Financial markets

Financial assets are made up of securities, stocks and derivatives. These are claims to the cash flow generated by real, tangible assets which are the lands, buildings and machineries we use. These pieces of paper are how citizens of highly developed countries increase their wealth. Wealth generation involves risk, for no business activity is certain to provide returns. Financial markets allow investors to participate in money-making ventures without being physically present in the project site.Most risk tolerant individuals prefer stocks, for it has the potential to yield very high returns, while conservative ones go for bonds which provides a steady, fixed income. In this activity, stock trading is the main focus. Objectives Just like any investor, generating cash flow was the primary goal. The amount of cash to be gained from trading should compensate the risk undertaken. The goal was to achieve steady growth. The expected was return is 40%. After setting the required return, a po rtfolio strategy was chosen.Assets were then selected which would comprise the efficient portfolio– provides the highest return for a given level of risk. Fundamental analysis was the method used to pick the stocks. Diversification was another tactic used to maximize return while spreading the risk. Construct a portfolio Portfolio construction was a tedious task. I had to weigh the risk and returns, and sometimes, to trust my gut feel. Stock prices, as studies have shown follow a random walk movement. The approach used was a top-down portfolio construction. A portfolio is basically a collection of investment assets.The type of assets to be held was first determined. It was then followed by security analysis to pick out the stocks deemed profitable. Diversification was one principle used in choosing the stocks. It simply meant that equities from different industries were held in the portfolio so that risk exposure was limited. Shares from the software industry (RIMM, JAVA), ar ms(SWHC), pharmaceutical (GERN), computer (PALM), insurance (HUM), health care(HMA), power (FL), SAM, metals and mining(AUY, AA) ,oil and gas(IEO), index fund(SWPIX), cement(CX),AXP Asset Analysis Fundamental analysis was mainly used in the decisions undertaken.This approach uses earnings and dividend prospects of the firm, expectations of future interest rates, and risk evaluation of the firm to determine proper stock prices. It relies on the company's financial health indicators. The stocks’ annual growth rate, quarterly earnings records, and P/E (price-to-earnings) ratios were measured. Historical data was also used. One such statistic is the EPS, or earnings-per-share ranking. PALM stocks were bought since the firm’s return on investment was stated at 2470. 70%. Also, on the day that it was traded, it was lower priced.Smith and Weson, SWHC had a P/E ratio of 5. 50%, an ROE of 19. 7%. Thus, a total of 4000 shares of SWCH were bought. Alcoa, or AA’s ROE was 16 . 20%. Its EBITDA was 5. 45 B. Meanwhile, its P/E ratio was 11. 60 and its annual dividend was at . 68 per share. Alcoa looks financially healthy, but was expensive, so only 1000 shares were purchased. Similarly, FPL’s ROE was 14. 6%. Its P/E ratio was 12. 7%. Its EBITDA was 4. 47 B. The market values FPL shares highly. But, I found it unsmart to invest in highly valued stocks, because market perceptions fluctuate wildly. Thus, I only acquired 700 shares of FPL.RIMM had an ROE of 30. 60%. Its P/E ratio was 50%. For me, RIMM shares were really costly. In fact, it was has the highest cost per share in my portfolio. But I was attracted to its financial forecast. Furthermore, its 52 week high was at $148 so I found the $80 per share enticing. I thus bought 1000 shares from RIMM. HUM had an ROE of 19. 9% and a P/E ratio of 18. 00. It was quite overpriced, so I only bought 1000 shares. HMA was the lowest priced stock in my portfolio. But, I decided to purchase it believing that dem and for health care services will increase in the near future.CX, compared with its competitor, Heidelberg cement had higher earnings and historically displayed returns higher than the market average. I bought 1000 shares. I also bought SWPIX, an index fund as a comparison for the return of my trading activities. Event Selection One of the most remarkable news was the launching of PALM’s Pre. With the belief that the Pre will be hot in the market, just like Apple’s I-pod, I bought 4,000 shares from PALM. I deem that the future value of PALM will increase more than two-fold once the Pre is introduced. The hype will push the price of its stock.Thereafter, I can sold my shares at a profit. In addition, the popularity of smart phones, or phones which serve more than just talking devices was forecasted to increase steadily in the near future. Aside from purchasing PALM stocks, I decided to buy shares from BlackBerry’s maker, RIMM. News of the global swine flu outbrea k prompted me to purchase HMA shares. HMA , a healthcare provider would have more profits if the flu would become widespread. In addition, Citigroup upgraded HMA shares from hold to buy. Meanwhile, the news on the pending sale of JAVA drove me to sell my 1000 shares.Monster stocks which were identified two weeks in a row included AUY. The information urged me to buy 3000 shares of AUY. Behavioral Finance Even if information processing were perfect, it seemed that investors tend towards irrational decisions. In hindsight, these behavioral biases largely affected how I framed questions of risk versus return. Psychologists have found that individuals blame themselves more when an unconventional decision turned out poorly. Based on regret aversion theory, buying a blue-chip portfolio that declines in value is not as painful as experiencing similar losses on an unknown start-up firm.Losses on the blue-chip stock can be more easily attributed to grim luck rather than bad decision. To avoi d future remorse, I did not include stocks from start up firms. I considered less-well-known firms to be more risky. Even if potential gains can be realized from new firms due to their tremendous growth capacity and often undervalued stocks, I steered clear from such path. Instead, I trudged towards the tried and tested road and concentrated on well-established companies like Alcoa, Smith and Weson and Cemex, and popular companies like JAVA and RIMM.Availability bias is rooted on the concept that people base their decisions on the most recent and meaningful events. The more current or up-to-date the information, the more profound would be its effect on the investor. In the late 1990's, investors got caught up in the internet mania, which caused them to disregard the risks. I suppose that people naturally get lost in the moment. In fact, I purchased HUM stocks based mainly on the news that Humana was named top payer of pay claims. With the positive publicity of Humana, I projected th at its value would also increase in the market, making it an insurance of choice of the public.According to behavioral finance theories, people are overconfident, especially when they experience success. One main source of overconfidence pointed was that, most individuals consider themselves to be above average in terms of skills. This behavior was apparent when even greenhorn investors experienced exceptional growth in technology stocks of the 1990’s. As the stocks continued to climb, investors began to ascribe much of their triumph to their ability to make shrewd investment decisions. Personally, I thought that my projections on the oil and mining industries were more accurate than the foresight of other investors.I thus bought a total of 2000 IEO shares in two different occasions. My rationale was that, oil prices would rise, because it already dipped this year. The same level of smug overconfidence applied to my AUY stock acquisition. In times of crisis, I reasoned, peopl e would splurge on objects which have economic value. In my mind, a woman with money will likely choose a Louis Vuitton bag due to its resale value, than a Prada, even if the former were more expensive. Gold jewelry too, will have high demand, since it can be pawned. Thus, AUY, a gold mining firm was a reasonable buy.Humans have a tendency to seek or interpret information in a way that would confirm one's preconceptions. Conversely, information which contradict prior beliefs would be avoided. This type of selective thinking is called the confirmation bias. With the positive financial data I had gathered about SWHC, I already had a mental picture of its performance. However, since it is mainly an arms company, an industry which I am not well aware of, and less publicized as compared to energy firms, I still had to substantiate my expectations. True enough, the earnings of SWHC grew consistently.The information I needed to verify my previous opinion was made available. I decided to pu rchase 1000 shares at two different occasions. I bought the first share at $5. 68 and the next 500 at $5. 46. My decision turned out bad, since I decided to sell half of my SWHC shares days later, at a lower price of $5. 29. This action of mine is reflective of the loss aversion theory. It refers to the propensity of people to lean towards avoidance of losing a certain amount than gaining the same value. Losses are considered to have heavier emotional impact than do gains.Observing that the price of SWHC is quite going down, I disposed half my shares. I would rather sell at a marginal loss of . 27 per share than wait for the SWHC stock to plunge deeper than lose much more. However, I decided to keep half the shares. Why? Because I wanted to at least break even with my losses, just in case the price goes up, a behavior quite related to gambler’s fallacy. According to the gambler’s fallacy, investors liquidate a position after it has consistently gone up. It is also call ed the Monte Carlo fallacy.It rests on the belief that deviations from expected behavior which occur repeatedly will eventually be countered by opposite movements. For instance, a huge increase in stock price will eventually be corrected by the market, thus the difference should be exploited right away. This belief that high prices are temporary was illustrated in my trading of GERN shares. I bought 4000 shares from GERN at 6. 37 per share. Since the price to book ratio is 2. 02, the stock appeared to be highly valued by the market. But, the return on investment, and EBITDA of GERN is negative, indicating that it is not good for medium term investments.I wanted simply to buy and sell the shares. To take advantage of its high market value, the 1000 shares of the 4000 GERN stocks were sold at $6. 61. In addition, the news regarding the probability of Oracle selling Sun Microsystems prompted me to sell my shares in JAVA. Oracle’s move would mean that JAVA is not performing well. Thus, I had no desire to be part of the lowering of its market value When the news was announced that Palm and Dell lead the technological race,I decided to purchase its stocks. In addition, Palm was about to launch its Pre, a handheld technological device.Palm was a company with huge potential growth, I surmised. I wanted to take advantage of the boom it will undergo once its new product floods the market. Given such information, I bought 4000 shares of the company. Apparently, I wasn’t the only investor clamoring for PALM’s shares. The market over reacted to the statement that Pre is predicted to be the next It thing. This kind of behavior is called overreaction. According to market efficiency, new information should be reflected almost immediately in a security's price. For instance, positive reviews should raise a business' share price.The new share price should not decline even if no fresh information has been released since. Reality, however, tends to challenge this concept. Usually, stock market participants predictably overreact to the most recent information, creating a larger-than-expected effect on the price. In addition, it also appears that this price surge erodes over time. The herding or bandwagon effect simply states that investors move in a certain popular direction. They tend to mimic one another. The huge volume of PALM shares traded enticed me to join in the trend.I had the same mindset with my purchase of IEO shares. The number of subscribers has been increasing since December 2008. Thus, I decided to buy in. Furthermore, on June 1, 2008, IEO was at its 6 month high at more than 900,000 shares. I decided to purchase an additional 1000 shares at $47. 55 . The same theory applied with my purchase of the AUY shares. It was considered hotstock due to its increasing volume in the market. Lastly, the news on CX’s reorganization did not entice me to buy its stocks. It announced that it would restructure its top management ef fective May 15.But, I only decided to buy 1000 shares two weeks after. I did underreact to new information Expected Return I expected a 40% return for my portfolio. But, I was largely disappointed. The portfolio return was a mere 3%. Since the current risk free rate is at 5%, the asset return is 3% and the standard deviation is . 00334, the Sharpe ratio is -5988. 024 . Based on this calculation, I was not successful as an active portfolio manager. I would have done better if I bought an index fund. My trading performance was largely disappointing. I relied too much on fundamental analysis.I could have used technical data more, to incur larger profits. For starters, I depended heavily on P/E ratios. P/E ratios, it turned out are simply market forecasts, but not highly reliable. Also, I should have taken the risk with undervalued, high growth stocks. These start-up firms could have provided me with returns I could have also used the CAPM, where Re=Rf+(Rm-Rf)B. By comparing a stockâ₠¬â„¢s return relative to the market average and risk free rate, I would have a more precise gauge of whether the asset has high yields. Lastly, I wasn’t able to observe the market closely for I only traded at night.

Media Coursework Report Essay

For my AS Media coursework, I chose to use fashion as the genre of my magazine. To help with my pre-production, I had to perform my own qualitative and quantitative research into fashion magazines and find out what my target audience of 15-19 year old girls would want from it. I went on to create the preliminary products which included the front cover and contents page, and from these the main products which were the alternative front cover and double page spread. These were all produced using Photoshop. I began by creating a questionnaire, as this is an effective way of finding out what my target audience will be looking for in a fashion magazine. I included 8 questions which asked some general questions into what the participant is interested in, and some into what they would like to see in a fashion magazine, to help me create my front cover and contents page. I gave 20 questionnaires out to other students aged 16-19 as this fits my target audience. By analysing the results of the questionnaire, I found out a range of information to help my design my front cover. The participants chose  £2.50 as the appropriate price and for the magazine to be produced monthly, which I will apply when creating the front cover. 80% of participants said they would be more likely to pick up the magazine if there was a celebrity on the cover. Therefore, I will ask a friend to pose as a celebrity to make it more appealing to my target audience. 50% of participants wanted to see interviews in the magazine and 30% wanted genre-specific features (in this case, it will be fashion, clothes etc.) which I will make sure to include in the contents page. I formed a focus group with other AS Media students in my class. They were all females, ranged from the ages 16-17, and had an interest in fashion, making them representative of my target audience. I asked them if I should put just one image on the front cover, or add smaller ones around the page to show what’s included inside. The feedback I received was very helpful, and led me to use just the one main photo for my preliminary front cover and  my main front cover, to keep the brand consistent. This keeps it looking professional and stops the page from looking overcrowded and trashy. By textually analysing fashion magazines currently on the market, I discovered a recurring theme among them. The bigger magazines (Vogue, Elle) have been around for much longer, and their cover stars overlap the masthead. However, when analysing Look, I noticed that the masthead overlapped the cover star, suggesting that this magazine is new and lesser known. From this, I decided to have the whole masthead of my magazine visible by audiences for my preliminary front cover as it is new and allows audiences to recognise the brand in future. I then chose to overlap part of the masthead on my main front cover with the cover star, as it is a later issue and audiences should then be able to recognise it. The content analysis allowed me to see what’s included in fashion magazines. This helped when compiling the contents page. Obviously the main part of a fashion magazine is the fashion itself. However, it also includes items related to hair and beauty, interviews, articles, advice and special features. I made sure to include all of these when designing my contents page, but I chose to keep the main focus on fashion. I decided to target my magazine towards teenage girls aged between 15 and 19. I thought this was a good range, as girls in their teens will have a more developed sense of style. From my institutional research, I discovered that many fashion magazines were targeted towards women in their 20s and 30s, and decided to aim mine at a teenage audience. Audiences for fashion magazines such as Vogue and Elle were predominantly female; therefore it was important to include items in the contents and on the cover that would attract a female audience. I also tried to use feminine colours where appropriate in the magazine to indicate the target audience. I also made sure my focus group was a good representation of my target audience, thus making sure they had a clear interest in fashion and fit the age category, which they did. I created my preliminary and main products using Adobe Photoshop which had all the necessary tools I needed to create a realistic and professional  magazine. By comparing my magazine in relation to Vogue, I am able to see the strengths and weaknesses of my production. I began by selecting the images I would use for each page. I used a Fujifilm Finepix S2950 to capture the photos. The models used direct mode of address as this is the most effective way of attracting the audience. I used a hairdryer to create the effect of wind blowing the model’s hair. I chose to use an image with a light background, with a model wearing spring clothing. I think this helped to make the cover look more professional as Vogue often incorporates the colours of the magazine to fit the season. I increased the contrast of the image to make it look brighter and more appealing. I then went on to create puffs around the image, and used only ‘Century Gothic’ font to keep it simple and sophisticated. I used a dark blue for the text as it contrasted well with the pink clothing that the model wore. I made sure to include small details as well, including the bar code, price and date to make the product more realistic. I was very pleased with the outcome of my preliminary front cover as it looked professional in relation to magazines on the market today, and had a similar style to that of Vogue magazine. My next task was the contents page, and from the research I did I was able to see what needed to be included. I wanted to keep it consistent, and so I used the same masthead from the front cover and used it at the top of the contents page. This was used in InStyle’s contents page. I also used the same colour scheme as the front cover, to show that the two are related. I kept the text in columns and split the content into sections, which is what I noticed InStyle and Vogue did when I researched them. I also noticed in the Vogue contents page that there was some information about the front cover image, so I decided to include that in my own, with information on where to buy the clothes. I was quite pleased with the result of my contents page, as I spent a lot of time on it. However, I felt that there was too much white space that could have been filled in. It may have been a good idea to add in some borders to give the page some depth. For the alternative cover, I made sure I kept the same font style and size for my masthead. This is because it is important to keep the brand recognisable. I asked my focus group if this was a good idea and they  agreed, saying it would keep it consistent and professional. All magazines do this, but fashion magazines such as Vogue and Elle often change the colour every month to fit with the theme. I have decided to do the same in my own production, by changing the colour of the masthead and the puffs to a maroon colour, to tie in with the month and season. It also contrasted well with the cover model’s blue dress. Like Vogue, I made sure I kept three puffs around the edges of the main image, to stop them from overlapping. I am really pleased with the outcome of this as I think it could pass as a real magazine. I then went on to create the double page spread in A3 size, and selected my image to cover the whole background. This meant there was no white space left around the edges, but there was still space to put some text. I wanted the image to take up dominant space on the page to catch the reader’s eye, which is what I noticed was used in Vogue’s double page spread. I brightened the image and removed some blemishes on the model to try and reach a flawless image, as perfection is one of the main selling points for a fashion magazine. I set the text out in two columns, as this is the layout that most magazines use, including Vogue. I used ‘Rage Italic’ for the headline, which is what I used for the headline on the cover, to keep a consistent house style. I also added page numbers to the bottom corners, as these small details help to build up a realistic product. I feel that my magazine is very similar to a professional product and would stand out in the market place. It follows the codes and conventions of a typical fashion magazine, and is aesthetically pleasing for the target audience. If I were to change anything, I would make the front cover masthead slightly larger, to make it more eye-catching.

Fashion Marketing and Promotion Research Proposal

Fashion Marketing and Promotion - Research Proposal Example The very nature of fashion, where change is intrinsic, gives emphasis to marketing activities " (Easey, 2008, p7). Essentially fashion marketing is composed of elements of fashion designing and marketing management which are combined together to develop a comprehensive marketing plan for fashion products. This marketing strategy and the related plan is composed of different tasks relative to the elements of promotions, advertising, retailing, branding, affiliate marketing, and distribution. In order to be a successful fashion, marketers have to be future-oriented with forecast information about the market. The fashion industry demands that in order to have an effective fashion marketing strategy, companies need to understand and identify their customers, the trends in the fashion industry as well as how the branding and the marketing of their products/ services effects the purchase behavior of the consumers. This knowledge is the main resource available to fashion marketers to develop a marketing strategy for their fashion based products and services. Marketing in the fashion industry is often difficult as the industry is very volatile with constant changes taking place in its external as well as internal environments. As a result, the approaches taken towards fashion marketing have to be adjusted and revamped in order to effectively target the latest and future trends.A corporate strategy of any company provides the overall strategy and objectives of the company along with its orientation. The factors that are related to customers and those that influence their demand are identified for the corporate strategy and employed with a competitor analysis to determine a differentiated strategy for the organization. The internal and external elements that affect the business operations and future continuity are identified and addressed in the corporate strategy along with the determination of a strategic path of business for an organization. The strategic path encompasses the policies, procedures, values, resources and the overall objectives of the organization which are explicitly depicted in the corporate strategy of any company.

What do international students need to know before they come to UK Essay

What do international students need to know before they come to UK Challenges an International Student Likely to Encounter - Essay Example In my case study, I will explore potential threats to the comfort and academic excellence of an international student. My views, encounter, and success in the new environment will be shaped by Maslow hierarchy of needs which outlines various needs and preparedness one ought to have towards attaining excellence in all spheres of life. Further, some of my ideas and facts will be drawn from diverse academic resources presented by specialist in the light of the case study. Finally, other ideas will be corroborated by interviews I conducted with students and lecturers. Background Located strategically at the centre of England, the University boasts a total student population of â€Å"23,207 inclusive of 2,500 international students† (University of Wolverhmpton, 2013). According to factual information presented in the university official web site, University of Wolverhampton traces its way back in the mid- 1800s as Wolveharmpton Mechanics Institute and college of Arts. It later gain ed the current status 1969 as the University of Wolverhampton. It offers over six international courses such as international foundation, undergraduate courses, postgraduate courses, pre master’s program, English pre-sessional course, just to mention a few. Also, the university has three campuses located in Telfoord, Walsall and the city campus. It has modern and well-equipped accommodation facilities with different options to suit the needs and privacy of every student. The university offers over one hundred courses in its various academic programs. Food and Accommodation Burnapp (2009, p.13) points out that â€Å"what a body needs to survive such as food, water and somewhere to sleep . . .† aid in excellent physiological development. The university has taken this into great consideration with spacious and fully functional hall of residence. However, this is enjoyable for those who had been accommodated. As an international student, accommodation becomes a major chall enge and if not addressed before taking that flight you may be unlucky and forced to spend some few days under someone’s roof, your â€Å"good Samaritan† and it can be a hell of experience without a friend who has settled there or a relative to turn to at such hour of need. Many students are often misguided and fail to prioritise accommodation. All they do is to firmly fix their eyes on the academic part of it. This is absolutely wrong for an international student. Nelson (2012) in an interview mentioned the importance of accommodation for an international student, but for him all had been done by his parents prior to his coming. This clearly shows how accommodation is so valuable for an international student. We didn’t stop at importance of accommodation and further talked about food. â€Å"I managed to find my local food† (Nelson, 2012) something we shared in common as I managed to find my local favourite dish with much ease. Undoubtedly, it will be abs olutely right to authoritatively say food and accommodation play major role which an international must consider before taking a flight. Security Every student needs to feel safe each. The university authority does not take students security lightly. Every student is required to flush out their issued ID to pass the security guards on the ground. This is unlike my country institutions which indeed, each student is issued with student identification card but hardly used at the entrances making it

China's Economic Relationship with the Unites States Research Paper

China's Economic Relationship with the Unites States - Research Paper Example As a matter of fact, it would not be an exaggeration in stating that there is hardly any developing economy that has displayed substantial growth without the assistance of an advanced country. The technological and commercial strength of a rich economy is more or less imperative for a developing country in realization of its full potential. In the contemporary global economic landscape, China is the leader amongst all developing countries in terms of registering the fastest growth rate. That the country (China) has established economic ties with various developed economies in no way takes away the credit from the committed endeavors of the Chinese Government. The government of China has been initiating many measures, some of which may not be pleasing to the country’s denizens. Nonetheless, these initiatives can be considered to be indispensable for the long-term prosperity of the country. This could be conveniently compared with an analogy that a bitter medicine, despite its repulsive taste, is imperative for the recovery of an ailing person. In fact, it is this very courage of the government in taking bold and concrete steps that is lacking in most of the other developing economies. In these regions there are numerous social, economic and cultural factors that have turned out to be serious impediments in growth -related pursuits. But as discussed earlier, the Chinese Government gives more importance to the overall growth and prosperity of the country, rather than concentrating on populist schemes that just please the citizens. That most of these measures jeopardize the long-term economic interests of the country warrants no special mention. The committed endeavors of the government, coupled with strategic alliances with prosperous economies have ensured that China now holds the number one position in all developing regions of the globe. The history of the relations between both the countries is rather complex, as it

The Bank of America Essay Example | Topics and Well Written Essays - 1500 words

The Bank of America - Essay Example Presently, the bank is the biggest institution of finance services globally. The Bank of America is the second largest commercial bank globally, continuing to record the best credit ratings despite the credit crunch in the 1970s (Johnston, 1990). The Bank of America has a variety of leadership and talent programs which enable it to nurture and promote talent among both the existing employees and upcoming and promising talents. As a result, the bank has put in place various talent management programs that have led to its success in the industry. This paper will evaluate the strength of the talent management program, assess available opportunities for growth and recommend the best approaches in dealing with the challenges in the talent management program. Talent Management Programs That Led to Success for the Company Bank of America has for a long time been a leader in talent management, especially in the financial services sector. The main philosophy of the bank in connection to manag ement and development of talent is steered by a number of principles which guide the company in creating the way forward that is supported across the executive ranks of the bank. According to Effron, Greenslade and Salob (2005), some of the principles include: Leaders are important people in the process of managing and steering accountability, output and tradition. Rules of performance where excellent performers have high ability. The most precious resource is the person’s talent. The current excellent performers are not fundamentally future top performers. A wide set of experience and exercise is the preeminent lesson; but a mutual approach is essential for growth. Venture in the top talent and spotlight the rest. The current best 100 performers leave a heritage of potential talent by training, guiding and being the exemplars to others on features of success. In putting this philosophy into practice, the efforts of talent management and growth of the bank are modeled on the main set of systems consisting of the core values of the bank which have a common 70-20-10 growth framework. When broken down, the model represents 70% of experience based growth, 20% of training and response and 10% of learning (Goldsmith, 2006). The main objective is to have a transitional growth for the leaders at every phase of the leadership development and a constant evaluation to have an intense in-depth analysis into the knowledge, leadership potentials, susceptibility and aspiration for top executives. This joint philosophy and system give room for an incorporated approach to management of talent and development of leadership that centers on promoting the current performance and shaping the future leaders. With this kind of firm foundations for the growth of leaders already in place, the Bank of America has shifted its attention to upgrading the top team’s line of sight to the bank’s high ranking 50 executives and selecting leaders with the ability to take up positions at the top level of the bank for the next five years of operation. The action program has been named Next Generation Leadership forum which comprises intensive evaluation program as a section of the experience in learning process (Goldsmith, 2006). Using these evaluations, every member is assessed based on experience, inspiration and leadership potentials by use of a multifaceted evaluation tools, observation and interviews. The merging of intensive evaluat

DELACROIX Essay Example | Topics and Well Written Essays - 500 words

DELACROIX - Essay Example h envoy’s delegation would stay in the North Africa for six months, spending most of the time in the city of Tangier1.Travelling around Algeria and Morocco (after France conquered the former) with the diplomatic mission, the painter carefully â€Å"documented† everything he saw. Capturing the images of exotic lands, Delacroix created numerous sketches, drawings and watercolors. In these images, the painter sought to depict silhouettes, lifestyle, garments and manners. Eventually, impressions that Delacroix got in this trip, served as a rich source of inspiration for his further works. The excerpts from his journal remind of paintings, too. The artist described rather briefly the events that took place during the journey: the mission’s moving through the country, the Jewish wedding, the audience at the emperor’s and others. In addition, there are mentions of exotic Eastern traditions and customs, like that of the Moors described in the note from March 11. While reading his journal, the painting enthusiast would be inevitably enraptured by aesthetics of Eugene Delacroix notes. The genuine artistic nature is clearly seen through the journal notes – the soul of a painter is reflected virtually in every sentence: instead of granting much attention to the events – as ordinary people do – Delacroix was mostly interested in details. It is not the ritual of Jewish wedding celebration that he depicted in his notes, but the surrounding and people. He described clothing, face traits and other details that probably wouldn’t be even me ntioned in a journal of an ordinary person: â€Å"pretty Jewish woman; vest, sleeves, gold and amaranth. She is silhouetted halfway against the door, halfway against the wall.†2 This description of a Jewish woman present at the celebration of the wedding illustrates a peculiar artistic approach – the author doesn’t pamper the reader with exquisitely built complex sentences, this is more similar to operational notes. However, the

Major Theories of Crime Causation Essay Example | Topics and Well Written Essays - 1250 words

Major Theories of Crime Causation - Essay Example These units and theories have been around and in use from as early as the twentieth century. Over the years, theorists and researchers have engaged their minds in trying to find answers and possibly cab the high level of crime that the world faces today (Siegel, 2010). Many of the theories developed give varying analytical statistics on the causes that lead people to commit crimes; right from common crimes to high profile criminal offenses; this study aims at discussing two theories, one from choice theories and the other from trait theories. Throughout the discussion, details will be given in support of why crimes according to the two theories under study. The study and practice of criminology investigates matters regarding crime causation and the aspects that influence unlawful delinquency. There are various theories under the umbrella of choice theories of crime, which explain factors that highly influence or cause people, to engage in criminal activities. These theories rely on l ogin while trying to elucidate why an individual commits a crime and whether the criminal act emanates from lucid decision, interior tendency or peripheral traits. These theories influence how the law and the judicial system is structured and the functions entitled to it. Rational theory Under the choice theory, it is important to discuss the rational theory and its contribution in understanding the causes of crime among individuals in the society. Regarding the trait theory, oppositional defiant disorder as a theory of interest will answer the most underpinning questions regarding cause of crime. The rational choice theory undertakes a practical conviction, which affirms that man is an intellectual personality who examines resources and ends, comprising expenses and profits after which an individual makes a coherent choice. Developed by Cornish, this theory aimed at assisting the thoughts about situational crime prevention. In view of this theory, an assumption is made which relays that crime is a purposive conduct created or designed to meet the reprobate`s commonplace needs; money, status, sex, and excitement. Meeting these necessities encompasses the making of elementary conclusions and choices. Key elements in this theory reveal various critical issues important for understanding the causes of crime. Studies indicate that this theory relates to the previous drift theory; people employ techniques of counterbalancing to drift in and out of delinquent behavior. Further still, there is a proposal that failure by families and extended kin groups has the effect of expanding the realm of relationships that are not under the control of the community. Thus, this further undermines governmental controls, which leads to persistent systematic crime and delinquency. Such kind of ineptitude causes and stresses social customs and social struggles, which sustain disruptive activity (Cullen, 2010). Concerning this theory, for a misconduct to transpire, three essentials mu st be available; an inspired lawbreaker, an obtainable and appropriate target, and no power figure to impede the offense from taking place. The theory relates the pattern of offending to daily patterns of social interaction; where in the 1980s, women left homes to work and tis led to social disintegration. This was a repetitive of parting families unattended and with lack of authority character augmented probabilities of unlawful activity. The theory has key assumptions that relate to the offender and crimes, where the offender sees himself or herself as individual. Thus, persons have to exploit their objectives since they are self-centered. In many occasions, offenders think about themselves and they only

Intelligence Analysis Assignment Example | Topics and Well Written Essays - 250 words - 2

Intelligence Analysis - Assignment Example Fast forward, Hamid Aboutalebi is the proposed Iran ambassador to the U. N. A proposal vehemently opposed by the U. S. This is amid the looming high level and sensitive nuclear talks between Iran and the six major powers. The current appointment of one Hamid Aboutalebi as the Iranian ambassador to the U. N. has elicited mixed views on whether he should be allowed a U.S. visa amid allegations of his role in the hostage crisis of 1979 (Shawn, One – time hostage of Iranian militants urges denial of visa to new Iran envoy involved in siege). One of the hostages taken then, Barry Rosen has been vocal against his appointment. Jakes, (US Troubled by Iran’s Choice of Its UN Ambassador) reports that the U.S. objected to this anticipated appointment. However it is evident that the Obama administration does not want to state its stance on the issues instead choosing to remain silent. This issue comes up even as expert – level nuclear talks slated for Thursday are set to go ahead. The talks shall be held from April 3 – 6 in Vienna with a view of asking Iran to scale back its nuclear program to ensure it is of peaceful nature (Qing, ed., Iran, powers to start expert – level nucl ear talks

Sects Cults and Catholic Church Essay Example for Free

Sects Cults and Catholic Church Essay The Seventh Day Adventists A sect is a religious group with controversial beliefs, they are groups that break away from a main group/religion and form their own set of beliefs, which differ from the teachings of their parent group. Sects also reject the authority of their parent group. The Seventh Day Adventists is an example of a group that broke away from their parent religions of Millerite Movement and Christianity, to become a sect. New York was the home of the 1840s Millerite movement; Millerites were followers of he teachings of William Miller who prophesied the second coming of Jesus Christ to Earth on the 22nd October 1844. When Jesus did not appear on this day the Millerites dissolved, however from the ashes of one movement came the next as the Seventh Day Adventists arose from the disbanded Millerites. The Seventh Day Adventist Church was officially founded in 1863 and the four founding fgures were Joseph Bates, James White, Ellen G. White and J. N. Andrews. The Church quickly became popular and began to spread worldwide, reaching the shores of New Zealand in the 1880s only shortly after its official establishment back in the States. Today the Seventh Day Adventist Church boasts over 16 million members globally and is the twelfth largest religious body in the world.

Food Analysis: Starch, Protein and Reducing Sugars

Food Analysis: Starch, Protein and Reducing Sugars A Qualitative and Quantitative study of Food Analysis to test for the presence of starch, protein and for reducing sugars. Sorina Popa Laboratory Partner: Chris Paterson Objectives: The aims for this experiment are to carry out a number of qualitative procedures in order to identify different food traces such as starch, protein and glucose that are present or absent within the aqueous tests. Introduction: Food science is the application of biological, chemical and physical composition of food as well as the concepts that highlight food processing. The governance within the Food Science Industries are exceptionally strict when it comes to the quality and the safety of their manufactured products. The role of a Food Scientist is to examine the microbiological, biochemical and physical equities of food. The main three categories of food are proteins fats and carbohydrates. Benedict’s test was considered perfect for this experiment as this test is can detect a positive result for reducing monosaccharides or disaccharides sugars such as glucose and lactose. During the process of heating, the alkali in the Benedict’s reagent becomes highly reactive and it behaves as a strong reducing agent.The significant colour change that occurs from a clear blue colour to a brick red precipitate indicates a positive result for the presence of glucose within a food sample. The green/yellow colour change can indicate a vague presence of protein as well as the presence of glucose. Starch is an example of a polysaccharide that is found mostly within plants. Plants use starch to store energy.The Iodine Test is extremely sensitive and can detect up to 0.00002M of a solution tested at a temperature of 20 Â °C. However, if the sample’s pH is low, the iodine solution’s reactions wouldn’t occur with the sample solution tested. Iodine solution determines the presence of starch most easily when the cell walls are damaged and broken down in order to chemically react with the starch grains. In the presence of starch there is a colour change from Brown to Blue/Black. It is expected for starch to be present within potatoes, flour, certain vegetables and cereals. Proteina and amino acids are the building blocks of protein. The amino acids are linked by peptide bonds. Protein is highly found within meat, seeds and beans.The biuret test was considered ideal for this experiment as it can detect higher concentrations of protein.The reaction formed comes from an organic compound as its heated and a high temperature resulting to a positive test for protein. The biuret reagent is composed of diluted copper sulphate within a strong alkali.The colour change from blue to purple originates from the coordinate complex that is found between the cupric ions and the nitrogen atoms.The Bradford Test was also considered for this experiment as it its a rapid and highly sensitive method for testing for Protein. [1] Materials: The materials were as in the ITT Biology1 Food Analysis Protocols Manual. [2] Methods: There were 4 different experiments carried out in order to test for different components withing different food samples tested. The Iodine Test, Benedict Test, Biuret Test and Bradford Test were carried out as per Itt Biology1 Food Analysis Protocols Manual. [2] Results/Data: Table1: Assay Results indicating the presence of reducing sugars applying Benedict solution on the different aqueous solutions tested in the laboratory: [6] Table2: Assay Results indication the presence of Starch applying Iodine solution on the different aqueous solutions tested in the laboratory: [5] Table 3: Assay Results indication the presence of Protein applying Biuret Reagent on the different aqueous solutions tested in the laboratory: [3] Table 4: Assay Results indication the presence of Protein applying Bradford Reagent on the different aqueous solutions tested in the laboratory: [4] Discussion: The following table will indicate the expected results of the solutions tested in the laboratory: [7] Solution A: From the data obtained there is a positive result for the presence of glucose as the colour obtained was Green. The colour Green shows that there was another trace element as well as the presence of Glucose. For the Iodine test the colour obtained was Yellow towards Brown which indicates there was a negative result for the presence of starch. There was a negative result for the presence of protein using the Biuret Reagent as the original colour Blue remained the same. However, when this solution was tested for the presence of protein using Bradford Reagent, there was a colour change from Brown to Light Blue indicating that there are small traces of protein present within this solution. This leads to a conclusion that solution A can be classified as being High Energy Glucose Drink diluted 1 in 20. Solution B: From the data obtained it showed to have the presence of Glucose as the colour obtained was Green. The colour Green tells us that traces of protein has been present as well as Glucose. To sustain this statement, when solution B was tested using Bradford Reagent , it showed a positive result for the presence of protein due to the colour change from Brown to Blue. However there was no presence of Starch within this solution as the colour remained the iodine brown/yellow original colour. This leads to the conclusion that solution B might have been the Diet Carbonated Lemon Lime Drink diluted 1 in 20. Solution C: Looking at the data obtained, Reducing sugars are present within this solution as the colour changed from Blue to Green. The Iodine test showed a negative result for the presence of Starch as the colour remained Brown. However, traces of Protein was present when the Bradford Test was carried out. This signifies that the solution C can be the Carbonated Diet Lemon and Lime Drink diluted 1 in 1000.According to the expected results, the Carbonated Lemon and Lime Drink diluted 1 in 1000 showed to have a positive result for Reducing sugar, and Protein. However, since this solution was diluted 1 in 1000, it’s possible that the presence of protein didn’t show because of the insufficient amount of protein. The Bradford Test showed to have the ability to indicate small traces of protein. Solution D: Analysing the data obtained the wasn’t any presence of Glucose in the Reducing Sugars Assay as the colour remained blue. There wasn’t any Starch present when Iodine solution was added in the Solution D due to no change in the colour i.e. Brown. However, the Biuret Test indicated a positive result for the presence of protein due to the colour change from Blue to Purple. As the Biuret test is known to detect large traces of protein, the presence of protein also came positive when the Bradford Reagent was used. Looking at the different solutions and their expected results, Solution D can be considered to be Sports Supplement diluted 1 in 10 since it is said it’s based on protein and not so much Carbohydrate based. This can be the reason why the Iodine and Benedict Test showed negative results. Solution E From the results obtained it indicated that there are traces of Glucose as the colour changed from Blue to Yellow/Brown. The colour brown isn’t the presence only for the presence of glucose which is orange. There are traces of a different component within the Solution E. There aren’t any traces of Starch when the Iodine Solution was added to a sample of Solution E. However, the extra trace element that appeared during the Bradford Test.The colour changed from Brown to dark Blue signifying traces of protein. When the solution was tested for protein using the Biuret Reagent, it showed a negative result as there was no colour change. As a conclusion, the Solution E appears to be Cow’s Milk diluted 1 in 20. Solution F: Analysing the data obtained from carrying out different aqueous procedures, it showed that there is a negative result for the presence of Reducing Sugars as the colour remained Blue after boiling process. There was also a negative result for the presence of Starch when Iodine solution was added and the colour remained the colour of Iodine solution i.e. Brown/Yellow. However, there was a positive result using both Biuret and Bradford Reagents as the colour changes to Purple when Biuret Reagent was used and the colour changed to dark Blue when Bradford Reagent was used. Comparing the result from this solution to the other expected solutions, Solution F can be looked upon to be Liquidised Cauliflower Filtered and Diluted 1 in 5. Solution G: From the results obtained it showed that there was a positive result for the presence of Glucose as there was a colour change from Blue to Brown. The colour brown also indicates there is another trace element present within this solution as well as Glucose. In the Iodine Test there was a positive result for the presence of starch as the colour change was Orange. This is an unusual colour as the actual positive colour indication for the presence of starch is Blue/Black. However, the colour orange can indicate there are more than one trace elements that are present within this solution. When the Bradford Test was carried out, a negative result was obtained as the colour did not change in Biuret and Bradford Test. From the data obtained, Solution G can be Diet Carbonated Lemon and Lime Drink diluted 1 in 10. Solution H: From the results obtained it showed a negative result for reducing sugar as the colour remained Blue. However, there was a positive result for the presence of starch as the colour changed from Brown/yellow to Orange. There was also a positive result when the solution was tested for protein. When Biuret Reagent was used the colour didn’t change which leads to a negative result but when the Bradford Reagent was used there was a positive result as the colour changed into Light Blue. This can mean that the Solution H can be classified to be Wheat flour 0.5% w/v solution. Conclusion: The purpose of these Qualitative experiments was to analyse in depth the aqueous solutions given and tested for the presence of starch, traces of protein and for reducing sugars. The data collected from each solution was compared with the expected results from specific solutions from which some were diluted more than 5 times. The results obtained were remarkably close to the results expected. This concludes that the overall assays undertaken were a success due to the results obtained and discussions made. References: Books/Manuals: [1] ITT Laboratory Skills Manual (2014-2015), Biology1, pg. 44-51 [2] ITT Biology Analysis Protocols (2014-2015) [3] Malhotra VK (2003) 4th Edition, Food Analysis, Practical Biochemistry for Students, Ch.48. [4] Shanmugam S., Sathish Kumar T, Panneer Selvam K, (2010) Laboratory Handbook on Biochemistry, Eastern Economy Edition, pg:26-27 Online Links: [5] British Nutrition Foundation (2004), Test for Starch, (Energy and Nutrients1995) (http://www.foodafactoflife.org.uk/attachments/92592385-dfb2-4ad6d61cf053.pdf) Accessed on 26th October 2014 @10.00am. [6] British Nutrition Foundation (2004), (Energy and Nutrients 1995) (http://www.foodafactoflife.org.uk/attachments/f4525d5b-0133-49b1e394c729.pdf) Accessed on 26th October [emailprotected] 10.30am. [7] Conde Nast (2014) Self Nutrition Data (http://nutritiondata.self.com/facts/beverages/7399/2) accessed on 26th [emailprotected].

Perceptions of Time in Great Gatsby Essay -- essays research papers

Time is an idea described in diverse periods and aspects, for example philosophical, psychological, physical and biological. This time flows consistently but is broken into the past, present and future. Since we only live in the present forever in preparation for our futures and dreams, when we try to live in the past it restricts our future. Throughout F. Scott Fitzgerald's novel The Great Gatsby, Gatsby wasted time and his life for a single dream, and it was his illusion of his idyllic future that made time a key dimension in his life. Fitzgerald sees life in satiric-tragic dimensions, as a contest between romantic illusion and coarse reality. The reality slowly and viciously disintegrates the illusion. Gatsby suffers from past memories of Daisy and tries to revive the relationship and in the process Gatsby was murdered. Nick wonders, "Almost five years! There must have been moments even that afternoon when Daisy tumbled short of his dreams - not through her own fault, but because of the colossal vitality of his illusion." (101). Gatsby's impractical view of Daisy was, s...

Relative Dating Essay -- essays research papers fc

The Fundamental Principles of Relative DatingRelative dating involves placing events in their proper chronological sequence, that is, in the order of their occurrence (Dutch 1998). This type of dating tells us which geologic event happened first, but does not give an exact date to which something happened. There are several different methods that are used in relative dating. These are the fundamental methods that are used in the field by geologists' and earth scientists to gather information about the relative age of rock bodies and other cool geologic stuff. These principles are the principle of superposition, the principle of original horizontality, the principle of cross-cutting relationships, and the principle of inclusions.The principle of superposition is defined as in the environment of an undisturbed layer of sedimentary rocks; the layers on the bottom are older than the layers towards the top. The pictures I have taken show very good examples of this. By using the principle of superposition we can know that the layers toward the bottom are older than the layers toward the top. The rock body shown in the pictures attached, started out as one layer, as millions and millions of years passed more layers of sedimentary rock were placed on top of each other one after another, each layer was deposited at a later time than the one before it. The youngest layer is on the top, and the oldest layer is on the bottom. This principle was founded by the Danish anatomist Nicolas ...

Amy Tans The Joy Luck Club Essay -- Amy Tan Joy Luck Club Essays

Amy Tan's â€Å"The Joy Luck Club† The â€Å"Joy Luck Club,† by Amy Tan, is a collection of short stories about the relationships between Chinese born mothers and their American born daughters. The story called â€Å"Four Directions† is about a woman named Waverly Jong. The story is about Waverly trying to tell her mother that she is getting married to a American man named Richard. Waverly was a chess champion as while she was a young girl and she remembers the strategy that she used in her matches, and in her life, as she tries to tell her mother about a marriage to an American man. Waverly’s mother was raised in China under Chinese traditions. Waverly’s mother wants Waverly to marry a Chinese man and dos not want Waverly to marry an American man. As Waverly brings us through her decision making process, she questions the Chinese traditions that her mother strictly follows. Since Waverly grew up in an American society, she has lost the Chinese traditions that her mother has tried to teach her and therefore has weakened the bond between Waverly and her mother.   Ã‚  Ã‚  Ã‚  Ã‚  As Waverly brings her mother through her house, Waverly lets her mom see the male items that are around to hint to her mother that she is living with a man, like his clothes around the bedroom and his barbells on the floor. Waverly goes to her closet and shows her mother the fur coat that Richard had given to her. After seeing the coat, Waverly’s mom says: â€Å"This is not so good,’ she said at last. ‘It is just leftover...

Related To Malnutrition And Obesity Health And Social Care Essay

A literature reappraisal is a digest of resources that provide the land work for farther survey. It is often found as a subdivision of a published research survey. Literature reappraisal refers to the activities involves in seeking for information on a subject and developing a comprehensive image of the province of the cognition on the subject. Reappraisal of literature is a written sum-up of the survey conducted antecedently related to the present survey subject. ( Polit and Hungler, 1999 ) The research worker did an broad reappraisal of literature on the research subject in order to derive deeper penetration into the job and to roll up maximal relevant information for constructing the foundations of the survey.In the present survey the reappraisal of literature is organized under the undermentioned headers ;Section-I: Surveies related to malnutrition and fleshiness at school degree. Section-II: Surveies related to consequence of planned nursing intercession. Section-III: Surveies related to knowledge and pattern on Healthy Food Habits among kids. Section-IV: Surveies related to Pender ‘s Health Promotion Model Theory Section-V: Surveies related to Conceptual model based on Pender ‘s wellness publicity theoretical account ( 2002 )SECTION-I: STUDIES RELATED TO MALNUTRITION AND OBESITYMalnutrition in early childhood causes irreparable harm to the development of kid and consequences in wastage of human resources. Hence decrease in the high rate of kid mortality and morbidity due to malnutrition becomes an of import undertaking of policy shapers and societal development contrivers study conducted in rural countries of India revealed that abut 90 % of the kids suffer from different classs of malnutrion and about 15 % of them are in utmost grades of malnutrition. Shetty, P.S. , ( 2000 ) concluded that in an person a series of physiology & A ; behavior response can happen. as a consequence of low energy consumption that is below the acceptable degree of demands. If they individual seek to follow the lower energy consumption so it is good for the endurance of single. Hensrud, DD. , ( 2000 ) reviewed a journal nutrition showing and appraisal which revealed the both under nutrition and over nutrition which leads to increased morbidity and mortality rate. Rio-Grande Dosul. , ( 2004 ) conducted that because of the excess helping of sugar sweetened bevarage, there is an increased opportunity of acquiring fleshiness in most of the in-between school kids. that is approximately 60 % due to the alterations in the feeding wonts, the individuals who are populating in the developed states are more prone to acquire fleshiness. Depending on the composing & A ; the quality of the diet the nutrient consumption has to be related with the fleshiness. Rodriguez, NR. , ( 2005 ) concluded that the kids assorted nutritionary demands in relation to the growing. For the normal growing of the immature kids they should take equal sum of energy & A ; indispensable aminoacids.A broad scope of protein consumption of about.6 to2.9gm/kg should be given for the immature kids. Charles. , ( 2005 ) concluded that since 1960 ‘s the prevalence rate of fleshiness has increased more among the kids in U.S.One of the of import factor that is lending to the paediatric fleshiness is ingestion of sugar sweetened drinks. Veteri, F.E. , ( 2010 ) concluded a series of inquiry associated with the equal energy & A ; protein intake. that is necessary for the growing & A ; proper operation of the children.Inorder to fulfill the protein demands big sum of protein must be ingested along with energy consumption. The present survey shows that there is an associated between the eating wonts and fleshiness.SECTION-II: STUDIES RELATED TO EFFECT OF PLANNED NURSING INTERVENTIONPiffer.S, Kaisermann.D. , ( 2003 ) presented paper reports the consequences of a study on dietetic wonts of 1,398 kids go toing first category of primary school in Trento state ( Northern Italy ) the undermentioned points were investigated. Frequency of interruption fast and nutrient intake.frequency of nutrients at school the construct of tracer nutrients as veggies, fruits, and Sweet was besides investigated. The consequences were analysed harmonizing gender, country of abode, learning method and educational degree of parents. The information about nutritionary manner are satisfactory even if they are strongly associated to education degree of parents, above all of the female parent. The adequateness of nutritionary manner is increasing with the increasing of educational degree. School repast, offering selected nutrients t o all kids go toing fulltime learning subdivision, can re-equilibrate nutritionary manner, diminishing the differences associated to education degree of the parents. Delisle, H. , ( 2010 ) conducted a survey sing the importance of placing the healthy and culturally relevant dietetic forms. which helps in advancing wellness & A ; forestalling diet related chronic disease. The surveies shows that a limited no of nutrients determines the quality of diet & A ; result of wellness. The traditional diets are more fitter & A ; utile when comparison to untraditional dietetic forms. Apart from this healthy feeding wonts are more executable if the attack to the nutrient consumption is equal. Present informations can be used for implementing and bettering wellness publicity action on right dietetic wonts in kid goon, maintaining count of the function of instruction degree of the parents. During the development of kids they need equal proportion of healthy nutrients as like the grownup eat.SECTION-III: STUDIES RELATED TO KNOWLEDGE AND PRACTICE ON HEALTHY FOOD HABITS AMONG CHILDREN:This article shows the dietetic pattern that is following by the kids.Who are go toing the farm school. The findings shows that proper dietetic patterns determines the nutritionary position it besides influence the societal economical & A ; psychological development of the kids. Gil, A. , ( 2009 ) They identified that the consumption of traditional nutrient has no relation the normal dietetic pattern.They were considered as giving small protection from diseases.The survey findings showed that the organic structure mass index exercisings and the assorted diseases status has no important association with the dietetic form.SECTION-IV: STUDIES RELATED TO PENDER ‘S HEALTH PROMOTION MODELAustin David, R. , ( 2000 ) it describes that assorted elements are involved in the Pender ‘s wellness publicity model.It shows the advantages every bit good as the disadvantage of the theoretical account. For the support of the theoretical account assorted literature surveies has taken. Calderon, ( 2002 ) The determination showed the belief and patterns of breastcancer among aged adult females & A ; their perceptual experience towards this.It consist of both educational & A ; environmental support which areconductive to wellness behavior.For the wellness publicity in the older population co-ordination of assorted services adapted.CONCEPTUAL FRAMEWORK BASED ON PENDER ‘S HEALTH PROMOTION MODEL ( 2002 )Conceptual model is interrelated constructs on abstractions that are assembled together in some rationale strategy by virtuousness relevancy to a common subject ( Polit and Beck, 2004 ) . It is a device which to excite research and the extension of cognition by supplying both way and drift. A model may function as a spring board for scientific findings meaningful and generalizable. The present survey is aimed at developing and measuring the effectivity of planned nursing intercession in footings of cognition and pattern on wellness nutrient wonts among primary scho ol kids in selected school at Salem. The conceptual model of this survey is based on Pender, Murdaugh, C and Parson. , ( 2002 ) Health Promotion Model. Pender, ( 2002 ) defines wellness as the realization of built-in and acquired human potency through end directed behavior, competent ego attention and fulfilling relationships with others, while accommodations are made as needed to keep structural unity and harmoniousness with relevant environment. Health Promotion Model is based chiefly on three theories of human behavior the theory of sound action, the theory of planned behaviour and societal cognitive theory. Theory of reasoned action explains that the major determiner of behaviour is the individual ‘s purpose for that behaviour, when she believes that she has control over the state of affairs.Prior Related Behavior:It highlights the experience with the advancing behaviour. In this survey prior related behaviour of cognition and pattern of primary school kids on 1st twenty-four hours. It includes equal -inadequate cognition and pattern towards wellness nutrient wonts, conveying / non conveying healthy nutrients will be assessed by pre-test on 1st twenty-four hours.Personal Factors:Factors about the individual, that influences wellness advancing behavior. This includes biological and socio-cultural factors in this survey.Biological Factors:Includes age of the sample, gender, type of the household.Socio-cultural factors: Education of the female parent, business of the female parent, faith.Health Promoting Behavior:Behaviours ( or ) actions that people carry out with the purposes of better their wellness. In this survey is specified, wellness advancing cognition and pattern of healthy nutrients to kids pamphlet distributed to the kids giving information sing healthy nutrient wonts to the female parents of kids. Regular practicing of wellness nutrient wonts.Perceived Control of Health:Childs can understand about the in effects of taking debris nutrients.Perceived Health Status:The research worker perceived that there is little betterment in the nutrient wonts of kids of conveying wellness bites.Perceived Benefits of Action:Belief about the positive or reenforcing effects of a wellness advancing behavior. Here it includes kids will comprehend benefits of good balanced diet, sample develops the wellness nutrient wonts and betterment in cognition sing wellness nutrient wonts, stay wellness and energetic. Sensed Barriers of Health Promoting Behavior:Belief about kids reduced attending span, more attracted to advertizements, working female parents.Interpersonal Influences:Belief about learning programme on wellness nutrient wonts and advancing pattern of conveying wellness nutrients on 3, 6, 10th twenty-four hours of pattern appraisal by this research worker.Situational Influences:Peer group.Immediate Competing Preferences:Distracting thought about other attractive activities to make instantly before prosecuting in a wellness promotes behaviour. In this survey, it includes kid ‘s wellness, taking healthy nutrients.Committedness to a Plan of Action:Committedness to transport out a wellness promotes bahaviour. The program should be specific to clip and topographic point, and stipulate whether it will be with identified individual or entirely. Practice healthy nutrient wonts at school scene after learning, this survey describe about the preparation of a realistic program to pattern healthy nutrient wonts by conveying healthy nutrient wonts by conveying healthy bites, and healthy tiffin daily ( forenoon and afternoon ) to the school with the supervising of research worker in alternate yearss.

International Diversification and the Market Value of New Product

Journal of International Management 17 (2011) 333–347 Contents lists available at ScienceDirect Journal of International Management International diversi? cation and the market value of new product introduction Chi-Feng Wang a,1, Li-Yu Chen b,? , Shao-Chi Chang c,2 a b c Department of Business Administration, National Yunlin University of Science and Technology, Taiwan Department of Management, Fo Guang University, Taiwan Institute of International Business, National Cheng Kung University, Taiwan article info Article history: Received 11 January 2011Received in revised form 31 March 2011 Accepted 31 March 2011 Available online 2 May 2011 Keywords: International diversi? cation New product introduction Technological capability Marketing capability Event study abstract Although previous studies on international diversification are plentiful, they mainly focus on the effect of international diversification on overall firm performance, and the results are mixed. This study extends this line of research and explores the impact of international diversification on new product performance.Specifically, we ask if international diversification explains the stock market reactions to new product introduction (NPI) announcements. We find an inverted-U-shaped relationship between international diversification and the announcement returns of NPIs, revealing that the market value of NPIs initially improves and then declines with increasing international diversification. The results also show that intangible assets, such as technological and marketing capabilities, positively moderate the relationship between international diversification and the market value of NPIs.Our study not only highlights the importance of considering both sides of international diversification in affecting investors' assessments of corporate new product strategies, but also shows the possibility of internal capabilities in changing the fixed relationship between international diversification and the market value of new products.  © 2011 Elsevier Inc. All rights reserved. 1. Introduction According to the theory of foreign direct investment (FDI) (Caves, 1996; Dunning, 1988; Hymer, 1976) and portfolio theory (Jacquillat and Solnik, 1978; Lessard, 1973, 1976; Solnik, 1974), international diversi? ation will lead to higher ? rm value. However, existing studies examining the impact of international diversi? cation on ? rm performance have yielded inconclusive results. The results on the relationship between international diversi? cation and ? rm performance has been found to be positive (Delios and Beamish, 1999; Grant, 1987; Rugman et al. , 2008), negative (Collins, 1990; Zaheer and Mosakowski, 1997), U-shaped (Capar and Kotabe, 2003; Gaur and Kumar, 2009; Lu and Beamish, 2001), inverted-U-shaped (Brock et al. , 2006; Garbe and Richter, 2009; Gomes and Ramaswamy, 1999; Hitt et al. 1997) and horizontal-S-shaped (Contractor et al. , 2003; Lu and Beamish, 2004; Ruigrok et al. , 2007). To better understand the in? uence of international diversi? cation, we extend this line of research by studying the impact of international diversi? cation on new product performance. Speci? cally, we test if international diversi? cation explains the stock ? Corresponding author at: Present address: Department of Management, Fo Guang University, No. 160, Linwei Rd. , Jiaosi, Yilan County 26247, Taiwan. Tel. : + 886 3 9871000 23816. E-mail addresses: [email  protected] net. tw (C. -F. Wang), [email  protected] fgu. edu. w (L. -Y. Chen), [email  protected] ncku. edu. tw (S. -C. Chang). 1 Present address: Department of Business Administration, National Yunlin University of Science and Technology, No. 123, University Road, Section 3, Douliou, Yunlin 64002, Taiwan. Tel. : + 886 5 5342601Ãâ€"5245. 2 Present address: Institute of International Business, National Cheng Kung University, No. 1, University Road, 701, Tainan, Taiwan. Tel. : + 886 6 2757575Ãâ€"53506. 1075-4253/ $ – see front matter  © 2011 Elsevier Inc. All rights reserved. doi:10. 1016/j. intman. 2011. 03. 002 334 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 arket responses to new product introduction (NPI) announcements. NPIs are an important dimension of innovation output. 3 Firms with the ability to introduce new products are signaled as those with the opportunity for differentiation and future earnings (Chaney et al. , 1991; Kleinschmidt and Cooper, 1991; Subramaniam and Venkatraman, 2001). In order to improve the performance of NPIs, many ? rms are engaged in international diversi? cation activities (Kogut and Zander, 1993; Peng and Wang, 2000). Previous studies have documented that international diversi? cation comes with both bene? s and costs (Contractor et al. , 2003; Lu and Beamish, 2004; Ruigrok et al. , 2007). We suggest that these bene? ts and costs might create both opportunities and challenges for ? rms to develop new products, and hence in? uence investors' assessment of the new products introduced by ? rms. International diversi? cation may have positive effects on NPIs. For example, it allows ? rms to reach outside their domestic boundaries, providing them with more opportunities to gain new ideas in terms of the types of new products that can be developed (Hitt et al. , 1997). Internationally diversi? ed ? ms also have better access to the resources resident in foreign countries that may be necessary for producing these new products (Craig and Douglas, 2000; Peng and Wang, 2000). Furthermore, international diversi? cation creates the bene? t of economies of scale by ef? ciently leveraging the initial investments on new products over a broader market base (Subramaniam and Venkatraman, 2001). In spite of the bene? cial effects of international diversi? cation, we suggest that international diversi? cation may also entail disadvantages when it comes to introducing new products. For instance, cross-nationa l distances increase the dif? ulty for internationally diversi? ed ? rms to transfer technological knowledge between countries. Differential environmental settings among countries might also constrain the ? rm's ability to absorb and apply resources towards new product development. In such cases, new products are expected to be less worthwhile for introducing ? rms with international diversi? cation activities. In addition to investigating the direct impact of international diversi? cation on the stock market reactions to NPI announcements, we postulate that investors' assessments of the value of new products may depend on a ? m's internal capabilities. Extending previous research documenting the importance of technological and marketing capabilities in determining new product success (e. g. , Cooper and Kleinschmidt, 1987; Yeoh and Roth, 1999), we argue that both marketing and technological capabilities assist in enhancing the bene? ts of international diversi? cation while simulta neously restricting its drawbacks with regard to the introduction of new products. We test our hypotheses by measuring the stock market responses to NPI announcements using the event-study methodology framework.The events of NPI announcements are collected for the period 1997–2005. Under the assumption of the ef? cient markets hypothesis (Fama, 1970), NPI announcements bring unanticipated information into ? nancial markets that may change the market value assessments of the announcing ? rms. In response to the new information, changes in stock prices occur, which represent investors' revision of their expectation with regard to the net present value of a ? rm's risk-adjusted expected cash ? ow generated by the new products, or stated differently, the investors' expectation of the wealth impact of NPIs.This paper is organized as follows: Section 2 provides the theoretical background and develops the hypotheses. Section 3 introduces the sample and methodology. The empirical res ults are presented in Section 4. Finally, Section 5 contains the discussion and concluding remarks of this study. 2. Theoretical background and hypotheses International diversi? cation has been suggested by FDI theory and portfolio theory to provide ? rms with bene? ts ranging from the ability to realize scale economies (Grant, 1987; Porter, 1986), the possibility to spread investment risks over different countries (Kim et al. 1993), the potential to arbitrage factor cost differentials across multiple locations (Kogut, 1985) and the opportunity to access resources resident in foreign countries (Hitt et al. , 1997). However, there is considerable theoretical evidence that international diversi? cation comes with both bene? ts and costs. We suggest that that these bene? ts and costs that accompany foreign expansion may create both opportunities and challenges for ? rms in terms of developing new products, and thereby affect the stock market reactions to NPI announcements.In this secti on, we review various theoretical domains in order to identify the channels through which international diversi? cation might in? uence value creation for ? rms in the context of NPIs. 2. 1. Effects of international diversi? cation International diversi? cation provides several advantages towards developing new products. First, international diversi? cation offers opportunities for ? rms to gain new and diverse ideas from a variety of perspectives (Hitt et al. , 1997). Being exposed to heterogeneous customers, technology, cultures, and competitive practices, internationally diversi? d ? rms are able to learn from the experience in foreign operations to ? nd new solutions to bettering product design and improving the quality of manufacturing know-how (Craig and Douglas, 2000). For example, the launch of a new cordless telephone by Sanyo, which had been adjusted to better meet the phone use habits of American consumers (Barkema and Vermeulen, 1998), consequently expanded the company's sales in the U. S. market. 3 Prior studies have used several ways to measure the performance of innovation, which includes R intensity (Hill and Snell, 1988; Hitt et al. 1997), number of NPIs (Cardinal and Opler, 1995; Hitt et al. , 1996) and number of patents (Francis and Smith, 1995). Though they have provided valuable insights, the measures they developed have some limitations in capturing the true value of innovation (Chaney et al. , 1991; Schankerman and Pakes, 1986). For example, R intensity is more related to the input value of innovation but does not directly measure the output value of innovation. Furthermore, numbers of NPIs or patents only measure the quantity of inventive output without considering the quality of innovation.As well, patent counts often represent a very noisy measure of the underlying value of innovation because most patents are not worth anything. The measure used in our study allows us to directly measure the wealth effect of innovation, rather than on ly considering the quantity of inventive output as has been done in prior studies. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 335 International diversi? cation also allows ? rms to gain access to resources that may only be available in foreign markets but not frequently obtainable in the home countries to develop new products (Peng and Wang, 2000).By tapping into the technological skills and knowledge that originates from other countries, multinational ? rms may be able to successfully increase their technological strength in developing new products (Hitt et al. , 1997; Kotabe, 1990; Peng and Wang, 2000; Subramaniam and Venkatraman, 2001). Moreover, international diversi? cation provides a ? rm with a wider national network, which helps increase its ability to effectively leverage technological resources and rationalize production processes. These economies of scale can enable the ? m to obtain higher returns from new product innovations (Bartl ett and Ghoshal, 1989; Kogut, 1985). Furthermore, the broader market outlets available to new products create higher returns on the sunk costs of innovative spending (Subramaniam and Venkatraman, 2001), while cash ? ows generated from large-scale foreign operations provide ? rms with the resources needed for extra investment in new product development (Kobrin, 1991; Kotabe, 1990). Notwithstanding the above bene? ts, international diversi? cation can bring challenges to the development of new products. The ? rst challenge comes from the dif? ulty in transferring technological knowledge between countries. The more countries within which the ? rm operates, the larger geographic distance the technological know-how has to be transferred, and the less effective the ? rm will be in developing new products. Furthermore, with increasing diversi? cation, the differences in cultural, economic and technological settings among the countries increase. These differences reduce the effectiveness in assimilating and applying the technological knowledge that is critical for new product development (Chang and Wang, 2007; Hitt et al. 1997); while knowledge diversity can create greater learning value (Inkpen, 2000), differences in knowledge does not guarantee successful learning (Bowman and Helfat, 2001; Chang and Singh, 2000; Szulanski and Winter, 2002). In addition, arguments from the economic law of diminishing returns suggest that the higher degree of international diversi? cation a ? rm is involved in, the more likely it is to be entering markets whose marginal contributions are relatively minor (Contractor et al. , 2003). Beyond a certain point, after already having expanded into the most advantageous markets, the ? m is left with minor or peripheral foreign markets whose resources for and cash ? ow from new product development will exhibit diminishing returns. By drawing on various theoretical perspectives, the above discussions suggest that international diversi? cation no t only create opportunities but also impose barriers to the value creation provided by new product innovation. With moderate levels of international diversi? cation, ? rms can capitalize on valuable bene? ts of knowledge learning, resource access and production ef? ciency in producing new products.At the same time, economic pro? ts rise as the ? xed costs of new product development are spread across more markets (Kogut, 1985; Porter, 1986). However, ? rms that expand internationally beyond an optimal level may ? nd that the costs of international diversi? cation eventually exceed the bene? ts. Firms at this stage often enter countries that are more geographically and culturally dissimilar, which increases the dif? culties of transferring technological knowledge between countries. The value of new product innovation may also exhibit diminishing returns when international diversi? ation is increased beyond the optimal level. Based on the above, this study proposes a non-linear and inv erted-U-shaped relationship between international diversi? cation and the stock market reactions to NPI announcements, suggesting that the market value of NPIs is expected to improve with increasing international diversi? cation at lower levels of international diversi? cation and then decline with increasing international diversi? cation at higher levels of international diversi? cation. For these reasons, we propose our ? rst hypothesis as follows: Hypothesis 1.The relationship between international diversi? cation and the stock market reactions to NPI announcements is inverted-U-shaped, with a positive slope at lower levels of international diversi? cation and negative at higher levels of international diversi? cation. We utilize event-study methodology to capture the valuation effect of corporate new product strategies. This approach not only permits direct investigation of changes in announcing ? rms' shareholder value, but is also suited to conduct cross-sectional analysis of the strategies underlying the value creation or destruction (Reuer, 2001).Applying event-study methodology to NPIs also facilitates comparisons with previous studies on other corporate major strategic events. 4 2. 2. Interaction effects of intangible assets and international diversi? cation Although our theoretical framework should hold for all ? rms, the effect of international diversi? cation on new product performance may depend on ? rms' intangible assets. Scholars in international business have shown that multinational ? rms with greater marketing and technological capabilities may receive higher returns from international expansion (Kotabe et al. , 2002; Lu andBeamish, 2004). Other researchers also document the importance of marketing and technological capabilities in the success of new products (e. g. , Cooper and Kleinschmidt, 1987; Danneels, 2002; Krasnikov and Jayachandran, 2008; Moorman and Slotegraaf, 1999; Yeoh and Roth, 1999). We make advances in linking these two stre ams of study by investigating the moderating effect 4 Previous studies have used event-study methodology to test the wealth effect of major corporate events, such as diversi? cation (Doukas and Lang, 2003; Hoskisson et al. , 1991), divestitures (Benou et al. , 2008), alliances (Das et al. 1998; Kale et al. , 2002), regulatory change (Bowman and Navissi, 2003), NPIs (Chaney et al. , 1991; Chen, 2008; Kelm et al. , 1995), R expenditures (Szewczyk et al. , 1996), and patents (Austin, 1993). 336 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 of internal capabilities on the association between international diversi? cation and the stock market reactions to NPI announcements. We suggest that internationally diversi? ed ? rms that have greater marketing and technological capabilities are more able to extract the bene? ts and reduce the costs of international diversi? ation, resulting in higher returns from NPI announcements. Each moderating effect is disc ussed independently below. Marketing capability is related to a ? rm's ability to acquire external knowledge through the processes of gathering, interpreting, and using market information (Day, 1994). Though international diversi? cation gives ? rms opportunities to access new knowledge, ? rms that do not have ability to identify customers' needs and to understand the factors that in? uence consumer choice behavior will not be able to achieve better targeting and positioning of its products.Therefore, ? rms that have invested in developing their marketing capability are more able to integrate the information on consumer needs in diverse markets into new product designs, and thus generate higher returns from the new products (Dutta et al. , 1999). In addition, marketing capability is re? ected in a ? rm's ability to differentiate its products from those of competitors (Kotabe et al. , 2002). A higher level of product differentiation allows a ? rm to charge higher prices for its new p roducts (Day, 1994; Yeoh and Roth, 1999). Furthermore, ? ms that spend more money on advertising and promoting their products are more likely to build successful brands, which are essential to building awareness, reducing the perceived risk that consumers associate with new products, and ? nally increasing the adoption rate of new products introduced (Chandy and Tellis, 2000; Dowling and Staelin, 1994; Sorescu et al. , 2003). This is particularly important for ? rms that are completely new to foreign customers (Helsen et al. , 1993; Srivastava et al. , 1998). Consequently, we expect that NPIs are expected to be more worthwhile for internationally diversi? d ? rms with greater marketing capabilities, leading to Hypothesis 2: Hypothesis 2. Marketing capability will positively moderate the relationship between international diversi? cation and the stock market reactions to NPI announcements. As mentioned, technological capability is also likely to moderate the effect of international d iversi? cation on new product development. Technology capability might represent a ? rm's ability to absorb external knowledge (Penner-Hahn and Shaver, 2005; Tsai, 2001). A ? rm may be able to access certain new knowledge through international diversi? ation, but without the capacity to absorb such knowledge a ? rm may not enhance its capabilities within new product innovation. Since knowledge gained from international markets is often tacit and socially complex (Zahra and Hayton, 2008), ? rms that have established a capability in a particular research skill are better able to interpret and assess the knowledge in that area. Technological capability also refers to a ? rm's ability to apply knowledge gained from foreign markets to commercial ends (Krasnikov and Jayachandran, 2008; Moorman and Slotegraaf, 1999).Kotabe et al. (2002) have stated that ? rms with greater technological capabilities are more capable of ? nding better product design solutions. The technical risks in developi ng new products are more likely to be reduced for such ? rms (Kelm et al. , 1995). Furthermore, ? rms with greater technological capability are more able to lower production costs by improving manufacturing processes. Moreover, technological capability helps ? rms to speed up the product development process and satisfy the market more quickly (Rabino and Moskowitz, 1981). Thus, ? ms that have greater technological capabilities are more likely to enhance their revenues in international markets by providing those markets with new products of better quality. Meanwhile, ? rms that leverage their technological capabilities in the greater scope of the global market may enjoy the bene? ts of economies of scale inherent in the innovation process. As a result, we expect that NPIs are more worthwhile for internationally diversi? ed ? rms with greater technological capabilities, leading to Hypothesis 3: Hypothesis 3. Technological capability will positively moderate the relationship between in ternational diversi? ation and the stock market reactions to NPI announcements. 3. Sample and methodology 3. 1. Sample design We test our hypotheses using a sample of NPI announcement events. We collect the sample data on ? rms listed on either the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX) from the Dow Jones News Retrieval Service (DJNRS) database, which provides news-service articles and selected stories from the Wall Street Journal, Dow Jones News Wire, and Barron's. We use the words and phrases commonly used to describe NPIs as keys for a database search routine.Examples are â€Å"introduce,† â€Å"new product,† â€Å"unveil,† â€Å"launch,† â€Å"received approval,† â€Å"to market,† â€Å"test market,† â€Å"begin selling,† along with other pertinent words and phrases. When a repeat NPI announcement from a ? rm is found in a different publication, the announcement that has the earliest date is ch osen as it is the earliest date when the information about the NPI is publicly available (Chaney et al. , 1991; Chen, 2008; Kelm et al. , 1995). The sample period is from January 1997 to December 2005. Four criteria are used when selecting ? rms for our sample: (1) the announcing ? rms should not have other announcements ? e days before and after the initial announcement date in order to avoid any confounding events that could distort the measurement of the valuation effects; (2) daily stock return information must be available from the Center for Research in Security Prices (CRSP), with a minimum of 50 daily returns in the estimation period; (3) companies' ? nancial information must be available from the COMPUSTAT ? les; and (4) since we want to test the effect of international diversi? cation, only those ? rms with foreign sales data available from the COMPUSTAT ? les are included. C. -F. Wang et al. Journal of International Management 17 (2011) 333–347 337 Following these procedures, we collect a ? nal sample comprising 3061 new product announcements made by 531 ? rms in 57 industries based on the two-digit Standard Industrial Classi? cation (SIC) codes. 5 Table 1 reports the distribution of the sample by year and industry. Our data shows no obvious cluster by time period. In 2004, there are 530 announcements, accounting for 17. 32% of the total. Observations are nearly evenly distributed through the remaining years. However, our sample shows certain levels of concentration in speci? c industries.The largest concentration comes from electrical equipment (33. 61%), computer equipment (18. 09%), electro-medical instruments (9. 38%), and business services (e. g. , computer programming and the software industry) (7. 19%). These three broad categories constitute nearly 70% of the total sample. As suggested by Chaney et al. (1991), this result is expected since neither the investment opportunities nor their valuation should be random across industries. 3. 2. Measuring the stock market responses to new product announcements We employ the event study methodology to examine the stock price responses to the announcements of NPIs. This approach has been widely used in the management, accounting, economics and ? nance disciplines to examine the impact of ? rm-speci? c events on ? rm value. The event study approach suggests that, in an ef? cient capital market, the market will adjust and result in returns different from those that are normally expected if the NPI announcement has unexpected information content (Hoskisson et al. , 1991). We use the market model suggested by Brown and Warner (1985) to estimate the abnormal returns to NPI announcements. This model captures a ? rm's stock price change after adjusting for general market-wide factors and the ? m's systematic risk (Bowman, 1983; Brown, 1989; Brown and Warner, 1980, 1985). The abnormal return for ? rm i on day t, ARit, is computed by: ARit = Rit ? E? Rit = It ? 1 ? ; where Rit is ? rm i's actual returns on day t, and It ? 1 represents the information set available to the market about the ? rm at time t ? 1. The expected return for ? rm i on day t is estimated by: E? Rit = It ? 1 ? = ? i + ? i Rmt where Rmt is the return for the market portfolio on day t, ? i is the intercept, and ? i measures the risk or sensitivity of the ? rm's returns relative to the market portfolio. We de? e Day 0 (t = 0) as the initial announcement date. We use the value-weighted CRSP Index as the proxy for the market portfolio. The parameters ? i and ? i are estimated using data for the period of 200 to 60 days before the initial announcement date. The two-day cumulative abnormal returns, CAR (? 1, 0), are estimated by summing the daily abnormal returns over the window period of days ? 1 and 0. The equally weighted cross-sectional average abnormal returns on ? event day t, ARt , is further calculated by: 1N ? ARt = ? ARit ; N i=1 where N is the total number of sample NPIs. The cumulati ve average abnormal return over the period (? , 0) is similarly de? ned. 3. 3. Measuring international diversi? cation We use the entropy index to estimate international diversi? cation. 7 The entropy measure of international diversi? cation is de? ned as ? [Pi* ln(1/Pi)], where Pi is the percentage of sales in geographic segment i, and ln(1/Pi) is the weight of each geographic segment. This measure thus considers both the number of geographic segments in which a ? rm operates and the relative importance of sales contributed by each geographic segment. 5 For the industry classi? cation, we follow Hitt et al. (1997) and use the our-digit SIC codes as the indicator of the industry or business segment that a ? rm operates. Therefore, two variables in this study, namely product diversi? cation and industry R&D intensity, are estimated basing on the four-digit SIC codes. However, for the sake of brevity, we report the sample distribution by industry on the basis of the two-digit SIC code s. 6 Other performance measures of new product strategies that are most commonly used in previous studies include return on assets, return on sales, return on equity, return on investment and pro? t margin (e. g. , Li and Atuahene-Gima, 2001; Moorman, 1995).However, these accounting measures have several limitations in measuring new product performance (Chang and Wang, 2007; Kalyanaram et al. , 1995; Pauwels et al. , 2004). For example, the differences in accounting policies across ? rms make performance comparisons dif? cult. These measures are also not risk-adjusted as they do not consider business risks associated with individual ? rms when measuring performance, and they are based on historical accounting data and thus may not adequately re? ect future expected revenue streams resulting from the new products. More importantly, these measures re? ect aggregate ? m performance, making it more dif? cult to directly link them to the effect of speci? c new product introductions. Due to these limitations we employ an event study methodology in order to examine stock price responses to announcements of NPIs. This method captures the ? rm's stock price change after adjusting for the ? rm's systematic risk (Bowman, 1983; Brown, 1989; Brown and Warner, 1980, 1985), as well as re? ects investors' expectations of a ? rm's future cash ? ow related to this new product (Chaney et al. , 1991; Chen, 2008; Chen et al. , 2002; Kelm et al. , 1995). 7 Previous studies have used several proxies of international diversi? ation. The most commonly used measures are the ratio of foreign sales to total sales (Grant, 1987; Tallman and Li, 1996), the ratio of foreign assets to total assets (Daniels and Bracker, 1989; Ramaswamy, 1995), numbers of foreign countries in which a ? rm has subsidiaries (Delios and Beamish, 1999; Tallman and Li, 1996) or a composite index encompassing these three dimensions (Gomes and Ramaswamy, 1999; Sullivan, 1994). However, these measures only capture the extent but not the distribution of international diversi? cation. In this study, we follow Hitt et al. (1997) and use the entropy measure of international diversi? ation to account for the extent of sales in global markets and their weighting. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 338 Table 1 Distribution of new product introduction. Panel A. Sample distribution by year Year Number of announcements Percent of sample (%) 1997 1998 1999 2000 2001 2002 2003 2004 2005 Total 354 279 370 313 232 247 391 530 345 3061 11. 56 9. 11 12. 08 10. 22 7. 58 8. 07 12. 77 17. 32 11. 30 100. 00 Panel B. Sample distribution by industry Two-digit SIC code Industry group 01 12 13 15 16 17 20 21 22 23 24 25 26 27 28 29 30 31 33 34 Agricultural production cropsCoal mining Oil and gas extraction Building construction: general contractors Heavy construction other than building construction contractors Construction: special trade contractors Food and kindred produc ts Tobacco products Textile mill products Apparel, ? nished prdcts from fabrics and similar materials Lumber and wood products, except furniture Furniture and ? xtures Paper and allied products Printing, publishing, and allied industries Chemicals and allied products Petroleum re? ning and related industries Rubber and miscellaneous plastics products Leather and leather products Primary metal industriesFabricated metal products, except machinery and transportation equipment Industrial and commercial machinery and computer equipment Electronic and other electrical equipment and components, except computer equipment Transportation equipment Measuring, analyzing, and controlling instruments; photographic, medical and optical goods Miscellaneous manufacturing industries Railroad transportation Motor freight transportation and warehousing Transportation by air Pipelines, except natural gas Transportation services Communications Electric, gas, and sanitary services Wholesale trade: durabl e goods Wholesale trade: non-durable goodsBuilding materials, hardware, garden supply, and mobile home dealers General merchandise stores Food stores Apparel and accessory stores Home furniture, furnishings, and equipment stores Eating and drinking places Miscellaneous retail Depository institutions Non-depository credit institutions Security and commodity brokers, dealers, exchanges, and services Insurance carriers Insurance agents, brokers, and service Real estate Holding and other investment of? ces Hotels, rooming houses, camps, and other lodging places Personal services 35 36 37 38 39 40 42 45 46 47 48 49 50 51 52 53 54 56 57 58 59 60 61 62 63 64 65 67 0 72 Number of announcements Percent of sample (%) 1 1 8 1 1 1 28 4 2 2 3 6 13 76 118 2 9 2 23 21 0. 03 0. 03 0. 26 0. 03 0. 03 0. 03 0. 91 0. 13 0. 07 0. 07 0. 10 0. 20 0. 42 2. 48 3. 85 0. 07 0. 29 0. 07 0. 75 0. 69 554 1029 18. 09 33. 61 72 287 2. 35 9. 38 41 4 2 144 1 1 120 20 19 10 2 3 3 8 6 14 13 2 18 17 34 5 3 9 6 6 1. 34 0. 13 0. 07 4. 70 0. 03 0. 03 3. 92 0. 65 0. 62 0. 33 0. 07 0. 10 0. 10 0. 26 0. 20 0. 46 0. 42 0. 07 0. 59 0. 56 1. 11 0. 16 0. 10 0. 29 0. 20 0. 20 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 339 Table 1 (continued) Panel B. Sample distribution by industryTwo-digit SIC code Industry group 73 78 79 80 82 87 Business services Motion pictures Amusement and recreation services Health services Educational services Engineering, accounting, research, management, and related services Nonclassi? able establishments 99 Total Number of announcements Percent of sample (%) 220 13 4 2 1 10 7. 19 0. 42 0. 13 0. 07 0. 03 0. 33 36 3061 1. 18 100. 00 As data is not available at the country level, we use sales of regional markets to measure international diversity (as used by e. g. , Hirsch and Lev, 1971; Hitt et al. , 1997; Miller and Pras, 1980). Following Hitt et al. 1997), we group foreign markets into four regions based on economic and political conditions: Africa, Asia and the Paci? c, Europe, and the Americas. Although not perfect, this approach allows us to focus on between-market heterogeneity (Kim et al. , 1989). The international market sales data are from the COMPUSTAT geographic segment tapes for the ? scal year preceding the announcements. 8 3. 4. Measuring intangible assets We measure marketing capability as the average marketing intensity (the ratio of advertisement expenditures to net sales) for the three ? scal years prior to the announcements. 9 We suggest that ? ms who invest more in marketing activities are considered to have superior marketing capabilities. We measure technological capability as the average R&D intensity (the ratio of R&D expenditures to net sales) for the three ? scal years prior to the announcements. We suggest that ? rms outspending their competitors in R&D are considered to have greater technological capabilities. We scale the measures of ? rm capabilities by ? rm size in order to ensure that the capability measure does not merely re? ect higher levels of ? nancial resources of large-scaled ? rms (following Moorman and Slotegraaf, 1999). 3. 5. Other variablesOther potential variables that could affect the value of NPIs are controlled. The ? rst is ? rm size, measured by the natural logarithm of total sales of the announcing ? rm for the ? scal year preceding the announcement (following Kotabe et al. , 2002; Lu and Beamish, 2004). We next control for a ? rm's leverage ratio, measured as the ratio of total debt to total assets for the ? scal year prior to the announcement (following Chen et al. , 2002; Chen, 2008). We also control for the degree of product diversi? cation for the ? scal year preceding the announcement. Product diversi? cation is measured by the entropy index (? Pi * ln(1/Pi)], where Pi is the percentage of ? rm sales in business segment i, and ln(1/Pi) is the weight of each segment). Following Hitt et al. (1997), we de? ne business segments as those having the same four-digit SIC codes. The product-speci? c effects are also controlled. This is necessary as some researchers have suggested that high-newness products are expected to create better opportunities for product differentiation and competitive advantage (Kleinschmidt and Cooper, 1991; Meyer and Roberts, 1986), and as such, high-newness products should receive a larger market value than updates of existing products.Furthermore, scholars have argued that ? rms introducing multiple products are more competitive in the product market and seize more market share than those announcing single products. This implies that ? rms announcing multipleproducts announcers may appropriate much of the bene? ts associated with new products, and are thus expected to experience a larger increase in market value than those announcing a single product (Acs and Audretsch, 1988; Hendricks and Singhal, 1997). Moreover, researchers have documented that the ? rst to introduce a new product in the marketplac e usually enjoys ? st-mover advantages stemming from the creation of entry barriers and switching costs, and from high consumer recognition and preference to the ? rst product (Jovanovic and MacDonald, 1994; Lee et al. , 2000). Therefore, ? rst-moving ? rms are predicted to gain a higher announcement return at the time of NPIs than followers do. The aforementioned ? rms that introduce high-newness and multiple products or ? rms that are the ? rst to introduce new products are suggested to obtain sustained competitive advantage. This argument corresponds to Williamson (1999) that ? ms getting ahead of their competitors by providing multiple and new technology, products and business solutions have more opportunities to ensure lasting sales growth. We identify these product announcement types by using structural content analysis on the news content (as in Chaney et al. , 1991; Lee et al. , 2000; Firth and Narayanan, 1996). Based on the analysis of the news content, we create three dumm y variables: NEWNESS, MULTIPLE and TIME. 8 The main reason for using data one year before the announcements is to capture the most recent impact of a ? m's attributes on the market reactions to new product introductions. Several independent variables are measured by the data one year preceding the announcements, including international diversi? cation, ? rm size, debt-to-asset ratio, product diversi? cation and two industry sector dummy variables. 9 Since the values of advertising and R&D expenditures tend to ? uctuate substantially from year to year, we use the 3-year average values of advertising intensity, R&D intensity and industry R&D intensity to reduce the chance that a random and extreme value in one year disproportionately in? ences our measure of intangible assets. 340 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 NEWNESS equals one if the product is highly innovative, and zero if it is an update or an enhancement of an existing product (as in Chaney et al. , 1991; Chen, 2008). MULTIPLE equals one for multiple-products announced simultaneously by a ? rm, and zero for single announcements (as in Chaney et al. , 1991; Chen, et al. , 2002). TIME equals one if the announcing ? rm is the ? rst mover, and zero otherwise (as in Lee et al. , 2000; Chen, 2008).Finally, we consider two industry-related factors. The ? rst is the technological opportunity of the industry in which the announcing ? rms operate. Chaney et al. (1991) asserted that the valuation effect of NPIs is higher for ? rms in more technologically based industries, as they are considered to have more innovation opportunities and greater potential for future growth. In contrast, Kelm et al. (1995) found that investors respond positively to new product announcements by ? rms in less-technology-intensive industries because new product announcements by these ? rms are relatively nexpected by investors. Technological opportunities at the industry level are measure d by the average industry R&D intensity (the average values of R&D expenditures divided by net sales for all ? rms in the same four-digit SIC industry) for the three ? scal years prior to the announcements (following Chan et al. , 1990; Kelm et al. , 1995). In addition, we control for the industry-speci? c effect with two dummy variables: MANUFACTURING and SERVICE. MANUFACTURING equals one for announcing ? rms in manufacturing industries, and zero otherwise. SERVICE equals one for announcing ? ms in service industries, and zero otherwise. This is done as several studies have argued that the effect of internationality on performance for manufacturing ? rms is different from that for service ? rms (Capar and Kotabe, 2003; Contractor et al. , 2003). We therefore separate the sample ? rms into service, manufacturing and other industries according to 2-digit SIC codes and apply two industry dummies to control for the industry-speci? c effects. Table 2 presents the means, standard deviati ons, and correlations for all variables for the sample of NPI announcements. 4. Empirical resultsTable 3 provides estimates of abnormal returns around the announcement date and the surrounding days. The results show that innovations such as NPIs are perceived by investors as value-increasing activities. For the two-day announcement period cumulative abnormal returns, CAR (? 1, 0), the new product announcers experience a positive cumulative average abnormal return of 0. 194%, signi? cant at the 1% con? dence level. No signi? cant abnormal returns are observed preceding and following the announcement period. As a result, we use CAR (? 1, 0) as the dependent variable in the following regression analysis.Our results are consistent with prior studies (e. g. , Chaney et al. , 1991; Chen, 2008; Chen et al. , 2002; Kelm et al. , 1995). Table 4 reports the regression results with the dependent variable CAR (? 1, 0). We present the results without centering the variables in the ? rst ? ve mod els, and results with centering the variables on their means in the latter ? ve models. 10 Models 1 and 6 are baseline models that include only the control variables and two measures of intangible assets. Among the control variables, leverage ratio is found to be positively associated with CAR (? 1, 0), though insigni? cant in some models.This result suggests that higher levels of debt lower the expected costs of free cash ? ow (Jensen, 1986), and new products announced by ? rms with a higher leverage ratio are therefore perceived as more worthwhile. Of the two ? rm-speci? c assets variables, both R&D and advertising intensities have a signi? cant and positive impact in most models. Moreover, industry R&D intensity is found to be signi? cantly negatively associated with CAR (? 1, 0). This result suggests that investors respond positively to new product announcements by ? rms in less technology-intensive industries because new product announcements by these ? ms are relatively unexpe cted by investors (Kelm et al. , 1995). Other control variables are not found to have signi? cant explanatory power in terms of the variation in announcement abnormal returns. In model 2 (7), we test the impact of international diversi? cation on the stock market reactions to NPI announcements by including the linear and squared terms of international diversi? cation. We ? nd our Hypothesis 1 is strongly supported, as CAR (? 1, 0) is positively related to the linear term of international diversi? cation and then negatively associated to the squared term of international diversi? cation.This result suggests an inverted-U-shaped relationship between international diversi? cation and the market value of NPIs. Models 3 (8), 4 (9) and 5 (10) test the moderating effects of intangible assets by including the interaction term of international diversi? cation and advertising intensity and the interaction term of international diversi? cation and R&D intensity. 11 Model 3 (8) tests the intera ction effect between international diversi? cation and marketing capability. The statistically signi? cant and positive coef? cient of the interaction term suggests that the market value of NPIs increases when internationally diversi? d ? rms have greater marketing capacities. Thus, Hypothesis 2 is supported. Model 4 (9) tests the interaction effect between international diversi? cation and technological capability. We also ? nd a statistically signi? cant and positive coef? cient of the interaction term. Thus, Hypothesis 3 is supported. To test the robustness of these ? ndings, we simultaneously include the interaction of international diversi? cation and advertising intensity and the interaction of international diversi? cation and R&D intensity in model 5 (10). Results remain unchanged to those in models 3 (8) and 4 (9).It is noted that the â€Å"main effects† between international diversi? cation and the abnormal returns of NPIs remain robust in all models with the additi on of the interaction terms. To gain further insights into our ? ndings, we construct Figs. 1 and 2 by drawing on the results of models 3 and 4. We use CAR (? 1, 0) as the measurement of market value of NPIs. When illustrating the impact of advertising intensity (R&D intensity) and 10 Since some variables are constructed from other variables, we follow Aiken and West (1991) by subtracting each variable from its mean value in the sample to minimize their collinearity. 11To test the robustness of our conclusion, we re-examine the regression analysis by incorporating the interaction of quadratic terms of international diversi? cation and intangible asset proxies. Our conclusions remain unchanged. Variables a Mean s. d. Min Max 1. Two-day announcementperiod abnormal return(%)a 2. International diversi? cation 3. Advertising intensity 4. R&D intensity 5. Product diversi? cation 6. Firm size b 7. Debt-to-asset ratio 8. Newness 9. Multiple 10. Time 11. Industry R&D intensity 12. Service in dustry 13. Manufacturing industry 0. 194 0. 037 ? 0. 242 0. 230 0. 653 0. 012 0. 081 0. 816 8. 541 0. 00 0. 827 0. 302 0. 359 0. 236 0. 236 0. 748 0. 424 0. 022 0. 148 0. 659 1. 860 0. 149 0. 379 0. 459 0. 480 0. 390 0. 425 0. 434 0. 000 0. 000 0. 000 0. 000 ? 0. 781 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 0. 000 1. 382 0. 317 4. 696 2. 533 12. 060 1. 099 1. 000 1. 000 1. 000 2. 334 1. 000 1. 000 2 3 4 5 6 7 8 1. 000 ? 0. 033* 1. 000 0. 102*** ? 0. 071*** 1. 000 ? 0. 004 ? 0. 042** ? 0. 016 1. 000 0. 149*** 0. 092*** ? 0. 158*** 0. 399*** 1. 000 ? 0. 111*** 0. 001 ? 0. 090*** 0. 052*** 0. 075*** 1. 000 0. 036** ? 0. 002 0. 010 ? 0. 003 0. 027 ? 0. 021 1. 000 9 0. 076*** 0. 050*** 0. 015 ? 0. 024 0. 016 ? 0. 100*** 0. 33* 1. 000 The two-day period (? 1,0) abnormal return is estimated by summing up abnormal returns from the day before (day ? 1) to the announcement date (day 0). Firm size is measured by the natural logarithm of net sales. ***p b 0. 01, **pb0. 05, *pb0. 1. b 10 11 12 13 0. 045** ? 0. 022 0. 056*** 0. 039** 0. 024 ? 0. 050*** 0. 170*** ? 0. 040** 1. 000 0. 257*** ? 0. 083*** 0. 252*** ? 0. 042** ? 0. 188*** ? 0. 098*** 0. 031* 0. 039** 0. 055*** 1. 000 ? 0. 382*** 0. 000 ? 0. 137*** ? 0. 206*** ? 0. 020 0. 199*** ? 0. 007 ? 0. 147*** ? 0. 064*** ? 0. 151*** 1. 000 0. 342*** 0. 017 0. 143*** 0. 151*** ? 0. 017 ? 0. 222*** . 009 0. 147*** 0. 068*** 0. 166*** ? 0. 960*** 1. 000 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 Table 2 Descriptive statistics and correlations. 341 342 C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 Table 3 Abnormal returns for new product introduction announcements. Event day Mean AR (%) t-statistic ? 10 ?9 ?8 ?7 ?6 ?5 ?4 ?3 ?2 ?1 0 [? 1,0] +1 +2 +3 +4 +5 +6 +7 +8 +9 + 10 ? 0. 023 ? 0. 005 0. 025 ? 0. 016 ? 0. 025 ? 0. 005 0. 047 0. 001 ? 0. 039 0. 093 0. 101 0. 194 ? 0. 038 0. 058 0. 081 ? 0. 056 0. 027 ? 0. 073 ? 0. 055 0. 053 ? 0. 025 ? 0. 054 ? 0. 4 50 0. 092 0. 471 ? 0. 309 ? 0. 477 ? 0. 099 0. 888 0. 003 ? 0. 731 1. 918* 2. 038** 2. 885*** ? 0. 756 1. 086 1. 329 ? 1. 138 0. 529 ? 1. 403 ? 1. 078 1. 118 ? 0. 471 ? 0. 972 (0. 653) (0. 927) (0. 638) (0. 758) (0. 633) (0. 921) (0. 375) (0. 998) (0. 465) (0. 055) (0. 042) (0. 004) (0. 450) (0. 278) (0. 184) (0. 255) (0. 597) (0. 161) (0. 281) (0. 264) (0. 638) (0. 331) ***p b 0. 01, **p b 0. 05. Values in parentheses are p-values. international diversi? cation on CAR (? 1, 0), we hold other control variables at the average level. If the control variables are dummy ones, we substitute these variables with their modes. 2 Both ? gures provide supportive evidence for our hypotheses. First, the relationship between international diversi? cation and the market value of NPIs is found to be inverted-U-shaped, with the slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. For example, in Fig. 1, for ? rms with no mar keting capability, at the initial stage, there is a positive impact on the market value of NPIs with an increase of 0. 62% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this threshold of 0. , a higher level of international diversi? cation is associated with a decreasing CAR (? 1, 0). In Fig. 2, for ? rms with no technological capability, there is a positive impact on the market value of NPIs with an increase of 0. 63% in CAR (? 1, 0) when the level of international diversi? cation increases from zero to 0. 8. Beyond this point, more international diversi? cation results in lower market values of NPIs. In addition, these graphs illustrate the performance differences across ? rms with different levels of intangible assets. For example, in Fig. 1, for a ? rm with a degree of international diversi? cation of 0. and a level of marketing capability of 0. 3, there is an expected CAR (? 1, 0) that is almost 0. 89% higher than that for a ? rm at the same level of international diversi? cation but with the marketing capability of 0. 1; at a degree of international diversi? cation of 1. 2, there is an expected improvement in CAR (? 1, 0) of 3. 25% when the level of marketing capability increases from 0. 1 to 0. 3. The same procedure can be used to explain the moderating effect of technological capability. In Fig. 2, for a ? rm with a level of international diversi? cation of 0. 4 and a level of technology capability of 1. , there is an expected CAR (? 1, 0) that is 2. 09% higher than that for a ? rm at the same level of international diversi? cation but with the technological capability of 0. 4; at a degree of international diversi? cation of 1. 2, there is an expected improvement in CAR (? 1, 0) of 4. 92% when the technology capability of a ? rm increases from 0. 4 to 1. 6. 5. Discussion and conclusions This paper examines the importance of international diversi? cation in explaining the stock market reactions to NP I announcements. Using NPI announcements from the period 1997–2005, we found an inverted-U-shaped relationship between international diversi? ation and the market value of NPIs, with a slope positive at lower levels of international diversi? cation but negative at higher levels of international diversi? cation. This relationship is moderated by the intangible assets possessed by internationally diversi? ed ? rms. We ? nd that announcing ? rms with greater technological and/or marketing capabilities achieve higher abnormal returns from NPIs. The main effects of the international diversi? cation variables still hold after the inclusion of these moderating factors. In view of recent research having suggested a sigmoid performance effect of internationalization (Contractor et al. 2003; Lu and Beamish, 2004), we test our hypotheses in the framework of an S-shaped relationship by simultaneously adding linear, squared and cubed terms of international diversi? cation in the regressio n. However, our sample does not reveal the S-shaped association between international diversi? cation and the market value of NPI. 12 The equations for the graphs presented in Figs. 1 and 2 are as follows, respectively: CAR (? 1, 0) = ? 0. 0037 + 0. 0157 * ID ? 0. 0099 * ID2 ? 0. 0147 * AD + 0. 1476 * ID * AD and CAR (? 1, 0) = ? 0. 0049 + 0. 0168 * ID ? 0. 0112 * ID2 + 0. 0056 * RD + 0. 295 * ID * RD, where ID = international diversi? cation; ID2 = International diversi? cation squared; AD = advertising intensity; RD = R&D intensity. C. -F. Wang et al. / Journal of International Management 17 (2011) 333–347 343 Table 4 Regression analysis of new product introduction on international diversi? cation. Un-centered results Centered results Independent variables Model 1 Model 2 Intercept ? 0. 0005 (? 0. 072) ? 0. 0042 ? 0. 0017 ? 0. 0037 ? 0. 0009 (? 0. 591) (? 0. 233) (? 0. 525) (? 0. 122) 0. 0178 0. 0157 0. 0168 0. 0143 (3. 156)*** (2. 737)*** (2. 967)*** (2. 486)** ? 0. 0099 ? 0. 0099 ? 0. 0112 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** International diversi? cation International diversi? cation squared International diversi? cation ? Advertising intensity International diversi? cation ? R&D intensity Firm size a Debt-to-asset ratio Product diversi? cation Advertising intensity R&D intensity Newness Multiple Time Industry R&D intensity Service Manufacturing Adjusted R2 F value Number of observations a Model 3 Model 4 0. 1476 (2. 236)** ? 0. 0001 ? 0. 0002 (? 0. 336) (? 0. 484) 0. 0072 0. 0071 (1. 531) (1. 516) ? 0. 0001 0. 0000 (? 0. 069) (0. 037) 0. 0667 ? 0. 0147 (2. 100)** (? 0. 04) 0. 0090 0. 0087 (1. 878)* (1. 832)* ? 0. 0003 ? 0. 0002 (? 0. 182) (? 0. 138) 0. 0016 0. 0016 (1. 085) (1. 055) ? 0. 0007 ? 0. 0006 (? 0. 466) (? 0. 407) ? 0. 0034 ? 0. 0032 (? 1. 804)* (? 1. 686)* 0. 0020 ? 0. 0007 (0. 032) (? 1. 121) ? 0. 0005 ? 0. 0015 (? 0. 079) (? 0. 252) 0. 0051 0. 0064 2. 20*** 2. 41*** 3061 3061 Model 6 0. 0036 (0. 637) 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0030 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 5Model 7 Model 8 Model 9 0. 0022 0. 0032 0. 0030 0. 0042 (0. 392) (0. 567) (0. 517) (0. 726) 0. 0178 0. 0174 0. 0192 0. 0189 (3. 156)*** (3. 081)*** (3. 375)*** (3. 326)*** ? 0. 0099 ? 0. 0099 ? 0. 0112 ? 0. 0113 (? 2. 188)** (? 2. 175)** (? 2. 434)** (? 2. 455)** 0. 1476 (2. 236)** 0. 0333 (1. 978)** (2. 225)** ? 0. 0001 ? 0. 0002 (? 0. 257) (? 0. 410) 0. 0085 0. 0086 (1. 803)* (1. 824)* ? 0. 0001 0. 0000 (? 0. 102) (0. 012) 0. 0709 ? 0. 0185 (2. 226)** (? 0. 383) 0. 0056 0. 0049 (1. 107) (0. 971) ? 0. 0002 ? 0. 0001 (? 0. 109) (? 0. 051) 0. 0018 0. 0018 (1. 221) (1. 2061) ? 0. 0009 ? 0. 0009 (? 0. 641) (? 0. 99) ? 0. 0046 ? 0. 0046 (? 2. 341)** (? 2. 302)** ? 0. 0005 ? 0. 0016 (? 0. 082) (? 0. 265) ? 0. 0015 ? 0. 0027 (? 0. 252) (? 0. 463) 0. 0060 0. 0077 2. 33*** 2. 58*** 3061 3061 0. 1629 (2. 458)** 0. 0295 0. 0003 (0. 676) 0. 0073 (1. 569) ? 0. 0009 (? 0. 744) 0. 0527 (1. 673)* 0. 0093 (1. 941)* ? 0. 0004 (? 0. 195) 0. 0017 (1. 141) ? 0. 0006 (? 0. 389) ? 0. 0018 (? 0. 977) ? 0. 0003 (? 0. 519) ? 0. 0012 (? 0. 218) 0. 0005 1. 15 3061 Model 10 (1. 978)** ? 0. 0001 ? 0. 0002 ? 0. 0001 (? 0. 336) (? 0. 484) (? 0. 257) 0. 0072 0. 0071 0. 0085 (1. 531) (1. 516) (1. 803)* ? 0. 0001 0. 0000 ? 0. 0001 (? 0. 069) (0. 37) (? 0. 102) 0. 0667 0. 0817 0. 0709 (2. 100)** (2. 517)** (2. 226)** 0. 0090 0. 0087 0. 0249 (1. 878)* (1. 832)* (2. 659)*** ? 0. 0003 ? 0. 0002 ? 0. 0002 (? 0. 182) (? 0. 138) (? 0. 109) 0. 0016 0. 0016 0. 0018 (1. 085) (1. 055) (1. 221) ? 0. 0007 ? 0. 0006 ? 0. 0009 (? 0. 466) (? 0. 407) (? 0. 641) ? 0. 0034 ? 0. 0032 ? 0. 0046 (? 1. 804)* (? 1. 686)* (? 2. 341)** 0. 0020 ? 0. 0007 ? 0. 0005 (0. 032) (? 1. 121) (? 0. 082) ? 0. 0005 ? 0. 0015 ? 0. 0015 (? 0. 079) (? 0. 252) (? 0. 252) 0. 0051 0. 00 64 0. 0060 2. 20*** 2. 41*** 2. 33*** 3061 3061 3061 0. 0333 (2. 225)** ? 0. 0002 (? 0. 410) 0. 0086 (1. 824)*