Where to Find Administration Essay Samples

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Blogging And Social Media Are Challenging Conventional...

Question 4: Examine the ways in which blogging and social media are â€Å"challenging conventional ideas about news† (Thorsen, 2013, p.139). . Since the turn of the century, the use of social media and blogging has changed the way in which we do many things. One thing it has had a large impact on is the news and the way we access it. It is said that we now â€Å"not only respond- to the content carried in mainstream media, but produce the content themselves†(Noor,2013). This is called citizen journalism, the way in which we can now all be a journalistic reporter, through what we post on the internet. It is said that 1.73billion people are now on social media (anon,2013), which is around  ¼ of the population. This may be one of the many sites including Facebook, Twitter, Instagram, BlogSpot etc. These websites all use many formats, but their prime agenda is to help individuals around the world communicate. This communication has allowed many people to express themselves and have their own go at writing articles and insights on the issues in the world. In an article written in the Guardian it is said that only a handful of journalists did not attend higher education (Elliott,2014), meaning the majority of what you read in a newspaper is from the same sort of person, from similar backgrounds who have similar ideas. This used to dominate over the country, but now due to social media we are allowing people of many backgrounds to have their say and be heard, by this happening we willShow MoreRelatedEssay on Twitter Strength of Weak Ties4871 Words   |  20 Pages‘flattened’ world [ (Friedman, 2007) ] and an avid user of Social Networking Sites (SNS’s). SNS’s such as Facebook, LinkedIn and Twitter are rewriting the way individuals communicate and express themselves. 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Portfolio Management free essay sample

My sincere thanks to Mr. DEEPAK, Manager and Ms. SWATHI BASA, Assistant Manager for permitting me to pursue this project and for providing their valuable time, suggestions and support for completing my project work successfully. Their patience and invaluable guidance have proved to be very precious without which this project would not be completed. Acknowledgements are also due to all the other staff members and executives in Sharekhan Ltd. , for providing information at various points of the project, especially the discussions on the market. He would therefore, follow the age old maxim that one should not put all the eggs into one basket. By doing so, he can achieve objective to maximize portfolio return and at the same time minimizing the portfolio risk by diversification. Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. This possibility of variation in the actual return is known as investment risk. Thus every investment involves a return and risk. Investment is an activity that is undertaken by those who have savings. Savings can be defined as the excess of income over expenditure. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. The three important characteristics of any financial asset are: †¢ Return-the potential return possible from an asset. †¢ Risk-the variability in returns of the asset form the chances of its value going down/up. †¢ Liquidity-the ease with which an asset can be converted into cash. Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Each financial asset will have a certain level of each of these characteristics. An investor invests his funds in portfolio expecting to get a good return consistent with the risk that he has to beat. Portfolio management comprises all the processes involved in the creation maintenance of an investment portfolio. It deals specifically with Security Analysis, Portfolio Analysis, Selection and Revision Evaluation. Portfolio Management is a complex process, which tries to make investment activity more rewarding less risky. ? Portfolio management is the management of various financial assets which comprise the portfolio. ? Portfolio management is a decision – support system that is designed with a view to meet the multi-faced needs of investors. According to Securities and Exchange Board of India Portfolio is defined as: â€Å"portfolio means the total holdings of securities belonging to any person†. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. ? DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. Investment avenues There are a large number of investment avenues for savers in India. Some of them are marketable and liquid, while others are non-marketable. Some of them are highly risky while some others are almost risk less. Investment avenues can be broadly categorized under the following head. 1. Corporate securities 2. Equity shares. 3. Preference shares. 4. Debentures/Bonds. 5. Derivatives. 6. Others. Joint stock companies in the private sector issue corporate securities. These include equity shares, preference shares, and debentures. Equity shares have variable dividend and hence belong to the high risk-high return category; preference shares and debentures have fixed returns with lower risk. The classification of corporate securities that can be chosen as investment avenues can be depicted as shown below: DESIGN OF STUDY NEED AND IMPORTANCE OF THE STUDY †¢ Portfolio management presents the  best investment plan  to the individuals as per their income, budget, age and ability to undertake risks. †¢ Portfolio management  minimizes the risks  involved in investing and also increases the chance of making profits. †¢ Portfolio managers understand the client’s financial needs and suggest the best and unique investment policy for them with minimum risks involved. †¢ It enables the portfolio managers to  provide customized investment solutions  to clients as per their needs and requirements. It also focuses on important aspects like Stability of Income, Capital Growth, Liquidity, Safety, Tax Incentives, etc. †¢ Main goals of Portfolio Management are To Maximize the value of the portfolio, To Seek balance  in the portfolio and To Keep portfolio projects strategically  aligned OBJECTIVES OF THE STUDY: †¢ To provide the material frame work of Portfolio Management †¢ To understand how to analyze securities †¢ To know how portfolio management is done. †¢ To study the investment pattern and its related risks returns. †¢ To help the investors to choose wisely between alternative investment. †¢ To understand, analyze and select the best portfolio. To strike balance between costs of funds, risks and returns. †¢ To find out optimal portfolio, which gives optimal return at a minimize risk to the investor. †¢ To see whether the portfolio risk is less than individual risk on whose basis the portfolios are constituted SCOPE OF THE STUDY: †¢ This study covers the Markowitz model. The study covers the calculation of correlations between the different securities in order to find out at what percentage funds should be invested among the companies in the portfolio. Also the study in cludes the calculation of individual Standard Deviation of securities and ends at the calculation of weights of individual securities involved in the portfolio. These percentages help in allocating the funds available for investment based on risky portfolios. METHODOLOGY: Sources of Data Collection The Methodology employed in this study data include both the primary and secondary collection methods. Primary collection methods: This method includes the data collected from the personal discussion with the authorized clerks and members of the exchange. Secondary data collection: It includes the following: †¢ Companies Annual Reports †¢ Information From Internet †¢ Publication †¢ Information provided by Stock Exchanges. Period of Study For different companies, financial data has been collected from the year 2007- 2012 Selection of Companies Companies selected for analysis are:- o Wipro o Indian Tobacco Corporation o Dr. Reddy Laboratories o ACC o Bharat Heavy Electricals LIMITATIONS OF THE STUDY: †¢ This study has been conducted purely to understand portfolio management for investor and is done for requirement of Certificate of MBA. †¢ For study purpose 5 companies have been taken for calculations. †¢ Study is limited to period from 2007-2012. †¢ There was a constraint with regard to time allocated for the research study, period of one and half month. †¢ Study is limited to only first 3 steps of phrases of portfolio management. †¢ Detailed study of the topic was not possible due to limited size of project. The availability of information in the form of annual reports and price fluctuations of the companies was a big constraint to the study. CHAPTER-2 REVIEW OF LITERATURE INTRODUCTION TO PORTFOLIO MANAGEMENT The term Portfolio refers to any collection of financial assets such as stocks, bond s, and cash. Portfolios may be held by individual investors and/or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a portfolio is designed according to the investor’s risk tolerance, time frame and investment objectives. Portfolio management is all about strengths, weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs. nternational, growth vs. safety, and many other tradeoffs encountered in the attempt to maximize return at a given appetite for risk. The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance is known as Portfolio Management. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. FUNCTIONS OF PORTFOLIO MANAGEMENT: ? To frame the investment strategy and select an investment mix to achieve the desired investment objectives ? To provide a balanced portfolio which not only can hedge against the inflation but can also optimize returns with the associated degree of risk ? To make timely buying and selling of securities ? To maximize the after-tax return by investing in various tax saving investment instruments. STRUCTURE / PROCESS OF TYPICAL PORTFOLIO MANAGEMENT In the small firm, the portfolio manager performs the job of security analyst. In the case of medium and large sized organizations, job function of portfolio manager and security analyst are separate. CHARACTERISTICS OF PORTFOLIO MANAGEMENT: Individuals will benefit immensely by taking portfolio management services for the following reasons: ? Whatever may be the status of the capital market, over the long period capital markets have given an excellent return when compared to other forms of investment. The return from bank deposits, units, etc. , is much less than from the stock market. ? The Indian Stock Markets are very complicated. Though there are thousands of companies that are listed only a few hundred which have the necessary liquidity. Even among these, only some have the growth prospects which are conducive for investment. It is impossible for any individual wishing to invest and sit down and analyse all these intricacies of the market unless he does nothing else. ? Even if an investor is able to understand the intricacies of the market and separate chaff from the grain the trading practices in India are so complicated that it is really a difficult task for an investor to trade in all the major exchanges of India, look after his deliveries and payments. TYPES OF PORTFOLIO MANAGEMENT: Discretionary Portfolio Management Service(DPMS): In this type of service, the client parts with his money in favour of the manager, who in return, handles all the paper work, makes all the decisions and gives a good return on the investment and charges fee. In the Discretionary Portfolio Management Service, to maximize the yield, almost all portfolio managers park the funds in the money market securities such as overnight market, 18 days treasury bills and 90 days commercial bills. Normally, the return of such investment varies from 14 to 18 percent, depending on the call money rates prevailing at the time of investment. 2. Non-Discretionary Portfolio Management Service(NDPMS): The manager functions as a counselor, but the investor is free to accept or reject the manager‘s advice; the paper work is also undertaken by manager for a service charge. The manager concentrates on stock market instruments with a portfolio tailor-made to the risk taking ability of the investor. Risk of Portfolio Management There was a time when portfolio management was an exotic term. The scenario has changed drastically. It is now a familiar term and is widely practiced in India. The theories and concepts relating to portfolio management now find their way to the front pages financial newspapers and the cover pages of investments journals in India. Capital markets have become active. The Indian stock markets are steadily moving towards efficiency, with rapid computerization, increasing higher market transparency, better infrastructure, better customer service etc. The markets are mutual funds have been set up the country since1987. With this development investment in securities has gained considered momentum. Professional portfolio management backed by competent research began to be practiced by mutual funds, investment consultant and big brokers. The Securities Exchange Board of India (SEBI), The Stock Market Regulatory body in India is supervising the whole process. IMPORTANCE OF PORTFOLIO MANAGEMENT: ? Emergence of institutional investing on behalf of individuals. A number of financial institutions, mutual funds and other agencies are undertaking the task of investing money of small investors, on their behalf. Growth in the number and size of investible funds – a large part of household savings is being directed towards financial assets. ? Increased market volatility – risk and return parameters of financial assets are continuously changing because of frequent changes in government‘s industrial and fiscal policies, econo mic uncertainty and instability. ? Greater use of computers for processing mass of data. ? Professionalization of the field and increasing use of analytical methods (e. g. quantitative techniques) in the investment decision – making ? Larger direct and indirect costs of errors or shortfalls in meeting portfolio objectives – increased competition and greater scrutiny by investors. STEPS IN PORTFOLIO MANAGEMENT: ? Specification and qualification of investor objectives, constraints, and preferences in the form of an investment policy statement. ? Determination and qualification of capital market expectations for the economy, market sectors, industries and individual securities. ? Allocation of assets and determination of appropriate portfolio strategies for each asset class and selection of individual securities. ? Performance measurement and evaluation to ensure attainment of investor objectives. ? Monitoring portfolio factors and responding to changes in investor objectives, constrains and / or capital market expectations. Rebalancing the portfolio when necessary by repeating the asset allocation, portfolio strategy and security selection. CRITERIA FOR PORTFOLIO DECISIONS: †¢ In portfolio management emphasis is put on identifying the collective importance of all investor’s holdings. The emphasis shifts from individual assets selection to a more bal anced emphasis on diversification and risk-return interrelationships of individual assets within the portfolio. Individual securities are important only to the extent they affect the aggregate portfolio. In short, all decisions should focus on the impact which the decision will have on the aggregate portfolio of all the assets held. †¢ Portfolio strategy should be molded to the unique needs and characteristics of the portfolio‘s owner. Diversification across securities will reduce a portfolio‘s risk. If the risk and return are lower than the desired level, leverages (borrowing) can be used to achieve the desired level. †¢ Larger portfolio returns come only with larger portfolio risk. The most important decision to make is the amount of risk which is acceptable. †¢ The risk associated with a security type depends on when the investment will be liquidated. Risk is reduced by selecting securities with a payoff close to when the portfolio is to be liquidated. QUALITIES OF PORTFOLIO MANAGER: 1. SOUND GENERAL KNOWLEDGE: Portfolio management is an exciting and challenging job. He has to work in an extremely uncertain and confliction environment. In the stock market every new piece of information affects the value of the securities of different industries in a different way. He must be able to judge and predict the effects of the information he gets. He must have sharp memory, alertness, fast intuition and self-confidence to arrive at quick decisions. 2. ANALYTICAL ABILITY: He must have his own theory to arrive at the intrinsic value of the security. An analysis of the security‘s values, company, etc. is s continuous job of the portfolio manager. A good analyst makes a good financial consultant. The analyst can know the strengths, weaknesses, opportunities of the economy, industry and the company. 3. MARKETING SKILLS: He must be good salesman. He has to convince the clients about the particular security. He has to compete with the stock brokers in the stock market. In this context, the marketing skills help him a lot. 4. EXPERIENCE: In the cyclical behavior of the stock market history is often repeated, therefore the experience of the different phases helps to make rational decisions. The experience of the different types of securities, clients, market trends, etc. , makes a perfect professional manager. PORTFOLIO BUILDING: Portfolio decisions for an individual investor are influenced by a wide variety of factors. Individuals differ greatly in their circumstances and therefore, a financial programme well suited to one individual may be inappropriate for another. Ideally, an individual‘s portfolio should be tailor-made to fit one‘s individual needs. Investor‘s Characteristics: An analysis of an individual‘s investment situation requires a study of personal characteristics such as age, health conditions, personal habits, family responsibilities, business or professional situation, and tax status, all of which affect the investor‘s willingness to assume risk. Stage in the Life Cycle: One of the most important factors affecting the individual‘s investment objective is his stage in the life cycle. A young person may put greater emphasis on growth and lesser emphasis on liquidity. He can afford to wait for realization of capital gains as his time horizon is large. Family responsibilities: The investor‘s marital status and his responsibilities towards other members of the family can have a large impact on his investment needs and goals. Investor‘s experience: The success of portfolio depends upon the investor‘s knowledge and experience in financial matters. If an investor has an aptitude for financial affairs, he may wish to be more aggressive in his investments. Attitude towards Risk: A person‘s psychological make-up and financial position dictate his ability to assume the risk. Different kinds of securities have different kinds of risks. The higher the risk, the greater the opportunity for higher gain or loss. Liquidity Needs: Liquidity needs vary considerably among individual investors. Investors with regular income from other sources may not worry much about instantaneous liquidity, but individuals who depend heavily upon investment for meeting their general or specific needs, must plan portfolio to match their liquidity needs. Liquidity can be obtained in two ways: 1. by allocating an appropriate percentage of the portfolio to bank deposits, and 2. by requiring that bonds and equities purchased be highly marketable. Tax considerations: Since different individuals, depending upon their incomes, are subjected to different marginal rates of taxes, tax considerations become most important factor in individual‘s portfolio strategy. There are differing tax treatments for investment in various kinds of assets. Time Horizon: In investment planning, time horizon become an important consideration. It is highly variable from individual to individual. Individuals in their young age have long time horizon for planning, they can smooth out and absorb the ups and downs of risky combination. Individuals who are old have smaller time horizon, they generally tend to avoid volatile portfolios. Individual‘s Financial Objectives: In the initial stages, the primary objective of an individual could be to accumulate wealth via regular monthly savings and have an investment programme to achieve long term capital gains. Safety of Principal: The protection of the rupee value of the investment is of prime importance to most investors. The original investment can be recovered only if the security can be readily sold in the market without much loss of value. Assurance of Income: `Different investors have different current income needs. If an individual is dependent of its investment income for current consumption then income received now in the form of dividend and interest payments become primary objective. Investment Risk: All investment decisions revolve around the trade-off between risk and return. All rational investors want a substantial return from their investment. An ability to understand, measure and properly manage investment risk is fundamental to any intelligent investor or a speculator. Frequently, the risk associated with security investment is ignored and only the rewards are emphasized. An investor who does not fully appreciate the risks in security investments will find it difficult to obtain continuing positive results. RISK AND EXPECTED RETURN: There is a positive relationship between the amount of risk and the amount of expected return i. e. , the greater the risk, the larger the expected return and larger the chances of substantial loss. One of the most difficult problems for an investor is to estimate the highest level of risk he is able to assume. [pic] TYPES OF RISKS:- Risk consists of two components. They are 1. Systematic Risk 2. Un-systematic Risk 1. Systematic Risk: Systematic risk is caused by factors external to the particular company and uncontrollable by the company. The systematic risk affects the market as a whole. Factors affect the systematic risk are ? economic conditions ? political conditions ? sociological changes The systematic risk is unavoidable. Systematic risk is further sub-divided into three types. They are a) Market Risk b) Interest Rate Risk c) Purchasing Power Risk a) Market Risk: One would notice that when the stock market surges up, most stocks post higher price. On the other hand, when the market falls sharply, most common stocks will drop. It is not uncommon to find stock prices falling from time to time while a company‘s earnings are rising and vice-versa. The price of stock may fluctuate widely within a short time even though earnings remain unchanged or relatively stable b) Interest Rate Risk: Interest rate risk is the risk of loss of principal brought about the changes in the interest rate paid on new securities currently being issued. c) Purchasing Power Risk: The typical investor seeks an investment which will give him current income and / or capital appreciation in addition to his original investment. 2. Un-systematic Risk: Un-systematic risk is unique and peculiar to a firm or an industry. The nature and mode of raising finance and paying back the loans, involve the risk element. Financial leverage of the companies that is debt-equity portion of the companies differs from each other. All these factors Factors affect the un-systematic risk and contribute a portion in the total variability of the return. ? Managerial inefficiently ? Technological change in the production process ? Availability of raw materials ? Changes in the consumer preference ? Labour problems The nature and magnitude of the above mentioned factors differ from industry to industry and company to company. They have to be analyzed separately for each industry and firm. Un-systematic risk can be broadly classified into: a) Business Risk b) Financial Risk a. Business Risk: Business risk is that portion of the unsystematic risk caused by the operating environment of the business. Business risk arises from the inability of a firm to maintain its competitive edge and growth or stability of the earnings. The volatibility in stock prices due to factors intrinsic to the company itself is known as Business risk. Business risk is concerned with the difference between revenue and earnings before interest and tax. Business risk can be divided into. i) Internal Business Risk Internal business risk is associated with the operational efficiency of the firm. The operational efficiency differs from company to company. The efficiency of operation is reflected on the company‘s achievement of its pre-set goals and the fulfillment of the promises to its investors. ii)External Business Risk External business risk is the result of operating conditions imposed on the firm by circumstances beyond its control. The external environments in which it operates exert some pressure on the firm. The external factors are social and regulatory factors, monetary and fiscal policies of the government, business cycle and the general economic environment within which a firm or an industry operates. b. Financial Risk: It refers to the variability of the income to the equity capital due to the debt capital. Financial risk in a company is associated with the capital structure of the company. Capital structure of the company consists of equity funds and borrowed funds. PORTFOLIO ANALYSIS: Various groups of securities when held together behave in a different manner and give interest payments and dividends also, which are different to the analysis of individual securities. A combination of securities held together will give a beneficial result if they are grouped in a manner to secure higher return after taking into consideration the risk element. SELECTION OF PROTFOLIO: The selection of portfolio depends on the various objectives of the investor. The selection of portfolio under different objectives are dealt subsequently. Objectives and asset mix: if the main objective is getting adequate amount of current income, sixty per cent of the investment is made on debts and 40 per cent on equities. The proportions of investments on debt and equity differ according to the individual’s preferences. Growth of income and asset mix: Here the investor requires a certain percentage of growth in the income received from his investment. The debt portion of the portfolio may consist of 60 to 100 percent equities and 0 to 40 percent debt instrument. The debt portion of the portfolio may consist of concession regarding tax exemption. Appreciation of principal amount is given third priority. For example computer software, hardware and non-conventional energy producing company shares provides good possibility of growth in dividend. Capital appreciation and asset mix: Capital appreciation means that the valu of the original investment increases over the years. Investment in real estates like land and house may provide a faster rate of capital appreciation but they lack liquidity. In the capital market, the values of the shares are much higher than their original issue prices. Safety of principal and asset mix: Usually, the risk averse investors are very particular about the stability of principal. According to the life cycle theory, people in the third stage of life also give more importance to the safety of the principal. All the investors have this objective in their mind. No one like to lose his money invested in different assets. Risk and return analysis: The traditional approach to portfolio building has some basic assumptions. First, the individual prefers larger to smaller returns from securities. To achieve this goal, the investor has to take more risk. The ability to achieve higher returns is dependent upon his ability to judge risk and his ability to take specific risks. Diversification: Once the asset mix is determined and the risk and return are analyzed, the final step is the diversification of portfolio. Financial risk can be minimized by commitments to top-quality bonds, but these securities offer poor resistance to inflation. Stocks provide better inflation protection than bonds but are more vulnerable to financial risks. PORTFOLIO CONSTRUCTION: Portfolio is a combination of securities such as stocks, bonds and money market instruments. The process of blending together the broad asset so as to obtain optimum return with minimum risk is called portfolio construction. Diversification of investments helps to spread risk over many assets. A diversification of securities gives the assurance of obtaining the anticipated return on the portfolio. APPROACHES IN PORTFOLIO CONSTRUCTION: There are two approaches in construction of the portfolio of securities. They are ? Traditional approach ? Modern approach TRADITIONAL APPROACH: Traditional approach was based on the fact that risk could be measured on each individual security through the process of finding out the standard deviation and that security should be chosen where the deviation was the lowest. Traditional approach believes that the market is inefficient and the fundamental analyst can take advantage of the situation. Traditional approach is a comprehensive financial plan for the individual. It takes into account the individual needs such as housing, life insurance and pension plans. Traditional approach basically deals with two major decisions. They are a) Determining the objectives of the portfolio b) Selection of securities to be included in the portfolio MODERN APPROACH: Modern approach theory was brought out by Markowitz and Sharpe. It is the combination of securities to get the most efficient portfolio. Combination of securities can be made in many ways. Markowitz developed the theory of diversification through scientific reasoning and method. Modern portfolio theory believes in the maximization of return through a combination of securities. The modern approach discusses the relationship between different securities and then draws inter-relationships of risks between them. Markowitz gives more attention to the process of selecting the portfolio. It does not deal with the individual needs. In the modern approach, the final step is asset allocation process that is to choose the portfolio that meets he requirement of the investor. The risk taker i. e. who are willing to accept a higher probability of risk for getting the expected return would choose high risk portfolio. Investor with lower tolerance for risk would choose low level risk portfolio. The risk neutral investor would choose the medium level risk portfolio. MARKOWITZ MODEL: Harry Markowitz opened new vistas to modern portfolio selection by publishing an article in the journal of Finance in March 1952. His publication indicated the importance of correlation among the different stocks reruns in the construction of a stock portfolio. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking, and electronic companies is better than investing all the money on the textile company’s stock. But building up the optimal portfolio is very difficult. Markowitz provides an answer to it with the help of risk and return relationship. Markowitz model is a theoretical framework for analysis of risk and return and their relationships. He used statistical analysis for the measurement of risk and mathematical programming for selection of assets in a portfolio in an efficient manner. Markowitz approach determines for the investor the efficient set of portfolio through three important variables i. e. ? Return ? Standard deviation ? Co-efficient of correlation Markowitz model is also called as an â€Å"Full Covariance Modelâ€Å". Through this model the investor can find out the efficient set of portfolio by finding out the tradeoff between risk and return, between the limits of zero and infinity. According to this theory, the effects of one security purchase over the effects of the other security purchase are taken into consideration and then the results are evaluated. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking and electronic companies is better than investing all the money on the textile company‘s stock. Markowitz had given up the single stock portfolio and introduced diversification. The single stock portfolio would be preferable if the investor is perfectly certain that his expectation of highest return would turn out to be real. In the world of uncertainty, most of the risk adverse investors would like to join Markowitz rather than keeping a single stock, because diversification reduces the risk. ASSUMPTIONS: All investors would like to earn the maximum rate of return that they can achieve from their investments. ? All investors have the same expected single period investment hori zon. ? All investors before making any investments have a common goal. This is the avoidance of risk because Investors are risk-averse. ? Investors base their investment decisions on the expected return and standard deviation of returns from a possible investment. ? Perfect markets are assumed (e. g. no taxes and no transaction costs). ? The investor assumes that greater or larger the return that he achieves on his investments, the higher the risk factor surrounds him. On the contrary when risks are low the return can also be expected to be low. The investor can reduce his risk if he adds investments to his portfolio. ? An investor should be able to get higher return for each level of risk â€Å"by determining the efficient set of securitiesâ€Å". ? An individual seller or buyer cannot affect the price of a stock. This assumption is the basic assumption of the perfectly competitive market. ? Investors make their decisions only on the basis of the expected returns, standard deviat ion and covariance’s of all pairs of securities. ? Investors are assumed to have homogenous expectations during the decision-making period. ? The investor can lend or borrow any amount of funds at the riskless rate of interest. The riskless rate of interest is the rate of interest offered for the treasury bills or Government securities. ? Investors are risk-averse, so when given a choice between two otherwise identical portfolios, they will choose the one with the lower standard deviation. ? Individual assets are infinitely divisible, meaning that an investor can buy a fraction of a share if he or she so desires. ? There is a risk free rate at which an investor may either lend (i. e. invest) money or borrow money and There is no transaction cost i. e. no cost involved in buying and selling of stocks. ? There is no personal income tax. Hence, the investor is indifferent to the form of return either capital gain or dividend. The Effect Of Combining Two Securities: It is believed that holding two securities is less risky than by having only one investment in a person‘s portfolio. When two stocks are taken on a portfolio and if they have negative correlation then risk can be completely reduced because the gain on one can offset the loss on the other. This can be shown with the help of following example: Inter-Active Risk Through Covariance: Covariance of the securities will help in finding out the inter-active risk. When the covariance will be positive then the rates of return of securities move together either upwards or downwards. Alternatively it can also be said that the inter-active risk is positive. Secondly, covariance will be zero on two investments if the rates of return are independent. Holding two securities may reduce the portfolio risk too. The portfolio risk can be calculated with the help of the following formula: CAPITAL ASSET PRICING MODEL (CAPM): Markowitz, William Sharpe, John Lintner and Jan Mossin provided the basic structure for the Capital Asset Pricing Model. It is a model of linear general equilibrium return. In the CAPM theory, the required rate return of an asset is having a linear relationship with asset‘s beta value i. e. undiversifiable or systematic risk (i. e. market related risk) because non market risk can be eliminated by diversification and systematic risk measured by beta. Therefore, the relationship between an assets return and its systematic risk can be expressed by the CAPM, which is also called the Security Market Line. Lending and borrowing:- Here, it is assumed that the investor could borrow or lend any amount of money at riskless rate of interest. When this opportunity is given to the investors, they can mix risk free assets with the risky assets in a portfolio to obtain a desired rate of risk-return combination. Rp =Portfolio return Xf =The proportion of funds invested in risk free assets 1- Xf = The proportion of funds invested in risky assets Rf =Risk free rate of return Rm =Return on risky assets The expected return on the combination of risky and risk free combination is Rp= Rf Xf+ Rm(1- Xf) Formula can be used to calculate the expected returns for different situations, like mixing riskless assets with risky assets, investing only in the risky asset and mixing the borrowing with risky assets. THE CONCEPT: According to CAPM, all investors hold only the market portfolio and risk less securities. The market portfolio is a portfolio comprised of all stocks in the market. Each asset is held in proportion to its market value to the total value of all risky assets. For example, if Reliance Industry share represents 15% of all risky assets, then the market portfolio of the individual investor contains 15% of Satyam Industry shares. At this stage, the investor has the ability to borrow or lend any amount of money at the risk less rate of interest. Eg. assume that borrowing and lending rate to be 12. 5% and the return from the risky assets to be 20%. There is a tradeoff between the expected return and risk. If an investor invests in risk free assets and risky assets, his risk may be less than what he invests in the risky asset alone. But if he borrows to invest in risky assets, his risk would increase more than he invests his own money in the risky assets. When he borrows to invest, we call it financial leverage. If he invests 50% in risk free assets and 50% in risky assets, his expected return of the portfolio would be Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x 0. 5) + 20 (1-0. 5) = 6. 25 + 10 = 16. 5% if there is a zero investment in risk free asset and 100% in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = 0 + 20% i. e. 20% if -0. 5 in risk free asset and 1. 5 in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x -0. 5) + 20 (1. 5) = -6. 25+ 30 = 23. 75% EVALUATION OF PORTFOLIO: Portfolio manager evaluates his portfolio performance and identifies the sources of strengths and weakness. The evaluation of the portfolio provides a feedback about the performance to evolve better management strategy. Even though evaluation of portfolio performance is considered to be the last stage of investment process, it is a continuous process. There are number of situations in which an evaluation becomes necessary and important. i. Self-Valuation: An individual may want to evaluate how well he has done. This is a part of the process of refining his skills and improving his performance over a period of time. ii. Evaluation of Managers: A mutual fund or similar organization might want to evaluate its managers. A mutual fund may have several managers each running a separate fund or sub-fund. It is often necessary to compare the performance of these managers. iii. Evaluation of Mutual Funds: An investor may want to evaluate the various mutual funds operating in the country to decide which, if any, of these should be chosen for investment. A similar need arises in the case of individuals or organizations who engage external agencies for portfolio advisory services. iv. Evaluation of Groups: Academics or researchers may want to evaluate the performance of a whole group of investors and compare it with another group of investors who use different techniques or who have different skills or access to different information. NEED FOR EVALUATION OF PORTFOLIO: ? We can try to evaluate every transaction. Whenever a security is brought or sold, we can attempt to assess whether the decision was correct and profitable. ? We can try to evaluate the performance of a specific security in the portfolio to determine whether it has been worthwhile to include it in our portfolio. We can try to evaluate the performance of portfolio as a whole during the period without examining the performance of individual securities within the portfolio. Portfolio management has emerged as a separate academic discipline in India. Portfolio theory that d eals with the rational investment decision-making process has now become an integral part of financial literature. Investing in securities such as shares, debentures bonds is profitable well as exciting. It is indeed rewarding but involves a great deal of risk need artistic skill. Investing in financial securities is now considered to be one of the most risky avenues of investment. It is rare to find investors investing their entire savings in a single security. Instead, they tend to invest in a group of securities. Such group of securities is called as PORTFOLIO. Creation of portfolio helps to reduce risk without sacrificing returns. Portfolio management deals with the analysis of individual securities as well as with the theory practice of optimally combining securities into portfolios. The modern theory is of the view that by diversification, risk can be reduced. The investor can make diversification either by having a large number of shares of companies in different regions, in different industries or those producing different types of product lines. Modern theory believes in the perspective of combinations of securities under constraints of risk and return. PORTFOLIO REVISION: The portfolio which is once selected has to be continuously reviewed over a period of time and then revised depending on the objectives of the investor. The care taken in construction of portfolio should be extended to the review and revision of the portfolio. Fluctuations that occur in the equity prices cause substantial gain or loss to the investors. The investor should have competence and skill in the revision of the portfolio. The portfolio management process needs frequent changes in the composition of stocks and bonds. In securities, the type of securities to be held should be revised according to the portfolio policy. An investor purchases stock according to his objectives and return risk framework. The prices of stock that he purchases fluctuate, each stock having its own cycle of fluctuations. These price fluctuations may be related to economic activity in a country or due to other changed circumstances in the market. If an investor is able to forecast these changes by developing a framework for the future through careful analysis of the behavior and movement of stock prices is in a position to make higher profit than if he was to simply buy securities and hold them through the process of diversification. Mechanical methods are adopted to earn better profit through proper timing. The investor uses formula plans to help him in making decisions for the future by exploiting the fluctuations in prices. PASSIVE MANAGEMENT: Passive management is a process of holding a well diversified portfolio for a long term with the buy and hold approach. Passive management refers to the investor’s attempt to construct a portfolio that resembles the overall market returns. The simplest form of passive management is holding the index fund that is designed to replicate a good and well defined index of the common stock such as BSE-sensex or NSE-Nifty. ACTIVE MANAGEMENT: Active management is holding securities based on gthe forecast about the future. The portfolio managers who pursue active strategy with respect to market components are called ‘market timers’. The portfolio managers vary their cash position or beta of the equity portion of the portfolio based on the market forecast. The managers may indulge in ‘ group rotation’s. here, the group rotation means changing the investment in different industries’ stocks depending on the assessed expectations regarding their future performance. FORMULA PLANS: The formula plans provide the basic rules and regulations for the purchase and sale of securities. The amount to be spent on the different types of securities is fixed. The amount may be fixed either in constant or variable ratio. This depends on the investor‘s attitude towards risk and return. The commonly used formula plans are i. Average Rupee Plan ii. Constant Rupee Plan iii. Constant Ratio Plan iv. Variable Ratio Plan ADVANTAGES: ? Basic rules and regulations for the purchase and sale of securities are provided. ? The rules and regulations are rigid and help to overcome human emotion. ? The investor can earn higher profits by adopting the plans. ? A course of action is formulated according to the investor‘s objectives. ? It controls the buying and selling of securities by the investor. ? It is useful for taking decisions on the timing of investments. DISADVANTAGES: ? The formula plan does not help the selection of the security. The selection of the security has to be done either on the basis of the fundamental or technical analysis. ? It is strict and not flexible with the inherent problem of adjustment. ? The formula plans should be applied for long periods, otherwise the transaction cost may be high. ? Even if the investor adopts the formula plan, he needs forecasting. Market forecasting helps him to identify the best stocks. CHAPTER-3 COMPANY PROFILE SHAREKHAN LTD Sharekhan Ltd. is one of the leading retail stock broking house of SSKI Group which is running successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of experience in the stock broking business. Sharekhan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. The firm’s online trading and investment site www. sharekhan. com- was launched on Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers across the country. Known for its jargon-free, investor friendly language and high quality research, the site has a registered base of over one lakh customers. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed technology and superior market information. The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that emulates the broker terminals along with host of other information relevant to the Day Traders. This was for the first time that a net-based trading station of this caliber was offered to the traders. In the last six months Speed Trade has become a de facto standard for the Day Trading community over the net. Sharekhan’s ground network includes over 640 centers in 280 cities in India which provide a host of trading related services. Sharekhan has always believed in investing in technology to build its business. The company has used some of the best-known names in the IT industry, like Sun  Microsystems,  Oracle,  Microsoft,  Cambridge  Technologies,  Nex genix, Vignette, Verisign Financial Technologies India Ltd, Spider Software Pvt Ltd. To build its trading engine and content. The Morakhiya family holds a majority stake in the company. HSBC, Intel   Carlyle are the other investors. With a legacy of more than 80 years in the stock markets, the SSKI groupventured  into  institutional  broking  and  corporate  finance  18  years  ago. Presently  SSKI  is  one  of  the  leading  players  in  institutional  broking  andcorporate finance activities. SSKI holds a sizeable portion of the market in each of these segments. SSKI’s institutional broking arm accountsfo7%of  the  market  for  Foreign  Institutional  portfolio  investment  and  5%  of  allDomestic  Institutional  portfolio  investment  in  the  country. It  has  60institutional  clients  spread  over  India,  Far  East,  UK  and  US. ForeignInstitutional Investors generate about 65% of the organization’s revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section has a listof very prestigious clients and has many ‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The group has placed over US$ 1 billion in private equity deals. PROFILE OF THE COMPANY: Name of the company : Sharekhan ltd. Year of Establishment : 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix Mills Compound Lower Parel, Mumbai Maharashtra, INDIA- 400013 Nature of Business : Service Provider Services : Depository Services, Online Services and Technical Research. Number of Employees : Over 3500 Website : www. sharekhan. com Slogan : Your guide to the financial jungle Vision To be the best  retail brokering Brand in the retail business of stock market. Mission To educate and empower the individual investor to make better investmentdecisions through quality advice and  superior service Sharekhan is infact: †¢ Among the top 3 branded retail service providers †¢ No. 1 player in online business †¢ Largest network of branded broking outlets in the country serving more than7, 00,000 clients Sharekhans management team is one of the strongest in the sector and has positioned Sharekhan to take advantage of the growing consumer demand for financial services products in India through investments in research, pan-Indian branch network and an outstanding technology platform. Further, Sharekhans lineage and relationship with SSKI Group provide it a unique position to understand and leverage the growth of the financial services sector. SSKI Corporate Finance Private Limited (SSKI) is a leading India-based investment bank with strong research-driven focus. Their team members are widely respected for their commitment to transactions and their specialized knowledge in their areas of strength ITA CORE SERVICES ARE: ? Equities, and Derivatives trading on the National Stock Exchange of India Ltd. (NSE), and Bombay Stock Exchange Ltd. (BSE), ? Commodities trading on National Commodity and Derivatives Exchange India(NCDEX) and Multi Commodity Exchange of India Ltd. (MCX), ? Depository services, ? Online trading services, ? IPO Services, ? Dial-n-Trade ? Portfolio management services, Fundamental and Technical Research services, ? In addition to this they also provide advisory services and  distributions for  mutual funds. ? Sharekhan ValueLine (a monthly publication with  reviews of recommendations,stocks to watch out for etc. ) ? Daily research reports and market review (High Noon   Eagle Eye) ? Pre-market Report ? Daily trading calls based on Technical Analysis ? Cool trading products (Daring Derivatives and Market Strategy) REASONS TO CHOOSE SHAREKHAN: ? Experience : SSKI has more than eight decades of trust and credibility in the Indian Stock Market. In the Asia Money Broker’s Poll held recently, SSKI won the ‘India’s Best broking house for 2004’ award. Ever since it launched Sharekhan as its retail broking division in February in 2000, it has been providing institutional-level research and broking services to individual investors. ? Technology: With their Online Trading account one can buy and sell shares in an instant from any PC with an internet connection. Customers get access to the powerful online trading tools that will help them to take complete control over their investments in shares. ? Accessibility: Sharekhan provides Advice, Education, Tools and Education services for investors. These services are accessible through many centers across the country (over 650 locations in 150 cities), over the internet (through the website www. sharekhan. ltd) as well as over the voice tool. ? Knowledge: In a business where the right information at the right time can translate into direct profits investors get access to a wide range of information on the content rich portal www. sharekhan. com. Investors will also get a useful set of knowledge-based tools that will empower them to take informed decisions ? Convenience: One can call Sharekhan’s Dial-N-Trade number to get investment advice and execute his/her transactions. They have a dedicated call-center to provide this service via a Toll Free Number 1800 22-7500 39707500 from anywhere in India. ? Customer Service: Its customer service team assist their customer for any help that they need relating to transactions, billing, demat and other queries. Their customer service can be contacted via a toll-free number, email or live chat on www. sharekhan. com. ? Investment Advice: Sharekhan has dedicated research teams of more than 30 people for fundamental and technical research. Their analysts constantly track the pulse of the market and provide timelyinvestment advice to customer in the form of daily research emails, online chat, printed reports etc. SHAREKHAN LIMITED’S MANAGEMENT TEAM †¢ Dinesh  Murikya   :   Owner  of  the  company †¢   Tarun  Shah   :   CEO  of  the  company †¢ Shankar  Vailaya   :   Director  (Operations) †¢   Jaideep  Arora :   Director  (Products  Ã‚  Technology) †¢ Pathik  Gandotra :   Head  of  Research Rishi  Kohli   :   Vice  President  of  Equity  Derivatives †¢ Nikhil  Vora :   Vice  President  of  Research BENEFITS †¢ Free Depository A/c †¢ Instant Cash Transfer †¢ Multiple Ba nk Option. †¢ Secure Order by Voice Tool Dial-n-Trade. †¢ Automated Portfolio to keep track of the value of your actual purchases. †¢ 24*7 Voice Tool access to your trading account. †¢ Personalized Price and Account Alerts delivered instantly to your mobile phone †¢ Live chat facility with Relationship manager on Yahoo Messenger. †¢ Special Personal inbox for order and trade confirmations. †¢ On-line customer service via web chat. †¢ Enjoy automated Portfolio. Buy or sell even single share. †¢ Anytime ordering. Sharekhan provides 4 in 1 account: *Demat a/c *Bank a/c: for fund transfer *Dial and Trade: for query relating trading *Trading a/c: for cash calculation DEMAT ACCOUNT: Sharekhan  is  a  depository  participant. This  means  that  we  can  keep  the  shares  in dematerialized form  in  Sharekhan. But  for  this  one  has  to  the  demat  account  in Sharekhan. Dematerialization is the p rocess by which a client can get physical certificates converted into electronic balances maintained in his account with the DP. In Sharekhan, under demat account there are two types of terminals Classic and Trade Tiger. ACCOUNT OPENING: Opening a DP account with Sharekhan-One can open a Depository Participant (DP) account, either through a Sharekhan branch or through a Sharekhan Franchisee center. There is no fee for opening DP accounts with Sharekhan. However a nominal deposit (refundable) is charged towards services which will be adjusted against all future billings. All investors have to submit their proof of identity and proof of address along with the  prescribed account opening form. CLASSICAL ACCOUNT: This is a user friendly product which allow the client to trade through website www. sharekhan. com and is suitable for all the retial investors who is risk averse and hence prefers to invest in stocks or who does not trade too frequently Features Online trading account for investing in equity and derivatives via www. sharekhan. com †¢ Live Terminal and Single terminal for NSE Cash, NSE FO BSE. †¢ Integration of On-line trading, Saving Bank and Demat Account. †¢ Instant cash transfer facility a gainst purchase sale of shares. †¢ Competitive transaction charges. †¢ Instant order and trade confirmation by E-mail. †¢ Streaming Quotes (Cash Derivatives). †¢ Personalized market watch. †¢ Single screen interface for Cash and derivatives and more. †¢ Provision to enter price trigger and view the same online in market watch. SPEEDTRADE SPEEDTRADE is an internet-based software application that enables you to buy and sell inan instant. It is ideal for active traders and jobbers who transact frequently during day’s sessionto capitalize on intra-day price movement. Features †¢ Instant order Execution and Confirmation. †¢ Single screen trading terminal for NSE Cash, NSE FO BSE. †¢ Technical Studies. †¢ Multiple Charting. †¢ Real-time streaming quotes, tic-by-tic charts. †¢ Market summary (Cost traded scrip, highest clue etc. ) †¢ Hot keys similar to broker’s terminal †¢ Alerts and reminders. †¢ Back-up facility to place trades on Direct Phone lines. †¢ Live market debts. DIAL-N-TRADE: Along with enabling access for trade online, the CLASSIC and SPEEDTRADE ACCOUNT also gives Dial-n-trade services. With this service, one can dial Sharekhan’s dedicated phone lines 1800-22-7500, 3970-7500. Beside this, Relationship Managers are always available on Office Phone and Mobile to resolve customer queries. SHARE MOBILE: Sharekhan had introduced Share Mobile-mobile based  software where one  can watch Stock  Prices, Intra Day Charts, Research Advice and Trading Calls live on the Mobile. (As per SEBI  regulations, buying-selling  shares through a mobile phone are not yet permitted. ) PREPAID ACCOUNT: Customers pay Advance Brokerage on trading Account and enjoy uninterrupted trading in their Account. Beside this, great discount are also available (up to 50%) on brokerage. Prepaid Classic Account: Rs. 000Prepaid Speed trade Account: Rs. 6000 IPO ON-LINE: Customers can  apply to all  the forthcoming IPOs  online. This is  quite hassle-free, paper less and time saving. Simply  allocate  fund to  IPO Account, Apply  for the  IPO and Sit  Back  Relax MU TUAL FUND ONLINE: Investors can apply to mutual funds of reliance, Franklin Templeton Investments, ICICI Prudential, SBI, Birla, Sundaram, HDFC, DSP Merrill Lynch, Principal and TATA with Sharekhan. ZERO BALANCE ICICI SAVING ACCOUNT: Sharekhan had tied-up with ICICI bank for Zero Blance Account for Sharekhan’s Clients. Now their customers can have a Zero Balance Account with ICIC bank after oyur DEmat Account creation with Sharekhan. Sharekhan has tie up with the following banks: HDFC Axis Bank IDBI Citi Bank IndusInd Bank Union Bank ICICI Bank CUSTOMER †¢ Business class people (high class) †¢ High  Net  worth  Individuals †¢ Service class people †¢ Government Employees †¢ Young Adults (19-30 yrs. ) †¢ Adults (35-50 yrs. ) †¢ HUF (Hindu Undivided Family) †¢ Women (literate and working MARKET SHARE Sharekhan enjoyed about 20 per cent market share in Web business (Internet trading) instock markets. Three years ago, Web  trading showed  lot of  promise but  with the marketwitnessing a downturn, there was not  much interest among retail customers. PROFITS The share of Web trading constituted 22 per cent of the revenue. As Sharekhans dailytrading volume was over Rs 200 crore, the share of Web trading at about Rs 40 crore aday was substantial and a larger part of the volume was coming from day  traders SHAREKHAN FIRST-STEP The Sharekhan FirstStep is a  brand new program designed especially for those who are new to investing in shares. All one have to do is open a Sharekhan FirstStep account And hey guide us through the investing process. FEATURES OF TRADING WITH SHAREKHAN: 1. Freedom  from  paperwork 2. Instant  credit  and  money  transfer 3. Trade  from  any  net  enabled  PC 4. After  hour  orders 5. Online  orders  on  the  phone 6. Timely  advice  and-research  reports 7. Real-time  Portfolio  tracking 8. Information  and  Price  alerts. RESEARCH SECTION IN SHAREKHAN LIMITED Sharekhan  Limited  has  its  own  in-house  Research  Organisation  which  isknown as Value line. It comprises a team of experts who constantly keep an eye on the share market and do research on the various aspects of the share market. Generally the research is based on the Fundamentals and Technical analysis of different companies and also taking into account various factors relating to the economy. Sharekhan Limited’s research on the volatile market has been found accurate most of  the time. Sharekhans trading calls  in the  month of  November 2007has given 89% strike rate . Out of 37 trading calls given by  Sharekhan in the month of November 2007, 33hit the profit target. These exclusive trading picks come only to Sharekhan Online Trading Customer and are  based on in-depth technical analysis. As a customer of Sharekhan Limited, one receives daily 5-6 Research Reports on their emails which they can use as tips for investing in the market. These reports are named as Pre-Market Report, Eagle Eye, High Noon, Investors Eye,Daring  Derivatives  and  Post-Market  Report. Apart  from  these,  SharekhanLimited issues a monthly subscription by the name of Value line which is easily available in the market. AWARDS  AND  AC  HIEVEMENTS SSKI has been voted as the Top Domestic Brokerage House in the research category, twice by Euro money Survey and four  times by Asia money Survey. Sharekhan Limited won the CNBC AWARD for the year 2004. The team has completed over US$5 billion worth of deals in the  last 5 years   making it among the  most significant players  raising  equity  in the  Indian  market. SSKI, a veteran equities solutions company has over 8 decades of experience in the  Indian stock markets. If we  experience their language, presentation style, content or  for that matter the  online trading facility, well find a common thread; one that helps us make informed decisions and  simplifies  investing  in  stocks. â€Å"Sharekhan has always believed in collaborating with likeminded Corporate into forming strategic associations for mutual benefit relationships† says Jiadeep Arora, Director Sharekhan Limited.

Which provisions in the Constitution give the fede Essays - Health

Which provisions in the Constitution give the federal government power to create, regulate, and mandate healthcare policies and according to whom? The United States Constitution does not imply that the federal government has direct power to create, regulate or mandate healthcare policies due to its' focus on the separation of powers, citizens "natural rights", and regulation of state authority. When the Constitution was written it was not with the inclination that ideas such as Universal Health Care or Obamacare would be enforced by the federal government. The preamble of the Constitution states, "We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America." However, the federal system creates two levels of government, the national and the state each with different roles that overall cover the wellbeing of citizens and the prosperity of the country. The argument should be more toned toward the federal government's role involve citizens receiving health care. Although Constitution does not dictate authority on a national level, there is regulation to policies regarding health care on the state level such as policy language, premium rates, and claim practices. These items very with each state and companies, such as State Farm, have individuals who ensure such compliance. But on a federal level we have HIPPA Act which is commonly enforced in the medical field, including the military; to protect medical information of patients. We can also see federal involvement when it comes to the creation of the FDA or Department of Health, Education, and Welfare. The Supreme Court has overseen a multitude of health care related cases regardless of ruling for or against there is an active role of the federal government as a whole. These situations test the ambiguity of the power each level of power. However, I believe that the idea behind the national and state role is to ensure accountability. On the state level, there are different priorities amongst states since the populous culture (i.e. drugs, STD's) and environment play a significant role in the health issues of that particular state. Ohio and West Virginia have seen an incline in drugs such as methamphetamine epidemic over the past five years. Naloxone is used by first responders to assist in drug overdoses, the funding of such a drug comes from the state but overall state funding is seen from the national level of government when lobbying for issues. Creating and environment in which the population can flourish has a direct correlation to the prosperity of the country which is why I believe that both national and state government have a large investment into health care although not mandated directly by the Constitution. Despite any personal feelings, there is an implied understanding that government should ensure that health care is accessible to individuals but not to create, regulate or mandate the reforms to ensure their quality or affordability.

Rally Round the Trade Name Essays

Rally Round the Trade Name Essays Rally Round the Trade Name Essay Rally Round the Trade Name Essay Rally Round the Trade Name Name: Course: Institution: Tutor Date: Rally Round the Trade Name Part 1 It is clear that Gabby’s surname is Rally and that is the main reason that led her to use it as her business name. However, she does not have the right to use it in whatever she wants. When it comes to matters affecting other people, she has a responsibility of following the right procedures before she incorporates her name in these issues. She has the responsibility of analyzing how incorporating her surname will affect the rest of the community. In this case, her surname had already been used by another business. Practically, people were mistaking the â€Å"Rally† car dealership and the â€Å"Rally† pizza restaurant. The car dealers were being called to deliver pizzas. There was a conflict of interest. In such a case, this conflict had to be resolved; otherwise, it was becoming inconveniencing. Gabby had no right of using her surname in her business just because the surname belonged to her. It was not right as it was bringing a conflict of interest in an existing business (Tilman, 2002). Part 2 People tend to associate â€Å"Rally† with pizza since pizzas are edibles and therefore they are consumed more than cars are. Most people are more likely to call in for a pizza delivery than they are to call in for a car delivery. However, Rally car dealership has been there for more than forty years. This means that it has built its brand and that it has formed its clientele using the name â€Å"Rally†. Unfortunately, registering a business with a particular name does not give one the right to own the business name (Kerly, Blanco Jacob, 1986). From the incoming calls, the name â€Å"Rally† has been greatly associated with pizza. This matters as far as a trade name is concerned. The Rally is used more by those ordering pizzas because pizzas are consumes more than cars are. The majority of the consumers tend to master the first word of a trade name and thus use it as a reference when intending to refer to the business. This is why the consumers dial the number to the car dealership instead of dialing the restaurant’s number. Pizzas are fast-moving goods since they are cheap, edibles and perishable while cars are more expensive, non-perishable are not as part of basic needs as foods. This is why it may be perceived as though â€Å"Rally† is more associated with the pizza. However, the case may have been different if Herman’s business dealt with eatables such as drinks. Since Herman’s business may have been around for a longer period, it could have received as many calls as the pizza calls or even more calls. In other words, Rally may be more associated with the pizza because of the different natures of the businesses. Part 3 As indicated, Herman’s business was the first to use the business name. The business has been around for around fifty years and so it has built using its clientele in that geographical location using that particular name (Hopkins, 1924). In this case, it is significant to appreciate that Herman’s business has used the trade name for the longest time. On the other hand, it is significant to note that most people associate the trade name with the pizza. Transactions, legal documents and all the other records over the many years have been used with name â€Å"Rally†. Many people, both young and old, associate Rally with the car dealership as they have grown up seeing the business. The main reason that popularizes the trade name â€Å"Rally† with the pizza is the nature of the pizza business. If Herman changed the business to another name, there would be more harm done as it would it would be a long process due to the years it has been established. On the other hand, Gabby can change her business name since her business is smaller than Herman’s and not as old as Herman’s business. It is easier to change the name of a child than changing the name of a fifty –year old man. Part 4 Like ones birth names, one has the right to their trade name. It does not matter that a man aged eighty-five years old is named Peter while another aged two is named the same. They both have the rights to the same name. Similarly, a business named â€Å"Smiths† started in 1975 does not give it more rights to the name than a business named the same started in 2009. However, similar business names can bring a conflict of interest. Although it has been said that an older business cannot sue a younger business for using its name, the older business posses more rights to the name. This more defined if the two businesses are of a different nature. The older business has done many transactions and incorporated a lot of legal documentation using the trade name for a longer period than the latter business. Age is one way of gaining the rights to a business. Additionally, a business, which has built its clientele and general business around the name of the business, gives it more rights to the trade name as compared to other businesses (Uspto, 2012). For example, the McDonalds Company has built its business around the trade name. Another fast food restaurant cannot open and trade with the same name. It is evident that registering a business does not make one to have the exclusive rights to a business name. However, it is a way of ensuring that the rights are more defined as compared to a business that is not registered. Similarly, registering businesses allows one to avoid picking a name that is already picked by other people. Similarly, it also gives evidence as to the length and extent one has used the name. As earlier identified the length of time a trade name has been used can aide one in winning a case, if need arises. Part 5 The first remedy is to talk with the infringing party about the issue. Talks are more productive than lawsuits. It enables the two businesses to come to consensus that is acceptable to both parties, without the bad incidences and the experiences that are experienced in courtrooms. It also saves on time and money, which are greatly used when a party sues the other. These discussions can be made without the presence of a mediator. In this case, Gabby can incorporate the name â€Å"Restaurant† (if not incorporated) and make it as distinct and conspicuous as possible, thus giving the consumers room for making out the difference between the two businesses when dialing the number on the directory. Similarly, Rally can make the name â€Å"Car Dealership† to be as distinct as possible. In another approach, arbitration can be incorporated. This is a form of settling cases outside the court (Elias Stim, 2011). This may include the use of a mediator or other means thus allowing room for negotiations. The method is not expensive, takes a lesser period and does not attract a lot of public attention like the court cases. This method allows the personal opinions of the parties unlike the court processes that required the use of a lawyer. Suing is an option but it should be the last option. This is because it involves a lot of time, energy (both physical and emotional), is more expensive and it may cost the reputation of both of the businesses or either of the business. Settling the dispute in court allows a business to get a judgment that is concrete and can only be challenged by a higher court. Similarly, it reduces the cases of unfairness or decision ambiguity. Persons going against the decision made can be prosecuted and jailed. Settling issues in court should be the last approach. The best include having a one-on-one discussion or incorporating mediators. References Elias, N. Stim, R. (2011). Trademark. Legal Care for your Business Product Name. Berkeley, CA: Nolo. Hopkins, J.L (1924). The law of trademarks, trade names and unfair competition, including trade secrets. New York, NY: The W. H. Anderson Company. Kerly, D. M., Blanco, W. T. A., Jacob, R. (1986). Kerly’s law of trade marks and trade names. London: Sweet Maxwell. Tillman, C. (2002). Trade Names. New York, NY: S.N. United States Patents and Trademark Office (2012). 2173.05(u) Trademarks or Trade Names in a Claim – 2100 Patentability. Uspto.govv. Retrieved From uspto.gov/web/offices/pac/mpep/documents/2100_2173_05_u.htm

Definition and Examples of Logical Fallacies

Definition and Examples of Logical Fallacies A Fallacy is an error in reasoning that renders an argument invalid: A fallacious argument is a defective argument, says Michael F. Goodman, and  a fallacy is  the defect in the argument itself. . . . Any argument committing one of the informal fallacies is an argument in which the conclusion does not follow conclusively from the premise(s) (First Logic, 1993). Observations on Fallacy In logic and the generalized study of reasoning, there are generally understood to be such things as good reasoning and bad reasoning. Typically, bad reasoning is characterized by falling into one or more of the classically compiled logical fallacies. A logical fallacy is simply a failure of logic. Arguments that are said to be fallacious have gaping holes or misleading leaps in their structure and reasoning.(J. Meany and K. Shuster, Art, Argument, and Advocacy. IDEA, 2002)An informal fallacy is an attempt at making a logical argument where there’s a failure in the reasoning itself. This can stem from a number of causes, such as the misapplication of words and phrases, or misunderstandings based on inappropriate assumptions. Illogical sequences in an argument can also cause informal fallacies. While informal fallacies can result in inaccurate arguments and false conclusions, that doesn’t mean they can’t be very persuasive.(Russ Alan Prince, How To Bolster Your Ne gotiations With Informal  Fallacies. Forbes, June 7, 2015) Deceptions A fallacy is so conceived that if an argument exhibits a fallacy, it is probably a bad one, but if the argument exhibits no such violation, it is a good one.Fallacies are mistakes in reasoning that do not seem to be mistakes. Indeed, part of the etymology of the word fallacy comes from the notion of deception. Fallacious arguments usually have the deceptive appearance of being good arguments. That perhaps explains why we are so often misled by them.(T. Edward Damer, Attacking Faulty Reasoning, 2001) Violations [O]ne clear sense of fallacy that we will encounter will involve a shift away from the correct direction in which an argumentative dialogue is progressing. By various means, an arguer may impede the other party from making her point or may attempt to draw the discussion off track. In fact, one popular modern approach to understanding fallacious reasoning is to see it as involving violations of rules that should govern disputes so as to ensure that they are well conducted and resolved. This approach, put forward by [Frans] van Eemeren and [Rob] Grootendorst in several works, goes by the name of pragma-dialectics. Not only is each of the traditional fallacies understood as a violation of a discussion rule, but new fallacies emerge to correspond to other violations once we focus on this way of conducting arguments.(Christopher W. Tindale, Fallacies and Argument Appraisal. Cambridge University Press, 2007) Pronunciation: FAL-eh-see Also Known As: logical fallacy, informal fallacy Etymology:From the Latin, deceive Etymology:From the Latin, deceive

Global perpective of macroecomonics Essay Example | Topics and Well Written Essays - 1000 words

Global perpective of macroecomonics - Essay Example The following diagram shows how the current account balance in the US economy had depended upon the trade balances of the nation over the years. Of all the three components of the current account, viz., trade balance, income balance and the transfer payments, the trend in the current account balances of the economy is significantly related to that of the trade balances. Hence, any deficit in the trade balances will seriously hamper the current account balance values of an economy. Since the current account balance determine the current financial asset position of an economy, a depreciating value will imply a poor status of the same that will affect the amount of financial investments into the nation and thus prospects of potential future growth. The sake of the present as well as the future of an economy is the reason for an appropriate monitoring of the trade balance status of the economy. The US economy at present is suffering from the problem of high trade deficit which must be taken care of urgently. This paper tries to focus on the causes behind the trade position of the nation, the consequences that it has on various aspects of the economy and the steps that the Federal Reserve has implemented in this regard. Trade deficit in USA, as the adjoining table suggest is found to be increasing over the years. It is also obvious from the table that, the imbalance or rather deficit is primarily due to a hike in the import purchases rather than a fall in exports. There had in fact been a significant increase in exports between 2001 and 2006, but the proportion of imports is found to have outgrown that of the exports within the nation. 1) A trade deficit in the US has often been argued by economists to be an outcome of a savings-investment imbalance within the nation. When the country had been going through a fall in aggregate savings compared to the investment potentials of the nation, other economies had been witnessing just the reverse

History of Canadian Labour Essay Example | Topics and Well Written Essays - 2500 words

History of Canadian Labour - Essay Example Triggered by a conflict between metal workers and their bosses, the agitation rapidly spread throughout the city's working class. This essay is going to trace the growth and development of the working class people in the history of Canada between 1880 and 1920. A thorough assessment of the period will be made with regards to simultaneous union and splitting of the working class on the basis of race, gender, region and skills. The Knights of Labor made their presence felt by uniting workers of different types. Gradually the organization spread its control over small towns and villages. It was in 1881 when Hamilton became one of the strongholds of the labor organization, followed by Qubec and BC, Nova Scotia and Manitoba. The local neighboring areas of New Brunswick and Alberta were also parts of the 450 local assemblies across Canada. Labor politics rose to prominence as the Knights of Labor reform group coordinated and controlled the Trades and Labor Congress of Canada. The self-governing labor political campaign, which played a crucial role in terms of growth and development of working class militancy in Canada in the end of the nineteenth century, led to parliamentary lobbying, thus bringing the most pertinent issues of the working class before political and administrative authorities. The fundamental rights of the working class people were brought to notice through intensive campaigning and follow-up mechanisms. The dedication of the Knights leaders and more importantly, the spontaneous participation of labors from all areas of manual works helped enormously to turn the campaign into a success story. The Knights approached Ontario and the West in 1886, but the major success as far as voicing peoples' rights and demands is concerned came in Qubec and Ottawa in the 1890s. The development of working class unions in Canada prior to the World War II hastened up when the Knights of Labor organization was forced out on the ground of duality from the TLC at Berlin in 1902. The influence of the Knights of Labor on the working class did not concern just the idea of making unions, but the intent to curb the monopoly and exploitation of the contemporary capitalist social structure by developing alternatives based on equality and justice. To expatiate furthermore on the thesis topic in hand, one needs to gain a clear insight on the value of skilled labors. In any society, skilled labors do have an upper hand over incompetent labors. The age of rapid spread in industrialization necessitated deployment of efficient labors to maximize output in factories. During the span of forty years from 1880 to 1920, the working class fraternity of Canada orchestrated community business to maximize production. In Toronto, skilled and experienced craftsmen exercised far greater control over their employers in terms of production. The individual as well as collective discipline of veteran labors was considered to be an asset in Canada in those times. The labor unions in Toronto and other places acted forthrightly on choosing the right people for the right cause. But when the industrial capitalization threatened to disturb the balance of the working class society, a protest movement was on the cards. By and large, the working clas

Hotel Rwanda Essay Example for Free

Hotel Rwanda Essay Hotel Rwanda describes the rivalry between two ethnic groups, the Hutus and the Tutsis. Both groups shared the same language, culture, territory, customs and beliefs but had different physical features and belonged to different ‘classes’. On the 6th of April 1994, the Presidents of Rwanda and Burundi were killed when their plane was shelled by rocket fire as it attempted to land at the airport in Kingali, Rwanda. The assassination of the Hutu president was attributed to the Tutsis just as a pretext to begin violence since it is believed his own people, the Hutus, murdered him. Then the genocide begins. The film focuses on the story of Paul Rusesabagina (Don Cheadle), a Hutu hotel manager at the Mille Collines, a Belgian-owned luxury hotel. We also learn early in the film that his wife and her family is Tutsi. Along with checking in guests, Rusesabagina must use his wise business sense to buy supplies from a rebellious Hutu who strives to get him involved in taking a stand against the Tutsis. As chaos ensues, United Nations forces, previously stationed to help, leave the Rwandans with nothing but their own will. Tutsi refugees turn to the Hutu Rusesabagina for help. Paul becomes the hero of the film saving over 1,000 refugees from death by harboring them in the hotel that he manages. Hotel Rwanda is a film made to show the world the violence and cruel things that were going on in South America. Nearly 1 million people were killed in less than 3 months. Paul Russesabegina (Don Chedle) was an amazing actor in the movie. He made a point. He was a true actor. He showed the viewers that he loved his people and wasnt going to let neither himself nor anyone else give up. European guests and staff at the hotel are flown out of the country, and Paul is left in charge. He finds that his conscience wont allow him to watch as the innocent are slaughtered, and before long, the hotel has become a well-appointed refugee camp. Some sees Paul as a traitor putting his life in danger. The predicament of his guests grows more precarious every day, but despite good intentions on the part of a journalist (Joaquin Phoenix) and a UN peacekeeping colonel (Nick Nolte), the rest of the world is not eager to intervene and stop the massacre. For me, the main theme of this movie is writing a wrong that is so terrible in nature that everybody is just unwilling to take a stand. The wrong is so unabashedly violent and righteous that everybody is willing to take a step back and wait for somebody to handle it. In this movie’s case, all hope was on the UN. However, only the foreign nationals initially got the aid of the UN. The nationals were left to figure things out on their own. In this case, Paul Rusesabagina became the unlikely hero. Doing the right thing at that time proved to be dangerous on himself and his family. It would have been easier for him to sell his soul rather than go against the majority movement. And yet, he did go against the tide and did the right thing by using his cool intellect and calm manner of dealing with his staff, the military, the militants and the rest of his family members and neighbors. Seeing death being done is bad enough. I can only imagine how devastating that can be. However, I understand his emotions when he saw his son traumatized by the situation. As a parent myself, I would not want any of my sons to witness such brutal acts of humanity on another human, let alone the violence that was done to the boy, too. Although Mr. Rusesabagina acted cool and composed in the film, I cannot help but wonder if, indeed, he was composed during the entire time he was still in the country. The atmosphere of the entire movie came across to me as harsh. That is, the scenes were unforgiving in their abrasive, visceral violence. The discordant scenes of killing and women being abused and disrespected were forceful. The film strived to be earnest and honest in the depiction of this inhumane genocide that affected the world. While watching the film, I was reminded of Hitler’s move to eliminate Jews from the world. This was WWII. It was and still is a horrible way of thinking. Yet, Hitler still found people to commiserate with his vision and ideal world. 50 years later, this genocide happens in Rwanda. Horrible. And yet, this incident did come to pass and it’s a true story. How can people treat their fellow human beings in this manner? Why act like savages when we have the capacity for love and compassion? What is it that drives such a crooked point-of-view to gain momentum? I’ve thought about this the whole weekend. The only answer I can come up with is that God gave mankind the gift of free will with our intellect and humanness. It is really up to us to use these gifts to the best of our ability. The choice to do right and wrong will always be upon us. Therefore, the consequences of our decisions and the foregoing actions that ensue because of these decisions will shape our lives. As such, the genocide that happened in Rwanda cannot be undone. But, we can learn the lessons needed to become better people. As with Paul Rusesabagina, his choice to fight passively with single-minded intention of getting his family and friends safely out of the country helped these individuals continue a life on this Earth. For just this trait, I salute him not only for standing on his belief and principles but for letting love and compassion identify the living force within him and having him translate this into the saving of human lives.