Free Essay

Lecture Not

In: Business and Management

Submitted By sojo
Words 1392
Pages 6
Markets and Information
Market Efficiency

Overview
 


 

So far we have considered a number of asset pricing models These have all required that price is a good reflection of value Is this likely to be the case? How? Why?

Week 5

FINS5513

2

Today
 

Trend and predictability Efficient market hypothesis
 

Implications Supporting evidence Behavioural biases


 

Barriers to the EMH


Anomalies Can we build a fully efficient market?

Week 5

FINS5513

3

Market Efficiency
 



Efficiency in engineering: the best possible use of the inputs. An efficient market: investors make the best possible use of information. A useful initial perspective:
 

As speculators we are trying to predict where a stock price will be in the future. Do we know anything today that will help us make this prediction?

Week 5

FINS5513

4

Price of GE
104 102 100 98 96 94 92 90 88 0
Week 5

20

40
FINS5513

60

80

100
5

Are Prices Predictable?


There are apparently short-run trends
 

If we know we are at the start of a downward trend, sell short If we know we are at the start of an upward trend, buy





How do you know when a trend is starting? ending? Can we devise rules (statistical or “technical”)?

Week 5

FINS5513

6

Trend and Predictability




The price path is simulated: Price(Today) = Price(Yesterday) + x, where x is a standard normal random variable This process is called a random-walk
 

By construction, any trends that appear in a particular sample price path arise purely from chance There are no rules that will help us identify trends in time for us to profit by them



Do trends imply predictability?

Week 5

FINS5513

7

Efficient Market Hypothesis (EMH)


Stock prices reflect all available information:






Weak-form efficiency Price fully reflects all information contained in trading history (price, volume, etc) Semi-strong-form efficiency Price fully reflects all public information on the firm (accounting information, etc.) Strong-form efficiency Price reflects all public and private information known to investors

Week 5

FINS5513

8

What makes a market efficient?
 

BIG oil closed yesterday at 100 After trading closed, BIG announced larger than expected reserves:


extra value = $10 per share 109.90 bid, 110.10 offer


  

BIG jumps to 110 immediately at the open


No trading is needed The semi-strong form of market efficiency Timely and accurate disclosure improves market efficiency.
FINS5513 9

Week 5

What makes a market efficient?
 

Institutional participation:


Research and economies of scale Suppose that P(today) = 100 A reliable technical rule indicates that P(tomorrow) = 110 Anyone who knows this rule will buy the stock today, driving P(today) up to 110, i.e., today’s stock price already impounds the information in the rule

Competition defeats conventional trading strategies







Insider trading regulation and enforcement

Week 5

FINS5513

10

Trading and Private Information


CEO of BIG oil knows the additional reserves and trades before the announcement:
    

Buy at the ask (100.10) Quotes revised to 100 bid, 100.20 offered Buy more at 100.20 Quotes revised to 100.10 bid, 100.30 offered Stop buying when the offer reaches 110

 

Closing price (110) is driven by and reflects private information The strong form of market efficiency

Week 5

FINS5513

11

Market Impact of Insider Trading
   

Incorporating information quicker Greater information asymmetry


May lead to larger spread, higher volatility, and lower liquidity

Insider trading discourages research and information production Insider trading discourages market participation


If information asymmetries are extreme, people simply will not trade.



If unregulated, insider trading may be detrimental to the company and its shareholders.
FINS5513 12

Week 5

Implications: Stock Analysis


Technical Analysis - using prices and volume information to predict future prices


The McClellan Oscillator: the smoothed difference between the numbers of advances and declines:




A strong bull market: a large number of stocks making moderate upward advances in price. A weak bull market: a small number of stocks making large advances in price.



Weak-form efficiency



Fundamental Analysis - using economic and accounting information to predict stock prices


Semi-strong-form efficiency
FINS5513 13

Week 5

Implications: Portfolio Management


It takes a lot to beat the market:
 

Money, research, education/talent, hard work, luck, etc. Unique insights



Passive investment: buy and hold diversified portfolios

  

Most managers do not have unique insights. No one has unique insights every quarter and every year. It is hard to know who has unique insights next. Growth of index funds
Invest in funds, not stocks. Invest in index funds.
FINS5513 14



Small investors should
 

Week 5

Supporting Evidence


Do prices reflect up-to-date information?
    

Event studies Abnormal return: et = rt – (a+b×rM,t) News impact: Cumulative abnormal return (CAR) = Σtet Most of the information is incorporated into price quickly There are cases of over- or under-reaction Performance measures Fund expenses Most funds underperform the market index. Good performances do not persist.
FINS5513 15



Do professional fund managers beat the index funds?



 

Week 5

Earnings Announcements

Week 5

FINS5513

16

Performance Measures


Jensen’s measure p  r  [rf  p (rM  rf )] P Sharpe’s measure Sp  Treynor’s Measure r  rf p p





Tp 


rp  rf p

P  TM  P

Appraisal (or information) ratio = P/(eP)
FINS5513 17

Week 5

Fund Performance
 





On average, over 70% of mutual funds underperform the market index. Cumby and Glen (1990, JF) find that international mutual funds may outperform the domestic market index, but not an international index. Blake, Elton, and Gruber (1993, JB) find that bond funds generally underperform the bond indices, and there is a direct relationship between the size of the underperformance and the expense ratio. Brown and Goetzmann (1995, JF) find that bad performances persist and good performances do not.
FINS5513 18

Week 5

Survivorship Bias


“If you consider at all the mutual funds in today’s WSJ, and examine their performance over the past 10 years, you’ll see that on average they had superior returns.”
 



The funds in today’s WSJ are the survivors If we look at all the mutual funds that were in existence 10 years ago, there will be some who (by stupidity or bad luck) compiled bad records The poor performers went out of business (and so they don’t enter into our study)

Week 5

FINS5513

19

“Star” Performers
 



Peter Lynch, manager of the Magellan Fund, beat S&P500 11 out of 13 years from 1977 to 1989 Between 79-89, Magellan returned 28% per year, vs. 17.5% for the S&P500 The high mean and low variance make the performance highly statistically significant

Week 5

FINS5513

20

Next Star?


Manager characteristics predict future performance:
   

Younger managers do better Managers with an MBA do better Undergraduate institution matters Higher composite SAT score managers do better



One cannot identify the good active managers exante

Week 5

FINS5513

21

Barriers to the EMH


Limits to arbitrage
  

Model risk Noise-trader risk Implementation costs Short-term memory bias, representativeness, anchoring, mental shortcuts, mental accounting, framing, overconfidence, regret avoidance Evidence: DeBondt and Thaler (1987, JF), Odean (1998, JF), Nofsinger and Sias (1999, JF), Barber and Odean (1999, FAJ; 2000, JF; 2001, QJE), etc.



Behavioural biases




Week 5

FINS5513

22

Anomalies


January effect (turn-of –the-year effect)


Small stocks outperform large stocks by 3% and ¾ of this out-performance comes in first 5 trading days in January
Large returns on the last trading day Large negative returns on Mondays

  

End-of-the month effect


Weekend effect (day-of-the week effect)


Time-of-day effect


Price rises at the beginning (first 45 minutes) and end (last 15minutes) of the trading day
Price rises on the trading day before a holiday
FINS5513 23



Holiday effect


Week 5

Anomalies
      




Size effect (small firm effect) Low beta firm effect Neglected firm effect Book-to-market effect Price-to-earnings effect Dividend yield effect Short-term price reversals Intermediate-term price momentum Long-term price reversals

Week 5

FINS5513

24

Market Efficiency: A Paradox
 

Is it possible to have a fully efficient market where all information is correctly reflected in price? What is the implication of full information efficiency?




No research, no analysts, no MCom program Then how do prices incorporate new information?



A balance between costs and benefits?

Week 5

FINS5513

25

Summary
Efficient market hypothesis
 

Implications Supporting evidence






Barriers to the EMH Anomalies Impossibility of fully efficient markets

Week 5

FINS5513

26…...

Similar Documents

Premium Essay

Lecture Absenteeism

...Lecture Absenteeism Lecture absenteeism is a huge problem in higher education today. Whether it being because a student just didn’t want to show up or had a legitimate reason, it is still an issue. Many different researches have been done to find out why. If we are to fully understand the nature of the changes that are occurring in higher education, then the perspectives, habits and orientations of students operating within it should continue to be subjected to more examination. It has been suggested that there are “different worlds” within higher educational classrooms, such as that students experience these settings in ways that are influenced by different values, assumptions, priorities and motivations than those of teachers. After reading this article I found a lot of information that I didn’t know about or even think about. It provided good information about how there is a relationship between lecture attendance and academic performance. It also suggested that the relationship between lecture attendance and academic performance is stronger for minority groups, and argue that interventions to ensure attendance at lectures might facilitate greater levels of internal equality in higher educational environments. One item that is demonstrated the links between lecture attendance and academic performance may be an indicator that lectures provide students with information and orientations that are less likely or less able to access outside these meetings. ......

Words: 352 - Pages: 2

Premium Essay

Moral Lecture

...Readings discussed: Precis of the lecture, including careful presentation of any explicitly formulated arguments. The main topic of the January 22nd lecture was Ashley’s case. Ashley was a girl who was born with low mental capacity. Her condition made her family concerned that they wouldn’t have been able to take care of her if she continued to grow at such a rapid rate. In response to this concern, Ashley’s family gave her a high dose of estrogen to limit her growth. They had Ashley undergo a hysterectomy as well as have her breast buds removed. The way Ashley’s parents handled her condition raises a serious moral question of right and wrong. Were Ashley’s parents right to do what they did and was it even their decision to make in the first place; or was what they did wrong for mutilating Ashley’s body when she had no say in the matter? You could argue for Ashley’s parents and the decision to give Ashley the surgeries by saying that they are Ashley’s legal guardians, and that means they know what is best for her. You could also say the surgeries would make taking care of Ashley easier for the parents as well as make life easier for Ashley by making her body consistent with her mental abilities. The decision to have the surgery was also approved by the hospital’s ethics board which has a duty to not approve unethical procedures. You could also argue that the decision Ashley’s parents made to give her the surgeries was morally wrong. Some might say that the decision to......

Words: 552 - Pages: 3

Premium Essay

Lecture Notes

...Accountancy AYB321 – Strategic Management Accounting Readings: o AYB321 Text, Chapter 6, to p202 (BSZ Chapter 14) o AYB321 Text, Chapter 7 (BSZ Chapter 15) o For reference: Lipe, M and Salterio, S. (2000). The balanced scorecard: Judgemental effects of common and unique performance measures The Accounting Review, 75 (3), 283-389. (on CMD) Overview: Lectures 6 & 7 explore the use of Kaplan and Norton’s Balanced Scorecard (BSC) as a strategic performance measurement and evaluation method. Lecture 6 introduces the BSC by providing the performance measurement context, defining financial and non-financial and lead and lag indicators, and providing an overview of the four perspectives of Kaplan and Norton’s Balanced Scorecard. Lecture 7 explores and demonstrates the process of BSC development via strategy maps and KPI selection, before discussing the key findings of BSC-related research. Lectures 6 & 7 are structured as follows: Lecture 6: 1. Introduction 2. What is the BSC? 3. The four perspectives Lecture 7: 4. Strategy maps 5. Creating a BSC 6. What does the research say? 1. Introduction a) Performance Measurement Performance measurement serves the following purposes: Evaluate performance, and provide rewards Communicate the strategy, plans Allow managers to track their own performance against targets and take corrective action ......

Words: 3000 - Pages: 12

Premium Essay

Lecture

...THE INCREASING RETURNS REVOLUTION IN TRADE AND GEOGRAPHY Prize Lecture, December 8, 2008 by Paul Krugman Princeton University, Woodrow Wilson School, Princeton, NJ 08544-1013, USA. Thirty years have passed since a small group of theorists began applying concepts and tools from industrial organization to the analysis of international trade. The new models of trade that emerged from that work didn’t supplant traditional trade theory so much as supplement it, creating an integrated view that made sense of aspects of world trade that had previously posed major puzzles. The “new trade theory” – an unfortunate phrase, now quite often referred to as “the old new trade theory” – also helped build a bridge between the analysis of trade between countries and the location of production within countries. In this paper I will try to retrace the steps and, perhaps even more important, the state of mind that made this intellectual transformation possible. At the end I’ll also ask about the relevance of those once-revolutionary insights in a world economy that, as I’ll explain, is arguably more classical now than it was when the revolution in trade theory began. 1. TRADE PUZZLES In my first year as an assistant professor, I remember telling colleagues that I was working on international trade theory – and being asked why on earth I would want to do that. “Trade is such a monolithic field,” one told me. “It’s a finished structure, with nothing interesting left to do.” Yet even before the......

Words: 5756 - Pages: 24

Free Essay

Guest Lecture

...current and future business needs * Have developed strong analytical and problem solving skills * Have an awareness of compliance issues and the implications of various regulations and standards * Have the communication skills needed to write clearly and give effective presentations * Have learned to conduct themselves as business professionals in interactions with their peers, superiors, and subordinates * Have the ability to work effectively in project teams, as a team member and leader * Have developed their networking skills and built professional relationships that will strengthen their employment prospects GRADING POLICY Attendance | 25 points | 10 guest lecture forms @ 2.5 pts each | 25 points | Guest lecture participation | 4 points | 4 surveys @ 0.5 pts each | 2 points | 5 quizzes @ 7 pts each | 35 points | Team project | 6 points | Project presentation forms | 3 points | Total | 100 points | On their respective due dates, course assignments requiring hard copy submission are to be turned in during class and those requiring electronic submission are to be submitted before 1 pm. Unless you have a legitimate excuse with supporting documentation and obtain my permission prior to the due date (or, if that’s impossible, at the first opportunity after the due date), you will receive a zero for a missed or late assignment. If you have questions concerning a grade you receive on any course......

Words: 3702 - Pages: 15

Premium Essay

Lecture

...Database Modeling and Design: Logical Design 4th Edition Toby Teorey, Sam Lightstone, Tom Nadeau Lecture Notes Contents I. Introduction ................................................................………...……2 Relational database life cycle 3 Characteristics of a good database design process 6 II. The Entity-Relationship (ER) Model …………...……………….7 Basic ER concepts 7 Ternary relationships 11 III. The Unified Modeling Language (UML)………...…………….13 Class diagrams 13 Activity diagrams 19 Rules of thumb for UML 21 IV. Requirements Analysis and Conceptual Data Modeling….…..22 Requirements analysis 22 Conceptual data modeling 24 View integration methods 25 Entity Clustering 30 V. Transforming the Conceptual Model to SQL…………...………32 VI. Normalization and normal forms ………………………………38 First normal form to third normal form (3NF) and BCNF 38 3NF synthesis algorithm (Bernstein) 43 VII. An Example of Logical Database Design………………………48 VIII. Business Intelligence………………………………..……….....52 Data warehousing 52 On-line analytical processing (OLAP) 58 IX. CASE Tools for Logical Database Design……………………….60 I. Introduction Introductory Concepts data—a fact, something upon which an inference is based (information or knowledge has value, data has cost) data item—smallest named unit of data that has meaning in the real world (examples: last name, address, ssn,......

Words: 8116 - Pages: 33

Premium Essay

Lecture

...Lecture No.2 Chapter 2 Contemporary Engineering Economics Copyright ©2010 Contemporary Engineering Economics, 5th edition. ©2010 Chapter  Opening Story – Research in  Motion Ltd. How would you  H ld evaluate the  financial  performance of  performance of the company? Contemporary Engineering Economics, 5th edition. ©2010 Objective of the Company Increase the market value of the company Market value – stock price reflected in the financial  market Market values of some of well known U.S. firms Company Google Dell Coca Cola Wal‐Mart Ford Motor Stock Price k $445.47 $14.30 $48.78 $51.49 $7.68 Contemporary Engineering Economics, 5th edition. ©2010 Number of  b f Shares Market Value  k l (mil) $141.13B $27.96B $113.02B $200.68B $24.74B Factors that Affect Market Value How is the company doing at a particular time? What is happening to other stock prices, that is, how are  the competitors doing? How do investors expect the company to perform in the  future – Decisions to invest in various projects and the  future – Decisions to invest in various projects and the actual performance of these projects Contemporary Engineering Economics, 5th edition. ©2010 A. Why Engineers need to understand  the financial statements? Contemporary Engineering Economics, 5th edition. ©2010 Understanding Financial Understanding Financial  Statements Accounting: The Basis  of Decision Making of Decision‐Making Financial Statements:  Financial Status for ......

Words: 1407 - Pages: 6

Free Essay

Lecture 1

...2013 Lecture 1 Nonlinear Control Systems – Fall 2013 Attaullah Y. Memon, PhD BUKC - Nonlinear Control Systems – Fall 2013 Slide 2 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 3 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 4 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 5 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 6 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 7 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 8 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 9 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 10 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 11 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 12 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 13 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 14 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 15 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 16 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 17 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 18 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 19 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 20 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 21 Lecture 1 BUKC - Nonlinear Control Systems – Fall 2013 Slide 22 Lecture......

Words: 283 - Pages: 2

Premium Essay

Lecture 1

...Lecture 1 Introduction to research in applied linguistics • What is research? • Research is the process of going up alleys to see if they are blind Marston Bates, American writer • Research is what I am doing when I don’t know what I am doing Von Braun, American engineer • If you steal from one author, it’s plagiarism; if you steal from many, it’s research. Wilson Mizner, American dramatist Lecture 1 Compulsory Readings Cohen, L., et al. 2007. Research Methods in Education. London and New York: Routledge (P. 5- 47) Nunan. D. 1992. Research Methods in Language Learning. Cambridge: CUP (P. 1 - 23) Brown, J.D. & Rodgers, T.S., 2002, Doing Second Language Research, Oxford: OUP (P 3-18) Wisker, G. 2001, The Postgraduate Research Handbook, New York: Palgrave (P. 113 - 126) McDonough, J. & S. McDonough, 1997, Research Methods for English Language Teachers, London: Arnold (P. 37 - 55) Lankshear, C. & M. Knobel, 2008, A Handbook for Teacher Reasearch, From Design to Implementation, Glasgow: McGraw-Hill (1-39) The distance between theory and practice is greater in practice than in theory. The nature of research 4 traditional kinds of empirical research: • Scientific and positivistic methodologies • Naturalistic and interpretive methodologies • Methodologies form critical theory • Feminist educational research The search for truth • The search for understanding the nature......

Words: 1123 - Pages: 5

Free Essay

Lecture Response

...In the first class, the discussion in which we defined war to be the violent declaration of conflict between two actors (state/non-state) made me think perhaps for the first time about the odd concept of what I consider to be acts of war or terrorism. Professor Cavarero’s lecture brought to my attention yet again the issue of what political philosophy and colloquial usage has come to define war/terrorism. It is undoubtedly true that over the past 100 years or so, the global violence scene has changed tremendously. Professor Cavarero has identified this decisive change as one moving away from the traditional definition of war (one that provokes images of allies/enemies, state vs. state sanctioned actions, etc.) and moving toward the less conventional description (provoking images of unitary violence toward innocent peoples in mass and at random). This first transformation or shift is one that is more commonly discussed and perhaps more easily understood. However, also involved in Professor Cavarero’s lecture was the shift that is required (and has not yet been achieved) in the observer’s perspective from being one entirely oriented around what she terms the “warriors point of view” to one that is more concerned with the point of view of those people struck in mass and at random who are helpless and vulnerable. She argues that the circumstances of these people and not those of the traditional wartime protagonist should orientate our perspective and terms this new orientation......

Words: 302 - Pages: 2

Premium Essay

Lecture#1

...Introduction to Psychology • Textbook  – the cool stuff – http://login.nelsonbrain.com/course/MTPQ‐ 8LJP‐505M Breken Finnie or David Groth? • Moodle – http://www.glendon.yorku.ca/eclass/ • Course syllabus What Moodle will be used for? • Posting class notes in pdf format (after class) • Dr. Jordan’s Practice Questions & Study Skills • Class announcements (infrequently) • Checking your scores on exams • Some links of interest 1 Course Evaluation • Four non‐cumulative exams – 20% (lowest mark) & 30% (highest mark) by term Weekly lectures • Selected topic from textbook • Additional, related material and concepts – demos, videos, discussions, … • 2 bonus points for research participation • no opportunities for extra assignments • Exam questions:  from textbook & lectures  including info from lectures not found in the  text, as well as material covered in the text but  not covered in lectures • If you miss a class, borrow notes from a  classmate Course Objectives • To gain a working knowledge of the scope of  the discipline of Psychology and a foundation  for future studies within the field.  • Required course for students who intend to  pursue additional courses in Psychology.  • Students must pass the course with a grade of  C to pursue further studies in Psychology.  General class rules Rule 1 – turn off your cell phone Rule 2 – never forget Rule # 1 Rule 3 – laptops are only for note taking Rule 4 –......

Words: 1079 - Pages: 5

Premium Essay

Lecture Nothing

...Lecture #2 Three Strategies to Test Theories: -Descriptive -Correlational -Experimental Descriptive (systematic observation) Three Types: 1) Case Study (oldest descriptive method) -Study one or more individuals in great depth -e.g.Sigmond Freud -studied people with psychological disorders in Vienna -extrapolated on personality in general using info. from these people -Problem: the person or people you select may be so abnormal that data based on them is misleading -Today: case studies are used with brain damage patients -e.g. how strake victims speak provides information on the role of the brain in language - from this we learned that language is mostly in the left hemisphere and there are two separate areas involved, one for speaking and one for understanding 2) The Survey -Asks many people to report their behavior or opinions -e.g. election surveys, sex on campus by the “Times” -can be used to compare cultures -Trying to make a statement about a large group of people -You can’t usually ask all of the people you are interested in (called the target population), so you get a subset of the population -this subset is called a sample -For the results to be reasonable, the sample must be random, meaning that every individual in the population has an equal chance of being picked for the sample -If the sample is not random, you can get erroneous conclusions -e.g. book Women in Love only used the data......

Words: 512 - Pages: 3

Premium Essay

Last Lecture

...The Review on the Last Lecture by Randy Pausch. Randolph Frederick "Randy" Pausch (October 23, 1960 – July 25, 2008) was an American professor of computer science and human-computer interaction and design at Carnegie Mellon University (CMU) in Pittsburgh, Pennsylvania. Pausch was the author or co-author of five books and over 70 articles. Pausch died from pancreatic cancer at his family's home in Chesapeake, Virginia on July 25, 2008, at the age of 47. The last lecture by Randy Pausch to the 400 students in Carneige Mellon University mainly focuses on how to live the prosperous life. It specifically talks about the childhood dreams and how to achieve those dreams and become successful in life. Following are the things that I have learned from the lecture. To achieve success in life we need to have dreams; be it a childhood dream or the dreams that we dream when we grow up but we always need to have dreams. And then we should work towards achieving those dreams. And when we work towards achieving those dreams we can never say that those dreams can be achieved at one go. We are going to face lot of failure and obstacles blocking our way. And then when we experience failure and other problems, complaining and wining is never going to solve our problem. Instead we should never think that it's the end of our dream and we should consider those failure as the inspiration to work harder and the we should keep on trying because everything is possible in life. Now to......

Words: 555 - Pages: 3

Free Essay

Lecture Series

...Name of Speaker: Duane Anderson Title of Lecture: "What are We Working on?" Date of Lecture: January 5, 2015 Introduction Duane Anderson watched his first "adult" movie called "Silver Streak" at age 9 when he hitched a ride on the bus with a friend. That was when he knew he would like to work in the film business. He started filming things at around 10-11 years and slowly built more films as he got older. He was recently hired at Utah Valley University (UVU) as part of the cinematography department. The other parts of the department seem to have taken to him since he taught last semester. He has worked as a director and producer and his most recent work or film is called "Superpowerless". It's about a superhero losing his powers after turning 40 and having to readjust to life. I can't wait to see this upcoming film. Summary There are many people who made a name for themselves and became famous because of side projects they did at their house or studio. One of them was Walt Disney. Walt Disney created the character Mickey Mouse in his garage with some friends of his. The reason they did it at his garage instead of at the studio was because of the contract Walt was on. His bosses would have owned this magnificent character instead of Walt. Most people don't know this but Walt created a character before Mickey called Oswald. Oswald was similar to Mickey except he had more of a rabbit look. Oswald was a hit, Universal Studios made loads of money from him because they owned......

Words: 751 - Pages: 4

Premium Essay

Lecture

...of vastly different Conflicts in decision making and control Many fail or end up in takeover Governance Copyright ©2014 Pearson Education The University of Western Australia Under the Lens, p 241  “Dancing with the Gorilla”  Inevitable because of supply chains  Supply chains exist within value chains (see slide 4 for value chain concept as per Porter)  A supply chain is the sequence of processes involved in the production and distribution of a commodity  The reasons for alliances between SME-MNCs are often for supply chain reasons  But work for SMEs because through these alliances they can realise a ‘global reach’  Reasons for seeking a ‘global reach’ by SMEs relate back to reasons for internationalising (lecture 7) The University of Western Australia The University of Western Australia Assistance for SMEs  There are many opportunities and pitfalls that SMEs can face in internationalising.  These are often related to their size, that is, their size limits the range of operations that a larger company can sustain.  So, engaging in strategic alliances is one way of compensating for these.  Seeking assistance is crucial.  Department of Foreign Affairs and Trade, http://dfat.gov.au/pages/default.aspx  Austrade, http://www.austrade.gov.au  Engaging with these organisations is part of your risk management approach, see Under the Lens: Global Supply Chains, p 250 The University of Western Australia Key Lessons to be......

Words: 1280 - Pages: 6