Entrepreneurship Essay Example | Topics and Well Written Essays - 1250 words - 2

Entrepreneurship - Essay Example Palmer is found to treat the people recruited as general partners who would help him to manage the funds. In case he would have treated his partners as limited, the entire burden of fund management had fallen on him. Thus, he can be taken as an example of a true entrepreneur in promoting a good teamwork. The case study of Maclean Palmer can be regarded as an ideal model for business entrepreneurship in the Venture Capital market. Maclean Palmer by dearth in the field of private equity investment is found successful in identifying a business opportunity and working out a plan to explore the opportunity cited. His decision to design the 200 million US Dollars on Equity Investment came from his interest to work on the area of minority business development. To this end, Palmer is seen to invite suggestions from Wanda Felton of Credit Suisse First and David Mazza of Grove Street Advisors to gain business expertise. Palmer considers the combination of expertise of the scholar minds with his rich experience of the equity market as a successful option in business entrepreneurship. It is seen that most of the minority business managers recruited were from business schools like Wharton and Harvard. Moreover, with the recommendation of Felton senior business executives were also taken in. Felt on in this context observes the marriage of the young and scholar minds with experienced people will certainly pave the way to business success. Palmer is found to give more importance on his people rather than on the experience and qualification parameters. He is observed to give considerable stress to form an environment of spontaneous teamwork. In regards to the opportunity cited by Maclean Palmer, David Mazza of Grove Street Advisors states that the decision to move into non-traditional investment sources was a profitable business decision taken by Maclean Palmer. It is because as Mazza

African immigrants living in the U.S Essay Example | Topics and Well Written Essays - 1000 words

African immigrants living in the U.S - Essay Example They are looked down as colored people, who are inferior. Black students in schools suffer prejudice from the teachers and other students. Even after centuries, this racism and discrimination based on color can still be seen occasionally. However, situation has improved for the Africans. Despite racism, which exists even now, Africans are accepted in almost every field of study and professional work. Many Africans have become successful individuals who are viewed as role models for even the Americans. Africans have excelled in various fields like sports, politics and films. Here are three examples of African immigrants in America and their life experiences. When talking about the African immigrants in America, Barrack Obama is the name first to be mentioned. He is the first black President of America, which is reason enough for the Africans to be proud. Obama was born in Hawaii. The Punahou Academy, where he graduated with honors in 1979, is the place where he was introduced to racism. He success came after a lot of hard work put in by him. Even during his campaign before the elections, there occurred incidents of racial discrimination in various parts of America. From California to Maine, many types of crimes were reported, including threats of physical injury to Obama. Nooses were hung with messages, ‘Assassinate Obama.’ Despite all these incidents, Obama got elected as the President of America, which rewrote the American political history. (Washington). Obama, grew up mostly in America why his Americanized ways are justified. Still, he says, he is proud of his culture and tradition. The second example is of Toni Morrison, who was the first African American woman to get the nobel prize for literature in the year 1993. Her novels dealt with the injustices inflicted on African women in America, their sufferings and the cultural identity which the Africans must

Marketing survey Assignment Example | Topics and Well Written Essays - 250 words

Marketing survey - Assignment Example Inappropriate drug intake or when dosages are not properly monitored may have also resulted to this figure so it remains safe to claim that it is alright to try the drug provided that prescriptions followed with regular checkups and consultation to a reliable specialist are held in cautious regard. Q2: A new cancer drug was released on the market, 2,400 people out of 3000 died and the remaining 600 were cured shortly after the drug was administered. How likely are you to take the drug. 1-9 is absolutely Not. 10 is give the drug. In this case, I would most probably be on the 1-9 scale and doubt many aspects of the newly released drug. Since 2,400 is quite an alarming poll out of 3,000 then people may be inclined to think of the drug’s adverse effects besides issues on inefficiency and incompatibility. The remainder of those who recovered may have used the drug only up to a certain extent and might have had other means of medication. So, more extensive studies and research must be taken into account in analyzing the properties of the cancer drug from this phase prior to further

Literature review on Japan Essay Example | Topics and Well Written Essays - 1500 words

Literature review on Japan - Essay Example The various aspects of contemporary Japan that include geographical, political, economic, cultural, educational and religious phenomenon are discussed in detail (Japan, 2005). The role and constitution of families in Japan has undergone changes in the twentieth century with respect to their tradition. But the concept of continuing family keeps their dear ones close. The people of Japan believe that even if a family does not live together with grandparents and parent, the proximity of separated family should be so close that they can share a bowl of hot soup on a day. This reveals that the concept of family and values has much significance in Japan. The educational system of Japan and workplace culture has grabbed much attention for its severity. This may be recognized with the huge economic success and technological progress of the country. Japanese believe in working hard from a very young age to survive in highly competitive settings. Japanese consider themselves of belonging to a homogenous society. They have a strong sense of national identity and there are no much racial or ethnic divisions. Though they have a feeling of oneness of being Japanese, Jap an is most influenced by popular culture. The culture of young people in Japan is dominated by media with sitcoms like Pokemon, manga and Hello Kitty (Bestor, T. & Hardacre, H 2004). Japanese economy is second only to the United States in terms of having a high GNP. Major industries in Japan include automobile, real estate, manufacturing, communication, construction, services and distribution.

Patriotic Sentiment in the Interwar Essay Example for Free

Patriotic Sentiment in the Interwar Essay The creation of the British Empire and its â€Å"contributions† to the welfare of its colonies was used by many English historians as a source of justification for its existence and future. Needless to say, many English historians would naturally put the British Empire as the â€Å"empire† that aspired for assimilation and multiculturalism, which had been absent in previous empires (although this is debatable) (Aldrich 1988:24). Added to that, because of the perceived inferiority of the colonized peoples, many of these historians usually attached to the â€Å"white man† the significant role of guardian (Aldrich 1988:25). In recent years however, this notion of racial superiority was replaced by the principles of equality and self-determinations. This was in lieu of the increasing surge of patriotic sentiments of the colonized peoples and a general compromise of the colonial powers over the future of the former colonies, as mandated by the United Nations. Modern English historians, while continuing to justify the existence and foundation of the British Empire, admitted some of the mistakes and grave errors usually attributed to the British Empire. Nonetheless, they argued that these mistakes were committed out of necessity. Other colonial powers were greedily aspiring to replace Britain in its role as a superpower. Germany for instance, before the onset of the First World War, was building a powerful navy to replace Britain as a sea power. France was busy eyeing British colonies in Central Africa for its own exploitation. In short, the errors committed by Great Britain to its colonies were a result of self-defense. Added to that, in order for the colonies to benefit from British colonial rule, the colonized peoples would have to sacrifice some of their outdated or â€Å"primitive† institutions and adopt institutions that are characterized by efficiency and commitment to public service. These justifications made by English historians on the role and future of the British Empire were imbued in the study of history. History as a Tool for Application of Theoretical Knowledge The use of history to justify the existence and foundation of the British Empire was not born out of prejudice or unsubstantiated truths. In fact, early English historians noted that history should be as scientific as possible in order to represent the true nature of world events. Added to that, these English historians viewed history as an application tool for upgrading the political, social, and economic systems of the world today. Specifically, knowledge of the end of the British Empire would naturally pave to greater solidarity and understanding between former colonies and the mother country (the colonizer); that they have a common history, and to some extent similar social, economic, and political structures. Although for the common viewer this might seem a little idealistic and devoid of historical verification, this was the practical side of the scientific discipline of history, if we accord them to these English historians. Thus, the extensive use of history as a tool for the political understanding of countries with a â€Å"common† history was the result of theoretical justification of English historians on the existence and rule of the British Empire to about a large portion of the Earth’s population. This was though a problem for many local historians in the former colonies. They extensively used history as a tool for demonizing their colonial oppressors: the justification of independence movements and revolutions. This dialectic aspect of history, depending on the one who views it, disoriented historical data, making the discipline of history itself the vantage point of uncertainty (Aldrich, 2000). Herein, we shall examine the various practices that were incorporated in a large, common society. Nonetheless, we shall also examine power relations between the mother country and its colonies as well as the issue of tolerance and cultural differences. Cultural Toleration in the British Empire When England finally defeated France and Spain in a series of colonial wars, it was able to establish colonies in North America and Asia (Africa was not the target of colonization since it was viewed as an inhabitable and inhospitable continent – although commercial bases were established to streamline trade and commerce with other European powers) (Baldwin, 2007). England was able to acquire Malacca from the Portuguese in the latter half of the 16th century. India and Canada fell into the hands of the British after France’s defeat in the Seven Years War (called French and Indian Wars in North America). The eastern coast of the present United States was colonized by England (the Thirteen Colonies) to foster greater trade between North America and England (it was known as New England). Australia and New Zealand were colonized to provide the British Empire penal colonies for the rouge elements of British society. Rebels and political prisoners were deported to these penal colonies. In the latter half of the 19th century, Britain was able to take possession of several Chinese ports after a series of wars with China, then under the rule of the Manchus (known as Opium Wars). In South America and the Caribbean, some islands were colonized by the British to offset Spanish and French power in the area (although in the early part of the 19th century, Spain controlled at least 2/3 of the land area of North, Central, and South America). In the European partition of Africa, Britain controlled a large portion of North, Central, and Southern Africa. These colonized areas minus the 13 colonies were known as the British Empire. The British fostered a policy of cultural toleration to discourage the native population from revolting. Moslems, Hindus, Taoists, Buddhists, and other Oriental religions existed side by side with Christianity in matters like trade and commerce. Temples of different religions were treated with respect and dignity by British authorities. Nonetheless, British rulers especially Queen Victoria even traveled to the colonies to inspect and inspire the native populations to support Great Britain in its economic undertakings, for the benefit of the mother country and the colonies, and its colonial wars with other European powers (especially France and Germany). Religious festivals were declared as holidays, with some exceptions, to foster greater solidarity with the native population. English was not an enforced language. This was done to preserve and enrich the culture of the native populations. The â€Å"British† educational system was introduced to stimulate greater economic efficiency in the colonies. The British parliament, in its sessions, declared that education was the only plausible and least risky way of opening the colonies to true development. The British parliament and to some extent the British rulers knew that there were form of British economic exploitation in the colonies, thus the only way for them to recreate the image of the â€Å"British Empire† was to encourage education. English was taught in the universities (other European powers loathed this type of strategy) established outside Britain. Economic and maritime schools were also established to stimulate the natives to increase their productivity yield and to participate in naval undertakings. Nonetheless, the British army was remodeled in order to include natives in the soldier payroll. At a specified rank, a native could rise to a prominent rank in the military. Needless to say, to fit in the global economy, Britain also created institutions that would politically and socially integrate the mother country and the colonies. The old models of exploitation and oppression were replaced by systems of mutual cooperation and commitment to a common economic goal. Thus, these contributions of the Britain to its colonies became the framework of early English historians for justifying the existence of the British Empire. Patriotism and Nationalism: The Beginning of Decline Nationalistic sentiment in the colonies grew in the latter beginning of the 20th century. Because of the relative prosperity of the colonies, some of its natives were able to study in European universities and able to acquire the increasing surge of ultra-nationalism (nationalism in Europe differs from the nationalism of the colonies on one count: nationalism in European countries focused on the acquisition of colonies to bring glory to the country, whereas in the colonies on independence) in Europe. When they returned to their homeland, they established organizations which aimed of attaining independence or self-governance status of their homelands. The British authorities naturally would quell these â€Å"uprisings† since this put into question the status quo, and generally the legitimacy of the British Empire. Power Relations But because of the involvement of Great Britain in the two World Wars, it was forced to grant self-governance status to many of its colonies in exchange for economic and military support (in India, Gandhi urged the Indians to fight on the side of the British). However, because of the changing political atmosphere in Britain at that time, the British authorities once more crushed these independence movements. Many were forced to go underground. Some seek political asylum in America or The Netherlands. Added to that, political theory and political education were deleted in the course curriculum of many universities for fear that the British might close the institutions. The purpose of the British authorities was always to preserve the rule of the British Crown on the colonies. All means were therefore necessary in order to dissipate these independence movements. Thus, while the British were open to cultural toleration, they loathed political development in the colonies. Political development is the measure of citizen participation in the affairs of the government. Political development is largely a relationship between the citizenry and the country to which they owe their citizenship. The British authorities were enforcing a policy of â€Å"mother dependency†, that is, the political, social, and economic future of the colonies should depend on the mother country. Later Vladimir Lenin expanded this concept and renamed it as the â€Å"dependency relations. † The mother country, according to Lenin, when its reaches the height of economic development experiences shortfalls and recessions due to overproduction. The surplus produce of the mother country is â€Å"dumped† to the colonies since colonies are potential markets. In this way, economic recessions in the mother country are kept in check, and the laboring class enjoys relative prosperity, at the expense of the colonies. This is a uni-directional type of development unlike the so-called â€Å"mutual development† that Britain was preaching (as exemplified in Africa, in Ramsay, 2000/1784). Practices and Institutions that Became Part of the Colonies’ Society: The Tragedy British colonies can be classified into two categories: 1) those that fully accepted British practices and institutions, 2) those who only accepted British political and educational institutions. India, Pakistan, former British African colonies, and former British Asian colonies adopted the political and educational institutions of Great Britain because of its efficiency and relative good organization. The parliamentary system became the standard system of government of most of the former colonies of Great Britain. It was noted that this type of government adheres to the principles of public accountability and stability. Most of the former colonies of Great Britain using this type of government experience relative stability and effective governance (Toynbee, 1987:401). The tragedy lies on the second type of former colonies. These colonies fully adopted British practices and institutions at the expense of native practices and customs. In Australia and New Zealand for example, most of the population is classified as of British or European descent. When the British came to New Zealand, they dispossessed the Maori through fraudulent land contracts and generally through war (that severely reduced the Maori population by 1/8. The British authorities encouraged immigration to these places (Australia and New Zealand) to reinvigorate economic activities to these places. The result was that New Zealand and Australia became an extension of British society: mirror images of England. The Maori who were the true owners of the country was exploited and dispossessed by the British. In the case of Canada, because of strong French influence (former French colony), the British authorities had the difficulty of making Canada a cultural sphere of influence of Britain. In fact, cultural differences in Canada serve as the marking definition of power relations in Canada. Conclusion While many English historians talk endlessly of a Commonwealth under the banner of Great Britain, they were not able to pinpoint the opportunity costs of the colonization on the part of the colonies. There is no such thing as a common society, for the British Empire created two types of societies in its sphere of geopolitics. The only intersection of these societies is the institutions bequeathed to them by the British Empire. Socially, these societies differ significantly because the British Empire was not able to fully integrate its customs and practices to most of its colonies due to the onset of nationalism and patriotic sentiments of the native populations (in Australia and New Zealand, there was no such thing as a â€Å"political† native population since they were able to reduce their populations through wars and enforced immigration policies). References Aldrich, Richard. 1988. Imperialism in the study and teaching of history. In Benefits Bestowed? Education and British Imperialism. Manchester and New York: Manchester University Press, pp. 23-38.

The Importance of Commodity Derivatives

The Importance of Commodity Derivatives Equity Commodity Investment â€Å"A COMPARATIVE STUDY BETWEEN EQUITY COMMODITY INVESTMENT OPTION† ABSTRACT India, a commodity based economy where two-third of the one billion population depends on agricultural commodities, surprisingly has an under developed commodity market. Unlike the physical market, futures markets trades in commodity are largely used as risk management (hedging) mechanism on either physical commodity itself or open positions in commodity stock. For instance, a jeweller can hedge his inventory against perceived short-term downturn in gold prices by going short in the future markets. The study aims to know how of the commodities market and how the commodities traded on the exchange. The idea is to understand the importance of commodity derivatives and learn about the market from Indian point of view. In fact it was one of the most vibrant markets till early 70s. Its development and growth was shunted due to numerous restrictions earlier. Now, with most of these restrictions being removed, there is tremendous potential for growth of this market in the country. ACKNOWLEDGEMENT SYNOPSIS FOR THESIS DESIRED AREA Investments Commodity Market in India TITLE OF THE THESIS Comparative Study between Equity Commodity Investment Options† PROBLEM DEFINITION / HYPOTHESIS / RESEARCH OBJECTIVE To have a comparative study between two major Investments options Equity Commodity on the basis of their returns. To study simple properties of commodity futures as an asset class and analyze the hedging properties To understand the possible returns by investing in Commodity Futures when the Commodity Spot Prices are falling and comparing them with those in Stocks and Bonds. INTRODUCTION / LITERATURE TO THE AREA OF RESEARCH In the Capital Markets of the world, preferably in India, Stock is considered as the first option of investment. But, as we all know that there are many other options available with the people to invest / park their hard earned in some of these options are Derivative Market, Mutual Funds, NSC, KVPS, Insurance, FD, Savings A/c’s obviously less considered is the Commodity Market. In the above mentioned options there are some options that do not have the risk factor in it thus they give less return, while others having risk gives more return to the investor. One does not know that the Investments in Commodities will also yield almost the same returns as compared with the Stock, having the same amount of risk involved. SCOPE This research would throw light on the mentioned objectives make people aware of Commodity Futures as an Investment option – which is at its growing stage. RESEARCH METHODOLOGY Primary Data Collection Guidance from the External Guide. Guidance from the Internal Guide. Help from Faculties. Commodities Dealers. Commodities Players (Investors). Secondary Data Collection Web sites Journals Magazines (Financial) Newspapers Research Papers on the same topic Reports of Experts â€Å"Investment is a term with different closely-related meanings in business, finance and economics, related to saving or deferring consumption. An asset is usually purchased, or in a similar way a deposit is made in a bank, in hopes of getting a future return or interest from the same. Literally, investment means the action of putting something somewhere else In finance, investment can be referred to as buying securities or other monetary assets in the money markets or capital markets, or in fairly liquid real assets, such as gold, real estate etc. Valuation is the method for finding the true value of an asset. Different financial investments include shares, bonds and other equity investments. These financial assets are then expected to provide income/ positive future cash streams, and may increase or decrease in its value giving the investor capital gains or losses. Trading in contingent claims or derivative securities do not necessarily have future positive cash flows, and so are not considered assets, or securities or investments. Nevertheless, since their cash flows are closely related to or it is derived from cash flow of specific securities, they are often treated as investments. Banks, mutual funds, pension funds, insurance companies, collective investment schemes, and investment clubs can be used to make investments indirectly. An intermediary generally makes an investment using money from many individuals, each of whom receives a claim on the intermediary, though their legal and procedural details differ. LITERATURE REVIEW The capital market (securities markets) is the market for securities, where the companies and the government can raise funds for long term. Stock market and the bond market form part of capital market. Financial regulators, such as the RBI and SEBI, keep a watch on the capital markets in their respective countries to ensure that investors are protected against any fraud. The capital markets consist of the primary market, where the company floats new securities to investors, and the secondary market, where existing securities are traded. STRUCTURE OF CAPITAL MARKET Primary Market Secondary Market Derivative Market Commodity Market International Market IPO Public Issue) Right Issue Private Placement Sale purchase of existing share debenture Mutual fund Option Future Call Option Put Option Gold Silver Material Etc. NYSE Composite NASDAQ Composite Dow Jones I.A. S4P 500 NIKKEI – 225 NSE BSE Dealing in MCX dealing in STRUCTURE OF SECURITY MARKET Primary Market Secondary Market Derivative Market Commodity Market International Market IPO Public Issue) Right Issue Private Placement Sale purchase of existing share debenture Mutual fund Option Future Call Option Put Option Gold Silver Material Etc. NYSE Composite NASDAQ Composite Dow Jones I.A. S4P 500 NIKKEI – 225 NSE BSE Dealing in MCX dealing in A) Primary Market: It is that part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funds through the issue of a new stock or bond which is called initial public offering (IPO). This is typically done through a syndication of securities dealers which in return earn a commission that is built into the price of the security offering. B) Secondary Market: The secondary market is the market for trading of securities that have already been issued in the market. Aftermarket is known as the market that exists in a new security just after the new issue. Investors and speculators can easily trade on the exchange once a newly issued stock is listed on a stock exchange, as market makers make bids and offers in the new stock. C) Derivative Market: Derivative Market Future Market Option Market Future Contract Say – One month – Two month – Three month Call Option Put Option Premium will change at the time of buying No Risk Premium will change at the time of sells No Risk Future Contracts: The future contracts are the future contracts or bids for some specific period like one month, two months and three months, accepted from investor in capital market which is put. Option Market :- The option market is the place where trading is for call and put or buy and sell and only the premium is charged for all call and put trading. D) Commodity Market: Commodity trading might sound like a strange term, but simply put, commodities are items like, wheat, corn, gold and silver, and Cattle and Pork Bellies, and Crude Oil and it has emerged as an important player in the way that people invest in and speculate. INVESTMENT ALTERNATIVES INVESTMENT Financial Assets Real Estate Marketable Financial Assets. Non-marketable Financial Assets Treasury Bills C.D. C.P. Repo Govt. Fixed Insurance bond Govt. Securities Debenture Shares Mutual Fund Equity Pref NSS Bank Deposit Post Office KVP NSC Company Deposit EPF/PPF LIC Gold Silver Previous objects Painting /Art Land / Building Machinery/Equipment etc MARKETABLE FINANCIAL ASSETS Equity or Preference shares Govt/PSU/Pvt/other bonds Mutual Funds Shares (Equity and Preference Share): If you have equity shares of a company, you have an ownership stake in that company. This essentially means that you have a residual interest in income and wealth of the company. Equity shares are classified into the following broad categories Blue chip shares Growth shares Income shares Cyclical shares Speculative shares Bonds: Bonds or debentures represent long-term debt instruments where issuer of a bond promises to pay a stipulated stream of cash flow. Bonds may be classified into the following categories Government securities. Savings bonds Government agency securities. PSU bonds Debentures of private sector companies Preference shares Money Market Instruments:- Money market instruments are debt instruments which have a maturity of less than one year at the time of issue. The important money market instruments are: Treasury bills Commercial paper Certificates of deposit Mutual Funds: A Mutual Fund is a trust that collects the savings of a number of investors, and invest in capital market instruments such as shares, debentures and other securities who share a common financial goal. Unit holders share the income earned through these investments and the capital appreciation in proportion to the number of units owned by them. Mutual Fund offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost and thus is the most suitable investment for the common man. NON-MARKETABLE FINANCIAL ASSETS: A good portion of financial assets is represented by non-marketable financial assets. These can be classified into the following broad categories. Bank deposits Post office deposits Company deposits Provident fund deposits/EPF LIC NSC NSS KVP Life Insurance: Life insurance can also be considered as an investment as insurance premiums represent the sacrifice, and the assured sum represents the benefit. The important types of insurance policies in India are : Endowment assurance policy Money back policy Whole life policy Term assurance policy REAL ESTATES AND OTHERS Real Estate: Residential house is the most important asset in the portfolio for the bulk of the investors. More affluent investors are likely to be interested in the following types of real estate, in addition to a residential house Agricultural land Semi – urban land Commercial property Precious Object: Precious objects are items that are highly valuable in monetary terms. Some important precious objects are ; Gold and silver Precious stones Art objects Financial Derivatives: A financial derivative is an instrument whose value is derived, from the value of an underlying asset be it a real asset, such as gold wheat or oil, or a financial asset, such as a stock, stock index, bond or foreign currency. Forwards Contracts A forward contract, as it occurs in both forward and futures markets, always involves a contract initiated at one time; Performance in accordance with the terms of the contract occurs at one time; Performance in accordance with the terms of the contract occurs at a subsequent time. Further, the type of forward contracting to be considered here always involves an exchange of one asset for another and the price at which the exchange occurs is set at the time of the preliminary contracting. Actual payment and delivery of the good occur afterwards. Futures Contracts A futures contract is highly standardized forward contract with closely specified contract terms and it calls for the exchange of some good at a future date for cash, with the payment for the good to occur at that future date like all forward contracts. The buyer of a futures contract undertakes to receive delivery of the good and pay for it while the seller of a futures promises to deliver the good and take delivery of payment. The price of the good is determined at the initial time of contracting. Option Option contracts grant the right but not the compulsion to buy in the case of a call or sell, in the case of a put a specified quantity of an asset at a predetermined price on or before a specified future date option contract would expire if it is not in the best interest of the option owner to exercise. Swaps Swaps normally trade in the OTC market but there is monitoring of this market segment. Swaps are agreement between two parties to exchange cash flows in the future according to a approved formula and In case of popular interest rate swap, one party agrees to pay a series of set cash flows in exchange for a sequence of variable cost. When compared to global derivatives markets Indian derivative markets are still in the emerging stage. Indian derivatives markets share in the world derivatives market’s value and volumes are very small. But with the starting of trading in different financial and commodities segment, Indian markets are growing very fast. Indian markets are operating with high efficiency and on parity with international standards. The major exchanges and the derivative products traded in India: 1. Bombay Stock Exchange (BSE) 2. National Stock Exchange OF India Ltd (NSE) 3. National Commodity Derivatives Exchange Limited (NCDEX) 4. Multi Commodity Exchange of India Ltd (MCX) 5. National Multi Commodity Exchange of India Ltd (NMCE) INVESTMENT ATTRIBUTES For evaluating an investment values, the following attributes are relevant. Rate of return Risk Safety Profitability Purchasing power risk Maturity Marketability Tax shelter Convenience Rate of Return: The rate of return on an investment for a period (which is usually a period of one year) is defined as follows: Rate of return = Annual income + (Ending price – Beginning price) Beginning price To illustrate, consider the following information about a certain equity share. Price at the beginning of the year: Rs. 80.00 Dividend paid in the year: Rs. 4.00 Price at the end of the year: Rs. 87.00 The rate of return of this share is calculated as follows: 4.00 + (87.0-80.00) = 13.75 percent 80.00 Yield In general, yield is  the yearly rate of return  for any investment and is expressed as a percentage, With stocks, yield can refer to the rate of income generated from  a stock in the form of regular dividends and is often represented in percentage form, calculated as the annual dividend payments divided by the stocks current share price. Investors can use yield to measure the performance of their investments and  compare it to the yield on other investments or securities. Generally, higher risk securities offer higher expected yields as compensation for the additional risk incurred through ownership of the security. Investors looking to make income or cash flow streams from equity investments commonly look for stocks  that shell out high dividend yields, in other words, stocks that give a relatively large amount of annual cash dividends for a relatively low share price. Annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of  a bond instead of its face value and represents the return an investor would expect if  he/ she  purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that  an investor  will receive in all cases  because bond and stock  prices are continuously changing due to market factors. Capital Appreciation: It’s the rise in the market price of an asset. Capital appreciation is one of two major ways for investors to profit from an investment in a company. The other is through dividend income. Risk The risk of investment may be classified in following ways Type of Risk Internal Rate of Return Risk Market risk Inflation Risk Default Risk Business Risk Financial Risk Management Risk Liquidity Risk The rate of return from investments like equity shares, real estate, and gold can vary rather widely. The risk of investment refers to the variability of its rate of return: How much do individual outcomes deviate form the expected value? A simple measure of dispersion is the range of values, which is simply the difference between the highest and the lowest values. Other measures commonly used in finance are as follows: Variance :This is the mean of the squares of deviations of individual returns around their average values Standard deviation:This is the square root of variance Beta :This reflects how volatile the return from an investment is, in response to market swings. Risk = Actual Return – Expected Returns Condition: If, Actual Return = Expected Return = Risk Free Investment If, Actual Return > or Low Variance (Low Risk) High Variance (High Risk) Expected Return Marketability: An investment is highly marketable or liquid if: (a) it can be transacted quickly: (b) the transaction cost is low; and (c) the price change between two successive transactions is negligible. The liquidity of a market may be judged in terms of its depth, breadth, and resilience. Depth refers to the existence of buy as well as sell orders around the current market price. Breadth implies the presence of such orders in substantial volume. Resilience means that new orders emerge in response to price changes. Generally, equity shares of large, well – established companies enjoy high marketability and equity shares of small companies in their formative years have low marketability. High marketability is a desirable characteristic and low marketability is an undesirable one. How does one evaluate the marketability of an investment like a provident fund deposit which is non-marketable by its very nature? In such a case, the relevant questions of ask is: can withdrawals be made or loans be taken against the deposit? Such as investment may be regarded as highly marketable if any of the following conditions are satisfied: A substantial portion of the accumulated balance can be withdrawn without significant penalty; A loan (representing a significant portion of the accumulated balance) can be raised at a rate of interest that is only slightly higher than the rate of interest earned on the investment itself. Tax Shelter: Some investments provide tax benefits; others do not. Tax benefits are of the following three kinds. Initial Tax Benefit; An initial tax benefit refers to the tax relief enjoyed at the time of making the investment. For example, when you make a deposit in a Public Provident Fund Account, you get a tax benefit under Section 80 C of the Income Tax Act. Continuing Tax Benefit: A continuing tax benefits represent the tax shield associated with the periodic returns form the investment. For example, dividend income and income from certain other sources are tax – exempts, upto a certain limit, in the hands of the recipient. Terminal Tax Benefits; A terminal tax benefit refers to relief from taxation when an investment is realized or liquidated. For example, a withdrawal from a Public Provident Fund Account is not subject to tax. Convenience: Convenience broadly refers to the ease with which the investment can be made and looked after. Put differently, the questions that we ask to judge convenience are: Can the investment be made readily? Can the investment be looked after easily? The degree of convenience associated with investments varies widely. At one end of the spectrum is the deposit in a savings bank account that can be made readily and that does not require any maintenance effort. At the other end of the spectrum is the purchase of a property that may involved a lot of procedural and legal hassles at the time of acquisitions and a great deal of maintenance effort subsequently. A COMPARATIVE STATEMENT OF VARIOUS INVESTMENTS ALTERNATIVES A summary evaluation of these investment avenues in terms of key investment attributes is given in Exhibit below. It must be emphasized that within each investment category individual assets display some variations. Exhibit: Summary Evaluation of Various Investment Avenues Return Current yield Capital appreciation Risk Marketability / Liquidity Tax shelter Convenience Equity Shares Low High High Fairly high High High Non – convertible Debentures High Negligible Low Average Nil High Equity Schemes Low High High High High Very high Debt Schemes Moderate Low Low High No tax on dividends Very high Bank deposits Moderate Nil Negligible High Nil Very high Public provident fund Nil Moderate Nil Average Section 80 C benefit Very high Residential Moderate Moderate Negligible Low High Fair Gold and Silver Nil Moderate Average Average Nil Average INVESTMENT VERSUS SPECULATION While it is difficult to draw the line of distinction between investment and speculation, it is possible to broadly distinguish the characteristics of an investor from those of a speculator as follows. Investor Speculator Planning horizon An investor has a relatively longer planning horizon. His holding period is usually at least one year. A speculator has a very short planning horizon. His holding may be a few days to a few months. Risk disposition An investor is normally not willing to assume more than moderate risk. Rarely does he knowingly assume high risk. A speculator is ordinarily willing to assume high risk. Return expectation

Politics and George Orwell Essays -- George Orwell Politics Political

Politics and George Orwell Works Cited Missing   Ã‚  Ã‚  Ã‚  Ã‚  Books are a medium through which the author can express his views; whether they concern social injustices, current issues, or in Orwell’s case, politics. For centuries writers have weaved their opinions into their work, conveying to the reader exactly what they intended. â€Å"Orwell saw himself as a violent unmasker of published pretentiousness, hypocrisy and self-deceit, telling people what they did not want to hear†¦.† (Crick, 244). Orwell accomplishes this unmasking of these facades through his use of rhetorical strategies to relay his views to the reader. Through his books and essays, George Orwell has found a forum in which he can express his opinions, fusing his political beliefs with a satiric quality all his own.   Ã‚  Ã‚  Ã‚  Ã‚  A piece of literature that illustrates his ability to do this with unmatched skill and unrelenting satire is Animal Farm. Jeffrey Meyers said of Orwell’s novel, â€Å"In this fable about a barnyard revolt Orwell created a satire that specifically attacked the consequences of the Russian Revolution while suggesting the reasons for the failure of most revolutionary ideals† (339). In the book, the reader is given a situation in which the animals are fed up with the overindulgent, unappreciative human beings that run their farm. They decide a rebellion would cure their woes and so they revolt. However, they soon realize that the uprising was the easy part. Now they must establish a government with leaders and rules. The pigs are the self-appointed leaders because they are the smartest and cleverest of all the animals. The two pigs with the most power and persuasion are Snowball and Napoleon. The farm begins to run like a democracy, and all the animals ar e satisfied until Napoleon runs Snowball out of the farm with a pack of wild dogs. After the exile of Snowball, the animals on the farm increasingly become oppressed and Napoleon slowly starts to resemble a dictator. Throughout Animal Farm, Orwell’s main weapon of choice is his stinging satire. In fact, the entire book can be viewed as a one hundred page satiric look at politics and human life. Not only do we see humans being overthrown by pigs and chickens but all the animals can talk and some can even read and write. Naming one of the pigs Napoleon is also significant because as Meyers puts it, â€Å"The carefully chosen names are both realistic ... .... His use of satire combined with a headstrong political opinion creates for the reader thoughts and questions that were not there when one opened the pages of a book such as Animal Farm and began the journey chosen for them by Orwell. Orwell is a writer who not only gives the reader entertainment and enjoyment, but is set out to make the reader think and feel what the characters who are being victimized think and feel like. He is on a mission to make the reader ponder the injustices of society and the political regimes that run our countries, our world. George Orwell did not set out to create books that kindly represent everyone, even the tyrants. He set out to create books and literature that may have shocked some readers at first but without a doubt told the truth. Orwell once said, â€Å"Possession of the ‘truth’ is less important than emotional sincerity.† Orwell is unwavering in his commitment to make the masses aware of the injustices, victimizations, a nd corrupt politics. A writer’s only and best weapon is his words; Orwell chooses his words wisely. They can be bitter or sweet, but they always convey truths about the world ignored by many but seen and written about by Orwell.