Abnormal Return That Was Used Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 1979 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The objective of this paper is to determine whether announcing a dividend payment in the Vietnam market provides useful information for the investor. In other words, does an announcement of dividends directly affect the stock price in this market? To evaluate the impact of such an event, a measure of the abnormal return was needed. The observation data used was n = 16 (listed firms), in which there were 71 announcements. The analytical steps follow. Analytical Steps The abnormal return that was used was the difference between the ex-post return of the security and the normal return of the firm during the event window. The normal return was established to be the return that would have been expected if the event had not occurred. The first step was to compute the ex-post stock return during the event window of a 6-day period (plus/minus 3 days). Day 0 was considered to be the announcement day of the dividend payment. Finding the risk-free rate market return of each event and associated beta value was step two. The risk free rate was calculated by the Consumer Price Index (CPI) and the average government bond yield as a percent. The beta coefficient value was found by running 71 regression tests in which the daily stock return and daily market index return were the dependent and independent variables respectively. The market beta (or risk) for an individual stock for the event was found using the correlation between the daily stock retur n and the daily market index return of a normal period. The daily stock return and the daily market index return were computed based on the daily stock price and daily closing price of VN-Index. Don’t waste time! Our writers will create an original "Abnormal Return That Was Used Finance Essay" essay for you Create order Nonparametric Test The sign test was one of two common nonparametric tests used. This test is based on the sign of the abnormal return (AR) or cumulative abnormal return (CAR). The use of the nonparametric tests of the abnormal returns may be used since it may be insufficient to assume the normally distribution of returns when confirming the parametric tests. It is necessary to test the probability that the positive average abnormal returns (AAR) following the dividend announcement was larger than 0.5. Therefore the null hypothesis was that the probability was less than or equal to 0.5 while the alternative hypothesis was that the probability was greater than 0.5. This hypothesis was tested in a one sided z-test. Descriptive Statistic A descriptive statistic is typically used when describing the basic features of data in a study, specifically the distributions central tendencies. From January 3, 2006 to December 31, 2009 the range of the VN-Index was 235 to 1170.67. Considering 996 daily closing prices (n = 996), two of the central tendencies were: mean 608.94 and median 522.84. The median was lower than the mean. It should be noted that the closing price of the VN-Index during this time was in the lower range since data samples of the financial crisis of 2008 were randomly included. A t-distribution showed the distribution to be skewed to the right (positively skewed). This means that most of the distribution of the closing prices was to the left of the mean. Using kurtosis (description of the shape) to determine how tall and sharp the central peak is found that the kurtosis value was -0.884 indicating a relatively flat distribution about the mean, albeit asymmetrical. Measures of the asymmetry we re not significant. The mean was 0.0485 and the median was 0.0326.and median was 0.0485 and 0.0326; minimum and maximum was negative -4.972 and 7.741. Since the mean does not equal the median, both the closing price and the daily return were not in a symmetrical distribution. From January 3, 2006 to December 31, 2009 (996 days) there were 193 Mondays, 200 days for each of Tuesday, Thursday and Friday and 203 Wednesdays. Monday was found to have the lowest negative average daily return (-0.2548%) while Friday had the lowest positive average daily return. Tuesday and Wednesday did not differ greatly however Thursday had the highest average daily return (0.2993%). In finding the difference between Mondays (193) and the other days (793) as well as the difference between Thursdays (200) and the other days (796), the Monday group was negative -0.2548% compared to the other days group of 0.1214%. Similarly, the Thursday group (0.2993%) was compared with the other days (-0.0145). We n ow question as to whether the differences were large enough to rely on or were they random. With regard to testing Mondays against the other days, the average return for Monday was lower than the other week days average return with a difference of -0.3762. Similarly, the average return for Thursday was higher than the other days with an average difference of 0.3139. The t-test value was -2.239 (d.f. 994) giving a critical value at 1960. This t-test value was smaller than at -1.960. Using the t-distribution chart for a two-tailed distribution, and a significance level of = 2.5% and d.f. greater than 100, we continue to have critical value at 1960. Thus, the observed test t-value of -2.239 was smaller than at -1.960. Thursdays test gave a t-value of 1.892 with critical value of 1.645, 5% significance level and d.f. of 994. There were no other tests of reliable statistical significance. In comparison of Monday with the other weekdays, two-tailed p-value was 0.025 while Thursda y with the other weekdays was 0.059 giving more information of the statistical results than the probabilities and thus the percentages for the error probabilities was in the acceptable range and thus reliable. Again, analysis of the other groupings p-values were not in the significant level with t-value smaller than . Thus there is no support for the hypothesis. To summarize, there was a significant difference between Monday/other days of the week and Thursday/other days of the week. The average return for Monday was lower than the other days of the week with the average return for Thursday being higher than the other days of the week. The hypothesis was therefore rejected and there was support for the alternate hypothesis (average return for Monday was not equal to the average return for the other days of the week). Study Summary This study purpose of this study was twofold: 1) determining whether an announcement of a dividend payment impacted stock prices and 2) determining if stock prices in the market are randomly determined. Using a selection of 16 companies (n = 16), there were only two firms Vietnam Fumigation Company (VFC) and Chuong Duong Beverages JSC (SCD) which were found to have abnormal returns and thus be statistically significant at the 5% level. In other words, only these two firms had their stock prices affected by the dividend announcement during the period from 2006 to 2009. While these results do not definitively determine announcement of dividends to be the sole influence on these prices, the results may be used to attract investors. Secondly, there was significant evidence that the day of the week was influential and thus the event was not random. With regards to the efficient-market hypothesis (EMH), the hypothesis that the Vietnam market during this period was considered to be weak or inefficient is rejected. The pattern of movement in prices was not random. Interestingly, the average highest return in the Vietnam market was on Thursday as opposed to the most common day in other markets of Friday. However, the lowest return was on Monday in agreement with most other markets. Since there was a difference in returns between groups in the week, (the average return on Monday/Thursday and the other days of the week) there is opportunity here for arbitrage to capitalize on the imbalance. Conclusion As the abnormal returns were shown to be asymmetrically distributed it is reasonable to consider values which are different from zero as responsible for the unexpected return. It was found that the probability for a positive average abnormal return associated with the event was greater than 5%. Combining the t-and z-test results showed that announcing dividend payments affected the stock prices of the firms, resulting in a slight increase in attracting investors during the specified period. Generally, the change in stock prices are independent of each other and have similar distributions (neither symmetric or normal) which indicate that past movements or trends are not reliable for predictions, and therefore follow a random walk. However, the difference in returns for these groups implies that there is a possibility of arbitrage for this market. The verification of the statistical importance of the day of the week effect provides information which means that the prices were p ossibly predictable. The Monday and Thursday returns in the Vietnam market tended to be the high and low respectively. This is in opposition to Monday/Friday (low/high) in most other markets The statistical results conclude that evidence exists against the hypothesis of an efficient market in weak form. Therefore, the hypothesis that the stock prices followed a random walk pattern based on the weak efficient market theory was rejected and that there was a pattern in the price variations. Finally, the stock prices in Vietnam market did not follow a random pattern, and the market was not efficient in weak form for the last period, from Jan 03, 2006 to Dec 31, 2009. Implications of the Conclusion As has been said, announcing the dividend payment provided information to investors affecting the stock price around the event (dividend announcement). Although the strength of the abnormal return was not strong, it still provided opportunity for arbitrage. Further analysis found that the weekly expected stock return from Monday to Friday tended to be negative and decreasing over average returns. It is surmised that this is due to releasing information at the end of the week which caused the sliding return the following Monday. However, this also has the benefit that unfavorable information can be released late in the day on Friday if firms desire to reduce the effect of the bad news or even to avoid a panicked selling. This characteristic might be used for both the release of good as well as unfavorable information. Further a simple trading strategy has also emerged for investors: buy on Monday and sell on Thursday. This would be particularly effective when looking at the two i mportant dates all investors should watch; investment date and settlement date (T + 1, T + 2 or T + 3) where the settlement occurs 1, 2 or 3 days after the transaction. Here the T + 1 could be used for an individual who wishes to buy stock can delay the purchase planned for Thursday or Friday to Monday. For those wanting to sell stock, sales on Thursday (early session) and re-purchased on Monday (late session) to receive the most benefit. This method can be used by investors who deal in high volatile stocks for the purpose of arbitrages. Extension The results of this study (dividend payment does impact stock price), adds some potency to the theory of dividend signaling as applied to this market. Thus firms can allude to this result as good news when they wish to appear in possession of strong future prospects for investors. It will take a clever firm to use these results. Since the distribution of daily returns was not symmetrical firms would have to pay close attention to when they release information to investors. Some firms may need to watch and estimate the abnormal returns not only on Monday and Thursday, but on the other days of the week might prove interesting in a company to company experiment. It should be noted that the Vietnam market pays dividends in cash, stocks, or a combination of cash and stocks. This study was directed at announcements of the cash dividend payments only. It would be of interest to further investigate if announcements of dividend payments would also be influential in the other two methods of payout. Further investigations might combine both the Vietnam Stock Exchange along with the Hanoi Trading Center in order to provide larger sample sizes. Another investigation could be the examination based on seasons of the year, or possible monthly effects to note if they also indicate statistical connectivity. This data might also be analyzed to determine a clearer picture for future price movements in the Vietnam Market.

The Performance Of Portfolio Theory - 1521 Words

Introduction This report is established to illustrate the performance of portfolio by using modern portfolio theory to make one portfolio allocation decisions per year (round) over nine years (rounds) in an investment game and find out a reasonable strategy to meet a particular investment objective. Specifically, it tries to figure out following questions: 1. How the investment decisions can be madeï ¼Å¸ 2. The research that is undertook 3. The critical factors that influenced the decision 4. How are the results different from our expectationsï ¼Å¸ The first question is more important since it plays a vital role in the investment process. Some research papers have concluded several key points via using modern portfolio theory and we used them in†¦show more content†¦That is to say, the manager can only get risk-free asset if he is willing to be in a relatively low risk level and he must give up monitoring how the return goes on as they only emphasis on risk and vice versa. The second conclusion refers that some risky portfolios, to some extent, indicate a poor performance on a yearly basis. More specifically, there are still exist a phenomenon that it is inevitable that the return on a common stock will be negative although it performed better than bond in the long term according to the historical data. He also mention in the paper that the influence of asset on the portfolio could play an essential role in the making decisions on whether buying an asset or continuing to hold an asset. This result is embodied in the investment simulation system which is expressed by the yearly news. In the third conclusion, Gruber argues that the characteristics of the investor determines the composition of the investor’s portfolio which also means that the investor must construct an appropriate portfolio in order to meet the client’s investment objectives. 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Television Of The Small Screen Samples †MyAssignmenthelp.com

Question: Discuss about the Television Of The Small Screen. Answer: Television of the small screen is the very important part of individuals life since years. Television is the very popular media that is entertaining the people for long time. It is not only the medium for entertainment but it also provides information regarding the day today activities that re happening around the world. It has been analysed that there are many shifts in the habits of the television viewers have experienced[1]. The way people watch the television, the shows they watch and the overall culture of television viewing has changed a lot. The first shift that has been analysed is in regards with real time watching of the television shows. The popularity of watching the TV content with shifted times has increased with time. The major reason for the same is the introduction of new external devices such as DVDs, VCDs,VCRs etc. the availability of these devices in the market allow the users to watch the programmes or the films that are not broadcasted on television or can be seen on different timings the broadcasted. The second shift that has been observed in the viewing pattern of the people is because of the availability of the internet. Internet allows the users not only to watch the broadcasted programs on television itself but also allow them to watch the same on mobile phones, computers, laptops etc. the content is same but the screen has changes. Now the people does not have to be dependent on television to view their favourite serials but just need a handy devices like mobile phones with internet connection to see the same content that too in live format[2]. There is a great confusion now days between watching TV and watching the TV content. This is because the same TV content can be seen by the viewers on different device that too with live streaming format. Most of the young ones or the young viewers of television are turning away from the fixed television facility and becoming more selective for the programs they watch on television[3]. In todays era, people believes in spending their time in productive things and do not have much time for their entertainment. Thus, the viewers prefer to watch their favourite programs in their free time. This constraint also results in development of customized cable packages that are available for the people who watch only some kind of programs. When the tradition TV viewing practices of real time TV watching has been considered, it has been estimated that the time the people spent on watching television is reducing with time. This is because how the people are not adjusting their schedule according the timings of their favourite TV program but setting the time of the program as per their empty schedule by using other medium to watch the broadcasted program later[4]. As far as the media industry is concerned, it has been analysed that the media companies are integrating their functions and merging into each others territories. It has been realised that watching TV was earlier the moment of social gatherings because all the family members used to sit together and watch the television. However, these gadgets like mobile phones and laptops allow the people to watch their shows separately as per their free time[5]. Every individual owns their phones and thus watch their programs in that phone makes them isolated from others. As far as the content shown on the television is considered, it has been analysed that the content has become more informative than entertaining these days[6]. Earlier when children used to watch the TV, parents restrict them for the same but today TV has become the medium to get so much information. Children can learn many things from channels like discover, NetGeo etc. It has been concluded from the discussion that the culture of TV viewing and the preferences of audiences have changed a lot since years. Different types of shifts have been observed in the pattern of watching. Introduction of external devices has changed the scene of watching TV at real time and even the non-broadcasted shows can be seen on those devices. As per the overall analysis, it can be observed that the shift is beneficial for the viewers according to their busy schedule and this helps them to be entertained without compromising with their important work. References: Andaya, Abegail A., Elva M. Arredondo, John E. Alcaraz, Suzanne P. Lindsay, and John P. Elder. "The association between family meals, TV viewing during meals, and fruit, vegetables, soda, and chips intake among Latino children."Journal of nutrition education and behavior43, no. 5 (2011): 308-315. Bondad-Brown, Beverly A., Ronald E. Rice, and Katy E. Pearce. "Influences on TV viewing and online user-shared video use: Demographics, generations, contextual age, media use, motivations, and audience activity."Journal of Broadcasting Electronic Media56, no. 4 (2012): 471-493. Csikszentmihalyi, Mihaly. "Toward a psychology of optimal experience." InFlow and the foundations of positive psychology, pp. 209-226. Springer Netherlands, 2014. Jago, Russell, Angie Page, Karsten Froberg, Luis B. Sardinha, Lena Klasson-Heggeb, and Lars B. Andersen. "Screen-viewing and the home TV environment: the European Youth Heart Study."Preventive medicine47, no. 5 (2008): 525-529. Kahlor, LeeAnn, and Matthew S. Eastin. "Television's role in the culture of violence toward women: A study of television viewing and the cultivation of rape myth acceptance in the United States."Journal of Broadcasting Electronic Media55, no. 2 (2011): 215-231. Wakamiya, Shoko, Ryong Lee, and Kazutoshi Sumiya. "Towards better TV viewing rates: exploiting crowd's media life logs over Twitter for TV rating." InProceedings of the 5th International Conference on Ubiquitous Information Management and Communication, p. 39. ACM, 2011.

The Berlin Blockade and Airlift 1948

The Berlin Blockade and Airlift ? 1948-1949 Essay After the Second World War, Berlin was split between the UK, France, the US and the USSR as it was decided at Yalta and Potsdam. Soon afterwards the four zones merged into two, namely West and East Berlin. Berlin shortly afterwards became the front for the cold war between the USSR and the West. On June 25th, 1948, the USSR set up a blockade around Berlin to try and force the Allies to give up their rights to the western part of the city. Stalin halted all traffic into and out of the Russian sector of Berlin; he also cut off all electricity, claiming technical difficulties. With all roads blocked, the Allies had no way of keeping the 2.5 million citizens of West Berlin, who only had enough supplies to last 45 days, fed and warm. At the beginning of the Blockade, however, some left wing British labour parties suggested that the UK should withdraw but the idea was quickly dismissed by Bevin , who said: We intend to stay in Berlin The opinion of the whole world will condemn the ruthless attempt by the Soviet Government to create a state of siege in Berlin and so, by starving the helpless civilian population, secure political advantages at the expense of the other Allied Powers.General Clay devised a way of supplying the people of West Berlin in way of an airlift but first had to convince his commanding officer, General LeMay . He agreed and the airlift started on the 24th of June 1948 under the codename Operation Vittles. We will write a custom essay on The Berlin Blockade and Airlift ? 1948-1949 specifically for you for only $16.38 $13.9/page Order now At the same time, Clay pushed President Truman to reopen the closed roads, by force. Truman rightfully rejected the idea in fear that by using force would escalate the situation and upgrade the cold war into a full hot war. At the start of the airlift, the main aircraft used was the C-47 , but due to space restrictions soon had to be replaced with the C-54. General Clay was ever to meet his goal of 4,500 tons of supplies a day. A total of 72 C-54 bombers and 2,500 crewmembers were used in the airlift and by September 1948, the airlift was transporting 5,583 tonnes of supplies into West Berlin. Russia tried to justify the blockade by claiming the West had voided their right to the occupation of Berlin on July 14th, and that the blockade was to protect the economy of the Soviet zone. This was in some part due to the Allies insisting on setting up a separate West German government and issuing a separate currency. The USSR stood by its argument that West Berlin is in the centre of the So viet zone and is now part of that zone.The Western reaction to the Soviet accusations was as could be expected and they replied that no Threats, pressure or other actions could force the US out of Berlin. General Donovan also said The place to make a stand against Russia is right here in Berlin. This is not a cold war. It is hot as hell Their motives are just what the Soviets had said, to stop the ERP and what they have not said, to drive us out of Europe. If the Soviets want war, they can start it 500 miles to the west just as well as here.Stalin could have just as easily shot down the bombers, but in fear of the Allies declaring a full-scale war, did not. Three paths, 20 miles in width leading from West Germany to Berlin, had been set-aside as flight paths. In November 1948, Soviet officials threatened to shoot down any planes that flew outside of the 20-mile corridors regardless of weather conditions. .u117de07d07205038eb67183f81ec1863 , .u117de07d07205038eb67183f81ec1863 .postImageUrl , .u117de07d07205038eb67183f81ec1863 .centered-text-area { min-height: 80px; position: relative; } .u117de07d07205038eb67183f81ec1863 , .u117de07d07205038eb67183f81ec1863:hover , .u117de07d07205038eb67183f81ec1863:visited , .u117de07d07205038eb67183f81ec1863:active { border:0!important; } .u117de07d07205038eb67183f81ec1863 .clearfix:after { content: ""; display: table; clear: both; } .u117de07d07205038eb67183f81ec1863 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u117de07d07205038eb67183f81ec1863:active , .u117de07d07205038eb67183f81ec1863:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u117de07d07205038eb67183f81ec1863 .centered-text-area { width: 100%; position: relative ; } .u117de07d07205038eb67183f81ec1863 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u117de07d07205038eb67183f81ec1863 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u117de07d07205038eb67183f81ec1863 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u117de07d07205038eb67183f81ec1863:hover .ctaButton { background-color: #34495E!important; } .u117de07d07205038eb67183f81ec1863 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u117de07d07205038eb67183f81ec1863 .u117de07d07205038eb67183f81ec1863-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u117de07d07205038eb67183f81ec1863:after { content: ""; display: block; clear: both; } READ: The Deadly Social Cloud (Satire) EssayOn December 6th, a C-54 taking off from Fassburg, Germany crashed within walking distance of the airfield and three airmen were killed. These were the only reported military casualties during the blockade. Undaunted by several deaths, Operation Santa Clause was set into action on December 20th and began to fly gifts to the children of West Berlin which totalled close to 10,000 children. In May of 1949 the USSR finally announces the end of the blockade after 328 days. The airlift continued, however, hoping to build up a 200,000 tonne reserve in Berlin only to be finally phased out by the US and Britain by October 31, 1949. On the day the blockade was lifted the French, British and American military governors agreed to a constitution for the Federal Republic of Germany. This was just one of the many consequences of the Berlin Blockade. During the 328-day blockade, the NATO treaty was signed in Washington D.C., American nuclear-armed bombers were based in Britain, the Council of Europe was founded in Western Europe and its Eastern rival, the Council for Mutual Economic Assistance . The surrender of the USSR in regard of the Berlin blockade might have boosted the Wests confidence but it weakened the relationship between the Soviet Union and the Western world so much that the cold war would continue for an additional forty years and the reunification of East and West Ber lin, as well as Germany on a whole, would not happen in the foreseeable future. BibliographyTodd, Allan. Democracies And Dictatorships: Europe And The World 1919-1989. Cambridge University Press, 2001. Lowe, Norman. Mastering Modern World History. Palgrave, 1997. Arms, S. Thomas. Berlin. Encyclopedia of the Cold War, 1994. Botting, Douglas. From the ruins of the Reich: Germany 1945-1949. New American Library, 1985.

Air Asia Operational Information Management in Strategy and Operations

Air Asia Operational Information Management in Strategy and Operations Operational Information Management in Strategy and Operations: A Case of Air Asia to venture into Regional and International Markets 1.0 Introduction This study was intended to analyze the electronic marketing strategy on a selected budget airline based in Malaysia, Air Asia which aims to identify its potential future market segments. The study also explore on how current information systems strategy adopted by the Air Asia, in which could help the company to strengthen its position as a leading low cost airline and effective new market segment help their mission practically. Therefore, this consulting study would provide a microscopic analysis on the impact of current electronic marketing strategy development process as desired in the following sections. The first part of this analysis would distinguish the information systems development in Air Asia to evaluate the changes of its business conduct and ultimately enable this company to identify the strategic opportunities The second part would blended the value chain SWOT model described the internal and external audit based on the outcomes of value chain levels of the company The third part of this report would apply Porter's five forces to outline the nature of the competitive environment that the organization faces currently.AirAsia Boeing 737-300 (9M-AAO)At last, this report would conclude three strategic focuses (cost leadership, focus and differentiation) in pursuing its global strategies while recommendations were made based on the findings. 2.1 An Evaluation of Development of Electronic Commerce in Air Asia E-Commerce was a general term for the conduct of business with the assistance of telecommunications, and of telecommunications based tools as per illustrated in Figure 2.1 on an E-Commerce model. Undeniable, the airlines industry was among the most active in the adoption and application of Information Technology. Information Technology usage was expanding very fast, especially with incorporation of c omputer technology in reservations...

Monte Alban - Capital City of the Zapotec Civilization

Monte Alban - Capital City of the Zapotec Civilization Monte Albn is the name of the ruins of an ancient capital city, located in a strange place: on the summit and shoulders of a very high, very steep hill in the middle of the semiarid valley of Oaxaca, in the Mexican state of Oaxaca. One of the most well-studied archaeological sites in the Americas, Monte Alban was the capital of the Zapotec culture from 500 B.C.E. to 700 C.E., reaching a peak population of over 16,500 between 300–500 C.E. The Zapotecs were maize farmers, and made distinctive pottery vessels; they traded with other civilizations in Mesoamerica including Teotihuacan and the Mixtec culture, and perhaps the classic period Maya civilization. They had a market system, for the distribution of goods into the cities, and like many Mesoamerican civilizations, built ball courts for playing ritual games with rubber balls. Chronology 900–1300 C.E. (Epiclassic/Early Postclassic, Monte Albn IV), Monte Alban collapses about 900 C.E., Oaxaca Valley with a more dispersed settlement500–900 C.E. (Late Classic, Monte Albn IIIB), slow decline of Monte Alban, as it and other cities are established as independent city-states, influx of Mixtec groups into the valley250–500 C.E. (Early Classic period, Monte Albn IIIA), Golden Age of Monte Alban, architecture in the main plaza formalized; Oaxaca barrio established at Teotihuacan150 B.C.E.–250 C.E. (Terminal Formative, Monte Albn II), unrest in the valley, rise of the Zapotec state with the center at Monte Albn, city covered about 416 hectares (1,027 acres), with a population of 14,500500–150 B.C.E. (Late Formative, Monte Alban I), Oaxaca valley integrated as a single political entity, city increased to 442 ha (1,092 ac), and population of 17,000, well beyond its ability to feed itself500 B.C.E. (Middle Formative), Monte Alban founded by param ount rulers from San Jose Mogote and others in the Etla valley, site covers about 324 ha (800 ac), population of about 5,000 people The earliest city associated with the Zapotec culture was San Josà © Mogotà ©, in the Etla arm of the Oaxaca Valley and founded about 1600-1400 B.C.E. Archaeological evidence suggests that conflicts arose in San Josà © Mogotà © and other communities in the Etla valley, and that city was abandoned about 500 B.C.E., at the same time that Monte Albn was founded. Founding Monte Alban The Zapotecs built their new capital city in a strange place, probably partly as a defensive move resulting from unrest in the valley. The location in the valley of Oaxaca is on the top of a tall mountain far above and in the middle of three populous valley arms. Monte Alban was far from the nearest water, 4 kilometers (2.5 miles) away and 400 meters (1,300 feet) above, as well as any agricultural fields that would have supported it. Chances are that Monte Albans residential population was not permanently located here.   A city located so far away from the major population it serves is called a disembedded capital, and Monte Albn is one of very few disembedded capitals known in the ancient world. The reason the founders of San Jose moved their city to the top of the hill may have included defense, but perhaps also a bit of public relations- its structures can be seen in many places from the valley arms. Rise and Fall Monte Albans golden age corresponds with the Maya Classic period, when the city grew,  and maintained trade and political relationships with many regional and coastal territories. Expansionist trade relationships included Teotihuacan, where people born in the Oaxaca valley took up residence in a neighborhood, one of several ethnic barrios in that city. Zapotec cultural influences have been noted in Early Classic Puebla sites east of modern-day Mexico City and as far as the gulf coast state of Veracruz, although direct evidence for Oaxacan people living in those locations has not as yet been identified. The power centralization at Monte Alban decreased during the Classic period when an influx of Mixtec populations arrived. Several regional centers such as Lambityeco, Jalieza, Mitla, and Dainzà º-Macuilxà ³chitl rose to become independent city-states by the Late Classic/Early Postclassic periods. None of these matched Monte Albans size at its height. Monumental Architecture at Monte Alban The site of Monte Albn has several memorable extant architectural features, including pyramids, thousands of agricultural terraces, and long deep stone staircases. Also still to be seen today are Los Danzantes, over 300 stone slabs carved between 350–200 B.C.E., featuring life-sized figures which appear to be portraits of slain war captives. Building J, interpreted by some scholars as an astronomical observatory, is a very odd structure indeed, with no right angles on the exterior building- its shape may have been intended to represent an arrowpoint- and a maze of narrow tunnels in the interior. Monte Albns Excavators and Visitors Excavations at Monte Albn have been conducted by Mexican archaeologists Jorge Acosta, Alfonso Caso, and Ignacio Bernal, supplemented by surveys of the Valley of Oaxaca by US archaeologists Kent Flannery, Richard Blanton, Stephen Kowalewski, Gary Feinman, Laura Finsten, and Linda Nicholas. Recent studies include bioarchaeological analysis of skeletal materials, as well as an emphasis on the collapse of Monte Alban and the Late Classic reorganization of the Oaxaca Valley into independent city-states. Today the site awes visitors, with its enormous rectangular plaza with pyramid platforms on the east and west sides. Massive pyramid structures mark the north and south sides of the plaza, and the mysterious Building J lies near its center. Monte Alban was placed on the UNESCO World Heritage List in 1987.   Sources: Cucina A, Edgar H, and Ragsdale C. 2017. Oaxaca and its neighbors in Prehispanic times: Population movements from the perspective of dental morphological traits. Journal of Archaeological Science: Reports 13:751-758. ï » ¿Faulseit RK. 2012. State collapse and household resilience in the Oaxaca Valley of Mexico. Latin American Antiquity 23(4):401-425. Feinman G, and Nicholas LM. 2015. After Monte Alban in the Central Valleys of Oaxaca: A reassessment. In: Faulseit RK, editor. Beyond Collapse: Archaeological Perspectives on Resilience, Revitalization, and Transformation in Complex Societies. Carbondale: Southern Illinios University Press. p 43-69. Higelin Ponce de Leà ³n R, and Hepp GD. 2017. Talking with the dead from southern Mexico: Tracing bioarchaeological foundations and new perspectives in Oaxaca. Journal of Archaeological Science: Reports 13:697-702. Redmond EM, and Spencer CS. 2012. Chiefdoms at the threshold: The competitive origins of the primary state. Journal of Anthropological Archaeology 31(1):22-37.

Managerial Applications of Technology (Virtual Workforce) 2 Assignment

Managerial Applications of Technology (Virtual Workforce) 2 - Assignment Example Technology is also the backbone of virtual working because it provides applications and appliances that enable such endeavors. Using remote workers can bring flexibility to a business organization as it will not have to depend on the state of their premises or the accessibility of their premises. Virtual employees do not need any physical office, making the financially advantageous to an organization. Due to fact that virtual employees have no geographical restriction on where they are supposed to work they sometime have higher productivity as compared to the physically available ones (Marquez, 2008). For example, virtual workers do not have to spend time travelling to the offices. The disadvantages of using virtual include the fact that monitoring them is usually a hard task. It is also hard in bringing them to be part of collective efforts by the other members of the workforce. Good strategies can help an organization in minimizing the disadvantages and maximizing the advantages of using virtual workforce. In hiring virtual workers a company should make sure that they hire self-motivated and self-disciplined individuals (Gillis, 2003). There should also be frequent and meaningful communication between an organization and their virtual employees. This will be important in monitoring their progress. Giving virtual employee targets to meet after a given duration will help in making sure that they are able to maximize their contribution to the organization. Hill, E. J., Ferris, M., & MÃ ¤rtinson, V. (2003). Does it matter where you work? A comparison of how three work venues (traditional office, virtual office, and home office) influence aspects of work and personal/family life. Journal of Vocational Behavior, 63(2),