the results indicate that the expected return of portfolios having relatively lower beta are too high whereas expected return of those with higher beta is too low. Moreover, these authors indicate that even if the risk premium is lower than what the CAPM predicts, the relation between the expected return and beta is almost linear. This latter result, confirms the CAPM of Black which assumes that only the beta premium is positive. This means, analogically, that only the market risk is rewarded by a higher return. In order to test for the consistency of the CAPM with the economic reality, Thierry and Pim (2004) use monthly return of stocks from the NYSE, NASDAQ, and AMEX for the period that spans from 1926-2002. The one -month US Treasury bill is used as a proxy for the risk free rate, The CRPS total return index which is a value-weighted average of all US stocks included in this study is used as a proxy for the market portfolio. They sort stocks into ten deciles portfolios on the basis of historical 60 months. They afterwards, calculate for the following 12 months their value weighted returns. They obtain, subsequently, 100 beta-size portfolios. The results from the time series regression indicate, firstly, that the intercepts are statistically indifferent from zero. Secondly, it is found that the betas coefficients are all positive. Furthermore, in order to check the robustness of the model, the authors split the whole sample into sub-samples of equal length (432 months). The results indicate, also, that for all the periods studied the intercepts are statistically not different from zero except for the last period. In his empirical study, Blake T (2005) works on monthly stocks return on 20 stocks within the SP 500 index during January 1995-December 2004. The SP 500 index is used as the market portfolio and the 3-month Treasury bill in the Secondary Market as the risk free rate. His methodology can be summarized as follows; the excess return on each stock is regressed against the market excess return. The excess return is taken as the sample average of each stock and the market as well. After estimating of the betas, these values are used to verify the validity of the CAPM. The coefficient of beta is estimated by regressing estimated expected excess stock returns on the estimates of beta and the regression include intercept and the residual squared so as to measure the non systematic risk. The results confirm the validity of the CAPM through its three major assumptions. In fact, the null hy

Sedentary Lifestyles

Sedentary Lifestyle Monyetta â€Å"Lashalle† Calhoun Advanced Composition July 29, 2012 Professor: Symmetris Gohanna What comes to mind when you hear the word potato? French fries, hash browns, a loaded baked potato from Wendy’s maybe. Or what about the term â€Å"couch potato? † This is the only form of potato that is on my list that is not good. Being a couch potato, or living a sedentary lifestyle, is not a healthy choice. Sedentary lifestyle is the term used to describe a lifestyle with little to no physical activity.The activities of a person living a sedentary lifestyle include reading, sitting, watching television, being on the computer, and playing video games for much of, if not, the entire day. The questions at hand is what are the reasons behind living a sedentary lifestyle, what health issues can come from it, and why this lifestyle is not healthy? The lack of physical activity is believed to be a factor of obesity; this can lead to bigger health issu es such as Type 2 diabetes. This lifestyle has also been associated with accelerated aging process and premature death.With other factors such as advanced technology and pure laziness, the sedentary lifestyle is climbing the charts to becoming the leading cause of death in the U. S. These effects of living a sedentary lifestyle are reasons you should get out and get active. Here is a simple math problem: unhealthy eating + no physical activity= a greater chance of obesity. Obesity is a major factor in developing Type 2 diabetes. Obesity is the medical term used to describe a person who has excessive body fat. It can be caused by unhealthy eating mixed with no physical activity.In some people, it is hereditary and others accumulate the excess body fat by living a sedentary lifestyle. It is not healthy to live such a lifestyle. Some of the blame goes to the person living the lifestyle but one could argue that technological advances also play a part in choosing to be a â€Å"couch pot ato. † Nowadays you have the opportunity to work from home, in front of a computer or laptop. Video game creators try to mask their involvement with exercise games such as Zumba and WiiFit but that does not always work. It is ok to be lazy from time to time and have time to rest but that is only if you are up and out and being active.To prevent obesity and possibly Type 2 diabetes, exercise. The exercise does not have to be strenuous but just enough to get you up and moving. Try walking around the park or neighborhood or be active with your kids. Just by exercising 30 minutes a day for at least 5 days out of the week you can prevent the health issues. Have you ever felt older than you really are? Bones cracking, laziness, and fatigue? Well where do your symptoms come from, excessive labor or hard core working out or are you just sitting down not doing anything while your body slowly deteriorates?People who live a sedentary lifestyle accelerate their aging process by living thi s lifestyle which can cause premature death. Being inactive influences and speeds up the aging process. It is said that individuals who are physically active during their leisure time appear to be biologically younger than those who live a sedentary lifestyle. By being inactive, muscle tissues are lost and muscle atrophy, which is the shrinking and weakening of the muscles, sends the body spiraling downwards. This includes all of the body’s systems and one becomes more prone to disease and physical injury.The function of the body is something like a dependency system. Physical strength and fitness is correlated with a strong immune system function, which is the bodies armor and defense system that protects us from disease and illness. It is sort of like parent and child. Once a baby is born, it cannot fend for itself so it depends on its parent to provide what it needs and protect it from any foul harm or danger. If the parent does not do what he or she is suppose to do for t he baby and not protect it, the baby will ultimately be taken from the parent whether by law or nature.It is the same thing with a person and their body. If the body is not taken care of, its chances of becoming ill is greater than the body of a person who is physically active. A reduction in strength and general weakness weakens the efficiency of the immune system increasing the risk of health issues accelerated aging process. No one wants to look or feel older than they really are. Do not just sit around and wait for somebody to do it for you. No one can do it but you. The first law of self-preservation is self-motivation.Think about it like this: the illness and health issues are not going to keep putting off hoping you will stop living a sedentary lifestyle, so why should you put off doing something active. Put the video gaming, television, and computer time to a minimum and use that time to get healthy, get in shape, and fight off those diseases. Physical activity is said to ma ke you feel young and also look the part. So why not get that couch potato up and start cooking and aiming towards living a healthy long life versus a unhealthy and sick life. Get up, get out, and get active!

Comparing The Etruscan Civilization Between C. 1000 And...

1. The Etruscan civilization flourished between c. 1000 and 100 B.C. also known as the Iron Age (Villanovan) in Etruria or what is now known as modern day Tuscany, Italy. Etruria’s southern area was bordered by the Tiber River and its northern area was bordered by the Arno River in which the areas were broken up into city states ruled by their own rulers. 2. The Apollo of Veii is a 5ft. 10 in. painted sculpture molded out of terra-cotta. This sculpture was originally a decoration on the roof of a temple built by the Etruscans. Both the Greek and Etruscan’s style of art was similar, with that being said the particular sculpture is a resemblance of the Greek Archaic style of art. The curvilinear style along with the flat surface patterns of the folds of the drape/ clothes he was wearing, the diagonal calf muscles radiating from beneath the knee, the smile, and the style in which the hair was made (long locks) are the same characteristics of Archaic Greek art. The difference between the Etruscan and Greek art form lies in the clear and crisp contours, forms and stylization, of Apollo’s body along with the fact that he is depicted as striding (showing fluid flowing movement). This is also what makes the sculpture of Apollo of Veii realistic because the sculpture not only shows fluid motion (the position of his legs and his s tretched out arms) but also the expression that is on Apollo’s face. 3. Women are portrayed more equal to men, and have a place in Etruscan society unlike

Mental Health And Health Issues - 2301 Words

Mental health in Utah has and continues to be the forefront of concern for many throughout the state. The reasons it is such a hot bed issue is due the staggering statistics that come out every year showing Utah as one of the leading states for mental health issues per capita. One article in particular had a report that showed survey results done by the National Survey on Drug Use and Health, the NDSUH. They found that 22.4 percent of the Adult population here in Utah had a mental disorder in 2014 (CROFTS,2014 ). With the unfortunate trend of mental health issues being a problem in Utah, it comes without a doubt that other issues start to arise such as care for these individuals suffering from these problems. There are many agencies and programs as well professionals who fight everyday in hopes of curbing this epidemic but it is without saying that they too face dilemmas in their line of work. With the sheer number of problems as outlined above, Utah faces an uphill battle for the we ll being of its literal mental health. This calls for a larger number of professionals combating this epidemic. The questions of moral and ethical responsibilities now become a talking point. To begin I want to state that due to the complexities of the subject it would not be productive, in my opinion, to discuss why we have such a high level mental health issues in our state. The motive for exploring these concerns of patient confidentiality is because of what I believe to be the manyShow MoreRelatedMajor Health And Mental Health Issues1192 Words   |  5 PagesOutline the major health and mental health issues for Indigenous people in Australia. Has this changed over the last 15 years? What are the challenges for social work practice with Indigenous people in the Australian Context? What facilitates collaboration and efficacy in service provision? 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