...terms and revocation of the banking license for willful or non-willful noncompliance. The physical disposal of proceeds of funds’ from crime with aim of separating same, through creation of layers to disguise trails of the source and make it seem legitimate undermines the integrity of the financial system. It is required of the banking sector to build a comprehensive framework that identifies, assesses, monitors, mitigates and reports perceptions of suspicious activities of money launderers under the discipline of the regulator to avoid being sanction for the related offences. This paper reviews theory to link practice towards money laundering risk assessment of banking customers to maintain the integrity of the financial sector. 2 Introduction In a deregulated financial economy without transaction costs and costless enforceable contracts, the choice between the financial market instruments and products the institutions sell to buyers pose no risk implications to the value of the firm in spite of the capital structure the firm might...
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...of the nation were the Great Britain, France, and the United States of America to preserve the future global peace and forestall such conflicts like first world war. (University of Virginia, Online: 2009)The League was based on the covenant which was written into the Treaty of Versailles and other peace treaties and provided for an assembly, a council and a secretariat with each section vested with a task to help the league maintain peace (UNOG, Online: 2009) Franklin D. Roosevelt the President of the United States of America, Winston Churchill the Prime Minister of the Great Britain and other notable leaders reasoned that the destructive consequences of WW2 warranted the call to form an international organization which would play a vital role in achieving the global peace. (US Department of States, Online:2005 and National Archives, Online: 2009) Hence, the United Nations replaced the League of the Nations after the demise of the latter. They both shared almost similar concept and ideological views for international peace delivered through an international body. (Rit, 2009) In this essay the author will analyze the birth of League of Nations and its achievement and failures. Furthermore, the formation of the United Nations and the relationship between President Woodrow Wilson league of nation and the...
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...Benefits as Motivational Factors for Increased Productivity and Development of Corporate Culture Abstract Working environment and its conditions are one of biggest concerns nowadays. Having good business means having profitable and sustainable business. Neglecting its main components slows down or even hinders the whole process. Therefore, one of the most important tasks of one organization at first is to become sustainable inside itself. Just like any living organism; it has to be strong and consistent in order to survive the world outside. People are important because people generate ideas and build the concept. So it becomes obvious that the treatment of the people and motivation along with it plays huge role if the business wants to survive. Investing in the people became more profitable that investing solely in the business. Introduction Personal thoughts about corporate culture (in general) actually reached more serious approach last six months during the co-op. Working in a company (on a position of correspondent) many time the author realized that the weak corporate culture hinders or slows down some, if not all, business processes. We have been „forced” to think in the direction of a dominant corporate culture, without even being aware of that, in order to facilitate the business in many aspects. The conclusion was always the same; motivational factors in the form of benefits (which Maslow described for instance) have the effect that very few others have. Even the...
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...9-300-001 REV: JULY 25, 2001 CHRISTOPOHER A. BARTLETT Microsoft: Competing on Talent (A) In the summer of 1999, a front page Wall Street Journal article was attracting attention on the Redmond campus. Under the headline “As Microsoft Matures, Some Top Talent Chooses to Go Off Line,” the article reported: “Tired of grueling deadlines, frustrated by the bureaucracy that has accompanied Microsoft’s explosive growth, or lured away by the boom in high-tech start-ups, dozens i of the company’s most capable leaders, all around 40, have opted out—at least temporarily . . .” (See Exhibit 1 for the article’s list of senior level departures.) Steve Ballmer, the company’s recently appointed president and COO, was quoted as saying that some of the departures were voluntary and some were not, opening opportunities for fresher, smarter replacements. “We have a bench that is very deep,” he said. “We have people who are fired ii Yet despite the positive outlook, Ballmer clearly up—driven—to lead the next generation.” recognized that Microsoft had to change or adapt some of the human resource practices that had allowed it to assemble and retain what CEO Bill Gates proudly called “the best team of software professionals the world has ever seen.” Just six weeks before the WSJ article was published, Ballmer had announced a package of changes that sweetened salaries, allowed more frequent promotions, and softened some of the pressures that had long been part of the ”hard-core” Microsoft culture....
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...www.the-criterion.com The Criterion: An International Journal in English ISSN 0976-8165 Empire and Excess: Kipling and the Critique of Said’s Orientalism Sourit Bhattacharya Edward Said’s Orientalism remains one of the most influential books of the last quarter of twentieth century. In an informative manner, Said locates the seeds of Orientalism right in the medieval European imagination that solidifies itself in the nineteenth century. It is through knowledge, power, reason, scientific technologies and disciplinary set-up, philosophical supremacy and commercial benefit that the Europeans tried to redefine and restructure the East. The result was the emergence of a new form of ‘power’ based on information and control. Behind all the sacrificial and religious garb of the ‘white man’s burden’, Said notes, there runs hideous machinery that distorts the forms of knowledge, and remoulds the subject-object relationship in a Eurocentric mirror reflection. The orient becomes a textual study, a place, seen in mass, and considered to be transformed in such implacable homogeneity. Said writes: “In the system of knowledge about the Orient, the orient is less a place than a topos, a set of references, a congeries of characteristics, that seems to have its origin in a quotation, or a fragment of a text, or a citation from someone’s work on the Orient.”1 The Orient, like the ‘terra nullius’ notion of Australian imperialism, never exists, or exists in a manner which is vast, amorphous...
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...EFB335 Tutorial Two Solutions 1. There are several reasons why one would expect capital markets to be efficient, the foremost being that there are a large number of independent, profit-maximizing investors engaged in the analysis and valuation of securities. A second assumption is that new information comes to the market in a random fashion. The third assumption is that the numerous profit-maximizing investors will adjust security prices rapidly to reflect this new information. Thus, price changes would be independent and random. Finally, because stock prices reflect all information, one would expect prevailing prices to reflect “true” current value. Capital markets as a whole are generally expected to be efficient, but the markets for some securities might not be as efficient as others. Recall that markets are expected to be efficient because there are a large number of investors who receive new information and analyze its effect on security values. If there is a difference in the number of analysts following a stock and the volume of trading, one could conceive of differences in the efficiency of the markets. For example, new information regarding actively traded stocks such as IBM and Exxon is well publicized and numerous analysts evaluate the effect. Therefore, one should expect the prices for these stocks to adjust rapidly and fully reflect the new information. On the other hand, new information regarding a stock with a small number of stockholders and low trading...
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...Register Verification Results 2 Project Plan • Product Description - Purpose - General Customer requirements • Scope description of what is included and what is not • Objectives of the project • Deliverables p - list of products to be delivered to Customer • Tasks, including verification, validation and reviews with Customer and Work Team, to assure the quality of work products. Tasks may be represented as a Work Breakdown Structure (WBS). • Relationship and Dependence of the Tasks Project Plan (Con’t) • Estimated Duration of tasks • Resources (humans materials standards equipment and (humans, materials, standards, tools) including the required training, and the schedule when the resources are needed. • Composition of Work Team • Schedule of the Project Tasks, the expected start and completion date, for each task. • E ti t d Effort and Cost Estimated Eff t d C t • Identification of Project Risks 3 Project Plan (Con’t) • Version Control Strategy - Product repository tools or mechanism identified - Location and access mechanisms for the repository specified - Version identification and control defined - Backup and recovery mechanisms defined - Storage, handling and delivery (including archival and retrieval) mechanisms specified Project Plan (Con’t) • Delivery Instructions - Elements required for product release identified (i e (i.e., hardware, software, documentation etc.) - Delivery requirements - Sequential ordering of tasks to be performed - Applicable releases...
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...Ryan Krupansky Krupansky 1 Mr.Esposito English 10 2/20/14 Drones sweeping the nation “Unmanned aircraft help save time, save money, and not to mention saving lives.” States Ben Gielow, general counsel of Association for Unmanned Vehicle Systems International (AUVSI) (Kimery2). Drones have not been around for long periods of time but they have been used quite frequently in America. Government programs, like the military, have currently been the major use for drones. The drones either deliver a military strike or spy behind enemy lines. Some people oppose their use, citing that they are harmful and kill innocent people in blind foreign strikes; and some people say its getting the job done. Although generally Americans support the use of drones, many are on the fence about drones and arguing still continues. Opposers to drones do say accidents happen, but really the question should be how often? Drones harness the potential around the world to bring people to a new age of technology. Domestic drones should be used for public and recreational use. Domestic drones are the new generation of technology in the twenty-first century. They attempt to help everyday citizens. They can also assist people by creating new businesses and helping people do difficult tasks; such as making scientific discoveries, helping the U.S. economy by creating new jobs and industry, or even assisting the ones who save our lives and keep us safe. A 2013 report by the Association for Unmanned...
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...(i; is a measure of risk specific to asset i. This relationship between expected return on asset i and expected return on market portfolio is also called the security market line. If CAPM is valid, all securities will lie in a straight line called the security market line in the E(R), (i frontier. The security market line implies that return is a linearly increasing function of risk. Moreover, only the market risk affects the return and the investor receive no extra return for bearing diversifiable (residual) risk. The set of assumptions employed in the development of the CAPM can be summarized as follows [Sears and Trennepohl (1993)]: 1. Investors are risk-averse and they have a preference for expected return and a dislike for risk. 2. Investors make investment decisions based on expected return and the variances of security returns, i.e. two-parameter utility function. 3. Investors behave in a normative sense and desire to hold a portfolio that lies along the efficient frontier. These three assumptions were also made in the development of the Markowitz and Sharpe single-index portfolio analysis models. In addition to these three, CAPM also makes the following assumptions. 4. There exists a riskless asset and investors can lend or invest at the...
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...Evidence is also presented on whether excess returns are the result of better skill or information for some managers or the existence of a momentum effect in stock returns. When picking a fund an investor faces a bewildering yet important choice from amongst several hundred product offerings and there is a considerable degree of price dispersion. Studies of Malaysia funds have relied on the assumption that conditions determining market efficiency, or the ability of fund managers to exploit inefficiencies, do not change significantly during the period examined. According to this research paper (2002-6), the unit trust industry in Malaysia can be considered relatively young. The first unit trust, Malaysia Investment Fund was launched in Dec. 2, 1966 by Asia Unit Trusts Be&ad. However, the industry can be expected to take off in the years ahead in light of recent positive developments within the industry. Such developments include the new Guidelines on Unit Trust Funds issued by the Securities Commission, the setting up of the Federation of Malaysian Unit Trust Managers, the launching of several state unit trusts and the emphasis on unit trusts that are based on Islamic principles. The Islamic based unit trusts are set up to provide wider avenues for...
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...The Effect of Corporate Restructuring on the Shareholders’ Value: The Case of GEC/Marconi Magdy Abdel-Kader 1 * and Vagia Mentzeniot 2 1 Brunel Business School. Brunel University. Uxbridge. Middlesex UB8 3PH. UK * Corresponding author: Tel: +44 (0)1895 266739. Fax: +44 (0)1895 269775. Email: magdy.kader@brunel.ac.uk 2 Finance Division, Piraeus Bank Group, Headquarters, Stadiou & Amerikis 4, Athens, 10557, Greece Abstract GEC/Marconi’s transformation from a diversified conglomerate to a focused telecommunications and information technology company was an eventful and rambling transmission that resulted in the deterioration of shareholders’ value. It represents one of the most dramatic falls from grace in British corporate history and one of the greatest corporate governance fiascos of all time. The study investigates the wealth effects of Marconi’s sell-offs and acquisitions on its shareholders’ value by calculating the abnormal returns on the announcement days of all the disposals/acquisition during 1996-2002. The results support the view that shareholders’ value increases when a company proceeds to corporate sell-offs to pursue a focus strategy. However, the authors conjecture that GEC/Marconi has destroyed shareholders’ value through these disposals/acquisitions because of several mistakes, such as being prone to heavy debt. © 2007 World Research Organization. All rights reserved Keywords: Marconi, GEC, Restructuring, Disposals, Acquisitions, Divestiture Citation:...
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...Segmentation, Targeting and Positioning LEARNING OBJECTIVES After reading, studying and analyzing this chapter, students should be able to understand: 2.1 The interrelationship among market segmentation, targeting, and positioning, and how to select the best target markets. 2.2 The bases used to segment consumers, including demographics, psychographics, product benefits sought and product usage-related factors. 2.3 Behavioral targeting and its key role in today’s marketing. 2.4 How to position, differentiate and reposition products. CHAPTER SUMMARY Learning Objective 2.1: To understand the interrelationship among market segmentation, targeting and positioning and how to select the best target markets. Segmentation is defined as the process of dividing a potential market into distinct subsets of consumers with a common need or characteristic and selecting one or more segments to target with a specially designed marketing mix. Besides aiding in the development of new products, segmentation studies assist in the redesign and repositioning of existing products, in the creation of promotional appeals, and the selection of advertising media. In order to be a viable target market, a segment must be identifiable (by some criteria such as demographics, lifestyles, or others), sizeable (i.e., large enough to be profitable), stable or growing, accessible (i.e., can be reached economically), and congruent with the marketer’s objectives and resources...
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...Abiola Idowu Ashford University BUS640 Operations Management September 26, 2011 Introduction: Porter’s model is based on the insight that a corporate strategy should meet the opportunities and threats in the organizations external environment, especially competitive strategy should be based on the understanding of an industry’s structure and the way they change. Porter has identified five competitive forces that shape every industry and every market. These forces determine the intensity of competition and hence the profitability and attractiveness of an industry. The objective of corporate strategy should be to modify these competitive forces in a way that improves the position of the organization. Porter’s model supports the analysis of the driving forces in an industry. Based on the information derived from the five forces analysis, management can decide how to influence or to exploit particular characteristics of their industry. The five competitive forces are typically described as follows: bargaining power of suppliers, the term 'suppliers' comprises of all sources for inputs that are needed in order to provide goods or services, supplier bargaining power is likely to be high when the market is dominated by a few large suppliers rather than a fragmented source of supply, there are no substitutes for the particular input, the suppliers, customers are fragmented so their bargaining power is low, the switching costs from one supplier to another are high there is the...
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...Háskólinn í Reykjavík TVD - PRMA Vorönn 2012 Viddi 2008 (Breytt og bætt) Spurningar ____________________________ Arnar Gauti Guðmundsson Eiríkur Rafn Björnsson Guðmundur Guðmundsson Hjalti Friðriksson Sveinn Ísleifsson Skiladagur: 11. maí ’12 ________________________________________________________________________ 1 ) Verkefnishugmynd og stefnumörkun __________ a) Var hugmyndin að Viddi 2008 verkefninu vel ígrunduð? Rökstyðjið svarið. Í sjálfu sér er hugmyndin sjálf ekki slæm, en hvernig farið er með hugmyndina er alls ekki vel ígrundað. Mun skynsamlegra hefði verið að halda fleiri fundi til þess að komast að niðurstöðu hvort/hvernig framkvæma ætti hugmyndina. Talað er um í byrjun að það eigi að auka framleiðslugetu fyrirtækisins um 25% og að lausnin sé samsvarandi stækkun gólfflatarmálsins auk þróaðari framleiðslilínu. Þegar verið er að bæta við afkastameiri framleiðslulínu á allt gólfflatarmálið er hæpið að það þurfti 25% stækkun til að ná 25% meiri framleiðslugetu. Eins og kemur fram í úttekt verkefnsins eru vélar hálfnýttar og þetta er einfaldlega of stórt í sniðum. Betri hefði verið að fá fagaðila og jafnvel virkja starfsfólk á gólfi til að gera mat á því hversu mikla stækkun virkilega þarf til að ná 25% meiri framleiðslugetu. __________ b) Hvernig hefði markmiðasetningin átt að vera og hvernig hefði útfærslan átt að vera? Markmiðið var að stækka fyrirtækið í takt við vaxandi eftirspurn en hvernig var staðið að því hefði mátt fara betur. Markmiðin voru ekki skýr og...
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...Cheryl Mew FINS2624 – Portfolio Management Semester 1, 2011 L ECTURE 1 – B OND PRICING W HAT IS A BOND? A bond is a claim on some fixed future cash flows. A commonwealth government bond (CGB) is a bond which pays semi-annual coupons, in which the maturity date/ coupon payment date is on the 15th of every month. A zero coupon bond is a bond with no coupons. The important information of a bond: 1. 2. 3. 4. 5. 6. Transaction date: T Settlement date:T+2 Coupon payment dates Maturity date YTM Coupon rate • 1. 2. Cum-interest or Ex-interest? If ex-interest If> 7 days to the next coupon payment-----> cum-interest Y IELD TO MATURITY The Yield to Maturity (YTM) of a bond is: Interest rate that makes the present value of the bond’s payments equal to its price. Determined by the market, reflecting annual rate of return required by market. The Relationship between YTM and Bond Price: YTM = Price AND Price Sensitivity YTM = Price AND Price Sensitivity When YTM = C = 10%, P = FV = $100 o C = YTM, P = FV – Par Bond o C < YTM, P < FV – Discount Bond o C > YTM, P > FV – Premium Bond N O ARBITRAGE PRINCIPLE An arbitrage is a set of trades that generate zero cash flows in the future, but a positive and risk free cash flow today. This is done through the violation of law of one price. An arbitrage trade is done by selling the real instrument, and buying a synthetic instrument (replicating strategies or portfolios)...
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