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Current Global Financial Crisis And Islamic Financial System - Free Essay Example

The entire world is now in the grip of financial crisis which is most severe since the Great Depression 1930s. It has taken about $3 trillion of bailout and liquidity injecting by number of countries to lessen the intensity of the crisis. Hence, there is a need to restructure the financial world that would help in minimizing the frequency and severeness of such crises in future (Chapra, 2009). It could not be possible to build a new system without determining the primary causes for this financial crisis. The most important cause of all financial crises has been imprudent and excess lending by banks over many years, which has also been acknowledged by many financial institutes. This raises the question that what make it possible for banks to involve in such devastating practice which is not only unstable the financial system but also not in their own long-term best interest. There are three main elements which make it possible. First of all inadequate market discipline in the financial system resulting from the absence of profit-and-loss sharing (PLS). The second is the huge expansion in the size of derivatives, especially credit default swaps (CDSs) and the third is assurance to big banks from the central bank that it will definitely come to their rescue and will not allow them to fail. Therefore, bank and financial institute have not undertaken a careful measure against risk, which has led the whole financial system in the excessive volume of credit, excessive leverage and to a volatile rise in asset prices and speculative investment. One of the foremost objectives of Islam is to realize greater justice in human Society. According to the Quran (57:25) à ¢Ã¢â€š ¬Ã…“a society where there is no justice will ultimately head towards decline and destructionà ¢Ã¢â€š ¬?. The financial system may be capable to promote justice if it meets at least two conditions. Firstly, the finance should also share the risk and not only shift the whole burden of losses to the entrepreneur and secondly an equitable share of finance resources should become available to the poor people of community to help eliminate poverty, consequently, expand employments opportunities and hence reduce inequalities of wealth. (Chapra, 2009). To meet the first condition, Islam requires both the financer and entrepreneur to share equally in profit and loss. This will help in introducing greater discipline into the financial system and motivate financial institutions to evaluate the risks prudently and monitor the use of funds by the borrowers. This assessment of risks by the financiers and as well as by the entrepreneur should help in putting greater discipline and reducing excessive lending. Islamic finance should ideally help raise significantly the share of equity and PLS in businesses; even mainstream economist supports the greater reliance on equity financing. Rogoff (1999) states that à ¢Ã¢â€š ¬Ã‹Å"in an ideal world equity lending and direct investment would play a much bigger roleà ¢Ã¢â€š ¬Ã¢â€ž ¢. On the debt side, Islamic financials system doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t permit the creation of debt through direct lending and direct borrowing but it allow the creation of debt through the sales / lease of real assets which means Islamic debt modes of financing (murabaha, ijara, salam, istisna and sukuk), but, it has, nevertheless, put down number of conditions. The asset sold or leased must be real à ¢Ã¢â€š ¬Ã¢â‚¬Å" this will eliminate a huge number of derivatives transactions which involving gambling by third parties who are mostly concerned to claim for compensation for losses which not actually been suffered by them but by principal party The goods being sold or leased must be owned / possessed by seller/lessor- this condition ascertain that the seller (lessor) also take a part in risk to get a share in the return The sale / leased transaction must be real trade transaction à ¢Ã¢â€š ¬Ã¢â‚¬Å" this ensure that the creditor take extra measures to evaluate the credit risk but also prevent unneeded explosion in the value and volume of transactions. The risk associated with sales / leased must be borne by lender / seller himself as debt canà ¢Ã¢â€š ¬Ã¢â€ž ¢t be sold- this prevent the debt from growing above the size of the real economy and also discharge significant volume of financial resources for real sector, hence expanding employment and production of goods and services. History is full with evidence of instability of the conventional financial system. Many prominent economists have argued that this system is inherently unstable and tends to severe financial crisis. They have regarded the interest rate the main cause of huge fluctuations in commodity and asset prices, a source of financial instability, cumulative inflation, and detrimental to long-term economic growth. They have also called for a separation of deposit and investment banking. (Mirakhor, 2009). The main objective of this study is three-fold; firstly understand the global financial crisis and what determinants have caused it; secondly understand Islamic finance in context of global financial crisis and some of its major differences with conventional financial system and thirdly built up a model to assess the compare the financial stability of Islamic and conventional financial system. LITERATURE REVIEW To analyze the determinants which have caused current global financial crisis: a) The TED Spread: Global Finances Thermometer   TED spread is the difference between the LIBOR (The London Interbank Offered Rate at which banks lend to each other) and short-term U.S. government debt (T-bills). It indicates a perceived credit risk in the economy. As T-bills are regarded as risk-free an LIBOR are riskier than T-bills, so LIBOR always exceed the T-Bills. The TED spread, often used as a measure of the general credit risk of an economy is used to decide which date to divide the time series. The original TEDà ¢Ã¢â€š ¬?spread was the difference between US Treasure bills and Eurodollar contracts represented by Libor (Brown and Smith, 2005). Marquardt (2008) says that à ¢Ã¢â€š ¬Ã…“TED Spread measures market stress by revealing the willingness (or reluctance) of banks to lend money to one anotherà ¢Ã¢â€š ¬?. à ¢Ã¢â€š ¬Ã…“A jump in the spread shows how panicky banks are, in that they are charging each other a bigger interest-rate premium than  money  lent to the U.S. government, (CNN Money, 2008). Realized and Expected Writedowns or Loss Provisions for Banks By Region (in billions of U.S. dollars) Source: IMF Global Financial Stability Report Oct 2009. TED speed has always been under 1%, however, it rocketed in 2007 to about 2.5% and in late 2008 moved to highest level of 4.5%. Mid of 2007, newspapers reported Northern Rock, UK Bank, collapsed because liquidity had disappeared and banks were reluctant to lend money to another bank because of the high risk of market after the rise in the TED spread to unprecedented level in the history, then an historical phrase à ¢Ã¢â€š ¬Ã‹Å"credit crunchà ¢Ã¢â€š ¬Ã¢â€ž ¢ emerged; an environment, where even a creditworthy borrower are unable to find funds. Consequently, the central banks had to supply a massive amount of money to the interbank market, but the limited impact of TED spread chart, that in September2008, Lehman Brothers collapsed and filed bankruptcy protection with massive reduction in assets ever. b) US sub-prime mortgage There is no consensus on the exact definition of subprime mortgages. The term subprime is often used to describe certain characteristics of the borrower. For example, a FICO score (a standard industry model to evaluate creditworthiness of a borrower) less than 620 is a common definition of a subprime borrower. Another definition is that a subprime mortgage does not usually need any down-payments and that little documentation is required. However, a broad definition is that a subprime loan entails a high risk of default (Demyanyk et al (2008)). The housing mortgage market in the U.S. has been well functioning over the past two centuries, enabling millions of people to fulfil the dream of home ownership. During this time there has been several periods of disruption in these markets, but none of them as severe as the episode, sometimes referred to as the à ¢Ã¢â€š ¬Ã…“subprime mortgage market meltdownà ¢Ã¢â€š ¬? that begun around the summer of 2007, with falling real-estate prices and increasing defaults. Today, economists fear that more than 2 million or more Americans might lose their homes to foreclosure in 2009 (Barth et al (2008)). The banking industry is facing huge losses as a result of the sub-prime crisis. Already banks have announced $60bn worth of losses as many of the mortgage bonds backed by sub-prime mortgages have fallen in value. The losses could be much greater, as many banks have concealed their holdings of sub-prime mortgages in exotic, off-balance sheet instruments such as structured investment vehicles or SIVs. Although the banks say they do not own these SIVs, and therefore are not liable for their losses, they may be forced to cover any bad debts that they accrue. (BBC News, 2007) Many years of strongly rising house prices caused lenders to relax their lending criteria. Loan-to-value ratios rose and low starter-interest rates were introduced (typically for the first two years of the mortgage) to be recouped by higher interest rates for the remaining 28 years of the typical 30 year US mortgage. In many cases the borrowers knew that they could not afford the monthly payments after the initial two-year low interest period expired; they were relying on rising house prices to enable a profit on sale or refinancing The mortgage default rates on these sub-prime mortgages were much higher than predicted by the lendersà ¢Ã¢â€š ¬Ã¢â€ž ¢ credit models. These models were based upon the historical behaviour of prime borrowers, not sub-prime borrowers who behaved differently. (Amin, 2009) c) Securitisation Securitization is often stated to be part of the originate-to-distribute model, where institutions that originate assets (in this example, mortgages) move them away from their balance sheet by distributing them to purchasers of ABSs (asset-backed securities). The advantages for institutions conducting in securitization is mainly that they are able to free up capital and liquidity by moving the assets away from the balance sheet. Furthermore, securitization is a way of providing liquidity and funding to mortgages à ¢Ã¢â€š ¬Ã¢â‚¬Å" by investing in an ABS, a Japanese asset manager (for example) might finance the real-estate mortgages of U.S. home owners (Criado and Rixtel (2008)). US mortgage market had moved away from a à ¢Ã¢â€š ¬Ã‹Å"lend and collectà ¢Ã¢â€š ¬Ã¢â€ž ¢ model (the bank lends on a mortgage and collect it back over 30 years) to an à ¢Ã¢â€š ¬Ã‹Å"originate to distributeà ¢Ã¢â€š ¬Ã¢â€ž ¢ model (the bank makes a mortgage loan in order to sell it on.) Originating loans and selling them on means that banks make profits from lending as much as possible, provided that the loans can be sold on; once the loan has been sold the bank is relatively indifferent to its collectability. d) Collateralized Debt Obligations CDOs are ABSs that are constructed by pooling and securitizing in particular higher risk assets such as risky loans or tranches of other ABSs (Criado and Rixtel (2008)). There are different types of classifications for CDOs and one of the most common is cash flow CDOs, a term relating to the scenario where the trust (special purpose vehicle or special purpose entity) involved in the securitization owns the underlying debt posted as collateral in the CDO. A synthetic CDO refers to the scenario where the trust does not own the underlying debt, and instead invests in CDSs (credit default swaps) to synthetically track their performance. The hybrid CDO combines cash flow CDOs and synthetic CDOs. There is also the CDO squared (CDO2) which is a CDO that has securitized the tranches of another CDO. ABS CDOs and CDOs squared thus consist of a à ¢Ã¢â€š ¬Ã…“double layered securitizationà ¢Ã¢â€š ¬? (Criado and Rixtel (2008)). Here CDO securities created by Bank 1 and Bank 2 selling their customer loans are purchased by Special Purpose Entity (SPE) 3 which pays for them by issuing CDO securities to investors. As these are CDOs based on other CDOs, they are called CDO2. The challenge with such complex structures is that it becomes almost impossible to accurately project likely defaults on the original customer loans to the likely defaults on the securities issued by SPE 3. In many cases, complex CDO structures involved some sub-prime mortgages being blended with prime mortgages to boost the yield of the overall package of assets. Accordingly, once defaults started happening in the relatively small sub-prime market, that led to a collapse in the market value of a much larger amount of CDOs. The creation of collateralized debt obligations (CDOs) by mixing prime and subprime debt made it possible for mortgage originators to pass the entire risk of default of even subprime debt to the ultimate purchasers who would have normally been reluctant to bear such a risk. Mortgage originators had, therefore, less incentive to undertake careful underwriting.   Estimates of Global Bank Writedowns by Domicile, 2007-10 (in billions of U.S dollars) Source: IMF Global Financial Stability Report Oct 2009. e) Credit Derivatives The credit default swap originally thought as a way for bondholders to protect against a bond default can also be used for speculation on the creditworthiness of a company. One key difference between a regular insurance policy and a CDS contract is that the buyer of credit protection does not have to own the underlying instrument. Like most derivative instruments credit default swaps can be used for hedging, speculation and arbitrage. Under a credit default swap contract (CDS) the seller is paid a regular amount each year by the buyer of the CDS. If a credit event occurs in relation to the underlying asset which is referenced by the CDS, the seller pays the buyer for the fall in value of the reference asset. However, the buyer does not need to own the reference asset; in that case the CDS buyer is simply speculating that the reference asset will fall into default. When there is excessive and imprudent lending and lenders are not confident of repayment, there is an excessive resort to derivatives like CDSs to seek protection against default. The buyer of the swap (creditor) pays a premium to the seller (a hedge fund) for the compensation he will receive in case the debtor defaults. If this protection had been confined to the actual creditor, there may not have been any problem. What happened, however, was that hedge funds sold the swaps not to just the actual lending bank but also to a large number of others who were willing to bet on the default of the debtor. These swap holders, in turn, resold the swaps to others. The whole process continued several times.   While a genuine insurance contract indemnifies only the actually insured party, in the case of CDSs there were several swap holders who had to be compensated. This accentuated the risk and made it difficult for the hedge funds and banks to honour their commitments. The notional amount of all outstanding derivatives (including CDSs of $54.6 trillion) is currently estimated by the BIS to be over $600 trillion, more than ten times the size of the world economy. No wonder George Soros described derivatives as à ¢Ã¢â€š ¬Ã‹Å"hydrogen bombsà ¢Ã¢â€š ¬Ã¢â€ž ¢, and Warren Buffett called them à ¢Ã¢â€š ¬Ã‹Å"financial weapons of mass destructionà ¢Ã¢â€š ¬Ã¢â€ž ¢. The well known American economist Joseph Stiglitz has summarised the role of credit default swaps in the crises: With this complicated intertwining of bets of great magnitude, no one could be sure of the financial position of anyone elseà ¢Ã¢â€š ¬?or even of ones own position. Not surprisingly, the credit markets froze. (Stiglitz, 2009) f) General over-leveraging   The economies of the UK and US had not suffered a serious recession for many years. In these benign business conditions, companies had gradually increased their gearing, as interest on debt is tax deductible whereas dividends on share capital are not tax deductible. The high gearing was particularly striking in companies owned by private equity firms, which were typically very highly leveraged. If economic conditions worsened, such firms would risk insolvency. To assess the difference between Islamic and conventional finance in context of global financial crisis: Islamic finance is defined as a financial system based on Islamic law known as Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah Islamic finance is limited to financial relationships involving entrepreneurial investment, subject to the moral prohibition of following (i) interest earnings or usury (riba) and money lending, (ii) haram (sinful activity), such as direct or indirect association with lines of business involving alcohol, pork products, firearms, tobacco, and adult entertainment, (iii) speculation, betting, and gambling (maysir), including the speculative trade or exchange of money for debt without an underlying asset transfer, (iv) the trading of the same object between buyer and seller (bayà ¢Ã¢â€š ¬Ã¢â€ž ¢ al-inah), as well as (v) preventable uncertainty (gharar), such as all financial derivative instruments, forward contracts, and futures agreements. As opposed to conventional finance, where interest represents the contractible cost for funds tied to the amount of principal over a pre-specified lending period, the central tenet of the Islamic financial system is the prohibition of riba, whose literal meaning à ¢Ã¢â€š ¬Ã…“an excessà ¢Ã¢â€š ¬? is interpreted as any unjustifiable increase of capital whether through loans or sales. The general consensus among Islamic scholars is that riba covers not only usury but also the charging of interest and any positive, fixed, predetermined rate of return that are guaranteed regardless of the performance of an investment (Iqbal and Tsubota, 2006; Iqbal and Mirakhor, 2006; Iqbal and Llewellyn, 2000). Since only interest-free forms of finance are considered permissible in Islamic finance, financial relationships between financiers and borrowers are governed by shared business risk (and returns) from investment in lawful activities (halal). Islamic law does not object to payment for the use of an asset, and the earning of profits or returns from assets are indeed encouraged as long as both lender and borrower share the investment risk together. Profits must not be guaranteed ex ante, and can only accrue if the investment itself yields income. Any financial transaction under Islamic law assigns to investors clearly identifiable rights and obligations for which they are entitled to receive commensurate return. Hence, Islamic finance literally à ¢Ã¢â€š ¬Ã…“outlawsà ¢Ã¢â€š ¬? capital-based investment gains without entrepreneurial risk. In light of these moral impediments to à ¢Ã¢â€š ¬Ã…“passiveà ¢Ã¢â€š ¬? investment and secured interest as form of compensation, shariah-complian t lending in Islamic finance requires the replication of interest-bearing, conventional finance via more complex structural arrangements of contingent claims (Mirakhor and Iqbal, 1988). The permissibility of risky capital investment without explicit interest earning has spawned several finance techniques under Islamic law. We distinguish among three basic forms of Islamic financing methods for both investment and trade finance: synthetic loans (debt-based) through a sale-repurchase agreement or back-to-back sale of borrower- or third party-held assets. lease contracts (asset-based) through a sale-lease-back agreement (operating lease) or the lease of third-party acquired assets with purchase obligation components (financing lease), and profit-sharing contracts (equity-based) of future assets. As opposed to equity-based contracts, both debt- and asset-based contracts are initiated by a temporary transfer of existing assets from the borrower to the lender or the acquisition of third-party assets by the lender on behalf of the borrower. Islamic à ¢Ã¢â€š ¬Ã…“loansà ¢Ã¢â€š ¬? create borrower indebtedness from the purchase and resale contract of an (existing or future) asset in lieu of interest payments. The most prominent form of such a à ¢Ã¢â€š ¬Ã…“debt-basedà ¢Ã¢â€š ¬? structural arrangement is the murabaha (or murabahah) (à ¢Ã¢â€š ¬Ã…“cost-plus saleà ¢Ã¢â€š ¬?) contract. Interest payments are implicit in an installment sale with instantaneous (or deferred) title transfer for the promised payment of an agreed sales price in the future. The purchase price of the underlying asset effectively limits the degree of debt creation. A murabaha contract either involves (i) the sale-repurchase agreement of a borrower-held asset (à ¢Ã¢â€š ¬Ã…“negative short saleà ¢Ã¢â€š ¬?) or (ii) the lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s purchase of a tangible asset from a third party on behalf of the borrower (à ¢Ã¢â€š ¬Ã…“back-to-back saleà ¢Ã¢â€š ¬?). The resale price is based on original cost (i.e., purchase price) plus a pre-spe cified profit markup imposed by the lender, so that the borrowerà ¢Ã¢â€š ¬Ã¢â€ž ¢s repurchase of the asset amounts to a à ¢Ã¢â€š ¬Ã…“loss-generating contract.à ¢Ã¢â€š ¬? Different installment rates and repayment and asset-delivery schedules create variations to the standard murabaha cost-plus sale. The most prominent examples are salam (deferred delivery sale), bai bithaman ajil (BBA) (deferred payment sale), istina (or istisna, istisnaà ¢Ã¢â€š ¬Ã¢â€ž ¢a) (purchase order), quard al-hasan (benevolent loan), and musawama (negotiable sale). As opposed to the concurrent purchase and delivery of an asset in murabaha, asset purchases under a salam or a bai bithaman ajil contract allow deferred delivery or payment of existing assets. Salam closely synthesizes a conventional futures contract and is sometimes also considered an independent asset class outside the asset spectrum of murabaha (Batchvarov and Gakwaya, 2006). An istina contract provides pre-delivery (project) finance for future assets, such as long-term projects, which the borrower promises to complete over the term of the lending agreement according to contractual specifications. A quard al-hasa n signifies an interest-free loan contract that is usually collateralized. Finally, a muswama contract represents a negotiable sale, where the profit margin is hidden from the buyer. Analogous to conventional operating and finance leases, al-ijarah leasing notes (à ¢Ã¢â€š ¬Ã…“asset-basedà ¢Ã¢â€š ¬?) provide credit in return for rental payments over the term of the temporary use of an (existing) asset, conditional on the future (re-)purchase of the assets by the borrower. The lease cash flow is the primary component of debt service. The lessor (i.e., financier) acquires the asset either from the borrower (operating lease or à ¢Ã¢â€š ¬Ã…“sale-leasebackà ¢Ã¢â€š ¬?/à ¢Ã¢â€š ¬Ã…“lease-buybackà ¢Ã¢â€š ¬?) or a third party at the request of the borrower (financing lease or à ¢Ã¢â€š ¬Ã…“lease-purchaseà ¢Ã¢â€š ¬?) and leases it to the borrower (or a third party) for an agreed sum of rental payable in installments according to an agreed schedule. The legal title of the asset remains with the financier for the duration of the transaction. The financier bears all the costs associated with the ownership of the asset, whereas the costs from the use of the asset have to be defrayed by the lessee. If the ijarah transaction is a financing lease (ijarah wa iqtina), such as an Islamic mortgage, the repayment through lease payments might also include a portion of the agreed resale price (in the form of a call option premium), which allows borrowers to gradually acquire total equity ownership for a predetermined sales price.15 If the lessee does not exercise the call option at maturity, the lender disposes of it in order to realize the salvage value (put option).16 In an operating lease with a repurchase obligation, the asset is returned to the borrower for the original sale price or the negotiated market price17 unless otherwise agreed.18 In this case, the lenderà ¢Ã¢â€š ¬Ã¢â€ž ¢s put option represents a repurchase obligation19 by the borrower (at the current value of outstanding payments), which is triggered upon certain conditions, such as delinquent payments or outright default. In Islamic profit-sharing contracts (equity-based), lenders (i.e.,, investors) and borrowers (i.e.,, entrepreneurs) agree to share any gains of profitable projects based on the degree of funding or ownership of the asset by each party. In a trustee-type mudharaba (or mudarabah) financing contract, the financier (rab ul maal) provides all capital to fund an investment, which is exclusively managed by the entrepreneur (mudarib) in accordance with agreed business objectives. The borrower shares equity ownership with the financier (i.e. a call option on the reference assets) and might promise to buy-out the investor after completion of the project. At the end of the financing period, the entrepreneur repays the original amount of borrowed funds only if the investment was sufficiently profitable. Profits are distributed according to a pre-agreed rate between the two parties. Investors are not entitled to a guaranteed payment and bear all losses unless they have occurred due to misconduct, negligence, or violation of the conditions mutually agreed by both financier and entrepreneur. The equity participation and loss sharing in a musharakah contract is similar to a joint venture, where both lender/investor and borrower (or asset manager/agent) jointly contribute funds to an existing or future project, either in form of capital or in kind, and ownership is shared according to each partyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial contribution. Although profit sharing is similar to a mudharaba contract, losses are generally borne according to equity participation. Overall, the different basic types of Islamic finance combine two or more contingent claims to replicate the risk-return trade-off of conventional lending contracts or equity investment without contractual guarantees of investment return or secured payments in reference to an interest rate as time-dependent cost of funds. Such arrangements may become complicated in practice, once they are combined to meet specific investor requirements under Islamic law (El-Qorchi, 2005). Although both Islamic and conventional finance are in substance equivalent to conventional finance and yield the same lender and investor pay-offs at the inception of the transaction, they differ in legal form and might require a different valuation due to dissimilar transaction structures (and associated legal enforceability of investor claims) and/or security design (Jobst, 2006d). Most importantly, Islamic finance substitutes a temporary use of assets by the lender for a permanent transfer of funds to the borrowe r as a source of indebtedness in conventional lending. Retained asset ownership by the lender under this arrangement constitutes entrepreneurial investment. The financier receives returns from the direct participation in asset performance in the form of state-contingent payments according to an agreed schedule and amount. RESEARCH METHODOLOGY: Z-score for Emerging Markets The z-score measures the degree of vulnerability of a particular business or an industry segment by categorising firms into two distinct clusters, namely strong and vulnerable firms, based on the historical default experience. The construction of the z-score used by the Bank is referenced on the model developed by Altman for emerging markets and employs the multiple discriminant analysis as an underlying statistical tool to derive a linear combination of financial ratios that best discriminate between the two categories. The multiple discriminant analysis improves on the traditional approach of individual or sequential analysis of financial ratios by reducing the reliance on rules of thumb and subjective judgment in determining the threshold levels and relative importance of the ratios. Selected key financial ratios are subsequently consolidated into a composite score to provide a snapshot of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial health. The discriminant function for the z-score for em erging markets based on the study conducted by Altman is given by the following equation: Z = Based on the z-score, both strong and vulnerable firms can be identified, whereby a higher z-score indicates a lower likelihood of the firm encountering financial distress. Working Capital/Total Assets (WC/TA) The working capital/total assets ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Liquidity and size characteristics are explicitly considered. This ratio was the least important contributor to discrimination between the two groups. In all cases, tangible assets, not including intangibles, are used. Retained Earnings/Total Assets (RE/TA) Retained earnings (RE) is the total amount of reinvested earnings and/or losses of a firm over its entire life. The account is also referred to as earned surplus. This is a measure of cumulative profitability over the life of the company. The age of a firm is implicitly considered in this ratio. It is likely that a bias would be created by a substantial reorganization or stock dividend, and appropriate readjustments should, in the event of this happening, be made to the accounts. In addition, the RE/TA ratio measures the leverage of a firm. Those firms with high RE relative to TA have financed their assets through retention of profits and have not utilized as much debt. This ratio highlights the use of either internally generated funds for growth (low-risk capital) or OPM (other peopleà ¢Ã¢â€š ¬Ã¢â€ž ¢s money)à ¢Ã¢â€š ¬Ã¢â‚¬ higher-risk capital. This variable has shown a marked deterioration in the average values of non-distressed firms in the past 20 years and, in subsequent model updates, we utilized a transformation structure in order to make its negative impact less dramatic on current Z-Scores. Earnings before Interest and Taxes/Total Assets (EBIT/TA) This is a measure of the productivity of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets, independent of any tax or leverage factors. Since a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with credit risk. We have found that this profitability measure, despite its reliance on earnings, which are subject to manipulation, consistently is at least as predictive as cash flow measures. Market Value of Equity/Book Value of Total Liabilities (MVE/TL) Equity is measured by the combined market value of all shares of stock, preferred and common, while liabilities include both current and long-term obligations. The measure shows how much the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent. (Altman and Hotchkis (2006))

Can Long Distance Relationship Work - 1055 Words

A long distance relationship can have many meanings and experiences may be very different from one person to another. For some people, living a long distance from a loved one may be a normal routine in life, while for some people the occasional distance can be difficult and challenging. A long distance relationship can be for a few days, years, or months can occur over a few days, months. For other people, long distance relationship is just like something normal in their family structure, and other people it is like a new experience. Vincent and I met when we were in grade school, and since then we have grown into best friends and then into boyfriend and girlfriend for more than a year now. Vincent was from the class below me, and while I†¦show more content†¦Many couple’s always on long-distance phone calls and letters to communicate with each other, though the evolution of communication technology in the past 20 years threatens the findings of past research (Knoxville, 2011, p. 43). Communication Technologies; College students use various communication technologies on a daily basis to contact family and friends, however, few studies have specifically examined the user’s satisfaction with these tools. Yates (2008) found that many students reportedly spend an average of 30 minutes to several hours on Facebook daily, though this system proved unfulfilling for those who became emotionally attached and preoccupied with their connections with â€Å"friends†. Knoxville (2011) found that while students integrated technology into their social lives, face-to-face communication remained the preferred mode of interaction. Long distance relationship and close contact relationships, couples may employ phone, email, and chat at similar rates (Merolla, 2007), though physical time together remains widely unequal. Many college students always come from different t areas and meet different people from different background and culture. 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This trend is something I’ve personally noticed many college students, especially freshmen, experiencing. They have their highRead MoreGoing the Distance: Long Distance Relationships in College Essay1359 Words   |  6 Pages â€Å"Long-distance relationships in college.† Does that sound frightening, or does it sound like a poorly stated joke? Many people believe that long distance relationships are the sole thing that you do not get yourself into when going off to college. You choose your university, you choose your sorority or fraternity, you choose your classes, and you chose your major, but whatever you do, you should never choose to be in a long-distance relationship when heading off to pursue higher education. For manyRead MoreBenefits Of Long Distance Relationships1728 Words   |  7 PagesGoing Long As of this year, 14 million couples in the U.S. consider themselves to be in a long distance relationship (Guldner). There are many reasons a couple might opt to go long distance, such as military service, career goals, education choices, incarceration, and familial decisions. While the commonly held belief about long distance relationships is that they tend to be much more difficult to maintain and will likely fail within a short amount of time; that is not always the case. RatherRead MoreThe Communication Behavior Of Long Distance Relationships Essay926 Words   |  4 Pagesthe communication behavior in long distance relationships. This paper will examine the behavior of how couples sustain their relationship being in long distance relationships and long distance relationships in military separation. How do females in the military maintain long distance relationships? Crystal Jiang, L., Hancock, J. T. (2013). Absence makes the communication grow fonder: geographic separation, interpersonal media, and intimacy in dating relationships. Journal Of CommunicationRead MoreSocial Networking1401 Words   |  6 Pagesterms of social networking plays a vital role in maintaining a long-distance relationship. A research in the Cyber Psychology, Behavior, and Social Networking compared the role of Social Networking Site in a long-distance romantic relationship (LDRR) and in a geographically close romantic relationship (GCRR). The authors came to a conclusion that â€Å"Individuals in LDRR were more likely than individuals in GCRR to use SNS for relationship maintenance by using SNS to express their involvement and to gauge

Why Sustainability Is Now The Key Driver Of Innovation

In a Harvard Business Review (HBR) article, â€Å"Why Sustainability is now the Key Driver of Innovation†, the contributors argue against the common view: that as businesses become more environmentally friendly they become less competitive and profitable (Nidumolu, Prahalad, Rangaswami, 2009) The contributors go on to say that companies who initiate environmental sustainability will develop competencies that competitors won’t be able to match and that ultimately, â€Å"sustainability will always be an integral part of development† (Nidumolu et al., 2009). In the year 2016, their statements are still valid and applicable to the biggest corporations in America. The largest corporation by revenue in America with over 482 billion dollars is Walmart (â€Å"Wal-Mart†). Their market cap is over 214 billion with their second biggest competitor, Target, having a market cap of over 49 billion (â€Å"Wal-Mart†). Although Walmart has a distinctive revenue adv antage over Target and the industry, their sustainability operations rival each other. Their initiatives in sustainability incorporate sustainable product design, sustainable processes, and sustainability in supply chain management that have led to the increase in their triple bottom line: profit, people and the planet. Quoting Andrew Winston, an expert consultant and author in green management, from the title in his HBR article: Target is â€Å"Taking Sustainable Products Mainstream†. In his article, Winston states Target’s natural and organicsShow MoreRelatedB2b Branding : A Sustainability Perspective1377 Words   |  6 PagesB2B BRANDING IN EMERGING MARKETS: A SUSTAINABILITY PERSPECTIVE INTRODUCTION B2B companies, especially in emerging economies, operate in socio-economically and ecologically susceptible areas. 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As the old adage, ‘A team is only as strong as its weakest link.† This means that in order to be successful and to maintain success, you’ve got to get all the elements right, the overall package, the budget, the designer, the engine, the drivers, the organisation and every aspect, from what is deemed most important to the least important, all play an essential part of sustaining a winning team. The strategy employed has to be all encompassing and must definitely not rely on any one aspectRead MoreThe Adoption Of Islamic Business Practices1286 Words   |  6 Pages The adoption of Islamic business practices by organizations: Why, How and what are the performance outcomes Organizations in most industries face increased competitive pressures from other organizations that aim to satisfy customer demands. One of the most significant issues that face organizations today is International competition in rapidly changing environment (Porter, 1986). 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Financial & Managerial Accounting

Question: Discuss about the Financial Managerial Accounting. Answer: Introduction:- Financial performance forms the basis for growth of any business as the continuity of operations of any business is ensured by them. Hence, it is essential for any organization to evaluate its financial performance over the periods that is it can be either annually, quarterly or monthly. Financial analysis and evaluation are provided by most of the advanced accounting software. Such financial reports with every entry of financial transactions are updated and prepared with the help of Saasu (Bourne et al., 2015). Moreover, it is possible to obtain many other report required for performance measurement in an effective manner using this software. The report discusses about the Streamline financial performance based on its financial report. Report is prepare under using Saasu software. It also provides the recommendation for improving financial performance and evaluation process of Streamline. Financial performance analysis: There are various forms that can be used to evaluate the financial performance of Streamline. Profit or gain is regarded as the most important aspect for profit making entity (Warren et al., 2013). This is depicted by profitability ratio and therefore, the profitability ratio for Streamline is calculated in the table below: Profitability Ratios:- Particulars Amount Total Revenue $41,061.10 Gross Profit $18,212.10 Net Profit $7,487.10 Owner's Contribution $60,000.00 Gross Profit Margin 44.35% Net Profit Margin 18.23% Return on Equity 12.48% Performance of Streamline is quite good as depicted from table above. 44.35% of sales revenue of organization has been converted into gross profit and has returned a net profit of 18.23%. Return on equity stands at 12.48% on the initial contribution and hence performance can be regarded at par (Weygandt et al., 2015). Some other ratios that can be used to measure the efficiency of operation level of Streamline are as follows: Efficiency Ratios:- Particulars Amount Total Revenue $41,061.10 Accounts Receivable $15,908.75 Cost of Sales $22,849.00 Inventory $8,591.00 Accounts Payable $26,400.00 Accounts Receivable Turnover Period 141.42 Inventory Turnover Period 137.24 Accounts Payable Turnover Period 306.49 The average period of paying off credit purchases and collecting credit sales stands at 306.49 and 141.42 respectively, although the credit period for account payable and receivable are 30 days after month end purchase and 30 days after sales. It takes 137.24 days for converting the inventories into sales. Strategies taken for operations improvement: It is clearly depicted from above figures that satisfactory profit margin has been generated by Streamline. Organization can improve its level of efficiency and profit margin by adopting flowing strategies: Fixed assets of company should be charged with depreciation as it would help in accumulating replacement cost of fixed assets. Viewing the present turnover, it is recommended to convert its inventories quickly into sold products. For reducing bad debt risk, organization should maintain bad debt provisions. Cash inflow of Streamline can be increased by reducing the accounts receivable turnover period (Hossack, 2015). Conclusion: The financial performance of Streamline has been evaluated using the financial report. For effective business decision making, organization has Saasu software, which provides additional reporting facilities. Streamline can utilize additional benefits of its employed software, which is used for recording the financial transactions. Following report can be useful for Streamline. Forecasted cash flow- This would help in determining cash flow expense and cash revenue and forecasting would help in accordingly taking business decision. BAS Summary- This helps in effectively computing expenses concerning tax based on business financial activities. Reference: Bourne, S., Szabo, C., Sheng, Q. Z. (2015, June). Managing Configurable Business Process as a Service to Satisfy Client Transactional Requirements. InServices Computing (SCC), 2015 IEEE International Conference on(pp. 154-161). IEEE. Hossack, S. (2015). Cloud-based accounting and productivity tools for practitioners and taxpayers.Taxation in Australia,50(5), 265. Warren, C. S., Reeve, J. M., Duchac, J. (2013).Financial managerial accounting. Cengage Learning. Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2015).Financial Managerial Accounting. John Wiley Sons.

Polanskis Interpretations of Shakespeares Macbeth Essay Example

Polanskis Interpretations of Shakespeares Macbeth Paper Polanskis film version of Macbeth is interesting when studied closely. It contains a lot of references to themes in the play, but also illustrates Polanskis own interpretation of the play. Polanski made a few noticeable changes when converting text to film, with some scenes being added to the film and others being left out of the film version. I will attempt to demonstrate the ideas and thoughts behind this particular version of Macbeth and in doing so I hope to intensify my own viewing experience. A good way of improving a films effect is to analyse the different scenes and find some hidden interpretations and effects. The film begins with a scene that was not in the original text, but was added by Polanski. It starts with a hazy, foggy beach, and we can hear the waves against the shore, giving us an idea of the surroundings. The witches slowly appear from this fog as the camera pans out. Once they reach the foreground, they begin to dig a hole in the sand. Once the hole is complete, they place in it a severed forearm clutching a dagger, along with a hangmans noose. The severed hand has many opportunities for interpretations, but it seems to symbolise murder more than anything else. The dagger itself is a tool for murder, and the arm is gruesomely detached from its owner, so is, in a way, connected with murder. The hangmans noose is another murder tool but also carries with it the theme of justice, as it was used as a form of punishment. We will write a custom essay sample on Polanskis Interpretations of Shakespeares Macbeth specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Polanskis Interpretations of Shakespeares Macbeth specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Polanskis Interpretations of Shakespeares Macbeth specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Then, the witches pour blood over the murder ensemble as if to complete a spell. After filling the hole, they fade out in to the background, much the same way as their entrance. The use of blood so early on in the play is intriguing, as this image recurs a lot throughout Shakespeares text version. The witches appearance is anything but glamorous. There are three, each seeming to differ in age. There is the younger one, a more middle-aged one and the last seems to be an old crone. The witches clothes are made of rags, leading us to believe that they are not associated with normal society. After this added scene, the film moves on to the battle report, and following that, we see Macbeth on the Scottish moors. This is the stage in the text where he meets the witches for the first time. The scene in the film is accompanied by a depressing bagpipe tune which places an uncertainty in to the viewers mind. The first soliloquy of the film is shown as a close-up of Macbeth. The speech is presented as a voiceover. I think Polanski uses this method of presenting the soliloquy because it shows that Macbeth is actually thinking the words and not saying them. This is not the case in most stage productions as voiceovers are difficult in front of a live audience. This method enhances the atmosphere of the play and makes it seem more realistic. Going back to the subject of the witches, Macbeth meets them again in Act IV, but extra witches have been added to the scene. This makes the whole thing seem like some sort of ceremony or celebration. One interesting aspect of this scene is that none of the witches are wearing clothes. They are all completely naked. This portrays a sense of poverty, but also puts across the theme of the super-natural. When Macbeth arrives at this congregation of witches, they are concocting a potion, which he duly drinks. This leads to the visions of apparitions, the eight kings. As Macbeth sinks into a dream world, the camera spins around him in a wild fashion, making it look like Macbeth is extremely dizzy. This nudity is also shown by Lady Macbeth when she goes mad, which may mean that Polanski saw Lady Macbeth as being linked with the witches somehow. Also, Lady Macbeth tends to speak of evil throughout the text. The film, of course, is full of supernatural references. It both begins and ends with witches (which are both scenes added by Polanski). There are also many other references to the supernatural elements, which include the apparitions that appear before Macbeth, and the Ghost of Banquo that appears in the banquet scene. The banquet scene is done very well in the play, especially with the appearance of Banquos Ghost. The audience can see the ghost, as can Macbeth, but the guests sitting around the table act innocent. The audience then feels the same perplexity as Macbeth, and the truth is only exposed as Macbeth realises the truth. When Macbeth gets a closer look at the Ghost of Banquo, the camera also pans in for a close up. The audience gets a chance to witness the brutality of Banquos injuries, and this intensifies the atmosphere of the scene. Macbeth now realises that it is in fact a ghost that stands before him. His reaction to this information is brilliantly shown, and makes the scene look much more realistic. One scene I thought was shown inadequately was the soliloquy scene in which Macbeth decides to assassinate Duncan. The dagger involved in this scene (Macbeth visualises a dagger and this then influences his decision to kill Duncan) is extremely poorly portrayed. Even though the film was made in 1971, the technology used to generate the dagger was dreadfully utilised. The scene would have looked much better had it not contained a dagger at all. If Macbeth had pretended to see a dagger (which the audience would not see) then the tension would have been increased. The scene would have a peculiar and eerie appearance to it as Macbeth seems to be interacting with thin air. The audience would soon recognize that there is actually a dagger in Macbeths mind and once this is realised, Macbeth would have decided to kill Duncan. This would have made the scene a lot better, compared to the superimposed dagger that was originally used. In my opinion, I think Polanskis film version of Macbeth is very well produced. It has its faults, which can be more or less put down to the available technology. The supernatural effects in the film are shown in a way that captivates the audience and increases the atmosphere of the play. His version, as a conversion from the text, is brilliant in its content. He brings in nearly all of the scenes from the text, and adds more of his own, to great effect.

Movie Review Secret Window

Movie Review Secret Window Abstract Secret Window tells the story of a writer who succumbs to a psychotic break after discovering his wife’s infidelity. He lapses into a split personality disorder causing him to kill his dog, burn their matrimonial home and finally, to murder his wife and her new lover.Advertising We will write a custom essay sample on Movie Review: â€Å"Secret Window† specifically for you for only $16.05 $11/page Learn More He does not grieve for his losses successfully. His denial of the events makes it impossible for him to recover from the loss of his wife. He behaves fine when he is Rainey, but does grave acts when he is Shooter. It is only at the end that the audience realizes Rainey and Shooter is the same person. The 2004 movie, â€Å"Secret Window† starring Johnny Depp as Mort Rainey is a horror film depicting the life of Rainey as a writer with a dissociative disorder. The opening scene of the movie shows Rainey driving to a motel where he finds his wife Amy cheating on him with Ted Milner. It sets the stage for a lengthy divorce that drives Rainey to a psychotic breakdown. Rainey is a writer and is about to release a new book titled, â€Å"Secret Window†. He is struggling to finish the last chapter because he is suffering from writer’s block. As such, he opts to leave their matrimonial home to go and stay in his cabin out of town, somewhere in rural New York. Before Rainey moves out of town, a man named Shooter visits him and confronts him. Shooter claims that Rainey stole his manuscript. He demands that Rainey comes out clean by admitting to plagiarism. Rainey dismisses him as a sick man.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More The next day, Rainey finds his dog stabbed to death using a screwdriver. He calls the police and later hires the services of a private investigator to uncover Shooterâ €™s whereabouts. Shooter pays him a visit one evening and asks Rainey to fix the ending of the book. Rainey insists the book is his and arranges to show Shooter proof. He refers to an article based on the book published earlier than the date Shooter claims he wrote the story. Soon after, Rainey investigator turns out dead and Shooter tells Rainey that the murder ties back to him. Therefore, Rainey sinks the car with the investigator’s body in a stone quarry filled with water. In the end, it turns out that Shooter is actually Rainey’s second personality caused by his dissociative disorder. This becomes clear after Shooter burns Rainey’s matrimonial home, and at the end of the movie, he murders Amy and her new lover Milner outside his cabin, this time as Rainey, but while speaking with Shooter’s accent. The main crisis in this movie is Rainey’s split personality disorder. It enables him to commit heinous crimes without any remorse. One of the gru esome acts is the killing of his dog. The movie does not show how he kills the dog. It only shows the dead dog with Rainey’s screwdriver stuck on it. The dog is an innocent party and therefore shows the gravity of Rainey’s problem. On the other hand, the murder of the investigator is also gruesome, using the same screwdriver. These crimes take place under Shooter’s personality. In the closing moments of the film, Rainey, kills his wife and her lover in cold blood. He uses a shovel to behead her lover and then buries the two.Advertising We will write a custom essay sample on Movie Review: â€Å"Secret Window† specifically for you for only $16.05 $11/page Learn More The final murders take place in the glare of the camera, and this time, Shooter is absent from the scene. Rainey, acting in cold blood, commits the murders with glee. The kind of crisis Rainey had is hard to treat. Split personality disorders arise because of trauma. It is a kind of coping mechanism caused by lack of alternative means of dealing with an issue. This crisis came about because of the infidelity of Rainey’s wife. After he found her cheating on him, he broke into tears and never recovered. It was under these circumstances that Shooter surfaced. Shooter represents Rainey’s aggression. He is the personality he uses to cover up for crimes. The matter of the stolen manuscript is a means of demonstrating the struggle between the two personalities. Split personality disorders require psychiatric treatment. If Rainey found help early, then he would not have committed the murders that Shooter committed. Coping with a personality disorder requires coming to terms with aspects of both personalities. They are all a valid part of the same person. Shooter was the depiction of an aggressive Rainey. On the other hand, Rainey was the hurt husband still in love with his wife. After finding his wife cheating on him, Rainey needed Shooter t o take revenge on his behalf. In the same way, Shooter needed Rainey to finish the book. When Rainey realized that he was Shooter, he accepted his personalities.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, he chose to express his aggression by murdering his wife and her lover. Recovery from split personality disorder requires accepting both sides of one’s personalities and acting in unison. Awareness of the existence of the problem is the first step towards recovery. It makes it possible for the patient to act as a unified person. Grieving process The loss that Rainey needed to grieve was the loss of his wife, first through a divorce and secondly after her murder. It was difficult for Rainey to accept that his wife was unfaithful to him. He spends most of the time in the movie in denial. After he kills her, he behaves as though there is nothing serious that took place, attempting to live his life normally. In both cases, he is in denial. His decision to move to the cabin is consistent with seclusion that a grieving person normally seeks. The second stage of grieving is Anger. In the divorce saga, the anger manifests through his psychotic breakdown. He becomes very irri table whenever he meets Milner. The burning of the house and the killing of his dog both show the extent of anger Rainey felt over his loss. At the point where he murders both Amy and Milner, his anger is out of control and he seeks to make things right by killing them. After his wife dies, he does not proceed to the next stage of grieving. The bargaining stage manifests as Rainey tries to win back his wife unsuccessfully. She does not openly reject him but she refuses to accept his overtures. In fact, Rainey kills her when she tries to bring him the divorce papers in person. Throughout the movie, Rainey is in a state of depression. At some point, he even picks on smoking to drown his sorrows. Throughout the movie, Rainey does not proceed to the last stage of grieving, which is acceptance. He is in denial throughout the movie. The pain of losing his wife and the denial thereafter leaves him with a split personality disorder. He does not grieve for his loss effectively. Reference Koe pp, D. (Director). (2004). Secret Window [Motion Picture].