Literature review on entrepreneurial finance The WritePass Journal

Literature review on entrepreneurial finance Introduction Literature review on entrepreneurial finance IntroductionResearch ProposalBackgroundBank FinanceFinancing PreferencesStudy Aims and ObjectivesResearch StatementResearch QuestionsRelated Introduction Research Proposal Although it appears to be contentious whether availability of finance impacts on entrepreneurial entry to markets (Kim et al., 2006, p. 5), it is likely to be a critical factor in determining the early success or failure of any new start-up venture. What is more, it has also been implicated as an important factor in determining the ongoing success of the business (Marlow Patton, 2005, p. 717; Capelleras et al., 2008, p. 688). The literature would also appear to indicate that the balance between the availability to and uptake by entrepreneurs of different forms of finance may have wider effects on the national economy (Deidda Fattouh, 2008, p. 6). Therefore it may be important to gain a better understanding of the level of availability of different forms of finance to start-up ventures, along with different factors affecting their uptake by entrepreneurs. Background This section of the proposal provides a brief overview of the literature on the different financing options available to start-up ventures, focusing on bank finance and venture capital. Bank Finance There is a lack of recent research available as to trends in funding of entrepreneurs in The Netherlands. Understanding of such trends in other countries, where extensive research has taken place in the field of entrepreneurial finance, could result in the understanding as well as the applicability of general findings to The Netherlands and any other country. Evidence confirms that banks continued to provide a major source of finance for SMEs in the 1990s (Hughes, 1997, p. 151) although it would be expected that the recent financial crisis could have impacted this (Udell, 2011, p. 103). While relaxing financial constraints may allow greater access to bank financing for entrepreneurs, it may also encourage excessive entry to the market and may also undermine bank-monitoring incentives according to Arping et al. (2010, p. 26). Evidence from developing nations such as South Africa suggest that access to formal bank financing is likely to be a determinant of start-up rates in any given region (Naude et al., 2008, p. 111). There was however, little consideration in this paper as to whether availability of venture capital had any moderating effect on this relationship, and other sources suggest that this may be less important than availability of human capital (Kim et al., 2006, p. 5). There may not only be issues associated with availability of bank finance, but also access to it. There is some suggestion within the literature that women may be somewhat disadvantaged in securing bank finance when compared to their male counterparts (Marlow Patton, 2005, p. 717; Carter et al., 2007, p. 427). Other authors have disputed this, although it is possible that these differences could be accounted for by different geographical foci (Sabarwal et al., 2009, p. 1). There is also some suggestion that differences may exist between ethnic groups in access to bank finance (Smallbone et al., 2003, p. 291) while other personal characteristics of entrepreneurs could also create barriers (Irwin Scott, 2010, p. 245). The relationship between banks and entrepreneurs could be key to enabling access. Research from Italy suggests that there could be trust issues between young entrepreneurial firms and bank managers. This may be particularly true where there is perceived to be heavy monitoring, and may lead to lower levels of demand for bank financing (Howorth Moro, 2006, p. 495). There is some evidence that the ownership of the bank itself may influence the relationships it forms with businesses of all types, including start-ups. In particular, the evidence suggests that firms are more likely to maintain exclusive relationships with state-owned banks, which may indicate greater levels of trust than compared to foreign or privately owned banks (Berger et al., 2008, p. 37). The literature identifies some strategies that may be effective in helping to overcome these barriers. For example in emerging economies, networking has been implicated as an important strategy in helping small to medium enterprises (SMEs) secure bank financing. This more specifically relates to networking with customers and government officials (Le Nguyen, 2009, p. 867). There is some suggestion that firms in developed countries are more likely to incorporate in order to access formal bank financing (Acs et al., 2008, p. 10). Financing Preferences It has been speculated that young businesses may require more than just monetary input, but also require access to expertise. This argument has been proposed predominantly in the context of technology firms, who may lack experience in research and development. Such businesses may benefit from expertise provided by venture capital firms who possess expertise and skills in this area (Keuschnigg Nielsen, 2005, p. 222). It would however be suggested that this may extend into some other sectors on the basis of research by Kim et al. (2006, p. 5) which found that availability of human capital was instrumental in determining entrepreneurial entry to markets. Quantitative surveys conducted amongst start-up firms has suggested that various characteristics of those ventures may determine the structure and types of finance which are utilized, including size, assets, growth orientation and owner characteristics (Cassar, 2004, p. 261). When selecting venture capital, businesses must consider contracts carefully, as these will have a significant impact on how the firm is able to exit at a later stage (Cumming, 2008, p. 1947). de Bettignies and Brander (2007, p. 808) argue that venture capital may be preferred to bank finance when venture capital productivity is high and entrepreneurial productivity is low. Winton and Yerramilli (2008, p. 51) suggest that there may be different criteria for determining preference, based on preference for risky or safe continuation practices and relative costs associated with finance options. For example, they suggest that if venture capital companies lower their cost of capital, this may entice some entrepreneurs to switch from safe continuation strategies utilizing bank finance, to riskier strategies utilizing venture capital. Study Aims and Objectives It would appear that many of the studies discussed in the previous section have much to contribute to a better understanding of how entrepreneurs select between bank and venture capital financing. However, most have focused on only limited aspects of the issue. A literature review that aims to take a wider perspective may therefore be useful in providing a better understanding of what may be a relatively complex decision-making process. In particular, most of the evidence available has examined the availability and access to bank financing, with much less information available on comparison to venture capital availability and access. Yet contrasting the benefits and limitations of the two may be important in enabling entrepreneurs to make an informed decision when structuring their start-up finance arrangements. Research Statement The research aims to conduct a review of the literature that will enable comparison of benefits and limitations of bank finance and venture capital. Research Questions The following research questions will be addressed by the review:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there differences in the availability of and access to bank financing and venture capital to businesses?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Does the availability and access to different types of finance impact choices made by entrepreneurs?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Are there common barriers to bank finance and venture capital or are some barriers specific to one option? When successfully answered, the findings from the previous questions should give answer to the following question by means of a recommendation: Are there any strategies that may enable entrepreneurs to overcome these barriers? References Acs, Z.J., Desai, S. Klapper, L.F. (2008) What does ‘Entrepreneurship’ data really show? A comparison of the global entrepreneurship monitor and world bank group datasets. World Bank Policy Research Working Paper No. 4667. Accessed 13 May 2011, from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1233043.   Arping, S., Loranth, G. Morrison, A.D. (2010). Public initiatives to support entrepreneurs: Credit guarantees versus co-funding. Journal of Financial Stability, 6(1): 26-35. Berger, A.N., Klapper, L.F., Peria, M.S.M. Zaidi, R. (2008). Bank ownership type and banking relationships. Journal of Financial Intermediation, 17(1): 37-62. Capelleras, J.-L., Mole, K.F., Greene, F.J. Storey, D.J. (2008). Do more heavily regulated economies have poorer performing new ventures? Evidence from Britain and Spain. Journal of International Business Studies, 39(4): 688-704.   Carter, S., Shaw, E., Lam, W. Wilson, F. (2007). Gender, entrepreneurship, and bank lending: The criteria and processes used by bank loan officers in assessing applications. Entrepreneurship Theory and Practice, 31(3): 427-444. Cassar, G. (2004). The financing of business start ups. Journal of Business Venturing, 19(2): 261-283.   Cumming, D. (2008). Contracts and exits in venture capital finance. The Review of Financial Studies, 21(5): 1947-1982.   de Bettignies, J.-E. Brander, J.A. (2007). Financing entrepreneurship: Bank finance versus venture capital. Journal of Business Venturing, 22(6): 808-832. Deidda, L. Fattouh, B. (2008). Banks, financial markets and growth. Journal of Financial Intermediation, 17(1): 6-36. Howorth, C. Moro, A. (2006). Trust within entrepreneur bank relationships: Insights from Italy. Entrepreneurship Theory and Practice, 30(4): 495-517. Hughes, A. (1997). Finance for SMEs: A UK perspective. Business and Economics, 9(2): 151-168. Irwin, D. Scott, J.M. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behaviour Research, 16(3): 245-259. Keuschnigg, C. Nielsen, S.B. (2005) ‘Public policy for start-up entrepreneurship with venture capital and bank finance’. In V. Kanniainen C. Keuschnigg (Eds.) Venture Capital, Entrepreneurship, and Public Policy. Cambridge, MA: The MIT Press, pp. 221-250.   Kim, P.H., Aldrich, H.E. Keister, L.A. (2006). Access (not) denied: The impact of financial, human, and cultural capital on entrepreneurial entry in the United States. Small Business Economics, 27(1): 5-22. Le, N.T.B. Nguyen, T.V. (2009). The impact of networking on bank financing: The case of small and medium-sized enterprises in Vietnam. Entrepreneurship Theory and Practice, 33(4): 867-887.   Marlow, S. Patton, D. (2005). All credit to men? Entrepreneurship, finance, and gender. Entrepreneurship Theory and Practice, 29(6): 717-735.   Naude, W., Gries, T., Wood, E. Meintijies, A. (2008) Regional determinants of entrepreneurial start-ups in a developing country. Entrepreneurship Regional Development, 20(2): 111-124.   Sabarwal, S., Terrell, K. Bardasi, E. (2009). How do Female Entrepreneurs Perform? Evidence from Three Developing Regions. World Bank. Accessed 15 May 2011, from: http://siteresources.worldbank.org/INTGENDER/Resources/336003-1240628924155/Sabarwal_Terrell_Bardasi_Entrep_All_CWE.pdf. Smallbone, D., Ram, M., Deakins, D. Aldock, R.B. (2003). Access to finance by ethnic minority businesses in the UK. International Small Business Journal, 21(3): 291-314. Udell, G.F. (2011). SME financing and the financial crisis: A framework and some issues. In G. Calcagnini I. Favaretto (Eds.) The Economics of Small Businesses: An International Perspective. London: Springer Heidelberg, pp. 103-113.   Winton, A. Yerramilli, V. (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88(1): 51-79.

NYU, New York University and Early Decision

NYU, New York University and Early Decision If you know that NYU is the school that you most want to attend, applying through tone of the universitys early decision options might be a wise choice. Key Takeaways: NYU and Early Decision NYU has two early decision options: Early Decision I has a November 1st deadline, and Early Decision II has a January 1st deadline.Applying early decision is one of the best ways to demonstrate your sincere interest in NYU, and it can improve your chances of getting in.Early decision is binding. If admitted, you are required to attend. The Advantages of Early Decision If you have a clear first-choice college that is highly selective, you should certainly consider applying early decision or early action if these options are available. At the great majority of colleges, the acceptance rate is higher for students who apply early; this point is remarkably clear in this early application information for the Ivy League. NYUs admissions website notes that for the class of 2021, the overall admit rate was 28 percent, while the admit rate for early decision was 38 percent. Note that this means that applying early increases your chances of admission by more than 10 percent, for the overall admit rate includes the early decision student pool. There are several reasons why you have a better chance of admission when applying early. For one, students who are able to get their applications together in October are clearly ambitious, organized, and good time managers. These are all traits possessed by successful college students. Also, colleges frequently use demonstrated interest as a factor when evaluating applications. A student who applies early is clearly interested. This is particularly true for early decision since applicants can apply to only one school through an early decision option. Finally, early decision applicants have the advantage of learning the decision of the admissions office early. Students who apply through NYUs Early Decision I will receive their decision by December 15th, and those who apply through Early Decision II get a decision by February 15th. Regular decision applicants dont receive a decision until April 1st. The Drawbacks of Early Decision If you know that New York University is your top choice school and you are able to complete a strong application by the deadline, early decision is definitely the way to go. The option, however, is not for everyone, and it does have a few drawbacks: Early decision is binding. If you are admitted, you are required to attend, and you must withdraw all of your other college applications.Because early decision is binding, you wont be able to compare different financial aid offers from multiple schools.If you are applying Early Decision I, you need to request letters of recommendation as soon as the school year starts, and youll want to take the SAT or ACT early.If youre doing well academically in your senior year, the admissions staff at NYU will likely be making a decision before they see any of your senior year grades. However, early decision does have its drawbacks. The most obvious of these is that the deadline is, well, early. Its often difficult to have SAT or ACT scores in hand by the end of October or early November, and you may want to have some of your senior grades and extracurricular accomplishments as part of your application. NYU's Early Decision Policies NYU changed its application options in 2010 to expand the early decision applicant pool. The prestigious Manhattan university now has two early decision deadlines NYU Application Options Option Application Deadline Decision Early Decision I November 1 December 15 Early Decision II January 1 February 15 Regular Decision January 1 April 1 If youre familiar with NYU, you may be wondering how January 1st is considered early. After all, the regular admission deadline is also January 1st. The answer has to do with the nature of early decision. If you are accepted under early decision, NYUs policy states that you must withdraw all applications you may have submitted to other colleges, and ... pay a tuition deposit within three weeks of notification. For regular admissions, nothing is binding and you have until May 1st to make a decision about which college to attend. In short, NYUs Early Decision II option is a way for students to tell the university that NYU is their first choice and they will definitely attend NYU if accepted. While the deadline is the same as regular admission, students who apply under Early Decision II can clearly demonstrate their interest in NYU. Early Decision II applicants have the added perk that they will receive a decision from NYU by mid-February, over a month early than applicants in the regular decision pool. NYU does not indicate if Early Decision I has any advantage over Early Decision II. However, Early Decision I applicants are clearly telling NYU that the university is their first choice. The timing of Early Decision II is such that an applicant can be rejected through Early Decision at another university, and still apply in time for Early Decision II at NYU. So for Early Decision II applicants, NYU might be their second choice school. If NYU is definitely your first choice school, it may be to your advantage to apply Early Decision I. A Final Word About NYU and Early Decision Do not apply early decision to NYU or any college unless you are absolutely sure that the school is your first choice. Early decision (unlike early action) is binding, and if you change your mind you will lose a deposit, violate your contract with the early decision school, and even run the risk of having applications at other schools voided. You should also avoid early decision if you are concerned about financial aid and what the option of shopping around for the best offer.

Valuation of Securities Essay Example | Topics and Well Written Essays - 2250 words

Valuation of Securities - Essay Example 500,000, then I have to look at the options available to me and perform a detailed analysis of each. This would allow me to determine which is best considering the risk and return profile of each option. I have made the decision to assess a life insurance investment option and a fund which I will manage on my own. Other investments which could be considered include bonds, shares and mutual funds. Life Insurance Investment Investing the amount of ?500,000 saved with a life insurance company may allow me to receive a stable income on an annual basis with an adjustment for inflation. The insurance policy that my insurance agent recommends is one that will pay me an annual sum that allows for an inflation adjustment and allows for the balance to be paid to my estate when I die. This information is presented in Table 1. Year Initial Investment/ Balance (?) Interest rate Inflation rate Capital Growth (?) Withdrawal (?) Balance (?) 0 500,000.00 0.04 0.03 0.00 0.00 500,000.00 1 500,000.00 0. 04 0.03 520000.00 15000.00 505000.00 2 505,000.00 0.04 0.03 525200.00 15450.00 509750.00 3 509,750.00 0.04 0.03 530140.00 15913.50 514226.50 4 514,226.50 0.04 0.03 534795.56 16390.91 518404.66 5 518,404.66 0.04 0.03 539140.84 16882.63 522258.21 6 522,258.21 0.04 0.03 543148.54 17389.11 525759.43 7 525,759.43 0.04 0.03 546789.80 17910.78 528879.02 8 528,879.02 0.04 0.03 550034.18 18448.11 531586.07 9 531,586.07 0.04 0.03 552849.51 19001.55 533847.96 10 533,847.96 0.04 0.03 555201.88 19571.60 535630.28 11 535,630.28 0.04 0.03 557055.50 20158.75 536896.75 12 536,896.75 0.04 0.03 558372.62 20763.51 537609.11 13 537,609.11 0.04 0.03 559113.48 21386.41 537727.06 14 537,727.06 0.04 0.03 559236.15 22028.01 537208.14 15 537,208.14 0.04 0.03 558696.47 22688.85 536007.62 16 536,007.62 0.04 0.03 557447.92 23369.51 534078.41 17 534,078.41 0.04 0.03 555441.55 24070.60 531370.95 18 531,370.95 0.04 0.03 552625.79 24792.71 527833.08 19 527,833.08 0.04 0.03 548946.40 25536.50 523409.90 20 523,409.90 0.04 0.03 544346.30 26302.59 518043.71 403055.62 Table 1:- Investment in Life Insurance Policy The information in Table 1 indicates that the policy will run for 20 years. It is assumed that the interest rate for the period would be 4% and the inflation rate - 3%. An amount of ?15,000 will be paid in the first year after allowing for inflation. If I die at the end of the first year my estate will receive a total of ?505,000. If not the annual payments will increase year after year to an annual payment of ?26,203.59 in the 20th year. At that time the balance on the account would be ?518,043 which would be paid to me or my estate if I die. The information in Table 1 also indicates that the balance on the policy would increase up to the 13th year but would start declining thereafter. My total receipts from this policy from year 1 to year 20 would be ?403,055.62 leaving a balance of ?518,043.71. This suggests that after 20 years I would have received a total of ?921,099.33 (?403,055.62 + ?518043.71). Therefore, I would gain a total of ?421,099.33 on my investment. Manage Funds Personally In the event that I choose to personally manage my funds I would want to diversify the risks involved by investing in a mix of government bonds and shares. Government bonds are basically risk free while investment in shares is considered to be risky. I would want to consider a 50:50 mix since I am hoping to get high returns that would be able to

HW12 Math Problem Example | Topics and Well Written Essays - 500 words

HW12 - Math Problem Example Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Guillen and $25,000 to Williams, with the remainder divided 45% to Guillen and 55% to Williams. Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Guillen and $35,000 to Williams, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.) The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and Escobedo $20,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Rodriguez and Escobedo income ratios are 60% and 40%, respectively. The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and E

Caledonia Products Integrative Problem Essay Example for Free

Caledonia Products Integrative Problem Essay The following observation will describe the decisions made by a financial analyst who is working for the capital budget department at Caledonia Products. The organization has asked Team B to evaluate the potential risk involved in an upcoming transaction and identify several options in how to proceed. Because this is the team’s first assignments dealing with risk analyzes the team has been ask to further explain the details. The organization analysis will focus on free cash flows, projection of cash flows, projects initial outlay, cash flow diagram, net present value, internal rate of return, and if the project should be accepted. Why focus on project free cash flows Team B believes that Caledonia should focus on the project’s free cash flows and not the accounting profits. Evidence exists that the accounting profits will be earned by the project because there is a positive cash flow to the shareholders. With any investment there is the expectation that there will be an increase to the firm’s cash flow. Free cash flow is the total cash available to creditors who have invested their monies to finance the project. Accounting profits includes costs such as depreciation, interest, and taxes to run a business therefore it should not affect free cash flows. The project free cash flows range from year zero to year five and illustrate how much Caledonia Products will benefit if they choose to take on this project. Projection of project in years one through five There is annual working capital requirement of $100,000 to initiate the project. The incremental cash flows for the project in years one through five shows increase. For each year, the total investment in net working capital will be equal to 10% of the dollar value of sales for that year. In year one free cash flow is $2,100,000 in year two $3,600,000, which means fist year increase of $1,500,000, and it is about 53% increase. In year two 23% increase and year three to four decreases of 28%, and in year five free cash flow is $1,560,000, which means 43% decrease. Year-1:$2,100,000 Year-2:$3,600,000 Year-3:$4,200,000 Year-4:$2,400,000 Year-5:$1,560,000 Initial outlay This project’s initial outlay includes the necessary capital needed to purchase fixed assets and ensure they are in operating order to start the project. Cost of new plant and equipment: 7,900,000 Shipping and installation cost: 100,000 Initial working capital required to start the production: 100,000 8,100,000 The initial outlay for this project is $8,100,000 Cash flow diagram $3,956,000$8,416,000$10,900,000$8,548,000$5,980,400 ($8,100,000) Net Present Value and Internal Rate of Return Unit Price x units sold 1:$21,000 2:$36,000 3:$42,000 4:$24,000 5:$15,600 Therefore, NPV = $94,575.83 NPV Values for Years 1: $18,260.90 2: $27,221.17 3: $27,615.68 4: $13,722.40 5: $7,755.98 The Internal Rate of Return (IRR) = 12.61% Project Conclusion Deciding on whether to follow through with a project is done by evaluating either the internal rate of return or net present value. According to Investopedia, â€Å"All other things being equal, using internal rate of return (IRR) and net present value (NPV) measurements to evaluate projects often results in the same findings† (Investopedia, 2013). If comparing one project to another, the one with the higher rate or return would be the more favorable one. In this instance several projects were not compared, and the IRR is below the current discount rate, which makes the project not feasible. The problem with IRR, however, is that it does not take into account changing discount rates. As market conditions and other factors change, so does the IRR. Net Present Value (NPV) on the other hand, takes changing rates into account and is a calculated using very complex formula taking many factors into account for each stage of the project. If the Net Present Value is calculated to be above zero, or positive, it is considered to be feasible, and the project should be accepted. Our calculations show the NPV in each year to be positive and believe that the project in this case should indeed be accepted. References: Investopedia US, A Division of ValueClick, Inc. . (2013). Internal Rate Of Return IRR. Retrieved from http://www.investopedia.com/terms/i/irr.asp#axzz2HtkRBF6q

The Value of Information :: Technology Information Essays Papers

The Value of Information In the world today, information is an important aspect in almost every part of our life. From what time the movie we want to see begins to whether we should buy stock in Dell or IBM, we depend on accurate information. Is this kind of information a commodity? The dictionary defines a commodity as something valuable or useful (Webster 1993). Presently, information is a commodity because people are willing to pay high prices for information in order to make better decisions. In this paper, I will give many examples of how information acts as a commodity. I will also show how information acts as a commodity in other areas than just technology and business. The kind of information I will explore is the knowledge of a specific news or event derived from study, experience or instruction(Webster 1993). This type of information is not something everyone can have access to. This information can separate the successful companies from the one ¹s struggling to survive. This information is valuable, and can be bought, sold traded and even stolen. It can be the most important asset a company owns. One aspect where information acts as something valuable is in the area of sports. The National Football League is a billion dollar business. The careers of coaches, players and general managers can rest on one play or one game. To minimize mistakes or to find any advantage, teams spend millions of dollars to pay scouts to provide useful information. One part of putting together a winning team is doing well on draft day. Teams do a tremendous amount of research on every player who is eligible to be drafted. The NFL has its own private investigation firm. It is called NFL Security, and it is rarely seen or discussed. Its job is to compile information about every possible draftee. If players smoke marijuana at Saturday-night parties, it's probably in their files. If players stay in bars past 2 A.M., it's probably in their files (Sports Illustrated p.34). The purpose of NFL Security is to prevent a team from investing millions of dollars in a player who might have drug or other problems that could prevent a player from performing up to a certain standard. "For the amount of money involved here, the employers would like to know good hard facts about their potential players. Employers deserve that. And we're going to give it to them," says Mike Ahlerich, an employee at NFL Securities (Sports Illustrated p.

Role of Ethics in the Life of an Engineering Student

As a college student for the last 2 years, if there is one important thing that I have learned, it is to follow the ethical guidelines of your school. Moreover, maintain the ethical code throughout the semester and more specifically for every course. Now, as an engineering student at The University of Texas at Tyler, I have an Engineering Code of Ethics to follow. This, in my opinion, is the closest to an actual professional code I have seen thus far. As a learned profession, engineering students are expected to show the upmost standards of integrity and honesty. Since this is the code that we will be following while providing services as an engineer, our complete honesty & fairness should be dedicated to the safety and welfare of the people. As an engineer, you are required to perform under a standard of professional behavior. It requires adherence to the highest principles of ethical conduct. As students, we are to practice the Code of Ethics on both the college and the District level. Every student in the college/district is expected to represent himself respectfully, whether it is on paper or verbal. This representation calls for honesty of information on all forms, applications and official documentation. In addition, we are to behave respectfully faculty, staff, administrators, other students and visitors as we represent our college and district. Academic honesty and academic integrity are to be maintained at their highest standards. All of the student’s work should be original. No type of academic dishonesty is acceptable. This includes cheating or lying on any assignment, quiz or exam. Providing false information or making false statements is impermissible. Gaining an unfair advantage over other students by any means of cheating is also against the ethical conduct. Cheating furthermore includes plagiarism, which is when a student uses the ideas of another and declares it as his or her own. Students are required to properly cite the original source of the ideas and information used in his or her work. Students of the district are expected to adhere to the rules and regulations set by the District. Students are to be responsible for any costs of the damages resulting from their behavior. Furthermore, use of illegal drugs, prescription drugs and alcohol should be highly avoided. We shall also refrain from using language or acting in a manner that is disrespectful or inappropriate towards other students and members of college. This also includes sexual assault and harassment. Students must behave respectfully toward their peers and professors. In the classroom setting, students may not interrupt their classmates or professor, make fun of them or their expressed views, or disrupt the learning environment. It is important to maintain the best learning environment for all students and professors. The fundamental canons lay down general duties. For example, engineers are required to â€Å"hold paramount the safety, health and welfare of the public,† to â€Å"issue public statements only in an objective and truthful manner,† to â€Å"act in professional matters for each employer or client as faithful agents and trustees,† and to â€Å"avoid all conflicts of interest. † Each engineer stands to benefit from these requirements both as ordinary person and as engineer. The benefits for an engineer as ordinary person are obvious: As an ordinary person, an engineer is likely to be safer, healthier, and otherwise better off if engineers generally hold paramount the public safety, only make truthful public statements, and so on. How engineers stand to benefit as engineers is less obvious . Generally, all the ideas from the Code of Ethics for Engineers apply to an engineering student. Two fundamental canons that stand out are number 3 and 6. Number 3 states that public statements issued should be in an objective and truthful manner. This means that all reports and statements from an engineer should include all relevant and pertinent information in such reports, statements, or testimony, which should bear the date indicating when it was current. The same way an engineering student is responsible for stating correct information on his/her assignments and reports with the mention of the correct date and time of any analysis or experimentation involved. Number 6 states the engineer conduct themselves honorably, ethically, and lawfully so as to enhance the honor, reputation, and usefulness of the profession. This applies to engineering students as much because we are responsible for our own work and are expected to incorporate originality in our work. We should acknowledge our errors and shall not alter or distort the facts. We, as students, should look at the big picture and realize the long-term commitment to the field of engineering. Misrepresentation of any kind is unacceptable. A code of ethics is necessary in part because, without it, the self-interest of individual engineers, or even their selfless devotion to their employer, could lead them to harm everyone overall. The authors of a code of engineering ethics are all more or less rational persons. They differ from most other rational persons only in knowing what engineers must know in order to be engineers and in performing duties they could not perform but for that knowledge. It is therefore reasonable to suppose that their code of ethics would not require them to risk their own safety, health, or welfare, or that of anyone for whom they care, except for some substantial good. It also seems reasonable to suppose that no code they authored would include anything people generally consider immoral. Most engineers are probably morally decent people, unlikely to endorse an immoral rule. All scientific and engineering professions have a high standard of ethics. It is quite necessary, because many of the things scientists and engineers do affect both their own lives and those of the public as well. If a scientist reports a development from the laboratory incorrectly, it can even endanger someone's life. If an engineer cheats on a design, it can also cost lives. Similarly, all of us would be concerned about driving over a bridge built by an engineer who cheated in school. We have learned of a number of situations in recent years in which people have acted unethically and the results have been very bad for the people who trusted them. This is also the reason why new disciplines of engineering ethics are emerging all over colleges and universities. Handouts and instructor's guides in different courses in the electrical, civil and mechanical engineering departments are made mandatory to a student to have a good sense of. Understanding the Code of Ethics for Engineers as a convention between professionals, we can explain why engineers cannot depend on mere private conscience when choosing how to practice their profession, no matter how good that private conscience and why engineers should take into account what an organization of engineers has to say about what engineers should do. What conscience would tell us to do absent a certain convention is not necessarily what conscience would tell us given that convention. Insofar as a code of professional ethics is a kind of a morally permissible convention, it provides a guide to what engineers may reasonably expect of one another. It describes what the rules of the game are. Just as we must know the rules of baseball to know what to do with the ball, so we must know engineering ethics to know, for example, whether, as engineers, we should merely weigh safety against the wishes of our employer or instead give safety preference over those wishes. A code of ethics should also provide a guide to what we may expect other members of our profession to help us do The question now is why, all things considered, an engineer should obey her profession's code. We should begin by dismissing two alternatives some people find plausible. The obligations of an engineer do not seem to rest on anything so contingent as a promise, oath, or vow. So, the convention between professionals is not a contract. It is more like an obligation resting not on an actual agreement, but on what it is fair to require of someone given what he has voluntarily done, such as accepted the benefits that go with claiming to be an engineer. One way society has of saying things is through law. No law binds all engineers to abide by their profession's code. Of course, society has ways of saying things other than by law, for example, by public opinion. But it seems doubtful that the public knows enough about engineering to have an opinion on most matters of engineering ethics. After all, there have been both irrational laws, those requiring the use of outmoded techniques and immoral laws, those enforcing slavery. The public opinion supporting such laws could not have been much less irrational or immoral than the laws themselves. In conclusion, Engineers should not only do as their profession's code requires, but should also support it less directly by encouraging others to do as it requires and by criticizing, ostracizing, or otherwise calling to account those who do not. They should support their profession's code in these ways for at least four reasons: First, engineers should support their profession's code because supporting it will help protect them and those they care about from being injured by what other engineers do. Second, supporting the code will also help assure each engineer a working environment in which it will be easier than it would otherwise be to resist pressure to do much that the engineer would rather not do. Third, engineers should support their profession's code because supporting it helps make their profession a practice of which they need not feel morally justified embarrassment, shame, or guilt. And fourth, one has an obligation of fairness to do his part insofar as he claims to be an engineer and other engineers are doing their part in generating these benefits for all engineers.

Intangible Assets †Woolworths limited Essay

Intangible Assets: An intangible asset, despite not having a physical form to it, has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets, while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets, but only if the specific criteria have been met for an asset to be recognized as intangible. An intangible asset must encompass three characteristics: Identifiable: An asset has to meet one of the following in order to be considered identifiable. It has to be separable, so that it is recognizable to be different than goodwill. This means it is capable of being sold, licensed, rented, transferred or exchanged, resulting with separation from the business. Or it has to arise from contractual or other legal rights, whether it is separable or not (AASB 2010). Non-monetary in nature: The asset has to be non-monetary. This characteristic is required so that receivables are not considered as an intangible asset by businesses just because the money has been recognized but not received yet (Loftus et al. 2012). Lack of physical substance: This is required so that tangible assets of property, plant and equipment are not being recognized as an intangible asset (Loftus et al. 2012). Also, an asset is strictly only recognized as intangible if it meets both of the following in the recognition criteria: (a) It is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and (b) The cost of the asset can be measured reliably (AASB 2010) Classes of intangible assets: A class is a group of intangible assets that are of similar nature. Some examples of classes include Brand names, Computer software or Licenses and Franchises, just to name a few. Compliance with Accounting Standards: There is a set of disclosing rules that has been set out for Woolworths to apply to their reporting of intangible assets. It is stated in AASB 138 that for each class of intangible assets, the following shall be disclosed by a business: If the useful lives of the asset is either indefinite or finite and the useful lives or amortization rates if it is finite; Woolworths have clearly stated in their annual report a description on whether the useful life of each class is indefinite or finite. 4 out of 5 classes (excluding goodwill as it was reported separately from the other intangibles) were stated as assets with an indefinite useful life, so no amortization was charged (Woolworths Limited 2012). The method used for amortization on intangible assets with finite useful lives; The research and development class of intangible assets for Woolworths had stated that any spending on development activities where their research results are applied to a development for a new or improved product is to be capitalized if the plan is deemed to be commercially possible, and the business has sufficient resources to complete it. It is explained that this capitalized expenditure is expressed as cost less accumulated amortization and impairment losses (Woolworths Limited 2012), however no specific amortization rates were defined. The gross carrying amount and any accumulated amortization and impairment losses at the beginning and end of the period; The line item(s) of the statement of comprehensive income in which any amortization of intangible assets is included; A reconciliation of the carrying amount at the beginning  and end of the period (AASB 138); Woolworths Limited provided a reconciliation of movements in Intangibles (Appendix 1) from 2011 to 2012 in their 2012 financial report to shareholders (Woolworths Limited 2012). The report was presented with each class of intangible asset separated into their own headings with their own amounts written under it before the total amount of intangibles. This made the amounts of amortization and impairment more recognizable from where it had arisen. This reconciliation provided a carrying amount at the beginning and end of the period as requested by the Standards. Also included were the additions arising from acquisition of businesses, other acquisitions and disposals that were required to be shown in the reconciliation. 2011 ($M) 2012 ($M) Carrying amount at end of period $5236.6 $5282.0 (Woolworths Limited 2012) Woolworths had applied the relevant Accounting Standards, AASB 138, towards the treatment of their intangible assets and disclosure of them very well. Their intangible assets presented in the reports were separable, non monetary in nature and didn’t have physical substance. Woolworths could have explained the amortization rates used for their intangible assets, but that was the only limited information provided by Woolworths limited. The disclosure rules were applied into their financial reports, showing that Woolworths Limited’s treatment on their intangible assets conformed to the relevant accounting standards. Recommendations: The guidelines in the AASB 138 seem to already make companies scrutinize their intangible assets intensely and reveal every bit of it in their financial reports. An improvement could be to state in the guidelines which type of report and where in the report that this information should be  disclosed so users can have access to all the information in one go without having to search through many files to find certain information about a company’s intangible assets. AASB 2010, AASB 138 – Intangible Assets, Available on: http://www.aasb.gov.au/admin/file/content102/c3/AASB138_07-04_ERDRjun10_07-09.pdf [25 September 2013] Loftus, J, Leo, K, Picker, R, Wise, V, Clark, K 2012, Understanding Australian Accounting Standards, Wiley, QLD Woolworths Limited 2012, 2012 Financial Report for Shareholders http://www.woolworthslimited.com.au/annualreport/2012/pdf/WW_AR12_FinReport.pdf Appendices Appendix 1:

Gloria Steinem Essays

Gloria Steinem Essays Gloria Steinem Essay Gloria Steinem Essay Gloria Steinem positions America as a mostly male-dominant civilization. In her attempts to talk out and fight against this imbalanced signifier of society she strongly enforces her positions of female anti-submissiveness. Because of the apparently unjust sum of rights work forces have deprived American adult females of. Steinem calls for drastic alterations in the manner adult females view themselves and are viewed both in the society and within the place. Steinem’s biggest job with our society is the rough stereotyped positions that are laced all throughout the civilization. Children are raised with the thoughts that work forces dominate certain countries of life. and adult females others. and traversing these spliting lines into countries reserved for the other gender is an act seen as both unnatural and tabu. In her essay Life Between the Lines Steinem touches upon the common matrimonial job of housekeeping. ( Steinem. 8 ) Because of the deeply frozen tradition of females and housekeeping. many adult females struggle with feelings of weakness and even embarrassment when seeking to acquire their hubbies to assist out around the place. : In Huston and History . Steinem writes that because of the secondary position adult females are traditionally seen as holding. they are more likely to associate to minorities and those seen as less fortunate . Frederick Douglass recognized this when he stated that the cause of the slave has been particularly women’s cause. Associating back to the battle to stop bondage. which was most enthusiastically fought by the adult females. The essay Sisterhood imperativenesss on this subject every bit good when it declares that the deep and personal connexions among adult females populating under patriarchy frequently causes them to leap barriers of age. economic sciences. worldly experience. race. [ and ] civilization. ( 123 ) Even though society physiques many walls between different people. the common end of subordination remains a really strong uniting factor. Male and female functions in society have ever been seen as immensely different. The common children’s verse form: What are small misss made of? Sugar and spice. And everything Nice. That’s what small misss are made of. What are small male childs made of? Snips and snails. And puppy Canis familiaris dress suits. That’s what small male childs are made of. ( cyberspace: hypertext transfer protocol: //showcase. netins. net/web/marys/LittleBoys. htm ) is a perfect illustration of the generalisations our state has towards the two genders. Steinem suggests in her essay College Reunion that. through instruction. the boundaries between the two sexes might get down to fade out. Steinem states that Women’s colleges have seldom taught us to contend for ourselves. or for other adult females. ( 137 ) Merely in learning adult females the accomplishments necessary to interrupt down the walls that tradition has built up. and equality and full humanity of adult females and men is achieved. can true feminism be accomplished. ( 5 ) Another major subject illustrated in this book is the author’s concern about the sexual relationships between male and female. Harmonizing the Steinem. our culture’s stereotyped positions of the sexes frequently envelopes all facets of life. conveying male-dominance even into the sleeping room. Three essays concentrating chiefly upon the sexual laterality of work forces are Erotica vs. Pornography . I was a Playboy Bunny . and If Men Could Menstruate . Erotica vs. Pornography centres on manner the American society often sees sex. In America. kids are raised with images of female sex symbols strewn all across the media which make adult females vulnerable for the pleasance of work forces. Steinem attributes the sexual male-supremacy to this voguish media tool. A common quotation mark exemplifying this point is sex will sale anything . Because of the steady moral diminution in society. sex is besides confused with force and aggression in all signifiers of popular civilization. ( 239 ) Pictures of females are seen in every signifier of media. from the telecasting to the cyberspace to the paper. This imagination drastically influences the manner females think of themselves. and are viewed by others. I was a Playboy Bunny speaks of the clip in which the writer went undercover to go one of the celebrated Playboy Bunnies . Once within the Playboy realm the glamor and intrigue rapidly started to melt. Steinem saw that the bunnies were used in affect as inexpensive labour to feed the immensely popular Playboy nines. Working long hours with no or small wage ( 54 ) . hideous ordinances on hair. heels. vesture. and even the bunny demeanour all added to the unspectacular life of a Bunny. If Men Could Menstruate is a amusing expression at how the universe would be different if it was in fact the male sex who was on a periodic catamenial rhythm. Clearly. menses would go an enviable. boast-worthy masculine event: Work force would boast about how long and how much. and Sanitary supplies would be federally funded and free. ( 367 ) Although the essay is an interesting sarcasm on what could be . no existent statements are held or reinforced. It is in impacting an amusive expression at how the civilization might respond if work forces were given the properties of the weaker sex . Although many of Steinem’s statements are good supported and easy seen as valid. they often focus on either to wide. or to contract a subject. Essaies like Men and Women Talking express the communicating wonts between males and females all over the universe. from Europe ( 193 ) . Australia ( 194 ) . Japan ( 203 ) . and the U. S. – a really big base from which pulling any solid decisions becomes drastically more hard. The other utmost argumental stance occurs in being to contract. Essaies like Ruth’s Song dressed ore on a individual case and circumstance. Because of the narrow focal point it is difficult to associate a specific illustration to a larger. more common case. In Ruth’s Song Steinem says that the biggest ground that my female parent was cared for but non helped for twenty old ages was the simplest her operation was non that necessary to the universe. ( 143 ) Inferring that because her female parent was a female. Steinem suggests that her lone function in the economic system was to bring forth and care for her progeny. and that because she no longer could make either 1. she was non an of import member in society. Although her point may be good made. it relates straight to merely those females who have. or are straight effected by a mental dislocation. Because of the unwellness of one adult female. it is difficult to reason that the destiny of a individual individual would be the same for everyone else holding a similar luck. Steinem’s statements all have the implicit in subject of female restriction in a male-dominant society. To battle this she proposes that adult females learn to stand up for themselves and take action. Merely through active alteration in every person. can full and complete equilibrium among the sexes take topographic point.

Media language accelerates recovery - Emphasis

Media language accelerates recovery Media language accelerates recovery The increasing use of the word recovery in the press during the recent financial crisis may have contributed to the UKs eventual climb out of recession, new research from Emphasis has found. This unique project the second from the Emphasis Research Centre began as a positive alternative to The Economists R-word index, which predicts economic downturns by tracking the use of the word recession. The research charts the use of the term recovery (along with green shoots) in the British broadsheets during the recent recession and the months leading up to it. It reveals what appears to be a significant link between the number of press articles mentioning the word and climbs in both the FTSE 100 and Nationwide Consumer Confidence Index. The sudden increase in the use of recovery actually began long before any real sign of one existed. In fact, the UK was sliding further into recession and the markets were in freefall at the time. But the continued and ever-increasing reference to a tentative recovery may have helped precipitate a slight return to form, as both indexes began to rise slowly in February 2009. Other factors undeniably played a part in renewed faith in the markets. The stimulus package announced in November 2008, the start of quantitative easing the following March, and the G20 summit in April 2009 are all likely to have influenced confidence. And mentions of recovery, though regular, were often far from positive. Yet the apparent link between the rise in newspapers references to recovery and the fluctuations in both the FTSE 100 and Consumer Confidence Index during the most intense periods of the economic crisis seem significant. It could be that merely repeating the word recovery, like a mantra, somehow seeped into the subconscious of both the public and the market, says Rob Ashton, Chief Executive of Emphasis. This may be an example of journalists creating the news as well as reporting it. Download the full Recovery Watch research report here. Download the press release here.

Human resource management Research Paper Example | Topics and Well Written Essays - 2250 words

Human resource management - Research Paper Example The performance of each employee has to be observed under the critical eye of the human resource management team. A customized employee policy is followed through the working atmosphere in a company. Appraisals based on their performance and salary administration is maintained to materialize the objective of profit maximization with affirmative action of the employees. In order to hire some personals for a foreign subsidiary firm, different eligibility criterion and experience are notified for selection of a new manager. (What is global management, n.d) Due to globalization and increasing digitalized marketing technology, the issues regarding the management of abroad business has yielded a revolution. In this assignment, the company has to hire a new manager for its Scandinavian division. In this respect the human resource management team has to consider only those qualification and skills to pursue the goal required in the global market. Before hiring a manager for the foreign firm and setting its mandatory qualifications and experience, knowledge about the specified country has to be under the grip of the human resource management. This will help in understanding market scenarios of the country or the region and any political or social risks associated with it. In order to send a qualified person he/she has to learn about the behavior, the culture and the traditional background of the economy. This will enhance not only his intelligent quotient but also comprehend the emotions and sentiments of the residing people. Let us begin w ith the description of the political and social nature of the Scandinavian economy. Three particular countries come under Scandinavian economy. It is a region of Northern Europe incorporating Denmark, Norway, Sweden and frequently Finland and Iceland. Despite of many wars and economical instability in the region, it has been politically sound and culturally valuable. Today, the countries in the