The document discusses the potential implications of the global recession for Australasian business schools, including loss of endowment and executive education income, decreased international enrollments due to economic hardship abroad, and pressure on public funding as governments run higher deficits. Business schools may see short-term gains in faculty hiring but could face long-term damage to public attitudes towards business education.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
Автор: Наталья Рассадина
Т/О “НЕФОРМАТ” Издат-во Accent Graphics Communications, Montreal, 2013
Электронное издание
ISBN 978-1-77192-003-2
Аннотация
Вселенная, писал Г.Лейбниц, это океан, так что малейшее движение в нем отзывается на самом отдаленном расстоянии. В бесконечной «паутине» отношений и связей – жизнь мира. Развитие мира есть необратимое, определенное направленное и закономерное изменение материальных и идеальных объектов, приводящее к возникновению нового качества. В основе развития мира лежат не случайные, но те проистекающие из самой сути объекта и из типа его взаимодействия с окружающим миром события. Взаимодействие противоположностей – противоречие, которое является самым глубоким источником, основой и конечной причиной возникновения, самодвижения и развития объектов. В постоянном борении противоположных сил, старого и нового человечество движется вперед. Общественно-исторический процесс – это развитие общества по пути прогресса, навстречу разумному и справедливому будущему, это эволюционное восхождение человеческого сознания. Особое место в освещении проблемы исторического прогресса принадлежит Гегелю. Он рассматривает историю как единый и закономерный процесс, в котором каждая эпоха, будучи уникальной, являет собой вместе с тем необходимую ступень в общем развитии человечества. История есть единый всемирный процесс, общим, единым критерием которого является понятие свобода. Гегель подчеркивал, что развитие общества носит поступательный характер в силу того, что в нем обнаруживается прогресс в сознании свободы. Всемирная история человечества являет собой необходимый процесс закономерного поступательного движения человечества от одних форм своей социальной организации к другим, более совершенным. Развитие мира происходит от простого к сложному, усложняясь, создавая уровни более высокого порядка.
Este documento discute el uso de las redes sociales para las pequeñas y medianas empresas. Explica que la atención del público es un recurso limitado en la era de la abundante información. Luego describe las características clave de la Web 2.0 y cómo ha cambiado el marketing para enfocarse en el contenido y la comunidad. Finalmente, ofrece consejos estratégicos para que las PYME usen redes sociales como LinkedIn y Facebook para generar tráfico a sus sitios web, construir lealtad de marca y conectarse con nuevos client
Rice Paper Watercolours by Anthony Lombardi Summer 2013anthonylombardi
This document lists the titles and descriptions of 14 watercolor paintings on rice paper measuring approximately 29 x 19 cm, each depicting a different scenic location in and around Rome, including landscapes such as Lago di Nemi and Villa Torlonia, as well as cityscapes like Piazza Bologna, Teatro di Marcello, and Via del Corso.
The document announces a scavenger hunt zoo trip and includes extra pictures that may be used. It does not provide any other details about the event, such as date, time, location, activities, or requirements for participation.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
Автор: Наталья Рассадина
Т/О “НЕФОРМАТ” Издат-во Accent Graphics Communications, Montreal, 2013
Электронное издание
ISBN 978-1-77192-003-2
Аннотация
Вселенная, писал Г.Лейбниц, это океан, так что малейшее движение в нем отзывается на самом отдаленном расстоянии. В бесконечной «паутине» отношений и связей – жизнь мира. Развитие мира есть необратимое, определенное направленное и закономерное изменение материальных и идеальных объектов, приводящее к возникновению нового качества. В основе развития мира лежат не случайные, но те проистекающие из самой сути объекта и из типа его взаимодействия с окружающим миром события. Взаимодействие противоположностей – противоречие, которое является самым глубоким источником, основой и конечной причиной возникновения, самодвижения и развития объектов. В постоянном борении противоположных сил, старого и нового человечество движется вперед. Общественно-исторический процесс – это развитие общества по пути прогресса, навстречу разумному и справедливому будущему, это эволюционное восхождение человеческого сознания. Особое место в освещении проблемы исторического прогресса принадлежит Гегелю. Он рассматривает историю как единый и закономерный процесс, в котором каждая эпоха, будучи уникальной, являет собой вместе с тем необходимую ступень в общем развитии человечества. История есть единый всемирный процесс, общим, единым критерием которого является понятие свобода. Гегель подчеркивал, что развитие общества носит поступательный характер в силу того, что в нем обнаруживается прогресс в сознании свободы. Всемирная история человечества являет собой необходимый процесс закономерного поступательного движения человечества от одних форм своей социальной организации к другим, более совершенным. Развитие мира происходит от простого к сложному, усложняясь, создавая уровни более высокого порядка.
Este documento discute el uso de las redes sociales para las pequeñas y medianas empresas. Explica que la atención del público es un recurso limitado en la era de la abundante información. Luego describe las características clave de la Web 2.0 y cómo ha cambiado el marketing para enfocarse en el contenido y la comunidad. Finalmente, ofrece consejos estratégicos para que las PYME usen redes sociales como LinkedIn y Facebook para generar tráfico a sus sitios web, construir lealtad de marca y conectarse con nuevos client
Rice Paper Watercolours by Anthony Lombardi Summer 2013anthonylombardi
This document lists the titles and descriptions of 14 watercolor paintings on rice paper measuring approximately 29 x 19 cm, each depicting a different scenic location in and around Rome, including landscapes such as Lago di Nemi and Villa Torlonia, as well as cityscapes like Piazza Bologna, Teatro di Marcello, and Via del Corso.
The document announces a scavenger hunt zoo trip and includes extra pictures that may be used. It does not provide any other details about the event, such as date, time, location, activities, or requirements for participation.
Christopher's father displays qualities of a good father through his patience and care for his son, who has Asperger's syndrome. When Christopher gets in trouble with the police, his father explains calmly instead of yelling. He does not abandon Christopher even when his condition makes him difficult to care for, as Christopher's mother had done. The father supports Christopher's education and helps him socialize by not treating him as different, helping Christopher feel more confident. While not a perfect father, he tries his best and takes responsibility for his actions, demonstrating he has the qualities of a good father.
This document contains a series of questions about topics relating to US history in the 1920s including foreign policy, new technologies, the economy, popular culture, political cartoons, and acronyms from the time period. It asks the reader to recall facts about these topics and complete related tasks like labeling maps, diagrams, and images.
This document provides guidance on making, accepting, and rejecting invitations in English. It offers example phrases for making invitations to do activities like going to the cinema or having dinner. It also provides positive and enthusiastic responses to accept invitations, as well as polite ways to refuse an invitation by giving an excuse like having other plans or responsibilities. The document concludes by asking the reader to complete invitation exercises in their book.
El documento propone que la Cuaresma debería ser un tiempo para "ayunar" de cosas negativas como juzgar a otros, enfocarse en diferencias, tristeza y preocupaciones, y para "hacer fiesta" de cosas positivas como la unidad, gratitud, paciencia, esperanza y oración. Sugiere que durante la Cuaresma deberíamos alejarnos del pesimismo y vivir con optimismo, y alejarnos de agobios para enfocarnos en la oración continua.
Dal 1° gennaio 2010 saranno applicabili le nuove disposizioni che riguardano contenuti e modalità di presentazione degli elenchi intrastat, per effetto del recepimento di diverse direttive comunitarie , che hanno modificato la precedente direttiva 2006/112/CE in materia di territorialità IVA dei servizi e disciplina di riferimento per la compilazione degli elenchi relativi alle operazioni intracomunitarie.In particolare il recepimento della Direttiva numero 2008/8/CE avverrà mediante l’emanazione di un Decreto Legislativo; tale documento prevede la modifica dell’articolo 50, comma 6, del Decreto Legge numero 331 del 1993, a seguito della quale:
- diverrà obbligatoria la presentazione dei modelli INTRA anche con riguardo alle prestazioni di servizi rese/ricevute all’interno del territorio della UE;
- viene previsto l’invio telematico, quale unica modalità di presentazione degli elenchi riepilogativi.
Este documento presenta un objeto virtual de aprendizaje sobre cómo decir la hora en inglés. El OVA enseña a los estudiantes entre 10 y 13 años a identificar y expresar la hora formal e informalmente. Incluye actividades para reconocer la hora en relojes analógicos y digitales, y hablar sobre horarios. El objetivo es que los estudiantes aprendan el vocabulario de la hora en inglés y puedan usarlo para describir sus propias rutinas.
AMI Perspective On Current Economic Crisis March 09jbenedict3
The document provides an overview of the current economic crisis from the perspective of AMI Investment Management. It discusses [1] how the crisis developed from the boom brought on by low interest rates and easy credit conditions, leading to overindebtedness; [2] the state of overindebtedness among households, firms, and governments; and [3] how the crisis unfolded as default rates rose and asset prices fell, destabilizing the financial system. It examines events like the Bear Stearns and AIG bailouts and the passage of TARP. The document considers where the economy and markets may be headed as the massive deleveraging process continues.
1. The 2008 financial crisis was caused by the bursting of the housing bubble in the U.S., also known as the subprime mortgage crisis.
2. Subprime lending involves giving loans to borrowers who may have difficulty maintaining repayments, and are characterized by higher interest rates and poorer terms.
3. The crisis occurred due to a relaxation in lending regulations, poor creditworthiness of borrowers, rising housing prices, and borrowers' inability to pay their mortgages, leading to failures of major banks and financial institutions.
2014.09.22 - NAEC Seminar_Origins of the crisisOECD_NAEC
The document analyzes the determinants of the financial crisis, identifying three key factors: 1) Low interest rates increased the supply of credit. 2) Rising income inequality and growth of institutional investors increased demand for mortgages and securitized bonds. 3) The rise of shadow banking and enabling factors allowed risks to accumulate in the financial system.
The document summarizes key events and causes of the 2007-2009 financial crisis. It notes that housing prices increased sharply until 2005 but then leveled off and declined, default and foreclosure rates increased in 2006, and major investment banks collapsed in 2008. The crisis was sparked by the decline in US housing prices, which reduced the value of mortgage-backed securities and threatened the solvency of financial institutions due to leverage. The crisis put the US and world economies into a deep recession, the largest since the Great Depression.
Carlyle Financial crisis- Super Return 2008 10 15gueste519a
The document discusses the financial crisis that began in 2007 and its causes and effects. It identifies excesses in the US housing and mortgage markets, including risky subprime lending, as root causes. Mortgages were then packaged into complex financial products and widely distributed, while leverage levels throughout the financial system rose to unprecedented heights. When housing prices declined and default rates rose, trillions in losses were revealed, precipitating a global credit crunch and economic slowdown.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
The document provides an economic outlook for Brazil in 2012. Under a basic scenario where the Eurozone crisis does not worsen, Brazil is expected to see moderate GDP growth of 3.0-3.5% driven by monetary easing, resuming public investments, and expanding credit. Inflation is projected to remain above 5% due to accelerating economic activity and rigid services inflation. Interest rates may stabilize at around 10.5% as inflation picks up in 2013. The current account balance will likely be lower while the Real maintains support around 1.80 to the dollar. Faster public spending could lower the primary budget result to around 2.8% of GDP.
The document discusses the impact of COVID-19 on global financial markets and key risk transmission channels. It finds that equity markets plunged and volatility spiked due to growth concerns, though unprecedented policy support has helped stabilize markets. Corporate bond spreads widened and oil prices declined sharply. Policy responses have contributed to easier financial conditions, though transmission is uneven. Deteriorating corporate credit quality and high leverage, especially among riskier firms, increase downside risks as earnings decline. Stress testing shows more firms could face debt distress under a downside scenario. Rising risks are also seen in leveraged loans and CLO markets.
Objective Capital Global Mining Investment Conference
30 Sep 2009
Mining financing through the cycle in frontier countries
by Sacha BackesDepartment for Oil, Gas, Mining and Chemicals
International Finance CorporationWorld Bank Group
The document discusses the financial meltdown of 2008 and its causes. It provides context on the rise of securitized mortgage lending from the 1930s-2007. A key development was the increasing use of mortgage-backed securities from the 1980s onward. It then outlines the timeline of major events from 2008, including the collapse of investment banks like Lehman Brothers and bailouts of companies like AIG. The complex financial instruments like CDOs and their role in inflating the housing bubble that eventually burst are also examined.
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
The Ontario Teachers' Pension Plan annual meeting addressed the economic crisis and its impact on the pension fund. The fund experienced a 18% rate of return loss in 2008, in line with average losses for other large Canadian pension plans. Several strategies were discussed to protect the fund from ongoing recession impacts and deploy strategies with appropriate risk levels, including reducing equity exposure from 45% to 40% and shifting to more conservative fixed income investments. The meeting also discussed resolving a 2008 funding shortfall and ongoing efforts to pay pensions over the long term despite challenges from low interest rates and increased life expectancies.
Christopher's father displays qualities of a good father through his patience and care for his son, who has Asperger's syndrome. When Christopher gets in trouble with the police, his father explains calmly instead of yelling. He does not abandon Christopher even when his condition makes him difficult to care for, as Christopher's mother had done. The father supports Christopher's education and helps him socialize by not treating him as different, helping Christopher feel more confident. While not a perfect father, he tries his best and takes responsibility for his actions, demonstrating he has the qualities of a good father.
This document contains a series of questions about topics relating to US history in the 1920s including foreign policy, new technologies, the economy, popular culture, political cartoons, and acronyms from the time period. It asks the reader to recall facts about these topics and complete related tasks like labeling maps, diagrams, and images.
This document provides guidance on making, accepting, and rejecting invitations in English. It offers example phrases for making invitations to do activities like going to the cinema or having dinner. It also provides positive and enthusiastic responses to accept invitations, as well as polite ways to refuse an invitation by giving an excuse like having other plans or responsibilities. The document concludes by asking the reader to complete invitation exercises in their book.
El documento propone que la Cuaresma debería ser un tiempo para "ayunar" de cosas negativas como juzgar a otros, enfocarse en diferencias, tristeza y preocupaciones, y para "hacer fiesta" de cosas positivas como la unidad, gratitud, paciencia, esperanza y oración. Sugiere que durante la Cuaresma deberíamos alejarnos del pesimismo y vivir con optimismo, y alejarnos de agobios para enfocarnos en la oración continua.
Dal 1° gennaio 2010 saranno applicabili le nuove disposizioni che riguardano contenuti e modalità di presentazione degli elenchi intrastat, per effetto del recepimento di diverse direttive comunitarie , che hanno modificato la precedente direttiva 2006/112/CE in materia di territorialità IVA dei servizi e disciplina di riferimento per la compilazione degli elenchi relativi alle operazioni intracomunitarie.In particolare il recepimento della Direttiva numero 2008/8/CE avverrà mediante l’emanazione di un Decreto Legislativo; tale documento prevede la modifica dell’articolo 50, comma 6, del Decreto Legge numero 331 del 1993, a seguito della quale:
- diverrà obbligatoria la presentazione dei modelli INTRA anche con riguardo alle prestazioni di servizi rese/ricevute all’interno del territorio della UE;
- viene previsto l’invio telematico, quale unica modalità di presentazione degli elenchi riepilogativi.
Este documento presenta un objeto virtual de aprendizaje sobre cómo decir la hora en inglés. El OVA enseña a los estudiantes entre 10 y 13 años a identificar y expresar la hora formal e informalmente. Incluye actividades para reconocer la hora en relojes analógicos y digitales, y hablar sobre horarios. El objetivo es que los estudiantes aprendan el vocabulario de la hora en inglés y puedan usarlo para describir sus propias rutinas.
AMI Perspective On Current Economic Crisis March 09jbenedict3
The document provides an overview of the current economic crisis from the perspective of AMI Investment Management. It discusses [1] how the crisis developed from the boom brought on by low interest rates and easy credit conditions, leading to overindebtedness; [2] the state of overindebtedness among households, firms, and governments; and [3] how the crisis unfolded as default rates rose and asset prices fell, destabilizing the financial system. It examines events like the Bear Stearns and AIG bailouts and the passage of TARP. The document considers where the economy and markets may be headed as the massive deleveraging process continues.
1. The 2008 financial crisis was caused by the bursting of the housing bubble in the U.S., also known as the subprime mortgage crisis.
2. Subprime lending involves giving loans to borrowers who may have difficulty maintaining repayments, and are characterized by higher interest rates and poorer terms.
3. The crisis occurred due to a relaxation in lending regulations, poor creditworthiness of borrowers, rising housing prices, and borrowers' inability to pay their mortgages, leading to failures of major banks and financial institutions.
2014.09.22 - NAEC Seminar_Origins of the crisisOECD_NAEC
The document analyzes the determinants of the financial crisis, identifying three key factors: 1) Low interest rates increased the supply of credit. 2) Rising income inequality and growth of institutional investors increased demand for mortgages and securitized bonds. 3) The rise of shadow banking and enabling factors allowed risks to accumulate in the financial system.
The document summarizes key events and causes of the 2007-2009 financial crisis. It notes that housing prices increased sharply until 2005 but then leveled off and declined, default and foreclosure rates increased in 2006, and major investment banks collapsed in 2008. The crisis was sparked by the decline in US housing prices, which reduced the value of mortgage-backed securities and threatened the solvency of financial institutions due to leverage. The crisis put the US and world economies into a deep recession, the largest since the Great Depression.
Carlyle Financial crisis- Super Return 2008 10 15gueste519a
The document discusses the financial crisis that began in 2007 and its causes and effects. It identifies excesses in the US housing and mortgage markets, including risky subprime lending, as root causes. Mortgages were then packaged into complex financial products and widely distributed, while leverage levels throughout the financial system rose to unprecedented heights. When housing prices declined and default rates rose, trillions in losses were revealed, precipitating a global credit crunch and economic slowdown.
The document discusses the impact of the global economic slowdown on the healthcare sector in Asia. It states that while healthcare in Asia will be affected, the impact may not be as severe as in developed countries. The economic crisis has put pressure on healthcare companies in the US and EU to cut costs, which could lead them to expand into developing markets like Asia. The slowdown is expected to have varying effects on different parts of the healthcare industry in Asia in 2009.
The document provides an economic outlook for Brazil in 2012. Under a basic scenario where the Eurozone crisis does not worsen, Brazil is expected to see moderate GDP growth of 3.0-3.5% driven by monetary easing, resuming public investments, and expanding credit. Inflation is projected to remain above 5% due to accelerating economic activity and rigid services inflation. Interest rates may stabilize at around 10.5% as inflation picks up in 2013. The current account balance will likely be lower while the Real maintains support around 1.80 to the dollar. Faster public spending could lower the primary budget result to around 2.8% of GDP.
The document discusses the impact of COVID-19 on global financial markets and key risk transmission channels. It finds that equity markets plunged and volatility spiked due to growth concerns, though unprecedented policy support has helped stabilize markets. Corporate bond spreads widened and oil prices declined sharply. Policy responses have contributed to easier financial conditions, though transmission is uneven. Deteriorating corporate credit quality and high leverage, especially among riskier firms, increase downside risks as earnings decline. Stress testing shows more firms could face debt distress under a downside scenario. Rising risks are also seen in leveraged loans and CLO markets.
Objective Capital Global Mining Investment Conference
30 Sep 2009
Mining financing through the cycle in frontier countries
by Sacha BackesDepartment for Oil, Gas, Mining and Chemicals
International Finance CorporationWorld Bank Group
The document discusses the financial meltdown of 2008 and its causes. It provides context on the rise of securitized mortgage lending from the 1930s-2007. A key development was the increasing use of mortgage-backed securities from the 1980s onward. It then outlines the timeline of major events from 2008, including the collapse of investment banks like Lehman Brothers and bailouts of companies like AIG. The complex financial instruments like CDOs and their role in inflating the housing bubble that eventually burst are also examined.
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
The Ontario Teachers' Pension Plan annual meeting addressed the economic crisis and its impact on the pension fund. The fund experienced a 18% rate of return loss in 2008, in line with average losses for other large Canadian pension plans. Several strategies were discussed to protect the fund from ongoing recession impacts and deploy strategies with appropriate risk levels, including reducing equity exposure from 45% to 40% and shifting to more conservative fixed income investments. The meeting also discussed resolving a 2008 funding shortfall and ongoing efforts to pay pensions over the long term despite challenges from low interest rates and increased life expectancies.
SEP - Crisis: causes, consequences and cures Short VersionPRBS
The document provides background on the global financial crisis. It discusses how a period of growth from 2002-2007 was followed by a recession. Countries like Germany, Japan, and China saw trade surpluses but did not increase domestic spending. Low interest rates in the US led to a spending boom and rise in household debt. Risky "NINJA" mortgages were securitized and sold, fueling a property bubble. The defaults began with subprime mortgages, causing interbank lending to dry up. Governments launched expensive bailouts of banks but now face high debt levels. International groups like the IMF, EU stabilization fund, and Financial Stability Board are working to reform regulations and restore stability.
The document summarizes key aspects of the subprime crisis including:
- Causes such as the real estate boom and speculative investing.
- How it spread from the US housing market to global financial markets.
- Major companies that were affected like AIG, Fannie Mae, and Lehman Brothers.
- Responses by governments and central banks to mitigate the crisis.
- Impacts on the world economy like stock market declines and rising unemployment.
The document discusses the origins and sequence of events of the financial crisis that began in 2007. It started with the bursting of the dot-com bubble that created an unstable macroeconomic environment and incentives to take on greater financial risks. Risky lending practices spread widely as new financial products obscured risks. When the housing market declined, it exposed interconnected toxic assets and led to a liquidity crisis, bankruptcies of banks and other financial institutions, household wealth losses, and negative impacts on economic growth. Governments enacted emergency measures to stabilize financial markets and regulate the system more strictly going forward.
JP Morgan institutional conference call presentation on the state of my industry throughout 2009. Believe it or not, this information presents several opportunities for your clients and associates.
The document discusses the financial meltdown and its impact on financial markets. It provides terminology related to complex financial products like collateralized debt obligations and mortgage-backed securities that contributed to the crisis. It also outlines the historical development of securitized mortgage lending, going from primarily on-balance sheet lending in the 1930s-1980s to increasing securitization after 1980. This led to a large portion of home loans being securitized by the late 2000s, contributing to the subprime crisis.
Overview of GLOBAL FINANCE CRISIS and impact with market. Impacts of the US Financial Crisis on Indian Economy. FINANCE CRISIS, Subprime Mortgage Crisis, US Financial Markets, US Unemployment and Stock Market Returns, Treasury Rates and Inflation,
The document provides an outline of a presentation on the role of financial markets in the current crisis and its resolution. It discusses the history of the crisis from its prelude in 2007 to events through early 2009, including the collapse of major financial institutions. It also examines probable causes of the mortgage and credit crises and products in the news, concluding with predictions for increased regulation and reform from experts to stabilize financial systems and prevent future crises.
The document summarizes "The Perfect Storm" presentation by The PFP Group Wealth Management Team. It discusses the US housing bubble and subsequent financial crisis, highlighting greed, fear, systemic risk, and opportunities emerging from the crisis. It provides an overview of The PFP Group, their services and investment strategies, which include a focus on quality stocks and bonds. Historical market perspectives are presented to advocate a long-term, disciplined approach through market volatility.
Similar to Weathering the recession - can business schools survive? (20)
How to Download & Install Module From the Odoo App Store in Odoo 17Celine George
Custom modules offer the flexibility to extend Odoo's capabilities, address unique requirements, and optimize workflows to align seamlessly with your organization's processes. By leveraging custom modules, businesses can unlock greater efficiency, productivity, and innovation, empowering them to stay competitive in today's dynamic market landscape. In this tutorial, we'll guide you step by step on how to easily download and install modules from the Odoo App Store.
CapTechTalks Webinar Slides June 2024 Donovan Wright.pptxCapitolTechU
Slides from a Capitol Technology University webinar held June 20, 2024. The webinar featured Dr. Donovan Wright, presenting on the Department of Defense Digital Transformation.
How to Setup Default Value for a Field in Odoo 17Celine George
In Odoo, we can set a default value for a field during the creation of a record for a model. We have many methods in odoo for setting a default value to the field.
A Free 200-Page eBook ~ Brain and Mind Exercise.pptxOH TEIK BIN
(A Free eBook comprising 3 Sets of Presentation of a selection of Puzzles, Brain Teasers and Thinking Problems to exercise both the mind and the Right and Left Brain. To help keep the mind and brain fit and healthy. Good for both the young and old alike.
Answers are given for all the puzzles and problems.)
With Metta,
Bro. Oh Teik Bin 🙏🤓🤔🥰
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Weathering the recession - can business schools survive?
1. The Recession and Business Schools
ANZAM Institutional Members’ Meeting
March 27th, 2009
Professor Nigel Healey
University of Canterbury
2. Overview
The financial crisis
The impact on the real
economy
Potential implications for
Australasian business schools
3. The financial crisis
US housing Sub-prime
Initial Trigger
downturn mortgage losses
Pre-Conditions Booming credit markets New structured credit
products
Uncertainty about extent and location of risk
De-leveraging Movement to safe liquid
Impacts assets
4. Effects of the financial crisis…
On the financial sector:
Massive losses/write-downs
Risk aversion and liquidity preference
Global de-leveraging
Large asset price falls
Credit expensive and scarce – “tax the living to bury
the dead”
5. Effects of the financial crisis
On the real economy:
Erosion of business and consumer confidence
Reduced investment spending (credit, confidence, risk
appetite)
Reduced consumer spending (negative wealth effects,
confidence, fear of unemployment)
Reduced global demand and commodity prices
6. Countries impacted in different ways
Factors impacting USA UK Euro Japan Asia ex Aust / NZ
economies Japan
Bank losses
Crisis a product of credit boom and financial engineering
Credit restrictions
Export demand
Commodity prices
7. …and growth outlook deteriorating
everywhere
2009 GDP growth forecasts (percent)
Consensus
forecasts At Dec 08 At Feb 09 Change
Australia 1.6 0.4 -1.2
Asia x Japan 3.9 0.9 -3.0
USA -0.7 -2.1 -1.4
Japan -0.2 -3.8 -3.6
Eurozone -0.5 -2.0 -1.5
UK -1.3 -2.6 -1.3
NZ 0.2 -0.9 -1.1
8. Potential implications for Australasian
business schools
Endowment income – b-schools as a cash cow
Executive education
International enrolments
Public funding
Faculty recruitment and retention
Societal attitudes to business schools
9. Potential implications for Australasian
business schools (1)
ASX All Ordinaries
Loss of endowment income
Stock market prices - down
50%
Interest rates down from
8% to 3%
Alumni giving
B-schools as the cash cows
– envy over salary loadings
10. Potential implications for Australasian
business schools (2)
Executive education
Short courses –open vs in-company
Executive (company-sponsored) MBAs
Consulting
High-margin, but pro-cyclical
11. Potential implications for Australasian
business schools (3)
International enrolments depend upon:
Availability of university places at home
If demand exceeds supply, some of the excess
spills over
Cost of study abroad
Ability and willingness to pay for tuition and living
costs
From savings
By borrowing
By students working in host country
12. Availability of university places at
home: the potential demand
Tertiary school-age population
China India Nigeria
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: UNESCO; Economist Intelligence Unit
13. Availability of university places at
home: the spillover effect
350,000 Total international students China
325,000 Total international students India
300,000 Total international students Nigeria
275,000
250,000 Estimated number of international students enrolling
in undergraduate and postgraduate study in
225,000
Australia, Canada, France, Germany, Japan, New
200,000 Zealand, United States, United Kingdom
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
1999 2000 2001 2002 2003 2004 2005 2006
Source: Economist Intelligence Unit; National Statistical Offices
14. Availability of university places at
home: the expanding supply
Chinese enrolment rates (%)
120
100
80 Primary
Junior Secondary
60
Senior Secondary
40 Tertiary
20
0
1990 1995 2000 2005 2006
15. Cost of study abroad: exchange rates
depreciations in Australia, NZ and UK
A$
NZ$
GBP
16. Ability to pay from savings: the Hang
Seng Index
Hang Seng Index Nikkei Index
17. Ability to pay by borrowing: risk
aversion and the credit squeeze
400
US Congress
passes TARP
package
350
300 US 5-year CDS index
Lehman Brothers
files for bankruptcy
250
Source: RBNZ
Bear Stearns
aquired by JP
200
Morgan with Fed
assistance
150 BNP Paribas subprime
funds frozen; German lender US Treasury bails-out
SachsenLB requires credit Freddie Mac and Fannie Mae;
100 line Emergency loan from the
Federal Reserve to insurer AIG
50
0
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08
18. Ability to pay by borrowing: Asian
banking system solvent
US$ billion US$ billion
1200 1200
Losses, Asia
Losses, Europe
1000 1000
Losses, Americas
Total new capital raised
800 800
Source: RBNZ
600 600
400 400
200 200
0 0
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 (to date)
19. Willingness to pay: deteriorating growth
and employment outlook in Asia
Falling exports to US, Europe
Slowing economic growth (China), recession
(Japan)
Rising unemployment
Growing fear of unemployment
Reports of international students failing to
return due to economic hardship in the family
20. Ability and willingness to pay: fewer
jobs while studying and on graduation
Many international students have:
Part-time jobs in term-time
Full-time jobs in the holidays
Right to full-time work in host country on graduation
In-country employment covers part of
living/tuition costs
Employment prospects in host countries
deteriorating quickly, international students
disproportionately affected
Employment prospects in home country also
worsening, return on investment reduced
21. Factors influencing international
student demand: summary
Availability of university places at home
Cost of study abroad
Ability to pay from savings
Ability to pay by borrowing
Willingness to pay – uncertainty
Ability to pay – jobs in host country
Willingness to pay – jobs on graduation
22. Potential implications for Australasian
business schools (4)
Pubic funding
Lessons from US state schools, with balanced budget
constitutions
Pressure on government expenditure as deficits fuel
public debt, debt service costs
Political inclination to see pain of recession shared –
caps on public subsidies for domestic tuition, moral
suasion in terms of pay settlements
23. Source: RBNZ
0
2
4
6
8
10
12
US
Ch
Si in
ng a
ap
or
e
Ru
ss
Au ia
Ne stra
w lia
Ze
ala
So
u t nd
h
Af
G r
lob ica
al
to
ta
l
UK
Ca
na
da
Ja
pa
n
The price of fiscal stimulus packages
EU
Fr
an
ce
G
er
m
Fiscal expansions post crisis (percent of GDP)
an
y
Sp
a in
In
dia
Ita
ly
23
24. Potential implications for Australasian
business schools (5)
Faculty recruitment and retention
Demographic timebomb – baby-boomers (1945-60),
massification and Asia
Competition from private sector and salary inversion
Short-term:
Shake-out in corporate sector
Collapse in competition from US schools
Offset by exchange rate depreciation
Medium-term: increase in attractiveness of
academic careers (ICT post tech-boom, but
SUVs post-oil speculative bubble)
25. Potential implications for Australasian
business schools (6)
Public attitudes to business schools
Enron, WorldCom
GFME, Corporate Social Responsibility
Quants vs bankers
Nerds vs Suits
Student demand for vocational business
degrees rising, now 20-25% of UG – time for a
correction?
26. Conclusions
Universities – and so business schools –
traditionally counter-cyclical
Now many sources of revenue non-public and
cyclical:
Endowment income, executive education,
international education…
….even possibly public funding
Short-term gains in hiring
Potential damage in terms of public attitudes