Overseas Listing Of Mainland Chinese Companies

Overseas Listing Of Mainland Chinese Companies
Young Le ENGL 100: Writing about America and Globalization Prof. Elizabeth McKinsey
November 18, 2014 From Sick Men to Strong Lions: Overseas Listing of Mainland Chinese
Companies 1. Introduction As Mainland Chinese companies develop, innovate, and grow, China has
become one of the superpowers in the world. Traditional state–owned businesses introduced private
capital to break up state monopolies and became joint ventures to solve the potential management
issues. In this way, Chinese companies were transformed from "sick men", as westerners once
described them, to "strong lions", reflecting westerners' updated impression of China.
Simultaneously, emerging companies entered the domestic market quickly due to their pre–eminent
technology and unparalleled innovation. However, currently, all Chinese companies face one huge
problem–lack of capital. Thanks to the advancement of the worldwide financial market, especially
that of stock exchanges, Chinese leading firms have the chance to propose IPOs (initial public
offerings), and acquire a significant amount of domestic and foreign investment for future
development. Moreover, companies can further expand their capital in various ways, including
initiating secondary market offerings and introducing private funding. In this sense, not only does an
IPO generate capital for the company, but it also enables the company to acquire prolific capital, as
long as the company operates profitably, and is able to attract investors. Therefore,
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The Stock Market And Stock Exchange
This paper will encompass the importance of the U.S stock market/stock exchange versus the
Chinese stock market/ stock exchange, with a brief introduction about how each stock market/stock
exchange came into existence, the importance of each stock market/stock exchange, how the U.S
and Chinese manage their stock markets/stock exchange, how corporations are appointed plus the
rules and regulations. This will also entail random facts about each stock market/stock exchange.
Stock markets are like hitting a royal flush, if the price of your stocks goes up, you win; if it drops,
you lose! The stock market, also known as the fairness market, is one in which shares are owned by
companies and their shareholders. The companies that are on the stock market, its stocks are issued
and traded publicly, through either exchanges or over–the–counter markets. The stock market is
considered to be one of the most critical components of a gratuitous–market economy that provides
companies with access to dominance in exchange for giving investor's the opportunity to have some
type of possession of the company. The stock market gives those the power to invest monies, and to
capitalize on their gains. This in return can bring about wealth to some without having to take a
financial risk in starting up a new business.
The U.S stock market came into existence on May 17, 1792 followed by the stock exchange coming
into existence on March 8, 1817, at Wall Street, lower Manhattan, New York City, New

Capital Markets and Institutions
Australian School of Business School of Banking and Finance
FINS1612 CAPITAL MARKETS AND INSTITUTIONS
COURSE OUTLINE SEMESTER ONE 2011
FINS1612 – Capital Markets and Institutions
Page– 1
TABLE OF CONTENTS
1. STAFF CONTACT DETAILS 2. COURSE DETAILS 2.1 Teaching Times and Locations 2.2
Units of Credit 2.3 Summary of Course 2.4 Course Aims and Relationship to Other Courses 2.5
Student Learning Outcomes 3. LEARNING AND TEACHING ACTIVITIES 3.1 Approach to
Learning and Teaching in the Course 3.2 Learning Activities and Teaching Strategies 4.
ASSESSMENT 4.1 Formal Requirements 4.2 Assessment Details 5. ACADEMIC HONESTY AND
PLAGIARISM 6. COURSE RESOURCES 7. COURSE EVALUATION AND DEVELOPMENT 8.
STUDENT RESPONSIBILITIES AND CONDUCT ... Show more content on Helpwriting.net ...
Describe the types of equity securities that companies can use to raise equity capital and how these
securities can be listed and traded on the Australian Stock Exchange. Understand different ways in
which a company's valuation, and thus its share price, is determined and make forecasts of a
company's future share price.
L02:
L03:
FINS1612 – Capital Markets and Institutions
Page– 4
L04:
Describe the characteristics of different types of debt securities and be able to price them. Describe
different theories of how interest rates are determined and explain the relationship between the term

to maturity, risk, and interest rates. Understand the mechanics and conventions of the foreign
exchange market and the motivation of different participants in trading foreign currencies. This
involves:  Reading, interpreting and transposing FX quotations.  Calculating cross–rates. 
Identifying the factors that determine the value of a currency Understand the characteristics of
derivatives instruments (futures and options contracts), the different motivations for their use and
how they are traded. Specifically you should  Recognise which types of futures / options contracts
to use to hedge various risk exposures  Appreciate the various risks involved in trading derivative
instruments  Describe the factors that determine the pricing of derivative instruments. Discuss and
write about the links between the theory of financial markets and

Relationship Between Financial Development And Economic...
This thesis explores the long run relationship between financial development and economic growth
using time series modeling. For each of the four case–countries three types of Vector Autoregression
(VAR) models will be developed except for the case of Serbia where only VAR related to credit
institutions development will be developed since data related to stock market development
indicators were unavailable to author. For the case of Croatia, Slovenia and China three separate
VAR models will be applied. First, bivariate VAR model to explore the connection between credit
institutions development and economic growth. Second, bivariate VAR model to explore the
connection between stock markets development and economic growth. Third, ... Show more content
on Helpwriting.net ...
Last, China data set is in quarterly observations from 2000 – 2013 totaling 56 observations. Data
sets for credit institutions were collected from Croatian National Bank, Croatian bureau of statistics,
Serbian National Bank, Slovenian National Bank and Slovenian bureau of statistics while data for
stock market indicators were collected from Croatian and Slovenian national stock exchange web
sites and related yearly publications. Data set for China was completely provided by research
department of IECASS (ABBREVIATON) thanks to the help of Prof. Liu.
3.2. INDEPENDENT VARIABLES
Credit institutions development variables
A wide range of theoretical literature explores the relationships between banks and economic
growth. In an ideal world researchers would construct cross–country variables that would describe
banks profitability, corporate governance in place, resource mobilization and allocation and risk
management. Unfortunately until now no standardized measures for a broad spectrum of countries
have been developed. That is the main reason why most of the researchers today uses variables that
describe the over–all size of the banking sector by which they proxy for the „financial depth"
(Goldsmith, 1969; Mckinnon 1973). M2 (m2) or also known as the broad money is one of the
common variables used in exploring the finance–growth nexus. As defined by investopedia , M2 is
the measure of money supply that includes cash and checking deposits, money

China 's Stock Market And Its Abnormal Characteristics
SECTION I: INTRODUCTION
By virtue of an accelerated dynamic economy, China's stock market has witnessed rapid growth
from a global perspective over last decades, along with massive IPO activities emerged with a huge
amount of fund raised. The reasons why the Chinese initial public offering (IPO) market and its
abnormal characteristics have drawn more interests from investors can be attributed to multiple
aspects.
First, one of the most significant puzzles of IPO – underpricing – is at an unimaginably high level in
Chinese IPO market. Although the degree of underpricing varies enormously across countries, the
unusual IPO underpricing phenomena in Chinese IPO market are shocking and become a hot issue
all over the world. Loughran, Ritter, ... Show more content on Helpwriting.net ...
Third, the Chinese IPO market has witnessed a rapid development over the last two decades. During
this time period the Chinese IPO market experienced many improvements in relation to IPO
issuance, including pricing methods, allocation mechanisms and issuing systems (Citation). At the
meantime, a variety of boards have been initiated in Chinese stock market in order to ensure that
different types of firms are able to meet the capital–raising goal from an external source, such as
boards for B–shares, ChiNext.
In order to propose a comprehensive explanation, scholars with various academic background have
conducted both theoretical and empirical researches from different perspectives all over the world.
Additionally, relevant factors which have potential impact on IPO underpricing have been identified
and discussed, including ownership structure, allocation mechanisms, reputation of underwriters,
firm– and industry– specific conditions, regulation background, etc.
However, among existing research outcomes, in terms of Chinese stock market, few studies have re–
examined the practicability of those theories within a post–crisis context. In this study, I will try to
make contribution to existing theories and models on underpricing of IPOs, by exploiting the
previous theories – particularly prospect theory, within a Chinese stock market context.
The structure of this proposal is as follow. In Section II, the literature on underpricing of IPOs,

cultural differences between India and Canada
SUMMER INTERNSHIP PROJECT REPORT on "A STUDY OF EQUITY & DERIVATIVE AND
COMPARATIVE ANALYSIS BETWEEN THEM" Submitted to SMC Global Securities Limited
SMC GLOBAL SECURITIES LIMITED Introduction SMC Group is one of the leading financial
services and investment providers. It was founded in 1990 by Mr Subhash. C. Aggrawal , FCA and
Mr Mahesh. C. Gupta, FCA. It has been rated as India's best equity broker and best currency broker
and best broking house with the largest distribution network. Over the years it has expanded its
operations both ... Show more content on Helpwriting.net ...
Innovation in offerings, Branding, Research and Arbitrage are his forte. He has more than 20 years
of wide and rich experience in Equity and Commodity Broking and Arbitrage. He is an eminent
speaker and regularly presents his views and expertise on various market related issues through print
and television media. He is also a fellow member of the Institute of Chartered Accountants of India.
He is the Immediate Past President of Commodity Participants Association of India. Mr PRADEEP
KUMAR AGGARWAL Mr. Pradeep Kumar Aggarwal Whole Time Director– SMC Global
Securities Limited; Director– SMC Comtrade Ltd.) Mr. Pradeep Aggarwal is a self motivated person
having a professional approach emphasising on ethics and integrity. He possesses excellent
communication and inter–personal skills & operates collaboratively with his team members to
achieve a common goal. With an experience of more than 17 years in equity and commodity market,
he innovates, develops and effectively implements new ideas for the growth and progress of the
Arbitrage business of the company's Securities and Commodities business. Mr Aggarwal is a person
with unmatched sharp calculative skills and analytical bent of mind. Mr AJAY GARG Mr. Ajay
Garg (Whole Time Director– SMC Global Securities Limited & Director–SMC Insurance Brokers
Pvt Ltd.) Mr. Ajay Garg is a fellow member of the Institute of Chartered Accountants of India
(ICAI). He has a wide

Should You Buy Lloyds Shares?
1 – Should you buy Lloyds shares?
Lloyds are a high street bank that has been through the ringer during recent years, having not faired
particularly well in the post credit–crisis era. However, it seems that under governmental control
Lloyds has stabilised as a banking outfit. Financially the bank is now on level footing, while they
have also re–entered the stock market fray to moderate success with a notable public offering of
Lloyds shares. As Lloyds shares continue to float around investors portfolios, it seems that the door
is being opened for those who have already invested to buy more at a discounted rate. By all
accounts £2 billion in Lloyds shares will be up for grabs during Spring 2016, with current investors
being given 5% discount on any additional stock purchased.
Everyone knows that savvy traders are constantly on the hunt for a bargain, which is exactly what
Lloyds shares could represent given the deal being offered. Breaking down its credentials, Lloyds
shares traded at 77.4p during October 2015, taking that figure as an example, a 5% discount would
bring the cost of Lloyds shares down to 73.5p. While the 5% is considered the key incentive to buy,
it doesn't stand alone as the only incentive. The £2 billion sale of Lloyds shares, also has a '1–for–10
bonus' attached to it, should a trader hang on to the shares they acquire for longer than 12 months.
Should a trader opt in on all bonus incentives, taking the aforementioned price as an example, it
could drop

Danshui Essay
The Australasian Accounting Business & Finance Journal, February 2007 Gaffikin: Accounting
Research and Theory: the age of neo–empiricism. Vol. 1, No.1.pp. 1–19.
Accounting Research and Theory: The age of neo–empiricism
Michael Gaffikin, School of Accounting & Finance, University of Wollongong
ABSTRACT The theorising in accounting prior to 1970 was rejected as not providing sufficiently
general theories. Informed by theories in economics and finance (and other disciplines such as
psychology) and with the aid of computers, attempts to theorise accounting took a new direction.
Large data collection and analysis emphasized a purportedly more systematic empirical approach to
developing theory. Key words: accounting; neo–empiricism; ... Show more content on
Helpwriting.net ...
As mentioned, the dominating characteristic was empiricism. It is "neo" (new) because, although
earlier research had relied on empiricism in that it sought to establish "theory" from best practice,
the emphasis after 1970 was on a more systematic use of empirical evidence. This was largely made
possible with the availability of large financial databases to which sophisticated statistical
techniques were applied to test hypotheses. This, in turn, was greatly facilitated by the increasing
availability and use of computers.
1
The Australasian Accounting Business & Finance Journal, February 2007 Gaffikin: Accounting
Research and Theory: the age of neo–empiricism. Vol. 1, No.1. pp. 1–17.
All neo–empirical accounting research has the underlying assumption of the efficiency of markets –
the efficient markets hypothesis (EMH). It is referred to as an "hypothesis" because despite more
than forty years of research designed to test the hypothesis all attempts to date have failed to
confirm it. Therefore, consistent with the generally accepted process of theory construction which
states (simply) that a theory is a confirmed hypothesis, it remains an hypothesis. The EMH emerged
in the 1960s from the work of researchers at the University of Chicago trained in economics and
finance and working in the areas known as portfolio theory and employing the capital assets pricing
model (CAPM). It was then taken up by accountants also working and studying at the University of

Globalization And Its Effects On The Global Economy
Globalization and Its Effects On the Global Economy
In the past 100 years, the world has shifted enormously. Once, a world that only communicated
when one nation was trying to take control of another, is now connected more than ever. This
transformation began with the Industrial Revolution in a period from around 1760 to 1840. Thinking
back to that time, we can easily think of noticeable differences between how the world was and how
it is today. The United States was a small, developing country, still trying to overcome the effects of
a costly revolution. Across the ocean, once the United States' major rival, Great Britain, was still the
greatest power in the world. And around the world, China and Japan were nowhere near the
economic ... Show more content on Helpwriting.net ...
Their factories, however, relied on access to cheap natural resources and raw materials, which they
receive from Asia, Africa and Latin America in exchange for the finished product. Burst of
technological creativity that made this trade possible includes the screw propeller, steel hulls, and
the compound engine. Combining with those inventions was the power of steam, such as the
steamboat, steam engine and steam powered train, to connect the world by making transportation
more efficient and feasible. And by transportation becoming more feasible, people were able to
transport their goods from one place to the next much faster, and in turn, made trade quicker
between nations.
Because of the innovations of the Industrial Revolution, technology progressed long after the end of
the era and the world began to metamorphose into a new global era. In this new global era our
global economy has improved, because countries are able to focus solely on producing certain
products, in a method called specialization, and their economy's are now more connected than ever
through globalization. Which in turn causes stock market fluctuations in one country to affect the
economy of another country clear across the globe.
Globalization is a process of interaction and integration among the people, companies, and
governments of different nations, a process

Ipo : Ipo And Ipo
An initial public offering (IPO) occurs when a private firm offers shares to the public for the first
time. Facebook, Google, Apple, Visa, and many other household names have all gone through an
IPO to become publicly listed firms.
An interesting feature of IPO markets is that they are very sensitive to stock market conditions. IPO
volume soars following bull markets and contracts during bear markets. This means that IPO
activity exhibits waves in tandem with stock market cycles. The organic link between the level of
IPO activity and market conditions is strong. In the US, there were almost 1,000 IPOs during the
dot–com boom years of 1999–2000, whereas there were less than 150 IPOs in 2001 after the internet
bubble burst and less than 60 IPOs in 2008 when the financial crisis hit.
An important question regarding the nature of IPO activity that has not been tackled so far is how it
responds to changes in the regulatory framework. Would IPO activity be more uniform over time in
a more heavily–regulated market, or would it still exhibit cycles? Would IPO volume remain
sensitive to changes in market conditions if the regulator exerted more control, or would it behave
more independently?
IPO markets of China and Hong Kong gives us a perfect opportunity to address these questions,
since these two markets are very close both geographically and culturally but are substantially
different in terms of the ways they are regulated. The institutional setup of the Hong Kong IPO
market

Key Drivers Of India 's Economic Growth
II. Problem Statement
SMEs (Small and Medium enterprises) are one of the key drivers of India's economic growth. Over
the years a large number of small and medium size companies have grown in the market. Small and
Medium Enterprises (SMEs) have been contributing so much towards the GDP of India. With their
emergence and huge potential, the government of India launched regulated trading platforms for the
SMEs, which allows them to get listed without bringing an IPO. The stock exchanges for these
enterprises were introduced so that these firms can do better in financing activities for themselves.
Of course, there is an option of adding debt, which also helps improve the overall return on equity,
but the cost of raising debt for SMEs is relatively higher. High interest expense does not look very
good on the profit and loss statement of a growing company. Thus, in order to fund the next stage of
growth without excessive interest cost burden, companies look to access equity funds via capital
markets. This is where listing on an exchange comes into the picture. The research would include
the implications of the introduction of the BSE and NSE SME stock exchanges how well they are
performing. Also, what is the response from the SME sector.
III. Relevance of the Study
Indian economy is largely dependent on its tertiary sector and the manufacturing sectors are
struggling with a meagre share in country's GDP, it is essential to provide support to the
manufacturing sector and thus the

Student: Business and Milton Friedman
Accounting for managers BSMAN3009
ASSESSMENT 1: Report
Lecturer:
Student's name:
Student's number:
Table of contents I. Executive summary....................................................
II. Introduction.............................................................
III. From a perspective accounting, what are the "rules of game" that businesses must
follow?.........................................
1. Company legislation................................................ 2. Accounting
standard............................................... 3. Stock exchange......................................................
IV. In the current environment, is Milton Friedman's statement as relevant in 2013 as it may have
been in 1970?.....................
V. Conclusion...............................................................
VI. Reference.................................................................
I. Executive summary
This is a ... Show more content on Helpwriting.net ...
(Source from Australian Accounting Standards Board 2013) 2. Accounting standard
Accounting standard are the accounting rules that accounting entity need to follow in reporting the
financial statement.Accounting standard concerns with how assets and liabilities should be
measureed in identified in the statements. Traditionally each country develop it own standard. In
Australia, every business entity need to follow the Australia accounting standard which is set by
Austrailia Accounting Standard Board (AASB). Here are the two accounting standard set by AASB:
Statement of Cash Flows (AASB 107)
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but
before 1 July 2013 for for–profit entities. It takes into account amendments up to and including 18

December 2012 and was prepared on 10 May 2013 by the staff of the Australian Accounting
Standards Board (AASB).
Information about the cash flows of an entity is useful in providing users of financial statements
with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of
the entity to utilize those cash flows. The economic decisions that are taken by users require an
evaluation of the ability of an entity to generate cash and cash equivalents and the timing

Stock Market
In the modern time, the competitive business world seems to be more serious than previously. The
main aim of business strategy is creating the benefit in trade and also reducing some of its
limitations. Furthermore, another strategy that is applied to the modern business world is to link the
economic globalization such as in order to become a listed company on the stock market. We can
see lots of advantages by listed companies compared to private companies such as financial stability
or are more opportunities to do business. It is an absolutely interesting that the top biggest
companies in the world, (by top 100 companies) are all listed on the Stock Market, such as Wal–
mart stores the biggest companies by 2010 (Fortune global 500, 2010) ... Show more content on
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In addition, other points that were attracting foreign partners and also opening opportunities for
business development and modernisation, because the trend of a globalised economy is having
strong, complementary, strategic businesses ally this adds to a firm's competitiveness, described by
(Pagano,Randl and Ailsa, 2001).
Moreover, that it enhances the brand name, adds value to the company and also make more
opportunity to make the firm a global brand with well known companies and also business.
Furthermore, the listing companies have more opportunity to greatly increase a capital investment,
also a higher standard of accounting and audit of relevant agencies then the public relations is
another way to build confidence on the company's as well (Pagano,Randl and Ailsa, 2001).
On the other hand, (The Stock Exchange Market of Thailand, 2008), it described the benefit that
impact to shareholders, because listed company has under the rules and regulations governing
securities trading and also guarantee that investors or shareholders have equal access to the
information. Moreover, investors can find a potential buyer more easily because their stocks are
more marketable. Furthermore, holding shares that can be exchanged for cash in a short time
became one of the choices to invest their money.
The Best Way to Build a Modern Business?
How to

Quantity And Portfolio Returns From Benchmark Index
Part B:
Both excess and portfolio returns were calculated in the previous section. Subtraction of the
portfolio returns from the ASX 200 benchmark returns yields the tracking error figures. Correlation
figure for portfolio against ASX 200 benchmark was 0.4568 or 45.68%.
The correlation coefficient interval is limited to integer values of both negative and positive one.
Assets can be perfectly correlated at both extremes, (Brailsford, Heaney & Bilson, 2011, p. 25). All
four asset class correlation figures (A–REITS, infrastructure funds, domestic and international
ETFs) measured against ASX 200 benchmark will be looked at in detail.
Three of the four asset classes measured against the ASX 200 benchmark had positive correlations.
Domestic ... Show more content on Helpwriting.net ...
Here, the correlation figure amounted to –0.2090 or –20.90%. Factors highlighting negative returns
include an appreciation of the Australian dollar, heavy losses sustained due to the Global Financial
Crisis between 2008 and 2009 and stagnated growth throughout the previous decade of –2.1%,
(Brailsford, Heaney & Bilson, 2011, p. 87). The loss of investment returns can be minimised by
undertaking due diligence and research into asset categories on the investors' behalf, (Brailsford,
Heaney & Bilson, 2011, p. 26). Part C:
PART TWO:
The Indonesian Stock Exchange oversees the Indonesian Stock Market. Establishment occurred in
1912 for trading with Dutch East Indies business entities. Macro–economic factors involving the
transition of government power from The Netherlands to Indonesia affected advancement of the
Indonesian stock market, (Sustainable Stock Exchanges Initiative, 2013). Progression stagnated due
to the absence of equity financing, minimal income growth and overexertion of financial institutions
throughout the nation. The stock exchange re–established in 1977 as the Jakarta Stock Exchange
comprising of 24 companies. Stock exchange listings declined due to the dominance of financial
institutions and profitability shortages. Listings occurred with the assistance of forced government
intervention, (Kung, Caverhill & McLeod, 2010, p. 330).
Deregulation and privatisation of capital markets by the Indonesian

Questions On Initial Public Offerings
Isaac Smith Sinha: FIN 494 4/23/15 Initial Public Offerings Introduction: Initial Public Offerings
are when any type of security is sold to the public for the first time within a company's history. The
main reason for this is to hope that a liquid market will grow within this security, where people are
trading shares on a daily basis. The reason that I have decided to do research on IPO's is because it
sounds very simple, yet there are many things that must be done in order to reach a point to offer an
IPO and there are also many ups and downs for companies to weigh to see if it is worth taking their
security to the general public. Throughout this paper I will introduce to you why company's want to
issue IPO's, how they do it, and how they try to create the initial price per share. Along with those
key ideas, I will talk about why most IPO's are underpriced when they go to market, price changes
once on the market, and lockup agreements. Finally, I am going to give a few examples of recent
IPO's such as Facebook and Sportsman's Warehouse, and other IPO "fallouts." Why do firms want
to go public? As noted above an IPO occurs when a security is sold to the public for the first time.
Most firms start out generating equity privately from a relatively low amount of investors. With this
type of funding there is no liquid market for any of the shareholders to sell their stock within a
privately funded company. When companies decide that they need to raise more capital than what

Supplemental Credit Union Office Procedures
SECTION 7. SUPPLEMENTAL CREDIT UNION OFFICE PROCEDURES
Financial Advisors within the credit union environment have a unique situation. This section details
items Advisors need to know, understand and utilize when in the credit union environment. Several
important guidelines must be followed:
1. All broker/dealer activities must be handled by registered personal only. Non–registered personnel
may assist in clearly defined administrative duties, and no others.
2. All securities–related incoming mail must be handled by a person who has been fingerprinted and
is an associated person with FINRA through Navy Federal Brokerage Services, LLC. S/he must be
fingerprinted, complete a portion of Form U–4 for registration as an associated person with ... Show
more content on Helpwriting.net ...
4. All sales and/or promotional material must clearly indicate Navy Federal Brokerage Services,
LLC is an independent subsidiary, and not a division within any credit union.
The Financial Advisor must know the credit union, its members and its programs, and at the same
time keep Navy Federal Brokerage Services, LLC, products and programs separate from the credit
union products and programs. The procedures in this Section are designed to assist the advisor and
credit union in avoiding potential conflict.
Section 7.1 Introduction
This part of the Compliance Manual is intended to provide Financial Advisors and employees of
credit unions (who are not advisors) with instructions and guidance regarding their conduct with
respect to marketing Navy Federal Brokerage Services, LLC financial services program. Careful
adherence to these guidelines and instructions ensures that the credit union and Navy Federal
Brokerage Services, LLC and their employees meet applicable legal and regulatory requirements. It
also ensures that program customers fully understand the separation between the credit union and
Navy Federal Brokerage Services, LLC.
Each non–associated or non–registered person working with or assisting a Financial Advisor should
also read this section. It is the

China 's Economy Is Becoming The World 's Second Largest...
1.1 Background
Since initiating a series of economic reforms and adopting the open policy in 1978, China's
economy has experienced a spectacular growth and achieved a remarkable success over the past
three decades. In particular, according to the government figures released on August 16th 2010,
China's economy in the second quarter has slightly surpassed Japan's in terms of gross domestic
product. This milestone suggests that China is becoming the world's second–largest economy behind
the United States. At the same time, the opportunities created by the striking economic growth have
led China's most important investment markets, stock and real estate markets to undertake an
enormous transformation and development. On one hand, since the two stock exchanges (Shanghai
Stock Exchange & Shenzhen Stock Exchange) were launched in 1990, China's stock market has
served as a vehicle for financing and supporting the development and reform of State–Owned
Enterprises. That is, within China's bank–dominated financial system, stock market was restricted
by a series of regulations and assumed only a secondary role in the financial economy. Not until the
late 1990s did the stock market acquire an increasingly important strategic role in China's economy.
The stock market was vigorously promoted by relaxing regulations imposed on it and experienced
tremendous growth in size and liquidity since the early twenty–first century (Lai & Yang, 2009,
p.409–410).
On the other hand, as same as the

Pushing The Herd Off The Cliff Edge
Introduction
The idea of institutional herding has a striking implication for security price volatility. Estimations
from the essay 'Sending the Herd Off the Cliff Edge'suggests that the predominance of herding
behavior may explain why the financial system in 1990s had been in crisis for 40 out of the 120
months or 33% of the time (Persaud, 2000). These concerns, along with the increasing stock market
ownership of institution investor in comparison to individual investors, is often used as a basis for
advocating for an increase in monitoring institutional trading in equity markets in hopes that it that
would lead to a reduction in the dominance of institutional investors in the financial market.
However such claims are not fully supported by empirical research in the literature. Two schools of
thoughts emerge the first being that herding enhances pricing efficiency, and second ascertains that
herding initiates short–term trend reversals.
The emergence of two seemingly polar opposite beliefs is not as a result of lack of scholarly
competence but rather due to the nature of complexity within the subject leading to conflicts in
assumptions and methodology. Conflicts in assumptions and methodology often arise due to rational
definitional irregularities on institutional herding. An example of such a definitional irregularity
occurs when as Avery defined herd behavior as"a trade by an informed agent which follows the
trend in past trades even though that trend is counter to his

Disclosure Of Disclosure And The Corporation Act 2001
Companies may raise their funds from many several investors and the Corporation Act 2001 Ch 6D
has provided the provisions for fundraising. Generally, public companies increase their capital by
offering various types of securities like share, debenture or option to investors. Offer of securities
require disclosure of relevant information to investors for independent informed decision.
Disclosure of offer is essential unless if it is certain type of exception defined in Section–708.
According to ASIC (2013), disclosure document is a term which covers wide areas and elaborates
all regulated fundraising documents for the issue of securities. Every company who are entitled to
raise their capital can use disclosure document. It is issued for an offer with relevant and accurate
information. It must be lodged to Australian Securities and Investment Commission (ASIC) before
publicizing for public.
Regarding to disclosure document, section 705 clearly states the four types of disclosure document
which are as follows:
Prospectus
Short Form Prospectus
Profile Statement
Offer Information Statement
Company may be able to use any of them depending in the type of fundraising intended to and
whether the restrictions imposed can be satisfied or not. The contents of information required in
these disclosure documents are different in nature.
a) Prospectus
Section 705 states prospectus as a standard full–disclosure document. It is the standard, most
common type of disclosure document

Ipo vs Fpo
1. INTRODUCTION
Initial Public Offering (IPO), also sometimes simply referred to as a "Public Issue" is the first sale of
stock by a private company to the public. Public issues are done by both small as well as large
companies seeking capital to expand business. It is also sometimes done by large privately–owned
companies looking to become publicly traded.
When an already listed company makes either a fresh issue of securities to the public or an offer for
sale to the public, through an offer document, it is called Further Public Offering or FPO .
According to industry experts , IPO gives very high abnormal returns with a shorter period of time .
IPO returns depend mainly on the issue size , list price , market lot and the season of ... Show more
content on Helpwriting.net ...
Even long established private companies can access the IPO route to raise capital, and become
publicly traded companies as a result. An IPO is considered as a "rite of passage" into the big league
of publicly traded stocks. Any company that needs to be listed on a stock exchange has to offer its
shares to the public.
In addition to IPO, an already listed and publicly traded company may issue an FPO – a Follow on
Public Offer – to raise further capital for the company. At any given time, there are a number of IPO
and FPO issues floating around in the market, therefore, it is essential to understand the difference
between the two.
Shares issued in an IPO are bought in the primary market, while shares brought from another
investor are exchanged in the secondary market. The distinct between primary and secondary market
is notional, there is no physical separation between the two. An important distinction between shares
purchased during an IPO and shares purchased from the secondary market is that while in case of an
IPO, the money goes directly into the company coffers; in case of secondary market, the money is
transferred from one investor to another.
The basic difference

A Report On Covenant Capital Management
Covenant Capital Management was founded in 1999, and since then, it increasingly grew its AUM
to approximately $300 million for its clients around the world. The firm's headquarters are located in
Nashville; in addition, they have a fully–redundant branch office in Chicago. The founders, Brince
Wilford and Scot Billington, focus their effort on the refinement of their core strategy which has not
changed since the inception of the firm. CCM partners with select institutional clients in the
development of customized trading models that achieve specific risk and return stream objectives.
Covenant Capital Management is a 'Boutique' CTA designed to fill the void between small CTA with
no track records and huge institutional funds that are too big to take good care of the small investors.
CCM wants to be a CTA that offers the best of both worlds, using innovative trading model that
yields unique and reliable return streams as well as institutional–grade infrastructure. The firm
remains small enough to have decent exposure to all market sectors yet secure enough to have
institutional–grade compliance, technology, and back–office services.
The goal of this paper is to explain why CCM's aggressive program is a good alternative to any
investor looking to diversify its portfolio. The paper will be divided in three distinct parts: the
operational analysis, the quantitative analysis and a comparison against its peers (including the
impact of CCM in a traditional portfolio).

Effects Of New Global Era On The World
Effects of New Global Era In the past 100 years, the world has shifted enormously. Once, a world
that only communicated when one nation was trying to take over another, is now connected more
than ever. This transformation began with the Industrial Revolution in a period from around 1760 to
1840. Thinking back to that time, we can easily think of noticeable differences between how the
world was and how it is today. The United States was a small, developing country, still trying to
overcome the effects of a costly revolution. Across the ocean, our once major rival, Great Britain,
was still the greatest power in the world. And around the world, China and Japan were nowhere near
the economic leaders they are today. However, these aren't the biggest changes. With advances in
technology in the Industrial Revolution, the world began to revolutionize. The technologies that the
world has come to familiarize ourselves with today, such as the smartphone, weren't even blueprints
yet. However, a few of the technological advances that developed from that era helped mold the
world into what it is like today. Brink Lindsey stated in the article, "The Decline and Fall of the First
Global Economy" that, "The Industrial Revolution's burst of technological creativity, thus
demolished the natural barriers to trade posed by geography and created entirely new possibilities
for beneficial international exchange." This burst of technological creativity includes those that
helped with transporting

The Disclosure Quality Of Information Of Securities Analysts
Moreover, securities analysts play the important roles of the users and providers of information and
their sources of information include public information that all analysts know and private
information that is possessed by individual analysts (Barron et al., 1998). Therefore, both the
improvement of the transparency of listed companies ' public information and analysts ' private
information can lead to an increase of the accuracy of analysts ' forecasts. Due to the lower costs of
acquisition, the public information issued by the listed companies that act as the main sources of
information of securities analysts is particularly important among them (Schipper, 1991), scholars '
research also focused on the correlation between the ... Show more content on Helpwriting.net ...
At the same time, this chapter also provides necessary theoretical basis and empirical evidences for
the writing of this dissertation and widens research ideas, which offer more research spaces to the
dissertation. Combined with the writing ideas of the dissertation, this chapter summarizes the
relevant literature about cross listing and the accuracy of analysts ' earnings forecasts and makes
some thorough analysis. It can be seen that both the theoretical and empirical research of cross
listing show a feature of diversification and relevant research reveal many differences, such as
market selection, sample firms, model construction, etc. Most of these studies think that if
enterprises go public in overseas mature markets after they are listed in domestic markets, it will be
beneficial to crossing market barriers, improving the liquidity of stocks, expanding investor base
and improving the degrees of cognition. However, few research concentrate on Chinese market and
it cannot be sure that whether these theories can be used to explain the problems of cross listing of
Chinese companies. In this context, the dissertation will focus on Chinese firms to study the issues
of cross listing and the accuracy of analysts ' earnings forecasts. 2.4 The Motivation for the Research
Question In the late ninety 's

Essay on Foreign Investment in China: The Variable...
"The risks of Variable Interest Entities have long been known... however these risks require
clarification by China before they are taken seriously".
To what extent is this accurate and what does it mean for the future of Variable Interest Entities?
Introduction
The Variable Interest Entity ('VIE') is a well–established and widely utilised structure of investment
employed in foreign investment in China. It entails a succession of contractual arrangements which
hold the principal intention of circumventing the investment restrictions China has placed upon
foreign ownership in particular sectors of the Chinese market. Consequently, the legal validity of
VIEs has been a point of contention since its very inception. The Sina ... Show more content on
Helpwriting.net ...
In consequence this exposes the institutional challenges that confront the 'state capitalism' model of
China, including attempts to both maintain and broaden the Party–state's level of control. In
consequence, the future prospects of VIEs in China are dependent upon the way in which Chinese
policy–makers decide to respond to these institutional challenges.
This paper has six parts. Following this introduction, Part II introduces a general analysis of the
origins and structure of the VIE, taking into consideration the reasons for why the VIE structure was
brought into existence. Part III will take a look at the horizontal risks involved with VIEs and the
perilous nature of the VIE contract. Part IV will then explore the domestic vertical risks associated
with VIEs, including an analysis of the regulatory measures currently in place, as well as case
examples of the core vertical risk currently plaguing VIEs, selective enforcement. Part V will look at
the offshore vertical risks related to the VIE structure, such as tax related issues and the potential
hazardous outcomes such as de–listing and invalidation of the company. Part VI concludes the paper
by discussing the future of the VIE structure and the ways in which the VIE as well as its
surrounding influencing factors could be altered on the part of the investors and the Chinese
government in order to bring

Case Study: Hitachi Sunway
Sunway Information Systems Sdn. Bhd. ("Hitachi Sunway"). By this way, both companies have
been exploring opportunities as strategic business partners and this collaboration marks a new
milestone, further strengthening the relationship between both parties. For instance, Sunway
together with Hitachi Sunway recently partnered with a leading international IT company in the
adoption of cloud–based solutions to facilitate greater efficiencies and collaborations across all its
business in 50 locations worldwide. Through the investment done by Hitachi it has been provide
Social Innovation Business to solve society's and customers' business challenges as well as to
improve people's quality of life and it is also means that the economic in the country ... Show more
content on Helpwriting.net ...
(Hitachi Credit Corp. and Hitachi Leasing were merged on October 1.)
1999
J–debit card mobile settlement service started as the first trial in Japan.
1998
Hitachi Capital Vehicle Solutions received "Most Excellent Manager Team award" from British
Management Association.
Began supporting 10th Handicapped People Art Bank award (present Artbility award) through
offering "Hitachi Capital special award".
Hitachi Credit Securities Co., Ltd. (present Hitachi Capital Securities Co., Ltd.) established.
1997
Hitachi leasing Service established (Merged with Hitachi Capital Service Co., Ltd. in 2003.)
Hitachi Credit (UK) Corp. went public on the London stock exchange. First trial for Japan's
overseas affiliated firm. (Present Hitachi Capital (UK) PLC)
Credit function–attached ID card first issued.
1996
The "HITACHI club P+ point card" (present "Kurashi Pia (Life Pia) card") first issued. First trial for
the home appliance industry.
Started building leasing business utilizing business–use term leasehold interests.
1995
Acquired all stock of Ambassador Insurance (Ireland). (Present Hitachi Capital Insurance Europe
Ltd.)
Payment agency system ("Bill–less system" service) started.

Initial Public Offering Paper
The focus of this paper is to examine and research the financing issues that an organization must
face when going public. The team has selected Chipotle Mexican Grill, Inc. as the organization
which has had an initial public offering in the last three years. The learning team will address
registration, disclosure, and compliance issues and cost of issuance. In addition, the team will
examine the impact on ownership control and return as well as the source and application of funds.
Financing Issues that an Organization Faces When Going PublicAn Initial Public Offering (IPO), is
extremely expensive for organizations. It is common for a small business to pay between $50,000
and $250,000 to organize and publicize an offering. According to ... Show more content on
Helpwriting.net ...
(Disclosure ,2008) In Chipotle's SEC filing they disclosed the prospectus statement, financial data,
and future plans. Through there prospectus statement Chipotle makes it clear that they are set apart
from other chains by serving "Food with Integrity". However, there are risks involved in investing,
they are as follows: the number of new stores rapidly being established, lack of independent
operating history, ability to continue to grow and profit, and health and safety concerns regarding
the ingredients used among others. Although the risk factors are in place, Chipotle's financial data
provides more assurance of returned profit on investment. In their "Rapidly Improving Financial
Performance" section of the SEC filing they state a 130% increase in revenue in 2004 of 470.7
million up from 2002 and 49% up from 2003. And, average sales in new restaurants after 90 trading
days increased 24.9% a total of $303,390. From 2002–2004 Chipotle opened a total of 237 stores.
Their increased financial growth is attributed to "word–of–mouth" sales and quicker implementation
of Chipotle culture in the area of the new restaurant. Also, more people are aware of Chipotle, thus
increasing average opening sales.( Form S–1/A ,2005) The future plans of Chipotle is to expand
operations and sales by opening new stores. They forecast opening a total of 75 stores in 2005 of
which 58 were already opened at the time of the SEC filing. In order to expand sales they plan to

Finance de La Torre
De la Torre a) Why is corporate finance important to all managers? * It is important for the decisions
taken in the company, investment decisions and financing decisions. * Every decision taken in the
company has a financial impact. * Investment projects, how much to invest and what assets to
invest. * To raise the necessary cash * To increase the shareholders' stake in the firm. b) Describe the
organizational forms a company might have as it evolves from a start–up to a major corporation.
List the advantages and disadvantages of each form. Sole Proprietorship. Sole owner of a business.
The manager and the owner is the same person. The sole proprietorship has unlimited liability. You
pay taxes as owner and ... Show more content on Helpwriting.net ...
WACC =XD (rD) (1–Tx) + XS(rS) XD: % de los pasivos del total de deuda de acreedores
financieros representados del total de los recursos. rD: Costo de los recursos de los acreedores (tasa
de interés). Tx: Tasa de impuestos. XS: Proporción de los recursos de los accionistas en el total de
recursos con costo explícito. rS: Costo de oportunidad de los recursos aportados por el accionista.
Tasa de retorno de los accionistas en función del riesgo que enfrenta. h) How do free cash flows and
weighted average cost of capital interact to determine a firm's value? Tiene que ver con valuación.
Firm value es el valor presente a precios del mercado. Valor intrínseco: valor presente de los flujos
de efectivo. A firm's fundamental, or intrinsic, value is defined by: Value=
FCF11+WACC1+FCF21+WACC2+FCF31+WACC3+...+FCF∞1+WACC∞ i) Who are the providers
(savers) and users (borrowers) of capital? How is capital transferred between savers and borrowers?
Savers: Households are net savers. Persons, families, companies which their income is greater than
their expenses. Governments are net savers when they run a surplus. Borrowers: Non–financial
corporations are net borrowers. Governments are net borrowers when they run a deficit. Capital is
transferred through: a) direct transfer (in example, corporation issues commercial paper to insurance
company) b) an investment banking house (in example, seasoned equity offering, or

High Frequency Trading Should Be Eliminated From The...
Raiq Ahmed
Mrs. Gowanlock
Human Rights Semester 2
May, 20h, 2015 High Frequency Trading– Like Taking Candy From a Baby
Investing in the securities market seems like a good idea until one day you've lost all your money
and you're hitting your head against the wall wondering where you went wrong while High
Frequency Trading firms are racking up profits by shorting the stocks you thought were going to go
up. The contention behind High Frequency Trading arises from the idea that since the individuals
and companies who have access to these "supercomputers" that compute complex algorithms are
able to receive information on the markets before the average investor , they are playing the field
and making it uneven. The idea behind High Frequency Trading addresses many of the essential
Human Rights course questions such as morality, one's responsibilities and duties to another, civil
action, and the human condition itself. High Frequency Trading should be eliminated from the
financial markets because it is unfair to the average investor, causes legal implications by shifting
the market to the advantage of certain firms, and lacks regulation necessary to promote an even
playing field for all investors.
Since the very beginning of High Frequency Trading, the contention of its use has been deemed
unfair to the average investor in the securities market. An example of an instance in which the ethics
of High Frequency trading can be questioned is Trillium Capital. This company engages

The And Gas Exploration Corporation
Frankie Yankovich, who is a registered securities broker employed by Blanche Carte INC., made
statements to potential investors that he had inside information about GLUT. GLUT is an Oil & Gas
Exploration Corporation whose stock was traded in the over–the–counter market. The statements
made by Yankovich include (1) that vast amounts of gold had been discovered in Yukatan and that
GLUT had options on thousands of acres in the gold–producing regions of Yukatan, (2) the
discovery was "not publicly known, but would be subsequently announced", and (3) when this
information was made public, GLUT stock would increase to $10.00 to 415.00 within a short period
of time and might increase to $100.00 per share within a year.
When these potential ... Show more content on Helpwriting.net ...
A decentralized market, without a central physical location, where market participants trade with
one another through various communication modes such as the telephone, email and proprietary
electronic trading systems. In an OTC market, dealers act as market makers by quoting prices at
which they will buy and sell a security or currency. A trade can be executed between two
participants in an OTC market without others being aware of the price at which the transaction was
effected, making an OTC market much less transparent than exchanges. OTC markets are also
subject to fewer regulations. OTC markets are primarily used to trade bonds, currencies, derivatives
and structured products.
Over the counter markets are less transparent because of the nature of the sale. Securities are sold
quite literally over the counter, behind closed doors, with a negotiated price that are not on the listed
exchange. There are also less regulations and usually deal with smaller companies that do not fit the
normal regulations to be listed on the exchange.
Moving forward, the investors are are using Section 10(b) of the Securities Exchange Act as their
main defense. The Securities Exchange Act of 1934 was created to provide governance of securities
transactions on the secondary market and regulate the exchanges and broker–dealers in order to
protect the investing public. All companies that are listed on stock exchanges must follow these

Relationship Between Chinese Stock Market And Macro Economy
Literature review
Name/student number: Yatian Chen B150132143
The study of the relationship between Chinese stock market and macro economy:" Can Chinese
stock market imply macro economy?"
1.Motivation
Researches concerning on macro economy and stock markets of established markets have been
widely studied in the past. Early studies in this area support the argument that stock market returns
are influenced by economic announcements ( Hardouvelis, 1988 ). Additionally, authors such as
Levine and Zervos ( 1996 ) have produced significant evidence that stock markets ' returns are
influenced by macroeconomic indicators such as Gross Domestic Production ( GDP ), productivity,
employment and interest rates.
However, there has been ... Show more content on Helpwriting.net ...
Therefore, a study for China is essential as it potentially creates a necessary background for studying
similar areas for Brazil, Russia, India and South Africa.
Further, It is interesting that even though China has become one of the most powerful economic unit
in the world and also has been developing steadily and fast during the last three decades, its stock
market is still very volatile overtime. Thus, problems that whether the Chinese stock market really
has the ability to react macro economy or how well the stock market can fit the macro economy still
need some further studies and researches to discover. The conclusion of this dissertation can not
only help the Chinese investors to make better investment decisions but also make some suggestions
to the the ones who regulate Chinese economy and finance.
2.Theories, data, variables and research methods
Before the research, it is meaningful to be well aware of the basic theories related to the topic, which
thus will assist for choosing suitable variables. Following what is mentioned above, it is able to
apply good research methods to conduct the research.
2.1 Theories

2.1.1 Capital Asset Pricing Model
Even though many articles are conducted to critically study the capital asset pricing model ( CAPM
), it is widely used around financial

Role Of Sme ( Small And Medium Enterprises Companies...
[TYPE THE COMPANY NAME] [Type the document title] [Type the document subtitle] Rushi
Contents TITLE: 2 1. CHAPTER ONE 3 1.1 INTRODUCTION: 3 1.2 SELECTION OF (SME)
COMPANY: 4 SUMMARY OF PEXIMCO EUROPE LTD: 4 1.3 THE PURPOSE OF STUDY: 6
1.3 HYPOTHESIS: 6 1.4AIMS OF THE STUDY: 7 1.5OBJECTIVE OF THE STUDY: 7
1.6RESEARCH QUESTIONS: 8 1.7 Time Scale (Work Plan): 8 2. CHAPTER TWO 10 2.1.
LITERATURE REVIEW: 10 3. CHAPTER THREE 15 3.1. RESEARCH METHODOLOGY: 15
3.2. ANALYSIS AND PRESENTATION: 16 3.3. DISCUSSIONS AND RESULTS: 16 3.4.
CONCLUSION: 16 3.5. LEGITIMACY AND CREDIBILITY: 17 3.6. ETHICAL ISSUES: 17
REFERENCES AND BIBLIOGRAPHY: 17 TITLE: What role SME (small and medium
enterprises) businesses do play against the economy of ... Show more content on Helpwriting.net ...
Firstly, SME can be defined as the companies that employ less than 500 employees in public
companies or private businesses . This means that who is using less than 500 employees of the
company are measured SMEs. These small and medium business operates in a small production
company like small bakeries, small shops, large shopping malls, with branch offices, a limited
number of small shops around the corner, away, small hotels, small restaurants, etc., there are many
definitions of SMEs, they come from a different country to country, one economy to another. For
example, in Canada, companies has to regard as those SMEs with less than 500 employees, while on
the other hand, according to[Meghana Ayyagari, and Thorsten Beck and Asli Demirguc– Dagon,
2003 4], SME business is stated as the number of employees of these enterprises that employs 0–
250 staff. 1.2 SELECTION OF (SME) COMPANY: In this thesis, it is very essential to choose a
company that operates as a SME in the UK, so that data collection can be done easily. For this
purpose, I chose a company that is presently working as SME and while the company has been
working in the same area of retailers, but offers and sells a variety of products and services at
different times of the year, which provides additional benefits in order to understand policy work
and function it. These differences among their products and services at different times throughout
the year but the same field of retail similarities

Huaneng Power International Inc.
Question No. 1
You have been hired as an international investment banker by a large U.S. institutional investor who
is considering purchasing HPI stock. Provide an analysis of i) China as an investment destination, ii)
key success factors, and iii) HPI's strengths and weaknesses.
China, officially the People's Republic of China is the world's largest country by population and one
of the largest by area, measuring about the same size as the United States. The country's varied
terrain includes vast deserts, towering mountains, high plateaus, and broad plains. Beijing, located in
the north, is China's capital and its cultural, economic, and communications center. Shanghai,
located near the Yangtze, is the most populous urban center, the ... Show more content on
Helpwriting.net ...
The need of a modern technology to improve the power's productivity b. The need of foreign capital

The Nature Of Security Market Efficiency And Then An...
This paper will discuss the nature of security market efficiency and then an application of
understanding of stock market bubbles to a particular company. It will also develop and demonstrate
an understanding of the topic area of capital market efficiency as well as apply theoretical
understanding to the analysis of market information in the context of a company listed on the
Shanghai Stock Exchange (SSE). It will illustrate the information on distance from the assumption
that financial markets perform well and price changes constantly demonstrate real data.
Furthermore, this paper will also illustrate what episodes of volatile security price behavior mean for
the notion that security markets work efficiently. On the other hand, the main reason of this paper is
to prepare a critical literature review of the competing views that stock market bubbles undermine
confidence in the Efficient Market Hypothesis. This will investigate the movements of the share
price of Shenergy Ltd and of the Shanghai Stock Exchange Composite Index generally in the light
of information available to investors. Moreover, it will also define the actions and circumstances
which may be related to share price movements and what has influenced share prices on the SSE
over this time. This means, this will explain regarding the share price behavior that have been
observed and confirms by any of the academic views encountered in literature review.
Overview of the company
Shenergy Group Company Limited is

Impact Of Small And Medium Sized Businesses On Jobs And...
Running head: SMEs 1
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Name:
Institution:
Outline
1. Introduction
Introduces the discussion and gives a thesis statement
2. Discussion
Explores the contribution of SMEs to the economy, gives detailed statistics from various academic
sources.
It also offers an explanation of the impact of the 2008 financial crisis to the SMEs contribution to
the economy in regards to employment
3. Conclusion
Wraps up the discussion
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Introduction
The term "SME" is commonly used to refer to Small and Medium–sized Enterprises. The term
covers a variety of definitions as well as measures. However, in most of the various definitions of
what is an SME, employment is the most widely used criterion for categorizing the size of the firm.
Moreover, SMEs are often defined as businesses with fewer than 500 employees. However, a
number of countries, including some in the European Union use a lower cutoff of 250 employees.
SMEs are important in the economy because they have some unique benefits to the economy chief
among these being employment and job creation among others. The following discussion explores
the impact of SME to the economy, especially in regards to employment and the creation of jobs

among others.
Discussion
It is already apparent that SMEs are very important in an economy. SMEs make up over 95% of
enterprises and

Feasibility Report On Ipo's, And The Process Of Buying An Ipo
I compile, through various mediums, information regarding initial public offerings, or IPO's. The
report includes areas such as defining an IPO, the performance of IPO's, the current market for
IPO's, and the process of buying an IPO. Therefore, the feasibility report is directed at the retail or
non–professional investor who may be engaged in purchasing IPO's. I look to determine if the
underlying facts create certainty that these instruments are profitable currently and in the long run. It
appears through study that investors have increased their consumption of initial public offerings
since the 2007–2008 financial crisis. Many investors believe purchasing IPO's can create quick
realized gains. However, it appears that the performance of these issues has lagged the broader
market, which in my opinion should steal zeal from these risky investments. The figures throughout
this report should indicate and reaffirm that not all IPOs, whether popular or unpopular, will benefit
the professional or non–professional investor. It must be noted that not everything is the same in
financial markets and results may vary significantly from this report in a single incident or sample
study. INTRO Over time, financial markets have become more complex and possibly more
confusing for the average or retail investor. It appears through recent observation that non–
professional investors do not understand the process, importance of, and potential harm that IPO's
may cause to a portfolio in the

Validity Of The Fama French Three Factor Model
Validity of the Fama French Three–Factor Model in China during 2011–2015
Validity of the Fama French Three–Factor Model in China during 2011–2015
Chao Xiong
Ohio University
Abstract
This paper mainly explores the validity of the Fama–French Three Factors model during 2011–2015
by using 30 stocks which is from A–share stock market in China, in contrast to the results of Fama
and French (1993) in U.S, there are some differences. Market risk premium has a significant in
Chinese stock market, but for the factors SMB and HML, both of them are not as significant as the
United States, but it still has a little marginal return. Meanwhile, we use Capital Assets Pricing
Model to compare with Fama–French Three Factors ... Show more content on Helpwriting.net ...
To maximizing the interest of the investment, it depends on the information capture capability of
investors in the stock market. Most investors in China start their investments without enough
knowledge about the operating of stock market. They just follow what the most people do. If things
continue in this way, economic bubble may occur. Therefore, it is particularly important for
investors to get a general knowledge about the core of stock market.
Over the past few decades, economists were continually developing a variety of asset pricing
models. The first and the most important model is called Capital Assets Pricing Model, which was
developed by William Sharpe, John Lintner and Jack Treynor (1964). It is based on the theory of
composition and capitalization, which discussed the expected return and the relationship between
risky assets in stock market. And now, Capital Asset Pricing Models becomes the pillar of multiple
asset pricing models, and widely use in investment.
However, since the 1970s, foreign economists began to do a lot of empirical research, specially in
American capital market, which is able to provide a mature financial environment for the Capital
Asset Pricing Model. Nevertheless, in 1980, there have been lots of negative verification results,
economists started to discuss the Capital Asset Pricing Model, sometimes, it can not reasonably
explain in stock market. In 1992, Fama and French (1992) considered

Jetblue Essay
Learning objectives 1. institutional aspects of equity issuance transaction 2. costs and benefits
associated with public share offerings 3. develop a deeper appreciation for challenges of valuing
unseasoned firms and enhance corporate valuation skills
KEY QUESTIONS FOR CONISDERATION
1) What are the advantages and disadvantages of going public?
2) What different approaches can be used to value JetBlue's shares?
3) At what price would you recommend that JetBlue offer their shares?
Potential Questions to be addressed in report submission * What is an Initial Public Offering and
why is it such a big deal? * Is going public, particularly at the time they did, a good idea for
JetBlue? * What do you ... Show more content on Helpwriting.net ...
Moreover, according to John Owen, JetBlue had prepared the initial registration statement with
security and exchange commission (SEC) for the IPO on September 11, 2001. However, based on
the September 11 attacks, they delayed IPO before it came into force. In fact, not only the terrorist
attacks on September 11, 2001, but several events happened negatively affected the global economy
during the period of going public for JetBlue. For example, the contagion of bird flu was quite
severe during taking flights, which definitely influenced the demand of flights. The increasing oil
price also raised the basic cost in any transportation industry. Another negative condition could be
the economic downturn, including crash of the dot–com bubble and financial crisis in Asia. From
this point

Capital Structure and Firm Performance: Case Study: Listed...
MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH
CITY ––– oOo –––
HUỲNH ANH KIỆT
CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES
IN HOCHIMINH STOCK EXCHANGE
MASTER THESIS
Ho Chi Minh City – 2010
MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS
HOCHIMINH CITY ––– oOo –––
HUỲNH ANH KIỆT
CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES
IN HOCHIMINH STOCK EXCHANGE
MAJOR: BUSINESS ADMINISTRATION MAJOR CODE: 60.34.05
MASTER THESIS
INSTRUCTOR : PROFESSOR NGUYỄN ĐÔNG PHONG
Ho Chi Minh City – 2010
ACKNOWLEDGEMENT
I would like to express my deepest gratitude to my research Instructor, Professor Nguyen Dong
Phong for his intensive support, ... Show more content on Helpwriting.net ...
1 1.1 BACKGROUND ..........................................................................................................................
1 1.2 RESEARCH PROBLEMS ...........................................................................................................
3 1.3 RESEARCH OBJECTIVES .........................................................................................................
4 1.4 RESEARCH METHODOLOGY AND SCOPE ..........................................................................
5 1.5 STRUCTURE OF THE STUDY ..................................................................................................
5 CHAPTER 2: LITERATURE REVIEW .................................................................................... 7 2.1

INTRODUCTION ........................................................................................................................ 7 2.2
CAPITAL STRUCTURE ............................................................................................................. 7 2.3
FIRM PERFORMANCE ............................................................................................................ 11 2.4
HYPOTHESIS AND EMPIRICAL MODEL ............................................................................ 12
2.4.1. Model 1: The Leverage Model

The United States And The Industrial Revolution
In the past 100 years, the world has shifted enormously. Once, a world that only communicated
when one nation was trying to take control of another, is now connected more than ever. This
transformation began with the Industrial Revolution in a period from around 1760 to 1840. Thinking
back to that time, we can easily think of noticeable differences between how the world was and how
it is today. The United States was a small, developing country, still trying to overcome the effects of
a costly revolution. Across the ocean, once the United States' major rival, Great Britain, was still the
greatest power in the world. And around the world, China and Japan were nowhere near the
economic leaders they are today. However, the biggest changes weren't the countries with the
greatest power and size. With advances in technology in the Industrial Revolution, the world began
to revolutionize. The technologies that the world has come to familiarize ourselves with today, such
as the smartphone, weren't even blueprints yet. However, a few of the technological advances that
developed from that era helped mold the world into what it is like today. Brink Lindsey states in the
article, "The Decline and Fall of the First Global Economy" that, "The Industrial Revolution's burst
of technological creativity, thus demolished the natural barriers to trade posed by geography and
created entirely new possibilities for beneficial international exchange." For example, countries in
the North Atlantic

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