...economic, social and technological development of any country beyond doubt. Globalization also has made the Intellectual property rights a subject matter of international concern. All nations who want to promote and project their development in all aspects must protect the rights over intellectual property by granting legal veil through exclusive enactments. Realizing this fact, all industrialized nations and by now most developing countries of the world have enacted laws for the protection of ‘works of mind’. To comply with the international obligations Bangladesh also has introduced intellectual property rights protection system. This research paper explores to seek how enforcement mechanisms in Bangladesh are intrinsically precious, effective and thenceforth, worth in protecting the rights of IP holders. As an obvious flow of discussion the paper reiterates to look beyond the constraint and formulation of a comprehensive legal framework for IP protection. Key Words: Intellectual property, trademarks, copyrights, patents, enforcement, globalization. Introduction In today’s world intellectual property surrounds us in nearly everything we do. No matter what we do, we are surrounded by the fruits of human creativity and invention.2 In the knowledge based new economy the...
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...Haley Davidson plant Analysis Abstract This paper analyses the Harley Davidson Company from a company that almost went bankrupt to a company that experiences a double increase in terms of growth yearly. Many companies are continuously looking for ways to improve their returns over and increase their scope in terms of market share. This company is one of the many that has implemented new marketing styles and improvements in its business to be able to defeat its competitors. The main focus of this paper is on analysis of the company and the strategies it has implemented to bring it success over the years. The company has up to 1800 employees and 1500 supply reserves everywhere. Their main focus is on production of heavy-weight motorcycles that is reliable and safe to use. They have been able to maintain and improve on their customer loyalty not forgetting the brand loyalty. The company has both female and male customers. It is currently focused on creating light weight, stylish motorcycles that appeal to this group. Some of the threats experienced by the company include the increase in tariffs that make it difficult for them to reach their European customers. They also keep their customers in a waiting list for very long periods and may be at a risk of losing some customers to their competitors. Appendixes created on the financial statements show that the company is doing wonderfully and is expected to increase its sales over time. Introduction started 1903 Main station...
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...Review of Development Economics, 9(2), 166–176, 2005 Endogenous Growth Models and Stock Market Development: Evidence from Four Countries Guglielmo Maria Caporale, Peter Howells, and Alaa M. Soliman* Abstract This paper re-examines the relationship between stock market development and economic growth. It provides a theoretical basis for establishing the channel through which stock markets affect economic growth in the long run. It examines the hypothesis of endogenous growth models that financial development causes higher growth through its influence on the level of investment and its productivity. The empirical part of this study exploits techniques recently developed to test for causality in VARs. The evidence obtained from a sample of four countries suggests that investment productivity is the channel through which stock market development enhances the growth rate in the long run. 1. Introduction Several theoretical and empirical papers such as Levine (1991), Levine and Zervos (1995), Demirguc-Kunt (1994), Demirguc-Kunt and Levine (1995), Rousseau and Wachtel (2000) and Beck and Levine (2003), have suggested that stock market development affects economic growth in developing countries. The common problem with these studies, however, is that there is no discussion of the channels through which stock markets can stimulate economic growth. In traditional growth theory, the growth rate is a positive function of exogenous technical progress. However, financial development...
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...Moneyball: The Art of Winning an Unfair Game Michael Lewis For Billy Fitzgerald I can still hear him shouting at me Lately in a wreck of a Californian ship, one of the passengers fastened a belt about him with two hundred pounds of gold in it, with which he was found afterwards at the bottom. Now, as he was sinking-had he the gold? or the gold him? —John Ruskin, Unto This Last Preface I wrote this book because I fell in love with a story. The story concerned a small group of undervalued professional baseball players and executives, many of whom had been rejected as unfit for the big leagues, who had turned themselves into one of the most successful franchises in Major League Baseball. But the idea for the book came well before I had good reason to write it—before I had a story to fall in love with. It began, really, with an innocent question: how did one of the poorest teams in baseball, the Oakland Athletics, win so many games? For more than a decade the people who run professional baseball have argued that the game was ceasing to be an athletic competition and becoming a financial one. The gap between rich and poor in baseball was far greater than in any other professional sport, and widening rapidly. At the opening of the 2002 season, the richest team, the New York Yankees, had a payroll of $126 million while the two poorest teams, the Oakland A's and the Tampa Bay Devil Rays, had payrolls of less than a third of that, about $40 million. A decade before, the highest payroll...
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...Empirical Finance Value, Momentum, and Volatility ABSTRACT In this paper we approach two major topics on the central debate of asset pricing theory: the returns to value and momentum strategies and also, the comparison of volatility models. Our analysis is divided in two parts: in the first, we provide a monthly view on 115 stocks from the S&P 500 index for the past twenty four years and the respective return premia resulting from value and momentum strategies. In the latter part, the main goal is to test different volatility models by analyzing historical data from Microsoft stocks. Therefore, we follow the structure of Asness et al. (2013) while analyzing value and momentum, and used the methodology of several authors to define and calibrate the data. Our results are in line with the literature since we detected return premium for value and also for momentum. Nevertheless, not all of the conclusions of the literature are confirmed in our analysis, as we will demonstrate. On the second section, ARCH (5), GARCH (1,1) and Taylor/Schwert GARCH(1,1) models are tested revealing the supremacy of the latter. Key words: Market efficiency, Value, Momentum, ARCH, GARCH, Taylor/Schwert, Volatility Models. 1. Introduction Our research is mainly related with the recent literature published on global asset pricing. We have followed Asness et al. (2013) where the authors present evidence of value and momentum return premia across eight different asset classes and markets. Moreover...
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...Decisions in the Insurance Industry by J. David Cummins Richard D. Phillips Stephen D. Smith 98-19 THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty, visiting scholars and Ph.D. candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community, please let us know of your interest. Anthony M. Santomero Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Foundation Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry By J. David Cummins Wharton School, University of Pennsylvania Richard D. Phillips Georgia State University Stephen D. Smith Georgia State University ...
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...Discussion on Tragedy of the Commons | This paper intends to discuss the basic theories within the scope of the tragedy of commons, especially from the ethics perspective. In addition, the paper also explicitly explores two possible ways to solve the tragedy of the commons, the free market solution and the socialism solution, and applies these ways to a real case of Euro’s Tragedy. In the end, referring to Elinor Ostrom’s theory in 2009, the paper recommends the collective agreement from the moral perspective to be the possible ideal solution to the tragedy of the commons. | | Contents 1. Introduction 1 2. Formation 2 2.1 Theoretical explain of the formation 2 2.2 Hardin’s grazing model 4 3. Ethics Involved 5 3.1 Ethical Egoism Theory 5 3.2 Utilitarian Theory 5 3.3 Moral Foundation Theory, Virtue Theory and Confucius 6 3.4 Right Theory 6 4. Solutions to the Tragedy 7 4.1 Free market solution 7 4.2 Socialism solution 9 4.3 Comparison of the Two Solutions 10 4.3.1 Attitude towards self-interest 11 4.3.2 Attitude towards common resources 11 4.3.3 Government Function 11 4.3.4 Incentive structures 11 4.3.5 Outcomes 12 5. Case of Euro’s Tragedy 12 5.1 How Euro’s Tragedy Happened 13 5.2 How it related to Tragedy of the Commons 14 5.3 Free Market Capitalism Solution and the Tragedy of Euro 14 5.4 Socialism Solution and the Tragedy of Euro 15 6. A Third Solution 17 6.1 Ethical Obligation 17 6.2 Cultivating Ethics 17 6.3 Elinor Ostrom’s Theory 18 ...
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...www.vtpi.org Info@vtpi.org 250-360-1560 Transit Price Elasticities and Cross-Elasticities 25 May 2012 Todd Litman Victoria Transport Policy Institute Abstract This paper summarizes price elasticities and cross elasticities for use in public transit planning. It describes how elasticities are used, and summarizes previous research on transit elasticities. Commonly used transit elasticity values are largely based on studies of short- and medium-run impacts performed decades ago when real incomes where lower and a larger portion of the population was transit dependent. As a result, they tend to be lower than appropriate to model long-run impacts. Analysis based on these elasticity values tends to understate the potential of transit fare reductions and service improvements to reduce problems such as traffic congestion and vehicle pollution, and understate the long-term negative impacts that fare increases and service cuts will have on transit ridership, transit revenue, traffic congestion and pollution emissions. Originally published as “Transit Price Elasticities and Cross-Elasticities,” Journal of Public Transportation, Vol. 7, No. 2, (www.nctr.usf.edu/jpt/pdf/JPT 7-2 Litman.pdf), 2004, pp. 37-58. Todd Litman 2004-2011 You are welcome and encouraged to copy, distribute, share and excerpt this document and its ideas, provided the author is given attribution. Please send your corrections, comments and suggestions for improvement. Transit Elasticities and Price...
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...2009 Do Stock Mergers Create Value for Acquirers? PAVEL G. SAVOR and QI LU∗ ABSTRACT This paper finds support for the hypothesis that overvalued firms create value for long-term shareholders by using their equity as currency. Any approach centered on abnormal returns is complicated by the fact that the most overvalued firms have the greatest incentive to engage in stock acquisitions. We solve this endogeneity problem by creating a sample of mergers that fail for exogenous reasons. We find that unsuccessful stock bidders significantly underperform successful ones. Failure to consummate is costlier for richly priced firms, and the unrealized acquirer-target combination would have earned higher returns. None of these results hold for cash bids. THE LATE 1990S WITNESSED a large mergers and acquisitions wave. Many transactions involved equity as the mode of payment (Andrade, Mitchell, and Stafford (2001), Holmstrom and Kaplan (2001)), and this equity was usually very richly valued by historical standards. The positive correlation between market valuation and merger activity has also been documented in other periods (Martin (1996), Verter (2002)) and is especially strong for stock deals (Maksimovic and Phillips (2001)). One interpretation of this evidence is that managers try to time the market by paying with stock when they believe it is overvalued. Recently, a number of papers formally recognized this link between possible mispricing and acquisition activity. Shleifer and...
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...FIN 3103 FINANCIAL MARKETS AND INSTITUTIONS– SECTION 1A AN INTRODUCTION TO THE ASIAN EQUITY MARKET & ITS EXCHANGES SAMUEL TOW WEE YAP (A0102724U) LIEW KUANG CHEN JOEL (A0004624U) ANG CHUAN HWEN JEREMY (A0080928X) LIAW YIH HANG (A0091535E) WU GUIYAN (A0100395N) ZHAO CHUANYI (A0105563L) Contents 1. Introduction ..................................................................................................................................................................................................... 4 2. Objectives of the Stock Market ................................................................................................................................................................. 4 2.1 Capital Formation ......................................................................................................................................................................................... 4 2.2 Connecting Traders ...................................................................................................................................................................................... 4 2.3 Security............................................................................................................................................................................................................. 4 2.4 Economic Indicator ...................................................................................................
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...Syllabus ARH 4470/5482 Contemporary Art Spring 2013 Tuesday and Thursday 2:00-3:15pm Chemistry and Physics, Room 197 Instructor: Dr. Alpesh Kantilal Patel Assistant Professor, Department of Art + Art History Director, Master of Fine Arts Program in Visual Arts Contact information for instructor: Department of Art + Art History MM Campus, VH 235 Preferred mode of contact: alpesh.patel@fiu.edu Office hours: By appointment on Tuesdays and Thursdays (preferably after class). Course description: This course examines major artists, artworks, and movements after World War II; as well as broader visual culture—everything from music videos and print advertisements to propaganda and photojournalism—especially as the difference between ‘art’ and non-art increasingly becomes blurred and the objectivity of aesthetics is called into question. Movements studied include Abstract Expressionism, Pop, and Minimalism in the 1950s and 1960s; Post-Minimalism/Process Art, and Land art in the late 1960s and 1970s; Pastiche/Appropriation and rise of interest in “identity” in the 1980s; and the emergence of Post-Identity, Relational Art and Internet/New Media art in the 1990s/post-2000 period. We will focus primarily on artistic production in the US, but we will also be looking at art from Europe, South and East Asia, Africa, and the Middle East. Emphasis will be placed on examining artworks and broader visual culture through the lens of a variety of different contextual frameworks:...
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...Curriculum Source References The following references were used in the CFA Institute-produced publications Quantitative Methods for Investment Analysis, Analysis of Equity Investments: Valuation, and Managing Investment Portfolios: A Dynamic Process. Ackerman, Carl, Richard McEnally, and David Ravenscraft. 1999. “The Performance of Hedge Funds: Risk, Return, and Incentives.” Journal of Finance. Vol. 54, No. 3: 833–874. ACLI Survey. 2003. The American Council of Life Insurers. Agarwal, Vikas and Narayan Naik. 2000. “Performance Evaluation of Hedge Funds with OptionBased and Buy-and-Hold Strategies.” Working Paper, London Business School. Ali, Paul Usman and Martin Gold. 2002. “An Appraisal of Socially Responsible Investments and Implications for Trustees and Other Investment Fiduciaries.” Working Paper, University of Melbourne. Almgren, Robert and Neil Chriss. 2000/2001. “Optimal Execution of Portfolio Transactions.” Journal of Risk. Vol. 3: 5–39. Altman, Edward I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance. Vol. 23: 589–699. Altman, Edward I. and Vellore M. Kishore. 1996. “Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds.” Financial Analysts Journal. Vol. 52, No. 6: 57−63. Altman, Edward I., R. Haldeman, and P. Narayanan. 1977. “Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations.” Journal of Banking and Finance. Vol. 1: 29−54. Ambachtsheer, Keith, Ronald Capelle, and...
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...Joan of Arc -- the seventeen-year-old peasant girl, who, as she said herself, "did not know ‘A’ from ‘B’, " but who, in a year and a month, crowned a reluctant king, rallied a broken people, reversed the course of a great war, and shoved history into a new path --what are we to make of her? The people who came after her in the five centuries since her death tried to make everything of her: demonic fanatic, spiritual mystic, naive and tragically ill-used tool of the powerful, creator and icon of modern popular nationalism, adored heroine, saint. She insisted, even when threatened with torture and faced with death by fire, that she was guided by voices from God. Voices or no voices, her achievements leave anyone who knows her story shaking his head in amazed wonder.’ Joan was born into a poor common family in the peasant village of Domrémy in the French province of Lorraine in 1412. She grew up a simple but unusually devout farm child during the height of the Hundred Years’ War. Disaster after disaster befell her native France -- the English invaders and their Burgundian allies conquered and occupied the northern half of France including Paris. Dauphin Charles VII, the rightful but un-crowned king of France, set up the remnants of his royal court at the town of Chinon. From here, this weak monarch of questionable competence tried to rule over the unoccupied rump of France. Starting in May, 1428, Joan, claiming that God was directing her through the saints, repeatedly approached...
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...SPINE Volume 25, Number 22, pp 2940 –2953 ©2000, Lippincott Williams & Wilkins, Inc. The Oswestry Disability Index Jeremy C. T. Fairbank, MD, FRCS,* and Paul B. Pynsent, PhD† tried. The questionnaire had been published in 198038 and widely disseminated from the 1981 meeting of the International Society for the Study of the Lumbar Spine (ISSLS) in Paris. The objects of this article are: To present the various versions of the ODI instrument for comparison ● To review the various efforts that have been made to validate this questionnaire ● To compare the scores obtained in studies of different patient population both before and after treatment ● To review the methodology of outcome measurement ● To consider what is actually measured by this and similar instruments ● Study Design. The Oswestry Disability Index (ODI) has become one of the principal condition-specific outcome measures used in the management of spinal disorders. This review is based on publications using the ODI identified from the authors’ personal databases, the Science Citation Index, and hand searches of Spine and current textbooks of spinal disorders. Objectives. To review the versions of this instrument, document methods by which it has been validated, collate data from scores found in normal and back pain populations, provide curves for power calculations in studies using the ODI, and maintain the ODI as a gold standard outcome measure. Summary of Background Data. It has now been 20 years since its original...
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...Journal of Economic Perspectives—Volume 24, Number 1—Winter 2010—Pages 93–118 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Laux and Christian Leuz I n its pure form, fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value, fair-value accounting is also called mark-to-market accounting. Some critics argue that fair-value accounting exacerbated the severity of the 2008 financial crisis. The main allegations are that fair-value accounting contributes to excessive leverage in boom periods and leads to excessive write-downs in busts. The write-downs due to falling market prices deplete bank capital and set off a downward spiral, as banks are forced to sell assets at “fire sale” prices, which in turn can lead to contagion as prices from asset fire sales of one bank become relevant for other banks. These arguments are often taken at face value, but evidence on problems created by fair-value accounting is rarely provided. We discuss these arguments and examine descriptive and empirical evidence that sheds light on the role of fair-value accounting for U.S. banks in the crisis. While large losses can clearly cause problems for banks and other financial institutions, the relevant question for our article is whether reporting these losses under fair-value accounting...
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