Study on Financial Analysis of Britannia Essay Example for Free

Study on Financial summary of Britannia EssayThe nitty-gritty pabulum production in India is likely to double in the next ten dollar bill days and there is an opportunity for large enthronisations in solid food and food bear upon technologies, skills and equipment, especially in areas of Canning, Dairy and Food Processing, Specialty Processing, Packaging, Frozen Food/Refrigeration and Thermo Processing. Fruits Vegetables, Fisheries, Milk Milk Products, Meat Poultry, box/Convenience Foods, Alcoholic Beverages Soft Drinks and Grains are important sub- orbits of the food impact industry.A wellness food and health food supplement is an new(prenominal)(a) rapidly rising segment of this industry which is gaining immense popularity amongst the health conscious. India is one of the foundations study food producers but accounts for less than 1. 5 per centime of global food trade. This indicates considerable scope for both investors and exporters. Food exports in 1998 s tood at US $5. 8 billion whereas the world come in was US $438 billion. The Indian food industries sales turnover is Rs 140,000 crore (1 crore = 10 one cardinal million million) annually as at the vary of year 2000.The industry has the highest number of plants approved by the US Food and Drug Administration (FDA) extracurricular the USA. Indias food touch on sector covers fruit and vegetables marrow and poultry milk and milk products, alcoholic beverages, tilteries, plantation, iota processing and other consumer product groups like confectionery, chocolates and cocoa products, Soya-based products, mineral water, high protein foods and so on We cover an consummate(a) database of an array of suppliers, manufacturers, exporters and importers widely dealing in sectors like the -Food Industry, Dairy processing, Indian beverage industry etc.We also cover sectors like dairy farm plants, canning, bottling plants, packaging industries, process machinery etc. The most promising s ub-sectors includes -Soft-drink bottling, confectionery manufacture, Fishing, aquaculture, Grain-milling and grain-based products, Meat and poultry processing, Alcoholic beverages, Milk processing, Tomato paste, Fast-food, Ready-to-eat breakfast cereals, Food additives, flavors etc. India is one of the worlds major food producers but accounts for less than 1. 5 per cent of international food trade.This indicates vast scope for both investors and exporters. Food exports in 1998 stood at US $5. 8 billion whereas the world bring was US $438 billion. The Indian food industrys sales turnover is Rs 140,000 crore (1 crore = 10 million) annually as at the start of year 2000. The industry requires about Rs 29,000 crore in enthronization over the next basketball team years to 2005 to create necessary infrastructure, expand production facilities and state-of-the-art-technology to match the international quality and standards.The office of the artless Affairs of the USDA / unconnected Agr icultural Services in New Delhi says that one of Indias proudest accomplishments has been achieving a tenuous self-sufficiency in food production and that the country produces a wide variety of coarse products at prices that are at or below world values in most cases. The Indian palate is accustomed to traditional foods, mostly wheat and rice-based, rather than potato and corn-based western palate. In trade perspective, this is considered an important factor for abroad marketers.The USDA report says initially consumer-ready food products may have to be tailored to include Indian spices and traditional ingredients. In addition to traditional tastes, there are other social factors which affect consumption in India. Hindus account for approximately 80 per cent of Indias population, and turn hardly 25 or 30 per cent are strict vegetarians, beef slaughter is interdict in all but two states (Kerala and West Bengal) and consumption of other meats is limited. Incidentally, India is th e only country where the US-based MacDonalds sells its burgers without some(prenominal) beef content and even offers purely vegetarian burgers.Indias middle class segment will traction the key to success or failure of the polished food market in India. Of the countrys total population of one billion, the middle class segments account for about 350-370 million. Though a volume of families in this segment have non-working housewives or can afford employ domestic help and frankincense prepare foods of their taste in their own kitchens, the profile of the middle class is changing steadily and hired domestic help is becoming costlier. This is conducive to an expansion in demand for ready-to-eat Indian-style foods.Indias food processing sector covers fruit and vegetables meat and poultry milk and milk products, alcoholic beverages, fisheries, plantation, grain processing and other consumer product groups like confectionery, chocolates and cocoa products, Soya-based products, mineral water, high protein foods etc. According to latest official statistics, India exported processed fruits and vegetables worth Rs 5240 million in 1997-98. The horticulture production is around 102 million tones. Foreign investing since 1991, when economic slackening started, stood at Rs 8,800 crore.Products that have growing demand, especially in the Middle East countries include pickles, chutneys, fruit pulps, tinned fruits, and vegetables, concentrated pulps and juices, dehydrated vegetables and frozen fruits and vegetables. Another potential processed food product is meat and poultry products. India ranks first in world cattle population, 50 per cent of buffalo population and one-sixth of total goat population of the world. Buffalo meat is surplus in India. There is vast scope to specify up modern slaughter facilities and cold store chains in meat and poultry processing sector.Indias current aim of meat and meat-based exports is around Rs 8,000 million. In last six years forei gn investment in this segment stood at Rs 5,000 million which is more than 50 per cent of the total investment made in this sector. Compared with meat, poultry industry has registered significant growth. India ranks fifth in the world with annual nut production of 1. 61 million tones. Both poultry and egg processing units have come in a very big way in the country. India is exporting egg powder, frozen egg vitellus and albumin powder to Europe, Japan and other countries.Poultry exports are mostly to Maldives and Oman. Indian poultry meat products have good markets in Japan, Malaysia, Indonesia and Singapore. While meat products registered a growth of 10 per cent, eggs and broilers registered 16-20 per cent growth. There are about 15 pure line and grandparent franchise projects in India. There are 115 layer and 280 broiler hatcheries producing 1. 3 million layer parents and 280 million broiler parents. They in turn supply 95 million hybrid layer and 275 million broilers, day-old ch ick.Presently there are only tail fin egg powder plants in India which is considered insufficient in view of growing export demand for unalike kind of powder whole egg, yolk and albumen. The scope of foreign investment and state-of-the-art technology in this field is therefore tremendous. Milk and milk products is rated as one of the most promising sectors which deserves foreign investment in a big way. When the world milk production registered a negative growth of 2 per cent, India performed much better with 4 per cent growth.The total milk production is around 72 million tones and the demand for milk is estimated at around 80 million tones. By 2005, the value of Indian dairy produce is expected to be Rs 1,000,000 million. In last six years foreign investment in this sector stood at Rs 3600 million which is about one-fourth of total investment made in this sector. devise of casein and lactose, largely being imported presently, has good scope. Exports of milk products have been d ecimalized. Grains could emerge as a major export earner for India in coming years.Indias food grains production is now at around 225-230 million tones. These include rice, jawar, bajra, maize, wheat, gram and pulses. Indian basmati rice enjoys command in the international market. similarly growing Middle East market for basmati rice, many other countries are showing interest for this food grain. In 1998-99, export of basmati and non-basmati rice stood at Rs62000 million. There is a total rice milling cleverness of 186 million tons in the country. Among plantation, tea emerged as major foreign exchange earner.India is the largest producer and exporter of shameful tea. However, the most worrying factor for Indian tea industry is that from early next year with the slaying of tea imports into the country, India tea may face a stiff competition within the country as well, specially threat of Sri Lankas presence in the Indian market is looming large. The current years tea export prosp ect is not that very good in terms of forex earnings because international prices have fallen significantly this year. India exports between150-170 million kilograms of tea per annum.Of course, the scope of foreign investment in this sector is good and the multinational tea companies would either be trying for marketing joint ventures with the Indian producers or acquire stakes in Indian tea companies. There is a strong possibility of third country exports through such joint venture as quality wise still Indian teas are ruling the international market. An alcoholic beverage is another are where India witnessed substantial foreign investment. Foreign investment in this sector stood at Rs 7000 million which about 70 percent of the total investment made so far.The IMFL (Indian Made Foreign Liquor) primarily comprises wine, vodka, gin, whisky, rum and brandy. Draught beer is a comparatively recent introduction in the Indian market. The Indian beer market is estimated at Rs7000 million a year. One of the major advantages for any investor eyeing the Indian liquor market is that India offers enough raw materials like molasses, barely, maize, potatoes, grapes, yeast and hops for the industry. until now another catchy investment sector is fisheries. There is growing canned and processed fishes from India.The marine fish include prawns, shrimps, tuna, cuttlefish, squids, octopus, red snappers, ribbon fish, mackerel, lobsters, cat fish etc. In last six years there was substantial investment in fisheries to the tune of Rs 30,000 million of which foreign investments were of the order of Rs 7000 million. The potential could be gauged by the fact that against fish production potential in the Exclusive Economic Zone of 3. 9 million tones, actual catch is to the tune of 2. 87 million tones. Harvesting from inland sources is around 2. million tones. The biggest bottleneck in expanding the food processing sector, in terms of both investment and exports, is lack of becoming in frastructure. Without a strong and dependable cold chain vital sector like food processing industry which is based mostly on perishable products cannot survive and grow. Even at current level of production, farm produce valued at Rs 70,000 million is being wasted every year only because there is no adequate storage, transportation, cold chain facilities and other infrastructure supports.

Efficiency tests Essay Example for Free

Efficiency probes EssayDay of the hebdomad attempt The solar day of the calendar week readiness test is the chargeigation of a special(a) nervous strain merchandise place to see whether it reveals day of the week lay proscribed in volatility of settles, that is, whether form returns in that surgical incisionicular declivity foodstuff line a certain pattern which is associated with what day of the week it is. Investing in the gillyflower securities industry is a wonderful coun loting to make m unitaryy, but it has a risk attached to it in the form of uncertainty. Stock food market returns do not operate independently of the economic, semipolitical and technical environment of a country.In event the stock market of a country is only driven by the aforementi unitaryd environmental stimuli. However the descent is indirect. Changes in these environmental stimuli do not directly actuate the stock market. What they do directly affect is the institutionalize or mindset. The investor mindset in turn directly affects whether the stock market returns argon likely to be groovy or bad. A bleak economic prospect for example leave alone make the fair(a) investor circumspect of investiture in assets.As a resolvent he/she forget stay international from place in the stock market and as e genuinelyone, unsettled by the bleak economic prospect, follows suit, shargon prices, referable to lack of demand, anyow foring drop drastic wholey and, as returns tote up the bottom, it leave not make consciousness any more to invest in the stock market. In this manner, the stock market discharge extend very erratically as it is held hostage by hundreds of environmental stimuli the behavior of which few can prefigure to a certainly.This is why the day of the week test is all important(p), beca spend by leaveing it, the stock market investor can bespeak whether stock market returns on a situation day will be mellow or low. He can tweak hi s enthronement pattern accordingly. The stock market is highly volatile and it has been explained to a higher place what accounts for this volatility. As mentioned before, this volatility gives rise to substantial risks which give the investor second thoughts about investing in the stock market.However, this means that if the element of risk were to be eliminated to some extent, then that would make the stock market the legitimate Aladins lamp as far as making money is concerned. and so every investor is always sounding for ways to eliminate risk. The way the investor tries to eliminate risk to some extent, or to minimize it, is to find a way to prognosticate what the return of a feature stock is likely to be at a certain lead of time. That is why we, as the investors, use the day of the week.If we ar investing in the US equity market for example, then we apply the test to find out whether the market has a front line of the day of the week do in it. If so, we invest only on those days on which the return of the stock we are investing in is likely to be high. In other words, we use the day of the week test to maximize the returns and minimize the risks of our portfolio. The question as to whether we arrive at from this test has already been answered.We nearly certainly do as differently we wouldnt be able to predict how the market is waiver to be arouse on certain days and as a result our investment decisions would be very risky indeed. So we do benefit from applying the day of the week test. But how do we benefit from it? We benefit from it because the day of the week test allows us to detect whether at that place is an element of seasonality in stock returns of our portfolio. As soon as we have detected seasonality, that is, returns are high or low depending what time utmost it is, we have immediately minimized the investment risk.An equity market for example which boasts the presence of the day of the week effect in it will tell us that retu rns on Mondays will be significantly note than they are on other days of the week. Under the circumstances, the decision as when to profane stock and when to trade in is not so difficult any more. In the aforementioned equity market, we should evidently stay away from making any stock purchases on any other day than Monday because the day of the week test that we have applied to the market tells us that prices will be lowest on Mondays.Therefore, to minimize expenses, we should spoil stock on Mondays. By the same reasoning, when the time comes to unload the portfolio, we should obviously do the selling on any day of the week other than Monday, because in the six days other than Monday, prices will be higher, which translate into higher returns for us investors. So clearly the benefits from applying the day of the week test are substantial. They all center around the ability of the day of the week test to introduce an element of regularity into the middle of what on first sight seems unconquerable chaos.This test tells us at that place is a day of the week regularity functioning in the equity market and that if we invest accordingly, we shall have maximized our returns and minimized the associated risks. End of calendar month test This is a test that seeks to establish the presence of a calendar anomaly in the behavior of stock market returns whereby returns are higher everywhere a time period beginning with the remainder trading day of the current month and continuing over the first five days of the conterminous month.The importance of this test is in taking advantage of the fact that stock returns are not completely volatile, that they do have a certain pattern hidden deep under the apparently viciously fluctuating twists. This directly contradicts the efficient market hypothesis which states that any information, whether in the public eye(predicate) and private, that is available to the investors, has already been get ton into account in stoc k pricing, in that respectfore no single investor is in a position to suck advantage of the market. check to the efficient market hypothesis, risk is the same for all investors.However it has been recently spy that on that point is a end-of-month or turn-of-the-month effect when stock returns are shown to be consistently higher on the last trading day of a month and over the first five days of the spare-time activity month. This probably happens because during this time period the general level of liquidity goes up as a result of settling liabilities so that the investor has more cash with which to play around in the stock market. As has been mentioned before, the mathematical process of the stock market is a direct function of the general mindset of the investing public.If the investing public are in a dear mood, then the market will perform hale. If they are in a bad mood, the market will perform badly. These mood swings on the part of the general investor are a direct f unction of the macroeconomic give-and- shell out items which they are exposed to though the different media. Therefore the timing of the arc of these macroeconomic news items is an important factor in determining how the stock market will perform afterwards. Usually these news items are released during the first few days of a particular month.Stock market returns have been shown to maintain an upbeat trend as time approaches the scheduled release of macroeconomic news. That is why end-of-month testing is important because it shows the existence of calendar anomalies in stock returns brought about by scheduled release of macroeconomic news items. That is excessively the reason why we use this test. By victimisation this test, we can detect the presence of calendar anomalies in the stock in which we are investing and take advantage of it to make capital gains.By using this test, we prove that the efficient market hypothesis is by no means the last word in the world of finance, th at the risk inherent in investing in a particular stock is by no means the same and a test that gives us the ability to predict risk is a worthwhile exercise by any banals. As can be seen from above, we can benefit from the day of the month effect. The benefit to be gained from this test is incontestible inasmuch as we have the ability to minimize dictatorial risk inherent in any investment decision. According to the risk-return birth, the risk in investing in a particular stock has two components. unrivalled is the unsystematic risk and the other is the systematic risk. Investors do not worry about the unsystematic part as it can be eliminated by means of diversification. Investors put their money in a wide-cut variety of financial instruments so that even if one company is performing not so well therefore dragging down its share effect as well, there are other companies in which the same investor holds shares and which is performing well thus canceling the disconfirming e ffect of the under-performing company. It is highly improbable that all the companies will be underperforming at the same time.What is more probable is that one will outperform the other thus eliminating the unsystematic risk. However it is well nigh hopeless to eliminate or to even reduce the systematic risk which affects entire market to the same extent so that no amount of diversification will cushion the effect of a high systematic risk. However that is according to the traditional finance theory. According to the new theory whereby there is a end of the month effect in every stock market, systematic risk is definitely lower in the last trading day of the month and in the first few days of the next month.So the benefit we get from this test is that we can predict a detailed better how the systematic risk is likely to be at what point in time in the month. travel bonny As has been mentioned before, stock prices can fluctuate significantly over a certain period of time. If the se prices are charted on a graph, then the trend line will zigzag substantially, making it difficult for us to evaluate whether a particular stock is underperforming or otherwise. mournful mean(a) is a technical analysis tool which allows us to smooth out these fluctuations, so that there is a consistent trend line which can serve as benchmark for the evaluation of stock proceeding. Moving average is a very important technical analysis tool. Inasmuch as it enables us to visit order upon chaos by creating a consistent trend of the feat of a particular stock, its importance can hardly be overemphasized. If the returns of a particular stock were to be established in the form of a scatter plot, then on first sight it would appear as white noise.It would be impossible to make head or tail of this extremely chaotic scatter plot. However if one were to apply the moving average technical analysis tool, the widely scattered points would give in to a run into or declining trend line w hich could then indicate whether a particular stock is performing below that trend line or above. In this respect, moving average is a very important index number of stock market returns. Before we make any investment decisions in respect of the stock market, it is obviously important for us to find out which stocks are performing above expectations and which stocks are performing below.Moving average allows us to make that determination and that is why we use this tool. The problem that every stock market investor faces is that the returns on the face of it seem to be impossible to predict. Charted on a scatter plot, as mentioned before, the returns are all over the place. That would not be the case however once we apply the moving average tool to these returns. Once the moving average technical analysis has been applied, it would appear that the returns line up to a predictably progressing trend line.And that is why we use the moving average technical analysis, to introduce an element of predictability into an area which would otherwise seem impossible to predict in any way. We certainly benefit from using the moving average analysis as it allows us to determine whether a stock at a particular point of time is performing below the trend line or above. This would enable us to determine when to buy and sell. When to buy and sell is the toughest decision that a stock market investor faces.Obviously an investor would like to buy a stock when the price is at its lowest and would like to sell when the price at its highest. But how does an investor agnise when the price has bottomed out so that he should buy and when it has topped out so that she should sell? These points the investor must determine and the benefit of using the moving average technical analysis lies in the fact that it allows the investor to determine those points. An additional benefit of the moving average analysis is that it can be calculated two short-run and long-term.A short term moving average can be defined as a 15-day moving average while a long-term moving average can be defined as a 50-day moving average. Thus there are two trend lines and when the short-run trend line moves below the long-term, the stock is on a downward momentum and it is time to sell. Conversely, when the short-term trend line is passing above the long-term, the stock is on an upward momentum and it is time to buy. In this way the moving average technical analysis allows the investor to decide when to buy and when to sell a particular stock.Correlation Correlation allows us to test whether there is any consanguinity between two variables and if there is a relationship, whether the relationship is positive or it is negative. For example, a correlation of +1 indicates a positive relationship exists between two variables. A correlation of -1 indicates that the relationship between two variables is negative. When the relationship is positive, it indicates that the two variables move in the same direction and when the relationship is negative, it indicates that the two variables move in opposite directions.Correlation is an important indicator of the future behavior of a particular variable in relation to another variable. It allows us to determine what other variables affect the performance of the variable of interest and to what extent. Once we have correlation figures quantifying the relationship between the variable of interest and other variables, we can predict how the variable of interest will modify when the other related variables variety show. Inasmuch as correlation allows us to reduce uncertainty by enabling us to enhance predictability, it is an important indicator.We use it for example when we are trying to decide whether or not to invest in a particular stock market. As has been mentioned before, the performance of a stock market is impact by a wide variety of factors. The most prominent environmental stimuli are the economic, sociological, political and technological changes taking place both nationally and internationally. It is important to know therefore to what extent these stimuli affect the performance of a particular stock market. Correlation allows us to determine that extent.By applying correlation, we can find out how a certain change in the economy is likely to affect the stock market performance of that country. We come to know about these changes in the form of microeconomic news items which can be categorise based on their content. If we already have the correlation figures for these categories of news items, then as soon as they are announced, we can reasonably expect to be able to apply the correlation statistics to assess how the news items are likely to affect the performance of the stock market we are interested in.This reduces risk to a substantial extent. encounter reduction is the most important consideration in the mind of an investor. For this reason, we use the correlation statistic. We do benefit fro m the use of correlation inasmuch as it gives us a window into the future regarding the performance of particular stock market. An example of a benefit would be an US investor considering investing in one of the Arab stock markets. In assessing whether it would be a good idea or not to go in the lead with the investment, the investor would find use of correlation of immense value.The investor would have to collect a great deal of knowledge connected to the economic, sociological, political and technological scenarios of the Arab country and determine by means of correlation how the different environmental factors are correlated to the portfolio performance in that stock market. Once that is done, he or she would be in a position to foresee how the different changes in the Arab country would affect the performance of the stock market in that country. This would enable the investor to buy and sell at the right time.As has been mentioned before, there are also international forces at work which will affect stock market performance in the Arab country. In this respect, what the investor can do is to run correlation tests between the Arab stock market and the US stock market to see how the two markets are related. In this respect, the two markets would be two variables which the correlation test will examine to find out whether any relationship exists between the two variables and if so, if the relationship is positive or whether it is negative.If the relationship is a positive one, then whenever the US market is performing well, the Arab market can also be expected to perform well and vice versa. Clearly this is of immense value to the investor as it allows him to crack up the time as to when he should invest in the Arab stock market. That is the benefit. Descriptive Statistics So far the word of honor has focused on predicting the future performance of the stock market. Now its time to focus on assessing the current performance of the stock market. That is wh at the descriptive statistics are for.Descriptive statistics such as the mean and the standard deviation and the normal distribution help us evaluate the existing performance of a particular stock market. Descriptive statistics are very important because they quantify the performance of the stock market. The most widely used descriptive statistic is the mean. We can calculate the mean stock return by calculating the average of several stock returns from past time periods. This tells us the return we are likely to get if we invest in that stock. However the mean does not take into account the risk that comes associated with investing in stock.As has been mentioned before, the stock market is a wonderful way to make money but every pink wine has it thorn and that thorn in this case is the risk. Stock returns are affected by so umteen variables both internal and external to the company that it is impossible to take into account all of them. This is where risk springs from. Because t here are so many forces at work playing sixes and sevens with stock market returns, wild fluctuations are a necessary evil for the stock market investor. However even here, descriptive statistics can help by introducing order into chaos.The descriptive statistic in question is the standard deviation. Because stock returns fluctuate extensively, they are scarcely at the mean. Sometimes they are above the mean and sometimes they are below. Standard deviation tells us the percentage of returns which will deviate from the mean to a certain extent. Most stock returns conform to the normal distribution, that is, most of the returns are clustered around the mean return. 66% of the observations fall within one standard deviation away from the mean. 95% of the observations fall within two standard deviations away from the mean.And 99% of the observations fall within three standard deviations away from the mean. Inasmuch as stock market returns, given a sufficiently large sample size, follow the normal distribution, descriptive statistics are very important as they enable the formation of the normal distribution. This facilitates investment decisions. Descriptive statistics also come into play when determining the risk-return relationship. Risk is a prime consideration in any investors mindset. Investment in the stock market is meaningless unless a way can be found to minimize the influence of risk.To complicate matters further, there are two categories of risk systematic risk and unsystematic risk. There is hardly anything the investor can do about the systematic risk. It affects all the stocks present to an equal extent. An example of a systematic risk is when there is a sudden political eruption. The political turmoil will have a negative effect in all areas of the business sector. Therefore even if the investor is holding a portfolio of stocks, it will be of little avail. The other element of risk however, the unsystematic risk, is more manageable.It means not putti ng all orchis in one basket. Managing a portfolio of stocks is key to eliminating or reducing unsystematic risk. An investor who has invested in a portfolio of stocks will reap more than an investor who has invested in only one stock. This is for the simple reason that external environmental stimuli do not hit all industries of the business sector to the same extent. If there is a technological change for example, some industries will benefit more and some less. Therefore the wise investor will invest in those industries which benefit more as a result of the technological change.Alongside the technological change, there will be other changes, economic or political or sociological, which will have a negative impact on some of the industries. As a result the stock returns in those industries will take a nosedive. However an investor who is maintaining a portfolio of a wide variety of stocks will not be hit adversely as he will have stocks in that portfolio of his which were immune to the economic or political or sociological change in question. In this manner the unsystematic part of the risk has been eliminated. The stocks present in a portfolio will be negatively correlated.That is, if one stock goes down in harm of returns, then another will go up. Thus the investor is well protected. However he is by no means protected from the systematic risk which no amount of diversification can eliminate. However all is not lost because descriptive statistics are there to help the investor. He already knows from the central hold in theorem that most stock returns conform to the normal distribution. Once that is known, the investor can make an accurate prediction as to where the stock returns are likely to fall. This substantially reduces systematic risk.As mentioned before, there are some exceptions in terms of stock market returns which do not strictly follow the normal distribution pattern. These returns follow a different probability distribution. The use of kurtos is and skewness can help to identify that particular kin of probability distribution. Determining which probability distribution a particular stock market conforms to, in which the use of descriptive statistics is key, is vital for picking the optimum portfolio. An investor would obviously want to invest in only those stocks the returns of which stay on most closely to the mean.What the investor can do is to collect the percentage returns of a stock for a number of time periods and calculate the mean and standard deviation of these percentages to find out whether that stock shows a high volatility or a low volatility. The intelligent investor will obviously want to pick those stocks which have low volatility because their returns will be more predictable. So what descriptive statistics are very good at making sense of historic information to the immense benefit to the investor.As has been discussed so far, the historical returns examined without the benefit of descriptive statisti cs will not generate a lot of information. To the naked eye, stock returns on a historical basis reveal no pattern. There is no discernible trend. Viewed through the lens of the eye of descriptive statistics however, stock market returns suddenly become very orderly and systematic. Now the investor knows which stocks to embrace and which stocks to make away from. Now the investor knows what the optimum portfolio will be which will take into account both systematic risk and unsystematic risk and generate the highest returns.

The Qur’an and Islamic Law Do Not Discriminate Against Women Essay Example for Free

The Quran and Muslim Law Do non Discriminate Against Women EssayTreat your women well and be kind to them for they ar your disruptners and committed helpers. From the last utterance of Prophet Mohammed The perception of most of the ball, except possible the hotshot-sixth of it that follows Islam, is that Islam and Quran pr separatelyed that women must be subservient to men. Everyone turns to a verse in the Quran which tells men that they should beat their wives.Men are the maintainers of women because Allah has do nigh of them to excel others and because they overstep out of their property the good women are therefore obedient, guarding the unseen as Allah has guarded and (as to) those on whose part you fear desertion, admonish them, and leave them alone in their sleeping places and beat them then if they obey you, do non seek a way against them surely Allah is High, Great. (Shakirs version of the Koran, Quran, 434)The verse is used by opponents of Islam to denigrate the faith and even by about of the practitioners of the faith to justify their mistreatment of women, but it may non be being interpreted the way that it should be. Asma Barlas, a professor at Ithaca College and noted scholar of Islam, who identifies herself as a follower of Islam, contends that the definition of the verse has been come ton out of context and used to portray women in Islam as victims in an attempt to force women of the faith into a position of needing rescuing.That positioning gives women in the western world a feeling of superiority (Barlas, Southern Illinois University, 2007). The Quran instructs peck to take divinity fudges devoted Word, The Quran, as a whole, she said, and not to pick and choose the verses to follow or not to follow Barlas argues that the Quran does not promote the degradation of women. Instead, she said, the Quran promotes all humankind equally and is a good deal less mysogonistic than the Bible, the Holy Word of the Christian faith.In her speech at Southern Illinois University, Barlas asserted that she did not speak for anyone other than herself, but her views are shared by many women in Islam. They believe that it is in historic documents used by whatever Moslem cultures that the Quran has been misinterpreted and the mistreatment of women began. Again this is not true. Many writers who wrote about womens rights refer to the statement in 434 as a sign of the man is above the women in status but it is a misunderstood statement.In 434, the expression .. al-rijalu qawwdmuna ala al-nisai. means The men are do responsible for the women, and GOD has enable them with certain qualities, and made them the bread earners. This expression simply means that God is appointing the husband as master key of the ship. Marriage is like a ship, and the captain runs it after due consultation with his officers. It does not assign unlikeness but rather assigns duties to avoid conflicts and disputes. (Misc erstwhileptions in Islam)The problem is that most people dont take the sentence to read the original Arabic or even attempt to find an accurate interpretation of the texts, they simply believe what they are told about what the faith believes. This is part of the problem. Nonetheless, if we take sexual/textual conquering seriously, and I believe we must, the issue of how Muslims read, oras I will arguefail to read, the Quran becomes critical, especially for women. (Barlas, Muslim Women Sexual Oppression)Unlike Christianity which prescribed women to an inferior status by saying that woman was made from the rib of man, (Ragab 1) Islam teaches that God the creator made them as halves of each other. Neither does Islam teach that man was made in Gods image as the Bible does, (Barlas, SIU) but instead teaches that the difference in the midst of God and man is so extreme that people can never understand the nature of God. This is one of the arguments that woman supporters of Islam use to argue that Islam is not nearly as mysogonistic as Christiantiy is.Instead, Barlas and others argue that Islam faith promotes par between the sexes, even going so far as to outline specific rights of women. For example, unlike Christian women, Muslim women are given a specific right to divorce their husbands and allowed to remarry after a three month period. (Ragab 1). Both men and women have equal rights to contract a marriage as well as to dissolve it. The precondition of marriage is merely the mutual agreement by some(prenominal) parties.And unlike Christianity, a woman in Islam can divorce her husband at any time if she feels that she has been dealt with unjustly or even if she is just unhappy with her spouse since marriage is based upon mutual responsibilities toward each other. Islam has alike ensured the womans right to remarry pending a three month refrainment period. (Ragab 1) Islam also promotes the equality of women in that it explitly allows them to work outside the home. Muslim coun tries have even elected women as prime ministers.Some people even argue that the mistreatment of women in the faith comes not from the religion but from many of the colonial overlords that once ruled countries now considered Muslim. Much of the civil law that legislates personal and family matters in Egypt, for example, is directly based on old French law. As a result, an Egyptian man can divorce his wife much more easily than the reverse. Consequently, women often have to suffer long and expensive court procedures and have to evoke that they were mistreated by their husbands before being granted a divorce.Often times, laws in Middle east countries, which are legislated and enforced by men, only take bits and pieces of Islamic law and combine them with concocted rules based upon some cultural or foreign practices. (Ragab 1) Other practices, such as the prohibition against women driving in some Muslim countries, has nothing to do with Islam (Misconceptions of Islam) Why then is Is lam portrayed as a religion that oppresses women and puts them in a position inferior to men?Part of that is certainly due to the stereotyped image of how Islamic women are portrayed in western media as an extension of Islam-bashing. A prominent example is the pictorial matter Not Without My Daughter in which scores of false and fictitious depictions were made of women in an Islamic country. It is also true, however, that in many so called Islamic countries, women are not treated according to their God-given rights. But this is not the fault of Islamic ideology but rather the misapplication or sometimes the outright defence mechanism of the ideology in these societies. (Ragab 1) The misconceptions of the treatment of women in Islam are a factor of the historical writing in some sects and the way that Muslim countries have misinterpted the Quran (Baslas, SIU). For example, Sunna and Hadith writings claim that women must habiliment a veil but this is not in Quran. These books do no t represent the words of God in the Quran and on many occasions contradict them. (Misconceptions of Islam) But too much of the world has accepted these teachings of the expression of Muslim nations as the absolute truth of Islam.This misconception was augmented by some newsworthiness media that made little effort to correct their understanding before broadcasting their views on this matter. Adding to this misconception are the unfortunate practices in most so called Islamic countries or societies where myths, traditions and innovations have won over the true Islamic (Quranic) teachings and where women are traditionally subdued and oppressed. (Misconceptions of Islam).

Place name disambiguation pages Essay Example for Free

Place name disambiguation pages EssayHave you ever comprehend the saying, Dont judge a book by its cover and wondered what it meant? Sandra Cisneros, author of the short story, Salvador modern or Early, creates a frame of listen and brings fourth a sad and sympathetic feeling indoors the reader towards Salvador who is a boyish boy with to a greater extent weight on his shoulder than any average off kid his size should have to bargon. Cisneros uses imagery, phrasing, and characterizes Salvador as solitary, unhinged, and as unnoticed child. Who takes on more responsibilities as a young boy than most would imagine at a glance, that any kid would have to endure. agent Sandra Cisneros uses simplistic tone to create a sympathetic frame of mind within the reader by using an range of imagery to grab the readers attention. Cisneros describes Salvadors responsibilities, the way he looks, and where Salvador lives leaving the reader tender in thought toward Salvador. Inside that fo rty-pound body of boy with its geography of scars, its history of hurt, limbs stuffed with feathers and rags(Cisneros) illustrate a weak, flimsy young boy with no sense of hope or bearing.Cisneros then goes on to state, In that vague direction where radicals are the color of bad weather, painting a dark cloud over the home of Salvador inside the readers mind. Cisneros never gives the reader a specific age for Salvador however we can tell from the diction organism used along with the specific details given to us by the author that Salvador is a young boy given an incredible amount of responsibility.The reader can also assume that Salvador has a head of the house type role. Also the reader immediately picks up on how poor Salvador and his family are when Cisneros writes, combs their hair with water, feeds them milk and cornflakes from a tin cup in the dim dark of the morning. This all being done by the young Salvador and by this passage the reader picks up on a dismay feeling tha t leaves the audience fascinated and worried at the problems this young boy is in.Cisneros labels the main character with immense detail that he has a past shrouded in problem and puzzlement which in turn, leaves the reader mind with the question of what could have happened to this boy that left him with such with such a burden to carry. Salvador whose name the instructor cannot remember, is a boy who is no ones friend, (Cisneros) this statement describes Salvador as a loner and not very out spoken considering his own t each(prenominal)er cant remember his name.In conclusion Sandra Cisneros creates a very pictural visualization of the characteristics that help the reader build an image and a diverse amount of feelings towards the character Salvador. sledding the reader questioning the past of the young boy, which seems to eat away at his inner emotions and will tarry to do so until there is nothing left but a empty shell of pain, and agony. overburdened at a young age with the role as the head of the household young, shy, Salvador is faced each day with obstacles not many his age must overcome.Filled with a past full of secrecy, Salvador pushes preceding each day braving this storm not only for himself, but for his younger siblings and a Mama, who seems to be on her own also. Described as his limbs stuffed with feathers and rags, (Cisneros) a valid argument can be made that Salvador holds more than just pain, and agony within. One can argue that any young boy who has to burden the trouble and responsibilities that Salvador carries on his shoulders each day represents, the brave and determined will to go on not for himself but for the other he loves and that quality in anyone no matter size, or age makes them an amazing person.

The Cause and Effect of a Great Marriage Essay Example for Free

The designer and Effect of a Great Marriage EssayThe causes for marriage be to maintain and appropriate birth with one of the opposite sex. While gaining a bond with the person that you hope to sh be the rest of your vitality with. Many people be okay with the fact that they revel someone and they be in their life. When you be intimate someone you want to take it a few steps further. By making that person isolated of who you are because once you are conjoin you do become one. The initial meeting of someone is a time that we top executive not take as serious as when we decide to allow touch modality to take control of us. Once there are pictures come into play we have progressed to more than friendship. Those feeling then help you to pass if this person is someone that compliments who you are. There should be steps that are taken to be sure that this is the one for you.In marriage you never want to move also fast because once you are in the relationship you should want to stay. We see people getting married and walking away from the person all of the time. This is a step that we want to stay away from and we keep with preparation. matchless of the steps would be one trying to get to properly fill in the person that you are friends with. This does entail asking for background information on the person and there family.Some people might believe that questioning someones family as well as friends might be a bit too much. If you are marrying someone you want to know that they are safe and pull up stakes love you. Sometimes we have to go the extra mile as well as cross lines to see who we are with.I also push buttons this is to see if he is dangerous in any way. You never know a person, so I am told unless you live with them. Although, I do believe that to be true I also believe that you can do your best to get close to them. By getting close you find out information that you might have never been told. There are a lot of dangerous people in t he world and they have not been caught. So by probing for information you can know the situation before it is too late.I have taken many steps to get to know the person that I have taken to get to know the guy that I am dating. I do believe that it has made him work harder as a man and has made me a better person. I am able to say that because whatever it is that I ask of him I do also myself. This can only make for a outstanding marriage, I also want him to see that if it is something that you really want then you have to work hard at it. I must say that I am definitely a lot of work and I only want the best. So while I strive for the best I want to be just that also.With all of that being said, marriage is a lot of work and if you have a great friendship the marriage will only be better. The first cause is love and the second is the will to make things work. With lose too combined and the faith in God while allowing him to guide the relationship. One article wrote A one Marriage is formed by a husband and wife who are grafting intimacy, trust, and understanding with one another. Its a couple chiseling out a common direction, purpose, and plan. A wholeness Marriage demands a lifetime process of relying on God and forging an enduring relationship fit to His design. Its more than a mere mingling of two humansits a tender merger of body, soul, and spirit. Oneness Marriage. Oneness Marriage (2013)

Communication and Information Technology Essay Example for Free

Communication and Information Technology EssayTechnological advancement have improved and travel the communication process. With the world revolving around technology, almost all tasks have been simplified consequently reducing the minute of hours that one can perform a certain task. It has helped in the organizing nurture, thusly enabling access and retrieval of training easy. The use of technology has helped many organizations cut on salutes at the same date increasing efficiency and promptness in service behavey. In the health check checkup atomic number 18na, most of the up to the standardised hospitals or health care schemas have adopted the use of technology in delivering of their services. This has brought well-nigh comfortably and the heart of appreciation to the patient or the person who is being served as it gives an aura of value for money and the superstar of embrace of technology in this technological era. Electronic Medical Records is one of these technologies (Kluge, 2001). With the capacity to hold inexhaustible information and being able to be changed to fit the current essential, this technology has helped in the healthcare practitioners to deliver services in a much organized manner and without having delays as compared to if anything was make manually.Consequentially, this reduces costs and improves the give of the organization at the same fourth dimension fostering monitoring ability of the organization of the number of clients visit the healthcare facility. Electronic Medical Record is computerized kind of information harbouring in which information is mat as it is converted in a digital format. This allows for consumption of minimal space sequence keeping the office of operation clean, tidy and attractive (Fins, 2008). This creation of space enables the expansion of services offered in the healthcare facility as there is more space of operation.Access of information becomes easy and convenient thus increas ing the morale of the staff in service delivery. It offsets the possibility of committing unnecessary mistakes while delivering services because of written records which are not legible. This program makes it possible transfer information from one healthcare system to another(prenominal) thus making it possible to treat patients in the shortest time possible as their medical records are delivered in the shortest time possible electronically.By use of this technology, it is possible for parents to monitor their kids wellbeing without having extra cost of travelling to where they are to check on their progress. It in like manner makes it possible for patients to assess their medical record and also get their results without much problem of waiting till they are given to them manually. Other electronic communication delivery services like the use of voice over have helped in the reduction of the issue forth of work that one does in calling patients manually so that they can be atten ded to.It is further a simple task of just announcing a patients name and they go to the corresponding room in which they will be served. This has increased efficiency and effectiveness in serving clients (Fins, 2008). This sets a kind of an set which they patients follow and allowing for easy dissemination of information, ratty enough for everyone to hear, thus, patients do not have to suffer the disconcertment of not having heard their names being mentioned by a caller physically since this system is fitted with speakers loud enough to be heard clearly.Other technologies like the Practice management software ensure the glow running of the healthcare system giving medical practitioners a humble time in their operations on a daily basis. This wads off possibilities of confusion and lets them (medical practitioners) operate in an orderly manner. The information which this software can handle is all inclusive and does not only include the clients bio data but also other aspects o f the healthcare organization like bills and transactions going on.(Klug, 2001) It kit and boodle just the same way as the EMR only that it comprises of the management aspect of healthcare system in its daily operations. Apart from keeping a track on patients conditions and appointments, the system is used to develop bills and keep a record on the same so that thee reports can be used whenever need arises. It keeps every transaction and activity on record so that it becomes possible for any practitioner to pick out what was done the previous day and by who, which patient was attended to and by who so that he/she is able to know exactly where to start as concerns a specific task.This just as the EMRs has a way of cracking costs and increasing effectiveness. This is because all information as concerns any patient is stored electronically and retrieved with ease when need arises, thus avoiding the possibility of confusing ones medical data with another persons (Fins, 2008). This ena bles a medical practitioner to prescribe the right medicine to the right person while at the same time allowing for generation of information about the right bills for the client in accordance to the medical procedures and medication accorded to him or her.Other systems like the electronic health systems keep a full medical history of a patient. It keeps essential information that can be used by the doctor or any medical practitioner to offer quick and effective diagnosis of a patient. All healthcare reports about a certain patient are stored in this system including drugs prescribed to the patient every time he/she attends that healthcare facility. It is also inclusive of all test results of that particular patient as well as x-rays and the response of the patient towards a certain medication.All this information is essential for up to level health care treatment of any patient. It keeps off the agony of a patient for having to answer tedious questions about their past medical hist ory every time they visit a healthcare facility, as information about them is stored electronically and retrieved on every visit. This medical history is updated time to time on the occasion that a client visits for the purpose of seeking for treatment. The use of electronic technology in healthcare systems has more pros than cons.This is because as enumerated preceding(prenominal), it has advantages to both the client and the healthcare facility. The fact that it increases efficiency and effectiveness can not be underscored while at the same time reducing operating costs of the facility. Clients are served to their liking and while their medical record is kept safely and is retrieved during the time of need with a lot of ease (Kluge, 2001). sensation of the major disadvantages is that information about a patient can be copied maliciously and tampered with.If the entire system should break down, then volumes and volumes of information are lost. It would be a good thing if all the above system could be integrated into one piece. This will ease operation even more as all the operations are under one click of a mouse. It could also be improved in such a way that clients can access their information wherever and whenever they are. refer Fins, J. (2008). Web of Care How Will the Electronic Medical Record Change Medicine? The Hastings essence Report, Vol. 38, pp. 67-88 Kluge, E. (2001). The Ethics of Electronic Patient Record

English Should be Declared the Official Language Essay Example for Free

incline Should be Declared the Official Language EssayIn recent years, the the Statess magnate to resolve pagan diversity and political unity has been challenged at new level. The influx of immigrants from Asia, Africa and Latin the States has brought changes in the character of many another(prenominal) natives and accelerated demands for presidential term services in their own wordss. The aspect of lingual diversity has in fact sparked insecurity about body political unity and fostered a wave designed to make slope the prescribed lyric poem in the fall in States (Inhofe and Munoz 1).Entrenched in the politics of voice communication and especially making side of meat the formal spoken communication in fall in States is the deeper contest of Ameri female genitalia identity and besotteds of preserving it. Ensuring a everyday official language create and establish the foundations of national unity, on nip of enhancing pagan harmony. Policymakers and some Americ an citizens live responded to this have it away in various ways.Court decisions, administrative regulations and national laws have always favored the ultimate use of other languages in public offices, but close to citizens have favored incline language as a valued symbol of American nationhood decent being established and defended for (Zehr 23). Pros of incline as Official fall in States Language Although lawmakers in the United States have lingered on deciding on endowing incline with a special legal status, it was assumed that a common language would develop in America.To affirm this hypothetical assumption, linguistic researchers consistently found out that the exemplary pattern of language usage among the immigrants to America shifted from non-English in the first generation of immigrants to use of the many languages in their surrounding neighbors in the second generation and the reverted to English in the third generation (Scholastic 1).This was because speaking Engli sh was the only way to cope up for the new immigrants to adequately adapt to the society they found in America, incr remedy their earning potential, for students to succeed in schools, and eventually enhance their future career options in the land of many opportunities. The immigrants and their descendants learned English not because the law forced them to due to the reason that learning English was a precursor to helping them get ahead in America.The debate of making English the United States official language is founded on the believe that the stability of the American institutions and values heavily depended on cultural homogeneity. The Americas citizens and courts have sent clear message that masses should unite behind a common official language and especially English which has been grasped by the majority and help foster American values that appreciate one another in that cultural diversity.By helping the immigrants learn the official language would ensure that the services fr om government institutions are accessible to all and by extension would alter save taxpayers money initially used to cater for those services of an interpreter (Gillespie 1). Looking at the bigger picture, bilingual systems like in education require special services which prove to need a lot of money and more so create segregation on ethnic groups against the values endeavored to be achieved in the American dream (Inhofe and Munoz 1).Lets look at the issue in this locating suppose an employer wanted to train employees of different native languages what would he or she do? Having that common language is a major boost as everyone would endeavor to just be literate in it and set forth the barriers of language (Cincinnati 1). Training masses in their native language narrows the perspective to ethnic level and would mean a lot of trainers-unnecessary expense of the company.On the issue of language rights, which are mostly demanded by ethnic minorities, they are symbolic affirmation of their continued attachment to their original cultures. In the context of international arena, people have started thinking globally the revival of ethnic consciousness does not anchor well with postering that international standards and more specific the concern of national unity (Inhofe and Munoz 1). Maintaining the ethnic lines brings about unrest and polarization as experienced in most parts of the world.United States is the greatest nation on earth and ensuring conservation of English as the official language would be a great feat of achievement for it would ease out discrimination in offices which occur because people cannot be understood or are discriminated entirely because they cannot speak a certain language. Inhofe and Munoz ( 1) point out a Zogby International Poll established that eighty-five percent of the sampled expressed their support for making English as the language that should be used in all government operations.Surprisingly alike, seventy-one percent of the Hispanics surveyed, were for the idea of making English as the official language in United States. This positivism has also been expressed in other polls and forebode for the implementation of bill that gives English the legal status as the official language and so thither is no reason whatsoever to offer government services at extra costs in foreign languages. In cordial feat the Pledge of Allegiance and the National Anthem through English show the patriotism in bringing the nation together in the spirit of sharing the American Dream.Cons of English as Official United States Language The demographic and political changes that began in America in the 1960s opened an era of clash over language. It was the blacks who emphasized the values of ethnic distinctiveness and solidarity in the use of their native languages and other groups followed. Alleviating English to the status of English has all along been perceived as a way of weakening the groups ethnic heritage, where activists especially Hispanics have articulated that language rights are constitutional privileges that deserve to be observed in the law (Gillespie 1).This in fact advocated that the United States government should move beyond toleration minority languages in the private arena to promoting bilingual languages in its institutions. This has always remained as the biggest threat to ensuring that English is made legally the official language in the United States. According to Inhofe and Munoz (1) another reason that has been a draw back in ensuring English is legal recognize as the official language in America is because there are other languages that are also spoken by a considerable number of people like the Spanish.Spanish is said to be spoken by over forty million Hispanics in the United States at work, at homes and in their daily lives. Inhofe and Munoz (1) argue that by virtue of making English as the official language and relieving the government role of assisting non-English speakers and this could spell doom to those who cannot quickly learn English. It is agreed that people can learn English and money can be devoted to helping non-English speakers learn but the trick comes in ephemeral a law that would magically expect people learn promptly may proof to be hard (Cincinnati 1).Minority activists have all along supported cultural maintenance programs that teach children subjects in English and their native language in their education. The concept celebrates the multicultural conception of identity in America and in the process celebrates ethnic consciousness. The symbolic importance considerably undervalues the English language on the weirdy of accepting the bicultural approach, where the culture of a group is embedded in their language (Zehr 23).Cincinnati ( 1) argues that the United States has never state an official language because of the drawbacks that are faced in trying to do so and many people have tried without much success. In 1780, a congress man John Adams proposed to the congress for English to be made the official language, but he received much criticism where the proposal was deemed as threat to individual liberty and undemocratic. Over the years whenever the debate arose, there have been people on both sides (Scholastic 1). Only twenty-seven states have officially made English their official language others rest in the dark.Others people are opposed to the stand of making English official language entirely because their business of translation would be affected as learning English for Spanish people they can understand and translate the manuscripts themselves (Cincinnati 1). Scholastic (1) points out that the estimates according to a U. S. English Inc. , a group that is a proponent of declaring English as the United States official language, there are close to 322 languages spoken by the citizens in the country. Twenty-four of these languages are spoken almost in every state.Statistics has it that Wyoming has the few est languages fifty-six in number while California State has the highest, two hundred and seven in total. Cincinnati ( 1) strongly argues that because the U. S is a nation of immigrants as rightly proved by the numbers, declaring English as the official language would be impeachment of the individual rights for those incapable of speaking English, who on the other hand pay taxes and should be served their languages notwithstanding. Gillespie (1) reminds us that when the question of language comes up many argue that it is aimed at dividing as it has remained a hot push to touch.Many politicians argue that immigrants have been coming to America and have consequently contributed without holding back to the nation and eventually working to fulfill their dreams of better lives for their families and themselves. For this reason declaring English as an official language these immigrants would give their backs on the American common dream. Conclusion The many reasons brought forth strong ly propose that English should be made the official language of the United States. On the other hand, valid opposition on the issue also comes up, bearing weight which should be negated at policymakers peril.English as the official language has many benefits to offer to the American citizens and the national unity at large. Homogeneity in language would cut voltaic pile unnecessary costs encountered in the education and in judicial courts not forgetting polarization of the ethnic groups overtly felt and seen around the world. Moreover, it would be a plus in enhancing stability of the American institutions. The pros override the cons and financial support English as official language in the U. S would bring more benefits than the demerits expressed.