Assignment 1 Answers free essay sample

An American call choice gives one the right, yet not a commitment, to purchase a predefined number of portions of a stock at a predetermined cost called exercise or strike cost before the development date or on the development date (a future date). In contrast with European choices, American alternatives can be practiced before the development date. 2. Characterize Skewness and Kurtosis and furthermore clarify why these are useful10 pts Answer Skewness and Kurtosis are proportions of scattering of the information around its mean as they measure state of likelihood conveyance. Skewness gauges the level of asymmetry. Its worth ranges somewhere in the range of 0 and 1, where 0 infers evenness (typical dispersion). A positive skewness shows a moderately long right tail and the other way around. Kurtosis demonstrates the degree to which likelihood is gathered in the middle and the tail of the circulation. An estimation of 3 shows typical dissemination, while an estimation of K gt; 3 demonstrates overwhelming tails. The skewness and kurtosis of an irregular variable are Sk (n,p) = E {X †E(X)}3/? 3 and K = E {X †E(X)}4/? 4 3. Peruse Sewell (2011) paper and . characterize schedule impacts, and b. talk about quickly seven distinctive schedule impacts distinguished in writing (your answer will not surpass one page) 30 pts Answer a. Schedule impacts are seen as repeating abnormalities in returns, where the repetitive examples in information can be attributed to change in volume and action during certain timeframes. For example intraday impacts, the end of the week impact, the Monday impact, intra-month impacts, the January impact, occasion impacts, the Halloween marker and the sunshine sparing oddity. The most significant schedule abnormalities recognized by Sewell are the January impact and the end of the week impact. b. There are a few distinct sorts of schedule impacts distinguished in writing. * Intraday impacts are known to exist, * the end of the week impact appears to have everything except vanished, * intramonth impacts were found in many nations, * the January impact has split, and * occasion impacts exist in certain nations. Halloween Indiactor: an exchanging system of strategic resource portion dependent on the familiar axiom * ‘sell in May and go away’ created irregular returns in correlation with securities exchange records in many nations * Daylight Saving Effect: Daylight-sparing ends of the week are ordinarily trailed by huge negative profits for monetary market files (about 200 to 500 percent in contrast with end of the week impact), and scientists contend that the impact could be a direct result of changes in rest designs. Part II: R-Code Programming 1. A R developer ran the accompanying code and he/she got a blunder message. ) gt; testnorm lt;- rnorm(1000) gt; hist(testnorm, prob = TRUE) gt; mu lt;- mean(testnorm) gt; sigma lt;- sd(mynorm) Error in sd(mynorm) : object mynorm not discovered b) gt; x lt;- seq(- 4, 4, length = 1000) gt; y lt;- dnorm(x, mu, sigma) Error in dnorm(x, mu, sigma) : object sigma not discovered c) gt; lines(x, y, col = ‘blue’) Error: sudden contribution to lines(x, y, col = ‘ Please show for each situation what caused the mistake in order if conceivable compose the necessary amendment for the code. 20 Pts a. Answer: The variable mynorm should be made before utilizing in an order. Here the variable we made is testnorm, which is utilized in the computation of mu and same variable can be utilized (or renamed) in sigma (SD) estimation. Adjustment required here is gt; sigma lt;- sd(testnorm) Or on the other hand gt; mynorm lt;- testnorm b. Answer: Same as over, one needs to ascertain sigma and mu before executing the subsequent order line. One needs to include the accompanying code lines. x lt;- seq(- 4, 4, length = 1000) mu lt;- mean(x) sigma lt;- sd(x) y lt;- dnorm(x, mu, sigma) c. Answer: One needs to determine quotes â€Å"† around the alternative ‘blue’ lines(x, y, col = â€Å"blue†) . Do the accompanying utilizing R and append a printout of diagrams and codes utilized in analysis30 pts You may present a high contrast printout of the chart on the off chance that you don't have a shading printer, however code is required as it will check the orders utilized for shading the chart. a. Download the manual and information for Time Series Analysis with R, Part I by Walter Zucchini, Oleg Nenadi? for reference as you may require it to finish the task. http://www. statoek. wiso. uni-goettingen. de/veranstaltungen/zeitreihen/sommer03/ts_r_intro. pdf b. Download information document tui. ip from the site given in manual http://134. 76. 173. 220/tui. zip and read it in R utilizing proper code. c. Record last three digit of your understudy ID number __ on the off chance that you are working in a gathering, simply utilize the gathering # rather instead of last digit. d. On the off chance that the last number of the three numbers composed above to a limited extent ‘c’ (or your gathering number) is: I. Indeed: plot a line diagram of arrangement in second section utilizing red shading [warning: don't do this if the number is odd, rather do (ii)]. Mark your diagram suitably ii. On the off chance that your last digit isn't (is odd rather): Plot a line diagram of arrangement in third segment in blue shading. Mark the diagram suitably. For Even Number in (c) tui lt;- read. csv(C:/ratsdata/tui. csv, header=T, dec=,, sep=;) plot(tui[,2], type=l, lwd=2, col=red, xlab=time, ylab=opening values, main=Any Title, ylim=c(0,60) ) For Odd Number in (c) tui lt;- read. csv(C:/ratsdata/tui. csv, header=T, dec=,, sep=;) plot(tui[,3], type=l, lwd=2, col=blue, xlab=time, ylab=high values, main=Any Title, ylim=c(0,60) ) |

Endurance in Night by Eli Wiesel Essay -- essays research papers

In the Face of Adversity      à ¢Ã¢â€š ¬Ã…Most of the significant things on the planet have been practiced by individuals who have continued difficult when there appeared to be no assistance at all.㠢â‚ ¬? Dale Carnegie accepted that tirelessness could defeat even the harshest deterrents. Persistence is propelled by a reason, an unsatisfied drive to accomplish an objective. During a disastrous occasion, just individuals with a reason persevere.      In Night, Eliezer perseveres through the Holocaust with a reason to keep his dad alive. He is a 15 years of age kid when he and Chlomo started their excursion through the dangerous camps of Auschwitz, Buna, and Buchenwald. In the end, Eliezer loses his confidence in God however not in his dad. à ¢Ã¢â€š ¬Ã…He had felt that his dad was developing frail, he had accepted that the end was close and had looked for this partition so as to get free the weight, to liberate himself from an encumbrance à ¢Ã¢â€š ¬Ã¢ ¦ My God, Lord of the Universe, invigorate me never to do what Rabbi Eliahou㠢â‚ ¬Ã¢â€ž ¢s child has done㠢â‚ ¬Ã¢ ¦Ã£ ¢Ã¢â€š ¬?(87). The inspiration Eliezer needs to suffer is to keep his dad alive. Despite the fact that his dad is a steady weight, Eliezer is resolved never to abandon his dad like Rabbi㠢â‚ ¬Ã¢â€ž ¢s Eliahou㠢â‚ ¬Ã¢â€ž ¢s child endeavors. In any event, when Chlomo gets debilitated with looseness of the bowels, Eliezer remains close by. He gives his dad his own soup, relinquishes his own bread, and even attempts to get a specialist to help. à ¢Ã¢â€š ¬Ã…For a proportion of bread, I figured out how to change beds with a detainee in my father㠢â‚ ¬Ã¢â€ž ¢s bunk㠢â‚ ¬Ã¢ ¦Ã£ ¢Ã¢â€š ¬? (1...

Some CPW Thoughts

Some CPW Thoughts CPW hosts This past week, my colleagues and I spent many, many hours matching you with an MIT student host for CPW. With a record number of you expected for CPW, and a large portion of the campus hoping to serve as a host for you, you can imagine how time consuming this can be. Even daylight saving time didnt help me leave the office before dark. Most of you should hear from your CPW hosts tonight or tomorrow. Even if for some reason you dont, dont worry I assure you we have a host for you. CPW invades my dreams After the long workdays this week, I couldnt even escape CPW while I was sleeping. One night, I dreamed that one of the performances at the CPW Closing on Saturday was me and Samuel L. Jackson reciting lines from Snakes on a Plane. Im not really sure why we were doing it at CPW. I remember Sam and I having a conversation about whether it was approporiate for him to censor himself when delivering his famous line from the film (Ive had it with these snakes on this plane.). Another night, after seeing the new banner for the Class of 2011 Facebook group, I had a dream where I visited Snively at his school. I walked in in the middle of biology lab class, and the teacher didnt think it was odd that some random stranger just sauntered on into the room. CPW weather The sometimes-reliable weather.com is predicting highs in the 40s/lows in the 30s for CPW (whats been up with the weather across the country lately?). Theyre also predicting rain for Thursday, thought the rest of the weekend is looking okay. Pack/dress accordingly! Things I missed this week while host matching Jamaica Kincaid lecture Three lectures by Terry Tao Talk by Apprentice/MIT alum Randall Pinkett Ben and Marilee rehearsing for Battle of the Bands Desi Pardesi: The MIT South Asian American Students Cultural Show Breakonomics breakdancing/bboying Jam MIT Hawaii Club Luau 2007: Authentic Hawaiian Luau with onolicious Hawaiian food, local musical entertainment from the islands, tahitian dancers, hula dancers, samoan dancers, and great company! Thoughts Its a lot of work to prepare for CPW, but when everyone arrives, it all becomes worth it. I cant wait to meet you (or see you again)!

The Bombay Stock Exchange Market Capitalization - Free Essay Example

Sample details Pages: 19 Words: 5643 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Central Public sector Undertakings and Public Sector Financial Institutions (CPSEs and PSFIs) were seen as white elephants and cash cows during the 1960s 70s and 80s. After the liberalization from the early 90s the continuous losses, operational and administrative inefficiencies have created a number of problems for them. However at the same time, so many companies in the public sector are still doing well and contributing significantly to the exchequer, even though the dominance is in the hands of the private sector. Don’t waste time! Our writers will create an original "The Bombay Stock Exchange Market Capitalization" essay for you Create order Objectives of the study are To find the pattern of movement of the CPSEs and PSFIs stocks quoted at BSE and BSE total market capitalization. To find whether CPSEs and PSFIs market capitalization plays a significant role in the total BSE market capitalization. To find whether individual CPSEs Sectoral market capitalization influences BSE market capitalization. The study observes that overall CPSEs and PSFIs have contributed 23 percent on average and CPSEs have contributed 19.57 percent and PSFIs 3.44 percent for the BSE market capitalization during the study period. From the regression analysis it is observed that R2 value is 0.96 and it is understood that the relation is very strong and positive and it indicates that there is a good fit between the market capitalization of BSE and PSU. The paper concludes that the contribution of CPSEs and PFSIs has been on an increasing trend and this would provide stability to the stock market in the long run as there involves control of the gover nment in the operations of these CPSEs and PFSIs. *Assistant Professor (Finance), Institute of Public Enterprise, Osmania University, Hyderabad. ** Senior Professor and Director, Institute of Public Enterprise, Osmania University, Hyderabad. Introduction: Central Public sector Undertakings and Public Sector Financial Institutions (CPSEs and PSFIs) were seen as white elephants and cash cows during the 1960s 70s and 80s. After the liberalization from the early 90s the continuous losses, operational and administrative inefficiencies have created a number of problems for them. However at the same time, so many companies in the public sector are still doing well and contributing significantly to the exchequer, even though the dominance is in the hands of the private sector. This is because of their strengths like clear balance sheets and accountability and the fact that they are in the core sectors. In the stock markets too CPSEs and PSFIs have been playing a pervasive role in the post liberalization scenario. Most of the market players, both indigenous and foreign, have been shifting their portfolio investments to public sector undertakings scrips due to the increasing volatility with equity investments of the private sector. The public s ector alone was responsible for a Plan investment of about Rs. 1,70,000 crores during the first two years of the Tenth Five-Year Plan. The overwhelming response to the six IPOs of PSUs within just three months, of January to March 2004, also indicates the confidence institutional buyers as well as retail investors have in Central public sector Undertakings. The Government exercises control over these CPSEs and PSFIs compared to the other Public Limited Companies in the following counts: 1. CPSEs are subjected to Comptroller and Auditor General (CAG) audit other than the statutory audit which is mandatory under Companies Act 1956 ensures clear and clean balance sheet. 2. Guidelines on corporate governance for CPSEs are mandatory for all the CPSEs from March 25th, 2010. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Disclosures, Code of conduct and ethics, risk management and reporting. The continued implementation of these guidelines on Corporate Governance for CPSEs will facilitate protection of interest of shareholders and other stakeholders and also ensure transparency in the operations of CPSEs. 3. The Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises have issued in April 2010, comprehensive à ¢Ã¢â€š ¬Ã…“Guidelines on Corporate Social Responsibility (CSR) for Central Public Sector Enterprisesà ¢Ã¢â€š ¬?. These Guidelines are mandatory for all the CPSEs but other Public Limited Companies does have CSR but there are no compulsion these companies to adhere. 4. Constitution of Task Force on Memorandum of Understanding MoU by the Government of India: The (MoU) is a mutually negotiated agreement between the management of the enterprise and Government of India. Under this agreement, both sides come to a mutual understanding regarding the targets (both financial and non-financial) to be achieved by the enterprise in the ensuing year and the commitments to be fulfilled by the Government that are considered essential in fulfillment of those targets. MoU System is a major policy initiative of the Government of India in facilitating the empowerment and enhancing the performance levels of the Central Public Sector Enterprises 5. The total number of CPSEs 246 companies are under various ministries like Ministry of Steel, Ministry of Heavy Industries etc., these are headed by the Cabinet Minister. The CMDS of CPSEs will be reporting to the secretary who represents the government this ensures good governance. 6. Compulsory appointment of government representative in the company in the form of independent director. 7. Government set up a Board for Reconstruction of Public Sector Enterprises (BRPSE) in December, 2004 to advise the Government, inter alia, on measures to be taken to restructure / revival of sick Central Public Sector Enterprises (CPSEs). Inspite of the above, there are many issues that being raised by the market and public need to be addressed. They are in regard to profitability, liquidity, dividend pay out, large and diverse investments, obsolete technology, lesser market orientation, over- regulation and control by government, etc. In fact, it is these issues that are pulling CPSUs into down. It is also asserted that the failure of CPSUs both in the product market and financial market is because of these factors. The question that arises here therefore, is whether the public sector enterprises are performing in the markets or not. This is not just a simple doubt of the researcher but a million dollar question as well. With this backdrop an attempt is made in the study to evaluate the Contribution in terms of market capitalization of public enterprises in the stock market with reference to the companies quoted at the Bombay Stock Exchange. Review of Literature: Viviana (2011) focus on spatial version of the Capital Asset Pricing Model as this model specification makes it possible to account for alternative measures of distance between firms, such as market capitalization, the market-to-book, and other financial ratios. The model is tested on a panel of 126 Latin American firms. Lima and et al. (2010) paper is finds that Cramers stock-picking style is consistent with a positive-feedback trading strategy, favouring stocks which have outperformed over an interval prior to the pick date. Subsequent to a pick, Cramers immediate effect on a stock appears inversely proportional to the corresponding firms market capitalization. Clarke and et al. (2010) The paper focuses on the set of common factors that explains the cross section of individual stock returns, as that of Fama and French a three-factor model that includes the market size, which is frequently cited in academic research and widely used in portfolio management. Hasenfuss and et al. (2010) the article focuses on the market capitalization of the Top 200 companies in South Africa. It notes that market capitalization can demonstrate which stocks have gained or lost market support. Thomas and et al. (2009) In this article, capitalization rates, based on market price data for commercial real estate transactions from 2006 through the first quarter of 2008 for 25 regional cities in Ukraine, were calculated and analyzed to show the ongoing development of the commercial real estate market in this transitional economy. Chung and et al. (2010) tries to build a relationship between liquidity, market efficiency and market capitalization by taking NYSE quoted firms and concludes that higher liquidity and market efficiency ensures larger market capitalization. De Klerk and et al. (2010) the notes that small capitalization business in South Africa is those with a market capitalization of less than 1 billion rand. The authors conclude that even though companies are successful, it is still a challenge when investing their shares because the liquidity of those shares is low which make it difficult to invest. Kumar and et al. (2009) the authors focus on a develop a framework to link customer equity (CE) to market capitalization (MC). The findings show that a CE-based framework can reliably predict the MC of the firm and marketing strategies directed at increasing the CE not only increase the stock price of the firm but also beat market expectations. Koch and et al. (2011) The authors tested the magnitude of various announcements on Apples share price and its market capitalization (9 events including Mr. Steve Jobs Health). The authors conclude that Jobs health has an impact on Apples share price and market capitalization, but that impact is not always negative and not nearly as large as many observers apparently believe. DRIP (2011) the article offers the authors insights on the advantages of investing in mid-capitalization (midcap) stocks. The author says that midcaps give investors growth potential to large caps and huge size to risky small caps. The author concludes that midcaps offer big profits compared to both large and small caps. Besterand et al. (2008) this article aims to determine the methods used by companies listed on the JSE Securities Exchange South Africa (JSE) to calculate their number of shares when publishing market capitalisation. It was found that only about 25% of companies participating in share repurchase and publishing market capitalisation in their annual reports calculated market capitalisation based on the number of group shares. About 75% of the companies did not calculate their market capitalisation based on the number of group shares (i.e. they omitted to deduct subsidiary repurchases and/or trust consolidations in their calculation of the number of shares). Nawrocki and et al. (2010) while previous studies of industry competitive have traditionally utilized sales or market share data, it can be argued that concentration indices and other metrics based on the market value of the firms in an industry should be a good proxy for market power within an industry. Cendrowski and et al. (2010) the author uses market capitalisation as a tool to decide whether to purchase Apple stock during 2010. Cline and et al. (2010) The authors examine executive stock option exercises around a sample of 1,268 seasoned equity offerings (SEOs) from 1996 to 2004 focusing on a subset of exercises we identify as potentially informed. It is found from six months prior to the announcement date to six months after issuance; an average 1.76% of the total market capitalization for issuing firms is exercised and sold. According to Ericson (2010) the three external benchmarks to be consulted by organizations and boards are analyst predictions, market capitalization multiples and stock prices while setting the financial targets for corporations. Yan and et al. (2010) The authors designed modified value investing strategies in emerging equity markets by comparing a countrys value weight with its market capitalization weight among a group of emerging countries. From the above review of the literature on the topic, it is found that prime importance is given for market capitalization in taking financial decisions by the corporations, buying or selling of shares by the investors, researchers and stock analysts in deciding the various factors affecting the share prices. The above literature also reveals that vast work is done in this area abroad but still there are gaps in Indian context and especially for the CPSE stocks which are traded in the stock markets in India and this study would form a basic work and eye opener for the future studies in this area of research and on the basis of the above the objectives and hypothesis are set. Methodology: Market capitalization Market capitalization is the total value of a companys free float as determined by its share price in the stock market; it is calculated as the number of free float of ordinary shares multiplied by the previous days closing share price. Thus market capitalization = (Share Price * Free float of shares). The market capitalization of any stock is an important indicator showing what the worth of the company is. Objectives of the study: To find the pattern of movement of the CPSEs and PSFIs stocks quoted at BSE and BSE total market capitalization? To find whether CPSEs and PSFIs market capitalization plays a significant role in the total BSE market capitalization. To find whether individual CPSEs sectoral market capitalization influences BSE market capitalization? Hypothesis to be tested Whether CPSEs and PSFIs market capital has an influence over the BSE market capital H0 = CPSEs and PSFIs market capitalization does not influence the BSE market capitalization. H1 = BSE market capitalization is influenced by the PSU market capitalization Whether individual CPSEs sectoral market capitalization influences BSE market capitalization H0 = Does not influence H1 = Does influence Data and sources: Central Public sector Undertakings (CPSUs) (Central Public Enterprises and Central Financial Institutions) Month-end market capitalization of 41 CPSEs (Annexure -1), Central Public Financial Institutions (17) and total BSE market capitalization for the period 1993-94 to 2007-08. The data is collected from Prowess database. Tools used: Simple regression, Squared Euclidian, trend analysis, correlation matrix, t à ¢Ã¢â€š ¬Ã¢â‚¬Å" test, pie diagram, simple line graphs, tabulation of data. Note1: There are as many as 44 CPSEs are listed on the stock exchanges of India, out of which 5 CPSEs were not traded during 2006-07. Since IBP Co. LTD. has been merged with Indian Oil Corporation, the trading in this script has been discontinued. Public Enterprise Survey 2006-07: Vol No: 1 PP: 2-2 Note2: According to Department of Public Enterprises Survey 2006-07- Volume:3 there are 21 sectors/industries namely, Agro based Industries, Coal and Lignite, Crude Oil, Other Minerals and Metals, Steel, Petroleum (Refinery and Marketing), Fertilizers, Chemicals and Pharmaceuticals, Heavy Engineering, Medium and Light Engineering, Transportation Equipment, Consumer Goods, Textiles, Generation, Transmission, Trading and Marketing, Transportation Services, Contract and Construction Services, Industrial Development Tech. Consultancy Services, Tourist Services, Financial Services and Telecommunication Services. The study has broadly classified the above 41 CPSEs quoted at Bombay Stock Exchange under various sectors like Oil and Gas, Minerals and Metals, Logistics, Power, Engineering, Financial Services, Telecom, Fertilizers and Chemicals and Miscellaneous so as to have meaning ful conclusion as they belong to broad categories for example Generation, Transmission of power are broadly tak en into Power sector. For the purpose of studying the above objectives the market capitalization at the end of the financial year is taken. Further, Nine private companies are chosen on the basis of highest market capitalization during 2007-08 and compared with one of the CPSEs in the same line of activity from each sector to make a comparative analysis between the public sector and private sector. The year 2007-08 was taken keeping into consideration the changes in the stock market- 1. During 2007-08 the secondary market rose on a point-to-point basis with the Sensex and Nifty rising by 47.1 and 54.8 per cent respectively. 2. The Indian financial sector emerged as the third best performing market in the world with a dollar return of 71.23 per cent. 3. The Bombay Stock Exchange (BSE) benchmark index, SENSEX, posted its highest ever absolute gain of 6500 points in over two decades. Further, trend analysis is applied on market capitalization to study the pattern followed through the study period. For the above purpose 1997-98 is taken as base year. To study the influence of PSU market capitalization on BSE market capitalization a simple regression is run taking PSU market capitalization as an independent variable and BSE as a dependent variable for the study period. To know how much these two variables are different, squared Euclidean distance test is used. To obtain the influence of each PSU sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s market capitalization on the total BSE market capitalization, a simple regression is run taking each sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s market capitalization as an independent variable and BSE market capitalization as a dependent variable and coefficient is tested using t-test. Table 1 Actual Contribution by PSU Various Sectors to the Total BSE Market Capitalization during 1993-94 to 2007-08 In Rs. Crore YEAR/SECTOR OIL GAS MIN METALS ENGINEERING LOGISITICS TELECOM FERT CHEM POWER FINANCIAL SERVICES MIS.CEL. SUM OF 9SEC TOTAL BSE 1993-94 19673.46 23927.93 4262.07 4227.73 11700.00 3507.48 0.00 0.00 435.54 67734.21 368071.00 1994-95 15096.53 21555.37 3763.09 1798.36 10350.00 3411.15 0.00 0.00 435.54 56410.04 425481.00 1995-96 72614.63 19426.38 3319.43 2017.36 10680.00 2690.06 8534.72 0.00 586.48 119718.12 526476.00 1996-97 68217.68 18317.96 7373.72 4295.82 14460.00 3105.48 7726.17 0.00 709.48 124083.31 463912.00 1997-98 90928.85 10994.86 10127.78 4579.92 16556.40 3731.20 4132.60 0.00 1127.96 141761.09 560325.00 1998-99 42214.57 7212.14 7093.52 2106.52 11125.80 3787.55 1814.75 0.00 1138.61 76482.81 545361.00 1999-00 48981.70 8503.08 4702.43 1862.09 14805.00 2867.95 1042.13 0.00 1296.05 83902.99 912842.00 2000-01 47985.79 7511.58 4290.99 2083.72 8334.90 2528.40 1442.83 0.00 1231.27 75474.26 625553.00 2001-02 81956.92 9014.73 6125.01 4343.45 9289.35 3539.08 3347.03 0.00 1317.67 118846.84 612224.00 2002-03 93956.98 10413.94 7738.24 3755.36 6051.15 3096.21 4420.76 92.23 1890.27 130842.54 572197.00 2003-04 240700.77 31157.76 17792.50 10334.39 8076.60 5194.38 9202.24 99.11 2339.22 324448.02 1201207.00 2004-05 229582.99 57469.60 23397.29 12228.70 7232.40 4786.07 81820.40 136.29 3589.97 418992.96 1698428.00 2005-06 317649.17 86845.69 66153.69 21439.58 11579.40 5258.44 123080.43 268.59 3811.82 635864.96 3022189.00 2006-07 285717.33 94724.57 63096.95 22731.27 9242.10 4284.92 131931.49 12149.44 12708.07 627689.89 3545041.00 2007-08 341268.46 261358.18 109638.41 22861.13 6082.65 5991.31 223776.99 27908.54 112086.34 1011593.74 5296758.00 Average 133103.06 44562.25 22591.67 8044.36 10371.05 3851.98 40151.50 2710.28 9646.95 267589.72 1358404.00 Source: Annexure: 2 Table 1 represents the actual market capitalization of the PSU sectors individually and collectively for the period 1993-94 to 2007-08. From the table it is seen that, on an average, the Oil Gas sector has contributed Rs.1,33,103.06 crore for the period 1993-94 to 2007-08. Contributions by the other sectors are: Minerals Metals Rs.44,562.25 crore, Engineering Rs.22,591.67 crore, Logistics Rs. 8044.36 crore, Telecom Rs.10371.05 crore, Fertilizers chemicals Rs.3,851.98 crore, Power Rs. 40,151.50, Financial Services Rs.2,710.28 and Miscellaneous Rs.9,64,6.95 crore. Further, the table reveals that the sum of the Nine sectors for the year 1993-94 it was Rs.67, 734.21 crore. There is an increasing trend up 1997-98 at Rs.1,41,761.09 crore and a decline to Rs76482.81 crore in 1998-99. During the year 1999-00 there is an increase Rs.83902.99 crore, the trend continued over the rest three years ending at Rs.10,11,593.74 crore. This shows that the contribution by the sectors is good during t he period 1995-96 to 1997-98 and then there is a decline. However, towards the end of the period there is an increasing trend. The table also represents the BSE total market capitalization. In the year 1993-94 it was Rs.3,68,071 crore out of which Rs.67,734.21is contributed by the PSU sector. There is a decrease in total BSE market capitalization from Rs.5,26,476.00 crore in 1995-96 to Rs. 4,63,912.00 crore in 1996-97. During the year 1999-00 it increased to Rs.9,12,842 crore. The BSE market capitalization was reported at Rs.52,96,758 crore in 2007-08. Table 2 Percentage Contribution by PSU Various Sectors to the Total BSE Market Capitalization during 1993-94 to 2007-08 (In Percentage) YEAR/SECTOR OIL GAS MIN METALS ENGINEERING LOGISITICS TELECOM FERT CHEM POWER FINANCIAL SERVICES MIS.CEL. TOTAL 1993-94 5.35 6.50 1.16 1.15 3.18 0.95 0.00 0.00 0.12 18.40 1994-95 3.55 5.07 0.88 0.42 2.43 0.80 0.00 0.00 0.10 13.26 1995-96 13.79 3.69 0.63 0.38 2.03 0.51 1.62 0.00 0.11 22.77 1996-97 14.70 3.95 1.59 0.93 3.12 0.67 1.67 0.00 0.15 26.77 1997-98 16.23 1.96 1.81 0.82 2.95 0.67 0.74 0.00 0.20 25.37 1998-99 7.74 1.32 1.30 0.39 2.04 0.69 0.33 0.00 0.21 14.03 1999-00 5.37 0.93 0.52 0.20 1.62 0.31 0.11 0.00 0.14 9.21 2000-01 7.67 1.20 0.69 0.33 1.33 0.40 0.23 0.00 0.20 12.05 2001-02 13.39 1.47 1.00 0.71 1.52 0.58 0.55 0.00 0.22 19.43 2002-03 16.42 1.82 1.35 0.66 1.06 0.54 0.77 0.02 0.33 22.97 2003-04 20.04 2.59 1.48 0.86 0.67 0.43 0.77 0.01 0.19 27.05 2004-05 13.52 3.38 1.38 0.72 0.43 0.28 4.82 0.01 0.21 24.74 2005-06 10.51 2.87 2.19 0.71 0.38 0.17 4.07 0.01 0.13 21.05 2006-07 8.06 2.67 1.78 0.64 0.26 0.12 3.72 0.34 0.36 17.96 2007-08 6.44 4.93 2.07 0.43 0.11 0.11 4.22 0.53 2.12 20.97 AVG 10.85 2.96 1.32 0.62 1.54 0.48 1.57 0.06 0.32 19.74 Figure 1 Representation of Percentage of PSU Market Capitalization during the Period 1993-94 to 2007-08 Table 2 gives the contribution by various PSU sectors to total BSE market capitalization in percentage. From the table it is observed that the Oil Gas sector, on an average, contributed 10.85 percent of the 19.74 percent by the entire PSUs to total BSE market capitalization. Minerals Metals follows at the rate of 2.96 percent, on an average, for the study period. The total contribution by the nine sectors reveals that in 1993-94 they have contributed 18.40 percent. They increased to 22.77, 26.77, during the years 1995-96, 1998-99 respectively. Then there is a decrease (Figure 1) in the year 1999-00 and recovered in the year 2000-01 at the rate of 9.21 and 12.05 respectively. At the end of the study period, 2007-08, the PSU contribution to total BSE market capitalization is at the rate of 20.97 percent. Figure 2 Representation of average contribution of Market Capitalization by various Sectors during the Study period 1993-94 to 2004-05 Figure 2 represents total contribution by each PSU sector for the period 1993-94 to 2007-08. Oil Gas has contributed 55.00 percent, Mineral Metals 15 percent, Engineering 6.69 percent, Logistics 7.81 percent, Telecom 3 percent, Fertilizers Chemicals2.43 percent, Financial Services .30 percent, Power 7.96 percent and Miscellaneous 1.62 percent. This shows that the Oil Gas sector has contributed 55 percent to the total PSU market capital, with the remaining eight sectors contributing only 45 percent. Comparison of Trends of BSE market capitalization, sectoral market leader and market leader from the private sector and sectoral average Trend analysis of PSU market capitalization The actual market capitalizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s are subjected to trend analysis, which are tabulated in Tables 3 to 9 where the base year is taken as 100 and the other next years are represented in terms of percentage increase or decrease over the base year 1998. Table No: 3 Comparison of Trends of BSE market capitalization, sectoral market leader ONGC and Aban Lyod and Oil and Gas sectoral average (In Percent) Years BSE Market Cap. ONGC Oil and Gas Average Aban Lyod Chiles 1997-98 100 100 100 100 1998-99 -2.67 -57.49 -53.57 -9.34 1999-00 62.91 -51.26 -46.13 -52.04 2000-01 11.64 -52.37 -47.23 -11.15 2001-02 9.26 -1.78 -9.87 59.43 2002-03 2.12 27.85 3.33 241.77 2003-04 114.38 201.99 164.71 1282.66 2004-05 203.11 217.19 152.49 4993.49 2005-06 439.36 370.54 249.34 14593.23 2006-07 532.68 373.30 214.22 26884.76 2007-08 845.30 428.93 275.31 41276.00 Source: Annexure 3 Figure No: 3 From the Table no. 3 and Figure3 where CPSE Oil and Gas Sectoral details are depicted. It is observed that in the oil sector, the total has increased to 275 percent over the study period. ONGC has grown by 428 percent compared to the base year. It is also observed that Aban Lyod, the private sector exploration company being compared with ONGC, registered a growth rate of 41276 percent compared to the base year. Table No: 4 Comparison of Trends of BSE market capitalization, Sectoral market leader SAIL and TISCO and Minerals and Metals Sectoral average (In Percent) Years BSE Market Cap. SAIL Minerals and Metals Average TISCO 1997-98 100 100 100 100 1998-99 -2.67 -41.00 -34.40 -30.56 1999-00 62.91 -21.00 -22.66 -22.39 2000-01 11.64 -44.00 -31.68 -18.08 2001-02 9.26 -51.00 -18.01 -34.61 2002-03 2.12 -12.00 -5.28 -10.44 2003-04 114.38 223.00 183.38 157.63 2004-05 203.11 529.50 422.70 303.98 2005-06 439.36 733.00 689.88 440.52 2006-07 532.68 1041.00 761.54 375.16 2007-08 845.30 1747.50 2277.09 821.99 Source: Annexure 3 Figure No: 4 From the Table 4 and Figure 4 where CPSE Minerals Metals are depicted have shown an enormous increase. The year 1997-98 is taken as 100 which is the base year and it has increased to 2278 percent at the end of the study period 2007-08. SAIL has shown an increase of 1747 percent. When SAIL is compared with TISCO, which has grown by 822 percent, SAILà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance is better in market capitalization over the five years period. Table No: 5 Comparison of Trends of BSE market capitalization, sectoral market leader NTPC and Reliance Energy Limited and Power sector average (In Percent) Years BSE Market Cap. NTPC Power Sector Average REL 1997-98 100 100 100 1998-99 -2.67 -56.09 -30.82 1999-00 62.91 -74.78 13.46 2000-01 11.64 -65.09 -10.38 2001-02 9.26 -19.01 5.77 2002-03 2.12 6.97 2.77 2003-04 114.38 122.67 365.27 2004-05 203.11 100.00 889.94 240.68 2005-06 439.36 56.36 1389.14 349.98 2006-07 532.68 74.74 1496.23 291.99 2007-08 845.30 129.87 1704.97 921.04 Source: Annexure 3 Figure No: 5 From the Table 5 and Figure 5 where the CPSE Power is given it is observed that the year 1997-98 is taken as 100 which is the base year and it has increased by 1704 percent at the end of the study period 2007-08. NTPC got quoted in the year 2005 therefore year 2005 is taken as base year. NTPC has shown an increase of 1747 percent. Reliance Energy is compared with NTPC, which has grown by 921percent Table No: 6 Comparison of Trends of BSE market capitalization, sectoral market leader BHEL and Siemens and Engineering sectoral average (In Percent) Years BSE Market Cap. BHEL CPSE Engineering Sector average Siemens Mar-98 100 100 100 100 Mar-99 -2.67 -34.03 -29.96 16.41 Mar-00 62.91 -65.28 -53.57 51.51 Mar-01 11.64 -60.56 -57.63 33.05 Mar-02 9.26 -53.10 -39.52 28.85 Mar-03 2.12 -37.94 -23.59 42.66 Mar-04 114.38 67.92 75.68 395.46 Mar-05 203.11 113.17 131.02 758.43 Mar-06 439.36 524.15 553.19 2820.83 Mar-07 532.68 527.99 523.01 2702.90 Mar-08 845.30 1042.53 982.55 3072.84 Source: Annexure 3 Figure No: 6 The details of engineering sector are shown in Table 6 and Figure 6 CPSE. The year 1997-98 is taken as 100 which is a base year then it increase to 982 percent at the end of the study period 2007-08. BHEL has shown an increase of 1042 percent. Tata Telecom is compared with BHEL, which has grown by 3072 percent. Table No: 7 Comparison of Trends of BSE market capitalization, sectoral market leader MTNL and Tata Telecom and CPSE Telecom sectoral average (In Percent) Years BSE Market Cap. MTNL CPSE Telecom Average Tata Tele. 1997-98 100 100 100 100 1998-99 -2.67 -32.80 -32.80 68.49 1999-00 62.91 -10.58 -10.58 361.18 2000-01 11.64 -49.66 -49.66 71.33 2001-02 9.26 -43.89 -43.89 384.75 2002-03 2.12 -63.45 -63.45 173.24 2003-04 114.38 -51.22 -51.22 488.16 2004-05 203.11 -56.32 -56.32 1028.95 2005-06 439.36 -30.06 -30.06 1207.40 2006-07 532.68 -44.18 -44.18 688.75 2007-08 845.30 -63.26 -63.26 372.40 Source: Annexure 3 Figure No: 7 From the Table 7 and Figure 7 CPSE where the details of CPSE Telecom sector are depicted it is observed that 1997-98 is taken as 100 and it has shown a increase of 1704 at the end of the study period 2007-08. NTPC got quoted in the year 2005 therefore year 2005 is taken as base year. NTPC has shown an increase of 1747 percent. Reliance Energy is compared with NTPC, which has grown by 921percent. Table No: 8 Comparison of Trends of BSE market capitalization, sectoral market leader BIBCL and Tata Chemicals Limited and CPSE Fertilizers and Chemicals sectoral average (In Percent) Years BSE Market Cap. BIBCL Fert.,Chem. Phar.Average TCL 1997-98 100 100 100 100 1998-99 -2.67 160.37 1.51 -51.94 1999-00 62.91 647.00 -23.14 -64.86 2000-01 11.64 356.22 -32.24 -74.53 2001-02 9.26 332.72 -5.15 -70.78 2002-03 2.12 438.25 -17.02 -59.10 2003-04 114.38 2017.05 39.21 -14.86 2004-05 203.11 5242.86 28.27 20.79 2005-06 439.36 2775.58 40.93 110.30 2006-07 532.68 2116.59 14.84 64.95 2007-08 845.30 5182.95 60.57 143.47 Source: Annexure 3 Figure No: 8 From the Table 8 and Figure 8 where details of CPSE Fertilizers are depicted, it is observed that the year 1997-98 is taken as 100. From the base year the sectoral average has decreased to 60 percent i.e. at the end of the study period 2007-08. BIBCL has shown an increase of 5182 percent compared to the base year. Tata Chemicals is compared to BIBCL which has shown a growth of 143 percent compared to the base year. Table No: 9 Comparison of Trends of BSE market capitalization, sectoral market leader BEML and G.E. Shipping and CPSE Logistics Sectoral average (In Percent) Years BSE Market Cap. BEML CPSE Logistics Sectoral Average GE.SHIPPING 1997-98 100 100 100 100 1998-99 -2.67 -62.37 -54.01 -44.64 1999-00 62.91 -66.10 -59.34 -60.83 2000-01 11.64 -67.76 -54.50 -38.72 2001-02 9.26 -25.97 -5.16 -44.68 2002-03 2.12 -10.88 -18.00 -35.74 2003-04 114.38 170.13 125.65 113.85 2004-05 203.11 468.06 167.01 159.18 2005-06 439.36 2239.31 368.12 340.20 2006-07 532.68 1612.23 396.32 173.38 2007-08 845.30 1673.48 399.16 406.00 Source: Annexure 3 Figure No: 9 Table 9 and Figure 9 represent the CPSE Logistics details. From the details it is observed that the sector has grown by 399 percent compared to the base year 1998 which is taken as 100. BEML is the market leader which has shown a growth of 1673 percent compared to the base year 1998. G. E. Shipping which is a private company which is compared to the BEML has shown a growth of 406 percent compared to the base year. Study on the Contribution of Public Sector Financial Companies to the Bombay Stock Exchange Market Capitalization for the period of 1993-94 to 2007-08 Section à ¢Ã¢â€š ¬Ã…“Bà ¢Ã¢â€š ¬? covers the study of the contribution of Public Sector Financial Institutions (PSFIs) to the market capitalization of the Bombay Stock Exchange (BSE) for the period of 1993-94 to 2007-08. For the purpose of the study 17 PSFIs were taken which were regularly quoted in the BSE for the study period. The study also considered the contribution made by the private bank à ¢Ã¢â€š ¬Ã…“ICICIà ¢Ã¢â€š ¬? as a comparison to the performance of the PSFIs. For the study purpose PSFIs include Commercial Banks, Development Banks, Merchant Banking Companies, Financial Companies, and Housing Finance Companies as they are held by certain Public Sector Banks (PSBs) Table: 10 Contribution of Public Sector Financial Institutions to Bombay Stock Exchange Market Capitalization In Rs. Crore PSFIs/Years 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 BSE Mart. Cap. 368071 425481 526476 463912 560325 545361 912842 625553 612224 Bank Of Baroda 2664.00 3093.20 1346.80 1342.36 1786.36 1419.32 Bank Of India 2709.36 1278.00 1000.04 722.07 1603.89 Can Fin Homes Ltd. 112.75 76.88 43.05 31.26 30.34 29.93 35.36 41.00 51.83 Canara Bank G I C Housing Finance Ltd. 86.42 54.01 43.66 41.41 35.11 19.00 16.20 18.46 I D B I Bank Ltd. 7336.72 5687.64 5758.31 1999.09 3163.54 1746.32 1067.38 Ind Bank Housing Ltd. 22.50 20.00 13.00 5.75 4.00 4.50 3.50 3.05 2.00 Indbank Mer.Bank. Ser. Ltd. 172.05 68.82 19.98 18.65 7.77 15.99 5.77 5.33 Indian Bank L I C Housing Finance Ltd. 502.89 364.03 405.31 337.76 285.60 245.81 225.55 540.79 P N B Gilts Ltd. 232.89 241.66 Punjab National Bank S B I Home Finance Ltd. 101.25 86.25 51.00 38.25 27.00 16.50 13.80 9.75 10.50 State Bank Of Bikaner Jaipur 293.38 222.50 117.50 137.25 136.50 168.22 State Bank Of India 8122.72 6019.36 8131.27 14354.80 14841.63 11231.22 10583.87 10539.14 11568.05 State Bank Of Mysore    86.40 79.56 75.62 101.16 State Bank Of Travancore 250.50 112.50 110.68 129.00 152.50 Total Contribution to BSE by PSFIs 8359.22 6963.85 16061.90 23544.03 27334.66 16550.92 16750.76 15669.22 16951.09 Total PSFIs Mart. Cap./BSE 2.27 1.64 3.05 5.08 4.88 3.03 1.84 2.50 2.77 ICICI Bank 755.70 452.10 5117.29 3255.38 2732.45 ICICI Bank /BSE Mark. Cap. 0.13 0.08 0.56 0.52 0.45 Contà ¢Ã¢â€š ¬Ã‚ ¦.Table: 10 Contribution of Public Sector Financial Institutions to Bombay Stock Exchange Market Capitalization In Rs. Crore PSFIs/Years 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 Average BSE Mart. Cap. 572197 1201207 1698428 3022189 3545041 5296758 1358404 Bank Of Baroda 2542.64 7117.55 6394.65 8389.03 7846.29 10341.52 4523.64 Bank Of India 1851.72 2870.78 5044.58 6433.68 8178.60 13281.67 4088.58 Can Fin Homes Ltd. 58.90 83.58 90.54 101.20 122.71 138.69 69.87 Canara Bank 2919.20 5928.60 8216.40 10942.90 7982.70 9233.20 7537.17 G I C Housing Finance Ltd. 20.17 53.83 98.14 221.33 221.60 323.91 89.52 I D B I Bank Ltd. 1080.43 3792.95 5951.00 5667.31 5613.03 6453.74 4255.19 Ind Bank Housing Ltd. 3.00 3.81 7.31 10.59 14.74 17.85 9.04 Indbank Mer.Bank. Ser. Ltd. 7.10 10.92 26.45 36.57 73.67 90.75 39.99 Indian Bank 3876.53 7000.95 5438.74 L I C Housing Finance Ltd. 493.06 1368.27 2003.14 1610.32 1169.52 2375.14 851.94 P N B Gilts Ltd. 288.24 345.62 254.49 263.94 245.04 372.62 280.56 Punjab National Bank 2702.11 8858.45 12400.85 14857.05 14871.24 16022.10 11618.63 S B I Home Finance Ltd. 10.42 20.76 31.57 23.02 23.02 23.02 32.41 State Bank Of Bikaner Jaipur 260.00 854.72 1180.00 2082.17 1674.00 2499.00 802.10 State Bank Of India 14204.81 31877.92 34575.20 50948.36 52256.22 100962.64 25347.81 State Bank Of Mysore 154.44 643.68 736.02 2277.63 1851.57 2700.00 870.61 State Bank Of Travancore 207.50 775.95 1012.57 2075.97 1504.18 2387.97 792.67 Total Contribution to BSE by PSFIs 26803.74 64607.39 78022.91 105941.07 107524.66 174224.77 47020.68 Total PSFIs Mart. Cap./BSE 4.68 5.38 4.59 3.51 3.03 3.29 3.46 ICICI Bank 8211.60 18239.04 28952.94 52432.87 76702.20 85688.06 25685.42 ICICI Bank /BSE Mark. Cap. 1.44 1.52 1.70 1.73 2.16 1.62 0.79 From the Table 10 where the PSFIs market capitalization for the period of 1993-94 to 2007-08 is given, it is observed that total PSFIs contribution has varied between 1.84 percent to 5.38 percent. In absolute figures it was between Rs.6963.85 crore to Rs.174224.77 crore. Further from the table it is observed that in 1993-94 the contribution was at 2.27 percent reduced to 1.64 percent in 1994-96. The period of 1995-96 was an increase up to 3.05 percent. On an average the PSFIs have contributed 3.46 percent to the BSEs total market capitalization. Table: 11 Comparison of State Bank of India (SBI), Total Contribution by PFSIs and ICICI Bank to BSE market capitalization. In. Rs. Crore Time Period BSE Mart. Cap. State Bank of India Total Contribution to BSE by PSFIs ICICI Bank 1993-94 368071 8122.72 8359.22 1994-95 425481 6019.36 6963.85 1995-96 526476 8131.27 16061.90 1996-97 463912 14354.80 23544.03 1997-98 560325 14841.63 27334.66 755.70 1998-99 545361 11231.22 16550.92 452.10 1999-00 912842 10583.87 16750.76 5117.29 2000-01 625553 10539.14 15669.22 3255.38 2001-02 612224 11568.05 16951.09 2732.45 2002-03 572197 14204.81 26803.74 8211.60 2003-04 1201207 31877.92 64607.39 18239.04 2004-05 1698428 34575.20 78022.91 28952.94 2005-06 3022189 50948.36 105941.07 52432.87 2006-07 3545041 52256.22 107524.66 76702.20 2007-08 5296758 100962.64 174224.77 85688.06 Average 1358404.33 25347.81 47020.68 25685.42 Figure: 10 Comparison of trends of State Bank of India, Public Sector Financial Institutions and ICICI Bank to Market Capitalization of Bombay Stock Exchange From the Table :11 and Figure :10 where the comparison of trend movement of PSFIs , SBI and ICICI are depicted it is observed that PSFIs contribution has varied between Rs.6963.85 crore to Rs.174224.77 crore for the period of 1993-94 to 2007-08. SBI has contributed Rs.6019.36 crore to Rs.100962.64 crore. The ICICI Bank which is a private player has contributed Rs.452.10 crore in 1998-99 and increased to Rs.85688.06 crore in 2007-08. The trend of PSFIs shows that it is aligned with that SBI and ICICI Bank. Further it is observed that the contribution of SBI, ICICI are on increasing trend through out the study period. Section à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬? Study on the Contribution of Public Sector Financial Companies and Central Public Sector Enterprises to the Bombay Stock Exchange Market Capitalization for the period of 1993-94 to 2007-08 Table: 12 Comparison of contribution by PSFIs, CPSEs and Total contribution of Public sector to BSE market capitalization Time Period BSE Market Cap. CPSEs Contribution PSFIs Contribution Total Contribution by CPSEs and PSFIs Total Contribution by CPSEs and PSFI CPSEs Contribution PSFIs Contribution In Rs. Crore In Percent 1993-94 368071.00 67734.21 8359.22 76093.43 20.67 18.40 2.27 1994-95 425481.00 56410.04 6963.85 63373.89 14.89 13.26 1.64 1995-96 526476.00 119718.12 8131.27 127849.39 24.28 22.74 1.54 1996-97 463912.00 124083.31 23544.03 147627.34 31.82 26.75 5.08 1997-98 560325.00 141761.09 27334.66 169095.75 30.18 25.30 4.88 1998-99 545361.00 76482.81 16550.92 93033.73 17.06 14.02 3.03 1999-00 912842.00 83902.99 16750.76 100653.75 11.03 9.19 1.84 2000-01 625553.00 75474.26 15669.22 91143.48 14.57 12.07 2.50 2001-02 612224.00 118846.84 16951.09 135797.93 22.18 19.41 2.77 2002-03 572197.00 130842.54 26803.74 157646.28 27.55 22.87 4.68 2003-04 1201207.00 324448.02 64607.39 389055.41 32.39 27.01 5.38 2004-05 1698428.00 418992.96 78022.91 497015.87 29.26 24.67 4.59 2005-06 3022189.00 635864.96 105941.07 741806.03 24.55 21.04 3.51 2006-07 3545041.00 627689.89 107524.66 735214.55 20.74 17.71 3.03 2007-08 5296758.00 1011593.74 174224.77 1185818.51 22.39 19.10 3.29 Average 1358404.33 267589.72 47020.68 314610.40 23.00 19.57 3.34 Figure 11: Comparison of Trend movements of PSFIs, CPSEs and Public Sector From the Table 12 and Figure 11 where the actual contribution to BSE market capitalization by the Total Public Sector, PSFIs and CPSEs in terms of actual i.e., Rs. Crores and in percentage are depicted. It is observed that CPSEs have contributed on an average Rs.267590 crore and varied between Rs.56410.04 crore to Rs.1011594.00 crore. PSFIs contributed on an average Rs.47020.70 crore and varied between Rs.6963.85 crore to 174224.80 crore. Further the table reveals that public sector has contributed 23 percent on average and CPSEs have contributed 19.57 percent and PSFIs 3.44 percent for the BSE market capitalization during the study period. Figure 12 Linear Regression Plot between CPSE PSFIs and BSE Market Capitalization BSE = 11805.422+4.287* CPSE PSFIs R 2 = 0.96 Table 13 Regression Results for CPSE PSFIs Market Capitalization and BSE Market Capitalization: Regression Standard t-Value Significance Variables Co-efficient (ÃŽÂ ²) Error Level (P-Value) r =0.983 r2 = 0.96 (Constant) 11805.422 101357.100 0.116 0.010 CPSE PSFIs MAR. CAP. 4.28 .225 19.050 0.000 BSE Market Capitalization = Dependent Variable The Figure 12 and Table 13 represent the Linear Regression Plot and Regression values between CPSE PSFIs market capitalization and BSE market capitalization. From the R2 value of 0.96 it is understood that the relation is very strong and positive and it indicates that there is a good fit between the market capitalization of BSE and PSU. The P value is 0.001, which is less than 0.05. This signifies that contribution of CPSE PSFIs market capitalization to overall BSE market capitalization is significant. Thus CPSE PSFIs market capitalization is a good indicator of total market capitalization incorporated in BSE SENSEX. Table 14 Squared Euclidean Distance: Proximity Matrix Absolute Square Euclidean Distance CPSE PSFIs BSE CPSE PSFIs 0.000 0.699 BSE 0.699 0.000 This is a Dissimilarity Matrix Further, in Table 14, Absolute Squared Euclidean Distance is computed and proximity matrix is obtained. The Table indicates that the dissimilarity between CPSE PSFIs and BSE market capitalization is 0.69. This indicates that there are dissimilarities between BSE market capitalization and PSU market capitalization to an extent of 69 percent. Table 15 Correlation Matrix for BSE Market Capitalization and CPSE PSFIs Market Capitalization Further, in Table 15 correlation matrix is computed between BSE market capitalization and PSU market capitalization, which explains that there, exists a high correlation (0.983) between the two. Conclusion: The paper attempts to evaluate the contribution in terms of market capitalization of Central Public Sector Enterprises and Public Financial Institutions in the stock market with reference to the companies quoted at the Bombay Stock Exchange. Market capitalization is the total value of a companys free float as determined by its share price in the stock market; it is calculated as the number of free float of ordinary shares multiplied by the previous days closing share price. . At the end of the study period, 2007-08, the CPSEs contribution to total BSE market capitalization is at the rate of 20.97 percent. The study observes that the Oil Gas sector, on an average, contributed 10.85 percent of the 19.74 percent by the entire CPSEs to total BSE market capitalization. This shows that the Oil Gas sector has contributed 55 percent to the total CPSEs market capital, with the remaining eight sectors contributing only 45 percent. . On an average the PSFIs have contributed 3.46 percent to th e BSEs total market capitalization. Further the study finds that overall CPSEs and PSFIs have contributed 23 percent on average and CPSEs have contributed 19.57 percent and PSFIs 3.44 percent for the BSE market capitalization during the study period. From the regression it is observed that R2 value is 0.96 and it is understood that the relation is very strong and positive and it indicates that there is a good fit between the market capitalization of BSE and PSU. Correlation matrix is computed between BSE market capitalization and PSU market capitalization, which explains that there, exists a high correlation (0.983) between the two. To conclude it can be said that the contribution of CPSEs and PFSIs has been on an increasing trend and this would provide stability to the stock market in the long run as there involves control of the government in the operations of these CPSEs and PFSIs.

Analysis Of Those Winter Sundays By Baldwin Sonny s...

Sadighim,Candice English 2 Cramer 3 November 2015 Conflict and reconciliation in familial relationships in Literature Hayden’s ‘Those Winter Sundays’, Baldwin’ Sonny s blues and Grimm brothers’ Cinderella describes certain sensitive situations most families sometimes find themselves in when disagreeing on diverse issues that can be resolved when parties are determined to. In these pieces of literature, family conflicts are portrayed as simple disagreements that in certain cases result in family break-ups and unnecessary hostilities. These pieces of work are very explicit and affirm that in any situation where there are facts, inclinations, and distress, there is a relatively high possibility for conflicts to occur. However, contrary to the popular opinion, these fundamental causes of family conflicts are human-made and can be resolved when proper channels are followed in a collaborative manner as portrayed in these three literatures. Indeed, virtually all families are at one period of time obliged to pass through diverse everyday conflicts, but with determination a nd acceptance of mistakes, appropriate processes of reconciliation can be instituted and the family ultimately return back to normalcy. This piece of work by Grimm brothers describes a familial conflict pitting a step-mother and step-daughter who is obliged to unite after the sudden death of her birth mother. Grimm brothers rues the step-mother’s poor communication skills and lack of some important

Fool Chapter 8 Free Essays

string(248) " memories of burning urination and putrid discharge, but what romance worth the memory is devoid of the bittersweet\? When I first met her, Goneril was but seventeen, and although betrothed to Albany from the age of twelve, she had never seen him\." EIGHT A WIND FROM FUCKING FRANCE Hunter was right, of course, he wasn’t able to feed Lear’s train. We imposed on villages along the way for fare and quarter, but north of Leeds the villages had suffered bad harvests and they could not bear our appetites without starving themselves. I tried to foster good cheer among the knights, while keeping distance from Lear – I had not forgiven the old man for disowning my Cordelia and sending away Drool. We will write a custom essay sample on Fool Chapter 8 or any similar topic only for you Order Now Secretly I relished the soldiers’ complaints about their lack of comfort, and made no real effort to dampen their rising resentment for the old king. On the fifteenth day of our march, outside of Lint-upon-Tweed, they ate my horse. â€Å"Rose, Rose, Rose – would a horse by any other name taste so sweet?† the knights chanted. They thought themselves clever, slinging such jests while spraying roasted bits of my mount from their greasy lips. The dull always seek to be clever at the fool’s expense, to somehow repay him for his cutting wit, but never are they clever, and often are they cruel. Which is why I may never own things, never care for anyone, nor show desire for anything, lest some ruffian, thinking he is funny, take it away. I have secret desires, wants, and dreams, though. Jones is a fine foil, but I should like someday to own a monkey. I would dress him in a tiny jester’s suit, of red silk, I think. I would call him Jeff, and he would have his own scepter, that would be called Tiny Jeff. Yes, I should very much like a monkey. He would be my friend – and it would be forbidden to murder, banish, or eat him. Foolish dreams? We were met at the gate of Castle Albany by Goneril’s steward, adviser, and chief toady, that most pernicious twat, Oswald. I’d had dealings with the rodent-faced muck-sucker when he was but a footman at the White Tower, when Goneril was still princess at court, and I, a humble jongleur, was found wandering naked amid her royal orbs. But that tale is best left for another time, the scoundrel at the gate impedes our progress. Spidery in appearance as well as disposition, Oswald lurks even when in the open, lurking being his natural state of locomotion. A fine black fuzz he wears for a beard, the same is on his head, when his blue tartan tam is humbled at his heart, which it was not that day. He neither removed his hat nor bowed as Lear approached. The old king was not pleased. He stopped the train an arrow-shot from the castle and waved me forward. â€Å"Pocket, go see what he wants,† said Lear. â€Å"And ask why there is no fanfare for my arrival.† â€Å"But nuncle,[24]† said I. â€Å"Shouldn’t the captain of the guard be the one – â€Å" â€Å"Go on, fool! A point is to be made about respect. I send a fool to meet this rascal and put him in his place. Spare no manners, remind the dog that he is a dog.† â€Å"Aye, majesty.† I rolled my eyes at Captain Curan, who almost laughed, then stopped himself, seeing that the king’s anger was real. I pulled Jones from my satchel and sallied forth, my jaw set, as determined as the prow of a warship. â€Å"Hail, Castle Albany,† I called. â€Å"Hail, Albany. Hail, Goneril.† Oswald said nothing, did not so much as remove his hat. He looked past me to the king, even when I was standing an arm’s length from him. I said: â€Å"King of bloody Britain here, Oswald. I’d suggest you pay proper respect.† â€Å"I’ll not lower myself to speak with a fool.† â€Å"Primping little whoreson wanker, innit he?† said the puppet Jones. â€Å"Aye,† said I. Then I spotted a guard in the barbican, looking down on us. â€Å"Hail, Cap’n, seems someone’s emptied a privy on your drawbridge and the steaming pile blocks our way.† The guard laughed. Oswald fumed. â€Å"M’lady has instructed me to instruct you that her father’s knights are not welcome in the castle.† â€Å"That so? She’s actually talking to you, then?† â€Å"I’ll not have an exchange with an impudent fool.† â€Å"He’s not impudent,† said Jones. â€Å"With proper inspiration, the lad sports a woody as stout as a mooring pin. Ask your lady.† I nodded in agreement with the puppet, for he is most wise for having a brain of sawdust. â€Å"Impudent! Impudent! Not impotent!† Oswald frothing a bit now. â€Å"Oh, well, why didn’t you say so,† said Jones. â€Å"Yes, he’s that.† â€Å"To be sure,† said I. â€Å"Aye,† said Jones. â€Å"Aye,† said I. â€Å"The king’s rabble shall not be permitted in the castle.† â€Å"Aye. That so, Oswald?† I reached up and patted his cheek. â€Å"You should have ordered trumpets and rose petals scattered on our path.† I turned and waved the advance to the train, Curan spurred his horse and the column galloped forward. â€Å"Now get off the bridge or be trampled, you rat-faced little twat.† I strode past Oswald into the castle, pumping Jones in the air as if I was leading cadence for war drummers. I think I should have been a diplomat. As Lear rode by he clouted Oswald on the head with his sheathed sword, knocking the unctuous steward into the moat. I felt my anger for the old man slip a notch. Kent, his disguise now completed by nearly three weeks of hunger and living in the outdoors, fell in behind the train as I had instructed. He looked lean and leathery now, more like an older version of Hunter than the old, overfed knight he had been at the White Tower. I stood to the side of the gate as the column entered and nodded to him as he passed. â€Å"I’m hungry, Pocket. All I had to eat yesterday was an owl.† â€Å"Perfect fare for witch finding, methinks. You’re with me to Great Birnam Wood tonight, then?† â€Å"After supper.† â€Å"Aye. If Goneril doesn’t poison the lot of us.† Ah, Goneril, Goneril, Goneril – like a distant love chant is her name. Not that it doesn’t summon memories of burning urination and putrid discharge, but what romance worth the memory is devoid of the bittersweet? When I first met her, Goneril was but seventeen, and although betrothed to Albany from the age of twelve, she had never seen him. A curious, round-bottomed girl, she had spent her entire life in and around the White Tower, and she’d developed a colossal appetite for knowledge of the outside world, which somehow she thought she could sate by grilling a humble fool. It started on odd afternoons, when she would call me to her chambers, and with her ladies-in-waiting in attendance, ask me all manner of questions her tutors had refused to answer. â€Å"Lady,† said I, â€Å"I am but a fool. Shouldn’t you ask someone with position?† â€Å"Mother is dead and Father treats us like porcelain dolls. Everyone else is afraid to speak. You are my fool, it is your duty to speak truth to power.† â€Å"Impeccable logic, lady, but truth be told, I’m here as fool to the little princess.† I was new to the castle, and did not want to be held accountable for telling Goneril something that the king didn’t wish her to know. â€Å"Well, Cordelia is having her nap, so until she wakes you are my fool. I so decree it.† The ladies clapped at the royal decree. â€Å"Again, irrefutable logic,† said I to the thick but comely princess. â€Å"Proceed.† â€Å"Pocket, you have traveled the land, tell me, what is it like to be a peasant?† â€Å"Well, milady, I’ve never been a peasant, strictly speaking, but for the most part, I’m told it’s wake early, work hard, suffer hunger, catch the plague, and die. Then get up the next morning and do it all again.† â€Å"Every day?† â€Å"Well, if you’re a Christian – on Sunday you get up early, go to church, suffer hunger until you have a big meal of barley and swill, then catch the plague and die.† â€Å"Hunger? Is that why they seem so wretched and unhappy?† â€Å"That would be one of the reasons. But there’s much to be said for hard work, disease, run-of-the-mill suffering, and the odd witch burning or virgin sacrifice, depending on your faith.† â€Å"If they are hungry, why don’t they just eat something?† â€Å"That is an excellent idea, milady. Someone should suggest that.† â€Å"Oh, I shall make a most excellent duchess, I think. The people will praise me for my wisdom.† â€Å"Most certainly, milady,† said I. â€Å"Your father married his sister, then, did he, love?† â€Å"Heavens no, mother was a Belgian princess, why do you ask?† â€Å"Heraldry is my hobby, go on.† Once we were inside the main curtain wall[25] of Castle Albany, it was clear that we would go no farther. The main keep of the castle stood behind yet another curtain wall and had its own drawbridge, over a dry ditch rather than a moat. The bridge was lowering even as the king approached. Goneril walked out on the drawbridge unaccompanied, wearing a gown of green velvet, laced a bit too tightly. If the intent was to lessen the rise of her bosom it failed miserably, and brought gasps and guffaws from several of the knights until Curan raised his hand for silence. â€Å"Father, welcome to Albany,† said Goneril. â€Å"All hail good king and loving father.† She held out her arms and the anger drained from Lear’s face. He climbed down from his horse. I scampered to the king’s side and steadied him. Captain Curan signaled and the rest of the train dismounted. As I straightened Lear’s cape about his shoulders, I caught Goneril’s eye. â€Å"Missed you, pumpkin.† â€Å"Knave,† said she under her breath. â€Å"She was always the most fair of the three,† I said to Lear. â€Å"And certainly the most wise.† â€Å"My lord means to accidentally hang your fool, Father.† â€Å"Ah, well, if accident, there’s no fault but Fate,† said I with a grin – pert and nimble spirit of mirth that I am. â€Å"But call then for a spanking of Fate’s fickle bottom and hit it good, lady.† I winked and smacked the horse’s rump. Wit’s arrow hit and Goneril blushed. â€Å"I’ll see you hit, you wicked little dog.† â€Å"Enough of that,† said Lear. â€Å"Leave the boy alone. Come give your father a hug.† Jones barked enthusiastically and chanted, â€Å"A fool must hit it. A fool must hit it, hit it good.† The puppet knows a lady’s weakness. â€Å"Father,† said she, â€Å"I’m afraid we’ve accommodation only for you in the castle. Your knights and others will have to make do in the outer bailey.[26] We’ve quarters and food for them by the stables.† â€Å"But what about my fool?† â€Å"Your fool can sleep in the stable with the rest of the rabble.† â€Å"So be it.† Lear let his eldest lead him into the castle like a milk cow by the nose ring. â€Å"She truly loathes you, doesn’t she?† said Kent. He was busy wrapping himself around a pork shoulder the size of a toddler – his Welsh accent actually sounding more natural through the grease and gristle than when clear. â€Å"Not to worry, lad,† said Curan, who had joined us by our fire. â€Å"We’ll not let Albany hang you. Will we, lads!?† Soldiers all around us cheered, not sure what they were cheering for, beyond the fact that they were enjoying the first full meal with ale that they’d had since leaving the White Tower. A small village was housed inside the bailey and some of the knights were already wandering off in search of an alehouse and a whore. We were outside the castle, but at least we were out of the wind, and we could sleep in the stables, which the pages and squires had mucked out on our arrival. â€Å"But if we’re not welcome in the great hall, then they are not welcome to the talents of the king’s fool,† said Curan. â€Å"Sing us a song, Pocket.† A cheer went up around the camp: â€Å"Sing! Sing! Sing!† Kent raised an eyebrow. â€Å"Go ahead, lad, your witches will wait.† I am what I am. I drained my flagon of ale, set it by the fire, then whistled loudly, jumped up, did three somersaults and laid out into a back-flip, wherefrom I landed with Jones pointed at the moon, and said, â€Å"A ballad, then!?† â€Å"Aye!† came the cheer. And ever so sweetly, I crooned the lilting love song â€Å"Shall I Shag My Lady Upon the Shire?† I followed that with a bit of a narrative song by way of a troubadour tradition: â€Å"The Hanging of Willie Wagging William.† Well, everyone likes a story after supper, and by the one-eyed balls of the Cyclops, that one got them clapping, so I slowed it down a bit with the solemn ballad, â€Å"Dragon Spooge Befouled My Bonny Bonny Lass.† Bloody inconsiderate to leave a train of fighting men fighting back tears, so I danced my way around the camp while singing the shanty â€Å"Alehouse Lilly (She’ll Bonk You Silly).† I was about to say good night and head out when Curan called for silence and a road-worn herald wearing a great golden fleur-delis on his chest entered the camp. He unrolled his scroll and read. â€Å"Hear ye, hear ye. Let it be known that King Philip the Twenty-seventh of France is dead. God rest his soul. Long live France. Long live the king!† No one â€Å"long lived the king† back at him and he seemed disappointed. Although one knight did murmur â€Å"So?† and another, â€Å"Good bloody riddance.† â€Å"Well, you British pig dogs, Prince Jeff is now king,† said the herald. We all looked at each other and shrugged. â€Å"And Princess Cordelia of Britain is now Queen of France,† the herald added, rather huffy now. â€Å"Oh,† said many, realizing at last at least a glancing relevance. â€Å"Jeff?† said I. â€Å"The bloody frog prince is called Jeff?† I strode to the herald and snatched the scroll out of his hand. He tried to take it back and I clouted him with Jones. â€Å"Calm, lad,† said Kent, taking the scroll from me and handing it back to the herald. â€Å"Merci,† said he to the messenger. â€Å"He took my bloody princess and my monkey’s name!† said I, taking another swing with Jones, which missed its mark as Kent was dragging me away. â€Å"You should be pleased,† said Kent. â€Å"Your lady is the Queen of France.† â€Å"And don’t think she’s not going to rub my nose in that when I see her.† â€Å"Come, lad, let’s go find your witches. We’ll want to be back by morning in time for Albany to accidentally hang you.† â€Å"Oh, she’d like that, wouldn’t she?† How to cite Fool Chapter 8, Essay examples

Happiness Depends on Us free essay sample

The author of Stumbling on Happiness, Daniel Gilbert, attempts to define the word. With several factors being put into play such as the measuring of happiness, different memories and deferent feelings can vary Gilberts definition from mine. Writing a book with 263 pages based on the topic of happiness, Gilbert shows us his own definition of the word relatively early, Happiness, then, Is the you-know- what-I-mean feeling (35). Do I even have to explain his quote?Because according to Gilbert we already know what he means. On the serious note, Gilbert is trying to make a point that it is extremely difficult to describe this word. He goes on to say that f we were to try and describe this word, we would most likely ditch the idea of using a definition and try and describe it by pointing out examples of what makes us happy. Well then if you go down that route, you are already looking at millions of different possibilities of what makes people happy. We will write a custom essay sample on Happiness Depends on Us or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page You can see why It Is so difficult for Gilbert because everyone In this world Is made completely different from one another. Their own definition of happiness or feeling of happiness can range from person to person. The struggle begins when everyone has their own definition of happiness. The exult of them having their own definition of this word occurs since everyone has their own unique life experiences. There is a reason behind everyones definition and the thinking that was put Into It. The first thing that Is put Into their thinking Is the memories that they have. When we want to remember our experience, our brains quickly reweave the tapestry by fabricating-?not by actually retrieving-?the bulk of the information that we experience as a memory (87) Our brains are so intelligent that we remember and associate certain things in either a positive or a negative way. When we recall a memory it affects people in several ways; different memories equal different thinking.In addition to having different memories, people can have different feelings as well. Literally two people can experience the same exact event and can walk away thinking or feeling two;o completely different things. It all depends on how they want to react to something or how they feel about it. Gilbert makes a great point and says, Well, it depends on what we mean by painful (224). Someone can be physically or mentally stronger than the person next to them and can experience a aromatic event and may not have the same effect on them as the other. This all plays a role In how someone will respond to a similar situation or Just affect their When asked what made me happy, I actually had to think hard about what I could say. There are so many things that bring me pleasure and Joy that it is difficult to pinpoint on what makes me happy. It ranges from different people, things, ideas or even life situations. After a while I decided that it wasnt any of that in which makes me happy. It actually relates back to the official dictionary definition of the word, peppiness, the quality or state of being happy.Being happy makes me happy. Now before you go and say that my statement is invalid and does not make any sense, Just think about it. My state of mind is happy when I am happy. I like to think I am a generally happy person and when I am happy, I am happy. Now of course there are things that make me happy, but what actually makes me happy is when I know I am happy. Surrounding myself around similarly happy people, doing things I love like sports and hanging out with people I love like friends and family are things that help e get to the happy state.After reading Gilberts, Stumbling on Happiness, I am convinced that there is no way to physically define the word happiness with a straight forward definition. The word will be defined in many different ways all depending on who is defining it. With life throwing survivable at us every single day we create different memories from our peers. With those memories we create different responses that develop into different feelings. We then measure what happiness really is and ultimately in the end, happiness depends on ourselves.