Crimes of the Heart: A Case Study on Cardiac Anatomy Essay

Tiffany is stressed over her infant child. Since the time she brought Caleb home from the emergency clinic it has been so difficult to get him to eat and he is by all accounts breathing too hard constantly. At his one month registration, the medical attendant reveals to her that Caleb has just increased one pound since he was conceived and Tiffany breaks into tears. Dr. Bread cook examines Caleb in the test room, taking additional time feeling and tuning in to his chest. After the test Dr. Dough puncher says, â€Å"When I tune in to Caleb’s heart I hear an additional sound called a mumble. I need to utilize an echocardiogram and an ECG to get a decent image of the considerable number of parts of his heart.† Following an entire day of tests, Tiffany meets with Dr. Dough puncher in his office. He clarifies, â€Å"After a cautious survey of all the data, I have found that Caleb has a gap in the heart muscle divider between his privilege and left ventricles. We consider it a ventricular septal imperfection. That is presumably why he has been so crabby and difficult to take care of. The opening isn't exceptionally large, yet he will in any case need to have medical procedure to fix it.† Although the idea of her small child having medical procedure is frightening, Tiffany is eased to know why things have been so intense at home. Short Answer Questions: 1. Caleb has unusual heart sounds that warned the specialist to an issue. a. Name the ordinary hints of the heart and demonstrate what causes these sounds. The two significant sounds that are heard in an ordinary heart beat sound like â€Å"lub dub†. The â€Å"lub† is the principal heart sound, regularly named S1, and is brought about by disturbance brought about by the conclusion of mitral and tricuspid valves toward the beginning of systole. The subsequent sound, â€Å"dub† or S2, is brought about by the conclusion of aortic and pulmonic valves, denoting the finish of systole. (STETHOGRAPHICS.COM) b. Comparable to the ordinary heart sounds, when might you hope to hear the anomalous sound Dr. Bread cook heard? Clarify your answer. At the point when a valve is stenotic or harmed, the irregular tempestuous progression of blood delivers a murmurâ which can be heard during the typically peaceful occasions of systole or diastole. (MED.UCLA.EDU). Comparable to the systole and the diastole a mumble can be recognized between the peaceful occasions between the two. Ordinarily, a mumble is a blowing, whooshing, or scratching sound heard during a heartbeat. (NIH.GOV)That is the thing that Dr.Baker most likely heard while doing the assessment. 2. The deformity in Caleb’s heart permits blood to blend between the two ventricular chambers. Because of this deformity would you anticipate that the blood should move from left-to-right ventricle or option to-left ventricle during systole? Clarify your answer dependent on circulatory strain and opposition in the heart and incredible vessels. It goes left to directly during systole. The thing that matters is regularly, oxygen-poor (nobility) comes back to the correct chamber from the body, goes to the correct ventricle, and afterward is siphoned into the lungs where it gets oxygen. Oxygen-rich (red) blood comes back to one side chamber from the lungs, goes into the left ventricle, and afterward is siphoned out to the body through the aorta. In any case, when a baby has ventricular septal imperfection it despite everything permits oxygen-rich (red) blood to go from the left ventricle, through the opening in the septum, and afterward blend in with oxygen-poor (nobility) in the correct ventricle. (ROCHESTER.EDU) yet rather when systole happens the blood gets blended due to the septum in this way heart needs to siphon more diligently to guarantee that enough blood with oxygen arrives at the body. 3. At the point when an echocardiogram is played out, the expert shading codes oxygenated crimson and deoxygenated blood (blue). a. In a sound child, what shading would the blood be inside the privilege and left ventricles, individually? Right ventricle: deoxygenated (blue), Left ventricle: oxygenated (red) b. In Caleb’s heart, what shading would the blood be inside the privilege and left ventricles, separately? Left ventricle: oxygenated (red). Right ventricle: will have blended blood so it will be red and blue in light of the fact that the opening between the two ventricles has an impact like an association between the atria: When the more impressive left ventricle beats, it discharges blood into the correct ventricle and aspiratory circuit. (A&P book pg. 677) 4. What happens to Caleb’s foundational heart yield because of hisâ ventricular septal deformity (VSD)? Clarify your answer. Caleb will deliver lower heart yield in light of the fact that a left-to-right shunt at the ventricular level lessens LV yield by the measure of the shunt on account of this the body’s compensatory systems will increment intravascular volume due to this brought down cardiovascular yield until LV end-diastolic volume is adequate to siphon both an ordinary cardiovascular yield and the proportionate left-to-right shunt. (AHAJOURNALS.ORG) 5. In view of the area of Caleb’s imperfection, what part of the conduction framework may be in danger for variations from the norm? Well since Caleb has a gap in his heart muscle divider these pieces of the conduction framework may be in danger for variations from the norm the SA hub, AV hub, heap of His, group branches, and Purkinje filaments. (NIH.GOV 2) WORKS CITED STETHOGRAPHICS.COM http://www.stethographics.com/principle/physiology_hs_introduction.html MED.UCLA.EDU https://www.med.ucla.edu/wilkes/Physiology.htm NIH.GOV http://www.nlm.nih.gov/medlineplus/ency/article/003266.htm A&P book pg. 677 ROCHESTER.EDU http://www.urmc.rochester.edu/reference book/content.aspx?ContentTypeID=90&ContentID=P01829 NIH.GOV 2 http://www.nlm.nih.gov/medlineplus/ency/anatomyvideos/000021.htm AHAJOURNALS.ORG

Touro University International Essays (583 words) - Nuclear Weapons

Touro University International James L. White ETH 501 Module 5, Session Long Project Dr. Steven J. Gold Presentation The reason for this report is to depict my most hazardous activity in my beginning and answer the accompanying inquiries, Do I fell that workers are sufficiently educated regarding the hazard? and, Do I feel that the hazard is adequate and sensible? By examining these points I would like to offer some information about my association high hazard work. I will finish up this report with a short rundown of the whole examination, featuring some of the most noteworthy parts that the report contains. HIGH RISK In my association we have an occupation called Sensitive Duty Program, this program is exceptionally fundamental. This program screens military work force performing touchy obligations that could make serious or grave harm our country. This activity is imperative to the point that not exclusively does the Air Force and U.S. Government depend on us to carry out the responsibility effectively however so does each resident in this free nation! While what we do is significant, the results of our activities likely wouldn't be as serious as the activities of somebody performing progressively delicate obligations. So this program helps our national wellbeing and security. It's intended to screen people performing basic obligations for example, flight groups, security police, rocket bolster faculty, and those working with or around atomic weapons. There are two sections that fall under the SDP, they are the Personnel Reliability Program (PRP) and the Presidential Support Program (PS). An individual may take part in one or both of these projects. PS program staff are people alloted to obligations including normal or incessant contact with or access to the President of the United Conditions of Presidential offices, correspondence exercises, or methods of transportation. So these obligations could incorporate the Presidential ceremonial group also, band, Presidential aircrew and related upkeep and security work force, Presidential chaos specialists, Presidential clinical staff, what's more, White House correspondences and transportation. Least standards for PS program acknowledgment are: 1) be a US resident, 2) be of fantastic character, 3) have no article 15s on document and 4) if conjugal status changes, a reassessment confirms that the mate is a US resident.. The PRP guarantees every individual who performs obligations with atomic weapons or on the other hand basic parts satisfies the most elevated potential guidelines of person unwavering quality. Singular dependability implies that the individual is steady in completing his/her obligations related with atomic weapons, weapons frameworks, or basic parts. These individuals could be in a controlled position that expects them to be in close physical nearness to atomic weapons, weapons frameworks, or basic segments. This individual could have access or utilize the accompanying data: (1) specialized information on the electrical or mechanical pieces of atomic weapons or other basic parts or (2) approach open/confirm estimations of an atomic weapon or weapons framework that dispatch, discharge, or explode the weapon. In light of these individuals' entrance to these kinds of weapons/parts, their commandants must guarantee their faculty unwavering quality their dependability to perform obligations identified with atomic weapons/basic parts. End In the present Air Force you can see that ladies assume a major job in the military crucial in numerous essential jobs, from pilots to ground troops. History has instructed us that we miss out on a great deal of smart thoughts and representatives on the off chance that we victimize an individual on account of race, sexual orientation, religion, and so forth... WORK CITIED 1. Stunning Women in War and Peace by Retired Captain Barbara A. Wilson, recovered on 21 August 2006 from http://coelacanth.aug.com/captbarb/ 2. Aviation based armed forces Pamphlet 36-2241 Volume 1, recovered 25 August 2006 3. Recovered 21 August 2006 from http://www.mspb.gov/

The Legitimization of Slavery and Frederick Douglass - Literature Essay Samples

Slaverys roots extend back more than two thousand years. With such a lengthy past, many arguments have arisen regarding the definition of slavery. Frederick Douglass, being a former slave in the American south, offered one definition of the term â€Å"slave† while giving a lecture. He stated, â€Å"The slave is a human being, divested of all rights – reduced to the level of a brute In law, a slave has no wife, no children, no country, and no home†¦Ã¢â‚¬  (â€Å"The Nature of Slavery†). One may question how the treatment of a person, in such a manner, could be condoned. In order to successfully convince a society that it is acceptable to enslave an innocent group of people, they needed to justify its legitimacy. Their excuses, however, are immaterial when raised to oppress a strong abolitionist leader. In his book, Inhuman Bondage, David Brion Davis examines the methods of beastialization, dehumanization, and racism as steps toward the legitimization of sla very. As Frederick Douglass rose to prominence in the abolitionist movement, he discounted each of the rationalizations. His actions, rebelling against his â€Å"master,† starting a family, and becoming a leader, contradict the justification of slavery. Upon examining the steps taken by the American people to legitimize the enslavement of African Americans, it becomes apparent that Frederick Douglass conflicts with their explanations (Davis).A first step in the legitimization of slavery is the bestialization of the individuals to be enslaved. The society aligns the domestication of wild animals with the â€Å"domestication† of African American slaves. David Brion Davis examines this topic via quotations from Aristotle, as he discusses the value of a tame animal. This leads into the discussion of African Americans. He says, â€Å"these people are slaves by nature, and it is better for them to be subject to this kind of control† (Davis 33-34). Aristotle literally discusses these people in terms of agricultural labor animals. He goes on to assert the difference between the body of a slave and of a free man. Aristotle says, â€Å"Nature must therefore have intended to make the bodies of free men and of slaves different also; slaves’ bodies strong for the services they have to do† (Davis 33-34). Aristotle’s words express racism toward people of African descent. He groups together cattle, oxen, horses, and slaves, saying all should be treated as wild animals. They must be tamed and utilized, by the white man for their physical abilities. As a slave, Douglass was categorized among the livestock. He writes, â€Å"I now saw, in my situation, several points of similarity with that of the oxen. They were property, so was I; they were to be broken, so was I† (Douglass 212). At times he may have felt himself to be reduced to the property of another man, but he utilizes the fire of his emotions. He rebels against his â€Å"o wner† and refuses the position he is given. He says, â€Å"I remembered my pledge to stand up in my own defense†¦ I was resolved to fight† (Douglass 242). He is not broken as he uses his fury to defend himself; he says, â€Å"The fighting madness had come upon me, and I found my strong fingers firmly attached to the throat of my cowardly tormentor† (Douglass 242). While initially he rejects his life as a slave and fights back against his oppressors, he meets many setbacks along the way. His ultimate rise from his life as an animal is accomplished through his education. By learning to read, write and speak, he breaks away from his bestialization and fights the system of slavery.The dehumanization of African Americans also aided in the legitimization of slavery. Indeed, slaves were â€Å"deprived of precisely those traits and faculties that are prerequisites for human dignity, respect, and honor† (Davis 29). Many slaves were given little clothing and no hygienic facilities; this robbed them of their pride. Even the most basic human relationship, of mother to child, was taken from them. Douglass was torn away from his mother after birth so that she could return to work; he was left with his grandmother to be raised alongside his biological siblings. In the beginning of the book, there are often mentions of his relations being beaten. As the story progresses, however, there are no longer any allusions to his family. He is sent to different plantations alone, with no social attachments or home. Davis asserts, â€Å"This absence of a past and a future, of a place in history and society from which to grow in small increments, made each slave totally vulnerable. This may be the very essence of dehumanization† (Davis 37). Douglass had no past, no history, no permanent group to connect with, and no home. He, however, overcame this. While he was living in Baltimore, he met a woman; after he escaped, he was reunited with her. He says , â€Å"my intended wife, Anna, came on from Baltimore and, in the presence of Mrs. Mitchell and Mr. Ruggles, we were married by Rev. James W. C. Pennington† (Douglass 341). With nothing to hold onto, he created his own past, present, and future. Douglass and Anna later had two children. He rejected the dehumanization that held him down, as he became the leader of his family. Thus, he took back his â€Å"human dignity, respect, and honor† (Douglass).Racism, of course, was another facet of the legitimization of slavery. Through a strongly racist ideology, slaves were believed to be part of a lower class of human. On an academic level, prominent figures publicly announced their negative opinions of African Americans. Philosopher Immanuel Kant wrote, â€Å"The Negroes of Africa have received from nature no intelligence that rises above the foolish† (Kant). Through this quote, one can deduce that society thought slaves to be mentally insufficient, and unable to rise above this. This is ironic, considering that Douglass recounts Mr. Auld’s fear of the slaves becoming educated. As he scolds his wife for teaching Douglass how to read, he expresses the fear of the slaves learning enough to realize that they can rebel. It is evident that they were concerned of the power of the slaves, and the extent of their abilities. Indeed, Kant’s contemporary, David Hume, held similar racist beliefs. He stated, â€Å"I am apt to suspect the Negroes, and in general all other species of men, to be naturally inferior to the whites† (Hume). The belief that African Americans were physically and psychologically inferior to whites was a generally accepted belief. As Frederick Douglass attempted to obtain employment after escaping slavery, for example, he was denied work as a calker due to the color of his skin. The white men threatened to leave if he worked beside him. Yet Douglass did not let this mentality stand. Although he worked as a laborer, making fractions of the white men’s wages, he did not settle. He joined the abolitionist movement, and wrote in the papers against slavery. After joining up with Mr. Garrison, Douglass spent a great deal of time speaking out against slavery. By doing so, he proved to the world that he was equal to any man who heard him. Utilizing his skills as an orator, he worked to break down the racism that held him back; in this Douglass worked to undo the legitimization of slavery. As a public figure, and a leader, he stands on display to de-rationalize slavery (Douglass 304-359).John Locke, in his work Two Treatises of Government, argues that, theoretically, slavery cannot exist. Locke says, â€Å"This freedom from absolute, arbitrary power is so necessary to†¦ a man’ preservation, that he cannot part with it but by what forfeits his preservation and life together† (Locke). No man can be a slave, for each man has power over himself. In giving up control of oneâ€℠¢s own life, they are forfeiting their own lives, which as part of survival cannot be done. Douglass proved this in his own actions. As stated in the aforementioned speech, he said, â€Å"In law, a slave has no wife, no children, no country, and no home† (â€Å"The Nature of Slavery†). He had control over his own life; therefore, he escaped and lived his life according to his own wishes. Overall, Douglass may have agreed with Locke. Locke asserts that one cannot be a slave unless one consents to enslavement. Douglass states that one cannot be a slave if they have a family. Therefore, Douglass chose not to be a slave. His liberation from slavery, in a technical manner, was through his family. If slaves have no family, then he was not a slave.Frederick Douglass’s life is a testament against the legitimization of slavery. He stands as evidence against every reason that a man claimed for slavery. They claimed that African Americans were animals. Yet even as Douglass was defending himself from his â€Å"master,† he was polite to him. Even while holding the man’s neck, he answered, â€Å"Yes, sir† (Douglass 243). Society claimed that they were less than human. Few aspects are more human than fighting for what one believes in. Douglass more than proved his competence and equality to any man. As one looks at the rationalizations attached to slavery, it is clear that Frederick Douglass contests every word.

Personality Reflection Paper - 939 Words

Personality Reflection Paper Debbie Cooper PSY/250 July 30, 2012 AnneySnyder Personality Reflection Paper The following will reflect this researchers understanding and reflection on personality, how it defines one, what it means, and if one’s personality changes to fit certain situations. At the end this researcher may have a better insight into herself as well as the personalities of others. This insight can help her in her future endeavors. Personality I would define personality as what makes each individual different. Each human being’s personality is as unique as they are. While most people define personality to describe another’s more apparent characteristics, psychologists use personality to try to give reason to similar†¦show more content†¦I am dedicated because I am devoted to those I know and projects that I value, I complete what I start. I am patient because I am steadfast and understanding, it takes a lot for me to get flustered. Key Personality Concepts Some key personality concepts that define who I am is introvert, intuitive, intuitive feeling, and judging. Introverted intuition allows me to appreciate a better clarity of perception of inner unconscious techniques. It allows me to act spontaneously and insightful as original resolutions present themselves, on a case by case basis. Basically this means that I follow my intuition and not how I may sense something. Feeling allows me to express my emotions when others are involved. I also freely express my opinion when others are involved. At times I find myself torn between the moral conclusions about their actions and attitudes and my longing to express my bucket full of feelings and the consequences of the unbridled truth. My confidants are chosen with care, I understand that there are those out there who will stab you in the back without batting an eyelash. Judging was a concern for me, until a wise person informed us that it should not. It means that I listen without interruption to obtain the full amount of information before asking questions or giving my opinion. It does not mean that I judge – comment or criticize a person, their beliefs, or their opinion. Constant or Changing I believe that ourShow MoreRelatedReflection Paper On Personality1427 Words   |  6 PagesFor this paper, I wanted to get an analytical point of view on what my personality is. To do this, I took two personality tests from the Similar Minds website. The first one I took was the Big 45 Test. That personality test consisted of 225 questions that gave me the answer range from ‘very inaccurate’ to ‘very accurate’. My results were nearly similar in percentage; for Extroversion I got 59%, Accommodation is 67%, Orderliness is 59%, Emotional Stability is 51%, and Open-mindedness is 73%. 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Antigone Most Tragic Hero Essay example - 669 Words

Jessie Romelus English I Mrs. Joseph March 14,2011 Antigone: the Most Tragic Hero Sophocles Playwright, The Three Plebian Plays: Antigone, Oedipus the King, Oedipus at Colonus written by Sophocles, is one of the many plays that shows the audience heroic figures and the outcome of being exposed to fate. Creon and Anitgone both show nobility throughout the play showing that they are both admirable and human. Antigone copes with the situation she has fallen in. She rebels the governments decree so she could have a proper burial for her deceased brother. Doing this Antigone did not only prove that she is brave and showed great fortitude, but in the process Antigone also defends her faithfulness for her family. This makes Antigone the†¦show more content†¦She has come so far going against Creon standing up for what she believed in to honor her brother. Antigone is punished for defending her ideals; she is walled up in a tomb and abandoned. Even though Antigone has very admirable qualities, to Creon she was an arrogant pest who to be silent and not heard as he thought women should be. She was making him look powerless because she fearlessly went against his decree. â€Å" This girl was an old hand at insolence when she overrode the edicts we made public†(Sophocles 536). Antigone fights for her beliefs through her fight but stands up brave and tall to burying her brother. Antigone could be called independent because by herself, she buries her brother alone and faces the consequences alone with great bravery. Even though Antigone knew she was going to die if she buried her brother she did it anyway to show respect for her brother and family. Although Creon could have been considered a noble character because he defends his city and his power, he does grieve the loss of the brother, mother, and father like Antigone. However, Antigone endures more personal burdens; noone to save her from doom. Creon did not work himself as Antigone did, burying her brother with no fear of what would become it. He did show himself as a noble character as Antigone. Creon used minions to do his work, in fear of what would happen if he had killed her directly. Ultimately, this shows that AntigoneShow MoreRelated Creon is the Tragic Hero in Sophocles Antigone Essay627 Words   |  3 Pages Creon is the Tragic Hero of Antigone nbsp; When the title of a play is a characters name, it is normally assumed that the character is the protagonist of the play. In Sophocles Antigone, most people probably believe Antigone to be the tragic heroine, even after they have finished watching the play. It may be argued, however, that Creon, not Antigone, is the tragic character. When we examine the nature and concept of the Greek Tragedy and what it means to be a tragic character, it becomesRead More The Tragic Hero: Creon or Antigone? Essay1293 Words   |  6 Pagestragedy Antigone, the characters Antigone and Creon can both be thought of as the tragic hero of the play. Though Antigone does show some of these characteristics of a tragic hero, Creon demonstrates the attributes more clearly and concisely. Creon is the King of Thebes, as well as the uncle of Antigone. Creon took the throne after a tragic quarrel between his two nephews, Eteocles and Polyneices. Despite his harsh governing and his crude ideals, he is not good or ba d. Creon is the tragic hero of theRead More Creon as Tragic Hero of Sophocles Antigone Essay593 Words   |  3 PagesCreon as Tragic Hero of Sophocles Antigone There has always been a bit of confusion as to the tragic hero of the Greek Drama Antigone. Many assume that simply because the play is named for Antigone, that she is the tragic hero. However, evidence supports that Creon, and not Antigone, is the tragic hero of the play. 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Antigone might be the name of the tragedy, but I b elieve that Creon is the winning candidate. His role in the plot of this tragedy, his sensible tragic fault, and his dynamic character are the obvious reasons why I chose him as the tragic hero. nbsp;nbsp;nbsp;nbsp;nbsp;FirstRead MoreCreon from Antigone Essay612 Words   |  3 PagesCreon from Antigone A tragedy, as defined by Ms. Tozar, is â€Å"the story of a falling from a high place to a lower place by a character.† In other words, a tragedy is a story of an individual who starts in a high position and descends throughout the story to end in a position that is lower than original position. The individual who makes the descent is known as the tragic hero. The tragic hero, as defined by Ms. Tozar, is â€Å"the character who falls from grace as a result of fate and/or a weaknessRead MoreEssay on Creon as the Tragic Hero in Sophocles Antigone1326 Words   |  6 PagesCreon as the Tragic Hero in Antigone     Ã‚   This essay will compare two of the characters in â€Å"Antigone†, Antigone and Creon, in an effort to determine the identity of the tragic hero in this tale.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To identify the tragic hero in Sophocles’ renowned play â€Å"Antigone†, we should first consider both the elements present in Greek tragedies and what characteristics define a tragic hero. Aristotle’s definition of tragedy is: â€Å"Tragedy is a story taking the hero from happiness to misery

Importantance Of Marketing Research Process †MyAssignmenthelp.com

Questions: 1.Which of the steps of the marketing research process doyouthink is themostimportant and why? 2.Do you think that a company should follow findings from market research? Why or why not? When would it be appropriate (or not)? Answers: 1. Each and every step that is taken in the research methodology process is essential and is important to ensure that the information that is gathered and analyzed is appropriate and is not tampered due to the variation in the relevance of the study. There is a set process that is internationally accepted to follow while constructing a research paper whether it is market research or academic research. This procedure is undertaken to ensure that there is a logical flow of information so that the reader is able to understand the study. Selection of the right data collection tool or instrument is very important to get the right kind of information from the right people at the right time, for example in case the subject requires for a semi structured interview but the chosen tool is survey then the findings may be irrelevant (Hague et al., 2013). Selection of the sample size out of all the steps is the most essential part of market research, the population of the study has to be thorough ly checked and analyzed in order to determine a concrete outcome. Therefore the process of selecting the sample size is essential as the response of these people will manipulate the result of the findings and lead to the conclusion of the research (Burns et al., 2014). 2. I think that a company should follow findings form market research as it helps them to understand the need and requirement of the stakeholders of the company based on the topic of research. It is important to formulate the decisions and policies of the company based on the dynamics of the industry in which the company exists and with the help of market research the company can analyze and determine the various prevalent dynamics o the industry. For example a company is diversifying with an existing product or service idea, in order to initiate the process the organisation requires a lot of capital it is a good idea to undertake a market research regarding the new idea as the response and the findings will help the company understand the perspective of the target market which will in turn help the company save from investing the capital in case the response is negative. References Burns, A. C., Bush, R. F., Sinha, N. (2014).Marketing research(Vol. 7). Boston, MA, USA: Pearson. Hague, P. N., Hague, N., Morgan, C. A. (2013).Market research in practice: How to get greater insight from your market. Kogan Page Publishers.

Project Essay Example

Project Essay The polymer will lose its high bendable strength as more water is animal units bonded together. Polyvinyl acetate is a rubbery synthetic polymer. This polymer is a component in glue. Mixing borax with polyvinyl acetate will cause it to cross-link and form slime. Cross-linking is a bond that links one polymer chain to another. (see diagram below). Borax, which is also, known as sodium borate is a non- toxic substance and has a wide-variety of uses. We need to use our knowledge of chemistry to explain the physical characteristics and chemical behavior of a particular material. Our objective in this experiment was to create a polymer ball that was both echo-friendly and nontoxic. Methods/Procedures The following items were used: -Polyvinyl alcohol -Sodium borate -Polyvinyl acetate solid -Starch During week one of our experiment we used all of the ingredients that were given to us. A 10:1 ratio between polyvinyl alcohol and sodium borate was used. We used this ratio because while conducting research, there was a similar experiment to the polymer ball and it said a 10:1 ratio was used. Ml of borax and ml of polyvinyl alcohol was poured into a mall beaker. We will write a custom essay sample on Project specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Project specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Project specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Then the mixture was stirred for about 10 minutes until the mixture became a sticky substance. Ml of polyvinyl acetate was hen poured into the mixture. The mixture was stirred for 2-3 minutes. During week two we were supposed to tweak our mixture and also make our polymer ball resistant to the heat and cold because it was going to be shipped from Florida to New Mexico to Alaska. During this experiment we changed our experiment using less ingredients and less substances. The only ingredients used were the polyvinyl alcohol and the sodium borate. Ml of polyvinyl alcohol and ml of sodium borate were mixed in a mall beaker. The mixture was stirred until it started to thicken which took about 10-15 minutes. The mixture was taken out of the beaker, and rolled into a ball for about 5 minutes then put back in the beaker and let it sit for 20 minutes. After 20 minutes, the mixture became less sticky and was easier to roll into the shape of a ball. Since we were supposed to create a ball that was resistant to different climate temperatures, the polymer ball was split into two. Half of the ball would be in hot water and the other would be in ice. Results/Discussion When the Papa and sodium borate were mixed together, the mixture became very sticky and a lot of air bubbles were formed and the mixture also foamed. The mixture kook the shape of the beaker, but when it was taken out of the beaker and was left to sit on the table, the polymer would flatten out. This is called shape memory, materials that can remember their shape after a distortion occurs and can reconfigure its shape upon a stimulus. In the second week of this experiment we planned to not use starch, or polyvinyl polyvinyl acetate solid did nothing to our product. To test the polymer ball as to whether or not the ball could withstand different temperature climates. Two tests were performed. An ice bath test, and a boiling water test. One half of the ball was tinting in a beaker of ice. As soon as the polymer was placed in the beaker it started to steam and immediately it started to freeze. The p olymer also started to flatten out. When it was taken out of the ice it was very slippery and hard to grip. It was also difficult to roll into a ball. But, after it sat in room temperature it was easier to mold into a ball and still carried the bounce that a bouncy ball should have. In boiling water experiment, water was boiled in a beaker with the use of a Bunsen burner. After the water was boiling we placed the polymer ball into the water and it melted UT didnt fully dissolve in the water. There was a layer of the polymer ball floating in the water. We collected the layer and put the substance into a beaker. When the substance cooled down and was back to room temperature, the substance became very stretchy. The polymer could also be rolled back into a ball. Conclusion In conclusion, we were not able to create a polymer ball that would be able to withstand different climate changes, but were able to create the bouncy ball. The polymers we created did bounce although they were a little floppy and werent perfect spheres. The polymer stuck to all surfaces but was easy to pull off. It was moldable and easy to form. It couldnt be pulled apart or stretched, Just squished and squeezed. When the polyvinyl acetate solid was added to our first mixture it had glue like color and no changes were made to the substance. When you add borax solution to polymers like PA, it cross-links the two polymers together like a net. Depending on how much of each ingredient is mixed you can either make a mixture that is slimy or stretchy. By adding cornstarch the mixture will be able to bend and stretch the mix. Most plastics are polymers. For example PVC pipes is the continuous linking of the same molecule.

How To Write A College Application Essay

How To Write A College Application Essay How To Write A College Application Essay How To Write A College Application Essay: Difficulties You May FaceMany students search for help on how to write a college essay at professional writing services.The frequency of the requests for help in writing college application essays is explained by some difficulties with lack of essence of the how to write a college application essay as well as with inability to work with the material for essays writings.College Application Essay Writing ProcessFirst of all, let us define what admission essay is.Admission essay is a prose essay of the small volume that expresses personal experience of the writer, impressions and thoughts on particular admission issue, demonstrates obtained achievements, etc. Admission essays writing do not obviously claim to the irrefragable answer.College admissions essays writing is a new, subjectively colored word about something that has a philosophical, critical or fictional character. College entrance essays writing suggest creative freedom. Admission ess ays can be written on any topic and in any style that is it can be written any way one likes and about everything as the essay it is your reflection about heard, read, viewed. Essays as a genre of composition actively invade in students life. Student should write an essay not only where the subject area - English language and literature, but also history, foreign languages. Rules And RecommendationsFor the literate, interesting essay the writer should follow certain rules and recommendations Find how to write a college admission essay How to write a college admissions essay How to write a college application essays How to write a college entrance essay How to write a college level essayin the Internet

Capital invistment apprisals Essay Example | Topics and Well Written Essays - 750 words

Capital invistment apprisals - Essay Example There are 5 techniques that have been employed in this particular scenario: simple payback method; accounting rate of return (ARR); net present value (NPV); and internal rate of return (IRR) (Mott, 1997). Capital Investment Appraisal Capital investment appraisal is the evaluation of the attractiveness and viability of an investment proposal, using techniques like payback period; net present value (NPV); average rate of return (ARR); or internal rate of return (IRR) (Go?tze, Northcott & Schuster, 2008). Investment appraisal is an essential part of capital budgeting and is relevant in cases where the returns cannot be easily quantified (e.g. training, marketing, and personnel). All businesses need fixed assets (capital equipment) like vehicles, premises, and machinery. The acquisition of those assets is called capital investment. Just like other business activities, capital investment comes with an element of risk and uncertainty, because costs are incurred today so as to generate some benefits in the future (Harrison, 2003). Capital investment appraisal techniques are aimed at enhancing and supporting decision making on such investment undertakings. The Appraisal Techniques i) Payback Period Method This technique is based on the time needed for the forecasted net cash flows to equal the amount of capital that has been invested in a potential investment initiative (Mott, 1997). The investment project that repays whatever capital invested in the least possible time is considered to be the most attractive (Gardner, 1998). This technique requires the following estimates: (a) amount of capital needed, and (b) the timing and amount of the net cash flows an investment generates. Advantages a) Simple to compute and easy to understand b) Suitable for risky projects where it is difficult to predict future cash flows beyond the first couple of years (for instance, IT). c) Suitable if short term cash flows are more critical to the survival of an investment than long-term ca sh flows. d) Suitable when there is a concern regarding gearing or borrowing. Disadvantages a) Does not factor in the time value of money (cash now is often more valuable than cash received later). b) Disregards cash flows when the payback period elapses. ii) Accounting Rate of Return While the payback period method concentrates on cash flows, the ARR concentrates on profit. It measures the forecasted average profit before tax and interest as a percentage of the average capital invested in a business venture. Advantages a) Simple to compute and easy to understand b) Caters for the entire life of an investment c) Compatible with ROCE and the performance ratio Disadvantages a) Does not account for the time value of money b) Does not offer guidance on what is a good rate of return c) Averages can be confusing and misleading d) Disregards the timing of profits e) No uniform definition of terms iii) Net Present Value This is the present value of all the present and future cash flows of a n investment, discounted at those cash flows’ opportunity cost. Advantages a) Accounts for effects of inflation b) Adjust future cash flows to a PV (present value) Disadvantages a) Inflation is usually unpredictable b) The longer you go into the future the less reliable the discount

Legal framework governing environmental regulation of the oil and gas Essay

Legal framework governing environmental regulation of the oil and gas industry - Essay Example The paper tells that the constant need for energy in the modern world has made the offshore oil and gas industry a vital one for society. Without oil and gas, commerce will grind to a halt and daily life will be irreparably changed. A future without oil and gas is difficult to imagine. And yet, the oil and gas industry are also responsible for some of the biggest environmental disasters that the world has known, making it imperative to set up stringent regulations to ensure that environmental catastrophes and adverse ecological consequences are prevented, or at least mitigated. It then becomes necessary to balance these two sometimes competing interests and craft a regulatory framework that will take into account industry imperatives of the oil and gas sector, whilst at the same time ensuring that resource sustainability issues are adequately addressed. This balancing act, however, is not so easily done. Environmentalists argue that the environmental regulations are not enough and th at companies can still routinely flout the prohibitions, causing long-term damage to the planet. On the other hand, industry players say that the restrictions are too heavy-handed, thus unduly curtailing their business. It is in light of this that this paper evaluates the legal framework – international treaties, EU directives, national legislation – of the UK. The objective of this paper is to determine whether or not this is a case of â€Å"over-regulation† or â€Å"under-regulation†.... The Offshore Oil and Gas Industry and the Planet Experts have identified the three major environmental problems caused by the oil and gas industry to be air pollution, acid rain and global warming. These problems are found in the entire production chain, from manufacture to distribution to consumption of the oil and gas. According to Gao: environmental problems start right away with exploration activities such as seismic   surveys and geological prospecting, albeit the environmental interference and disturbance at this stage are limited. Second, it is interesting to observe that, in the upstream operations, environmental problems and their impacts tend to increase and build up along with the project's progress, from the initial visibility and acoustic issues at the exploration phase, accidental spills and blow-out at the development stage, and to operational discharge and emissions such as gas flaring during the production period1.   This is because of the precarious nature of oi l and gas extraction and emission. The problem is also political because many of these offshore oil and gas extractions take place in the developing world, where vulnerable communities are hard put to defend their resources from external influences, thus jeopardising the sustainability of these resources and availability for their own consumption. Without regulation, what the world will have in its hands is a veritable time bomb – ticking and waiting to explode. Legal framework of the offshore oil and gas industry The legal framework of the offshore oil and gas industry in the United Kingdom is composed of several components. The primary international treaties that govern offshore operations are the MARPOL (73/78) which is made to apply to Merchant

HRM Essay Example | Topics and Well Written Essays - 500 words - 1

HRM - Essay Example Therefore, HR team needs to focus attention when a job needs to be redesigned. Training and development are the key issues in HR activities. HR team of R. R. Donnelley used training and development method to enhance the productivity. This HR activity also motivates and inspires the employees of Donnelley to work more and generate more production. Quality control and quality checking are also important for a production firm like Donnelley. Six-Sigma and other quality control process has been largely used in their training method. HR team also introduces new technologies in making printing plates and films. It changes the job description of the employees of Donnelley. Training and development from HR team train their employees to adopt new technology. As a result, productivity has increased by 20 percent in last three years. This increment in production also stops to build a new production unit. Therefore, this HR activity is cost effective for Donnelley and increases the efficiency an d effectiveness of the employees. (Mathis and Jackson, 160-164; R.R Donnelley, Delivering Value across the Supply Chain, p.1) Technology involves almost every part of our lives. However, to the extent that our individual lives have been transformed, the business world has developed almost beyond appreciation in the past few decades. Caterpillar is the renowned infrastructure company in the world. Caterpillar is the biggest constructer of construction and mining equipment. In Caterpillar, adoption of new technology is very common. In Caterpillar, we resolve the difficult environmental problem by new technology. Caterpillar has a good record as a technology direction. Caterpillar always used new and advanced technologies to meet their customer’s needs. As an infrastructure company Caterpillar has to use different technologies regarding environmental problems. They adopt many

Wetland Ecosystem Essay -- Environment, Sustainable Development

1. Introduction Wetland ecosystem is one of the most productive ecosystems on this planet delivering massive goods and services to human society. However, due to poor awareness of their values and underestimation of their contribution, many wetlands have been converted to farmland or urban areas, or influenced by pollution due to agricultural and industrial activities. Consequentially wetland ecosystems have severely declined and degraded globally during the past decades. In order to restore and protect wetlands, hence ensure a sustainable supply of wetland goods and services, it is important to recognize their values. Vital to this is the development of valuation methods that explicitly link wetland values, the capital base of the ecosystem, to the design of policies (Pearce and Atkinson, 1993; Dasgupta and MÃ ¤ler, 2000; Arrow et al, 2004; Maler et al, 2008; Dasgupta, 2010). For a typical wetland ecosystem, its values can be accounted in terms of the populations of its species, fish harvested per day, the amount of carbon stored per year, or the annual number of recreational visits. These are generally categorised as values from wetland production, regulating or cultural services (MA, 2005). Proper and accurate estimation of these values enables comparative analysis of intervention practices and therefore contributes to the improvement of the design of policies (Barbier, 1993; Barbier et al., 1997; Turner et al, 2000). Quality is a critical factor in determining the values of wetlands. A healthy and functioning wetland may provide rich ecosystem services (Zedler and Kercher, 2005; Maltby, 2009). The quantity of the wetland valuation practice has increased in relatively recent years. In the review by Heimlich et al. (1998), 33... ...s. Since the values derived with a benefit transfer method are not strictly primary studies, we therefore deleted those items. Subsequently, the values that are not of a single service, but a total economic value (TEV) or marked as ‘various’, had to be moved from the list for consistence. Finally, 70 data items from 27 articles remain in the analysis. The cross tables based on the data are given in Tables 1 and 2. Table 1 shows the relationship between eco-services and wetland types in terms of the number of study cases, while Table 2 shows the relationship between the services and the methods used for their valuation. The most studied services are food and raw materials which happen mainly at wetlands unspecified by the authors or at floodplains; the most used valuation methods are the direct market pricing method, there are 41 data items out of the total 70.

Pinay Ako

Pinay Ako â€Å"MANILA, Philippines- The inability of the Philippine economy to produce high-paying  jobs especially for women has pushed Filipinos to marry foreigners as a way to provide for their families, the study Country Gender Assessment by regional lender Asian Development Bank said. † 1 The research that was conducted last 2009 showed an estimate of 300,000 Filipinos of whom 92% are women, are married to foreigners mainly from United States, Japan, Canada, the United Kingdom and South Korea.Pinay ako (translated as I am a Filipina) and I dislike the fact that we are well-known to the world to be gold-diggers –yes, that is how they call us. I never planned nor wanted to be one of them. I remember going to a church that does not support the trending 18-year-old-pinay-marrying-80-year-old-kano2. Unexpectedly, I met Jaimee, 20. My parents and relatives were against us. It is because aside from being too young, Jaimee is a foreigner from Kansas, USA.We have been th rough a lot of troubles and we have prayed and cried so many times to fight for the love. I guess it is true that things that are meant to be will always be. The more they pulled us away from each other, the more we got closer. He became my husband after a year. I am going to be different among typical Filipinas. I have always been ambitious and I think I will always be. Jaimee told me that this is one of the traits that he liked the most in me. If truth to be told, before I met him I never wished for marriage.I wanted to be independent and free. When I was still at university my primary goal was a booming career. I am more of a career woman. I love business. I love office. I actually worked in our family’s small factory and did college at the same time. When I married Jaimee I got new goals in life. First is my promise to be the best wife to him and the best mother to our future children. Second is to make a difference. I am going to be different among typical Filipinas. I a m going to take a stand and become a model and inspiration.

The Oedipus Complex in Literature Essays - 3480 Words

According to Merriam-Webster online dictionary, the Oedipus Complex is a child’s positive libidinal feelings toward the parent of the opposite sex and hostile or jealous feelings toward the parent of the same sex that develop usually between the ages of three and six and that may be a source of adult personality disorder when unresolved (Merriam-Webster). In Sons and Lovers, Paul Morel demonstrates the classic symptoms of the Oedipus complex. Paul and his father’s relationship is destroyed early in his life. His father was not around to be a role model; and, as a result, Paul developed a strong love for his mother. Once he was old enough to develop true feelings for other women, his mother’s opinion often got in the way.†¦show more content†¦This is similar to the time period that D.H. Lawrence, himself, lived. Many people believe that this book is semi-autobiographical. In this time period that miners were trying to earn higher pay (Novel Guide). Lawre nces father worked in the mines and faced raises and pay cuts in the following months (Novel Guide). Walter Morel is based on this real life character (Novel Guide). After the education act of 1870 was passed, all children went to school for little or no fees (Novel Guide). This increased the chance of children growing up and getting a successful job. In Sons and Lovers, all of the children went to school in hope of not falling in their fathers footsteps and becoming a miner. David Herbert Lawrence was born in Eastland, England on September 11, 1885. He was the fourth of five children. . He struggled to be himself at school and felt the need to prove himself in the mining pits. His brother, William Ernest, was his role model and followed in his prestigious academic footsteps. After this hard work, he received a recently established scholarship and chose to attend Nottingham High School. In high school, David had a hard time distinguishing himself from the other students. He struggled to keep up with the other scholarship recipients. He was having issues with his family after his uncle killed his own son. He decided to drop out of school at age 15. He found a low paying job, but was distracted by his father’s sudden deathly illness.Show MoreRelatedSigmund Freud s Theory And Criticism1345 Words   |  6 PagesMidterm Essays Freud and Literature At some point in life, everyone has heard the name Sigmund Freud. Sigmund Freud was born in 1856, and went on to become one of the most talked about theorists. He is known as the father of psychoanalysis and has left behind an everlasting legacy. There were two influential and sometimes controversial theories that Freud left behind. Sigmund Freud’s big legacy was his work with dreams and the unconscious. This work can relate to literature on a large scale. In ourRead MoreOedipus Rex and Aristotle Essay example894 Words   |  4 PagesThe Six Elements of a Tragedy in â€Å"Oedipus Rex† Aristotle’s â€Å"The Poetics† describes the process of a tragedy. It is not the guide per se of writing a tragedy but is the idea’s Aristotle collected while studying tragedies. A tragedy, according to Aristotle, consists of six major points. The first and most important is the plot, which is what all the other points are based on. Such points are: character, language, thought, melody, and spectacle (Aristotle). A prime example of the usage of theseRead More The Oedipus Complex in Oedipus Rex Essay732 Words   |  3 PagesThe Oedipus Complex in Oedipus Rex Thousands of years after Sophocles wrote the story of Oedipus Rex; psychologists named a complex after the behavioral characteristics of Oedipus. For many years psychologists have called a son having a sexual attraction toward his mother the Oedipus Complex. It is common belief that Oedipus Rex did not actually suffer from the Oedipus Complex. The basic support for this theory can be found through Oedipus inherent fear of the prophecy placed upon him,Read MoreAnalysis Essay: Oedipus the King1017 Words   |  4 Pages Casual Analysis Essay: Oedipus the King Sophocles play Oedipus the King has endured for over two thousand years. The plays lasting appeal may be attributed to the fact it encompasses all the classical elements of tragedy as put forth by Aristotle in Poetics nearly a century before it was written. According to Aristotle, tragedy needs to be an imitation of life according to the law of probability or necessity. Tragedy is serious, complete, and has magnitude. It must have a beginning, middleRead MoreEssay about Oedipus the King and Oedipus Complex612 Words   |  3 Pages Oedipus Rex, is a Sophocles play, that according to Freud exemplifies a formative stage in a individuals psychosexual development. The psychosexual stages are the age related developmental periods in which sexual impulses are exerted through different bodily zones and then activities are associated with those areas in the bodily zones. These is when a young child will transfer his love object from the breast to the mother. When the child gives up the breast and movesRead More tragoed Metamorphosis of the Tragedy in Oedipus Rex, Hamlet, and Desire Under the Elms736 Words   |  3 PagesMetamorphosis of the Tragedy in Oedipus Rex, Hamlet, and Desire Under the Elms Tragedy is considered by many to be the greatest of the genres. Often something goes wrong and exposes something great. Characters generally have more depth as evidenced by Hamlet. Tragedy shows up in the great periods of history: Classical Greece, Renaissance, and the early 20th century. It is a far more complex genre than comedy or romance. It teaches people to think since the storylines never have a simpleRead MoreOedipus The King, And Oedipus At Colonus1343 Words   |  6 Pages Oedipus, a play written by Sophocles, has become a staple in the study of a Tragic hero in classic literature. When this was written in the fifth century, theatre was more than a means of entertainment but almost a religious event. Robert Fagles goes even further by saying that†theatre was not only a religious festival; it was also an aspect of the city’s political life.† (Fagles) . Greek dramas were presented only twice a year during religious festivals that honored Dionysus , the god of winesRead MoreSigmund Freud : A Scientific Theory956 Words   |  4 PagesSigmund Freud was one of the great psychologist whose theories are still studied today. He studied the human mind more thoroughly than any other psychologist who came before him. Sigmund Freud has influenced different areas such as: psychology, art, literature, and even how people think and make choices today. Freud is said to be the founding father of the psychodynamic perspective and believed that most human behavior is caused by dark, unpleasant, unconscious impulses pressing for expression (King)Read More Sons and Lovers as Bildungsroman Essay944 Words   |  4 Pagespsychology, and religion to the forefront of literature. One of the most widely read novels of the twentieth century, Sons and Lovers, which Lawrence wrote in 1913, produces a sense of Bildungsroman1, where the novelist re-creates his own personal experiences through the protagonist in (Niven 115). Lawrence uses Paul Morel, the protagonist in Sons and Lovers, for this form of fiction. With his mother of critical importance, Lawrence uses Freud’s Oedipus complex, creating many analyses for critics. AlfredRead MoreSons and Lovers1223 Words   |  5 Pagesunderstand human behavior. D.H. Lawrence’s Sons and Lovers (1913) is a text that cries out for a psychoanalytic interpretation.One of Freud’s most famous theories is the Oedipus complex, which deals with a child’s emerging sexuality. Freud used the story of Sophocles’ Oedipus Rex to help illustrate his theory. In the story, Oedipus unwittingly kills his father and marries his mother. According to Freud, all male children form an erotic attachment to their mother and are jealous of the relationship

Creative Writing Continuation Of Mice And Men by John...

The cold harsh winds of the winter whistled through the ranch. Nothing moved, the grounds lay bare the only sign of life was an illuminated window on the far side of the silent ranch. The light came from a small wooden shack; the shack appeared newer than the rest of the weather worn buildings, it also looked better cared for than the other buildings. Next to the shack was a small garden and in it were gravestones. Two were lined side by side, but another sat lonely in the corner of the garden. The lonely gravestone was simple it was made from wood unlike the other two that had been carefully crafted out of stone. Then a creak echoed around the garden and the shack, it was no louder than a whisper but in a place where nothing made a single†¦show more content†¦He made a run for it, Curley and a couple of guys hunted him down, George looked at the ground. The afternoon had become colder and harsher. The dark had consumed the light and droplets of moisture settled. Charlie ges tured with his hand for George to carry on. George

The Moral Theory Of Utility - 969 Words

Union buster Marty Leavitt does not operate under the concept of ethics of utility. The ethics of utility, also known as utilitarianism, focuses on maximizing net social welfare by creating the greatest good for the greatest number (of people). This concept differs greatly from the goals the union buster’s set out to achieve. The moral theory of Utilitarianisms, also known as free market, is the belief that maximizing aggregate welfare, in which the greatest benefits are produced with the lowest costs compared to alternative actions. (Labor, pg. 185) This belief differs from the union buster, because his goals is to ensure that a union never comes into existences, by any means necessary. A union buster, uses illegal tactics such as counter organizing drives, to prevent nonunion employees from joining a union. One such tactic is divide and conquer, as he targets not only the employees to get the results he wants, but also their immediate supervisors. The union buster is driven by self-interest and cares little if nothing about the greater good, nor for the employees’ of whom will benefit from union representation. One such union suppression tactics used by union busters, is the use of inefficient or welfare-reducing behavior, by compromising ethical and legal standards. The union buster resorts to lies and deceit as a mean of making sure that an organization does not unionize. The ethics of liberty focuses on employees and their individual freedom. Employees have aShow MoreRelatedJohn Stuart Mill : The Theory Of Morals, Utility, And The Greatest Happiness Principle1439 Words   |  6 PagesThe utility test stems from the Utilitarian Principle where the consequences of one’s actions determine right or wrong; the ends justify the means. Utilitarian ideas primarily came to fruition in the eighteenth century as three of the most prominent utilitarian philosophers released their works within the same timeframe, all principally speaking to the greatest happiness principle. John Stuart Mill, a distinguished British philosopher of utilitarianism, once stated, â€Å"The creed which accepts asRead MoreKant And John Stuart Mill s Utility Based, Utilitarian Moral Theory1551 Words   |  7 PagesOne of the most intriguing aspects of moral theory is not merely analyzing disagreements between renowned, intellectual giants, but examining the ways in which nea r polar ideologies can arise to similar conclusions based on vastly different rationales. Immanuel Kant s duty-based, deontological moral theory and John Stuart Mill s utility-based, utilitarian moral theory are prime examples of antithetical viewpoints that share similar outlooks to ethical subjects such as lying and helping those inRead MorePhilosophical Ethics Study Guide Essay1287 Words   |  6 Pagesdescription of what utility means vs. disutility). i. Act Unitarianism → States that the morally right act in any given situation is the act that would produce the greatest overall utility in its consequences to that person. ii. Utility → Desirable consequences which are said to have positive utility iii. Disutility → Undesirable consequences, often associated with pain and suffering, are said to have negative utility 3. What is the moral saints problem? Which moral theory does it object toRead MoreThe Differences Between Moral Motivation1390 Words   |  6 PagesThe differences between moral motivation in Groundworks and Utilitarianism Among the history of moral philosophy, two major philosophers, Immanuel Kant and John Stuart Mill from the 18th and 19th century have come up with two different moral theories for the moral philosophy. Kant had established his view of moral in his bookâ€Å"The Groundwork of the Metaphysics of morals† and claimed that motivation of an actions are based on duty and reason. On the other hand, Mill’s idea is that actions baseRead More Utilitarianism vs. Kantianism Essay1363 Words   |  6 Pagesreflection on our moral beliefs with the aim of improving, extending or refining those beliefs in some way. (Dodds, Lecture 2) Kantian moral theory and Utilitarianism are two theories that attempt to answer the ethical nature of human beings. This paper will attempt to explain how and why Kantian moral theory and Utilitarianism differ as well as discuss why I believe Kants theory provides a more plausible account of ethics. Immanuel Kants deonotological ethical theory assesses if actionsRead MoreNietzsche And Mill s Theory Of Morality Essay1505 Words   |  7 Pages Nietzsche and Mill have explored the theory of ‘morality’ from different perspectives. The two philosophers appear to get along that the notion ‘morality’ has been exploited to a great extent, though a little certainty has been provided on the issue. The two philosophers agree on the complexity of the issue. Mill’s theory of ethics is based on the concept of ‘utility. The philosopher provides the meaning of the idea as it has been largely perverted. Nietzsche stipulates that ‘morality’ is notRead MoreRelationship Between The Principle Of Utility And Moral Rules1462 Words   |  6 Pagesunderstanding of the relationship between the principle of utility and moral rules. In this essay I will argue that Mill thinks that there is a strong relationship between the two concepts, although he regards moral rules as having a subordinate relationship towards the principle of utility. Mill is a rule utilitarian who believes moral rules are useful guidelines for everyday uses, but reverts to the principle of utility in complex moral situations. In this essay I will also argue for the advantagesRead MoreExplain Bentham’s Utilitarianism: (30 Marks)843 Words   |  4 PagesExplain Bentham’s Utilitarianism: (30 Marks) A man called Jeremy Bentham had a theory called the ‘Utilitarianism theory’. He was born in London at the time of the great scientific and social change and wrote ‘The Principles of Morals and Legislation’ in 1789. Bentham had the theory that all humans seek pleasure and avoid pain at all costs. Utilitarianism has been described as an act or a rule rather than a theory. We break this down into three parts: -Motivation: Bentham was a hedonists (‘Hedone’Read MoreEthical Theories That We Have Taught Are Deontological Ethics And Utilitarianism1163 Words   |  5 Pages The two Contrasting ethical theories that we have studied are Deontological ethics and Utilitarianism. Deontological: Deon means obligation or duty; Logia means speech Whereas, Utilitarianism: means the greatest happiness of the greatest number †¢ Deontological ethical, according to deontologists certain actions are right or wrong in themselves and so there are absolute ethical standards that must be supported. The problems with this position are concerned with how we know which acts are wrongRead MoreJeremy Bentham And John Stuart Mills Mill On Utilitarianism872 Words   |  4 PagesMill on Utilitarianism â€Å"The creed which accepts as the foundation of morals, Utility, or the Greatest Happiness Principle, holds that actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness (Utilitarianism, Mill). This theory of Utilitarianism was generated by the original Utilitarians, Jeremy Bentham and John Stuart Mill. Mill says: â€Å"Happiness is intended pleasure, and the absence of pain; by unhappiness, pain, and the privation

A Study of Factors Driving Shareholders’ Value Free Essays

string(59) " Commodity Broking and Distribution of Financial Products\." [pic] A Study of Factors Driving Shareholders’ Value and Influencing Sensex Fluctuation In India Executive Summary The objective of this project is to analyze the most important factors which drive shareholders, value. Shareholders’ value here refers to the MVA (market value added) which means the additional value which shareholders are earning on their invested money. The performance of a company matters a lot in creating a positive image of that company in front of its stakeholders. We will write a custom essay sample on A Study of Factors Driving Shareholders’ Value or any similar topic only for you Order Now Moreover, the main objective of a company is to maximize the shareholders’ value. So, shareholders always want to know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), Debt Equity Ratio (D/E Ratio) and Economic Value Added (EVA). This research is an attempt to find out whether EVA, DPS, D/E Ratio, EPS, ROCE, RONW of the companies listed in sensex really explains the value accretion for the shareholders and cause fluctuation in sensex. So, I have taken these variables as Independent variables and MVA as a dependent Variable (shareholders’ value) to apply regression analysis to come out with a result that which variable is having a high degree of Correlation with MVA and significantly explains variation in MVA. To perform this analysis secondary data has been collected from Prowess and www. bseindia. com Out of 30 companies listed in sensex, 23 companies are selected as sample. 7 companies are eliminated because of inadequate information available for these companies. The reason behind choosing these companies is that their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. After that the data of different financial indicators of these Companies (RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization and Beta value) are collected for the period of 2003-2008. CAPM model is used for calculating cost of equity. The EVA and MVA is calculated. After that change in MVA has been calculated with respect of previous year. Here 2003 has been taken as a base year and study has been done year wise from 2004-2008. Both EVA and Change in MVA are standardized by dividing both of them by Net Worth of the respective companies. This is done in order to get relative value of EVA and MVA over the same Net Worth. SPSS software is used for applying simple and multiple regression analysis. First Simple regression has been applied taking one Independent variable at a time in order to find most important variable and eliminate least important variable and analyze each variables influence over Change in MVA individually. After this multiple regressions has been applied in order to find the combination of Independent variables which are strongly correlated with change in MVA. In my study EVA has been found the most important variable then RONW, and then ROCE. These variables are having a high degree of correlation with change in MVA and significantly explaining the variation in MVA individually. While the combination of EVA, EPS, and DPS are having a very high degree of correlation with change in MVA. So, my analysis shows that it is best to invest in a company generating higher and positive EVA, RONW, and ROCE it will add additional value to shareholders. INDEX Chapter-1 Introduction Page No. 1. 1 Company Profile†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12-13 1. 2 Product Services Offered by IL Investsmart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14-16 1. 3 Background of the Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17-19 1. Introduction of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20-21 1. 5 Scope of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 22 1. 6 Literature Review†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23-24 1. 7 Abbreviation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 1. 8 Research Objective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 1. 9 Introducing MVA and EVA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 27 Chapter-2 Research Methodology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦29-30 2. 1 Limitation of Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 31 Chapter -3 Research Analysis 3. 1 Different Measures used for Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦36-36 3. 2 Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 37 3. Year wise Result of Simple Regression analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦38-42 3. 4 Overall Res ult of Simple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 43 3. 5 Year wise Results of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 44-62 3. 6 Overall result of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 63-64 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 65 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 66 Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 67 Appendices Appendix-1 Table of Annual Return of Sensex†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 68 Appendix-2 Table of Year wise Annual NOPAT of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Appendix-3 Table of Year wise Annual RONW of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 70 Appendix-4 Table of Year wise Annual ROCE of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 71 Appendix-5 Table of Year wise Annual D/E Ratios of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 72 Appendix-6 Table of Year wise EPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 73 Appendix-7 Table of Year wise DPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 74 Appendix-8 Table of Year wise Annual Market Cap. of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 75 Appendix-9 Table of Year wise Equity of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦76 Appendix-10 Table of Year wise Bank borrowing of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Appendix-11 Table of Year wise Annual Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 78 Appendix-12 Table of Year wise Levered Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦79 Appendix-13 Table of Year wise cost of equity of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 80 Appendix-14 Table of Year wise Cost of Capital of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 81 Appendix-15 Table of Year wise EVA of Companies†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 82 Appendix-16 Table of Year wise Stdz. EVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 83 Appendix-17 Table of Yaer wise MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 84 Appendix-18 Table of Change in MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 85 Appendix-19 Table of Stdz. MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 86 Chapter-1 Introduction 1. 1-Company Profile: IL IL Investsmart Limited (IIL) is one of India’s leading financial services organizations providing individuals and corporate with customized financial management solutions. Investsmart has a strong presence across wide range of products and operates in the areas of Investment Management and Advisory Services, Broking Services, Merchant Banking, Project Syndication, Equity and Debt Broking, Commodity Broking and Distribution of Financial Products. You read "A Study of Factors Driving Shareholders’ Value" in category "Essay examples" Earlier the company was owned by IL Group but is now held by HSBC, one of the world’s largest banking and financial services organizations. According to press Release by HSBC, the Company has completed the acquisition of 93. 86% of IL Investsmart Limited for a total consideration of INR 1,311 Crore. According to Sandy Flockhart, Group Managing Director Chief Executive Officer of Asia-Pacific, Investsmart will give HSBC access to the World’s third-largest Investor base, with over 20 million retail Investors. The business already has 143000 Customers. The documentation and name changing process is yet going on (till 15th June 2009). In India, The HSBC Group offers a range of financial services including corporate, commercial, retail and private banking, insurance, asset management, investment banking, equities and capital markets, institutional brokerage, custodial services. It also provides software development expertise and global services facilities for the HSBC Group’s operations worldwide. IL Investsmart Ltd has an all India presence through its network of branches and franchisees over 128 cities. Following a successful Initial Public Offer (IPO), IIL has been listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). IIL is geared towards understanding and achieving the financial goals of all its customers, through its specialists in the aforesaid areas. IIL’s 2000 employee provide a complete range of Investment solution in India through 88 branches and 190 Franchisee outlets from 128 Cities. It has been recognized as â€Å"National Best Performing Financial Advisor – Retail† for two years in a row (06-07 and 07-08) by CNBC TV 18, With a market capitalization of approximately US$260 million. The Corporate Office and Research Division are located in Mumbai. In Delhi, the regional office is at Caunaght Place and the branch office is at Pitampura. . 2-Products and Services Offered by the IL: The Company has grouped its Product and services in following manners: o Retail Offering o Institutional Offering o Advisory Report Advisory Services o Online Trading Retail Offering: It includes Advisory Products regarding research reports and analysis. Trading product: It includes Equity and Derivatives. NRI Products: It includes NRE Equity, NRI Portfolio Management services, Mutual Funds, IPO, Insurance, Wealth Management Products, PAN card services, Advisory Report and Accounting and income Tax return filling in India. Institutional Offering: |Investment Banking Services | |IL Investsmart (IIL) offers extensive range of Investment Banking Services for equity | |related products and instruments. Their team advises Customers on transactions like business | |structuring and capital raising opportunities based on their corporate needs and state of capital | |markets. Services it specialize in include Management of: | |Initial Public Offering (IPOs) | |Follow-on Offerings | |Qualified Institutional Placements (QIPs) | |Buyback of Equities | |Open Offers | |Mergers Acquisitions | |Private Equity Placements | |ESOPs | |Institutional Equity Broking Services: | It includes IPOs, equities, derivatives and mutual funds. It also focuses on identifying undiscovered value stocks to investors. Through its gamut of services, this division is well-suited to corporate investors, banks, financial institutions, insurance companies and FII’s. Their Institutional Equity Business (IEB) is well positioned to offer support for a complete range of investment banking service to corporate. Institutional Debt Broking Services: | Its institutional debt broking division includes, secondary market broking, primary market debt placement distribution and provident fund advisory services. Advisory Report Advisory Services: It includes Equity Report, Mutual Fund Report, Debt Market Report, Sector Report, Derivatives Technical Reports. The reports are sent to the Customers on a daily basis before opening of Stock Market in the Morning through email. It also provides Advisory Services by message alert and appointing Relationship Manager to HNI clients. Online Trading: For Online trading Company provides three products as online trading Platform: SmartStart It is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates Cusomer’s banking, broking, and demat accounts. A comprehensive trading service, which allows Investors to invest in equities and derivatives. SmartStart trading platform allows you the flexibility of trading on any internet capable system, with access to both the NSE and BSE. SmartInvest is a browser-based system designed for customers who transact occasionally. It is ideal for investors who believe in the Buy and Hold approach towards investment in equities. SmartInvest’s capability as a browser-based trading platform gives the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE BSE. SmartInvest sophisticated yet easy to use point and click order entry interface allows you to react more quickly to the markets and make better decisions. SmartTrade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term price movements. The platform offers active traders the tools they need to make critical decisions with confidence. SmartTrade is designed and built from the ground up to address the needs of active traders. SmartTrade makes the most of state-of the-art technology to deliver power, speed and reliability. Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy. 1. 3-Background of the Problem In two month of my training my job was divided into two parts. In one part I was told to sell the online trading product of the Company and in other part I was told to do my project in equity research. Since the Company is very much customer oriented, It wants to give a complete Investment solution to the customer so that the Company can delight them. For this company has a research division located in Mumbai. Since I was working in Pitampura Branch and that branch deals in Equity only (Online trading Product). So, I was upposed to do my project on Equity research. In this two month as a summer trainee I use to generate Client Database from my own sources and then approaching to the potential Customers by calling and arranging meeting with them and finally converting them into Customers. I was also handling the query of Existing Customer s of the Company regarding Online Products. On the basis of their Query I felt that the new retail Investors as well as existing Customers need a strong support from company to have an idea in which stock they should invest, so that in future their investment will result in a positive or will increase market value of their Investment in Stock market. For this Company use to send three research reports regarding better investment option on a daily basis on their email-id, message alert on mobile, and appoint Relationship Manager. So, for complete Customer satisfaction the company needs to have a strong research Division which is already there in Mumbai. Moreover, because of Global Melt Down investors are very much afraid to invest in Stock Market as the sensex reaches to a minimum of 8000 from 21000 within a Year. Now they are looking for those brokerage firms, which will guide them with a strong research analysis. So, in this case it is very much essential for the Research analysts working in the Company to analyze those factors which are really going to accelerate the market value of share holders in order to gain a competitive edge over the Competitors. It is the time to do an in depth study on those factors which an investor should consider before investing in a particular Company or Stock, if they want to add some more money to their pocket. So, I was given a task to analyze those financial factors which will drive the share holders’ value in future and will keep them at safe end for a long as well as short term Investment. Since, if the market value of stock will increase, sensex will also go up. So, here we need to study on those factors which will increase the Market Value. First thing which comes in my mind is that Stock of a particular Company is very much similar to a person, like whatever is happening in a person’s life, he or she is the one who is responsible for that. For example if a person is not able to pass an MBA exam then we say that something is wrong with his or her mind, if he or she is not able to walk properly then something is wrong with his or her health. It means the problem is within the person. The same things apply in the stock Market like if a company is not able to increase its market value (Share holders’ Value) or market Capitalization it might be the reason that Company is not performing well, not generating enough Profit, not able to use its assets in an effective and efficient manner, not able to increase the earnings of its owner and etc. because of which it is destroying the share holders’ value. So, I decided to work on the financial performance of Companies itself and to analyze whether the financial Performance of a company like (RONW, ROCE, D/E Ratio, EPS, DPS, EVA) is having any kind of correlation with their market value. I have also tried to analyze that is it so that we should consider these factors as a driver of Share holders’ value? Will positive change in these factors give positive result to the Share holders? This is the rationale behind working on this project which is very much required to understand in this recovery period of Economy. 1. 4-Introduction of the Project Today, one of the major goals of financial management is maximum utilization of the capital employed for maximization of Shareholders’ value. Since capital resources are scarce and costly, companies try to employ these resources in a way that yields highest return. Of course this should be accompanied by steps taken to minimize the cost of acquired resources. Otherwise, it will not increase the shareholders wealth and the firm’s value. The manager of a firm (as an internal user of financial information) and the investors and other parties (as the external users) are interested to use an appropriate performance measure in order to assess how the managerial actions affect the value of the firm. For this purpose the performance measure used, must consider at least three things, which are: the amount of capital invested, the return earned on the capital, and the cost of capital (Weighted Average Cost of Capital). So, the first question comes to our mind is that how do shareholders know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), D/E Ratio, and Economic Value Added (EVA). Out of all these factors EVA was introduced as an Indicator for Shareholders’ wealth maximization in 1990’s by Stern Stewart Co. It has been a focal point for majority of the studies. Stern has claimed that EVA as a tool of financial management is not just a phenomenon and neither is it limited to only `for profit’ organizations. Economic Value Added has been put to use for management performance evaluation and much more than just a measure of performance, it is a framework for complete financial management (for improving allocation of scarce capital; and for valuation of a target company at the time of acquisition). On the other hand, Market Value Added (MVA) is an indicator which measures the stock returns and shows the effect of different factors on share prices, in a particular market. While EVA is an accounting-based measure for the corporate performance of one year, MVA is a market-generated number. MVA is cumulative measure of the value created by the management in excess of the capital invested. This research is an attempt to find out whether EVA, EPS, ROCE, RONW, DPS, D/E Ratio of the companies listed in sensex explains the value accretion for the shareholders and fluctuation in sensex. 1. 5-Scope of the Research Since, BSE Sensex of India represents the whole Indian Economy. The companies listed in sensex are the representative of all the major industries of Indian Economy. Millions of investors have invested their money in the stock market. The stock market is something where investors can earn lot of money but risk is also there, because it follows fundamental of high Risk High Return. So, it is very much require to analyze the behavior of market. It means we should know in which company we should invest or we should not. So, the scope of research is to analyze the most important driver of shareholders’ value. Since, Research Division of IL Invetssmart are very much working on analyzing the behavior of stock market so that they can properly guide their customers regarding investment. This research will be a value addition for the Research Division of IL Investsmart, as it ill give an idea which factor is highly correlated with Market value of the Companies. The market value of the Companies is very much dependent on the performance of the Companies. But which performance measure should be taken into consideration by the Investors before investing in any company is very much required. So, this research will expla in whether performance measure does have any correlation with market Value added of the Companies. If it is so then which of the performance measures is strongly influencing the shareholders’ value? The research is an attempt to analyze the influence of few performance measures over the shareholders’ value and this will help in taking correct investment decision. 1. 6-Literature review Stewart (1991) had carried out a research to find out the relationship between EVA and MVA. This study was done by taking average EVA values for the year 1987 and 1988 of 613 companies in USA and then comparing them with their MVA values for 1988. The study found an r2 of 97% between the EVA and MVA value for the Companies with positive EVA while this correlation was insignificant for the companies with negative EVA values. Finegan (1991) took a sample of 450 Companies in USA and found that average value of EVA could explain 61% of the variance in MVA whereas the similar figure was 44% between the change in EVA and change in MVA. He also observed that this r2 was 47% between ROCE and MVA. Dodd and Chen (1992) found ROA as a better driver of Shares returns as compared to EVA. Stern (1993) found out that EVA is the best measure that drives the Shareholders’ value with an r2 of 50% with MVA. The next important driver was ROE with an r2 of 25% with MVA. Lehn and Makhija (1996) also studied the relationship of share returns with ROE, ROA, Return on Sales (ROS), EVA, MVA and CEO turnover. Correlation was found to be highest in case of EVA however, (EVA divided by the Cost of Capital), NOPAT (Net Operating Profit after Tax) and free cash flow and correlation with them with market value divided by invested Capital. He found NOPAT as a better indicator with an r2 of 33% compared with 31% in case of EVA. However, changes in EVA values explained 74% of the change in market value over a period of 10 years. Uyemara and others (1996) studied MVA’s correlation with EVA, Net Income, EPS, ROE, and ROA over a period of 10 years. r2 was highest technology industry for the period 1990-95 and found an r2 of 42%. EPS was judged as the second best measure of with an r2 of 34%. Kramer and Pushner (1997) established that lagged levels of NOPAT explained MVA better as compared to EVA. This correlation was found higher even when changes in NOPAT were correlated with changes in MVA. According to Biddle and others (1991), Net Income was found to be the best measure to explain Share returns. Majority of these studies were focused on US Companies. Giffith (2004) concluded that an Investor or analyst using EVA or MVA measures to forecast performance would have experienced significant losses. Ferguson and others (2005) also doubted that adopting EVA improves stock performance. JHvH de Wet (2005) analyze the database of 89 south African Companies and observed that the Standardized Cash Flow from Operations (CFO divided by the invested Capital in the beginning) had an r2 of 38% with the Standardized MVA (MVA divided by the invested Capital in the beginning), which was found to be the best driver as compared to the Standardized EVA (EVA divided by the Invested Capital in the beginning), ROA, ROE, EPS, and DPS. He also observed that Correlation of EPS and DPS for valuing the Shares. Roji George (2005) analyzed the data of 21 Indian banks for the period 1999-2003 and concluded that there is a positive relationship between EVA and productivity and negative relationship between EVA and NPA. So, what I have found that nobody has done any analysis on the 30 companies which is listed in Sensex, while these companies represent all the major Industries of Indian Economy. So, it is better to analyze these Companies’ behavior. So, this research is an attempt to bridge this research gap. 1. 7- Abbreviation |NOPAT |Net Operating Profit After Tax | |RONW |Return on Networth | |ROCE Return on Capital Employed | |D/E Ratio |Debt/Equity Ratio | |EPS |Earning per Share | |DPS |Dividend per Share | |EVA |Economic Value Added | |MVA |Market Value Added | |R |Coefficient of Correlation | |R2 |Coefficient of Determination | 1. 8-Research Objective The following are the objectives of my research: Main Objective The primary objective is to find out what drives the share ho lders’ value. Specific Objective 1) To find out the correlation of the measures like RONNW, ROCE, D/E Ratio, EPS, DPS and EVA with MVA(Market Value added) 2) To find out the most important factors or variable which explain variance in MVA and that variable should be consider before investing in any Company. 1. 9- Introducing EVA and MVA As the introductory paragraph of this paper suggests, EVA is the surplus profit after accounting for all the expenses including the cost of capital. We have always looked at the figures of Profit after Tax to find out whether a company is performing well or not. However, what we forget is that the shareholders invest money in a company in expectation of some return. So, the basis for evaluation should be whether the company has earned over and above the minimum required rate of return by the investors. If there is surplus after accounting for this opportunity cost of equity, the company is creating value for its shareholders. If not, then it is destroying value. In other words, value is created when return earned by the firm is more than its cost of capital or firm invests in the project with positive NPV. EVA can be calculated through any of the following methods:  · Increasing revenue, Reducing operating costs, Efficient utilization of assets and Raising funds at cheaper cost Chapter-2 Research Methodology Research MEthodology Quantitative Research Design has been used in this research. This analysis was carried out over a period of 6 years (2003-2008) on companies which form part of BSE Sensex. Nature of Data: Secondary Data has been used for this research. The Year wise annual data of NOPAT, RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization, beta value of 23 Companies out of 30 Companies listed in the Sensex. Source of Data: For regression analysis the data has been collected from CMIE’s Prowess and www. bseindia. com. Research Design: Descriptive Research Design has been used as the problem is well define and key issues are known and which is to find out the most important variable which drive the Shareholders, Value. Under this Research design, Cross Sectional Study has been done. Year wise annual value of all the variables has been collected from 2003-2008 for finding the cause and effect relationship between Independent Variables (RONW, ROCE, D/E Ratio, EPS, DPS and EVA) with dependent variable (Change in MVA). The study has been done on yearly basis. Sampling: Judgment (Purposive) Sampling Method has been used for selecting Companies. The analysis has been carried out over 23 Companies out of 30 Companies listed in sensex. Though Sensex comprises 30 companies, 7 companies were eliminated because of the inadequate information available for these Companies. The reason for choosing these Companies are their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. Sample Size: Sample size is of 23 Companies has been taken for the Year 2003-2008. The following Table shows the List of Companies: |Company Name | |Bharat Heavy Electricals Ltd. Oil Natural Gas Corpn. Ltd. | |Bharti Airtel Ltd. |Ranbaxy Laboratories Ltd. | |Grasim Industries Ltd. |Reliance Industries Ltd. | |H D F C Bank Ltd. |Reliance Infrastructure Ltd. | |Hindalco Industries Ltd. |State Bank Of India | |Hindustan Unilever Ltd. |Sterlite Industries (India) Ltd. | |Housing Development Finance Corpn. Ltd. |Sun Pharmaceutical Inds. Ltd. | |I C I C I Bank Ltd. |Tata Motors Ltd. | |I T C Ltd. |Tata Power Co. Ltd. | |Infosys Technologies Ltd. |Tata Steel Ltd. | |Larsen Toubro Ltd. |Wipro Ltd. | |Mahindra Mahindra Ltd. |   | Statistical Tool : The Simple Regression Analysis and Multiple Regression Analysis have been done using SPSS to establish the relationship of MVA with EVA, ROCE, RONW, EPS, DPS, and D/E Ratio on Yearly basis. 2. 1- Limitation of Research The following are the limitation of this research: Since, the research has been carried out to find out the important factors which drive shareholders value. So, only the financial ratios which measures performance of the Companies are taken into consideration. Hence, the focus of research is on micro economic factors only. While macroeconomic factors (like GDP, FIIs, and Inflation) also does matter in creating or eroding the value of shareholders. Chapter-3 Research Analysis 3. 1- Different measures used for the analysis In this research our main objective is to find out the factors which investor should look for or take into consideration before buying share of any Company. Now it becomes very much essential to know the correlation between these Variables and the Shareholders value. Hence we have included some of the main variables like RONW, ROCE, D/E Ratio, EPS, DPS, EVA. These are the variables based on which an Investor decide to buy the shares of a particular Company. As depending upon these variables they buy the shares, the market Value of that particular Company increase which results in increase in Shareholder’s Value. Hence Dependent Variable is MVA. (For data please see Appendix-17 p. no. 84) But since MVA is Stock concept so, for applying Regression Analysis change in MVA (Market Value Added) with respect to previous year has been used. MVA=Market Capitalization-Investment (Book Value) Change in MVA= (MVAt – MVAt-1 )/MVAt-1)x100 Here, MVAt= MVA of the Companies of Proceeding Year. MVAt-1= MVA of the Companies of preceding Year Independent Variables are: six performance measures are considered as Independent Variable RONW, ROCE, D/E Ratio, EPS, DPS EVA. All these variables are flow variables. 1) Return on Net Worth (RONW) =NOPAT/Total NETWORTH NETWORTH=EQUITY+RESERVE SURPLUSES Return on Networth measures a company’s earnings in relation to all of the Investor’s it is using. RONW tells us what earnings were generated from the Networth. The Networth of the company comprises both equity and reserve and Surpluses. These types of financing are used to fund the operations of the company. The RONW figure gives investors an idea as to how effectively the company is converting the money it has into net income. (For data please see appendix-3, p. no-70) 2) Return on Capital Employed (ROCE) = EBIT/(NET Worth+Debt) Return on Capital Employed (ROCE) is a measure of the returns that a company is realizing from its capital. It calculates as profit before interest and tax divided by the difference between total assets and current liabilities. The resulting ratio represents the efficiency with which capital is being utilized to generate revenue. (For data please see appendix-4, p. no. 71) 3)D/E Ratio=Total Debt /Total Equity D/E Ratio gives the idea about the Capital structure of the Company. It shows how risky is the Investment in a Company. On the basis of D/E ratio we can have an idea of the fixed liabilities of the Company if it is using more of Debt. (For data please see appendix-5, p. no. 72) 3) Earning per Share (EPS) = PAT/The Number of Equity Shares Earning per Share is the portion of a company’s profit allocated to each outstanding share of common stock. Earning per Share as the name indicates, is the â€Å"per share earning† of a company in a reported period. This is the most important factor in the fundamental analysis of a stock. This coupled with a few related ratios gives a fair idea about the worth of a stock. (For data please see appendix-6 p. no. 73) 4) DPS is the Dividend allotted to each share holders (For data please see appendix-7. P. No. 74) 5) Economic Value Added (EVA) = NOPAT-(Cost of Equity x Networth) EVA attempts to measure how much `value’ was created by an organization for its shareholders, during an accounting period. It is defined as the excess of a company’s after tax net operating profit over the required minimum rate of return that the investors and lenders could get by investing in other securities of comparable risk. For data see appendix-15, p. no. 82) For Calculating Cost of Equity CAPM (Capital Assets Pricing Model has been used) Ke=Cost of Equity =Rf +? *(Rm-Rf) (For data please see appendix-13, p. no. 80) Rf =Yearly Risk free Rate of Return=6% (The yield of Treasury Bill has been taken as risk free rate of return which is around 6% for the period of 2003-2008) Rm=Yearly Sensex Rate of Return=17% (Average from 1995 to 2007 comes out to be 17% – please see appendix-1, p. no. 68) ? = Beta Value of a particular Stock of a Company E= Total Networth (Equity+ Reserve and Surpluses) Since, the value of ? shows the riskiness of a particular stock with respect to market. This ? value shows riskiness on the basis of book value of a particular Company. So, these ? values of the Companies are converted into Unlevered ? and then Levered ? based on Company’s present Market Capitalization, so that an accurate and present riskiness of the stock of Company can be taken into consideration for the research The Formula is: Unlevered ? ju= ? /1+(D/S)(1-T) Here, D=Total Debt used by the Company S=Total Equity used by the Company (Book Value) T= Corporate Tax Rate (30%) Now Calculating Levered ? based on Market Capitalization using unlevered ? Levered ? = ? ju x (1+(D/S)x(1-T) (For data Please see appendix. -12, p. no. 79) Here, S=Present Market Capitalization of the Company. For an accurate result, the change in MVA and EVA has been standardized by dividing them by the Net worth of the respective Company. Standardization is done in order to find the relative value of EVA and MVA over the Net worth used by the Company. (For Stdz. EVA and Stdz. MVA please see Appendix-16, p. no. 83 and Appendix-19 p. no. 86) The collected and calculated data of ll the variables are attached in Appendices. Please see appendices for detail list. 3. 2-Regression Analysis The analysis is done in two parts. Firstly, simple regression analysis has been done between Dependent Variable (Stdz. MVA) and Independent variables (RONW, ROCE, D/E Ratio, EPS, DPS and Stdz. Eva) taking one Independent Variable at a time for all the Years (2004-2008). Year 2003 has been considered as a base year for the Year 2004 to get change in MVA in 2004 and the same process has been used to calculate change in MVA till 2008. This Simple Regression analysis has been performed in order to understand the key variables which are having high degree of correlation with MVA. After analyzing the key variables, multiple regressions Analysis have been applied with the key variables in order to analyze the impact of key Independent Variables together on Change in MVA. 3. -Year wise Result of Simple Regression Analysis from 2004 to 2008 Result of the Year 2004: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 771 |. 817 |. 089 |. 332 |. 201 |. 851 | |R2 |. 594 |. 667 |. 008 |. 110 |. 040 |. 724 | |Adjusted R2 |. 575 |. 652 |-. 039 |. 068 |-. 005 |. 711 | |Standard error of Estimate |2. 47868 |2. 4331 |3. 87455 |3. 66887 |3. 81084 |2. 04402 | |Significance |. 000 |. 000 |. 686 |. 121 |. 358 |. 000 | |p-Value | | | | | | | Interpretation: From this table, it can be observed that Change in MVA is positively related with all the financial indicators but only three variable ROCE, RONW and EVA are highly correlated with change in MVA. The coefficient of correlation of change in MVA with RONW, ROCE and EVA is 0. 771, 0. 817 and 0. 51 respectively; moreover the p-value (significance) is also less than . 001. So, at 99% confidence level we can say that, these three variables significantly explain the variation in MVA. This shows that all these three variables are very much important from investment point of view. The coefficient of determination (Adjusted R2) Of Change in MVA with RONW is . 594 which means change in RONW explains 59. 4% of variation in MVA, while with ROCE it is . 652 which means change in RONW explains 65. 2% of variation in MVA and with EVA it is . 711, which means ch ange in EVA explains 71. 1% variation in MVA, the most important driver of change in MVA. So, the simple regression analysis for this year shows that these three variables are very much important while EVA is the most important variable to consider before investment. While, EPS explains 6. 8% of variation in MVA but p value is more than . 000 and DPS has a very little bit of significance and D/E Ratio is insignificant to consider as a driver of Shareholders’ value. Result of the Year 2005: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 578 |. 543 |. 046 |. 323 |. 289 |. 96 | |R2 |. 334 |. 295 |. 002 |. 104 |. 084 |. 484 | |Adjusted R2 |. 303 |. 262 |-. 045 |. 061 |. 040 |. 459 | |Standard error of |2. 73331 |2. 81226 |3. 34638 |3. 17073 |3. 20682 |2. 40672 | |Estimate | | | | | | | |Significance |. 004 |. 007 |. 835 |. 133 |. 181 |. 00 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with Stdz. EVA is the highest (. 696) then with RONW (. 578) and then with ROCE (. 543) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 459, . 303 and . 262 respectively which shows highest variation in MVA is explained by EVA that is 45. 9%. Moreover, the significance level lies between . 005 to . 010 which is less than . 010. Hence, these three variables are the most important variables to consider as standard error is also very low in comparison to other variable. While EPS and DPS has a very little significance and D/E Ratio is insignificant to consider. Result of the Year 2006 | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 725 |. 638 |. 025 |. 450 |. 054 |. 801 | |R2 |. 525 |. 407 |. 001 |. 203 |. 003 |. 641 | |Adjusted R2 |. 503 |. 379 |-. 047 |. 165 |-. 045 |. 624 | |Standard error of |2. 60034 |2. 0531 |3. 77240 |3. 36897 |3. 76802 |2. 25987 | |Estimate | | | | | | | |Significance |. 000 |. 001 |. 910 |. 031 |. 806 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is the highest (. 801) then with RONW (. 725) and then with ROCE (. 638) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 624, . 503 and . 379 respectively which again shows the highest variation in MVA is explained by EVA that is 62. 4% . Moreover, the significance level is also . 000 which is less than . 001. Hence, at 99% confidence level we can say that these three variables are the most important variables to consider and again EPS and DPS has a very little significance. D/E Ratio is again insignificant to consider Result of the Year 2007: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 801 |. 795 |. 075 |. 66 |. 275 |. 896 | |R2 |. 641 |. 632 |. 006 |. 134 |. 075 |. 802 | |Adjusted R2 |. 624 |. 615 |-. 042 |. 092 |. 031 |. 793 | |Standard error of |2. 37916 |2. 40757 |3. 95859 |3. 69485 |3. 81708 |1. 76595 | |Estimate | | | | | | | |Significance |. 000 |. 000 |. 34 |. 086 |. 205 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is again highest (. 896) the n with RONW (. 801) then with RONW (. 795) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 793, . 624 and . 615 respectively which again shows highest variation in MVA is explained by EVA that is 79. 3% . Moreover, the significance level is also . 000 in each of three cases which is less than . 001. Hence, out of all variables these three variables are the most important variables out of these three variables EVA is coming out to be the most important variable to consider while EPS and DPS are again having a little Significance and D/E Ratio is insignificant to consider as the driver of shareholders’ value. Result of the Year 2008: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 900 |. 890 |. 152 |. 252 |. 259 |. 950 | |R2 |. 811 |. 793 |. 023 |. 063 |. 067 |. 903 | |Adjusted R2 |. 802 |. 783 |-. 034 |. 019 |. 023 |. 99 | |Standard error of Estimate |2. 70932 |2. 83630 |6. 15528 |6. 02644 |6. 01501 |1. 93688 | |Significance |. 000 |. 000 |. 490 |. 246 |. 233 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of MVA with EVA is the highest (. 950) then with RONW (. 900) and then with ROCE (. 890) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 899, . 802 and . 83 respectively which shows hi ghest variation in MVA is explained by EVA that is 89. 9%. Moreover, the significance level is also . 000 which is less than . 001. Hence, these three variables are the most important variables to consider while EPS and DPS are again having a little Significance and D/E Ratio is again insignificant to consider as the driver of shareholders’ value as significance is more than . 001. Moreover out of these three, EVA is the most important and powerful variable. 3. 4-Overall Result of Simple Regression analysis [pic] Over all Result of the Analysis: Hence, my over all Analysis shows that only three financial Indicators (EVA, RONW, and ROCE) are the important driver of shareholders’ value. Out of these three, EVA is the most important Indicator. So, if a company is earning more than its cost of capital, it is adding more value to the shareholders. In second, RONW is the important Indicator, which shows that companies utilizing its shareholders’ funds in an effective efficient manner are adding value to shareholders. Third important Indicator is ROCE which shows Companies generating higher ROCE will add value to Shareholders. SO, before investment these three variables must be considered. 3. 5- Year wise Result of Multiple Regression Analysis In multiple regression analysis I found that there is multi collinearity exist between ROCE, RONW and EVA. So, I applied multiple regression taking three independent variables at a time excluding the variables like D/E Ratio because this variable is insignificant to consider while EPS and DPS is little bit of significant. So to come out with a strong and accurate analysis it is irrelevant to ignore these two variables. Result -1: In Result-1 analysis between Change in MVA with EPS, DPS and RONW has been observed for the period of 2004 to 2008. EPS and DPS have been taken because of their little significance. In this case Hypothesis is as follows: H0: EPS, DPS, RONW are not significantly explaining variation in MVA H1: EPS, DPS, RONW are significantly explaining variation in MVA Result of the Year 2004 Model Summary |Model |R |R Square |Adjusted R |Std. Error of the | | | | |Square |Estimate | |1 |. 834(a) |. 696 |. 647 |2. 25663 | a Predictors: (Constant), RONW, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 742(a) |. 550 |. 479 |2. 36227 |2. 192 | a Predictors: (Constant), RONW, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 831(a) |. 691 |. 642 |2. 20440 |2. 115 | Predictors: (Constant), DPS, RONW, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 860(a) |. 739 |. 698 |2. 13011 |2. 501 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 927(a) |. 859 |. 837 |2. 45654 |2. 493 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square | |1 |. 875(a) |. 765 |. 728 |1. 98181 | a Predictors: (Constant), ROCE, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 728(a) |. 530 |. 455 |2. 41542 |1. 856 | a Predictors: (Constant), ROCE, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |Df |Mean Square |F | |1 |. 764(a) |. 584 |. 519 |2. 55798 |1. 913 | Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 850(a) |. 722 |. 678 |2. 19925 |1. 759 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 918(a) |. 843 |. 818 |2. 59745 |2. 016 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square | |1 |. 888(a) |. 788 |. 754 |1. 88405 | a Predictors: (Constant), Stdz. EVA, DPS, EPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 824(a) |. 679 |. 628 |1. 99688 |2. 328 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 89(a) |. 790 |. 757 |1. 81740 |1. 914 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 923(a) |. 852 |. 829 |1. 60570 |2. 184 | a Predictors: (Constant), Stdz. EVA, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 966(a) |. 932 |. 922 |1. 0292 |2. 103 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square |F |Sig. | |1 |Regression |759. 238 |3 |253. 079 |87. 270 |. 000(a) | | |Residual |5 5. 099 |19 |2. 900 | | | | |Total |814. 337 |22 | | | | |a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA Coefficients(a) Model | |Unstandardized Coefficients |Standardized Coefficients | | |Collinearity Statistics | | | |B |Std. Error |Beta |t |Sig. |Tolerance |VIF | |1 |(Constant) |3. 899 |. 674 | |5. 789 |. 000 | | | | |EPS |-. 017 |. 010 |-. 147 |-1. 92 |. 089 |. 530 |1. 886 | | |DPS |-. 026 |. 065 |-. 033 |-. 405 |. 690 |. 525 |1. 905 | | |Stdz. EVA |21. 424 |1. 383 |. 933 |15. 494 |. 000 |. 982 |1. 018 | |a Dependent Variable: Stdz. MVA Interpretation: The model Summary shows that EPS, DPS and EVA together having a high degree of correlation that is . 966 with change in MVA while variation in these three variables together explains 92. 2% of variation in MVA as adjusted R2 is 0. 922. The Durbin-Watson is 2. 103 which show that variables are following a similar trend and are not scattered. The analysis shows that this year these three variables are very strongly related with Change in MVA. The ANOVA table shows F is 87. 270 and significance is . 000 which is less than . 001. It means Reject H0 and accept H1. Hence, these three variables significantly explain the variation in MVA and are very much important to consider. The coefficient table shows that there is no multi collinearity exists between independent variables because Tolerance is greater than 0. 2 and VIF is less than 5. It also shows that beta value of EVA is . 933. So, EVA is the most power full variable over here. Overall Result: The analysis of all the years results in rejection of H0 and acceptance of H1. It means these three variables are also significantly explaining variation in MVA. 3. -Overall Result of Multiple Regression Analysis Since, because of multi colinearity between RONW, ROCE and EVA it was not possible to include these three variables together in the multiple regression analysis. But as they are correlated with each other, so we can consider any one of them with the other variables to reac h at a conclusive result. Now after analyzing multiple regressions with three sets of independent variable with dependent variable which are: Set-1 Change in MVA with EPS, DPS, RONW Set-2 Change in MVA with EPS, DPS, ROCE Set-3 Change in MVA with EPS, DPS, EVA The question comes in our mind is which set is to be given preference over other. Though all the sets are highly correlated with change in MVA and there is a little bit of variation in their correlation we can consider any one set out of the three. But to conclude the analysis a Year wise Comparison has been done with the help of following graph between the three sets: [pic] From the graph we can see that correlation of Change in MVA with EPS, DPS and EVA was the highest throughout the Years. Moreover it is also increasing year by year. So, it is very much useful to consider as these three variables together act as a most important driver of shareholders’ value. While the second most important set to consider is EPS, DPS and RONW and then EPS, DPS and ROCE. Recommendations Since, my research analysis has shown that there are three most important factors EVA, RONW and ROCE which drive the shareholders’ value. Moreover a combination of EPS, DPS, and EVA together causes major variation in shareholders’ value. So, Research division of IL should focus on these factors because companies generating higher ROCE, RONW, and EVA from their business will add more value to the Shareholders’ investment. Now a day, it has become very much important for the Brokerage firms to provide valuable services to their customers specially a proper guide line that where they should invest and where they should not in order to bit the Competitors and retain customers with themselves. So, research division of IL Investsmart should guide the investors to invest in the shares of those companies which is earning more than cost of capital that is company with positive EVA moreover the companies which is effectively using the Owners fund means generating higher RONW and a higher ROCE. EPS, and DPS can be taken into consideration but can be avoided also if company is to good in generating positive EVA and higher RONW and ROCE because these variables indicate the growth of an organization. If the organization is growing and its not giving any dividend still it is good to invest in that Company, as the growth company will leads to increase in Market value and this will result in increase in Shareholders’ value. Conclusion At the end I would conclude that the year wise research done over the period of five years from 2004 to 2008 has shows that EVA is the most important driver of shareholders’ value as the correlation between EVA and change in MVA is very strong. so, a company generating positive and higher EVA is the best option to invest in because this will result in increase in market value which will result in increase in shareholders’ value. The second most important variable RONW and the third most important variable ROCE should be consider before investing in the share of any company because these two variables are also having a high degree of correlation with change in MVA. EPS and DPS alone are not the important factor to consider individually. But the combination of EPS, DPS and EVA together are highly correlated with change in MVA. According to my research analysis in 2008 it was found that these three variables together have explained 92. 2% of variation in MVA. So, the combination of these three variable can also be taken into consider before selecting a company to invest in. The analysis also shows that Correlation of change in MVA has been found to be increasing year by Year from 2004 to 2008. So, for future investment it is better to look into these ratios before investing in any company. The regression analysis shows strong correlation of change in MVA with EVA, RONW and ROCE, which is not a surprise since shareholders should value an enterprise, based on the return what they are getting on their invested oney, which proves that it doesn’t matter whether the company retains or distributed its earnings, so long it is being utilized for productive purposes. Bibliography o CMIE’S Prowess o http://www. bseindia. com/about/abindices/bse30. asp o http://www. bseindia. com/about/abindices/betavalue s. asp o http://www. bseindia. com/histdata/hindices. asp o http://neeravnagar. blogspot. com/2007/08/drivers-of-shareholders-value. html o Ali M Ghanbari (Jul’07) â€Å"The Relationship between Economic Value Added and Market Value Added: An Empirical Analysis in Indian Automobile Industry† The ICFAI Journals of Accounting Research. o Chapter 32 of â€Å"Investment Valuation† by Aswath Damodaran ———————– 65 How to cite A Study of Factors Driving Shareholders’ Value, Essay examples