...leadership. We often hear about one’s skills to lead from the front or lead by example. Such leadership behaviors are only possible if the golden rules of ethics are strictly adhered to. An ethical leadership encourages living the values of institutional beliefs. It helps in developing brand loyalty, productivity and a healthy work environment. Over the past several years, I’ve been lucky enough to experience and thrive under a leadership that knows, respects and honors the virtues of ethical behavior. It would have been hard for us, as employees of Chevy Chase Bank, to endure the stress and strain of merger with Capital One Bank, were we not blessed with effective leadership. Our leadership’s ‘business as usual’ approach helped us to keep move and wade through the murky and muddy waters of the corporate rigmarole. Almost a year and a half after the merger, looking back, one can safely say that the ethical behavior demonstrated by our leadership is what helped us keep our jobs and survive the tests of...
Words: 253 - Pages: 2
...There is a policy at Capital One Labs in Arlington that if a team needs more than two pizzas for dinner, the group is probably too big. Staying small has been a top priority for the 2½-year-old technology incubator, a spinoff of the McLean-based financial services giant. Unlike its much larger parent company, Capital One Financial Corp., Labs operates much like a startup — albeit a well-funded one — in an office dotted with beanbag chairs, throw pillows and an arcade machine built by employees. Keeping teams small allows Capital One Labs to be nimble and move quickly. The company’s recent mobile wallet was born out of Capital One Labs, as was its recent partnership with Apple Pay. About 50 employees work on a dozen projects at any given time. Banks and credit unions are reinventing themselves as quasi-technology companies, coming up with new branch prototypes, payment systems and security protocols. With cybersecurity breaches becoming a major concern that costs the industry hundreds of millions of dollars, executives say the need to keep up with the latest technology has become not only important, but also vital. PNC this year opened new “universal branches” in Rosslyn and Washington’s Tenleytown neighborhood, where teller lines have been replaced by tablet-toting employees. Wells Fargo, which is experimenting with applications for Google Glass, has taken similar measures, picking the District of Columbia for its first high-tech locations. Even smaller...
Words: 579 - Pages: 3
...Capital One is a diversified bank that offers a broad array of financial products and services to consumers, small businesses and commercial clients. A Fortune 500 company, Capital One has one of the most widely recognized brands in America. As oneRichard D. Fairbank is founder, Chairman and Chief Executive Officer of Capital One® Financial Corporation. Capital One, headquartered in McLean, Virginia, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Mr. Fairbank founded Capital One in 1988 based on his belief that the power of information, technology, testing and great people could be combined to bring highly customized financial products directly to consumers. Since then, Capital One has emerged as one of the America's largest consumer franchises with approximately 45 million customer accounts and one of the nation's most recognized brands. As one of the nation’s top 10 largest banks based on deposits, Capital One, N.A. and Chevy Chase Bank, F.S.B. have approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Question 1: Identify and describe the key environmental forces that have immediate strategic implications for Capital One. Capital One has become a strong leader in the financial world since its start as a public credit card company in 1994 through with strategic growth and diversification. I feel the key environmental forces...
Words: 1530 - Pages: 7
...Lunchables, and pudding cups, and all you do is swipe a piece of plastic through a machine? “It’s like, the bank gives the money to the store, then the bank sends me a bill, and ... well, it’s kinda complicated.” If you think that’s tough, try to see your credit card the way Richard D. Fairbank does. To the founder and CEO of Capital One Financial Corp., that slab of plastic is the key to an information machine—a machine fueled by data on who you are, what sort of people you live among, whether you’ll carry a balance or avoid finance charges at all costs. This data machine may offer the closest thing ever invented to perpetual motion, because the more you use the card, the more data it produces. The machine takes your bytes, combines them with transactions by millions of other cardholders—and before long, it can pinpoint what you’re likely to buy next, whether you’ll respond to a pitch for long-distance telephone service, and how likely you are to sign up for Internet banking. Fairbank, MBA ’81, built that data machine—and revolutionized the credit industry. Before Fairbank, all credit cards cost the same: 19.8% annual percentage rate, $20 fee. Before Fairbank, no one had ever heard of teaser rates, “superprime” cards charging just 9.9% interest, or credit cards printed with your kids’ pictures. Since Fairbank—to be precise, since October 1991 when he rolled out the first cards to break the plastic price barrier—credit cards have become hotly competitive, customized products with thousands...
Words: 3414 - Pages: 14
...Lunchables, and pudding cups, and all you do is swipe a piece of plastic through a machine? “It’s like, the bank gives the money to the store, then the bank sends me a bill, and ... well, it’s kinda complicated.” If you think that’s tough, try to see your credit card the way Richard D. Fairbank does. To the founder and CEO of Capital One Financial Corp., that slab of plastic is the key to an information machine—a machine fueled by data on who you are, what sort of people you live among, whether you’ll carry a balance or avoid finance charges at all costs. This data machine may offer the closest thing ever invented to perpetual motion, because the more you use the card, the more data it produces. The machine takes your bytes, combines them with transactions by millions of other cardholders—and before long, it can pinpoint what you’re likely to buy next, whether you’ll respond to a pitch for long-distance telephone service, and how likely you are to sign up for Internet banking. Fairbank, built that data machine—and revolutionized the credit industry. Before Fairbank, all credit cards cost the same: 19.8% annual percentage rate, $20 fee. Before Fairbank, no one had ever heard of teaser rates, “superprime” cards charging just 9.9% interest, or credit cards printed with your kids’ pictures. Since Fairbank—to be precise, since October 1991 when he rolled out the first cards to break the plastic price barrier—credit cards have become hotly competitive, customized products with thousands...
Words: 737 - Pages: 3
...the Final Project Research Paper is to examine capital-structure theory, issues, and debates, while showing how capital-structure choices affect a firm’s return on investment (ROI) and its risk profile. Directions Your Assignment is to select a publicly-held company and to analyze its capital structure, applying the theories and principles found in Chapter 15 of the text. The structure of your research paper should include: • A preview of capital structure issues • Business and financial risks related to capital structure • Modigliani and Miller’s [MM] capital-structure theory • Criticisms of the MM model and assumptions • Capital structure evidence and implications • Estimating the firm’s optimal capital structure A firm’s optimal capital-structure is that mix of debt and equity that maximizes the stock price. At any point in time, management has a specific target capital structure in mind, presumably the optimal one, though this target may change over time. For example, financial management may choose a 50% equity financing [stock] and 50% debt [bond] financing. Several factors influence a firms’ capital structure, including: • Business risk • Tax position • The need for financial flexibility • Managerial conservativeness • Growth opportunities Business risk is the riskiness inherent in the firm’s operations if it uses no debt. This report is intended to be a capital structure analysis of your selected public company. Your paper is intended to be an executive...
Words: 637 - Pages: 3
...Institutions matter for attracting foreign direct investment? Academic literature review 1.1 The position of FDI in international capital flows Vast research is focused on financial liberalization and capital inflows as a consequence of it. The main findings were that capital inflows volatility is more severe in developing countries than in developed ones, and that this cannot be explained by the level of changes in fundamentals (Broner et al. (2005)). Because of the existing global economy, small negative shocks in one country will lead to asset pricing deterioration worldwide and the total effect would be relatively large; international capital flows are the most significant reason of these changes (Mendoza et al. (2010)). Most of the studies doubt that foreign capital flows are a reliable platform for the development of emerging economies. However, Foreign Direct Investment (FDI) is claimed to be of a different nature. According to the definition given by the World Bank, it consists of an acquisition of ten percent or more of voting stock (it might be equity capital, significant intercompany borrowing and lending, or earnings reinvestment). Lipsey (2001), in his historical study of 3 financial crises –(Eastern Asian, Mexican and Latin American), proved that FDI is more resilient to downturns in economic conditions than other forms of foreign capital. Moreover, Makki et al. (2004) found a significant positive effect on internal investment and economic growth from FDI. That is...
Words: 1385 - Pages: 6
...University of Phoenix. All rights reserved. Course Description This course addresses advanced principles in financial management and decision making. Emphasis is placed on providing relevant theory, best practices, and skills to effectively manage risk, time value of money, working capital, capital structure, the regulatory environment, and evolving issues in financial management. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Gitman, L. J. (2009). Principles of managerial finance (12th ed.). Boston, MA: Pearson Addison Wesley. All electronic materials are available on the student website. |Week One: Financial Risk Management...
Words: 1792 - Pages: 8
...today’s economics, government effects by policies, exchange rate and capital mobility are key factors of today’s macroeconomics. Today’s economists are also discussing that situation deliberately to show the importance of that to the world. For instance, if we discuss the centre countries’ monetary policies, we can easily show that in the international trade monetary policy becomes more valuable for them than other countries. In addition to this, floating exchange rate regimes and sustainability of exchange rate are further important discussions to focus. Therefore, monetary policies and their effects on world are strictly connected each other which can be easily analysed thus far. In my response paper, I will give the analysis of the two paper; Helene Rey’s Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence (2013) and Obsfeltd, Shambaugh and Taylor’s The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies and Capital Mobility (2004). Firstly, I will give the summary of this two papers and secondly, argue and compare two papers. At final, I will discuss the important points at my point of view. Summary of two papers; Dilemma and Trilemma First of all, “impossible trinity” aka “trilemma” had a great impact in macroeconomics. So many economists are still discussing its importance and writing papers about its importance. In Obstfeld, Shambaugh and Taylor’s paper (2004), they analyse the trilemma’s perspective and carry that in macroeconomic...
Words: 1006 - Pages: 5
...Proposal for Research On Capital Structure Determinants of the Pharmaceutical Companies in Bangladesh: A study in Incepta pharmaceutical Company Limited. Mirpur Cantonment, Dhaka-1216 Proposal for Research On Capital Structure Determinants of the Pharmaceutical Companies in Bangladesh: A study in Incepta pharmaceutical Company Limited. Prepared for Md. Sawkat Ali Lieutenant Colonel Internship Supervisor Faculty of Business Studies Prepared by |Ronald Halder | |ID – M 0910013 | |M.B.A 10th batch | Mirpur Cantonment, Dhaka-1216 September 19, 2010 December 19, 2010 Md. Sawkat Ali Lieutenant Colonel Internship Supervisor Faculty of Business Studies Bangladesh University of Professionals Mirpur Cantonment, Dhaka-1216. Dear Sir: Subject: Submission of Proposal for research on “Capital Structure Determinants of the Pharmaceutical Companies in Bangladesh: A study in Incepta pharmaceutical Company Limited”. Here I developed a proposal on “Capital Structure Determinants of the Pharmaceutical Companies in Bangladesh: A study in Incepta pharmaceutical Company Limited”. The proposal will focus on the steps of research through several variables. The main findings of the research will be to find out the determinants of capital structure and find the most vital one through statistical analysis and interpretation. I highly appreciate you for creating such opportunity...
Words: 1914 - Pages: 8
...Name, City, Country w.a.white@company.com.au, b.c.black@university.edu.au Abstract These short guidelines illustrate the formatting of the DELTA Symposium paper and provide a template for each of the components. Included are layout information (margins etc), font and paragraphs, etc. Styles are supplied in the Word version of the template. Keywords: format, layout, fonts, tables, figures, references Introduction Authors are responsible for the quality of their paper and are kindly requested to strictly observe the following guidelines for the preparation and delivery of their camera-ready manuscripts. This will ensure that the proceedings has a consistent look from one paper to the next. We would ask you to assist us by following this template. Papers that do not adhere to these instructions may not be published. All submissions should be made electronically through the DELTA website http://www.ece.ust.hk/delta2008. In submitting an abstract the authors agree that, upon acceptance, they will prepare the final manuscript in time for the inclusion into the formal IEEE Computer Society published proceedings, and will present the paper at the Workshop. Final manuscripts will not be published without advance registration. Manuscripts will be peer-reviewed by the Program Committee. While the paper may contain colour illustrations and images, it should be noted that the printed proceedings will be in black and white. It is the authors’ responsibility to ensure...
Words: 2724 - Pages: 11
...rapidly, is the ultimate competitive advantage. Jack Welch. Human Capital Theory (HCT) purports that peoples learning capacity when effectively utilised results in profitability for the individual, organisation and society at large. It underlines or seeks to explain why Human Resource Development (HRD) is beneficial not only for the individual, but for the firm and the macro-economy. The extent to which firms undertake training is important in establishing the amount of support for human capital theory. During 2001 – 2002, the Australian Bureau of Statistics reported 81% of all Australian employers provided some training for their employees. Of all employers, 79% provided unplanned or on-the-job training while 41% provided structured or specified content training. These statistics are evidence of employers approach in that training is seen as a necessity; but does management d understand the link between training and improved performance outcomes? Capital is a product that yields returns. Traditionally we associate this with investment funds, land or equipment. Taylorism emerged in the 1890’s and focused on applying science to the engineering process with a view to driving efficiencies by way of increasing productivity by refining processes or reducing inefficiencies via reduced wastage. It was not until the 1950’s that consideration was given that workers contributions could be recognised as capital. The fundamental principle underpinning HCT is the belief that peoples’...
Words: 2835 - Pages: 12
...Common Problems in Capital Structure Research: The FinancialDebt-To-Asset Ratio and Issuing Activity Versus Leverage Changes IVO WELCH Brown University, RI and NBER ABSTRACT This paper points out two common problems in capital structure research. First, although it is not clear whether non-financial liabilities should be considered debt, they should never be considered as equity. Yet, the common financial-debt-to-asset ratio (FD/AT) measure of leverage commits this mistake. Thus, research on increases in FD/AT explains, at least in part, decreases in non-financial liabilities. Future research should avoid FD/AT altogether. The paper also quantifies the components of the balance sheet of large publicly traded corporations and discusses the role of cash in measuring leverage ratios. Second, equity-issuing activity should not be viewed as equivalent to capital structure changes. Empirically, the correlation between the two is weak. The capital structure and capital issuing literature are distinct. I. INTRODUCTION Leverage is defined as the sensitivity of the value of equity ownership with respect to changes in the underlying value of the firm. Empirically, leverage ratios are frequently independent variables (sometimes as part of a hypothesis, sometimes as a control). Leverage ratios are also the dependent variable in the empirical capital structure literature. This literature tries to explain variations in corporate leverage, both in the cross section of capital structure (i.e. why...
Words: 7159 - Pages: 29
...6191A Labor Economics Human Capital and Education -----------The use of IV based on AK-91’s paper Content 1. Overview of the Human Capital……………………………………………3 (1) Origin of Human Capital…………………………………………………..3 (2) Theory of Human Capital………………………………………………….4 2. The methodology used in the paper………………………………………...5 (1) Ability Bias/Selection Bias………………………………………………….5 (2) Instrument Variables……………………………………………………….6 3. AK-91’s Paper………………………………………………………………...9 (1) Seansonal Pattern………………………………………….…………………….9 (2) Estimating the Return to Education………………..…………………….……….12 4. Conclusion……………………………………………………..……………...15 5. Reference……………………………………………………………………...16 1. Overview of the Human Capital It is obvious that human capital becomes a vital part in our real life. In order to improve the productivity, people want to invest in the human capital more than before. From the Wikipedia, it defines human capital as the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value. In a simply word, I think human capital is the set of skills which an employee acquires on the job, through training and experience, and which increase that employee's value in the market place. (1) Origin of Human Capital In fact, no one realized the human capital before A.W.Lewis wrote his paper "Economic Development with Unlimited...
Words: 2918 - Pages: 12
...TAXATION PAPERS WORKING PAPER N.33 - 2012 Serena Fatica Thomas Hemmelgarn Gaëtan Nicodème The Debt-Equity Tax Bias: consequences and solutions Taxation and customs union Taxation Papers are written by the staff of the European Commission's Directorate-General for Taxation and Customs Union, or by experts working in association with them. Taxation Papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. The views expressed in the Taxation Papers are solely those of the authors and do not necessarily reflect the views of the European Commission. Comments and inquiries should be addressed to: TAXUD TAXATION-PAPERS@ec.europa.eu Cover photo made by Milan Pein Despite all our efforts, we have not yet succeeded in identifying the authors and rights holders for some of the images. If you believe that you may be a rights holder, we invite you to contact the Central Audiovisual Library of the European Commission. This paper is available in English only. Europe Direct is a service to help you find answers to your questions about the European Union Freephone number: 00 800 6 7 8 9 10 11 A great deal of additional information on the European Union is available on the Internet. It can be accessed through EUROPA at: http://europa.eu. For information on EU tax policy visit the European Commission's website at: http://ec.europa.eu/taxation_customs/taxation/index_en.htm ...
Words: 7352 - Pages: 30
