Monetary value of the body in Huang Chunmings Story Discuss the monetary value of the body as disclosed in Huang Chunming’s story?
Monetary value of the body in Huang Chunmings Story
The Tastes of Apples? by comparing the bodies of Jiang Afa and Jiang Azhu. Be sure to cite specific examples from the text to support your thesis.
We venture beyond the “listen-before-talk” strategy that is common in many traditional cognitive radio access schemes. We exploit the bi-directional nature of most primary communication systems. By intelligently choosing their transmission parameters based on the observation of primary user (PU) communications, secondary users (SUs) in a cognitive network can achieve higher spectrum usage while limiting their interference to the PU.
Cleaning Elections in CampaignFinance Reform Research Article Critique
The purpose of this assignment is to evaluate, or critique, a research article in your field of study. The article may be something you found online or in
hard copy at the library.
Cleaning Elections in Campaign Finance Reform
For the article, you select, provide a brief (at most, one page) summary of the research. Then, using the following format, evaluate the extent to which your
article addresses these points. It may be that some items do not apply, and that is alright. If the article uses a qualitative approach, see the instructor
for an alternative format for review.
QUANTITATIVE ARTICLE REVIEW
FORMAT*
• Title:
o Clear and concise
• Problem and hypotheses:
o Clearly Stated Significance of Problem
• Reasons for conducting the study are clear
• Reasons for conducting the study are important
o A clear statement of hypothesis or research questions
o Testable hypothesis
o Assumptions stated
o Important terms defined
• Appropriate attention was given to the Legal and
Cleaning Elections in Campaign Finance Reform Ethical issues
• Review of the Literature:
o Adequate coverage
• Appropriate studies are cited
• Only relevant studies are cited
o Well organized
• Relationship of studies cited is clear
o Important findings noted
o Studies critically examined
o Related to the problem and hypothesis
• Procedures:
o Assumptions are clear
o Subjects and methodology for selecting subjects are described in detail
o Adequate sample size and selection methodology
o Appropriate design
o Variables controlled that should have been controlled
o Appropriate data gathering instruments were used
• Reliability of the Instrument is stated
• The validity of the Instrument is stated
o Adequate control for internal threats to validity (History, Maturation, Testing, Instrumentation, Statistical Regression, Sampling, Mortality, Selection-
Maturation Interaction) as appropriate
o Adequate control for external threats to validity
• Data Analysis/Results:
o Effective use of tables
o Effective use of figures
o A concise but complete report of findings
• Findings presented for each hypothesis
• Findings are related to the problem (reasons for conducting the study)
• Importance of the findings is discussed
• Findings are described objectively
o Appropriate statistical or other treatment of data
o Conclusions flow from analyses
o Appropriate generalizations
• Overall Form and Style:
o Clear and concise
o Appropriate degree of objectivity
o Referencing according to an appropriate style
Write a justification for capital purchase (800-1000 words) to your vice president as to why the purchase would be a good investment for the hospital. Include a one-page executive summary for your proposal. The paper should include the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment.
Prepare this assignment according to the guidelines found in the GCU Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center
Unsatisfactory 0.00%
Less than Satisfactory 65.00%
Satisfactory 75.00%
Good 85.00%
Excellent 100.00% 80.0 %Content
55.0 % Justification For Capital Purchase
Does not provide justification for capital purchase. No explanation as to why the purchase would be a good investment for the hospital. Does not address the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is not demonstrated.
Provides only minimal justification for capital purchase with little explanation as to why the purchase would be a good investment for the hospital. Only a few of the following are addressed with minimal detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is unclear, inconsistent.
Provides basic justification for capital purchase with little explanation as to why the purchase would be a good investment for the hospital. Several of the following are addresses with basic detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Some subject knowledge is evident.
Provides thorough justification for capital purchase with thoughtful explanation as to why the purchase would be a good investment for the hospital. Several of the following are addressed in detail; the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Subject knowledge is evident.
Provides thorough knowledge justification for capital purchase with elaborate explanation as to why the purchase would be a good investment for the hospital. Clearly addresses the operating costs you took into consideration, what facility considerations are involved regarding this new piece of equipment, and future benefits to the organization of this piece of equipment. Introduces appropriate examples.
25.0 % Integrates Information From Outside Resources Into the Body of Paper
Does not use appropriate references as required by the assignment, examples, or explanations.
Provides some supporting examples, but minimal explanations and no appropriate published references as required by the assignment.
Supports main points with examples and explanations, but fails to include published references, as required by the assignment, to support claims and ideas.
Supports main points with references, explanations, and examples. Application and description is direct, competent, and appropriate of the criteria. Includes appropriate references as required by the assignment.
Supports main points with references as required by the assignment, examples, and full explanations of how they apply.
17.0 %Organization and Effectiveness
6.0 % Thesis Development and Purpose
Paper lacks any discernible overall purpose or organizing claim.
Thesis and/or main claim are insufficiently developed and/or vague; purpose is not clear.
Thesis and/or main claim are apparent and appropriate to purpose.
Thesis and/or main claim are clear and forecast the development of the paper. It is descriptive and reflective of the arguments and appropriate to the purpose.
Thesis and/or main claim are comprehensive; contained within the thesis is the essence of the paper. Thesis statement makes the purpose of the paper clear.
6.0 % Paragraph Development and Transitions
Paragraphs and transitions consistently lack unity and coherence. No apparent connections between paragraphs are established. Transitions are inappropriate to purpose and scope. Organization is disjointed.
Some paragraphs and transitions may lack logical progression of ideas, unity, coherence, and/or cohesiveness. Some degree of organization is evident.
Paragraphs are generally competent, but ideas may show some inconsistency in organization and/or in their relationships to each other.
A logical progression of ideas between paragraphs is apparent. Paragraphs exhibit a unity, coherence, and cohesiveness. Topic sentences and concluding remarks are appropriate to purpose.
There is a sophisticated construction of paragraphs and transitions. Ideas progress and relate to each other. Paragraph and transition construction guide the reader. Paragraph structure is seamless.
5.0 % Mechanics of Writing (Includes spelling, punctuation, grammar, language use.)
Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice and/or sentence construction are used.
Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register), sentence structure, and/or word choice are present.
Some mechanical errors or typos are present, but are not overly distracting to the reader. Correct sentence structure and audience-appropriate language are used.
Prose is largely free of mechanical errors, although a few may be present. A variety of sentence structures and effective figures of speech are used.
Writer is clearly in command of standard, written, academic English.
3.0 %Format
1.0 % Paper Format (1- inch margins; 12-point-font; double-spaced; Times New Roman, Arial, or Courier)
GCU template is not used appropriately or documentation format is rarely followed correctly.
GCU template is used, but some elements are missing or mistaken; lack of control with formatting is apparent.
GCU template is used, and formatting is correct, although some minor errors may be present.
GCU template is fully used; There are virtually no errors in formatting style.
All format elements are correct.
2.0 % Research Citations (In-text citations for paraphrasing and direct quotes, and reference page listing and formatting, as appropriate to assignment.)
No reference page is included. No citations are used.
Reference page is present. Citations are inconsistently used.
Reference page is included and lists sources used in the paper. Sources are appropriately documented, although some errors may be present.
Reference page is present and fully inclusive of all cited sources. Documentation is appropriate and GCU style is usually correct.
In-text citations and a reference page are complete. The documentation of cited sources is free of error.
100 % Total Weightage
SAMPLE ANSWER
Capital Purchase Justification
Executive summary
Reducing profit margins in health care makes it complex to choose a good investment for a hospital. While buying medical equipment is an investment majority of physicians may take into account, sales executives can make it sound enticing. Nonetheless, physicians should purchase medical equipment that is beneficial to the hospital. Mr. Vice President, I understand that the facility is attempting to improve its services by investing in a quality tool for the radiology unit. I would suggest that the hospital buys a General Electric Healthcare’s Magnetic Resonance Imaging (MRI) scanner. Moreover, I fully understand that making this investment calls for careful consideration of several factors including cost of the equipment and expected profit or benefit to the hospital. The hospital, particularly the radiology unit will greatly benefit from the purchase of MRI scanners. For example, the scanners will increase the physicians’ capacity to choose the effective treatment for each patient. This piece of equipment will also permit physicians to collect relevant information regarding a patient’s internal organs. Again, physicians would be able to complete many exams in a short period because of the homogenous magnet and Optima MR450w, which will be essential in saving time. Nonetheless, the price of the General Electric Healthcare installed with Optima MR450w 1.5T and Geometry Embracing Method (GEM) Suite, is roughly $49,181.00. Much as the hospital may choose to lease the MRI scanners, it not a suitable investment because of the huge cost in the long run. Basically, this piece of equipment is a good investment for the hospital as well as the patients.
Introduction
Buying medical equipment can be an intricate investment. Therefore, the hospital should ensure that factors like cost and benefits are taken into consideration. While these scanners require substantial investment, they have a great potential on the return on investment (ROI). This essay presents a justification as to why MRI offered by General Electric Healthcare is a good investment for the hospital. Mr. Vice President, MRI scanners are critical equipment for the hospital when it comes to quality improvement and a good investment for the institution.
Future Benefits to the Organization
MRI scanners are simple diagnostic practices, which enable physicians to see detailed images of internal organs of the patient without the use of x-rays (Ohsfeldt, Li, & Schneider, 2015). Additionally, this equipment is instrumental since it undoubtedly demonstrates the difference between healthy and abnormal tissues. Besides, it would help physicians to collect relevant data on the patient’s brain, spine and other internal organs. Preliminary treatment and identifying the illness and with no negative effects, therefore, the MRI scanners would increase physicians’ capacity to choose the effective treatment for each patient. The hospital will be able complete more examinations in less time. This is because of the homogenous magnet and the design of the Optima MR450w, which will enable physicians to save time during examinations and patients’ setup (Ohsfeldt, Li & Schneider, 2015). Mr. Vice President, the General Electric Healthcare‘s Optima and MR450w is a good investment for this hospital. It has more than two decades of proven record in providing further capabilities to patients as technology advances without necessarily replacing the magnet. MRI scanners expand considerably compared to radiology, since it validates the use of radiation therapy. Again, it enhances uptime with skilled and service forces across the world allowing the department of radiation to forecast and tackle service requirements with no unplanned interruption (Ohsfeldt, Li, & Schneider, 2015).
Facility Consideration
MRI scanners are not only future-based but also patient-centered as it presents extraordinary outcomes besides a wide-ranging assortment of products to meet the imaging requirements of this institution’s radiology unit. Subsequently, without compromising the quality or ability, General Electric Healthcare installed with Optima MR450w 1.5T as well as GEM Suite would be ideal for patients visiting the hospital (General Electric Company, 2014). Additionally, the Optima MR450w is appropriate for all patients irrespective of their size while decreasing audio sound for spine and brain examinations. This equipment also presents extraordinary reliability that controls the gradient to generate outstanding presentation in demanding uses including cardiac, fMRI, and transmission to improve signal-to-noise ratio (SNR). On the other hand, GEM suite and Optima MR450w would allow the institution to adhere to the requirements of patients, quality signal, efficiency, lesser stations, faster examinations and fewer failures. Due to the wider diameter of the MRI scanners, acoustic applications, comfort and aesthetic elements of the GEM suite is important when it comes to addressing common causes of anxiety among patients and nonconformity during assessments (General Electric Company, 2014).
Operating Costs
Being able to understand the cost of this investment in terms of operational outlays remains vital. The cost of this piece of equipment is about USD 49,181, as such, if the institution would get financial support that span 60 months at an interest rate of 7%, then the hospital would be making a monthly payment of USD 862.54. The monthly charges would be inclusive of operational costs such as maintenance expenses, which will be completed within the specified time-frame. However, the radiology unit can lease MRI scanners. But this alternative is not a good investment for the hospital since it will be too costly in the long run. Moreover, there will be less or no return on investment (Wu et al., 2014). Mr. Vice president based on all benefits of General Electric Healthcare’s MRI that comes with GEM suite and the Optima MR450w 1.5T will be beneficial not only for the institution’s radiology unit but also patients.
Conclusion
Healthcare organisations can only guarantee the quality of care when physicians have access to the best equipment. This is why the installation of General Electric Healthcare with Optima MR450w 1.5T and GEM Suite is strategic in terms meeting enhanced quality care and also when it comes to ROI. Ultimately, it is critical to ensure that factors to do with facility consideration, operating costs and future benefits of the MRI equipment are determined before undertaking on such an expensive venture.
Ohsfeldt, R., Li, P., & Schneider, J. (2015). Patterns of Onsite Magnetic Resonance Imaging Equipment among Orthopedic Practices. International Journal of Technology Assessment in Health Care, 31(5), 339-346. doi:http://dx.doi.org/10.1017/S0266462315000550
Wu, S., Sylwestrzak, G., Shah, C., & DeVries, A. (2014). Price transparency for MRIs increased use of less costly providers and triggered provider competition. Health Affairs, 33(8), 1391-8. Retrieved from http://search.proquest.com/docview/1553396971?accountid=45049
We can write this or a similar paper for you! Simply fill the order form!
The Concept of Value Added Tax in the United States Write a four to six (4-6) page paper that answers the following:
1. Explain the concept of value-added tax (VAT). (one to two (1-2) pages)
The Concept of Value Added Tax in the United States
2. Analyze the pros and cons of imposing a VAT.
3. Evaluate the merits of imposing a VAT in the United States.
4. Give your opinion as to whether the United States should impose a VAT and whether the VAT should replace the current income tax or be imposed in addition
to the income tax.
Financial Management and Annual Return Order Instructions:I just want to aswer the questions as they are.
Financial Management and Annual Return
Financial Management and Annual Return Sample Answer
Financial Management 534
1.
Goodman Industries
Landry Incorporated
Year
Stock Prices
Dividend
Annual returns for Goodman
Stock Prices
Dividend
Annual returns for Landry
2013
25.88
1.73
0.248
73.13
4.5
-0.010
2012
22.13
1.59
-0.042
78.45
4.35
0.132
2011
24.75
1.5
0.627
73.13
4.13
-0.100
2010
16.13
1.43
0.029
85.88
3.75
-0.004
2009
17.06
1.35
0.609
90
3.38
0.117
2008
11.44
1.28
83.63
3
To calculate the annual returns for Goodman Industries the values of 2013 are deducted from the values of 2012 then the value obtained is added to the dividend of 2013 and the figure obtained divided by the 2012 value.
The returns for 2013 are: 25.88 – 22.13 = 3.75 + 1.73 = 5.48/22.13 = 0.2476
The returns for 2012 are -0.042, while for 2011, 2019 and 2009 were 0.627, 0.029 and 0.609 respectively.
Market Index
Year
Includes dividend
Market Returns
2013
17495.97
0.328
2012
13178.55
0.012
2011
13019.97
0.349
2010
9651.05
0.148
2009
8403.42
0.190
2008
7058.96
STDEV
0.138
The returns for the market index are calculated by deducting the values of 2013 from the values of 2012 then the value obtained is divided by the 2012 value.
1b).
Year
Av. Annual returns (3 stock)
2013
0.188
2012
0.034
2011
0.292
2010
0.058
2009
0.305
2008
The annual returns for Goodman industries and Landry are added together with the market returns and are then divided by three (Garrison, Noreen & Brewer, 2009).
2)
Goodman Industries
Landry Incorporated
Year
Stock Prices
Dividend
Annual returns for Goodman
Stock Prices
Dividend
Annual returns for Landry
2013
25.88
1.73
0.248
73.13
4.5
-0.010
2012
22.13
1.59
-0.042
78.45
4.35
0.132
2011
24.75
1.5
0.627
73.13
4.13
-0.100
2010
16.13
1.43
0.029
85.88
3.75
-0.004
2009
17.06
1.35
0.609
90
3.38
0.117
2008
11.44
1.28
83.63
3
STDEV
0.314
0.097
The STDEV formula is obtained from the excel spreadsheet.
Market Index
Year
Includes dividend
Market Returns
2013
17495.97
0.328
2012
13178.55
0.012
2011
13019.97
0.349
2010
9651.05
0.148
2009
8403.42
0.190
2008
7058.96
STDEV
0.138
The STDEV formula is obtained from the excel spreadsheet.
3).
Year 1
Year 2
Year 3
D0
D1
D2
D3
150
157.5
165.38
173.64
The value of D1 is obtained by adding 5% on D0 while the value of D2 is obtained after adding 5% of D1. D3 is also obtained the same way, 5% is added to D2 compounding (Ross, Westerfield & Jaffe, 2013).
4).
Goodman Industries
Year
Stock Prices
Dividend
Annual returns for Goodman
Present value
1
2013
25.88
1.73
0.248
0.219
2
2012
22.13
1.59
-0.042
-0.033
3
2011
24.75
1.5
0.627
0.435
4
2010
16.13
1.43
0.029
0.018
5
2009
17.06
1.35
0.609
0.331
The present value of the returns for Goodman industries for the first three years discounted at the rate for 13% are 0.219 – 0.033 + 0.435 = 0.621
The least he can sell the stock is 25.88 – 0.621 = 25.259 References
Garrison, R., Noreen, W., & Brewer, P. (2009) Managerial Accounting, New York, NY: McGraw-Hill Irwin. 65 -70
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2013) Corporate finance (10th ed.) New York, NY: McGraw-Hill Irwin.
Comparing Financial Institutions Chapter Questions Order Instructions: Chapter 1
16. Comparing Financial Institutions classify the types of financial institutions mentioned in this chapter as either depository or non-depository.
Explain the general difference between depository and non-depository institution sources of funds. It is often said that all types of financial institutions have begun to offer services that were previously offered only by certain types. Consequently, the operations of many financial institutions are becoming more similar. Nevertheless, performance levels still differ significantly among types of financial institutions. Why?
17. Financial Intermediation Look in a business periodical for news about a recent financial transaction involving two financial institutions. For this transaction, determine the following:
a. How will each institution’s balance sheet be affected?
b. Will either institution receive immediate income from the transaction?
c. Who is the ultimate user of funds?
d. Who is the ultimate source of funds?
Chapter 2
1. Interest Rate Movements Explain why interest rates changed as they did over the past year.
8. Nominal versus Real Interest Rate What is the difference between the nominal interest rate and the real interest rate? What is the logic behind the implied positive relationship between expected inflation and nominal interest rates?
12. Impact of Expected Inflation How might expectations of higher oil prices affect the demand for loanable funds, the supply of loanable funds, and interest rates in the United States? Will the interest rates of other countries be affected in the same way? Explain.
13. Global Interaction of Interest Rates Why might you expect interest rate movements of various industrialized countries to be more highly correlated in recent years than in earlier years?
Chapter 3
1. Characteristics That Affect Security Yields Identify the relevant characteristics of any security that can affect its yield.
3. Impact of Liquidity on Yield Discuss the relationship between the yield and liquidity of securities.
6. Forward Rate: What is the meaning of the forward rate in the context of the term structure of interest rates? Why might forward rates consistently overestimate future interest rates? How could such bias be avoided?
15. Yield Curve: Assuming that liquidity and interest rate expectations are both important for explaining the shape of a yield curve, what does a flat yield curve indicate about the market’s perception of future interest rates?
17. Multiple Effects on the Yield Curve: Assume that (1) investors and borrowers expect that the economy will weaken and that inflation will decline, (2) investors require a small liquidity premium, and (3) markets are partially segmented and the Treasury currently has a preference for borrowing in short-term markets. Explain how each of these forces would affect the term structure, holding other factors constant. Then explain the effect on the term structure overall.
19. How the Yield Curve May Respond to Prevailing Conditions Consider how economic conditions affect the default risk premium. Do you think the default risk premium will likely increase or decrease during this semester? How do you think the yield curve will change during this semester? Offer some logic to support your answers.
Depository institutions are the financial companies such as banks, savings and credit unions, which receive money from clients and led them to the borrowers. Non-depository institutions are finance companies which depend on sources of funding from the commercial paper market. They include insurance companies, mutual funds, pension funds, and money market funds. The main difference between depository and non-depository financial institutions is that the former accepts deposits from the customers whereas the later does not.
It is widely acknowledged that financial institutions are becoming more similar. However, these institutions differ distinctly in terms of performs due to various factors. Different financial institutions have adopted different policies and regulations which influence their operations and this explains why firms offering similar services perform differently. Another factor which creates this disparity is that is that these financial institutions rely on different sources of funds and use funds in different projects.
Question 17
If a financial institution acts an intermediary, it stands the chance of earning fees or commissions as income. However, this income will significantly affect the asset portfolio of the institution. This means that the true financial position of the company is not reflected in the balance sheet. As indicated above, the company will receive immediate income from the transaction but this does not affect the balance sheet. According to Hill and Jones (2007), borrowers are the ultimate users of these funds while the ultimate savers are the sources of funds. In this case, sources of funds are suppliers of funds who are mainly those who save their money in anticipation of specified interest. Those borrowing funds, who are referred to as ultimate users in this chapter are also investors. The financial institutions lend money to investors who use to finance their investment projects.
Chapter Two
Question One
The interest rates changes as they did over the years simply because they are affected by numerous factors which control supply and demand of funds which are loaned by the financial institution or government. Generally speaking, there is an inverse relationship between the number of funds that can be offered as loan demanded by the customers and the interest (Hermanson & Edwards, 2012). When the demand for the funds is high, interest rates are expected to be high and vice versa is true. The changes in interest rates are also influenced by the government monetary policies. When the government pumps in more money into the economy, interest rates reduces and the vice versa is true. This is because government policies have far-reaching impacts on the forces of demand and supply in the money markets. However, the bottom line is that the number of funds demanded greatly influence changes interest rates.
Question Eight
Nominal interest rate refers to the actual quoted interest rate whereas real interest rate describes the nominal interest minus the forecasted rate of inflation. According to Proctor (2012), customers or investors are always interested in positive real return. Therefore, they are willing to invest their funds if the nominal interest rate is more than inflation. As such, the purchasing power of the funds invested by the customers will grow over time. With the rise of inflation, the nominal rise is expected to rise owing to the fact that investors would expect or require nominal return which is more than the inflation rate.
Question Twelve
Increase in oil prices is expected to cause an increase in inflation, and this will cause expectation of higher interest rates in the global market. Therefore, firms and the US government will have to borrow more funds before an increase in oil prices and before an increase in interest rates. In the event of this situation, consumers are compelled to use their savings to buy products before the increase in its prices. As such, the demand for funds that can be offered as a loan is expected to increase, while supply is expected to decrease. This would lead to an increase in interest rates.
Question Thirteen
Interest rates among countries are expected to be closely related in the recent past owing to the fact that financial institutions and markets have become more geographically integrated. This means that more international financial flows will definitely occur so as to make use of higher interest rates in foreign markets. This, in turn, affects the supply and demand conditions in every foreign market.
Chapter 3
Question One
Some of the common relevant characteristics of any security are default risk, tax status, maturity and liquidity
Question Three
The higher the liquidity of a security, the lower is the yield provided other things are equal.
Question Six
The forward rate refers to the expected interest rate at a future date. In the events that forward rates are determined without taking into account liquidity premium, there is a likelihood that the future interest rates will be overestimated. In the event that liquidity premium is considered when determining the forward rate, it is possible to eliminate bias.
Question Fifteen
Yield curve indicates no expected change in interest rates as indicated in pure expectations theory. As such, flat yield curve which indicates the existence of liquidity premium, then this would have downward slope if liquidity premium is removed. This suggests anticipation of a slight decrease in future interest rates.
Question Seventeen
The weak economy often leads to an expectation in a reduction of interest rates and this would create a downward-sloping yield curve. The liquidity premiums would lead to a slight upward slope of the yield curve. The preference of treasury gives rise to a downward sloping of the demand yield curve provided that other constants are held constant.
Question Nineteen
Default risk occurs when the borrower fails to make interest or principals payments on loan borrowed. In most cases, defaulters tend to make interest or principal payments when the economic conditions are favorable hence minimal default risks. However, default risk widens in times of economic downturns. This is because investors are ready to take an additional risk during times of economic prosperity hence it requires lower fields from low-rated bonds. During the times of economic crisis, investors are keen on security hence they require significant yields from riskier bonds. Currently, the country is experiencing some economic challenges. This means that investors are not ready to take additional risks thus require fewer yields from low-rated bonds. This would definitely lead to an increase in the default risk premium. Yield curve actually tells how interest rates are likely to change in the future (Neale & McElroy 2014). It is used by economist and financial analysts to get an idea changes in economic activities that are likely to lead to changes in interest rate. Due to economic conditions, interest rates will increase. This has an effect on the yield curve as it will steepen. These changes are based on risk premiums and expected changes in interest rates in the near future.
Financial Reforms Impact on Hong Kong Entrepreneurs How have financial sector reforms of China’s regulatory state impacted Hong Kong private entrepreneurs of the Mainland restaurant service sector since 1997?
Financial Reforms Impact on Hong Kong Entrepreneurs
I have attached a detailed list of instructions along with some research I have done on this topic. However, please note that what I have researched is not the research proposal, it simply provides more information to aid your writing. Please fulfill each point from 1-5 as those are the marking criteria (e.g. from describing a research problem to conclusion). The amount of references is flexible please refrain from using non-academic internet sources. Do drop me a line if you have any particular queries. Highly appreciate your help. Thanks!
Assignment needed is as posted on your site “Manager’s Functional Role in the Organization”, however at least one sited source is required to be used from the school’s library. This assignment is due tonight by 11pm. 1/16/16
User Name – tiffany_shakepeare
Password – Pr@1seH1m
Assignment is 2-3 pages plus title & reference page. At least one reference must be from the schools library. You can also click on the syllabus to view the chapter readings for week 1. I would like to use Wells Fargo. Please remember that all papers are run through Turn-it-in to check for plagiarism.
The below is a copy of the actual assignment requirements:
Assignment 3: Selecting An Organization – Course Research Project
Choosing an Organization
Select one of the following companies to study in depth over the next 4 weeks.
BP Oil
Kimberly-Clark
Kroger
Nucor
Walgreens
Wells Fargo
Kaiser Permanente
Ascension Health
Google
Apple
Your own organization*
Your final project for each week in this course will require you to examine this organization. * If you wish to use your current organization in which you work, you must have this approved in writing by your instructor before moving forward with the assignment.
Research your chosen company. Find a minimum of one library source, which will support your thesis in this assignment. Review your assigned weekly lecture and text reading. Select from this reading 3-5 key concepts, which will also support your thesis. In a two to three page paper, address the questions below. Your paper should follow APA format including a title and reference page. The two to three page paper length requirement does NOT include the title page and reference page. Refer to your classroom area titled South University Policies and Guideline: Using APA Standards in Your Coursework to ensure you are following the correct format.
Managers have the responsibility to oversee and influence the direction of an organization. Their input is critical to an organization’s performance and success. Describe the manager’s functional role in the organization. Explain expectations of the role. Evaluate how the manager fulfills the expectations of the role. Explore the different types of planning in your assigned reading. Explain what specific planning challenges you think this manager might face on a day-to-day basis. Provide examples. Compare these planning challenges to a manager in a similar position of 25 years ago.
Post your report in the W1: Assignment 3 Dropbox by Week 1, Day 6.
Assignment 3 Grading Criteria
Maximum Points
Submitted a two to three page research paper that included one library source and provided 3-5 key course concepts to support work.
10
Described the manager’s functional role in the organization. Explained expectations of the role.
10
Evaluated how the manager fulfilled the expectations of the role.
5
Explained what specific planning challenges this manager might face on a day-to-day basis. Provided specific examples.
10
Compared planning challenges to a manager in a similar position of 25 years ago.
5
Wrote in a clear, concise, and organized manner: demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation.
10
Total:
50 SAMPLE ANSWER
Managers always have different responsibilities depending on the needs of their respective organizations. Manager roles vary from one organization to another and also from one functional area to another within an organization. Well’s Fargo is an American Banking company. It performs various financial services and is situated in San Fransisco, California. A manager in a company like Well’s Fargo plays many important roles for the company to perform well in it’s banking activities.
All the functional roles of the manager in a company like Well’s Fargo may be grouped into five basic functions including; Planning, leading, staffing and controlling. These functions are usually global for managers in different organizations.
Planning
Planning, designing or creating a method that can be used to achieve a particular goal. An example is if Well’s Fargo company want to open a new branch in a different state. The manager firstly decides which steps are necessary to accomplish that goal. The steps might include how they will construct the new branch building, where it is situated, estimated period to be taken and also cost. When the plan is in place, Well’s Fargo company will then follow it to accomplish their goal of opening a new branch. There are four main types of planning that the organization manager may use ( Lewis, 2007) ;
Financial Planning
In financial planning, the manager creates a good plan showing the amount of finance that will be used to achieve the set objective.
Strategic planning
A strategy plan of action for accomplishing the project must be introduced. This responsibility still goes to the manager. The manager should provide a clear strategic vision that can be implemented with minimal or no problem at all.
Contingency Planning
Here, the manager designs another backup plan which will be useful if unexpected occurrence that hinders the central plan occurs. Contingency planning is important when a disaster strikes and they are activated to fill the void.
Succession Planning
This is a very important planning action. This is where the manager must be able to set up a plan that will be used in case one member of the team suddenly left. The manager must make sure that the project still continuous when an employee abandons. The manager will therefore think of a plan like just creating a different backup team that will only be called when such calamity strikes.
Organizing
After the plan is put in place, the manager then needs to organize the team responsible and gather all the materials that will be required. The manager will also be responsible for assigning responsibilities to different workers of the organization.
Staffing
Here, the manager discerns all the needs of the project. The manager then decides to prepare employees well for the task by recruiting more employees, and also training them.
Leading
The manager is responsible for leading the team of employees into achieving the set goal. The manager leads by motivation, communicating, guiding an also encouraging employees before and when they are working ( Lewis, 2007) .
Controlling
After all other elements of the project are set. The manager needs to continually check the team progress against the set goals. The manager will also be responsible for setting correctional measures necessary to make sure that the set plans are followed accordingly (Ferraro, 2012).
A manager in Well’s Fargo may face many challenges especially during planning. These challenges are mostly due to time, money, scope, ad also employees. The following are a list of problems that the manager might likely face;
Undefined Goals
In this case the goals of the manager are not clearly defined. Upper organization of Well’s Fargo upper management might not agree to support certain goals and this poses a significant problem to the manager in trying to explain the goal and also finding another method of achieving the same goal if it becomes impossible.
Scope Changes
Scope changes is a big problem that a manager might encounter during planning. This occurs when the scope of the project is extended beyond the already set limits. This may call for more resources to be pumped into the project so as to accomplish it. Pumping more resources like money means the planned resources will need to be adjusted and the manager might be blamed for fund mismanagement (Ferraro, 2012).
Other challenges that a manager might also face are like inadequate skills posed by employees. The manager will be required to gather more resources to use for training the employees. Other problems like impossible deadlines expected of the manager might arise if the time given for a certain project is just not enough.
Other planning challenges that would have been faced by the Well’s Fargo manager 25 years ago can be compared. Challenge like communication would have been extreme. This is because communication media 25 years ago was so poor compared to the current communication state. The employee skills 25 years ago was very low and the manager would have used a lot of resources to hire employees with good skills, unlike now, many employees are well trained in their respective fields ( Lewis, 2007) .
We therefore can see that a manager in Well’s Fargo can have many roles to play. These roles have been categorized into the six management functions discussed above. The main functional role of the manager is planning on how a certain objective or a goal can be met by the organization.
References
Lewis, P. S. (2007). Management: Challenges for tomorrow’s leaders. Mason, OH: Thomson/South-Western.
Financial statements analysis is the process of identifying the strengths, weaknesses, opportunities, and threats of a business entity. The relationship between the various items in the financial statements is established through ratio analysis (Chew and Parkinson 2013). Ratios are into valuation ratios, liquidity ratios, gearing ratios, profitability ratios, and efficiency ratios.
The following financial ratios were derived from Dynasty Ltd to help come up with a decision on whether to invest in the company or not.
2014 2015
Current ratio = current assets/current liabilities = 4618/1974 2911/2076
=2.33 =1.4
Debt-equity ratio = long term debt/equity * 100 = 11000/14344 4000/ 13035
=76% =30%
Net profit margin = net profit/sales * 100 = 1309/24600 1963/19800
=5% 9%
Return on assets = net profit/total assets * 100 = 1309/27318 1963/19111
5% 10%
Return on equity = net profit/equity * 100 = 1309/14344 1963/13035
9% 15%
Quick ratio = current asset – stock/current liabilities = 4618-2059/1974 2911-1525/2076
=0.12 0.66
Total asset turnover = sales / total assets = 24600/27318 19800/19111
=0.9 1.03
Debt ratio = total liabilities/total asset *100 12974/27318 6076/19111
=47% 31%
Before investing in a company, an investor’s main interest is whether the investment will give good returns. The ratios can help identify if a decision to invest is wise (O’bryan 2010). A risky investment is volatile and has no guarantee of profits. An investment worth of investing has good returns and is consistent in profit making over the years. Looking at the 2014-2015 ratios for the company, the net profit margin, return on assets and return on equity have improved. These ratios are profitability ratios that indicate the ability of a company to make profits. The current ratio has declined while quick test ratio has improved. Capital structure ratios; debt ratio and debt to equity ratios have improved regarding fewer liabilities compared to assets.
The improvement in the liquidity ratios shows that the company is making improvements profit-wise, and it is not risky to invest in its stock. The gearing ratios have improved since total debt has reduced in the one year period hence it is wise to invest in the company.
Other than the ratios, the level of involvement of shareholders by the company in making decisions should also be considered. Shareholders to be represented on the company board of directors. The period of payment and how dividends are paid out is crucial in making the decision on whether to invest or not. The company that is worth investing in should value its shareholders and promptly pay out dividends as and when they fall due.
Alexis should invest in the company because profit has increased over the one year period. Long-term debt structure has reduced meaning that the company can finance its operations from the available assets and has improved in the management of the accounts (Ray, 2012). Although the current ratio has reduced, most of the financial ratios have improved which is good sign that investing in the company is not risky since the possibility of high returns is high.
Financial ratios are a representation of a company’s financial strength. The ratios can be benchmarked against the industrial averages and the historical ratios. If the ratios are improving over the years, then the decision to invest is advisable. If the ratios show a decline, an investor should not invest in the firm as the stock is risky. A company’s ratios should be at par with the industrial averages or above the industrial average.
References
Chew Lynsie, Parkinson Alan, 2013. Making Sense of Accounting for Business. Published by Harlow: Pearson.
Ray Proctor, 2012, Managerial Accounting: Decision making and performance improvement
David W, O’bryan, 2010, Financial Accounting: A course for all majors.
We can write this or a similar paper for you! Simply fill the order form!
Inquire what the analyst depends on to make a recommendation. What a strategy the analyst is using. Whether it is an effective basis for evaluating the value of the stock or not.
Inquire if the recommendations adhere to the analysis; in particular based on the formulated forecast
Inquire if the analysis is reasonably consistent. In addition, assess whether ‘good analysis” have been violated or not.
The task of the analysts is developing forecasts so as to make inferences regarding the valuation based on the forecasts. Some analysts are excellent when it comes to forecasting; however they are not competent to convert the forecast to a given valuation as well as a recommendation. On the other hand, other analysts are excellent at collecting data about an organization, but not good at converting such data for forecasting purposes. Moreover, other analysts feel strong regarding a recommendation. However, they do not support such a recommendation with detailed data forecasting or collection (Ohlson, 2005).
In most cases, it always appropriate to inquire about the strategy based on the analyst’s perspective in obtaining a valuation. A bad equity research report will not provide a comprehensible answer to this issue. With respect to Kmart scenario,
What is the analyst using to make a recommendation?
The forecast of the price-earnings ratio (P/E) is imperative to a recommendation. However, there is no clear strategy behind it. The analyst submits average price earnings ratio like she views other discount, retailers. One wonders whether such average multiple is acceptable. The analysts have simply initiated the technique of comparable, something that is not encouraged in stock valuation as it is risky. In addition, the analyst fails to demonstrate how one gets the right profit earnings ratio or if she comprehends what P/E is all about. In the analyst’s estimates, it is clear that profit earnings ratio is inconsistent with other forecasts (Easton, 2003).
Does the recommendation adhere to the analysis?
The present cost is USD 17 per share. According to the analyst’s 2001, Eps forecast of USD 1.41 with a projected profit earnings ratio of 20 gives a projected 2001 cost of USD 28.20. Therefore, the stock return projected for two years based on the current costs of $17 is;
Estimated stock return= (28.20-17.0)/17.0
= 65.9%
As such, the return for two years at 12% p.a is 25.4 percent. Thus, this forecast does undeniably mean a BUY. However, is this analysis logic?
Is the analysis reasonably consistent?
a) The analyst estimates 2001 profit earnings ratio of 20, which generates an estimated cost of $28.20 while estimating a Price-to-book (P/B) ratio that yields an estimated cost of $21.30. These costs are different. The $21.30 cost indicates an estimated return of 25.3% that is needed for the 2 year return. A HOLD is implied.
Estimated return = (21.30-17.0)/17.0
25.3%
b) The Bps estimates are not correct if compared with Eps projections (Ohlson, & Juettner-Nauroth, 2005). It should be that; Bps (2000) = Bps (1999) + Eps (2000) – DPS (2000). Because there are no dividends and shares outstanding demonstrates an estimated stock concerns or even re-acquirements;
Bps (2000) = 12.12 + 1.23 = 13.35 while
Bps (2001) = 13.35 + 1.41 = 14.76
In the event that the estimated Price-to-book ratio in 2001 is used, the cost in 2001 is about $20.37. This cost demonstrates a SELL.
c) The analyst estimates earnings to increase at 6 percent annually after 2001. As a matter of fact when earning are estimated to increase at a lower rate compared to the required return, the earnings yield is higher than required return, and the price-earnings ratio is below the required return. The perception is that, if an organization is to increase its earnings below the required return on cost, the cost will be less per every dollar of earnings compared to if it was to increase at the required return. In that view, the required return is roughly 12 percent; the E/P ought to be higher than the required return while price earnings ratio must be below 9.33. As a result, the analyst estimate of price-earnings ratio at 20 is inconsistent with earnings estimates.
d) The recommendation is inconsistent based on the projection of free cash flow increasing at 6 percent;
VE1999 = (2000 free cash flow/ {required return-growth in FCF})-Debit
= ({632×1.06})/12%-6%)-2,706
= $8,459 or $17.14 /share (for 493.4 million shares)
With the present costs of $17, this analysis demonstrates a HOLD. The cost capital of 12 percent is assumed here for purposes of simplicity. As such, cost capital for operations out to be forecasted.
e) The analysis of estimated earnings indicated a SELL.
2- Year yield= (1.23+1.141)/17.00
=15.53%
There are no dividends for reinvestment; this is because this is below the required 2-year return of about 25.4 percent. Therefore, implying a SELL. Increasing more years of earning at 6 percent cannot change this justification. However, the justification can only change in the event that forecasted change in premium is integrated with the costs in 2001 from the estimated price-earnings ratio of 20, although not with the estimated 2001 price-to-book ratio.
By and large, Kmart share is selling at $17, however, based on the valuation the stock price is lower. In that case, analyst’s recommendation to BUY is not correct since one pays more compared to actual cost. Regardless of the analyst’s suggestion to BUY the shares, the valuation indicated a SELL for Kmart shares (Penman, 2005).
References
Easton, P (2003). “Does the PEG Ratio Rank Stocks According to the Market’s Expected Rate of Return on Equity Capital?” Notre-Dame University,
Ohlson, J& Juettner-Nauroth, B. (2005). “Expected EPS and EPS Growth as Determinants of Value,” Review of Accounting Studies 10.
Ohlson, J. (2005). “On Accounting-Based Valuation Formulae” Review of Accounting Studies 10.
Penman, S. (2005). Discussion of ‘On Accounting-Based Valuation Formulae’ and ‘Expected EPS and EPS Growth as Determinants of Value’,” Review of Accounting Studies 10.
We can write this or a similar paper for you! Simply fill the order form!
