Source of finance Assignment Example | Topics and Well Written Essays - 1000 words

Source of finance - Assignment Example t, CLA Charitable Trust, Peter Bilton Charity, Peter Harrison Foundation, Steven Gerrard Foundation, Rank Foundation Small Grants and Trusthouse Charitable Foundation. The major sources of funding for the disability sports in the United Kingdom are Sport England, National Lottery Fund and the Big Lottery Fund. Funding for sports is mainly done through the Sport England. Sport England is an organization that monitors and controls sport activities in the United Kingdom. Most of the sport funds that finance sport activities in the United Kingdom pass through the Sport England. The organization has a number of programs that are applicable to different applicants requiring funding for their sport facilities. First, Sport England has the Inspired Facilities fund of 110 million pounds that offers funding of sport facilities up to 150000 pound grants for development and upgrading of sports facilities. The Inspired Facilities fund mainly aims at improving and refurbishing sport clubs and transforming non-sporting spaces or venues into modern sport facilities. The disability sport project is an eligible project that can be funded by the Inspired Facilities fund from Sport England. Focusing on the disability sport building project that requires 9 million pounds to be completed, the management of the project can apply for the Inspired Facilities grants thus receiving a funding of approximately 1500000 pounds (Sport England website updated 2015). Sport England provides funding for disability sports through the Strategic Facilities Fund program. Sport England has allocated 30 million pounds of its budget to the Strategic Facilities Fund that ensures that local sports projects acquire specific facilities they require in the development and innovation of the sports facilities. The Strategic Facilities Fund offers grants ranging from  £500,000 to  £2,000,000. The Strategic Facilities fund may fund the disability sport facility project  £2,000,000 (Sport England, 2014). Sport

Make a website Essay Example for Free

Make a website Essay This is an output device which prints onto paper whatever are you require to be outputted it produces them as hard copies. Printers are designed to produce hard copies at a very fast rate many printers are able to print at the rate of 30 hard copies in 30 minutes. Laser Printer This machine produces high quality text and graphics hard copies at a very rapid rate they are able to print around 12 000 hard copies in an hour. Laser printer do not use ink cartridges they use toner instead due to the size of the machine and it is designed to print many hard copies at a rapid. Advantages. Prints hard copies very rapidly.   You get very good quality. Toner last a very long time. Disadvantages   Takes up a lot of space. Very expensive to buy. p2. tech. re4. yahoo. com/ /153285 Inkjet Printer This printer which works by dots it drops the ink onto the sheet of paper to create a hardcopy. This printer works by propelling small ink droplets onto sheets of paper. Ink jet printers use one of these types of technology: thermal, piezoelectric, and continuous. They all produce different quality of prints. Advantages   Produces very good quality hard copies.   Is very easy to use. Cheap Disadvantages Is slow doesnt print very quickly   Can break very easily not a very stable machine.   Not good for big business or large amounts of prints. www. cyberindian. net/ / Scanners- the scanner will be used to scan images into the computer for the website This is a machine which copies information into the computer for you to see on the Monitor. This device converts an image into a pattern of dots for the computer to understand and be able to store, it can convert images and text. Advantages   Very useful if you want to view your images on the Monitor. Cheap and easy buy. Disadvantages   Not always very good quality, the image is not very clear.   Quite big can take of space. Can take a while to scan images or text. www. photokina-show. com/news/epson/PERFECTION Digital Cameras- the digital camera will be used for taking pictures which will be uploaded onto the website This is a device which captures an image of what you are looking at through a lens. A light-sensitive pickup pipe or chip to adapt visual indicator into electrical impulses. Advantages   You can see the picture straight away.   You can delete and edit the picture. You dont need a film you can have unlimited amounts of pictures. Disadvantages   Can be expensive to buy. Run out of battery very easily. thecamerabloggers. com/ Graphics tablet- the graphics tabley will be used to draw images for the website This is a piece of hardware which lets you draw things with a pen and appear on the monitor It is an input device which works just like pen and paper however your image is transferred onto the computer. There is a flat base which acts as your sheet of paper this is called the tablet it is connected to the computer so that the image that you draw appears on the screen. The pen acts as your pencil used for drawing the image you create on the tablet appears on the monitor. Advantages   Lets you have images how you wan them to be.   Very good for drawing images. Disadvantages   Very expensive to buy and find.   Can lose pen very easily as it is not attached by a wire.   Can be hard to use. You do not always get what you want. www. logo. com/cat/view/volito-tablet. html Speakers- the speakers will be for the sound effects used on the website This is a piece of output device which allows you to be able to hear whatever you require to hear. It converts electrical signals into to sound signals which you hear through the speaker. Sometimes can be referred to as a loud speaker. Advantages   Hear sounds or anything spoken   Cheap and easy to use. Disadvantages Can break very easily.   Not designed for long-term use. www. global-b2b-network. com/b2b/96/97/519 What I will use and why Mouse I will use a optical mouse because a tracker ball can take some time to understand how to use were as a optical mouse is very easy to use as this is the most widely used mouse. I choose an optical mouse instead of a roller ball mouse because it can break easily due to its weak structure and the ball can get clogged up with dirt so it would not be very long lasting. This is why I have choosen to use an optical mouse. Keyboard I have choosen to use a QWERTY keyboard over a DVORAK keyboard for one main reason that it is much easier to use compared to a DVORAK keyboard which would take time to learn how to use. Another reason was that QWERTY keyboards are much easier to get hold of compared to DVORAK keyboards which also can be very expensive to buy. Monitor I will use a LCD monitor over a TFT-LCD because LCD monitors give much better quality than TFT-LCD monitors. Also a TFT-LCD is expensive so if stolen I there will be a great deal of money loss. It also can be much more easily broken compared to a LCD monitor. Printer I will use a laser printer instead of an inkjet printer because laser printers are capable of doing many prints at a very high quality rate. Also they are much more long lasting compared to an inkjet printer which would save me having to but a new printer every few months. Other pieces of hardware I will use a Digital camera instead of a graphics tablet. This is because with the graphics tablet I will only be able to draw very basic things which would be very well suited for a website. However with a camera I can capture very good quality pictures for a website which will look much more professional. I will also use a speaker for sound effects on my website as it will make the website appear more professional and an excellent feature.

Capital Market Development Behavior Share Price In Nepal Finance Essay

Capital Market Development Behavior Share Price In Nepal Finance Essay The title itself justify the importance of the research for the finance degree, however, the previous research done in this filed in Nepal is not satisfactory. This is the reason that made researcher to do some research in this topic hoping the conclusion made would be beneficial for investors and fill the gap between the researches. Financial markets can also be defined as the centers or arrangements that provide facilities for buying and selling of financial claims and services. And the role of financial system in economic development has been a much-discussed topic among economists. Financial markets perform four important economic functions. First, they enable individuals to choose more effectively between current and future consumption. Borrowing enables individual to consume more, whereas leading enable them to postpone consumption. The economic units that have a surplus (investors) invest in those that have deficit (borrowers). This provides capital to companies in excess of those generated out to business income. Second, the interaction between buyers and sellers in a financial market determines the price of the assets, or alternatively, the return demanded by investors to invest in the company. Firms can raise further capital if the return on their investments exceeds the return demanded by investors. Third, financial markets provide liquidity to investors. That is, the owner of the financial asset can sell off the asset in the marketplace to realize cash whenever required. The degree of liquidity may vary from asset to asset and market to market. Fourth, financial markets can discipline under-performing managements. The prevailing stock price of a company reflects the opinion of all market participants regarding the outlook for the company under the current management. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). Money market may be defined as short-term financial assets market, which facilitates liquidity and marketability securities. Actually it is the market for short-term market instrument having less than one-year maturity period. The fluctuation of money market interest rates reflects the demand and supply of funds in competitive market. The development of an efficient money market requires the development of institutions, instruments, and operating procedures that facilitate widening and deepening of the market and allocation of shot-term resources with minimum transaction costs and minimum of delays. Thus, the money markets are the markets for short -term, highly liquid debt securities. Capital markets provide an effective way of procuring long-term funds by issuing shares and debentures or bonds for corporate enterprises and government and at the same time provide an investment opportunity for individuals and institutions (Adhikari 2004). Thus, the market place for these financial securities is called securities market which is further subdivided into the primary and secondary market. The former market denotes the market for newly issued securities to the public whereas the latter market refers to the market for secondhand securities, traded previously in the primary market . Capital market plays a vital role in the national economy. It renders very valuable services to the community by increasing the productive capacity of the country there by accelerating the ace of economic development. In short, the growth of economy is tied with the growth of capital market in the country. Capital market facilitates the allocation of funds between saver and borrowers. This allocation will be optimum if the capital market has efficient pricing mechanism. If the capital market is efficient, the current share prices of companies fully reflect available information and there is no question of share price being under- priced and over-priced. The phenomenon of under or over-valuation of shares is possible only in an inefficient capital market. As the capital market is concerned with long- term finance, in the widest sense it consists of series of channels through which the saving of the community are made available for industrial and commercial enterprise and public authorities. It is mainly concerned with those private savings, individuals as well as corporate; those are turned into investments through new capital issues and also new public loans floated by government and semi government bodies. In the capital market demand comes from agriculture, industry trade and government while supply comes from the individual or corporate savings, intuitional investors and surplus of governments. It comprises the savers- individuals and institutions and bodies through which these savings are mobilized. The saving instructions like banks, investment companies specialized financial corporations and stock exchange are some of the important constituents of capital market. An efficient capital market is an essential pre-requisite of economic development and the development of capital market in a country is dependent upon the availability of savings, proper organization of intermediary institutions to bring the investors and business ability together for mutual interest, regulation of investment etc. In an efficient capital market, liquid will channel quickly and accurately where it will do the community best. Such efficient market provides ready financing for worthwhile business ventures and drain capital away form corporations, which are poorly managed, or producing obsolete products. It is essential that a country should have efficient capital markets if that country is to enjoy highest possible level of wealth, welfare and education for its population (Bhalla, 1997, cited by Dangol 2008). Growth of industrial enterprise in a country is limited by the availability of savings. A well-developed capital market presumes the existence of not only the investors individual and institutional, but more significantly the existence of a network of specialized institutions and agencies, which are always on the look out for investment in new ventures. Purpose and Scope Development of capital is must for a sound industrial development of the country like Nepal where more than 85% of capital is raised from stock market. Stock Market are the catalyst for enchancing the operations of the entire domestic financial system and the Capital Market in particular (Kenny and Mosh 1998 cited by Obiakor and Okwu (2011). Capital market institutions help to mobilize the surplus unit to deficit unit for productive investments. As it mobilize the scattered resources and channels them in productive sector. It is an effective instrument of expanding productive capacities of the country. In Nepal, unfortunately, despite a history of half decade of planned economics activities to develop real sector of a country, little attention was paid to the development of financial sector. Over the past one and half decade financial sector, despite many problems, has developed significantly in Nepal. The growth of stock market is remained satisfactory because of low priority in the government financial reform policies. Stock Exchange in many countries has a long history of more than one century. For e.g. the India stock market has a history of more than 130 years. The stock exchange of Nepal has not so long history and it has faced so many ups and downs during this short history. However, gradual improvement in infrastructure and policy has given strong fundamental base for the Nepalese Capital Market. Establishment of NEPSE has given an opportunity to investors to invest in the enterprise sector and participate in the secondary market. Behavior of the stock prices shows the misevaluation of the stock price in the secondary market. The price earning information was not made available timely to the investors. The investors could not identify the good and bad stocks. So, the lack of value judgment to determine the stock price is the serious problem of the Nepalese stock market. This happens due to the inability of the regularity bodies of the stock market to regulate the market mechanism and failure to win the faith of the investors In the Nepalese context, there is the lack of wider investment opportunities, which provide good return. So, there has still been a huge amount of unutilized saving funds with public. But most of the public investors i. e. existing and potential are not well knowledgeable about the real financial strength and weakness of the public companies in which they are investing or going to invest their funds. Further they cannot well analyze and interpret the real financial position of a company on the basis of available data and information to reach the right conclusion. This study may help investors to think about restructuring their investment portfolio. Similarly potential investors may take better timely investment decision on the basis of the findings of the study. Capital market provides investors good investment opportunity with fair return and instant liquidity with minimum risk of loss it helps to mobilize financial resources for the investment in development project and thereby helps economic development of the country. The stock market also imparts liquidity to the securities holder. This offers an opportunity for investors to invest in long term venture, while market also enables to convert their securities into liquid cash before the maturity of the project. Furthermore they can invest their current income against their future income thereby achieve their time preference of consumption. The liquid market also promotes the primary issuances of share because investors participated in the issuance of share markets can get back the fund easily. The primary market is positively and highly elastic with the stock price and liquidity in the secondary markets. Usually the price of common stock in primary market is par value but in secondary market may be any price i.e. more than par value, less than par value and equal to par value. Stock price in secondary market is the main issue of this study. What could be the reasonable price paid for a stock in secondary market? What is the impact of the price trend, volume of stock traded and, Do the investors see the price trend, volume of stock traded and, others views while making investment decision? These are the burning issues regarding stock price determination of secondary market in Nepal. Capital market provides investors good investment opportunities with fair return and instant liquidity with minimum risk of loss. The stock market also imports liquidity to the security holders. Research Aims, Questions and Hypothesis The dissertation tries to help to create the importance of capital market and movement of share price. Efficient Market hypothesis assumes that investors behave on the same way as they get information from the market. To do justice with the study following aims and questions have been set as the predetermined requisition. Research Aims The aim of this research is to find out whether developed Capital Market brings any significant changes in share price and thereafter effect in NEPSE index. Research Questions What are the present state and status and elements that affect NEPSE index? Does developed Nepalese Capital Market follows the price behavior theories? Can financial literacy helps to create developed Capital Market? Research Hypothesis The dissertation formulates the following testable statement: H0: Capital Market has not developed in Nepal H0: There is no difference between NEPSE index before and after signaling factor H0: The successive or lagged price changes are independent Research Objectives The prime objective of the study is to analyze the movement of stock market and the effect of share price of sampled companies. However, the specific objectives of the study are as follows: To analyze the development /growth of Nepalese Capital Market and to examine if investors awareness help to develop capital market. To examine sector wise overall movement of NEPSE Sensitive index to find out risky sector To analyze the signaling factors and impact on stock price with the help of NEPSE index To analyze price behavior theories based on estimated multiple regression analysis and run test. Title Capital Market Development and the behavior if Share Price in Nepal Research Gap Although some very valuable researches in the field of Capital Market have been done so far, there is still a great deal of opportunity remained for researchers in the field in this area to explore and identity new facts and figures about the immature stock market of Nepal. This study will analyze the stock price determinants of common stock in secondary market of Nepal. Usually the price of common stock in primary market is par value but in secondary market it may be in any price. The price of common stock is largely influenced by different market related factors. Most of the studies on share price behavior conducted in the context of Nepal were based on secondary sources of information only. No study has been conducted on price fluctuation of stock price by using share brokers and individual investors as primary sources of information. There was a need to conduct a survey with the share brokers and individual investors who are the major stakeholders of the stock market, in order to find out more subjective facts on share price behavior, which cannot be testes through the use of the primary source of information. The earlier studies were done only in theoretical manner regardless of what the real market is going through while this study is analyzing the real market scenario like the impact of capital gain in the market or the impact of global recession on the Nepalese Security market. Nowadays, Nepalese share market has entered to the new horizon. Its size and market capitalization are growing day by day. New Bye laws are being established to control stock market price. But it is clearly realized that share prices are fluctuating abnormally. If earning, dividend and net worth are taken as the main determinants of price fluctuating, then why the share prices are increased without the increment in such factors. Therefore there is still lack of appropriate researches to find out the causes of volatility of share price in Nepalese share market. Therefore, this study is analyzing the various reasons on the fluctuation of price trend and the cause and effect of different signaling factors over stock price. In addition to this, it also tends to give some measures that should be taken by related parties to develop the Capital Market. Thus, the earlier studies on share price behavior needed to be updated and validated because of the many changes taking place in the stock market in Nepal. This study is an effort to attempt in the same direction. Chapter 2: Capital Market: Global Perspective Modern capital markets have two related parts: (1) the debt and equity markets that intermediate funds between savers and those that need capital, and (2) the derivatives market that consists of contracts such as options, interest rate, and foreign exchange swaps, typically associated with these underlying debt and equity instruments. The debt and equity markets help allocate capital within an economy. The derivatives market helps investors and borrowers to manage the risks inherent in their portfolios and asset/liability exposures (Dudley Hubbard, 2004) In the United Kingdom and in the United States, both of these parts have grown very rapidly over the past few decades. The capital markets in the United Kingdom and the United States dominate these countries financial systems, in marked contrast to France, Germany, and Japan, where banks are more important. Regardless whether one examines the UK or the US over time, or compares the performance with other developed countries on a cross-sectional basis, the conclusion is unmistakable. Capital markets have been the driving force behind the development of the UK and US financial systems. In the US, the capital markets have become the dominant element of the financial system in three ways. First funds raised in US debt markets now substantially exceed funds raised through the US banking system (McKinsley company, 2011) Second, more 36% of US households owned equity in some form ( The Big Picture, 2012) Third, the derivatives market has grown extraordinarily rapidly. The notional value of derivatives securities outstanding rose to $244 trillion September 2011(Mann,2011) from about $6.7 trillion at year-end 1990. Intrest rate swaps has an estimated of 82.1% of derivatives representating the biggest share of this market 10.6% in foreign exchange rate swaps, 6.1 % in credit derivatives, and 1.2 % are in commodities and equity contracts(Comptroller of Currency Administrator of National Banks, 2012) Figure look at PC Source: The Big Picture, 2012 . The global capital market is gaining depth every day. Along with the development of this market, the liquidity is also growing at a rapid pace. financial stocks are growing worldwide and their growth rate is much higher than that of global gross domestic products (AllianceBernstein,2012)   Capital market represents the securities market where stocks, bonds, and several other derivatives are traded, and both long and short-term debts are raised here. This market provides companies, as well as governments with necessary funding, and, simultaneously, grants investors with the opportunity to make regular income (Dodoo,2007).   the size of stock and bond markets around the world in August 2011, shows that global capital market has reached all time high with $ 212 trillion of which about 75% consists of bonds ($175 trillion) and about 25% of stock ($54 trillion) ( McKinsley company, 2011) and the total derivatives has reached to $700 trillion at the end of August 2011(Mann, 2011) The development of the global capital market can also be traced by the fact that the financial holdings of the world is growing quickly. The global stock of debt and equity grew by $11 trillion in 2010 (McKinsley company, 2011) and this amount is expected to cross the $250 trillion mark before the end of 2015 (finance, maps of world, 2012), where as the value of the global market increased by 5% in 2010 to $ 54.9 trillion following a 45% rise in the previous year (Maslakovic, 2011) separate data from SIFMA, puts the US bond market at just under $37 trillion (63.4%) as of the end of 2011 and Bloomberg puts US stocks at about $ 21.4 trillion (36.6%) by the end of April 2012 ( qvmgroup,2012). In these circumstances, the US is playing a vital role in the development of the global capital market and, alone, is the destination of 85% of the net capital flow of the entire globe. Britain also plays a significant role in the market. (McKinsey Company, 2011) Development of capital market Market capitalization of listed companies (% of GDP) Picture lookat PC Source: World Bank 2012 and the Author Capital Market: Asia In the past few decades, Asian countries have experienced a tremendous economic growth, although temporarily interrupted by the Asian financial. Along with the strong economic growth, capital markets in this region have shown a rapid expansion, and have played an increasingly important role in fostering economic development (Hsu, 2000). Hsu further explains, Asian countries have enjoyed abundant savings. Some countries in this region have domestic savings rates of more than 30 percent. In no other regions in the world do countries have such large reservoirs of domestic savings at their disposal. Asians high savings rates have provided the platform for robust capital markets. While Asia has been preoccupied with economic recovery and financial reforms over the past few years, the economic structures of most Asian countries have been gradually modified, and their capital markets are also in the process of transformation. Along with these changes, several key trends are emerging in the regions capital markets. First of all, Asian capital markets are expected to continue to grow and their market capitalization is expected to increase further, as the Asian economy is expected to recover steadily and require increasing capital to meet its investment needs. Also, in some Asian countries, technology-intensive industries have developed rapidly and hence a large sum of capital is needed. The acceleration of privatization programs will also increase market capitalization in this region. The floatation of large state-owned enterprises will generally be the largest new issues on Asias stock markets. In addition, because of easier practices for companies to go public, IPO ¼Ã‹â€ initial public offering ¼Ã¢â‚¬ °issues will flourish and increase market capitalization further. The world of investment is set on a path of rapid change cutting across culture, time and language barriers. We are looking at a new era of deregulation and the standardization of the regulatory environment, together with the introduction of international accounting standards (Takaya, 2000). However there is an argument that asias capital market is no expection to Global markets as it had a risk off 2011. Investors search for safe havens has left Asian market in a muddle state with equity capital volumes slumping to lows not seen since 2009 (Keohane, 2011). Equity Capital market (ECM) in Asia (excluding Japan) have had a dismal fourth quarter so far, rainsing just $22 billion, their worst result since the first quarter of 2009($14 bn) and year to date, ECM volume is down 44 percent from 2010 issuance of $291.1 bn to just 162.4 bn (Keohane, 2011) Picture look at PC Source : Dealogic cited by Keohane, 2011. Capital Market: Nepal Institutional development of securities market in Nepal started from the year 1976 when Securities Exchange Centre (SEC) was established under the companies act with the joint capital contribution of Nepal Rastra Bank Nepal Industrial Development Corporation. The Industrial Policy of the government also encouraged the promotion of securities exchange activities in Nepal. Nepal government under a program initiated to reform capital market converted securities exchange centre into Nepal Stock Exchange (NEPSE) in 1993. NEPSE is non-profit organization, operating under Securities Exchange Act, 1983. Nepalese capital market was given proper structure in June 1993 with the establishment, SEBON as the market regulator. Since its establishment, SEBON has been concentrating its efforts on the legal and statutory frameworks, which are the bases for the healthy development of capital market. SEBON Nepal is the supreme body to regulate the Nepalese securities market (Bhusal 2010, Gurung 2004 and Dangol 2008). As a part of its continuous efforts to build a sound system, the securities exchange act, 1983 was amended for the second time on Jan 30, 1997. This amendment paved the way for establishing SEBON as an apex regulatory body as it widened the horizon of SEBON by bringing Market intermediaries directly under its jurisdiction and also made it mandatory for the corporate bodies to report annually as well as semi annually regarding their performance. After the inception of the Securities Exchange Center, shares of various manufacturing, trading and banking companies became listed. Interestingly, the listed shares were dominated by public enterprises during this stage. Between 1984 and 1990, 42 companies were listed, out of which more than 25 companies had some form of government ownership (Bhusal 2010, Gurung 2004 and Dangol 2008). However, after the democracy the trend has totally changed and the listed number of companies reached at 207 by the end of Fiscal Year (FY) 2010/2011  [1]  , while the government ownership companies had decreased due to the privatization that took place in different planning stage of privatization act. The main objective of SEBON is to promote and protect the interest of investors by regulating the securities market, to monitor and control the entire capital market, sale and distribution of securities and purchase, sale or exchange of securities. SEBON was established with the objective to render contribution to the development of capital markets by making securities transactions fair, healthy, efficient and responsible. Whereas, its main function are to provide licenses to stock exchange and securities business person and to monitor the activities carried by NEPSE to know if they are in accordance with the law or not (SEBON Annual Report 2010/11) Despite this, Nepalese stock market is still underdeveloped and there is lot of shortcomings in Nepalese stock market. Hence, the present study is conducted on Nepalese stock market in order to find out its potential of development, major problems and prospects by using secondary as well as primary data. Karla (2006) defines capital markets as the market which specializes in giving long term loans to the industry. In broad sense capital market incorporates intermediary institutions, capital formation, mobilization anf channeling of long term capital, as well as regulatory authorities. ( Obiakor Okwu, (2011). Alile (2007) calrifies that the capital market is made up of markets and institutions which facilitate the issuance and secondary trading of long term financial instruments. Aligning with this, Osaze (2007) simply sees it as the market responsible for long-term-growth capital formation. Ologunde, and Asaolu (2006) conceptualize capital a collection of financial institutions set up for the granting of medium and long-term. Further, they considered the stock market as single nor even a dual market but rather a network of specialized financial institutions which, in various ways, help to bring together suppliers and users of long-term capital fund. The capital market is one of the most vital areas of the economy as it provides companies access to capital, and investors with a slice of ownership in the company and the potential of gains based on the companys future performance( Ujunma Modebe,2012), The capital market is unique in a countrys financial system because of its peculiar role in the economy. Levine(1991) cited by (Ujunma Modebe,2012) identified these roles as: raising capital for business, mobilizing savings for investment, facilitating companys growth, redistribution of wealth, promotion of corporate govemance, creating investment opportunities for small investors, government capital raising avenue for development projects and being a barometer of the economy. Improving the efficiency of the capital market has become a recognized means of meeting national objectives such as etihancing productivify and competitiveness, reducing local environmental costs associated with capital market transactions, promoting savings and investment on economic wide basis (Mark, 2011). At intemational level, it is considered a key element of sfrategy to mitigate the risk of capital flight associated with lack of intemational investors confidence in the market. In this context, improving capital market efficiency in the developing and transitionhig countries is particularly important because these countries exhibit considerable potential for such improvement and, in the case of the developing countries, since they will contribute increasingly to the fiiture of the capital market as their economies grow (Ujunwa and Salami, 2010). On the other hand, The capital market is a collection of financial institutions set up for the mobilization and utilization of long-te rm ftmds for developing the long-term end of the financial system (Ologunge; Elumilade and Asaolu, 2006). In this market, lenders (investors) provide long-term funds in exchange for long-term fmancial assets offered by issuers. The market is an important institution for capitalist countries because it encourages investment in corporate securities, providing capital for new businesses and income for investors (Ujunwa, 2008). Capital Market Development Indicator There has been numerous research regarding to measure capital market development. Most of these research tried to like with economic development. Yet there is not any standardize indicator to do so. A study by Applegarth (2004) on levels of capital market development and economic growth in Asia and Sub-Saharan Africa shows that capital markets in Asia which continued to add several hundred companies to their exchanges annually experience sizeable increase in the momentum of private sector development, while the reverse was the situation in Sub-Saharan Africa that added fewer than 10 to their exchanges, except South Africa. Thus, using private sector development, liquidity. local savings, bank competition, remittances, corporate govemance, and enhanced economic policy as capital market development indicators, he showed that capital market development drives economic growth. Adeyemi (2009), using gross capital formation and number of quoted companies as measures of capital market development, found that capital market development has positive significant impact on economic growth. Basically, a more reliable measure of the relationship would need inclusion of appropriate stock market development indicators since, according to Obiakor Okwu (2011). on their study they included other indicator than mentioned above such as gross domestic product, value of shares traded, market capitalization, gross capital formation, and foreign private investment in the functional relationship. Udegbunam (2002), in an attempt to estimate the impact of openness to trade and stock market development on industrial growth in Nigeria for the period 1970-1997, related industrial output growth to openness to world trade, stock market development and a set of control variables in a simple model he adapted from the stock market and economic growth model formulated independently by various previous researchers done during 1995 and 1996. Udegbunams empirical evidence strongly suggests that openness to world trade and stock market development are among the key determinants of industrial output growth in developing economy. By implication, this translates to economic growth via sustained increases in GDP. However, he identifies other important factors as human capital input, non-military expenditure, and inflation. The variables included in his model were industrial output, stock market capitalization- GDP ratio. Non-military expenditure-GDP ratio, school enrolment, inflation rate, ma

Legendary Betsy Ross and the American Flag Essay -- American America H

Legendary Betsy Ross and the American Flag The American flag has long been a symbol of our country, but there have been certain doubts about its origin. No one really knows who sewed the American flag. The legend of Betsy Ross has been told many times, but some people look upon it as a myth, saying Betsy Ross never even existed. Betsy Ross was indeed a real person who lived in the 1700's, but no one can prove she actually sewed the American Flag. Betsy Ross did not have an extremely interesting childhood. She was born Elizabeth Griscom on January 1, 1752, to a Quaker couple. Her father's name was Samuel Griscom, who worked as a carpenter. The Quakers were "members of the religious society of friends." (Comptons 1). She lived in Philadelphia, and attended a Friends School while growing up (Walters 335). Betsy Ross married three times, but her first marriage was to a man named John Ross in an upholstery shop where she was a seamstress at age 21. John Ross was the son of an Episcopal clergyman (Compton's 1). Their parents were against the marriage because John was not a Quaker, and so the two eloped together to Glouchester, New Jersey, on November 4, 1773 (Walters 335). After that, the Friends disowned her because she was married out of meeting. John Ross was a patriot. He owned an upholstery shop on Arch Street, Philadelphia. John, like many patriots served in the local militia. One December night in 1775 he was guarding astore of gunpowder when it exploded. He died January 21, 1776, after being severely wounded, leaving his widowed wife of three years behind with no children (Walters 335). After his tragic death, Betsy Ross continued the business alone. Betsy Ross married two other times. After John Ross's death,... ...rians believe that the story of Betsy Ross is pure fiction, but they do not know where the American flag could have originated from. The American flag is a symbol of our country, and it is sad that the legend of Betsy Ross cannot be proven. I believe that the legend of Betsy Ross will continue to be told to keep alive this piece of American history. Works Cited "Betsy Ross." Compton's Interactive Encyclopedia. CD ROM. 1996. Crouthers, David D. Flags of American History. Maplewood: C.S. Hammond and Co., 1962. Davidson, James W., and Michael B. Stoff. The American Nation. Eaglewood Cliffs: Paramount Communications, 1995. Seeden, Margaret. Star Spangled Banner. Washington D.C.: National Geographic Society, 1993. Tonn, MaryJane Hooper. You're a Grand Old Flag. Ideals Publishing, n.d. Waters, John J. "Betsy Ross." The New Book of Knowledge, 1991.

Foul Play :: essays research papers

It was late in the evening. There was a man sitting in a chair and flipping channels eagerly between two baseball games on TV. The man's name was Les Sutton. He was a towering man standing 6'3". He was built, worked out a lot and looked like someone not to meet in a dark alley.Les was a detective. His skills of deduction were brilliant. He also had an assistant. Les's long time pal and partner's name was Jason Meisch. Jason was also very tall but he was more lanky, built more like a basketball player. He was also extremely bright but not as intelligent as Les. Although Les was his best friend and the same age, Jason still looked up to him like little kids look up to adults, with pure awe and admiration.The next day after Les had been channel surfing for baseball games, he and Jason got together and didn't have anything to do. Being the huge baseball fans that they were and living in the state of California where baseball is everywhere, they decided to go to a ballgame. They figured that they had a long boring afternoon in front of them so they went down to Chavez Ravine (the place where the LA Dodgers play) and got tickets to the Dodger game that was scheduled to start in about 15 minutes.Les and Jason were enjoying the game while eating hot dogs and drinking pop. The Dodgers were winning by the score of 5-4. Just then, catcher Mike Piazza, let another pitch go by him. "What the heck? Piazza is playing terrible today. He has let 4 balls by him and struck out all three times he has been at the plate," Les said.Jason agreed, "Yeah, that is kind of weird. I mean, he's an All-Star. It's not like him to play like this." The whole rest of the game they sat in their seats wondering why Mike Piazza was playing so bad. When they got home they were watching the news. They had a funny story on about how in Las Vegas there was a lot of money lost on that game because the Dodgers lost 7-5. As they watched that story they both looked at each other and exclaimed, "Piazza threw the game!"They didn't have anything else to do so they decided to try to figure out who paid Piazza to throw the game.

Oprah Winfrey :: essays research papers fc

OPRAH GAIL WINFREY   Ã‚  Ã‚  Ã‚  Ã‚  Oprah Gail Winfrey was born on January 29, 1954 on a farm in Kosciusko, Mississippi to Vernita Lee and Vernon Winfrey. Her parents originally planned to name her Orpah, but the midwife made a mistake on the birth certificate. Up until the age of 6 Oprah lived with her grandmother. After this Oprah went to live with her mother and two half brothers in Milwaukee. Instead of living on a farm she now lived in the ghetto. While Oprah was living with her mother who gave her no supervision, she became out of control. Her mother Vernita could no longer handle her, so she was sent to Nashville to live with her father Vernon and his wife, Zelma.   Ã‚  Ã‚  Ã‚  Ã‚  Her father who was a barber became a city council member and was a strict disciplinarian. He demanded that Oprah add five new words to her vocabulary before she had her dinner each evening. Under these conditions Oprah became an excellent student. At the age of 16 she won an oratorical that guaranteed her a full scholarship to the University of Tennessee. After graduating in 1976, Oprah was offered a job from the ABC affiliate in Baltimore. In 1984, Winfrey and her producer moved to Chicago to liven up an A.M. Chicago Show. In 1985, the show was renamed the Oprah Winfrey Show. In 1986, She formed a Production company called Harpo Inc. (The name Harpo is her first name spelled backwards.) Oprah was not only a talk show host, she was an actress who played in various movies, which were: The Color Purple, Native Son, The Women Brewster and beloved Oprah’s Angel Network 5 ways to be an Angel   Ã‚  Ã‚  Ã‚  Ã‚  This network started September 18, 1997. This program was designed to show you how you can improve your life and the world. Some important things that are involved in the Angel Network are: 1. Creating the World’s Largest Piggy Bank to raise money for needy students. a. All money will go into one big scholarship fund that will send needy students to college.

Soundbuzz’s Music Strategy for Asia-Pacific

Case Study 3 SOUNDBUZZ’S MUSIC STRATEGY FOR ASIA PACIFIC Q1 : Analyze Soundbuzz and its business strategy using the competitive forces models. What strategies did it develop for dealing with competitive forces? There are four concepts of the competitive forces models: new market entrants, substitute products and services, suppliers, and customers. In terms of customers, Soundbuzz were really well responded to situation that they faced.When they launched B2C model, they found that because of customers` behavior (customers are seeking to download music freely) they cannot make much margin compared with the time when they used B2B model. So they aim other business as their customers. In terms of products and service, they serviced new encrypted MP3 format which makes them be able to sell music in their web sites. Also, they started to treat the music video contents which never treated on-line before. Finally, they launched ISPs billing systems for customers, which makes customers easily purchase their products.Q2 : What are the critical elements for an online music service? Using the value chain model, analyze Soundbuzz's business processes. Administration and Management : Online and Mobile music company. Technology : Source from local and independent record label and content is secured using digital right management technologies consisting of web server , license server , database server and media server. Procurement : Internet and finance industries Q3 : Why did Mototrola acquire Soundbuzz? What synergies will be created through the partnership?Through its MOTOMUSIC service, Motorola has more than two years experience delivering mobile music to consumers with its carrier customers in China, Hong Kong and Taiwan. The acquisition of Soundbuzz allows Motorola to expand MOTOMUSIC beyond China, into India, Southeast Asia, Australia and New Zealand. With well over 90 percent of all digital music content in Asia sold via mobile channels, a level expected to rema in in the coming years, Motorola's strength in music delivery will help its carrier customers access this growth opportunity.The expected timetable for completing the proposed transaction between Motorola and Soundbuzz, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and products, any other statements regarding Motorola's or Soundbuzz's future expectations, beliefs, goals or prospects and any statements that are not statements of historical facts might be considered forward-looking statements.While these forward-looking statements represent managements' current judgement of future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those stated in the forward-looking statements. Important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, include: i. the parties' ability to consummate the transaction. ii. the conditions to the completion of the transaction may not be satisfied, or the approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule. ii. the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction. iv. the possibility that the parties may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all. v. Motorola's ability to successfully integrate Soundbuzz's operations and technology into those of Motorola and the possibility that such integration may be more difficult, time-consuming or costly than expected. vi. evenues following the transaction may be lower than expected. vii. operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction. viii. the retention of certain key employees at Soundbuzz. ix. the other factors described in Motorola's Annual Report on Form 10-K for the year ended December 31, 2006 and its subsequent reports filed with the SEC.Motorola assumes no obligation to update or revise any forward-looking statement in this press release, and such forward-looking statements speak only as of the date hereof. Q4 : Explore the Soundbuzz Website (www. soundbuzz. com). Briefly describe its products, technology platform, payment methods and revenue models. Product : – downloadable music and video. – digit right clearance. – acquisition of licenses from music publisher and recording company. – music video. Technology platform : – bundled with creative ‘s MP3 players. – Windows Media Player 10. Payment methods : multiple billing channel through Internet Service Provider bills. – mobiles operator bills to its customers. â⠂¬â€œ Trivnet payment solution. – making micro payment. Q5 : Do you think Soundbuzz is successful? What are the things it can do to improve its business model? What can it learn from iTunes? No. Along with the dramatic demise of Motorola’s mobile phone business in the past two years, Soundbuzz now also faces closure of its own. It’s an ironic end for a company that seemed ahead of its time when it came out selling legit music in 1999 – at the century of illegal downloads.Many were surprised at the time, when Soundbuzz CEO SudhanshuSarronwala, a former MTV stalwart, managed to court the music labels even when they were more interested in blocking people from ripping CDs. Its music collection was built up very fast, providing users in Singapore with a legit alternative to pirated songs. But soon, the competition came for â€Å"Suds† and his company. Though Apple iTunes is still not officially here in Singapore now, Nokia has launched its own music st ore and Sony Ericson has partnered with SingTel to offer a direct-to-mobile music download service too.Soundbuzz, meanwhile, was a much smaller player and had a less extensive music collection. Plus, it somehow only supported the Internet Explorer browser, likely because of its Windows Media back-end, which kept out a lot of users. The final mistakes is the sale to Motorola, a company that invented the cellphone, but somehow failed to manage its own cellphone business due to poor management and decision making . Soundbuzz shall support the popular browser like Google chrome, Mozilla Firefox, Opera and Safari and expand its music collection.This will attract more users since most internet users are no more using Internet Explorer due to it slow performance. iTunesoffers a catalogue of albums, user reviews, album art, Internet radio, and podcast listings for free. Consumers can benefit from iTunes' content and services without ever making an online digital purchase. Apple even gives a way new content every week, so users can expand their music collection without any commitment to buy anything. Soundbuzz shall synchronize and reform a convenient and fresh look to attract consumers. Soundbuzz is shut down on 15th July 2009