Data Communication Assignment

EENG 33151 †DATA COMMUNICATION AND COMPUTER NETWORKS ASSIGNMENT 1 (CO1, CO2 : PO1,PO3) Note: †¢ Submission Date: On or previously yet not after 12-10-2012 †¢ Refer â€Å"Data Communications and Networking† fourth release, Behrouz A. Forouzan †¢ No Plagiarism †¢ Kindly use A4 sheets 1. For n gadgets in a system, what is the quantity of link joins required for a work, ring, transport, and star topology? 2. Expect five gadgets are organized in a work topology. What number of links are required? What number of ports are required for every gadget? 3. What is the distinction between a web and the Internet? 4.When a gathering makes a neighborhood call to another gathering, is this a point-to-point or multipoint association? Clarify your answer. 5. You have three PCs associated by an Ethernet center point at home. Is this a LAN, a MAN, or a WAN? Clarify your answer. 6. In a transport topology and ring topology of 8 gadgets, what occurs in the event that one of the hubs is unplugged? 7. Match the accompanying to at least one layers: a. Course assurance b. Stream control c. Gives access to the end client d. Characterizes outlines e. Mechanical, electrical and utilitarian interface f. Build up, oversees and ends meetings 8.What are the duties of the system layer in the Internet model? 9. What is the distinction between a port location, a legitimate location and a physical location? 10. Characterize period. Characterize recurrence. 11. In Europe, the force they use at home has a recurrence of 50Hz. What is the time of the sine wave in ms? 12. The recurrence of a sign is 140 KHz, compute the relating time frame. 13. The time of a sign is 12 miniaturized scale seconds, what is its recurrence? 14. The time of a sign is 100 ms, what is its recurrence in kilohertz? 15. Discover the information bit stream of the accompanying charts [pic][pic] 16.Draw the diagram of Polar RZ plot for the bit streams, (a) 01001, and (b) 00110011001 17. Draw the diag ram of NRZ-L and NRZ-I conspires for the accompanying information streams (a) 111100001 and (b) 001100110101 18. Draw the chart of Polar Manchester and Differential Manchester; Bi-stage AMI and Pseudo ternary for the bit streams, (a) 010011001 and (b) 00110011 19. A simple sign conveys 2 bits for each sign component. On the off chance that 2000 sign components are sent every second, discover the bit rate. 20. A simple sign has a piece pace of 12000 bps and a baud pace of 3000 baud. What number of information components are conveyed by each sign component?

Denver Art Museum Essay Example | Topics and Well Written Essays - 1000 words

Denver Art Museum - Essay Example I went into the historical center, I wanted to go into another world, which was a universe of craftsmanship and imagination. Something essential that I saw was the conduct of the managerial staff. The managerial staff of the historical center was helpful and polite. During my visit, I saw an enormous number of individuals from various foundations, races, and religions in the exhibition hall. Everybody was appreciating the assortment of works of art just as the manner in which the fine arts were housed in the exhibition hall. Nonetheless, the quantity of individuals present in the historical center was the least pleasant factor for me since I was unable to get the help of the organization staff appropriately. There were countless individuals while the quantity of staff individuals was less. The most charming thing for me was the light music that was being played which was adding to the excellence of by and large condition of the exhibition hall. Another significant thing was the ethnic and social assorted variety of America that Denver workmanship historical center uncovers. I can always remember my excursion to the Denver craftsmanship historical center since it made another picture of America in my psyche, which was the picture of a socially as sorted America. Let me currently depict two bits of craftsmanship from Asian workmanship, which I truly loved on my outing to the historical center. 1. Shiva, King of Dancers Retrieved from http://www.denverartmuseum.org/explore_art/assortments/objectDetails/objectId- - 104894 ‘Shiva, King of Dancers’ was made by an Indian imaginative virtuoso, named Narja Narayan as per some workmanship history specialists, in the tenth century AD. The model was made utilizing bronze material and the elements of the figure are 111.51 x 101.64 cm (43 6/8 x 40.5 inches). Shiva, spoke to as Nataraja, is one of the most astonishing images of heavenly powers. Storl states, â€Å"As Nataraja, Shiva shows up as the ruler of artists with a drum in one hand and a fire in the other† (34). The model uncovers an idea of Shiva moving all through the presence of the world. â€Å"The sound of his drum proclaims its creation; his consuming fire flags its last conflagration† (â€Å"Asian Art†). In the model, it is indicated that one hand of Shiva is up though the other one is down. The up hand shows that Shiva is diminishing the feelings of dread while the other hand is towards his foot, which he has brought up in a moving position uncovering the feeling of opportunity. As per Berkson, Shiva shows a trancelike face demeanor in the model (12). Shiva is demonstrated moving around of time uncovering a feeling of autonomy and self-rule. Summarizing it, the bronze made model of Shiva pulls in everybody in view of its style, structure, innovativeness, and sentiments that it provides for the guests. 2. Group of Tigers Retrieved from http://www.denverartmuseum.org/assortments/objectDetails/objectId- - 104878 ‘Family of Tigers’ was made by a Korean craftsman in 1600s. The work of art was made utilizing ink and shading on paper and the elements of the artwork are 23 x 14 5/7 inches (58.5 x 37.1 cm). During the 1600s, individuals used to respect Korean tigers for their free soul and quality (â€Å"Asian Art†). The artwork uncovers the outlook of Korean individuals of the past time when they accepted tigers as watchmen of their family units. Around then, individuals used to make artistic creations of tigers on the papers so as to balance them on the dividers of their homes. The work of art additionally appears

How to Write a Capstone Project

How to Write a Capstone Project How to Write a Capstone Project Home›Education Posts›How to Write a Capstone Project Education PostsCapstone Writing is Easy With Us!How to write a capstone project? This question is often asked by students, as this type of assignment is difficult and is not similar to simple essay writing. Capstone project is a paper, which reflects all the knowledge on a particular subject the students have received during the course. As a result, capstone writing may become a real problem for many students.Capstone DefinitionWhat is a capstone project? In order to write a high quality capstone project it is important understand what it is. Generally, this paper type is defined as a research work on a particular topic learn during the educational year. Actually, capstone can be even presented in a form of a dissertation or any other work. However, it is assigned with the single aim of checking student’s knowledge gained during the course.The other specific feature of capstone project is a pr esence of a research question. Consequently, the whole project is based on answering this question.Capstone is not a usual writing assignment even considering the fact that students tend to deal with it only once or three times in their life while obtaining their degree (Bachelor’s, Master’s or PhD). This way or another, if you are going to get a degree, you will have to write a capstone project. There is not chance to avoid it and we will try to provide you with useful information on how it can be done.How to write a capstone project in a couple of easy steps:First of all, you will have to remind all the projects you performed during a year, all courses you took and all essays you had to submit and create a list of them.Provide a brief description for each of them;Considering the fact that capstone project writing is similar to research paper writing, it is recommended to think about the research papers you have completed during a year and keep them as a reminder for proper str ucture, outline, etc.Choosing a topic is a next step. It is an important part of work as the whole writing process depends on what you are going to write about.Look for valid and up-to-date sources to support your research.Make sure you start working on your project in advance. It will give you enough time for doing the reading of the sources you are not familiar with.Take notes in the process of reading. Outline important parts or write them down use them later.Create a draft of your project using your notes.It is recommended to write introductory and final part of the paper only when the rest of the paper is written. In such way, you will be able to provide good Introduction and Conclusion, as well as create a proper thesis statement.Topic SelectionTo those students who want to know how to write a capstone project we strongly recommend to start from choosing the right topic. If it is not assigned to you, you should think about the topic that is the most interesting to you personal ly. Besides, make sure that the topic you choose has a scientific value and can contribute to the current knowledge.Besides, in order to choose a good topic, you should be able to answer the following questions:What area is of the highest interest to you?Who long and complex the project is? Do you have enough information to cover all of it?What are the requirements of department in regard to your project? In case you are writing a capstone project for PhD, you should prepare proper proposal, which will be approved by the committee members.Main Steps to Follow in the Process of WritingAfter you have made your mind about the topic of your interest, you will need to follow a specific writing procedure:Determine whether there were any researchers that cover the areas that are the same or similar to your research question. Besides, you will have to find and get acquainted with the primary research on your topic.Determine the type of capstone project you are going to use. It is not always required when you write a project for a Bachelor’s degree. However, in case you are working on a project to obtain Master’s or PhD degree, you will have to design a project that has already been investigated and research earlier.Analyze the collected information and make sure that it is enough to answer your research question.Create a final draft of your project. Make sure you follow all the requirements of your department, as well as writing standards and requirements to the writing style you use. In addition, you should provide clear Introduction and thesis statement that will be reflected in your paper.Do not forget to communicate with your advisor in regard to issues you find confusing or which you feel need paying special attention to.Make sure your conclusion properly summarizes your thesis and addresses your research question to the fullest. Ask yourself whether it answers the question you have put and how the project can be improved.Additional Points to ConsiderThe issu e with project length should be clarified with the representatives of your department, as it may vary depending on the degree you are trying to obtain. Normally, the length may run between 30 and above 100 pages.Number of source and references. The number of sources used for the capstone project should also be clarified prior to writing. However, in case such information was not provided, it is not recommended to use less than 12 sources and more than 25.Formatting. Make sure you clarify what formatting style is required prior to writing considering that different styles have their specific rules.Following is short list of things, which are recommended and not recommended during the capstone writing:RecommendedFollow the rules of a chosen formatting style;Make notes and create a list of things you may want to change in the process of writing so you could spot them fast;Stick to academic rules of writing.Not Recommended:To forget what the purpose of the project is;Use clichés;To ign ore the simplest grammar, punctuation and syntax rules in the process of writing.Mistakes to Avoid:Writing at the last moment;Copy/pasting from previous works or works of other students;Gathering of unreliable of outdated sources;Not focused writing;Using too much unnecessary of general information;Retelling information without analyzing it. Your task is not to describe what you have read in primary and secondary sources but to analyze the information gathered. Proper analysis of other works is the only way to create your personal high quality capstone project.So, if you manage to follow all the above-provided steps, you will get a chance to write an A+ capstone project. However, if you think it is too difficult for you and even tips from your advisor do not help, you can always ask for professional custom capstone writing help.

Ownership And Control Of Wh Smith Plc Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3959 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction to WH Smith PLC. WH Smith PLC is a UK company recognised as a newspaper, periodical and book retailer currently standing as an Ultimate Owner. Historically owned, WH Smith was established in 1792 as an Ltd, originally family owned and passed down until the last family member owned all ordinary shares and considered the major shareholder. WH Smith emerged as a PLC where its shares were sold to the public. Eventually, the Smith familys control faded resulting in the last family member leaving the board in 1996. (WH Smith PLC, 2010) 1b.) Classical Objective WH Smith is a corporate business encountered in fulfilling market share and current earnings (profit) all in which revolve around the interests of its owners (shareholders). Shareholders control the corporations direction and policies (electing Board of Directors), who in turn select top management whom serve as corporate officers and manage the operations of the firm in the best interest of shareholders. (Damodaran, 2006) Corporate financial theory determines stock price maximisation as the classical objective in decision making. (Damodaran, 2006: p. 11) Once shares are traded and markets are viewed as efficient, the narrowed objective is to maximise shareholder wealth for which translates through the maximisation of share price. Share prices are accessible and observable for judging the performance of a PLC and constantly reflecting company performance. If stock price maximisation is to be a dominant objective, assumptions are made that managers are in fact responsive to the owne rs of the firm. (Damodaran, 2006) Don’t waste time! Our writers will create an original "Ownership And Control Of Wh Smith Plc Finance Essay" essay for you Create order WH Smith shareholders In the UK shareholders typically have ultimate firm control through hiring and firing the board of directors. (Hillier et al, 2010) WH Smith has a diverse shareholder base consisting of no individual/institution controlling the corporation. (Mallin, 2010) The company measures as an independent company ranked as A+ whereby no shareholder exceeds 25% of total ownership. WH Smith gains independence as 75.1% of its shareholders are known making it impossible for unknown shareholders to own 25.1%+. (Fame, 2011) To examine the ownership and control WH Smith pursues, this assignment will focus on the known 95 shareholders identified on Fame whom together hold over 75.1% of shares. This assignment will predominately examine the top 10 of the 95 shareholders. (See table 1) Not only do the top 10 shareholders hold fairly high stakes in the company; the top 6 in particular own a total of 52.9%. This indicates more than half of ownership and control is held by the selected majority. The maj ority are defined as, a group of shareholders who collectively control more than 50% of a corporations outstanding shares. (Besley et al, 2008) The majority top 10 is also illustrated on pie chart (1) where it shows the ownership range from 10.51% to 4.99%. Critically, ownership dispersion can result in powerless shareholders as no individual among them has any appreciable voting power or control. (Leech, 2002) If ownership is too dispersed amongst a high number of small shareholders, a downgrade in corporate governance is evident as little incentive is invested in examining the boards actions. Large shareholders are likely to have more power to monitor management activity thus strengthening corporate governance. (Kostyuk et al, N. D) Since WH Smiths top 10 shareholders are large associates with concentrated power, the company has strong corporate governance since larger stakes encourage better monitoring to ensure shareholder interests are served. WH Smith represents a variety o f foreign shareholders in which may also affect monitoring corporate governance. Fame demonstrates WH Smith is involved with over 10 different countries for which can create problems. (European Central bank, 2008) Foreign companies must comply with the differing regulations on accounting standards, disclosure and transparency and inevitably, with the norms of that countries corporate governance. (Economist, 2001) However, the chosen 10 only consist of shareholders from GB, US and FR. (Fame, 2011) Fortunately GB holds a dominant representation amongst the top 10 thus monitoring is less of an issue. Top 10 WH Smith Shareholders (Table 1) Shareholder Name Country Type Ownership (%) Standard Life PLC GB A 10.51 Affiliated Managers Group US F 10.01 Artemis Strategic Asset Management Limited GB E 9.69 Lloyds Banking Group PLC GB B 9.41 AXA FR A 6.96 Blackrock, Inc. US F 6.32 Total shareholder rate above 50%: 52.9 JP Morgan Chase Co US B 5.75 AXA Financial SA N.A. F 5.48 Jupiter Fund Management PLC GB E 5.31 Employee Share Scheme Trustees N.A. E 4.99 Total shareholder rate:   74.43 A: Insurance Company F: Financial Company E: Mutual Pension Fund/Nominee/Trust/Trustee B: Bank Pie Chart (1) showing the level of ownership amongst Top 10 Shareholders at WH Smith Pie Chart (2) showing the level of ownership in relation to type of Shareholding Company Conflicts of interest and Agency Costs 3a.) Conflicts of interest between Shareholders (Majority Vs Minority) WH Smith is considered a large organisation consisting of various shareholders (individual and institutional) each likely to possess a diverse range of ownership interest. (Damodaran, 2006) Institutional shareholders hold a dominate position amongst the majority as they hold higher stakes in the company thus overpowering the considered minority in decision-making. (Mallin, 2010) Since the majority own 50%+ of equity stake, many companies are controlled by few large top shareholders (WH Smith top 6 shareholders) that generate a powerful voting block where the majority cast votes and control the appointment of directors. (Leech, 2002) Consequently, WH Smith had experienced a critical period during 2004-2005, where management performance was criticised. A specific conflict emerged due to irrational incentive payments proposed by the remuneration committee. One in three WH Smith shareholders rebelled against the boardrooms pay policies by either opposing or abstaining from a vote to approve its remuneration report. (Independent, 2004) Since some shareholders disproved the pay plan, others supported it resulting in a conflict of interest between shareholder views towards fair compensated operations. Around 100 million shareholders backed the groups pay plan, but 34 million voted against it and a further 17 million abstained. (Independent, 2004) With the risk of insufficient voting from all shareholders, WH Smith was exploited to weak corporate governance. Conflicts of interest may arise amongst shareholder companies. Insurance companies and banks often vote with management due to potential business interlinks they wish to pursue. Nonetheless, mutual and pension funds contrast with management as internal benefits are less evident. (Eakins, 1993) Academics argue shareholders tend to follow the Wall Street rule and either vote with managers or sell their stock when policy disagreements occur. (Eakins, 1993) In relation to WH Smith, pie chart (2) illustrates 54% of the top 10 shareholders are insurance and financial companies (including banks) indicating a large % vote alongside managers, whereas mutual and pension funds make up 20%. Such distinctive shareholder interest can generate conflicts of interests throughout board voting. Further potential conflicts are between pension funds themselves. Public funds primary goal is to avoid poor performance, while private funds try to achieve superior performance a fine but very important distinction. (Monks et al, 2008: p 149) Since mutual and pension funds hold the least percentage (20%) in the top 10, the risk of this differing interest is unlikely, particularly since most pension funds are not present in the top 6 of the majority holding 50%+. Therefore their level of ownership and control is minor. 3b.) Conflict of interest between shareholders and Managers Although shareholders are ultimate owners of the company, the day-to-day operations of the business are delegated to the board of directors and managers thus creating an agency relationship. (Hiller et al, 2010) Collectively, shareholders are regarded as outsiders and no one shareholder has the power to influence or control the firm. In effect, the principle hires agents to control and base decision making around shareholder interests. Focussed on maximising stock price and shareholder wealth, corporate finance exposes itself to risks where the possibility of conflicts of interest between shareholders and managers arises for which may obstruct the firms classical objective. Managers interests are known to revolve around job security and firm growth for which allows greater control, corporate power and higher salaries. (Band, 1992) Conversely, shareholders aim to maximise profits through share prices, for which in turn maximises their wealth. (Damodaran, 2006) The separation in owne rship control can create problems known as Agency costs. (Mallin, 2010) Firms incur agency costs to reduce conflict of interest between principle and agent. (Baker et al, 2005) Theoretically, shareholders are assumed to have the power to discipline and replace individuals in management level who do not achieve shareholder interests. (Damodaran, 2006) This is known as a proxy fight (Hillier et al, 2010). In relation to WH Smith, such power is exercised through their Annual General Meeting (AGM) whereby shareholders assess, evaluate and monitor management performance. A further mechanism is through the board of directors whose duties are to ensure managers serve shareholder interests and achieve the corporations classic objective. In return the board is kept informed of the views and concerns of major shareholders for any decisions made on election/re-election. (WH Smith, 2010) WH Smith presented a rapid decrease in share prices during 2004 to late 2005 straining shareholder wea lth and reduced the value of the firm. It can be assumed the various conflict of interests proposed in this assignment were provoked throughout this period. Coincidently, a change of management was also reported whereby former board member Richard Handover (whom was Chief Executive Officer since 1997) was appointed to take over Martin Taylors position as Chairman as the latter retired due to ill-health. Assumingly, this replacement enforced a positive impact on share price as figures on graph (1) show an increase from 290.03 to 366.00 for which inconsistently improved until late 2008. In relation to the classical objective on share price maximisation, the best-case scenario of a conflict free corporation is when managers of a firm put aside personal interests and instead maximise shareholder interest. (Damodaran, 2006) Since shareholders consign their interests to managers, they expect positive results. Theoretically, this commitment may occur due to the intimidated nature sharehold ers uphold since they have control to replace management if unimpressed. (Damodaran, 2006) For example, in 2003, the previous Chief Executive Officer (CEO) of WH Smith was sacked within the weeks after a disappointing Christmas performance (BBC News, 2004) to fulfil shareholder interest. Statements clarified that there has been strong shareholder criticism of executive performance. (BBC News, 2004) Astonishingly, the newly appointed Handover was referred for re-election as statements verified Mr Handover has come under fire for disappointing trading as votes were adamant for an earlier leave. (Telegraph, 2004) Since the Chairman ensures the interests of shareholders are actively met, one can assume the fluctuated share price performance may be due to a disappointing effort in serving shareholder interest. Furthermore, directors do not necessarily spend productive time on their fiduciary duties; mainly due to other commitments served in different corporate boards. (Damodaran, 2006 ) For example, Handover was also Chairman of the Remuneration committee at Royal Mail PLC group. (Bloomberg, 2011) Moreover, studies found that many directors hold small equity stakes in their corporations. Therefore, many find it difficult to empathise with the dilemma of shareholders when share prices decrease. (Damodaran, 2006) Managements ownership of shares is predicted to positively affect firm value (Band, 1992) as its assumed they will be motivated to increase share value. Unfortunately, WH Smith fails to follow this since its current Chairman Robert Walker holds only 0.02% of ownership whereas CEO Kate Swann holds even less. In fact, some argue, although the CEO was given 141,000 shares once joined, she had not spent any of her own cash on buying shares. So she has no faith in the company? (Independent, 2004) Additionally, WH Smith sales were reported as unacceptable during its critical period as the company revealed exceptional operational costs for which strained the f irms profit. Swann clarified the companys cost base was to be materially reduced. (BBC News, 2004). Corporate theorists suggest the board of directors are the insider body that represent the authentic owners and who should ensure all operations within the business are carried out in the best interests of shareholders. As such, shareholders do not appreciate excessive corporate expenditure (Hillier, 2010) especially if resulting in share price reduction. WH Smith managers acted towards their own desires by strengthening management levels and improving store image (BBC News, 2004) resulting in decisions that made managers better off at the expense of shareholders presenting a direct from of agency cost. (Damodaran, 2006) Although graph (1) entails a fluctuated performance it also illustrates an improved increase through its variations since share prices increased from 366.00 in 2005 to 448.20 in early 2009. In 2004 the CEO was typically appointed through the standard procedure of t he UKs corporate governance whereby the majority casted votes and appealed Swann as WH Smiths next potential. Being CEO for 8 years, Kate Swann has won plenty of fans amongst shareholders (This is money, 2010). The CEO is the most senior manager and in ultimate control of the day-to-day business operations. Since this position plays a crucial role, Swann is evidently targeting shareholder interests whilst reducing conflict between shareholder and management. 3c.) Minimising conflict of interest Since potential conflicts can arise, shareholders often issue incentives to encourage management to act on their best interest. One way to minimise conflict of interest is through managerial compensation (Hillier, 2010) in particular, cash bonuses. In 2010 the company increased both executive cash bonuses under the Annual bonus plan. The CEO is given the chance to earn an additional 200% of the basic salary and the Financial Director 130%. (WH Smith, 2010) This shows a balanced incentive for managers to principally keep shareholder interest in mind. In turn, an effective remuneration committee (non-executives) are able to conquer payment packages (base and bonus) to align performance level better with the interests of shareholders. As a result, managerial compensation will remain efficient in the long run, motivating managers to maintain positive performance in order to maximise total salary whilst minimising conflict of interest. To assess the extent pay incentives work in alig ning management performance with shareholder interest, an accurate analysis is measured through the Total Shareholder Return (TSR) rather than dividends per share and capital gain since TSR measures shareholder wealth. Since WH Smith consists of only 2 executives, I looked at CEO and Finance Director Base and total (Base + Bonus) remuneration % change against the companys TSR. TSR % = (Stock price end of period Stock price start of period) + Dividends per share Stock price start of period WHSmith PLC TSR Date Close Open Dividends 31/08/2010 407.60 405.00 19.4 01/09/2009 438.70 448.20  28/08/2009 441.10 447.50 16.7 01/09/2008 391.25 380.50  29/08/2008 385.00 378.50 14.3 03/09/2007 410.00 406.20  31/08/2007 409.50 403.50 11.8 01/09/2006 367.50 350.00  31/08/2006 340.00 345.71 9.3 01/09/2005 366.50 369.00  31/08/2005 369.00 366.00 13.7 02/01/2004 245.00 215.00  Date TSR 2004-2005 78% 2005-2006 -5.34% 2006-2007 20.4% 2007-2008 -1.7% 2008-2009 20.32% 2009-2010 -4.73% Graph (2) illustrates a correlation between share price and TSR indicating that as share price drops, shareholder wealth is also at risk. For example, as WH Smiths share price decreased during early 2005/06, this reflected in TSR. The fluctuations presented on graph (1) also correlate with the variations in TSR thus supporting the concept that managerial decisions can have an effect on shareholder wealth. Managerial compensation is frequently connected to financial performance. Thus it is interesting to see if pay incentives propose an influence on managerial performance. Monitoring what management does is a major practice in reducing conflict. Graphs (3-6) illustrate the % change in base and total salary in relation to TSR amongst both executives. However, pay adjustments will not be made until after the previous years performance is known. Thus for an accurate representation for the related correlation between salary and TSR I decided to also show an adjustment for both execut ives base and total remuneration by TSR year n+1. (See graph 4 and 6) Therefore, a decent correlation between TSR and executives is noticeable. In particular, the total remuneration illustrates a clearer correlation and this shall be explained in more detail below. (See graph 5 and 6 for year n+1) In 2007/08 graph (6) shows a fall in TSR along with the CEOs total remuneration. This indicates that as shareholder wealth decreases, CEO is punished since her bonus decreased. In fact, in 2008 her total salary was reduced from  £1,453,000 to  £1,421,000. (WH Smith PLC, 2010) As TSR increased again in 2008/09, CEO total salary dropped even further. One can assume the inconsistent fluctuations over time may have provoked shareholders to decrease CEO compensation since a stable increase is not maintained. On the other hand, in 2008/09, graph (6) illustrates a rapid fall in total Finance Directors pay. Explaining this drop, in 2008 Alan Stewart was replaced by Robert Moorhead whom is t he current Finance director of WH Smith. One can assume that Moorheads level of experience may not have been as advance resulting in total salary reduction until earned. Nonetheless, as TSR rose in 2009, the Financial Directors total remuneration also showed a positive correlation. Graph (7) illustrates a sincere overall correlation of both executives combined to demonstrate the relationship of base and total when compared against TSR year n+1 presenting an accurate correlation. Despite the fall in managerial performance during 2005/06, WH smith has successfully improved the quality of its remuneration as both, total and base indicate a positive alignment with TSR. As TSR decreased in 2007/08 both Base and Total remuneration fell in 2008/09. Once TSR picked up again in 2008/09, Base and Total also increased the year after in 2009/10. Not only does this indicate that managerial compensation positively reflects financial performance, it also signifies that WH Smith has managed to a lign managerial performance along with shareholder interests thus minimising agency problem. However, in 2005 the company experienced turbulence in its remuneration scheme since a slight agency cost is demonstrated particularly for total remuneration. As mentioned, a large number of shareholders criticised the companys pay plan during 2004/05. One can assume the majority whom voted for better remuneration were successful since the agency cost used, resulted in a better performance in the remuneration committee for the following years. The remuneration committee are principally responsible over managerial salary. They have shareholder interest at heart and have conquered an effective strategy in controlling managerial performance as they are able to punish if interests are not met and reward when owners are satisfied with management targets. Nonetheless, if the remuneration committee are not using pay effectively to attain positive performance, shareholders have the power and cont rol to dismiss the committee and elect members whom target shareholder interest. Overall, managers who are successful in pursuing shareholder interests will be in greater demand within the labour market and thus receive higher salaries. Balance of power Shareholders Managers In conclusion, the balance of power at WH Smith lies with shareholders since they uphold the major control of hiring and firing board members whom fail to fulfil their interests. The remuneration committee are a suitable example in serving shareholder interest as managerial compensation is determined accurately on the basis of performance. However, the various conflicts of interest proposed indicate that shareholders lack the full control specified in theory. In practice, managers exerted control over shareholders as they incurred exceptional direct agency costs. This left shareholders at the expense of managers indicating an agency problem. Overall, WH Smith practices the UK Combined Code of corporate finance as managerial positions are segregated ensuring no individual has excessive power over shareholders. Todays corporate governance consists of smaller boards as WH Smith shows with 2 executives and 5 non-executives. A study on corporate governance found the average board has a five to one ratio of independents to non-independents. (Hembrock, 2010) Since WH Smith have a small ratio of executives compared to non-executives the risk of management empowering is unlikely. Financial Market Theoretically, financial markets are regarded as efficient as managers are assumed to convey information honestly and truthfully. In turn, financial markets judge the true value of the corporation, in this case through share price. Not only does WH Smith present general company information available on sources such as FTSE, Fame, annual reports and other financial databases to measure performance, its visibility slightly increased during its critical period when the companys corporate governance performance was announced through online newspaper articles (media) in 2004/05. To some extent WH Smith constitutes efficiently as its available bad news correlates with the affairs taken place during that period. However, an organisation that responds quickly to a bad situation Can culminate very quickly into a bad storm of press. (Ipranet, 2010) There is no guarantee that free available information constitutes to an efficient financial market since managers are able to control the informa tion by delaying the release of bad news. Although WH Smiths severe fall was in 2004, its first signs of share price reduction happened in 2001. The available information presenting 3 years of critical performance was only just announced in 2004/05 when share prices increased. If bad news was constantly announced during 2001-2005 the companys reputation would be severely damaged whilst jeopardising its financial implications in the long-term. Although WH Smith was reluctant to bad press in the past, today the company has managed to redeem itself and reduce its level of visibility in which encourages better performance by managers in the long-run. (Damodaran, 2006) References Baker, H. K Powell, G. E. 2005: Understanding financial management: A practical guide. UK: Blackwell Publishing. Band, D. 1992: Corporate governance: Why agency theory is not enough. European management journal, 10: pp. 453-459. BBC News (14/10/2004) WH Smith plunges into the red. Available online at: https://news.bbc.co.uk/1/hi/business/3741684.stm (Assessed: 08/03/11) BBC News (19/04/2004) Rapid evolution needed at WH Smith. Available online at: https://news.bbc.co.uk/1/hi/business/3639767.stm (Assessed: 10/03/11) Besley, S. Brigham, E. F. 2008: Essentials of managerial finance. US: Alex Von Rosenberg. Bloomberg Business week (2011): Richard Handover CBE. Available online at: https://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=1227375ticker=AXN:USpreviousCapId=670064previousTitle=Lloyds%20Banking%20Group%20plc (Assessed: 12/03/11) Damodaran A. (2006): Applied Corporate Finance: A Users Manual. New York: John Wiley Sons, Ltd. Eakins, S. 1993: Institutional Investor Support of Managers: An Investigation of Tender Offers. Quarterly Journal of Business and Economics, 32: pp. 75-84. Economist (03/05/2001): The spread of share ownership will affect company management too. Available online at: https://www.economist.com/node/594359?story_id=E1_VJQPVJ (Accessed 26/03/11) European Central Bank (2008): Cross-border Bank mergers and acquisitions and institutional investors. Available online at: www.ecb.int/pub/pdf/other/pp67-80_mb200810en.pdf (Assessed: 18/03/11) Fame (05/03/2011): WH Smith PLC. Available online at: https://fame2.bvdep.com.ezproxy.lib.le.ac.uk/version-201138/Report.serv?seqnr=0context=D1JK6C8P929OG7W_cid=57 (Assessed: 05/03/11) Gillette, A. B., Noe, T. H. Rebello, M. J. 2008: Board structures around the world: An experimental investigation. Review of finance. 12: pp. 93-140. Hembrock, J. (16/11/2010): How corporate governance changed from 1986 to 2010. Available online at: https://www.businessweek.com/managing/content/nov2010/ca2010118_316346.htm (Assessed: 28/03/11) Hillier D., Ross, S. A., Westerfield, R., Jaffe, J. Jor dan, B. 2010: Corporate Finance. New York: McGraw-Hill Education. Independent (04/01/2003) Pension funds urged to oppose re-election of WH Smith chief. Available online at: https://www.independent.co.uk/news/business/news/pension-funds-urged-to-oppose-reelection-of-wh-smith-chief-608954.html (Assessed: 12/03/11) Independent (30/01/2004): One-third of WH Smith investors revolt over pay. Available online at: https://www.independent.co.uk/news/business/news/onethird-of-wh-smith-investors-revolt-over-pay-574996.html (Assessed: 13/03/11) Kostyuk, A. N., Hecker, A., Fuss, R., Markham, P. L. Balachandran, B. (N. D) Shareholders and stakeholders. Available online at: https://www.virtusinterpress.org/additional_files/book_corp_govern/sample_chapter03.pdf (Assessed: 20/03/11) Leech, D. (2002) Shareholder voting power and ownership control of companies. pp: 2-42. Available online at: https://www.warwick.ac.uk/~ecrac/LeechHomoOec.pdf (Assessed: 07/03/11) Mallin, C 20 10: Corporate Governance. Oxford. Oxford University Press. Monks, R and Minow, N. 2008: Corporate Governance. West Sussex.: John Wiley Sons Ltd. Telegraph (30/06/2003) Taylor to join Handover at WH Smith exit. Available online at: https://www.telegraph.co.uk/finance/2856404/Taylor-to-join-Handover-at-WH-Smith-exit.html (Assessed: 09/03/11) Telegraph (26/01/2004) WH Smith Chairman may step down early. Available online at: https://www.telegraph.co.uk/finance/2875079/WH-Smith-chairman-may-step-down-early.html (Assessed: 11/03/11) This is money (24/11/2004) New boss set for WH Smith challenge. Available online at: https://www.thisismoney.co.uk/news/article.html?in_article_id=395845in_page_id=2 (Assessed: 10/03/11) This is money (07/06/2010) How WH Smith became our least-favourite store. Available online at: https://www.thisismoney.co.uk/markets/article.html?in_article_id=505817in_page_id=3 (Assessed: 14/03/11) WH Smith PLC (2010): History of WH Smith. Avai lable online at: https://www.whsmithplc.co.uk/about_whsmith/history_of_whsmith/ (Assessed: 27/02/11) WH Smith PLC (2010): Annual report and accounts 2010. Available online at: https://www.whsmithplc.co.uk/docs/reports/WHS_AR_2010_Final1.pdf (Assessed: 25/02/11) WH Smith PLC (2011): Notice of WH Smith PLC: Annual general meeting. Available online at: https://www.whsmithplc.co.uk/docs/WHS_NOM_8pg_FAW_Final3%281%29.pdf (Assessed: 06/03/11)

Higher Education And Growing Percentage Of Labour Market

Introduction - (120 words, 9 reshta ) Labour market condition over the decades. It seems the expansion of higher education and growing percentage of labour market entrants are gaining degrees. Therefor, employment rate has fallen to 5.5% according to (Amankwah, et al., 2015) research. The graduate labour market has been exceedingly competitive due to nearly 18,000 final year students graduating every year. Further research (Mason, Williams and Cranmer, 2009) showed that ‘’By graduates having a structured work experience and employer involvement, it can lead to a positive effect on the ability to secure employment in ‘graduate level’ jobs’’. As to impact of extra curriculum can result in strong employment growth, good opportunities for†¦show more content†¦The stability of demand and supply in the labour market can be essential as it is reflected at the level of wages and salaries, which can determine the level of demand. If the amend is high in relative supply it can lead to a rise in earnings. This can be an advantage to the labour market as it can indicate an increase in the employment rate, which in turn will cause demand for human resources to drop, this view has been supported by (Anon.,2015). If, by variance, supply is high relative to demand, employment costs would decrease. Yet, recent research Richard, et al., (2005) suggests that changes in labour taxes may have a permanent impact on unemployment due to taxes being shifted onto labour. The level of unemployment can be affect labour market as According to Lipsey (2004), the average wage growth can be shown in the increase in labour demand and by the increase of higher wages in the average wage. As by the research conducted from P. Richard, et al., (2005) Labour market does not seem to improve by the end of 2014, which is due to changes in unemployment are positively correlated with changes in owner occupation rate across, US and UK regions. Economic growth will likely go through indolent to be able to create enough jobs which would be essential when reducing unemployment rates.

Driving Age Should Be Raised Free Essays

Should homework be banned. Yes, I feel it should be banned because you don’t get any time for yourself, pointless. Because you already get work at school, seriously, home too? It kills trees, waste of time, boring, some parents don’t even get it, it completely stresses you out. We will write a custom essay sample on Driving Age Should Be Raised or any similar topic only for you Order Now Not only you, but the teachers because all they do is grade tests, homework, classwork, and projects. I’m pretty sure they’re tired of doing it too. I don’t feel homework necessary. Homework should be banned because it just isn’t useful and wastes time. Homework is pointless because kids do enough work in school and they don’t need more. When they come home they want to chill out, hang out with friends, or do something. Kids are in school for 8 hours a day doing work, other than lunch and recess. Homework is not relevant for kids. I did a survey at school at resource, and a majority of kids say that homework should be banned in school because it is stressful and they procrastinate until the last second. There is no point in homework. It takes away from spending time with family. According to the text with research ‘Homework Should be Banned,’ â€Å"Schools has increased from 9 to 3 with 1 ? hour of recess and lunch to 8:40 to 3:15 with only 30 minutes of lunch and recess. † This quote shows that too much is just too much homework. Also, another reason is that, according to research, some of the smartest countries like Finland and Japan don’t have homework. We can be just as smart as them without homework. Compare and Contrast Driving in the Winter and Driving in the Summer iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/compare-contrast-driving-winter-driving-summer/embed/#?secret=V8w6fuHey7" data-secret="V8w6fuHey7" width="500" height="282" title="#8220;Compare and Contrast Driving in the Winter and Driving in the Summer#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe This shows that homework has no academic benefits for grades. Stress on kids. I’m definitely not the only student who agrees with this topic. Students all over the world have their lives controlled by homework, because not only is it boring but it takes up so much time and effort and after 8 hours of school, it feels absolutely useless. Firstly a 12-13 year old should be getting at least 8-10 hours of sleep but it can be hard when you have homework to finish and worries about it How to cite Driving Age Should Be Raised, Papers

Influence of Supply and Demand on Corn Prices

Historical Trends in Corn Prices and Supply And Demand of Previous Years Prices have largely been influenced by the supply and demands rates. Regarding the supply factors for corn prices, specific attention should be paid to the analysis of stocks, production, and imports. The presented numerical data was premised on the situation with carryover and beginning stocks that influence supply rates of corn.Advertising We will write a custom research paper sample on Influence of Supply and Demand on Corn Prices specifically for you for only $16.05 $11/page Learn More In particular, larger stocks ensured extra supplies in case the production level was low whereas small stocks did not provided safety grounds and could negatively influence supply. All these reforms contributed supply rates was significantly diminished causing increase in corn prices. However, it did not influence the corn price because the demand rates remain the same. Regarding the supply and de mand rates, corn prices in 2002/2003 period equaled to $ 0.34 per bushel whereas the period from 2003 to 2003 reveals a significant price rise by $ 1.66 per bushel. The next year, the price was almost doubled and reached $ 3.4 per bushel (Leibtag 2). The period of increase, from 2005 to 2005 is explained by an increased demand for corn-based ethanol production. Higher demand of corn use in food production has also contribute to the increase in supply, which followed by the increase in prices. The increase in price observed is associated with higher demand for ethanol. As a result, demand for corn increased due to the increased demand for ethanol, which later influenced positively the price of corn. Judging from the above, the farmers are likely to increase prices on corn because of the demand on the products made from corn – ethanol and corn flakes. Corn was also used for feeding cattle (Leibtag 4). The fluctuations in price were explained by higher demand for corn involved i nto the production of food, including ethanol, corn flakes, and corn syrup for beverages (Hoffman 2). The 2007-2008 marketing years also provides a significant increase in prices from $ 3.28 per bushel in 2007 to $ 5.26 per bushel in 2008 (National Agricultural Statistics Service 1). Annual report statistics on farm income for the period from 2008 to 2012 has proved that revenues for producing corns have witnessed $ 1.4 (0.7 %) rise. The increase is relatively lower that it was in period between 2007 and 2008 years (about $ 2). However, the corn prices follow a steady tendency of price augmentation.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A significant rise in prices observed in years 2007 and 2008 can be explained by variations in supply and demand on the product. In this respect, increased supply influences positively the price, but if supply increase along with demand, c orn price rates will be unchanged. At the same time, if demand increases, the price rates will also increase. Projection of Supply And Demand Numbers for the Next Year With regard to the above corn price rates due to the increased demand of corn, the future perspective promise to be positive. Increase in supply can also negatively influence the corn prices unless the demand rates fluctuate. Regarding the time series graphs (Sea â€Å"U.S. Corn Supply†), the supply of corn promises to augment steadily. The explanation for this can be presented with reference to corn price rates for the previous years. Hence, as it has been presented earlier, corn prices gradually augmented and experienced a significant rise in period between 2005 and 2007. Regarding the table, the supply of corn also been significantly increased. Therefore, it can be suggested that increase in supply can be connected to the increase in corn prices. Supply rates should be closely intertwined with demand levels because it will significantly influence the corn price fluctuations. Looking at the diagram (sea graph â€Å"U.S. corn utilization†) allows us to understand what factors does demand variations involve, including ending stock, export needs, corn-based ethanol production, and feed and residual needs. In addition, one can track a slight growth of corn utilization in the sphere of fuel alcohol production, that has grown by 7 million gallons from 2003 to 2009 (USDA n. p.). While synthesizing the demand and supply rates with the corn prices projections, it should be stressed that corn price will encounter a relative fall (See graph â€Å"U.S. corn price and stocks-to-use ratio†). Despite the fact that corn prices have extremely increased by 2009, a slight decline in corn prices will be expected in future years. So, the price for bushel will be below $ 4 (Hoffman 3). Despite the fact that corn prices will be lower, the demand for this product will be higher than in 2006 and a s a result, the prices will be much higher in 2012. Overall, the presented analysis proves that introduction of a new seed to the corn market can be beneficial due to a wide variety of perspective for corn price augmentation.Advertising We will write a custom research paper sample on Influence of Supply and Demand on Corn Prices specifically for you for only $16.05 $11/page Learn More Potential Pitfalls of the Price Corn Analysis The correlations between previous trends and future trends prove that corn prices will be raised due to a number of factors. Specifically, the supply for corn will be higher because of demand of corn-based ethanol production, food and beverage production, and feed grain production. Despite the promising forecast, considering possible risks and pitfalls is also important. For instance, it is impossible to predict the regular increase in ethanol demand, which is among the key sources for corn farmers to receive significant net pr ofits. In addition, it is impossible to forecast how water utilization and fertilizer can influence the yield gains. Finally, trends in prices for other crops can also be increased, which can influence the supply and demand for corn. Recommendations to the Upper Managers Judging from the presented projection of corn price rates for the next year, the introduction of the new corn seeds should be introduced because it will have a number of benefits. First of all, because the supply and demand rates are relatively steady, the corn price will also remain stable. Second, the introduction of a new product will attract more farmers who want to increase demand for their products. Specifically, because they will be able to produce much greater amount of corn on the same area, they can receive much more revenues that they expect. Third, corn prices tendencies are likely to grow further due to the increased demand of corn that is often used for producing other important products, such as ethan ol, corn flakes, and feed corn for cattle. An important notice should be given to external factors that influence supply and demand rates of corn, which implies reviewing corn price fluctuation in a broader context. Finally, the presented graphs revealing information on the interdependency of corn price, supply, and demand prove the tendency of price stability in future. Works Cited Hoffman, Linwood, 2005, Forecasting the Counter-Cyclical Payment Rate for U.S. Corn. An Application of the Future Price. Electronic Outlook Report from the Electronic Research Service. PDF file. Leibtag, Ephraim. 2008, Corn Prices Near Record High, But What about Food Costs? Economic Research Service. Web.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More National Agricultural Statistics Service 2008, Agricultural prices –corn. PDF file. Web. USDA. USDA Feed Grain Baseline, 2010-2019. Corn: Market Outlook. 2010. Web. This research paper on Influence of Supply and Demand on Corn Prices was written and submitted by user Clark Marks to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.