G-III Apparel Group Inc IPO Valuation Case Study

G-III Apparel Group Inc IPO Valuation - Case Study Example The growth looks impressive, but the firm should not expect that type of continuous growth since in the apparel industry prolonged above average growth is rare. The company operates in a fragmented industry, but its 10% market share is relative large which gives the firm a competitive advantage. The company is perfectly positioned to achieve further growth by utilizing an acquisitions strategy. A positive aspect of the IPO plans of the firm is that company plans on reducing its long term and short term obligations from $22.3 million to $6.4 million. This strategic move is very wise because the firm is reducing its fixed costs by lowering its total debt. The organization has a workforce composed of 235 employees. G-III generated in 1989 total sales of $98.78 million. A strategy that has helped the company generate revenues at different price points is the use of multiple brands. Three of the brands the firm owns are G-III, Siena, and Cayenne. 6. Who is Oppenheimer? What was the role o f Oppenheimer in the process? Was Oppenheimer’s role commensurate with its fees? Oppenheimer is the firm that handled the IPO. The person from Oppenheimer that was in charge of the IPO was Richard White. The IPO process began in September 1989 and it was completed three months later on December of 1989. The stock of G-III following the IPO was going to be traded in NASDAQ. The underwriter price obtained by Oppenheimer was $0.91per share. I believe the fees that Oppenheimer negotiated were reasonable. The $0.91 per share price was equivalent to a 7% commission. 7. Was $13 an appropriate price for G-III? What was the intrinsic value of a share of G-III? The intrinsic value of a stock can be defined as the actual value of the firm which may be different that the market value of the shares of a company. There are several metrics that can help an investor determine the intrinsic value of a company. The book value of G-III can be calculated by subtracting total debt from total asse ts (Little). Prior to the IPO the book value of the company was $18,923,000. The book value per share of the company was $4.07 (18923000 / 4644144). The market to book ratio assuming the $13 price is the market price was $3.19. The earnings per share of the firm in 1989 was $1.28. The price earnings ratio is calculated dividing the market price of the company by its EPS (Garrison & Noreen). Based on the $13 IPO price the price-earnings ratio of the company is $10.15. Due to the intrinsic value of the company I believe that the firm got a good deal by selling the stocks at $13, since this price is three times higher than the book value of the firm. 8. How would picking the wrong comparables influence estimates? Choosing the wrong comparable can distort the information which can lead to making bad decisions in regards to the valuation of G-III. One of the problems the company faced when it was choosing comparables was that most companies in this niche industry were not public which ma de it hard to find information regarding the industry financial performance norm. The problem with choosing wrong comparables is that it can undervalue or overvalue a firm. If the analysis undervalues the firm the company would be selling the stock at too cheap of a price. An overvaluation could hurt the company because investors might not be willing to buy at the high price which could lead to disastrous results in the IPO. 12. Did G-III display

How to be a great teacher Essay Example | Topics and Well Written Essays - 1500 words

How to be a great teacher - Essay Example Through online teaching and interactive learning environments, teachers are playing a considerable role in improving the communication skills of the children by making them interact with other students in different activities. Teachers are also playing a vital role in improving the social behaviors of the students by injecting the senses of responsibility and ethics in the minds of the students. How to Become a Great Teacher Not every teacher is a great teacher. Ragos states, â€Å"The influence of a great teacher is reverberating†. A great teacher possesses such qualities and characteristics, which distinguishes him/her from all other teachers. Some of the main qualities of a great teacher include sense of humor, positive attitude, high expectations, consistency, fairness, and flexibility (Kelly). Let us now discuss in detail what a teacher needs to become a great teacher. In the discussion, we will also include the ideas and responses of Mr. Bob Overstreet, who is a high sch ool teacher from Walton High School. High Enthusiasm A great teacher is always enthusiastic about the job. According to Mr. Overstreet, high enthusiasm and passion to teach students are the keys towards a teacher’s professional success. ... Therefore, teachers need to develop interest of students in the subjects in order to make them successful. Responsiveness Another important factor, which plays a considerable role in development of a great teacher, is responsiveness. A teacher needs to respond to the queries of the students in order to satisfy them. A teacher should never ignore the query of any student. It is also one of the main responsibilities of a teacher to strengthen the concepts of the students and it can only happen if the teacher shows interest by responding to all questions raised by the students about the lecture. According to Mr. Overstreet, a great teacher is one who never leaves any question made by any student unanswered. A great teacher not only responds to the students but also ensures that the students have understood every issue related to the topic. Moreover, a great teacher is one who not only shows interest in the subject related questions raised by the students but also answers other questions related to sports, physical fitness, or any other topic. Friendliness and Communication Skills Another quality, which makes teachers great, is the friendliness and excellent communication skills of the teachers. â€Å"There are many ways to be a successful teacher but the secret lies in excellent communication skills† (Reed). According to Mr. Overstreet, teachers need to be friendly with their students in order to create an effective learning environment. Friendliness of teachers plays a vital role in making the students learn in an effective manner. It is because when a teacher creates an open and sociable learning environment in the classroom, it motivates the students to get

Ethical, Legal and Professional Duties of Nurses

Ethical, Legal and Professional Duties of Nurses Introduction: Nurses are subject to a large number of ethical, legal and professional duties which are so many to be discussed in this essay so that is why only main important ethical and legal duties will be discussed in this essay. According to the scenario, these main ethical and legal duties will be respect of patients autonomy and the duty of care which is given to all the patients. These duties are professional and legal in New Zealand and even all over the world which when breached can lead to legal implications. These duties are ethical duties as well because ethical considerations arise when these duties are breached, considerations such as when can these duties be contemplated, so there for these duties are ethical duties as well. In this essay, the whole critical discussion will be about the professional, ethical and legal issues that arise according to the given scenario. According to nursing council of New Zealand, nursing profession is bounded by its own code of ethics. Ethics is defined as the branch of philosophy that addresses questions about morality, that is, concepts such as good and evil, right and wrong, justice, virtue, etc. In this critical discussion, Autonomy will be the main aspect, autonomy of patient and judgement of health professional in betterment of the patient. The competencies and codes related to the above scenario according to nurse perspective are that the nurses should act ethically maintaining the standards of practice and nurses should respect the rights of the clients. These codes used in this scenario actually mean that a nurse should acknowledge and allows the individuality of a person, should act in a culturally safe manner, should use knowledge and skills for the benefit of the patients, nurse is responsible for maintain standards in her professional practice and should practice in her own scope of practice. A registered nurse is actually defined as the person who uses nursing knowledge and critical nursing judgement to assess health needs of a patient so that the best health care can be provided and advises people to self manage their health. In this scenario, the patient states the pain score as 8/10 after three hours of having morphine and the doctor thinks the patient has become dependent on morphine. Being a nurse one should ask the patent to wait for another hour so that he can have another dose of morphine and then nurse should assess if the patient is actually dependent on morphine or he is actually in pain. As a nurse, she needs to have courage, honesty and should maintain the advocacy role. In this scenario, it is very critical to decide that if the patient has become dependent on morphine or is it the doctor who thinks the patient has become dependent, being a registered nurse; one should maintain the autonomy of the patient keeping the standards of health care provided to the patient. Autonomy refers to the human capacity for self-determination and independence (Journal of clinical oncology:2001). Autonomy has two aspects, one from the nurses view and another one from patients perspective, so n this essay we will discuss autonomy issues from perspectives of nurse and the patient. In this case Mr. S is making constant requests for having 40mgs of morphine which is prescribed to him every 4hours PRN. He also states that the morphine is not actually relieving his pain and after three hours of having morphine he asks for another dose. Doctors think that the patient has become dependent on morphine so the doctors prescribe him for a placebo of normal saline instead. There is a case study which is concerning about issues in autonomy of patients which is mainly focused on nurses perception of patients autonomy and category of regaining autonomy in patients. The autonomy of patients is usually affected by circumstances such as family, health care provider, community etc. It is believed that the autonomy issue can only be resolved by a team effort, which can include processes of health education, self management etc (Proot et al: 2002). The main point of concern in this scenario is that the patient is given a placebo instead of the morphine, so that the patient would not ask for morphine again and again. The justification for giving placebos is that in the judgement of the giver, the act is beneficial to the patient (Rumbold. G, 1999). This point has both positive and negative impacts on the patient and on the health practitioners and the nurses. This is also according to Health Practitioners Competence Assurance Act 2003 that the patient should be safe.The Health Practitioners Competence Assurance Act 2003 provides a framework for the regulation of health practitioners in order to protect the public where there is a risk of harm from the practice of the profession (Ministry of health: 2010). The positive point is that if the patient has become dependent on the morphine, which is not good according to the patients health, which is why prescribing a placebo would be a better alternative for patients health. This is t he good point of this scenario according to the nurses perspective as the nurse would always work for the better health of the patient which can only become positive results for them instead of them being dependent on any medication. There is another positive point according to the nurse perspective which could be a main concern that the patient is demanding morphine repeatedly to make him feel satisfied and relieved from pain, but according to the nurses assessment, the patient feels satisfied and relieved mentally but that is not true, actually the patient has become mentally stuck that morphine s the only medication which can heal his pain. So, giving him placebo is a better option. There are some negative points as well. According to the New Zealand legislation, this action of nurses comes against The Human Rights Act 1993, which states that every individual has a right to know the truth. In this scenario, the patient is unknown of the fact that he has been administered for a saline instead of morphine. According to a nurse, the biggest ethical, legal and the professional issue here is autonomy of the patient. Autonomy is a very powerful aspect of ethical framework of almost all over the world. Autonomy is a concept found in moral, political, and bioethical philosophy (Autonomy: 2010, July). In these contexts, it refers to the capacity of a patient to make an informed decision. In moral and political philosophy, autonomy is often used as the basis for determining moral responsibility for ones actions (Autonomy: 2010, July). Autonomy means to respect rights of others to determine a course of action. So in this scenario, according to the right of autonomy based on standards of ethics, nurses should respect the patients decision and should respect of what they want. Health professionals have no right to deny patients decision. Nurses should respect patients decisions and their autonomy to develop a trustworthy and professional relationship. According to this scenario, the patients auto nomy should be respected as the patient states the pain score of 8/10 after three hours of having morphine. Mr. S has a right to decide if the morphine is relieving his pain or not and the health professionals are meant to respect his decision as patient is the person who is suffering from a very severe pain. Nurses should provide proper education to the patient and should inform about the consequences of having morphine repeatedly so that the patient can chose the best possible intervention for him. The patient also has the right to have the informed consent about any medication which is prescribed to him. If he is given an unknown medication without his consent, it comes against legal issues and can cause legal implications. In Mr. S case, if placebo of saline instead of morphine is administered to the patient without his consent, then he has the right of action to say that the medication was given to him without the consent and it can make legal implications. So, before prescribing or administering any medication to the patient, doctors or nurses should have full consent of the patient. Therefore informed consent is an ethical, legal and a professional duty of nurses and even every health professional. Consent is very effective in abiding ethical and legal duties. Sometimes, according to a nurse, it can be effective for a patient not being informed about the medication, to get positive outcomes for patients health. It is effective according to the nurse, but it is actually enabling patients decision and his condition. In some cases if a patient is unable to express what he wants, only then a nurse can decide what is best for the patient but a person like Mr. S, who can state his condition must be informed of the placebo of saline. The nurse has a duty to prevent the patient from anything worse happening to the patient but if the patient is not mentally ill, he/ she should have full right to take any decision for them. If the patient says that morphine is not relieving his pain it means that it is not really working for him. It is not good to say that the patient has become dependent on morphine. For example, if nurse administer Mr. S a placebo of saline instead of morphine, his pain can go worst which is not good for the patient and it is not the best practice of a nurse. The New Zealand legislation says that a person has a right to be informed and a right to have freedom. It is under Human Right Act of 1993 which when applied ensures that a person has a right to decide what they want without any interference of any other person. In this act there is a point of having informed medical treatment and a person has right to chose if they want the treatment or not. Ethical issues and changes in society are responsible for nurse-client relationship. The role of the nurse is to maintain clients autonomy, maintain and improve health and promote a professional relationship of trust. The key ethical principles of respect for persons, autonomy, beneficence, nonmaleficence, justice, and veracity should be inclusive in the models of the provider-patient relationship (Margret. M, 1998, para. 1 ). There are some contracts in nurse-client relationship which are boundaries, confidentiality and therapeutic nurse behaviours. Therapeutic nurse behaviours are self awareness, being genuine, respectful, culturally safe, responsible and ethical practice. These are the things which are expected from a nurse by a client and the society. All these contracts are applicable internationally. Nurses being culturally safe with clients have become the nursing practice more powerful. This concept of cultural safety was first introduced from New Zealand and is now used all over the world. Cultural safety is to keep own culture in mind and respecting others culture and practicing in the same manner. Conclusion In this essay, we looked at the case of Mr. S who is in severe pain and is in need of another dose of morphine. He states pain score of 8/10 and doctors think that the patient is dependent on morphine which he would never realise that is healing his pain or not. Mr. S condition successfully states the ethical, legal and professional issues that surrounds nurses and patients autonomy as patients need of morphine would be conveyed by the nurse to the doctor. Here patients condition has been critically discussed and the main influence is on patients autonomy and informed consent of the patient. Nurses roles and the code of ethics have also been discussed in the essay.

US Government Misinterprets Ugandan HIV/AIDS Success Story :: Essays Papers

US Government Misinterprets Ugandan HIV/AIDS Success Story The United States Government should embrace a comprehensive HIV prevention policy that emphasizes condom use, rather than the current policy which is largely based on misinterpretations of the Ugandan HIV success story. According to the United States Agency for International Development (USAID)—which manages most of President Bush’s â€Å"Emergency Plan for AIDS†Ã¢â‚¬â€in 1991, 15 percent of Ugandans were infected with HIV. By 2001, the rate was 5 percent, a drop unmatched anywhere in the world. How this was done and what this means for the shape of Washington’s programs to fight AIDS overseas has been tragically misinterpreted by the US Government. According to Dr. Justin Parkhurst, who wrote his dissertation on Ugandan HIV prevention policy at the University of Oxford, Uganda was successful for reasons different than the US Government officials would have you believe. A frequent mistake, he said, is the notion that declined prevalence was due to a few specific interventions by the Ugandan government. He emphasized that the government was but one player—among numerous NGOs, church groups, community activists—in the fight against the virus. He also emphasizes that condom use, rather than abstinence and being faithful, was the most important behavior change that influenced declined HIV prevalence. â€Å"Unfounded claims of Ugandan success have persisted in international policy discourse,† he noted. Although the Ugandan experience could provide invaluable information to other nations in their prevention efforts, he said, â€Å"inappropriate recommendations based on poor interpretations of evidence must not be used as the basis for policy.† Such misguided policy pervades the US Government’s HIV prevention activities. While the Director of UNAIDS-Uganda, Dr. Ruben de Robiene, commented, â€Å"I don’t know what the Uganda Model is, no one knows,† the religious right within the US Government is convinced that it knows Uganda's secret: abstinence and being faithful. According to a USAID report, â€Å"Condom social marketing did not play a major role† in Uganda’s relative success. Dr. Anne Peterson, a physician and the USAID director of global health who is responsible for overseeing US anti-HIV programs, says, â€Å"Kids are willing and able to abstain from sex. The core of Uganda's success story is big A, big B and little C.† Dr. Peterson said the US’s HIV prevention policy is not an ideological balm for religious conservatives or any other group beholden to the Bush administration.

Findings research questionnaire Essay

The research questionnaire had essentially two parts. In the first part personal data of the customer in relation to banking practices was included. This was done to essentially categorize the customers in personal and corporate class. A summary of findings as a whole that is a combined view of both the banks of this part is as given below. The banking services most frequently used by the customers were deposits (64 %) followed by Credit/ Debit Cards (23 %). The selection of the bank by the customers was primarily based on location followed by the image and the services provided by the bank. This is indicated by the following percentages:- †¢ Nearest Bank to Residence – 34 % ? †¢ Nearest Bank to Office – 21 % †¢ ? Reputation of Bank – 15 % †¢ ? Overall Bank Image – 12 % ? †¢ Recommendation of a friend – 6 %. †¢ ? Reputation of Bank Staff – 8 % †¢ There was no alternative – 4 % ? †¢ Any Other Reason (Please elaborate) – Negligible Response. The response to the frequency of use of banking services has been combined for both the Banks and is tabulated as follows:- Frequency Personal Customer Corporate Customer Daily 8 % 61 %. 2-3 Times a Weeks 34 % 12 % Weekly 41 % 20 % Monthly 17 % 7 % It would be seen that most of the personal customers are weekly or bi weekly customers whereas the corporate customers are mostly daily visitors to the banks. This should enable us to cater for a greater expectancy of corporate customers in the bank, though cumulatively in numbers, it would be expected that more number of personal customers will be visiting it. Preferred mode of Utilization Mode Bank of China HSBC Personal Corporate Personal Corporate Internet 21 % 35 % 56 % 61 %. Physical 72 % 60 % 30 % 30 % Mobile Phone Banking 7 % 5 % 14 % 9 % It would be observed that there is greater use of the internet and mobile banking by customers of the HSBC as opposed to those of Bank of China. On the other hand it is seen that more number of corporate customers in both cases were using internet banking as opposed to personal clients, who relatively preferred physical banking. Mobile banking as a concept has taken roots, but it is being used primarily by personal consumers with HSBC once again providing higher figures than Bank of China. In the second part of the response to questionnaire, the experiences of the customers to physical and internet banking as well as banking with respective institutions has been covered separately for each bank. The analysis of the findings have been carried out in the next chapter. Experiences of physical banking The overall experience of physical banking has been tabulated in percentage for both the banks jointly for personal as well as the corporate customer. Bank of China HSBC The services were customer friendly 55 % 58 %. The services were timely 42 % 67 % The services were efficient 41 % 68 % There was adequate follow up of the services given 31 % 54 % The services are better than Internet 76 % 43 % There was a greater feeling of security than on the internet 78 % 55 % The services were more economical than on the internet 39 % 12 % My experience encourages me to continue with physical banking services 55 % 61 % Experiences of internet banking The overall experiences of internet banking are tabulated as given below:-. Bank of China HSBC The services were customer friendly 32 % 66 % The services were timely 47 % 85 % The services were efficient 41 % 76 % There was adequate follow up of the services given 32 % 59 % The services are better than physical banking experience 67 % 89 b% There was a greater feeling of security than physical banking 41 % 76 % The services were more economical than physical banking 91 % 92 % My experience encourages me to continue with internet banking services 81 % 93 %. Overall Banking Experience with Bank of China or HSBC, London The percentage responses for overall banking experience have been summarized as per Table below. BANK OF CHINA HSBC The bank is very customer friendly 54 % 67 % The services are very efficient 56 % 68 % The bank provides customized service to the customer 32 % 71 % The services are secure and ethical 67 % 81 % I will continue banking with the bank in the future 63 % 76 % Chapter 5 Analysis of Research

Effects of Job Rotation

Discuss the various issues of managerial behaviour and related matters raised by this case study Laurie J. Mullins argues that A fist step in the effective management of other people is confidence in your own ability, and awareness of your own strengths and weaknesses. Why is it then that managers find it difficult to admit their mistakes, to say sorry or to laugh at themselves? 1 In the building society case study, there are examples of bad managerial behaviour on the part of both Mary Rodgers, the branch manager and Jane Taylor, the senior branch assistant.Jane Taylor was clearly good at her job if, after four years, she was promoted to this new role, yet within a short period of time, she was having trouble with Tony Jackson. Looking back at what Mullins said, Miss Taylor doesn't appear to have confidence in her own ability or indeed awareness in her own strengths and weaknesses. According to Thompson ; McHugh â€Å"control is not an end in itself, but a means to transform the ca pacity to work established by the wage relation into profitable production†, and Jane is unable to control her sub-ordinate – what are the reasons for this?Part of the problem stems from the beginning of the case study and the relationship between Jane and her manager. Mary Rogers does not instil any confidence in Jane when she effectively ‘dumps' this new role. Up until now, Jane has been performing specific task functions and has no real knowledge of how to manage people as she has previously been performing the duties of a cashier and looking after mortgage advice accounts – more task orientated skills rather than managerial ones. The refresher course she attends includes nothing on this either and Jane immediately falls into what McGregor calls the ‘Theory X' assumption of human nature.The central principle of ‘Theory X' is direction and control through a centralised system of organisation and exercise of authority2 and Jane automatically tr ies to coerce and direct Tony Jackson. The inability of Mary Rodgers to provide effective support and development for Jane shows a clear ineptitude on her part. She admits herself that the reason for Jane's promotion is that â€Å"I [Mary] need someone to take some of the weight off my shoulders† and she seems to be reluctant to help intervene and solve