Saturday, February 8, 2020
Life Course Theory - Research Paper Example The life course theory can best be internalized by analyzing life occurrences in respect to stages in lives, turning points and routes which are all engraved in the social school of thought. This ranges from personal traits, the environment around the person, educational differences and the family or community status. Ingredients of Building a Criminal The emergence of a criminal is attributed to two main sources of influence on the life of an individual: transitions and trajectories. A transition comprises of the periodical short lived occurrences or decisive moments that create a particular life change like parenthood, marriage or divorce (Glen, Johnson & Crosnoe, 2003). Trajectories on the other hand refers to a route over the course of life which entails long lasting trends or patterns of occurrences like the history of the family and state of employment. Notably, there is a key role played by transitions in the course of oncoming trajectories (Heather and Farrington, 2001). Adap tation of an individual to a specific transition can result into change of course of the personÃ¢â¬â¢s life into a respective trajectory. Childhood experiences can have a great impact on occurrences in the adolescent stage and later into adulthood the same manner adolescence or adulthood events can shape later trajectories. If a child is exposed to too much criminal activities or violence, there is likelihood that the child or the adolescent will modify into one in his or her future life. Besides, exposing an adolescent to rejection in a social group increases the chances of the child developing into a violent adult. This is because the person has a tendency to feel neglected and thus the only way to obtain attention is by resolving to be a violent person. Provided this, transitions or occurrences at various stages of life can have a permanent effect on various consequences during a life course. Eventually this can lead into a one main trajectory or pathway. Environment Most crime s in the inner city emerge as a result of the environment a person lives and the kind of exposures the person is subjected to. As mentioned earlier, this falls under transitions. For example; the type of housing one dwells has a major impact on the life course of the person. This coupled with a desire to live in a decent apartment beyond the capacity of earnings of the person will automatically make the individual to attempt earning beyond his/her means. The individual may resolve to obtain the house or money by any fraudulent means which result into change of a life course. Besides, family structure has a greater role to play in this scenario. The family structure dictates the form of education a person acquires. According to Heather and Farrington (2001), the family is the corner stone of a human community. Children or adolescents who are constantly rejected by their fathers and mothers, those who are brought up in homes with significant level of conflicts and those are not adequa tely monitored are exposed to risk of developing into delinquents. Deborah, et al. (2002) assert that justice or fairness can be executed in a better way when the young individuals are directed on the best paths by involving the family members in Juvenile crime proceedings. It is vital for the society at large to understand the impact of family make up in getting to roots of delinquency. The structure of a family is one of the profound socialization foundations in oneÃ¢â¬â¢
Wednesday, January 29, 2020
Social Support and Health and Well Being Essay Social Support is a multidimensional construct which is not unilaterally beneficial i.e. maladaptive vicarious learning; Dependence; Provision of bad advice. It is generally thought that the more social support a person receives the more beneficial upon their health and well-being. Access to appropriate resources may protect the individual from the deleterious effects of stress Martin (1989). Lazarus and Folkman (1984) state all else being equal, morale, health and functional capabilities will be better if support is perceived to be adequate. Levels of social support a person receives have been associated with mental and physical health and well-being. In stressful times, social support helps people reduce psychological distress (e.g., anxiety or depression). Social support has been found to promote psychological adjustment in conditions with chronic high stress like HIV, rheumatoid arthritis, cancer, stroke, and coronary artery disease. People with low social support report more sub-clinical symptoms of depression and anxiety than do people with high social support. In addition, people with low social support have higher rates of major mental disorder than those with high support. These include post-traumatic stress disorder, panic disorder, social phobia, major depressive disorder, dysthymic disorder, and eating disorders. Social support has numerous ties to physical health, including mortality. People with low social support are at a much higher risk of death from a variety of diseases (e.g., cancer, cardiovascular disease). Numerous studies have shown that people with higher social support have an increased likelihood for survival. Individuals with lower levels of social support have: more cardiovascular disease, more inflammation and less effective immune system functioning, more complications during pregnancy, and more functional disability and pain associated with rheumatoid arthritis, among many other findings. Conversely, higher rates of social support have been associated with numerous positive outcomes, including faster recovery from coronary artery surgery less susceptibility to herpes attacks, a lowered likelihood to show age-related cognitive decline, and better diabetes control. People with higher socialÃ support are also less likely to develop colds and are able to recover faster if they are ill from a cold. There are two main hypotheses that address the link between social support and health: the buffering hypothesis and the main effects hypothesis. The main difference between these two hypotheses is that the direct effects hypothesis predicts that social support is beneficial all the time, while the buffering hypothesis predicts that social support is mostly beneficial during stressful times. Evidence has been found for both hypotheses. In the buffering hypothesis, social support protects (or buffers) people from the bad effects of stressful life events (e.g., death of a spouse, job loss). Evidence for stress buffering is found when the correlation between stressful events and poor health is weaker for people with high social support than for people with low social support. The weak correlation between stress and health for people with high social support is often interpreted to mean that social support has protected people from stress. Stress buffering is more likely to be observed for perceived support than for social integration or received support. In the main effects hypothesis, people with high social support are in better health than people with low social support, regardless of stress. In addition to showing buffering effects, perceived support also shows consistent direct effects for mental health outcomes. Both perceived support and social integration show main effects for physical health outcomes. However, received (enacted) support rarely shows main effects. Several theories have been proposed to explain social supportÃ¢â¬â¢s link to health. Stress and coping social support theory; dominates social support research and is designed to explain the buffering hypothesis described above. According to this theory, social support protects people from the bad health effects of stressful events (i.e., stress buffering) by influencing how people think about and cope with the events. According to stress and coping theory, events are stressful insofar as people have negative thoughts about the event (appraisal) and cope ineffectively. Coping consists ofÃ deliberate, conscious actions such as problem solving or relaxation. As applied to social support, stress and coping theory suggests that social support promotes adaptive appraisal and coping. Evidence for stress and coping social support theory is found in studies that observe stress buffering effects for perceived social support. One problem with this theory is that, as described previously, stress buffering is not seen for social integration, and that received support is typically not linked to better health outcomes. Relational regulation theory (RRT) is another theory, which is designed to explain main effects (the main effects hypothesis) between perceived support and mental health. As mentioned previously, perceived support has been found to have both buffering and direct effects on mental health. RRT was proposed in order to explain perceived supportÃ¢â¬â¢s main effects on mental health which cannot be explained by the stress and coping theory. RRT hypothesizes that the link between perceived support and mental health comes from people regulating their emotions through ordinary conversations and shared activities rather than through conversations on how to cope with stress. This regulation is relational in that the support providers, conversation topics and activities that help regulate emotion are primarily a matter of personal taste. This is supported by previous work showing that the largest part of perceived support is relational in nature. Life-span theory is another theory to explain the links of social support and health, which emphasizes the differences between perceived and received support. According to this theory, social support develops throughout the life span, but especially in childhood attachment with parents. Social support develops along with adaptive personality traits such as low hostility, low neuroticism, high optimism, as well as social and coping skills. Together, support and other aspects of personality influence health largely by promoting health practices (e.g., exercise and weight management) and by preventing health-related stressors (e.g., job loss, divorce). Evidence for life-span theory includes that a portion of perceived support is trait-like, and that perceived support is linked to adaptive personality characteristics and attachment experiences. Many studies have tried to identify biopsychosocial pathways for the link between social support and health. Social support has been found to positively impact the immune, neuroendocrine, and cardiovascular systems. In terms of the immune system, Social support is generally associated with better immune function. For example, being more socially integrated is correlated with lower levels of inflammation (as measured by C-reactive protein, a marker of inflammation), and people with more social support have a lower susceptibility to the common cold. In terms of the neuroendocrine system, Social support has been linked to lower cortisol (stress hormone) levels in response to stress. Neuroimaging work has found that social support decreases activation of regions in the brain associated with social distress, and that this diminished activity was also related to lowered cortisol levels. Finally, The Cardiovascular system and Social support have been linked as social support has been found to lower cardiovascular reactivity to stressors. It has been found to lower blood pressure and heart rates, which are known to benefit the cardiovascular system.
Tuesday, January 21, 2020
Humans have and always will affect the environment in some way possible. Every day, the everyday actions taken by humans are affecting the world more that which we reside upon. For years and years humans have been taking Earth for granted and by ignoring the damage caused to it. Our ways of life are destroying the very thing we live on and if continued, there may not be, in the near future, the world in which we call home. Many environmental issues happening today are caused mainly by human activities/human intervention. Some examples of these human activities, which are growing out of hand, are growing populations, industries and their emissions, fires caused by those who are unaware and so many more. These growing factors have contributed greatly to negative effects on the environment as well the CO2 emissions that they bring along side with them. Growing populations today have had devastating impacts on the environment. Food industries and food production companies have been struggling to keep up with the popular demand and with rising populations; the situation is only getting worse. According to Howmany.org it is estimated that there are 1 billion people added to Earth every 12 years which equals to 220,000 people per day being born, with food and water becoming more and more limited and the amount of space needed to live decreasing, it can only have negative impacts on our environment, which is destruction. As human population grows, more space is needed to contain them and to get more space; land must be cleared out. In order to achieve this need for land, trees are destroyed or otherwise known as deforestation. Nicole Lindell, geologist, said Ã¢â¬Å"we are also losing wildlife habitats, our natural environment, and most signi... ... ice caps were melting to the increase in temperature, global warming shouldÃ¢â¬â¢ve been an issue which has been neglected for far too long. However, it still isnÃ¢â¬â¢t too late to improve the situation. There have been so many technological advancements which can help slow down the rate in which global warming can be slowed down, if not stopped completely. From electric cars to renewable energy to solar panels, these advancements in science have the ability to change the course of life, but are not taken advantage of. Our natural environment is of extreme and crucial importance to our social and economic life. It also provides a resource for food supply and energy sources. There is always a limit on things we can and cannot do, the same applies to Earth. Earth cannot provide resources for eternity and it surely cannot repair itself from the severe damages caused by humans.
Monday, January 13, 2020
Challenging Behavior among children stems out from various intricate and interrelated factors. Often times, the family and the educators are not able to properly address the needs of these children due to the lack of information, education and support. Strain and Joseph (2004) revealed that 73% of educators perceived that challenging behaviors among children has been significantly increasing. But surprisingly, educators are facing problems and some are even not that willing to help and assist children with challenging behavior. Strain and Joseph (2004) 70% revealed that teachers who handle students with challenging behavior claimed that children with such make them feel stressed, while 60% said that it has a negative effect on their job satisfaction. The case of June (Laursen, 2005) reveals how educators perceive children with challenging behavior, and how a child who encounters behavior difficulties relates with her peers and her educators. Most of her teachers are not that positive in terms of doing an extra work in terms of helping her overcome her difficulties in school because of her attitude. As such, an education plan was set in order to help her. June was made to sign a behavioral contract that furthers the agreement that she should Ã¢â¬Å"stay awake in school, not yell at adults, not assault anyone and attend the group meeting all day (Laursen, 2005, para 2). According to Reichle and Wacker (1997), the most effective venue for the assessment of challenging behavior could be conducted in natural environments such as Ã¢â¬Å"home, school and local communityÃ¢â¬ (para 2). also emphasized that Communications Based Interventions are the best approach in terms of dealing with challenging behavior (para 4). The Positive Behavior Support (PBS) is tailored to meet the specific needs of the child and also takes into careful consideration all of the contexts in which problems with regard to challenging behaviors emerge. The model devised by Dunlap and Fox (1999) as cited from Fox, Dunlap and Powell (2002) creates an Individualized Support Program (ISP) that seeks to help the family and the childÃ¢â¬â¢s care givers in order to change his or her difficult behavior.
Sunday, January 5, 2020
Sample details Pages: 5 Words: 1535 Downloads: 2 Date added: 2017/09/22 Category Advertising Essay Type Argumentative essay Did you like this example? Ã¢â¬Å"What is REAL? Ã¢â¬ asked the Rabbit one dayÃ¢â¬ ¦ Does it mean having things that buzz inside you and stick out like a handle? Ã¢â¬ In the childrenÃ¢â¬â¢s book, The Velveteen Rabbit, by Margery Williams, two toys talk within a nursery about what it means to be Real. As I listened to the reading, I realized that I can apply the discussed qualifications for Real into my life, and as I did so I began to recognize just how Real I may be. After reading the book to the class my teacher issued an assignment, a five page essay on Ã¢â¬Å"What does it mean to be real? I immediately thought Ã¢â¬Å"With such a harsh case of senioritus? Impossible! Real? It means to walk around with air in your lungs, moveable joints and a ticking heart. Ã¢â¬ A few minutes later I woke up a bit more and evaluated the question further. It took me several weeks, many I-Pod searches, a time-consuming assessment of my life and intense movie watching, but I do believe that I have the key tha t will uncover RealÃ¢â¬â¢s meaning in every sense. What does it mean to be real? According to WebsterÃ¢â¬â¢s Dictionary real is defined as Ã¢â¬Å"physically existing or not artificialÃ¢â¬ . As the great French philosopher Rene Descartes said Ã¢â¬Å"I think therefore I amÃ¢â¬ , I say Ã¢â¬Å"If I am then I exist and if I exist, then I am physically hereÃ¢â¬ . Now establishing the fact that I am real in the physical sense, the question, Ã¢â¬Å"Am I artificial? Ã¢â¬ develops. This question is a tricky one with regard to the concept that teenagers do not act on our own sense of morals, but rather on the desire to satisfy those whose affection we crave, and I am no exception. Taking all this into account I am artificial, however, if this is the manner in which the rest of my contemporaries behave then I am only as real as my age. So far through my life I have operated with appendages in my eyes, with others steering my vision of reality, whether they are my parents, fri ends, peers or media and I realize that one element in being real is to seize control of what and how I see and understand the world. To do so, I must close my eyes after a view and ponder, for myself, what I saw and how it struck me because otherwise I would only be allowing others to cause a collision. Real isnt how you are made, said the Skin Horse. Its a thing that happens to you. When a child loves you for a long, long time, not just to play with, but REALLY loves you, then you become Real (Williams 5). After reading and reflecting on how this sentence might pertain to my life, I came to the conclusion that I am not yet Real. This sentence says that being Real is being truly loved by someone, not just Ã¢â¬Å"playingÃ¢â¬ , but truly being cared about; I donÃ¢â¬â¢t see myself as sincerely being loved by anyone except for my Dad and our relationship is fairly new, even though I know he has loved me since before I was born. Love must be combined with an extraordinary bond in order to make one Real, a bond that will release one from all insecurities and filter the world in a different and more positive light. As for the friends that I have accumulated over the years, I do not see myself as being of any immense significance to their lives, all we did was play and have fun. What I mean to say is, if I were to suddenly disappear, more likely than not my friends would mourn my dissolution for a brief while, but only the person who I truly mattered to will be the one whose life would need rearranging. Generally, by the time you are Real, most of your hair has been loved off, and your eyes drop out and you get loose in the joints and very shabby. But these things dont matter at all, because once you are Real you cant be ugly, except to people who dont understand (Williams 5). Does it hurt? asked the Rabbit. Sometimes, said the Skin HorseÃ¢â¬ ¦ When you are Real you dont mind being hurt (Williams 5). To be within reach of becoming Real, a person must not shelter herself from lifeÃ¢â¬â¢s events, whether good or bad, because with all good and no bad, how is the good ever to be valued? When in the process of becoming real, a person is taken from the secure confinements of her cupboard and takes the risks and the experiences that go along with becoming Real. This may cause hurt and damage to oneÃ¢â¬â¢s self, but it takes the simplicity away from her fur, tatters it a bit, but all the while it is what gives her appearance character, setting her aside from all the other velveteen rabbits that shared all the same aspects. I have never truly strayed from my cupboard and out of the nursery for fear of damaging my Ã¢â¬Å"furÃ¢â¬ , I have taken risks and been hurt, but always within the custody of my shelf. It doesnt happen all at once, said the Skin Horse. You become. It takes a long time. Thats why it doesnt happen often to people who break easily, or have sharp edges, or who have to be carefully keptÃ¢â¬ (Williams 5). Becoming R eal is a long process that requires a life time of experiences that will subject me to Real pain, and Real love, not only from or for another person, but also from and for myself. The boy in the story did not make the rabbit Real, he only contributed by loving and showing him lifeÃ¢â¬â¢s beauties such as love and friendship. The rabbit in fact made himself Real by accepting himself. I was birthed by a fifteen year old girl who was totally unprepared to be a mother and was adopted by my grandmother and step-grandfather, whom I called mom and dad. But after middle school, when I was more able to recognize my surroundings along with other events that occurred with my family along with the quarrel within myself, I began to feel as if I do not belong and have no Real family, causing me to feel insignificant. It felt wrong to request for things from my grandparents since I am not truly their child, not to mention they already raised their own kids and still have to pay for my educ ation and cost of living; I could not ask from my mother because she has her own kid who also posses needs and seeing as how I have never played the role of her daughter, although she and I occasionally try, it is not my place. Due to these feelings of displacement IÃ¢â¬â¢ve always felt incapable of being loved by more than my daddy and therefore I try to find many little substitutions to fill the void, whether they be friends, crushes or even family. I began to develop the impression that I was a slip-up and not meant to be here or to be loved. IÃ¢â¬â¢ve analyzed myself and my personality, along with other peopleÃ¢â¬â¢s criticisms, and have found that I desperately crave attention, usually in heaps from one person at a time. I constantly want to feel as though someone cares and I desire that at least one person would want to be around me without growing tired. However, none of these quick fix relations ever last very long and something always happens to make me feel trivia l. Without the approval of others, I am never able to approve myself my question is always Ã¢â¬Å"How can I like myself if others donÃ¢â¬â¢t even like me? What is wrong with me? Ã¢â¬ I cannot predict when I will become Real. It may happen in a few years, or in the closing stages of my life if ever at all. Needless to say this paragraph knocks me out of the running to become Real. There are no magical nursery fairies or wise old rocking horses to transform a human being into Real. An individual must undergo selflessness, acceptance, experience and a clear perception of the world (all attributes of Christ). Perhaps Real is another form of perfection. With this in mind, I ask, has anyone ever been Real? With all the ingredients necessary to be Real it is practically impossible to achieve it until made divine, which must be achieved through Real actions. I cannot become Real simply from experiences and learning from them or even adding all the ingredients together, because ev en after being subject to all these phases, I will continually be subject to more until my final breath. The trials given here on earth are sent to test us on how well we handle our affairs, if we pass all the courses until deaths touch, we are proved worthy and made into Real. Works Cited Real. Merriam WebsterÃ¢â¬â¢s Desk Dictionary. 1995. Williams, Margery. The Velveteen Rabbit. Random House Childrens Books: HCI, January 1958 Boyd, Brandon. Dig. Sony Music Entertainment: EPIC, November 2006 Hacikyan, Shaant. Teasing to Please. Fueled by Ramen: June 2006 DonÃ¢â¬â¢t waste time! Our writers will create an original "Be Real? What is REAL?" essay for you Create order
Saturday, December 28, 2019
Sample details Pages: 9 Words: 2597 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Level High school Did you like this example? Brief: 193028 Title: Financial Analysis of Electrocomponents Electrocomponents is a distributor of electronic, electrical and industrial products to customers mainly in the research and development or maintenance field. The company was established as Allied Electronic in North America in 1928 and as Radiospares in London in 1937. It floated as Electrocomponents plc on the London Stock Exchange in 1967. DonÃ¢â¬â¢t waste time! Our writers will create an original "Financial Analysis of Electrocomponents" essay for you Create order The company has a global presence with operating companies in 26 countries and distributors in many more countries. It trades as RS in most of Europe, Africa and Asia, Radiospares in France and Allied Electronic in North America. For the year ended 31 March 2006, the company had an annual turnover of ÃâÃ £828.5 million, an increase of 7.1% over the year ended 31 March 2005 (See Appendix I for details). Though the revenues increased by 7.1%, gross profits increased by 3.5% only indicating a drop in gross margin and tighter markets. Operating profits were lower by 32% due to higher marketing and distribution costs. Profits before tax were lower by 34.8% due to higher financial expenses and reorganisation costs. The profit after tax margin in the year 2006 was 5.3% while the corresponding figure in 2005 was 8.7%. This drop indicates lower profitability partially due to one-off reorganisation costs and partially due to marketing and distribution expenses. The distribution indus try is much segmented with a large number of small and medium players. One reason for large number of distributors is the presence of large number of small manufacturers who have entered exclusive distribution rights with different distributors. The company faces following main risks: Economic slowdown. Slowdown in global economy will reduce the demand of its products and hence profits. Fixed costs in terms of warehouse facilities canÃ ¢Ã¢â ¬Ã¢â ¢t be scaled down easily impacting profitability more. Foreign exchange. As Electrocomponents operates worldwide, strengthening of Pound against Euro, US Dollar and other major currencies will lower its revenues and profits in Pounds. Interest rate. Increase in interest rate will reduce profits Chart I shows the two-year share price graph of Electrocomponents. After the end of last financial year in March 2006, share price dropped due to lower profits. But since Sep 2006, share price has again moved upwards expecting higher profits in future. Company announced six months results after Sep 2006. The after tax increased by 4.4% over the corresponding period ended Sep 2005. Increase in profits after a drop in the previous year gave confidence about the company and its share price has increased since then. Chart I Ã ¢Ã¢â ¬Ã¢â¬Å" ElectrocomponentsÃ ¢Ã¢â ¬Ã¢â ¢ share price movement (Source: Yahoo Finance, https://uk.finance.yahoo.com/q/bc?s=ECM.Lt=2yl=onz=mq=lc=) ElectrocomponentsÃ ¢Ã¢â ¬Ã¢â ¢ share price is 290.5 pence. Price to earning ratio is 28 based on the financial year mar 2006. Even if Electrocomponent reaches 2005 earning per share of 15.5, P/E ratio will still be 20, which is high. 2) Appendix II shows the different sources of fina nce for the year ended 31 March 2006. Electrocomponents had total assets of ÃâÃ £703.3 million. These assets were financed by total liabilities of ÃâÃ £366.9 million. Liabilities represent 52.5 % of total assets meaning that out of every ÃâÃ £1 of asset, 52.2 pence is owed to non-shareholders. The company has borrowings of ÃâÃ £160.2 million only as most of the current liabilities are amount owed to trade creditors and non-interest bearing. Net borrowings are only ÃâÃ £120.8 million. As seen in appendix I balance sheet, Electrocomponents had ÃâÃ £133.8 million of tangible assets and hence lenders are fully secured through tangible assets. Gearing ratio = Net debt / (Net debt + Shareholders funds) = 120.8 / (120.8 + 336.4) = 26.4 % Electrocomponents gearing ratio of 26.4% means that financial gearing is moderate and there is not significant fear of bankruptcy due to high gearing. Also if need arises in future, it can take on more debt. Appendix II shows the 5-year dividend history of Electrocomponents. There was no change in dividend in the last financial year in spite of significant drop in earning per share. This is probably because the management thinks that the drop in earnings is temporary and earnings will increase soon. This is also a way of sending strong signal about future performance to the market. Also noteworthy is the fact that in all five years, dividend to earning per share ratio is more than 1. This is possible because cash flows from operations were more than the net profit and cash outflow was higher than cash inflow. Now we analyse the cost of capital which has two components Ã ¢Ã¢â ¬Ã¢â¬Å" cost of debt and cost of equity. Most of the debt was at 3.7%. Since then the bank rates have gone up by 0.75%, so cost of debt, Rd = 4.45%. Cost of equity capital = Re = Rf + Be*(Rm Ã ¢Ã¢â ¬Ã¢â¬Å" Rf) Risk-free rate, Rf = 4.96 % (10-year yield on UK gilt) Expected market return, Rm = 12 % Beta = Be = 1.52, as calculated in question 4 Re = 4.96% + 1.52*(12% 4.96%) = 15.66% Cost of capital = R = Rd*(1-T)*D/(D+E) + Re*E/(D+E) Where E = Shareholders funds = ÃâÃ £336.4 million D = Debt = ÃâÃ £160.2 million Cost of capital, Re = 11.61% Appendix IV shows the working capital analysis. Current ratio (current assets / current liabilities), a measure of the liquidity, is 2.26 in 2006 which means for every ÃâÃ £1 of current liability, the company has ÃâÃ £2.26 worth of current assets. Current ratio of more than 1 means that current liabilities can easily be met without resorting to fixed assets. A more conservative measure of liquidity is quick ratio which is current assets minus stock divided by current liabilities. ElectrocomponentsÃ ¢Ã¢â ¬Ã¢â ¢ quick ratio is also more than 1 and hence liquidity is good. Debtor days have increased from 60 to 63 in 2006. The company is using more of its money in financing the business. Creditor days have also increased by 1 to 34 in 2006. As debtor days are higher, the company has positive working capital requirements and hence needs more external financing. 3) According to the efficient market hypothesis, it is impossible to consistently outperform the market. There are three main types of market efficiencies: Weak-form efficiency. According to this, no excess returns can be earned by using investment strategies based on technical analysis although fundamental analysis may give better returns. Semi-strong form efficiency. Share prices adjust within small amount of time and in an unbiased fashion to publicly available new information and hence no consistent abnormal gains cane be achieved by fundamental analysis. Strong form of efficiency. Share prices reflect all information and no one can earn excess returns. Stock Market Efficiency is important for any firm where managers are different from the owners and can lead to principal-agent problem. Absence of SME will reduce the faith of owners and in such scenarios shareholders normally demand a discount in share price. Hence SME is important for the confidence of the shareholders and avoiding a discount in share price. SME is tested by the abnormal share price movement following an important announcement by the company. We check the abnormal share price movement on the day of announcement. Abnormal share price movement is calculated by finding the difference between the share price and expected normal returns based on the market value. Expected normal return is calculated by using beta of the share. If share price shows abnormal return, then all the news was not reflected in the price and hence a violation of the strong form of efficiency. The benchmark market return used for calculating the share priceÃ ¢Ã¢â ¬Ã¢â ¢s abnormal ret urn is the FTSE 100 return as it represents the market by including companies from all sectors. The presence of large number of companies in FTSE 100 index diversifies the specific risk associated with the individual companies and hence gives only market risk. The top 5 price movements were selected on the basis of absolute abnormal share price movement with respect to the FTSE 100 index. Abnormal share price movements were the difference between the daily return on the share price and the expected daily return based on the FTSE 100 index. First we selected the top 10 share price movements Ã ¢Ã¢â ¬Ã¢â¬Å" 28 Sep 06 and 27 Sep 06 are treated as one event. Then we calculated the FTSE 100 returns on those days and abnormal returns using beta as below Abnormal return = Share return Ã ¢Ã¢â ¬Ã¢â¬Å" Beta * FTSE return Appendix V shows the results. The top five absolute abnormal returns are for the following dates 17 Jan 2007 06 Dec 2006 28 and 27 Sep 2006 28 Jun 2006 16 Mar 2006 To study the events and /or announcements on these days, we looked at the Ã ¢Ã¢â ¬ÃÅ"Financial TimesÃ ¢Ã¢â ¬Ã¢â ¢ and Ã ¢Ã¢â ¬ÃÅ"InvestegateÃ ¢Ã¢â ¬Ã¢â ¢ website for the articles. Financial Times website gives all the market and company news along with their analysis of the announcements. Investegate website gives all the company announcements. 17 Jan 2007 No announcement in Investegate website and no news on Financial Times. As per any form of efficient market hypothesis there shouldnÃ ¢Ã¢â ¬Ã¢â ¢t be an abnormal return on this day. 06 Dec 2006 No official announcement in Investegate. No news in Financial Times either. Again a case of failure of efficient market hypothesis. 28 and 27 Sep 2006 Release of trading statement on 27 Sep 2006 showing 9 % growth in revenues. Market takes one more day, 28 Sep 2006, to adjust price. Hence semi-strong and strong form of efficiencies are not there. 28 Jun 2006 No new news released except for a formal announcement of posting of annual records. Abnormal movement not justified by efficient market theory. 16 Mar 2006 No new news released and hence abnormal movement not justified by efficient market theory. The above abnormal share price movementsÃ ¢Ã¢â ¬Ã¢â ¢ show the absence of strong and semi-strong form of efficiencies. Academics have presented various studies on market efficiency. Many have also presented market anomalies like January effect. Broader conclusion would be that market is overall efficient, though not strong form, but anomalies do exist. 4) Market risk is the risk associated with the economy as a whole and specific to any industry or a company. Interest rate, GDP growth and inflation represent some of the parameters of market risk. Though they impact companies also but their impact is not limited to some specific companies only. Market risk canÃ ¢Ã¢â ¬Ã¢â ¢t be diversified away by forming a portfolio of companies. The risk that remains in the portfolio of all companies is called as market risk. It is also known as the systematic risk and is common to all securities. Beta is calculated by comparing the returns of the company with that of market. FTSE 100 index is taken as the representative of the market. We have used the monthly returns over the five year period for calculating beta. The monthly returns are calculated by comparing the share price or index with the share price or index level of the previous month. Then the share price returns are plotted on the Y-axis and market returns are plotted on the X-axis. Linear regression is used to plot the least square line and the slope of the line gives beta. The slope of the line is calculated by the regression analysis and the results are shown in Appendix VI. Beta value = 1.45 Adjusted R square of 0.34 indicates that 34 % of the share price movement is because of market movement. Another way of calculating beta is to compare the ratio of monthly returns of stock with monthly returns of the index. Appendix VII shows the values of monthly returns for the last one year. We find beta value for each month by dividing share price returns by FTSE 100 index return. We then take the average value of the betas. Beta value = 1.58 The results of the above two methods are not very different. Normally a 5-year period is used for calculating beta. The one year analysis shows the current movement in the beta compared to the whole 5 year movement and reflects the current trends. The higher value in the last one year indicates that ElectrocomponentsÃ ¢Ã¢â ¬Ã¢â ¢ share price moves more in response to movement in the market index. We now take the average of above two values as the beta of Electrocomponents. Beta = (1.45 + 1.58)/2 = 1.52 5) Portfolio effects Individual shares carry both systematic and specific risks. Specific risks relate to the company only whereas systematic risk relate to whole market. When we buil d a portfolio of shares, different shares have varying degree of correlation with each other. Suppose two shares have negative correlation, then a downward movement in one share would be countered by the positive movement in the other share. Because of the different correlations, the risk of the portfolio is reduced. So using a portfolio of assets, it is possible to increase the reward to risk ratio by lowering risk. This is portfolio effect. 6) We now once again look at section 2 for detailed analysis. Electrocomponents cost of debt is estimated to be around 4.5% whereas its cost of equity is 15.66%. When we include the tax deduction on interest payable, cost of debt comes down further. This means the company should use more of debt than equity. Since gearing ratio is only 26.4%. Electrocomponents should use more of debt than equity to fund future growth and return excess capital to shareholders to bring down total cost of capital. Electrocomponents is paying more dividend than cash generated from internal resources. If it reduces dividend, it will send negative signal to the market. But with the increase in earnings in future, it should try to grow dividend slowly than earnings growth to generate more dividend from within. Electrocomponents debtor days are almost twice its creditor days meaning that it has requirement of working capital. It is due to the nature of the business where it has to stock material before it can ship to its customers. It would be better if the company can increase creditor days and reduce debtor days. This would reduce the working capital and hence total funding requirement. 7) Electrocomponents is a distributor of electrical, electronic and mechanical products and has a global presence. It has grown over the year by expanding globally. The profitability of the business reduced in the year ended 31 Mar 2006 but has announced increase in six months profits for the period ended 30 Sep 2006. Gross margins are healthy at 50% plus and any increase in sales will boost profits. The company is moderately geared at 26% and can take up further debt either to expand or reduce cost of capital. Cash flow is an issue because of high dividend payouts. Electrocomponents also needs to manage its working capital because of debtor days being double of its creditor days. Though the company is again increasing profits, the high P/E ratio even on 2005 profits level makes it expensive. Also slow down in economy may have an impact on profits. BIBLIOGRAPHY AND REFERENCES Electrocomponents, Annual Report 2006 https://www.investis.com/ecm/reports/annual_report06/index.html, 13 Feb 2007 Appendix I Summary Financials Profit and Loss statement Balance Sheet Cash flow (Source: Electrocomponents, Annual Report 2006) Appendix II Sources of finance (Source: Electrocomponents, Annual Report 2006) Appendix III Dividend history (Source: Electrocomponents, Annual Report 200 6) Appendix IV Working capital analysis (Source: Electrocomponents, Annual Report 2006) Appendix V Abnormal return calculation (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE) Appendix VI Beta calculations (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE) Graph of Electrocomponents monthly returns and FTSE 100 monthly returns Regression Analysis Appendix VII Second way of calculating beta (Source: For Electrocomponents share price https://uk.finance.yahoo.com/q/hp?s=ECM.L For FTSE 100 index https://uk.finance.yahoo.com/q/hp?s=%5EFTSE)  https://www.electrocomponents.com/ecm/about/history/  https://uk.finance.yahoo.com/q/hp?s=ECM.L, Date 13 Feb 2007  https://www.electrocomponents.com/ecm/ir/reppres/reports/reports06/annual06/ar06indexed/p.pdf  British BankersÃ ¢Ã¢â ¬Ã¢â ¢ Association, https://www.bba.org.uk/bba/jsp/polopoly.jsp?d=141a=627  https://specials.ft.com/siterefresh/stats/pdfs/tenyeargovbondspreads/SPR130207.pdf  Wikipedia, https://en.wikipedia.org/wiki/Efficient_market_hypothesis, Date 13 Feb 2007  https://www.investegate.co.uk/Article.aspx?id=200609270700445241J  https://www.investegate.co.uk/Article.aspx?id=200606280924432822F
Thursday, December 19, 2019
Hai-Tue T. Ton MLL 1901-01 Instructor: Jeannette Wonder -Leighton See What I Mean Have you ever wondered the differences between deaf and hearing cultures? Last week I had a chance to watch See What I Mean and this video gave me a humorous and enlightening look at the differences between them. In this movie See What I Mean, issues such as attitudes toward time, taking time to say goodbye, complain about the use of phones and pagers, sharing information, giving and receiving criticism, and comments on personal appearance are explored and humorously discussed from the point of view of both cultures. Hearing people are mostly on time whereas deaf people are more flexible with time. In hearing culture, If a party is organizedÃ¢â¬ ¦show more contentÃ¢â¬ ¦After the letter she wrote Hugies XOXO which simply meant friendship but to her co-worker, which was a hearing person, it meant something else more than friendship and the situation became awkward when he brought flowers to her office. I really enjoyed this part of the movie when the female worker saw her co-worker brought her flowers to make a move on her. Moreover, the movie discussed the way deaf people and hearing people criticize and. Deaf people are more straight up on giving feedbacks. They use Direct Approach to criticize which means they go straight to the point and not worry of hurting the others feeling. This is because in deaf culture, people believe they should be frank and clear in order to show that they care. In contrast, hearing culture uses Sandwich Approach to criticize. This means they will start with a positive point first then the negative and finally end with a positive point. They do this because they dont want their friends to feel bad about his wrong or unqualified work. In my opinions I think that both cultures have their points and actually I prefer the sandwich approach. However, I sometimes use the direct approach with my closest friends. Also, the movie showed that comments on personal appearance are different in deaf culture and hearing culture. A nd again, on this topic, deaf people are also more straight up. If they see their friends look fat they will tell them right away toShow MoreRelatedTed Nachazel. 360 Degree Photography Affordances And Constraints.1117 Words Ã |Ã 5 Pagestext, ads, pictures, videos, gifs, and so many other things to look at and are all very easy to click on and off of. When it comes to viewing a 360-degree media, it requires more work and processing. Facebook, for example, has integrated this form of media. To look around on videos or pictures I am required to drag the mouse around the screen to view other things that are happening. This really is not a hard thing to do; however, because I am so accustomed to simply viewing, I am turned off by havingRead MoreCj333 Domestic Violence Essay962 Words Ã |Ã 4 Pagesviolence happens. 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