Impact of the financial crisis globally and in Mauritius

Impact of the financial crisis globally and in Mauritius Like almost all economies worldwide, the Mauritian economy has not been spared form the effect of the global financial crisis and subsequently to the recent European crisis. The former is considered to be the worst financial crisis since the Great Depression of the 1930s. This was mainly due to the falling home prices in the United State which consequently spread to all other major economies and those which are dependent on the US economy. The Global Financial Crisis has led to the crisis of public debt in the Eurozone starting with Greece at the end of 2009. Due to the linkage of member countries in the Eurozone and the use of a single currency, the crisis faced by Greece started to spread to other member countries and this became known as the Eurozone crisis. It is obvious that although the measures that would be analyzed have had great effectiveness on mitigating the impact of the two crises, it has not been inevitable to prevent them from affecting the key sectors of the Mauritia n economy. One reason is because of its openness and financial integration to the world economy and the other being the fact that Mauritius has longed been and is still very Eurocentric. The Global Financial Crisis (2007-2009) Its Origin and Impact on the World Economy The Global Financial Crisis started when home prices began to fall dramatically in the US Real Estate market at the end of 2006. One of the reasons for the falling prices is because of the housing bubble which peaked in approximately 2005-2006. As a result people who have taken home loans started to default on their repayments as they find it cheaper to buy a house rather than to continue paying for the home loan. Due to the financial linkage and the globalization process, the declining home prices started to spread to other countries. More and more foreclosures and defaults led to banks financial position to deteriorate rapidly around the world. Investors worldwide started to lose confidence in the US economy and other major economies of the Eurozone. As such stock markets were deeply affected leading to huge loses for investors. Consumption, which is the main component of aggregate demand for many countries and US, started to decline which resulted in many quarters of negative grow th in the US and other major economies. The financial crisis led to a prolonged worldwide recession in 2008. Governments and Central Banks were forced to take necessary actions to fix the crisis. Capital injection and interest rate cuts were common to help borrowers to repay their loans. The low consumer confidence and investors confidence in the world economy resulted in many firms and financial institutions filed for bankruptcy such as the collapse of Lehman Brothers. Stimulus packages were implemented in many countries to help boosting economic activity. These stimulus packages helped companies which employ thousands of workers not to file for bankruptcy so as not to increase unemployment, for example, the US government agreed to help giant car companies Ford and Crysler in order to prevent them from closing down and laying down workers. The Global Financial Crisis did not only affected rich countries but also emerging economies and developing countries. Countries like Brazil, Russia, India, China (BRIC) and many other emerging economies experienced significantly high economic growth prior to the crisis but with the global economic downturn they had seen a slowdown in their level of economic activity. The Impact of the Global Financial Crisis on the Mauritian Economy With the impact of the Global Financial Crisis on the world economy and the deterioration of banks financial position, investors in Mauritius started to react in September 2008 by massively selling their shares. Not surprisingly, companies whose prices declined the most were those in the banking and financial sector such as the Mauritius Commercial Bank (MCB) and the State Bank of Mauritius (SBM). As a result, the SEMDEX, the share price index of shares quoted on the Official Market of the Stock Exchange of Mauritius, started to decline to its lowest level. This indicated the level of pessimism among investors in the Mauritian economy. The Global Financial Crisis affected all key sectors of the Mauritian economy, such as the textile industry, the tourism industry, the sugar industry, the financial services sector, and the construction industry. This was mainly due to the trade liberalization of Mauritius to the world economy. As such, even though Mauritius is not related to the origin of the financial crisis, the effects of the crisis crossed the Mauritian border uninvited. This is the danger of globalization on small states like Mauritius. Among all the sectors of the Mauritian economy, the textile and tourism was most affected. Many firms closed down. Low level of tourist arrivals, due to the increasing level of unemployment in key markets, affected the tourism industry deeply. The construction industry experienced a slowdown in its economic activity. Foreign Direct Investment fell significantly during the crisis. Finally, during the same period the sugar industry had to undertake reforms because of the end of the European Union Sugar Protocol in 2006. Rising unemployment was not inevitable and the economic growth rate was declining. However, it should be noted that Mauritius did not register negative output growth during the global economic downturn. Measures by the government and the Bank of Mauritius successfully prevented the Mauritian economy from entering into a recession. Policy measures taken to mitigate the Impact of the Global Financial Crisis on the Mauritian Economy. Since the beginning of the Global Financial Crisis and its impact on the Mauritian economy there has been huge policy coordination between the government and the Bank of Mauritius (BOM). Keynesianism was on the rise and expansionary monetary policies were followed. The government adopted expansionary fiscal policies to boost productivity. The BOM followed the same policy actions as other Central Banks worldwide, easing monetary policies. In the last quarter of 2008, through its Monetary Policy Committee (MPC), the BOM decided to slash the Key Repo rate by 150 basis points and the Cash Reserve Ratio (CRR) was brought down from 6 percent to 5 percent, thus freeing some Rs2.5 Billion for commercial banks to be able to increase loans to the private sector and in turn increasing the level of economic activity. On the government side, although the economic growth projection was still positive at 5.5 percent for the year ending 2008, expansionary fiscal policies were adopted. The budget deficit was increased but for the benefit of increased productivity. Like the BOM, the government also followed the same course of actions taken by other countries to fight the global financial crisis. An Additional Stimulus Package (ASP) equivalent to 3.8 percent of Gross Domestic Product (GDP) or Rs6 Billion was put in place. The ASP was aimed at expanding the airport of Mauritius and to create six funds that would make Mauritius more resilient and thus limiting the impact of the Global Financial Crisis on the Mauritian Economy. These Funds include: The Maurice Ile Durable (MID) Fund. Food Security Fund. The Human Resource, Knowledge, and Arts Development Fund. The Local Infrastructure Fund. The Social Housing Development Fund. The Manufacturing Adjustment and SME Development Fund. The Implementation of the Additional Stimulus Package in its effort to fight the Global Financial Crisis. The six funds created under the ASP are detailed below: The MID Fund would include a solar water heater scheme, energy saving lamps, replacing street lighting lamps, mobilize foreign expertise for sustainable development support for a wind farm project, and financing the Waste Energy Project. All these schemes would help in building the vision of a Green Mauritius and protect the Mauritian Economy from high price volatility for non-renewable energy. Under the Food Security Fund land would be prepared and provided with irrigation facilities for small farmers. The land resource mobilization would result in the production of some 5000 tons of additional food commodities between 2009 and 2011. The aim of this fund is to increase the food supply for the population and reduce the dependence on imported food supplies. The Human Resource, Knowledge, and Arts Development Fund would make provisions for scholarships to needy students. A Student Loan Guarantee Scheme and the construction of new campuses for tertiary education are also financed under this fund. The aim of this fund is to provide education for all children and help in eradicating poverty and also to widen the circle of opportunities. The Local Infrastructure Fund would provide resources in a wide range of areas including multi-purpose complexes, fish landing stations, market fairs, waterfront, crematorium, and tartan track. The aim of this fund is to improve areas where people visit regularly and increase security for the people. The Social Housing Development Fund would include the rehabilitation of NHDC estates and infrastructures for social housing and support for affordable housing to bring down the cost of mortgage. This fund would help more people to own a home. The Manufacturing Adjustment and SME Development Fund would facilitate the work undertaken by the Enterprise Mauritius, SEHDA, and the National Women Entrepreneur Council. Another important scheme that was created under the ASP was the Mechanism for Transitional Support to the Private Sector (MTSP). This mechanism makes provision for a Financial Rescue Package (FRP) to help enterprises in financial difficulties. The MTSP covered all sizes of enterprises whether small, medium, or large. The facilities favored enterprises which have used all available financial tools provided by banks and other financial institutions and still cannot overcome their financial distress. It also applies to those where banks and other financial institutions do not agree to help them. The 2009 budget also aimed at making provision for a range of actions in light of the global economic crisis. The National Empowerment Foundation (NEF) was created from this budget. Its main aim was to fight the remnants of poverty in Mauritius and the eradication of poverty. The NEF also put an obligation on large companies to give at least 2 percent of their operating profit as Corporate Social Responsibility (CSR). The NEF enhanced its efforts on re-skilling, retraining, and returning retrenched workers to productive employment. The Euro Crisis (2010) Its Origin and Impact on the Eurozone economies. The Global Financial Crisis of 2007-2009 forced many countries to seek help to restructure their economies, especially the Eurozone economies. After the financial crisis another problem was emerged, the public debt or sovereign debt crisis which later became known as the Eurozone Crisis. It started with Greece at the end of 2009 and then spread to other Eurozone member countries such as Ireland, Spain, Portugal, Italy, and Germany. A sovereign debt arises when a country issue government bonds denominated in its own currencies but sold to investors abroad. The problem with Greece was that the cost of financing the debt became so large that the International Monetary Fund (IMF) and the European Central Bank (ECB) agreed on a à ¢Ã¢â‚¬Å¡Ã‚ ¬110 Billion loan for Greece. Soon after other countries started to have the same problem as Greece and bail outs was necessary. Ireland has also been bailed out with à ¢Ã¢â‚¬Å¡Ã‚ ¬85 Billion. However, these loans are conditional on the implementatio n of harsh austerity measures. Austerity measures being cuts in government spending and increased taxes. One of the main impact of the Euro Crisis was the depreciation of the Euro vis-à  -vis other currencies. There was high financial instability in Eurozone economies which consequently led to uncertainty and falling investors confidence. On 9 May 2010 the 27 member states of the European Union agreed to create the European Financial Stability Facility (EFSF), a legal instrument aiming at preserving financial stability in Europe by providing financial assistance to Eurozone states in difficulty. The Impact of the Eurozone Crisis on the Mauritian Economy. Mauritius is highly dependent on the Eurozone and it is obvious that a depreciating Euro would have serious consequences on the economy. The crisis impacted on all key sectors of the Mauritian economy including export, financial services industry, domestic oriented industries, and other emerging sectors. Most of our exports are billed in Euro while most imports are in US dollars term. Since the beginning of 2010, the Euro has depreciated by around 8 percent while the US dollar has appreciated by around 3 percent against the rupee. Therefore, it is clear that exports revenues are declining while costs are rising for local firms. This is very crucial for domestic firms and this present a threat for their survival and consequently employment. The Central Statistical Office (CSO) downgraded the real GDP forecast for 2010 from 4.6 percent to 4.2 percent after the unfolding of the Euro Crisis. Furthermore, the CSO predicted an unemployment rate of 7.5 percent in 2010 from 7.3 percent in 2009. On the other hand, the inflation rate was declining. Analysts expect the austerity measures to impact negatively on the growth performance of Eurozone economies. This can result in a drop in demand for our exports and lower tourist arrivals. Moreover, some analysts believe that the Eurozone crisis will last for 5 to 7 years. Policy Response to the Eurozone Crisis and to limit its impact on the Mauritian Economy. The Mauritian economy is faced with a depreciating Euro which is having serious consequences in terms of low tourist arrivals and low demand for our exports. Furthermore, the Euro crisis is expected to last for 5 to 7 years. There is therefore a compelling need to restructure the Mauritian economy and to diversify from the Eurozone countries to other emerging countries such as the BRIC. Below is an extract from Facing the Eurozone Crisis and Restructuring for Long Term Resilience which was presented by the Vice Prime Minister and Finance Minister, Pravind Jugnauth in 2010. Thus, The seven pillars of our response to the euro crisis and to the larger challenge of global economic rebalancing are: Industry and enterprise restructuring Deleveraging Supporting the creation of new financing instrument Fast re-skilling and re-employment of retrenched workers, with a focus on retrenched women workers Acceleration of public infrastructure Protecting consumers Modernizing regulations to improve competitiveness In order to implement all of the seven policies response mentioned above, many measures was taken, these includes: The implementation of an Economic Restructuring and Competitiveness Programme (ERCP). This will support firms in the export sectors, especially the textile and clothing industry to help them overcome their financial difficulties. Support for the SMEs to help them better manages their finance and thus being resilient to external shocks. Supporting small planters in the sugar industry which are squeezed between reform into the sugar industry and a depreciating Euro. Help to restructure the tourism sector in diversifying into non-euro based markets. Help the retrenched workers by providing them support and ensuring their re-employment. Ensuring that consumers can benefit in the depreciating Euro. Restructuring the public sector enterprises. Accelerate public infrastructure projects that are vital to the economic restructuring. Improving competitiveness by reviewing the regulatory framework. Setting up a committee to endure the proper implementation of the policy response package and ensure its effectiveness. Mobilizing the necessary resources to finance the package. The Mechanism for Transitional Support to the Private sector (MTSP) which was put in place to help firms in difficulties during the Global Financial Crisis was replaced by the ERCP. The ERCP is much more than a financial rescue package. The main features and process of the ERCP is outlined in the next section. The Economic Restructuring and Competitiveness Package The main processes of the ERCP are as follows: A diagnosis will be carried on the company applying for support under the ERCP to determine its viability. If the company is found viable, it will be granted all support under the ERCP provided that it takes a serious commitment to restructure and deleverage. An Independent Financial Analyst will be drawn to prepare a restructuring plan for the company. The restructuring plan will include market diversification, product improvement, efficiency, and productivity. If the restructuring process requires the laying off of workers, a retrenchment plan should be submitted to the ERCP and the Support Unit for Re-employment of Employees (SURE) for approval. The deleverage plan will define actions the company needs to take to bring down its gearing ratio to the benchmark established by the ERCP committee. Inefficient, poorly managed, highly geared companies will not be granted support under the ERCP. Measures were also taken by the BOM to manage the euro/rupee exchange rate. The Key Repo rate was cut by 100 basis points to 4.75 percent on the 27th September 2010. Conclusion Up to now the Mauritian economy has demonstrated a considerable degree of resilience to external shocks. The Global Financial Crisis of 2007-2009 was the worst economic downturn since the Great Depression of the 1930s and it has dampened the world economy significantly. Mauritius being a small emerging economy was also hit by Global Financial Crisis due to its openness n financial integration to the world economy. However, policy coordination by the government and the Bank of Mauritius in adopting expansionary fiscal and monetary policies has prevented the Global Financial Crisis from damaging the economy further. The effects of the Eurozone crisis on the Mauritian economy were also very high. These were inevitable since Mauritius has always had high dependence of its exports such as tourism, textile and sugar on markets in Europe but the policy response such as reducing the Key Repo rate to 4.75 percent by the BOM and the implementation of the ERCP by the government will ensure that the Mauritian economy has a long term resilience to external shocks

Importance of the On The-Job Training

On-The-Job Training entails significant benefits that could give trainees invaluable assets for achieving gainful employment. The training provides students the opportunity to accurate sufficient knowledge and skills relevant to work habits necessary to become competitive in the labor market. The training also assists individuals in developing professionalism and interpersonal skills necessary for success in the workplace. The trainee would like to express her gratitude to the people who helped her for this training to be possible.She is thankful to the Lord for giving her the strength and good health to finish this training. Next, she wants to express her sincerest gratitude to her family for supporting her financially, emotionally and spiritually. She also would like to gratefully acknowledge the staff of Mindanao State University Procurement Office for giving her some knowledge about their work. And she would like to thank the professors of the Mindanao State University for conduc ting this kind of program that help the students experienced things in the real world.Lastly, she would like to acknowledge her OJT Coordinator, Mr. Ramon V. Descallar for the support that he gave to his trainee.ACKNOWLEDGEMENTFor the successful completion of this report, the student-trainee would like to acknowledge and extend their heartfelt and sincere appreciation to all who helped and have unselfishly shared their precious time, talent, resources and support inspired them and made this endeavor come into reality. Introduction OJT or on-the Job-Training is a form of training taking place in a normal working situation.Training refers to the acquisition of knowledge, skills and competencies as a result of the teaching of vocational or practical skills and knowledge that relate to specific useful competencies, also training has specific goal of improving one’s capability, capacity and performance of a person. Internship or on the job training is one way by which students are given an opportunity to apply the theories and computations that have learned from school.It also helps students to obtain applicable knowledge and skills by performing in actual work setting. Everybody knows that OJT are part of a college curriculum that aims to train and orient students about the work and their future career. OJT is very important not only to teach students their chosen career but to show students the reality about working. of supervision also teaches them how to share what they know and be receptive to questions.

Movie Analysis Flight - 1341 Words

From the list of films I choose to watch was the film â€Å"Flight† (2012). When I read the reviews of the film, I was wondered about the plot of the film. I think that most people like to watch films about heroes. I like movies that have a good ending, but in this film it was different. The film changed my attitude on life. In this film I can see a six concepts like conflict, emotions, nonverbal communication, language, listening and close relationship. I want talk about conflict in the film â€Å"Flight†. The conflict occurred between the lawyer and Whip Whitaker, when they met for the first time at the restaurant. I can say that Whitaker is pouncing (p. 188 responding in an aggressive manner without acknowledging the needs of another person in a conflict). The example is when the lawyer started to ask the question about the crash of airplane. Perhaps the question was a little bit strange, because Whitaker began to answer them in an aggressive manner by raising his vo ice and throwing the silver ware across the table. He started thinking that lawyer did not want to help him investigate the true cause of the crash. I think the Whitaker did not trust him because he did not know anything about the airplane like Whitaker does. In the film â€Å"Flight† we can see a lot of emotions people who were on the plane during the crash. It was a very scary moment for all passengers. The emotional experience (p. 136 the feeling of emotion). The strongest emotion was fear you cannot if you feel likeShow MoreRelatedEssay Psychology of Fight Club621 Words   |  3 PagesFight Club is a movie based a man deemed â€Å"Jack†. He could be any man in the working class, that lives and ordinary life. The movie starts out giving an overview of his life, which consisted of a repeat of flights and cubicles. He is basically to the point of break when he takes another business flight and meets a man that calls himself Tyler Durdan. They instantly become friends and after an unfortunate explosion in â€Å"jack’s† apartment, he moves in with Tyler. One night after last call at a localRead MoreFilm Analysis : Hidden Figures1197 Words   |  5 PagesThe movie Hidden Figures was based on a true story, about three African American women who played a key role in the surge to fight against racism and sexism. They played a key role during the cold war, in the space race against the USSR. They were part of the team that sent late astronaut John Glenn into orbit as well as his return.The trio were played by Taraji P. Henson as mathematicien Katherine Johnson, Octavia Spencer as programmer Dorothy Vaughan and Janelle Monae as engineer Mary Jackson.Read MoreAddictions758 Words   |  4 PagesAddiction Movie Analysis Ashley Mcfarland SCI/163 Monday August 23, 2015 DENNY MELINE Addictions of a Pilot (Flight) Imagine this being your first time on a plane. You’re already nervous and uncomfortable. You hear babies crying, people having small arguments, and the last thing you need to know is the Pilot is drunk and high off of cocaine. Imagine not knowing that the pilot of the plane could seriously put your life in danger due to his selfishness. Would you believe thatRead MoreSociopath Portrayed In Tv And Movies Vs. Real Life. Name.1683 Words   |  7 Pagesdisorder characterized by at least two distinct and relatively enduring identities. It causes a lack of connection in a person’s thoughts’ memories, feelings, actions, or sense of identity. 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After the crew headed for the moon they had to disappointedly cancel the mission before it could be completed and return to earth, when the oxygen tank that exploded caused the spacecraft to malfunctioning. A brief history to puts things in perspective, Apollo program was establishedRead MoreApollo 13 - Paper 52671 Words   |  11 Pagesreassigned to a space flight with diminished preparation time. This routine mission to the moon suddenly becomes a survival mission to safely return home to Earth. The film details the circumstances affecting two separate but cohesive teams. The purpose of this case analysis is to identify the critical events, explain the underlying causes of why these events happened, and draw logical conclusions about the teams ¡Ã‚ ¯ performances as related to effective teamwork and leadership. 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The Prioritization Of Project Management - 1678 Words

The Prioritization of Projects Meaning of Priority: It is relative right of prerequisite to the rare assets. On the off chance that the assets are high there is no need of prioritize things. Here the assets are the things like time, human assets like staffing, spot to do work and numerous different assets. There are two separate ideas of that could be dead set from framework building and administration of the framework designing activities. In this we have define the particular necessities of the stake holders what they need and how they are eager to exchange the item in given assets. Meaning of Decision Making: A Decision is something that some individual picks the conceivable decisions of his own by considering the potential outcomes. The entire motivation behind incorporating in the choice making methodology is to settle on a balanced choice. 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However, the method of dropping entire goal portfolios simply because they ranked lowest in the list could be deemed a flaw in the system, and one that could be detrimental to business unit integration slowly over time. This understandably frustrates t hose whose proposals are receiving no funding, and if this prioritization system hasRead MoreProject Evaluation and Prioritization816 Words   |  3 PagesProject evaluation and prioritization Most organizations are faced with the problem of allocation of resources that are most often limited across the projects within the organizations. Before any allocations are made there are various propositions that are made within the organization by individuals or organizational units who are the proponents of the projects due to the fact that resources are limited there is need to select particular projects which will be considered first this is what isRead MoreProposed Project Portfolio Management Process1469 Words   |  6 PagesProposed Project Portfolio Management Process Project management has grown beyond the confines of simplistic canned applications into a discipline that is in large part process, combined with common sense and inspiration. The process of Project and Portfolio Management (PPM) derives from the practices common to project management, as expressed in applications and tools developed to help project managers collaborate with project team’s cross-enterprise.   Project and Portfolio Management solutionsRead MoreSecurity And Controls Director At A Publicly Traded Hospital System880 Words   |  4 Pagesstill in progress. †¢ Results of this quarter’s external network vulnerability scans are in her in-box; a quick peek at the report tells her that numerous risks are flagged as â€Å"critical vulnerabilities†. †¢ The VP of Application Development‘s pet project is an internally developed Lab Information System that goes live next quarter - and his entire team is laser-focused on this objective. Consequently, this department hasn’t completed a thorough privileged access entitlements review since last year

A Raisin In The Sun American Dream Essay - 1811 Words

In the Lorraine Hansberry play A Raisin in the Sun she brings to light the life as an African American in a metropolitan area in the nineteen-fifties and sixties. At the time, her play brought insight to the African American plead for freedom to move up in their communities and to have equal opportunity to have their own American dream. Her understanding of African American family was really shown in this play with the formation of the family who was struggling with the loss of the father of the house, but she also showed how opportunity can come from anywhere and the pursuit of each family members dreams can provide opportunity for a better life, better known as the American dream. The play â€Å"A Raisin in the Sun† carries a lot of†¦show more content†¦. . I’ll pull the car up on the driveway†¦ just a plain black Chrysler, I think, with white walls—no—black tires†¦ the gardener will be clipping away at the hedges and he’ll say, â€Å"Good evening, Mr. Younger.† And I’ll say, â€Å"Hello, Jefferson, how are you this evening?† And I’ll go inside and Ruth will come downstairs and meet me at the door and we’ll kiss each other and she’ll take my arm and we’ll go up to your room to see you sitting on the floor with the catalogues of all the great schools in America around you†¦ All the great schools in the world† (). This dream is something you can tell Walter has dreamt of repeatedly and is clearly what he wants for himself. This dream he has visualized is not only about money but is about respect that he will have and the status he will have when he is a wealthy man. When it pertains to Beneatha her dream is to be an independent woman, to become one she wants to become a doctor. By being a doctor, she can provide for herself and might not even want to get married, to the dismay of her mother’s wishes. She later realizes that she can’t always be independent as pointed out by Walter, â€Å"You just got your mother’s interest at heart, ain’t you, girl? You such a nice girl-but if Mama got that money she can always take a few thousand and help you through school too-can’t she?† ().Show MoreRelatedA Raisin in the Sun American Dream Essay707 Words   |  3 Pages2011 Your Version of Success In the play A Raisin in the Sun by Lorraine Hansberry you go back in time to when segregation was still aloud. In this play you meet a cast of people with dreams of a better life. The American Dream, to be specific. This dream is portrayed differently for each character, all of which impact the play. Two of these character `s are Walter Lee Younger and Lena Younger. 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Jp Morgan Chase Annual Report Free Essays

string(54) " back to 1799 and operates in more than 50 countries\." JPMorgan and Chase 2011 Financial Analysis Abbiton Mumba , Bomboma Douti, Thuy Doan, Tracy Nguyen [Type the company address] General Information: JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States with a history dating back over 200 years. JPMorgan and Chase is basically included Chase- the U. S. We will write a custom essay sample on Jp Morgan Chase Annual Report or any similar topic only for you Order Now consumer and commercial banking businesses serve customers under the Chase brand. The consumer businesses include: Branch, ATM, telephone and  online banking, Credit cards, Small business, Home finance and  home equity loans, Auto finance, Education finance, Retirement Investing, Retail Checking. The commercial banking businesses include: Middle Market, Corporate Client Banking, Commercial Real Estate, Business Credit, Equipment Finance, Commercial Term Lending, Community Development. – and JPMorgan which is J. P. Morgan clients include the world’s most prominent corporations, governments, wealthy individuals and institutional investors. These businesses use the  J. P. Morgan brand: Investment Bank, Asset Management, Treasury Services, Worldwide Securities Services, Private Banking, Private Client Services, One Equity Partners. The corporate headquarters are in  270 Park Avenue,  Midtown,  Manhattan, New York City, New York, and the  retail  and  commercial bank  is headquartered in  Chase Tower,  Chicago Loop,  Chicago, Illinois, United States. The biggest event recently that JPMorgan anticipating in is acquisition of Washington Mutual in 2008. JPMorgan Chase raised $10  billion in a stock sale to cover write-downs and losses after taking on deposits and branches of Washington Mutual  Through the acquisition, JPMorgan now owns the former accounts of  Providian Financial, a credit card issuer Washington Mutual acquired in 2005. The company announced plans to complete the rebranding of Washington Mutual branches to Chase by late 2009. JPMorgan and Chase has the fiscal year end Dec 31. Internet Information: The internet address of the corporation is www. jpmorgan. com. The website provides broad information. The most important section is the â€Å"Investor relation† section. We can find Financial Information including annual report/ proxy statements, SEC filing, earning release, credit releases, Investor presentations , shareholder information including stock price history. The purpose of website is describe the corporation, provide customer service information, promote the industry the corporate in, provide employment information, publicize corporate citizenship. The annual reports and other different reports can be found in the government website www. sec. gov. The primary Standard Classification (SIC) is 6021 6029 6712 and the Central Index Key (CIK) number assigned to corporations that file with the SEC is 19617. The latest form 10-K is dated February, 29th, 2012. Basically, JPMorgan and Chase have a moderate change in the price of the common stock over the last two years. The biggest downward slope is between September 2011 to December 2011 and then it continues to be upward sloping. This fall price considers a narrow price range. Income Statement Compared to last year, Revenue growth decreased by -5. 3168%. A decreased of $5,460,000,000. The decline in net revenue from 2010 was driven by lower net interest income, securities gains, mortgage fees related income, and principal transactions revenue, partially offset by higher asset management, administration and commission revenue and higher other income. The increase in noninterest expense was driven largely by higher compensation expense, reflecting increased headcount. Despite the fact that the revenue lost than last year, over the last 5 year the company experienced the increased revenue due to net inflows to products with higher margins, higher deposit and loan balances, and the effect of higher average market levels. Growth in Revenue decreases than last year but Growth in profit increases by 9. 2458%. Although the Net Revenue of the current year is less than last year but Pre-provision profit on 2010 decreases from $16,639,000,000 to $7,574,000,000. That reason makes Growth in profit during the current year increased by 9. 2458%. Common-size Analysis: | Current Year| Previous Year| Revenue| 100%| 100%| Non-interest Expense| 64. 70%| 59. 59%| Interest Expense| 13. 99%| 12. 45%| Income Tax Expense| 7. 99%| 7. 29%| Income from continuing operations| 27. 51%| 24. 21%| Net Income| 19. 52%| 16. 91%| In general chase’s total non-interest expenses in 2011 rose 5. 11% higher than the total non-interest expense in 2010. The net income in 2010 seems lower than 2011 due to less operating and investment activities in 2010. Apart the item labeled other expenses and amortization of intangibles; all the other expenses were slightly higher. The increase in non-interest expense was driven largely by higher compensation expense reflecting headcount. The operating cost as part of the non-interest expense was definitely higher compared to 2010. The higher headcount visibly explains this increase. The provision for credit lost was 8. 41% lower than the 2010 provision. This was due to the amelioration of collection from customers. Consumer business modestly improved and mortgage net charge-offs and delinquencies improved. It is probably included in the item â€Å"other expenses† which were lower than 2010 but 6. 38% higher than 2009. Tax Burden: The total revenue in 2011 was 5. 62% lower than the revenue in 2011 but the bottom line was a lot higher than the previous year (2. 61%). The tax burden became consequently higher than the previous year; actually about 0. 7%. The increase in the tax burden due to the higher income in 2011 was definitely the result of the lower provision in credit loss in 2011. The provision in 2010 was about twice the provision in 2011, because of the lower interest revenue. Profitability in 2011 was better than the one in 2010. As a percentage of total revenue, net income was 2. 61% higher than the one in 2010. Net income in 2011 was by itself 9. 2 % higher than the one in 2010. This was again the result of the lower provision for credit losses. The consumer portfolio also improved. The decline in 2010 was driven by lower net interest income, security gains, mortgage fees and related income. The other-than-temporary impairment losses are included in securities gains for the periods presented was $27million in 2011 and $94 million in 2010. Balance sheet JPMorgan Chase ; Co. s one of the oldest, largest and best-known financial institutions in the world. The firm’s legacy dates back to 1799 and operates in more than 50 countries. You read "Jp Morgan Chase Annual Report" in category "Essay examples" JPMorgan and Chase is proved to be a mature firm with higher capital and liquidity. The Total Assets on the balance sheet grew $148,187 million, year en ding Dec 31, 2011 from previous year ending Dec 31 2010 representing a percentage of 0. 07. The change in Assets were partly due to the acquisition of RBS Sempra on July 1, 2010 and the transaction in 2011 of RBS Sempra which is a commodities’ global oil, global metals and European power and gas businesses. This acquisition almost doubled the number of clients the firm’s commodities’ business can serve and has enabled the firm to offer clients more products in more regions of the world. J. P Morgan Chase completed purchase of the remaining interest in High bridge, which resulted in $228 million Capital surplus. Missing Common size analysis Cash Flow Statement: The cash flows resulting from operation activities in 2010 and 2011 were -$3752 million and $95,932 million. The cash flow resulting from investing activities in 2010 and 2011 was $54,002 million and -$170,752. The cash flow resulting from financing activities in 2010 and 2011was -$49,217 million and $107,706 million. There was a significant increasing in cash $ 32,035 in 2011 and a little $1,361 million in 2010. The beginning in cash balance was $27,567 million and $26,206 million respectively in 2011 and 2010. The ending cash balance in 2011 and 2010 were $59,602 million and $27,567 million. There were three significant sources of cash which were from a hug number of net change in deposit, proceeds from long-term borrowings and trust preferred capital debt securities and from net earnings and sell securities. The three most significant uses of cash were taken from acquisition of businesses or dispositions, purchase securities and loans out and proceed from sales, securitizations and pay downs of loans held-for-sale and net change in trading assets. Based on a comparison of the income statement to the statement of the cash flows, depreciation and amortization in intangible was add back to statement of cash flow and other-than-temporary impairment losses are included in securities gains for the periods presented, caused the greatest differences net income ( loss) and the cash flow from operation. Statement of changes in Stockholders’ Equity: The number of common shares outstanding has decreased over 3 years. On March 18, 2011, the Board of Directors approved a $15. 0 billion common equity (i. e. , common stock and warrants) repurchase program, of which $8. 95 billion was authorized for repurchase in 2011. The $15. 0 billion repurchase program superseded a $10. 0 billion repurchase program approved in 2007. During 2011 and 2010, the Firm repurchased (on a trade-date basis) an aggregate of 240 million and 78 million shares of common stock and warrants, for $8. 95 billion and $3. 0 billion, at an average price per unit of $37. 35 and $38. 9, respectively. The Firm did not repurchase any of the warrants during 2010, and did not repurchase any shares of its common stock or warrants during 2009. As of December  31, 2011, approximately 408 million unissued shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, director compensation plans, and the warr ants sold by the U. S. Treasury. Retained Earnings: fixed Dec 31 2011 Dec 31 2010 Beginning Retained earnings (2008) $54,013,000,000 Net Income $944. 00, 000 $1,001,000,000 Ending Retained Earnings $88,315,000,000 $73,998,000,000 From the number above we can conclude that Retained earnings increased in 2008 to $88,315,000,000 from $73,998,000,000 in 2010. Notes and supporting schedules to the financial statements. Cash and cash equivalents: the corporation define their cash equivalents by fund invested in US, T-bills, money market account, demand deposits or small-denomination time deposit and other investment with a maturity of 3 months or less when purchase. Account receivable: The corporation has the gross Account Receivable of $89,087 million current year and $102,413 million in 2010 reflects to 30. 9% and 31. 5% percentage of uncollectible. The lower the ratio the better, JPMorgan and Chase’s percentage uncollectible for 2011 is slightly better than 2010. The results of the receivable turnover in 2011 and 2010 were 1. 48 times and 2. 69 times respectively. The higher the turnover is the better. However, the current year 2011 is lower than the previous year 2010. This is the result of the higher revenue in 2010. Inventories: N/A Property and Depreciation: The Corporation classified its property, plant and equipment into five categories: land, buildings, leasehold improvements, furniture and fixtures, hardware and software. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life of an asset. For leasehold improvements, the Firm uses the straight-line method computed over the lesser of the remaining term of the leased facility or the estimated useful life of the leased asset. None of the assets were recognized as impaired during the current year. The Accumulated Depreciation increased from $13,355,000,000 of last year to $14,041,000,000 of current year. Despite the land or construction in progress, percentage of Fixed Asset Depreciation was approximately 23. 17% last year and 23. 26 % this year. For the percentage of fixed asset depreciation do not included land and construction in progress, there is slightly increased from last year to this year. The increase in premise and equipment was predominantly due to renovation of J. P Morgan Chase’s headquarters in New York City, the purchase of a building in London, retail branch expansion in the US, and investment in technology hardware and software, as well as other equipment. The increase was particularly offset by depreciation and amortization. This implies that in the future the company will spend more money on replacing the old equipment and that means it impacts on the capital expenditure on their financial statement. However, the company applies on the fixed asset turnover to generate revenue. The ratios are 7. 50 times last year and 7. 0 this year Operating and Capitalized leases: JP Morgan Chase hasn’t declared any capitalized leases in the 2011 10K. We do have a section devoted to operating leases. Obligation associated with operating leases in 2011was $2,228 million, and expense associated with operating leases in the current year is $1,825 million. Payment for operating leases next year is $1,753 million. Long term debt: JPMorgan Chas e issues long-term debt denominated in various currencies, although predominantly U. S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated Statements of Income. The following table is a summary of long-term debt carrying values (including unamortized original issue discount, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2011. Most debts were JPMorgan Chase Capital. The five largest debt were JPMorgan Chase Capital X $1,016 million in amount with the rate of 7%, JPMorgan Chase Capital XXV $2,292 million in amount with the rate of 6. 8% rate, JPMorgan Chase Capitals XXVI $1,815 million in amount with the rate of 8. 0% , JPMorgan Chase Capitals XXVIII $1,500 million in amount with the rate of 7. 2%, JPMorgan Chase Capitals XXIX $1,500 million in amount with the rate of 6. 7%. Those debts aren’t due until next 30 years. JPMorgan and Chase don’t have any significant debt payment outstanding. Pension Plans: JPMorgan and Chase recognize in its statement of financial position the funded status of a benefit plan; measure defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions) and recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. JPMorgan and Chase don’t have Defined Contribution Pension expense but Defined Benefit Pension with the expense of 11,808 billion. Defined benefit obligation in the current year: $13461 millions for U. S and Non U. S plans. Fair value of the retirement plan assets at the end of the current year: At December 31, 2011 defined benefit pension plan amounts not measured at fair value included $50 million. At the end of December 2011, the accumulated defined benefit pension obligation had a balance of ($9,008) million, but in my opinion, the plan is well funded. At December 2011, the plan was said to have 2. 6 billion balance overfunded. It is clearly stated in the notes that by December 31st 2011, the U. K plan was $33 million unfunded. Amount recognized on the balance sheet related to pension: $ 1,429 million funded in the U. S, and a non-U. S balance of 160 million. The amount contributed to the defined benefit pension plan in 2011 was 37 million for the U. S and 169 million for the Non-US. $540 million were paid to retirees in the U. S whereas 93million were paid to non U. S in 2011. Investments in the defined benefit pension fund are the Firm’s U. S. defined benefit pension plan assets are held in trust and are invested in a well-diversified portfolio of equity and fixed income securities, real estate, cash and cash equivalents, and alternative investments (e. . , hedge funds, private equity, real estate and real assets). Non-U. S. defined benefit pension plan assets are held in various trusts and are also invested in well-diversified portfolios of equity, fixed income and other securities. Assets of the Firm’s COLI policies, which are used to partially fund the U. S. OPEB plan, are held in separat e accounts with an insurance company and are invested in equity and fixed income index funds. The investment policy for the Firm’s U. S. efined benefit pension plan assets is to optimize the risk-return relationship as appropriate to the needs and goals using a global portfolio of various asset classes diversified by market segment, economic sector, and issuer. Assets are managed by a combination of internal and external investment managers. Periodically the Firm performs a comprehensive analysis on the U. S. defined benefit pension plan asset allocations, incorporating projected asset and liability data, which focuses on the short-and long-term impact of the asset allocation on cumulative pension expense, economic cost, present value of contributions and funded status. Postretirement Benefits other than Pensions: there is no expense associated with non-pension post-retirement benefit. Benefits obligation for the non-pension post-retirement benefit plan was $999 million in 2011. Fair market value of assets held for non-pension post-retirement benefits plan was 1,435 million in 2011. The plan is adequately funded. The fair market value of the post-retirement benefit plan has enough resources to operate. Amount recognized on the balance sheet related to the non-pension post-retirement plan was $436 million. Amount contributed to non-pension post retirement benefits during the current year is $2 million, and amount of non-pension post retirement benefits paid to retirees during the current year is $26 million. Income Taxes: The income tax expense for the current year in the income statement is $7,773 million and $1,693 million of the current year’s income tax expense has been deferred to future periods. The effective tax rate for current year is 29. 1%. There are two types of Income taxes disclosed on the notes: Gross deferred tax asset is $27,632 million and Gross deferred tax liability is $12,856 million. As the results, the Net deferred tax amount is $14,776 million. The significant activities resulted in recognition of deferred tax liabilities that are not yet due to a tax authority are depreciation and amortization, leasing transactions, non-US transaction and others. On other hand, the significant activities led to the recognition of deferred tax assets will be utilized in the future are allowance for loan losses, employee benefits, accrued expenses and others, non-US operations, tax attribute carry forwards. Stock-Based Compensation: MISSING Segmental and Geographic Information: JPMorgan Chase Co. JPMorgan Chase) is a financial holding company. The Company is a global financial services firm and a banking institution in the United States, with global operations. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. JPMorgan Chase’s prin cipal bank subsidiaries are JPMorgan Chase Bank, National Association, a national bank with the United States branches in 23 states, and Chase Bank USA, National Association, a national bank that is the Company’s credit card-issuing bank. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. One of the Company’s principal operating subsidiaries in the United Kingdom is J. P. Morgan Securities Ltd. , a subsidiary of JPMorgan Chase Bank; N. A. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity. JPMorgan Chase’s activities are organized into six business segments, as well as Corporate/Private Equity. The Company’s wholesale businesses comprise the Investment Bank (IB), Commercial Banking (CB), Treasury Securities Services (TSS) and Asset Management (AM) segments. The Company’s consumer businesses comprise the Retail Financial Services (RFS) and Card Services Auto (Card) segments. Contingencies: NEED TO FIX Probable Litigation: The Firm has established reserves for several hundred of its currently outstanding legal proceedings. The Firm accrues for potential liability arising from such proceedings when it is probable that such liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downwards, as appropriate, based on management’s best judgment after consultation with counsel. During the years ended December 31, 2011, 2010 and 2009, the Firm incurred $4. 9 billion, $7. 4 billion and $161 million, respectively, of litigation expense. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. Mortgage Foreclosure Investigations and litigation: JPMorgan Chase and four other firms have agreed to a settlement in principle (the â€Å"global settlement†) with a number of federal and state government agencies, including the U. S. Department of Justice, the U. S. Department of Housing and Urban Development, the Consumer Financial Protection Bureau and the State Attorneys General, relating to the servicing and origination of mortgages. The global settlement, which is subject to the execution of a definitive agreement and court approval, calls for the Firm to, among other things: (i) make cash payments of approximately $1. billion (a portion of which will be set aside for payments to borrowers); (ii) provide approximately $500 million of refinancing relief to certain â€Å"underwater† borrowers whose loans are owned by the Firm; and (iii) provide approximately $3. 7 billion of additional relief for certain borrowers, including reductions of principal on first and sec ond liens, payments to assist with short sales, deficiency balance waivers on past foreclosures and short sales, and forbearance assistance for unemployed homeowners. If the Firm does not meet certain targets for provision of the refinancing or other borrower relief within certain prescribed time periods, the Firm will instead make cash payments. ) In addition, under the global settlement the Firm will be required to adhere to certain enhanced mortgage servicing standards. Overdraft Fee/Debit Posting Order Litigation: JPMorgan Chase Bank, N. A. has been named as a defendant in several purported class actions relating to its practices in posting debit card transactions to customers’ deposit accounts. Plaintiffs allege that the Firm improperly re-ordered debit card transactions from the highest amount to the lowest amount before processing these transactions in order to generate unwarranted overdraft fees. Plaintiffs contend that the Firm should have processed such transactions in the chronological order they were authorized. Plaintiffs seek the disgorgement of all overdraft fees paid to the Firm by plaintiffs since approximately 2003 as a result of the re-ordering of debit card transactions. The claims against the Firm have been consolidated with numerous complaints against other national banks in multi-District litigation pending in the United States District Court for the Southern District of Florida. The Firm’s motion to compel arbitration of certain plaintiffs’ claims was initially denied by the District Court. On appeal, the United States Court of Appeals for the Eleventh Circuit vacated the District Court’s order and remanded the case for reconsideration in light of a recent ruling by the United States Supreme Court in an unrelated case addressing the enforcement of an arbitration provision in a consumer product agreement. The Firm has reached an agreement in principle to settle this matter in exchange for the Firm paying $110 million and agreeing to change certain overdraft fee practices. The settlement is subject to documentation and court approval. Service Members Civil Relief Act and Housing and Economic recovery Act Investigations and litigation: multiple government officials have conducted inquiries into the Firm’s procedures related to the Service Members Civil Relief Act (â€Å"SCRA†) and the Housing and Economic Recovery Act of 2008 (â€Å"HERA†). These inquiries were prompted by the Firm’s public statements about its SCRA and HERA compliance and actions to remedy certain instances in which the Firm mistakenly charged active or recently-active military personnel mortgage interest and fees in excess of that permitted by SCRA and HERA, and in a number of instances, foreclosed on borrowers protected by SCRA and HERA. The Firm has implemented a number of procedural enhancements and controls to strengthen its SCRA and HERA compliance. In addition, an individual borrower filed a nationwide class action in United States District Court for South Carolina against the Firm alleging violations of the SCRA related to home loans. The Firm agreed to pay $27 million plus attorneys’ fees, in addition to reimbursements previously paid by the Firm, to settle the class action. Additional borrowers were subsequently added to the class, and the Firm agreed to pay an additional $8 million into the settlement fund. The court entered a final order approving the settlement in January 2012. Reasonable Possible: The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $5. 1 billion at December 31, 2011. This estimated aggregate range of reasonably possible losses is based upon currently available information for those proceedings in which the Firm is involved, taking into account the Firm’s best estimate of such losses for those cases for which such estimate can be made. For certain cases, the Firm does not believe that an estimate can currently be made. The Firm’s estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the existence in many such proceedings of multiple defendants (including the Firm) whose share of liability has yet to be determined, the numerous yet-unresolved issues in many of the proceedings (including issues regarding class certification and the scope of many of the claims) and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Firm’s estimate will change from time to time, and actual losses may be more than the current estimate. Auction Rate Securities Investigations and Litigation: Beginning in March 2008, several regulatory authorities initiated investigations of a number of industry participants, including the Firm, concerning possible state and federal securities law violations in connection with the sale of auction-rate securities. The market for many such securities had frozen and a significant number of auctions for those securities began to fail in February 2008. The Firm also faces a number of civil actions relating to the Firm’s sales of auction-rate securities, including a putative securities class action in the United States District Court for the Southern District of New York that seeks unspecified damages, and individual arbitrations and lawsuits in various forums brought by institutional and individual investors that, together, seek damages totaling approximately $50 million. The actions generally allege that the Firm and other firms manipulated the market for auction-rate securities by placing bids at auctions that affected these securities’ clearing rates or otherwise supported the auctions without properly disclosing these activities. Some actions also allege that the Firm misrepresented that auction-rate securities were short-term instruments. The lawsuits are being coordinated before the federal District Court in New York. Additionally, the Firm was named in two putative antitrust class actions. The actions allege that the Firm, along with numerous other financial institution defendants, colluded to maintain and stabilize the auction-rate securities market and then to withdraw their support for the auction-rate securities market. In January 2010, the District Court dismissed both actions. An appeal is pending in the United States Court of Appeals for the Second Circuit. Interim (Quarterly Reporting: During the current year 2011, the company’s revenue for 1st quarter is $25,221 million, 2nd quarter is $26,779 million, 3rd quarter is $23,763 million and 4th quarter is $21,471 million. There is a significant fluctuation in quarterly data because It experienced a decrease in revenues during the current year from 1st quarter to 4th quarter. Report of independent Auditors: Auditor is PricewaterhouseCoopers LLP located at 300 Madison Avenue New York, NY 10017. The auditor believes that the financial statements were presented fairly. Their opinion is stated as follow: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, changes in stockholders’ equity and comprehensive income and cash flows present fairly, in all material respects, the financial position of JPMorgan Chase ; Co. and its subsidiaries (the â€Å"Firm†) at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Report of Internal control: Management of JPMorgan Chase ; Co. (â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for establishing and maintaining adequate internal control over financial reporting. The same authority, Management of JPMorgan Chase ; Co. â€Å"JPMorgan Chase â€Å"or the â€Å"Firm†) is responsible for maintaining adequate internal control over financial reporting. The auditor does believe that the corporation maintained adequate internal control over financial reporting. Here is their opinion: â€Å"in our opinion, the Firm maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Ratio Analysis Analysis of profitability: The profit margins were 16. 1% and 19. 52 % to the following 2010 and 2011 year end. The increase in profit margin due to the advantage of the allowance for losses, noninterest revenue and interest expense. Interest income and interest expense is recorded in the Consolidated Statements of Income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for financial instruments containing embedded derivatives that would be separately accounted for in accordance with U. S. GAAP absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. The corporation has the return on assets of 0. 86% in 2011 and 0. 79% in 2010. The returns on assets were significant low compare to return on stockholder’s equity of 10. 5% in 2011 and 9. 66% in 2010. In general, JPMorgan and Chase is a big corporation, but they had a tight controlled and managed very well. Therefore, their earning is improved and very stable in recent year although the economy looks doom. Earnings per share (â€Å"EPS†) is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to re ceive dividends. JPMorgan Chase grants restricted stock and RSUs to certain employees under its stock-based compensation programs, which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock; these unvested awards meet the definition of participating securities. Options issued under employee benefit plans that have an anti-dilutive effect are excluded from the computation of diluted EPS. EPS in 2011 was $4. 50 compare to 2010 of $ 3. 98. This increase is the result of increasing in net income in 2011 due to better management. The corporation does disclose the diluted EPS with $4. 48 in 2011 and $3. 96 in 2010. Cash dividend per share in 2011 was $ 0. 94 dollar per share and $0. 36 dollar per share in 2010. Dividend payout ratio for 2010 was 16% and 35% in 2011. Price/ Earning ratio also improves between 2010 with 9. 26 times and 2011 with 9. 62 times. In the past decade, the average P/E ratio for Major Corporation has ranged from 14 to 25. JPMorgan and Chase’s P/E was below the range about 5 points. However, we can’t say that JPMorgan and Chase is no t growing. JPMorgan Corporation is huge plus with the gloomy economy right now, but this corporation still generates profitability while other corporation in the same industry is struggling. This tell us that JPMorgan is a stable for a long run. Analysis of Liquidity: JPMorgan and Chase had the current (working capital) ratio in 2011 of 1. 55:1 and 1. 71:1 in 2010. Net working capital was $964,168 million in 2011 and $932,220 in 2010. Quick (Acid –Test) ratios were 0. 28:1 in 2011 and 0. 31:1 in 2010. The liquidity position of the corporation weakened a little in 2011. Although there was an increase in cash and receivables in 2011, there was less account receivable compared to 2010. There was also a large increase in current liabilities in 2011, because of the increase in deposit. Based on this, JP Morgan Chase should be able to meet its current obligation even though the ratio was a little down compare to the previous year of 2010. Since it is a big and sustainable corporation in the financial industry, there is rarely a change for them to have a problem with the working capital. Analysis of Solvency: Debt to total Assets in 2011 was 91. 8% and 91. 6% in 2010. There is not much difference between the debt to assets ratio showing the amount of leverage JP Morgan Chase used to finance its operations between the year 2011 and the year 2010.. The rule of thumb is to make sure that the bottom which is the assets is larger than the top which is the liabilities. The ratio of 91. 8% percent for the year 2011 and 91. 6% for the year 2010 at first glance would give an impression of a company which is over leveraged. This is not the case, JPMorgan Chase Debt to Assets ratio is very consistent with the banking industry standards especially banks of JPMorgan Chase size. Banks make money by lending other peoples money. It never hurts however, to bring the ratio a little lower as it would give the bank more space to maneuver should there be a financial melting in the general economy like the one experienced in 2008. Potential lenders would prefer the ratio to be as lower as much as possible because that would show that the company has more Assets than Liabilities which can help the company pay its debt when it’s due or assets that can be liquidated to pay its lenders should the company end up in liquidation. Missing Time Interest Earned Ratio Industry Competitor Comparison: A close competitor of JPMorgan Chase is Bank of America Corporation. The difference between these large banks is that Bank of America is primarily a bank operating in other financial services while J. P. Morgan is an investment firm also operating as a bank. It has offices in more than 60 countries of the world. Both companies have relatively similar gross profit percentages; but percentages changed if we go down to income from continuing operations of both companies. As we see on the table 3, we know that the Net income from continuing operations of JP Morgan Chase is greater than Bank of America Corporation. This shows that Chase is good at managing costs on other income and expenses besides selling general and administrative and others. On the balance sheets, we both see the similar common-size on total assets of both companies. Another difference between two of them is the profitability. As we see on Table 3, profit margin of Chase bank is higher due to net income (gain) while Bank of America experiences a net loss. Return on asset for both companies are pretty low on last year. Return on equity for Chase bank is higher that means the shareholders earn a sufficient return on their equity investment. The major different on Profitability ratio between two companies is the dividend payout ratio which is the Bank of America is way too high. It indicates the company pays high dividends whose stock price is temporary not good. Moreover, a high dividend payout ratio can also point to a mature company with few growth opportunities. On other hand, Chase bank has low dividend payout ratio that we know Chase is a fast-growing company whose shareholders willingly forego cash dividends, because the company uses the extra money to generate higher returns and, in turn, a high stock price. As a conclusion, JP Morgan Chase is more profitable than Bank of America Corporation. Compared on the liquidity ratios, both companies meet their requirements on pay their liabilities on time. If we take down to Acid test, we easily understand Bank of America has more liquid assets available to pay its current debts. On the debt ratio, both companies’ ratios are over 0. 5 which means both companies’ assets are finances through debts. On the Time interest earned ratio, JP Morgan Chase is little bit higher which is better since Bank of America Corporation Company has more debts. Last but not least, Operational ratios are very similar and they both efficiently know how to use the assets on sales. As the whole comparison between too biggest bank firms, I think they are overall doing very well on managing their companies. Taking on to the details, JP Morgan Chase has more probability on sales. Bank of America is still doing fine but if I prefer invest on JP Morgan Chase’ stock. |   JP Morgan ;Chase |   | Bank of America Corp. |   | Income Statement Common-Size Data|   |   |   |   | Gross Profit/Sales| 92. 0%|   | 95. 6%|   | Income from Continuing Operations/Sales| 19. 5%|   | 7. %|   | Balance Sheet Common-Size Data|   |   |   |   | Current Assets/Total Assets| 19. 5%|   | 42. 5%|   | Current Liabilities/Total Assets| 71. 4%|   | 74. 1%|   | Liabilities/Total Assets| 91. 9%|   | 89. 2%|   | Equity/Total Assets| 8. 1%|   | 10. 8%|   | Profitabilty Ratios|   |   |   |   | Profit Margin| 19. 5%|   | 1 . 3%|   | Return on Assets| 0. 9%|   | 0. 1%|   | Return on Equity| 10. 6%|   | 0. 7%|   | Dividend Payout Ratio| 18. 0%|   | 400. 0%|   | Liquidity Ratios|   |   |   |   | Current Ratio| 0. 62 :1|   | 0. 64:1|   | Quick Ratio| 0. 27 :1|   | 0. 2:1|   | Solvency Ratios|   |   |   |   | Debt/Total Assets| 0. 92|   | 0. 89|   | Times Interest Earned (Accrual)| 3. 00|   | 1. 12|   | Operational Ratios|   |   |   |   | Receivable Turnover| 1. 5|   | 1. 5|   | Inventory Turnover| N/A|   | N/A|   |  © 2008 William R. Pasewark|   |   |   |   | | | | | | Making Decision based on annual report Total net revenue for 2011 was $97. 2 billion, a decrease of $5. 5 billion, or 5%, from 2010. Results for 2011 were driven by lower net interest income in several businesses, lower securities gains in Corporate/Private Equity, ower mortgage fees and related income in RFS, and lower principal transactions revenue in Corporate/Privat e Equity. These declines were partially offset by higher asset management fees, largely in AM. Investment banking fees decreased from 2010, predominantly due to declines in equity and debt underwriting fees. The impact from lower industry-wide volumes in the second half of 2011 more than offset the Firm’s record level of debt underwriting fees in the first six months of the year. Advisory fees increased for the year, reflecting higher industry-wide completed MA volumes relative to the 2010 level. Management discussion and analysis) Revenues increased from 2009 to 2010 by 2. 25 %. The increase came in part from noninterest income, securities and principal transactions. The economy will be the most important factor on the banking industry in the next year. The mortgage industry is still hurting even if it shows some signs of improvement. JP Morgan showed a net profit of at 5 billion this first quarter of the year, but it is hard to predict if the total revenue at the end of the year would match the previous year’s revenues. Next year’s revenue is probably going to be in the 100-103 billion range. JP Morgan Chase’s income comes from diverse business units. The total revenues increased 2. 25% from 2009 to 2010. The increase came from asset management, the noninterest revenue, the security gains and the item marked other income. Also the reduction in the allowances for credit losses for mortgages and credit cards as a result of improved delinquency trends and lower estimated losses reflected the net revenue increase. Principal transactions revenue increased compared with 2009. This was driven by the Private Equity business, which had significant private equity gains in 2010, compared with a small loss in 2009, reflecting improvements in market conditions. Net income next year could be in the 19 to 20 billion range. In my opinion, JP Morgan chase’s assets will have a stable growth in the next few years. Despite the visible improvement in the economy, the banking industry is not likely to record rapid growth in the next few years. The recovery is still weak; investments are still lagging and so directly affecting the books of the banks. I expect the total Assets to increase a little more next year based on the mprovement in the broad United States and World economy. My belief is based on the fact that JPMorgan performed better than the average bank in 2010 and 2010 arguably the west years for any business in recent history due to the subprime mortgage melt down of the financial markets. The last few years so a high number of unemployment hitting 10% b efore starting drop later part of 2011 and the highest number of mortgage foreclosure. The mortgage industry as bottomed and the market is already healing and banks like Wellfargo are already posting stronger than expected results due to their mortgage based assets performing better than expected. JPMorgan Chase’s balance sheet looks relatively strong and do not show that it will need additional financing next few years. It has deposits in excess of $85,279,000,000 and it is sitting on cash of $59,602,000,000. JPMorgan Chase should not have a problem raising funds from the Capital market should they need additional financing based on the strength and growth of its balance sheet. The strength that JPMorgan chase has is the relative ability and strength of deposits which Chase can use to fund its business. This is one advantage banks like Lehman brothers that went under during the financial crisis may not have had. The three areas we see as the strongest aspect of JPMorgan Chase is high balance of deposits with the bank in the amount of 85,279,000,000 which shows the relative confidence the market in JPMorgan. Cash deposits are particularly important to banks because they use this morning to lend out for interest and other related fees. The 2011 balance show retained earnings in the amount $88,315,000,000 and retained earning $73,998,000,000 on the 2010 balance sheets respectively. This is important because it shows that JPMorgan Chase have enough resources to fund it operations and enough left over to reinvest into the business for future growth. The Debt to Total Asset ratio was 91. 8% 2011 and 91. 6% 2010 respectively showing that JPMorgan Chase has more Assets than Liabilities which should help the firm raise financing from the markets . should there be a need. This always a good indication to the investors that there investment is covered should the company goes into liquidation. One of the biggest weaknesses we identified was the relative number of law suits and the amount funds that is being spent on settling law suits. Though the Debt income ratio is way better than most of the banks in its industry, we believe it would be helpful to bring the amount of leverage down to somewhere around . 075 % to better absorb economic shocks in the larger economy. We are very optimistic for the future of JPMorgan Chase especially as the mortgage industry bottom out and American economy continues creating jobs;we will see banks start do declare above average profits. The firm’s Stock price at 43. 4 is performing relatively better than it competitors like Bank of America at 8. 8 and Citi group at 34 indicating that investors still have confidence in the company. We would not invest in the stock of JPMorgan Chase stock at the moment even if we had money available to invest because we strongly feel that JPM Morgan already a very mature company and does not offer much potential for growth. We would instead invest in competitors such Capital One Corp. which is a relatively small and growing company with enough potential for growth. There stock price also now at 53 has performed better than JPMorgan Chase over the past year. How to cite Jp Morgan Chase Annual Report, Essay examples

Twentieth Century work Literature and Culture - Myassignmenthelp.Com

Question: Discuss about the Twentieth Century work Literature and Culture. Answer: Introduction The fashion of the 20th-century Victorian society was largely different from what the populace of the older generations was used to (Carroll Wheeler, 2014). These clothes were less colorful than their predecessors, more restrictive and formal. Unlike the previous ages, the clothing for men and women varied greatly and the main objective behind their design was to bring out the individual's sexuality, to emphasize boldly on the physical differences between the two sexes. Orlando byVirginia Woolf was first published on October 11, 1928. An energetic play inspired by the volatile background of Woolf's close friend and romantic interest for over a decade, Vita Sackville-West who was herself a novelist and poet from an aristocratic family. Orlando is Woolf's one of the most distinguished novels and navigates through English literary history in a satiric nature. The book chronicles the life of a poet, whose sex mysteriously changes frombeing a male to female.Orlando lives for more than th ree centuries, meeting the pillars of English literature history. The essay focuses on the sexual motif of Orlandos sudden change in gender and the indifference he personally feels until he encounters society. Orlando was born at the time of Queen Elizabeth the First and from then goes on to live for more than 300 years. Orlando is treated as a major milestone from a feminist perspective and critics have described it as The longest and most charming love letter in literature. The first part of the essay describes the plot of the novel followed by the sexual motif of gender fluidity and the meaninglessness of gender that is presented throughout the storyline. The essay further discusses briefly the inspiration for the novel,Vita Sackville-West. She was the basis for the character for Orlando as admitted by Virginia Woolf herself (Johnston, 2016). The last part of the essay explores a couple of reviews from famous critics and their perception towards the book. Discussion Orlando was an English nobleman born in the time of Queen Elizabeth I (Danahay, 2016). He undergoes a sudden transformation in his gender around the age of 30 and lives on for more than three centuries into the modern era without any noticeable effects of aging. When Orlando was young boy, he performed the duties of a page at the Elizabethan court and soon grew into a "favorite" of the aging monarch. Once the queen passes away, he falls for Princess Sasha, an elusive and wild member of the entourage at the Russian embassy. Woolf used the picturesque Frost Fair organized on the ice-capped Thames River during the Great Frost of 1608 as a background for their intense affair. Sashas increasing unfaithfulness towards Orlando and eventually her sudden departure for Russia coincides with the thawing of the ice. The heart-broken Orlando finds a way to distract himself by going back to writinga long poem that he had started and abandoned in his younger days, The Oak Tree. He meets and hospitably entertains an inferior poet likely to bring out resentment in most people, Nicholas Greene. Greene goes on to find faults in Orlando's writing. Subsequently, when Orlando find out that Greene has criticized him in his work he feels betrayed. Orlando goes back to seek the safety of his stately ancestral home after contemplating about his recent experiences.He proceeds to decorate his home lavishly and plays host to the populace. Orlando desperately tries to flee the country after a sense of dissatisfaction creeps into him. The constant badgering of a determined suitor, the imposing and manly Archduchess Harriet reinforces his decision. King Charles II appoints him the diplomat to Constantinople. Orlando is seen falling into a deep slumber on a night of rebellion and civic disobedience. Upon awakening several days later, he finds that he has transformed into a woman. He was mentally and spiritually the same person, but in a feminine form. The narrator appears amazed by Orlando's change but Orlando personally accepts this change in a very indifferent manner. From this point on, Orlando's sexual preferences alter frequently although biologically she is female (Squier, 2017). Lady Orlando secretly escapes the city of Constantinople hiding among a group of Gypsies. The friction she experiences between her English values and the Gypsy was of life forces Orlando to head back to England. She realizes the consequences of becoming a woman on the ship back to England, when atiny glimpse of her ankle nearly causes a sailor to fall to his death. After realizing its advantages Orlando says, "Praise God I'm a woman!". On arriving in England, Orlando rejects the marriage proposal of the Archduchess yet again, who then divulge herself originally to be a man by the name of Archduke Harry. She regularly practices cross-dressing and eventually gets absorbed in the social life of that era. Orlando wins the lawsuit against her cousin over a property dispute and then a sea captain, Marmaduke BonthropShelmerdine wins her hand in marriage. Orlando credits the success of their marriage to the fact that gender held very little importance to them both. She wins a prize in after publishing The Oak Tree finally in 1928. The novel ends as her husband returns from his voyage and she rushes to greet him (Ritcher, 2015). The essay focuses on the sexuality of the protagonist Orlando, which extends to question our conventional view of male and female genders being completely separate from each other (Yazdani Cheraghi, 2014). Orlando's sex change plays a pivotal role in the novel as it brings to light the ideas that Woolf wanted to question and challenge. As Orlando wakes up as a woman from her deep slumber, she calmly proceeds to the bath after noticing her change on a mirror. While residing in the gypsy camp that was hidden in between the hills of Turkey, far away from the ideals and norms of human civilization, Orlando's sexuality has no importance in her life at all and she does not act any differently due to the change in her sex. However, she immediately notices the difference when she sails on an English ship to go back to her country. As England comes into sight, her feminine side appeals to Orlando and the tears came to her eyes, but remembering the fact that she had changed into a woman, she would let them flow. She also recalled, that men cry as frequently and as unreasonably as women from her own understanding as a man. The oppression of gender during the Victorian period is expressed by Orlando as a ring of quivering sensibility about the second finger of the left hand and the weight of the crinoline that Orlando has submissively adopted Woolf suggests that the concept of gender was created by the human society itself. Orlando adopts conventional male mannerisms when she goes out into the night in a mans clothing. The point is that the author tries to make is that if society accepts the concept of gender neutrality then people will exercise more freedom as individuals according to their personalities and live only by the rules they are supposed to follow (Tkal?ec, 2016). In the Victorian era men's clothing is seen as decorous and rigid , women's as elaborate and over the top (Halsall, 2015). Clothing covered the entire body and even the glimpse of an ankle was considered to be highly disgraceful. According to numerous critics, corsets were responsible for constricting women's bodies and their lives. Mens clothing was formal and less colorful than their predecessors, smoking jackets and gowns were often made from exclusive Oriental fabrics. A fast growing textile manufacturing market that adopted mass production techniques caused this phenomenon. Corsets emphasized on showing a woman's sexuality, exaggerating hips and bust by contrast with a tiny waist. The clothing of this era tried to draw a well-defined line between the two genders and women were highly restricted both in terms of clothing and in terms of mannerisms (Sanyal, 2014). The multiple occurrences of cross-dressing support the central idea of gender neutrality in the novel and is practiced by the likes ofArchduke Harry whocross-dresses as a woman for a large period of time but reveals himself to be a man in further down the story and by Orlando. Orlando continues to switch between the clothes of both genders even after he undergoes an actual change of sex (Wood, 2015). This motif in the novel highlights the similarities between men and women in spite of the different attires society wants them to wear. Orlando does not feel any urge to give her life up as a woman but she regrets not having the freedom she used to enjoy as a man. Here, Woolf suggests that society is too hard-handed with regard to the roles it forces men and women to play as they are very similar underneath their physical characteristics. The genders should be allowed more freedom in their actions. The fact that a woman can be perceived as a man under the covering of something as meritle ss as clothes, questions the very foundations of the Victorian era English society (Shoemaker, 2014). A society in which women were expected to be milder and softer, while the men were expected to be the stronger both physically and emotionally of the two. The concept of time is incredibly subjective in Orlando (Simpson, 2016). The few ways to tell the passage of time are new inventions and change in the monarchy. Without the clues, it would be dependent on Orlandos perception of time that is relative to his personal experiences. This reflects the way one actually experience time. As said by Einstein himself, Put your hand on a hot stove for a minute, and it seems like an hour. Sit with a pretty girl for an hour, and it seems like a minute (Williams, 2014). Woolf upholds a queer view of human gender by merging the conventional lines set by society using Victorian fashion as amedium, something that was made to demarcate and highlight the differences between the two (Stauffer, 2015). The author to merge that very same gap intelligently implemented the very clothes that were meant to create a divide in society. The inspiration for the novel came from Vita Sackville-West (Hollis, 2017).Both Woolf and Vita Sackville-West was a part of the Bloomsbury Group, an organization that was popular due to its liberalviews on sexuality (Celis, Oyarzun Anglonorteamericana, 2015). Woolf confirmed this inspiration, who wrote in her diary on 5 October 1927: And instantly the usual exciting devices enter my mind: a biography beginning in the year 1500 and continuing to the present day, called Orlando: Vita; only with a change about from one sex to the other. Nigel Nicolson, Vita Sackville-West's son, wrote, The effect of Vita on Virginia is all contained in Orlando, the longest and most charming love letter in literature, in which she explores Vita, weaves her in and out of the centuries, tosses her from one sex to the other, plays with her, dresses her in furs, lace and emeralds, teases her, flirts with her, drops a veil of mist around her. Orlando is a critical and a commercial success, it is considered as an outstanding piece of literature as well as groundbreaking for its time (Smith, 2016). The New York Times described it as unconventional even by Woolfs standards. Even though the structure of the novel is hard to grasp as the protagonist lives through three centuries in the span of the novel. They said that Mrs. Woolf has handled the subtle difficulties faced by contemporary writers brilliantly and shows the rest how to introspect profitably in the right direction. Tilda Swindon from The Telegraph wrote, I see now that at any point in a life of any length, when our relentless distractions lapse for a moment and there is that sudden flash of inspired clarity in which we see that all that life is about is nature, breathing in and out and keeping your head high until you drop, Orlando is the book to put under your pillow and rest upon. The novel has not lost its relevance and like its protagonist, it has left time powerless (Bruinsma, 2015). Conclusion Therefore, the essay talks briefly about the plot of the novel and story and mainly focuses on the fluidity of gender presented by Woolf. She established the fact that gender was a concept created and implemented by society itself. She used the gender-biased instruments and attires of Victorian England and created a world of sexual queerness and fluidity, where the line between man and woman does not seem to exist anymore. She strives to make society free from the gender bias and stereotypes where every individual can be what they want to be and not be restricted by norms put upon them. Both critically and financially, Orlando was a contemporary success. It ensured the well-being of Virginia Woolf and even in todays society, it is considered as a landmark for feminist literature. It was not only regarded as high literature but also had a tinge of gossip about it. It is also recognized as an experiment that opened new doors in English literature. There have been multiple theater adaptations of the novel and it has been made into a movie of the same name. Orlando occupies a special place in terms of womens literature, it is one of the very few notable pieces of writing by a woman who directly broaches the controversial and difficult topic of gender. This book has stood the test of time and the readers can still connect with the ideas presented by Woolf even in the present current society. References Bruinsma, Y. A. (2015). 'Give us also the Right to our Existence!'Explorations of Gender Identity in the Early 20th Century as portrayed in Virginia Woolf's Orlando and Radclyffe Hall's The Well of Loneliness. Carroll, D., Wheeler, M. (Eds.). (2014).The Victorian period: the intellectual and cultural context of English literature, 1830-1890. Routledge. Celis, A. M., Oyarzun, E. V., Anglonorteamericana, F. M. (2015). Orlando: the longest and most charming love-letter in literature Study of bisexuality in and out of fiction, in past and present. Danahay, M. A. (2016).Gender at Work in Victorian Culture: Literature, Art and Masculinity. Routledge. Halsall, A. (2015). A Parade of Curiosities: Alan Moore's The League of Extraordinary Gentlemen and Lost Girls as Neo?Victorian Pastiches.The Journal of Popular Culture,48(2), 252-268. Hollis, C. W. (2017). Virginia Woolfs Double Signature. InVirginia Woolf in the Real World: Selected Papers from the Thirteenth International Conference on Virginia Woolf(pp. 19-23) Johnston, G. (2016).The Formation of 20th-Century Queer Autobiography: Reading Vita Sackville-West, Virginia Woolf, Hilda Doolittle, and Gertrude Stein. Springer. Richter, H. (2015).Virginia Woolf: The Inward Voyage. Princeton University Press. Sanyal, S. (2014). Breaking through the Limits of Flesh: Gender Fluidity and (Un) natural Sexuality in Virginia Woolfs Orlando.Rupkatha Journal on Interdisciplinary Studies in Humanities,6(1), 79-86. Shoemaker, R. B. (2014).Gender in English Society 1650-1850: The Emergence of Separate Spheres?. Routledge. Simpson, K. (2016). Quick and Queer: Love-Life-Writing in Orlando and Affinity. InSarah Waters and Contemporary Feminisms(pp. 43-59). Palgrave Macmillan UK. Smith, M. F. (2016). Virginia Woolf and the Hermaphrodite: A Feminist Fan of Orlando and Critic of Roger Fry.English Studies,97(3), 277-297. Squier, S. M. (2017).Virginia Woolf and London: The sexual politics of the city. UNC Press Books. Stauffer, A. (2015). Introduction. InVirtual Victorians(pp. 1-8). Palgrave Macmillan, New York. Tkal?ec, L. (2016).Modernist Novel and the Idea of Progress: a Reading of Virginia Woolf's Novels-Mrs Dalloway, Between the Acts and Orlando: A Biography(Doctoral dissertation, University of Zadar. Department of English.). Williams, L. C. (2014). Virginia Woolfs history of sexual victimization: a case study in light of current research.Psychology,5(10), 1151. Wood, E. S. (2015).Embodied female voices: Sexuality and artistry in Woolf, Yeats, Joyce, and Beckett. University of Illinois at Urbana-Champaign. Yazdani, S., Cheraghi, H. (2014). A Modernist Perspective: the Concept of Gender Identity in Woolfs Orlando, from the Viewpoint of SD Beauvoir.Anthropologist,18(2), 469-476.