Sales Contract Essay Example for Free

Sales Contract Essay Sale of Goods 1. The Seller will sell, transfer, and deliver to the Purchaser the following goods on or before May 31, 2012 (the â€Å"Goods†) a. 10,000 widgets Purchase Price 2. The Purchaser will accept the Goods and pay for the Goods with the sum of fifty thousand ($50,000) USD, paid as follows: a. Down payment of $5,000 upon contract execution b. the remainder of the purchase price within 10 day of receipt of delivery of the Goods. 3. Payment of the Goods will be made to the Seller when the Purchaser has confirmed receipt of the Goods. Delivery of Goods 4. The Goods will be deemed by the purchaser when delivered the Purchaser’s place of business located at 456 First St., Secondville, Michigan. The Purchaser agrees to pay the cost of the shipment. Risk of Loss 5. Risk of loss will be the responsibility of the Seller from the time of delivery to the Purchaser. The Seller will provide at its expense insurance on the Goods insuring the Seller’s and the Purchaser’s interest as they appear, until receipt of shipment has been confirmed. Warranties 6. THE GOODS ARE SOLD WITH WARRANTY. THE SELLER ACCEPTS ALL WARRANTIES WHETHER EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The Seller assumes, or authorizes any other person to assume on the behalf of the Seller, any liability in connection with the sale of the Goods. 7. Upon delivery of the Goods, the Purchaser reserves the right to inspect the Goods, or have it inspected. The Purchaser must confirm and accept the Goods as being in good condition. Further the Seller accepts  any and all warranties as to the condition of the Goods. Title 8. Title to the Goods will be shared with the Seller and Purchaser until the delivery and actual receipt of the Goods by the Purchaser. Upon delivery, the Seller must provide a document of title or registrable Bill of Sale of the Goods, bearing the necessary endorsement to the Purchaser. Security of Interest 9. The seller retains a security interest in the Goods until paid in full. Inspection 10. Inspection will be made by the Purchaser at the time and place of delivery. Claims 11. The Purchaser must give notice of any claim within 30 days from the date of delivery. Excuse for Failure to Perform 12. The Seller is liable in any way for any delay, non –delivery or default in shipment due to labor disputes, transportation shortage, delays in receipt of material, priorities, fires, accidents and all other causes. If the Purchaser, in its sole judgment, will be prevented directly or indirectly, on account of any cause beyond its control, from accepting the Goods, the Purchaser reserves the right to terminate this Agreement by notice in writing to the Seller. Remedies 13. The Purchaser’s remedy and the Sellers complete liability for any and all losses or damages resulting from the defective goods or from any other cause will be for the purchase price of the particular delivery with respect to which losses or damages are claimed, plus all transportation charges paid by the Purchaser. Cancellation 14. The Purchaser reserves the right to cancel this Agreement: a. if the Purchaser deems the shipment incomplete or unacceptable in condition. b. in the event of the Purchaser’s insolvency or bankruptcy; or c. If the Purchaser deems that its prospect of providing payment is impaired. Notices 15. Any notices to be given or document to be delivered to either the Seller or Purchaser pursuant to the Agreement will be sufficient if delivered personally or sent by prepaid registered mail to the address specified below. Any written notice or delivery of documents will have been given, made and received on the day of delivery personal, or on the third (3rd) consecutive business day next following the date of mailing if sent by prepaid registered mail: PURCHASER:456 First St., Secondville, Michigan SELLER: 123 Main St., Podunk, Iowa General Provision 16. All representations and warranties of the Seller in the Agreement will survive the closing of this Agreement. 17. This Agreement cannot be modified in any way except in writing signed by all the parties to the Agreement. 18. This Agreement will be governed by and construed in accordance with the laws of the State of Michigan, including the Uniform Commercial Code and the Seller and the Purchaser hereby attorney toe the jurisdiction of the Courts of the State of Michigan. 19. Except where otherwise stated in this Agreement, all terms employed in this Agreement will have the same definition as set forth in the Uniform Commercial Code in effect in the State of Michigan on the date of execution of this Agreement. 20. This Agreement will inure to the benefit of and be binding upon the Purchaser and Seller and their respective successors and assigns. 21. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise. IN WITNESS WHEREOF the parties have executed this Sales Agreement on this 10th day of October, 2012.

M-Pesa innovation products of Safari

M-Pesa innovation products of Safari CHAPETER 1 BACKGROUND OF THE PROBLEM M-Pesa is one of the ingenious innovation products of Safari- com Kenya, it is a mobile money transfer that enables Safari-com subscribers to send and receive money to anyone of the mobile network. It was developed by Vodafone, which holds a 35% share in Safari-com. The M stands for mobile. Pesa is Swahili for money. Since its introduction in March of 2007, the M-PESA money transfer system has seen its popularity with the un-banked population surge, making the application a great success all over the country. For example, between March 2007 and September 2008, M-pesa person to person transfers hit the Sh54 billion mark with December alone last year accounting for an additional Sh14 billion. To call M-PESA a success would be an understatement. Today you can use your phone to pay for cab rides and electricity, to get money out of ATMs without owning an ATM card or even having a traditional bank account. This has caused jitters in the banking industry. It is worthy noting here that most of the Kenya’s live in local remote areas and do not have access to banking services. The M-PESA service does not require users to have bank accounts. All they need to do is register at an authorized M-PESA agent by providing their Safari-com mobile number and their identification card. Once registered, the user can buy digital funds at any M-Pesa agent and send that electronic cash to any other mobile phone user in Kenya by SMS. Recipients can either redeem this for conventional cash at M-Pesa agent outlets or buy Safari-com airtime for themselves and other subscribers. An M-Pesa-enabled mobile phone can also function as an electronic wallet, holding up to â‚ ¬500 (50,000 Kenyan shillings). The service has lowered transaction costs for users in terms of money, time and risk. An urban dweller that used to send money to his nuclear family, other relatives or anyone else using the post office, bus services or friends traveling home can now remit funds quickly and safely for a small fee. The recipient can then obtain cash using an M-pesa agent of choice. The service is being used to make payments for lower value goods and services, thus increasing the velocity of business. You can haggle with a hawker on the street and make an electronic payment for whatever you buy. Instead of traveling upcountry to pay school fees or cater for unforeseen expenses, parents can now agree with friends or teachers to make payments on their behalf after getting the money transferred electronically to them. People who were too poor to open a bank account can now have a transaction account at their disposal. Only about 2 million Kenyans have bank accounts out of a population of around 36 million. Therefore, the potential to broaden access to financial services is massive. Though the product has is clearly gained prominence among the low income earners, high income earners Small and medium organizations it has not gone down well with the major Banking key players who are opposing it. 90% of Kenyans do not have an account in a regular bank. Across Africa, only 20% of families have formal bank accounts, according to a World Bank survey. In Tanzania the percentage is as low as 5%, and in Liberia 15%. But the proliferation of mobile telephone services around the continent has opened a new way to extend financial service 1.1 Research questions What are the financial needs that M-Pesa meets as an agent of money transfer? Is the M-Pesa product reliable and accessible in meeting the financial needs in Kenya? 1.2 Research Objectives 1. To find out the effects/ contributions of M-Pesa as a product of Safari com to society 2. Find out the impacts of M-Pesa in the banking sector in Kenya 3. To find out who are the main population segments targeted by M-Pesa product in Kenya 4. To find out the methodologies used by Safari com as an M-Pesa provider to satisfy customers needs RATIONALE OF THE RESEARCH Known as M-pesa, or mobile money, the service is expected to revolutionize banking in a country where more than 80% of people are excluded from the formal financial sector. Apart from transferring cash; a service much in demand among urban Kenyans supporting relatives in rural areas, customers of the Safaricom network will be able to keep up to 50,000 shillings ( £370) in a virtual account on their handsets. Mobile phone growth in Kenya, as in most of Africa, has been remarkable, even among the rural poor. In June 1999 Kenya had 15,000 mobile subscribers. Today it has nearly 8 million out of a population of 35 million. In time, M-pesa will allow people to borrow and repay money, and make purchases. Companies will be able to pay salaries directly into workers phones; something that has already attracted the interest of larger employers, such as the tea companies, whose workers often have to be paid in cash as they do not have bank accounts. The M-pesa project is being watched closely by mobile operators around the world as a way of targeting the multibillion pound international cash transfer industry long dominated by companies such as Western Union and Money gram. According to the World Bank, remittances sent from nearly 200 million migrant workers to developing countries totalled  £102bn in the year 2007. The GSM Association, which represents more than 700 mobile operators worldwide, believes this could quadruple by 2012 if transfers by SMS become the norm. Vodafone has entered a partnership with Citigroup that would soon allow Kenyans in the UK to send money home via text message. The charge for sending  £50 is expected to be about  £3, less than a third of what some traditional services charge. SME’s in Kenya are making use of M-pesa. This is mainly because the service has been found to be liquid, flexible, acceptable, safe and reliable. M-pesa has also had an impact on microfinance institutions since members send virtual funds to their group leader, and the group leaders give the funds to the microfinance organization. Users can send between 100 Kenyan shillings ($1.5) and 35,000 shillings ($530) via a text message to a desired recipient; even someone using a different mobile network. The recipient then can obtain the cash from a Safaricom agent by entering a secret code and showing personal identification. M-pesa gives people too much access (24/7) to their cash which could undermine saving culture. Analysis shows that the M-PESA-based cash transfers are secure, enable a quick emergency response, are cost-effective and empower communities. Cash transfers give households access to a wider range of commodities. The injection of cash also strengthened the local economy. The role of information technology in empowering the poor the ability of mobile phones to send SMS expands the range of cheap communication available to the poor. Isolated communities now know how to receive remittances by using M-PESA. Communities also see advantages in using their mobile phones to develop early warning and security alarm systems to prevent cattle-rustling. Women also see income-generating opportunities by offering informal payphone services to other members of the community. Chapter 2 LITERATURE REVIEW The increasing speed of transactions has been a critical part of the innovation process. At the cutting edge of money technology, corporate America is moving beyond batch processing and air couriers, to networks for integrated accounting and payments processing systems. The definition of an instantaneous money transfernot by check, but by ATM or direct computer connectionis moving inexorably toward real time, on a par with exchanges of currency, but without the need to be physically face-to-face. And the closer technology brings us to real-time remote payments, the closer we are to genuine 24-hour banking and trading, and a worldwide set of assets that might be used for wealth storage, at least for those who are willing to accept some currency risk. Firstly, it is the young, male, urban migrants who are driving the uptake of services – customer adoption. Being early adopters of technology, these migrants are usually better educated and earn higher incomes than those in the vil lage. Because these migrants are the senders, they can choose the channel for money transfer. They then influence recipients in the rural area—who are usually female, less educated and poorer—to also use M-pesa. M-pesa has been successful because it relies on traditional practices and structures and modernizes these features. It is indeed a model based on indigenous payment practices, extended mobile phone networks and a large distribution network. With this service, Kenyans can open up a digital account on the cell phone, send and receive money, pay bills like electricity and obtain credit. Users can also withdraw money from ATMs The distribution network is based on agents who were already present in markets. Agents receive basic training from M-pesa. Only three months after the launch of M-pesa, the service had 400 agents, compared to 450 bank branches and 600 ATMs in Kenya. By mid 2009 M-pesa had 3400 agents. Safaricom’s M-pesa service in Kenya was one of 10 private sector initiatives in 2008 to be recognized by the World Business and Development Award as making a significant contribution to the UN Millennium Development Goals. M-pesa has also been recognized by several other awards, including: Stockholm Challenge 2008 – Winner, Economic Development category ( M-pesa) Kenyan Banking Awards 2007 and 2008 – Special Award for Product Innovation (M-pesa) Global Mobile Awards 2008 – Nominated, Best use of Mobile for Social and Economic Development (M-pesa) Global Mobile Awards 2008 – Winner, Best Broadcast Commercial (M-pesa ‘Send Money Home’ TVC) AfricaCom Awards 2008 – Changing Lives award and Best Solution for Rural Services award MSK Warrior Awards 2008 – Best Innovation. Kenya’s independent Financial Sector Deepening Trust (FSD), which aims to support the development of inclusive financial markets in Kenya, carried out a survey of M-pesa use in 2008. The survey aimed at establishlishing the opportunities and challenges presented by the service and how it could be introduced in other countries. The survey of 3,000 randomly selected households across Kenya, 300 randomly selected M-pesa agents and 50 M-pesa Head offices found almost 40% of households use M-pesa, with 63% sending regular financial support. Of those surveyed: 90% believe their money is safe with M-pesa 81% find M-pesa very easy to use and a further 15% say it is quite easy to use 84% say losing M-pesa would have a large negative effect. Compared with alternatives, those surveyed find M-pesa is: Quicker (98%) More convenient (96%) Safer (98%) Cheaper (96%) Concern Worldwide pioneered the use of M-pesa for bulk cash transfers during the post-election emergency in early 2008 in the Kerio Valley, one of the remotest parts of Kenya. During the violence, cattle rustlers attacked communities in the Kerio Valley, looting their livestock and displacing them. Concern’s initial response was to provide food aid, but carrying and distributing food proved very costly and insecure. Cash transfers were seen as a way of overcoming the challenges posed by the terrain and the security situation. Chapter 3 METHODOLOGY The study will be based in Nakuru a town which is surrounded by a network of small village towns, also comprising of low and middle income earners The study proposes to use both secondary data and primary data to achieve its objectives. The secondary data will be obtained from Safari-com website on issues of corporate and social responsibility, monthly newsletters and annual reports. The research will prefer qualitative as it is considered as the most appropriate on account of it being amenable to use of innovative techniques in exploring relatively unexplored research areas (kamoche, 2001; Yin 1994). The researcher will also use mixture of research methods and these are; semi structured questionnaires, surveys and oral interviews to collect data. Quota sampling will also be used to collect data regarding population segments targeted by M-Pesa product. 3.1 Data analysis and methods The data will be summarized and classified in terms of variable objectives of the study in order to enhanced further analysis and processing. The responses to the various items will be coded then keyed in a matrix for this purpose. The data will be entered, edited and cleansed to ensure correct entry of the response. Descriptive (frequencies, means, standard deviations and graphical illustrations) will be used for the analysis to help in establishing the findings on the objectives of the study 3.2 Information Validity and Reliability The questionnaire will be pre-tested with Safari com to authentic reliability. The pre- testing study/pilot study will be done, 100 km from Nakuru away from the study area and will be done to avoid any possible influence on trial respondents before the actual survey 4 REFLECTIONS Due to the size of general population in Kenya, time within which the research should be completed and the cost that would be involved if all the country were studied, the study will cover a cross section of Nakuru residents who will be represent the rest of the country. This study therefore proposes to use cross sectional survey because it is cheap to do and the results from the sample can be inferred to the larger population The M-Pesa product has been in the market for a barely two years and therefore there isn’t much literature about it however the results from this research will guide future research in this area 4.1 Ethical issues The first step was to seek permission from management by writing a letter to Safari-com management. This was important get authorization. Since various people including Safari- com employees, general public and other stakeholders will be interviewed it is important to seek permission from these people before interviewing or giving them questionnaires. Before commencement had the researcher will seek permission from management by writing while assuring them that the copy of research would be provided and none will be published outside without their permission. Under no circumstances would personal details to be divulged according to the data protection Act. It will be responsibility of the researcher to assure participants that it will be their sole decision to comment or give opinion. Another important issue is time and therefore it is upon the researcher to find time for interviews not to disrupt any organizations business. REFERENCES Alice t. Liu Michael K. Mithika- the credit bureau and m banking research study- USAID, April2009. http://news.bbc.co.uk/business: Mobile phone lifeline for worlds poor, 27/02/07 http://www.cato.org/pubs/books/money15.html http://globaltechforum.eiu.com/index, Kenya: Safaricom aims for the big game 02/08/2007. http://www.gurdian.co.uk/: Kenya sets world Kenya sets world first with money transfers by mobile, 20/03/2007 http://www.safaricom.co.ke, Annual results presentation, 21/05/2009 http://www.the times100.co.uk/ case study: Kenyans to use mobile phones to pay utility bills

The Impact Of Liquidity On Profitability Finance Essay

The Impact Of Liquidity On Profitability Finance Essay Padachi observed the trends in working capital management and its impact on performance of a firm. Return on assets and cash conversion cycle was used to measure the firms profitability and efficiency of working capital management respectively. He described that a firm should maintain stability between profitability and liquidity while maintaining its day to day activities. The manager of a business want to maximize firms value by achieving preferred tradeoff between liquidity and profitability of a firm. The results indicated that the more investment in inventories and receivables lower the profitability of a firm. Raheman Nasr (2007) discussed the impact of working capital management on profitability of a firm. They also highlighted that the basic objective of a firm is to maximize profit but maintaining liquidity is also an important objective. There will be a serious problem if firm increase profit at the cost of liquidity. Both objectives are important for the firm. If a firm does not concerned about profit then it cannot survive for a longer period. On the other hand, if a firm does not concern about liquidity it may face bankruptcy. They took 94 firms of Pakistan and analyzed that there is a negative relationship between liquidity and profitability of a firm. Michalski (2008) empirically analyzed the relationship between firms policy regarding net working investment and firms profitability. Too low liquidity level may come up problems with timely reimbursement of its liabilities while surplus liquid assets would negatively affect firms profitability. He discussed that decisions regarding liquidity is very difficult, a firm has to choose one of the three policies: first an aggressive policy i.e. a large part of the firms fixed and volatile demand to finance fixed assets is supported with short term financing, second a moderate policy i.e. a fixed part of current assets is financed with long term funds and volatile part is financed with short term funds lastly a conservative policy i.e. both fixed and volatile parts of current assets are financed with long term funds. Dash Hanuman (2009) were concerned about working capital management and they analyzed the liquidity-profitability trade-off model named as goal programming model. They supported that proper flow of fund is needed to run any business. A firm has conflicting objectives regarding liquidity and profitability so the goal programming model determines how targeted levels of profitability and liquidity would be achieved by maintaining current and fixed assets and at the same time minimizing opportunity cost. Their model proposed that working capital and inventory must be streamlined to profitability. Nazir Afza (2009) tried to find out the relation between aggressive working capital management policy and firms profitability by using panel data regression model and Tobins q of 204 Pakistani companies for the period of 1998-2005. They claimed that investors give importance to stocks of those firms which adopt aggressive policies to manage current liabilities. Their findings suggested that aggressive working capital investment and financing policies and profitability are negatively associated. They claimed that investors consider that firms which have less long term loans and equity can have better performance than the others. Burtescu (2010) documented the reflection of liquidity and profitability of a company in the accounting result. He emphasized that it is not adequate for a firm to follow only economic indicators but it is also essential for a firm to make sure its liquidity in its quality of a specific dimension of financial management. The information about solvency and liquidity are beneficial for a firm to predict the ability of a firm to fulfill its financial obligations. He argued that investors have a great concern about the cash flow of a company and it becomes obligatory for a firm to include cash flow statement in its annual financial statements. Gill, Biger Mathur (2010) attempted to examine the relationship between working capital management and profitability. They used sample of 88 firms listed on New York Stock Exchange for the period of 2005-2007. The results suggested that the relationship between cash conversion cycle and gross profit margin is statistically significant. They also concluded that account receivables and profitability are negatively associated. The managers can enhance profits of their company by handling the cash conversion cycle efficiently. Mohamad Saad (2010) attempted to scrutinize the impact of working capital management on profitability and market valuation of a firm. They analyzed the secondary data of 172 Malaysian companies for the period of 2000-2007. They took working capital variables such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset, current liabilities to total asset and profitability variables are return on asset and return on invested capital. By using multiple regression analysis and correlation, their results revealed that working capital variables have negative association with firms profitability. Firms cannot exist without working capital and it can improve the profitability and market value of a firm. Dong Su (2010) also conducted a study to find out the relationship between working capital management and firms profitability. The working capital management has an important part in the success and failure of a firm because it has a great impact on the profitability and liquidity of a firm. Their sample is based on 130 firms which are listed in Vietnam stock market for the period of 2006-2008. Their findings proved that profitability and cash conversion cycle is strongly negatively associated. By optimum working capital management, the managers may create a value of stock for the shareholders. The firm should maintain a balance between its two objectives; profitability and liquidity. One objective should not be achieved at the cost of other. Their findings also suggested that profitability can be increased by decreasing the number of days accounts receivable and inventories. Saleem Rehman (2011) observed a significant relationship between liquidity and firms performance. Liquidity of a company is very important for its every stack holder. If a firms cash and near cash assets are insufficient to satisfy its immediate payment obligations than firm may face difficulties. This can affect firms day to day business operations and profitability. They evaluated that liquidity and profitability are inversely related, one increases the other will decreases. Bhunia, Khan Mukhuti (2011) provided the evidence with respect to the relationship between liquidity and profitability of a firm. They took steel companies of private sector in India to assess the management of liquidity as a factor of performance. They studied important liquidity indicators and analyzed that optimal working capital management can be achieved by controlling the trade-off between profitability and liquidity of a firm. Firm value is positively affected by optimal working capital management so the investment in working capital must be satisfactory. They concluded that liquidity and profitability are significantly positively associated. Saghir, Hashmi Hussain (2011) studied the relationship between working capital management and profitability of a firm. They used cash conversion cycle to measure working capital management efficiency and return on asset to measure profitability while analyzing the financial data of 60 textile firms listed on KSE for the period of 2001 to 2006. They suggested that smooth inflow of profit is mainly affected by the optimum point of working capital. Working capital means companys current assets and it has a direct effect on the liquidity and profitability of a firm. According to the risk and return theory, when firms liquidity of working capital is high then it has low risk and low profitability and vice versa. The shorter cash conversion cycle is better for the firm profitability. Their result shows the negative relation between working capital management and profitability of a firm. Alipour (2011) researched about working capital management and corporate profitability while taking sample of 1063 companies from Tehran stock exchange. To test the hypothesis, multiple regression and pearsons correlation was used. He analyzed that sale and profit of a company is greatly influenced by the working capital management. Due to inefficient working capital management, a company may be incapable to pay its debts on time. The results show a significant relationship between working capital management and profitability of a company. There is a negative relationship between cash conversion cycle, average collection period, inventory turnover in days and profitability. Qazi et al. (2011) examined the impact of working capital on the profitability of a firm. Using the financial data of Pakistani automobile and oil and gas industry for the time period of 2004-2009, he proposed that the important components of working capital are debtor, creditor and inventory. The efficient and effective working capital can create value of the shares to shareholders. He persuaded that maintaining the companys liquid level is a major task of a company. So, by ignoring liquidity objective, company may face insolvency or bankruptcy. Their results showed the positive impact of working capital on profitability. Ching, Novazzi Gerab (2011) scrutinized the financial statements of two separate groups of companies: working capital intensive and fixed capital intensive having16 companies in each group listed on Brazil Stock exchange during 2005-2009. They used return on assets, returns on sales and returns on equity to measure profitability and cash conversion cycle, debt ratio, days receivables, days inventory and days of working capital are used as independent variables. Their results showed that managing working capital is very important for both type of companies. Moreover, working capital intensive type of company gets more profit by managing inventory and cash conversion efficiency at optimum level and fixed capital intensive type of company yield more profit through other two variables. Karaduman et al. (2011) also investigated the link between management of working capital and profitability of a firm. In the recent economic conditions, the survival of a firm greatly depends upon the ability to manage its financial function. Their sample is based on 127 companies listed in the Istanbul Stock Exchange during 2005-2009. The cash conversion cycle was used as a proxy of working capital management and returns on assets was used to measure profitability. The results portrayed that ROA is positively affected by the reduction in CCC. The profitability is increased by developing efficiency of working capital. Alam et al. (2011) studied the influence of working capital management on the profitability and its market value of firms which are listed on Karachi stock exchange. They claimed that a misconception that firm survival is based on its profits has been cleared due to the present liquidity crises. They used financial data of 65 companies listed on Karachi Stock exchange during 2005-2009. Return on assets and returns on invested capital were used as proxy for measuring financial performance of the firm, Tobins Q was used to determine the market value of a firm and five financial ratios such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset ratio and current liabilities to total asset ratio were used as dependent variables. Their empirical results presented sufficient evidence that firms strongly depends upon current assets to generate profits. Ogundipe, Idowu Ogundipe (2012) provided evidence regarding the influence of working capital management on performance of a firm and its market value. They collected data from annual reports of 54 Nigerian companies for the period of 1995-2009. They explained working capital management as management of current assets and current liabilities and it has a direct effect on firms profitability and market valuation. Their findings suggested that as cash conversion cycle decreases firms profitability increases and efficient working capital management also increases the market value of a firm. Barine (2012) established the relationship between efficient working capital management and firms profitability. Working capital management ensures a firms ability to satisfy both short term obligations and forthcoming operational expenses. They compared the cost and returns of working capital of 22 listed firms on Nigerian stock exchange. Their findings proposed that if cost of working capital is greater than returns on working capital investment then it negatively affects profitability and firms should have optimized working capital investments to stay away from over or under investments. Bhunia (2012) explored the influence of liquidity on profitability while taking the sample of FMCG companies in India during 2001 to 2010. He argued that working capital management plays an important role in the financial management decisions of a firm and managers should manage the trade-off between liquidity and profitability to attain optimal working capital management as it can create value for the firm. By using applied normality test, correlation and regression, the results indicated that liquidity and profitability are positively associated. The research of Vahid, Mohsen and Mohammadreza (2012) also highlighted the affect of working capital management policies on firms profitability. They explained that working capital management has a great impact on profitability and liquidity of a firm and it is responsible for the success and failure of a firm. Their sample consists of 28 Iranian companies listed on Tehran stock exchange for 2005-2009. Their results suggested that conservative investment policy i.e. high level of short term investment have a negative impact on profitability and value of a firm, while aggressive investment policy i.e. long term investment have positive impact on profitability and value of a firm. Their results also showed that aggressive financing policies i.e. high level of current liabilities to finance firms project have a negative impact on profitability and value of a firm, while conservative financing policies i.e. having more long term liabilities to finance firms operating activities have a po sitive impact on firms profitability and value. Al-Mwalla (2012) tried to observe the affect of working capital management policies on the profitability and value of a firm. He persuaded that a firm has to maintain adequate level of working capital to fulfill its short term obligations. Therefore, a firm can adopt one of the two policies; a conservative policy by maintaining low level of current assets to total assets or an aggressive policy by keeping high level of current liabilities to total liabilities. He took annual data of 57 firms listed in Amman Stock Market during 2001 to 2009 for analysis. The results portrayed that conservative policy of investment and financing are positively associated with profitability and value of a firm. Ahmad (2012) highlighted the influence of working capital management on forms performance while taking a sample of 253 companies related to non financial sector listed on Karachi Stock Exchange, Pakistan. He use ROA and ROE as proxy of firm performance and current asset over total sales, current asset over total asset, debtors turnover, current ratio and inventory turnover as proxies of working capital management. Using OLS regression, Pearson correlation analysis and logistic regression techniques, he found that all explanatory variables are positively correlated to firm performance except current assets to total sales as it has a negative correlation with firm performance. Usama (2012) extended the work of Rehman and Nasar regarding working capital management while taking the sample of 18 companies from other food sector listed on Karachi Stock Exchange for the period of 2006-2010. The researcher used different variables to measure working capital management such as average collection period, inventory turnover in days, cash conversion cycle, average payment period, debt ratio, firm size, current ratio, and financial asset to total asset. Using common effect model and pooled least square regression, the results indicated that working capital management has significant positive association with firms profitability and liquidity. He also concluded that firm size and minimum inventory turnover in days has positive influence on firms profitability. Myers (2001) purported that there is no general theory regarding debt and equity choice. He discussed three main theories for the choice of debt and equity. He described that according to trade off theory firms adopt that debt level which balances the tax benefits of additional debt against the cost of financial distress. Debt financing gives a tax shield to a firm therefore they took high level of debt to gain maximum tax benefits and eventually increase profitability. However, the increase of debt financing increases the possibility of bankruptcy. According to pecking order theory, when firms internal cash flow is not enough to fulfill its capital expenditure then firms prefer debt on equity. Mostly low profitable firms entail external financing and accumulate debt. According to the free cash flow theory, when a mature firm has profitable investment opportunities and its operating cash flow is considerably exceeds its investment opportunities, so this dangerous level of debt will h ave a positive effect on firms value regardless of threat of financial distress. Berger Bonaccorsi di Patti (2003) supported that leverage has a direct impact on agency cost which influences firm performance. They proposed that high leverage or a low equity capital ratio causes to reduce the agency cost related to outside equity and raises firm value. They used annual information of U.S. commercial banks from 1990 to 1995. Their result showed that a 1% increase in leverage decrease equity capital ratio surrenders a predicted 6% increase in profit efficiency. Fama French (2005) described the financing decisions of firms. They tested predictions of pecking order theory about financing decisions and claimed that more than half of their sample firms defy the pecking order predictions. Their first result is against the pecking order prediction that firms hardly issue stock. Under their sample, 67% of the firms issue stock each year during 1973-1982 and it rises to 74% for 1983-1992, and 86% during 1993-2002. So, equity decisions of a firm frequently violate the pecking order. Second prediction is that capital structure of a firm is derived by asymmetric information problem but their findings are against this prediction. They suggested that this problem can be avoided by issuing equity through different ways. Elsas, Flannery Garfinkel (2006) studied firm major investment, financing decisions and long run performance. They took 1,185 U.S. firms which made huge acquisitions or capital expenditures during 1989-1999. They observed that large firms financed their new investment with debt whereas equity has a small role. With the passage of time, new debt replaced with equity funds. Small firms mostly rely on issuing equity when financing its new investments to replace debt while internal cash flow is used by medium sized firms. They analyzed that debt financing produces negative long run performance more than equity financing whereas financing with internal funds never produce important share underperformance. Dittmar Thakor (2007) developed a new theory of issuance of security that is when stock prices are high then firms issue equity. This issue is contradictory with the two major theories of capital structure: pecking order and trade off theory. The main idea of their theory is that managers decision about security issuance is based on how their decisions will influence the investment choice of the firm and how this choice will influence the post-investment stock price of the firm. After the investment in the project, managers are more concerned about the stock price and the long term equity value of the firm. The shareholders and bondholders may object to the managers choice of investment because they have dissimilar beliefs regarding the value of the project. Their findings suggest that firms which issue equity have higher stock prices, higher values of agreement parameter and higher increase in investments.

Andrew Jackson :: Presidents essays research papers

Like any hall of fame, its inductees are the best in whatever they do, from baseball or football to something like being President. If you are a member of any hall of fame (including the one for the Presidents), it means that you have done something special or have a certain quality about yourself that makes you worthy to be in a hall of fame. My nominee for the Presidents hall of Fame is our seventh President of the United States, Andrew Jackson. I'll go over his presidency, focusing on both the highs and the lows of his two terms in office, from 1829-1837. The issues that I'll focus on are states' rights, nullification, the tariff, the spoils system, Indian removal and banking policies; these controversies brought forth strong rivalry over his years of president. He was known for his iron will and fiery personality, and strong use of the powers of his office that made his years of presidency to be known as the "Age of Jackson." Andrew Jackson was born on March 15, 1767, in a settlement on the border of North and South Carolina. He was orphaned at age 14. After studying law and becoming a member of the Bar in North Carolina later he moved to Nashville Tennessee. Their he became a member of a powerful political faction led by William Blount. He was married in 1791 to Rachel Donelson Robards, and later remarried to him due to a legal mistake in her prior divorce in 1794. Jackson served as delegate to Tenn. in the 1796 Constitutional convention and a congressman for a year (from 1796-97). He was elected senator in 1797, but financial problems forced him to resign and return to Tennessee in less than a year. Later he served as a Tennessee superior court judge for six years starting in 1798. In 1804 he retired from the bench and moved to Nashville and devoted time to business ventures and his plantation. At this time his political career looked over. In 1814 Jackson was a Major General in the Tennessee Militia, here he was ordered to march against the Creek Indians (who were pro-British in the war of 1812). His goal was achieved at Horseshoe Bend in March of 1814. Eventually he forced All Indians from the area. His victory's impressed some people in Washington and Jackson was put in command of the defense of New Orleans. This show of American strength made Americans feel proud after a war filled with military defeats. Jackson was given the nickname "Old Hickory", and was treated as a national hero. In 1817 he was ordered against the Seminole Indians.

America, Russia, and the Cold War Essay -- essays research papers

America, Russia, and the Cold War The origins of the Cold War came about when United States President Harry Truman issued his Truman Doctrine. This doctrine stated that the United States would support â€Å"free peoples who are resisting attempted subjugation by armed minorities or by outside pressures.† This would end up being the foundation of the U. S. involvement in the Cold War. The main idea of the doctrine was to support nations in the resistance of communism. Truman felt that if one nation fell to communism then this would lead to a â€Å"domino effect† resulting in many other nations in the region falling to communism. The greatest fear was that the Soviet Union would spread communism throughout the world thus the reason for the policy of containment. Truman felt it necessary to also provide economic aid to nations that surrounded the Soviet Union. The idea being that they would create a ring of Allies that would contain the threat of the Soviet influence of communism. Economic support would be given and if necessary military support as well. The basis for this economic aid was presented in the Marshall Plan. This plan called for $16 billion in economic aid to be used in the reconstruction of Europe.   Ã‚  Ã‚  Ã‚  Ã‚  In April of 1949 nations from North America and Western Europe signed a treaty that stated if the Soviet Union attacked any of the Allies it would be considered an attack against the U. S. itself. In what was perceived as an escalating threat from the NATO alliance, the Soviets created a military alliance, known as the Warsaw Pact, with Eastern European Soviet bloc countries in May of 1955.   Ã‚  Ã‚  Ã‚  Ã‚  Throughout the Cold War there were numerous incidents on both sides which exacerbated the threat of an all out war. However, there were also several attempts at bringing about an end to the Cold War. One of the greater attempts came from Georgi Malenkov following the death of Stalin in 1953. Stalin had previously appointed several young fanatical Stalinists in a new politburo called the Party Presidium. This move limited the power that Malenkov and Nikita Krushchev had while at the same time giving more power to Stalin. Immediately following Stalin’s death Malenkov cut membership in the new politburo and threw out the young recently appointed Stalinists. Malenkov also announced that any new policies would come from... ...e Soviet Union and at the end of the Cold War became independent nations. The Soviet Union would frequently engage in wars by proxy such as the Vietnam and Korean wars. They also invaded many border nations such as Afghanistan and Czechoslovakia.   Ã‚  Ã‚  Ã‚  Ã‚  Ultimately, I believe that Mikhail Gorbachev had the greatest impact in bringing about the end of the Cold War with his sweeping changes to foreign policy, the economy, and the Soviet political system. He took the lead when it came to negotiating arms reductions with Reagan and when inviting new partnerships with Western corporations. Before Gorbachev was in power Reagan was committed to restarting the arms race. Later Reagan followed suit when Gorbachev led the way in the reduction of arms. The policy of the Reagan Doctrine was to fund and support resistance groups while Gorbachev worked instead to pull Soviet troops out of Afghanistan and worked to stop the U. S. supported revolt in Angola. Unfortunately, the damage that was done by the Cold War was severe and we will be working for decades to overcome the problems it created and will likely continue to create in both national security and foreign policy.

The Role and Involvement of Senior Management

This essay will analyse the roles and involvement of senior management in determining and executing strategic information system in a global organisation. This will explain how organisation can beat the threat when competing in a global market and what strategy they needs to follow that will enable their business to stand out among other competitive market. Also this topic will states the paramount of information system in helping organisation in making strategic decision in all area of their business and what they need to put in place for them to be successful in their global business such as: like Geographical, their local business partners, the structure of the business, the business legislation in their desired area of location how all this is paramount will be discuss in the essay. I will argue about the assumption of universality of economic entrance and development which is incompatible the reality and development ways in the developing and developed countries. Role and involvement of senior management in global organisation The use and insight of Strategic Information System (SIS) was linked with IT and IS and is purpose is to assist the senior manager to control more effectively in order to improve the areas of communication and to progress in decision making. As the improvement in technology developed the focal point was motivated in the running performance of an organisation processes to a long term strategic view they desired. This was done by using an adopting technologies and systems which helps the management to redesign their existing ways of running and ensuring there is stability in their path. After seeing that there is a superior understanding of the organisation the management were able to be familiar with new ways of utilizing the technology which subsequently make it possible for them to be more effective of the use of information. In all organisations information system plays a vital role in the operation of the business which allows the organisation to process information using database, communication, system and many other applications. In the recent year Information system has become well-known as a means of absorption and the enabler of new competitiveness for today’s scheme in the global organisation. It is very important for senior managers to have a good understanding of the effective and responsible use of information system which will enable them to be successful in their area of businesses when operating in a global environment. When it comes to the aspect of processing decision senior management rely on information systems in making strategic outcome. As a senior management when introducing a strategic information system in Global organisation they must ensure that the importance of user must be involve when making the process and the mangers must provide a guide line which will allow them to maximize user or customer involvement in the design and implementation of a strategic information. Also when the management are making a determination and executing a strategic in a global organisation there are ways in which they can liked their business strategy to define the business needs and structure which will help them in driven into information system and one of the way they can use to do this is by looking into the competitive advantage. There are different types of strategies which the management can put into consideration in order for them to differentiate their product in a competitive market and they can use generic strategies which will help them in reducing their cost, differentiate their product in which they provide on market niche (porter, 1980). In addition, evidence shows that companies that globalize achieve better competitive and financial performance. But globalizing, in the sense of spreading activities around the world, is not enough. Companies also need to be globally integrated. They need globally coherent strategies, global networks, and the ability to maximize profits on a global basis. When considering the geographic and time that might stands like a barrier to promote the organisation in the global world information system can assist the senior management in this particular aspect and the way they can promotes the business is to provides an online electronic market place where customers can purchase any of their product at any particular hours of time. Also they need to understand the business language whenever the location of the business is situated. In looking for a way to develop an appropriate Information system strategies it is very usual to put some form of hole analysis which will help the management in identifying the hole of where the organisation are and where they want to progress to. Conclusion This essay are critically analyse the roles of management in executing strategic information system and has analyse the important of information system which will help them to make a development in their business and to be successful in the globalisation market or organisation environment. An important key factor of this essay is that the commitment of senior management in a global organisation is so essential which lead them to think of the effectiveness of technology and the way they can transform the business that will be different from other competitive market. The choices to be made in order to beat organisational boundaries such as : marketing, operations, finance, legal, business partners, location and other strategic decision can only be made by senior management.

Paper Chromatography Lab Essay

Purpose: to separate the various photosynthetic pigments of Spinacia oleracea leaves. Materials: – methanol – water – filter paper – sand – test tube – 10 S. oleracea leaves – 2 wooden splints – mortar – pestle Method: First, 10 S. oleracea leaves were gathered. A piece of filter paper, a wooden splint, a mortar and pestle were also gathered. The leaves were placed inside the mortar, filling the mortar approximately half full. The leaves were then crushed with the pestle. Sand, water and methanol were added and then the leaves were crushed again. This was repeated until the leaves had reached the consistency of a soupy green paste. The leaf extract (soupy green paste) was strained, removing the fibrous spinach paste, which was placed into the garbage, and leaving the liquid leaf extract. The wooden splint was dipped into the leaf extract and then traced in a thin straight line onto the filter paper. The filter paper was allowed to dry for approximately 2 minutes. The next coat could not be applied until the paper was completely dry. The process was repeated 10 times, from dip, trace and drying. A test tube was gathered as well as methanol and a second wooden splint. The wooden splint was pi erced through the top of the filter paper and then the filter paper was placed into the empty test tube. It was measured how much methanol would be needed so that the tip of the filter paper was submerged but the extract line was not submerged. After measurement, the filter paper was removed from the test tube. The methanol was poured into the test tube up to the measured fill point. The filter paper was then carefully inserted so that it never touched the edges of the test tube. The test tube was carefully placed vertically into a test tube holder and allowed to absorb methanol for 45 minutes. After the 45 minutes were complete, the filter paper was then removed, measured as to how far pigments had travelled and left to dry. Observations: Calculations: Rf xanthophyll= distance pigment travelled distance to solvent front = 7 9.7 = 0.72 Rf chlorophyll a= distance pigment travelled distance to solvent front = 8.4 9.7 = 0.87 Rf chlorophyll b= distance pigment travelled distance to solvent front = 8.5 9.7 = 0.88 Rf carotene= distance pigment travelled distance to solvent front = 8.7 9.7 = 0.90 Discussion: 1. The Mortar and Pestle is used to break down the intramolecular bonds within the S. oleracea leaves. This helped break the molecule down into smaller molecules and individual atoms so that chloroplasts and their pigments were not buried inside the leaf and were  easily accessible. 2. Methanol is used to dissolve the pigments, as methanol is polar and so are the pigments. As we saw, the pigments stayed with the methanol in the liquid part of the mixture but everything else (cell walls, etc) floated to the top of the mixture, so we could easily remove it. 3. It is important that the filter paper did not touch the walls of the test tube because if touching the side walls, water would absorb from the sides as well as the bottom of the filter paper. If this were to happen, the flow of methanol up the filter paper would be disturbed, thus disturbing the flow and separation of the pigments. 4. It is very important that the leaf extract not be dissolved in the solvent because it would not travel upward the same. If the extract line were to be dissolved in the methanol, it would simply dissolve into the methanol, without actually having the chance to travel up the filter paper. With the extract line above the meniscus, the pigments’ only choice was to follow the path of the methanol. 5. Water would not be able to carry the pigments up the filter paper because it does not have the same physical properties as methanol. One of methanol’s unique features is that it dissolves compounds of very high polarity. While water will dissolve polar molecules, it would be unable to dissolve these pigments as well as methanol can. 6. According to my findings, chloroplast a is in the highest abundance in the leaf extract. This is known because of the very bright green colour of the pigment, as well as the expanse of chloroplast a on the filter paper. 7. Pigments separate rather than travel up the paper at the same rate due to their solubility. Pigments that are the most soluble in methanol will travel to the highest levels, almost as high as methanol itself, but pigments that are least soluble in methanol will stay lower down on the filter paper. The pigments will only travel far enough so that they are completely dissolved  from the methanol to the filter paper. Therefore, those pigments that are least soluble in methanol, take less time and space to dissolve from methanol so they stop travelling at an earlier stage that those that are most soluble with methanol. 8. The meaning of the Rf value is to help identify pigments. Each pigment holds an Rf value, which is used like a fingerprint. Although colour can be used to identify pigments, their Rf value is the true indication of which pigment is present. Conclusion: the various photosynthetic pigments in S. oleracea were separated using the chromatography technique.