Saturday, May 23, 2020
The American Dream Through Various Eyes In a country that is based around the idea that you can be anyone and do anything, one would think that most Americans all want the typical Ã¢â¬Å"American Dream.Ã¢â¬ Many would agree that when we think American Dream, we think fancy yachts, designer clothing, and big buildings, but is that really what the dream is all about? By definition, the American Dream is defined as, Ã¢â¬Å"the idea that every U.S. citizen should have equal opportunity to achieve success and prosperity through hard work and determinationÃ¢â¬ (Ã¢â¬Å"American DreamÃ¢â¬ ). It is the idea that someone that comes from the very bottom can make their way to the top through determination and persistence. But what is considered to be Ã¢â¬Å"the topÃ¢â¬ is hard toÃ¢â¬ ¦show more contentÃ¢â¬ ¦Perhaps the dream of a wealthy individual is constant improvement and expansion of their wallet, but also to find gratitude with what they have. Contrary to the upper class, the middle class retains an opportunity for growth and therefore believes in the American Dream. However, their dreams shy away from the common view of the American Dream and instead revolve around their values and wants. Primarily, the middle class is defined as having an income between $46,960 and $140,900, although the economic boundaries that make up the middle class constantly varies (Luhby). Besides income, the middle class also can be identified by occupation, net worth, or education, but every middle class citizen, no matter how they are identified, experience similar circumstances (Elkins). The majority of the middle class yearn to have a nice home and secure job, along with extra money to enjoy their interests and hobbies. In addition, they strive to set aside savings for their childrenÃ¢â¬â¢s transition into the working world or future education. Although the middle class has more opportunities than lower class citizens, they still encounter their own struggles. For many middle class families, hard times come and go while they try to maintain a comfortable living situation. Money for them does not come as easily as it does for the upper class, who typically have enough to constantly feel stable. Nonetheless, the middle class obtains enough to live moreShow MoreRelatedThe Great Gatsby - Demise Of The American Dream883 Words Ã |Ã 4 PagesGreat Gatsby - Demise of the American Dream The Great Gatsby (1925) is a highly symbolic novel written by F. Scott Fitzgerald on 1920 s America, an era of great prosperity and material excess. Its theme mainly deals with the disintegration of the American Dream due to decayed social and moral values. The American Dream is a set of ideals in which freedom includes the right for prosperity, success, and social upward mobility for all Americans which can be achieved through hard work and dedication.Read MoreThe Great Gatsby by F. Scott Fitzgerald845 Words Ã |Ã 3 PagesGatsby, colors represent a variety of symbols that relate back to the American Dream. The dream of being pure, innocent and perfect is frequently associated with the reality of corruption, violence, and affairs. GatsbyÃ¢â¬â¢s desire for achieving the American Dream is sought for through corruption (Schneider). The American Dream in the 1920s was perceived as a desire of wealth and social standings. Social class is represented through the East Egg, the West Egg, and the Valley of the Ashes. The two eggsRead MoreIdentifying And Surveying F. Scott Fitzgerald s The Great Gatsby1675 Words Ã |Ã 7 Pagestime, discussing and paying attention to the social, historical, cultural and political discourses within the text. F.Scott Fitzgerald constructs a variety of truths throughout the novel, the two truths that where clearly noticeable where Ã¢â¬Å"The American dreamÃ¢â¬ and Ã¢â¬Å"Old and New MoneyÃ¢â¬ which greatly supported the normalities of the era, these two topics will be discussed later in the piece. But let s start by recapping a brief understanding that is this novel. F. Scott FitzgeraldÃ¢â¬â¢s novel The GreatRead MoreF. Scott Fitzgerald s The Great Gatsby Essay1284 Words Ã |Ã 6 PagesThe author uses various colors and physical places such as the green light at DaisyÃ¢â¬â¢s dock as GatsbyÃ¢â¬â¢s unattainable dream of being with Daisy while the Eyes of T.J Eckleburg in the valley of ashes to portray as GodÃ¢â¬â¢s eyes as well as the readerÃ¢â¬â¢s eyes watching Gatsby yearn for his dream only for it to be crushed with a bullet and killed. The novel also illustrates how the American dream can attain oneÃ¢â¬â¢s wealth and glory but at a hefty price of falling for greed and corruption through GatsbyÃ¢â¬â¢s fall.Read MoreThe Great Gatsby By F. Scott Fitzgerald1318 Words Ã |Ã 6 Pagesvalley of ashes, and the eyes of Doctor T.J. Eckleburg. The green light represents Jay GatsbyÃ¢â¬â¢s hopes, as well as his dreams, for the future. Because many people strive to become rich in The Great Gatsby, the result is moral and social decay. The valley of ashes represents social and moral decay, and it also represents the predicament of poor because the poor live in the filthy ashes and lose their passion as a result from living in the ashes. Lastly, I believe the eyes of Doctor T.J. Eckleburg,Read MoreThe Great Gatsby By F. Scott Fitzgerald1330 Words Ã |Ã 6 Pagesobjects helps to connect the sign ificance of the story on a deeper level and eventually reveal its literal meaning. Many symbols portrayed throughout The Great Gatsby, such as the green light, the eyes of Dr. T.J. Eckleburg, GatsbyÃ¢â¬â¢s Mansion and the weather help to uncover one of the main themesÃ¢â¬âthe American Dream. First, the green light located at the end of Tom and Daisy BuchananÃ¢â¬â¢s dock, in East egg, plays a considerable role in GatsbyÃ¢â¬â¢s life. In chapter 1, we first encounter GatsbyÃ¢â¬â¢s attraction withRead More Symbolism in The Great Gatsby Essay867 Words Ã |Ã 4 Pageshis thematic interest in his novel of The Great Gatsby. In the Great Gatsby, F. Scott Fitzgerald uses various colors, objects, and gestures as symbols to portray the lack of moral and spiritual values of people and the different aspects of society in the 1920s. One use of symbolism Fitzgerald uses is the green light at the end of DaisyÃ¢â¬â¢s dock. He uses it to represent GatsbyÃ¢â¬â¢s hopes and dreams for the future. In chapter one, Gatsby associates the light with Daisy when he reached toward it in theRead MoreExpanding The American Dream By Marco Rubio1144 Words Ã |Ã 5 PagesExpanding the American Dream Ã¢â¬Å"The American Dream is a term that is often used but also often misunderstood. It isn t really about becoming rich or famous. It is about things much simpler and more fundamental than thatÃ¢â¬ (Marco Rubio). The American Dream was a great term to attract many immigrants to this country in the belief that families can restart and reach their dreams. The idea that one can radically change their life and become Ã¢â¬Å"richÃ¢â¬ was extremely attractive and can give incentive into movingRead MoreThe American Dream By Dolores Hayden871 Words Ã |Ã 4 PagesThe American Dream The growth of cities, and their subsequent decay due to a capitalistic order followed by attempts to renew city life along with an exodus of those with means and/or appropriate skin color assisted by policy instruments. With the racial segregation obtained as a byproduct (or maybe product) of the chain of events would summarize the assigned readings in a nutshell. To elaborate from Dolores HaydenÃ¢â¬â¢s Ã¢â¬Å"From the Ideal City to the Dream HouseÃ¢â¬ the Jeffersonian ideal of democracy favoredRead MoreF. Scott Fitzgerald : The Jazz Age And The Great Gatsby1364 Words Ã |Ã 6 Pagesknown writers of the twenties. The American writer is given credit for the term Ã¢â¬ËJazz Age,Ã¢â¬â¢ immortalizing the glamorous world of wild parties of the upper social classes. With FitzgeraldÃ¢â¬â¢s work being described as poetic, it often contain underlying social or capitalistic characteristics rooted in spectacular imagery. The various aspects of FitzgeraldÃ¢â¬â¢s work allow for analysis on several levels and from differing perspectives, while functioning as a mirror through which to view society, values, and
Tuesday, May 12, 2020
Frederick the Great, an eighteenth century Prussian king known for his tyrannical rule, once stated, An educated people can be easily governed. When taken in the context in which he spoke, that of a ruler who demanded complete domination over his subjects, one would take his quote with only one meaning, that more intelligent people can be easily governed. Ignoring the speaker and his reputation, however, this quote then becomes open for discussion. One could read these words and believe that Ã¢â¬Å"easily governedÃ¢â¬ referred to a people who tend to be more law abiding and can therefore be more easily controlled through a system of punishments. This could also be applied in a way to state that those individuals would be less likely to riseÃ¢â¬ ¦show more contentÃ¢â¬ ¦These well-educated individuals will watch the newscasts, read the articles on governmental action or inaction, and listen to the radio hosts who speak on the issues and seem to support their way of thinking. They will argue with friends, family or co-workers and utter phrases like I cant believe (insert politician name here) did that or we really need to fix . . . or We need to do something about . . . because they cant get away with it. Tying in the previous argument that well-educated individuals have more to lose and are therefore, more law-abiding, these individuals will do little more than debate. These individuals value their socioeconomic status too much to risk it by protesting in the streets demanding for the resignations of corrupt politicians or politicians who act against the Constitution. This makes for a more easily governed society because they will not rise up against the government. Nothing negative could be said about a law abiding society. Society would operate much more smoothly without the existence of crime. An interpretation of the quote above leads one to believe that if only society were well educated, its members would think before engaging in criminal be havior and logically, there would be an end to crime. Is that really the case though? Based on the eventsShow MoreRelatedIs Sociology a Science1655 Words Ã |Ã 7 Pagesstudy of sociology cannot and should not be seen as scientificÃ¢â¬ To what extent do sociological arguments and evidence support this view? (33 marks) The debate about whether sociology can be represented as a science has existed for many years. Comte; who first used the word sociology argued that sociology should be based on the methodology of the natural sciences. He argues that the application of natural science methodology to the study of society would produce a Ã¢â¬Ëpositive science of societyÃ¢â¬â¢, showingRead MoreHow Buyer Behavior Affects Marketing Activities in Different Buying Situations1000 Words Ã |Ã 4 Pagesextremely important to Sunshine. Consumer behavior involves study of how people buy, what they buy, when they buy and why they buy. It blends the elements from psychology, sociology, anthropology and economics. It also tries to assess the influence on the consumer from groups such as family, friends, reference groups and society in general. With that knowledge, Sunshine will know exactly what customers are lacking to increase the value of Nightwish, from which, the company will attract customers,Read MoreThe Foxhole Court, By Writer Nora Sakavic Essay1193 Words Ã |Ã 5 Pagesstudies the relationships between individuals and society and between markets and the state, using a diverse set of tool and methods drawn largely, from economics, political science and sociology. The term political economy is derived from the Greek polis, meaning city or state and oikonomos meaning one who manages a household estate. Political economy thus can be understood as the study of how a country Ã¢â¬â the publicÃ¢â¬â¢s household Ã¢â¬â is managed or governed, taking into account both political and economicRead MoreSociology as a Perspective 1332 Words Ã |Ã 6 Pagessociological perspective is described as the link between societal events and an individualÃ¢â¬â¢s life. Sociological perspective relates to sociological imagination, which was coined by C Wright Mills to illustrate the type of insight brought by the field of sociology (Isaksen undated). These concepts enlighten peopleÃ¢â¬â¢s unde rstanding on the interactions between history and biography. Sociological imagination is based on the individualÃ¢â¬â¢s capability to be objective and understand the link between social structuresRead MoreDemocracy And Politics Of South Korea1387 Words Ã |Ã 6 Pagessaid that many countries have had military dictatorship which is a common government for a developing country. A developing country, above all, might want to develop their economy, so they endure dictatorship because the dictator can make a decision easily and quickly (Park, C. D. Shin, D., 2006). It also happened in South Korea 50 years ago. In spite of military dictatorship in the past, South Korea has the most successfully established democracy in Asia (Whitehead, L., 2002). There is a specialRead MoreEmergence Of Structural Functionalism. Structural Functionalist1402 Words Ã |Ã 6 PagesEmergence of Structural Functionalism Structural functionalist theories are grounded in the thought that society and family are congenial entities and, as such, the harmony between the two is the natural state of people, as found in Leeder (2004). Structural functionalism, and the viewing of the family as a social system, is at the core of the family process and other theories. To understand structural-functionalism, we must first understand the coalescing theories in which it is rooted, functionalismRead MoreShould God Have Allowed For Marry Men?1223 Words Ã |Ã 5 Pagesrace and the raising of children. Another example that shows that many people believe that God made homosexuals to be homosexualÃ¢â¬ ¦ Marriage is not just any relationship between human beings. It is a relationship rooted in human nature and thus governed by natural law. Natural lawÃ¢â¬â¢s most elementary precept is that Ã¢â¬Å"good is to be done and pursued, and evil is to be avoided.Ã¢â¬ By his natural reason, man can perceive what is morally good or bad for him. Thus, he can know the end or purpose of eachRead MoreChanging Culture of the Church Essay1682 Words Ã |Ã 7 PagesWe live in a society today that is vastly different to the one the previous generation grew up in; priorities have changed with people finding completely new ways to spend their time, people have an barrage of options presented to them with every decision and everyone seems to find someone else to blame for the current situation. 50 years ago this country was experiencing a cultural way of thinking known as modernity, this was described very well by Anthony Giddens here; Ã¢â¬Å"Modernity is a shorthandRead MoreThe Model Of Reflection ( 1988 )1665 Words Ã |Ã 7 Pagesthat ensures the service requirements of rural and remote communities are met should be implemented. (Humphreys Walkerman, 2008). This would involve crucial multidisciplinary practices being easily accessible in these communities. Step 3 Chapter 8 of Second Opinion: An Introduction to Health Sociology has helped to expand my original reflections of the reasons the Aboriginal communityÃ¢â¬â¢s need for greater health equity, by comparing Indigenous health outcomes with those of non-Indigenous AustraliansRead MoreCHARACTERISTICS OF INDIAN RURAL SOCIETY OBJECTIVES At the end of this session, you should be able2800 Words Ã |Ã 12 PagesCHARACTERISTICS OF INDIAN RURAL SOCIETY OBJECTIVES At the end of this session, you should be able to explain: 1. Introduction 2. Indian society 3. Characteristics of the Indian rural society 4. Characteristics of various societies Ã¯Æ'Ë Features of the traditional society Ã¯Æ'Ë Features of modern society Ã¯Æ'Ë Features of the post-modern society 5. Conclusion INTRODUCTION In India the significance of the rural sociology earned identification after independence. The agrarian context takes exceptional status both
Wednesday, May 6, 2020
The results indicate that DY and EY ratios has direct positive association with stock return where as B/M ratio has significant negative relationship with stock return. Therefore we can say that the above mentioned ratios are able to predict stock returns, furthermore it can be seen that as compare to dividend yield and earning yield the ratio of book to market has the highest predictive power. Moreover when we combine these financial ratios the predictability of stock returns will enhance. We will write a custom essay sample on Financial Ratios and Stock Return Predictability or any similar topic only for you Order Now Keywords: Financial ratios, Stock return, Karachi Stock Exchange, Dividend Yield, Earning Yield. 1. Introduction Stock Market plays a very significant role in the economic growth of a country. According to A. Schrimpf (2010) there is significant economic aftermath of the existence of stock return predictability. S. Kheradyar et al, (2011), Ã¢â¬Å"The Analytics of Economic Time SeriesÃ¢â¬ , states that in stocks market share prices move randomly i. e. on certain day share prices are like to go down as they were like to up. Such random behavior worried some of the financial economists and followed by further research. Hence such random movement of share prices lead to a hypothesis called Random Walk Hypothesis. Random walk hypothesis suggest that it is difficult to predict share prices because stock prices evolved, now it will be showing upward trend but after some time such might be showing downward trend. Hence predicting 100% accuracy of stock return is almost impossible. In contrast to Random Walk Behavior is efficient market hypothesis. According to efficient market hypothesis share prices are fairly priced in the stock market or prices of stock demonstrates information in the market is widely and equally available to all and no one in the market can outperform or can beat the market. With the passage of time researchers tries to find out most accurate variables for predicting stock prices, some were tend towards financial and some were towards profitability ratios i. e. book to market ratio, price to earnings ratio, 1 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 10, 2012 www. iiste. org dividend yield, etc some were tend towards cash flow ratios like price to cash flow ratio, cash burn ratio, etc and some focused on macroeconomic variable like interest rate, law and order situation and inflation rate etc. In this research article we have investigated 3 above mentioned ratios to determine whether they predict stock returns. This research study has used the stock return and the above mentioned financial ratios association at two samples as the foundation for the formulation of Eight hypotheses. On the grounds of their appropriate regression models the eight hypotheses are divided into two sets. In this study we have used the two models of simple and multiple regressions to apply Predictive regression; it is an important tool for predicting stock returns. A set of panal data is used for the formulation of these two models. For tackling the problem of heteroskedasticity and non-normality distributed residuals, we applied generalized least squares method. 2. Literature Review Campbell and Shiller (1988) stated in their study that as dividend yield has the ability to confine expected return and expectation about growth in dividend yield so dividend yield is good predictor of stock return. Chan, L. Hamao, Y. Yakonishok, J. (1991), found that in Japanese market fundamental variables like dividend yield, price to earnings ratio, book to market ratio and firmÃ¢â¬â¢s size have significant impact on expected earning/returns of stocks. They notify that there is indirect relationship between earning yield and stocks returns in Japan. In comparison of the size of the firm and earning yield, B/M and dividend yield (cash flow yield) are significantly related with returns of stocks. They further added that an important variable both economically and statistically is book to market ratio and this need to be observe because either the afterward half of the sample is judged or for the first time test is applied the book to market ratio shows it continuation. Mukerji, S. Dhatt, M. Kim, Y. 1997), on Korean Stock market for a period of 1982-1992 establish a direct relationship between return of stocks and D/E, S/P and B/M, moreover an indirect relationship between size of firm and return of stocks. They demonstrated that P/E ratio is less trustworthy indicator than B/M and S/P. Beta is a week proxy for assessment of risk when compare with debt to equity ratio. B/M and S/P are responsible for the direct relationship between re turn of stocks and debt to equity. However a P/E and B/M ratio becomes the base for indirect relationship between return of stocks and size of the firm. Kothari and Shanken (1997) found for US market that dividend yield and book to market ratios have dependable proof for expected real return over a period 1926-1991, and there lies a track of time series variations. Pontiff and Schall (1998) stated that as for predicting power is concerned book to market ratio has some predictability power for predicting stock returns. Lewellen (2002) conducted his study in US he found that predictability power of dividend yield for predicting stock returns is more than P/E and B/M ratios. Ang, A. , and Bekaert, G. , (2006), in their studies tried to forecast interest rate and stock returns with the help of predictive power of dividend yield. They found for short term forecasting, dividend yield predictive power is more than the long term forecasting. But as for the expected growth of cash flow prediction is concerned than dividend yield is a good predictive variable. Akyol, A. (2006), Ã¢â¬Å"analyzed the effect of firmÃ¢â¬â¢s size, beta, and book-to-market value on the stock returns in Istanbul stock exchange. He used data from July 1993 to December 2005 for Istanbul Stock Exchange and used Fama and French (1992) methodology to construct portfolios represented accurately by size-beta and then size-book-to-market, he found that book to market and Beta of a firms have no effect on the stock returnÃ¢â¬â¢s in Istanbul stock exchange. Size of the firm was the only variable which was negatively related to the stock returns in Istanbul stock exchange. He also found that book to market, size and beta is not related with January effects. Hjalmarsson, E. (2004), in his study tried to find out Global stock returns predictability. He took twenty thousand monthly observation form forty international stock markets. In which 24 were of developed economy and 16 were of developing economy. However his study showed that dividend yield and price to earnings ratio has little power of predictability and defends his conclusion by adding that international result is showing deviation from traditional view because the method use internationally may not count for determination of variables. 2. 1 Hypotheses H1: return of stock and DY has no association in time (t) and (t-1) respectively in sample one. H2 return of stock and EY has no association in time (t) and (t-1) respectively in sample one. H3: return of stock and B/M has no association in time (t) and (t-1) respectively in sample one. H4: return of stock and DY has no association in time (t) and (t-1) respectively in sample two. H5: return of stock and EY has no association in time (t) and (t-1) respectively in sample two. H6: return of stock and B/M has no association in time (t) and (t-1) respectively in sample two. 2 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 10, 2012 ww. iiste. org H7: return of stock and DY, EY, B/M combination has no association in time (t) and (t-1) respectively in sample one. H8: return of stock and DY, EY, B/M combination has no association in time (t) and (t-1) respectively in sample two. 3. Research Methodology In order to check predictability power of earning yield, dividend yield and book to market ratios for predicting stock returns the study has taken a sample of 100 firms for a period of 2005-2011. We have applied certain screening criteriaÃ¢â¬â¢s for companies to be included in the sample. First, the firm must be listed on the KSE before Jan 1st 2005. 2nd, for more than twelve months a stock must not be deferred. 3rd, for the study period of seven years a company stock must not be delisted. 4th, data must be available for all sample firms and variables. Finally, for a period of more than twelve months the dividend yield of firms must not be zero. The study has divided the selected firms into two equal samples, which will reduce the effects of random sampling errors and for the predictive regression two samples produce different estimation. The study is based on secondary data, which is collected from, Ã¢â¬Å"State Bank of PakistanÃ¢â¬ , companyÃ¢â¬â¢s annual reports, business recorder and from Ã¢â¬Å"Karachi stock exchangeÃ¢â¬ . Following S. Kheradyar et al, (2011) this study includes stock returns as dependent variable while dividend yield, earning yield and B/M ratios has been taken as independent variables. 4. Measurement of Variables 4. 1 Stock Return Following Lewellen (2001) and S. Kheradyar et al, (2011) we have used stock return as dependent variable. Stock return is measured by dividing capital gain along with dividend per share on market price per share. Following is the formula for stock returns. SRi = DPs + capital gain/market price 4. 2 Book to Market Ratio For finding value of company by comparison of market value of a share to its book value, study tends towards book to market ratio. For finding book value of a firm the study divide equity of a firm by its total number of outstanding shares. As for market price is concerned study tend towards the ongoing price of share in stock market. If a firm offer high return and having high book value than its market value, the firm is riskier and in future returns of stock will be lowered than today. The following formula is used for calculating book to market value: B/M = Book Value per share Market value per share Lewellen (2001) states that as compare to P/E ratio B/M has higher predictive power for predicting stock return. But when study compare B/M ratio with dividend yield than dividend yield is good forecaster than B/M ratio. 4. 3 Dividend yield Following S. Kheradyar et al, (2011) second independent variable in this study is Dividend yield which is calculated as dividing dividend per share on market price per share. If market price is lower than dividend yield will be higher and give a riskier signal for investment. Contrast to higher dividend yield is low dividend yield; such happen when market price per share is higher than dividend yield and gives an optimistic view for investment. The following formula demonstrates how to calculate dividend yield: Dividend Yield (%) = (Dividend per Share / Market rate per share) x 100 4. Earning Yield The empirical literatures lay foundations of the predictive power of earning yield on stock return, and find out the association between earning yield and stock return is considerable, because earning yield plays as a risk factor in relation with stock return. Moreover, the earning yield can demonstrate the efficiency of market that has an important role in emerging markets, thus this study uses earning yield as the empirical predictor of stock return. Following S. Kheradyar et al, (2011) we have measured earning yield as earning per share divided by price of share. 5. Regression Model In this research article we have investigated three financial ratios EY, DY and B/M to determine whether they predict stock returns. This research study has used the stock return and the above mentioned financial ratios association at 3 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 10, 2012 www. iiste. org two samples as the foundation for the formulation of Eight hypotheses. On the grounds of their appropriate regression models the eight hypotheses are divided into two sets. In this study we have used the two models of simple nd multiple regressions to apply Predictive regression; it is an important tool for predicting stock returns. A set of panal data is used for the formulation of these two models. For tackling the problem of heteroskedasticity and non-normality distributed residuals, we applied generalized least squares method. Following S. Kheradyar et al, (2011) we have used panal models to formulate predictive regressions. Hence we have used simple regression model to test the first 6 hypothesis which are formulated on the basis of association between each financial ratio and future stock returns. The simple regression model has the following form: SR it = ÃÅ¸0 + ÃÅ¸i Xi (t-1) + eit Where, SR it= in time period t, the return of ith stock, ÃÅ¸0= the estimated constant, ÃÅ¸i= ith stock predictable coefficient, Xi (t-1) = in period t-1 financial ratios of the ith stock, eit = error term. Similarly following S. Kheradyar et al, (2011) we have used multiple regression model to test the other two hypotheses H7 and H8, these two hypotheses are formulated on the basis of relationship between combined financial ratios and future stock returns. The model has the following form: SR it = ÃÅ¸0 + ÃÅ¸i1 DYi (t-1) + ÃÅ¸i2 EYi (t-1) + ÃÅ¸i3 B/Mi (t-1) + eit Where, SR it= in time period t, the return of ith stock, ÃÅ¸0= the estimated constant, ÃÅ¸i1= for DY the Ith stock predictable coefficient, ÃÅ¸i2= for EY the Ith stock predictable coefficient, ÃÅ¸i3= for B/M the Ith stock predictable coefficient, DYi (t-1) = is ith stock DY factor in period of time t-1, EYi (t-1) = EY factor of ith stock in period of time t-1, B/Mi (t-1) = B/M factor of ith stock in t-1 time period, eit = error terms. 6. Results and Discussion For the first 6 hypothesis the predictive regression results are summarized in Table 1. The coefficient of dividend yield in Table 1 demonstrates a positive relationship of dividend yield in period (t-1) and stock returns in period (t) in both samples that is when dividend yield increases by one unit it will cause an increase of 0. 021 and 0. 010 units in stock returns of two samples respectively. As for the p-value of coefficient of Dividend yield is concerned it is 0. 016 in sample one which is less than 0. 5, so the relationship is statistically significant and the null hypothesis H1 is rejected, however in sample two the association is insignificant so hypothesis H4 cannot be rejected. The coefficient of earning yield in Table 1 demonstrates a positive relationship of earning yield in period (t-1) and stock returns at period (t) that is when earning yield increases by one unit it will cause an increase of 0. 013 and 0. 008 units in stock returns in the two samples respectively. As for the p-value of coefficient of earning yield is concerned it is 0. 19 and 0. 010 in the two samples respectively which is less than 0. 05, so the relationship is statistically significant, therefore we will reject hypothesis H2 and H5. The negative coefficient of Book to market value in table 1 notifies an inverse relationship of B/M and stock returns in both samples that is if B/M ratio increasing the stock return will be decreasing and vice versa. The p-value of coefficient of B/M value 0. 000 indicates that the relationship is statistically significant in both samples, so hypothesis H3 and H6 have been rejected. S. Kheradyar et al, (2011) found that DY has negative influence on stock return, and a positive association between EY and stock return. He also found a positive impact of B/M on stock return in (2) (1) 4 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 10, 2012 www. iiste. org sample 2 but a negative one in sample 1. It can also be noticed by looking at the adjusted R-square that B/M has the highest predictive power, and this result is also supported by S. Kheradyar et al, (2011). Insert Table 1 Here) Now we will test to see whether stock return predictive power increases with the combination of EY, B\M and DY. We will reject H7 and H8 because it can be seen in Table 2 that the predictive regressions are statistically significant. Thus we can say that stock return can be predicted by the combination of EY, B\M and DY. Also we can say that as compare to the other two ratios, the variations of the ratio of book to market has greater i mpact on stock return, because in both samples it has the highest coefficient. Similarly by looking at the adjusted R-square we can say that in the two samples stock return predictive power increases when the combination of EY, B\M and DY increases. (Insert Table 2 Here) 6. Conclusion Literature regarding predictability of stock returns has changed over the last 20 years. With evolution researchers and economists separated price to earnings ratio, dividend yield, inflation, and book to market ratio, beta, industry returns, interest rate, and size of firms from amongst other variables which were considered important for predicting return of stocks. Presently strong evidences are present regarding variables for predicting stock returns. Analysis showed that financial ratios have significant power of predictability for forecasting returns of stock and they predict future stock return of Pakistani market, and B/M has higher predictive power as compare to other ratios. Similarly the predictability of stock return is enhanced by the combination of financial ratios. References A. Schrimpf, (2010). International Stock Return Predictability under Model Uncertainty. Journal of International Money and Finance, 29: 1256-1282. S. Kheradyar, I. Ibrahim, and F. Mat Nor, (2011). Stock Return Predictability with Financial Ratios. International Journal of Trade, Economics and Fiance, 2(5): 391-396. J. Y. Campbell, and R. J. Shiller, (1988). Stock Prices, Earnings and Expected Dividends. Journal of Finance, 43(3): 661-676. Chan, L. Hamao, Y. Lakonishok, J. (1991). Fundamental and Stock Returns in Japan. The Journal of Finance, 17391764. Mukerji, S. Dhatt, M. Kim, Y. , (1997). A Fundamental Analysis of Korean Stock. Financial Analyst Journal, 53: 7580 Kothari, S. P. , Jay A. Shanken, (1997). Book-to-Market, Dividend Yield and Expected Market Returns: A TimeSeries Analysis. Journal of Financial Economics 44: 169-203. J. Pontiff, and L. Schall, (1998). Book-to-Market Ratios as Predictors of Market Returns. Journal of Financial Economics, 49: 141Ã¢â¬â160. Lewellen, J. , (2002). Predicting Returns with Financial Ratio. National Bureau of Economics Research, MIT working paper no. 4374-02 Ang, A. and Bekeart, G. , (2006). Stock Returns Predictability. The Review of Financial Study, 651-707. E. F. Fama and K. French, (1992). The Cross-Section of Expected Stock Returns. Journal of Finance, 47: 427-465 Lewellen, J. , (2001). Predicting Returns with Financial Ratios. Journal of Financial Economic, 209-235. How to cite Financial Ratios and Stock Return Predictability, Papers
Sunday, May 3, 2020
Question: Discuss about the Effective Managemen Practices of BVC. Answer: Introduction In the modern era,effective management practices play a very important role in success and growth of an organization(Wheelen Hunger, 2017). Furthermore, appropriatemanagement supports in carrying out the smooth flow of all operations and attain the desired objectives(Chmiel, Fraccaroli, Sverke, 2017). The present research report is based on Bow Valley College (BVC) which was founded in the year 1965 in Canada. The study highlights vision and mission of the selected college. Apart from this, a purposed organization structure for BVC is also mentioned in the present research report. Vision and mission of BVC The vision of Bow Valley College is to become the leading innovative college in the world. Furthermore, its vision emphasizes on delivering quality education which can help students to learn better living and live a better life in future (Comprehensive Institutional Plan - Bow Valley College, 2012). On the other side of this, the mission of BVC is to contribute to overall development of community and economy through its innovative adult education programs. Resources which BVC have to support its vision and mission In the present scenario, every company requires adequate human, technological and financial resources to achieve its goals and objectives(Rees Smith, 2017). It can be stated that BVC has adequate resources which support the organization to attain its mission and vision statement. Here, the organization is available with talented, qualified and skilled faculty or teaching staff who impart quality and innovative education to all students. On the other side of this, the organization is also possessing adequate technological resources to deliver education and other related services. Wireless internet, classroom computers, data projects are some technological tools which the college is using. All the mentioned above resources support BVC in delivering quality education and accomplish its mission and vision. BVC competitive advantage Nowadays the competition among universities and colleges in the country has become highly intense, and it is not easy for colleges to sustain in the long run (Naranjo-Valencia, Jimnez-Jimnez, Sanz-Valle, 2016). Furthermore, colleges and universities also face issues linked with attracting and enrolling the desired number of students in a particular academic year (Bolman Deal, 2017). However, it can be argued that there are certain strategies which help the college to gain the competitive advantage over other organization in the marketplace. For example, BVC focuses on delivering niche education programs, and it helps the college to get an advantage over others. Experience and supportive teaching staff is another factor which provides the competitive advantage to BVC. Apart from this, BVCs core values such as respect for diversity, learner centered approach, integrity; concern for people also contributes a lot in getting an advantage over other universities. Target student for BVC The college has mainly targeted adults who belong to different economic, cultural, social, geographical background. The programs and teaching strategies are also developed in such a way that the target students do not have any sort of inconvenience while learning. Apart from this, international learners, disabled learners, employed, underemployed personnels are also targeted by BVC. Purposed Organizational structure Organizational structure can be defined as the term which is used to define the allocation of task, power, and authority within a business enterprise. Furthermore, horizontal and vertical are the two common types of structures which are used in colleges and universities (Gelfand, Aycan, Erez, Leung, 2017). For a college like BVC, the horizontal organizational structure is more suitable and effective. Mentioned below is the proposed organizational structure for BVC Rationale behind proposed structure The main reason behind proposing horizontal organization is that it uses an employee centered approach to leadership. It means the use of mentioned above structure will support BVC in encouraging views and opinions of workers at the time of drafting policies and strategies. It can be stated that considering the view of staff members will also result in developing the sense of satisfaction among teachers and will contribute to overall academic success (Holmlund, Kowalkowski, Biggemann, 2016). On the other side of this, the horizontal organizational structure is more suitable for BVC because it will promote team work within the college and thus, will help in an accomplishment of all objectives. The college will be able to develop a high level of the corporation within all its departments by making use of the horizontal organizational structure. Other than this, the suggested structure will also enhance the overall motivational level and productivity of teaching staff by providing a hi gh degree of job satisfaction among them. Conclusion From the above carried out research report, it can be concluded that factors such as skilled teaching staff, values and focus on niche teaching programs have resulted in providing the competitive advantage to BVC. Furthermore, it can also be inferred that horizontal organizational structure is more suitable for college such as BVC as it offers the high degree of satisfaction to staff members and thus, will contribute to long term growth of the college. References Bolman, L. G., Deal, T. E. (2017). Reframing organizations: Artistry, choice, and leadership. New York : John Wiley Sons. Chmiel, N., Fraccaroli, F., Sverke, M. (2017). An Introduction to Work and Organizational Psychology: An International Perspective. New York: John Wiley Sons. Comprehensive Institutional Plan - Bow Valley College. (2012, May). Retrieved August 1, 2017, from bowvalleycollege ca website : file:///C:/Users/Admin/Downloads/BVC_CIP_forWEB_v4%20(1).pdf Gelfand, M. J., Aycan, Z., Erez, M., Leung, K. (2017). Cross-cultural industrial organizational psychology and organizational behavior: A hundred-year journey. Journal of Applied Psychology , 514. Holmlund, M., Kowalkowski, C., Biggemann, S. (2016). Organizational behavior in innovation, marketing, and purchasing in business service contextsAn agenda for academic inquiry. Journal of Business Research , 2457-2462. Naranjo-Valencia, J. C., Jimnez-Jimnez, D., Sanz-Valle, R. (2016). Studying the links between organizational culture, innovation, and performance in Spanish companies. Revista Latinoamericana de Psicologia , 30-41. Rees, G., Smith, P. (2017).Strategic human resource management: An international perspective. New York: Sage. Wheelen, T. L., Hunger, J. D. (2017).Strategic management and business policy. New York : Pearson.
Thursday, March 26, 2020
Human Resorce Mangement Essay The Changing Role of Human Resources Management According to Hollenbeck, Gerhart, and Wright, human resources management are the policies, practices, and systems that influence employeesÃ¢â¬â¢ behavior, attitudes, and performance (2007, p. 2). The role of human resources management within businesses has been evolving since the 1950s. These changes have brought about a significant increase in competition along with the awareness that human resource management must play a larger part of the strategic role within every company (Tyson and Fell, 1995).The following paragraphs will discuss the changes that have taken place in human resources management due to transformations and trends in globalization technology, diversity, e-business, and ethics. Affects of Globalization, Technology, and E-Business Businesses around the world have not been able to escape the process of globalization and technology. This process has forced many businesses to turn to international markets to remain competitive. This means many new objectives for the human resources department.For example, the outsourcing of labor, training new employees globally, the possibility of new positions, and the creation of new global policies. However, along with these new objectives comes new challenges, such as trying to create a consistent corporate culture, creating a multicultural human resources team, and the potentially complicated responsibilities of multiple-currency payroll, multi-country dispersion, diverse jurisdictional tax legislation, and health care benefits and coverage (Bryant, 1997).Fortunately, these additional complications bring new technologies. We will write a custom essay sample on Human Resorce Mangement specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Human Resorce Mangement specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Human Resorce Mangement specifically for you FOR ONLY $16.38 $13.9/page Hire Writer New self service and online employee tools, more efficient recruiting options via the Internet, and more secure containment of personnel records are only a few of the new technologies. Globalization and technology has also produced e-learning and e-negotiations for offices overseas. Nowadays, a business meeting can be held between two different international companies with the use of videoconferencing; no travel is required.Important personnel documents and reports can be shared by the click of a mouse via e-mail. New technology has also created many more job opportunities for individuals with physical disabilities allowing them to become a part of the workforce. Changes in Diversity Globalization and international business creates a larger pool of diversity within companies. More communication and interaction is taking place between people of different cultures, who speak different languages, communicate differently, and have different beliefs.Diversity can bring more creativity and ideas to a business and its departments, improved marketing opportunities, and better recruitment opportunities. Human resources management will also be faced with diversity challenges. Radical changes in workforce demographics mean that organizations need to develop knowledge and understanding of how to manage a diverse workforce that includes large percentages of blacks, Hispanics, Asians, and women (Schuler and Walker, 1990).This means managers may be confronted with discrimination and prejudice complaints which in return can lead to more turnovers. There is also a potential for more hiring discriminations among management. Learning how to create a neutral corporate culture, implementing ongoing awareness trainings, and working to create a thriving diverse workplace are all key issues human resource managers should focus on. Ethics The topics of globalization, technology, and diversity discussed above all have affects on ethics.Human resources management are confronted with many more cases of right versus wrong. These cases can involve globalization and technology where employees have more confidential personnel information at their fingertips or access to bank accounts and transfers. Increases in diversity allows more issues to arise where a manager favors Caucasians over Hispanics because of personal prejudices. Sexual harassment doesnÃ¢â¬â¢t take place in only verbal form these days. Harassment can occur through email and text messages.The ever changing human resource function is now filled with more complex and intricate issues revolving around ethics which management must deal with on a daily basis. Conclusion While globalization, technology, e-business, and diversity bring more positive opportunities to any size business, but human resources management must have a more complete and well rounded strategic plan to deal with each facet successfully. To be successful, organizations will be required to make considerable investments in their HR capabilities (Oss, 2004).This does not only mean money, but also time and commitment. Embracing change and being more receptive to employees and their needs are also important issues for human resources. Happy employees bring more potential and growth to every company.
Friday, March 6, 2020
Weighing In Essay Essays Weighing In Essay Essay Weighing In Essay Essay In Essay Racism has repeatedly played a controversial role throughout the course of history. This is a topic fueled by the heated arguments of the parties on both ends of the matter, may it be the cry of the victim or defense of the offender. As described in the works of two members of ethnic minorities coping With the alienation they both faced in what is supposed to be the land of diversity, Froze Dumas The F Word, and Brent Staples Black Men and Public Space, racism is portrayed as a dark shadow cast upon those who may not me to conform to the norms of western culture to the typical American. Such stereotypes and predispositions should not hold the power to classify and simplify human beings to one single standard of a certain background, as one single Story or idea does not define an entire mass Of people. In Froze Dumas The F Word, she describes her life growing up as an Iranian in America. From the very beginning of her transition into western society, Dumas was exposed to the ugly world of racism at the tender age of seven, an idea almost too outlandish to even entertain. The idea that children t such a young age could feel the need to alienate someone due to unfamiliarity shows that indifference to foreign culture and background can begin at almost any age. She writes that her cousin was named Forbad, a respectable Iranian name meaning greatness, but in a land filled with Joeys and Mars, this was completely alien to his peers, resulting in his nickname Forehead. Similarly, her brother, Fairish, meaning he who enlightens became known as Farthest. A friend of Dumas sounded too similarly to an African American slur and her brothers name reminded those of a skin indention. These children earned themselves such vulgar names solely due to the fact that they were raised and named accordingly to their culture, something that should never be disrespected or looked down upon as abnormal just because it is uncommon. When she reached the age of twelve, Froze opted for an American middle name, understandable for a young girl bearing the pressure of her surroundings, yet unacceptable for her to feel pressured to do so in the first place. She explains that she regrets this decision as it only complicated her life in the long run, even though it seemed o be a quick fix to her problems at the time. She had always received incredulous glares or horribly executed pronunciations, many without even a hint of actual effort in attempting to properly address her, a sad but common occurrence for those who are not often exposed to foreign cultures. Dumas finally settled on the name Julie and even introduced herself to her next-door neighbor using her new name. Her brothers even made fun of her for wanting to Americanize herself, who then later became Fred and Sean. In college, she did away with Julie and went back to her old name, but found that applying for jobs was a more successful venture when she used her American name, interestingly enough. Once she got married, it was almost as if she was living a double life, with family calling her Froze and most friends referring to her as Julie. This prompted her to permanently go back to her original name, forcing herself to cope with the mispronunciations and comments, which she simply now finds humor in. It is a huge relief that Dumas ended up referring to herself by her original first name, as dont feel that she should have ever felt pressured into conforming to the standards of stern culture and trying to Americanize herself. The fact that simply changing her name from Froze to Julie on job applications is mind blowing, as it is clearly not her credentials or talents that are being considered, but her American name. I appreciate that Dumas was able to come to the realization that although her American name would often allow her more job interviews and less of an intense reaction in every day life, her original Iranian name was part of her struggle growing up as an immigrant in America and was a better telltale of her story than Julie would ever be. Rather than being another Joe or Mary, people would just have to adjust to her, not the other way around. Similar to Dumas struggle in America as an Iranian, Brent Staples Black Men and public Space details the struggle of being a black man in America. There are countless stereotypes implanted in the minds of Americans of the typical black person, aggressive, dishonest, ruthless, and overall ill intentioned. The first encounter with this racist outlook on blacks Staples had was in a wealthier area of downbeat Chicago, who began to appear irksome and soon after proceeded to run from the author, who had done nothing intentionally to provoke fear in her. I agree that women should always place their safety as their first priority and should remove themselves from any situation in which they find themselves uncomfortable or at risk, but if blacks and whites cant manage to walk the same streets without one race thinking the other is going to attack at any given moment due to the misconceptions floating around in their heads, then America really isnt a land of diversity. It then becomes a land of hierarchy. As he says, Staples is too scared to even wield a knife at a chicken, let alone wield a knife at another human being, but by the color of his skin and appearance, one would never know this. Being perceived as dangerous, he writes, is a hazard in itself, and could easily land him in the back of a police car simply due to the stereotypes of the black man. Staples understands that women are vulnerable in situations involving street crime, and that blacks have a tendency to be the offenders in such situations, yet this is no excuse for the complete isolation teen blacks and whites that occurs on an everyday basis. He recalls a fascinating incident in which police attempted to arrest a black journalist whom they mistook for the murderer, further proving that many will forever have these misconceptions that almost all blacks are violent by nature. On late nights now, Staples finds himself whistling classical music, as he explains that many do not seem to think that a typical, violent black man would ever be whistling Beethoven or Vivaldi, which is one of the saddest parts of this story. It is almost disgusting to me that blacks and minorities in general feel he need to prove themselves to American society by doing White things. It is often understandably easier to do so and conform to western ways, but it is never necessary because one should not ever be ashamed of their background. No single story or stereotype or standard defines a human being. That persons actions, impact on the world, and the lives they touch are what define them. America, the land of the free and the home of the brave, is often an image of hopes and dreams and opportunity for those who wish to create better lives for themselves, yet the stereotypes people tend to hold of each racial aground impede any sort of progress in continuing to paint America as this beacon of hope. Racism not only simplifies humans to one single story, but almost dehumidifies a person, as well, looking past their traits and qualities and defining them as where they come from and what their culture is. It is necessary to learn that what society may deem normal to us is not necessarily normal to others, and rather than one party adapt to the other or furthermore alienate one another, we must begin to respect and not reject the diversity which surrounds us.
Wednesday, February 19, 2020
International Trade Operations in US - Essay Example According to the study findings international buyers who do not have US dollars as their local currency would have to go through the cumbersome process of having to convert their currencies to US dollars whenever they want to do business with you. The excesses in the procedure may just be one reason that someone may prefer other competitors to you. Again, the differences in exchange rate between the local currencies of international buyers and the US dollars will cause price flatuations. It is very likely that the price of good for each particular day will have to change because of changes in exchange rate. This, according to Gibbons creates currency swing, where by the customer may have to build in a 10-15% "adverse currency swing" factor. Conversely, quoting the US dollars may be very desirable when dealing with buyers who already deal in US dollars. It is common k knowledge that a lot of buyers around the world today are into the use of the US dollars. This is because it ensures u niformity in quantum price of goods and products. Again, quoting in US dollars very advisable for smaller companies with limited human resource as Gibbons, notes that Ã¢â¬Å"you may not have the ability to assume the currency risk, the currency exchange costs and the effort needed to run pricing in local currency.Ã¢â¬ Regarding quotation of prices in local currencies, once prices are quoted in local currencies and not in US dollars for international buyers, whose local currencies are not the US dollars would not have to create any price hedge to cater for the prices of goods. This is a major advantage for dealing with international buyers. This is because the duty of having to convert prices into US dollars and also having to go through the exchange processes, which sometimes attracts extra cost from banks would all be avoided. In would be observed that because pricing in US dollars creates price fluctuations, local buyers are often forced to hedge for the price of goods so that they will not have to be changing their expenditures so often. The converse demerit with pricing in local currency is that there would have to be a different price of same goods when they move from one country to the other. In this case, it is likely that by the time all sales are completed and the seller converts his earnings back to a common currency, there may be some little price falls because of the differences in US dollar rates in different countries (Colacito and Croce, 2011). Rate parity theory and how it is used to predict future exchange rates According to Forex Karma (2010), Ã¢â¬Å"Interest Rate Parity (IPR) theory is used to analyze the relationship between at the spot rate and a corresponding forward (future) rate of currencies.Ã¢â¬ The theory operates on a number of principles that makes it possible to predict future exchange rates. First, Picardo (2012) writes that Ã¢â¬Å"the basic premise of interest rate parity is that hedged returns from investing in different currencies should be the same, regardless of the level of their interest rates.Ã¢â¬ This means that future predictions of exchange rate can be made if returns on rate hedging remain constant. This is because in such as situation, both the exchange rate and interest rate do not have any influence on one another. The second has to do with the quote rates of interest rate and currency rates. This is because