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The Economic Structure Of Feudal Society - 983 Words

Emerging, as Marx posits, â€Å"out of the economic structure of feudal society,† Capitalism quickly became a pervasive, relentless and seemingly inescapable structure. â€Å"The emancipation from serfdom and from the fetters of the guild† led, on one hand, to the unprecedented creation of various economic and social opportunities. Conversely, Marx also acknowledges that â€Å"these new freedmen became sellers of themselves only after they had been robbed of all their own means of production, and of all the guarantees of existence afforded by the old feudal system†¦Just as man is governed, in religion, by the products of his own brain, so, in capitalist production, he is governed by the products of his own hand†¦within the capitalist system all methods for raising the social productiveness of labor are brought about at the cost of the individual laborer; all means for the development of production transform themselves into means of domination over, and exploi tation of, the producers; they mutilate the laborer into a fragment of a man, degrade him to the level of an appendage of a machine†¦they transform his lifetime into working-time, and drag his wife and child beneath the wheels of the Juggernaut of capital†¦ Accumulation of wealth is at one pole, therefore, at the same time accumulation of misery, agony of toil slaver, ignorance, brutality, mental degradation, at the opposite pole, i.e., one the side of the class that produces its own product in the form of capital.† Throughout the firstShow MoreRelatedContrast the Life of the Heian-Era Courtier with That of the Kamakura Samurai.783 Words   |  4 Pageswith Medieval Japan using examples from three levels of society. †¢ The feudal system of Japan and the feudal system of Europe shared similar structures and values. †¢ The two feudal systems differed in many ways. These differences can be seen in the areas of religion, literature, and the role of women. †¢ The impact of both Japanese and European feudalism is still felt today. ESSENTIAL QUESTION What similarities did the feudal societies in Europe and Japan share? Japanese and European feudalismRead MoreFeudal Europe Essay1611 Words   |  7 Pagesface of society such as; the hunter gatherer nomadic lifestyle to agriculture, classical antiquities, the Middle Ages renaissance, reformation to modern times. In a lecture for History and Social Change at the University of Abertay Dundee, W Mcneish describes history as being a â€Å"contested terrain with the views of the historian giving their perception of events†. This essay will discuss the key features of the feudal period and the key processes leading to the transition of this society from a sociologicalRead MoreHow Did the Tokugawa Period Contribute to the Economical and Political Success of Modern Japan?1352 Words   |  6 Pagesdid the Tokugawa Period contribute to the economical and political success of Modern Japan? Introduction: Important aspects of the Tokugawa period led to the development of Early Modern Japan. The Tokugawa Shogunate’s evolving economic and political structure became the foundation for the political economy of the rapid modernisation of Japan, which was to follow after. Tokugawa Leyasu, the great Shogun This period between 1603 (when Tokugawa Leyasu became the great â€Å"Shogun† of the TokugawaRead MoreEssay about General Theory of Employment1708 Words   |  7 Pages An analysis of Keynesian economic approach in Indian context The relevance of Keynes in Indian context is been questioned as well as a matter of discussion among various economists arenas and conferences from post independence to licence raj to neo-liberal shift. in the economic structure. According to the General Theory of Employment , Interest and Money has trivial relevance in underdeveloped countries like Indian context.According to the Keynes he posses his argument on based of his understandingRead MoreThe Period Of The Century And 16th Century Essay1316 Words   |  6 Pageshistorians have worked extensively in framing out the structure of the feudal society. The church records (Birth, Baptismal and Death record) have played a helping hand to their venture. Of the many historians who have worked on feudalism, we will be paying more attention to the scholarly works of Perry Anderson and Jacques Le Goff. Both have done their work on western part of Europe. Historians describe the word ‘Feudalism’ as an economic, political and social relationship that had existed inRead MoreKarl Marx And Max Weber Essay1394 Words   |  6 PagesKarl Marx and Max Weber are two great sociologists of the 19th century. They have provided varying interpretations of the rise of capitalism, its nature and their ideas on how society changes. Less than half a century separated Weber from Marx. Published in 1867, the twenty-forth chapter of Capital presents Marx’ views on the genesis of capitalism. Weber’s views crystallized in his best-known work – The Protestant Ethic and the Spirit of Capitalism – where he traced the impact of ascetic ProtestantismRead MoreThe First Humans Were Hunter Gatherers907 Words   |  4 Pagesreplaced the traditional hunter-gatherer routines for a more permanent and consistent lifestyle centered on agriculture. As a result class or rank based societies were formed. The dominant government and society in European was the feudal system where land was granted for service. After a thousand years the feudal system was replaced by capitalism an economic and political system. Over time the industrial revolution transformed capitalist nations from agriculture to industrial nations. Throughout historyRead MoreTo What Extent Did Feudalism Affect the Societies in the Middle Ages?1518 Words   |  7 Pageswhat extent did feudalism affect the societies in the Middle Ages? Plan of Investigation The investigation assesses the significance of the feudal system in the middle ages. In order to evaluate the feudal system’s significance, the investigation evaluates each role of the social classes in a Middle Ages society. This includes the kings, nobles and lords, knights, and peasants and serfs. Articles and secondary sources are mostly used to evaluate the feudal system’s significance. Two of the sourcesRead MoreEssay on The Economic Structure of Matewan1293 Words   |  6 PagesThe Economic Structure of Matewan The film Matewan, written and directed by John Sayles, depicts the small rural townof 1920s Mingo County, West Virginia as a society undergoing complete social unrest, a result of clashing ideals and economic systems. The film is an illustration of how different social systems come to be so intertwined that they cannot be defined independently of one another. Unfortunately for the people of Matewan, the feudalistic economic system imposed on them by theRead MoreMarxist Theory On Capitalism And Communism1468 Words   |  6 Pagesa philosopher and economist. He developed the concept of materialism to study the material things in society, i.e. the economy, that shape and affect the social life of individuals. Marx studied the work of Hegel, however rejected his predecessor’s focus on ideals because he recognized an essential connection with the problems of society and individuals and the material conditions of the society (Ritzer 2011: 21). Marx employed materialism in two facets of his theoretical work, historical materialism

Corporate Governance and Value Creation Evidence from Private Equity

Question: Discuss about the Corporate Governance and Value Creation for Evidence from Private Equity. Answer: Case Study A Land Securities Group Plc: Land Securities Group Plc has been founded in the year 1944 i.e. about 72 years ago in London (Shiller 2012). It is a Real Estate Investment Trust (REIT) traded as LAND in the London Stock Exchange (LSE). It is headquartered at London in the United Kingdom. The main products of the particular organization include the property investment and property development. It has been found that within the country U.K., the organization Land Securities Group Plc is considered as the largest commercial property for development and investment. The REITs were introduced within the country United Kingdom in the year 2007 and in the month of January. Thus, after the entry of the REITs within the specified country, the particular company transferred into the status of Real Estate Investment Trust (Smith and Wakeman 2011). It has been found from the annual report of the company Land Securities Group Plc for the year 2015 that the total income of the firm was 2416.9 million, the operating income of th e organization for the year 2015 was 2346.7 million (Thompson 2012). Lastly, it has also been found that the total revenue of the organization Land Securities Group Plc was 770.4 million as per the annual report of the firm for the year 2015. The aim of this report is to calculate the daily return of the organization Land Securities Group Plc on the basis of the historical stock prices of the particular firm on one hand and also to make detailed analysis reports on the two case studies A and B. the other objectives of this report are to plot the daily return of case study A and also to prepare a report on the planned investment that uses payback. In this report, for calculating the daily return, the historical stock prices of the organization Land Securities Group Plc has been considered for whole one year i.e. starting from 1st January of the year 2015 to 31st December of the same year. As per the requirement, 250 observations have been observed and calculated. Thus, for 250 days, the close prices of the shares of the company Land Securities Group Plc have been noted with the aim to calculate the daily return of the organization. The daily return of the organization Land Securities Group Plc has been calculated based on the formula (P1 P0) / P0. In this formula, P0 is the close price for the previous day and P1 is the close price of the present day (Berk and DeMarzo 2011). The following calculations help to understand the daily return of the organization Land Securities Group Plc better, where mode, mean, median, variance, standard deviation, frequency distribution and covariance have been calculated for thorough analysis of the financial condition of the particular firm (Drury 2012). Date Open High Low Close Volume Adj Close Daily Return 12/31/2015 1189 1193 1177 1177 600200 1147.064 -0.009259259 12/30/2015 1200 1204 1182 1188 1203600 1157.784 -0.011647255 12/29/2015 1193 1203 1187.04 1202 1349600 1171.428 0.013490725 12/28/2015 1186 1186 1186 1186 0 1155.835 0.000000001 12/25/2015 1186 1186 1186 1186 0 1155.835 0.0000001 12/24/2015 1186 1187 1178.9 1186 162700 1155.835 0.003384095 12/23/2015 1173 1182 1159.86 1182 1076000 1151.937 0.016337059 12/22/2015 1172 1178 1159 1163 1287900 1133.42 0.001722653 12/21/2015 1172 1190 1161 1161 1013300 1131.471 -0.00853971 12/18/2015 1185 1191 1171 1171 2385000 1141.216 -0.012647555 12/17/2015 1200 1208.85 1182 1186 1516300 1155.835 -0.00084246 12/16/2015 1160 1189 1157 1187 2429600 1156.809 0.023275862 12/15/2015 1148 1165 1140 1160 3010800 1130.496 0.01754386 12/14/2015 1157 1179.6 1140 1140 1828400 1111.005 -0.014693172 12/11/2015 1185 1188 1157 1157 2438000 1127.572 -0.024451939 12/10/2015 1190 1202.9 1185 1186 2090700 1155.835 -0.010016694 12/9/2015 1203 1212 1198 1198 2876300 1167.53 -0.004983389 12/8/2015 1216 1221 1204 1204 1446900 1173.377 -0.011494253 12/7/2015 1214 1234 1209 1218 1463700 1187.021 0.009950249 12/4/2015 1196 1210 1186.85 1206 3071700 1175.326 0.007518797 12/3/2015 1232 1243 1197 1197 2793700 1166.555 -0.037007241 12/2/2015 1248 1253 1241 1243 2016700 1203.442 0.001611604 12/1/2015 1232 1244 1228 1241 1769000 1201.506 0.008123477 11/30/2015 1234 1239 1225 1231 1893400 1191.824 -0.00162206 11/27/2015 1221 1234 1216.3 1233 1037200 1193.761 0.006530612 11/26/2015 1235 1235 1220 1225 1131300 1186.015 -0.005681818 11/25/2015 1215 1241 1215 1232 1605500 1192.792 0.015663644 11/24/2015 1222 1222 1201.3 1213 2243600 1174.397 -0.008986928 11/23/2015 1240 1244 1223 1224 1460000 1185.047 -0.019230769 11/20/2015 1258 1258 1243 1248 2192900 1208.283 -0.0016 11/19/2015 1248 1256 1241 1250 1989400 1210.22 0.008878128 11/18/2015 1245 1249 1234 1239 1501400 1199.57 -0.005617978 11/17/2015 1243 1255 1238 1246 2626100 1206.347 0.01300813 11/16/2015 1215 1230 1208 1230 1590900 1190.856 0.008196721 11/13/2015 1217 1223 1207 1220 2886600 1181.174 -0.000819001 11/12/2015 1239 1250 1221 1221 2231900 1182.143 -0.016116035 11/11/2015 1249 1249 1223 1241 4224600 1201.506 -0.00160901 11/10/2015 1270 1273 1228 1243 3545700 1203.442 -0.027386541 11/9/2015 1308 1312 1278 1278 2771500 1237.329 -0.02293578 11/6/2015 1328 1329 1305 1308 1694100 1266.374 -0.011337868 11/5/2015 1305 1324 1299 1323 2037300 1280.896 0.017692308 11/4/2015 1323 1327 1299 1300 2671200 1258.628 -0.017384732 11/3/2015 1340 1340 1320 1323 1676500 1280.896 -0.010471204 11/2/2015 1330 1343 1330 1337 1341400 1294.451 -0.001493652 10/30/2015 1341 1349 1336.3 1339 2146300 1296.387 -0.002235469 10/29/2015 1350 1352 1336 1342 1595100 1299.292 -0.00739645 10/28/2015 1334 1355 1334 1352 1162000 1308.974 0.013493253 10/27/2015 1330 1339 1329 1334 1128800 1291.546 -0.000749064 10/26/2015 1336 1343 1327 1335 1698600 1292.515 -0.002987304 10/23/2015 1339 1346 1334 1339 1623000 1296.387 0.002245509 10/22/2015 1318 1338 1312 1336 1487200 1293.483 0.015197568 10/21/2015 1320 1327 1313 1316 1483400 1274.119 0.000760456 10/20/2015 1315 1322 1312 1315 1394300 1273.151 0.003051106 10/19/2015 1293 1315.5 1293 1311 1572100 1269.278 0.011574074 10/16/2015 1300 1303 1291 1296 1759600 1254.756 -0.00077101 10/15/2015 1292 1300 1286 1297 1346400 1255.724 0.006987578 10/14/2015 1286 1291 1277 1288 1923800 1247.01 -0.001550388 10/13/2015 1281 1290 1276 1290 1209500 1248.947 0.0078125 10/12/2015 1284 1288 1276 1280 911000 1239.265 -0.001560062 10/9/2015 1290 1298 1274.28 1282 1891100 1241.201 -0.000779423 10/8/2015 1261 1294 1261 1283 2305400 1242.169 0.016640254 10/7/2015 1294 1301 1257 1262 1916200 1221.838 -0.023975251 10/6/2015 1309 1311 1292 1293 1700900 1251.851 -0.009954058 10/5/2015 1288 1306 1285 1306 2200200 1264.437 0.030781373 10/2/2015 1261 1277 1248 1267 2193000 1226.679 0.011980831 10/1/2015 1270 1280 1252 1252 1310000 1212.156 -0.005559968 9/30/2015 1257 1264 1248 1259 2522900 1218.933 0.020259319 9/29/2015 1239 1255 1230 1234 1722000 1194.729 -0.015948963 9/28/2015 1278 1286 1254 1254 1478900 1214.092 -0.0203125 9/25/2015 1265 1283 1258.31 1280 1978600 1239.265 0.021548284 9/24/2015 1248 1263 1241 1253 2235400 1213.124 0.004811548 9/23/2015 1220 1255 1212.62 1247 1878000 1207.315 0.022131148 9/22/2015 1237 1242 1219 1220 2612500 1181.174 -0.013742926 9/21/2015 1229 1245 1229 1237 1660200 1197.633 0.000000001 9/18/2015 1225 1250.36 1222 1237 3863600 1197.633 0.00732899 9/17/2015 1219 1233 1218 1228 1957800 1188.92 0.006557377 9/16/2015 1211 1223 1208 1220 1807500 1181.174 0.012448133 9/15/2015 1211 1213 1198 1205 1667600 1166.652 -0.004954583 9/14/2015 1225 1232 1208 1211 2430200 1172.461 -0.007377049 9/11/2015 1248 1248 1220 1220 1292900 1181.174 -0.01850362 9/10/2015 1241 1251 1232 1243 1293300 1203.442 -0.00400641 9/9/2015 1254 1264 1244 1248 1354800 1200.393 0.009708738 9/8/2015 1231 1243.54 1225 1236 1338200 1188.85 0.010629599 9/7/2015 1230 1234 1220 1223 705500 1176.346 0.001638002 9/4/2015 1235 1235 1217.64 1221 1965000 1174.423 -0.02085004 9/3/2015 1259 1263 1247 1247 2148600 1199.431 0.000000001 9/2/2015 1231 1260 1229 1247 1836900 1199.431 0.01879085 9/1/2015 1236 1243 1219 1224 3026100 1177.308 -0.022364217 8/31/2015 1252 1252 1252 1252 0 1204.24 0.00000001 8/28/2015 1262 1262 1241 1252 1687300 1204.24 -0.007137193 8/27/2015 1252 1265 1239 1261 2222200 1212.897 0.026872964 8/26/2015 1248 1263 1228 1228 2610400 1181.156 -0.025396825 8/25/2015 1235 1267 1225 1260 3246200 1211.935 0.035332786 8/24/2015 1244 1252 1195.74 1217 4354200 1170.575 -0.04921875 8/21/2015 1284 1305 1280 1280 2853100 1231.172 -0.014626636 8/20/2015 1308 1312 1297 1299 1899400 1249.447 -0.006880734 8/19/2015 1323 1326 1308 1308 1647600 1258.104 -0.013574661 8/18/2015 1320 1331 1318 1326 1536300 1275.417 0.003025719 8/17/2015 1325 1325 1311.5 1322 1229400 1271.57 0.003034901 8/14/2015 1317 1330 1313 1318 1757600 1267.722 0.001519757 8/13/2015 1320 1327 1310 1316 1878900 1265.799 0.006885998 8/12/2015 1313 1323.46 1300 1307 2226400 1257.142 -0.008345979 8/11/2015 1329 1338.25 1316 1318 2203900 1267.722 -0.012734082 8/10/2015 1334 1338 1322 1335 1543600 1284.074 0.005271084 8/7/2015 1328 1338 1322.72 1328 1255900 1277.341 -0.001503759 8/6/2015 1313 1332 1306 1330 2055200 1279.265 0.009870919 8/5/2015 1312 1317.1 1306 1317 1612700 1266.761 0.003810976 8/4/2015 1300 1313 1291 1312 1378200 1261.951 0.009230769 8/3/2015 1292 1309 1292 1300 1290700 1250.409 0.001540832 7/31/2015 1284 1305.55 1279.88 1298 2498000 1248.485 0.011691348 7/30/2015 1295 1302 1273 1283 1401200 1234.058 -0.007733952 7/29/2015 1296 1303 1282 1293 2938000 1243.676 0.003103181 7/28/2015 1287 1297 1280 1289 1730600 1239.829 0.005460218 7/27/2015 1292 1309 1281 1282 2281000 1233.096 -0.01156515 7/24/2015 1284 1312.36 1282 1297 2485100 1247.523 0.009338521 7/23/2015 1310 1310 1281 1285 2529400 1235.981 -0.013056836 7/22/2015 1301 1312.79 1296 1302 2379500 1252.333 -0.002298851 7/21/2015 1324 1325 1305 1305 3289300 1255.218 -0.011363636 7/20/2015 1315 1332 1311 1320 1236400 1269.646 -0.008264463 7/17/2015 1330 1334 1313 1331 1704600 1280.226 0.003014318 7/16/2015 1316 1329 1313 1327 1311200 1276.379 0.014525994 7/15/2015 1306 1314 1299 1308 1120400 1258.104 0.003837299 7/14/2015 1308 1309 1287 1303 1635400 1253.295 0.000000001 7/13/2015 1300 1308.27 1287 1303 1918000 1253.295 0.012432012 7/10/2015 1290 1291 1281 1287 1420200 1237.905 0.009411765 7/9/2015 1252 1275 1250 1275 1858500 1226.363 0.019184652 7/8/2015 1250 1260 1244 1251 1578500 1203.278 0.0008 7/7/2015 1260 1269 1241 1250 3072900 1202.316 0.016260163 7/6/2015 1244 1251 1229 1230 1654300 1183.079 -0.01521217 7/3/2015 1233 1253 1230 1249 2056900 1201.355 0.013798701 7/2/2015 1237 1243 1230.64 1232 1793600 1185.003 -0.001620746 7/1/2015 1218 1236 1216 1234 3232900 1186.927 0.024916944 6/30/2015 1218 1219 1204 1204 2009300 1158.071 -0.011494253 6/29/2015 1209 1232.59 1205.45 1218 1903500 1171.537 -0.017741935 6/26/2015 1244 1247 1236 1240 889900 1192.698 -0.003215434 6/25/2015 1245 1255 1238 1244 1904000 1196.545 -0.000803213 6/24/2015 1255 1257 1243 1245 1654400 1197.507 -0.010333863 6/23/2015 1259 1266 1246 1258 1440800 1210.011 0.001592357 6/22/2015 1248 1259 1244 1256 1986300 1208.087 0.019480519 6/19/2015 1228 1245 1227 1232 3637000 1185.003 0.000812348 6/18/2015 1229 1233 1213 1231 3327400 1184.041 -0.004045307 6/17/2015 1271 1277 1236 1236 2012700 1181.011 -0.025236593 6/16/2015 1268 1275 1256 1268 2123000 1211.588 -0.001574803 6/15/2015 1266 1280 1261 1270 2160900 1213.499 0.00000001 6/12/2015 1289 1297 1268 1270 2733100 1213.499 -0.020061728 6/11/2015 1263 1308 1261 1296 2343300 1238.342 0.021276596 6/10/2015 1252 1271 1245 1269 1914100 1212.543 0.013578275 6/9/2015 1245 1264 1242 1252 1885200 1196.299 0.004815409 6/8/2015 1253 1258 1243.25 1246 1156800 1190.566 -0.002401922 6/5/2015 1269 1271 1249 1249 1846700 1193.433 -0.018853103 6/4/2015 1271 1287 1255 1273 2302500 1216.365 0.000786164 6/3/2015 1294 1298 1271 1272 2715800 1215.41 -0.017001546 6/2/2015 1331 1331 1294 1294 2199200 1236.431 -0.021919879 6/1/2015 1312 1333 1308 1323 2241100 1264.141 0.007616146 5/29/2015 1328 1337 1310 1313 2614700 1254.586 -0.013523666 5/28/2015 1321 1333.4 1318 1331 1529000 1271.785 0.003014318 5/27/2015 1309 1335 1309 1327 1944200 1267.963 0.014525994 5/26/2015 1320 1329 1303 1308 2601400 1249.808 -0.009090909 5/25/2015 1320 1320 1320 1320 0 1261.274 0.000000001 5/22/2015 1323 1330 1317 1320 3178300 1261.274 -0.003021148 5/21/2015 1339 1339 1321 1324 2199400 1265.096 -0.010463378 5/20/2015 1362 1362 1332 1338 2951400 1278.473 -0.018341893 5/19/2015 1325 1363 1325 1363 3266600 1302.361 0.039664378 5/18/2015 1306 1321 1300 1311 2295700 1252.675 0.001527884 5/15/2015 1300 1317 1300 1309 3119700 1250.764 0.010030864 5/14/2015 1280 1300 1265 1296 1533800 1238.342 0.011709602 5/13/2015 1259 1284 1256.25 1281 1893400 1224.009 0.018282989 5/12/2015 1258 1262 1231 1258 2642400 1202.033 -0.001587302 5/11/2015 1263 1279 1259 1260 1804500 1203.944 -0.002375297 5/8/2015 1279 1284 1244 1263 4833000 1206.81 0.042079208 5/7/2015 1208 1217 1191 1212 3912300 1158.079 0.00000001 5/6/2015 1220 1220.5 1205 1212 2949500 1158.079 -0.007371007 5/5/2015 1236 1250.24 1221 1221 2482700 1166.679 -0.006509357 5/4/2015 1229 1229 1229 1229 0 1174.323 0.000000001 5/1/2015 1245 1245 1224 1229 1222200 1174.323 -0.01601281 4/30/2015 1251 1256 1232 1249 2568600 1193.433 -0.001598721 4/29/2015 1268 1280 1251 1251 2473300 1195.344 -0.008716323 4/28/2015 1276 1292 1250 1262 2018900 1205.855 -0.007081039 4/27/2015 1270 1281 1249 1271 1651400 1214.454 0.001576044 4/24/2015 1274 1278 1255 1269 1785900 1212.543 -0.004705882 4/23/2015 1282 1282 1265 1275 1344000 1218.276 -0.001566171 4/22/2015 1288 1292 1259 1277 1649300 1220.187 -0.00312256 4/21/2015 1285 1289 1276 1281 1242100 1224.009 -0.000780031 4/20/2015 1273 1282 1268 1282 1641800 1224.965 0.01183899 4/17/2015 1279 1291 1264 1267 2140000 1210.632 -0.008607199 4/16/2015 1296 1296 1268 1278 1689400 1221.143 -0.010069713 4/15/2015 1309 1310 1286 1291 1458500 1233.564 -0.009969325 4/14/2015 1288 1305 1288 1304 1820300 1245.986 0.009287926 4/13/2015 1301 1306 1288 1292 2164500 1234.52 -0.005388761 4/10/2015 1292 1300.02 1290 1299 2034000 1241.208 0.007757952 4/9/2015 1280 1293 1277.9 1289 1082700 1231.653 0.010188088 4/8/2015 1276 1278 1267 1276 1147500 1219.232 0.000000001 4/7/2015 1265 1282 1264 1276 1484600 1219.232 0.01350278 4/6/2015 1259 1259 1259 1259 0 1202.988 0.0000001 4/3/2015 1259 1259 1259 1259 0 1202.988 0.00000001 4/2/2015 1257 1260 1249 1259 1284500 1202.988 0.003187251 4/1/2015 1253 1263.25 1248 1255 2214800 1199.166 0.001596169 3/31/2015 1265 1273 1250.5 1253 3182100 1197.255 -0.008702532 3/30/2015 1280 1280 1257 1264 1695600 1207.766 -0.003154574 3/27/2015 1265 1272 1253 1268 1906000 1211.588 0.006349206 3/26/2015 1263 1270 1251 1260 3540800 1203.944 -0.010212097 3/25/2015 1288 1298 1270 1273 1344800 1216.365 -0.010108865 3/24/2015 1272 1291 1268 1286 1748200 1228.787 0.008627451 3/23/2015 1277 1281 1268 1275 1755100 1218.276 -0.000783699 3/20/2015 1273 1277 1264.24 1276 3515300 1219.232 0.003144654 3/19/2015 1267 1284 1265 1272 4328600 1215.41 0.00952381 3/18/2015 1231 1262 1231 1260 1651600 1203.944 0.02189781 3/17/2015 1229 1240 1225 1233 1888700 1178.145 0.00000001 3/16/2015 1222 1235.96 1220 1233 2045600 1178.145 0.010655738 3/13/2015 1201 1222 1201 1220 2664500 1165.723 0.01836394 3/12/2015 1206 1218 1198 1198 2672100 1144.702 -0.01073493 3/11/2015 1212 1220.32 1207 1211 1926900 1149.575 -0.003292181 3/10/2015 1238 1254 1213 1215 2588300 1153.372 -0.01937046 3/9/2015 1263 1265 1229 1239 2375400 1176.155 -0.02055336 3/6/2015 1294 1295 1261 1265 2873300 1200.836 -0.020139427 3/5/2015 1277 1293.36 1277 1291 1628800 1225.517 0.010963195 3/4/2015 1285 1285 1271 1277 2298900 1212.227 -0.00234375 3/3/2015 1285 1291 1278 1280 3089400 1215.075 0.001564945 3/2/2015 1263 1280 1258 1278 3032900 1213.177 0.017515924 2/27/2015 1246 1261 1238 1256 3208700 1192.292 0.010458568 2/26/2015 1228 1244 1224 1243 2049400 1179.952 0.009748172 2/25/2015 1241 1242 1225 1231 1971300 1168.561 -0.005654281 2/24/2015 1236 1250 1233 1238 2200500 1175.205 0.000808407 2/23/2015 1237 1241 1227 1237 2368900 1174.256 0.005691057 2/20/2015 1234 1234 1219 1230 2102500 1167.611 -0.003241491 2/19/2015 1230 1238.67 1223 1234 2204300 1171.408 0.008994276 2/18/2015 1242 1250 1217 1223 2705500 1160.966 -0.018459069 2/17/2015 1241 1248 1231 1246 1735800 1182.8 0.002413516 2/16/2015 1248 1254 1241 1243 1640300 1179.952 -0.0056 2/13/2015 1258 1263 1244 1250 3003100 1186.597 -0.002394254 2/12/2015 1262 1271 1248 1253 2783800 1189.445 -0.010268562 2/11/2015 1269 1274 1261 1266 1474900 1201.785 -0.002364066 2/10/2015 1272 1278 1262 1269 3007100 1204.633 -0.002358491 2/9/2015 1302 1303 1267 1272 1735800 1207.481 -0.023041475 2/6/2015 1300 1312 1295 1302 2514500 1235.959 -0.002298851 2/5/2015 1290 1305 1288 1305 2541600 1238.807 0.007722008 2/4/2015 1288 1295.27 1273 1295 2436100 1229.314 0.007782101 2/3/2015 1293 1300 1285 1285 2924200 1219.822 -0.006955178 2/2/2015 1283 1294.08 1269 1294 1619500 1228.365 0.015698587 1/30/2015 1297 1301 1270 1274 2793700 1209.379 -0.018489985 1/29/2015 1284 1300 1275 1298 1556600 1232.162 0.006982157 1/28/2015 1277 1289 1259 1289 2659000 1223.619 0.01496063 1/27/2015 1282 1292 1265 1270 1676900 1205.582 -0.01244168 1/26/2015 1283 1290 1277 1286 1839100 1220.771 0.001557632 1/23/2015 1279 1289 1277 1284 2040200 1218.872 0.007058824 1/22/2015 1262 1282 1256 1275 2232200 1210.329 0.009501188 1/21/2015 1253 1272 1250 1263 2339900 1198.937 0.007980846 1/20/2015 1245 1256 1240 1253 1962700 1189.445 0.011299435 1/19/2015 1232 1246 1225 1239 1450500 1176.155 0.004051864 1/16/2015 1219 1234 1209 1234 2898800 1171.408 0.006525285 1/15/2015 1207 1226 1196 1226 2597800 1163.814 Mean -0.000108507 Mode 0.000000001 Median 0.000000001 Standard Deviation 0.012762451 Variance 0.00016288 Frequency Distribution 250 For better understanding, the following graphs on the Daily Return and the Closing Stock Price have been performed below: From the above Closing Stock Price graph, it can be said that with the passage of the time within the time period 1st January 2015 to 31st December 2015, the closing stock price of the organization Land Securities Group Plc varies. Though from the graph, it can be interpreted that the closing stock price of the firm Land Securities Group Plc generally lies between the ranges 1100 to 1400 within the particular time period. From the above Daily Return graph, it can be said that the daily return might be a positive value or it might be a negative value. Here, the daily return for the time period 1st January 2015 to 31st December 2015 have been represented in order to analyze the daily return of the company Land Securities Group Plc in detail. It can be said from the graph that the daily return of the company Land Securities Group Plc varies between the ranges 0.05 to + 0.04 within the particular time period. All the calculations and the workings of the descriptive statistics have been shown in the attached excel sheet of the case study A. For better understanding, it can be said that the formulae that have been used for calculating mean, median, mode, standard deviation, frequency distribution and variance are all suitable for calculating in the excel sheet (Flannery and Hankins 2013). Therefore, in the formula bar of the excel sheet, all the required formulae have been provided for each of the statistical calculations. The above graphs on the closing stock price and daily return of the company Land Securities Group Plc and the calculations indicate that the mode is 0.000000001, the mean is 0.000108507, standard deviation is 0.012762451, median is 0.000000001, frequency distribution is 250 and lastly variance is 0.00016288. From these values, it can be said that the financial position of the particular organization is constant and stable as mode, mean, median and standard deviation are p ositive and on the other hand, the value of the variance is comparatively lower (Graham 2013). This relatively lower value of the variance indicates that the firm Land Securities Group Plc had a stable value of stock throughout the year 2015 (Booth and Cleary 2013). Moreover, the positive value of the covariance implies that the variables of Land Securities Group Plc are positively related (Acharya et al. 2013). Thus, it can be advised that the investors can invest freely in this organization Land Securities Group Plc with the aim to earn high return. Case Study B PKB Limited: The firm PKB Limited planned to expand its business by expanding its product range and a possible campaign of marketing. Thus, on the basis of the present financial position of the organization, the Net Present Value (NPV) of the new investment project, payback period (PBP) and the Internal Rate of Return (IRR) of the new project have been calculated in order to analyze the financial position of the firm in detail (Clayman et al. 2012). All the calculations are shown below: Net Present Value: Cash flow Scrap Value Final Cash Flow year 0 -5000000 -5000000 year1 1360800 1360800 year 2 1443240 1443240 year 3 1410980 1410980 year 4 1377753 750000 2127753 NPV $55,115.52 Workings Year 1 Year 2 Year 3 Year 4 Sales 8500000 9520000 9520000 9520000 Less: Variable Cost 5100000 5712000 5712000 5712000 Contribution 3400000 3808000 3808000 3808000 Less: Fixed Cost 1200000 1493500 1538305 1584454 EBIT 2200000 2314500 2269695 2223546 Less: Interest 310000 310000 310000 310000 EBT 1890000 2004500 1959695 1913546 Less: Tax (@ 28%) 529200 561260 548714.6 535792.9 PAT (Profit After Tax) 1360800 1443240 1410980 1377753 Workings Increased Sales sales increased by 12% 9520000 12% variable cost of year 1 5100000 60% of sales value variable cost of other years 5712000 60% of sales value increased fixed cost 250000 1450000 43500 1493500 Risk free rate 4.70% rate of interest 6.20% 1.50% tax rate 28% initial investment 5000000 Internal Rate of Return: 15% 5000000 Rate IRR 10% 9% Payback Period: year Cash Flow Cumulative Cash Flow 0 -5000000 -5000000 1 1360800 -3639200 2 1443240 -2195960 3 1410980 -784980 4 2127753 1342773 Payback Period 2.631075599 years The report analysis for the case study B has been prepared based on various calculations i.e. NPV, IRR and payback period of the investment that has been made for the new project of the company PKB Limited. It can be said from the above calculation that the new project of investment should be accepted (Ziegler 2012). The reason behind this is that the Net Present Value (NPV) of the specified project is positive i.e. $55,115.52, the Internal Rate of Return (IRR) is also relatively lesser that is only 10 % and lastly the payback period (PBP) of the new mentioned project has also been calculated that is equivalent 2.63 years. This implies that investment in the new project and the marketing campaign will result into higher return (Gitman and Zutter 2012). In other words, it can also be said that the marketing campaign would affect the viability of the new project positively. The reason behind this is that, the marketing campaign would help to advertise about the products of the company PKB limited and this will also help to communicate among the company and its customers about the products and services provided by the firm. Thus, it can be said that with the successful marketing campaign, the sales revenue of the firm can be increased as advertisement or marketing campaign is a process of communicating between the company and its customers. On the basis of the case study B and NPV calculation, it can be said that the company should invest in the new project as the value of the NPV calculation is positive. As per the thumb rule, any project having positive NPV should be accepted and any project having negative NPV should be rejected. For this case study B, the NPV is positive, thus the new project should be accepted and the investors should invest in the new project for the expansion of the product range. In this case study B, the present financial condition of the firm has already been provided and it can be better understood from the balance sheet of the firm that has been provided. Therefore, for analyzing the present financial situation of the firm the researcher might not calculate the NPV, IRR and payback. However, in the case study B, various assumptions have been provided and the initial investment amount for the new project, its life for 4 years and the various cash inflows amount for each of the 4 years have also been provided. Based on the data provided and the assumptions like increase in inflation rate, increase in sales amount from 2nd year onwards and high tax rate, all the calculations of NPV, IRR and payback for the new project have been done. It has been found that all calculated values are positive and thus by comparing the present financial situation of the firm and the proposed investment plan, it can be said that the investor should opt for the proposed new inve stment plan and therefore, they should invest in the new proposed project. Therefore, it can be found from the case study that there are several assumptions but only a few can be considered as the most critical one due to the feasibility of the project. These include the increase in the variable cost, the increase in the rate of inflation and higher amount of taxation (Esty 2014). Nevertheless, all these critical assumptions can be ignored as from the case study and the above calculations it has been found that the total amount of cash inflow is more than the total amount of cash outflow for the new project of investment (Brealey et al. 2012). This increase in the cash inflow than the cash outflow will continue for spontaneously four years (Roberts and Whited 2012). Thus, it can be suggested that the organization PKB Limited should make this new investment for the expansion of the product range of the organization and possible campaign of marketing. References Acharya, V.V., Gottschalg, O.F., Hahn, M. and Kehoe, C., 2013. Corporate governance and value creation: Evidence from private equity.Review of Financial Studies,26(2), pp.368-402. Berk, J. and DeMarzo, P. 2011.Corporate finance. Boston, MA: Prentice Hall. Booth, L. and Cleary, S., 2013.Introduction to corporate finance. Wiley Global Education. Brealey, R.A., Myers, S.C., Allen, F. and Mohanty, P., 2012.Principles of corporate finance. Tata McGraw-Hill Education. Clayman, M.R., Fridson, M.S. and Troughton, G.H., 2012.Corporate finance: A practical approach(Vol. 42). John Wiley Sons. Drury, C. 2012.Management and cost accounting. Andover: Cengage Learning. Esty, B., 2014. An Overview of Project Finance and Infrastructure Finance-2014 Update.HBS Case, (214083). Flannery, M.J. and Hankins, K.W., 2013. Estimating dynamic panel models in corporate finance.Journal of Corporate Finance,19, pp.1-19. Gitman, L.J. and Zutter, C.J., 2012.Principles of managerial finance. Prentice Hall. Graham, J.R., Harvey, C.R. and Puri, M., 2013. Managerial attitudes and corporate actions.Journal of Financial Economics,109(1), pp.103-121. Roberts, M.R. and Whited, T.M., 2012. Endogeneity in empirical corporate finance. Shiller, R. 2012.Finance and the good society. Princeton, N.J.: Princeton University Press. Smith, C.W. and Wakeman, L., 2011. Determinants of corporate leasing policy.The Journal of Finance,40(3), pp.895-908. Thompson, T. 2012.Benchmarking the finance function 2012. Morrisotwn, NJ: Financial Executives Research Foundation. Ziegler, A.C., 2012.A Game Theory Analysis of Options: Corporate Finance and Financial Intermediation in Continuous Time. Springer Science Business Media.

The structure of personality Essay Example

The structure of personality Paper Sport psychologists have been interested in whether athletic success in an individual can be predicted by measuring personality for a number of years. During the 1960s and 70s there was a wealth of research being undertaken with regards to this subject. This essay shall attempt to understand the development and structure of personality, then take a look at different methods of personality assessment and finally try to understand the extent to which athletic success can be predicted by personality. Firstly, it is required that we should try to understand what personality is before trying to understand whether athletic success can be predicted by measuring it. Actually defining personality can be very difficult as it is so broad. In 1971, Edwin Hollander described personality as a structure with a core, middle and an outer layer that is affected by the social environment around it. This can be seen in figure 1 below. The core (or centre of ones personality) is protected from the social environment and so is usually unchanging. This core can be described as a persons morals or basic beliefs. The middle section is the way in which we usually respond to different situations, these responses give suggestions about the persons core, as it is what usually happens. The outer layer is the part that relies on the circumstances we are in. As the environments we find ourselves in are constantly changing then this is the most changeable part of our personality; therefore it may bear little resemblance to our central core (Horn, 1992). We will write a custom essay sample on The structure of personality specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The structure of personality specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The structure of personality specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Hollander (1971) then went on to define personality as the sum total of the individuals characteristics which make him unique. This view looks at one aspect of personality that most psychologists would agree with, that it is unique to the individual. However there are those psychologists who see personality as a set of traits possessed by an individual and therefore enable this individual to act in a certain, consistent and predictable way (trait theorists). On the other hand there are those who believe that a persons behaviour is determined by the situation they find themselves in, therefore we would need to understand the situation before trying to predict the behaviour (state theorists). There are also those who believe that personality is a combination of both these two approaches and so depends on the persons core and also on the situation (interactional approach) (Woods, 1998). Firstly the trait theory implies that personality can be described as different traits belonging to individuals. These traits are frequently visible in an individuals behaviour so therefore knowing these traits can help to predict a persons behaviour. The most famous patrons of this theory are Eysenck and Cattell. Cattell identified 35 different traits that he believed described personality. Eysenck concentrated on related traits and grouped them together in two ways. He called these, two dimensions of personality and suggested that they had a biological basis. These dimensional traits were split into neuroticism-stability and intraversion-extraversion (Woods, 1998). The state approach or situational approach contends that personality is not a stable core but that it is built up out of our influences and experiences in society. Walter Mischel (1968) has done some research on personality and has found that individuals behaviour cannot be predicted through knowledge of their core traits. He believes that it is the environment or situation that can influence or dictate a persons behaviour. The basis for this argument is that we learn and so develop our personality through modelling and reinforcement. The third approach, interactional, takes into account a lot more than just situations or the core personality traits. This approach anticipates that when situational factors are strong then they are more likely to affect an individuals behaviour than any personal factors will. Likewise, when situational factors are not strong then personality is more likely to play an important role in influencing a persons behaviour. There are various methods of personality assessment such as rating scales, unstructured projective tests and questionnaires. A lot of these, however do not specifically concentrate on measuring personality traits in athletes and are more often used in clinical psychology (Cox, 2002). Firstly, rating scales require the use of a judge who observes an individual in a particular situation. The judge would use a checklist in order to record information relevant to assess the persons personality. These results can be quite reliable providing the judge has been well trained. There are essentially two ways in which the judge can assess personality using rating scales, these are during an interview, or with the observation of performance. Projective procedures may also be used to identify traits and reveal information about underlying motives in an individual. This procedure allows the subject to reveal their inner feelings through unstructured tasks. The main assumption when conducting these tasks is that if the individual being questioned does not think that there are any right or wrong answers then they are more likely to answer them truthfully and openly. Among these tests are the Rorschach Test, and the Thematic Apperception Test. There are other tests within this method of testing, however these are the most commonly used projective tests. Within the group of questionnaire tests there are two which have been used by sports psychologists in sports related research with athletes, these are the Minnesota Multiphasic Personality Inventory (MMPI) and Cattells Sixteen Factor Personality Inventory (Cattell 16 PF). The MMPI uses a series of true-false questions in order to measure certain personality traits and conditions such as depression. The 16 PF measures 16 factors (traits), and how much of each, that Cattell though were descriptive of personality (Horn, 1992). Other methods of measuring personality include, the Test of Attentional and Interpersonal Style and the Profile of Mood States, however these tests do not directly relate to sport or physical activity and are more general, covering attentional styles and moods (Weinberg Gould, 1995). There are, however, sport related personality / psychological inventories such as the Athletic Motivation Inventory (AMI), the Winning Profile Athletic Instrument (WPAI) and the Troutwine Athletic Profile (TAP) (Cox, 2002). Other examples include, the Sport Competition Anxiety Test that measures competitive trait anxiety, the competitive State Anxiety Inventory-2 to measure precompetitive state anxiety and finally, the Trait-State Confidence Inventory to measure sport confidence (Weinberg Gould, 1995). So, using these methods of personality assessment is it possible to predict athletic success in individuals? Cox (2002, p163), states that no scientific study to date has shown a strong statistical relationship between personality variables and athletic ability. Weinberg Gould (1995) suggest that it would be misleading and unethical to make predictions about an individuals behaviour based on these tests. Even valid tests may still have misleading errors when looking at results. These could be caused by individuals not understanding questions properly or perhaps the subject wants to appear calm and cool before a match to impress the coach and so in her precompetitive anxiety test she may answer the quest ions in a more desirable way (Weinberg Gould, 1995). Morgan (1980) published an article explaining that many sports psychologists are in debate over the credibility of personality research. Some believe that positive and accurate predictions can be made about sport performance from the personality tests. Believers of this view are said to be credulous, and may well use this information to predict athletic ability. On the other side of the argument are those who tend to be sceptical, brushing aside the idea that athletic ability can be predicted by personality tests (Morris Summers, 1995). Horn (1992) explains that there are no consistent findings in the research conducted on personality to show that athletes possess a general personality and that this differs from that of non-athletes. However, Vealey (1986) notes that personality differences between successful athletes and less successful athletes have been found in mood states, cognitions and coping abilities, as opposed to more enduring personality traits (Morris Summers, 1995). In conclusion, it can be seen that the structure of personality is so broad that it can be difficult to define but that there are theories that have been agreed upon by numerous psychologists and sports psychologists alike. There are also a wide variety of methods of personality assessment that can be used in sports related settings and also in sport specific settings. Finally, these tests cannot discover champions, however it is possible to use them as a tool in which to help the athlete become more successful, by finding weaknesses and working on them in practice.