Battle of Franklin - Civil War Battle of Franklin - John Bell Hood

Battle of Franklin - Civil War Battle of Franklin - John Bell Hood Battle of Franklin - Conflict: The Battle of Franklin was fought during the American Civil War. Armies Commanders at Franklin: Union Major General John Schofield30,000 men Confederate General John Bell Hood38,000 men Battle of Franklin - Date: Hood attacked the Army of the Ohio on November 30, 1864. Battle of Franklin - Background: In the wake of the Union capture of Atlanta in September 1864, Confederate General John Bell Hood regrouped the Army of Tennessee and launched a new campaign to break Union General William T. Shermans supply lines north. Later that month, Sherman dispatched Major General George H. Thomas to Nashville to organize Union forces in the area. Outnumbered, Hood decided to move north to attack Thomas before the Union general could reunite with Sherman. Aware of Hoods movement north, Sherman sent Major General John Schofield to reinforce Thomas. Moving with VI and XXIII Corps, Schofield quickly became Hoods new target. Seeking to prevent Schofield from joining with Thomas, Hood pursued the Union columns and the two forces squared off at Columbia, TN from November 24-29. Next racing to Spring Hill, Schofields men beat off an uncoordinated Confederate attack before escaping in the night to Franklin. Arriving at Franklin at 6:00 AM on November 30, the lead Union troops began preparing a strong, arc-shaped defensive position to the south of the town. The Union rear was protected by the Harpeth River. Battle of Franklin - Schofield Turns: Entering the town, Schofield decided to make a stand as the bridges across the river were damaged and needed to be repaired before the bulk of his forces could cross. While repair work commenced, the Union supply train slowly began crossing the river using a nearby ford. By noon, the earthworks were complete and a secondary line established 40-65 yards behind the main line. Settling in to await Hood, Schofield decided that the position would be abandoned if the Confederates did not arrive before 6:00 PM. In close pursuit, Hoods columns reached Winstead Hill, two miles south of Franklin, around 1:00 PM. Battle of Franklin - Hood Attacks: Establishing his headquarters, Hood ordered his commanders to prepare for an assault on the Union lines. Knowing the dangers of frontally attacking a fortified position, many of Hoods subordinates attempted to talk him out of the assault, but he would not relent. Moving forward with Major General Benjamin Cheathams corps on the left and Lieutenant General Alexander Stewarts on the right, the Confederate forces first encountered two brigades of Brigadier General George Wagners division. Posted half a mile forward of the Union line, Wagners men were supposed to fall back if pressed. Disobeying orders, Wagner had his men stand firm in an attempt to turn back Hoods assault. Quickly overwhelmed, his two brigades fell back toward the Union line where their presence between the line and the Confederates prevented Union troops from opening fire. This failure to cleanly pass through the lines, coupled with a gap in the Union earthworks at the Columbia Pike, allowed three Confederate divisions to focus their attack on the weakest part of Schofields line. Battle of Franklin - Hood Wrecks His Army: Breaking through, men from Major Generals Patrick Cleburne, John C. Brown, and Samuel G. Frenchs divisions were met by a furious counterattack by Colonel Emerson Opdyckes brigade as well as other Union regiments. After brutal hand-to-hand fighting, they were able to close the breach and throw back the Confederates. To the west, Major General William B. Bates division was repulsed with heavy casualties. A similar fate met much of Stewarts corps on the right wing. Despite the heavy casualties, Hood believed that the Union center had been badly damaged. Unwilling to accept defeat, Hood continued to throw uncoordinated attacks against Schofields works. Around 7:00 PM, with Lieutenant General Stephen D. Lees corps arriving on the field, Hood selected Major General Edward Allegheny Johnsons division to lead another assault. Storming forward, Johnsons men and other Confederate units failed to reach the Union line and became pinned down. For two hours an intense firefight ensued until Confederate troops were able to fall back in the darkness. To the east, Confederate cavalry under Major General Nathan Bedford Forrest attempted to turn Schofields flank but were blocked by Major General James H. Wilsons Union horsemen. With the Confederate assault defeated, Schofields men began crossing the Harpeth around 11:00 PM and reached the fortifications at Nashville the next day. Battle of Franklin - Aftermath: The Battle of Franklin cost Hood 1,750 killed and around 5,800 wounded. Among the Confederate deaths were six generals: Patrick Cleburne, John Adams, States Rights Gist, Otho Strahl, and Hiram Granbury. An additional eight were wounded or captured. Fighting behind earthworks, Union losses were a mere 189 killed, 1,033 wounded, 1,104 missing/captured. The majority of those Union troops that were captured were wounded and medical personnel who remained after Schofield departed Franklin. Many were liberated on December 18, when Union forces re-took Franklin after the Battle of Nashville. While Hoods men were dazed after their defeat at Franklin, they pressed on and clashed with Thomas and Schofields forces at Nashville on December 15-16. Routed, Hoods army effectively ceased to exist after the battle. The assault at Franklin is frequently known as the Picketts Charge of the West in reference to the Confederate assault at Gettysburg. In reality, Hoods attack consisted of more men, 19,000 vs. 12,500, and advanced over a longer distance, 2 miles vs. .75 miles, than Lieutenant General James Longstreets assault on July 3, 1863. Also, while Picketts Charge lasted approximately 50 minutes, the assaults at Franklin were conducted over a span of five hours. Selected Sources Civil War Trust: Battle of FranklinCWSAC Battle Summary: Battle of Franklin

The Buraku - Untouchables of Japan

The Buraku - Untouchables of Japan During the Tokugawa Shogunates rule in Japan, the samurai class sat atop a four-tier social structure. Below them were farmers and fishermen, artisans, and merchants. Some people, however, were lower than the lowest of merchants; they were considered less than human, even. Although they were genetically and culturally indistinguishable from other people in Japan, the buraku was forced to live in segregated neighborhoods, and could not mingle with any of the higher classes of people. The buraku was universally looked down upon, and their children were denied an education. The reason? Their jobs were those designated as unclean by Buddhist and Shinto standards - they worked as butchers, tanners, and executioners. Their jobs were tainted by their association with death. Another type of outcast, the hinin or sub-human, worked as prostitutes, actors, or geisha. History of Burakumin Orthodox Shinto and Buddhism consider contact with death unclean. Therefore those in occupations where they are involved in slaughtering or processing meat are avoided. These occupations were considered lowly for many centuries, and impoverished or dislocated people may have been more likely to turn to them. They formed their own villages separated from those who would shun them. The feudal laws of Tokugawa period, starting in 1603, codified these divisions. Buraku could not move out of their untouchable status to join one of the other four castes. While there was social mobility for others, they had no such privilege. When interacting with others, burakumin  had to show subservience and could not have any physical contact with those of the four  castes. They were literally untouchables. After the Meiji Restoration, the Senmin Haishirei edict abolished the ignoble classes and gave the outcasts equal legal status. The ban on meat from livestock resulted in an opening of slaughterhouse and butcher occupations to the burakumin. However, the social stigma and discrimination continued. Descent from the burakumin could be deduced from ancestral villages and neighborhoods where the burakumin lived, even if individuals dispersed. Meanwhile, those who moved to those neighborhoods  or professions could themselves be identified as burakumin even without ancestors from those villages. Continued Discrimination Against the Burakumin The plight of the buraku is not just a part of history. Discrimination is faced by descendants of buraku even today. Buraku families still live in segregated neighborhoods in some Japanese cities. While it is not legal, lists circulate identifying burakumin, and they are discriminated against in hiring and in arranging marriages. Numbers of burakumin range from an official tally of around one million to over three million as assessed by the Buraku Liberation League. Denied social mobility, some join the yakuza, or organized crime syndicates, where it is a meritocracy. Approximately 60 percent of yakuza members are from burakumin backgrounds. Nowadays, however, a civil rights movement is having some success in improving the lives of modern-day buraku families. It is disheartening that even in an ethnically homogenous society, people will still find a way to create an outcast group for everyone else to look down upon.

Research paper Case Study Example | Topics and Well Written Essays - 1500 words

Research paper - Case Study Example The use of drugs is a major problem in the world of sport. Many athletes have been found out using performance enhancement drugs in order to compete or win in their designated sport or area. Hence, â€Å"in today’s competitive sports market, players want to hit more home runs, score more touchdowns, or jump higher than their competitors because their performance will most likely be directly tied to their next playing contract or endorsement deal.† (Pampel, 2007) Drug abuse and performance enhancement drugs (PEDs) is considered as one of the most disputed argument in the world of sport. Therefore, doping is considered as a disruptive behavior from an individual. Also, it is a very secretive behavior. However, it is a very common action that the athletes deny the use of drugs and dopes. For instance, there were many cyclists in the Tour De France of 1998, who had actually doped themselves in order to have an edge over their competitors but they refused this claim when the officials found out. The cyclists had to undergo various tests and many of them were caught using drugs. Basically, drugs in sport are cheating and the combination of drugs and sport do not mix well too. Athletes use drugs in order to have an edge against their competitors and improve and make their performance better which is cheating. This act would not make them better or tell them if they are, to some extent, better than their competitors. â€Å"The use of substances to improve performance in sport has been recorded from as early as the third century B.C. – Greek physician Galen used medicinal preparations to treat disease and illness, and noted that many Olympic athletes at the time used stimulants and diet modification methods to enhance their performance.† (White W and Laura S, 1991) The two controversial debatable points which leads to the conclusion that why performance enhancement drugs (PEDs) and doping should be banned in competitive sports are, firstly, t he factor of fair play from any game and competition is eliminated when an individual is used to take such pills and medication. It helps an individual to improve physical performance and abilities which is contrary to one of the most important aspect of sport which is fair play. â€Å"Athletic competitions, it is argued, are designed to demonstrate the best performer on a level playing-field reflecting natural capacities. It is, therefore, unfair if a particular resource, such as performance enhancing drugs, is available to some competitors but not others† (Sabini & Monterosso, 2005). The second argument to this topic is the disadvantages of such drugs and medication. It is concerning that these pills are damaging and injurious to athlete’s health. As there are various types of drugs which individuals use to enhance their performance include drugs such as anabolic steroids, erythropoietin (EPOs), and human growth hormones (HGOs). All of these have different and harmfu l side effects which could affect the athletes in their future. Cardiovascular and mental health problems, depression and higher risk of heart attack, hypertension, cardiac disease, and overgrow hands, feet, or head. The use of performance enhancement medication allows athletes to perform better than the other. If this is made legal then any sports will not be an even playing field and no

The impact and regulation of the Companies Law Act 2006 Essay

The impact and regulation of the Companies Law Act 2006 - Essay Example 182). This was almost definitely an aspiration of the Company Law Review Steering Group who stated the basis of the Bill to be a â€Å"simple, efficient and cost effective framework for carrying out business activity† (CLRSG Final Report 2001, App. A). It seems that the main aim was to maintain a balance between assigning much wanted freedom to companies while at the same time being able to effectively protect their interests. The task of redefining this intertwined web of principles and legal decisions would be no easy feat, however. Indeed, it could be suggested that to provide freedom for companies whilst ensuring their protection is to reconcile factors at the opposite ends of a scale. It has been suggested that â€Å"flexibility encourages tinkering which increases the complexity facing those setting up and running companies† (Alcock 2006, p. 243). This arguably creates the potential for the need to increase court intervention to ease the complexity and the problem s it can cause. With flexibility follows abstract language and with abstract language follows the need for deliberation. Could it be that the drafters of the Bill were slightly ambitious in their aspirations? The most drastic changes made by the Companies Act 2006 have been in the area of directors’ duties. The Reform Bill (Company Law Reform Bill 2005) recognised that the case law within this area is random and complicated making it difficult for directors to ascertain exactly what their duties entail. Thus the most pressing issue was acknowledged as the need to make duties more comprehensible and consistent, thus reducing the occurrences of fraud. The Bill (CLRB 2005, Ch. 3) recognised that the duties are a fundamental basis of company law and thus that there was a need to codify them. It could ne suggested that this is not the exact outcome of the reform. The need to refrain from imposing â€Å"impractical

Facility Design in the Hospitality Sector Essay Example for Free

Facility Design in the Hospitality Sector Essay However this stage does not only involve the budget for finance but also time budget is an important aspect to be considered in which a time schedule is set and judged whether it’s appropriate or not. According to the project and development manager of Holiday Inn Harare all these stages have to be conglomerated in harmony to ensure sound facility designing. Also the area must be located in such a way that it will be easy to clean. It can be a container a wire cage, for papers one can have a cage bin but is it a bin for a food it should be a container which need to be closed since some food may contain liquids. More so containers help to protect the spread of diseases by preventing the rodents from entering the bin and then spread the diseases afterwards. For example in Meikles Hotel the use containers for storing their food waste in order for health reasons.

Organisational Behaviour and Motivation Essay -- GCSE Business Marketi

Organisational Behaviour and Motivation Term Paper Organisational behaviour is described as 'A field of study that investigates the impact that individuals, groups, and structure have on behaviour within organisations, for the purpose of applying such knowledge towards improving an organisations effectiveness.' (Robbins and Millet and Cacioppe and Waters-Marsh, 1998, p.10). An important area within organisational behaviour is motivation. Herzberg describes the main problem in business practice is, 'How do I get an employee to do what I want him to do' (1991, p.13) Motivation is a word that is used to describe how eager a person is to complete a task. 'Motivation is the set of processes that arouse, direct and maintain human behaviour towards attaining a goal' (Robbins et al., 1998, p.199). Robbins uses a rounded approach when explaining motivation as the willingness to exert high levels of effort towards organisational goals but 'conditioned by the efforts ability to satisfy some individual need.' (Robbins et al., 1998, p.199). Inkson and Kolb relate motivation to ability, environmental conditions and performance (1999). 'Highly motivated people with average abilities may succeed given supportive environments. Conversely, capable people in supportive environments may perform poorly if they lack motivation' (Inkson and Kolb, 1999, p.319) Motivation interests me as I enjoy finding out about what factors are required for employees to achieve the desired goals that the business expects of them. Greater knowledge of how people are motivated will also help me personally as it will enable me to understand what drives me to wanting to achieve my goals. Motivation is complex and there are many theories which explain how motivation can be brought out in people and as a result how employers can get the most out of their employees. ?Theories of motivation in business have passed through many stages, influencing and being influenced by the prevailing management ideologies and philosophies of each era.? (Bowey, 2001) There are many differing views about how employees should be treated and tended too in order for them to achieve the desired goals. Herzberg believes that ?The only way to motivate the employee is to give him challenging work in which he can assume responsibility? (1991, p.13). Other common ideas include incentive plans, job loading, i... ... issue in remuneration. http://www.netnz.com/gainsharing/Motivation.html c) Inkson, K. & Kolb, D. (1999). Management: Perspectives for New Zealand. (2nd ed.) New Zealand: Pearsons Education (p.317 ? 335). d) Herzberg, F. (1991). One More Time: How Do You Motivate Employees?: Harvard Business Review: business Classics: Fifteen Key Concepts For Managerial Success. (p.13 ? 22) e) Young, S. (1995 March 23). Taking Care of Employees is the Route to Business Health: People Management: The magazine for professionals in personnel, training and development. (p. 53) f) Little, B. (1995 February 23). Different Approaches to the Role of Work Place Mentoring: People Management: The magazine for professionals in personnel, training and development. (p. 51) g) Kohn, A. (1993 September - October). Why Incentive Plans Cannot Work: Harvard Business Review. (p.54 ? 63) h) Myers, C. & McCutcheon, M. (1995 April 20). Different Approaches to the Role of Work Place Mentoring: People Management: The magazine for professionals in personnel, training and development. (p. 32 - 34)

Walmart

WAL-MART’S COST LEADERSHIP STRATEGY HISTORY OF WALMART ? 1962, Sam Walton starts WAL-MART ? In 5 years expanded to 24 stores revenue more than 12. 6 million in sales ? 1972, listed in New York Stock Exchange MARKETS OF WAL-MART (2003) o Total Sale of Wal-mart o Total Retail Area o Total Employers US $ 313 Billion 663 Million Sq. ft. 1700,000 SALES & INCOME GROWTH (PAST 12 MONTH) COMPANY INDUSTRY SALES GROWTH INCOME GROWTH 12. 00% 5. 20% 11. 50% 5. 90% NET PROFIT MARGINS (%) COMPANY COMPANY 5YEAR AVG. INDUSTRY 3. 6% 3. 5% 3. 6% WAL-MART TODAY ? Operates 6,500 stores in 15 countries ?Serves more than 176 million customers around the globe ? Employs 1. 8 million worldwide ? Health plans insure more than 1 million people ? Saves the average American household more than $2,300 per year Let us start the journey†¦. 1960’s†¦.. The Success Term was EDLP ? EVERY DAY LOW PRICING ? To provide customers – a wide variety of high quality, branded and unbranded product s at the lowest possible price, offering better value for their money EDLP : The strategy ? To procure products in bulk at the lowest possible prices from the manufacturers ? Sharing the savings with customers ?Wal-Mart’s products were usually priced 20% lower than its competitors Wal-Mart’s advertisement describing EDLP said: â€Å"Because you work hard for your every dollar, you deserve the lowest price we can offer every time you make a purchase. You deserve our Every Day Low Price. It’s not a sale; it’s a great price you can count on every day to make your dollar go further at WalMart † Explaining his pricing strategy Mr. Sam Walton said: â€Å" By cutting your price, you can boost your sales to a point where you earn far more at the cheaper retail price than you would have by selling the item at the higher price.In retailer language; you can lower your markup but earn more because of the increased volume† EDLP : WAS A HIT ? This led to increase loyalty from priceconscious rural customers. ? The surplus generated was re-invested in – Building facilities of an efficient scale – Purchasing modern business related equipment – And employing the latest technology Other areas where the cost was checked ? The stores were set up in large buildings, while ensuring that the rent paid was minimal ? Not much emphasis was laid on the interiors of the store ? Did not invest in standardized ordering programmes ?Did not even have a standard distribution system in place ? Accounting data were manually written-up ? There was a high check in recruiting the staff 1970’s†¦. ? Wal-Mart became public-held company ? Equipped with funds, it started reorganizationing its business activities. ? The foremost challenge was to put in place a standard distribution and interstore communication system ? So it came up with the most popular Hub And Spoke Structure The Hub And Spoke Structure ? Goods were centrally or dered ? Assembled at the distribution center (hub) ?From where they were dispatched to the individual stores (spokes) as per the orders received from stores. STORE STORE D. C. STORE STORE The benefits of Hub and Spoke structure ? Centralized purchase of goods in huge quantities ? Distribution of them through its own fast and responsive logistics infrastructure to the retail stores ? By passing all intermediaries, they managed to get the goods at lowest price ? The company was able to replenish the store twice a week ? In 1978, Wal-Mart became the first company to establish a fullyautomated distribution centerClaude Harris once stated that : â€Å"Don’t ever feel sorry for a vendor. He always knows what he can sell, and we want his bottom price. We would tell the vendors ‘ don’t leave in any room for a kickback because we don’t do it here. † Massive expansion strategy ? Strategy was to build stores around the distribution centers ? That is to be effe ctively served by the center and controlled by district managers and to management at Bentonville ? The store needs to be a maximum of a day’s drive away from the center Benefits of massive expansion strategy Wal-Mart was able to accelerate its revenue growth and reap significant economies of scale ? As the number of store increased the popularity of the company increased ? Since the company generated tremendous word of mouth publicity, it was able to minimize spending on advertising and promotion activities 1980’s†¦..Maintaining cost through re-investment ? In 1983, Wal-Mart ventured into the membership club business – called Sam’s Club ? Installed the Point of Sale (POS) scanning system to further reduce the cost Maintaining cost through re-investment (contd. ) In 1987, it installed a Satellite Communication System (SCS) ? In December 1987, Wal-Mart opened its first hyper-mart in the US 1990’s†¦.. ? Supercenters and Sam’s club we re more focused to fuel the growth ? In 1994, Wal-Mart bought 99 Pace membership warehouses Wal-Mart’s store count (1991-2003) Format________ year 1991 1992 1993 1994 1995 Discount Sam’s club stores 1573 1720 1850 1953 1990 Super center 3 6 30 68 143 Neighbourhood markets – 148 208 256 419 428 1996 1997 1998 1999 2000 2001 2002 1995 1960 1921 1869 1801 1736 1647 433 436 443 564 721 888 1066 219 44 441 451 463 475 500 1 1 7 19 31 2003 1568 1258 525 49 Source : Wal-Mart Annual Report 2003 ? Employed improved inventory management practices and upgraded its IT systems ? Electronic Data Interchange (EDI) AND THE RESULTS WERE GOOD†¦. ? Amount of inventory reduced by an estimated $ 2 billion ? Savings of $ 150 million on interest cost were generated 2000’s†¦.. ? Wal-Mart launched a programme called ‘Store of the community’ ? ‘Global Sourcing’ was initiated (2002) Strengths of Wal-Mart Wal-mart’s SUBSIDIARIES Discount st ores Neighbourhood market Sam’s Club Super centerYearly sales Total employees across the globe (approximately) Number of stores worldwide Number of new stores opened in 2003 (worldwide) Total number of suppliers Wal-Mart’s rank/position among all retailers across the globe (in terms of sales) Number of pallets shipped by Wal-Mart truck every week (2002) Total occupied floor area of Wal-Mart (2002) Yearly advertising expenditure (2002) Highest one-day sales record till date (November 28, 2003) Number of customers every week at Wal-Mart stores worldwide (approximately) Estimated market capitalization of Wal-Mart in 2020 Source : Wal-Mart Annual Report 2003 244. 5 billion 1. 3 million 4,688 274 65,000 1 50 million 18. 3 square miles $498 million $1. 52 billion 138 million $11. 1 trillion Revenue (%) of the major consumer goods companies in the US through Wal-Mart Company P&G Tandy Brand’s Accessories RJR Tobacco Dial’s Del Monte Foods’ Clorox’ Revlon’s % Share (As a % of total sales) 17 % 39 % 20 % 28 24 % 23 % 23 % Source : BusinessWeek, October 2003 †¦. and the journey still continues †¦ PRESENTED BY :~ o o o o o o Prashant Wankhede Prajakta Sane R. Maruthi Yeshwanth Vikram Gharmalkar Mehul Chheda Nitin Agrawal

Final Documentation Essay

I. INTRODUCTION 1.1 Background of the Problem 1.2 Overview of the Current Sate of Technology 1.3 Project Rationale II. PROJECT DESCRIPTION 2.1 Problem Statement 2.1.1 Major Statement 2.1.2 Minor Statement 2.2 Proposed Research Project 2.2.1 General Objectives 2.2.2 Specific Objectives 2.2.3 Scope and Limitations 2.2.4 Methodology III. PROJECT MANAGEMENT 3.1 Calendar of Activities 3.1.1 Description of Activities 3.1.2 GANTT Chart of Activities 3.2 Resources 3.2.1 Hardware 3.2.2 Software IV. APPENDIX 4.1 References 4.2 Resource Person/s 4.3 Personal Technical Vitae I. INTRODUCTION 1.1 Background of the Problem Mystical Rose School of Caloocan Inc. was founded by Dr. Marcelina Gregore in 1993. It is located at Ilang-Ilang Street, Almar Subdivision, Camarin, Caloocan City. Since the day the school has been founded they were using the manual library system, which give them hard time to record all the information. The library has this Accession Book where the incoming books and information about the books are recorded. The book records were done manually. Every time a student asks about a kind of book, the librarian finds it hard to locate, because she still needs to go through the list in the Accession Book. Although each book has a unique Accession Number still the librarian couldn’t manage to find it easily because the records of the books in the Accession Book are according to the date received. It takes more time for the librarian to find the record of each book. The librarian also encounter problems in encoding the books’ information because of disorganized records because information about the books is being unmonitored, in a way that some books are not yet listed on the Accession Book. And aside from the Accession Book they are also using the Card Catalog which serves as a guide in locating the books. There are huge amount of books in the library. It has different volumes, editions, authors, class, titles, subjects, years and publishers, and the accession number which set as a unique identity in every book in their library. It is very hard for the librarian to monitor all the books especially when it is encoded manually. 1.2 Overview of the Current State of Technology A student who will use the library must log in first to the attendance book before they enter the library. They have to fill up the information needed like date, student’s name, year & section, time in and out and their signature. If they will borrow books the librarian will record it to the log book. The people who can use the Library are the students, faculty and the Librarian. The Librarian is not required to go to the library every day. The librarian is on call. She has a schedule when to go to the school. When the librarian is not on schedule, the Aid takes the place on the work of the librarian. A student is allowed to borrow how many books they want when they are in the library. The student is also allowed to borrow two books with duration of two days. If the student failed to return the books within two days they are not allowed to borrow books the next time they borrow. And they are not allowed to bring it at home instead they could only borrow when they are inside the library. If the student lost the book, they must replace it with the same book. If the faculty will borrow books they could borrow books as much as they want, there is no limitation. The process of recording the student’s information was done manually by recording on a log book where every student who enters the library needs to fill up the information such as name, section, year level and the date. Same as the book records, the librarian needs to record the book title, author, book number according to its date received and the date to the Accession Book. The record of the books is not arranged properly because it was arranged according to its date received not alphabetically or by subject matter. The system takes a lot of time and endeavor to handle so the librarian must ensure to keep track the records in the library. 1.3 Project Rationale The following will benefit to the proposed System: * Mystical Rose School of Caloocan Inc. The school will be able to experience a Computerized Library System. It can monitor information and the books and records can be settled. The proposed system will record the list of all the books – plus the incoming books, in the library. It will record the students’ information who registered each day. Every time a student wants to borrow a book it will be inputted in the system and record it. It will help the librarian to manage the student’s record as well as the record and information’s of the books. * Student The student will no longer fill up all the information needed in the attendance book every time they enter the library. The transaction of a student will be faster in borrowing and returning of books. * The proponents The Computerized System is also designed for the benefits of the proponents for the compliance of the project in the subject System Analysis and Design and of course it widens their capabilities in creating their target program with the help of planning, researching, designing and developing. They will learn a lot not only in doing the system but also they will experience the real happening in the IT industry. II.PROJECT DESCRIPTION 2.1Problem Statement 2.1.1 Major Statement How will to proponents develop/design a Library System that will help the librarian monitor all the records of the books as well as the student’s information’s? 2.1.2 Minor Statement * How will the proponents create a module that facilitates the security of the system? * How will the proponents create a module that holds the record of books information? * How will the proponents create a module that will hold the record of students and faculties who borrowed books? * How will the proponents create a module that will hold the record of borrowed and returned books? * How will the proponents create a module that will facilitate the availability of the books? 2.2Proposed Research Project 2.2.1 General Objectives * To be able to create a Computerized Library System for Mystical Rose School of Caloocan Inc. 2.2.2 Specific Objectives * To be able to create a module that facilitates the security of the system? * To be able to create a module that holds the record of books information? * To be able to create a module that will hold the record of students and faculties who borrowed books? * To be able to create a module that will hold the record of borrowed and returned books? * To be able to create a module that will facilitate the availability of the books? 2.2.3 Scope and Limitations Scope * Student Information * It can add, edit and delete the important information of a student. Like name, address, guardian and contact number. * Faculty Information * Faculty can also borrow books. * Transaction of Books * Borrowing Books * Returning Book * User Accounts * Librarian * Aid Limitations * The system is not going to use a barcode reader. * It is not capable in computing penalties. 2.2.4 Methodology DATABASE NORMALIZATION * The proponents use this method to organize the fields and tables of the database to minimize data redundancy and dependency. It helps create a much more flexible database design and it can handle better database security. SYSTEM DEVELOPMENT LIFE CYCLE * This serves as guidelines to the proponents because it provides a sequence of activities for the system. In order to create a proposed program, the proponents used this system to identify and to serve as the proponents’ guidelines and patterns in building a Library System for Mystical Rose School of Caloocan Inc. Planning, Analysis, Design, Implementation, Maintenance Planning – The proponents managed different task by dividing the members of the group which each member have their own task to do. Analysis – After concluding the interview, we found out that the company is using a manual system. By creating a Computerized Library System, handling the list of books and students, monitoring, and transactions would be easier and time saving. The proponents gathered required information’s needed for the system. Design – The design of the system is based on the information being gathered by the proponents. For the system is properly designed, the codes are easily generated. III. Project Management 3.1 Calendar of Activities 3.1.1 Description of Activities * Week 1 The proponents passed the proposal letter to the Mystical Rose School of Caloocan Inc., and it was approved by Mr. Mark Gregore, OIC of the school on the other day. * Week 2 The proponents conducted an interview to the librarian and started to make the chapter 1 of the documentation. * Week 3 The proponents started to make the chapter 2 of their documentation. And about 30% of the back-end of the system was made. * Week 4 The proponents finished the design of their system. * Week 5 The proponents finish the chapter 4 of their documentation. The proponents make the 50% of their system. * Week 6 The proponents finished the 75% of their system and make some revision on the documentation. * Week 7 The proponents finished their system as well as the documentation. 3.1.1 GANTT Chart of Activities 3.2Resources 3.2.1 Hardware * Computer Set * Netbook * Laptop 3.2.2 Software * Microsoft Office 2007 * Visual Basic 6.0 SP6 * Windows XP * Windows 7 IV. APPENDIX 4.1 References Google * www.Google.com Sourcecode * www.Sourcecodester.com 4.2 Resource Person/s * Prof. Harold Ramirez Lucero Professor/Dean College of Information Technology Colegio de Sta. Teresa de Avila Foundation Inc. Email: Harold.lucero@yahoo.com Contact No.: 09233033855 * Prof. Carlo Dino Santos Professor College of Information Technology Colegio de Sta. Teresa de Avila Foundation Inc. 4.3 Personal Technical Vitae Trixia Marie C. Albelda No. 69 Marcos Rd, Freedom Park 6, Brgy Batasan Hills, Quezon City Mobile: 09077045988 Email: albeldatrixia@yahoo.com EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. No. 6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. Secondary:Batasan Hills National High School IBP Rd., Batasan Hills, Quezon City 2006-2010 Primary:Merry Mount Preparatory School No. 96 Ilang-ilang St., Payatas A, Quezon City 2000-2006 PERSONAL BACKGROUND: Age:18 Sex:Female Birth Date:May 28, 1994 Height:5’5 Weight:110 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino and English WORK EXPERIENCE On The Job Training Teletech Novaliches June 1 – August 30 SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Mr. Rechor Quijano Business Communication Specialist Teletech Novaliches Mobile: 09328925781 Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 Mrs. Cila B. Madrid Directress, CBM Tutorial Center Nieves St., Batasan Hills, Quezon City Mobile: 09205065922 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature Lorraine D. Drilon 3630 Heavenly Drive San Agustin Novaliches, Quezon City Mobile: 09306610648 Email: Lorraine_sus05@yahoo.com EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. No. 6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. Secondary:Novaliches High School TS Cruz Subdivision, San Agustin Novaliches, Quezon City Primary:San Agustin Elementary School Heavenly Drive San Agustin Novaliches, Quezon City 2000-2006 PERSONAL BACKGROUND: Age:19 Sex:Female Birth Date:October 5, 1993 Height:5’3 Weight:108 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino and English WORK EXPERIENCE Service Crew-Cashier Jollibee SM Nolvaliches November 5, 2011 – Present SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Mrs. Aurora â€Å"Thet† Nolasco Assistant Restaurant Manager Jollibee SM Novaliches Mobile: 442-60-16 Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature Gernalin J. Iglesia 7198 Sto. Nino St. Maligaya Park Subd. Caloocan City Mobile: 09126792363 Email: gernz_08@yahoo.com EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. No. 6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. University of St. La Salle Bacolod Corner La Salle Street Bacolod City, Negros Occidental 2008-2009 Secondary:Dona Monsterrat Lopez Memorial High School Rizal St. Silay City, Negros Occidental 2004-2008 Primary:Adela Elementary School Sitio Adela Silay City, Negros Occidental 1998-2004 PERSONAL BACKGROUND: Age:21 Sex:Female Birth Date:August 11, 1991 Height:5’2 Weight:110 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino, Hiligaynon and English WORK EXPERIENCE On The Job Training VS & F Frontline Services Inc. April 10-May 2, 2012 SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Ms. Annie L. Salvador Manager, Accounting Department VS&F Frontline Services Inc. Mobile: 9374980 Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature Sarah Jane I. Jacob J, Zuniga Cmpd, Mahogany St., Silanganan Subd., Caloocan City Mobile: 09104802694 Email: jengfots@yahoo.com EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. #6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. Secondary:Novaliches High School T.S Cruz, Novaliches, Quezon City 2006-2010 Primary:Damong Maliit Elementary School San Antonio Subd., Novaliches, Quezon City 2000-2006 PERSONAL BACKGROUND: Age:18 Sex:Female Birth Date:December 23, 1993 Height:5’4 Weight:100 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino and English WORK EXPERIENCE On The Job Training Land Registration Authorization May 14 – June 10 SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Mrs. Imelda Teneza General Secretarial Land Registration Authorization Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature Daryl S. Llagas 379 camia St. malaria Rd. Caloocan City Mobile: 09169261853 Email: daryl.llagas08@gmail.com . EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. No. 6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. Secondary:Manuel luis Quezon High School. Malaria Caloocan City 2006-2010 Primary:Tabe Elementary School. Tabe Guiguinto Bulacan 2000-2006 PERSONAL BACKGROUND: Age:18 Sex:Male Birth Date:February 8, 1994 Height:5’7 Weight:140 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino and English WORK EXPERIENCE On The Job Training Teletech Novaliches June 1 – August 30 SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Mr. Rechor Quijano Business Communication Specialist Teletech Novaliches Mobile: 09328925781 Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature Zedrick Adrian C. Salunga Blk 15 Lot 13 Tulip Street Palmera Phase 1, Camarin, Caloocan City Mobile: 09303401304 Email: salunga.zedrick@gmail.com EDUCATIONAL ATTAINMENT: Course Presently Enrolled In: Bachelor of Science in Information Technology Tertiary: Colegio de Sta. Teresa de Avila Foundation Inc. No. 6 Kingfisher St., Corner Skylark St., Zabarte Subd., Novaliches, Q.C. Secondary:Mystical Rose School of Caloocan Inc. Ilang-Ilang Street, Almar Subdivision, Camarin, Caloocan City 2006-2010 Primary:Union Village Christian Academy Palmera Springs Phase V, Camarin, Caloocan City 2000-2006 PERSONAL BACKGROUND: Age:18 Sex:Male Birth Date:July 10, 1994 Height:5’2 Weight:98 lbs. Civil Status:Single Citizenship:Filipino Language:Filipino and English WORK EXPERIENCE On The Job Training Teletech Novaliches June 1 – August 30 SEMINAR ATTENDED: Leadership Training Program CWTS – NSTP Feb. 12 – 13, 2011 CHARACTER REFFERENCE: Mr. Rechor Quijano Business Communication Specialist Teletech Novaliches Mobile: 09328925781 Mr. Harold Lucero, MIT Dean, Information Technology Department Colegio de Sta. Teresa de Avila Mobile: 09233689633 I hereby certify that the above information is true and correct to the best of my knowledge and belief. ____________________________ Applicant’s Signature

Fluctuation of Share Prices in Bangladesh Essays

Fluctuation of Share Prices in Bangladesh Essays Fluctuation of Share Prices in Bangladesh Essay Fluctuation of Share Prices in Bangladesh Essay CONTENTS ABSTRACT3 over view of dhaka stock exchange4 introduction6 problem statement7 Overview7 Research Question/Hypothesis7 OBJECTIVES AND AIMS8 Overall Objective8 Specific Aims8 BACKGROUND AND SIGNIFICANCE9 research design and methods11 Overview11 Sources of Data11 Collection of Data11 time fram e 12 key determinants of share price of dse13 conclusion and recommendation17 BIBILIOGRAPHY 18 APPENDIX 19 Background As, in Bangladesh many people are involved in share business and, significantly many newcomers are heading towards the markets for investing but most of them are investing whimsically or without proper justification on the share markets. As a result some are gaining markedly and some are returning back loosing a great amount. Some think that dividend policy is the key factor of the share price fluctuation. Actually it is not the only factors behind the movement of share prices. Financial scholars have been conducting studies of dividend policy for several decades; but different researchers have come to different conclusions. Financial economists have come to different conclusion about factors determining dividend policy and effect of dividend policies on common stock price. A general question may arise in the mind of the shareholders that the corporate dividend policy affects the value of their stocks. So, in addition to the theory of dividend policy, it is necessary to discuss the empirical evidence on the dividend payment practices of the corporations and their possible impacts on common stock prices. : Empirical testing of dividend policy may focus on determinants which directly and indirectly affects the stock prices in Bangladesh especially in the Dhaka Stock Exchange. Key words: Stock market, economic factors, political factors, stability. INTRODUCTION The stock exchange has been perceived by many as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing. The stock exchange serves two critical functions; it provides a critical link between companies that need funds to set up new businesses or to expand their current operations and investors that have excess funds to invest in such companies and it provides a regulated market place for buying and selling of shares at prices determined by supply and demand, not withstanding other macroeconomic fundamentals such as interest and inflation rates. To meet their short-term cash requirements corporations usually borrow from banks. However, when corporations need long term financing they may sell their ownership interests in the company to the public, or borrow from the public by selling bonds. Stocks exist to enable companies in need of long term financing to sell pieces of their business as stock (equity securities) in exchange for cash. This is the principal method for raising capital other than issuing bonds. These publicly held shares could be traded to other investors on the stock market. The Bangladesh Stock Exchange (DSE) has become very important as an investment vehicle for both local and international investors especially after the introduction Economic Structural Adjustment Program (ESAP) in 1991 when borrowing rates increased to levels above one hundred percent. This study will try to unravel the major qualitative arguments of stock prices on the DSE. Origins of the Dhaka Stock Exchange: Dhaka Stock Exchange  (Generally known as DSE) is the main  stock exchange  of  Bangladesh. It is located in  Motijheel  at the heart of the  Dhakacity. It was  incorporated  in 1954. Dhaka stock exchange is the first stock exchange of the country. As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a combined  market capitalization  of $50. 28 billion. History It first incorporated as  East Pakistan  Stock Exchange Association Ltd in 28 April 1954 and started formal  trading  in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as  Dacca Stock Exchange Ltd in 13 May 1964. After the  liberation war  in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh. In 16 September 1986 was started. The formula for calculating DSE all share price index was changed according to  IFC  in 1 November 1993. The  automated trading  was initiated in 10 August 1998. In 1 January 2001 was started. Central Depository System  was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. Formation Dhaka Stock Exchange (DSE) is a  public limited company. It is formed and managed under  Company Act 1994,  Security and Exchange Commission Act 1993,  Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The  issued capital  of this company is Tk. 500,000 which is divided up to 250  shares  each pricing Tk. 2000. No individual or firm can buy more than one share. According to stock market rule only members can participate in the floor and can buy shares for himself or his clients. At present it has 230 members. Market capitalization of the Dhaka Stock Exchange reached nearly $9 billion in September 2007 and $27. billion in Dec 9, 2009. Management The management and operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them 12 are elected from DSE members, another 12 are selected from different trade bodies and relevant organizations. The CEO is the 25th ex-officio member of the board. The following organizations are currently holding posit ions in DSE Board: ? Bangladesh Bank ? ICB ? President of  Institute of Chartered Accountants of Bangladesh ? President of  Federation of Bangladesh Chambers of Commerce and Industries ? President of  Metropolitan Chambers of Commerce and Industries ? Professor of Finance Department of  Dhaka University ? President of DCCI (Dhaka Chamber of Commerce and Industry) Mr. Md. Shakil Rizvi is the current president of DSE. Trading The Dhaka Stock Exchange is open for trading Sunday through thursday between 11:00am – 3:00pm  BST, with the exception of holidays declared by the Exchange in advance. Recent Developments in DSE Total market capitalization of all listed securities in DSE increased substantially (by around 133 percent) in end of December, 2007 to Tk. 753. billion which, as a share of GDP, reached a new height in 2007 of nearly 16. 0 percent as against 2. 3 percent in 2003. In December 2007, a total of 350 securities were listed at DSE comprising 266 companies, 14 mutual funds, 8 debentures, 61 treasury bonds, and 1 corporate bond as opposed to a total of 267 securities comprising of 248 companies, 11 mutual funds, and 8 debentures in December 2003. Thu s during the last four years only 43 new companies got listed in the DSE of which only three were listed by direct listing route, and the rest were listed through public offering. Market indicators started to show new dynamism from November 2003 and reached new heights at the end of December 2003 as the daily average turnover jumped to Tk. 136. 9 million from the recorded low of Tk 30. 3 million in September 2003 (Chart 1). The DSE general index also started to rise from November 2003 which continued till the end of December 2004, as the DSE-Gen index reached its peak at 1971. 3. These developments owed significantly to the banking sector performance, as indicated by market capitalization and total turnover. Declaration of lucrative incentives in the FY04 national budget, floatation of shares of some profitable companies through Initial Public Offer (IPO) along with several important reform measures initiated by the Securities and Exchange Commission (SEC) helped to regain investor’s confidence back to the capital market. The FY04 national budget exempted the purchasers of listed equities of any queries as to the source of fund so long as purchased shares were not sold or transferred within two years of purchase. This was made effective for a limited period (FY04 to FY05). In addition, dividend-income tax was exempted and a new dividend distribution tax was imposed on the companies paying dividend. 1 One important development in the capital market in 2004 was the initiation of electronic settlement through the Central Depository System (CDS) in January 2004. In order to prevent market manipulation by in-house officials of listed companies, SEC banned the purchasing or selling of shares of a company by its owners during an interim period (from the date of the financial year closure and the day of approval of accounts by the company’s board). De-listing of 13 companies in August 2004 by DSE due to their repeated failure in complying with the listing rules was also an important step toward bringing discipline in the stock exchange. The trading of Bangladesh Government Treasury Bonds (BGTBs) started in DSE from January 2005. However, in order to temper the rising trend of stock index and control excess liquidity in the capital market, SEC temporarily suspended the credit facility extended by brokers to their clients. 2 At the same time, SEC also increased the members’ trade margin requirements by reducing the free trading limit from Tk. 10 million to Tk. million. As a result, secondary market activities became quiet during January-Februaryn 2005 and the daily average turnover declined to Tk. 245 million from Tk. 402 million in November-December 2004. However, the daily average turnover of DSE increased to Tk. 447 million in March 2005, which significantly surpassed the level of daily average transactions during the F Y03-FY05 period. 3 Considering the interest of the investors, SEC amended the margin rule in February 2004 by increasing the free limit to Tk. 10 million; and withdrew the order relating to the suspension of margin rule in April 2005. At the end December 2005, the stock index stood at 1,677. 3. The market observed a downward trend during January-June 2006 and then turned positive from July 2006. In August 2006, the daily average turnover at DSE reached Tk. 561 million, where Dhaka Electric Supply Company (DESCO) and Rupali Bank Limited accounted for around 13 1 In order to attract companies into the capital market, several other steps were also taken. The corporate tax rate for non-listed companies was fixed at 37. 5 percent and for listed companies it remained unchanged at 30 percent (and 45 percent on banks, insurance, and financial institutions). However, 10 percent tax rebate was allowed for companies declaring 20 percent or more in dividend. 2 The DSE-general index increased by 52 percent during July to December 2004 and the daily average turnover increased from Tk. 140 million in March-July 2004 to Tk. 316 million in August-December 2004. 3 Around 59 percent of the turnover was attributed to the banking sector. and 4 percent of the total turnover respectively. 4 In the wake of political instability, the market witnessed fluctuations during the last two quarters of 2006; the index however rose to 1,609. at the end of 2006. Sign of vibrancy in DSE started from the beginning of 2007 and continued till the last trading day of the year. All the market barometers significantly rose during 2007 reflecting regained investors’ confidence after 1996 stock market bubble. The increasing trend of DSE-Gen index started in January 2007 and continued over the year except for a short period covering February-April 2007. The DSE-Gen index crossed the 3,000 mark for the first time and closed at 3,017. 2 on the last trading day in 2007. In October 2007, the daily average turnover at DSE reached Tk. ,297 million, but declined to Tk. 1,244 million in December 2007 mainly due to SEC intervention. 5 OBJECTIVES AND AIMS Overall Objective It is important to have a sound knowledge over the field where someone wants to have an access in business or any career related job. Since, share market is popularly recognized as a good field for investment many people intends to invest here for safety and good return than Bank or any other Financing company. But some people found it more volatile than other and considered as insecure investment. My study would like to meet up the following pursued objectives To map out the limitations of the bank-based financing system of Bangladesh. To examine the structure of the existing financial sector of Bangladesh emphasizing on an organized capital market. To analyze limitations and examine opportunities of the capital market of Bangladesh covering both equity and debt markets in creating a congenial investment climate. To provide a useful basis for building a sustainable capital market with a view to creating a healthy investment climate in Bangladesh. To find out the reason of market fluctuation and make a steady market . Specific Aims The main objectives of the study is to make a sustainable environment in the share market as the investors find it a safe and secure place for their investing . Attract investors to invest more in the market showing that the reasons of the market fluctuation and its inside conspiracy . MATERIALS AND METHODS The focus of this review is the determination of stock prices in Bangladesh. To gather the information that we wanted we used interviews and the archival method. We targeted the people in the various organizations/companies that are registered on the Dhaka Stock Exchange, stock exchange staff, stock broking firms, investment analysts. In some instances we engaged people in some informal discussions because if people know that they are being interviewed they tend to withhold some information which they think is sensitive. We also gathered published information [3] from various libraries and the Bangladesh Stock Exchange publications. Importance of stock markets The importance of the stock market as an investment vehicle for the investors is explained here. Very few people in Bangladesh are aware that they can invest money on the stock market and reap some very lucrative returns through dividends and capital gains. For investors who invest on the market there are of course some risks that they have to live with, for example, the unexpected crashing of the stock market. According to McGregor[6] companies usually borrow money from banks in order to meet their short-term cash requirements. However, when they need long-term finance, they may sell their ownership interests in the company by using common and preferred stocks. Moreover, they can also borrow from the public by selling bonds to meet their long-term capital requirements. Stocks exist to enable companies in need of long-term finance to sell pieces of their business as stocks (equity securities) in exchange for cash. The selling of equity securities is the principal method of raising long-term capital other than the issuing bonds. The publicly held shares can be traded to other investors on the stock market and are in this case, known to be liquid[5]. According to Stanlake[7] company shares represent permanent loans and there are no rights to repayment of such loans. He also noted that in the absence of some kind of stock exchange, securities such as these will be very illiquid and it would be very difficult to find buyers for them. Hence, the existence of the stock exchange solves this problem because it provides a market where holders of shares and long term securities can always buy and sell them. A company that has obtained permission to have its shares traded on the stock exchange will find it much easier to raise new capital by making an issue of shares. The stock exchange, therefore, is an essential part of the capital market, i. . , market for long-term loans[2]. Shauna Croome[1] states that companies receive money from the securities market only when they first sell a security to the public in the primary market, which is commonly referred to as an Initial Public Offer (IPO). It is in the subsequent trading of these shares on the stock market that investors buying and selling the stock would benefit from the movements in the stock price. The benefits accrue through either the appreciation of the stock price or the dividends that are paid out. Croome[1] further went on to explain why management and founder members of a given company care about their stock’s performance in the secondary market when the company has already received its money in the IPO. He argued that the explanation lies in the fact that management or founder members of a public company tend to own a significant number of shares and also that salary incentives or stock options for management could be tied to the performance of the company’s stock. For these two reasons, management acts as shareholders and thus pay attention to their stock price. According to McGregor[6] another main role of the stock market is to act as a barometer of the financial health for the companies that are listed. Thus creditors tend to favorably consider companies whose shares are performing very well for financing purposes. This preferential treatment is due to the relationship, which exists between a company’s earnings and its share price. Over the long term, strong earnings are a good indication that the company will be able to meet its debt requirements. As a result, the company will receive cheap finance because of the lower risk associated with it. The Dhaka Stock Exchange provides the platform and the means for raising capital for both Bangladesh and international companies through the issuance of equity, debentures and depository receipts. It also provides investors with the opportunity to buy and sell shares in any company listed on the stock exchange. The other fact that has to be considered is that a stock exchange has been perceived as the backbone for most contemporary economies, serving a critical need of raising capital funds for companies at a reasonably low cost as compared to other sources of finance such as borrowing[2]. RESULTS AND DISCUSSION OF DETERMINANTS OF STOCK PRICE OF DSE The determinants of stock prices that we established after analyzing the data that we collected through archival techniques and interviews are summarized below: Corporate earnings: Information on a company’s performance and growth prospects is very important in determining a company’s share price. Demand increases for the shares that have a high prospect for growth (blue chip shares). The prices of such shares rise much faster than those of companies whose growth prospects are bleak. The expected receipt of dividend income is sometimes an incentive for investing in a given stock, particularly if the yield on the investment exceeds the return offered on other alternative investments like savings accounts. Investors may pay a premium for shares in issue. The less liquid the shares are, the more difficult they are to come across and one may have to pay a premium in order to get them. Management: The strength of the management team plays a very crucial role in determining the price of a share. Changes in the management team affect both the risk and returns associated with the counter. If the Nincumbent management team is perceived to be strong due to its past performance, changes in such a team can result in the dropping of share price and vice versa. Lawsuits: News of lawsuits against a company can severely affect its share price. Besides the issue of unwanted bad publicity, lawsuits can result in fines, damages and/or withdrawal of trading licenses. This is risky for an investor and therefore causes a plunge in the share price. Market liquidity and stability: When the market is less liquid, there are no funds to buy shares and hence share prices go down especially when supply is high. During financial crises, stock market information is very sensitive and hence share prices are volatile. Stock prices normally decline during the subscription period and when companies announce rights issues. Stock markets include laws that govern insider trading because this can also lead to share price volatility. Insider dealing is trading of stocks by people within the company who have important information about the direction the company is taking. The public may deduce that when the insiders are buying or selling shares of their own companies, they have some important information about the companies that drive them to do so. Availability of substitutes: When the market has substitute securities such as loan stocks, unit trusts and treasury bills, the share prices often go down or remain constant. For eight days from the 7th to the 14th of October 2004, most share prices for companies on the DSE traded at constant prices due to the short term treasury bills that were issued by the central bank during the same period to reduce market liquidity. For example, Old Mutual shares traded at a constant price of $11800 during that period even after the publication of some impressive results. Government policy: Changes or proposed changes in the system of taxation, government spending, monetary policy and in industrial policy (e. g. , privatization) can have an important effect on people’s willingness to buy or sell shares. In Bangladesh the recent problems that were experienced in the financial services sector have had profound effect on the financial counters. According to the Business Herald (5th of October 2004) financial counters are no longer as attractive to the prospective investors as they were in the previous years. Sentiments on the financial counters, with the exception of those that are financially stable reached their lowest ebb in 2004. During the first half of the year financial counters either remained static or plummeted, with at least three firms being suspended from trading on the Dhaka Stock Exchange. It can also be noted that each time a monetary policy or a government budget statement is presented the share prices are affected in some way. This clearly demonstrates the fact that government policy and actions impact on the share prices of listed companies. Macroeconomic fundamentals: Interest rates and inflation also have an effect on share prices. Where real interest rates are negative, investors tend to seek alternatives that yield positive returns and shares are one such alternative. As investors move from the money market to the DSE, share prices are likely to increase due to increased demand. When investors are assured of positive real interest rates on the money market they are more likely to invest on the money market where returns are guaranteed instead of the stock market where returns are uncertain. The exchange rate also has an effect on share prices as it affects the companies that either export or import. Devaluation of a currency might have a positive effect on the share price of an exporting company as it improves its competitiveness on international market. However, the companies that import raw materials are negatively affected by devaluation as their production costs automatically go up. On the other hand, companies that produce import substitutes are likely to benefit from devaluation as the imported products become less competitive as compared locally produced goods. Investor sentiments: Share price movements are also explained by the perceptions of the investors. For example in a bull market share prices are expected to rise and in a bear market they are expected to fall. Investor sentiments may be demonstrated through the seasonality of stock markets. For instance, share prices are usually anticipated to fall during the festive season. This compels some investors to redeem their shares just before the beginning of the festive season so as not to experience capital losses. The level of confidence of the investors in the general economy and economic policies of the country also impact on the share prices. For example, the land reform program, social unrest and policy reversals that were experienced between 1997 and 2001 negatively affected the stock market, as investors were uncertain about the direction the economy was taking. Uncertainties of this nature may also affect the global markets, for example, just after the 11th of September 2001 attack on the USA major world stock markets recorded their lowest volumes of trade. Technical influences: Technical influences are another factor that impact on share prices. A good example is the ranking of counters according to the performance and the profitability of the companies. Investors tend to regard highly counters in the ‘top ten’ and these are the companies they would be inclined to invest in. This is a self-fulfilling prophecy because as investors demand such shares their prices continue to go up. For example, in Bangladesh counters such as Old Mutual, Portland Cement, British American Tobacco, Delta Life Insurance are some of the counters in the top ten and they are the ones that are popular with investors. Another technical influence is the use of past share prices to forecast how share prices and stock markets will perform in the future. A company’s previous performance may always act as a pointer to its future performance and this guides investors as far as their investment decisions are concerned. Analyst reports: Analysts’ recommendations on â€Å"buy† or â€Å"sell† decisions affect prices of stocks in question as investors normally take heed of such recommendations. The public normally accepts the advice given by the analysts since the analysts are specialists in their respective fields. The determinants of share price on the basis of face value: Every company has a face value Company announce the dividend on the basis of face value On the basis of premium on share On the basis on right share On the basis of bonus share Earning revenue of company determined the share price Reputation of company often determined the share price Consistency of company often determined the share price Offerings of company determined the share price Determinants of share prices on the basis of Market Mechanism Ignorance about share market Syndicates affect on share market False information is a determinant of share market Unconsciousness of money market is one of the main reason of the fluctuation of the share market, Determinants of share prices on the basis of liquidity and governmental steps Interest rate of Bangladesh Bank and commercial Bank Inflation rate Total GDP Determinants of Market Price of Common Stock Present, past and future earnings of the company generally guide the shareholders? expectations of dividends and capital gains. The portion of earnings into dividends, and retained earnings is taken into account by the investors. Two major hypotheses are basically developed to explain the determinants of share price viz. , i) dividend hypothesis and ii) retained earnings hypothesis. The former attributes the explanation of share prices to the proportion of earnings that are distributed as dividends. Share price of a company with higher dividend payout would be higher. Even, if earnings remain the same, share price will increase as dividend payout increases. Several arguments, however, are developed in favor of dividend hypothesis as: a) dividends tend to reduce the risk and uncertainty attached to a share, b) it refers to the psychological preference of investors for current rather than future earnings, and c) it relates to the information content of dividend payout as dividends are taken by investors as a tangible evidence of earnings capacity of a firm. Retained earnings hypothesis, on the other hand, contends that higher share prices are consequences of higher retained earnings. Retained earnings being an important source of internal financing for business expansion effect share prices by their influence on future earnings. Kumar and Mohan (Kumar and Mohan, 1975) hypothesized that the market price of share is a function dividends and retained earnings and used the following regression Equation: Pit = a + bDit + cRit 29 where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings of stock i at time t. The coefficients they estimated for the two explanatory variables, dividends and retained earnings, are more or less equally significant. They argued that the dividend hypothesis has a little superiority over the retained earnings in determining the share prices, as T value is found slightly higher in case of dividends. Consistently, Nishat (Nishat, 1995) attempted to judge the relative importance of the dividend vis-a-vis retained earnings hypothesis in determining the share prices. He developed the following model to compare the dividend and retained earnings influence on the share prices in highly profitable growth industries of Pakistan: Pit = ? 0 + ? 1Dit + ? 2Rit Where, Pit = price of stock i at time t, Dit = dividend per share of stock i at time t and Rit = retained earnings. The above model might cause an upward bias in the dividend coefficient due to two major reasons. Firstly, the relationship is misspecified as it assumed that the riskiness of the firm was uncorrelated with dividend payout and share prices. This problem should be eliminated by introducing a variable namely lag of earning price ratio, to measure individual deviation from the sample average earning price ratio in the previous year periods as follows: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3[P/E] i(t? ) Where, [P/E]i(t? 1) = price earnings ratio of the previous Secondly, the income reported by a corporation in any particular period is subject to a host of short-run economic and accounting factors. If prices were related to normal than reported income, in regression equation, it would produce biased results in favor of dividend payout. However, the difference between the dividend and retained earnings coefficient might be reduced by use the following model: Pit = ? 0 + ? 1Dit + ? 2Rit + ? 3Pi(t? 1) Where, Pi(t? 1) = share price of the previous year. Some Policy Implications Volatility in stock prices is a common phenomenon in the equity market. Individual stock price undergoes ups and downs which is a regular feature of an efficient stock market. In the absence of price volatility, potential investors lose interest to participate in the stock market. However, careful monitoring of volatility by the concerned authority is needed in DSE which is yet to achieve maturity especially when high volatility exists in the market. If necessary, there should be effective intervention when the market experiences excess volatility. During unpredictable movements of individual stock prices, it would be useful for the authority to identify the factors behind such price movements and quickly disseminate the information to interested stakeholders. In addition, the authority may take measures to make available all relevant information relating to real worth of the companies experiencing excess volatility in stock prices, especially to the investors. It isn also important to ensure adequate supply of stocks through active participation of the government in the capital market particularly to dampen the excess demand. The endeavor should be to make the market more liquid, and the government can directly contribute to this by floating more treasury bonds. The availability of risk-free instruments would allow the investors to diversify their portfolios that carry lower risks. Of course, greater awareness and the development of stock market infrastructure are essential to stock market development. In addition, it is necessary to ascertain enforceable regulations that would ensure financial transparency, stop financial malpractice, and prevent any form of market manipulation. Capital market participation, in the form of floating debt and equity or asset securitization, remains the acceptable options of financing and materializing these options. As a financial product, securitization has gained popularity in Bangladesh for providing a method of issuing bonds that ensure maximum safety for investors. Most importantly, securitization addresses the fundamental asset liability maturity mismatch problem by providing true long-term funds. Upswings and downswings in the share market occur daily and no one can fathom the precise reasons. Why do the share prices fluctuate, beating the estimates of the brokers or investors? The price level is affected by the complex environment of the total economic system and all the economic activities are interlinked. Some of the important reasons that adversely affect the market are, extreme climatic conditions like heavy rain and floods or the total absence of it leading to crop failure, the varying interest rates, the political developments, war-like conditions or actual war, policy changes made by the government in the regulatory mechanism, and conditions that disrupt the confidence of the investing community. Even when the economic conditions are favorable, the share prices may crumble due to many extraneous factors. The internet and industrial revolution have deeply impacted the market and the technological advancement will continue to affect the small and big companies. The concept that world is one family has become the reality in the commercial world. So, global and domestic factors will have to be taken into account while  trading  in shares. Not long ago, if an entrepreneur thought of establishing an industrial unit, his survey would mostly confine to similar units within the country and their competing capacities. The situation is no more the same. For example, the giftware industry in India is facing stiff competition from China, and several units have pulled the shutters down or are on the verge of closure. The shareholders who invested in reputed gift items manufacturing companies have suffered losses. The most unexpected things happen in the share market and the random, unforeseen forces do their job pretty well to demolish the conclusions of the analysts and researchers. The market shifts dynamically with the impact of the laws of supply and demand, and the cyclical nature of the share market. Even a shrewd investor can only make a general guess about the adverse market factors affecting shares, but the precise predictions are impossibility. Finally, there are  stock  specific factors and general market conditions that will impact the price of a share. Professional stock trading companies offer consultancy that will help an investor to take profitable decisions. Do not go by cheap advertisements that promise you the moon. Such agencies get payment of their fees/brokerage and later land you in trouble. Conclusion and Policy Implications This study attempts to analyze different theoretical models in explaining the impact of dividend vis-a-vis retained earnings along with other independent variables like price earnings ratio of the previous year, lagged price on the prices of the stocks associated with DSE. To this end, some empirical studies relating stock prices to dividends and retained earnings conducted elsewhere have been analyzed. These studies produced considerable controversy and confusion regarding relative importance of dividend and retained earnings in the explanation of stock prices. In my study, the relative importance of dividend, retained earnings, price earnings ratio of the previous year and lagged price in explaining stock prices of the companies listed with DSE are explained. The findings suggest that in the market of DSE the overall impact of dividend on stock prices is comparatively better than that of retained earnings when dividend and retained earnings are taken as explanatory variables. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earning ratio for the previous year and lagged prices. It means that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE play an important role in the determination of stock prices. On the other hand, the study evidenced little bit different view when industry-wise dynamic relations are revealed. In some industries the impact of dividend on stock prices is stronger than that of retained earnings when dividend and retained earnings are taken as explanatory variables. In some cases the dividend impact remains very close to the retained earnings impact and in some cases impact of retained earnings on stock prices is comparatively better than that of dividend. It is also found that the impact of dividend and retained earnings is above the impact of additional explanatory variables like price earnings ratio for the previous year. But the impact of dividend and retained earnings is not above the impact of additional explanatory variables like lagged prices. Finally, it may, however, be concluded that whatever explanatory variable is taken announcements of expected dividends of the firms listed with DSE does not play an important role in the determination of stock prices in all industries. Although the study does not uncover the exact reasons of the dividend relevance like these, it merely provides that dividend announcement of the organizations in all industries does not have substantial explanatory power in explaining stock prices of the firms listed with Dhaka Stock Exchange. REFERENCES AHARONY, J. SWARY, I. 1980. Quarterly Dividend and Earnings Announcements and Stockholders Returns: An Empirical Analysis. The Journal of Finance, 35, 1-12. ALLEN, D. E. RACHIM, V. S. 1996. Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6, 175-188. ATIASE, R. K. 1985. Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23, 21-36. BAE, G. S. , S. , C. Y. KANG, J. K. 2008. Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups. Review of Financial Studies, 21, 2015-2060. BAJAJ, M. VIJH, A. M. 1995. Trading Behavior and the Unbiasedness of the Market Reaction to Dividend Announcements. The Journal of Finance, 50, 255-279. BALI, R. HITE, G. L. 1998. Ex dividend day stock price behavior: discreteness or tax-induced clienteles? Journal of Financial Economics, 47, 127-159. BAMBER, L. S. 19 86. The Information Content of Annual Earnings Releases: A Trading Volume Approach. Journal of Accounting Research, 24, 40-56. BAMBER, L. S. CHEON, Y. S. 1995. Differential Price and Volume Reactions to Accounting Earnings Announcements. The Accounting Review, 70, 417-441. BARCLAY, M. J. SMITH, C. W. J. A. W. , R. L. 1995. The Determinants of Corporate leverage and Dividend Policies. Journal of Applied Corporate Finance, 7, 4-19. BEAVER, W. H. 1968. The Information Content of Annual Earnings A [pic]

Origin of the Saying Beware of Greeks Bearing Gifts

Origin of the Saying Beware of Greeks Bearing Gifts Background The adage Beware of Greeks bearing gifts is heard often, and is normally used to refer to an act of charity that masks a hidden destructive or hostile agenda. But its not widely known that the phrase originates with a story from Greek mythologyspecifically the story of the Trojan War, in which the Greeks, led by Agamemnon, sought to rescue Helen, who had been taken to Troy after falling in love with Paris. This tale forms the core of Homers famous epic poem, The Illiad.   The Episode of the Trojan Horse We pick up the  story at a point near the  end of the  ten-year long Trojan War. Since both the Greeks and the Trojans had gods on their sides, and since the greatest warriors for both sidesAchilles, for the Greeks, and Hector for the Trojanswere now dead, the sides were very evenly matched, with no sign that the war might end soon. Despair reigned on both sides.   However, the Greeks had the cunning of Odysseus on their side. Odysseus,  King of Ithaca, devised the idea of constructing a large horse to pose as a peace offering to the Trojans. When this  Trojan Horsewas left at the gates of Troy, the Trojans believed  the  Greeks had left it as a pious surrender  gift as they sailed for home. Welcoming the gift, the Trojans opened their  gates and wheeled the horse within their walls, little knowing the belly of the beast was filled with armed soldiers who would soon destroy their city. A celebratory  victory festival ensued, and once the Trojans had fallen into a drunken slumber, the Greeks emerged from the horse and vanquished them. Greek cleverness won the day over Trojan warrior skill.   How the Phrase Came into Use The Roman Poet Virgil eventually coined the phrase Be wary of Greeks bearing gifts, putting it into the mouth of the character Laocoon in the Aeneid, an epic retelling of the legend of the  Trojan War.  The Latin phrase is  Timeo Danaos et dona ferentes , which literally translated means  I fear the Danaans [Greeks], even those  bearing gifts, but it is usually translated in English as Beware (or be wary) of Greeks bearing gifts. It is from Virgils  poetic retelling of the story that we get this well-known phrase.   The adage is now used regularly as a warning when a supposed gift or act of virtue is thought to hold a hidden threat.

Ocean power 2 Research Paper Example | Topics and Well Written Essays - 250 words

Ocean power 2 - Research Paper Example Despite it being responsible for global warming and acid rains it is also accountable for the electricity generated through fossil fuel. The utilization of tidal energy, it decreases the necessity of nuclear power (Charlier, 92). Nuclear power is mainly linked to the risk of direct radiations to humans. Ocean power involves technologies that are advanced in the consumption of the energy from the sea by crashing the waves during the movement of the tides. The most obvious type of ocean energy is the power of waves. In converting energy, wave power is captured near the shore and offshore. Most importantly, all the types of ocean power produce electricity through the conversion of the kinetic energy in the water and thermal energy being converted into mechanical energy that stirs the turbine(Brewster, 109). In conclusion, the ocean thermal energy conversion is the least available type of ocean power and therefore the least used in the U.S (Charlier, 145). Most of the heat stored in the oceans forms the largest solar power collections in the world. Additionally, most of the energy from the ocean waves is basically available source of electricity in future. It is very consistent and predictable than all other renewable resources such as wind and solar. Wave energy demonstrates the best economic production of electric power would be integrated of smart technologies that support wave form of energy (Charlier,