The Financial Crisis Conventional Financial Theories

Following the 2008 Financial Crisis, conventional financial theories have been challenged for their inability to realistically explain risk. Traditional strategies of asset pricing often rely on a normal bell curve to make market assumptions, but in reality, the markets do not behave this way. Under a normal distribution, a majority of asset variation falls within 3 standard deviations of its mean which subsequently understates risk and volatility. Unfortunately, history would suggest financial markets do not always act in this manner and rather, they exhibit fatter tails than traditionally predicted. By definition, fat tails are a statistical phenomenon exhibiting large leptokurtosis. This represents a greater likelihood of extreme events occurring similar to the financial crisis. Since the magnitude of fat tails are so difficult to predict, left tail events can have devastating and unexpected effects on portfolio returns. As a result, sufficiently protecting a portfolio requires t ail risk hedging from unexpected market events. Normal Distribution In order to understand the significance of tail risks, it is imperative to understand the notion of a normal distribution and its shortcomings. A normal distribution assumes that given enough observations, all values in the sample will be distributed equally above and below the mean. About 99.7% of all variation falls within three standard deviations of the mean and therefore there is only a .3% chance of an extreme eventShow MoreRelatedConventional Financial Theories Of A Normal Distribution919 Words   |  4 Pages2008 Financial Crisis, investors have challenged conventional financial theories for its inability to realistically explain risk. Traditional strategies and asset pricing often rely on a normal bell curves to make market assumptions, but in reality, the markets do not behave this way. Under a normal distribution, a majority of asset variation falls within 3 standard deviations away from its mean which often understates risk and volatility. Unfortunate ly, the historical landscape of financial marketsRead MoreU.s. Government s Trade Defense Measure1194 Words   |  5 Pagesfrom year 2009 to 2010, even it rises up in next 3 years, and it demonstrates the U.S. government different trade policy stances to respond the financial crisis in different stages. The reason to explain why the U.S. changed its stance to less protectionism after 2010 is trade defense measure could help the U.S. enterprises to survive during financial crisis, to avoid massive unemployment in labor market. The cost of implementing such policy is to sacrifice the benefits of household sectors. Over aRead MoreClassical Financial Theory : Cognitive Psychology And Economics952 Words   |  4 Pagesproblems. Research in the financial sector has been dumbfounded by this very question since the advent of the stock market. Classical financial theory assumes investors behave with rational expectations in order to maintain an efficient market. Yet as we know, the idiosyn crasies in human behavior vary and financial markets tend to fluctuate up and down as a result. Recently, economics has begun to adopt the insights of behavioral science as a more realistic interpretation of financial markets. BehavioralRead MoreThe Performance Pattern Associated With Esg Activities1481 Words   |  6 Pagesresearch question, it is imperative to comprehend why performance of ESG-focused funds in general should, or should not, diverge from conventional funds. The first part of this literature review, therefore, assess findings regarding the performance pattern associated with ESG activities. In the specific, the research analyzes the differences between ESG funds and conventional funds. Thereafter, the analysis moves towards the understanding and description of the social/behavioral set of rules that is encouragingRead MoreThe Global Financial Crisis And The Macro Economy1511 Words   |  7 PagesIntroduction The global financial crisis has attracted considerable attention in recent literature. It is well known that the true origins of this financial crisis is that the over-borrowing of US households, especially to finance housing. It had serious affected the financial sector and the macro-economy. According to Shiller (2007), the main reason of the sub-prime mortgage crisis and the worldwide economic and financial crisis of 2007-2009 is the housing bubble. He also believes that the precedingRead MoreShadow Banking : A Form Of Regulatory Arbitrage1185 Words   |  5 Pagescan be seen as a form of regulatory arbitrage that provides important financial intermediation functions distinct from those preformed by banks and capital banks [Claessens et al (2012)]. Some of these functions include securitization and collateral intermediation both of which we have partially discussed. One thing that should be pointed out is that, contrary to its name; shadow banking is not completely unrelated to c onventional banking. For instance, shadow-banking complements traditional bankingRead MoreDiscretionary Monetary Policy Is The Monetary Authorities Based On The Current Economic Crisis1692 Words   |  7 Pagesshock in that policy. Afterwards, analyze the implication of the supply shock in discretionary model and how it helps the European Central Bank’s (ECB’s) responds to 2007-2008 financial crisis. And finally conclude the relationship between the implication of discretionary theory with shock and the real responds to financial crisis. The macroeconomic equilibrium depends on both the current monetary policy and the expectation of future monetary policy (Walsh,2010). Theoretically, we can define the centralRead MoreThe Impact Of Expansionary Monetary Policy During The Great Recession1720 Words   |  7 PagesDepression [1]. After eight years, global economies today continue to struggle to find sustainable recovery and robust growth. The crisis was a massive institutional failure that involved the bursting of the asset bubble, the collapse of the stock market, and the moribund employment rate among others. The crisis has since triggered economists, governments, and financial institutions to critically revisit their standard models and to question whether the understanding of the inflation-targeting frameworkRead MoreThe Dodd Frank Act Was Enacted1401 Words   |  6 Pageswas enacted to deal with the various problems occurred in the financial crisis. The paramount reason I choose this law is it has brought the mo st significant changes in the federal financial regulation since the regulatory reform that followed the Great Depression. (Damian Lucchetti, 2010) The general objective of this policy paper is to deeply understand the latest and most influential financial reforms and the current financial environment in U.S through relatively comprehensive analysis withRead MoreInstitutional Framework After The Lisbon Treaty1680 Words   |  7 PagesGovernance system, which embraces the multiplication of said allocated powers and decision-making processes. c) The EU after the eruption of the Eurozone Crisis Since the eruption of the Eurozone Financial Crisis in 2009, a Neo-Functionalist view of European integration has been put forward through a series of questions: Did the Crisis lead to further integration? If it did, did the further economic integration spillover and lead to further political integration? Jean Monnet believed that â€Å"Europe

Public Health Care Is the Way to Go Essay - 1113 Words

Public health care is definitely the only health care which should be placed within society. When health care is socialized it ensures that it is available to everyone equally. No person, no matter their social class, or economic status should be denied medical attention for any reason. All humans are equal, which means equal treatment should be given to all. With public health care a person cannot be rejected treatment because they cannot afford it, or do not have health insurance. In a private health care system people can be rejected health insurance due to a previous or current health condition. It is ridiculous how people can be refused health care for having a track record of medical problems. Having a history only means they need†¦show more content†¦If that is the case for people with health insurance, think about the people who cannot afford health insurance and have to live their lives hoping everyday that they won’t get sick. Another scenario displayed in t he documentary Sicko examined a scenario of a man without health insurance and the horrors he had to face. This man was working with a table saw and accidently sliced off the top of his middle and ring finger. The doctors were charging him twelve thousand dollars to replace the ring finger and thirty- six thousand to replace the middle finger. Could you imagine paying that much money to have your fingers replaced? In a public health care system you would never have to worry about such large expenses. Canada is a great example of public health care but still consists of some faults. Although Canada has a very well known public health care system, it still has its downfalls. Due to being completely government funded there are usually long waiting lists for treatments. Family doctors are packed with patients and you usually have to make an appointment a few days in advance in order to receive one. For example when a person needs to have surgery they usually have to wait a few months be fore the process can be done, even if it’s a minor surgery. Also for procedures such as having an M.R.I, usually has people waiting for months due to the limited equipment Canada holds. Also doctors have a salary cap in Canada’s public health care system of two hundred andShow MoreRelatedFree Healthcare And Health Care1572 Words   |  7 PagesFree Healthcare As humans, the right to medical care is something that should be seen as a privilege. No one should have to worry about if they are able to receive the healthcare that they require. Everyone has the right to receive the care that they should need. The only way to provide equal care for everyone in America is if healthcare were to be free. Though many countries around the world are able to provide free healthcare, this is something that is unfortunately not possible for all countriesRead MoreEssay about Public Health Care Reform in America1352 Words   |  6 Pagesthat this country has a system of doctors and hospitals to take care of us when we get sick. What many people dont know is that there also is a system that keeps us healthy. It works in the ways that we arent usually aware of. Its the public health system. Everyday you see headlines about public health in the newspaper. But you probably dont even recognize that the headlines reflect a public health system at work. Publ ic health protects you and keeps you and your loved ones safe and healthyRead MorePros And Cons Of Payment764 Words   |  4 Pagesthe United States and Japan, payment comes from money from the premiums paid to insurance companies, or sickness funds in Japan. However, in Japan, government expenditures cover just over 81% of total health spending, where as in the United States, government spending covers only 46% of total health costs, almost half of what Japan is spending (CITE). In the United States, premiums may be split between enrollees and employers, but the employer rarely pays 100% of the premiums. Patients usually mustRead MoreRising Cost of Health Care1289 Words   |  6 PagesThe Rising Cost of Health Care: Effects on Access to Care The rising cost of health care is a trend that is negatively influencing access to health care. According to our course textbook, Policy and Politics in Nursing and Health Care, over 46 million Americans did not have health coverage in 2008, and 25 million American adults were underinsured (p. 124-125). For most people, this can be attributed to the high cost of premiums, co-pays, and deductibles. The purpose of this paper is to discussRead MoreHealth Issues Of The Public Health Field857 Words   |  4 Pagespresent have had many public health issues that were hard on them, and they had to deal with these problems more than men did. However, they have overcome some of these issues, but there are still issues in the public health’s area women are still dealing with. Unfortunately, women’s issues were only mentioned if they had to do with maternity care only, and rather than that they were ignored. Anything beyond maternity care was not on the spot for women, and th at had them to go through a rough patchRead MorePublic Health And Health Care Essay1664 Words   |  7 PagesPublic health preparedness ascribes to the ability of a health care provider to deal with the health consequences caused by emergencies. Over the past few years, public health threats have been on the rise, ranging from accidental and natural threats to intentional threats like acts of terror (Bernstein, 2013). For instance, since September 11, 2001 and the anthrax attacks efforts have been made by both the federal government and health care providers to increase the nation’s ability to prepare andRead MoreThe South East Asian Country Of Bangladesh1237 Words   |  5 Pages160,996,000 (Bangladesh). When Bangladesh is compared with India, it is evident that considerable progress is being made to improve the health of the people of Bangladesh. Nevertheless, there remain many areas of concern. Some of these concerns are the countries health development and provisions fo r healthcare delivery. There are differences in the overall health of the citizens of Bangladesh and those of India. In Bangladesh, the annual population growth rate and the adolescent fertility rate areRead MoreSenate Research Paper981 Words   |  4 Pagesthe Senate, I would need to focus on things like; education, health insurance, and transportation. Personally, I think that the education system is very hard. The tuitions are high; especially, private school tuitions are very expensive. Middle-class people and poor people have a really hard time when paying the tuition. In Texas, it’s good to have health insurance because if you need to go to the doctor, you can. Otherwise, without health insurance homeless people, poor people, and children have aRead MoreIntegrating Care For City Of Pasadena Public Health Department1491 Words   |  6 PagesIntegrating Care for City of Pasadena Public Health Department Integrated care helps with prevention of behavioral health and physical health problems. In addition, integrated care relates to a worldwide concept of health care reform that focuses more on coordinated care and integrated care ideas. This idea deals with the fragmented delivery of health care and the social service system helping the lower-income populations within the United States. World Health Organization explains that integratedRead More Public vs. Private Healthcare in Canada Essay1658 Words   |  7 Pagesprivate health care system is superior to the public health care system Being a Canadian citizen, it is hard for me to think of life without any health insurance. I have had public health insurance all my life growing up and have been free to go to any hospital at any time and get some form of health care. Residing in the United States off and for the last 7 years I have experienced health care from both sides. I feel that private health care has huge advantages over public health

Current Economic Status Of Malaysia Essay Research free essay sample

Current Economic Status Of Malaysia Essay, Research Paper Private Sector PopulationThe outstanding feature of Malaysia # 8217 ; s population today is its extremely variegated cultural @ mix shapers it one of the premier illustrations of a multi-racial society in the whole universe. The @ multiethnic character of Malaysia # 8217 ; s population has come into being over the class of the @ last 150 old ages. Broadly talking Malaysia # 8217 ; s cultural groups fall into two chief classs: @ those with civilization affinities autochthonal to the part and to one another, who are classified as bumiputera ; and those whose cultural affinities lie outside. Malaysia is a multi-cultural state of friendly, warm hearted people. It has population of 17.9 @ million people. Penisular Malaysia has 14.6 million people while Sabah and Sarawak have 3.3 @ million people. Agriculture, Forestry, FishingThe agricultural sector ( including forestry and fishing ) plays an of import function in the economic system although its portion of the GDP has declined from 34 per centum in 1987 to 18. 6 per centum in 1992. This sector contributed about 29 per centum to Malaysia # 8217 ; s entire exports and employed about 30 per centum of the entire labour force. Malaysia is the universe # 8217 ; s taking manufacturer of natural gum elastic and a major manufacturer of many other exportable trade goods including palm oil, chocolate and Piper nigrum. Other of import hard currency harvests include coconuts, tea and Ananas comosuss. The chief subsistence harvest is rice. However, Malaysia is still non self sufficient in rice and local production accounted for merely about 80 per centum of domestic demands. The National Padi and Rice Authority ( LPN ) , the exclusive importer of rice, imported rice from Thailand, Pakistan, India and Australia. Malaysia besides has significant supplies of tropical hardwoods. Sarawak is the chief lumber manufacturer ( 43 per centum ) , followed by Sabah ( 26 per centum ) and Peninsular Malaysia. After three back-to-back old ages of diminution, there wa s an addition in marine fish landings in 1987. This was due to the debut of inducements by the authorities to promote deep sea fishing activity. The Malaysian is besides advancing the development of aquaculture Centres to supplement decreasing marine resources in coastal countries and to increase fishermen # 8217 ; s income. MiningThe excavation sector # 8217 ; s portion of GDP has remained in the part of 9-10 per centum over the past old ages. Malaysia is presently the universe # 8217 ; s 4th largest manufacturer of Sn, accounting for about 15 per centum of universe production. Malaysia # 8217 ; s other minerals include Cu, which is mined in Sabah and comparatively little militias of Fe and bauxite. The chief export markets for Malaysia # 8217 ; s Sn were the Netherlands, Japan and USA. Exports of Sn amounted to M $ 684 million in 1991 compared to M $ 902 million in 1990. ManufacturingThe fabrication sector has replaced the agricultural sector to be the taking sector in the Ma layan economic system since 1987. It accounted for 26.8 per centum of GDP in 1992 and employed about 17 per centum of the working population. The Malayan authorities has accorded top precedence to this sector. Under the Sixth Malaysia Plan ( 1991-95 ) the fabrication sector is expected to account for 32.4 per centum of Malaysia # 8217 ; s GDP by 1995 and it will keep its place as the largest sector of the economic system. Output of the fabrication sector is projected to increase at an one-year mean rate of 7.9 per centum during 1986-95 and the taking growing sectors are expected to be electrical and electronic merchandises, fabrics, machinery and conveyance equipment and basic metal merchandises. Peninsular Malaysia histories for about 90 per centum of the state # 8217 ; s entire fabrication end product. Malaysia is presently the universe # 8217 ; s largest manufacturer of semi-conductors and the 2nd largest manufacturer of room air-conditioners. General Description of Economy Ma laysia has a comparatively unfastened, market-oriented economic system ; existent GDP has grown between 6 and 8 per centum per twelvemonth from 1964-1984. Since independency in 1957 the Malayan economic system has shown sustained growing and has diversified off from the duplicate pillars of the colonial economic system, Sn and gum elastic. In 1985-1986, the prostration of trade good monetary values led to Malaysia # 8217 ; s worst recession since independency, with existent GDP falling one per centum. Since so, the economic system has rebounded, led by strong growing in both foreign and domestic investing and exports of industries, with existent GDP turning at an mean rate of over 8percent. In 1995 existent GDP growing reached about 9.6 per centum. After a decennary of such sustained economic growing, during which existent GDP increased in surplus of 8 % yearly, Malaysia # 8217 ; s economic system at mid-year 1998 was headed for recession. Real GDP contracted by 1.8 % in the first one-fourth, year-on-year, the first quarterly contraction since 1985. By old ages end the authorities announced that the GDP had contracted by about 2 % . Malaysia since July 1997 has been buffeted by the economic and fiscal downswing that presently plaques most of Asia. Despite stronger basicss relative to its neighbours, turning investor concerns over inordinate commercial belongings investing, high degrees of domestic corporate debt, government-funded megaprojects, and the deficiency of crystalline policies sing support for troubled houses contributed to enter diminutions in the local stock market and value of the Malayan currency. As of mid-July 1998, portions on the Kuala Lumpur Stock Exchange were merchandising at 9-year depressions, with the KLSE Composite Index good below 450. The ringgit has slid from RM2.5 to approximately RM4.2 against the US dollar in the span of 12 months. The ringgit presently is presently traded at approximately 3.5 to the dollar. Role Of Government General Policy Framework While the authorities plays a diminishing function as a manufacturer of goods and services, it continues to keep equity bets ( sometimes important 1s ) in a broad scope of domestic companies. These entities are seldom monopolies ; alternatively, they are one ( by and large the largest ) participant among several rivals in a given sector. Government-owned entities are major participants in some sectors, peculiarly plantations and fiscal establishments. In 1986, the authorities began privatising many entities, including telecommunications, the national electricity company, the national air hose and the authorities transporting house. For illustration, the authorities sold off its staying portions in Malaysia Airlines Systems ( MAS ) in 1994. Similarly, in 1995 the authorities sold its controlling involvement in Heavy Industries Corporation of Malaysia ( HICOM ) , proprietor of the national auto fabrication installations, to a private company. Seaports, authorities infirmaries and station offices are in assorted phases of denationalization. Malaysia supports planetary trade liberalisation steps and encourages direct foreign investing, peculiarly in export oriented fabrication and high tech merchandises. Malaysia # 8217 ; s 1996 federal budget reduced import duties on over 710 points and abolished import responsibilities and gross revenues revenue enhancement on 800 points of natural stuffs and equipment. Multinational corporations control a significant portion of the fabrication sector. U.S. and Nipponese houses dominate the production of electronic constituents ( Malaysia is the universe # 8217 ; s 3rd largest manufacturer of incorporate circuits ) , consumer electronics, and electrical goods. Foreign investors besides play of import functions in crude oil, fabrics, vehicle assembly, steel, cement, gum elastic merchandises, and electrical machinery. Entire US exports to Malaysia 1997 were 10,779,991,890. US entire exports in the same twelvemonth 689,182,431,220. Fiscal PolicyThe authorities follows a conservative fin ancial policy, really with a excess in its operating history. The authorities reduced the personal income revenue enhancement from a maximal revenue enhancement rate of 32 per centum to 30 per centum in the 1996 budget, conveying it to the same degree as the corporate income revenue enhancement rate. Monetary PolicyMalaysian pecuniary policy is aimed at commanding rising prices while supplying equal liquidness to excite economic growing. Monetary sums are controlled by the cardinal bank through its influence over involvement rates in the banking sector, unfastened market operations and, on occasion, alterations in modesty demands. Exchange Rate Policy Malaysia has a well unfastened foreign exchange government. The Malayan currency, the ringgit ( RM ) , floats against the U.S. dollar. Bank Negara ( the cardinal bank ) does non specifically nail down the ringgit, but does step in in the foreign exchange market to smooth out fluctuations and discourage guess on the ringgit. It by and l arge tracks the ringgit # 8217 ; s value against a trade-weighted basket of currencies in which the U.S. dollar has a big weighting. Bank Negara # 8217 ; s declared policy is to keep a stable exchange rate which reflects the currency # 8217 ; s true underlying value instead than to pull strings the rate to hike exports. Structural Policies Pricing PoliciesMost monetary values in Malaysia # 8217 ; s economic system are market determined, but the authorities controls monetary values of some cardinal goods, notably fuel, public utilities, cement, motor vehicles, rice, flour, sugar and baccy. Overall tariffs norm less than 10 per centum on a trade-weighted footing and import licences are required for a little scope of goods, e.g. , cars, meat, baccy and plastic rosins. Since 1993 the federal authorities has lowered or eliminated duties on over 5,200 points to defuse domestic rising prices and to run into committednesss in the Uruguay Round and the Association of South East Asiatic N ations ( ASEAN ) Free Trade Agreement ( AFTA ) . The agricultural sector, nevertheless, does incorporate some restrictive duties and Non-tariff barriers. For illustration, the authorities fixes floor monetary values for locally grown rice and baccy to promote domestic production and to hike down rural incomes. Despite this monetary value inducement, local rice production does non run into demand ; the exclusive authorised importer, a government-owned corporation, must import about 40 per centum of the state # 8217 ; s rice demands. Inthe instance of baccy, the authorities pushes coffin nail makers to utilize a high proportion of local baccy. Imports of baccy are restrained by high import responsibilities and controlled through import licences. Debt Management Policies Malaysia has a strong recognition evaluation in international fiscal markets ; most public and private companies seemingly have no trouble accessing financess. Malaysia # 8217 ; s foreign debt ( both populace and pri vate sector ) was around $ 27.4 billion at the terminal of 1995, approximately 32 per centum of GDP. Currently I am non certain what it is hundred Service BarriersMalaysia protects most service sectors. For illustration foreign attorneies, designers, etc. , are by and large non allowed to pattern in Malaysia. Financial ServicesBanking, insurance and stockbroking are all topic to authorities ordinance which limits foreign engagement. For illustration, no new banking licences are being granted for either local or foreign corporations ( with the exclusion of the Bank of China which reportedly will be allowed to open a subdivision. ) Foreign-controlled companies are required to obtain 60 per centum of their local recognition from Malayan Bankss. Worker Rights The Right of AssociationUnions may form workplaces, deal jointly with an employer, signifier federations, and fall in international organisations. As of 1994, there were 519 brotherhoods registered in Malaysia. A trade brotherhood for which enrollment has been refused, withdrawn or cancelled is considered an improper association. Strikes are legal and comparatively few ( 14 work stoppages in 1994 ) . Government policy places a de facto prohibition on the formation of brotherhoods in the electronics sector, but allows in-house brotherhoods. During Recession The authorities has taken a strong pro-active function in the development and industrialisation of the Malayan economic system. This has included important province sector investing, a close confederation between authorities and the private concern community, a steady tendency of privatising province endeavors, and a assortment of policies and plans to bolster the economic position of the Malay and autochthonal communities. While the authorities has taken important pre-emptive steps to beef up the fiscal system, Malaysia # 8217 ; s banking sector has come under increasing emphasis as non-performing loans continue to mount. Bankruptcies are on the rise, and several major Malayan corporations, burdened with heavy debt tonss, have late sought tribunal protection from creditors. Malaya, however, remains purpose on developing its ain solutions to the economic and fiscal crisis, and has resisted farther liberalisation of its economic system. The authorities late announced programs to set up a corporation to alleviate Bankss of their non-performing loans. On the financial side, it announced two economic stimulation bundles to increase authorities disbursement for substructure, wellness, instruction, and other countries.

Large number of public wells in The U.S. Essays -

Findings showed that naturally occurring contaminants, such as radon and arsenic, accounted for about three-quarters of contaminant concentrations greater than human-health benchmarks in untreated source water. Naturally occurring contaminants are mostly derived from the natural geologic materials that make up the aquifers from which well water is withdrawn. Man-made contaminants were also found in untreated water sampled from the public wells, including herbicides, insecticides, solvents, disinfection by-products, nitrate, and gasoline chemicals. Man-made contaminants accounted for about one-quarter of contaminant concentrations greater than human-health benchmarks, but were detected in 64 percent of the samples, predominantly in samples from unconfined aquifers. "Detections of contaminants do not necessarily indicate a concern for human health because USGS analytical methods can detect many contaminants at concentrations that are 100-fold to 1,000-fold lower than human-health benchmarks," said lead scientist Patricia Toccalino. "Assessing contaminants in these small amounts helps to track emerging issues in our water resources and to identify contaminants that may warrant inclusion in future monitoring." Scientists tested water samples for 337 properties and chemical contaminants, including nutrients, radionuclides, trace elements, pesticides, solvents, gasoline hydrocarbons, disinfection by-products and manufacturing additives. This study did not assess pharmaceuticals or hormones. Most (279) of the contaminants analyzed in this study are not federally regulated in finished drinking water under the Safe Drinking Water Act. The USGS also sampled paired source and finished (treated) water from a smaller subset of 94 public wells. Findings showed that many man-made organic contaminants detected in source water generally were detected in finished water at similar concentrations. Organic contaminants detected in both treated and source water typically were detected at concentrations well below human-health benchmarks, however. Additionally, the study shows that contaminants found in public wells usually co-occurred with other contaminants as mixtures. Mixtures can be a concern because the total combined toxicity of contaminants in water may be greater than that of any single contaminant. Mixtures of contaminants with concentrations approaching benchmarks were found in 84 percent of wells, but mixtures of contaminants above health benchmarks were found less frequently, in 4 percent of wells. This USGS study identifies which contaminant mixtures may be of most concern in groundwater used for public-water supply and can help human-health researchers to target and prioritize toxicity assessments of contaminant mixtures. The USGS report identifies the need for continued research because relatively little is known about the potential health effects of most mixtures of contaminants. Wells included in this study are located in 41 states and withdraw water from parts of 30 regionally extensive aquifers, which constitute about one-half of the principal aquifers used for water supply in the United States. Human-health benchmarks used in this study include U.S. Environmental Protection Agency Maximum Contaminant Levels for regulated contaminants and USGS Health-Based Screening Levels for unregulated contaminants, which are non-enforceable guidelines developed by the USGS in collaboration with the EPA and other water partners. Treated drinking water from public wells is regulated under the Safe Drinking Water Act. Water utilities, however, are not required to treat water for unregulated contaminants. The EPA uses USGS information on the occurrence of unregulated contaminants to identify contaminants that may require drinking-water regulation in the future.

Ratio Analysis on Different Pharmaceuticals in Bangladesh Essays

Ratio Analysis on Different Pharmaceuticals in Bangladesh Essays Ratio Analysis on Different Pharmaceuticals in Bangladesh Paper Ratio Analysis on Different Pharmaceuticals in Bangladesh Paper Table of Content 1. Letter of transmittal†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦03 2. Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦04 3. Ratio Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 06 4. Liquidity†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦07 i. Current ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦08 ii. Quick Ratio†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 09 5. Asset management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 iii. Inventory turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 iv. Days sales outstanding (DSO)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 v. Fixed asset turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 vi. Total assets turnover†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦14 6. Debt management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 15 vii. Total debt to total assets†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 viii. Times-interest-earned (TIE)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦17 ix. EBITDA coverage†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 7. Profitability†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 19 x. Profit margin on sales†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 xi. Basic earning power (BEP)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦21 xii. Return on total assets (ROA)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 xiii. Return on common equity (ROE)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦23 8. Market value†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 24 xiv. Price/earning (P/E)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25 xv. Price/cash flow†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦26 xvi. Market/book (M/B)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦27 9. Overall Financial Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 28 10. Balance sheet, cash follow and income statement of BEXIMCO LTD 11. Balance sheet, cash follow and income statement of SQUARE LTD 12. Balance sheet, cash follow and income statement of Renata LTD Acknowledgements At first our thanks goes to Mr. S. M. Abdus Shakur, Lecturer, School of Business, Presidency University, for giving us the responsibility to prepare this report which we found to be a rather interesting topic to work on, and for the help to prepare the report as well. We got help from many people in the context of preparing this report and some of the persons have been very helpful and cooperative with information and suggestions. And lastly, we would like to thank each other, means the group members for helping each other whenever we have to get help. Introduction: Financial Ratio Analysis is a tool used by individuals to conduct a quantitative analysis of information  in a companys financial statements. Ratios are  calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company. Ratio analysis is predominately used by proponents of fundamental analysis. Financial ratios are designed to help one evaluate financial statement and by comparing the results it must pay to the income it has available for payment such comparisons are made by ratio analysis. Here we take three companies from the same industry to analyze their financial statement and we also compare the findings with the total pharmaceuticals industry average. The companies name we took are- 1. BEXIMCO PHARMACEUTICALS LIMITED. 2. SQUARE PHARMACUTICALS LTD. 3. RENATA LIMITED. 4. AMBEE PHARMACEUTICALS LTD. Ratio Analysis Financial ratios are useful indicators of a firms performance and financial situation. Financial ratios can be used to analyze trends and to compare the firms financials to those of other firms. Financial ratios can be classified according to the information they provide. The following types of ratios frequently are used: 1. Liquidity ratios 2. Asset management ratios 3. Debt management ratios 4. Profitability ratios 5. Market value ratios LIQUIDITY RATIOS Liquidity ratios are the first ones to come in the picture. These ratios actually show the relationship of a firm’s cash and other current assets to its current liabilities. Two ratios are discussed under Liquidity ratios. They are: 1. Current ratio 2. Quick/ Acid Test ratio. 1. Current ratio: This ratio indicates the extent to which current liabilities are covered by those assets expected to be converted to cash in the near future. Current assets normally include cash, marketable securities, accounts receivables, and inventories. Current liabilities consist of accounts payable, short-term notes payable, current maturities of long-term debt, accrued taxes, and other accrued expenses (principally wages). Current Ratio = Current Assets/Current Liabilities BEXIMCO =28618916542602032267 1. 10 times Square=44118364363500845103 =1. 26 times Renata=988092820717068650 =1. 38 times Ambee=218724505222145758 =0. 985 times Industry average=1. 18 times 2. Quick/ Acid Test ratio: This ratio indicates the firm’s liquidity position as well. It actually refers to the extent to which current liabilities are covered by those assets except inventories. Quick Ratio = (Current Assets-Inventories)/Current Liabilities BEXIMCO =28 61891654-15052880932602032267 =1. 04 times Square=4411836436-20267363223500845103 =1. 20 times Renata=988092820-959414590717068650 =0. 04 times Ambee=218724505-135899190222145758 =0. 37 times Industry Average=0. 66 times ASSET MANAGEMENT RATIOS Asset management ratios are the financial statement ratios that measure how effectively a business uses and controls its assets. Below are discussed five types of asset management ratios: 1. Inventory turnover ratio 2. The day’s sales outstanding 3. Fixed asset turnover ratio 4. Total asset turnover ratio 1. Inventory turnover ratio: The ratio is regarded as a test of efficiency and indicates the rapidity with which the company is able to move its merchandise. Inventory turnover ratio = Gross Turnover / Inventories BEXIMCO = 40101670591505288093 =2. 66 times Square= 82310975252026736322 =4. 06 times Renata=3089746417959414590 =3. 22 times Ambee=240726296135899190 =1. 77 times Industry Average=2. 93 times 2. The Days Sales Outstanding: The Days Sales Outstanding ratio shows both the average time it takes to turn the receivables into cash and the age, in terms of days, of a companys accounts receivable. This ratio is of particular importance to credit and collection associates. Days Sales Outstanding (DSO) = Trade Debtors/ (Annual gross turnover/365) BEXIMCO =5039164014010167059/365 =19. 23 Days Square=3602456469565715902/365 =13. 75 Days Renata=3442269333089746417/365 =40. 66 Days Ambee= 38179778240726296/365 =57. 89 days Industry Average=32. 88 days 3. Fixed asset turnover ratio: The Fixed Asset Turnover ratio measures the effectiveness in generating Net Sales revenue from investments in Net Property, Plant, and Equipment back into the company evaluates only the investments. Fixed assets turnover ratio (FATO) = Gross Turnover / Net fixed assets Beximco=401016705911957773787 =0. 34 times Square=82310975258291290984 =0. 99 times Renata=30897464771656161962 =1. 87 times Ambee=24072629660695282 =3. 97 times Industry Average=1. 79 times 4. Total asset turnover ratio: The Total Asset Turnover is similar to fixed asset turnover since both measures a companys effectiveness in generating sales revenue from investments back into the company. Total Asset Turnover evaluates the efficiency of managing all of the companys assets. Total assets turnover ratio (TATO) = Gross Turnover/Total Assets Beximco=401016705914819665441 0. 27 times Square=825784373912703127420 =0. 65 times Renata=30897464173162232934 =0. 98 times Ambee=24072629657247033 =4. 21 times Industry Average=1. 53 times DEBT MANAGEMENT RATIOS Debt management ratios reveal 1) the extent to which the firm is financed with debt and 2) its likelihood of defaulting on its debt obligations. These ratios include: 1. Debt ratio, 2. Times-Interest-Earned (TIE) ratio, 3. EBITDA Coverage . 1. Debt ratio: The ratio of total debt to total assets, generally called the debt ratio, measures the percentage of funds provided by the creditors. Debt ratio = Total Debt / Total Assets Beximco=436946329614819665441 =29 % Square=428608671512703127420 =34 % Renata=15001595773162232934 =47 % Ambee= 4800990157247033 =83% Industry Average=48. 25% 2. Times-Interest-Earned (TIE) ratio: This ratio measures the extent to which operating income can decline before the firm is unable to meet its annual interest cost. EBIT = Earnings before Interest and Tax TIE ratio = EBIT / Interest Charges Beximco=963775308249654298 =3. 86 times Square=2908395181397135963 =7. 32 times Renata=69719063387270665 =7. 99 times Ambee =78642302395026 3. 28 times Industry Average=5. 61 times 3. The EBITDA coverage ratio: The EBITDA coverage ratio shows if earnings are able to satisfy all financial obligations including leases and principal payments. (EBITDA is short for earnings before interest, taxes, depreciation, and amortization. ) EBITDA Ratio = EBITDA + Lease Payment/ Interest + Principal Payment + Lease Payment Beximco=963775308+5887353+30993608+10302868 249654298+3556423568 =0. 29 times Square=2908395181+454290404+57334928+140936267397135963+2279693991 =0. 56 times Renata=697190633+1628151487270665 =1. 17 times Ambee=7864230+9614002395026+0+7864230 =0. 86 times Industry Average=0. 72 times PROFITIBILITY RATIO: Profitability is the net result of a number of policies and decisions. Profitability ratios show the combined effects of liquidity, asset management and debt on operating results. There are four important profitability ratios that we are going to analyze: 1. Profit Margin on sales 2. Basic Earning power (BEP) 3. Return on Asset 4. Return on Equity 1. Profit Margin on Sales: Profit Margin on Sales gives us the net profit that the business is earning per dollar of sales. The equation is as follows: Profit margin on Sales = Net income available to the stockholders / Sales Beximco=5453412734010167059 =13. 6 % Square=13818630938257843739 =16. 7 % Renata=4331458043089746417 =14 % Ambee=6347155240726296 =2. 64% Industry Average=11. 735% 2. Basic Earning Power (BEP): The ratio indicates the ability of the firm’s assets to generate operating income. The equation is as follows: Basic Earning Power = EBIT / Total Assets Beximco=96377530814819665441 =6. 5 % Square=290839518112703127420 =22. 9 % Renata=6971906333162232934 =22 % Ambee=786423057274033 =13. 3% Industry Average=16. 28% 3. Return on Total Assets (ROA): Return of total asset measures the amount of Net Income earned by utilizing each dollar of Total Assets. The equation is: Return on Total Assets (ROA) = Net income available to total common shareholders / Total assets Beximco=54534127314819665441 =3. 7 % Square=138186309312703127420 =10. 9 % Renata=4331458043162232934 =13. 7 % Ambee=63471555727 4033 =11. 08% Industry Average=9. 85% 4. Return on Equity (ROE): Return on Equity measures the amount of Net Income earned by utilizing each dollar of Total common equity. It is the most important of the â€Å"Bottom line† ratio. By this, we can find out how much the shareholders are going to get for their shares. The equation is: Return on Equity (ROE) = Net income available to common shareholders / Total common equity Beximco=54534127310450202145 =5. 2% Square=13818630938417040705 =16. 4% Renata=433145804155075461 =2. 79% Ambee=634715546527981 =13. 64% Industry Average=9. 51% MARKET VALUE RATIOS The final group of ratios, the market value ratios relates the firm’s stock price to its earnings, cash flow and book value per share. These ratios give management an indication of what investors think of the company’s past performance and future prospects. In this section, we are going to have a discussion mainly on three types of ratios: 1. Price/Earnings Ratio 2. Price/ Cash flow Ratio 3. Market/ Book Ratio 1. Price/ Earnings ratio: The Price/ Earnings ratio (price-to-earnings ratio) of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. P/E ratio = Price per share / earnings per share Beximco=104. 33 =2. 309 times Square=100114. 47 =0. 87 times Renata=100374. 44 =0. 267 times Ambee=103. 17 =3. 15 times Industry Average=1. 65 times 2. Price/ Cash Flow ratio: This ratio indicates the amount investors will pay for Tk. 1 of cash flow. The equation for this ratio is shown below: Price/ Cash flow ratio = Price per share/Cash flow per share Beximco=10(545341+147183829)/1045020214 =70. 73 times Square=100(1381863093+652561599)/18170407 =1. 11 times Renata=100(433145804+16281514)/1156787 =3. 88 times Ambee= 10(6347155+57274033)/46527981 =7. 31 times Industry Average=20. 6 times 3. Market/ Book ratio: The ratio of stock’s market price to its book value. The Equation is: Market/Book ratio (M/B) = Market price per share / Book value per share Beximco=167. 7104502021451045020214 =16. 77 times Square=3151. 258417040705/18170407 =6. 80 times Renata=7789. 75115678700/1156787 =77. 89 times Ambee=12910 =12. 9 times Industry Average=28. 59 times OVERALL FINANCIAL SUMMARY After analyzing all the ratios, we have found out the following information: 1. Liquidity Ratios: In the liquidity ratio we can see that both current atio and quick ratio is good in average for Square comparing with the industry average. Renata’s current ratio is quite well, but it seems that the company has too much inventories, so, the quick ratio got lower. 2. Asset Management Ratios: for the asset management ratios, we can see that for the first two, Square is in a good shape. But for the asset turnover ratios, Ambee plays a good role. Meaning that Square is good in turning its current assets to liquidity, and Ambee is good at moving its long term assets to liquidity. 3. Debt Management Ratios: in Debt management ratio analysis, we can see that for debt ratio and TIE ratio, both Beximco is in a good shape on an average. Bot for the EBITDA Coverage ratio, Renata does the best. But, as a whole, we can say that Beximco is quite good in managing its debt. 4. Profitability Ratios: for the profitability ratios, we can see that square is very good at both Profit margin on sales, and BEP ratios. At ROA, Square is okay, but Renata and Ambee are very good. Again for ROE, Square is extra ordinarily good. So, we can say that Squrae is very good at managing and earning profit. 5. Market Value Ratios: here we see that for the first two analyses, Beximco’s market value is higher, but for the last one, renata’s valu is higher, but Beximco’s was okay. So, we can say that in terms of market value, Beximco is good on average. From the total analysis, we can summarize that Square Pharmaceuticals Ltd and Beximco Pharmaceuticals Ltd have been doing pretty good throughout the years. It is true that for some cases both the companies are in an okay shape, but it is still pretty much satisfactory. Therefore, we can conclude that both Square Pharmaceuticals Ltd and Beximco Pharmaceuticals Ltd are good enough company to invest on.

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