Business to business system in supply Chain extension Essay Example for Free

Business to business system in supply Chain extension Essay In the aerospace sector, manufacturers are making strategic efforts to consolidate their supply base and forge stronger relationships with remaining suppliers (Stundza, 1999). For example, Boeing consolidated and standardized its supply contracts and plans to reduce its number of suppliers from 3,100 to 2,700 (Stundza, 2000b). Bowman (1998) notes that within the last year in the logistics industry shippers are increasingly bidding at the corporate level. More of them are making decisions by committee, whittling down their international provider base to a bare minimum. For example, he notes that about 40 percent of the global accounts of APL Ltd. , a worldwide logistics provider, had some type of logistics council or centralized body for purchasing, strategizing, and decision making. 8 To set the stage for PSM change, innovative customers are conducting comprehensive, corporate-wide spend analyses 9 to better understand their primary sources of expenditures and to then target their PSM improvement initiatives (e.g. , quality, speed, or cost effectiveness) on those goods and services that represent their largest and most strategic expenditures (see Owens et al. , 1998, and Laseter, 1998). 10 Customers are also stratifying their supply base by effect on results and level of strategic risk and then matching the specific management approach and type of relationship formed with particular suppliers to (Moore, Baldwin, Camm, and Cook 2002, 6 7). The truth of the matter is that the chains grew because they introduced a method of retail distribution for which there was a definite need and which the old wholesaler-retailer system failed to supply. To what extent the old system was inherently deficient and to what extent its shortcomings could be and have been corrected must be discussed now, not for the sake of stressing the imperfections of a competitive system but in order to contrast certain features of the chain-store system. The ideal distribution system would bridge the gap between production and consumption with maximum efficiency at minimum cost. Without any question, the outstanding inherent defect of the old wholesaler-retailer system lay in the fact that, under it, the wholesale function and the retail function are performed by separate, independent factors, whereas, under the chain-store system, the two functions are, to a major extent, combined. In no sense does the chain-store system eliminate the wholesale function: it still has to be performed, but, whereas under the old system the wholesaler exercised no control over his retail outlets nor did the retailer have any control over his sources of supply, under the chain-store system both functions are performed by the same organization and the control is unified. That this basic difference between the two systems has been partly nullified by the development of voluntary chains of various kinds is true. But the fact remains that such organizations did not come prominently into the picture until the chains had established themselves on a firm basis. When the chains were making their greatest strides, the old wholesaler-retailer set-up provided their principal competition. Reduced to its simplest terms, the main result of the essential difference between the two systems lies in the fact that under the old plan it is necessary for the wholesaler to sell to the retailer before the merchandise can find its way into consumption. Under the chain-store system, this intervening selling process, with all its disadvantages, is obviated. (Lebhar 1963, 87- 88) In 1981, standards for shipping containers were adopted; these facilitated the extension of the UPC into the emerging supply chain processes then appearing in both manufacturing and retailing industries. One of the reasons that the UPC had to spread grew out of the fact that not all goods sold in grocery stores were food; they included health and beauty aids, household cleaners, and so forth, which came from other industries. To take full advantage of the technology, the Grocery Industry wanted others to adopt the symbol as well. During the 1980s and 1990s, that was what happened. (Cortada 2004, 299) a. Keywords ? GDP = the growth development project is one of the most important factors in determining the standing of the country in terms of their economic inflation. ? e-buisness = is one of the most popular business internet market the products here are quite fast in the presentation to the client or so called the customer. ? Probability of UK GDP = this is something to do with the computation of the GDP of UK. This will reveal the trends of the UK if the economic inflation will fall or ascent. ? Linear regression= is the model that will suit in some computation for economic studies. This will also lead the person to identify the trends of the business to the market place. b. Basic Definitions and Terms The following terms were formulated for more understanding: ? Business to business (B2B) = It refers to the business situation and ? Inflation = This means that †¦.. ? Information technology = This refers to †¦.. c. Primary Sources d. Map out Important Areas e. Originality f. Review Conclusion.

Determinants Of Health Essay Example for Free

Determinants Of Health Essay Social determinants of health are the circumstances in which people are born, grow up, live, work, and age, as well as the systems put in place to deal with illness. These circumstances are in turn shaped by a wider set of forces: economics, social policies, and politics.Social determinants of health are factors in the social environment that contribute to or detract from the health of individuals and communities. These factors include, but are not limited to the following: Socioeconomic status,Transportation,Housing,Access to services,Discrimination by social grouping (e. g., race, gender, or class),Social or environmental stressors.Certain factors that contribute to the development of illness are: Poverty,Unemployment,High School Education, Health Insurance. Communicable diseases spread from one person to another or from an animal to a person. The spread often happens via airborne viruses or bacteria, but also through blood or other bodily fluid. The terms infectious and contagious are also used to describe a communicable disease. A communicable disease chain is the chain of infection,which includes: INFECTIOUS DISEASE:Any microorganism that can cause a disease such as a bacterium, virus, parasite, or fungus. RESERVOIR: The place where the microorganism resides, thrives, and reproduces, i.e., food, water, toilet seat, elevator buttons, human feces, respiratory secretions. PORTAL OF EXIT : The place where the organism leaves the reservoir, such as the respiratory tract (nose, mouth), intestinal tract (rectum), urinary tract, or blood and other body fluids. MODE OF TRANSMISSION :The means by which an organism transfers from one carrier to another by either direct transmission (direct contact between infectious host and susceptible host) or indirect transmission (which involves an intermediate carrier like an environmental surface or piece of medical equipment). PORTAL OF ENTRY : The opening where an infectious disease enters the host’s body such as mucus membranes, open wounds, or tubes inserted in body cavities like urinary catheters or feeding tubes. SUSCEPTIBLE HOST :The person who is at risk for developing an infection from the disease.

Financial performance of microfinance institutions

Financial performance of microfinance institutions Financial Performance of Microfinance Institutions Abstract The paper investigates the financial attractiveness of microfinance institutions (MFIs). With the use of CAMEL methodology is the performance of MFIs analyzed. A comparison with G10 commercial banks shows†¦. Secondly, the systematic risk factors of MFIs are identified. The study * VU University Amsterdam, Faculty of Economics and Business Administration, De Boelelaan 1105, 1081 HV Amsterdam Comments are welcome at: [emailprotected] Introduction This paper investigates the financial performance of microfinance institutions (MFIs) from the perspective of a foreign investor. Microfinance institutions offer a broad amount of financial products and services to people who lack access to traditional banking services, also called; ‘the unbankable. Starting from social driven performance measures, the microfinance industry has been arguably effective in reducing poverty worldwide. In the last decades the microfinance industry has developed into an alternative investment class. The sector is characterized by attractive returns, low default rates and an explosive growth. Nevertheless, there is only a small scientific basis about the promises microfinance offers as a financial investment class. The financial attractiveness of MFIs for investors is questioned within this paper. Through analyzing the performance of MFI with CAMEL ratings and identifying the systematic risk factors, enriches this paper the academic field of finance. The study starts from the findings of Krauss Walter (2008). Their empirical results show that MFIs have a low or non exposure with international commercial markets from developed nations. Microfinance investments are for investors thus useful for portfolio diversification. Besides the social benefit that social oriented investors gain, the question arises what is the potential financial gain for a foreign investor? Nonacademic sources present microfinance as a interesting alternative investment class for solely return oriented investors. Institutions as the Consultative Group to Assists the Poor (CGAP) are reporting profits twice as high as their local peers and returns on investments in some parts of the world between 117 and 847 percent (Little field Holtman, 2005). Gonzales Rosenberg (2006) presented evidence of MFIs that outperform commercial banks on the return on assets. The returns are combined with a repayment rate of loans of almost 100 percent. Group liability repayment systems realize the low default rates. The repayment schemes are typical for the microfinance industry since clients lack collateral for the provided loans. The numbers indicate a save investment with a high return for investors. Nevertheless, investors seem to be skeptic about investing in MFIs. As Krauss Walter (2008, p.6) righteously mention: â€Å" Investors appear to perceive microfinance as excessively risky relative to the returns it generates, partially due to a lack of viable foreign exchange hedges, absence of a solid track record, poor reporting standards, heterogeneous products and inadequate liquidity.† The Microfinance Exchange (MIX) tracks the performance of MFIs since 1998. The MIX is a platform which gathers and publishes financial and communal oriented (outreach) numbers of MFIs. The institutions deliver the data voluntary to the MIX. Of the approximately 10.000 MFIs worldwide, only a small percentage (around 8 percent) send reports to independent platforms as the Microfinance Exchange. The incentive to offer data is to attract more funds from investors (Hartarska Nadolnuak, 2008). The attraction of more funds leads to a higher amount of accessible capital for the low-income clients. A high return on investment is promised by MFIs to investors. In combination with the support to poor people, seems microfinance to be the commercial solution for worldwide poverty. In practice, this promise is only rarely fulfilled by the institutions, due to the high operating cost per client and the lack of knowledge and transparency within the institutions. Academic research is necessary to cl assify the sources of growth in microfinance institutions, thereby establishing a valid basis to assess the performance and risk of MFIs. The paper aims to increase the transparency and rationale behind the data of microfinance. Transparency is increased by presenting measures of performance of the institutions in relation with their domestic environment. MFIs are considered as emerging banks in developing countries. A comparison with commercial banks using adjusted performance methods is used as a starting point. Identifying the systematic risk factors within the domestic environment results in a valid basis to assess the performance of MFIs. The financial statements of the MFIs are downloaded from the MIX website. A drawback in microfinance related research is the low quality of the data. Although the MIX offers the best available set of data and puts serious efforts to increase the quality is the dataset relative young. The dataset contains annual data and is subject to subjectivity due to the voluntary basis and a lack of legislation and authorization in the nations were MFIs are effective. To deal with the low quality of the data this paper first checks till which extent the data makes sense. CAMEL ratings as an efficiency parameter are used SYSTAMTIC RISK The rest of the paper is organized as follows: section 1 reviews the literature of the microfinance industry and the recent developments. Section 2 describes the bank performance methodologies to assess the performance of banks. Section 3 describes a comparison of banking ratios between commercial banks and MFIs. Section 4 discusses the results on the performance drivers of MFIs as a result of the systematic risk of emerging nations. Section 5 concludes the paper with a discussion of the main findings found in this paper The Microfinance Promise The success of the book ‘Creating a world without poverty of Muhammed Yunus (founder of the Grameen bank in 1970 Nobel Prize Winner for the Peace in 2006), increased the awareness and popularity in microfinance. Microfinance refers to the financial products as savings, insurance, transfer services, microcredit loans and other products targeted at low-income clients. From origin is microcredit the key product of MFIs. Loans are used to develop local economies to banish poverty from the low-income communities. The difference between traditional banking and microfinance is the level of creditworthiness of clients. Low-income clients in microfinance lack collateral, structural employment and/or a verifiable credit history almost by definition. This disables them to meet the minimum creditworthiness requirements to gain access to traditional finance products and services. Microfinance clients are therefore often referred as: ‘the unbankable. The lending activities of MFIs are characterized as follows: 1) loans are solely available to members of the MFI; 2) loans are relatively small and generally unsecured; 3) assets and liabilities of the MFI are owned jointly by the members (the clients are the owners), 4) internal monitoring and social sanctions (group liability) are used to enforce the loan contracts (Skees Barnet, 2006). Microfinance institutions thus use group lending methods to guarantee repayment of the financial services which is a substitute for the lack of collateral. This innovative and reversed perspective on banking enables MFIs to provide financial support to the poorest people of the world. This considers 1 billion people worldwide or a potential of 1 billion clients. Reducing poverty worldwide is incorporated in the G8 millennium development goals. Microfinance is considered to be a proven way to realize this millennium goal. Judged against the profit maximization ideology of commercial banks in developed countries have MFIs a dual mis sion; reducing poverty worldwide while being financial sustainable (Drake Rhyne, 2002). The success of microfinance increased the interest of developed nations and the mainstream finance industry. Commercial organizations support initiatives in microfinance as an act of corporate social responsibility. For investors and financials is microfinance attractive for its low correlation with commercial markets. Real life examples are the diversification possibilities that pension and insurance funds find in microfinance (Krauss Walter, 2008). The balance between social and financial returns was studied by the Consultative Group to Assist the Poor (CGAP) in February 2008. The CGAP identifies a stream of private investors investing in microfinance with no particular interest in the social objective of MFIs since 2006. The entry of private investors in microfinance is seen as one the most important development since institutional investors noticed microfinance in the beginning of 2000. Before this period mainly governments, NGOs and charity funds invested and supported MFIs. In 2006 seventeen billion dollar of loans represented 10% of the potential microfinance market (Swanson, 2007). The money market return in that year was 5.8% in dollars and 3.2% in euros (Reille Foster, 2008). Although multiple sources report extreme returns on equity in microfinance, is investing in microfinance far from riskless. MicroPlace is the first online platform to trade in MFIs developed by Ebay. The average yield on a investment is 3% which matures in 3 years. In order to realize high net return on equity should organizations keep the operational cost low. Especially in the case of MFIs are operating cost high. Still lack of control and transparency makes investing in MFIs risky. Difficulty to comply with regulation standards, if any regulation framework is available MFIs act like banks, by collecting any in developed nations and from local communities and invest them in the area. Criticism is about the lack of transparency and knowledge in the sector. Databases consist of low quality accounting numbers and the absence of legislation, authorization in emerging economies aInsights in this industry will thus not only benefit the poor of the world, but also investors of the world as well as the lessons for the financial systems worldwide. The promise that microfinance offers is a reduction of poverty worldwide, with without any means of charity or subsidy (Cull, Demirguà §-Kunt Morduch, 2007). The poverty line is defined as having less than 2 dollar to spend on a daily basis. Group liability schemes are the response of MFIs to avoid the lack of traceable credibility and liquidity of clients. The group structure of loan repayment proves to secure high rates of repayment. Even with the lack of collateral or means of liquidity of the clients (Cull, Demirguà §-Kunt Morduch, 2007). The backside of this concept is that the industry is characterized by a high amount of transactional and operational cost due to monitoring cost. Also the high geographical distances and spread of clients, without technology standards or infrastructure to bridge these distance, increases the operational costs. A stereotype client of an MFI would be a woman (approximately 97% of all microfinance clients are woman), with a low level or non education. The idea that most clients are entrepreneurs is a biased view. Since microfinance believes in the strength and flexibility of people new entrepreneurial business arise, but everyone with a spendable income of less than 2 dollar a day, could be a client of an MFI. Grootte markt Although the loans and services provided are relative low is the amount of clients enormous. Ownership and governance (Call for legislation and authorization) Technology influences (Mobile phones) Microfinance for investors (brug naar bank performance en systematic risk) Portfolio diversification Return oriented (non academic article) not more than a T bill) Null hypothesis 3: MFIs dont generate excess returns more over equity indices. How to sustain credibility High fixed cost to monitor clients No collateral as a backup in case of default, so MFIs have to define risk management methods in order to control potential default rates. Bank performance From NGO to Commercial bank Null hypothesis 1: MFIs have the same banking ratios compared with commercial banks from G10 nations. Systematic risk of MFIs Impact of macroeconomic indicators on MFIs and visa versa Null Hypothesis 2: MFIs and macroeconomic indicators are not related. Microfinance business and investors MFIs have a different business model than traditional banks. This affects capital structure of the institution. The expectations of investors are also higher. A return hurdle is identified in †¦. Which state that investors expect return on equity of MFIs between 20-25 percent due to additional risk of the underdeveloped markets. Transaction costs are high for investors. Since most MFIs are not publicly tradable investors have to spend relative more time and effort to find, retrieve and monitor funds of MFIs. Exchange rates and effort to buy forgein shares in MFIs The lack of transparency creates information asymmetry Asymmetric information contributes to high transaction costs associated with underwriting, monitoring, and loss adjustment. The very same asymmetric information and transaction costs problems also plague financial markets in rural areas of low-income countries, contributing to high market interest rates. Market interest rates are also affected by default risk. Financial regulations can protect the interests of consumers by reducing information asymmetries. So Camel But for MFIs instead of commercial banks it is very difficult to diversify risk. Since most lenders have a business in agricultural oparetions a nature disaster or a change of policy within the domestic border affects almost the compete loan portfolio. For this reason it is important to understand the underlying sustamtic risk of an MFI with a nation. Bank Performance Measurement Measurement of the financial performance of banks increases the transparency of the banking sector in various ways. First, the performance indicators are warning signals for troubled banks. This increases the safety of the banking system. Secondly the indicators are useful tools for allocation decisions for investors. Especially in the case of MFIs, investors lack perfect information. Compared with developed nations the information asymmetry is greater, since commercial banks from industrialized countries have easy accessible and reliable performance indicators. Monitoring MFI performance decreases the information asymmetry gap for investors, which helps MFIs to attract more funds and increase their performances. A performance model assesses the efficiency of the organization. Efficiency is the ratio of the effective or useful output to the total input of a system. Different methods are available to measure the efficiency of banks. Statistical and intelligent techniques to model bank performance models are extensively reviewed by Kumar Ravi (2009). The most common approaches are data envelopment analysis (DEA) (Liu, 2009) and CAMEL analysis (Cole Gunther, 2008). DEA is a non parametric method which uses linear programming to measure multiple in- and outputs of business units. The business units are compared through creating an efficient frontier of best performing business units. DEA is mainly used to asses the internal efficiency of a bank. On-site examinations are the most precise way to monitor the performance of a bank. In developed nations are banks assessed between every 12-18 months. The ratings are known to CAMELS ratings according to their functional areas: capital adequacy, asset quality, management quality, earnings strength and liquidity. The performance of each area is rated on a 5 point scale (1 strong performance, 2 satisfactory performance, 3 performance that is flawed to some degree, 4 marginal performance that is significantly below average, 5 unsatisfactory performance that is critically deficient and in need of immediate action). From the 5 areas is a composite overall rating constructed. The Commercial Bank Examination Manual produced by the Board of Governors of the Federal Reserve System qualifies an institution consequently as; 1 an institution that is basically sound in every respect, 2 an institution that is fundamentally sound but has modest weaknesses, 3 an institution with financial, operatio nal, or compliance weaknesses that give cause for supervisory concern, 4 an institution with serious financial weaknesses that could impair future viability, 5 an institution with critical financial weaknesses that render the probability of failure extremely high in the near term. Although the CAMEL approach is widely used, Cole Gunther (2008) point out that the reliability of the ratings decays rapidly once published. To deal with the diminishing value of CAMEL ratings, they offer a method to create CAMEL rating based on accounting data. The off-site examination of the CAMEL rating performs better after two quarters since the last on site assessment. The CAMEL approach is a suitable starting point to asses MFI performance, since MFI data is only published annually. The rating enables to benchmark multiple MFIs and filter credible and well performing institutions from the dataset. CAMEL offers thereby the possibility to incorporate the social objective of MFIs within the performance model. Besides CAMEL are seven approaches established to measure MFI performance. The Global Development Research center describes all approaches which find their origin from private and commercial initiatives to rank MFIs. The ACCION Camel approach is comparable to the measuremen t as suggested above. An overview of the systems: PEARLS rating system. This is a rating system developed for credit unions by the World Council of Credit Unions (WOCCU). ACCION Camel. The evaluation guideline for MFIs developed by ACCION International. Girafe rating system. Developed by PlaNetFinance. MicroRate. Developed by Damian von Stauffenberg of MicroRate. MicroBanking Bulletin/ MicroBanking Standards Project. Funded by the Consultative Group to Assist the Poorest (CGAP). The Philippine Coalition for Micro-finance Standards.Developed a set of performance standards to serve as guidelines or benchmarks to assess the operations of NGOs involved in microfinance. Institutional Performance Standards and PlansDeveloped by the Committee of Donor Agencies for Small Enterprise Development and United Nations Capital Development Fund. CAMEL is suggested as most suitable for investors. The reliance on qualitative measurement through interviews with the MFIs management is a drawback of the above mentioned methods. Although interviews are useful to assess the performance of an institution, it does not allow investors to asses the institution based on free available information (for example from MIX markets). The CAMEL approach offers an objective evaluation method to assess the performance on quantitative measures. CAMEL is thereby widely recognized as a well performance rating method of financial institutions. The areas of the CAMEL approach are defined, but the indicators to generate the rating of the areas vary per organization or study. Microfinance has a different banking perspective compared with traditional banking. To adjust for this basic principle the set of accounting indicators for the CAMEL model is different, compared with models of traditional banks. ACCION is a rating agency which uses CAMEL to measure the performance of MFIs. A combination of qualitative (interviews) and quantitative (accounting data) analysis is used to rate the institutions. The present study solely uses quantitative measures to assess MFI performance. The indicators are adjusted to the amount of the gross loan portfolio to adjust for company size. Capital adequacy is measured by the amount of total equity and the amount of leverage within the organizations. A higher amount of equity reduces the probability of the occurrence of insolvency. A higher reliance on debt increases the financial pressure on the institution. Leverage reduces therefore the overall CAMEL score. Asset quality indicates the quality of the loans. The write of ratio of the loans and the not winnable loans in 30 days, reduces the quality of the assets. The ACCION model and the model of Cole Gunther (2008) do not include a quantitative measure of management. The current study measures the way the management uses the financial resources efficiently to provide as many loans with the same resources. Better management should be able to reach more clients (possibly with a higher amount of an average loan). Operational self-sufficiency is a measure of overall financial performance of the management. The ratio of operational expenses and loan portfolio presents how effective the management distributes loans to clients. This serves as a proxy for the objective of MFIs to reduce poverty. Secondly is the amount of active borrowers an absolute measure of how many clients the management reaches compared to the financial resources. The average loan balance divided by the GNI of the domestic nation indicates how much a MFI offers to clients within the local context. Earnings strength is the most important for return oriented investors. Return on assets and equity are a widely accepted measures of financial performance. Profit margin is included as a profitability measure of the services offered by the institution. Liquidity is a measure of how well an institution deals with short term cash flows and needs. Unfortunately the database only provides annual information of balance sheets. Specific (short term) cash flow information is not available. Liquidity represents the ability of an institution to meet obligations as they come due. In order to create a proxy for liquidity, data is gathered to determine till which extent institutions can meet loan requests of clients. Two ratios are calculated. The first represents the growth of the assets compared with the growth in the total loan portfolio. The second ratio focuses on the growth of equity compared with the growth in the total loan portfolio. If the ratios are above one, institutions are able to meet the obligations of new loans on a short term basis. An overview of the indicators used in the present study is given in table X, together with the expected effect on the overall CAMEL score. BEKIJK CLEAM Winker Tank, 2008 Exponential weighting is used to include past performances of institutions into the model. Other CAMEL models do not incorporate the time dimension, but past performances are a reliable proxy for future performance. Capital adequacy is for example calculated as: CA1 and CA2 are the camel scores on the indicators as discussed above, is the weight of the indicator within the specified CAMEL area. This will be normally equally distributed over the amount of parameters. The is the degree to which the past years taken into the equation. N is the amount of years of available data of MFI performance. The overall CAMEL score is constructed by an equal or adjusted weighting of the five performance areas. The sums of the weights of the indicators have a maximum of 1. Regarding the social objectives of MFIs a distinction is made between solely return oriented investors and more social oriented investors. A customized CAMEL rating on the preferences of an investor is created by shifting the weights of the areas, yielding the CAMEL rating which reflects the preferences of the investor. Within this study we will use an equal weight distributing, a distribution which stresses the financial performance (ES) and a rating which focuses on the social objectives (MQ). Two words of caution have to be made with the use of the current model. The comparability of the ratings is not straight forward when investors adjust weights to their preferences. Traditional CAMEL models use always an equal weighting over the areas, to grant comparability. Secondly, in line with Cole Gunther (2008) the CAMEL ratings are a not interchangeable with the CAMEL based on on-site visits. For investors the model designed for MFIs provides a reasonable indicator to determine the quality of MFIs on various aspects and should be seen complementary with the on site visits. Summarizing, CAMEL is used as a starting point to measures the financial performance of MFIs. Specific indicators are chosen to adjust for the special case of a microfinance institution. The ACCION CAMEL model provided a first start for the current model. The solely quantitative model incorporates proposes a measure for effective management of an MFI, as a reflection of the social objective of MFIs. Secondly the model also considers past performance of MFIs with the use of exponential weighting. Thirdly the model enables to provide weights according to the investor preferences. For MFIs the model presents indicators which could be embedded in the MFIs performance goals. This way MFIs could attract more funds necessary through establishing a better rating and so, become more attractive for investors. In the appendix are the CAMEL rating for the indicators specified. Systematic risk in microfinance Sentivity to market risk as a extension of the CAMEL model. Descriptive statics are used to compare the performance of MFIs with commercial banks. Banking ratios of commercial banks of the G10 are used as a benchmark. The comparison of banking ratios provides a glance of the performance of the MFIs. The return on assets (RoA) and on equity (RoE) is compared to give an indication of the profitability of MFIs. The outstanding loan portfolios and write off ratios, provide a view of the riskiness MFIs, since micro credit represents the largest product class with microfinance. Leverage is used as an additional proxy for the riskiness of the organizations. Operational costs are compared to get a feeling for the efficiency of MFIs. According to Krauss Walter (2008) is the performance of MFIs mainly driven by macroeconomic factors within the domestic borders. The drivers of the financial performance of MFIs are studied with the use of the arbitrage pricing model (APT). The asset pricing model is used to determine the risk premiums of the macro economic factors of MFIs within the nation. Roll Ross (1995) find that the return on assets or equity consists of a system of risk factors. The systematic risk factors are macroeconomic factors. The expected return on a portfolio of assets is given by The betas on the factors represent a risk premium for a systematic risk factor. The alpha, as a residual idiosyncratic factor is canceling out in large portfolios. By using the linear multi factor model an indication of the impact of the macroeconomic factors is revealed on the performance of MFIs. The factors incorporated in the model are the growth of GDP, GNI, inflation and the penetration of the financial sector within the nation. In line with the

Meaning Of The Word Nigger Essay -- essays research papers

The Meaning of the Word â€Å"Nigger†   Ã‚  Ã‚  Ã‚  Ã‚  I can recall the first time I paid close attention to the word nigger. In junior high a school fight would occur about every week and of course the whole school would gather together and watch. Well this particular fight sticks out in my mind because it was between two boys of different races, Hispanic and black. During their conflict the Hispanic boy bluntly called the black boy a nigger, and that was when the rest of the black students became verbally involved. I remember screaming out â€Å" who do you think you are calling him that?† If the white, Hispanic, or any other race calls us a nigger, we as black people become hostile. Now that I have put more thought into that incident, I ask myself who do we think we are calling ea...

Essay --

2) The Three Main Fashion Centres Within France Paris, Lyon and Marseille are not only the three largest cities in France, but they are also the main fashion centres in the country. Each city has played a unique role in shaping France as a fashion mecca. France has been called the world fashion capital for many decades. France’s capital and largest city, Paris is home some of the world’s most elite French fashion houses. The Golden Triangle is a name given to Avenue Champs- Élysà ©es, Avenue Marceau, and Avenue Montaigne, the main districts for luxury shopping in Paris. These areas boast stores of the highest names in fashion such as Chanel, Dior, Hermes, Louis Vuitton, Christian Louboutin, Balmain and many more. There are also many high-end department stores like Printemps, Bon Marchà ©, and Les Galeries Lafayette, which draw thousands of locals and tourist every day. Other districts, like La Marais are home to many smaller boutiques, and much more affordable shops. It seems as though everywhere you turn in Paris, there are luxurious fashion houses, contemporary boutiques, and unique t... Essay -- 2) The Three Main Fashion Centres Within France Paris, Lyon and Marseille are not only the three largest cities in France, but they are also the main fashion centres in the country. Each city has played a unique role in shaping France as a fashion mecca. France has been called the world fashion capital for many decades. France’s capital and largest city, Paris is home some of the world’s most elite French fashion houses. The Golden Triangle is a name given to Avenue Champs- Élysà ©es, Avenue Marceau, and Avenue Montaigne, the main districts for luxury shopping in Paris. These areas boast stores of the highest names in fashion such as Chanel, Dior, Hermes, Louis Vuitton, Christian Louboutin, Balmain and many more. There are also many high-end department stores like Printemps, Bon Marchà ©, and Les Galeries Lafayette, which draw thousands of locals and tourist every day. Other districts, like La Marais are home to many smaller boutiques, and much more affordable shops. It seems as though everywhere you turn in Paris, there are luxurious fashion houses, contemporary boutiques, and unique t...

Thomas Hart Benton :: Biography, Informative

Thomas Hart Benton Thomas Hart Benton was a regionalist American painter whom was known for his beautiful, vigorous, and colorful murals of the 1930’s. He made very many beautiful, famous painting and murals. Most of the rollicking scenes in his paintings and murals are from the rural past of the American South and Midwest. He has studied in Kansas City, MO; Paris, France; and the ever-changed New York City. Thomas Hart Benton was born in the familiar, small town of Neosho, Missouri. He was named after his granduncle, the famed and prominent pre-American Civil War senator. First Thomas Hart Benton studied at the Art Institute of Chicago and then lived in beautiful Paris for three years. When he came back he moved to New York City after 1912 he turned away from his usual style, modernism, and gradually developed a rugged naturalism that affirmed traditional rural values. By the 1930’s Benton was riding a tide of popular acclaim along with his fellow regionalist Grant Wood, who was responsible for American Gothic, and John Steuart Curry, who was responsible for The Tragic Prelude. The mural, America Today (1930-1931, The Equitable Life Assurance Society of the U.S., New York City), Thomas Hart Benton’s masterpiece, presented an optimistic portrayal of a vital country filled with earthy, muscular figures. Later on, Thomas Hart Benton returned to Missouri to teach at he Kansas City Institute, and continued to paint both panels and murals. Thomas Hart Benton’s mural in the Missouri state capitol in Jefferson City (1935) stirred disputes because of its open portrayals of some of the seamier facets of Missouri’s past.

Anorexia, bulimia and related eating disorders treatment Essay

Anorexia and Bulimia Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the United States, millions of people are affected by severe eating disorders which are sometimes life-threatening. Bulimia nervosa and Anorexia nervosa are the most common destructive eating disorders. Over 90% of those individuals who are affected with these eating disorders are youthful women. About 1% of the young girls develop anorexia nervosa, which is a risky condition where those girls can starve themselves literary to death while another 2% or 3% of youthful women get bulimia nervosa, which is also a vicious pattern of extreme overheating which is usually followed by vomiting among other â€Å"purging† behaviors. Anorexia and Bulimia have gotten to epidemic proportions. For instance, a new study conducted by NEDA (National Eating Disorders Association) revealed that 50% of girls have noteworthy eating disorders during their teens. Anorexia and bulimia obviously are severe disorders that require and necessitate serious at tention. Nevertheless, many individuals are not knowledgeable regarding the disorders; therefore do not distinguish warning signs most of the times until when it is too late. Anorexia and bulimia are destructive eating disorders which can have adverse effects on human beings if not well treated (Buckroyd & Rother, 2008).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Anorexia nervosa refers to a disorder in which individuals starve themselves intentionally. The disorder, which usually begins in young individuals around the puberty stage, involves excessive weight loss. Different from normal dieting, which ends after the desired weight is attained, in anorexia weight loss and dieting persists until the sufferer is below normal limit for height and age. Numerous anorectics appear to be emaciated however are certain that they are suffering from overweight. The most frightening aspects of this disorder is that individuals suffering from anorexia continue perceiving that they are suffering from overweight even when they become bone-thin. In this regard these individuals get scared of gaining extra weight due to the unknown reasons. Bulimics also have this fear (Retrieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As eating disorders usually develop in adolescence stage, they can blight social and physical development and numerous sufferers are unable to achieve their academic potential. A mood which is depressed is a frequent feature, partially because of these unfavorable effects and also due to the distressing nature of key warning signs of these disorders. Adverse physical effects of dieting, purging behaviors and weight loss are critical and usually prove to be fatal. In fact, anorexia has the highest rate of mortality of any adolescence psychiatrist disorder (Espejo, 2012).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Approximately 40% of anorexics start developing the bulimia disorder later. Bulimia nervosa differs a bit from the anorexia since individuals suffering from bulimia don’t shun eating. Instead, people with bulimia usually consume huge food amounts over short period of time after which they get rid of the eaten food quickly through taking diuretics or laxatives or vomiting. Bulimia is 2 or 3 times more prevalent compared to anorexia and is also more common in females compared to males. Nevertheless bulimia has an effect slightly on older age group, frequently women who are in their early to mid-twenties who were overweight during their childhood. Since many bulimics â€Å"binge and purge† in top secret and maintain body weight which normal or above normal, they can habitually hide their disorder successfully from other individuals for many years. The bulimics challenging eating pattern is an uncontrollable and compulsive one th at results to chemical imbalances in their bodies. These imbalances lead to depression, clouded thinking and lethargy (Retrieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf ).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Both bulimia and anorexia when severe can lead to colon damage, constipation, muscle spasms, irregular or loss of menstruation, seizures, urinary tract infections, kidney dysfunction, chronic indigestion and strain on most of the organs of the body. The bulimia vomiting practices can result to a ruptured stomach, swollen salivary glands, erosion of dental enamel and also chronic sore gullet and throat. The anorexia malnutrition also has its own effects which include; growth of hair all over the body which is down-like, severe cold sensitivity and inability to concentrate and think rationally. Both bulimia and anorexia have severe physical effects which are reversible if dealt with during the early stages. Nevertheless the diseases are deadly and it is imprudent to disregard the warning signs and delay the treatment. In a case where the disorders are unattended, they can take away quality of life of an individual or even life altogether (Re trieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf ).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eating disorders consist of a variety of syndromes including social, psychological and physical features. Even as the acute physical impediments of these disorders might arouse immense concern in health care staff and family members, bulimia nervosa and anorexia nervosa are often chronic conditions having considerable long –term social and physical sequelae, from which recovery turn out to be complex. Long-term disabilities comprise negative effects on fertility, parenting, relationships and employment. The impact of an individual’s eating disorder on family life and home is usually significant and family members might carry a great burden over a long time. Frequently family members are at a loss to be acquainted with how to assist and offer support to a relative who is affected (Retrieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Various different ideas exist concerning the causes of anorexia and bulimia disorders and it is essential to recognize that not all these ideas apply to all the sufferers. Royal college of psychiatrists records on its website the potential causes of bulimia and anorexia; they include control, depression, puberty, social pressures, upsetting events and family. Social pressures for individuals to be thin are usually brought on by newspapers, magazines and television that are filled with pictures of men and women who are slim and attractive. Many individuals have a notion that they must look in accordance with the way the media enlightens them they look. Some individuals develop eating disorders since they perceive to be out of control in various aspects of their weight and life and what they consume is something which they can be able to control (Garner & Garfinkel, 1997).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The latest increases in prevalence and incidents of eating disorders can be accredited to both improved method of diagnosis and increase in number of cases. On the other hand, even with better eating disorder identification, numerous bulimics and anorectics do not look for assistance. Bulimia and anorexia are diseases that are often very quiet since they are not concerns that individuals like discussing openly. Receiving quality care during the early stages of the disorders is the predicator of an excellent outcome in bulimia and anorexia (Retrieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf ).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Bulimia nervosa and anorexia nervosa are multidimensional and multifaceted; thus many experts have a perception that referral for professional assessment and assistance is necessary for people showing signs of eating disorders. According to college of Royal psychiatrists illustrates that recognizing that an individual is suffering from an eating disorder and also getting the treatment is challenging. Individuals suffering from anorexia have extreme and alarming weight loss but such sufferers will never admit that they have a problem. On the other hand, individuals suffering from bulimia usually feel ashamed and guilty of their behavior and may go on to greater extents with an aim of hiding it. Due to these reasons, all individuals should be knowledgeable regarding the warning signs of these disorders so as to distinguish them and reduce their existence (Friedman & Skancke, 2009).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In a case where it is recognized that a certain individual is a sufferer of either bulimia or anorexia or both, treatment is crucial. There are various different options when it comes to treatment which includes education, family therapy, possibly hospitalization, Cognitive Behavioral Therapy, psychotherapy, drug therapy and reality imaging. During therapy treatments, therapists assist the sufferers work to alter the unclear and inflexible thinking patterns relating to eating disorders. Mental health professionals’ efforts necessitate to be combined together with those of the other health professionals to get the most excellent treatment. Nutritionists give an advice on eating and diet regimes while physicians treat the medical complications (Lawton, 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In conclusion, scientists have discovered that combination of medication and psychotherapy is also very effectual. There are no specific drugs approved for anorexia and bulimia, however numerous, including a number of antidepressants, are being examined for this use. Bulimics and anorectics can be perceived as dieting junkies and an effective treatment might be a drug which is regularly prescribed to the addicts (Espejo, 2012). A Detroit scientist examined Naltrexone, the drug which is given to do away with the heroin habit, in those women having bulimia and anorexia and established the drug to be productive. With the drug, the weight of the anorectics stabilized and bulimics essentially decreased their purges and binges. Effective treatment can save life of an individual with an eating disorder. Teachers, friends, relatives, physicians and relatives all play a great role in assisting the ill individual start and continue with a treatment program. References Buckroyd, J., & Rother, S. (2008). Psychological responses to eating disorders and obesity recent and innovative work. Chichester, England: John Wiley & Sons. Eating Disorders. (n.d.). Core interventions in the treatment and management of anorexia nervosa, bulimia nervosa, and related eating disorders. Retrieved March 17, 2004, from http://www.nice.org.uk/nicemedia/pdf/CG9FullGuideline.pdf Espejo, R. (2012). Eating disorders. Detroit: Greenhaven Press. Friedman, L. S., & Skancke, J. (2009). Eating disorders. Farmington Hills, MI: Greenhaven Press/Gale Cengage Learning. Garner, D. M., & Garfinkel, P. E. (1997). Handbook of treatment for eating disorders (2nd ed.). New York: Guilford Press. Lawton, S. A. (2005). Eating disorders information for teens: health tips about anorexia, bulimia, binge eating, and other eating disorders including information on the causes, prevention, and treatment of eating disorders, and such other issues as maintaining healthy eating a. Detroit, MI: Omnigraphics. Source document