Analysis Of The Book The Yellow Wallpaper - 877 Words

The narrator is given a sense of oppression from the beginning of the story by keeping a hidden diary from her husband as â€Å"a relief to her mind.† Throughout the story her true thoughts are hidden from the readers and her husband, which gives the story a symbolic perspective. The narrator of â€Å"The Yellow Wallpaper† is a paradox: as she loses touch with the outer world, she comes to a greater understanding of the inner reality of her life. This inner/outer split is crucial to understanding the nature of the narrator’s suffering. At every point, she is faced with relationships, objects, and situations that seem innocent and natural but that are actually quite bizarre and even oppressive. In a sense, the plot of â€Å"The Yellow Wallpaper† is the narrator’s attempt to avoid acknowledging the extent to which her external situation stifles her inner impulses. From the beginning, we see that the narrator is an imaginative, highly expressive woman. She remembers terrifying herself with imaginary nighttime monsters as a child, and she enjoys the notion that the house they have taken is haunted. Yet as part of her â€Å"cure,† her husband forbids her to exercise her imagination in any way. Both her reason and her emotions reb el at this treatment, and she turns her imagination onto seemingly neutral objects—the house and the wallpaper—in an attempt to ignore her growing frustration. Her negative feelings color her description of her surroundings, making them seem uncanny and sinister, and sheShow MoreRelatedAnalysis Of The Book The Yellow Wallpaper 1363 Words   |  6 PagesIn the story, â€Å"The Yellow Wallpaper†, the narrator’s husband has rented an old mansion in the country for the summer. John is relying on this getaway as time for his wife’s nervous condition to resolve itself with rest and medicines. As the story unfolds for the readers, it becomes apparent her husband, John, is monitoring her 24 hours a day. She feels somewhat condemned that she is unable to change her circumstances and she ends up as a victim, thus confirming the dominance of men over womenRead MoreAnalysis Of The Book The Yellow Wallpaper 1367 Words   |  6 PagesIIn the story, †Å"The Yellow Wallpaper†, the narrator’s husband has rented an old mansion in the country for the summer. John is relying on this vacation as the time for his wife’s nervous condition to resolve itself with rest and medicines. As the story unfolds for the readers, it becomes apparent her husband, John, is monitoring her 24 hours a day. She feels somewhat condemned that she is unable to change her circumstances and she ends up as a victim, thus confirming the dominance of men overRead MoreAnalysis Of The Book The Yellow Wallpaper 984 Words   |  4 Pagesâ€Å"The Yellow Wallpaper† is a story that I feel could be interpreted in many different ways. It is narrated by an unnamed woman who says she suffers from nervous depression. A common perspective of this story is that the woman is driven crazy by her husband because he kept her locked in a room and surrounded by hideous wallpaper. We can interpret that she saw herself inside of the yellow wallpaper an d tries to escape. When she does escape, she crawls over her husband John’s fainted body. Does she actuallyRead MoreAnalysis Of The Book The Yellow Wallpaper 978 Words   |  4 PagesIn the novel, The Yellow Wallpaper, the narrator and her husband move into a marvelous house. The narrator suffers from depression and is ordered by her husband to get plenty of rest and is not allowed to work and write. Despite her husband’s orders, the narrator begins to write in her secret journal. In her journal, the narrator describes the house. At first, her descriptions of the house where positive with minor disturbances like the bars on the window and the â€Å"rings and things† in the walls,Read MoreAnalysis Of The Book A Good Man And The Yellow Wallpaper 1563 Words   |  7 PagesThe theme of isolation is a heavy premise throughout all three books that help to shape not only certain characters but also provide insight on fundamental qualities of their identities. The object of this essay is to prove who seems to be the most solitary character between the books Light in August by William Faulkner, A Good Man is Hard to Find by Flannery O’Connor and The Yellow Wallpaper by Charlotte Perkins Gilman. In these stories, the idea of isolation is the loneliness that has been experiencedRead MoreAnalysis Of The Book Hills Like White Elephants And Charlotte Perkins Gilman s The Yellow Wallpaper 1633 Words   |  7 Pages In comparison with Ernest Hemingwayn’s â€Å"Hills like White Elephants† and Charlotte Perkins Gilman’s â€Å"The Yellow Wallpaper†, both female’s thoughts and feelings are oppressed under the constant weight of their male supplements. With this being the case, are women truly happy with whom they are choosing to spend the rest of their lives? In both Hemingway and Gilman’s short stories, the females are both being portrayed as characters who capitulate to the demands of their male-orientated significantRead MoreThe Yellow Wallpaper, By Charlotte Perkins Gilman1271 Words   |  6 PagesCharlotte Perkins Gilman, author of the novel entitled, The Yellow Wallpaper significantly used the aspects of literature such as genre, stance, and register to express the social message concerning the sufferings that women undergo in their daily affairs. However, most of the females do not have control over the challenges that develop in their surroundings. Gilman also uses the book to entertain the society members thus providing relief to the readers. In essence, the author of the novel aboveRead MoreCharacter Analysis : Character s Behavior1377 Words   |  6 PagesCharacter analysis is the critical evaluation of a character’s behavior, role in the story and the struggles they experience as the story unfolds (Fleming). The character in a story is normally described in detail, meaning that the reader knows their age, ethnicity, and distinctive physical features important to the story line. Analyzing the character’s behavior, personality, motivation and relationship with others enables one understand the external and internal qualities (Fleming). The characterRead MoreLiterary Analysis Of The Yellow Wallpaper1174 Words   |  5 PagesThe Woman Rocks the Cradle Charlotte Perkins wrote the short story The Yellow Wallpaper. For this analysis paper, I am only going to mainly talk about three characters and they are as follows: the narrator (some call her Jane), John (a certified physician and the husband), and the narrator’s brother (also a physician). This story starts off with the narrator talking about the new transition she has made with her husband John into a new house. On the very first page, she begins to explain how sheRead MoreThe Yellow Wallpaper By Charlotte Perkins Gilman1667 Words   |  7 Pagesâ€Å"The Yellow Wallpaper† is a semi- autobiography by author Charlotte Perkins Gilman who wrote it after going through a severe postpartum depression. Gilman became involved in feminist activities and her writing made her a major figure in the women s movement. Books such as â€Å"Women and Economics,† written in 1898, are proof of her importance as a feminist. Here she states that women who learn to be economical ly independent can then create equality between men and women. She wrote other books such as

Minority Research Paper Free Essays

Description of the Market Market specifics need to be carefully analyzed and marketers should become familiar with the data for each. In order to market a brand or specific goods/services, marketers should be sensitive to each group and shouldn’t be afraid to tap into each market. Below is information on the three largest minority groups in the United States and what each one prefers. We will write a custom essay sample on Minority Research Paper or any similar topic only for you Order Now African Americans †¢The total numbers in the US is 42 million (â€Å"United States Census Bureau†). †¢African Americans make up 13. 6% of the total US population (â€Å"United States Census Bureau†). †¢The rate of growth for this minority group from 2000 to 2010 was 15. % (â€Å"United States Census Bureau†). †¢The average household size is 2. 7 (â€Å"United States Census Bureau†). †¢The average age for African Americans is 32. 1 (â€Å"United States Census Bureau†). †¢The percentage of African Americans 25 and older that hold a bachelors degree or higher is 18% (â€Å"United States Census Bureau†). †¢The median income per year was $32,068 (â€Å"United States Census Bureau†). †¢More than half of the African-American population (55%) live in the Southern states. Texas, Florida, and Georgia have a population of about 3 million, while New York still has the highest with 3. 4 million (â€Å"Black Demographics†). Metro areas with the largest African American population with 1 million or more are: †¢New York, NY †¢Atlanta, GA †¢Chicago, IL †¢Washington, MD-VA †¢Philadelphia, PA †¢Los Angeles – Long Beach, CA †¢Miami – Fort Lauderdale, FL †¢Houston, TX †¢The brands that have a higher than average purchase rate among African Americans are Procter Gamble, L’Oreal, Yoplait, General Motors, Oreos, Slim Fast, Tide, Campbell’s, Ragu, Lexus, Pampers, Jell-O, and Levi’s (Sampey). †¢Specific products that have above average usage for this group are basic food ingredients, beverages, personal care items, and beauty care. The best media to use in order to target this group is television because African Americans watch more TV than any other minority group. The next best would be the Internet and the radio. Asian Americans †¢The total numbers in the US is 17. 3 million (â€Å"United States Census Bureau†). â⠂¬ ¢Asian Americans make up 5. 6 percent of the total US population (â€Å"United States Census Bureau†). †¢The rate of growth for this minority group from 2000 to 2010 was 46% (â€Å"United States Census Bureau†). †¢The average household size is 3. 53 (â€Å"United States Census Bureau†). †¢The average age for Asian Americans is 34 (â€Å"United States Census Bureau†). The percentage of Asian Americans 25 and older that hold a bachelors degree or higher is 50% (â€Å"United States Census Bureau†). That is higher than any group in the United States. †¢The median income per year was $67,022 (â€Å"United States Census Bureau†). †¢About three-quarters of the Asian American population live in metropolitan areas such as the San Francisco Bay Area, New York metropolitan area, and the Greater Los Angeles Area (Beckwith). They make up for 1-2 million people in each place. They are mainly concentrated in five states, which a re: †¢California †¢New York †¢Texas Illinois †¢Hawaii †¢A few brands that have a higher than average purchase rate among Asian Americans are Toyota, Honda, Coca-Cola, IBM, Head Shoulders, and Tylenol (Lindorff). Wealthy Asian Americans tend to buy luxury brands, such as Chanel, Rolex, Loius Vuitton, Armani, and Nordstrom (Lesonsky). †¢Specific products that have above average usage for this group are furniture, footwear, clothing, food, and vehicles. †¢ The best media to use in order to target this group is the Internet and newspapers, as well as direct mail printed in their language. Hispanic Americans The total numbers in the US is 52 million (â€Å"United States Census Bureau†). †¢Hispanic Americans make up 16. 7 percent of the total US population (â€Å"United States Census Bureau†). †¢The rate of growth for this minority group from 2000 to 2010 was 43% (â€Å"United States Census Bureau†). †¢The average hou sehold size is 4 (â€Å"United States Census Bureau†). This is most likely due to a high fertility rate among this group. †¢The median age for Hispanic Americans is 27 (â€Å"United States Census Bureau†).. †¢The percentage of Hispanic Americans 25 and older that hold a bachelors degree or higher is 13% (â€Å"United States Census Bureau†). That is the lowest amongst the three groups. †¢The median income per year was $37,759 (â€Å"United States Census Bureau†). †¢Hispanic Americans are concentrated in the South and the West geographically. About 50% of the population lives in California, Texas, and Florida. California has the highest than any other state, which is 14 million (â€Å"infoplease†). †¢Examples of brands that have a higher than average purchase rate among Hispanic Americans are Corona, Sunsilk, OPI, Ouidad, and Goya (Genuario). †¢Specific products that have above average usage for this group are small appliances, footwear, furniture, and food. The best media to use in order to target this group is through Spanish television networks and printed media. BUSINESS POTENTIAL African American: The African-American community is a very important market because of their great spending trends and buying power. Their buying power is estimated to reach $1. 1 trillion in a few years (â €Å"Multi-ethnic Demographics†). This ethnic group consists of 43 million individuals and marketers should be worried if they haven’t tapped into this ever-growing market (â€Å"United States Census Bureau†). African-Americans are one of the most brand loyal customers and make trips to the store more than any other group. If a national marketer were to get the attention of this ethnic group, the brand they would be promoting would grow, since African Americans stick to their brands. A new middle class has emerged for this group, thanks to more educational opportunities that result in higher incomes. This growing middle class is very fashion, brand, and price conscious and goes shopping for pleasure and social fun. This alone should encourage more marketers to pursue this minority group and give ideas on how to market specifically to this group. Asian American: The Asian American population is growing faster than the total population due to immigration. It’s growing even faster than the Hispanic group and is the fastest growing ethnic group in the US (â€Å"Multi-Ethnic Demographics†). The overall business potential for this minority group is very high because Asian Americans are more likely to be rich than any other minority consumer. That is because they are better educated, even more so than the average American. They are in a lot of top-level jobs and have high specialties. Their buying power is very high and continues to grow. Currently, they spend more than $500 billion annually and their buying power is projected to reach up to $697 billion by the year 2014 (Lasonsky). Much of the valuable market segment is still underestimated and overlooked. That’s why it is important to dig in to this market and develop a great marketing strategy. This group spends more on education, housing, and food than the average US household. As a marketer, there is a good start already by knowing what the consumer wants. A lot of brands have an attitude that asks why they should target this market if they’re already buying the product. Well, it’s important because there is a huge opportunity to build long-lasting relationships and customer loyalty. Asian Americans are consumers that like to educate themselves about prices and products before they dive in and buy something. So, if you would like to catch this market’s attention, make sure you emphasize great deals and focus on product quality. Hispanic American: The Hispanic American market is a very important part of the US economy. This group is growing quite rapidly and marketers should be aware of all of the data. By 2015, the buying power for Hispanics is expected to reach $1. trillion (â€Å"Multi-ethnic Demographics†). In the last few years, the increase in income and population has given marketers new opportunities. This allows them to come up with a whole new marketing plan to serve the Hispanic American’s needs. This market should be approached as a long-term investment. Since the median age for Hispanic Americans is 27, we can see that this ethnic group is younger than the others (â€Å"United States Census Bureau†). This gives marketers a chance to succeed in using geographic, demographic, and psychographic segmentation. By using this information, marketers can position themselves favorably and gain market share. Since many Hispanic Americans speak both English and Spanish, this gives marketers a chance to develop marketing synergies. Marketers should also make sure their general market message reflects the Hispanic culture because if a consumer feels that the brand does not care about them, their message would be ineffective. In order to reach Hispanic Americans through marketing, make sure you know their backgrounds, give them a feeling of ‘home,’ and most importantly build relationships. Bibliography â€Å"Asian/Pacific American Heritage Month: May 2012. † United States Census Bureau. United States Census Bureau, 05 Sept 2012. Web. 7 Sep 2012. . Beckwith , Ryan. â€Å"Asian-Americans Don’t Live in Swing States. † Congress. org. Congress. org, 03 May 2012. Web. 7 Sep 2012. . â€Å"Black (African-American) History Month: February 2012. † United States Census Bureau. United States Census Bureau, 05 Sept 2012. Web. 7 Sep 2012. . Black Demographics. com. Black Demographiics, 2010. Web. 7 Sep 2012. . Genuario, Leah. â€Å"The U. S. Hispanic Beauty Market. † . Picard Holdings LLC, 2011. Web. 9 Sep 2012. . â€Å"Hispanic Americans By the Numbers. † infoplease. Pearson Education, 2012. Web. 8 Sep 2012. . â€Å"Hispanic Heritage Month 2012: Sept. 15 — Oct. 15. † United States Census Bureau. United States Census Bureau, 05 Sept 2012. Web. 6 Sep 2012. . Lesonsky, Rieva. â€Å"Small Business: Tap Into the Affluent Asian American Market. † Small Business Trends. Small Business Trends LLC, 13 June 2012. Web. 8 Sep 2012. Lindorff, David. â€Å"Marketers slowly begin to tap into U. S. ‘s rich Asian consumers. † . Media Life, n. d. Web. 8 Sep 2012. Sampey, Kathleen. â€Å"African-Americans Show More ‘Love’ to Brands Than Caucasians. † Yahoo Finance. Yahoo. com, 15 Aug 2012. Web. 7 Sep 2012. . Bibliography (cont’d) â€Å"Study: African Americans love them some brands. † Electronic Urban Report. EurPublisher, 07 Aug 2012. Web. 6 Sep 2012. . Westlund, Richard. â€Å"Marketing to Hispanics 2010. † Finding the Gold in Hispanic Marketing. Adweek, 27 April 2011. Web. 9 Sep 2012. . â€Å"2010 Census Shows America’s Diversity. † Multi-ethnic Demographics. National Association for Multi-Ethnicity in Communications, 2012. Web. 9 Sep 2012. How to cite Minority Research Paper, Essays

Operations Of The Company Westpac Operates â€Myassignmenthelp.Com

Question: Discuss About The Operations Of The Company Westpac Operates? Answer: Introduction The current report elucidates in detail the audit planning with special orientation to the operations of the firm Westpac. The current segment analyses the industry that is the banking industry in which the company Westpac operates and evaluates the operations of company. This study conducts an industry analysis and company analysis and audit planning of the firm. Thereafter, the study also detects the risks that might be faced by the company and carries out an analytical procedure. Acceptance of the client and Planning of Audit The current report illustratively elucidates the sequential procedures for planning for carrying out audit of the firm. The present segment explains the successive steps that can be adopted for undertaking the planning of audit in the company Westpac. Audit planning thereby involves the following steps: Discussions with the client Review of documentation of audit of Westpac Analysis of financial assertions of the company Westpac Analysis of interim pecuniary assertions of the company Westpac Identification and consultation with diverse non-audit personnel of specifically the accounting corporation (Arens et al., 2012). Staffing required for the purpose of audit of the firm Westpac Timing of different procedures of audit (Eilifsen et al., 2013). Outside help essentially needs to be determined counting the utilization of a particular specialist as necessary and determination of the nature and extent of involvement of the internal assessors of the specific client (William Jr et al., 2016). Pronouncements on different accounting principles as well as audit guidelines that need to be read and assessed (Louwers et al., 2015). This can help in the process of development of specifically complete audit programs aptly fitting the exclusive requirements of the business of the client as well as industry (Simnett et al., 2016). Scheduling with the client is required to coordinate actions. For example, schedule prepared by client necessarily need to be ready at the time when the assessor is anticipated to assess them (Arens et al., 2016). The client has the need to be informed regarding the dates at which they can be prohibited from accessing bank safe deposits in order to make certain that the integrity of different counts of security that is specifically held at banks (Arens et al., 2016). Analysis of the business of the client Westpac Banking Corporation is the presently the client of the accounting firm NY. Westpac Banking Corporation also referred to as Westpac is essentially one of the big four Australian banks as well as financial service provider that is headquartered in Sydney. Westpac operates through four different core business divisions that include Consumer Bank, Business as well as Commercial Bank, Westpac Institutional Bank along with Westpac New Zealand as well as the BT Financial Group. Essentially, consumer bank is accounting for necessarily sales as well as service of approximately 9 million consumers across the nation Australia and aids them in the regular banking needs of the consumers. Again, business bank division is accountable for both sales as well as service of diverse small along with medium sized enterprises, different commercial along with the agribusinesses in Australia together with the asset and tools/instruments finance and functions under the corporation Westpac. Particular ly, BT Financial Group is essentially the wealth management division of the corporation Westpac Group that subsequent to the merger with the business entity St. George Bank Limited also takes into account the wealth division of the firm St. George. Furthermore, the Westpac Institutional Bank also offers a wide range of financial services to different commercial, corporate, institutional as well as government clientele. Analysis of the banking industry The financial results of the majority of the Australian banks emphasizes the fact that the growth in earnings of the companies are slowing down, representing the influence of enhanced regulatory needs and a downcast domestic economy. However, specific margins have continuously decreased across diverse majors in spite of asset re-pricing and enhanced financing from different customer deposits, stressing all the difficulties of the present low rate of interest as well as deposits of customers. The economic outlook in this case remains difficult and the majors continue to stress on the capital efficacy, overall productivity and added refinement of different business models. Unceasingly challenging conditions of market, increasing regulatory capital, enhancing loan impairments as well as margin compression exert downward pressure on the returns of the industry (Arens et al., 2016). Jointly, the majors operating in the banking industry of Australia declared a cash profit enumerated after tax of approximately $29.6 billion during the financial year 2016 that is necessarily down by around 2.5% recorded during 2015. The decrease in earnings mainly owes to decrease in net margin of interest, flatter non interest earning, increase in loan impairment alterations and greater cost of operations. In particular, these facets are also apparent from the decrease in the specific statutory net gains from continued operations of approximately $2.6 billion to nearly $28.8 billion. The challenging outlook for different majors is essentially set to continuously driven by poor growth in revenue, erosion of margin, enhanced charges of impairment, greater downward pressure on particularly return on equity as well as earnings per share. Consequently, the ability of the majors to detect cost eliminate chances that can be realised specifically in the short and medium terms without compromising with the prospects of the growth of the revenue. Analysis of the business risk of the client Analysis of the operations of the business Westpac Banking helps in understanding the exposure to diverse business risks. Varying nature as well as scope of business operations also poses business risks. Essentially, Westpac has a diverse mix of specific financial market trading business to particularly St. George along with the important operations in institutional banking, underwriting along with general insurance all of these expose the shareholders of the firm St. George to diverse risks than normally they are exposed to (Westpac - Personal, Business and Corporate Banking, 2017). In essence, St, George has no exposure to the market of New Zealand. In essentially, Westpac generates around 15% to 20% of the profit enumerated after tax from the business operations of the company in New Zealand (Westpac - Personal, Business and Corporate Banking, 2017). However, St. George has not got any kind of exposure to the market of New Zealand. In this case, it can be mentioned that the nation New Zealand is encountering slowdown in terms of growth of economy due to the outcome of the slowdown of the housing market, drought, higher rate of interest and increasing inflation that have eroded the overall consumer as well as business confidence (Westpac - Personal, Business and Corporate Banking, 2017). Essentially, these kinds of conditions can probably lead to low earnings and enhanced bad debts from specifically New Zealand wing of Westpac. Again, large bad debts also pose business risks to the operations of Westpac. In particular, Westpac also declared that it does not have the identical level of exposure to the specific kinds of loans that have compelled both NAB as well as ANZ to declare enhancement in the overall provisions as well as write downs for the period ending on Sept 2008 (Westpac - Personal, Business and Corporate Banking, 2017). The company also have small collateralised obligations of debt, however, management of the firm has publicly declared that this specific portfolio has witnessed no significant measurable influence on earnings. Nevertheless, all banking corporations are essentially exposed to different degrees of rising level of bad debt and this firm Westpac also have exposure to the weak commercial property as well as marketing of New Zealand (Westpac - Personal, Business and Corporate Banking, 2017). Contrarily,rating organization Standard Poors also substantiated the AA rating of Westpac after analysis of the probable credit loss during the short to the medium period of time. The company Westpac also faces business risk in the making huge investments for the process of reviewing the legacy information system. Essentially, this might possibly add to the overall level of complexity and risk to the procedure of assimilation (Westpac - Personal, Business and Corporate Banking, 2017). In addition to this, association with the third parties of the corporation that is within RAMS businesses as well as BTIM (by means of license contracts) generate added risks since poor level of performance or else termination of specific agreements of franchise might influence the revenue adversely and cause damage to the brand. The corporation Westpac also faces contingent liability risk. This is because the corporation Westpac is engaged in a number of actual or else potential claims as well as proceedings in diverse ordinary processes of business (counting tax liabilities) that are not determined and for that no specific provision is there in the balance sheet (Westpac - Personal, Business and Corporate Banking, 2017). There are also certain unavoidable business risks faced by the firm Westpac. Westpac is necessarily subject to specific disclosure requirements of particularly ASX and compliance with the requirements poses risk to the business. Additionally, the assimilation of the system of information technology of both St. George and the company Westpac is also considered to be very intricate and risky and require considerable investment of both time as well as resources (Westpac - Personal, Business and Corporate Banking, 2017). Considerable amount of risk also remains in using two brand strategies that is essentially being attempted on a scale that is much larger than what is has been in other dealing. Performing analytical procedures Analytical processes can be considered to be one of financial audit procedures that assist the assessors to comprehend the business and alterations in the business of the firm Westpac. Essentially, this helps in the processes of identification of prospective risk areas to plan other procedures of audit in combination with other processes of audit testing with respect to specific financial declarations (Cohen Simnett, 2014). Auditors might undertake analytical procedures for Westpac at three different phases that is at the beginning, in the middle as well as at the end of the process of audit. This process also includes application of financial ratio for assessment of financial information with respect to prior period. Liquidity Ratio Current Ratio 2015 2016 Current Assets 791254 817144 Current Liabilities 758241 781012 Quick Ratio Cash and cash equivalents 14770 17015 Current Liabilities 758241 781012 Solvency Ratio Debt to Equity Ratio Debt 3908 4326 Equity 53098 58120 Equity Ratio Total Equity 53098 58120 Total Assets 812156 839202 Profitability Ratio Gross Margin Ratio Net Income 10341 10232 Net Sales 10644 11049 Return on Assets Net Income 10341 10232 Average Total Assets 812156 839202 Analysis of the financial assertions reveals that both the current ratio as well as quick ratio increased although by a very significant degree. This reveals that the liquidity condition of the firm remained constant during the time period. Debt to equity ratio indicating the solvency has increased although insignificantly. This reflects an unfavourable condition for the firm as debt has increased in comparison to equity over the two year period. However, equity ratio has improved reflecting desirable financial condition. Again, profitability has declined indicating undesirable financial health of the firm. Therefore, it can be said that audit test can help in analysing and detecting the issues that are affecting the financial health of the firm (Westpac - Personal, Business and Corporate Banking, 2017). Conclusion The above mentioned study helps in understanding different steps involved in audit planning of the client company that is that of the Westpac. The study also analyzes financial results of the majority of the Australian banks and helps in gaining insight regarding the overall banking industry. The present segment also helps in gaining insight regarding the risks that the company encounters and thereafter carries out analytical procedure for audit. References Arens, A. A., Best, P., Shailer, G., Fiedler, B., Elder, R. J., Beasley, M. (2016).Auditing and assurance services in Australia: an integrated approach. Pearson Education Australia. Arens, A. A., Elder, R. J., Beasley, M. S. (2016).Auditing and assurance services: An integrated approach. Prentice Hall. Arens, A. A., Elder, R. J., Mark, B. (2012). Auditing and assurance services: an integrated approach. Boston: Prentice Hall. Arens, A. A., Elder, R. J., Beasley, M. S., Jenkins, G. J. (2016).Essentials of Auditing and Assurance Services: An Integrated Approach. New Jersey: Prentice Hall. Cohen, J. R., Simnett, R. (2014). CSR and assurance services: A research agenda.Auditing: A Journal of Practice Theory,34(1), 59-74. Eilifsen, A., Messier, W. F., Glover, S. M., Prawitt, D. F. (2013).Auditing and assurance services. McGraw-Hill. Louwers, T. J., Ramsay, R. J., Sinason, D. H., Strawser, J. R., Thibodeau, J. C. (2015).Auditing assurance services. McGraw-Hill Education. Simnett, R., Carson, E., Vanstraelen, A. (2016). International Archival Auditing and Assurance Research: Trends, Management Issues, and Opportunities.Auditing: A Journal of Practice Theory,35(3), 1-32. Westpac - Personal, Business and Corporate Banking. (2017).Westpac.com.au. Retrieved 11 September 2017, from https://www.westpac.com.au William Jr, M., Glover, S., Prawitt, D. (2016).Auditing and assurance services: A systematic approach. McGraw-Hill Education.

Socrates Essays (811 words) - Socratic Dialogues, Dialogues Of Plato

Socrates Socrates arguments that it would be wrong to escape from prison is as follows. In Critos, Socrates explains to his friend Crito that escaping from prison would go against many of the thins that he (Socrates) believes in; seeking virtue, seeking the truth, not repaying an evil with another evil, obeying the laws of the state and so on. He has lived by, and has fought for these beliefs in his life. In part those are the reasons he is in prison. It is because he believes in those things that he will not escape. Even if it seems that he has been wronged. Socrates will not give up what he believes in order to live a few more years. He believes that living honorably and seeking virtue are the most important thins in life and life is not worth living if he must stop seeking the truth. In the first argument Crito tries to convince Socrates to escape by telling him that, The world will never believe that we were anxious to save you but that you yourself refused to escape.(22-23 Johnson) He tries to tell Socrates that if he does not escape then people will blame his friends for not helping him escape. He also tells him that his friends will be hurt by his death and that by not escaping his enemies will majority of the people think. What they think does not matter, it is what the few that right. Socrates also tells him that if he does escape then everything what he has said and believed in the pas would be a lie and then he would be proving his enemies right. By not escaping he shows them that they are the ones who are doing wrong. Another reason that Socrates gives for not wanting to escape from prison is that .we ought never to do wrong at all.(26 Johnson) Socrates reminded Crito of things that they had discussed in the past, one of which was wrongdoing. Socrates reminds him that one should never repay a wrong with a wrong. He says that even though it might be wrong for him to be sentence to death, he will not do something wrong in order to correct his situation. He says that escaping is wrong so he will not do it. This goes back to what he said earlier in the argument. He stated, ..we should set the highest value no on living, but on living well.(25 Johnson) Socrates goes on to say that escape is also wrong because he would be disobeying the laws of the Athenian government by escaping from prison. And by disobeying the laws of the Athenian government he would also be disobeying God. He says that it is against the law of God to use violence against your father or mother; and that it is much worse to use violence against your country (27 Johnson). He explains how Athens gave him an education, marriage, protection, and so many other things. But now that Athens wants to enforce the law he is not willing to accept it. He tells Crito that we have to obey the law, if not there will be anarchy. He again reminded Crito of the things that they talked about in the past and asks him if all those things had been true. Crito finally agrees and he accepts Socrates fate. I think that Socrates is just trying to make his life seem full filled. He wants to show that his life was not a waste of time and that his ideas on life were valid and correct. Dr. Martin Luther King Jr. would agree that it would be wrong for Socrates to escape from prison. The reason is, as Dr. Martin Luther King Jr. explains one of the four basic steps in nonviolent campaigns. He states, one who breaks an unjust law must do so willingly so openly, lovingly, and willingness to accept the penalty. (479, King) Dr. King like Socrates believed in laws and agreed that they are necessary to avoid anarchy. The difference between Dr. King and Socrates is that Socrates did not think that the laws were just or unjust he just believed that one should obey the laws of

Mango pulp Essays

Mango pulp Essays Mango pulp Essay Mango pulp Essay Hilly terrain of the Shadier is ideal for cashew and mango plantation, Wallet Patti is best suited to payday, Angina and horticultural plantation and in Gallatin Patti, coconut, recants and alphorns mango, spices oakum and other minor fruits is concentrated. Horticulture and fishing are the main sources Three major soil types in SIR are I) Literate and laterality soils -These soils are sandy clay loam to clay in texture, and hence are susceptible to erosion. These soils are acidic, fairly well supplied with organic carbon and total nitrogen. The available phosphorus content is low. The available potassium content is variable. The soils are suitable for cultivation of payday, millets and horticultural crops like mango, cashew and minor fruits like oakum, awl, Cajun and Kiwifruit etc. (ii) Coastal alluvial soils -These soils are derived from trap and are found on the banks of river/creek in low-lying areas. These soils are clay loam to loam in texture. Iii) Coastal saline soils Mostly found in the vicinity of the sea coast. These soils are highly saline, in spite of heavy rainfall. The texture of the coastal saline soils in this region is sandy loams to sandy clay loam. These soils are most suitable for growing coconut and recants crop. Also some salt tolerant payday varieties are grown in this soil. 6. CLIMATE AND RAINFALL Due to nearness of the Arabian sea, the climate of the whole region is humid. The humidity of the region ranges from 60 percent in summer season to about 90 percent in rainy season. The minimum and maximum temperature of the region ranges teen 150 C to ICC during the various reasons of the year. The rainfall is the most dominant weather parameter that influences plant growth and and crop production. The South Oaken Region receives, on an average , annual assured rainfall of 3000 to 3500 mm from south west monsoon during the months of June to September. Generally, highest rainfall in this region is recorded in the month of July. The intensity of the rainfall goes on increasing from sea shore to Shadier ranges. The warm and humid climatic conditions are quite favorable for horticulture. Water is abundant in this region due to heavy rainfall. Considering hilly rack of this region, most important problem is preservation of rain water. 7. Especially Mamba maw, Mamba Poll (Mango Chapatti), Ambrosia (naturally dried mall sized mango pieces), Anchor (Mango Powder), Pants Poll Kiwifruit Chapatti), Kiwifruit Crispy Chips, Oakum Syrup, Oakum Gal, Karri Peahen, Gumball Juice, Mango Squash, Awl Juice, Measles (dried Oakum rind), Awl Supers, Mango Pickles and Chilly Pickles and herbal extracts etc. 10. Nutritive Value Fruits and vegetables products have been regarded as the natural nutritive materials which provide almost all the essential nutritional elements to consumers for their daily routine and hard work. They supply carbohydrates, fats, proteins, fibers, mineral matter, vitamins, hormones and other materials which are needed by the human odd to perform certain functions. Fruits Processing Industry provides wholesome, safe and nutritious food throughout the year. 11. Variation in Quality Fruits in SIR are of variety quality. First quality fruits are generally purchased for fresh consumption and some secondary quality fruits or fruits damaged by adverse weather condition or damaged in transport or by any other reason which are eatable but not fresh such fruits can be used for processing purpose. 2. Growth of other Industries SIR is developing industrially and it is encouraging for the development of fruits processing industry in this region. Many other industries are flourishing here which are supplementary to fruits processing industry; these are machines, tools, equipments, packing and packaging, transportation, warehousing, chain of retailers, wholesalers and distributors and many o ther industries directly indirectly involved in this business. 13. Employment Generation Fruits Processing Industry and other ancillary industries generate employment for the local people. Especially processing of fruits and vegetables is year round activity which provides employment opportunities to the people throughout the year. 14. Empowerment of Women Our government has given emphasis on women empowerment through various schemes and programmed. Home scale and cottage fruits processing units managed by Self Help Groups are increasing. Numbers of government and non-government organizations are providing entrepreneurship development programmed and micro 15. Environment Protection Fruits processing industry is environment friendly and pollution free. Horticultural development will be helpful in maintaining ecological balance of the region. 16. Government Schemes and subsidies Various schemes under MOP, APED, National Horticulture Board, National Horticulture Mission, INBOARD, provide assistance for infrastructural development, capital investment, technological pagination , quality testing and improvement, R , entrepreneurship development, fund raising, marketing and Human resource development. Export promotion through GAZE and SEE, EPIC scheme, reliefs in Excise and Custom duty, tax exemptions etc. Rate environment for investment in this sector. 17. Dry. Bleaches Sonant Oaken Shirks Vapidity Various Shirks(Agricultural) colleges are located in different parts of this region for imparting scientific knowledge and for providing technology to the inhabitants to improve their agricultural practices. Researches and developments done by BASKS professors and students are helpful to find out new species of horticultural plants, cultivat ion and irrigation methods and also useful for processors to discover new innovative products and processes. 18.

ATT Income Report Assignment Example

AT&T Income Report The paper "ATT Income Report" is an extraordinary example of an assignment on finance and accounting. ATT Company has reported a net income for the fourth quarter of 2009 of $3 billion. This is a 26% increase as compared to the 2008. This has been attributed to the increase in mobile subscribers. The revenue of the company has fallen from $31.1 to $30.9 billion. The earnings per share was reported at $0.51 which met the expectation made by several business analysts. According to the company, the increase in income was fueled by broadband and mobile growth. During the fourth quarter, the company added 2.7 million subscribers. This was the second-best performance that the company has ever achieved. The increase was driven by the fast adoption of products by the apple company like e-readers, iPhone, and netbooks. The mobile operating revenue for the company increased by 7.6% from $12.9 billion in the 2008 fourth quarter to $13.8 billion in 2009 fourth quarter. Furthermore, the company activated about 3.1 million iPhones in the quarter. In the companys report, it assured its clients that it will offer the best services in iPad. The company has embraced the new innovation by Apple which has planned connectivity on its network. This was a report from John Stankey, the president of ATT Company. The company has an understood the technical operation of iPad thus will maximize on its usage. In addition, the mobile data revenue of ATT increased by 26.3% to $3.9 billion. The company had a solid year, 2009 and led the company to the biggest growth driver. The company is in a good position to provide for the high demand in connectivity of IP data and mobile broadband. Therefore, the company aims at adding vital mobile capacity in 2010.

Apology letter for an assault happened two years ago Essay

Apology letter for an assault happened two years ago - Essay Example I have been nurturing these feelings of grief, guilt and repentance ever since I threw coffee on you and hurt you badly. Please, believe me that I am not a habitual binge drinker. I drink occasionally but that night at the club, my friends indulged me in heavy drinking which made me lose my nerves in the morning. I could vividly see a group of girls videotaping me, and that infuriated me. Please, trust me that basically I am a very good natured and calm person. I don’t know why I became so angry that day that I lost my temper and threw a hot mug of coffee on you. I wish I was in my senses. But time has passed, leaving only the repentance and remorse in my heart for my whole life. I cannot undo what I have done. I cannot bring back those moments. I wish I could undo the harm that I have done to you. I know that the physical injury will soon vanish, but the emotional and mental pain that I have caused you will hardly ever go away. All of that is just because of my stupidity and carelessness, of which I am really apologetic. Oh! How I wish I could rewind the time and undo the harm that I have done to you. I am so regretful. I also know that I do not deserve you excusing me, nor do I deserve a mini-second of your time. But please, consider my feelings. I have tried my best to remove from my nature what caused me to bring pain to a human being. I have attended almost over twenty therapy sessions with a psychologist. I have also attended a positive change inner mindset class with a social worker to remove all negativity from my behavior. I have completed almost 500 hours of community service at Salvation Army, breakfast club- a place where poor and homeless people are fed. I have done all this to bring empathy and kindness into my nature. I have also contacted a psychologist for counseling regarding quitting drinking. I really want to change myself. I want to become a person that is compassionate toward others. My assault toward you

The Relevance of Employee Engagement Indices as a Performance Measure Dissertation

The Relevance of Employee Engagement Indices as a Performance Measure and Indicator in Institutions - Dissertation Example This dissertation seeks to establish the relevance of employee engagement indices as performance measures and indicators with practical use in organizations. It examines the effectiveness of employee engagement indexing as a common practice among institutions in measuring organizational performance. The study found that employee engagement indices bore significant relationship to certain aspects of companies’ operational performance, to degrees that vary among the scale and type of the organization. Human resources aspects of operations that are significantly related to EEI are the line manager’s actions, the degree to which employees believe management will take action based on the EEI survey, the employees’ workload, their pay, the team with which they work, and the organizational policies and practices that impact upon their working conditions. Overall, the employee engagement index is an effective tool in improving performance, provided the EEI is formulated according to firm-specific factors and conditions, and provided they are analysed consistently and refined strategically over the long term. Table of Contents Abstract 2 List of Tables 7 Chapter 1: Introduction 8 1.1Chapter overview 8 1.2 Background of the problem 8 1.3Purpose of the Study 10 1.4Aim and Objectives 10 1.5Research questions 11 1.6Assumptions 12 1.7Rationale and significance of the study 12 1.8 Chapter summary 13 Chapter 2: Literature review 15 2.1 Chapter overview 15 2.2 Concept of employee engagement 15 2.3 Engagement as a driver of productivity 18 2.3 Practices in measuring employee engagement 24 2.4 Identified drivers or measures of employee engagement 26 2.5 Chapter summary 27 Chapter 3: Research methodology and methods 28 3.1 Chapter overview 28 3.2 Research approach and strategy 28 3.4 Research methods and techniques 29 3.5 Methods of data gathering 31 3.6 Methods of data analysis 32 3.7 Hypotheses 33 3.8 Description of population and sample 33 3.9 Limitations o f the research methodology 34 3.10 Ethical and Political Considerations 36 3.11 Chapter summary 36 Chapter 4: Data Analysis 38 4.1 Chapter overview 38 4.2 Respondent profile 38 4.3 Respondents’ perceptions based on mean scores 45 Table 15: MNE, LDC, and SME Mean scores and standard deviation 53 4.4 Correlational study 58 4.5 Regression analysis 62 4.5.1 Overall Sample 62 4.5.2 Multinational Enterprises 68 4.5.3 Large Domestic Corporations 71 4.5.4 Small and Medium Scale Enterprises 73 4.6 Qualitative information provided by respondents 77 4.7 Chapter summary 78 Chapter 5: Conclusions and Recommendations 80 5.1 Chapter overview 80 5.2 Summary of findings 80 5.3 Conclusion 86 5.4 Recommendations 87 5.5 Directions for future research 89 Bibliography 90 Appendix 92 List of Tables Table 1: Frequency distribution according to age 38 Table 2: Frequency distribution according to gender 39 Table 3: Frequency distribution according to education 39 Table 4: Frequency distribution accord ing to position in the company 40 Table 5: Frequency distribution according to scale of company 41 Table 6: Frequency distribution according to employment status 42 Table 7: Frequency distribution according to length of stay 43 Table 8: Frequency distri

The behavior in violent video games Essay Example for Free

The behavior in violent video games Essay In today’s society video games can cause many behavior problems. The violence in video games can affect children in many ways. Violent video games affect a person’s brain and health. At last, violent video games also affect the player’s personality in various ways. Acting violently and having nightmares are two ways of how violent video games affect children. Some games contain some graphic content, and may give children ideas that they do not understand. These games also make children believe that killing someone is acceptable and the reality of people dying can be compared to situations seen previously in games. Children’s learning abilities are also affected since they tend to do as they see, kind of like monkey see, monkey do. Basically, they learn to be violent so they will be violent in their life and react aggressively. The human brain is affected by violent video games in many ways. After so much playing the human brain believes the game is real. Video games stir up tension, and a feeling of fear, and this could have long term affects on the autonomic nerves. The autonomic nerves are connected with breathing and heart rate. If a person, who is playing video games, has suffered from seizures and continues playing, the chances over seizures coming back are extremely high. The video game player’s personality will be affected in many ways. For example, playing decreases prosocial behaviors, this includes activities such as giving to charity, volunteering, and overall â€Å"helping† behaviors. Some studies have proved that video game players lead to an increase in antisocial behavior. These frequently users rather isolate from others and play than socialize. When playing becomes an addiction, their personality has completely transformed into an isolated antisocial person. In conclusion, violent video games can cause many different behavior problems for children. It affects their brain, their health, and their personality. Finally, children should be careful when choosing the type of video game to play.

Ethics :: Informative, Good, Evil

Ethics is defined as the knowledge of the principles of good and evil. Sensitivity to ethical issues should be prerequisite for any profession that holds public trust. Nursing holds a public trust and therefore we must be aware of ethical concerns when dealing with patients (Barry, 2002). Ethical dilemmas such as consent force nurses to decide on possible actions to take. By discussing the ethical principles of autonomy, beneficence and non-maleficence and applying the ethical theories I hope to make it clear how nurses justify their actions. My understanding of ethical accountability is that I am answerable to myself; I must always be truthful, fair and respectful and I believe I must treat others as I would like to be treated. Nurses faced with an ethical dilemma have to decide which possible action is the right action to take and how choice of this action over others is justified (Singleton and McLaren, 1995). During the module we have looked at various ethical models including Seedhouse’s Ethical Grid (1998) and Curtin’s Ethical Decision Making Model (1982) which provide guidance toward the resolution of clinical dilemmas; some of the aspects of these models will be evolved in the next section of this assignment. Rumbold (1999) insists that respect for a person’s autonomy is one of the crucial principles in nursing ethics and ethical models. Gillon (1986, pp.56) defines autonomy as â€Å"the capacity to think, decide, and act on the basis of such thought and decision, freely and independently and without let or hindrance†. Therefore, it can be said that patients can expect to be fully informed of any methods of treatment available to them, in order to exercise their rights to consent to or refuse such treatment. In order for a nurse to fully respect patients autonomy, she must respect whatever decision the patient makes, and to act otherwise is to disregard the patient as an autonomous being (Fletcher et al., 1995). Fletcher, Holt, Brazier et al. (1995) discuss that when considering patient well-being, nurses may demonstrate paternalism towards their patients. Paternalism is to believe that it is right to make a decision for someone without taking into consideration those person s wishes, or even to override their wishes; therefore overriding autonomy. This happens all the more in Mental Health and Learning Disability services because people assume that they may not have capacity to make decisions for themselves. Singleton and Mclaren (1995) suggest that justification for nursing interventions rest on the concept that the principle of beneficence and non-maleficence takes precedence over considerations of respect for the patient’s autonomy.

Holidays & Christmas Carnivals Essay

It is hard to find someone, who does not like Christmas. This is one of the most favorite holidays, when families get together, decorate the house, install Christmas tree, prepare some favorite meals, or even arrange parties. And, of course, give and receive presents! I had many interesting celebrations of Christmas, which were different from each other. Once in primary school we arranged a Christmas carnival. There was a beautiful Christmas tree, a lot of delicious meals and music, and, of course, Santa Claus with his presents for every child. Once, on the day before the Christmas my parents decided to make some huge shopping. We bought full truck of the things for house, starting from armchairs, kitchenware, and ending with decorations. So we spent all the Christmas vacations enjoying our new stuff and arranging it. In my secondary school times I had a table mate, who happened to break her leg right on the eve of Christmas. So I bought some presents and chocolates for her, and went to the hospital to bring some happiness to that girl, whose family was rather poor. When I was 14, we went to my aunt’s place for Christmas. I spent some great time there, because I like my cousins very much and we always have a lot of fun together. We played games and had some amazing night forest hike in Christmas night. Two years later the family of my aunt joined my family in celebrating Christmas. So together with my cousins we went to a bowling club and had amazing evening of playing bowling. I proved to be really good in that! And then we had a good party at home again. Once, before having traditional Christmas family gathering, we went to a music club with my friends. There a female band named Rockland Ladies played live. That was impressive: we were dancing and having pretty good time! The last Christmas I spent in a ski mountain camp with my university friends. We went to one of the ski resorts in Colorado and had some great Christmas vacations on the opened air! I think that it is wonderful to celebrate Christmas holiday in a new way every year. That is how I can recreate myself, have some perfect rest and get ready for a new year, and also receive many positive emotions and different unforgettable impressions. Bibliography: †¢ â€Å"Christmas. † Christmas Carnivals. Compare Infobase Pvt. Ltd. 3 Nov. 2005 .

Halal and Haram Issues in Food and Beverages Essay

Halal and Haram Issues in Food and Beverages In food industry, modern science and technology lead to creation of variety foods and beverages. The evolution comes together with booming of additives and ingredients to match with demands and perfections in food production. Different types of beverages as well as variety of foods offered in the market often confuse the consumers especially Muslims and most of them are unaware of what they have consumed. Generally Halal means clean and healthy food which has also being proven scientifically. In Islam, the consumption of Halal food and beverage and using Halal consumer products are obligatory in serving Allah, the Creator and the Almighty. Therefore, Muslims communities are very mindful of food ingredients, handling process and packaging of food products. The foods and beverages are only Halal if the raw materials and ingredients used are Halal and it is fully compatible to the Islamic guidelines. Nowadays, â€Å"Halal† oriented foods and beverages get food industry attention in all over the country as is expected to become a significant contributor to economic growth. It must be understood that the production of Halal food and beverage are not only beneficial to Muslims, but also to food producers, by means of increased market acceptance of their products. In food production, sugars are widely used as it could make the food and beverage taste sweet and delicious. There are many types of sugars such as glucose, fructose, lactose and maltose. A problem occurs as those sugars might transform to an alcohol named ethanol (or ethyl alcohol) by natural fermentation process which is not performed by enzymes. According to scientific review, both natural and manufactured products contain small amount of alcohol; for example, fruits, juices, vegetables, breads, cheeses, beef, and honey. Those food and beverage usually contain not more than 0. 5% of alcohol. Therefore, anything containing sugar is fermentable into alcohol. Other manufactured products such as Coca Cola, Pepsi, and Mirinda contain alcohol at percentage range of 0. 2% – 0. 3% as Beta Carotene (the colouring used) is melted by using the alcohol method. In addition, according to Eastern Standard Time on July 8, 1999 (4:00 pm); â€Å"The oils that they use to make Pepsi have minute trace of alcohol which combined make up a percentage of alcohol. † The problem of alcohol that might contain in food or beverage has been debated by Mujamma’ Al-Fiqhi Al-Islami as certain types of alcohol are beneficial in food production. According to the Islam guidelines, Muslims are allow consuming ethanol as it is not harmful but only can be taken at small amount which is not more than the specified percentage.

The dangeruos effects of hallucinogens essays

The dangeruos effects of hallucinogens essays In a house sits a man with no mind. Heart beating, lungs wheezing, mouth agape, and eyes wide open. He is not someone who has a condition; his condition is something chooses, something that is the result of a hallucinogen. Compared to the 60 s and 70 s today's society is able to get stronger forms of hallucinogens. Stronger hallucinogens mean stronger effects. Hallucinogens take a toll on the body and the mind that a person would never think about. That's how they got the name hallucinogen. The word "hallucinate" comes from Latin words meaning, "to wander in the mind." A hallucination is a mental state in which a person sees, hears, tastes, smells, or feels something that is not present. The effects are overwhelmingly harmful. Hallucinogen, what is a hallucinogen? A hallucinogen is a drug that distorts how one feels, hears, sees, smells, tastes, and thinks. Other names for hallucinogens are psychedelic and mind-bending drugs. Some come from natural sources and others are made in laboratories. Some examples of natural hallucinogens are mescaline, Psilocybin, and DMT. Psilocybin comes from certain mushrooms. It is sold in tablet or capsule form so people can swallow it. The mushrooms themselves, fresh or dried, may be eaten. DMT is another psychedelic drug that acts like LSD. Its effects begin almost immediately and last for 30-60 minutes. Mescaline comes from the peyote cactus and although it is not as strong as LSD, its effects are similar. Mescaline is usually smoked or swallowed in the form of capsules or tablets. (Hallucinogen 1). Some drugs originated from the American Indians. Mesculine and Psilocybin are two examples. Mesculine was used by the Indians in religious ceremonies. Psilocybin is a drug Indians believed to have supernatural powers. It is found in approximately twenty different kinds of mushrooms. Once the drug is ingested, it then turns into silicon, which is responsible for the hallucino...

How do organizations foster innovation Research Paper

How do organizations foster innovation - Research Paper Example According to the research findings the need for innovation in an organization is paramount and universal if the organization is to be successful. For organization’s customers and members to keep coming back over and over again, they must have the feeling that there will be a chance to see and do something different or new each time. As institutions evolve and the world keeping on changing, an organization needs to change its products and programs so as to be able to reach new markets to achieve the organizations missions. This calls for an environment that fosters innovation. There are three different variables that have been identified as the stimulus of innovation in an organization. These are the organization structure, human resource practices and organization culture. Yao et al notes that innovative organization are defined mostly by decentralized decision making, few hierarchal distinctions and lateral communication networks. In this case, he noted that information flow must be open and persuasive with a relatively flat organizational structure. For innovation to thrive in an organization, Yao et al suggest that organizations must be structured in a manner that is reflective about their practices by making an attempt to learn from their mistakes. This is because these organizations are capable of incorporating different points of view in an organization which is a factor that enables innovation to thrive. In this case, a rigid organizational structure neither recognizes nor implements innovation. ... In this case, he noted that information flow must be open and persuasive with a relatively flat organizational structure. For innovation to thrive in an organization, Yao et al (2006) suggest that organizations must be structured in a manner that is reflective about their practices by making an attempt to learn from their mistakes (France, 2011). This is because these organizations are capable of incorporating different points of view in an organization which is a factor that enables innovation to thrive. In this case, a rigid organizational structure neither recognizes nor implements innovation. Yao et al (20006) notes that many organizations foster innovation by ensuring that there are a well-developed formal practices within the organization that tap into informal activities. He notes that connecting informal and formal practices within an organization creates an environment for innovation which allows for its adoption and implementation. The connecting practices identified by Yao at al (2006) include promoting communication, socializing and creativity in the formal systems and creating a path that brings the best that emerges in the informal system into the informal system for implementation and development. Allowing employees free time to think is very crucial as it fosters creativity. Yao et al. (2006) notes that 3M usually allows its researchers to spend fifteen minutes of their research time working on whatever pleases them. On the other hand, Tech staff were noted to old informal brown bag launches to share what they have leaned after returning from their visit to science centers. Innovation involves interaction of different people

Advanced HealthCare Management Assignment Example | Topics and Well Written Essays - 500 words - 1

Advanced HealthCare Management - Assignment Example Likewise, the understaffing and being overworked could result to errors (medication errors, documentation errors, and even errors in the effective deliver y of patient care); as well as low morale, low productivity, job dissatisfaction, and high turnover. As reported in a news article, â€Å"a study of physicians in Massachusetts released today indicates poor RN-to-patient ratios in hospitals are resulting in significant harm and even death for patients. According to the survey, physicians rank understaffing of registered nurses as the biggest problem in Massachusetts hospitals directly affecting patient care† (Massachusetts Nurses Association, 2005, par. 1). The proposed solution to this motivational problem are as follows: job redesign through (1) a review of the staffing requirements based on the number of patients that are regularly confined in the health care setting; (2) determining the most appropriate nurse-patient ratio; (3) hire new or temporary nurses as deemed needed to addressing understaffing concerns, either on a short-term or long-term basis. Through these recommendations, the root cause of the problem would be determined through identifying the current number of patients who are being attended to, as well as the current supply of nurses in the organization. Current changes in the external environment could have significantly altered the demand and supply of patients and nurses which contributed to the problem. The second motivational problem is inadequate support or resources. For instance, in a nursing unit, there should be some expected level of supplies, equipment, medications, and hospital forms which are critical in undertaking the stipulated responsibilities. The list could include medical supplies and equipment in the emergency cart, prescribed medications, as well as patients’ charts and forms, among others. If any of these are inadequate, the performance of nurses would be jeopardized in terms of potentially affecting the level

Geol 3372 Petrography Adopt a rock Research Paper

Geol 3372 Petrography Adopt a rock - Research Paper Example A field research was done where the rock was identified, and physical examination done to substantiate its characteristics. The paper seeks to explain the various types of hornblende andesite and their location around the world. An understanding on the on the plate tectonics association is important in understanding the natural processes that necessitated the formation of the rocks in the various location regions in the world. The thin report section gives the complete picture on the physical and chemical composition of the hornblende andesite detailing its mineral composition. The three minerals that make up the hornblende are Plagioclase, Sanidine mineral, and the Hornblende mineral. A hand sample showing dark gray hornblende in a very fine-grained groundmass is also illustrated further to exhibit some of the physical characteristics of hornblende. Hornblende is a common rock-forming mineral that is found in igneous and metamorphic rocks. Hornblende andesite has several different types of minerals at varied percentages (Kepezhinskas 246). The crystals vary in chemical composition, but they are all double chain in silicates with similar physical characteristics. The chemical composition of the minerals include metals, such as magnesium, chromium, calcium, sodium, iron, aluminum, silicon, fluorine, manganese, potassium, and hydroxyl (Kepezhinskas 246). The above chemical substances vary in percentages. It is composed of calcium, sodium, magnesium, iron aluminum, silicon, and Fluorine and hydroxyl groups. Different composition of these chemical substances makes the appearance or the optical properties of the rock to differ .The general optical characteristics of the hornblende andesite are: Fig 1.1 shows a hand specimen showing a dark gray hornblende in the very fine-grained groundmass (Kepezhinskas 246). The hornblende andesite minerals consist of the different chemical

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

Managed Care - Essay Example If the outcome is a positive one, then resources should be devoted to treating that diagnosis based on the outcome. Arnold Birenbaum explains this in terms the lay person can easily understand, but it can be summed up this way: the outcome dictates, justifies, the expense of the intervention (Birenbaum, 13-14). This is a process that actually allocates a financial value to the DRG, and, today, insurance companies will not exceed the value in reimbursement that is dictated by the DRG. Further, the care of each patient is assigned to a case manager to oversee the rendering of the care, and to ensure that neither the services nor the days allocated to the intervention exceed the allocated DRG. Patient care has essentially been wrested away from the physician, and the physician is no longer alone in deciding the best course of care and treatment for his/her patient’s condition. Managed care has adversely impacted the doctor/patient relationship, because a patient’s care is no longer a response to the patient’s condition decided upon and agreed upon between the patient and the physician. Also, the definition of managed care suggests that a physician is no longer free to allocate resources and services to a patient’s care in order to maintain and improve the quality of life regardless of the projected or predicted outcome. Rebecca M. Bolen and J. Camille Hall (2007) say that the arm of managed care which put a stronghold on physician’s decision making processes on behalf of their patients has now reached other healthcare disciplines; nursing, social work, and psychiatric services and clinical providers (Bolen and Hall, 463). It is referred to as evidence based practice (EBP). If the evidence, as with the DRGs, points to a positive outcome, then the intervention shall reflect the extent of the outcome; otherwise, there is no approved intervention for negative outcomes based on the evidence (Bolen and Hall, 463). Physicians long

Competition and Integration of Stock Exchanges

Competition and Integration of Stock Exchanges Abstract The increase in competition of stock exchanges, due mainly to the transformation of the securities markets, has led to mergers, technological agreements among existing exchanges, price wars, takeovers, and the creation of new exchanges, even within the same country. Recently, exchanges have also faced competition from quasi-exchanges, which are also known as ECNs. They not only free-ride on the process of listing given that they generally trade only securities listed on other exchanges, but also on the price-discovery process facilitating members of exchanges to direct trade to them. ECNs are increasingly cannibalizing the businesses of the existing stock exchanges. The evolution of new financial instruments, the falling monopoly of banks as a source of direct funding to borrowers and of direct investment for investors, the tremendous improvement in information technology, and a greater financial culture among common people as well as the fluctuations in interest, price, and exchange rate due to the oil crises have caused the increasing importance of securities markets in the financial system. As the capital markets become increasingly globalized, investors have more choices and are demanding better trading facilities, market efficiency and quality from stock exchanges. To meet challenges, exchanges have to accelerate the construction of the market information infrastructure, rivalry among Europes stock exchanges emphasizes more on cooperation of trading technology than anything else. In Asia, the concept of forming a full financial service group within each market is the main consideration. Exchanges have recognized that faced with the challenge to respond commercially to competitors, they needed to become traded companies themselves. The underlying assumption is that, in the long run, only the most efficient exchanges should survive, trading stocks from other European countries and offering the most innovative and competitive financial instruments. Table of Contents (Jump to) I Abstract.. 2 II List of Abbreviations. 5 1. Introduction 6-11 2. Review of Literature 2.1 What is an Exchange. 12-16 2.2 Globalisation of Financial Markets 17-20 2.3 Nature of Competition of Stock Exchanges.. 20-24 2.4 The Effects of Increasing Competition among Stock Exchanges. 24-25 2.5 Revolutionary changes of Technology in the Securities Market.. 26-29 2.6 Integration of Stock Exchanges 29-30 2.7 Theoretical Influences 31-37 3. Methodology 3.1 Aim of the Project. 38 3.2 Objectives of the Project 38 3.3 Why I am Interested in this Topic. 39 3.4 Background 39-40 3.5 The General Approach.. 40-41 3.6 Data Collection.. 41-43 3.7 Criticisms of the Sources 43-44 3.8 Validity.. 44 3.9 Reliability.. 44-45 4. Qualitative Analysis 4.1 Analysis of Industry Dynamics. 46-56 Case Studies 4.2.1 International Exchange- LSE- A Prototype of Horizontal Merger 57-61 4.2.2 Hong Kong Stock Exchange A Typical Model of a Vertical Merger. 62-66 4.3 Implications and Discussion.. 66-69 5.0 Conclusion70-72 Appendices Appendix 1 Interviewees Questions74 Appendix 2 Interview Key Points.. 75-77 Appendix 3 Future Strategies of LSE HKSE. 78-80 Bibliography 81-87 List of Abbreviations ECNs Electronic Communication Networks ISD Investment Service Directive EU European Union iX International Exchange LSE London Stock Exchange DB Deutsche Borse NYSE New York Stock Exchange PSE Philippine Stock Exchange PB Paris Borse SGX Singapore Exchange TSE Tokyo Stock Exchange SEC Securities and Exchange Commission CCASS The Central Clearing and Settlement System HKFE Hong Kong Futures Exchange HKSCC Hong Kong Securities Clearing Company Limited 1. Introduction There are currently about 250 institutions recognized as exchanges in the world, and both individually and collectively they play a critical role in most national economies and also at a global level. They provide cash, futures, options and other forms of derivatives, markets for all major commodities and assets traded in the world. Competition among stock exchanges, both national and international, is a recent phenomenon. Until some decades ago, it was difficult to think of exchanges as firms that produce and sell goods to customers and compete among themselves. Traditionally, exchanges were seen either as public entities or as formally private bodies, deeply regulated by public rules. In both cases, they were often legal monopolist, given the special nature of their activity that very much resembled that of a public good. There was an era when exchanges were natural monopolies (Steil, 1996b), yet nowadays they no longer enjoy a monopoly in the provision of many of their services. When its members owned a monopolistic exchange, it did not have the incentive to maximize its profits because members in charge were prohibited from taking any distribution of profits from the exchange. Exchanges increasingly realize that if they have to compete like firms whose goal is to maximize shareholders wealth, they have to demutualise to turn a member-owned company into a stock company. Exchanges have never been considered as firms, but now they have reformed to become commercially driven corporations. To understand the firms view of an exchange, it is necessary to redefine what an exchange is, what its products are, where its revenues come from and who its customers and suppliers are. Exchanges are special kinds of firms that provide listing, trading and price dissemination services. Direct customers involve listed companies and those, which desire to go public, information providers and intermediaries that trade on the exchange. Intermediaries trade on behalf of both individual and institutional clients who are indirect customers of an exchange. Suppliers are network providers. Listed companies have a dual capacity as suppliers of information and shares for trading. The primary objective of this dissertation is to analyse the competition and integration strategies of stock exchanges like firms. The dissertation focuses on: 1. Industry dynamics of stock exchanges; 2. Evolution of stock exchange mergers; 3. Integration strategies; and 4. Future consolidation trends. Advances in technology have further accelerated the globalization trend. In particular remote access to trading systems, implying that the services offered by stock exchanges can now be accessed from anywhere, including firms having their stocks traded on international exchanges while still being easily accessible to local investors. This type of arrangement is likely to develop a competitive environment, where the most efficient exchanges will eventually win the confidence of investors, traders and companies (Cybo-Ottone, Di Noia and Murgia 2000). The structure of the European stock-exchange environment is changing rapidly. Almost every day, there are new alliances between stock exchanges, stock exchange privatizations, Internet exchanges and electronic exchanges, as well as online brokers, etc. appear in the media. The changes are driven primarily by intensified competition, which is related to the deregulation of stock exchanges, technological progress and the increasing internati onalization of the securities markets. Competition takes the form of existing exchanges and electronic communication networks (ECNs). The increase in competition of stock exchanges, due mainly to the transformation of the securities markets, has led to mergers, technological agreements among existing exchanges, price wars, takeovers, and the creation of new exchanges, even within the same country. Recently, exchanges have also faced competition from quasi-exchanges, which are also known as ECNs. They are parasites on stock exchanges. They not only free-ride on the process of listing given that they generally trade only securities listed on other exchanges, but also on the price-discovery process facilitating members of exchanges to direct trade to them. ECNs are increasingly cannibalizing the businesses of the existing stock exchanges. Mergers have been one of the most probable strategic interactions among stock exchanges. The concept presented here is drawn upon the network externality literature. Exchanges can be regarded as networks in which an increase in the size of the network leads to an exponential increase in the networks value (Shapiro Varian, 1999). In other words, larger networks are more attractive to users than smaller ones. Castells (2000) links a network to its connectedness and consistency. When firms decide on a listing exchange, they choose the one that is connected by the largest number of intermediaries and one that consistently provides the greatest liquidity. In Europe, the pressure for consolidation among stock exchanges has been the arrival of the euro. The full implementation of the Investment Service Directive 1992 (ISD), which allows its members to gain remote access throughout the European Union (EU), further facilitates the financial market integration in the region. The European Securities Forum is promoting the model of horizontal merger. In this model, national exchanges integrate along three functional levels trading, clearing and settlement, and custody. Each market participant can gain access to a range of pan-European services through a single point of entry. The proposed formation of International Exchange (iX) from London Stock Exchange (LSE) and Deutsche BÃ ¶rse (DB) and the recent establishment of Euronext (the merged entity among the exchanges of Paris, Amsterdam and Brussels) are outcomes of this model. An analytical framework will be provided to analyze industry dynamics and integration strategies. The models used include Porters Five Forces Model, Network Society and Ansoffs Product-Market Matrix. These models are utilized to explain how exchanges determined their merger motives and developed integration and consolidation strategies. Given the rapidly evolving nature of the industry, a total of 5 interviews were conducted with members of the London Stock Exchange and Hong Kong Stock Exchange, investment banks/brokerage firms. Primary data sources were based on the interviews. Secondary data sources included academic journals, books, newspapers and working papers. The deliverable is this report, which includes the literature review, findings and discussions, and two case studies. The implementation followed a traditional approach project specification, literature research, fact finding and investigation, case analysis and evaluation, and finally, report writing. The first finding from the interviews is that merger is a clear strategic option for exchanges. This strategy can achieve economies of scale, network externalities, improve profitability and enhance efficiency in the decision-making process and order routing facilities. In particular, a cross-border merger between two exchanges is made possible in Europe with the support of the financial markets harmonization. The second finding is that a merger brings about two patterns of convergence: vertical merger and horizontal merger. The former depicts that exchanges integrate to form a full financial service group offering the trades of a wide variety of financial products such as stocks, options, futures and other derivative products. The latter describes the merger of specialized exchanges, the outcome of which creates compatibility, a concept in that intermediaries trading in one exchange are offered remote access in other member states, with reciprocity and without further requirements. The third finding is that the existence of national regulatory regimes, deeply embedded in their corresponding regulators, constrains further inter-exchange alliance or merger. The ultimate goal to have a supranational regulator that imposes its own standards on the globe is unlikely to happen in the near future. The fourth finding is that the single price and time priority is not an issue in an order-driven market such as Hong Kong Stock Exchange and the London Stock Exchange. In contrast, in a quote-driven mechanism such as Nasdaq, each market maker is itself an execution centre though operating within certain parameters set by the National Association of Securities Dealers (USA). In quote driven or hybrid environments, there creates space for the development of ECNs. The growth of ECNs is gradually threatening to replace quote-driven trading systems. The fifth finding forms an interesting consensus regarding the motives of investors who choose to trade on an ECN. Investors are not able to differentiate the functionalities of a trading system of stock exchange and that of an ECN as long as they can execute their orders at the best possible price. Competition only on price is inadequate for an ECNs survival. They lack the competencies in attracting liquidity and information dissemination. This dissertation is organised as follows: Section 1 defines an exchange as a firm; Section 2 analyses the existing competition and integration of stock exchanges in Asia and in Europe; Section 3 uses Porters Five Forces and network externalities to shape the industry dynamics; then it utilizes Ansoffs Product-Market Matrix to determine the strategic choice of a stock exchange; Section 4 presents the interview framework and cites opinions to analyse the two case studies: London Stock Exchange and the Hong Kong Stock exchange; and Section 5 further develops the findings and links them with the theoretical framework and literature review. 2. Review of the Literature 2.1 What is an Exchange? A stock exchange has two principal functions. The first is the listing of securities. The stock exchange must approve prospectuses for the eligible securities and also administer the statutory information obligations imposed on the issuers. Secondly, the stock exchange is a marketplace for its members to trade the listed securities. Previously, the brokers gathered physically on the floor where the price was fixed by auction. Today, most stock exchanges have introduced electronic trading systems in some form or other, so it is no longer necessary for the brokers to be physically present at the stock exchange. Stock exchanges can be seen as a market, not too much different from the one that fruits and vegetables are traded on. They operate according to the laws of supply and demand and the most successful, whilst having reasonable regulation, will be constantly changing and developing their market operations. Domowitz has given a comprehensive definition, stating: An exchange is a trading system that must: Provide trade execution facilities Provide price information in the form of buy and sell quotations on a regular or continuous basis Engage in price discovery through its trading procedures, rules or mechanisms Have either a formal market-maker structure or a consolidated limit order book or be a single price auction Centralize trading for the purpose of trade execution Have members Exhibit the likelihood, through system rules and/or design, of creating liquidity in the sense that there be entry of buy and sell quotations on a regular basis, such that both buyers and sellers have a reasonable expectation that they can regularly execute their orders at these quotes An exchange is generally described by regulatory authorities as an organization, association, or group of persons that provides a marketplace for exchanging securities between purchasers and sellers. Traditionally, an exchange is owned by members who are also intermediaries. Under a member ownership structure, members did not have the incentive to invest in the exchange infrastructure including technology and trading facilities because returns from these investments could not be distributed to them. The lack of motivation undermined the profitability of an exchange and hence its competitiveness. In addition, intermediaries trading on a monopolistic exchange were subject to higher prices. They passed the increased costs of operations onto their customers. Therefore members were reluctant to vote for an increase in transaction levy. Hansmann (1980) notes that: The nonprofit producer, like its for-profit counterpart, has the capacity to raise priceswithout much fear of customer reprisal; however it lacks the incentive to do so because those in charge are barred from taking home any resulting profits. As time has gone by, exchanges have had to compete in the global market to attract quality companies to list and intermediaries to trade; many of them have converted their member ownership structures into a stock company by means of demutualisation. Under the plan of demutualisation, members are issued shares of the exchange. They become shareholders of the exchange and therefore can be eligible for profit distribution. Since then, exchanges have reformed to become commercially driven corporations whose goal is to maximize shareholders wealth. 2.1.1 Products Stock exchanges cannot only be perceived by the function they fill in an economy, they can also be viewed as a firm, producing a product. The product is the creation of a market in financial instruments, thus leaving the property of the price information produced with the stock exchange. More specifically the products a stock exchange offers encompass: listing, trading, price-information services and clearing settlement, the percentage of which are shown in Table 1. The distribution of revenues from these various offerings shows that the focus lies mostly on listing and trading, as other services are not always part of the offering. Table 1 Fees Europe % N. America % Listing 19.3 32.1 Trading 45.1 39.7 Services 24.4 22.6 Other 11.2 5.7 The firm view focuses on the production and profitability of an exchange. Mulherin et alii (1991) defines a financial exchange not as a market, as it normally is, but as a firm that creates a market which is characterized by the use of financial vehicles. Lee (1998) suggests that a security market be regarded as a firm that produces goods: listing, trading of securities, clearing and settlement services, price information dissemination, and research. In this dissertation, the aspect of the provision of settlement services is omitted because many of the exchanges either dismiss it or do it by a separate entity. The dissertation considers the exchange as a producer of listing and trading services, given that the network externalities effects created by listed companies and intermediaries are the main focus. 2.1.2 Revenues The revenues from listing and trading are in general fees, both initial and annual. Services include Settlement Clearing and price-information services. Thus the trading services offered by a stock exchange can be structured in three parts: the object traded (issued by some entities that generally pay a fee to have it listed), the means of trading (trading facilities, computers, a computerized floor, settlement) and price dissemination. The listing and trading and related services can be segregated and tagged as the front-end of stock exchanges. Clearing and settlement is the unglamorous bit after equities or bonds are traded on an exchange. A clearing house ensures that buyer and seller have the cash and securities to do the deal; a securities depository settles the trade by moving the securities from one account to another. The profitability of an exchange establishes the extent to how successful it is in attracting order flow and in attaining the ability to generate revenues (Lee, 1998). Order flow implies the liquidity of the market and the trading volume that includes the number of trades over a specified period and the total value of the shares traded. It directly and indirectly generates revenues for an exchange. The direct effect comes from an exchanges receipts for transaction services, which are dependent on the number of trades it executes. The indirect effect exists because the trading volume reported on an exchange is regularly used as a marketing tool to attract new listings to the exchange. 2.1.3 Customers An exchange has direct and indirect customers: Direct customers include listed companies and those which desire to go public; both pay for their use of listing services. They also include intermediaries who pay to be admitted to trading; and information providers who pay to have terminal access and the right to disseminate price information. Indirect customers are individual and institutional entities that send orders to intermediaries for execution on an exchange. They can either trade through an intermediary or via the Internet. In both cases, they take into account the quality of the exchange, price factors and transaction cost. Market microstructure, such as liquidity, price discovery, or immediacy, and reputation and fiscal regulation all influence their choices. Other income includes share registration service fee income arising from initial public offerings. 2.1.4 Suppliers Listed companies are also suppliers because they provide the information and the shares for trading. Another type of suppliers is the network provider who provides physical connectivity services on an exchange infrastructure. The above describes an exchange as a firm; globalization of financial markets and competition of exchanges have caused the transition of an exchange from a market to a firm. 2.2 Globalisation of Financial Markets Since 1980, cross-border securities transactions have grown very rapidly. A quarter of stock market trades worldwide involved either a foreign security or a foreign counterparty by 1988 (Howells and Bain, 2000). Between 1989 and 1995, estimated global turnover in foreign exchange more than doubled. With the formation of the European Union, cross-border trading in Europe is growing in popularity. The introduction of the euro and a wider acceptance of equity as a financing tool are encouraging investors in Europe to engage in more cross-border transactions in search of profit-making opportunities. Yet despite the appeal of cross-border trading, most stock exchanges in Europe are national institutions that trade only local, country-specific stocks. This market structure appears to be changing, however, as an increasing number of stock exchanges are attempting to operate across national borders. A Transaction Survey done by Hong Kong Stock Exchange in 2000 indicated that overseas investors (mainly institutions) had significantly increased their participation in the Hong Kong market. In Europe several ambitious initiatives have been undertaken of late to create, through mergers or other consolidations, pan-European exchanges that offer trading in stocks from many European countries. The establishment of these exchanges will likely lead to important benefits for the financial markets. For example, a standardization of trading platforms across exchanges, an increase in market liquidity, and a reduction in market fragmentation potential by-products of consolidationcould help minimize the costs and problems associated with cross-border trading in Europe. Despite the persistence of protectionism and restrictions to free trade, markets for goods and services are becoming increasingly globalized (Castells, 1996). Financial institutions are extending their activities either by developing new products or by penetrating new markets in response to growing competition. They are also widening their customer base to benefit from economies of scale and scope. Expansion occurs both within national boundaries, and also across borders to establish presence in international markets. Globalization of markets has been made possible in the late twentieth century by new communication and transportation technologies allowing for more efficient delivery of information, goods and services. 2.2.1 Europe: Vision to Become a Pan-European Financial Market The concept of harmonization of financial regulations to establish a single financial market across the EU was brought out since the 1957 Treaty of Rome when it established the European Economic Community (EC) (Howells and Bain, 2000). Extensive liberalization of financial markets was seen in the 1960s regarding direct investments, commercial credits and the acquisition of securities on foreign stock exchanges. A genuine single financial market across the EU extended to include the securities markets and the insurance services industry. In 1979, the Directive Co-ordinating the Conditions for the Admission of Securities to Official Stock Exchange Listing allowed companies to list their shares or raise capital on other EU stock exchanges. The ISD, based on the Single European Act principles, applied the single passport principle to non-bank investment firms, removing barriers to both provision of cross-border securities services and the establishment of branches throughout the EU for all firms. It also liberalized the rules governing access to stock exchanges, and financial futures and options exchanges. Mutual recognition and home-country control for all security firms and banks performing investment services were shared among all member states. As with other financial services, the insurance industry saw the promulgation of certain directives; all established the right for companies to operate in other member states. The Euro launch as a common currency on 1 January 1999 by 11 European nations has been considered a step toward Europes economic convergence. Euro facilitates to establish shared, centralized accounting and administrative systems dramatically reduce currency exchange costs and increase price transparency for the member countries. Even non-members dealing with member countries may also benefit from greater price transparency when dealing with one, rather than a number of different, currencies (Geradine, 2000). As discussed above, globalization has become a major driver of change, which was confirmed by rapid growth in cross-border portfolio investment and cooperation of markets 2.2.2 Asia: Evolution of Strategic Alliances and Cooperation Asia Pacific saw the frantic pace of exchange alliances and cooperative arrangements. Most recent examples include: On 1 February 2000, HKSE jointly agreed with Nasdaq to launch the NASDAQ AMEX Pilot Programme for the trading of seven global securities (Amgen, Applied Materials, Cisco Systems, Dell, Intel, Microsoft and Starbucks) in Hong Kong. These shares can be traded and settled in Hong Kong dollars following the standard T+2 (the second trading day following the transaction) settlement period. Memorandum of Understanding among various countries were signed to facilitate information sharing and cooperation of regulatory matters: examples are Jakarta Stock Exchange and the Amsterdam Exchange; The Singapore Exchange and the Australian Stock Exchange; The Stock Exchange of Thailand and the Tokyo Stock Exchange. In Japan, The Osaka Securities Exchange signed a Business Cooperation Agreement with Nasdaq Japan Inc. to establish the Nasdaq Japan for acceptance of listing applications on the Nasdaq-Japan market. Another collaboration accord was signed between The Tokyo Stock Exchange and the Korea Stock Exchange for the effective management of their operations and better investor protection, which allowed for useful information swap regarding promotion of stock investment and supervision of market activities. 2.3 Nature of Competition of Stock Exchanges The evolution of new financial instruments, the falling monopoly of banks as a source of direct funding to borrowers and of direct investment for investors, the tremendous improvement in information technology, and a greater financial culture among people as well as the fluctuations in interest, price, and exchange rate due to the oil crises have caused the increasing importance of securities markets in the financial system, both as regulated exchanges and over the counter (OECD, 1996). New theories of financial intermediation (Allen and Santomero, 1996; Allen and Gale, 1997) underline the importance of the markets in such a way that all intermediaries (banks, mutual funds, etc.) perform a risk-management activity in between borrowers and lenders on one side and markets on the other, providing a kind of risk insurance. In spite of that, banks and markets can still coexist (Boot and Thakor, 1997). Th