International marketing management

International marketing management Understanding the culture in a country or region in which we are doing business is a critical skill for the international business person. Without this knowledge, a successful outcome to the business venture can be in jeopardy. Culture is the quality in a person or society is regard to excellent in art, manners etc. Definition of culture: culture is the identity of a nation; culture is the achievement deposit of general knowledge, religion, hierarchies, belief, values, and experience by a group of people in the course of generations through individual and group striving. Culture is a perception. Its not something that physically touched or seen. Culture is the environment and relation between one with other. Culture is communication and communication is culture. Different culture: we can describe the culture differentiation by related cultures, Psychology and culture. Culture differences vary on people behaviour, attitude, religion and experience. Related culture refers to that different nation management based on its cultural attitude; Cultural system makes management its own differentiation between others. Psychology and culture is the behaviour or thinking differences between others, for example, village cultural people normally their profession is farming and when they try to do any business or something their thinking starts from farming that how to grow more crops because its their main profession culture and the other hand the people who buy the crops they will try to improved the business and their thinking will get more crops in cheap price or they can sell that in high price in the market. Culture and business behaviour, Business policy or style are based on culture, business works run their own cultural way. Without the cultural attitude a good business run is impossible. In different culture business behaviour is vary on its cultural attitude. How the affect of culture on marketing policy: differences of culture is important to know for a multinational firms, its provide the knowledge of innovation and the policy of marketing. Marketing based on cultural equality with the good quality of brand that can fulfil the cultural demand, cultural needs its important to know for marketing without gaining the knowledge marketing will unimpeachable. The brand loyalty is important for marketing if brand loyalty does not stay longer the marketing will unaffectable. High quality of brand is the key of marketing and culture helps to learn to take brand on the desire position. Brand loyalty reflects its cultural differentional value. Cultural knowledge helps marketing to get the relation with the consumer. Consumer satisfaction is the important part of marketing by providing good brand and keeping brand loyalty is the result of customer in return. In different culture there is different way of marketing in western marketing like such as l eafleting, advertising etc. Marketing is important to keep the customer informed about the new brand and upgrading quality and also new offers that helps to keep the relation with the customer. Good marketing is also the key of good business. According to Nakata and Sivakumar (2001) suggest that the implement of marketing concepts can be expressed in the generation, dissemination, and national culture. International marketing affect on culture: culture nature assess to managers is essential for international market. We explain the affectedness in eight categories is below. Language is very important for communication and communication is the important part for marketing. In global marketing the languages may vary use difference languages. In marketing it is very important to make customer understand that what the product we are trying to sell. In this case language is very important, customer will not talk on my language, I have to talk on customer language to explain them the features of the product. Religion is another nature of culture. Organization needs to make sure that the products and services are not unlawful; distasteful to local nation otherwise it will lose its market position and the demand. For an example, In Arabic countries if we try to marketing wine, beer or any kind of alcohol, the market value will very poor and it might get the cultural reaction. Religion is people believed, that people respect and no one wants to go beyond their religion. So in international marketing a marketer must have to be careful about the religion on his marketing process. Values and attitude vary between nations, so before to take a product to other culture or nation we have make sure that it does not make affect on their tradition and dignity. For example in china Nike TV was manufactured by US was banned because to advertise the TV they animated a cartoon of kung fu masters and dragons and Chinese people didnt except that because they thought it was insult on their nation dignity. Education in international market will vary. In international marketing is important to know the nations education level and the percentiles of educated people. Where the literacy level is low there advertising on the news paper or on magazine will not that affect able. To marketing on that nations radio or TV advertising will be much affect able. Media plays an important role on this ground and in high literacy culture newspaper or paper leaflet plays royal role. Social organizations are how a nation is organized. For example, whats the position of women in this society, how is the country governed or civilized. Technology and Material Culture are also important for international Marketing. The value and the power are use for the product that must be affordable, using developed technology the cost can be reduce and also the quality can improved. The product or service has to be in low cost that all classes people are able to buy that. Law and politics will vary in different nations. For an example, in some countries the society based on democratic marketing and on the other hand in Arabic country the marketing is based on Islam and shariah tradition. A marketer has to follow the law and politics to be the gainer or otherwise it will lose its interest. Aesthetics will vary in our sense, taste etc. For example, if something taste good or smell feels good or looks beautiful consumer will go for it again, but all the feature of the product must have to be good, if the one good and not the other it will not be success. International marketer is usually known to do marketing in more than one country. Now a days international marketer plays a important role in the globalization market and better marketing makes better demand. Marketing plays an important role in business and a marketer plays the lead role on this position and thats why experienced and knowledgeable marketer is demandable in the global market. Marketers use different techniques, different policy to get the brand in demandable stage in the market. According to Robert Guang Tian â€Å"It is important for the marketers know that there is no room for ethnocentrism in the 21st Century marketing practice.† Marketers will need to know how to translate an understanding of cultural differences into effective cross-cultural marketing strategies turning them into a direct plan of action. Cultural illusion is natural but to avoid the illusion a marketer must have to be experienced and knowledge about the culture differences. Illusion process in marketing: We can say a better marketing increased the product demand. As we know culture is the identity of a nation and marketing success is based on this identity. Global market has global nature. For an example, if we do marketing for wine in Arabic country it will not worked because all kind of alcohol is forbidden there because of those country are based on their religion Islam. Similarly if we think about marketing of any brand of cloths it also vary on different culture, different cultural people wear their traditional cloths like most of Asian women they would like to wear sharies rather than skirt or other dresses because of its their culture and they feel comfortable by wearing this on the other hand most of the western women even dont know how to wear a sharee they feel more comfortable by wearing jeans, skirt etc because of their culture. Global environment is global trade culture and organization has been trading with each other for centuries and thi s trade without marketing is unthinkable. How illusion creates on marketer: A marketer must focus on getting attention of customer because marketing is for customer without customer there is no marketing. Customers good relationship and keep them return is the marketer responsibility. Marketer have to make the customer understand that the features of the product, advantage and what the specialty on the product that helps the customer to buy the product but have to be able to reduce cost on customer demand -sometimes some of the environmentally preferred materials are more expensive but the firm have to finding ways through scaling the usage of some of these materials to reduce the cost and save money. Every decision start with a problem, a discrepancy between an existing and a desired condition and a smart marketer should know how to treat with those situations. Cultures are not converging. The prediction of a convergence of culturally different markets into a â€Å"one-world† culture that would facilitate standardization of global marketing activities has turned out to be an illusion. Culture does not support for marketing, the marketer have to do the marketing as the environment nature is. To marketing in a different culture a marketer must know the currency, the way of business, customer demand, how to keep the customer satisfaction, how developed service will better for this new environment, whats the different and special feature need to put on the product or services to make differences between others. A marketer has to be careful about customer demand and also the product quality because once it lost the customer demand and satisfaction; the product will be out market. Marketer has to gain customer trust by providing good quality. Cultural differences make marketer to take different strategy or policy. A smart marketer got thei r own policy or strategy to face the different culture. For an example, Recently Nike demands new rules on valuing business, the global chief executive of Nike, one of the most powerful retail brands in the world, has said that companies will have to find more sophisticated ways of judging value and impact on the environment if they are to resist being pushed around by short-term investors seeking a quick profit. The big challenges are twofold. First, moving more Nike business in to direct retail to the customer rather than wholesale supply. Second, tackling shareholder short-termism, which drive a focus on profit margins and bottom lines to the detriment of other considerations of social value post the 2008 crash. People prefer local brands. Typically home product and service is more affect able to the consumer than the foreign product. So some smart marketer does much advertizing and marketing about their product to get their local consumer keep in touch. Local brand is more cheap and reachable for the customer. For an example, Asian countries are famous for spices because of their weather support their cultivation thats why the spices so cheap and consumer reachable but in western countries the weather is not good enough for their cultivation, so most of the spices the import from other counties and this is expensive than the Asian countries and they are capable or expert to use the spices. Accordingly, not only does culture influence marketing; but marketing also influences culture. Marketers can act as agents of changes within a culture. For an example, Wang cares an American computer company was refused in united Kingdom to use their motto because of its name is sound too close of the word ‘wankers which is not good for a company image. A company name and product quality is the key of consumer response. Good quality always gets good response and off course to get the good response marketer plays an important role in marketing but marketer must have to respect the culture or the tradition and laws, without obeying that marketer will not get any space in the market so each marketer have to follow the rules of culture. To marketing a product in to a different culture marketer have to identify the needs of the culture, for an example, In Rajasthan is the one part of India which is full of desert most of the time the land is dry but if we think to marketing their for Umbrella or winter cloths like jacket the marketing will not that much profitable because this nature does not need this product. Marketing research method also creates illusion on marketer. A marketer has to research on the nations marketing strategy; marketing strategy will vary in different nations. Conclusion: In my point of view everyone like their products from their own perspective but the marketer have to make consumer understand how is the product and it going to be useful for them or not and a marketer have to be much smart to face all kind of situation.. So international marketing is very important for the global trade and to achieve the goal international marketing have the culture. Reference: 1. Chris Phillips, Isobel Doole, Robin Lowe, 1994, International marketing strategy: analysis, development, and implementation, p-90, published by routledge. 2. Retrieved 12th February 2010 from: http://www.tamu.edu/classes/cosc/choudhury/culture.html 3. Retrieved 16th February 2010 from: http://www.marketingteacher.com/Lessons/lesson_international_marketing_culture.htm 4. Retrieved 22th February 2010 from: Defining Cross-Cultural Marketing 5. Stanley J. Paliwoda, John K. Ryans, 2008, International marketing, p-582, published by Edward Elgar Publishing Limited. Bibliography: 1. Andrew Bard Schmookler, 2003, The illusion of choice: how the market economy shapes our destiny, published by state University of New York.. 2. George Silverman, The secret of word-of-mouth marketing: how to trigger exponential sales, 2001, Published by AMA publication. 3. Hans Muhlbacher, Helmuth Leihs, Lee Dahringer, 2006, International marketing: a global perspective, 3rd ed, published by Thomson learning. 4. Prof Jean-Claude Usunier and Julie Lee, 2005, Marketing across culture, 4th ed, published by Prentice Hall 5. Philip Kotler, Gary Armstrong, Veronica Wong, John Saunders, 2008, Principles of marketing, 5th European ed, published by Pearson Education Limited. 6. Robert Guang Tian, Ph. D, Associate Professor of Business Administration http://www.studyoverseas.com/america/usaed/crosscultural.htm [access 8th February 2010]

Troubled Youth :: Essays Papers

Troubled Youth Despite many obstacles in my life, my experience performing community service stands out as the most memorable. I was sixteen at the time, and just beginning my first job at a fast food restaurant. I had to learn how to balance between community service in the morning and my employment at the local Wendy’s. It was very stressful and influential at the same time. I performed my community service at a local elementary school. I chose this place because of its relative ease, and it was also an area I could easily get to and from. I started my first day very confused and out of character. The school was very bland, and it brought back memories of the time that I had attended elementary school. Upon first arrival I met the principal of the school. He was my superior and his first impression explained to me what he was all about. He was a fairly easy going man, and was straightforward. I found these qualities to be true with many people that I have met who are of his same stature. He was about the size of the students attending. The irony of this anomaly was the vehicle he drove, a station wagon raised with massive tires and exemplified even more by large round lights placed in between the headlights. I would see the principal’s machine on a regular basis and always think, â€Å"How in the hell does he get in?† After meeting the principal I was taken to meet my fellow co-workers. I met first the head janitor, named Jim. He was very tall, and not very muscular. He was an amazingly friendly man, and I could tell he was passionate about his job, but was very restrained socially because of the people he was forced to communicate with on a daily basis. There were two other janitors who were followers of the head janitor. One was a short black man, named Carl. He had been originally from Kenya, his English was horrible but he was a very life loving man. When he would sporadically speak, it was mainly just to mock his associate janitor. The associate janitor was very enthralling person, his name was Rick. Everybody around me poked fun at at him, sometimes to his face and other times behind his back. This really didn’t matter to him due to the fact that he was mentally unstable. Troubled Youth :: Essays Papers Troubled Youth Despite many obstacles in my life, my experience performing community service stands out as the most memorable. I was sixteen at the time, and just beginning my first job at a fast food restaurant. I had to learn how to balance between community service in the morning and my employment at the local Wendy’s. It was very stressful and influential at the same time. I performed my community service at a local elementary school. I chose this place because of its relative ease, and it was also an area I could easily get to and from. I started my first day very confused and out of character. The school was very bland, and it brought back memories of the time that I had attended elementary school. Upon first arrival I met the principal of the school. He was my superior and his first impression explained to me what he was all about. He was a fairly easy going man, and was straightforward. I found these qualities to be true with many people that I have met who are of his same stature. He was about the size of the students attending. The irony of this anomaly was the vehicle he drove, a station wagon raised with massive tires and exemplified even more by large round lights placed in between the headlights. I would see the principal’s machine on a regular basis and always think, â€Å"How in the hell does he get in?† After meeting the principal I was taken to meet my fellow co-workers. I met first the head janitor, named Jim. He was very tall, and not very muscular. He was an amazingly friendly man, and I could tell he was passionate about his job, but was very restrained socially because of the people he was forced to communicate with on a daily basis. There were two other janitors who were followers of the head janitor. One was a short black man, named Carl. He had been originally from Kenya, his English was horrible but he was a very life loving man. When he would sporadically speak, it was mainly just to mock his associate janitor. The associate janitor was very enthralling person, his name was Rick. Everybody around me poked fun at at him, sometimes to his face and other times behind his back. This really didn’t matter to him due to the fact that he was mentally unstable.

Cardiac case studies Essay

CS 2: 15 points K.R. is a 46-year-old man admitted to the emergency department with unremitting chest discomfort. The pain started while he was shoveling snow from his walkway. He had experienced chest discomfort with activity previously, but the pain had subsided with rest and he sought no medical help. This time the pain did not subside and became increasingly severe, radiating to his left arm and lower jaw. In the emergency department, an ECG and cardiac enzymes were obtained. The cardiac monitor showed sinus tachycardia with occasional premature ventricular complexes. K.R. was treated with 2 L nasal oxygen, tissue plasminogen activator, sublingual nitroglycerin, and IV morphine sulfate. When he was pain free, he was transferred to the cardiac unit for monitoring. Discussion Questions 1.What changes in â€Å"cardiac enzymes† would be consistent with a diagnosis of MI? Troponins(I and T specific to cardiac muscle cells), elevated between 4-6 hours after the inset of an acute MI and remains elevated for 8-12 days. Myoglobin-level increase within 1-4 hours after the onset of chest pain and highly sensitive but not very specific. 2.What is the most common precipitating event for MI? In the most cases of MI plaque rupture followed by thrombus formation at the site is the precipitating event. 3.What is the rationale for using tissue plasminogen activator in the management of ACS? Tissue plasminogen activator if fibrin specific. It binds to the fibrin of fresh clots and the resulting compound converts adjacent plasminogen into plasmin creating localized thrombolysis. 4.Why are morphine and nitroglycerin used to manage ischemic chest pain? It’s a high priority to truce myocardial stimulation by the sympathetic nervous system. Morphine sulfate reduces anxiety and catecholamine secretion and it can reduces preload. And nitroglycerin decreases preload and reduces MVO2. CS 3 15 points: C.J. is a 16-year-old high school student who is in the  clinic for a sports physical prior to beginning basketball practice. He has no known significant medical history, takes no medications, and has no allergies. A review of systems reveals only that C.J. gets â€Å"winded† earlier than most boys on the team. He attributes this to needing to get in better shape. The physical exam is unremarkable except for a grade III systolic murmur heard over the entire precordium. An echocardiogram and cardiac cath reveals a ventricular septal defect (VSD) with moderate pulmonary hypertension.Discussion Questions 1.A VSD is usually an acyanotic defect. Why is this?  The blood being shunted is oxygenated blood from the left ventricle shunted to the right because pressures on the left are higher. 2.What is the mechanism and significance of pulmonary hypertension? The mechanism of pulmonary hypertension is due to increased blood volume within the pulmonary circuit form the VSD. Pressure is the product of CO and vascular resistance. From this case pressure is high secondary to increased CO and the primary pulmonary hypertension, the cause is increased pulmonary vascular resistance. Pulmonary hypertension can lead to cor pulmonale and right-sided heart failure. 3.What other disorders besides VSD can produce a systolic murmur? How can character of the murmur and pattern of radiation be used to differentiate among these etiologic factors? Systolic murmurs can be produced by mitral valve prolapse, aortic or pulmonary stenosis, and mitral or tricuspid regurgitation. Heart sounds are produced in some different areas of the heart and have different characteristics: Aortic stenosis- right second intercostal space, mid systolic, crescendo decrescendo and radiates to the neck. 4.Is it necessary to close a VSD? What are the common complications of untreated VSD? No, it is mot always imperative to close VSDs spending on patient’s age,size of defect and degree of shunt. Common complications include- pulmonary hypertension, cardiomegaly, atrial dysrhythmia and right sided heart failure. Reference Richard N. Fogoros, M.D. Heart Disease Expert. About health. WebMD Web site. Available at: http://heartdisease.about.com/od/heartattack/g/CardiacEnzymes.htm. Published September 10, 2014. Accessed October 21th 2014. Anju T. Peters, Kathryn E. Hulse, Lydia A. Fibrin Deposition in Nasal Polyps Caused by Fibrinolytic Impairment through Reduction of Tissue Plasminogen Activator Expression. American Journal of Respiratory and Critical Care Medicine 189:12, 1487-1493 Sepideh Jabbari, Hassan Ghassemian. Modeling of heart systolic murmurs based on multivariate matching pursuit for diagnosis of valvular disorders. June 21, 2011. Volume 41, Issue 9, Pages 802–811 Ventricular Septal Defects.Patient.co.uk.WebMD Web site. Available at:http://www.patient.co.uk/doctor/ventricular-septal-defects. Published Mar 31, 2014.Accessed October 21th 2014. Alyson A. Tamamoto, MD.Acyanotic Congenital Heart Disease. Case based pediatrics.WebMD Web site. Available at: http://www.hawaii.edu/medicine/pediatrics/pedtext/s07c02.html.Published July 2013. Accessed October 21th 2014.

Ib Hl History Ia - 1632 Words

HL History Internal Assessment Was President Ronald Reagan the reason for the Cold War’s conclusion? Word Count: 1,634 Was President Ronald Reagan the reason for the Cold War’s conclusion? A. Plan of Investigation This investigation focuses on the impact that President Ronald Reagan had on ending the Cold War between the United States of America and the Soviet Union during the 1980’s. The use of historian argumentation, primary sources, such as Ronald Reagan’s Address to the Nation on Defense and National Security, and analytical essays by well known professors, such as John Gaddis’s excerpt from Major Problems in American History Since 1945 – titled â€Å"Ronald Reagan’s Cold War Victory† – will be utilized. The origins, purposes, values,†¦show more content†¦Evaluation of Sources â€Å"Ronald Reagan’s Cold War Victory†, written by John Lewis Gaddis in 1989, is an analytical essay from Major Problems in American History Since 1945, an educational book meant to introduce those interested in history to primary sources as well as essays written by noted historians. Gaddis wrote this essay with the purpose of educating individuals on the role that President Ronald Reagan played in the Cold War. The essay’s value is due to the fact that it was written by an individual who experienced these historical occurrences firsthand. Furthermore, Gaddis has become a noted historian with multiple publications on the topic of the Cold War. The limitation of the essay is that the information contained within it is based on facts known to the public as of 1989 – a date which does not necessarily come after the conclusion of the Cold War; ergo, the amount of declassified documents and available information to historians and the public would have been m inimal. Another valuable source to this investigation was â€Å"Ronald Reagan’s Address to the Nation on Defense and National Security.† The address took place on March 23, 1983. TheShow MoreRelatedIb Business Management 2013 Ia Guildline Booklet16033 Words   |  65 PagesIB Business Management 2013 Internal Assessment Standard Level Guidelines booklet Mark Lewis Jan 2013 Page 1 of 77 IB Business Management Internal Assessment Guidelines Standard Level – 2013 Index Page †¢ Templates †¢ IB Commentary on report structure †¢ IB SL IA criteria and mark bands from syllabus †¢ IB general commentary on SL IA from syllabus †¢ Sample IA’s with marks (IB sourced) †¢ General guide comments (IB Sourced) †¢ Recent IA questions at Carey †¢ General guide comments (IB Sourced) †¢ SubjectRead MoreIB EE GUIDE9051 Words   |  37 PagesCandidate performance against each criterion 26 Introduction The extended essay is an in-depth study of a focused topic chosen from the list of approved Diploma Programme subjects—normally one of the student’s six chosen subjects for the IB diploma. It is intended to promote high-level research and writing skills, intellectual discovery and creativity. It provides students with an opportunity to engage in personal research in a topic of their own choice, under the guidance of a supervisor

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. In addition, he also demonstrates that investment performance is supposed to be judged over a long period of time like more than one year so that the result to be received is going to be more accuracy and convinced. In other words, the long term performance data will give a brand new viewpoint in the case of constructingShow MoreRelatedModern Portfolio Theory Essay1060 Words   |  5 Pagesfoundations were laid bare.   Even the core of investing theories related to portfolios has come under pressure.   Yet the belief in Modern Portfolio Theory has remained strong amongst the investors. Modern Portfolio Theory (MPT) is a theory that tells investors how to minimise risks associated with investment and at the same time, maximise return on the investments by proper resource allocation and diversifying their portfolios – it is based on the theory that risk can be lessened by diversifying into uncorrelatedRead MoreAsset Pricing Theories : Comparing And Contrasting Capm, Atp And Fema French Theory1715 Words   |  7 PagesPricing Theories: Comparing and contrasting CAPM, ATP and Fema-French theory 1226340 Contents Introduction Asset pricing theory Capital Asset Pricing Model Arbitrage Pricing Theory Fema andRead MoreDfa Case Study1213 Words   |  5 Pagesacademic research and related theories. They work together with proponents of the efficient market hypothesis, indicating a relatively strong belief in this theory and thus in efficient markets. However DFA also feels that skilled traders have the ability to contribute to a fund’s profits even when the investment is inherently passive and DFA does adjusts its strategy to new findings in the field. In this report we will evaluate the relevance and accuracy of the theories used by DFA, especially theRead MoreLiterature Review776 Words   |  4 Pagesreturns because of industry bets that favor a slowly changing set of heavy industries (Asness). The effect of management design on the portfolio performance of activity managed equity mutual funds increases when portfolios are focused in the top one or two stocks with each industry sector (Goldman). Funds managed by a single manager have much concentrated portfolios, tend to perform better, and have higher expense ratios than funds managed by multiple managers (Goldman). LiteratureRead MoreSuccessful Approaches For Investing : A Literature Review1325 Words   |  6 Pageslevel of diversification through the use of the mean-variance theory - where the marginal benefit of an additional security is equitable to the marginal cost of an additional security. The marginal benefit of increased diversification is a reduction in risk and the marginal cost of increased diversification are transaction and holding costs (p.46). While Statman does identify the benefit of a decrease in the risk in a portfolio that comes with diversification, research by Ivkovic, Sialm,Read MoreFour Pillars of Investing Summary Essay1550 Words   |  7 Pagesis great guide to investing and how to build a winning portfolio for inexperienced investors. This book offers great tips and lessons without becoming too technical or advanced. Instead, Bernstein tries to explain and teach readers the fundamental concepts so that they can make their own decisions by applying the concepts they’ve learned. Bernstein believes that success in investing is built upon four pillars: knowledge of investment theory, an understanding of the history, understanding the roleRead MoreEssay about Real Estate Volatility Tests832 Words   |  4 Pagesestate stocks generally have a low correlation or beta to market index and that it can be both positive and negative. Nevertheless, there are no accessible research which is very new or r ecent about the movements of real estate stocks and their performance when compared to the market especially when it comes to the real estate markets in china. The housing prices in the Chinese real estate has grown so much over the last decade which has led to escalating prices in the market and with the correlationRead MoreThe Philosophy Of Passive Management1305 Words   |  6 Pageshave finished to complete their portfolios), operational and transaction costs (payment of intermediaries’ services, staff, information services, taxes, etc.) are insignificant, the investor has the ability to receive and grant loans on the same risk-free rate, and so on. Nevertheless, the idea that the market portfolio is probably close to an effective portfolio, initiated a passive portfolio management. This strategy means that when the investor prepares the portfolio, determining the expected returnRead MoreBill Miller And Value Trust1242 Words   |  5 Pages1 and 5). Furthermore, we can also use the Net Asset Value (NAV) to measure the performance of the fund. Value Trust’s NAV increased steadily from 1994 until 1999, and again after the market crash until the date of the case (Exhibit 1). However, a mutual fund s NAV is relatively unimportant in gauging a fund s performance, which is best judged by its total return. 2. What might explain the fund’s performance? Some commentators have attributed success of Bills Miller to his conscious strategyRead MoreThe Relationship Between Risk And Expected Returns1089 Words   |  5 PagesAccording to investment glossaries, a risk is a future probability of loss inherent in any investment (Investopedia Financial Dictionary, 2016). To this day, the positive correlation between risk and return continues to be the cornerstone of financial theory. The basic capital asset pricing model (CAPM) formula is built on this relationship. CAPM provides the required return based on the level of systematic risk of an investment. The risk associated with an investment is taken to lie along a scale. On

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.