Asian economic history essays

Asian monetary history articles Brief Economic History and Government Policy Korea was probably the least fortunate nation in world in the wake of encountering two wars. World War II and Korean war (1950 ~ 1953). The nation even encountered a food deficiency with the goal that it needed to intensely depend on the remote guide. Yearly per capita utilization was a simple $88 as late as 1965. Nonetheless, since 1965, Korea has been changed from its immature rural economy to a main Newly Industrializing Country. Somewhere in the range of 1965 and 1981, its gross national item GNP duplicated multiple times from $3 billion to $63 billion and per capita GNP expanded multiple times from $88 to $1,554. There have been numerous clarifications for Koreas fruitful story. Among those, the solid job of government would be presumably the most significant one. Simultaneously, this would be additionally answerable for current downturn. After Koran war, the legislature in truth had no ability to know east from west and furthermore because of the unsteady political circumstance, the nation didnt have explicit financial arrangement until 1961 when military government came to control and built up the significant establishment managing its monetary arranging called Economic Planing Board (EPB). This administration set monetary improvement as the top national need and perceived the budgetary framework on the side of financial advancement plan. To accomplish this reason, it concentrated its approaches mostly on send out extension moving its accentuation from import replacement. The outcome was considered very fruitful for monetary development. Somewhere in the range of 1965 and 1973, sends out developed at normal yearly pace of 45%, from $175 million to $3,271 million. The achievement of the development was expected essential to three elements (Kwack, 72). The first was a positive universal monetary condition, which saw c omplete world imports grow from $175 billion out of 1965 to $536 billion by 1973. This blast in imports of the world mirrored the way that the industrialized had not ... <! Asian Economic History articles Brief Economic History and Government Policy Korea was probably the most unfortunate nation in world subsequent to encountering two wars. World War II and Korean war (1950 ~ 1953). The nation even encountered a food lack with the goal that it needed to vigorously depend on the remote guide. Yearly per capita utilization was a unimportant $88 as late as 1965. In any case, since 1965, Korea has been changed from its immature horticultural economy to a main Newly Industrializing Country. Somewhere in the range of 1965 and 1981, its gross national item GNP duplicated multiple times from $3 billion to $63 billion and per capita GNP expanded multiple times from $88 to $1,554. There have been numerous clarifications for Koreas effective story. Among those, the solid job of government would be likely the most significant one. Simultaneously, this would be additionally liable for current downturn. After Koran war, the administration in actuality had no ability to read a compass and furthermor e because of the temperamental political circumstance, the nation didnt have explicit monetary approach until 1961 when military government came to control and built up the significant establishment managing its financial arranging called Economic Planing Board (EPB). This administration set monetary improvement as the top national need and perceived the budgetary framework on the side of financial advancement plan. To accomplish this reason, it concentrated its strategies mostly on send out development moving its accentuation from import replacement. The outcome was considered very effective for financial development. Somewhere in the range of 1965 and 1973, trades developed at normal yearly pace of 45%, from $175 million to $3,271 million. The accomplishment of the development was expected essential to three elements (Kwack, 72). The first was an ideal global financial condition, which saw complete world imports grow from $175 billion of every 1965 to $536 billion by 1973. This bl ast in imports of the world mirrored the way that the industrialized had not yet raised import obstructions against ... <!

Using Spanish Gerunds Without an Auxiliary Verb

Utilizing Spanish Gerunds Without an Auxiliary Verb Despite the fact that the Spanish verbal present participle or ing word - that is, the type of the action word that closes in - ando or - iendo - is most normally utilized with estar and a couple of different action words to shape what are known as the dynamic action word structures, it can likewise be utilized without anyone else (without an assistant action word) to demonstrate that something is being done or happening while at the same time something different is happening. In most such cases, the current participle can in any case be interpreted utilizing the English - ing type of the action word. There are a few manners by which sentences utilizing the ing word can be deciphered or thought of in English. One basic path is for it to be utilized as what might be compared to the English while followed by a - ing action word: Here are a few models: Llorã © escuchando tu voz. I cried while tuning in to your voice. Ganaron cinco partidos, perdiendo trece. They won five matches while losing 13.  ¿Soy la à ºnica en este planeta que se durmiã ³ viendo El silencio de los inocentes? Am I the main individual on this planet who nodded off while watching The Silence of the Lambs? Los participantes comenzaron el estudio comiendo una dieta History of the U.S. The members started the investigation while eating an American eating regimen. Note that in the majority of the above English interpretations, the word while can be precluded with next to zero change in significance. At times (counting a portion of the above models, contingent upon how theyre deciphered), the ing word is utilized a lot of like a qualifier to portray how the activity of the principle action word is done: Mi amiga saliã ³ corriendo. My companion left running. Finalmente se fue sonriendo. At last he left giggling. Sã ³lo compraron Nescafã ©, ignorando el resto de las marcas. They just purchased Nescafã ©, overlooking different brands. At the point when the ing word is utilized to depict how something is done, it can frequently be interpreted utilizing the English relational word by: Usted puede darles el mejor comienzo a sus bebã ©s teniendo un buen cuidado de usted. You can give your children the best start by taking great consideration of yourself. Podemos ahorrar tiempo usando la bicicleta. We can spare time by utilizing the bike. Estudiando mucho, tendremos à ©xito. By concentrating hard, we will be fruitful. Frequently, in the English interpretation, the word by can be precluded with next to zero change in importance, as in the second model above. Note that while it is at times done in impersonation of English, as in news features, it isn't standard Spanish to utilize the ing word to influence the importance of a thing. You would not utilize fumando, for instance, to discuss the smoking man. Ordinarily, youd use expression, for example, el hombre que fuma. As a result, the Spanish ing word satisfies the capacity of a modifier, while the English ing word can play the job of a descriptive word.

Essay Sample

Essay SampleVirginian Tech essay samples are a valuable resource for college students and high school graduates. These samples help students become familiar with various writing styles, grammar, vocabulary, and structure, all of which can be used to write the type of essay they are required to write for an exam or for a research paper.Using essay samples can be a very helpful part of the process of learning how to write. Essay samples show you what type of writing you should employ to make the essays you are required to write to test and improve.There are different types of essay samples available to students. Some examples are straightforward and easy to read, while others are much more complicated and involve large amounts of grammar and vocabulary. You will find that every student will need to use one or two types of sample essays to learn how to write.The Virginia Tech essays samples are available in many formats. There are text-based samples that you can print out for use in cla ss or as research material, which you can then edit. Text based essay samples also work well as essay practice tests.However, many colleges and universities do not have the money to purchase essay samples or to have them donated by students who have completed their studies. Because of this, students have to purchase the Virginia Tech essay samples that are available to them at their local bookstore. This is a convenient way to gain access to a variety of types of essay samples.Once you purchase essay samples, you will find that the format varies from format to format. Some are text based and some are graphics based. You may find that the formatting is different on each of the Virginia Tech essay samples that you purchase.If you want to customize your essay writing, you can find hundreds of different essay samples at home. With the help of a software program, you can create an essay that includes all of the same formatting as the standard essay sample. Using this software program, yo u can create several different essays with the same formatting and information.This is great for you to do if you have several subjects you would like to write about, or if you just want to write essays for research purposes. You can take some time and create several essays, by using the same formatting and styles. After you finish writing the essays, you can print them off and distribute them to your friends and family members so that they can use them as well.

How Free Government Grants Loans Are Available For People...

Free government grants loans are available for people who are in real need of money to fulfill their needs. The recent economic recession has left most of the people in financial crisis and whether it is business or house repair work, they need financial help to get these needs accomplished. Many people either somehow manage with the deficits or look for some financial help. Nearly everyone out of these is not in a position to repay the loans and so they hesitate to go for those options. There are various government grants available for different needs and those who are aware of this opportunity, they apply and try to get it. It is not easy to get the government grant money and you need lot of preparation and make sure your timing is accurate. The main reason behind this is that most of the grants are on first come first serve basis so as soon as you find that the grants suitable for your needs are available, you should apply for them. Apart from this there are funds available throu gh some private and non profit organizations also which people can make use of. Free government grants loans are of great help in this financially crucial situation. People are applying for it and the panel that is appointed to look after the sanctioning of the grant application, makes sure that the money is provided to real needy people. Whether you need money for the fulfillment of your business need or personal use, you need to find out the right grants and then after qualifying for them,Show MoreRelatedGraduation Speech : College Tuition1634 Words   |  7 Pagesthan ever before. Most people push for free tuition for all community colleges and universities; however that is not a viable request Someone is going to have to foot the bill in the end. Multiple nations around the globe are also having difficulty finding a functioning price tag for a college degree. The history of tuition starts in 1862, when Congress passed the Morrill Act. The act established tuition-free land granted public universities. Tuition was free or almost free for most students who attendedRead MoreThe Is Not Like The Fast Food Workers1383 Words   |  6 PagesLook at all the people in this world, you have doctors, lawyers, construction workers, fast food workers, and a multitude of other professions. What do all of these professions have in common? All the people that work in these fields, want to go to college. Some are successful like doctors, but some are not like the fast food workers. This brings up a question, what prohibits these people from not going to the college of their choosing? There are two answers to this question, the first is, the individualRead MoreGraduation Speech : High School Seniors944 Words   |  4 Pagessummer before going off to college. Many of these kids may be receiving a scholarship or a grant, or a bill to help pay for school, and have to pay the rest out of pocket to cover the remaining expenses. With the economy still not being as strong as it once was, and many people trimming down their budgets, economic resources may be scarce, many people resort to the only choice they have left and take out student loans. Which in essence is what is crippling our economy. According to the Wall Street JournalRead MoreEffects Of Raised Tuition On College Students1068 Words   |  5 PagesAnnandale High Unit 1 Article USVA Government, W2 Adreana Hailu 10/1/2015 â€Æ' College Tuition Over the past few years there have been noticeable effects of raised tuition on college students throughout U.S. According to a recent College Board report, tuition and fees at four-year public institutions have increased by 31 percent (democrats.edworkforce.house.gov, Committee of education and the work force democrats). It’s not uncommon that students take out loans to afford college and later findRead MoreThe Rising Price Of The American Social Contract1204 Words   |  5 Pageswhen one understands the diminishing role federal grants have in providing education dollars for today s students. Today a federal Pell Grant covers only about one-third of what it costs for a public four-year college in-state, says Lauren Asher, president of The Institute for College Access and Success in California. In the 1980s it covered about half; in the 1970s it covered more than 70 percent. (Abramson). The reality is that for young people today, it is harder to educate one s way intoRead MoreStudent Loan Crisis Research Paper1332 Words   |  6 Pagesï ¿ ½PAGE ï ¿ ½ How to Make College More Affordable Many of the protesters occupying Wall Street and other places say they are upset about the rising price of going to college. There is little dispute today that the number of students who have debt has increased, and that the amount of money they have borrowed has gone up (Billitteri). Many students incur large amounts of debt that will never pay dividends in higher wages or greater job satisfaction, and they graduate into a world with weak employmentRead MoreEssay On Graduate Parents948 Words   |  4 Pageschildren in college due to money problems, but scholarships are offered. They are available across the country to assist low-income students in reaching their academic potential (Jacobs). A student who receives a grant does not have to pay back. Federal Support for education comprises loans, such as the Federal Direct Loan program; and grants like Supplemental Educational Opportunity Grants (Driscoll). Students qualify for loans at very low interest rates. According to the U.S. C ensus Bureau, college graduatesRead MoreA College Education Ranks Right Along With Owning Your1241 Words   |  5 Pagesschool. During my research, I found out that financial assistance, even student loans have not always been available to everyone. Sixty years ago, if your family didn’t have the money for education, a loan could be taken out with collateral or one could enlist in the military. Back then; men were sometimes drafted into the military before they could go to school because our country was at war. I learned in Government class President FDR signed the GI Bill in 1944; the GI bill was created for servicemenRead MoreRole Of Financial Aid In Education965 Words   |  4 PagesHow Does Financial Aid Work? Financial aid is a sensational implement for students all around the world. It is done in several different ways and benefits the lives of an abundance of people. Different levels of government work together to fund students by providing programs like FAFSA, for example. The federal government ensures the cooperation of state and local governments by providing funds to help them implement important programs. FAFSA stands for Free Application for Federal Student AidRead MoreBootstrap Essay1010 Words   |  5 PagesHow to Fund Your New Project or Your Startup Are you finally taking the plunge to work on your dream startup? Or perhaps taking forward the cherished project that you always wanted to work on? That is incredible. However, after getting your business plan, services, offerings, goals and ambitions in place, comes in the worry for the moolah. The big and important question. How do I fund my startup? In this age of booming new businesses and gutsy new entrepreneurs, securing funds in itself is a

The Black Hand Serbian Terrorists Spark WWI

The Black Hand was the name of a Serbian terrorist group with nationalist aims, who sponsored the attack on Austrian Arch-Duke Franz Ferdinand in 1914 that both killed him and provided the spark for World War I. Serbian Terrorists Serbian nationalism and a collapsing Ottoman Empire produced an independent Serbia in 1878, but many weren’t satisfied as another ailing empire, Austria-Hungary, held territory and people that they felt should be in the greater Serbia of their dreams. The two nations, one notionally newer and the other ancient but creaking, didn’t exist together well, and Serbs were outraged in 1908 when Austria-Hungary fully annexed Bosnia-Herzegovina. Two days after the annexation, on October 8th, 1908, the Narodna Odbrana (National Defense) was formed: a society which was to promote a nationalist and ‘patriotic’ agenda  and was to be loosely secret. It would form the core of the Black Hand, which was formed on May 9th, 1911 under the alternative name Unification or Death (Ujedinjenje ili Smrt). The name is a good clue as to their intentions, which was to use violence to achieve a greater Serbia (all Serbs under Serb rule and a Serbian state that dominated the region) by attacking targets from the Ottoman and Austro-Hungarian empires and their followers outside it. The key members of the Black Hand were mainly Serbian military  and were led by Colonel Dragutin Dimitrijevic, or Apis. The violence was to be achieved through guerrilla acts by cells of just handfuls of people. Semi-Accepted Status We don’t know how many members the Black Hand had, as their secrecy was very effective, although it seems to have been in the low thousands. But this terrorist group was able to use its connections to the (only semi-secretive) National Defense society to gather a huge amount of political support in Serbia. Apis was a senior military figure. However, by 1914 this was tailing off after one assassination too many. They’d already tried to kill the Austrian Emperor in 1911, and now the Black Hand began to work with a group to assassinate the heir to that imperial throne, Franz Ferdinand. Their guidance was key, arranging training and probably providing weapons, and when the Serb government tried to get Apis to cancel he made little effort, leading to an armed group making the attempt in 1914. The Great War It took luck, fate, or whatever divine assistance they might want to call on, but Franz Ferdinand was assassinated and World War I followed swiftly. Austria, aided by German forces, occupied Serbia and tens of thousands of Serbs were killed. Within Serbia itself, the Black Hand had become hugely powerful thanks to the military connection, but also more than an embarrassment to political leaders who wanted their own names kept well apart, and in 1916 the Prime Minister ordered it neutralized. The people in charge were arrested, tried, four were executed (include the colonel) and hundreds went to prison. Aftermath Serbian politics did not end with the Great War. The creation of Yugoslavia led to the White Hand emerging as an offshoot, and the 1953 ‘retrial’ of the Colonel and others which argued they weren’t to blame for 1914. Sources Clark, Christopher. The Sleepwalkers: How Europe Went to War in 1914. Harper Collins, 2013.Hall, Richard C. The Balkan Wars 1912–1913: Prelude to the First World War. London: Routledge.MacKenzie, David. The Black Hand on Trial: Salonika, 1917.  East European Monographs, 1995.Remak, Joachim. The Origins of World War I, 1871–1914. Harcourt Brace College Publishers, 2005.Williamson, Samuel R. â€Å"The Origins of World War I.† The Journal of Interdisciplinary History 18.4 (1988). 795–818.

Waves of Feminisms in Relation to the Female Characters of...

Feminism is approached by various meanings. As noted by a Salvadoran feminist activist Gloria Guzman, â€Å"It is a proposal for a change in the relations of power between people, men over women, and the relations of power expressed in the different realms of life† (Shayne, 2007). Isabel Allende’s The House of the Spirits was strongly influenced by the three waves of Feminism. Allende’s focus throughout the novel was to diminish the gender inequality between men and women. Through her female characters Clara, Blanca, and Alba, Allende showcases the gradual rise of women in Latin American society. She incorporates political and societal aspects to emphasize women’s empowerment throughout the novel. Clara, Blanca, and Alba each individually†¦show more content†¦Esteban, a Conservative politician may seem to have a family that engages in political issue but Clara does not get involve in any of the political movement. Her reluctance at engaging in political issues is a reflection of the lack of impact the first wave of Feminism had on Latin America. Clara’s actions reflect the lack of progress the Feminist movement made as she â€Å"quote on engaging in domestic task†. Clara avoids political engagements and watches her h usband maintain his superior position in the household and society. Transito Soto explains, â€Å"[i]n the respect women are really thick. They’re the daughters of rigidity. They need a man to feel secure but they don’t realize that the one thing they should be afraid of is men. They don’t know how to run their lives. They have to sacrifice themselves for the sake of someone else. Whores are the worst, pat patrà ³n, believe me. They throw their lives away working for some pimp, smile when he beats them, feel proud when he’s well dressed, with his gold teeth and rings on his fingers, and when he goes off and takes up a woman half their age they forgive him everything because ‘he’s a man.’†¦ [a]nd that’s why you’ll never find me supporting someone else.† (Allende, 1982, 117) Clara maintains her inferior role and continues taking care of the family. â€Å"Clara is a subtle character, who is described as calm and quiet, and she does not take any actions towards gaining any power. This notion is supported when the narratorShow MoreRelatedFeminism And The Social, Economic, And Political Equality Of The Sexes1619 Words   |  7 PagesWuthering Heights: Feminism Feminism, or â€Å"The belief in the social, economic, and political equality of the sexes.† (Elinor Burkett, Laura Brunell paragraph 1) was a very popular topic in Victorian fiction, and still is to this day with the first signs of feminist logic appearing in 3rd century BCE for the attempted appeal of women’s use of expensive goods, and continuing on to the present day third wave of feminism. Throughout history, women have been seen as objects and toys to men, in which willRead MoreFeminism And The Social, Economic, And Political Equality Of The Sexes1616 Words   |  7 PagesFeminism, or â€Å"The belief in the social, economic, and political equality of the sexes.† (Elinor Burkett, Laura Brunell paragraph 1) was a very popular topic in Victorian fiction, and still is to this day with the first signs of feminist logic appearing in 3rd century BCE for the attempted appeal of women’s use of expensive goods, and continuing on to the present day third wave of feminism. Throughout history, women have been seen as objects and toys to men, in which will never have equal rights norRead MoreAnalysis Of Long Silence Of Shashi Deshpande1924 Words   |  8 Pagesand surrender and adopt socio-psychic nature. The traditional, institution of Indian family is dwindling as the familial relationship does not have gender equality. Male member of the family is entitled to all sorts of comforts and excuses whereas female member has to sacrifice her life keeping silence, suppressing emotions and desires. The mechanical and artificial love is significant where gender discrimination exists in family environment. Jaya could break her silence after the support of KamatRead MoreLillian Hellmans Feminist Concern in the Childrens Hour Essay2632 Words   |  11 PagesChicago and London. Yet it was revived in 1950s with Hellman herself as the director shortly after Hellmans appearance before the House Un-American Activities Committees when Hellman is heroica lly known as saying she wont cut her conscience to fit this years fashions. (Burke, 106) Obviously The Childrens Hour was received as a warning against the accusatory spirit of McCarthyism. (Burke, 109) In an interview in 1953, Hellman explained that The Childrens Hour was not really a play aboutRead MoreSymbolic Meaning of the Land in Gone with the Wind6993 Words   |  28 Pagesstudy Gone with the Wind. No doubt that Gone with the Wind has achieved fabulous success. The domestic and abroad scholars have studied on its everlastingly artistic charm widely and deeply. Gone with the wind is famous for describing the vivid characters, portraying the typical environment and revealing the great change of that time during the American Civil War. The land, the Tara has been mentioned for numerous times. As a main clue the land has played an important role in this novel. It is alwaysRead MoreThe Hours - Film Analysis12007 Words   |  49 PagesCunningham mainly focuses on this strand of the dual narrative -- recounts Clarissa Dalloways preparations for a party she will give the same evening. During the day, she now and then reminisces on the time she was eighteen and lived at her parents house at Bourton. Her thoughts turn to her past love Peter Walsh and her rejection of his marriage proposal and to another old friend from Bourton, Sally Seton, with whom she was once in love. However, those times are all long gone now, and Clarissa is marriedRead MoreSAT Top 30 Essay Evidence18536 Words   |  75 PagesHeath P age |2 Table of Contents Introduction ................................................................................................................................................. 4 Adventurers and Explorers: Amelia Earhart (Female Aviation Pioneer) ................................................................................................ 5 Christopher Columbus (â€Å"Discoverer† of the New World?)........................................................................ 7 Read MoreOrganisational Theory230255 Words   |  922 Pagesmeans, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6-10 Kirby Street, London EC1N 8TS. All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor doesRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesthe Second World War, except for internal migrations and refugees; and rose after 1950, gaining momentum during the 1980s until the world recession of 2008– 2009. Those who migrated during the second wave that began after World War II were about three times as numerous as those in the first wave, although in per capita terms, the peaks of international migration in the 1990s and 2000s were similar to those of the early 1910s and late 1920s. But if we look at all forms of mobility—domestic andRead MoreRastafarian79520 Words   |  319 Pagesof the movement, (2) the gradual rapprochement between the movement and the wider society, and (3) the impact of Rastafari on the evolution of Jamaicas indigenous popular culture. The internal development includes the emergence of a network of â€Å"houses† and â€Å"mansions† as the collective units of the movement,10 of a world view or ideology encoded in a variety of symbols, and of collective ritual activities, which initiate and conï ¬ rm individuals in the principles of Rastafari. With regard to the

Employer and Employee Relationship Samples †MyAssignmenthelp.com

Question: Discuss about the Employer and Employee Relationship. Answer: Tina is having an annual contract with the Johnson Insurance Brokers for offering services related to property maintenance. She is assigned to work 20 hours on weekly basis at the premises of the company for which she is being paid a flat amount. She is the one who hires the part-time workers as and when required by her. Tina is stated to be in service for contract with Johnson Insurance brokers. As per Belyaeva (2014), in case of contract of service of employees with the employer, a worker is required to execute the tasks in the way they are being instructed by the line manager as per their description of jobs. In case of contract of service, the workers need to present themselves for work and would never be able to propel someone else for the work as a substitute. Tina offers only 20 hours to this insurance house which cannot be possible for employees as they need to provide more hours of work. Tina though was able to hire people for work as and when she needed a bit of help from others. Employees have the scope of enjoying additional benefits that can vary as per the employer, but might take into account the company cars, insurance related to private health, gyms and many others. It has been mentioned in the case study that Tina did not have any other clients except for Johnson insurance Brokers. Moreover, her only contact with the company has been Fred Sinclair, the Facil ities Manager who meets her every Monday. Same cannot be hold good for employees as employees need to report to their seniors and managers on a daily basis and for an employee a line or facilities manager cannot be her only contact with the organization. This can happen in contract for service where there is a contractor-client contract. A contract for service is generally a business to business affair between two firms. Contractor organizations have the power to enter into contract for services with another firm having clear set of responsibility and rights (www.canada.ca 2017). There is a prerequisite in supplying services to the client according to the planned specification of the contract as has been the case with Tina. Tina needs to spend on an average 20 hours on the company premises for which a flat amount is being offered to her. Other monthly invoices which are being incurred by Tina as supplementary is approved by Fred, the Facilities Manager before submitting the same to Accounts payable. Moreover, in case of contract for services, the contractor makes use of her own tools and materials which is what Tina does, using her won small tools. However, the company does offer her with other possible supplies and a snow plow for the fact that it seems Tina is a small contractor and does not possess all the require d elements which are sometimes done by clients in providing the contractors with required elements for better work. Organizations at times deal with small contractors for saving enough money that can be channelized to some other profitable ventures (Wang and Wei 2013). The flat amount that is being paid to Tina is out of the agreed rate that was fixed at the time of the contract. The contractor too needs to provide the services as agreed and any extra amount that has been spent would be settled on submitting the invoices to the accounts section. Reference: Belyaeva, O.V., 2014. Contract service or contract manager?.Uchet v budjetnyh uchrejdeniyah, (3). Canada, P. (2017).General Conditions of a Service Contract - Canada.ca. [online] Canada.ca. https://www.canada.ca/en/public-service-commission/corporate/about-us/doing-business-public-service-commission/general-conditions-service-contract.html [Accessed 26 Apr. 2017]. de Almeida, A.T., Cavalcante, C.A.V., Alencar, M.H., Ferreira, R.J.P., de Almeida-Filho, A.T. and Garcez, T.V., 2015. Decision on maintenance outsourcing. InMulticriteria and Multiobjective Models for Risk, Reliability and Maintenance Decision Analysis(pp. 249-272). Springer International Publishing. Wang, C.Y. and Wei, H.Y., 2013. Profit maximization in femtocell service with contract design.IEEE Transactions on Wireless Communications,12(5), pp.1978-1988.

We watched a videotape called Whale song Essay Example

We watched a videotape called Whale song Essay We watched a videotape called Whale song. It was about sea mammals behaviour, hunting and general information. While I watched I saw the dolphins creating patterns with their movements.The hunting and killing of the whales and dolphins was quite graphic and stirred many of our thoughts because it is such a controversial and terrible thing. It made me feel deeply sad.It was a good stimulus because it gave me plenty of ideas, all from different angles.Some of the class looked at a book called Whale Nation as another stimulus. I didnt because I had seen enough to be able to know about it.We then discussed in an off-text lesson the material and our initial thoughts and ideas.From watching the mammals swim through the ocean a lot of the class got movement as part of the final piece. We also spent the rest of lesson on a kabuki session for information. We taught those who didnt know how to do kabuki how to do it.Id done it before in a drama workshop. We all were 100% calm and silent. I fou nd it really relaxing and enjoyed it a lot.I felt I was quite good at it too because I used variety of levels and positions.I lay on my back and stretched out my feet. Our teacher said it looked like the whales tail and it did.I wish we could do kabuki every lesson to make us focused for work.RESPONSE PHASE 1:We had decided it was a good idea to come in for a full day to do the work on the Whale song.We began the lesson listening to different music in order to review them and sort out the best pieces to use. I found most of us wanted to go for sad, mournful songs. I felt most of the class had the whaling and death in mind.We picked:We then divided into 4 groups of 3 to develop our initial responses to the research.GROUP 1 = DAVID, LAURA D AND LAURENGROUP 2 = EMMA, DANIELLE AND LAURA B (ME)My contribution was the kabuki and kaleidoscope effects which I got from watching the whales slow movements and the patterns that the dolphins made, as though dancing. I also noticed the mournful s ounds of the whales.My group narrowed our ideas down to: -GROUP 3 = JAMIE, HAYLEY AND DANIGROUP 4 = KATY, HAYLEY AND LISARESPONSE PHASE 2:I found a pattern of ideas (whale products) ; (splitting of whale). We decided group 4s ideas werent practical, as they would involve us travelling on top of the sea and on top of the creatures below it. (We wouldnt be able to achieve those levels in the studio.)The groups joined and made 2 large groups of 6. My group brought together the kaleidoscope idea to show surface movements and the idea of the whale being split. We also wanted to do a mournful dance of other creatures.The other group wanted to base theirs around movement and different techniques of showing movement.I was looking forward to negotiating and extending the ideas. It was going to be interesting as we were going to end up with 2 final pieces for evaluation.We were also going to have an opportunity to direct our other classmates as they joined with our piece. For their piece they would direct us.DEVELOPMENT STAGE PHASE 1:For 30 minutes my group built a basic structure of events and a sequence, which we would later share with the rest of the class. I directed part of this.We started by Emma and me acting as directors. We explained to the class the idea being the kaleidoscope. Emma and I wanted to keep this in because it suited the video of the dolphins dancing through the water, like a mirrored image. We wanted to achieve this effect.One person in the centre led the movements, the centre 3 copied (mirroring) and the 2 behind the centre people copied them.We created a mirror image from centre outwards. I led the mirroring. It was quite confusing but eventually everyone got the hang of it and it worked well.We then went onto direct the class into 4 of us representing 2 whales.The tail person lay on their backs and lifted their legs up and down. The head person sat up and slammed their arms up and down as fins.I think this worked quite well. From an audiences p oint of view, it would have looked like a whales movements. I was a head and felt my role was quite effective; I tried to put everything into my arms and keep the rest of my body still.4 people were whales and 4 were fishermen. The 4 fishermen figured out a harpooning sequence. It was quite interesting.* David was the harpoonist* He swung back Katy and Lauren* They hit Lisa on the back* She jumped forward (as a harpoon) to kill the whale nearest the ship.* We then decided the whale would roll in towards the boat to show it beingpulled aboard. The 2 whales were symbolic of 1 whale but representing to ways of dying, so we see 2 sides of what could happen to the harpooned whale.* The other whale becomes distressed (me and Dani showed this by making our movements quite violent).* 4 dolphins, symbolically, pick up the whale (me and Dani were picked up.)* Cushion whales death* Spun slowly around, laid down to rest in peace.* Dolphins mourned death by doing a slow, graceful dance.This was my idea and I was really proud of it. It was really effective and actually created a calm, peaceful atmosphere.Lisa directed the other two groups piece. She placed four people in the middle (as whales) that then performed a slow choreographed kabuki. 1 person represented fins, 1 as the tail, 1 as the body and 1 as the blowhole. Then there was a group of 4 around them. I was one of that 4, a dolphin.We did fast movements in a counter rhythm to the whale. Me, Emma, Dani and Danielle made up the movements so they would look like dolphins jumping out of the surface of the water. We got our inspiration from the Whale song video.The other 4 stood at the corners of the group as the sea surrounding the creatures. They did wavy movements to look like rippling waves.I got confused because of the counter-rhythm and found it hard even though it was only a simple movement.Lisa then explained the concept of the fishing sequence. 6 of us role-played the fishermen on a boat. I was the lookout for t he whales. We put me on a block to make me higher than the others (like in a crows nest). We decided to sing sea shanties, the specific one we choose was Hoorah and up she rises. We sang the chorus repetitively and quickened the pace when I spotted the whale, played by the other 6 in the group, to build up tension. The whale then rolled to us to show wed captured it and we encircled it speeding up the song.First we walked then quickened our pace around the whale as though we were hawks circling our prey. We reached a pinnacle and in complicite we began to mime the cutting up of the whale. We then froze and, in turn, each fisherman turned and walked to the front to hold up a piece of card with a whale product on it and acted out an advertisement.I chose face cream, in particular LOreal, so I could say because your worth it in an American accent. The accent seemed to go down well with everyone else as it made them laugh. The whales then got up and became protesters and forced us back into a scared heap on the floor. I liked this piece because the beginning movements looked really effective. I also liked the way the whales became protestors and overcome the fishermen.DEVELOPMENT PHASE 2:We discussed phase 1 and sorted out any problems. We also added timed music. Sad music for death scenes, sonar for fishermen when theyre tracking the sea for whales. We didnt have too many problems.DEVELOPMENT PHASE 3:We rehearsed the kabuki to music that helped keep rhythm. We tidied up the whale rolling to the fishermen and altered how Dani and I were to be picked up to make it more comfortable and more effective.We also developed the mourning dance so it made a final tableau of Dani and I lying next to each other, to look like one and the dolphins around us with heads bowed. We performed it for evaluation. It went really well and the death scene was calm and had a quiet atmosphere. I liked this piece.In the other piece we re-organised the ending to make it more choreographed. Our song was more together and we knew when to start cutting the whale. We also added sonar for the fishermen searching for the whale.I, as lookout, spotted the whale and yelled out Thare she blows. This signalled us circling the whale. We also made protest/advertisement banners. We then performed it for evaluation. This also went well and I liked the movements at the beginning.EVALUTION:I really enjoyed the actual devising of my groups piece. I liked the mourning scene because of the calmness and sad atmosphere in the performance.I also liked the other groups piece. Especially the advertisement section because Ive always wanted to say because your worth it in an American accent. I thought the beginning with the movements looked really good.I didnt like the end of the second piece though because it was a bit boring. The 1st pieces ending was dramatic and you actually knew it was the ending.I think we could have worked on the kaleidoscope section in the 1st piece because it was confu sing and a bit messy. I think we should have made up an actual choreographed sequence so that everybody could have got used to the movements and be able to learn them instead of having to copy.I liked my performance in the 1st piece better than in the second piece because it involved me being a focus point so I felt more important in the piece. I felt I did more in the 1st piece (acting as the whale). In my mind, when I was playing the whale, I saw a graceful intelligent creature being brutally and inhumanly killed.I kept the actions as simple as possible because we wanted to keep the focus on the actual killing, as this was the important thing. As I was the head of the whale I kept my head up and slapped my arms on the floor in a rhythm to represent fins slapping the surface of the water.When the harpoon fired and was meant to have hit the whale I began to slightly thrash around and increased the speed of the slaps on the water. I tried to show how being harpooned had messed up the natural RHYTHM of the ocean. When Dani and I were picked up I kept still with my head down and was put on the floor where I lay down with Dani, dead. It was a simple role but it was important because it symbolised the whole of the pieces meaning, the way a whale should die, in the ocean with all the creatures. Not cut up out of its natural habitat.I kept my composure in the death scene, which was hard as it was quite uncomfortable being lifted up and I was in an awkward position throughout.I think everyone else worked well together and everybody was clearly focused. Everyones ideas flowed well and both the final pieces were quite polished off.In our lessons during the week we usually just manage to become focused and well be working hard and then the end of the lesson comes and its time to go. Yet, because we had the whole day everyone concentrated and didnt mess about. I also really enjoyed the day.EVALUATION CONTINUED:In the second piece the dolphins (Emma, Dani, Danielle and me) didnt keep in time and our pace was all wrong. I think this was because we were finding it hard as the whales were doing a counter rhythm to us and we couldnt keep in time with each other because we couldnt see one another.The whales had their part polished off though because as part of that groups development they had choreographed the sequence. So, they knew their sequence and didnt have to concentrate on the actual movements so they made it look graceful. I did like this sequence though because it looked quite effective because there was so much going on.Also, in the final part where we were advertisers of a product made from whales I think all of us could have made it better. I think we could have made it seem more like an advert as that was what it was supposed to be. I think we should have thought about what product we were selling and came up with an advert from T.V. that showed a similar product and try to act out that advert.I tried to do this as I picked a LOreal advert. For example somebody who picked lipstick could have tried to act out a Maybeline advert. It would have made the ending of a good piece more interesting.I generally preferred the 1st piece because of the atmosphere and symbolism. But, if I didnt have to pick and wed had more time I would have took the best parts from each piece and merged them together to make a really good final piece.I would have done it like this: -This would probably of been our next step if wed had time to do it.As my favourite I would pick the 1st piece because of the reasons I stated above. Also it was actually based around the whales movements and interaction with each other.It was also based around their world and environment, this is what I saw when I first saw the stimulus so it was exactly what I thought the piece should be about.The second piece was based around the products that the whales ended up as and the human world on whaling.

Job Interview Skills

Job Interview Skills Presentation Paper 2I chose to do an informative PowerPoint presentation on the process of a job interview for my final project in XCOM 100 Introduction to Communications. The reason I chose an informative presentation rather than a persuasive presentation is because I have been on plenty of job interviews in my 23 years of life and I can honestly say that before this course I did not have a clue what I was doing. I would go into an interview confident at first but start to break down once the questions started flowing because I was unprepared and nervous. I think many people can relate with me on that. This is why I believe it is important for college graduates seeking a job to have as much information about job interviewing as possible so they can succeed. Although, jobs are all different and unique in their own ways; I feel that an individual should treat every interview as professional as the next.Interview with the MTV in April 2007Traditionally job interviews are one-on-one and involve interpersonal communication. "Interpersonal communication is a special form of human communication that occurs when two people interact simultaneously and attempt to mutually influence each other, usually for the purpose of managing relationships." (Chapter 1.1 Foundations of Human Communication) But times have changed as well as with advances in technology, and people may be asked to participate in group or team activities as part of the interview process. A group is known as a collection of people who share common goals and feel they belong in the group and influence each other. A team is known as a coordinated group of people who intentionally organize to work together to achieve a specific goal. Regardless of the type of job interview, organizational communication may have an impact on the interview process.Organizational communication...

The Judiciary role in the Criminal Justice System Term Paper

The Judiciary role in the Criminal Justice System - Term Paper Example The criminal justice system is comprised of three major components that work together in tandem to see the criminal justice process through from beginning to end (Torres, eHow.com). The three major components in the criminal justice system are: 1) the law enforcement, 2) the courts, and 3) the corrections. The law enforcement component is considered the head of the system since its divisions are the ones responsible for finding and capturing individuals who defies the constitution. The judiciary comes in next as they make sure that offenders or suspects are given fair trial until proven guilty. They are the ones who balance the evidences submitted by the prosecution and defense for their own arguments. They are the ones who face the dilemma on deciding the verdict for certain circumstances. â€Å"In the courtroom judges have a vital role in creating a forum where those finding themselves in the justice system recognize the Court provides the framework within which individuals will g et protection, redress and resolution of disputes and conflicts that cannot be effectively and peacefully settled elsewhere.† It is also said that the judiciary's foremost role as the third branch of the government is to defend and uphold the United States Constitution and assure the rule of law prevails (Ladner, 2000). The judiciary’s role in the criminal justice system is to be fair, firm and calm. Fair because they will be hearing 2 sides of a story which they need to decide who is telling the truth. They should be unbiased and not let their emotions dictate what they should think towards certain issues. Everybody should be treated equally. Sometimes amongst all the factors that are present, the emotional factor is the one that affects the fairness of a judge which should not be the case. This is where the judges or jurors should be firm on their decisions. They should disregard their emotions and be firm on their decision. This should be done so that they can uphold what is in the constitution and not give verdicts that are just dictated by one’s emotions or gut feel. Calmness should also be present so that information would be properly presented and discussed. The judiciary makes sure that the constitution is being implemented correctly. The constitution is not to be used to abuse anybody or to be violated by anyone. Seems to be easy yet it is a tough job. There are certain people who believe that they are above the law. The judiciary system is the one who put their egos back to the ground and make them realize that they are not above the law. A member of the judiciary should always be like Themis, the Roman goddess of Justice, blindfolded so that political or class status of the people involved in a trial cannot affect the decisions made. In addition, equality should be strictly practiced as symbolized by the scales that the statue is holding. Let the facts that are presented be the ones put on the scale to judge whether one is guilty or not. It is not the role of the judiciary to be on one side against the other. Upholding the constitution is believed to be the primary role of the judiciary. Reform starts in the judiciary. It may convict or acquit suspects from the most celebrated cases to the simplest ones. Yet the main role remains the same which is making sure that what has been written by law should be followed by

Objections Essay Example | Topics and Well Written Essays - 500 words

Objections - Essay Example Or, monetary returns may be provided. Even still, an additional/extra object can be added in the deal as compensation. All this will not only provide the customer a good value for the money spent, it will give him a psychological reassurance that the vendors meant well, and that it would be plausible to come here again. There is nothing greater than winning the allegiance of a customer. For instance, if the customer has come back with the complaint of the studio service, then any of the three options can be exercised. The entire service can be provided again from scratch, or the money can be returned, or some other facility/service/product can be offered to the customer as a token of goodwill and apology. This would show the customer that the intent to provide service is there on part of the vendor, and even though a glitch might have occurred on this occasion, there is every likelihood that the problem will not persist for the times to follow. Another potent method of accomplishing the same is to question and assess the situation. There is a very fine line here between inquiring, and creating a conflict with the client. The former is intended, and the latter must be avoided at all costs.

The Evolution of Aviation in World War I and II Essay Example for Free

The Evolution of Aviation in World War I and II Essay Because of urgent needs, aviation evolved rapidly in the First and Second World War. It was in the First World War that air fights occurred upon the development of fighter planes and that aerial bombings were carried on by bomber planes. Along with the invention of fighters and bombers was an innovation in design of airplanes for increased speed and capacity for higher altitudes. The Second World War saw the continued evolution of aviation, still geared upon increased speed and capacity for higher altitudes. What was the main difference in the first and Second World War was the development of the turbojet engine as an alternative to piston-engines. Radar was also used in aviation for the first time in the Second World War. This paper will discuss how aviation evolved in the First and Second World War. It will also explore the major differences in Research and Development during those era. II. Aviation in World War I When countries of Europe entered into a conflict that was called the First World War, airplanes and airships were already popular inventions. Prior to the conflict, these flying machines were primarily used for transport. Also there was air competition, specifically regarding design and speed, that were participated by many European countries and winners were awarded with money. However, some countries had also seen the military potential or usefulness of these flying machines in war time especially for reconnaissance or spying (Murphy, 2005, p. 33). And when European countries embraced the devastating First World War, airplanes and airships were put into good use. In the early days of the war, airplanes and airships were utilized extensively for reconnaissance. Airplanes were not primarily thought as weapons for warfare. In fact, the condition of military aviation in most countries when the war broke was only in its infancy stage. It was Germany who owned the largest operationally deployed aircraft but it was France who produced the best quality and had the largest aeroplane manufacturing base (Cowin, 2000, pp 8-9. ). Although Russia was also technologically advance in terms of air power, it lacked the industrial infrastructure to develop its aircraft needs. The United States on the other hand, although the first to develop the ‘heavier-than-air† flight in 1903, was slow in advancing its air technology (Murphy, 2005, p. 34-37). Reconnaissance was a very important part of military strategy in the war. Airplanes and Zeppelins (German airships) were used for long-range spying. Reconnaissance involved the photographing of fronts and scouting to see the movements and weakness of the enemy troops and to also keep track of where one’s own troops were already at after launching. Commanders used all reconnaissance information for their battle plans (Murphy, 2005, p. 50). The effectiveness of reconnaissance helped to change aviation history. It was the success of aircraft reconnaissance that contributed to the stalemate of warring nations as war progresses. In this connection, reconnaissance aircrafts became targets of new high powered ground weapons. Nations therefore had to make a way to protect their reconnaissance aircrafts. Moreover, trench warfare also called for an immediate action to prevent the enemy from conducting aerial spying ( Murphy, 2005, p. 48). These situations gave rise to the development of mostly biplanes (two winged) fighters and bombers. Consequently the development of fighters and bombers results to design innovation of the airplane (Murphy, 2005, p. 48). Pilots used pistols and rifles for firing especially in dogfights were flying fighter planes exchanged bullets at each other. However, it was not an effective weapon against a moving target. Designers had thought of installing the newly invented lightweight machine guns instead. Earlier, inventors had observed that it is more effective to fire a machine gun through the arc of the propeller using a tractor driven aircraft (plane propeller at the front) so that pilots can use the airplane for aiming. Pusher planes (planes that have propellers and engine at the rear) may seem advantageous at first in that the machine gun can be put at the nose of the plane however this left the rear of the plane vulnerable to attack and also it was hard and slow to maneuver. There is danger, however, in tractor driven aircraft in that the bullet may hit the propeller and strike the pilot or damage the engine. To solve this problem, a Dutch aircraft designer, Anthony Fokker, developed a synchronized machine gun in his monoplane called the Eindecker. It works by synchronizing the interrupter gear with the camshaft so that the interrupter gear could be timed to prevent the gun from firing at a moment when a bullet would strike a propeller blade (Murphy, 2005, pp. 52-54). The bombers, on the other hand, were developed out of a strong desire to strike behind enemy lines and to cripple their capacity and will to fight. In the early days of the war, the Germans had attempted to use their Zeppelins for bombings but it was extremely vulnerable to ground fire. In fact, they lost three Zeppelins by the end of August 1914 alone ((Murphy, 2005, p. 48). Other innovations in the design of the airplanes were also called for to gain advantage over the enemy. In fact, at the end of the First World War, the airplane had undergone rapid physical renovation that it bores little resemblance to the â€Å"frail wooden and cloth war birds that had entered the war† ( Eckert , 2006, p. 58). Prior to 1914, most planes were designed after the Wright Flyer with control surfaces in front of the wings for a canard type or having wings that were shaped like birds or pigeon type. In this prewar model (or birdman era), the fuselage and the wings were made from plywood covered with fabric and held together by string to meet the requirement of achieving the least possible weight for the entire structure in â€Å"heavier than air† flights. The replacement of thin airfoils with a self-supporting cantilevered wings held in place by struts and wires was an important innovation to reduce air resistance and increase speed along with strong motors. The influence of the wingspan and shape of wings were also studied. Before long the airplane evolved into a full metal construction, example, the Junkers F-13 (Eckert, 2006, pp. 58-59). Another innovation in aviation was in increasing speed and rising at high altitudes to avoid being shot down by the enemy and to carry heavy loads of bombs. It calls for a remarkable advance in the power of the engines. At the beginning of the war, most of the engines were of about 50 horsepower and the aircraft flew at 70 or 80 miles per hour and rising around 10,000 feet only (Cowin, 2000, p. 9). By the end of the war, some planes were powered by engines of more than 300 horsepower. Fighter planes could travel at 140 to 150 miles per hour and rising at 30,000 feet (Cowin, 2000, p. 84).

home school Essay -- essays research papers

Home schooling is another way for a child to receive his or her education. It is one of many alternatives to regular schooling (classrooms and schools). It is the oldest alternatives to regular schooling and one of the most effective. There are many true stories proving that home schooling is an effective and often successful way to teach you child. But first lets talk about home schooling began in the U.S. Home schooling started in colonial America, (around 1777 to 1783) for most colonial homes, home schooling was the only thing available. According to the Texas home school coalition, our founding fathers had a strong conviction that children should be able to read for the very important reason of reading the Bible for the spiritual benefits and truth it contained (Texas home school coalition 1997). Sometimes parents would hire a tutor to teach their children subjects in which they did not feel qualified (Texas home school coalition 1997). It wasn’t till later that education developed into religious training in the universities in the Ivy League. These universities were strictly there to train ministers. According to the THSC (Texas Home School Coalition), the entrance requirements often included being able to read and translate Hebrew, Latin, and Greek. Eventually, communities and states began to establish schools funded by the government however, these schools still had a strong religious up bringing. Home schooling has been around for a long time. But most people won’t know the steps it takes to successfully home school a child. But, to fully understand these steps one must first learn the basics of home schooling. Home schooling means to teach or be taught at home. Home schooling is to teach children at home, or be taught at home rather than in the public school system, using an approved curriculum. Of course the parents have to have a degree to teach their children (except in New Jersey). According to the New Jersey Education laws all high schools in New Jersey will accept students who were taught by their parents. The parents have to bring proof of the child’s progress and the names of the textbooks the child has used (NJ Education Laws 1). I do not think many colleges can accept students that went through home schooling at a high school level. These laws differ from state to state. California's Department of Education maintains that you can't hom... ...com. 2002 30 Mar. 2003 Rasicot, Julie. â€Å"College without a campus.† Good Housekeeping. Sep. 1997: p156 Academic search premier. EBSCOhost. Middlesex County College Library, Edison. 20 Mar. 2003 Texas home schooling coalition. â€Å"A home school history lesson.† Texas Home Schooling Coalition. 1997 3 Apr. 2003 Kendler, KS. â€Å"Social Phobia† Psychology Today. 1995 3 Apr. 2003 Wilkes, Byron. â€Å"If all you have is a hammer†¦can you build a solid foundation for your child’s learning?† The Old House. 2000-2003 Hallowell, Edward M. â€Å"What I’ve learned from ADD.† Psychology Today. May/Jun 97 15 Apr. 2003 Ray, Brian D. â€Å"Home Schooling: The Ameliorator of Negative Influences on Learning?† PJE: Peabody Journal of Education. 2000 Academic search premier. EBSCOhost. Middlesex County College Library, Edison. 15 Apr. 2003 New York Education laws. â€Å"NY education code for homeschooling.† Gomilpitas.com. 2002 16 Apr. 2003 California’s Education laws. â€Å"NY education code for homeschooling.† Gomilpitas.com. 2002 16 Apr. 2003 Bruner, Kimberly. â€Å"Homeschooling: A natural.† Countryside & Small Stock Journal. 2001 Academic search premier. EBSCOhost. Middlesex County College Library, Edison. 15 Apr. 2003

Poverty and Pollution Essay

Determine the ethical implications of business polluting in third world country. Explain your rationale. The Third World refers to the poorer and undeveloped countries of the world. Often, these countries have extremely poor environmental situations. Countries in Latin America, Eastern Europe, Africa, and Asia are the greatest victims of this environmental inequality. In addition to problems created by development and industrialization, poorer nations also suffer environmental difficulties caused by poverty and war, among other causes. Many environmental problems arise in the Third World. Air pollution, water pollution, deforestation, desertification, soil erosion, and poisoning of the environment are among the largest of these. (pollution problems on third world , 1999) The businesses that are polluting in a third world country are the businesses that think that because the third world countries are poor and under developed. They do not have the restriction that the U.S. does to prevent business from doing everything that they can to the environment, These countries are left with making decision on whether are not to eat are having clean environment. What do you think they are choosing to do? We sometime take advantage of people because of the situation they are in at the time. The Western countries take advantage of these Third World countries. They dump their trash and other hazardous waste into these Third World countries. The First World companies will go into these countries and build plants, which will pollution the air, in Third World nations to not have to deal with the regulations that they would face at home. Some of the transnational corporations that produce hazardous chemicals look at as overly dangerous in the First World find an acceptable market in the Third World. There, governments cannot restrict usage of these chemicals. They are trying to provide a way for its citizens to make a living. How can this be fair? How can these business live with themselves. What I have stated time and time again it always comes back to money. Suggest the reasons a business may conduct operations in a third world country and disregard any standards of pollution control. We see the pollution problem affecting the whole world. Industries are going overseas because the cost of labor is a lot cheaper. Therefore all they want to do is make a big profit by paying less and acquiring quality goods and services. (pollution problems on third world , 1999) Industries don’t care about the employees never the less about the environment. Laws and regulations a lot different in third world countries and there is a lot of corruption too; with this been said if anyone complaints money is the solution. Also as I mention before countries of the Third World struggle with population growth, poverty, famines, and wars, their residents are discovering the environmental effects of these problems, in the form of increasing air, water, and land pollution. Industrialized nations often dump wastes in developing countries where there is little or no environmental regulation, and governments may collect considerable fees for accepting their garbage. And not only that some of this garbage can be hazards not only for the environment but to the individuals leave close to this dump sites this third world countries would accept garbage for money this is hard to believe. This industries move to third world countries because there is not pollution controlled laws. Therefore industries are not allowed to manufacture of produce certain things their only option is to move if they want to still be in business. (gale, 2005) It has been said that pollution is the price of progress. Assess the connection between economic progress and development, on the one hand, and pollution controls and environmental protection, on the other. The optimal level of pollution is supposed to be the level at which the costs to the company of cleaning up the pollution equal the cost of environmental damage caused by that pollution. If the pollution charge is equivalent to the cost of environmental damage then the theory says that the company will clean up its pollution until any further incremental reduction in pollution would cost more than the remaining charge, that is until it is cheaper to pay the charge than reduce the pollution. This might seem to be less than optimal solutions to the community but economists argue that the polluter is better off than if it had paid to eliminate the pollution altogether and the community is no worse off because it is being compensated by the firm for the damage through the payments to the government. In theory the payments made by firms in the form of charges can be used to correct the environmental damage they cause. (beder, 1996) Support the argument that human beings have a moral right to a livable environment regardless of the country they live in. Every person in every community has the right to health, and to a safe and healthy environment. Unfortunately, these rights are often not respected. Many people suffer from serious health problems caused by a scarcity of basic necessities and an excess of harmful substances. The most vulnerable people are those who have low status because of race, ethnicity, religion, gender, class, caste, poverty, or for other reasons. They usually suffer first, and worst. The struggle to live in a healthy, safe, productive, and enjoyable environment by communities whose rights are not well respected by people in power is sometimes called the struggle for environmental justice. As part of the human rights; each human being has a moral right to life and to a livable environment. Also is not fair for these individuals from third world countries to suffer from more things they’re already struggling and then u have industries polluting their environment. Everyone should be able to have a good environment to live in. Also something that caught my attention is the even though here in the United States of America we have good environment individuals don’t not how to take care of it. For example people throwing garbage out their cars windows or disposing of chemicals in their back yard. This types of thing can cause damage to our environment. Take a position on whether nations have an obligation to provide poorer nations with, or help them develop, greener industries and sources of energy. Explain your rationale. Although some of this nations are poor they can also be rich because of natural resource for example oil, gold and expensive minerals. Many third world countries have been able to be successful because of natural resources. I think that if a nation is wealthy and individuals are happy, then it should help other nations because today for them and tomorrow for us. We never know when we are going to need someone’s help. Therefore it is not an obligation to other nations but it’s good to show support. The United States of America is known for helping others but I know there is always an interest or a agreement to repay the USA. Also increasingly, through globalization, many countries have become dependent on each other. While some countries are endowed with better quality resources, others have to be satisfied with current resources. History has shown that the poorer countries are usually those more vulnerable to disasters (economically and socially) and are less equipped to overcome these disasters. Rich countries, therefore, are consistently required to support those poorer countries through international aid. However, the right type of aid is more important than the quantity of aid. Rich countries should invest in the human capital of poor countries, provide defense against wars, and help develop the skills of the people instead of simply providing donations. There should be agreements and follow-ups on how the aid is being used. Propose a plan for uniform global pollution control standards and how you would enforce them. It’s hard to say how something can be done about this the procedures and norms are in place now. I think pollution is always going to be an issue and it’s going to be too late when individuals try to help with the problem. The only thing I can suggest is to maybe have dump sites in out of space and if the garbage tries to enter earth of other planet it would burn anyways. But to enforce new regulation it’s going to be a challenge hopefully they can come out with a solution soon. Industries are not going to stop producing thing while the demand is high. And if we told inviduals that this is harmful for the earth that they need to stop they would just laugh References Pollution problems on third world . (1999). Retrieved from http://library.thinkquest.org/26026/Economics/pollution_problems_in_the_thir.html Beder, S. (1996). charging the earth: the promotion of price- based measures for pollution. Retrieved from http://www.herinst.org/sbeder/enveconomics/economics.html

Wealth effect of International Investment Announcements - Free Essay Example

Sample details Pages: 18 Words: 5442 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This paper examine on wealth effect of shareholders from the international investment announcements made by Malaysia Multinational Corporations (MNCs) listed at Kuala Lumpur Stock Exchange (KLSE). The project is using quantitative method (standard event-study methodology) and announcements in the year of 2002 are used. The result shows that international investment announcements create positive significant wealth effect for main board firms in KLSE. Don’t waste time! Our writers will create an original "Wealth effect of International Investment Announcements" essay for you Create order For second board firms however, the market does not react directly towards the foreign investment announcements. In short, unexpected cross border investment announcements do contain new relevant information and market does react on it. Market saturation theory also suggests that foreign investments may help firm to improve competitiveness and profitability. Besides, the larger capital size of main board firm makes the market to be more confident and optimistic on overseas investments announced by main board firms rather than second board. CHAPTER 1 INTRODUCTION Background of the Study The study focuses on the markets reaction towards international investment announcements made by Multinational Corporations (MNCs) in Malaysia. According to Eun Resnick (2004), a multinational corporation (MNC) is a business organization incorporated in one country but has production and sales operations in at least one foreign country. Similarly, based on Franklin (1973), MNC is a business firm that consists of a parent company that produce and market in foreign countries; with the flow of products, services, capital, technology, management, and funds among them. As shown in many studies, the stock price reactions towards foreign investment announcements in developing market produced uncertain results. Some studies showed positive market reactions towards international investment announcements but some may not. For instance, Lummer and McConnell (1990) proved that US firms foreign joint ventures have a positive return especially when the venture partner is a foreign firm as co ntrasted to a foreign government. Moreover, Ahmad Etebari (1993) stated that joint ventures between US firms and Eastern and Central European Countries yield a positive valuation effect for the participating US firms. Besides, there is a study that showed international acquisition provides abnormal positive returns to target shareholders (Ike Mathur and Nanda Raugan, 1992). However, some studies shows negative market reaction towards the announcements. Thomas H. S. Ghassem H. (1990) indicated that there is a small magnitude of negative stock price reaction to foreign investment announcements. Similarly, Albert C. Alireza T. R. (2000) tested on the wealth effects of international acquisitions using a sample of foreign acquisitions by Dutch firms during the period 1990 to 1996 and found weak evidence on wealth creation of the activities, especially for the acquisitions in the US. There must be some reasons that attract firms to go abroad. Alex O. W. (1982) discussed that the f undamental of international trade is the difference in cost of goods produced in different countries. Different natural resources (such as land and mineral), capital (technology), and labors will have different prices in various countries. Referring to Eun C. S. Resnick B. G. (2004), firms can locate production in any regions in the world to maximize performance and raise funds in market where the cost of capital is the lowest. International investments also enable firms to diversify risks compared to only investing locally. More significantly, based on David Ricardos On the Principles of Political Economy and Taxation which introduced the concept of comparative advantage and this concept further convinced firms to go abroad (Franklin R. R., 1994; Eun C. S. Resnick B. G., 2004; Alex O. W., 1982). According to Ricardo, it is mutually beneficial for firms to produce and specialize in goods that they can produce most efficiently, with the least costs compared to other firms. Then, it is advisable for firms to trade goods among themselves, even if situated in different countries. For example, a firm in France produces wine most efficiently, whereas a firm in England produces textiles with the best efficiently. If they both specialize in their respective products and trade it with each other, the combined production of the two goods will be increased compared to if they choose to produce the products individually. Through international investment, MNCs can achieve economy of scale faster (Eun C. S. Resnick B. G., 2004). First, it can be done by spreading the R D expenditures and advertising costs over the global sales. Besides, firms can also pool their global purchasing power over the suppliers, thus enabling them to purchase raw material at lower prices. Technology can be used with minimal additional costs too. MNCs are also able to get cheaper labor compared with their parent company in certain countries. Nevertheless, there are also some arguments on the negative effects of firms international investments. Madura (2000) discussed that managements might be unfamiliar to foreign cultures when they expand internationally. These culture barriers may offset the gains from the international expansion. Management needs to know and understand foreign cultures, for instance, Germans only discuss business dealings in the meeting room, but never during meals. Furthermore, Jensen (1986) said in his free cash flow theory that managers may sometimes be involved in over-investing in some unprofitable foreign ventures in order to expand firms empire and obtain prestige. The investments will eventually shrink the value of the parent companies. In addition, MNCs are exposed to foreign exchange risk that they would not encounter in purely domestic transactions (Eun C. S. Resnick B. G., 2004). For example in December 1994, the Mexico peso depreciates drastically against US dollar. Consequently, the price of US imported goods will increase in Mexico as it needs more pesos to buy $1 US dollar. Similarly for Asian currency crisis 1997, if a US firm with major export market like Indonesia, Malaysia, or Thailand, the same difficult situation will occur. Another drawback from international investment is the political risk involved (Eun C. S. Resnick B. G., 2004). The risk arises from the changes in tax rules or inconsistency in policy implementations by foreign governments. For illustration, in 1992 Enron Development Corporation spent nearly $300 million on the project to build a largest power plant in India. However, it was then cancelled in 1995 by the politicians. This showed how difficult it is to maintain contracts and investments in foreign countries under the influence of politics. Malaysians MNCs Performance There are three forms of foreign investments: acquisitions and joint venture with existing companies in foreign countries, and opening new subsidiaries in foreign countries (Madura, 2000). To study the market reaction of Malaysians MNCS on international investment, this study focuses on Kuala Lumpur Stock Exchange (KLSE), one of the fastest developing and largest rising securities market in the Asia Pacific rim (Annuar and Shamsher, 1992). A survey has been conducted by Bala (1999) on 436 firms (as at October 1997) listed on KLSE to recognize MNCs originating from Malaysia. Eventually, he discovered 207 firms are actively involved in international investments. Appendix A shows spread of Malaysian MNCs Foreign Investments according to Region. Despite the negative effects on foreign investments discussed, Malaysian MNCs spread all over the world; carrying out international trades in countries such as United States, Europe, Australia and so on. From Bala (1999) survey, 17 firms are discovered to have more than 20 ongoing international investments overseas. Also, from appendix A, we discovered that North East Asia and the ASEAN countries received the most of Malaysians investments. The technology advancement of Malaysia had somehow deterred Malaysia firms from undertaking into western countries and competing with the firms with much sophisticated technologies in those countries (Lall, 1986). According to Bala (1999), Sime Darby has the most number of foreign investments, which are 110 foreign activities in 19 countries. The second place goes to Amsteel with 70 ongoing foreign investments, and thirdly is MBF Holding with 60 such activities. The number of MNCs in Malaysia has increased over the year, according to Annuar et. al (1996). In fact, any information about the investments overseas is publicized according to the KLSE listing requirement. Thus, the foreign investment news is relevant to the reactions on these announcements in Malaysian MNCs. A s shown by David and Qian (1997), firms anticipate positive returns on the foreign investments or else they will not involve in the activities. Therefore if the previous performance of Malaysia MNCs on investments overseas is good, it will encourage more of such investments. Moreover, if the stock price shows positive returns during the particular announcements dates, it directly means a positive reaction from the market. It also presented a good performance of Malaysias MNCs on such investments. A successful international investment will also increase firms profit; and thus generate wealth to the shareholders. Problem Statement The study focuses on the Malaysia Multinational Corporations (MNCs) listed at KLSE. Previous researches showed that International investments announcements by MNCs are significance to the market, some showed positive and some showed negative market reaction. There must be reasons for firms to invest overseas. If foreign investments do not produce preferable results for the company, there is no point for firms to go abroad. This paper will focus on determining the wealth effects on international investments announcements by Malaysia MNCs. Also, the capital size of MNCS (whether main or second board) will be investigated in the effectiveness to produce market reaction on their foreign investment announcements. Objectives of the Study This study is to determine the wealth effects of foreign investment announcements in developing market. Research Questions What are the wealth effects of foreign investment announcements in developing market? CHAPTER 2 LITERATURE REVIEW 2.1 Foreign Direct Investment (FDI) FDI is the investment that gives investor a controlling interest in foreign company and any way of increasing international business that requires a direct investment in foreign operations (Daniels, Radebaugh and Sullivan, 2007). Here, Madura (2006) states those foreign direct investors are not hoping to gain profit from foreign investments, but also consider expanding their businesses in foreign country and the exchange of operation and management skills. McManus (1975) however, finds FDI is possibly in industries with considerable interdependence among producers across nations to lessen transactions costs and to assure the internalization of the net ownership rents. According to Edward R. B. et. al. (1997), entry transactions are classified into three modes that we define as mergers and acquisitions, joint ventures, or subsidiary investments and plant expansions. However, Beamish Banks (1987) and Tang Yu (1990) state that traditional entry mode usually is on wholly owned subs idiaries. Besides, joint ventures may sometimes be preferred over wholly owned subsidiaries because the costs are much more easily controlled. According to Gomes-Casseres, B. (1990) on the other hand, firms entering foreign markets for productions prefer structures that minimize transaction costs of doing business. In contrast, actual ownership structures that arise ex post depend on the bargaining power of the entering firm relative to other existing firms and governments. Bhaumik and Gelb (2004) explain some advantages that MNCs will get from overseas acquisition. First, MNCs can reduce or eliminate the cost of gathering resources together to build a firm. Moreover, MNCs can gain knowledge about the local markets and institutions and the business relationships. Furthermore, it facilitates MNCs to keep their own management and operation skills and the control of their existing technology. Acquisitions also cause MNCs to bear the cost of integrating the production structure, orga nizational structure and corporate culture of the acquired firm into its own. Joint venture however, is pooling of assets in a common and separate organization by two or more firms who share common ownership and control over the use and returns of these assets (Kogut and Singh, 1988). In this entry mode, two parties agree to contribute their equity to form a new entity and undertake the economic activity together. Revenues, expenses and the control of the enterprise will be shared from business. 2.2 Factors of FDI Considerations Edward R. B. et. al., (1997) states some of the factors for foreign investments to occur. One of them is government nonmarket incentives that twist the normal functioning of local supply and demand patterns. Besides, non-governmental imperfections and situational factors also impact upon foreign firm entry decisions. Informational and distribution inefficient markets that fail to perform proper signaling and rationing functions and leading to foreign capital entry and exit behaviors also contribute to FDI activities. Bany and Fauzias (2006) however, urge that market reaction is different for developed and developing countries. It is because developed countries have higher skills of management and technology and stable economical and political conditions. Developing countries on the other hand, always refers to a country with lower capital, possesses lower technology level and lower standard of living. It becomes a competitive advantage for Malaysia MNCs to invest in developing c ountries due to the lower technology skills of the local companies. The business culture in developing countries is also similar to Malaysia, thus it is easier for Malaysia MNCs to compete successfully with local firms. It is statistically proved that the significant result on FDI announcements is only because of the technology advantage of Malaysia MNCs (Bany and Fauzias, 2006). It is also found that for international JV, the wealth gains are found to be influenced by the size of the firms; the smaller the firms, the higher the gains. Besides, industrial sector of the firm also affects wealth on international JV. In addition, unincorporated JV is also believed to provide higher gains on investments (Janakiramanan, Lamba Seneviratne, 2005). Nevertheless, there are risks to be considered before firms opt for FDI. Country risk is one of the considerations (Madura, 2006). There are two main country risks: political and financial risk. Political risk includes attitude of customer s in the host country, actions of host government, blockage of fund transfer, currency inconvertibility, war, bureaucracy, and corruption. Financial risk however, is the current and potential state of the countrys economy; for example interest rate, exchange rate, and inflation rate. Another type of problem is related to agencies, also called as dissemination risk; which is the main problem for international joint venture. Dissemination risk refers to the extent to which a firms intangible assets like marketing and production technology are likely to be mimicked by competitors (Edward R. B. et. al., 1997). In the context, JV can lead to a transfer of the intangible asset or technology owned by the MNC to the local partner, whether accidentally or intentionally (Bhaumik and Gelb, 2004). Always, acquisition and JV allow access to the firm-specific like assets in the host countries (Duarte Canal, 2002). Under this condition, the agency problem will occur and the relationship betwee n partners will dissolute within a relatively short period of time (Sinha, 2001). If dissemination risks are large, entering firms will choose to purchase wholly-owned subsidiaries, expand existing capacity, or acquire assets of local entities rather than contracting through joint ventures or licensing arrangements (Edward R. B. et. al., 1997). 2.3 The Wealth Effect of FDI Announcements There are various researches and studies on market reactions based on different announcements. For example Masulis (1980), Ball Brown and Finn (1977) on capital structure changes; Bradley, Desai and Kim (1988) on merger and acquisitions; Scholes (1972) on common stocks right issues; and Chan, Gau and Wang (1995) on business relocation. This paper will focus on the wealth effect of international investments announcements. Similarly in terms of technique, Annuar and Shamsher (1992, 1993) analyze the effects of stock splits and rights issues announcements on share prices in Malaysia. As a result, these announcements create reactions in the market and produce positive abnormal return to the investors. Thus, it is believed that foreign investment announcements are alike to those announcements and they will create market reactions. The market price should change upon the release of such information. In Malaysia, Bany and Fauzias (2006) proved that market react positively and significa nt to the shareholders on the foreign investment announcements. In US, Etabari (1993) prove that the reaction of US stock price towards 25 international joint ventures announcements between US firms and firms in Eastern and Central European countries reacted positively towards the announcements. Moreover, McConnell and Nantell (1985), Mohanram Nanda (1998), and Johnson Houston (1999) also show that stock price of US firms reacted positively towards the international JV announcements. Next, Lummer and McConnell (1990) verify that foreign joint ventures for US firms produce positive return as the joint ventures are viewed from value enhancement. It was also discovered that the stock price reacted positively significantly, especially when the venture partner is a foreign firm, as opposed to a foreign government. In addition, Cructchley, Guo, and Hansen (1991) find out that both the Japanese and the US market produce positive reaction when there is international cooperation anno uncement between firms from these two countries. Doukas and Travlos (1988) discover that US MNCs gain the most when they announce acquisitions in less developed countries. It is also verified that multinationals not already operating in the targets country benefit from their announcement acquisitions. Next in Australia, Janakiramanan, Lamba Seneviratne (2005) provided evidence that domestic and international JV in Australia brings positive abnormal return over a two-day announcement period. In India however, FDI announcements will bring significant positive impact to Indian MNCs in the short period. In the longer period, negative abnormal return will occur to both Indian Chinese MNCs, and it was statistically insignificant to Indian acquirers but statistically significant to Chinese acquirers (Cheng, Wickramanayake Sagaram, 2003). Shapiro (1996) explains that firms will gain from these international investments activities when countries are less than perfectly correlated. T his enables firms to reduce the variability of their earnings provided they have their investments in multiple countries. Additionally, firms will be able to increase market share by expanding internationally. Firms can achieve economies of scale faster by having bigger market. It is said that such investment announcements will result in higher stock returns as it could improve firms profitability. Anyway, there are studies showed some negative reactions on international investment announcements. Malhorta and Zhu (2006) attest that international acquisition announcements made by Indian firms create significant positive short-term, yet negative impact on shareholders wealth. In US, Markides and Ittner (1990) discover that investors reaction to US firms foreign ventures with foreign firms in Canada and the UK is negative and only joint ventures with firms in Continental Europe create positive wealth effect. Besides, Gleason Mathur (1998) conclude that shareholders of US banks expe rience significant negative excess returns when banks make international acquisition announcement, especially in developed countries. In Europe moreover, Fatemi and Furtada (1988) show that Germans foreign investments announcements are taken unfavorably by the market. In Korea, Kim (2003) sums that the FDI made by Korean MNCs in developed countries may not possess competitive advantages over local competitors. Firms are more likely to gain from FDI in developing countries than in advanced economies. Therefore Korean MNCs announcement effects of FDI in advanced countries are not statistically significant, while the announcement effects in developing countries are positive and statistically significant. Then, Feils Sahoo (2000) stress that local acquisitions will only bring negative wealth effect to the shareholders, but give positive wealth effect in international acquisitions. Moeller, Schlingemann Stulz (2002) however, discover that small firms are significantly better than large firms when they make acquisition announcements. Abnormal return associated with acquisition announcements for small firms exceed the abnormal return associated with acquisition announcements for large firms. In the free cash flow theory of Jensen (1986), manager may sometimes over-invest in some unprofitable projects that will eventually diminish the value of parent firms on such foreign investments. In addition, Madura (2000) suggests that when firms expand beyond their national borders, unfamiliarity to operate within a new set of national and corporate cultures create barriers that may offset the gain a firm might obtain from international expansion. 2.4 Testable Hypothesis From the above literature reviews, it is clear that different studies pointed out different views of FDI. In this paper however, the following hypothesis is constructed: H0: There is no significant result on wealth effect of international investment announcements. H1: There is significant result on wealth effect of international investment announcements. A successful FDI will increase the firms profits and shareholders wealth. Thus in this paper, the wealth effect of international investments announcements will be tested for the purpose. CHAPTER 3 RESEARCH METHODOLOGY The research method follows specifically with the literature review. Firstly, information and journals related are obtained using available sources like the library and internet. Then, data is collected from sample. Finally, data is analyzed and determinants are developed. 3.1 Literature Review Plenty of previous researches study on the impacts of foreign investment announcements on stock returns. It is assumed that market capital is sufficient and thus the price of securities is implicit and instantly adjusted to the public release of new information. Therefore, it is worthy to look into the wealth effect of international investment announcements for which the importance have been described in previous chapters. 3.2 Research Approach Deductive approach is performed in the research. First and foremost, hypothesis was developed. Then, a research strategy was designed to test the hypothesis. In this case, historical data will be used to test the particular hypothesis. 3.3 Research Method The research is carried out using quantitative method. Secondary data is used, which are share prices in Kuala Lumpur Stock Exchange (KLSE). The data is showed in quantitative form for the purpose of the study. The result calculated is used to determine the wealth effect of foreign direct investment announcements. 3.4 Data Collection and Sampling Stock prices of all MNCs are collected from KLSE. In the context, prices during the period of foreign investment announcements made are used for the purpose. Targeted period of the stock prices is 15 days before and after the announcements, which is 31 days all together. Historical two years of daily stock prices before 15 days of announcements also required for calculation of beta and alpha. Data needed is from 1999 to 2003 as the sample MNCs are from the year 2002. 3.5 Data Calculation The standard event-study methodology is used in this research to assess the impact of foreign investment announcements. The method is based on market model describe by Fama (1976). It is predicted in the model that a firms normal or expected return given the market return and the firm historical relationship to the market. For each firm, the following model is estimated: E= + + Where : E = Expected return on the security of firm I at time t; = return on the market portfolio at time t, proxied by the return on the KLCI and = parameters of the relationship between the return on the individual security and that of the market = residual of the relationship at time t The parameter alpha () and beta () are estimated for each security i over the period of two years prior to the announcement of the foreign investments. These parameters are then used to calculate the expected returns over the test period. The difference between the actual returns () and the exp ected returns for each day and for each firm are called abnormal returns ( ) and are calculated as follows: = ( + ) Here and are the estimated parameters a and b of firm i. The abnormal returns (AR) of each company stock are determined over the event period of 31 days (t = -15 to t = +15). On average, the expected abnormal returns are zero if announcements of direct foreign investments have no impact on stock prices. Besides, all of the firms abnormal return observations are cumulated to draw overall inferences for the event of interest. Average effects of the announcement are examined rather than study each firm separately, as other events are occurring and averaging across all firms should minimize the effect of these other events (Haugen 2001). For sample of N firms, a daily average abnormal return (AR) for each day t is obtained: = Then, to find out if there is an impact of foreign investment announcements on stock returns, which will produce a significant average daily abnormal return, the student t test statistic on any day t in the event window for all n stocks is created. t-statistic = ARt /  Ãƒâ€šÃ‚ ³ARt Where:  Ãƒâ€šÃ‚ ³Art = standard deviation of average abnormal return over the event period of ( t = -15 to t =+15) The expected returns and abnormal returns once the foreign investments announcements are made could be found by using these formulas. The daily average abnormal returns for all the sample stocks surrounding the announcements date should be statistically significant if there is an impact on the announcements. Significant figure on the t-statistic implies foreign investments announcements create market reaction, either positive or negative. CHAPTER 4 RESULTS AND FINDINGS 4.1 Overall Samples Table 4.1 and 4.2 show the average daily abnormal returns and the t-statistic value of the total of 39 samples of foreign investment announcements for the period -5 to +5 days. The data is separated into two main categories: main board (Table4.1) and second board (Table 4.2) in Kuala Lumpur Stock Exchange (KLSE). In table 4.1, the average daily abnormal returns on the announcement date is -0.00611 with t-value of -0.9957. Although it shows negative AAR; however, t-statistic value shows insignificant result of international investment announcements. Therefore, there is no significant result on wealth effect of international investments announcements for main board firms. Similarly for second board firms, there is no significant result due to t-value of 1.2448 on the declaration day; although the AAR shows positive returns of 0.015827. Nevertheless, the t-value is significant for main board firms one day before the announcements, which is 2.31657 (5% significant). It shows posi tive significant result (AAR = 0.01422) for main board firm on FDI announcements one day before the declarations. Table 4.3 and 4.4 show cumulative average daily abnormal returns and the t-statistic value of the total of 39 samples of foreign investment announcements for the period -5 to +5 days, for main and second board in KLSE. On the announcement date, table 4.3 shows positive significant result of 10% (t-value = 1.89556, CAR = 0.00994) on the announcement date of the foreign investments announcements by main board. Also, it shows 1% significant positive reactions one day before and after the announcement date, where t-value day-1 = 3.06119 (CAR = 0.01605), and t-value day+1 = 3.2631(CAR = 0.01711). Here, it is clear that international investment announcements create wealth for shareholders in main board firms as the capital size is larger compared with second board firms in KLSE. Next, according to table 4.4, there is positive result on second board firms of international investment announcements, with CAR of 0.06207 on the announcement date. However, the result is not significant as the t-value is only 1.118655 on the declaration day. In short, based on the results shown, international investment announcements create positive significant wealth effect for main board firms in KLSE. For second board firms however, the market does not react directly towards the foreign investment announcements. Table 4.1: Abnormal Returns for Main Board Firms around the Announcement Period Day Average AAR(MB) t-statistic -5 0.00430206 0.700734111 -4 0.000349879 0.056989531 -3 -0.004640331 -0.755832834 -2 -0.000652968 -0.106357667 -1 0.014222296 **2.316575605 0 -0.006113253 -0.99574731 1 0.007172176 1.168228197 2 -0.010167319 -1.656087215 3 -0.004847547 -0.789584843 4 0.001572231 0.256090239 5 0.005137838 0.836868386 Table 4.2: Abnormal Returns for Second Board Firms around the Announcement Period Day Average AAR(SB) t-statistic -5 -0.002991129 -0.235249704 -4 0.009798002 0.770604441 -3 0.015774312 1.240636036 -2 -0.011074279 -0.870982463 -1 -0.011236461 -0.883737983 0 0.015827438 1.244814334 1 -0.004076424 -0.320607209 2 0.006470196 0.508875316 3 -0.006550335 -0.51517817 4 -0.006590779 -0.518359104 5 -0.01347014 -1.059414881 Table 4.3: Cumulative Abnormal Returns for Main Board Firms around the Announcement Period Day Average CAR(MB) t-statistic -5 0.006775798 1.291961568 -4 0.007125678 1.358674105 -3 0.002485346 0.473888332 -2 0.001832378 0.349384942 -1 0.016054674 ***3.061192428 0 0.009941421 *1.895560275 1 0.017113597 ***3.263100347 2 0.006946278 1.324467437 3 0.002098731 0.400171211 4 0.003670961 0.699953107 5 0.008808799 1.679599939 Table 4.4: Cumulative Abnormal Returns for Second Board Firms around the Announcement Period Day Average CAR(SB) t-statistic -5 -0.044180765 -0.796216099 -4 0.059356685 1.069713206 -3 -0.027703464 -0.499265768 -2 0.056520099 1.018592874 -1 -0.044377754 -0.799766181 0 0.062072397 1.118655164 1 -0.033324767 -0.60057166 2 0.088021262 1.586299954 3 -0.04795838 -0.864295447 4 0.07506993 1.352893868 5 -0.068604031 -1.236366844 * Significant at 10% ** Significant at 5% *** Significant at 1% CHAPTER 5 DISCUSSIONS AND CONCLUSION 5.1 Discussions This research focuses on the analysis of wealth effect of international investment announcements in developing countries, specifically Malaysia. As the result shown, the abnormal return of main board securities shows significant positive result surrounding the announcement period. The result is consistent with the research done by Bany and Fauzias (2006) which proved that the abnormal return of the securities are significantly positive around the declaration date. It implies that the unexpected cross border investment announcements do contain new relevant information and market does react on it. Also, investors generally respond favorably to the foreign investment efforts of Malaysia firms listed at KLSE. This result is also consistent with Etabari (1993), Crutchchley et. al (1991), and Lummer and McConnell (1990). As the market responds positively towards Malaysia main board MNCs foreign investment announcements, there must be reasons for this phenomenon. One of the reasons is according to a report presented by David Qian (1997), which studied on Singapores multinational investments. David Qian (1997) say that Singapore is a small open economy, where the market becomes saturated as the economy matures. Competition among firms will be intensified and thus firms will go abroad to search for new market and opportunities in order to maintain competitiveness. Bala (1998) also suggests that market saturation will become predictable when industries slowly approaching the maturity stage. Thus, firms strategy to invest overseas seems appropriate as it may help firm to improve competitiveness and profitability. Investors therefore, will predict positive sign on this type of announcements. Another point is regarding the investors perception on the ability of firms to perform in foreign investments. As main board is always meant for more established companies and second board for relatively smaller companies; investors perceive main board firms to have higher ab ility in handling overseas investments. As stated in Annual PNS Entrepreneurs Gathering PWTC (2001), one of the quantitative requirements of main board firms is an uninterrupted profit record of 3 or 5 years RM30 million aggregate profit after tax; but only an uninterrupted profit record of 3 or 5 years RM12 million aggregate profit after tax for second board. Here, the larger capital size of main board firms makes the market to be more confident and optimistic on overseas investments announced by main board firms rather than second board. Investors anticipate the share price to have positive respond around the declaration and thus they will act based on their expectation. Similarly, the result shows that there is no significant wealth effect on second board international investment announcements. It implies that there is no market reaction due to the announcements of second board firms investments overseas. Market thinks that there will be no positive or negative effect on inter national investments by second board firms. Thus, they will do nothing on the announcements. Moreover, it also implies that there is no new information contained in the announcements. The trend may be explained by Madura (2000) that when firms expand beyond their national borders, unfamiliarity to operate within a new set of national and corporate cultures create barriers that may offset the gain a firm might obtain from international expansion. Investors perceive that to invest for such announcements are risky. 5.2 Conclusion This study is to determine the wealth effect of international investment announcements in developing market. The market reaction followed by international investment announcements made was tested using the historical share price from KLSE (1999-2003). The result shows that there is positive significant result of main board firms foreign investment announcements, with a significant level of 10% on the announcement day. However, there is no significant effect on the shareholders wealth for second board firms announcements. The result is consistent with the hypothesis proposed, where there is significant result on wealth effect of international investment announcements. H0 is rejected and H1 is accepted. In short, Malaysian MNCs international investment announcements create shareholders wealth confirming the findings of Bany and Fauzias (2006). Anyway, it is only true for main board firms but not the second board. 5.3 Recommendations In general, this study enhances the literature of market reaction on Malaysia stock market by examining on the foreign investment announcements. Also, this paper verifies previous foreign investment studies, which have found that such firms cross border investments create favorable wealth effects. In fact, this study generates plenty of interesting issues to be addressed in the future. Firstly, this study can be extended to examine the abnormal return based on the level of development of the target country. For example, Ueng et. al. (2000), Doukas Travlos (1988), and Bany Fauzias (2006) proved that the foreign investments in developed countries generate higher positive returns for their shareholder than those investments into developing countries. Furthermore, a study can also be conducted to examine if the abnormal return formed based on the announcements by Malaysia MNCs which may be related to the relative strength of Malaysia currency (RM). Model study included Mathur, Rangan, Chachi, and Sundaram (1994) which find that a decline in the value of the US dollar is associated with more favorable abnormal returns to foreign investors to pursue US investments. The decline in US dollar lowers the cost of investments to foreign investors, and therefore the foreign investments is perceived to be positive as lower cost guarantees higher returns. The same theory can be applied to Malaysia, where a relatively stronger currency of RM compared with other country enables local investors to gain more and vice versa. Next, a study to determine the preferable mode of entry of international investments (Joint Venture, acquisition, or Greenfield) can be constructed. There are a number of studies focus on a particular mode of entry, like Etabari (1993), McConnell and Nantell (1985), Mohanram Nanda (1998), and Lummer and McConnell (1990) verify a positive significant result on the abnormal return based on international Joint Venture investments. There are few rese arches that look into the most preferred mode of entry for direct foreign investments. Therefore, this kind of study will help international investors to figure out the most beneficial mode of overseas investments.