after the Sunday Times Generation Next study is published every year. Their concern, generally, is that youth are still a relatively marginal market segment, so why do a brand preference study? South Africa, like most developing countries, has a very young population — more of our citizens are 22 — the age limit of the study — or younger than those who are older. So, with a sample set aged between eight and 22, the study tracks the consumer behaviour and preferences of a large, not small, part
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FRONTLINE JANUA RY 1 3, 2 012 WWW.FRONTLINE.IN INDIA’S NATIONAL MAGAZINE RS.25 WORLD AFFAIRS IRAQ FOOD SECURITY PDS CLIMATE CHANGE DURBAN Exit America 49 What people say 96 Uncertain stand 114 Remembering TAGORE On his 150th birth anniversary VOLUME 28 NUMBER 27 TH E STAT E S Fiery trap in Kolkata 41 SC IE NCE Higgs signal? 44 WOR L D A F F A I R S Iraq: Exit America War crimes in the trash Russia: December Revolution Pakistan: Volatile
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CONTE NTS Introduction 1 WHY YOU SHOULD VISIT CEMETERIES: Survivorship Bias 2 DOES HARVARD MAKE YOU SMARTER?: Swimmer’s Body Illusion 3 WHY YOU SEE SHAPES IN THE CLOUDS: Clustering Illusion 4 IF 50 MILLION PEOPLE SAY SOMETHING FOOLISH, IT IS STILL FOOLISH: Social Proof 5 WHY YOU SHOULD FORGET THE PAST: Sunk Cost Fallacy 6 DON’T ACCEPT FREE DRINKS: Reciprocity 7 BEWARE THE ‘SPECIAL CASE’: Confirmation Bias (Part 1) 8 MURDER YOUR DARLINGS: Confirmation Bias (Part 2) 9 DON’T BOW TO AUTHORITY: Authority
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Preface Let me begin this preface with a confession of a few of my own biases. First, I believe that theory and the models that flow from it should provide the tools to understand, analyze, and solve problems. The test of a model or theory then should not be based on its elegance but on its usefulness in problem solving. Second, there is little in corporate financial theory that is new and revolutionary. The core principles of corporate finance are common sense and have changed little over
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watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own. Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master’s honour, and very easily give themselves a dispensation from having it. Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company. — Adam Smith (1776) Keywords: Agency costs and theory, internal control
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international yachting competitions are held each year. The African Great Lakes region, of which Kenya is a part, has been inhabited by humans since the Lower Paleolithic period. The Bantu expansion reached the area from West-Central Africa by the first millennium AD, and the borders of the modern state comprise the crossroads of the Niger-Congo, Nilo-Saharan and Afro-Asiatic ethno-linguistic
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Idioms and Expressions by David Holmes A method for learning and remembering idioms and expressions I wrote this model as a teaching device during the time I was working in Bangkok, Thailand, as a legal editor and language consultant, with one of the Big Four Legal and Tax companies, KPMG (during my afternoon job) after teaching at the university. When I had no legal documents to edit and no individual advising to do (which was quite frequently) I would sit at my desk, (like some old character out
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Master Thesis Entrepreneurship and Microfinance: A Framework for Impact Evaluation Abstract The idea and implementation of Microfinance has become a hot topic and is currently at the central stage in debates on poverty alleviation. Microfinance can be defined as the sustainable delivery of financial services to the poor that aims at creating a world in which as many poor households as possible, have access to a suitable range of financial services (Christen, Rosenberg and Jayadeva, 2004). However
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watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own. Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master’s honour, and very easily give themselves a dispensation from having it. Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company. — Adam Smith (1776) Keywords: Agency costs and theory, internal control
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merger and acquisition process is due diligence. One of the more critical elements within due diligence is valuation of the Target Company. We need to assign a value or more specifically a range of values to the Target Company so that we can guide the merger and acquisition process. We need answers to several questions: How much should we pay for the target company, how much is the target worth, how does this compare to the current market value of the target company, etc.? It
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