Injuries From An Accident Happen All The Time And Can Happen

Injuries from an accident happen all the time and can happen to anyone. Questions arise from workplace accidents involving injuries. Number one issue in this incident is to determine could this accident/injury been prevented. A thorough analysis needs to be completed. John Craftsman, a company employee, has been severely injured on his hand when pushing a large piece of wood through a table saw in the production shop. Therefore, John claims that he followed the procedures when working, and the company is legible for his injuries. According to him, the machine had no guarantee of keeping the employee safe when working. As for the company’s shop manager, David Waffler, he claims that the machine was in a safe condition since he was not†¦show more content†¦Harry further claims that he saw John with his co-workers laughing and goofing which could have led to the accident. Therefore, the blame game between the employee, foreman and the manager tends to be the resultan t factor of this problem. Analysis of the Information For that reason, it would be appropriate if I could develop some vital questions that would support me in trying to analyze and address such an issue. First, should John claim that the company is liable for his injuries? If so what appropriate measures should he had taken? Also, if the company is responsible what should they do to John? On the other side what should be done to John if it is known that the business is not liable for the injuries? As the foreman stated that the machine was in a perfect condition who should be blamed if the machine was incapacitated. At the time of trying to analyze and scan the environment where one can source out relevant information regarding the conflict. I will be looking at the different evidence produced by the employee’s party and the company. For instance, on the employee side John claims that the business is liable for his injuries because the machine being used was not in a proper condition for their safety. He receives backup from one of his colleagues that they had informed Harry the shop foreman concerning the state of theShow MoreRelatedConstruction Site Accidents1084 Words   |  5 PagesCONSTRUCTION SITE ACCIDENTS PROPOSAL 1.0 INTRODUCTION The construction sector has been ranked as the industry with the highest number of occupational injuries that are both fatal and non fatal. When big construction jobs are initiated, such as building a new housing or shopping complexes, there is a great deal of movement going on in a small area. Cranes, trucks and diggers are all vying for space to complete their project in a timely manner. Every year, many people fall victim to injury, harm and evenRead MoreEssay about Causes of Car Accidents683 Words   |  3 PagesCauses of car accidents Car accidents can happen to drivers anytime, anywhere. According to the National Safety Council, which stated that more than 2.5 million collisions back every year, making it the most common type of car accidents, it is also known that the accident rear end as incidents of injury, because the nature of the collision leads often in whiplash injury the driver in the car in front and about 20% of people who participated in a rear collision injury symptoms of this kind. Read MoreCar Accident Speech739 Words   |  3 PagesA car accident can be one of the scariest moments we go through in life. For a few seconds everything slows down and we have to watch as our body goes through abuse that it can only handle for so long. For those few seconds there seems to be nothing we can do but wait for it to be over. 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The book Non-traditional Careers for Women states that, â€Å"Police officers protect the people and help keep the peace† (155). For a long time now many people have been saying that all KauaiRead MoreA Brief Note On The Tampa Bay Auto Accident949 Words   |  4 Pages[Auto Accidents] The Tampa Bay Auto Accident Attorney with the experience you need and the personal attention you deserve. What should you do after a car accident? In Florida there are over 16,000 million drivers and more than 200,000 car accidents per year. It’s likely that one day you will be involved in a car accident. Here are some important guidelines to follow if you are in an accident: †¢ Never leave the scene of a car accident. If you do, you risk criminal charges. †¢ Check to see if thereRead MoreCar Accidents Essay992 Words   |  4 PagesCar accidents are a leading cause of both morbidity and disability. A car accident is said to have occurred when a motor vehicle collides with another motor vehicle, a pedestrian, an animal, a structure, a building or road equipment. Despite strict laws that govern speeding, drunk driving, distracted driving and overall driver negligence, car accidents continue to increase. New data from the National Safety Council shows that car accident fatalities have increased by a third from 2014 to 2016 inRead MoreEssay on truama c-spine1431 Words   |  6 Pageshave a jeopardized spinal cord resulting from an injury or suspected injury to their cervical spine. I am a certified emergency medical technician, farm-medic instructor and currently a medical diagnostic student doing clinicials. In the United States each year there are approximately 10,000 reported cervical spine injuries that come into emergency rooms. Motor vehicle accidents account for approximately 45%, falls approximately 30%, the remaining 25% from sports and miscellaneous. Although onlyRead MoreCyp 3.41334 Words   |  6 PagesUnit CYP 3.4 – Understand appropriate responses to accidents, incidents, emergencies and illness in school and during out of school activities 3.4/4.1 In our school we have policies and procedures in place in how to respond to accidents, incidents, emergencies and illness and procedures for reporting and recording these incidents. If an accident does happen, and it results in an injury to a child, the teacher will do all she/he can to aid the child concerned. The school keeps first aid boxes

Labor Relations - 724 Words

Labor Relations Grand Canyon University: HLT-520 James Webb September 23, 2015 The National Labor Relations Act (NLRA) started in July 1935 to protect the rights of employees, rather, they be union or nor-union employees (Pozgar, 2012). The employees are protected under the Act or may employ in bubble-like, rigorous goings-on in situations other than the customary union organizations and cooperative bargaining. The National Labor Relations Board regulates the employers from interfering with the rights of the employees to implement or organize and join with a groups that offers assists with collective bargaining purposes like organization union or joining one (Pozgar, 2012). The employer may not restrain, coerce or stop employees†¦show more content†¦Since employees are continually more progressive and aware of their legal rights and privileges, it is critical for all employers to exercise caution when their employees occupy performance that could be observed as strenuous activity. Patient’s rights come into play during a strike and the patients care is sure to suffer regardless of what is promise by the hospital administration. Failure to provide adequate healthcare services to a patient would be a breach in the provisions and would affect the rights of the patient’s compensations and cause damage to their health (Allabaugh, 2013). Hospital can hire outside agency to cover for the staff that is on strike like nurses. Factors that come into play with hiring outside agency is that the hospital may end up paying more for the replacement and may cause a series of events like low mortality among staff and patients (Allabaugh, 2013). Another factor is with treatment intensity and lower quality of care for patients and hospital readmission causing a decrease in hospital productivity (Allabaugh, 2013). In hiring from outside agency may not be beneficial because it would like hiring a substitute teacher, they only do the minimum duties because they are not fully trained. Patients that need intensive care are more than likely to decline in health do to the substitute not know how to care for the patient. NursesShow MoreRelatedLabor Relations Essays2024 Words   |  9 PagesMG240 DL Labor Relations Research Assignment 1. Define the term â€Å"collective bargaining† and list and describe four issues that are mandatory components of a collective bargaining agreement. Collective bargaining is a process of negotiations between the employer and a group of employees in which terms and conditions of employment are decided. Employees are usually represented in bargaining by a union. 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Thanks to the National Labor Relations Act, many issues were addressed in the past that concernedRead MoreLabor Relations: Collective Bargaining Agreements1588 Words   |  7 Pagescollective bargaining is done among the leaders of labor union and the company’s management that employ the workers for the union. The outcome of the process is known as the collective bargaining agreement, and it also developed the employment rules that are set for several years. The expenses of this representation of employee are paid by the members of the union in form of the dues. The process of colle ctive bargaining might include the employee lockouts or labor strikes if they have trouble in reachingRead MoreThe National Labor Relations Act1462 Words   |  6 Pagesa. National Labor Relations Act The National Labor Relations Act, is occasionally called the Wagner Act, after its primary benefactor, Senator Robert Wagner of New York, conditions and outlines the entitlements of workforces to coordinate and to bargain communally with their superiors through the delegates of their selecting or not to do so. The Act has numerous areas of importance, two of which are: 1) To safeguard that workforces can liberally vote for their individual delegates for collectiveRead MoreThe Role Of The National Labor Relations Act842 Words   |  4 PagesThe National Labor Relations Board (NLRB) is a federal government agency, founded by Congress in 1935 (Galiatsos, 2015). The primary responsibility of the NLRB is to administer the National Labor Relations Act (NLRA). However, the NLRB takes action to safeguard employees right to organize, and to decide whether to have unions serve as their bargaining representative, with their employer (Galiatsos, 2015). The agency also acts to prevent and rem edy unfair labor practices that are committed byRead MoreEssay on National Labor Relations Act1296 Words   |  6 PagesHistory The National Labor Relations Act (NLRA), also known as the Wagner Act, was enacted in Congress in 1935 and became one of the most important legacies of the New Deal. Prior to the passage of the NLRA, employers had been free to spy on, interrogate, discipline, discharge, and blacklist union members. Reversing years of federal opposition, the statute guaranteed the right of employees to organize labor unions, to engage in collective bargaining, and to take part in strikes. The act alsoRead MoreThe National Labor Relations Act ( Nlra )933 Words   |  4 Pagesevery employee. One such law is the National Labor Relations Act (NLRA). This law was endorsed in July of 1935 and was modified by both the Taft-Hartley amendment in 1947, and Landrum Griffin amendments in 1959 (George Pozgar, 2012, p, 474). This law is responsible for stopping and relieving unfair labor practices by employers, their agents, and or organizations. The NLRA is independent of the Department of Labor, but entrusted to the National Relations Labor Board (NLB) (Pozgar, 2012, p. 474). To illustrate

Linking Employee Wellbeing and Engagement - Free Samples to Students

Question: Discuss about the Linking Employee Wellbeing and Engagement. Answer: Introduction Sustainable organisation performance is achieved by sustaining high performance level. There are several indicators that could be used to measure the high organizations' performance, by observing the employee management and the organizations' contribution to the environmental and societal level in the long run and also the financial indicators. There are internal and external challenges that face the organizational performance, but only successful organizations can manage these challenges and take the business opportunities. The term of sustainable organisation performance is related to the term of high performance workplace (HPW) and the term of the high performance workplace organization (HPWO). To achieve sustainability of high performance, organizations should be sure of directing the workforce performance towards the fulfilling the short term and long term organizational goals. The HPW was first introduced during 1990s, then it was developed to include, high employee work practi ces, HR practices and reward practices and commitment. Line managers also play a critical role in team management, as the motivational management style matches the HPW (Chartered Institute of Personnel and Development, 2016). The performance management evolution is linked to the strategy management, HRM and project management. It is a widely used concept almost in all of the human activities. Performance management consists of strategic, individual and operational performance management (Brudan, 2010). Implementing the performance management leads to an organizational sustainable growth, unlike other organizations that still depend on the rigid management models. The HPW and performance management process shape the organizational culture by creating empowerment and authority to the organization. The decentralize decision making enables the organization to respond effectively to the external environmental changes. The leaders of the HPWO are inspired to their employees through effective communication regarding the organizational goals and mission (Abdallah Ahluwalia, 2013). This report consists of three parts, the first part discusses the concepts of the HPW and HPWO, the second part highlights the performance management process and the third section concerns with the creation of the HPW within organizations. Addressing the concepts of HPW and HPWO The High performance workplace (HPW) is considered a balanced approach of integrating practices in the context, it also concerns with the managerial skills role within the organization, achieving partnership between the employees and leaders and it concerns with the vision, values and culture (Price waterhouse Coopers, n.da). Key Components of HPW, according to Price waterhouse Coopers (n.da), could be stated as follows: Managerial commitment: As all managerial levels are responsible for creating the organizational shared vision. Flexibility: Refers to the agility by being open to new business trends, acting proactively and ensuring that the leaders and employees are capable to adapt to change with an open mindset. Employee engagement: By creating a collaborative culture that enhances the communication between employees and managers across departments. Creating the organizational culture: Through sharing the ideas, values and vision among the employees. High performance working (HPW) activities exist in different areas as organizational workplace, relations among employees, leadership and developing organizations. Organizations may adopt various HPW approaches, for example, using the training and development. HPW practices affect the organizational performance, although, performance varies across organizations (Wood et al., 2013). For organizations to transfer to a high performance workplace organization (HPWO), is considered a significant change. The performance of the HPWO is measured by the ability of the organization to fulfill its goals and achieve a better position compered to its peers within a period of five years (Waal et al., 2017) There are five HPWO factors, according to Waal et al. (2017), they could be stated as follows: Quality of management: refers to trust, fair treatment, integrity, commitment and respect of managers. Action orientation: Refers to the adaptation of the open culture and involving employees in organizational processes, to allow for making mistakes and considering them as learning opportunities, knowledge sharing and exchanging ideas. Orientation for the long-term: refers to the long term commitment of the organization with suppliers and customers. Continuous improvement: by making the strategies unique through the continuous improvement processes which creates a source of competitive advantage. The quality of the employees: by selecting, recruiting and retaining talented employees and effective leaders who ensure the maximum flexibility and are able to develop their skills. These factors are a result of the combination between individuals, groups, organization and change processes. It is important for managers to realize the best process of creating change processes and implementing them (Waal Heijtel, 2016). Differences among organizations in achieving better performance than their competitors could be due to organizational internal factors, including the type of products and services and organizational culture, or they could be due to external factors, including complexity level in the industry and market conditions (Waal Goedegebuure, 2017). A brief evaluation of the link between HPW and sustained organisation performance, employee well-being and competitive advantage: In order to sustain the organizational performance, it is important to create a shared vision, to enable the organization to communicate with its stakeholders. The vision should describe the required outcomes, their aspects and features in order to sustain the achievements of the HPWO in the future. Employees are not required to be involved in creating the transformational vision of the organization. The change vision towards HPWO should be translated to the group and individual levels within the organization to be a shared vision among all of the organizational departments. The change management structure could be used to manage the changing environment to be compatible with the requirements of the change process. This may involve transformational leaders who have the ability to mobilize resources (Waal Heijtel, 2016). The HPW requires a high performance team and a good leader. Building the high performance team requires creating the right environment which encourages creativity and innovation and enables leaders to take the right decisions. Then it is important to promote the group discovery, through encouraging creative idea development. Harnessing the power of process through strategic planning and involving employees in the strategic planning process and in determining the priorities for implementation. It is important to schedule the strategic processes in relevance to high standards. Finally, it is important to review the process of creating a high performance team through and the output of the team and what is required to enhance the performance of the team in the future (Eales, 2012). Employees need to develop their skills by learning new behaviors, technology and processes with regard to the change vision. Training should be offered to the employees to provide the required skills to enable individuals to adapt to change and implement the change. Both of the individual and group levels sustain the change and avoid the risk of failing due to the high performance level of the urgency of operations. It is important to the management to keep informing individuals with necessary updates to assure good management of change and to create unique strategies that differentiate the organization from its competitors to achieve the competitive advantage and sustain this competitive advantage through a continuous process of performance development (Waal Heijtel, 2016). An identification of some of the main barriers to HPW: Researchers argue that in spite of the high importance of the HPW and HPWO not all of the organizations adopt these approaches. They may be hard to be adopted as they require innovation at workplace, and not all of the organizations are capable of creating an innovative workplace or able to create the assisting environment for creativity. It may be costly for some organizations to invest in technological innovations in the workplace. Uncertainty about the returns of investments may lead the organizations to avoid them or reduce the investments amounts allocated to technological investments as it also involves high levels of human capital (Lynch, 2015). Also it is found that high flexibility is not always good at the workplace, as flexibility results in teleworking which may have a negative impact on the employee performance as feeling isolated. Others may find that they are overloaded compared with employees in the office. These aspects negatively affect the HPWO. Other researchers argue that HPW affect the level of satisfaction of the employees and overload them as a result of job stress and work life in balance. Also, the type of the industry affects the organizational performance and the employees' satisfaction (Mariappanadar Kramar, 2014). Performance management According to Ohio Department of Administrative Services (2015), it is important for organizations to have a performance management cycle in order to: Share the knowledge with the employees regarding the organizational vision, mission and objectives. Provide the employees with their performance evaluation regarding their achievements in comparison to the expectations. To assist in improving employees' performance. Enhancing communication and improving the relationships among employees. Developing employees' capabilities, skills and knowledge According to Ohio Department of Administrative Services (2015), the performance management cycle involves four steps as follows: Setting organizational goals: Performance expectations should be defined to include, the quality, timeliness, quantity and outcomes of routine jobs. Performance expectations are the same to employees doing the same job. These expectations are the basis of evaluation of the main duties of their jobs. Goals are defined as the products and improvements that the employees should make to achieve the organizational purposes, accordingly, goals differ from employee to another. Although, the organizational goals should be mainly based on the organizational needs. When defining the organizational goals, some aspects should be considered, as follows: To clearly understand what the organization wants to improve and achieve. Defining possible and challenging goals. Defining measurable outcomes within a timeline. Relating the goals to the organizational mission. Goals could be settled according to the SMART goals. Communicating goals: It is important to share information with employees and encourage them to discuss any issues that need clarification. Employees have to be informed with their goals in relation to the organizational goals in order to enable management to measure the employee's performance according to the expectations. Observing employees' performance and providing Feedback: Employees' performance should be observed and a feedback of their performance should be provided. Observing the employees' performance requires focusing on certain actions, and focusing on many details, gather information from different sources and evaluating the employees' performance after finishing the observation process. Evaluating performance: After evaluating the employees' performance, a feedback should be provided to them on a regular basis to enable them to adjust their performance according to the organizational goals. Feedback should be timely, specific, regular, and manageable by the employee, related to the task and it should consider employees' strengths and weaknesses. The role of development and performance reviews: The goals of the groups and individuals should be aligned with the organizational goals. Both of the groups and individuals' performance should be rated among their peers. This process involves the development of employees' skills to achieve excellence and fulfill their goals. Employees' performance should be discussed with them in the annual assessment (Center for organizational workforce effectiveness, 2011). The performance provides a day to day and long term employees' management. Employees do their best to develop their performance when the performance management system is applied (Gifford, 2016). It is important to develop the organizational performance to ensure the organization's survival and ensure its positive performance (Ibrahim Primiana, 2015). 2.2. Examples of different ways of involving line managers in the performance review process: Line managers are identified as the main driver of better organizational management. They provide team members with the scope and treat them individually. They enhance the employee engagement by using their coaching skills. Line managers use different ways to develop the skills of the team members. Training people should be aligned with the expected outcomes. For example, workload management to correctly evaluate the employee performance either coping with the workload or not. Managers should be able to answer the employees' inquiries and provide them with the right and timely answers. Line managers should differentiate between employees according to their skills as what fits the customer service employees do not fit the operations employees (Personnel Today, 2013). Employee engagement is usually supported by the quality of the relationship with the line manager, for example, the line manager role in creating motivation. Survey researchers argue that three quarters of the managers have already coached their reports, but less than third the employees agree to this. Accordingly, line managers should manage their own responsibilities. Having a performance management system review does not guarantee that the employees will be improved, although employees who know the organizational goals could better achieve these goals (Chartered Institute of Personnel and Development, 2015). Line managers should treat the talent employees as an organizational resource that could be mobilized in different functional areas within the same organization (Price waterhouse Coopers, n.db). There are specific traits of personality that impact the leadership style to be an effective leader who can guide the team members, for example, the dominant leadership style is task oriented, which may not match the organizational requirement of cross functional team work, also the performance management system may need to be more flexible (Colville Millner, 2011). A brief evaluation of the contribution of the performance management process to promoting challenges, capability or recognizing and rewarding talent: Performance management is considered a continuous process of managing employees' performance through promoting and developing principles and values needed to develop the organizational performance. It involves activities as continuous performance review, rewarding employees' achievements, coaching, feedback and communication. The organizational overall performance is the collective performance of individuals within the organizations. Performance management is considered a tool to promote superior performance of the organizational workforce, through identifying the best ways to improve the employees' performance, job description and a 360 degree feedback. The performance management system should be reviewed to ensure its objectivity and fair treatment of employees in all organizational departments. Also, a recognition and rewarding system will assist in employee recognition. Effective performance management is considered a source of organizational competitive advantage (Sahoo Mishra, 2012). The level of employee engagement is a performance measure as they are positively linked. It is important to the HR to monitor the engagement rate to implement performance management (Colville Millner, 2011). Organizational culture is considered a basis for the high performance workplace which could be a source of competitive advantage for the organization if it could be actively shared across the organization. Practices and values are communicated within employees (Gupta, 2011). Sharing learning experiences are an enabler for long term performance. Line managers play a critical role in sharing, learning across the organization (Chartered Institute of Personnel and Development, 2011). An organizational approach towards shared values creation and communication, problem solving, trust, customer focus and learning are currently taking place in the HPWO (Keeble Armitage, 2010). Culture is related to HPW according to Hofstedes cultural dimensions as cited in Waal Chipeta, (2015), as follows: Power distance and HPO:Tthe leader role differs in a high power distance where the hierarchical levels are larger than the low power distance cultures, as communications between leaders and staff members are less and they are more stressed. The large hierarchical levels prohibits the employees from independent decision making as they have to take the approval of their managers. The low power distance encourages the effective decision making and improves outcomes. Empowering the employees allows them to trust their workplace, accordingly low power distance is best for the HPO. Individualism/collectivism and HPO: Individualism focuses on the personal goals more than the goals of the group. Collectivism encourages cooperation and working within teams, which are considered more suitable to an organizational culture that enhances innovation and trust among team members, accordingly collectivism is best matches the HPO. Uncertainty avoidance and HPO: Uncertainty avoidance people are more likely to obey their leaders and avoid innovation activities. It promotes for commitment, trust and loyalty to work place and it facilitates HPO. Masculinity versus femininity and HPO: Feminine cultures encourages the team members to be interactive with each other, it also builds the self-confidence culture and belonging to the organization. Masculinity cultures highly support organizational learning and innovation. Both of the masculine and feminine cultures are suitable for the HPO. Conclusion The High performance workplace (HPW) is considered a balanced approach of integrating practices in the context, it also concerns with the managerial skills role within the organization. HPW activities exist in different areas as organizational workplace, relations among employees, leadership and developing organizations. The HPW requires a high performance team and a good leader. Building the high performance team requires creating the right environment which encourages creativity and innovation and enables leaders to take the right decisions. For organizations to transfer to a high performance workplace organization (HPWO), is considered a significant change. In order to sustain the organizational performance, it is important to create a shared vision, to enable the organization to communicate with its stakeholders. The change vision towards HPWO should be translated to the group and individual levels within the organization to be a shared vision among all of the organizational departments. Employees need to develop their skills by learning new behaviors, technology and processes with regard to the change vision. Training should be offered to the employees to provide the required skills to enable individuals to adapt to change and implement the change. Line managers are identified as the main driver of better organizational management. They provide team members with the scope and treat them individually. They enhance the employee engagement by using their coaching skills. HPW and HPWO may be hard to be adopted as they require innovation at workplace, and not all of the organizations are capable of creating an innovative workplace or able to create the assisting environment for creativity. It may be costly for some organizations to invest in technological innovations in the workplace. Performance management is considered a continuous process of managing employees' performance through promoting and developing principles and values needed to develop the organizational performance. Organizational culture is considered a basis for the high performance workplace which could be a source of competitive advantage for the organization if it could be actively shared across the organization. Practices and values are communicated within employees. References Abdallah, E Ahluwalia, A 2013, The keys to building a high-performance culture, Buisness Journal. Brudan, A 2010, Rediscovering performance management: systems, learning and integration, Measuring Business Excellence, pp.109-23. Center for organizational workforce effectiveness 2011, Performance management toolkit. Chartered Institute of Personnel and Development 2011, Final report. Chartered Institute of Personnel and Development 2015, Employee outlook- Focus on managers. Chartered Institute of Personnel and Development 2016, CIPD factsheet: Sustainable organisation performance, UK. Colville, K Millner, D 2011, Embedding performance management: understanding the enablers for change, Strategic HR Review, pp.35-40. Eales, R 2012, Building high?performing teams rapidly, Industrial and Commercial Training, 44(7), pp.424-28. Gifford, J 2016, Research report, The Center for Evidence-Based Management. Gupta, V 2011, Cultural basis of high performance organizations, International Journal of Commerce and Management, pp.221-40. Ibrahim, R Primiana, I 2015, Influence business environment on The organization performance, International Journal of Scintific Technology Research, pp.283-93. Keeble, D Armitage, A 2010, Total quality management meets human resource management: Perceptions of the shift towards high performance working, The TQM Journal, pp.5-25. Lynch, L 2015, The evolving nature of high performance workplace practices in the United States, In advances in the economic analysis of participatory and labor-managed firms. Emerald Group Publishing Limited, pp.207-35. Mariappanadar, S Kramar, R 2014, Sustainable HRM: The synthesis effect of high performance work systems on organisational performance and employee harm, Asia-Pacific Journal of Business Administration, pp.206-24. Ohio Department of Administrative Services 2015, Performance management- A Guide to observing, developing and evaluating job performance, USA. Personnel Today 2013, Acas: Linking employee wellbeing and engagement, Viewed 24 August 2017, https://www.personneltoday.com Price waterhouse Coopers n.da, Improving organizational performance. Price waterhouse Coopers n.db, Case study - Motorola - Building Leadership. Sahoo, C Mishra, S 2012, Performance management benefits organizations and their employees. Human Resource Management International Digest, pp.3-5. Waal, A Chipeta, K 2015, Influence of culture on priority-setting of high performance activities, Journal of Strategy and Management, pp.64-86. Waal, A Goedegebuure, R 2017, Investigating the causal link between a management improvement technique and organizational performance: The case of the HPO framework, Management Research Review, 40(4), pp.429-50. Waal, A Heijtel, I 2016, Searching for effective change interventions for the transformation into a high performance organization. Management Research Review, 39(9), pp.1080-104. Waal, A, Peters, L Broekhuizen, M 2017, Do different generations look differently at high performance organizations? Journal of Strategy and Management, 10(1), pp.86-101. Wood, S, Burridge, M, Green, W, Nolte, S, Rudloff, D 2013, High performance working in the employer skills surveys, UK Commission for Employment and Skills.

The Development of Efficient Market Hypothesis Essay Sample free essay sample

For many old ages. many economic sciences have been interested in developing and proving theoretical accounts of stock monetary value behavior. Market Efficiency is one of the of import fiscal theories on stock monetary value behaviour. Many basic fiscal theories. such as Capital Asset Pricing Model ( CAPM ) . Portfolio Theory. and Option Pricing Model are based on Market Efficiency. The Efficient Market Hypothesis ( EMH ) is an economic theory on the efficiency of capital markets. In the twelvemonth of 1970. the EMH was foremost officially formed by Fama in the article of â€Å"Efficient Capital Markets: Theory and experience Research† . which expounded Fama’s EMH. And this article is by and large believed to be the milepost on the survey of how stock market monetary value performs or reflects all sorts of available information and how stock markets monetary values quickly adjust to any new information expeditiously. EMH states that in an unfastened and efficient marke t. We will write a custom essay sample on The Development of Efficient Market Hypothesis Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page security monetary values should to the full reflect all available information and monetary values quickly harmonizing to any new information. As a consequence of efficient market. market monetary values are ever ‘correct’ for securities and reflect the best available estimation of their true intrinsic worth. Investors who agree with this statement tend to purchase index financess that track overall market public presentation. In his point. Fama believes that there are three different efficiency market patterns harmonizing to the grade on how security monetary values reflects the information. The three different efficiency market forms are: 1 ) weak signifier of efficiency market ( monetary value to the full reflects the historical information ) ; 2 ) semi-strong signifier of efficiency market ( monetary values to the full reflect all publically available information ) ; 3 ) strong signifier of efficiency market ( monetary values to the full reflect public information and non-public information ) . In short. the theory of the EMH is developed from the theory of random walks. Since the EMH was proposed by Fama. it had been applied to many fiscal patterns particularly in the research of information revelation of stock markets. Literature Review1. The Theory of Random Walks in Stock Monetary valuesThe theory of random walks is a fiscal theory which states that stock market monetary values change like a geometric random walk. This construct of random walks can be traced to Eugene F. Fama’s â€Å"The Behavior of Stock-Market Prices† published in the Journal of Business in 1965 before EMH was ab initio presented in 1970. As Fama claimed in his article. â€Å"The intent of this paper has been to prove through empirical observation the random-walk theoretical account of stock monetary value behavior. The theory of random walks in stock monetary values really involves two separate hypotheses: ( 1 ) consecutive monetary value alterations are independent. and ( 2 ) the monetary value alterations conform to some chance distribution. † ( FAMA 35 ) Fama believes that. consecutive monetary value alterations are independent and are consistent with the being of an â€Å"efficient† market for s ecurities. That is. if given the available information. a market where existent monetary values at every point in clip represents really good estimations of intrinsic values. If the stock monetary value does non follow a random walks theoretical account. so the investors can take advantage of the monetary value difference on the market to gain extra net incomes. Besides stock monetary value arrested development can besides promote investors to gain the difference. Fama presented strong and voluminous grounds in favour of the random walks theoretical account. After some trials in empirical research. he confirmed that stock monetary values follow a random walk hypothesis of this characteristic in the empirical analysis. In his trials of empirical research. Fama used Gaussian hypothesis and the Mandelbrot hypothesis. Although the Gaussian or normal distribution does non look to be an equal representation of distributions of stock monetary value alterations. the decision is that a stable Paretian distribution with characteristic advocate a less than 2 seems to suit the informations better than the normal distribution ( Fama 44 ) . It was concluded that the independency premise of the random theoretical accounts seems to be an equal description of world. Sometimes there are big fluctuations of the stock monetary value in the markets inconsistent with the random walk. Fama explained this phenomenon was chiefly due to the market information impact. a nd the market reflected inadequately or overly. but he believed that stock monetary value by a certain clip was traveling to set to the random walk tendency arrested development. 2. The Proposition of Fama’s EMHEMH is considered to be an of import and important milepost in the research on how stock market monetary value performs expeditiously. EMH grew out of the random walks hypothesis. In 1970. Fama published his the most of import article â€Å"Efficient capital markets: A reappraisal of theory and empirical work† in the Journal of Finance. which elaborated Fama’s efficient markets hypothesis theory. Since so. EMH has been popular and it was cited often by many fiscal theoreticians. What is the Efficient Market? This article gaves us some replies about how efficient the markets work. EMH indicates that stock monetary values to the full reflect all available informations and quickly adjust to any new informationin in an unfastened and efficient market. As a consequence. stock market monetary values ever reflect the best available estimation of the true intrinsic value of the stocks. Investors who agree with this statement tend to purcha se the index financess that track overall market public presentation. in position of happening deflected stocks. In Fama’s article. he creatively believed that there are three different efficiency markets harmonizing to the grade of how the security monetary values reflect the relevant information subsets. The three different efficiency market forms were: 1 ) weak signifier of efficiency market ; 2 ) semi-strong signifier of efficiency market ; 3 ) strong signifier of efficiency market. Weak signifier of efficiency market: If stock monetary values to the full reflect any information contained in the past monetary value. the market is weak signifier of efficiency market. Stock monetary values basically follow the random walk hypothesis. so it can’t be predicted with the analysis of monetary value history. Therefore. proficient analysis can’t be used to foretell the stock monetary value and crush a market. Semi-strong signifier of efficiency market: If monetary values to the full reflect all available public information—past monetary values. economic intelligence. net incomes studies. etc. the market is semi-strong signifier of efficiency market. All the public informations are calculated into a stock’s current monetary value. Trials of semi-strong efficiency are those that study stock monetary value motions following proclamations. such as stock splits or net incomes proclamations. And neither cardinal analysis nor proficient analysis can be used to accomplish inordinate additions. Strong signifier of efficiency market: If stock monetary values to the full reflect all public and privileged informations. the market has strong efficiency. Privileged informations available. even insider informations available couldn’t give an investor an advantage. In an stron g signifier of efficiency market. no 1 could gain above-average returns without accepting above-average hazards. 3. Trials and Criticisms of EMHAlthough the EMH ab initio appeared to be an empirical theory. and it had been accepted by many fiscal bookmans and readers. which was used to explicate the relationship between market monetary values and informations. The traditional empirical trials of EMH can be divided into three sorts of trials. including the weak signifier trials. the semi-strong signifier trials and the strong signifier trials. In the trials of the weak signifier. most of the empirical groundss in the random walks can be easy interpreted as the trials of general expected returns in the early judgement. Or it can be interpreted as the trials of the fair-game theoretical account. The fair-game theoretical account implies the impossibleness of assorted kinds of trading systems. Some of the random walks has been besides concerned with proving the doing net incomes of such systems. However. more of the literature trial has been concerned with the trials of consecutive covariances of r eturns. ( Fama 391 ) . In the semi-strong signifier trial. the most commonly trial is the event survey methodological analysis. The event survey methodological analysis is a manner to prove the cogency of the semi-strong signifier of the stock market. The event survey focal point on the impact on stock monetary value fluctuations from the stock dividends. the proclamation of net incomes information. and securities analysts recommendations and proposals. Strong efficient market trial is conducted with empirical trials. If investors can obtain extra returns. chiefly through the trading of insider information. it shouldn’t be a strong signifier of effectual market. If investors can’t obtain extra returns. chiefly through the trading of insider information. it will be a strong efficient market. Since EMH was proposed in 1970. the suspect and critism of EMH didn’t halt. In 1976. Stephene F. Leroy wrote an article â€Å"Efficient Capital Markets: Comment† . In Leroy’s article. he believed that Fama’s treatment of the theory of efficient capital markets contained several of import transitions but Fama’s treatment is really deceptive ( Stephene Leroy 139 ) . His point about the treatment of the efficient markets theory is pleonastic. Fama did non hold with LeRoy’s statement. and he wrote another article â€Å"Efficient Capital Markets: Reply† to support himself. Fama gave two common attacks to prove the market efficiency. and both of these attacks proved to be a testable proposition about an efficient market. In the book of â€Å"The Inefficient Stock market: what pays away and why† . Robert A. Haugen said that Eugene F. Fama dreamed of efficient markets. Haugen besides believed that Fama’s theory was really impressive but it was endangering to his old professors. ( Haugen 5 ) Haugen argued that Stock returns can be predicted with his Expected Return Factor Model. In other words. he believed that the stock market is an inefficient market. which seems to be wholly different from EMH. The EMH is widely accepted and cited by bookmans and investors. However. stock markets turned out to be often irrational in recent old ages. including the celebrated â€Å"crash of 1987† . the Internet dot-com clang of 1999 and some other particular unreasons. The behavioural economic sciences argued that markets fell short in footings of how they processed information. and it was believed that other psychological factors should be taken into history by investors. As Burton G. Malkiel had mentioned in 2003. the stock market couldn’t be absolutely efficient every bit good as the strong signifier. If Malkiel’s sentiment is right. there would be no inducement for fiscal professionals to observe the information that gets so rapidly reflected in market monetary values. ( Malkiel 80 ) 4. The Development of EMHAfter his initial proposition of EMH. Fama acknowledged that the theoretical account was non purely valid because strong market efficiency could non be an wholly realistic theoretical account for the markets. Although the bulk of trial consequences supported his EMH theory. some bookmans are disbelieving about his EMH theory and he needs more trials to back up his theory. Faced with many challenges from other bookmans. Fama kept on developing his EMH theory. Fama realized that the early trials of market efficiency analyzing the autocorrelation of day-to-day and hebdomadal stock returns is non important. In 1988. Fama and Kenneth French made trials of the 1926-85 sample period. They examined autocorrelations of stock returns for these increasing retention periods. Their consequences are that long-horizon stock returns are predictable. ( Fama and French. 247 ) . In order to better his theory of EMH. Fama modified his theory in 1991. First. the weak-form trials were merely concerned with the prognosis power of the past returns. and the trials were modified to cover the more general country of trials for return predictability. such as dividend outputs and involvement rates. Then Fama replaced the rubric â€Å"semi-strong form† with the rubric â€Å"event studies† . but he didn’t alter the range of â€Å"semi-strong form† . At last. he replaced the rubric â€Å"strong form† with the rubric â€Å"tests for private information† . Then Fama made a decision that tests on semi-strong signifier and strong signifier proved to be true under the trials of event survey and the trials of private information survey. Fama besides considered the return predictability in his new trials. And he found that it is really controversial in the grounds on the predictability of stock returns through clip. The new trials seems to make good in the early work and reject the traditional invariable expected returns model. Does the predictability of stock return truly reflect rational fluctuation through clip in the expected returns? Does the predictability of stock return truly reflect irrational divergences of monetary value from cardinal value? . or some combination of the two? It seems that Fama still met the joint-hypothesis job. ( Fama 1577 ) In his decision. Fama believed that the evident predictability of returns may be really deceitful. When doing the survey of private information. Fama made another research on the inside informations of pension financess and common fund directors. Unlike the event surveies. mensurating unnatural returns over long periods are involved in measuring the entree of investing directors to private information. And earlier grounds clarified that it is non to the full reflected in stock monetary values when corporate insiders have private information. In 1990s. many bookmans did a batch of surveies on the long-run returns. The consequences indicated that the unnatural returns do so be. so the market is inefficient. As a response. Fama did the further and found that the long-run return anomalousnesss were random events. on norm or in whole the market was still efficient and there was no better alternate theoretical account can take the topographic point of EMH. Fama wrote an article â€Å"Market efficiency. long-run returns. and behavioural finance† to explicate his point of views. It was published in 1998. Fama analyzed many mentions which were about the long-run return anomalousnesss and found that stock monetary values is non full reaction to information in efficient market. the chance of overreaction is about same as that of under-reaction. and post-event continuance of pre-event unnatural returns is every bit common as post-event reversal. so anomalies split indiscriminately is a good description for EMH. One word. as persons the long-run return anomalousnesss exist. but as a whole the same chance indicates that the market is still efficient. DrumheadThe efficient-market hypothesis has been initiated by Professor Fama since 1970 which is based on the random walk hypothesis. When the securities monetary values can to the full reflect the informations which investor could obtained from the market. the stock market is efficient market. Harmonizing to the sorts of information which investors can acquire. efficient market can be divided into three degrees: weak signifier efficient market. semi-strong signifier and strong signifier efficient market. In order to turn out that the efficient market is non merely a obscure construct. many moneymans have done a series of research and testing. And the bulk of these trial consequences or support this theoretical averment. With the development of market and research. there were some unfavorable judgments of EMH. For illustration. Leroy believes that Fama’s treatment of the theory of efficient capital markets contains several of import transitions that are really deceptive. Hauge n thinks that stock returns can be predicted with an Expected Return Factor Model. non that the investors can merely be obtained the normal output matching to the investing hazard in the efficient market. Fama was invariably amending and developing his theory. Fama’s 1970 definition has been modified. And if the right pricing theoretical account is right and inordinate net incomes issues in the market. the market is invalid. while his weak signifier efficient market trial from past output prognosis rate of return in the hereafter be extended to give predictability. He studied the unnatural long-run return in market in item. and found that as persons the long-run return anomalousnesss exist. but the overreaction of stock monetary values to information is every bit common as under-reaction and the post-event continuance of pre-event unnatural returns is every bit frequent as post-event reversal. so the market is still efficient. The market is efficient even if many market participants are quite irrational. even if the stock monetary values exhibit greater volatility. The fiscal market is still efficient because an efficient market do non let investors to gain the higher returns w ithout accepting the more hazards. EMH is the â€Å"invisible hand† in the fiscal markets. EMH play the of import functions non merely in the Authoritative Financial Economics but besides in the Modern Financial Economics. It is the footing and pillar. The EMH has had more influence than most academic theories. Plants Cited Eugene F. Fama. â€Å"The Behavior of Stock-Market Prices† . ( The Journal of Business. Vol. 38. No. 1 ) ( Jan. . 1965 ) . PP. 34-105 ( JSTOR Accessed: January 16. 2013 ) Eugene F. Fama. â€Å"Efficient Capital Markets: A Review of Theory and Empirical Work† . ( The Journal of Finance. Vol. 25. No. 2 ) Documents and Proceedings of the Twenty-Eighth Annual Meeting of the American Finance Association New York. N. Y. December. 28-30. 1969 ( May. 1970 ) PP. 383–417. ( JSTOR Accessed: January 15. 2013 ) Stephene F. Leroy. â€Å"Efficient Capital Markets: Comment† ( The Journal of Finance. Vol. 31. No. 1 ) . ( March. . 1976 ) PP. 139141. ( Google Accessed: January 18. 2013 ) Eugene F. Fama. † Efficient Capital Markets: Reply† ( The Journal of Finance. Vol. 31. No. 1 ) ( Mar. . 1976 ) PP. 143-145. ( JSTOR Accessed: January 15. 2013 ) Eugene F. Fama and Kenneth R. French. †Permanent and Impermanent Components of Stock Prices† ( Journal of P olitical Economy. Vol. 96. No. 2 ) ( Apr. . 1988 ) . pp. 246-273. ( JSTOR Accessed: January 14. 2013 ) Eugene F. Fama. â€Å"Efficient Capital Markets: II † ( The Journal of Finance. Vol. 46. No. 5 ) ( Dec. . 1991 ) . PP. 1575-1617. ( Wiley for the American Finance Association. JSTOR Accessed January 15. 2013 ) Eugene F. Fama. â€Å"Market efficiency. long-run returns. and behavioural finance â€Å" ( Journal of Financial Economics 49 ( 1998 ) 283-306. ( Google: January 15. 2013 ) Robert A. Haugen. â€Å"The Inefficient Stock Market: what pays away and why † ( Prentice Hall Upper Saddle River. New Jersey ) ( 1999 ) ( Borrowed from MSU Library Accessed: January 16. 2013 ) Burton G. Malkiel. â€Å"The Efficient Market Hypothesis and Its Critics† ( The Journal of Economic Perspectives. Vol. 17. No. 1 ) ( Winter. 2003 ) . pp. 59-82. ( JSTOR Accessed: January 26. 2013 )

Paul Loebs Soul of Citizen

In this book, Loeb has basically created a guide for aspiring community activists, organizers, and anybody willing to make a change. In the book, he has made an outline of what it takes to be an activist and how to remain one. Since Loeb himself is a political activist, through the book, he is trying to inspire and motivate the public to air their voices and to take action against the negative government policies. To achieve this, he has emphasized on the influence which the people are capable of.Advertising We will write a custom report sample on Paul Loeb’s Soul of Citizen specifically for you for only $16.05 $11/page Learn More Through out the book, there seems to be five main points that keep cropping up every time. The first point is that; people have such a huge potential to enforce their wishes if they wanted to. This potential is usually unknown to the public and has the capabilities of not only making their lives better, but also everyone ’s. Secondly, he has reminded the people that they are not perfect and they will never be. This means that they should never undermine themselves and think that they are not good enough to do anything. Also, others usually wait for the best time to act and the truth of the matter is; there will never be a perfect time. Therefore, the best time to act is now. Thirdly, he urges the people not to despair if their actions do not yield results immediately. Loeb says that change happens slowly, and people have to learn to be patient and not loose hope. The fourth point is that; people should take pleasure in their quest for justice and equality. Loeb has reminded the citizens that, even though their specific goals might be unclear, they should relish every part of the ‘journey’. Finally, he has motivated the citizens by telling them that their efforts are bound to go a long way more than they can ever imagine. Every move they make never goes unnoticed. In the end, in o ne way or the other, their efforts will be rewarded and everybody will benefit. To attain closure, Loeb has narrated stories of various ordinary individuals who have come to learn his lessons. In one of the examples, he tells the story of a girl student in Virginia Tech who spent her election time drinking rather than voting. Afterwards, she became concerned with the global warming and started an environmental movement in her college. On another story, as a young man, Barack Obama was involved in a student movement that was against apartheid. It was during this movement that Obama started catching the eye of the public. Loeb goes on to narrate the stories of Joan Blades and an eighth grade drop out who designed an innovative job plan. The lesson carried in all those stories is; a mere citizen is capable of bringing great change.Advertising Looking for report on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More Perhaps his greatest m otivation came from the anti-war movement in the late 60s during the Vietnam War. During that time, there were several anti-war movements throughout the country operating independently. Almost every sort of person was attracted to this movement; from campus students, middle class society and even the people in federal institutions were no exceptions. Apparently, this movement revealed the extent of division in the American society. The Stanford campus was no exception either. After learning about the destruction of life and environment in Vietnam by the American military, Loeb decided to join the movement too. The department of Electrical Engineering in his campus was involved in research of bombs being used in Vietnam. Together with his friends, Loeb invaded that department with pictures of Vietnam’s destruction. This eventually led to his suspension together with his friends. The war later ended after several years of fighting. It is believed (a belief held by many) that th e movement played a major role in ending the war. This was a great motivation for Loeb to become a political activist. What Loeb is teaching in his book is true. Citizens of a country are capable of making any changes they want without the approval of the politicians. This has been well demonstrated by the recent movement in the Arab nations. The citizens of Tunisia and Egypt have managed to evict their presidents without following any written law. This movement was as a result of a horrific act committed by a Tunisian youth. It is true; a single person can make a difference. Loeb’s teachings have strong basis since every government has the capability of doing more to the people. If one lives in a free democratic country, it is his role to be involved in the affairs of the country. The public should never expect change to come by itself; they should take action if they desire to see any changes. Every registered citizen should vote for his candidate of choice; it is a democra tic right which should be taken seriously. Also, every citizen should belong to a political party of his choice and be updated on its activities. Apart from that, citizens should read newspapers, write to congressmen, volunteer in campaigns and be involved in political forums; especially on the internet.Advertising We will write a custom report sample on Paul Loeb’s Soul of Citizen specifically for you for only $16.05 $11/page Learn More In the Soul of a Citizen, Loeb is trying to remind the public about their democratic rights and how to exploit them. He has no way become an extremist, but he is just among the right minded people. This report on Paul Loeb’s Soul of Citizen was written and submitted by user Jenna Albert to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Gatsby - nick carroway essays

Gatsby - nick carroway essays Nick Carraways character is both part of the story and at the same time the medium through which we perceive it. One must assume that because he is an independent character he is not a completely objective source of information. As everything in the novel passes through him there is no other un-biased source of information, so one must interpret his thoughts and opinions carefully. There is also another important factor about Nick Carraways narration that should be considered; he is a fictional character created by Fitzgerald and used by him as a tool for narration so anything that Carraway relates to the reader is simply Fitzgerald communicating to the reader by proxy. There fore he is telling the reader what Fitzgerald wants us to know, so his narration is at least reliable in that sense, although perhaps not always completely clear and objective he is nevertheless fundamentally reliable. Whether or not Nick Carraway is a likeable character or not is very central to the novel. One must ask whether Fitzgerald wants us to like him or not. This will govern the way that the reader interprets the opinions and descriptions that he relates to us. Crucially, the judgements that Nick sometimes passes on people will carry much more weight if the reader actually finds Nick an amenable character. Nicks opinions of him self are interesting...he tries to be as impartial as possible...he sees himself as an extremely tolerant person, willing to hear people out....says he does this from the advice of his dad...he likes people to be well behaved....he is perhaps slightly hyporitcal when he says that everything Gatsby represents he regards with unlimited scorn but then goes on to speak of his admiration for the man. Nicks opinions of himself can be very revealing, the first two pages of the novel are very interesting as he reflects upon his own character. His opinions of himself are quite high, he even admits to being so ...

Personal Selling and Customer Focus Statement Example | Topics and Well Written Essays - 750 words

Selling and Customer Focus - Personal Statement Example In order for Studio Productions to improve the company’s well-being, it, therefore, needs to implement a customer service system that is first and foremost, customer focused. The goal of customer service is to â€Å"attract and keep customers who are satisfied, loyal and speak well of the company, but perhaps most importantly, to keep profitable customers† (Gustafsson, Ekdahl and Edvardsson 344). Hence, a customer service system must always ensure client satisfaction, and if possible, exceed client needs. Second, it must also be effective in achieving the company’s goals. While a satisfied client-base is in itself an advantageous end, for Studio Productions to benefit from service developments, the system it adopts must go beyond the minimums of customer satisfaction and reap additional benefits for the company. From a service perspective, these should include improved cross-sell and up-sell rates, higher problem resolution, and higher customer satisfaction and r e-purchase (Carlson Marketing Group 8). It should also improve sales through higher lead-to-close ratios, increased margins, and repeat business (8). Third, given the drastic changes occurring in today’s business environment, a customer service system must also be flexible in its ability to embrace change and adapt accordingly. And finally, a good customer service system must also be cost-effective, such that it must provide saving efficiencies and revenue enhancements for the company, improving the bottom-line.  In order for Studio Productions to improve the company’s well-being, it, therefore, needs to implement a customer service system that is first and foremost, customer focused. The goal of customer service is to â€Å"attract and keep customers who are satisfied, loyal and speak well of the company, but perhaps most importantly, to keep profitable customers† (Gustafsson, Ekdahl and Edvardsson 344). Hence, a customer service system must always ensure cli ent satisfaction, and if possible, exceed client needs. Second, it must also be effective in achieving the company’s goals. While a satisfied client-base is in itself an advantageous end, for Studio Productions to benefit from service developments, the system it adopts must go beyond the minimums of customer satisfaction and reap additional benefits for the company. From a service perspective, these should include improved cross-sell and up-sell rates, higher problem resolution, and higher customer satisfaction and re-purchase (Carlson Marketing Group 8). It should also improve sales through higher lead-to-close ratios, increased margins, and repeat business (8). Third, given the drastic changes occurring in today’s business environment, a customer service system must also be flexible in its ability to embrace change and adapt accordingly. And finally, a good customer service system must also be cost-effective, such that it must provide saving efficiencies and revenue enhancements for the company, improving the bottom-line.   For a customer service system to work, however, Studio Productions must conduct improvements in both internal and external customer service structures to improve client satisfaction and loyalty. Internally, this requires developing a â€Å"service culture† among all employees with a well-defined set of corporate values, a strong commitment to quality improvement, the ability to accept change, a strong sense of teamwork, and a clear understanding of their roles in improving customer relationships.

Research the event regarding the shooting of Congresswoman Gabrielle Paper

The event regarding the shooting of Congresswoman Gabrielle Giffords - Research Paper Example The first step to saving her life was the quick reaction of her intern, Daniel Hernandez. He rushed to her side just moments after the shooting, applied pressure to the entry wound to stem the bleeding and lifted her head up to keep her from choking on her own blood. He was called a hero for his quick thinking which played a vital role in saving her life. Gabrielle Giffords was rushed into the hospital immediately just 38 minutes of the shooting. She was conscious when she was immediately rushed to OR where trauma surgeon Peter Rhee, a former military surgeon who served in Afghanistan, worked with remarkable efficiency. The bullet hit at the back of the skull and exited at the front, travelling through the left side of the brain. The fact that the bullet went through and through, rather than staying and damaging was another reason why she survived such a fatal injury. One of her doctors believe that she was fortunate because, had she encountered a bullet in such an area which would almost prove it fatal, according to Michael Lemole, chief of neurosurgery said that they very quickly took her to the operating room, once in the room they performed the routine procedures for such an injury. They had to artificially protect the brain with an artificial layer. Surgeons had to remove some of her damaged tissues, but in her case the damage was not as serious. The biggest challenge that the doctors faced was that the brain may well start responding to commands like squeezing someone’s hand. The bullet of a small caliber pistol entered the back of her head and exited the front damaging the left side which controls speech. Dr Rhee told that Ms, Giffords was fortunate because the bullet stayed on the left side and did not travel through the midline which would have resulted in death. The doctors also did not have to remove so much of the dead brain tissue and bone fragments, because pieces of bones travel within the brain cause

The Term Mass Culture Essay Example | Topics and Well Written Essays - 1000 words

The Term Mass Culture - Essay Example Spread of Mass Culture Culture, particularly the mass culture, has spread rapidly with the passage of time. There was a time when there was little or no globalization in the world. Even the concept of national culture was non-existent in a vast majority of countries because of the fact that regional differences dominated. Within the same country, people belonging to different regions had possession of different kinds of regional resources. This gave rise to the development of subcultures in the same nation wherein people were classified into different communities with distinct values, norms, and principles. Regional culture was stronger than the national culture and the mass culture was non-existent. This was predominantly the time till the mid 19th century. The onset of industrial revolution brought a change in the trend and national culture started to gain dominance over the regional cultures. With the development of technology and the identification of new opportunities of employm ent and business, people developed acceptability towards external cultures. As technological trade amongst countries improved, consumers in different countries started using same products. This trend continued over the centuries. People from the underdeveloped countries started migrating towards the developed countries in large numbers in search of better opportunities of employment. The technological exchange was followed by the cultural integration and unification across nations. This happened since the start of the industrial revolution till the late 1900s. Then came the era of massive exchange of cultures; particularly the 21st century. While all kinds of technologies contributed towards the development of mass culture, one technology that played the most important role in the spread of mass culture was the Internet. Internet provided people with the opportunities to communicate with one another almost free of cost from different parts of the world. Many of the brick and mortar businesses also got transformed into virtual businesses because of the reduced costs and increased profitability of businesses. The development and introduction of the social media websites aided in the creation of a virtual self of their users. Today, a vast majority of the people all over the world have similar lifestyles in that they use same products, are the employees of same organizations irrespective of geographic variations, speak same languages, and understand and respect one another’s values. This is what has fundamentally promoted the mass culture. There is a very small percentage of people who have not merged into the mass culture. Mass Culture and Popular Culture People sometimes use mass culture and popular culture interchangeably. â€Å"The development of the idea of popular culture is linked to arguments about meaning and interpretation which predate but become strikingly evident in the debates over mass culture† (Strinati, 1995, p. 3). There is a very thin line of distinction between the mass culture and the popular culture. The popular culture is the totality of the norms, values, and perspectives of a given culture. â€Å"Popular culture is made from within and below, not imposed from without or above as mass cultural theorists would have it† (Fiske, 1991, p. 2). Mass culture can be considered popular culture in a vast majority of cases, though mass culture is not necessarily always popular,

Islamic Securitisation and Conventional Securitisation

Islamic Securitisation and Conventional Securitisation Introduction: According to the topic of discussing the differences between Islamic securitisation and conventional securitisation, the discussion will lead to the satisfactory aspects of comprehensive analysis of the information gathered during the research. Moreover, it continues with the Islamic securitisation structure on the qualitative as well as quantitative basis according to the difference from the conventional securitisation structure. Securitisation which openly deals with the trade have more emphasis on the aspects to provide lucidity that it is riba-free (non-Islamic interest free) and its mechanism is based on shariah compliant system. We will be discussing different aspects that provide a clearer picture to mechanism that how it works i.e. structure, elements of risk shifting (risk scattering) and risk sharing in the deemed process so far as the area requires a lot more research to acquire steadiness in financial world and to enrich more on the topic some distinctive facts and figure are discussed as well. Background information of the topic: From the beginning of the Islamic banking in early 1960s which reckons the acuity of Islamic Shariah according to Quran and Sunnah brought into account as legal maxims with many ideas to facilitates the use of finance in both debt based and equity based. Not only Muslims countries regarding Islamic securitisation is worried about many factors to find a way out to enrich financial systems many other countries however following the conventional financial and banking systems. In the start and yet it is quite infant situation of securitisation because of the collective concerns of lenders or financier and borrowers. Lately, it has to move on with incentive compatibility and attractiveness for investors. Financial intermediaries even nowadays face quite drastic situations despite their in-house financial management; debt handling being a global concern. There is a wider line drawn understanding the differences between Islamic ways and uses of securitisation and its conventional counterpar t though it seems quite trembling discussing about when it is debt based securitisation. Refer to the figures shown below which signifies the basic mechanism of securitisation; providing a clearer picture to its importance. According to Masum Billah M., in his article Shariah Frameworks of Securitisation in the Capital Market, he discusses about securitisation being a prevalent method of financing nowadays more precisely in corporate sector. Furthermore he illustrates securitisation that where the company pooled its illiquid assets together and issued a claim to a pool of assets and when the assets are securitised, it made the assets tradable in the financial market. Furthermore, he presented the simplest definition that the securitisation is a process where corporation converts its physical assets in to financial assets. Masum aggregated in his words about the assets that have to be securitised have to be illiquid – cannot be traded in share market or secondary market- and should also have produce cash flows over its lifetime. Besides that, the assets should have financial value so that they can be used as a claimed against the securities. From the above depiction, a securitisation engages the s ale of a large pool of assets by an entity or the originator that creates or purchases the assets in the course of its business to bankruptcy remote, special purpose vehicle (SPV). The SPV acts as an issuer, issue and sale the securities through either in a private placement or public offering. When securitisation process is closed funds flow from the purchasers of the securities to the issuers and from the Issuers to the Originator. All these transaction occur virtually simultaneously. (Masum) Hence, the above description is the basic structure of securitisation. The actual structures are more complex because it involves more elements and participants. Refer to the rainbow-pie chart which presents a practical implication of securitisation according to Commerz bank. The above implementation can be an example of securitisation though many different approaches and products that provide seamless structure on Shariah compliant way which lie still under research yet required to be evolved. Scope of the research: The entire research is nourished on the basis of salient research techniques which consist of a vast study of reference books, written journals (inclusive of e-journals), research papers, seminar notes, open survey from public and some online resources. Furthermore, it helped a lot as a combination of theoretical and statistical comparison between conventional and Islamic securitisation in the literature review (which encompasses the knowledge as well as defined focus on the topic) with ground reality at an optimum level. Literature Review: Before moving on with detailed analysis there is a need to proclaim types (structures) of securitisation in general depiction. According to Masum, there are three main structures commonly used in securitisation. The originator chooses between three types of structures: pass-throughs, asset backed bond and pay-through. Masum further defined those structures coming forth; pass-through structures likely represent the direct ownership by the originator in a portfolio of assets. The originator services the portfolio, makes collections, and passes them to the investors. In pass through, the securities is not debt obligations of the originator thus, do not appear on the originators financial statement. Since the ownership of the assets lies with the originator, pass-through is designed to represent an assignment of a portion of ownership, rights and obligation but not a conveyance of title. (Masum) Masum elaborates that the Asset-Backed bond is collaterised by a portfolio of assets. The Asset-Backed Bond is a debt obligation of the issuers. In the issuers financial statement, the collateral remains as assets and the Asset-Backed Bond appears as a liability. The cash flows from the asset are not dedicated to the investors. The investors only receive a part of the cash flows and the residual remains with the issuers. One of the important aspect of the Asset-Backed Bond is that the securities is over-collateralized i.e. the value of the underlying assets is significantly in excess of the total obligation. For example, Company A issued RM1, 000,000.00 of bond using the Asset-Backed Bond structures. The value of the underlying assets that backed the bond is RM2, 500,000.00. The issuer chooses to over-collateralised its bond in order to provide some level of comfort to the investors. (Discussed by M.M. Billah in his paper) Lastly, he concluded with the final structure of securitisation is the pay-through structures. This structure has combination of pass-through and Asset-Backed Bond. The bond is collateralized by a pool of assets and appears on the issuers balance sheet as a debt. However, the cash flows arise from the assets is passed to the investors. The issuer only earns the service fees from the investors. From the above description of the mentioned, we can see that pass-through is the structure closest to satisfy the Islamic principle. Under pass-through, the cash flows collected are dedicated to the investors and the issuer only earns the service charge. Besides that, the security does not classify as a debt by the originator. Henceforth, conventional securitisation must be secluded according to research in different products and approaches and thus a large part of the conventional securitisation market – for example, mortgage backed securities, would be prohibited because the income (th ough not the principal) element of the cash flow would be characterised as riba. Similarly, CDOs and other such instruments could not be allowed as an asset class as these represent Debt rather than an allowable commodity or activity. However, these restrictions do not mean that an Islamic securitisation market cannot develop. There are many classes of assets with a long history of securitisation that are halal (allowable), in particular any physical asset such as plant and machinery, and many of the techniques used in a conventional securitisation transaction are equally valid in an Islamic transaction. The remainder of this article will try to show just how similar those requirements are, and point out some further underlying differences in structuring a Sharia compliant securitisation. Mervyn and Kabir (2007) conversed Islamic point of view of investments in different aspects according to ethics and moral besides regulatory framework and it is quite well defined perception that an investor needs a brighter depiction of profit generation to allow him to think about different financial intermediaries in this modern world though it is going through analysis time to time since many years following their psyche on the other hand banks being financial intermediary have to put through making most of it avoiding concept that money should not be loan according to legal maxims. According to Ayub M. (2007), Islamic principles can make the difference and that Islamic finance is passing significant milestones; which lead entrepreneurs not to stop putting their research on and on. Islamic researchers are more concerned meeting shariah compliant regulatory requirements. Sohail (2006) overstated that Islamic retail banking and finance is not only designated for Muslim community on ly; which means Islamic retail banking products are adopted to some extent because of their competency and efficiency, and are being used under the umbrella of conventional (non-Islamic) banks; they often call it as window for Islamic banking products. Detailed analysis of differences between Islamic securitisation and its conventional counterpart: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitisation seems straightforward. As mentioned in by Kabir and Mervyn (2007) according to Humayoun A. Dar; fixed-return modes deals with the control and management of funds as clients have the possession which was made available by the investors, financial frameworks are often used with different areas of Islamic banking products like investment accounts based on mudharabah and saving account based on wadia, inclusive of Islamic retail banking products like Islamic mortgages, Islamic auto finance, sukuk (Islamic bonds) and many other products dealt with the concept of asset-backing and riba-free i.e. Islamised frameworks. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. Since most Islamic financial products are based on the concept of asset backing, the economic concept of asset securitisation is particularly amenable to the basic tenets of Islamic finance. Securitisation under Islam ic law bars interest income and must be structured in a way that rewards investors for their direct exposure to business risk, i.e., investors receive a share of profits commensurate to the risk they take on in lieu of pre-determined interest. All three asset types of Islamic finance are principally eligible for Islamic securitisation; however, unresolved issues, including restrictions on debt trading or the management of prepayment risk could limit their indiscriminate use as collateral. Characteristics of conventional securitisation only apply if they convey a sufficient element of ownership to investors as entrepreneurial investment in real economic activity within an interest-free structural arrangement. In addition, also administrative issues, such as underwriting standards, issue placement and the procurement of ratings, are subject to religious scrutiny. Any capital generated from securitised issuance under Islamic law is to be used exclusively used for the repayment of initial funding. Conventional securitisation, which originated in non-Islamic economies, invariably involves interest bearing debt. Although the religious prohibition of the exchange of debt and the required conferral of ownership interest to participate in business risk still poses challenges to further development of Islamic securitisation, the gradual acceptance of Islamic investment certificates, so-called sukuk bonds, represents a successful attempt to overcome these impediments based on the adequate interpretation and analogical reasoning of shariah principles applied in Islamic finance. Sukuks are shariah-compliant and tradable asset-backed, medium-term notes, which have been issued internationally by governments, quasi sovereign agencies, and corporations after their legitimization by the ruling of the Fiqh Academy of the Organization of the Islamic Conference in February of 1988. Sukuk notes convey equity interest to (capital market) investors in the form of a call option on partial or complete ownership of underlying reference assets, including the right to some calculable rate of return as a share of p rofit (secondary notes) and the repayment of the principal amount (primary notes). All three broad types of Islamic finance transactions (asset-, debt- and equity-based) can be reference assets of such Islamic securities. Following exhibits (3 and 4) provide the sukuk implementations. Detailed analysis of elements of risk shifting and risk sharing in securitisation process: Over the last five years, the sukuk has evolved as a viable form of capital-market-based Islamic structured finance, which reconciles the concept of securitisation and principles of the shariah law on the provision and use of financial products and services in a risk-mitigation structure subject to competitive pricing (El-Qorchi, 2005). Notwithstanding these religious constraints, Islamic finance can synthesize close equivalents to equity, mortgages, and derivatives known in conventional finance. To this end, it relies on structural arrangements of asset transfer between borrowers and lenders to emulate traditional interest-bearing financial contracts. Since lending transactions under Islamic law are based on the concept of asset backing and specific credit participation in identified business risk, it also appears relatively straightforward to structure a shariah-compliant asset-backed securitisation (ABS) that delivers a risk-return profile similar to a conventional structure. Howe ver, conventional securitisation was developed in non- Islamic economies and invariably involves interest-bearing debt. Essentially, asset securitisation represents a cost-efficient and flexible structured finance1 technique of liquidity transformation and risk transfer, which converts present or future asset claims of varying maturity and quality into tradable debt securities. The various methods of securitisation have much to offer, but so far they have found only limited acceptance in Islamic finance due to religious restrictions on the sale and purchase of interest-bearing debt and legal uncertainty surrounding the enforceability of investor interest under Islamic jurisprudence. Over the last five years, the nascent Islamic securitisation market has seen many positive developments owing to the adoption of enabling capital market regulations, a favorable macroeconomic environment, and financial innovation aimed at establishing shariah compliance. The most popular ABS structures w ithin Islamic finance are commonly referred to as sukuk bonds backed by either one of the three basic forms of Islamic finance (synthetic loans, sale- leasebacks, or profit-sharing arrangements). Asset securitisation describes the process and the result of issuing certificates of ownership as pledge against existing or future cash flows from a diversified pool of assets (reference portfolio) to investors. (Jobst, 2006b). Foreign Investment Insurance Policy-FIIP by The Islamic Corporation For The Insurance of Investment And   Export Credit ICIEC Islamic securitisation transforms bilateral risk sharing between borrowers and lenders in Islamic finance into the market-based refinancing of one or more underlying Islamic finance transactions. Protection against basic risk; can be unless returns for investors are linked to the rate of interest on the underlying assets, there is a risk that the relationship between the rate paid on the underlying assets and that paid on the securities will differ over time. Normally a swap will be arranged to protect against this risk. In addition, conventional securitisation is virtually absent in Islamic countries, where Islamic home finance and sukuks provide a potentially untapped market for structured finance. Islamic securitisation complements the conventional ABS universe as an alternative and more diversified funding option that broadens the pricing spectrum and asset supply as high demand for alternative investment products causes greater lending width amid a low-yield market environment. In some circumstances, the shariah compliance also entails tax exemptions when investors hold direct ownership interest in the securitised assets. Conclusion: Islamic securitisation is a helpful and important tool, which must be carried out prior to the issuance of Islamic bonds or Islamic Debt Securities. By securitising assets, the Islamic way, Muslim investors can now participate in the bond market without worrying that the process of securitising the assets and issuing of the bonds are contradictory to the Islamic teachings. Islamic finance is being more attractive for not only the Muslim community but for non-muslim world. Its products are being progressive even though there been some hurdles and late development of Islamic banking and finance industry and moreover it is has been so securitised for customer satisfaction and avoided almost the pity of riba-based banking structure. In this regard, it has a more focus on the revision and research on the proposed and as well as on financial structures that are being practiced nowadays. It has been proven that many big names like HSBC, Lloyds and Standard Chartered are putting there focus on Islamic products and especially on retail banking products and securitisation products. Suggestions and Recommendations: Islamic Finance Expanding Rapidly (2007) by IMF(MCM Dept.) Many Islamic products have the thirst to be researched on and provided quite attractive picture for entrepreneur to spot focus on Islamic finance industry. Besides many Islamic retail banking products, Sukuk (i.e. Islamic Bonds – despite of the type), Takaful (Insurance) and Tawarruq (AAOIFI standardised loan) are called out as the future for Islamic banking and might have a better attraction to conventional banking world as well. References(s): Aggarwal, R. K. Yousef, T. (2000) Islamic Banking and Investment Financing, Journal of Money, Credit and Banking, Blackwell Publishing Ahmad Ausaf (1993) Research Paper 20: Contemporary practices of Islamic financing techniques, Islamic Research and Training Institute, Islamic Development Bank, Jeddah Ahmad Ausaf (1987) Development and Problems of Islamic Banks, Islamic Development Bank, Jeddah Ayub M. (2007) Understanding Islamic Finance, John Wiley and Sons Ltd, Chichester Commerz Bank, Securitisation of Banks, https://cbcm.commerzbank.com/en/site/banks/securitisation_cf_banks/index.jsp [Access Date: 14th August 2010] Deringer (2006), Islamic finance: basic principles and structures Freshfields Bruckhaus Consultants, pp 30. Dualeh, S. (1998). Islamic Securitisation: Practical Aspects. Paper presented at the World Conference on Banking, July 8-9, 1998, Geneva. El-Qorchi, Mohammed (2005), Islamic Finance Gears Up, Finance and Development (December), International Monetary Fund (IMF), 46-9. Fabozzi, F. J. (ed). (2001). Accessing Capital Markets through Securitisation. New York: Fran J Fabozzi Associates. Hassan Kabir M. Lewis Mervyn K. (2007) Handbook of Islamic Banking, Edward Elgar Publishing Ltd., Cheltenham IMF, Islamic Finance Expanding Rapidly, URL: [Accessed on: 18th August 2010] http://www.imf.org/external/pubs/ft/survey/so/2007/res0919b.htm Islamic Credit and Political Risk Insurance, A Useful Risk Management Tool For BanksURL:http://www.kantakji.com/fiqh/Files/Insurance/Islamic%20Credit%20and%20Political%20Risk%20Insurance.htm [Access Date: 17th August 2010] Jaffar S. (2006) Islamic Retail Banking and Finance: Global Challenges and Opportunities, Euromoney Books, London Jobst, Andreas A. (2006b), Asset Securitisation: A Refinancing Tool for Firms and Banks, Managerial Finance, Vol. 32, No. 9, 731-60. Kazarian G. E. (1993) Islamic versus traditional banking: Financial Innovation in Egypt, Boulder: Westview Press Kothari, Vinod (n.d.). Securitisation: a Primer. Available at: , Access Date: 17th August 2010. Manjoo F. A., (2005) Securitisation: An Important Recipe for Islamic Banks A Survey, Review of Islamic Economics, Vol. 9, No. 1, 2005, pp.53 Masum Billah, M. (unknown), Shariah Frameworks of Securitisation in the Capital Market URL: http://www.applied-islamicfinance.com/sp_securitisation_1.htm [Access Date: 10th August 2010] Mullineux, A. W. Murinde, V. (2003) Handbook of International Banking, Edward Elgar Publishing Ltd., Cheltenham Usmani M. M. T. (1988), An Introduction to Islamic Finance, Islamic Publication, pp. 1-5, Karachi Zaher, Tarek S. Hassan, Kabir M. (2001) A comparative Literature Survey of Islamic Finance and Banking; Financial Markets, Institutions and Intruments, Blackwell, New York Islamic Securitisation and Conventional Securitisation Islamic Securitisation and Conventional Securitisation Introduction: According to the topic of discussing the differences between Islamic securitisation and conventional securitisation, the discussion will lead to the satisfactory aspects of comprehensive analysis of the information gathered during the research. Moreover, it continues with the Islamic securitisation structure on the qualitative as well as quantitative basis according to the difference from the conventional securitisation structure. Securitisation which openly deals with the trade have more emphasis on the aspects to provide lucidity that it is riba-free (non-Islamic interest free) and its mechanism is based on shariah compliant system. We will be discussing different aspects that provide a clearer picture to mechanism that how it works i.e. structure, elements of risk shifting (risk scattering) and risk sharing in the deemed process so far as the area requires a lot more research to acquire steadiness in financial world and to enrich more on the topic some distinctive facts and figure are discussed as well. Background information of the topic: From the beginning of the Islamic banking in early 1960s which reckons the acuity of Islamic Shariah according to Quran and Sunnah brought into account as legal maxims with many ideas to facilitates the use of finance in both debt based and equity based. Not only Muslims countries regarding Islamic securitisation is worried about many factors to find a way out to enrich financial systems many other countries however following the conventional financial and banking systems. In the start and yet it is quite infant situation of securitisation because of the collective concerns of lenders or financier and borrowers. Lately, it has to move on with incentive compatibility and attractiveness for investors. Financial intermediaries even nowadays face quite drastic situations despite their in-house financial management; debt handling being a global concern. There is a wider line drawn understanding the differences between Islamic ways and uses of securitisation and its conventional counterpar t though it seems quite trembling discussing about when it is debt based securitisation. Refer to the figures shown below which signifies the basic mechanism of securitisation; providing a clearer picture to its importance. According to Masum Billah M., in his article Shariah Frameworks of Securitisation in the Capital Market, he discusses about securitisation being a prevalent method of financing nowadays more precisely in corporate sector. Furthermore he illustrates securitisation that where the company pooled its illiquid assets together and issued a claim to a pool of assets and when the assets are securitised, it made the assets tradable in the financial market. Furthermore, he presented the simplest definition that the securitisation is a process where corporation converts its physical assets in to financial assets. Masum aggregated in his words about the assets that have to be securitised have to be illiquid – cannot be traded in share market or secondary market- and should also have produce cash flows over its lifetime. Besides that, the assets should have financial value so that they can be used as a claimed against the securities. From the above depiction, a securitisation engages the s ale of a large pool of assets by an entity or the originator that creates or purchases the assets in the course of its business to bankruptcy remote, special purpose vehicle (SPV). The SPV acts as an issuer, issue and sale the securities through either in a private placement or public offering. When securitisation process is closed funds flow from the purchasers of the securities to the issuers and from the Issuers to the Originator. All these transaction occur virtually simultaneously. (Masum) Hence, the above description is the basic structure of securitisation. The actual structures are more complex because it involves more elements and participants. Refer to the rainbow-pie chart which presents a practical implication of securitisation according to Commerz bank. The above implementation can be an example of securitisation though many different approaches and products that provide seamless structure on Shariah compliant way which lie still under research yet required to be evolved. Scope of the research: The entire research is nourished on the basis of salient research techniques which consist of a vast study of reference books, written journals (inclusive of e-journals), research papers, seminar notes, open survey from public and some online resources. Furthermore, it helped a lot as a combination of theoretical and statistical comparison between conventional and Islamic securitisation in the literature review (which encompasses the knowledge as well as defined focus on the topic) with ground reality at an optimum level. Literature Review: Before moving on with detailed analysis there is a need to proclaim types (structures) of securitisation in general depiction. According to Masum, there are three main structures commonly used in securitisation. The originator chooses between three types of structures: pass-throughs, asset backed bond and pay-through. Masum further defined those structures coming forth; pass-through structures likely represent the direct ownership by the originator in a portfolio of assets. The originator services the portfolio, makes collections, and passes them to the investors. In pass through, the securities is not debt obligations of the originator thus, do not appear on the originators financial statement. Since the ownership of the assets lies with the originator, pass-through is designed to represent an assignment of a portion of ownership, rights and obligation but not a conveyance of title. (Masum) Masum elaborates that the Asset-Backed bond is collaterised by a portfolio of assets. The Asset-Backed Bond is a debt obligation of the issuers. In the issuers financial statement, the collateral remains as assets and the Asset-Backed Bond appears as a liability. The cash flows from the asset are not dedicated to the investors. The investors only receive a part of the cash flows and the residual remains with the issuers. One of the important aspect of the Asset-Backed Bond is that the securities is over-collateralized i.e. the value of the underlying assets is significantly in excess of the total obligation. For example, Company A issued RM1, 000,000.00 of bond using the Asset-Backed Bond structures. The value of the underlying assets that backed the bond is RM2, 500,000.00. The issuer chooses to over-collateralised its bond in order to provide some level of comfort to the investors. (Discussed by M.M. Billah in his paper) Lastly, he concluded with the final structure of securitisation is the pay-through structures. This structure has combination of pass-through and Asset-Backed Bond. The bond is collateralized by a pool of assets and appears on the issuers balance sheet as a debt. However, the cash flows arise from the assets is passed to the investors. The issuer only earns the service fees from the investors. From the above description of the mentioned, we can see that pass-through is the structure closest to satisfy the Islamic principle. Under pass-through, the cash flows collected are dedicated to the investors and the issuer only earns the service charge. Besides that, the security does not classify as a debt by the originator. Henceforth, conventional securitisation must be secluded according to research in different products and approaches and thus a large part of the conventional securitisation market – for example, mortgage backed securities, would be prohibited because the income (th ough not the principal) element of the cash flow would be characterised as riba. Similarly, CDOs and other such instruments could not be allowed as an asset class as these represent Debt rather than an allowable commodity or activity. However, these restrictions do not mean that an Islamic securitisation market cannot develop. There are many classes of assets with a long history of securitisation that are halal (allowable), in particular any physical asset such as plant and machinery, and many of the techniques used in a conventional securitisation transaction are equally valid in an Islamic transaction. The remainder of this article will try to show just how similar those requirements are, and point out some further underlying differences in structuring a Sharia compliant securitisation. Mervyn and Kabir (2007) conversed Islamic point of view of investments in different aspects according to ethics and moral besides regulatory framework and it is quite well defined perception that an investor needs a brighter depiction of profit generation to allow him to think about different financial intermediaries in this modern world though it is going through analysis time to time since many years following their psyche on the other hand banks being financial intermediary have to put through making most of it avoiding concept that money should not be loan according to legal maxims. According to Ayub M. (2007), Islamic principles can make the difference and that Islamic finance is passing significant milestones; which lead entrepreneurs not to stop putting their research on and on. Islamic researchers are more concerned meeting shariah compliant regulatory requirements. Sohail (2006) overstated that Islamic retail banking and finance is not only designated for Muslim community on ly; which means Islamic retail banking products are adopted to some extent because of their competency and efficiency, and are being used under the umbrella of conventional (non-Islamic) banks; they often call it as window for Islamic banking products. Detailed analysis of differences between Islamic securitisation and its conventional counterpart: Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitisation seems straightforward. As mentioned in by Kabir and Mervyn (2007) according to Humayoun A. Dar; fixed-return modes deals with the control and management of funds as clients have the possession which was made available by the investors, financial frameworks are often used with different areas of Islamic banking products like investment accounts based on mudharabah and saving account based on wadia, inclusive of Islamic retail banking products like Islamic mortgages, Islamic auto finance, sukuk (Islamic bonds) and many other products dealt with the concept of asset-backing and riba-free i.e. Islamised frameworks. Nonetheless, financial institutions have been able to develop various forms of Islamic finance instruments that are virtually identical to their conventional counterparts in substance. Since most Islamic financial products are based on the concept of asset backing, the economic concept of asset securitisation is particularly amenable to the basic tenets of Islamic finance. Securitisation under Islam ic law bars interest income and must be structured in a way that rewards investors for their direct exposure to business risk, i.e., investors receive a share of profits commensurate to the risk they take on in lieu of pre-determined interest. All three asset types of Islamic finance are principally eligible for Islamic securitisation; however, unresolved issues, including restrictions on debt trading or the management of prepayment risk could limit their indiscriminate use as collateral. Characteristics of conventional securitisation only apply if they convey a sufficient element of ownership to investors as entrepreneurial investment in real economic activity within an interest-free structural arrangement. In addition, also administrative issues, such as underwriting standards, issue placement and the procurement of ratings, are subject to religious scrutiny. Any capital generated from securitised issuance under Islamic law is to be used exclusively used for the repayment of initial funding. Conventional securitisation, which originated in non-Islamic economies, invariably involves interest bearing debt. Although the religious prohibition of the exchange of debt and the required conferral of ownership interest to participate in business risk still poses challenges to further development of Islamic securitisation, the gradual acceptance of Islamic investment certificates, so-called sukuk bonds, represents a successful attempt to overcome these impediments based on the adequate interpretation and analogical reasoning of shariah principles applied in Islamic finance. Sukuks are shariah-compliant and tradable asset-backed, medium-term notes, which have been issued internationally by governments, quasi sovereign agencies, and corporations after their legitimization by the ruling of the Fiqh Academy of the Organization of the Islamic Conference in February of 1988. Sukuk notes convey equity interest to (capital market) investors in the form of a call option on partial or complete ownership of underlying reference assets, including the right to some calculable rate of return as a share of p rofit (secondary notes) and the repayment of the principal amount (primary notes). All three broad types of Islamic finance transactions (asset-, debt- and equity-based) can be reference assets of such Islamic securities. Following exhibits (3 and 4) provide the sukuk implementations. Detailed analysis of elements of risk shifting and risk sharing in securitisation process: Over the last five years, the sukuk has evolved as a viable form of capital-market-based Islamic structured finance, which reconciles the concept of securitisation and principles of the shariah law on the provision and use of financial products and services in a risk-mitigation structure subject to competitive pricing (El-Qorchi, 2005). Notwithstanding these religious constraints, Islamic finance can synthesize close equivalents to equity, mortgages, and derivatives known in conventional finance. To this end, it relies on structural arrangements of asset transfer between borrowers and lenders to emulate traditional interest-bearing financial contracts. Since lending transactions under Islamic law are based on the concept of asset backing and specific credit participation in identified business risk, it also appears relatively straightforward to structure a shariah-compliant asset-backed securitisation (ABS) that delivers a risk-return profile similar to a conventional structure. Howe ver, conventional securitisation was developed in non- Islamic economies and invariably involves interest-bearing debt. Essentially, asset securitisation represents a cost-efficient and flexible structured finance1 technique of liquidity transformation and risk transfer, which converts present or future asset claims of varying maturity and quality into tradable debt securities. The various methods of securitisation have much to offer, but so far they have found only limited acceptance in Islamic finance due to religious restrictions on the sale and purchase of interest-bearing debt and legal uncertainty surrounding the enforceability of investor interest under Islamic jurisprudence. Over the last five years, the nascent Islamic securitisation market has seen many positive developments owing to the adoption of enabling capital market regulations, a favorable macroeconomic environment, and financial innovation aimed at establishing shariah compliance. The most popular ABS structures w ithin Islamic finance are commonly referred to as sukuk bonds backed by either one of the three basic forms of Islamic finance (synthetic loans, sale- leasebacks, or profit-sharing arrangements). Asset securitisation describes the process and the result of issuing certificates of ownership as pledge against existing or future cash flows from a diversified pool of assets (reference portfolio) to investors. (Jobst, 2006b). Foreign Investment Insurance Policy-FIIP by The Islamic Corporation For The Insurance of Investment And   Export Credit ICIEC Islamic securitisation transforms bilateral risk sharing between borrowers and lenders in Islamic finance into the market-based refinancing of one or more underlying Islamic finance transactions. Protection against basic risk; can be unless returns for investors are linked to the rate of interest on the underlying assets, there is a risk that the relationship between the rate paid on the underlying assets and that paid on the securities will differ over time. Normally a swap will be arranged to protect against this risk. In addition, conventional securitisation is virtually absent in Islamic countries, where Islamic home finance and sukuks provide a potentially untapped market for structured finance. Islamic securitisation complements the conventional ABS universe as an alternative and more diversified funding option that broadens the pricing spectrum and asset supply as high demand for alternative investment products causes greater lending width amid a low-yield market environment. In some circumstances, the shariah compliance also entails tax exemptions when investors hold direct ownership interest in the securitised assets. Conclusion: Islamic securitisation is a helpful and important tool, which must be carried out prior to the issuance of Islamic bonds or Islamic Debt Securities. By securitising assets, the Islamic way, Muslim investors can now participate in the bond market without worrying that the process of securitising the assets and issuing of the bonds are contradictory to the Islamic teachings. Islamic finance is being more attractive for not only the Muslim community but for non-muslim world. Its products are being progressive even though there been some hurdles and late development of Islamic banking and finance industry and moreover it is has been so securitised for customer satisfaction and avoided almost the pity of riba-based banking structure. In this regard, it has a more focus on the revision and research on the proposed and as well as on financial structures that are being practiced nowadays. It has been proven that many big names like HSBC, Lloyds and Standard Chartered are putting there focus on Islamic products and especially on retail banking products and securitisation products. Suggestions and Recommendations: Islamic Finance Expanding Rapidly (2007) by IMF(MCM Dept.) Many Islamic products have the thirst to be researched on and provided quite attractive picture for entrepreneur to spot focus on Islamic finance industry. Besides many Islamic retail banking products, Sukuk (i.e. Islamic Bonds – despite of the type), Takaful (Insurance) and Tawarruq (AAOIFI standardised loan) are called out as the future for Islamic banking and might have a better attraction to conventional banking world as well. References(s): Aggarwal, R. K. Yousef, T. (2000) Islamic Banking and Investment Financing, Journal of Money, Credit and Banking, Blackwell Publishing Ahmad Ausaf (1993) Research Paper 20: Contemporary practices of Islamic financing techniques, Islamic Research and Training Institute, Islamic Development Bank, Jeddah Ahmad Ausaf (1987) Development and Problems of Islamic Banks, Islamic Development Bank, Jeddah Ayub M. 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