...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 century, the college relied on the generosity of...
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...BUSINESS CASE TEMPLATE Provision of Mailing Services to [insert organisation name] Business case - explanation • This document will help postal procurement personnel to detail the potential benefits (financial and non-financial) and costs involved in improving their postal services • It can be used to secure commitment from senior management for changes required to improve performance • It is intended to be a guide and will require completion and tailoring by individual organisations • It draws on the NAO report, “Improving the Efficiency of Postal Services in the Public Sector”, which can be referred to for more information • Note, use of [ ] denotes information that must be completed by the user. Examples have been inserted into this document as a guide to indicate the type of information you may wish to consider inputting. Business case - Contents • Objectives and scope • Summary (including quantified financial and non-financial benefits) • Value levers • Benefits (quantified, where possible, over time) • Implementation tasks and project plan • Key barriers • “Reference” customers • Methodology • Assumptions Business case – Objectives and scope • To reduce spend on postal services • To increase the quality of postal services • This work focuses on postal procurement and management covering mail services • The organisation may...
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...Strategic Asset Allocation: Determining the Optimal Portfolio with Ten Asset Classes Niels Bekkers Mars The Netherlands Ronald Q. Doeswijk* Robeco The Netherlands Trevin W. Lam Rabobank The Netherlands October 2009 Abstract This study explores which asset classes add value to a traditional portfolio of stocks, bonds and cash. Next, we determine the optimal weights of all asset classes in the optimal portfolio. This study adds to the literature by distinguishing ten different investment categories simultaneously in a mean-variance analysis as well as a market portfolio approach. We also demonstrate how to combine these two methods. Our results suggest that real estate, commodities and high yield add most value to the traditional asset mix. A study with such a broad coverage of asset classes has not been conducted before, not in the context of determining capital market expectations and performing a mean-variance analysis, neither in assessing the global market portfolio. JEL classification: G11, G12 Key words: strategic asset allocation, capital market expectations, mean-variance analysis, optimal portfolio, global market portfolio. This study has benefited from the support and practical comments provided by Jeroen Beimer, Léon Cornelissen, Lex Hoogduin, Menno Meekel, Léon Muller, Laurens Swinkels and Pim van Vliet. Special thanks go to Jeroen Blokland and Rolf Hermans for many extensive and valuable discussions. We thank Peter Hobbs for providing the detailed segmentation...
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...Learning Team A Mastering Teacher Leadership Case Study RES351 Chosen Cheng Aug 15 2013 Summary The Mastering Teacher Leadership case study is about a proposed change in licensure requirements for Ohio private and public school teachers. According the newly passed Ohio Department of Education Teacher Certification Standards, Educators are now required to have a Master’s Degree in order to renew their license. In order to gauge interest or reception to the changes, the Local Professional Development Committees sent surveys to new and existing educators who will be required to renew their license sometime in the future. Discussion Question 1 Building a research question hierarchy for this proposed change would require asking several in-depth questions such as: * Will the change result in increased technological literacy for both student and teachers? * Will the change build a framework and encourage educators to collaborate with other educators and community professionals? * Does having a Master’s Degree address classroom management issues of student social skills, moral education and discipline? * Would the change meet the diverse cognitive and social needs of students? Discussion Question 2 Upon evaluating the exploratory research design stage, the survey and the subsequent returns are deemed appropriate because the data was collected from the demographic that are relevant to the study. The LPDC sent a survey regarding the changes to certified educators...
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...speech, publications, dress, and grooming. They also have these rights, freedom of conscience, freedom from unreasonable search, the right to privacy and special rights for learners with disabilities. I feel that some of these rights should be revised to safeguard students from the many quite scary situations that arise in the schools today as students try to attain their education. Choice should play a very important role in public education. Families can choose to place their children in schools that best align with their own preferred choice. In Michigan most of the public schools are no longer. Parents are placing their children into charter schools, or private schools because they think that the education will be better, and the schools are often not overcrowded. I thought this way myself and place my grandchildren into private school. I now think differently about the education they are receiving, I feel like they should have been placed in a good public school and my money in the bank. The charter and public schools seem to offer comparative...
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...can never be done just by asking a few teachers about it or reading a few articles on newspapers and magazines. By all means it is a much more complex job and deserves delicate and careful handling. Until one can find out the root cause, any proposal for remedy seems useless. The prime factors on which the quality of education in general depends are the quality of teachers, the quality of students and the quality of the teaching courses. The other factors are the academic environment and teaching aides (including library, communication facilities etc). But that being said, access to higher education is the most important piece of the puzzle. Because of limited number of seats in public universities, and high tuition fees charged by the private universities, access to university education is rather limited in Bangladesh. Degree colleges that account for the lion’s share of enrolment at the higher level of education in Bangladesh,...
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...Bangladesh Software and IT Service Industry Recent Trends & Dynamics Software and IT service industry in Bangladesh has crossed a long road over the last few decades. It has matured. The industry no more remains at the sideline. It joined the mainstream. Not only the industry is contributing significantly in the national income, but also it has been playing very crucial role in creating high quality employment for a sizable portion of young graduates of the country. The presence of high number of young entrepreneurs is one of the distinctive features of this industry. In last decade many tech savvy young graduates, some of them returning from abroad after finishing education, have started their IT ventures. Despite various local and global challenges, these young spirited entrepreneurs have done remarkably well in building sustainable business organizations through their hard work and passion. Surely, the enthusiasm and resilience of the young entrepreneurs are the main driving force of Bangladesh IT industry. Snapshot of the Industry: Size, Composition and Market According to BASIS survey, there are over 800 registered software and ITES (IT Enabled Service) companies in Bangladesh. There are another few hundred of unregistered small and home-based software and IT ventures doing business for both local and international markets. Chart 1 Bangladesh Software and ITES Industry 800 + Enterprise no. Software 44% 56% Tk. 1,800 crore + (US$ 250 million) Revenue...
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...PUBLIC SECTOR ACCOUNTING AND FINANCE 1.0. Introduction: One of the main distinguishing factors between public and private sector organisations lies in their objectives and sometimes funding structure. While public sector bodies have a more social objective and focus more on the allocation or distribution of public goods and services within the country, private sector bodies have the main objective of increasing the wealth of their shareholders (IFAC, 2011). However, both private and public sector bodies face similar operational and business challenges brought on by the economic environment and climate. A crucial question therefore is how to account for the activities of private sector bodies and public sector bodies in a way that reflects the operational structure of the organisation and yet their varying objectives (Barton, 2000). There exist two main schools of thought on the nature of accounting in the public sector, each of which is formulated by the view of the role of the public sector within the economy (Evans, 1995). The traditional method of accounting within public sector organisations has often advocated the use of the cash basis of accounting, with larger emphasis rather placed on compliance with the rules and regulations governing the sector (Wynne, 2003). However, weaknesses in public sector management have brought to the fore the importance of efficiency and hence the adoption of the accrual method of accounting within the public sector. According to...
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...Miami Schools Negotiation University of Phoenix Organizational Negotiations MGT/445 April 4, 2011 Miami Schools Negotiation Miami School District has decided to change the school boundary parameters due to the high applications of enrollment. This would be good for the school to rezone the boundaries but it is not favorable to the stakeholders in some circumstances. The stakeholders are the parents of the children in this case. The big issue for the current students is the disruption of the current curriculum and a possible change of school systems entirely. Numerous opposition plans influence the parent’s behavior to stop the rezoning, which are education quality, traveling time of the students to and from school, crossing economic and cultural boundaries, impact on property valuations in the communities, and social impacts on children. This document is intended to create a simpler understanding of the negotiation strategy used by the school management to support the rezoning boundaries by considering the concerns of the stakeholders. This paper will assist to understand the ethical and cultural differences that can impact the decision and negotiation process. According to the scenario provided, the parents have issues with rezoning the boundaries of the school system. The main opposition to rezoning is the education quality that is served by the school. Due to the rezoning of school boundaries the parent’s are concerned that their children will not be...
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...As colleges weigh this year’s round of applications, high school seniors are not the only anxious ones. Just as nervously, colleges — facing a financial landscape they have never seen before — are trying to figure out how many students to accept, and how many students will accept them. Typically, they rely on statistical models to predict which students will take them up on their offers to attend. But this year, with the economy turning parents and students into bargain hunters, demographics changing and unexpected jolts in the price of gas and the number of applications, they have little faith on those models. “Trying to hit those numbers is like trying to hit a hot tub when you’re skydiving from 30,000 feet,” said Jennifer Delahunty, dean of admissions and financial aid at Kenyon College in Ohio. “I’m going to go to church every day in April.” In response, colleges are trying new methods to gauge which applicants are serious about attending: Wake Forest, in North Carolina, is using Webcam interviews, while other colleges say they are scrutinizing essays more closely. And they are making more vigorous appeals to try to convince parents and students who will be offered admission in April that theirs is the campus to choose. But mostly, they are guessing: Will pinched finances keep students closer to home? Will those who applied in December be feeling too poor to accept in May — or show up in August? Colleges have been in the catbird seat for the past decade or...
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...Former Teacher Future Community Organizer Rural Old South, GA 30000 August 23, 2011 Dear Paulo Freire, As a former teacher of students at a public therapeutic school, I feel that we have a connection, if only as fellow educators. Most teachers only want the best for their students. I am against the thought of “banking education” (pouring information into a student, and then the students spit the information back out) as I know you are. In my former school for “troubled children,” the teachers and other staff had power over the students. This was for safety concerns, such as suicide. I know that you are known for actively sharing power, and believe in power “with the people.”In your work with marginalized people you never blamed the victim, as is often done. I know that you are famous, but you also identify with common people and educators like me. Our school has had many issues primarily with our funding. But the main problem is (I realize that you like to name the problem first) that I and other former teachers are getting ready to lose our retirement benefits! We worked extra hours weekly at our local community elementary school to ensure that our benefits would be available when we retired! Now when many of us need more income, it is going to be reduced, or discontinued. This problem can easily be explained. The funds were redirected to a fleet of expensive cars that are being driven around by public school board members. Now that the problem has been...
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...government initiative. So the government of Bangladesh looked for private participation in this sector as a way out on the account of increased demand for higher education in the country and allowed private universities (PUs) to operate since 1992. However, the operations of PUs for last 13 years has been observed to produce mixed results. PUs could bring about some positive changes in the Higher education of the country in terms of increased capacity for higher education, politics-free environment and responsiveness. On the other hand, there are also serious allegations concerning high cost and poor quality of education in most PUs. The situation became so grave that a high power investigation team formed by the government had to put eight PUs in its black list and recommended for the cancellation of their license to operate as “University” in the country. Against this backdrop, the government opted for more stringent rules for the regulation of the PUs and accordingly preparing for the amendment of the existing Private University Act 1992. This move of the government has received mixed reactions. Some experts view this as badly required for assurance of the quality in PUs. Again others, specially the sponsors and University management consider the move suicidal and against the very concept of privatization of higher education in the country. So keeping the assurance of the... • Advantage: Class Size • Private...
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...Associate Level Material Deductive Reasoning Argument 1 Trainer or Cleaner John is the owner of a gym with approximately five trainers on his payroll. Only a few of those trainers are considered full-time employees. Chris, one of these full-time personal trainers, is well liked by his clients and he consistently has a full schedule. Between clients and even before this gym opens, Chris tries to make sure the gym is clean. He washes down equipment, cleans bathrooms, and ensures the general appearance of magazine baskets looks good. As a full-time trainer; however, Chris has his hands full and after months of pitching in and working to keep the gym clean, he’s frustrated. He discovers his boss, John, no longer cleans because he assumes Chris will. Chris feels taken advantage of and wants John to recognize his role as a trainer first. He also wants John to consider the extra work cleaning involves. He is arguing for a raise or at least, special compensation for the cleaning should he continue it. For now, though, he is “on strike” from cleaning. He presents his findings to John who is not yet ready to compromise. Argument 2 Buying a Car Mark and Sally are a young, married couple considering the purchase of a new car. Mark feels his 10-year-old, four-door sedan is still working fine and there is no need to spend more money. Sally, who is 5 months pregnant, believes that the couple should invest in something newer and safer for their future children. Sally argues...
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...Acct 4631 OA2 1. What was the main reason for the appeal in this case by Kramer? The jury convicted Kramer on both drug counts that he was indicted for. These charges were “conspired with unidentified persons to distribute large quantities of marijuana and amphetamines during the years 1977 and 1978, that on one occasion in 1977 defendant had distributed some 1,000 pounds of marijuana” (Westlaw, Kramer vs. US, pg. 1). The evidence used to support this case was retrieved from trash bags by policemen on Kramer’s property. These trash bags were to be garbage set there for a private garbage removal service to pick up. The policemen did not have a warrant to take this garbage, but they did so anyway, took it back to the station, and searched through it piece by piece. Kramer appealed this, saying that his garbage on his property is protected by the Fourth Amendment. He thought his garbage was private property that could be searched through or looked at by anyone but himself. Kramer was very mistaken by this. The Fourth Amendment does not protect possessory interests in land. A trespass invades someone’s right of possession. It does not have anything to do with privacy. Preventing others from using one’s land in the circumstances here is not a privacy interest. Kramer’s appeal was denied under these circumstances. 2. What was the final ruling by the court in regards to the admissibility of the evidence? As I stated above, Kramer’s appeal to dismiss the evidence found in...
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...최근에 설립된 회사로서 보통 상업화가 가능한 제품을 보유하고 있으며 경영진이 구성되고, 사업계획서가 작성되어 있다. 창업단계에 필요한 창업자금은 제품개발을 완성하고 사업계획을 가지고 기업화하는 단계에 필요하지만, 높은 위험이 따르기 때문에 벤처케피탈들도 이 단계에서 투자를 꺼리는 것이 보통이다. 따라서 일반적인 경우는 기업가의 자기자금이나 개인적인 담보에 의한 대출들로 자금을 조달 할 수 밖에 없는데 이에는 한계가 있기 때문에 창업이 순조롭게 이루어지지 않는 경우가 많다. 하지만 오늘날 많은 벤처캐피탈이 매우 잠재력이 높은 기업을 발견하여 조기에 상당한 수익을 얻기 위하여 앞을 다투고 있다. 개인적 네트워크를 통한 자금조달 이외에 국내외에서 어떠한 방법으로 창업단계의 기업이 자금을 조달 할 수 있는지 살펴보도록 하겠다. 2) Private Equity Investment 'Private Equity'란 Public Equity(상장주)와 반대되는 개념으로서 기업공개 이전 상태에 있는 비상장기업의 지분(비상장주) 의미로도 쓰이지만, 비상장기업에 대해 협상(private negotiation)을 통하여 다양한 형태의 투자를 전문적으로 수행하는 투자자금(fund) 또는 투자조직으로 더 많이 사용된다. Private Equity (Fund)는 공모(public offerings)가 아닌 사모(private placements)방식에 의해 조달된 재원을 통하여 주로 비상장 기업에 투자하는 자금(funds) 또는 투자방법을 의미한다. Private Equity의 종류는 크게 창업단계 및 초기 성장단계(early stage investment) 기업에 대한 투자를 전문적으로 수행하는 '벤처캐피탈'과 초기 성장단계 투자를 제외한 모든 형태의 비상장기업에 대한 투자를 지칭하는 'Private Equity'로 구분된다. Private Equity 투자프로세스를 살펴보면, 적극적인 투자 전략하에 투자대상을 발굴하고, 기업정밀실사 및 투자조건에 대한 협상을 통하여 투자를 실행하며 투자 이후에는 투자기업의 기업가치 증대를 위한 다양한 노력을 기울임으로써 투자수익을 극대화 한다. 이와 같이 Private Equity 투자는 상장기업에 대한 투자와는 달리 투자대상 기업이 속한 산업 및 업종에 대한 전문적인 지식을 바탕으로 투자대상 기업을 발굴하고 유리한 투자조건을 이끌어 낼 수 있는 협상력과 투자수익 제고를 위한 투자기업의 기업가치 증대능력이 요구되는 전문적인 투자 방식이다. 비상장기업의 자금조달의 필요성과 자금조달 규모, 기업의 성숙도에 따라 각기 다른 형태의 투자 방법이 출현할 수 있다. (아래 그림 참조) 아래 그림과 같이, Seed Stage에서 Star-up Stage에 이르는 시기, 즉, 구체화된 사업아이디어에 대한 R&D투자를 통해 상업화가 가능한 제품을 개발하는 단계에서는 기업화 초기단계에 천사처럼 나타나 필요한 자금을 공급하는 개인투자가(엔젤)을 통한 투자가 주로 이루어지게 된다. 이처럼, 어느 정도 기업의...
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