50 First Dates Essay Example for Free

50 First Dates Essay The film 50 First Dates is a rom-com movie coordinated by Peter Segal. The film is an idea of a day that continues rehashing itself. Nonetheless, in this film the reusing happens totally inside the brain of Lucy Whitmore played by Drew Barrymore. Barrymore plays a young lady who was in a mishap that made her experience the ill effects of Goldfield Syndrome, an anecdotal type of anterograde amnesia where each day’s occasions vanish from her memory short-term. This is brought about by harm to the hippocampus, inside the transient projection, as the hippocampus controls memory capacities. Furthermore,she likewise guiltlessly accepts each day to be the birthday of her dad which happens to be the day of the mishap. So as to shield her from the torment of over and over finding out about the mishap, Marlin and Lucy’s sibling, re-institute the exercises of Marlin’s birthday consistently. The character Oola is a companion of Sandler, whom assists accompany increasing with smart plans to assist Lucy with going gaga for Henry regular. Oola is influencing his synapses by the day by day utilization of maryjane. Weed functions as an agonist, in this film. Adam Sandler, a womanizing marine life veterinian whom thinks about creatures in an oceanic event congregation has an excessive number of sexual successes until he understands that he is becoming hopelessly enamored with Lucy. Sandler, sheds his philandering ways and devises better approaches to meet her again consistently, trusting that one day she will hold her recollections and affections for him. He in the long run persuades Marlin that concealing reality from Lucy is more regrettable than disclosing it to her every day, so they start to leave video tapes for her to observe every morning, clarifying her circumstance and her relationship with Henry. Lucy likewise composes notes to herself in a journal. After some time, she starts to respond Henry’s sentiments, in any event, tolerating his proposition to be engaged. Lucy is encircled by a lot of help and love all through her predicament. Lucy additionally gets double dealing from her sibling and father and the fundamentally the entire town since they shield her from knowing reality. Individual Reflection: The aftereffects of this film furnish proof that individuals endure with anterograde amnesia which can viably assess parts of their personal satisfaction and that the nature of correspondence way of life. This film likewise gives proof that individuals Amnesia additionally alludes to a powerlessness to review data that is put away in memory. The reasons for amnesia might be natural or useful. Natural causes may incorporate mind harm through injury, or the utilization of explicit medications however typically narcotic medications. Amnesia might be one of the manifestations of some degenerative cerebrum infections, for example, Alzheimer’s sickness. Useful causes are mental components, for example, guard systems. Individuals with amnesia additionally think that its difficult to envision the future, in light of the fact that our developments of future situations are firmly connected to our memories of past encounters. Analysts from Washington University in St. Louis utilized propelled cerebrum imaging strategies to show that recollecting the past and imagining the future may go inseparably with each procedure starting strikingly comparable examples of movement inside exactly a similar wide system of mind areas. Luckily, in most of cases amnesia settle itself without treatment. Notwithstanding, if a fundamental physical or mental issue is available, it ought to be dealt with. Psychotherapy may some of the time be successful for certain patients. Mesmerizing can be a compelling method of reviewing recollections that have been overlooked. Family support is vital in helping a patient with amnesia improve. Therapists and specialists state that reality direction helps may assist with pushing patients once again into their condition on the off chance that they are encircled with natural items, photos, scents, and sounds. Individual Implications: In 50 First dates, it was intended to recount to the narrative of Lucy a lady whom experiences an extreme memory misfortune and can not recollected that anything that is occurring yet recalls the past. Goldfield’s condition is an invented name for a particular type of Anterograde amnesia utilized in the lighthearted comedy. The condition makes Lucy lose of every one of her recollections of the day, spare the recollections before the mishap, because of that she can't change over her transient recollections to her drawn out recollections during her rest. This outcomes in her awakening each day trusting it is the day of the mishap, October 13, 2002. Along these lines, while the name is fiction, it depends on a genuine condition. The neurological condition that Lucy experiences, Goldfield Syndrome, is totally anecdotal. Genuine anterograde amnesia influences either transient memory, which can a minutes ago or seconds, or middle of the road term memory, which can a days ago or weeks. Albeit, nodding off has nothing to do with the condition, and rest really escalates numerous concoction impacts which help memory.

The Extinction of Penguins Free Essays

Ruler Penguins have been around for many years. In spite of the fact that they are a sort of winged creature they can not fly. They walk, slide on their stomachs, or swim. We will compose a custom paper test on The Extinction of Penguins or on the other hand any comparative theme just for you Request Now They can swim as much as nine kilometers 60 minutes. That is quicker than a normal individual can run. Head Penguins can hold their breath more than twenty minutes and plunge more than eighteen hundred feet. Another fascinating reality about them is that they show no hostility towards people. The genuine inquiry is however whether Emperor Penguins are en route to termination? A portion of the reasons why we may figure this would be environmental change, consumption in food flexibly, contamination, labeling, and their predators. Environmental change is the explanation behind the Emperor Penguin populace to decrease by 50% in the course of recent years. Penguins utilize the ice to escape from predators, and to raise their chicks. A temperature increment of 2. 1 degrees Celsius will imperil 40% of the world’s Emperor Penguins. At the point when the ice liquefies before the chicks have developed and developed their waterproof quills, chicks that are cleared into the sea are probably going to bite the dust. On the off chance that the ice isn’t sufficiently strong to go on until when the chicks are prepared to take off to the ocean, they aren’t going to have the option to raise them. The loss of ocean ice for grown-up penguins can prompt lower food accessibility, which can bring about expanded mortality. In Antarctica an Emperor state has declined from 250 sets to 10 sets since 1960, because of fast loss of the ocean ice. Since worldwide environmental change has been causing the fast softening of ocean ice, the measure of krill in the southern seas has diminished as of late. Krill in which numerous penguins feed upon, get by taking care of off the green growth which shapes on the underside of the ocean ice. So the decrease in ocean ice which has come about because of environmental change has implied there has been significantly less nourishment for penguins to eat. In the event that this keeps on happening the Emperor Penguin populace is going to continue declining. Over angling of krill, and fish is another factor in helping penguins become wiped out. It is squeezing natural pecking orders and food accessibility for penguins. Modern fisheries drain the penguins’ food flexibly and entrap and suffocate the penguins in longlines and other damaging angling gear. The more fish and krill being gotten by people the less food there is for penguins to have the option to eat. Sea fermentation which is brought about by the retention of ozone harming substances like carbon dioxide into the seas is likewise hurting penguins. Tiny fish is a significant piece of the natural pecking order for some fish on which penguins feed. As gases are ingested into the seas, they become less neighborly places for tiny fish and different living beings to live which is less food penguins need to eat. Oil contamination slaughters a huge number of penguins every year. The oil pulverizes the common water repellent on their plumes, making the winged creatures become helpless against hypothermia. Penguins likewise expend the oil while attempting to prep, harming them and causing inner organ harm. The oil additionally slaughters the penguins’ food and toxic substances the penguins when attempting to eat debased fish. The banding of penguins is another issue adding to the declining populace of penguins. The main proof that flipper groups may be making harm penguins came during the 1970s. Zoos revealed that the groups would wound penguins’ flippers, particularly during the yearly shed, when flippers grow. Over a multi year time span, joined penguins delivered thirty-nine percent less chicks and had a sixteen percent lower endurance rate than unbanded flying creatures. United penguins likewise had less time and vitality to repeat and care for their young since they invested more energy scanning for food and arrangements and showed up over about fourteen days late to reproducing territories. The penguins wearing groups exhaust twenty-four percent more vitality while swimming and draw in the consideration of predators. Rory Wilson, a biologist at Swansea University said the additional stuff likely expanded the drag penguins experienced and impeded their athletic capacity. The most effective method to refer to The Extinction of Penguins, Essay models

ZOMG CPW

ZOMG CPW ZOMGCPW BEGINS TOMORROW!! AHHH! Arent you super excited?!?!? Ive spent the past several weeks with many of my colleagues, working long days and nights to match up all 1,100+ of you coming this weekend with current student hosts. (If your host hasnt been in touch with you, dont worry you WILL have a host and a place to stay once you get here. Well work it out! And if your host has tried to contact you but you havent gotten back to him/her yet, do so ASAP so you can work out living arrangements, a meeting time/place, and everything!) Anyways, in addition to matching all yall with hosts, Ive also spent the past several months planning the Closing Remarks and Variety Show thats happening Saturday night. Come check it out! The details: Saturday, April 10, 2010 6:00-7:30pm (Doors open at 5:30pm) Kresge Auditorium (Heres a link to the online CPW schedule entry.) There are going to be 5 fantastic acts at the show: Chorallaries (a cappella, co-ed) Imobilare (dance, breakdancing/hip-hop) Ariadne Smith 10 (classical guitar) Bhangra (dance, Punjabi) Logarhythms (a cappella, all-male) These are, of course, just a sampling of the 60+ performing arts groups at MIT. There are also a lot of other cool arts-related things going on throughout the weekend, like: Next Act (theyre doing the musical Urinetown this year), Thurs/Fri/Sat 8-10pm @ Next House Steel Pan Jamboree, Fri 3-5pm on the Student Center Steps All A Cappella Extravaganza, Fri 4-6pm in 34-101 SAAS (South Asian American Students) Culture Show, Fri 7pm in Kresge Auditorium Battle of the Bands, Sat 7:30-9:30pm in Lobdell Dining Hall (2nd floor Student Center) Emerson ScholarRecitals: violinist Tanya Goldhaber 10 will be performing Fri 12-1pm, and pianist Sarah Rumbley 12 will be performing Fri 5-6pm, both in Killian Hall (14W-111) and thats just the tip of the icebergso many cool and awesome things to do this weekend!! Anyways, come to the Closing Variety Show, and say hi to me at the CPW Help Desk, Student Welcome, Meet the Bloggers, and other stuff throughout the weekend! And tweet me if youd likeIm @MikeyMIT. Chris also posted a bunch of stuff about CPW + Web things so you can get your nerd on while CPW-ing! Have a safe trip, and well see you soon. Less than 12 hours til CPW begins!

Wealth effect of International Investment Announcements - Free Essay Example

Sample details Pages: 18 Words: 5442 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This paper examine on wealth effect of shareholders from the international investment announcements made by Malaysia Multinational Corporations (MNCs) listed at Kuala Lumpur Stock Exchange (KLSE). The project is using quantitative method (standard event-study methodology) and announcements in the year of 2002 are used. The result shows that international investment announcements create positive significant wealth effect for main board firms in KLSE. Don’t waste time! Our writers will create an original "Wealth effect of International Investment Announcements" essay for you Create order For second board firms however, the market does not react directly towards the foreign investment announcements. In short, unexpected cross border investment announcements do contain new relevant information and market does react on it. Market saturation theory also suggests that foreign investments may help firm to improve competitiveness and profitability. Besides, the larger capital size of main board firm makes the market to be more confident and optimistic on overseas investments announced by main board firms rather than second board. CHAPTER 1 INTRODUCTION Background of the Study The study focuses on the markets reaction towards international investment announcements made by Multinational Corporations (MNCs) in Malaysia. According to Eun Resnick (2004), a multinational corporation (MNC) is a business organization incorporated in one country but has production and sales operations in at least one foreign country. Similarly, based on Franklin (1973), MNC is a business firm that consists of a parent company that produce and market in foreign countries; with the flow of products, services, capital, technology, management, and funds among them. As shown in many studies, the stock price reactions towards foreign investment announcements in developing market produced uncertain results. Some studies showed positive market reactions towards international investment announcements but some may not. For instance, Lummer and McConnell (1990) proved that US firms foreign joint ventures have a positive return especially when the venture partner is a foreign firm as co ntrasted to a foreign government. Moreover, Ahmad Etebari (1993) stated that joint ventures between US firms and Eastern and Central European Countries yield a positive valuation effect for the participating US firms. Besides, there is a study that showed international acquisition provides abnormal positive returns to target shareholders (Ike Mathur and Nanda Raugan, 1992). However, some studies shows negative market reaction towards the announcements. Thomas H. S. Ghassem H. (1990) indicated that there is a small magnitude of negative stock price reaction to foreign investment announcements. Similarly, Albert C. Alireza T. R. (2000) tested on the wealth effects of international acquisitions using a sample of foreign acquisitions by Dutch firms during the period 1990 to 1996 and found weak evidence on wealth creation of the activities, especially for the acquisitions in the US. There must be some reasons that attract firms to go abroad. Alex O. W. (1982) discussed that the f undamental of international trade is the difference in cost of goods produced in different countries. Different natural resources (such as land and mineral), capital (technology), and labors will have different prices in various countries. Referring to Eun C. S. Resnick B. G. (2004), firms can locate production in any regions in the world to maximize performance and raise funds in market where the cost of capital is the lowest. International investments also enable firms to diversify risks compared to only investing locally. More significantly, based on David Ricardos On the Principles of Political Economy and Taxation which introduced the concept of comparative advantage and this concept further convinced firms to go abroad (Franklin R. R., 1994; Eun C. S. Resnick B. G., 2004; Alex O. W., 1982). According to Ricardo, it is mutually beneficial for firms to produce and specialize in goods that they can produce most efficiently, with the least costs compared to other firms. Then, it is advisable for firms to trade goods among themselves, even if situated in different countries. For example, a firm in France produces wine most efficiently, whereas a firm in England produces textiles with the best efficiently. If they both specialize in their respective products and trade it with each other, the combined production of the two goods will be increased compared to if they choose to produce the products individually. Through international investment, MNCs can achieve economy of scale faster (Eun C. S. Resnick B. G., 2004). First, it can be done by spreading the R D expenditures and advertising costs over the global sales. Besides, firms can also pool their global purchasing power over the suppliers, thus enabling them to purchase raw material at lower prices. Technology can be used with minimal additional costs too. MNCs are also able to get cheaper labor compared with their parent company in certain countries. Nevertheless, there are also some arguments on the negative effects of firms international investments. Madura (2000) discussed that managements might be unfamiliar to foreign cultures when they expand internationally. These culture barriers may offset the gains from the international expansion. Management needs to know and understand foreign cultures, for instance, Germans only discuss business dealings in the meeting room, but never during meals. Furthermore, Jensen (1986) said in his free cash flow theory that managers may sometimes be involved in over-investing in some unprofitable foreign ventures in order to expand firms empire and obtain prestige. The investments will eventually shrink the value of the parent companies. In addition, MNCs are exposed to foreign exchange risk that they would not encounter in purely domestic transactions (Eun C. S. Resnick B. G., 2004). For example in December 1994, the Mexico peso depreciates drastically against US dollar. Consequently, the price of US imported goods will increase in Mexico as it needs more pesos to buy $1 US dollar. Similarly for Asian currency crisis 1997, if a US firm with major export market like Indonesia, Malaysia, or Thailand, the same difficult situation will occur. Another drawback from international investment is the political risk involved (Eun C. S. Resnick B. G., 2004). The risk arises from the changes in tax rules or inconsistency in policy implementations by foreign governments. For illustration, in 1992 Enron Development Corporation spent nearly $300 million on the project to build a largest power plant in India. However, it was then cancelled in 1995 by the politicians. This showed how difficult it is to maintain contracts and investments in foreign countries under the influence of politics. Malaysians MNCs Performance There are three forms of foreign investments: acquisitions and joint venture with existing companies in foreign countries, and opening new subsidiaries in foreign countries (Madura, 2000). To study the market reaction of Malaysians MNCS on international investment, this study focuses on Kuala Lumpur Stock Exchange (KLSE), one of the fastest developing and largest rising securities market in the Asia Pacific rim (Annuar and Shamsher, 1992). A survey has been conducted by Bala (1999) on 436 firms (as at October 1997) listed on KLSE to recognize MNCs originating from Malaysia. Eventually, he discovered 207 firms are actively involved in international investments. Appendix A shows spread of Malaysian MNCs Foreign Investments according to Region. Despite the negative effects on foreign investments discussed, Malaysian MNCs spread all over the world; carrying out international trades in countries such as United States, Europe, Australia and so on. From Bala (1999) survey, 17 firms are discovered to have more than 20 ongoing international investments overseas. Also, from appendix A, we discovered that North East Asia and the ASEAN countries received the most of Malaysians investments. The technology advancement of Malaysia had somehow deterred Malaysia firms from undertaking into western countries and competing with the firms with much sophisticated technologies in those countries (Lall, 1986). According to Bala (1999), Sime Darby has the most number of foreign investments, which are 110 foreign activities in 19 countries. The second place goes to Amsteel with 70 ongoing foreign investments, and thirdly is MBF Holding with 60 such activities. The number of MNCs in Malaysia has increased over the year, according to Annuar et. al (1996). In fact, any information about the investments overseas is publicized according to the KLSE listing requirement. Thus, the foreign investment news is relevant to the reactions on these announcements in Malaysian MNCs. A s shown by David and Qian (1997), firms anticipate positive returns on the foreign investments or else they will not involve in the activities. Therefore if the previous performance of Malaysia MNCs on investments overseas is good, it will encourage more of such investments. Moreover, if the stock price shows positive returns during the particular announcements dates, it directly means a positive reaction from the market. It also presented a good performance of Malaysias MNCs on such investments. A successful international investment will also increase firms profit; and thus generate wealth to the shareholders. Problem Statement The study focuses on the Malaysia Multinational Corporations (MNCs) listed at KLSE. Previous researches showed that International investments announcements by MNCs are significance to the market, some showed positive and some showed negative market reaction. There must be reasons for firms to invest overseas. If foreign investments do not produce preferable results for the company, there is no point for firms to go abroad. This paper will focus on determining the wealth effects on international investments announcements by Malaysia MNCs. Also, the capital size of MNCS (whether main or second board) will be investigated in the effectiveness to produce market reaction on their foreign investment announcements. Objectives of the Study This study is to determine the wealth effects of foreign investment announcements in developing market. Research Questions What are the wealth effects of foreign investment announcements in developing market? CHAPTER 2 LITERATURE REVIEW 2.1 Foreign Direct Investment (FDI) FDI is the investment that gives investor a controlling interest in foreign company and any way of increasing international business that requires a direct investment in foreign operations (Daniels, Radebaugh and Sullivan, 2007). Here, Madura (2006) states those foreign direct investors are not hoping to gain profit from foreign investments, but also consider expanding their businesses in foreign country and the exchange of operation and management skills. McManus (1975) however, finds FDI is possibly in industries with considerable interdependence among producers across nations to lessen transactions costs and to assure the internalization of the net ownership rents. According to Edward R. B. et. al. (1997), entry transactions are classified into three modes that we define as mergers and acquisitions, joint ventures, or subsidiary investments and plant expansions. However, Beamish Banks (1987) and Tang Yu (1990) state that traditional entry mode usually is on wholly owned subs idiaries. Besides, joint ventures may sometimes be preferred over wholly owned subsidiaries because the costs are much more easily controlled. According to Gomes-Casseres, B. (1990) on the other hand, firms entering foreign markets for productions prefer structures that minimize transaction costs of doing business. In contrast, actual ownership structures that arise ex post depend on the bargaining power of the entering firm relative to other existing firms and governments. Bhaumik and Gelb (2004) explain some advantages that MNCs will get from overseas acquisition. First, MNCs can reduce or eliminate the cost of gathering resources together to build a firm. Moreover, MNCs can gain knowledge about the local markets and institutions and the business relationships. Furthermore, it facilitates MNCs to keep their own management and operation skills and the control of their existing technology. Acquisitions also cause MNCs to bear the cost of integrating the production structure, orga nizational structure and corporate culture of the acquired firm into its own. Joint venture however, is pooling of assets in a common and separate organization by two or more firms who share common ownership and control over the use and returns of these assets (Kogut and Singh, 1988). In this entry mode, two parties agree to contribute their equity to form a new entity and undertake the economic activity together. Revenues, expenses and the control of the enterprise will be shared from business. 2.2 Factors of FDI Considerations Edward R. B. et. al., (1997) states some of the factors for foreign investments to occur. One of them is government nonmarket incentives that twist the normal functioning of local supply and demand patterns. Besides, non-governmental imperfections and situational factors also impact upon foreign firm entry decisions. Informational and distribution inefficient markets that fail to perform proper signaling and rationing functions and leading to foreign capital entry and exit behaviors also contribute to FDI activities. Bany and Fauzias (2006) however, urge that market reaction is different for developed and developing countries. It is because developed countries have higher skills of management and technology and stable economical and political conditions. Developing countries on the other hand, always refers to a country with lower capital, possesses lower technology level and lower standard of living. It becomes a competitive advantage for Malaysia MNCs to invest in developing c ountries due to the lower technology skills of the local companies. The business culture in developing countries is also similar to Malaysia, thus it is easier for Malaysia MNCs to compete successfully with local firms. It is statistically proved that the significant result on FDI announcements is only because of the technology advantage of Malaysia MNCs (Bany and Fauzias, 2006). It is also found that for international JV, the wealth gains are found to be influenced by the size of the firms; the smaller the firms, the higher the gains. Besides, industrial sector of the firm also affects wealth on international JV. In addition, unincorporated JV is also believed to provide higher gains on investments (Janakiramanan, Lamba Seneviratne, 2005). Nevertheless, there are risks to be considered before firms opt for FDI. Country risk is one of the considerations (Madura, 2006). There are two main country risks: political and financial risk. Political risk includes attitude of customer s in the host country, actions of host government, blockage of fund transfer, currency inconvertibility, war, bureaucracy, and corruption. Financial risk however, is the current and potential state of the countrys economy; for example interest rate, exchange rate, and inflation rate. Another type of problem is related to agencies, also called as dissemination risk; which is the main problem for international joint venture. Dissemination risk refers to the extent to which a firms intangible assets like marketing and production technology are likely to be mimicked by competitors (Edward R. B. et. al., 1997). In the context, JV can lead to a transfer of the intangible asset or technology owned by the MNC to the local partner, whether accidentally or intentionally (Bhaumik and Gelb, 2004). Always, acquisition and JV allow access to the firm-specific like assets in the host countries (Duarte Canal, 2002). Under this condition, the agency problem will occur and the relationship betwee n partners will dissolute within a relatively short period of time (Sinha, 2001). If dissemination risks are large, entering firms will choose to purchase wholly-owned subsidiaries, expand existing capacity, or acquire assets of local entities rather than contracting through joint ventures or licensing arrangements (Edward R. B. et. al., 1997). 2.3 The Wealth Effect of FDI Announcements There are various researches and studies on market reactions based on different announcements. For example Masulis (1980), Ball Brown and Finn (1977) on capital structure changes; Bradley, Desai and Kim (1988) on merger and acquisitions; Scholes (1972) on common stocks right issues; and Chan, Gau and Wang (1995) on business relocation. This paper will focus on the wealth effect of international investments announcements. Similarly in terms of technique, Annuar and Shamsher (1992, 1993) analyze the effects of stock splits and rights issues announcements on share prices in Malaysia. As a result, these announcements create reactions in the market and produce positive abnormal return to the investors. Thus, it is believed that foreign investment announcements are alike to those announcements and they will create market reactions. The market price should change upon the release of such information. In Malaysia, Bany and Fauzias (2006) proved that market react positively and significa nt to the shareholders on the foreign investment announcements. In US, Etabari (1993) prove that the reaction of US stock price towards 25 international joint ventures announcements between US firms and firms in Eastern and Central European countries reacted positively towards the announcements. Moreover, McConnell and Nantell (1985), Mohanram Nanda (1998), and Johnson Houston (1999) also show that stock price of US firms reacted positively towards the international JV announcements. Next, Lummer and McConnell (1990) verify that foreign joint ventures for US firms produce positive return as the joint ventures are viewed from value enhancement. It was also discovered that the stock price reacted positively significantly, especially when the venture partner is a foreign firm, as opposed to a foreign government. In addition, Cructchley, Guo, and Hansen (1991) find out that both the Japanese and the US market produce positive reaction when there is international cooperation anno uncement between firms from these two countries. Doukas and Travlos (1988) discover that US MNCs gain the most when they announce acquisitions in less developed countries. It is also verified that multinationals not already operating in the targets country benefit from their announcement acquisitions. Next in Australia, Janakiramanan, Lamba Seneviratne (2005) provided evidence that domestic and international JV in Australia brings positive abnormal return over a two-day announcement period. In India however, FDI announcements will bring significant positive impact to Indian MNCs in the short period. In the longer period, negative abnormal return will occur to both Indian Chinese MNCs, and it was statistically insignificant to Indian acquirers but statistically significant to Chinese acquirers (Cheng, Wickramanayake Sagaram, 2003). Shapiro (1996) explains that firms will gain from these international investments activities when countries are less than perfectly correlated. T his enables firms to reduce the variability of their earnings provided they have their investments in multiple countries. Additionally, firms will be able to increase market share by expanding internationally. Firms can achieve economies of scale faster by having bigger market. It is said that such investment announcements will result in higher stock returns as it could improve firms profitability. Anyway, there are studies showed some negative reactions on international investment announcements. Malhorta and Zhu (2006) attest that international acquisition announcements made by Indian firms create significant positive short-term, yet negative impact on shareholders wealth. In US, Markides and Ittner (1990) discover that investors reaction to US firms foreign ventures with foreign firms in Canada and the UK is negative and only joint ventures with firms in Continental Europe create positive wealth effect. Besides, Gleason Mathur (1998) conclude that shareholders of US banks expe rience significant negative excess returns when banks make international acquisition announcement, especially in developed countries. In Europe moreover, Fatemi and Furtada (1988) show that Germans foreign investments announcements are taken unfavorably by the market. In Korea, Kim (2003) sums that the FDI made by Korean MNCs in developed countries may not possess competitive advantages over local competitors. Firms are more likely to gain from FDI in developing countries than in advanced economies. Therefore Korean MNCs announcement effects of FDI in advanced countries are not statistically significant, while the announcement effects in developing countries are positive and statistically significant. Then, Feils Sahoo (2000) stress that local acquisitions will only bring negative wealth effect to the shareholders, but give positive wealth effect in international acquisitions. Moeller, Schlingemann Stulz (2002) however, discover that small firms are significantly better than large firms when they make acquisition announcements. Abnormal return associated with acquisition announcements for small firms exceed the abnormal return associated with acquisition announcements for large firms. In the free cash flow theory of Jensen (1986), manager may sometimes over-invest in some unprofitable projects that will eventually diminish the value of parent firms on such foreign investments. In addition, Madura (2000) suggests that when firms expand beyond their national borders, unfamiliarity to operate within a new set of national and corporate cultures create barriers that may offset the gain a firm might obtain from international expansion. 2.4 Testable Hypothesis From the above literature reviews, it is clear that different studies pointed out different views of FDI. In this paper however, the following hypothesis is constructed: H0: There is no significant result on wealth effect of international investment announcements. H1: There is significant result on wealth effect of international investment announcements. A successful FDI will increase the firms profits and shareholders wealth. Thus in this paper, the wealth effect of international investments announcements will be tested for the purpose. CHAPTER 3 RESEARCH METHODOLOGY The research method follows specifically with the literature review. Firstly, information and journals related are obtained using available sources like the library and internet. Then, data is collected from sample. Finally, data is analyzed and determinants are developed. 3.1 Literature Review Plenty of previous researches study on the impacts of foreign investment announcements on stock returns. It is assumed that market capital is sufficient and thus the price of securities is implicit and instantly adjusted to the public release of new information. Therefore, it is worthy to look into the wealth effect of international investment announcements for which the importance have been described in previous chapters. 3.2 Research Approach Deductive approach is performed in the research. First and foremost, hypothesis was developed. Then, a research strategy was designed to test the hypothesis. In this case, historical data will be used to test the particular hypothesis. 3.3 Research Method The research is carried out using quantitative method. Secondary data is used, which are share prices in Kuala Lumpur Stock Exchange (KLSE). The data is showed in quantitative form for the purpose of the study. The result calculated is used to determine the wealth effect of foreign direct investment announcements. 3.4 Data Collection and Sampling Stock prices of all MNCs are collected from KLSE. In the context, prices during the period of foreign investment announcements made are used for the purpose. Targeted period of the stock prices is 15 days before and after the announcements, which is 31 days all together. Historical two years of daily stock prices before 15 days of announcements also required for calculation of beta and alpha. Data needed is from 1999 to 2003 as the sample MNCs are from the year 2002. 3.5 Data Calculation The standard event-study methodology is used in this research to assess the impact of foreign investment announcements. The method is based on market model describe by Fama (1976). It is predicted in the model that a firms normal or expected return given the market return and the firm historical relationship to the market. For each firm, the following model is estimated: E= + + Where : E = Expected return on the security of firm I at time t; = return on the market portfolio at time t, proxied by the return on the KLCI and = parameters of the relationship between the return on the individual security and that of the market = residual of the relationship at time t The parameter alpha () and beta () are estimated for each security i over the period of two years prior to the announcement of the foreign investments. These parameters are then used to calculate the expected returns over the test period. The difference between the actual returns () and the exp ected returns for each day and for each firm are called abnormal returns ( ) and are calculated as follows: = ( + ) Here and are the estimated parameters a and b of firm i. The abnormal returns (AR) of each company stock are determined over the event period of 31 days (t = -15 to t = +15). On average, the expected abnormal returns are zero if announcements of direct foreign investments have no impact on stock prices. Besides, all of the firms abnormal return observations are cumulated to draw overall inferences for the event of interest. Average effects of the announcement are examined rather than study each firm separately, as other events are occurring and averaging across all firms should minimize the effect of these other events (Haugen 2001). For sample of N firms, a daily average abnormal return (AR) for each day t is obtained: = Then, to find out if there is an impact of foreign investment announcements on stock returns, which will produce a significant average daily abnormal return, the student t test statistic on any day t in the event window for all n stocks is created. t-statistic = ARt /  Ãƒâ€šÃ‚ ³ARt Where:  Ãƒâ€šÃ‚ ³Art = standard deviation of average abnormal return over the event period of ( t = -15 to t =+15) The expected returns and abnormal returns once the foreign investments announcements are made could be found by using these formulas. The daily average abnormal returns for all the sample stocks surrounding the announcements date should be statistically significant if there is an impact on the announcements. Significant figure on the t-statistic implies foreign investments announcements create market reaction, either positive or negative. CHAPTER 4 RESULTS AND FINDINGS 4.1 Overall Samples Table 4.1 and 4.2 show the average daily abnormal returns and the t-statistic value of the total of 39 samples of foreign investment announcements for the period -5 to +5 days. The data is separated into two main categories: main board (Table4.1) and second board (Table 4.2) in Kuala Lumpur Stock Exchange (KLSE). In table 4.1, the average daily abnormal returns on the announcement date is -0.00611 with t-value of -0.9957. Although it shows negative AAR; however, t-statistic value shows insignificant result of international investment announcements. Therefore, there is no significant result on wealth effect of international investments announcements for main board firms. Similarly for second board firms, there is no significant result due to t-value of 1.2448 on the declaration day; although the AAR shows positive returns of 0.015827. Nevertheless, the t-value is significant for main board firms one day before the announcements, which is 2.31657 (5% significant). It shows posi tive significant result (AAR = 0.01422) for main board firm on FDI announcements one day before the declarations. Table 4.3 and 4.4 show cumulative average daily abnormal returns and the t-statistic value of the total of 39 samples of foreign investment announcements for the period -5 to +5 days, for main and second board in KLSE. On the announcement date, table 4.3 shows positive significant result of 10% (t-value = 1.89556, CAR = 0.00994) on the announcement date of the foreign investments announcements by main board. Also, it shows 1% significant positive reactions one day before and after the announcement date, where t-value day-1 = 3.06119 (CAR = 0.01605), and t-value day+1 = 3.2631(CAR = 0.01711). Here, it is clear that international investment announcements create wealth for shareholders in main board firms as the capital size is larger compared with second board firms in KLSE. Next, according to table 4.4, there is positive result on second board firms of international investment announcements, with CAR of 0.06207 on the announcement date. However, the result is not significant as the t-value is only 1.118655 on the declaration day. In short, based on the results shown, international investment announcements create positive significant wealth effect for main board firms in KLSE. For second board firms however, the market does not react directly towards the foreign investment announcements. Table 4.1: Abnormal Returns for Main Board Firms around the Announcement Period Day Average AAR(MB) t-statistic -5 0.00430206 0.700734111 -4 0.000349879 0.056989531 -3 -0.004640331 -0.755832834 -2 -0.000652968 -0.106357667 -1 0.014222296 **2.316575605 0 -0.006113253 -0.99574731 1 0.007172176 1.168228197 2 -0.010167319 -1.656087215 3 -0.004847547 -0.789584843 4 0.001572231 0.256090239 5 0.005137838 0.836868386 Table 4.2: Abnormal Returns for Second Board Firms around the Announcement Period Day Average AAR(SB) t-statistic -5 -0.002991129 -0.235249704 -4 0.009798002 0.770604441 -3 0.015774312 1.240636036 -2 -0.011074279 -0.870982463 -1 -0.011236461 -0.883737983 0 0.015827438 1.244814334 1 -0.004076424 -0.320607209 2 0.006470196 0.508875316 3 -0.006550335 -0.51517817 4 -0.006590779 -0.518359104 5 -0.01347014 -1.059414881 Table 4.3: Cumulative Abnormal Returns for Main Board Firms around the Announcement Period Day Average CAR(MB) t-statistic -5 0.006775798 1.291961568 -4 0.007125678 1.358674105 -3 0.002485346 0.473888332 -2 0.001832378 0.349384942 -1 0.016054674 ***3.061192428 0 0.009941421 *1.895560275 1 0.017113597 ***3.263100347 2 0.006946278 1.324467437 3 0.002098731 0.400171211 4 0.003670961 0.699953107 5 0.008808799 1.679599939 Table 4.4: Cumulative Abnormal Returns for Second Board Firms around the Announcement Period Day Average CAR(SB) t-statistic -5 -0.044180765 -0.796216099 -4 0.059356685 1.069713206 -3 -0.027703464 -0.499265768 -2 0.056520099 1.018592874 -1 -0.044377754 -0.799766181 0 0.062072397 1.118655164 1 -0.033324767 -0.60057166 2 0.088021262 1.586299954 3 -0.04795838 -0.864295447 4 0.07506993 1.352893868 5 -0.068604031 -1.236366844 * Significant at 10% ** Significant at 5% *** Significant at 1% CHAPTER 5 DISCUSSIONS AND CONCLUSION 5.1 Discussions This research focuses on the analysis of wealth effect of international investment announcements in developing countries, specifically Malaysia. As the result shown, the abnormal return of main board securities shows significant positive result surrounding the announcement period. The result is consistent with the research done by Bany and Fauzias (2006) which proved that the abnormal return of the securities are significantly positive around the declaration date. It implies that the unexpected cross border investment announcements do contain new relevant information and market does react on it. Also, investors generally respond favorably to the foreign investment efforts of Malaysia firms listed at KLSE. This result is also consistent with Etabari (1993), Crutchchley et. al (1991), and Lummer and McConnell (1990). As the market responds positively towards Malaysia main board MNCs foreign investment announcements, there must be reasons for this phenomenon. One of the reasons is according to a report presented by David Qian (1997), which studied on Singapores multinational investments. David Qian (1997) say that Singapore is a small open economy, where the market becomes saturated as the economy matures. Competition among firms will be intensified and thus firms will go abroad to search for new market and opportunities in order to maintain competitiveness. Bala (1998) also suggests that market saturation will become predictable when industries slowly approaching the maturity stage. Thus, firms strategy to invest overseas seems appropriate as it may help firm to improve competitiveness and profitability. Investors therefore, will predict positive sign on this type of announcements. Another point is regarding the investors perception on the ability of firms to perform in foreign investments. As main board is always meant for more established companies and second board for relatively smaller companies; investors perceive main board firms to have higher ab ility in handling overseas investments. As stated in Annual PNS Entrepreneurs Gathering PWTC (2001), one of the quantitative requirements of main board firms is an uninterrupted profit record of 3 or 5 years RM30 million aggregate profit after tax; but only an uninterrupted profit record of 3 or 5 years RM12 million aggregate profit after tax for second board. Here, the larger capital size of main board firms makes the market to be more confident and optimistic on overseas investments announced by main board firms rather than second board. Investors anticipate the share price to have positive respond around the declaration and thus they will act based on their expectation. Similarly, the result shows that there is no significant wealth effect on second board international investment announcements. It implies that there is no market reaction due to the announcements of second board firms investments overseas. Market thinks that there will be no positive or negative effect on inter national investments by second board firms. Thus, they will do nothing on the announcements. Moreover, it also implies that there is no new information contained in the announcements. The trend may be explained by Madura (2000) that when firms expand beyond their national borders, unfamiliarity to operate within a new set of national and corporate cultures create barriers that may offset the gain a firm might obtain from international expansion. Investors perceive that to invest for such announcements are risky. 5.2 Conclusion This study is to determine the wealth effect of international investment announcements in developing market. The market reaction followed by international investment announcements made was tested using the historical share price from KLSE (1999-2003). The result shows that there is positive significant result of main board firms foreign investment announcements, with a significant level of 10% on the announcement day. However, there is no significant effect on the shareholders wealth for second board firms announcements. The result is consistent with the hypothesis proposed, where there is significant result on wealth effect of international investment announcements. H0 is rejected and H1 is accepted. In short, Malaysian MNCs international investment announcements create shareholders wealth confirming the findings of Bany and Fauzias (2006). Anyway, it is only true for main board firms but not the second board. 5.3 Recommendations In general, this study enhances the literature of market reaction on Malaysia stock market by examining on the foreign investment announcements. Also, this paper verifies previous foreign investment studies, which have found that such firms cross border investments create favorable wealth effects. In fact, this study generates plenty of interesting issues to be addressed in the future. Firstly, this study can be extended to examine the abnormal return based on the level of development of the target country. For example, Ueng et. al. (2000), Doukas Travlos (1988), and Bany Fauzias (2006) proved that the foreign investments in developed countries generate higher positive returns for their shareholder than those investments into developing countries. Furthermore, a study can also be conducted to examine if the abnormal return formed based on the announcements by Malaysia MNCs which may be related to the relative strength of Malaysia currency (RM). Model study included Mathur, Rangan, Chachi, and Sundaram (1994) which find that a decline in the value of the US dollar is associated with more favorable abnormal returns to foreign investors to pursue US investments. The decline in US dollar lowers the cost of investments to foreign investors, and therefore the foreign investments is perceived to be positive as lower cost guarantees higher returns. The same theory can be applied to Malaysia, where a relatively stronger currency of RM compared with other country enables local investors to gain more and vice versa. Next, a study to determine the preferable mode of entry of international investments (Joint Venture, acquisition, or Greenfield) can be constructed. There are a number of studies focus on a particular mode of entry, like Etabari (1993), McConnell and Nantell (1985), Mohanram Nanda (1998), and Lummer and McConnell (1990) verify a positive significant result on the abnormal return based on international Joint Venture investments. There are few rese arches that look into the most preferred mode of entry for direct foreign investments. Therefore, this kind of study will help international investors to figure out the most beneficial mode of overseas investments.

Essay on Morality and Religion Debate - 1143 Words

Morality and Religion Debate In an organized religion debate, Alan Dershowitz and Alan Keyes contended many issues on religion and morality. Alan Dershowitz, a Harvard law professor, believed that morality can be maintained without religion. He also stated that it must be maintained without religion because times have changed. He said that if religion is not separated from state it could have severe damage, such as the Crusades and the Holocaust. Dershowitz believes that there is a difference between morality and religion. When people are moral without religion, they are being virtuous on their own, not because they are afraid of God. He stated that religion should not consist of a Cost-Benefit Analysis. Alan Keyes, a former†¦show more content†¦Dershowitz said, in return, that people are not moral if the sole reason for them doing it was to get to heaven. 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Informative Speech COM 1301 Free Essays

COM 1301, Section 05 October, 9th 2012 Mars Search Laboratory (MSL) Life on earth is getting more and more difficult, earth is overpopulated and global warming is treating our existence on earth every day. Living on another planet is on the solution that may pop out in our mind, this solution is what a space rover is trying to answer. In exactly one month and three days ago, a high technology rover lander on Mars, for those who did not hear about it let me show you some pictures (showing pictures to the audience), the rover is about 1000kg and a car size. We will write a custom essay sample on Informative Speech COM 1301 or any similar topic only for you Order Now Curiosity is special because it process information for itself and then sends the result back to earth. Two main objectives of Mars are 1. Discover traces of past life. 2. Analyze Mars habitability It is difficult not to get excited about NASA’s Mars Curiosity rover, it’s the most ambitious exploration vehicle yet sent to Mars. The big science question for the Mars Exploration Rover is how past water activity on Mars has influenced the red planet’s environment over time. While there is no liquid water on the surface of Mars today, the record of past water activity on Mars can be found in the rocks, minerals, and geologic landforms, particularly in those that can only form in the presence of water. That’s why the rover is specially equipped with tools to study a diverse collection of rocks and soils that may hold clues to past water activity on Mars. Project scientist Grokzinger says: â€Å"Curiosity is not a life detection mission. We are not actually looking for life, we don’t have the ability to detect life if it was there. But let me show you something (shows picture of river ) this river is located in Spain, it reaches high temperatures about 40 °C and it’s very acidic, it has a Ph about 2, knowing that the Ph scale goes from 0 to 14 from the most acidic to the least acidic. Well, surprisingly this river holds life! Scientists have recently taken a sample from this water and discover bacteria in it! This can be the absolut e evidence that life can emerge from extreme conditions. A part from discovering traces of past life, the other mission of Curiosity is to identify if Mars can be a shelter of life, Mars Science Laboratory is equipped with an instrument that measures the level of radiation. This will be critical to put a man on Mars and determine the type of protection. At last but not least, Scientists expect from Curiosity a major discovery, it involves analyzing rocks of the landing area, hoping to discover traces of past life and analyzing Mars habitability. To conclude let me show you the latest picture received from the rover (showing picture: trace of robot step) as you may see, this is a trace of the robot on the sandy surface of Mars, this is a small trace of a robot, a giant leap of mankind, Thank you. How to cite Informative Speech COM 1301, Papers

Pac Shakurs life free essay sample

Outpace (Two-pack) Amour Shaker, commonly known as OPAC, led a violent life. He died on September 13, 1996. He was a gangs rapper/Aspiring actor. Outpace was a big figure in the rap community, always doing what he wanted and not caring what others thought of him. His life symbolized what a lot of people have gone through, through his music and movies he showed us how hard life can be. Outpace was born in Brooklyn, NY in 1971. His family and he moved to Baltimore, Maryland early in his life. He took Performing Arts classes at his school; his teachers said he looked promising. He never finished school.He dropped out and moved to a small town outside Oakland, CA (Associatedb however he did go to college and finish his high school credits. All his life he was raised by his mom, with his sister. He always led a violent life; April 5, 1993, he assaulted a fellow rapper with a baseball bat. We will write a custom essay sample on Pac Shakurs life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page October 31, 1993, he was charged with shooting two off duty police officers. The charges were later dropped. November 19, 1993, he was convicted of sexual assault (Death). In November 1 994, Outpace himself was shot during an attempted robbery outside a music studio In New York. Outpace did, however, mention this; Thug life to me Is dead.If its real, let somebody else represent it because Im tired of it. Shaker told Vibe Magazine. l represented it too much. I was Thug Outpace had a very promising career. HIS first album epically Now was very successful. Not too late after that his movie Juice was released in 1992. He released two more albums titled Strictly for my Inning and Me against the world and two more movies Poetic Justice (1993) and Above the His last album, All Eyes on Me sold over 6 million copies and was the first double CD for rap music. (Thuggish)(Associated) :03 p. M.PDP, Friday, September 13, Outpace died of respiratory failure and cardiac- pulmonary arrest at university Medical Center, Lass Vegas(Payne). He died of bullet wounds to the abdomen and chest at the young age of 25 (Unofficial). Shaker was shot four times in the chest and abdomen. Police believe he was the target. He lingered in a coma before he died. So far police have no suspects. All they are saying Is that the people were In a white Cadillac, not from Lass Vegas where he was shot [Associated). I believe that Outpace although he lived a violent life, mostly tried to keep others away room the life he had lived.