Abstract
In this article, the writer analyses, compares and contrasts the financial performance and position of John Lewis Plc, and Marks & Spencer Plc, mainly through the process of the ratio analysis of the financial statements of the two companies. The writer provides a brief introduction of the two companies under discussion, such as their background information, similarities and differences and their core business. The writer deals with calculations of important financial ratios of the two companies and then analyses these figures. The writer compares and discusses the ratios in detail, discussing possible causes of changes and fluctuations and coming to various conclusions about the performance of the two companies. In addition, the writer looks at certain limitations of the exercise of ratio analysis, emphasising the fact, that even though ratio analysis is a great means of understanding the financial position of a company better, there are still many other factors which can impact those numbers but are difficult to quantify. The writer concludes by highlighting the main findings of the report and presenting a personal opinion on the attractiveness of two companies from an investor's viewpoint.

Outline:
Introduction
Analysis of the Ratios
Profitability Ratios
Gross Profit Ratio
Net Profit Ratio
Return on Capital Employed
Liquidity Ratios
Activity Ratios
Net Asset Turnover Ratio
Stock Holding Period
Debtor Days
Creditor Days
Gearing Ratios
The Limitations of the Exercise
General Limitations
Company Specific Limitations
Conclusions

From the Paper
"John Lewis, increased its net profit ratio from 4.31% to 4.49% which is an increase of 4.18%. In regard to turnover, JLP's turnover increased from L4169.1 in 2003 to L4499.5 in 2004, which is an increase of nearly 8%. This shows that in terms of volume, it did a good job, but in terms of efficiency it worsened, as even though there was a volume increase of 8%, the increase in net profit ratio was only 4.18%. Most probable reasons for this could be, there was in increase in administrative expenses, or other overhead expenses, which does reflect poor efficiency. However it is possible that the firm was looking to increase market share quickly and hence might have spent an above average expenditure on things like advertising, which helped increase volume, but affected the bottom line. In this case, the investment may not have shown immediate results, but may improve turnover, and margins in the longer run."

Tags:ratio, analysis, department, store, chain

Abstract
This paper discusses how lately we have witnessed some debacles of the well-known financial institutions caused by liquidity crisis. In particular it looks at Northern Rock and Bear Stearns and how liquidity problems have deeply undermined the profitable trading strategies of the banks.

Outline:
Introduction
Causes of Liquidity Risk
Two Episodes of Liquidity Crisis
Episode 1. Northern Rock (NR)
Episode. 2 Bear Stearns
Liquidity Risk Management
Conclusions

From the Paper
"NR was a building society mutually owned by its depositors and borrowers in origin, and on 1 October 1997, it converted to a mortgage-trading bank of a moderate size. Since the demutualization, NR changed its strategies dramatically, and adopted an 'originate and distribute' business model. This aggressive business model has helped NR to expand its loan book substantially from L13bn to L87bn, and its share of UK mortgage market from 0.3% (of L 430bn) to 8.35% (of L1046bn) within a short 10-year period, from 1997 to 2006. By the end of 2006, NR has become the eighth largest listed bank by market value in UK. However, over the same period, the ratio of deposits to total assets in the bank fell from 72% to 27%. As viewed from the graph.1 below, at 31 December 2006, 70% (including Wholesale, Securitised bonds and Covered bonds) of NR's liabilities were funded by short-term borrowings, while a mere 22% of the funding is obtained from retail deposits. "

Tags:shareholders, trading, strategies

Abstract
This paper studies the DZ Bank which operates in Europe with branch networks in various countries. The organizational structure of the DZ Bank is made up of three groups. These include Corporate and Investment Banking, Private Clients and Asset Management and Corporate Investment. It discusses the roles of the Board of Managing Directors and how to report to them and present the annual strategy.

From the Paper
"DZ Bank is at the forefront of providing international financial services. The primary market for the bank is Europe with branch networks in various countries . For the purpose of this analysis I will review how three key activities are planned and managed within the Group Executive Committee division of this organization. In addition I will review what roles teamwork, effective management and motivated employees play in completing these activities. I will demonstrate how planning techniques are created using P.E.R.T. "

Tags:bank, management, DZ, P.E.R.T., Europe, asset, corporate, clients, banking, germany, international

Abstract
This paper aims to provide information and guidance upon the crucial factors that must be considered when deciding on how the development of the idea is followed through to successful fruition and hopefully to wide spread commercial exploitation under the generalised field of ?technology?. It use as an example the field of e-commerce, focusing on the success of the on-line divisions of Tesco and the methods that its business model utilises.

From the Paper
"A full investigation of the intended markets to be exploited with the technology should be something that occurs in the very early stages and will sometimes be the defining factor in the origination of the idea in the first place. Defining the market potential for the technology here will benefit the entrepreneur not only in terms of attracting investors but will also help to determine targets related to overall finance, patenting & IP issues, pre and post-entry marketing issues, manufacturing issues, scope for post-entry development, licensing and staffing levels, all-in-all most of the factors that will determine if a start-up is feasible for a new idea."

Tags:tesco, internet, online, ecommerce, business, model

Abstract
This paper examines how technology has enhanced significantly the accessibility for researched information. It looks at how market research is used as a tool in every business, providing the managerial role with useful and accurate information, and how its use is important in making accurate and effective decisions. The limitations of the research are also discussed with reference to secondary market research via the Internet.

Outline
Abstract
Introduction
Literature Review
Method
Personal Banking Market (Internet)
Measurement
Discussion of Results
SWOT Analysis of the Banking Industry
Conclusion

From the Paper
"The smaller industrialized companies use secondary research: seeking a preliminary look at what is going on in the market. It is certain that big companies will use primary research as an essential means, then go out and commission the research. Companies like Pfizer, Nokia and Coca-Cola, which have outlets in many countries will take huge primary research projects when needed "which can cost up to 30,000." Primary research consists of surveys + quantitative methodology and an advantage of this research is that it can be used to find out whether a products' price can be increased."

Tags:information, performance, technology, market

Abstract
This paper expounds the "Theory of Everything," starting with the pioneering theories of Newton's "Laws of Motion" and Einstein's "General Theory of Relativity," developing right through to the cutting-edge "string theory" research currently being conducted around the world today. It shows the importance of fields of study as seemingly diverse as calculus, differential geometry, electromagnetism, particle physics and quantum mechanics to the development of a "Theory of Everything". It also demonstrates how those with access to this theory can use the knowledge as power for anything, such as understanding stock markets using the premise that the stock market moving up over time means that these are not random movements and therefore should be explainable.

From the Paper
"Stock markets exist over time and space (the geographical markets) that we are able to quantify and understand to a degree. Therefore, as with Einstein, we are fairly comfortable with the stock market in its familiar four dimensions. We have become accustomed to inflation; the rising of prices of goods rise over time and this is obviously a major reason for at least part of the upward rise of share prices. However, what happens when we explore the smaller dimensions " like the six unknown dimensions string theorists grapple with" Like the string theorists who know that subatomic matter exists but can't explain or predict its behavior, we often know what influences the stock market but are usually unable to predict it."

Tags:einstein, gravity, investment, newton, relativity, shares, stocks, string

Abstract
This paper outlines the main characteristics of hedge funds and looks at how these differ from traditional investment funds. There are over a dozen investment techniques used in hedge fund industry in order to make returns. The paper describes four of them: opportunistic, market neutral - securities hedging, global macro and value investment style. The great size of the assets under management of the hedge fund suggests that they are important clients of investment banks and can play a significant role in the financial markets. The paper also takes a closer look at how investment banks work with hedge funds and what impact the hedge funds have on the overall stability of the financial markets.

Outline:
Introduction
An Overview of Hedge Funds, Comparison to Traditional Funds and Their Importance as Clients of Investment Banks
Recent Expansion of Hedge Funds
Hedge Funds and Financial Stability
Some Risks Associated With Hedge Funds
Regulation of Hedge Funds
Hedge Funds' Investment Styles
Conclusion

From the Paper
"The definition of a hedge fund is an investment institution, which actively manages its portfolio using a large number of strategies and leverage in order to produce high returns, which are measured in absolute terms and/or over a specified benchmark, such as FTSE100 in the UK or the DOW30 in the US. Hedge funds are similar to the traditional investment funds in that they are both pooled and professionally managed, however, there is a number of differences. Unlike traditional funds HFs are practically unregulated and have the flexibility in their trading and investment strategies, e.g. go short when markets are bearish or when a manager thinks that an asset is overpriced and is due a correction (source: Investopedia)."

Tags:investment financial stability stock markets trading strategies regulation

Abstract
This paper examines reasons for the East Asian economic crisis during 1997 and 1998. The World Bank report of 1993 praises many of the practices that ultimately led to the crisis. Currencies, stock markets, 'crony capitalism' and financiers are examined. The paper argues that both economic and cultural reasons are ultimately to blame for the economic crisis.

From the Paper
"In recent decades international financial institutions, most notably the World Bank, have held up East Asia as a capitalist miracle, a role model for the rest of the world to follow. The Newly Industrializing Countries (NIC's) took off during the 1970's and included countries from around the world. But is was almost exclusively the NIC's of Asia who maintained their high growth rates through the 1980's and 1990's. While the South American NIC's were left behind in the debt crisis of the early 1980's, the Asian 'Tigers' continued to surge ahead. South Korea, for example, maintained a manufacturing growth rate of nearly 9% a year during the 1980's, while exports grew by 10% a year (Hadjor: 1992). Taiwan, Hong Kong and Singapore also enjoyed such success, and they were soon joined by other Asian countries such as Malaysia and Thailand. By 1987 the combined manufacturing exports of South Korea, Taiwan, Hong Kong and Singapore totaled about half of all third world exports compared with 6% for Mexico and Brazil combined (ibid). The World Bank firmly believed that the experience of the Asian tigers constituted a viable model for other Third World countries. In 1993, the Bank published its seminal work 'The East Asian Miracle' as a guide to how the Tigers had been so successful. But disaster hit the East Asian region in 1997/98 when the economies in that part of the world took a massive beating from what became the 'Asian Crisis'. Suddenly the World Bank report and hopes for the region looked decidedly inaccurate. Here we will summarize the various views taken by the World Bank on Asian economic development before the crisis hit, together with how the effects of the Asian Crisis threw into doubt the Banks judgment."

Tags:asian, crisis, capitalism, crisis, crony, globalisation, world, bank, asia

Abstract
This paper examines the structure of the barbell trusts, believed to be one of the main causes of the capital investment trust crisis 2001 - 2002. It looks at how the demand by investors seeking high annual returns in today?s almost inflation free economy was successfully being met with barbell investment trusts in a period of buoyant stock markets and how the years 2001 and 2002 saw a fall in stock markets which these barbells could not handle. It shows how these investment trusts were structurally flawed, geared only to a bull market and were seeping in complex risk that very few really understood.

From the Paper
"Falling markets and the forced selling of shares by banks, in an illiquid market lead to disproportionate share price drops. The asset base of these funds was being eaten away at. Consequently, an even higher yield was now required to meet dividends as there was less capital to work with. Analysts had warned that barbells were offering unrealistic high headline dividend yields. Barbell trusts found they could not meet the headline dividend yields that they had offered. Most barbells hadn't been in operation long enough to build up revenue reserves. As a result, a few barbells failed to meet their dividends and dividends had to be cut. However a dividend cut by one trust did not solely affect that trust."

Tags:barbells, bull, market, investment, stock

Abstract
This paper defines insider dealing and the types of activities that are involved in this particular type of trading. The author examines arguments in favor of regulations restricting and prohibiting insider dealing, as well as reasons for why legislation should be abolished and trading permitted.

From the Paper
"In determining the appropriate legislative responses to deal with insider trading, it is necessary to understand what is constitutes and its effect, both negative and positive, on the securities market. Insider trading occurs when a person who possesses non-public information trades in the security market or communicates such information to others who trade. The person using this information violates insider trading laws if they owe a responsibility of confidentiality and trust not to use the information. People who are tipped off by an insider can also be prosecuted for insider trading. The key idea about insider trading is that it provides the market with information. Those who trade with inside knowledge sell at higher prices and buy at lower prices, resulting in corporate insiders earning abnormal profits."

Tags:dealing, ethics, laws, trading, sec, regulations, supreme, court