B u s i n e s s H u m o r......

A committee is a group that keeps minutes and loses hours. - Milton Berle
A committee is twelve men doing the work of one.
A conclusion is the place where you got tired of thinking.
A consensus means that everyone agrees to say collectively what no one believes individually. - Abba Eban
A conservative is a man who believes that nothing should be done for the first time.
A conservative is a man with two perfectly good legs who has never learned to walk. - Franklin D. Roosevelt
A consultant is an ordinary person a long way from home.
A coup that is known in advance is a coup that does not take place.
A couple of months in the lab can often save a couple of hours in the library.
A crisis is when you cannot say "let's just forget the whole thing."

Complete Links to major Financial Sites

Freinds here is the complete list of major Financial sites. you will get to explore major Financial journals, Research Papers and working papers, Derivatives, Corporate Finance, Career Advice and what not? so, your financial wisedom is just a Click away.....

Link : http://fisher.osu.edu/fin/journal/jofsites.htm

Complete Links to major Financial Sites

Freinds here is the complete list of major Financial sites. you will get to explore major Financial journals, Research Papers and working papers, Derivatives, Corporate Finance, Career Advice and what not? so, your financial wisedom is just a Click away.....

Link : http://fisher.osu.edu/fin/journal/jofsites.htm

The Concept of Auto Loan

Auto Loan is synonymous to Car loan. An auto loan is an agreement between a lender and a borrower in which the lender gives the borrower money and the borrower promised to pay back the amount of the loan and the interest. Auto loans are only offered for the purpose of purchasing a vehicle. Auto loans are the most popular type of loan that people apply for.

Auto loans, as the name suggests, are unsecured loans specifically designed for the purchase of a vehicle. An auto loan is a type of credit offered by a bank or other lender for the specific purpose of buying a vehicle. You then pay back the loan over a set period of time. If you are taking out an auto loan it is very important that you find out the Annual Percentage Rate that the lender is offering.

This is the yearly charge for the loan, a low APR means a cheaper loan. The payments you make consist of both the principal amount of the loan plus interest. With this type of loan you own the vehicle from the time you buy it. Auto loans are form of personal loan of which there are several basic types with slightly different conditions attached. Auto loans can be seen as the riskiest of loans from the lender's point of view. This is because an auto loan is for an asset that depreciates very quickly.

Thus you will find that auto loans have generally a higher rate of interest than any other type of loan. One of the advantages of getting an auto loan is that when you get it before you go to the dealer, you can negotiate as a cash buyer. Often you will save money when you negotiate from a cash buying position.The main disadvantage of an auto loan is that, like any other loan, it must be paid back. Before you get a loan, make sure you are capable of making the monthly payments. You can seriously damage your credit if you default on an auto loan.

Keep an eye on the Auto Insurance Quote.Keep an eye on the Auto Insurance Quote.Keep an eye on the Auto Insurance Quote.

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IMF: Still Required or an Old Story

The role of IMF in the development of the monetary system of a country can not be negated, but during the course of time the role of IMF has been questioned frequently.

In the World War (second), John Keynes, developed a monetary system involving pegged exchange rate. But such a system was not sustainable in the time of financial crisis. This spurred the evolution of IMF, whenever a member country used to go out of reserves, IMF used to lend loans to adjust their exchange rates, and the monetary wheel used to roll over again.

But then came the era of Current Account Convertibility, capital account Convertibility and floating exchange rate system in 1970s onwards, when countries no longer needed loans from IMF to adjust their reserves because the reserves were already fully mobilized.

But still there are some developing countries where Capital controls, and central bank’s intervention in exchange rate exists, during the course of time it will be tough for such countries to have capital controls. The rational is simple as the foreign trade of such countries increases their corporate dependency will also rise whether to issue cheaper debt capital or equity capital from foreign countries or to make global Investments. It will increase the value to the shareholder by reducing the cost of capital.

If we take the case of India, we have capital controls, partial capital account convertibility, and partial central bank’s intervention in exchange rate, and higher inflation rates. All these facts justifies that we still need the help of IMF, but what if we abolish capital controls, central bank’s intervention in exchange rate system and controll inflation, we then, no longer need IMF help, we can rely on our own monetary system, and it will add one more star to our eligibility to be world’s no. one economy

The evolution of capital

The evolution of capital had gone through some of the interesting phases. Earlier land was the only source of capital, that one either has or not, it was such a capital that was not divisible at all. And that time the estimation of total capital was very easy. It was just the monetary sum of the fertile land.

Then came the era of industrial revolution when land was replaced by machines, building, furniture, material etc. it was still tangible.

Then comes the real intangible capital, which is in the form of Papers, duly signed and formatted even not in some cases. It was the dawn of all financial instruments when the paper representing tangible assets started being socially accepted. It increased the quantum of capital by manifolds. One of the most innovative products in the financial world today is Securitization, that allows creating more and more capital even out of Securities or Papers.

Capital is fast becoming “super-symbolic.”

Just as much of the power of modern science lies in longer and longer chain of reasoning, Just as mathematics build more and more complex structure, piling theorem upon theorem, just as a neuron creating more neuron to make a complex neural network for more and more memory. So, too, we are creating a capital of progressive derivation.

Gold ETF (Exchange traded funds): Integration of Regulators required

Today Gold ETF are infusing new blood into the world of Investments. Simply put it provides an opportunity to an investor to deploy their money in various underlying assets like commodities, securities etc. it is much like a Mutual Fund except the fact that ETFs are traded in real time on exchange and do not have NAV.

Since, in Indian financial system we have a clear demarcation among regulators. But what happens when an investment carries underlying assets which are regulated by SEBI, RBI and Commodities regulators. An Gold ETFs need not necessarily comprised of Gold but securities, Forex, other commodities as well. In such a case we need to have a smooth integration of all financial regulators like SEBI, RBI and Commodities regulators to ensure the operation of Gold ETFs.

Are we ready for Capital Account Convertibility?

As we know today Capital Account convertibility in India is the talk of the town, is India really ready to implement CAC? This is a question which is bugging even the Central bank. Still the FM, RBI governor and Chairman of the Planning Commission have not come to a consensus about the implementation of CAC. The second report of the Tarapore Committee is yet to come.

160 economists have already issued a statement against CAC. Implementing CAC will imbalance our Forex Reserves. Lawrence Summers thinks India’s 15% forex reserves are in excess, in such a case if CAC is implemented it will hike this figure more and the value of out domestic currency will appreciate, in turn it will badly effect out export trade because depreciated value of the foreign currency will reduce out corporate earnings.

If our policymakers think that by relaxing capital inflow norms or by implementing CAC India will have more Capital inflows, then I would like to ask them that even china does not have any modal of CAC, it has rather restricted Capital inflows, still it has more capital inflows than India.

Since presently we do not have full CAC, but still we have some CAC, an Indian householder can acquire international assets till $25000 . But still there are a handful of Indian householders to exercise this option. So, the question of hiking such limit does not arise at all. Because Indian householders are getting more returns domestically than going global.

Keeping all above factors in mind I am of the view that we still have to wait to implement CAC.

Dynamic Relationship between Stock Market & Exchange Rate

The Asian crisis of 1997-98 has made a strong pitch for dynamic linkage between stock prices and exchange rates. During the crisis period, the suffered countries collapsed due to substantial depreciation of exchange rates (in terms of US$) as well as dramatic fall in the stock prices. This has become important again from the view point of large cross border movement of funds due to portfolio investment and not due to actual trade flows. This fact drawn the attention of many researchers and academicians to find out the dynamic relationship between stock market movement and Exchange Rate.

I used NSE Nifty closings and Exchange Rate and the Sample time period was from jan,2001-jul,2006. I find out that both the variables are significantly positively correlated as high as +0.678. which shows that Exchange rates effects stock Markets.

The rational goes like this, when the domestic currency appreciates the domestic export oriented companies suffer because they get lesser revenue since the dollar depreciates, and when the domestic currency depreciates or the foreign currency appreciates the import oriented companies suffer because they have to make comparatively more payment and it effects their revenue and earnings, which is reflected in their stock prices.

So, we can conclude that exchange rate is not one and only but one of the factor to effect the stock market movement.

Stock Market Prediction with Artificial Neural Networks

Accurate Stock Market Prediction is very much possible with the help of Artificial Neural Networks. Artificial Neural Networks are infomation processing system which has certain characterstics as bioloogical Neural Networks.

Artificial Neural Network is the immitation of biological Neural Network. why Artificial Neural Networks is well suited for Stock Market Prediction because the movement of Stock Market is determined be various factors and each factor has it's internal strength to effect Stock Market. (i.e. Weight or Tranning in Artificial Neural Networks).

A Artificial Neural Networks modal for Stock Prediction Can be trained based on the past experiences, that's the glory of Artificial Neural Networks. For the application of Artificial Neural Networks sky is the limit. it is best suited for non-linear problems. some of the business applications are Stock Prediction, Interest rates forex rates prediction, risk management, finding default probablities etc...