This document discusses criteria for investing in the visual arts market. It begins by differentiating between collecting art and investing in art, noting that collecting is done for personal enjoyment while investing aims to obtain financial returns. It identifies the key variables to consider when investing, including the piece of art itself and the artist. It discusses different categories of artists (consecrated/established vs emerging) and how their career stages impact investment criteria. Overall, the document aims to provide parameters and guidelines for investors to make profitable purchases in the complex and segmented visual arts market.
My Elevator Pitch Contest idea on a new type of mutual fund that utilizes economic concepts and fundamental analysis to lower risk and increase gains for the client
CEO - The Science of Building, Selling & Buying PerpetuitiesMichael Herlache
The standard MBA curriculum at most business schools is broken down along siloed subjects such as accounting, finance, management, operations, and marketing and attempts to teach students how to be a mid-level manager at a large corporation for the rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped overseas or automated. This MBA curriculum is thus outdated and not appropriate for the 21st century when most individuals will have multiple jobs and roles throughout their careers and lives.
The more appropriate field of study which has yet to make it to business schools is known as Perpetuity Science. Perpetuity Science is the body of knowledge, methodologies, and optimization models related to the building, selling, and buying of perpetuities. It explains how perpetuities can be built, managed and exited from to create wealth. Perpetuity science is a paradigm shift in business and finance education in that it replaces the siloed subjects traditionally taught in undergraduate and graduate business schools with a holistic methodology that integrates industry and the capital markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance, accounting, marketing, etc., we have an initial taxonomy broken down in relation to the perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
The document discusses how applying principles of Austrian economics can help investors make better decisions. It outlines several key Austrian concepts that are relevant to investing, including:
1) Understanding subjective value, preferences, and marginal utility to gauge how consumer demand drives stock prices.
2) Recognizing the uncertainty of markets and that quantitative history cannot predict the future. Investors must understand human action and entrepreneurship.
3) Anticipating the typical boom, crisis, bust economic cycle and how interest rates and malinvestment influence this.
4) Factoring in how government policies and coercion, like inflation, subsidies or regulations, impact specific industries and companies.
5) Realizing prices do not always reflect
This document provides an overview of investment banking, including the functions of capital markets, private client services, and investment banking. It describes the recruiting timeline and interview process for summer investment banking roles. Finally, it outlines Lehman Brothers' culture and 2001 summer associate program, which includes a one-week training and 10-week duration with group placement preferences.
The standard MBA curriculum at most business schools is broken down along siloed subjects such as accounting, finance, management, operations, and marketing and attempts to teach students how to be a mid-level manager at a large corporation for the rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped overseas or automated. This MBA curriculum is thus outdated and not appropriate for the 21st century when most individuals will have multiple jobs and roles throughout their careers and lives.
The more appropriate field of study which has yet to make it to business schools is known as Perpetuity Science. Perpetuity Science is the body of knowledge, methodologies, and optimization models related to the building, selling, and buying of perpetuities. It explains how perpetuities can be built, managed and exited from to create wealth. Perpetuity science is a paradigm shift in business and finance education in that it replaces the siloed subjects traditionally taught in undergraduate and graduate business schools with a holistic methodology that integrates industry and the capital markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance, accounting, marketing, etc., we have an initial taxonomy broken down in relation to the perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
Within each of the three, we have various methodologies and optimization models that may touch on various subjects such as accounting, finance, economics. By starting with perpetuity science however, the student can better synthesize the various moving parts of industry and the capital markets.
Role of Behavioural Finance in the Financial Marketinventionjournals
This document discusses the role of behavioural finance in financial markets. It begins by outlining some key limitations of traditional finance theories, such as assuming complete rationality of investors and ignoring emotional and psychological factors. It then discusses the development of behavioural finance, which incorporates insights from psychology to develop a more realistic understanding of investor behaviour. Some common cognitive biases and heuristics identified by behavioural finance research that influence investment decisions are also summarized, such as loss aversion and herd behaviour. While behavioural finance does not directly help raise finance, the document argues it could indirectly do so by reducing bubbles and increasing investor confidence by accounting for common irrational biases in decision-making. In conclusion, behavioural finance provides a useful framework but requires further
Internal Control System in Perspective Personal Bankers (Case Study: Mandiri ...inventionjournals
The purpose of this study was to determine the extent to which the program improved by quality of service for customer satisfaction and loyalty premium associated with the bank's internal control system. The study used a qualitative approach by primary data and secondary data (interview semi-structured interview and documentation). Testing the credibility of the data can be done by way of an extension of observation, increased by diligence in research, triangulation, discussions with peers, negative case analysis and member check. In interpretive, how to learn the social groups and social structures created by express condition of experience and personal problems.
Prescription Modifying Marketing Factors: A Survey among the Clinicians in Ba...inventionjournals
It was aimed at finding out the important factors those influence the prescription preparation of doctors during their daily life consultancy. It was a descriptive, cross-sectional survey conducted by purposive, convenient sampling. 200 registered practicing doctors from different regions of Bangladesh were interviewed with the prepared self reporting questionnaire from February 2013 to October 2013. Questionnaire was prepared and finalized after pretesting. The measurement was made on the basis of 5 point Likert scale and data were analyzed by using SPSS 16 version and Microsoft Excel®. It was found that doctors consider company image, brand availability, regular promotion, easy brand name, scientific information, and personal experience related confidence with high preference. Promotional tools and representatives’ improvisation, low price of brands are relatively less sensitive to doctors. This study provides only selected aspects on pharma marketing; larger study may reveal the scenario more precisely.
My Elevator Pitch Contest idea on a new type of mutual fund that utilizes economic concepts and fundamental analysis to lower risk and increase gains for the client
CEO - The Science of Building, Selling & Buying PerpetuitiesMichael Herlache
The standard MBA curriculum at most business schools is broken down along siloed subjects such as accounting, finance, management, operations, and marketing and attempts to teach students how to be a mid-level manager at a large corporation for the rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped overseas or automated. This MBA curriculum is thus outdated and not appropriate for the 21st century when most individuals will have multiple jobs and roles throughout their careers and lives.
The more appropriate field of study which has yet to make it to business schools is known as Perpetuity Science. Perpetuity Science is the body of knowledge, methodologies, and optimization models related to the building, selling, and buying of perpetuities. It explains how perpetuities can be built, managed and exited from to create wealth. Perpetuity science is a paradigm shift in business and finance education in that it replaces the siloed subjects traditionally taught in undergraduate and graduate business schools with a holistic methodology that integrates industry and the capital markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance, accounting, marketing, etc., we have an initial taxonomy broken down in relation to the perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
The document discusses how applying principles of Austrian economics can help investors make better decisions. It outlines several key Austrian concepts that are relevant to investing, including:
1) Understanding subjective value, preferences, and marginal utility to gauge how consumer demand drives stock prices.
2) Recognizing the uncertainty of markets and that quantitative history cannot predict the future. Investors must understand human action and entrepreneurship.
3) Anticipating the typical boom, crisis, bust economic cycle and how interest rates and malinvestment influence this.
4) Factoring in how government policies and coercion, like inflation, subsidies or regulations, impact specific industries and companies.
5) Realizing prices do not always reflect
This document provides an overview of investment banking, including the functions of capital markets, private client services, and investment banking. It describes the recruiting timeline and interview process for summer investment banking roles. Finally, it outlines Lehman Brothers' culture and 2001 summer associate program, which includes a one-week training and 10-week duration with group placement preferences.
The standard MBA curriculum at most business schools is broken down along siloed subjects such as accounting, finance, management, operations, and marketing and attempts to teach students how to be a mid-level manager at a large corporation for the rest of their lives. Unfortunately, these jobs are mostly gone, having been shipped overseas or automated. This MBA curriculum is thus outdated and not appropriate for the 21st century when most individuals will have multiple jobs and roles throughout their careers and lives.
The more appropriate field of study which has yet to make it to business schools is known as Perpetuity Science. Perpetuity Science is the body of knowledge, methodologies, and optimization models related to the building, selling, and buying of perpetuities. It explains how perpetuities can be built, managed and exited from to create wealth. Perpetuity science is a paradigm shift in business and finance education in that it replaces the siloed subjects traditionally taught in undergraduate and graduate business schools with a holistic methodology that integrates industry and the capital markets into one framework.
Instead of a disparate business taxonomy along the lines of economics, finance, accounting, marketing, etc., we have an initial taxonomy broken down in relation to the perpetuity, namely:
Build-side – the building of perpetuities (entrepreneurs, corporations)
Sell-side – the selling of perpetuities (investment bankers, wall street)
Buy-side – the buying of perpetuities (private equity, corporate M&A)
Within each of the three, we have various methodologies and optimization models that may touch on various subjects such as accounting, finance, economics. By starting with perpetuity science however, the student can better synthesize the various moving parts of industry and the capital markets.
Role of Behavioural Finance in the Financial Marketinventionjournals
This document discusses the role of behavioural finance in financial markets. It begins by outlining some key limitations of traditional finance theories, such as assuming complete rationality of investors and ignoring emotional and psychological factors. It then discusses the development of behavioural finance, which incorporates insights from psychology to develop a more realistic understanding of investor behaviour. Some common cognitive biases and heuristics identified by behavioural finance research that influence investment decisions are also summarized, such as loss aversion and herd behaviour. While behavioural finance does not directly help raise finance, the document argues it could indirectly do so by reducing bubbles and increasing investor confidence by accounting for common irrational biases in decision-making. In conclusion, behavioural finance provides a useful framework but requires further
Internal Control System in Perspective Personal Bankers (Case Study: Mandiri ...inventionjournals
The purpose of this study was to determine the extent to which the program improved by quality of service for customer satisfaction and loyalty premium associated with the bank's internal control system. The study used a qualitative approach by primary data and secondary data (interview semi-structured interview and documentation). Testing the credibility of the data can be done by way of an extension of observation, increased by diligence in research, triangulation, discussions with peers, negative case analysis and member check. In interpretive, how to learn the social groups and social structures created by express condition of experience and personal problems.
Prescription Modifying Marketing Factors: A Survey among the Clinicians in Ba...inventionjournals
It was aimed at finding out the important factors those influence the prescription preparation of doctors during their daily life consultancy. It was a descriptive, cross-sectional survey conducted by purposive, convenient sampling. 200 registered practicing doctors from different regions of Bangladesh were interviewed with the prepared self reporting questionnaire from February 2013 to October 2013. Questionnaire was prepared and finalized after pretesting. The measurement was made on the basis of 5 point Likert scale and data were analyzed by using SPSS 16 version and Microsoft Excel®. It was found that doctors consider company image, brand availability, regular promotion, easy brand name, scientific information, and personal experience related confidence with high preference. Promotional tools and representatives’ improvisation, low price of brands are relatively less sensitive to doctors. This study provides only selected aspects on pharma marketing; larger study may reveal the scenario more precisely.
The effects of political connection on corporate social responsibility disclo...inventionjournals
This study examines the effects of political connection on corporate social responsibility (CSR) disclosure among 300 non-financial companies listed on Bursa Malaysia in 2013. The study measures political connection using two proxies: government ownership and representation of politicians on company boards. Regression analysis finds that government ownership positively influences CSR disclosure. However, having politicians on boards does not significantly impact CSR disclosure. The study contributes to understanding how political connection, through different proxies, can affect CSR disclosure practices in Malaysia as an emerging economy.
Document Control Effectiveness in ISO 15189 Accredited Laboratoriesinventionjournals
ISO 15189 is the global quality management standard published by the International Organization for Standardization (ISO). Document control is one of the Key requirements of ISO 15189. It is considered Document control is the major quality element to establish a quality management system. The research study was carried out to understand the effectiveness of a document control system followed in accredited medical laboratories. It was the key objective to identify the importance of document control system hypothesis vs practical implementation and Challenges of Document control system implementation. It was really hard to categorize the implementation status of document control, but I have tried to analyze it. In the study volume of up to date control document usage in functional area is estimated. Various effects of document control are also analyzed before implementing the accreditation system and post accreditation system. A structured document control system is also observed and compared with pre and the post accreditation system. In the study all reported events are analyzed to find out out the reported event in related to document control system. Risk analysis of document used in the laboratory is also analyzed. Total risk scoring is done based on the document risk involvement. Major challenges observed in the manual document control system. A suggestive idea is prescribed in the improvement of a document control system.
The Importance of E-Commerce in Terms of Local Development: A Study in Turkey1inventionjournals
Internet is a great technology as well as a vast information storage, communication tool, trading platform, education field, business and entertainment environment. Internet is also the front door of the change and development and especially of the information community that is the bearer and courier of the development existing in the scientific and technologic fields. For this reason, E-commerce, which leaves its mark on the world market and gains more importance against the classic type of trade, also occupies a quite important position in national economy. The objective of our study is; to examine this commerce platform that is established as of today in city of Gümüşhane (Turkey) and to research the potential of E-commerce with regards to national economies and the factors that effect this potential.
Sustainable Leadership Competency Model Leading To Business Growth and Develo...inventionjournals
This study identified a sustainable leadership competency model leading to business growth and development for developing healthcare executives in Kolkata, India based on the Healthcare Leadership (HL) Model. Eleven chief executive officers and chief medical officers were interviewed. They considered 86% of the Healthcare Leadership (HL) competencies as very important or vital and perceived a gap in the performance of these competencies. They also identified additional vital competencies beyond the scope of the model. Participants also reported that leadership development and succession planning programs were lacking. Recommendations are to design a leadership development program using the HL model as a framework and further customizing the approach as per the organization’s unique mission, vision, strategy, values, and circumstances. The HL is offered as a general strategy for leader development that could be useful in the growth and development of Indian private healthcare industry, based on some “best practices” in the design and implementation of the leadership programs.
Determinants Of Customer Participation In Online Shoppinginventionjournals
This research aims to examine and explain the determinants of customer participation in online shopping.The approach of Partial Least Square (PLS) with Smart PLS software is employed in this study to analyze cross section data and prove the hypotheses proposed in the research. The sample of the study includes students of Mulawarman University who used to do online shopping. The participants were recruited through snowball technique.This study shows that only five of the nine hypotheses are supported; the other four are not supported or accept Ha and reject H0. The construct of the ability of vendor has a positive effect on trust, but not significant. Furthermore, the ability has a significant negative effect on transaction-perceived risk. The ability to influence vendor participation in online shopping has no significant effect, while experience has a significant positive effect on trust. On the other hand, experience has a significant negative effect on transaction-perceived risk. Experience has a significant positive effect on online shopping participation. Trust has a significant negative effect on transaction-perceived risk; however, it has a positive influence on online shopping participation, yet not significant. Last, perceived-transaction risk has an insignificant positive effect on online shopping participation
Tourism as a multiplier effect in economy: the case of Albaniainventionjournals
Tourism is an important economic activity in most countries worldwide. This sector has significant direct and indirect impact in the economy. The determination of the multiplier effect of tourism is very important part of economy. The multiplier effect measures the expenditures done on other part of economy, rather than tourism. Tourism not only creates job but also encourages growth on other sectors of industry.
The Influence Of Organizational Culture, Task Complexity and, Competence On J...inventionjournals
This study analyzes the Influence of Organizational Culture, Complexity Duties, Competence on Job Satisfaction, Organizational Citizenship Behavior, And Performance Hospital Nurse Army Kodam VII / Wirabuana In Sulawesi. The design of this research is a comparative study with the causal approach. The study population was all nurses Army Hospital Kodam VII / Wirabuana in Sulawesi amounted to 1,180 nurses. The number of samples used were 298 nurses. Methods of sample selection is done by purposive random sampling. This data analysis technique is using Structural Equation Modelling (SEM). Based on analysis results and hypotheses testing, the conclusions of this research are the organizational culture dominant influence on job satisfaction of nurses in RSAD Kodam VII / Wirabuana Sulawesi; the organizational culture dominant influence on organizational citizenship behavior (OCB) nurses in RSAD Kodam VII/Wirabuana Sulawesi and Cultural organizations dominant influence on the performance of nurses in RSAD Kodam VII/Wirabuana Sulawesi.
Luxury Fashion Market In Nıgerıa: The Impact Of Consumers’ Socio-Economic Sta...inventionjournals
This document summarizes a study on the impact of socio-economic status on luxury fashion brand purchasing decisions in Nigeria. The study surveyed 182 consumers in Lagos and Abuja, Nigeria. Factor analysis identified four key factors that influence purchasing: 1) consumers want brands that are rare and high status, 2) socio-economic attributes like income influence perceptions of luxury brands, 3) culture and emotions can drive purchase decisions, and 4) social perceptions of brands are important. The results support the hypotheses that socio-economic status influences consumer behavior, perceptions, purchasing decisions, and the social value placed on luxury fashion brands in Nigeria.
Exploring the relative effects of Selling Skills on customer satisfaction: A ...inventionjournals
The purpose of this study is to analyze the relationship between salespersons selling skills and customer satisfaction. Those skills include interpersonal, salesmanship and technical skills. The research is designed by a model. The model replicates a relationship of selling skills and customer satisfaction. Cronbach Alpha is calculated to evaluate the reliability of the study. Sample data was collected through online and on spot survey. The findings show that there is a strong relationship between salespersons selling skills and customer satisfaction. Technical skills contributed more to the customer satisfaction. Moreover, customer is not satisfied with current condition of hardware market and selling skills scored very low. The study finally suggests SMEs of Khulna City to take steps for improving salespersons selling skills as those are related to customer satisfaction thus relates to organizational performance
Assessment of CSR Law in Companies Act, 2013 – An Analysis of the Performance...inventionjournals
Introduction: The new law making CSR expenditure and reporting mandatory for certain companies is a new chapter in the Indian corporate world and has provided a necessary boost to the status of companies’ responsibility towards the stakeholders, and transparency and accountability of their actions. Need: The mandatory 2% spending of profits on CSR activities got mixed reaction from corporate executives. To ensure that the enforcement of the law isn’t limited to the term “cheque-book CSR”, regular exploration of the companies’ CSR expenditures and their consequent outcomes is absolutely essential. Objective: The paper aims to assess the outcome of Section 135 of the Companies Act, 2013, in the first year of its implementation among the BSE-SENSEX companies. Research methodology: Secondary sources were utilized for collecting profits and CSR expenditure figures of the selected 30 companies for conducting an ex-post analysis for the year 2014-15. Key findings of the study: Less than 15% of the BSE-SENSEX companies had spent on CSR activities an amount that is equal to or greater than the stipulated 2% of the average profits of the preceding 3 years as per Section 135 of Companies Act, 2013. Implications: Immediate attention of regulatory bodies is desired towards companies failing to dispense the funds earmarked for CSR as stipulated by the law to ensure compliance.
Correlation and dependence between: Business –Globalisation - Information Soc...inventionjournals
Changes in competition which are being observed constitute both the result and condition of globalisation. The structure and degree of strictness of competitive fight influence directly the international development strategies of enterprises. Competition in a global dimension creates new systems of connections, as well as a new dimension of the quality of technological progress and new methods of obtaining competitive advantage. It extorts, so to speak, the creation of new models of organising, different ways of coordinating and configuring activities and cooperating with the environment. An important solution that allows to increase the enterprise efficiency functioning is cooperation on the following line: business – globalisation – knowledge. The purpose of this article is to introduce the relationship, as the latest trend inherent to the process of globalisation, playing an important role in the process of international expansion of enterprises. The aim of this article is to give an answer to the following questions: 1.Is there a correlation between business, globalisation, information society and global society? 2.What factors influence the development of business and the process of globalisation and can they be explicitly defined? 3.If there is a correlation between business, globalisation, information society and global society what is the most important factor in this relation?
The Principles of natural justice in public administration and administrative...inventionjournals
: According to S.B.M Marume (1988) and J.M Stevens (1982:279), it is maintained that in many democratic societies both developed and developing ones where administrative adjudication affects the rights of an individual, the common law principles of natural justice require that an individual citizen affected by a decision should: be given a fair hearing; that s/he be informed of the case against him/her; be given an opportunity to prepare and present his/her case and that the institution taking the decision be unbiased.
Improving the quality of service through the application of CRM in insurance ...inventionjournals
Nowadays the quality of service is becoming increasingly important in insurance product differentiation in terms of strong competitiveness. In order to be successful and to survive in the conditions of this competition, providing high quality service have special importance for any company or economic enterprises, in particular in the insurance industry . Even in Albanian insurance companies today are being dedicated more and more attention to increasing the quality of services. The relationship between service quality and customer satisfaction has received considerable academic attention in recent years. This article explores the impact of CRM on customer satisfaction and their retention in insurance companies in Albania. Primary data were collected using a structured questionnaire with questions related to CRM, its impact on customer satisfaction and loyalty to the insurance companies in Albania. Secondary data were analyzed using data published by the FSA (Financial Supervisory Authority). The findings of the study provide that CRM can impact positively on the customer satisfaction and their loyalty to the insurance companies. If the insurance company retains relationships with its customers, customer loyalty to the company will increase, therefore, a CRM application will increase customer satisfaction
Life Insurance Company of Liability under Insured Fund Management Based On Go...inventionjournals
This important think for this research about the principles of Good Corporate Governance (GCG), which can serve as guidelines liability life insurance company and managing a fund. As we know that PT. Asuransi Jiwasraya (Persero) as one of the oldest companies in Indonesia who has experience with a range long enough, so that you have more opportunities to learn and make improvements in service quality improvement responsibilities in managing the funds of the insured. This research is supported by a variety of sources, both the primary and secondary as well as sociology of law, so that the journal presents about explanations and conclusions appropriate methodology and perspective of the data. GCG principles in life insurance companies studied in this journal aims to increase efficiencies, increase productivity, and improve the quality of care in the management of funds such as account for the insured. Business insurance is having great potential to support the national economy, a business that has managed by collect some premiums from public funds. In this case, legislation adequate and binding on Indonesia intended as optimal achievement in the field of supervision, resulting in the insurance business situation, especially the life insurance industry is transparent, healthy and able to do the best service to all stakeholders in the industry of life insurance business. But in reality, there are many insurance companies that fail in securing public funds that have been collected by the payment of premiums.
Stock Market Integration of Asean+6 on Indonesia Composite Stock Price Index ...inventionjournals
The impact of economic globalization allow intertwined relationships and interplay between capital markets in the world. Attractive financial instruments and are commonly used as an alternative to investing in the stock market one of them is stock.This research aimed to analyze the relationship of the integration of ASEAN + 6 long term and short term stock market on Indonesia Stock Price Index (JKSE), to test the effect of ASEAN + 6 stock market shock on Indonesia Stock Price Index (JKSE) and provide managerial implications that could be performed by investors. Method that used in this study is VAR/VECM. Result show that PSEi, Kospi and BSESN have positive correlation toward JKSE, while SET, NZX50, and SSE have negative correlation toward JKSE. In short term, PSEi and Kospi show negative correlation toward JKSE. Stock price index KLSE, Nikkei225, STI and AORD show no influence toward JKSE. PSEi, Kospi and BSESN stock price index shock have effect to increasing JKSE in long term, while SET, NZX50, and SSE stock price index shock have effect to decreasing JKSE in long term. For those investors who invest in the BEI shall observe the movement of the stock price index of the Philippines (PSEit), the stock price index of the Republic of Korea (Kospi) and index stock price index of India (BSESN) as a reference or consideration for investment decisions. Investors from Indonesia may invest in Malaysia, Japan, Singapore and Australia where the three countries based on test VECM have no effect on Indonesia Composite Stock Price Index.
Effect of Ability, Motivation and Personality of Satisfaction And Performance...inventionjournals
This study examined the effects of ability, motivation, and personality on lecturer satisfaction and performance in Palopo, Indonesia. Survey data was collected from 140 lecturers across 14 universities. Results found that ability did not significantly impact satisfaction or performance. Motivation significantly increased satisfaction but did not directly impact performance, though it did so indirectly through satisfaction. Personality significantly increased satisfaction and directly impacted performance, but did not indirectly impact it through satisfaction. Satisfaction significantly increased performance. The study concluded that to improve lecturer performance, further education and research opportunities should be provided.
An Analysis of the Phenomena That Have Led Some Philosophers to Introduce the...inventionjournals
The standpoint that all observable phenomena in the universe are fitting inestimable material for science if they are studied by the scientific method is basically positivistic. All things and facts which can be immediately learned by observation, together with their relationship and uniformities which is discoverable by reason without exceeding the limit of empirical observation, are designated as positivism. In positivism the belief in the sensory observation of empirical phenomena, that is empiricism – therefore plays a predominant part. Methodologically therefore positivism is in controversial opposition to the metaphysical abstraction of traditional of traditional philosophy. The term metaphysical is applied to everything that aims to go beyond the sphere of empiricism and seek the hidden essence of phenomena or the ultimate cause of things
Special conceptual problems and challenges which emerge when the regional sys...inventionjournals
This article specifically studies certain particular conceptual problems and challenges that emerge when the regional system is regarded as the focal point in a study of Africa in international politics then making the study special in various ways.
Assessment of Plantation Sector Contribution to the Economic Growth in North ...inventionjournals
This document analyzes the contribution of the plantation sector to economic growth in North Sumatra, Indonesia using a Social Accounting Matrix (SAM) analysis of data from 2013. The key findings are:
1. The palm oil and crude palm oil industries had the highest value added multipliers, indicating they gave the largest contribution to income and economic growth in North Sumatra.
2. The palm oil, crude palm oil, and vegetable oil industries had the highest household induced income multipliers, showing they had the strongest positive impact on household incomes in the region.
3. Overall, the SAM analysis found that the palm oil sector and its downstream manufacturing industries made the most significant contributions to economic growth and household
Total quality in teaching and school effectiveness as tools of Administration...inventionjournals
The document summarizes research on students' perspectives on teaching quality and school effectiveness in Greece. A questionnaire was administered to 63 high school students across 3 grades to understand their views. The results showed that students generally did not support exclusive use of textbooks in teaching. They felt teaching was somewhat personalized to their needs and that the knowledge gained was useful. Students' views varied on communication between teachers and school administration or parents. Overall, many students felt satisfied with how courses were conducted and that the school met basic organizational requirements, though some neutral attitudes were also expressed. The research aims to correlate student views with implementing total quality management in schools.
This document provides an introduction to demand and supply analysis in microeconomics. It defines key concepts such as demand curves, supply curves, and equilibrium. Demand curves show the maximum price consumers will pay for different quantities, while supply curves show the minimum price producers will accept. Equilibrium occurs when price and quantity align demand and supply. The document outlines different types of markets and factors that influence demand and supply, such as own-price, income, and substitute/complement prices. It provides the framework for subsequent readings on consumer and firm theory.
This document provides information about different types of financial markets, including:
- Stock markets where individuals and companies buy and sell shares of ownership in companies. The process of first issuing shares on the stock market is called "floating" a company. Companies often hire investment banks to underwrite new stock issues.
- Futures markets allow farmers and businesses to hedge against risks of price fluctuations by entering contracts to buy or sell commodities at set future prices.
- Over-the-counter (OTC) markets provide opportunities for smaller companies not listed on major exchanges, but also carry higher risks for investors.
The effects of political connection on corporate social responsibility disclo...inventionjournals
This study examines the effects of political connection on corporate social responsibility (CSR) disclosure among 300 non-financial companies listed on Bursa Malaysia in 2013. The study measures political connection using two proxies: government ownership and representation of politicians on company boards. Regression analysis finds that government ownership positively influences CSR disclosure. However, having politicians on boards does not significantly impact CSR disclosure. The study contributes to understanding how political connection, through different proxies, can affect CSR disclosure practices in Malaysia as an emerging economy.
Document Control Effectiveness in ISO 15189 Accredited Laboratoriesinventionjournals
ISO 15189 is the global quality management standard published by the International Organization for Standardization (ISO). Document control is one of the Key requirements of ISO 15189. It is considered Document control is the major quality element to establish a quality management system. The research study was carried out to understand the effectiveness of a document control system followed in accredited medical laboratories. It was the key objective to identify the importance of document control system hypothesis vs practical implementation and Challenges of Document control system implementation. It was really hard to categorize the implementation status of document control, but I have tried to analyze it. In the study volume of up to date control document usage in functional area is estimated. Various effects of document control are also analyzed before implementing the accreditation system and post accreditation system. A structured document control system is also observed and compared with pre and the post accreditation system. In the study all reported events are analyzed to find out out the reported event in related to document control system. Risk analysis of document used in the laboratory is also analyzed. Total risk scoring is done based on the document risk involvement. Major challenges observed in the manual document control system. A suggestive idea is prescribed in the improvement of a document control system.
The Importance of E-Commerce in Terms of Local Development: A Study in Turkey1inventionjournals
Internet is a great technology as well as a vast information storage, communication tool, trading platform, education field, business and entertainment environment. Internet is also the front door of the change and development and especially of the information community that is the bearer and courier of the development existing in the scientific and technologic fields. For this reason, E-commerce, which leaves its mark on the world market and gains more importance against the classic type of trade, also occupies a quite important position in national economy. The objective of our study is; to examine this commerce platform that is established as of today in city of Gümüşhane (Turkey) and to research the potential of E-commerce with regards to national economies and the factors that effect this potential.
Sustainable Leadership Competency Model Leading To Business Growth and Develo...inventionjournals
This study identified a sustainable leadership competency model leading to business growth and development for developing healthcare executives in Kolkata, India based on the Healthcare Leadership (HL) Model. Eleven chief executive officers and chief medical officers were interviewed. They considered 86% of the Healthcare Leadership (HL) competencies as very important or vital and perceived a gap in the performance of these competencies. They also identified additional vital competencies beyond the scope of the model. Participants also reported that leadership development and succession planning programs were lacking. Recommendations are to design a leadership development program using the HL model as a framework and further customizing the approach as per the organization’s unique mission, vision, strategy, values, and circumstances. The HL is offered as a general strategy for leader development that could be useful in the growth and development of Indian private healthcare industry, based on some “best practices” in the design and implementation of the leadership programs.
Determinants Of Customer Participation In Online Shoppinginventionjournals
This research aims to examine and explain the determinants of customer participation in online shopping.The approach of Partial Least Square (PLS) with Smart PLS software is employed in this study to analyze cross section data and prove the hypotheses proposed in the research. The sample of the study includes students of Mulawarman University who used to do online shopping. The participants were recruited through snowball technique.This study shows that only five of the nine hypotheses are supported; the other four are not supported or accept Ha and reject H0. The construct of the ability of vendor has a positive effect on trust, but not significant. Furthermore, the ability has a significant negative effect on transaction-perceived risk. The ability to influence vendor participation in online shopping has no significant effect, while experience has a significant positive effect on trust. On the other hand, experience has a significant negative effect on transaction-perceived risk. Experience has a significant positive effect on online shopping participation. Trust has a significant negative effect on transaction-perceived risk; however, it has a positive influence on online shopping participation, yet not significant. Last, perceived-transaction risk has an insignificant positive effect on online shopping participation
Tourism as a multiplier effect in economy: the case of Albaniainventionjournals
Tourism is an important economic activity in most countries worldwide. This sector has significant direct and indirect impact in the economy. The determination of the multiplier effect of tourism is very important part of economy. The multiplier effect measures the expenditures done on other part of economy, rather than tourism. Tourism not only creates job but also encourages growth on other sectors of industry.
The Influence Of Organizational Culture, Task Complexity and, Competence On J...inventionjournals
This study analyzes the Influence of Organizational Culture, Complexity Duties, Competence on Job Satisfaction, Organizational Citizenship Behavior, And Performance Hospital Nurse Army Kodam VII / Wirabuana In Sulawesi. The design of this research is a comparative study with the causal approach. The study population was all nurses Army Hospital Kodam VII / Wirabuana in Sulawesi amounted to 1,180 nurses. The number of samples used were 298 nurses. Methods of sample selection is done by purposive random sampling. This data analysis technique is using Structural Equation Modelling (SEM). Based on analysis results and hypotheses testing, the conclusions of this research are the organizational culture dominant influence on job satisfaction of nurses in RSAD Kodam VII / Wirabuana Sulawesi; the organizational culture dominant influence on organizational citizenship behavior (OCB) nurses in RSAD Kodam VII/Wirabuana Sulawesi and Cultural organizations dominant influence on the performance of nurses in RSAD Kodam VII/Wirabuana Sulawesi.
Luxury Fashion Market In Nıgerıa: The Impact Of Consumers’ Socio-Economic Sta...inventionjournals
This document summarizes a study on the impact of socio-economic status on luxury fashion brand purchasing decisions in Nigeria. The study surveyed 182 consumers in Lagos and Abuja, Nigeria. Factor analysis identified four key factors that influence purchasing: 1) consumers want brands that are rare and high status, 2) socio-economic attributes like income influence perceptions of luxury brands, 3) culture and emotions can drive purchase decisions, and 4) social perceptions of brands are important. The results support the hypotheses that socio-economic status influences consumer behavior, perceptions, purchasing decisions, and the social value placed on luxury fashion brands in Nigeria.
Exploring the relative effects of Selling Skills on customer satisfaction: A ...inventionjournals
The purpose of this study is to analyze the relationship between salespersons selling skills and customer satisfaction. Those skills include interpersonal, salesmanship and technical skills. The research is designed by a model. The model replicates a relationship of selling skills and customer satisfaction. Cronbach Alpha is calculated to evaluate the reliability of the study. Sample data was collected through online and on spot survey. The findings show that there is a strong relationship between salespersons selling skills and customer satisfaction. Technical skills contributed more to the customer satisfaction. Moreover, customer is not satisfied with current condition of hardware market and selling skills scored very low. The study finally suggests SMEs of Khulna City to take steps for improving salespersons selling skills as those are related to customer satisfaction thus relates to organizational performance
Assessment of CSR Law in Companies Act, 2013 – An Analysis of the Performance...inventionjournals
Introduction: The new law making CSR expenditure and reporting mandatory for certain companies is a new chapter in the Indian corporate world and has provided a necessary boost to the status of companies’ responsibility towards the stakeholders, and transparency and accountability of their actions. Need: The mandatory 2% spending of profits on CSR activities got mixed reaction from corporate executives. To ensure that the enforcement of the law isn’t limited to the term “cheque-book CSR”, regular exploration of the companies’ CSR expenditures and their consequent outcomes is absolutely essential. Objective: The paper aims to assess the outcome of Section 135 of the Companies Act, 2013, in the first year of its implementation among the BSE-SENSEX companies. Research methodology: Secondary sources were utilized for collecting profits and CSR expenditure figures of the selected 30 companies for conducting an ex-post analysis for the year 2014-15. Key findings of the study: Less than 15% of the BSE-SENSEX companies had spent on CSR activities an amount that is equal to or greater than the stipulated 2% of the average profits of the preceding 3 years as per Section 135 of Companies Act, 2013. Implications: Immediate attention of regulatory bodies is desired towards companies failing to dispense the funds earmarked for CSR as stipulated by the law to ensure compliance.
Correlation and dependence between: Business –Globalisation - Information Soc...inventionjournals
Changes in competition which are being observed constitute both the result and condition of globalisation. The structure and degree of strictness of competitive fight influence directly the international development strategies of enterprises. Competition in a global dimension creates new systems of connections, as well as a new dimension of the quality of technological progress and new methods of obtaining competitive advantage. It extorts, so to speak, the creation of new models of organising, different ways of coordinating and configuring activities and cooperating with the environment. An important solution that allows to increase the enterprise efficiency functioning is cooperation on the following line: business – globalisation – knowledge. The purpose of this article is to introduce the relationship, as the latest trend inherent to the process of globalisation, playing an important role in the process of international expansion of enterprises. The aim of this article is to give an answer to the following questions: 1.Is there a correlation between business, globalisation, information society and global society? 2.What factors influence the development of business and the process of globalisation and can they be explicitly defined? 3.If there is a correlation between business, globalisation, information society and global society what is the most important factor in this relation?
The Principles of natural justice in public administration and administrative...inventionjournals
: According to S.B.M Marume (1988) and J.M Stevens (1982:279), it is maintained that in many democratic societies both developed and developing ones where administrative adjudication affects the rights of an individual, the common law principles of natural justice require that an individual citizen affected by a decision should: be given a fair hearing; that s/he be informed of the case against him/her; be given an opportunity to prepare and present his/her case and that the institution taking the decision be unbiased.
Improving the quality of service through the application of CRM in insurance ...inventionjournals
Nowadays the quality of service is becoming increasingly important in insurance product differentiation in terms of strong competitiveness. In order to be successful and to survive in the conditions of this competition, providing high quality service have special importance for any company or economic enterprises, in particular in the insurance industry . Even in Albanian insurance companies today are being dedicated more and more attention to increasing the quality of services. The relationship between service quality and customer satisfaction has received considerable academic attention in recent years. This article explores the impact of CRM on customer satisfaction and their retention in insurance companies in Albania. Primary data were collected using a structured questionnaire with questions related to CRM, its impact on customer satisfaction and loyalty to the insurance companies in Albania. Secondary data were analyzed using data published by the FSA (Financial Supervisory Authority). The findings of the study provide that CRM can impact positively on the customer satisfaction and their loyalty to the insurance companies. If the insurance company retains relationships with its customers, customer loyalty to the company will increase, therefore, a CRM application will increase customer satisfaction
Life Insurance Company of Liability under Insured Fund Management Based On Go...inventionjournals
This important think for this research about the principles of Good Corporate Governance (GCG), which can serve as guidelines liability life insurance company and managing a fund. As we know that PT. Asuransi Jiwasraya (Persero) as one of the oldest companies in Indonesia who has experience with a range long enough, so that you have more opportunities to learn and make improvements in service quality improvement responsibilities in managing the funds of the insured. This research is supported by a variety of sources, both the primary and secondary as well as sociology of law, so that the journal presents about explanations and conclusions appropriate methodology and perspective of the data. GCG principles in life insurance companies studied in this journal aims to increase efficiencies, increase productivity, and improve the quality of care in the management of funds such as account for the insured. Business insurance is having great potential to support the national economy, a business that has managed by collect some premiums from public funds. In this case, legislation adequate and binding on Indonesia intended as optimal achievement in the field of supervision, resulting in the insurance business situation, especially the life insurance industry is transparent, healthy and able to do the best service to all stakeholders in the industry of life insurance business. But in reality, there are many insurance companies that fail in securing public funds that have been collected by the payment of premiums.
Stock Market Integration of Asean+6 on Indonesia Composite Stock Price Index ...inventionjournals
The impact of economic globalization allow intertwined relationships and interplay between capital markets in the world. Attractive financial instruments and are commonly used as an alternative to investing in the stock market one of them is stock.This research aimed to analyze the relationship of the integration of ASEAN + 6 long term and short term stock market on Indonesia Stock Price Index (JKSE), to test the effect of ASEAN + 6 stock market shock on Indonesia Stock Price Index (JKSE) and provide managerial implications that could be performed by investors. Method that used in this study is VAR/VECM. Result show that PSEi, Kospi and BSESN have positive correlation toward JKSE, while SET, NZX50, and SSE have negative correlation toward JKSE. In short term, PSEi and Kospi show negative correlation toward JKSE. Stock price index KLSE, Nikkei225, STI and AORD show no influence toward JKSE. PSEi, Kospi and BSESN stock price index shock have effect to increasing JKSE in long term, while SET, NZX50, and SSE stock price index shock have effect to decreasing JKSE in long term. For those investors who invest in the BEI shall observe the movement of the stock price index of the Philippines (PSEit), the stock price index of the Republic of Korea (Kospi) and index stock price index of India (BSESN) as a reference or consideration for investment decisions. Investors from Indonesia may invest in Malaysia, Japan, Singapore and Australia where the three countries based on test VECM have no effect on Indonesia Composite Stock Price Index.
Effect of Ability, Motivation and Personality of Satisfaction And Performance...inventionjournals
This study examined the effects of ability, motivation, and personality on lecturer satisfaction and performance in Palopo, Indonesia. Survey data was collected from 140 lecturers across 14 universities. Results found that ability did not significantly impact satisfaction or performance. Motivation significantly increased satisfaction but did not directly impact performance, though it did so indirectly through satisfaction. Personality significantly increased satisfaction and directly impacted performance, but did not indirectly impact it through satisfaction. Satisfaction significantly increased performance. The study concluded that to improve lecturer performance, further education and research opportunities should be provided.
An Analysis of the Phenomena That Have Led Some Philosophers to Introduce the...inventionjournals
The standpoint that all observable phenomena in the universe are fitting inestimable material for science if they are studied by the scientific method is basically positivistic. All things and facts which can be immediately learned by observation, together with their relationship and uniformities which is discoverable by reason without exceeding the limit of empirical observation, are designated as positivism. In positivism the belief in the sensory observation of empirical phenomena, that is empiricism – therefore plays a predominant part. Methodologically therefore positivism is in controversial opposition to the metaphysical abstraction of traditional of traditional philosophy. The term metaphysical is applied to everything that aims to go beyond the sphere of empiricism and seek the hidden essence of phenomena or the ultimate cause of things
Special conceptual problems and challenges which emerge when the regional sys...inventionjournals
This article specifically studies certain particular conceptual problems and challenges that emerge when the regional system is regarded as the focal point in a study of Africa in international politics then making the study special in various ways.
Assessment of Plantation Sector Contribution to the Economic Growth in North ...inventionjournals
This document analyzes the contribution of the plantation sector to economic growth in North Sumatra, Indonesia using a Social Accounting Matrix (SAM) analysis of data from 2013. The key findings are:
1. The palm oil and crude palm oil industries had the highest value added multipliers, indicating they gave the largest contribution to income and economic growth in North Sumatra.
2. The palm oil, crude palm oil, and vegetable oil industries had the highest household induced income multipliers, showing they had the strongest positive impact on household incomes in the region.
3. Overall, the SAM analysis found that the palm oil sector and its downstream manufacturing industries made the most significant contributions to economic growth and household
Total quality in teaching and school effectiveness as tools of Administration...inventionjournals
The document summarizes research on students' perspectives on teaching quality and school effectiveness in Greece. A questionnaire was administered to 63 high school students across 3 grades to understand their views. The results showed that students generally did not support exclusive use of textbooks in teaching. They felt teaching was somewhat personalized to their needs and that the knowledge gained was useful. Students' views varied on communication between teachers and school administration or parents. Overall, many students felt satisfied with how courses were conducted and that the school met basic organizational requirements, though some neutral attitudes were also expressed. The research aims to correlate student views with implementing total quality management in schools.
This document provides an introduction to demand and supply analysis in microeconomics. It defines key concepts such as demand curves, supply curves, and equilibrium. Demand curves show the maximum price consumers will pay for different quantities, while supply curves show the minimum price producers will accept. Equilibrium occurs when price and quantity align demand and supply. The document outlines different types of markets and factors that influence demand and supply, such as own-price, income, and substitute/complement prices. It provides the framework for subsequent readings on consumer and firm theory.
This document provides information about different types of financial markets, including:
- Stock markets where individuals and companies buy and sell shares of ownership in companies. The process of first issuing shares on the stock market is called "floating" a company. Companies often hire investment banks to underwrite new stock issues.
- Futures markets allow farmers and businesses to hedge against risks of price fluctuations by entering contracts to buy or sell commodities at set future prices.
- Over-the-counter (OTC) markets provide opportunities for smaller companies not listed on major exchanges, but also carry higher risks for investors.
Real estate experts believe the current downturn in real estate values and transactions is cyclical and will rebound over time. Well-capitalized real estate investors are sitting on the sidelines, preserving capital while waiting for asset prices to bottom out before accelerating buying. These investors are balancing their portfolios by limiting new purchases and holding existing assets to sell later when the market recovers and values are maximized. Once the pandemic is resolved and markets return to normal, real estate investors will be well-positioned to dramatically grow their portfolios through strategic buying and selling as the market cycle turns upward again.
Real estate experts believe the current plummeting of real estate values and transaction volumes is the result of a down market cycle that will rebound over time. Well-capitalized real estate investors are sitting on the sidelines, preserving capital while waiting for an opportunity to buy more assets at better prices when the market bottoms out. These investors balance their portfolios by holding existing assets for sale while limiting new purchases, avoiding selling assets at below-premium prices. As the pandemic is resolved and markets recover, real estate investors will be positioned to accelerate both buying and selling according to their own timelines and maximize returns through strategic portfolio balancing.
Toward a theory of state capitalism by grinderand hagelTaxScout Inc.
This paper represents the initial phase of a larger study which will present the outline of an analytical model of the structure and dynamics of the state capitalist system as it has evoved historically in the U.S.
The economist guide to the financial marketswijitha gayan
This document provides an overview of financial markets and their functions. Financial markets have existed since early societies traded agricultural goods, fulfilling the same basic purposes as modern markets. All financial markets, whether organized exchanges or informal markets, serve to set prices, value assets, allow arbitrage, raise capital for businesses and individuals, facilitate commercial transactions, enable investment, and help manage risks. In 2004, total annual capital raised in financial markets worldwide excluding domestic loans was $7 trillion, while the total value of financial instruments traded was $109 trillion. Cross-border financial transactions have also grown dramatically in recent decades.
Introduction in the capital markets and bvb for bsb year 10Asfromania
1. The document discusses various topics related to capital markets and the stock exchange, including capital markets and what they are, players in the capital market like investors and intermediaries, types of risk for investors, how stock exchanges work, the Bucharest Stock Exchange (BVB), financial instruments traded on the BVB, the process of listing a company on the BVB, and market indicators used in technical analysis.
2. It provides information on capital markets and how they help channel funds from savers to institutions and companies, defines the primary and secondary markets, and lists some major stock exchanges.
3. Details are given on types of financial instruments traded on the BVB like shares, bonds, and fund units,
This summary provides the key details from the document in 3 sentences:
The document discusses Etsy, Inc., an e-commerce company that operates online marketplaces connecting sellers and buyers. It provides an overview of Etsy's business model, financial performance in 2021, marketplaces, services offered to sellers, and operational metrics. The document also examines several research papers related to Etsy that study how narrative style influences sales and the implications of transaction costs for a social enterprise.
The document discusses the entrepreneurial dimension of cultural and creative industries (CCIs), particularly small and medium enterprises (SMEs). It defines CCIs as industries that produce and distribute goods/services conveying cultural expressions. CCIs include film, music, performing arts, visual arts. Creative industries use culture as an input for functional outputs like architecture, advertising, design. The document examines CCIs through an entrepreneurial lens, discussing SME characteristics, challenges like access to financing, and recommendations to better support CCIs through skills/career development and targeted funding.
The financial market refers to the marketplace where buyers and sellers engage in trading of various financial products like stocks, bonds, currencies and commodities. It acts as a medium for people and institutions with capital to invest and those who need capital to raise funds. Financial markets can be classified based on factors such as the type of financial claim, claim maturity, delivery timing, and organizational structure. Some key classifications include money markets, capital markets, stock markets, bond markets, foreign exchange markets and commodity markets. Financial markets play an important role in facilitating capital formation and allocation in modern economies.
The Facts and Fictions of the Securities IndustrySam Vaknin
This document contains an introduction to a book on the securities industry. It discusses several concepts related to valuing stocks and companies, including market capitalization, management compensation, cash flows, risk, liquidity, and various valuation models. It notes that the value of stocks is based on expected future cash flows from the company, securities markets, and current market participants. Stock prices reflect risks related to the specific company as well as broader market risks. Valuation requires estimating future dividends, earnings, or free cash flows and discounting them to arrive at a present value. The document also briefly discusses the process of due diligence required when attracting foreign investment.
Trustees are often wary of holding art assets in trusts due to their unique characteristics and risks compared to more traditional assets like equities and bonds. Art can be fragile, valuable, and subject to changing tastes, requiring specialized expertise to properly manage. ArtBanc provides services specifically tailored to help trustees safely manage and account for art holdings, including condition reports, valuations, authentication reviews, and insured storage and transportation when needed.
This document discusses Harry Markowitz's pioneering work in portfolio theory and the portfolio selection process. It outlines Markowitz's Mean-Variance model, which characterizes risk as the variance of expected returns. The model defines two types of risk: unsystematic (diversifiable) risk and systematic (market) risk. While unsystematic risk can be reduced through diversification, systematic risk cannot be eliminated. Markowitz established that investors should consider the risk of each security in a portfolio, rather than in isolation, and aim to optimize the expected return for a given level of risk through diversification across many asset classes.
The Indian Financial Market Is Touted as Benchmark in Today’s Global Economic...paperpublications3
Abstract: To describe my contents in a concise manner the above topic throws light on credentials of a Indian financial market in both theoretical and pragmatic ways. Through this I want to highlight the working of share markets and how a common investor can achieve better return from his or her capital investment. Profit is the only “mantra” that can drive success in a capital market and for ensuring profitability one needs knowledge and self-interest. I feel privileged to write this topic and describe my own experiences of share market in a pictorial and best possible manner.
Paolo Cirio created the conceptual artwork ArtCommodities.com to introduce ideas of collectible digital art and critique the contemporary art market. It proposes alternatives like a "Smart Art Market" that establishes democratic aesthetic values through selling unique artworks at low prices. This would create a new economic model using "Smart Digital Art Objects" authenticated via cryptography. The work analyzes how to design market instruments that address manipulation and affect socio-cultural values. It suggests investing in art with social values could lead to sustainable art markets and taste formation benefiting society.
Chapter 02_Overview of the Financial SystemRusman Mukhlis
This chapter provides an overview of the financial system, including the functions of financial markets and intermediaries in channeling funds from lenders to borrowers. It describes the structure of markets, such as debt versus equity, and primary versus secondary markets. It also discusses the internationalization of markets and the role of regulation in ensuring stability and transparency.
The document provides information about the capital market in India. It begins with an introduction to the capital market and its key participants. It then discusses the history and development of the capital market in India before and after independence. It provides details on the organizational structure of the Indian capital market, including the primary market, secondary market, and various segments like government securities, industrial securities, development financial institutions, and financial intermediaries.
Capital market-in-bangladesh-an-overview-in-the-present-context91avijit
The document provides an overview of the capital market in Bangladesh, including:
1. It defines the capital market and describes its key functions of allowing companies and governments to raise long-term funds.
2. It outlines the structure of the capital market in Bangladesh, which includes two stock exchanges (Dhaka Stock Exchange and Chittagong Stock Exchange) and a securities regulator.
3. It discusses some challenges facing the Bangladesh capital market, including a lack of supply of fundamentally sound shares causing overheating situations and overpricing.
Equity crowdfunding in italy campaign success factors analisys manuel crist...Fabio Allegreni
This study is the first report which statistically analyses the success factors driving a consistent sample of italian equity crowdfunding (from 2016 to 2019) to maximize their fund raising with equity crowdfunding.
The report is the result of the thesis released by Manuel Cristofaro, student in Bussiness Administration, with the help of italian magazine Crowdfunding Buzz, for getting his degree,
The document discusses the current state of global financial markets and investments. It argues that decades of central bank intervention and money printing have created massive bubbles across asset classes. Modern portfolio theory and investment strategies no longer apply in these distorted markets. Investors have experienced huge gains, but future outcomes are uncertain as bubbles could burst, meaning past returns may not continue. Financial advisors must look beyond standard models and assumptions to help clients appropriately navigate this challenging environment.
Similar to Criteria for Investing In the Market of Visual Arts (20)
Null Bangalore | Pentesters Approach to AWS IAMDivyanshu
#Abstract:
- Learn more about the real-world methods for auditing AWS IAM (Identity and Access Management) as a pentester. So let us proceed with a brief discussion of IAM as well as some typical misconfigurations and their potential exploits in order to reinforce the understanding of IAM security best practices.
- Gain actionable insights into AWS IAM policies and roles, using hands on approach.
#Prerequisites:
- Basic understanding of AWS services and architecture
- Familiarity with cloud security concepts
- Experience using the AWS Management Console or AWS CLI.
- For hands on lab create account on [killercoda.com](https://killercoda.com/cloudsecurity-scenario/)
# Scenario Covered:
- Basics of IAM in AWS
- Implementing IAM Policies with Least Privilege to Manage S3 Bucket
- Objective: Create an S3 bucket with least privilege IAM policy and validate access.
- Steps:
- Create S3 bucket.
- Attach least privilege policy to IAM user.
- Validate access.
- Exploiting IAM PassRole Misconfiguration
-Allows a user to pass a specific IAM role to an AWS service (ec2), typically used for service access delegation. Then exploit PassRole Misconfiguration granting unauthorized access to sensitive resources.
- Objective: Demonstrate how a PassRole misconfiguration can grant unauthorized access.
- Steps:
- Allow user to pass IAM role to EC2.
- Exploit misconfiguration for unauthorized access.
- Access sensitive resources.
- Exploiting IAM AssumeRole Misconfiguration with Overly Permissive Role
- An overly permissive IAM role configuration can lead to privilege escalation by creating a role with administrative privileges and allow a user to assume this role.
- Objective: Show how overly permissive IAM roles can lead to privilege escalation.
- Steps:
- Create role with administrative privileges.
- Allow user to assume the role.
- Perform administrative actions.
- Differentiation between PassRole vs AssumeRole
Try at [killercoda.com](https://killercoda.com/cloudsecurity-scenario/)
Digital Twins Computer Networking Paper Presentation.pptxaryanpankaj78
A Digital Twin in computer networking is a virtual representation of a physical network, used to simulate, analyze, and optimize network performance and reliability. It leverages real-time data to enhance network management, predict issues, and improve decision-making processes.
Rainfall intensity duration frequency curve statistical analysis and modeling...bijceesjournal
Using data from 41 years in Patna’ India’ the study’s goal is to analyze the trends of how often it rains on a weekly, seasonal, and annual basis (1981−2020). First, utilizing the intensity-duration-frequency (IDF) curve and the relationship by statistically analyzing rainfall’ the historical rainfall data set for Patna’ India’ during a 41 year period (1981−2020), was evaluated for its quality. Changes in the hydrologic cycle as a result of increased greenhouse gas emissions are expected to induce variations in the intensity, length, and frequency of precipitation events. One strategy to lessen vulnerability is to quantify probable changes and adapt to them. Techniques such as log-normal, normal, and Gumbel are used (EV-I). Distributions were created with durations of 1, 2, 3, 6, and 24 h and return times of 2, 5, 10, 25, and 100 years. There were also mathematical correlations discovered between rainfall and recurrence interval.
Findings: Based on findings, the Gumbel approach produced the highest intensity values, whereas the other approaches produced values that were close to each other. The data indicates that 461.9 mm of rain fell during the monsoon season’s 301st week. However, it was found that the 29th week had the greatest average rainfall, 92.6 mm. With 952.6 mm on average, the monsoon season saw the highest rainfall. Calculations revealed that the yearly rainfall averaged 1171.1 mm. Using Weibull’s method, the study was subsequently expanded to examine rainfall distribution at different recurrence intervals of 2, 5, 10, and 25 years. Rainfall and recurrence interval mathematical correlations were also developed. Further regression analysis revealed that short wave irrigation, wind direction, wind speed, pressure, relative humidity, and temperature all had a substantial influence on rainfall.
Originality and value: The results of the rainfall IDF curves can provide useful information to policymakers in making appropriate decisions in managing and minimizing floods in the study area.
VARIABLE FREQUENCY DRIVE. VFDs are widely used in industrial applications for...PIMR BHOPAL
Variable frequency drive .A Variable Frequency Drive (VFD) is an electronic device used to control the speed and torque of an electric motor by varying the frequency and voltage of its power supply. VFDs are widely used in industrial applications for motor control, providing significant energy savings and precise motor operation.
AI for Legal Research with applications, toolsmahaffeycheryld
AI applications in legal research include rapid document analysis, case law review, and statute interpretation. AI-powered tools can sift through vast legal databases to find relevant precedents and citations, enhancing research accuracy and speed. They assist in legal writing by drafting and proofreading documents. Predictive analytics help foresee case outcomes based on historical data, aiding in strategic decision-making. AI also automates routine tasks like contract review and due diligence, freeing up lawyers to focus on complex legal issues. These applications make legal research more efficient, cost-effective, and accessible.
DEEP LEARNING FOR SMART GRID INTRUSION DETECTION: A HYBRID CNN-LSTM-BASED MODELijaia
As digital technology becomes more deeply embedded in power systems, protecting the communication
networks of Smart Grids (SG) has emerged as a critical concern. Distributed Network Protocol 3 (DNP3)
represents a multi-tiered application layer protocol extensively utilized in Supervisory Control and Data
Acquisition (SCADA)-based smart grids to facilitate real-time data gathering and control functionalities.
Robust Intrusion Detection Systems (IDS) are necessary for early threat detection and mitigation because
of the interconnection of these networks, which makes them vulnerable to a variety of cyberattacks. To
solve this issue, this paper develops a hybrid Deep Learning (DL) model specifically designed for intrusion
detection in smart grids. The proposed approach is a combination of the Convolutional Neural Network
(CNN) and the Long-Short-Term Memory algorithms (LSTM). We employed a recent intrusion detection
dataset (DNP3), which focuses on unauthorized commands and Denial of Service (DoS) cyberattacks, to
train and test our model. The results of our experiments show that our CNN-LSTM method is much better
at finding smart grid intrusions than other deep learning algorithms used for classification. In addition,
our proposed approach improves accuracy, precision, recall, and F1 score, achieving a high detection
accuracy rate of 99.50%.
Redefining brain tumor segmentation: a cutting-edge convolutional neural netw...IJECEIAES
Medical image analysis has witnessed significant advancements with deep learning techniques. In the domain of brain tumor segmentation, the ability to
precisely delineate tumor boundaries from magnetic resonance imaging (MRI)
scans holds profound implications for diagnosis. This study presents an ensemble convolutional neural network (CNN) with transfer learning, integrating
the state-of-the-art Deeplabv3+ architecture with the ResNet18 backbone. The
model is rigorously trained and evaluated, exhibiting remarkable performance
metrics, including an impressive global accuracy of 99.286%, a high-class accuracy of 82.191%, a mean intersection over union (IoU) of 79.900%, a weighted
IoU of 98.620%, and a Boundary F1 (BF) score of 83.303%. Notably, a detailed comparative analysis with existing methods showcases the superiority of
our proposed model. These findings underscore the model’s competence in precise brain tumor localization, underscoring its potential to revolutionize medical
image analysis and enhance healthcare outcomes. This research paves the way
for future exploration and optimization of advanced CNN models in medical
imaging, emphasizing addressing false positives and resource efficiency.
Prediction of Electrical Energy Efficiency Using Information on Consumer's Ac...PriyankaKilaniya
Energy efficiency has been important since the latter part of the last century. The main object of this survey is to determine the energy efficiency knowledge among consumers. Two separate districts in Bangladesh are selected to conduct the survey on households and showrooms about the energy and seller also. The survey uses the data to find some regression equations from which it is easy to predict energy efficiency knowledge. The data is analyzed and calculated based on five important criteria. The initial target was to find some factors that help predict a person's energy efficiency knowledge. From the survey, it is found that the energy efficiency awareness among the people of our country is very low. Relationships between household energy use behaviors are estimated using a unique dataset of about 40 households and 20 showrooms in Bangladesh's Chapainawabganj and Bagerhat districts. Knowledge of energy consumption and energy efficiency technology options is found to be associated with household use of energy conservation practices. Household characteristics also influence household energy use behavior. Younger household cohorts are more likely to adopt energy-efficient technologies and energy conservation practices and place primary importance on energy saving for environmental reasons. Education also influences attitudes toward energy conservation in Bangladesh. Low-education households indicate they primarily save electricity for the environment while high-education households indicate they are motivated by environmental concerns.
Build the Next Generation of Apps with the Einstein 1 Platform.
Rejoignez Philippe Ozil pour une session de workshops qui vous guidera à travers les détails de la plateforme Einstein 1, l'importance des données pour la création d'applications d'intelligence artificielle et les différents outils et technologies que Salesforce propose pour vous apporter tous les bénéfices de l'IA.
Gas agency management system project report.pdfKamal Acharya
The project entitled "Gas Agency" is done to make the manual process easier by making it a computerized system for billing and maintaining stock. The Gas Agencies get the order request through phone calls or by personal from their customers and deliver the gas cylinders to their address based on their demand and previous delivery date. This process is made computerized and the customer's name, address and stock details are stored in a database. Based on this the billing for a customer is made simple and easier, since a customer order for gas can be accepted only after completing a certain period from the previous delivery. This can be calculated and billed easily through this. There are two types of delivery like domestic purpose use delivery and commercial purpose use delivery. The bill rate and capacity differs for both. This can be easily maintained and charged accordingly.
Criteria for Investing In the Market of Visual Arts
1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org || Volume 5 Issue 1 || January. 2016 || PP-24-33
www.ijbmi.org 24 | Page
Criteria for Investing In the Market of Visual Arts
Elio Amílcar Farfán Torrelles
Professor of the Strategic Planning and Business Policy Cathedra for Masters of Business Administration at
Universidad de Carabobo, Valencia 2006.
Summary: The market for visual arts develops a complex activity requiring the identification of many key
variables to establish valid investment criteria, as to obtain reasonable profits. This makes it necessary to
differentiate the intention of the purchase between investment and collection. Then, setting as the central axes of
analysis the piece and the artist, the trajectory of iconic and emerging elements are investigated and compared,
to identify the criteria that the buyer should consider when purchasing a piece of visual art, due to the way this
economic activity is segmented, precise parameters are required to make an investment.
Keywords: art market, artwork (piece), artist, investor, profits.
I. Introduction
Like any market, the visual arts market is attractive and complex. It seduces us by means of two major
dimensions: the sensory impression, based on the pleasure and enjoyment by the contemplation of the piece
itself and that other pleasure tranquility grants for obtaining financial returns that will serve to solve future
problems, typical of everyday life. But financial success is difficult and elusive. It is not easy to combine taste,
time, risk and profits. The artistic offer aggravates the problem further. Trends, proposals, styles, classifications,
themes, sizes, authors, ages, life and death, emerging artists and established artists and capital limitations are
some of the variables that must be combined to select that really "obscure object of desire" of the investor.
Unknowns, to which perhaps, an experienced dealer will respond to quickly; just by intuition, finding the result
of the equation “contemporary art and market”, “beauty and investment.” That is why this article aims to
identify many key variables to establish valid investment criteria, as to obtain reasonable profits through
parameters that facilitate the purchase of visual art pieces. To achieve the above objective, concerning a visual
art piece, questions should be answered, such as: Which is the purpose of acquiring a specific piece? What to
buy? Collecting or investing? Which type of asset to invest in? How the purchase should be done? When to sell
or disinvest? What kinds of risks are assumed at acquiring a piece of art? Is it possible to measure these risks?
Or are there other more profitable markets, other optional markets? Therefore, and due to the importance of this
economic activity, an analysis is necessary to increase knowledge, both qualitative and quantitative, about the
behavior of the various agents and the market itself, in order to recognize feasible business opportunities and
take advantage of them. However, as in other markets, it is imperative to gamble. Venture trying to minimize
the risks, which imposes focus on a specific group of artists and pieces that allow the acquisition of the asset and
satisfactory returns on each transaction.
II. Some preliminary considerations.
Often, when analyzing a financial event such as an investment in visual arts, it is useful to consider a portrait of
the origins of the problem and questions such as the reason of the financial deed, as part of the
phenomenological discussion of the problem, which will allow to find an approximation to the solution. This
requires defining what is wealth, why accumulate it, what is an investment and why do we invest, since it is
entirely appropriate. Historically humanity, by different means, has accumulated financial resources in order to
use them for their survival. Thus, there have been wars, invasions, inventions, discoveries, great trips like
Columbus‟, Magellan‟s and the trip to the moon, crusades and outreaches. These accumulated resources
constitute what is now known by the name of wealth. Accumulations that will be used to meet future needs.
Furthermore, investing is simply the use (application) of financial resources to take any asset, which can be
home appliances, buildings, vehicles, bonds of national public debt, shares of a company, certificates of deposit,
savings accounts or pieces of visual art, temporarily, in order to, overcome a given term (short or long) recover
the invested amount (capital) and gain profit corresponding to the risks assumed (utility).
This requires that the investor be willing to disinvest, as the end point of this process, to obtain the expected
profit on the transaction. We can say that every investment has a temporary quality, previously defined or not,
but essential to materialize the set objective. As it is expected to gain a profit, it is mandatory to choose between
different types of assets, different investment instrument, which produce different dividends. It is to compare
dissimilar assets and make a decision on which is the most profitable, less risky and gives us greater personal
satisfaction.
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When choosing any investment instrument, for a given time and capital, we must first identify, the markets in
which we will operate: local in bolivars or international in foreign currency; either way the business details
including: available capital for the operation, forms of exchanges, types of assets to be acquired, whether they
are perishable or are long-lasting (ripening or expiration), tradable or non-tradable, mobile or static, utilitarian or
artistic, of common or specialized use.
An asset can be acquired to satisfy personal needs or to sell it later and obtain a financial return. Both decisions
presuppose a profit. The first will be measured in terms of satisfying needs and the second in terms of money.
Then, capital, income, risk, internal rate of return, volatility, portfolio diversification, trends, bubbles or hedges
are terms that we must identify in the development of this particular form of investment, which is not always
easy due to how complex and segmented this economic activity is.
This is an important part of the challenge of making the decision to invest, for which we need to have as much
information as possible to do so wisely.
III. Having a look at the visuals arts market.
Economy‟s growth over the last century and a half has allowed the use of resources in areas that were marginal
or had not been exploited or discovered. Sports, technology, the space career, music, fashion and the arts in
general are examples. They represent new forms of business, other than wars or territory conquest. They are
other means for generating wealth. Wealth obtained through the difference between the original value (capital)
and a final value that includes the desired utility. An added value that makes a specific activity attractive
(lucratively speaking).
Throughout these more than a hundred and fifty years there have been times of bonanzas and countless
economic and financial crisis, which has forced investors to seek new options, safe havens that allow them to
survive, earn higher returns and preserve capital. Preserve capital as an objective of vital importance. That is one
of the reasons that have led to the rise of emerging markets. Faced with this new reality, the visual arts, as an
object of financial investment have shown a singular attraction, becoming a viable business opportunity.
The analysis of this market involves not only financial factors, but also aesthetic factors, so it is essential to have
full understanding of these, to properly give it value and assign a price. And, as noted above, both concepts:
finance and aesthetics presuppose the same need: accurate and timely information.
Since the 60`s, and especially in the 70`s, visual arts became a refuge from the crisis of traditional market such
as oil. The likes of a thriving area of investment was appearing, which currently consists of many actors and
asset transactions that go through different periods and styles of pictorial expression, scattered across the planet.
IV. Visual arts as an investment problem.
The sales process of visual arts is activated by two market players with different interests and expectations: the
collector and the investor, so to address the issue, the key variables must be identified to establish valid criteria
that determine and make possible a profitable investment in the market of visual arts, which is the overall
objective of this article. To this end we must:
Differentiate and conceptualize the reasons for the intention of the acquisition.
Identify key variables according to market participants and their influence.
Define the most important features of the visual arts market.
Intention of the acquisition.
It is essential to determine the reasons behind the trader to buy or sell a piece of visual art, for which the
following questions must be answered:
What does art collecting mean?
Who does the collecting?
What does investing in art mean?
Who does the investing?
And then, what to buy?
This is how the problem of précising evaluation criteria and determining variables in the decision-making when
investing in visual arts emerges. To purchase is not always to invest. We can buy to keep (collect) or to obtain
revenue (to invest).
Although a collector obtains a social or personal benefit, by satisfying more sublime needs than that of the
material and concrete money, we cannot consider this value as profit or financial wealth. The personal (or
social) satisfaction of sensorial enjoyment cannot be transferred or used to pay for other assets or to meet other
needs, since we would be bartering as a means of exchange, a practice that is outside the field of finance and this
article. Therefore, to maintain a position, which represents a portion of our capital, in artworks can have two
main intentions:
Collecting or
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Investment.
De La Poza Plaza, E. (2008) expressed regarding this, the following:
... a piece of art apart from its artistic, historical and cultural appreciation, can also be considered as an
economic asset, and therefore as an investment. In fact, in recent years, an important part of society, mainly
professionals, invest their surplus or part of them in pieces of art, some as a hobby and others as investment,
hoping to obtain a capital gain over a relatively long period of time. This increases the value of the artistic
object, regarding that the features of any art object add to its value as a haven from inflation, or to generating
strong capital gains. (P. 27).
Then, collecting visual art means freezing huge amounts of money in order to obtain a personal or social benefit;
an individual satisfaction of the senses without monetary compensation.
This activity is performed by museums, foundations, governments, corporations or individuals with sufficient
availability of funds.
On the other hand to invest in art implies acquiring pieces that can be sold in a given time. Freeze limited
amounts of capital in order to obtain a real profit in economic and financial terms.
Who does this? Investors: economic entities with funds available to acquire assets for the purpose of obtaining a
financial return.
Then, and again, what to buy?
Because the subject of this article is set within a financial phenomenon, we will only consider the acquisition for
investment.
Determining variables to invest in the arts market.
Despite being a complex market, where, for its analysis, many variables converge, there are two that stand out
for their impact and influence on the investor: the piece of art itself and the artist. Each of these variables has its
particular characteristics; which however, are closely related.
The piece
It represents the end product of the intellectual and physical effort of the artist. It is the actual object being
traded on the market, being materialized and allowing its existence. Without a piece there is no market of visual
arts. That is why, with the death of the artist, the possibility of obtaining new negotiable specimens from the
same source ceases. This fact becomes one of the essential characteristics of the activity, reflected on limited
supply.
From the point of view of the piece of art, this is a highly segmented market, where you can find a great amount
of niches such as painting, sculpture, printmaking, drawing, ceramics, metalwork, lithography, video
installation, performance (body art) and net art.
In Venezuela, for example, the classification would include pre-Hispanic, colonial, republican, modern and
contemporary art.
Internationally, surely this list will expand to the Chinese, medieval, Roman, Greek, Renaissance, Gothic,
Baroque and Cubist art, among others.
Moreover, Mei Moses Index (2013) established nine categories which include Impressionist and Modern
(IMPMOD), Post War and Contemporary (PWC), Traditional Chinese works of art (TSWA), old master and
ninetieth century (OLM19C) American Painting (AMP) and Latin America Painting (LAP), British art, Swiss
art and Italian.
This reveals the variety of the visual arts market, so acquiring a piece with investment intentions becomes
complex.
At the time in which a specific piece of an artist is sold for the first time it is said that the transaction was
perfected in the primary market, while for subsequent sales the transaction takes place in the secondary, a kind
of flea market, if the term can be used, which is the one to maintain most economic activity.
Again De la Poza Plaza, E. (2008) offers a clear view of the matter:
Within the art market, the primary market corresponds to art galleries or any direct sale performed by the artist,
while the secondary market is the market for auction rooms. Auction houses provide the market with liquidity,
limiting the importance of the galleries. Likewise, in turn, they reduce transaction costs of the pieces in the
market, generating lower commissions than those of the art galleries. An important difference between the
primary and secondary market, is the lack of transparency that exists in the galleries, making the secondary
market a reliable source of information. (P.15)
On the other hand, when a piece is highly valued, or appreciated, among the buyers, then one speaks of a very
liquid product, because it is easy to sell and buy. An important index that emerges from this sales process is the
relation, for each artist, existing between lots of pieces placed for sale and those lots actually sold.
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The artist
He is the producer of the piece, the one that begins the process within the art market. He constitutes one of the
two major groups into which, in this study, the universe of the arts market has been divided in order to make the
analysis easier. He corresponds to one of the independent variables in the problem statement, to which are
subject the rest of the parameters to be considered and will be explained throughout the present text, for this
reason two artist categories have been created: the consecrated and the emerging.
Many times the artist and his piece are confused, which is why questions arise such as: which is really the piece,
the artist or the piece itself? What is the underlying asset? What does the buyer acquire, a few strokes on a
canvas, really extraordinary, or the famous signature of a famous artist? Following the two categories of artists
will be explained.
The Consecrated Artist.
The established (consecrated) artist has an important number of pieces in the secondary market, the costs of
promotion and dissemination of the piece were covered during the years before his consecration, the sale periods
are shorter therefore the piece is more liquid with more output lots sold that rejected, with much higher prices
and, depending on the segment in which he is located, the artist can be a leader of the corresponding niche, also
with very high profits, in shorter-periods, this means he has an ascending relationship between sales volumes
and unit prices, generating profits and higher returns than the market average. Jean Michel Basquiat, Andy
Warhol, Pablo Picasso, Paul Cezanne, Vincent van Gogh, Salvador Dali and Jesus Soto, are examples of
consecrated artists in their respective market niches.
The case of Pablo Picasso and George Braque serves as a basis for defining validation criteria. Both were the
founders of Cubism, however, there is a huge difference between them in terms of fame and the price of their
pieces: Reviewing the work and careers of both we must specify: What is the added value that Pablo Picasso
printed in his pieces, what allowed him to achieve higher prices, in comparison to the pieces of George Braque?,
Why is the market not willing to pay such figures for a Braque, whereas it does for a Picasso?, What made the
difference: quality, technology, age, experience, innovation, better promotion or fashion, location or formats
used? How were Pablo Picasso‟s pieces legitimized and how were George Braque‟s?
Another illustrative example is that of Venezuelan painters, specifically at Valencia, Oswaldo Vigas and
Vladimir Zavaleta. With approximately 20 years of difference in age, although both were winners of the Salon
Michelena, their paths were totally different; first Oswaldo Vigas gained some international reputation, with
significant sales in dollars and on the other hand Vladimir Zavaleta, was comfortably positioned in the local
market, almost unknown outside the country borders and his sales were in bolivars. The immediate question
would be: is the international exposure the key to success?
The Emerging Artist.
This would be the young artist, not older than 40, with increasing production, with some participation in local or
regional halls, without significant sales in the secondary market; that is, in great need of promotion, so the sale
of his pieces require longer exposition time (the time required to achieve maturity) so it becomes a salable
product, starting with low or very low prices, which is known in the media as “workshop prices”. In these cases
the investor must wait a longer period to obtain satisfactory earnings. The great ally here is time. They are low
liquid pieces (not easily sold), as they are waiting for the market‟s reaction being acceptance or rejection of the
piece, which represents the legitimacy of the artist. In this group the returns can be very large if enough time is
waited for the artist to display his full potential.
At this stage the artist‟s qualities, activities and processes to be developed, in order to evolve into a consecrated
or emerging artist must be determined. As for the factors that affect the formation of a classic artist, or
consecrated artist, the 2013 Annual Art Price Report mentions:
... The evolution of an artist‟s market rate also depends on many other specific factors of the art world. The
backup of a powerful gallery, the purchase of a piece by a renowned collector, achieving a certain price level or
the announcement of an exhibition at a major institution set the projection of an artist. As a general rule the
more the artist is known, the more expensive he becomes. In the same way as the information flows quickly,
contemporary art is subject to the effects of fashion and buyers tend to purchase the same things. The milestones
of the market rate are reflected on the curriculum vitae of an artist, and the age factor, obviously, is taken quite
into account.
The classics of contemporary art are those that already have reputation and have been exhibited in art galleries
for fifteen, twenty or thirty years. Their presence in large sales catalogs has become an event that cannot be
missed: their pieces are coveted trophies and the incomes they generate are a blessing to the auction houses. Jeff
Koons, Takashi Murakami, Damien Hirst, Cindy Sherman and Jean-Michel Basquiat are included in this group.
Currently their prices challenge those of ancient, impressionist and modern masters. (P.29)
Additionally, regarding young and emerging artists Artprice (2013) comments:
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As for the younger artists, the stages of their market rate is reflected on their resume, in which the age factor is
of obvious importance. However, the races for novelty, speculation and the accelerating pace of auctions have
altered the market rules. Since the nineties of the twentieth century, the art market assimilates at a fast growing
rate novice artists (sometimes just 20 years of age) provided they have the right pedigree and manage to raise
their prices to 100% or 200% fast, sometimes after two or three years. (P.29)
On the issue of promotion and past performance of the emerging artist, as a decisive factor, the example Halim
Badawi (2013) shows us is useful, when he says:
On last June 26, Christie‟s auction house (London) auctioned a piece by Colombian artist Oscar Murillo for the
amount of $391 thousand or 756 million pesos. With this magical marketing exercise, Murillo, only 28 years
old, became one of the five most expensive artists of Colombian art, outrivaling Alejandro Obregon, Andres de
Santa Maria and Alipio Jaramillo, and placing the price of one of his pieces at the same level of Fernando
Botero and Doris Salcedo, who are renowned artists. For many in the art world, Murillo is a stranger. And
indeed he is: his work does not appear in permanent or temporary exhibitions of any museum, there are no
papers on his work and very few have heard his name in Colombia.
By choosing the piece of an emerging artist as an investment, over time the asset will be legitimized, recognized
and approved by the art market, defining his path to become consecrated. This process will allow to perceive the
expected utility when acquiring the piece. On the other hand, if the emerging artist is not legitimized, recognized
or approved, he will become a teacher, but earnings of the initial investment will not meet expectations. Fig. # 1
shows the trajectory and evolution of an emerging artist.
Figure # 1: Trajectory of the emerging artist
Evaluation criteria
To establish valid investment criteria, as to obtain reasonable profit, it is necessary to evaluate the artist, his
career and, therefore his pieces, such parameters to be considered at the time of invest will be grouped into four
different categories, but all related:
• Those attributed to the artist.
• Those attributed to the piece.
• Those inherent to the market (either the primary or secondary).
• Those of the Investor.
The above classification facilitates the analysis and structure of a guide for decision -making. It is important to
note that some parameters or attributes can converge into two or more categories.
Criteria attributed to the artist
a) Age: an artist generally achieves consecration at although there are luminous exceptions such as Jean
Michel Basquiat.
b) Experience: whether he has exhibited in galleries, has sold pieces for significant amounts of money and, in
general, his career must be evaluated.
Source: Author
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c) Death: This event has a sensible impact on the price of piece of visual art, perhaps because it increases the
quality of being unique and an unrepeatable thing, due to the permanent absence of the producer of the
asset.
d) Style: taprooms, still life, impressionism and surrealism; prices depend on market requirements. An
attentive artist with a growing spirit will be watching the trends in demand.
e) Location: an artist, and therefore his work can have local, regional, national, international or universal
importance. The site and city where the artist developed his work also has an influence on the price.
Criteria attributed to the piece
a) Single piece: This parameter gives the piece its quality of rarity, of scarcity, uniqueness, so the price will be
affected by this condition. When the asset lacks such attributes most likely the price will drop.
b) Conservation: a piece of art in perfect conditions will have a higher price, and more trade possibilities
compared to others in need of restoration and maintenance.
c) Price: the importance of the price is that through it, we get the expected return at the moment of the
investment and it is assigned to the piece.
d) Style: This is one of the parameters found in different categories. In this case its nature is the same as that of
the plastic artist category.
e) Authenticity: it represents the link between the piece and the artist. It‟s the signature, the certificate of
authenticity or an expert‟s opinion through a technical study. Avoids scams, because what is priced, and
what is sold are original pieces, unique pieces, so the market should ensure this quality.
f) Format: the size of the piece affects the price. The trend is that the public prefers formats of 1 m² on average
to make their purchases.
g) Location: geographic location of the piece, a suitable environment to protect and preserve its conservation
in time impacts the price and possible future sale. Additionally, depending on the importance of the piece, it
defines the possibility of exporting it or not, a fact that restricts its commercialization. For example: In
Spain when a piece is declared as national heritage it cannot leave the country without „state permission‟.
The location also gives the work its capacity to mobilize, thus affecting its facility to be sold or not. In
response to this concept, The Last Supper by Leonardo Da Vinci, for example, would be more difficult to
sell than the Mona Lisa from the same author, in the hypothetical event that they could be purchased by a
buyer.
Criteria inherent to the market
a) Primary market: when the artist sells his piece for the first time, either to a gallery or a dealer.
b) Secondary market: when the piece has been sold in galleries, by art dealers or any other distribution channel
and the artist no longer holds the property.
Fig. # 2 shows both markets
Figure # 2: Primary and secondary marketSource: Author
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Auction: sale of an art piece to the highest bidder. In the art market those pieces sold at Sotheby`s or Christie's,
have a better market price than those sold in less formal markets, this is because of the guarantee of authenticity
that these companies grant the asset, giving the author legitimacy, prestige and a better reputation. It is an
organized and formal market that dominates the largest number of transactions worldwide and covers the
broadest spectrum of supply and demand for pieces of art, not only paintings but other genres such as antiques.
Aspects such as legal origin, authorship or authentication certificates, insurance, custody, transports,
commissions and taxes are important elements in the negotiations materialized in this business model, which
helps to minimize transaction risks. It is a secondary market, similar to a stock exchange. In this case art stock.
Due to their high specialization they act as a cartelized group that set the price to the pieces and, therefore, the
image of the artist.
c) Art Dealer: is an independent negotiator of art pieces and an important element in the market of visual arts.
An artist concerned for his career should have a good art dealer as a consultant.
d) Informal market: the one that lacks rules and regulations with legal foundation. A less structured market
where art pieces are sold without legal rigidities, but attached to the origin and authenticity of the asset.
Mostly it operates locally among small groups with few participants, often only buyer and seller. Sales can
be carried out in local currency or foreign currency, but the legal formality is not always appropriate or its
nonexistent.
e) Black Market: Where famous pieces are marketed, usually stolen, or with certain doubts to its origin. It is of
high-risk due to the frequency of fakes and forgeries of signatures and author names.
f) Price: the parameter that defines the price of the art piece on the market, representing the value at which the
vendor is willing to deliver the asset and the buyer to purchase it, this way carrying out the purchase
agreement and materializing the two earnings involved: the aesthetic needs and financial profits.
g) Liquidity: the capacity of the art piece to be sold in successive transactions and the quickness (short waiting
times) in which it is done.
h) Land market: London, New York, Miami, Beijing and Caracas.
i) Speculation: Like any market, the arts market is susceptible of manipulations, allowing to profit from
changes in the variables involved. An example of this are the financial bubbles, or real estate bubbles and,
of course, the bubbles in the market for visual art.
j) Bubbles in the art market: in terms of money a bubble is when the price of any financial instrument
increases its real value excessively, rapidly and for a relatively long time, with no apparent logical reason,
until, by the same force of the market, "the bubble bursts" and the price falls to very low levels, causing
losses and economic crisis. Often "the causes of thebubble” are purely speculative.
A sample of a bubble in contemporary art can be seen in the Chinese market, which, according to ArtPrice
(p.13) slowed sharply in 2012 due to the cooling of world economy, liquidity problems, bulging prices that
affected the market and the reduction of funds and participations of speculative investments, which caused
most of the offered lots to remain without being sold.
For example, according to Sophie Song (2013) the disproportionate increase in sales of Chinese plastic
artist Zhang Daqian‟s pieces (May 10, 1899 - 2 of April 1983), which reached $506.7 MM, surpassing
considerably painters such as Pablo Picasso, with sales of $360 MM in the same period, suggesting possible
price manipulation. In addition, auctions are another source of market disruption, providing loans to buyers
or manipulating the prices with bids for their own lots, which is reflected in the statements made by art
critic Jason Edward Kaufman in the Universal (2013) when he says: But what is the role of the auctions in
this apparent bubble? While it is estimated that higher prices are reached in private sales, -the most
expensive painting ever sold is believed to be that of "The Card Players" by Cézanne, acquired by the Royal
House of Qatar costing between $250 and $300 million (185 and 222 million Euros)-auctions have a
different function.
In an unregulated market, auctions are the only public appraisal of art. Aware of this function, traps and
cheats are inevitable. "If the owners of that painting want to give a public value to that work, they can agree
and buy it for a high price to revalue the pieces they still possess." Once the distortions are corrected the
respective loss in the investment should occur, because no market participant will be willing to pay hefty
values for a piece by a national artist.
Investor Criteria
a) Capital limitations: no funds are infinite, forcing efficient distribution of the money available to be invested.
This is a strong limiting factor when purchasing a piece of art.
b) Profitability expectations: are the expected returns for the investor in a unit of time.
c) At the auctions: the frenzy at the time of the bidding.
d) Aversion to risk (higher or lower): the propensity to take risks on behalf of the investor. This is a personal
factor that varies from one person to another and limits the investment.
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e) Knowledge of the art market (expertise): according to the extent to which the investor knows the art market,
he will be successful obtaining wealth through the acquisition of a piece of visual art in the same proportion.
f) Low degree of correlation: within an art investment portfolio. For example, if you own a Picasso, Degas and
Soto. The reasons why the prices of each of these pieces of art prevail are different, that is, if for some reason
the Picasso price drops, this should not necessarily affect the price of the other two pieces, thus diversifying the
investment risk. It would be ideal to diversify with investments in other market assets of other nature, to balance
the portfolio.
Fig. # 3 shows a summary of these investment criteria
Figure # 3: summary of investment criteria
Who is the investor?
It is who acquires pieces of art to obtain a financial advantage in a given period of time. That is, one who buys
and sells, exposing the capital intended for that purpose to the risks inherent to the transaction. This is why some
principles or rules of the investor should be considered.
Investor principles
• Prudence.
• Consult with an expert evaluator to ensure the market price.
• Know the difference when a piece is a national heritage or when it is simply an asset (piece of art) that can be
bought and sold.
• Possible price components: quality, psychological factor, market factor, crises in other sectors and search of
the art sector as a refuge.
Features of the Visual Arts Market
Some of the most important characteristics of this market are:
a) It is a small market, not to deep. Comparing agents of the art market and the banking market, for example,
we have according Nasdaq (2014) for the closing as of September 30, 2014, Sotheby‟s auction house
presented an income (from all departments) of $587 million, while according to Bank of America (2014),
for the same date (and only the global banking segment) the bank showed an income of 2 billion 249
dollars.
b) Very specialized.
Source: Author
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c) Very segmented.
d) Few participants, both suppliers and buyers.
e) The object of negotiation (the piece of art) has deep subjective conditions that can come to determine its
trading price, therefore, their value in the market.
f) The object of negotiation is scarce and unrepeatable, which directly affects the price. That is, they are not
standardized units issued in large quantities, for example, national debt or oil production.
g) Not of massive consumption.
h) Sometimes, especially in the pricing, the producer or manufacturer (artist)
i) and the product (the piece of art) are confused among themselves. Such is the case of Pablo Picasso, with
his signature, and the work itself.
j) The art market behaves as a supply monopoly: few producing suppliers (artists) with limited pieces and
many buyers: investors and collectors.
k) It is necessary to define which is the added value that, as a product, a piece brings? That is, what needs does
it meet?
Art market participants
When studying the market of capital we usually use a common phrase: market and financial institutions. Every
place where buyers and sellers come together to exchange goods and services is a market, and not necessarily a
specific physical location. Other economic agents, institutions, regulations, transactions, prices and trends are
also involved. The same happens in the visual arts.
In the present case other aspects involved are: a) the auction houses, b) the galleries, c) the curators, d)
commissioners, e) dealers, f) conservers, g) fairs, h) patrons, i) agents, j) art critics, k) government, l) the
regulating laws, m) the public. Each of them, and all together, make up the site (physically or not) where
artworks are bought and sold, regardless of the intention. Each and every one of them influence and affect the
market.
Economic, financial and accounting in the art market aspects
a) Like any object under market sales forces, the piece of art presents economic, financial, accounting and tax
issues.
b) From a financial and accounting point of view, the art pieces are non-monetary assets, which are protected
from inflation, that is, their value increases and they do not allow capital erosion of the investor or the collector.
c) Therefore, they provide a haven in times of purchasing power deterioration of the currency, depending on the
economy trend, according to Deloitte and Artactic. (2014) (p.42).
d) They are affected by financial events, such as the bubble effect.
e) Low degree of correlation within an art investment portfolio.
f) In Venezuela, within the law of income tax, Article 173, second paragraph, it is allowed to update the
acquisition cost with reference to inflation.
g) According to the provisions of the Law of Added Value, Article 4, paragraph 2, being movable assets, art
pieces are liable to be taxed with AVT.
h) As economic objects it is difficult to determine the reasons by which they add value to the economy, which
needs do they meet. That is to say, why would a painting by Pablo Picasso be worth 104 million Euros and
another by the same author worth 60 million?
V. Conclusions
1. The investor must have available capital intended exclusively for the acquisition of pieces of visual art.
2. The investor must be properly informed about the Venezuelan contemporary art market.
3. The art market to which the investor has more and better access is that of contemporary art.
4.There are limitations and restrictions in the segment of the great masters and classics.
5. The plastic arts artists and their pieces are divided into four levels:
International.
National.
Regional.
Local.
6. For pricing purposes, investment and profitability there is an inverse relationship regarding the levels of the
previous point.
7. The most important markets of contemporary art are New York and London, with China (Hong Kong and
Beijing) as an emerging market. These cities represent the highest international level. Artprice (2013).
8. Emerging artists, and their work throughout their career, must transcend these different levels in order to
become consecrated within the discipline.
10. Criteria for Investing In The Market Of Visual Arts
www.ijbmi.org 33 | Page
9. If an artist dies without having ascended to the top level, it is very difficult to achieve it, unless a bubble
effect or special events such as in the case of Vincent van Gogh occurs.
10. If a bubble effect occurs to a piece or a particular segment, the risk of loss for the investor is high.
11. There is a huge difference between being "local" in Paris to being "local" in Valencia, Venezuela, which
must be evaluated.
12. There is a relationship between the chronological evolution of the artist and their value in the market.
13. Except for the limited capital, prediction or betting when considering investing in an emerging artist it is
more uncertain than doing so with an established artist.
14. There are unending variables and parameters within the art market that have not been studied which affect
the price and investment.
Acknowledgements
I would like to acknowledge the valuable help they gave me Felix Suazo and Nancy Farfan for his contribution
on the market knowledge of contemporary art, which meant the base to complete this article. In like manner I
wish to thank Joanne Lewis for their help in the translation of texts.
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