...thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture. Theories of human behavior from psychology, sociology, and anthropology have helped motivate much recent empirical research on the behavior of financial markets. In this paper I will survey both some of the most significant theories (for empirical finance) in these other social sciences and the empirical finance literature itself. Particular attention will be paid to the implications of these theories for the efficient markets hypothesis in finance. This is the hypothesis that financial prices efficiently incorporate all public information and that prices can be regarded as optimal estimates of true investment value at all times. The efficient markets hypothesis in turn is based on more primitive notions that people behave rationally, or accurately maximize expected utility, and are able to process all available information. The idea behind the term “efficient markets hypothesis,” a term coined by Harry Roberts (1967),1 has a long history in financial research, a far longer history than the term itself has. The hypothesis (without the words This paper was prepared for John B. Taylor and Michael Woodford, Editors, Handbook of Macroeconomics. An earlier version was presented...
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...The Negative and Positive Ecological Impacts of Technology Introduction In today's society more people are working longer hours and utilizing more technology in their everyday life. As a result of these longer hours and increased use of technology, more energy is being consumed. (Hayden and Shandra 575) The impact that this is having on the environment is substantial in both negative and positive ways. It is hard to deny the benefits modern technology has produced for the world, in industry and in everyday life. With more and more technological breakthroughs, there have been many positive ecological impacts. However, it is also hard to deny that there are considerable negative impacts as well. Supporters of a work reduction scheme maintain that the reduction in hours will have a positive effect on the environment and the raw materials that are used on a daily basis. (Hayden and Shandra 576) Though the argument that a reduction in hours will result in a better quality of life is largely agreed upon, the theory that a reduction in hours will reduce the negative impacts on the environment is still one of contention as there is no concrete evidence to back it up. (Hayden and Shandra 576) To counter this theory, there are those who argue that a reduction in hours will not result in a redution in damage to the environment. Each year, technology is making advances in producing low energy products that will reduce the damage to the environment. It is argued that with these advances...
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...Marketing ethics is the area of applying moral principles behinds the regulation and operation of marketing. There are several frameworks to analysis marketing ethics, which value-oriented is one of those, and American Marketing Association (AMA) ethical values is one of the approaches under value-oriented framework. This essay will follow the some of the values stated by AMA to explain one of the most famous company worldwide, Starbucks. Starbucks is good at building public’s trust and creating a good image through Marketing ethics. As Starbucks targets at middle class customer groups, which have arisen the sense of being green. Therefore, Starbucks launched different schemes to code with the wants of her target markets. As Starbucks operates store all over the world, her citizenship also expends worldwide. Starbucks has begun to protect the ecological environment. In an interview with Starbucks vice president, Ben Packard, Ben stated that Starbucks was one of the top 5 green power purchasers in the U.S. (Lesley, 2011). Other than targeting at 100% renewable energy consumption, Ben also mentioned the importance of energy reduction which leads Starbucks to a green company. Although Starbucks has made efforts on saving energy consumption , she could only reduce 1.6% per square foot in 2010 which is far below her goal originally as 25%. By seeing this, Starbucks has changed her target goal to be achieved from 2010 to 2015(Starbucks, 2011). However, it is still a question...
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...outcomes Green Computing Environmentally Sustainable Infrastructure Design Green Maturity Model for Virtualization Application Patterns for Green IT Architecture Journal Profile: Udi Dahan Profiling Energy Usage for Efficient Consumption Project Genome: Wireless Sensor Network for Data Center Cooling Green IT in Practice: SQL Server Consolidation in Microsoft IT Contents Foreword by Diego Dagum 1 18 Environmentally Sustainable Infrastructure Design by Lewis Curtis A comprehensive understanding of environmental sustainability needs for IT infrastructure system design. 2 Green Maturity Model for Virtualization by Kevin Francis and Peter Richardson The authors present a study on the maturity of virtualization practices and offer a sustainability roadmap for organizations planning a green agenda. 9 Application Patterns for Green IT by Dan Rogers and Ulrich Homann A complete analysis on power-efficient applications design, considering tools that help the architect achieve scalability without deriving in energy waste. 16 Architecture Journal Profile: Udi Dahan For this issue’s interview, we catch up with Udi Dahan, noted expert on SOA and .NET development, and four-time Microsoft MVP. 22 Profiling Energy Usage for Efficient Consumption by Rajesh Chheda, Dan Shookowsky, Steve Stefanovich, and Joe Toscano This article suggests that tracking energy consumption at every level will become the factor of success for green architecture practitioners...
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...labor for operations. The cost of energy has risen to 25% of total operating costs. Therefore, it is one of most important things that innovating data center in order to cut down cost and keep company competitive. Mr. Babcock presents five data center trends such as location drives energy efficiency, using natural gas, the rising of the port-a-data-center, the development of DTrace, and new renewable energy forms. He explains that many enterprises are trying to locate their data centers to somewhere summer nights are cool and winters cold because the right location can drive energy consumption lower. He gives an example of Facebook that it located its new data centers in Prineville, Ore and Forest City, N.C. Facebook built this energy-efficient data center by suing a misting technique with ambient air because it can cool the facility without an air conditioning system. This decision drove the power usage effectiveness down to 1.09 which means Facebook saves almost half energy cost comparing with the average usage 2.0 of enterprises. This trend is driving new innovated equipment and designs in order to adapt new locations that drive energy efficiency. In addition, Mr. Babcock presents a fact that electricity purchased off the...
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...Revolutionizing the retail sector : Introduction: Digipos is one of the top rank leading technology companies specialized in advanced systems. As DigiPos has already its weight in the market through its own range of systems that proved its quality, reliability and cost-effectiveness, it was a must to continue the innovation strategy to keep its rank in the fast growing market. So DigiPos decided to launch the first Electronic Point of Sale system which called the DigiPos Retail Blade System in 2004. Followed by the traditional Blade system, DigiPos launched the Quantum Blade Systems in 2009, adding more features and benefits to prove its lead in the market and to maintain customer satisfaction by a unique products and services. DigiPos has a business strategy that its innovation will never ends. DigiPos has been using Intel Technology to be the back bone support for its innovation plan. Using Intel latest technologies Digipos was able to meet the market challenge, customer satisfaction and to fix its weight and rank in the market. One of the main computing problems that DigiPos was facing in its systems that the system upgrades, which usually needs to take place every five to seven years, has been performed by replacing the overall hardware. It’s a process that takes time and effort, and retail stores must close during the process. This caused retail business loss in revenue and customer satisfaction which mainly affects the reputation and the brand according to the...
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...29th Annual Report 2009-10 BOARD OF DIRECTORS Shri A K Srivastava Chairman-cum-Managing Director Shri S. K. Nayak, IAS Part-time Official Director Shri B. L. Bagra Director (Finance) Shri Joy Varghese Director (P&A) Shri A. K. Sharma Director (Production) Shri P. K. Padhi Director (P&T) Shri Ansuman Das Director (Commercial) 2 National Aluminium Company Limited INDEPENDENT DIRECTORS Dr. A. Sahay Shri S. S. Sohoni IAS (Retd.) Shri K. S. Raju Shri S. B. Mishra IAS (Retd.) Shri N. R. Mohanty Dr. Jyoti Mukhopadhyay Shri R. K. Sharma Maj. Gen. (Retd.) Samay Ram, UYSM, AVSM, VSM 3 29th Annual Report 2009-10 EXECUTIVE DIRECTORS Smt. Srabani Guha, IES CVO Shri P. K. Parida Shri B. N. Swain Shri A. Sapra Shri S. C. Dash Shri P. K. Mohapatra Shri K. N. Ravindra Company Secretary Shri K. S. Sreedhara 4 29th Annual Report 2009-10 The sale of 7,094 MT Special Grade Alumina was the highest surpassing the previous high of 4,769 MT achieved in 200809. The sale of Special Grade Hydrate at 12,815 MT was the highest ever sale surpassing the previous best of 11,670 MT achieved during 2007-08. FINANCE Your Company posted a lower total income of ` 5,548 crore in the year under report, as against ` 5,631 crore during the previous year. Profit After Tax for the year stands at ` 814 crore, as against ` 1,272 crore in the previous year. The decline in net profit during the year compared to previous year was due...
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...Andrey Artemenkov, The department of economic measurements, GYY artemenkov@rambler.ru Modern Portfolio theory (MPT) and Financial Economics: a theory of lesser turf?♣ “In this age, which believes that there is a short cut to everything, the greatest lesson to be learned is that the most difficult way is, in the long run the easiest.” Henry Miller “[These are colossal] disproportions that have accumulated over the last few years. This primarily concerns disproportions between the scale of financial operations and the fundamental value of assets, as well as those between the increased burden on international loans and the sources of their collateral. … In effect, our proposal implies that the audit, accounting and ratings system reform must be based on a reversion to the fundamental asset value concept. In other words, assessments of each individual business must be based on its ability to generate added value, rather than on subjective concepts. In our opinion, the economy of the future must become an economy of real values. How to achieve this is not so clear-cut. Let us think about it together.” From the Address of Vladimir Putin, Prime Minister of Russia, at the Davos Economic Forum (February, 2009) This Part analyzes the pre-analytical foundations and macro-economic impact of the Modern Portfolio Theory1 (MPT) tenets, on which much of the present Western investment theory and financial economics is erected. Our general inference is that while the former are tautological...
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...Abstract This report examines the methodology and explains the CSS styles and HTML used in Assignment 1. In this report, a brief methodology is outlined. The discussion then focuses on the advantages and limitations of my technology abilities in relation to these main criteria: design, features, coding and CSS styles. It is concluded further in this report and comparism was made with admirable website. Table of Contents Contents Page 1. Introduction 2. Conclusion 3. Appendices 4. Reference Green Information Technology (Green IT) refers to environmentally sustainable computing that addresses both IT and related sustainability problems. Over recent years, Green IT has become one of the world`s top important issues as both organizations and governments came under pressure to address the environmental sustainability concerns about Green IT. According to Elliot et.al, 2008, despite the increasing concerns from governments, businesses and organizations to Green their IT, their capability towards Green It still remains questionable as there is not much literature that has modelled a Green It capability construct and developed a valid and reliable instrument to measure this construct. The main purpose of this paper is to highlight the key impacts of Green Information Technology and to identify the intuitiveness and key dimensions of organizations to develop a reliable and valid operation toward Green IT. This study can be considered as a preliminary attempt to...
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...Mitigation Strategies and Solutions: Conserving Energy and Human Population Mitigation Strategies and Solutions: Conserving Energy and Human Population Developing countries with rapid population growth face the urgent need to improve their living standards without destroying the environment. Natural resources are facing a coupling of increased pressure, threatening the health of the public and our development. The global challenge begins with the water shortages, loss of forests, and air and water pollution. Are we blindly destroying our natural resources needed for our future, as we humans exploit nature to meet our present needs? The world’s current supply of energy is provided by natural resources. Natural resources are defined as various nonrenewable and renewable energy sources. A renewable resource consists of naturally occurring resources in nature, like wind (windpower), water (hydropower), or sun (solar). Renewable energy is safer for the environment when compared to nonrenewable resources. Only about 9 percent of electricity in the U.S. is generated from these renewable sources (EPA, 1997). Renewable resources are replaced in nature as they are used, which makes this type of energy highly desirable. Nonrenewable resources are found in fixed amounts, these are natural resources that cannot be replaced. Although nonrenewable resources are also found in...
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...Tootsie Roll can make a major capital investment in new, energy efficient equipment. According to the tax assessor’s office, the average life of candy making machinery and equipment is fifteen years (Personal Property Manual, 2010). Taking a look at the depreciation taken by the company, it can be assumed that most of the equipment is much older than this. Energy is the biggest expense for a company outside of raw resources. As the price of energy increases, it becomes more important for a company to reduce energy usage. Every dollar saved by energy conservation is cost avoided. This can result in a more profitable business in the long term. Retrofitting plants with more energy efficient technology will help Tootsie Roll to stay profitable even with high energy cost peaks. The return on investment is around ten years depending on the price of energy. Software technologies can enhance the energy efficiency and reduce waste of raw products that could reduce this below ten years. Process controls give the operators the ability to increase production yield without wasting energy or resources. Asian company reduced the energy consumption of their site by twenty percent by retrofitting with energy improvement taken into consideration (Evans, 2003, p. 117). Tootsie Roll can benefit from process optimization which will propel the company into the future. References Evans, D. B. (2003). Saving Energy in Manufacturing with Smart Technology. Energy World, 6(2), 112-118. ...
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...Case Analysis: Dimensional Fund Advisors 1. Describe the philosophy of DFA. What sort of market behavior are they counting on? * DFA believes in three principles: 1. The Efficient Market Theory. That is, the stock market is efficient and no one has the ability to consistently pick stocks that will beat the market. Over any given period, some lucky investors will outperform the market while others will underperform. DFA felt that the market price of any firm’s stock incorporated all public information and therefore did not do any fundamental analysis on the firm in question. 2. The value of sound academic research. For example, DFA’s founders believed that small-stock investing could yield high returns to investors. They formulated this belief on the Ph.D. dissertation research of Rolf Banz of the University of Chicago, which showed that small stocks had consistently outperformed large stocks between 1926 and the late 1970s. 3. The ability of skilled traders to contribute to a fund’s profits even when the investment is inherently passive. DFA’s investment fund had a semi-active strategy between those of actively managed funds and those of pure index funds. * DFA counts on market behavior that reflects the following concepts: 1. The Beta is Dead. Stocks with high-beta do not have consistently higher returns than low-beta stocks. That is, greater risk does not guarantee greater reward. 2. The Size Effect (Small Minus Big). Based on the research...
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...Efficient Market Hypothesis Efficient Market - Introduction An efficient capital market is a market that is efficient in processing information Assumptions for Market to be Efficient 1. 2. In other words, the market quickly and correctly adjusts to new information In an efficient market, the prices of securities observed at any time are based on “correct” evaluation of all information available at that time In an efficient market, prices immediately and fully reflect all available information Large no. of investors analyze and value securities for profit New information comes to the market in a random fashion 3. 4. Stock Prices adjust quickly to the new information Stock Prices should available information reflect all Definition "In an efficient market, competition among the many intelligent participants leads to a situation where, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.“ - Professor Eugene Fama Efficient Market Hypothesis - Forms Efficient Market Hypothesis Weak Form Semi-Strong Form Strong Form The EMH Graphically All information, public & private • In this diagram, the circles represent the amount of information that each...
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...Conservation and efficient use of energy in industry has for a long time been a priority of the government on India. In anticipation of enactment of federal legislation on energy management for industry, the state of Government of Tamil Nadu, Kerala and other Southern States, made energy audits mandatory for large-scale energy consuming industries. So among industrial consumers, the aspect of energy conservation is gaining due importance of the realization that “Energy Saved is Energy Produced and that too at Economical Cost”. This paper shares the experience of the authors on energy conservation projects carried out in a textile industry situated in Tamil nadu state. Economic and efficient measures of energy conservation have been followed subject to budget constraint and the effects of such measures were realized through reduction in energy cost with the added advantage of environmental safety. 1. Introduction Today, energy and environment are two areas that have sought the greatest attention at the international level. With the issue of the global environment, becoming as important as never before, energy particularly its conservation in industries, has become the main target for all parts of the world that has to be achieved as soon as possible. Textile industries are found to be energy-intensive [4% energy cost in total input cost[ compared to other industries like chemical, food, computer manufacturing, etc.. and hence extensive research has been focused on such industries...
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...Weak form Efficiency and Calendar Anomalies: Comparison between Developed and Developing Equity Markets Syed Zulfiqar Ali Shah Assistant Professor-Finance, Department of Business Administration Faculty of Management Sciences, International Islamic University Islamabad E-mail: zulfiqar.shah@gmail.com Muhammad Husnain Ph.D Scholar (Finance) Mohammad Ali Jinnah University Islamabad Email: Husnain_ctn@yahoo.com Abstract Financial economists have continuously questioned the efficient market hypothesis especially in last decade. Major part of discussion is whether the equity markets are efficient and if not then up to what extent one can forecast the meaningful future movement of equity prices. On one side there are believers of random walk and contrary there are followers of chartist theories. Those who negate the random walk suggested that there exist anomalies in the equity markets and hence are not perfectly efficient. The major objective of this study is to check the weak form of efficiency and presence of calendar anomalies in equity markets of developing and developed countries. On the basis of most recent and relatively longer horizon (14 Year) data on daily basis and a range of powerful econometrics this study suggested that in broader sense both of developed and developing equity markets are weak form inefficient. Hence there is no remarkable difference in term of market efficiency in equity markets of developed and developing countries. Hence one can reject the random walk...
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