Stock Valuation and Behavioral Finance Essay Example | Topics and Well Written Essays - 1500 words

Stock Valuation and Behavioral Finance - Essay Example Following formula is used to estimate the price of the stock using dividend growth model: Growth of the stock is calculated using the dividends paid by Shell since 2008 and it is shown in the appendix 1. Discount rate is calculated using the CAPM equation which is as follows: Rf = 4% Rm = 0.59% B = 0.078 So, using the above equations Re is found to be 3.9997% So, the price of the stock using the values identified is 84.86 The current price of shares of Shell is 2,246.5 however the estimated price is 84.86 which is well below. Price to Earnings (P/E) Ratio is the other technique used to estimate the price (Gitman, 2003). Price to earnings ratio is the market price of the company with the earnings per share. The higher value of P/E ratio shows that the investors are paying more for per unit of income they are getting from the share and it can be said that the stock is more expensive (McLaney, 2009). To estimate the price, earnings per share is taken from the annual report of Shell. Pri ce 2,246.50 EPS 4.98 P/E Ratio 451.104 So the price is 2,246.50 and PE is 451.1. However, if the estimated price is considered to calculate the PE ratio then it is 17.04 P/E ratio of the company is very high and it indicates that the shares of Shell are very expensive. However important reasons for this would be that Shell is an important player in the market and investors are eyeing stocks of Shell for investment purpose, so with higher demand the price of Shell’s stock is high. Part 2 – Individual Investors and Sophisticated Investors There are different techniques and valuation methods that investors use to estimate the price of the stock and then make their investment decision. Not all the techniques would give the same kind of results; however these techniques are helpful in giving a signal or a hint to the investors. Investors have different aspects and factors to consider while making the investment decision. Investors have different socio-economic background, q ualification, believe, emotions. Moreover, differences in race and age of investors also influence the investment decision and therefore the decision of one investor could differ from other investor and this has been the main role of behavior finance i.e. to define and discuss why people are not only concerned about the market decisions but they have their own perception and opinion and judgment as well while making the investment decision. Behavior finance has been defined as the study of how people understand and take actions on the financial information they have in making investment decisions (Simon, 1987). Every investor would like to earn higher return on his investment however he or she needs to define his or her risk tolerance level, goals of the investment and other factors that could influence the decision. Different investment and stock valuation techniques are used by investors and it is up to the investor to choose which technique he or she would like to use to make the investment decisions. Some would prefer using PE ratio whereas others would like to use PEG ratio. Some would fancy going for Gordon Growth Model whereas others would like to analyse the previous price and identify the ‘hi and low prices’ and believe that the stock price would go in the same way as in the last few years. Even after using different techniq

Summary Assignment Example | Topics and Well Written Essays - 250 words - 3

Summary - Assignment Example They have time out. Over the time, Leo discovers and appreciates many aspects of Stargirls personality such as reading newspapers, or observing people, and then helping them in different ways. However, Leo is much embarrassed when Stargirl puts a note on the school bulletin board "STARGIRL LOVES LEO" (94). Moreover, he has to share the full-scale impact of Stargirls shunning at the hands of others for being her boyfriend. He tries to hide his relation with Stargirl. He also begs Stargirl to be "normal" (47), which she does swiftly, and even switches name to Susan (her real name). Leos happiness on this change soon vanishes when the students keep shunning Stargirl and Leo. Stargirls character opens up more when she delivers a speech at a contest in Phoenix. She calls her speech "I Might Have Heard a Moa." Despite winning that contest, Stargirls hopes for acceptance by the students at Mica fritter away. Disillusioned, she resumes her identity as Stargirl. Stargirl feels change in Leos attitude, and mentions it to him by saying, "I know you’re not going to ask me to the Ocotillo Ball" (118). She gives Leo her usual smile and at which Leo hates her. He actually does not invite her to the Ocotillo Ball. She still goes, enchants everybody again, and disappears forever. Leo is unable to find her whereabouts. At the end of the novel, Fifteen years later, Leo visits Archie, a retired teacher, whom Leo used to visit occasionally along with other students during school. Archie tells Leo, "Star people are rare." He also takes Leo to Stargirls workplace, where Leo finds out that Stargirl had been maintaining files on different people. Leo also takes Archie into the foothills, where Archie buries his prize Paleocene rodent along with a slip of paper. Archie does not tell what is on the slip of paper. The ending part of the novel entitled "More Than Stars" tells that Kevin, Leos friend, is an insurance salesman. Mica

Auckland DHB Elderly Care Strategies

Auckland DHB Elderly Care Strategies Auckland DHB is based to part of Auckland City in which they are serving seven wards Avondale/Roskill, Eastern Bays, Eden- Albert (Balmoral), Hobson, Tamaki- Maungakiekie(Penrose), Western Bays and Hauraki Gulf Islands .It has a population of 475,765 people. Eighty seven percent of the Auckland DHB population live within five wards within the Auckland DHB boundary.The other 13% live in either the Manukau ward within the Counties Manukau DHB area, or the Whau ward within Waitemata DHB.Auckland district health board got 10% of the people domiciled in the Auckland DHB district are aged 65 years and over, compared with 12% of NZ population.17% are aged under 15 years, compared with 22% for all of NZOlder People’s Health wards were the first patients moved into the new Auckland City Hospital which is started by Auckland district health board. Auckland district health board has two sites; inpatient services are based at Auckland City Hospital while outpatient and community services are based atGreenlane Clinical Centre. Older Peoples Health looks after the over 65-year-old population of Central Auckland and offers assessment, treatment and rehabilitation services. There are four wards at Auckland City Hospital that form part of the A+ Links Home and Older Peoples Health Service. The four wards are located in the the Support Building. Awatea Ward and Marino Ward are on level 14. Rangi toto Ward and Remuera Ward are on Level 13.These wards work very closely as a team and a unit. There is a strong Interdisciplinary team (IDT) focus on all four wards. This team is made up of nurses, doctors, physiotherapists, occupational therapists, social workers, dieticians, speech language therapists, pharmacists and others, who all make contributions to the patients care. STRATEGIES Auckland District Health Boards vision’s is of a healthy population, and quality health service to the community people need it –Healthy Communities, Quality Healthcare ~ Hei Oranga Tika mo te iti me te Rahi.It is strategic priorities of Auckland district health board that all rest homes and aged residential care facilities are certified and audited to ensure they provide safe, appropriate care for their residents. This is measured by seeing how they perform against the standards set out in theHealth and Disability Services (Safety) Act 2001. HEALTH OF OLDER PEOPLE STRATEGY {2001} It is cooperated on the national level where Auckland District health board is doing this by putting up policies in Auckland to improve and giving standard of life to old people by giving them appropriate services. Health and support services and programmes specially made to facilitate the wellbeing of the aged people, it also controls over the lives and their capability to participate and capability to social life, family, whanau and community life. OBJECTIVES It provides the planning to support the growth of quality health and support services integrated around the needs of older people. Funding will be managed and services delivered to increase timely access for the quality life integrated health and support services for older people, family, whanau and caregivers. The Hauora needs of Older Maori and their (whanau) family will be given by different appropriate programmes which are going to support them. Special requirement of services should be recognise to support unique position of Maori living in Aotera as Maori. The New Zealand Positive Ageing Strategy The 1999 International Year of Older Persons prompted the development of a New Zealand strategy promoting the value of older people.In the this strategy they state the aged people live positively and grow properly in there elderly age. Positively strategy is also takes account the health, financial security, independence, self- fulfilment, personal safety and living environment of older Auckland District citizens. The New Zealand Positive Ageing Strategy provides a framework for developing and understanding policy with implications for older people. POLICIES Auckland DHB A+ Links Older Peoples Health Older Peoples Health (OPH) Serviceprovides inpatient and outpatient care and is spread over two sites; inpatient services are based at Auckland City Hospital while outpatient and community services are based atGreenlane Clinical center. They also have the interdisciplinary day assessment includes Stroke Clinic, Parkinsons Clinic and Auckland City Memory Service. Also available is the Community Rehabilitation Programme to assist people who need some assistance to get back to how they were functioning prior to illness or who need help with the transition back to their home situation after a period in hospital. Home Health Service provides community based healthcare for adults 16 years and over living in Central Auckland. It is based atGreenlane Clinical Centre. Dementia Pathways We will increase access to early onset dementia services.We will help to develop a greater range and level of skill within the Aged Residential Care sector.Overall, we want to see safer practice in working with older people across both inpatient and community settings.This will also depend on increasing service accountability and the reporting of clinical issues. SENIORLINE Support of carer- In this old person can get a support of carer on full time basis from district health board. FUNDING Auckland DHB received $1074.6 million in funding in 2014/15 from Ministry of health Funding increases as a result of growth over the last 3 years were as follows: $21.9 million in 2014/15 $21.4 million in 2013/14 $32.2 million in 2012/13. They also get public funding to serve aged people of Auckland District from NGO’s. TERMINOLOGY Terminology is meant to be the word which is used in different settings of science and in forensic science to name some special characters of some incidents and reactions in chemical. The old age person in the old age socially they called geriatric or elderly. Old age person- As the age recognised socially for the human being which is 65 years and they called retired people. ATTITUDES it is define how the people look the old age person, some of them are think they rely on their kids on the governments to live their lives. The elderly people with dementia they are isolated from the community in the mental institutions. Elderly people are undervalued by the young generation and discriminated against especially with loss of health and income. STEREOTYPES People start commenting them by words like useless or the words which hurts their dignity and respect. Person with cognitive impairments are socially isolated from community and from the family sometime. Most of dementia clients those with serious illness are unable to make decisions for their own lives where some of the families feel burden on them start suggesting them to go live separate or in rest home facilities. BARRIERS It is problem where elderly people get abused at home where they have to do home cleanings and home works like lawn moving, vacuuming. They also neglected most of the times due to their unwillingness and the diseases for the social parties in the families. Society starts undervaluing them when they starts going towards their retirement and they hurts their dignity where they feel disrespectful for themselves. They create image of elderly person of negative energy due to their suggestive nature to young people from their experience which always suggest them to do right things or in proper manners, these things also varies from culture or to religion. 2.3 SERVICE PROVISION All the service provided to aged people through hospitals their primary services and the services which they get from community. General practitioner- for the routines check up Hospitals- for the emergencies and accidents Work and income- for their financial part of their life Citizen’s bureau- for first time information NZ Positive Ageing Strategy (2001) Health Of People Strategy (2002) Above strategies helps to improve their quality of life improving their policies from their past years data gathering from their regional statics. ACESS FRAMEWORK RESTHOME FACILITY- it is started from GP first he assess the elderly person how much care they need for themselves, if it is fell dependence then they ask them to go for NASC assessment to get full service. Ministry of health – incorporate the strategies Auckland District Health Boards- Corporate the policies and strategies stated by Ministry of Health for Auckland District. They can access WINZ for their financials though their website. www.wins.govt.nz REFERENCES A Links Needs Assessment and Service Co-ordination (NASC) †¢ Healthpoint. (n.d.). Retrieved February 21, 2015, from http://www.healthpoint.co.nz/public/older-peoples-health/a-links-needs-assessment-and-service-co-ordination/ Seniorline Home. (n.d.). Retrieved February 21, 2015, from http://www.adhb.govt.nz/SeniorLine Auckland DHB. (n.d.). Retrieved February 21, 2015, from http://www.health.govt.nz/new-zealand-health-system/my-dhb/auckland-dhb Residential care. (n.d.). Retrieved February 22, 2015, from http://www.health.govt.nz/new-zealand-health-system/publicly-funded-health-and-disability-services/residential-care HEALTH OF OLDER PEOPLE STRATEGY {2001}. Retrieved February 23, 2015, from http://www.health.govt.nz/system/files/documents/publications/olderplebb.pdf The positive ageing Startegy Retrieved February 22, 2015, from https://www.msd.govt.nz/what-we-can-do/seniorcitizens/positive-ageing/strategy/

Essay --

Of mice and men is a novella written by Steinbeck in the 1930’s at the time of the American great depression. Two migrant workers George and Lennie are the protagonists; through these characters Steinbeck highlights many themes. The themes presented in this novel can be compared with those in the ‘Moon on the Tides’ Anthology poems for example ‘Brothers’, ‘Farmer’s Bride’ and ‘In Paris with You’. ‘Brothers’ written by Andrew Forster is an autobiographical poem and is written in three stanzas which account for three different stages in the narrators’ afternoon. This poem explores the relationship between two siblings which can subsequently be compared with George and Lennie’s relationship. The ‘Farmers Bride’ is another poem which can be compared with ‘Of Mice and Men’ this poem explores the nature of the famers ‘bride’ and can also be interpreted to indicate that the poem is a metaphor for the way women are treated in Mews society? Charlotte Mew lived through the First World War and the women suffrage therefore it can be collated that her writing was influenced by the events in her time both historically and socially. In addition to this her personal life has an impact too as she made a pact never to marry because her family went through a tough time- they were mentally ill. Therefore she did not want insanity to be passed on to her children. Nonetheless Mew was bisexual and in her time period homosexuality was illegal, these things in her time period could be considered a source of stimulation for the deception in the poem. The third poem which links with ‘Of Mice and Men’ is ‘Hour’ by Carol Ann Duffy which explores the nature of love not typical richness of love but how spending time with a loved one is priceless and valuable. ... ...traditional desires of love, the narrator portrays the idea that nature is more valuable than typical materialistic things eg; ‘spend it not on flowers...but.. Sky and a grass ditch’ many similes, oxymoron’s, metaphors are used in the poem alongside enjaments to suggest that the narrator hasn’t enough time, her treasure is time. The short sentences used are pauses to perhaps show how the narrator is stressing time. ‘like treasure.. limbs gold’ is a simile used which refers to the richness of spending time with someone. Compared with ‘Of Mice and Men’ George and Lennie don’t have the luxuries of being good friends but make the most of things ‘guys like us.. no family...you got me.. i got you...’ however oppositely Lennie is overwhelmed by his dream to have rabbits and the alfalfa-materialistic things he thinks by achieving this dream himself and George can be happy.

Media Course work: The Times and The Daily Star’s Coverage of the Ian Huntley Conviction

For my Media coursework I have chosen to study and compare The Times and The Daily Star. I purchased these papers on Thursday December 18th 2003. The story is covered on both front pages and then continues into the inside. It is about Ian Huntley being found guilty of murdering Jessica Chapman and Holly Wells. Both newspapers have articles on how the parents felt, what happened in the trial and how the people of Soham feel. The Times is a broadsheet newspaper and is aimed at social groups A, B and C1. These social groups include Lawyers, doctors, accountants, teachers, nurses, police officers, clerical workers and people in other skilled jobs. The Times has a more extensive coverage and longer articles than the Daily Star. The Daily Star aims at social groups C2, D and E. these are plumbers, mechanics, lorry drivers, postal workers, the unemployed and casual workers. It has a bolder layout and the articles are shorter than the Times. In the Daily Star it calls Ian Huntley † Evil child sex fiend†, â€Å"sex beast† and â€Å"killer is caged at last†. This shows open disgust about Ian Huntley and they are comparing his actions to that of a monster. The Daily Star reports on gossip, sex and what the celebrities are up to. The paper does not have a fixed political view and this comes across in the paper. The Times on the other hand is centrist and tries to be neutral and does not have a political side. It calls Ian Huntley â€Å"Huntley† instead of using vocabulary such as monster. On the front cover of the Daily Star it has a photograph of Maxine Carr kissing a seventeen-year-old boy the same night the girls were murdered. This is a human-interest story and is vaguely linked to the trial that found Ian Huntley guilty. The picture takes up nearly the whole of the first page and aims at grabbing the readers' attention, as it is shocking to cheat on your partner in public. The idea behind this it that 100% of readers read the headline and see the photograph so if the paper can hold the readers' attention then the paper might be purchased. In contrast The Times although it has a large colour photograph on the front there is still quite a bit of text surrounding it. The photograph is a picture of Ian Huntley that has been enlarged greatly to allow you to look into his eyes. The Times aims to make the front page instantly recognizable as that particular newspaper. The Times' headline â€Å"No Mercy, No Regret† is taken from a speech made by the judge to summarise the trial. It is a restrained headline and is more serious than the Daily Star's that is â€Å"Kiss Of Death†. The editor uses the headline â€Å"Kiss of death† as it is far more dramatic and has a more ‘down market' approach to the main story that happened that day. † Kiss of Death† is more dramatic and provokes shock and disgust among the readership. The Times' headline is using someone else's opinion on Ian Huntley and is not as emotive as the Daily Star's headline. The Times uses only four photographs on the story where as the Daily Star uses nineteen photographs. This is because broadsheet newspapers like The Times are more serious, plainer and have a more restrained layout than tabloid newspapers like the Daily Star, which try to have a bolder layout. By having more photographs the Daily Star can capture the readers attention and make it visually exciting. The Times has additional coverage of the story so photographs are not so vital as it is all explained in the text. The Daily Star has pictures of the evidence and of Huntley's bedroom. This shows the reader how Ian Huntley tried to hide the evidence and what he was doing in police custody. The Times has pictures of floral tributes and just a few of Ian Huntley, Maxine Carr and the family. The Times has a menu on the first page this is called a â€Å"puff† or â€Å"blurb†. It advertises the content in the paper that might interest the reader. The Daily Star has a small puff but unlike the Times it does not summarise the content of the articles. The Daily Star uses quotations, for example; â€Å"Jess's Dad: I want Huntley in coffin†. This is dramatic and would appeal to the readers of the Daily Star who are after human feeling and not the facts of the trial. The Times has article involving â€Å"New money-laundering regulations† and â€Å"More awards for The Times†. So the articles inside are about political and financial matters. The Daily Star uses a fair amount of bold type for example on page two under the heading of â€Å"Huntley killed girls in frustrated frenzy† that whole article is in bold type. In the article it uses language that will turn the reader into hating Ian Huntley. Here are some examples of this in the same article, † they rejected his twisted advances† and â€Å"Ian Huntley murdered Holly and Jessica out of sexual frustration†. The Times describes Ian Huntley as † a violent sexual predator†. The Times only uses bold type on headlines, sub-heads and for the journalist's names. Both papers use Journalese register. In The Times it uses words like â€Å"blunders† and â€Å"booming voice of justice†. The Daily Star use it more frequently like â€Å"fiend† â€Å"cops† and â€Å"frenzy† The Daily Star uses â€Å"blunders† just like The Times. These examples help the audience to understand the article more easily, because it is familiar language. The Times uses Journalese register that has a stronger degree of formality but it still uses words like â€Å"blunder† to exaggerate the story. The Daily Star uses repetition and alliteration quite often. For example â€Å"Frustrated Frenzy† and it has a rectangle with â€Å"justice† written in it along with a photograph of the two girls the day they went missing. The Times uses only a bit of repetition and that is in the main headline â€Å"No Mercy, No Regret†. This is probably because the editor of The Times does not feel that the readership of it's paper needs to be told something twice as they have had a better education than the readers of The Daily Star. The Times demands a reading age six years older than the Daily Star. The Times uses a more sophisticated range of vocabulary for example â€Å"persistent cruelty†, â€Å"undisguised loathing†, â€Å"demonstrate some slither of humanity† and â€Å"allegations†. This offers more description to the reader and makes the article more intriguing. The Daily Star uses vocabulary like â€Å"groped†, â€Å"ruled out† and â€Å"Monsters Lair† this makes a powerful impression on the reader and facts are often exaggerated from the truth to sell papers. The Daily Star uses lots more quotations that involve peoples opinions for example † Our girls were in the wrong place at the wrong time. I don't think there is anymore to be said about him† this is an extract from what the parents of the girls said to the press. The Times uses Experts views on the trial and that is mainly the judge. For example â€Å"it was not just for those two families you have sought to destroy, your crimes are those for which the community suffer†. The Times gives an unbiased view but cleverly uses quotations that show what the paper thinks on the matter it is addressing. The Daily Star has a paragraph devoted to what the paper itself thinks on the verdict. The Times ends the article about the parents of the murdered school girls, Holly and Jessica, by using a final quotation, † Mr. Wells said that his family would now be going on holiday. † We are going to take a short holiday break and gather our thoughts and focus on our son.† Using this quotation here concludes the report by looking to the future and helps link the reader more closely to the story. The Daily Star uses single-sentenced paragraphs, which are highly characteristic for tabloid papers, simplify the argument and allow the reader to follow it with ease. For example â€Å"He used to live with a girl of 15- and fathered her child†. The Times on the other hand uses complex sentences in comparison. For example, â€Å"But in searching the Police National Computer, Cambridgeshire police looked only for information about an Ian Nixon. Cambridgeshire also made inquiries with their counterparts in Humberside, but admit that they â€Å"probably† asked only two names.† The Times puts probably in inverted commas to show that this is somebody else's term, and the journalist does not necessarily approve. Both newspapers convey as much information as they possibly can in the first paragraph. This is because it is estimated that around 70% of readers may read until the end of the first paragraph. Here is an example from the front page of The Times, â€Å"Ian Huntley is today revealed as a violent sexual predator who should never have been given the job that brought him into contact with Jessica Chapman and Holly Wells.† This first paragraph tells the reader who is involved and what happened. In the Daily Star ‘And' is a sentence conjunction and it is frequently used as paragraph connectives. Here is an example, † And as he was led t o the cells the full horror of his perverted life was revealed for the first time.† I conclude that although there are many differences between The Times and The daily Star, The Times are moving towards including some of the tabloid papers features as it has more human-interest stories in it than ever before. The Times still has a plainer and more restrained layout than the Daily Star that uses colour and photographs to make it visually exciting and hold the readers attention. The editors of both papers try to cram as much information into the first paragraph and headline and few readers carry on reading until the end of the article. The Daily Star uses shorter paragraphs and lengths of articles to hold onto the reader's attention and to make it simple enough for the reader to understand. The Times gives a neutral approach to what is an emotive story that most people have very strong feeling about.

Burden Of Proof

It is a proof that should be proved by the person who made allegations. The burden will be on a party to prove the allegations. So it is the responsibility of Plaintiff to establish the prima facie evidence on the allegations made. But the responsibility is limited to civil laws only. In case of criminal cases, the burden will be on the State. The complainant must produce the evidence for the allegations made by him/her. BURDEN OF PROOF IN THE BUSINESS Like in other, the business laws also require evidences when the allegations are made by plaintiff.If the business cases lead to civil nature the burden of proof lies on the complainant and whereas in the nature of criminal cases, the burden proof lies on the investigating authority or respective State. When the person not in a position to prove the allegation, the objection ceases to exist. Hence compliant become null and void. BURDEN OF PROOF IN CRIMINAL LAW When a crime has been committed, the criminal defines that investigating aut horities are responsible to arrest suspects, searching and investigating suspects, questioning of witnesses etc.Hence the burden of proof lies on the investigating authority but not on suspected person or victim. BURDEN OF PROOF IN LABOR LAWS Several labor laws exist that are based for workers protection i. e. Workers compensation, equal remuneration, minimum wages etc. All such laws must be complied by the employers. The burden of proof lies on the employers about compliance of labor laws. The creation of laws did not happen in a single day. Many centuries involved for the development of laws. When there was no law, the workers were paid the wages discriminating the men and women.Accordingly Equal Remuneration Act was established. Previously the wages were paid only and no compensations was paid for the persons who have met with illness or injury at work place. The workmen compensation Act established to provide the compensation to such workers. In such cases, when there is allegat ion, the employers having burden of proof that they have complied the laws. REFERENCES: 1. http://www. answers. com/topic/burden-of-proof 2. http://www. britannica. com/EBchecked/topic/84967/burden-of-proof 3. http://www. gotovertime. com/law. html