...Case: American Barrick Resources Corporation American Barrick’s revenue consists to 100 per cent of gold sales, and is thus very sensitive to price changes in the gold price. In order to manage this risk the company runs an extensive hedging program. American Barrick’s strategy is to continue to grow through acquisitions overseas in the coming year whilst maintaining a flexible organization with low debt. In 1992, the gold prices were low and had declined since 1987. However, I believe that this was going to turn around in the coming years. One factor that drives the prices is the inflation – when investors expect their money to be worth less they invest in safer assets such as gold and the increasing demand of course results in higher prices. Since the interest rates were low in 1992, it encouraged people to consume which could eventually lead to inflation and thus increased gold prices. The primary gold buyers are jewelry producers. The world population at this time was becoming wealthier, and hence, the demand for jewelry should increase which would also result in rising gold prices. Another factor that would drive up the prices was the political instability in South Africa and Russia. Although I believe in a strengthened gold price in the long term, there are several evidences for a more volatile short term market presented in the case. The competitive advantage in the gold industry is based on the production cost. American Barrick is well positioned regarding cost/ounce...
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...Harvard Business School 9-293-128 Rev. October 6, 1995 American Barrick Resources Corporation: Managing Gold Price Risk During 1992 the financial team of Toronto-based American Barrick Resources Corporation, one of the world’s fastest growing and most financially successful gold-mining concerns, met regularly to review strategic and tactical issues related to managing the firm’s exposure to gold price risk. Many major gold mines prided themselves on hedging none of the price risk of their output. If unhedged, a gold mine’s sole output, and hence its profits, cash flows, and stock price, were tied to gyrations in the price of gold. However, American Barrick had in place a gold-hedging program that was an integral and much publicized part of the firm’s corporate strategy. In an environment of falling gold prices, the firm’s hedge position had allowed it to profit handsomely and to sell its commodity output at prices well above market rates. For example, in 1992, American Barrick produced and sold over 1,280,000 ounces of gold at an average price of $422 per ounce, while the market price was about $345 per ounce.1 American Barrick’s gold-hedging program, and indeed all the corporate finance and treasury functions of the $4 billion market capitalization enterprise, were managed by a trio of relatively young but experienced financial executives: Gregory Wilkins (executive vice president and chief financial officer), Robert Wickham (vice president, finance), and Randall Oliphant...
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...Canadian mining- Impact of cost inflation and volatility and the road ahead Introduction With a 9.8% share of Canada’s GDP, the mining sector is critical to the future of the Canadian economy (Deloitte Report). Unfortunately, rising cost inflation, unprecedented volatility in commodity and energy prices and a strong Canadian dollar have negatively impacted the performance of this sector over the last year. This report seeks to uncover the drivers behind cost inflation and evaluate the hedging strategies utilized by Canadian companies to mitigate volatility through a case study of Barrick Gold. We will also examine the impact of tightening margins on the capital expenditure decisions of this company. Part 1: Cost Inflation Cost inflation in the mining industry has been driven by increases in both Operational expenses and Capital expenditures. Operational expenses have been driven by three factors 1) Wage Increases 2) Energy Costs and 3) Supply cost increases. Wages in this industry have increased dramatically over the past 10 years and the Canadian mining industry now boasts the highest wages of all industrial sectors in Canada. The average weekly pay for a mining worker in 2011 was $1,436, which surpassed the earnings of workers in forestry, manufacturing, finance and construction by 47%, 46%, 35% and 32% respectively (DELOITTE REPORT) Source: Mining Association of Canada – 2012 Facts & Figures Report http://www.mining.ca/www/media_lib/MAC_Documents/P...
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...9/18/2015 9/18/2015 Stephane Ludovic Marie ID:11300880 Stephane Ludovic Marie ID:11300880 MGT200 Assignment 3 MGT200 Assignment 3 Contents Introduction 2 Personality 2 Personality determinants 2 Personality Related theories 3 Five Key Factor Model 3 Hypothesis 3 Conclusion 3 Reference List 3 Introduction For many decades, there has been an ongoing debate about the usefulness and validity of personality measures in selection contexts. While some authors believe that those instruments lack validity, others recommend their use as a selection instrument. There is plenty of literature available on this topic, but it is fairly controversial (Alvesson 2002). For the purpose of this report; job performance concerns the attitudes, information and skills that are desired to facilitate one to perform the tasks listed in the job description by the organization; of which task performance includes one’s behaviour that involves in the conversion of organizational resources into finished goods and services. Organizations worldwide use performance appraisal as a means to ensure the job performance of workers, moreover personality measures recently have received considerable attention in the employee selection process since personality of an individual is closely linked with the process of job or work performance. The relationship between personality and the level of job performance is dependent on the environment in which he/she is working (Alvesson 2002). It is...
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...Human Resource Management Review 16 (2006) 155 – 180 www.socscinet.com/bam/humres The use of personality measures in personnel selection: What does current research support?☆ Mitchell G. Rothstein a,⁎, Richard D. Goffin b a Richard Ivey School of Business, University of Western Ontario, London, Ontario, Canada, N6A 3K7 b Department of Psychology, University of Western Ontario, Canada Abstract With an eye toward research and practice, this article reviews and evaluates main trends that have contributed to the increasing use of personality assessment in personnel selection. Research on the ability of personality to predict job performance is covered, including the Five Factor Model of personality versus narrow personality measures, meta-analyses of personality–criterion relationships, moderator effects, mediator effects, and incremental validity of personality over other selection testing methods. Personality and team performance is also covered. Main trends in contemporary research on the extent to which applicant “faking” of personality tests poses a serious threat are explicated, as are promising approaches for contending with applicant faking such as the “faking warning” and the forced-choice method of personality assessment. Finally, internet-based assessment of personality and computer adaptive personality testing are synopsized. © 2006 Elsevier Inc. All rights reserved. Keywords: Personality assessment; Personnel selection; Five factor model; Personality and job...
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...Introduction People are social beings. Our acquaintances beget both benefits and consequences. Interpersonal conflict arising from supervisors, colleagues, and client interactions is a form of stress commonly found at work (Kuhns, 2008). Recently, increasing interest has sparked research towards abusive supervision and its negative consequences. Empirical research has found that abusive supervision leads to increased turnover, less favorable attitudes, increased conflict between relationships, and lower in-role and extra-role behaviors (Tepper, 2000). Abusive supervision is a “subordinate’s perception of the extent to which their supervisors engage in the sustained display of hostile verbal and nonverbal behaviors, excluding physical contact” (Tepper, 2000, p. 178). It is considered a form of counterproductive workplace behavior which is opposite to the organization’s interests (Hoobler & Brass, 2006). Abusive supervision is perceptual in nature and based on an individual’s subjective assessment (Tepper, 2001). That is, some individuals may view their supervisor’s behavior as abusive in one situation and non abusive in another. Furthermore, two subordinates may differ in their assessment of a common supervisor’s actions. When confronted with abusive supervisory behaviors, subordinates may be unwilling to admit that they have experienced abusive supervision by their supervisors, while others may exaggerate their supervisor’s hostility. Abusive supervision...
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...Personality and Individual Differences 47 (2009) 675–684 Contents lists available at ScienceDirect Personality and Individual Differences journal homepage: www.elsevier.com/locate/paid Review Personality, values, and motivation Laura Parks a,*, Russell P. Guay b,1 a b James Madison University, Harrisonburg, VA 22807, United States University of Iowa, Iowa City, IA 52242, United States a r t i c l e i n f o Article history: Received 12 November 2008 Received in revised form 19 May 2009 Accepted 1 June 2009 Available online 26 June 2009 a b s t r a c t In this manuscript we review the constructs of personality and values, clarifying how they are related and how they are distinct. We then relate that understanding to motivation, and propose that personality and values have different influences on different motivational processes. We present a model in which personality and values influence motivation via the motivational processes of goal content and goal striving. Ó 2009 Elsevier Ltd. All rights reserved. Keywords: Personality Values Motivation Goals 1. Personality, values, and motivation 2. Personality Since 1937, when Allport recommended the exclusion of evaluative traits when investigating personality, the constructs of personality and values have rarely been studied together. However, both are expected to influence a variety of behavioral outcomes, and so it seems evident that we should consider both in examining the impact...
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...FI 8320, Spring 2005 Cases and Readings in Corporate Finance [pic] [pic] [pic] [pic] Instructor Professor David C. Nachman Office: RCB 1239 Phone: 651-1696 email: dnachman@gsu.edu Office Hours: W 10:00 am – 2:00 pm, or by appointment Prerequisites FI 8000 CSP: 1, 2, 6 Course Description This course focuses on financial policy-making through case analyses, contemporary readings from the professional literature, and problem solving. The emphasis in the course is on investment and financing decisions and their impact on firm value and on capital market imperfections and their impact on the raising of corporate capital. The course also provides an opportunity for the study of additional topics of special current significance such as capital structure and dividend policy, corporate restructuring and the market for corporate control, real options, risk management, international capital budgeting and financing, financial planning and working capital management, project financing, reorganizations and advanced equity valuation. Course Material Required text material • (BMA) R. A. Brealey, S. C. Myers and F. Allen, Principles of Corporate Finance, 8th ed., McGraw- Hill/Irwin, Inc., 2006. •(RP) Reading Packet •(CP) Case Packet The required text (BMA) and the materials that make up the Case Packet (CP) are available at the GSU Book Store. The Reading Packet (RP) is available at ERes. Contents of (CP) and (RP) (with ERes access instructions) follow...
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...FI 4320, Spring 2005 Cases and Readings in Corporate Finance [pic] [pic] [pic] [pic] Instructor Professor David C. Nachman Office: RCB 1239 Phone: 651-1696 email: dnachman@gsu.edu Office Hours: W 10:00 am – 2:00 pm, or by appointment Prerequisites FI 4000 CSP: 1, 2, 4, 6 Course Description This course focuses on financial policy-making through case analyses, contemporary readings from the professional literature, and problem solving. The emphasis in the course is on investment and financing decisions and their impact on firm value and on capital market imperfections and their impact on the raising of corporate capital. The course also provides an opportunity for the study of additional topics of special current significance such as capital structure and dividend policy, corporate restructuring and the market for corporate control, real options, risk management, international capital budgeting and financing, financial planning and working capital management, project financing, reorganizations and advanced equity valuation. Course Material Required text material • (BMA) R. A. Brealey, S. C. Myers and F. Allen, Principles of Corporate Finance, 8th ed., McGraw- Hill/Irwin, Inc., 2006. •(RP) Reading Packet •(CP) Case Packet The required text (BMA) and the materials that make up the Case Packet (CP) are available at the GSU Book Store. The Reading Packet (RP) is available at ERes. Contents of (CP) and (RP) (with ERes access instructions)...
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...Personality and Individual Differences 47 (2009) 675–684 Contents lists available at ScienceDirect Personality and Individual Differences journal homepage: www.elsevier.com/locate/paid Review Personality, values, and motivation Laura Parks a,*, Russell P. Guay b,1 a b James Madison University, Harrisonburg, VA 22807, United States University of Iowa, Iowa City, IA 52242, United States a r t i c l e i n f o a b s t r a c t In this manuscript we review the constructs of personality and values, clarifying how they are related and how they are distinct. We then relate that understanding to motivation, and propose that personality and values have different influences on different motivational processes. We present a model in which personality and values influence motivation via the motivational processes of goal content and goal striving. Ó 2009 Elsevier Ltd. All rights reserved. Article history: Received 12 November 2008 Received in revised form 19 May 2009 Accepted 1 June 2009 Available online 26 June 2009 Keywords: Personality Values Motivation Goals 1. Personality, values, and motivation Since 1937, when Allport recommended the exclusion of evaluative traits when investigating personality, the constructs of personality and values have rarely been studied together. However, both are expected to influence a variety of behavioral outcomes, and so it seems evident that we should consider both in examining the impact of individual differences on behavior...
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...In psychology, personality traits could be explained from many aspects, and one of them describes personality traits as categorizations of people’s particular characteristics (Burger, 1997) while others hold opposite ideas that personalities are more unique and different for each individual depending on his or her peculiar life experience. The former idea relates itself to nomothetic approach, which is a quantitative approach that studies personalities that people share in common to find out a general law that applies to everyone. The nomothetic approach suggests that people show universal traits and that personality traits are consistent within humans. Gordan Allport first brought up this approach to understand personality in 1930s, and after that, many theories has been conducted from it. Individual’s personality indicates behaviour, thus the accuracy of the indication of individual’s personality and behaviour in nomothetic approach decides the validity and effectiveness of the approach. Thus the statement that “ the nomothetic approach is the most effective way to understand an individual’s personality” can be critically evaluated by testing the validity of predictions of the theories. As mentioned above, there are two commonly accepted approaches to understand individual’s personality. The idea that people’s personalities are unique brings the idiographic approach that investigates individuals in personal and in-depth details. According to idiographic approach, each person’s...
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...groups use Belbin’s team role model for formation of teams (LoBue 2002). The popularity of the model can be judged from its being translated into 16 languages (Aritzeta, Swailes, and Senior 2007). Researchers have established that there exists a positive connection between team role balance and perceived and actual performance but it has also been criticised for the “vague and inconsistent” nature of the questions and lack of theoretical derivation (Blenkinsop and Maddison 2007). However, my opinion on using Belbin’s model for group formation and the resultant performance thereof is based on my personal experience of working in a group formed with the help of Belbin’s model and it shall be explained explicitly as well as implicitly, in some cases, in the following parts of the report. My group ROPLANT was formed by ourselves based on our complementary team roles that we discovered about ourselves after completion of Belbin’s team role questionnaire. The following are the members ROPLANT, who presented on “Leadership”, their nationality, professional background and...
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...Objective & Learning Outcome: This course gives students a working knowledge of derivative instruments and their applications in managing various types of financial risks. While doing so, students would understand the organizational aspects of those risk functions and their roles & responsibilities. The emphasis is on mechanics, properties and valuation of forwards, futures, options and swap instruments. In covering these instruments, cases, examples and notes would be sought from markets so as to provide a holistic view of the financial market structure i.e., currency, fixed income, equity and money markets. Cases discussed in the class would be contemporary in nature drawn from international experience. Pre-requisites: Students are advised to be through with Financial Management I, Financial Management II and Quantitative Methods. Students are expected to go through all the reading prescribed before every class and make a meaningful contribution through active class participation. The course is delivered through a combination of case discussions, problem solving, real life risk reports and simulation. The course would have an analytical and numerical flavor and hence students are required to bring their calculators/laptops to every class. Text Book: 1. Hull, John C. & Basu, S., Options, Futures, and Other Derivatives, 7th Edison, Prentice-Hall of India, 2008. (JCH) Suggested Text/References: Dubofsky, David A., Derivatives : Valuation and Risk Management...
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...! ! ! Group Project: Ethics of the Mining Industry Group 4 Business Ethics 04-71-300-02 Professor Singh Date submitted: March 19th, 2014 ! ! ! ! ! ! ! ! ! ! ! ! ! !1 Executive Summary This report assesses the global mining industry from a business perspective. Firstly, it begins with the history of mining across the globe and the structure of the mining industry. It then analyzes the impacts of the mining industry globally. Lastly, it addresses the issues surrounding our land—the Canadian mining industry. The research shows that the history of mining goes as far as the Neolithic era. The mining value chain presented demonstrates the formation of a mining company to the extraction of the natural resources. Further investigation shows that the mining structure is an oligopoly. Methods of analysis include an environmental analysis using PEST and a stakeholder map, which focus on the performance of a world-renowned mining company TransAlta. The finding is that management’s role is to have efficiency and productivity while maintaining ethical practices. Ethical theories are then used to look at the social, environmental and economical impacts of the Canadian industry. It is concluded that each ethical theory presents a favorable solution to each impact. Social corporate responsibility is evaluated in the last ten years in Canada and around the globe. It is found that the industry has become one of the most safety-conscious industries within Canada. The companies still...
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...1. Executive Summary The key factor for success of any organization lies in the performance of their employees. As organisations grow and mature, managements try to adopt measures to improve the performance of their employees and a lot of questions arise on the best way to go about. Managing Director of Green Curve Interiors, an established interior design and build company, aims to implement an organizational behaviour aimed at ensuring improved job performance of their employees. This paper tries to answer one of his question, ”How does personality affect job performance among various occupational groups?”, by investigating the relation of the “Big Five” personality dimensions (Extraversion, Agreeableness, Conscientiousness, Neuroticism and Openness) to job performance for three occupational groups (Mangers, Skilled Workers and Sales). Office based employees at Green Curve Interiors were administered a widely acknowledged Big Five personality online test to obtain their personality trait score. Regression line and scatter charts were the tools used in our study to find the relation between the results of personality test score and job performance ratings. In our study we categorised green curve employees according to their occupational groups. From our analysis we found that conscientiousness was the best predictor for overall job performance among different occupational groups. We also found that extraversion and openness traits did not predict overall job performance, but...
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