Borges and Bertolucci :: essays papers

Borges and Bertolucci There are a number of differences between Bernardo Bertolucci's movie "The Spider Stratagem" and the story on which it is based, Jorge Louis Borges' "The Theme of The Traitor and The Hero;" however, overall Bertolucci does a pretty accurate portrayal of the essence, at least, of Borges' story. Besides changing the "setting" of the plot, there is also much more information relayed in the movie. This is very much due to that the story is simply a suggestive piece, while the movie had to fill in all of the blanks. In the movie, Bertolucci had to add characters, motivations, and many vast details that are left out of the story. To begin with, Borges is very vague in his ideas on the semantics of his story. He begins filling in the details somewhat with the story taking place in Ireland†¦. But Borges himself says that this is simply, "(for narrative convenience)." (Borges 72) Borges then expands on his idea within an Irish backdrop†¦ Bertolucci keeps the story intact, and simply transplants it to Italy in the twentieth century. The names are all changed; but that is because Borges chose Irish names which would not work in the new setting. The entirety of Borges' story is written in vague possibilities of ideas. He uses "for example" a number of times throughout the story and only offers these examples to give the reader an idea†¦ not the actual plot. It is more the plot than the setting which concerns Borges†¦ and Bertolucci does exact Borges' plot with his movie. At the beginning of the story, Borges says that our narrator is writing an autobiography of his great-grandfather, the hero. However, in the movie, Bertolucci's narrator is summoned to his father (not great-grandfather)'s hometown by his father's ex-mistress. (Borges does not mention an "ex-mistress.") He has no interest in knowing about his father. It is only in concern of the health of this ex-mistress that he actually chooses to stay. (She has a propensity for fainting on cue.) It is for her that he actually undertakes the pursuit of the truth of who the traitor was that caused the death of his father, as opposed to in Borges' story where the narrator undertakes the truth for the purposes of his biography. Bertolucci had to take some artistic licenses with character motivations in order to make the movie's pace keep going.

Fair Value Accounting Essay

This paper attempts to answer the questions: Is Fair Value Fair? In so answering the question there is a need to determine whether the use of fair value accurately portray the value underlying financial and economic transactions; to determine whether there is basis to have one universal standard of valuing the assets and obligations of all firms; to find out whether accounting standards would allow for both historical and fair value and still produce meaningful information for decision making; and establish one is more important between relevancy and reliability and whether one’s the importance each depend upon the financial user. 2. Analysis and Discussion 2. 1 What is meant by being fair? To be fair means giving what is due to a person. If applied to an asset purchased or liability assumed in business, fair value would simply mean that said asset or liability is neither overpriced nor underpriced as a matter of perception. Under the law of economics, fair value would refer to that market price which is approximated by the equilibrium price of a thing or good, which is the value of the something from a seller that is not forced to sell or from a buyer that is not forced to buy. In a business transaction there are always are investors, creditors, and other persons who must get their due in transactions that they will enter into. An investor will know what is fair if the person or entity will earn just enough return above cost of capital and in exchange for the risk that such person or entity is taking. The same must be true with a creditor that the person must also get paid on time on his credit plus a sufficient return for the risk in form of interest and penalties. In terms of viewing the corporation as a business entity, what is fair to it is what will allow it to have a sufficient return for the risk that it is taking above its cost of doing business or cost of capital. To arrive at what is fair the investors and creditors who are called users of financial information, these users must know the true or accurate information about of the company so that they will know whether they are going to earn or lose and make the necessary decision whether they will sell, buy or hold to their investments. In other words, to have the chance of being treated fairly from a transaction, one must have the opportunity to have the true or accurate value of asset or liability being dealt with in a business transaction. The opportunity is thus normally supplied by financial reports prepared by companies and which are made public. It is in these financial reports where values whether fair or historical are reported in accordance with prescribed accounting standards that may come from the Financial Accounting Standards Board (FASB) in the case of US companies and IFRS in case of companies operating in the European Union and in other countries which have adopted the IAS or IFRS. Fair value accounting was made pursuant to FAS 157 as issued by US FASB for companies to reflect the accounting information on how much are the real values of assets, liabilities and equity in the balance sheet as contrasted with presenting the information using the historical cost accounting. The purpose of FAS 157 then was built on a framework whereby financial users are given the chance about the true state or fair value of assets, liabilities and equity for decision making under the impression that things will be fair to users of financial information about a company. Incidentally, FAS 157 defines fair value almost very closely to what was discussed and analyzed so far. It is the price that would be received â€Å"to sell an asset or paid to transfer a liability in an orderly transaction between market participants in a measurement date† (Sortur, 2007). 2. 2 Does the use of fair value accurately portray the value underlying financial and economic transactions? To the extent that fair value concept is discussed so far, there is the presumed proposition that the use of fair value will accurately portray the value underlying the financial economic transaction. As to whether this is true, this subsection will have to evaluate the subsequent result on what happened upon the application of 157. In the case of banks, there are those who have to write down the value of assets because of their perception that values have declined due to existing market conditions (Chasan, 2008: Rees-Mogg, 2007). The economic effects however were not favorable to affected interested parties since this action of the banks has produced a backlash. Investors of these banks have lost values of their investments. As a result, the banks have become more risky and depositors lost their trust too in the banking system. If indeed the banks were just reflecting the true values of the assets, how come the reaction of these banks as matter of complying with the requirements of the FAS I57 was not good for many of the affected parties? Would it proper then to deduce that the application of FAS 157 is not fair or that FAS 157 fair value is not fair? If the answers to both of these questions are in the affirmative, then this would have the connotation that what is unfavorable to others is not fair. But how if the values being reflected in the write down are indeed the true values, would the fact that users of financially information get adversely affected make the FAS 157 not fair any more? It would seem that it would be not correct to say fair value accounting or the use of fair value will not be fair if users get affected or have the perception of not getting what they feel or perceive to deserve even if the information is indeed accurate. Otherwise, fair value accounting would be equated with sure profits which could never be within the contemplation of the use of information in decision making. Being fair therefore must first and foremost be characterized to represent the true and accurate information and consequence would be justified by such quality of information. To answer squarely whether the use of fair value accurately portray the value underlying financial and economic transactions, this paper would have to answer in the affirmative. Based on foregoing analysis the FAS 157 aims to reflect the values what would approximate the market price since it is â€Å"the price to sell an asset or paid to transfer a liability in an orderly transaction between market participants in a measurement date† (Sortur, 2007). FAS 157 fair value is therefore the result of the business transaction using the exit price (Sortur, 2007) and is determined by the buyers and sellers in the market. It is therefore not the job of FAS 157 to create what is unfair but would have only to reflect the true values of assets or liabilities that would have to be reported. Therefore, fair value accounting or the use of fair value must be upheld to be fair if it would reflect or would cause the reflection of what are true values. Indeed, it must be the capital markets or the buyers and sellers who will determine the market value or fair value and not the accounting standard. The only role of the accounting standard is to cause its reflection in financial reports of companies because of the requirement to make public their financial statement to investors which would reflect the fair values of assets and liabilities. There is argument that the intention of 157 Accounting rule FAS 157 is good but one cannot prevent people from taking advantage of the new rule to what could further their interest. It is further argued that in whatever one would like to look at it, the generic thing about business is still the desire for profit by which people are motivated with their personal interest to get more wealth (Brigham and Houston, 2002). In response, the use of fair value does consent to allowing people to be taken advantage but cannot prevent those who would want to and those who do not know how to process information for decision making. If the banks which wrote down asset values are indeed taking advantage of the use of fair value accounting, it is still the transactions between the previous buyer or seller that have caused the reaction which started it and the role of accounting standard is just to reflect them (Meigs and Meigs, 1995). If the requirement to report what is happening is unfair, what will then be fair? Chasan (2008) narrated about some investors expressing their doubts on the effectiveness or fairness of fair value accounting method used especially in the context of evaporating markets caused by the financial crisis. The author however admitted that the use of FAS 157 as an accounting standard was made to improve transparency to investors. Citing big write-downs being made big companies like Citigroup and Merrill Lynch & Co Inc. which has made multibillion-dollar reductions on subprime-related asset-backed securities and other assets described as hard-to-price assets, the issue of whether fair value is still fair has become a controversial question (Chasan, 2008). The argument being asserted is about the volatility of being caused the use of fair value. Rephrased simply, can fair value justify the volatility? Volatility is a term used in business which connotes changes in market prices and which causes risks to investors (Droms, 1990; Helfert, 1994). It is feared that with the desire to create transparency, increased risk from the use of fair value is coming out as a result. To resolve the issue, the previous answer to the question on whether the use of fair value could justify big losses if what is being reflected or reported about company values are still true, would in effect cover the issue of volatility being blamed on the use of fair value. Hence, this paper believes, that fair value which stands for what is true must be upheld as argued earlier. There are concerns that because of volatility caused by the use of fair value accounting, the money makers would just be benefiting hedge funds since they are those to profit from volatility (Chasan 2008). In answer, it could argued that such is the nature of fair value accounting, to allow the market forces to move freely without people being compelled to enter into buying and selling transactions. If there are losers, there are also losers and they are part of the process. It is also argued that those who are complaining about the effects of credits being blamed on the use of fair value accounting are investors or groups of them, who may have been instrumental in pushing for the shift to fair value accounting. One of these groups is called the CFA Centre for Financial Market Integrity, with analysts and portfolio managers composing the group (Chasan 2008). The group and other groups 2007 had their aggressive lobbying to use fair value more in financials. These investor groups could not be only be winners in a market transaction, they could also be losers sometimes; otherwise the market is not operating efficiently. 2. 3 Should there be one universal standard of valuing the assets and obligations of all firms? The issue of whether there should be universal standard for valuing the assets and obligation may be very ideal since when one now talks of universal fair value as a universal standard for example, one will have to consider macroeconomic conditions of the different companies in the world. Since not all nations are similarly situated, at least economically, there is the strong probability that universal value could not be implemented. The question is being propounded to help in setting what is the fair value in accounting like the universality of human rights. However its impracticality will prevent the attainment of the objective. Accounting values are not human rights. Another thing is the difficulty of measuring the risks in business in different countries which are factors in determining the cost of capital of doing business. The difference in risks depends upon many factors including macroeconomic conditions which are affected by political developments. In answer therefore to the question, it will have to plainly say that the vision of universal standard is laudatory and this could be a part of an approximate desire to the internationalization of accounting in many part of the world. There is the plan to harmonize all accounting standards in the world. The FAS 157 definition was actually made part of the plan of IASB which makes IFRS, to adopt the former for the use of those using the IAS or IFRS (Sortur, 2007). In other words, efforts are made to approximate universality of standard in valuing the assets and obligations of all firms but its realization could only possibly become when the time will come for a universal government. 2. 4 Can accounting standards allow for both historical and fair value and still produce meaningful information for decision making? Accounting standards are in effect guides to users to help users make informed decisions in business. Having both historical and fair value must strike the balance of getting to the extreme of having one and disregarding the other. In other words, one needs to know what is historical for comparison to what is fair value or market value to make an informed judgment. Accounting standards must then work for the attainment for the creation of balance between the two values. As to whether the accounting standards can allow for both historical and fair value and still produce meaningful information for decision making, is answered again in the affirmative. This can be tackled better by breaking the given statement into two propositions first and then combine them latter. The first proposition would be declared settled in the fact the accounting standards can allow both historical and fair value together. The second proposition is that the use of both will still produce meaningful information. This first proposition is accomplished since the practice have been done for a long time already since in the case of valuing of inventories, accounting standards allow the valuing them of lower of cost or market under the IAS 2. (Deloitte Touche Tohmatsu, 2008). The fact that inventories can be valued at cost means the historical cost is maintained but requirement of presenting the fair value of inventory if it has gone down in the market is also a part of the standard which in effect allows the working of fair value concept. There are other IAS concepts which allowed fair value accounting and historical value accounting. Thus this section is not much of a problem. The second proposition appears to also to have been fulfilled by the use of IAS as illustrated. More meaningful information is in fact reflected by allowing a combination of fair value and historical cost in the valuation of assets and liabilities of companies. By combining the validation done is confirming the application of two proposition, it could be sufficient to strongly answer the question in the affirmative. 5. Relevancy and Reliability: Is one more important than the other, depending upon the financial user? Both relevancy and reliability are requirements for qualitative characteristics of accounting information. Forcing one to be is more important than the other would be asking the wrong question if the objective is only to determine whether preparing financial information using their fair values is fair. In fact to say that an information must be relevant carries the presupposition that the information must also be reliable. This is on premise that reliability connotes objectivity of information which is very much akin to being truth or fair. Information is relevant or has is relevancy character if it influences one’s decision about a particular issue. On the other hand, reliability deals with the objectivity or accuracy of the information. How could a decision maker consider information as relevant when there is no reliability of the information? On the other hand having reliable information would be of no value if the same is not needed in the decision to be made. The two characteristics must therefore go together. 3. Conclusion The issue of whether fair value accounting or the use of fair in accounting for company assets and liabilities is fair must be answered in the affirmative. What is fair is not what has caused much damaged to a person or entity if such damage was a result of failure to follow the basic rules of making investment. The effect of fair value should not be used to allow one to just justify greed while disregarding the rights of others. A loser under a fair value accounting is comparable to a person who is taking too much risk thus the return could also be high but could be low because of the working of the market. As long as buyers and sellers are not being compelled to complete their transaction, fair value is still fair. Fair value accounting will lead to the truth but its value will also depend on the users of information after they have done their roles in the market. The user will still need to make a comparison with what is historical and what is the current fair value as caused by economic conditions. Present accounting standards have caused the reporting of both kind of information but users must also be intelligent in doing their part. Fair value as a concept in accounting standard was just made to correct the apparent failure of purely historical cost accounting. If fair value accounting is fair, it does not imply that the standard must go back to historical accounting but historical information must still be reported and allow the user to make a difference in how to process the information. Since fair value and historical cost could co-exist together, the same must be the better option as it will provide a balance between historical and fair value accounting. References: Brigham and Houston, Introduction to Financial Management, Thomson-South Western, USA, 2002 Chasan, Emily (2008), Is fair value accounting really fair? {www document} URL, http://www. reuters. com/article/reutersEdge/idUSN1546484120080226, Accessed October 20, 2008 Deloitte Touche Tohmatsu (2008), Summary of IFRS for IAS 2, {www document} URL http://www. iasplus. com/standard/ias02. htm , Accessed October 21, 2008. Droms (1990) Finance and Accounting for Non Financial Managers, Addison-Wesley Publishing Company, England Helfert, Erich (1994), Techniques for Financial Analysis, IRWIN, Sydney, Australia Meigs and Meigs, 1995, Financial Accounting, McGraw-Hill, Inc, London, UK Rees-Mogg (2007), Why FAS 157 strikes dread into bankers, {www document} URL http://www. timesonline. co. uk/tol/comment/columnists/william_rees_mogg/article2852547. ece, Accessed October 21, 2008. Sortur (2007) Fair Value Measurement, The Chartered Accountant {www document} URL, http://icai. org/resource_file/96471564-1574. pdf, Accessed October 21, 2008. ]

Compare and Contrast Capital Market - 1897 Words

Contrast to Capital market research and Behaviour research Positive theories explain and predict the behaviour of users of accounting information: i)Reactions of investors to accounting information ii)Association between accounting numbers and share prices Capital market research and Behaviour research both positive theories. Research question: Capital market research investigates the impact of accounting information (especially earnings) on share prices. It is concerns with investor reactions to accounting information. Behaviour research explains how to use and process the accounting information. Objective: The main objective of capital market research is to examine relationship between accounting information and share prices. Behaviour†¦show more content†¦ii) Opportunistic perspective-three hypotheses, to increase managerial compensation: Bonus plan hypothesis: Managers of firms with bonus plans are more likely to use accounting methods that increase current period reported income; Debt hypothesis: The higher the firm’s debt/equity ratio, the more likely managers use accounting methods that increase income; Political cost hypothesis: Large firms rather than small firms are more likely to use accounting choices that reduce reported profits. Based on ‘scientific’ research. Large samples, statistics, hypothesis testing; aim = universal truth claims. Rational utility maximising individuals. Makes universal claims – ignores social context Focuses on relationships between various individuals and how accounting is used to assist in the functioning of these relationships. 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John F. Kennedy s Speech - 1361 Words

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An organization that sends thousands of American volunteers around the world to help the needy. â€Å"After winning the presidency, one of Kennedy’s first acts was to establish the President’s tasks force on the Peace Corps† (Vestal). The establishment of the Peace Corps was an early highlight of Kennedy’s presidency. On October 14, 1960, Kennedy spoke to a crowd of students at the University of Michigan. He challenged these students to live and work in developing countries around the world and dedicate themselves to the cause of peace and development. â€Å"The Peace Corps was established by executive order on March 1, 1961, and a reluctant Shriver accepted the president’s request to officially lead theShow MoreRelatedJohn F. Kennedy s Speech1813 Words   |  8 Pageswere delivered by John F. Kennedy in West Berlin. His speech was viewed worldwide and brought national attenti on to the Berlin Crisis and the Cold War. 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Social Media And The Internet - 1564 Words

Teens around the United States are all associated with social media and the Internet. Many years ago, before phones and computers were invented, simply going outside to play was a great way to spend time with friends and be entertained. Technology has evolved greatly since these days. Teens can communicate, post pictures, and search anything on the Internet nowadays. Although social media is a very big hit in this century, the real question is, is it safe? What does the use of social media and the Internet lead teens to do? Social media and the internet have caused teens to be violated and go missing, become addicted to drugs and alcohol, and even begin to have mental health problems due to cyber bullying. Teens need to be limited and monitored on all social media and the Internet to help keep them safe and away from the many bad influences it holds. Teens today find that most of their socializing is done over the Internet and social media. Anyone can search up a name or look up a ph oto of somebody and automatically talk to him or her behind the screen of a computer or phone. The safety of many teens is put in danger due to this ability they have. Not every human being who uses the Internet and social media has good intentions nor do they use it for the reasons that it is made for. Frank Kardasz part of the AICACTF (Arizona Internet Crimes Against Children Task Force) states while most people who use the social networking sites are probably friendly andShow MoreRelatedThe Internet And Social Media946 Words   |  4 PagesInternet and Social Media The advent of the Information Age linked people to one another, across vast expanses of geographic space through a simple home computer. 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As individuals embraces the evolution of technology, there are multiple ways individuals can communicate with each other. Social media has been theRead MoreThe Internet and Social Media1212 Words   |  5 Pagesthe Internet, technology has vastly changed the way we live and communicate. This technological revolution we have gone through has brought about many new things into our daily lives. The birth of social media has completely changed technology, and they way we use it. We can now communicate with each other from anywhere around the world. We can update people on our current location. We can have a conversation over text. We can inform people exactly what we are doing at any given time. Social mediaRead MoreThe Internet And Social Media Essay2046 Words   |  9 Pagesconnection where a person’s access to the internet is limited only by whether they have an internet ready device. The internet has allowed users to freely and effortlessly communicate with each other across the globe. 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Martin Guerre Free Essays

The book â€Å"Martin Guerre† written by Natalie Zemon Davis’ is about a French peasant of the 16th century, who was at the core of an eminent case of masquerade.   Natalie Zemon Davis is a historian and an American feminist of early contemporary France. Her major interests are in cultural and social history particularly of those formerly disregarded by the historians. We will write a custom essay sample on Martin Guerre or any similar topic only for you Order Now In her book she discusses about the peasant life because according to her the most striking think about peasant life in sixteenth century, France was that marriage was primarily an economic and business relationship. It seemed to be used simply to unite familial lands and provide continuity in the family. Even though most, if not the entire, would presume the lives of peasants are unimportant in the superior system of things, the admired tale of Martin Guerre gives details of workers or peasants creating important, life-altering verdicts founded on egotism. The individual existance of the peasants does make a distinction. The author Natalie Zemon Davis narrates the story of peasants take care of themselves and seldom do they permit others to get in the way with their own aims, ambitions and objectives. She tries to fill in the fissure of the narrative with her personal view and opinion; even though, her judgment at times opposes the contemporaries of the tale. Numerous sources utilized by Natalie Davis are reasonably sound; but, several other sources elevate queries of their own genuineness and deep feeling. The novelist also takes a cavernous look into the lives of the peasants to investigate what coerces them and what so fervently fuels their idiosyncratic desires. The book details the life of the peasants in not only one specific place, but also details the customs of numerous places such as Hendaye, Artigat, and the court at Rieux in a contrast/compare style. It builds a world of stairs where those on the lowest rung are always looking somewhere higher up, yet they are always able to keep a taut rein on their lives. The characters of this tale are brought to a startling realism and gives details of every possible thought and action that could have led them down the path that they chose, and even speculates on alternatives to the choice they made. The author shows the life of the real Martin Guerre as full of regret and disgust at things gone wrong. His wife, Bertrande de Rols, is expressed as a manipulator that is always weighing her options and scheming to rise ahead. Subsequently, there is Arnaud du Tilh; without his appearance, no story would have likely taken place because it took a man of his shrewdness and his love of vice to create such a fantastical plot. Despite the fact that Arnaud was â€Å"the man for whom [Bertrande] felt†¦a great and joyous passion† (Davis 1983), she couldn’t stay contentedly with him. She was a very strong catholic who could not accept â€Å"the shadow of sin and danger which accompanied [Arnaud]†(Davis 1983), even though he made her happier than Martin ever could or would have. In an era where women were indeed oppressed in a male-dominated society, it is understandable that a woman like Bertrande would have feelings of anger towards her oppressors. It is certain that she feels anger and a kind of hatred towards Arnaud, saying that â€Å"[she] has not demanded his death, but now [she] must demand it† (Davis 1983). It is possible that Arnaud is ‘copping the brunt’ of all of her hardships that came about after Martin left her. A person might think that Bertrand’s triumph would at last bestow her liberty and trustworthiness. On the contrary, she is given the opposed â€Å"harsh, solitary justice†. No one in actual fact cares that she was true, and no one tries to stop her at the time she goes away. If ethical impartiality had been attained, she (Bertrande) would not have been in the place where she ended up. Frances and Joseph Geis elucidate comprehensively the traditions of family and matrimony during the 16th century. In the middle Ages, the majority of the peasants did not have proper matrimonial vows performed in church. As an alternative, they promise (or vow) to each other to reside as ordinary and bylaw wife and husband. Ceremony was not compulsory because peasants did not possess land; they worked on the property of the aristocracy as occupant cultivators or farmers. Matrimonial customs transformed in the 16th   century due to the peasant’s capability to possess property, due to which parents persevered on having further control over their progeny’s matrimonial options. â€Å"Love may do much, but money more.† This was a popular proverb among peasants in 16th century France. This quote characterizes peasant life in all aspects and the same has been described in the book. Though the world offered much to its citizens, the peasants always wanted more; they wanted more money, which would in turn, provide more power. Whatever is beneficial to them, they seek without regards as to the effects it would have on others. In this age of France, trade between villages and towns was bountiful. This emphasis put on business reveals the peasant motto â€Å"but money more†; many believed trading would bring them, greater riches and opportunity. Marriage was a major vessel used by peasants, by which they sought out power and wealth. One such example is the marriage of Bertrande de Rols and Martin Guerre. The Guerre’s attempted to use their son, Martin, to make connections with a significant, prominent family in the society of Artigat. They hoped that this new bonding would help them make vital connections to a higher class of peasant. Although it was shunned by most in the Catholic Church and by attorneys consensual marriage was legal and only required the bride and groom to agree on it. It was usually eschewed because it did not give the families any voice in the matter. However, most marriages were arranged by the parents. The main purpose of the marriage was to produce children; love was not a factor. The more children (especially males) a family has, the greater fortune it will likely bring to the family. A childless marriage was grounds for a divorce at this time; without children, a marriage, in essence, has no purpose. Many people simply did not find that their present situation was going well. Many departed themselves from reality by joining the army (this was common due to the current war between France and Spain). Others did not take such a drastic step; they simply picked up everything they owned and moved to a new village to start a new life in hopes of better fortune. Around this time, as ideas moved about rather swiftly due to peasant migration, Protestantism arose to challenge the authority of Catholicism. Peasants broke into church buildings and smashed images of the saints and other artwork. Protestantism found its fuel in its central doctrines: such as scripture being open to individual interpretation. Peasants saw these doctrines as loopholes and alternatives to the harsh, Catholic teachings. The courts, at this time, were attempting to instill the public with more conservative decisions that would favor marriage to divorce and put an emphasis on the familial unit, especially the children; this they did in hopes of ending decisions based solely on self-interest. There are scenarios where execution is used as a form of punishment for adultery. Davis accentuates the generalities of medieval life in France and also provides particularities, such as the property of Pansette staying within his family instead of going to the king, as was the custom. A desire to attain one’s own interests so eagerly is proven repeatedly by Davis as though she is obviously attempting to lead us in that direction by her outlook on this part of the past. BIBLIOGRAPHY Davis, Natalie, The Return of Martin Guerre, Harvard University Press, 1983, ISBN, 0 14 00,7593 3 Original Literary Source Lewis, Janet. Retour de Martin Guerre, Le       How to cite Martin Guerre, Essay examples

Role of Financial Institutions †a Case Study over Ifci free essay sample

The paper analyses the real effect of the role of the IFCI (Industrial Finance Corporation of India) as a financial institution in Indian market. Here the whole data used for this case study is of secondary data. And this case study explains the need of the establishment of IFCI, how it is helping business and other sectors of our economy. The major findings in data form are the functions of IFCI and its promotional activities. The research paper Provides the information about the financial help provide by the IFCI Industry wise which was 44169. 2 crores , product wise for last 5 years. And its financial performance for 2007-2008 and 2009-10 also studied. This research paper is a case study paper of IFCI. Introduction In, India various financial institutions were set up after independence only. The government of India has taken steps to set up institutions. Which assist various sectors of the economy? At present the country has 12 institutions as the national level and 46 at the state level. We will write a custom essay sample on Role of Financial Institutions – a Case Study over Ifci or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page At the time of the independence there was need for the specialized institutes for the meeting the long term finance of industries. The capital market was not properly developed in India. After Second World War there was a need for renovation and restructuring of industry. Then the Government of India cam forward to set up the Industrial Finance corporation of India (IFCI) in July 1948 under a special Act. Since July 1, 1993 the corporation has been converted into a company and it has been given the status of a ltd. Company with the name Industrial Finance corporations Of India Ltd. Objective of study:- †¢The basic objective of this paper is to find out the real contribution in data form of IFCI in the growth and development of our economy. †¢And the second one is to get that weather this rate of help to economy is increasing day by day or with which pace. †¢To find out the role of IFCI in Indian financial system. RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps that are generally adopted by a researcher in studying his research problem along with logic behind him. Why a research study has been undertaken, how a research problem has been defined, in what way and why the hypothesis has been formulated, what data have been collected and what particular method has been adopted, why particular technique of analyzing data has been used. Data sources: the sources of data are properly secondary data sources. Through magazines, business journals and literatures at is collected. Management of IFCI The corporation has 13 members Board of Directors, including Chairman. The Chairmans appointed by Government of India after consulting Industrial Development Bank of India. He works on a whole time basis and has tenure of 3 years. Out of the 12 directors, four are nominated by the IDBI, two by scheduled banks, two by co-operative banks and two by other financial institutions like insurance companies, investment trusts, etc. Abnormally nominates three outside persons as directors, who are experts in the fields of industry, labour and economics, the fourth nominee is the Central Manager of IDBI. The Board meets once in a month. It frames policies by keeping in view the interests of industry, commerce and general public. The Board acts as per the instructions received from the government and IDBI. The Central Government reserves the power up to the Board and appoints a new one in its place. Financial resources of IFCI Share capital:- around 1068 crores capital is there with the IFCI †¢Bonds and Debentures: a figure of Rs. 57. 69 crores 1971 and rose rs. 15366. 5 crores as on 31 march 2008 †¢Borrowings: it borrows from government and IDBI and other financial institutions . Borrowings were around 22866 crores including the investment of Rs. 3820. 3 crores. Priority Criterion for Investments IFCI plans its financing policies as per the priorities set by the government through industrial policy statement. The industries which are in high priority are given more importance. Following are the considerations which are taken in to account:- 1. Importance of the project for the national economy. 2. Employment oriented and labour- intensive nature of the project. 3. Export potential of the unit. 4. Projects located in the backward areas or no industry districts 5.