The New Rules Prevent Investors From The Stock Market

The New Rules Prevent Investors From The Stock Market
Despite HFT obviously has many positive impact on market, like increased liquidity, improved market efficiency even increased fee for
exchanges. Regulators more concern about risk come from HFT in China's equity market. Though, some risks or negative impacts not
really come from high frequency traders. As show in the above example, investors were restricted open a position less than 10 lots result
in transaction volume shrank. The new rules prevent investors from participating in the market. Fewer investors will lead to the price
distortion. HFT is not the enemy of stock market. If Chinese authorities want the market more healthy, they should hold a positive attitude
toward HFT considering HFT has been gaining global popularity.
HFT in other Asia security market
Japan
According to statistics from Bank of Japan, HFT account for more than 50 percent in Tokyo Stock Exchange (TSE) in September 2012,
which is the second largest sock exchange in Asia. Rather than attempting to restrict HFT in the market, Japan has made upgrades to its
trading system "Arrowhead" to embrace HFT. "Arrowhead" brings millisecond–level speeds to both transactions and market–information
distribution, achieves an order execution time of 5 milliseconds and distributes information in 3 milliseconds5. It also distributes all order
information on all issues in real time. High frequency traders could get benefit from this real–time access to all order and quote data. In
addition, Japan stock market is the
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The Holiday Effect : Evidence From Cross Listed Stocks
The Holiday Effect: Evidence From Cross–Listed Stocks
Mohammed Alhashim
FINA–6311 Seminar in the Theory of Corporate Finance
April 26, 2016
1. Introduction
One of confound empirical findings reported in recent finance literature is the presence of abnormally high stock returns on the day before
holidays. In this paper, we are trying to investigate the holiday effects in a novel context. Specifically, we attempt to test the presence of
holiday effect for a sub–group of stocks namely, the cross–listed stocks. We are interested in the holiday effects for the US stocks that are
listed in a forging stock exchange. Both academic and practitioners in the field of finance have investigated the holiday effects. In one ...
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Section III provides the literature review. The data description and empirical design are presented in Section III. Concluding remarks
follow in Section IV.
2. Hypothesis development
 H1: the holiday effects will be more pronounced for stocks listed in US exchanges only compare to cross–listed stocks.
.
3–Literature Review
The topic of holiday effects has been studied extensively using both US markets data and international markets data
3.1 Holiday Effect in US Markets Ariel (1990) documents that the average preholiday return for the period from 1963–1982, using both
the CRSP value–weighted and equally weighted index, is nine to 14 times higher than the mean return on the remaining days. Using a
nighty years' worth of data (1897–1986), Lakonishok and Smidt (1988) conclude that the preholiday rate of return is 23 times larger than
the regular daily rate of return. Liano el al. (1992) provides an evidence of the presence of the holiday effects in OTC market. Finally, all
previous studies document that pre–holiday returns are not a manifestation of other calendar anomalies.
3.2 Holiday Effect in International Markets The pre–holiday effects are also documented in the international stock exchanges. Mills and
Coutts (1995), Arsad and Coutts (1997) and Meneu and Pardo (2001) who observe a pre–holiday effect in the FT–SE Mid 250 index, FT
30 index,

Case Study Of Toshiba Accounting Scandal
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Running head: TOSHIBA
1
Case Study of Toshiba Accounting Scandal
Kathleen McDowell
Forensic Accounting/ACCT 574–15318
June 10, 2017
Professor
Cynthia Waddell
2
Running head: TOSHIBA
Case Study of Toshiba Accounting Scandal
Facts
Toshiba's history dates back to 1875 in Japan. For the fiscal year ending March 31, 2015,
Toshiba's net worldwide sales were greater than $63 billion and employed more than 200,000 people worldwide (Carpenter, 2015). In
April of 2015, the company came forth and made an announcement that it was having accounting problems. However, the severity of the
scandal became known early in September 2015 (Addady, 2015). The shares took a dive after the April announcement. In July 2015, CEO
Hisao Tanaka resigned after facing this accounting scandal and was a direct link to $1.2 billion in overstated profits (Carpenter, 2015).
Toshiba's first remedy was a management change. The company overstated its earnings close to $2 billion over the past seven years
(Addady, 2015).
The investigation panel report revealed that the external auditors failed to discover the inappropriate accounting issues, the involvement of
two former CEOs, Atsutoshi Nishida (2005–
2009) and Norio Sasaki

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

Testing Moving Average Rules Using The Dow Jones Index
Brock, Lakonishok and Lebaron (1992): Testing moving average rules using the Dow Jones index from 1897 to 1986. Their results
showed that variable moving average trading rules do not have predictive ability for future prices and that the returns generated using
these rules are greater than those generated by a buy– and – hold strategy before accounting for transaction cost.
Gallant et.al (1992): Has pointed out the price volume co–movement using daily NYSE data from 1928 to 1987. The Non–parametric
methods was used through out to avoid bias due to specification error. It examining the contemporaneous price – volume relationship.
Movements are associated with usually high volume leading to increase in both the mean and variability of the ... Show more content on
Helpwriting.net ...
Mukhejee and Naka (1995): Author in his article says that relationship between Tokyo stock prices and six macroeconomic variables using
a vector error correction model (VECM). Their study covered 240 monthly observations for each variable in the period from January 1971
to December 1990. The results of the study showed that the relationship between Tokyo stock prices, the exchanges rate, money supply
and industrial production is positive, whereas the relationship between Tokyo stock price and inflation and interest rates is mixed.
Zhavo (1999): Attempted to find out the relationship among inflation output (industrial production) and stock prices in the Chinese
economy. The study employed monthly values covering the period from January 1993 to March 1998 the results indicated a signification
and negative relation between stock prices and inflation. The finding also indicated that output growth negatively and signification affects
stock prices.
Ayodeji (1999): Investigated the weak from efficiency of the Nigerian stock market using correlation analysis. The results of his study
support the evidence of weak form efficiency in the sense the technical analysis and other security analysis based on historical prices
appear to be valueless in Nigeria.
Ratner and Leal (1999) Tested ten variable length moving averages in the emerging market of Latin America and Asia. The results showed
high

Impact Of Small And Medium Sized Businesses On Jobs And...
Running head: SMEs 1
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Name:
Institution:
Outline
1. Introduction
Introduces the discussion and gives a thesis statement
2. Discussion
Explores the contribution of SMEs to the economy, gives detailed statistics from various academic sources.
It also offers an explanation of the impact of the 2008 financial crisis to the SMEs contribution to the economy in regards to employment
3. Conclusion
Wraps up the discussion
The Impact of Small and Medium Sized Businesses on Jobs and the Economy
Introduction
The term "SME" is commonly used to refer to Small and Medium–sized Enterprises. The term covers a variety of definitions as well as
measures. However, in most of the various definitions of what is an SME, employment is the most widely used criterion for categorizing
the size of the firm. Moreover, SMEs are often defined as businesses with fewer than 500 employees. However, a number of countries,
including some in the European Union use a lower cutoff of 250 employees. SMEs are important in the economy because they have some
unique benefits to the economy chief among these being employment and job creation among others. The following discussion explores
the impact of SME to the economy, especially in regards to employment and the creation of jobs among others.
Discussion
It is already apparent that SMEs are very important in an economy. SMEs make up over 95% of enterprises and

Internship In VTU MBA
Introduction about Internship:
Internship is the integral part of the academic curriculum of VTU MBA. It help the students to learn not only theoretical knowledge but
also it is an exposure them to learn practically in the organization.
Objectives of the Internship:
To provide an opportunity for students to apply theoretical concepts in real life situations at the work place.
To sensitize students to the nuances of corporate culture and familiarize them with the corporate code of behavior.
To enable students to manage resources, work under deadlines, identify and carry out specific goal oriented tasks.
To enable students discover their professional strengths and weaknesses and align them with the changing business environment.
To sharpen domain knowledge and provide cross functional skills.
Topic ... Show more content on Helpwriting.net ...
Promotes the Habits of Savings and Investment:
The stock market offers attractive opportunities of investment in various securities. These attractive opportunities encourage people to
save more and invest in securities of corporate sector rather than investing in unproductive assets such as gold, silver, etc.
Capital Market
The capital market is a market for financial assets which have a long or indefinite maturity. Generally, it deals with long term securities
which have a period of above one year .In the widest sense, it consists of a series of channels through which the savings of the community
made available for industrial and commercial enterprises and public authorities.
Capital Market consists of:
Primary market and
Secondary market.
Primary Market:
Primary market is market for new issues or new financial claims. Hence it is also called as New Issue Market. It deals with those securities
which are issued to the public for the first time .The market therefore makes available of a new block of securities for public subscription.
Example could be Initial Public Offering (IPO) where a firm offers shares for the first time.
Secondary

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

Analysis Of ' Mr. Moore
On the 8th October of 2014, Mr. Moore has given me and everyone that have him for Economic an assignment in which we have to
compete with everyone in that period, period 5 for me, by trading stocks in order to gain money to contest and win the game and the prize
for the winner is to not write a 10 pages essay if he gain more than 25% and have a 10% boot to his/her grade, for the second person in
that period's lit, he/she will have a 5% boot and also the same in the essay. And the game end in the 19th December of 2014,I have lost the
contest by not gaining but losing the money in which 26.6% of $5,000 that i have in my account when i started, so my punishment for
losing is to writing a 10 pages essay that follow the teacher's expectation. Now about the experience that i have throught the game is that
stock is not normal, it is always changing, and sometimes it changes in a big amount that you can gain a big amount of money in an instant
but of course you can lose all of your money and also make your account goes negative. Stock market is like gambling, you don't know if
you can win or not, look like u win but turn out u lost all the money or it goes the other way. When the game ends, I end up losing 26.6%
of $5,000 that I have because i didn't understand the concept of the game that much like others who made profits. One of my biggest
trades that I made was the buy of CZR company with 289 shares with an amount of $15.71 each, because I saw that It started to going up
but I

Procter & Gamble 's Impact On The World
On May 6, 2010 the Dow Jones Industrial Average fell nearly 1,000 points in five minutes. That means the Dow lost about $1 Trillion in
market value at a rate of $3,333,333,333.33 per second. Strangely, 30 minutes later the market rebounded gaining back nearly all that was
lost. Who's to blame for such an event? A better question may be, "What is to blame?" The media immediately blamed high frequency
trading. It took the government three months of research with a team of more than 20 investigators to achieve an inconclusive result with
little to no forward guidance as to how to prevent it from happening again. Why? Because high frequency trading is not illegal and it is not
unethical, it's just plain complicated.
During the "Flash Crash," as the media coined it, individuals lost millions, companies lost billions and stock prices had essentially
bottomed. According to the Financial Times, "...Procter & Gamble 's share price fell 37 percent at one point" (Legacy, 2013) and "shares in
management consultancy firm Accenture...dropped from $40 to 1 CENT" (Legacy, 2013). For these things to have happened, it is pretty
obvious that something superhuman was at work. In this case, it was actually supercomputers.
There is a method of stock trading known as Algorithmic Trading. As the name implies, algorithms are used to make buy and sell orders in
the stock market. A subset of Algorithmic Trading, known as High Frequency Trading (HFT), was blamed by the media for the Flash
Crash.

Capital Markets and Institutions
Australian School of Business School of Banking and Finance
FINS1612 CAPITAL MARKETS AND INSTITUTIONS
COURSE OUTLINE SEMESTER ONE 2011
FINS1612 – Capital Markets and Institutions
Page– 1
TABLE OF CONTENTS
1. STAFF CONTACT DETAILS 2. COURSE DETAILS 2.1 Teaching Times and Locations 2.2 Units of Credit 2.3 Summary of Course
2.4 Course Aims and Relationship to Other Courses 2.5 Student Learning Outcomes 3. LEARNING AND TEACHING ACTIVITIES 3.1
Approach to Learning and Teaching in the Course 3.2 Learning Activities and Teaching Strategies 4. ASSESSMENT 4.1 Formal
Requirements 4.2 Assessment Details 5. ACADEMIC HONESTY AND PLAGIARISM 6. COURSE RESOURCES 7. COURSE
EVALUATION AND DEVELOPMENT 8. STUDENT RESPONSIBILITIES AND CONDUCT ... Show more content on Helpwriting.net
...
Describe the types of equity securities that companies can use to raise equity capital and how these securities can be listed and traded on
the Australian Stock Exchange. Understand different ways in which a company's valuation, and thus its share price, is determined and
make forecasts of a company's future share price.
L02:
L03:
FINS1612 – Capital Markets and Institutions
Page– 4
L04:
Describe the characteristics of different types of debt securities and be able to price them. Describe different theories of how interest rates
are determined and explain the relationship between the term to maturity, risk, and interest rates. Understand the mechanics and
conventions of the foreign exchange market and the motivation of different participants in trading foreign currencies. This involves: 
Reading, interpreting and transposing FX quotations.  Calculating cross–rates.  Identifying the factors that determine the value of a
currency Understand the characteristics of derivatives instruments (futures and options contracts), the different motivations for their use
and how they are traded. Specifically you should  Recognise which types of futures / options contracts to use to hedge various risk
exposures  Appreciate the various risks involved in trading derivative instruments  Describe the factors that determine the pricing of
derivative instruments. Discuss and write about the links between the theory of financial markets and

Market Reaction to Stock Split
MARKET REACTION AROUND BONUS ISSUES AND STOCK SPLIT IN PHARMACEUTICAL INDUSTRY
Submitted By:
NIMISHA.M.BABU
1020251
Under the Guidance of:
PROF. ANIRBAN GHATAK
CHRIST UNIVERSITY INSTITUTE OF MANAGEMENT
BANGALORE
CHAPTER– 1
INTRODUCTION
1.1BACKGROUND OF THE STUDY
BONUS ISSUE
Bonus issues are simply distribution of additional stocks to the existing shareholders. It is a "free" issue of shares, without a subscription
price, made to existing shareholders in proportion to their current investment. A firm can distribute bonus shares by using retained
earnings or accumulated capital reserves. The relationship between Bonus issues and share prices has been the subject of much empirical
discussion within the finance ... Show more content on Helpwriting.net ...
The current study is to identify whether the announcement of bonus issue and stock split has any impact on the stock price.
1.3OBJECTIVES OF STUDY
The various objectives are * To analyze the impact of announcement of stock split and bonus shares. * To investigate whether this would
lead to superior profitability. * To see whether there is any abnormal returns after the announcement of bonus issue and stock split * To
find out the most important determinants of buying decision making of companies announcing bonus shares
1.4RESEARCH METHOD
The research methods would be event study and signaling hypothesis. This can be done with the help of tools like T–tests and graphs.
1.5EXPECTED CONTRIBUTION AND SIGNIFICANCE OF THE RESEARCH
The research contributed towards the factors that lead to abnormal returns on announcement of bonus issue and stock splits. The research
helps us to analyze the market reaction on announcement of stock splits.
1.6STRUCTURE OF THE THESIS
Empirical studies in India and abroad have proved that there is significant abnormal return around bonus issue announcement. These have
been mainly proved using event study and the signaling hypothesis. The study would provide an insight into the problem of whether there
is any change in the stock price on issue of the bonus shares and stock split. This would be done by building a model by using tools like

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

High Frequency Trading On Chinese Market
Introduction of high–frequency trading in Chinese market
Ruosi Fan
Abstract
The main purpose of this paper is to study the high–frequency trading and its application in the Chinese market. This study includes the
status, characteristics and development trend of foreign high–frequency trading, on the basis of high–frequency trading system structure
analysis and the development of Chinese high–frequency corresponding regulatory Suggestions. High–frequency trading has high speed
and complex instructions operation procedures, low latency, open time is short, trade frequently, the characteristics of its bulk deity, and
has some of the participants in the securities trading of lower transaction costs and other advantages, at the same time, brought negative
effects such as market turmoil.
Key words: high–frequency trading Stock index and futures High–frequency trading regulation
1. The definition of high–frequency trading
High–frequency trading is a special kind of algorithm, it is based on a trading strategy, and focus on using high speed computer with
extremely high frequency information to purchase, and issue orders automatically. Authority international academia and industry have not
unified definition on high–frequency trading. The file of SEC in 2010 say that high–frequency trading is used specifically to those trading
transactions within the duration of 1 day.
2. Characteristics of high–frequency trading
Combined with the

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

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

The Stock Market And Stock Exchange
This paper will encompass the importance of the U.S stock market/stock exchange versus the Chinese stock market/ stock exchange, with
a brief introduction about how each stock market/stock exchange came into existence, the importance of each stock market/stock
exchange, how the U.S and Chinese manage their stock markets/stock exchange, how corporations are appointed plus the rules and
regulations. This will also entail random facts about each stock market/stock exchange. Stock markets are like hitting a royal flush, if the
price of your stocks goes up, you win; if it drops, you lose! The stock market, also known as the fairness market, is one in which shares are
owned by companies and their shareholders. The companies that are on the stock market, its stocks are issued and traded publicly, through
either exchanges or over–the–counter markets. The stock market is considered to be one of the most critical components of a gratuitous–
market economy that provides companies with access to dominance in exchange for giving investor's the opportunity to have some type of
possession of the company. The stock market gives those the power to invest monies, and to capitalize on their gains. This in return can
bring about wealth to some without having to take a financial risk in starting up a new business.
The U.S stock market came into existence on May 17, 1792 followed by the stock exchange coming into existence on March 8, 1817, at
Wall Street, lower Manhattan, New York City, New

Strong Financial System Essay
19843_05_c05_p141–172.qxd 12/7/05 9:43 AM Page 141
C
H
APTE
R
5
FINANCIAL MARKETS AND INSTITUTIONS
A Strong Financial System Is Necessary for a Growing and Prosperous Economy
Financial managers and investors don't operate in a vacuum–they make decisions within a large and complex financial environment. This
environment includes financial markets and institutions, tax and regulatory policies, and the state of the economy. The environment both
determines the available financial alternatives and affects the outcomes of various decisions. Thus, it is crucial that investors and financial
managers have a good understanding of the environment in which they operate. History shows that a strong financial system is a necessary
... Show more content on Helpwriting.net ...
To make good decisions, financial managers must understand the environment and markets within which businesses operate. Therefore, in
this chapter we describe the markets where capital is raised, securities are traded, and stock prices are established, as well as the
institutions that operate in these markets. Because the overall objective of financial managers is to maximize shareholder value, we also
take a closer look at how the stock market operates, and we discuss the concept of market efficiency.
1
For example, some insurance companies allowed brokers to keep premiums for as much as a year before remitting them to the insurance
companies. The brokers invested these premiums and earned interest on them, and this gave them an incentive to steer business to these
companies rather than to insurance companies whose policies might be better for the brokers' clients.
19843_05_c05_p141–172.qxd 12/7/05 9:43 AM Page 143
Chapter 5 Financial Markets and Institutions
143
5.1 AN OVERVIEW OF THE CAPITAL ALLOCATION PROCESS
Businesses, individuals, and governments often need to raise capital. For example, suppose Carolina Power & Light (CP&L) forecasts an
increase in the demand for electricity in North Carolina, and the company decides to build a new power plant. Because CP&L almost
certainly

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

The Capital Asset Pricing Model
From the very time of its development, there have been many attempts to prove the validity of the Capital Asset Pricing Model. For
instance, Black, Jensen and Scholes (1972) performed a test to check if securities are priced accordingly to their systematic risk. In order
to test the theory that there was a positive linear relation between the expected return and beta, instead of the individual stock, they used
monthly return data and portfolios. They obtained ten portfolios of monthly returns for 35 years and ranked them by risk securities, from
the highest to the lowest. This sorting technique is now regularly used in empirical checks. They discovered that the intercepts α were
regularly negative for the high–risk portfolios and always ... Show more content on Helpwriting.net ...
He formulated an opinion that such proxy, when used to calculate return on the market, cannot guarantee to be mean–variance efficient.
The evidence gained from examination done by Nimal and Fernando (2013) concerning Tokyo Stock Exchange (TSE) and the Colombo
Stock Exchange (CSE) confirmed not only that beta is a useful tool in expanding deviations in market premium, but also that there is a
relation between return and beta. However, the previous research done in the Japanese market by Yonezawa and Hin, (1992) did not
confirm the validity of the CAPM. In their research, they checked monthly returns from January 1952 to December 1986 and concluded
that limited diversification was the main cause of CAPM failure.
Pettengill et al. (1995) suggested a new method for testing the relation between return and beta. They established a conditional model
which anticipates whether the risk premium on the market index is positive or negative. When the excess return on the market index is
positive there should also be a positive relationship between beta and return, and when the risk premium is negative and return also
negatively connected. It is based on a fact that high beta stocks are very likely to be more sensitive to the negative risk premium and even
have a lower return than low beta stocks. Their research conducted on the US market confirmed that there is a positive relation between
betas and returns.
The same conclusions were

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

Principles of Banking
Principles Of Banking & Finance Chapter 2 : Financial Systems Economic function: Channeling funds from units who have saved
surplus funds to units who have a shortage of funds. Lenders–Savers : Units who have saved can lend funds. Borrower–Spenders : Units
with a shortage of funds must borrow funds to finance their spending. Channelling of funds are important because, – Lender–savers have
excess of available funds but do not frequently have profitable investment opportunities, while borrower–spenders have investment
opportunities but lack of funds. – Borrower–spenders may want to invest in excess of their current income or to adjust the composition of
their wealth. Direct Finance : Borrower–Spenders ... Show more content on Helpwriting.net ...
Mid 1980s – Texas real estate and land prices crash, determined the default of many borrowers with mortgage loans issued by S&Ls,
thus many S&Ls failed at end of 1980s. 1989 – New legislation, FIRREA is adopted. (Financial Institutions Reform, Recovery
& Enforcement Act) 3. Credit Unions – Non–profit institutions mutually organised and owned by depositors. – Satisfy the depository
and lending needs of their members belonging to a particular group. – Deposits used to provide loans to other members and earnings from
these loans are used to pay higher rates to member depositor. – Most numerous among depositary institutions (8535 in 2006 according to
Credit Union National Association) Contractual Savings Institutions – Acquire funds at periodic intervals on a contractual basis. –
Liquidity of assets is less important as they can predict with reasonable accuracy the future payments due to their customers. – Invest their
funds in long–term securities. (Corporate Bonds, Stocks and Mortgages) 1. Insurance Companies – Protect individuals and firms (aka.
policy holders) from adverse events. – Receive premiums from policy holders and

The Great East Japan Earthquake's Impact on the Japanese...
The Great East Japan Earthquake's impact on the Japanese financial system
Introduction
Japan is located in an area where several tectonic plates meet. Earthquakes frequently strike the Japanese archipelago – minor tremors
occur almost on a daily basis, while severe disasters – infrequently, yet they have had harsh consequences in terms of both direct and
indirect impact on the economy, thus, on the financial system. Earthquakes are usually associated with devastation and losses, and Japan is
no exception. However, Japan is still the third largest economy in the world measured by Gross Domestic Product (Ro, 2013).
The most disastrous earthquakes of the history in Japan of last 100 years took place in 1923, 1995 and 2011– the Great Kanto, ... Show
more content on Helpwriting.net ...
Although, assuming that Efficient Market Hypothesis (EMH) holds, the responding stock market indices should reflect the harm caused by
the earthquake, because, as EHM states that market prices fully reflect all publicly available information (Fama, 1970). Thus, it means
that, if investors are rational and their decisions are not affected by noise traders, one can conclude that the decrease in stocks' value is
explainable by the damage of the catastrophe.
Financial Times reports the performance of global indices – S&P for Americas, FTST Eurofirst 300 for Europe and Nikkei 225 for Asia–
Pacific region, plus, the Nikkei 225 is comprised of 225 stocks that are selected from the Japanese common stocks in the first section
ranked by trading volume of the Tokyo Stock Exchange (Nikkei indexes, 2014). Therefore, the Nikkei 255 is considered to be a good
proxy of the Japanese market capitalization ( Ugbede, Lizam, Kaseri & Idachaba, 2013).
Market capitalization is a way how to determine the value of a company using the stock price, and to presume the likeliness of it's growth
(Amadeo, 2013). Meanwhile the financial system is defined as a network of markets and institutions that bring savers and borrowers
together (Hubbard, 2000). Hence, detailed analysis of the Nikkei 225 allows to evaluate the impact of the earthquake on

Raising Money in U.S. Stock Markets
1. Is raising money in U.S. stock markets more – or less – difficult than in the rest of the world? To start, using the article that is cited for
the class is...well, dated at the very least. The United States has gone through at least a complete financial cycle since after the article was
written. The tech bust and then the quickly following tragedy of September 11, 2001 with the ensuing market meltdown were just the
beginning. Just to put it into perspective, "'During the last seven years, we 've had recession, 9–11, Rita, Katrina, two wars, the mutual
fund scandal, the meltdown in subprime, Enron, WorldCom and Martha Stewart.' According to Michael Arnow, director of financial
planning in the Milwaukee office of SJA Financial ... Show more content on Helpwriting.net ...
Is it wise for a U.S. corporation to list its stock on foreign stock exchanges? What are the possible advantages and disadvantages of such a
move? Listing on a foreign exchange brings the added risks of uncertainty of the US dollar, trade embargoes, trade tariffs, foreign service
fees, an entirely different IRS reporting structure, and many other hurdles. If a company is big enough to have a financial management
section headed by a CFO, then it should not be very difficult to list on a foreign exchange with enough program management. The
advantages of listing of a foreign exchange include greater exposure, opportunities in foreign markets that might otherwise be
unattainable, and higher profits. The disadvantages are much the same as in the setup; recurring foreign taxes, trade margin fluctuations,
and other foreign trade barriers. Overall, an ADR or move to forward markets would, for a US based company, be a good move in the
current economy. Exposure to foreign markets and currencies would translate back to higher profits. For companies outside the US,
moving in would be a short term fiasco between the weakening dollar, but in the long run an excellent move because now is the time to get
into the US "on the cheap". References Kathleen Gallagher (23 January). Don 't panic, experts say: Ride out market volatility with diverse
portfolio, they advise. McClatchy – Tribune Business News. Retrieved March 8,

Case Study : Global Financial Services Ltd Essay
CHAPTER I PROFILE OF THE COMPANY About the Organization: Emkay Global Financial Services Ltd was established on January
25, 1995 with the aim of ensuring success of its clients, employees, partners, investors and society at large. The company provides
solutions and services for the financial needs of the customers. Working towards its mission and vision and trying to make every person's
life successful, it has been declared as the best analyst of the year by India's Institutional Awards (2014). Over a period of 20 years the
numbers themselves speak for its success. It has grown its customer base to more than 100000 High Net worth Individuals (HNIs),
Corporate, and NRIs & Retail clients. The company provides a variety of services to its customer's right from managing their portfolio to
giving investment advices to commodity trading and insurance as well as equity trading. Business area of the company:– Equity and
derivatives broking (retail and institutional) Equity research Corporate advisory Depository services Wealth management and portfolio
management services. Insurance broking Investment banking Commodities research and broking E–broking Mutual fund distribution
IPO's Emkay Fin cap Limited (EFL), a 100 per cent subsidiary of EMKAY, is a RBI registered Non Deposit taking NBFC. The firm was
incorporated on May 16, 2005 for carrying out share financing activities. The company went public on February 14, 2006. Emkay
Commotrade Limited (ECL),

Case Study Of Eco-Feminism
Women Empowerment and Eco–feminism: Two case studies of India; Bihar in perspective Ssubmitted By: Rai Dhingra A6030115038
Abstract Eco–feminism grows from the idea that a woman's ethic are closer and in sync with the nature than a man's .Eco–feminists
address and treat woman's right on natural resources as human right. But woman have no control and right on natural resources. The
history of woman's land right in India and other country of South Asia has been and will continue to be a history of contestation and
struggle at every level i.e. legal administrative, social and ideological. Cultivated land, forest and water are, and will be the most crucial
form of property in rural India. Women direct ownership of land and control over natural resources can be ... Show more content on
Helpwriting.net ...
THE LINK BETWEEN STOCK PRICES AND THE ECONOMY
Economic theory proposes that there should be a strong link between economic activity and stock prices, given that its price is the
discounted present value of the firm's payout. If this payout is finally a function of real activity, such a link should exist.
There are several theoretical propositions suggesting how stock prices can have a direct impact on economic output, which further
strengthens the link amongst these two variables.
1. The first link was proposed by Tobin in 1969. The focus is on the impact that share prices have on the cost of capital. The coefficient
that captures this is called Tobin's Q, which is given by the ratio of market value of current capital to the cost of replacement capital. When
the prices of shares are high, the value of the firm to the replacement cost of its capital is also high i.e., the Tobin's Q is also high.
Furthermore, this leads to rise in investment expenditure and thus causes a rise in the aggregate economic output as for firms it is easier to
finance their investment expenditures. This is because investment would be simpler as it would require a lower share offering in a
situation of a higher price for

Failure Of Barings
Chronological events that led to the failure of Baring's PLC 1984–1986 In 1984, BB&Co acquired the entity that became known as
Barings Securities Ltd. (BSL) from Henderson Crotiwaite, which operated as a broker–dealer through subsidiaries in the Pacific, Latin
America, New York, and London. BSL conducted stock brokerage activities out of London and was incorporated in the Cayman Islands.
BSL had several overseas operating subsidiaries, including two in Singapore: Barings Securities (Singapore) Pte Ltd. (BSS), which
principally engaged in securities trading, and Barings Futures (Singapore) Pte Ltd. (BFS), which BSL formed to allow Barings to trade on
SIMEX. Barings Securities (Japan) Ltd. (BSJ) was the BSL subsidiary that conducted Barings' ... Show more content on Helpwriting.net
...
(Corp.governance). In the summer of 1994, an internal audit at Barings reported that Leeson had an "excessive concentration of power"
that could lead to "error and fraud (The fall of barings). By mid–December 1994, Leeson was taking extraordinary gambles in the market
and making daily requests for substantial funds from Barings in London; despite rather feeble attempts to question these requests, the
funds were always provided. Ultimately Baring Brothers authorised UK £538 million to fund Leeson's activities, a sum that was both
illegal and frighteningly close to the bank's entire assets (The Independent, 4 March 1995).(The risk

Stock Market and Great Lakes
Comparative Analysis of Indian Stock Market with International Markets
Debjiban Mukherjee T. A. Pai Management Institute, Manipal, India
Abstract The stock market is witnessing heightened activities and is increasingly gaining importance. In the current context of
globalization and the subsequent integration of the global markets this paper captures the trends, similarities and patterns in the activities
and movements of the Indian Stock Market in comparison to its international counterparts. This study covers New York Stock Exchange
(NYSE), Hong Kong Stock exchange (HSE), Tokyo Stock exchange (TSE), Russian Stock exchange (RSE), Korean Stock exchange
(KSE) from various sociopolitico–economic backgrounds. Both the Bombay Stock exchange ... Show more content on Helpwriting.net ...
Also called the "Big Board", it is the largest stock exchange in the world in terms of dollar volume and second largest in terms of number
of companies listed. The Tokyo stock exchange was established on May 15, 1878 and trading began on June 1, 1878. In 1943, the
exchange was combined with ten other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange. It is the
second largest stock exchange market in terms of monetary volume and currently has 2302 listed companies. The Hong Kong stock
exchange is the 8th largest stock exchange in the world in terms of Market capitalization. The Hang Sang Index (HIS), was started on
November 24, 1969. The Russian stock exchange was established in 1995 by consolidating the separate regional stock exchanges into one
uniformly regulated trading floor. The Korea stock exchange was created by the integration of the three existing of the Korean Spots and
Futures exchanges (Korean stock exchange, Korean futures exchange & KOSDAQ) under the Korea Stock and Futures Exchange Act.3.5.
In this paper, the names of the countries and the names of the indices of those countries have been used interchangeably. Thus, the names
of the countries represent the indices for the

Fin 444
Barings Bank and Nick Leeson
Introduction I would like to present the case of Barings Bank, one of the most famous histories in the world when one man led to the
bankruptcy the oldest British bank. Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost
almost $1.4 billion. The loss was caused by a large exposure to the Japanese stock market, which was achieved through the futures market.
Leeson, the chief trader for Barings Futures in Singapore, had been accumulating positions in stock index futures on the Nikkei 225, a
portfolio of Japanese stocks. As the market fell more than 15 percent in the first two months of 1995, Barings Futures suffered huge losses,
which were made even higher due to ... Show more content on Helpwriting.net ...
However, at that time, they had been bailed out by the Bank of England and other London banks. From then on, however, Brings
continued in traditional merchant banking, building up a reputation based on corporate finance, strong investment management, and the
trading it did for one of the best clients in London, including the Royal Family. In 1984 it acquired the stockholding business of small
stock broking company, Henderson Crosthwaite, with a staff of 15 based in London, Hong Kong and Tokyo. Baring Brother and Company
(BB and Co) then established Baring Securities Limited (BSL), as a separately and liberally managed business within the group. BSL was
very successful, enjoying the fruits of the 1980s Tokyo Stock Market boom, and specialized in Japanese equity warrants – bonds sold with
warrants exercisable into shares. Growth of business in emerging markets together with expansion of securities induced Barings to
consolidate BB and Co and BSL. Board of the Bank was very satisfied with the presence on the Asian market and in order to develop
much faster it

Japan 's Financial Environment : Japan Essay
Financial Environment
When it comes to Japan's financial environment one of the first things to note is the vast pile of debt that Japan has accumulated over the
years. Japan's gross debt–to–GDP ratio stands above 240 percent, which is the highest of all OECD countries (The Economist, 2014). In
contrast, in 2010 the ratio was 'only' 178.4 percent. The reason for this huge debt pile is that Japan has had twenty–two consecutive budget
deficits (OECD, 2015). And in recent years these deficits were often over 8 percent of GDP. The main reasons for the rising budget
deficits are that government revenues have been stable as a percentage of GDP, whereas government expenditures have increased steadily
(The Economist, 2014). For now, the burden the debt due to interest payments is limited due to the low interest rates at which Japan is able
to borrow. However, an ageing population will make repaying debt in the future ever harder (OECD, 2015).
The Nikkei 225 Stock Average is Japan's most important stock index. The Nikkei 225 index declined as a result of the Global Financial
crisis and hit a low in February 2009. It was only after Abe took office as prime minister and announced 'Abenomics' that send the Nikkei
index up with 57 percent during 2013 (Pattekar, 2015). In 2014 the Nikkei increased with another 5.7 percent and in June 2015 the Nikkei
reached a 15–year high. However, due to economic growth concerns in China, and the effect of that on exports of Japanese companies
caused

Globalization and its effect on the South African economy...
1. Introduction
"Globalization refers to the shift toward a more integrated and interdependent world economy." [Hill, 2003: pg6] South Africa provides a
unique opportunity to observe the effects of globalization in that the pre democratic period was a period of very little globalization, which
can be contrasted with the democratic period which has been characterised by rapid globalization. This sharp contrast emphasises the
effects that globalization has on a country.
The essay is a longitudinal study that seeks to understand the impact of globalization on the JSE Securities Exchange, since the democratic
elections in South Africa. Firstly this essay will analyse the impact globalization has had on South Africa in general. Then the essay ...
Show more content on Helpwriting.net ...
The theory has implications for inequality within a country (Stopler Samuelson) and between countries (Factor Price Equalization). The
Stopler–Samuelson theory, which builds on the Heckscher–Ohlin theory, predicts that with increased trade, the nation's abundant factor
will gain and the scarce factor will lose. In terms of income inequality within a country this means that by increasing trade the lower
income group, which control the abundant and cheap factor would realise an increase in income and the higher income group controlling
the scarce resources would see a fall in income. The assertion by Stopler and Samuelson that increased trade would cause a decrease in
inequality within a country is not strongly supported by empirical evidence. A study by Dollar and Kraay [2001] shows that in the period
between 1960 and 1995, inequality has in fact slightly increased within countries that the authors have termed "globalizers ".
The empirical evidence, however, does support the Factor–Price Equalization theorem, which states that the movement of factors between
countries is replaced by trade in final goods, thus international trade brings about an equalization of relative factor prices between
countries. Dollar and Kraay [2001] use empirical evidence to

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

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

Fi515 Chapter 1 Mini Case
MINI CASE
a. Why is corporate finance important to all managers?
Corporate finance is important to all managers because it provides managers the skills needed to identify and select the corporate
strategies and individual projects that add value to their firm and forecast the funding requirements of their company and devise strategies
for acquiring those funds.
b. Describe the organizational forms a company might have as it evolves from a start–up to a major corporation. List the advantages and
disadvantages of each form.
The organizational forms a company might have as it evolves from a start–up to a major corporation are proprietorship, partnership, or
corporation.
The advantages of a proprietorship are:
Easy and ... Show more content on Helpwriting.net ...
Failure to handle these situations properly can lead to huge product liability suits and even bankruptcy.
e. What three aspects of cash flows affect the value of any investment?
The three aspects of cash flows the affect the value of any investment are the amount of expected cash flows, the timing of the cash flow
stream, and the risk of the cash flows.
f. What are free cash flows?
Free cash flows are the monies available for distribution to all investors after paying current expenses, taxes, and making the investments
necessary for growth.
g. What is the weighted average cost of capital?
The weighted average cost of capital is the rate that a company is expected to pay on average to all its security holders to finance its assets.
h. How do free cash flows and the weighted average cost of capital interact to determine a firm's value?
Free Cash Flow = Sales Revenues – Operating Costs and Taxes – Required Investments in Operating Capital. Weighted Average Cost of
Capital (WACC) is affected by market interest rates, market risk aversion, cost of debt, cost of equity, firm's debt/equity mix, and firm's
business risk. Therefore, free cash flows and the weighted average cost of capital interact to determine a firm's value by the following
equation:
Value = FCF1 + FCF2 + ... + FCF00 (1 + WACC)1 (1 + WACC)2 (1 + WACC)00
i. Who are the providers (savers) and users (borrowers) of capital? How is capital

Applied Business Simulation Analysis
ACC1005 Foundations of Finance Applied Business Simulation – Introductory to Bloomberg Professional Services Group 23 Joshua Tan
(1702776) Keck Siao Mei (1702693) Pan LiQing (1702615) Tan Si Ning Serene (1701435) Date of Submission: 20 October 2017 Table of
Contents 1. Company Description 1 1.1 Background Information 1 1.2 Senior Management Committee 1 1.3 Top 5 Shareholders 2 2.
Competitors 2 3. Quantitative Analysis 2 4. Qualitative Analysis 3 5. Appendices 4 6. References 5 1. Company Description 1.1
Background Information Singapore Exchange Limited (SGX) is an investment holding company which was established and operated in
Singapore and primarily listed on the Singapore Exchange. It is a place where stocks are traded between ... Show more content on
Helpwriting.net ...
Being a monopoly, trading volume will definitely increase in SGX, increasing the share prices and the dividends. 5. Appendices Appendix
AAppendix B 6. References i. Dinesh, D. (2017, April 23). 4 stocks this week [17 Apr 2017]: Ascott; Keppel; SGX; CapitaLand Mall.
Retrieved October 16, 2017, from http://dollarsandsense.sg/4–stocks–week–17–apr–2017–ascott–keppel–sgx–capitaland–mall/ ii.
Dividend Information. (n.d.). Retrieved October 16, 2017, from http://investorrelations.sgx.com/dividends.cfm iii. SGX named
Derivatives Exchange of the Year. (2017, September 27). Retrieved October 16, 2017, from
http://repository.shareinvestor.com/rpt_view.pl/id/ea83bdffe117d3588f404fc443cbb4a78801de308c8e152c96b1924e1c195e00/type/si_news
iv. SINGAPORE EXCHANGE LIMITED (S68). (2017). Retrieved October 16, 2017, from https://www.dividends.sg/view/S68 v. Stocks
suffer worst week since February freakout. (2016, April 29). Retrieved October 16, 2017, from

Student: Business and Milton Friedman
Accounting for managers BSMAN3009
ASSESSMENT 1: Report
Lecturer:
Student's name:
Student's number:
Table of contents I. Executive summary....................................................
II. Introduction.............................................................
III. From a perspective accounting, what are the "rules of game" that businesses must follow?.........................................
1. Company legislation................................................ 2. Accounting standard............................................... 3. Stock
exchange......................................................
IV. In the current environment, is Milton Friedman's statement as relevant in 2013 as it may have been in 1970?.....................
V. Conclusion...............................................................
VI. Reference.................................................................
I. Executive summary
This is a ... Show more content on Helpwriting.net ...
(Source from Australian Accounting Standards Board 2013) 2. Accounting standard
Accounting standard are the accounting rules that accounting entity need to follow in reporting the financial statement.Accounting
standard concerns with how assets and liabilities should be measureed in identified in the statements. Traditionally each country develop it
own standard. In Australia, every business entity need to follow the Australia accounting standard which is set by Austrailia Accounting
Standard Board (AASB). Here are the two accounting standard set by AASB:
Statement of Cash Flows (AASB 107)
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2013 but before 1 July 2013 for for–profit
entities. It takes into account amendments up to and including 18 December 2012 and was prepared on 10 May 2013 by the staff of the
Australian Accounting Standards Board (AASB).
Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the
entity to generate cash and cash equivalents and the needs of the entity to utilize those cash flows. The economic decisions that are taken
by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing

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

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

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

The New Rules Prevent Investors From The Stock Market

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