The document summarizes research conducted on the behavior of Indian investors. Through surveys, the research examined how various individual, public, acquaintance, and fundamental factors influence investment decisions. Factor analysis identified 4 main factors that influence investors: 1) company fundamentals, 2) ethics and social initiatives of firms, 3) influence of acquaintances, and 4) influence of public information and sentiment. Cluster analysis grouped investors into 3 clusters based on their perspectives, with one cluster most influenced by fundamentals and another most influenced by a company's individual characteristics.
A Study on Investment Pattern of Investors on Different ProductsProjects Kart
A study on investment pattern of investors on different products in India using the questionnaires to understand how salaried employees investment pattern and preferences towards different products. Read more on www.projectskart.com for information. An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future. Today the spectrum of investment is indeed wide. An investment is confronted with array of investment avenues. Among all investment, investment in equity is in best high proportion. This is because the history of stock market is booming and bursts overnight millionaires, an instant pauper.
Investor behavior in the stock market – Rational and Irrational perspectivesRohit Bedi
This research involves the study of buying and selling behavior of the Indian investor from both rational and irrational perspectives. The research involves collection of primary data through a questionnaire. The questionnaire has general questions related to investors’ preferences regarding their investment decisions and questions related to the influence groups which affect their investment behavior.
Investment Pattern on the basis of investors risk profileArihant Zunjarvad
It is an internship project done by me in order to know the risk profile of investors and how investors respond with respect to the risk.
I found it really a great experience in my MBA graduation.
Thank you.
A Study on Investment Pattern of Investors on Different ProductsProjects Kart
A study on investment pattern of investors on different products in India using the questionnaires to understand how salaried employees investment pattern and preferences towards different products. Read more on www.projectskart.com for information. An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future. Today the spectrum of investment is indeed wide. An investment is confronted with array of investment avenues. Among all investment, investment in equity is in best high proportion. This is because the history of stock market is booming and bursts overnight millionaires, an instant pauper.
Investor behavior in the stock market – Rational and Irrational perspectivesRohit Bedi
This research involves the study of buying and selling behavior of the Indian investor from both rational and irrational perspectives. The research involves collection of primary data through a questionnaire. The questionnaire has general questions related to investors’ preferences regarding their investment decisions and questions related to the influence groups which affect their investment behavior.
Investment Pattern on the basis of investors risk profileArihant Zunjarvad
It is an internship project done by me in order to know the risk profile of investors and how investors respond with respect to the risk.
I found it really a great experience in my MBA graduation.
Thank you.
Comparative analysis on investment in mutual fundvaibhav belkhude
Over a long term horizon, equity investments have given returns which far exceed those from the debt based instruments. They are probably the only investment option, which can build large wealth. In short term, equities exhibit very sharp volatilities, which many of us find difficult to stomach. Investment in equities requires one to be in constant touch with the market and a lot of research.
Buying good scripts require one to invest fairly large amounts. Systematic Investing in a Mutual Fund is the answer to preventing the pitfalls of equity investment and still enjoying the high returns. And it makes all the more sense today when the stock markets are booming.
Management of the fund by the professionals or experts is one of the key advantages of investing through a mutual fund. They regularly carry out extensive research - on the company, the industry and the economy – thus ensuring informed investment. Secondly, they regularly track the market.
Thus for many of us who do not have the desired expertise and are too busy with our vocation to devote sufficient time and effort to investing in equity, Mutual Funds offer an attractive alternative.
Another advantage of investing through mutual funds is that even with small amounts we are able to enjoy the benefits of diversification. Huge amounts would be required for an individual to achieve the
desired diversification, which would not be possible for many of us. Diversification reduces the overall impact on the returns from a portfolio, on account of a loss in a particular company/sector.
The Mutual Funds industry is well regulated both by SEBI and AMFI. They have, over the years, introduced regulations, which ensure smooth and transparent functioning of the mutual funds industry. This makes it safer and convenient for investors to invest through Mutual Funds.
One of the biggest difficulties in equity investing is WHEN to invest, apart from the other big question WHERE to invest. While, investing in a mutual fund solves the issue of ‘where’ to invest, SIP helps us to overcome the problem of ‘when’. SIP is a disciplined investing irrespective of the state of the market. It thus makes the market timing totally irrelevant.
The Influential Investor. How UHNW and HNW investor behaviour is redefining p...Scorpio Partnership
The Influential Investor examines the forces that will shape the future of the wealth and investment management industry over the next ten years. The paper delves into the factors that influence UHNW investor behaviour and the ways investors are rethinking their goals for the future. Scorpio Partnership worked alongside the Economist Intelligence Unit and TNS as the recognised specialist on HNW insight
Comparative analysis on investment in mutual fundvaibhav belkhude
Over a long term horizon, equity investments have given returns which far exceed those from the debt based instruments. They are probably the only investment option, which can build large wealth. In short term, equities exhibit very sharp volatilities, which many of us find difficult to stomach. Investment in equities requires one to be in constant touch with the market and a lot of research.
Buying good scripts require one to invest fairly large amounts. Systematic Investing in a Mutual Fund is the answer to preventing the pitfalls of equity investment and still enjoying the high returns. And it makes all the more sense today when the stock markets are booming.
Management of the fund by the professionals or experts is one of the key advantages of investing through a mutual fund. They regularly carry out extensive research - on the company, the industry and the economy – thus ensuring informed investment. Secondly, they regularly track the market.
Thus for many of us who do not have the desired expertise and are too busy with our vocation to devote sufficient time and effort to investing in equity, Mutual Funds offer an attractive alternative.
Another advantage of investing through mutual funds is that even with small amounts we are able to enjoy the benefits of diversification. Huge amounts would be required for an individual to achieve the
desired diversification, which would not be possible for many of us. Diversification reduces the overall impact on the returns from a portfolio, on account of a loss in a particular company/sector.
The Mutual Funds industry is well regulated both by SEBI and AMFI. They have, over the years, introduced regulations, which ensure smooth and transparent functioning of the mutual funds industry. This makes it safer and convenient for investors to invest through Mutual Funds.
One of the biggest difficulties in equity investing is WHEN to invest, apart from the other big question WHERE to invest. While, investing in a mutual fund solves the issue of ‘where’ to invest, SIP helps us to overcome the problem of ‘when’. SIP is a disciplined investing irrespective of the state of the market. It thus makes the market timing totally irrelevant.
The Influential Investor. How UHNW and HNW investor behaviour is redefining p...Scorpio Partnership
The Influential Investor examines the forces that will shape the future of the wealth and investment management industry over the next ten years. The paper delves into the factors that influence UHNW investor behaviour and the ways investors are rethinking their goals for the future. Scorpio Partnership worked alongside the Economist Intelligence Unit and TNS as the recognised specialist on HNW insight
Stock Return Predictability with Financial Ratios: Evidence from PSX 100 Inde...Wasim Uddin
The objective of the current study is to investigate the stock return’s predictability by using financial ratios and control variable of PSX 100 Index companies during period from 2001-2014.
IPO underpricing analysis in Indonesia during 2012-2016edwin hutauruk
ANALYSIS OF FACTORS AFFECTING THE UNDERPRICING OF INITIAL PUBLIC OFFERING (IPO) SECTOR SERVICES / NON-MANUFACTURING IN INDONESIA STOCK EXCHANGE PERIOD 2012-2016
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Running Head CRITICAL ANALYSIS OF THE WHISTLEBLOWER INCENTIVES 1.docxtodd271
Running Head: CRITICAL ANALYSIS OF THE WHISTLEBLOWER INCENTIVES 1
CRITICAL ANALYSIS OF THE WHISTLEBLOWER INCENTIVES AND PROTECTION 27
Critical Analysis of the Whistleblower Incentives and Protection
Professor’s Name
Student’s Name
Course Title
Date
Contents
List of Figures 5
Introduction 6
Background Information 6
Cognate (Finance) 7
Problem Statement 7
Purpose of the Study 8
Research Questions 8
Relationship of the Research Questions to Problem Statement 9
Nature of the Study 10
Methodology 11
Design 11
Fixed, Flexible, and Mixed Method Designs 12
Appropriateness of flexible design in this research? 12
Qualitative research methods 13
Interviews 14
Case study 14
Methods for Triangulation 14
Appropriateness of the Single Case Study 15
Research Framework 15
Research Framework Diagram 16
Research Framework Concepts 17
Research Framework Theories 17
Maslow’s Motivational Theory 17
Transformational Leadership Theory; 17
McClelland’s need theory; 18
Research Framework Actors 18
Leaders 18
Followers; 18
Accountants; 18
Research Framework Variables 19
Leadership style; 19
Intrinsic motivation; 19
Whistleblower demographic; 19
Variables to Include Critical Analysis 20
Related Studies 20
Anticipated and Discovered Themes 20
Summary 21
Definition of Terms 21
Assumptions, Limitations, Delimitations 22
Significance of the Study 23
Reduction of Gaps in the Literature 24
Implications for Biblical Integration 24
Relationship to Cognate 24
Summary 25
Conclusion 25
References: 26
List of Figures
Figure 4.1 conceptual framework diagram…………………….………………………….15
Introduction
Whistleblower incentives and protection refers to the monetary reward as well as protection which the United States Government offers to the individuals who expose certain wrongdoings in the community more especially in government institutions. The Federal law requires the government to reward the whistleblowers a certain percentage of money that is recovered following their tips of exposing the wrongdoing acts. This percentage may go up to 30 percent of the total recovered money. In this paper, I will critically analyze whether Whistleblower Incentives and Protection are ways of applying investment banking incentives to control management unethical and illegal practices. And maybe are the whistleblowers rewarded accordingly in terms of security and money.Background Information
Whistleblower incentives and protection rights are clearly stated per the federal laws. The main reason for having such laws is to promote transparency and motivate people to shun unethical behavior in various professions. Corruption is the main vice that is targeted by whistleblower incentives and protection. Federal laws require government agencies to provide maximum security to a whistleblower in the process of investigating a vice and even after the culprits have been apprehended. More so, it is required by law that the whistleblower gets a certain amount of the recovered resources. Whistl.
Engineering Services or Product Engineering services is one of the fastest growing segments of Indian IT exports. It consist of services across mechanical, embedded, software and VLSI capabilities. It works on the product or product ecosystem of a technology company, accelerating time to market or enabling new technologies/features, or adding value in terms of R&D cost optimization.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
3. Bartlett's Test of Sphericity - This test tests the null hypothesis that the correlation matrix is an identity matrix. An identity matrix is a matrix in which all the diagonal elements are 1 and all off diagonal elements are 0. We are rejecting this null hypothesis at 99.99% confidence Interval. Hence the model passes the basic test to be able to give factor analysis results.
5. The values in this column indicate the proportion of each variable’s variance that can be explained by the retained factors. Variables with high values are well represented in the common factor space, while variables with low values are not well represented.
6. All the variables in our test are found to have high values, indicating that most of the variables are well represented by the founded factors.
7.
8. Initial Eigenvalues – Eigenvalues are the variances of the factors. Since we conducted our factor analysis on the correlation matrix, the variables are standardized, which means that each variable has a variance of 1, and the total variance is equal to the number of variables used in the analysis; in this case 20.
9. % of Variance - This column contains the percent of total variance accounted for by each factor. The top factor contributes for 19.6% and second factor contributes for 15% of the variation.
10. Cumulative % - This column contains the cumulative percentage of variance accounted for by the current and all preceding factors. The first 4 factors contribute for 54% and first five factors contribute for 60% of the variance.
11. Rotation Sums of Squared Loadings - The values in this column of the table represent the distribution of the variance after the varimax rotation. Varimax rotation tries to maximize the variance of each of the factors, so that the total amount of variance accounted for is redistributed over the seven extracted factors.
15. As expected, nothing more important as the fundamentals of a firm influence an investing decision. This factor includes key basics of the company like – Revenues, Profits, Book Value & Order Book among others. Hence an investor, if sure about fundamentals of the firm, will most probably put his/her money, and will not be influenced by other factors.
16. “ Goodwill & Social Incentive Influence” – Factor 2
17. The second influencing factor is the Corporate Social Responsibility & Ethics practiced in the firm. This is the factor which makes companies like Tata Sons and GE get all the market capitalization they get. It’s good to know that many investors will choose a ‘nice’ firm even if they have to compromise on some of their profits.
19. The third influencing factor is concerned with what people around the investor say. In everyday life, we tend to buy things depending on what our parents, friends or peers say/ want us to buy. Investing in shares is a similar case! However, this would be the case for new and inexperienced investors.
21. The forth important factor influencing investor decision is the publically available information, which also includes speculations. The vision and speeches of the founder or CEO, comments of news experts on a firm and prevailing market sentiments influence the investor decision to a large extend. Investors who do not evaluate the firm and are mostly involved in technical trading are influenced by this factor.
26. Hence people with no trading experience consider the fundamentals of the company as most important while investing money. One rationale for this can be that as a person gains trading experience, he/ she finds that the markets are driven more by sentiments than by fundamentals.
27. Cluster 3 has the highest average value for the ‘individual perspective’ like Ethics of the Firm, Corporate Social Responsibility and Product Affinity. It is observed from the descriptive statistics that cluster 3 has highest number of female respondents.
28. Hence female respondents are more influenced by the goodwill of the company, its products and social incentives, than what male respondents are influenced by.Appendix 1: The Questionnaire<br />Investor Behaviour<br />Top of Form<br />Age *<br />Gender * <br />Do you have any prior trading/ investment experience? * <br />1. What influence do the following factors have in your investment decision?<br />Individual perspective<br />1a. Product affinity/ aversion (eg. liquor / tobacco)<br />12345Least influencedMost influenced<br />1b. Ethics of the firm (eg: TATA)<br />12345Least influencedMost influenced<br />1c. Socially responsible firm (eg: Toyota Green initiative)<br />12345Least influencedMost influenced<br />1d. Charisma of the leader (eg: Mr. Ratan Tata, Mr. Azim Premzi, Mr. K.M.Birla)<br />12345Least influencedMost influenced<br />1e. National/ Regional Bias (affinity to Indian company over MNC)<br />12345Least influencedMost influenced<br />2. What influence do the following factors have in your investment decision?<br />Public Perspective<br />2a. Highlighted Stocks in News/ Print media<br />12345Least influencedMost influenced<br />2b. Expert comments of Media Analyst<br />12345Least influencedMost influenced<br />2c. Frequency of advertisement of product/ service on TV/ internet<br />12345Least influencedMost influenced<br />2d. Invest in government priority sector (eg: agriculture. alternative energy)<br />12345Least influencedMost influenced<br />2e. Influenced by prevailing sentiments in market/ investor community<br />12345Least influencedMost influenced<br />3. To what extend do advice/ recommendations from the following affect your investment decision?<br />Acquaintance Perspective<br />3a. Broker<br />12345Never affectsAlways affects<br />3b. Parents<br />12345Never affectsAlways affects<br />3c. Spouse<br />12345Never affectsAlways affects<br />3d. Peers/ Colleagues<br />12345Never affectsAlways affects<br />3e. Friends<br />12345Never affectsAlways affects<br />4. To what extend do you consider the following market fundamentals before investing?<br />Fundamental perspective<br />4a. Revenues/ Profit of the firm<br />12345Never considerAlways consider<br />4b. Book value of the firm<br />12345Never considerAlways consider<br />4c. Earnings per share of the firm<br />12345Never considerAlways consider<br />4d. Price Earnings ratio of the firm<br />12345Never considerAlways consider<br />4e. Order book/ future projects in hand<br />12345Never considerAlways consider<br />Bottom of Form<br />Appendix 2: Factor Analysis<br />Descriptive StatisticsMeanStd. DeviationAnalysis Nv12.581.29360v23.581.03060v33.331.11560v43.671.05260v52.501.06660v63.37.99160v73.67.79560v83.07.88060v92.931.16360v103.55.87260v113.27.91860v123.121.07560v132.851.11760v142.98.98360v153.12.97660v163.90.83860v173.57.87160v183.82.87360v193.90.75260v203.78.99360<br />KMO and Bartlett's TestKaiser-Meyer-Olkin Measure of Sampling Adequacy..595Bartlett's Test of SphericityApprox. Chi-Square432.030df190Sig..000<br />Rotated Component MatrixaComponent1234567v1.717v2.824v3.704v4.464.525v5.717v6.576.484v7.867v8.849v9.571v10.669v11.760v12.427v13.510v14.807v15.743v16.760v17.779v18.802v19.796v20.667Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization.a. Rotation converged in 15 iterations.<br />Appendix 2: Cluster Analysis<br /> C A S E 0 5 10 15 20 25 Label Num +---------+---------+---------+---------+---------+<br /> 48 ─┐<br /> 59 ─┤<br /> 6 ─┤<br /> 27 ─┤<br /> 2 ─┼─┐<br /> 44 ─┤ │<br /> 46 ─┤ │<br /> 47 ─┤ ├───┐<br /> 39 ─┤ │ │<br /> 54 ─┘ │ │<br /> 18 ─┐ │ │<br /> 57 ─┼─┘ │<br /> 50 ─┘ ├─────────────────────────┐<br /> 33 ─┐ │ │<br /> 49 ─┤ │ │<br /> 29 ─┤ │ │<br /> 5 ─┼─┐ │ │<br /> 9 ─┘ ├───┘ │<br /> 14 ─┐ │ │<br /> 45 ─┼─┘ │<br /> 3 ─┘ ├───────────────┐<br /> 1 ─┐ │ │<br /> 12 ─┼─┐ │ │<br /> 19 ─┘ │ │ │<br /> 15 ─┐ ├─────┐ │ │<br /> 32 ─┤ │ │ │ │<br /> 31 ─┤ │ │ │ │<br /> 41 ─┼─┘ │ │ │<br /> 25 ─┤ │ │ │<br /> 34 ─┤ ├───────────────────────┘ │<br /> 38 ─┘ │ │<br /> 21 ─┐ │ │<br /> 42 ─┼───┐ │ │<br /> 26 ─┤ │ │ │<br /> 28 ─┘ │ │ │<br /> 7 ─┐ ├───┘ │<br /> 17 ─┼─┐ │ │<br /> 24 ─┤ │ │ │<br /> 37 ─┤ │ │ │<br /> 11 ─┤ ├─┘ │<br /> 13 ─┘ │ │<br /> 22 ─┐ │ │<br /> 30 ─┼─┘ │<br /> 35 ─┤ │<br /> 52 ─┤ │<br /> 8 ─┘ │<br /> 55 ─┐ │<br /> 56 ─┼───┐ │<br /> 58 ─┘ ├─────┐ │<br /> 40 ─┬───┘ │ │<br /> 51 ─┘ │ │<br /> 20 ─┐ ├─────────────────────────────────────┘<br /> 23 ─┤ │<br /> 16 ─┼───┐ │<br /> 36 ─┘ │ │<br /> 10 ─┐ ├─────┘<br /> 43 ─┤ │<br /> 4 ─┼───┘<br /> 53 ─┘<br />