...“The main function of education is to maintain a value consensus in society” According to Item “A” functionalists believe that a Value Consensus is essential for the well-being of society. A Value Consensus is an agreement among society’s members about what social values (such as getting qualifications, learning job skills, etc.) are important. Item “A” also stats that functionalists believe that school is vital because it socialises (this is known as secondary socialisation, this is where children are taught social norms and values such as respect and obeying orders through school) young people. Functionalists also believe that schools operate on a meritocratic principle and they see education as “sifting and sorting” young students (this is another term for Role Allocation which is where students are matched to work roles that suit their abilities). On the other hand according to Item “A” Marxists believe that education doesn’t transmit values about society as a whole but values that benefit the ruling class (those who own the means of production are called the ruling class or the Bourgeoisie these are a minority in society). Functionalist Durkheim identified the two main functions of education were, creating social solidarity and teaching specialist skills. Durkheim argues that society needs a sense of solidarity, without social solidarity, social life and cooperation would be impossible because each individual would pursue their own selfish desires; the role of education...
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...1. For the consumption and class issue, please review any two articles in the section to show how the state’s social engineering projects created classes in contemporary China. a. State Meets Capital: the Making and Unmaking of a New Chinese Working Class by Ngai Pun b. Creating an Urban Middle Class: Social Engineering in Beijing by Luigi Tomba Before explaining how the state’s social engineering projects created classes in contemporary China, I will provide a definition of class. According to Fred Chiu in Pun’s work, the term “class” exists because individuals join together to form an identity. Classes are created in contemporary China through modernization and creating job opportunities. Traditionally, during the Mao era, urban planners tried to design cities that had diversity and not segregated to prevent inequality. It was to emphasize and support the principles of Communism. Also, the usage of temporary workers in the Mao era was not common. According to Tomba, the way the government distributes is still part of the segregation today. The government has been giving easier access to those that work for the government housing of their choice. Also, the commercialization of housing is another reason. However, it started to change when plants starting to grow in cities like Shenzhen. According to Pun, open-door policies and economic reform encouraged the introduction of foreign capital. Shenzhen was chosen by Guangdong provincial government as an experimental model...
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...The key is to understand the costs, benefits, and rules for applying each instrument or strategy and then to select the best instrument to accomplish the investor's objectives and minimize the taxes. istorically, u.s. trust departments that managed money for taxable investors were restricted in their use of derivative securities. Because of such obstacles (some of which are a matter of education more than anything else), derivatives are not the first tool that comes to mind for managing taxable investments, even though they offer advantages for many clients. Derivatives are often perceived as complex in themselves; the roles derivatives can play when taxes are involved add yet another layer of complexity. Equity derivatives, independent of any tax motivation, are used for reducing the risk of holding equities or as efficient substitutes for equities. In both contexts, derivatives have natural applications in tax-related strategies. This presentation discusses the general tax issues facing corporate money managers or high-networth individuals with respect to equity derivatives, explains how to use derivatives to maximize after-tax portfolio returns, discusses specific tax-efficient derivative strategies, and provides a case study highlighting tax loss harvesting.' H Capital Gains. For individuals, sales of securities generally result in a long-term capital gain or loss if the securities are owned more than 12 months. A holding period of 12 months or less...
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...against the Biological and Biomedical Sciences team earlier in the month—the remainder of the staff was moving rapidly, whether leafing through online data or consulting with their peers about prospective investments. Swensen had every reason to feel content, despite his recent injury. The endowment had just completed another spectacular year, having grown to $18 billion (up from $1 billion when he had taken over the office). Yale had developed a rather different approach to endowment management, including substantial investments in less efficient equity markets such as private equity (venture capital and buyouts), real assets (real estate, timber, oil and gas), and “absolute-return” investing. This approach had generated successful, indeed enviable, returns. Swensen and his staff were proud of the record that they had compiled and believed that Yale should probably focus even more of its efforts and assets in these less efficient markets. But his thoughts turned to the larger challenges associated with the management of the university’s endowment. The very success of their strategy had generated new questions. How far did they think Yale should or could go in this direction? How should they respond to the growing popularity of the approach they had chosen? Given the turbulent times that private equity funds were facing, should this asset class continue to play an integral role in Yale’s portfolio? Background1 Ten Connecticut clergymen established Yale in 1701. Over its first...
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...reduce cost & create a sustainable operating platform July 2008 Contents Section 1 2 3 4 5 6 Point of view Anatomy of a successful total cost management program Beginning with the business & front office Opportunities in the support units Some lessons learned PwC qualifications to help Page 3 7 11 16 19 21 Point of view Point of view • Cost management is a key issue today and for the foreseeable future – The market is experiencing a severe liquidity crunch and the explosion of a global asset bubble well beyond sub-prime. At the root of this crisis is not only asset values, but the amount of capital in the financial system today versus the size and liquidity of the balance sheets (and off-balance sheet commitments) of financial institutions. This situation is not likely to reverse itself for a number of years. In the environment of de-leveraging and scarcity of capital, we believe fundamental re-thinking regarding business strategies, operating models and cost structures will be necessary. • A pre-securitization baseline may be the appropriate mindset – If one assumes that the securitization markets have significantly contracted in a permanent fashion, then the appropriate way to think about the business may be in a pre-securitization baseline, adjusted for key acquisitions/divestitures, etc. This means that the proper mindset to consider in the business strategy and budgeting area may be a pre-2004 or 2005 operating model and cost structure. • An understanding...
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...Human Capital) 27 Reading References: Level III, Volume 2, Study Session 4, Reading 10 “Managing Individual Investor Portfolios,” Ch. 2, James W. Bronson, CFA, Matthew H. Scanlan, CFA, and Jan R. Squires, CFA, Managing Investment Portfolios: A Dynamic Process, Third Edition (CFA Institute, 2007). Level III, Volume 2, Study Session 4, Reading 14 “Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance,” Roger G. Ibbotson, Moshe A. Milevsky, Peng Chen, CFA, Kevin X. Zhu (The Research Foundation of CFA Institute, 2007). LOS: 2012-III-2-10-a, j, k, l “Managing Individual Investor Portfolios” The candidate should be able to: a) discuss how source of wealth, measure of wealth, and stage of life affect an individual investor’s risk tolerance; b) explain the role of situational and psychological profiling in understanding an individual investor; c) compare the traditional finance and behavioral finance models of investor decision making; d) explain the influence of investor psychology on risk tolerance and investment choices; e) explain the use of a personality typing questionnaire for identifying an investor’s personality type; f) compare risk attitudes and decision-making styles among distinct investor personality types, including cautious, methodical, spontaneous, and individualistic investors; g) explain the potential benefits, for both clients and investment advisers, of having a formal investment policy statement; h) explain the process involved in creating an...
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...India Banking 2010 Towards a High-performing Sector India Banking 2010 Executive Summary The last decade has seen many positive developments in the Indian banking sector. The policy makers, which comprise the Reserve Bank of India (RBI), Ministry of Finance and related government and financial sector regulatory entities, have made several notable efforts to improve regulation in the sector. The sector now compares favourably with banking sectors in the region on metrics like growth, profitability and non-performing assets (NPAs). A few banks have established an outstanding track record of innovation, growth and value creation. This is reflected in their market valuation. However, improved regulations, innovation, growth and value creation in the sector remain limited to a small part of it. The cost of banking intermediation in India is higher and bank penetration is far lower than in other markets. India’s banking industry must strengthen itself significantly if it has to support the modern and vibrant economy which India aspires to be. While the onus for this change lies mainly with bank managements, an enabling policy and regulatory framework will also be critical to their success. The failure to respond to changing market realities has stunted the development of the financial sector in many developing countries. A weak banking structure has been unable to fuel continued growth, which has harmed the long-term health of their economies. In this “white paper”, we emphasise...
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...brings together the Aditya Birla Group's experience in the Indian market and Sun Life's global experience. Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading flagships of Mutual Funds business managing assets of a large investor base. Our solutions offer a range of investment options, including diversified and sector specific equity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range of debt and treasury products and offshore funds. Birla Sun Life Asset Management Company has one of the largest team of research analysts in the industry, dedicated to tracking down the best companies to invest in. BSLAMC strives to provide transparent, ethical and research-based investments and wealth management services. 1. Birla Sun Life Asset Allocation Fund - Aggressive Plan Birla Sun Life Asset Allocation Fund is an open ended Fund of Fund Scheme. The Aggressive Plan is ideally suited for an...
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...1. INTRODUCTION 1.1. INDUSTRY ALLOCATION The assets, combined in this portfolio, have been chosen from three different industries – banking, retail and drug manufacturing industry. Each industry has its own characteristics and distinguishes from one another, for the purpose of creating a diversified portfolio. Factors, affecting the banking sector and Barclays Bank (the chosen asset) are related to the current economic crisis, interest rates and the policy led by the government (either encouraging spending or saving). On the other hand the retail industry, represented by Marks and Spencer in this portfolio, is affected by the current economic climate in term of disposable and discretionary income. The final industry, drug manufacturing, which is most dependent on research and development, which incur high input costs and require a lot of testing (meaning the business process is time-consuming), is represented by GlaxoSmithKline. The three industries can be affected by completely different factors in nature. 1.2. PORTFOLIO CONSTRUCTION This portfolio was constructed by stocks, listed only on the London Stock Exchange (LSE), with no interaction with emerging markets. Although international diversification is not present, the unsystematic risk is lower due to the investment in already developed market (LSE), allowing enough liquidity and establishing fair price of the assets. The three companies (Barclays Bank, Marks and Spencer and GlaxoSmithKline) are all blue chips, with...
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...COMPANY REPORT RIO TINTO ALCAN NAME: SUNDARARMAN SIVARAMAKRISHNAN CONTENT Sl PARTICULARS 1 INTRODUCTION 2. THE ALCAN COMPANY AND THEIR ENVIRONMENT 3. CORPORATE GOVERNANCE 4. STRATEGY AND PERFORMANCE OF ALCAN 5. SUPPLIERS NETWORK 6. SUSTAINABILITY LESSONS LEARNED REFERENCES [pic][pic] INTRODUCTION TO Alcan: Alcan Inc. Is a world-class leader providing innovative aluminium and packaging solutions. Alcan was founded in 1902. |In 1902, the Canadian subsidiary of Pittsburgh Reduction Company (later Alcoa) was first chartered as Northern Aluminium Company, | |Limited. | |In 1925, the company was renamed Aluminium Company of Canada, Limited (ACOC). | |In 1928, ACOC became a subsidiary of ALUMINIUM LIMITED. | |In 1945, ACOC registered the trade name ALCAN. | • Between 1960 and 1980 Alcan expanded its business and started operations in many countries. • In 1982, the company acquired British Aluminium Company. • In 1987, ACOC changed its name to Alcan Aluminium Limited and became the publicly...
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...knowledge and expertise to this series. MANAGING INVESTMENT PORTFOLIOS WORKBOOK A DYNAMIC PROCESS Third Edition John L. Maginn, CFA Donald L. Tuttle, CFA Dennis W. McLeavey, CFA Jerald E. Pinto, CFA John Wiley & Sons, Inc. Copyright c 2007 by CFA Institute. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance...
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...Durkheim and Parsons (Functionalist) They identified 4 main functions of the education system * Passing on society’s culture and building social solidarity * Passes social values by the hidden curriculum and actual subjects * Builds social solidarity by shared values * A bridge between the family and the society * Durkheim: Schools are a small society and prepare you for the wider society. * Parsons: Schools are an important place for secondary socialisation, and provides a bridge between the ascribed status of the family and the achieved status of the meritocratic society. * Developing a trained and qualified labour force * Selecting people for roles in meritocratic society and legitimising social inequality Durkheim and Parsons (Functionalist) They identified 4 main functions of the education system * Passing on society’s culture and building social solidarity * Passes social values by the hidden curriculum and actual subjects * Builds social solidarity by shared values * A bridge between the family and the society * Durkheim: Schools are a small society and prepare you for the wider society. * Parsons: Schools are an important place for secondary socialisation, and provides a bridge between the ascribed status of the family and the achieved status of the meritocratic society. * Developing a trained and qualified labour force * Selecting people for roles in meritocratic society and legitimising social inequality Education...
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...Durkheim and Parsons (Functionalist) They identified 4 main functions of the education system * Passing on society’s culture and building social solidarity * Passes social values by the hidden curriculum and actual subjects * Builds social solidarity by shared values * A bridge between the family and the society * Durkheim: Schools are a small society and prepare you for the wider society. * Parsons: Schools are an important place for secondary socialisation, and provides a bridge between the ascribed status of the family and the achieved status of the meritocratic society. * Developing a trained and qualified labour force * Selecting people for roles in meritocratic society and legitimising social inequality Durkheim and Parsons (Functionalist) They identified 4 main functions of the education system * Passing on society’s culture and building social solidarity * Passes social values by the hidden curriculum and actual subjects * Builds social solidarity by shared values * A bridge between the family and the society * Durkheim: Schools are a small society and prepare you for the wider society. * Parsons: Schools are an important place for secondary socialisation, and provides a bridge between the ascribed status of the family and the achieved status of the meritocratic society. * Developing a trained and qualified labour force * Selecting people for roles in meritocratic society and legitimising social...
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...CHAPTER 1 INTRODUCTION 1.1. Objectives Sovereign Wealth Funds (SWF) is the terms that often made headlines for their deals, their investments, their transparency and sometimes the lack of it. They hold the people’s money, hence the scrutiny from public eyes. They also have more aggressive risk appetite than the usual reserve manager of a country which uphold the liquidity, security, and profitability principals and that results in an even more detailed scrutiny to the SWF. The term SWF itself has first mentioned by Rozanov in 2005 when he wrote for Central Banking Journal1, but actually SWF have been around since before that. For example Government of Singapore Investment Corporation and Temasek Holdings, the two prominent SWF from Singapore have already been established in 1981 and 1974, respectively. SWF’s asset under management amount is also increasing overtime. Preqin estimated that the growth of asset is up from USD 3.07 trillion in December 2008 to USD 6.3 trillion in March 2015 as seen in Figure 1.1 Sovereign Wealth Fund Assets under Management2. Norway’s Government Pension Fund currently has the biggest asset among them which is amounting to USD 882 billion3. It is interesting to see whether the smaller counterparts from Asia also enjoys the rise in their asset as well. The objectives of this paper is to comprehend and appreciate the dynamics of smaller SWF from emerging and developing Asia (IMF definition)4. 1 Rozanov, Andrew, 2005. Who holds...
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...CHAPTER 2 THE GLOBAL ECONOMIC ENVIRONMENT SUMMARY A. The economic environment is a major determinant of global market potential and opportunity. In today’s global economy, capital movements are the driving force, production is uncoupled from employment, and capitalism has vanquished communism. Based on patterns of resource allocation and ownership, the world's economies can be categorized as market capitalism, centrally-planned capitalism, centrally-planned socialism, and market socialism. The final years of the twentieth century were marked by transitions toward market capitalism in many countries that had been centrally controlled. However, great disparity still exists among the nations of the world in terms of economic freedom. B. Countries can be categorized in terms of their stage of economic development: low income, lower middle income, upper middle income, and high income. Gross domestic product (GDP) and gross national income (GNI) are commonly used measures of economic development. The 50 poorest countries in the low-income category are sometimes referred to as least-developed countries (LDCs). Upper middle-income countries with high growth are often called newly industrializing economies (NIEs). Several of the world’s economies are notable for their fast growth; the BRIC nations include Brazil, Russia, India, and China. The Group of Seven (G7), Group of Eight (G-8), and Organization for Economic Cooperation and Development (OECD) represent...
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