Capital Market Development Behavior Share Price In Nepal Finance Essay

Capital Market Development Behavior Share Price In Nepal Finance Essay The title itself justify the importance of the research for the finance degree, however, the previous research done in this filed in Nepal is not satisfactory. This is the reason that made researcher to do some research in this topic hoping the conclusion made would be beneficial for investors and fill the gap between the researches. Financial markets can also be defined as the centers or arrangements that provide facilities for buying and selling of financial claims and services. And the role of financial system in economic development has been a much-discussed topic among economists. Financial markets perform four important economic functions. First, they enable individuals to choose more effectively between current and future consumption. Borrowing enables individual to consume more, whereas leading enable them to postpone consumption. The economic units that have a surplus (investors) invest in those that have deficit (borrowers). This provides capital to companies in excess of those generated out to business income. Second, the interaction between buyers and sellers in a financial market determines the price of the assets, or alternatively, the return demanded by investors to invest in the company. Firms can raise further capital if the return on their investments exceeds the return demanded by investors. Third, financial markets provide liquidity to investors. That is, the owner of the financial asset can sell off the asset in the marketplace to realize cash whenever required. The degree of liquidity may vary from asset to asset and market to market. Fourth, financial markets can discipline under-performing managements. The prevailing stock price of a company reflects the opinion of all market participants regarding the outlook for the company under the current management. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). Money market may be defined as short-term financial assets market, which facilitates liquidity and marketability securities. Actually it is the market for short-term market instrument having less than one-year maturity period. The fluctuation of money market interest rates reflects the demand and supply of funds in competitive market. The development of an efficient money market requires the development of institutions, instruments, and operating procedures that facilitate widening and deepening of the market and allocation of shot-term resources with minimum transaction costs and minimum of delays. Thus, the money markets are the markets for short -term, highly liquid debt securities. Capital markets provide an effective way of procuring long-term funds by issuing shares and debentures or bonds for corporate enterprises and government and at the same time provide an investment opportunity for individuals and institutions (Adhikari 2004). Thus, the market place for these financial securities is called securities market which is further subdivided into the primary and secondary market. The former market denotes the market for newly issued securities to the public whereas the latter market refers to the market for secondhand securities, traded previously in the primary market . Capital market plays a vital role in the national economy. It renders very valuable services to the community by increasing the productive capacity of the country there by accelerating the ace of economic development. In short, the growth of economy is tied with the growth of capital market in the country. Capital market facilitates the allocation of funds between saver and borrowers. This allocation will be optimum if the capital market has efficient pricing mechanism. If the capital market is efficient, the current share prices of companies fully reflect available information and there is no question of share price being under- priced and over-priced. The phenomenon of under or over-valuation of shares is possible only in an inefficient capital market. As the capital market is concerned with long- term finance, in the widest sense it consists of series of channels through which the saving of the community are made available for industrial and commercial enterprise and public authorities. It is mainly concerned with those private savings, individuals as well as corporate; those are turned into investments through new capital issues and also new public loans floated by government and semi government bodies. In the capital market demand comes from agriculture, industry trade and government while supply comes from the individual or corporate savings, intuitional investors and surplus of governments. It comprises the savers- individuals and institutions and bodies through which these savings are mobilized. The saving instructions like banks, investment companies specialized financial corporations and stock exchange are some of the important constituents of capital market. An efficient capital market is an essential pre-requisite of economic development and the development of capital market in a country is dependent upon the availability of savings, proper organization of intermediary institutions to bring the investors and business ability together for mutual interest, regulation of investment etc. In an efficient capital market, liquid will channel quickly and accurately where it will do the community best. Such efficient market provides ready financing for worthwhile business ventures and drain capital away form corporations, which are poorly managed, or producing obsolete products. It is essential that a country should have efficient capital markets if that country is to enjoy highest possible level of wealth, welfare and education for its population (Bhalla, 1997, cited by Dangol 2008). Growth of industrial enterprise in a country is limited by the availability of savings. A well-developed capital market presumes the existence of not only the investors individual and institutional, but more significantly the existence of a network of specialized institutions and agencies, which are always on the look out for investment in new ventures. Purpose and Scope Development of capital is must for a sound industrial development of the country like Nepal where more than 85% of capital is raised from stock market. Stock Market are the catalyst for enchancing the operations of the entire domestic financial system and the Capital Market in particular (Kenny and Mosh 1998 cited by Obiakor and Okwu (2011). Capital market institutions help to mobilize the surplus unit to deficit unit for productive investments. As it mobilize the scattered resources and channels them in productive sector. It is an effective instrument of expanding productive capacities of the country. In Nepal, unfortunately, despite a history of half decade of planned economics activities to develop real sector of a country, little attention was paid to the development of financial sector. Over the past one and half decade financial sector, despite many problems, has developed significantly in Nepal. The growth of stock market is remained satisfactory because of low priority in the government financial reform policies. Stock Exchange in many countries has a long history of more than one century. For e.g. the India stock market has a history of more than 130 years. The stock exchange of Nepal has not so long history and it has faced so many ups and downs during this short history. However, gradual improvement in infrastructure and policy has given strong fundamental base for the Nepalese Capital Market. Establishment of NEPSE has given an opportunity to investors to invest in the enterprise sector and participate in the secondary market. Behavior of the stock prices shows the misevaluation of the stock price in the secondary market. The price earning information was not made available timely to the investors. The investors could not identify the good and bad stocks. So, the lack of value judgment to determine the stock price is the serious problem of the Nepalese stock market. This happens due to the inability of the regularity bodies of the stock market to regulate the market mechanism and failure to win the faith of the investors In the Nepalese context, there is the lack of wider investment opportunities, which provide good return. So, there has still been a huge amount of unutilized saving funds with public. But most of the public investors i. e. existing and potential are not well knowledgeable about the real financial strength and weakness of the public companies in which they are investing or going to invest their funds. Further they cannot well analyze and interpret the real financial position of a company on the basis of available data and information to reach the right conclusion. This study may help investors to think about restructuring their investment portfolio. Similarly potential investors may take better timely investment decision on the basis of the findings of the study. Capital market provides investors good investment opportunity with fair return and instant liquidity with minimum risk of loss it helps to mobilize financial resources for the investment in development project and thereby helps economic development of the country. The stock market also imparts liquidity to the securities holder. This offers an opportunity for investors to invest in long term venture, while market also enables to convert their securities into liquid cash before the maturity of the project. Furthermore they can invest their current income against their future income thereby achieve their time preference of consumption. The liquid market also promotes the primary issuances of share because investors participated in the issuance of share markets can get back the fund easily. The primary market is positively and highly elastic with the stock price and liquidity in the secondary markets. Usually the price of common stock in primary market is par value but in secondary market may be any price i.e. more than par value, less than par value and equal to par value. Stock price in secondary market is the main issue of this study. What could be the reasonable price paid for a stock in secondary market? What is the impact of the price trend, volume of stock traded and, Do the investors see the price trend, volume of stock traded and, others views while making investment decision? These are the burning issues regarding stock price determination of secondary market in Nepal. Capital market provides investors good investment opportunities with fair return and instant liquidity with minimum risk of loss. The stock market also imports liquidity to the security holders. Research Aims, Questions and Hypothesis The dissertation tries to help to create the importance of capital market and movement of share price. Efficient Market hypothesis assumes that investors behave on the same way as they get information from the market. To do justice with the study following aims and questions have been set as the predetermined requisition. Research Aims The aim of this research is to find out whether developed Capital Market brings any significant changes in share price and thereafter effect in NEPSE index. Research Questions What are the present state and status and elements that affect NEPSE index? Does developed Nepalese Capital Market follows the price behavior theories? Can financial literacy helps to create developed Capital Market? Research Hypothesis The dissertation formulates the following testable statement: H0: Capital Market has not developed in Nepal H0: There is no difference between NEPSE index before and after signaling factor H0: The successive or lagged price changes are independent Research Objectives The prime objective of the study is to analyze the movement of stock market and the effect of share price of sampled companies. However, the specific objectives of the study are as follows: To analyze the development /growth of Nepalese Capital Market and to examine if investors awareness help to develop capital market. To examine sector wise overall movement of NEPSE Sensitive index to find out risky sector To analyze the signaling factors and impact on stock price with the help of NEPSE index To analyze price behavior theories based on estimated multiple regression analysis and run test. Title Capital Market Development and the behavior if Share Price in Nepal Research Gap Although some very valuable researches in the field of Capital Market have been done so far, there is still a great deal of opportunity remained for researchers in the field in this area to explore and identity new facts and figures about the immature stock market of Nepal. This study will analyze the stock price determinants of common stock in secondary market of Nepal. Usually the price of common stock in primary market is par value but in secondary market it may be in any price. The price of common stock is largely influenced by different market related factors. Most of the studies on share price behavior conducted in the context of Nepal were based on secondary sources of information only. No study has been conducted on price fluctuation of stock price by using share brokers and individual investors as primary sources of information. There was a need to conduct a survey with the share brokers and individual investors who are the major stakeholders of the stock market, in order to find out more subjective facts on share price behavior, which cannot be testes through the use of the primary source of information. The earlier studies were done only in theoretical manner regardless of what the real market is going through while this study is analyzing the real market scenario like the impact of capital gain in the market or the impact of global recession on the Nepalese Security market. Nowadays, Nepalese share market has entered to the new horizon. Its size and market capitalization are growing day by day. New Bye laws are being established to control stock market price. But it is clearly realized that share prices are fluctuating abnormally. If earning, dividend and net worth are taken as the main determinants of price fluctuating, then why the share prices are increased without the increment in such factors. Therefore there is still lack of appropriate researches to find out the causes of volatility of share price in Nepalese share market. Therefore, this study is analyzing the various reasons on the fluctuation of price trend and the cause and effect of different signaling factors over stock price. In addition to this, it also tends to give some measures that should be taken by related parties to develop the Capital Market. Thus, the earlier studies on share price behavior needed to be updated and validated because of the many changes taking place in the stock market in Nepal. This study is an effort to attempt in the same direction. Chapter 2: Capital Market: Global Perspective Modern capital markets have two related parts: (1) the debt and equity markets that intermediate funds between savers and those that need capital, and (2) the derivatives market that consists of contracts such as options, interest rate, and foreign exchange swaps, typically associated with these underlying debt and equity instruments. The debt and equity markets help allocate capital within an economy. The derivatives market helps investors and borrowers to manage the risks inherent in their portfolios and asset/liability exposures (Dudley Hubbard, 2004) In the United Kingdom and in the United States, both of these parts have grown very rapidly over the past few decades. The capital markets in the United Kingdom and the United States dominate these countries financial systems, in marked contrast to France, Germany, and Japan, where banks are more important. Regardless whether one examines the UK or the US over time, or compares the performance with other developed countries on a cross-sectional basis, the conclusion is unmistakable. Capital markets have been the driving force behind the development of the UK and US financial systems. In the US, the capital markets have become the dominant element of the financial system in three ways. First funds raised in US debt markets now substantially exceed funds raised through the US banking system (McKinsley company, 2011) Second, more 36% of US households owned equity in some form ( The Big Picture, 2012) Third, the derivatives market has grown extraordinarily rapidly. The notional value of derivatives securities outstanding rose to $244 trillion September 2011(Mann,2011) from about $6.7 trillion at year-end 1990. Intrest rate swaps has an estimated of 82.1% of derivatives representating the biggest share of this market 10.6% in foreign exchange rate swaps, 6.1 % in credit derivatives, and 1.2 % are in commodities and equity contracts(Comptroller of Currency Administrator of National Banks, 2012) Figure look at PC Source: The Big Picture, 2012 . The global capital market is gaining depth every day. Along with the development of this market, the liquidity is also growing at a rapid pace. financial stocks are growing worldwide and their growth rate is much higher than that of global gross domestic products (AllianceBernstein,2012)   Capital market represents the securities market where stocks, bonds, and several other derivatives are traded, and both long and short-term debts are raised here. This market provides companies, as well as governments with necessary funding, and, simultaneously, grants investors with the opportunity to make regular income (Dodoo,2007).   the size of stock and bond markets around the world in August 2011, shows that global capital market has reached all time high with $ 212 trillion of which about 75% consists of bonds ($175 trillion) and about 25% of stock ($54 trillion) ( McKinsley company, 2011) and the total derivatives has reached to $700 trillion at the end of August 2011(Mann, 2011) The development of the global capital market can also be traced by the fact that the financial holdings of the world is growing quickly. The global stock of debt and equity grew by $11 trillion in 2010 (McKinsley company, 2011) and this amount is expected to cross the $250 trillion mark before the end of 2015 (finance, maps of world, 2012), where as the value of the global market increased by 5% in 2010 to $ 54.9 trillion following a 45% rise in the previous year (Maslakovic, 2011) separate data from SIFMA, puts the US bond market at just under $37 trillion (63.4%) as of the end of 2011 and Bloomberg puts US stocks at about $ 21.4 trillion (36.6%) by the end of April 2012 ( qvmgroup,2012). In these circumstances, the US is playing a vital role in the development of the global capital market and, alone, is the destination of 85% of the net capital flow of the entire globe. Britain also plays a significant role in the market. (McKinsey Company, 2011) Development of capital market Market capitalization of listed companies (% of GDP) Picture lookat PC Source: World Bank 2012 and the Author Capital Market: Asia In the past few decades, Asian countries have experienced a tremendous economic growth, although temporarily interrupted by the Asian financial. Along with the strong economic growth, capital markets in this region have shown a rapid expansion, and have played an increasingly important role in fostering economic development (Hsu, 2000). Hsu further explains, Asian countries have enjoyed abundant savings. Some countries in this region have domestic savings rates of more than 30 percent. In no other regions in the world do countries have such large reservoirs of domestic savings at their disposal. Asians high savings rates have provided the platform for robust capital markets. While Asia has been preoccupied with economic recovery and financial reforms over the past few years, the economic structures of most Asian countries have been gradually modified, and their capital markets are also in the process of transformation. Along with these changes, several key trends are emerging in the regions capital markets. First of all, Asian capital markets are expected to continue to grow and their market capitalization is expected to increase further, as the Asian economy is expected to recover steadily and require increasing capital to meet its investment needs. Also, in some Asian countries, technology-intensive industries have developed rapidly and hence a large sum of capital is needed. The acceleration of privatization programs will also increase market capitalization in this region. The floatation of large state-owned enterprises will generally be the largest new issues on Asias stock markets. In addition, because of easier practices for companies to go public, IPO ¼Ã‹â€ initial public offering ¼Ã¢â‚¬ °issues will flourish and increase market capitalization further. The world of investment is set on a path of rapid change cutting across culture, time and language barriers. We are looking at a new era of deregulation and the standardization of the regulatory environment, together with the introduction of international accounting standards (Takaya, 2000). However there is an argument that asias capital market is no expection to Global markets as it had a risk off 2011. Investors search for safe havens has left Asian market in a muddle state with equity capital volumes slumping to lows not seen since 2009 (Keohane, 2011). Equity Capital market (ECM) in Asia (excluding Japan) have had a dismal fourth quarter so far, rainsing just $22 billion, their worst result since the first quarter of 2009($14 bn) and year to date, ECM volume is down 44 percent from 2010 issuance of $291.1 bn to just 162.4 bn (Keohane, 2011) Picture look at PC Source : Dealogic cited by Keohane, 2011. Capital Market: Nepal Institutional development of securities market in Nepal started from the year 1976 when Securities Exchange Centre (SEC) was established under the companies act with the joint capital contribution of Nepal Rastra Bank Nepal Industrial Development Corporation. The Industrial Policy of the government also encouraged the promotion of securities exchange activities in Nepal. Nepal government under a program initiated to reform capital market converted securities exchange centre into Nepal Stock Exchange (NEPSE) in 1993. NEPSE is non-profit organization, operating under Securities Exchange Act, 1983. Nepalese capital market was given proper structure in June 1993 with the establishment, SEBON as the market regulator. Since its establishment, SEBON has been concentrating its efforts on the legal and statutory frameworks, which are the bases for the healthy development of capital market. SEBON Nepal is the supreme body to regulate the Nepalese securities market (Bhusal 2010, Gurung 2004 and Dangol 2008). As a part of its continuous efforts to build a sound system, the securities exchange act, 1983 was amended for the second time on Jan 30, 1997. This amendment paved the way for establishing SEBON as an apex regulatory body as it widened the horizon of SEBON by bringing Market intermediaries directly under its jurisdiction and also made it mandatory for the corporate bodies to report annually as well as semi annually regarding their performance. After the inception of the Securities Exchange Center, shares of various manufacturing, trading and banking companies became listed. Interestingly, the listed shares were dominated by public enterprises during this stage. Between 1984 and 1990, 42 companies were listed, out of which more than 25 companies had some form of government ownership (Bhusal 2010, Gurung 2004 and Dangol 2008). However, after the democracy the trend has totally changed and the listed number of companies reached at 207 by the end of Fiscal Year (FY) 2010/2011  [1]  , while the government ownership companies had decreased due to the privatization that took place in different planning stage of privatization act. The main objective of SEBON is to promote and protect the interest of investors by regulating the securities market, to monitor and control the entire capital market, sale and distribution of securities and purchase, sale or exchange of securities. SEBON was established with the objective to render contribution to the development of capital markets by making securities transactions fair, healthy, efficient and responsible. Whereas, its main function are to provide licenses to stock exchange and securities business person and to monitor the activities carried by NEPSE to know if they are in accordance with the law or not (SEBON Annual Report 2010/11) Despite this, Nepalese stock market is still underdeveloped and there is lot of shortcomings in Nepalese stock market. Hence, the present study is conducted on Nepalese stock market in order to find out its potential of development, major problems and prospects by using secondary as well as primary data. Karla (2006) defines capital markets as the market which specializes in giving long term loans to the industry. In broad sense capital market incorporates intermediary institutions, capital formation, mobilization anf channeling of long term capital, as well as regulatory authorities. ( Obiakor Okwu, (2011). Alile (2007) calrifies that the capital market is made up of markets and institutions which facilitate the issuance and secondary trading of long term financial instruments. Aligning with this, Osaze (2007) simply sees it as the market responsible for long-term-growth capital formation. Ologunde, and Asaolu (2006) conceptualize capital a collection of financial institutions set up for the granting of medium and long-term. Further, they considered the stock market as single nor even a dual market but rather a network of specialized financial institutions which, in various ways, help to bring together suppliers and users of long-term capital fund. The capital market is one of the most vital areas of the economy as it provides companies access to capital, and investors with a slice of ownership in the company and the potential of gains based on the companys future performance( Ujunma Modebe,2012), The capital market is unique in a countrys financial system because of its peculiar role in the economy. Levine(1991) cited by (Ujunma Modebe,2012) identified these roles as: raising capital for business, mobilizing savings for investment, facilitating companys growth, redistribution of wealth, promotion of corporate govemance, creating investment opportunities for small investors, government capital raising avenue for development projects and being a barometer of the economy. Improving the efficiency of the capital market has become a recognized means of meeting national objectives such as etihancing productivify and competitiveness, reducing local environmental costs associated with capital market transactions, promoting savings and investment on economic wide basis (Mark, 2011). At intemational level, it is considered a key element of sfrategy to mitigate the risk of capital flight associated with lack of intemational investors confidence in the market. In this context, improving capital market efficiency in the developing and transitionhig countries is particularly important because these countries exhibit considerable potential for such improvement and, in the case of the developing countries, since they will contribute increasingly to the fiiture of the capital market as their economies grow (Ujunwa and Salami, 2010). On the other hand, The capital market is a collection of financial institutions set up for the mobilization and utilization of long-te rm ftmds for developing the long-term end of the financial system (Ologunge; Elumilade and Asaolu, 2006). In this market, lenders (investors) provide long-term funds in exchange for long-term fmancial assets offered by issuers. The market is an important institution for capitalist countries because it encourages investment in corporate securities, providing capital for new businesses and income for investors (Ujunwa, 2008). Capital Market Development Indicator There has been numerous research regarding to measure capital market development. Most of these research tried to like with economic development. Yet there is not any standardize indicator to do so. A study by Applegarth (2004) on levels of capital market development and economic growth in Asia and Sub-Saharan Africa shows that capital markets in Asia which continued to add several hundred companies to their exchanges annually experience sizeable increase in the momentum of private sector development, while the reverse was the situation in Sub-Saharan Africa that added fewer than 10 to their exchanges, except South Africa. Thus, using private sector development, liquidity. local savings, bank competition, remittances, corporate govemance, and enhanced economic policy as capital market development indicators, he showed that capital market development drives economic growth. Adeyemi (2009), using gross capital formation and number of quoted companies as measures of capital market development, found that capital market development has positive significant impact on economic growth. Basically, a more reliable measure of the relationship would need inclusion of appropriate stock market development indicators since, according to Obiakor Okwu (2011). on their study they included other indicator than mentioned above such as gross domestic product, value of shares traded, market capitalization, gross capital formation, and foreign private investment in the functional relationship. Udegbunam (2002), in an attempt to estimate the impact of openness to trade and stock market development on industrial growth in Nigeria for the period 1970-1997, related industrial output growth to openness to world trade, stock market development and a set of control variables in a simple model he adapted from the stock market and economic growth model formulated independently by various previous researchers done during 1995 and 1996. Udegbunams empirical evidence strongly suggests that openness to world trade and stock market development are among the key determinants of industrial output growth in developing economy. By implication, this translates to economic growth via sustained increases in GDP. However, he identifies other important factors as human capital input, non-military expenditure, and inflation. The variables included in his model were industrial output, stock market capitalization- GDP ratio. Non-military expenditure-GDP ratio, school enrolment, inflation rate, ma

Business Report Essays -- Business and Management Studies

This report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: Growth Performance Management REPORT- SOFTWEAR SYSTEMS Executive Summery In this report I have given a lot of research into the relevant subjects. I think that the way I have looked at the possibilities will help Helen Marsh and Brian Taylor overcome some of the obstacles in their organisation in order to make there business successful. Suggestions on what you should be specifically looking at in order to make your business a success, in my view would be the try to improve employee attitudes and training for employees. I think I have covered all the points that you have given me in depth if I have not apologies on my behalf. Introduction- Aims of the Report The aim of this report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: * Growth * Performance Management * Performance Appraisal Systems and Motivation * Motivation * Rewards * Employee Turnover/Retention * Training and Development * Communication Growth To consider the growth of Brian and Helens company, we will look need to examine into the PEST (Political, Economical, Social and Technological factors) and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for this company, this will help us identify if the company should continue to grow. By understanding about the SWOT and PEST analysis this will show us key information and help us identify some of the problems with the business. SWOT Analysis: SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie. SWOT Analysis is a strategic method for identifying your businesses' Strengths and Weaknesses, and to examine the Opportunities and Threats. These are just some of the Strengths, Weaknesses, Opportunities and Threats there may be more if you feel that there are, pleases do not hesitate to call me w... ...owledge. You should also try to offer recognised qualifications. * Communication- look at Appendix 2 I recommend that you try to bring in the process of complete network communication. There are numerous factors that help conclude an organisation’s ability and skill in maintaining the stability and organisation among its employees/members, one of these factors includes attaining an organisational communication process through effective communication skills. References Recommend looking at this text: ORGANISATIONAL BEHAVIOUR: INDVIDUALS, GROUPS AND THE ORGANISATION I. Brooks (1999) 1st Ed, Pub: Financial Times HUMAN RESOURCE STRATAGIES Salman, (1998) Pub: The Open University MANAGING PEOPLE R. Tompson, 2nd Ed, Pub: Institute of Management ORGANISATIONAL BEHAVIOUR: A MANAGEMENT CHALLENGE G.B.Northcroft & M.A.Neale (1990), Pub: Ronda Colour PERSONNEL MANAGEMENT GA Cole, 4th Ed (1997), Pub: Ashford Colour Press MANAGING HUMAN RESOURCES J. Weightman, 2nd Ed, (1996), Pub: Cromwell Press The following Web-Sites are useful also: www.bized.com www.hrmang.co.uk www.humanrecourses.co.uk/text/hrissues www.resourcemanage.co.uk Business Report Essays -- Business and Management Studies This report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: Growth Performance Management REPORT- SOFTWEAR SYSTEMS Executive Summery In this report I have given a lot of research into the relevant subjects. I think that the way I have looked at the possibilities will help Helen Marsh and Brian Taylor overcome some of the obstacles in their organisation in order to make there business successful. Suggestions on what you should be specifically looking at in order to make your business a success, in my view would be the try to improve employee attitudes and training for employees. I think I have covered all the points that you have given me in depth if I have not apologies on my behalf. Introduction- Aims of the Report The aim of this report is to show Helen Marsh and Brian Taylor the problems of their business in more detail than the report give (case study). I will outline and investigate further into the following matters: * Growth * Performance Management * Performance Appraisal Systems and Motivation * Motivation * Rewards * Employee Turnover/Retention * Training and Development * Communication Growth To consider the growth of Brian and Helens company, we will look need to examine into the PEST (Political, Economical, Social and Technological factors) and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for this company, this will help us identify if the company should continue to grow. By understanding about the SWOT and PEST analysis this will show us key information and help us identify some of the problems with the business. SWOT Analysis: SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie. SWOT Analysis is a strategic method for identifying your businesses' Strengths and Weaknesses, and to examine the Opportunities and Threats. These are just some of the Strengths, Weaknesses, Opportunities and Threats there may be more if you feel that there are, pleases do not hesitate to call me w... ...owledge. You should also try to offer recognised qualifications. * Communication- look at Appendix 2 I recommend that you try to bring in the process of complete network communication. There are numerous factors that help conclude an organisation’s ability and skill in maintaining the stability and organisation among its employees/members, one of these factors includes attaining an organisational communication process through effective communication skills. References Recommend looking at this text: ORGANISATIONAL BEHAVIOUR: INDVIDUALS, GROUPS AND THE ORGANISATION I. Brooks (1999) 1st Ed, Pub: Financial Times HUMAN RESOURCE STRATAGIES Salman, (1998) Pub: The Open University MANAGING PEOPLE R. Tompson, 2nd Ed, Pub: Institute of Management ORGANISATIONAL BEHAVIOUR: A MANAGEMENT CHALLENGE G.B.Northcroft & M.A.Neale (1990), Pub: Ronda Colour PERSONNEL MANAGEMENT GA Cole, 4th Ed (1997), Pub: Ashford Colour Press MANAGING HUMAN RESOURCES J. Weightman, 2nd Ed, (1996), Pub: Cromwell Press The following Web-Sites are useful also: www.bized.com www.hrmang.co.uk www.humanrecourses.co.uk/text/hrissues www.resourcemanage.co.uk

Aeneas and Beowulf

Aeneas was the son of Anchises out of Venus (Hamilton 208), prince of Troy, a vagabond exile who became consort to a Queen and father of Rome. No other hero of antiquity had the piety so treasured by the Roman people. For his part, Beowulf was the son of Ecgbeow, exiled for his father's crimes, Grendel's bane, Dragon Slayer, and King of Geats. His deeds of valour are sung by Saxons and Norsemen alike. Separated by a great span of time and distance, Aeneas and Beowulf shared similarities in that both were all but fearless and are eternally remembered for their pious valor and the mighty deeds they wrought. Aeneas of the â€Å"Iliad† was a Trojan prince. Valiant in his own right, though not as forthcoming in arms as his kinsman Hector, he labored mightily to protect his native Troy from the wrath of the Greeks (Camps 23). In the end, he failed and the realm fell to its enemies. He alone of the Trojan lords survived the rape of Troy and leads the survivors into exile. Thus does Homer conclude his tale of Aeneas, Aphrodite’s son. In his quest to forge the founding epic of Rome, wise Virgil conceived the â€Å"Aeneid†, the saga of an exile who would become the true founder of Rome (Hamilton 220). Continuing where Homer left off, Virgil had Aeneas take the remnant of his people away from the land of their sorrows. He bore with him the statues of the household gods of Troy. a pious symbolism of taking all that remained of Troy with him (Aeneid Book I).   Daring the perils of the Mediterranean, he sailed about in a Greek lake. Every land he passed posed peril from Greeks, if not Cyclops, Harpies or other fell beasts. Yet for all his perils Aeneas held his course, he quailed not and only the charms of Queen Dido could stay the Trojans for long. Beowulf, on the other hand, had no divine parentage. The true author of this saga cannot now be known. Tradition (Wikipedia) places the author as an Anglo-Saxon from the 7th century A.D. Unlike Aeneas, whose deeds were spun by the fruitful mind of Virgil, Beowulf may very well have been an actual King Geats sometime in the 5th century A.D. However, his heroic deeds have placed him high in the pantheon of Anglo-Saxon heroes. Beowulf’s father Ecgbeow murdered Heaà °olaf, a Wulfing noble. Unable to pay the were gild to compensate for killing Heaà °olaf, Ecgbeow went into exile among the Danes. The Danish King Hroà °gar paid the wereguild in his behalf and asked him to swear an oath. Ecgbeow then entered the service of the Geatish king Hreà °el and marries his daughter. Their issue is Beowulf.   Save for the banishment of his father, Beowulf origins were uneventful, a sharp contrast with the tale of Aeneas. But soon enough, Beowulf was called to arms. Hroà °gar and his court in Zealand are besieged by a demon named Grendel (Heaney 15). In payment for his father’s debt, Beowulf traveled from Geatland, essaying to slay Grendel if he might despite the knowledge that the no mortal weapons could harm the Grendel. So began the first of his three great battles. Grendel bore the mark of Cain and was feared by all save Beowulf only. In a mighty duel, Beowulf wrestled with Grendel and mastered him, tearing off his arm and sending Grendel scrambling home to die (Heaney 37). Beowulf then reaped great honor from King Hroà °gar but earned ire of a new enemy; Grendel’s mother. The second great battle of Beowulf was with no less than Grendel’s mother who also bore the dread mark of Cain (Heaney 88). Seeking vengeance for her dead son, she entered Hroà °gar’s hall and slew Æschere, his most trusted warrior. As an aside, under the Germanic law of that day, death must be avenged with death or payment called a were gild. Thus Grendel’s mother conceived that she was merely upholding the law of vengeance (Heaney 101). But since Hroà °gar saw himself wronged once again, he essayed to slay Grendel’s mother. Again Beowulf played the heroes’ part. He dove right into the swamp and slew her with a sword that only he could wield. For the second time, he earns great honor for his deed. Here a Christian theme is played out. Thought to be dead, Beowulf returns to his fellows at ‘non’ that is, the 9th hour of day or 3:00 P.M., the same hour that Christ is said to have died (Tolkien 265). Beowulf mastered the Cursed Spawn of Cain, the first murderer. They were demons that no lesser man could slay. Aeneas for his part was Cursed by Juno queen of the gods. But for Aeneas a lesser foe would be unworthy. Motivated by Paris’ rejection, Juno’s wrath for Troy (Hamilton 233) extended to Aeneas. Juno’s hate is worsened by her foreknowledge that from the loins of Aeneas would come forth the race of high men who would lay low her own favored city of Carthage (Aeneid Book I). She causes a great storm to be cast upon the exiles’ fleet in a vain effort to annihilate them. The storm is so terrible that Aeneas’ fleet is driven off course and they end up on the shores of Carthage. Dido, queen of Carthage, would find shipwrecked Aeneas and offer him Kingship of Carthage if only he would stay and love her (Hamilton 235). It is at this point that Aeneas’ piety is stirred anew for Mercury is sent to upbraid him. Shamed for straying from his destiny, Aeneas secretly leaves Carthage with all his folk, thus rekindling hope for the destiny of Rome but also earning the eternal ire of Dido’s heirs. Aeneas held funeral games in honor of his dead father and shows his piety to his ancestor. (Hamilton 237). With Sibyl, he descended to the depths of Hades to hold converse with those who would become mighty among the Romans (Hamilton 240). His wavering faith is strengthened and ere long Aeneas leads his followers to the shores of Latinium. At last their wanderings are over, they can now rebuild their homes or so they hoped. Beowulf too proves to be a pious man of high doom. His king Hygelac died in a raid.   As the son of a Geatish princess Beowulf was offered the throne. He humbly declined in favor of prince Heardred his kinsman. Headred later harbored the Swedish princes Eadgil and Eanmund who fled Onela the usurper. Eager to put an end to his foes, Onela invades Geatland and killed Headred. Beowulf was proclaimed King in his place and under the custom of were gild swore revenge against Onela (Heaney 165). The primary Beowulf text speaks little of this but Swedish sources speak of a counter invasion by Beowulf and Eadgil to restore Eadgil to the throne and avenge Headred (Olson). A hero is best remembered for his greatest achievements, For a Roman hero it is his prowess for war. Juno stirred all of Latinium to war against Aeneas but this time he could resist her devices because the Trojans had become mighty in war (Camp 47). Outnumbered in a hostile land, Aeneas and the Trojans fought with desperate valor though they saw little hope. Aeneas left camp to seek aid among his other neighbors first among his new allies is the boy Pallas. (Aeneid Book IX). Ere his gates were mastered, Aeneas returns with the valiant Etruscans. Many deeds worthy of song were forged in that war. Not the least was Aeneas’ pursuit of an Italian craven who allowed his son to die while he fled. When the war reached an impasse, single combat was proposed between the captains (Aeneid Book XII). On the one hand was Aeneas, prince of Troy, and on the other Turnus, King of the Rutuli. Both coveted Lavinia, heiress of Latinium. Turnus was valiant in his own right but his foe was no mere mortal. In that duel Turnus fought valiantly but with no hope. Virgil portrays Aeneas as a demigod who quickly mastered Turnus. The latter’s pleas for mercy fell on deaf ears when Aeneas saw that Turnus was wearing the armor of Pallas(Hamilton 245). A ‘true’ Roman, Aeneas accordingly slew his fallen foe in vengeance for fallen Pallas (Camps 35). Memorable too was the final battle of Beowulf king of the Geats for 50 years. In his last days, his realm is plagued by a dragon. Despite his old age he tried to slay the Dragon in open battle but failed. Instead, he enters the Dragon’s lair accompanied only by Wiglaf his Swedish relative (Heaney 175). They succeeded in killing the Dragon but Beowulf was mortally wounded (Chance 53). According to Swedish scholar Birger Nerman, Beowulf lies in Skalunda Hà ¶g in West Geatland. In the time of Beowulf, the Anglo-Saxons and the other Germanic peoples were not yet Christianized. However, the saga tells of Germanic moral codes such as â€Å"were gild† and revenge for the slain overlaid with references to Christian Faith (Chance 47). For example, the mark of Cain, the hour of Non and Beowulf’s prayers to a â€Å"Father Almighty†, to name a few. So much so that Allen Cabaniss (101) proposed that the Beowulf was written precisely to parallel the Bible and present a Christian hero to the Anglo-Saxons. By comparison, Aeneas was valiant and honorable, as most heroes are. He had a destiny to fulfill and a people to lead to safety. Son of a goddess, his chief foe was no less than the Queen of the gods (Camps 106). Though the saga was written by a Pagan hand, Aeneas shows â€Å"Christian† virtue as the Romans of Virgil’s time defined it. He was â€Å"pious† to friends and family, to his gods and most of all to his destiny (Camps 93). Many a time he was tempted to remain in comfort and ease in another land. Yet he ultimately resisted and would remain faithful continuing on his path to found Rome. To conclude, Aeneas and Beowulf are valiant and brave as is fitting of true heroes. But to set them apart from the likes of Achilles, they are men who act not out of vanity and pride. Instead, they act out of service and a â€Å"pious† desire to fulfill what they believe is good. Works Cited Wilson, Frank R. The Hand: How Its Use Shapes the Brain. New York: Pantheon, 1998. Cabaniss, A. â€Å"Liturgy and Literature†.   University of Alabama Press, 1970. Camps W.A.   Introduction to Virgils Aeneid.   Oxford University Press 1969. Chambers R.W. Beowulf: An Introduction to the Study of the Poem, 3rd edn Cambridge Press 1959. Chance, Jane. Tolkien’s Art a Mythology for England, University Press of Kentucky, 2001. Fulk R.D. Interpretations of Beowulf: A Critical Anthology, Midland Book 1991. Hamilton Edith: Mythology a timeless tale of gods and heroes, Warner books 1999. Heaney Seamus, Beowulf: A New Verse Translation (Bilingual Edition) Norton Press 2000. Tolkien, J.R.R. ‘Beowulf: the monsters and the critics', Proceedings of the British Academy, 22 1936. The Project Gutenberg Etext of Vergil's Aeneid in English available at http://www.gutenberg.org/dirs/etext95/anide10.txt (last accessed 14 Nov 07) Olson, Oscar Ludvig, The Relation of the Hrolfs Saga Kraka and the Bjarkarimur to Beowulf A Contribution To The History Of Saga Development In England And The Scandinavian Countries available at http://www.gutenberg.org/etext/14878 (last accessed 21 Nov 2007) Beowulf   available at http://en.wikipedia.org/wiki/Beowulf#_note-valibrary (last accessed 14 Nov 2007)

The Protection Of Public Health - 2208 Words

1 INTRODUCTION The protection of public health is the fundamental purpose of collecting and treating wastewater. All water sources contain a broad spectrum of inorganic and organic constituents. Water treatment involves removal of undesirable constituents from the water and then disposal of them in the easiest and safest manner. To achieve this goal, a variety of treatments processors are utilized, which exploit various physical and chemical phenomena to remove or reduce the undesirable constituents from the water. Selection of the treatment processes is one of the keys to successful performance of a water treatment plant. 1.1 PURPOSE OF PLAN This Project Development Plan (PDP) defines requirements for design, construction and†¦show more content†¦Generally, the design criteria of this research are conservative than that for larger treatment works. This research focuses on environmental problems and objectives for environmental protection and provides acceptable criteria with suitable local conditions. This research intends that treatment plants have a minimal impact on the environment (Siavoshi, 2014). The project evaluated the technical, financial and environmental components of the construction of the system. 2.1 Option Development and Environmental Impact Assessment Following the EIS development under normal project conditions the EIS would be exhibited (Mikhailovich 2009). Submissions and representations would have been received and these often include State Government authorities, peak environmental non-government organisations, local community groups and private residents (Mackintosh 2010). A report under the Environmental Planning and Assessment Regulation, 2000 (Mackintosh 2010) would then be developed to consider the EIS and representations made during the public comment period. This report would address each of the representations and provide options for the representations to either mitigate the concerns identified and/or provide further detail regarding any alternative options presented by the person or interest group. When this report is complete the approving authority will then consider approving the project and outcomes supported by the Report.