...It is a common issue to test whether the stock prices are efficient, in most of the researches. It is found that long term returns are more predictable than short term and thus mean reverting. Studies mainly focus on autocorrelation of returns in different time lengths. In finance theory it says when autocorrelation of stock prices is there, then prices are predictable. Therefore, it is evidence against the random walk hypothesis of stock prices. Objective of the study The objective of this research is to test the efficiency of stock prices in Sri Lanka studying autocorrelation of short and long term returns in the CSE. Significance of the study There was a previous research on the predictability of short term returns and mean reversion in long term return in Sri Lanka in two important ways. 1. Previous studies utilized only shorter time periods because lack of long time series, since Sri Lankan stock market commenced only in 1985 and some researchers only used limited data which is the shorter time series available. Whereas the present study uses all-time series of returns available as at the research date (18.5 years from 1985-2003). 2. All previous papers tested only the short term returns except one. But this study examines short term predictability as well as long term mean reversion. It is important to use a long time series when predicting the long term returns to obtain correct results. Therefore, this research contributes to predict both short and...
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...1 6 In Economic news: • Sri Lanka to borrow another USD 3bn as govt runs out of options to bridge fiscal deficit. • Taxes galore as govt struggles to make ends meet. • Sri Lanka hit by Fitch downgrade and S&P lowering of outlook. • Sri Lankan economy grows a slow 4.8% in 2015. • Minimum wages for private sector workers comes into effect. • Port City back on, its official. • Sri Lanka happier in 2015, rises to 117th in the Happiness Index. • Inflation rises 1.7% YoY in February. • Rupee in March at 142.59/146.78 vs. USD (down 0.08% MoM). • Stock market closes at 6,071.88 in March (-11.9% YTD). In Business news: • Tourist arrivals up 19.4% YoY in Feb 2016 to 197,697 as China replaces India as the premier tourist sourcing location. In Consumer news: • Nielsen consumer confidence index falls to 65 (-5 pts MoM). • Vehicle registrations falls 25.4% YoY in Feb 2016. • Tea production drops to 22.9m kgs in Feb 2016. • CPC continues to make losses but LIOC rakes in mega profits; as Sri Lankan Airlines’ going concern nose dives. • Business sentiment index at 16 month low, 138 in Feb 2016.(-13 pts MoM). • Prima wheat flour prices increased. • Nestlé launches “out of home’ beverage provider. • Body Shop comes to Sri Lanka. Gradient Alliance M ont hly Bullet in: M arc h 2 0 1 6 In Economic news: Sri Lanka to borrow another USD 3bn as govt runs out of options to bridge fiscal deficit. The Central Bank of Sri Lanka (CBSL) is to issue sovereign...
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...HDDES Extracts (Pvt) Ltd is an organization involved in the extraction of essential oils from a variety of spices for the export market. Presently they export to UK, USA, and Europe. The spices / raw materials are sourced from their own plantations as well as from registered suppliers. The raw materials are of the “Organic” category as well as conventional types. The organization started its commercial operations in 2003 under the guidance of BOI and it is a leading company which is revolve in corporate environment with hierarchy driven by board of directors which positions are held by the members of family. It is a hundred percent Sri Lankan company which is specialized in manufacturing and exporting Spice, Oleoresins and Essential oils, extracted from Cinnamon Bark, Cinnamon Leaf, Clove Bud, Clove Stem, Ginger, Lemon grass, Mace, Citronella, Black Pepper, Nutmeg, Cardamom and Lime by the methods of Hydro/ Steam Distillation and Solvent Extraction followed by filtration, purification and conditioning while developing the Sri Lankan true identity to the world. The organizational success basically depends on the continuous Research and Development work, carried out to find out new products which are of importance to constant development of organizational growth that would be beneficial to all the stakeholders, by keeping product quality within organizational theme of “Quality is our Pride“. The dedicated efforts of the company to achieve excellence in product quality to match...
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...Analysis Of Jaykay Marketing Services Marketing Essay The supermarket industry in Sri Lanka is set out for an explosive growth in the recent years this is with the western lifestyle of modern Sri Lankans where convenience is a key benefit sought after.(Perera 2006) The traditional grocery store concept has been evolving in to a ‘’Mega Stores’’ and the heavy discounter concept which carry all the goods shoppers want (Stanton 2007). If we look at the drivers for the evolution of modern supply chains, or ‘’Modern Trade’’ they have been persistent in increase demand for value added consumer products, convenience food, beverage, and frozen confectioneries. ‘’The emergence of supermarkets, urbanization, income increase, high quality retail export markets, high quality bulk procurement, trade agreements, with other countries, increased migration of Sri Lankan citizens and increased female participation in labor force have created a new demand pattern, shifting the focus towards continuous supply of high quality, value added products with improved processing, packaging and labeling’’ (Samarthuga A 2006 15). Sri Lanka is an agriculture base country primarily it has 2 million hectares or 30% agricultural land, and almost 75% of the agricultural land is under small holdings and the balance is under estates. Sri Lanka Imports 65000 MT of diary commodities mainly FCMP and diary therefore seen and instrument to replace, and about 70% of the contribution to the livestock subsector comes from...
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...Subject: International Marketing Topic: - Launching a local product in International Market Company: - MM Mithaiwala ACKNOWLEDGEMENT Why Fast Food Industry??? Fast food industry is the most happening industry around the world. Tasty food is something which cannot be resisted. And in today’s fast moving world, people don’t have enough time to sit had have food for a long time. A fast food firm takes into consideration TIME factor and provides food in quick time. Why MM Mithaiwala as a Fast Food firm??? MM Mithaiwala is one of the oldest fast food firm operating in Mumbai which has all the ingredients of becoming an international brand. MM Mithaiwala works on the principle of developing profit centers whereby all the work is handled by professionally qualified people responsible for their respective departments. There Philosophy has always been customer satisfaction and they believe that a satisfied customer is a customer for life. [pic][pic] .....At Mumbai About MM Mithaiwala… at Mumbai (Malad) M.M.Mithaiwala is a producer of Indian sweets, snacks and is also into retailing outlets, restaurant business, and fast food and lassi centers. M.M.Mithaiwala supplies to Industrial Canteens, Hospitals, Flight Kitchens, and Hotels. They also supply to caterers organizing marriages and other social functions in the city. They have established high quality performance standards like Punctuality, Great Service, Good Quality Food, Hygiene and Commitment...
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...Annual Report 2011 Industrial Technology Institute Your Partner in Technological and Industrial Growth Contents ITI Quality Policy 1 Act & Legislation 2 Mandate 2 Vision 2 Mission 2 Board of Management and Committees 3 Organization Structure 4 Senior Management 5 Chairman’s Message 6 Executive Report 8 Performance Highlights 15 Quality Infrastructure 19 Accelerating Industrial Technology Development 22 Benchmarking for Competitiveness 28 Monitoring and Mitigating Pollution 33 Technology for Human welfare and Socio-economic Upliftment 37 Training Programs & Workshops 38 Capacity Building 40 New Initiatives 43 Corporate Awareness 46 Information for Industry 48 Awards and Recognition 52 Corporate Social Responsibility 54 Social, Welfare and Religious Activities 55 Publications, Presentations and Patents 57 Human Resources 62 Executive Staff 65 Financial Report 2011 Auditor's Report AG's Report Reply ITI Quality Policy “The management of the Industrial Technology Institute is unreservedly committed to maintain the ISO 17025 Quality Management System for the Testing and Calibration services and ISO 9000 Quality Management System for the entire Institute, in keeping with the National Quality Policy, thus providing customers with services of the highest professional standards. All ITI staff has been made fully...
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...consumers to purchase organic food (Yin et al., 2010). According to Jia et al. (2002) food is categorized as “organic” if the product does not contain artificial synthesized fertilizers, pesticides, livestock, growth regulators and poultry feed additives. A variety of agricultural products can be produced organically, including produce, grains, meat, dairy, eggs, and processed food products. "Organic" does not mean "natural." There is no legal definition as to what constitutes a "natural" food. However, the food industry uses the term "natural" to indicate that a food has been minimally processed and is preservative-free. Natural foods can include organic foods, but not all natural foods are organic.In recent decades, the global organic market has been expanding in accordance to the increase of its agricultural cultivation area. According to...
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...- 13 - Uditha Liyanage Abstract Strategy is often confused with planning. The many definitions and delineations of strategy, which highlight one or more aspects of strategy, while ignoring the others, have led to a state of confusion as to what strategy really is. This is evident in the content-analysis of the vision, mission and value statements of a number of companies. Not only were the analysedanalyzed company- - specific statements vague and general, they were also unrelated to one another. Specifically, the espoused values were generic and terminal in nature and unrelated to the tasks and goals at hand. To avoid the confusion in the minds of practitioners, and as reflected in the literature itself, a Strategy Quadrant (content), consisting of Stand, Standing, Shared values and Steps is proposed. The process of developing the 4Ss of strategy is delineated in terms of Mintzberg's "think/see/do first" processes (Strategy Triangle). The context ofcontext of strategy is defined in terms of stability and complexity (Strategy Duality). It is argued that, in complex and unstable contexts, the traditional mode of "think-first" deliberate strategies which set "thinking" apart from "doing" is becoming increasingly ineffective. The unpredictability of complex contexts, in which we operate, leave us with no choice but to be markedly adaptive rather than attempt to be overly prepared. Complex Adaptive Systems (CAS) are the order of the day, and the organization's Standing...
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...Assignments I Name Institution MFI 442 International Finance-Individual Assignments I Most corporations expand beyond their local boundaries to become multinationals. There are myriad reasons behind this (Wells & Wint, 2000). The biggest of all these reasons is to gain access to international markets and perhaps invest in economic zones that have high investment returns as compared to home countries (Fu, 2000). The trend of globalization has made most firms become multinational corporations. The most common method for MNCs is through franchises (Jones, 2005). In line with this, economists have put up theories explaining why businesses expand beyond their national boundaries (Hicks, 2000). My primary objective in this paper, therefore, is to discuss international finance and other macroeconomics policies. To foresee this goal, I will delve into foreign exchange market and operations of multinational corporations (MNCs). Theories Explaining Why Corporations Expand to become Multinationals a). Financial economists have brought forward three key arguments that enumerate why companies expand their operations to global markets. These theories are; the imperfect markets theory, the comparative advantage theory and the product cycle theory (Levi, 2004). i).The Comparative Advantage Theory This theory is among the most important concepts in international trade. It states that economic welfare increases when countries specialize in producing lower opportunity cost goods....
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...Investment Policy Statement Investors Information Investor Profile 01 Name; Miss; H.A.Wanamali Birth Date; 31 May 1988 Relationship; Retail Investor Gender; Female Investor Profile 02 Name; Miss; W.D.D.M. Rathnasiri Birth Date; 19 Nov 1988 Relationship; Retail Investor Gender; Female Investor Profile 03 Name; Miss; P.D.S.S.Wetthesinghe Birth Date; 17 Oct 1988 Relationship; Retail Investor Gender; Female Statement of Objective Risk Aversion Our intention is gaining high return while controlling the risk level of the investment. Though the high return level implied the high tolerance for risk of investors, our objective is to maximize the return while minimizing the overall risk level of the investment to accomplish the maximized wealth. The major reason behind high level tolerance for risk is the return expected through the investment is high. Always we tried to maintain better relationship between the expected return and cost of investment. Except our main objective there are some co-objectives those are, * Mitigation of Risk To construct efficient and well diversified portfolio three persons are joined together through that we can manage and bear risk among us. On the other hand single marital status, young age and relax feeling of family responsibilities rub up the high tolerance level for risk. * Maintain an appropriate degree of portfolio diversification We will maintain efficient diversification portfolio at all time and it should be matches with the reasonable...
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...Sri Lanka | Diversified Holdings Initiation of coverage EQUITY RESEARCH 5 September 2013 CT Holdings PLC (CTHR) Cashing in on consumption growth CT Holdings (CTHR) is the fourth-largest Sri Lankan diversified company by market capitalization. The company holds controlling interests in Cargills (CSE ticker: CARG, CTHR’s 70%-owned food retail company), the country’s largest chain of supermarkets, as well as in several companies in the food processing, restaurant, real estate, entertainment and financial services sectors. We expect CTHR’s revenues from continuing operations to post an 11.1% CAGR over FY14E-FY16E and net margin to expand 40bps to 2.3% by FY16E. Rising disposable income should continue to boost consumer demand and benefit Sri Lanka’s modern food retail market, driving CTHR’s retail and wholesale distribution segment (84% of revenue in FY13) at an 8.8% CAGR over FY14EFY16E. We expect margins to benefit from higher food sales and economies of scale in food processing. However, high finance costs resulting from CTHR’s recent spate of acquisitions may pressure earnings. We arrive at a valuation range of LKR126-153 for CTHR, compared with the current share price of LKR140, as at 4 September 2013. Sri Lanka’s organized food retail penetration grew to 15% in 2012 from 10% in 2004. This growth was supported by rising disposable income (12.6% CAGR over 2010-2012) and a slowly increasing preference for shopping at modern retail outlets. However, penetration remains lower...
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...(Uttarakhand), INDIA __________________________________________________________________________ Abstract India’s rapid economic growth has made it the second fastest growing energy market in the world. Its domestic and international strategies has produced foreign policy differences with the United States that will require careful management on both sides. India’s basic approach to energy diplomacy has been to develop its supply potential and neutralize its potential competitors, principally China. India’s strategic interest in Iran as its energy partner and then the Iraq crisis are having a negative consequence on its economic prosperity, placing it on crossroads with the US. There is a divide between US and EU about the wisdom and desirability of imposing harsh economic sanctions on Russia. In any such confrontation, EU stands to lose much more than the US, though it can be argued that Russia will be the worst loser. In future, Russia may try to find new potential market for its gas and that could be India. So it is important for India to take its stand on Ukraine crisis carefully without tarnishing its relation with USA. India’s long-term prosperity hinges to some degree on a conflict free neighborhood; that an economically integrated region is in India’s overall security interests. Keywords: oil crisis, energy diplomacy, Ukraine Crisis, trade agreement, SAARC Nations Literature Review Indian foreign policy has always concentrated around major powerful nations like USA and...
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...Estates PLC, Swarnamahal Financial PLC and Vallibel Power Erathna PLC and the nature of the national environments in which the companies operate, the behavior of the organizations in their market environment and the importance of the global factors that shape national business activities. First the report identifies the purposes of the selected companies and then categorizes based on the differences between organizations. Then it identifies stakeholders and their expectations and applies the stakeholder mapping model to those stakeholders. After that the actions that the organization has taken to meet different responsibilities have been analyzed. Furthermore it investigates the resource allocation of the economic system in which the Bogawanthalawa Tea Estates PLC operates and the impact of monetary and fiscal policy on this organization and of competition policy on the activities of a business organization. By assuming that the aforesaid organization is operating in a monopolistic competitive market, the report analyzes the way how pricing decisions are made. Furthermore the impact of market forces and PESTEL factors on the above company has been taken into discussion. Finally the advantages of international trade to the company Bogawanthalawa PLC and the influence of the global factors in Sri...
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...BUSINESS ENVIRONMENT Y/601/0546 MARKET ENVIRONMENT AND ORGANIZATIONAL BEHAVIOUR MOHAMED ABOOBUCKER JAZEER AHAMED Introduction Business environment is composed of two words ‘Business’ and ‘Environment’. In economic sense ‘Business’ means human activities like production, purchase or extraction or sales of products or services that are performed to earn money. Meanwhile ‘Environment’ means the aspect of surroundings. Business environment is the set of conditions institutional, political, economical, legal or social that is uncontrollable and affects the functions of the organization. Business environment consists of two components: external environment and internal environment. Internal environment includes of 5 M’s like management, money, machinery, material and man. On the other hand, External environment consists of demo-graphical factors, socio-cultural factors, political factors, geo-physical factors, government and legal factors. LO1 1.1 ------------------------------------------------- Different Types of Organizations Organizations A social unit of people that is structured and managed to meet a need or to pursue collective goals. All organizations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out different tasks. Organizations are open systems they affect and are affected by their environment. Read more: http://www...
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...INTRODUCTION: [pic] PICTURE: MAP OF SOUTH ASIA. South Asia comprises the countries of India, Pakistan, Bangladesh, Nepal, and Bhutan, as well as the island nations of Sri Lanka and the Maldives. All told, some 1.73 million square miles make up South Asia. South Asia comprises eight countries including Afghanistan. Agriculture accounts for a significant part of GDP throughout the region, and has grown at a remarkable overall rate during the past 30 years as a consequence of the Green Revolution. Nevertheless, the region has a greater number of undernourished and poor than any other developing region, and more than two-thirds of these reside in rural areas. Most of this region is a subcontinent resting on the Indian Plate (the northerly portion of the Indo-Australian Plate) separated from the rest of Eurasia. It was once a small continent before colliding with the Eurasian Plate about 50-55 million years ago and giving birth to the Himalayan range and the Tibetan plateau. It is the peninsular region south of the Himalayas and Kuen Lun mountain ranges and east of the Indus River and the Iranian Plateau, extending southward into the Indian Ocean between the Arabian Sea (to the southwest) and the Bay of Bengal (to the southeast). The region is home to an astounding variety of geographical features, such as glaciers, rainforests, valleys, deserts, and grasslands that are typical of much larger continents. It is surrounded...
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