Criteria for Capital Lease

A lease is an agreement for the purchase of assets whereby a person or company purchases assets through financing from another party which may be the manufacturer or direct owner of the asset or some financial institution such as a bank.Lease is also a rent agreement whereby a person or company agrees to rent an asset for a certain period of time. The party renting or purchasing these assets is known as a lessee. The lease agreement with respect to a lessee is classified into two categories which are capital lease and operating lease.The rent agreement is usually known as operating lease whereas the purchase agreement is usually known as non-operating lease or capital lease. Though the purchase agreements are usually known as capital leases some other conditions have to be met for the lease to be classified as a capital lease. A lease can be classified as a capital lease if it is non-cancelable and meets one of the four following criteria:1. At the end of a lease agreement the owners hip of the leased asset is transferred effectively from the lessor to the lessee.2. There may be a provision for a purchase of the leased asset by the lessee at a price lower than the market value of the asset at the end of the lease agreement.3. The time duration of the lease agreement is greater than or equal to 75 percent of original life of the asset.4. The present value of the total lease payments should be greater than or equal to 90 percent of the fair value of the asset (Brigham & Ehrhardt, 2001).One of the criteria for classifying a lease is the factor of present value of lease payments. This calculation is based on the discounting rate of the company which is an estimate and not an actual rate. The rate is estimated based on the next period lease payments or the total lease payments either using a constant rate or a declining rate.The present values calculated under the different assumptions may yield varying present values. As the present values calculated are based on as sumptions and do not reflect the actual values it would be difficult to compare the present value of the minimum lease payments with the fair value of the asset (White, Sondhi, & Fried, 2002).Operating Lease or Capital LeaseThe classification of lease as operating or non-operating affects the long term liabilities and the shareholders’ equity of the firm. The difference in the liabilities and shareholders’ equity entails a difference in the debt/equity ratio of a firm. If the company classifies the lease as capital lease it would result in a lower net income than the income reported with operating lease.The lease payments under operating lease are included in operating expenses and are not included in the liabilities section of the balance sheet. Operating lease is not shown on the balance sheet as a liability and results in a higher net income thus companies would prefer to classify the lease as an operating lease to reflect higher net income and a lower debt/equity r atio. If the company chooses to record the lease as capital lease the lease payments would reduce the amount of net income and the total amount of lease will be included in the noncurrent liabilities.A decrease in net income would mean a decrease in retained earnings and eventually a lower shareholders’ equity with higher long-term debts which would increase the debt/equity ratio of the company. The companies would prefer to classify leases as operating leases to benefit from the higher net income and a lower debt/equity ratio (Damodaran, 2005).References Brigham, E., & Ehrhardt, M. (2001). Financial Management: Theory and Practice 11th Edition. Cincinnati: South-Western Educational Publishing.Damodaran, A. (2005, February 2). Operating Versus Capital Leases. Retrieved July 7, 2009, from Pages.stern.nyu.edu: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/AccPrimer/lease.htmWhite, G. I., Sondhi, A. C., & Fried, D. (2002). The Analysis and Use of Financial Statements. New J ersey: John Wiley & Sons, Inc. Â  

The Broad Scopes of Human Resources Literature Review

Staff Recruitment The author emphasizes the importance of recruiting experienced staff errors non experienced staff because less training requirements and funding will not apply to get the new staff aligned with company standards. The ability for well-developed recruiters to staff organizations with experienced staff will assist training resources in applying skills to newly hired professionals to transition at a quicker rate than less experienced professional.Recruitment is vital to the success or failure Of an organization because Of the major influence placed on selection process, identifying eligible candidates, and gaining a competitive advantage. Knowledgeable human resources staff has the responsibility for the acquirement process and should always be aware of crucial qualifications and specifications to determine staffing necessities. Recruitment of human resources also takes into account the analysis of the vacancies and projection of labor, because the basic result of these activities, description and the specifications for the job are essential in the recruitment process of the personnel†(Buses, 2009, p 108). Buses identifies the various positive sources of recruitment social media, newspapers, agencies, and references including internal and external used by human resources staff so the reader is not just soused on traditional methods of recruiting.Negative so races of recruitment such as stress testing, high pressure interviews, and case studies are identified as well as provide the equal balance of pros and cons of recruiting. There are numerous competencies linked to knowledge, skills, and abilities that human resources professionals must identify if candidates possess them to determine success in job performance. Four major competencies identified during the recruitment process are prior professional experience, long term success capabilities, behavioral events attached to leadership or management kills, and transitional knowledge.Human Res ources Sustainability Private and public restructuring during downsizing have happened to many organizations in earlier years and most recent times during economical downfalls. There is a great importance in human resource professionals to know how to respond during these times and having the knowledge of which staff to retain during downsizing. The article by Caudate, Jacks, & Savoir discuss the use of statistical analysis in collaboration with productivity to set the standards for productivity levels during restructuring.The study was inducted every month over a 30 month period to determine adequate parameters for estimating the restructure of the organization. â€Å"Our main objective is the organizational level of company sustainability and the fitting of corporate human resources to the real environment needs and capacities† (Caudate, Jacks, & Savoir, 201 2, p 308). The usage of the quantitative study displayed the adage Tate needs for staffing to decrease the need to ov er or under staff in private or public sector.An effective and efficient quantitative method of determining staffing needs was conducted by considering salary and monthly working hours. Previous data was gathered from job descriptions, organizational charts, salary reports, contingency planning, and performance reports to obtain information on restructuring. If employees are selected for downsizing the method used to determine their tenure with the organization is based on lowest proficiency in performance standards.Similar to the literature by Base, the authors for this article identified strengths, weaknesses, and limitations to the study that involved the same participants completing the study being the same individuals with the possibility of being selected as part of the restructure. Job Stresses, Job Performance, and Job Dedication As part of the human resources world there are three aspects that can either help or hurt the employee and have a downward spiral effect to the org anization when conscientiousness is considered.Job stresses are indicators that an employee may have emotional or physical symptoms that are linked to transactional theory. â€Å"According to the transactional theory of stress, people appraise important event they encounter in their daily life. At the primary appraisal, people categorically appraise an event as good or bad† (Lie, Lie, Mills, & Fan, 2013, p 338). Job performances are key roles identified by human resource professional that determine necessary skills for the employee to successfully complete their daily job functions. â€Å"Lupine et al. ‘s (2005) meta-analysis found that challenge factors (e. G. Role demands, time pressure, workload) were positively related to job performance whereas hindrance factors (e. G. ,constraints, hassles, interpersonal conflict) were negatively related to job performance† (Ill, Lie, Mills, & Fan, 201 338). According to Edwards, 2008 the P-Fit theory also suggests that con scientiousness moderates challenge stresses-?job performance relations. Job dedication is the personality that an employee displays to show that they have the tendency to go above and beyond to perform, working hard, staying goal oriented and focused on meeting or exceeding the mission or vision of the organization.The stresses within job dedication are centered on the ability to keep up with other goals or priorities that have been set amongst defeating the battle becoming overworked and a victim to job stresses. The collaboration of all job stresses, job performance, and job dedication in the workforce is used as conscientious for predicting job successors. Because conscientiousness is stably related to job performance, high- conscientious employees are preferred by organizations.However, this group would suffer a great deal when they experience hindrance stresses, such as organizational policies or constraints† (Lie, Lie, Mills, & Fan, 2013, p 338). Conclusion Reviewing all three of the articles provided a diverse level of information about human resources from the level of recruitment, sustainability, performance indicators, and conscientious in relation to workability skills. There were suggestions that implied in each of the authors literature that revises methods were used to obtain information, but with the notion that innovation could improve the study further.

Action Plan for Tesco

Business Strategy Action Plan for Tesco Planning assumptions With respect to Tesco it could be stated that the Tesco has good financial stability and other aspect is that they have their operations in the developed economy. The country still untouched the south Asian market which is one of the lucrative areas for retail sector. The Tesco needs to enter into the developing economy as well. China, India etc. these are highly growing economies where the company can commence their business future. It is one of the major factors which are required to be prioritized (D'Esopo and Almquist, 2007). The Tesco already operated into the countries which are highly economically stabilized and have potential to grow in near future. Thus the economic factors are in favor of Tesco. Forecasts and sales It is another factor which is highly effective on the ground of strengthening the internal activities and maintaining the relationship with suppliers. It is clear that the sales forecasting is completely dependent upon the game of demand and supply in the market. The demand and supply both are interrelated concepts and Tesco has managed well in already existing international market. Sales forecasting is one of the most significant planning technique which is highly relevant to the operational activities. The Tesco has good sales ratio there profitability and revenue generation capacity is also quiet appreciable. The past sales trend could take under surveillance to understand the future forecasting of sales (Donnelly andHarrison, 2009). The Tesco can procure the raw material accordingly and most importantly the resources could be managed. The inventory management of Tesco could be managed in international network along with the development of huge suppliers’ network. Marketing implementation and control Action plan The action plan with respect to marketing mix strategies implementation includes understanding the market or economy in which the company is entering. Gaining the proper knowledge about oversees marketing condition can help in taking the appropriate decision. The products should be compatible to the needs and demand of customers (Hamilton and Webster, 2012). The product should not be highly expensive or of low quality, the economic condition of host country is required to be taken into special consideration. The pricing could also easily determine through assessing the right kind of product. At starting phase the help of offer and discount strategies could be taken just to create interest among local people. It can also lead towards the effective pricing strategy. The action plan also includes the place or distribution strategy. The location of outlets and store could be accessible and within the reach of segmented market. With a view of strengthening the brand awareness and educati ng the customers there is huge requirement of focusing upon promotional mix. The online media and television could be the main source to disseminate the information about the availability of Tesco (Chikweche and Fletcher, 2012). Thus in this way the entire plan could be implemented. Budgets The allocation of budget is extremely responsible job which must be done in painstaking manner. If the budget allocation activity has been done in an appropriate manner then it affects the entire process or task at great level. The Tesco has huge cash reserves so it is clear that they can handle the activities or implementation phase in effective manner. The revenue and profits for the Tesco is continuously increasing which improve their capacity to invest into the international market (Schaefer, 2011). The Tesco could implement 50 % of their total profits or revenue in implementing the above plan. Monitoring and control mechanisms The stage of monitoring is very significant with a view of identifying the loop holes and errors into the existing plan. The success of monitoring and controlling mechanism could be ensured only if this activity has undertaken by Tesco management on the regular basis. For the purpose of monitoring the marketing plan there is huge requirement of recording the various aspects which are required to be prioritized. It is clear that Tesco can record the expected positive outcomes and have to compare them with the actual results. It can make Tesco familiar with the current performance and appropriateness of their strategies for international marketing. Ahead the recording should be done for the challenges and risks that have been identified during the particular course of time. After identifying the risks the Tesco can take the required actions and can definitely control the implementation of whole plan. Other than recording or comparing the events, the Tesco can show their reliability upo n the benchmarking technique (Vieceli And Valos, 2000). It could also show its huge expediency in monitoring the activities and progress in an appropriate way. In benchmarking technique the company can set the particular target or some achievement to be achieved in particular period of time. Thus it can also treat as significant technique to strengthen the monitoring and controlling mechanisms in effective way. References: D'Esopo, M. and Almquist, E., 2007. An approach to mastering the marketing mix. Business Strategy Series. 8 (2). pp.122 – 131. Donnelly, R. andHarrison, G., 2009. The Marketing Planning Process. Routledge. Vieceli, J. And Valos, M., 2000. Marketing Management. Atlantic Publishers & Distri. Schaefer, A., 2011. Introduction to Marketing in Business. The Open University. Hamilton, L and Webster, P., 2012. The International Business Environment. Oxford University Press. Chikweche, T. and Fletcher, R., 2012. Revisiting the marketing mix at the bottom of pyramid (BOP): from theoretical considerations to practical realities. Journal of Consumer Marketing, 29(7). pp.507 – 520.

Financial Policies and the Value of the Firm Literature review

Financial Policies and the Value of the Firm - Literature review Example The research identified that the matter of a firm’s dividend policy and its effect on current share prices. The effects of different dividend polices on current share prices based on assumptions of perfect capital markets, rational behaviour on the part of investors and perfect certainty. The assumption of perfect markets means that all traders have equal access to information and transaction costs such as brokerage fees and transfer tax which are normally associated with the sale and purchase of shares are non-existent. Rational behaviour indicates a preference for more instead of less and an indifference to the form that wealth takes – whether it is in the form of cash payments as dividends or increases in the market value of shares. Perfect certainty on the other hand indicates that investors have no doubt in relation to the investment and financial policy of the firm as well as the future levels of profitability of all firms. Stiglitz extends the argument that the f inancial policy of the firm is irrelevant to a multi-period model. The reason for this extension is to give consideration to a wider range of financial policies to include not only a debt to equity ratio but a dividend retention ratio, a debt maturity structure and possibly the holding of securities in other firms. While stressing the importance of financial policy on the value of the firm to students of finance, Stiglitz indicates that ‘if the conditions under which the â€Å"irrelevance† theorems obtain’ are considered to be realistic it results in a reduction in the tools that they require to function effectively. Stiglitz (1974) suggested that it is possible to place the decisions that a firm makes into four groups: i. the way in which investment is financed; ii. the way in which revenue is distributed; iii. the amount that should be invested in any particular projects; and iv. the projects that should be undertaken as well as the techniques that should be em ployed. The first two relates to the firms financial policy while the last two relate to its investment policy. Stiglitz (1974) highlights the fact that there is a relationship between both types of decisions which may not be obvious. Stiglitz (1974) also indicates that two different but still closely related propositions have been confused. While they assert that a firm’s financial policy does not affect its value. The first asserts that the individual does not prefer one financial policy over another and specifically to the debt to equity ratio implying therefore that there is determinate ratio for the economy as a whole while the second indicates that there might be some preference as there may be a determinate debt to equity ratio for the economy as a whole but the financial policy of a particular firm makes no difference. Stiglitz (1974) concludes that the first preposition is stronger because it indicates that the financial structure of the economy and therefore the fir m is irrelevant while the second indicates its irrelevance in relation to the firm only. Stiglitz (1984) points out that the decisions that the firm makes are interrelated and so the decision to increase dividend and still decide to invest would suggest that additional capital needs to be obtained. If a loan is obtained to facilitate the investment then less would be available in the following period and to either retained earnings or dividends would decrease. If instead, shares are issued to facilitate the decision to invest then the amount distributed to shareholders in the following period would decrease if retained earnings is left unchanged. Stiglitz (1974) points to shortcomings in Baumol and Malkiel (1967) and Modigliani and Miller (1958) in their discussion of on how taxation impacts the optimal financial policy of the firm. Baumol and Malkiel (1967) and Modigliani and Miller (1958) observed that debt reduces the amount of tax that a firm is

History of the afterlife Essay Example | Topics and Well Written Essays - 250 words

History of the afterlife - Essay Example While in the afterlife, people will have physical presence like they have in this world, life there would be very different from what it is in this world. A vast majority of Christians also believe in the existence of hell and believe that it is a place meant for punishment. Fire has been included in the description of hell in several passages of New Testament. Many Christians believe in the intense sensation of burning caused by the fire in hell in its literal sense whereas there are others who think of fire as a symbol to reflect the pain and agony that will be caused to the people in hell in the afterlife. Many Christians also believe that people will be made to experience the punishment temporarily, after which they would be destroyed just like the flames destroy an object. Lutheran Churches also teach that Christ will appear at the world’s consummation for judgment, when he will raise all dead up; â€Å"He will give to the godly and elect eternal life and everlasting joy s, but ungodly men and the devils He will condemn to be tormented without end† (â€Å"Christian Beliefs

Engineering Ethics Case Studies Essay Example | Topics and Well Written Essays - 1750 words

Engineering Ethics Case Studies - Essay Example Firstly, considering one of the codes of ethics indicated, if I am an engineer on a private practice, I may help the other engineer in interpreting the said project but I will not give false views and corrections as a form of injuring the reputation of the more experienced engineer. Moreover, even though I found some technical mistakes and found out that the project did not compensate the price being paid by the companies, I will remain neutral on the issue and will never attempt to make known my findings. However, if both of us or the three of us work for the government, as provided under the codes of ethics, if required, I will help in the interpretation and review of the project but there should be no statements that will damage my colleague’s reputation. In addition, I will not attempt to scrutinize the project of another engineer to gain confidence or a sense of superiority, instead, I would tell the young engineer to make some valid suggestions and forward it to the othe r engineer. 2. As a professional engineer, it is my responsibility to deliver correct, accurate and credible study on a certain material that will be produced by a certain company either for public information or consumption. If for instance, I would predict that there is something hazy or unclear and needs to be resolved, I would have to inform the companies or authorities concerned. First, I will make a presentation or I will explain to the company my findings about the potential problems or the questions underlying the said study. Since I have found out that there is still a need to undergo another deeper investigation, I will inform them about the problem and how this can be solved. I will make a proposal stating the need for an additional fund that includes the reason, the benefits and the necessary inputs needed for the resolution. This may show rundown of numbers to clearly explain to them where the money is to be used. As a professional engineer, it is my utmost responsibility to ensure safety and quality of life. Since I have found out something that I believed to be a potential threat for quality, then the best way to address this is to inform the authorities about your findings and present to them your solutions for these problems. 3. This particular case has a lot of concern. First, there is a manifestation of a risk for safety. Second, there is a potential conflict of interest in view of the fact that a certain component for the project has been seen to be not savvy enough and might cause the public safety. Consider this, â€Å"Engineers shall hold paramount the safety, health and welfare of the public†. In view of this fact, it is the responsibility of the engineer to ensure that the project will be safety for public use and consumption. However, since there was a malicious thing revolving, and consider that â€Å"If engineers' judgment is overruled under circumstances that endanger life or property, they shall notify their employer or client and such other authority as may be appropriate.†. Considering this, first I will present to the authorities the study that I have found out especially those findings concerning the safety and the durability of the materials being used. I will not disregard the issue; instead, firstly, I will talk to the project manager and inform him that there is a possibility of malfunction that might occur considering that there were some technical issues discovered like the computer controller card that does not allow software to procure certain features. Similarly, I will talk to the customer so that they will also know why the project will take more time and why there is a need for additional funds. 4. This case has something to do with prestige and money. The concerns are first, the company ABC has taken advantage of an engineering service to develop a next-generation product that will revolutionize the industry. ABS took

Opportunities for the Multinational Enterprise Term Paper

Opportunities for the Multinational Enterprise - Term Paper Example The meaning of Globalisation can easily be interpreted from the word itself. It is nothing but going international. When people realized that they cannot survive from the resources that they had available in their vicinity, they began exchanging goods with their neighbors, which got expanded to exchange with other countries, organizations, etc. This exchange of goods for goods, or the Barter system, gradually turned into import and export of goods mainly based on availability, or technically the lack thereof, which brought about this whole cycle. When focused from an overall perspective, the term globalization is something, as part of which common people, organizations, etc interact among themselves in different spheres of their lives, including cultural sphere, financial sphere, etc, etc.. â€Å"Globalization may be thought of as the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritually.† (Wiley, Nandi and Shahidullah 1998, p.21). Although from the above definition, one can infer that globalization can be referred to any form of global integration or interaction, the fact, it is mainly used with an economic perspective and multinational business, and the resultant interaction between organizations particularly Multinational Companies (MNC). The term ‘globalisation’ involves increasing volume and variety of cross-border transactions in goods and services, free international capital flows and more rapid and widespread diffusion of technology. To make things simpler, we can say that Globalisation is a process of rapid integration of countries particularly MNCs, and how those companies utilizing opportunities in a particular market or another country, enter it to do business or another process there. On the other hand, critics of Globalisation emphasize the ensuing debate regarding the roles and relationships of corporat ions and the country’s citizens in maximizing economic development and social welfare. There appears quite a number of challenges for the MNCs while doing business in new markets as part of the globalization. So, this paper first discussing the main forces driving the globalization process, will explain the opportunities and then the challenges that globalization presents to multinational businesses. Forces driving the globalization process As the various trade and other barriers between the countries got broken, MNCs, using the globalization plank, have entered and are entering into different business sectors. This entry of MNCs into various territories to do business was not a new phenomenon, but an age-old phenomenon, which happened under the guise of imperialism. From time immemorial, various geographical territories, as well as nations, have been indulging in business with one another, to fulfill their product or service wants and shortages, as well as to garner good fin ances through product sale and thereby strengthening their economies. Even the British entered Indian subcontinent to do business under the tag of British East India Company. This form of trade has been going on for many centuries, however, certain countries in different points of their history have put certain restrictions on trade with other countries or enterprises due to political, financial as well as other social reasons. That is, this trade based entry started transforming into imperialism, as the European and other Western powers, tapping the weakness of the Asian and African ruling powers, eventually captured the nations’ territories and started to rule them. This set a bad precedent, and after independence many countries started actualizing a protectionist regime, preventing or restricting entry of foreign organizations. These countries or territories did not allow the entry of foreign companies as well as its products and even went to the extent of preventing its o wn companies to do any business with the foreign companies.

Training Need Assessment Research Paper Example | Topics and Well Written Essays - 1000 words

Training Need Assessment - Research Paper Example People stayed in the organization till the completion of their degree program which was funded by the organization. Soon after completion, they switched to some other opportunity. It caused Forest Park Corporation a huge loss not only in terms of finances paid to the educational institutes but also by losing the capable and skilled employees who were hired out of many candidates. The organizations had plans for the employees as it wanted to grow for the next five years as well. When the organization started fully funded study programs for the employees, it had expectations to win loyalty of the employees as it was investing in them. The organization had confidence in the capabilities of their employees, hence it started this program. It was an explicit expression that organization cares for its employees. But, it failed to convey its expectation to the employees. Employees enjoyed Forest Park Corporation as a platform to pay their education fee and they left after completing their degree. It was like a proof that they do not consider Forest Park Corporation as a platform where they could serve with their enhanced capabilities. In the nutshell, the core problem was churn out of employees despite development programs and the loss incurred due to development projects. The organization started fully funded study programs for its employees so that they can learn more and play effective role in the growth of the organization. However, it did not work out. The causes of this unexpected scenario are mentioned below. Individual level consideration is vital for assessing the training needs of the employees in Forest Park Corporation. Employee turnover is natural for any organization as employees long for better career. However, for the corporation which is investing in the development of employees it is a big loss. It becomes worse particularly when neither it can reap

Risk Training - the Neglected Part of Project Management Essay

Risk Training - the Neglected Part of Project Management - Essay Example According to the research findings, it can, therefore, be said that individual level of risk tolerance may be exhibited in almost every aspect of one’s investment. This is because both employers and individuals tend to have different perceptions on risk tolerance. For example, you may view investing $25,000 in the stock market as wise decision depending on your level risk tolerance, while another investor may shun this investment decision because his or her level of risk tolerance may be substantially low as compared to mine. Connectively, if $25,000 represents a considerable fraction of your persons’ income, you may encounter a high-risk factor. On the contrary, if $25,000 constitutes only 10% of the total income, the risk factor will be negligible. Many investors’ view stock market as a risky venture due to volatility and fluctuation of the stock prices as well as the economic conditions. Therefore, such volatility in stock prices may make both individuals vary interims of their levels of risk tolerance. Usually, individuals tend to underestimate or overestimate the severity of inherent risk that may consequently expose them to intolerable risk levels. Therefore, it is vital for individuals to understand inherent risk is an intangible factor and hence apply an appropriate technique to determine their levels of risk tolerance. For instance, questionnaires may be developed to help individuals determine their levels of risk tolerance.There are several factors that influence the levels of risk tolerance some of those factors include; personal health, age and the likelihood of recovering from financial distresses.

The representation of men in The Jeremy Kyle show and The Maury Show Essay Example for Free

The representation of men in The Jeremy Kyle show and The Maury Show Essay I am going to look into the presentation of men, focusing mainly on the representations that are portrayed in chat shows. My sources of research are going to be Television shows in particular, but also the Internet and Books. I have chosen two Television shows that I am going to look at closely, these are The Jeremy Kyle Show and Maury. I have decided that this is the best possible way of being able to look at the actions, thoughts and representations of men because of the wide range of information that I will be able to collect. I am expecting to find that men are presented in a negative light compared to women and that they are rude, arrogant and do not care about what is going on within the world around them this is mainly due to the stereotypical view presented within other media. The two chat shows both present men in away that suggests to the audience that men are unreliable, untrustworthy and uncaring. First impressions of men are that they are untidy wearing messy clothing, appearing not to have made an effort, they walk onto the stage as if they have done no wrong doing and hold their heads up high. The presenters of the shows soon allow the audience to know that this is not the right image and attitude to have. Jeremy Kyle and Maury both show this, Jeremy states this is all very sad and wrong directing this at the Nathan the main male in the problem, the audience are shown to already have been feeling such emotions. The host is always seen to support the women within the situation, who also always seem to come out on top. Jeremy Kyle and Maury both use different tactics when presenting their shows, while Jeremy takes a hands on approach with his contestants, speaking to them, asking questions and making resolutions, Maury does the opposite and stands back and lets the guests make the drama and introducing the topic and problems, keeping adding detail. The Maury show links very well to The Jerry Springer Show in the way the show is laid out. They have sets of guests, one person coming out first to reveal their side of the story- this is usually the stories that the audience believe and stick too. This is also usually normally the guest who is actually telling the truth and has requested to appear on the show, this guest tends to be female. Dyer (1982) said that 1 women are shown as very feminine and men in situations of authority and dominance over women within the media, this is much apparent within the Jeremy Kyle Show with one particular couple, in which the man (Nathan) goes out to work and leaves his girlfriend (Zels) at home with their child with a weekly allowance for herself, she is expected to be the perfect housewife cooking, cleaning and providing a loving relationship. Through this authority and dominance, the men presented within the shows are presented as liars and cheaters, Brendan tells different stories to different women and he also contradicts himself in the show. He explains one point to the host and later on then changes his story. In the Maury show there is not usually shown to be a family setting, however when one does appear, the women/mother/wife is left at home to look after the home, child and husband whilst the male figure goes out to work and earns the money this is shown within Brians story. Both shows link together very well with each other on the matter of men and women and their roles that they present within the home. The roles presented by the guests are very traditional where the man is shown to be the breadwinner and the women is the house wife. Relationships in the family are very important, and one that is brought up a lot within the two chat shows. Jeremy Kyle believes that the family is a very important factor of life, proper relationships which men and women should have with their children2 is what Jeremy is trying to promote. When he is faced with a guest who doesnt shares his opinions in a very round about way. Brendan lies to all of his family members, keeping secrets from his first family and his second. Brendan stays back stage the majority of the show; he doesnt wish to sit with his children and would rather stay out of the lime light. Within the Maury show a nuclear family is not recognized and Maury doesnt present the ideal family life, he doesnt particularly present his own views and feelings, this allows him to take a back seat within his show and let the guests discuss and present their own opinions, this creates more drama for the audience because they are able to present their own feelings without knowing i f they are right or wrong. This is shown with Thomass story (on the Maury show), he is the father of Mels baby but he refuses this responsibility, he cheats on his girlfriend with her best friends and leaves his girlfriend with their new born child. He doesnt wish to take care of his baby as it is not convenient within his new life style. Brendan on the Jeremy kyle show, is faced with a dilemma when it is stated his child was in hospital and he didnt even visit her. Jeremy is angry about this and also the audience doesnt take kindly to this act, he is received with booing. This sets the way that men are suppose to act and the way that we like to receive men. Other family situations are shown within this episode of The Jeremy Kyle Show such as the relationships between brothers. Brendans brother Antony is within the audience and supports his brother with whatever he says. Jeremy and the audience try and control Antony due to his choice of language made. The Jeremy Kyle Show and The Maury show both present different representations of family life. Jeremy Kyle tries to present that family life should be a mother and father taking care of their children whilst Maury doesnt directly present any ideas. However Maury does submit the idea of disproval in men who do not take care of their children. These ideas and differences are due to they way the hosts of the shows present the men on the shows. Jeremy Kyle is more involved and likes to voice his opinion of what he thinks is right and wrong, where as Maury lets the guests do the talking. Men are shown as not knowing how to behave within their family situations. They are shown to need extra help with these situations. Masculinity has long been and often been represented as the human norm and conventionally masculine qualities3. Masculinity has many representational conventions; these conventions give an audience the ability to recognize the manly character. Within the Jeremy Kyle show the masculine man is always represented as wrong and in the wrong doing the acts that are presented by the masculine characteristics, this in facts give men a tremendous negative representation, such as, as soon as Brendan comes out onto the shown he is greeted with booing, the audience this way allow the guest to know that what he is doing is wrong and that the masculine acts that they portray are not ones that are received well. Within the Maury show, men are shown as doing the wrong however in a different kind of way than the Jeremy Kyle Show the men are always proven wrong and in the end try and fix their wrong doings with right doings however sometimes it is too late. They dont take responsibility when it is truly needed and the men act young and foolish. The two shows allow the audience to link the male roles to Robert Hanks, models of masculinity, the hegemonic male is always presented usually within the guests, and this male is powerful, ruthless and often subjugates others. The conservative male can be recognized within the host, he is more sensitive and open to feelings; however he is domestic and can still be presented as powerful. The last male we see within Hanks roles is the conservative male, this character type does not make a regular appearance within the show and could be seen to be someone within the audience this person is seen as weak and is often applied to homosexuality. There is a big relation between men and sex within the chat shows, and most of the topics are created due to sexual desires and actions. Fiske said that male behavior towards females is influenced by highly sexualized images of women4, this is shown by the way men treat women when they have been sexual involved with them. Jeremy Kyle presents on his show a big front about using protection and within his autobiography wonders How im not the poster boy for Durex, Ill never know5, so when Nathan is accused of having a Secret second family, his girlfriend realizes the relationship was based on sex and now that it is more than that Nathan no longer wants to be within the relationship after having a child with his girlfriend and being pushed with responsibility Jeremy Kyle produces the question Why didnt you slip something on the end of it. With all of his guests Kyle pushes the subject of contraception and pushes forward for all to use it to stop all of the unwanted pregnancies and children. Whilst on the show Nathan also admits that he has had three affairs, one being in a brothel with a prostitute. This greeted with a highly negative representation from the audience and the host. This pushes the view onto the audience and allows the audience to know that these actions are very wrong and those men behaving wrongly in their sexual relations, having sex outside of a loving relationship and sometimes cheating. This gives the audience the view that men are always in the wrong doing compared to the actions womens present. Men and Sex on the Maury show is always and issue, the man usually believes he isnt getting enough or that it is not good enough. This is shown within Desmonds story he is married with three children in this relationship, however he also has two girlfriends with a child each, he doesnt see this as a problem as he believes he is being sexually full-filled by the three. Thinking about sexual relationships first pushes his children down the line and he doesnt look after them as well as he could be due to wanting to be with different girls on different occasions. Comparing men and women within the Jeremy Kyle Show is very easy to do. The women who appear on the show are mostly shown as right and having been presented with a wrong doing from a man. However there is some variation within the show. Kels admits to being violent towards Nathan on a regular and basis and he admits that he is the same towards her, this still shows Nathan in a very bad light but also brings a women down to his level also, from these variations it does slightly improve the representations that are painted of men. On the Maury show it is slightly harder to do so. The women sometime act with violent behavior towards the men when they do not want to hear something that they say or that is revealed to them, however the men always react and tend to portray these violent acts also. Men are however always seen in the wrong and need to apologize to the women. Altogether through out both shows men are represented within a negative light they act with masculine representations and continue to show men in a bad way. The way the hosts act on the show however boosts the representations of men, however these issues can link to the class status of the men showing that lower class men who tend to be guests are always within the wrong and middle/upper class men who are the hosts always tend to be in the right knowing what they are talking about and knowing that they have to answers to the guests. This is shown within an article by Barbara Ehrenreich, she states that Members of the white working classes are portrayed as dumb and inarticulate. Such stereotypes serve to silence the voice of the working class in the media. and she also points out that It is also possible that the privileged class and corporations who own the media outlets are pursing their own social and political agenda.6 The audience is in-between as they are shown to carry on the thoughts that are presented to them by the hosts of the shows, which allow them to take away who is right and wrong and how you should behave in the real world. Men within the two shows are not always presented in a good light, with my in depth research I found what I expected to find from my research that men are presented in a negative light compared to women and that they are rude, arrogant and do not care about what is going on within the world around them this is mainly due to the stereotypical view presented within other media. I think this is to do with many of items, such as how the audience is positioned and what the producers of the show want us to understand from the show. However there are some differences in what I thought I would find, I dont think men are always in the wrong and sometimes women are presented within the negative light that men are. This allows the audience to understand that there is some good in men and that it is more about the person you are instead of if you are male or female. ` Bibliography Kyle, Jeremy. Im only being honest Hodder Stoughton 2009. Lacey, Nick, Image and Representation (key concepts in media studies),Palgrave Macmillan 2009 Oakley, Ann., Sex, Gender Society Gower Publishing Company Limited 1985 Tincknell, Estella, Mediating the family- Gender,Culture and Representation Hodder Education 2005. Tripp, Anna, Gender, Palgrave 2000 http://womensissues.about.com/od/intheworkplace/a/MenObjects.htm Accessed on 10.10.11 www.iwmf.org www.media-awareness.ca/english/index.cfm http://www.workingclasspride.com/14.html Accessed on 3/12/11 1Lacey, Nick, Image and Representation (key concepts in media studies),Palgrave Macmillan 2009. Page 192 2Tincknell, Estella, Mediating the family- Gender,Culture and Representation Hodder Education 2005. page 55 3 Tripp, Anna, Gender, Palgrave 2000 page 11 4 http://womensissues.about.com/od/intheworkplace/a/MenObjects.htm accessed 18/10/11 5 Kyle, Jeremy. Im only being honest Hodder Stoughton 2009 page 169 6- http://www.workingclasspride.com/14.html accessed 3/12/11

The persuasive speech

The persuasive speech Persuasive Speech Did you know that 50% of kids in foster homes die from child abuse a year? There are a half of a million children in the foster care system. Many people are unaware of this hidden tragedy that happens behind closed doors and away from the public eye. We should take a stand and fight for stricter regulations with Child and Youth when children are placed in foster care. We should advocate tougher laws and guidelines for social workers, foster families and the ?system? that runs it. First, we should talk about the social workers that work for Division and Youth services. The regulations for social workers are poor and unethical. Most states do not have requirements to work in this profession only a high school diploma and the ability to pass a criminal background check. In Pennsylvania, the state does not demand a license for these workers. Social workers believe that their actions they take violates the law but say ?they are necessary to comply with ethical standards. Fredrick Reamer a PHD writes, ?social workers follow their own personal option and reasons of why they do the things they do? and ?believe that the laws are unjust and harmful? (Reamer 1). They are suppose to follow the laws that are in place by our Constitution and by the National Association of Social Workers Code of Ethics. What gives them the right to be above the law? In my case coming from New Jersey, the social workers came in and took us out for good reasons. In Pennsylvania, my neighbor was going to have her kids taken away because they missed so many days of school. Child and Youth came to her house and demand a reason for this. Jess, my neighbor, told me ? the lady came into my house and yelled at me in front of my kids, calling me an unfit parent and said that they were going to take the kids? (Jess, PI). Children and Family Justice Center says that technique is a criteria and ?see the bully fight as worth having, stand up for despised, demonized, brilliant and tenacious children? (Bernadine Dohrn 1). What should be done with these so called social workers? We should demand that all get a license in this field which requires a masters or a doctrine degree. We should tell the National Association of Social Workers to enforce penalties on those who do not follow the law and ethical standards that are in place to protect the families and children that are innocent. We have to come together as families and protect ourselves and know the laws in our state. Another problem we face is the foster homes and state run facilities. Agencies fail to investigate abuse reports, find permanent homes for children or track children under care. In Pennsylvania a judge wrote, ?In recent years, the system run by DHS and overseen by DPW had repeatedly failed to fulfill its mandates and unfortunately has often jeopardized the welfare of the children in its care? (Rick Thomas 1). Did you know that there are 20,000 kids in foster care in Pennsylvania and 30 percent of them have no prospect of having a permanent home? Or that ?28% of children in foster homes are abused a year and half of them die of abuse? (Donna Devane 1). There is more abuse occurring in foster homes than the general public and it is increasing each year. For example, Gilbreanie Wallace was placed in foster care because her grandmothers house became unlivable when her pipes broke and flooded her house. Instead of Division and Youth helping the family out and finding them another house, they took Gilbreanie and placed her with a family. A few months later, she was killed by the foster mother, who had several complaints against her already and a record of a troubled history. Thousands of children are removed from homes a day, mostly from non-abusive parents. Why does this occur? States receive thousands of dollars for grant money which taxpayers pay from the Federal government when they put children in State Protective Services, foster care or state run facilities. They get even more money if the parental rights are terminated after 15 months. This is destroying families and our country. Innocent families cannot afford the thousand of dollars to get an attorney to defend their rights and by that time it is too late. Even if they are proved to be innocent they are forced into treatment. Devane writes, ?falsely accused families run up the National Defense Budget by 4.1 billion dollars a year? (Devane 1). The taxpayers are left to pay for this bill. What impact does this have on the kids that go through the foster care system and are abused? Children experience separation anxiety disorder, trauma, physical and sexual abuse and sometimes death. It is a scary and traumatic experience being taken away from your family and your home. To be put in a home that sometimes are classified as unfit and not healthy for children to be in. Many states are cracking down on these homes and facilities but it is not enough. California alone had last year ? 3,000 cases of foster care facility problems that were not reported to the state? (Ben Tanzer 1). Lets put a stop this abuse in foster care settings and demand to the government to enforce stricter laws. We should advocate that every state has the same standards in foster and adoptive homes. We should fight for the right to have every person gets background checks before they let children stay with them. The government should have mandatory classes that teach these parents instead of throwing kids at their door with no prior knowledge. The law states in Pennsylvania, ?only a Police Officer is allowed to remove the children from the home and put them into protective custody when their in danger? (Rutherford Institute 1 ). Many states in this country have this law, except a few like New Jersey, where they are allowed to take the children without consent of the parents. So why does Pennsylvania allow social workers to slip through the cracks or have our homes searched without probably cause? We should crack down on the government and stand up for our children. The Federal government should have more investigations on child abuse reports that occur in foster care facilities. The states should start penalizing more homes and facilities that fail to provide promised medical and health services, and not checking children in their care. They should also change their reviews on each case. The Federal law requires a six month review for each child in foster care. We should petition for them to change that review to more frequent ones. I believe this would lessen the children that are waiting for homes. We should also demand that Pennsylvania change their adoption policy to an ?open adoption?. Right now the law states, ?adoption is a closed adoption, where you have no ties and cut from your birth family? (Adam Fleming 1). Many children in foster care do not want to have permanent homes because of them loosing ties with their birth parents. Changing the laws would encourage families and the children to move into permanent homes. The goal with the foster care system is to look after the children and defend them when abuse is at hand. I believe somewhere along the line we got off track and now the government set out to help is destroying our children. Cases that involve birth parents abusing their children should be top priority and the children should be taken out. Social workers and the Federal Government should not try to intervene with parents trying to raise their kids for something they do not like.

Behind The Gare Saint-Lazare :: essays research papers

As one of the world’s first photojournalists, Henri Cartier-Bresson has transformed the profession through his concept of â€Å"the decisive moment†, the dramatic climax of a picture where everything falls perfectly into place. Traveling extensively since 1931, Cartier-Bresson’s images have been renown throughout the world due to his remarkable sense of timing and his intuition in seizing the right moment.   Ã‚  Ã‚  Ã‚  Ã‚  To fully understand Cartier-Bresson’s pictures, one must first understand his artistic philosophy. Born in 1908 in Chanteloup, near Paris Cartier-Bresson’s passion for photography erupted from his love for the early motion pictures. As he would later say, â€Å"From some of the great films, I learned to look, and to see.† Films such as Eisenstein’s Potemkin and Dreyer’s Jeanne d’Arc â€Å"impressed [him] deeply†. Cartier-Bresson yearned to capture real life. He believed in order to do this the subject must be oblivious to the photographer. Indeed, he has never in his professional career contrived a setting or arranged a photograph, an outlook that stems from his strong belief that the photographer should blend into the environment and not influence the behavior of his subject. Cartier-Bresson sees photography as, â€Å"†¦a way of shouting, of freeing oneself, not of proving or asserting one’s own origin ality.†   Ã‚  Ã‚  Ã‚  Ã‚  Cartier-Bresson worked only with a Leica camera, one of the quietest and fastest of the day. The Leica camera was perfect for Cartier-Bressons documentary style photography, but as an added effect he put black tape over the metallic front as to remain as hidden as possible, a technique that has been copied ever since. He used mainly a 50mm lens and black and white film. Cartier-Bresson shot his pictures with a 50mm lens, because in order to capture a decisive moment, one must be ready at any given instant, not allowing time to change lenses. Also, maintaining the full size of the original photograph was very important to Cartier-Bresson. He felt that cropping a picture would dilute its meaning.   Ã‚  Ã‚  Ã‚  Ã‚  Cartier-Bresson’s use of black and white film is a result of the technology of his day. Though color film was available as early as 1907, it remained difficult to use until the 1970’s. The early color film emulsions were very slow; causing close shots to look cramped. Also, blurred backgrounds in color were much less acceptable than they were in black and white. These limitations caused early color photographs to confine themselves to static subject or bright lights. So as a spontaneous photojournalist Cartier-Bresson had little choice in the matter.

Jesse James :: essays research papers

Jesse Woodson James was viewed in two ways; a modern Robin Hood and a killer. He was born in Kearney, Missouri on September 5, 1847. Some people say it was the cruel treatment from Union soldiers that turned Frank and Jesse to a life of crime during the Civil War. During the Civil War, at age 15, he joined Quantrill's Raiders, a group of pro-Confederate guerillas. He was part of the Centralia massacre in 1864. He is also known to have been a spy for the rebel army. Jesse was wounded while surrendering. He took a bullet through one of his lungs. He was nursed back to health and within a year, Frank and Jesse are believed to have pulled off the first daylight bank robbery during peacetime. They made off with $60,000 from the Liberty, Mo. bank and one man was killed. For the next 15 years, the James boys roamed throughout the U.S. robbing trains and banks of their gold, building a legend that was to live more than a century after Jesse's death. Jesse married his own first cousin after a nine-year courtship. She was named for his own mother, Zerelda. They had two children, Jesse Edwards and Mary. Frank and Jesse had talked about forming a gang with Cole Younger, but Jesse was not with them when they committed their first robbery in February of 1866. Jesse joined in October. It wasn’t until March 1867 that they pulled their first job together. They tried to rob a bank at Savannah. All three aimed at the bank president, but all were bad shots and only one bullet barely touched him. This job was not successful. Two months later a man and his fifteen-year-old son were found dead and the blame was placed on Jesse. He was very attached to his mother and usually hid out at her house after pulling a job. The Pinkerton Detective Agency was called in to help catch the James/ Younger Gang. During a nighttime raid on the family home a firebomb was tossed into the log cabin. The explosion tore off the hand of Jesse's mother, and killed his half- brother. One of their most famous rides was in September of 1876. Jesses gang tried to take the Northfield, Minn. Bank. The town people fired at them and all except for Frank and Jesse were killed, wounded or captured.

Leadership And Management Essay -- Business Leadership Management

In today's world economy companies come and go every single day. It takes good strong leadership and management to guide an organization to success. While many people consider management and leadership to be synonymous they are in reality two different concepts. A person can be a good leader but if he does not know how to manage a company that company will be destined to fail. Also if a person had great management skills but lacks in leadership no matter how good he is if he can not lead his employees towards the goal then it is a failed attempt at success. Management is considered a job description whereas leadership is considered a trait. In this paper we will differentiate between management and leadership. We will also examine how leaders create and maintain a healthy organizational culture. As stated before management and leadership are two different concepts. Wikipedia defines management as "the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources". In the world of business, management can be stated as a pursuit towards an overall goal that is effective and efficient. Also management is the ability to integrate works from different workforces through planning, and organizing. Ultimately management is a theory that is put into practice by a team to create a successful organization. The individuals in these teams are known as managers. It is the job of these individuals to guide a company towards the goal. To properly manage it takes a set of functions to make the organization su... ... concerns with process" (leadership, 2005). In closing it is up to management to make sure that the plans and processes are in place, and it is up to the leaders that have the leadership abilities to act on those plans and use those processes. Works Cited Management. (2005). Retrieved Nov. 14, 2005, from Management Web site: http://en.wikipedia.org/wiki/Management. Leadership. (2005). Retrieved Nov. 14, 2005, from leadership Web site: http://en.wikipedia.org/wiki/leadership. orgainzation culture. (2005). Retrieved Nov. 14, 2005, from orgainzation culture Web site: http://en.wikipedia.org/wiki/Organizational_culture.

Samsung: Building a Great Brand

Samsung: Building a Great Brand Presented By: Michael Baccus, Marcial De Castro, Judith Dupin, Monica O’Neil, and Jose Santillan Marketing Management- MAR 3023-P80 October 5, 2011 Samsung grew its brand equity by 186 percent in just five years from 2000 to 2005. â€Å"Brand equity is the value of the brand name, its worth as an asset to the company. † (Marketing Principles, 2011, Module 6 p. 1). When new management came into the South Korean based firm, it scraped the all the various brand names that the company was selling low end electronics under, and consolidated by branding all of the company’s products as Samsung. Ten years later,Samsung is a force to be reckoned with to its competitors and a global brand name. However, the decision to only use the brand name Samsung is not the critical key to its success. Samsung has focused on innovation and product design to build its brand equity and it is working. Samsung implemented different innovative ways to inspir e and deliver great designs. The former chairman hired hundreds of new designers, implemented usability laboratories, and opened design centers around the world. The investment in product design, the progressive culture, and Samsung’s ability to step outside the box has all been invaluable in uilding a great brand. The critical activity in the process of Samsung’s transformation into a world- beating developer of new cell phone handset designs and other product line designs was its innovation with investment in product design and quality. Samsung built its brand into a superior brand by thinking and acting outside of the box. Instead of focusing on textbook product development funnels, it focused on more cutting edge methods such as the implementation design centers staffed with highly trained, creative, and skilled young designers and no bureaucracy to get in the way of design and innovation.According to Roll (2011), â€Å"Samsung has created a strong brand around in novation, cutting edge technology and world class design. † (para. 1). Samsung Chairman Lee Kun Hee concluded that â€Å"great design and innovation would be the way to build Samsung into a great global brand,† and he was correct (Marketing Principles, Module 6, p. 1). Instead of forming panels and hiring managers or more marketers to come up with new gimmicks, he hired hundreds of designers. The designers were from prestigious colleges of design and had an average age of just 33. The design force at Samsung multiplied y over 400% to over 400 designers in 10 years. This out of the take on product development allowed Samsung to transform its product line into world class. Competitors such as Sony have also followed in Samsung’s footsteps. According to Kunkel: â€Å"With nearly 250 industrial designers; graphic, packaging, and logotype designers; user- interface specialists and Web designers working in offices from Tokyo to San Francisco to Cologne, the Sony Desig n Center is responsible for nearly 2,000 new products, concepts, packaging schemes and design strategies every year, driving sales of products nd services totaling nearly $50 billion per year† (Product Description, para. 2). Although Sony also employs a lot of designers, Samsung still leads the industry in allowing their designs to inspire innovation. Samsung’s progressive culture of effective, efficient, and fast implementation is part of its advantage over competitors. According to the dynamic theory of competition presented in Marketing Principles (2011): â€Å"Suppliers with an insatiable improvement drive are more competitive. † â€Å"Suppliers who implement effectively, efficiently, and faster are more competitive. † (Module 1 p. 6).Samsung changes its product line three times as fast as its competition such as Motorola. Samsung has shown agility, according to Marketing Principles (2011) â€Å"†¦ i. e. the ability to implement change to change processes to introduce new technologies, new skills into the organization very quickly and effectively† (Module 1 p. 7). Change is managed very well at Samsung and they have lower manufacturing cost on top of their time to market being faster than that of competitors. Samsung avoids bureaucracy at its 24/7 design centers. Designers can work through problems without being delayed by non-productive orporate presentations and politics. Samsung has a constant focus on improvement and being faster and implementing the next innovation before the completion. Fackler (2006) explained, â€Å"†Our TVs are better,† Nobuyuki Oneda, Sony's chief financial officer, said in an interview earlier this year. †But Samsung's cash flow is amazing. It is hard to invest in and develop products† at the same pace as Samsung. † (para. 23). Samsung’s use of usability laboratories have been key in its market orientation skills and understanding the user interface. Sa msung does not follow the textbook best-practice of product development, which is idely now considered â€Å"yesterday’s best practice† in product development. According to Marketing Principles, Samsung uses concurrent engineering and fast prototyping in an around the clock approach to problem solving (Module 6 Case 2 p. 1). The traditional best practice only produces a success rate of 50 percent in product development. This out dated way of thinking is burdened with â€Å"gates†. These gates are where bureaucracy in an organization can delay forward movement of the product design. Samsung has â€Å"decentralized† and broke away from this way of development.It is actually criticized in the case study with the example of the use of Samsung’s design centers. Product development is free to develop in a creative environment without lawyers or other hold ups. Samsung has taken its out of the box approach and its investment in design and turned it into p rofits. As Marketing Principles explains, according to the current CEO of Samsung â€Å"we still have a lot of things to do before we are a great company. † (Module 6 Case 2 p. 2) With that approach and its constant drive to beat itself, The Samsung brand equity is likely to continue to grow. References:Marketing Principles. (2011). Portsmouth, NH: Backbone Press Frackler, M. (2006). Electronics company aims to create break-out product. The New York Times, p. C. 1. Kunkel, P. (1999, September 4). Product Description [Review of the book Digital Dreams: The Work of the Sony Design Center]. Amaonz. com. Retrieved from http://www. amazon. com/Digital-Dreams-Work-Design-Center/dp/0789302624 Roll, M. (2011). Samsung: Building brand equity through brand community. Venture Republic. Retrieved from http://www. venturerepublic. com/resources/Samsung_Building_brand_equity_through_brand_community. asp

Hamlets Character is contradictory&quot Essay

Shakespeare gives Hamlet a very indecisive character in this play. This in turn leads to Hamlet becoming contradictive, more and more so throughout the play. His main problem is that he is more of a ‘thinker’ than a ‘doer’. This causes him many problems throughout the whole play. The first example we get of this comes in Hamlets first soliloquy. Here we find out what Hamlet truly feels about the situation he finds himself in after his fathers death. After initially seeming to be willing to go along with Claudius’s and his mother’s marriage here we find out how he truly feels. He expresses his disgust at the hastiness from which his Mother has married to Claudius so soon after his fathers death. He also expresses how devastated he is at the death of his father and Claudius taking the crown, which Hamlet believes should rightfully be his. Hamlet once again shows this when he goes with his Fathers ghost. He comes back from this encounter determined to take revenge on Claudius but then passes up many chances to do so in order to make sure that the ghost is telling the truth. Hamlet continues this throughout the play and ironically this leads to him doing exactly the opposite of what the ghost wants by hurting his Mother and not taking revenge on Claudius when he has many chances to. Another appearance of Hamlets contradiction appears in his first soliloquy when he is very damning towards women: â€Å"Frailty, thy name is woman! † This contradicts with his apparent infatuation with his mother, and especially with her sexual behaviour. Hamlets contradictory character is also reflected in the many mood swings he has during the play. He constantly changes his mood one minute appearing relatively happy, the next he is at his sadistic worse cruelly teasing others with his wordplay. The worst of this comes when he is talking to Ophelia in Act 3 Scene 1, where nearly everything he says to her has a sexual double meaning. Here Hamlet has realised that he is being spied on and intend to have some fun at Ophelia’s expense as he feels that she has been used as a spy whereas in reality she knows nothing of the situation. Hamlets character however can not just be described as contradictory, it id far too complex for that. Hamlet could also be described as erudite, ingenious and quick-minded for the way he took advantage of the players arriving and setting up the play â€Å"Murder of Gonzago† in order to test the Kings guilty conscience and find out if he really did kills Old Hamlet. Hamlet is also regarded as pessimistic, over – dramatic, angry, desperate and frustrated for his outlook on life and human nature and the way he feels about being denied the chance to become king after his father’s death. Many people also feel that Hamlet is obsessive; this is shown with his fixation with his mother’s sexuality and is once again brought into light by Ophelia revealing all of the love letters that Hamlet has sent to her in the past. All in all I believe that whilst contradiction is one of Hamlets main characteristics, his character is too broad for it to be described as any one thing.

Christian spirituality Essay

People in this realm have diverse attention to different facet of their lives. Some of which believes in a certain perception contrary to the views of the other and it all boils down to a premise that we in this universe have enormous preferences which truly makes us unique. Similarly, it has the same wavelength when we put into account the very imperative issue of faith and strong adherence to believing in God. Donald Miller in his masterpiece Blue like Jazz, he exemplifies the avenues of spirituality and how it is possible to enlighten the views of the readers as they go through the work of art. Uplifting the souls is the focal element of the author and parallel to this, the central aspiration of this paper is also to epitomize the intriguing views of the author and at the same time squeeze out the necessary lessons in life that will ultimately open the minds of the readers. By having the views of the book by means of its meaningful experiences of the author, we could have a brilliant grasp to what really is life in a spiritual way. Any occurrences that have been demonstrated in the book will truly it will shed light to our naked eye. The personal reflections of the author contribute to our understanding to the nature of God and how to respond to this indulgent. The ingredients in Donald Miller’s Blue like Jazz are driven by the perceptions towards sex, love, community, family and God. It absolutely speaks on what it feels to have an in depth connection with God and how to examine our inner self on what we truly believed in despite the challenges of our malicious environment. The point of view as regards to searching for spirituality and believers who wanted to have a strong relationship with God was the intentions of this masterpiece. It is intended in the latter part of the paper to expound in a Christian approach the impressions and attitudes in relation to the concept of Miller. Indeed, it is expected that at the end of this paper, the readers should have a strong attachment in relation to the subject matter of spirituality and the things that it entails. Donald Miller tackles the life’s spices which includes sex. The question of does love can be truly be proven by sex is at hand. It has been said that you can love with all your heart but you cannot scientifically examine it. Accordingly, it is an intense feeling which flows inside that makes your personality fortify. The feeling surely brightens our outlook even though it does not undergo several test because what proves it is our own selves per se, â€Å"love for example is a true emotion but it is not rational, what I mean is people actually feel it, I have been in love, plenty of people have been in love yet love cannot be proved scientifically† (Miller, 2003). The author makes use of the penguins as case in point in elaborating how making love can truly transform into something essential in our lives. It says the instances wherein penguins have their own way of showing their love to their partners and at the same time giving value to their siblings. The intensity of emotions in relation to their responsibilities was intact in this scenario. The male penguins take hold of the responsibility of looking after the eggs and in due time the eggs will mature. It has been demonstrated how the female penguins goes back after sometime to witness their little penguin. This was a good elaboration of a strong connection with our loved ones. We sense the right time when it is necessary for us to be there. Similarly, Miller take hold of this picture to emphasize the essentiality of faith that without even seeing it, we know that the love of God is there for us. The timing that the penguins epitomize truly connotes a strong feeling of union that is so unique in our being rational. Being a Christian entails a lot of faith to be able to have a strong grip on what we believed in. Indeed, it signify us the right usage of our intellect and free will as we chooses to have a relationship with our God. â€Å"I don’t think you can explain how Christian faith works. It is a mystery and I love this about Christian spirituality. It cannot be explained and yet it is beautiful and true. It is something you feel and it comes from the soul† ( Miller, 2003), on a brilliant concept, the secret ingredient of a happy life is no other than the healthy bond with God hand in hand with the faith that we have in our lives. In relation to the love that has been showed to us by the instances in the lives of the penguins, we can perceive how essential it is to feel the love and give it back as well. As we all knew, love is a huge topic but at the same time the most interesting subject matter of all time. It is the one wherein we could all take part into. Furthermore, it is the area where varieties of people of all ages can adapt which makes it more interesting for that matter. The reflection of Christ love for the church can emulate in the event of marriage where two souls binds together to be one. The acceptance of differences as well as giving back the love that they received towards the other are the things that makes a real and unconditional relationship. The vocation of marriage enlightens us and ultimately gives joy to our everyday lives. Giving ourselves completely to others has a very deep meaning because it entails acceptance of other person in our life and submission of our inner self. In the circumstance that Miller shares to its readers when he had a conversation with Paul, his friend who is very happy in his married life, he got the realization how incredible it is to be in love and to be loved. Given that some of his friends give him a feedback of a wrong approach of dealing with women, upon talking to Paul he realized that marriage encompass to love your self as well. In order to protect your relationship it is essential to have a factor that will compromise the both parties. In the case of Paul and his wife, they find time to have their own privacy, in that way they’d be able to respect each other which also gives mystery to the relationship that they have, â€Å" I’m saying there are stuff I can’t tell her not because I don’t want to but because there aren’t words. It’s like we are separate people and there is no getting inside each other to read each other’s thoughts, each other’s beings† ( Miller, 2003). In accordance with this, marriage is not all about the two people that has been bind together, it is also about who is the center of their relationship which truly binds them together, â€Å"I am glad I married Danielle and I will be with her forever but there are places in our lives that only God can go† ( Miller, 2003). It is imperative to have God as the center of our relationship. He brings out the best in us when He guides us. As we consistently ask for His love and guidance, the relationship that we have will ultimately be filled with joys and abundance of love, â€Å"I mean that to be in a relationship with God is to be loved purely and furiously† ( Miller, 2003). The best exemplification of what we have learned from the undying love of God to its people was our strength to do the same with our loved one and to other people that surrounds us. As we go back to the essentiality of grace, the application of such is a contributing element in making a successful family life surrounded by blessings and guidance of our almighty. Does the connection we have with God extend a deep relationship with the people that surround us? This is an uncertainty that some of us having a hard time finding the real answer because we are in one way or the other uncertain to what we really wanted to build as relationship with the people we rarely know. Parallel to this, at some in our lives we find it hard to accept a person beyond our wavelength. We set criteria of who we are apt to build rapport to the point that sometimes neglect the importance of a person basing on his or her individuality and not in his/her spirituality. How the community that you belong really changes your outlook in life and your relationship with God? At some point in our lives, we got used to living in our own way far from other people. We live and spend our time alone that we miss the part of our lives that we get along with other people in our community, â€Å"I didn’t know what to think about living in community at first. I had lived on my own for about six years and the idea of moving in with a bunch of slobs didn’t appeal to me† ( Miller, 2003). In lieu of which the exchange of ideas that we get from other people is also essential in our existence in this realm and we could only get this by means of interacting with other people. Like that of what the author showed to us, the interaction with other people was lacking in a sense that became self centered. Some of the people that surround us might misinterpret that gestures that we convey simply because we are not used to living with other people. The lessons of life can simply be available if we look at life in a different manner – and that is to intermingle with the people in our community. On top of this, it is good to apprehend that God enlightens our perspectives in life. He usually guides us in whatever decision we come up to and in this case, God makes him realize the importance to dealing with other people and appreciate their existence, â€Å"God brought me to Graceland to rid me of this deception, to scrub it out of the gray matter of my mind† ( Miller, 2003). The capabilities that the community has could contribute to the knowledge that we have and in this manner, we can help each other grow in our own little way. Family is one of the focal points of our lives. This is where we get the strength and inspiration that we need to continue with our life. We can never deny the fact that this aspect of our life has a huge impact in our personality as well as with the attitude that we project to the people that surrounds us. It is absolutely the time of our life that we think of other people more than our selves because we prioritize our family more than anything else, â€Å"If you don’t love somebody, it gets annoying when they tell you what to do or what to feel. When you love them you get pleasure from their pleasure and it makes it easy to serve† (Miller, 2003). This instance does not necessarily mean that you wouldn’t love and serve God because you don’t love Him; you don’t love Him because you did not see Him. Ultimately, this is not the case when we talk about our faith and love for God. Our strong belief in the love of God for us and for humanity was undeniably great. We adhere to His principles and we follow His teachings which make us a better person. God’s love for this human race was irrevocably unconditional that he continuously accepts us despite our shortcomings in life. Enormously, God did a magical thing in our lives as he consistently touches our souls and guides our ways. As we scrutinize the importance of the author’s portrayal of what magic truly is, we might get fascinated with the allure of the thought of magic alone. It is true that when we were younger, our attention was easily derailed with the magical world but in fact everything is just a trick. In fact, there is a loop hole in every magic that has been showed to us it’s just that we are too young to recognize it. As a kid, we just focus on the elements that will satisfy our fascination neglecting the truth that magic is just a form of entertainment. â€Å"I got frustrated because everything that was magic was only a trick, meaning it wasn’t really magic, it was an illusion† (Miller, 2003), same with our lives, the figment of our imagination lies on what our naked eyes can reach but we miss the part that the reality of life is always at hand. God provides us with wonderful environment where we could exhaust all our efforts to achieve what is really beautiful beyond the temporary magic that we acquire for a moment. â€Å"Everybody wants to be fancy and new. Nobody wants to be themselves but they want to be different† (Miller, 2003), it is extremely important to pause for a while and contemplate on what we really needed in our lives. We project a gesture that we are different but what is more important is to have a closer look of what magical feeling God is providing us. Indeed, where we lived at a moment is the result of the brilliant love of God for us. What we are in this universe is the output of God’s goodness to this humanity. There are instances in our lives that at some point we have to be rigid with our faith and by doing so, one has to be profoundly knowledgeable on what really comprises his persona and what he truly believes. Having a strong faith is undeniably one of the greatest discoveries in our lives. The very essence of our trust in God is to know the principles of His words, in lieu of which we are apt to follow His commands that are very important in the foundation of our dogmatic belief in God. It is ultimately important for the people to know God and His wonderful deeds. It is beyond doubt that behind God’s creation lays an astonishing message of building ourselves completely. God is all knowing that He provides all the things that we need in continuing the path of our lives. We obey God, we follow His will and we become a better person is what truly matters in this masterpiece. In view of the great knowledge that has been embarked on us making available the work of art of Donald Miller, it gives us the enlightenment that we seek as we go along with the pages of this book. The manner in which the author presents his perception was incontestably comprehensible. It gives his reader the time to contemplate and grasp what he really wanted to go halves. Giving examples as well in the context of his elaboration of his insights truly adds to the substance of his subject matter. It really doles out the purpose of the author to stretch the faith of his readers. The values that we got from Blue like Jazz truly define the voice of God. Beneath the pages of this work of art lies the realization that life is full of magical thought, it is just in our hands to explore these things to make it visible. Our capacity to look at things in a different way is beneficial as we continue to battle with the challenges of life, like that of the book, its mysterious titles expounds what it really wanted to convey in its readers and this is what God wanted to happen, we define our selves in a manner that is reachable and at the same time life worth turning the pages.

Is fundamental analysis redundant Essay

Introduction Shortly after the stock market crash in 1929, as the first batch of financial experts in the Great Wall, Benjamin Graham and David Dodd firstly mentioned the concept in a book called security analysis: Based on public information that intelligent investors are able to analyse securities and determine whether the current price of stocks and bonds is over or below their intrinsic value. The Critical thinking and strong logic make this theory become the foundation of nearly all investments theories in Wall Street. Warren Buffett, John Neff, Peter Lynch and other famous investors become the  best practitioners in fundamental analysis. This essay will firstly introduce the related theories of fundamental analysis. Secondly, the essay will explain free cash flow model to equity valuation and the qualitative and quantitative factors of fundamental analysis. Thirdly, choosing a particular company analyses the relationships between the leading financial ratios and its stock price. Finally, indicating why financial ratios and free cash flow model cannot explain Berkshire Hathaway cooperation’s stock price changed during global financial crisis. Theory Aasuumption & Metholody Theory Fundamental analysis which is based on analyzing the intrinsic value of securities, focuses on factors affecting the stock price and its trend and lets investors determine what type of securities they choose to buy and when to buy. (Lee and Swaminathan 1999, 8 )The basic assumption of fundamental analysis is that value investors believe that the market price is determined by its intrinsic value and the stock price can reflect its intrinsic value in the long term. Cash flow model Fundamental analysts use cash flow model, dividend model to roughly estimate a company’s intrinsic value. They assume that the stock price of the intrinsic value is its present value of the stream of expected cash flows and the selected reference values are based on generating the cash flow data. For example, using free cash flow model to measure intrinsic value, investors firstly assume the observed company can increase at constant rate and then choose the reference value based on a constant growth rate (g)to estimate free cash flow the next 10 years. Secondly, they calculate the present value of the 10-year cash flow based on the constantly discounted rate (k). Secondly, they estimate the terminal value P10=free cash flow*(1+g)/(k-g) and calculate its present value. Thirdly, they get the present value of the company and calculate pre- share value: equity value/numbers of shares. Rational investors can make well-informed investment decisions according to the relationship betw een market price and intrinsic value. Qualitative factors On the company level, fundamental analysis focused on two factors: qualitative and quantitative. Qualitative and quantitative analyses have a dialectical relationship. Both analyses should join together to analysis and inspect on a particular company. Although qualitative analysis is used for physical areas, with the usage to tackle non-financial information, it can be widely useful in business and finance fields.(kesh and Raja 2005, 167) The qualitative analysis of the company level is concerned with products and services, competitive advantage, management efficiency, corporate culture. Advanced products can get increasing cash inflows and improve company value (Carter and Demissew 2008, 63) because booming demand for products and services can lead to a high reinvestment rate of the company, this creates additional wealth.( Madden 2007, 125) Competitive advantage can includes producing capacity and the efficiency of a company’s design and cost controlling better than the industry’s competitors. Generating a competitive advantage for a company will creates stakeholder value. (Vilanova, Lozano and Arenas 2009, 63) The improvement of management efficiency can lower operating costs and company culture can enhance corporate image, leading to improvement of company value. Quantitative factors The quantitative factors in fundamental analysis are based on a deep understanding of financial reports which is the process of identifying opportunities and threats from the company, so investors must be concerned with the balance sheet, cash flow statement and income statement analysis. Financial statements consist of all important historical information about the company’s operation management during a specific time period (quarterly, annually). All these information provide an overview of a company’s business activities and can help managers assess the company’s wellbeing. (Dayanandan 2010, 116) Financial statement Different users are interested in different areas of the financial statements. For example, investors and equity holders are concerned with  expected earnings and dividends of the observed companies. Company’s executives usually focus on the company’s capacity. Therefore, based on historical reports, different users can get valuable information about what they concentrate on. Financial statement analysis includes selected data from financial statements to predict the company’s financial health.( Hagos and Pal 2010, 441) Applying these data from financial reports, such as profitability ratio, liquidity ratio, management efficiency ratio, debt ratio, market performance ratio analyses year by year to determine whether to buy or sell observed companies. Based on analyzing financial statements, financial analysts are able to use profitability ratio, including gross margin, ROE to indicate how efficiently revenue is generated. The liquidity ratio such as current ratio, net working capital can be used to prove the firm’s ability to generate sufficient liquidity when needed and to meet short term obligations. For example, current ratio is an indicator as a rate of current assets to current liabilities. It measures the liquidity status of a company. With a higher current ratio over time, this company will be able to meet its current obligations and experience less financial risk.( Zaki, Bah and Rao 2011, 315) Table1 Sourced by Berkshire Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2003 0.105 0.588 1.32 12.7 1.34 $84280 2004 0.085 0.394 1.20 18.8 1.6 $87900 2005 0.093 0.412 1.16 15.5 1.45 $88620 2006 0.102 0.397 1.27 12.5 1.27 $109990 Table 1 above shows the some figures provided by Berkshire corporation’s annual report from 2003 to 2006. During this period, the stock price has a significant increase from $67600 in Jan 2rd, 2003 to $109990 in Dec 1st, 2006. And from 2003 to 2006, Berkshire Hathaway Inc’s net worth is $13.6billion, $8.3billion, $5.6billion and 16.9billion respectively. Graph1: Berkshire Hathaway(BRK) Inc’s stock price between 2003 and 2006 Sourced by yahoo finance The increase of Net worth can indicate the stock price’s change during this period. The gain in net worth during 2003 was $13.6billion, which increased the per-share book value of its stock by 21% from $41727 to $50498. Because of good quarterly reports and an annual report, the stock price reflected the company’s performance, rising from $67600 to $89490. However, between 2004 and 2005, the gain in net worth increased $8.3billion and $5.6billion. Although in 2004 Berkshire’s book-value gain of 10.5% fell short of the index’s 10.9% return, the net worth fell from $13.6billion to $8.3billion, leading to fluctuation of the stock price during 2004. In 2005, the net worth fell to $5.6 billion because hurricane caused loss worth of $34billion. And in the stock market, the price fluctuated and even slightly increased. However, the price reflected the company’s performance. As a multi-business company, its main business-insurance company called GEICO improved its management efficiency at nearly 32% and warranty numbers increased by 26%. On the other hand, insurance float of BRK’s insurance company increased from 46 billion to 49 billion. Due to the capital cost rate of mostly 0% and improving competitiveness, its stock price rose sharply. Financial ratios (price to book ratio and earnings per share ratio) measure share price compared to earnings, book value per share and indicate whether the market overvalues, undervalues and appropriately values the firm’ shares. Managers use to assess investors’ perceptions of future prospects. Some investors invest in stock market based on analyzing financial statements. Table2 Table2 shows mainly the relationship between the book value and stock price. Financial analysts are willing to use book value to measure the stock price. From the table 2 above, the book value of the Berkshire Hathaway increases from $14426 in 1995to $70281 in 2006 and the company’s stock movements, rising from $31900 in 1995 to $110050 in 2006. In addition to particular years, these two charts reflect clearly whether a short term or a long term, the trend of the book value and stock price is roughly the same. In the long term, the growth rate of the net worth is a useful indicator to justify intrinsic value. From 1995 to 2006, the net worth of Berkshire Hathaway’s  net worth increased from $5.3billion to $16.9billion, more than 3.18 times growth during the period. Stock price had increased 3.44 times with book value 4.87 times. Although 1n 1999, the net worth fell to 0.358billion, in the long term, this company still had a significant increase in its stock market per formance. Analysts also can apply activity ratios such as total asset turnover ratio and average payment ratio period to measure management effectiveness in managing its assets and to determine whether the investment in particular asset categories is too high or too low and also find out the efficiency or speed in converting accounts to sales or cash. (Dayanandan 2010, 114)Debt ratios such as debt to equity ratio and debt ratio can indicate financial leverage and the apparent financial risk assumed by the firm’s equity holders. Application Dow Jones Graph2 Dow Jones industrial index Sourced by yahoo finance Graph2 shows the change of Dow Jones industrial index before, during and after global financial crisis. The global financial crisis started in 2007 because the burst of housing bubble caused credit crisis especially in the debt markets.( McCarthy, Solomonand Mihalekl 2012, 1277 ) the stock market highly violated between 2007 and 2009. For example, in United States, the stock market increased to the peak in October 2007 with the Dow Jones Industrial Average about 14,000. After that duration, the Dow Jones dropped sharply from 12,000 in August 2008 to 6,600 in March 2009. After 2009, there is significant increase until now, rising to 14,929. Company- Berkshire Hatchaways Berkshire’s core business for insurance business includes the property casualty reinsurance and special class insurance company. For the past 25 years, this company has increasingly strong capital and little debt, for shareholders to create the value of more than 25% growth on average every  year. Table 3 shows analysis ratios and stock price from 2006 to 2012. Table3 Year ROE Total asset turnover Debt/equity P/E P/B closed Price 2006 0.102 0.40 1.27 12.5 1.27 $109990 2007 0.109 0.43 1.24 13.8 1.51 $141600 2008 0.046 0.40 1.41 38.16 1.71 $96600 2009 0.059 0.38 1.19 18.1 1.11 $99200 2010 0.08 0.37 1.29 14.9 1.24 $120450 2011 0.06 0.37 1.32 19 1.18 $114755 2012 0.077 0.38 1.23 14 1.1 $133000 Sourced by Berkshire Graph3 Berkshire’s stock price between 2006 and 2012 Sourced by yahoo finance The gain in net worth during 2006 was $13.6billion, which increased the per-share book value of its stock by 18.4% to $109990. In 2007, the net worth is 12.3billion, which increased the per-share book value of its stock by 11% to $141600. However, in 2008, the stock price fell to $96600, and then there is an increasing trend from 2009 to 2012. Total assets turnover ratio Total assets turnover ratio measures the management efficiency of the firm in managing its total assets to generate sales. A high ratio suggests greater efficiency. Figures shown in table3, the total assets turnover ratio during global crisis had slight change between 0.37 and 0.40. However, the stock price changed sharply, so the stock price can not reflect the stability of this ratio. ROE indicates the rate of return realized by a firm’s shareholders on their investments and uses as an indicator for the company’s operation. Return on equity (ROE) Return on equity (ROE) is the best indicator to learn how much money a company is making for its investors and measurement of the company’s operations. (Dayanandan 2010, 117) However, ROE is also sensitive to leverage. Assuming that proceeds from debt financing can be invested at a return greater than the borrowing rate, ROE will increase with greater amounts of leverage. From 2007 to 2008, the debt to equity ratio increased by 13.7%, from 1.24 to 1.41. However, ROE rate fell sharply from 10.9% to 4.6%. Although ROE overreact to debt change, Berkshire’s fundamental did not change in 2008. Most of Berkshire’s business is affected by the economic significant downward in 2009. However, its manufacturing services and retail generated a lot of cash flow and continued to consolidate their market competitive advantage. Berkshire’s two most important businesses: business insurance and utilities also had a good growth rate. These businesses produced a large amount of business profits in 2008. P/E ratio P/E ratio is a common approach used by security analysts. In practice, investors usually use expected P/E ratio for the following year and analyse whether the stock price is overvalued or undervalued on the basis. P/E ratio indicates that a stock of its P/E rate over 30 is more likely to be overpriced. The P/E ratio in 2007 and 2008 is 13.8 and 38 respectively and the stock price during the period time of 2007 and 2008 is $141600 and $96600. The change of stock price is overreact to the pre-share earnings. P/B ratio P/B ratio gives some idea of whether an investor is paying too much for what would be left if the company went bankrupt immediately. From 2006 to 2009, P/B ratio increased or decreased had no direct correspondence with the stock price. However, to most companies, the book value is always lower than the stock price. Because most companies have intangible assets such as brand name, specialized skillsï ¼Å'product pricing power. These factors can not reflect in the balance sheet, but the long term trend of the market value is similar with book value. It seems that when P/B ratio increases, the gap between book value and stock price increases. On the other hand, the gap shows investors are willing to hold the stock due to its intangible assets. Cash flow model All these financial ratios cannot explain what happened in 2008 and using cash flow model to estimate the stock price also cannot explain this situation. Because investors assume the company can increase at constant rate. Although they use long-term GDP growth rate to reduce the risk of assessing value, this growth rate cannot explain and predict what happened during the investing period. They also use CAPM to measure discounted rate given by the risk-free interest rate plus a risk premium. The formula is ki=Rf+(Rm-Rf)ÃŽ ²i. However, ÃŽ ²sometimes cannot estimate risk between the market and stock. For example, a company’s market value increases from 10billion t0 20billion is less than market value of the company from 10billion to 3billion. If the company still operate well, from the market side, the risk of buying a company of the market value of 20billion is less than buying the same company of its market value of 3billion. Conclusion Therefore, during global financial crisis, fundamental analysis was useless. It is clear that during some periods the stock price is overvalued or undervalued significantly from its intrinsic value, leading to highly volatility of market price. Any market volatility is considered as irrational performances, so these market valuations caused by behavioral finance which do not have impacts on the company’s assets valuations and  operations. (Adams, Armitage and FitzGerald 2012, 157). In the long term, the trend of the stock price is similar to the trend of its intrinsic value. On the other hand, in the short term, market price is influenced and fluctuated by political, economic, psychological factors, so market price is always undervalued or overvalued, but it is fluctuating around the intrinsic value. Some research show that sometimes earnings information cannot react to the stock market simultaneously and all the public financial information pose a gradual influence on the stock market for a while. During global financial crisis, the stock price sharply fluctuated because of financial behavior. Debt crisis caused by housing loan had a significant impact on people’s confidence. 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