The Financial Crisis and Its Impact on China Research Paper

The Financial Crisis and Its Impact on China - Research Paper Example Chinese economy has never relied on the hazardous Western money related measures. They rather treasure their stores. Regardless of this made sure about state, Chinese economy endured vacillations The worldwide budgetary emergency has begun shaking the Chinese economy as the far reaching influence from American economy has intensified the previously falling Chinese markets. Overall interest for their fares has been decreased. This brought about the halting of residential modern creation. Plants have been deterred and the representatives lay that prompted joblessness and fights. Towards the finish of 2008 they declared a $586 billion upgrade bundle focused towards bettering development and residential utilization in ten distinct parts of Chinese society. Foundation venture, catastrophe reproduction, natural wellbeing measures are a portion of the segments that have been contacted. The bundle is relied upon to help iron and steel areas, concrete makers and certain different enterprises through the speculation put on foundation. The new advance additionally improved development by taking off advance shares on loan specialists and raising credit for various activities that help rustic regions and little scope organizations. Government has perceived the parts where they truly felt decrease and reported bundles that can raise the economy. They have made decrease in financing costs and gave assets for framework development. Steps have likewise been taken to improve land deals. China has likewise declared substantial refunds on charges put on exporters. In the second from last quarter of the year 2008 the development rate was only nine percent. This is the slowest rate the country has seen over the most recent five years. China has likewise confronted a successive fall in lodging costs. Other modern areas like materials, data innovation and power creation have additionally experienced decrease. China isn't vigorously influenced by the money related emergency like differ ent nations in light of its shut monetary framework. They are anyway influenced by the money related emergency in countless manners. Different nations that have been fallen as a result of emergency encourage China to broaden a money related assistance hand by raising its own fares. A little log jam in the money related development pace of China is required to bring huge outcomes. Certain financial matters have cautioned that China will experience a genuine downturn regardless of whether its development rate falls somewhat beneath six percent. Chinese should keep at any rate nine percent development rate to keep up its developing work power and take ranchers to the urban divisions. The global monetary emergency has injured various parts of Chinese economy despite the fact that the real effect isn't totally noticeable in the year on year examination. The most noticeable effect of the emergency is the misfortune found in trade arranged light industry in China. A great many organization s have fallen; a large number of laborers have lost their positions. As indicated by the official reports in excess of ten million vagrant specialists have lost their positions and came back to their local regions. Ventures in China have been exceptionally influenced as a result of the financial emergency. It has seriously influenced the hardware producing industry. Chinese government needed to present gear producing modification and boosting plan for countering the fall. Need is given to the hardware fabricating segment. This area has been overhauled and upheld by government. Free development has been empowered; this

The theme of time in pre 1914 love poetry Essay Example For Students

The subject of time in pre 1914 love verse Essay Love verse has been advancing for a considerable length of time by artists investigating everything about adoration and communicating it in their own particular manners. Love verse is a route for a writer to uncover his emotions on an increasingly close to home level to investigate the idea and implications of adoration. Renaissance writers communicated their verse in Sonnets, the most well known of which are by Shakespeare, who contrasted his affection with a summers day in Sonnet 18. Edmund Spenser was another Renaissance writer, who composed a pattern of Sonnets called Amoretti which communicated his adoration for a woman. The storytellers of Sonnet 18 and Amoretti 75 both accept that affection can vanquish the progression of time through the lines of their verse, as long as their verse is being perused, their adoration will live and be interminable. Be that as it may, the storytellers of To his Coy Mistress and Sonnets to Delia utilize an increasingly reasonable way to deal with alarm their sweethearts with the idea of developing old and biting the dust. Their verse has an increasingly physical way to deal with adoration as they accept that time will vanquish their dedication and they will bite the dust with the progression of time. The two sonnets have a sexual substance which when investigated completely; uncovers that the explanation of their sonnets is to get their sweethearts to lay down with them before their excellence blurs until the end of time. We will compose a custom paper on The topic of time in pre 1914 love verse explicitly for you for just $16.38 $13.9/page Request now Both Sonnet 18 and Amoretti 75 are sonnets about affection outliving time. The storyteller in Sonnet 18 logically inquires as to whether he should contrast thee with a summers day. In addition he realizes that the seasons definitely change for the more awful, summers rent hath very short a date, and he needs his sweetheart to have an endless summer implying that he wishes her to remain energetic evermore. Shakespeare utilizes the changing of the seasons to speak to the progression of time and uses the intensity of his everlasting lines to give him and his adored one interminability. As Shakespeare utilizes the death of the seasons to show that time is unpreventable, Spenser utilizes the tide to represent that time hangs tight for nobody. He relates this progressing of time to cherish as he in writes his sweethearts name into the strand and the tide washed it away twice connoting that time moves like the waves, and time is un stoppable. Spenser utilizes the famous sentimental setting of a sea shore to lay the right foundation of adoration. He keeps in touch with her name upon the strand and when washed away the tide goes after the storytellers torment by talking ceaselessly his darlings name. This demonstrates his powerlessness to control the progression of time which upsets him as he guarantees that their affection will live until the end of time. Spencer utilizes cadenced pentameter to tie the musicality of the sonnet to the movement of the waves washing in and out on the strand. This is utilized in each quatrain to connect together the entire poem. He additionally utilizes similar sounding word usage, for instance w when the waves washed it away to make a sound like the real tide washing in and out. Spencer utilizes this similar sounding word usage to complement the symbolism of the poem. Shakespeare utilizes spellbinding blandishment and praises, calling the subject flawless to show his warmth. Nonetheless, he unobtrusively highlights the consideration towards himself by utilizing predictable rhyming, placing I in a primary beat and thee in the more fragile beat between demonstrating that the couple are more separated from one another than together. Conversely, Spenser alludes to the two darlings as our in Amoretti 75 demonstrating that they are all the more similarly enamored and that his sonnet is definitely not a narrow minded bit of expounding on himself and his composition, yet it shows that his sweetheart methods the same amount of to him as his composition. .u60c44115789afac5c0be7056e4415cf2 , .u60c44115789afac5c0be7056e4415cf2 .postImageUrl , .u60c44115789afac5c0be7056e4415cf2 .focused content zone { min-tallness: 80px; position: relative; } .u60c44115789afac5c0be7056e4415cf2 , .u60c44115789afac5c0be7056e4415cf2:hover , .u60c44115789afac5c0be7056e4415cf2:visited , .u60c44115789afac5c0be7056e4415cf2:active { border:0!important; } .u60c44115789afac5c0be7056e4415cf2 .clearfix:after { content: ; show: table; clear: both; } .u60c44115789afac5c0be7056e4415cf2 { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; haziness: 1; progress: darkness 250ms; webkit-progress: obscurity 250ms; foundation shading: #95A5A6; } .u60c44115789afac5c0be7056e4415cf2:active , .u60c44115789afac5c0be7056e4415cf2:hover { murkiness: 1; change: mistiness 250ms; webkit-change: obscurity 250ms; foundation shading: #2C3E50; } .u60c44115789afac5c0be7056e4415cf2 .focused content region { width: 100%; position: relative ; } .u60c44115789afac5c0be7056e4415cf2 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content enrichment: underline; } .u60c44115789afac5c0be7056e4415cf2 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u60c44115789afac5c0be7056e4415cf2 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe span: 3px; box-shadow: none; text dimension: 14px; text style weight: intense; line-stature: 26px; moz-outskirt range: 3px; content adjust: focus; content adornment: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: outright; right: 0; top: 0; } .u60c44115789afac5c0be7056e4415cf2:hover .ctaButton { foundation shading: #34495E!important; } .u60c44115789afac5c 0be7056e4415cf2 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u60c44115789afac5c0be7056e4415cf2-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u60c44115789afac5c0be7056e4415cf2:after { content: ; show: square; clear: both; } READ: The Voice by Thomas Hardy EssayAnother manner by which he shows the equity between the sweethearts is by allowing his darling to lover and every one of them have separate monologs in the sonnet, though Shakespeare alludes to the sweetheart as an article utilizing I and thee independently. Work 18, just as being a method of complimenting his dream, concerns the strength of adoration and eternality. Shakespeare accepts that even passing couldn't devour his affection as his verse will spare them. In the last couplet he highlights this and pushes the significance of his verse to a more elevated level and deserts his unique subject, his dream. In this manner, the topic of the sonnet could be viewed as an egotistic and a pompous perspective on his own verse. Andrew Marvell, To His Coy Mistress is composed as a solicitation to his woman to adore now and not later. He attempts to convince his darling to lay down with him by revealing to her that her virginity would be suitable on the off chance that they had constantly on the planet to be together. In any case, they can't live everlastingly so he needs her to hold onto the occasion. This sonnet is a carpe diem sonnet as it depends on holding onto the second while they despite everything are alive. Samuel Daniels Sonnet to Delia has the equivalent carpe diem topic all through the sonnet, requesting that his adored one love now before she is dead similar to shriveled blossoms. To His Coy Mistress is set in three verses, every one of an alternate tone. In the principal he compliments her by utilizing symbolism to disclose to her the amount more she merits than he does to cause him to appear to be an authentic man. In any case, this refrain is set in the contingent tense and is every one of the an if, thus not rebelliously or ever going to occur. He depicts her to be by the Indian Ganges side and himself by the tide of Humber as she is such a great amount of superior to himself. The storyteller utilizes overstatement to demonstrate to his cherished one that on the off chance that they had world sufficient opportunity, they would get to know each other . A hundred years ought to go to laud Thine eyes and on thy brow look. Marvell additionally utilizes enjambment in the last verse to accelerate the sentences causing them to appear to be increasingly earnest, this highlights the refrain which is significance to excite the darling. Works to Delia additionally compliments his cherished one by contrasting her with a rose, which is emblematically known as the excellent image of adoration and desire. Nonetheless, this is a mask for the genuine motivation behind the sonnet which is to tell his adored one that her excellence will blur. The storyteller tells his cherished one that not at all like the rose having the option to return to life the following spring, her become flushed will blur and her excellence won't have the option to be resuscitate the following spring, so he pressures her to not squander her fortune futile yet rather lay down with him now. The two sonnets have a similar topic and investigation that adoration ought not be squandered with vanity and hesitance however spent by the adolescent while love is as yet a delicate bud. The storytellers likewise utilize enticing language to demand to the young lady that losing her virginity presently is adequate provided that she keeps it protected, she will kick the bucket a virgin and just passing will have the option to take her virginity. Every one of the four sonnets make them thing in like manner, which is the subject of adoration and time. Every writer has composed his sonnet to show his veneration and need for his sweetheart. Each of the three writers have an alternate method to depict his emotions, which makes creativity of the sonnet. By contrasting their sweethearts with various articles, the half blown rose, and a Summers day, they make a one of a kind state of mind and tone for each possesses sonnet, regardless of whether it be sexual, sentimental or despairing. .uc8b34a8831b682af20c541a74b91c56b , .uc8b34a8831b682af20c541a74b91c56b .postImageUrl , .uc8b34a8831b682af20c541a74b91c56b .focused content territory { min-stature: 80px; position: relative; } .uc8b34a8831b682af20c541a74b91c56b , .uc8b34a8831b682af20c541a74b91c56b:hover , .uc8b34a8831b682af20c541a74b91c56b:visited , .uc8b34a8831b682af20c541a74b91c56b:active { border:0!important; } .uc8b34a8831b682af20c541a74b91c56b .clearfix:after { content: ; show: table; clear: both; } .uc8b34a8831b682af20c541a74b91c56b { show: square; progress: foundation shading 250ms; webkit-change: backgrou

Product Feature For Whittakers Products

Item Feature For Whittakers Products Whittakers the significant chocolate producer and the main completely claimed New Zealand Company. It is the second greatest chocolate brand in New Zealand. It has dim peanuts chunk, handling of beans incorporates human contribution. There is no strong milk in this chocolate. Whittaker advances its quality utilizing unadulterated cocoa margarine and cocoa milk. Item include for Whittakers items:- Dull chocolate has consistently been hit for organization by starting a precedent or an adventure of taste. Its top notch cocoa beans and it is family estimated squares of chocolate having 72% dull Ghana chocolate. It is famous in KIWI individuals of New Zealand in light of the fact that Whittaker is KIWI possessed organization and has been one of the great contenders. Its veggie lover readiness include includes in this chocolates Item Support for Whittakers items:- The item support for the Whittaker chocolates are, contact focus subtleties, different components like telephone number, email correspondence and client care subtleties. Likewise, retailers consistently have accepted Whittakers as the most obvious producer of market for its quality and long haul energy about clients. Web is likewise play an essential for item support since it is ultra-present day and innovation. It has the pages on Facebook, LinkedIn, @twitter, site pages and different sites. Item separation for Whittakers items:- Whenever contrasted and other enormous market players like Nestle, Ferro and Cadbury the scope of items at Whittakers is unmatchable. On the off chance that we talk about separation, as we probably am aware there are 33% cocoa in this chocolate and just 21% cocoa in Cadbury chocolate. All the cocoa for Whittaker originates from Ghana and Madagascar. All are sans gluten as correlation with different organizations. 4 proposals to make improvement in showcasing blend:- 1):- The cost factor ought to be estimated on the bases of client buying limit notwithstanding nature of item. It appears to be rich chocolate for wealth. 2):- Company should find a way to bring their market up in Asian nations for their specific improvement towards worldwide showcasing. 3):- Quality no uncertainty is the prime factor for any result of an organization to endure long in the market anyway accessibility of the deal is fairly progressively significant. For a model if an individual sitting in outside nation wishes to taste the result of Whittakers needs to dish out additional pennies to buy it by means of web. 4):- Local presence in various markets is significant for organization as the energy of its being a Kiwi organization is turning towards antagonism as an enormous mass of customers is as yet unconscious of this brand name. Answer to Question No. 2: The following is the point by point investigation of 4 distinctive estimating methodologies at Whittakers in particular: Worth Based Pricing Rivalry based Pricing Differential Pricing Pack Pricing Worth Based Pricing:- The techniques to put value first as an essential factor and not the selective is Value-based estimating. Whittakers set its valuing lesser as a tag of productivity and more as an expense to quality. The cost for Whittakers appears to be higher whenever contrasted and any outside brand. The Creamy Milk result of Whittakers has an immediate rival in worldwide market for example Dairy Milk structure Cadbury. KIWI generally individuals like to go for Whittaker for its virtue and vegetarian .So it goes with Whittakers additionally, they set the cost as not to win the benefit just yet to keep the customer base appended with brand besides. Rivalry based Pricing: Whittaker follow the means to remain longer in the market by means of setting the cost of merchandise as per the cost of comparable items (previously existing or recently launched).As we know quite well, Whittaker chocolates are preferred by KIWI individuals of its evaluating as well as their quality in chocolates. As indicated by showcasing director of Whittaker, cocoa spread is increasingly costly yet at the same time they are selling chocolates on ordinary cost which is advantageous for organization yield as correlation with other organization cocoa like Cadbury. Differential Pricing: based on differential valuing, Whittaker chocolates can advance and sell their items through coupons, uber deals, value discounts and circulation outlet. Additionally its relying upon socioeconomics or client qualifications like age, ways of life, status, and salary. Also, based on contenders and statistical surveying and valuing of others organizations is useful. Pack Pricing: Company can sell their item by expanding the volume of items in container and deal their item on ordinary costs. Everybody like the group items close to celebrations like Christmas and for present to anybody. They can down their costs close to celebrations for client attractions and for some benefit. it separate the opposition by giving an excess to the scope of clients through contribution the heap of items in a bundle. 4 different premise of valuing to improve the blend of showcasing:- Whittakers ought to extend their business on worldwide systems keep up their cost and methodologies to contend different chocolates organization like NESTLE, Hershey and Cadbury and so on. Offering the cost viability conveyance to clients with great quality is required to progress. In group estimating, the organization should begin with administrations like gratefulness to clients or give token and coupons that will support the deals. Organization can incorporate the references of every single social commitment to the general public since clients will procure the references and raise the passionate factor in the core of buyer. Answer to Question No. 3: Notice: based on ad viability, Whittakers scored on the possibility of promoting can be scored 10/10. They spurs the clients by commercial on Social locales like Facebook, connected, @twitter helping a ton to advance the results of Whittaker chocolates. Indeed, even different ways like TV, print media and radio are likewise been embraced by this organization to get more considerations. Open Relation: the informal exchange is otherwise called variation of advertising. Same as doing by Whittaker Company. They give first inclination to advertising since larger part of organizations made action into move for its customers.it is called jargoned informal, specialized or customized to an item. It turns out to be critical to engage that Whittaker is doing admirably in. Shopper Promotions: Customers dependability is favored by organization in buyer advancement in which purchasers having long haul relations with organization. The other method to advance are testing, challenges, cash Discounts, bundling, dedication plans and displays to draw in the clients considerations. 4 limited time instruments for drawing in clients to buy Whittakers items rather than different brands: As a thumb rule of business advancement for example the promotion like TV promotions at a stupendous level to investigate the potential organization should expand the widths from nation premise to worldwide premise and ought to go for the TV promotions at a fabulous level to investigate the potential market or clients over the world. Whittakers should plan limited time crusades in different nations as per their provincial language at the world level. We can advance the item on you tube recordings and on made pages of Facebook, twitter so everybody who enjoyed the paged on Facebook or on twitter can see the new flavor or existing result of chocolate. As Whittakers have advocated that its an image of the KIWI and for the KIWI; ought to likewise affect the individuals by collaborating their eating, living, buying and ways of managing money with the companys item run. It will pass on a message that this brand has an item to treat each area of individuals Answer to Question No. 4: The model for this can be drawn through the site of Whittakers. A wide gone inventory covering the whole scope of existing items, their portrayals is referenced alongside pictorial portrayal of item bundling. Specific: Whittakers is an organization that investigates a greater amount of methodology of particular dispersion as the items and disseminations of the organization are for restricted territory or individuals. In spite of the fact that it is inverse to an open appropriation framework however a delineating one for the business idea of the organization. This methodology has its own appeal as on the grounds that the territory of rivalry diminishes the edge of benefit gaining increments. From this time forward if a worldwide market player like Cadbury or Nestle which has an open conveyances framework won't be effective to gain the customers in business domains of Whittakers as in light of the fact that the effect of Whittakers on KIWIs is century long. A remote brand can't manage the cost of such a significant expense of creation by making good on global assessments. In the event that on the off chance that they have a go at propelling an item or product offering by trading off margina lly with the quality even, the recently client will fabricated rather progressively solid enthusiasm for their past image of chocolate. Concentrated: Whitaker however has not it accessible for whole world through every single diverse mean of appropriation anyway it is serious methodology of dissemination for the zones where it is mainstream. Different strategies for disseminations: Direct Method: the organization should begin the organization should look for franchisees or their own branch outlets at mainland level. Backhanded technique: by embracing this strategy the organization can arrive at put to the territories where it as of now isn't having exchange at present without losing the authority of dynamic. Channel dispersion: by receiving this technique the organization can open its outlets by offering the business impulse to nearby potential locals of outside grounds. Answer to Question No. 5: Item: item quality assumes a urgent job in selling of item. On the off chance that there is acceptable quality .at that point, everybody likes to purchase the item. For instance Audi vehicle, individuals like to purchase the Audi in light of its elite and furthermore gorgeous. Value: Price ought to be as indicated by the market and the administration/item. For BIC t

Conservatism In Tehran Stock Exchange Finance Essay - Free Essay Example

The aim of this study is to investigate the relationship between accounting conservatism and dividend policy in Tehran Stock Exchange. To do so, a sample of 90 firms is selected to be studied during the period of 2004 to 2011. Basu (1997) model is extended for measuring accounting conservatism. The results show the there is not significant relationship between accounting dividend policy and conservatism in TSE. Key words: accounting conservatism, dividend policy and Tehran Stock Exchange 1. INTRODUCTION Accounting conservatism has been long a subject of scrutiny by both standard setters and accounting researchers. Recently more debates have been on accounting conservatism as a result of standard setters decision to omit it from conceptual framework. Some argues that accounting conservatism has information content while others believe that it does not benefit for stockholders (Shorevarzi et al., 2009). Accounting conservatism is traditionally defined by the adage anticipate no profit, but anticipate all losses (Watts, 2003). Givoly and Hayn (2000) define accounting conservatism as the choice of an accounting approach that in uncertainties leads to recognize the least assets and revenue and have the lowest positive impact on equity. According to Basu (1997), accounting conservatism is asymmetric timeliness of loss and gains recognition. Gao (2011) defines conservatism as more supportive evidence for good news than bad news. However, managers face many incentives that affect their tendency for good or bad news recognition. They may recognize bad news timely for tax purpose and saving their reputation or delay it for avoiding credit rate reduction which increases their cost of capital (Zhen Qi, 2011). On the other hand, dividend policy is one of the most important areas in finance literature. Dividends can play a useful role in the world of significant agency problems between corporate insiders and outsiders. Insiders return corporate earnings to investors by paying dividends and hence are no longer capable of using these earnings to benefit themselves. Payment of dividends makes companies to need capital gathering, and hence gives outside investors an opportunity to exercise some control over the insiders at that time (Easterbrook, 1984). In this regard, Booth and Chang (2011) find that since the mid-1980s the difference in information asymmetry between dividend- and non-dividend-paying firms has increased sharply, before the mid-1980s the market did not differentiate strongly between them, but subsequently the market has reacted less negatively to announcements by dividend payers. The linkage between accounting conservatism and dividend policy is important because both can be served as a tool for reducing agency cost. More conservatism is expected to reduce agency cost while reduce earning management. In addition, more payout policy can also reduce agency cost through reduction of renounces under control of mangers. Managers may not have a willing to distribute cash to maintain their control in firm which in turn may cause that they use these resources to invest in unfavorable investments. In addition, anticipating all future losses cause the reduction of income and consequently reduces dividend payout (Watts, 1993). However, it is expected that more dividend payout results in more conservatism in case they serve as a tool to reduce agency cost. The main aim of the study is to investigate this relationship. 2. LITRATURE REVIWE Mashayekhi et al. (2009) investigated the relationship between conservatism and dividend level and earnings persistency. They found that increasing conservatism leads to decreasing dividend. Moreover, they indicated that decreasing earnings persistency does not result in increasing conservatism. Ahmed et al. (2002) investigated the role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. They find that firms facing more severe conflicts over dividend policy tend to use more conservative accounting. Furthermore, they document that accounting conservatism is associated with a lower cost of debt after controlling for other determinants of firms debt costs. Frankel et al. (2008) find that the asymmetric timeliness of cash flows is significantly related to the asymmetric sensitivity of shareholder payouts. On the basis of their other measures of conservatism (earnings skewness and accumulated nonoperating accruals) the y show that these measures are also not significantly related to the sensitivity of shareholder payouts given bad news. Their results suggest that accounting policies do not significantly constrain shareholder distributions conditional on news that does not affect cash flows. Dewenter and Warther (1998) find that information asymmetries or agency conflicts affect dividend policy. Li and Zhao (2008) find that firms that are more subject to information asymmetry are less likely to pay, initiate, or increase dividends, and disburse smaller amounts. Iyengar and Zampelli (2010) investigated whether or not there is a link between conservative accounting practices and the sensitivity of executive pay to accounting performance. They find that the sensitivity of executive pay to accounting performance is higher for firms that report conservative accounting earnings. 3. HYPOTHESES DEVELOPMENT H1.There is a relationship between accounting dividend payout and conservatism in firms listed in TSE. To investigate above hypothesis in detail, we break accounting conservatism into timeliness of bad news recognition and timeliness of good news recognition. It is expected that recognition of bad news in a firm affects dividend payout. Firms facing bad conditions in business have less tendency to distribute dividend and vice versa. However, following hypothesis is posited: H1a. The timeliness of bad news recognition is negatively related to dividend payout. In addition, it is expected that recognition of good news in a firm affects dividend payout. Firms facing bad conditions in business have more tendency to distribute dividend and vice versa. However, following hypothesis is posited: H1b. The timeliness of good news recognition is positively related to dividend payout. 4. METHODOLOGY AND DATA COLLECTION Present study is applied research regarding classification based on goal. The aim of the applied research is to develop applying knowledge in the given subject. In addition, since the study tries to find a relationship between dividend payout and accounting conservatism, the method of study is empirical correlation. The aim of this sort of study is to determine the relationship between the research variables. Using regression and Pierson correlation the relationship between dividend payout and accounting conservatism is investigated. To do so, firstly Basu (1997) is extended to include dividend. After testing first hypothesis using model 1, research sample is separated into two groups namely the firms with negative return to capture asymmetric timeliness of bad news and the firms with positive return to capture asymmetric timeliness of bad news. The population of the study includes all listed firms in TSE. However, to have a reasonable homogenous population, the following conditions are considered in data gathering: 1. Information must be available for the past 8 years. 2. Fiscal year must be ended at the end of year. 3. Transaction intervals must not be more than 3 month. 4. Data must be available for testing hypotheses. 5. Sample firms must not be investment, bank or financing firm. As a result of these conditions a sample of 70 firms was obtained and studied during the period between 2004-2012. Literature and conceptual framework were gathered by documental method. Financial statement and notes issued by TSE were used as a research tool. In addition, Rahavarde Novin software was applied to extract the research data. Models and variables definition To test the main hypothesis, following Zhen Qi (2011) methodology Basu (1997) model is extend to capture dividend policy effect on conservatism as following: (1) Where: EARN is firms net income before extraordinary items, RET is annual buy-and-hold returns, D is an indicator variable equal to 1 if returns (RET) are negative, and 0 if returns are positive, DIV is firms dividend policy captured by dividing cash dividend by net income. The coefficient of the three-way interaction between DIV, returns, and the negative return dummy captures the difference in the degree of asymmetric timeliness of earnings between high dividend payers firms and low dividend payers firms. We predict that the coefficient of the interaction between RET, D, and DIV (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±7) is negative and significant, indicating that high dividend payers firms report earnings in a less conservative manner. First and second sub-hypotheses are tested through following regression for bad news and good news separately. (2) Where all variables are defined as previous model, negative and significant interaction between DIVÃÆ'Æ’-RET proves sub-hypothesis 1, and positive and significant interaction between DIVÃÆ'Æ’-RET proves sub-hypothesis 2. 5. EMPRICAL RESULTS 5.1. Descriptive statistic Descriptive statistic only reports an image of data distribution of research and does not report the relationships between variables. Research descriptive statistic is shown in Table 1. Table 1. Descriptive statistic DIV D EARN RET Mean 1.049526 0.354167 0.170649 34.03626 Median 0.670000 0.000000 0.149539 12.80000 Maximum 100.0000 1.000000 6.762778 820.1600 Minimum 9.432275 0.000000 -2.695823 -79.64000 Std. Dev. 4.197662 0.478592 0.363669 82.89660 Skewness 19.38364 0.609850 9.517949 3.534478 Kurtosis 440.3771 1.371917 176.0665 23.83058 Coefficient of variation 3.999579 1.351317 2.131094 2.435538 Notes: DIV is dividend, D is dummy variable, EARN is net income before extraordinary items, RET annual buy-and-hold returns. 5.2. Correlation Correlation between research variables is presented in Table 2. Table 2. Correlation Matrix DIV D EARN RET DIV 1.000000 D 0.013203 1.000000 EARN -0.028274 -0.008812 1.000000 RET -0.037736 -0.507693 -0.043648 1.000000 As it is shown in Table 2, the correlation between variables is negative except for the relationship between dividend and dummy variable. The low correlation between variables also shows that there is not collineary problem. 5.3. Hypotheses test H1.There is a relationship between dividend payout and accounting conservatism in TSE. To test this hypothesis model 1 regressed. The results of model regression are presented in Table 3. Table 3. Regression of the relationship between conservatism and dividend payout Variable Coefficient Std. Error t-Statistic Prob. C 0.193784 0.020928 9.259409 0.0000 RET -0.000277 0.000194 -1.430914 0.1529 D -0.087339 0.036886 -2.367784 0.0182 RETD 0.001552 0.000255 6.078255 0.0000 DIV -0.001661 0.004058 -0.409375 0.6824 DIVRET -1.59E-05 7.94E-05 -0.200868 0.8409 DIVD 0.010483 0.020668 0.507205 0.6122 DIVRETD 0.000177 0.000294 0.601002 0.5480 R-squared 0.053801 Adjusted R-squared 0.044432 Durbin-Watson 2.140430 F-statistic 5.742835 Prob(F-statistic) 0.000002 The results of hypothesis test show that there is not significant relationship between dividend policy and accounting conservatism. This result indicates that dividend policy of TSE firms does not impact on their conservatism. However, our hypothesis is rejected. The value of Durbin-Watson stat (2.14) shows that there is not auto-correlation problem in models residual. H1a. The timeliness of bad news recognition is negatively related to dividend payout. To test this hypothesis model 2 regressed for only negative return sample. The results of model regression are presented in Table 4. Table 4. Regression of timeliness of bad news recognition and dividend payout Variable Coefficient Std. Error t-Statistic Prob. C 0.082625 0.057761 1.430449 0.1538 RET -0.003748 0.001867 -2.008257 0.0457 DIV 0.006796 0.028555 0.237990 0.8121 DIVRET 0.000251 0.000413 0.609650 0.5426 R-squared 0.016612 Adjusted R-squared 0.004858 F-statistic 1.413342 Durbin-Watson stat 2.106888 Prob(F-statistic) 0.239367 The results of hypothesis test show that there is not significant relationship between bad news recognition and dividend payout. However, the hypothesis is rejected. The value of Durbin-Watson stat (2.10) shows that there is not auto-correlation problem in models residual. H1b. The timeliness of good news recognition is positively related to dividend payout. To test this hypothesis model 2 regressed for only positive return sample. The results of model regression are presented in Table 5. Table 5. Regression of timeliness of good news recognition and dividend payout Variable Coefficient Std. Error t-Statistic Prob. C 0.189575 0.015672 12.09624 0.0000 RET -0.000210 0.000146 -1.436260 0.1516 DIV -0.001440 0.003029 -0.475559 0.6346 DIVRET -2.30E-05 5.93E-05 -0.387659 0.6984 R-squared 0.007079 Adjusted R-squared 0.000546 F-statistic 1.083629 Durbin-Watson stat 1.803134 Prob(F-statistic) 0.355669 The results of hypothesis test show that there is not significant relationship between good news recognition and dividend payout. However, the hypothesis is rejected. The value of Durbin-Watson stat (1.80) shows that there is not auto-correlation problem in models residual. 6. DISCUSSION AND CONCLUSION The aim of this study was to investigate the relationship between accounting conservatism and dividend policy in Tehran Stock Exchange. To do so, a sample of 90 firms is selected to be studied during the period between 2004 to 2011. Basu (1997) model was extended for measuring accounting conservatism. The results show the there is not significant relationship between accounting dividend policy and conservatism in TSE. These results suggest that mangers of TSE firms do not use dividend and conservatism as a tool for reduction of agency cost at the same time. In addition, the results in detail show that not only timeliness of good news does not affect dividend policy nor timeliness of good news does. This result may be from the fact that TSE firms smooth dividend payout regardless good or bad news. On the whole, in can be suggested from the results that inferred that TSE firms do not use dividend and conservatism as a tool for reduction of agency cost at the same time, to do so.

Graduation Speech Student Based Budget - 887 Words

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Operation Management BMW X3 Manufacturer in U.S

Question: Dicsuss about theOperation Management for BMW X3 Manufacturer in U.S. Answer: Introduction: Operations management is aimed at ensuring that the production process in a company is made as efficient as possible to generate goods and services that meet the needs of the customers. In the production of any product, inputs are incorporated together create the desired product. Different ideas from various professionals ensure that the production operations are performed effectively. In the case of manufacturing of BMW X3, professionals such as designers and engineers uttered their ideas to create the nice-looking and strong X-series vehicle (BMW Group, 2016). Operations management is affected by various aspects such as planning, strategies, resources, requirements and the management methods used among others (Bianca, 2016). This paper is focusing on operations management, thus providing its rationale and how it has been used for success of BMW X3 manufacturer in U.S. Benefits of Operations Management in the Company The operations management in BMW manufacturing company in U.S contributed in the development and production a vehicle that has exclusive ambience and dynamic appearance. The model of BMW X3 has been one of the most embraced designs in the car industry. Some of the features that have made this model to be embraced in the market include the twin circular head lights that are functional, interior and exterior mirrors and the rear and front bumpers. These are among the few aspects that have contributed to the exclusivity of BMW X3. The management of the X3 production is BMW Company ensured that the indicators were made more bright and visible. Therefore, these integrated features created a strong perception to the market about the exclusivity and quality of this X-series model, thus boosting its sales (BMW Group, 2016). The end users of products need to be provided with a range of options to make profitable choices. Therefore, the management opted to create two different models of BMW X3 to provide an option to the customer, either diesel or petrol engine. These engines have also varying power outputs that ensure that the customers can choose between these models. Moreover, these differences create variations in the price ranges, thus enabling different persons to afford a BMW X3 car (Mahadevan, 2010). Various improvements were made to the engines in comparison to its predecessor. One of the developments included the fuel consumption rate that was reduced by 7.1%. Fuel consumption rate of automotive it one of the main factors that affect the purchase decisions of the buyers. Therefore, the production of BMW X3 engine was reduced to attract more customers in the marketplace compared to BMW X2 (BMW Group, 2016). The quality of the products is the main focus for the operations management of the BMW manufacturing company in the USA. Also, safety in the car industry has been a priority because some of the vehicle being production might not be stable for high-speed drives. Therefore, many people prefer cars that are strong and stable, thus having fewer chances of causing accidents. BMW X3 is automotive that has been developed with high stability, which makes it less vulnerable to accidents. Also, the car has been fitted with Intelligent Emergency Call that has taken car safety to a different level. Other drive features include iDrive controller central information display and radio machine to enhance communication. All of this improvement and development has been made possible by employing competitive operation management strategies (GmbH, 2016). The development and manufacture of BMW X3 were enhanced by the use of best management skills that were implemented through the use of best operational practices. The best designers and engineers were involved in the production process to ensure that the model acquired the best features that could influence customers to purchase. After the production of several units, the supply chain management ensured that they were transported to different parts of the world. The logistics methods undertaken depends on the destination point. For instance, trucks are used to deliver BMW X3 car(s) to customers who are in the country (GmbH, 2016). Also, other transportation methods are used to make sure that the products are availed in the market (Barnes, 2008). Therefore, as a result of these implementations, BMW manufacturing company has succeeded in its business operations by delivering the BMW X3 car to the end users. Conclusion In conclusion, operations management is an important aspect to the success of business because it incorporates different factors to produce profitable products and services. Factors such as employing competitive personnel, providing staff training and planning should be considered in the production process. These are among the techniques that have been employed in manufacturing on BMW X3 to meet its standard in the market. References Barnes, D. (2008). Operations management. London: Thomson. Bianca, A. (2016). Three Factors That Influence a Company's Operational Planning. Smallbusiness.chron.com. Retrieved 24 August 2016, from https://smallbusiness.chron.com/three-factors-influence-companys-operational-planning-20754.html BMW Group, (2016). X3 Sports Activity Vehicle | BMW US Factory. Bmwusfactory.com. Retrieved 24 August 2016, from https://www.bmwusfactory.com/manufacturing/factory-products/x3-sports-activity-vehicle/ GmbH, I. (2016). BMW X3: Start page. Bmw.com. Retrieved 24 August 2016, from https://www.bmw.com/com/en/newvehicles/x/x3/2014/showroom/index.html Mahadevan, B. (2010). Operations management. Upper Saddle River: Pearson. Narayana Reddy, P., Appannaiah, H., Sathyaprasad, B. (2010). Business management. Mumbai [India]: Himalaya Pub. House.

The Controversy of Head Start Essay Example

The Controversy of Head Start Essay Ever since the creation and implementation of the Head Start program in 1965, there has always been controversy over the programs effectiveness. Much of the controversy stems over the self-reporting of evidence that the National Head Start Association provides, both to the government and to the public, along with the actual impact Head Start has on the children that participate in this controversial program. One thing is certain about the Head Start program and that is that there will always be a clear division between its supporters and opponents. The main goal of the Head Start program is to provide poor underprivileged pre-school aged children essentially with a head start in education. Supporters of Head Start believe that by providing these services these poor underprivileged children would better adapt to the school system and later become successful as adults. Head Start is not just about providing educational services; the program also focuses on providing both mental and physical health check-ups and nutritious meals to the enrolled students. Head Start cannot be described merely as a pre-school program. Head Start actually plays the role of a comprehensive support group for poor underprivileged children and their families. This federally funded program feels the noose tightening because of plans to let individual states opt in with their own state-run head start-like programs. Supporters of Head Start believe that by allowing this a majority of funding that the federal government provides will be diverted from Head Start to build up new state-run programs. We will write a custom essay sample on The Controversy of Head Start specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Controversy of Head Start specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Controversy of Head Start specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Proponents of Head Start view this as a threat to the health of Head Start programs around the nation. These individuals believe that by diverting funds from a proven program to unproven programs will leave, many if not all, eligible children in the lurch. The Head Start controversy is similar in many ways to the Social Security dilemma. Do we take what we have right now and provide it to everyone without worrying about the future or do we invest in a proven program for the betterment of the future? This is only one of many questions that lawmakers must carefully weigh before committing to a course of action that could shut the Head Start program down for good. Every program, either federal or state, has its opponents and the Head Start program is no exception. Opponents of Head Start believe that the information and data provided regarding Head Start is skewed and biased. The claim that Head Start programs benefit children right now and will later benefit as adults is unsubstantiated. Still others believe that Head Start is a bleeding ulcer with no chance of recovery and rather than blood is losing billions of dollars every year. Rather than leaving the running of Head Start in the hands of individual program administrators, state legislators want more control through the form of state-direct funding. This causes a problem for Head Start because previous data concerning grants for various other programs show that abandonment by the federal government of direct involvement of a program leads to the eventual erosion of funding. This can be caused by state legislators cutting or diverting funding to other programs or even the total closure of a program in order to balance state budgets. No matter what the outcome is over the controversy of Head Start, there will be one clear loser and that is the children that would have benefited from the wide range of services provided by Head Start. Conversely, state budgetary concerns should also be taken into consideration because of the potential impact tax increases and budget cutbacks would have on residents of individual states. All in all it would not be wise to quickly bring about the demise of a proven early childhood program by transforming it from head start to dead end.