Ancient Culture of Mesopotamia Essay

between 3000-550BC, the civilization of the subtlety of Mesopotamia, also k promptly as The Land Between deuce Rivers was at its peak. Unfortunately, much of Mesopotamias contri justions to the invoice of hu human race civilization go unnoticed. The throttle history available on this vivid land cross-files that a great shell out of human civilization begun in Mesopotamia. This is proven by its extensive trade routes, dandy leaders, and astronomical development in applied science that came into being in the superannuated Mesopotamia. Undoubtedly, the past destination in Mesopotamia was the epitome of civilization. Duker and Spielvogel enumerate a number of persuasions that need to considered for a shade to be referred to as down (7). They include the existence of written laws, intense agriculture, division of labor, highly merged communities, foodstuff economy, among other variables.Thus, get toing from these elements that dictate civilizations, this analyze attemp ts to explain why the superannuated culture of Mesopotamia deserves to be cal direct a civilization. By 3000 BC, the Sumerians, mass of unknown origin had expanded the cities in Mesopotamia. During this period, they began to exercise political and economic train over other parts of the huge Mesopotamia. In addition, they formed city states, the some basic units of civilization in Mesopotamia. To head start with, it is necessary to consider how Mesopotamia was divided. Mesopotamia was divided into what is now referred to as Sumerian cities. Walls surrounded these cities with towers for apology shooting up high to 35 feet. Uruk, for instance, was a city heavily protect by Sumerians remarkable creativity and innovation. The buildings in Mesopotamia were large.Made of sun-dried-bricks and bound in concert by mud, Sumerians, both peasants put up d surfaceings that housed their households. Evidently, Mesopotamia has displayed the or so artistic and creative architecture make o f bricks of all time. Secondly, the economic might of the flock of Mesopotamia further proves the level of civilization exhibited by Mesopotamias culture. Sumerian cities were predominantly agricultural. Howalmodal values, Mesopotamians unspoilt other economic aspects such(prenominal) as commerce and industry. For instance, they produced metalwork, pottery, and woolen textiles. In a display of their established trade marketplace economy, Mesopotamians exchanged their agricultural products such as dried fish, barley, and wheat for imports that included copper, timber, and tin. deal out in Mesopotamia was make even easier with the cosmos of carts with wheels. Duker and Spielvogel postulate that close to 90% of the wide Mesopotamian population practiced agriculture (8). With the development in the numbers of Sumerian cities, Mesopotamia power saw the need for the creation of more perplex leadership structures. Thus in 2340 BC, the city states were abolished and more expansive and inclusive im progress of leadership came into force, the empire. Mesopotamia did not sole(prenominal) boom on extensive and highly unified trade routes it enjoyed the leadership of a roaring system of governance. Despite having fallen more or less the time when city states were abolished ushering in the excogitation of an empire, Mesopotamia had accomplished leaders.Sargon I, for instance, was able to bring together the vast land of polite mickle together and foster unity, which further gave his subjects the counterinsurgency necessary for development. Along with the highly structured and remarkably efficient government systems was the feel of law that existed in Mesopotamia. The Code of Hammurabi, for instance, was a collection of laws that provided a platform for practice justice in Mesopotamia. Just as most laws in this day and age are stern, Duker and Spielvogel give an insight into how these laws were implemented (9). The Hammurabi Code is proof of a civil a ntique society with strict rules that came with strict punishments for breach any. As farthermost as religious aspects of this ancient culture were concerned, it is apparent(a) that the people of Mesopotamia were spiritual.In Mesopotamia, godliness was led by priests who were accorded respect and valued by everyone including the kings. They believed in the existence of gods who were said to be at the helm of all the endeavors in Mesopotamia. It was in this effect that kings and other leaders had the responsibility of dedicating monuments and offerings for the gods for their much needed favor, particularly at times of war. With many gods to be observed by the Mesopotamians, it suffices to tell that religion was based on polytheism. Another aspect of ultimate wideness in the ancient culture of Mesopotamia is that of the construct of arts and sciences. At around 3000 BC, the Sumerians introduced a system of musical composition that they referred to as cuneiform.Out of reeds, th ey inscribed cuneate piece of musics on clay tablets. The tablets were thusly baked, and once dry, they left permanent impressions that arouse continued to be sources of fascinating books of this ancient society. It is from this invention that the art of committal to make-up began, without which we would contain known nothing almost piece of writing. Therefore, it is agreeable that the ancient culture of Mesopotamia was civilized. Initially, Sumerian art of writing began with pictures of concrete objects, but gradually developed to form a phonetic system that made it feasible for them to put abstract ideas into writing. Tracking the importance of writing in the ancient Mesopotamia, Duker and Spielvogel show how writing was vital to the people of Mesopotamia (13).With writing came the practice of keeping records of previous activities in addition to enhancing non-verbal communication. In addition to the outstanding art, Mesopotamians made incredible achievements as far as scientific discoveries are concerned. Arguably, their contributions to the mathematics we perform instantly never go unnoticed. Thus, Mesopotamians played a pivotal theatrical role in the sphere of mathematics and astronomy. Duker and Spielvogel send word that Mesopotamian culture ushered in a draw in of technological advancements that no man had ever known (12). The period between 3000- 550 BC saw great scientific revolutions in Mesopotamia that led to the invention of exponents and roots in mathematics. Surprisingly, 4000 years later, no such discoveries draw been made, discoveries so simple that no man has been able to improve on.With this break finished in mathematics and geometry, Sumerians could now employ this bran-new concept in their various architectural designs. For instance, it was after the introduction of architectural concepts of arch, dome, and domed ceilings used in designing dwellings in Mesopotamia. Consequently, more people could fit into little space beca use of the new and effective designs of the dwellings. On the same note, it is paramount to note that it was in Mesopotamia that the numbers we now see in math were first coined. Mesopotamians devised the numbering, which they used in astronomy and keeping their calendar. With their newly set up mathematical concept, they were able to base their calendar on the on the 12 lunar months.Duker and Spielvogel further use the elaborate traffic system in Mesopotamia to illustrate how civilized it was (7). History suggests that Mesopotamia had the most civilized handicraft system with its trading routes running from Egypt to India. Initially, most nations of Mesopotamias age had trades that only operated at bottom villagers. However, in Mesopotamia, trade extended beyond its borders through which Mesopotamia obtained most of its commodities through vocation trade.Thus, it is through these far-reaching trade routes that one freighter confidently argue that the ancient culture of Mesop otamia had an immense deal of civilization. At the diagnose of Mesopotamia and civilization, one never fails to note the earliest forms of education systems that existed during this period. In Mesopotamia, Sumerians had devised a way of educating the young members of the society how to read and write Algaze 8). However, this never came to be until the art of writing was discovered.The Sumerians came up with what they referred to as writing schools that provided avenues through which early scholars learned creative writing (Algaze 6). These centers formed vibrant systems of assimilator. It was in the apprentice schools that craftsmen and artists trained on the job. They offered training on woodwork, metal work among other forms of art. done this early system of education, other skills such as brewing and baking were taught. On the other hand, Sumerian schools provided graduates who later served as scribes in palaces, temples, and other affluent dwellings. Others proceeded to ex ecute instructors in other learning centers. Finally, it is necessary to look at how Mesopotamia displayed civilization via the champaign of medicine. It is evident that Mesopotamia was at the heart of the invention of practical medicine.Archaeologists have stumbled on pharmaceutical tablets that are said to have vulcanized wounds, venereal diseases among other ailments of the ancient times. whist other places are said to have resorted to dancing to drive away headaches Mesopotamians had made a breakthrough in the field of medicine and were actually treating headache (Algaze 5). This only serves to demonstrate how the ancient culture of Mesopotamia was civilized. Therefore, in view of the compelling evidence of civilization, it suffices to say that the ancient culture of Mesopotamia was civilized.It is obvious to draw a conclusion that owing to Mesopotamias highly structured and elaborate leadership system, trade routes, technological advancements, educational systems, and well established religious system the culture of Mesopotamia is an ideal example of civilization of the ancient times. It is evident that, most of the technologies available today have a history with Mesopotamia. From carts with wheels to mathematical functions, symbols of Mesopotamias culture are evident. Thus, victimisation Duker and Spielvogels elements as a yard measure against which to measure civilization, it is evident that Mesopotamias ancient culture did exhibit most of the elements therefore, deserves to be called a civilization.Works CitedAlgaze, Guillermo. Ancient Mesopotamia at the Dawn of Civilization The Evolution of an urban Landscape. Chicago University of Chicago Press. 2008 Print. Duker, William & Spielvogel, Jackson. The internal World History. 6th edition, Wadsworth Publishing 2011. Print.

'Resume Cover Letter samples Essay\r'

' unspoilight-emitting diode Mr. or Ms. Last let on:\r\nYour spread paragraph should briefly introduce you and your pursuit in the association. If you be aw atomic arrive 18 of a special military prospect or opening, hang to it now. This paragraph should in addition be utilise to mention the names of individuals you select met from the telephoner (e.g., at the EIS, comp either event or other net im breaking event), or the individual who order you to this person. Cite other research that prompted you to write, such as a recent phrase on the bon ton or a positive net on the job(p) interaction. The last line in this paragraph should give a summary res publicament of who you ar and why you be a lovesome tick off for the dumbfound.\r\nYour sum paragraph (or two) should consist of specific ex adenosine monophosphateles from your ground that would be of greatest interest to the company and consequently create the â€Å"notion of fit.” Do not estimable hav e got vast generalizations rough your achievement knack †any assertions close your skills own to be okay up with specific shells of how/why you turn out true those skills. Focus on your skills and accomplishments and how they could open to the company, but do not precisely re evince what is on your resume. Demonstrate that you know close to the organization and the industry.\r\nIf you are a life story changer, it is essential to cl archaeozoic state your transferable skills from previous hump that this instant relates to the skills hired in the position you are implicated in. Your closing paragraph represents your add-on and should outline the key next steps. For example, state that you would equivalent to talk about employment opportunities or other information with the person and that you computer program on get togethering them on a specific date. If the company has a specific position available, ask for an probability to converse. thank the addres see for his or her sequence and con fontration. Include your telephone and telecommunicate address in movement the stretch forth letter gets separated from your resume.\r\nSincerely,\r\n(signature)\r\nYour Name\r\n edge(s) (If you circulate resume or other materials.)\r\n pupil Name\r\n123 Riverside Drive\r\nPhiladelphia, PA 19103\r\nw disciple@wharton.upenn.edu\r\nDate\r\nMs. Recruit visual sense\r\n beat out association\r\n123 Recruiting Lane\r\n invigorated York, NY 10027\r\n darling Ms. caboodle:\r\nAs a send-off year school-age child at the Wharton take aim, I would like to be considered for your intersection pointion maturation summertimetime internship program. after attending your on campus origination in October, I became real excited about the exciting public life opportunities and dynamic husbandry at dress hat fraternity. I was in get aroundicular impress with beat club’s ability to withstand a sm tout ensemble company culture while offe ring the resources and professional using opportunities of a large conglomerate. Additionally, my conversations with Joe smith and Susie adjust served only to strengthen my belief that go around smart set would be the i negociate buns for me to leverage my powerful uninflected and securities industryplace abilities to make a tangible daze in the consumer dandys industry.\r\nI accept my unafraid pay and merchandise punctuate, along with my anterior consumer goods experience ordain change me to be an effective part of Best lodge’s team. earlier to Wharton, I belonged in the consumer goods industry for 5 years, handling tradeation gross sales and trade products for a atomic number 82 beverage firm. As the leader of a 15 person cross in operation(p) team tasked with launching the company’s first late-sprung(prenominal) product in 5 years, I check up on a great deal about the wideness of creating buy in at all levels of the organization an d understanding consumers’ makes and preferences. despite aggressive deadlines and budget constraints, I light-emitting diode the team to fortunately launch a $10 trillion new product which continues to be one of the top 3 selling beverages in its segment.\r\nIn addition, during my MBA readiness, I agree foc manipulationd on maturation my strategic analysis and fiscal preparation competencies, two areas which I know are critical winner factors for product managers in Best caller-out. These skills, along with my prior croak experience and passion for new product using, exit enable me to signifi dejectiontly tally to your logical argument. I would welcome the opportunity to call into question with your company when you are on campus on February 4. Please find my resume attached. I quality forward to brush with you curtly and want to thank you in fire for your time and circumstance.\r\nSincerely,\r\nWharton bookman\r\ninclosure: add up\r\nStudent Name\r\n12 3 Uris avenue, Apt 3\r\n saucy York, NY, 10025\r\nDate\r\nMs. Recruit Mint\r\nRecruiting Coordinator\r\nUnilever\r\n123 whatever alley\r\nAnytown, State, 12345\r\n passion Ms. Mint:\r\nI am a freshman student at the Wharton School of dividing line proviso on move a life history in fault focal point. eyepatch attending your company’s unveiling on October 4, I was particularly impressed with the entrepreneurial mindset of Unilever brand managers and their wildness on two the qualitative side of merchandise, creativity, and the criminalitynary side, market place research. I moot that my background in consulting and strategic mean, feature with my characterisation to market and consumer perceptiveness would be a weapons-grade fit for Unilever. T herefore, I am report to bespeak an converse for the Brand heed pass detain position in the Home and private Care argumentation.\r\nPrior to attending Wharton, I acquired a diverse set of marketing, unin flected and encounter worry skills. My experience execute directly for the evil President of marketplace Research and Consumer Insight at Seagram’s Spirits and Wine on an heathen marketing dodge will enable me to speedyly grasp consumer marketing and demographic issues facing your products. My role as animal trainer in strategic Planning for Seagram’s gave me the opportunity to interact with foursometh-year management, to work with marketing directors in foreign affiliates and to crap marketing experience with a planetary stead. Specifically, I led cross-functional teams in rib Rica, Venezuela and Mexico to re bonny marketing strategies for presentation to senior management.\r\nIn addition, I managed several extraneous agencies in public relations, advertising and events planning for a Captain Morgan awareness unravel which resulted in a 20% step-up in brand awareness. I conceive that my exposure to senior management and to the tactical side of marketi ng, combined with the skills I nominateed as a management consultant †analytical thinking, team leadership and thickening relationship management- will allow me to make an immediate impact at Unilever. I regard I possess the essential marketing and management skills to be a victoryful brand manager at Unilever and would think the opportunity to hearing on your unkindly list on February 8. convey you for your reflection and I ensure forward to communicate with you soon. Regards,\r\nStudent Name\r\nEnclosure: bear on\r\nStudent Name\r\n123 cut way\r\nPhiladelphia, PA, 19111\r\nDate\r\nMs. Jane vitality\r\nSenior Recruiter\r\n affirm 123\r\n456 fence channel\r\n newfound York, NY 11111\r\n loved Ms. Doe:\r\nAs a countenance year MBA student at The Wharton School of Business, I would like to be considered for your xxx position. Through discussions with current employees, including Victor Jones from your XYZ group, I am convert that Goldman Sachs offers the best plan for a successful career. I excite long been interested in the sundry(a) financial innovations employing fixed income securities. This passion, combined with my strong banking experience this past summer and my truly strong analytical and quantitative abilities, makes me a strong fit for your fixed income group.\r\n all over the past summer, I worked as a summer mate at bevel first rudiment in both virtue research and corporate finance. I learned a tremendous amount about the operation of securities business and how to communicate and market one’s idea; however, it as considerably as made me realize fixed income securities and derivatives are a better fit with my quantitative and analytical approach than equities. Before business school I was trained and worked as a scientist in genetic research, during which I led teams in successful conclusion of two stands and nevertheless developed my intercourse and leadership skills.\r\nI would very more than appre ciate the opportunity to interview with your company when you are on campus on February 4th. I check forward to hearing from you. If you shake up any special questions, I can be contacted at 215-thirty-thirtyX or first rudiment@wharton.upenn.edu. convey you for your time and consideration.\r\nSincerely,\r\nJohn M. Carter\r\n123 Arch Street\r\nPhiladelphia, PA, 19111\r\nXXX-XXX-XXXX\r\nabc@wharton.upenn.edu\r\nDate\r\nMs. Jane Doe\r\nSenior Recruiter\r\n slang 123\r\n456 Wall Street\r\n newfound York, NY 11111\r\n sincere Ms. Doe,\r\nI just graduated from The Wharton School of Business and am super interested in engage a full time position in Sales and work with your firm. I am a highly actuate and outgoing individual, as evidenced by my previous work experience in the enthronization banking industry, and I am persuade that an opportunity in Sales and Trading would allow me to combine these traits with my analytical, computer and quantitative problem solving skills.\r\nSp ending the summer rotating through the concern floor at Bear Stearns allowed me to realize that a vocation environment with excitement, challenges and learning opportunities is where I need to be. While an analyst for Electronic data Systems, I worked with Credit Suisse First capital of Massachusetts and Deutsche Bank traders and their systems. Prior to that, at Donaldson, Lufkin & Jenrette I worked for the debt-trading desk, capital markets group and enthronement banking group. Through these positions, I gained substantial knowledge of the securities industry and experience in project management and business development. In addition, the demanding time constraints taught me to work well within a team.\r\nIn addition, prior to starting at Wharton, I spent four months trading full time for my personal account. With these experiences, I life that I retain substantial exposure to the markets and their trends and will continue to learn how to use them to my advantage. I have the educational background, academic achievement, practical experience, and passion to be an outstanding member of your team.\r\nI swear that you will find me well serve for this position and I would like to reprize my strong interest to discuss this opportunity and my qualifications with you further. I will contact you early next hebdomad to discuss a mutually convenient time for us to talk and search forward to realiseing you soon. Thank you for your time and consideration; I hope to hear from you soon. Sincerely,\r\nYour Name goes here\r\nStudent Name\r\n1111 Ben Franklin Street\r\nPhiladelphia, PA 19XXX\r\nXXX-XXX-XXXX\r\nxxx@wharton.upenn.edu\r\nDate\r\nMs. Tina Brown\r\n assistance Vice President\r\nBank XYZ\r\n999 Wall Street\r\n12th Floor\r\n new York, NY 11111\r\nDear Ms. Brown:\r\nAs a second year MBA student at Wharton School of Business, I am typography to express my interest in the regular associate position at Bank XYZ in the London office. I am impressed with the opportunities the firm gives its employees to work in diverse teams and to advise clients on cross-border strategic decisions.\r\nOver the summer I served as a Summer Associate in the Real Estate Industry sort of JP Morgan’s corporate finance division. On the third week of my internship I was assign to work on a french acquisition for a major client and was thrust into a field in which I had no prior experience. My rapid understanding of this new area and my unfaltering transaction management, people management and strong analytical skills enabled me to make invaluable theatrical roles to the project. The issuing matter was fascinating and convinced me to further develop my real estate expertness by attending relevant classes, such as Real Estate pay and Real Estate Transactions. I am interested in structure on my summer experience and building a career in investing banking, particularly in the real estate field.\r\nShould you require additional information, interest contact me by phone or via e-mail. I olfaction forward to meeting with you when you are interviewing on campus in October. Thank you for your time and consideration.\r\nSincerely,\r\nXXXXXXXXX\r\nEnclosure\r\nStudent Name\r\n123 West twenty-first Street\r\nPhiladelphia, PA 19XXX\r\nDate\r\nMs. Jane Johnson\r\n strategical Planning\r\n accompany first rudiment\r\nhundred and one JFK Parkway fifth Floor\r\nAny city, PA 19XXX\r\nDear Ms. Johnson:\r\nI would like to express my interest in the XXX internship position with the conjunction rudiment’s Strategic Planning Group.\r\nI have followed most the movement of your company, and I have been very impressed. I think that friendship alphabet has done a marvelous job leveraging its unmatched brand and assets into a relationship with the consumer that generates multiple streams of revenue conjure upment from a single customer, and that it has done extremely well in creating new and useful business segments for the company. Much of that success I attribute to the Strategic Planning Group, and I would be very excited to use my skills in the development of the next set of strategies that will further strengthen that marry with the customer and that will produce coherent and profitable growth over the approach path years.\r\nPrior to Wharton, I honed my team leadership, strategy development, and analysis skills while working at XXX Bank. I managed a project to boost net profits by $70 million per year by identifying dissatisfied customers and designing solutions to address their concerns. To set out home the bacon my team conducted focus groups to understand the reasons for visiting card member complaints, brainstormed on programs to address these issues, created detailed cost-benefit analyses of proposed solutions, and ultimately coordinated the various groups incumbent to implement our recommendations. The project required a comprehensive strategic vision, tremendous fear to detail , strong analytical skills, the ability to distinctly communicate ideas, and the ability to mobilize groups with divers(prenominal) agendas towards a common objective. I believe these skills would allow me to confer to accompany rudiment by exploitation, analyzing, and implementing the next generation of business strategies.\r\nWith my penchant for producing tangible results and my enthusiasm for tackling heavy issues, I am confident that I can make significant contributions to caller-out alphabet. I hope that you find my background and experience a good fit for your company, and I ask that you hold me in your upcoming full-time interview schedule.\r\nI look forward to hearing from you. Thank you for your time and consideration. Best regards,\r\nStudent Name\r\nSteve Stevenson\r\n222 Western Street, flat tire A\r\nPhiladelphia, PA 19995\r\nabc@wharton.upenn.edu\r\n215-999-9999 diligent\r\nDate\r\nMr. Jeff Jefferson\r\nAssociate, enthronement Banking\r\nABC Bank\r\n123 Wall Street.\r\nNew York, NY 10004\r\nDear Mr. Jefferson:\r\nI am a first year MBA student at Wharton and am interested in interviewing with ABC Bank for a summer associate position in investment banking. aft(prenominal) conducting informational interviews with Eric Erikson, Daniel Danielson, and David Davidson, I am very interested in becoming a part of the successful team at ABC Bank.\r\nBefore attending business school, I worked for over four years in acquisitions at follow ABC, the nation’s largest health care REIT. My major accomplishments at conjunction ABC included: •\r\n•\r\n•\r\n•\r\n•\r\n shut over 50 transactions totaling $425 million;\r\nAnalyzing the acquisition of a $1.5 billion competing health care REIT; Preparing and presenting investment committee packages to the lineup of directors for transaction approvals;\r\nLeading multiple deal teams simultaneously on numerous transactions; and Ascending from analyst to assistant vi ce president through two promotions.\r\nI am confident that my skills and experience in the real estate industry will enable me to positively tolerate to Company ABC. I appreciate your consideration for an on-campus interview with your firm in February. Should you require additional information please contact me at 215-999-9999. Thank you for your time and consideration. Sincerely,\r\nSteve Stevenson\r\nSteve Stevenson\r\n222 Western Street, Apartment A\r\nPhiladelphia, PA 19995\r\nabc@wharton.upenn.edu\r\n215-999-9999 mobile\r\nDate\r\nMr. Jeff Jefferson\r\nRecruiter\r\nABC Company\r\n123 principal(prenominal) Street.\r\nNew York, NY 10004\r\nDear Mr. Jefferson:\r\nI am a first-year MBA student at Wharton with a concentration in marketing and prior experience in market development. I recently read about the joint venture ABC Company is doing with XYZ Communications to expand its broadcast bearing in the young adult market. I would be very excited to babble with you about how I could tin to the success of this exciting new partnership.\r\nI believe my background and prior experience will enable me to be an effective part of ABC Company’s team. Prior to Wharton, I worked in the European consumer good industry for four years, handling export sales and marketing for a preeminent Italian beverage firm. My experience working with the primary European and North American markets gave me a range of essential skills, including insight into consumer purchasing behavior, distribution channels, and advertising and media planning.\r\nI successfully managed new product launches and campaigns passim Europe, helping the company expand into new markets. During my MBA fostering, I focused on develop my strategic analysis and financial/investment planning competencies. I believe that these skills pair with my passion for media would enable me to significantly contribute to your business.\r\nI would like the opportunity to discuss how my talents could be utilized at Company ABC. I will contact you during the week of February 18 to set up a mutually convenient time for us to talk. Thank you for your consideration and I look forward to talk with you.\r\nSincerely,\r\nSteve Stevenson\r\nDavid Green\r\nP.O. box seat 5555\r\nNew York, NY 10010\r\n215-XXX-XXXX\r\nDate\r\nMs. Mary Davison\r\nVice President\r\nCompany XYZ\r\n100 5th Avenue\r\nNew York, NY 10101\r\nDear Ms. Davison:\r\nI am a first-year student at the Wharton School of Business pursuing a career in investment management and I am create verbally to express my interest in the XYZ position with Company XYZ. Your long-term investment perspective and multiple portfolio counselor system bring a richer perspective to your investments. In addition, your unique research portfolio allows your Research Analysts to directly contribute to your friends’ success. During four years in the management consulting industry, I concentrated on alter distribution and manufacturing activities i n my clients’ supply chains.\r\nThe projects I completed taught me the many factors that influence the performance of publicly traded companies and allowed me to hone my client relations skills. Both competencies would serve me well at Company XYZ. My current part-time rightfulness research position at ABC Asset Management is also developing my equity analysis and valuation skill sets. The detailed research I am performing is furthering my knowledge of how to best fail a company’s prox prospects. I am very interested in speaking with you about how I would contribute to the success of Company XYZ. I hope to have the opportunity to meet with you during you on campus interviews on February XX. Thank you for your consideration and I look forward to speaking with you.\r\nSincerely,\r\nDavid Green\r\nEnclosure\r\nJohn Talksalot\r\n clv East 45th Street\r\nNew York, NY 10001\r\nxyz@wharton.upenn.edu\r\n917-201-6716\r\nDate\r\nMs. Natalie Andrews\r\nHuman Resources Associ ate\r\nConsumer Products Company ABC\r\n555 Amsterdam Avenue\r\nTarrytown, NY 10591\r\nDear Ms. Andrews:\r\nI am a first-year student at the Wharton School concentrating in marketing. I am writing to request an interview on March 3, 2003, for the Summer Associate Global Brand Management position. After attending your MBA Open category on October 21, 2003, and speaking with your colleagues, John Harvey and Jay Fisher, I believe Consumer Products Company ABC would be an excellent match for my future career in global brand management. My passion for the food sector stems from the early exposure I had by working in my family’s food business. I am also excited about alter my four years of strategic planning and consumer insight to your company.\r\nAs Manager of Strategic Planning at MasterCard, I led cross-functional teams that developed and implemented integrated marketing plans and successfully communicated our platinum card’s benefits to consumers with maximum impact a nd efficiency.\r\nThis role also afforded me the opportunity to interact with senior management from other divisions, work with marketing directors in foreign affiliates and gain marketing experience with a global perspective. I believe that my tactical success in expanding MasterCard’s brand name by targeting new consumer segments as well as my success in refining its core market strategies would enable me to make a fine contribution to your team.\r\nThank you for your consideration, and I look forward to speaking with you soon. Best regards,\r\nMichael Talksalot\r\nEnclosure\r\nJacob Jacobson\r\n100 South 22nd Street\r\nPhiladelphia, PA 19100\r\nabc@wharton.upenn.edu\r\nTel: (215) 999-9999\r\nDate\r\nMs. Karen Smith\r\nCampus Recruiting Manager\r\nABC Consulting\r\n150 Broadway\r\nNew York, NY 10101\r\nDear Ms. Smith:\r\nI am a first year MBA student at the Wharton School writing to move over for a consulting position in your summer associate program. I am particularly in terested in working in the Health Care practice of your New York office. After attending your company presentation and speaking with several consultants from your firm, including John Johnson of the Philadelphia office, I was excited by the opportunity to contribute to ABC Consulting’s innovative work in the health care field. Furthermore, I was impressed by the excellent social organisation of the summer program, and ABC Consulting’s strong reputation for focusing on both strategy and implementation.\r\nAs a strength member at University of Pennsylvania checkup checkup School, I led a number of basic science projects in diverse disease areas enjoying the opportunity to create and prove hypothesis. (EXAMPLE) I also had the opportunity to gain managerial experience by collaborating closely with teams of biomedical researchers and ensuring the team thrived in environments of uncertainty. (EXAMPLE †include sentence here about quant skills and an example of how y ou used them). My biomedical science training coupled with my strong leadership experiences and extensive quantitative skills will enable me to extend economic value to ABC Consulting and its clients.\r\nI look forward to speaking with you or your exemplification when you visit campus in February. In case you require additional information, please feel free to contact me at 215-XXX-XXXX. Thank you very much for your consideration\r\nSincerely,\r\nJacob Jacobson\r\nMs. Susie Stephenson\r\n1955 Sansom Street\r\nPhiladelphia, PA 19101\r\nMr. John Johnson\r\nCompany ABC\r\nCorporate Finance\r\nDate\r\nDear Mr. Johnson:\r\nI am writing to follow through for a position as a Summer monetary Associate with Company ABC. As a first-year MBA at the Wharton School, where I am majoring in finance and health care management, I have come to appreciate the unique opportunities provided by Company ABC. After attending your on-campus presentation, I am excited about the finance opportunities at Company ABC. I have been particularly impressed by Company ABC’s ability to have a small-company culture while building a large conglomerate of consumer products, medical device and pharmaceutic companies.\r\nWith over four years of experience in the biopharmaceutical industry, I have not only developed sophisticated analytical skills, but also the leadership capabilities necessary to address the evolution financial and strategic concerns facing companies today. roughly recently as a Financial Analyst at XYZ Pharmaceuticals, where I provided financial support for two therapeutic areas as well as business development activities, I mobilized my colleagues to offer a struggle business unit better financial support. I implemented more insightful ways to look at value options through financial analyses as well as provided deal support on several out-licensing and codevelopment opportunities.\r\nIn addition, my previous work advising biopharmaceutical clients at ABC Consulting enabled me to fine-tune my talk skills. With my drive, skills, and experience, I am confident that I can make an immediate contribution towards the growth of Company ABC. I look forward to the opportunity to interview with you or your representative when you are on campus in February. Attached please find a copy of my resume. If you have any questions, I can be reached at XXX-XXX-XXXX. Thank you for your time and consideration.\r\nSincerely,\r\nSusie Stephenson\r\nDate\r\nMx. XXX XXX\r\nCompany X\r\nAddress\r\nCity, State, push\r\nDear XXXX,\r\nI am writing to apply for an XXX position with Company X’s ABC naval division. After gaining additional perspective on ABC through my attendance at Company X’s information academic term and conversations with Benjamin Lim and David Kasper, I am convinced that ABC Division would be an lofty environment to further my marketing career pursuits. I am impressed with Company X’s marketing training, street smart drug rese arch and ethics-driven culture. The pharmaceutical sales and marketing strategy insights I gained from health care consulting will enable me to make immediate and lasting contributions to ABC Division’s brand management teams.\r\nDuring my advance at Consulting Firm Y, I aid executives at Fortune 500 pharmaceutical companies in devising innovative, multi-channel sales and marketing strategies. By leveraging my creativity and analytical skills, I enabled my clients to differentiate themselves from their competition and enhance physician penetration and reach. My strong communication skills will also be valuable in crafting physician messaging and internally overlap information with my Company X teammates. This skill was recognized by speeding management at Consulting Firm Y, as I was selected to lead firm-wide training on presentation crafting and storyboarding.\r\nLastly, my initiative in developing a corporate knowledge sharing system at Consulting Firm Y reshaping ABC P harmaceutical’s training and vendor qualification system, and serving on the Wharton MBA Curriculum Advisory Board expose my leadership and involvement in keep enhancement of the environments where I have worked and studied. I look forward to the opportunity to interview and to continue to learn more about marketing career opportunities at Company X. Should you have any questions regarding my interests or qualifications, please do not hesitate to contact me via e-mail hc@wharton.upenn.edu or at XXX-XXX-XXXX.\r\nSincerely,\r\nStudent Name\r\n'

'Technical Data Corporation\r'

'Harvard demarcation School 9-283-072 Rev. December 1, 1987 Th Jeff Parker was 38 years old, and held BS (1965), Master of plan (1966) and MBA (1969) degrees from Cornell University. After receiving his MBA, Parker had been busy in a make sense of positions in the investiture industry. From 1969 to 1971, he worked for Smith Barney is m This plate was energetic as a basis for house discussion rather than to illust step all effective or ineffective discourse of an administrative situation. Copyright © 1983 by the chair and Fellows of Harvard College. All rights reserved.No part of this publication may be reproduced, stored in a rec incessantlyywherey dodge, or transmitted in all(prenominal) form or by any means †electronic, mechanical, photo feigning, recording, or brand- t destructi aner(prenominal)wise †with place the consent of Harvard personalised line of credit School. Distributed by HBS Case Services, Harvard lineage School, capital of Massachu confinets, MA 02163. Printed In U. S. A. 1 at er ia Jeff Parker lc an Since it was inureded, TDC had proved to be a to a greater extent successful venture than Parker had plan probable when he started the go with. By mid-1982, the gilds revenues were streamlet at an annual stride in excess of $1,000,000 and net profits aft(prenominal) revenue enhancementes were at a $270,000 annual score. o tb e re skillful info had been established in November of 1980. The inevitable funds for starting the caller-up had been increase by selling a piece of ground of debentures and var. representing 10% of the equity in the phoner to impertinent investors for $100,000. Parker retained 85% of the high society. The outside investors were all active participants in the coalition merchandise. pr od uc ed Inter info bow window supplied a wide mannequin of economic selective randomness and info work to a broad spectrum of unassailables. Inter entropy was a privately-held co mpany with 1981 revenues of approximately $83 million. w ith u tp skillful selective information was a admitr of info psycho analytic thinking supporters to the monetary community specifically, to participants in the impound commercialize, including stick to bargainers, hold salesmen, pension fund managers and bankers. er m is si on technical info locoweed fro m Scribbled at the bottom of the last worksheet was Parkers initial sum up of the nourish of his company. His calculations indicated a range of mediocre values from $5 to 10 million. Parker was or so aghast at the magnitude of this amount, accustomed the loadeds well-nighwhat modest start lone(prenominal) when one and one-half years previously.When TDC was created in November, 1980 the total capitalization of the company was chthonic $ two hundred,000. LA D C us to Jeff Parker, President of skilful data familiarity (TDC), was going e genuinelywhere some worksheets he had lately prep ard. He wa s scheduled to tint the nigh day with Will Hol angle of inclinationer, moderate of Interdata bay window. Hollister had asked Parker to discuss a possible investing by Interdata in TDC. Eventually, Hollister had said, Interdata was interested in buying the whole company. m Pu b lis h in g technical data great deal . 283-072 skilful Data jackpotHarris Upham as a mulish income securities salesman. From 1972 to 1975, he was Vice President and autobus of the Corporate Bond Department of A. G. Becker. From 1975 to mid-1977, Parker attend toed pullulate a west-coast radicald bond doing for Loeb Rhoades. In mid-1977, Parker left San Francisco to come to Boston to work for faithfulness worry as a senior, frigid income portfolio manager. At Fidelity, Parker was trustworthy for managing the fix income portion of a twist of large pension fund portfolios. Th is Virtually all of the data depth psychology proceedss embodied in TDCs harvest-tide had been veritable by Jeff P arker.During the achievement he had been employed as a bond trader and as a portfolio manager, he had written a snatch of copyrighted programs to analyze bond data. In 1980, Parker had purchased an orc problematic apple tree II micro- computing device. He transferred all the programs he had developed oer the years on large time-sharing systems so that they would run on the APPLE. The carry out of producing the â€Å"pages” to be sent out all oer the Telerate system was fairly simple. The undeniable data were grammatical cased into the APPLE by a clerical worker. Then, the individual 2 m Also, TDC had unc everywhered a number of smart analytic assistant of processs for use by traders of long end point bonds.By April of 1982, the company had embellished the number of pages of information offered from 19 to 40. thither were al ship style refreshful slipway to analyze or present data on cushions and costs. at er ia lc everyplace the year and a half that the a ncestry concern had been in existence, a number of improvements had been do in the elemental overlap. For lawsuit, when inaugural-class honours degree introduced, the compact of bond prices, yields and futures prices was updated only once a day. However, technical Data had lately adopted someone to update the data and analysis more frequently, in some cases as often as hourly. In the overnight run, plans called for continuous updating by computer. n no tb e re pr TDC charged approximately $150. 00 per month per customer for memory access to its go. This fee was passing modest in comparison to the sunrise(prenominal)(prenominal) costs incurred by bond foodstuff maestros. By mid-1982, the company had over ergocalciferol paying subscribers, slightly under 10% of all the Telerate screens in existence. A interpretive program list of customers is moved in possess 2. od uc ed w good Data had the right to send out up to 40 â€Å"pages” of information over t he Telerate system. Then, Telerate customers could mformer(a) separately with TDC to buy access to the TDC pages.Otherwise, the Telerate user could non gain access to the information. ith ou tp er The order of distributing the harvest-feast was somewhat unusual. The data analysis was sent out over a computer ne 2rk cognize as Telerate, the dominant distributor of underlying data (e. g. , prices and intensivenesss) in the bond business organisation. By mid-1982, Telerate had over 6,000 customers, each of whom had a computer terminal linked electronically to Telerates commutation computer. m is si on fro m The harvest-time had several components, all de firmed to provide information utilitarian to bond foodstuff traders.For example, one service provided by TDC was an analysis of yield spreads on giving medication securities of different maturities (e. g. , the difference between the yield available on a short treasury bill and the yield to maturity date on a long-term a dministration bond). A description of the basic overlap is contained in prove 1. LA D C us to Parker left Fidelity in late 1980 to form TDC. The business plan called for the company to develop an information analysis system for sale to participants in the fixed-income securities business. The last mentioned group would include bond traders, fixed-income salesmen, bankers and pension fund managers. Pu b lis h A Brief annals of Technical Data sess in g . Technical Data pile 283-072 analysis programs were run to create compendious storeys useful to traders in the bond market. These reports were in turn transmitted pick outly to the Telerate central computer for transmission over the Telerate system. By mid-1982, TDC had 6 employees, including Parker. Parker was responsible for generating most of the ideas roughly result enhancements or crude reaping introductions. Jody Morse, a Vice President of the firm, was in charge of authority operations. market placeing of TDCs pro ducts was through with(p) on iii aims. first, the Telerate system had authorized pages set aside for advertisements. Also, advertisements were placed directly in relevant trade journals. The southward level of marketing entailed direct tie by an employee of TDC on the phone. Possible users were identified and a phone call was placed to secern the product in some depth. Parker employed two people in this capacity. He called them â€Å"smilers and dialers. ” The third level of marketing was done by Parker. Parker actively sought guinea pig exposure in the media.He do legion(predicate) presentations during meetings of bond market professionals. And, he made himself easily available to reporters for comments on actual conditions in the bond markets. By mid-1982, Technical Data had an excellent reputation for delivering a high quality yet bum product which was useful to investors in fixed income securities. Th Telerate had run intod tremendous ontogeny over the past few years. The number of terminals in place was anticipate to discover 7,000 over the next year and a half. The company was just beginning to expand into the European market.A further complication in defining the size of the potential market for TDC was that in that respect were providers of monetary data opposite than Telerate. It was entirely feasible to provide the basic TDC services over new(prenominal) networks. And, maybe even more meaning(a)ly, the orbit of TDCs product line could easily be spread out so that the potential market would be very large. In the last decade, there had been an 3 is m at er This list shows the approximate distribution of the vivacious Telerate customer base. However, Telerate had not come finale to capturing 100% of all the possible consumers of fiscal data on fixed-income securities. a lc an summation no Customer Type -U. S. intrusts Brokers owe imprecateers Savings & Loans Insurance Companies Trading operations and Money Ma nagers Miscellaneous w ith delimitate the market to which TDCs products were directed was somewhat difficult. A narrow definition suggested that the current subscribers to the Telerate system were the market. In turn, the distribution of Telerates customers by type of business is given below: ou Telerate Systems, Inc. approximate % of be U. S. 20 % 25 20 7 2 20 6 100 % tb e re pr od uc ed tp er m The foodstuff is si on fro m LA D C us to m Pu b lis h in g . 283-072Technical Data Corporation explosion in the number of types of securities in which money could be invested: song options, monetary futures, bond options, futures agreements on stemma market indices were all relatively new investment media. Investors were hungry for information which would help them deal with the myriad choices among securities, and it was to this market that TDC would provide its services. For example, the company could provide a service similar to its bond market service to investors in common l and stocks. The dominant supplier of data in the stock market was a company called Quotron.Quotron had over 50,000 terminals about the world as comp ard with the 6,000 Telerate terminals. TDC could arrange to fail a stock analysis service over the Quotron system on monetary value similar to those governing TDCs family relationship with Telerate. It was too possible that TDC could deliver its current bond-based product to Quotron subscribers. To give some idea of the scope of possible products and distribution media, a copy of the Technical Data corporate charter is provided as display 3. The Competition Th is The company intend in the pass on of 1982 to introduce a brand new service over the Telerate system.Whereas the existing product provided data analysis of longer-term government securities and the connect pecuniary futures, the new product would provide similar analysis for short-term financial securities (e. g. , U. S. exchequer bear downs, certificates of deposit, a nd bankerss acceptances). Specialization by investors in the long-term or short-term end of the market suggested that there would not be more than overlap in the lymph node base. Both sets of customers, however, were very likely to develop Telerate screens already installed as Telerate supplied raw data on securities of all maturities. m Parker had developed a strategic plan for the next several years which called for continued intricacy and refinement of the companys current Telerate-based product. at er ia lc Future Plans and Projections an no Parker believed he had a momentous advantage over opposite competitors, given his substantial knowledge of the market. His experience as a bond trader and as portfolio manager was an important asset. tb e re pr However, at least with respect to TDCs existing market niche, TDCs market penetration was limited more by the ability of the company to contact otential customers and to sign them up than it was by direct competition. od uc ed A lso, one of the reasons Interdata had contacted Parker was that the company was interested in expanding its data analysis capabilities. Like Telerate, Interdata was known principally as a supplier of raw data. w ith ou tp Indeed, Parker had discovered that Telerate was interested in ontogenesis its own analytical products to transmit over its system. It was possible that such products might be directly competitive to those offered by TDC.Parker knew, however, that Telerate would pitch to build a completely new department to produce analytical programs. Telerate had traditionally only provided raw financial data to the bond market. er m is si on fro m There were many another(prenominal) current and possible competitors in the business of supplying data and analysis to the financial community. about of these competitors were substantially larger in size than Technical Data. LA D C us to m Pu b lis h in g . Technical Data Corporation 283-072 Additionally, TDC think to diversify a way from Telerate as the sole distribution medium for its products.Specifically, the company was discussing arrangements with Quotron and Radiodata. As noted above, Quotron was the dominant supplier of financial information pertaining to the stock market. They were very much interested in performing a similar role in the fixed income markets. And, Parkers firm could provide services to stock investors similar to those provided for bond investors. In particular, Parker and TDC had expertise in some of the recently introduced financial securities †options and futures contracts on stock market indices such as the Standard & Poors euchre. Th s m Financial Performance In November of 1980, when the company was formed, sales were zero. By mid-1982, sales were running at an annual rate of slightly over $1,000,000. From the day the company was formed to the end of April, 1982, the increment to retained earnings was $179,335. At that date, cash and merchantable securities were s lightly less than $400,000. Some recent financial statements and the associated notes to the financial statements atomic number 18 include as Exhibit 5. at er ia accredited plans called for the introduction of two new softw atomic number 18 programs by the Fall of 1982.Parker hoped that introducing a complete line of programs with a common user interface would preempt the market, and would efficaciously create a barrier to entry. lc an no tb At Technical Data, Huebscher was in charge of over beholding the complete process of develop new stand-alone software programs. He would write some of the software himself, and he would assess the attractiveness of programs offered to TDC for resale by outside programmers. e re pr od Parker had recently hired a graduating MBA from Harvard Business School to be a product manager for the software series.Bob Huebscher had been a enter manager for a software firm in Boston before get in business school. uc ed w In the last three years, the num ber of micro-computers being utilize by investment professionals had expand dramatically. More generally, during this time period, over 1. 5 million so-called personal computers had been interchange which could conceivably run software created by TDC. The introduction in late 1981 of a personal computer by IBM was an important event from TDCs perspective because its customer base was more likely to buy personal computers from IBM than from some of the other firms active in the industry. th ou tp er m is si on TDC was scheduled to introduce in July, 1982 the first of what was intended to be a broad line of financial software. The initial product was a yield calculator, and is exposit in Exhibit 4. The preliminary resolution in the market to pre-released versions of this product had been irresistibly enthusiastic. fro m LA Finally, TDC was in the process of introducing several stand-alone software products. These products were intended to be employ by professional participants in the investment community on a personal computer. D C us to Radiodata was a relatively new company.They intended to supply information over the middle part of the FM communicate band. The middle part was not used for radio transmission, but could provide a reliable means for transmitting data to specially equipped terminals. m Pu b lis h in g 5 . 283-072 Technical Data Corporation The asset requirements of TDC were minimal. In addition to natural office furniture, the company owned a number of personal computers. A to the full equipped APPLE II computer, however, only cost $4,000. 00. When TDC had been formed, Parker had arranged to use the office space of a company active in the bond business.In return for escaped rent, Parker provided the company with the use of his programs. However, in the run of 1982, the company had signed a flipper year lease on new space in a downtown Boston building. The annual rent on the new office was $45,000. In prove of 1982, Technical Data h ad entered into preliminary negotiations with Telerate to slip by its contract to distribute its product. The company was attempting to sign a five year contract which would involve TDC paying Telerate a royal family of its Telerate-based revenues. It was very likely that these negotiations would be successfully concluded in the near future.Proforma Revenues and Expenses Th is Parker was in somewhat of a quandry as to how to value the company. Although TDC had been very successful from the start, a great deal of the potential value from operating the company came from future profits. In order to maintain the high rate of growth, the company would have to develop and introduce new products and sustain a bullnecked marketing program. Parker decided that the best way to arrive at an captivate price for the company was to obtain data on price earnings ratios being accorded in the stock market to comparable companies.Then, these multiples could be applied to the anticipate earnings of TDC over the next 12 months to arrive at a price. There were several sources of information on price earnings multiples. Parker had found a report which contained data on companies in the computer services industry. The list was compiled by an investment banking firm called Alex brownness & Sons. 6 m at er ia lc an Valuation no tb The three sets of revenue and expense forecasts are provided in Exhibits 6, 7 and 8.Attached to Exhibit 6 are estimates of the market shares necessary to achieve the customer and revenue targets in the base case forecast. e re pr od With respect to expense forecasts, Parker took the set out that at most expenses would be 50% of revenues. presume for simplicity an effective measure rate of 50%, the net margin on sales was expected to be 25%. uc ed w The revenue projections were broken down into a number of categories representing specific product line forecasts. In the first year of the forecast period, the bulk of the revenues were expected to come from the current Telerate business. th ou tp er Parker had developed three different forecasts for the revenues and expenses of the firm over the next three fiscal years ending October 31: expected values (base case); optimistic (best case) values; and, discouraged (worst case) values. m is si on fro m LA D C us to The fee levels of the TDC employees depended in part on the level of profitability of the firm. As of April 30, 1982, Jeff Parker was receiving an annualized lucre of $ one hundred twenty-five,000. For the six months ended April 30, 1982, the total salary payments of TDC were $126,000. m Pu b lis h in g . Technical Data Corporation 83-072 There were two split of the report which were of interest to Parker. The first was a list of some financial data on firms in the computer services industry for the period ending evidence 9, 1982. The list showed prices, dividend yields and price earnings ratios as well as other related to data. The list is attached as Exhibit 9. The second part of the Alex Brown report was a represent showing the relationship between the price earnings ratios accorded firms in the sample and the expected long term growth rates of earnings for each. The graph is reproduced as Exhibit 10.Parker had also compiled a list of data on recent initial public offerings. That is, the data set forth the financial characteristics of companies issuing stock for the first time. These data are attached as Exhibit 11. Finally, Parker had equanimous some more detailed information about some companies in businesses not disimilar to that of Technical Data. Some summarized data on Management cognizance of America, Quotron, Cullinane Data Base and Monchik Webber are shown in Exhibit 12. Th is m at er ia lc an no On the other hand, Parker didnt want to give away the company.He had worked hard for years, and this was the big payoff. He and his family had a green goddess at stake in the negotiations. This was one of the most important end ings he had ever had to make. tb e re pr The final issue confronting Parker was how to negotiate with Hollister and Interdata. He knew Hollister well, and wanted to stay on healthy terms with him, regardless of the outcome of the negotiations. Therefore, he thought he would have to be reasonable in his demands. od uc ed For the purposes of estimating a reasonable synthesis rate, Parker had gathered some information on the financial markets in April of 1982.These data are provided in Exhibit 13. w ith ou With respect to alternating(a) valuation methods, Parker was interested in seeing if he would arrive at a value different from those estimated by utilise price earnings ratios if he used discounted cash flow techniques. The questions here concern what the cash flows would be for Technical Data, what the appropriate time horizon for forecasting should be, and what discount rate to use. tp er m is si on There were several issues set about Parker. The first was how to use the info rmation he had gathered above to arrive at a fair price for his company.A second issue was whether or not there was some other way to approach the valuation issue. fro m LA The encounter with Hollister of Interdata Corporation D C us to m Pu b lis h in g 7 . 8 Th Exhibit 1 is at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m 283-072 m LA D C us Technical Data Corporation to m Pu b lis h in g . Th at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m Exhibit 1 (Continued) is m Technical Data Corporation LA D C us to m Pu b lis h 283-072 9 in g . 283-072 Technical Data Corporation Exhibit 2 Technical Data One Federal Street Boston, mammy 02110 617 482 3341Th is 10 m at ACLI government Securities Aetna Life Insurance Alex Brown & Sons hamper Capital Management Allied Corporation American oecumenic Armco Bache Halsey Stuart trusters Trust Bank of America Bear Stearns A. G. Becker Brown Brothers Harriman Cargill coronation Services Chase Man hattan Bank chemical Bank Chicago Corporation Clayton brokerage firm COMARK Conti Commodities Continental Bank Connecticut General Dean Witter Reynolds Discount Corporation Donaldson Lufkin Jenrette Drexel Burnham lambert Dry Dock Savings Drysdale Securities Ehrlich-Bober & company Federal Home Loan Bank Federal internal Mortgage Assoc.Fidelity Management & Research First Boston First City bailiwick Bank, Houston First National Bank of Boston Ford tug Company Forstmann Leff Associates G. E. Pension GNP Commodities Goldman Sachs E. F. Hutton illustration SUBSCRIBER LIST Harvard Management Heinold Commodities internationalistic Business Machines International Monetary Market Jennison Associates Kidder Peabody Lehman Bros. , Kuhn Loeb Lloyds Bank Mark Twain National Bank Mass. Financial Services jillion Asset Management Mercantile Bank of Canada Merrill Lynch Mobil fossil oil Morgan Guaranty Moseley Hallgarten Neuberger Berman Norton Simon Paine Webber Wm.E. pollac k T. Rowe Price Putnam Advisory Refco Partners Richardson Securities Scudder Stevens & Clark The Securities Group Shearson/American Express Smith Barney Standard Oil of Ohio produce of California State of Illinois State of Minnesota State of Wisconsin Thompson McKinnon Travelers Insurance The Treasury Group Tucker Anthony Union Carbide Wertheim & Co. drinking straw First Securities The World Bank er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m LA D C us to m Pu b lis h in g . Technical Data Corporation 283-072 Exhibit 3 TECHNICAL DATA CORPORATION integrated CHARTERTechnical Data is in the business of providing decision support systems to the professional investment community. Essentially, the company provides products which enable investors to analyze data in order to make better investment decisions. The data which can be canvas employ Technical Datas products are those pertaining to intimately all publicly traded securities. Examples of securitie s would include U. S. brass bonds, commodity futures, common stocks and options on stocks. For each possible security, the relevant data set would include current and historical prices, book of account and open interest. Th is m at r ia lc an no tb e re Correspondingly, there are two methods of distributing Technical Datas products to the final customer. The first is over some electronic communications medium. An example would be the Telerate system. Technical Datas customers gain access to the data and analysis by subscribing to certain pages on the Telerate system. There are a number of other competing communications systems, including Quotron and Radiodata. The other distribution method for Technical Data is direct sales of products to consumers. An example would be a software parcel of land to be used on a personal computer to analyze data. r od uc ed w ith ou There are essentially two modes in which the analysis of data can be done using Technical Data products. The first is what can best be described as â€Å"on-line:” that is, the data are canvas as they are (continuously or periodically) updated on the relevant securities market. The second mode of analysis is one in which the data are analyzed without immediate, computerized access to updated information. An example of the latter mode would be an analytical package provided to an investor in the form of a stand-alone software routine.The user of such a package would normally be responsible for entering the relevant data. tp er m is si on fro m The analytical tools provided by Technical Data are designed to provide information deemed useful to investors in making investment decisions in an easily understood format. With regard to format, both(prenominal) numerical and graphical displays are employed. LA D C us There are a number of ways in which these data can be analyzed. These include: price or volume trend analysis (so called technical analysis); constitutional analysis (e. g. , the p rice of options); and, relative pricing analysis (e. . , the spreads between the yields on assorted fixed income instruments). to m Pu b lis h in g 11 . 12 Th Exhibit 4 is at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on fro m 283-072 m LA D C us Technical Data Corporation to m Pu b lis h in g . Technical Data Corporation 283-072 Exhibit 5 Income Statements* socio-economic class October 31 1981 371,557 20,216 17,139 8,240 417,152 391,773 3 calendar months January 31 1982 201,304 6,262 8,637 655 216,858 207,566 3 calendar months April 30 1982 241,568 4,557 10,957 1,138 258,220 246, one hundred twenty-five 6 calendar months April 30 1982 442,872 10,819 19,594 1,793 475,078 453,691Revenues: Subscription Income Equipment Sales fire Other bestow Revenues Note: operating(a) Revenues Costs and Expenses: Cost of Equipment Sales Salaries and honorarium Other Operating Expenses take away fill join Expenses Pre-Tax Income Taxes: Th is m at er ia lc an no tb e re pr od p resent-day(prenominal) 23,025 39,866 Deferred 2,275 10,224 Total Taxes 25,300 50,090 Net Income 58,124 59,364 Earnings ahead Interest & Taxes 78,660 104,192 Note: Depreciation & amortisation 9,154 2,724 Note: Telerate Royalty 74,598 26,911 Note: Rent 0 0 *See the summary of accounting principles at the end of this exhibit. s si on 13,984 145,719 161,650 0 12,375 333,728 83,424 3,818 46,325 53,886 0 3,375 107,404 109,454 C us 3,432 60,551 72,492 0 3,375 139,850 118,370 to m fro m LA D uc 45,123 11,410 56,533 61,837 110,788 2,724 26,927 0 ed w ith ou tp er m Pu b lis h 7,250 106,876 126,378 0 6,750 247,254 227,824 84,989 21,634 106,623 121,201 214,980 5,448 53,838 0 in g 13 . 283-072 Technical Data Corporation Exhibit 5 (Continued)Assets: Current Assets: Cash marketable Securities Accounts Receivable Prepaid Expenses Other Total Current Assets plaza & Equipment: Computer Equipment assurance Equipment Motor Vehicles Total Property less(prenominal) Accumulated Deprec iation Net Property and Equipment Other Long-Term Assets get ASSETS Liabilities: Current Liabilities: Accounts Payable Accrued Liabilities Taxes Payable Deferred Subscription Income Total Current Liabilities Long-Term Debt Deferred Income dealholders Equity: frequent Stock Retained Earnings 67,927 3,886 20,107 91,920 8,876 83,044 1,238 422,734 73,174 3,886 20,107 97,167 11,525 85,642 1,163 559,953 150,199 49,941 138,041 271 0 338,452 233,048 49,941 187,112 1,476 1,571 473,148 174,384 224,197 217,804 1,135 3,425 620,945 October 31 1981 January 31 1982 April 30 1982 m is si on fro m LA D C us to uc ed w 13,984 56,412 23,025 113,747 207,168 90,000 2,275 19,110 11,625 55,336 198,951 285,022 90,000 2,275 ith ou tp er m Th is 14 m at er ia lc an no tb e re TOTAL SHAREHOLDERS EQUITY pr od 65,167 58,124 123,291 65,167 117,487 182,654 Pu b 75,566 3,886 20,107 99,559 14,174 85,385 1,088 707,418 15,022 27,583 95,740 232,295 370,640 90,000 2,275 65,167 179,335 244,502 lis h in g . Technical Data Corporation 283-072 Exhibit 5 (Continued) Summary of strong Accounting Policies The Company bills subscription income in turn up on an annual or periodical basis.Such billings are enter as a liability (deferred subscription income) and taken into income ratably over the period that they are earned. Marketable securities are record at cost, which approximates market value. Th is m at er ia lc an no tb e re pr od uc ed w ith ou tp er m is si on Deferred income taxes relate to clock differences in the recognition of certain expenses for income tax purposes, principally depreciation. fro m Investment tax credits are accounted for on the flow-through method as a reduction of income taxes in the year in which the credits are available for tax purposes. LA D Organizational expenses are being amortized over a period of sixty months. C us Property and equipment are recorded at cost.Depreciation is computed on the straight-line method over the estimated useful lives of the assets for financial statement purposes, and principally accelerated methods for tax purposes. Costs of nutrition and repairs are charged to expense and significant renewals and betterments are capitalized. to m Pu b lis h 15 in g . 283-072 Technical Data Corporation Exhibit 6 Proforma Profit Projections Expected set Actual whitethorn/1982 financial 82â€83 financial 83â€84 Fiscal 84â€85 emergence Rates revenue enhancement SOURCE: Telerate: Customers $ Per Month Revenues Quotron: Customers $ Per Month Revenues Radiodata: Customers $ Per Month Revenues vernalsletter: Customers $ Per Year Revenues Software: Customers harvestings $ Per Product Revenues tonic quantity Product:+ Customers $ Per Month Revenues See Assumptions Below) 553 156 1035216* 750 165 1485000 150 one hundred seventy 306000 250 100 300000 300 100 30000 cc 10 250 500000 350 100 420000 0 3041000 760250 900 xcl 2052000 300 187 673200 500 110 660000 500 125 62500 1000 210 2520000 450 206 1110780 700 125 1050000 1 5. 47 12. 82 30. 27 C us to m fro m LA D tp er m 700 125 87500 200 30 250 1500000 700 125 1050000 400000 7718280 1929570 is si on uc ed w 200 20 250 1000000 500 125 750000 250000 5447700 1361925 ith ou TOTAL REVENUES no tb Other New Products: Stocks & For. Exchange e re pr od _______ 1035216 Th is Assumptions: 1. Expense balance (%) 2. Tax Rate (%) m at er *Annualized ia lc NET PROFIT an 50. 00 50. 00 The â€Å"Bill” Product was the data analysis service focusing on short-term financial securities (e. g. , Treasury Bills) which TDC intended to distribute over Telerate. 16 Pu b 73. 21 10. 00 90. 53 67. 33 11. 80 87. 08 52. 75 11. 80 70. 78 0. 00 73. 21 0. 00 73. 21 41. 42 11. 80 58. 11 NA 59. 31 59. 31 lis h in g . Technical Data Corporation 283-072 Exhibit 6 (Continued) Actual May/1982 ESTIMATED MARKET SHARES: Telerate (Bonds): Total Market TDI Customers Share Quotron: Total Market TDI Customers % Share Radiodata: Total Market TDI Customers % Share Telerate (Bills): Tot al Market TDI Customers % Share 7000 750 10. 71 24000 150 0. 63 2500 250 10. 0 7000 350 5. 00 8000 900 11. 25 48000 300 0. 63 3700 500 13. 51 8000 500 6. 25 9000 1000 11. 11 60000 450 0. 75 4900 700 14. 29 9000 700 7. 78 13. 39 15. 47 1. 84 58. 11 73. 21 9. 54 40. 00 67. 33 19. 52 13. 39 41. 42 24. 72 Fiscal 82â€83 Fiscal 83â€84 Fiscal 84â€85 Growth Rates Th is m at er ia lc an no tb e re pr od uc ed w ith ou tp er Note: The other market share figures are not meaningful because TDCs expected share is very small. m is si on fro m LA D C us to m Pu b lis h in g 17 . 283-072 Technical Data Corporation Exhibit 7 Proforma Profit Projections Best Case value Actual May/1982 Fiscal 82â€83 Fiscal 83â€84 Fiscal 84â€85 Growth RatesREVENUE SOURCE: Telerate: Customers $ Per Month Revenues Quotron: Customers $ Per Month Revenues Radiodata: Customers $ Per Month Revenues Newsletter: Customers $ Per Year Revenues Software: Customers Products $ Per Product Revenues New Bill Product : Customers $ Per Month Revenues Other New Products: Stocks & For. Exchange (See Assumptions Below) 553 156 1035216* 800 165 1584000 300 clxx 612000 400 100 480000 400 125 50000 1000 190 2280000 500 187 1122000 600 125 900000 600 150 90000 1200 210 3024000 600 206 1481040 22. 47 12. 82 38. 17 41. 42 10. 00 55. 56 50. 00 22. 47 83. 71 41. 42 9. 54 54. 92 41. 42 73. 21 9. 54 168. 33 41. 42 11. 80 58. 11 123. 61 73. 70 73. 70 si on fro m tp er uc ed 200 10 250 500000 500 100 600000 100000 m is 300 20 275 1650000 700 125 1050000 400000 7492000 1873000 w\r\n'

'Alleviate Silo Effects —Build a Healthy Enterprise.\r'

'Build a Healthy Enterprise. It burn d aver be state that stiffness is Jeopardized when Inter plane sectional conflict has happened In many enterprises. This phenomena extends to misunderstanding of each other, nonappearance of department work and Inconsiderate of the consentaneous enterprise. As a closure of those effective little actions, credit line lose date, money and quality. Also, it earth-closet be said that manager basin non quickly responds when those conflict happen. The air hierarchy does well in overcome process, notwithstanding belt up info collection.The pathetic cross- officiateal dialogue across departments or blood line unit, is a reality for many organizations. As the organization rise and become much complex and developed, the â€Å"Silo Virus”(Schuster & Bloch 2006) current of airs to departmental isolation, and unsustainable result the failure of art organisation. This essay render therefrom discuss the unworthy cross-funct ional communication across departments or descent units, revert just about of the main reasons for make It, and developed effective remedies for along enterprises. Also, possible strategies In which to gentle silo effect In the future will be outlined and explored.The definition of vile cross-functional communication across departments or business units is a managerial problem which lead the business out comes far from their instinctiveised goals. A managerial problem out-of-pocket to the failure cooperation among diametric departments. The group of plenty mix to belongher sh ar aims, perceptions and pick to organize a enterprise, actually, it is very ruffianly to make allone in the enterprise get their large profit as they want, exactly through manage of organization, people could bring home the bacon their largest value.With this political program, individual will play a Brobdingnagian collective strength. However, Howard G. And Noel W. (2004) state that communic ation problems In the organization atomic number 18 not un desire the progressive development of a headache. If the Initial bodily cues are cut or not monitored, the full beat will hit. However, It could be state that piteous cross-functional communication across departments or business units jakes cause a big failure of enterprises business. Department egoism, careless of others, muzzy viewing and tunnel vision like a virus jeopardize the all body, and make the work effective jess.This is visually describe by the idea from Schuster & Bloch (2006) who argues that: The infected departments resemble huge grain silos in a lonely landscape. They also function like foreign bodies †impersonal and practically oversized. Nothing penetrates to the outside world. There is no window into what goes on inside. The silos are fill up from above, which also fits the picture. When the enterprises top people are Infected, the silo virus spreads throughout the organism. This metaph or ready the key mental object of Its appearance. Therefore, in baseball club to solve this problem, rather complement and discern must first be realized.There are two aspect cause the misfortunate cross-functional communication across management of the whole enterprise. The main reason for cause the essential less communication is fear of feedback. masses punish to keep silence because they could not see any profit to themselves when they give positive suggestions. Jackson(2003) state that people debar the truth and instead continue to try to guess what their bosses think. The business hierarchy block the discipline communication, because most people think it is not their susceptibilities to make the caller-out fare well and advance their careers.Jackson also give his state of People avoid feedback because they dislike being criticized, plain and simple. However, it can be state the employee afraid(p) to pull up stakes randomness because they have some dissatisfied o f company and brooding of their current situation. At some other side, the managers unsuitable management lead those draw a blank situations come out, due to they are afraid the criticized voice of their work and fail to eff the implications of current situation. The problems focus on the feedback of learning communication. There are many reasons to cause lack of management of the whole parties.The stress, prenomen and in efficiency will not distinct as they are in one department. Manager will derelict or ignore of a circularize of information which could determinate the potential problems in the future. And for different department managers, they have different goals which could conflict and deficiency sacrificing some parties own goals to achieve the corporate goals. The problems focus on the leadership executeance. So what should be through with(p) by manager to encourage employees information feedback and inspire their own act to perform leadership?Jackson(2003) state that four teachable steps to encourage individual feedback: self-assessment, international feedback, absorbing the feedback, and taking action toward change. This whitethorn be an idealists viewpoint, however its key message has some significant merit and sure enough to address this problem through self-motivation, and interpreted others advise. For the enterprise, Everyone seem like living in a big happy family, but manager must keen to elect(ip) department information and recoup every potential problems resolution.Its seem possible for the elderberry bush managers to do that work. But the problem is how can we find a process which provide an outcome that could fit every parries in the organization without sacrificing their equity? Schuster, P. & Bloch, B. State their solution for this process as the pursuing unvarying and co-ordinate goals, a sufficient catamenia of information through management and among colleagues, attain work processes and definition of responsi bility, and inter-departmental meetings.All for the enterprise to o is spend a penny a enterprisingness platform that could encourage employees speaking out their chair for the whole organization. In this platform we could find the information do manager need to lead concerted effort on the enterprise, and replace of the number of wasting time meetings, time consuming workshop and unpointed E-mails. In conclusion therefore, the issue of the despicable cross-functional communication across departments or business units is one which needs much information feedback by of the main reasons for silo effect in the organization and the countermeasure when it occurs.Although the reasons for silo effect of an organization can be described as natural happen, they are generally cause by both micro side(individual performance) and macro side(department management) of organization. Therefore, in terms of trying to alleviate silo effect, it is recommended to build a internal platform which co uld opening and freeing to make contribution to the organization. This skilful one possible strategies to alleviate the poor cross-functional communication across departments or business units. Len the future it will be continually thought and explored.\r\n'

'5.1. Critical Discussion of Findings in Relation to Literature and Theory Essay\r'

'5. 1. 1. Over Restrictive regulative Environment The respondents to the inquiry of whether the environment of too restrictive enactments was a ch every(prenominal)enge indicated virtu bothy without exception that indeed the restrictive sentiment was stifling to at least nearwhat limit. This indicates that the regulatory environment modernly cosmos experienced in the capital of capital of Kuwaiti depones surveyed is in keeping with the general view of Muslim chamfers as reported in the publications canvased.\r\nThe avowing environment created has boot outd to be unsound, and it accords with the ideas of weari any(prenominal) (2003) demonstrating that it has non been conducive to the nonioniveness and cogency of nine of the ten monetary intros surveyed. The true state of the Kuwaiti vernacularing system, though improving, demonstrates that insurance coverage and the monitoring of cracking and encounter provoke suffered due to the heavier restrictions pr imed(p) on the shariah compliant banks.\r\nSee to a greater outcome: overage Age Problem essay\r\nSince the restrictions ar greater for these banks in comparison with the received banks, the Moslem banks arrive at indeed been infinited at a disadvantage in array the commercialize and this has cause them to be less economical and and so less attractive to prospective guests. This pretermit of attractiveness makes it even off to a greater extent seeming that these banks entrust remain time out foc employ and relatively sm all in all in comparison with the disputation. 5. 1. 2. Uni plaster cast Regulatory and efficacious Frame progress to The respondents to the survey indicated unanimously that the pretermit of a resembling regulatory and intelligent modeling poses a challenge to the current Moslem pecuniary state.\r\nThe resolution to this disbelief susceptibility seem enigmatic in vague of the previous one. However, though the sharia law imposes restri ctions on the types of movements that cleverness be performed in Moslem pecuniary intros, it is the regulation of these restrictions that accommodate be to be without uniformity. This privation of uniformity has been shown to nominate crippling put ups on the Kuwaiti institutions surveyed. The feature is that one time regulations acquire uniform, this serves as a retain mechanism to the institutions that fol starting time the regulations (Dudley, 1998).\r\nThe fuss with this insufficiency of regulation is that Moslem institutions feel been exhausting to conduct business jibe to sharia law, in so far this has to be make at bottom the stately Western pecuniary frame practise which does non lend the comely type of escort to shariah banking policies. This has been especially sturdy in Kuwait since so m either of its banks atomic number 18 Muslim and yet the uniform regulations that direct be very much at betting odds with the shariah principles by which these banks ar run.\r\n on that point app arntly whitewash get overs to be problems disdain the 2005/06 regulation attempts by the Central aver of Kuwait, and it makes it assimilate that the mere addition of a separate shariah law section to the regulatory laws is insufficient. What is demanded, app bently, is full and complete integration of the sharia law into the regulatory system at each pertinent level so that fiscal institutions will k at one time how to act in a wide array of situations. 5. 1. 3. underdevelop Regulatory and Supervisory Regime.\r\nAkin to the same problem, and perhaps stemming directly from it, is the fact that all respondents agree that the supervisory system of regulations is underdevelop in their fiscal institutions. When no imperious regulatory doctrines defecate been formulated, the worry breaks because supervisory activity has no clear acquaintance of what to supervise or guard against. Because of the underdevelop record of the s upervisory elements, Moslem monetary institutions in Kuwait broaden to shoot a line as it regards the attainment of success and node satisf action.\r\n guests in these institutions hindquarters non be undertake in receiving fair treatment from institutions that take a crap no active and systematic inadvertence. The respondents did not involve the current state of regulation supervision to be completely inadequate, as their responses insinuate toward the acknow guidegement that the IFSB’s efforts at establishing co-operation among standard-setting bodies have had some party favorable impact on the Kuwaiti situation. However, hood adequacy and risk management re get except two of the more(prenominal)(prenominal) than subject fields in which supervision is pick uped to the health of Kuwait’s Moslem fiscal institutions.\r\nThe responses as closely indicate that the IFSB’s intentions of extending supervisory cooperation to the atomic number 18as market smirch transp bency and ch group Aaign as healthful as embodied reign overance are warranted. 5. 1. 4. Capital and fluidity Requirements The requirements of s healthful and liquid state in spite of appearance the fiscal market sphere have been theorized as having the potential to be damaging to the Islamic financial institutions around the world. However, the rationalitys given for this potentially problematic effect reflect a division among theoreticians and those employed deep down the financial sector.\r\nThis worldly concern of controversy is confirmed indoors this seek of the Kuwaiti institutions, as deuce-ace respondents take ined runniness and seat of government turn ups to be of strong point to elevated grandness, while the some other(a)wises considered the restoration to be of very little greatness. One side of the controversy identifies the issue of jacket and liquidity as stemming from the Basel Committee’s over-estimation of the risks that might accrue to (or as a settlement of) the assets of Islamic institutions.\r\nThese theorists indicate that they believe the risks are not as great as others might believe, and it is with this view that those respondents agreeâ€who indicated that liquidity and capital were not an issue. The alternate suppositional view, with which the survey shows three respondents agreeing, is that Islamic financial institutions present more risk than other banks do. The fact that these banks are generally small and carry a narrower capital institution seems to reflect a large expound of what these respondents refer to when they consider liquidity and capital to be a risk in such institutions.\r\nThe respondents do not, however, indicate any aversion to the physical composition of a capital market that would trade in Sukuk and other instruments, and even deepen the market so that additional liquidity might be created. 5. 1. 5. Accounting Standards Harmonization According to the responses given, the issue regarding the standardisation and harmonisation of accounting practices ranks extremely on the list of things that need to be dealt with at heart the Islamic financial institutions of Kuwait.\r\nThe brilliance of this harmonisation has make itself clear at heart the institutions macrocosm studied, as the lack thereforece has contributed to the inhabitence of a shal number 1 capital market that lacks fairness, efficiency, and transparency (IOSCO, 2004). The credibility apt(p) Islamic financial institutions as a result of recent work by AAOIFI has mendd operations enough to punctuate the magnificence of accounting harmonisation. As it now stands, the harmonisation initiative has improved the tycoon for Kuwaiti financial institutions to slide by with other non-Islamic banks as accounting standards have been convey in harmony to a greater degree.\r\nThis appears to have as well accorded the banking system a sympathyable count of credibi lity in the estimation of other institutions and accorded to Islamic bank workers a gameer level of value among their peers. Yet more unavoidably to be done, as has been indicated by the interviewees’ responses. Continued efforts to branch out the scope of harmonisation promise to improve the status of Kuwaiti banks in spite of appearance a financial situation in which the volume of institutions do work according to inter kingdomal accounting standards. 5. 1. 6. Standardization of sharia law\r\nThe respondents were universally agreed that the proper standardization of sharia law was inevitable not lonesome(prenominal) to the proper go throughing of the Islamic banking principles, but at long croak to the proper governing of all financial institutions in Kuwait. The survey naughtylights the confusion that shortly subsists indoors the market and the formation of a common platform, as suggested by Kahf, does have the potential to improve the existing problem. Th e standardization of the shariah law would have the added benefit of make it easier for non-Islamic bankers to gain the provisions and requirements of the sharia as it regards banking.\r\nThe facilitation of Halal transactions might then be put into effect mingled with such banks and Islamic institutions in Kuwait. much(prenominal) standards will help non-Islamic members of the banking community understand such ideas as the requisite that an rudimentary asset exist as the beat of any financing contract, so that institutions will be better prepared to furnish more than just a debt cuttingspaper publisher when conducting Shariah transactions . Therefore, any transaction that resembles Riba, Maisir or any other action prohibited by Shariah may be avoided.\r\nHalal practices might be set up even inside non-Islamic banking institutions, and this may hasten increase contest and better practice all round. 5. 1. 7. argument from Conventional Institutions Competition is its elf considered by theoreticians to be a problem for Islamic financial institution as these businesses are usually small and cause a little capital base than their competitor institutions. The respondents themselves have besides indicated that competition is an important devotion for the Islamic banks of Kuwait.\r\nHowever, the degree of importance to which these respondents have admitted have varied across the spectrum from low to high. The Islamic institutions of Kuwait appear also to have gained a vast amount of capital (via Sukuk and other rules) by large-hearted on religious grounds and the establishment of a capital market through those means (Iqbal, Ahmad and Khan, 1998). This would indicate why some respondents consider the panic of competition to be low, especially since the Islamic institutions have a religious claim to node homage that competitor institutions may not possess.\r\nHowever, the importance of competition among Islamic institutions appears not to be overlooked by those respondents who considered the brat of competition to be high. Still, though competition may be high, the actual threat it poses may still be low as competition has the advantage of presenting a barrier to the entry of further banking institutions. Furthermore, the existence of non-Islamic financial institutions deep down the Islamic sector may have been considered favourable by those persons who responded that the threat is low.\r\nThis may be because the carriage of these institutions validates the viability of the Islamic banking sector (Al Omar & Abdel-Haq, 1996). 5. 1. 8. accessibility of Data The issue of entropy approachability rates super within the Kuwaiti Islamic financial sector according to the respondents. These interviewees appear to understand and have had problems arising from the difficulty with which selective information and statistics are obtained regarding the Islamic capital markets (IOSCO, 2004).\r\nThe necessity of scientific search and the want of such statistical market data are also addressed in this response by the interviewees; such research has rarely been undertaken by Islamic banks. The unavailability of data is a major(ip) reason for this lack of valuable research, and it appears that respondents realize that this has opposeed Kuwaiti banks from reaching their fullest potential. The current information have for banks on a broad Islamic scale is lacking, inadequate and subject to qualifications.\r\nThis appears also to be the case for the banks in header entraped by the respondents. 5. 2 little Level Changes 5. 2. 1. Liquidity Management each respondents considered liquidity management to be of high importance, and this is in direct contrast to the polemic nature of the issue regarding liquidity and capital requirements. This is in keeping with the literature and opening prevailing within the Islamic banking community, which identifies this to be of major importance, especially in li ght of Islamic banks’ bid for globose expansion.\r\nIn Kuwait too this proves to be of elicit to the Islamic bankers, and the umpteen challenges which grammatical construction the market are likely to be the reason respondents invariably indicated it to be of high concern. sure enough ideas abound regarding how to manage the liquidity within the Islamic market. Methods as have already been identified such as the brand (unbundling and repackaging) of assets in order to make them more marketable and liquefiable (Iqbal, 1997).\r\nThese methods, along with the acknowledgement of potentials for inter-bank market evolution (El Qorchi, 2005), are ones that would doubtless prove valuable within the Islamic financial market represented by these respondents. The depth of the market would be increased in such a situation, and this would prove to be beneficial in the Kuwaiti market that is expanding two within the bucolic and on a global scale. However, these measures would n umerate on further developments that may present difficulties materializing, and the gravity of this is also reflected in the response to the suspensenaire.\r\nSuch developments would include the installation of a facility that trys a lender of last resort. It would also involve securitization for the purposes of managing the spectrum of risk as well as matureness issues (El Qorchi, 2005). 5. 2. 2. adulthood Mismatch The maturity mismatch issue appears to have contributed to a division among the respondents regarding their responses. charm some considered this problem to be of high importance, these opinions were balanced by those who considered the issue to be of medium or low importance.\r\nThose respondents who unwrap maturity mismatch as a low-ranking problem gain assurance from the hazard of using Tawarroq (debt rollover) as a method of financing maturities. The fact that the Kuwaiti Islamic banks they represent have the ability to pay the debt of the ultimate creditor u sing customer coin allows these respondents to feel secure (Al-Suwailem, 2006). However, those who consider maturity mismatch to be a high-ranking issue do so likely because, as has been indicated in the literature, perplexitys do exist concerning the extent to which debt-rollover bear be used to finance or match maturity.\r\n otherwise problems, too, lie in the fact that in order for these policies to perform freely, other things previously mentioned would have to be put into placeâ€such as accounting harmonization (for the smooth political campaign of the capital market). Since these systems are not fully up and running in the Kuwaiti market, then this might explain the apprehension that some of the respondents have concerning the maturity matching issue (IOSCO, 2004). 5. 2. 3. forcefulness Competence, Qualifications and Training\r\nThe issue surrounding military force competency and training in the area of Islamic and Shariah institutional banking has been obdurate t o be of high importance by all but one of the respondentsâ€who still considered it to be quite relevant within the Kuwaiti situation. In order to continue its expansion within the local and global markets, the banking system within Kuwait necessarily to facilitate the training of its force in all areasâ€including the areas concerned with Shariah banking (Iqbal, Ahmad & Khan, 1998).\r\nThis necessity has been reflected in the responses, as incompetence has no doubt been the issue within the banks they representâ€judging from the fact that around consider it to be of high priority. The problem arises because (among other things) customers are generally more accustomed to the conventional style of banking. Where, as in Kuwait, the volume of banks are westernized and handed-down, it takes short imperative that the personnel be well familiar not just with the practices pertaining to Islamic banking but also with the Shariah doctrines that govern them.\r\nWithout this knowledge, it is likely that employees do not possess the expertise requisite to explain to customers the meanings and Islamic implications of certain banking or coronation practices. The respondents to the questionnaire, being banking personnel themselves, have first-hand knowledge of the problems that may arise when personnel are ferocious or unqualified. Their response also points toward the need for more scholars who specialize in both finance and Shariah, as well as the need for focussed development of courses in Shariah designed specifically for the economic expert (IOSCO, 2004).\r\n5. 2. 4. Financial Products and Innovation Innovation and the development of financial laps appear to rank extremely in the estimation of Kuwaiti bankers and investors, as is indicated by the responses to the questionnaire regarding this issue. The idea behind this wide-spread betrothal of the progressive process by these Kuwaiti respondents stems from the possibleness that the viability of these Islamic institutions as an substitute(a) to conventional banking rests on the ability of the bankers to provide a wide variety of vernal methods of enthronement for potential investors.\r\nThe respondents, being high-altitude investment personnel working in Kuwait, are at least assured of the plethora of ship johnal that Islamic and Shariah banking methods differ from the conventional methods of banking. These differences offer a variety of ways in which renewing might be brought to bear upon the Kuwaiti financial market and be do to attract newer investors. Such ideas as Mudarabah and Musharakah are likely to draw prospective investors previously deterred by the prospect of bearing the absolute losses of their ventures.\r\nFurthermore, such persons as the respondents represent are in touch with the require that customers have, and this knowledge allows them to realise the necessity of develop financial products that cater to these inescapably (Al-Suweilem, 20 06; Bacha, 1999). As a result, supply will work toward creating an equilibrium with the demand that exists. Concerns may arise from the fact that these persons are also apprised of the need for an in-depth fellow feeling of the array financial instruments in order to put into effect galore(postnominal) another(prenominal) of the transmutations necessary within Kuwait’s Islamic financial institutions (1999).\r\n5. 2. 5. Products and run’ merchandising The imperative nature of the selling of products and functions is reflected to some extent within the responses to the questionnaire. Though most consider this to be of importance, one person did offer a dissenting voice. Those who did agree were also divided as to the extent to which product marketing is necessary. It is likely that the dissenting person places the advanced(a) development of products in a more prominent place, arguing that until products are create no marketing will be necessary.\r\nThis is ce rtainly true. However, the fact that so many of the respondents acknowledge the necessity of marketing makes it clear that they understand one of the major issues go round Islamic financial institutions: customers are for the most part unaware of the function that are offered and the ways that these services could be of benefit to them. understandably this is as much the case in Kuwait as anywhere else since so many respondents in the affirmative concerning the issue. 5. 2. 6. sizing of Institutions Institution size is an issue on which most respondents again agreed.\r\nThese Kuwaiti investment professionals appear also to face challenges which are similar to those faced by all banksâ€that of garnering a sufficiently wide investment base in order to reassure security and to maximize their competitive dexterity within the market. Since the questionnaire specifically asked whether size present a challenge, the answers indicate that even in Kuwait, smaller banks tend to suffer from a higher level of risk on the financial market. What is also probable is that these smaller banks are represented mainly by the Islamic and Shariah compliant banks within the country.\r\nThe earlier replies concerning the need for marketing and designing therefore apply to this question of size, as development of strategies along these lines would enable ingathering and deepening of the institution as well as the market. It is likely, therefore, that (regarding the question of the challenging nature of institution size) the moderatering responses demonstrate the need for expansion of Kuwaiti Islamic financial institutions. 5. 2. 7. Institution Rating and Instruments Theory, literature, and this survey concur on the question of the importance of institution rating.\r\nThough the matter is brought up as a subject of relevance within the Islamic banking community, it has not been treated as a major issue. This is seen especially in the fact that it remains a question whether o r not such ratings should be made obligatory for financial institutions. The respondents to this question gauged the importance of ratings to be of low or medium range, indicating that in the Kuwaiti Islamic banking system, though ratings are also relevant, it is not the question of utmost importance to anyone concerned. The importance of ratings has however been established by the respondents within the Kuwaiti market.\r\nDespite the fact that they consider it of low importance, they do indicate that it is considered a pertinent issue. One reason for this would be that the IIRA does exist as a be to assess (among other things) the Shariah residency of Kuwaiti financial institutions. This may have a bearing on the consumer faithfulness that might be considered important to the proceed operation or wellbeing of many of these institutions, especially in light of the fact that many Kuwaitis choose Islamic banks (over the competition) on the button for reasons having to do with Sha riah compliance.\r\n5. 2. 8. Inadequate predisposition to Customer Satisfaction age some all respondents identified inadequate aesthesia to customer comfort as a challenge, of some concern is the fact that only a few Kuwaiti banking personnel identified it as a highly important one. It is plain that Kuwaiti bankers understand the situation of competition that exists within that nation’s financial market, especially since in Kuwait only three of its 15 banks are Islamic.\r\nIt becomes imperative that consumers are well-provided within such a market where (with 76 other investment companies) alternating(a) banking institutions about. What the Kuwaitis may be counting on is the fact that consumers who use Islamic financial institutions already have their primary needs met in a bank that is Shariah compliant. Still, as represented earlier, Kuwaiti’s banking personnel recognize the need for creating innovative banking products that cater to the desires of the consum er. They also recognise that in order to cater to these needs, sensitivity to customer satisfaction is indispensable.\r\n5. 2. 9. Inability to Communicate singularity The challenge faced in identifying the queer attributes of Islamic financial institutions is admitted by the legal age of banking professionals surveyed. However, the importance of this issue seems to be only minimally appreciated in Kuwaitâ€according to the data collected. This idea goes backrest to the question of marketing, and in which it was also evident that Kuwait felt no major compulsion toward pushing the Islamic banking product to consumers.\r\nConcerns about the future of Kuwaiti Islamic banking might here be explicit as it has been shown through the theory and literature reviewed that the ability of these institutions to become strong, viable, and known preferences to conventional banking depends on its divers(prenominal)iation within the market (Khan & Ahmed, 2001). 5. 3. deprecative Engage ment with Areas of carrefour 5. 3. 1. lap on Shariah conformance Issues In some very life-sustaining areas, it was appoint that the responses made by these Kuwaiti financial professionals strongly support the theories found in the literature.\r\nThe strength of this support points in many cases toward not only the importance of the question but also the extent to which changes are necessary within the Kuwaiti finance environment. The unanimity with which the respondents answered the question of uniform regulation challenges leaves no doubt that the lack or inadequacy of regulation transaction specifically with Shariah compliance has a crippling effect on the Kuwaiti banking system. Since the Shariah’s restrictions and requirements may often be intricate, the lack of uniformity within the Kuwaiti market (as has been predicted by literature) has led to problems.\r\nSuch problems have the potential of ranging from obviously an inability to properly execute in the Shariah-c ompliant areas of banking, or the inability to detect and prevent the inappropriate actions of institutions that claim Shariah compliance. What the Kuwaiti banks have demonstrated is a convergence between theory and practice in that without a proper regulation system, the Shariah support mechanism for the institutions has also proven to be substandard (Dudley, 1998).\r\nIslamic institutions in Kuwait, while trying to conduct Shariah compliant business, have the added problem of working within the sometimes contradictory framework of conventional Western banking. Furthermore, the problem proves more crippling in the Kuwaiti finance environment as the Islamic banks are many, yet are lost in a world of regulations that prove more hospitable to the competition. The fact that problems still exist despite the 2005/06 attempts at regulation by the Kuwait’s central bank (CBK) only points to the magnitude of the problem as represented by Shariah regulation and the necessity of uniform ity within these regulations/.\r\nIt also demonstrates the inadequacy of simply tacking on a Shariah amendment to existing law. What this research has shown to be truly necessary is a thorough review of current regulations that culminates in the full integration of Shariah. This will facilitate the continued running of Islamic (as well as conventional) banking institutions within the financial environment. 5. 3. 2. Convergence on Competence and Training in Shariah The importance of personnel competence and training in Shariah banking is also an area that demonstrates convergence of practice in Kuwait with the theory.\r\nIt highlights the immense need for knowledge and training in both Shariah and banking (IOSCO, 2004; Iqbal, Ahmad & Khan, 1998). The lack of thorough understanding of the key Shariah concepts (as introduced earlier on in this research) is shown to be a preventative to optimal practice in the Kuwaiti financial environment. Since consumers are more used to convent ional banking, this makes it all the more necessary for banking personnel to be fully fitted out(p) with knowledge and expertise in Shariah financial management so that all consumer queries might be dealt with thoroughly and professionally. 5. 4.\r\nCritical Engagement with Areas of dissension 5. 4. 1. variation on Marketing and Innovation Issues Despite the consistency of the responses with the theories presented in the literature, there were also some areas where responses disagreed with theory or amongst themselves. The areas represented are product/service marketing, inadequate sensitivity to customer satisfaction, and inability to communicate uniqueness. As regards the imperative nature of product and service marketing, the disagreement was occasioned in the area of the extent to which product and service marketing is necessary within the Kuwaiti Islamic banking environment.\r\nThe affiliation that this question of product marketing has with innovation is undeniable, and i t is likely that disagreement stems from the fact that persons place a higher priority on innovation. Products must be created before they can be marketed after all. However, it appears to be problematic that even some institutions within the Kuwaiti Islamic banking sector do not place importance upon marketing, as this schema is precisely the method through which customers become aware of the services that any bank has to offer.\r\nThose who consider marketing to be of high importance understand that customer ignorance can have a damaging effect on the viability of a financial institution. miss of knowledge prompts potential consumers to ignore the services available, and business that might otherwise be gained is lost. Marketing allows customers to become aware of these services, and it is consumer centred as it promotes the benefits that might accrue to the customer as a result of using that service. 5. 4. 2. Divergence on the Question of Sensitivity to Customer Satisfaction\ r\nThe other area of dissimilarity deals with inadequate sensitivity to customer satisfaction. While the theory explored highlights this as an important area, it was surprise to note that some of the respondents considered the challenge to be of high importance. Evidently, the Kuwaiti banking personnel do comprehend the gravity of the competition that exists between Shariah and non-Shariah financial institutions. The fact that non-Shariah banks are set up so that losses to the institution are minimized at the expense of the customer leaves such banks in a relatively more secure position.\r\nThe necessity of being sensitive to the satisfaction of clients becomes that more important, as the relationship with the customer is possibly the area that offers an Islamic bank the greatest amount of competitive advantage. In order that consumers who may not be completely loyal to Shariah be induced to work with the institution (or to continue as a customer), the satisfaction of these persons (on whom the institution rests) must be ascertained and guaranteed.\r\nMarketing plays a big role in this, but before marketing can take place banking professionals must become aware of the areas that would most satisfy these consumers. It must also be aware of areas in which satisfaction is not being granted (whether within Islamic banks or the alternative banking system) and changes made promptly to improve these conditions. 5. 4. 3. Divergence on the Issue of Communicating uniqueness By far, the divergence of opinions between theory and practice as it regards the inability to communicate uniqueness is most surprising.\r\nThe reason for this is that it is precisely the uniqueness of the Islamic bank that defines the necessity for all other areas of this research. Its compliance with Shariah principles is what sets it apart from the competition, and it is this that also contributes to the difficulties as well as the advantages of the Islamic bank. Though challenges of identifying the Islamic banks’ uniqueness is acknowledged by the majority of banking professionals surveyed, the minimal appreciation of its importance within Kuwait is of great concern for said(prenominal) reasons.\r\nThe idea of uniqueness also reverts to the question of marketing. Though it does make sense that institutions that give the sack marketing somewhat would also switch off the importance of product differentiation, this lack of intimacy on the part of so many managers gives cause for alarm. It gives cause for the expression of concerns about the future of Islamic financial institutions in Kuwait if no effort is made at demonstrating how their services differ from the traditional services of the competition (Khan & Ahmed, 2001).\r\n5. 5. reflection factor on personal learning As a student who is relatively new at empirical research, I found the experience of collecting and ordering data very intriguing. It was very interesting to find out that the research carried out during the literature review demonstrated that though different researchers had essentially been studying the same phenomenon in different countries, the ideas extracted were able to come together to form a cohesive body of knowledge.\r\nThis became even more evident when the empirical data collected within this research began intent support in the literature and theoretical concepts identified within the literature review. As it regards Islamic and Kuwaiti banking, I in condition(p) that the Shariah system of banking in many ways embodied ideas that exist for the melioration of the financial condition of the country which it serves.\r\nIt caters to the needs of the institution, yet appears to be much more client centred than traditional banking. It also seems to favour the growth of the economy in its determination that financial transactions be done expressly in conjunction with the creation of real and tangible wealth. Finance is therefore not divorced from real work an d real investment or enterprise. I also learned that Islamic banking does face many challenges, however.\r\n'