Classification of Students

Classifications of Students Students are defined as curious humans who would crave to learn mostly about everything that occurs in this world and that will happen. Like normal humans, students also have different attitudes and characteristics which are commonly alike which causes them to be divided into five different groupings, the ‘queen/king bees', the ‘bullies', the ‘universals', the ‘nerds' and the ‘losers'. In order to further know about these groups, they should be defined. To start with†¦The ‘queen/king bees' which consists of talented, smart, beautiful/handsome, rich and popular, but at the same time hardhearted and prejudice prejudice students. Most of them are mean because they feel their intense power to control students who are lower than them. They are mostly praised and are what I call the ‘heartthrobs' they make boys/girls crazy in love with them which causes them to have stalkers. Some of them are dumb and the factors th at may have raised them up are their money or their beauty. They can also be called bullies but they're bullies in a less destructive and social ways.They are mostly seen in special rooms, libraries and common classes but they are always infront. Next, the ‘universals'. They are the friend of all, from queen/king bees to the losers,except the bullies because bullies are real bad to everyone. The persons that are inclusive to the universals are talented, optimistic, smiling, jolly, lively and smart and they are mostly respected as well but they are pure in heart that they never want to be prejudice and they never want to underestimate anyone who are lower than them.They are the kind of students which are well taught in character building and they are the ones who can be true friends despite of the differences. They are mostly seen everywhere Then here comes, the ‘nerds' which are crazy smart and almost know everything out of anything! They are fond with books and computer s. They are mostly silent and weird looking. Almost all of them are bullied, sometimes they become ‘the bully's nerd' which means they are used by bullies in return, they wouldn't be bullied.Their jobs to the bullies are more on paper works because all pure bullies are dumb and the only thing they know is to hurt. They are mostly seen in the library and computer libraries. Speaking of the ‘bullies', they are the ones who are less understood. Most of them hurt others because that maybe what they learned from their houses or experience. They see other people or students as their outlets of their hatred that they can't express to the ones they hated. They are totally dumb and never wants to study.They hurt all students except the queen/king bees and the universals because they fear to hurt the ones who can stand up against them. They are mostly seen in the detention class or summer class. And last but not the least, the ‘losers'. They are dumb, untalented and mostly g et themselves in trouble. They are mostly hopeless about their future. They are ones who are very bullied. Usually, their friends are their co losers or the nerds but their group befriending a nerd is a very unusual tandem. They are mostly seen in detention class with the bullies or in the normal class right at the middle or back.

The Marketing Environment

1. The changing and uncertain marketing environment deeply affects the organization’. Discuss this statement,explaining what is meant by the’marketing environment’ and explaining how it might affect marketing plans and activities with an example. The Marketing Environment The marketing environment refers to all of the internal and external forces that affect a marketer’s ability to create, communicate, deliver and exchange offerings of value. The factors and forces within the marketing environment can be classified as belonging to the internal environment, the micro-environment, and the macro-environment.The internal environment refers to the organization itself and the factors that are directly controllable by the organization. The micro-environment comprises the forces and factors at play inside the industry in which the marketer operates. Micro-environmental factors affect all parties in the industry, including suppliers, distributors, customers and com petitors. The macro-environment comprises the larger-scale forces that influence not only the industry in which the marketer operates, but all industries. Macro-environmental factors include political forces, economic forces, sociocultural forces, technological forces and legal forces.This macro-environmental framework has been called the PESTL framework. Micro-environmental and macro-environmental forces are outside of the organization and, while they can be influenced, they cannot be directly controlled. The internal environment refers to its parts, people and processes. An organization is able to directly control the factors in its internal environment. A thorough understanding of the internal environment ensures that marketers understand the organisation’s strengths and weaknesses, which positively and negatively affect the organisation’s ability to compete in the marketplace.The micro-environment consists of customers, clients, partners, competitors and other part ies that make up the organisation’s industry. The organization cannot directly control its micro-environment and respond to the current and future needs and wants of their target market. They must understand how each of their partners’ processes work and how their partnerships benefit each party. They must also understand the risks involved in working with partners and the relative power balance between the organization and each partner.Suppliers are a particularly crucial partner. Marketers must identify, assess, monitor and manage risks to supplies and risks to the price of supplies. To succeed, marketers must ensure their offerings provide their target market with greater value than their competitors’ offerings. Thus, marketers seek to understand their competitors’ marketing mix, sales volumes, sales trends, market share, staffing, sales per employee and employment trends. Marketers should analyse total budget competition, generic competition, product competition and brand competition.The macro-environment encompasses uncontrollable factors outside of the industry: political, economic, sociocultural, technological and legal forces. Political forces describe the influence of politics on marketing decisions. Economic forces affect how much money people and organizations can spend and how they choose to spend it. Sociocultural forces affect people’s attitudes, beliefs, behaviors, preferences, customs and lifestyles. Technological forces are those arising from the search for a better way to do things.Technology changes the expectations and behaviors of customers and clients as well as how organisations work with their partners and within society. Laws and regulations are closely tied to politics and establish the rules under which organizations must conduct their activities. The most significant laws and regulations for marketers are related to privacy, fair trading, consumer safety, prices, contract terms and intellectual pro perty. Marketing metrics are used to measure current performance and the outcomes of past activities. A SWOT analysis is used to identify strengths, weaknesses, opportunities and threats.The example: Wenzhou Shoes 2004? 9? 17? ,â€Å" † —— ,? 400 , , 800 September 17, 2004, â€Å"European shoes† – the eastern town of Elche, Spain, China Shoes City, about 400 Spaniards gathered unidentified street, destroyed a bus carrying Wenzhou shoe container truck and a Wenzhou shoe warehouse, causing about 800 million yuan of economic losses. This is the first ever Spanish Chinese business interests of serious violations of the violence. , ,? 2001 , ,In fact, data show that since 2001, Wenzhou shoes incident overseas every year by resistance occurred, and there is an upward trend: 2001? 8 2002? 1? , , August 2001 to January 2002, Russia had seized the incident occurred once, Wenzhou shoes involved. , 3 , The longest that the goods seized, the whole Zhejiang loss of about 3 billion yuan loss of individual enterprises million yuan or more. 2003 ,20 , The winter of 2003, more than 20 products of Wenzhou footwear shoe was burned in Rome, Italy, the specific loss is unknown. 004? 1? 8? , â€Å" †, January 8, 2004, the Nigerian Government issued â€Å"list of banned imports,† Wenzhou shoes one of them. 2004? 2? 12? , â€Å" † , 3000 †¦Ã¢â‚¬ ¦February 12, 2004, the Russian Ministry of Internal Affairs sent a large number of police raids in Moscow, â€Å"Aimila† big market goods, Chinese businessmen, including China, Wenzhou shoe manufacturers, including business loss of about $ 30,000,000 this †¦ †¦ , 2001 40%, 30%, 4. 6Relevant data and background information, Wenzhou shoe production for export as early as in 2001, jumped 40%, close to 30% of total output, only from Wenzhou Customs exit of shoes to the value of $ 460,000,000. 10 ,? â€Å" †? â€Å" †? , â€Å" † , Wenzhou top 10 in several shoe factories to produce shoes for export oriented, such as the â€Å"East Art†, â€Å"Tema†, etc. , including â€Å"Tema†, including several of Wenzhou shoe factory, and also Wal-Mart signed production agreement for the global retail industry hegemony of mass production for supermarkets sell cheap shoes. , , , 10 ~30 , 10 From the product level , at present, most of China's export of footwear is still the middle and low variety, low prices, generally 10 dollars to 30 dollars, many even less than 10 dollars. 9 â€Å" † 5 ? Took place in September this year, Spain's â€Å"burning shoes† incident was burned average unit price of the shoes only 5 euros. , ( OEM ) Exports of high-end shoes and own-brand share are very small, and exports more products to OEM manner. ? , , â€Å" † , , , For example, most of the production of footwear sales in the U. S. low-end shoe store, while in the United States, the high-end shoe store also can procure the â€Å"Chinese shoes† of the shadow, but the price was lower than Italy, Spain, Brazil and other countries products, and all Chinese-made shoes are not their own brands, trademarks and brands are using overseas. ,Some of the same grade shoe prices in foreign markets and products to be lower than the country of origin, and some even lower than Vietnam, and Thailand's exports. , ; , , ; , 10 2200? , View from the export enterprises, private enterprises accounted for most; see from the export area, mainly in Wenzhou, Zhejiang, Fujian Jinjiang, Quanzhou, Guangdong, Shandong, Sichuan and other regions, and has established a number of shoe manufacturing base; from the export scale , the current export value of 10 million U.S. dollars more than 2,200 enterprises, accounting for nearly half of the total number of export enterprises. â€Å" † , â€Å" † , â€Å" †? â€Å" , , † â€Å"The Spanish case, we need to think about the brand. We do not have world-renowned brand, which is the international competition of Chinese shoes in the greatest difficulty. † Executive vice president of Cornell, said Zhou Jinmiao interview.Members of Light Industry Import and Export Corporation Wenzhou Foreign Trade Wai seems to know China better than anyone in the international market brand shoes difficult. â€Å" BATA , , 100 , † â€Å"Well-known supermarket chains in Europe BATA , there are a lot of shoes from around the world, but I never found more than 100 euros over Chinese shoes. Chinese shoe brands in the world, not only to low-end shoes to compete. Spain burning low-end shoes is the result of competition. 2. Describe in detail the five marketing management orientation. Discuss the marketer’s argument for why an organization should embrace the market orientation. Marketing Management Orientation The Marketing Orientation and the Marketing Concept. An organization with a market orientation focuses its eff orts on 1)continuously collecting information about customers' needs and competitors' capabilities, 2) sharing this information across departments, and 3) using the information to create customer value.The market orientation simply defines an organization that understands the importance of customer needs, makes an effort to provide products of high value to its customers, and markets its products and services in a coordinated holistic program across all departments. In what we call the â€Å"Marketing Concept,† the company embraces a philosophy that the â€Å"Customer is King. † The Marketing Concept is an attitude. It's a philosophy that is driven down throughout the organization from the very top of the management structure. The Marketing Concept communicates that â€Å"the customer is king. Everything that the company does focuses on the customer. Via the Marketing Concept, a company makes every effort to best understand the wants and needs of its target market and to create want-satisfying goods that best fulfill the needs of that target market and to do this better than the competition. It wasn't always that way. There were other orientations that companies embraced over the years. The Production Concept has been around for years. That concept simply suggests that customers prefer inexpensive products that are readily available. In effect, â€Å"if we make it, they will come. The Product Concept suggests that companies that build the â€Å"better mousetrap† will gain favor. The thinking here is that customers want products that have higher quality, that offer better performance or do something unique. The Selling Concept proceeded the Marketing Concept. From the 1920's until the 1950's, most firms had a sales orientation. Competition had grown, and there was a need to pursue the scarce customer. Sales could mean everything from sales people to advertising to public relations, but little effort was made to coordinate any overall mark eting function.What we often saw in the Selling Concept was the â€Å"hard sell† and the belief that consumers wouldn't purchase unless they were sold. The Holistic Marketing Concept that is embraced in the 21st century results in companies looking at their overall marketing efforts. This includes how their marketing affects society, as a whole. Marketing is also done internally within the company. Without customers, a company will quickly flounder — thus the importance of the relationship. Holistic marketing looks at the connectivity of the company, its people, its customers, and the society in which it operates.The Societal Marketing Concept focuses on. Market positioning in the 70s of last century by the American Marketing experts Iris and Jack Trout's, its meaning is an enterprise based on existing products on the market competitors, the location of the products for a customer These characteristics or attributes of the emphasis, create unique products for the enter prise, giving the impression of a distinctive image, and to pass such a vivid image to the customer, so that the products in the market to determine the appropriate location. Market positioning of a product itself is not what you do, but you do the eyes of potential consumers.The essence of market orientation to the enterprise and other enterprises strictly separated, so that customers clearly feel and recognize the difference, which the customer occupies a special place in mind. Another argument is the product positioning, target market positioning, competitive positioning. Market positioning is the key enterprises should try to find their products more competitive than the competition's features. Competitive advantage is generally two basic types: one is price competitive, that is, under the same conditions set lower prices than the competition. This requires companies to take all efforts to reduce unit costs.Second, competitive preference, which can provide certain features to me et customer specific preferences. This requires companies to take every effort to work on the product features. Therefore, the whole process of the enterprise market positioning can be accomplished through three steps: 1) Analysis of the status of the target market to confirm the potential of this business a competitive advantage 2) The exact choice of competitive advantage, the initial positioning of the target market Competitive advantage that the ability of companies to outperform its competitors.This capability can be either existing, may also be potential. Select a competitive advantage is actually a business and competitor strength compared to all aspects of the process. Indicators should be a relatively complete system, the only way to accurately select the relative competitive advantage. The usual method is to analyze, compare companies and competitors in business management, technology development, procurement, production, marketing, finance, and what kinds of products is t he strength of seven areas, which are weak.To select the most suitable for the business advantages of the project, initially set to target enterprise market position. 3) Shows a distinct competitive advantage and re-positioning The main task of this step is the enterprise through a series of publicity and promotion activities, the competitive advantage of its unique and accurate communication to potential customers and impress in the minds of customers. To this end, companies should first understand the target customer, know, know, identity, love and preference of the company's market position, established in the minds of customers is consistent with the positioning of the image.Second, companies target customers through a variety of efforts to strengthen the image and maintain understanding of target customers, target customers attitude stability and deepening the feelings of the target customers to consolidate in line with the market's image. Finally, enterprises should pay attent ion to the target customers understand their market position or because of deviations propaganda enterprise market positioning errors caused by target customers fuzzy, chaos and misunderstanding, and promptly correct the inconsistencies in the image and market positioning.Company's products in the market positioning even if it is appropriate, but in the following circumstances, should consider re-positioning: (1) Introduction of new competitors, product positioning in the vicinity of the enterprise products, enterprise products occupied part of the market, so that the decline in market share of enterprise products. 2) Consumer needs or preferences change, so that the enterprise product sales plummeted. To avoid the strong positioning strategy: trying to avoid is the most powerful business or other enterprise directly place a strong competition, while positioning their products in another market area, to make their products with certain characteristics or attributes the strongest or strong opponents are more significant differences.Head-positioning strategy: is an enterprise based on its own strength, to occupy a better market position, at the market on the dominant, most powerful or compete head-strong competitors, leaving their own and rival products into the the same market position. Looking for new but not yet occupied the position of the potential market demand to fill vacancies on the market, production market, not, with some characteristics of products. Such as Japan's Sony Corporation Sony Walkman and a number of new

Performance Management Questions Essay

Answer only two (2) of the following essay questions (up to 5 points each). Direct, succinct answers are expected. Key words, not the amount of verbiage, count the most. Bullet statements are OK. You will be graded on content. Use knowledge from text, handouts, articles or lecture. Do not answer more than 2 essays. Cite main source of material – but no References page required. 1. Explain the Performance Management system, its main purpose and key components 2. Explain the three areas of a needs assessment – as it used to decide if training is the proper approach to an issue, problem – or new program – and what type of training is best. The three areas of training needs assessment are as follows: Occupational assessment(examines skills, abilities and knowledge that is needed to execute success in occupational groups) organizational assessment(determines level of organization within a specific division of a company), and individual assessment(determines whether the level of expertise of a single person are up to par for the job title they hold.) 3. In your opinion, and use of our text – what is HRM’s role as a strategic partner in an organization? Include several duties and decisions HRM would make in strategy.(NOT about HRM functions) Provide one example. 4. In your opinion – what is the most important Employment law passed – and why? I believe the most important employment law is the equal pay act of 1963. This law ensures that pay is equal between two employees regardless of gender, race or any other physical attribute not pertaining to the job. I believe this law to be the most important not only in the field of employment but also for civil rights.As it let the American people know that they were equally compensated in the work place and that no one is beneath another.

Lab report Essay Example | Topics and Well Written Essays - 1500 words

Lab report - Essay Example 2010). It has the ability to detect the shortest route to its food supply (Fenska 2010). It has been studied for cytoplasmic streaming through a network of channels that are driven by pressure gradients where external influences can superimpose slow movement on the whole organism (Kincaid and Mansour 1978; Durham and Ridgway 1976). Studies showed that peristalsis-like waves in Physarum, where it moves like a giant amoeba flowing over that surface as it ingests a matter, move in the direction opposite from the net movement of the organism which is a typical mechanism of chemotaxis (Genome: Physarum polycephalum 2013; Durham and Ridgway 1976). Physarum and other acellular slime molds are made up of syncytial protoplasm mass called plasmodium that lack cell walls in their main vegetative state albeit they can take several microscopic and macroscopic forms. It is the plasmodium that enables Physarum to conduct its peristaltic movement during feeding and to engage its membrane potential u sing physicochemical mechanism (Genome: Physarum polycephalum 2013, Hato 1979). The objective of this experiment is to investigate on the â€Å"food preferences† or chemotaxis behaviour of the species Physarum polycephalum. ... Plate A had corn meal agar representing low nutrient levels. Plate B only had water agar representing no nutrient levels. 2. A plug of the slime mould, Physarum polycehalum, was extracted and inoculated in Plates A and B. 3. In Plate A, the area was divided equally into four parts. Two types of fruits and two types of sweets were placed on each of the areas. The plate was left for one day. Data were collected on the second day. 4. In Plate B, the area was divided equally into two parts. The first part was placed with two types of fruits and the second part was placed with two types of sweets. The plate was left for one day. Data were collected on the second day. 5. On the second day, Plates A and B were observed for the growth of Physarum polycehalum within the fruits and sweets placed on the plates. Areas where no growth was observed were also noted. 6. Results of Plates A and B for the whole class were collected. This represented 30 replicates of Plate A (n=30) and 30 replicates of Plate B (n=30). 7. Both the individual and accumulated results were considered for the reporting of this experiment. However, to achieve comprehensiveness of observation of the multicellular properties of Physarum polycehalum, the accumulated results were used for analysis. Growth in different combinations was presented using a bar graph. Results The following results were gathered based on three combinations of substances placed on the agar plates. These combinations included Combination 1 (chocolate and apple), Combination 2 (apple and sugar coated sweet) and Combination 3 (chocolate and sugar coated sweet). Figure 1. Plot of the Number of Growth Observed on Different Types of Combination of Substances Figure 1depicts the specific responses of the slime mould

Religion class Essay Example | Topics and Well Written Essays - 500 words - 1

Religion class - Essay Example It has strengthened my belief in a superior power and made me a positive thinker at even the oddest hour. I abstain from bad habits, such as illegal relationship, liquor, fights, backbiting, conspiring just because Islam taught me so. I am interested in getting myself educated and travelled to America because my religion asked every one including women, children, and men to get educated even if we have to travel for longer periods. I offer prayer five times a day in any mosque with other Muslims and Imam. If there is no mosque nearby, I offer it alone on a clean surface. Every year, in the month of Ramadan, I observe fast for a month which is followed by Eid-ul-fitar. It is followed by another religious practice called sacrifice of animals on Eid-ul-adha; I practice this tradition with my family. My family gives alms to poor; it is a certain amount on our money which is given as charity. I have also performed Hajj and Umrah. My religious preference is Islam despite all the rage about Muslims and Islam in western world. It is the same religious tradition in which I am raised. However, it has little to do with my birth in a Muslim family. Muslim culture and tradition in not only Saudi society but in other world regions has immensely inspired me to stick with it. I am determined to practice religion Islam in future because of my faith in its universality, diversity, humility, logic, and compliance with the modern and scientific world in a balanced way. On an honest note, I am not fully learned about Islam. I want to explore it in depth because it inspires me at every point I come across. Muhammad (PBUH) is the Prophet of God and he is the most ideal human being I have ever known. I am inspired by the way he spent his life, be it his love with human, relationship with enemies, everyday life or war time. Knowing my religious background and its acceptance as preferred religion in future

Project2 Essay Example | Topics and Well Written Essays - 1250 words

Project2 - Essay Example An FMCG company requires heavy capital investment because from product development to marketing and advertising, capital is necessary in every sector. Moreover, FMCG companies are no more limited to a particular geographic location; instead they are pursuing overseas ventures. Therefore, threat of new entrant at international market is relatively limited. P&G is one of the reputed FMCG companies and its brand, Head & Shoulders is well-recognized in the hair care industry. Consequently, it can be suggested that threat of new entrant is limited for the company and the product (Reuters, 2013). FMCG industry is one of those industries that are heavily vulnerable to substitution, as local as well as a number of international brands are taking entry in the industry on a regular basis. However, studies suggest that P&G is a global leader in the hair care segment and have more than 20 percent of market share thereof from Pantene and Head &Shoulders (Reuters, 2013). The company has invested significantly in marketing and brand building of Head & Shoulders. The outcome is that the brand image is spreading from that of a medicated shampoo to a mass consumer product. Head & Shoulders is often marketed using celebrity endorsement which has significant positive impact on consumer buying behavior. Therefore, it can be suggested that threat of substitute is relatively less for the product (Reuters, 2013). Purchasing behavior of consumers has significant impact on revenue of FMCG companies. However, consumer buying pattern is strongly influenced by number of competitors or substitute products and their prices within the industry. It was ascertained that consumers have relatively strong bargaining power as the choices in hair care products in large and are mostly from well-known brands such as Unilever, L’Oreal, Colgate-Palmolive and Johnson & Johnson. These companies are

Variable Selection Essay Example | Topics and Well Written Essays - 250 words

Variable Selection - Essay Example They prefer when the stepwise selection method is used in the algorithm of data analysis programs such as SAS and SPSS. Based on my personal experience I think the author is correct, forward and backward selection produces better results in varied conditions as opposed to stepwise selection. A good selection technique that I have in mind will involve the use of estimation of empirical samples through the use of repeated sampling of data samples. This algorithm allows for the approximation of the distributed test statistics will be usable in small scale data where the large scale results may not hold. This algorithm is efficient because it helps solve the mistake of automated variable selection methods. There are other designed algorithms that are employed under various situations. One that is interesting is the Naà ¯ve Bayes which is based on the Bayes theorem. I think it is not an efficient algorithm because it generalizes samples which easily occurs to errors in analysis of the data

Effect of Sustainability on Development Essay Example | Topics and Well Written Essays - 3250 words

Effect of Sustainability on Development - Essay Example Sustainability is important and especially with a focus on global warming and environmental degradation, property developers and contractors have emphasized on construction and building projects that would be beneficial to the environment. Sustainability highlights these benefits and purchasers, developers and occupiers or builders and even buyers want a sustainable environment so that they could be part of a healthy and beneficial environment. Saving energy and utilizing renewable energy are some of the elements of sustainability as sustainability is about renewal rather than depletion and using natural energy resources in a manner that would environmentally advantageous for the future. A study on environmental energy resources and sustainable developments examined the extent to which energy efficiency is incorporated in refurbishment and capital expenditure of office buildings and also suggested a cost benefit analysis. The three aspects of construction technology, building refurbishment and property management are integrated along with sustainability goals. The levels of capital expenditure vary to ensure that buildings are more energy efficient. The emphasis has been on cost of implementation and with increased energy efficiency there may even be a demand for high rents. Studies have suggested that office building construction phases contribute significantly to global warming although during the entire lifecycle of a building, CO2 omissions are a major problem. Innovative approaches and energy related changes and efficiency considerations are more applicable in case of new buildings as with various building designs and constructions techniques, new environmental considerations for construction have also evolved. All this caters to the idea of sustainability although the number of new buildings constructed each year is small in proportion to the buildings which already exist. However capital expenditure on a building enhances the sustainability factor proving that sustainability and energy considerations comes with a price although have long term environmental benefits. The increased importance given to sustainability and energy efficiency have affected decision making by developers and also have started determining market price and it is essential that we understand the link between the environment and built structure and environments and try to harmonize the two. The moot point remains that purchasers and developers are affected and influenced by sustainability factors and energy efficiency considerations is not just a buzz phrase in the construction business but also suggests acceptability of projects and developers by buyers who tend to appreciate building and construction projects that have sustainability as a basis of property development. The foundations of sustainability

Early Equity Feminists Essay Example | Topics and Well Written Essays - 1000 words

Early Equity Feminists - Essay Example Wollstonecraft thinks that the women’s passive acceptance of these roles and of an unequal education undercuts their status as independent â€Å"moral† agents, who can exercise their free will responsibly. Thus, she makes a case for the education of women (Wollstonecraft, 2007). Chopin also asserts that either a man or a woman can subject another to his/her â€Å"will†Ã¢â‚¬ ¦..that blind persistence with which men and women believe they have a right to impose a private will upon a fellow creature.†In other words, the tendency toward domination is a human tendency, not one restricted to either gender (Chopin, 2011). Still, in the story’s 19th century setting, men are clearly dominant. Louise Mallards situation illustrates several of the grievances of Stanton’s declaration of sentiments (Mansfield, 2007). In her book’ A Vindication of the rights of woman’ by Wollstonecraft, the author suggests that women should be given an equal ri ght to access education as her male counterparts . She argues that the acquiring of true liberty by the women enables equality between the different sexes by claiming that reason or intellect is more superior to their emotions, passions. In this book she greatly persuades the women to get into the act of acquiring strength of the body and mind. She greatly advocates that education is the key for achieving self respect along with new self images which will enable them to live to the fullest of their abilities in life. The author Wollstonecraft left a legacy as one of the founding authors of feminist works who greatly advocated for the women rights. She is also remembered for establishing the relationship between reasons and passion, various educational ideas concerning women, their sexuality along with the relevance of her work to the contemporary struggles carried out for women’s rights (Wollstonecraft, 2007). In Chopin’s the story of an hour, the author tells the stor y of a woman who suffers from a heart problem and has to be informed in a cautious manner of her husband’s death (Chopin, 2011). The woman in the story feels that she is finally going to enjoy all the freedoms she had previously been denied with the death of her husband. The author states that the woman succumbs to her heart problems following the discovery that her husband had not actually died when he enters their house. The story described by the author represents some of her experiences during childhood and she actually tries to represent the way that life should be lived (Chopin, 2011). Stanton on the other hand was a great leader in championing for women rights in the united states of America and was responsible for leading calls for the Seneca Falls conference where some declarations were made in the year 1848 (Stanton, 2004). She reportedly engages in the fight for women rights as a young child and as an adult she presented women’s grievances at the conference held at Seneca for which eleven solutions were achieved. She mainly presented the argument that the omen had a right to being treated equally in all aspects concerning their lives. It was the move initiated by Stanton that first made the issues affecting the women that led to them becoming a focus in the struggle for their rights (Stanton, 2004). Shalit, author of the book titled â€Å"Modesty revisited† talks about the generation gaps that existed between the older and newer generations due

How EU policy affects the European Automotive Industry Essay

How EU policy affects the European Automotive Industry - Essay Example However, during the last five years, there has been a slowdown in economic output across the EU, and, while the forecasts are positive, modest growth of 2.0%-2.3% is expected in 2004. Weak growth has led to reduced consumer and business confidence. Industrial production has decreased, including the production of durable consumer goods. Levels of private consumption have fluctuated during early 2003, following modest growth in the previous two years. This is partly due to poor labor market conditions, with EU unemployment rising during 2003. Economic indicators are weak in some major EU economies such as Germany, France, Italy and Spain. Only the United Kingdom (UK) has managed to resist these trends (Trends and drivers). This has greatly affected the car industry, given the car's status as the ultimate consumer and fashion item, as well as the importance of engineering and design in the manufacturing process. Average profit margins have declined from around 10% in the 1960s to less t han 5% today, and some volume car makers are actually losing money (EMCC dossier). Despite increasing competition worldwide, European automotive has maintained a strong position in exports and global sales. The strong bond between Europe's vehicle manufacturers and the sophisticated customer base in the largest car market in the world constitutes a prominent competitive advantage, while the notable presence of European producers in emerging markets, such as China and the Russian Federation, offers a potential for future growth and profits (info-crono-archivio). Furthermore, EU enlargement created new opportunities for the European automotive industry. The combination of expertise, affordable labor and the proximity to the large European markets has led to the emergence of a very dynamic cluster in the new Member States - especially Poland, the Czech Republic, the Slovak Republic and Hungary (info-crono-archivio).Despite these advantages, many challenges remain: the EU automotive industry lags behind the US and Japan in terms of productivity. Labor productivity in the EU-15 is 25 per cent lower than in the US and 30 per cent lower than in Japan; labor costs per hour worked in the EU-15 are comparable to those in the US, but more than ten per cent above those in Japan and almost three times as high as in Korea (data for 2001, converted using purchasing power parities). Annual working time in the automotive industry in EU-15 is more than 20 per cent shorter than in the US (in 2001); there are major technological challenges ahead, most prominently the fuel cell (info-crono-archivio). Influences of EU policies European legislation is one of the main drivers of the European automotive industry. Emissions and recycling legislation have a strong impact both on vehicle technologies and construction (Trends and drivers). EC, industry and consumer concerns for environmental sustainability, road safety and mobility have led to a number of significant technological developments. These have both positive and negative effects on profitability. For example, a limited number of specialist high technology suppliers might prosper while vehicle makers see their already narrow profit margins cut even further. Such a development would make vehicle makers vulnerable to further consolidation and restrict

Cyclic Scheduling Essay Example | Topics and Well Written Essays - 5000 words

Cyclic Scheduling - Essay Example ic scheduling in flexible manufacturing systems is something that has to be well understood by all those involved with production management and researchers have tried to develop a variety of heuristics and algorithms for solving cyclic scheduling problems in flexible manufacturing systems. Cyclic scheduling problems are often complex and require computational optimization techniques for their solution and automated systems with scheduling engines help production managers to find optimal scheduling solutions in real-time. This research paper presents a brief discussion about cyclic scheduling in flexible manufacturing. I hereby certify that, except where cited in the text, this work is the result of the research carried out by the author of this study. The main content of the study which has been presented contains work that has not previously been reported anywhere. Scheduling refers to the concept of allocating available resources over time to effectively plan for the execution of production orders in a manufacturing facility with its available processing machines and manufacturing systems (Lankford, Chapter 9.8). Depending on the demand for that which is being manufactured, a master production schedule will be made available and scheduling meets the requirements for production that are stated in the master production schedule. Thus, if automobiles or cellular phones are being manufactured in a facility, then the daily, monthly or weekly production output for the previously mentioned outputs will be mentioned in the master production schedule, as determined by the market or supplier commitments. However, the employed manpower, processing machine or production line capacity and material for production must be adequate for the required levels of production and this means that scheduling is about optimally assigning available resources to meet pr oduction targets. Thus, scheduling is more complex than the mere execution of jobs for production and depending on the

Roles, Responsibilities and Relationships in Lifelong Learning Essay Example for Free

Roles, Responsibilities and Relationships in Lifelong Learning Essay I am a Registered Mental Health Nurse working for a private company and was given the opportunity to work as an in-house trainer when the regional trainer left the company last year. It was my responsibility as the trainer to ensure all staff was brought up to date with Mandatory training such as Health Safety, Moving Handling, Data Protection, and Safeguarding Vulnerable Adults Children to name a few sessions. So the question had to be asked: What is the role and responsibility of the teacher in the lifelong learning sector? To find this out I would need to do some research to find the evidence as well as go to college to gain the relevant qualification to support my role as a teacher. Gravells, A (2012) believes, it is not just about the teaching but also about the learning that takes place; and that it is not just the students who will be learning but also the teacher. The sessions will have to be specific, at a language and stage the students can understand as well as assessing them as we go along to ensure learning has been achieved and at what level before we can move onto further sessions. Not only that, there will have to be feedback for the students as well as the teacher to assess if anything needs to be done to improve future sessions, as teachers can also learn from constructive criticism; this was something I had not thought about and will have to cope with as not everyone is perfect; Walker, G (10. 6. 2013) goes on to say that having critical feedback can promote good constructive growth in both relationships and the individual. It was at this point I decided to go to college and gain the relevant qualification that would help me gain insight and knowledge to ensure I was doing the teaching sessions correctly. The Institute for Learning (2008) is an independent professional body for tutors, trainers, teacher’s student teachers in the further education and skills sector who support excellence in professional teachers and trainers practice for learners in worked based learning so this was a good place to start for me to gain knowledge on behaviours expected of my students so that the company I work for, my students and myself and most of all the wider community would benefit. As part of my Professional Nursing Body NMC Code of Conduct (2008) my first concern would be to treat all individuals with respect and dignity, this also ties in with the Institute for Learning, who have similar codes of professional conduct. I would have to be professional in my role, although I know this is going to be a challenge as some of the people I will be teaching are my friends and I know that boundaries can be challenging at the best of times. As a teacher I will have professional boundaries to which I need to work within; it is all too easy to get involved with the personal lives especially as I will know my students on personal and professional levels; I will need to stick to the planned sessions and if I need to speak to anyone about their personal lives I will refer them onto their clinical supervisors. But I am sure I will remain professional and show respect to them, then the same will be reciprocated. I will uphold the reputation of the company, my nursing profession and that of the teaching role to ensure no damage is done. I will take reasonable care to ensure all members of staff who attend training will remain safe and I will protect and promote their health and well-being and help them develop knowledge at their level of learning. It was my role as a trainer to ensure people were first of all motivated to come to the training in the first place and once they were there I had to gain their interest by involving and engaging them in the sessions I was going to teach. I would need to identify their needs as each member of staff have done different learning schedules and some were more up to date on their mandatory training than others. I would then be able to assess, evaluate and mentor them throughout the days of training. According to Rogers (2001, p. 15) if you are not motivated you cannot and will not learn. She goes on to say, as a tutor, it is my role to keep them motivated by keeping the current flowing; to do this I need to research the information I will be teaching and ensure the students I will be teaching will understand the subject. Although this is a mandatory requirement of the company and policies and procedures had to be followed and are available both in the staff office and on the intranet of Lighthouse Healthcare for all to read and gain insight in what the company would expect from us as employees. As the trainer I would have a list of all the staff members personal details, under The Data Protection Act (1998 amended 2003) I would ensure all details are kept secure, relevant, used in accordance with the individual’s rights and kept no longer than necessary; if a member of staff leaves then all records will be archived until such a time it can be shredded. It would be my responsibility to identify the needs of each member of the group; if there was someone who was disabled or used a wheelchair, or they may be pregnant and could not do some of the techniques taught in some of the sessions such as moving and handling. If so then it was my responsibility under the Equality Act (2010) to ensure I have researched my attendees and provided them with the facilities and sessions appropriate to their needs. The Health safety at Work Act (1974) states staff should have a safe working environment, it is the duty of every employer to ensure, as far as is reasonably practicable, all employees have their welfare, health and safety at the workplace. At this point one member of staff did approach me and stated they found it really hard to work more than 2 days in a row due to their depression, as the training was going to be for 3 days I suggested we did their 3rd day on another set of training days I had planned for the next month. This made the member of staff happy and we as employers showed we had fulfilled their needs under The Equality Act and the member of staff had not been discriminated due to their illness. I would need to book the appropriate room, ensuring the room is the right temperature and appropriate to the group’s needs. Maslow (1954) believed you must satisfy the lower levels of basic needs before you can progress to the higher levels; therefore, if his theory was to work, if all my students had their basic needs like food and warmth they should progress up the pyramid and achieve fulfilment and learning. Maslow (1954) ‘The earliest and most widespread version of Maslows (1954) hierarchy of needs includes five motivational needs, often depicted as hierachical levels within a pyramid. ’ As well as having the appropriate resources available, with a backup plan should there be any issues. I would need to plan the daily sessions according to the needs of the company training schedule which would need to reflect on the Health Inspectorate Wales (HIW) (2013) regulations and what they deem as necessary for mandatory training. These sessions would be spread over a course of 3 days so that it is not rushed and the needs of the students are thought of; they would need regular breaks to take away any boredom, as mandatory training is not the most exciting of subjects to teach or indeed learn but they are a company requirement that need to be completed yearly in accordance with HIW recommendations. It would also be my responsibility to provide hand outs, that are relevant and researched, at he beginning of the session with pens in case anyone wanted to take notes during the session; then at the end I would hand out evaluation forms to gain feedback on my teaching sessions; what have I learned from this, what went good and what could be improved on. This would then improve the quality of my work ready for future training sessions. Pennington (2008) explains that: According to Thorndike’s (1911) Law of effect, if the effect is rewarding for the organism, then the behaviour will tend to be reproduced again in the future. If the effect is punishing, the behaviour is not likely to be reproduced in the future. Therefore, I would need to ensure my sessions were interesting for people to learn so they would want to return back to my sessions over the next few days and for any future sessions I will have planned. If they have enjoyed the first sessions chances are they will enjoy the next ones. First of all I would explain the Health and Safety aspects of the room, what to do should the fire alarms sound and show them where the nearest fire exits were. Then to start the session I would do an ice breaker session as this would help people to relax and relieve any anxieties they may have, it will hopefully break down barriers, give people belonging to the group and help people remember names. It will promote team work and encourage people to share their interests and common grounds and it will give me some idea of how each person reacts and interacts in a group ready for the sessions I will be teaching. There are many books devoted just for ice breakers sessions but it all depends on what your needs are and who you will be working with but their main aim is to give ideas of how to get your students to work as a group and feel they are fully present; if you are not fully present in a group then you cannot learn. Rogers, J. 2001) I would need to stick to the schedule and not digress as this could delay the day and sessions may get rushed near to the end and important information may not be taken in; therefore the learning needs may not be met which could have a knock on effect putting theory to practice in the workplace. Whilst presenting I would have had to gain the knowledge to present it with confidence. According to Blooms Revised taxonomy Anderson, L. Et al. (2000), I would have to be creative, evaluate, analyse, apply, understand and remember my information teaching for it to work. Therefore, to be creative, I will need to bring in new ideas and a different way of viewing things should help with my planning. I will be able to evaluate and analyse through observation by doing an evaluation form for the students to complete when their training is finished. I will apply theory to practise with the knowledge I have gained and where I found the sources so the students can gain further knowledge themselves by reading and looking at the relevant websites. I will finally put my information on paper and powerpoint to ensure I have prompts to remind me and the handouts would reflect the knowledge with an area for the students to take notes to help them remember the information I have taught. The final part of the day would be the quiz I had prepared to see if they had taken in any of the knowledge I had taught over the previous days. My week would not end when the students left the room for the final day of training; I would then have to assess whether they have met the criteria of a pass or whether they would need to be referred back for further training. This is defined by scoring over 40/50 on the knowledge quiz, which was previously discussed at an executive meeting with the regional training officers at head office. I would also need to add the people who attended training onto the database of attendance to ensure they receive their certificates of attendance, it is also evidence they have attended mandatory training and it would allow them onto the unit to continue with safe practice after gaining knowledge through mandatory training and following the companies Policies and Procedures.

Factors Influencing Calprotectin Levels

Factors Influencing Calprotectin Levels Several factors have been reported to affect faecal calprotectin levels. Some of these factors have been investigated in this study through the survey. Referring to Figure 3.1, 34% participant are aged between 50-59 years. From this study, a correlation between age and calprotectin level is positive, meaning that, as age of participant increases, calprotectin level increases (p Socioeconomic status is another factor which is thought to impact on calprotectin level. Figure 3.2 shows that 48.86% participants were from medium socioeconomic status. From Table 3.7, the correlation between socioeconomic status and calprotectin level was statistically significant (p The health status of participants was divided in 3 subcategories: healthy, unhealthy, and quite healthy. From Figure 3.3, 66% participants stated that they are healthy while 20% were unhealthy. Referring to Table 3.8, no positive correlation exists between health status and calprotectin level (p>0.05). This implies that health status of the individual does not affect calprotectin level. 47 % participants judged that they were moderately stressed (Figure 3.6). Stress has long been implicated in the pathogenesis of several GI conditions. Stress profile is known to contribute to GI inflammation. From this study, a statistically significant correlation does not exist between calprotectin and stress level (p>0.05) (Table 3.10). This demonstrates that as stress level rises; calprotectin does not increase accordingly, implying that according to the test, GI inflammation is not observed accordingly. This is refuted by findings of another study, reporting that stress is a potent modulator of the inflammatory response in the gut [104]. Among other lifestyle factors which can affect calprotectin level and thus GI inflammation is undoubtedly alcohol consumption. Excessive alcohol consumption often results in intestinal damage, mediated by inflammatory processes [105]. Figure 3.7 shows that only 4.55% participants consumed alcohol regularly. Statistical analysis demonstrates no correlation between alcohol consumption and calprotectin level (p> 0.05; Table 3.11). Another study also reported that faecal calprotectin level in active-drinking alcoholics are not significantly different, compared with controls. These results may suggest the absence of a subclinical intestinal inflammation involving neutrophils in the alcoholics [105]. Cigarette smoking is another factor likely to cause GI inflammation and thus, affecting calprotectin level. With reference to Figure 3.8, 20.45% participants smoke. Table 3.12 shows that the correlation coefficient is 0.073, however, it is not significant (p>0.05). There is no linear relationship between smoking and calprotectin level. However, literature suggests that smoking modifies pro/anti-inflammatory cytokines, which can contribute to inflammation [78]. Cigarette smoke and nicotine can aggravate colon and stomach inflammation [79]. However, this study concludes that no correlation exists between cigarette smoking and calprotectin level. Genetic influences can also alter the probability of suffering from GI inflammation. The study reveals that 40.91% participants (Figure 3.9) have family history of GI inflammation. Using the Mann Whitney test, a statistically significant correlation is seen between calprotectin level and family history of GI inflammation (p Literature suggests that GI surgery may have a protective or detrimental effect on GI inflammation. From Figure 3.11, 12.50% participants had undergone different types of GI surgery. The R2 value for GI surgery and calprotectin level is 0.037 (Table 3.16), implying that no linear relationship exists between calprotectin level and GI surgery. There is only 3.7% chance of having a linear relationship between calprotectin concentration and GI surgery. With reference to Table 3.15, it can be depicted that the correlation between calprotectin concentration and GI surgery is not statistically significant (p>0.05). Consumption of different types of food may have different types of outcome on the GIT. Some food can have a protective role on the GIT while others have detrimental effects. Table 3.2 shows that 62.5% participants consume fruits vegetables daily while 50% consume meat dairy products every day. A correlation between consumption of fruit vegetables and calprotectin level is statistically significant (R=0.236, p Referring to Figure 3.12, it can be seen that 65.91% participants took antibiotics in the last 6 months while 34.09% did not. The Mann Whitney test suggests that there is no correlation between antibiotic intake and calprotectin level (p>0.05) (Table 3.18). 4.2 Central obesity and GI inflammation One aim of this study is to determine whether centrally obese males are more susceptible to GI inflammation or not. 44 participants (50%) were centrally obese while 44 (50%) had a normal waistline (Figure 3.4). The BMI of participants was also assessed. From Figure 3.5, it can be concluded that 56.82% participants had normal BMI (18.5-24.9 kg/m2), 36.36% were overweight (25.0à ¢Ã¢â‚¬ °Ã‚ ¤BMIà ¢Ã¢â‚¬ °Ã‚ ¤29.9) and 6.82% participants were obese (BMIà ¢Ã¢â‚¬ °Ã‚ ¥30.0). It should be noted that an individual with central obesity does not necessarily mean that he is obese. Centrally obese participants can have normal BMI as well. Using the Spearmans correlation, a statistically significant correlation between central obesity and calprotectin level was not found (p> 0.05) (Table 3.9). Moreover, there is no statistically significant correlation between BMI and GI inflammation (Table 3.9). Calprotectin is described as a novel marker of obesity [106]. Literature suggests that central obesity correlates more strongly with disease states compared with total body fat [7]. Another study reported that faecal calprotectin level is normally elevated in individuals with increased BMI [107]. In addition, obesity-relaed systemic changes can create conditions predisposing to gut inflammation [108]. One study reported that though patients have high faecal calprotectin level, which is characteristic of GI inflammation, they may not necessarily have associated symptoms [7]. This provides evidence that there can be increased inflammatory activity in normal subjects associated with obesity. 4.3 Drug use and GI inflammation The main objective of this study is to investigate drug use and GI inflammation. Referring to Table 3.21, a statistically significant correlation was not noted between drug use and calprotectin level (p>0.05). It should be noted that in this study, none of the participants had calprotectin levels higher than 620 pg/ mL, which is the cut off point for this ELISA kit. This implies that no participant suffered from GI inflammation. With reference to Table 3.5, the maximum calprotectin level recorded is 300pg/mL. The mean calprotectin level is 97.3 pg/mL. Referring to Table 3.4, 10.2% participants consume hypoglycaemic drugs while 9.1% use both hypoglycaemic and antihypertensive drugs. Yet, no correlation was found between drug use and GI inflammation (Table 3.21). With reference to Figure 3.19, 39.77% participants use drugs daily. However, no statistically significant correlation was noted between duration of therapy and calprotectin level (p > 0.05) (Table 3.22). This suggests that duration of drug therapy does not influence calprotectin level and hence GI inflammation. Other factors such as frequency of therapy with a given drug or whether the drug is brand or generic also do not affect calprotectin levels (Table 3.22). One study reported that low-dose aspirin treatment does not increase faecal calprotectin levels, although the use of NSAIDs might cause a rise in calprotectin concentrations due to NSAID-induced enteropathy in patients without IBD [39]. This study shows that aspirin does not increase calprotectin level; however, it also demonstrates that NSAIDs do not increase calprotectin level as no participant taking NSAIDs had calprotectin level above the cut off value. 4.4 Signs and symptoms of GI inflammation and calprotectin level With reference to Figure 3.13, 37.50% of the participants stated that they have suffered from GI inflammation in the past. Among those who have suffered from inflammation in the past, 17.05% suffered from gastritis while 11.36% suffered from inflammation of the intestine (Figure 3.14). Some participants have recently suffered from signs and symptoms of GI inflammation such as abdominal pain. Referring to Table 3.3, it can be seen that 27.3% participants suffered from no signs and symptoms of GI inflammation. Another 27.3% stated that they suffered from diarrhoea, abdominal pain and flatulence recently. These are clinical symptoms of GI inflammation. However, despite this fact, no statistically significant correlation was noted between signs symptoms of GI inflammation and calprotectin level (p>0.05) (Table 3.20). Despite this fact that participants clinically suffered from signs and symptoms of GI inflammation, no calprotectin level above the cut-off point of 620 g/mL (Table 3.5) was detected. Although clinical signs symptoms of GI inflammation were present, the calprotectin level might not have risen to a concentration high enough to be detected by the ELISA kit. This may account for calprotectin levels below the cut-off value. In addition, among those suffering from signs and symptoms of GI inflammation, 29.55% of them ultimately took drugs to alleviate these symptoms (Figure 3.15). Furthermore, Figure 3.16 depicts that among those suffering from signs symptoms of GI inflammation, in 57.95% cases, they were acute while in 13.64% cases, these signs and symptoms were chronic. These two factors might have contributed to the fact that no correlation is seen between calprotectin level and signs of GI inflammation as these drugs might have attenuated the inflammation, if ever present, which could have resulted in calprotectin levels below the cut-off point. Moreover, since the inflammation they suffered from was mostly acute, this might imply that the calprotectin level might not have reached a concentration high enough to be detected by the ELISA kit. 4.5 Calprotectin level With reference to Table 3.5, it can be seen that the minimum calprotectin level recorded was 20pg/mL while the maximum level recorded is 300pg/mL. The table also demonstrates that 15.9% of participants had calprotectin level of 80pg/mL. However, we can conclude that none of the participants suffered from GI inflammation because in no case, the calprotectin level exceeded 620pg/mL, which is the cut-off point for this ELISA kit. Only values above 620pg/mL indicate that GI inflammation is detected. Otherwise for all values below 620pg/mL, it suggests that GI inflammation is absent. Another study reported that the normal range for calprotectin is 52.8-352.9 ÃŽÂ ¼g/mL, meaning that levels of calprotectin above 352.9 ÃŽÂ ¼g/ mL should be considered positive for GI inflammation [109]. This shows that there is inter-kit variation for cut-off points for calprotectin level.

Innovative Financial Instruments

Innovative Financial Instruments Methodology Collection of secondary data: Historical data from sites of NSE, BSE, SEBI etc Getting Data from newspapers Getting data from the Various Research papers published. Collecting data from various Books available on the topic. Review of Previous Management Research Reports Getting Access to Instruments available in India from SEBI websites. Findings and Conclusions In India financial market majorly denotes equity markets. Indian debt market is not well developed and still 80% of market is under Government securities. Securitization has to be done on assets held by Banks. Bond market needs a great consideration in terms of junk bonds An effort can be made to develop Carbon Emission and National growth index. Commodities Options should be developed in India. Credit derivatives should be developed with consideration of all the possible types of Credit derivatives. In a country with major income from Agriculture, Weather derivatives should be introduced to protect the interest of various involved parties. To mitigate the Catastrophe hazards new technique for risk management should be introduced. Financial development Index to measure the developments in various parameters to conclude growth in real terms. Conclusion Despite the accelerated industrial growth experienced this decade from recent economic reforms, most major investors around the globe do not yet see India as an ideal country for foreign investment. The competition for global capital will only get tougher in the years to come, and unless the political, judicial and economic environments are right, India will lag behind many other emerging nations. More importantly, the rising expectations of the middle-class, widening income and wealth inequalities between the haves and have-nots, require efficient initiatives from Government and corporate to attract and accommodate the funds available. Variety of financial products like mutual funds, insurance, shares, debentures, derivative instruments, etc. are available in India. However, the reach of these products is very limited and the features of many of these products are very basic in nature. Further development and innovation in these products would be faster if they are accessed by all classes of investors in urban as well as rural areas. The thrust lies mainly on the development of new financial products to deepen the improvements in the product distribution itself. The responsibility of ensuring these improvements vests with all the stakeholders in the financial services industry. ABSTRACT The Indian financial market has been primarily divided into three categories namely: Equity; Debt; Derivatives. Every category has its own importance in the development of financial markets. In most of the developed nations after the development of Equity now the major focus is on Debt and Derivatives market. The reason for this focus can be many supportive benefits which accrue to a market by development of double D market. Surprisingly in financial market is used as a synonym for equity market which has completely under deployed Debt and derivative markets. The importance and potentials of debt market are still under a doubtful impression in India and no major revolution has been brought to this effect in the recent periods. Focus of more and more to just equity markets has created saturation in Indian stock market. So willingly or unwillingly now the focus has to be shifted towards other possible avenues. Some of the possible avenues have been categorized during this research conducted on various instruments which are globally available but cannot find place in Indian markets. Now these instruments are also categorized in the various forms and accrue to a specific market. Firstly the focus is laid on so called Backbone of Indian Financial system Vis the Indian equity market, which has incorporated every possible instrument which can be accommodated in Indian family of Equity instruments. Few instruments has been recognized which can be absorbed in Indian market, which can be Indian Depository Receipt (IDR), Non-Voting Shares, Cumulative convertible preference shares (CCPS), Debt-equity swap. Secondly it comes the most awaited Debt market which needs great development especially in case of corporate bonds. In India 80% of bonds are Govt. issued and 80% of remaining by institutional investors. So there has to happen lot of work by GOI (Government of India). In this few instruments which can be of utmost importance for Indian environment can be Inflation linked bonds (ILB), junk bonds, Specialized debt fund for infrastructure funding, securitization of debt. Thirdly it comes to the funds of masses i.e. pension funds and retirement schemes which are always backed by government and also has gained support from the government. In this case one of the major innovative works can be on New Pension Scheme. Fourthly, it comes to mutual funds which has the role of UTI, SEBI, RBI, AMFI and other such authorities which are regulating the workings of mutual funds in India. One of New Direction in mutual funds can be Investment funds in international Markets. Fifthly it comes to the derivatives market, which can be divided in two major forms futures and options. In future major development can be in the newly arrived concepts which can become, Instruments of masses. These include Futures on the Index of Industrial and Economy growth and Index and futures for Carbon Emission in the country. Further option market again has a lot of scope for improvements in the fields of Weather derivatives, Commodity Options, Credit derivatives. Last but not the least there is an open category which also has few innovative instruments to be captured. These can be Index for Natural Disaster and risk Management and Financial development Index. Important consideration to be noticed here is that India is a great Economy with tremendous growth opportunities has to cater with ongoing global competition in terms of capital and Money markets developments. Another important issue here is that India has to balance its Financial market with the equitable share of debt and equity. It should be open for latest and innovative types of instruments suitable for the growth and development of financial system. New concepts like Carbon Emission index should be a given a proper research and find out the ways to develop and implement it. INTRODUCTION INTEGRATION OF GLOBAL CAPITAL MARKETS In this age of globalization and liberalization domestic markets alone cannot cater to the growing needs of corporate and individuals. As a result of which there is a need of finance from various new sources which has led to the integration of world markets. As a result we have seen development of various financial products in past few years. Financial globalization has brought considerable benefits to economies and to investors and has also changed the structure of markets, creating new risks and challenges for market participants and policymakers. Globalization has also increased the scope of many new financial products. Two decades ago, someone building a new factory would probably have been restricted to borrow from a domestic bank. Today it has many more options to choose from. It can also shop around the world for loan with lower interest rate and can borrow in foreign currency if foreign-currency loans offer more attractive terms than domestic-currency loans; it can issue stocks or bonds in either domestic or international capital markets. The evolution of new financial products has increased the size of global capital markets considerably over the years. Market capitalization and year to date turnover of twenty major stock exchanges is given below : THE INDIAN CAPITAL MARKET A capital market is a place where both government and companies raise long term funds to trade securities on the bond and the stock market. It consists of both the primary market where new securities are issued among investors, and the secondary markets where already existent securities are traded. In the capital market, commodities, bonds, equities and other such investment funds are traded. There are 22 stock exchanges in India, first being the Bombay Stock Exchange (BSE), which began formal trading in 1875. Over the past few years, there has been a swift change in the Indian capital markets, especially in the secondary market. In terms of the number of companies and total market capitalization in share market, the Indian equity market is considered large relative to the countrys stage of economic development. CONVENTIONAL PRODUCTS IN INDIAN CAPITAL MARKETS EQUITY Equity shares are issued by the companies in primary market to raise capital from public and corporate houses. It provides a share in the earnings of the company and the equity shareholder can participate in decision making of the company also. There are three basic types of equity: Common stock or ordinary shares [1] Common stock, as it is known in the United States, or ordinary shares, according to British terminology, is the most important form of equity investment. An owner of common stock is part owner of the enterprise and is entitled to vote on certain important matters, including the selection of directors. Common stock holders benefit most from improvement in the firms business prospects. But they have a claim on the firms income and assets only after all creditors and all preferred stock holders receive payment. Some firms have more than one class of common stock, in which case the stock of one class may be entitled to greater voting rights, or to larger dividends, than stock of another class. This is often the case with family owned firms which sell stock to the public in a way that enables the family to maintain control through its ownership of stock with superior voting rights. Preferred stock [2] Also called preference shares, preferred stock is more akin to bonds than to common stock. Like bonds, preferred stock offers specified payments on specified dates. Preferred stock appeals to issuers because the dividend remains constant for as long as the stock is outstanding, which may be in perpetuity. Some investors favor preferred stock over bonds because the periodic payments are formally considered dividends rather than interest payments, and may therefore offer tax advantages. The issuer is obliged to pay dividends to preferred stock holders before paying dividends to common shareholders. If the preferred stock is cumulative, unpaid dividends may accrue until preferred stock holders have received full payment. In the case of non cumulative preferred stock, preferred stock holders may be able to impose significant restrictions on the firm in the event of a missed dividend. Warrants [3] Warrants offer the holder the opportunity to purchase a firms common stock during a specified time period in future, at a predetermined price, known as the exercise price or strike price. The tangible value of a warrant is the market price of the stock less the strike price. If the tangible value when the warrants are exercisable is zero or less the warrants have no value, as the stock can be acquired more cheaply in the open market. A firm may sell warrants directly, but more often they are incorporated into other securities, such as preferred stock or bonds. Warrants are created and sold by the firm that issues the underlying stock. In a rights offering, warrants are allotted to existing stock holders in proportion to their current holdings. If all shareholders subscribe to the offering the firms total capital will increase, but each stock holders proportionate ownership will not change. The stock holder is free not to subscribe to the offering or to pass the rights to others. In t he UK a stock holder chooses not to subscribe by filing a letter of renunciation with the issuer. RECENT DEVELOPMENT IN EQUITY MARKET Free pricing- The abolition of office of the controller of capital issue resulted in the emergence of new era in primary markets. All controls on designing, pricing and tenure were abolished. The investors were given the freedom to price an instrument. Entry Norms- Hitherto no restrictions for a company to tap the capital markets. This resulted in massive surge of small cap issues. The need for transparent free entry was felt by SEBI. Disclosures- the quality of disclosure in the offer document was really poor. A lot of vital adverse information was not disclosed. SEBI stringent discloser norms were introduced. Book Building- It is the process of price discovery. One of the drawbacks of free pricing was price mechanism. The issue price has to be decided around 60-70 days before the opening at issue. Introduction to price building has overcome the limitation of price mechanism. Streamlining the procedures- all the procedures was streamlined. Many aspects of the operations have been made transparent. SCOPE OF FURTHER EQUITY INSTRUMENTS INDIAN DEPOSITORY RECEIPTS (IDR) After the success of American Depository Receipts and Global Depository Receipts the Indian regulatory body, SEBI also allowed foreign companies to raise capital in India through INDIAN DEPOSITORY RECEIPTS (IDRs). IDRs can be understood as a mirror image of well-known ADRs/GDRs. In an IDR, foreign companies issue the shares to an Indian Depository, which would, issue Depository Receipts to investors in India. The Depository Receipts would be listed in Indian stock exchanges and would be freely transferable. The actual shares of the IDRs would be held by an Overseas Custodian, who shall authorize the Indian Depository to issue the IDRs. The Overseas Custodian must be a foreign bank having business in India and needs approval from the Finance Ministry for acting as a custodian while the Indian Depository needs to be registered with the SEBI. Following rules were established by SEBI for listing through IDR: ISSUERS ELIGIBILITY CRITERIA: [4] Must have an average; turnover of US$ 500 million during the previous 3 financial years. Must have capital and free reserves which must aggregate to at least US$100 million. Must be making a profit for the previous 5 years and must have declared a dividend of 10% in each such year. The pre issue debt-equity ratio must be not more than 2:1. Must be listed in its home country. Must not be prohibited by any regulatory body to issue securities Must have a good track record with compliance with securities market regulations. Must comply with any additional criteria set by SEBI REASONS FOR DORMANCY IN ISSUE OF IDR: Stringent rules set by SEBI made foreign companies stay away from Indian market. The rules were made more stringent after the Global economic crisis. Availability of easy funds in foreign markets. Rate of interest in foreign banks is also less which made them prime source of funds for companies. Uncertainty of subscription in Indian markets. Indian companies have been highly active in foreign markets by raising funds through ADR and GDR but till date no foreign company has raised money through IDRs. Standard Chartered is the first company to allow its plan to issue IDR and has received the clearance from RBI also. The bank has yet to announce the size of the IDR issue, though the figures are expected to vary from Rs 2,500 to Rs 5,000 crore. Non -Voting Shares A non- voting share is more or less similar to the ordinary equity shares except the voting rights. It is different from a preference share in the sense that in case of a possible winding up of the company, the preference shareholders get their shares of dividends repaid before the owners of the non-voting shareholders. The companies with the constant track record and a strong dividend history can issue these kinds of instruments. They are basically focused to small investors who are normally not interested in the management of the firm. Hence non promoting share are a good tool for the promoters of the company to increase the share capital without diluting the control. However if the company does not fulfill the commitment of higher dividend then these shares are automatically converted to shares with voting rights. Hence it is very important for the companies to assess the characteristics of future cash flow and determine whether paying a higher rate of dividend is practicable for them or not. Debt for equity and equity for debt swaps Adebt for equity swapis not an instrument but a situation where a company offers its shareholders and creditors debt in exchange for equity or stock. The value of the stock is determined on current market rates. The company may, however, offer a higher value to attract more shareholders and debt holders to participate in the swap. Equity for debt swapis the opposite of the above process. In this swap, the creditors to the company agree to exchange the debt for equity in the business. How do creditors benefit Creditors such as banks and other financial institutions provide capital to large businesses. If the business gets into financial trouble, it may sometimes not be a good idea to allow the company to close down and go bankrupt. In these situations, these creditors find it easier to allow the business to take the form of going concern and become the shareholders in this business. The debt or the assets of the company may be so big that there would be no any profit or advantage to the banks in seeking its closure. At times, the company may also be seeking a restructuring of its capital for certain reasons. These include meeting contractual obligations, taking advantage of current stock valuation in the market or to avoid making coupon and face value payments. How debt for equity swap takes place Let us assume that a shareholder or investor of some company has $1000 worth of stock. The company offers the option to swap equity withdebtat a rate of 1:1. This means that for $1000 worth of stock, the investor would get $1000 worth of debt or bonds in the company. At times, the company may offer a ratio of 1:2 to attract more stock for its debt. This could mean an additional gain in the form of $1000 worth of stock for the investor. But it is also important to note that the investor would lose their rights as a shareholder, the moment he swaps his stock orequity for debt. Original shareholders often find themselves deprived of their voting rights when such swaps take place. DEBT MARKET Traditionally, the Indian capital markets are more synonymous with the equity markets both on account of the common investors preferences and the huge capital gains it offered no matter what the risks involved are. On the other hand, the investors preference for debt market has been relatively a recent phenomenon an outcome of the shift in the economic policy, whereby the market forces have been accorded a greater leeway in influencing the resource allocation. If we talk about the Indian debt market bond market has formed its own place in the financial systems. All the recent developments are accrued to bonds market in India. Size of debt market If we look at worldwide scenario, debt markets are three to four times larger than equity markets. However, the debt market in India is very small in comparison to the equity market. This is because the domestic debt market has been deregulated and liberalized only recently and is at a relatively nascent stage of development. Interest rate deregulation The last two decades witnessed a gradual maturing of Indias financial markets. Since 1991, key steps were taken to reform the Indian financial markets. With the introduction of auction systems for rising Government debt in the 1990s, along with the decision to put an end to the monetization of Government deficits, started the gradual process of deregulation of interest rates. While the immediate effect of deregulation of interest rates was associated with rising interest rates, deft debt management policy by the RBI and the improvements in the market micro structure saw a gradual decline in the interest rates. Abolition of tax deduction at source Tax deduction at source (TDS) used to be major barrier to the development of the government securities market in India. Recognizing this, the RBI convinced the Government to abolish it. The removal of TDS on Government securities was apparently a small but a major reform in removing pricing distortions for Government securities. Introduction of auctions For Auctions a major policy shift from administered interest rate regime to a market based regime, the choice of auction system needed to be carefully drawn, in order to give a comfort level to the government as a borrower as also to moderate the risks that might be faced by the uninitiated market participants. Accordingly, it was decided to begin with the sealed bid auction system with a post bid reserve price (since the RBI as an agent to government participates in the auctions as a non-competitive bidder.) Banks investments in Government securities valuation/accounting norms Concomitantly, regulatory initiatives in introducing international best practices in valuation/accounting norms for the banks investment portfolios (comprising mainly government securities) also necessitated the banks to mark to market their investment portfolios and forced them to actively trade. This gave an added impetus to the incipient trading activity. Consolidation of stocks Primary issuance strategy was further fine tuned towards issuance of benchmark securities to improve liquidity. Alignment of coupon payment dates for the new issuances has been consciously attempted to promote stripping of government securities (STRIPS), which if once materializes, can facilitate the establishment of zero coupon yield curve and also can take care of the segmental needs in terms of asset liability matching. Zero coupon curve for pricing[5] To bring further improvements in the pricing mechanism in debt market, a need was felt to promote a zero coupon yield curve (ZCYC). As indicated earlier, STRIPS (Separate Trading of Registered Interest and Principal of Securities) can facilitate a ZCYC. This curve is being used for pricing NSEs interest rate futures transactions. FIMMDA/PDAI, publishes a monthly ZCYC for the market participants to value their government securities portfolios. However, the ZCYC based pricing has not been popular with the Indian market participants. SCOPE OF INNOVATIONS IN BOND MARKET Inflation linked bonds (ILB)[6] The recent Monetary Policy released by RBI laid its thrust on controlling the spiraling inflation, especially the food price inflation. One of the reasons behind the CRR hike was to curtail the rising inflationary expectations (higher expected price trends) In the past RBI has been concerned about the fact that a common man does not have any protection against rising prices, Vis No Inflation Hedge. The common man has to rely on traditional but inefficient methods to hedge the real inflation risks, such as Gold and real assets such as commodities or real estate or even excessive stocking of goods In developed markets like US, the government has issues Treasury Inflation Protected Securities known as TIPS. Globally more than USD 1 trillion worth inflation linked bonds must be outstanding. Inflation linked bonds (ILB) securities give an opportunity to market participants and investors to hedge against inflation. The coupon (interest rate) of ILB is fixed but the underlying principal would move in tandem with the inflation levels in the country. At redemption of the securities the higher of the value (adding inflation) thus arrived or face value is paid off. Banks and Financial Institutions usually buy wholesale and create retail market for such securities. With right access retail investor can easily buy such securities to protect himself from inflation and this could have following advantage to investors and the government. The inflation linked bonds can make the governments accountable for higher inflation since the cost of borrowings will be linked to inflation (if coupon paid is inflation hedged). Rising inflation will also raise the repayment of inflation linked bonds. It will help government to broaden the investor base by offering inflation linked bonds at the retail level, where the participation now is minimal. Government can diversify the debt service costs in a deflationary (falling prices) scenario. It is very likely that the existence of inflation linked bonds might reduce the inflation risk premium embedded in government bonds. For the inflation linked bonds to be an effective hedge GOI should ensure that the underlying inflation index is representative of real or actual inflation on the streets. RBI can precisely quantify control the inflationary expectations embedded in the economy as well as in the markets. RBI can use inferences from trading in such bonds in formulating its monetary policy stance The onus on monetary policy tools such as interest rates, to contain inflation will reduce if RBI can guide or influence the inflationary expectations through the demand/supply of inflation linked bonds and with an excellent communication policy. For Investors in general, inflation linked bonds would provide distinct advantages: It allows investors to hedge the purchasing power (inflation) risk. The capital is inflation risk protected and the income (coupon) can be structured that way too. Inflation linked bonds universally are regarded as a separate asset class would provide diversification benefits to a portfolio due to its negative co relation with returns from traditional asset classes. Such bonds provide positive risk reward relationship too. Inflation linked bonds are effective vehicle for hedging risks for institutional investors, where the long term liabilities are inflation linked or linked to future wage levels or banks who face the inflation risk on their assets side due to their GOI Bond holdings. Access of FIIs to the inflation linked bonds can allow them to hedge their inflation risks in India which are currently expressed in the currency markets. The USD/INR (currency) volatility can hence come down hence. Junk bonds Sharp movements in the Indian equity market may be par for the course. But when it comes to the market for corporate bonds, its constantly stagnant. The reason is, we dont have a corporate bond market. But this is overwhelmingly dominated by government securities (about 80% of the total). Of the remaining, close to 80% again comprises privately placed debt of public financial institutions. An efficient bond market helps corporate reduce their financing costs. It enables companies to borrow directly from investors, bypassing the major intermediary role of a commercial bank. One of the important instruments in corporate market is Junk Bonds which could be great source of financing for countries like India where markets are not much regulated. A speculative bond rated BB or below. Junk bonds are generally issued by corporations of questionable financial strength or without proven track records. They tend to be more volatile and higher yielding than bonds with superior quality ratings.Junk bond funds emphasize diversified investments in these low-rated, high-yielding debt issues. Thus, these are high-yielding, high-risk securities issued by companies with less robust finances.[7] Need for Junk Bonds in India The major issue amongst Indian bond markets has been how companies with poorer ratings can raise funds. At times the banks and FIs are reluctant to invest in even the AAA-rated companies. In fact for progress of a developing nation like India, this would give a wonderful opportunity for the smaller companies to get funds and implement their ideas. However, a proper regulatory mechanism also needs to be set-up to avoid high risk of default in the case of junk bonds. Currently, there are only two instruments that FIIs can invest in India, i.e., equity and debt. The cap on FII debt investment varies from time to time between $1.5 billion and $2 billion. The Asset Reconstruction Company of India Ltd. (ARCIL), Indias first asset reconstruction company, has vied for permitting FIIs to invest in a new instrument in India distressed assets. ARCIL has recommended SEBI, RBI and the Finance Ministry to allow FII investment in a new category, which is neither equity nor debt but a separate lucrative instrument security receipts with underlying distressed assets. Proposed Junk Bond Market in India Scenario (Optimistic Realistic) Anoptimistic scenariowould be having junk bonds in the market ideally for funding by FIIs and Institutions for financing the small Indian companies. However, considering the risk associated with these bonds it might not be possible in near future because economy is still in its nascent phase and on a fast development track.So any move which is risky and can affect future inflows of foreign funds and investor confidence would not be ideal. The only way an investor should invest in junk bonds is by diversifying. A selection of at least half a dozen issues will afford the investor some protection. High risk is inherent in high yield bonds. Nevertheless, your portfolio may well have a place for some of these securities if you are not risk-averse. By having junk bond markets, it would in fact signify deepening and maturing of Indian debt markets. In India, companies are hamstrung by the fact that investment relaxations may come in only when the debt markets get deeper, so that insurance companies can increase their portfolio yield without exposing themselves to risk for long tenures by investing in junk bonds. Impact of Junk Bonds on Indian Economy[8] A well-functioning corporate bond market allows firms to tailor their assets and liability profiles. If companies fear they will not be able to raise long-term resources, they are likely to stay away from long-term investments or entrepreneurial ventures that have a long-term payoff. In the long run, this can affect economic growth. The corporate bond and the junk bond market could fill this vacuum. In the absence of a corporate bond market, a large part of debt funding comes from banks. In the process, banks assume a significant amount of risk due to maturity mismatch between short-term deposits that can be readily withdrawn and relatively long-term illiquid loan assets resulting in high NPAs. An active and efficient bond market gives companies an alternative means of raising debt capital in the event of a credit crunch. It also leads to better pricing of credit risk (since expectations of all market participants are incorporated into bond prices). FIIs are major players in the equities market. However, thanks to the ceiling on their investment in the debt market (currently, there is a cumulative sub-ceiling of $0.5 bn on investment in corporate debt), they are present only in a limited way in the bond market. Pension funds and the insurance sector could be another constituency, but the absence of pension funds and low insurance penetration has meant limited demand for lon Innovative Financial Instruments Innovative Financial Instruments Methodology Collection of secondary data: Historical data from sites of NSE, BSE, SEBI etc Getting Data from newspapers Getting data from the Various Research papers published. Collecting data from various Books available on the topic. Review of Previous Management Research Reports Getting Access to Instruments available in India from SEBI websites. Findings and Conclusions In India financial market majorly denotes equity markets. Indian debt market is not well developed and still 80% of market is under Government securities. Securitization has to be done on assets held by Banks. Bond market needs a great consideration in terms of junk bonds An effort can be made to develop Carbon Emission and National growth index. Commodities Options should be developed in India. Credit derivatives should be developed with consideration of all the possible types of Credit derivatives. In a country with major income from Agriculture, Weather derivatives should be introduced to protect the interest of various involved parties. To mitigate the Catastrophe hazards new technique for risk management should be introduced. Financial development Index to measure the developments in various parameters to conclude growth in real terms. Conclusion Despite the accelerated industrial growth experienced this decade from recent economic reforms, most major investors around the globe do not yet see India as an ideal country for foreign investment. The competition for global capital will only get tougher in the years to come, and unless the political, judicial and economic environments are right, India will lag behind many other emerging nations. More importantly, the rising expectations of the middle-class, widening income and wealth inequalities between the haves and have-nots, require efficient initiatives from Government and corporate to attract and accommodate the funds available. Variety of financial products like mutual funds, insurance, shares, debentures, derivative instruments, etc. are available in India. However, the reach of these products is very limited and the features of many of these products are very basic in nature. Further development and innovation in these products would be faster if they are accessed by all classes of investors in urban as well as rural areas. The thrust lies mainly on the development of new financial products to deepen the improvements in the product distribution itself. The responsibility of ensuring these improvements vests with all the stakeholders in the financial services industry. ABSTRACT The Indian financial market has been primarily divided into three categories namely: Equity; Debt; Derivatives. Every category has its own importance in the development of financial markets. In most of the developed nations after the development of Equity now the major focus is on Debt and Derivatives market. The reason for this focus can be many supportive benefits which accrue to a market by development of double D market. Surprisingly in financial market is used as a synonym for equity market which has completely under deployed Debt and derivative markets. The importance and potentials of debt market are still under a doubtful impression in India and no major revolution has been brought to this effect in the recent periods. Focus of more and more to just equity markets has created saturation in Indian stock market. So willingly or unwillingly now the focus has to be shifted towards other possible avenues. Some of the possible avenues have been categorized during this research conducted on various instruments which are globally available but cannot find place in Indian markets. Now these instruments are also categorized in the various forms and accrue to a specific market. Firstly the focus is laid on so called Backbone of Indian Financial system Vis the Indian equity market, which has incorporated every possible instrument which can be accommodated in Indian family of Equity instruments. Few instruments has been recognized which can be absorbed in Indian market, which can be Indian Depository Receipt (IDR), Non-Voting Shares, Cumulative convertible preference shares (CCPS), Debt-equity swap. Secondly it comes the most awaited Debt market which needs great development especially in case of corporate bonds. In India 80% of bonds are Govt. issued and 80% of remaining by institutional investors. So there has to happen lot of work by GOI (Government of India). In this few instruments which can be of utmost importance for Indian environment can be Inflation linked bonds (ILB), junk bonds, Specialized debt fund for infrastructure funding, securitization of debt. Thirdly it comes to the funds of masses i.e. pension funds and retirement schemes which are always backed by government and also has gained support from the government. In this case one of the major innovative works can be on New Pension Scheme. Fourthly, it comes to mutual funds which has the role of UTI, SEBI, RBI, AMFI and other such authorities which are regulating the workings of mutual funds in India. One of New Direction in mutual funds can be Investment funds in international Markets. Fifthly it comes to the derivatives market, which can be divided in two major forms futures and options. In future major development can be in the newly arrived concepts which can become, Instruments of masses. These include Futures on the Index of Industrial and Economy growth and Index and futures for Carbon Emission in the country. Further option market again has a lot of scope for improvements in the fields of Weather derivatives, Commodity Options, Credit derivatives. Last but not the least there is an open category which also has few innovative instruments to be captured. These can be Index for Natural Disaster and risk Management and Financial development Index. Important consideration to be noticed here is that India is a great Economy with tremendous growth opportunities has to cater with ongoing global competition in terms of capital and Money markets developments. Another important issue here is that India has to balance its Financial market with the equitable share of debt and equity. It should be open for latest and innovative types of instruments suitable for the growth and development of financial system. New concepts like Carbon Emission index should be a given a proper research and find out the ways to develop and implement it. INTRODUCTION INTEGRATION OF GLOBAL CAPITAL MARKETS In this age of globalization and liberalization domestic markets alone cannot cater to the growing needs of corporate and individuals. As a result of which there is a need of finance from various new sources which has led to the integration of world markets. As a result we have seen development of various financial products in past few years. Financial globalization has brought considerable benefits to economies and to investors and has also changed the structure of markets, creating new risks and challenges for market participants and policymakers. Globalization has also increased the scope of many new financial products. Two decades ago, someone building a new factory would probably have been restricted to borrow from a domestic bank. Today it has many more options to choose from. It can also shop around the world for loan with lower interest rate and can borrow in foreign currency if foreign-currency loans offer more attractive terms than domestic-currency loans; it can issue stocks or bonds in either domestic or international capital markets. The evolution of new financial products has increased the size of global capital markets considerably over the years. Market capitalization and year to date turnover of twenty major stock exchanges is given below : THE INDIAN CAPITAL MARKET A capital market is a place where both government and companies raise long term funds to trade securities on the bond and the stock market. It consists of both the primary market where new securities are issued among investors, and the secondary markets where already existent securities are traded. In the capital market, commodities, bonds, equities and other such investment funds are traded. There are 22 stock exchanges in India, first being the Bombay Stock Exchange (BSE), which began formal trading in 1875. Over the past few years, there has been a swift change in the Indian capital markets, especially in the secondary market. In terms of the number of companies and total market capitalization in share market, the Indian equity market is considered large relative to the countrys stage of economic development. CONVENTIONAL PRODUCTS IN INDIAN CAPITAL MARKETS EQUITY Equity shares are issued by the companies in primary market to raise capital from public and corporate houses. It provides a share in the earnings of the company and the equity shareholder can participate in decision making of the company also. There are three basic types of equity: Common stock or ordinary shares [1] Common stock, as it is known in the United States, or ordinary shares, according to British terminology, is the most important form of equity investment. An owner of common stock is part owner of the enterprise and is entitled to vote on certain important matters, including the selection of directors. Common stock holders benefit most from improvement in the firms business prospects. But they have a claim on the firms income and assets only after all creditors and all preferred stock holders receive payment. Some firms have more than one class of common stock, in which case the stock of one class may be entitled to greater voting rights, or to larger dividends, than stock of another class. This is often the case with family owned firms which sell stock to the public in a way that enables the family to maintain control through its ownership of stock with superior voting rights. Preferred stock [2] Also called preference shares, preferred stock is more akin to bonds than to common stock. Like bonds, preferred stock offers specified payments on specified dates. Preferred stock appeals to issuers because the dividend remains constant for as long as the stock is outstanding, which may be in perpetuity. Some investors favor preferred stock over bonds because the periodic payments are formally considered dividends rather than interest payments, and may therefore offer tax advantages. The issuer is obliged to pay dividends to preferred stock holders before paying dividends to common shareholders. If the preferred stock is cumulative, unpaid dividends may accrue until preferred stock holders have received full payment. In the case of non cumulative preferred stock, preferred stock holders may be able to impose significant restrictions on the firm in the event of a missed dividend. Warrants [3] Warrants offer the holder the opportunity to purchase a firms common stock during a specified time period in future, at a predetermined price, known as the exercise price or strike price. The tangible value of a warrant is the market price of the stock less the strike price. If the tangible value when the warrants are exercisable is zero or less the warrants have no value, as the stock can be acquired more cheaply in the open market. A firm may sell warrants directly, but more often they are incorporated into other securities, such as preferred stock or bonds. Warrants are created and sold by the firm that issues the underlying stock. In a rights offering, warrants are allotted to existing stock holders in proportion to their current holdings. If all shareholders subscribe to the offering the firms total capital will increase, but each stock holders proportionate ownership will not change. The stock holder is free not to subscribe to the offering or to pass the rights to others. In t he UK a stock holder chooses not to subscribe by filing a letter of renunciation with the issuer. RECENT DEVELOPMENT IN EQUITY MARKET Free pricing- The abolition of office of the controller of capital issue resulted in the emergence of new era in primary markets. All controls on designing, pricing and tenure were abolished. The investors were given the freedom to price an instrument. Entry Norms- Hitherto no restrictions for a company to tap the capital markets. This resulted in massive surge of small cap issues. The need for transparent free entry was felt by SEBI. Disclosures- the quality of disclosure in the offer document was really poor. A lot of vital adverse information was not disclosed. SEBI stringent discloser norms were introduced. Book Building- It is the process of price discovery. One of the drawbacks of free pricing was price mechanism. The issue price has to be decided around 60-70 days before the opening at issue. Introduction to price building has overcome the limitation of price mechanism. Streamlining the procedures- all the procedures was streamlined. Many aspects of the operations have been made transparent. SCOPE OF FURTHER EQUITY INSTRUMENTS INDIAN DEPOSITORY RECEIPTS (IDR) After the success of American Depository Receipts and Global Depository Receipts the Indian regulatory body, SEBI also allowed foreign companies to raise capital in India through INDIAN DEPOSITORY RECEIPTS (IDRs). IDRs can be understood as a mirror image of well-known ADRs/GDRs. In an IDR, foreign companies issue the shares to an Indian Depository, which would, issue Depository Receipts to investors in India. The Depository Receipts would be listed in Indian stock exchanges and would be freely transferable. The actual shares of the IDRs would be held by an Overseas Custodian, who shall authorize the Indian Depository to issue the IDRs. The Overseas Custodian must be a foreign bank having business in India and needs approval from the Finance Ministry for acting as a custodian while the Indian Depository needs to be registered with the SEBI. Following rules were established by SEBI for listing through IDR: ISSUERS ELIGIBILITY CRITERIA: [4] Must have an average; turnover of US$ 500 million during the previous 3 financial years. Must have capital and free reserves which must aggregate to at least US$100 million. Must be making a profit for the previous 5 years and must have declared a dividend of 10% in each such year. The pre issue debt-equity ratio must be not more than 2:1. Must be listed in its home country. Must not be prohibited by any regulatory body to issue securities Must have a good track record with compliance with securities market regulations. Must comply with any additional criteria set by SEBI REASONS FOR DORMANCY IN ISSUE OF IDR: Stringent rules set by SEBI made foreign companies stay away from Indian market. The rules were made more stringent after the Global economic crisis. Availability of easy funds in foreign markets. Rate of interest in foreign banks is also less which made them prime source of funds for companies. Uncertainty of subscription in Indian markets. Indian companies have been highly active in foreign markets by raising funds through ADR and GDR but till date no foreign company has raised money through IDRs. Standard Chartered is the first company to allow its plan to issue IDR and has received the clearance from RBI also. The bank has yet to announce the size of the IDR issue, though the figures are expected to vary from Rs 2,500 to Rs 5,000 crore. Non -Voting Shares A non- voting share is more or less similar to the ordinary equity shares except the voting rights. It is different from a preference share in the sense that in case of a possible winding up of the company, the preference shareholders get their shares of dividends repaid before the owners of the non-voting shareholders. The companies with the constant track record and a strong dividend history can issue these kinds of instruments. They are basically focused to small investors who are normally not interested in the management of the firm. Hence non promoting share are a good tool for the promoters of the company to increase the share capital without diluting the control. However if the company does not fulfill the commitment of higher dividend then these shares are automatically converted to shares with voting rights. Hence it is very important for the companies to assess the characteristics of future cash flow and determine whether paying a higher rate of dividend is practicable for them or not. Debt for equity and equity for debt swaps Adebt for equity swapis not an instrument but a situation where a company offers its shareholders and creditors debt in exchange for equity or stock. The value of the stock is determined on current market rates. The company may, however, offer a higher value to attract more shareholders and debt holders to participate in the swap. Equity for debt swapis the opposite of the above process. In this swap, the creditors to the company agree to exchange the debt for equity in the business. How do creditors benefit Creditors such as banks and other financial institutions provide capital to large businesses. If the business gets into financial trouble, it may sometimes not be a good idea to allow the company to close down and go bankrupt. In these situations, these creditors find it easier to allow the business to take the form of going concern and become the shareholders in this business. The debt or the assets of the company may be so big that there would be no any profit or advantage to the banks in seeking its closure. At times, the company may also be seeking a restructuring of its capital for certain reasons. These include meeting contractual obligations, taking advantage of current stock valuation in the market or to avoid making coupon and face value payments. How debt for equity swap takes place Let us assume that a shareholder or investor of some company has $1000 worth of stock. The company offers the option to swap equity withdebtat a rate of 1:1. This means that for $1000 worth of stock, the investor would get $1000 worth of debt or bonds in the company. At times, the company may offer a ratio of 1:2 to attract more stock for its debt. This could mean an additional gain in the form of $1000 worth of stock for the investor. But it is also important to note that the investor would lose their rights as a shareholder, the moment he swaps his stock orequity for debt. Original shareholders often find themselves deprived of their voting rights when such swaps take place. DEBT MARKET Traditionally, the Indian capital markets are more synonymous with the equity markets both on account of the common investors preferences and the huge capital gains it offered no matter what the risks involved are. On the other hand, the investors preference for debt market has been relatively a recent phenomenon an outcome of the shift in the economic policy, whereby the market forces have been accorded a greater leeway in influencing the resource allocation. If we talk about the Indian debt market bond market has formed its own place in the financial systems. All the recent developments are accrued to bonds market in India. Size of debt market If we look at worldwide scenario, debt markets are three to four times larger than equity markets. However, the debt market in India is very small in comparison to the equity market. This is because the domestic debt market has been deregulated and liberalized only recently and is at a relatively nascent stage of development. Interest rate deregulation The last two decades witnessed a gradual maturing of Indias financial markets. Since 1991, key steps were taken to reform the Indian financial markets. With the introduction of auction systems for rising Government debt in the 1990s, along with the decision to put an end to the monetization of Government deficits, started the gradual process of deregulation of interest rates. While the immediate effect of deregulation of interest rates was associated with rising interest rates, deft debt management policy by the RBI and the improvements in the market micro structure saw a gradual decline in the interest rates. Abolition of tax deduction at source Tax deduction at source (TDS) used to be major barrier to the development of the government securities market in India. Recognizing this, the RBI convinced the Government to abolish it. The removal of TDS on Government securities was apparently a small but a major reform in removing pricing distortions for Government securities. Introduction of auctions For Auctions a major policy shift from administered interest rate regime to a market based regime, the choice of auction system needed to be carefully drawn, in order to give a comfort level to the government as a borrower as also to moderate the risks that might be faced by the uninitiated market participants. Accordingly, it was decided to begin with the sealed bid auction system with a post bid reserve price (since the RBI as an agent to government participates in the auctions as a non-competitive bidder.) Banks investments in Government securities valuation/accounting norms Concomitantly, regulatory initiatives in introducing international best practices in valuation/accounting norms for the banks investment portfolios (comprising mainly government securities) also necessitated the banks to mark to market their investment portfolios and forced them to actively trade. This gave an added impetus to the incipient trading activity. Consolidation of stocks Primary issuance strategy was further fine tuned towards issuance of benchmark securities to improve liquidity. Alignment of coupon payment dates for the new issuances has been consciously attempted to promote stripping of government securities (STRIPS), which if once materializes, can facilitate the establishment of zero coupon yield curve and also can take care of the segmental needs in terms of asset liability matching. Zero coupon curve for pricing[5] To bring further improvements in the pricing mechanism in debt market, a need was felt to promote a zero coupon yield curve (ZCYC). As indicated earlier, STRIPS (Separate Trading of Registered Interest and Principal of Securities) can facilitate a ZCYC. This curve is being used for pricing NSEs interest rate futures transactions. FIMMDA/PDAI, publishes a monthly ZCYC for the market participants to value their government securities portfolios. However, the ZCYC based pricing has not been popular with the Indian market participants. SCOPE OF INNOVATIONS IN BOND MARKET Inflation linked bonds (ILB)[6] The recent Monetary Policy released by RBI laid its thrust on controlling the spiraling inflation, especially the food price inflation. One of the reasons behind the CRR hike was to curtail the rising inflationary expectations (higher expected price trends) In the past RBI has been concerned about the fact that a common man does not have any protection against rising prices, Vis No Inflation Hedge. The common man has to rely on traditional but inefficient methods to hedge the real inflation risks, such as Gold and real assets such as commodities or real estate or even excessive stocking of goods In developed markets like US, the government has issues Treasury Inflation Protected Securities known as TIPS. Globally more than USD 1 trillion worth inflation linked bonds must be outstanding. Inflation linked bonds (ILB) securities give an opportunity to market participants and investors to hedge against inflation. The coupon (interest rate) of ILB is fixed but the underlying principal would move in tandem with the inflation levels in the country. At redemption of the securities the higher of the value (adding inflation) thus arrived or face value is paid off. Banks and Financial Institutions usually buy wholesale and create retail market for such securities. With right access retail investor can easily buy such securities to protect himself from inflation and this could have following advantage to investors and the government. The inflation linked bonds can make the governments accountable for higher inflation since the cost of borrowings will be linked to inflation (if coupon paid is inflation hedged). Rising inflation will also raise the repayment of inflation linked bonds. It will help government to broaden the investor base by offering inflation linked bonds at the retail level, where the participation now is minimal. Government can diversify the debt service costs in a deflationary (falling prices) scenario. It is very likely that the existence of inflation linked bonds might reduce the inflation risk premium embedded in government bonds. For the inflation linked bonds to be an effective hedge GOI should ensure that the underlying inflation index is representative of real or actual inflation on the streets. RBI can precisely quantify control the inflationary expectations embedded in the economy as well as in the markets. RBI can use inferences from trading in such bonds in formulating its monetary policy stance The onus on monetary policy tools such as interest rates, to contain inflation will reduce if RBI can guide or influence the inflationary expectations through the demand/supply of inflation linked bonds and with an excellent communication policy. For Investors in general, inflation linked bonds would provide distinct advantages: It allows investors to hedge the purchasing power (inflation) risk. The capital is inflation risk protected and the income (coupon) can be structured that way too. Inflation linked bonds universally are regarded as a separate asset class would provide diversification benefits to a portfolio due to its negative co relation with returns from traditional asset classes. Such bonds provide positive risk reward relationship too. Inflation linked bonds are effective vehicle for hedging risks for institutional investors, where the long term liabilities are inflation linked or linked to future wage levels or banks who face the inflation risk on their assets side due to their GOI Bond holdings. Access of FIIs to the inflation linked bonds can allow them to hedge their inflation risks in India which are currently expressed in the currency markets. The USD/INR (currency) volatility can hence come down hence. Junk bonds Sharp movements in the Indian equity market may be par for the course. But when it comes to the market for corporate bonds, its constantly stagnant. The reason is, we dont have a corporate bond market. But this is overwhelmingly dominated by government securities (about 80% of the total). Of the remaining, close to 80% again comprises privately placed debt of public financial institutions. An efficient bond market helps corporate reduce their financing costs. It enables companies to borrow directly from investors, bypassing the major intermediary role of a commercial bank. One of the important instruments in corporate market is Junk Bonds which could be great source of financing for countries like India where markets are not much regulated. A speculative bond rated BB or below. Junk bonds are generally issued by corporations of questionable financial strength or without proven track records. They tend to be more volatile and higher yielding than bonds with superior quality ratings.Junk bond funds emphasize diversified investments in these low-rated, high-yielding debt issues. Thus, these are high-yielding, high-risk securities issued by companies with less robust finances.[7] Need for Junk Bonds in India The major issue amongst Indian bond markets has been how companies with poorer ratings can raise funds. At times the banks and FIs are reluctant to invest in even the AAA-rated companies. In fact for progress of a developing nation like India, this would give a wonderful opportunity for the smaller companies to get funds and implement their ideas. However, a proper regulatory mechanism also needs to be set-up to avoid high risk of default in the case of junk bonds. Currently, there are only two instruments that FIIs can invest in India, i.e., equity and debt. The cap on FII debt investment varies from time to time between $1.5 billion and $2 billion. The Asset Reconstruction Company of India Ltd. (ARCIL), Indias first asset reconstruction company, has vied for permitting FIIs to invest in a new instrument in India distressed assets. ARCIL has recommended SEBI, RBI and the Finance Ministry to allow FII investment in a new category, which is neither equity nor debt but a separate lucrative instrument security receipts with underlying distressed assets. Proposed Junk Bond Market in India Scenario (Optimistic Realistic) Anoptimistic scenariowould be having junk bonds in the market ideally for funding by FIIs and Institutions for financing the small Indian companies. However, considering the risk associated with these bonds it might not be possible in near future because economy is still in its nascent phase and on a fast development track.So any move which is risky and can affect future inflows of foreign funds and investor confidence would not be ideal. The only way an investor should invest in junk bonds is by diversifying. A selection of at least half a dozen issues will afford the investor some protection. High risk is inherent in high yield bonds. Nevertheless, your portfolio may well have a place for some of these securities if you are not risk-averse. By having junk bond markets, it would in fact signify deepening and maturing of Indian debt markets. In India, companies are hamstrung by the fact that investment relaxations may come in only when the debt markets get deeper, so that insurance companies can increase their portfolio yield without exposing themselves to risk for long tenures by investing in junk bonds. Impact of Junk Bonds on Indian Economy[8] A well-functioning corporate bond market allows firms to tailor their assets and liability profiles. If companies fear they will not be able to raise long-term resources, they are likely to stay away from long-term investments or entrepreneurial ventures that have a long-term payoff. In the long run, this can affect economic growth. The corporate bond and the junk bond market could fill this vacuum. In the absence of a corporate bond market, a large part of debt funding comes from banks. In the process, banks assume a significant amount of risk due to maturity mismatch between short-term deposits that can be readily withdrawn and relatively long-term illiquid loan assets resulting in high NPAs. An active and efficient bond market gives companies an alternative means of raising debt capital in the event of a credit crunch. It also leads to better pricing of credit risk (since expectations of all market participants are incorporated into bond prices). FIIs are major players in the equities market. However, thanks to the ceiling on their investment in the debt market (currently, there is a cumulative sub-ceiling of $0.5 bn on investment in corporate debt), they are present only in a limited way in the bond market. Pension funds and the insurance sector could be another constituency, but the absence of pension funds and low insurance penetration has meant limited demand for lon