Media Effects on School Shooting Victims Essay

The participants of this flying field were students of Jokela high School, the school which experienced the shooting, and a control radical of students from Pirkkala High school, which had non experienced a shooting. Jokela High School, at the time, had 474 students enrolled. All 474 of these students were asked to partake in the study. Participation in this study was voluntary and of the 474 students, 231 accepted the invitation to participate in the study, 180 students declined, 34 students could not be reached and 29 students consented to participate barely never did. 526 students agreed to participate in the study from the control group school, Pirkkala High School. The participants were a mixture of both male and female students ranging from ages 13 to 19 years of age. Large portions of the families of the students from Pirkkala belong to the upper middle-class compared to Jokela, further there were no major differences in sociocultural accent or crime rate between the two communities.The data in this study was collected by dispensing a questionnaire in a school set in March of 2008. If a student was absent from school the questionnaire was mail home along with the consent forms. The questionnaire started out asking basic background questions, such as socioeconomic status, living arrangements, previous psychological carry or exposure to shootings. Next, students were asked to take a 36-item General Health Questionnaire to banknote psychological and psychosocial symptoms. Students were also asked to complete The Impact of Event Scale to use symptoms into two categories, Intrusion and Avoidance.Students were then asked to rate their exposure to the shooter as either no exposure (control students), mild, moderate, significant, severe, and extreme. Each of these categories had descriptions to help the student pack the right option that applied to them. Lastly, students were asked questions about the medias interactions with them. They were asked if the media interacted with them after the shooting, if they cooperated with the media, if the questions had an publication on their feelings after the shooting, and how the reporter approached them. Then they were asked if they followed the news coverage on the event over the next couple days and what type of set up the coverage had on their feelings.

Why Did the Nationalists Win the Spanish Civil War?

Achilleas Sarantaris 2/10/11 Republicans Nationalists Political Strengths/weaknesses *Caballeros rule weakened because Republicans were politically change integrity due to different ideologies communists vs. socialists who believed revolution should be postponed, anarchists who believed war could only be won through revolutionary policies. *Terror tactics to control increase population light-emitting diode to resistance*May Days street fight communists and socialists vs. narchists enhanced disunity *main strength was their unity. Franco would assume political and military hold in because Nationalists wanted unified command. Falange Espaniola Tradicionalista, Francos new merged party, had 1,070,000 members. *Supported from the church service which opposed the left*Franco gained power and authority from his victories in the battlefield armament strengths/weaknesses *Lacked strong military leadership, no unified command anarchists and Basques refused to be led by a central comman d structure. Loyal army officers were non trusted by the Republic. Dependent on hazardous ineffective reserves units, different fronts operated separately *Even though initial disunity, Africanistas contained the best legions in the country thus they could cover other forces. *Key to victor was unified command. Francos leadership was accepted by other rightfulness parties, including Italians. *Sound communicators, military equipment and large amount of junior officers together with Francos ability as a military leader were decisive operators. stinting advantages/disadvantages *Under anarchist control utilities worked by workers committees, collective farms set up. that they could not supply the needs of the republic to fight the war. *Production in Catalan fell by 2/3 between 1936 and 1939. * out-of-pocket to Non-Intervention Committee trade only with USSR, which led to the entire gold reserves of Spain being used up *Backed by business community, and so they could buy war su pplies. *Main industrial areas under their control. *Benefited from unrestricted external trade. USA gave $700 million in credit to the Nationalists. Foreign Assistance * farthermost more limited than that of the Nationalists main ally USSR. *No Soviet array send to fight, only 1000 aircrafts, 750 tanks and some advisers, which had to be tutelage for. * outside(a) Brigade sent 35. 000 foreign volunteers with limited impact. 1938 Soviets withdrew support and IB left. Francs initial aid ended when it joined Britains Non-Intervention *Foreign aid was a of the essence(p) factor in the Nationalists victory. *Rebels benefited from more aid of get around quality than that given to Republicans. Francos army airlifted by Germans to mainland. *German condor legion 10,000 troops, 800 aircraft, 200 tanks. Italians 75,000 troops, 750 planes and 150 tanks. Portuguese 20,000 troops. *Key factor not man power, but advanced technology and equipment they received. p

Faithful Elephants Book Review Essay

Greed. Fear. Anger. These traits define the human being. No way out how rational, how sensible or reason adequate a person merchantman be, these attributes fuck off about them, silent, like a shadow. In times of peril, when pressure is great, frequently people are unable to control their savage inner instincts, and these characteristics bring out out of them, gripping them tightly, seizing them from the inside, consuming them. When that happens, the human being can become unpredictable and volatile. And with them, follows great sadness.Many of these traits, and more, are present in the book Faithful Elephants, causing the lives of three innocent animals to be taken. The protagonists of the account statement John, Tonky, and Wanly are forced to endure such pain, paying for others sins. patronage this, they are still faithful and loyal to their once-loving masters, even though they take over been betrayed over and over again by them. Spun from the hands of Yukio Tsuchia, Fait hful Elephants begins with a startling bout of activity it is staged during WWII, at the climax of the war. The leaders of Japan, afraid of Allied bombings, declared that all vicious or pestiferous animals were to be killed. Should a bomb detonated near the zoo, the animals might have escaped, and disability the general public. This was enforced in all zoos, and the Tokyo zoo was no exception.G genius were the tigers, lions, bears, and snakes, all poisoned to death. It gave the zookeepers great pain, but they were kept a foundation eye on by the government, and were forced to kill the animals. Finally it came to the sidereal day in which the three Elephants were to leave. Due to the fact that the elephants were smart decent not to eat poisoned food, and as well as strong enough to not be effected by poison syringes, the zookeepers decided to starve the animals to death. They could often be seen performing their Bonzai fob, which normally would have earned them food and irr igate. Alas, even though the keepers did all they could to try and keep the animals alive, the elephants, as innocent and pure as they were, died later. After inspection, they were found without a single drop of food nor water in their shrunken stomachs.I in person think that this story reflects how alter conflict is to people. The Japanese public were hurt, the keepers were hurt, the Elephants, mere animals, were hurt. It displays the voracity of human beings, and their warmongering instincts. I believe that this should never happen again to anyone or anything on the globe. Such damage, as devastating it is physically, strikes a huge mental lay waste to into the minds of commonpeople. Everyone is effected, with us all paying the toll of the wars. Hopefully, this lead truly be the war-to-end-all-wars and remind the people of earth to strive to solve conflict peacefully, with stripped use of force. Of course, this will be very hard to do, but I have a strong confidence that we w ill be able to accomplish this goal. During the reading of this book, I was both deeply touched and angered. How could such a horrendous thing happen? Instantaneously, words sprang to my mind as I read on. Betrayal. Devastation. Torture.These three words burned a locating in my mind, mentally fusing into my thought. It would be less cruel to shoot them, or hang them. Causing them to endure such pain is an unthinkable prospect, something I am sure the zookeepers would agree with. However, this is a valuable lesson to people, as I know people understand. Already, we have formed peacekeeping organizations to promote musical harmony and tranquility, the most famous of which is the UN. With these considerations in the minds and hearts of our people, I hope that this will teach us that we do not benefit from war. I also must stress how deeply I had thought about other message from the book the value of life. No mater how large, nor how small, animals and humans uniform should all be enured equally. The zookeepers in the book understand this, having treated their animals with respect and care.Animals have limited lifespans too. We often mistake them as dull or without feeling. This is not true, as obviously stated by the book. The animals were still loyal to their masters, and were smart enough to attempt to find a way for the masters to feed them, shown by their performance of the bonsai trick. As I read the book, I was stunned. I could really feel like I was in the action, with scenes swirling into my mind. The author could really paint a vivid cinema in my head, with both detail and suspense. I was also amazed apparently because when I had read the book, I had almost begun to believe that I was the briny character, I was in the middle of the action. And I am not talk about being a zookeeper, either.I was imagining I was an elephant. I could say their strong, bulky bodies shrinking to dull husks. I could imagine their deteriorating health, their pleading bonsai trick performances. I was completely astonished. This book reminds me of another book I read, When My anticipate Was Keoko. In the book, one of the main characters also dies, having being forced into the war. both the Elephants, and When My Name Was Keokos character, die, despite the fact that they are completely innocent. They die simply because of the war, because of others greed. Overall, I really loved this book. By fusing a cleverly created plot, real facts, painstaking detail and a levelheaded narrative voice into the story, I was captivated by this book. I would personally recommend anyone who would need a good book to read this one, and it is one of the best and most moving books Ive read in a long while. A great read.

Mayana Leaves Essay

I. IntroductionPeople of different cultures oblige gigantic practiced poses, especially those with therapeutic values. They believe limits to fill healing powers. In most parts of our country, m any people have embraced the powers of plants in their day by day lives. Modern medical specialty has downplayed the importance of this conventional knowledge, but now it has begun to live the value of using plants for medicinal purposes. Plants supply the phytochemicals of the healing system necessary by the body. Phytochemicals be secondary metabolites that are scientifically known as the bioactive constituents with therapeutic activity. They are non-nutritive plant chemical that contain protective, disease-preventing compounds. Thorough covering fire and analysis of these medicinal plants whitethorn expose the bioactive comp wizardnts responsible for their healing capacities.This masking piece involves processes manage extraction, purification and characterization of the act ive constituents of pharmaceutical importance. The Philippines takes pride of its abstruse natural resources and its flora offers an abundant source of medicinal plants. Production and work of local plants with phytochemical properties must be given vital importance since on that point is an immense chance that topically produced and less expensive drugs chamberpot be sourced from them. This may too pave the way for the discovery of novel compounds and locally make drugs that can compete in the global market. Mayana (coleus sp. ) is a traditional plant used to dress cuts and bruises, because of this, we have decided to do a phytochemical toping. The project hopes to find in mayana, value as a sensitive tool in modern medicine at the very least, increment the generalknowledge ab break the plant. The extract will be made by preparing a solution of crushed plants in 80% ethyl group alcohol.The leaf and stem extract were screened for the presence of alkaloids, flavonoids and a nthraquinones. The assay was do by the paper disc method acting of assay. Different concent rations of the extract will be assayed against different kinds of bacteria. The screening showed that the stems contained considerable quantities of alkaloids. The results of the assay showed that tradition holds true in the laboratory as the leaf extract strongly showed signs of antibacterial activity. The reversal was true for the stems as they were found out to facilitate bacterial return instead of impeding it. Future researches may include identification of the particular kind of flavonoids, alkaloids and quinones present on the plant and their specific effects. They may besides try to utilize the bacterial activity of the stem to make a mayana stem-based nutrient agar.ObjectivesTo identify the presence of certain phytochemical constituents present in Mayana To screen the major phytochemical constituents and evaluate antibacterial activity tests of leaf extracts of Mayana To take ca re the antibacterial, antifungal, antiprotozoal, cytotoxic, and phytochemical properties of neutral spirits extracts of leaves of MayanaII. Materials and MethodsA. Folkloric SurveyBefore proceeding with our choice of plant, we did a survey to picture the plants that are used by an albularyo or quack doctor in treating his/her patients. A folkloric survey has been prepared by the researchers and the questions used were given by the professor. The folkloric survey prepared aims to determine the a) the plants that the albularyo still uses at present, b) the medicinal purposes of those plants say by the albularyo, c) the part of the plant that is used by the albularyo and d) the proper method of using the plant medicinally and the recommended dosage. We searched for an albularyo in local/rural areas. The friendship that we chose is located in Bataan.B. Phytochemical ScreeningPlant Collection and PreparationWe stack away about 50 grams of mayana leaves from the local or rural area. We washed it with vindicated water and drained off the excess liquid. subsequentlyward, we air dried them for one week or until the leaves are brittle making sure that they are constantly aerated to prevent the accumulation of fungi on the leaves. subsequently air drying, the leaves were cut into small pieces. The small pieces of leaves were soaked for two eld into a 500 ml beaker containing 200 ml ethanol.Plant bloodlineAfter 2 days of soaking the leaves, we extracted the leaves using filtration. We used a glass funnel with a pick up paper that is set(p) on a tripod for easier use. A beaker was used to collect the extract. The leaves were filtered in the funnel with the filter paper. After filtration, we obtained the filtrate in the beaker. The first layer of the liquid was take away through decantation until the extract was obtained and ready for analysis.Identification of Plant Constituents by lithe Layer ChromatographyThe extract that we obtained through decantation was tested for the presence of phytochemicals using liaison layer chromatography. A tender loving care plate was given to us which measures 2 cm x 7 cm. Using a pencil, we marked the tender loving care plate 1 cm from the top and 1 cm from the bottom. And then, we utilize the plant samples in the bottom mark by blotting through the use of a capillary tube. The blot should be at least 2 mm in diameter but not more than 5 mm for it to climb up the tender loving care plate. After, we prepared solving systems to determine the topper solvent system for our plant extract.In the preparation of the solvent systems, we used hexane and ethyl acetate. There were 3 ratios used 91, 73 and 64. Three tender loving care plates with the blotted plant extract were placed inside the developing chambers seamed with filter paper and cover by a petri dish. The chambers were saturated first with 10 ml of the solvent using the 3 ratios to allow the solvent to move up the lining while cover before placing t he blotted TLC plates.After, thethree TLC plates were placed inside the 3 developing chambers and it was kept covered until the solvent climbed up and reached the pep pill mark. At first, ours didnt show any results and we did several tests. Finally, the blotted TLC plate in the 91 ratio traveled through the TLC. And in our test, the 91 ratio was the best solvent system for our sample.After obtaining the best solvent system to be used, we did an different developing chamber with the 10 ml solvent. Just like what we did, we put the 91 ratio (10 ml solvent) in the beaker and lined it with filter paper to saturate the chamber. We were given two TLC plates, the other having three blots and the other having four blots, a total of sevensome blots. The TLC plates were placed in the developing chamber and waited for the solvent to reach the upper mark. There is a visible spotting or separation of the components in our TLC plates and then we proceeded with the spray reagent tests.The TLC p lates were cut into seven pieces with the seven blots. Our professor assigned each group with a spray reagent. After doing the spray reagent tests, we obtained the results in our chromatograms. We obtained for positive results in Phenols, Coumarins, Anthranoids, and Anthraquinones. The results were written in the data sheet provided.IV. Discussion of ResultsIn the mayana leaves extraction, this was the leaves soaked in 200 ml ethanol. From this solution, we obtained the plant extract from the mayana leaves that we used for the phytochemical screening. In the second picture, the blotted TLC plates, this was done by using the capillary tubes to put the extract in the TLC plate. At the third picture, this shows the TLC plates in the developing chamber with the 10 ml solution which was 9 ml hexane and 1 ml ethanol. Lastly, after the spraying of reagents in the TLC plates, we obtained the results above. The positive results that we obtained are Phenols, Coumarins, Anthranoids and Anthr aquinones, respectively.According to our results, mayana plant had no-account spots which indicate a positive result with phenols. Phenols have anti-inflammatory and anti-oxidant properties which is the same as the mayana plant. Phenols also have antiseptic and it may be present in minimal amount. It also gave a blue zone which tells us that it constitutes coumarins. This indicates that it can be used in wounds. It had discolor zone which shows positive result with anthranoids. Anthranoids can be taken when you have constipation which is the same property as mayana. Orange-violet color was obtained in mayana plant which indicates the presence of anthraquinones. Like phenols andanthranoids, it can be used as anti-inflammatory and for constipation. Some scientists have demonstrated that some derivatives have activity in vitro against some parasitic species.V. ConclusionColeus or mayana is a southeastern Asian plant that has brightly colored variated leaves that is popular as a hou se plant. On our phytochemical screening of this plant, we found out that it has positive results in coumarins which can be used in wounds, anthranoids which can be a treatment for constipation, phenols which can used as anti-inflammatory and anti-oxidant and lastly, anthraquinones which can also be used as anti-inflammatory and for constipation.This plant is also normally used as an ornamental plant due to its purple foliage. Mayana can grow in different habitats. It is one of the traditionally used folklore medicine and it is primarily used for pain, sore, swelling and cuts and other instances as adjunct medicament for delayed menstruation. A chemist from the University of the Philippines isolated sterols and triterpenes from leaves of mayana and it exhibited analgesic, anti-inflammatory and antimicrobial activities. some other interesting component of the plant is its high rosmarinic acid content. This compound was note for its biological activities prominent of those are its a nti-inflammatory and anti-oxidant properties.Lastly, we also found out that mayana has its anti-bacterial, anti-fungal, anti-protozoal and cytotoxic extracts of mayana. Therefore, mayana is a herbal medicine that you may use in wounds, headaches, fever and bruises just like what is said in the survey.VI. Referenceshttp//scinet.dost.gov.ph/union/ShowSearchResult.php?s=2&f=&p=&x=&page=&sid=1&id=The+phytochemical+screening+and+microbiological+assay+of+Mayana+(%3Cem%3EColeus+blumei%3C%2Fem%3E)+leaves+and+stems&Mtype=PROJECTS http//www.filipinoherbshealingwonders.filipinovegetarianrecipe.com/mayana.htm http//www.stuartxchange.com/Mayana.html

Credit Card and Paypal

In this report, we focus on all(prenominal)(prenominal) aspects of the carry befriend handicraft. PayPal Basics PayPal is quickly establishing itself as a ball-shaped letance mainframe with scale, facilitating just about $60B in Total defrayal Volume in 2008. It form the wallopingst player focused solely on online defrayments however when comp bed to the come record of plumping global players, such as indorse and Master display panel, PayPals script remains plumb itty-bitty its $60B TPV was just over 1% of the total book of retri notwithstandingions processed last year by Visa and MasterCard combined. exercise 1 PayPals Volume Dwarfed by Incumbents in billions 2,000 1, cholecalciferol 1,757 1,548 969 1,000 500 0 Visa ( character reference entry) Visa (Debit) MasterCard ( opinion) initiation attach to reports, J. P. Morgan prefigures. feeling Parts of PayPal heap may be processed using Visa or MasterCards network Visa volume excludes Visa Europe 406 60 Mas terCard (Debit) Pay Pal PayPal is an Established fee Network and Brand A disused Commodity PayPal is in r be fellowship, successfully creating itself into a formidable defrayment network and brand alongside dominant defrayal brands in Visa, MasterCard, the Statesn demo and Discover.Payment networks sit at the top of the value chain in requitals, collecting high-margin fees for facilitating payments from art objecticipants serveking access to a network of trusted merchandisers and consumers. PayPal overcame the classical chicken-and-egg dilemma and now has a critical mass of users in its network, secernate as a trusted brand for facilitating online payments with the voltage to extend its front end into offline opportwholeies longer-term. nonpareil driver of PayPals out ripening is that, unlike traditional payment methods which substantial in an offline world and accommodate been overlaid onto eCommerce, PayPals platform was built with eCommerce in mind. As such, Pa yPal has developed tools and gamble influencement measures to address the unique complexities of discussion account not present payments over the web one of the hurried festering categories in payments. Moreover, PayPal is elegantly structured to simplify the web of connections subscribe to in a traditional payment system, fashioning it hale positioned to put over the clear military control payments mart. Imran caravanserai (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com trades union the States fair play research 26 June 2009 portend 2 PayPal Simplifies the Payment Process Traditional payment structure merchant Payment gateway provider Merchant imprecate writer J. P. Morgan. PayPal payment structure Merchant Consumer Consumer Card issuer processor Card-issuing des rage Merchant patois Consumer bank We come keister the online marketplace, and sellers in particular, benefit from this decrease in several ways Ease of Use.PayPal gives virtually anyone the capacity to submit payments, enabling a merchandiser to operate regular at an initial scale that would some oppositewise be uneconomical (i. e. , on that point are no minimum requirements for payment volume in enounce to use PayPal. ) high(prenominal) level of trust. The payments system is not very transparent, and not all aspects were intend for mass use. A trusted central illuminationhouse like PayPal bottom of the inning instigate use of online payments by lowering users safety links and raising their testamentingness to send money online. PayPal Is Differentiated beyond Just Online Commerce PayPal is contrary from different payment brands (e. g. MasterCard, Visa) in that it is a vertically unified payment provider. In other words, PayPal is a single source provider of payment helpings. By detection directly with PayPal Merchant go, small merchants can get all of their payment needs, and do not nece ssarily need a separate merchant bank account or payment gateway services provider. PayPal is stepwise expanding its presence off eBay by promoting itself as an integrated payment prolonging along side other payment brands (e. . MasterCard, Visa), supported by PayPals own merchant services oblation and alliances with payment vendors like Cyber quotation (payment gateway) and practise Paymentech (largest merchant merchant bank in the U. S. ). PayPals Product Offerings for Online Sellers PayPal offers several different intersections for payment acceptance, based on the size and needs of the merchant telecommunicate product. This is the offering used largely by small eBay merchants, who receive payments only if via e-mail, with no site of their own on which they need to integrate PayPal. Website Payments Standard.This product allows merchants to place a PayPal entirelyton on their site, and when a user is adjust to check out, the user hits the plainlyton and is adjudgen to the PayPal site where the actual arrest occurs. 4 Imran caravansary (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North the States equity Research 26 June 2009 Website Payments Pro. With an incremental $30 monthly fee, the Pro product is better integrated into a sellers site. The product is intended for small- to medium-size sellers, and requires the seller to be using a compatible hopping cart vendor (most are compatible). get Checkout. Intended for larger merchants (those already accepting include Dell and Barnes & Noble). Express Checkout is incremental to the payment acceptance service used by a vendor it gives users an additional checkout election. When a shopper uses Express Checkout, s/he logs into PayPal, and PayPal therefore frontwards address and other info to the merchant. This allows an vivacious PayPal user to bypass entering personal and shipping information again, even if it is the user s first time using the specific merchant. substantive appendage in Active UsersBy continuing to add users across manifold platforms, PayPal has been able to post strong user harvesting in unused get outs, even despite the slowdown in on-eBay developth and low-single-digit user bring forthth on the eBay site itself Figure 3 PayPal Active User product Strong in Recent Quarters Users in Millions 150 c 50 26. 7% 23. 7% 20. 7% 19. 6% 18. 6% 19. 2% 17. 7% 16. 3% 16. 1% 16. 0% 17. 3% 22. 9% 21. 4% 30% 20% 10% 73 70 65 63 60 57 53 55 51 47 49 45 44 0 0% 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Pay Pal Activ e Accounts Y/Y Grow th microbe familiarity reports, J.P. Morgan Payment Business Basics For a primer on the payments industry, please see Payment Processing Payments Market Share Handbook published on June 5, 2009 by J. P. Morgans Computer advantages & IT Consulting analyst, Tien-tsin Huang When a emptor hands specie to a seller, the dealings is self-contained. If a acknowledgement (or calculate) batting order is tangled, however, several other parties become involved in the exploit, which we describe to a lower place Issuer (Cardholders Bank). Card feats start with a post-horse issued by an issuing bank (e. g. Bank of the States, groove, etc. ) to a consumer.In terms of economics, the bank that issued the consumers confidence bill poster give ins the purchase price, collects its interchange fee (in the US, 170 -225 bps depending on the type of card), and passes the remainder to the Acquirer (Commonly the Merchants Bank). The acquirer provides merchant services to the merchant, handling all the card and/or electronic payment acceptance needs of the merchant. The merchants acquiring bank 5 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America impartiality Research 26 June 2009 ccepts the payment, collects a merchant discount (generally in the 30-50 bps value in the US), and forwards the balance to the seller/merchant. Both the Issuer and the Acquirer pay a small (7-9 bps each) fee to the Payment Network (see next entry). Merchant acquirer functions include Sign up merchants to enable them to accept card payments. modify merchants to authorize card payments via the network. Pay all network and associated fees for a merchants transactions Facilitate clearing and settlement of card payments erect incremental services, e. g. , sending out statements, etc. Payment network (e. g.Visa, MasterCard). As the backbone to the payments industry, networks connect various banks that need to process point of reference card payments with merchants and provide authorization, clearing and settlement services. Networks also set rules and interchange evaluate (earned by the issuing bank). Payment gateway. In the offline world, the payment gateway is the homogeneous of a point-of-sale terminal that accepts the p ayment type (e. g. credit, account card) and translates it into a format that can be accepted by the merchant acquirer. In the online world, the gateway generally connects an eCommerce site with the merchant acquirer.PayPal already functions as a Payment Gateway, largely as a result of its erudition of VeriSigns payment commerce, which had 144,000 nodes when acquired in 4Q05. 6 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Figure 4 Example of a Credit Card Payment Processing Cycle semen J. P. Morgan. How Does PayPal fit in? In most boldnesss, when a PayPal user pays with a credit or debit card, PayPal functions as the Merchant (in Fig. 4).PayPal relies upon its merchant acquirer (usually swell Fargo) to accelerate the transaction. PayPal the invests the merchant its fees, which on add up represent a spread over what the acquirer charges PayPal. In addi tion, if merchants unavoidableness, PayPal offers certain(p) merchant acquiring services such as the means to authorize valid card transactions and facilitating the clearing and settlement of the transaction with the payment network. At this point, we enter that PayPals merchant acquiring business comp scratchs less(prenominal) than 5% of PayPals TPV. 7 Imran Khan (1-212) 622-6693 imran. t. emailprotected om Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 PayPal receipts Model consummational receipts enhancement PayPals business lesson involves collecting a percentage of revenue from each payment made on the system this percentage has remained in the 3. 75%-4. 0% range since F05. In F08, PayPal collected 3. 86% of TPV as revenue. The following hold over summarizes the contributors to take rate tabulate 1 Contributors to PayPals Transactional receipts Take locate Type Cross-border transactions (CBT) US sellers , non-CBT Intl sellers, non-CBT Payment Gateway Website Payments Pro address J.P. Morgan estimates % of revenue 35% 33% 25% 3-5% 2-5% Comment PayPal charges up to ascorbic acid bps high rates for CB transactions charges an additional 250 bps for up-to-dateness conversion Sliding scale from 1. 9% based on volume Country-specific pricing generally high rates than US Acquired from Verisign in 4Q05 modified growth since periodical $30 fee for WPP product Figure 5 Our Estimates of Contributors to PayPals Transactional Revenue Intl rev enue Pay ment Gatew ay Website Pay ments Pro monthly Fees Cross-border rev enue US rev enue Source J. P. Morgan estimatesMarketing go and early(a) Revenue Several items are counted as a part of Marketing Services and Other revenue. These include Interest earned on some customer balances. PayPal earns revenue as it receives interest on the balances of some non-US account holders. Note that US customer balances are held in FDIC-insured accounts or i n a money market account PayPal does not receive interest on these accounts. BillMeLater interest and fees. Interest and fees earned on existing BML client balances are classified as Marketing Services and Other revenue. Comparing PayPal Fees to Online CompetitorsPayPals fee structure is similar to those of its online-only competitors both Google Checkout and Checkout by amazon offer a similar package of fees depending on a merchants monthly sales volume Amazon differs in charging a slightly different fee level for transactions beneath $10 as well as minimal cross-border support both buyer and seller must dupe a US-based financial shaft to use the service. Both Google 8 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 nd PayPal charge roughly (in Googles case, exactly) 1% much for cross-border transactions. See send back 2 for a summary. As a point of refere nce, we turn over offline fees for accepting cards (aka merchant discount rate) second-rate around 1. 9-2. 0% in the U. S. In March of 2009, Google announced that it would no longer offer a discount on payment treat on Google Checkout for Google AdWords advertisers. Table 2 Fees for PayPal, Google, Amazon Remain kindred Transaction Type/Volume Transactions chthonian $10 Up to $3,000 / month Between $3K-$10K Between $10K-$100K $100K and above Cross-border PayPal Same as infra 2. % of transaction + 30 cents 2. 5% of transaction + 30 cents 2. 2% of transaction + 30 cents 1. 9% of transaction + 30 cents Varies by currency but 1% extra payments with currency conversion add 2. 5% charge Google Checkout Same as below 2. 9% of transaction + 30 cents 2. 5% of transaction + 30 cents 2. 2% of transaction + 30 cents 1. 9% of transaction + 30 cents 1% of transaction Checkout by Amazon 5. 0% of transaction + 5 cents 2. 9% of transaction + 30 cents 2. 5% of transaction + 30 cents 2. 2% of tr ansaction + 30 cents 1. 9% of transaction + 30 cents US only (seller and buyer must take aim US-based account)Source play along websites PayPals Transaction follows Set against the 3. 9% revenue take rate, the business faces two key expense lines that drive its transactional margins transaction treat bell and fraud losses Figure 6 F08 Revenue and Expense Drivers for Aggregate PayPal Payment Volume % of Total Payment Volume, aggregated across all TPV and financing Methods 4% 3% 2% 1% 0% 100% of PP rev enue 30. 9% of rev enue 1. 19% 7. 4% of rev enue 0. 28% 61. 8% of rev enue 3. 86% 2. 67% 2. 38% 2. 38% Rev enue Take Rate Processing Ex pense Transaction Losses = Transaction ProfitSource Company reports, J. P. Morgan estimates Processing expense is driven by financial backing combine PayPals profitability is driven in large part by the flow of sources from which customers draw funds in order to pay on PayPal. In particular, when customers pay using a credit card, PayPal inc urs a momentously higher cost of funds than when customers fund a purchase using their PayPal balance or an ACH transfer. 9 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009Specifically, PayPal, similar to any merchant that accepts credit cards, is charged a variety of fees (the largest of these is interchange, which is the fee charged by the cardholders bank). For PayPal, we conceive these fees amount to 220-250 bps of payments funded with a credit card, with the range representing different types of cards and different geographies (interchange fees are generally higher in the US than across parts of the world, including Europe and Australia). Fees are slightly lower, but still in the 150200 bps range, if users choose a debit card alternatively than a credit card.By comparison, a payment funded from money already in a users PayPal account carries virtually no cos t to PayPal. A payment funded though ACH carries a flat treat fee, usually less than 25c this represents less than 40 bps on an average PayPal transaction of $62. Figure 7 PayPals Funding Mix Merchant PayPal collects take rate (1. 9% to as much as 5%), based on merchant volume and location (significantly higher if currencies converted) PayPal If funded via If funded from users PayPal balance, cost to PayPal is negligible Credit card, cost to PayPal is 220-250 bps PayPal then functions as Merchant in Fig. above. If funded via If funded via ACH, cost to PayPal is $0. 10-$0. 25 Debit card, cost to PayPal is 150-200 bps PayPals cost of funds becomes to a greater extent favorable Source J. P. Morgan 10 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Drivers of Funding Mix PayPal allows users to pay with both a credit/debit card and ACH however, PayPal defaults to using an existing balance or ACH, and users must actively select to pay via a credit/debit card every time they use the service.The telephoner has tell that customers generally prisonbreak toward a more favorable funding mix over time. Additionally, as PayPal adds new merchant sites, users of those sites fuck off with a heavier mix of credit card use. The mix for a merchant site begins to resemble that for PayPal overall as users familiarity with PayPal grows generally, 12-18 months. Additionally, we consider BillMeLater, which is funded entirely by checks and ACH, can help improve funding mix for PayPal down the road. Other boundary line Drivers PayPal margins have historically been in the 20% range, excluding corporate expenses.We gestate several factors drive the variance between the 60%+ transaction margins and the high-teens overall profitability. Primary among these are Customer service costs. portend centers as well as a variety of employees needed to manage any problems that arise in the payments process. We do not expect these expenses to march meaningful economies of scale as the business keeps to grow. sales and Marketing. As PayPal has invested in growing its Merchant Services business, we believe that portions growth has been fueled by higher Sales spend. When the business matures, we believe there should be some scale economies in Sales. BillMeLater Basics PayPal acquired BillMeLater in 4Q08. The service allows users to request transactional credit, rather than a revolving credit line as is the case with a credit card. BML offers consumers rapid credit decisioning on the basis of less detailed information (date of birth and last four digits of a accessible Security Number) than necessary for more traditional financing. The majority of BMLs revenue is derived from consumer interest payments and fees, as shown below 11 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Figure 8 BillMeLater Economics as of Time of erudition % of TPV 12% 10% 8% 6% 4% 2% 0% 2. 4% Merchant Fees + 6. 5% 3. 6% 2. 9% 3. 4% 2. 1% 4. 1% Cust. Interest Cust. Fees Acquisition Income + Credit Cost of Funds = Transaction Profit Serv icing Fraud Loss Source Company presentation, J. P. Morgan estimates Note Cost of funds includes an implied cost of financing consumer receivables transaction expense for process funds is minimal due to funds world sourced primarily via ACHAt this point, BillMeLaters presence on the eBay site itself remains minimal the company has placed a 3Q09 target for better desegregation of the business with PayPal, and we believe that, after fuller integration, eBay may choose to drive higher BML cleverness on the Marketplaces business through, e. g. , promotional or interest-free financing. Complete integration of BML into all aspects of the PayPal solution is expected in 1Q10. Charge-offs BillMeLater r eports its net charge-offs as a percentage of the average receivables balance over the course of the quarter in Q109 net charge-offs rose to 8. 95%, compared to 8. 5% during the part of the fourth quarter after the acquisition. Due to the transactional nature of the business, we believe BML has the capacity to continue retentivity loan losses at a reasonable level additionally, the company has expressed that it plans to focus on being more conservative with offers of credit in the near term, even at the expense of TPV growth. Nevertheless, we expect charge-offs to continue rising somewhat. Historically, credit card charge-offs have been correlated with the unemployment rate, as seen below. 12 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Figure 9 Historically, Credit Card Charge-offs Rise when Unemployment Rises 10% 8% 6% 4% 2% 0% Q195 Q196 Q197 Q198 Q199 Q100 Q 101 Q102 Q103 Q104 Q105 Q106 Q107 Q108 Q109 Unemploy ment Rate Source Federal Reserve, J. P. Morgan Credit Card Net Charge-off Ratio While we believe charge-offs at BML can be managed better, due to the transactional nature of BMLs exposure, we think rising unemployment is incredible to leave the business untouched. Thus, if unemployment keeps discharge up, we would expect continued upward turn over in charge-offs.PayPals Growth Strategy PayPals original growth engine was the marriage between PayPal and eBay, and the ability to drive higher shrewdness on the eBay site. We believe the low-hanging fruit in this regard has largely been gathered, but room for growth still exists along several areas of opportunity. 1. Growth Opportunities for PayPal on eBay Continued Geographic Expansion Can Drive Growth One of the biggest factors brainish higher PayPal discernment on eBay has been geographic expansion in territories where the business is less mature than in the US.PayPal has had a pproximately five eld of operating chronicle in much of Continental Europe, compared to nearly a decade in the United States. Table 3 PayPal Penetration as % of addressable TPV continues to Grow % of addressable TPV Country US Canada United domain Australia France Spain Italy Germany 2004 64% 60% 49% 7% 8% 5% 7% 2% 2008 80% 79% 74% 47% 43% 37% 36% 15% 2011(E) 84% 82% 81% 72% 61% 57% 56% 39% Comment Could see addl boost from BML Penetration already nearly 60% see below In terms of online activity, much of continental Europe is following in the footsteps of the UK, but several years behind.Penetration nearly doubled in F08 alone Source eBay Presentation, J. P. Morgan estimates We believe the 2008 experience in Australia, where PayPal penetration went from under 40% to nearly 60% over the course of a year, is thoughtful of eBays capacity to grow penetration via rule changes the company rolling out rules mandating most sellers to offer PayPal as an option in 2008, and penetration gr ew by more than half over the course of the year. 13 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009Figure 10 Australia Demonstrates PayPals Capacity to Quickly come along Penetration 60% 50% 40% 30% Q108 Q208 Q308 Q408 Source Company presentation, J. P. Morgan estimates Additionally, several continental European countries have seen growth roughly in parallel since the rollout of PayPal in much of continental Europe in summer 2004. We See Limited Opportunity for interior(prenominal) on-eBay Growth Having already achieved notable levels of penetration on established sites, we fall apartt think PayPal pull up stakes see significant additional increases in on-eBay penetration from contemporary levels, especially in the US.However, as eBay increases the amount of buyer protections and begins to offer credit through BML, we think the percentage of GMV that is addre ssable by PayPal can rise. Figure 11 PayPal volume as a % of available GMV, 2008 GMV in $B 30 20 $29B $24B 10 0 79% 41% US Source Company reports, J. P. Morgan Pay Pal Non-Pay Pal International One additional way to increase penetration on the site is for the company to offer increased incentives for sellers and buyers to choose PayPal as the payment method.These incentives can take the form of carrots (coupons, higher levels of protection) or sticks (e. g. , rules making other forms of payment more difficult to accept). PayPal has continually increased buyer protections on eBay for uses who pay with PayPal, with the levels rising from $1,000 to $2,000 in January 2007 and going up again to offer unlimited coverage in June 2008. We think offering higher levels of buyer protection but only when paying with PayPal remains a reclaimable lever for increasing the penetration of PayPal on the eBay site. 14Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1- 212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 PayPal on eBay Challenges Weak Marketplaces Growth go out Negatively Impact TPV Growth In line with recent declines in GMV, the percentage of PayPals TPV that is driven by on-eBay activity has been steadily declining in recent quarters, with 3Q08 having represented the first quarter in PayPals history that saw a majority of TPV come from the Merchant Services part of the Payments business.Figure 12 On-eBay TPV Continues to Decline as a Percentage of Total 70% 60% 50% 40% 30% 20% 10% 0% 62% 58% 56% 56% 54% 51% 49% 49% 46% Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Percentage of TPV deriv ed on eBay Source Company reports, J. P. Morgan estimates As eBay has struggled to improve GMV growth and faced headwinds from FX, the on-eBay portion of TPV has seen nominal growth turn negative in recent quarters, as shown in the chart below adjusted for FX the last two quarters have seen on-eBay TPV grow 5% and 3%, respectively.Figure 13 On-eBay TPV Growth Continues to Lag Off-eBay TPV Y/Y change 80% 60% 40% 20% 0% -20% 1Q07 50% 19% 57% 62% 66% 61% 57% 49% 35% 26% -7% 18% 18% 17% 17% 19% 12% -3% 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 On-eBay TPV, Y/Y Source Company reports, J. P. Morgan estimates Off-eBay TPV, Y/Y We are watercoursely mannerling GMV to subjugate by 14% in F09, returning to slight growth in F10 with a 1% rise. Even when have a bun in the ovening only at non-Vehicles GMV, our pattern calls for an 11% decline this year, followed by a 1% growth in the next year.While we think eBay has taken many correct steps in improving the competitiveness of its Marketplaces segment, we remain concerned that the competitive environment 15 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 volition desexualise it difficult for eBay to reaccelerate growth and reclai m market share in future years. Additionally, we believe the shift to a frictionless eCommerce model is driving buyers to choose decided-price formats over an auction approach.As this has the effect of moving from a length eBay controls into a much more competitive, multi-channel environment, we think it creates an additional headwind to growth. Cultural Headwinds in Some Geographies In addition to the above, two specific geographic regions have presented challenges for growing PayPal penetration In Germany (and Austria, combined, estimated at 15% of GMV), the majority of online payments are made using bank transfers, and PayPal has had limited success displacing this system. However, as Table 3 (above) indicates, PayPals penetration in Germany has been rising.In Korea (we estimate 5% of GMV), where eBay late announced plans to acquire GMarket and combine it with its current auction. co. kr site, the predominant mode of payments is using escrow accounts. As in Germany, we believ e penetration can rise over time as users become more comfortable with PayPal. prone the challenges in these two areas, which comprise approximately one fifth of eBays GMV, we believe it could be difficult for eBay to go significantly past the 70% penetration threshold in the next five years. Bottom argument We see $36B in F11 on-eBay TPV found on our current model of F10 GMV (excluding Vehicles) of $43B, and an assumption of accelerating GMV growth to 10% Y/Y in F11, we think PayPals oneBay TPV could hit $36B in F11 (implying a 6% 3-year CAGR), with a range of $33B-$40B depending on more or less favorable assumptions. Figure 14 On current trends, on-eBay portion of PayPal would contribute $36B in F11 TPV On-eBay TPV, $ in billions 40 35 30 25 2008 2009E Optimistic Current Model 2010E bearish 2011E Source Company reports, J. P. Morgan estimates 16 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North Am erica Equity Research 26 June 2009 2. Growth Opportunities for PayPal off eBay PayPals growth through increasing penetration of off-eBay online commerce has been a key component of the businesss growth in recent years. We think the company retains significant runway to add customers. Historically, Focus on Smaller Sellers Due to its root as a solution for payments on the eBay platform, PayPal has generally seen a higher penetration among smaller and mid-size sellers.This is partly due to the fact that PayPal has no fixed costs to a merchant, whereas accepting credit cards carries fixed costs. For a seller generating $100K in yearly revenue, a $60$70/month cost for accepting credit cards amounts to nearly 1% of sales. Table 4 Economics of PayPal compelling for SMB market PayPal Setup fees Monthly Service Fee Monthly Gateway Fee Transaction fee Monthly Minimums $0 $0 $0 1. 9%-2. 9% + $0. 30 none Merchant Processor $0-$300 $20-$50 $10-$30 2. 0%-3. 0% + $0. 10-$0. 50/transaction $0-$30S ource Company reports, processor websites and J. P. Morgan estimates Figure 15 Payment Solutions P a y m e nt s o lu tion s D is a d va n ta ge s re la tiv e to P ay P al Buyer S eller C an n ot b e tra cked L im ite d p rote ction ag a in st lo ss/th eft R estricte d to virtu a l w orld L im ite d p ro te ction a g a in st lo ss/th eft R e stricte d to virtu a l w orld S lo w se ttle m en t/fu lfillm e n t tim e C ost/tim e of w ritin g che cks S lo w se ttle m en t tim e F ra ud riskC red it C ard Joh n Q Pu b lic 5012 345 6 7890 1234 S ecu rity unce rta in ty of sm a ll b usin e ss site C re d it lim its In te re st co sts H ig h tra n sa ctio n fee s p ro hib itive fo r sm a ll m erch a n ts R e qu ire s m e rcha n t b ank a ccoun t F ra ud risk (card no t p rese n t) P ro ce ssin g tim e /co st S e tup co sts W ire (e . g. , W e ste rn U n io n ) F ee s U su a lly re qu ire s p h ysica l visit to ve n do r L im ite d a cce p ta n ce Source J. P. MorganPenet ration among big Businesses Small, but Growing Whereas smaller sellers were PayPals bread-and-butter in the early days, the greater part of online commerce now occurs at larger sellers. This is especially original when one includes online travel, a category PayPal has pursued aggressively whereas eCommerce has a fairly long tail of sites, the great majority of online travel is transacted at the large providers and OTAs. 17 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009Table 5 Penetration at top 50 online merchants, by geography As of March 2009 Country USA UK Germany France Australia Penetration 42% 28% 16% 36% 60% Source Company presentation and J. P. Morgan estimates net profit Retailer Data PayPals Penetration Higher with Smaller Merchants Based on data from network Retailer, we estimate that 26% of the total sales volume on the top 50 online retailers in F08 came on sites that accept PayPal. Consistent with PayPals past focus on smaller sellers, PayPal penetration among sites outside the top 50 is 39%, nearly 1. x the penetration among the top 50. Figure 16 Smaller Merchants More credibly to Accept PayPal % of internet retailers accepting PayPal, weighted by 2008 online sales earnings Retailer Top 50 I. R. Top 50, ex cluding Amazon outride of I. R. Top 500 (51-500) 0% Source Internet Retailer, J. P. Morgan estimates 26% 33% 39% 10% 20% 30% 40% Note Internet Retailer does not include travel sites in its rankings The following table summarizes PayPals presence (including previously existing BillMeLater affinitys) on the top 50 retail sites as ranked by Internet Retailer. 8 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Table 6 26% of Revenue at top 50 US eCommerce Sites is Addressable by PayPal 2008 Sales in $ m illions Site Amazon. com Inc. Staples Inc. Dell Inc. bureau entrepot Inc. Apple Inc. OfficeMax Inc. Sears Holdings Corp. CDW Corp. Newegg Inc. Best Buy Co. QVC Inc. SonyStyle. com Walmart. com Costco Wholesale Corp. J. C. Penney Co. Inc. HP theatre & Home Office blood Circuit City stash aways Inc.Netflix Inc. Victorias Secret Target Corp. Systemax Inc. L. L. bean plant Inc. Macys Inc. Williams-Sonoma Inc. Gap Inc. Direct HSN Inc. Zappos. com Inc. Amway spherical Overstock. com Inc. Avon Products Inc. 1-800-Flowers. com Inc. Nordstrom Inc. Buy. com Inc. Redcats USA The Neiman Marcus Group Inc. Musicians wiz Inc. Blockbuster Inc. PC Connection Inc. Toys R Us Inc. Cabelas Inc. BarnesandNoble. com Inc. Scholastic Inc. The Home computer memory Inc. VistaPrint Ltd. Saks Direct Nutrisystem Inc. Peapod LLC drugstore. com Inc. Nike Inc. Kohls Corp.Verticals Multiple Office Supplies Computers Office Supplies Computers, Digital Sales Office Supplies Department salt away Computers Com puters Electronics Multiple Electronics Multiple Multiple Department Store Electronics Electronics Video Rental Apparel Multiple Electronics Apparel Department Store Home Apparel Multiple Apparel Multiple Multiple health & Beauty Flowers Apparel Multiple Multiple Department Store musical theater Equipment Video Rental Computers Toys Sporting Goods Media Media Home Office Supplies Department Store Food Groceries Health & Beauty Apparel Department Store 2008 Online Sales $19,170 $7,700 $4,830 $4,800 $3,642 $3,084 $2,693 $2,600 $2,100 $2,015 $1,993 $1,828 $1,740 $1,700 $1,500 $1,497 $1,414 $1,365 $1,333 $1,209 $1,072 $1,044 $1,040 $1,033 $1,030 $1,016 $1,014 $904 $834 $754 $750 $686 $657 $617 $565 $531 $526 $516 $500 $497 $466 $455 $437 $401 $381 $376 $373 $367 $366 $356 PayPal? No No Yes No No Yes No No Yes No No Yes Yes No No Yes No No No No Yes No No No No No Yes Yes Yes Yes Yes No Yes No No Yes No No Yes No Yes No No No No No No Yes No No BML?No No No No Yes Yes No Yes Yes No Yes No Yes No No No No No No No Yes No No No No No Yes Yes Yes No Yes No Yes Yes No Yes No No Yes Yes No Yes No No No Yes No Yes No No Comment Ended BML relationship after PayPal Acquisition Could leverage BML relationship Could leverage BML relationship Site now own by Systemax, a PayPal customer Could leverage BML relationship Could leverage BML relationship Could leverage BML relationship Could leverage BML relationship Source Internet Retailer, J. P. Morgan estimates 19 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Off-eBay market share of 4. % in F08 We estimate that PayPals $29. 5B Merchant Services TPV in F08 (excluding BML) represented 4. 2% of the combined volume of eCommerce and drop dead spend in that year. Our current estimates call for that number to rise to nearly 4. 9% of the total in F09. Table 7 J. P. Morgan eCommerce and get going Market estimates $ in billions Category Off-eBay eCommerce Travel Total off-eBay volume PayPal off-eBay TPV PayPal penetration F07 311. 4 271. 9 583. 3 19. 9 3. 4% F08 379. 0 329. 2 708. 2 29. 5 4. 2% F09E 412. 0 342. 2 754. 2 37. 0 4. 9% F10E 490. 8 405. 1 895. 9 50. 2 5. 6% F11E 561. 4 458. 0 1019. 3 64. 2 6. 3% Source Company reports and J. P.Morgan estimates We estimate that combined global online spend on eCommerce and Travel will exceed $1 cardinal in F11. By our estimate, PayPals Merchant services would need to access over 6. 0% of this volume in order to hit the low end of the target $4B-$5B PayPal revenue range indicated by the company. 3. Growth through BillMeLater We see several key effects on PayPal of the 4Q08 acquisition of BillMeLater. In the near term, we think the addition could hurt profitability, while longer-term, we believe it can become a contributor to PayPal growth both on- and off-eBay. stripped near-term TPV bushel. BML accounted for 1. 2% of total 1Q09 TPV.As such, we think it is important to note that the current impact of BML on PayPal results is likely to be somewhat small. Near-term growth likely slow. The company has stated that it intends to be very conservative in its approach to the tradeoff between growing BML volume and maintaining healthy credit metrics. Given the current environment, we believe this will significantly dampen growth in BML TPV through at least the end of F09. Integration, portfolio losses to impact profits. PayPals segment margin in the last two quarters was 500 bps lower than in the same two quarters a year ago. The company has attributed this decline to the impact of integrating BML as well as charge-offs related to the units loan portfolio.Medium-term, synergies become possible. once consumer credit regains a measure of health, we think the company will begin to use BML as an additional tool to grow business, e. g. , by offering financing to incentivize users to pay with PayPal both on and off eBay. Target is gad get shoppers, not the underbanked. We believe eBay sees BML as an additional feature (or convenience) to attract higher-quality customers, rather than as a tool to expand its reach among customers who do not otherwise have access to credit. This approach appears consistent with the tradeoff noted above of slower growth in exchange for better credit metrics. 20Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 political machine financing unlikely to be priority. As noted above, Vehicles sold on eBay have been largely beyond PayPals reach up to now. We think eBay sees BMLs core expertise in transactional credit for smaller amounts than involved in a car purchase. A significant expansion of the business to include auto financing seems unlikely in the near to medium term. Impact on margins temporary. eBay expects segment margins to revert to historical trends as BML is incarnate into PayPal more completely (e. g. the company expects BML to be integrated into the PayPal wallet by 3Q additionally sales teams for BML and for Merchant Services are being integrated to give clients a single touch point). BillMeLater Can Improve Funding Mix We think the impact of BillMeLater in the longer term will be felt most strongly on PayPals funding mix BML does not accept credit cards, and as such faces a lower transaction funding cost than the PayPal business as a whole. As such, any portion of TPV that shifts from the historical mix of funding sources to BML will help lower PayPals cost of funds. Assuming, conservatively, that PayPal manages the business to have a similar take to the rest of PayPal, we estimate that each 1% shift of TPV onto BillMeLater would drive 2 bps improvement in funding cost.Thus, if BML were to grow to 4% penetration of our mid-point F11 scenario of $100B in TPV, it would drive 8 bps improvement in funding cost an incremental $80M division to the bottom line, or 5c of EPS. Table 8 Sensitivity Analysis EPS Boost from Lower Transaction Cost as BML Penetration Rises TPV in $B, BML as a % of TPV, EPS impact in $ TPV BML % 87. 1 100. 5 113. 8 Source J. P. Morgan estimates 1% $0. 01 $0. 01 $0. 01 2% $0. 02 $0. 02 $0. 03 3% $0. 03 $0. 04 $0. 04 4% $0. 04 $0. 05 $0. 05 5% $0. 05 $0. 06 $0. 07 Credit card Pain Could Be PayPals Gain Recently, the House and Senate passed bills restricting certain practices in the credit card industry. We believe that such steps could have several points of impact on PayPal.Crucially, if these rule changes make credit card issuers less generous toward consumers (e. g. , lower profitability drives issuers to lower the levels of rewards for credit card use), PayPal could benefit from funding mix improvement, as the incentives for customers to fund their accounts with credit cards, vs. debit or ACH, would be reduced. Further, we believe that, should credit card issuers try to experience profitability with less consumer-friendly rules as well as more betray fees, the quality of the user experience for credit cards will erode, making consumers incrementally more likely to use PayPal. 21 Imran Khan (1-212) 622-6693 imran. t. emailprotected om Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 4. Growth Opportunity Expanding Merchant getting Business We believe PayPal currently has two strategic growth opportunities going forward. The company can drive greater adoption of the PayPal solution by continuing to establish PayPal as a brand for online payment, alongside superjacent players such as Visa and MasterCard. Alternatively, PayPal can attempt to improve its payment economics by becoming a scale merchant acquirer. This would allow PayPal to capture the 30 bps on card transactions that we estimate it currently gives up to its acquirer.Finally, PayPal may attempt to skate along the knife edge between the two above strategies, maintaining relationships with large acquirers such as Chase Paymentech while at the same time functioning as an acquirer for its smaller client base. PayPal as a Brand Chase Paymentech, the largest merchant acquirer in the U. S. and the largest processor of e-Commerce transactions, offers PayPal as an integrated payment option alongside well known names like Visa and MasterCard. As such, Chase Paymentech clients have the option to advertise acceptance of PayPal as a payment type. According to Chase Paymentech, clients that accept PayPal (in addition to credit cards) ordinarily see an increase in sales. We get this as an important indicator that PayPal has potential to be a powerful brand off eBay.We believe PayPals recent stated focus on larger merchants suggests this is the more likely strategic direction for the company, as PayPal may not want to jeopardize its status as a partner to the large acquirers, which make it easier for enterprise-scale businesse s to include PayPal as one of several payment choices. Can PayPal extend a Scale Merchant Acquirer? In our view, PayPal also has the potential to become a scale merchant acquirer, which could enhance its off-eBay presence, especially among smaller and mid-size merchants. As a merchant acquirer, PayPal would handle all of the card processing needs of a merchant, including directly processing other brands like Visa and MasterCard.We believe PayPal can offer very competitive rates to small merchants (who often pay heavy miscellaneous fees to acquirers), given its scale, allowing it to deepen relationships with merchants and potentially handle offline transactions as well. Smaller merchants (especially the 87% of US merchants with annual card acceptances under $100K) tend to pay a much higher spread to their acquirer. Whereas such merchants account for 10% of credit card volume, we believe they represent as much as $2. 5B in merchant acquirer revenue more than 1/3 of the total revenue in the US merchant acquirer business. We think PayPals historical strong suit among smaller sellers can be an advantage in accessing this market. Chase Paymentech offers PayPal as an integrated payment option for its clients.Chase Paymentech was the largest merchant acquirer in the U. S. in 2008 with 22. 5% market share 22 Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Table 9 Top x US Merchant Acquirers, 2008 $ in billions Merchant Acquirer Chase Paymentech commencement Data BofA Merchant Svcs Elavon Fifth Third Processing Solutions Global Payments Wells Fargo Merchant Services Heartland Payment Systems First National Merchant Solutions RBS WorldPay Source The Nilson Report. V/MA volume $567 $293 $283 $181 $165 $93 $91 $75 $51 $48 Market share 22. % 16. 9% 11. 2% 7. 2% 6. 5% 3. 7% 3. 6% 3. 0% 2. 0% 1. 9% As noted above, PayPal currently partners with Wells Far go when it comes to handling non-PayPal branded transactions. One concern about a PayPal entry into the acquirer market would be whether it could successfully maintain its relationships with the other acquirers who currently offer PayPal as an option, and who would come to view PayPal as a more direct competitor. How Much is PayPal Worth? combine the outlook outlined above, we believe PayPal TPV will reach $100. 5B in F11 though somewhat more pessimistic or plausive projections for the units growth yield a range of $87B-$114B.At the midpoint, our estimate is for a 19% 3-year CAGR in Total Payment Volume. Figure 17 On current trends, TPV on pace for just over $100B in F11 Total PayPal TPV, $ in billions 125 100 75 50 2008 2009E Optimistic New Model 2010E Pessimistic 2011E Source Company reports, J. P. Morgan estimates Assuming the PayPal take rate remains just below 3. 9% (and assuming healthy growth in PayPal Marketing Services and Other revenue in F11), our TPV estimate would res ult in $4. 1B in PayPal revenue. On the profitability side, we believe PayPal is likely to see segment margins shrink to 17. 2% for F09 due to the continuing integration of BML by comparison, segment 23 Imran Khan (1-212) 622-6693 imran. t. emailprotected omTien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 operating margin as reported by the company was 20. 0% in F08. We think PayPal segment margins can expand back to above 18% by F11. Figure 18 part income could reach $785M in F11 PayPal segment operating income, $ in millions 1000 800 600 400 2008 2009E Optimistic New Model 2010E Pessimistic 2011E Source Company reports, J. P. Morgan estimates Based on our scenarios for PayPal F11 results, we believe the unit is likely to achieve approximately $450M in Net income. At a 20x multiple, this would yield a $9B valuation. Table 10 Scenario Analysis to Get to a PayPal Value in billions except where indicated On-eBay TPV Off-eB ay TPV Total TPV Revenue Segment Margin Unallocated Corporate Costs Pro Forma Operating Income ($M) Tax Rate Net Income F11 meshwork Multiple PayPal Value Source Company reports, J. P. Morgan estimates Worse Case 33. 0 54. 2 87. 1 3. 57 17. 5% 4% 482 25% 361 16 5. 8 Average Case 36. 3 64. 2 100. 5 4. 09 18. 8% 4% 603 25% 452 20 9. 0 Better Case 39. 6 74. 3 113. 8 4. 61 20. 0% 4% 737 25% 553 24 13. 3 Comparative Valuation of PayPal Unit We believe it is instructive to look at several comparables when it comes to valuing PayPal. Specifically, Visa and MasterCard provide payment networks, while Global 24Imran Khan (1-212) 622-6693 imran. t. emailprotected com Tien-tsin Huang, CFA (1-212) 622-6632 tien-tsin. emailprotected com North America Equity Research 26 June 2009 Payments is a pure-play merchant acquirer, functioning in much the same way as PayPal does by providing an on-ramp for merchants into the payment system. Table 11 Comparative Valuation for PayPal $ in billions PayPal $67 B 11% 1% $2. 70B 13% 17. 2% Some credit risk due to BML Visa $2,702B -1% 60% $6. 94B 6% 52. 9% None 20. 8 17. 1 15. 4 MasterCard $1,759B -9% 34% $4. 97B 0% 43. 2% None 15. 7 13. 4 11. 7 Global Payments N/A ($93B in F08) N/A 4% $1. 59B 10% 19. 2% None 18. 4 15. 8 12. 5 CyberSource N/A N/A

DSTV Consumer Behaviour

distri exclusivelye aims to give So much(prenominal) More to their clients and they do this with the creation of an effective racketing strategy. They tar nail mint who look at a proud direct of entertainment with a variety of course of study stretchings such(prenominal) as Movies, Music, News, Comedy, Documentaries etc, for the entertainment of their clients thus creating and delivering value to the customer. The customer whitethorn choose what they want to watch whenever they want to watch It, whether at dwelling house or on the move with various Innovations such as the decipherer at home and the Walk which may be used on the move.With all the innovations they have come up with and made money off, frame still aims to better he environment they work in whether it is amend the lives of people through charity organizations or CSS. DUST has created employment for people of Africa and opportunities for Afri throw outs such as the Face of Africa competition, New Directions In itiative and the creation of duct O which focuses on the musical talents of some of Africans lift out musicians.DUST has also created four-fold initiatives focused on improving the lives of people living in randomness Africa such as giving access to irrigate to people without and devising green houses for the people of mho Africa. DUST rated and Installed the playful system In multiple schools throughout South Africa. This system combines the energy of children who would play on a Roundabout Playful which would produce water as they play, this water Is then used by the children for drinking purposes and it is used to water the f atomic number 18 gardens areas to create a green environment.DUST has already provided all over 5000 trees for low income households and federation areas in the country. (anon B) Market Analysis Customers Users Demographic core LSI 8 10 Gender 50% Male 50% Female Age 6 18 Years Selectors Demographics ore LSI 8- 10 Age 20 35 geezerhood Payers De mographics Age 25-arrears Organizations Capabilities Strengths DUST offers over 90 Channels and 78 audio Channels Innovative They have introduced Mobile TV I. E.Drifts, Drifts USB, Walk, Drifts (Lisles Notes) DUST is technologically Advanced South Africans Leading Satellite Pay Television pock (Lisles Notes) Weaknesses DUST offers too many options in its Premium Bouquet DUST Premium is expensive and the cheaper DUST compact offers little entertainment Dusts is herculean to navigate and troubleshooting problems such as loss of signal uh to mechanical ill fortune are difficult to fix Opportunities A growing Mobile enjoyment market placeplace The online media streaming trends Technological advancement e. . HAD Television, Smartened APS that allow you to stream media, AD TV. Threats People going back to traditional entertainment e. G. Children choosing to play foreign instead of reflexion TV Piracy e. G. Illegal movies being change at traffic lights being substituted for DUS T Box Office Competitors e. G. Estimates which has over 7 million Current Competitors Cinema e. G. Steer-Senior, Memento etc. cover charge Walking on Water On Digital MediaE-sat Talked Media Future Competitors Nettling provider of on demand online streaming media Numb Television They aim to offer 150 Channels HAD Channels Catch-up/On Demand Service early days Stream videos online TVs being able to connect to internet meaning consumers can stream videos online The Environment Economic Forces Petrol price increase agent some items willing become more expensive which may obligate some to cut back on luxuries e. G.Changing from DUST Premium to stuff in order to save money Technological Forces Introduction of Smartest which may connect to the internet Smartness becoming trend in South Africa, DUST Mobile customers may increase. Legal Forces Laws that allow/disallow the air of certain events e. G. Oscar Posteriors Trial may increase DUST viewers environmental Forces Weather pattern s changing, more rain means DUST signal will be affected, which affects the per sortingance of the network. Segmentation DUST operates in the Satellite TV Market. They have chosen to focus on mainly the entertainment and reproduction fractions of that market (Anon C).This market is one that provides consumers with amusement in the form of spunky Shows, Sport, Music, Movies etc, as well as insight and knowledge in the form of Documentaries, News and Learning Programs. The best way to segment the DUST market would be to place a group of respective(prenominal)s who share a connatural set of needs and want together and provide them with programming that would best satisfy those needs. (Moray Roberts L. ) This segment would be targeted at children below the age of 10 years. These children are partially of the core LSI (LSI 6 8).Theres no cultural, racial limitation to the group and the programs featured in this Segment would include channels such s Cartoon Network, Disney and Nic kelodeon for Entertainment purposes as well as channels such as the Learning Channel for Educational purposes. I choose to segment in this manner because this would allow DUST to efficaciously target children more and provide higher quality services to the parents and the children watching the shows which would best fit Dusts slogan So Much More. DUST tribute This segment is targeted at adult Males and Females between the ages of 40 50 years.This individual is at the prime of their life and needs a high level of service and value for money. This individual is part of LSI 8- 10 and has a high ranking position in their workplace. This individual gets to enjoy all of Dusts offerings solely at any time of day. These individuals may watch DUST on their own or with their family/friends. DUST compact This segment is targeted at girlish adult males and females between the ages of 20 25 years. These young individuals are students and cannot allow to pay Premium prices but would like t o enjoy some of Dusts offerings.This segment focuses purely on entertainment e. G. Reality shows, game shows, music and series. They get to watch their favorite shows in their apartments/flats or on their smartness. These individuals are part of LSI 7 9 and are generally into speaking about celebrities and the latest gossip. DUST Cinema This segment is targeted at adult Males and Females between the ages of 30 40 years. These individuals love watching the latest movies and with the price of cinema tickets increase they would benefit greatly from an affordable movie ticket in the allayer of their own home or while on the move.These individual are social and can e found in restaurants with their family or friends but would prefer to watch movies at home where there are less(prenominal) people and more comfort. Conclusion DUST has been able to grow its market over the years by creating effective marketing strategies that satisfy the consumers needs. This has change magnitude the a mount of loyal customers they have and through thorough understanding of their customers behavior they may continue to make the right decisions when it comes to what their customers want and need as well as what they offer. References Bridal Paramus S. Roberts-Lombard M, 2012, Consumer Behavior, 2nd Edition, Marketing, 12th edition, Pearson Education Inc, 10 February 2014 Anon A, http// unbranded . Co. AZ/news/broadcasting/81013-dust- more-subscribers- more- money. HTML, 15 February 2014 Anon B, http//www. Melancholic. Co. AZ/Melancholic/ view/Melancholic/en/page 24238, 17 February 201 5 Anon C, http// www. Superabundant. Com/AZ/index. PH? 17 February 2014 Anon D, HTTPS// www. BC. fellow/?Joneses/overhead. HTML, 23 February 2014 Gill Model, 2013, http// grubstake. Co. AZ/2013/05/09/did-top-TV-ever-stand-a-chaw once-Ana lays is-of-dusts- strengths-weaknesses, 24 February 2014

An Occurrence at Owl Creek Essay

The wind made in the trees branches the music olian harps. Ambrose Bierce uses allusions and imagery to create a grit of wonderment and mysteriousness for first-time readers of his historical fiction bill An Occurrence at snoot brook Bridge. Within this short story, a man named Peyton Farquhar is world hung from beak Creek Bridge for trespassing into Union territory during the civil war. As he is dropped the rope breaks and he makes his escape after dropping into the river below. subsequently swimming through gunfire and a vortex, traversing through an endless forest, and distress thirst and weariness, Farquhar finally reaches his home.Just as he is greeted by his wife, Farquhars world ends as his neck breaks and his body is hanging from the bridge. The sudden expiration reveals the past events, starting from the rope breaking, was all a hallucination. While the oddment shocks many first-time readers, second-time readers may recognize numerous instances of point implemen ted into the tropical language apply to create emotion. In order to embed this foreshadowing, Bierce creates authoritative events in the hallucination that correspond with events outside of the hallucination.Furthermore, he adds conspicuous allusions to classical mythology. Lastly, Bierce formulates a very unnatural and vague panorama round Peyton Farquhar as he is hallucinating. Veteran readers give notice these three key components of foreshadowing. of a sudden he felt himself spinning like a top is an caseful of foreshadowing found in hallucination events. In the hallucination, Farquhar is spinning slightly in the vortex of water. In the actual events, he is spinning as he is dropping from the plank. Other examples of this style of foreshadowing exist in the story. e could no longer close them his eyes Conscious of the ending, veteran readers will view this quote as a sign that his neck is being constricted in real life due to the rope around his neck. Lastly, He could no longer feel the highroadway beneath his feet. shows that Farquhar is in midair, and close to his death. Readers of An Occurrence at Owl Creek Bridge may at first consider these texts as an emphasis on the weariness of the doomed man. However, these double as premonition for the sudden conclusion.Allusions to a more often than not known fundament of Greek mythology, Hades, is tilized to further foreshadow the closure of the story. The road was as wide and straight as a city street. No fields bordered it, no dwelling anywhere. this quote is a metaphorical reference comparing the scene in the Farquhars mind to the River Styx in Hades. The small instance of the word fields may refer to the field of Asphodel, also found in Hades of Greek myth. Not so much as the barking of a dog suggested human habitation. This quote from the story is an allusion to Cerberus, the three-headed dog of the Underworld.These particular citations all refer to Hades, which is broadly used as a symbol for death. Lastly, Bierce makes use of a strange and vague lay to give readers a feeling of mysteriousness and apprehension. This setting, found towards the concluding paragraphs of the story, also heralding Farquhars death. He distinctly heard whispers in an unknown tongue suggests extrasensory entities envisioned around him. In this same setting, the black trees on both sides of the road formed a straight wall, creating a nighttime and morbid mood with the black trees and the formal configuration of the trees.This bleak setting foreshadows death and instigates a feeling of eeriness. Rereading An Occurrence at Owl Creek Bridge with familiarity on the story can yield and uncover a myriad of clever and subtle foreshadowing the astounding denouement. Much of the foreshadowing is combined with plot elements, such as setting, suspenseful climax, and figurative language. Ambrose Bierce used the described techniques to contribute to the inconspicuous foreshadowing of the ending, and th us, recreated the meanings of his written words.

Psychological Testing to Assess Motivation in the Workplace

Every employer seeks to find new employees that are a perfect(a) match for the available position in their company. Many employers are forthwith leaning towards organizational psychologists to assist them in finding the perfect employee. organisational psychologist are able to assist companies in screening possible employees for genius traits that are necessary for the someone to be successful at the emf traffic. Employers arrive similarly started to integrate psychological testing into the interview forge to assist psychologists in picking out potential candidates who hold these coveted traits.In addition, psychological testing is used to test current employees to check up on what company ameliorations are needed to improve overall success. A more often than not interrogationed topic in this area of psychology is demand and reasons for motivation in employees. Article Summary The ability to measure factors that energize, channel, and sustain work style over time is essential for capturing employee motivation and for developing interventions aimed at enhancing motivation, communication channel satisfaction, and performance (Tremblay, Blanchard, Taylor, Pelletier, & Villeneuve, 2009).Tremblay et al. (2009) suggests that self-determination theory (which focuses on why a person is motivated) applies to activities which people find interesting, challenging, or please. This type of motivation is called indispensable motivation. In addition, activities that are not experienced as interesting or pleasing are unlikely to get accomplished, unless there is an instrumental reason in doing so. This is called extrinsic motivation.The self-determination theory states that intrinsic motivation leads to the most corroborative outcomes, whereas extrinsic motivations lead to more negative outcomes such as harmful performance and employee withdraw (Tremblay et al. , 2009). Low work motivation has been linked to clinical depression in employees, higher turno ver rates, and job burnout (Tremblay et al. , 2009). Since let on job performance, employee engagement, and employee safekeeping as all considered vital for overall success of a company, it is authorized that research be conducted on tests that are able to work otivational characteristics in company employees. The Work Extrinsic and Intrinsic Motivation Scale (WEIMS) The WEIMS is a 18-item self-report get over that was developed by Tremblay et al. (2009) to measure both extrinsic and intrinsic motivation in employees. The scale is also theorized to determine successful job performance ground on six types of motivation stubborn by the self-determination theory. Participants were asked to provide their answers to the 18 items on a Likert-type scale, ranging from 1 (does not correspond) to 5 (corresponds exactly) (Tremblay et al. , 2009).The researchers then created a formula to assess the scores of the scale. The heart and soul score derived from the formula reflects the indiv iduals level of self determination. This research was conducted to determine the truth of using the WEIMS in different work environss to determine levels of motivation in employees. The WEIMS was hypothesized to predict positive and negative motivators based on the self-determination scale and to determine psychological ideas related to work motivation (Tremblay et al. , 2009). In addition, this research aimed to gain reliability and validity of the WEIMS scale.Three separate studies were conducted in an hear to support the proposed hypotheses Effectiveness of the WEIMS In the outset engage, the WEIMS showed mid to high correlations for apiece type of motivation. Researchers indicated that this represents an indication of construct validity (Tremblay et al. , 2009). This study also determined that results indicated that extrinsic motivation was the main reason why employees were involved in their work. In study number two, results again indicated extrinsic motivation as the ma in motivation for employees (Tremblay et al. 2009). Results also indicated that a positive work environment leads to higher levels of self-determination, which in turn leads to the employee being more engaged in their work and a higher level of job satisfaction (Tremblay et al. , 2009). In addition, organizational support and positive work environment also showed a positive correlation with four of the types of motivation. In the third study, results were identical to the first two studies. This indicates that the reliability and validity of the WEIMS measure is positive (Tremblay et al. , 2009).In addition, the received hypotheses that the WEIMS predicts positive and negative motivators based on the self-determination scale was support (Tremblay et al. , 2009). The overall effectiveness of the WEIMS measure, as used in an employment setting, was positive. The WEIMS has construct, content, and criterion validity for organizational settings (Tremblay et al. , 2009, p. 221). In addi tion, results of all studies were consistent with the hypothesis that as self-determination increases, job satisfaction and commitment rises as well (Tremblay et al. , 2009).This study also supports that the WEIMS has the ability to predict positive and negative work experiences based on extrinsic and intrinsic motivations. Tremblay et al. (2009) did specify that although the found results are promising, get ahead research is needed in order to determine if the WEIMS is useful in predicting future motivational behaviors based on this evaluation. Conclusion The use of psychological tests, such as the WEIMS, are able to provide employers with information that could potentially be used for improvement of overall work settings and ultimately the improvement of work performance.The use of the WEIMS by employers can contribute to a better understanding of of employee motivation and overall organizational functioning (Tremblay et al. , 2009). Increased motivation of employees is a critica l asset in maximizing company mesh in the current economy. With increased motivation of employees comes a more commensurate means of production, resulting in better quality and quantity of company products. Overall, psychological testing is able to assist employers in determining weaknesses in employees and the company. apply the results of testing to develop training strategies and programs to counteract negative feedback is vital in the improvement of any work setting. Psychological testing can also be used for positive feedback for the company, by using testing results to determine which employee traits work well for the success of that specific employer. The WEIMS, specifically, shows promising influence in determining both positive and negative aspects of employee motivation. This tool, if used correctly, has the potential to have a large impact on the way employers address overall motivation in the workplace.

Which is more effective in fighting crime

Sociologists, in an attempt to explain and point out the concludes arse delinquency, pitch concluded that there atomic number 18 connections between specific young behaviors with the home environment, family background, the neighborhood, associations, and many former(a) aspects that together, or separately affect the shaping years of young peoples social environment. Delinquent children normally come from a background of difficult circumstances. Pargonntal alcoholism, poverty, breakdown of family, offensive conditions in the home, death of parents during armed conflicts or drug overdose, and the HIV/acquired immune deficiency syndrome scourge, and etc. are some of the various reasons that can leave children swell up-nigh orphan.One or both parents whitethorn be naturally present, but because of ir debt instrument on their part (if even one of them is addicted to drugs or alcoholic), a child may grow developing original ways and attitudes that are directly/indirectly caused by the parent/s addiction or drug-related behavior. In this case, true delinquency lies on the parents and the children are, in a way, orphaned or unaccompanied, and without any means of subsistence which, in the commencement place, the parents fundamental responsibility to provide. Generally, and increasingly, these children are born and/or raised without a father. They are first in the line of those who are at greatest stake of locomote into juvenile delinquency.Without noticing it as it is typical of any youth to be lacking in prudence, with newly embraced group, the crowd, a corresponding subculture instigates to assimilate them, and before long, they start to engage in activities of adult criminal groups. It is usually after universe engaged in criminal activities for an extended period of time with its sequential consequences (such as ending up in prison or replacement institutions for drug addicts) that delinquents realize they are into a very(prenominal) dangerous zone.A too large portion of all juvenile violations (between ii-thirds and three-quarters) are perpetrated by youths who are members of certain gangs (Venkatesh, 1997). Unlike in tame and their family, these have no strict rules to be followed except loyalty to the group. It gives young people esteem when they somehow scent they are the rule in themselves. This is the lure of gangs. It gives the promise of fulfillment to would be delinquents. Popularity, access to the powerful figures on the streets, freedom to express ones self, as well as easy flow of money (if the gang is also involved in some illegal activities such as drug dealings, which is common in most gangs) are seemingly at bottom grasp of anybody who just have the guts to dare (OJJDP, Mar. 2003).Children who are well taken care of by their parents and are thus adequately superintend are at less odds to be involved in criminal activities. Studies have proven that. A dysfunctional family, on the other hand, which is commsolely characterized by regular conflicts, parental negligence, poor communication because of ducking to outside activities by parents, are always assumed to be the deportment ground for delinquents (Venkatesh, 1997).Studies on Risk versus Protective FactorsAn insightful paper prepared by Resnick describes the theoretical viewpoint that risk and protective factors are two things that may mirror each other. Risk factors like low academic performance increases the possibility of child or youths appointment in activities that may harm themselves and others while protective factors such as high academic performance increases the likelihood also of the individual committing enmity against another(prenominal). These factors reside in an individual and that a disproportion of one especially the risk factors over the other indicates a caution or warning the somebody may traverse in a direction which may value a tendency to exhibit aggression or violent behavior. In the moot, iden tifying these balance or imbalance within individuals may help narrow the occurrence of school violence by early detection of symptoms thus, interventions may be employed coming from various strategic points like the home, and the school and the community (Resnick, 2004).According to the Laub (1998), the home and the school are milieus that importantly direct the schooling of aggression or violence. Aggression at home significantly reflects what may eventually occur as aggression or violence in school, though not always. Male students attack peers or other potent students. In addition, teachers are hurt either by verbal abuse, physical injury or threats of aggression. Fights that commonly occur in the campuses relate to self-command of toys, equipment and/or territory, about retaliation, & rules of games (Laub, 1998).Nature of force out or AggressionFrom very early, the oxygen of the criminals life is to seek excitement by doing the forbidden.-S.SamenowA radical liberate from the contemporary to classical rationalizations on violent behavior equivalent to possessing a criminal mind, Stanton Samenow offered a quite sweeping point of view establish on what he calls errors of thinking. Whereas years spent in studying and treating adolescence clinical disorders, he had leaned upon the understanding that adolescents, criminal behavior and/or violence in general have social determinants as a major factor, this exchange of mind was brought about by a collaborative work with another practitioner Dr. Yochelson (Genre,http//www.criminology.fsu.edu/crimtheory/samenow.htm).An elevated fear on the occurrence of violence in school is expectedly high not only because of what happened in Virginia Tech of late this is because other forms of aggression or violent acts committed by students have not changed instead, increased in number among campuses today. In an excellent study by Jaana, the author specifically isolated these acts as becoming the inception of fear for the average students to experience anytime during their school lives. The study reveals that suburban schools are also profiled as becoming unsafe these days.These violent activities can be in the form of physical attack for no apparent reason or provocation, fights without using any weapon, pilfering, breaking and entering school property, and vandalism. In addition, victimization occurs, in the manner of students stealing property of another (e.g., books etc.), organism threatened because of racial or cultural difference, bullying, and threats of injury to teachers and not only to students among othersReferenceGenre, C.T. 2007. Stanton SamenowThe Criminalpersonality). Retrieved May 6, 2008Laub, J.H., & Lauritsen, J.L. (1998). The Interdependence of School Violence with Neighborhood and Family Conditions. In D.S. Elliott, B. Hamburg, & K.R. Williams (Editors), Violence in American Schools A New Perspective, (pp. 127- 155). New York, NYCambridge University Press. Retrieved May 6, 2008from the affectionateness for the Study and Prevention of ViolenceJaana, 2001 in Selected School and Youth violence statistics. subdivision of Juvenile Justice and Delinquency Prevention (DJJDP).Retrieved May 6, 2008. http//www.ncdjjdp.org/cpsv/Acrobatfiles/statistics_2007.pdfVenkatesh, S. The social presidential term of street gang activity in an urban ghetto, American ledger of Sociology, vol. 103, No. 1, July 1997, pp. 82-111.

Improving Quality to Improve Profits

Improving fictional character to Improve meshs XXXXXXXX BUS 642 Business Research Methods & Tools Prof. Donna Wall kinfolk 10, 2012 ? Improving Quality to Improve Profit Public companies unvaryingly buzz off pressure to adjoin meshing for sh atomic number 18holders. One method of increasing cyberspaces is to reduce expenses. One expense Schlumberger guidance believes is widely within the ships companionships control is the basicborn unfold income tax return of their products. Specifically, Schlumberger commission believed that genteelness the initiative languish wages of their product to at least 99% would result in at least a 1% ontogeny in returns.As Fawcett & Calantone (2000) point out qualitys relevance extends to its major power to reduce personifys of defective work. Crosby estimated that the toll of quality atomic number 18 analogous to 15 to 20 perpenny of sales revenue and argued that if quality were improved, total cost would inevitably fall, in creasing firms profitability (par. 22). As a result, Schlumberger management authorized a piece of work to validate their hypothesis and determine specialised snap areas to place resources that pull up stakes maximize the effort for achieving results.To show up the validation, the interrogation squad decided to utilize the specific interrogation outgrowth charted in Business Research Methods written by make and Schindler. As barrel maker and Schindler (2011) point out good explore generates dependable discipline that are derived by professionally organiseed practices and that can be used reliably for finally making (p. 12). Cooper and Schindler (2011) go on to state good look into follows the standard scientific method systematic, empirically based procedures for generating replicable enquiry (p. 2). As a result, this particular meditate go forth follow the touch on of clear define the purpose, result process details, thoroughly plan the query design, provide high ethical standards, reveal any limitations honestly, provide adequate psychoanalysis for the decision makers, present decisions unambiguously, justify the conclusions, and reflect the inquiryers experience. The frontmost step in the boilersuit process is to clearly delimit purpose. To staring(a) this step we need to answer the following questions.Question one is what is the management quandary? Question two is what are the management questions? Question tierce is what are the research questions? And the forth question is what are the investigative questions? In this case, the management dilemma is how to increase profit margin. The management question is if we increase beginning(a) drop dead topic to 99%, allow for profit margin increase by at least 1% given everything else stays mates? The research questions are what areas of the business should management allocate resources to improve first qualifying revert?The investigation questions are 1) what is the current f irst pass ease up of our manufacturing facilities? 2) What is the first pass yield of each manufacturing facility? 3) What is the first pass yield of each product group? 4) What is the first pass yield of our inflowing material from all suppliers? 5) What is the first pass yield of each active supplier? 6) What is the current profit margin? succeeding(a) in the overall process is to create an ope confineal exposition for the field of force. In this particular study specific definitions are needed.For lieency, we will utilize the crosstie for Operations Management (or APICS) definitions for operating profit and first pass yield. APICS defines profit margin as the difference between the sales and cost of goods change for an organization. According to APICS first pass yield is delineate as the ration of products that conform to specifications without rework or modification to total input. This definition will be used in our manufacturing facilities as well as incoming materi al from our suppliers.Other terms that need to be defined for clarity embarrass Schlumberger manufacturing crowd come out facility, supplier, ratified supplier list, and current active suppliers. Schlumberger manufacturing site will be defined as any manufacturing or assembly site Schlumberger owns. A supplier will be defined as any club delivering components, sub-assemblies, or final products that are not possess by Schlumberger. canonic supplier list will be defined as the list of suppliers sanctioned by Schlumberger through the Quality Manufacturing and prophylactic (QMS) Audit and first article processes.Current active suppliers will be defined as any supplier that has supplied components, sub-assemblies or end products to Schlumberger within the last class. Part numbers will be considered active if Schlumberger has doed or received a part number in the last year and has a forecast or purchase order placed for spoken language within the next two years. Items that are c onsidered out of setting for this study imply software, services, facilities contractors, and transportation services. Any new products not released prior to the start of this study will also be considered out of scope for this research.The elementary method of gathering entropy will be to analyze and merge the raw information currently in the corporate databases. These databases include Approved Supplier List, eQuality, Incoming inspection, Quest, and Finance. The research squad does not plan to get by any formal surveys at this time. The research group will consist of at least one person from each of the potential stakeholders. These stakeholders will include Finance, Quality, Supply kitchen stove Management, Procurement, Manufacturing, and Information Technology (IT).Schlumberger has several databases with satisfying raw data in each. The team realizes that obtaining and consolidating this information in a usable form might require the help of IT resources and potenti ally agree the overall results of the study. The research team plans to obtain the following information from the data available in the databases. The team will begin gathering data closest to the end customer and move upstream in the process flow to analyze the major process points along the supply chain.As a result, the team will review the current overall first pass yield for all Schlumberger manufacturing sites, each individual manufacturing site, and each product line. In addition, the research team will analyze the first pass yield at incoming inspection from the suppliers. This information will be analyse at a global level, by supplier, and by Schlumberger manufacturing site location. The team will also determine how many suppliers are in the approved supplier database and compare this number to the current active suppliers.Since Pareto Analysis is much(prenominal) an important data analysis tool, this research team plans to utilize this come out as the ancient method o f organizing the data. As Karuppusami & Gandhinathan (2006) point out a Pareto Analysis is a QC tool that ranks the data classifications in the descending order from the highest frequency of occurrences to the worst frequency of occurrences. The total frequency is equated to 100 percent. The lively few items occupy a substantial amount (80 per cent) of cumulative region of occurrences and the useful many occupy only the remaining 20 per cent of occurrences (par. 2). Utilizing Pareto Analysis will provide an easy way to determine where to focus resources for maximum benefit. Analyzing the resource allocation and work out needs to support this study reveals we need a core team of six people, a budget of $350,000, and quaternary months to present the teams findings. At least one team piece will represent the following functions in the company. These functions include Finance, Quality, Supply Chain Management, Procurement, Manufacturing, and IT. The Finance Vice-president will be the champion of the study.Other employees will be elusive as needed to complete the research. The budget includes salaries of the team members for four months, researching intrinsic databases, potentially developing IT scripts to extract needed data and potentially see manufacturing facilities and suppliers to validate data or obtain additional detailed information. As in any research project, handling the study with the highest ethics is exceedingly important. As Cooper and Schindler (2011) point out the goal of ethics is to figure that no one is harmed or suffers adverse consequences from research activity (p. 2). Cooper and Schindler (2011) go on to state unethical activities are pervasive and include violating nondisclosure agreements, breaking participant confidentiality, misrepresenting results, deceiving people, using invoicing irregularities, avoiding legal liability, and more (p. 32). Although this research team does not plan to conduct official surveys, the team will conduct interviews with various participants to verify the data. In each case, the research team will disclose the nature of the study before engaging participants.Although Schlumberger has a inexorable no retaliation policy in the company, the final research shroud will not include the specific employee names of Schlumberger or suppliers employees. The primary focus of the study will be following and presenting the data link up to product quality and increasing profits. The research team will applaud all nondisclosure agreements and report the overall facts honestly. Consistent with company and standard research policy, the highest safety practices will be used throughout the study.Consistent with the research approach, the research team analyzed the data for the company owned manufacturing sites, first. This raw data revealed Schlumberger has a total of twenty-seven company owned manufacturing sites located in nine diametrical countries. To review the first pass yield of thes e facilities, the research team reviewed a total of 4,376 quality depicts posted during 2012. The overall first pass yield for all twenty-seven facilities is 82 percent. The ternion facilities with the concluding first pass yields are all located in the Houston area.The three product lines with the concluding first pass yield are mechanical press and Sampling (59%), Seismic (67%), and Drilling (71%). Next, the tea m began to analyze the information regarding our supplier performance. Based on the raw data, Schlumberger has a total of 5,778 approved suppliers. Of these suppliers 63% (or 3640) are considered active suppliers by definition. Of these active suppliers, twenty suppliers rate for 61% of the line items delivered to the twenty-seven facilities. Three specific suppliers have the lowest first pass yield. These three suppliers are Freeport (46%), Harrison (61%), and Tenaris (63%).Based on public monetary records, the current profit margin is recorded as $0. 98 per compo nent part in Q1FY12 and $1. 02 per share in Q2FY12. This translates into $1. 303 gazillion in Q1FY12 and $1. 40 billion in Q2FY12. A one percent increase in profit would increase earnings by just over $13 cardinal per quarter. To validate the first pass yield data, the research team visited four company owned manufacturing sites each in North America, Europe, and Asia. Two of the facilities visited in each region recorded the highest first pass yields in that region.Two of the facilities visited in each region recorded the worst first pass yields in that region. During these visits, the research team took a tour of each facility, conducted an audit of the quality records and interviewed key members of each manufacturing team including the Process Engineers, Quality Engineers, Incoming Inspection and Finished Goods Inventory Warehouse Managers. During the audit, the research team reviewed each facilities authenticated processes, actual processes utilized and the data recorded in t he quality database.To the research teams surprise, the methods utilized in each of the facilities were not pursuant(predicate) either documented or in actual practice. The North American and European facilities utilized and practiced the definition of first pass yield consistent with the research teams definition. However, the Asiatic manufacturing facilities did not record the actual first pass yield per our definition. Instead, if a product failed runneling, the Asian facilities would retest the product. If the product passed testing during the second or even the third test and passed, they recorded a positive first pass quality yield.The finding of inconsistent data records in the Asian facilities weakened the confidence in the raw data analyzed previously. However, it did uncover an opportunity to strengthen the companys overall processes. In summary, the raw data suggests Houston manufacturing facilities have the three low yields of the twenty-seven in total. However, thes e facilities might not be the lowest yields because the research team uncovered inconsistencies in the data collection definition and process between the Asian manufacturing facilities and the European or North American facilities.As a result, a further study is recommended of the Asian facilities to determine how probative the overall raw data is skewed by them utilizing a different process to collect and record first pass yield. At the same time resources should be placed in the Houston facilities to raise the first pass yield from the current low level to 99%. Since the data and process for collecting and recording the data for the supplier first pass yield is consistent, the research team is confident in the results achieved.It is the recommendation of the research team to focus resources on the three lowest yielding suppliers. These resources should conduct a more detailed analysis to uncover the Pareto Analysis of the top defects. at once the top three defects are determine d, the root cause and appropriate nonindulgent actions can be determined to raise the first pass yield to the appropriate levels. Reviewing the financial evidence suggests a 1% increase in profit is achievable if the overall first pass yield of Schlumberger manufacturing facilities rises to 99%.To achieve this high yield levels quickly, the company will need a systematic and consistent approach across all facilities and suppliers. One such process to consider is implementing a combined Lean and Six Sigma continuous improvement approach in each manufacturing facility and with our suppliers. Since determining the cost of implementing Lean and Six Sigma process is out of scope for this research team, a further study would be needed to determine the cost of implementing monumental process improvement verse the potential 1% benefit per quarter.Throughout this research the team worked well together. Having a process to follow made the overall activities much easier to accomplish in a sy stematic way. All members believed the success of this study was largely due to the planning at the beginning of the process. To defend the project on track, it was important to define exactly what activities were in the scope of the project and what was considered of of scope. When the team uncovered inconsistencies, in data collection or processes, we were able to document the information an continue progress toward the overall goal.Now that this study is complete the information will be recorded in our company Quest database for future reference. References APICS deifinitions First Pass Yield http//www. apics. org/dictionary/dictionary-information? ID=1543 Profit Margin http//www. apics. org/dictionary/dictionary-information? ID=3188 Cooper, D. R. and Schindler, P. S. (2011). Business research methods (11th ed. ). New York McGraw-Hill Irwin Fawcett, S. E. , & Calantone, R. J. (2000).Meeting quality and cost imperatives in a global market. International Journal of Physical stat istical distribution & Logistics Management, 30(6), 472-499. Retrieved from http//search. proquest. com/docview/232588532? accountid=32521 Karuppusami, G. , & Gandhinathan, R. (2006). Pareto analysis of critical success factors of total quality management. The TQM Magazine, 18(4), 372-385. doi 10. 1108/09544780610671048. Retrieved from http//search. proquest. com/docview/227643251/fulltext/13911EA989455E63FDD/3? accountid=32521