Management Research-Survival of Restaurant Industry in Recession - Free Essay Example

Sample details Pages: 16 Words: 4743 Downloads: 1 Date added: 2017/09/11 Category Advertising Essay Did you like this example? Will Restaurant industry survive with current Economic Recession In United Kingdom? † â€Å"As Budget hits Recession †¦Bucks are in congestion†¦Belly’s locked its Dine-out fun! † INTRODUCTION This economic downfall is a shock for the people who are up in the profit ladder, challenge for the owners in the middle and caution for the starters about to climb. This economic downfall though had swallowed profits and credits of various fields. It has feed numerous profit counts for the media, as it is the seasonal hit topic for them to deal with, to give news and earn quid out of it. The Restaurants so called the ever green Industry is now facing the spring, losing its greens in fall. The fast food restaurants under the shade faced no pain while the fine dining faces quake in their quid’s. The restaurants to survive are not an impossible deal but a challenging issue which could healthily survive following the balancing factors and basic techniques. Don’t waste time! Our writers will create an original "Management Research-Survival of Restaurant Industry in Recession" essay for you Create order IS YOUR MENU AFFORDABLE OR OFFENDABLE? To hit your target, the restaurant Owner must ever plan the cost line to be fair and which is normally 60 to 70 percent of the revenue in total which includes the wages, food and beverage cost, expenses, insurance, electricity, utilities and the monthly bills. To take a keen look at controlling the food costs, a key technique can be used with other utilizing factors known as Menu Engineering. It is nothing but planning, choosing, listing, pricing and appraising the menu sheet. Michael L, Donald I ,1982) The regular formula of ingredients cost price being the quotient when divided by the menu price is followed is continuity basis. But menu price lesser than the food cost is the menu planning methodology which contributes a margin to the food cost. Listing the menu based on its popularity and pricing it parallel to its demand will equally help for uplift. .( Michael L, Donald I,1982) To evaluate the items sold with periodic maintenance of account will work more for profit. Thus to organize the menu affordable both y customers and the owners profit properly is the hit list menu. MERCHANDISE FROM INTERIOR The highly effective marketing is nothing but impressing the guests in to your restaurant. The hospitality and timely attention with delightful recipes would not only enhance them but also let to welcome them again with other customers to whom the restaurant was being recommended. This real customer attraction tactics will deeply assist for the food concern’s profit. To retain the customer is less consuming than to expect new customers which would be obvious, if the regular are retained. The conservative ideas of the presentation, recipe and in decoration will win the profit race. (John F, 1997) Invite, Impress the new guests, introduce your elements and concept of the food menu u provide. Get noted with the impressed consumers and welcome them more warm , when they retain and please serve them with privilege and initiate for your delicacies for their choice. For a long term commitment, a greet note in mail for their special days would enhance them and retain them with more customers as well. Conduct, food festivals, discount combos, delights by upgrading the trend and season equivalent to the audience majority of food choice . Before the food service begins, just a piece of note about your restaurant built and thought history, facts about the food served, which would explain the calories that is contained and how healthy the food is, which will obviously please the customers. (Michael F Jayne G , 2002) A crayon and paper for the accompanying kid which will make them adore awaiting for their dinner rather than getting bored. RECESSION IMPACT ON RESTAURANTS In 1000 people survey 27 percent confirmed that their first wind up in spend list is the restaurants and dine outs. The French restaurants in Europe has mainly dropped fall up to 50%and Traditional restaurants turnover has fallen to half of usual. Recession report says about 64% of British are now less likely to drink and eat out. 46% have cut back on the amount they tip during dine out. The other massive pull back now is horizon of Swine Flu. This wide spread influenza has influenced people to get locked at home . The pubs and night restaurants have become insolvent and hits closures by next year. The food chains serving at or below 5 quid’s and margin based restaurants could cope up with the economic down fall; the main fall target hooked the high profit class restaurants. Thus the economic recession hits great offers for the dine outs, like fine dinning for free, have 3 course menu and pay just for starter, etc. leading celebrity chefs are forced to close few of their resta urant branches due to credit down economy. While the restaurants tends to lose staffs, loss in run fast foods like MC DONALD, KFC, DOMINO’S PIZZA have seen more percent profit and recruits more jobs for their branches. Thus the restaurants choices are arbitrary and majority people shift to fast food huts from 3 course high delights. ( Fred,1994) This credit crunch has made the labor and employment issues like wages, scheduling, health costs, low tips etc to deal tough. Though among 150 London restaurants for Business Link’s monthly Restaurant Barometer, 40 per cent of the capital’s businesses reported an increase in like custom and profits from April to June this year. Some all time elements and recession hazards leads the restaurant market down. Economic influences are the favorable long-term trends towards greater eating out activity will drive renewed market growth. (Sally, Lyndon, 1994) There will be a recessionary legacy related to customer value expectations, but issues around customer experience, convenience, healthier eating, provenance and sustainability will inevitably work their way back up the agendas of both consumers and management. RECESSION FACED IS WORSE THAN NINETIES Now London is passing the eighteen month credit crunch phase which is a lot deeper and longer than it was before and in the other areas. According to the research done by the central economy and business. it is found that the credit crunch has shrunk the capital more as London is the city where all hooks depend and so the economic fall is worse than the nineties. This credit quake forced lots of job lost individuals, which the research says would even increase further, and the financial downfall has drastically affected restaurants and pubs leaving empty in lunch time and some even closed in loss. Thus the research, report, survey all submits and admits that the economic fall will rise up slow but will recover in to gear while the capital welcomes Olympic in 2012 positively. FEARSOME DINERS CAUSED BY RECESSION The economic situation has made most of the customers planed for less spending for the future safety. By the market analysts report, it is found that the two third of the public cut out dinning and half are personally affected. A substantial 3 in 10 adults have trimmed out their dine outs mainly because of the fear of recession and not for that they have to do so. The consumer research repots that more than the really economic suffer the recession phobia has spread overall which stimulated brakes in dine out. The credit crunch has developed adapting, spending behavior if or not it is required. The consumers percentage of dine out has decreased in one side but also we could find pub drinks and dine lights still popular in the dinning sector with 7. 6 billon sales in 2008. It is also analyzed that the dine out circle in UK was valued up to 31. 1 billion in 2008 with an average of 10 pound per week by a consumer. The half of the adults still remains same in their pub drinks and dines outs in regular basis. Thus it reveals to rediscover the offer of the pubs. Though the economic flash out didn’t make the pubs houseful and it stays as the final option for the adults, they find value of it even if rare. Safe spending and knock for bucks is the challenging requirement for the consumers by the industry and government. INDIAN MEALS BEATS UP CREDIT CRUNCH Indian restaurants Industry was too shot by the recession, but still people get enhanced by the spicy curry and cheap ready meals which vanish soon in supermarkets. The people’s visit count to Indian restaurants may have reduced but the switch over of ready meal supply by the entrepreneurs have been soar and also struggled to meet the demand. The ready meals from stores and take away are far cheap and convenient than price dragging restaurant dishes. The loss in restaurants is found directly proportional to the gain in ready meal suppliers, caterers. In this current down in market, Indian ready meal owners do have found gain and demand in their new launched product. The Restaurant Managers say that they offer catering service and food meal supply to church weddings and celebration party which do give them profit and The ready meal companies submit positive growth and gain in the ready meal market which a prominent achievement in meeting the demand of supply. Icon group,2006 –2011) Two years old â€Å"The Tiffin Food â€Å"company in Leicester which was awarded as the best Asian restaurant by the Rutland and Leicestershire Restaurant Awards, utilize recipes and ingredients in a Tiffin restaurant. FOOD COST QUOTATION The food costing plays major role in the restaurant industry. The food cost quotation is explained as the detailed calculation prepared with each and every ingredients cost price, labour charges and other basic strategy to fix the final price of the product with a profit margin. The owners/managers tend to manage their profit line proportionate to the food cost planning theoretically and practically. They take guts to price up for their signature dishes which are quality assured. But now in the period of recession it is must to check their price line for the customer support. As pricing the item with a profit analysing cost of its ingredients, it is a tricky issue and main factor of this industry. The main factor which enables the chain restaurants jump up in profits and have sustainable success is portion control of the menu. They are specific in execution of food quantity and quality of each recipe. The proportioned food items and equal amount food service will benefit the restaurant from food wastage and labour charges. The numbering and appealing quantity of food will include raise in profit percentage. The seasonal menu will too help in costing the food and profit count. The menu to consumers taste, trend and seasonal ingredients incorporating in several dishes with unique twist which emboss the meal from other restaurants hooks the consumers. To use local farm products and fresh vegetables and creating less expensive menu will beat the competitive restaurants. The best price structure should be with the certain factors such as ingredients cost, value of the meal, recipe costs and other variable cost will succeed. (Bernard , 2008). Food Hygiene The best food hygiene in the restaurant is the predominant factor of consumer’s satisfaction and long validity of success. The reuse of left out meal and reheated meal may display gain for the day but would sink the customer count. To maintain a proper hygiene scrubbing, cleaning, wash up, safe hands, regular table wipe up must be set mandatory and the employees must be strictly trained to follow the hygiene factors. To launch a basic simple savoury shop or brand restaurant food hygiene certificate must be issued and it has to be valid with good conduct. The basic practical sense to fill the random hygiene requirements such as maintaining a clean domestic kitchen, regular cleaning of lavatory, napkin and towel change, floor mop etc creates more comfort to the customers. The temperature control in freezer and food storage plays major role as the carelessness in storage will spoil the entire meal and storage. These hygiene factors followed in routine and supervised by the owner will help to maintain the sustainability of success. The recession makes many aspects of the restaurant industry flexible and insist menu and cost modulation but the main only success factor which has to have no compromise is food hygiene. This increase the resistance of consumers and profit stability of the restaurant. RESTAURANT ROOT FACTORS For stabilising in the industry each must be certain with the tactics of the industry and mainly the restaurant marketing which would only turn the restaurant in to business. The successful components to win the marketing strategy is such that of following specific basic ideals in a planned manner. Branding, Positioning, Due diligence, Training, Menu mixture. Branding is nothing but a promise assured to the consumers and properly executed by the concern. It is not a recognition of the logo by the customers, but brand is to fill the gap between the advertised promise and the product or menu given as per guaranteed. This will root us in industry for a long lasting period. (Bernard , 2008) Positioning is another major component which deserve for the betterment of the restaurant. It is to analyse the customer standard and expectations and provide them the choice of their budget. The USP so called unique selling proportion is to be followed in this field to last and to win the competitive market. To provide the best to both cheap and high choice attaining full satisfaction to the customers will keep your restaurant standard. Due diligence is to know all the required factors such as competitive restaurant, financial output and input, sales under progress, marketing backup, internal consumers and customers need and so on this at a regular basis will help improve the restaurant in a early period. Training is interconnected with other main sources such as operation, management and resources. Beyond the employee orientation and customer service. The training process should be under progress such that it meets and beats the competitive features and current need by the customers, the training must deeply involve with patience, listening, face charm, attentiveness, appearance, hygiene and hospitality. (john R, 2007) To impress the customers for the first time, always it is high costing for the launchers for building their stability in the industry, The trial customers will mainly concentrate on the quality and cost of the food and the service they provide for their leisure eating. Then the other next issue is to increase the frequency of the customers. To increase the income and frequency of the existing customers it is must to maintain loyalty and give privilege and standard quality meal each time and innovative ideas of change in interior, food festive, offer meals will help for that. The exemption you provide in your bill positively will enthusiast the customers more like, free meal for the driver if they set party at the restaurant. Meal vouchers and other innovative ideas will help improve the income. To allocate the percentage of income in advertising and marketing will play main role in the industry to sustain longer. To increase attraction in sales and marketing of the restaurant keys such as creating and designing a website with attractive factors, distribution of brochures and literatures with price discount and seasonal menu, to build and gain a good reputation among the public, unique selling proposition USP of the restaurant etc will make the restaurant more profitable and success oriented. The main concentration in attracting the customers is mostly held on every restaurant but the more observation and concentration inside the restaurants will be the root to success. Those are the basic factors such as recruiting the skilled staffs, choosing the innovative and well talented chef , appointing the right candidate with leadership qualities and situation handling techniques as manager, Accounting the profit and balance sheet perfectly, to maintain the comfortable, hygienic atmosphere for the customers and delivering the tasty and quality food. Thus the typical restaurants can set up to 6% for the marketing and time of opening and closing the restaurants with consumer’s convenience in mind will help for better success. The more working hours for weekends, less likely on the bland days with take away options will also balance labour cost and increase the income of the restaurant. (Bernard , 2008). FINANCIAL HAZARDS The financial input and output maintained balancing other betterment criteria will definitely improve the restaurant. The main financial hazards of the restaurant which drag back the restaurant from growth financially are as follows. Mismanagement, Bland supervision, Negligence in hygiene, Non implementation of organized accounting system, expenses of operation greater when compared to gross sales, Non updating of new items, Menu list not being costed properly or not documented regularly, Level of food and beverage not being accounted or cost accuracy with controversy in accounting tally conclusion. Financial output and input data with proper review not been collected at regular intervals. Financial input being inaccurate. The liabilities which are comparatively higher than the assets which will be hurdle to pay the future bills. Inability in current cash note which set the owner to rely on online bank balance. Misunderstanding and lack of involvement is analysing the financial statements such as balance sheet, profit loss statement, variable costs, fixed costs, expenditure of the month and full financial data properly. (Douglas, 2003) The new innovative ideas such as voucher meals, free single course meal, offer price cuts and so on will not only add income to your account but also proper accounting and upgrading specification of each offer to the system, so as to maintain proper accounting format. With competitive features in mind, Introducing new combo deals and recipes meeting the restaurant budget must be planned financially before execution. (Bernard , 2008). If these basic hazards perception is succeeded then it will be a positive increase to maximise the marketing and quid. ALIGN BASEMENT TO BEGIN BETTERMENT Restaurants are now in vein to hit profit due to the economy. Even the profit stabled restaurants are now couldn’t cope balanced and many are just opened for the status they reached. So in this hectic situation to recall the basic techniques follow the formulas to build betterment in the base line will drag the profit in. Presence and Awareness of the Owner: The Owner’s absence is always an advantage for the workers unless an exemption, the degree of work quality and speed will always be up in the owner’s presence. Not only is the presence required but also the awareness towards the customers need and satisfaction. To let the workers know that you are aware of the standard food quality, perfection and serving the consumers up to their expectation ever. Forecasting and Maintaining Daily Figures: To beat the best restaurants, it is necessary to know the monthly, weekly, daily figures and fortnight graph to reach the profit goal fast, have proper regular list of the meal counts, wages, variable and fixed cost, to analyse the requirements and put periodic new counts to improve and always let the employees know that u give them full support but not lenient towards the business. Consumers are the Pillars: The credit crunch has not only made the consumers look for a great service and quality food but also a value meal and cost cut meal deals. As per the proverb â€Å"First impression is the best impression† it is always must to keep in mind that to meet regular profit input we must have regular customers in, so its is basic to keep customers satisfied and comfortable always and never let them to get bad impression towards the restaurant or the service. The service with charm in face, attentive behaviour with politeness and patience, best food with better presentation will all help you attract the consumers. Advertise to Reach: From special diner delights, credit crunch value meals, food festive and so on will put you in quotation at daily papers which gives great publicity. Put extra amount during season to reach and keep customers standard and stable. Be flexible and appreciative towards the change in interior and menu which meets the trend and audience requirement. The website designed for the restaurant which covers all the necessary details to book, contact and choose from your restaurant will let public reach you soon. (Michael F, Jayne G, 2002) INAGURATE A NEW RESTAURANT IN CREDIT CRUNCH New Restaurants are opened with innovative menus in this steep economic downfall in Northern Ireland. But How? This remains as finger crossed questions to many. The Tim Boner, Manager of the newly opened Cocos in Belfast Answers its all about pricing the menu right. By analysing the high end restaurants hit, they re modelled, renovated, and re launched it with cheap cost menu which works well. They find subsequent growth and gain even in this recession time and that matters and becomes possible only with a policy of good service, good quality and good price meals. â€Å"Today is never late than Tomorrow† is a old saying, so to execute the restaurant launch during recession is not a bad choice because successful firm can sustain anywhere and anytime. Thus utilizing the media, brochure distribution, website and adverts restaurant launch can be made to reach the people and will be key to promote sales as well, Introduce recipe choice, introduction discount offers, atmospheric comfort, feedback receiving etc to create good impact about the new restaurant among the public. The calculative and practical business plan which is well executed will definitely succeed in any circumstance. The Manager of the credit gained restaurants says that â€Å"if the Formula is False, The failure is sure even if no crunch in credit economy. The phobia of recession was a hit as the failing people fail faster and find a reason for it . But yet for achievers it is obviously a mile stone and bonus pride when succeeded. The Restaurants are now found rock and roll, closing down often with out realising the tip that spending more time and mind would give them gain. Scheduling and dedicating more will definitely bring in money says the Orchard County-based chef. ELEMENTS OF FAILURE ?Lack of documented strategy; only informal or orally communication of mission and vision; lack of organizational culture fostering success characteristics. Inability or unwillingness to establish and formalize operational standards; seat-of-the-pants management. ?Frequent critical incidents; managing operations by â€Å"putting out fires† appears to be a common practice. ?Focusing on one aspect of the business at the expense of the others. ?Poor choice of location. ?Lack of match between restaurant concept and location. ?Lack of sufficient st art up capital or operational capital. ?Lack of business experience or knowledge of restaurant operations. ?Poor communication with consumers. ?Negative consumer perception of value; price and product must match. For ethnic restaurants, loss of authenticity; for all restaurants, loss of conceptual integrity. ?Becoming everything to everyone; failure of differentiation or distinctiveness. ?Underestimating the competition. ?Lack of owner commitment due to family demands, such as illness or emotional problems. ?Lack of operational performance evaluation systems. ?Frequent changes in management and diverse views of the mission, vision, and objectives. ?Tardy establishment of vision and mission statements of the business; failure to integrate vision and mission into the operation; lack of commitment in management or employee ranks. Failure to maintain management flexibility and innovation. ?No controllable, external factors, such as fires, changing demographic trends, legislation, econom y, and social and cultural changes. ?Entrepreneurial incompetence; inability to operate as or recruit professional managers(Bernard,2008) QUESTIONARE 1. Have you cut down eating in restaurant due to recession? 2. If yes what is the percentage of reduction? 3. Will Home Delivery services increase your order to Restaurants? 4. Do you think a price cut in Restaurant food may improve your Restaurant Visits? 5. Do you order food based on special offer or choice of item? . Do you like to remind you about the Menus and special Menus for your weekend order? 7. Are you interested in us to cook your choice of food on your behalf and do door delivery? 8. Are you interested in cheaper food to manage the recession? 9. If you would like to reduce the transport cost due to recession, do you prefer restaurants to deliver and serve food at your garden? KEYS FOR RESTAURANTS TO REFRESH IN RECESSION To avoid the fall off in Recession t-tsunami†¦Restaurants can switch to pliability in price list an d use magnetic key lines for customer allurement and let the concurrence of the team lay stagnant. Sketch competitive bullets to hit the profit with no pain for consumers’ wallets†¦ PLIABILITY ?To invigorate the price sensitive customers, design a make over menu with discount combo meals, cost cuts in dishes, family meal deals, Price cut in Take Away,. ?To induce the demand always maintains quality and best taste which competes the best standard in the restaurant market. ?To keep the customers flooding in, introduce free meal next visit vouchers for family dinner or party and free desert or starter for a plural combo and such innovations beating the restaurants budget. CONCURRENCE OF THE TEAM To keep your restaurants name as first ever choice, BOLD you in ads utilizing the public relations, magazines and medias, create a attractive website to reach public ? Let the team of the restaurant be chained and very cooperative in a way that every ones uplifting ideas shall be considered, ? Chef shall improve in presentation, taste and create new recipes, make signature special delights to welcome the customers again, ? Waiters shall express more hospitality and design appealing tables, ? Provide warm welcome with traditional or trendy touch relevant to customer’s choice. Store keeping must be modified and sketched according to the menu and demand. ?Make creation and innovation in the restaurants outlook which matches the region of the menu. (Bernard, 2008) TIPS FOR RESTAURANT TOPUP ?Healthy skepticism in choosing the staffs, reducing the working hours instead of winding up the staffs will avoid acrimony and develop a positive work atmosphere. ?Brochures with cook tips and recipes with a health note to the customers will gain more appeal. ?Entertainment features like music, Lcd TV, will make the dine more lively ? Play corner with toys equipped for kids will comfort and relax the family ? Lucky dip coupons for each bill with winning price of family free dinner or tour trip would drag in the public ? If there is a break down in kitchen wares, try to repair than replacing. ?Improvising the customer service with more privileges and patience ? Home delivery for low price will help to lift profit ?Conduct food festivals of different regions and prepare delicacies. ?Feed back from the customers could help improvise the service(Douglas, 2003) ELEMENTS OF SUCCESS ?Have a distinctive concept that has been well researched. ?Ensure that all decisions make long-term economic sense. Adapt desirable technologies, especially for record keeping and tracking customers. ?Educate managers through continuing education at trade shows and workshops. An environment that Fosters professional growth has better productivity. ?Effectively and regularly communicate values and objectives to employees. ?Maintain a clear vision, mission, and operation strategies, but be willing to amend strategies as the situation changes. ?Create a cost-conscious culture, which includes stringent record keeping. ?Focus on one concentrated theme and develop it well. Be willing to make a substantial time commitment both to the restaurant and to family ? Create and build a positive organization culture through consistent management. ?Maintain managerial flexibility. ?Choose the location carefully, although having a good location seems to be more a moderating variable than a mediating (causal) variable in restaurant viability. REFERENCE †¢Menu engineering: a practical guide to menu analysis Michael L. Kasavana, Donald I. Smith ,(1982). †¢Color in interior design , John F. Pile (1997) †¢Restaurant confidential: the shocking truth about what youre really eating , Michael F. Jacobson, Jayne G. Hurley (2002) †¢The marketing casebook: cases and concepts? , Sally Dibb, Lyndon Simkin Business Economics 1994 †¢Restaurants, clubs bars: planning, design and investment for food service Facilities, Fred Lawson – 1994 †¢The 2006-2011 World Outlook for Indian Ready Meals By Icon Group International, Inc. Staff †¢Food and beverage management, Bernard Davis, edition 4, 2008. †¢The restaurant: from concept to operation, John R. Walker, Edition – 5, 2007. †¢The restaurant managers handbook: how to set up, operate, and manage a restaurant, Douglas Robert Brown, Edition – 3, 2003. www. eatoutmagazine. co. uk †¢www. ausfoodnews. com †¢www. restaurant-hospitality. com †¢www. scribd. com †¢www. caterersearch. com †¢www. eatout. com CONCLUSION Our study indicates that Attributes such as restaurant density, firm size, and managerial characteristics are important to success. The Owner-Manager must have the requisite skills to run a restaurant. While the restaurateur should plan carefully in growing the business. To Plan the situation matters than to blame the situation. The Restaurant failure rate is affected more by internal factors than by external factors, although both apply.

Job Analysis For A Customer Service Representative

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Disclosures to Beat Earnings Benchmarks †MyAssignmenthelp.com

Question: Discuss about the Disclosures to Beat Earnings Benchmarks. Answer: Introduction The Generally Accepted Accounting Principles had been developed by the Financial Accounting Standards Board for the purpose of standardizing the process of financial reporting by the providence of formats and rules and is essentially carried out for facilitating of the financial position of an organization by the creditors and investors. The utilization of the Generally Accepted Accounting Principles method of earning facilitates the reflection of the fair image of the business entity. Moreover, the annual reports of the different business entities that have been prepared on the basis of the GAAP can be reliably compared and analyzed. The NonGAAP earnings on the other hand, refers to the accounting regulation that has been utilized by the corporate entities for the purpose of displaying their own accounting figures. Such an accounting regulation is also legally supported as long as these accounting treatments have been disclosed as Non-GAAP in the annual report of the company and the providence of the reconciliation is carried out between the adjusted and regular results. This particular study aims to focus on the difference between the GAAP and the Non-GAAP earnings. Moreover, the organizations that have been further selected for the better understanding of the research study are the Quantas Airways Limited and Star Entertainment Group Limited. These examples of the corporate entities have been utilized for the purpose of developing the particular research proposal that whether the accounting regulation of GAAP earnings are more useful in comparison to the Non-GAAP earnings. The first company that has been selected for the purpose of the study is the Quantas Airways Limited that has been a domestic and international airline service provider. This airline service provider has been operating globally and is based out of Australia. The profitability graph of the selected company has gone through regular crests and troughs until the financial year of 2016. Star Entertainment Group Limited The Star Entertainment Group Limited has been one of the largest entertainment and gaming groups on Australia. The Star Entertainment Group Limited has essentially been a corporate entity that has demerged from the parent entity in June 2011. The initial name of the corporate entity had been Echo Entertainment Group Limited. The demerger from the parent entity resulted in the occupying of the casinos business and from November 2015, the parent entity came to be known as Star Entertainment Group Limited. The Star Entertainment Group Limited has been listed under the top 100 listed corporate entities of Australia and operates under three major hotels and casinos of Australia namely Treasury Casino and Hotel in Brisbane, The Star Gold Coast on the Gold Coast and The Star, Sydney. The net profit that has been derived by the firm for the financial year of 2017 revolves around the figure of $264.4 million. The particular distinction between the corporate entities utilizing the particular mode of accounting regulations is that Quantas Airways does utilize the Non-GAAP methods while the corporate entity of Star Entertainment Group Limited utilizes the GAAP earning method. The particular rationale that has been provided by the executives of the particular airlines entity is that the utilization of the non-statutory metrics for the purpose of preparation of the financial statements have resulted in the resolving of the particular issues like the arrival at the adjusted underlying profit and is generally higher than the reported number that is arrived at, by utilizing GAAP. The management of the corporate entity further claims that the utilization of the Non-GAAP standards that is non-regulated and the non-audited standards have been more informative and reflective in nature (Baginski caes et al 2016). On the other hand, the firm utilizing the traditional process of accounting that is the generally accepted accounting principles, have to go through a defined and detailed guideline of accounting standards for the purpose of preparing the financial statements. The reflection of the performance of the corporate entity is better reflected by the provision of the regulatory guidelines that has been established by the regulatory bodies in Australia. The Star Entertainment group has been utilizing the generally accepted accounting principles for the preparation of the financial statements. The management of the corporate entity has been of the opinion that the utilization of the accounting regulatory principles as prescribed by the regulatory bodies like the Australian Accounting Standards Board not only results in the preparation of the accounting statements that reflect a fair view of the financial position of the company but also help the firm to acquire the trust of the stakeholders t hus increasing the number of potential shareholders of the firm. This can be further explained with the help of the fact that the preparation of the accounting statement on the basis of the prescribed accounting framework provides the stakeholders of the firm with the required level of trust and confidence in the financial position of the firm as they are aware of the particular guidelines that have been followed in regards to the preparation of the accounting statements (Baginski caes et al 2016). GAAP earnings and Non-GAAP earnings The generally accepted accounting principles effectively reflect standards, regulations and rules that have been utilized by the standard setters for the purpose of governing the accounting practices and the preparation of the financial statements. The generally accepted accounting principles can be summarized as a set of accounting regulations that have been established for the purpose of financial reporting. These principles ensure the fundamental features of the books of accounts that are transparency, reliability and consistency. It can be further stated that GAAP imposes a certain degree of uniformity in the financial reporting. The utilization of the GAAP framework also ensures or facilitates the feature of comparability of the accounting statements (Bentley caes et al 2016). The particular figure that has been demonstrated above show the percentage in regards to the number of firms that utilize the Non-GAAP earnings method in the preparation of the financial statements. Furthermore, these are among the top 500 ASX listed firms. It can be observed that the percentage has declined in 2014. However, it must be noted here that the particular feature of GAAP imposing a degree of uniformity over financial reporting has resulted in the negative effect over the corporations especially with substantial heterogeneity of economic and activities and the essential operations of business. This is because the earnings that are reported by these corporate entities in regards to the accounting system might fail to provide a reflection at the right time in regards to the underlying operating performance of the firm. Therefore, this has been the major reason behind the firms switching from GAAP to non-GAAP earnings mode (Bentley caes et al 2016). The other reasons that can be cited behind the prevalence of the Non-GAAP earnings are that the firms, which are featured with low GAAP earnings, reflect less profit when utilizing the GAAP earnings method. Moreover, when the GAAP earnings are less relevant in regards to the value and where there has been a history of prior losses (Christensen caes et al., 2017). However, this particular trend had been observed by the accounting regulatory bodies and the required amendments had been carried out by the regulatory bodies in Australia in order to increase the number of the firms adopting the generally accepted accounting principles or the particular standards that have been established by the Australian Accounting Standards Board in the reflection of the same. This can be further evidenced by the fact that particular reporting standards like the AASB 1018. Moreover, the particular announcement that the all publicly listed Australian companies will be mandatorily required to adopt the Australian standards equivalent to the International Financial Reporting Standards (Christensen caes et al., 2017). The above graph depicts the firms providing proper disclosures for utilizing the Non-GAAP disclosure method. It must be noted here that the companies have been categorized on the basis of their industries. In contrast to the GAAP reporting, the non-GAAP disclosures in the country of Australia have been largely unregulated in nature. A major reason behind this has been that the accounting standards and the Corporations Act do not necessarily restrict the presentation of the non-GAAP disclosures in the financial report of the organizations (Parrino 2016). The feature of no restriction is a potential loophole that is utilized by firms for the purpose of preparing the financial report on the basis of Non-GAAP earning method. The regulators like the ASIC has mandated the adoption of the GAAP regulatory standards for the purpose of the preparation of the accounting statements. The above figure shows the mean and the median in regards to the GAAP and Non-GAAP earnings. Moreover, potential concerns were raised in regards to the Non-GAAP reporting when the particular scandal in relation to the corporate entities of Enron and WorldCom scandals came into the light. Therefore, it can be evidently concluded that the preparation of the financial statements on the basis of GAAP reporting is expected to be carried out by the financial entities (Parrino 2016). It can also be stated that the importance of accounting disclosures that form an essential part of the GAAP regulations play a major role in helping the stakeholders and the third party investors to take the important economic decisions. This is because the accounting disclosures facilitate the true and fair view of the financial report of the corporate entity. This is not guaranteed by the non-GAAP earnings regulatory method. This research study has been based upon secondary information that has been collected from different financial documents and academic journals. Therefore, the particular method that has been utilized for the purpose of conducting the required research in this particular study is that a number of academic journal articles have been referred to and other related financial or documents related to accounting have been considered. It must be noted here that the nature of the data that has been collected for this particular study is secondary in nature. This means that the information has not been derived from primary sources therefore, may suffer due to certain limitations. The particular limitations that this particular study is exposed to is that as information has not been collected from the primary sources the data is vulnerable to biasness, objectivity and error on the part of the researcher who has prepared the particular academic journal. The method that has been applied to study the effect of the GAAP and Non GAAP earning announcement on the share price of the selected companies are the event study method. The statistical methodology and process are applied for performing event study analysis. The most common model that is used for the event study is the market model. In this method, the actual return of the baseline reference and the stock is compared to understand the effect of the event. The event study aims to measure the effect on valuation because of corporate announcement. It is a process of measuring the response of the share price movement in case of a merger or earning announcement. The main assumption of this theory is that the market process the information in an efficient and unbiased manner. This helps in analyzing the effect of event in the share price of the company. Data Interpretation The share price data of the selected company Qantas and Start Entertainment group have been collected from the Bloomberg. In the obtained data, the actual return and abnormal return are provided to verify the effect of GAAP and NON GAAP earning announcement on the share price of the company. The measurement of abnormal return is crucial for assessing the impact of an event. The abnormal event can be defined as the difference between expected return in the absence of the event and the actual realized return. Qantas Group Date Change in GAAP Earning Change in NON GAAP Earning T Test 30-06-10 -4.50% -98.20% 0.72 31-12-10 372.80% 124.10% 0.40 30-06-11 -95.90% 42.20% 2.14 31-12-11 365.40% -86.50% -0.68 30-06-12 -784% -41.80% -1.70 31-12-12 -138.20% 629.20% -0.87 30-06-13 -196.80% -150.40% -1.21 31-12-13 97.50% 133.80% 0.45 30-06-14 1001.90% 43.20% 3.20 31-12-14 -107.60% -159.10% 0.69 30-06-15 53.30% 113.70% -1.09 31-12-15 79.70% 15.50% 2.64 30-06-16 -49.70% -17.10% -1.35 31-12-16 55% 3.50% -0.51 The table and the figure above indicates the relationship between the announcement and the movement in the return of the share price from the expected return. It can be clearly seen from T test that the market reacts more to the results of the GAAP earning than the NON GAAP earnings. Therefore, in case of Qantas share price reacts to the GAAP earnings more than the NON GAAP earnings. Star Entertainment Group Star entertainment Group Date Change in GAAP Earning Change in NON GAAP Earning T Test 31-12-11 -9.10% -11.40% 8.76 30-06-12 -140% -63.70% 1.07 31-12-12 -338.90% 201.30% 3.19 30-06-13 -75.00% -31.40% 0.37 31-12-13 146.10% -21.80% 4.17 30-06-14 29.70% 141.40% -2.92 31-12-14 56.90% -2.30% 3.34 30-06-15 -34.70% -17.00% 2.27 31-12-15 22.80% 23.50% -0.19 30-06-16 125.90% -29.40% 0.05 31-12-16 9% 11.30% 0.03 30-06-17 -13.50% 0.40% -0.15 31-12-17 -72.30% 15.80% -0.17 The table above provides the data related to the star entertainment group. The figure above shows the relationship between the earning announcement and the share price movement. The figure above clearly shows that in case of star entertainment group the share price is more effected with the NON GAAP earning announcement. Conclusion The particular conclusion that can be derived from the information that has been derived from the preceding paragraphs is that though non-GAAP reporting looks lucrative and is favored by the executives , the prevalence of GAAP reporting is accepted and honored by the majority of the corporate entities in Australia. However, the analysis above shows that investor in case of Qantas Group is more reactive to the GAAP earning announcement where as in case of SGR the investors reacts more to NON GAAP earning announcements. References Baginski, S., Demers, E., Wang, C., Yu, J., Jiang, D., Kumar, A. and Law, K.K., 2016. Using adverse-selection cost as a proxy for information asymmetry, we find evidence that non-GAAP earnings numbers issued by management (pro forma earnings) and analysts (street earnings) improve price discovery. First, information asymmetry before an earnings announcement is positively associated with the probability of a non-GAAP earnings number at the forthcoming earnings announcement. Second,... Review of Accounting Studies, 21(1), pp.198-250. Bentley, J.W., Christensen, T.E., Gee, K.H. and Whipple, B.C., 2016. Disentangling managers and analysts non-GAAP reporting incentives. Bhattacharya, N., Christensen, T., Liao, Q. and Ouyang, B., 2015. Can Short Sellers Constrain Opportunistic Non-GAAP Earnings Reporting?. Black, E.L., Christensen, T.E., Kiosse, P.V. and Steffen, T.D., 2017. Has the Regulation of Non-GAAP Disclosures Influenced Managers Use of Aggressive Earnings Exclusions?. Journal of Accounting, Auditing Finance, 32(2), pp.209-240. Black, E.L., Christensen, T.E., Taylor Joo, T. and Schmardebeck, R., 2017. The Relation Between Earnings Management and Non?GAAP Reporting. Contemporary Accounting Research, 34(2), pp.750-782. Christensen, T., Pei, H., Pierce, S. and Tan, L., 2017. Non-GAAP reporting following debt covenant violations. Guest, N.M., Kothari, S.P. and Pozen, R., 2017. High Non-GAAP Earnings Predict Abnormally High CEO Pay. Isidro, H. and Marques, A., 2015. The role of institutional and economic factors in the strategic use of non-GAAP disclosures to beat earnings benchmarks. European Accounting Review, 24(1), pp.95-128. Parrino, R.J., 2016. New compliance guidance by SEC staff signals increased scrutiny of non-GAAP financial measures. Journal of Investment Compliance, 17(4), pp.23-33. Twardus, I. and Bhattacharjee, S., 2018. Effect of Non-Gaap Emphasis and Voluntary Disclosures on Nonprofessional Investor Decision Making in the Equity Crowdfunding Environment

Athletes and Their View in the Public Eye Essay Example

Athletes and Their View in the Public Eye Paper In the past couple of years athletes have proven themselves to be â€Å"normal† people, with what some would call â€Å"normal† problems. These can be considered normal. However, given the fact that these athletes are represented in the public eye, should they carry themselves in a more appropriate manner? Most would say yes. Professional athletes have a responsibility to act professionally in order to keep good standing status in the public eye. Michael Vick, Tiger Woods, and Alex Rodriguez are three that have shown examples of unprofessionalism. The NFL suspended former Atlanta Falcons quarterback Michael Vick for two years after being convicted for dog fighting in 2007† (Branch, 2010). This type of behavior hindered his career tremendously. The public viewed him with concern and stereotype. A year after becoming a convicted felon, Vick had an uphill battle to earn his respect back from the NFL as well as his fans. He showed no respect for his fans or himself by committing these actions. â€Å"I got indigestion, a stomach ache,† said Giants Coach back in 2010. That might also describe how Vick’s countless detractors feel, those disgusted that someone who systematically tortured dogs is back making millions of dollars in the NFL† (Branch, 2010). Michael committed actions upon innocent pit bulls that showed his team and fans unprofessional behavior. Tiger woods showed a different side of unprofessionalism without showing cruelty towards animals. â€Å"Tiger has spent his entire life in the public eye. Tiger was hailed for his control, discipline, focus, drive, and absolute commitment to excellence. He then suffered a great fall to his empire† (Scroggins, 2010). Following a late night car accident and a succession of tabloid revelations, the whole world came to know that Tiger was fallible. In addition to being a bad driver, he was a serial adulterer† (Scroggins, 2010). Tiger had the golf world in the palm of his hand, and because of lust and sexual indiscretions he lost it all. Tiger snuck away for weeks to hide from the shame he felt for cheating on his wife. Athletes sometimes forget that they are constantly under the microscope of the sports industry as well as their fans. Tiger ruined an empire he built for himself and crushed the family morals. He showed his unprofessionalism and it cost him his wife and family as well as his reputation. â€Å"As fathers, Christians, husbands, and sports fans, can we find anything of value in Tiger’s apology? †(Scroggins, 2010). Alex Rodriguez showed true unprofessionalism with drug usage and gambling. Alex Rodriguez is currently in some hot water with the MLB commissioner’s office. How will this affect his view in the public eye? Should he have been more aware of his actions? Alex was recently caught in the headlines with cocaine and illegal poker tied to his name. When you dig into the story you see Alex was not betting on sports. He was just hosting a party and playing poker with his buddies like millions of us do. This is a prime example of how perception is reality and how it affects the reputation of the industry as well as the player. Alex is being made an example by the league. â€Å"The fact is A-Rod put the reputation of the league at risk, and so, if deemed guilty, he will face the consequences and a likely suspension† (Crew, 2011). At his party he never touched a line of cocaine himself but allowed others to. We will write a custom essay sample on Athletes and Their View in the Public Eye specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Athletes and Their View in the Public Eye specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Athletes and Their View in the Public Eye specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The bottom line is his actions were unprofessional and jeopardized the league’s name just like previous MLB stars have. He needs to realize he is setting an example for millions who watch him. Children, men, women, and families watch baseball every year. Athletes need to be aware of their actions and understand they have responsibilities to their industry, teammates, and fans. Professional athletes have a responsibility to act professionally in order to keep good standing status in the public eye. Michael Vick, Tiger Woods, and Alex Rodriguez are three individuals that have shown examples of unprofessionalism in multiple forms. We look up to athletes as role models for ourselves and our children. As fans, we fuel their careers and we have expectations of professionalism during the game as well as in their personal lives. Athletes are under microscopes daily and need to be cognizant of their behavior and decisions. Michael Vick, Tiger Woods, and Alex Rodriguez have showed what can happen to ones reputation in seconds due to poor decisions. When you look at your favorite athlete how do you view them? Do they meet your expectations as a fan? Branch, J. (2010, November 18th). The New York times. Retrieved November 7th, 2011, from As Vick Soars, Stigma of Conviction Fades: http://www. nytimes. com/2010/11/19/sports/football/19vick. html? ref=dogfighting Crew, A. (2011, August 4th). Sympatico. ca. Retrieved November 7th, 2011, from Sympatico. ca: http://www. thecheapseats. ca/2011/08/on-alex-rodriguez-illegal-poker-movie-stars-cocaine-and-the-near-inevitable-suspension. html Scroggins, J. (2010, February 23rd). Florida Baptist Witness. Retrieved November 7th, 2011, from Point of View: Tiger’s apology is a ‘teachable moment’: http://www. gofbw. com/blog. asp? ID=11396

One Stair Up Analysis Essays

One Stair Up Analysis Essays One Stair Up Analysis Essay One Stair Up Analysis Essay Stylistic Analysis of the Text ONE STAIR UP By C. Nairne Nairne Campbell is a Scottish novelist, the author of two books One Stair Up (1932) and Stony Ground (1934), who wrote about Scottish working class families in a realistic manner. The extract from the book â€Å"One Stair Up† by C. Nairne depicts the man and woman who visited a cinema and had different views on the film that they had seen due to their diverse perception. There is also a description of the cinema-world as a pastime of the people from working class. The composition falls in three parts: the way to Rosa and Andrew’s dress circle as a plot, the common expression of the audience about the film and a comic performance as a sequence of events and the characters’ short discussion of the show as a denouement. The type of presentation is author’s narrative. Narrative proper is the narrative compositional form. The vocabulary consists of the neutral words, some colloquials due to the dialogues (e. . : swell kid, chap, chap, hot stuff, cackling, cos, gee, big picture), dialect word Och, barbarisms such as corridor, silhouette, also bookish words such as emerged, glanced, admitted, glared, acquaintances, voluptuous, contemptuous, etc. There are many compound words tea-spoon, bulls-eye, dress . circle, background, pot-plants, rapid-fire, heart-searing, heart-throbs, thrill-thirsty, heart-string, water-butt, mix-up, hard-worked. Author also uses some word-combinations and phrases sink into stillness, be unaccustomed to smth, to be too funny for words, to be cut short, moved by pity, to put up with which are direct and indirect in meaning to make the vocabulary more impressive. There are short, one-member and interrupted sentences (â€Å"This a comedy? † â€Å"But if you dont like it - â€Å" ) usually used in dialogues to underline the colloquial character. Onomatopoeia – cackling, whirring, murmur; framing – you couldnt see anybody else, and they couldnt see you; repetition – expanded and expanded, anaphora – It It It was It was It was ; inversion – What a baby he is ; allusion – Peter Pan, Minnie Haha; simile – carpet of some green material that yielded like springing turf; epithets: voluptuous stillness, rapid-fire drama, heart-searing tale, thrill-thirsty young bloods, hot darkness; metaphors: young blood, hot stuff, region of luxury, shower of stars, metonymy: audience got up and pushed out to the exits; synecdoche: faces glared at them, faces moved together. The author’s style is florid, over-abused of epithets, emotional, emotive, sometimes energetic, sometimes pathetic. He uses protagonists stream of consciousness to depict the characters. He doesn’t judge the figures by himself, but deliberately by the vivid description of their actions. C. Nairne wanted to show the conflict in society of that time through Rosa who desired to be one step up the other people, but indeed was the same girl from the working-class family in Edinburg.

General Rules for Having a Pet in College

General Rules for Having a Pet in College For some students, daily life involves being around a pet or pets. At college, however, animals usually arent allowed. So is it possible to have a pet in college? You Have a Few Options Those college students interested in having a pet in college have a few options. Mostly, however, pets are not allowed in places like residence halls - or even on campus - for a variety of reasons. Your campus is likely not trying to be cruel; they simply have to worry about issues of safety and regulations about hygiene that they are required to comply with. First and foremost, there are in fact some schools that allow pets on campus. These are the exceptions to the rule, however, and picking a school based on their pet policy may not be the  best choice. Additionally, even if your school of choice doesnt allow pets on campus, you can always rent a house with some friends or find an off-campus apartment that permits pets. Service Animals If youre a student who needs an animal with you for medical reasons (such as a service dog, for example), however, you should contact your school right away. Letting your college know that you need assistance - both from them and your service animal - as soon as possible is definitely of high importance. They should work with you to figure out a way to support you and your service animal during your time in school. Incorporating Animals Into Your College Life If, however, you would strongly just prefer to have a pet as part of your experience, there are some ways you can incorporate animals into your new college life: See whats allowed in your living space. Alright, so you cant bring along a dog or cat. But can you bring a fish or other small animal? Are there certain animals that are allowed, and if so, what are the regulations? Are there certain theme houses that allow their residents to bring pets with them?Can your family bring up your family pet for a visit? Lets say your family comes up the first Sunday of the month to take you out to brunch. Can they bring your family dog in the car for a quick visit? Are dogs allowed to walk on campus if theyre leashed? Will a monthly or occasional visit from your pet suffice?Consider volunteering at a shelter. If you just love - and even need - to be around animals but cant have one with you on campus, consider volunteering at a local animal shelter. You have a lot of love and patience to give and there are always animals in need. Check with your campus volunteer center, do some quick searching online, or even start your own campus group to help make re gular volunteer sessions at a shelter a reality. Keep in mind, too, that when you go to college, it will be nearly impossible to recreate the life you had back at home. And thats part of the fun, right? If, deep down, you wanted things to be the same, you wouldnt have decided to go off to college in the first place. Be flexible in understanding that there sometimes is only so much your school can do. They might very well be limited about having pets in the residence halls, for example, because of city and county health regulations. Check in with your pet(s) during a Skype session with your parents and know that your pet(s) will be just as excited to see you as you will be to see them when you next return home.

Case study11 Essay Example | Topics and Well Written Essays - 2000 words

Case study11 - Essay Example Audubon Park Zoo's promotions on support and awareness were directed by the Friends of the Zoo, Incorporated. Involved in the funding, operating and governing the zoo, it became the Audubon Institute taking the major share of the administrative functions in the zoo. The Audubon Zoo promotes membership to ensure cash flow. Membership fees significantly augment the income of the zoo along with the admissions and food and gift operations. The self-sustaining operations of the zoo can be linked to its good organizational structure and design. From having conditions in the early 1970's like "animal ghetto", "the New Orleans antiquarium" and "animal concentration camp", the Audubon Zoo had its share of improvement and development plans until its accreditation and was ranked as one of the top three zoos of its size in America. This organization underwent a series of metamorphosis due to lattice organization and core principles. The Audubon Zoo has a dominant horizontal organizational structure designed for learning in which there is shared tasks empowerment, relaxed hierarchy, few rules, face-to-face communication, many teams and task forces and decentralized decision-making. The Friends of the Zoo, Incorporated (FOTZ) turned Audubon Institute has its mission statement anchored on earth's life preservation through awareness and appreciation. Natural world's conservation and enrichment are also part of the mission. It was formed in 1974 for the purpose of increasing support and awareness of the Audubon Park Zoo. This simple task however logically changed as more needs arose due to the zoo's dramatic transformation. From just drawing interest and commitment from the public, the FOTZ were now involved in funding, operating and governing the zoo. At present, the Institute's goals gear toward conservation, education, research, economics and leadership. 1.1.2 Horizontal Information Linkages Horizontal information linkages refer to the amount of communication and coordination among an organization (Daft, 2004). The Audubon Park Zoo's organization as populated by FOTZ members, volunteers, zoo parents, city public, local enterprises, local television companies, city officials, neighborhood, etc. has highly encouraged communication and coordination everywhere in its organization. Such varied and loosely organized groups pose direct and indirect lines of communication between person to person and within and among groups. The advantage of the open lines of communication is improving the quality and efficiency of communication. 1.1.3 External Environment Environmental uncertainty increases

Inflation and Real Rates of Return Essay Example | Topics and Well Written Essays - 1500 words

Inflation and Real Rates of Return - Essay Example Real interest rates can be positive as well as negative. A positive real interest rate indicates that the purchasing power of the individual is increasing while a negative interest rate shows that the purchasing power of the individual is decreasing if the individual invests at the nominal rate. From the calculations above, it can be understood that at the current level of inflation, if a person invests in 1-year Certificate of Deposits, he will end up with less purchasing power. It can be analysed in such a way that a higher inflation rate than the nominal interest rate means that the purchasing power is decreasing at a faster rate than the rate of return of the investment. 2. Duration (Bonds) a. Frederick Macaulay developed a method to measure the interest rate risk of a bond and called it Macaulay Duration. He felt that duration is a better â€Å"measure of the bond’s worth than its time to maturity because duration considers both the repayment of capital at maturity and t he size and timing of coupon payments before maturity† (Macaulay Duration). Macaulay Duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price (Macaulay Duration Definition). Duration measures a bond’s price sensitivity to interest rate changes. ... Calculating V-: I/Y= 9% V- = $92.406 Calculating V+: I/Y= 11% V+ = $87.781 3. Price-Earnings Ratio a. False. The PE ratio is equal to the market price of the share divided by the earnings per share (EPS). If we are using the dividend discount model to estimate the share price, a higher beta would lead to a higher required rate of return. This would decrease the share price and as a result the PE ratio will decrease. b. True. The PE ratio tells us how much an investor is willing to pay for $1 of a company’s earnings. If the net income of a company is good then the investors will be willing to pay more for a dollar earned. The ROE is equal to the net income divided by the average shareholders’ equity. A higher net income means a higher ROE. c. False. If we are using the dividend discount model to estimate the share price, higher dividends will result in a higher share price. Higher share price will increase the PE ratio. When the plowback rate is higher the dividends will be lower. 4. Book Value a. The market to book value signifies how many times a company’s stock is operating per share compare to the company’s book value per share. The organization’s book value reflect historic costs, hence this ratio is significant in indicating the management’s success in adding value for its shareholders in case of the market value being higher than the book value. A high price to book value ratio means that shareholders expect the management of the company to create more value with the given level of assets. b. Common shareholders’ equity = (20,000 x 20) + 5,000,000 + 70,000 Common shareholders’ equity = $5,470,000 Book value per share = Common shareholders’ equity / Number of common shares outstanding Book value per share = 5,470,000 /

Cultures in the World Essay Example for Free

Cultures in the World Essay To define culture is not easy because culture means different things to different people. Hence there many definitions of culture as there are many different cultures in the World. Anthropologists define culture as social behaviour of human beings. To others dance, music, theatre, artifacts and fashion constitute culture. On the other hand, fashion is a style characteristic of the social elite and is mainly associated with social class and is highly dynamic. Hence fashion should be in current mode for instance a garment. Fashion, style, vogue or even mode are used interchangeably to refer to a preferred type of dress, behaviour, adornment or a way of life at a given time span. In broadest terms fashion usually refers to conventions which are generally accepted by a society or by any culture or even a subculture. Style like mode often stresses the adherence to standards and elegance and should be socially accepted. For instance miniskirts were the mode in the late sixties. Vogue is applied to style or fashion that prevails widely but often suggests enthusiastic but short lived acceptance (The American heritage 2003). Wilson, further states that fashion is always in a continual change and sets the terms for all sartorial behaviour (Wilson 2003). The importance of fashion can never be overemphasized in the current world since fashion now is always around us from media to our daily lives in clothing and even automobile sector. Let it be clearly noted that fashion is for aesthetic as well as societal class, elegance and modesty. In the current years fashion has become a major factor affecting the psychosocial wellbeing of major cultures and subcultures in the world. This influences the life of people both in style and preferences and their economical sphere. The growth of fashion is linked with the development of cities and urban centres in the 14th century and the growing sophistication of the courts. But it is only in 15th and 16th centuries when people developed the culture of fashion and class such that they felt shameful to wear outdated clothes (Wilson 2003). The entrance of fashion led to increased spending on clothes and a clear cut class differences. The rise of bourgeoisie became so much crucial in the development of fashion and style. The poorest class received the cheapest clothing with the people in the highest level in class ladder wearing the most expensive clothes. With the rise of Industrial revolution came capitalism hence new markets for clothes in fashion and fashion became more and more important with the circulation of images in mass communication. GENDER AND FASHION In the current contemporary world, fashion has become the order of the day. Media houses and world class beauty and model centres have been developed all over the world especially in Europe and U. S. A. However, unlike the past where fashion was associated with female, this industry welcomes both genders nowadays. But because of the past skewed interest of ladies in the industry they are still the major players. Nevertheless, almost every one in the current society setting especially in urban areas appreciates fashion and style and is a product of the same in one way or another. People are more conscious when it comes to fashion and no one is willing to be left behind in the outdated world hence consumption of these fashion products has tremendously risen. ‘Dress is a practical negotiation between the fashion system, the social conditions of everyday life such as class and gender as well as rules or norm governing particular social situations. The outcome of this complex interaction cannot be known in advance precisely because the habitus will improvise and adapt to these conditions’. Thus dress is a personal attempt to orientate ourselves to particular circumstances and thus recognise the structural influences of the social world and the individual on the other (Entwistle 2000) FASHION AND MODERNITY Fashion has kept pace with modern life. It has followed every step the global world is making and is by itself part and parcel of the globalised world. From North to South, West to East fashion is seen to influence the global ways of life. However, this is bringing about similarity and extinction of cultures since fashion and culture are linked and the change of one leads to change of the other. Since fashion is dynamic it follows that the fashion of yester years is different from the fashion of today hence today’s fashion is new and can be termed as modern. Modern fashion has greatly been affected by the present technological advancement and the entrance of new marketing approach. For example, the use of internet has revolutionized this industry. It is not a wonder therefore what is considered modern in London today is even being used the following day in Washington. This has promoted customized fashion products to promote what many fashion stars look for in fashion; uniqueness and class. Fashion and style industry has in the recent decades been well established with increased sales as many people go for class and fashion. Also, the quality of the products has greatly developed thus fashion has become our way of life. FASHION, SUBCULTURAL YOUTH STYLES It is important to distinguish between the concept of youth culture and youth subcultures. In general terms youth culture is more homogenous, doing similar things and being treated in the same way playing down aspects of differentiation. This idea was much popular with U. S sociologists in early 1960s. In modern youth culture emphasis is more on subcultures. Unlike the 20th c where fashion was highly linked with class, in 21st c the line of demarcation has narrowed and the mode of classification is not only on class lines but across a wide plane of social and cultural identities. Hence the youth even in ghettos are coming up with their modes of fashion. The issue of subcultures within the large framework of culture in a society is a major phenomenon. Hence these subcultures act as the seed bed for fashion that is embraced by the larger society. The link between class and identity is far less apparent in the 20th c, in particular since high fashion is democratised and not longer the prerogative of a small elite. In contemporary culture distinction does not run along class lines alone but across a wide plane of social identities. Thus, rather than being only imposed from the top, fashion is also ‘bubbling up’ from the street and youth cultures (Entwistle 2000). The use of style brings across clear identity within the youth and serves to sometimes oppose dominant values within the society. Youth tend to solve their problems of culture and fashion in their own unique understandable way hence they act against the main stream fashions of the old. However their fashions and style are dominantly affected by the media and celebrities entertainment industry. Fashion trends brought forward by top musicians come fast and go quickly. These fashions and styles linked with subcultures are known to be diverse as the youth are dynamic. Therefore the rate of change of any fashion within a subculture is higher than in the dominant cultures. The youth also customise fashions by either adding or removing some parts from the original fashion to create a different identity. And for sure youth have revolutionised the world of fashion and culture, in the contemporary world. Therefore fashion is regarded as a mode of identity by the youth and serves as the avenue through which the youth express themselves. EFFECTS OF FASHION ON CONSUMERISM The cycle of fashion in the modern times has been found to influence the level of consumerism in the current world. Fashion is fueled by change and conversion. Designers always persuade their customers that their new fashions are everything they need. In the next season the same designers convince their customers to bade farewell to outdated designs and instead embrace the new trends in their latest collections. Western societys culture of mass consumerism has widely been influenced by the fashion cycle. Sociologist Stella C. (1993) likens fashion cycle with the rolling waves of the sea. As one fashion gains popularity and is outdated another style is gaining momentum and this change our modern culture. Today’s fashion is not only placed on the contest of youth, sexuality and historicism, but also previous culture movements and shows fashion reflects its surrounding, its subjects but ultimately itself. FASHION AND CLASS Fashion is known to influence lifestyle and how people relate within the society. However this relationship is both on the individual and societal levels. Fashion is a product of class division since many people want to be seen in a unique way within any given society and societies also show their class differences using fashion hence affecting the culture of present societies. CONCLUSION It is true that fashion and culture are highly interlinked. A culture that appreciates fashion is a culture that is dynamic and ready to follow where its fashion leads it to. Modern culture is hinged on the fashion of each passing day and unlike the past psychosocial behaviour is influenced by fashion on a larger scale. Youth subcultures promote their own form of fashion which may be interlinked with fashions within the larger sphere of culture. These fashions serve to show their rebellious identity. The cycle of fashion has seen unnecessary changes of fashion due to designers who look forward to make profits and are out to change fashions as quickly as practicably possible. Hence the world is supposed to be aware of these uncalled changes in fashions. Unethical issues are also related to fashion and culture. Therefore, some people see it like their religious and spiritual beliefs are affected by fashion. However on a global perspective fashion has promoted the entrance of more products in the world market leading to increased competitiveness. Modern global culture is a mirror of fashion and design. REFERENCES Bruzzi Stella, and Patricia Gibson, 2000, Fashion Cultures: Theories, Explorations, and Analysis. London; New York: Routledge. Craik, Jennifer, 1993, The Face of Fashion: Cultural Studies in Fashion. London; New York: Routledge. Entwistle, J. 2000, The Fashioned Body: Fashion, Dress and Modern Social Theory. Cambridge: Polity Press. Malossi, G. 2000, Material Man: Masculinity, Sexuality, Style. New York: H. N. Abrams. The American Heritage, 2003, Dictionary of the English Language, Fourth Edition by Houghton Mifflin Company. U. S. A.

Northern Sung Dynasty: Landscape Painting Influences Essay -- Art Hist

" This was the standard, which lasted until the Tang dynasty (618-907). During the Five Dynasties (907-960), between the ninth and tenth centuries, the trend of using ink to express ideas slowly took over the use of colors in the mainstream of Chinese landscape paintings. In other words, the tradition of using colors and the use of ink each lasted for one thousand years. Yet the emphasis on using colors actually lasted a little longer. This is because the tradition of color painting did not end even during the height of monochrome ink painting. While colors form the central elements in Tang paintings, beginning in the Five Dynasties period, ink played a dominant role. During the Song dynasty (960-1279), colors became important for a short period during the end of the Northern Song (960-1127). Usami notes that all paintings require forms. In the history of the Chinese theory of painting, however, the principal focus was a concern not with form, but with 'something beyond form'. (Usami, 1998) Chinese thinkers generally conceived of form in terms of a process of 'becoming solid'. But in the artistic production of 'chaotic forms', Chinese painting actually came more closely to resemble the processes of creation and change in nature. Thus painters themselves offered a visual interpretation of the creative act that differed radically from that formulated in the philosophical discourse of concepts and words. Mi Fu a southern Song Literati painter however, interpreted the phrase 'bamboo in mind' as a statement concerned solely with that, which existed in the mind. The form achieved in the painting thus came to be understood not as derived from the real world, but as originating from within the painter. This liberation of form from an ... ...ly Chinese Landscape Painting, (Harvard Journal of Asiatic Studies) , Vol. 18, No. 3/4 (Dec., 1955), pp. 422-446, Harvard-Yenching Institute http://www.jstor.org/stable/2718439 Sullivan, Michael. â€Å"The Arts of China† Berkeley : University of California Press. 2008 5th ed. Sullivan, Michael. â€Å"Chinese landscape Painting† Berkeley: University of California Press,1980 Usami, Bunri, â€Å"A summary of "The Problem of Form in Song Dynasty Theories of Painting" (Faculty of ArtsShinshu University) Bulletin of the Sinological Society of Japan No.50, 1998 *Usami, Bunri â€Å"A summary of "The Problem of Form in Song Dynasty Theories of Painting" (Faculty of Arts, Shinshu University) Bulletin of the Sinological Society of Japan No.50, 1998 Northern Sung Dynasty: Landscape Painting Influences Essay -- Art Hist " This was the standard, which lasted until the Tang dynasty (618-907). During the Five Dynasties (907-960), between the ninth and tenth centuries, the trend of using ink to express ideas slowly took over the use of colors in the mainstream of Chinese landscape paintings. In other words, the tradition of using colors and the use of ink each lasted for one thousand years. Yet the emphasis on using colors actually lasted a little longer. This is because the tradition of color painting did not end even during the height of monochrome ink painting. While colors form the central elements in Tang paintings, beginning in the Five Dynasties period, ink played a dominant role. During the Song dynasty (960-1279), colors became important for a short period during the end of the Northern Song (960-1127). Usami notes that all paintings require forms. In the history of the Chinese theory of painting, however, the principal focus was a concern not with form, but with 'something beyond form'. (Usami, 1998) Chinese thinkers generally conceived of form in terms of a process of 'becoming solid'. But in the artistic production of 'chaotic forms', Chinese painting actually came more closely to resemble the processes of creation and change in nature. Thus painters themselves offered a visual interpretation of the creative act that differed radically from that formulated in the philosophical discourse of concepts and words. Mi Fu a southern Song Literati painter however, interpreted the phrase 'bamboo in mind' as a statement concerned solely with that, which existed in the mind. The form achieved in the painting thus came to be understood not as derived from the real world, but as originating from within the painter. This liberation of form from an ... ...ly Chinese Landscape Painting, (Harvard Journal of Asiatic Studies) , Vol. 18, No. 3/4 (Dec., 1955), pp. 422-446, Harvard-Yenching Institute http://www.jstor.org/stable/2718439 Sullivan, Michael. â€Å"The Arts of China† Berkeley : University of California Press. 2008 5th ed. Sullivan, Michael. â€Å"Chinese landscape Painting† Berkeley: University of California Press,1980 Usami, Bunri, â€Å"A summary of "The Problem of Form in Song Dynasty Theories of Painting" (Faculty of ArtsShinshu University) Bulletin of the Sinological Society of Japan No.50, 1998 *Usami, Bunri â€Å"A summary of "The Problem of Form in Song Dynasty Theories of Painting" (Faculty of Arts, Shinshu University) Bulletin of the Sinological Society of Japan No.50, 1998

Aaron Beam and the Health South Fraud Essay

In reference to the Aaron Beam and the HealthSouth Fraud case in our text Velasquez (2012), the following questions from the text and my answers to these questions are provided as requested. 1. Which of the â€Å"obstacles to moral behavior do you see at work in Aaron Beam’s behavior and thinking? In Scrushy’s? The obstacles I see in Aaron Beam’s behavior are â€Å"Rationalizing Our Actions and Displacement of Responsibility†. Rationalizing his actions is supported by comments he made in reference to the actions he had or was about to take in supporting his employer. Aaron Beam stated in Velasquez (2012), â€Å"He described the move to himself as aggressive accounting but definitely not fraudulent† (p 68). In the continual cooking of the books, each time Beam was press or directed by Scrushy to do so. Aaron Beam possibly considers that to be his get out of jail free card, by pointing the finger back at his employer, as displacement of his responsib ility. We see clearly what he was thinking in Velasquez (2012), as he â€Å"felt it was technically within the bounds of accounting rules and investors would be sophisticated enough to understand what was happening† (page 68). This would relate to â€Å"Biased Theories about Others†, as he believed this group of investors was sophisticated. You cannot help but think he also felt secretly an investor(s) would question their actions and bring them to account for their actions considering the situation he was in with his employer. The obstacles I see in Richard Scrushy’s behavior are â€Å"Disregarding or Distorting Harm, Euphemistic Labeling, and Rationalizing Our Actions†. In reference to â€Å"Disregarding or Distorting Harm† based on the belief he was doing a good thing by providing rehabilitation therapy to patients at lower costs than regular hospitals, one could surmise he found doing whatever it takes to succeed he would do, all on the backs of his em ployees, of which as CEO he could discredit at will. We could also, along these lines consider â€Å"Euphemistic Labeling† as he was not above lying as interpreted by the various financial reports produced to make the company look more profitable under the veil of only business. He himself would feel pressure in 1996 as they could not meet second quarter projections. He would once again ask Aaron Beam to cook the books, or the company would face financial ruin. Scrushy rationalizes this away by saying in Velasquez, (2012), â€Å"If they could just get through the quarter, then everything would be okay† (p 69). We see clearly what he was thinking as up until now he felt everything was going his way; just one more time let the dice roll. This would relate to â€Å"Biased Theories about Oneself†, as he is very confident in his abilities, so what random event could he not control, after all he was the third highest paid CEO in the America; he had to be doing it right. 2. Explain how Aaron Beam might have used the â€Å"loyal agent’s argument† to defend his actions. Do you think that Aaron Beam’s situation the â€Å"loyal agent’s argument† might have been valid? Explain. Under the â€Å"loyal agent’s argume nt† Aaron Beam’s defense would be that Scrushy had ordered him to manipulate the accounting records or more specifically the general ledgers. He was seen as reluctant to comply, but was pressured by Scrushy and a bit intimidated by him to the point at times of fear. I do not believe Aaron Beam could have actually used the â€Å"loyal agent’s argument†. The information shows Scrushy and Beam knew as stated in Velasquez (2012), â€Å"From the beginning Scrushy and Beam both knew the company had to appear profitable to satisfy investors and lenders and to later succeed in issuing and selling company stock to the public† (page 68). Therefore, Beam had to know Scrushy would be asking or ordering him to make it happen. Based on Beam’s reluctances, it could be argued he knew this to be wrong but did it anyway. 3. In terms of Kohlberg’s views on moral development, at what stage of moral development would you place Aaron Beam? Explain. At what stage would you place Richard Scrushy? In terms of Kohlberg’s views I believe Aaron Beam’s moral development would be a Level Two Stage Three. My rational for this is he knows right and wrong both conventionally and what the law says. He exhibits this by his initial reluctance to support Scruchy’s decision to manipulate the general ledgers. He also is in awe of Scruchy, and appears to want to please him as a person in authority, and shows his loyalty to after all Scruchy picked Beam to start the company with. In terms of Kohlberg’s views I believe Richard Scruchy’s moral development would be a Level One Stage Two. My rational for this is it is all about him; he is self-centered and looks at things only from his own point of view. To support this we only have to look at his life style, he has been married three times, lives extravagantly, while charitable it appears he threw money around for self-recognition. The pleasures he gains by all of this gives him reason to assume he is right in his own mind. To support this further his own employees describe him as a dictator, cult-like figure, and a great motivator. This would indicate he was resourceful in getting what he wanted by any means necessary, much like a spoiled child. Reference Velasquez, M. G. (2012). Business ethics, concepts and cases. (7th ed.). Upper Saddle River, NJ: Prentice Hall.

Macroeconomics Living Standards

1.   Define the GDP price index.   Identify the person(s) who gave this idea. A GDP price index is a measure of the price of a specified collection of goods and services in a given year as compared to the price of an identical or highly similar collection of goods and services in a reference year. William Stanley Jevons (1835-1882) provided the earliest contribution to the development of index numbers. Later Wesley Clair Mitchell (1874-1948) contributed broader efforts to gather statistical data and improve economists' ability to assess economic well-being. 2. Define find the concept and measurement of `Business Cycles. Identify the person(s) who gave this idea. Economy normally goes through a series of cycles, of booms and depressions condition. For example, a slowing business activity may undergo revival activity which in turn results in business prosperity, prosperity then may breed economic crisis, economic crisis then leads to depression, after a long period of depression it may then go back to some revival activity which goes back to the same cycle. Business cycles could represent the most serious of economic instability. Survey data and cyclical indicators are the most effective measurements of business cycles. This would allow prediction of economic crisis for prevention purposes. The economist who contributed the most to this idea of business cycles is Wesley Clair Mitchell (1874-1948).   John Maynard Keynes formalized the analysis of business cycles. 3. Define the idea of `real interest rates’. Identify the person(s) who gave this idea. The â€Å"real interest rate† is calculated from the nominal rate of interest, adjusted for compounding, minus the inflation rate. Real interest rate is will depend primarily on the volatile inflation rates which poses some risk on borrowers and lenders. The person who gave meaning to ‘real interest rates’ was Irving Fisher (1867-1947). The increase in nominal interest rates in anticipation of inflation is even called as â€Å"Fisher Effect† because of his contribution. 4. Indicate who first advanced the modern theory of business cycles and where he taught. John Maynard Keynes contributed the most on the advancement of modern theory of business cycles. He lectured in Cambridge. References: C. MacConnell, S. Brue (2005). Economics: Principles, Problems, and Policies, 16/e. Origins of Idea (Chapter 7). Retrieved January 7, 2007 from http://highered.mcgraw-hill.com/sites/0072819359/student_view0/chapter7/origin_of_the_idea.html C. MacConnell, S. Brue (2005). Economics: Principles, Problems, and Policies, 16/e. Origins of Idea (Chapter 8). Retrieved January 19, 2007 from http://highered.mcgraw-hill.com/sites/0072819359/student_view0/chapter8/origin_of_the_idea.html