...McDonald / J Zhejiang Univ SCI 2004 5(5):499-508 499 Journal of Zhejiang University SCIENCE ISSN 1009-3095 http://www.zju.edu.cn/jzus E-mail: jzus@zju.edu.cn The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis MCDONALD John F. (College of Business Administration, University of Illinois at Chicago, Chicago, USA) E-mail: mcdonald@uic.edu Received Feb. 23, 2004; revision accepted Mar. 6, 2004 Abstract: The paper combines Tobin’s Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided. Key words: Investment theory, Asset pricing, Appraisal Document code: A CLC number: F832.48 INTRODUCTION This paper combines the economic theory of real investment and the standard financial model of asset pricing to produce a method for the valuation of real assets; and intentionally uses relatively simple versions of these two theories to link economics, finance, and appraisal. Numerical examples using data on real estate assets illustrate the valuation method. The Q theory of investment, introduced by James Tobin (1969), is popularly accepted theory of real investment hypothesized to be a positive function of Q, defined as the ratio of the market value to the replacement cost of capital. Standard presentation of the theory, such as that of Romer (1996), shows that Q is the...
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...The return of Reagan's 'welfare queen' New laws to make welfare claimants pay for drug tests cruelly exploit the resentments of struggling middle-class Americans Florida Governor Rick Scott is poised to fulfill a "top priority" campaign pledge and sign legislation requiring the state's approximately 58,000 welfare recipients to pay for their own random drug tests. The fiscal hawk and governor was once the head of Columbia/HCA, which perpetrated the biggest Medicare fraud in US history, and he opposed the creation of a database to track heavy prescription narcotics like Oxycontin because it would be an "invasion of privacy". This in Florida, our nation's undisputed capital of illegal prescription drugs, where dope is slung out of strip mall "pill mills". But I digress – and it's only the second paragraph. "If you go apply for a job today, you are generally going to be drug-tested," Governor Scott told Central Florida News 13 in October 2010. "The people that are working are paying the taxes for people on welfare. Shouldn't the welfare people be held to the same standard?" Thirty states took up bills to mandate drug testing for "the welfare people" during the 2011 legislative session, which is now in most states drawing to a merciful close: legislators were otherwise busy restricting abortion, worker and immigrant rights, while liberalising the right to bear arms on college campuses and destroy the environment; Florida and Texas have passed legislation making it harder for...
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...Cover Letter 1) The purpose of this paper is to remind the reader of the real reason why we have the right to bear arms. Many people are too easily swayed by the government propaganda in the media. It is important to never give up one’s basic rights and freedoms. 2) I learned that I was correct in my assumption that not only is there no correlation between gun control and decreases in violent crime, but in fact it is the opposite. Many areas where guns are illegal have a higher rate of violent crime. My perspective on this subject was reaffirmed in every way while researching and writing this paper. 3) The most difficult thing I encountered while writing the paper was determining how to cite the various sources I was using. Many sources come from online news agencies. Also I was unsure how to cite some documents such as the Constitution and Bill of Rights. 4) I actually did not really enjoy this assignment because the topic I chose fills me with such emotion. I should have perhaps chosen a subject to which I had no emotional attachment. It infuriates me that some people are willing to just give up our rights, thinking that will make things better. 5) I almost did not write about this topic when I saw how many students were already writing about it. But after reading some of the posts on the forum and recognizing what appears to be ignorance by many people about why this is such an important subject, I felt compelled to voice my opinion. This subject is very dear to me, as...
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...INTRODUCTION Law or rules can be defined and assessed in a variety of ways, but is more commonly known to us, the judiciary, “as the rules that society is bound to obey.”[1] These so-called “rules” or laws include government-made rules called “legislation” and judge-made rules called “Common Law” that are respected and enforced by our governments and our courts. Whether we speak in terms of Civil or Common Law traditions, certain characteristics can generally be said to apply to each in a common manner. These characteristics describe laws as being general and impersonal, obligatory, coercive and non retroactive.[2] We may attempt to summarize this notion by stating that law, no matter its origin, applies equally to each and every individual or citizen in a given society at a given time. Seemingly easy to understand, we must not fool ourselves to think that law is simple by nature. It is filled with nuances, definitions, interpretations, jurisdictions that often warrant separate applications to different people, thus challenging the very foundation of the above mentioned guiding principles. One legal principle that seems to fall within this general predicament is that of retribution and compensation. The idea is that when an individual or entity causes harm or damage to another, the former is obliged to restitute and compensate the latter for the damages that were caused. For example, in civil law, article 1457 of the Quebec Civil Code[3] states clearly that “where...
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...INTRODUCTION The reason how McDonalds Restaurant became a well-established brand around the world began with the series of strategies they used throughout the years in building its success. From the beginning there was only a local food stand more like the food trucks on the streets now to becoming the multi-billion corporation with over a billion employees. The way McDonalds is able to penetrate through different markets around the world is very amazing because they may be the only fast food brand that could be found around the world with the possibility of finding one just at a corner near you. The brand is well known around the world yet they may only know the name and that it is a fast food restaurant. Yet different countries or cities may have discrepancies in menu engineering where the company accommodates to the food preferences of the people or the culture of the regions. As many may know, operating a hospitality establishment requires much effort to maintain and operate while the failure rate of restaurants are statistically calculated to be quite high. As discussed by the “RestaurantOwners” website, “Within a 90 percent confidence interval, CRG found that the first year failure rate for startups averaged 23 percent over four years in that market. Based on the study, you could say that there is a one in four chance a new startup will fail.” Nonetheless all company may have there ups and downs while the McDonalds Restaurants brand reign in the fast food market for...
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...Advocacy Groups - an association of individuals or organizations who unite to actively support or defend an idea, usually to influence policies or resource allocations through media campaigns, public presentations, publicity, and legislative lobbying efforts; GROUP WHO TRY TO RAISE AWARENESS AND INFLUENCE POLITICS AND RESOURCE ALLOCATION advocacy groups are broader. interest groups are more specific. for example an environmental group would be an advocacy group and a group to save the rainforest would be an interest group. Amicus Curiae - “Friend of the Court.” A brief filed in a lawsuit by an individual or group that is not party to the lawsuit but that has an interest in the outcome. SOMEONE, NOT BELONGING TO ANY PARTY, VOLUNTEERS TO OFFER INFORMATION TO ASSIST IN A CASE, WHICH IS WHY IT MEANS FRIEND OF THE COURT Astroturf - refers to political, advertising or public relations campaigns that are designed to mask the sponsors of the message to give the appearance of coming from a disinterested, grassroots participant (i.e. fake grassroots); FAKE GRASS/FAKE SUPPORT; OPPOSITE OF GRASSROOTS; Creating the impression of public support by paying people in the public to pretend to be supportive. Bundling - A tactic in which PACs collect contributions from like-minded individuals (each limited to $2000) and present them to a candidate or political party as a “bundle,” thus increasing the PAC’s influence. Checkbook Membership- send in money to be a member A checkbook member is...
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...Virtual Campus – Pakistan INTRODUCTION OVERVIEW OF FAST FOOD INDUSTRIES The food industry is on a high as Indians continue to have a feast. Fueled by what can be termed as a perfect ingredient for any industry - large disposable incomes - the food sector has been witnessing a marked change in consumption patterns, especially in terms of food. An increasing number of international fast food chains rushing to India is because all of them see tremendous potential in for this type of business. The large upwardly mobile population in the urban areas tend to eat out more often or business or for leisure. The various players operating in India are the well-established Indian chains like Nirula's, Haldiram's and multinational companies like McDonalds, Pizza hut, Domino's pizza, etc. In addition to these, apparently some of the best known international food chains are looking at India. Among them are Great American Disaster, The Burger King, Mexican food chain Tacogrill, Move-n-pick, etc. are some of them to name. The players are fighting on products, pricing, positioning and trying to convert their first trials into regular purchase by providing delightful service quality. The focus is on product quality and standardization on taste. Consistency is the key, as its standardization in fast food as the consumer is short on time and wants to satisfy his taste buds with a consistent taste experience. Beyond this each player has its own strategy to expand consumer base. * Some feel...
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...Strategic Audit of Starbucks Traci Hall Jones College Business Policy and Administration Professor E. Smith June 20, 2011 I. Current Situation A. Current Performance Starbucks is the fastest growing food chain and shows no signs of slowing down. it plans to boost earnings by 20% to 25% annually over the next three to five years and to bring its number of storefronts to 40,000 worldwide which is 10,000 more than McDonald’s. Starbucks is conservative in how it finances its goals. Operating cash flow from existing stores pays for new-store development. So far, the return on new stores has been excellent. Increasing same-store sales has been a tougher order, though, and Chairman Howard Schultz has expressed worries that moves to improve same-store sales with automatic equipment and off-brand merchandise could be turning consumers off. The return on investment (ROI) for Starbucks in 2010 was 22.50%. The market share was $27.33 billion while the profitability was at 30.4% (Donald, 2007). B. Strategic Posture Starbucks has an impressive mission statement because it addresses their product as a whole and their mission for different relationships. “The Starbucks Mission Statement-To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time. Here are the principles of how we live that every day: Our Coffee-It has always been, and will always be, about quality. We’re passionate about ethically sourcing the finest coffee beans, roasting them...
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...A NEW BIRTH OF FREEDOM?: OBERGEFELL V. HODGES Kenji Yoshino The decision in Obergefell v. Hodges1 achieved canonical status even as Justice Kennedy read the result from the bench. A bare majority held that the Fourteenth Amendment required every state to perform and to recognize marriages between individuals of the same sex.2 The majority opinion ended with these ringing words about the plaintiffs: “Their hope is not to be condemned to live in loneliness, excluded from one of civilization’s oldest institutions. They ask for equal dignity in the eyes of the law. The Constitution grants them that right.”3 While Obergefell’s most immediate effect was to legalize same-sex marriage across the land, its long-term impact could extend far beyond this context. To see this point, consider how much more narrowly the opinion could have been written. It could have invoked the equal protection and due process guarantees without specifying a formal level of review, and then observed that none of the state justifications survived even a deferential form of scrutiny. The Court had adopted this strategy in prior gay rights cases.4 Instead, the Court issued a sweeping statement that could be compared to Loving v. Virginia,5 the 1967 case that invalidated bans on in––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Chief Justice Earl Warren Professor of Constitutional Law, New York University School of Law. I gratefully acknowledge receiving financial support from...
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...THE CHANGING ROLE OF THE MARKETING PROFESSIONAL IN A COMPETITIVE CAREER DRIVEN MARKET A research report presented to IMM Graduate School of Marketing In partial fulfilment of the Postgraduate Diploma By Gerhardus Francois Nel Student Number: N67513 July 2012 Supervisor: Dr Sidney Shipham Executive Summary The marketing profession worldwide has for the last decade been under pressure to show its worth. Marketers are finding it harder to show value and at an executive level, this is even more pronounced. The lack of being able to show clear return on investment in their activities has meant that many marketers and indeed marketing departments are being questioned as to their role in the fulfilment of the business strategy. In the light of all this negative attention, marketers themselves have not branded themselves as strategically important and through the ever increasingly complex role of a marketer today, the gap between how marketers are viewed by their counterparts and how they view themselves, has begun to show. In an effort to establish how marketers view themselves, their perceptions of their value and how that impacts on their career advancement and acceptance at an executive level, the research aims to highlight the need for a professional marketing standard in which marketers can gain a positive impression of themselves and the profession in general. Simply having a recognised qualification will obviously not be the only solution but the subsequent understanding...
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...Arts of Kent State University in partial fulfillment of the requirements for the degree of Masters of Arts by Niti Duggal December, 2007 Thesis written by Niti Duggal B.A. (Hons), University of Delhi, India 1996 M.A., Jawaharlal Nehru University, New Delhi, India 1998 MPhil, Jawaharlal Nehru University, New Delhi, India 2001 M.A., Kent State University, 2007 Approved by ____________________________________, Advisor Dr. Jay Lee ____________________________________, Chair, Department of Geography Dr. Jay Lee ____________________________________, Dean, College of Arts and Sciences Dr. Jerry Feezel ii Table of Contents Table of Contents ……………………………………………………………….. iii List of Maps and Figures …………………………………………….………….. v List of Tables …………………………………………………………………… viii Acknowledgments ……………………………………………………………… ix Chapter 1: Introduction …………………………………………………………..…… 1 1.1 Research Objectives ............................................................................ 2 1.2 Summary …………………………………………………..…..……. 4 2: Problem Statements ………………………………………………...……. 6 2.1 Size and Shape of the Retail Trade Area………….……………....…. 6 2.2 Summary………………………………………..………………...….. 9 3: Literature Review ………………………………………………………… 11 3.1 GIS for Business and service Sector Planning ……………………….11 3.2 GIS as a Tool for Retail Location Decisions……………………….... 12 3.3 GIS Methodologies for Retail Location Studies…………………...… 13 3.4 Analysis of Trade Areas………………………………………………19 3.4.1 Simple or Basic...
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...ISSN: 0730-5748 JOURNAL OF UFO STUDIES New Series, Vol. 6 1995/1996 CONTENTS ARTICLES Editorial ..................... ......................... ............................................................ Stuart Appelle Psychotherapy for the UFO Abduction Experience ..... ..... .......... ........ David A. Gotlib The Abduction Experience: A Critical Evaluation of Theory and Evidence ............... .. .............................. ........... ............ ...... ............... ........................ Stuart Appelle Anomalous Images on Videotape from Space Shuttle Flight STS-48: Examination of the Ice-Particle Explanation ................... ............. ......... Jack Kasher The University of Colorado UFO Project: The "Scientific Study of UFOs" ... .......................................................... ....... .......... Michael D. Swords A Reference Guide for the Condon Report ..... .. ... ............... ......................... Willy Smith Donald E. Keyhoe and the Pentagon: The Rise of Interest in the UFO Phenomenon and What the Government Really Knew .............. ................... ........ .......... .. .... ... ........... ....... ..... Michael D. Swords Fewer Sightings in the National Press: A Content Analysis of UFO News Coverage in The New York Times, 1947-1995 .......... ................ John C. Hickman, E. Dale McConkey II, and Matthew A. Barrett COMMENTS AND RESPONSES Robert R. Young, John S. Carpenter ...... ............... ... ......... .......
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...VISHAL KUMAR | PGDM | February 22, 2014 VISHAL KUMAR | PGDM | February 22, 2014 COCA COLA AN INTEGRATED MARKETING COMMUNICATION PROJECT COCA COLA AN INTEGRATED MARKETING COMMUNICATION PROJECT CONTENTS: 1. INTRODUCTION ………………………………………………………………….2 2. HISTORY …………………………………………………………………………..3 3. COCA COLA IN INDIA……………………………………………………………7 4. MARKETING STRATEGY………………………………………………………..12 4. THE ADVERTISING CAMPAIGN………………………………………………..13 6. SERGIO ZYMAN…………………………………………………………………..17 7. COCA COLA’S RENOWNED ADS……………………………………...………..21 8. BOLLYWOOD ACTORS IN ADS…...…………………………………………….27 9. THANDA MATLAB COCA COLA………………………………………………..28 10. COKE’S AD AGENCIES IN INDIA………………………………………………29 11. THE STORY BEHIND ITS SMALL WORLD MACHINES AD…………………30 12. CONCLUSION……………………………………………………………………..32 13. BIBLIOGRAPHY…………………………………………………………………..33 “I don’t care about making award-winning commercial. The only thing …that any marketing person should care about is real consumption.”-Sergio Zyman, The end of marketing as we know it,1999 INTRODUCTION: Coca-Cola is a carbonated soft drink sold in stores, restaurants, and vending machines throughout the world. It is produced by The Coca-Cola Company of Atlanta, Georgia, and is often referred to simply as Coke (a registered trademark of The Coca-Cola Company in the United States since March 27, 1944). Originally intended as a patent medicine when it was invented in the late 19th century by John Pemberton, Coca-Cola was bought out by...
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...The Journal of Legal Medicine, 33:171–199 Copyright C 2012 American College of Legal Medicine 0194-7648 print / 1521-057X online DOI: 10.1080/01947648.2012.657993 THE GOOD, THE BAD AND THE UGLY A 50-STATE SURVEY EXPLORING FEDERAL AND STATE FIREARM REGULATIONS RELATED TO MENTAL HEALTH Jason Sterzer* The right of the people to keep and bear arms shall not be infringed, and this without any qualification as to their condition or degree, as is the case in the British government. This may be considered as the true palladium of liberty . . . . The right of self-defense is the first law of nature; in most governments it has been the study of rulers to confine this right within the narrowest limits possible. Whenever standing armies are kept up, and the right of the people to keep and bear arms is, under any color or pretext whatsoever, prohibited, liberty, if not already annihilated, is on the brink of destruction.1 INTRODUCTION On April 16, 2007, Seung-Hui Cho went on a murderous rampage at Virginia Tech University, slaughtering 32 people before turning his gun on himself.2 Cho had previously been diagnosed with severe anxiety disorder and declared mentally ill in the Circuit Court of Montgomery County.3 At the time of the shooting, Virginia law prohibited the “purchase, possession, or transportation of any firearm by any person adjudicated ‘legally incompetent,’ ‘mentally incapacitated,’ or ‘incapacitated,’ whose competency or capacity [had] not been * Third-year law student...
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...Chapter Study Questions Exam Five 2305 (Chapters 4, 5, and 9) The Enduring Democracy Third Edition, 2013-2014, Dautrich and Yalof, Cengage Publishing. Be sure to skip a line between the question and the answer and skip another line before the next question. Chapter Four: Civil Liberties 1. What are civil liberties and when did individual rights recognized by government first appear in a legal charter? What charter? 73 - Those specific individual rights that are guaranteed by the Constitution and cannot be denied to citizens by government. Most of these rights are in the first 10 amendments to the Constitution, known as the Bill of Rights. The original English legal charter, the Magna Carta of 1215. 2. How are civil liberties different from civil rights? 73 - Civil liberties may be distinguished from civil rights (sometimes called equal rights), which refer to rights that members of various groups (racial, ethnic, sexual, and so on) have to equal treatment by government under the law and equal access to society’s opportunities. 3. What were the Alien and Sedition Acts and were editors if newspapers actually jailed? 74 - Alien Act, which authorized the president to deport from the United States all aliens suspected of “treasonable or secret” inclinations; the Alien Enemies Act, which allowed the president during wartime to arrest aliens subject to an enemy power; and the Sedition Act, which criminalized the publication of materials that brought the U.S. government...
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