The Common Book of Baby and Child Care

The Common Book of Baby and Child Care Dr. Benjamin Spocks progressive book about how to bring up youngsters was first distributed on July 14, 1946. The book, The Common Book of Baby and Child Care, totally changed how kids were brought up in the last 50% of the twentieth century andâ has become outstanding amongst other selling true to life books, time. Dr. Spock Learns About Children Dr. Benjamin Spock (1903-1998) initially started finding out about kids as he grew up, helping deal with his five more youthful kin. Spock earned his clinical degree at Columbia Universitys College of Physicians and Surgeons in 1924 and concentrated on pediatrics. In any case, Spock figured he could assist kids with night more on the off chance that he got brain research, so he went through six years learning at the New York Psychoanalytic Institute. Spock spent numerous years functioning as a pediatrician however needed to surrender his private practice in 1944 when he joined the U.S. Maritime Reserve. After the war, Spock settled on a showing vocation, in the end working for the Mayo Clinic and instructing at such schools as the University of Minnesota, the University of Pittsburgh, and Case Western Reserve. Dr. Spocks Book With the guide of his better half, Jane, Spock went through quite a long while composing his first and most well known book, The Common Book of Baby and Child Care. The way that Spock wrote in a suitable way and included diversion made his progressive changes to kid care simpler to acknowledge. Spock supported that fathers should assume a functioning job in bringing up their youngsters and that guardians won't ruin their infant in the event that they get him when he cries. Likewise progressive was that Spock felt that child rearing could be pleasant, that each parent could have an extraordinary and cherishing bond with their youngsters, that a few moms could get the blue inclination (post birth anxiety), and that guardians should heed their gut feelings. The main release of the book, particularly the soft cover form, was a major dealer directly from the beginning. Since that initial 25-penny duplicate in 1946, the book has been over and again reexamined and republished. Up until this point, Dr. Spocks book has been converted into 42 dialects and sold in excess of 50 million duplicates. Dr. Spock wrote a few different books, however his The Common Book of Baby and Child Care remains his generally mainstream. Progressive What appears customary, typical exhortation currently was totally progressive at that point. Before Dr. Spocks book, guardians were advised to keep their infants on an exacting calendar, so severe that if an infant was crying before its endorsed taking care of time that guardians should let the child keep crying. Guardians were not permitted to yield to the childs impulses. Guardians were additionally taught not to indulge, or demonstrate a lot of adoration, to their children for that would ruin them and make them weak. If guardians were awkward with the guidelines, they were informed that specialists know best and in this way they ought to adhere to these directions in any case. Dr. Spock said the exact inverse. He disclosed to them that babies dont need such severe timetables, that it is alright to take care of infants on the off chance that they are ravenous outside the recommended eating times, and that guardians shouldâ show their children love. Also, in the event that anything appeared to be troublesome or unsure, at that point guardians ought to follow their impulses. Unexperienced parents in the post-World War II time promptly grasped these progressions to child rearing and raised the whole time of increased birth rates age with these new fundamentals. Debate There are some that fault Dr. Spock for the boisterous, against government youth of the 1960s, accepting that it was Dr. Spocks new, milder way to deal with child rearing that was answerable for that wild age. Different suggestions in the previous releases of the book have been exposed, for example, taking care of your children on their stomachs. We presently realize that this causes a more noteworthy frequency of SIDS. Anything so progressive will have its spoilers and anything composed seven decades prior should be revised, yet that doesn't collapse the significance of Dr. Spocks book. It's anything but an exaggeration to state that Dr. Spocks book totally changed the manner in which guardians raised their infants and their kids.

Divorce causes problems for all family members involved

Separation messes up all relatives included. The film The Parenthood delineates a separation wherein this is uncommonly obvious. Helens separate impels something to be lost in every one of the relatives lives. The separation triggers Helen to lose a friend, Julie loses a slave driver, and Gary loses a male good example. Separation makes something be lost in the lives of all the relatives in question. These misfortunes thus caused issues that ruined solid turn of events. The separation for Helen implied the departure of a buddy. To adapt to this she attempted to discover friendship in her youngsters. This made child rearing and control troublesome. Helen had a great deal of pressure and issues herself, and had nobody to truly impart it to or help her through it. It is difficult for guardians to set some hard boundaries after separation. Not exclusively are they sincerely depleted, theyre hesitant to descend excessively hard on a youngster who has experienced the separation (Fredericks 1). There are reports that show that solitary guardians show lower levels of checking and control than wedded guardians do. Single guardians likewise appear to set less expectations for the youngsters and use less powerful disciplinary techniques (Simons et al. 1). Helens little girl Julie doesn't hear her out. She keeps on having a relationship with Todd ignoring her moms guidance. Helen additionally has generally no ward over Gary he never tunes in to her or converse with her about difficulties he is having. ! Research has demonstrated that guys have a more noteworthy propensity to have conduct issues than females. It might be that guys comprehend the threat of low parental control and decipher it as a nonattendance of parental concern and mindful (Simon et al. 10). Helens absence of control and powerful child rearing was brought about by her need of friendship in her kids. This affected Helen and her youngsters in a negative way. ...

How to plan successful events and meetings -The JobNetwork

Step by step instructions to design fruitful occasions and gatherings - The JobNetwork Regardless of whether you’re an administrator or an architect, there are a few aptitudes that will prove to be useful regardless. Having the option to sort out occasions and gatherings viably is one of those abilities great hierarchical aptitudes and instruments will help you in for all intents and purposes any field. On the off chance that you’re in a managerial job and need to start to lead the pack on arranging a gathering or occasion yet don’t realize where to begin we’ve got you secured! Let’s take a gander at the essentials you’ll need.Pre-arrange your gathering or event.Before you begin, ensure you comprehend everything you’ll need to have set up. Take notes so you recollect all the components. (Nothing extravagant this is for your own reference.)For gatherings, that implies ensuring you know†¦What’s the topic?What’s the objective (wanted result) of the meeting?Who should be there?Is it occurring in your offic e, or some place else?Will individuals outside of your organization be attending?Should you mastermind food or beverages to be accessible (like espresso, breakfast nourishments, sandwiches)?What sort of tech or apparatuses will the participants need (like access to introduction programming, a projector screen, a white board, etc.)?For occasions like meetings or gatherings, that implies ensuring you know†¦Who ought to be attending?Do speakers’ plans should be coordinated?Is there a provisional calendar for the occasion, or will you have to make sense of the timing?Does an area or office should be reserved? Provided that this is true, what number of rooms are necessary?Will individuals be making a trip to go to this event?Will participants need to have any movement plans made?Is there a social segment (lunch, supper, drinks)?What are the cooking needs?What sort of innovation will moderators and participants need?Does the occasion require projects, freebees, or whatever els e that should be planned or printed?If you’re being approached to arrange the occasion, ensure you have the entirety of the subtleties from your chief or whomever is mentioning the occasion. Don’t be timid about posing inquiries you don’t need to miss something, and need to scramble later.Choose a hierarchical apparatus for your event.Ask yourself: how would you best remain composed? Do you work best when you have data genuinely before you? Or on the other hand do you work best when you have all the data you need readily available on your telephone or tablet? Interestingly, you can go as mechanical as you need here-there are various useful business occasion arranging applications out there, as Sched or Planning Pod.Create explicit envelopes on your PC, so you can store any reports, messages, and notes. In the event that you incline toward a progressively old-school technique, take a stab at utilizing a fastener, which you can partition into pertinent sections:Ve ndor informationSchedulesReceipts and invoicesAttendee informationOrganizational organizers with schedules (like the benevolent you get at your neighborhood office gracefully store) can likewise be useful, particularly on the off chance that you have a long lead time and explicit cutoff times you have to meet en route. The most significant thing is to pick a strategy that works best for you andâ stick with it.Set a course of events for your occasion planning.Before you push forward with welcoming individuals or booking a space for your gathering or occasion, plunk down and plan a timeline.When is the occasion taking place?What achievements will you have to hit before then?How much time will every one of those means take?Once you realize your own arranging plan, set updates en route to ensure you’re confirming everything from your daily agenda. Once more, whatever configuration works best for you is acceptable. You can assemble updates in by means of your work email stage (li ke Outlook or Gmail) or set them on your telephone or tablet. The most significant part is that the updates aren’t not entirely obvious or ignored.Master your gathering plan.If you’re arranging a greater amount of an ordinary gathering, a large number of these standards despite everything apply. Being composed is the key; regardless of whether it’s a spending culmination with five individuals or a fundamental deals meeting, you need it to run similarly as easily as though you’re arranging a gathering. The course of events for meeting arrangement is likely more dense; you or your manager may need to set up a gathering soon, so your timetable is much progressively significant, regardless of whether you have less to-dos.Get your gathering on everyone’s calendar.One of the principal things you ought to accomplish for your gathering (in the wake of responding to the inquiries sketched out before) is ensure that everybody who should be there is accessibl e. Shuffling various schedules can be dubious, particularly if your organization doesn’t have an adjusted schedule framework (like Outlook) where you can check whether another worker is reserved during a specific time, or if you’re including individuals from outside of your organization. One approach to get the show on the road is to convey an email to the vital participants, offer them squares of time for potential gathering spaces, and let them say something regarding what works best. For example:Hi all, I’m setting up a one-hour meeting to discuss the year-final products, and needed to affirm what time works best for the gathering. Would you be able to please inform me as to whether any of the occasions beneath don't work for you? Monday 12/1, somewhere in the range of 2:00 and 4:00Wednesday, 12/3, somewhere in the range of 10:00 and 11:30Thursday, 12/4, somewhere in the range of 9:30 and 11:30Thanks!Ideally, everybody in the gathering can make (at least one) of the occasions you give them. In the event that they can’t, well, at that point you need to begin playing a touch of meeting Jenga, finding a period that works for the a great many people (while ensuring that you’re not barring somebody who completely should be there). In any case, in any event you have a beginning stage for everyone’s availability.Set your gathering agenda.One of the greatest gathering annoyances is that the gatherings aren’t sufficiently concentrated or don’t have a set motivation of conversation focuses, and sit around idly on things that probably won't be fundamental. The most ideal approach to balance this is to send a point by point plan early, ensuring that everybody included comprehends what will be talked about. That way, Bill can set up his notes on the task status and Susan can be prepared to discuss her ongoing excursion to corporate home office to discuss quarterly profit. In the event that you’re running the gathering yourself, the plan gives you a prepared diagram to keep things moving. Also, if you’re not the one running the gathering but rather are arranging for somebody else’s benefit, you can approach the person in question for the plan focuses they’d like to examine. That not just helps save you on target for sorting out everything admirably, yet in addition enables your manager to get ready also. It additionally gives you an instant layout for notes after the gathering since then you can simply include visual cues and next stepsWhen you convey the plan, be clear about the desires for the gathering. Is it only an educational gathering? Will there be an introduction? Are members expected to conceptualize? In the event that everybody knows what’s expected of them, at that point it will be an increasingly gainful gathering (and on the off chance that somebody isn’t arranged after you did this development work, that’s not on you as the or ganizer!).Be prepared to catch up on your meeting.This is particularly significant if you’re running the gathering yourself. Ensure you take notes during the gathering, monitoring the primary concerns, ends, or activity things that individuals should do straightaway. A while later, convey those notes to the gathering. I see that these notes don’t need as super-nitty gritty a framework with visual cues and obviously recognized areas is generally welcome. Individuals will in general skim or coating over huge pieces of account message and may miss some essential data. On the off chance that there are any subsequent stages that are required from any gathering participants, ensure those are introduced unmistakably with the goal that everybody comprehends what’s expected of them.If you’re sorting out the gathering for a chief or another person and you won’t be going to the gathering yourself, make certain to inquire as to whether that individual needs yo u to convey any notes or follow-up correspondence to the gathering. What's more, if a subsequent gathering is essential, restart this entire procedure as quickly as time permits so that it’s still new in everyone’s mind.Organizational abilities are a resume victor for pretty much every field. Also, if you’re going into a regulatory activity, having the option to wrangle each sort of occasion from little gatherings to enormous to-dos-will make you very significant. These are abilities everybody can create with a touch of training, industriousness, and help from hierarchical devices that can spare you from your own human neglect. In a little while, you’ll be dazzling your supervisors with how easily your occasions go and procuring a lot of merited credit for getting and keeping everything sorted out and running great.

Construction Industry Essay Example | Topics and Well Written Essays - 3000 words - 1

Development Industry - Essay Example Love et al. (2010) brought up that debate event can be impelled by an enhanced exhibit of components, for example, the question with respect to the pay of the representative, a contest in regards to working hours, questions in regards to quality norm, mistaken assumptions and eccentrics between worker business and so forth. Yiu and Cheung (2007) called attention to that contest among business and provider may happen because of broken flexibly, visit customer change, expanded undertaking cost and so on. There are instances of a mechanical contest between a development laborer and boss with respect to undesirable working condition or building site dangers. To put it plainly, the above models are indicating the decent variety of question issues among worker and business. Major mechanical contest issues in the development segment will be recognized in the accompanying section.Love et al. (2010) expressed that debate may emerge because of the idea of the errand being performed by the labo rers in the work environment and there are examples when providers or laborers neglect to conform to the compliances and compulsory quality standards. Love et al. (2010) gave instances of development ventures when works of the provider couldn't help contradicting the continuous change in work area which was raising them ruckus. Notwithstanding, there are cases, when development representatives were disagreed with laborers because of unjust release from the obligation or lay-off. From the lawful perspective, improper release from obligation can be seen as the break of inferred contract between development laborers and employers.... All things considered, the peruser will find various solutions as they move starting with one nation then onto the next. Modern contest issues looked by Australian development industry probably won't be comparable with the British development industry because of elements like distinctive political direction, monetary instability, culture and desire for laborers and so on. Notwithstanding, in the following area, the specialist will attempt to locate some complete mechanical question issues looking by development industry when all is said in done. Question Occurrence Love et al. (2010) called attention to that contest event can be prompted by enhanced cluster of elements, for example, debate in regards to the compensation of representative, question in regards to working hours, debates in regards to quality norm, errors and eccentrics between worker business and so forth. Yiu and Cheung (2007) called attention to that debate among manager and provider may happen because of broken flexi bly, visit customer change, expanded venture cost and so forth. There are instances of modern question between development specialist and manager with respect to unfortunate working condition or building site risks. To put it plainly, the above models are meaning the decent variety of question issues among worker and boss. Major mechanical question issues in development segment will be distinguished in the accompanying area. Pathogens Love et al. (2010) expressed that debate may emerge because of the idea of assignment being performed by the laborers in the work environment and there are examples, when providers or laborers neglect to conform to the compliances and required quality standards. Love et al. (2010) gave instances of development ventures, when works of the provider couldn't help contradicting the incessant change in work area which was raising them ruckus. In any case, there

Here is Why You Shouldnt Apply for Zillion Jobs at the Same Employer

Here is Why You Shouldn’t Apply for Zillion Jobs at the Same Employer How many times have you come across multiple job advertisements from the same company and thought if you should apply for several available positions?Hell, you might’ve even read about it on the internet and saw that a lot of people claim it is a good thing to do that.Well, let me tell you something. It is not, and we are here to prove it to all those skeptics out there.In this text, we are going to discuss what people’s motives are when they are thinking about applying for multiple jobs at the same company, why it is not a good thing to do and what is the alternative.Without any further due, let’s begin!WHY PEOPLE APPLY FOR MULTIPLE JOBS?Let us first examine why people would even apply for multiple jobs at the same employer. There are several pretty obvious reasons, so let’s get into it!A Dream Come True!My friend Marc has been working all kinds of jobs over the years, but what he desired the most is to work for a multinational company ever since he was near the end of his s tudies. Now, Marc’s dream company is Coca Cola.A while ago, Marc has been searching the internet for a new job and then he saw the job ad from Coca Cola.Since it was the position in the finance section, and he had finished his Economics studies, he decided to apply.Then, after he had applied, there was a pop-up showing all the job ads posted by Coca Cola. There were open positions in marketing, finance, administration, and a couple more sectors.Without any thoughts, Marc applied for several positions, for which he knew he had enough qualifications.After all, it was his dream to work for a company like Coca Cola, so he didn’t want to waste that opportunity.This is what people think in these moments when they are so hyped about even the slightest chance of getting that job in the company they just love.More applications ? Higher chance for getting the jobSubmitting multiple job applications to the same employer doesn’t raise your chances of getting one of the jobs. Job seeking i s sometimes a lottery, that much is true, but in this case, it is the wrong philosophy.Let’s take Marc for example. When he had been applying for those jobs in Coca Cola, he applied for jobs in finance, marketing, and administration sectors, figuring he would get one of those jobs.He merely thought that the fact he had applied for multiple jobs would increase his chances of him being hired.This is kind of thinking, not only Marc, but all of us experienced. When you are desperately looking for a job, you are trying to find ways to increase your chances of getting the kind of job you wanted, so you usually respond to multiple job ads and apply to multiple positions with the hope that some of those companies might invite you to an interview.Then, when you are invited to multiple interviews, you tend to try to negotiate the best terms and you usually pick the company which offers those terms.But, this is not the same situation like the one where you apply for multiple jobs at the same employer.That is an entirely different thing.Red or Blue Pill?Life is usually about choices. Whether to get this, whether to do that.Some choices are easy, such as the decisions like what to eat or what to wear, but some decisions are a bit harder to make, because they matter much more to us and have a great impact on our life, like for example, what school to go to, what job to do, etc.In Marc’s example, he was faced with a difficult choice on which job in Coca Cola should he apply for. Should he go for a job in the finance sector, for which he has the most experience, or perhaps for the one in marketing or even administration?Marc, being blinded by his love for Coca Cola, didn’t think this through and decided to apply for all three jobs, thinking it would increase his chances of getting one of those jobs.Same as Marc, sometimes we cannot make up our minds about what do we really want with both our lives and our job, so we take the easy route and just try to do everything and apply for multiple jobs at once, even though we are not quite sure if we even want some of those jobs or do we simply apply for them because we either like the company or because we like to play lottery and hope to get the jackpot in the form of a job.Not Sure What They Really WantAnother very common reason people tend to just spam job applications is that they are still unsure of what they really want to do.This is not the case for just jobs, but also for every similar decision, like for example, the decision about what high school or college to go to.I personally didn’t know what I want to do with my life when I had to pick a high school, so I just went with the high school based around Economics, since there were a lot of girls there. I know, silly way to pick a school, but it turned out great in the end! I managed to get to the Faculty of Economics and found my love towards that field.It is the same with jobs, some people just don’t know what kind of job they want to do, so they go with multiple options, to try out several different areas and decide which one suits them the most.And to be honest, it is a valid reason, but as we will soon see, it doesn’t make it any less bad.WHY NOT APPLY FOR A ZILLION JOBS AT THE SAME EMPLOYER?Now that we have gone over the reason people tend to apply for zillion jobs at the same employer, let’s discuss why it is actually not a good idea to do that.It is UnprofessionalWhen interviewers examine people’s CVs and invite them to a job interview, they expect them to act professional, because most companies are looking for capable people who are ready to work in a dynamic environment in order to achieve company’s goals.And in order to do that, you have to be professional, to act responsibly and show your employers that you are the right kind of person and that they didn’t make mistake by hiring you.Now, when the interviewers see that you spammed multiple job applications in their company, they might consider that m ove very unprofessional, because it kind of tells them that you are not interested in the job that much, and that you didn’t do your research about the specific job.Of course, that doesn’t have to be true, but it almost always is.You must be wondering what became of Marc in the matter of Coca Cola jobs.Well, in short, he didn’t get any of those three jobs, because of this and the reasons we are going to mention below.It Shows IndecisivenessLike with everything in life, you will have to make a lot of decisions on your job as well. That is why companies are looking for people who are capable of making tough decisions, who are not afraid to do so.Because any hesitation can cause a hold-up and that usually means more problems for the company, which is, of course, what everyone is trying to avoid.By applying for multiple jobs at the same company, your decision could be interpreted in two ways.First, they might think you really like the company and that you are very hyped about work ing for it and that is why you have applied more than once.On the other hand, they might also think that you are not a really decisive person, which is not good for the company.They might also ask you why you decided to apply for multiple jobs like they did ask Marc. Of course, he told them the story about Coca Cola being his dream company and such, but in the end, it wasn’t enough and they rejected him.Even though he was honest about it, it wasn’t easy for them to decide, because you can never know if people lie during the interviews or not.So, instead of believing him, they probably thought he is an indecisive person.It can be a Turnoff for the CompanyOne of the major reasons that come forward regarding this topic is that applying for multiple jobs at the same company can lead to a turnoff for that company,as Alison Doyle, founder, and CEO of CareerToolBelt.com says.Alison is known to give some good tips about this topic.The first thing she mentions though is that you should c onsider all your strengths and weaknesses and put them side by side with the job requirements before you decide to apply for multiple jobs.In other words, you should see if you qualify for all the positions before applying.Next thing she says is that when you decide to apply for multiple positions, you have to be realistic.If a company has a lot of open applications, you shouldn’t apply for more than 2 or 3 at most, because if you would apply for, let’s say 5,6 positions, it could be a turnoff for the company and goes side by side with the previous point, which wouldn’t make you look good in the eyes of the interviewer.Other people say that you should never apply for more than one job at a time and that if you don’t get an answer in some time, you could apply for the next position.The problem with that, says Alison, is that by the time that happens, there might not be another job to apply for, because most companies, at least bigger ones, post their job ads at the same time, no matter the position.This means that you would lose the chance of applying for another job you might’ve wanted, so it would’ve been your loss.In this regard, Alison says that the only way to avoid this is to take a premeditated risk and apply for more positions using the tactic she mentioned earlier.WHAT TO DO INSTEAD?Now that we went over the reasons why it would be bad to simply apply for zillion jobs at the same employer, let’s see what you can do instead and how that helped our friend Marc.As you know, Marc didn’t manage to get the job at Coca Cola, his dream company. But instead of giving in to despair, he decided to see what he did wrong and learn from it, in order to try again in the future.So far, he hasn’t gotten the chance to reapply for a job in Coca Cola, but he did apply for another job in another big company, which is IKEA.There were also multiple positions available, but this time, instead of rushing and sending his resume to all of them, he decided to pl ay it smart and prepare. He used 3 simple steps in order to take the best course of action:Locate job positions of interest;Comparing qualifications with requirements;Choosing the right moment in the hiring process.In the end, Marc got the job he wanted and is now pretty happy there, since he is doing the job he likes and he even changed his mind about his dream company, which is now IKEA.Not because he doesn’t like Coca Cola as a company anymore, but because he fell in love with Swedish meatballs he can get in IKEA restaurant.Locate Job Positions of InterestThe first thing to do when deciding whether to apply for more than one job at the same company is to check all available options and decide which open jobs would suit you.In case you aim to apply for, let’s say two or three positions, and then it is not such a big issue to deal with.But if you just want to get into the company and don’t care much about a specific position, it wouldn’t be a good idea to just apply for all available positions.Instead, you should stop and think about what you want to do and how to do it.First of all, by applying for all available positions, you would make it much harder for hiring a manager to evaluate you, simply because they would have to compare your qualifications for each position individually, which is not an easy task.Then there is a problem of making you look bad. Some of it we had already mentioned.You would look very indecisive and definitely not professional, which is something you want to avoid.Apart from that, it would just show them that you appear very desperate, which is not good, no one wants desperate people in their team.So, the best thing you can do is trying to choose those positions for which you are the most qualified in order to look more professional and make yourself easier to make a decision about which of them you should really apply.Comparing Qualifications with the RequirementsWhen you have narrowed your possible choices for a job positio n, it is time to evaluate yourself and see if your qualifications match the job requirements, because interest alone isn’t enough to get you your job. Apart from that, you have to be qualified to do it.The problem with a lot of people is that they tend to ignore this step, and simply apply for the job because they like it.Now, we are not talking about fresh graduates who don’t have the necessary experience for any job. But they can fall into this category as well.It is better for them to compare their own skills and all the different things they had learned in school and college, which is probably not much but should still be countable.The main thing to note here is that you should always be realistic when you look for a job.If you notice that you are qualified for a specific job, go for it, but if you see that your attributes and skills don’t match the job requirements, you shouldn’t waste time on trying to get that job anyway.It could have a negative impact on your chances to get the jobs for which you have good enough qualifications. Apart from that, it could cause unnecessary confusion for the person who is tasked with hiring you.Choosing the Right Moment in the Hiring ProcessProbably the crucial question that pops up when you think about this topic is what is the right moment to apply or show interest in multiple positions at the same company?One of the appropriate moments to do this and express your interest in multiple positions is during your first talk with the hiring manager, which usually happens over the phone, so-called the initial phone screening.Before applying though, you should make sure to change the resume to fit each job position you want to apply for. It is really important to do this, especially if you want to apply for somewhat different jobs in the same company.On the other hand, if you have already passed several stages of the hiring process, and perhaps made it to the final interview, you should probably not mention anything a bout you being willing to try out other available positions as well. Why is that, you might think?Well, if you had applied for finance assistant and almost got the job, and then if you would tell them that you saw they intend to hire marketing assistant as well and that you are willing to discuss that positions if possible, that would be very unprofessional and it would show them that you are very easily distracted and that you tend to swap commitments often, which is not good.Now, it is definitely not easy to just ignore all potential job applications if you are really so keen to join the company. However, as we were able to see in Marc’s case, it is not a good idea to just spam applications for each position as well.That’s why going through these 3 steps is very important. They help you maintain that self-control you need in order to stay calm and not lash out. WHAT TO DO WHEN YOU CANNOT DECIDE?Choosing your job is one of the toughest decisions you will ever have to make, beca use it will define your future, thus making it very important. That’s why you should choose wisely.But it often happens that people have no idea what they want to do and that could present a problem to them and to the company they want to work in.If you really like a company and you are really interested in multiple jobs, but you cannot decide which one to apply for, you should really go over those 3 steps we had mentioned above.Since you had already picked the jobs, you should really compare your qualifications to the job requirements. That way you will be able to find out which job positions are the most suited for you and which ones you should avoid.That said, even if you like a job and are interested in it, you should first try to evaluate yourself and see if you are even qualified to do that job. If not, then there is really no need to apply for it.CONCLUSIONThat was all folks! We discussed why it is not a good idea to apply for zillion jobs at the same employer and what the good alternative is.Now, what is left is that you go and search for your dream company and apply everything we taught you here.

Breakfast at Tiffany’s A Revolutionary Romantic Comedy - Literature Essay Samples

â€Å"I’ll tell you one thing, Fred, darling. I’d marry you for your money in a minute. Would you marry me for my money?† Holly Golightly (played by the delightful Audrey Hepburn) drawls to Paul Varjack (George Peppard) as they banter in the tiny kitchen of her minuscule brownstone in downtown New York City. Given Varjack’s affirmative answer, she jokes back, saying, â€Å"I guess it’s pretty lucky neither of us is rich, huh?† From this and a multitude of other exchanges throughout the film, it is easy to see that one activity consumes and controls the lives of both of these lower class main characters: the pursuit of wealth. Golightly and Varjack each earn their money through similar means: Golightly is a call girl who caters specifically to wealthy, upper-class men and Varjack is â€Å"kept† by an affluent, upper-class woman. By creating charming and likable characters who are forced to literally turn their bodies into commodit ies in order to gain capital, the film highlights the negative effects of capitalism on the lower classes. Additionally, the women featured in the film are arguably far more empowered than the majority of their contemporaries. Thus, while disguised as a harmless, playful romantic comedy, Breakfast at Tiffany’s is actually a quite revolutionary film from both Marxist and feminist perspectives. The film, originally released in 1961, may come across as dated today—especially given the extremely misguided and racist portrayal of Golightly and Varjack’s landlord, Mr. I. Y. Yunioshi, by none other than Mickey Rooney. However, it is essential to understand how subversive the content was at the time of the film’s initial release. In Sam Wasson’s novel Fifth Avenue, 5 A.M.: Audrey Hepburn, Breakfast at Tiffanys, and the Dawn of the Modern Woman, he notes that, during pre-production, â€Å"censors†¦rail[ed] against the script† (Wasson xvii). The screenwriter, George Axelrod, managed to evade censorship by only subtly suggesting that Golightly is a sex worker. For example, after confronting Varjack about his â€Å"patron† leaving $300 on his writing desk, Golightly empathetically says that she â€Å"understands completely† his situation. Still, many viewers perceived the film in a negative light. In a letter to the Hollywoo d Citizen-News, concerned citizen Irving A. Mandell declared that Breakfast at Tiffany’s was â€Å"the worst [film] of the year from a moral standpoint† for showing â€Å"a prostitute throwing herself at a kept man,† among other objections (Wasson 185). Aside from chronicling the lives of sex workers in New York City, the film features several other potentially contentious scenarios. The mixing of social classes depicted in Breakfast at Tiffany’s is in some ways unprecedented. Not only do Golightly and Varjack interact with individuals who rank far above them on the social scale on a purely transactional basis, but on an interpersonal level, as well. The party scene that occurs relatively early in the film is an excellent example of this. Golightly invites Varjack over for a drink, but when he knocks on her door, he is greeted by the charismatic O. J. Berman, a Hollywood agent who credits himself with Golightly’s transformation from a â€Å"hillbilly† into an exceedingly stylish young woman. Berman is markedly upper-class; he is pictured later in the film at his home in LA with his newfangled â€Å"executive phone† and remote-controlled bed. â€Å"Can you believe this place?† he flippantly re marks to Varjack about Golightly’s apartment. â€Å"What a dump.† Nevertheless, he is still one of Golightly’s numerous well-to-do friends and acquaintances. Other notable upper-class characters at the party include Jose de Silva Pereira, a Brazilian millionaire, and Rutherford â€Å"Rusty† Trawler, who is the â€Å"ninth richest man in America under 50,† according to Golightly. As the party progresses and its guests become more and more inebriated, it is harder to differentiate who belongs to which class. The guests become raucous and uncouth, instantly disproving the stereotype that only members of the lower class behave in such an uncivilized manner. A well-dressed couple argues with each other loudly, an older woman laughs and then cries hysterically at her reflection in the mirror, an intoxicated woman jumps on men’s backs shouting â€Å"Yippee!,† and men in expensive suits clamor in the kitchen to guzzle hard liquor straight from the bottle. Even the alcohol delivery man, who is clearly a member of the working class, is invited to join in the festivities and freely dances with several women whose elaborate, jewel-toned silk dresses presumably cost far more than his monthly earnings. Later, as the police arrive due to Mr. Yunioshi’s inevitable noise complaint, Varjack and the worried de Silva Pereira manage to escape through the bathroom window together—one man a millionaire and presidential hopeful, the other a broke writer, now united by their mutual friendship with Golightly and the sudden need to flee the party. One could simply write off this scene as a fantasy; the film is a work of fiction, after all. Or, one might mention the well-known quote from Queen Victoria: â€Å"Beware of artists, they mix with all classes of society and are therefore the most dangerous.† But while Varjack is indeed an artist and does seem to fraternize with those both above and below him in social class, he is not the only one in this scene who does so. Thus, the more analytical eye views this segment of the film as a subversion of the commonly held societal values that effectively separate people of different classes and enforce the idea that wealthy people are somehow better than those with lower incomes. The message contained within this lively and humorous party scene is this: people possessing vastly different levels of wealth can, in fact, relate to each other and quite often do. Another key element in a Marxist interpretation of Breakfast at Tiffany’s is the alienation experienced by both of the main characters, Golightly and Varjack. Marx’s complex theory of alienation can be simply understood as people’s estrangement from their â€Å"species-essence† (in other words, human nature and the world around them) as a result of their wage-labor and the separations caused by class distinctions. While class differences are somewhat blurred in the film, as described in the example above, there is no doubt that they still exist. And while Golightly and Varjack’s form of employment may not explicitly classify as wage labor, it is quite similar—if not worse, because it involves the commodification of their own bodies, rather than just their labor power. Perhaps, too, there is some sort of set wage involved; according to Golightly, â€Å"any gentleman with the slightest chic gives a girl $50 for the powder room.† Eit her way, the sense of alienation that surrounds each character can be viewed as direct result of their labor practice. Golightly’s alienation is overwhelmingly apparent: near the end of the film, she audibly admits to this feeling, exclaiming, â€Å"I’m not Holly. I’m not Lula Mae, either. I don’t know who I am! I’m like cat here, a couple of no-name slobs. We belong to nobody and nobody belongs to us. We don’t even belong to each other.† Here, her sense of isolation from humanity is so great that she must relate to an animal rather to Varjack, or to any other human being. The alienation that Varjack experiences is somewhat less blatant. While Golightly seems to lack the capacity to experience love for another individual, Varjack boldly admits to his love for her on more than one occasion throughout the film. One could assume that he simply does not experience the same levels of alienation as Golightly does due to the fact that she has been in the â€Å"business† for longer than him, but the film itself provides no evidence to support th at claim. Instead, Varjack’s alienation is manifested in other, perhaps less discernable ways—for example, through his disconnect from writing, which was once his passion. The first time Golightly visits his apartment, she notices his typewriter and inquires if he writes every day. He answers that yes, he does, but Golightly slickly points out that though â€Å"it’s a beautiful typewriter†¦there’s no ribbon in it.† The film strikes a chord of hope, and of anti-capitalism, by allowing both Golightly and Varjack to dispose of some or all of their alienation. The only way of doing so, of course, is to remove oneself from wage labor, which Varjack essentially does when he tells his Mrs. Failenson—his wealthy lover, played by Patricia Neal—to â€Å"find a new writer to help.† He then begins to earn his income by selling the short stories that he writes. This means of acquiring wealth is obviously far less dehumanizing than his previous method. It is also critical to note that it is only after quitting his (for all intents and purposes) wage job that Varjack tells Golightly he loves her. This chronology suggests that he is only able to connect with his true emotions after the once-enveloping sense of alienation has finally lifted. From this perspective, it makes sense why Golightly is initially so unresponsive to his declaration of love for her—she is unable to retur n these feelings because she is still embroiled in the hellish capitalist nightmare from which he has already escaped. Unfortunately for Golightly, stepping out of the labor force is not quite as simple for her as it is for Varjack. Her brother, Fred, whom she describes as â€Å"sweet and vague and terribly slow† is in the US Army, and she is forever trying to save up enough money so that he can come live with her. Even after Fred’s death renders this struggle obsolete, Golightly still lacks the skills and education to successfully establish herself in any field other than the one she is already involved in. Only at the film’s grand finale does it seem that she is finally leaving wage labor, or at least sex work, behind, as she chooses Varjack’s love over the wealth of all her previous suitors. Some feminist analyses argue that this ultimate pairing somehow renders the film antithetical to feminist ideals. In an essay entitled â€Å"We Belong to Nobody: Representations of the Feminine in Breakfast at Tiffany’s,† Margaret Fox argues that, although throughout the film Golightly â€Å"appears to be a proto-feminist character in her [progressive] lifestyle,† the ending makes her less so because she has â€Å"submit[ted] to Paul’s ownership† (Fox 13). However, this argument reads more as fallacy than fact. By choosing to enter into a romantic partnership with Varjack, who is not moneyed and therefore cannot provide for her financially, Golightly renounces the nature of her past relationships with callous, wealthy men like de Silva Pereira and Trawler. Because she relied on them for pecuniary support, they owned her more than Varjack ever could. If anything, her elopement with Varjack further contributes to Golightly’s status as a fe minist icon by depicting her as a woman who stays true to her feelings and does as she pleases, rather than allowing herself to continue to be controlled by men and their money. Feminist critics have cited Golightly’s independence, sexual freedom, and her running away from her husband in the Midwest as reasons that she is, indeed, a feminist role model. While these assertions all ring true, it seems that most of these critics chose to either ignore Golightly’s union with Varjack or condemn it, as Fox does. No one appears to be able to fathom that their coupling could, in fact, be beneficial, let alone aid in undermining the patriarchal system Golightly once found herself trapped in. Renowned French feminist Luce Irigaray’s â€Å"Women on the Market† states that the three social roles imposed upon women in patriarchal societies are that of the â€Å"mother, virgin, [and] prostitute† (Irigaray 808). Golightly is obviously not a mother, nor is she a virgin, but for most of the film she is a sex worker. Once she pairs up with Varjack, though, the viewer can assume that she will no longer be engaging in this line of work. Hence, Golightly is neither a mother, virgin, nor a sex worker; she is a woman who constantly succeeds in subverting traditional and patriarchal ideas of femininity. Another note of feminism in Breakfast at Tiffany’s that tends to go unnoticed is the sexual empowerment of Mrs. Failenson, Varjack’s older lover. Though Neal’s artful performance creates a cringe-worthy, snobbish character, it is important for the viewer to recognize her as more than just a villain. She is a sexually unsatisfied, married woman who consciously makes her own pleasure a priority. Though the way in which she does this may be objectionable to some, there is no denying that she is at once brave and intelligent for managing to hide this affair from her husband. And perhaps the viewer can even sympathize with her, especially during the artful scene in which she is secretly speaking to Varjack on the phone while her husband’s weathered, menacing-looking hands shakily pour a drink in the foreground. Breakfast at Tiffany’s, widely known as a light-hearted romantic comedy and a classic film, has much more to offer than a few laughs and a happy ending. Upon closer analysis, the film possesses an inherently anti-capitalistic quality, along with two strong, independent female characters. When comparing the first and last scene of the film, the criticism of capitalism is plain to see. In the opening scene, Golightly stands alone outside of the massive Tiffany’s jewelry store on 5th Avenue in the early hours of the morning. Here, as she sips her coffee and eats her croissant, she is clearly fascinated with the capitalistic pursuit of wealth; there is no better symbol for this than the gold, diamonds, and excessive grandeur of Tiffany’s. In stark contrast to this initial scene, the final scene finds Golightly and Varjack alone in an alleyway, full of â€Å"garbage cans† and â€Å"rats galore.† However, this is the one moment in the film that they are both truly happy. Thus, in Breakfast at Tiffany’s, it is only through the denial of material wealth that the two main characters finally achieve happiness—a very anti-capitalistic message, indeed. Works Cited Breakfast at Tiffanys. Perf. Audrey Hepburn, George Peppard, Patricia Neal, Buddy Ebsen. Paramount Pictures, 1961. DVD. Fox, Margaret. We Belong to Nobody: Representations of the Feminine in Breakfast at Tiffany’s. Valley Humanities Review (Spring 2011). Lebanon Valley College English Department. Web. 25 Apr. 2015. Irigaray, Luce. Women on the Market. Literary Theory: An Anthology. 2nd ed. Malden, MA: Blackwell, 2004. 799-811. Print. Wasson, Sam. Fifth Avenue, 5 A.M.: Audrey Hepburn, Breakfast at Tiffanys, and the Dawn of the Modern Woman. New York: HarperCollins, 2010. Print.

The film ‘There Will Be Blood’ by Thomas Anderson

The film ‘There Will Be Blood’ by Thomas Anderson is very complex and a movie that makes you think. In the beginning it was very confusing because you have to follow along with the characters without words being said. Also, because of all the possible disorders that can be developing in the characters of the movie. It is most recognized by the main character Daniel Plainview and all the â€Å"possible perspectives of interpretations† (Analysis 0:20) this movie has. As I was watching this movie, â€Å"this would be more of a ‘family’ study as its most important theme.†(Analysis 0:36) This is because it seems that Daniel is the ‘father’ to all the characters and then they are in the end related to him in some way. I believe that all the characters in the movie that were introduced were there to affect Daniel in some way, be a contrast to him, or be a reflection of him. Daniel Plainview is a man who has severe trust issues and is very troubled, but he wants to have a family. His characteristics are so heavily shown though the movie that they end up being his major flaws in the movie. These flaws are the things that end up destroying his connections to his family in every aspect. Anything that was thrown at him in the movie, did not impact him enough to change who he really was. For example, his son going deaf from the oil well explosion, which was an explosion that sent H.W flying and ultimately hitting his head on the hard roof of the shack. All of this happened because Daniel did notShow MoreRelatedThere Will Be Blood Movie Relations to Environmental Law and Policy1238 Words   |  5 Pages4/26/2012 Environmental Law and Policy Third Assignment â€Å"There Will Be Blood† Environmental Issues and Connections â€Å"There Will Be Blood† by Paul Thomas Anderson starring Daniel Day Lewis reproduces the early 1900s oil boom in southern California. Daniel Day Lewis plays a man named Daniel Plainview, the very serious boss of a drilling company. 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Still others focus on the ways in which violence in the media causes pre-existing thoughts or emotions of aggressionRead MoreEssay about Negative Effects of Media Violence on Children3872 Words   |  16 Pagesand influence of the media. Through the presentation of documented support, it will be shown the rising rate of youth violence is the result of the lack of censorship of the media. According to psychologist Craig Anderson, research shows that violent video games, films, television, and music in the media increase the probability of violent and aggressive behavior in long-term and immediate situations within youth (81). 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As a concentrated expression of the Chinese culture in the district is the cognitive overseasï ¼Å' China Town could be an good example be analyzed. 2.2.1.1 Chinatown in London â€Å"In popular novels, films, hit records and sensationalist newspaper reports† describes China Town in London as â€Å"one of the most exciting and dangerous places in Britain†(John Seed, 2006). The history of Chinatown can be traced back to the Second World War, after that

What Does Bordel Mean in English

The French word  bordel,  pronounced buhr- del, literally means brothel, but is commonly used in casual expressions to mean mess or chaos. Examples and Common Expressions Quel bordel! - What a stinking mess! What a shambles! Ça va à ªtre le bordel! - Itll be chaos! Other common French expressions that use bordel  include: mettre/foutre le bordel - to create havocmettre/foutre le bordel dans qqch - to screw/bugger something upbordel de merde (vulgar expression used for emphasis) - for Gods sake, goddamnit

The Impact Of Discrimination, Labelling And Stigma

This essay will demonstrate my understanding of the impact of discrimination, labelling and stigma has on mental health people in health and social care. It has been documented that there are certain people who are stigmatized and mental health people often have a negative stereotype (Nordt et al., 2006). This negativity will often deter the mental health individuals to seek the help and medical treatment that they need due to the fear of stigmatisation and labelling. Literature highlights that stigma, labelling and discrimination are linked together emphasizing and legitimizing each other (Wood and Anggleton 2010). Wood and Aggleton (2010) state that their indicators are diverse and they are happening in communities, families, in†¦show more content†¦There is a supposition that criminality is a social label beside with the establishment of law which are made by powerful individuals and applied on vulnerable people without power (Burke 2002). This include individuals with mental health illness and the implications with criminal justice adds to their life difficulties (Schulze, 2007). Studies have highlighted the significant complications faced by individuals with mental health issues who are involved in a criminal justice, such as challenges to access mental health facilities both through their imprisonment, when they are discharged and when entering into the community (Baillargeon et al., 2010; Sartorius, 2002 and Schulze, 2007). Moreover, the lack of mental health facilities for individuals involved in criminal justice has been widely documented (Nord et al., 2006; Sartorius, 2002; Schulze, 2007). Mallik et al., (2008) and Smith et al.,(2011) state that individuals with mental illness will find the transition to and from criminal justice settings very stressful and the services available in prisons are often inadequate and unpredictable. 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Plato And Aristotles Philosophy Opinions On Piety And...

When we discuss the important philosopher works or ideas, there are three greatest ancient Greek philosophers we have to mention: Socrates, Plato and Aristotle, who they create the earliest western philosophy, their philosophic ideas influence our modern society and culture in many aspects. As we read The Trial and Death of Socrates: Four Dialogues, we can get close to the thinking of these two philosophic giants at the same time: the author Plato, and the main characters Socrates, who was Plato’s teacher. The book includes four dialogues between Socrates and his friends or disciples: Euthyphro, Apology,Crito and Phaedo, when he was put on trial, condemned to death for corrupting the youth of Athens, and arguing philosophy with them. It discusses the important aspects of Socrates’ philosophy opinions on piety and religion, the respect for the law, the death and the immortality of the soul. The dialogues reveal several important philosophical questions in the democratic society of Ancient Greece, that we even use them to measure the aspects of contemporary modern democratic society. The Euthyphro describes the conversation related to the piety and religion between Socrates and Euthyphro. The conversation starts when Socrates came to court and he met Euthyphro outside the palace. Socrates was accused, and Euthyphro was going to sue his own Father for murdering one of his servants, who got drunk and slew another man. Euthyphro thought the servant killed people, but his fatherShow MoreRelatedSocrates Plato Aristotle and Immanuel Kant Views on Happiness Government Religion and Objectivity2508 Words   |  11 Pagesseek out happiness through religion, or a spiritual leader, Who so trusteth in the Lord is happy (Proverbs 4:7). It seems that everyone has their own idea as to what makes them happy. It becomes ingrained in us that seeking happiness is the point of our existence. To find happiness, then we will be living a complete life. What makes happiness, or better yet, where happiness exists is a question that has been pondered by many great thinkers. Aristotle, Im manuel Kant, Plato and Socrates had quite aRead More What Is a Good Human Life and How Should It Be Lived? Essay1665 Words   |  7 Pageslife and the manner in which it should be lived. From Aristotle to Plato and Socrates, all these philosophers had different views concerning the manner in which people should live with themselves and with each other. The aim of this paper is to explore the views of these three philosophers and then analyze where they compare and contrast with each other. The Human Life According to the Plato Republic Through the Republic, Plato sought to relate the life of an individual to that of the society asRead More Plato and The Renaissance Essay1810 Words   |  8 Pages Plato (428-347 B.C.E.) is considered to be one of the greatest philosophers the world has ever known. Though concerned with specific problems of his own era, Platos ideas transcend all time. Throughout the ages his works have been translated into many languages and studied by great thinkers of every region of the world. A revival of Platonic thought occurred during the Renaissance. Though Platos ideas have survived in their original forms, translators and commentators during Renaissance timesRead Morehistory of philosophy5031 Words   |  21 Pagesï » ¿History of philosophy From Wikipedia, the free encyclopedia For other uses, see  History of Philosophy (disambiguation). This article  may require  copy editing  for grammar, style, cohesion, tone, or spelling.You can assist by  editing it.  (April 2013) Philosophy Philosophers Aestheticians Epistemologists Ethicists Logicians Metaphysicians Social and political philosophers Traditions Analytic Continental Eastern Islamic Platonic Scholastic Periods Ancient Medieval Modern Read MoreThe Importance of Considering Philosophical and Psychological Foundations in Developing a Curriculum.9983 Words   |  40 Pagesstudent. The instrument used was What Do You Believe?, 15 statements of ideas expressed in educational literature pertaining to a line of action for curriculum improvement. Reactions to six statements were in strong agreement. The functioning philosophy of participants would, therefore, include those statements dealing with exposing students to what man knows and does not know, personalized curriculum, benefits of learning from peers and groups, learning difficulties beginning in disturbed home

A Study of Factors Driving Shareholders’ Value Free Essays

string(59) " Commodity Broking and Distribution of Financial Products\." [pic] A Study of Factors Driving Shareholders’ Value and Influencing Sensex Fluctuation In India Executive Summary The objective of this project is to analyze the most important factors which drive shareholders, value. Shareholders’ value here refers to the MVA (market value added) which means the additional value which shareholders are earning on their invested money. The performance of a company matters a lot in creating a positive image of that company in front of its stakeholders. We will write a custom essay sample on A Study of Factors Driving Shareholders’ Value or any similar topic only for you Order Now Moreover, the main objective of a company is to maximize the shareholders’ value. So, shareholders always want to know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), Debt Equity Ratio (D/E Ratio) and Economic Value Added (EVA). This research is an attempt to find out whether EVA, DPS, D/E Ratio, EPS, ROCE, RONW of the companies listed in sensex really explains the value accretion for the shareholders and cause fluctuation in sensex. So, I have taken these variables as Independent variables and MVA as a dependent Variable (shareholders’ value) to apply regression analysis to come out with a result that which variable is having a high degree of Correlation with MVA and significantly explains variation in MVA. To perform this analysis secondary data has been collected from Prowess and www. bseindia. com Out of 30 companies listed in sensex, 23 companies are selected as sample. 7 companies are eliminated because of inadequate information available for these companies. The reason behind choosing these companies is that their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. After that the data of different financial indicators of these Companies (RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization and Beta value) are collected for the period of 2003-2008. CAPM model is used for calculating cost of equity. The EVA and MVA is calculated. After that change in MVA has been calculated with respect of previous year. Here 2003 has been taken as a base year and study has been done year wise from 2004-2008. Both EVA and Change in MVA are standardized by dividing both of them by Net Worth of the respective companies. This is done in order to get relative value of EVA and MVA over the same Net Worth. SPSS software is used for applying simple and multiple regression analysis. First Simple regression has been applied taking one Independent variable at a time in order to find most important variable and eliminate least important variable and analyze each variables influence over Change in MVA individually. After this multiple regressions has been applied in order to find the combination of Independent variables which are strongly correlated with change in MVA. In my study EVA has been found the most important variable then RONW, and then ROCE. These variables are having a high degree of correlation with change in MVA and significantly explaining the variation in MVA individually. While the combination of EVA, EPS, and DPS are having a very high degree of correlation with change in MVA. So, my analysis shows that it is best to invest in a company generating higher and positive EVA, RONW, and ROCE it will add additional value to shareholders. INDEX Chapter-1 Introduction Page No. 1. 1 Company Profile†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12-13 1. 2 Product Services Offered by IL Investsmart†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14-16 1. 3 Background of the Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17-19 1. Introduction of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 20-21 1. 5 Scope of the Project†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 22 1. 6 Literature Review†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23-24 1. 7 Abbreviation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 1. 8 Research Objective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 26 1. 9 Introducing MVA and EVA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 27 Chapter-2 Research Methodology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦29-30 2. 1 Limitation of Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 31 Chapter -3 Research Analysis 3. 1 Different Measures used for Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦36-36 3. 2 Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 37 3. Year wise Result of Simple Regression analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦38-42 3. 4 Overall Res ult of Simple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 43 3. 5 Year wise Results of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 44-62 3. 6 Overall result of Multiple Regression Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 63-64 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 65 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 66 Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 67 Appendices Appendix-1 Table of Annual Return of Sensex†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 68 Appendix-2 Table of Year wise Annual NOPAT of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Appendix-3 Table of Year wise Annual RONW of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 70 Appendix-4 Table of Year wise Annual ROCE of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 71 Appendix-5 Table of Year wise Annual D/E Ratios of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 72 Appendix-6 Table of Year wise EPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 73 Appendix-7 Table of Year wise DPS of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 74 Appendix-8 Table of Year wise Annual Market Cap. of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 75 Appendix-9 Table of Year wise Equity of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦76 Appendix-10 Table of Year wise Bank borrowing of the Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Appendix-11 Table of Year wise Annual Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 78 Appendix-12 Table of Year wise Levered Beta value of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦79 Appendix-13 Table of Year wise cost of equity of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 80 Appendix-14 Table of Year wise Cost of Capital of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 81 Appendix-15 Table of Year wise EVA of Companies†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 82 Appendix-16 Table of Year wise Stdz. EVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 83 Appendix-17 Table of Yaer wise MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 84 Appendix-18 Table of Change in MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 85 Appendix-19 Table of Stdz. MVA of Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 86 Chapter-1 Introduction 1. 1-Company Profile: IL IL Investsmart Limited (IIL) is one of India’s leading financial services organizations providing individuals and corporate with customized financial management solutions. Investsmart has a strong presence across wide range of products and operates in the areas of Investment Management and Advisory Services, Broking Services, Merchant Banking, Project Syndication, Equity and Debt Broking, Commodity Broking and Distribution of Financial Products. You read "A Study of Factors Driving Shareholders’ Value" in category "Essay examples" Earlier the company was owned by IL Group but is now held by HSBC, one of the world’s largest banking and financial services organizations. According to press Release by HSBC, the Company has completed the acquisition of 93. 86% of IL Investsmart Limited for a total consideration of INR 1,311 Crore. According to Sandy Flockhart, Group Managing Director Chief Executive Officer of Asia-Pacific, Investsmart will give HSBC access to the World’s third-largest Investor base, with over 20 million retail Investors. The business already has 143000 Customers. The documentation and name changing process is yet going on (till 15th June 2009). In India, The HSBC Group offers a range of financial services including corporate, commercial, retail and private banking, insurance, asset management, investment banking, equities and capital markets, institutional brokerage, custodial services. It also provides software development expertise and global services facilities for the HSBC Group’s operations worldwide. IL Investsmart Ltd has an all India presence through its network of branches and franchisees over 128 cities. Following a successful Initial Public Offer (IPO), IIL has been listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). IIL is geared towards understanding and achieving the financial goals of all its customers, through its specialists in the aforesaid areas. IIL’s 2000 employee provide a complete range of Investment solution in India through 88 branches and 190 Franchisee outlets from 128 Cities. It has been recognized as â€Å"National Best Performing Financial Advisor – Retail† for two years in a row (06-07 and 07-08) by CNBC TV 18, With a market capitalization of approximately US$260 million. The Corporate Office and Research Division are located in Mumbai. In Delhi, the regional office is at Caunaght Place and the branch office is at Pitampura. . 2-Products and Services Offered by the IL: The Company has grouped its Product and services in following manners: o Retail Offering o Institutional Offering o Advisory Report Advisory Services o Online Trading Retail Offering: It includes Advisory Products regarding research reports and analysis. Trading product: It includes Equity and Derivatives. NRI Products: It includes NRE Equity, NRI Portfolio Management services, Mutual Funds, IPO, Insurance, Wealth Management Products, PAN card services, Advisory Report and Accounting and income Tax return filling in India. Institutional Offering: |Investment Banking Services | |IL Investsmart (IIL) offers extensive range of Investment Banking Services for equity | |related products and instruments. Their team advises Customers on transactions like business | |structuring and capital raising opportunities based on their corporate needs and state of capital | |markets. Services it specialize in include Management of: | |Initial Public Offering (IPOs) | |Follow-on Offerings | |Qualified Institutional Placements (QIPs) | |Buyback of Equities | |Open Offers | |Mergers Acquisitions | |Private Equity Placements | |ESOPs | |Institutional Equity Broking Services: | It includes IPOs, equities, derivatives and mutual funds. It also focuses on identifying undiscovered value stocks to investors. Through its gamut of services, this division is well-suited to corporate investors, banks, financial institutions, insurance companies and FII’s. Their Institutional Equity Business (IEB) is well positioned to offer support for a complete range of investment banking service to corporate. Institutional Debt Broking Services: | Its institutional debt broking division includes, secondary market broking, primary market debt placement distribution and provident fund advisory services. Advisory Report Advisory Services: It includes Equity Report, Mutual Fund Report, Debt Market Report, Sector Report, Derivatives Technical Reports. The reports are sent to the Customers on a daily basis before opening of Stock Market in the Morning through email. It also provides Advisory Services by message alert and appointing Relationship Manager to HNI clients. Online Trading: For Online trading Company provides three products as online trading Platform: SmartStart It is a powerful browser based trading system for those who are relatively new to online investing. A unique integrated account, which integrates Cusomer’s banking, broking, and demat accounts. A comprehensive trading service, which allows Investors to invest in equities and derivatives. SmartStart trading platform allows you the flexibility of trading on any internet capable system, with access to both the NSE and BSE. SmartInvest is a browser-based system designed for customers who transact occasionally. It is ideal for investors who believe in the Buy and Hold approach towards investment in equities. SmartInvest’s capability as a browser-based trading platform gives the benefit of real-time streaming data with the flexibility of trading on any Internet capable system. With access to both the NSE BSE. SmartInvest sophisticated yet easy to use point and click order entry interface allows you to react more quickly to the markets and make better decisions. SmartTrade is an EXE based desktop software designed for active traders who transact frequently to capture favorable short-term price movements. The platform offers active traders the tools they need to make critical decisions with confidence. SmartTrade is designed and built from the ground up to address the needs of active traders. SmartTrade makes the most of state-of the-art technology to deliver power, speed and reliability. Through an easy-to-use interface, users are provided with the same tools and advantages that the professionals enjoy. 1. 3-Background of the Problem In two month of my training my job was divided into two parts. In one part I was told to sell the online trading product of the Company and in other part I was told to do my project in equity research. Since the Company is very much customer oriented, It wants to give a complete Investment solution to the customer so that the Company can delight them. For this company has a research division located in Mumbai. Since I was working in Pitampura Branch and that branch deals in Equity only (Online trading Product). So, I was upposed to do my project on Equity research. In this two month as a summer trainee I use to generate Client Database from my own sources and then approaching to the potential Customers by calling and arranging meeting with them and finally converting them into Customers. I was also handling the query of Existing Customer s of the Company regarding Online Products. On the basis of their Query I felt that the new retail Investors as well as existing Customers need a strong support from company to have an idea in which stock they should invest, so that in future their investment will result in a positive or will increase market value of their Investment in Stock market. For this Company use to send three research reports regarding better investment option on a daily basis on their email-id, message alert on mobile, and appoint Relationship Manager. So, for complete Customer satisfaction the company needs to have a strong research Division which is already there in Mumbai. Moreover, because of Global Melt Down investors are very much afraid to invest in Stock Market as the sensex reaches to a minimum of 8000 from 21000 within a Year. Now they are looking for those brokerage firms, which will guide them with a strong research analysis. So, in this case it is very much essential for the Research analysts working in the Company to analyze those factors which are really going to accelerate the market value of share holders in order to gain a competitive edge over the Competitors. It is the time to do an in depth study on those factors which an investor should consider before investing in a particular Company or Stock, if they want to add some more money to their pocket. So, I was given a task to analyze those financial factors which will drive the share holders’ value in future and will keep them at safe end for a long as well as short term Investment. Since, if the market value of stock will increase, sensex will also go up. So, here we need to study on those factors which will increase the Market Value. First thing which comes in my mind is that Stock of a particular Company is very much similar to a person, like whatever is happening in a person’s life, he or she is the one who is responsible for that. For example if a person is not able to pass an MBA exam then we say that something is wrong with his or her mind, if he or she is not able to walk properly then something is wrong with his or her health. It means the problem is within the person. The same things apply in the stock Market like if a company is not able to increase its market value (Share holders’ Value) or market Capitalization it might be the reason that Company is not performing well, not generating enough Profit, not able to use its assets in an effective and efficient manner, not able to increase the earnings of its owner and etc. because of which it is destroying the share holders’ value. So, I decided to work on the financial performance of Companies itself and to analyze whether the financial Performance of a company like (RONW, ROCE, D/E Ratio, EPS, DPS, EVA) is having any kind of correlation with their market value. I have also tried to analyze that is it so that we should consider these factors as a driver of Share holders’ value? Will positive change in these factors give positive result to the Share holders? This is the rationale behind working on this project which is very much required to understand in this recovery period of Economy. 1. 4-Introduction of the Project Today, one of the major goals of financial management is maximum utilization of the capital employed for maximization of Shareholders’ value. Since capital resources are scarce and costly, companies try to employ these resources in a way that yields highest return. Of course this should be accompanied by steps taken to minimize the cost of acquired resources. Otherwise, it will not increase the shareholders wealth and the firm’s value. The manager of a firm (as an internal user of financial information) and the investors and other parties (as the external users) are interested to use an appropriate performance measure in order to assess how the managerial actions affect the value of the firm. For this purpose the performance measure used, must consider at least three things, which are: the amount of capital invested, the return earned on the capital, and the cost of capital (Weighted Average Cost of Capital). So, the first question comes to our mind is that how do shareholders know that the Company with whom they have entrusted their hard earned money is efficiently utilizing it and thus, creating Value for them. We have always read the annual report of the Companies to find out information about their â€Å"top line† and â€Å"bottom line†. We also have various financial ratios and terms which act as essential factors to consider for our aid like Return on Capital Employed (ROCE), Return on Net worth (RONW), Earning per Share (EPS), Dividend per Share (DPS), D/E Ratio, and Economic Value Added (EVA). Out of all these factors EVA was introduced as an Indicator for Shareholders’ wealth maximization in 1990’s by Stern Stewart Co. It has been a focal point for majority of the studies. Stern has claimed that EVA as a tool of financial management is not just a phenomenon and neither is it limited to only `for profit’ organizations. Economic Value Added has been put to use for management performance evaluation and much more than just a measure of performance, it is a framework for complete financial management (for improving allocation of scarce capital; and for valuation of a target company at the time of acquisition). On the other hand, Market Value Added (MVA) is an indicator which measures the stock returns and shows the effect of different factors on share prices, in a particular market. While EVA is an accounting-based measure for the corporate performance of one year, MVA is a market-generated number. MVA is cumulative measure of the value created by the management in excess of the capital invested. This research is an attempt to find out whether EVA, EPS, ROCE, RONW, DPS, D/E Ratio of the companies listed in sensex explains the value accretion for the shareholders and fluctuation in sensex. 1. 5-Scope of the Research Since, BSE Sensex of India represents the whole Indian Economy. The companies listed in sensex are the representative of all the major industries of Indian Economy. Millions of investors have invested their money in the stock market. The stock market is something where investors can earn lot of money but risk is also there, because it follows fundamental of high Risk High Return. So, it is very much require to analyze the behavior of market. It means we should know in which company we should invest or we should not. So, the scope of research is to analyze the most important driver of shareholders’ value. Since, Research Division of IL Invetssmart are very much working on analyzing the behavior of stock market so that they can properly guide their customers regarding investment. This research will be a value addition for the Research Division of IL Investsmart, as it ill give an idea which factor is highly correlated with Market value of the Companies. The market value of the Companies is very much dependent on the performance of the Companies. But which performance measure should be taken into consideration by the Investors before investing in any company is very much required. So, this research will expla in whether performance measure does have any correlation with market Value added of the Companies. If it is so then which of the performance measures is strongly influencing the shareholders’ value? The research is an attempt to analyze the influence of few performance measures over the shareholders’ value and this will help in taking correct investment decision. 1. 6-Literature review Stewart (1991) had carried out a research to find out the relationship between EVA and MVA. This study was done by taking average EVA values for the year 1987 and 1988 of 613 companies in USA and then comparing them with their MVA values for 1988. The study found an r2 of 97% between the EVA and MVA value for the Companies with positive EVA while this correlation was insignificant for the companies with negative EVA values. Finegan (1991) took a sample of 450 Companies in USA and found that average value of EVA could explain 61% of the variance in MVA whereas the similar figure was 44% between the change in EVA and change in MVA. He also observed that this r2 was 47% between ROCE and MVA. Dodd and Chen (1992) found ROA as a better driver of Shares returns as compared to EVA. Stern (1993) found out that EVA is the best measure that drives the Shareholders’ value with an r2 of 50% with MVA. The next important driver was ROE with an r2 of 25% with MVA. Lehn and Makhija (1996) also studied the relationship of share returns with ROE, ROA, Return on Sales (ROS), EVA, MVA and CEO turnover. Correlation was found to be highest in case of EVA however, (EVA divided by the Cost of Capital), NOPAT (Net Operating Profit after Tax) and free cash flow and correlation with them with market value divided by invested Capital. He found NOPAT as a better indicator with an r2 of 33% compared with 31% in case of EVA. However, changes in EVA values explained 74% of the change in market value over a period of 10 years. Uyemara and others (1996) studied MVA’s correlation with EVA, Net Income, EPS, ROE, and ROA over a period of 10 years. r2 was highest technology industry for the period 1990-95 and found an r2 of 42%. EPS was judged as the second best measure of with an r2 of 34%. Kramer and Pushner (1997) established that lagged levels of NOPAT explained MVA better as compared to EVA. This correlation was found higher even when changes in NOPAT were correlated with changes in MVA. According to Biddle and others (1991), Net Income was found to be the best measure to explain Share returns. Majority of these studies were focused on US Companies. Giffith (2004) concluded that an Investor or analyst using EVA or MVA measures to forecast performance would have experienced significant losses. Ferguson and others (2005) also doubted that adopting EVA improves stock performance. JHvH de Wet (2005) analyze the database of 89 south African Companies and observed that the Standardized Cash Flow from Operations (CFO divided by the invested Capital in the beginning) had an r2 of 38% with the Standardized MVA (MVA divided by the invested Capital in the beginning), which was found to be the best driver as compared to the Standardized EVA (EVA divided by the Invested Capital in the beginning), ROA, ROE, EPS, and DPS. He also observed that Correlation of EPS and DPS for valuing the Shares. Roji George (2005) analyzed the data of 21 Indian banks for the period 1999-2003 and concluded that there is a positive relationship between EVA and productivity and negative relationship between EVA and NPA. So, what I have found that nobody has done any analysis on the 30 companies which is listed in Sensex, while these companies represent all the major Industries of Indian Economy. So, it is better to analyze these Companies’ behavior. So, this research is an attempt to bridge this research gap. 1. 7- Abbreviation |NOPAT |Net Operating Profit After Tax | |RONW |Return on Networth | |ROCE Return on Capital Employed | |D/E Ratio |Debt/Equity Ratio | |EPS |Earning per Share | |DPS |Dividend per Share | |EVA |Economic Value Added | |MVA |Market Value Added | |R |Coefficient of Correlation | |R2 |Coefficient of Determination | 1. 8-Research Objective The following are the objectives of my research: Main Objective The primary objective is to find out what drives the share ho lders’ value. Specific Objective 1) To find out the correlation of the measures like RONNW, ROCE, D/E Ratio, EPS, DPS and EVA with MVA(Market Value added) 2) To find out the most important factors or variable which explain variance in MVA and that variable should be consider before investing in any Company. 1. 9- Introducing EVA and MVA As the introductory paragraph of this paper suggests, EVA is the surplus profit after accounting for all the expenses including the cost of capital. We have always looked at the figures of Profit after Tax to find out whether a company is performing well or not. However, what we forget is that the shareholders invest money in a company in expectation of some return. So, the basis for evaluation should be whether the company has earned over and above the minimum required rate of return by the investors. If there is surplus after accounting for this opportunity cost of equity, the company is creating value for its shareholders. If not, then it is destroying value. In other words, value is created when return earned by the firm is more than its cost of capital or firm invests in the project with positive NPV. EVA can be calculated through any of the following methods:  · Increasing revenue, Reducing operating costs, Efficient utilization of assets and Raising funds at cheaper cost Chapter-2 Research Methodology Research MEthodology Quantitative Research Design has been used in this research. This analysis was carried out over a period of 6 years (2003-2008) on companies which form part of BSE Sensex. Nature of Data: Secondary Data has been used for this research. The Year wise annual data of NOPAT, RONW, ROCE, D/E Ratio, EPS, DPS, Avg. Market Capitalization, beta value of 23 Companies out of 30 Companies listed in the Sensex. Source of Data: For regression analysis the data has been collected from CMIE’s Prowess and www. bseindia. com. Research Design: Descriptive Research Design has been used as the problem is well define and key issues are known and which is to find out the most important variable which drive the Shareholders, Value. Under this Research design, Cross Sectional Study has been done. Year wise annual value of all the variables has been collected from 2003-2008 for finding the cause and effect relationship between Independent Variables (RONW, ROCE, D/E Ratio, EPS, DPS and EVA) with dependent variable (Change in MVA). The study has been done on yearly basis. Sampling: Judgment (Purposive) Sampling Method has been used for selecting Companies. The analysis has been carried out over 23 Companies out of 30 Companies listed in sensex. Though Sensex comprises 30 companies, 7 companies were eliminated because of the inadequate information available for these Companies. The reason for choosing these Companies are their reliability in terms of selection of the Companies as only those Companies are selected which have a listing history of at least 3 month with sufficient trading frequency. Sample Size: Sample size is of 23 Companies has been taken for the Year 2003-2008. The following Table shows the List of Companies: |Company Name | |Bharat Heavy Electricals Ltd. Oil Natural Gas Corpn. Ltd. | |Bharti Airtel Ltd. |Ranbaxy Laboratories Ltd. | |Grasim Industries Ltd. |Reliance Industries Ltd. | |H D F C Bank Ltd. |Reliance Infrastructure Ltd. | |Hindalco Industries Ltd. |State Bank Of India | |Hindustan Unilever Ltd. |Sterlite Industries (India) Ltd. | |Housing Development Finance Corpn. Ltd. |Sun Pharmaceutical Inds. Ltd. | |I C I C I Bank Ltd. |Tata Motors Ltd. | |I T C Ltd. |Tata Power Co. Ltd. | |Infosys Technologies Ltd. |Tata Steel Ltd. | |Larsen Toubro Ltd. |Wipro Ltd. | |Mahindra Mahindra Ltd. |   | Statistical Tool : The Simple Regression Analysis and Multiple Regression Analysis have been done using SPSS to establish the relationship of MVA with EVA, ROCE, RONW, EPS, DPS, and D/E Ratio on Yearly basis. 2. 1- Limitation of Research The following are the limitation of this research: Since, the research has been carried out to find out the important factors which drive shareholders value. So, only the financial ratios which measures performance of the Companies are taken into consideration. Hence, the focus of research is on micro economic factors only. While macroeconomic factors (like GDP, FIIs, and Inflation) also does matter in creating or eroding the value of shareholders. Chapter-3 Research Analysis 3. 1- Different measures used for the analysis In this research our main objective is to find out the factors which investor should look for or take into consideration before buying share of any Company. Now it becomes very much essential to know the correlation between these Variables and the Shareholders value. Hence we have included some of the main variables like RONW, ROCE, D/E Ratio, EPS, DPS, EVA. These are the variables based on which an Investor decide to buy the shares of a particular Company. As depending upon these variables they buy the shares, the market Value of that particular Company increase which results in increase in Shareholder’s Value. Hence Dependent Variable is MVA. (For data please see Appendix-17 p. no. 84) But since MVA is Stock concept so, for applying Regression Analysis change in MVA (Market Value Added) with respect to previous year has been used. MVA=Market Capitalization-Investment (Book Value) Change in MVA= (MVAt – MVAt-1 )/MVAt-1)x100 Here, MVAt= MVA of the Companies of Proceeding Year. MVAt-1= MVA of the Companies of preceding Year Independent Variables are: six performance measures are considered as Independent Variable RONW, ROCE, D/E Ratio, EPS, DPS EVA. All these variables are flow variables. 1) Return on Net Worth (RONW) =NOPAT/Total NETWORTH NETWORTH=EQUITY+RESERVE SURPLUSES Return on Networth measures a company’s earnings in relation to all of the Investor’s it is using. RONW tells us what earnings were generated from the Networth. The Networth of the company comprises both equity and reserve and Surpluses. These types of financing are used to fund the operations of the company. The RONW figure gives investors an idea as to how effectively the company is converting the money it has into net income. (For data please see appendix-3, p. no-70) 2) Return on Capital Employed (ROCE) = EBIT/(NET Worth+Debt) Return on Capital Employed (ROCE) is a measure of the returns that a company is realizing from its capital. It calculates as profit before interest and tax divided by the difference between total assets and current liabilities. The resulting ratio represents the efficiency with which capital is being utilized to generate revenue. (For data please see appendix-4, p. no. 71) 3)D/E Ratio=Total Debt /Total Equity D/E Ratio gives the idea about the Capital structure of the Company. It shows how risky is the Investment in a Company. On the basis of D/E ratio we can have an idea of the fixed liabilities of the Company if it is using more of Debt. (For data please see appendix-5, p. no. 72) 3) Earning per Share (EPS) = PAT/The Number of Equity Shares Earning per Share is the portion of a company’s profit allocated to each outstanding share of common stock. Earning per Share as the name indicates, is the â€Å"per share earning† of a company in a reported period. This is the most important factor in the fundamental analysis of a stock. This coupled with a few related ratios gives a fair idea about the worth of a stock. (For data please see appendix-6 p. no. 73) 4) DPS is the Dividend allotted to each share holders (For data please see appendix-7. P. No. 74) 5) Economic Value Added (EVA) = NOPAT-(Cost of Equity x Networth) EVA attempts to measure how much `value’ was created by an organization for its shareholders, during an accounting period. It is defined as the excess of a company’s after tax net operating profit over the required minimum rate of return that the investors and lenders could get by investing in other securities of comparable risk. For data see appendix-15, p. no. 82) For Calculating Cost of Equity CAPM (Capital Assets Pricing Model has been used) Ke=Cost of Equity =Rf +? *(Rm-Rf) (For data please see appendix-13, p. no. 80) Rf =Yearly Risk free Rate of Return=6% (The yield of Treasury Bill has been taken as risk free rate of return which is around 6% for the period of 2003-2008) Rm=Yearly Sensex Rate of Return=17% (Average from 1995 to 2007 comes out to be 17% – please see appendix-1, p. no. 68) ? = Beta Value of a particular Stock of a Company E= Total Networth (Equity+ Reserve and Surpluses) Since, the value of ? shows the riskiness of a particular stock with respect to market. This ? value shows riskiness on the basis of book value of a particular Company. So, these ? values of the Companies are converted into Unlevered ? and then Levered ? based on Company’s present Market Capitalization, so that an accurate and present riskiness of the stock of Company can be taken into consideration for the research The Formula is: Unlevered ? ju= ? /1+(D/S)(1-T) Here, D=Total Debt used by the Company S=Total Equity used by the Company (Book Value) T= Corporate Tax Rate (30%) Now Calculating Levered ? based on Market Capitalization using unlevered ? Levered ? = ? ju x (1+(D/S)x(1-T) (For data Please see appendix. -12, p. no. 79) Here, S=Present Market Capitalization of the Company. For an accurate result, the change in MVA and EVA has been standardized by dividing them by the Net worth of the respective Company. Standardization is done in order to find the relative value of EVA and MVA over the Net worth used by the Company. (For Stdz. EVA and Stdz. MVA please see Appendix-16, p. no. 83 and Appendix-19 p. no. 86) The collected and calculated data of ll the variables are attached in Appendices. Please see appendices for detail list. 3. 2-Regression Analysis The analysis is done in two parts. Firstly, simple regression analysis has been done between Dependent Variable (Stdz. MVA) and Independent variables (RONW, ROCE, D/E Ratio, EPS, DPS and Stdz. Eva) taking one Independent Variable at a time for all the Years (2004-2008). Year 2003 has been considered as a base year for the Year 2004 to get change in MVA in 2004 and the same process has been used to calculate change in MVA till 2008. This Simple Regression analysis has been performed in order to understand the key variables which are having high degree of correlation with MVA. After analyzing the key variables, multiple regressions Analysis have been applied with the key variables in order to analyze the impact of key Independent Variables together on Change in MVA. 3. -Year wise Result of Simple Regression Analysis from 2004 to 2008 Result of the Year 2004: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 771 |. 817 |. 089 |. 332 |. 201 |. 851 | |R2 |. 594 |. 667 |. 008 |. 110 |. 040 |. 724 | |Adjusted R2 |. 575 |. 652 |-. 039 |. 068 |-. 005 |. 711 | |Standard error of Estimate |2. 47868 |2. 4331 |3. 87455 |3. 66887 |3. 81084 |2. 04402 | |Significance |. 000 |. 000 |. 686 |. 121 |. 358 |. 000 | |p-Value | | | | | | | Interpretation: From this table, it can be observed that Change in MVA is positively related with all the financial indicators but only three variable ROCE, RONW and EVA are highly correlated with change in MVA. The coefficient of correlation of change in MVA with RONW, ROCE and EVA is 0. 771, 0. 817 and 0. 51 respectively; moreover the p-value (significance) is also less than . 001. So, at 99% confidence level we can say that, these three variables significantly explain the variation in MVA. This shows that all these three variables are very much important from investment point of view. The coefficient of determination (Adjusted R2) Of Change in MVA with RONW is . 594 which means change in RONW explains 59. 4% of variation in MVA, while with ROCE it is . 652 which means change in RONW explains 65. 2% of variation in MVA and with EVA it is . 711, which means ch ange in EVA explains 71. 1% variation in MVA, the most important driver of change in MVA. So, the simple regression analysis for this year shows that these three variables are very much important while EVA is the most important variable to consider before investment. While, EPS explains 6. 8% of variation in MVA but p value is more than . 000 and DPS has a very little bit of significance and D/E Ratio is insignificant to consider as a driver of Shareholders’ value. Result of the Year 2005: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 578 |. 543 |. 046 |. 323 |. 289 |. 96 | |R2 |. 334 |. 295 |. 002 |. 104 |. 084 |. 484 | |Adjusted R2 |. 303 |. 262 |-. 045 |. 061 |. 040 |. 459 | |Standard error of |2. 73331 |2. 81226 |3. 34638 |3. 17073 |3. 20682 |2. 40672 | |Estimate | | | | | | | |Significance |. 004 |. 007 |. 835 |. 133 |. 181 |. 00 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with Stdz. EVA is the highest (. 696) then with RONW (. 578) and then with ROCE (. 543) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 459, . 303 and . 262 respectively which shows highest variation in MVA is explained by EVA that is 45. 9%. Moreover, the significance level lies between . 005 to . 010 which is less than . 010. Hence, these three variables are the most important variables to consider as standard error is also very low in comparison to other variable. While EPS and DPS has a very little significance and D/E Ratio is insignificant to consider. Result of the Year 2006 | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 725 |. 638 |. 025 |. 450 |. 054 |. 801 | |R2 |. 525 |. 407 |. 001 |. 203 |. 003 |. 641 | |Adjusted R2 |. 503 |. 379 |-. 047 |. 165 |-. 045 |. 624 | |Standard error of |2. 60034 |2. 0531 |3. 77240 |3. 36897 |3. 76802 |2. 25987 | |Estimate | | | | | | | |Significance |. 000 |. 001 |. 910 |. 031 |. 806 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is the highest (. 801) then with RONW (. 725) and then with ROCE (. 638) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 624, . 503 and . 379 respectively which again shows the highest variation in MVA is explained by EVA that is 62. 4% . Moreover, the significance level is also . 000 which is less than . 001. Hence, at 99% confidence level we can say that these three variables are the most important variables to consider and again EPS and DPS has a very little significance. D/E Ratio is again insignificant to consider Result of the Year 2007: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 801 |. 795 |. 075 |. 66 |. 275 |. 896 | |R2 |. 641 |. 632 |. 006 |. 134 |. 075 |. 802 | |Adjusted R2 |. 624 |. 615 |-. 042 |. 092 |. 031 |. 793 | |Standard error of |2. 37916 |2. 40757 |3. 95859 |3. 69485 |3. 81708 |1. 76595 | |Estimate | | | | | | | |Significance |. 000 |. 000 |. 34 |. 086 |. 205 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of Change in MVA with EVA is again highest (. 896) the n with RONW (. 801) then with RONW (. 795) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 793, . 624 and . 615 respectively which again shows highest variation in MVA is explained by EVA that is 79. 3% . Moreover, the significance level is also . 000 in each of three cases which is less than . 001. Hence, out of all variables these three variables are the most important variables out of these three variables EVA is coming out to be the most important variable to consider while EPS and DPS are again having a little Significance and D/E Ratio is insignificant to consider as the driver of shareholders’ value. Result of the Year 2008: | |RONW |ROCE |D/E Ratio |EPS |DPS |Stdz. EVA | |R |. 900 |. 890 |. 152 |. 252 |. 259 |. 950 | |R2 |. 811 |. 793 |. 023 |. 063 |. 067 |. 903 | |Adjusted R2 |. 802 |. 783 |-. 034 |. 019 |. 023 |. 99 | |Standard error of Estimate |2. 70932 |2. 83630 |6. 15528 |6. 02644 |6. 01501 |1. 93688 | |Significance |. 000 |. 000 |. 490 |. 246 |. 233 |. 000 | |p-Value | | | | | | | Interpretation: According to the result we can see that correlation of MVA with EVA is the highest (. 950) then with RONW (. 900) and then with ROCE (. 890) for this year. The adjusted R2 of Change in MVA with EVA, RONW and ROCE is . 899, . 802 and . 83 respectively which shows hi ghest variation in MVA is explained by EVA that is 89. 9%. Moreover, the significance level is also . 000 which is less than . 001. Hence, these three variables are the most important variables to consider while EPS and DPS are again having a little Significance and D/E Ratio is again insignificant to consider as the driver of shareholders’ value as significance is more than . 001. Moreover out of these three, EVA is the most important and powerful variable. 3. 4-Overall Result of Simple Regression analysis [pic] Over all Result of the Analysis: Hence, my over all Analysis shows that only three financial Indicators (EVA, RONW, and ROCE) are the important driver of shareholders’ value. Out of these three, EVA is the most important Indicator. So, if a company is earning more than its cost of capital, it is adding more value to the shareholders. In second, RONW is the important Indicator, which shows that companies utilizing its shareholders’ funds in an effective efficient manner are adding value to shareholders. Third important Indicator is ROCE which shows Companies generating higher ROCE will add value to Shareholders. SO, before investment these three variables must be considered. 3. 5- Year wise Result of Multiple Regression Analysis In multiple regression analysis I found that there is multi collinearity exist between ROCE, RONW and EVA. So, I applied multiple regression taking three independent variables at a time excluding the variables like D/E Ratio because this variable is insignificant to consider while EPS and DPS is little bit of significant. So to come out with a strong and accurate analysis it is irrelevant to ignore these two variables. Result -1: In Result-1 analysis between Change in MVA with EPS, DPS and RONW has been observed for the period of 2004 to 2008. EPS and DPS have been taken because of their little significance. In this case Hypothesis is as follows: H0: EPS, DPS, RONW are not significantly explaining variation in MVA H1: EPS, DPS, RONW are significantly explaining variation in MVA Result of the Year 2004 Model Summary |Model |R |R Square |Adjusted R |Std. Error of the | | | | |Square |Estimate | |1 |. 834(a) |. 696 |. 647 |2. 25663 | a Predictors: (Constant), RONW, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 742(a) |. 550 |. 479 |2. 36227 |2. 192 | a Predictors: (Constant), RONW, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 831(a) |. 691 |. 642 |2. 20440 |2. 115 | Predictors: (Constant), DPS, RONW, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 860(a) |. 739 |. 698 |2. 13011 |2. 501 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 927(a) |. 859 |. 837 |2. 45654 |2. 493 | a Predictors: (Constant), RONW, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square | |1 |. 875(a) |. 765 |. 728 |1. 98181 | a Predictors: (Constant), ROCE, EPS, DPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 728(a) |. 530 |. 455 |2. 41542 |1. 856 | a Predictors: (Constant), ROCE, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |Df |Mean Square |F | |1 |. 764(a) |. 584 |. 519 |2. 55798 |1. 913 | Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 850(a) |. 722 |. 678 |2. 19925 |1. 759 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 918(a) |. 843 |. 818 |2. 59745 |2. 016 | a Predictors: (Constant), ROCE, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square | |1 |. 888(a) |. 788 |. 754 |1. 88405 | a Predictors: (Constant), Stdz. EVA, DPS, EPS ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 824(a) |. 679 |. 628 |1. 99688 |2. 328 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 89(a) |. 790 |. 757 |1. 81740 |1. 914 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 923(a) |. 852 |. 829 |1. 60570 |2. 184 | a Predictors: (Constant), Stdz. EVA, DPS, EPS b Dependent Variable: Stdz. MVA ANOVA(b) |Model | |Sum of Squares |df |Mean Square |F | |1 |. 966(a) |. 932 |. 922 |1. 0292 |2. 103 | a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA ANOVA(b) Model | |Sum of Squares |df |Mean Square |F |Sig. | |1 |Regression |759. 238 |3 |253. 079 |87. 270 |. 000(a) | | |Residual |5 5. 099 |19 |2. 900 | | | | |Total |814. 337 |22 | | | | |a Predictors: (Constant), Stdz. EVA, EPS, DPS b Dependent Variable: Stdz. MVA Coefficients(a) Model | |Unstandardized Coefficients |Standardized Coefficients | | |Collinearity Statistics | | | |B |Std. Error |Beta |t |Sig. |Tolerance |VIF | |1 |(Constant) |3. 899 |. 674 | |5. 789 |. 000 | | | | |EPS |-. 017 |. 010 |-. 147 |-1. 92 |. 089 |. 530 |1. 886 | | |DPS |-. 026 |. 065 |-. 033 |-. 405 |. 690 |. 525 |1. 905 | | |Stdz. EVA |21. 424 |1. 383 |. 933 |15. 494 |. 000 |. 982 |1. 018 | |a Dependent Variable: Stdz. MVA Interpretation: The model Summary shows that EPS, DPS and EVA together having a high degree of correlation that is . 966 with change in MVA while variation in these three variables together explains 92. 2% of variation in MVA as adjusted R2 is 0. 922. The Durbin-Watson is 2. 103 which show that variables are following a similar trend and are not scattered. The analysis shows that this year these three variables are very strongly related with Change in MVA. The ANOVA table shows F is 87. 270 and significance is . 000 which is less than . 001. It means Reject H0 and accept H1. Hence, these three variables significantly explain the variation in MVA and are very much important to consider. The coefficient table shows that there is no multi collinearity exists between independent variables because Tolerance is greater than 0. 2 and VIF is less than 5. It also shows that beta value of EVA is . 933. So, EVA is the most power full variable over here. Overall Result: The analysis of all the years results in rejection of H0 and acceptance of H1. It means these three variables are also significantly explaining variation in MVA. 3. -Overall Result of Multiple Regression Analysis Since, because of multi colinearity between RONW, ROCE and EVA it was not possible to include these three variables together in the multiple regression analysis. But as they are correlated with each other, so we can consider any one of them with the other variables to reac h at a conclusive result. Now after analyzing multiple regressions with three sets of independent variable with dependent variable which are: Set-1 Change in MVA with EPS, DPS, RONW Set-2 Change in MVA with EPS, DPS, ROCE Set-3 Change in MVA with EPS, DPS, EVA The question comes in our mind is which set is to be given preference over other. Though all the sets are highly correlated with change in MVA and there is a little bit of variation in their correlation we can consider any one set out of the three. But to conclude the analysis a Year wise Comparison has been done with the help of following graph between the three sets: [pic] From the graph we can see that correlation of Change in MVA with EPS, DPS and EVA was the highest throughout the Years. Moreover it is also increasing year by year. So, it is very much useful to consider as these three variables together act as a most important driver of shareholders’ value. While the second most important set to consider is EPS, DPS and RONW and then EPS, DPS and ROCE. Recommendations Since, my research analysis has shown that there are three most important factors EVA, RONW and ROCE which drive the shareholders’ value. Moreover a combination of EPS, DPS, and EVA together causes major variation in shareholders’ value. So, Research division of IL should focus on these factors because companies generating higher ROCE, RONW, and EVA from their business will add more value to the Shareholders’ investment. Now a day, it has become very much important for the Brokerage firms to provide valuable services to their customers specially a proper guide line that where they should invest and where they should not in order to bit the Competitors and retain customers with themselves. So, research division of IL Investsmart should guide the investors to invest in the shares of those companies which is earning more than cost of capital that is company with positive EVA moreover the companies which is effectively using the Owners fund means generating higher RONW and a higher ROCE. EPS, and DPS can be taken into consideration but can be avoided also if company is to good in generating positive EVA and higher RONW and ROCE because these variables indicate the growth of an organization. If the organization is growing and its not giving any dividend still it is good to invest in that Company, as the growth company will leads to increase in Market value and this will result in increase in Shareholders’ value. Conclusion At the end I would conclude that the year wise research done over the period of five years from 2004 to 2008 has shows that EVA is the most important driver of shareholders’ value as the correlation between EVA and change in MVA is very strong. so, a company generating positive and higher EVA is the best option to invest in because this will result in increase in market value which will result in increase in shareholders’ value. The second most important variable RONW and the third most important variable ROCE should be consider before investing in the share of any company because these two variables are also having a high degree of correlation with change in MVA. EPS and DPS alone are not the important factor to consider individually. But the combination of EPS, DPS and EVA together are highly correlated with change in MVA. According to my research analysis in 2008 it was found that these three variables together have explained 92. 2% of variation in MVA. So, the combination of these three variable can also be taken into consider before selecting a company to invest in. The analysis also shows that Correlation of change in MVA has been found to be increasing year by Year from 2004 to 2008. So, for future investment it is better to look into these ratios before investing in any company. The regression analysis shows strong correlation of change in MVA with EVA, RONW and ROCE, which is not a surprise since shareholders should value an enterprise, based on the return what they are getting on their invested oney, which proves that it doesn’t matter whether the company retains or distributed its earnings, so long it is being utilized for productive purposes. Bibliography o CMIE’S Prowess o http://www. bseindia. com/about/abindices/bse30. asp o http://www. bseindia. com/about/abindices/betavalue s. asp o http://www. bseindia. com/histdata/hindices. asp o http://neeravnagar. blogspot. com/2007/08/drivers-of-shareholders-value. html o Ali M Ghanbari (Jul’07) â€Å"The Relationship between Economic Value Added and Market Value Added: An Empirical Analysis in Indian Automobile Industry† The ICFAI Journals of Accounting Research. o Chapter 32 of â€Å"Investment Valuation† by Aswath Damodaran ———————– 65 How to cite A Study of Factors Driving Shareholders’ Value, Essay examples