Super Volcanoes informative paper free essay sample

What f I revealed to you that something like the spring of gushing lava that is thought to have executed everything except 15. 000 individuals from the human populace 74,000 years prior is underneath the US. as I talk? Fortunate for us all people, we may need to confront another fountain of liquid magma like this soon, since there is a verifiably ruinous one in Yellowstone National Park. The spring of gushing lava that perhaps killed a lion's share of the human species and the fountain of liquid magma that as of now lives In Yellowstone are both an uncommon sort of spring of gushing lava called d super well of lava, which you will be Informed about today. A super spring of gushing lava is characterized as a well of lava equipped for heaving more the 1000 km3 of debris, pumice, or magma when it ejects. - as indicated by the US topographical review, Volcano emissions are estimated utilizing a unit called the VEI. To be definite the VEI is utilized to speak to the hazardousness, measure of material launched out, and stature of section from a fountain of liquid magma. We will compose a custom paper test on Super Volcanoes instructive paper or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page To be a super spring of gushing lava, a well of lava must have a VEI of 8. A fountain of liquid magma with this much force doesnt typically look Ilke a normal spring of gushing lava. Rather than a cone shape, the magma In a super fountain of liquid magma lives underneath the earth and the spring of gushing lava takes after an arge hole with a slight lump in the middle. This enormous hole around the inside ot the spring of gushing lava is a caldera. A caldera is an enormous bowl molded volcanic despondency coming about because of the blast of a focal point of a fountain of liquid magma. At the point when a super fountain of liquid magma ejects, a couple of things happern First, a magma pool must frame underground. The magma ascends to the earths hull however can't get through, causing pressure. At the point when the weight turns out to be excessively incredible, the outside blasts, permitting the magma to get away. The territory where the magma lived turns into the caldera. There are in excess of 1900 dynamic volcanoes on the planet today as indicated by After erupuons Ilke this previously, the world has been tossed into a condition of worldwide cooling, similar to the ice-age. This is a fountain of liquid magma with the possibility to clear out a decent segment of mankind. In any case, researchers guarantee us that we don't have anything to stress over. They screen action at Yellowstone. also, have discovered no proof to recommend that there will be another ejection sooner rather than later. Regardless of whether Yellowstone erupted soon, theres no assurance that it would be on Of2 70,000 years back, as indicated by the US topographical Survey. In synopsis, a Super fountain of liquid magma is a well of lava equipped for radiating more the 1000 km3 of debris, pumice, or magma when it ejects, and having a rating higher than VEI 8. A super fountain of liquid magma is portrayed by a caldera coming about because of past ejections. The most generally realized super well of lava is in Yellowstone National Park, and has had 3 huge, huge emissions in the previous 2 million years. At some point, it will emit with the size of past ejections once more, and it will be wrecking. Everything we can do is watch the spring of gushing lava and perhaps have an admonition when it changes life as we probably am aware it.

To what extent can prepardness and planning mitigate the effects of volcanic hazards free essay sample

A volcanic risk is a circumstance that represents a danger to life, the earth, and framework after a volcanic ejection. Volcanoes are shaped at different plate limits, for example, at mid maritime edges where plates are moving separated, for instance at the Mid Atlantic edge. They likewise happen on or close to subduction zones. The ‘ring of fire’ will in general be the place the most vicious volcanic action happens. The size of decimation a well of lava has is intensely dependant on whether the emission happens in a MEDC or a LEDC and the manner by which these country’s get ready and plan for the chance of a volcanic ejection. Moreover, numerous human and physical components can add with the impacts the volcanic emission has on a zone. Arranging and getting ready for volcanic emissions successfully can diminish the effects they have on a zone altogether. The Education of nearby individuals about volcanic emissions can lessen the impacts of a well of lava generously. On the off chance that one is instructed about various angles about getting ready and making arrangements for ejections they are bound to clear the zone faster. For instance, In Montserrat the ranchers were not taught about the impacts that the spring of gushing lava would have, and in this way overlooked the various admonition signs, as they didn't have the instruction that maybe, an increasingly evolved nation may have. The emission of Mount Etna ejection in 1991 shows how powerful arrangement and arranging can effectsly affect a volcano’s risks. Mount Etna is Europe’s most elevated and most dynamic spring of gushing lava, while being seen as one of the universes best oversaw. Earlier the 1991 ejection of Mount Etna, gigantic hindrances had been set up on the inclines of the fountain of liquid magma. This was not a perpetual arrangement but rather to defer the beginning so that of the emissions different strategies could be acquired. Helicopters dropped solid squares through the highest points of the spring of gushing lava on the to hinder a few vents so as to divert the magma stream. Mount Etna is currently fixed with numerous sensors to recognize any indication of an ejection with a blend of attractive, seismic and video sensors connected to an observing station, sending a book at any notice that an emission may happen. This is cautioning framework is vital as Mount Etna is on rich prolific ground, where 25% of Sicily’s populace live. Because of the fountain of liquid magma type that mount Etna is (composite layers), when ejections occur, the magma is effortlessly overseen, despite the fact that it can travel enormous separations. Magma bombs and pyroclastic streams are not an extraordinary danger when the spring of gushing lava emits. With everything taken into account, the strategies of arranging and readiness preceding the emission of Mount Etna in 1991 alleviated the impacts of the volcanic dangers by a huge sum as appeared by the little harm the ejection did to the encompassing region. In any case, the impacts of the emission in Montserrat were pulverizing in contrast with Mount Etna, because of the absence of arrangement the ejection had. The main ejection in Montserrat in 1995 was totally spontaneous and arranged for. The well of lava had been torpid for over 300 years thus the emission came as a total astonishment. The Montserrat Volcano Observatory was perceived not long after the principal ejection of the Soufriere Hills Volcano on July eighteenth 1995. The stations are situated around the spring of gushing lava and recognize the ground developments brought about by nearby seismic tremors and vault breakdown. Sporadically, huge seismic tremors outside Montserrat are likewise recorded. The seismic signs are checked 24 hours every day at the Observatory. The second emission on 25 June 1997 influenced Montserrat in various manners, despite the fact that the spring of gushing lava observatory had been set up. This could be because of Montserrat being a LEDC, and along these lines it can't bear to execute costly ejection discovery innovation. Prohibition zones, be that as it may, were set up to guarantee that insignificant measure of harm would be done, after the ejection. The ejection impactsly affected the earth; the principle part of the emission causing the most obliterating impacts was the pyroclastic stream (hot debris, shakes and gas), which alone murdered around 19 neighborhood individuals. Following the ejection, a sum of at any rate 4 square kilometers of land was secured by the stores from the pyroclastic streams and floods The fine grained pyroclastic floods broke and leveled trees. In certain regions there was no vegetation left by any stretch of the imagination, vegetable beds were exposed of plants and the dirt was very hard. The absence of arranging and readiness the emission effectsly affected the neighborhood individuals also. The volcanic ejection pulverized between 100 - 150 houses. The houses were covered by flotsam and jetsam from the pyroclastic stream, consumed by the hot pyroclastic floods, or set land by the extreme warmth in the environment. The greater part of the houses annihilated were in the Exclusion Zone and ought to have been unfilled however an expected 15 individuals were living and dozing in the Exclusion Zone. It very well may be contended in any case, that the primary driver of the impacts of the emission were unavoidable, the pyroclastic stream, as one can never be set up for the size of the ejection a spring of gushing lava may have. Obviously, from the two contextual analyses, that arranging and readiness can moderate the impacts of volcanic risks somewhat, appeared by the manner by which the emissions Sicily and in Montserrat were made arrangements for and the impacts of both volcanic ejections. In any case, there are numerous different components that can impact the impacts of an ejection, for example, spring of gushing lava type, length of emission, and different impacts of which no nation can plan absolutely for.

While You are Waiting . . . COLUMBIA UNIVERSITY - SIPA Admissions Blog

While You are Waiting . . . COLUMBIA UNIVERSITY - SIPA Admissions Blog I know it is a lot of working applying to graduate school and once you submit everything you probably want to just sit back and await your admission decision.   While I can understand this tendency, my highest recommendation is that each applicant dedicate time to researching ways to help pay for school. I have provided some resources on the blog before and NASPAA also has a financial aid page that you might find beneficial.   As I find out about more opportunities I will post them.   Last spring I found out about a $22,500 scholarship, I posted it on the blog and an admitted SIPA student applied for and received the award.   Stories like that one make me feel warm and fuzzy.

“What You Eat Is Your Business” reflection - 1000 Words

â€Å"What You Eat Is Your Business† reflection The common thought of most Americans living in the United States that it is the greatest country on planet earth, and second is not even close. They believe this notion because of the freedoms this great nation was founded on: The freedom of religion, the freedom of speech, the freedom of assembly. These freedoms turn into more simplistic generalities that are assumed and exercised by Americans daily, such as the freedom of choice. Although the freedom of choice is a right given to us at birth, it is a right that the federal government of the greatest nation on earth is slowly starting to rescind. Lets take health care for example, or most specifically, obesity. Law makers are slowing starting to†¦show more content†¦I would go to school, come home, eat, and play my video games. I constantly ate McDonalds and other junk foods. I never thought the problem was me, when indeed it was. It was easy for me to blame someone or something else. It was McDonalds fault for making their food so unhealthy, it was the governments fault for not regulating the industry and so on and so forth. Even if those outlets were to blame, I was the only one that could fix the problem, and it is that understanding that turned my life around. Heading into senior year of high school, I was pushing 280 pounds. Now I am down to 225 pounds, and still ticking down. You see, all these regulations did not help me lose my weight and change the man I am, it was me. I had to engage in the concept that I would be the only person that could fix the problem, and when I accepted that fact, my life did a 180 degree turn. Many share the same problems I once experienced, and it is these problems that force them to seek out scapegoats. These people have gone to politicians to try to get the issues resolved. President Bush jumped on board for this movement, and signed on a 200 million dollar bill to implement anti-obesity measures (396). 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Military Lessons Learned - 729 Words

Military Lessons Learned Based on what I have learned from cooperative work in a mission-driven organization, I consider myself to be a strategic thinker, as opposed to a tactical planner or a logistician. All of those are important, and it is possible to have traits of more than one of them. Most people gravitate toward one or the other, however, and I have focused on strategic thinking because it is what I do best. I have determined that I am a strategic thinker based on the way I handle my daily life and the work that I do. Strategic thinkers focus on the overall picture and how they can handle things in the future. They are willing to consider all angles and aspects, and they focus themselves strongly on the mission at hand (Leet, 1998; Rohrer, Vaughn, Westermann, 1999). By being a strategic thinker, I can be highly valuable to my team in any and every mission, and I can work well with tactical planners and logisticians because we all have strengths upon which we can build. 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Index Methodology of Dse Free Essays

string(40) " will be allowed during VECTOR session\." A stock market index is a number that indicates the relative level of prices or value of securities in a market on a particular day compared with a base-day figure, which is usually 100 or 1000. There are many different ways of constructing an index. One of the most common methods is illustrated by the following simple example. We will write a custom essay sample on Index Methodology of Dse or any similar topic only for you Order Now The values of a market portfolio at the close of trading on Day 1 and Day 2 are recorded below: | |Value of portfolio |Index | |DAY1 |Tk 20,000 |1000 | |(base day) | | | |Day 2 |Tk 30,000 |1500 | We take Day 1 as the base day. The index on that day will be taken as a standard.The value assigned to the base day index is 1000 in this example. On Day 2 the value of the portfolio has changed from Tk 20,000 to Tk 30,000, a 50% increase. Therefore, the value of the index on Day 2 will change to indicate a corresponding 50% increase in market value. The computation follows the procedure below: Day 2’s portfolio value Day 2’s index = ————————— * Base Day’s index Base Day’s portfolio value Tk 30,000 = ———– * 1000 Tk 20,000 =1500Day 2’s index is 1500 as compared to the 1000 of day 1. The above illustration only serves as an introduction to how a particular index is constructed. The daily computation of an index is more involved especially when there are changes in market capitalization of constituent stocks, e. g. , rights offers, stock dividend etc. The primary objective of constructing market indices is to measure the performance of the market. The indices provide vital information about the current and historical behavior of the market.Index Calculation Algorithm (according to IOSCO Index Methodology): Yesterday’s Closing Index X Current M. Cap Current Index = ————————————————————–   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Opening M. Cap Yesterday’s Closing Index X Closing M. Cap Closing Index = ————————————————————–   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Opening M. Cap Current M. Cap = ? ( LTP X Total no. of indexed shares ) Closing M. Cap = ? ( CP X Total no. of indexed shares ) Abbreviations and Acronyms M.Cap   Ã¢â‚¬â€œ Market Capitalization DSE      Ã‚   – Dhaka Stock Exchange IOSCO – International Organization of Securities Exchange Commissions (IOSCO) LTP   Ã‚  Ã‚     Ã¢â‚¬â€œ Last Traded Price CP   Ã‚  Ã‚  Ã‚  Ã‚     Ã¢â‚¬â€œ Closing Price DSE Share Price Index: |Sl. No |Index Name |Base Index |Remarks | |1 |DSI (all shares) |350 (as on 01-11-1993) |   | |2 |DGEN |817. 3704 (as on 24-11-2001) |SEC directive regarding index was on | | |(A, B, G ; N) | |17-11-2001 | |3 |DS20 |1000 (as on 01-01-2001) |   | DSE introduced the DSE-20 index from January 1, 2001 comprising the blue-chip shares with a base index of 1000 as on January 1, 2000. Since then, the index has been revised on two occasions, once in 2002 and later in 2004.The companies which are placed under the index currently are Square Pharmaceuticals, Islami Bank Bangladesh, Prime Bank, British American Tobacco, Beximco Pharmaceuticals, Southeast Bank, Dhaka Bank, National Bank, Square Textiles, Bata Shoe, BOC Bangladesh, Singer Bangladesh, ACI Ltd, Uttara Finance, Meghna Cement, Bangladesh Lamps, AMCL (Pran), Monno Ceramic, Apex Tannery and GQ Ball Pen. Apart from DSE-20, the prime bourse of the country has two other indices namely DSE general index or DGEN and all share price index or DSI.The benchmark index-DGEN- excludes companies of Z-category and is calculated on the basis of price movement of individual stocks. On the other hand, DSI includes all securities and is calculated on the basis of price movement of individual stocks. DSE-25, the revised index of the blue-chip shares of Dhaka Stock Exchange (DSE) was launched on trial basis on July 19 2010. DSE -25 reflected the price movement of the top companies in a more accurate way. The DSE-25 included new companies from IT, insurance and service sectors for the first time since the inception of DSE-20 from January 2001.Meanwhile, DSE had also completed sector-wise index comprising 16 sectors. The sectors are bank, investment, fuel ; power, food, engineering, cement, insurance, IT, jute, paper ; printing, ceramic, tannery, pharmaceutical, textile, service ; real estate and miscellaneous. The new criteria of DSE-25 index are earning per share, minimum market capitalisation worth Tk 200 million, retaining minimum 30 per cent shares in public hand, minimum payment of 10 per cent dividend for the last three consecutive years and 95 per cent trading days in the last six months.Good corporate governance, regular holding of annual general meetings and sectoral representation are the other key qualifications for becoming eligible for inclusion in the index. CSE share price index: A good market representative index should involve: †¢ Scientific calculation formulas with clear adjustment procedure †¢ Logical scrip selection criteria †¢ Distinct base date †¢ Meaningful base value The only index the CSE has been maintaining since 10th October 1995 is a ALL SHARE PRICE INDEX using Chained Paasche method.It faces question of clarity. This index was subject to unusual ups and downs and without a distinct base value. Therefore in need of a clean slate CSE finds the date 1 January 2000 is the best date to start new Indices: An All Share Price Index with new formula and base date 30th December 1999 (the last day of the year) and new base index of thousand (to mark the millenium) will replace the existing one and A completely new Selective Index incorporating 30 scrips with base date 30th December 1999 and base index 1000.We have studied index of a number of bourses and found that the Laspayers Method to calculate index is regarded as the most transparent and scientific method. The method is described below in this write-up. The following conditions will be followed while calculating the All Share Price Index: †¢ All Share Price Index does not necessarily mean that all the listed stocks should be considered for calculating the index. Inactive stocks not being traded for consecutive six months will not be conside red in the calculation. †¢ Only the active scrips will be considered for calculating the index. Mutual Funds and Debt securities will not be considered in calculating index. †¢ A newly listed scrip will be included in the index after five consecutive trading days. †¢ Only normal trades should be considered in calculating index. †¢ All share price index will be calculated only once in a day – after the trading hour in the on line system. †¢ No changes in number of shares will be allowed during VECTOR session. You read "Index Methodology of Dse" in category "Papers" †¢ Index committee will review the index – its criteria, performance, calculation method after every six month. †¢ Index Base Date is 30th December 1999 †¢ Base Day index 1000 †¢ CSE selective index (cse – 30)At the beginning of new millennium a selective Index will be introduced, which is found to be very popular in almost all the developed exchanges worldwide. Here the selection criteria play a very important role in forming an index. Criteria for a Selective Index: It provides a discussion about the important criterion for an index, which is to be used as a benchmark of performance. The criterion is that the movement of the index fully represents the aggregate movement of the index’s constituent assets and that the index’s returns are realizable by an investor who has held a portfolio identical to the asset mix of the index.Value-Weighted Index satisfies the above criterion. Selection of stocks for the benchmark index should be such that it represents the whole market. In addition it will be guaranteed that the constituent stocks have high percentage coverage of the market in terms of market value. This will make it difficult if not possible for a few investors to manipulate the movement of the index. Criteria for cse-30 index: (After revision in the Listing ; Index Committee Meeting held on 28th Apr 2009) Two layer methods are followed for selection of listed companies in the CSE-30 Index.In the first layer method, basic criteria are considered for primary selection. Basic criteria: Must be listed with the Chittagong Stock Exchange Limited. 2. In case of IPO/New Issue, this should be on listing either with DSE or CSE for a minimum period of 2 years or remained in Commercial Production in Bangladesh for the minimum same period prior to its listing. 3. Companies that did not hold their Annual General Meetings regularly will not be considered. 4. Minimum market capitalization must be Tk. 200 million and at least two times of paid-up capital. . Must have at least 20% free floating share capital. Free floating share capital shall mean the share capital which will exclude Govt’s holding (other than ICB), Sponsors/Directors ; their Associates’ holding plus other locked-in portions. 6. Must have positive revenue reserve/ retained earnings. 7. Must be traded for at least 50% trading days of the six monthly review period. 8. Paid dividend in any of the last 2 years. 9. Company having negative Earning Per Share (EPS) for last two consecutive years will not be considered. On being qualified on the basis of the Basic Criteria, the companies are required to meet the following further Selection Criteria to have the final berth in CSE-30 Index. Selection criteria: 1. Higher Net Assets Value (NAV) per share 2. Higher rate of Earning Per Share (EPS) 3. Higher rate of Dividend 4. Lower Price Earning (PE) Ratio 5. Higher Dividend Yield (DY) 6. Higher rate of free floating in equity 7. Larger number of shareholders 8. Higher liquidity in terms of trading day 9. Higher liquidity in terms of number of contract 10. Longer duration of continuous remaining in the CSE-30 Index 11.Regular payment of listing fees CSE Selective Categories Index – CSCX Chittagong Stock Exchange (CSE) launched a new index named CSCX (CSE Selective Categories’ Index) comprised A, B G category companies from 14th February 2004 to replace the earlier CSE Trade Volume Weighted Index. The Base Date of this index is 15th April 2001 (when A, B Z category were introduced) and Base Value is set to 1000. The new index includes all but not the Z category companies. This also excludes the companies/scrips which are debt securities, mutual funds, suspended for indifinte period and non-traded for preceding six months of review meeting.The index will be reviewed in the Index Committee Meeting after every six months like other two indices of CSE. This index will be disseminated on line to all the Brokers’ Work Stations (BWSs) during trading sessions and after every three minutes the index value will be refreshed. The construction principle of this index based on Laspeyres method like other two CSE indices, CSE All Share Price Index and CSE-30 Index. It may be mentioned here that the base value of these two indices was also set to 1000 with a base date 30th December 1999. The current values (as on 11th Feruary 2004) of CSE All Share Price Index and CSE-30 Index are 1601. 4 and 1483. 60 respectively. IDLC Index While selecting the stocks to include in IDLC-50, a number of factors are considered: financial health of the company, regular trading in the market, investment risk, amount of investable shares, number of outstanding shares, price sensitiveness, price risk etc. IDLC-50 follows globally accepted methodology to include or exclude any stock in the index. As a result, IDLC-50 always represents fundamentally strong companies. This index is constructed following â€Å"Float Adjusted IV|arket Capitalization Weighted† methodology.This methodology is used for the first time to generate a capital market index in Bangladesh. (more on this below) The performance of a stock market is affected by the price movement of the publicly traded shares (floated shares), rather than all outstanding shares. In our capital market, float is an important factor; because for many listed companies, a small portion of shares is publicly traded. So, to accurately measure the performance of the market segment comprising the selected 50 stocks, it is necessary to perform the index calculation by adjusting the number of publicly traded shares.This is called float adjustment. IDLC-50 is float-adjusted, and thus can represent the market more accurately. IDLC-50 will track the performance of 50 stocks traded in DSE and CSE. Existing indexes include either too many or too few shares. IDLC-50 contains an optimum number of shares and incorporates the most relevant set of information required by rational investors. By containing appropriate number of liquid shares, IDLC-50 can be used to measure performance of professionally managed portfolios including mutual funds, discretionary portfolio accounts etc.Active investment in stock markets may not be advisable or feasible for individuals with lower investable wealth and risk tolerance. IDLC-50 may be used by individuals as an indicative tool for pursuing index-based investment strategy. In future, Mutual Funds, Index Futures, Exchange Traded Funds can be launched based on this index. Such instruments are widely used in major stock markets of the world. IDLC-50 can be a reliable performance indicator for the listed companies. The listed companies would be able to compare their financial health with the help of IDLC-50.One of the most challenging jobs for an accurate index is to maintain consistency. For IDLC-50, we follow standard practices of globally accepted indexes for proper adjustment. It ensures that replacement of stocks in Index, additional issue of capital etc. do not destroy the historical value of the index. An index committee has been formed to conduct and monitor the overall operations of the index. The IDLC-50 Index Committee comprises capital market experts, fund managers market participants and senior officials from IDLC and Alif Assets. The index committee will perform the following core responsibilities: Selecting stocks based on fundamental characteristics, monitoring index operation activity, reviewing the methodology and of the index. IDLC-50 follows internationally accepted methodologies recognized indexes. are selected based on the following indicators. o Public Float (Public portion of outstanding share) o Market Capitalization o Liquidity/Turnover o Sector representation o Price to Earning o A and N category o Average Market Risk (Standard deviation) etc. and is generated by algorithm of globally The following formula is applied to calculate the value of IDLC-50: Market Capitalization Today/ Market capitalization on base date) X Base Index value While calculating the market capitalization, IDLC-50 considers the public-traded portion of the outstanding shares. Stock market indices differ from one another basically in their sampling and/or weighting methods Sampling method: There are some market indices that a re composed of all stocks listed in a market, e. g. , the American Stock Market Index and the Hong Kong Stock Exchange All-Ordinaries Index. In general, an index based on a larger percentage of the total number of listed stocks will be more representative that one based on a smaller percentage.Although an index that consists of all listed stocks can be considered as more representative, a number of stocks may have very few transactions, the quoted price of these stocks may not reflect their true market value. An index may still be highly representative even if it consists of only a relatively small percentage of the total number of stocks. Here, the sample selection process plays an important role. Most of well-known stock market indices of the major stock markets in developed countries are still considered as highly representative since their constituent stocks comprise a high percentage of total value of the market.For example, the Hang Seng Index (Hong Kong) is composed of 33 constituent stocks comprising approximately 70% of tota l value. FOX index (Finland) is composed of 25 most traded shares which is correspond to roughly 80% of the total market value and ATX 50 (Australia) comprises 84% of the capitalization and 97% of the turnover of all Australian stocks. Weighting method: Value-weighted method may be considered as a most appropriate method than others. For a value-weighted index, the weight of each constituent stock is proportional to its market share in terms of capitalization.We can assume that the amount of money invested in each of the constituent stocks is proportional to its percentage of the total value of all constituent stocks. Examples include all major stock market indices of Hong Kong, London and many others. ———————– ASSIGNMENT ON Done By: Minakshi Chakraborty Id No. 55 BBA, 13th Batch Department of Banking University of Dhaka Done For: Mr. Hasibul Alam Chawdhory Lecturer Department of Banking University of Dhaka STOCK MARKET INDEX How to cite Index Methodology of Dse, Papers

Index Methodology of Dse Free Essays

string(40) " will be allowed during VECTOR session\." A stock market index is a number that indicates the relative level of prices or value of securities in a market on a particular day compared with a base-day figure, which is usually 100 or 1000. There are many different ways of constructing an index. One of the most common methods is illustrated by the following simple example. We will write a custom essay sample on Index Methodology of Dse or any similar topic only for you Order Now The values of a market portfolio at the close of trading on Day 1 and Day 2 are recorded below: | |Value of portfolio |Index | |DAY1 |Tk 20,000 |1000 | |(base day) | | | |Day 2 |Tk 30,000 |1500 | We take Day 1 as the base day. The index on that day will be taken as a standard.The value assigned to the base day index is 1000 in this example. On Day 2 the value of the portfolio has changed from Tk 20,000 to Tk 30,000, a 50% increase. Therefore, the value of the index on Day 2 will change to indicate a corresponding 50% increase in market value. The computation follows the procedure below: Day 2’s portfolio value Day 2’s index = ————————— * Base Day’s index Base Day’s portfolio value Tk 30,000 = ———– * 1000 Tk 20,000 =1500Day 2’s index is 1500 as compared to the 1000 of day 1. The above illustration only serves as an introduction to how a particular index is constructed. The daily computation of an index is more involved especially when there are changes in market capitalization of constituent stocks, e. g. , rights offers, stock dividend etc. The primary objective of constructing market indices is to measure the performance of the market. The indices provide vital information about the current and historical behavior of the market.Index Calculation Algorithm (according to IOSCO Index Methodology): Yesterday’s Closing Index X Current M. Cap Current Index = ————————————————————–   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Opening M. Cap Yesterday’s Closing Index X Closing M. Cap Closing Index = ————————————————————–   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Opening M. Cap Current M. Cap = ? ( LTP X Total no. of indexed shares ) Closing M. Cap = ? ( CP X Total no. of indexed shares ) Abbreviations and Acronyms M.Cap   Ã¢â‚¬â€œ Market Capitalization DSE      Ã‚   – Dhaka Stock Exchange IOSCO – International Organization of Securities Exchange Commissions (IOSCO) LTP   Ã‚  Ã‚     Ã¢â‚¬â€œ Last Traded Price CP   Ã‚  Ã‚  Ã‚  Ã‚     Ã¢â‚¬â€œ Closing Price DSE Share Price Index: |Sl. No |Index Name |Base Index |Remarks | |1 |DSI (all shares) |350 (as on 01-11-1993) |   | |2 |DGEN |817. 3704 (as on 24-11-2001) |SEC directive regarding index was on | | |(A, B, G ; N) | |17-11-2001 | |3 |DS20 |1000 (as on 01-01-2001) |   | DSE introduced the DSE-20 index from January 1, 2001 comprising the blue-chip shares with a base index of 1000 as on January 1, 2000. Since then, the index has been revised on two occasions, once in 2002 and later in 2004.The companies which are placed under the index currently are Square Pharmaceuticals, Islami Bank Bangladesh, Prime Bank, British American Tobacco, Beximco Pharmaceuticals, Southeast Bank, Dhaka Bank, National Bank, Square Textiles, Bata Shoe, BOC Bangladesh, Singer Bangladesh, ACI Ltd, Uttara Finance, Meghna Cement, Bangladesh Lamps, AMCL (Pran), Monno Ceramic, Apex Tannery and GQ Ball Pen. Apart from DSE-20, the prime bourse of the country has two other indices namely DSE general index or DGEN and all share price index or DSI.The benchmark index-DGEN- excludes companies of Z-category and is calculated on the basis of price movement of individual stocks. On the other hand, DSI includes all securities and is calculated on the basis of price movement of individual stocks. DSE-25, the revised index of the blue-chip shares of Dhaka Stock Exchange (DSE) was launched on trial basis on July 19 2010. DSE -25 reflected the price movement of the top companies in a more accurate way. The DSE-25 included new companies from IT, insurance and service sectors for the first time since the inception of DSE-20 from January 2001.Meanwhile, DSE had also completed sector-wise index comprising 16 sectors. The sectors are bank, investment, fuel ; power, food, engineering, cement, insurance, IT, jute, paper ; printing, ceramic, tannery, pharmaceutical, textile, service ; real estate and miscellaneous. The new criteria of DSE-25 index are earning per share, minimum market capitalisation worth Tk 200 million, retaining minimum 30 per cent shares in public hand, minimum payment of 10 per cent dividend for the last three consecutive years and 95 per cent trading days in the last six months.Good corporate governance, regular holding of annual general meetings and sectoral representation are the other key qualifications for becoming eligible for inclusion in the index. CSE share price index: A good market representative index should involve: †¢ Scientific calculation formulas with clear adjustment procedure †¢ Logical scrip selection criteria †¢ Distinct base date †¢ Meaningful base value The only index the CSE has been maintaining since 10th October 1995 is a ALL SHARE PRICE INDEX using Chained Paasche method.It faces question of clarity. This index was subject to unusual ups and downs and without a distinct base value. Therefore in need of a clean slate CSE finds the date 1 January 2000 is the best date to start new Indices: An All Share Price Index with new formula and base date 30th December 1999 (the last day of the year) and new base index of thousand (to mark the millenium) will replace the existing one and A completely new Selective Index incorporating 30 scrips with base date 30th December 1999 and base index 1000.We have studied index of a number of bourses and found that the Laspayers Method to calculate index is regarded as the most transparent and scientific method. The method is described below in this write-up. The following conditions will be followed while calculating the All Share Price Index: †¢ All Share Price Index does not necessarily mean that all the listed stocks should be considered for calculating the index. Inactive stocks not being traded for consecutive six months will not be conside red in the calculation. †¢ Only the active scrips will be considered for calculating the index. Mutual Funds and Debt securities will not be considered in calculating index. †¢ A newly listed scrip will be included in the index after five consecutive trading days. †¢ Only normal trades should be considered in calculating index. †¢ All share price index will be calculated only once in a day – after the trading hour in the on line system. †¢ No changes in number of shares will be allowed during VECTOR session. You read "Index Methodology of Dse" in category "Papers" †¢ Index committee will review the index – its criteria, performance, calculation method after every six month. †¢ Index Base Date is 30th December 1999 †¢ Base Day index 1000 †¢ CSE selective index (cse – 30)At the beginning of new millennium a selective Index will be introduced, which is found to be very popular in almost all the developed exchanges worldwide. Here the selection criteria play a very important role in forming an index. Criteria for a Selective Index: It provides a discussion about the important criterion for an index, which is to be used as a benchmark of performance. The criterion is that the movement of the index fully represents the aggregate movement of the index’s constituent assets and that the index’s returns are realizable by an investor who has held a portfolio identical to the asset mix of the index.Value-Weighted Index satisfies the above criterion. Selection of stocks for the benchmark index should be such that it represents the whole market. In addition it will be guaranteed that the constituent stocks have high percentage coverage of the market in terms of market value. This will make it difficult if not possible for a few investors to manipulate the movement of the index. Criteria for cse-30 index: (After revision in the Listing ; Index Committee Meeting held on 28th Apr 2009) Two layer methods are followed for selection of listed companies in the CSE-30 Index.In the first layer method, basic criteria are considered for primary selection. Basic criteria: Must be listed with the Chittagong Stock Exchange Limited. 2. In case of IPO/New Issue, this should be on listing either with DSE or CSE for a minimum period of 2 years or remained in Commercial Production in Bangladesh for the minimum same period prior to its listing. 3. Companies that did not hold their Annual General Meetings regularly will not be considered. 4. Minimum market capitalization must be Tk. 200 million and at least two times of paid-up capital. . Must have at least 20% free floating share capital. Free floating share capital shall mean the share capital which will exclude Govt’s holding (other than ICB), Sponsors/Directors ; their Associates’ holding plus other locked-in portions. 6. Must have positive revenue reserve/ retained earnings. 7. Must be traded for at least 50% trading days of the six monthly review period. 8. Paid dividend in any of the last 2 years. 9. Company having negative Earning Per Share (EPS) for last two consecutive years will not be considered. On being qualified on the basis of the Basic Criteria, the companies are required to meet the following further Selection Criteria to have the final berth in CSE-30 Index. Selection criteria: 1. Higher Net Assets Value (NAV) per share 2. Higher rate of Earning Per Share (EPS) 3. Higher rate of Dividend 4. Lower Price Earning (PE) Ratio 5. Higher Dividend Yield (DY) 6. Higher rate of free floating in equity 7. Larger number of shareholders 8. Higher liquidity in terms of trading day 9. Higher liquidity in terms of number of contract 10. Longer duration of continuous remaining in the CSE-30 Index 11.Regular payment of listing fees CSE Selective Categories Index – CSCX Chittagong Stock Exchange (CSE) launched a new index named CSCX (CSE Selective Categories’ Index) comprised A, B G category companies from 14th February 2004 to replace the earlier CSE Trade Volume Weighted Index. The Base Date of this index is 15th April 2001 (when A, B Z category were introduced) and Base Value is set to 1000. The new index includes all but not the Z category companies. This also excludes the companies/scrips which are debt securities, mutual funds, suspended for indifinte period and non-traded for preceding six months of review meeting.The index will be reviewed in the Index Committee Meeting after every six months like other two indices of CSE. This index will be disseminated on line to all the Brokers’ Work Stations (BWSs) during trading sessions and after every three minutes the index value will be refreshed. The construction principle of this index based on Laspeyres method like other two CSE indices, CSE All Share Price Index and CSE-30 Index. It may be mentioned here that the base value of these two indices was also set to 1000 with a base date 30th December 1999. The current values (as on 11th Feruary 2004) of CSE All Share Price Index and CSE-30 Index are 1601. 4 and 1483. 60 respectively. IDLC Index While selecting the stocks to include in IDLC-50, a number of factors are considered: financial health of the company, regular trading in the market, investment risk, amount of investable shares, number of outstanding shares, price sensitiveness, price risk etc. IDLC-50 follows globally accepted methodology to include or exclude any stock in the index. As a result, IDLC-50 always represents fundamentally strong companies. This index is constructed following â€Å"Float Adjusted IV|arket Capitalization Weighted† methodology.This methodology is used for the first time to generate a capital market index in Bangladesh. (more on this below) The performance of a stock market is affected by the price movement of the publicly traded shares (floated shares), rather than all outstanding shares. In our capital market, float is an important factor; because for many listed companies, a small portion of shares is publicly traded. So, to accurately measure the performance of the market segment comprising the selected 50 stocks, it is necessary to perform the index calculation by adjusting the number of publicly traded shares.This is called float adjustment. IDLC-50 is float-adjusted, and thus can represent the market more accurately. IDLC-50 will track the performance of 50 stocks traded in DSE and CSE. Existing indexes include either too many or too few shares. IDLC-50 contains an optimum number of shares and incorporates the most relevant set of information required by rational investors. By containing appropriate number of liquid shares, IDLC-50 can be used to measure performance of professionally managed portfolios including mutual funds, discretionary portfolio accounts etc.Active investment in stock markets may not be advisable or feasible for individuals with lower investable wealth and risk tolerance. IDLC-50 may be used by individuals as an indicative tool for pursuing index-based investment strategy. In future, Mutual Funds, Index Futures, Exchange Traded Funds can be launched based on this index. Such instruments are widely used in major stock markets of the world. IDLC-50 can be a reliable performance indicator for the listed companies. The listed companies would be able to compare their financial health with the help of IDLC-50.One of the most challenging jobs for an accurate index is to maintain consistency. For IDLC-50, we follow standard practices of globally accepted indexes for proper adjustment. It ensures that replacement of stocks in Index, additional issue of capital etc. do not destroy the historical value of the index. An index committee has been formed to conduct and monitor the overall operations of the index. The IDLC-50 Index Committee comprises capital market experts, fund managers market participants and senior officials from IDLC and Alif Assets. The index committee will perform the following core responsibilities: Selecting stocks based on fundamental characteristics, monitoring index operation activity, reviewing the methodology and of the index. IDLC-50 follows internationally accepted methodologies recognized indexes. are selected based on the following indicators. o Public Float (Public portion of outstanding share) o Market Capitalization o Liquidity/Turnover o Sector representation o Price to Earning o A and N category o Average Market Risk (Standard deviation) etc. and is generated by algorithm of globally The following formula is applied to calculate the value of IDLC-50: Market Capitalization Today/ Market capitalization on base date) X Base Index value While calculating the market capitalization, IDLC-50 considers the public-traded portion of the outstanding shares. Stock market indices differ from one another basically in their sampling and/or weighting methods Sampling method: There are some market indices that a re composed of all stocks listed in a market, e. g. , the American Stock Market Index and the Hong Kong Stock Exchange All-Ordinaries Index. In general, an index based on a larger percentage of the total number of listed stocks will be more representative that one based on a smaller percentage.Although an index that consists of all listed stocks can be considered as more representative, a number of stocks may have very few transactions, the quoted price of these stocks may not reflect their true market value. An index may still be highly representative even if it consists of only a relatively small percentage of the total number of stocks. Here, the sample selection process plays an important role. Most of well-known stock market indices of the major stock markets in developed countries are still considered as highly representative since their constituent stocks comprise a high percentage of total value of the market.For example, the Hang Seng Index (Hong Kong) is composed of 33 constituent stocks comprising approximately 70% of tota l value. FOX index (Finland) is composed of 25 most traded shares which is correspond to roughly 80% of the total market value and ATX 50 (Australia) comprises 84% of the capitalization and 97% of the turnover of all Australian stocks. Weighting method: Value-weighted method may be considered as a most appropriate method than others. For a value-weighted index, the weight of each constituent stock is proportional to its market share in terms of capitalization.We can assume that the amount of money invested in each of the constituent stocks is proportional to its percentage of the total value of all constituent stocks. Examples include all major stock market indices of Hong Kong, London and many others. ———————– ASSIGNMENT ON Done By: Minakshi Chakraborty Id No. 55 BBA, 13th Batch Department of Banking University of Dhaka Done For: Mr. Hasibul Alam Chawdhory Lecturer Department of Banking University of Dhaka STOCK MARKET INDEX How to cite Index Methodology of Dse, Papers