William Blakes The Chimney Sweeper Essay - 672 Words

William Blakes The Chimney Sweeper William Blakes The Chimney Sweeper, written in 1789, tells the story of what happened to many young boys during this time period. Often, boys as young as four and five were sold for the soul purpose of cleaning chimneys because of their small size. These children were exploited and lived a meager existence that was socially acceptable at the time. Blake voices the evils of this acceptance through point of view, symbolism, and his startling irony. Blake expresses his poem in first person, as a young chimney sweeper. This gives his poetic voice creditability because the subject of the poem is chimney sweepers. In addition, using first person creates a deeper sense of sympathy in the reader.†¦show more content†¦In this quote the â€Å"coffins of black; symbolize the chimneys (554). Ultimately this all symbolizes the boys’ death because of their terrible life cleaning chimneys at such a young age. In the next stanza an Angel comes â€Å"And he opened the coffins and set them all free,; which symbolizes the boys’ death and escape to heaven. All of these symbols cause feelings of sympathy in the reader, hopefully causing them to want to help these children escape their fate. Blake also uses startling irony in this poem. This irony shocks the reader into realization of how terrible life is for these small boys. Some of the verbal irony Blake uses lies in the first stanza. The poetic voice claims that â€Å"[his] father sold [him] while yet [his] tongue/ Could scarcely cry ‘ ‘weep! ‘weep! ‘weep! ‘weep!’; (554). These words have a double meaning. They can mean that the speaker was not yet over mourning for his mother, or they can mean that he was so young that he was not yet able to sound out the s sound properly. In this case, he would stand on the corner and, instead of repeating the word sweep in an attempt at getting someone to hire him, he would repeat the word â€Å"‘weep!’; (554). Another, more startling irony is that these young children hoped and lived for death because only in the after life could they become children. Blake emphasizes this with theShow MoreRelated William Blakes Chimney Swe eper Essay1976 Words   |  8 PagesWilliam Blakes Chimney Sweeper In this essay I am going to explore Blakes Chimney Sweeper poems from the Songs of Innocence and the Songs of Experience. During this essay I will cover Blakes life and times and the way chimney sweepers get treated around that time and what Blake attempts to do about it. Blake was born on November 28 in the year 1757. His parents where strict but understanding. Blakes parents realized early in his life that Blake was gifted. HeRead MoreAn Analysis of William Blakes The Chimney Sweeper1225 Words   |  5 PagesThesis Statement: This paper will analyze Blakes Chimney Sweeper and show how it presents an image of both experience and innocence, holding the latter up as a kind of light in the dark world of the child chimney sweepers. Outline I.Introduction A.Innocence and Experience B.The Chimney Sweeper connects both II.Recollections of a lost childhood A.Mother B.Father C.Sold into urban slavery III.Little Tom A.Hair like a Lamb B.Religious imagery C.The narrator tries to comfort him IV.RealRead More William Blakes The Chimney Sweeper Essay918 Words   |  4 PagesWilliam Blake’s The Chimney Sweeper   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  William Blake’s â€Å"The Chimney Sweeper† was mainly about the possibilities of both hope and faith. Although the poem’s connotation is that of a very dark and depressed nature, the religious imagery Blake uses indicates that the sweeps will have a brighter future in eternity.   Ã‚  Ã‚  Ã‚  Ã‚  In lines 4 – 8 when Blake writes, â€Å"There’s little Tom Dacre, who cried when his head, That curled like a lamb’s back, was shaved: so I said ‘Hush, Tom! never mind it,Read MoreWilliam Blakes Chimney Sweeper Poems858 Words   |  4 Pages Chimney sweeper Essay Writers and artists are influenced by the culture of their time. They respond to the world around them through their work. In the 18th century, England was plagued by the gruesome repercussions of the industrial revolution. One such repercussion was the child labor of the time, where young boys at the ages of five and six were for forced to work in harsh conditions, either sweeping chimneys or working in factories. William Blake used his romantic style of writing to commentateRead MoreAn Unfolding of William Blakes quot; the Chimney Sweeperquot;691 Words   |  3 PagesAn Unfolding of William Blakes The Chimney Sweeper. William Blakes poem The Chimney Sweeper gives us a look into the unfortunate lives of 18th century London boys whose primary job was to clear chimneys of the soot that accumulated on its interior; boys that were named climbing boys or chimney sweepers. Blake, a professional engraver, wrote this poem (aabb rhyme), in the voice of a young boy, an uneducated chimney sweeper. This speaker is obviously a persona, a fictitious character createdRead MoreEssay on Innocence Stolen in William Blake’s The Chimney Sweeper843 Words   |  4 PagesThroughout world history their have been and are many occurrences of society corruption and oppression of masses, such as the forcing of small children to sweep chimneys. Thus, William Blake’s Purpose in writing the two â€Å"The Chimney Sweeper† poems was to express his outrage at society for having oppressed and stolen the innocence of powerless children in forcing them to sweep. Both poems are similar in that he uses the actions and view point of the child speaker to express his rage against societyRead More William Blakes The Chimney-Sweeper, Holy Thursday (Innocence) and London1520 Words   |  7 PagesCompare and Contrast William Blakes The Chimney-Sweeper, Holy Thursday (Innocence) and London I am going to compare and contrast three of William Blake poems, where he shows his feelings about the way people treat children: The Chimney-Sweeper, Holy Thursday (Innocence) and London. The Chimney-Sweeper is about a child who sweeps chimneys. William Blake sets this poem in the winter. The children worked in the cold. Blake says, â€Å"A little black thing among the snow,† â€Å"The little black thingRead More Childhood in Robert Frosts Birchess and William Blakes The Chimney Sweeper1301 Words   |  6 PagesFrosts Birchess and William Blakes The Chimney Sweeper Robert Frosts view of childhood is much different than that of William Blake, as expressed in their respective poems, Birches and The Chimney Sweeper. Living in the late seventeenth century, Blake saw some hard times; and as such, paints a very non-romantic picture of childhood. Frost, however, sees things differently. The result is two glaringly different poems that goes to prove how very different people are. Blakes portrayal of childhoodRead MoreIndustrialized Society in Romantic Poetry: William Blakes The Chimney Sweeper1253 Words   |  6 Pagessimultaneously. This movement as defined by one of its creators William Wordsworth was, in the preface of their collaborated work Lyrical Ballads with Samuel Coleridge, â€Å"the spontaneous overflow of powerful feelings: it takes its origin from emotion recollected in tranquillity.(Wordsworth 1) Although the definition matched with the psychological and literary situation of the era, a couple romantic authors existed outside of the definition. William Blake was different and defined as pre-romantic author byRead MoreSolemn Soot and Social Despair In the Transformative World of William Blakes The Chimney Sweeper and London817 Words   |  3 PagesSolemn Soot and Social Despair In the Transformative World of William Blake England was changing. The rolling green shires and inspiring scenery that was fixed in the earliest memories of the Romantic poets was quickly vanishing. There was a trade off happening. Rivets for rocks, chimney stacks for trees, locomotives for carriages and steal tracks for cobblestone. Piece by piece England’s quaint agricultural backdrop was being replaced by a stern industrial one. Progress! Some shouted. The greater

Business Law and Repetitive Strain Injury Essay - 2638 Words

It is important for business management to develop and promote sound health and safety policies and to consider, not only the legal requirements and the possibility of prosecution, but also the possibility of an employee personal injury claim. The number of work related personal injury claims and especially those relating to Repetitive Strain Injury (RSI), an umbrella term normally used to describe Work Related Upper Limb Disorders (WRULD), seem to be rising. RSI is not a recognised medical condition, more a medical term. There are two types: type 1 RSI with recognised, specific pathological conditions and type 2 RSI non specific pain syndrome (NSPS) or Diffuse RSI, which as the name suggests is difficult to diagnosis. Some medical†¦show more content†¦Ã¢â‚¬Å"An Act for the preservation of health and morals of apprentices and others employed in cotton and other mills and other factories†. The act was the first effort to regulate factory working conditions and was important not only for the child labour improvements, but also significantly influenced further legislation and its future direction. Further legislation followed. Some of the most significant included the Factory Act 1833, empowering Crown inspectors to introduce and enforce health and safety. The Ten Hours Act of 1847, followed by the Factory and Workshop Act in 1878 dictated working hours and minimum employment age. The Factory Act 1901 covered employment and the education of children, night work, fire, and overtime pay. In1937 the Factories Act legislated the first complete system for safety, health and welfare requirements applicable to all factories and in 1961 new and existing legislation was consolidated and expanded to cover all workplaces, in the Factories Act 1961. Whereas all previous legislation was prescriptive the HASAWA etc 1974 was a significant change. It was developed to cover and integrate all previous health and safety legislation, and provide a universal health and safety system. An enabling act, facilitating the introduction of secondary legislation, it places a responsibility on employer s and employees to develop and implement safeShow MoreRelatedTen Causes of Workplace Accidents888 Words   |  4 Pageshave the possibility of causing injuries to workers. Therefore, the responsibility of maintaining safety and ensuring that safety hazards are abolished is both a duty of the employers and employees as well. Nonetheless, workplace accident usually occurs and cant be totally avoided as workers sometimes get injured on the job. Workplace accidents and injuries tend to cost the business more time and money and require knowledge regarding the various types of injuries. Common Types of Workplace Accidents: Read More Workplace Ergonomics, Ergonomics Assessment, Ergonomics Training2868 Words   |  12 PagesTraining In the past, most businesses have strived for high production at low cost. This strategy resulted in the highest profit for a company. When in reality to many businesses, this was only a mirage. This was because the â€Å"lower cost† of the business usually resulted in a â€Å"higher cost† for the employees. This lower cost for businesses may have meant lower quality workplace items, lower salaries, less benefits, etc. These lower costs created an upset workplace environment for the employees. ThisRead MoreErgonomics Awareness On The Construction Industry1731 Words   |  7 Pagesmajority of these injuries are due to overexertion in lifting and carrying heavy reinforcement materials. Also the questionnaire suggested that pain was common among all 20 workers of site and was being experienced frequently from 2 to 20 years. According to the survey from the 20 workers, 60% workers received medical treatment. 70% workers from 20 workers would like to change their job withi n 6 months due to discomfort. The survey shows that 90% workers perform the same task (repetitive work) more thanRead MoreEssay on Work Injured Employees4010 Words   |  17 Pagescare. Employees also have responsibilities when injured. This paper discusses what is considered on-the-job injuries of employees., the rights of these injured Second employees and the supervisors who must investigate the accidents that occur to cause them. Third, the responsibilities of both the employee and the supervisor when an accident occurs. There will also be sections on types of injuries that occur, and how to prevent them from happening. The Occupational Safety and Health Administration (OSHA)Read MoreErgonomics and Good Work Habits2690 Words   |  11 Pagesthe Greek word ergos meaning work and nomos meaning natural laws of or study of. In the United States, the term human factors engineering is often used. Ergonomics is a relatively new branch of science, which was established around 1949, and it relies on research that was carried out in many other older established scientific areas, such as engineering, physiology and psychology. The association between occupations and injuries of body muscles and bones was documented centuries ago. BernardinoRead MoreHealth and Safety Report1359 Words   |  6 Pagesbut particularly for business. Good OHS practices not only provide a safer working environment but also improve worker morale and productivity. Businesses who strive to improve their OHS performance create safer workplaces which benefit not only employers but there families, their communities and the Australian economy. (Safe Work Australia 2009) 3. Stats on work related injuries per year Every day a person is killed or dies as a result of a work related accident or injury. Each year approximatelyRead MoreWhat Is Office Ergonomics?1720 Words   |  7 PagesSafety and Health Administration, n.d.). A Business cannot afford to be lax when it comes to protecting the health and safety of its employees. The well-being of employees must be a priority for a business to remain successful. Risk Factors Amongst the many considerations that are incorporated into office ergonomics is the risk of musculoskeletal disorders that can result from office jobs (Occupational Safety and Health Administration, n.d.). The repetitive nature of computer-related tasks, the longRead MorePoor Ergonomics And Its Psychological Effects On Workers Essay1637 Words   |  7 PagesPOOR ERGONOMICS AND ITS PSYCHOLOGICAL EFFECTS ON WORKERS WHAT IS ERGONOMICS Ergonomics, also known as human factors engineering, derived from two Greek words ‘ergon’ meaning work and ‘nomoi’ meaning natural laws. Specifically, ergonomics is the science of designing the job to fit the worker, rather than physically forcing the workers body to fit the job. This aims to make sure that tasks, equipment, information, and the environment fit each worker. The International Ergonomics AssociationRead MoreThe Occupational Safety and Health Act (OSHA) Essay1870 Words   |  8 Pagesof industries; considerations that are most applicable to the specific type of industry will be discussed initially, and those that are equally important regardless of the type of business will complete the section. Finally, this paper will discuss how the OSH act evolved from organized labor activities to federal law and its widespread national application. OSHA guidelines affect all companies engaged in the employment of individuals to perform work. One might assume that strictly administrativeRead MoreHealth Care Dangers1070 Words   |  5 Pagesworkers face a number of serious safety and health hazards. They include bloodborne pathogens and biological hazards, potential chemical and drug exposures, waste anesthetic gas exposures, respiratory hazards, ergonomic hazards from lifting and repetitive tasks, laser hazards, workplace violence, hazards associated with laboratories, and radioactive material and x-ray hazards. Some of the potential chemical exposures include formaldehyde, used for preservation of specimens for pathology; ethylene

Refresh Organics - Harvard Case free essay sample

Summary – This case looks a decision that George Hausman, the co-founder and CEO of Refresh Organics (RO), makes regarding creating a board of directors. RO is a midsize, steadily growing, privately owned company which is a distributor of organic produce. RO has never had a formal board of directors, but Hausman had several close business advisors who he consulted with regularly and referred to as â€Å"the kitchen cabinet. † Hausman considered putting together a true board of directors or if simply making an advisory council would be better suited for the needs of RO. Ultimately, Hausman decided to form a board of directors of ten members, including himself and three out of four members of â€Å"the kitchen cabinet,† replacing his wife, an accountant, with a former Big 4 partner. On the board was also a new minority shareholder from a private equity firm, two executives from RO, and two executives from other companies. We will write a custom essay sample on Refresh Organics Harvard Case or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The board had a strong make up of eclectic talents and experience. The one down side of the board was the some of the executives from other companies would get off topic during board meetings and sometimes members could not make it to the meeting. Hausman routinely sent PL statements and a balance sheet prior to board meetings, but elected not to for the 2Q meeting in order to discuss the issues in person as RO missed its financial goals. Board of Directors vs. Advisory Board – Prior to forming the board of directors, there were many considerations that Hausman should have made in determining whether to create an official board of directors or an advisory board. The first consideration is what level of control does he want the board to have. Generally, a Board of directors has a vote in company decisions such as hiring firing of executives, executive compensation, and option policies. On the other hand, advisory boards are an informal group who do not have direct say over major company issues and can be structured for a specific reason. Also, Hausman needs to determine what level of trust he wants to place on the board. Members of the board of directors have a legal fiduciary responsibility to advise management, whereas an advisory board members do not have such responsibility. Finally, Hausman needs to evaluate the cost. Since members of a board of directors have a great responsibility for the company, they are compensated accordingly, whereas members of an advisory board are not compensated or compensated to a lesser degree. Members Characteristics – Overall, Hausman did a good job on assembling his board of directors. When determining who will make a good board member there are several things to look for. First a good board has an expert in legal matters, accounting, marketing, human resources, and finance. The only expert missing from RO’s board is a human resources expert. Next it is important to ensure that all board members will be able to regularly attend meetings. While most board members were local, several were not, and it was an area RO could improve. Also for outside members of the board, it is important to have knowledge of the industry and/or target market. With the appointment of the EVP of a large health snack company, Hausman made a good appointment (although location is an issue), but the knowledge that the CEO of the tech company may bring to the table may not be valuable. Finally, it is important to have complimentary personality traits. Overall, the RO’s board of directors is a strong, valuable board. Why join a Board of Directors – There are many reasons to join a board of directors beyond the compensation, but specifically there are two key reasons. The first reason to join a board is for professional development. The opportunity to use and sharpen business skills, develop new understanding of an industry, serving on committees, and speaking at events are great for experience and exposure. Finally another great reason to accept a position on a board is the opportunity for networking. Since you will be meeting and working with other professionals, you have the ability to connect and expand your network of contacts which is an invaluable asset in business. While joining a board is not limited to only these benefits, overall, these are the top reasons to accept a position on a board of directors.

Shouldice Case free essay sample

â€Å"Shouldice Hospital, the house that hernias built, is a converted country estate which gives the hospital a ‘country club’ appeal. † A quote from American Medical News Shouldice Hospital in Canada is widely known for one thing – hernia repair! In fact, that is the only operation it performs, and it performs a great many of them. Over the past two decades this small 90-bed hospital has averaged 7,000 operations annually. Last year, they had a record year and performed nearly 7,500 operations. Patients’ ties to Shouldice do not end when they leave the hospital. Every year the gala Hernia Reunion dinner (with complimentary hernia inspection) draws in excess of 1,000 former patients. Some of who have been attending the event for over 30 years. A number of notable features in Shourldice’s service delivery system contribute to its success. (1) Shouldice only accepts patients with the uncomplicated external hernias, and it uses a superior technique developed for this type of hernia by Dr. We will write a custom essay sample on Shouldice Case or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Shouldice during World War II. (2) Patients are subject to early ambulation, which promotes healing. Patients literally walk off the operating table and engage in light exercise throughout their stay, which lasts only three days. (3) Its country club atmosphere. Gregarious nursing staff, and built-in socializing make a surprisingly pleasant experience out of an inherently unpleasant medical problem. Regular times are set aside for tea, cookies, and socializing. All patients are paired up with a roommate with similar background and interests. The Production System The medical facilities at Shouldice consist of five operating rooms, a patient recovery room, a laboratory, and six examination rooms. Shouldice performs, on average, 150 operations per week, with Patients generally staying at the hospital for three days. Although operations are performed only five days a week, the remainder of the hospital is in operation continuously to attend to recovering patients. An operation at Shouldice Hospital is performed by 1 of the 12 full-time surgeons assisted by one of 7 part time assistant surgeons. Surgeons generally take about one hour to prepare for and perform each hernia operation, and they operate on four patients per day. The surgeons’ day ends at 4 P. M. , although they can expect to be on call every fourteenth night and every tenth weekend. The Shouldice Experience All patients undergo a screening exam prior to setting a date for their operation. Patients in the Toronto area are encouraged to walk in to have the diagnosis done. Examinations are done between 9 A. M. and 3:30 P. M. Monday through Friday, and between 10 A. M. and 2 P. M. on Saturday. Out-of-town patients are mailed a medical information questionnaire (also available over the Internet), which is used for the diagnosis. A small percentage of the patients who are overweight of otherwise represent an undue medical risk are refused treatment. The remaining patients receive a confirmation card with the scheduled date for their operation. A patient’s folder is transferred to the reception desk once an arrival date is confirmed. Patients arrive at the clinic between 1 and 3 P. M. the day before then surgery. After a short wait, they receive a brief preoperative examination. They are then sent to see an admissions clerk to complete any necessary paperwork. Patients are next directed to one of the two nurses’ stations for blood and urine tests and then are shown to their rooms. They spend the remaining time before orientation getting settled and aquainting themselves with their roommate. Orientation begins at 5 P. M. , followed by dinner in the common dining room. Later in the evening, at 9 P. M. , patients gather in the lounge area for tea and cookies. Here, new patients can talk with patients who have already had surgery. Bedtime is between 9:30 and 10 P. M. On the day of the operation, patients with early operations are awakened at 5:30 A. M. for preoperative sedation. The first operations begin at 7:30 A. M. Shortly before an operation starts, the patient is administered a local anesthetic, Leaving him alert and fully aware of the proceedings. At the conclusion of the operation, the patient is invited to walk from the operating table to a nearby wheelchair, which is waiting to return him to his room. After a brief period of rest, he is encouraged to get up and start exercising. By 9 P. M. that day, he is in the lounge having cookies and tea, and talking with new, incoming patients. The skin clips holding the incision together are loosened, and some are removed the next day. The remainder are removed the following morning just before the patient is discharged. When Shouldice Hospital started, the average hospital stay for hernia surgery was three weeks. Today, many institutions push â€Å"same day surgery† for a variety of reasons. Shouldice Hospital firmly believes that this is not in the best interests of patients, and is committed to their three day process. Shouldice’s post-op rehabilitation program is designed to enable the patient to resume normal activities with minimal interruption and discomfort. Shouldice patients frequently return to work in a few days, the average total time off is eight days. It is interesting to note that approximately! out of every 100 Shouldice patients is a medical doctor. † Future Plans The management of Shouldice is thinking of expanding the hospital’s capacity to serve considerable unsatisfied demand. To this effect, the vice president is seriously considering two options. The first involves adding one more day of operations (Saturday) to the existing five-day schedule, which would increase capacity by 20 percent. The second option is to add another floor of rooms to the hospital, increasing the number of beds by 50 percent. This would require more aggressive scheduling of the operating rooms. The administrator of the hospital, however, is concerned about maintaining control over the quality of the service delivered. He thinks the facility is already getting very good utilization. The doctors and the staff are happy with their jobs and the patients are satisfied with the service. According ti him, further expansion of capacity might make it hard to maintain the same kind of working relationships and attitudes. Shouldice . Shouldice ! 90 7000 , 7,500 Shouldice ( ) 1,000 0 Shourldice (1) Shouldice . Shouldice (2) ambulation ( . (3) . . , . Shouldice Shouldice 150 Shouldice 1 12 4:00 Shouldice 09:00 3:30 10:00 2:00 ) 1 3 ?. ? ? a quainting 17:00 9 AM, 9:30 10:00 5:30 7:30 ? 09:00 Shouldice Shouldice Shouldice op Shouldice , ! 100 Shouldice . Shouldice ( ) 20 50 Ti

Free Essays on Sony Ericsson

Sony Ericsson, a 50:50 joint venture of Sony Corporation and Ericsson AB, was established in October 2001. It stands by the mission â€Å"†¦to establish Sony Ericsson as the most attractive and innovative global brand in the mobile handset industry.† Sony Ericsson Mobile Communications (SEMC) is a global provider of mobile multimedia devices, including feature-rich phones and accessories, PC cards and M2M solutions. SEMC is a global provider of mobile multimedia devices, including feature-rich phones and accessories, PC cards and M2M solutions. The products combine powerful technology with innovative applications for mobile imaging, communications and entertainment. The net result is that Sony Ericsson is an enticing brand that creates compelling business opportunities for mobile operators and desirable, fun products for end users. Sony Ericsson Mobile Communications was established in 2001 by telecommunications leader Ericsson and consumer electronics powerhouse Sony Corporation. The company is owned equally by Ericsson and Sony and had announced its first joint products in March 2002. Product Portfolio Sony Ericsson products have universal appeal and are tangibly different in the key areas of imaging, design and applications. The company has consistently launched products that make best use of the major mobile communications technologies, such as the 2G and 3G platforms, while enhancing its offerings to entry-level markets. In early 2005, Sony Ericsson announced a large number of new phones, networking products and accessories that move the portfolio significantly forward and are anticipated to stimulate a new phase of growth for the company. Included were the stunning yet affordable K600 3G UMTS handset that brings the possibilities of the 3G network to a wider public; the K750, the company’s first 2 Megapixel, auto focus camera phone; and the W800 Walkman ® branded music phone that combines a ... Free Essays on Sony Ericsson Free Essays on Sony Ericsson Sony Ericsson, a 50:50 joint venture of Sony Corporation and Ericsson AB, was established in October 2001. It stands by the mission â€Å"†¦to establish Sony Ericsson as the most attractive and innovative global brand in the mobile handset industry.† Sony Ericsson Mobile Communications (SEMC) is a global provider of mobile multimedia devices, including feature-rich phones and accessories, PC cards and M2M solutions. SEMC is a global provider of mobile multimedia devices, including feature-rich phones and accessories, PC cards and M2M solutions. The products combine powerful technology with innovative applications for mobile imaging, communications and entertainment. The net result is that Sony Ericsson is an enticing brand that creates compelling business opportunities for mobile operators and desirable, fun products for end users. Sony Ericsson Mobile Communications was established in 2001 by telecommunications leader Ericsson and consumer electronics powerhouse Sony Corporation. The company is owned equally by Ericsson and Sony and had announced its first joint products in March 2002. Product Portfolio Sony Ericsson products have universal appeal and are tangibly different in the key areas of imaging, design and applications. The company has consistently launched products that make best use of the major mobile communications technologies, such as the 2G and 3G platforms, while enhancing its offerings to entry-level markets. In early 2005, Sony Ericsson announced a large number of new phones, networking products and accessories that move the portfolio significantly forward and are anticipated to stimulate a new phase of growth for the company. Included were the stunning yet affordable K600 3G UMTS handset that brings the possibilities of the 3G network to a wider public; the K750, the company’s first 2 Megapixel, auto focus camera phone; and the W800 Walkman ® branded music phone that combines a ...

Chalk It Up

Chalk It Up Chalk It Up Chalk It Up By Maeve Maddox Having read the post about the expression chock-full, a reader asks, Could you also clarify and explain the origins of â€Å"chalk it up.† I’ve also seen â€Å"chock it up† which I assume is an error.   I’ve also heard â€Å"chop it up† in the same context. The expression â€Å"chalk it up† is one of several English idioms that contain the word chalk. The noun chalk, denoting â€Å"an opaque white soft earthy limestone,† has been in the language since the 10th century. The verb arose from the uses to which chalk can be put, especially for writing, drawing, and marking on a variety of surfaces, from walls to grassy fields. In the past, as now, sports enthusiasts used chalk to mark the field of play and to keep score. Tavern keepers kept track of customers’ accounts by writing amounts owed on the wall or on a slate. Scores for tavern games were also â€Å"chalked up† by the players. Other business owners kept track of accounts in the same way. Amounts owed were â€Å"chalked up.† When a bill was paid, the amount owed was â€Å"chalked off.† Then as now, people sometimes depended upon credit to get by. One of the OED citations given for chalk in the sense of credit is from a song sung by apprentices: â€Å"When we have no mony [sic], We shall find chalk.† Today they might sing, â€Å"When we have no money, We shall find plastic.† Here are a few examples of the use of chalk expressions on the Web: Much of  his  elementary school mischief can be  chalked up  to  boyish enthusiasm. (â€Å"attributed†) I wasnt ready for that so I just  chalked him off  as another friend gone wrong.  (â€Å"dismissed him from my mind†) If it works youll make money, if not,  chalk it up to experience. (â€Å"Consider it to be a lesson learned.†) This is my plan. If  you  can  chalk out  a better, pray  let me  have it. (â€Å"explain, devise†) Many Clouds chalks up win in Grand National (earns) We chalked up his  bad manners  to too much sugar.  (â€Å"attributed†) Our live text reporting on the Conservative Party conference finishes here. But thats not the end of the BBCs coverage by a long chalk.  (â€Å"by any means†) The OED explains the idiom â€Å"by a long chalk† this way: â€Å"in a great degree, by far (in allusion to the use of chalk in scoring ‘points’, etc.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:The Meaning of "To a T"40 Fish IdiomsDealing With A Character's Internal Thoughts

History of Canadian Labour Essay Example | Topics and Well Written Essays - 2500 words

History of Canadian Labour - Essay Example Unlike many nations, Canada was not built by soldiers, politicians, and traders. It was built on the toil and sweat of those who built canals, cleared forests, prepared vast, uncultivated land for agriculture, and built railways. Cities and downs were made by labors in Canada - the working class people who were designated to write the future course of progression for this country. 'The Best Poor Man's Country' - the term which is ascribed to Canada frequently, hints at how the country's resources were utilized by the working class people under the supervision of labor unions and organizations. Considering the social nature of Canada, especially with regards to the immigration factor, getting cheap manual labor was never easy. In addition to this, the difference between the skilled labor force and not-so-competent workingmen was palpable in early Canada. The early unions in the country, instead of organizing various labor clans, aimed at maximizing their own profits out of the dearth of essential hands. The skilled workers demanded security and status in exchange for a total work commitment. History of Canadian labor in the twentieth century is marked by both achievements and setbacks. The role of unionism in the history of Canadian labor deserves a special mention. Despite the anti-union legislation that was formed in Nova Scotia in 1816, groups of workers in many parts of the country formed their own unions. In those early times in Canada, these labor organizations included shoemakers in Montreal and Hamilton; printers in Halifax, Quebec City, Montreal, Hamilton, and Toronto. Blacksmiths, shipwrights, carpenters, painters, tailors, and seamen also built their unions. Traders coming from the United Kingdom at the beginning of the nineteenth century introduced the British tradition of trade union movements. An international relation between Great Britain and Canada was established, leading to the merger of labors and intellectuals.  Ã‚  

Consider the taxation of benefits in kind for employees in the UK, Essay

Consider the taxation of benefits in kind for employees in the UK, should benefits in kind be taxed at all To what extent does - Essay Example This monetary value is included in the total earnings of the employee and then taxed accordingly. There has been a debate whether benefits in kind should be taxed or not. Taxing such benefits is essential because employees cannot be allowed to have numerous benefits but low salaries so that they are taxed less. However, the same can prove to be very unfair when an employee is provided with a one-time benefit in kind and he has to pay too much tax as a result. Another problem arises when an employee is provided with a benefit in kind which is clearly of a great value but is not taxed u/s 62 because it cannot be converted into something having monetary value. Valuation can be very tricky for some articles and it can end up relieving the employee of tax liability for the benefit hence giving him an unfair advantage. There have been numerous cases which had to be settled in court due to the confusion of valuation. The courts have a history of deciding theses cases while remaining within the confines of S 62. This section seems inadequate and unfair on occasions where an accommodation can go untaxed but a mere provision of a suit is taxed because one can be valued and the other cannot. In order to be fair, the valuation system is required to be adequate and broader in scope. Another problem is that the benefit code does not apply to lower paid employees. The lower paid employees are defined in such a way that can include those employees who are not actually lower paid. According to S 217(1), a lower paid employee is one who has an earning rate of less than ?8,500. By the inclusion of benefits obtained under the benefit code, many employees, who have the monetary earnings rate of less than ?8,500, do not fall in the definition of lower paid employees. However, when employees hold benefits of great values, which are such that are not convertible to something having a monetary benefit, the employees fall in the definition of lower paid employees and become exempt from the benefits code. This is a huge problem which can only be solved by broadening the scope of S 62 and the valuation system. Section 64 is also of importance as it deals with the relationship between earnings and benefits code. There may be a case that a single benefit is provided to an employee but it gives rise to both an amount treated as earnings and an amount to be treated as earnings under the benefit code. Section 64(2) provides that in such a case, the amount that is constituted as earnings is to be treated as earnings, and only that portion of the second amount is to be treated as earning under the benefits code which exceeds the first amount. This section actually attempts to avoid the double taxation of a benefit if it falls both under S 62 and S 63. It is not a bad idea to tax such benefits in this way but there can be another way that is simpler to understand. Such benefit could also have been taxed entirely under the benefit code system. This would not have brought any changes to the resulting revenue but it would have been a better tax due to its simplicity. The underlying principle of having the benefit code system is very fair. This system is designed to make employees accountable for their perquisites. However, this system has many loopholes which allow avoidance of tax. Also, employees are also open to the danger of paying more tax than the fair amount. As mentioned above, most of the problems are created by the valuation process. Another problem arises in cases of benefits

Drug Abuse Essay Example for Free

Drug Abuse Essay 1.0 Topic and Chosen aspect Drug abuse among teenagers is the chosen aspect for this report. Drug abuse is defined as the excessive use of drugs without medicine justification. It is reported that 50% of teenagers have abused a drug of some kind (Teendrugrehabs n.d.). 1.1 Critical evaluation of findings One of the main factors of drug abuse among teenagers is due to peer pressure. Based on statistics 80% of teenagers are affected by peer pressure (Wallace 2011). Wanting to be accepted by their peers, they are willing to do anything. Their desire to be socially accepted will cause them to be influence by their peers. Thus, this will lead them to the abuse of drugs to make things more exciting and not left out. Besides that, it is very hard to say â€Å"NO!† to their peers. Furthermore, another reason for teenagers to be easily involved in drug abuse is due to the easy access to drugs. 54% of the students of private high schools reported that drugs are accessible in their schools while 61% of the public high school students state that their schools are â€Å"drug-infested† (Pahuriray 2012). As drugs can be easily obtained everywhere. 2.0 Processes Various steps were undertaken to attain the sources needed for the report. However, a lot of the sources from the internet is too vague and the statistics are already outdated.

Service based economy in the U.S. :: essays research papers

Now that the United States has changed from an industrial based economy to a more service oriented economy, it means that our economic revenues are now primarily comprised by the prevalence of intangible assets, provided by services and technology for example, and less by tangible assets by means of physical labor in factories and other manufacturing industries. Because of this change, industrial production and output have been experiencing a major falloff as jobs in factories, farms, and mines that were once plentiful, are being eliminated, while jobs in the growing services sector, such as in technologies, telecommunications, and entertainment are experiencing a massive growth. We say that we are heading toward a more global economy because of the fact that competition in today’s markets is global. This means that corporations in the United States can compete in foreign markets and vice versa, therefore U.S. corporations and foreign corporations become interdependent and thrive off each other. This can have a good impact on the United States because it allows U.S. corporations to seek materials and labor outside of the U.S. in countries such as China, India, and Mexico, where workers are paid a lot less money than U.S. workers, thus allowing them to sell their products for significantly cheaper than if they were produced in the U.S.; however, the tradeoff is that many American workers in the industrial sector lose jobs due to this shift of labor to overseas. In the long run this will be beneficial for the U.S. and although some percentage of workers are losing work, new jobs in the services sector, in fields such as computer technology, telecommunica tions, and language skills are opening up and experiencing growth because of this change.

Imapact evaluation of Pantawid Pamilyang Pilipino Program

Regular monitoring of the household beneficiary database 2. Spot Checks 3. Quantitative Impact Evaluation (3-Wave Design) (34. Qualitative Evaluation 5. Monitoring by a National Independent Advisory and Monitoring Committee Preliminary results of the Pantywaist Paying Filipino Program First Impact Evaluation (2011) 3 Objectives of the Impact Evaluation The II is designed to assess: 1 . Current effects of Pantywaist Family, Conditional Cash Family, Transfer Program ; Impact on use of health services and health outcomes ; Impact on schooling Impact on consumption 2.Different impact on different groups Geographic areas Gender IP status Relative poverty More children stay in school, with better chance to graduate from grade school 76 % Day Care/ Pre-school 65 % 98 % Elementary School 93 % Regular attendance among 12-14 year olds 10 percentage points higher in enrolment rate in day care or pre-school 96 % 5 percentage points higher in enrollment rate in elementary in regular attendance ra te 91 % in elementary & high school Pantywaist Households Non-pantywaist Households 4 More families prioritize education and health in their household budgetPantywaist families spend: 33% more on MEDICINE & MEDICAL SERVICES 36% more on EDUCATION = household budget More children use health services 80. 6 % 74. 9 % Percentage of children O – 5 years old 70 63. 3 % 55. 3 % 50 Non-pantywaist Households Pantywaist 33. 3 % 20 10 16. 9% Having their weight monitored Taking determine pills Taking Vitamin A 5 More pregnant mothers get health care 54. 2% 63. 6% with 4 prenatal care visits Non -Pantywaist : with prenatal care Pantywaist: 26. 9% 36. 4% with postnatal care within 24 hours after delivery Without prenatal with postnatal Pantywaist: with postnatal care Without ConclusionsBased on the initial findings, Pantywaist Family: ; Has strong and consistent impact on the key indicators targeted by the program in line with other ACT programs around the world. ; Is on track in reaching the program objectives set by DEWS 6 Future Plans and Directions On Impact Evaluation ; Conduct of 2nd and 3rd Wave Impact Evaluation in October 2013 and October 201 5 respectively ; Conduct of specialized studies on: ; Infant and Maternal Health ; Gender ; Indigenous Peoples . Pad ; Family Development Sessions ; Transition ; Local governance (supply side) 7 Thank you you.

Case Study: Rogers’ Choclates

CASE 9: Rogers' Chocolates Strategic Management INTRODUCTION Rogers' Chocolates is the oldest chocolate company in Canada based in Victoria, British Columbia. Rogers' Chocolates focuses on the premium chocolate market and differentiates itself by delivering award winning quality products at a fair price; this combination creates a good value for its customers. They also have expertise at creating an outstanding customer experience within their Victorian themed retail locations that have also won awards. The company is privately held and currently focuses its business in four market areas, direct retail , online/mail order , wholesale, and sales from a restaurant in Victoria. The company also produces and sells a line of premium ice cream. The company employes 130 people, the majority of which are in retail. Sales from the company's retail establishments account for 50% of revenue. Production takes place on a one-shift operation in a 24,000 square foot facility and is labor intensive. There are currently no measurements in gauge productivity and efficiency in the plant. The past president focused a growth strategy in the wholesale market and current order fulfillment strategy is to give priority to online and mail-order business, followed by wholesale accounts, leaving the retail locations last to be serviced internally. Sales have seasonal swells during the holidays and demand forecasting has been an issue; they have increased inventory to deal with these sales patterns but still encounter out of stock situations. The new president has been given a goal by the board of directors to double or triple the size of the company within 10 years. PROBLEM STATEMENT The focus on the wholesale market does not inline with the strengths of the company. Furthermore, the issues in operational efficiency with regard to production capabilities and demand forecasting are hindering the company from increased growth potential. ALTERNATIVES Focus on strengthening current retail operations. Focus growing the retail business into new geographic markets. Continue to grow complementary business lines (ie. Ice Cream) Develop core competence in operations management to drive efficiencies and reduce inventories. Upgrade technology in production to increase capacity Create new product lines and packaging to broaden the customer base. Franchise Sam's Deli. Franchise retail chocolate stores. ANALYSIS In 2006, the chocolate market size for Canada was US$167 million with the premium chocolate market growing at a rate of 20% annually. Competition within the premium market is a broad mix of small local niche players to large multinational corporations and is growing as larger traditional manufacturers enter the market via acquisitions or new product launches. Product differentiation is healthy and there are no indications of a price war starting between rivals. Product innovation appears limited, mostly focusing on new flavor introductions and variations in molding and coloring. Seasonal demands, especially the eight weeks prior to Christmas, can create demand that can challenge small companies with low production capacity and/or inadequate forecasting and inventory management. Competitors vary in the level of vertical integration and companies with large-scale operations and distribution networks enjoy a competitive advantage through economies of scale. Rivalry among competing sellers is active and fairly strong due to the following conditions: There is little to no cost for buyers to switch brand. There is a fair amount of product standardization in the industry. The products in the chocolate market have large seasonal swells and are perishable causing some price competition. Higher fixed production costs adds to this pressure. The addition of new competition by established companies such as Hershey's and Cadburys. Competitive pressure from potential new entrants is medium as most of the major players in the industry are already in the premium chocolate market; the projected growth rate in the market will strongly attract new upstarts but they will have challenges developing distribution and retail penetration with little to no brand awareness. Firms in other industries will have little impact in this market as there aren't any strong substitutions to premium chocolate. Competitive pressures stemming from supplier bargaining is mixed; large-scale manufacturers will enjoy less pressure from suppliers due to economies of scale while smaller niche companies will not have as much influence, especially in the area of organic and fair trade raw materials. Pressure from the buyer community is fair; demand is high but so is the ability to switch brands. Growing demand for socially responsible products, such as fair-trade and organic will increase pressure from the buyers. The current driving forces in the market are the high growth rate in the premium market and the entrance of new major firms; consumers' emerging interest in fair-trade and organic products is also a force to be considered. Key success factors in this market include a well known and respected brand and strong direct sales and/or wholesale distribution; quality and efficient production capabilities are also key success factors. Although profit margins are down, Rogers' Chocolates is in a strong financial position. Retail accounts for 50% of the company's revenues although the two new stores in the company's portfolio are not performing to expectations. Ice cream sales, although small compared to retail, show a strong contribution to overall sales. The key financial indicators are shown below; one area of concern is the major increase in the â€Å"days of inventory† and the accompanying decrease in â€Å"inventory turnaround†. This is a concern due to the perishable nature of the product and the negative affect on customer quality perception when product is sold past the expiration date which has occurred with some sales via wholesale accounts. {draw:frame} A SWOT analysis of the company has turned up the following points: STRENGTHS: a distinctive competence in retail, specifically the â€Å"customer experience† a strong financial base to grow the business a strong regional brand and company reputation to build upon better product quality relative to rivals ood customer service capabilities in retail and online sales. WEAKNESSES: weak wholesale network brand/company awareness is poor outside of the region weak supply chain competences in forecasting problems with operational efficiencies with old technology and high cost changeovers. OPPORTUNITIES: expansion into new areas entering into alliances or joint ventures to expand market coverage continued expansion of complementary products (premium ice c ream) explore new technology within production THREATS increased competition by new entrants in the market slowdown in market growth hift in buyer needs and tastes RECOMMENDATIONS I believe that Rogers' Chocolates should implement a combination of the following alternatives: Focus on strengthening current retail operations. Focus growing the retail business into new geographic markets. Continue to grow complementary business lines (ie. Ice Cream) Develop core competence in operations management to drive efficiencies and optimize inventories. The Rogers' Chocolates brand has been built based on a high quality product and the retail experience of their Victorian themed shops and packaging. This is their core competence and strength and it should be the focus of their growth. By solidifying the performance of the current locations and then opening additional stores in new areas the will expand their brand recognition while preserving the quality of their product. There ice cream line is complementary to the business and should be further developed and sold in the stores. Internally, and operational strategy to improve efficiencies in production and demand forecasting will reduce costs, preserve product quality and optimize production and inventory capabilities.

Does Gobal Warming really exis essays

Does Gobal Warming really exis essays Does Global Warming really exist? Many scientists dont believe it does. According to very accurate satellite atmospheric temperature measurements, the earth has actually cooled by 0.13 degrees Celsius since 1979. Not only that, but the artic, which everyone is so concerned about melting, has cooled by 0.88 degrees Celsius over the past fifty years. According to scientists, the earths temperature now, is below the global average of the last 3000 years. Not only that, but there were numerous times when the earth was much warmer then what it is today. How much of the greenhouse effect is caused by humans? Apparently, only about 0.28% of it is caused by human. Water vapor is the main culprit for the earths greenhouse effect. Water vapor accounts for about 95% of the earths greenhouse effect. The thing about that is water vapor is 99.999% of natural origin. The other greenhouse gases are, carbon dioxide, methane, nitrous oxide, and some other miscellaneous gases. These are also mostly of natural origin. Human activities contribute slightly to greenhouse gases, but these emissions are so small, that even the best efforts to contain it, would have none to a very small impact on the global climate. Mankind is actually one of the smaller contributors of CO2. It is a fact that the majority of the CO2 being put into our atmosphere comes from natural sources. The contributions made by human beings to these gases that are turned loose in our atmosphere are less than 10 percent of the total. According to Congresswoman Dana Rohrabacher of California Volcanic activity, for example, can add more to the atmosphere in a few weeks than all the internal combustion engines on this planet over the last decade. Termites and other insects, for example, are such a large source of CO2, and it is a larger source of CO2 than all of the industrial plants in the civilized world. Rotting wood is another offender ...

10X TBE Electrophoresis Buffer Protocol or Recipe

10X TBE Electrophoresis Buffer Protocol or Recipe TBE and TAE are used as buffers in molecular biology, primarily for electrophoresis of nucleic acids.  Tris buffers are used under slightly basic pH conditions, as for DNA electrophoresis, because this keeps the DNA soluble in the solution and deprotonated so it will be attracted to the positive electrode and will migrate through a gel. EDTA is an ingredient in the solution because this common chelating agent protects nucleic acids from degradation by enzymes. The EDTA chelates divalent cations that are cofactors for nucleases that may contaminate the sample. However, since the magnesium cation is a cofactor for DNA polymerase and restriction enzymes, the concentration of EDTA is kept purposely low (around 1 mM concentration). 10X TBE Electrophoresis Buffer Materials 108 g of Tris base [tris(hydroxymethyl)aminomethane]55 g of boric acid7.5 g of EDTA, disodium saltDeionized water Preparation for  the 10X TBE Electrophoresis Buffer Dissolve the Tris, boric acid, and EDTA in 800 ml of deionized water.​Dilute the buffer to 1 L. Undissolved white clumps may be made to dissolve by placing the bottle of solution in a hot water bath. A magnetic stir bar can aid the process. You do not need to sterilize the solution. Although precipitation may occur after a span of time, the stock solution is still usable. You can adjust the pH using a pH meter and dropwise addition of concentrated hydrochloric acid (HCl). Its fine to store TBE buffer at room temperature, although you may wish to filter the stock solution through a 0.22-micron filter to remove particle that would foster precipitation. 10X TBE Electrophoresis Buffer Storage Store the bottle of 10X buffer solution at room temperature. Refrigeration will accelerate precipitation. Using 10X TBE Electrophoresis Buffer The solution is diluted before use. Dilute 100 mL of 10X stock to 1 L with deionized water. 5X TBE Stock Solution Recipe The advantage of the 5X solution is that its less likely to precipitate. 54 g of Tris base (Trizma)27.5 grams of boric acid20 mL of 0.5 M EDTA solutionDeionized water Preparation Dissolve the Tris base and boric acid in the EDTA solution.Adjust the pH of the solution to 8.3 using concentrated HCl.Dilute the solution with deionized water to make 1 liter of 5X stock solution. The solution may also be diluted to 1X or 0.5X for electrophoresis. Using a 5X or 10X stock solution by accident will give you poor results because as much heat will be generated.  In addition to giving you poor resolution, the sample may be damaged. 0.5X TBA Buffer Recipe 5X TBE stock solutionDistilled deionized water Preparation Add 100 mL of the 5X TBE solution to 900 mL of distilled deionized water. Mix thoroughly before use. Limitations Although TBE and TAE are common electrophoresis buffers, there are  other options  for low-molarity conductive solutions, including lithium borate buffer and sodium borate buffer. The problem with TBE and TAE are that Tris-based buffers limit the electric field that can be used in electrophoresis because too much charge causes a runaway temperature.

BUSINESS MODELS, CUSTOMER & CROSS-CULTURAL EXPERIENCES Assignment - 2

BUSINESS MODELS, CUSTOMER & CROSS-CULTURAL EXPERIENCES - Assignment Example This shows that the fee is reasonable and that is the reason as to why many people were able to afford this treatment. The cost compete with that of laser treatment, and therefore, the company has made it possible to secure more patients using the LED instead of them going for laser treatment at almost the same cost. The annual quantity of the LED cannot be estimated unless the service providers give information on the quantity that they use on each treatment. In ensuring the marketing of the product, the company may be in a position to make donations to the charity organizations, which in turn may promote the product, making it possible for people to seek more treatment from the company. Another way in which the product can be promoted is by ensuring that the company creates a clear relationship with the clients, and this can be done through social networks and websites. The clients may in turn promote the product and bring in more people to seek the same treatment (Michalowicz, 2009). The Company’s approach to the manufacture of the product should be through the government and the research institutions which have proved that the product is safe and can be used for treatment. The company should also ensure that it designs the system which is required in the production of LED. As the CEO of the company, I would work together with the service providers to ensure that the product is well used in order to satisfy the customers, and also make sure that the costs are favorable and competitive with other companies such as those which offer laser treatment. The main business idea is that of coming up with a computer which can only be established through a team of people, and which can be sold at a relatively high cost for the benefit of the company. In order to come up with the evolution of the computer, it means that Andy wants to be a

Johannes Brahms - Sextet No. 1 in B-Flat Major, Op. 18 Essay

Johannes Brahms - Sextet No. 1 in B-Flat Major, Op. 18 - Essay Example The unconventional feature of the sextets written by Brahms was the number of instruments in the ensemble; Brahms chose to complement and expand the traditional quartet with additional cello and viola, for it enabled intensification of the sound and made all instruments equal in strength. Two additional instruments are used to embellish composition instead of directly contributing to full harmonies, moreover, they make music louder and thicker and also give additional volume while sounding either simultaneously or parallellously. Brahms’ sextets are a kind of challenge and the attempt to stand out and supersede Beethoven in his mastery. Involvement of two cellos brings fresh air to the composing pattern, as the second cello is predominantly a means of embellishment and melodics, while the first cello is responsible for nourishing the compositing with substantial bass support. The sextet No. 1 in B-Flat Major, Op. 18 is a string sextet composed in 1860 by the young Brahms and published about two years later. The sextet is a very beautiful romantic piece – and a rather long one, which is typical for young Brahms - consisting of four movements, three of them being more than ten minutes in length. The first movement is called Allegro, ma non troppo and is a brilliant calm â€Å"intro† to the composition, which reminds of sonata form and serves as a lyrical or even â€Å"pastoral† (Dean Hansen) ingredient of the sextet. The second movement is considered the most famous and powerful: it is called Andante, ma moderato and is presented by variations on lurid themes with a rather interesting ending. However, as Brahms followed the rules of structure, variations are rather strict in this respect, yet they demonstrated influence of Baroque traditions. The figures of the movement are rather diverse, and the tempo of their change leaves a listene r with the thrilling sensation, until the light-hearted and good-humored scherzo

Market and Social Research Essay Example | Topics and Well Written Essays - 1500 words

Market and Social Research - Essay Example The Company has also revamped its advertising campaigns in other ways to contribute to enhanced productivity. The conversion to the M&S logo spelt the dawn of a new era in marketing for the company. The Marketing Director, Steve Sharp, initiated several innovative advertising campaigns, such as using Twiggy to sell chocolate pudding; a campaign which was so successful that it increased sales of the pudding by 3500%.(www.guardian.co.uk). Another successful campaign was M&S’s advertising campaign to sell white granny knickers. Additionally, many M&S stores have been completely refurnished as a part of the new look of the retail outlet; the internal walls have been stripped down and glass barriers have been out up, black floors, chrome cabinets and skilful lighting have further refined the atmosphere of the stores so that the customer experience is enhanced and sales have improved. Sales have risen from $16,896.2 million to $17,990.8 million in 2008, although the recent recession has meant a sharp drop in sales revenues to $12,876.3 million (http://proxy.library.upenn.edu:2112). The latest developments in the advertising campaign of the Company are a focus on ethics. This is part of a five year plan titled Plan A, budgeted at 200 million pounds and is based on ethical trading initiatives.(Sweeney, 2009). This campaign is intended to highlight eco and green issues and the Company takes pride in its adherence to ethical initiatives even during a time of recession. As a part of this integrity focus, M&S has become one of the first Companies to clearly spell out the exact source for its entire diary and other produce on its labels (Mendick, 2009). This is an era where outsourcing has been increasingly favoured by most Companies as a means to cope with the rising costs of employing British workers and where globalization has produced an intensely competitive atmosphere in which cost effectiveness is vital. Marks and Spencer is however,

Effect of Macroeconomic on Stock Return

Effect of Macroeconomic on Stock Return This research paper is conducted to measure and analyze the effect of macroeconomic on stock return of industrial product sector as compared to performance of Kuala Lumpur Composite Index. Several variables will be used to identify the relationship between the dependant variable which are three pre-specified macroeconomic variables the term structure of recession, interest rate, exchange rate and stock price movement that might give impact to the independent variable which is listed stock of industrial product sectors components in Kuala Lumpur Composite Index. Holding Period Return method will be used to measure the impact dependent variables to independent variable in this research. Secondary data will be used for this research paper, which are about 50 companies in industrial product sectors components that listed in Kuala Lumpur Composite Index; will be acknowledged as the sample for the previous year period from 2005 until 2009 to measure the performance of the sector in economi c condition during the period. It is expected that during the period, the industrial sectors performance that listed in Bursa Malaysia maybe will be affected by the economic condition during the period which will give impact on their stock return. CHAPTER 1 INTRODUCTION 1.0 INTRODUCTION Macroeconomic and stock prices are difficult to predict most of the times. These changes it appears that reflect the shifting demand for that stock or changing facts that it because of expectations of a companys profitability or some of government policy that effect on stock. Therefore, investors speculate how stock are determined most of them will look for to inexpensive share or expensive share with low price earning. Shares in most large established corporations are listed on organized exchanges like the Bursa Malaysia or Shanghai Stock Exchange. Every time a stock is sold, the exchange records the price at which it changes hands. If, a few seconds or minutes later, another trade takes place, the price at which that trade is made becomes the new market price, and so on. Organized exchanges like the Bursa Malaysia will occasionally suspend trading in a stock if the price is excessively volatile and also must legalize trade according their regulation, if there is a severe difference between supply and demand or if they suspect that insiders are intentionally manipulating a stocks price. But in ordinary circumstances, nobody is on purpose to control price. The market price of a stock is basically the price at which a keen buyer and seller agree to trade. Price is volatile when the enormous volumes of stock traders are made awake of professional traders who buy and sell shares each and every one day long. Since these traders do not grab stocks over the long pull, they are not terribly interested in such long-term considerations as a companys profitability or the value of its assets. Or rather, they are interested in such factors mostly trusty as news that would affect a companys long-term prospects might cause other traders to buy the stock, causing its price to raise. If traders believe that others will buy shares, then he/she will buy as well, hoping to sell when the price rises. If others believe the same thing, then the wave of buying pressure will, in fact, cause the price to rise. This trend will continue forever. When we look back to the famous economist John Maynard Keynes which has revealed the economic principle had compared the stock market to a competition then popular in British tabloids, in which rival had to look at photos and choose the faces that other contestants would choose as the prettiest. Each contestant had to look for photos â€Å"likeliest to catch the imagination of the other competitors, all of whom be looking at the difficulty from the same point of observation. similarly, stock traders try to speculation which stocks other traders will buy. The successful trader is the one who anticipates and outfoxes the market, buying prior to a stocks price rises and selling before it falls. 1.0.1 Screening criteria of KLCI Investor can only invest in stocks through a stock exchange, an organized marketplace where stocks are bought and sold under strict rules, regulations and guidelines. KLCI has over 30 listed companies offering a wide range of investment choices to local and global investors. Companies are either listed on Bursa Malaysia Securities Main Market or ACE Market. The Stock Market was created by companies wishing to raise capital for their business. When someone says they have a listed company they indicate listed on Bursa Malaysia. All companies need cash to take advantage of growth opportunities. Many start-up companies however find themselves short of capital to fund expansion. One way to acquire this cash is to publicly float the company. This involves selling part of the company to private individual and institutional investors who are then able to freely exchange these stocks on an open market Most huge matter regarding to the criterias are, high market capitalization on stock itself, it reflects how much share have been issues and its price per share. Blue chip company is resistance to weak market and it has permanently growth for example nestle it has stable growth in term of profit and cash flow. 1.0.2 History of stock Market The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee took over the operations of KLSEB in the same year. The Kuala Lumpur Stock Exchange Berhad was demutualized pursuant to the Demutualization Act and converted into a public company limited by shares on January 5, 2007. Upon the conversion, the organization vested and transferred the securities exchange business to a new wholly-owned subsidiary, Bursa Securities, and became an exchange holding company and were renamed Bursa Malaysia Berhad on April 14, 2007. On 18 March 2005, Bursa Malaysia made its first appearance on the Main Board of Bursa Malaysia Securities Berhad. On 6 July 2009, the Composite Index has been replaced by FTSE Bursa Malaysia KLCI index which reflect the top 30 companies in the exchange. On 4 August 2009, the exchange has combined the main board and the second board into a single market which is called the Main Market. Mesdaq is also renamed into ACE market which provides lower listing requirements. 1.1 BACKGROUND OF STUDY Every time a share in, say, nestle is traded for example, the new price is used to revalue all outstanding shares-just as the value of your home appreciates when the house down the block sells for more than a similar house sold last week. But the value of your home wouldnt be so high if every house on your block were suddenly put up for sale. Similarly, if all ten billion outstanding shares even a small fraction of them-were put up for sale, they wouldnt fetch anywhere near the current market price. (Pirie and Smith, 2003) have say that relationships between accounting information, book values and share prices have significant implications for share prices in Singapore. Foreign exchange rate and interest rate risks are important financial and economic factors affecting the value of common stocks. Research by (King and Wadhwani, 1990) found that the volatility transfer hypothesis suggests that random shocks can induce higher volatility in financial markets and because of contagion effects which are highest in more volatile markets, investors may look abroad to invest in alternative financial assets. This study was aimed to point out whether the stock price behaviors and macroeconomic variables such as foreign exchange rate and interest rate is reflected in listed company stock return in the KLCI or not. Because one of them is accounting factor and other are economic factor. 1.2 PROBLEM STATEMENT The problem studied in this research is about the movement of the stock market and selected individual stock prices for investors usage. Caution should also be exercised in interpreting their results as the period of study includes the 2008 financial crises. It is possible that the severity of the crisis has influenced the statistical results. These papers empirically compares and see the share price of the companies before, during and after the recession and it covers only two macroeconomic factor that have give some effect to the stock return. During this period we will see the flow of the price movement in the market by using fifthly (50) listed company in property sector. Previous studies on stock market by Deshmukh et al (1983) banks can affect their exposure to interest rate and foreign exchange rate changes when they act as financial intermediaries for their clients. As such, their role as financial intermediaries can affect the sensitivity of investor assets and liabilities to interest rate and foreign exchange rate changes 1.3 RESEARCH QUESTION This research is conducted to inquire: 1.3.1 If there any changes of stock return on listed KLCI industrial company effect of macroeconomic? 1.3.2 If there any changes of stock return on listed KLCI industrial company effect of volatile market share price? 1.3.3 Which investment could offer better stock return to investor if using Holding Period Return? 1.4 RESEARCH OBJECTIVES This research is conducted to determine: 1.4.1 Macroeconomic factor have give impact to the stock return. 1.4.2 Changes of share price have give impact to the stock return. 1.4.3 The investment that could offer better performance using Holding Period Return. 1.5 SIGNIFICANCE OF STUDY This research is an observed study upon the macroeconomic factors and changes of stock price that give impact to the stock return of industrial product listed in KLCI. The study is significance for researcher, government and investors. Researchers can be benefit from this study by the information and acknowledge they from the previous to the current and future trend of movement either macroeconomic factors and changes of stock price that give impact to the stock return. As for the government, they can assist in organizing and stabilizing the economy to make the market will always gain some profit to the investors in attract more investment to come to Malaysia. Investors will gain benefit by knowing the current condition of Malaysia stock market as well as the shares before they can invest their pool of money in Malaysia especially in the industrial company. 1.6 SCOPE OF STUDY Macroeconomic and share price is the environment in which all firms operate. The ability to forecast the macroeconomic and share price can translate into spectacular investment performance. Some of the key economic variables are inflation, interest rate and exchange rate. In economics, a recession is a business cycle contraction, a general slowdown in economic activity over a period of time. During recessions, many macroeconomic indicators vary in a similar way. Production as measured by Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation all fall during recessions; while bankruptcies and the unemployment rate rise. Recessions are generally believed to be caused by a widespread drop in spending. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation. High interest rates reduce the present value of future cash flow, thereby reducing the attractiveness of investment opportunities. For these reason, real interest rate are the key determinants of business investment expenditures because sensitive to interest rate affect to interest payment. The foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world. Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates. In the foreign exchange market there is little or no inside information. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time. This study takes place in the subsistence of macroeconomic and changes of stock price in Malaysia as its field is the one to be explored. Moreover 50 listed companies were acknowledged as the sample for the previous five year period. The data of this research will be obtained from DataStream. 1.7 LIMITATION OF STUDY There are several drawbacks in pursuing this research. It includes: 1.7.1 Scope of study The research reference is restricted in the scope of Malaysia due to the field of study. As we know, Malaysia is an emerging country, thus the performance is still not matured compared with the developed countries, like the United States. 1.7.2 Period of the study This study is conducted by using the data from 2005 to 2009. Approximately 50 form 100 companies that listed in Bursa Malaysia, but not all the companies data was provided in that certain period. This constraint is affecting the calculation of portfolio performance. The length of the study also affected this study indirectly. This study used to use five years period of time. The result for five years study would be different if this study managed to use the longer period of time. 1.7.3 Secondary data In this study, we used the secondary data gathered from DataStream, Bursa Malaysia and the other articles references. Some of the data were not up to date to be the good references. For example, when we referred to Bursa Malaysia, some of the data is not currently in use and in DataStream; the problem was some of the data was not available (N/A). It became a limitation to the study because we cannot get the accurate result. 1.8 DEFINITION OF TERMS 1.8.1 KLCI Kuala Lumpur Composite Index or Bursa Malaysia is place where all sector company list their stock to get capital gain from investor that buy their stock. 1.9 SUMMARY There are many reason why this research been conduct but to know the real effect to the stock return many variable been use to meet the objective. For example interest rate, exchange rate, recession and stock price movement is the variables that have effect to the company or investor stock return. CHAPTER 2 LITERATURE REVIEW 2.0 INTRODUCTION Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy, be that a national, regional, or the global economy. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Researcher study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets. 2.1 GENERAL LITERATURE REVIEW 2.1.1 MACROECONOMICS The effect of macroeconomic fundamentals on stock market volatility has generated a lot of interest. Research by Liljeblom and Stenius (1997) find that it is argued that if the value of corporate equity on the whole depends on the health of the economy, then uncertainty in macroeconomic conditions would affect volatility in stock returns assuming consistent discount rates. Studies have also shown that stock market volatility is driven by uncertainty in macroeconomic fundamentals Fama (1981, 1990), Fama and French (1989) and Chen et al. (1986). It is argued that there is an inverse relationship between interest rates and stock returns. Thorbecke (1997) and Smal and de Jager (2001) observe that a reduction in interest rates induces an injection of liquidity into the economy. This extra liquidity could be channeled to the stock market, driving up the demand and prices of stocks. Patelis (1997) notes that interest rate changes are helpful in predicting stock market returns over a long period. Thus, there is evidence to conclude that interest rate policies should also target stock market price movements. Goodfriend (2003) also notes that, since there is no stable correlation between stock-price returns and short-term interest rates, it would be difficult for interest rates to target stock-price changes appropriately. Bernanke and Kuttner (2003) also note that stock markets do not react much to interest rate changes. Throughout the years, the global economy has been transformed from a simplified financial architecture to a complex intertwined set of financial systems. From the Bretton Woods system to the advent of flexible exchange rate systems in 1973 until the present days, the environment of international markets had experienced substantial changes in the form of excessive variability in exchange rates, greater capital mobility and punctuated by a series of financial crises worldwide in recent years. Meese (1990) who studied the currency fluctuations in the post-Bretton Woods era found that the changes of macroeconomic variables alone could not explain major currencies movements. MacDonald and Taylor (1994) however noticed relationships between macroeconomic variables and exchange rate. A recent study by Rapach and Wohar (2002) meanwhile produced mixed results for the monetary model of exchange rate determination. In December, 2007 economic recession that began in the United States spread much of the industrialized world, and has caused a uncertainty of economic activity. This global recession has been taking place in an economic environment characterized by various imbalances and was sparked by the outbreak of the financial crisis of 2007–2009. However, Mitchell and Netter (1989) argue that the three-day decline preceding the crash was a large enough decline that it became the fundamental news and that shook the market. The theoretical model of Jacklin et al. (1992) (among others) shows how a surprise significant drop in the market could have provided information to the market that would directly lead to a crash. Among all macroeconomic factor stock price movement is also effect by changes in economic environments. CRR (1986) results are tested to see whether the factors priced in the US market are applicable in Turkey stock market, with adding new variable unemployment rate, because we expected a relation with the stock returns. 2.2 THEORETICAL FRAMEWORK Four factors are selected to test the relationships of these factors and stock return. The factors are recession, interest rate, exchange rate and stock price movement. 2.2.1 Recession Recession is one of the macroeconomic factors that effect to the listed company stock return in KLCI. Some of the researcher say that recession have give negative impact to stock return but some researcher found that recession is no relation with stock price. CRR (1986) shown that the tested macroeconomic variables do not affect the share price in the UK stock market. 2.2.2 Exchange Rate. Exchange rate is most been use by investor to do transaction to buy stock in market, because of that exchange rate is consider one of the factors that effect to the stock return. Movements of exchange rate are always a concern for various parties. In international currency markets, exchange rate plays a significant role and the variability of exchange rate, whichever way it sways, tends to give a significant impact on the economy. 2.2.3 Interest Rate. Interest rate also one of the factor that give impact to the stock return because some researcher say that interest rate give negative impact to the stock return. Anthony Kyereboah-Coleman and Kwame F. Agyire-Tettey (2008) mention that there negative real interest rates for extended period. 2.2.4 Stock Price Movement. Stock price move is most related to the stock return because every time changes in stock price effect to the outcome of stock return for investor investment but some of the researcher say that there is no effect on stock return. For example Martinez and Rubio (1989) tested the Spanish market return and they found that there were no significant pricing relationship between stock returns and the macroeconomic variables. 2.3 SUMMARY Literature review is the part where it shows where it show whether the variable will be strongly acceptance or not. From the previous study that has been done it has shown that, most of the variable has its own importance not only in affecting some issue but also in solving it. This literature reviews shows the effect of this study on the stock return as the dependent. It also has many researches done with the difference result. CHAPTER 3 METHODOLOGY AND DATA 3.0 INTRODUCTION This chapter discusses the research methodology used in the study. Methodology is one the important method that had been use to test the hypothesis on this study in order to get the finding at the end of the study. Research design and research methodology is most of the important part for this study since it provide a lot of useful information on how to get the data, how to conduct the survey and provide additional information in order to get better result and finding for this study. This chapter explains how the data for conduct the study is collected and carried out. It also explain on the method that is going to be use to get the finding at the end of the study. It also focus on the data sources, sample involved in the study and the methodology to be use in this study. In this study the variables that had been used was economic recession, exchange rate, interest rate and stock price which collected on the monthly basis for the period of 5 years ended in December 2005 until December 2009. This study consists of 50-industrial product firm and using time series period from 2005 to 2009. Focus for this study was more on the Regression Model analysis to test the finding. Since this study was investigate and identify the relationship between macroeconomic and stock price movement to profitability so using the regression data analysis model had done it for the past 5 years.. There are several key items such as data collection method, sampling frame, sources of data, variables and measurement, research design, theoretical framework, hypothesis statement, data analysis, and treatment which will clarify in detail in this chapter. 3.1 DATA COLLECTION The price indices at monthly frequency are collected for sectors in Bursa Malaysia: industrial product sector. All the closing prices of these sector indices sourced from the secondary data from Thomson Financial DataStream over five-year period from year 2005 to year 2009 (5 years). Meanwhile, for the independent variables of recession rate, exchange rate, interest rate and stock price will be extracted from Thomson Financial DataStream and Bank Negara Malaysia official release. 3.2 SAMPLING FRAME To secure an acceptable result, this study decided to use 50 samples out of all companies that went public and were listed on the second board within year 2005 to 2009. The decision to use this sample was due to the inability to collect more data due to the time constrain during research. Furthermore, this study wants to see the stock return for investor in industrial product sector. And at the same time, it also wants to observe the relationship between recession rate, exchange rate, interest rate and stock price. 3.3 SOURCES OF DATA The selected 50 stock sample being chose from the main board of BM KLCI .The data are collected on monthly actual stock price was collected from the Thomson Financial DataStream, which is provided the information about the companies financial situations over years. Each stock is already being issued from the companies issued until today. These samples were represented by 50 companies from the industrial product sector. 3.4 VARIABLES AND MEASUREMENT There are two types variables has been used in this study there are; the dependent and the independent variables. 3.4.1 Dependent Variables The dependent variable for this study is stock return of each company industrial product sector. 3.4.2 Independent Variables The independent variables will be measured by recession rate, exchange rate, interest rate and stock price. 3.5 RESEARCH DESIGN This research is designed to see the relationship between dependent variable with independent variables. In this study, it analysis in hypotheses testing that will explain the certain significant correlations between KLIBOR and Treasury Bills rates and the stock performance 3.5.1 Purpose of the Study The purpose of this study is to determine the relationship between all the dependent and independent variable. By using descriptive study can know relationship between both of variable. Descriptive study will be able to describe the characteristics of the variable of the situation. By using data from DataStream would be able to compare monthly return for each of the companies. Besides that, this study also can help investor to make decision making and offer the idea for future problem and research. 3.5.2 Types of Investigation The study involved the correlation study types of investigation. The study involves determining the important variable associated with the situation. The important variable is between the recession rate, exchange rate, interest rate and stock price. Correlation studies done in the study are called field studies. This studies will conducted to establish cause and effect to the stock return using the same measurement in the market are called field experiments. The experiment done to establish the cause and affect of the studies so that can make corrective action to make any decision in the investment. 3.5.3 Unit of Analysis In this study, the unit of analysis is group of company and also industry. The group of company that involve fifthly (50) of the properties companies that has been selected in the main board of BM KLCI. The companies selected depend on the year of the companies is establish. The industry that has been selected is recession rate, exchange rate, interest rate and stock price will be compare with the return of each companies return during 5 years. 3.5.4 Time Horizon This study will be use cross-sectional studies to make the research. A study will be done with the monthly data are gathered over five years (5) from year 2005 to 2009, in order to get the result about these studies. 3.6 THEORETICAL FRAMEWORK Research studies indicate that relationship between KLIBOR and Treasury Bills rates and stock performance. Dependent variable: Effect of company Stock Return Independent variables: Recession rate, Exchange rate, Interest rate and Stock Price Movement. Figure 1: Schematic Diagram (Relationship Diagram) Independent Dependent Company Stock return listed in KLCI Stock price movement Interest rate Exchange rate Recession rate According to the schematic diagram above, it can be explaining relationship between stock return with Recession rate, Exchange rate, Interest rate and Stock Price Movement. 3.7 DATA ANALYSIS AND TREATMENT Multiple Linear Regression Model are the statistical tools that been use in this study. This model analysis examine about simultaneous effect between Recession rate, Exchange rate, Interest rate and Stock Price Movement (independent variable) Stock Return (dependent variable) which variable give biggest effect on the dependent variable. Where; Y = Dependent variable which represent Actual Stock Performance = The constant number of equation = Coefficient Beta value = Independent variable which represent Recession rate = Independent variable which represent Exchange rate = Independent variable which represent Interest rate = Error r = (EV – BV) + DIV X 100 BVStock price movement will be measure in Holding Period Return to determine the effect on stock return Where; r = Represent Rate of return EV = Represent Ending Value or end of stock price BV = Represent Beginning Value or beginning of stock price DIV = Represent income or dividend of company 3.8 HYPOTHESIS STATEMENT Some changes will affect the each stock return to the companies. By changing the stock price will affect the return to the companies its self its might be go higher or lower than what it expected will be. To analysis and to test whether this is applicable to the Malaysian Stock Market, the hypothesis has been developing. Hypothesis 1 H0 = Company stock return in industrial product sector outperform than KLCI H1 = Company stock return in industrial product sector underperform than KLCI Hypothesis 2 H0 = Macroeconomic factor does has significant impact in stock return of each company in industrial product sector in KLCI H1 = Macroeconomic factor does not has significant impact in stock return of each industrial product sector in KLCI Hypothesis 3 H0 = Stock price movement does has significant impact in stock return of each industrial product sector in KLCI H1 = Stock price movement does not has significant impact in stock return of each industrial product sector in KLCI SUMMARY This study will be measure according the objective that has been established in earlier chapter. This research can be use to help investors to make the investment decision. Its because this studies focuses on the data from year 2005 until year2009, it will give better overview of each of the properties company in order to take any corrective action in facing the problem and also overcoming the problem in the current situation to make an investment decision. Effect of Macroeconomic on Stock Return Effect of Macroeconomic on Stock Return This research paper is conducted to measure and analyze the effect of macroeconomic on stock return of industrial product sector as compared to performance of Kuala Lumpur Composite Index. Several variables will be used to identify the relationship between the dependant variable which are three pre-specified macroeconomic variables the term structure of recession, interest rate, exchange rate and stock price movement that might give impact to the independent variable which is listed stock of industrial product sectors components in Kuala Lumpur Composite Index. Holding Period Return method will be used to measure the impact dependent variables to independent variable in this research. Secondary data will be used for this research paper, which are about 50 companies in industrial product sectors components that listed in Kuala Lumpur Composite Index; will be acknowledged as the sample for the previous year period from 2005 until 2009 to measure the performance of the sector in economi c condition during the period. It is expected that during the period, the industrial sectors performance that listed in Bursa Malaysia maybe will be affected by the economic condition during the period which will give impact on their stock return. CHAPTER 1 INTRODUCTION 1.0 INTRODUCTION Macroeconomic and stock prices are difficult to predict most of the times. These changes it appears that reflect the shifting demand for that stock or changing facts that it because of expectations of a companys profitability or some of government policy that effect on stock. Therefore, investors speculate how stock are determined most of them will look for to inexpensive share or expensive share with low price earning. Shares in most large established corporations are listed on organized exchanges like the Bursa Malaysia or Shanghai Stock Exchange. Every time a stock is sold, the exchange records the price at which it changes hands. If, a few seconds or minutes later, another trade takes place, the price at which that trade is made becomes the new market price, and so on. Organized exchanges like the Bursa Malaysia will occasionally suspend trading in a stock if the price is excessively volatile and also must legalize trade according their regulation, if there is a severe difference between supply and demand or if they suspect that insiders are intentionally manipulating a stocks price. But in ordinary circumstances, nobody is on purpose to control price. The market price of a stock is basically the price at which a keen buyer and seller agree to trade. Price is volatile when the enormous volumes of stock traders are made awake of professional traders who buy and sell shares each and every one day long. Since these traders do not grab stocks over the long pull, they are not terribly interested in such long-term considerations as a companys profitability or the value of its assets. Or rather, they are interested in such factors mostly trusty as news that would affect a companys long-term prospects might cause other traders to buy the stock, causing its price to raise. If traders believe that others will buy shares, then he/she will buy as well, hoping to sell when the price rises. If others believe the same thing, then the wave of buying pressure will, in fact, cause the price to rise. This trend will continue forever. When we look back to the famous economist John Maynard Keynes which has revealed the economic principle had compared the stock market to a competition then popular in British tabloids, in which rival had to look at photos and choose the faces that other contestants would choose as the prettiest. Each contestant had to look for photos â€Å"likeliest to catch the imagination of the other competitors, all of whom be looking at the difficulty from the same point of observation. similarly, stock traders try to speculation which stocks other traders will buy. The successful trader is the one who anticipates and outfoxes the market, buying prior to a stocks price rises and selling before it falls. 1.0.1 Screening criteria of KLCI Investor can only invest in stocks through a stock exchange, an organized marketplace where stocks are bought and sold under strict rules, regulations and guidelines. KLCI has over 30 listed companies offering a wide range of investment choices to local and global investors. Companies are either listed on Bursa Malaysia Securities Main Market or ACE Market. The Stock Market was created by companies wishing to raise capital for their business. When someone says they have a listed company they indicate listed on Bursa Malaysia. All companies need cash to take advantage of growth opportunities. Many start-up companies however find themselves short of capital to fund expansion. One way to acquire this cash is to publicly float the company. This involves selling part of the company to private individual and institutional investors who are then able to freely exchange these stocks on an open market Most huge matter regarding to the criterias are, high market capitalization on stock itself, it reflects how much share have been issues and its price per share. Blue chip company is resistance to weak market and it has permanently growth for example nestle it has stable growth in term of profit and cash flow. 1.0.2 History of stock Market The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee took over the operations of KLSEB in the same year. The Kuala Lumpur Stock Exchange Berhad was demutualized pursuant to the Demutualization Act and converted into a public company limited by shares on January 5, 2007. Upon the conversion, the organization vested and transferred the securities exchange business to a new wholly-owned subsidiary, Bursa Securities, and became an exchange holding company and were renamed Bursa Malaysia Berhad on April 14, 2007. On 18 March 2005, Bursa Malaysia made its first appearance on the Main Board of Bursa Malaysia Securities Berhad. On 6 July 2009, the Composite Index has been replaced by FTSE Bursa Malaysia KLCI index which reflect the top 30 companies in the exchange. On 4 August 2009, the exchange has combined the main board and the second board into a single market which is called the Main Market. Mesdaq is also renamed into ACE market which provides lower listing requirements. 1.1 BACKGROUND OF STUDY Every time a share in, say, nestle is traded for example, the new price is used to revalue all outstanding shares-just as the value of your home appreciates when the house down the block sells for more than a similar house sold last week. But the value of your home wouldnt be so high if every house on your block were suddenly put up for sale. Similarly, if all ten billion outstanding shares even a small fraction of them-were put up for sale, they wouldnt fetch anywhere near the current market price. (Pirie and Smith, 2003) have say that relationships between accounting information, book values and share prices have significant implications for share prices in Singapore. Foreign exchange rate and interest rate risks are important financial and economic factors affecting the value of common stocks. Research by (King and Wadhwani, 1990) found that the volatility transfer hypothesis suggests that random shocks can induce higher volatility in financial markets and because of contagion effects which are highest in more volatile markets, investors may look abroad to invest in alternative financial assets. This study was aimed to point out whether the stock price behaviors and macroeconomic variables such as foreign exchange rate and interest rate is reflected in listed company stock return in the KLCI or not. Because one of them is accounting factor and other are economic factor. 1.2 PROBLEM STATEMENT The problem studied in this research is about the movement of the stock market and selected individual stock prices for investors usage. Caution should also be exercised in interpreting their results as the period of study includes the 2008 financial crises. It is possible that the severity of the crisis has influenced the statistical results. These papers empirically compares and see the share price of the companies before, during and after the recession and it covers only two macroeconomic factor that have give some effect to the stock return. During this period we will see the flow of the price movement in the market by using fifthly (50) listed company in property sector. Previous studies on stock market by Deshmukh et al (1983) banks can affect their exposure to interest rate and foreign exchange rate changes when they act as financial intermediaries for their clients. As such, their role as financial intermediaries can affect the sensitivity of investor assets and liabilities to interest rate and foreign exchange rate changes 1.3 RESEARCH QUESTION This research is conducted to inquire: 1.3.1 If there any changes of stock return on listed KLCI industrial company effect of macroeconomic? 1.3.2 If there any changes of stock return on listed KLCI industrial company effect of volatile market share price? 1.3.3 Which investment could offer better stock return to investor if using Holding Period Return? 1.4 RESEARCH OBJECTIVES This research is conducted to determine: 1.4.1 Macroeconomic factor have give impact to the stock return. 1.4.2 Changes of share price have give impact to the stock return. 1.4.3 The investment that could offer better performance using Holding Period Return. 1.5 SIGNIFICANCE OF STUDY This research is an observed study upon the macroeconomic factors and changes of stock price that give impact to the stock return of industrial product listed in KLCI. The study is significance for researcher, government and investors. Researchers can be benefit from this study by the information and acknowledge they from the previous to the current and future trend of movement either macroeconomic factors and changes of stock price that give impact to the stock return. As for the government, they can assist in organizing and stabilizing the economy to make the market will always gain some profit to the investors in attract more investment to come to Malaysia. Investors will gain benefit by knowing the current condition of Malaysia stock market as well as the shares before they can invest their pool of money in Malaysia especially in the industrial company. 1.6 SCOPE OF STUDY Macroeconomic and share price is the environment in which all firms operate. The ability to forecast the macroeconomic and share price can translate into spectacular investment performance. Some of the key economic variables are inflation, interest rate and exchange rate. In economics, a recession is a business cycle contraction, a general slowdown in economic activity over a period of time. During recessions, many macroeconomic indicators vary in a similar way. Production as measured by Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation all fall during recessions; while bankruptcies and the unemployment rate rise. Recessions are generally believed to be caused by a widespread drop in spending. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation. High interest rates reduce the present value of future cash flow, thereby reducing the attractiveness of investment opportunities. For these reason, real interest rate are the key determinants of business investment expenditures because sensitive to interest rate affect to interest payment. The foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world. Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates. In the foreign exchange market there is little or no inside information. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time. This study takes place in the subsistence of macroeconomic and changes of stock price in Malaysia as its field is the one to be explored. Moreover 50 listed companies were acknowledged as the sample for the previous five year period. The data of this research will be obtained from DataStream. 1.7 LIMITATION OF STUDY There are several drawbacks in pursuing this research. It includes: 1.7.1 Scope of study The research reference is restricted in the scope of Malaysia due to the field of study. As we know, Malaysia is an emerging country, thus the performance is still not matured compared with the developed countries, like the United States. 1.7.2 Period of the study This study is conducted by using the data from 2005 to 2009. Approximately 50 form 100 companies that listed in Bursa Malaysia, but not all the companies data was provided in that certain period. This constraint is affecting the calculation of portfolio performance. The length of the study also affected this study indirectly. This study used to use five years period of time. The result for five years study would be different if this study managed to use the longer period of time. 1.7.3 Secondary data In this study, we used the secondary data gathered from DataStream, Bursa Malaysia and the other articles references. Some of the data were not up to date to be the good references. For example, when we referred to Bursa Malaysia, some of the data is not currently in use and in DataStream; the problem was some of the data was not available (N/A). It became a limitation to the study because we cannot get the accurate result. 1.8 DEFINITION OF TERMS 1.8.1 KLCI Kuala Lumpur Composite Index or Bursa Malaysia is place where all sector company list their stock to get capital gain from investor that buy their stock. 1.9 SUMMARY There are many reason why this research been conduct but to know the real effect to the stock return many variable been use to meet the objective. For example interest rate, exchange rate, recession and stock price movement is the variables that have effect to the company or investor stock return. CHAPTER 2 LITERATURE REVIEW 2.0 INTRODUCTION Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy, be that a national, regional, or the global economy. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Researcher study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets. 2.1 GENERAL LITERATURE REVIEW 2.1.1 MACROECONOMICS The effect of macroeconomic fundamentals on stock market volatility has generated a lot of interest. Research by Liljeblom and Stenius (1997) find that it is argued that if the value of corporate equity on the whole depends on the health of the economy, then uncertainty in macroeconomic conditions would affect volatility in stock returns assuming consistent discount rates. Studies have also shown that stock market volatility is driven by uncertainty in macroeconomic fundamentals Fama (1981, 1990), Fama and French (1989) and Chen et al. (1986). It is argued that there is an inverse relationship between interest rates and stock returns. Thorbecke (1997) and Smal and de Jager (2001) observe that a reduction in interest rates induces an injection of liquidity into the economy. This extra liquidity could be channeled to the stock market, driving up the demand and prices of stocks. Patelis (1997) notes that interest rate changes are helpful in predicting stock market returns over a long period. Thus, there is evidence to conclude that interest rate policies should also target stock market price movements. Goodfriend (2003) also notes that, since there is no stable correlation between stock-price returns and short-term interest rates, it would be difficult for interest rates to target stock-price changes appropriately. Bernanke and Kuttner (2003) also note that stock markets do not react much to interest rate changes. Throughout the years, the global economy has been transformed from a simplified financial architecture to a complex intertwined set of financial systems. From the Bretton Woods system to the advent of flexible exchange rate systems in 1973 until the present days, the environment of international markets had experienced substantial changes in the form of excessive variability in exchange rates, greater capital mobility and punctuated by a series of financial crises worldwide in recent years. Meese (1990) who studied the currency fluctuations in the post-Bretton Woods era found that the changes of macroeconomic variables alone could not explain major currencies movements. MacDonald and Taylor (1994) however noticed relationships between macroeconomic variables and exchange rate. A recent study by Rapach and Wohar (2002) meanwhile produced mixed results for the monetary model of exchange rate determination. In December, 2007 economic recession that began in the United States spread much of the industrialized world, and has caused a uncertainty of economic activity. This global recession has been taking place in an economic environment characterized by various imbalances and was sparked by the outbreak of the financial crisis of 2007–2009. However, Mitchell and Netter (1989) argue that the three-day decline preceding the crash was a large enough decline that it became the fundamental news and that shook the market. The theoretical model of Jacklin et al. (1992) (among others) shows how a surprise significant drop in the market could have provided information to the market that would directly lead to a crash. Among all macroeconomic factor stock price movement is also effect by changes in economic environments. CRR (1986) results are tested to see whether the factors priced in the US market are applicable in Turkey stock market, with adding new variable unemployment rate, because we expected a relation with the stock returns. 2.2 THEORETICAL FRAMEWORK Four factors are selected to test the relationships of these factors and stock return. The factors are recession, interest rate, exchange rate and stock price movement. 2.2.1 Recession Recession is one of the macroeconomic factors that effect to the listed company stock return in KLCI. Some of the researcher say that recession have give negative impact to stock return but some researcher found that recession is no relation with stock price. CRR (1986) shown that the tested macroeconomic variables do not affect the share price in the UK stock market. 2.2.2 Exchange Rate. Exchange rate is most been use by investor to do transaction to buy stock in market, because of that exchange rate is consider one of the factors that effect to the stock return. Movements of exchange rate are always a concern for various parties. In international currency markets, exchange rate plays a significant role and the variability of exchange rate, whichever way it sways, tends to give a significant impact on the economy. 2.2.3 Interest Rate. Interest rate also one of the factor that give impact to the stock return because some researcher say that interest rate give negative impact to the stock return. Anthony Kyereboah-Coleman and Kwame F. Agyire-Tettey (2008) mention that there negative real interest rates for extended period. 2.2.4 Stock Price Movement. Stock price move is most related to the stock return because every time changes in stock price effect to the outcome of stock return for investor investment but some of the researcher say that there is no effect on stock return. For example Martinez and Rubio (1989) tested the Spanish market return and they found that there were no significant pricing relationship between stock returns and the macroeconomic variables. 2.3 SUMMARY Literature review is the part where it shows where it show whether the variable will be strongly acceptance or not. From the previous study that has been done it has shown that, most of the variable has its own importance not only in affecting some issue but also in solving it. This literature reviews shows the effect of this study on the stock return as the dependent. It also has many researches done with the difference result. CHAPTER 3 METHODOLOGY AND DATA 3.0 INTRODUCTION This chapter discusses the research methodology used in the study. Methodology is one the important method that had been use to test the hypothesis on this study in order to get the finding at the end of the study. Research design and research methodology is most of the important part for this study since it provide a lot of useful information on how to get the data, how to conduct the survey and provide additional information in order to get better result and finding for this study. This chapter explains how the data for conduct the study is collected and carried out. It also explain on the method that is going to be use to get the finding at the end of the study. It also focus on the data sources, sample involved in the study and the methodology to be use in this study. In this study the variables that had been used was economic recession, exchange rate, interest rate and stock price which collected on the monthly basis for the period of 5 years ended in December 2005 until December 2009. This study consists of 50-industrial product firm and using time series period from 2005 to 2009. Focus for this study was more on the Regression Model analysis to test the finding. Since this study was investigate and identify the relationship between macroeconomic and stock price movement to profitability so using the regression data analysis model had done it for the past 5 years.. There are several key items such as data collection method, sampling frame, sources of data, variables and measurement, research design, theoretical framework, hypothesis statement, data analysis, and treatment which will clarify in detail in this chapter. 3.1 DATA COLLECTION The price indices at monthly frequency are collected for sectors in Bursa Malaysia: industrial product sector. All the closing prices of these sector indices sourced from the secondary data from Thomson Financial DataStream over five-year period from year 2005 to year 2009 (5 years). Meanwhile, for the independent variables of recession rate, exchange rate, interest rate and stock price will be extracted from Thomson Financial DataStream and Bank Negara Malaysia official release. 3.2 SAMPLING FRAME To secure an acceptable result, this study decided to use 50 samples out of all companies that went public and were listed on the second board within year 2005 to 2009. The decision to use this sample was due to the inability to collect more data due to the time constrain during research. Furthermore, this study wants to see the stock return for investor in industrial product sector. And at the same time, it also wants to observe the relationship between recession rate, exchange rate, interest rate and stock price. 3.3 SOURCES OF DATA The selected 50 stock sample being chose from the main board of BM KLCI .The data are collected on monthly actual stock price was collected from the Thomson Financial DataStream, which is provided the information about the companies financial situations over years. Each stock is already being issued from the companies issued until today. These samples were represented by 50 companies from the industrial product sector. 3.4 VARIABLES AND MEASUREMENT There are two types variables has been used in this study there are; the dependent and the independent variables. 3.4.1 Dependent Variables The dependent variable for this study is stock return of each company industrial product sector. 3.4.2 Independent Variables The independent variables will be measured by recession rate, exchange rate, interest rate and stock price. 3.5 RESEARCH DESIGN This research is designed to see the relationship between dependent variable with independent variables. In this study, it analysis in hypotheses testing that will explain the certain significant correlations between KLIBOR and Treasury Bills rates and the stock performance 3.5.1 Purpose of the Study The purpose of this study is to determine the relationship between all the dependent and independent variable. By using descriptive study can know relationship between both of variable. Descriptive study will be able to describe the characteristics of the variable of the situation. By using data from DataStream would be able to compare monthly return for each of the companies. Besides that, this study also can help investor to make decision making and offer the idea for future problem and research. 3.5.2 Types of Investigation The study involved the correlation study types of investigation. The study involves determining the important variable associated with the situation. The important variable is between the recession rate, exchange rate, interest rate and stock price. Correlation studies done in the study are called field studies. This studies will conducted to establish cause and effect to the stock return using the same measurement in the market are called field experiments. The experiment done to establish the cause and affect of the studies so that can make corrective action to make any decision in the investment. 3.5.3 Unit of Analysis In this study, the unit of analysis is group of company and also industry. The group of company that involve fifthly (50) of the properties companies that has been selected in the main board of BM KLCI. The companies selected depend on the year of the companies is establish. The industry that has been selected is recession rate, exchange rate, interest rate and stock price will be compare with the return of each companies return during 5 years. 3.5.4 Time Horizon This study will be use cross-sectional studies to make the research. A study will be done with the monthly data are gathered over five years (5) from year 2005 to 2009, in order to get the result about these studies. 3.6 THEORETICAL FRAMEWORK Research studies indicate that relationship between KLIBOR and Treasury Bills rates and stock performance. Dependent variable: Effect of company Stock Return Independent variables: Recession rate, Exchange rate, Interest rate and Stock Price Movement. Figure 1: Schematic Diagram (Relationship Diagram) Independent Dependent Company Stock return listed in KLCI Stock price movement Interest rate Exchange rate Recession rate According to the schematic diagram above, it can be explaining relationship between stock return with Recession rate, Exchange rate, Interest rate and Stock Price Movement. 3.7 DATA ANALYSIS AND TREATMENT Multiple Linear Regression Model are the statistical tools that been use in this study. This model analysis examine about simultaneous effect between Recession rate, Exchange rate, Interest rate and Stock Price Movement (independent variable) Stock Return (dependent variable) which variable give biggest effect on the dependent variable. Where; Y = Dependent variable which represent Actual Stock Performance = The constant number of equation = Coefficient Beta value = Independent variable which represent Recession rate = Independent variable which represent Exchange rate = Independent variable which represent Interest rate = Error r = (EV – BV) + DIV X 100 BVStock price movement will be measure in Holding Period Return to determine the effect on stock return Where; r = Represent Rate of return EV = Represent Ending Value or end of stock price BV = Represent Beginning Value or beginning of stock price DIV = Represent income or dividend of company 3.8 HYPOTHESIS STATEMENT Some changes will affect the each stock return to the companies. By changing the stock price will affect the return to the companies its self its might be go higher or lower than what it expected will be. To analysis and to test whether this is applicable to the Malaysian Stock Market, the hypothesis has been developing. Hypothesis 1 H0 = Company stock return in industrial product sector outperform than KLCI H1 = Company stock return in industrial product sector underperform than KLCI Hypothesis 2 H0 = Macroeconomic factor does has significant impact in stock return of each company in industrial product sector in KLCI H1 = Macroeconomic factor does not has significant impact in stock return of each industrial product sector in KLCI Hypothesis 3 H0 = Stock price movement does has significant impact in stock return of each industrial product sector in KLCI H1 = Stock price movement does not has significant impact in stock return of each industrial product sector in KLCI SUMMARY This study will be measure according the objective that has been established in earlier chapter. This research can be use to help investors to make the investment decision. Its because this studies focuses on the data from year 2005 until year2009, it will give better overview of each of the properties company in order to take any corrective action in facing the problem and also overcoming the problem in the current situation to make an investment decision.