Management Control, Employment Equity and Skills Development

Management Control, Employment Equity and Skills Development Gabriella Greyling Management Control, Employment Equity, Skills Development Table of Contents (Jump to) Introduction Background Understanding the Scorecard Compliance of the Advertising Industry in Cape Town Conclusion Bibliography Introduction In the case study, Duffett, van der Heever Bell argue that transformation within the advertising industry is vital due to the influence this sector has over social norms and trends (Duffett, van der Heever Bell, 2009). They further argue that the advertising industry in Cape Town has implemented BEE and is making progress in complying with the targets set out in the Codes, although admit that there are some challenges that may impact on success of the Codes to achieve transformation goals. Compliance with three of the seven elements of the Broad-Based Black Economic Empowerment Codes of Good Practice of 2007 (â€Å"Codes†) (namely Management Control, Employment Equity and Skills Development) of the advertising industry in Cape Town, has been critically analysed using the 2009 study by Duffet, van der Heever and Bell. The study looks at factors that hinder or promote transformation in this industry, in relation to the B-BBEE Codes and applicable transformation charters. The advertising industry falls within the scope of the Marketing, Advertising and Communication (â€Å"MAC†) Transformation Charter, gazetted in terms of Section 12 of the Broad-Based Black Economic Empowerment (â€Å"B-BBEE†) Act (Act No. 53 of 2003). Under Section 12, a transformation charter is not binding on the industry, unlike the Codes, which were gazetted in terms of Section 9(1) of the B-BBEE Act (B-BBEE Codes, 2007, p15). This is mentioned as one of the factors impeding success of transformation in the advertising industry, as it has created some confusion for scorecard preparation. Furthermore, at the time of conducting the study, SANAS had delayed the process of accrediting Verification Agencies to July 2008. This meant that many companies were performing self-assessments to determine their compliance in terms of the B-BBEE Codes in order to save money on costly verifications. Consequently, the results from the study may not be entirely reliable, but they ne vertheless form a useful basis to understand B-BBEE compliance in the advertising industry in Cape Town. Background The B-BBEE Act of 2003 was introduced as a model for growth for the South African economy. Encapsulated in this model is the notion that â€Å"no economy can grow while the majority of its population are excluded†. (Okharedia, 2014) The Codes, which were subsequently gazetted in 2007, provided a tool for measuring empowerment (and by implication, transformation) within a company, known as the ‘Scorecard’. Seven elements to this scorecard cover various forms of empowerment, known as direct empowerment (Equity Ownership and Management Control), human resource development (Employment Equity and Skills Development) and indirect empowerment (Preferential Procurement, Enterprise Development and Socio-Economic Development). Specific targets are set for all entities, and these targets are weighted out of 100. Once the scores for each element are added up, they will result in a total number of points out of 100, which indicates the B-BBEE Status (Level 1 to 8) and Procurement Recognition Level (135% 0%). If a sector-specific code is issued in terms of Section 9(1) of the B-BBEE Act, it may have different targets and weightings to that of the Codes of Good Practice, which are applicable to that industry/sect or only). (B-BBEE Codes of Good Practice, 2007, p15). Due to the focus on the Management Control, Employment Equity and Skills Development elements, the table that follows presents only these three (3) elements, rather than all seven (7). Understanding the Scorecard Table 1: the Management Control, Employment Equity and Skills Development scorecards B-BBEE Element Total Weighting Measurement Criteria (Indicator) Indicator Weighting Target (0-5) Target (6-10) Management Control 10 Exercisable Voting Rights of black Board members using the Adjusted Recognition for Gender 3 50.0% 50.0% Black Executive Directors using the Adjusted Recognition for Gender 2 50.0% 50.0% Black Senior Top Management using the Adjusted Recognition for Gender 3 40.0% 40.0% Black Other Top Management using the Adjusted Recognition for Gender 2 40.0% 40.0% Bonus points: Black Independent Non-Executive Board Members 1 40.0% 40.0% Employment Equity 15 Black disabled employees as a percentage of all employees using the Adjusted Recognition for Gender 2 3.0% 3.0% Black employees in Senior Management as a percentage of all such employees using the Adjusted Recognition for Gender 5 43.0% 60.0% Black employees in Middle Management as a percentage of all such employees using the Adjusted Recognition for Gender 4 63.0% 75.0% Black employees in Junior Management as a percentage of all such employees using the Adjusted Recognition for Gender 4 68.0% 80.0% Bonus points for meeting or exceeding the EAP targets in each category. 3 Exceed EAP targets Exceed EAP targets Skills Development 15 Skills Development expenditure on black employees as a percentage of Leviable Amount using the Adjusted recognition for Gender. 6 3.0% 3.0% Skills Development expenditure on black employees with disabilities as a percentage of Leviable Amount using the Adjusted Recognition for Gender. 3 0.3% 0.3% Number of black employees participating in In-service Training Programs as a percentage of total employees using the Adjusted Recognition for Gender 6 5.0% 5.0% As one can see from Table 1, each element is further split into sub-elements or indicators. Each indicator has a point weighting, and a target. We will be focusing on the target for years 0 to 5 (since the Codes came into effect in 2007, and the applicable case study was published in 2009, which is within the first 5 years of the Codes). The Management Control score card measures board participation of black people in general, and black females specifically. Additionally, participation by black people at Senior Top Management level and â€Å"Other Top Management† level is encouraged in this element of the Codes. Emphasis is also placed on participation of black Executive Directors. Participation of black women at board and top management level is further encouraged through the Adjusted Recognition for Gender (â€Å"ARG†) provisions of the Codes. This provision places a greater weighting on black women, by dividing the percentage of black people by 2, and then adding the percentage of black females. The enhancement does have a limitation, in that when adding back the black female percentage, this figure cannot exceed 50% of the target for that indicator (in other words, if the target is 40%, then one can add back a maximum of 20% to the total black percentage representation which had been divided by 2. Similarly, the Employment Equity and Skills Development score cards also utilise the ARG in order to encourage equality between men and women (black females should make up half the target of black people, which is also statistically feasible, as females constitute half of the population in South Africa (Commission for Employment Equity, 2013). The Employment Equity scorecard measures four areas of employment; Senior Management, Middle Management and Junior Management, as well as disabled employees, while Skills Development measures expenditure on skills training for black employees in general and black employees with disabilities specifically. It also measures the number of employees engaged in Learnerships (or Category B, C or D Learning Programs, as per the Learning Program matrix contained in Annexe 400A of Code 400) as a percentage of the company’s total staff compliment. Comparison of the Codes and MAC Transformation Charter Upon closer inspection of the targets contained in the Management Control, Employment Equity and Skills Development Scorecards of the MAC Transformation Charter and the Codes of Good Practice, the weightings are different, and the targets are phased in from 2006 to 2014 such that the 2014 targets match that of the Codes (or are higher than targets contained in the Codes); Points available under Board participation for the MAC Charter are 5, and targets will be phased in from 25% in 2006, to 50% in 2014 (whereas the Codes offer 3 points for 50% black board participation) The same target applies to Executive directors, Senior Top Management and Other Top Management under the MAC Charter set the target to 25% at first, increasing to 30% in 2009 and finally 50% in 2014 (which is higher than the Codes for Senior Top and Other Top Management targets of 40%, un-staggered) while the available points under the MAC charter are higher in all three categories (4 and 3 points available, instead of 3 and 2 respectively). The target for Independent Non-executives is lower under MAC at 30% (and is phased in from 10% in 2006), as opposed to 40%. Under Employment Equity, the MAC Charter imposes one target for Senior, Middle and Junior Management of 25% in 2006 gradually increasing to 60% in 2014, unlike the Codes, which indicate 2 phases of targets, for each level of management separately. The Skills Development element is more similar between the Codes and the MAC Charter, unlike the previous 2 elements, however, the total skills expenditure on black employees as a percentage of the Leviable Amount target phased in from 1% in 2006 to the full 3% (as per the Codes) by 2014. These different targets make MAC Charter slightly easier to comply with, in terms of absolute targets. Compliance of the Advertising Industry in Cape Town According to Duffet, van der Heever and Bell, the advertising industry in Cape Town reported an increase in black employees from 35.2% in 2004 to 40.2% in 2006. They further reported that black female employees increased from 21% in 2004 to 23.9% in 2006. With regard to management positions, there was a reported increase in black female managers, from 13.8% in 2004 to 17.7% in 2006. One of the challenges noted from the study, was that there was a shortage of skilled black Previously Disadvantaged People (â€Å"PDI†) leading up to 2008, particularly in the advertising industry. Further, the 2007 B-BBEE baseline study referred to in the study also reported a high turnover of black staff, further confirming the desire for black employees in the advertising industry to â€Å"job-hop†. This becomes costly, as companies try to offer comparative salaries to retain talent, not only in their company, but in Cape Town, since salaries are known to be higher in Johannesburg than in the Cape. Training programmes would need to be used to improve job satisfaction with the view that they may result in improved staff retention rates. It was reported that the advertising industry has come up with some innovative training and mentorship programs in order to address both skills and staff (Employment Equity/Management Control) requirements. A further challenge in relation to B-BBEE spoke to attitudes that companies had toward compliance. In one instance, it was noted that some larger companies were more focused on compliance with BEE regulations, than acting in the true spirit of BEE, and that in some instances dishonesty and deceptive practices were used to achieve better scores, as this can result in increased business. Despite concerns by white males who took part in the study, that they were effectively working themselves out of jobs by embracing B-BBEE, many viewed B-BBEE as an opportunity to engage with their target market. Rather than stifling out diversity, encouraging it could create further business opportunities, especially in terms of growing the target market (through job creation, but also through understanding the new emerging target market of empowered black South Africans, and being able to create purchasing desires that would stimulate the economy during a difficult global financial period). The risk faced by the advertising industry was losing their white employees if these employees felt prejudiced by the opportunities being afforded to black South Africans only. The only possible way for this to succeed would be through growth of the industry, in order to generate more revenues to pay all employees equitable and comparable salaries, regardless of race. These challenges can heavily impact the compliance of companies for the Management Control, Employment Equity and Skills Development elements; when B-BBEE is seen as a cost, the true potential envisioned in the objectives of B-BBEE is easily lost. It was however reported that over 80% of advertising agencies had utilised the services of B-BBEE verification agencies, despite the industry being in its infancy, and that a majority of these agencies had positive attitudes towards B-BBEE. This resulted in the advertising industry being ahead of the national B-BBEE status, in terms of their level of compliance achieved. However, compliance within the MAC Charter targets, which as previously discussed is not binding, and has lower, phased-in targets than the Codes, may have led to these higher status levels. Conclusion Due to the uncertainties existing in the B-BBEE verification and compliance sphere at the time of the study, it is difficult to assess whether or not meaningful transformation had taken place. Despite this, there are indications of compliance by the advertising industry in Cape Town. While the industry was mostly self-regulated, around 80% of agencies confirmed they had engaged with Verification Agencies to confirm their B-BBEE credentials. Standardising and formalising the verification process may result in greater compliance, along with the imposition of penalties for misrepresenting information in order to achieve a favourable score. As stated by the authors of the study, â€Å"The ratio of success to failure in BEE is determined on a daily basis† (Duffett, van der Heever Bell, 2009; 109). Regular monitoring is required to continuously assess compliance with the Codes, and to evaluate transformation achievements as a result of B-BBEE. Even with the wrong intentions, B-BBEE can promote changes and improvements in the lives of previously disadvantaged individuals. However, true success for B-BBEE would be to bring about meaningful improvements in the lives of all South Africans, rather than a select few. Bibliography R.G. Duffett, I.C. Van der Heever D. Bell. 2009. ‘Black economic empowerment progress in the advertising industry in Cape Town: Challenges and benefits’, Southern African Business Review, 13(3): 86-118. South Africa, Department of Trade and Industry. 2003. Broad-Based Black Economic Empowerment Act, No. 53 of 2003, No. 25899, Government Gazette Volume 463. Pretoria: Government Printers. South Africa, Department of Trade and Industry. 2007.Broad-Based Black Economic Empowerment Codes of Good Practice,No.29617, Government Gazette Volume500,Section 9(1) of the Broad-Based Black Economic Empowerment Codes of Good Practice Act 53 of 2003.Pretoria: Government Printers. South Africa, Department of Trade and Industry. 2008. Marketing, Advertising and Communication Sector Transformation Charter, No. 31371, Government Gazette Volume 518, Section 12 of the Broad-Based Black Economic Empowerment Act, No. 53 of 2003. Pretoria: Government Printers. Okharedia, A.A.. 2014. ‘B-BBEE Legislative and Strategic Framework’ [PowerPoint Presentation] 10 March. UNISA Graduate School of Business Leadership. Midrand, Gauteng. South Africa, Department of Labour. 2013. Commission for Employment Equity; Annual Report 2012-2013, Pretoria: Government Printers. Available at http://www.labour.gov.za/DOL/documents/annual-reports/Commission%20for%20Employment%20Equity%20Report/2012-2013/annual-report-comission-for-employment-equity-report-2012-2013> [Accessed 25 March 2014]

Goal Statement Essay

I felt my scores were mostly accurate in rating how I feel about communicating because I am not a real shy in communicating with others, so I could get up and talk, if I am prepared. Three specific public speaking goals I want to achieve during the term are; listening speaking and confidence. The goals may prove rewarding for me both professionally and personally because no matter what you do professionally you will always have to listen to somebody either co-workers or clients. You have to actually understand them. Listen to what they have to say, questions they may have listening is very much needed. Now speaking you will always have to talk with others or interact with people in any professional job the way you speak to others is how they will respond to you. And last is confidence, confidence is also needed if your profession is banking you have to have confidence when talking to people. You have to act like it’s your best friend you’re talking to, have confidence in the way you speak. Now personally you need listening either to listen to your kids or family. Speaking is important also if your family is having problems if they come to you, you need to know how to speak to them properly. You need to have confidence personally to help you go through life people with try to bring you down and you will need to have the confidence to just ignore them and keep your head held high. My dream job would have to be a registered nurse, and they provide and coordinate patient care, educate patients and the public about various health conditions, and provide advice and emotional support to patients and their family members. They work in hospitals, physicians’ offices, home healthcare services, and nursing care facilities. The can also work in correctional facilities, schools, summer camps, and with military. Sharpened communicating skills will prove rewarding to my career because they do a lot of talking with people, like setting up plans for patients’ care, consult with doctors and other healthcare professionals, teach patients and their families how to manage their illnesses or injuries. it will help me talk with my co-workers and patients because nurses will always be talking or interacting with people. You have to be able to walk up to them with confidence and say exactly what needs to be said. Most people think nursing is just talking blood and giving shots. There’s a lot more if you cannot talk to people you will have a rough time in nursing. So communication skills are very important in my dream job. This course will help me achieve my communication goals in many ways. It will hopefully help me learn to listen and learn how to take things in and actually listen to them not just in one ear out the other. May also help me learn how to speak in front of others and not be so nerve-racking. And last help me have confidence in general. I expect my peers to encourage me when I do have to get in front of them to talk, not to bring me down. And what I expect from my instructor is to tell me what I am doing wrong, what I need to improve and last expect him to help me achieve my goals. And help me do a lot better with all of the bad communication skills I have.

Critical Analysis Of A Business Focused Research Paper Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3035 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This report is a critical analysis of a peer-reviewed business focused research paper. The chosen article is Can the US stock market be Shanghaied? published in 2009 in the Management Research News. Two authors contributed to the production of this paper: Yi-Jer Huang and Frank W. Don’t waste time! Our writers will create an original "Critical Analysis Of A Business Focused Research Paper Finance Essay" essay for you Create order Bacon. This particular research paper is intended to examine the relationship between the US and China stock markets. The purpose of this short report is to assess the relative merit of the journal article to critically evaluate and decide how useful and worthwhile the work, methodology and the arguments presented in the paper are; deciding how much the work has contributed to the worlds understanding, of this very significant topic. As well as question the information and opinions in it and present an evaluation and judgment of the report. The critical analysis of the named paper is undertaken, with special attention given to each individual section presented throughout the paper. For this critique to be effective and balanced, both strengths and weaknesses of the research are discussed, together with recommendations for improvement and future study in the concluding part of this report. The propositions are backed up by literature to strengthen the quality of the analysis. This shot report is broken down into several parts; every part is representing a crucial aspect of this critical analysis. Every aspects of the research will be discussed in great detail from several points of view. Overall the review is summaries and assesses the paper and demonstrates a reasonable and fair assessment of the chosen research. Purpose This rigorously carried out purposive study was done with the intention of making an important and valuable input to the field of knowledge (Bryman and Bell 2007). The purpose of the research paper is to examine the relationship between the United States and China stock markets between 2000 and 2007. The authors attempt to categorize the event occurred on the 27th of February, 2007 to find the link between the 9 per cent plunge in the Shanghai stock market followed by the $1.5 trillion global market shake out. Authors While executing this peer reviewed article, the authors had an outstanding theoretical knowledge especially Frank W. Bacon who is a well know established author with over 30 years of experience in the financial industry. He has also authored and co-authored over 40 articles published in professional academic journals, and currently he is the professor of finance at Longwood University in Farmville, Virginia. Yi-Jer Huang on the other hand has similar length of experience but in the IT industry which might not be as useful regarding the research topic (Sekaran and Bougie, 2010). Abstract The research paper begins with a very clear and concise abstract. The abstract is informative in nature, it is less than 10% of the length of the original piece but includes all major points that they want to get across such as the key themes and purpose of the paper, major facts bearing on the conclusion, a summary of key findings methods. As well as the scope of the article, results, and recommendations thereby it follows White (2000) ideal form of an abstract. It follows strictly the chronology of the article and provides logical connections between the information, adds no new information, but simply summarizes the the whole paper. Problem Statement The researchers have chosen a question that is neither too broad nor too narrow (Ryan, Scapens, Theobald and Beattie, 2002) as a result the main research question is Can the US stock market be Shanghaied? which practically means Will Shanghai stock market have strong influence over US stock market in the future? this question has been selected do to its significance. Since the Chinese economy is at the moment in the centre of attention due to its hidden investment possibilities as it has been pointed out in several journals such as the Management Decision, that China has a great influence on the global market in general and as several academic and professional figures has stated this influence will heavily increase in the future, therefore the importance of this matter is crucial. The researchers also provide a good argument regarding its potential value to portfolio managers worldwide (Huang and Bacon, 2009). The problem statement is a clear, precise, and concise statement of the is sue to be researched, it offers a focus and direction to the study which can be clearly seen in the paper. The authors also have chosen this topic, since it can actually be researched. Literature review The research is reasonably current as well as the references it used, it has been published in 2009 in the journal of Management Research News therefore it must have gone through a series of evaluations by professionals before it could have been published. The references the authors used have been published / created between 2005 and 2008. There are over 16077 journal articles and 1442 books on the stock market only in the Emerald database, even though the topic might be unique because the events it review is quite recent. The authors should have examined a wider range of literature so they could have a more solid theoretical framework. The authors mostly used primary sources (also called original source or evidence) to avoid the problem inherent in secondary sources, where each new author may distort and put their own twist on the findings of prior cited authors (Hair, Wolfinbarger, Money, Samouel and Page, 2011). The researchers have reviewed three websites, one research paper and three journals (Huang and Bacon, 2009) although one of the websites reliability is arguable. That website is Wikipedia, Philip Bradley librarian said that the use of Wikipedia is not appropriate since it lacks of authority, with printed publications, the publishers have to ensure that their data is reliable, as their livelihood depends on it. But with something like this, all that goes out the window. However an article in the journal Nature (Giles, 2005) suggests that, Wikipedia scientific articles came close to the level of accuracy in Encyclopaedia Britannica and had a similar rate of serious errors, this study was disputed by Encyclopaedia Britannica. Wikipedia also has been used as evidence in legal cases such as the trademark of Formula One racing decision (trademark act 1994 in class 41 under number 940), addition to this the UK Intellectual Property Office considered Wikipedia both reliable, and useful as a source of evidence. Even though the overall number of used reference s is low, they have reviewed and taken into consideration several aspects of the subject and explored many possibilities therefore due to the relation and quality of these sources the amount of literature should be sufficient. The authors have used both supporting literature for their final conclusion such as Beach, S.L. and Clarence, C.R. (2005), Does portfolio rebalancing help investors avoid common mistakes?, Journal of Financial Planning, May, pp. 56-61. and differing literature such as Cha, A.E. (2007), Chinas quirky stock market finally matters. Its problems become the worlds, Washington Post, 4 March, p. A01. Theoretical framework The theoretical framework is specified and it identifies and defines the important variables that are relevant to the problem, it is also detailed and well-thought out. The dependent variable is the impact of Chinas emerging stock market. Predictor or explanatory variables, just to mention a couple are the herd mentality and strength of the relationship between the US and China which explains the variation in the dependent variable. Moderating and mediating variables are also important to the problem. The article identifies on several occasions the questionable factors that could be related to the overall outcome of the hypotheses. The framework provides appropriate amount of information regarding the problem in forms of tablets and graphs as well as background data. However they do not state or suggest the reason behind the increase and decrease of correlation in the graphs. Therefore the movements could due to other unrelated external factors which would mean that the strengthening of the Chinas market influence is unknown and might be temporary (Ma, 2004). Method of study Hypotheses testing were used to explain the nature of certain relationships between variables and independence of variables in the research; it also explains the variance in the dependent variable for any change in the independent variables. The method of study is quantitative in nature (Teall Hasan, 2002); therefore it is very appropriate to answer the research question. The researchers have used quantitative methods as a technique to gather measurable quantitative data, as well as carrying out a systematic empirical investigation of quantitative properties and phenomena and their relationships (Ryan, Scapens, Theobald and Beattie, 2002). Tables and graphs are therefore used to present the results of these methods in the research paper. One concern with the graphs (Figure 1 2) is not about the content but the format; it can be very confusing for readers with no previous knowledge regarding this sort of chart. Quantitative research in this case made by using scientific methods, whi ch include the generation of hypotheses; collection of empirical data; modeling and analysis of data; evaluation of results (Teall and Hasan, 2002). Data collection The data collection methods are very appropriate; the researchers could not have affected the results of the study in any way through to the collection of data. The authors findings are close to reality in terms of the data bases they have used, as it has been based on several reliable and factual tablets and figures from finance.yahoo.com which is a widely accepted and reliable source. The findings that have been concluded from indexes such as The Morgan Stanley Capital International index are very suitable to display the true movements of the market although there is always a probability that the data may not reflect the reality. At this point it must be highlighted that China was the only emerging stock market they have examined since Hong Kong and Japan are already developed markets consequently the authors only examined the Asian markets which would not create a realistic picture of the situation therefore it is not completely sufficient. However if other emerging markets would have been examined such as Brazil or especially India which are in a very similar condition, not only more precise but perhaps different hypothesis would have emerged (Ma, 2004). Investigation The overall method of the investigation is cause and effect since the researchers main goal is to determine whether or not the Shanghai stock market caused the global market shake out in 2007. On the other hand the research itself is very much focused on the correlation of variables to determine the multiple factors that influence one another; as a result the authors also identified the crucial factors associated with the problem. In this case measurement is a means by which observations are expressed numerically in order to investigate associations (Israel, 2009). This type of data analysis is the most suitable for this sort of research problem. On a related subject the authors argue that Shanghai stock market is widely blamed as a cause of the February 2007 event, however they fail to state the origin of this accusation, this might not be a significant information regarding the research investigation and measurement however it would increase the reliability of the outcome since it would shed a light on whether or not the authors are emotionally influenced by the country which has raised these accusation. Consequently the research design would have ensured that the findings are as close to reality as possible so that one can have full confidence in the findings. Hallmarks The confidence level is low because of the unique characteristics of China stock market therefore it is hard to conclude that the global market shake out was ignited by the 9 per cent plunge in the Shanghai stock market (Ma, 2004). In addition the level of probability that the estimations in the research findings are correct is not stated in the research paper. The conclusions drawn from the interpretation of the results of data analysis is objective, they are purely based on facts of the findings derived from actual quantitative data, and not on their subjective or emotional values (Israel, 2009). This research can be used again if similar conditions occur for example when a stock market presumably violently has an impact on another or even on the global market. The research findings in this setting are also applicability to other settings. By this means other corporation and especially broker firms around the world can get a good use out of these findings and solution. The authors used simplicity in explaining the problems and generalizing these solutions for the problems rather than a complex research framework. Therefore the research is conducted in a parsimonious that is simple and economical manner. They have used more number of variables leading to less variance to achieve economy in the research model. They display clear understanding regarding the problem which has led to parsimony in research activities even though some of the influencing factors are not completely clear (Sekaran and Bougie, 2010). This research might not meet all characteristics of the scientific res earch, to the extent possible it seems however that the research activities were pursued in scientific manner. Alternative Hypothesises The authors considered alternatives to the final hypothesis. They have studied Beta of Chinas stock market with world stock market, SSECI Correlation with the DJIA, correlation and beta coefficients of DJIA against the SSECI relationship between the SSECI and the DJIA. However since SSECIs beta is very small, which means regardless of which way the DJIA moves, SSECI almost remains unchanged therefore, it would appear from the data that the impact of the Shanghai stock market should be insignificant with respect to Wall Street (Huang Bacon, 2009). This means that there is no relationship between the variables that they are investigating. The researchers have used null hypothesis because they are unable to prove that their hypothesis regarding herald mentality is true, but what they are able to state is that the null hypothesises are incorrect, and by excluding these there should be a relationship of some sort. Main Hypothesis The final and core hypothesizes is that the 27th of February, 2007 phenomenon between Shanghai and Wall Street may be attributed to herd mentality (Beach and Clarence, 2005). Although the authors do not provide the reader with any previously occurred examples regarding herald mentality. Huang and Bacons findings have commanded more faith and credibility when in the recent past the same results were evolved in several other occasions but on different set of data which has ensure the scientific nature of the research and therefore more confidence can be placed in the research findings. This also eliminates the doubt that the hypothesis is supported by chance and ensures that the findings reflect the true state of affairs. Therefore they have proposed a logical explanation for an observable phenomenon and as a scientific hypothesis it can be tested because there is some real hope of deciding whether it is true or false of real experience. This hypothesis, involves two components: first the logical property that is counterexamples to the hypothesis are logically possible, and secondly the practical feasibility of observing a reproducible series of such counterexamples (Hair, Wolfinbarger, Money, Samouel and Page, 2011). Limitations The researchers identified the limitations of the study, they have pointed out that since chinas economic reform is unique. Fueled by its fast growing economy, using past patterns or trends to predict the future of Chinas financial market requires further research as its stock market emerges. The authors also discuss the appropriate practical implications. Conclusion of the Research Even though the data is rich it does not answer to the research question, in terms of what could have caused the event in 2005, the alternative hypotheses have been ruled out by the results as it has been established before. However by out ruling these alternative scenarios they narrowed down to presumably the actual reason that stood behind the research problem thereby suggesting a clear and defensible answer to the research question. The findings are presented in a graph and tablets, to make it easier for the readers to understand what has been found and how these outcomes link together. As it has been mentioned in the alternative hypotheses section of this critical report the conclusion is built upon the interpretation of the data and it fit very well with the discussion and final hypotheses (Connors and Hayward, 1995). Although the structure of the paper is uneven since the authors spend a lot of time explaining what hypothesizes are not working and not much time on actually expl aining why the hypothesis regarding the herald mentality might do work. Conclusion In conclusion the article Can the US stock market be Shanghaied? by Yi-Jer Huang, Frank W. Bacon published in 2009 in the Management Research News is mainly intended for professionals in the investment industry however it is easy to understand as the report does not require a strong professional knowledge base to understand the content. Although they have briefly explained the background of the Chinese stock market which is an essential knowledge for non-expert readers to understand the circumstances, some prior knowledge of the subject would be beneficial and help the reader gain a better understanding of the article. As they state in the research paper that clearly, a better understanding of the influence of Chinas emerging stock market on the global stock market offers significant value to portfolio managers worldwide. The writing style suits the non-expert, non- academic audiences however it can be very beneficial as mentioned before for both experts and academics. The discussion was relevant, stayed related to the main topic of the conversation. They avoided being obscurity of expression, ambiguity and last but not least they were brief to complexity. It should be noted that this research article is an applied research reference on the subject of management and stock market. It offers, a good and in most cases a clear insight on the subject, it does not cover all relevant issues and the reader would be advised to explore other areas mentioned within the article to further their knowledge. Recommendations for how the text can be improved in terms of ideas, research approach have been discussed in the main body. Although future researches should be validate and expand on the original research to deliver an even more precise hypothesis.

About Love - 7716 Words

At lunch next day there were very nice pies, crayfish, and mutton cutlets; and while we were eating, Nikanor, the cook, came up to ask what the visitors would like for dinner. He was a man of medium height, with a puffy face and little eyes; he was close-shaven, and it looked as though his moustaches had not been shaved, but had been pulled out by the roots. Alehin told us that the beautiful Pelagea was in love with this cook. As he drank and was of a violent character, she did not want to marry him, but was willing to live with him without. He was very devout, and his religious convictions would not allow him to live in sin; he insisted on her marrying him, and would consent to nothing else, and when he was drunk he used to abuse her†¦show more content†¦I myself ploughed and sowed and reaped, and was bored doing it, and frowned with disgust, like a village cat driven by hunger to eat cucumbers in the kitchen-garden. My body ached, and I slept as I walked. At first it seeme d to me that I could easily reconcile this life of toil with my cultured habits; to do so, I thought, all that is necessary is to maintain a certain external order in life. I established myself upstairs here in the best rooms, and ordered them to bring me there coffee and liquor after lunch and dinner, and when I went to bed I read every night the Yyesnik Evropi. But one day our priest, Father Ivan, came and drank up all my liquor at one sitting; and the Yyesnik Evropi went to the priest s daughters; as in the summer, especially at the haymaking, I did not succeed in getting to my bed at all, and slept in the sledge in the barn, or somewhere in the forester s lodge, what chance was there of reading? Little by little I moved downstairs, began dining in the servants kitchen, and of my former luxury nothing is left but the servants who were in my father s service, and whom it would be painful to turn away. 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