Cosmetic retailing project Research Proposal Example | Topics and Well Written Essays - 500 words

Cosmetic retailing project - Research Proposal Example Cosmetics in Japan have traditionally been sold through keiretsu stores that emphasized personalized, individual attention. In the mid-1990s, the rise of serufu-sabisu (self-service) products showed that customers were willing to sacrifice service for price. This led to a separation between high-end quality brands and the inexpensive utilitarian products. Shiseido once relied upon taimen hanbai (face-to-face, personal selling), as the core of its marketing strategy. The company believed consumers needed counseling before purchasing cosmetics. In June 1994, Shiseido made a radical shift, moving forty-one brands into the self-service category, followed by another sixty-five products in the fall. By 1995, about 42 percent of the companys products were sold through self service. Akira Tsuruma, managing director of Shiseido, estimates that half of the companys sales will come from the serufu category in the future (Shiseido Home Page 2008). The image of Shiseido is based on red colors which symbolizes a rising sun, and its national identity. Thus, the main colors of its project â€Å"Pureness† are white and blue (see Appendix 1). Shiseido spun off new brands such as Ipsa and Ayura. Sadao Abe, senior executive director of Shiseido, noted that they introduced these brands not only for their own sake but also for protecting the purity of the Shiseido brand umbrella. With a rapidly increasing elderly population, many Japanese ads feature seniors. For example, a Shiseido ad shows a gray-haired woman in a kimono. A series of ads for a skincare product were targeted toward women in their fifties, an audience that is typically ignored in cosmetics ads. The company has begun to sharpen its brand identity through the image of â€Å"successful aging.† It weeded out outliers from its line and launched new individual brands such as Ayura and Ipsa with different identities

Audience And Action Plan Essay Example for Free

Audience And Action Plan Essay I am the manager of Lexington Short Term Outpatient/Inpatient Rehabilitation Center with the task of developing an action plan and a proposal to add long term care services to our current services that will be presented to the organization’s Board of Directors for approval. Initially, I had prepared an action plan that requires updating. My initial action plan included the following: various communication methods to be use by managers within this organization, the importance of the identified communication methods within this organizational structure, internal/external relationships to be considered, steps involved in organizational planning and functions of management, how planned steps may be applied to the scenario, strategies that might be used to bring about change in the organization, how those strategies may be used to prevent or to minimize conflict, strategies that can be applied if conflict does arise, the managers role in conflict management, ethical issues that may altered the way change is conducted in the organization, the effects of financial and human resource management controls, how financial and human resource control issues may affect the decision-making process, environmental influences related to health care which may affect outcomes and quality within the organization, and, how the implemented change will be tracked or evaluated. I decided to add diversity to management, administration, staff and health care services to appeal to a diverse patient population that is multilingual to enhance communication with our clients and broaden our patient services. This worked well for me because I realized that being equipped to serve a diverse patient population will give my proposal better chance of being accepted by the Board of Directors. While attempting to update my action plan, deciding on what will be appropriate and successful was something that was a challenge for me. Another challenge was incorporating my new updates to my current action  plan. If I was asked the question what would I have done differently if I had the opportunity prior to my update, my answer would have been to have the opportunity to update my action plan. Now that my update is completed, I feel very confident and is ready to present my proposal and action plan to the Board of Directors and I will not do anything differently from this point on. Buchbinder, S.B Shanks, N.H (2012). Introduction to health care management (2nd ed.) Burlington, MA: Jones Bartlett Learning.

Alienation in Samuel Becketts Waiting for Godot Essay -- Waiting for

Alienation in Samuel Beckett's Waiting for Godot    The alienation of humanity from truth, purpose, God, and each other is the theme of Samuel Beckett's play, "Waiting for Godot." The play's cyclical and sparse presentation conveys a feeling of the hopelessness that is an effect of a godless, and therefore, purposeless world. Lack of communication, the cause of man's alienation, is displayed well through absurdist diction, imagery, structure, and point of view. The intent of the play is to evoke a feeling of incompleteness and depression. The conversation between Vladimir and Estragon, the protagonists of "Waiting for Godot," seems to be void of meaning. The play begins with "nothing to be done" and ends with an unfulfilled "Yes, let's go." Suicide was often mentioned and reasoned through in passing, as though their deaths mattered neither to them nor anyone else. Their deaths were barely even recognized by them as a change. They argued about shoes and carrots when Estragon, the representative of materialistic human nature, was concerned about it. They argued about the thief's presence in only one of the gospels and spiritual matters when Vladimir initiated conversation. A minor goal discussed by Vladimir and Estragon was to "pass the time," though they often forgot what day it was, not to mention whom they'd met, where they'd been, and why it ever mattered. Vladimir and Estragon engaged in dialogue with passing travelers Pozzo and Lucky. Lucky's speech was a faultless example of the play's meaning. The outward appear ance of Lucky's words was that he was a fool who once held power over a great vocabulary, but could only toss words together in a confounding miscellany at that time. Just as a deep feeling about the absence... ...keep waiting because Godot promised to come tomorrow. But tomorrow never came. In both Lucky's speech and the play, the characters, reader, and thesis are left unsatisfied. There is no conclusion to Lucky's speech. He simply babbled on until his listeners removed his thinking cap. The play leaves Vladimir and Estragon still waiting. Knowing no god, Beckett sees life as futile and mocks both life and death in his play. Beckett can arouse emotions from his audience by not arranging his play in an emotional way. Absurdist theater is far from the melodramatic tragedies of stereotypical plays. "Waiting for Godot" is antisocial, devoid of superficial meaning, and empty to its core simply because of its blank, forgetful, and meaningless aspects. Yet beneath this clever camouflage is a depth of depression, sprung from a fountain of godless life and non-communication.

The Benefits to Society of Information Technology :: Exploratory Essays Research Papers

The Benefits to Society of Information Technology Information technology has had a great influence in our lives. Innovations such as television, internet, radio, cellular phones, etc., have influenced the way we teach, the way we shop, the way we maintain ourselves informed, and also the way we view sports. One of the oldest advancements in IT would be television. Television has brought sports to a whole new level. It has allowed people to view events across the country, and also to view events throughout the world. It is a great tool that allows the public to know what is happening as it happens. Television allows some of the most respected events to be viewed live, from our homes. A great example of this is the Super Bowl. The Super Bowl is now a tradition of American lives, and although it has been for many years, the first Super Bowl game was not as viewed by the country as it is now. Most people did not show the game the importance that they do now. With the help of technology the game could be viewed by millions of spectators and that made a big difference. Producers and marketers have managed to make the most out of it, to the point where even people who do not care about the game or the sport would watch it just for the commercials. Companies will air their best commercials d uring this event due to the high ratings that this event has. Broadcasters are also able to improve the viewing experience of sports events by providing fans with game-specific content when they want it. Team facts and game statistics give fans a closer view of the game. This ends to be beneficial to both the fans and the marketers; â€Å"it allows the fan to get closer to the game and the marketer to get closer to the fan.† (Sportvision) Television gets fans involved in the action, and puts the marketers in the broadcast. Another great advancement of information technology would be the use of the Internet. It is a powerful tool that is widely used to get information throughout the world. The greatest advantage about it is that many people have access to the Internet and information can easily be obtained whenever they want. It is one the fastest way to get information about your favorite sport. Information such as schedules, locations, last-minute scores, biographies of the players, purchasing of sporting goods as well as tickets could be done from ones home with the help of the Internet.

Educational philosophy Essay

I believe that education is an individual, unique experience for every student who enters a classroom. In order for children to benefit from what schools offer, I think that teachers must fully understand the importance of their job. First, I believe that teachers must consider teaching to be a lifestyle, not a mere forty-hour-a-week job, because a teacher’s goals for his/her students encompass much more than relaying out-of-context facts to passive students. As professionals entrusted with the education of young minds, teachers must facilitate learning and growth academically, personally, and ethically. By providing a quality education to each individual in one’s classroom, a teacher equips children with the tools necessary for success in life. In order to accomplish these lofty goals, I think it is important first to establish a mutually respectful, honest rapport with students — a relationship in which communication is of the highest priority. Through this relationship, a fair, democratic environment based on trust and caring can be established in the classroom, making it possible to interact confidently and safely in an academic setting. Once this foundation is established, the educator has already accomplished a major goal: the ethical characteristics of equality; open, honest communication; and trust have been emphasized and put into practice without having to preach to students. Demonstrating these ethically correct behaviors in the classroom and expecting students to model them prepares them for adult interaction and survival in the future. Academic learning must begin with motivation and inspiration. Students deserve an educator’s passion for both the subject at hand and learning as a whole. Teaching and learning become a simultaneous journey for both the teacher and students when students’ energy is aroused by a teacher’s genuine intensity for learning, because everyone is ready and willing to participate in active learning. To achieve active learning, a teacher must demonstrate enthusiasm and express confidence in the students’ abilities to learn and be successful. Employing constructivist methods of teaching in one’s classroom forces students to take an active role in their education by making choices and assuming responsibility for intelligent inquiry and discovery. For instance, discussions, projects, and experiments ensure student achievement and allow students and the teacher to discover individual student’s preferences and strengths. This approach facilitates differentiated activities for each student’s distinctive ambitions, making the subject more relevant to every student’s life. Personal growth is accomplished when a teacher adopts a mentoring role. Displaying warmth and compassion shows students that teachers love them and are empathic, feeling human beings. One-on-one mentoring involves personal conversations about goals, and taking time to share ideas and experiences. To be a mentor to every student, a teacher must project positivity, exhibit flexibility and confidence, set high expectations for oneself, and demonstrate fairness and consistency. In doing so, students can see appropriate adult behaviors first-hand and begin to emulate them as they mature. I believe that all children have the ability to learn and the right to a quality education. All youths, regardless of gender, race, ethnicity, and capabilities should have the opportunity to learn from professional, well-informed teachers who are sophisticated and knowledgeable, both in their area of expertise and life. Certainly, every child has different learning styles and aptitudes; however, by having a personal relationship with every student, a teacher can give each an equal chance of success. By recognizing every student’s potential and having separate, individual goals for each, a teacher can accommodate personal needs and abilities and encourage the pursuit of academic aspirations. I think that teaching and learning are reciprocal processes. When teachers nurture individual talents in each child, educators can build self-esteem and may encourage a lifelong skill. By supporting these special abilities, teachers can, for example, guide students’ research, and students can, in turn, enlighten teachers about subjects in which they may not be as knowledgeable. This mutual respect for individual skills cultivates a professional academic relationship, leading to a give-and-take educational alliance. This liaison allows students to feel that they are on equal intellectual ground with their teachers, thus creating a strong academic atmosphere. In addition to having a reciprocal relationship with one’s students, it is vitally important for teachers to form partnerships with fellow educators. Solid communication among teachers will promote the sharing of ideas and methods and provide a network of support. By working as an educational team, teachers will continue to develop their craft and give the best education possible to their students. In choosing to become a teacher, I have made the commitment to myself and my future students to be the best academic, personal, and ethical role model I can be. It is my goal to have a mutually enriching teaching career by keeping an open mind and continually communicating with my peers and students. I am prepared to rise to the challenges of teaching in the 21st century, and I promise to try to provide an honest, well-rounded education to every student I encounter.

Omega-3 Fatty Acids and Depression in Non-Institutionalized Older Women essays

Omega-3 Fatty Acids and Depression in Non-Institutionalized Older Women essays In a study of Omega-3 fatty acids, researchers Ma and Taylor sought to identify what effect the Fatty Acids have on mood and depression in elderly women. The focus on elderly women was chosen due to a high occurrence of both depression and risk of improper nutrition in those subjects. Researchers emphasized that understanding what nutritional aspects are fostering depression in elderly adults assists in improving the overall quality of life for those elderly individuals. Their hypothesis was that of a positive link between lack of Omega-3 fatty acids and depression in the elderly women test subjects. Subjects were chosen from a group volunteers who were not currently living in a nursing home and were women 65 or older. The original volunteer group was given one interview where they took a self-administered diet questionnaire, biochemical assessments, and erythrocyte fatty acids profile. Applicants physical profile was taken and they were also assessed for depression using MMSE, GDS, ADLs, and IADLs questionnaires. Of the applicants, 33 women participated. Subjects were mostly 65-84 years of age, white, widowed, with moderate education, and living above the poverty level. Ten of the 33 participating women were considered depressed. The diet questionnaires of each woman were analyzed and compared. Women who were depressed by researchers standards were shown to have significantly lower levels of Omega-3 and Omega-6 fatty acids in erythrocytes when compared to those women who were not depressed. Researchers report that the lower Omega-3 levels in their study appear to be from long-term lower dietary intake of Omega-3 fatty acids putting subjects at risk for depression. The authors are qualified researchers in their fields. Martha L. Taylor, PH.D., R.D., is Associate Professor in the Department of Nutrition at the University of North Carolina, Greensboro (U.N.C.G.). Bo Ma, M.D. is the Associate Dire...

Latin Adjectives 1st and 2nd Declension

Latin Adjectives 1st and 2nd Declension In Latin, adjectives must agree with the nouns they modify in case and number, as well as gender. This means that like nouns, Latin adjectives must be declined.* Latin 1st and 2nd declension adjectives are declined like nouns in the 1st and 2nd declensions. It so happens that like nouns, there are also 3rd declension adjectives, but there are no 4th or 5th declension adjectives. So, since there are more declensions for nouns than adjectives, the number of the declension of the noun cannot possibly have to match the number of the declension of the adjective. Its even misleading to think of adjectives as belonging to the 1st OR the 2nd declension. They belong to both but look different depending on gender. For this reason, its better to refer to such adjectives as 1st AND 2nd declension adjectives. The Latin from which we get our word republic comes from a 5th declension feminine noun ( res) and a feminine adjective ( publica). If the 5th declension noun were masculine ( e.g., meridies midday), the adjective would take the masculine form publicus. As stated above, Adjectives need to match only the gender, number, and case of the noun they modify. A 1st and 2nd declension adjective can modify any noun. The 1st and 2nd declension adjective used here as a model is bonus, -a, -um, the Latin word for good, showing the full masculine form first, followed by the ending of the feminine next, and finally the ending for the neuter. nominative bona puellagenitive bonae puellaedative bonae puellaeaccusative bonam puellamablative bona puella The word girl is puella in Latin, a 1st declension noun, and like most 1st declension nouns, its feminine. The adjectival form corresponding with puella- a noun in the nominative singular- is bona. Declension of Bona Puella (Good Girl) in Latin Singular Plural: nominative bonae puellaegenitive bonarum puellarumdative bonis puellisaccusative bonas puellasablative bonis puellisnominative bonus puergenitive boni pueridative bono pueroaccusative bonum puerumablative bono puero The word for boy in Latin is puer. This is the nominative singular of a 2nd declension masculine noun. The form of the model adjective were using, that corresponds with puer- that is, the form of the adjective that agrees in number, case, and gender- is bonus. Declension of Bonus Puer (Good Boy) in Latin Singular Plural: nominative boni puerigenitive bonorum puerorumdative bonis puerisaccusative bonos puerosablative bonis puerisnominative bonum verbumgenitive boni verbidative bono verboaccusative bonum verbumablative bono verbo The English word word is verbum in Latin. This is a 2nd declension neuter noun. The form of the model adjective good that corresponds with verbum is bonum. Note that since this is a neuter, we can not say whether bonum verbum is nominative or accusative, although it is clearly singular. Declension of Bonum Verbum (Good Word) in Latin Singular Plural: nominative bona verbagenitive bonorum verborumdative bonis verbisaccusative bona verbaablative bonis verbis The paradigm form you will usually see for a 1st and 2nd declension adjective is: bonus -a -umboni -ae -ibono -ae -obonum -am -umbono -a -oboni -ae -abonorum -arum -orumbonis -is -isbonos -as -abonis -is -is *Note: You may run into indeclinable adjectives, which, obviously, are not declined.

Drunkdriving essays

Drunkdriving essays Driving under the influence of alcohol have affected and devastated countless of peoples lives. Driving under the influence is one of the most dangerous situations you can put yourself or someone else into. The evidence against driving while intoxicated is massive and it has left a long trail of broken dreams and lives. If you drink and drive, not only do you possibly put yourself at risk, but your passengers and pedestrians, and other people on the roads. According to the most recent statistics by the National Commission Against Drunk Driving is that 17, 000 Americans die each year in alcohol-related traffic crashes and 600,000 Americans are injured. (National Commission Against Drunk Driving, 2003). Thats an average of one fatality every thirty minutes. Just think about that. Every thirty minutes someones life is cut short and families are devastated. These victims could easily be your friends, relatives, or neighbors. The majority of the injuries related to the alcohol-related cra shes are not just cuts and bruises, people got paralyzed, severely disfigured, or lost the ability to live a normal life, work, or play with their children and now rely heavily on the aid of others. The reasons why alcohol and driving do not mix are plenty. The body is a very complicated organism is everything in it has to go just right for it to function properly. Alcohol only affects how your body functions negatively. Alcohol is a downer that reduces activity in the central nervous system. The person exhibits loss muscle tone, loss of fine motor coordination, and often have drunken gait. (Camping Survival, 2003). Depression and alcohol also do not mix. When people get depressed from everyday life they have the tendency to do succumb to the easy but temporary solution of alcohol. When people are depress and drink, a beer is live a potato chip, you cannot have just one. After drinking people usually feel pleasure and...

Prevalence of Bullying among Middle School Children Consequences , Essay

Prevalence of Bullying among Middle School Children Consequences , Systemic Intervention and Policy Development - Essay Example This paper will examine the prevalence, behaviors, consequences, interventions and policy recommendation’s related to bullying prevention in middle school. Key terms: Bullying, relational bullying, behavior, consequences, policy Prevalence of Bullying among Middle School Children In the social context bullying is not a new issue, although in the last two decades bullying has taken on an additive role among school age children. The prevalence has changed in the last three decades and more studies have been completed on the prevalence, consequences, prevention and intervention strategies to decrease bullying. This has prompted policy decisions from the department of education and President Barrack Obama. The most vivid forms of aggressive behavior are seen on the evening news or in the Plain Dealer. â€Å"Bullying is defined as a form of social aggression that persists over time, characterized by imbalance of power† (Pelligrini, 2002, p. 151). The more dominant, and physi cally bigger or tougher an individual is more likely to repeatedly victimize a smaller, weaker, subordinate individual. Bullying can be found directly or indirectly. Indirect bullying is also commonly known as relational bullying.

English as an Academic Language in the UAE Research Paper

English as an Academic Language in the UAE - Research Paper Example Language education in such states is largely governed by Anglo-American undergraduate academic structures and language books. The general term employed to refer to the teaching of English language as a foreign language is ELT or English Language Teaching. Since the 1950s, ELT has expanded exponentially in order to provide quality English language education not only in Europe but in Asian countries as well. Today, English is a ‘world language’ and therefore the primary concern of ELT professionalism is to not only concentrate on the provision of world class linguistic skills but also to promote other pedagogical aspects of English language. Unfortunately, ELT has a number of political, cultural and social ramifications, some of which pose serious obstacles in the continuation of English language education in some of the prominent Asian countries such as the United Arab Emirates. (Wodak, R., & Corson, D.1997). The research paper concentrates on some of the major political, social and cultural issues surrounding the teaching of English at undergraduate level. Development of ELT: ELT professionalism evolved on the basis of diverse sources. One such source was the development of educational programs focusing on adult foreign language learning throughout the European countries and UAE. Another valuable source in the development of ELT was the exponential growth of anthropological and structural linguistics in the United States of America. Moreover, the influence of anthropological and structural linguistics development has not only been limited to the territorial boundaries of the United States but has also permeated and influenced the educational system of United Arab Emirates. The third most important source in the development of ELT professionalism was the education in British colonial states. An important aspect of ELT development in colonial states was: first, the development was a perfect reflection of the events that happened in the metropolis, an d second, it simply failed to address the cultural, political and social educational needs of the inhabitants of the vast British Empire. Thus, the colonized people were more or less treated as puppets loyal to the British officials. However, certain factors posed obstacles in the development of ELT professionalism. One such factor was the development of other European languages such as French. (Wodak, R., & Corson, D.1997). During the time the cold war broke out, Americans used English as an efficient and non-armed way to spread their influence. The federal government allocated a substantial amount of funds to be utilized in the development of English education around the world. The extent of American involvement in the development of English education can be analyzed by the fact that by 1949, more than 40 American agencies were dedicated to spread English education worldwide. Furthermore, US Information Agency together with many foundations such as Ford and Rockefeller played a de cisive role in the establishment of TESOL worldwide and also to include diverse resources in the profession of ELT. By the mid 1960’s, Ford and Rockefeller were involved in more than 38 countries to incorporate TESOL as an academic discipline. ELT professionalism basically involves traditional classroom activities including curriculum development, testing methods and teacher training programs.(Wodak, R., & Cors

Green mile Essay Example | Topics and Well Written Essays - 750 words

Green mile - Essay Example We can also see in the process of the film that this man is too kind and sincere and he often cries. The director of the film provides the viewers of the film that Paul is able to heal the dying mouse and help Paul to deal with his urinary infection. John is not pride of his power and he just takes it for granted. There is something enchanting about this film, when the viewers are attracted by watching the most important things and facial expressions of the main characters of the film. There is a deep and profound friendship bounds between the old man and Paul. We can see that Paul is a sympathizing person and that he is able to feel sympathy towards those prisoners, who are going along their final paths in their lives. The director of the film impresses the audience by using different angles of camera. Coffeys image is shown from different perspectives. There is a clear intention of the director of the film to show Coffeys appearance from different perspectives. I do not know why, but the director managed to show the character of John Coffey as a tender person. Coffey underlines that he is able to react to his spiritual abilities to heal someone and his face reflects all his inner emotions and feelings. At this moment the director employs the camera zoom. The usage of flashbacks makes the viewers think about their lives as profoundly, as the main characters of the film do. Coffey holds two girls in his arms and we can see sincere feelings of a black man, holding small girls in his arms. The dogs are barking and the girls are crying, but the director intends to position this flashback as an evidence of Coffeys innocence. The process of Edgecombes healing by Coffey is depicted in a magical manner by the director. In such a way, he wants to show the viewers that Coffey is an extraordinary person and he should not be blamed for raping or murdering the two small girls. We can claim that realism

Life on Mars Essay Example | Topics and Well Written Essays - 750 words

Life on Mars - Essay Example Mars is the fourth planet of the solar system. It is in direct contrast to Venus with its hot and opaque atmosphere (Chambers 1999). Mars is a barren desert. It is covered with red dust that is why Mars is also called the Red Planet. There is no water on Mars. It is 1,524 A.U away from the sun (McKay, et. al 1996). Mars orbits the sun once after every 687 days (Baucom 2006). Its equatorial diameter is 6,787 km. In terms of radius, Mars as compared to Earth is nearly half of the Earth. Mars has two moons, called Phobos and Deimos (Chambers 1999). In terms of climate, Mars resembles Earth. The seasons of the planet Mars are nearly double as compared to the Earth’s seasons (Tosca, et. al 2008). In winter season, the temperature falls to -140 degree centigrade and in the summer season, the temperature reaches maximum at 20 degree centigrade (Krasnopolskya, et.al 2004). The atmosphere of Mars is unable to store solar heat because it is thin as compared to Earth’s atmosphere (Sagan 1980). The water that is present on the surface of Mars is in forms of water ice. Dry ice (carbon dioxide) is also present on the surface of Mars due to which, the ratio of carbon dioxide is maximum of the surface of Mars (Chambers 1999). There are no seas on Mars. Mount Olympus, the highest mountain of the whole solar system is located on Mars. As compared to Mount Everest, it is three times higher. It has many volcanoes in it. The atmosphere of Mars is able to protect the planet from the meteorites that try to enter its atmosphere (McKay, et. al 1996). Viking conducted several experiments for discovery of presence of life on Mars. Martian soil was accessed by means of experiments in order to evaluate the existence of microorganisms (Krasnopolskya, et.al 2004). After analyzing the results of the experiments, no organic molecules were found from the conducted experiments. In the year 2003, there were traces of

Multinational Corporations and Their Consequences for the Essay

Multinational Corporations and Their Consequences for the International Economy - Essay Example Several studies have reported the expansion of FDI and investigated the effect of such investments on host and home economies. The objective of this essay is to analyze and discuss the consequences of multinational corporations for the international economy. The Multinational Corporation and the International Economy The multinational corporation (MNC), also called international corporation, global corporation, transnational corporation (TNC), and so on, carry out globally all the operations that involve the standing of national states in the international economy (Frieden & Lake 1999, 167). MNCs, with their surplus of inter-firm agreements and huge number of foreign partners, reach almost all forms of economic mechanisms and nations, making it an imposing entity in today’s international economy (Levy-Livermore 1998, 147). MNCs have been expanding and advancing all over the world quite dramatically. Even though these corporations from the highly industrialized nations still co ntrol the global landscape, MNCs from the developing economies are emerging rapidly and increasingly. Thus far, there is no generally recognized definition of multinational corporation. ... Firms that participate in international business, however large they may be, solely by exporting or by licensing technology are not multinational enterprises. As an outcome of the process of liberalization, multinational corporations have been expanding rapidly in the developing economies. Almost all of the foreign partners of these corporations are located in the developing countries. The eager acceptance of national governments of MNCs suggests that these corporations serve a major function in economic growth. They significantly contribute to the improvement of the host countries’ economy, technology, exports, employment, and domestic investment. However, even though the host countries can gain more than a few benefits from these corporations, MNCs create numerous problems especially for the developing economies. They could tear down local companies through disproportionate competition, gain control of the market through acquisition of local companies or other ways (Ravenhil l 2008, 278). The MNCs’ operations and technologies which are geared toward global profit capitalization may not be suitable to the availability of resources, the size of local markets, consumption requirements, and the phase of development of a number of the developing economies. They may bring about rapid exhaustion of volumes of valuable, nonrenewable natural resources in the host country (Frieden & Lake 1999, 165). All these highlight the importance of a code of conduct for these corporations and a binding competition rules in the host economies. In addition, a number of MNCs are suspected of human rights violation and political manipulation.

Life on Mars Essay Example | Topics and Well Written Essays - 750 words

Life on Mars - Essay Example Mars is the fourth planet of the solar system. It is in direct contrast to Venus with its hot and opaque atmosphere (Chambers 1999). Mars is a barren desert. It is covered with red dust that is why Mars is also called the Red Planet. There is no water on Mars. It is 1,524 A.U away from the sun (McKay, et. al 1996). Mars orbits the sun once after every 687 days (Baucom 2006). Its equatorial diameter is 6,787 km. In terms of radius, Mars as compared to Earth is nearly half of the Earth. Mars has two moons, called Phobos and Deimos (Chambers 1999). In terms of climate, Mars resembles Earth. The seasons of the planet Mars are nearly double as compared to the Earth’s seasons (Tosca, et. al 2008). In winter season, the temperature falls to -140 degree centigrade and in the summer season, the temperature reaches maximum at 20 degree centigrade (Krasnopolskya, et.al 2004). The atmosphere of Mars is unable to store solar heat because it is thin as compared to Earth’s atmosphere (Sagan 1980). The water that is present on the surface of Mars is in forms of water ice. Dry ice (carbon dioxide) is also present on the surface of Mars due to which, the ratio of carbon dioxide is maximum of the surface of Mars (Chambers 1999). There are no seas on Mars. Mount Olympus, the highest mountain of the whole solar system is located on Mars. As compared to Mount Everest, it is three times higher. It has many volcanoes in it. The atmosphere of Mars is able to protect the planet from the meteorites that try to enter its atmosphere (McKay, et. al 1996). Viking conducted several experiments for discovery of presence of life on Mars. Martian soil was accessed by means of experiments in order to evaluate the existence of microorganisms (Krasnopolskya, et.al 2004). After analyzing the results of the experiments, no organic molecules were found from the conducted experiments. In the year 2003, there were traces of

Response essay to case study Example | Topics and Well Written Essays - 1250 words

Response to case study - Essay Example When children face sexual or physical abuse at a tender age, it is nevertheless surprising that they may show violent behaviors to their peers (John, 2011). This expository essay seeks to describe, explain and explore a scenario in a society setting where violence is witnessed though a young girl named Ebony. It further compares and discusses problems revolving around the school in question and effects arising. In this case study, Ebony a 14 year old girl is depicted as a morally upright girl who appears innocent and free of blame. This tells much about her back ground and upbringing. From a teacher’s perspective, it is obvious from the case that Ebony hails from background that values morals. She has showed exemplary performance in school which is an indication of high level of discipline. In fact, at her age, it would be difficult to maintain such good performance given that this is a highly precarious moment when most teens are out to discover the world which in turn affects their performance. On the same note, her stature speaks much about herself. She is tall above average for her age and this places her as more mature compared to her peers (Ness, 2010). In fact, it is evident from the case that Ebony is less social and shy. In this respect, it may have been possible that her peers had great expectations from her in the social world. This implies that she might have turned down their offer from time to time. It is possible that, due to her outstanding traits that are different from her average peers, she may have felt totally incompatible with them. In addition, she stands out as ingenious which implies that she has out grown her actual age mentally and she has started to have self discovery making her identify her purpose in life and work towards achieving her goals in life. This is why she is seen as totally different in comparison to her

Costa Coffee Essay Example for Free

Costa Coffee Essay The remote environment comprises factors that originate beyond and usually irrespective and out of Costa Coffees control. Economic factors Since Costa Coffee is a multinational business, top-level managers must consider the economic situations on both the National (Egypt) and International levels. Currencies exchange rate (Forex) affects Costa Coffees final products prices as well as operation costs. Costa Coffee imports high quality coffee beans from rainforest farms where it pays for in local currency, and sells as coffee in another country with its local country. Hence, when the Egyptian Pound depreciates, the cost of beans relatively increases; therefore, causing a fall in profit margin and vice versa. If depreciation is too much, then Costa might increase its selling prices. Moreover, interest rate is vital for a business considering expansion as Costa Coffee. As interest rates increase, Costa Coffee’s ability and willingness to expand or open new branches decreases; due to the high cost of capital. Furthermore, the stock market plays a significant role in encouraging investors to invest in Costa Coffee due to the increasing profits and the good reputation. Finally, high economic growth rate of a country leads people to increase their consumption of Costa Coffees products; since they have more income. Social Factors Egyptians’ culture and lifestyle has dramatically changed in the last 10 years. People are more willing to go to cafes for lunch, dinner or simply a snack. Considering the Egyptian demographics of lifestyle and age groups, most of the Egyptian population falls in the youth age group. Hence, Costa Coffee plays music and offers an atmosphere that is convenient for all ages with special attention to youth. Costa Coffee respects the religion of each nation in which it operates. To clarify, Costa Coffee neither sells alcoholic drinks nor pork-containing food. In addition, Costa Coffees menu is written in both English and Arabic languages. English is the most widely spoken language, and Egypt is known as a touristic attraction. Plus, Egyptians like to come across a menu written in their own language for simplicity and showing cultural respect. Also, many people nowadays are concerned with their health; Costa Coffee is providing low-calorie food, a variety of fresh salads, sandwiches, and fresh fruit juice. Political Factors Governmental rules and regulations could affect the firms suppliers and the price of the raw materials. Imposed taxes or tariffs on the imported coffee beans add to raw materials cost. Rules regarding social insurance add to labor costs. Political instability and strikes do affect labor and consumers of Costa Coffee. Technological Factors Advanced machines affect the firms performance and efficiency through producing tasty coffee as quick as possible. High quality and speed of service affects customer satisfaction and loyalty. Costa Coffee uses highly advanced brewers and coffee makers for the best coffee cup. Besides, the use of the Internet to facilitate transactions between Costa and its suppliers lowers transaction costs and decreases lead time. As a result, stakeholders are more satisfied with increased profits and lower costs. Ecological Factors Costa Coffee uses recyclable paper bags and paper cups. And, it tries to reduce its energy consumption as steps towards a greener environment. It also ensures adherence to responsible farming practices, so that natural habitats are protected thereby reducing deforestation and carbon emissions. Furthermore, Costa is working to deliver green (LEED) certification for new stores beginning later this year and is working closely with its suppliers to develop more environmentally friendly packaging. Industry Environment Operating Environment A firm’s operating environment is related to environmental factors that directly affect the firm and its success in obtaining necessary resources. Yet, they are still factors beyond its area of control. 1. Competitors Costa coffee in Egypt faces high direct competition where around almost every corner in the cities, a coffee shop exists. Therefore, product differentiation is a must, and persistent high-quality is the way to keeping customers. Whichever Costa Coffee shop you enter, you are greeted the same, indulge in the same taste and pay what you see in the menu. Menu prices are tax inclusive which is different than most of other coffee shops. Competitors include, but are not limited to, Starbucks Coffee, Cilantro and Beano’s cafe. Creditors Costa’s past payment records and working capital position are the main attributes affecting creditors decisions. Considering the Egyptian markets, banks are not rare to find. Costa might be dealing with several banks, and may be granted loans from several areas. Hence, creditors have little leverage; since interest rates are controlled by central bank of Egypt as well. Customers Costa coffee is a service firm. Therefore, its utmost goal is customer satisfaction and loyalty to yield profits. Constantly monitoring Egypt’s demographics is essential in keeping a convenient atmosphere. For instance, Costa must always recognise what the youth are listening to these days to be able to play the optimum collection of songs in its branches while abiding by the brand’s image. Accessibility of location and parking spaces are of the main issues regarded by people when deciding on their hang-outs. And, the customer buyer behaviour of whether they prefer more salads and sandwiches rather than desserts; affects how much of each should be available at Costa’s branches. Labor Costa’s reputation and image is kept through its workers. Costa has to respect labor rights especially now that people are more aware of the rights than ever before. Also, Costa has to be selective in its waiters and baristas to keep the brand’s image and reputation. As a result of Costa’s reputation, highly-qualified workers apply for jobs at Costa Coffee. Suppliers Supplier relationships are as important as customer relationships. A good supplier relationships decreases yield time and enhances firm’s productivity. In Costa’s case, supplier power is not high as Costa has multiple suppliers, with low switching costs. However, supplier relationships are well-attended to at Costa Coffee; as part of its social responsibility towards coffee-growing countries.

Strategic management: TESCO

Strategic management: TESCO TESCO was founded in 19th century by John Edward Cohen. It is the leading super market in the UK and an international retailer. Its main competitors are Asda, Sainsbury and Morrisons etc. TESCO has 2,482 stores and employs 287,669 people in UK. It firmly focused on grocery retailer and further manages petrol forecourt business. It also operates a website for selling Real estate to the people. (TESCO, 2010) The retail outlets of TESCO run in six formats: TESCO Extra [larger and stocks almost all Tescos product ranges]. TESCO Express [neighbourhood convenience stores and stocking high margin food products]. TESCO Metro [located in city centres and on the high streets of towns]. TESCO Home plus [ stores having varieties of non-food items] One stop [the word TESCO is not included in its name and included some of the smallest stores] (TESCO, 2010) TESCO was just a grocery stall, which undergoes several changes and now it is one of the best supermarket dealing not only with food and drink but also diversified into areas like home, clothing, telecommunication, financial services, electronics, car, internet services and many more. (TESCO, 2010) What is change? It is the process of getting from where you are to the outcomes you wants (Wikipedia.org, 2010). Every company need strategic change in order to compete in this world of technology. Similarly, TESCO has undergone several strategic changes, this report will going to discuss one of its change that is Self-checkout machines. It was first introduced in East Dereham, Norfolk in 2003; this AUTOMATED CHECKOUT MACHINE (ACM) is created by Production Solutions (PSI). .According to PSI, TESCO is testing ACM 700, which has original conveyer based lane design. It is easy to use and customer friendly because of its full colour touch screen. TESCO becomes the second chain to operate this system which allows the customers to scan and pay for their shopping without any interference of the staff (Decisions news media, 2010) According to Richard Dodd, Response by both customers and staff has been overwhelmingly positive. Customers are telling us that the ACM self checkout is simple to use and they are using it for both large and small orders. Our staff is telling us its exciting, fun and they welcome the increased opportunity to interact with customers.(Richard Rodd, 2010) TESCO claims that their system of self check out can handles large and small orders at any day time whereas marks and spencers system was for small orders only. (TESCO, 2010) After its success in East Dereham, TESCO has introduced it to other stores also. Now 6,000 self service tills are working in its 1,200 stores. This is a great improvement since the self check out was first implemented. A spokeswoman said Many customers actually prefer using our self-service checkouts as its sometimes the quickest way to pay, particularly if you only have a few items.(independent.co.uk, 2010) THE NEED FOR THIS CHANGE: Why TESCO need this change of introducing self check machines? There are various reasons for this which is as follows: For business development To increase the sales To reduce the congestion on checkouts To compete with its competitors To accelerate the checkout processes To cut the labour cost with point of sales To save the time of customers To utilize the latest technology (scribd.com, 2010) THE FACTORS DRIVING NEED FOR THE CHANGE: There are certain external and internal factors which drives this strategic change in TESCO, which are discussed below: CUSTOMERS VALUE: It is making shopping experience interesting for the customers and retaining existing customers and attracting the new one. GROWING CUSTOMER BASE: The customers were getting irritated by standing in long queues so to ease overcrowding on checkouts especially when they are buying few items. TECHNOLOGY: Technology is playing an important role in the success of the organisation. TESCO enhancing its technology and improving its operational efficacy with the implementation of self check out machines. COMPETITORS: The use of self-checkout system is distinguishing TESCO from the other retailers and its attaining competitive advantage against its competitors PROFITS: The self checkout system gives profit to TESCO by cutting the labour cost for instance instead of hiring five cashiers only one cashier will be enough for five self checkouts. (scribd.com, 2010) THE RESOURCE IMPLICATIONS OF NOT RESPONDING THE CHANGE: EMPLOYEES: People fear and resist change for a variety of reasons. For example, the self check out machines is not much appreciated by the employers because of fear of losing their jobs. They should be motivated to learn and encouraged to improve their approach to customers. FINANCIES: Company needs funding for its strategic change like involving stakeholders. The stake holders have financial expectations that will influence an organisations business strategies. It all depends on what kinds of funding are required. TESCO want to introduce these machines in all its stores, for this it needs money and financial support. TECHNOLOGY: Introducing self checkout machines is a technological change. The management need to focus on technical skills which are required to operate these machines and making them easier to use for the customers. The success or failure of strategy of an organisation depends upon the ways that technology is developed, organised and funded. (scrbd.com, 2010) 1.4 MODELS OF INDIVIDUAL CHANGE, TEAM CHANGE, AND ORGANISATIONAL CHANGE: ADKAR MODEL [ a model for individual change] (changemanagement.com) This model is developed by Jeff Hiat, CEO of Prosci Change management in 2003.Accordig to him; this model has five actions which are working as building blocks for the individual change. These are as follows: Awareness for the of change: With the help of this step an individual (employee) will fully understand why the change is necessary. It is the first key aspect of successful change. Desire to participate and support the change: This step is building desire in an individual to support and be part of the change and this can only happen after full knowledge of the need for change is established. Knowledge on how to change: This step explains two types of knowledge that the individual need to know. Firstly, knowledge on how to change and secondly, knowledge on how to perform once the change is implemented. Ability to implements required skills and behaviours: The froth step is about the actual performance of the individual which needs to be supported. It can be achieved through training, coaching and practice. Rein enforcement to sustain the change: The final step is about making sure that changes stay in place and it can be attained through positive feedback, measuring performance, incentives and taking corrective actions. (changemangement.com) LEWINS FORCEFIELD MODEL [An organisational change model] (consulpivotal.com) This model is developed by Kurt Lewin in 1951.It suggest that there are two kinds of forces one is the driving force and the other is the resisting force which keep the systems of an organisation in an equilibrium state. Lewin also suggested a three-stage theory of change, these stages are as follows: Unfreeze-creation of motivation to change: This stage is about moving the entire business towards inspiration for change.it gives the understanding of why change is necessary and it is the time to get ready for the change. Change or transition: After the first stage now the people are moving towards a new being. It is difficult part for them as they are unsure or even fearful. Support like coaching and training is really important here. Freezing or refreezing: It is about reinforcing the change and ensuring that it is accepted and continues into the future. Without this stage, the people can go back and star doing the work that they used to do in the past. (umfortu.net, 2010) TUCKMAN FORMING STORMING NORMING PERFORMANCE MODEL [Team model change] (hubpages.com,2010) Dr Bruce Tuck man published his Forming Storming Norming performance model in 1965.its four stages are as follows: Forming stage 1: In this stage, team is built and the task is assigned to the team members. The team gets to one another and learns about the opportunities and challenges. They agree on goals and begin to face the tasks. Storming stage 2: In this phase, relationship between team members will be made or broken this phase can be very damaging for the team. Norming stage 3: In this stage, every member of the team takes responsibility and has the desire to work for the success of the teams goals. Performing stage 4: The high performing team reach this phase. They are now competent and can make most of their decisions without supervision. (businessballs.com, 2010) RELEVANCE OF THE MODELS TO THE CHANGE IN THE CURRENT ECONOMIC CLIMATE: In current economic climate, change is widespread among all the organisations. It has become an everyday part of an organisational dynamics. Change is not something which can be done overnight. Organisation can use various models of change to apply change successfully in an organisation. According to Collerette, in todays business environment, the only thing that appears to remain constant is change (Collerette, 2002). Companies constantly face pressures to change in changing economic conditions. It is necessary for the organisations to anticipate the change and prepare for it through planning. Adkar Model: The high failure rate of all business change initiatives is because an organisation emphasis more on the process rather than people. Adkar model plays a vital role in handling this kind of situations. For example, in self checkout system, employees need to be motivated and to make them aware of how important this change is for the business for TESCO. This model helps the company to involve employees in the change, as the result of it they get interested in it. Bruce tuck mans model: In the current economic situation change can be successful in an organisation with mutual understanding of team members. Team leader needs to have interpersonal skills which help the members to achieve their goals. People are very sensitive about their work so they need to be given security to work in a team. Kurt Lewins model: This model moves the entire business towards motivation for change. TESCO should reinforce the change (self check out system) ensuring that the desired change is accepted and maintained in the future. It is necessary because if the change is not freeze people can start doing the work in the same they use to do it in the past. 1.5 STRATEGIC INTERVENTION TECHNIQUES: These intervention techniques teaches how to set goals, ways to overcome obstacles in your life, how to reform their thought patterns to turn negative thoughts into positive patterns and to educate effective communication skills which are essential to business of all types. There are various strategic intervention methods such as: Role playing: This part of training is very essential for TESCO which enables individual to handle the given situations. It prepares them to perform without involvement of managers. (strategicintervention.com, 2010) Survey feedback: It is important for TESCO to collect information from personal interviews and survey questionnaires and share it with its employeers.This effective feedback should be understandable and encouraging receivers. (strategicintervention.com, 2010) Team development: This can help TESCO to set goals and to examine the way a group is working. This helps to give a view to the relationship among the people working together. It also assists to change the culture of the organization (strategicintervention.com, 201o) MBO approach: MBO (management by objectives) techniques of performance evaluation are results-oriented. Its important for TESCO to measure the performance of its employees and solve interpersonal problems peacefully. (management4you.blogspot.com, 2009) Proactive and reactive: Managers cannot directly change employees attitudes. Therefore they need to motivate them in directly by improving work conditions and becoming more operative leaders. For example, Managers had to organize workshops to motivate cashiers who have the fear of losing their jobs. (Foodanddrink.com, 2010) 1.6 SYSTEMS INVOLVE STAKEHOLDERS IN THE PLANNING OF CHANGE: STAKEHOLDER: Any group or individual who can affect or {be} affected by the achievements of organisational objectives.(Business Strategy, 2002, p.2) The stakeholders are divided into two kinds of categories: External Stakeholders Customers Shareholders Suppliers Trade bodies Governments Competitors Local community Internal Stakeholders Employees Directors Employees representatives for example Union Trades (Business strategy, p.27) When any company undergoes change, a lot of people for top to bottom are involved in it. Therefore in order to implement the change successfully you need to involve them otherwise it will be a failure. For the self check out system TESCO can adopt stakeholder analysis and engagement (systems to involve stakeholders). 1.8 DEVELOP A CHANGE MANAGEMENT STRATEGY WITH STAKE HOLDERS: Without involving external and internal stakeholders, TESCO cannot introduce this change of self checkout system. There are two major approaches to stakeholder management. One is stakeholder analysis and the other is stakeholder planning. The steps of stakeholder analysis are explained as follows: Identify your stakeholders: Tesco needs to first identify who their stakeholders are, for their strategic change. In this change of self check out system, both external and internal stakeholders are involved such as employers, customers, the press, managers, shareholders, financers, suppliers etc. Prioritize your stakeholders: Then we have to classify them by their power over work and by their interest in work. High power and high interested people for self checkouts are customers, employers, senior managers etc. these are the people we should get fully engaged with and make the greatest efforts to satisfy them. High power and low interest people, the company should satisfied them but not so much that they become bored. Less power and high interest people, TESCO keep them informed as they can be helpful in the change. Less power and less interest people, company should monitor them. Understanding your key stakeholders: TESCO needs to understand what financial interest they have related to the change. How you can motivate them and what information they want from you? If they are not likely to be positive what will win them around to support your project? In order to answer these questions TESCO should talk to them directly. By engaging the right people in the right way in your project, you can make a big difference to its success and to your career.(mindtools.com, 2010) Now they need to engage stakeholders in their strategic change. The most effective way to involve stakeholders is communication strategy. The company should talk to them in a very friendly and co-operative manner. Customer satisfaction should be given the first priority by making self check out systems easy and usable for them. For this they can do a survey feedback and can get their support. Senior managers need to be given training for these machines so that they can mentor their employees. Staff should be given a clear vision of why these machines are important for the companys strategy. It is normal to experience resistance whenever there is change. It is good because it can make the company to check their assumptions. The company should understand what their employees are feeling and thinking. Due to this self checkout machines employers are feeling very in secure about their jobs. Therefore TESCO can arrange various workshops for them to guide how these machines are used and to provide them job security. The company can talk to the financiers that how successful they are running and show them the profits you are getting from them. Thats how they can more involve in change and can help TESCO to introduce these machines in all of their stores. They can do advertisements of these machines by involving press. Developing good relation with the stakeholders will help TESCO to implement the change more successfully. (Wikiadapt, 2010) PLAN TO IMPLEMENT A MODEL FOR CHANGE: Tesco needs to involve external and internal stakeholders in the planning of change. The learning theory of Peter Senge can be used to for self check out machines in TESCO. He explains its theory in five points which are as follows SYSTEMS THINKING: TESCO needs to think about its systems as a whole. They dont have to blame others if the things are not right instead they should see how they operate and why things are going wrong. They should seek the system for it. PERSONAL MASTERY: It is something which is related to the intrinsic motivation and the people who are deeply committed to their work. In order to accept change they should have motivation from their inside which makes resist to the change. BUILDING SHARED VISION: TESCO should give its stakeholders a clear vision of a future they seek to create through this change. It can be done by providing a good understanding about the change.it will help to combine the vision of a company with the vision of stakeholders. TEAM LEARNING: TESCO should provide stakeholders an opportunity to learn in a team. Each member of team task must undertake to link with other team members so that everyone is fully informed. They can perform skilful discussions to achieve their tasks. MENTAL MODELS: TESCO should provide a safe environment in which employees feel comfortable. They should help employees develop their skills of reflection and inquiry. (Peter M. Senge, 1990) 1.10 DEVELOP APPROPRITE MEASURES TO MONITOR PROGRESS: Self check out system is a big change for TESCO. Although it is working successfully in stores but TESCO needs to put effort to solve the problems employers and customers are facing. They need to know why they are facing problems and what they can do for it. They need to motivate and guide the customers so that they can deal with the problems of customers. Tesco needs to think about the machines outlook also as it seems to be very complicated for some customers. It may be happening because the method of how to use it is not introduced to them effectively. They should hire some technical employers to deal with these machines. They need a very co-operative management which can train the employers who can later help their customers they need a cultural change as it is something new for the customers to use and replacing the old methods of shopping. They need to do some survey feedbacks and then they go further of how to overcome these problems related to the change. CONCLUSION AND RECOMMENDATIONS: Although this system of self check out system is running successfully in all stores of TESCO but still there are some problems which company needs to focus on. Customers often get frustrated because they have to go through the self check out menu mostly who dont have the knowledge of information technology. Most of the customers are not using it because they are afraid of using it. Another problem is of mis scanning which then creating problem and the customers have to ring the bell for help. In order to overcome these problems TESCO needs to put some extra employers to assist people if they face any problem using it in order to save their time and energy. They can provide information making it very simple and easy of how to use these machines through internet and newspapers it will help those customers who are afraid of using it. There is a need of making them more user friendly and reducing their faults. BIBILIOGRAPHY: Tesco(2010), change management Tesco at http://www.scribd.com/doc/38560002/Change-Management-tesco [accessed: 22 November 2010] Decision news media(2010), Tesco begins self check out trials at http://www.foodanddrinkeurope.com/Retail/Tesco-begins-self-checkout-trial [accessed: 24 November 2010] Lewis Smith(2010) at http://www.independent.co.uk/news/uk/home-news/selfservice-or-merely-selfserving-the-revolution-at-the-tills-2059363.html [accessed: 24 November 2010] Adkar(2003), Adkar model at http://www.change-management.com/tutorial-adkar-overview.htm [accessed: 26 November 2010] Lewins(1951), Lewins change management model at http://www.consultpivotal.com/lewinHYPERLINK http://www.consultpivotal.com/lewins.htmHYPERLINK http://www.consultpivotal.com/lewins.htms.htm [accessed 24 November 2010] Lewins(1951), Lewins force field model at http://www.unfortu.net/~rafe/links/change.htm [accessed: 25 November 2010] Tuck man (1965), Team reforming model, at http://www.businessballs.com/tuckmanformingstormingnormingperforming.htm (accessed: 25 November 2010] Krabenhoft Alan(2005), A model of strategy and organisational development interventions at http://www.allbusiness.com/management-companies-enterprises/1187765-1.html [accessed: 27 November 2010) Abhishek Kumar Sadhu(2009), Interventions for change at http://management4you.blogspot.com/2009/11/interventions-for-change.html [accessed: 27 November 2010] David J. Campbell (2002); Business Strategy, Oxford, Elsevier science and technology, 2nd Edition. Mind tools (2010), Map Influence at http://www.mindtools.com/pages/article/newPPM_83.htm [accessed: 30 November, 2010] Wikiadapt(2010), Stakeholder Analysis and a t Engagement http://wikiadapt.org/index.php?title=Stakeholder_analysis_and_engagement Accessed: 1November 2010] Peter M. Senge(1990), The Fifth Discipline at http://baudson.cute-ice.de/serendipity/index.php?/archives/35-The-Fifth-Discipline-Peter-M.-Senge,-1990.html [accessed:1 November, 2010]

Corruption in Ken Keseys One Flew Over the Cuckoos Nest :: One Flew Over Cuckoos Nest

Corruption in One Flew Over The Cuckoo's Nest As Lord Acton put it in a letter to Bishop Mandell Creighton, "Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men." This is the truth that is evident both in Ken Kesey book One Flew Over The Cuckoo's Nest. His main characters Nurse Ratched and Randal McMurphy are in a subtle underground war against each other's accumulating power, and corruptness. This idea of great men being bad men is evident in Kesey's book, my experiences, and society in general. Ken Kesey appears to show disgust for people of power in his book One Flew Over The Cuckoo's Nest. Throughout the novel, Nurse Ratched, the lady within whom lays all the power of the staff in a mental institution, frequently sends people who she has behavioral problems with off to the disturbed wing, like she did Maxwell Taber. It is there that they experience the pain of either electroshock therapy, or a full frontal lobotomy. Nurse Ratched uses this and her natural dominance to inspire fear in her patients. She tends to agree with old school of thought that a healthy dose of fear makes people easier to control. Thus she was able to easily putdown any uprising against her totalitarian rule before Randle McMurphy. Nurse Ratched tries to use the power that has been given to her as head nurse to change the patients as she sees fit. As Bromden puts it, "Working alongside others... she is a veteran of adjusting things" (p. 30). But to do this she has created a living hell for them. McMurphy, one of the rare man that dares to vocalize his opinion, shows his negative sentiment towards Nurse Ratched when he tells Harding, "Hell with that; she's a bitch a ball cutter..." (p. 58). The entire ward can see how power has corrupted Nurse Ratched into the pseudo-megalomaniac/sadist she now is. I agree with Kesey's view of power. I once had a teacher who would grade harder for people he didn't like. As a result if he disliked one of his students, they were guaranteed a `C' or lower. His abuse of power went unchecked and unchallenged due to his seniority and the difficulty of proving his crime.

The Fatal Grudge :: essays research papers fc

â€Å"For I have decided to send Ad Patres[Spanish for â€Å"to the fathers†] the feminists who have ruined my life.† -Marc Lepine, suicide note. It was the early evening of December 6, 1989; just nineteen day’s before Christmas. The students of Montreal’s Ecole Polytechnique were just finishing their classes when a stranger walked into the engineering building. Like a sadistic Santa he carried a Sturm Ruger Mini-14 automatic rifle, knives and bandoleers of ammunition. The stranger was Marc Lepine. At the end of the day he would be dead along with 14 women; leaving a suicide note blaming feminists for his actions. Marc Lepine’s brutal actions are a shocking reality check of the growing number of savage acts done by men towards women. There has always been a difference between men and women and how both treat each other. You could say the two genders secretly hold a grudge against one another. This grudge will on occasion surface and cause conflict between the two; either in a peaceful matter or violent outburst. What causes this resentment? In the women’s case many feel they do not have the same privileges that men have. On the other hand, some men say that women are now stealing the privileges which were hard enough to attain while competing with their own gender. Stevie Cameron also recognises this and states â€Å"Sharing power is not easy for anyone and men do not find it easy to share among themselves, much less with a group of equally talented, able women.† (2) This tension is then the hotbed from which these acts of violence must originate from. Women are considered by most men to be less physically inclined. Is this true? In the past men have always been the symbols of strength and fortitude, while the women represented the more gentler and timid qualities. This unfair outlook is alive and well in today’s day and age. Although it’s not nearly supported as strongly as it once was it still sits in our subconscious, dictating our actions as a society. For instance, if you took a 18 year old boy and a 18 year old girl, they have a very different set of rules to follow. These rules are set by their parents who make them based on the previous presumptions. So the girl will find it unfair that the boy, who is considered her equal, can go where he wants, when he wants.

Factors Affecting Share Prices

International Research Journal of Finance and Economics ISSN 1450-2887 Issue 30 (2009)  © EuroJournals Publishing, Inc. 2009 http://www. eurojournals. com/finance. htm Determinants of Equity Prices in the Stock Markets Somoye, Russell Olukayode Christopher Dept. of Banking & Finance, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria P. O. Box 1104 Ijebu-Ode, Ijebu-Ode, Ogun State, Nigeria E-mail: [email  protected] com Akintoye, Ishola Rufus Dept. of Accounting, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria E-mail: [email  protected] com Oseni, Jimoh Ezekiel Dept. f Banking and Finance, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria E-mail: [email  protected] com Abstract Brav & Heaton (2003) alleges market indeterminacy (a situation where it is impossible to determine whether an asset is efficiently or inefficiently priced) in the stock market. Kang (2008) argue that empirical tests of linear asset pricing models show presence of mispricing in asset pricing. Asset pricing is considered efficient if the asset price reflects all available market information to the extent no informed trader can outperform the market and / or the uninformed trader.This study examined the extent to which some â€Å"information factors† or market indices affect the stock price. A model defined by Al-Tamimi (2007) was used to regress the variables (stock prices, earnings per share, gross domestic product, lending interest rate and foreign exchange rate) after testing for multicollinarity among the independent variables. The multicollinarity test revealed very strong correlation between gross domestic product and crude oil price, gross domestic product and foreign exchange rate, lending interest rate and inflation rate.All the variables have positive correlation to stock prices with the exception of lending interest rate and foreign exchange rate. The outcomes of the study agree w ith earlier studies by Udegbunam and Eriki (2001); Ibrahim (2003) and Chaudhuri and Smiles (2004). This study has enriched the existing literature while it would help policy makers who are interested in deploying instruments of monetary policy and other economic indices for the growth of the capital market. Keywords: Stock prices, CAPM, models, coefficient, efficient, stock market. International Research Journal of Finance and Economics – Issue 30 (2009) 78 1. 0. Introduction The price of a commodity, the economist makes us to believe is determined by the forces of demand and supply in a free economy. Even if we accept the economists’ view, what factors influence demand and supply behavior? Price? Yes, but not all the time, at least there are some other factors. In the securities market, whether the primary or the secondary market, the price of equity is significantly influenced by a number of factors which include book value of the firm, dividend per share, earnings p er share, price earning ratio and dividend cover (Gompers, Ishii & Metrick, 2003).The most basic factors that influence price of equity share are demand and supply factors. If most people start buying then prices move up and if people start selling prices go down. Government policies, firm’s and industry’s performance and potentials have effects on demand behaviour of investors, both in the primary and secondary markets. The factors affecting the price of an equity share can be viewed from the macro and micro economic perspectives. Macro economic factors include politics, general economic conditions – i. e. how the economy is performing, government regulations, etc.Then there may be other factors like demand and supply conditions which can be influenced by the performance of the company and, of course, the performance of the company vis-a-vis the industry and the other players in the industry. In a study of the impact of dividend and earnings on stock prices, Ha rtone (2004) argues that a significantly positive impact is made on equity prices if positive earnings information occurs after negative dividend information. Also, a significantly negative impact occurs in equity pricing if positive dividend information is followed by negative earning information.Docking and Koch (2005) discovers that there is a direct relationship between dividend announcement and equity price behavior. Al-Qenae, Li & Wearing (2002) in their study of the effects of earning (micro-economic factor), inflation and interest rate (macro-economic factors) on the stock prices on the Kuwait Stock Exchange, discovered that the macro-economic factors significantly impact stock prices negatively. A previous study by Udegbunam and Eriki (2001) of the Nigerian capital market also shows that inflation is inversely correlated to stock market price behaviour.A number of models developed for asset pricing are two variable models. For instance the Capital asset pricing model (CAPM) developed by Sharpe (1964) considers the risk-free return and volatility of the risk-free return to market return as the determinants of asset price. Asset price as described by CAPM is linearly related to the two independent variables. Many studies have concluded that over the years assets were being underpriced (Smith, 1977; Loderer, Sheehan & Kadlec, 1991) and this raises the question of the adequacy of the various asset pricing models to ensure efficient asset pricing.Brav & Heaton (2003) alleges market indeterminacy, a situation where it is impossible to determine whether an asset is efficiently or inefficiently priced. Kang (2008) found that empirical tests of linear asset pricing models show presence of mispricing in asset pricing. Asset pricing is considered efficient if the asset price reflects all available market information to the extent no informed trader can outperform the market and / or the uninformed trader. This study aims at examining the extent to which some â⠂¬Å"information factors† or market indices affect the stock price.The rest of the paper is designed as follows: Section 2 reviews literature on factors influencing asset prices, effects of inefficient asset pricing and some of the existing asset pricing techniques. Section 3 states the data and the sources, the data restructuring and the model used for data analysis while Section 4 discussed and interpret the results of the data analysis. Lastly, section 4 is the conclusion. 2. 0. Conceptual Framework and Literature Review 2. 1. Conceptual Framework Several attempts have been made to identify or study the factors that affect asset prices.Some researchers have also tried to determine the correlation between selected factors (internal and external, 179 International Research Journal of Finance and Economics – Issue 30 (2009) market and non-market factors, economic and non-economic factors) and asset prices. The outcomes of the studies vary depending on the scope of the st udy, the assets and factors examined. Zhang (2004) designed a multi-index model to determine the effect of industry, country and international factors on asset pricing. Byers and Groth (2000) defined the asset pricing process as a function utility (economic factors) and non-economic (psychic) factors.Clerc and Pfister (2001) posit that monetary policy is capable of influencing asset prices in the long run. Any change in interest rates especially unanticipated change affects growth expectations and the rates for discounting investment future cash flows. Ross’ (1977) APT model which could be taken as a protest of one factor model of CAPM which assumes that asset price depends only on market factor believe that the asset price is influenced by both the market and non-market factors such as foreign exchange, inflation and unemployment rates.One of the defects of APT in spite of its advancement of asset pricing model is that the factors to be included in asset pricing are unspecif ied. Al – Tamimi (2007) identified company fundamental factors (performance of the company, a change in board of directors, appointment of new management, and the creation of new assets, dividends, earnings), and external factors ( government rules and regulations, inflation, and other economic conditions, investor behavior, market conditions, money supply, competition, uncontrolled natural or environmental circumstances) as influencers of asset prices.He developed a simple regression model to measure the coefficients of correlation between the independent and dependent variables. SP = f (EPS, DPS, OL, GDP, CPI, INT, MS) Where, SP: Stock price; EPS: Earnings per share; DPS: Dividend per share; OL: Oil price; GDP: Gross domestic product; CPI: Consumer price index; INT: Interest rate and MS: Money supply. He discovered that the firm’s fundamental factors exercise the most significant impact on stock prices.The EPS was found to be the most influencing factor over the mark et. Studying the effects of the Iraq war on US financial markets, Rigobon and Sack (2004) discovered that increases in war risk caused declines in Treasury yields and equity prices, a widening of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. A positive correlation exists between the price of oil and war. They argue that war has a significant impact on the oil price.Tymoigne (2002) argue that in the financial market, banking convention and financial convention work together to fix the assets’ market prices. According to him the financial convention creates a speculative sentiment of whether capitalists are more prone to sell, or to buy assets while the banking convention determines the state of credit as evidenced by the confidence of the banking sector and ability of investors accessing credit leverage for asset acquisition purpose.He concluded that â€Å"conventions do not determine asset-price, it is the â€Å"law of supply and demand† that does so, conventionsâ€Å"only† influence the behaviors of financial actors† Inflation as an external factor exerts a very significant negative influence on the stock prices in Nigeria (Zhao,1999 & Udegbunam and Eriki, 2001). Factors affecting asset prices are numerous and inexhaustible. The factors can be categorized into firm, industry, country and international or market and non-market factors, and economic and noneconomic factors. All the factors can be summarized into two classes – micro and macro factors.Factors in each class of the classification are inexhaustible. For instance, the firm factors include, ownership structure, management quality, labour force quality, earnings ratios, dividend payments, net book value, etc. have impact on the investor’s pricing decision. Molodovsky (1995) believes that dividends are the hard core of stock value. The value of any asset equals the present value of all cash flows of the asset. 2. 2. Effects Of In efficient Asset Pricing Inefficient asset pricing could be a catalyst to inefficient resource allocation among competing productive investment opportunities.Underpricing can serve as positive signal to the market (Giammariano & Lewis, 1989) to compensate the uninformed and get them to participate in the new International Research Journal of Finance and Economics – Issue 30 (2009) 180 offer (Rock, 1986; Allen & Faulhaber, 1989; Grinblatt & Hwang, 1989; Welch, 1989). The market is information-sensitive. Prices tend to take a declining trend few days to the release of a firm’s new offer and the price recovery starts few days after the completion of the offer, especially if he offer is fully subscribed (Barclay and Litzenberger, 1988). Easley, Hridkjaer and O’Hara (2001) agree that market is information sensitive at least to the extent that private (insider) information affect asset returns and advised that it should not be ignored for efficient asset pricing. The f irm’s beta ratios, its market value to book value, its current price to earnings ratio and the historical growth rate in earning per share are identified by Moore & Beltz (2002) as possessing strong influence on the equity price of the firm.They also argue that the identified factors have varying effects on the price and the effects vary from time to time, sector to sector and even from firm to firm within the same industry. For instance, they argue that equity prices of individual firm in heavy industries (chemical, petroleum, metal and manufacturing) are exclusively influenced by the firm’s beta and market to book value while firms in the technology sector are influenced by the historical growth rate in earning per share as well as beta and market to book value ratio.The equity price in transportation industry is affected by beta and price to earning ratio. Though, Moore & Beltz (2002) constructed a tree relating the impact of each identified factors in each of the s elected model but did not construct a model that could be used in assessing direct impact of the identified factors on the equity price. Asset pricing could be a challenge.Hordahl & Packer (2006) argue that a clear understanding of the asset’s stochastic discount factor and future payoffs is necessary to understand the factors that determine the price of an asset. Unfortunately, only Government instruments provide their stochastic discount factor in advance while the future payoffs are not observable directly but could be derived from some other data. Corwin (2003 identifies uncertainty and asymmetric information as a strong influence on the firm’s equity pricing and as a matter of fact lead to underpriced instrument.In the light of the preceding literature review, many factors both micro and macro-economics, have impact on equity pricing in the stock market, the impact differs from firm to firm, industry to industry, economy to economy and from time to time, but one c omforting conclusion is that most of the factors appear to have the same behaviour regardless of time, industry or firm constraints.For instance, increased inflation and interest rates, declining dividends, earnings, poor management leave negative impact on equity pricing and vice-versa 2. 3. Asset Pricing Techniques There are several asset pricing models aside from CAPM and APT which are both linear model. A few of the available (non-linear) asset pricing techniques are reviewed in this section. 2. 3. 1. Residual Income Valuation This is one of the oldest valuation model with a trace to the work of Preinreich (1938).The valuation model discounts the future expected dividends and potential value of shareholders’ funds to the present value, giving effect to a proposition that the price of equity can be derived from the present value of all future dividends. Lo and Lys (2000) reviewed the Olhson Model (OM) developed in by Ohlson (1995) and which has been acknowledged with wide acceptance (Joos & Zhdanov, 2007; Chen & Zhao, 2008). The OM provides a platform for the empirical test of the residual income valuation (RIV).Lo and Lys (2000) defined RIV as: RIV = Pt = ? R-r Et (dt+r) Where Pt is defined as the equity market price at time t, dt represents dividends at the end of time t, R is the unity plus the discount rate (r) and Et is the expectation factor at time t. The RIV from the present value of expected dividend is based on the assumptions that (i) the accounting system meets the â€Å"clean surplus relation† i. e. 181 International Research Journal of Finance and Economics – Issue 30 (2009) To derive RIV from PVED, two additional assumptions are made.First, an â€Å"accounting system† that satisfies a clean surplus relation (CSR) is assumed: bt = bt-1 + xt – dt, bt represents the book value of equity at time t, xt represents the earnings at time t, and (ii) it is assumed that the book value of equity would grow at a rate les s than R, that is R-r Et (bt+r) —————) 0 The assumptions form the basis to argue that the present value of expected dividend is a function of both the book value and discounted expected abnormal earnings.In that case RIV signifying the price of the asset can be stated thus: Pt = bt +? t=1 R-r Et (xat+r) Where xat = xt – rbt-1. Testing RIV empirically could be a contention on the premises that it has only one sided hypothesis: asset price is a function present value of future dividends. A rejection of the hypothesis when tested empirically may arouse dissenting voices from researchers who had believed in the efficacy of the model. In fact, Lee (2006) expressed the view that residual income valuation model provides a better valuation than the dividend model.John and Williams (1985), and Miller and Rock (1985), argue that dividend is a communication tool for the firm to pass information to the market in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firm’s dividend policy. 2. 3. 2. Economic Valuation Model This model traced to Tully (2000) is developed to recognize economic profits as against the use of book profit in the valuation of asset.The model builds on the premises of profit maximization by owners of the firm and the profit is not to be restricted to book value, rather it covers the opportunity cost of not investing in profitable projects. Economical profit is differentiated from the book profit as the difference from revenues and economical costs (i. e. book costs plus opportunity cost of failure to invest in profitable project. The book profit can be defined as revenue less costs while economic profit is defined as total revenue from investment less cost of capital.Economic profit is higher than normal book profit because of the opportunity cost considered in the former. There are two approaches to the estimation of economic value added (Koller, Goedhart & Wessels, 2005; Jennergren, 2008). The first is NOPLAT less capital charge (i. e. WACC multiplied by initial capital outlay). The value of the operating assets is therefore the initial capital outlay plus the present value of cash flows derived from economic value added.To obtain the equity value, the value of debt is deducted from the value of the operating assets. The second approach involves EBIT less taxes (i. e. PAT). PAT less capital charge after recognizing deferred taxes as part of the invested capital. The operating assets remain as the initial capital outlay (having considered the effect of deferred taxes) plus the present value of all income derived from the economic value added.Economic Valuation of Asset (EVA) Model as defined by Kislingerova (2000) is stated as: EVAt = Pt = NOPATt – Ct x WACCt where NOPATt is Net Operating Profit After Tax or the profit after tax (PAT), Ct is long-term capital (Ct is the sum of equity and invested capita l or alternatively, it is the total of fixed assets and net working capital), WACC is Weighted Average Cost of Capital. Whenever EVA > O, the shareholders’ wealth is maximized, if EVA =0 then there is a break-even point and at EVA < 0 the shareholders’ wealth is in decline.EVA model serves as a tool in measuring both the performance of the firms as well its value. WACC serves a dual purpose. It is used in the calculation of EVA and its serves as the rate for discounting the present value of future earnings to the present time t. The value of the firm is therefore the addition of the book value of capital and the present value of future EVA. To derive the value of equity the value of debt would be deducted from the value of the firm. International Research Journal of Finance and Economics – Issue 30 (2009) 182 2. 3. 3.Discounted Cash Flow Model The model uses accounting data as input and the objective of the model is to derive equity value of a going concern. The value of equity is derived by deducting the value of debt (excluding deferred taxes and trade credits) from the total assets. Deferred taxes are regarded as part of equity (Brealey, Myers & Allen, 2006). There are several variations to the adoption of the model (Jennergren, 2008). The discounted cash flow (DCF) is more adaptable to the valuation of a firm with high level of assets in place and low level of uncertainty about future cash flows (Joos & Zhdanov, 2007).Cash flows available for discounting include dividends, free cash flow to equity and free cash to the firm (debt and equity). A firm can experience three types of growth ranging from stable growth, high growth to stable growth and high growth through transition to a stable growth. The discount rate could be either cost of equity, cost of debt or the weighted cost of capital (WACC). The choice of discount rate should depend on the type of cash flow (equity or firm) to be discounted. At least two models can be derived from the cash flow model.The Dividend Discount (DD) Model is suitable for a firm that pays dividends close to the free cash flow or where it is difficult to estimate the free cash flow to equity. The second model, Free Cash Flow Model is suitable where there is a significant margin between dividends and free cash flow to equity or if dividends are not available. The value of firm witnessing stable growth is given as: C:UsersjoseniD esk top D esk to pDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ON E__filesImage8. if or a firm that experiences two stages of growth (i. e. high growth to stable growth), the value of the firm is: C:UsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage9. gif The value of a firm experiencing three levels of growth (i. e. high growth through transition to stable growth) is given as: C:UsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage10. gifWhere V0 represents equity value or firm value depending on which is discounted, CFt represents cash flow at time t, r represents cost of equity (for dividends or free cash flow to equity) or cost of capital ( for free cash flow to firm), g represents expected growth rate, ga represents initial expected growth (high growth period) and gn represents growth in a stable period; n and n1 are defined as the period in a two stage growth and high growth in a three stage growth models respectively while n2-n1 represents the transition period in the three stage growth model. . 3. 4. Dividend Valuation Model This is one of the commonest and simplest models for valuation of equity in the secondary market. The equity value is taken as the summation of discounted dividends receivable each year till the year of maturity and the price the equity is expected to be sold at maturity. The value of an investment is taken to be the discounted value of the cash flows.There are different variations to the model ranging from: One period valuation one Period to multi-periods Po = D1/(1 + ke) + P1/(1 + ke) Po = D1/(1 + ke)1 + D2/(1+ke)2 +†¦+ Dn/(1+ke)n + Pn/(1+ke)n – multi- period and to indeterminate length of time Infinity and, growth Po = D/(1+ke) (including Gordon growth) variations. D0(1+g)1 + D0(1+g)2 +†¦.. + D0(1+g)? Po = (1+ke)1 (1+ke)2 (1+ke)? or 183 Po = International Research Journal of Finance and Economics – Issue 30 (2009) D0– ke – g) Where: D = dividend paid / expected g = dividend’s growth rate = cost of equity or equity rate of return ke 1 – – n = period variation One of the motives behind the use of this valuation model is to identify over and underpriced shares. Moving away from the simplest form of this model Go and Olhson (1990) introduced a more tasking process for generating dividends and returns on equity investment which they adopted in some more specific valuation models .The process is based on some assumptions such that equity holders would receive net dividends and there exists a linear relationship between variables. John and Williams (1985), and Miller and Rock (1985) argue that dividend is a communication tool for the firm to pass information to the market in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firm’s dividend policy. 3. 0. Research Methodology We define the research hypotheses, sampling and data collection techniques as well as the statistical techniques used to test the data. . 1. Research Methodology We test the following hypotheses: Ho1: The earning per share significantly affects the stock price Ho2: The national gross domestic products significantly affect the stock price Ho3: The lending interest rate significantly affect the stock price Ho4: The foreign exchange rate significantly affect the stock price 3. 2. Model From the hypotheses, the stoc k price is a function of the impact of earning per share, dividend per share, gross domestic, interest rate and oil price.We restricted the influencing factors to five as representatives of the firm’s fundamental factors and external (country) factors. A simple linear regression model derived from Al-Tamimi (2007) is adopted for the study. Unlike Al-Tamimi (2007) who included consumer price index (CPI) and money supply (MS) as independent variables, those variables were replaced with inflation rate (INFL) and foreign exchange rate (FX) in view of the significant impact they have on the economies of developing countries.SP = f (EPS, DPS, GDP, INT, OIL, INFL, FX) Where, SP is the stock price; EPS is the earnings per share; DPS is the dividend per share; GDP is the gross domestic product, INT is the lending interest rate, OIL is the oil price; INFL is inflation and FX is the foreign exchange rate. SP is the dependent variable and it is used to regress the other independent varia bles (EPS, DPS, GDP, INT, OIL, INFL, FX) in the stock market. The outcome of the regression would be the variance on the dependent variable as resulting from the impact of the independent variables.To explain the effects of multicollinearity normally associated with multi-variables in regression analysis, multicollinearity test is conducted to explain the extent of correlation between the independent variables.. A multiple regression software (WASSA) was used to test the multicollinearity among the independent variables before proceeding to conduct the regression analysis. International Research Journal of Finance and Economics – Issue 30 (2009) 3. 3. Data Sampling 184 There are over 130 companies whose shares are being traded in the Nigerian capital market.The Banking sector in the last five years has dominated the market in terms of trading volumes and market performance. The earning per share (EPS) and dividend per share (DPS) of twelve companies listed on the Nigerian Sto ck Exchange (NSE) and (average) annual GDP, crude oil price (OIL), lending interest rate (INT), inflation rate (INFL) and foreign exchange rate (FX) are used are analysed for effect on the stock price. The period covered by the data is year 2001 to 2007. The choice of the companies and period used for the data gathering depend on availability of data. . 4. Data Restructuring Weights are attached to EPS and DPS for each of the companies sampled for each of the year. The weight is derived as a ratio of the company’s EPS or DPS to the total EPS or DPS of all the companies for each of the years. The weight is thereafter multiplied with the respective company EPS or DPS to derive â€Å"weighted stock price (SP), EPS or DPS and thereafter all the companies weighted SP, EPS or DPS are summed together for each of the year (APPENDIX I). 4. 0. Findings and InterpretationIn a linear expression where more than two variables are deployed, multicollinearity between variables may not be ru led out. A multicollinearity test is therefore conducted for all the independent variables. Using the Pearson coefficient of correlation, we consider any correlation between two variables > + 0. 75 as strong. For instance, from Table 1 below there is no significant correlation between earnings per share and dividend per share. Our explanations for it are into parts.First, all the companies in the sample reported earnings per share for each of the years covered by the study though in some instances the EPS are negative but not all the companies declared and /or paid dividends throughout all the periods. Secondly, EPS movement unlike DPS is largely outside the control of the Management. There is a strong correlation between crude oil price and GDP. The justification for the correlation between crude oil price and GDP can be found in the fact that the Nigerian economy predominantly depends on oil revenue.Table I: DPS EPS GDP OIL INT INF FX Outcomes of the Multicollinarity Test (Pearson Coefficient of Correlation DPS 1 -0. 302 0. 609 -0. 395 -0. 498 -0. 521 0. 724 EPS 1 -0. 523 -0. 596 0. 366 0. 778 -0. 037 GPD 1 0. 959 -0. 702 -0. 492 0. 795 OIL INT INFL FX 1 -0. 706 -0. 434 0. 614 1 0. 988 -0. 424 1 -0. 313 1 A strong correlation also exist between INFL and INT which might be the result of manufacturers and service providers passing increased lending interest rate to consumers. A strong correlation exists between FX and GDP.Unexpectedly, there is a strong correlation between INF and EPS, we do not have any explanation for this relationship. For our regression analysis, OIL and INFL were dropped from the model. Though there is a strong correlation between FX and GDP, both variables are used in the regression. FX and GDP variables are significant to the economy of developing nations like Nigeria, therefore their exclusion from the regression would result in a very high constant (? ). 185 International Research Journal of Finance and Economics – Issue 30 (20 09)A regression analysis was run on the independent variables DPS, EPS, GDP and INT after dropping OIL, INFL and FX. Table I shows the result of the regression analysis. Table II: Summary of the Regression Analysis R2 0. 99996 ? – 67. 2385 0. 3835 0. 0869 0. 3805 – 0. 8236 – 1. 9741 Adjusted R2 0. 99978 T – Test – 9. 597 36. 259 33. 369 21. 809 – 7. 375 – 11. 214 Standard Error of Estimates 0. 4752 F – Test 5385. 033 R 0. 99998 Constant DPS EPS GDP INT FX The stock price (P) is highly sensitive to variation as indicated by R2 of 0. 99996. In other words there is 99. 9% and as a matter of fact 100% in stock variation caused by the independent variables. The variability as measured by coefficient of variation (? ) is expectedly positive for DPS, EPS and GDP and expectedly negative for lending interest (INT) though quite significantly. The ? for DPS and EPS though positive were not significant. Many of the companies resorted to bo nus issues instead of dividends and the Nigerian investors are more interested in incomes rather than capital appreciation especially where the stock market performance is poor.The failure to declare and pay dividend leaves two negative impacts on stock prices. The existing investors are denied additional funds to invest and the potential investors seeking investment incomes are discouraged. The hypothesis that EPS affect stock price significantly is accepted. The positive GDP’s coefficient in relation to the stock price is in agreement with some other studies (Udegbunam and Eriki,2001; Ibrahim 2003; Mukherjee and Naka 1995; Chaudhuri and Smiles, 2004). The ? is insignificant at 0. 805 and this might not be unconnected with the increasing foreign reserve maintained by CBN from the proceeds of crude oil sales. The proceeds of the crude oil sales are not released to the economy for investment in various productive sectors of the economy but rather held in foreign economies as p art of the CBN’s monetary policies. The domestic economy is denied of the investments that would have occurred if the funds in the foreign reserve are released for spending in the domestic economy. The hypothesis that the GDP affects stock price significantly is accepted.The coefficient of interest which is negative is expected and found to be significant. The negative coefficient of the lending interest rate is in agreement with the findings of Al-Qenae, Li & Wearing (2002), and Mukherjee and Naka (1995). Lending interest rate is a strong tool in the hands of CBN to influence the economy and where the interest is high as it is Nigeria where lending interest rates hovers between 22% and 25%, the accessibility of the investors to access funds is curtailed and the impact on the stock price would be negative as shown.The hypothesis that lending interest rate affects the stock price significantly is accepted The foreign exchange rate’s coefficient is significantly negative at significant level of 10%. This is not unexpected. Local and foreign investors tend to invest in an economy that has a very high currency exchange rate to foreign currencies. The local investors are discouraged from taking their funds out of the economy for fear of reduced purchasing while foreign investors are encouraged otherwise for increased purchasing power. The hypothesis that foreign exchange rate affects the stock price significantly is accepted.Lastly, the constant (? ) is 67. 2385 (negative). This suggests that the minimum stock price in the market is < 0. We had initially excluded FX from the regression for the reason of its collinearity with GDP but the constant was negative and excessively high. The inclusion of FX has reduced the negativity which is an indication that there are other important variable(s) that significantly affect the stock prices but not considered in this study. The stock price cannot be < 0 except the company is in liquidation. International Rese arch Journal of Finance and Economics – Issue 30 (2009) 186This raises an important question of what factor(s) could have accounted for the extra ordinary stock market performance in Nigeria between 2005 and 2007 where some stocks return over 1000% per annum. The nation House of Representative’s Committee on Capital Markets expressed disgust at the hike in the stock prices of companies in the banking and oil sectors (Thisday Newspapers, 2008). The â€Å"hike† which may not be a non-economic factor (such as political, unhealthy competition, profiteering by issuers who are at the same time market investors) may be the omitted important variable accounting for the high ?. . 0. Conclusions and Recommendations The forces of demand and supply have direct effect on the stock price while the other indeterminate number of firm, industry and country factors influences the demand and supply factors. The effect, positive or negative the other factors apart from the demand a nd supply leave on stock price are not static rather changes. For instance, lending interest rate effect could be positive or negative depending on the aim of the CBN in deploying it as one of the tools for implementing monetary policy.The study has contributed to existing literatures in confirming or raising new issues with respect to other factors influencing stock prices. 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Coeff. S. E. 0. 010577 0. 002606 0. 017447 0. 111666 0. 17603 7. 006084 S. E. * 0. 060703 0. 010767 0. 101869 0. 027251 0. 25173 0. 078979 S. E. * T-STAT H0: parameter = 0 36. 259468 33. 368601 21. 808584 -7. 375331 -11. 214366 -9. 597156 T-STAT H0: |elast| = 1 19. 785697 -59. 07274 11. 992081 -29. 320395 7. 241855 -3. 064493 T-STAT H0: coeff = 0 2-tail p-value 0. 017553 0. 019073 0. 029171 0. 085794 0. 056618 0. 066096 2-tail p-value 0. 032148 0. 010697 0. 052964 0. 021704 0. 087356 0. 200805 2-tail p-value 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 033048 1-tail p-value 0. 016074 0. 005349 0. 026482 0. 010852 0. 043678 0. 100402 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 5 S-DPS[t] 0. 763848 0. 021066 36. 259468 0. 017 553 S-EPS[t] 0. 69251 0. 020753 33. 368601 0. 019073 S-GDP[t] 0. 729372 0. 033444 21. 808584 0. 029171 S-INT[t] -0. 09814 0. 013307 -7. 75331 0. 085794 S-FX[t] -0. 48017 0. 042817 -11. 214366 0. 056618 S-Constant 0 0 0 1 Computed against deterministic endogenous series *Note Multiple Linear Regression – Regression Statistics Multiple R 0. 999981 R-squared 0. 999963 Adjusted R-squared 0. 999777 F-TEST 5385. 033289 Observations 7 Degrees of Freedom 1 Multiple Linear Regression – Residual Statistics Standard Error 0. 475177 Sum Squared Errors 0. 225793 Log Likelihood 2. 086595 Durbin-Watson 3. 380955 Von Neumann Ratio 3. 944448 # e[t] > 0 3 # e[t] < 0 4 # Runs 6 Runs Statistic 1. 333946 NB: Regression analysis was done using a software developed by Wessa (2008)