Overview of 1916 During World War 1

Overview of 1916 During World War 1 Previous: 1915 - A Stalemate Ensues | World War I: 101 | Next: A Global Struggle Planning for 1916 On December 5, 1915, representatives of the Allied powers gathered at the French headquarters in Chantilly to discuss plans for the coming year. Under the nominal leadership of General Joseph Joffre, the meeting came to the conclusion that the minor fronts that had been opened in places such as Salonika and the Middle East would not be reinforced and that the focus would be on mounting coordinating offensives in Europe. The goal of these was to prevent the Central Powers from shifting troops to defeat each offensive in turn. While the Italians sought to renew their efforts along the Isonzo, the Russians, having made good their losses from the previous year, intended to advance into Poland. On the Western Front, Joffre and the new commander of the British Expeditionary Force (BEF), General Sir Douglas Haig, debated strategy. While Joffre initially favored several smaller assaults, Haig desired to launch a major offensive in Flanders. After much discussion, the two decided on a combined offensive along the Somme River, with the British on the north bank and the French on the south. Though both armies had been bled in 1915, they had succeeded in raising large numbers of new troops which allowed the offensive to move forward. Most notable of these were the twenty-four New Army divisions formed under the guidance of Lord Kitchener. Comprised of volunteers, the New Army units were raised under the promise of those who joined together would serve together. As a result, many of the units were comprised of soldiers from the same towns or localities, leading to them being referred to as Chums or Pals battalions. German Plans for 1916 While Austrian Chief of Staff Count Conrad von HÃ ¶tzendorf made plans for attacking Italy through the Trentino, his German counterpart, Erich von Falkenhayn, was looking to the Western Front. Incorrectly believing that the Russians had been effectively defeated the year before at Gorlice-Tarnow, Falkenhayn decided to concentrate Germanys offensive power on knocking France out of the war with the knowledge that with the loss of their main ally, Britain would be forced to sue for peace. To do so, he sought attack the French at a vital point along line and one that they would not be able to retreat from due to issues of strategy and national pride. As a result, he intended to compel the French to commit to a battle that would bleed France white. In assessing his options, Falkenhayn selected Verdun as the target of his operation. Relatively isolated in a salient in the German lines, the French could only reach the city over one road while it was located near several German railheads. Dubbing the plan Operation Gericht (Judgment), Falkenhayn secured Kaiser Wilhelm IIs approval and began massing his troops. The Battle of Verdun A fortress town on the Meuse River, Verdun protected the plains of Champagne and the approaches to Paris. Surrounded by rings of forts and batteries, Verduns defenses had been weakened in 1915, as artillery was shifted to other sections of the line. Falkenhayn intended to launch his offensive on February 12, but it was postponed nine days due to poor weather. Alerted to the attack, the delay allowed the French to reinforce the citys defenses. Surging forward on February 21, the Germans succeeded in driving the French back. Feeding reinforcements into the battle, including General Philippe Petains Second Army, the French began to inflict heavy losses on the Germans as the attackers lost the protection of their own artillery. In March, the Germans changed tactics and assaulted the flanks of Verdun at Le Mort Homme and Cote (Hill) 304. Fighting continued to rage through April and May with Germans slowly advancing, but at a massive cost (Map). The Battle of Jutland As fighting raged at Verdun, the Kaiserliche Marine began planning efforts to break the British blockade of the North Sea. Outnumbered in battleships and battlecruisers, the commander of the High Seas Fleet, Vice Admiral Reinhard Scheer, hoped to lure part of the British fleet to its doom with the goal of evening the numbers for a larger engagement at a later date. To accomplish this, Scheer intended to have Vice Admiral Franz Hippers scouting force of battlecruisers raid the English coast to draw out Vice Admiral Sir David Beattys Battlecruiser Fleet. Hipper would then retire, luring Beatty towards the High Seas Fleet which would destroy the British ships. Putting this plan into action, Scheer was unaware that British codebreakers had notified his opposite number, Admiral Sir John Jellicoe, that a major operation was in the offing. As a result, Jellicoe sortied with his Grand Fleet to support Beatty. Clashing on May 31, around 2:30 PM on May 31, Beatty was roughly handled by Hipper and lost two battlecruisers. Alerted to the approach of Scheers battleships, Beatty reversed course towards Jellicoe. The resulting fight proved the only major clash between the two nations battleship fleets. Twice crossing Scheers T, Jellicoe compelled the Germans to retire. The battle concluded with confused night actions as the smaller warships met each other in the dark and the British attempted to pursue Scheer (Map). While the Germans succeeded in sinking more tonnage and inflicting higher casualties, the battle itself resulted in a strategic victory for the British. Though the public had sought a triumph similar to Trafalgar, the German efforts at Jutland failed to break the blockade or significantly reduce the Royal Navys numerical advantage in capital ships. Also, the result led to the High Seas Fleet effectively remaining in port for the remainder of the war as the Kaiserliche Marine turned its focus to submarine warfare. Previous: 1915 - A Stalemate Ensues | World War I: 101 | Next: A Global Struggle Previous: 1915 - A Stalemate Ensues | World War I: 101 | Next: A Global Struggle The Battle of the Somme As a result of the fighting at Verdun, the Allied plans for an offensive along the Somme were modified to make it a largely British operation. Moving forward with the goal of easing pressure on Verdun, the main push was to come from General Sir Henry Rawlinsons Fourth Army which was largely comprised of Territorial and New Army troops. Preceded by a seven-day bombardment and the detonation of several mines under German strong points, the offensive began at 7:30 AM on July 1. Advancing behind a creeping barrage, British troops encountered heavy German resistance as the preliminary bombardment had been largely ineffective. In all areas the British attack achieved little success or was repulsed outright. On July 1, the BEF suffered over 57,470 casualties (19,240 killed) making it the bloodiest day in the history of the British Army (Map). While the British attempted to restart their offensive, the French component had success south of the Somme. By July 11, Rawlinsons men captured the first line of German trenches. This compelled the Germans to halt their offensive at Verdun in order to reinforce the front along the Somme. For six weeks, fighting became a grinding battle of attrition. On September 15, Haig made a final attempt at a breakthrough at Flers-Courcelette. Achieving limited success, the battle saw the debut of the tank as a weapon. Haig continued to push until the battles conclusion on November 18. In over four months of fighting, the British took 420,000 casualties while the French sustained 200,000. The offensive gained around seven miles of front for the Allies and the Germans lost around 500,000 men. Victory at Verdun With the opening of fighting at the Somme, the pressure on Verdun began to wane as German troops were shifted west. The high water mark of the German advance was reached on July 12, when troops reached Fort Souville. Having held, the French commander in Verdun, General Robert Nivelle, began planning a counter-offensive to push the Germans back from the city. With the failure of his plan to take Verdun and setbacks in the East, Falkenhayn was replaced as chief of staff in August by General Paul von Hindenburg. Making heavy use of artillery barrages, Nivelle began attacking the Germans on October 24. Recapturing key forts on the citys outskirts, the French had success on most fronts. By the end of fighting on December 18, the Germans had effectively been driven back to their original lines. The fighting at Verdun cost the French 161,000 dead, 101,000 missing, and 216,000 wounded, while the Germans lost 142,000 killed and 187,000 wounded. While the Allies were able to replace these losses, the Germans increasingly were not. The Battle of Verdun and the Somme became symbols of sacrifice and determination for the French and British Armies. The Italian Front in 1916 With the war raging on the Western Front, HÃ ¶tzendorf moved forward with his offensive against the Italians. Irate at Italys perceived betrayal of its Triple Alliance responsibilities, HÃ ¶tzendorf opened a punishment offensive by attacking through the mountains of the Trentino on May 15. Striking between Lake Garda and the headwaters of the River Brenta, the Austrians initially overwhelmed the defenders. Recovering, the Italians mounted a heroic defense which halted the offensive at a cost of 147,000 casualties. Despite the losses sustained in the Trentino, the overall Italian commander, Field Marshal Luigi Cadorna, pressed forward with plans for renewing attacks in the Isonzo River valley. Opening the Sixth Battle of the Isonzo in August, the Italians captured the town of Gorizia. The Seventh, Eight, and Ninth battles followed in September, October, and November but gained little ground (Map). Russian Offensives on the Eastern Front Committed to offensives in 1916 by the Chantilly conference, the Russian Stavka began preparations for attacking the Germans along the northern part of the front. Due to additional mobilization and the re-tooling of industry for war, the Russians enjoyed an advantage in both manpower and artillery. The first attacks began on March 18 in response to French appeals to relieve pressure on Verdun. Striking the Germans on either side of Lake Naroch, the Russians sought to retake the town of Vilna in Eastern Poland. Advancing on a narrow front, they made some progress before the Germans began counterattacking. After thirteen days of fighting, the Russians admitted defeat and sustaining 100,000 casualties. In the wake of the failure, the Russian Chief of Staff, General Mikhail Alekseyev convened a meeting to discuss offensive options. During the conference, the new commander of the southern front, General Aleksei Brusilov, proposed an attack against the Austrians. Approved, Brusilov carefully planned his operation and moved forward on June 4. Using new tactics, Brusilovs men attacked on a wide front overwhelmed the Austrian defenders. Seeking to take advantage of Brusilovs success, Alekseyev ordered General Alexei Evert to attack the Germans north of the Pripet Marshes. Hastily prepared, Everts offensive was easily defeated by the Germans. Pressing on, Brusilovs men enjoyed success through early September and inflicted 600,000 casualties on the Austrians and 350,000 on the Germans. Advancing sixty miles, the offensive ended due to a lack of reserves and the need to aid Romania (Map). Romanias Blunder Previously neutral, Romania was enticed to join the Allied cause by a desire to add Transylvania to its borders. Though it had had some success during the Second Balkan War, its military was small and country faced enemies on three sides. Declaring war on August 27, Romanian troops advanced into Transylvania. This was met by a counter-offensive by German and Austrian forces, as well as attacks by the Bulgarians to the south. Quickly overwhelmed, the Romanians retreated, losing Bucharest on December 5, and were forced back to Moldavia where they dug in with Russian assistance (Map). Previous: 1915 - A Stalemate Ensues | World War I: 101 | Next: A Global Struggle

Islam Religion Field Research Paper Example | Topics and Well Written Essays - 1750 words

Islam Religion Field - Research Paper Example It is partially due to the very reality that faith in the Supreme Being is in the basic human instinct, which could not be denied or ignored altogether. â€Å"The critical difference between a religious and non-religious person is the acceptance of the transcendent, or otherworldliness, as the first reality. The transcendent provides a vehicle for meaning outside life itself and because, to the religious person, it has ontological primacy over the material world it provides a solid grounding.† (Prevos, 2005:3) Hence, religion gives meaning to human life, by making people oriented with the morality, ethics, values and systematic patterns of acting, reacting and behaving while entering into interaction with the social and natural environment. Thousands of religious belief systems exist on the face of the mother-earth, which maintain several similarities and differences from one another in nature, scope and teachings. In the long list of countless beliefs, Abrahamic faiths, inclu ding Judaism, Christianity and Islam, are quite distinguishing ones from the rest, and seek inspiration from one and the same light. Not only this that the Holy Scriptures of these three faiths narrate the same tales, but also all the three share one and the same mythology including the Oneness of God, existence of the holy prophets, angels, heaven and hell, Day of Resurrection and life after death., and reward and punishment on the concrete foundations of the deeds and misdeeds performed and committed respectively during their stay on earth as mortals. Although the Abrahamic religions are similar to one another in different ways, the followers of these faiths abhor each other and observe serious reservations on the basis of the misconceptions they have developed for one another without conducting any in-depth research on the philosophy and doctrine of purported rival faiths. It is therefore all the three Abrahamic faiths appear to be at daggers drawn against one another, where slig htest space of displaying tolerance towards one another has turned out to be a dream particularly during the contemporary times. The same was the situation with me, as being the true follower of the Christian faith, I viewed Islam as the religion consisted of extremists and fundamentalists, which condemned and censured people’s mixing up with the Jews and Christians as well as developing cordial social and corporate relationships with them at any cost. I also view the Muslims as hard-hearted nation, which looks down upon the others by declaring them pagans, atheists and infidels. Keeping in mind all these reservations, I decided to attend a religious gathering arranged and organized by the Muslims for some spiritual and moral purpose, so that I could have personal experience of the teachings and behavior adopted and observed by the Muslims. Though I had developed the very idea that interviewing some religious person at an Islamic center might bring some alteration in my estab lished onion about the Muslims, yet attending of the gathering brought revolutionary changes in my views about the community I had maintained serious reservations in past, and I returned from there carrying new image about Islam and Muslims at large. Last week I visited a mosque, situated in my city during the month of Ramadan, the ninth month according to the Islamic calendar. The month is reserved for fasting, and the Muslims keep fast the entire month from dawn to the sunset. However, the Shiite Muslims break their fast after ten minutes of sunset, as they argue that the sunset completes after seven to ten minutes of the apparent disappearance of the sun. Somehow,

Review of Technology Opportunities for GLM's Information Systems Research Paper

Review of Technology Opportunities for GLM's Information Systems Management 2012-2017 - Research Paper Example This new technology has been seen to have a lot of potential. With the advent of information technology, there is a lot to be desired with the adoption of mobile applications. The mobile phone technology is proving to be a simple and effective method of managing applications and businesses. There is also the technology of customer relationship management software that has been used and employed extensively. With the use of this enterprise software, it is simple to manage the relationship that the organization has with the clients. It is good to know what the clients require. This paper will look at the role that the three technologies have on GLM Company. It will assess the role that these three technologies have. Introduction There have been some trends which have boosted the growth of enterprise software in the market. The first factor that was considered is the achievement of integrated information architectures which is used to improve the performance of business systems. When on e company adopts the use of enterprise software, the competition will also be compelled to adopt enterprise software so that they are at par in competition. The second fact that has boosted the adoption of packaged software is the Y2K bug which was feared as the world turned to the millennium. Since the bug was solved, another factor is the striving of the European Union to have one currency. This encouraged the companies to have packaged software to replace tailor-made software solutions. This is seen as a way of solving a universal bug instead of having independent software developers. This is hard because there will be difficulty if bugs like Y2K is realized in the market. Another factor is that there is the paradigm shift of businesses from the offline systems to e-commerce. There are the greater advances in technology where the companies are shifting to the use of the Internet for solutions to the problems and challenges found in the business world. A brief review of the organi zation’s IS/IM to date after the implementation of the findings from BCCD The organization’s information system has been greatly improved since the implementation of the finding from BCCD. The operations and activities in different departments have been running on smoothly. The major challenges the organization faces and need to be addressed is the fact the different systems that are running in each department are independent. These make the flow of information from one department to another and hence slow down the speed of doing business. Another issue that still exists is the fact that these systems are managed separately. This gives room to risk like fraud. As such there is need for improvement in the system so that these entire shortcomings are addressed. We must enhance marketing capability to respond to new markets 2. We must improve customer communication 3. We must build integrated IT systems which are easy to manage and responsive to customer needs 4. We must improve working environment and practices for staff. 5. We must provide customer support training for key customer interface staff. 6. We must enhance sales to increase existing markets. Description of the technologies Mobile technologies One challenge that the company has been facing is ensuring that they are efficient in offering the services and also being able to outdo its competing firms. Often, the staff is faced with the difficulty of both attending to clients and attending the training workshops that were demanded. The

Case Study Analysis Cost Of Capital At Ameritrade Finance Essay

Case Study Analysis Cost Of Capital At Ameritrade Finance Essay Capital Asset Pricing Model is a model that describes the relationship between risk and expected return  and  that is used in the pricing of risky securities. Description: Capital Asset Pricing Model (CAPM) The general idea behind CAPM is that investors need to be compensated in two ways: time value of money  and risk. The time value of money is represented by the risk-free(rf) rate  in the formula and compensates the investors for placing money in any investment over a period of time. The other half of the formula represents risk and calculates the amount of compensation the investor needs for taking on  additional risk. This is calculated by taking a risk measure (beta)  that compares the returns of the asset to the market over a period of time and to the market premium (Rm-rf). The CAPM says that the expected return of a security or a portfolio equals the rate on a risk-free security plus a risk premium. If this expected return does not meet or beat the required return, then the investment should not be undertaken. The security market line plots the results of the CAPM for all different risks (betas). Using the CAPM model  and the following assumptions, we can compute the expected return of a stock in this CAPM example: if the risk-free rate is  3%, the beta (risk measure) of the stock is 2 and the expected market return over the period is 10%, the stock is expected to return 17% (3%+2(10%-3%)). CAPM has a lot of important consequences. For one thing it turns finding the efficient frontier into a doable task, because you only have to calculate the co-variances of every pair of classes, instead of every pair of everything. Another consequence is that CAPM implies that investing in individual stocks is pointless, because you can duplicate the reward and risk characteristics of any security just by using the right mix of cash with the appropriate asset class. This is why followers of MPT avoid stocks, and instead build portfolios out of low cost index funds. Cap-M looks at risk and rates of return and compares them to the overall stock market. If you use CAPM you have to assume that most investors want to avoid risk, (risk averse), and those who do take risks, expect to be rewarded. It also assumes that investors are price takers who cant influence the price of assets or markets. With CAPM you assume that there are no transactional costs or taxation and assets and securities are divisible into small little packets. CAPM assumes that investors are not limited in their borrowing and lending under the risk free rate of interest. How to Calculate the Cost of Equity CAPM The cost of equity is the amount of compensation an investor requires to invest in an equity investment. The cost of equity is estimable is several ways, including the capital asset pricing model (CAPM). The formula for calculating the cost of equity using CAPM is the risk-free rate plus beta times the market risk premium. Beta compares the risk of the asset to the market, so it is a risk that, even with diversification, will not go away. As an example, a company has a beta of 0.9, the risk-free rate is 1 percent and the expected return on the equity investment is 4 percent. Instructions Determine the market risk premium. The market risk premium equals the expected return minus the risk-free rate. The risk-free rate of return is usually the United States three-month Treasury bill rate. In our example, 4 percent minus 1 percent equals 3 percent. Multiply the market risk premium by beta. In our example, 3 percent times 0.9 equals 0.027. Add the risk-free rate to the number calculated in Step 2 to determine the cost of equity. In our example, 0.027 plus 0.01 equals a cost of equity of 0.037 or 3.7 percent. . Combining the risk-free asset and the market portfolio gives the portfolio frontier. The risk of an individual asset is characterized by its co-variability with the market portfolio. The part of the risk that is correlated with the market portfolio, the systematic risk, cannot be diversified away. Bearing systematic risk needs to be rewarded. The part of an assets risk that is not correlated with the market portfolio, the non-systematic risk, can be diversified away by holding a frontier portfolio. Bearing non-systematic risk need not be rewarded. For any asset i: where We thus have an asset pricing model the CAPM. Example. Suppose that CAPM holds. The expected market return is 14% and T-bill rate is 5%. What should be the expected return on a stock with ÃŽÂ ² = 0? Answer: Same as the risk-free rate, 5%. à ¢Ã¢â€š ¬Ã‚ ¢ The stock may have significant uncertainty in its return. à ¢Ã¢â€š ¬Ã‚ ¢ This uncertainty is uncorrelated with the market return. What should be the expected return on a stock with ÃŽÂ ² = 1? Answer: The same as the market return, 14%. What should be the expected return on a portfolio made up of 50% T-bills and 50% market portfolio? Answer: the expected return should be  ¯r = (0.5)(0.05)+(0.5)(0.14) = 9.5%. Multifactor CAPM In CAPM, investors care about returns on their investments over the next short horizon they follow myopic investment strategies. In practice, however: à ¢Ã¢â€š ¬Ã‚ ¢ Investors do invest over long horizons à ¢Ã¢â€š ¬Ã‚ ¢ Investment opportunities do change over time. In equilibrium, an assets premium is given by a multi-factor CAPM : Limitations of CAPM Based on highly restrictive assumptions i.e. no tax, transaction costs etc Serious doubts about its testability. Market factor is not the sole factor influencing stock returns. Summary of CAPM CAPM is attractive: 1. It is simple and sensible: is built on modern portfolio theory distinguishes systematic risk and non-systematic risk provides a simple pricing model. 2. It is relatively easy to implement. CAPM is controversial: 1. It is difficult to test: difficult to identify the market portfolio difficult to estimate returns and betas. 2. Empirical evidence is mixed. 3. Alternative pricing models might do better. Multi-factor CAPM. Consumption CAPM (C-CAPM). APT. Other Methods for calculating cost of equity There are 3 methods which are mainly used for calculating Cost of equity other than CAPM Arbitrage Pricing theory 3 factor method Dividend Growth Method Arbitrage Pricing Theory APT assumes that returns on securities are generated by number of industry-wide and market-wide factors. Correlation between a pair of securities occurs when these securities are affected by the SAME factor or factors. Return on any stock traded in a financial market consists of two parts. R = Re + U Where, R = return on any stock Re = Expected or Normal return (depends on all of information shareholders have on the stock for next month.) U = Uncertain or Risky return (this comes from information revealed in the month) U = m +  Ã‚ ¥Ã¢â€š ¬Ã‚   Where, m = Systematic risk or market risk (it influences all assets of market)  Ã‚ ¥Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚  Ã¢â€š ¬Ã‚ ½ Unsystematic risk (it affects single asset or small group interrelated of assets, it is specific to company) The capital asset pricing theory begins with an analysis of how investors construct efficient portfolios. But in real life scenarios, it isnt necessary that every time portfolios will be efficient. It is developed by Stephen Ross. Moreover, the return is assumed to obey the following simple relationship: Where b1, b2 and b3 are sensitivities associated with factor 1, factor 2 and factor 3 which can be interest rate or other price factors. Noise =  Ã‚ ¥ is event unique to the company. APT states that the expected risk premium on a stock should depend on the expected risk premium associated with each factor and the stocks sensitivity to each of the factors. Thus, formula modifies to: Where, rf = risk free rate is subtracted from each return to give risk premium associated from each factor. Analysis of the formula: If we put value for b = 0, the expected risk premium will be zero. It will create a diversified portfolio which has zero sensitivity to macroeconomic factor which offers risk free rate of interest. Portfolio offered a higher return, investors could make a risk-free (or arbitrage) profit by borrowing to buy the portfolio. If it offered a lower return, you could make an arbitrage profit by running the strategy in reverse; in other words, you would sell the portfolio and invest the proceeds in U.S. Treasury bills. Consider portfolio A and B are sensitive to factor 1, A is twice sensitive to factor1 as then portfolio Therefore, if you divided your money equally between U.S. Treasury bills and portfolio A, combined portfolio would have exactly the same sensitivity to factor 1 as portfolio B and would offer the same risk premium. Steps of Arbitrage Pricing Theory The various steps during Arbitrage Pricing Theory can be stated as: Identify the macroeconomic factors: APT doesnt indicate which factors are to be considered. But there are 6 principle factors which are: Yield spread interest rate, exchange rate, GNP inflation portion of the market return Estimate the risk premium of each factor Estimate the factor sensitivity Net Return = risk free interest rate + expected risk premium 3 factor model It is a special case of APT It considers 3 major factors called as market factor size factor book to market factor. There is also evidence that these factors are related to company profitability and therefore may be picking up risk factors that are left out of the simple CAPM. The practical application of this model is to estimate the betas for the three factors and then use them to predict where returns should fall, much like the CAPM. It was researched by Fama and French. Dividend Growth Method Dividend Discount Model. It is useful when the growth rate of dividend is forecasted constantly. The present value of stocks is given as Where, r = discount rate, g = rate of growth, DIV = annual cash payment, This formula can be used when growth rate g When growth rate = rate of return, the present value becomes infinite. For perpetual growth, r > g. Growing perpetuity formula, Where,P0 in terms of next years expected dividend DIV g = the projected growth trend r = expected rate of return on other securities of comparable risk. We can estimate cost of equity from this formula by re-arranging. Lets understand by an example: Suppose that your company is expected to pay a dividend of $1.50 per share next year. There has been a steady growth in dividends of 5.1% per year and the market expects that to continue. The current price is $25. Then cost of equity r is given as: When the growth rate isnt constant but varies from year to year, then average can be calculated. Growth rate for current year is calculated using the formula: For example, Year Dividend (in Rs. Million) Percent change (g) 2000 1.23 2001 1.30 (1.30 1.23) / 1.23 = 5.7% 2002 1.36 (1.36 1.30) / 1.30 = 4.6% 2003 1.43 (1.43 1.36) / 1.36 = 5.1% 2004 1.50 (1.50 1.43) / 1.43 = 4.9% Growth rate is average of all percent changes and equals This model serves the major advantage of being easy to understand and use but has a major drawback total dependence on dividend and it cannot be used where company isnt paying any dividend. Also, it doesnot consider any risk and is highly sensitive to the change in growth rate. Estimating Beta Beta is an important term in Capital Asset Pricing Method. Beta is the non-diversified risk of holding a single stock. But it turns out that companies in similar markets have similar risks. Interpretation of beta Beta = 1,it matches market portfolio Beta > 1, higher risk. Beta Methods for calculation of beta It is calculated as: beta_{i} = frac {mathrm{Cov}(R_i,R_m)}{mathrm{Var}(R_m)} Where, Ri = rate of return of asset and Rm is rate of return of market. Thus, beta is dependent on regression analysis. Beta is found by statistical analysis of individual, daily share price returns, in comparison with the markets daily returns over precisely the same period. We need to gather a lengthy time-series of observations for the market return and the individual asset return. Then required co-variances and variances can be calculated. If coefficient of correlation P is known then The alternative method of calculating beta is (by rearranging terms from CAPM equation): In practice, an additional constant alpha is also added in the above equation which tells how much better (or worse) the funds did than what the CAPM predicted. Alpha is a risk-adjusted measure of the so-called active return on an investment. Here, E(Ri) Rf is estimated return on asset portfolios and E(Rm) Rf is estimated return on market index. In order to check that there are no serious violations of the linear regression model assumptions. The slope of the fitted line from the linear least-squares calculation is the estimated Beta. The vertical intercept of this curve is called as the alpha. For a portfolio of assets, we have the relation: Given that beta is a linear risk measure, the beta of a portfolio of assets as simply the weighted average of all the individual betas that comprise the portfolio. HANU Estimate of Risk Premium We dont have reliable estimate where stock market will move in future. So we are using long term historical spreadsheets for estimate large stock than small stocks because they are more closer to proper estimate of market We are considering all values after Second World War because after that laws became stable in U.S. Risk premium = Rm Rf U.S. government securities rate = 6.69% (20 years bond, Exhibit 3) Average annual return for Large company stocks = 14 % (Exhibit 3) So Risk premium for Ameritrade = 14 % 6.69 % =7.31 %

Large Schools vs. Small Schools: Which perform better?

Small schools perform better than large schools in more than one aspect. A study finds that small rural communities with a school have significantly higher housing values, more new housing, smaller income variability, fewer households receiving public assistance, lower poverty and child poverty rates, more workers in professional and managerial jobs, and more workers employed within the community. (1) The existence of schools even in small rural areas proves many benefits, but there is a larger question posed, would it be more beneficial to have a small school or a large one? This paper aims to find which category offers more to the quality of students. It may be true that large schools may have grander facilities like television and radio stations but there is more than behind the curtain of facilities. An extensive body of research demonstrates numerous positive benefits of small schools and small learning communities, especially for those students who are at greatest risk of educational failure. Indeed, in a synthesis of research on small schools, Raywid (1997/1998, p. 35) concludes, â€Å"there is enough evidence now of such positive effects—and of the devastating effects of large size on substantial numbers of youngsters—that it seems morally questionable not to act on it.† (2) This is more or less the same stand that this paper takes. In a small school there would be more benefits. As you will see throughout the paper, there have been studies that point out the benefits of a small school over that of a large one.   There is almost 40 years of existing research and literature on small schools which indicates that students in small schools have higher attendance and graduation rates (1), fewer drop-outs, equal or better levels of academic achievement (2), higher levels of extra-curricular participation (3) and parent involvement, and fewer incidences of discipline and violence (4). (3) Wasley, et al (2000, pg 4) says small schools increase student attendance across all types of small schools: schools-within-schools (SWS), freestanding small schools, and multi-school small schools. Lakhman (1999), on the other hand found that between 1988 and 1998, DeWitt Clinton high school developed 10 small schools. During that time, they reduced their dropout rate by 8.5% and increased their on-time graduation rate by almost 50%. Thus, proving that small schools have the ability to improve attendance and graduation rate. Moreover, researchers observe that the effects of smallness on achievement are indirect, being mediated through other small-school features as quality of the social environment and students' sense of attachment to the school. Mitchell (2000) reminds us that in the studies conducted by Howley and others, school size had such a powerful positive effect on the achievement of poor students that it even trumped the beneficial effects of class size (Cotton, 2001). This can also be credited to the fact that in a small school, they can focus more on the need of each student. Sometimes, students does not need a large school with lots of reference books but a school that encourages a lot of help, from peers and teachers. There are several studies whose findings reveal that students at all grade levels learn more in small schools than in large schools. Several researchers have also examined middle-grades schools with interdisciplinary teams and found that students in this type of small learning community outperform similar students in schools without such organizational arrangements (Mertens and Flowers, 2003; Mertens, Flowers, and Mulhall, 2001; George and Lounsbury, 2000; Lee and Smith, 2000; Felner et al., 1997; Lee and Smith, 1993). (2) In addition from improved attendance, higher graduation rates and improved academic achievement in small schools, another factor that is considered is the students’ level of participation.   Take for example Mitchell’s (2000) observation where in a school of 2,000 students, only the most talented will be recruited for the basketball team or the drama club. The result is that a small number of gifted students dominate the sports and activity rosters, while the vast majority are relegated to spectator status. In small schools, sports teams, musical groups and clubs depend on broader participation. The number of extracurricular opportunities does increase with school size. But a twentyfold increase in population produces only a fivefold increase in opportunities. That is, as the school expands, an increasingly smaller percentage of students are needed to fill the available slots. In short, more students produce less participation. Most students will not be required to participate because there will be others who would. In a small school every student will have the opportunity to hone and improve their talents and interests. Researchers point out that, in small schools, everyone is needed to populate teams, offices, and clubs; thus, even shy and less able students are encouraged to participate and made to feel they belong. In addition to the factors mentioned, another advantage of a small school over a large one involves more personalized approach where levels of parent involvement and parent satisfaction are greater in small school environments than in large ones. Communication between parents and teachers tends to be more substantive given the fact that the teachers often know the students better in the smaller learning environment (Cotton, 2001). This is a positive reinforcement of discipline for the students.   In a smaller learning environment, the students’ activities can be monitored and can be reported to parents, whether a violation or a perceived improvement. Among the advantages mentioned, the fewer incidence of violence is perhaps the most important. â€Å"There is less violence in small schools, less vandalism, a heightened sense of belonging, and better attendance,† the KnowledgeWorks report states. (4)   Another research also showed that â€Å"In urban schools with less than 300 students, 3.9% of the schools reported serious violent incidents compared with 32.9% of schools over 1,000 students (Gregory, 2000).† Small schools are better positioned to detect and help hurting students, and to address disruptive behavior before it escalates into tragic violence and abuse. When teachers know virtually all students in a school community by name, it fosters a culture of belonging, accountability, and support. The Association for Supervision and Curriculum Development (2000) studies show that small learning environments are characterized by fewer incidents of violence and disruptive behavior, less school graffiti, lower crime levels, and less serious student misconduct. The association attribute this to what they term as â€Å"human-scale schooling† which reduces isolation and increasing the sense of belongingness. Indeed, a closer community will bring more familiarity and less hostility. Hence, with all the aspects considered in the paper, it can be deduced that in a school of smaller quantity, we can focus more on the students’ quality. From this standpoint, the performance of a small school is better. Even policy makers have noted these benefits leading to   the development of some new rules. These includes: Florida Small School Law which recognizes the benefits of small schools and prohibits, as of July 2003, the construction of large schools. As of that date, new elementary schools will be limited to 500 students, middle schools to 700, and high schools to 900. Another is the Vermont Funding for Small Schools which in 1997, Vermont adopted a new system of funding education under Vermont Act 60 – The Equal Educational Opportunity Act (EEOA). Unlike most states, Vermont choose to provide additional funding to cover the higher costs of the state's smallest school districts. An extra $1 million per year was allocated to districts with fewer than 100 students. (5) This paper believes as far as, the future can depend on small school more than large ones, and to borrow Daniel Kinnaman’s title, the future will be filled up by small schools (with) big benefits.

The Iranian Revolution - 732 Words

Longevity and positive outcomes are what determine whether a revolution is successful or not. This is not the case for Iran. Since the revolution, Iran has been economically, politically, and socially unstable. With an economy dependent on oil, a natural source whose production is unpredictable, stability is simply unattainable. With the same leader for a long period of time, not much can change politically. Oppositions and revolts can happen and disrupt the social lives of Iranian citizens. Although the Iranian Revolution was politically successful by maintaining an Islamic Republic, the revolution was unsuccessful because of the severe economic failure it was in the long term and the social unrest it still has today. The revolution of 1979 marked the beginning of Iran’s economic decay and even further economic instability. Before the revolution, Iran had one of the Middle East’s most advanced economies. Petroleum exports, which make up about 85 percent of government revenues, have decreased over the years after the revolution (Trading Economics). In fact, petroleum exports declined to 1.5 million barrels per day in 2012 from 2.5 million barrels per day in 2011 (Trading Economics). The Iranian government’s dependence on oil revenues has resulted in persistent financial instability. Because of this financial instability, Iran’s inflation rate was greatly affected. The inflation rate is the rate of change of prices calculated on a monthly or annual basis. In January 2014,Show MoreRelatedIranian Revolution1648 Words   |  7 Pagesbreeding ground for some kind of political upheaval or another. In recent times, back in 1979, there was a major revolution which was, in some ways, similar to the revolution we are seeing today. The people were angry and they were tired of being controlled by the government that was in power. They had concrete ideals and were incredibly passionate about their revolution. The revolution Iran is experiencing today does not appear to be quite as passionate and does not appear to maintain a belief inRead MoreThe Iranian Revolution3901 Words   |  16 PagesThe Iranian Revolution Iran is a country located in the Middle East. The main source of income for the country is oil, the one object that had greatly influenced its history. Iran s present government is run as an Islamic Republic. A president, cabinet, judicial branch, and Majilesor or legislative branch, makes up the governmental positions. A revolution that overthrew the monarch, which was set in 1930, lasted over 15 years. Crane Brinton s book, An Anatomy of a RevolutionRead MoreThe Revolution And The Iranian Revolution2172 Words   |  9 Pages The 1979 Iranian Revolution was a major landmark in Iranian history. â€Å"Iran s revolution began with a popular democracy movement and ended with the establishment of the world s first Islamic state.† (In pictures: The Iranian Revolution) There are various parties that have different viewpoints and opinions of the revolution. Those who were pro-Islam during the revolution believe that the revolution was an event that brought structure and order to Iran. However, those who were against the countryRead MoreIslamic Revolution And The Iranian Revolution1433 Words   |  6 PagesIslamic Revolution Islamic Revolution, better known as the Iranian Revolution of 1979 holds immense importance in the history of Iran. It was a revolution that shook the world and lead to rearrangements of the global alliances. The Iranian Revolution saw the overthrow of the Pahlavi dynasty governed under the Mohammad Reza Shah Pahlavi, who was supported by the United States of America – showing his inclination towards modernization and secularizing the country. The revolution was led by AyatollahRead MoreIran And The Iranian Revolution1227 Words   |  5 Pagesdiscontent that the Iranian citizens felt for their government and their economic situation was a contributing factor in the outbreak of the 1979 Iranian Revolution, it was the growing Western influence in Islamic culture that was the main cause for the revolution. The Iranian/Islamic Revolution refers to the events involving the deposing of Mohammad Reza Shah Pahlavi and pro-American government, and the replacement with an anti-Western authoritarian theocracy under the leader of the revolution, the GrandRead MoreThe Islamic Revolution And The Iranian Revolution Essay1379 Words   |  6 PagesDuring the Islamic Revolution in the Iranian country, education was essential to the people. Shah wanted the Western education because he believed that it was best for the Iranian people. Most of the women’s were involved in the demonstration of wearing the veil has some western education. The Islamic revolution wanted things to go back to the original Islamic culture. Based on the Complete Persepolis, in 1979, a revolution took place and later called â€Å"The Islamic Revolution†. This is the periodRead MoreThe Iranian Revolution And The Islamic Revolution Essay1330 Words   |  6 PagesDuring the Islamic Revolution in the Iran, education was essential to the people. Sha wanted the Western education because he believed that it was best for Iranian people. Most of the women were involved in the demonstration o f wearing the veil has some western education. The Islamic revolution wanted things to go back on the Islamic culture. Based on the complete Persepolis, in 1979, a revolution took place, and later called â€Å"The Islamic Revolution†. This is the period they were forcing people toRead MoreThe Iranian Revolution Of 1979 Essay1812 Words   |  8 PagesThe Iranian Revolution, also known as the Islamic Revolution of 1979 took place in Iran. It is when Mohammad Reza Shah Pahlavi the emperor of Iran during that time, was overthrown by the revolutionary forces led by Ayatollah Ruhollah Khomeini and thereafter established the Islamic National Republic of Iran. The Iranian Revolution brought a big change into the international community and how it viewed revolutions. As Iran’s revolution lacked many of the fundamental causes that were though to giveRead MoreThe Iranian Revolution And The Revolutionary Revolution1313 Words   |  6 PagesThe Iranian Revolution was its climax i n 1979 with the Revolutionary goal being met by its supports. Supporters of the revolution stood mixed in their goals for a new Iran. The Islamic Extremist lead by Ayatollah Khomeini wanted to install an Islamic regime inside of Iran that would follow Islamic law. Religious clerics viewed the Shah as not being a positive leader of Iran and wanted him overthrown and the country left as is. Iranians such as the middle class and students wanted to install an IslamicRead MoreThe Rise Of The Iranian Revolution1375 Words   |  6 PagesIranian Revolution was its climax in 1979 with the Revolutionary goal being met by its supports. Supporters of the revolution were very mixed in their goals for a new Iran. The Islamic Extremist lead by Ayatollah Khomeini wanted to install an Islamic regime inside of Iran that would follow Islamic law. Religious clerics viewed the Shah as not being a positive leader for Iran and wanted him overthrown and the country left as is. Iranians such as the middle class and students wanted to install an Islamic

The Wage Gap in America Essay - 1077 Words

The Wage Gap in America The wage gap is a serious problem that has consequences for women in America, our two parent families and our single mom households. The government tries to reduce the wage gap between men and women’s earnings and tries to make sure that women’s talents are properly used and rewarded. A lot has been done to relive the wage gap in the past fifty years, but it still is not enough. Women can do things on their own to help close the wage gap. They can get a non-traditional job or they can join a union. Women need to find out a company’s policy and discuss their salaries. The wage gap is a problem American women need to address, not wait on the government to fix it for us. The wage gap can be defined as the†¦show more content†¦Many employers may not realize their pay scale favors white men. Women are less likely to receive additional compensation such as bonuses, stock options, and profit sharing. Equal pay makes good business sense. It promotes a workforce that feels valued, which helps the bottom line. Fair pay polices will attract the best workers. The national committee on pay equality has a ten step guide that is developed to assist employers to recognize and reward the skills of working women. Women can decrease the wage gap by joining a union. Union members and the workers represented by unions have been paid higher wages than non-union members. Union membership and representation has been proposed as one way to raise women’s wages and decrease the wage gap between men and women. Most union members are in the public sector and include firefighters, police officers and teachers. Union pay advantage for women is 30.9 percent. 43.6 percent of the union members are women. Consider a career in a non-traditional field could help women close the wage gap. When making decisions about what to do when we grow up, most women tend to steer away from jobs they associate with men’s work. Jobs dominated by men typically pay higher wages and offer good benefits. Many non traditional jobs such as technical jobs, skilled trade occupations, and electrician provide on the job training. This means you are getting paid while training unlike manyShow MoreRelatedWage Gap in America1572 Words   |  7 PagesWage Gap in America On a broader aspect, it says men and women are equal. Though at a bottom level, women are still struggling to occupy the same status as men in the outer world. Stratification between the two genders is seen everywhere including the household or the workplace. Even today, women still earns less as compared to men involved in the same profession. Like a male physician makes $140,000, while a female in the same profession makes $88,000. Statisticians at the US census bureau lookedRead MoreGender Wage Gap in America1565 Words   |  7 PagesThe Gender Wage Gap in America The gender wage gap has been around since women began having jobs and careers. 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The United States is very dependent on its currency, without it then you are almost unable to live. Healthcare is free in most other developed countries while in the United States you are forced to literally pay for your life if the situationRead MoreSocial Inequality Is An Important Issue In Today’S Society.1595 Words   |  7 Pagestheir gender, race, religion, and disability status, yet there are many different ideologies and ongoing debate about social inequality. There are three perspectives concerning the issue of inequality in America. This paper will analyze an article about social inequality, â€Å"Gender, Race, and Income Gaps† by Richard Hogan and Carolyn Perrucci, and how it applies to the viewpoints concerning social inequality. In order to better understand the debate surrounding social inequality, one must first understandRead MoreA Brief Note On Wage Gap And The Workplace Gap1582 Words   |  7 PagesIntroduction Wage gap is an important reality that women constantly have to face in their everyday work lives. â€Å"The wage gap is a statistical indicator often used as an index of the status of women’s earnings relative to men’s† (The Wage Gap, 2015). It has been a major issue for many decades and it is often experienced by women in many traditionally male dominated industries. The problem may seem to be diminishing, however there is still a significant gender wage gap that can allow us to see thatRead MoreThe American Dream By James Truslow Adams1500 Words   |  6 Pagesproblem, the American Dream has to be defined. James Truslow Adams, author of the 1931 book The Epic of America, was the first person to mention and therefore define the American Dream. 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On average, women earn less than men in basically every profession that there is adequate income data for both women and menRead MoreThe Pros And Cons Of Raising The Minimum Wage993 Words   |  4 PagesAlthough it is not a new topic in Ame rica, the decision to raise the minimum wage continues to be controversial, especially in the political realm. The political parties still move to block the opposing party from successfully implanting their ideals, causing either nothing to be accomplished or the situation to worsen. Research shows that raising the minimum wage a reasonable amount would lessen the gap between the rich and the poor, continue to fulfill its original purpose of protecting workers