How Do Evolutionary Psychologist Explain Male-Female in Courtship and Sexuality?

1. How do evolutionary psychologist explain male-female in courtship and sexuality? Evolutionary psychologist explains the male and female behaviors to sex. They explain what a male wants most from a female and what a female is looking for. For instance, like what a male will do to get what he wants out of a female even if it has to get violent. Along with female, females will take time to look for a male to have sexual intercourse with, Evolutionary psychologist studies appears that males are more disposed in many sexual relationship then females.In other words, it means the males generally want sex more often. They tend to look for the youth and beauty in a women because youthful women are more fertility. Males are also more violent and more pushy then females which in some cases leads to rape. They are more sexually jealous and controlling then females because if his mate was having sexual intercourse with another male, he will never be sure if her child will be 100% genetically h is.In the other hands, women are more committed to being in a relationship. They are less sexually active than men. Women tend to focus on his financial resource when searching for a mate. They will also look into his status. The male has to have the ability to provide the support and resources needed for there off springs later in life and also for her. Women are more cautious when it comes to courtship and sexual relationship because they are more dedicated in parenting then the males.

Continuum: Poetry Essay

Continuum: anything that goes through a gradual transition from one condition to a diffrerent condition, without any abrupt changes or discontinuities In this poem, Curnow explains the hardness of poem. He is waiting for inspiration for his poem and he is bored about thid and wants to sleep. He explains that writing a poem is an endless cycle. He personifies moon as a symbol for himself which creates a restless mood. The poet can not rest until he finished his poem. â€Å"I am talking about myself† this sentence suggests the reader that the poet is lonely and isolated. His source for inspiration is nature in this poem and he sais â€Å"Better bare-foot it out the front† because he wants to connect directly with the nature. He can not concentrate anything because of his restless mood. â€Å"washed-out creation† and â€Å"dark-place† imageries suggest that he wants to find sth unique. â€Å"A long moment stretches, the next one is not on time. † this sentence means that the poet doesn’t notice the time had gone. Curnow used â€Å"(query)† because he want to explain his sense of questioning. The â€Å"cringing demiurge† is the creative side of the persona and he is in an inner-conflict because one side of him wants to sleep the other one wants to write a poem. At last stanza, we are not sure but we understand that he found sth like inspiration and he turns to his bed, stealthily in step. Curnow’s punctuation suggests that he is lack of control. His commas shows that he is jumping from thought to thought. Curnow’s enjambment rambling poet’s own thoughts. The poem’s structure is also explains the theme and title of th poem, â€Å"Continuum†. The poem is also composed of very long stanzas which explains the confused mind of the speaker. Allen Curnow’s â€Å"Continuum† is a poem on the continuity of poetic inspiration. The poetic source of stimulation of great poets since ages has been the landscape. The moon has been a persistent metaphor for poetic inspiration in celebrated poems like Samuel Coleridge’s â€Å"Dejection: An Ode. The poet’s quality of being a satirist is prominent here. He first asserts that the moon rolls over the roof, and falls back. This is to imply that his poetic capabilities are sinking. Subsequently, he goes on to substantiate that the moon does neither of these things, he is talking about himself. When poets generally do falter in poetic output or due to lack of inspiration, they tend to blame the external circumstances. However, Here Allen Curnow asserts that the poet himself is to be blamed; for, Poetic inspiration comes from within and not from outside. Being sleepless is not an excuse for writing a poem. Sleeplessness does not necessarily allow one to ruminate over a subject, or planet or subjective thoughts. The condition of insomnia can also be dodged conveniently by walking barefoot on the front. The speakeris then visualized as an onlooker of nature. As he stands at the porch he beholds an objective view of himself, as he discerns â€Å"across the privets/and the palms a †washed out creation†. This portion is a dark space. The poet moves to his satiric tone yet again. This dark space contains two particular clouds, one was supposed to be a source of inspiration for the poet, and the other for his adversary-the other fellow poet. Bright clouds dusted(query) by the moon, one’s mine The other’s an adversary, which may depend on the wind or something. The clouds seem to dust the moon for the poet in his quest/query for poetic stimulation. Nevertheless as one cloud functions in his favour, the other (cloud) poses as an adversary that may shadow the cloud, accompanied by the wind. Poetic brainwave or competence must not mar the other’s inspiration, for each poet has his individualistic insight that springs from within and does depend on external features. Creative Inspiration The poet gets the feeling that he has overcome his writer’s block. As creativity begins in impulses, there are gaps. The next gap is a long one, and obviously the next poetic impulse is not on time. Corresponding to the inner lack of productivity, the feet outside lack warmth as the chill of the planking underfoot rises. As the poet cringes for poetic output based on external inspiration, the night sky seems to empty all it contents down, as in an action of excreting or vomiting. The speaker then turns on his bare heel and closes the door signaling the end of his creative endeavour. This is He, the objective Author, feeding on this litter of the scenic sky and employing his poetic tools in the process. Therefore, he is aptly the cringing demiurge. â€Å"The demiurge is a concept from the Platonic, Middle Platonic, and Neoplatonic schools ofphilosophy for an artisan-like figure responsible for the fashioning and maintenance of thephysical universe. Although a fashioner, the demiurge is not quite the creator figure in the familiar monistic sense; both the demiurge itself and the material from which the demiurge fashions the universe are the product of some other being. † (Wikipedia) The poet Allen Curnow asserts that he neither is he original, nor his poetic source of insight. This is because the motivating stimuli did not spring from Him. It is objective, when it should be rather subjective. {Continuum * Allen Curnow} In the poem Continuum by Allen Curnow, he tells us about his lack of inspiration or his lack to â€Å"create†. The theme of the poem revolves around poetic inspiration, and how he is unable to get that inspiration. He uses a variety of literary devices to portray this. The title, â€Å"Continuum†, shows us that the problem he talks about, his lack of inspiration is never ending and is continuing all the time. The first stanza shows us Curnow’s unstable thoughts; â€Å"the roof falls behind†, as he is unable to compose poetry he is in a sense of rolling and falling all over the place. In the first line, the word â€Å"moon† is used as a metaphor, as a symbol for himself. As the moon is unable to shine on its own, as it depends on the sun, just like that Curnow depends on his writing to keep him going in life. The first stanza also tells you about the setting and time of the poem which is at night. The poem has no rhyme scheme, this tells us that the poet is finding it difficult to express his thoughts, and he cannot tap into the world of imagination. The last line of the first stanza; â€Å"I am talking about myself. † Also shows his frustration. In the next stanza, Curnow is seeking connection with nature to find poetic inspiration. The line, â€Å"It’s not possible to get off to sleep†, tells us that the poet is unable to sleep which shows that something is troubling him. Curnow goes out â€Å"barefoot†, to rid himself of the human material and wants to connect with nature. He stands in the porch looking at the moon and the clouds, not really conscious of either the time or the chill that he starts to feel. Curnow eventually goes back to bed having written this poem. He writes about himself as another person or thing – He says he is the moon; in the last stanza he writes as if he is describing what he did to the â€Å"the author†. Curnow walks â€Å"stealthily in step† as if half of him is afraid of what is happening to him. Summary: The author writes about his inability to sleep due to his inability to come up with material to write about (most likely a poem, could be another form of text). He therefore gets up in the dead of night when everyone is asleep and experiences a surreal world as his reality and dreams blend together in one beautiful work of poetry. It is ironic however, that when he finds nothing to write about, he writes about his inability to write.

Elie Change

Ms. GrimeseyLaftsis, Helena Ostrander9/6 English15. 11. 12 How do Elie`s life experiences during WWII change him physically, mentally and emotionally? In Elie Wiesel `s book Night the author shows how he himself changed during WWII. In camps such as Birkenau, Buna and Auschwitz people change. They lose faith, hope, families and their physicality. Every day, we go through situations that affect us in some way. The more difficult situation is, the more of an effect it has on us. A few days it`s enough to change the personality of a Human and to start acting like hungry animals.Elie`s experiences during WWII change him change him a lot physically, mentally and emotionally. In Hitler`s concentration camps the Jews were abused, starved and freezing. People who had power in the camps were the strongest. They could beat whoever and whenever they wanted to. Once Elie cross the path of Idek while he was nervous and he started hitting him so hard, â€Å"He threw himself on me like a wild beas t, beating me in the chest, on my head, throwing me to the ground and picking me up again, crushing me with ever more violent bows, until I was covered in blood† (Wiesel, 53).This quote shows us how unfair was life in those camps to the people that didn`t have power. The powerful ones were hitting the people so hard and they did not care about them. During the winter the Jews were freezing because they didn’t have such things as blankets, gloves and hats. While Elie was going to Buchenwald camp he said â€Å"We were nothing but frozen bodies† (Wiesel, 100). In this quote Elie Wiesel literally describes himself and his others fellows as nothing more but â€Å"frozen bodies†. They didn`t receive any food and ate only snow.During the night they were lying on top of each other just so they don`t freeze so fast. Another cause of a physical change is malnutrition. Their food was insufficient and all of the people lost a lot of weight. A few days after the libera tion of Buchenwald Elie finally saw himself in the mirror, â€Å"From the depths of the mirror, a corpse was contemplating me† (Wiesel, 115). Ellie describes his body as if he has the body of a dead person. He lost so much weight in the camp that he couldn`t even recognize himself.He last saw himself when he was still in the ghetto, now when he finally sees himself in the mirror he is shocked because of the change in his body. Elie has a physical change because life there was very hard. Unfortunately â€Å"physical change† wasn’t the only change that he experienced during the period when he was in the camps. Elie change emotionally soon after entering the camps. He becomes very close to his father in the camp, they are always helping and supporting each other during hard times. But during the years when he was in the camp he stopped caring about his family, friends and everything that he cared before.When they split his family he stayed with his father and only a few days was enough to change Elie`s personality, â€Å"My father had just been struck, in front of me, and I had not even blinked† (Wiesel, 39). This quotes shows us from its own words â€Å"I had not even blinked† how much has Elie change throughout the WWII. It also shows us how cruel and selfish he has become. He doesn’t even care for his father anymore. Another good example for an emotionally change is when Elie`s dad died, â€Å"I did not weep, and it pained me that I could not weep†¦at last† (Wiesel, 112). Even at his dad funeral he did not even cried.He tried to cry but he couldn`t. This shows us how much the camp changed him. The camp teaches them to live only for themselves and to not help anyone even their own fathers, â€Å"I knew he was running out of strength, close to death, and yet I had abandoned him (Wiesel, 10). This quote shows us that even though his dad was very sick and was close to death, Elie left him alone. Which mean tha t he doesn`t care for his dad anymore because if he cared he would do anything possible to help his dad. Elie changed from being a nice caring person to a heart-colded, selfish monster.In such camps people change a lot in their religious beliefs and learn that they only live for themselves. You shouldn`t help your fellows because in there your life is more important. In those camps there aren’t such things as brothers, sisters, fathers you should care only about yourself, â€Å"I gave him what was left of my soup. But my heart was heavy. † (Wiesel, 107). He gives his soup to his father but not willingly. He change a lot in the concentration camps. Elie also change his religious beliefs during this period when he was in the camps.At the beginning of the novel he was very religious but after the WWII he stopped believing in God,† Blessed be God`s name? Why, but why would I bless Him? † (Wiesel, 67). He doesn`t understand why he should bless God name if he per mits to the Germans to manipulate them like this. He lost hope and faith in him, â€Å"Never shall I forget those moments that murdered my God and my soul and turned my dreams to ashes. † (Wiesel, 34) This quote shows us with its own word â€Å"murdered† that for him God is dead. Because of the camps he lost faith in God and turned his dreams into ashes.In those camps people stop having faith in God and understand that they should live for themselves; they should not care about the others. Before the war Elie was considered as a deeply religious young boy Elie but everything change since he arrived in the camps. He lost faith in god. In those camps Ellie and his fellows were like slaves; they were only working and almost didn`t had nothing to eat. The SS policemen were beating them whenever they wanted to without having pity for them. Only a few days were enough to change Elie mentally, emotionally and physically.

Distance Leaning Essay Example | Topics and Well Written Essays - 1250 words

Distance Leaning - Essay Example That distance learning paradigms can benefit from the aforementioned is emphasised by Alan Tait, a faculty member at the Open University, UK, whose article is the primary focus of this critique. Commencing with a historical overview of the evolution of open and distance learning in the United Kingdom and Europe, Tait (2003) identifies transportation technology as having played a pivotal role in the development of the stated phenomenon. A railway system supported by an organised and efficient postal and mail services enabled tutors to guide, direct and educate students across distance. Certainly, as Tait (2003) concedes, the system was fraught with a number of challenges, most of which stemmed from the absence of any form of interpersonal communication between students and tutors. With the evolution of such information and communication technology tools such as the home computer and the internet, open and distance learning became e-learning. Reputable higher educational institutions began to offer courses, degree and certificate programmes over the web. Within the context of open and distance learning, e-learning stands out as a revolutionary development for several reasons. In the first place, and as Tait (2003) emphasises, while earlier forms of distance learning had partially overcome the challenges posed by space and distance, web-based learning obliterated distance. In the second place, while open and distance learning, as delivered through correspondence, partly overcame the challenges posed by distance, it was not able to do so vis--vis time. Web-based learning, on the other hand, annihilated this particular challenge just as it did as regards distance. In other words, web-learning is a revolutionary development within the context of open and distance learning because it enabled cross-distance interpersonal communication and immediacy of delivery (Tait, 2003). Despite its numerous advantages and even though it successfully overcame many of the more significant of the challenges which confronted earlier distance learning paradigms, e-learning has to be restructured towards higher levels of student-orientation. As Tait (2003) notes, facts and figures indicate that the field is highly competitive, on the one hand, and there are high non-completion, or student drop-out rates on the other. Universities or educational institutes which offer web-based services must, both as a response to competition and high non-completion rates, need to focus on the improvement of their delivery paradigm through the integration of student support systems (Tait, 2003). Besides the fact that student support systems should be integrated into the e-learning delivery paradigm because it is a popular student demand, the imperatives of integration emanate from the fact that it will significantly improve and facilitate e-learning and will, additionally, reduce non-completion rates. Student support systems will function to support the learning process through the provision of more immediate tutor-student mentoring and guidance as would extend the learning and emotional support which would encourage students to complete the programme, on the one hand, and bring e-learning closer to the levels of efficiency and effectiveness attained

Adventures in New Zealand Essay Example | Topics and Well Written Essays - 1000 words

Adventures in New Zealand - Essay Example Maori were tribal societies (iwi) ruled by chiefly rulers who were thought to be descendants of gods. The European and the western influence first injected into their society in 1642. Briton James Cook, a British explorer established harmonious relation with them. By the 1800s emerging concept of colonization made frequent visits of European ships into New Zealand. Severe permeation of the Europeans resulted in the alteration of the Maori culture and reduction in their population followed by conflicts and turmoil. British rule in New Zealand was established by signing the treaty of Waitangi between the Maori representatives and the British. The treaty granted British citizenship to the Maori and recognized their land rights (Gream 1999). In his famous book Adventure in New Zealand  Jerningham elucidated his experience of the expeditions encountered by him in New Zealand and also his interaction with the Maori tribe. First, I am going to focus upon a part of the book in this paper w here Jermingham set out for the purchase of the Port Nicholson in New Zealand. I will also bring into focus his interaction with the Maori. Secondly, I will depict the author’s viewpoint about the Maori and the contrast between Europeans and the Maori. Biography of Edward Jerningham Wakefield A literary maestro and highly intellectual British politician, Edward Jerningham Wakefield (1820-1879), son of the colonist Edward Gibbon Wakefield spent his early childhood in England serving as an agent and explorer for his father’s chief colonial enterprise, the New Zealand Company, which was involved in land settlement deals. In August 1839 he arrived in New Zealand and engaged himself in the works of land purchasing expeditions. His explorations were mainly concentrated in the districts of Wanganui, Upper Rangitikei, Taupo and Nelson. In 1850 he moved to Christchurch in New Zealand and had two stints as a member of parliament and died in 1879. The contemporary period of his l ifetime was generally referred the era of colonization. His father Edward Gibbon Wakefield was known for his significant role in reaping enormous profits through his land settlement enterprise, the New Zealand Company. Jerningham Wakefield was a hardcore proponent of colonization and well known for his colonial explorations in South Australia, Canada and New Zealand. Adventure in New Zealand   The Tory (name of the ship) expedition was led by Edward senior’s brother, Colonel William Wakefield and his son Edward Jerningham Wakefield who was then 19 years old. Jerningham was the secretary of his uncle and was vested with the responsibility of executing various transactions. They planned to purchase Port Nicholson. On September 25th, 1839 the goods intended to be presented were arranged in the deck of Tori where hundreds of natives were present. Although the natives conversed among themselves, they did not hinder the process of transaction. But when they filled up a good deal of room on the deck which was wanted in order to segregate things Jerningham’s uncle wanted an explanation from chief Warepori and told him to guide them towards the shore. On 26th September when all the articles were selected and arranged message was sent to the shore addressing the chiefs. The chiefs came and carefully examined the quality and quantity of the articles. However they were very much embarrassed seeing the distribution of the goods among the six minor tribes. In order to have a strict vigilance on the transaction process Colonel Wakefield sent a young native missionary teacher. But it was found that he was himself attracted towards the presents and tried to appropriate them for himself rather than authorizing and influencing the local chiefs. Colonel Wakefield allotted ample presents for the

''In this complex world compagnies have objectives that are not Essay

''In this complex world compagnies have objectives that are not stricly economic'' Discuss - Essay Example Societal demands on new roles for companies on societal needs are forcing companies to think beyond any traditional philanthropy that they were engaged in to company objectives that are not strictly economic. Traditional philanthropy may be viewed as the only times when companies deviated from spending their resources without real tangible returns to their coffers. This was however limited to activities towards their employees or in a minimal manner to the society or societies in which they operated. The complex dimension that has arisen for companies is the demand from societies that they need to show more concern for the societies in which they operate. Such a perspective is reflected in the call of the United Nations for companies around the world to be aware and show adopt more socially oriented objectives as they explore opportunities (Magee, 2007). With the concept of globalization and the global village become more of a reality than a considered possibility actions of companies oriented towards economic concerns with societal detrimental effects have a means of spreading to all corners of the globe, which has made the societal demands for responsibility from companies more strident. This has led to the concept of corporate social responsibility, wherein companies become aware of the needs of maintaining the environment in which they operate and assistance to societal needs and are encouraged to incorporate them among the objectives of the company. This has resulted in environment orientation, social buying, and social advertisements as examples of the incorporation of non-economic criterion being incorporated in company objectives (Drumwright & Murphy, 2001). Since the last decade of the twentieth the concept of corporate greening, wherein companies have become more aware and concerned about their environmental responsibilities and have shown the tendency to incorporate this non-economic criterion among their objectives has attracted a lot

3M Company Analysis Research Paper Example | Topics and Well Written Essays - 1500 words

3M Company Analysis - Research Paper Example It is a multinational corporation headquartered in Minnesota, United States. It was founded by five businessmen in the year 1902. The company had an annual sale of $ 29.6 billion in the year 2012. It employs more than 84000 employees all throughout the world. The company produces more than 55000 products which include adhesives, laminates, abrasives, dental products, fire protection, medical products, electronic materials, car care products, electronic circuits, optical films etc. The company operates in 65 countries. Its products are available in approximately 196 countries through retailers and distributors. Many products are also available online and can be purchased directly by ordering on the company’s website. 3M’s Brand and its message to the customers Brand is the term, name, symbol, design or some other feature which helps in the identification of a company’s products or services. Branding is a strategy adopted by the companies for differentiating their products from the competitors through a distinctive symbol. The brand is the most valuable and useful asset of a company. 3M is a new appearance for the Best Global brands in the year 2010 mostly because of a series of vast acquisitions which have provided the company a new and innovative brand identity system (3M, â€Å"3M Makes Interbrand’s List of Best Global Brands 2013†). This new brand identity has helped the company in unifying its diversified business. It has boosted the brand awareness of the company. Defining as well as strengthening of the 3M brand lying within the fragmented market area and increasing portfolio of global acquisitions has been very challenging. The goal of the company from the perspective of strengthening its position and brand in the market lies in two steps (3M, â€Å"Reinvigorating the Brand, Driving Growth†). The first step is by making the company an industry leader and the second step is by communicating to the customers about t he company’s ability to become end to end security provider. The brand identity system of the company have been enhanced recently for delivering the brand essence in more appropriate manner and positioning the brand and its value propositions throughout the world (3M, â€Å"Brand Identity in Action†). This new brand identity strategy has helped the company in differentiating 3M from its competitors and communicating a consistent and strong message to the key audiences. Logo and slogan Logo and slogan are the key elements of the brand positioning strategy. An effective brand positioning strategy always includes a visual identity i.e. logo and a tagline or a positioning statement i.e. the slogan. 3M’s logo is unique and communicates an appealing identity to the targeted audiences. The 3M Red Logo of the company is vertically as well as horizontally centred and covers almost 1/3rd of the total width of the screen. The background of the logo is white for enabling ma ximum readability (â€Å"3M Logo Animation and Soundmark†). The company has launched an animated video of the company’s logo where a sound mark is also available so that it can be used in pertinent applications (for example- online spots, television spots, videos etc.). 3M’s slogan is a short and impressive catch phrase, motto or tagline which has helped in identifying its products in advertisements. The business slogan which is most associated with the company is ‘Innovation’. The mission statement of the company is to be committed in active contribution to a

The topic can be proposed by the writer Assignment - 15

The topic can be proposed by the writer - Assignment Example Therefore, does the incorporation of the 10 corporation amount to breaking of the law, which would necessitate the piercing of the corporate veil? The rule of law provides that the piercing of the corporate veil can occur when the corporation is created as a mere alter-ego of its owner, where the corporation does not observe the right formalities, or where the corporation is undercapitalized (Mallor et al., 2013). Further, a court can lift the corporate veil to hold the owners of the corporation personally responsible, if the corporation is created to promote fraud, illegality or injustice (Mallor et al., 2013). The creation of 10 taxi-cab corporations by Carlton is legal, owing to the fact that the law provides for incorporation of enterprises, for the sake of limiting personal liability (Mallor et al., 2013). Further, there has not been provided any limitation as to the number of taxi-cabs that should constitute a tax-cab corporation. In addition, Carlton has provided the required $10,000 of accident liability insurance for each cab. The court should not lift the corporate veil to find Carlton personally liable. This is because; the incorporation of the 10 tax-cab corporations is not an illegality, while the purpose of such incorporation is merely to limit personal liability, and not to commit fraud, illegality or injustice, which could be reasonable ground for lifting the corporate veil (Mallor et al., 2013). Therefore, the court should find that Walkovszky should only hold liable the corporation with two taxi-cabs, from which one knocked him

Cultural Relativity and Exploring Global Gender Ideals Essay

Cultural Relativity and Exploring Global Gender Ideals - Essay Example Apart from the primary data I collected as an interviewer myself, the essay also contains some secondary research that espouses the notion that gender varies from culture to culture. For my interview, I contacted a Pakistani woman, Fareedah, who lived in my friend’s neighborhood; I felt that because she was from a different country than mine, she could offer me a chance to compare and contrast how men and women behave in our own societies. According to Fareedah, â€Å"it is the job of the men to support the family, the women are supposed to value their household chores and domestic responsibilities over everything else. I know many women who have had to give up their jobs after they got married and had babies.† Whereas in Pakistan society apparently it is not seen as appropriate for women to work, in other societies women are expected and often encouraged to join the work sector. For instance in Taiwan, because of â€Å"expanding demand for women’s labor, female labor force participation rates in Taiwan climbed from 32.6% in 1966 to 46.1% in 2001,† (Hu & Kamo, 105). Also, what immediately came to my mind when Fareedah stated that women are not expected to join the workforce in her society, was World War II when women in Britain were asked to join arms and ammunitions factories, and drive agricultural machinery. Fareedah also claimed that â€Å"I think women are just naturally inclined towards looking after the children and doing housework,† and also â€Å"men are made by nature to be more concerned about everyone around them, like a big lion who has to protect his pride! You should see the men from our North West Frontier Province, they are like kings, ruling and taking responsibility of their own little settlements.† ... naturally inclined towards looking after the children and doing housework,† and also â€Å"men are made by nature to be more concerned about everyone around them, like a big lion who has to protect his pride! You should see the men from our North West Frontier Province, they are like kings, ruling and taking responsibility of their own little settlements.† This echoes with what Ortner and Whitetaker claim about life in non-Western societies; â€Å"women are seen as tending toward more involvement with private and particularistic concerns, benefitting themselves and perhaps their children, without a regard for larger social consequences, whereas men are seen as having a more universalistic orientation, as being concerned with the welfare of the social whole,† (Ortner and Whitehead,7). Fareedah also said â€Å"my own daughter has a job in America; she is working as a teacher. She is very happy. But were we back at home, I would have been scolded for allowing my dau ghter to work, and she would also be reprimanded.† Questioning Fareedah about the attitudes towards relatives in her society, she said â€Å"I think people are very close to one another, and all the sisters, brothers, cousins, uncles, grandparents etc. are connected to one another in such a way that they all exert influence on each other.† She also said that â€Å"there is no way you can do something without seeking the advice or permission of your relatives, there is nothing you can do that your family cannot find out. So well-knit and integrated the society is!† Kamo and Hu claim that â€Å"like in many East Asian societies, the extended family is a preferred arraignment in Taiwan,† and that â€Å"73% of them (respondents aged 65 or older) actually lived that way,† (Hu & Kamo, 107). Asking Fareedah about her

Accident Prevention Program Essay Example for Free

Accident Prevention Program Essay The committee is made up of management-designated representatives and one employee-elected representative each from the office, factory and outside sales divisions of our company. Employees in each division will elect from among themselves a representative to be on the committee. If there is only one volunteer or nomination, the employees will approve the person by voice vote at a short meeting called for that purpose. If there is more than one volunteer or nomination, a secret paper ballot will be used to elect the representative. Elected representatives will serve for one year before being re-elected or replaced. If there is a vacancy then an election will be held before the next scheduled meeting to fill the balance of the term. In addition to the employee-elected representatives, management will designate no more than three representatives but a minimum of one who will serve until replaced by management. A chairperson will be selected by majority vote of the committee members each year. If there is a vacancy, the same method will be used to select a replacement. In addition to the committee responsibilities explained above, duties of safety committee members include: A monthly self-inspection of the area they represent Communicating with the employees they represent on safety issues and Encouraging safe work practices among co-workers. The regularly scheduled meeting time is 7:30 am for one hour on the first Thursday of each month, at the employee lunchroom. This may be changed by vote of the committee. A committee member will be designated each month to keep minutes on the attached minutes form. A copy will be posted on the employee bulletin board after each meeting. After being posted for one month, the minutes will be filed for one year. The minutes form contains the basic monthly meeting agenda. (Customize by adding any additional safety committee information that you may have and/or deleting any that do not apply to your company. ) Employee Safety Meetings (Optional for employers with 10 or fewer employees or employers with 11 employees or more who are segregated on different shifts or work in widely dispersed locations in crews of 10 or less) All employees are required to attend a monthly safety meeting held on the first Thursday of each month in the lunchroom. This meeting is to help identify safety problems, develop solutions, review incidents reports, provide training and evaluate the effectiveness of our safety program. Minutes will be kept on the attached minutes form. Meeting minutes will be kept on file for one year. (Customize by adding any additional Employee Safety Meeting information that you may have and/or deleting any that do not apply to your company. ) Hazard Recognition Record Keeping and Review Employees are required to report any injury or work related illness to their immediate supervisor regardless of how serious.

Effect of Macroeconomic on Stock Return

Effect of Macroeconomic on Stock Return This research paper is conducted to measure and analyze the effect of macroeconomic on stock return of industrial product sector as compared to performance of Kuala Lumpur Composite Index. Several variables will be used to identify the relationship between the dependant variable which are three pre-specified macroeconomic variables the term structure of recession, interest rate, exchange rate and stock price movement that might give impact to the independent variable which is listed stock of industrial product sectors components in Kuala Lumpur Composite Index. Holding Period Return method will be used to measure the impact dependent variables to independent variable in this research. Secondary data will be used for this research paper, which are about 50 companies in industrial product sectors components that listed in Kuala Lumpur Composite Index; will be acknowledged as the sample for the previous year period from 2005 until 2009 to measure the performance of the sector in economi c condition during the period. It is expected that during the period, the industrial sectors performance that listed in Bursa Malaysia maybe will be affected by the economic condition during the period which will give impact on their stock return. CHAPTER 1 INTRODUCTION 1.0 INTRODUCTION Macroeconomic and stock prices are difficult to predict most of the times. These changes it appears that reflect the shifting demand for that stock or changing facts that it because of expectations of a companys profitability or some of government policy that effect on stock. Therefore, investors speculate how stock are determined most of them will look for to inexpensive share or expensive share with low price earning. Shares in most large established corporations are listed on organized exchanges like the Bursa Malaysia or Shanghai Stock Exchange. Every time a stock is sold, the exchange records the price at which it changes hands. If, a few seconds or minutes later, another trade takes place, the price at which that trade is made becomes the new market price, and so on. Organized exchanges like the Bursa Malaysia will occasionally suspend trading in a stock if the price is excessively volatile and also must legalize trade according their regulation, if there is a severe difference between supply and demand or if they suspect that insiders are intentionally manipulating a stocks price. But in ordinary circumstances, nobody is on purpose to control price. The market price of a stock is basically the price at which a keen buyer and seller agree to trade. Price is volatile when the enormous volumes of stock traders are made awake of professional traders who buy and sell shares each and every one day long. Since these traders do not grab stocks over the long pull, they are not terribly interested in such long-term considerations as a companys profitability or the value of its assets. Or rather, they are interested in such factors mostly trusty as news that would affect a companys long-term prospects might cause other traders to buy the stock, causing its price to raise. If traders believe that others will buy shares, then he/she will buy as well, hoping to sell when the price rises. If others believe the same thing, then the wave of buying pressure will, in fact, cause the price to rise. This trend will continue forever. When we look back to the famous economist John Maynard Keynes which has revealed the economic principle had compared the stock market to a competition then popular in British tabloids, in which rival had to look at photos and choose the faces that other contestants would choose as the prettiest. Each contestant had to look for photos â€Å"likeliest to catch the imagination of the other competitors, all of whom be looking at the difficulty from the same point of observation. similarly, stock traders try to speculation which stocks other traders will buy. The successful trader is the one who anticipates and outfoxes the market, buying prior to a stocks price rises and selling before it falls. 1.0.1 Screening criteria of KLCI Investor can only invest in stocks through a stock exchange, an organized marketplace where stocks are bought and sold under strict rules, regulations and guidelines. KLCI has over 30 listed companies offering a wide range of investment choices to local and global investors. Companies are either listed on Bursa Malaysia Securities Main Market or ACE Market. The Stock Market was created by companies wishing to raise capital for their business. When someone says they have a listed company they indicate listed on Bursa Malaysia. All companies need cash to take advantage of growth opportunities. Many start-up companies however find themselves short of capital to fund expansion. One way to acquire this cash is to publicly float the company. This involves selling part of the company to private individual and institutional investors who are then able to freely exchange these stocks on an open market Most huge matter regarding to the criterias are, high market capitalization on stock itself, it reflects how much share have been issues and its price per share. Blue chip company is resistance to weak market and it has permanently growth for example nestle it has stable growth in term of profit and cash flow. 1.0.2 History of stock Market The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee took over the operations of KLSEB in the same year. The Kuala Lumpur Stock Exchange Berhad was demutualized pursuant to the Demutualization Act and converted into a public company limited by shares on January 5, 2007. Upon the conversion, the organization vested and transferred the securities exchange business to a new wholly-owned subsidiary, Bursa Securities, and became an exchange holding company and were renamed Bursa Malaysia Berhad on April 14, 2007. On 18 March 2005, Bursa Malaysia made its first appearance on the Main Board of Bursa Malaysia Securities Berhad. On 6 July 2009, the Composite Index has been replaced by FTSE Bursa Malaysia KLCI index which reflect the top 30 companies in the exchange. On 4 August 2009, the exchange has combined the main board and the second board into a single market which is called the Main Market. Mesdaq is also renamed into ACE market which provides lower listing requirements. 1.1 BACKGROUND OF STUDY Every time a share in, say, nestle is traded for example, the new price is used to revalue all outstanding shares-just as the value of your home appreciates when the house down the block sells for more than a similar house sold last week. But the value of your home wouldnt be so high if every house on your block were suddenly put up for sale. Similarly, if all ten billion outstanding shares even a small fraction of them-were put up for sale, they wouldnt fetch anywhere near the current market price. (Pirie and Smith, 2003) have say that relationships between accounting information, book values and share prices have significant implications for share prices in Singapore. Foreign exchange rate and interest rate risks are important financial and economic factors affecting the value of common stocks. Research by (King and Wadhwani, 1990) found that the volatility transfer hypothesis suggests that random shocks can induce higher volatility in financial markets and because of contagion effects which are highest in more volatile markets, investors may look abroad to invest in alternative financial assets. This study was aimed to point out whether the stock price behaviors and macroeconomic variables such as foreign exchange rate and interest rate is reflected in listed company stock return in the KLCI or not. Because one of them is accounting factor and other are economic factor. 1.2 PROBLEM STATEMENT The problem studied in this research is about the movement of the stock market and selected individual stock prices for investors usage. Caution should also be exercised in interpreting their results as the period of study includes the 2008 financial crises. It is possible that the severity of the crisis has influenced the statistical results. These papers empirically compares and see the share price of the companies before, during and after the recession and it covers only two macroeconomic factor that have give some effect to the stock return. During this period we will see the flow of the price movement in the market by using fifthly (50) listed company in property sector. Previous studies on stock market by Deshmukh et al (1983) banks can affect their exposure to interest rate and foreign exchange rate changes when they act as financial intermediaries for their clients. As such, their role as financial intermediaries can affect the sensitivity of investor assets and liabilities to interest rate and foreign exchange rate changes 1.3 RESEARCH QUESTION This research is conducted to inquire: 1.3.1 If there any changes of stock return on listed KLCI industrial company effect of macroeconomic? 1.3.2 If there any changes of stock return on listed KLCI industrial company effect of volatile market share price? 1.3.3 Which investment could offer better stock return to investor if using Holding Period Return? 1.4 RESEARCH OBJECTIVES This research is conducted to determine: 1.4.1 Macroeconomic factor have give impact to the stock return. 1.4.2 Changes of share price have give impact to the stock return. 1.4.3 The investment that could offer better performance using Holding Period Return. 1.5 SIGNIFICANCE OF STUDY This research is an observed study upon the macroeconomic factors and changes of stock price that give impact to the stock return of industrial product listed in KLCI. The study is significance for researcher, government and investors. Researchers can be benefit from this study by the information and acknowledge they from the previous to the current and future trend of movement either macroeconomic factors and changes of stock price that give impact to the stock return. As for the government, they can assist in organizing and stabilizing the economy to make the market will always gain some profit to the investors in attract more investment to come to Malaysia. Investors will gain benefit by knowing the current condition of Malaysia stock market as well as the shares before they can invest their pool of money in Malaysia especially in the industrial company. 1.6 SCOPE OF STUDY Macroeconomic and share price is the environment in which all firms operate. The ability to forecast the macroeconomic and share price can translate into spectacular investment performance. Some of the key economic variables are inflation, interest rate and exchange rate. In economics, a recession is a business cycle contraction, a general slowdown in economic activity over a period of time. During recessions, many macroeconomic indicators vary in a similar way. Production as measured by Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation all fall during recessions; while bankruptcies and the unemployment rate rise. Recessions are generally believed to be caused by a widespread drop in spending. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation. High interest rates reduce the present value of future cash flow, thereby reducing the attractiveness of investment opportunities. For these reason, real interest rate are the key determinants of business investment expenditures because sensitive to interest rate affect to interest payment. The foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world. Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates. In the foreign exchange market there is little or no inside information. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time. This study takes place in the subsistence of macroeconomic and changes of stock price in Malaysia as its field is the one to be explored. Moreover 50 listed companies were acknowledged as the sample for the previous five year period. The data of this research will be obtained from DataStream. 1.7 LIMITATION OF STUDY There are several drawbacks in pursuing this research. It includes: 1.7.1 Scope of study The research reference is restricted in the scope of Malaysia due to the field of study. As we know, Malaysia is an emerging country, thus the performance is still not matured compared with the developed countries, like the United States. 1.7.2 Period of the study This study is conducted by using the data from 2005 to 2009. Approximately 50 form 100 companies that listed in Bursa Malaysia, but not all the companies data was provided in that certain period. This constraint is affecting the calculation of portfolio performance. The length of the study also affected this study indirectly. This study used to use five years period of time. The result for five years study would be different if this study managed to use the longer period of time. 1.7.3 Secondary data In this study, we used the secondary data gathered from DataStream, Bursa Malaysia and the other articles references. Some of the data were not up to date to be the good references. For example, when we referred to Bursa Malaysia, some of the data is not currently in use and in DataStream; the problem was some of the data was not available (N/A). It became a limitation to the study because we cannot get the accurate result. 1.8 DEFINITION OF TERMS 1.8.1 KLCI Kuala Lumpur Composite Index or Bursa Malaysia is place where all sector company list their stock to get capital gain from investor that buy their stock. 1.9 SUMMARY There are many reason why this research been conduct but to know the real effect to the stock return many variable been use to meet the objective. For example interest rate, exchange rate, recession and stock price movement is the variables that have effect to the company or investor stock return. CHAPTER 2 LITERATURE REVIEW 2.0 INTRODUCTION Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy, be that a national, regional, or the global economy. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Researcher study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets. 2.1 GENERAL LITERATURE REVIEW 2.1.1 MACROECONOMICS The effect of macroeconomic fundamentals on stock market volatility has generated a lot of interest. Research by Liljeblom and Stenius (1997) find that it is argued that if the value of corporate equity on the whole depends on the health of the economy, then uncertainty in macroeconomic conditions would affect volatility in stock returns assuming consistent discount rates. Studies have also shown that stock market volatility is driven by uncertainty in macroeconomic fundamentals Fama (1981, 1990), Fama and French (1989) and Chen et al. (1986). It is argued that there is an inverse relationship between interest rates and stock returns. Thorbecke (1997) and Smal and de Jager (2001) observe that a reduction in interest rates induces an injection of liquidity into the economy. This extra liquidity could be channeled to the stock market, driving up the demand and prices of stocks. Patelis (1997) notes that interest rate changes are helpful in predicting stock market returns over a long period. Thus, there is evidence to conclude that interest rate policies should also target stock market price movements. Goodfriend (2003) also notes that, since there is no stable correlation between stock-price returns and short-term interest rates, it would be difficult for interest rates to target stock-price changes appropriately. Bernanke and Kuttner (2003) also note that stock markets do not react much to interest rate changes. Throughout the years, the global economy has been transformed from a simplified financial architecture to a complex intertwined set of financial systems. From the Bretton Woods system to the advent of flexible exchange rate systems in 1973 until the present days, the environment of international markets had experienced substantial changes in the form of excessive variability in exchange rates, greater capital mobility and punctuated by a series of financial crises worldwide in recent years. Meese (1990) who studied the currency fluctuations in the post-Bretton Woods era found that the changes of macroeconomic variables alone could not explain major currencies movements. MacDonald and Taylor (1994) however noticed relationships between macroeconomic variables and exchange rate. A recent study by Rapach and Wohar (2002) meanwhile produced mixed results for the monetary model of exchange rate determination. In December, 2007 economic recession that began in the United States spread much of the industrialized world, and has caused a uncertainty of economic activity. This global recession has been taking place in an economic environment characterized by various imbalances and was sparked by the outbreak of the financial crisis of 2007–2009. However, Mitchell and Netter (1989) argue that the three-day decline preceding the crash was a large enough decline that it became the fundamental news and that shook the market. The theoretical model of Jacklin et al. (1992) (among others) shows how a surprise significant drop in the market could have provided information to the market that would directly lead to a crash. Among all macroeconomic factor stock price movement is also effect by changes in economic environments. CRR (1986) results are tested to see whether the factors priced in the US market are applicable in Turkey stock market, with adding new variable unemployment rate, because we expected a relation with the stock returns. 2.2 THEORETICAL FRAMEWORK Four factors are selected to test the relationships of these factors and stock return. The factors are recession, interest rate, exchange rate and stock price movement. 2.2.1 Recession Recession is one of the macroeconomic factors that effect to the listed company stock return in KLCI. Some of the researcher say that recession have give negative impact to stock return but some researcher found that recession is no relation with stock price. CRR (1986) shown that the tested macroeconomic variables do not affect the share price in the UK stock market. 2.2.2 Exchange Rate. Exchange rate is most been use by investor to do transaction to buy stock in market, because of that exchange rate is consider one of the factors that effect to the stock return. Movements of exchange rate are always a concern for various parties. In international currency markets, exchange rate plays a significant role and the variability of exchange rate, whichever way it sways, tends to give a significant impact on the economy. 2.2.3 Interest Rate. Interest rate also one of the factor that give impact to the stock return because some researcher say that interest rate give negative impact to the stock return. Anthony Kyereboah-Coleman and Kwame F. Agyire-Tettey (2008) mention that there negative real interest rates for extended period. 2.2.4 Stock Price Movement. Stock price move is most related to the stock return because every time changes in stock price effect to the outcome of stock return for investor investment but some of the researcher say that there is no effect on stock return. For example Martinez and Rubio (1989) tested the Spanish market return and they found that there were no significant pricing relationship between stock returns and the macroeconomic variables. 2.3 SUMMARY Literature review is the part where it shows where it show whether the variable will be strongly acceptance or not. From the previous study that has been done it has shown that, most of the variable has its own importance not only in affecting some issue but also in solving it. This literature reviews shows the effect of this study on the stock return as the dependent. It also has many researches done with the difference result. CHAPTER 3 METHODOLOGY AND DATA 3.0 INTRODUCTION This chapter discusses the research methodology used in the study. Methodology is one the important method that had been use to test the hypothesis on this study in order to get the finding at the end of the study. Research design and research methodology is most of the important part for this study since it provide a lot of useful information on how to get the data, how to conduct the survey and provide additional information in order to get better result and finding for this study. This chapter explains how the data for conduct the study is collected and carried out. It also explain on the method that is going to be use to get the finding at the end of the study. It also focus on the data sources, sample involved in the study and the methodology to be use in this study. In this study the variables that had been used was economic recession, exchange rate, interest rate and stock price which collected on the monthly basis for the period of 5 years ended in December 2005 until December 2009. This study consists of 50-industrial product firm and using time series period from 2005 to 2009. Focus for this study was more on the Regression Model analysis to test the finding. Since this study was investigate and identify the relationship between macroeconomic and stock price movement to profitability so using the regression data analysis model had done it for the past 5 years.. There are several key items such as data collection method, sampling frame, sources of data, variables and measurement, research design, theoretical framework, hypothesis statement, data analysis, and treatment which will clarify in detail in this chapter. 3.1 DATA COLLECTION The price indices at monthly frequency are collected for sectors in Bursa Malaysia: industrial product sector. All the closing prices of these sector indices sourced from the secondary data from Thomson Financial DataStream over five-year period from year 2005 to year 2009 (5 years). Meanwhile, for the independent variables of recession rate, exchange rate, interest rate and stock price will be extracted from Thomson Financial DataStream and Bank Negara Malaysia official release. 3.2 SAMPLING FRAME To secure an acceptable result, this study decided to use 50 samples out of all companies that went public and were listed on the second board within year 2005 to 2009. The decision to use this sample was due to the inability to collect more data due to the time constrain during research. Furthermore, this study wants to see the stock return for investor in industrial product sector. And at the same time, it also wants to observe the relationship between recession rate, exchange rate, interest rate and stock price. 3.3 SOURCES OF DATA The selected 50 stock sample being chose from the main board of BM KLCI .The data are collected on monthly actual stock price was collected from the Thomson Financial DataStream, which is provided the information about the companies financial situations over years. Each stock is already being issued from the companies issued until today. These samples were represented by 50 companies from the industrial product sector. 3.4 VARIABLES AND MEASUREMENT There are two types variables has been used in this study there are; the dependent and the independent variables. 3.4.1 Dependent Variables The dependent variable for this study is stock return of each company industrial product sector. 3.4.2 Independent Variables The independent variables will be measured by recession rate, exchange rate, interest rate and stock price. 3.5 RESEARCH DESIGN This research is designed to see the relationship between dependent variable with independent variables. In this study, it analysis in hypotheses testing that will explain the certain significant correlations between KLIBOR and Treasury Bills rates and the stock performance 3.5.1 Purpose of the Study The purpose of this study is to determine the relationship between all the dependent and independent variable. By using descriptive study can know relationship between both of variable. Descriptive study will be able to describe the characteristics of the variable of the situation. By using data from DataStream would be able to compare monthly return for each of the companies. Besides that, this study also can help investor to make decision making and offer the idea for future problem and research. 3.5.2 Types of Investigation The study involved the correlation study types of investigation. The study involves determining the important variable associated with the situation. The important variable is between the recession rate, exchange rate, interest rate and stock price. Correlation studies done in the study are called field studies. This studies will conducted to establish cause and effect to the stock return using the same measurement in the market are called field experiments. The experiment done to establish the cause and affect of the studies so that can make corrective action to make any decision in the investment. 3.5.3 Unit of Analysis In this study, the unit of analysis is group of company and also industry. The group of company that involve fifthly (50) of the properties companies that has been selected in the main board of BM KLCI. The companies selected depend on the year of the companies is establish. The industry that has been selected is recession rate, exchange rate, interest rate and stock price will be compare with the return of each companies return during 5 years. 3.5.4 Time Horizon This study will be use cross-sectional studies to make the research. A study will be done with the monthly data are gathered over five years (5) from year 2005 to 2009, in order to get the result about these studies. 3.6 THEORETICAL FRAMEWORK Research studies indicate that relationship between KLIBOR and Treasury Bills rates and stock performance. Dependent variable: Effect of company Stock Return Independent variables: Recession rate, Exchange rate, Interest rate and Stock Price Movement. Figure 1: Schematic Diagram (Relationship Diagram) Independent Dependent Company Stock return listed in KLCI Stock price movement Interest rate Exchange rate Recession rate According to the schematic diagram above, it can be explaining relationship between stock return with Recession rate, Exchange rate, Interest rate and Stock Price Movement. 3.7 DATA ANALYSIS AND TREATMENT Multiple Linear Regression Model are the statistical tools that been use in this study. This model analysis examine about simultaneous effect between Recession rate, Exchange rate, Interest rate and Stock Price Movement (independent variable) Stock Return (dependent variable) which variable give biggest effect on the dependent variable. Where; Y = Dependent variable which represent Actual Stock Performance = The constant number of equation = Coefficient Beta value = Independent variable which represent Recession rate = Independent variable which represent Exchange rate = Independent variable which represent Interest rate = Error r = (EV – BV) + DIV X 100 BVStock price movement will be measure in Holding Period Return to determine the effect on stock return Where; r = Represent Rate of return EV = Represent Ending Value or end of stock price BV = Represent Beginning Value or beginning of stock price DIV = Represent income or dividend of company 3.8 HYPOTHESIS STATEMENT Some changes will affect the each stock return to the companies. By changing the stock price will affect the return to the companies its self its might be go higher or lower than what it expected will be. To analysis and to test whether this is applicable to the Malaysian Stock Market, the hypothesis has been developing. Hypothesis 1 H0 = Company stock return in industrial product sector outperform than KLCI H1 = Company stock return in industrial product sector underperform than KLCI Hypothesis 2 H0 = Macroeconomic factor does has significant impact in stock return of each company in industrial product sector in KLCI H1 = Macroeconomic factor does not has significant impact in stock return of each industrial product sector in KLCI Hypothesis 3 H0 = Stock price movement does has significant impact in stock return of each industrial product sector in KLCI H1 = Stock price movement does not has significant impact in stock return of each industrial product sector in KLCI SUMMARY This study will be measure according the objective that has been established in earlier chapter. This research can be use to help investors to make the investment decision. Its because this studies focuses on the data from year 2005 until year2009, it will give better overview of each of the properties company in order to take any corrective action in facing the problem and also overcoming the problem in the current situation to make an investment decision. Effect of Macroeconomic on Stock Return Effect of Macroeconomic on Stock Return This research paper is conducted to measure and analyze the effect of macroeconomic on stock return of industrial product sector as compared to performance of Kuala Lumpur Composite Index. Several variables will be used to identify the relationship between the dependant variable which are three pre-specified macroeconomic variables the term structure of recession, interest rate, exchange rate and stock price movement that might give impact to the independent variable which is listed stock of industrial product sectors components in Kuala Lumpur Composite Index. Holding Period Return method will be used to measure the impact dependent variables to independent variable in this research. Secondary data will be used for this research paper, which are about 50 companies in industrial product sectors components that listed in Kuala Lumpur Composite Index; will be acknowledged as the sample for the previous year period from 2005 until 2009 to measure the performance of the sector in economi c condition during the period. It is expected that during the period, the industrial sectors performance that listed in Bursa Malaysia maybe will be affected by the economic condition during the period which will give impact on their stock return. CHAPTER 1 INTRODUCTION 1.0 INTRODUCTION Macroeconomic and stock prices are difficult to predict most of the times. These changes it appears that reflect the shifting demand for that stock or changing facts that it because of expectations of a companys profitability or some of government policy that effect on stock. Therefore, investors speculate how stock are determined most of them will look for to inexpensive share or expensive share with low price earning. Shares in most large established corporations are listed on organized exchanges like the Bursa Malaysia or Shanghai Stock Exchange. Every time a stock is sold, the exchange records the price at which it changes hands. If, a few seconds or minutes later, another trade takes place, the price at which that trade is made becomes the new market price, and so on. Organized exchanges like the Bursa Malaysia will occasionally suspend trading in a stock if the price is excessively volatile and also must legalize trade according their regulation, if there is a severe difference between supply and demand or if they suspect that insiders are intentionally manipulating a stocks price. But in ordinary circumstances, nobody is on purpose to control price. The market price of a stock is basically the price at which a keen buyer and seller agree to trade. Price is volatile when the enormous volumes of stock traders are made awake of professional traders who buy and sell shares each and every one day long. Since these traders do not grab stocks over the long pull, they are not terribly interested in such long-term considerations as a companys profitability or the value of its assets. Or rather, they are interested in such factors mostly trusty as news that would affect a companys long-term prospects might cause other traders to buy the stock, causing its price to raise. If traders believe that others will buy shares, then he/she will buy as well, hoping to sell when the price rises. If others believe the same thing, then the wave of buying pressure will, in fact, cause the price to rise. This trend will continue forever. When we look back to the famous economist John Maynard Keynes which has revealed the economic principle had compared the stock market to a competition then popular in British tabloids, in which rival had to look at photos and choose the faces that other contestants would choose as the prettiest. Each contestant had to look for photos â€Å"likeliest to catch the imagination of the other competitors, all of whom be looking at the difficulty from the same point of observation. similarly, stock traders try to speculation which stocks other traders will buy. The successful trader is the one who anticipates and outfoxes the market, buying prior to a stocks price rises and selling before it falls. 1.0.1 Screening criteria of KLCI Investor can only invest in stocks through a stock exchange, an organized marketplace where stocks are bought and sold under strict rules, regulations and guidelines. KLCI has over 30 listed companies offering a wide range of investment choices to local and global investors. Companies are either listed on Bursa Malaysia Securities Main Market or ACE Market. The Stock Market was created by companies wishing to raise capital for their business. When someone says they have a listed company they indicate listed on Bursa Malaysia. All companies need cash to take advantage of growth opportunities. Many start-up companies however find themselves short of capital to fund expansion. One way to acquire this cash is to publicly float the company. This involves selling part of the company to private individual and institutional investors who are then able to freely exchange these stocks on an open market Most huge matter regarding to the criterias are, high market capitalization on stock itself, it reflects how much share have been issues and its price per share. Blue chip company is resistance to weak market and it has permanently growth for example nestle it has stable growth in term of profit and cash flow. 1.0.2 History of stock Market The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee took over the operations of KLSEB in the same year. The Kuala Lumpur Stock Exchange Berhad was demutualized pursuant to the Demutualization Act and converted into a public company limited by shares on January 5, 2007. Upon the conversion, the organization vested and transferred the securities exchange business to a new wholly-owned subsidiary, Bursa Securities, and became an exchange holding company and were renamed Bursa Malaysia Berhad on April 14, 2007. On 18 March 2005, Bursa Malaysia made its first appearance on the Main Board of Bursa Malaysia Securities Berhad. On 6 July 2009, the Composite Index has been replaced by FTSE Bursa Malaysia KLCI index which reflect the top 30 companies in the exchange. On 4 August 2009, the exchange has combined the main board and the second board into a single market which is called the Main Market. Mesdaq is also renamed into ACE market which provides lower listing requirements. 1.1 BACKGROUND OF STUDY Every time a share in, say, nestle is traded for example, the new price is used to revalue all outstanding shares-just as the value of your home appreciates when the house down the block sells for more than a similar house sold last week. But the value of your home wouldnt be so high if every house on your block were suddenly put up for sale. Similarly, if all ten billion outstanding shares even a small fraction of them-were put up for sale, they wouldnt fetch anywhere near the current market price. (Pirie and Smith, 2003) have say that relationships between accounting information, book values and share prices have significant implications for share prices in Singapore. Foreign exchange rate and interest rate risks are important financial and economic factors affecting the value of common stocks. Research by (King and Wadhwani, 1990) found that the volatility transfer hypothesis suggests that random shocks can induce higher volatility in financial markets and because of contagion effects which are highest in more volatile markets, investors may look abroad to invest in alternative financial assets. This study was aimed to point out whether the stock price behaviors and macroeconomic variables such as foreign exchange rate and interest rate is reflected in listed company stock return in the KLCI or not. Because one of them is accounting factor and other are economic factor. 1.2 PROBLEM STATEMENT The problem studied in this research is about the movement of the stock market and selected individual stock prices for investors usage. Caution should also be exercised in interpreting their results as the period of study includes the 2008 financial crises. It is possible that the severity of the crisis has influenced the statistical results. These papers empirically compares and see the share price of the companies before, during and after the recession and it covers only two macroeconomic factor that have give some effect to the stock return. During this period we will see the flow of the price movement in the market by using fifthly (50) listed company in property sector. Previous studies on stock market by Deshmukh et al (1983) banks can affect their exposure to interest rate and foreign exchange rate changes when they act as financial intermediaries for their clients. As such, their role as financial intermediaries can affect the sensitivity of investor assets and liabilities to interest rate and foreign exchange rate changes 1.3 RESEARCH QUESTION This research is conducted to inquire: 1.3.1 If there any changes of stock return on listed KLCI industrial company effect of macroeconomic? 1.3.2 If there any changes of stock return on listed KLCI industrial company effect of volatile market share price? 1.3.3 Which investment could offer better stock return to investor if using Holding Period Return? 1.4 RESEARCH OBJECTIVES This research is conducted to determine: 1.4.1 Macroeconomic factor have give impact to the stock return. 1.4.2 Changes of share price have give impact to the stock return. 1.4.3 The investment that could offer better performance using Holding Period Return. 1.5 SIGNIFICANCE OF STUDY This research is an observed study upon the macroeconomic factors and changes of stock price that give impact to the stock return of industrial product listed in KLCI. The study is significance for researcher, government and investors. Researchers can be benefit from this study by the information and acknowledge they from the previous to the current and future trend of movement either macroeconomic factors and changes of stock price that give impact to the stock return. As for the government, they can assist in organizing and stabilizing the economy to make the market will always gain some profit to the investors in attract more investment to come to Malaysia. Investors will gain benefit by knowing the current condition of Malaysia stock market as well as the shares before they can invest their pool of money in Malaysia especially in the industrial company. 1.6 SCOPE OF STUDY Macroeconomic and share price is the environment in which all firms operate. The ability to forecast the macroeconomic and share price can translate into spectacular investment performance. Some of the key economic variables are inflation, interest rate and exchange rate. In economics, a recession is a business cycle contraction, a general slowdown in economic activity over a period of time. During recessions, many macroeconomic indicators vary in a similar way. Production as measured by Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation all fall during recessions; while bankruptcies and the unemployment rate rise. Recessions are generally believed to be caused by a widespread drop in spending. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation. High interest rates reduce the present value of future cash flow, thereby reducing the attractiveness of investment opportunities. For these reason, real interest rate are the key determinants of business investment expenditures because sensitive to interest rate affect to interest payment. The foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world. Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates. In the foreign exchange market there is little or no inside information. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time. This study takes place in the subsistence of macroeconomic and changes of stock price in Malaysia as its field is the one to be explored. Moreover 50 listed companies were acknowledged as the sample for the previous five year period. The data of this research will be obtained from DataStream. 1.7 LIMITATION OF STUDY There are several drawbacks in pursuing this research. It includes: 1.7.1 Scope of study The research reference is restricted in the scope of Malaysia due to the field of study. As we know, Malaysia is an emerging country, thus the performance is still not matured compared with the developed countries, like the United States. 1.7.2 Period of the study This study is conducted by using the data from 2005 to 2009. Approximately 50 form 100 companies that listed in Bursa Malaysia, but not all the companies data was provided in that certain period. This constraint is affecting the calculation of portfolio performance. The length of the study also affected this study indirectly. This study used to use five years period of time. The result for five years study would be different if this study managed to use the longer period of time. 1.7.3 Secondary data In this study, we used the secondary data gathered from DataStream, Bursa Malaysia and the other articles references. Some of the data were not up to date to be the good references. For example, when we referred to Bursa Malaysia, some of the data is not currently in use and in DataStream; the problem was some of the data was not available (N/A). It became a limitation to the study because we cannot get the accurate result. 1.8 DEFINITION OF TERMS 1.8.1 KLCI Kuala Lumpur Composite Index or Bursa Malaysia is place where all sector company list their stock to get capital gain from investor that buy their stock. 1.9 SUMMARY There are many reason why this research been conduct but to know the real effect to the stock return many variable been use to meet the objective. For example interest rate, exchange rate, recession and stock price movement is the variables that have effect to the company or investor stock return. CHAPTER 2 LITERATURE REVIEW 2.0 INTRODUCTION Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision-making of the entire economy, be that a national, regional, or the global economy. Along with microeconomics, macroeconomics is one of the two most general fields in economics. Researcher study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets. 2.1 GENERAL LITERATURE REVIEW 2.1.1 MACROECONOMICS The effect of macroeconomic fundamentals on stock market volatility has generated a lot of interest. Research by Liljeblom and Stenius (1997) find that it is argued that if the value of corporate equity on the whole depends on the health of the economy, then uncertainty in macroeconomic conditions would affect volatility in stock returns assuming consistent discount rates. Studies have also shown that stock market volatility is driven by uncertainty in macroeconomic fundamentals Fama (1981, 1990), Fama and French (1989) and Chen et al. (1986). It is argued that there is an inverse relationship between interest rates and stock returns. Thorbecke (1997) and Smal and de Jager (2001) observe that a reduction in interest rates induces an injection of liquidity into the economy. This extra liquidity could be channeled to the stock market, driving up the demand and prices of stocks. Patelis (1997) notes that interest rate changes are helpful in predicting stock market returns over a long period. Thus, there is evidence to conclude that interest rate policies should also target stock market price movements. Goodfriend (2003) also notes that, since there is no stable correlation between stock-price returns and short-term interest rates, it would be difficult for interest rates to target stock-price changes appropriately. Bernanke and Kuttner (2003) also note that stock markets do not react much to interest rate changes. Throughout the years, the global economy has been transformed from a simplified financial architecture to a complex intertwined set of financial systems. From the Bretton Woods system to the advent of flexible exchange rate systems in 1973 until the present days, the environment of international markets had experienced substantial changes in the form of excessive variability in exchange rates, greater capital mobility and punctuated by a series of financial crises worldwide in recent years. Meese (1990) who studied the currency fluctuations in the post-Bretton Woods era found that the changes of macroeconomic variables alone could not explain major currencies movements. MacDonald and Taylor (1994) however noticed relationships between macroeconomic variables and exchange rate. A recent study by Rapach and Wohar (2002) meanwhile produced mixed results for the monetary model of exchange rate determination. In December, 2007 economic recession that began in the United States spread much of the industrialized world, and has caused a uncertainty of economic activity. This global recession has been taking place in an economic environment characterized by various imbalances and was sparked by the outbreak of the financial crisis of 2007–2009. However, Mitchell and Netter (1989) argue that the three-day decline preceding the crash was a large enough decline that it became the fundamental news and that shook the market. The theoretical model of Jacklin et al. (1992) (among others) shows how a surprise significant drop in the market could have provided information to the market that would directly lead to a crash. Among all macroeconomic factor stock price movement is also effect by changes in economic environments. CRR (1986) results are tested to see whether the factors priced in the US market are applicable in Turkey stock market, with adding new variable unemployment rate, because we expected a relation with the stock returns. 2.2 THEORETICAL FRAMEWORK Four factors are selected to test the relationships of these factors and stock return. The factors are recession, interest rate, exchange rate and stock price movement. 2.2.1 Recession Recession is one of the macroeconomic factors that effect to the listed company stock return in KLCI. Some of the researcher say that recession have give negative impact to stock return but some researcher found that recession is no relation with stock price. CRR (1986) shown that the tested macroeconomic variables do not affect the share price in the UK stock market. 2.2.2 Exchange Rate. Exchange rate is most been use by investor to do transaction to buy stock in market, because of that exchange rate is consider one of the factors that effect to the stock return. Movements of exchange rate are always a concern for various parties. In international currency markets, exchange rate plays a significant role and the variability of exchange rate, whichever way it sways, tends to give a significant impact on the economy. 2.2.3 Interest Rate. Interest rate also one of the factor that give impact to the stock return because some researcher say that interest rate give negative impact to the stock return. Anthony Kyereboah-Coleman and Kwame F. Agyire-Tettey (2008) mention that there negative real interest rates for extended period. 2.2.4 Stock Price Movement. Stock price move is most related to the stock return because every time changes in stock price effect to the outcome of stock return for investor investment but some of the researcher say that there is no effect on stock return. For example Martinez and Rubio (1989) tested the Spanish market return and they found that there were no significant pricing relationship between stock returns and the macroeconomic variables. 2.3 SUMMARY Literature review is the part where it shows where it show whether the variable will be strongly acceptance or not. From the previous study that has been done it has shown that, most of the variable has its own importance not only in affecting some issue but also in solving it. This literature reviews shows the effect of this study on the stock return as the dependent. It also has many researches done with the difference result. CHAPTER 3 METHODOLOGY AND DATA 3.0 INTRODUCTION This chapter discusses the research methodology used in the study. Methodology is one the important method that had been use to test the hypothesis on this study in order to get the finding at the end of the study. Research design and research methodology is most of the important part for this study since it provide a lot of useful information on how to get the data, how to conduct the survey and provide additional information in order to get better result and finding for this study. This chapter explains how the data for conduct the study is collected and carried out. It also explain on the method that is going to be use to get the finding at the end of the study. It also focus on the data sources, sample involved in the study and the methodology to be use in this study. In this study the variables that had been used was economic recession, exchange rate, interest rate and stock price which collected on the monthly basis for the period of 5 years ended in December 2005 until December 2009. This study consists of 50-industrial product firm and using time series period from 2005 to 2009. Focus for this study was more on the Regression Model analysis to test the finding. Since this study was investigate and identify the relationship between macroeconomic and stock price movement to profitability so using the regression data analysis model had done it for the past 5 years.. There are several key items such as data collection method, sampling frame, sources of data, variables and measurement, research design, theoretical framework, hypothesis statement, data analysis, and treatment which will clarify in detail in this chapter. 3.1 DATA COLLECTION The price indices at monthly frequency are collected for sectors in Bursa Malaysia: industrial product sector. All the closing prices of these sector indices sourced from the secondary data from Thomson Financial DataStream over five-year period from year 2005 to year 2009 (5 years). Meanwhile, for the independent variables of recession rate, exchange rate, interest rate and stock price will be extracted from Thomson Financial DataStream and Bank Negara Malaysia official release. 3.2 SAMPLING FRAME To secure an acceptable result, this study decided to use 50 samples out of all companies that went public and were listed on the second board within year 2005 to 2009. The decision to use this sample was due to the inability to collect more data due to the time constrain during research. Furthermore, this study wants to see the stock return for investor in industrial product sector. And at the same time, it also wants to observe the relationship between recession rate, exchange rate, interest rate and stock price. 3.3 SOURCES OF DATA The selected 50 stock sample being chose from the main board of BM KLCI .The data are collected on monthly actual stock price was collected from the Thomson Financial DataStream, which is provided the information about the companies financial situations over years. Each stock is already being issued from the companies issued until today. These samples were represented by 50 companies from the industrial product sector. 3.4 VARIABLES AND MEASUREMENT There are two types variables has been used in this study there are; the dependent and the independent variables. 3.4.1 Dependent Variables The dependent variable for this study is stock return of each company industrial product sector. 3.4.2 Independent Variables The independent variables will be measured by recession rate, exchange rate, interest rate and stock price. 3.5 RESEARCH DESIGN This research is designed to see the relationship between dependent variable with independent variables. In this study, it analysis in hypotheses testing that will explain the certain significant correlations between KLIBOR and Treasury Bills rates and the stock performance 3.5.1 Purpose of the Study The purpose of this study is to determine the relationship between all the dependent and independent variable. By using descriptive study can know relationship between both of variable. Descriptive study will be able to describe the characteristics of the variable of the situation. By using data from DataStream would be able to compare monthly return for each of the companies. Besides that, this study also can help investor to make decision making and offer the idea for future problem and research. 3.5.2 Types of Investigation The study involved the correlation study types of investigation. The study involves determining the important variable associated with the situation. The important variable is between the recession rate, exchange rate, interest rate and stock price. Correlation studies done in the study are called field studies. This studies will conducted to establish cause and effect to the stock return using the same measurement in the market are called field experiments. The experiment done to establish the cause and affect of the studies so that can make corrective action to make any decision in the investment. 3.5.3 Unit of Analysis In this study, the unit of analysis is group of company and also industry. The group of company that involve fifthly (50) of the properties companies that has been selected in the main board of BM KLCI. The companies selected depend on the year of the companies is establish. The industry that has been selected is recession rate, exchange rate, interest rate and stock price will be compare with the return of each companies return during 5 years. 3.5.4 Time Horizon This study will be use cross-sectional studies to make the research. A study will be done with the monthly data are gathered over five years (5) from year 2005 to 2009, in order to get the result about these studies. 3.6 THEORETICAL FRAMEWORK Research studies indicate that relationship between KLIBOR and Treasury Bills rates and stock performance. Dependent variable: Effect of company Stock Return Independent variables: Recession rate, Exchange rate, Interest rate and Stock Price Movement. Figure 1: Schematic Diagram (Relationship Diagram) Independent Dependent Company Stock return listed in KLCI Stock price movement Interest rate Exchange rate Recession rate According to the schematic diagram above, it can be explaining relationship between stock return with Recession rate, Exchange rate, Interest rate and Stock Price Movement. 3.7 DATA ANALYSIS AND TREATMENT Multiple Linear Regression Model are the statistical tools that been use in this study. This model analysis examine about simultaneous effect between Recession rate, Exchange rate, Interest rate and Stock Price Movement (independent variable) Stock Return (dependent variable) which variable give biggest effect on the dependent variable. Where; Y = Dependent variable which represent Actual Stock Performance = The constant number of equation = Coefficient Beta value = Independent variable which represent Recession rate = Independent variable which represent Exchange rate = Independent variable which represent Interest rate = Error r = (EV – BV) + DIV X 100 BVStock price movement will be measure in Holding Period Return to determine the effect on stock return Where; r = Represent Rate of return EV = Represent Ending Value or end of stock price BV = Represent Beginning Value or beginning of stock price DIV = Represent income or dividend of company 3.8 HYPOTHESIS STATEMENT Some changes will affect the each stock return to the companies. By changing the stock price will affect the return to the companies its self its might be go higher or lower than what it expected will be. To analysis and to test whether this is applicable to the Malaysian Stock Market, the hypothesis has been developing. Hypothesis 1 H0 = Company stock return in industrial product sector outperform than KLCI H1 = Company stock return in industrial product sector underperform than KLCI Hypothesis 2 H0 = Macroeconomic factor does has significant impact in stock return of each company in industrial product sector in KLCI H1 = Macroeconomic factor does not has significant impact in stock return of each industrial product sector in KLCI Hypothesis 3 H0 = Stock price movement does has significant impact in stock return of each industrial product sector in KLCI H1 = Stock price movement does not has significant impact in stock return of each industrial product sector in KLCI SUMMARY This study will be measure according the objective that has been established in earlier chapter. This research can be use to help investors to make the investment decision. Its because this studies focuses on the data from year 2005 until year2009, it will give better overview of each of the properties company in order to take any corrective action in facing the problem and also overcoming the problem in the current situation to make an investment decision.

Issues in Public Health Funding

Issues in Public Health Funding PUBLIC HEALTH FUNDING: SHIFTING THE PARADIGM Submitted by: Betsy Cook Aisha Essuman-Mensah William Flattery Lacresha Getter Edna Kavuma Joe Mosnier ISSUE Despite comparatively high levels of spending on healthcare, the health of the U.S. population continues to lag that of its counterparts (Alper, 2014). In this paper, we evaluate the current landscape of funding for public health initiatives, the lack of uniformity of financial accounting standards for public health spending, and our proposal to address the existing funding structures of the public health system. Our multi-faceted approach includes: Federal, state and local government funding through a tax on medical services, with an emphasis on developing predictable funding based on funding cost-effective, evidence-based interventions. Investment by the healthcare industry through accelerated payment reform that incentivizes initiatives in population health management. Increased contributions to NGOs working in the public health arena through provision of expanded tax credits for individual and corporate donations to these organizations. ASSESSMENT The U.S. faces an urgent need for fundamental structural reform of its public health funding. Current public health funding streams are highly erratic and generally inadequate, in part due to a â€Å"fixation† upon clinical spending (Teutsch et al., 2012). Therefore, while per capita spending on healthcare in the U.S. exceeds that of other wealthy countries, the U.S. continues to experience comparatively poor health outcomes (Teutsch, 2012). LITERATURE REVIEW Challenges in Current Funding Methods The federal government provides a significant portion of both state and local health public health spending. Federal agencies subsequently influence provision of public health services at the state and local levels (Ogden, 2012). In essence, by being a primary funder and policy driver, the federal government often substantially influences the priorities and policies used to implement health services at all levels (Ogden, 2012). Consequently, state and local health agencies are often confined to the directives set forth by the federal government, which can result in various distortions in expenditure and service provision. One example is the federal government’s sudden shift of attention and funding allocation at moments of acute concern regarding infectious disease crises, such as with SARS and the more recent Ebola outbreaks (Weintraub, 2014). Aside from federal influence, there is considerable variation in sources and the amount of public health spending at the state and local level (Ogden, Sellars, et al., 2012). Additionally, a reliance on inconsistent formula-based funding allocations often results in ineffective and inequitable public health spending. Funding formulas are often hampered by low-quality data, inconsistent calculation methods, and the complex political realities that ultimately shape allocations decisions (Honore, 2007). Challenges in Current Accounting Methods In a recent IOM Roundtable, David Kindig notes the need for a reallocation of spending away from ineffective interventions, and the parallel need for new strategic alignment of the interests of multiple sectors to find what he informally calls the â€Å"sweet spot† (Alper, 2014). Kindig notes that one of the main challenges is deciding how to spend the money (Alper, 2014). A significant barrier to deciding where to spend public health funding has been the historical lack of standardized financial accounting methods utilized in the public health sector. Honore et al. point out the relatively lack of financial transparency in public health and call for reforms including a uniform chart of accounts, uniform classification of expenses and revenues, creation of a professional public health financial managers association, and standardized electronic data reporting (Honore et al., 2007). Any funding organization making an investment in public health will increasingly require this greater transparency (Honore et al., 2007). Ogden et al. also calls for development of standardized accounting methods to facilitate comparisons across organizations (Ogden, Sellars, et al, 2012). Additionally, evidenced-based public health (EBPH), a practice currently encouraged of public health organizations, insists on cost-effective interventions (Brownson, 2009). One component of EBPH is economic evaluation. Until we have robust and uniform financial accounting standards, it will be difficult to evaluate the success of various healthcare initiatives. Even in the arena of government funding, there is an increasing demand for close financial accounting of funds allocated to public health departments (Levi, 2007). Such demands include a demonstration of how monies are being spent to support the core functions of public health, these being assessment, policy development, and assurance (Turnock, 2012). RECOMMENDATIONS To overcome the current problems with fragmented and declining revenue streams for public health, we propose an alternative approach specifically intended as a sustainable funding model sufficient to support core public health functions at appropriate levels. 1. Sustained and coordinated government funding. As noted above, current government funding is highly fragmented and dependent on a mix of local resources combined with federal funds that are often restricted to specific programming (Ogden, 2012). Like Kindig, we call for a move from â€Å"grants and short term appropriations† to a more coordinated effort across government departments based on a comprehensive, long range focused public health effort (Alper 2014). Diminishing government revenue can be addressed through a small tax on clinical healthcare services (IOM, 2012). If a sustained, dedicated revenue stream in the form of a clinical medical services tax can be achieved, we believe that the nation’s overall public health infrastructure can substantially improve population-based outcomes across the U.S. 2. Increased population health spending by the healthcare industry. Private, for-profit healthcare providers can play a major role in â€Å"transforming† their communities through a combination of health interventions (Alper, 2014). Gunderson notes it will require a shift from â€Å"reactive† spending to â€Å"proactive† spending (Alper, 2014). The current shift in basis for payment for medical care from episodic care to population â€Å"pay for performance† mechanisms has the potential to create the environment where healthcare systems see such community-based investments as financially attractive, perhaps even obligatory for their financial survival. However, the transition to â€Å"pay for performance† mechanisms presents several challenges. Slow pace of change, lack of experience by healthcare organizations in public health management, and threats to vital revenue for â€Å"critical access† organizations in resource poor communities all pose significant hurdles (Alper, 2014). A shift from medicalized spen ding to public health investment is critical, and progressive healthcare organizations can play a vital role in creating this awareness and facilitating and modeling transition steps. 3. Enhanced spending by NGOs in the public health arena. The IOM roundtable notes the success of community development strategies in improving health (Alper, 2014). Many of these efforts can be best carried out by NGOs or other organizations that already maintain high levels of financial transparency. NGOs also offer a nimbleness that is often lacking in the government bureaucracy due to their governance structures and financial transparency. Additionally, as James Hester has noted, such organizations can play the role of â€Å"integrator† (Alper, 2014). As such, these organizations can help to manage and coordinate revenue streams, capital requirements, community resources, and local health needs. However, in order to have adequate funding, specifically for those non-profit entities that depend largely on private donations, NGOs must have a reliable donor pool. In order to encourage donations to NGOs, we recommend passage of legislation authorizing enhanced tax credits for individuals and entities contributing to these entities. Th rough such a mechanism, NGOs will have the resources to take a leadership role alongside public health departments in developing, managing, and evaluating community-based public health interventions. CONCLUSION Despite rising levels of healthcare spending, the U.S. continues to fall behind in most measures of health (Teustsch, 2012). The U.S. risks falling further behind in health status unless there is a shift in focus from spending on medical interventions to spending on the well-documented determinants of health, including community, social, economic, and built environments (Teustsch, 2012). Such investments will ensure the continued economic growth and competitiveness of the US in the global economy (Teustsch, 2012). The historically fragmented and financially opaque public health system requires immediate and comprehensive reform. Effective reform will propel a shift from reactive illness-based spending to proactive community-based public health preventative investment. As discussions focused on this critical problem continue, we recommend implementation of the specific measures set out above. Works Cited Alper, J, Baciu, A., IOM Roundtable on Population Health Improvement. Financing Population Health Improvement: Workshop Summary. (2014). IOM. Brownson, R. C., Fielding, J. E., Maylahn, C. M. (2009). Evidence-based public health: a fundamental concept for public health practice. Annu Rev Public Health, 30, 175-201. Honore, P., Clarke, R., Mead, D., Menditto, S. (2007). Creating Financial Transparency in Public Health: Examining Best Practices of System Partners.Journal of Public Health Management and Practice,13(2), 121-129. IOM. Committee on Public health Strategies to Improve Health, Board on Population health and Public Health Practice. For the Publics Health: Investing in a Healthier Future. (2012). Washington, D.C.: The National Academies Press. Levi, J., Juliano, C., Richardson, M. (2007). Financing Public Health: Diminished Funding for Core Needs and State-by-State Variation in Support.Journal of Public Health Management and Practice,13(2), 97-102. Ogden, L. (2012). How Federalism Shapes Public health Financing, Policy, and Program Options.Journal of Public Health Management and Practice,18(4), 317-322. Ogden, L., Sellers, K., Sammartino, C., Buehler, J., Bernet, P. (2012). Funding Formulas for Public Health Allocations: Federal and State Strategies.Journal of Public Health Management and Practice,18(4), 309-316. Teutsch, S., Baciu, A., Mays, G., Getzen, T., Hansen, M., Geller, A. (2012). Wiser Investment for a Healthier Future.Journal of Public Health Management and Practice,18(4), 295-298. Turnock, B. J. (2012). Public Health: What it is and How it Works (Fifth ed.). Burlington, MA: Jones Bartlett Learning. Weintraub, K. (October 6, 2014). Ebola outbreak a wake-up call to the world. The Boston Globe. http://www.bostonglobe.com/lifestyle/health-wellness/2014/10/05/ebola-shows-how-global-public-health-has-become-everyone-concern/vc8R92VHmtpd4vZVbqzYEP/story.html. Retrieved November 25, 2014.