...data 10 Articles & litterature 10 Case Description Danske Bank have recently launched a new campaign with a new slogan called ”New Normal, New Standards”. Especially, the TV-advertisement has caused a lot of anger and frustration among their customers, because of its controversial images. So much frustration that some customers even have decided to leave the bank for another bank. The main subject is that Danske Bank is trying to create a “false” image of the bank. Some even think that its hypocritical and that Danske Bank promises more than they can hold. This has caused a lot of disturbance on e.g. Danske Bank’s Facebook page and one wall post caught more attention than any of the other complaints. Thomas Moos Jensen wrote: “I want to share this constructive input: "It is rare that an advertisement can get me so angry, but the new campaign from the Danish Bank is simply like being kicked in the balls. "A new normal demands new standards", preach it with an image, which rather resembles an advertisement for Amnesty International, together with glorified images of windmills, gay love and, God help me, also Occupy Wall Street! Hello, banking types, you want us to believe that you now would be a kind of society beneficial institution rather than a revenue focused business? And do you think we have already forgotten that you, as part of the banking system, are one of biggest villains in the situation the world is in now? You could start with an advertisement...
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...CORPORATE GOVERNANCE: A SURVEY OF THE LITERATURE November, 2003 Jorge Farinha* Keywords: agency theory, corporate governance, ownership structure JEL Classification: G300 *CETE-Centro de Estudos de Economia Industrial, do Trabalho e da Empresa, Faculdade de Economia, Universidade do Porto, Portugal. Correspondence to: Jorge Farinha, Faculdade de Economia da Universidade do Porto, Rua Roberto Frias, 4200 Porto, Portugal. Tel. (351)-22-5571100, Fax (351)-22-5505050. E-mail: jfarinha@fep.up.pt. CORPORATE GOVERNANCE: A SURVEY OF THE LITERATURE ABSTRACT This paper reviews the theoretical and empirical literature on the nature and consequences of the corporate governance problem, providing some guidance on the major points of consensus and dissent among researchers on this issue. Also analysed is the effectiveness of a set of external and internal disciplining mechanisms in providing a solution for the corporate governance problem. Apart from this, particular emphases are given to the special conflicts arising from the relationship between managers and shareholders in companies with large ownership diffusion, the issue of managerial entrenchment and the link between firm value and corporate governance. Keywords: agency theory, corporate governance, ownership structure JEL Classification: G300 1 1 Introduction Recent financial scandals associated to accounting and other frauds allegedly blamed to top company managers (e.g. Enron, Worldcom, Adelphia) have...
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.................................................................................................................... 6 Literature Review.................................................................................................................................. 7 3.1. Sharpe ratio ................................................................................................................................... 9 3.2. Sortino ratio ................................................................................................................................10 3.3. Treynor ratio ...............................................................................................................................12 3.4. Jensen ratio.................................................................................................................................. 13 Weaknesses of traditional performance measures ......................................................................................15 Conclusion...
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...On Edge Mary Grace Martin 11-19-14 For my review I will be using a very popular tv show called Supernatural created by Eric Kripke. I am currently still watching this series; I am on season four of ten seasons. Supernatural is about two brothers named Sam (Jensen Ackles) and Dean (Jared Padalecki) Winchester who fight evil with a terrible backstory. When Sam was four months old a yellow-eyed demon was destined to bleed into the baby's mouth, so when he grows up he will have supernatural abilities. In the process of doing that his mother was killed by the demon, and their house was set on fire. Sam has supernatural powers that allow him to have painful visions. Later in the seasons he develops a gift to exorcise demons with his mind, and send them to hell. Dean hates when Sam uses his gifts so Sam resigns till Ruby(Genevieve Cortese), a demon who has a good side to her, says its the only way to stop a certain threat on earth. Ruby also possesses a dagger that can kill demons. Its the only weapon besides the cult, a gun made by hunter that can kill any supernatural force in the world....
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...Journal of Management Studies 44:8 December 2007 doi: 10.1111/j.1467-6486.2007.00719.x A Modern Resource Based Approach to Unrelated Diversification Desmond W. Ng Texas A&M University abstract For over three decades, the questions of how and why an organization diversifies into related and unrelated businesses have drawn the attention of strategy scholars. However, explanations of unrelated diversification have been less than clear. A conceptual model of unrelated diversification is thus proposed. In drawing on Penrose’s (1959) resource based approach, unrelated diversification is explained by an organization’s ‘three pillars’, which consist of its strength of dynamic capabilities, absorptive capacity, and weak ties. The role of the three pillars is to discover new resource applications or uses in conditions of market failure that are characterized by ‘incomplete’ markets. A novel feature of this model is that an organization can diversify more broadly than predicted by Penrose (1959) and other modern resource-based approaches (Teece et al., 1997). Furthermore, unrelated diversification can be beneficial. This study also offers suggestions to measure the three pillars; its contributions and implications are discussed as well. INTRODUCTION The questions of how and why an organization diversifies into related and unrelated businesses have been a central focus of strategy research (Palich et al., 2000; Rumelt, 1974; Teece, 1982). These diversifications have been defined by the degree...
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...made maximizing shareholder value their top priority. But evidence suggests that shareholders actually do better when firms put the customer first. by Roger Martin 58 Harvard Business Review January–February 2010 HBR.ORG Roger Martin (martin@ rotman.utoronto.ca) is the dean of the Rotman School of Management at the University of Toronto. M ILLUSTRATION: GEORGE BATES odern capitalism can be broken down into two major eras. The first, managerial capitalism, began in 1932 and was defined by the then radical notion that firms ought to have professional management. The second, shareholder value capitalism, began in 1976. Its governing premise is that the purpose of every corporation should be to maximize shareholders’ wealth. If firms pursue this goal, the thinking goes, both shareholders and society will benefit. This is a tragically flawed premise, and it is time we abandoned it and made the shift to a third era: customer-driven capitalism. January–February 2010 Harvard Business Review 59 THE BIG IDEA THE AGE OF CUSTOMER CAPITALISM TWO MILESTONES IN MANAGEMENT In 1932, Adolf A. Berle (above) and Gardiner C. Means published their treatise The Modern Corporation and Private Property, endorsing the revolutionary idea that owners ought to turn companies over to professional managers. After Michael C. Jensen and William H. Meckling published “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” in the Journal of Financial Economics in...
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...Signature | Student 1 | | | | To be completed if this is a group assignment: We declare that this is a group assignment and that no part of this submission has been copied from any other student's work or from any other source except where due acknowledgment is made explicitly in the text, nor has any part been written for us by another person. | Student ID | Student Name | Student Signature | Student 1 | 4240138 | Danushka Nirmal De Silva | | Student 2 | 4235150 | Ngu Ing Sung | | Student 3 | 4237293 | Dashilla Ladaey | | Student 4 | 4237323 | Ahmad Akmal Afiq | | Student 5 | 100070566 | Lasse Svenning Jensen | | MARKER’S COMME Total Mark | | Marker’s Signature | | Date | | EXTENSION CERTIFICATE | This assignment has been given an extension by Unit Convenor | | Extended due date: | | Date Received | | Martin Luther King Jr. – I Have a Dream An analysis of a historically important leadership speech Words: (excl. front-page and references)...
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...accounts for the origin of the term “narcissism” and outlines the most well-known and relevant social theories on the subject. Furthermore, the paper provid-es a thorough analysis of American Psycho, focussing on narrative technique and the detailed setting described in the novel. The novels main protagonist, Patrick Bateman, symbolizes the postmodern narcissist in many ways, and even though it’s a work of fiction, the novel provides a comprehensive picture of the yuppie-environment in the 80’s. At last, the paper discusses whether or not the theme of the novel is still present in modern-day society and whether or not the narcissistic tendencies are a subject of concern. By comparing the novel to the theories of Christopher Lasch, Lars Lundmann Jensen and more, as well as empirical data, the paper concludes that narcissism in postmodern society is very much present. The new technology has provided the individual with new possibilities for self-promotion, especially through the extensive use of social media. Indholdsfortegnelse En lille appetitvækker 1 Et forsøg på en definition af begrebet narcissisme 2 En senmoderne teori af Christopher Lasch 3 En naturlig udvikling i det senmoderne samfund 5 En psykopats bekendelser 7 En upålidelig fortæller? 8 En kronologisk fortælling med uregelmæssigheder 9 Et bevidst valg af redundante og overflødige beskrivelser 10 En samfundskritisk satire 11 En meningsløs...
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...Introduction The theology presented by Martin Luther in the sixteenth century greatly influenced the Protestant church reformation. Luther offered several ideas that tried to determine the relationship between the gospel and the law and others that sought to explain justification by faith. Unlike the Christian teachings during his time, Luther affirmed that the Christian righteousness is only acquired from without. He suggested that the righteousness not only comes from Christ but is also Christ’s righteousness that is ascribed to Christians through faith. In this regard, Luther explored the dissimilarities between the righteousness accorded to Christians as a gift through faith and Christian’s own proper righteousness which works in the power of the gift through Jesus to do different works of mercy and love. Consequently, Luther presented a Latin phrase that further described Christian justification, “Simul Justus et Peccator” which is directly interpreted as “simultaneously just and sinners.” Therefore, this paper will explain and evaluate Martin Luther’s ideas of the double righteousness possessed by Christians using his commentaries on Galatians and Romans as well as his 1519 sermon on two kinds of righteousness. Luther’s ideas on Simul Justus et Peccator and Justification Luther’s sermon on the two kinds of righteousness is associated with the reformers belief of salvation and living by faith and not works. The original justice presented by Luther is the alien righteousness...
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...is. Later, I will make an argument in favor and against Corporate Responsibility by the firm to its stakeholders. Lastly, I will come to a conclusion on how firm’s value is maximized. That is what corporation should do for its stakeholder. According to rigorous research, each person has his or her personal responsibility that needs to be performed in order to maintain a good image in the society. Just as humans are faced with responsibilities, so as Corporations, since they are seen as a group of individuals working together to accomplish a goal, that goal being making themselves and shareholders as much money as possible is the shortest amount of time possible. Theses group of individuals according to Freeman are called Stakeholders, who are groups or individual that affects, or is affected by the achievement of a company’s aims (Freeman, 1984). Corporate social responsibility is becoming a key initiative and an essential tool in the growth of multinational...
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...Poverty in Mozambique | The policies that have been implemented to alleviate poverty | | | | | | | TABLE OF CONTENTS 1.0 Introduction 3 2.0 Factors that have contributed to the rising of poverty levels in Mozambique 4 1) The Mozambican civil war 4 2) The effect of floods, drought and cyclones on poverty levels of Mozambique 5 3.0 The polices aimed at reducing poverty 6 1) Economic and Social Rehabilitation program (ESRP) 6 2) Strategy For Development of Small and Medium sized Enterprises 6 3) Master Plan: Director Plan for Prevention and Mitigation of Natural Disasters 7 4) Strategic Plan for Agricultural Development (PEDSA) 7 4.0The challenges faced by the proposed policies 7 Conclusion 8 Bibliography 3) 1.0 INTRODUCTION Mozambique was a Portuguese colony and later became...
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...6053 BAUSAE Personal Finance Portfolio Report on Trading Investment Strategy Oct-Nov 2012 Nicola Kirk-420355 Word count-2870 Contents Justification of Strategy 3-4 EMH Portfolio Performance 5-9 Taxation Calculations Evaluation of portfolio performance 10-11 Jensen Treynor Sharpe Appendix 12 Bibliography 13 Justification of strategy After receiving the inheritance of £100,000 the first major financial decision was to select an account to invest the total amount in. I placed it in an instant access account with Derbyshire Building Society with an annual interest rate of 2.5% AER which included a 1% bonus for the first year. This allowed unlimited free withdrawals and a minimum balance of £1(after the initial opening balance of £1,000). This is a very low risk investment, as the first £85,000 would be protected also giving a small but constant and reliable income from the interest. In addition to this the account can be very easily liquidated when required. Hargreaves Lansdown was the stockbroker chosen for all trading as they offered competitive rates. They charge £11.95 for 0-9 transactions, £8.95 for 10-19 transactions and £5.95 for 20+ transactions. When deciding what assets to invest in I decided not to invest in currency, as they are extremely volatile, unpredictable and wouldn’t give as significant a return due...
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...Northampton Group Inc. – Case Study Analyses: How to increase shareholder value Nicole Arends, Jenny Feng, Laura Tromp & Zilha Wever FHTMS University of Aruba Mr. Don Taylor Corporate Finance FTS 2415 March 26, 2013 Introduction This Corporate Finance paper focuses on analyzing the challenges that Northampton Group Inc. (NGI) is facing as it tries to increase shareholder value. In the case study it is stated by the firm’s major shareholders, that they believe NGI is currently undervalued. In connection with this, the management of NGI is considering several means of increasing the shareholders value. Due to difficult economic conditions resulting from the Global Economic Crisis, there are both many opportunities as well as many risks to the alternatives that NGI’s management is considering. This paper will provide both the opportunity to use different valuation methods that will determine the value of the assets of NGI, as well as a discussion of different possible alternatives to increase shareholder value. Furthermore alternative solutions for NGI’s problem will be provided. NGI needs to elaborate by starting an active acquisition strategy or re-organizing its corporate structure with either an updated capital structure or converting to a real estate income trust. The last part of this paper will conclude with several remarks and recommendations for the Chief Financial Officer of Northampton Group Inc., Mr. Patel. These final analyses...
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...and is affected by a person's preferences. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price. Companies will often use different marketing strategies to cultivate loyal customers, be it is through loyalty programs (i.e. rewards programs) or trials and incentives (ex. samples and free gifts). | | Convincing consumers to switch brands is sometimes a difficult task. It is not unusual for customers to build up a great deal of brand loyalty due to such factors as quality, price, and availability. To encourage switching brands, advertisers will often target these three areas as part of the strategy of encouraging brand switching.Price is often an important factor to consumers who are tight budgets. For this reason, advertisers will often use a price comparison model to entice long time users of one brand to try a new one. The idea is to convince the end user that it is possible to purchase the same amount of product while spending less money. Ideally, this means that the consumer can use the savings for other purchases, possibly even a luxury item of some sort. The idea of more discretionary resources in the monthly budget can be an effective in the encouragement of jumping brands. However, price is not always enough to encourage brand switching. When this is the case, comparing the quality of one...
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...pay itself during this period (Murphy, 1999). Much research has focused on how executive compensation schemes can help alleviate the agency problem in publicly traded companies. To understand adequately the landscape of executive compensation, however, one must recognize that the design of compensation arrangements is also partly a product of this same agency problem. Alternative Approaches to Executive Compensation Our focus in this paper is on publicly traded companies without a controlling shareholder. When ownership and management are separated in this way, managers might have substantial power. This recognition goes back, of course, to Berle and Means (1932, p. 139) who observed that top corporate executives, “while in office, have almost complete discretion in management.” Since Jensen and Meckling (1976), the problem of managerial power and discretion has been analyzed in modern finance as an “agency problem.” Managers may use their discretion to benefit themselves personally in a variety y Lucian Arye Bebchuk is the William J. Friedman Professor of Law, Economics and Finance, Harvard Law School, and Research Associate, National Bureau of Economic Research, both in Cambridge, Massachusetts. Jesse M. Fried is a Professor of Law at Boalt Hall School of Law, University of California at Berkeley, Berkeley, California. Their e-mail addresses are ͗bebchuk@law.havard.edu͘ and ͗friedj@law.berkeley.edu͘, respectively. 72 Journal of...
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