Wooden Bats versus Metal Bats in Baseball Essay

Wooden Bats versus Metal Bats in Baseball - Essay Example Wooden bats are heavier than metal bats since they are strong, and that is the reason they require more exertion to influence than aluminum bats. They additionally have a littler sweet spot because of which the hit stays inside range, i.e., the hitting zone is little. As it were, the heaviness of wooden bats is thought a long way from hands, or as such, the focal point of gravity lies in the barrel. Along these lines, the swing weight is higher, which keeps the ball inside range and implies that the ball won't go a lot farther. Metal bats are empty from inside. A metal bat is lighter as a result of a bigger sweet spot (Zumerchik 52), and the weight is thought extremely near the hands, which will make the hit swing a lot higher as the swing weight is lower. A ball tossed at a higher or quicker pace will likewise go farther. Wooden bats are more secure than metal bats on the grounds that the leave speed of the ball is much more slow if there should arise an occurrence of wooden bats. Consequently, the ball falls off with moderate speed, which is acceptable as it decreases the threat of injury if the ball hits another player or pitcher. Additionally, there is no possibility that the bat will get hurled away from the hands of the player. This is the reason significant group baseball specialists underwrite the utilization of wooden bats, thinking about the hit intensity of the expert players. Metal bats, as they are lighter, can without much of a stretch get hurled away to harm another player. Additionally, the bigger sweet spot if there should arise an occurrence of metal bats causes bigger leave speed of the ball, i.e., the ball will hop off quicker, which could harm anyone inside the hitting zone genuinely. There have been numerous tragic occasions before, in which players or observers got harmed because of this issue, as the Associated Press states, â€Å"A New Jersey youngster left mind harmed in the wake of being struck by a line drive while playing in an adolescent ball game will get $14.5 million to settle his claim against the bat.

How to Report Earthquake Damages in the Income Statement free essay sample

The Financial Accounting Standards Board Accounting Standards Codification expresses that: Extraordinary things will be isolated from the consequences of customary tasks and indicated independently in the salary explanation, with revelation of the nature and sums thereof. (225-20-45-9) AND Descriptive subtitles and the sums for individual uncommon occasions or exchanges will be introduced, ideally on the essence of the pay articulation, if practicable; in any case revelation in related notes is satisfactory. The idea of an unprecedented occasion or exchange and the essential things going into the assurance of an uncommon increase or misfortune will be depicted. The personal expenses material to uncommon things will be uncovered on the essence of the salary proclamation; then again, divulgence in the related notes is satisfactory. Considering the entirety of the above data my proposals include: †¢ Report all harms independently from net gain. †¢ Report as a phenomenal thing. †¢ Disclose in a note: 1. The idea of the phenomenal occasion. We will compose a custom article test on Instructions to Report Earthquake Damages in the Income Statement or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page 2. The assurance of how we came about choosing to characterize as an uncommon thing. 3. Inscriptions and measures of remarkable misfortune. (Counting store harms, and misfortunes because of the store being shut). I anticipate talking with you further on the issue. Fenced in areas: Works Cited and Example Resources. Works Cited Spiceland, David, Sepe, Jim, Nelson, Mark. Middle of the road Accounting. sixth ed. McGraw-Hill/Irwin. New York: McGraw-Hill/Irwin, 2011. Print Financial Accounting Standards Board Accounting Standards Codification.

Essay Topic for College

<h1>Essay Topic for College</h1><p>Writing an individual story article theme for school isn't equivalent to composing a normal paper. Composing an individual story article takes a lot of scholarly and enthusiastic knowledge. Actually, it requires indistinguishable aptitudes from composing a normal exposition on any topic.</p><p></p><p>Writing an individual account article subjects for school is an extraordinary method to investigate your own understanding. It is additionally an approach to delineate your scholarly aptitudes and to gain a higher education. Like every single great papers, individual story expositions are written in the present tense.</p><p></p><p>Writing an individual account article point for school has numerous preferences. It permits you to pick a point that you know well indeed. You are frequently more ready to compose a paper regarding a matter since you have composed it previously. Numerous underst udies in the past have had a comparable encounter as you. Subsequently, the universe of your story is new in your mind.</p><p></p><p>A conventional school exposition is practically difficult to peruse. Regardless of whether you pick the paper subject that you know well, you will find that the composing is a lot harder than the typical exposition. Composing an individual story article is increasingly similar to composing a sonnet or an exposition than an ordinary essay.</p><p></p><p>The voice of the paper is so not quite the same as that of a customary exposition. The best close to home account exposition points for school are ones that require some genuine innovative exertion. A genuine case of this is the Stanford Prison Experiment.</p><p></p><p>There are numerous other genuine instances of individual account exposition subjects for school. You can discover them on the Internet or on different papers for school . These are only a couple of the numerous points that you can choose.</p><p></p><p>Writing an individual story exposition themes for school is additionally an extraordinary method to find out about yourself. As you read through these articles, you will locate that a significant number of the individuals who read them will proceed to turn out to be better writers.</p>

What You Must Know About English Essay Topics for Bsc and Why

<h1> What You Must Know About English Essay Topics for Bsc and Why </h1> <p>When you're in secondary school, it's unequivocal that you're anticipated to do a couple reviews and activities which require pen and paper. Try not to be reluctant to pose inquiries if there are a couple of indistinct focuses. Despite the fact that the span of the conversation will remain wide, the conclusions and ideological places of heaps of huge masterminds regarding the matter will in like manner be fused into the examination. In the event that you are looking for help with your paper, at that point we give a far reaching composing administration given by completely qualified scholastics in your general vicinity of study.</p> <h2> What Has to be Done About English Essay Topics for Bsc Before It Is Too Late </h2> <p>Writing a secondary school article on the off chance that you have the tips about how to do exposition successfully. Is music to make your paper subj ects. It must be unique and unpublished. You need to see totally that you're not composing a spellbinding exposition. </p> <p>Citations and concentrates from a few sources must be designed appropriately. There's many papers finished by them. All articles will have a specific point that is it is possible that one you pick or one which is accommodated you. As a result, we recommend that you work on composing test papers on a few points. </p> <p>Nevertheless, on the off chance that you might want to practice your capacity to study, take a gander at these 71 exposition themes Romeo and Juliet for school writing. On account of the right choice of introduction style and a careful comprehension of the objectives you wish to achieve in your paper, there are a lot of classifications article topics might be broken into. You won't have the option to wrench out a 4,000-word exposition in a week and get an A. Secondary school articles are organized comparably regardless of the theme and magnificent exposition structure will permit you to compose an exceptionally clear paper that streams from 1 section to the next.</p> <p>You see, the shows of English papers are fairly more standard than you may might suspect and, from numerous points of view, it tends to be as simple as checking to five. English is consider as a key language in little, medium, and enormous organizations all around the planet. In this way, it's adv antageous on the off chance that you know English and it's likewise useful to them to whom English isn't local language. English is actually the most demandable language on earth from past numerous decades. </p> <p>If you're despite everything exploring for someone to help you with your examination, you've thumped at the best possible entryway. Regardless, lodge exit must be unrestricted. The social wellbeing net isn't especially solid in the country. In the event that you are set up to confront every one of these difficulties, we can wish an awesome karma in accepting the most extreme evaluation for your paper! </p> <p>You need to locate the right assets for your exposition and tolerance when finding the right motivation to compose. Likewise, you will be excited with how we'll deal with your task quick, expert and holding fast to every one of your guidelines and solicitations. Getting imaginative and distinct can now and again be a test. Regardless, you need to enhance your input giving aptitudes. </p> <p>Start investigating by perusing the web, and it'll assist you with acquiring the general thought regarding what you're probably going to expound on. Try not to be reluctant to join in any event one of the potential points that you check whether you're ready to make a connection among them and repurpose them for that structure. Choosing a point is an imperative issue that somewhat evaluates last accomplishment of the activity. Network administration incorporates a lot of strain and burnout (Yang, 2009). </p> <p>To compose an incredible exploration paper you should be certain about your contention. Examination paper help through the entire procedure for the most part implies a predominant thing. This paper will need to follow the direction of the quandary of race all through the development of America. The more you grasp the less difficult it's for you to form a flourishing examination paper. </p> <p>The whole examination ought to be developed around or from the subject. Each time a task is doled out understudies face with a difficulty of settling on the right decision among a superb number of human science themes for research papers. On the off chance that you like science, you're ensured to talk constant about it. Watching the region of humanism for those updates is thought of as the best strategy to remain all around educated on the new patterns of this science. </p>

Essay Topics For IELTS

<h1>Essay Topics For IELTS</h1><p>These are a few points for an IELTS test study. This is to set you up for the test and furthermore to upgrade your expertise in English. It will assist you with learning English abilities and discuss adequately with others.</p><p></p><p>Listening to music and watching motion pictures on TV will support your English aptitudes. There are films that are not in English however simply utilizing the sound in English, which truly draws out the English familiarity. In the event that conceivable, watch English-language films. They can give you a vibe of what life resembles when you are in England.</p><p></p><p>When perusing writings in English, attempt to separate them in little lumps and just read the segments that intrigue you. You can discover gigantic measures of data that you would prefer not to put down and don't have to comprehend. At the point when you hear somebody talking, simply get each word and translate it. In the event that important, stop the entire discussion and quest for the point that you despite everything need to understand.</p><p></p><p>The most ideal approach to catch on quickly is to attempt to compose from your heart and not from the mind. When composing a paper, you might need to utilize the pen instead of the PC. Regardless of whether you are bad at composing, you can rehearse for quite a while by composing on your hands. It is smarter to compose by hand at that point utilizing the PC which may utilize a lot of your brainpower.</p><p></p><p>When you are composing, ensure that you pick the best possible tone and utilize the correct jargon for English. The right tone helps in building up a language fitness. At the point when your tone is clear and has a normal progression of sentences, you will have the option to appropriately communicate in English.</p><p></p><p>Reading news features and articles that are in English are not terrible but rather you should concentrate more on stories that are identified with English. For instance, on the off chance that you are going to take an English-English instructional exercise, you should peruse news about English and learn English syntax. At the point when you know about some fundamental action words, you can move onto greater themes. The rudiments are significant and you can generally return to the nuts and bolts when you are prepared to proceed onward to greater things.</p><p></p><p>When composing an article in English, you need to know the right accentuation and upper casing. These are the most widely recognized mix-ups made by many. You ought to never change the standards since they are set up on purpose. Simply be predictable and ensure that you keep the guidelines you have set forth.</p><p></p><p>Write your exposition as you need it to be composed. You can add some close to home touch to it by making a title for it. You need to communicate what you need to state, with the goal that the individuals who read it will get a thought of what your exposition is about. Ensure that you have comprehended the exposition before you submit it. You can look at it again and ensure that you have comprehended it before you send it in.</p>

Factors Influencing Stock Prices In Indonesian Stock Exchange - Free Essay Example

There are many definitions of stock with different point of view. Bernstein states that stocks are partial ownership of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets which are subordinated with debt (Bernstein, R. 2002). Stock is a device that implies an ownership position in a company and signifies a claim on its proportional share in companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets and profits. Only certain companies have stock called corporation. Limited partnership and Sole proprietorship do not issue stock (WebFinance, Inc., 2010). According to Vernimmen et al. (Vernimmen et al. 2009, p. 527), à ¢Ã¢â€š ¬Ã…“A stock or a share is a security that is not redeemed.à ¢Ã¢â€š ¬? The investment can only be recognized through disposal and whose revenue flows is uncertain. Corporations need financial resources and this required resources usually come from ordinary or common stocks, preferred stocks, and medium to long term lenders or debenture holders. Common stock is everlasting capital for the corporation. The owners who invest in this type of stock are called ordinary or common shareholders and any profit retained after paying debenture interest will be distribute to them called dividend. Preferred stocks are i ssued to public in order to acquire capital and these stocks have rights to specified yearly fixed percentage dividend on the paid-up capital. Preferred stocks are less common in stock market (Anandarajah, Aseervatham, and Reid 2005). The following are the characteristics of common stock and preferred stocks: (Scott et al. 1999). Preferred Stock A hybrid security which has similar characteristics to bonds and common stocks. It is similar to bonds in its dividends which are limited in amount. It is similar to common stocks in that it has no fixed maturity date, dividends are not deductible in terms of tax purposes, and non-payment of dividends will not cause bankruptcy. Common Stock. Common stock shares imply an ownership in corporation which does not have maturity date and exists as long as the firm does. Stock exchange is an organization which helps connection between potential buyers and potential sellers of stocks. Stock exchange can be physical place, networ k of computers, system of telephone link, etc. A stock market is a place where stocks can be purchased and sold (Samuel, J.M., Wilkes, F.M., and Brayshaw, R.E. 1996). Most of countries around the world have stock exchanges. The number of stock exchanges around the world is growing significantly. Based on continents, stock exchanges around the world can be divided into 6: Africa, Asia, Europe, Middle East, North America, and South America. Indonesia Stock Exchange called IDX is one of the stock exchanges in Asia (Stock Exchanges Worldwide Links, n.d., 2010). Principally, there are 2 advantages are obtained by investor who buying or having stocks in stock exchanges (Indonesia Stock Exchange, 2007): Dividend. Dividend is sharing profit awarded by a company because of holding stock for a relatively long period until ownership term is in period where an investor is recognized as shareholder who has right to get dividend. Capital Gain. Capital gain is the difference between selling price and buying price acquired from trading activities. Those advantages cause investors choose stocks as an attractive alternative than put their money in fixed deposits that have low interest rates (Chuan, 2004). Basically, investors who buying or having stocks will also have some risks (Indonesia Stock Exchange, 2007): Capital Loss. Capital loss is a situation when an investor is selling the stocks at lower price than the buying price. Liquidity Risk. A company with shares held by public is declared for its bankruptcy by the Court. Shareholders or investors will have the last priority of claiming their rights after all liabilities are fulfilled. The rest of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth will be shared proportionally to the shareholders. Shareholders will not obtain anything from the liquidation if there is no rest left. The overall price movements of common stocks of corporations traded on stock markets are called stock market price indexes. Corporate stockholders will get benefit from company through dividends and have right to vote in company. Investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ capital gains and losses will affected by increasing and falling of stock prices (Frumkin 2000). Norman (Frumkin, N. 2000, p. 277) states that à ¢Ã¢â€š ¬Ã…“The dividend yield, which is the rate of return on a share company stock, is a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s annual cash dividend percentage of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s annual stock price.à ¢Ã¢â€š ¬? Nowadays, the price of stocks in Indonesia Stock Exchange is changing rapidly. The average price of stocks in Indonesia Stock Exchange increased significantly (approximately 20%) during 2006. The average price decreased approximately 19% during January 2008 and declined again approximately 16% during March 2008. The significant change of stock prices in Indonesia Stock Exchange is caused by external environmental factors or macroeconomics factors (Frensidy, B. 2008). There are many external envi ronmental factors that impact financial system including stocks. Those factors are economic growth, inflation, exchange rates, interest rates, etc (Evans, et al. 2000). Many investors lost their money because of the significant change of stock prices in Indonesia Stock Exchange. Investors lost their capital because they sell their stocks at lower price than the buying price (Indonesia Stock Exchange, 2007). By analyzing external environmental factors, investors can predict the future price of stocks more accurately. To minimize the risk or capital loss, investors have to understand external environmental factors influencing stock prices in order to make correct decision whether they have to buy, sell, or hold the shares. The research will identify external environmental factors which have significant influence on stock prices and explain the relationship between those factors and stock prices in order to accomplish that goal. Objectives, Research Question, and Research Hypotheses The objectives of the research are: To identify the variables of external environmental factors influencing the stock prices in Indonesia Stock Exchange. To analyze the influence of external environmental factors on stock prices in Indonesia Stock Exchange. Based on the objectives, the research questions are as follow: Which external environmental factors influence stock prices in Indonesia Stock Exchange? How does external environmental factors influence on stock prices in Indonesia Stock Exchange? Based on the research question, the research hypotheses are built up: External environmental factors encourage the change of stock prices in Indonesia Stock Exchange. External environmental factor have strong correlation with stock prices in Indonesia Stock Exchange. Scope This research study will focus on external environmental factors influencing the stock prices in Indonesia stock exchange, which will be explained more briefly in chapter 2 literature reviews. Some external environmental factors influencing stock prices are applied to explain the correlation between external environmental factors and stock prices in Indonesia Stock Exchange. The analysis of what kind of relationship (positive or negative) between external environmental factors and stock prices will also be clarified in this research. The literature reviews will consist of some external environmental factors which influence stock prices especially in Indonesia Stock Exchange. A survey will be performed in order to collect data about the change of several external factors and stock prices in Indonesia Stock Exchange. Based on collected data, a model will be offered to analyze the relationship between stock prices and external environmental factors. Lastly, this research will be limited and focused on the following: The research is only focused on JSX composite index or (Indonesian: Indeks Harga Saham Gabungan, IHSG). This research is only focused on external environmental factors which influence stock prices. The data collection period of this research is 5 years from 2005 to 2009. Chapter 2 LITERATURE REVIEW Literature Review of External Environmental Factors and Stock Prices in Indonesia Stock Exchange This chapter will summarize external environmental factors which influence stock prices. Factors and frameworks will be appeared by joining and integrating adopted theories. Lastly, the major external environmental factors influencing stock prices in Indonesia Stock Exchange will be provided in this chapter. Categories of Stocks and Types of Orders In the market, there are various names of stocks that refer to different categories of stocks (Chuan, 2004): Figure 2.1 Categories of Stocks Source: adapted from Chuan, 2004 Blue Chips refer to stocks that are steady with good fundamentals. Undervalued Stocks refer to stocks which are well-established by companies with solid balance sheet. Such stocks are generally unnoticed by investors, traded with small volume, and receive little reporting from media and analysts or experts. Growth Stocks refer to stocks which are established by recognized companies that have high growth sectors and their business are predicted to enlarge quickly over the coming years. Such stocks are generally traded with higher PER (Price Earnings Ratio) even though they lack of history of strong earnings base. While companies show continual rise in their earnings, the price of these stocks will increase. Penny Stocks refer to stocks that have small capitalization and traded bellow one dollar . Small-Cap Stocks refer to stocks that have very few issued shares and traded in low price at stock market. Such stocks are usually not bought by foreign institutions and funds. Small-Cap Stocks have some risks as follow: Smaller companies tend to less flexible to major crisis because they are less diversified and more prone to market shocks and monetary crisis. Trading volumes are low and less liquid. Therefore, investors may not find the buyers in stock market when they want to sell the stocks. Small-Cap Stocks are more sensitive to news and rumors. There are 3 types of orders used in the buying and selling of stocks as follow (Chuan, 2004): Market Order Market order is an order to buy or sell stocks instantly at the best current price. For example, investors place market order to sell AAA shares. It means investors buy AAA shares at current offering price. Limit Order Investors which place limit order will set a certain suitable price to buy or sell a particular stock. Stop Order Stop order is an order to buy or sell the stocks that are traded at certain price level immediately. This certain price level is known as stop price. For instance, investors place stop order to buy AAA shares at $5.00. If AAA shares begin to trade at $5.00, the order becomes market order and broker will buy shares at the best current price. In terms of selling stop order, the order is placed bellow current price to help investors decrease their possible losses and keep their profit. Timing and Stock Investment Investor would discourage when the price of their stocks decreased significantly after they had bought the stocks or to be trapped in market crash after they had invested their money in the stock market. Good timing is the most crucial factor for investors in stock market. Even the best stocks will become useless investments if investors buy them at wrong time (George, A. 2008). The major problem is good timing cannot be determined easily because stock market is influenced by large amount of factors and events that are beyond prediction. Investors have to understand factors influencing stock price and involve some insight to determine good timing whether they have to buy, sell, or hold their stocks (Chuan, 2004). In stock investment, price is mechanism by which practically all goods and services are exchanged. In this case, price has strong power or price is a king because price will determine whether stocks become excessively expensive or inexpensive (George, A 2008). The price of stocks tends to increase when there are more buyers than sellers in stock market. Buyers are tense in stock market based on expectation of future price increase. There are some signals which make buyers believe that future stock price will increase (Chuan, 2004): Positive indication from market trend. Rumors in stock market. Information concerning better earnings prospects for company. External Environmental Factors Influencing Stock Prices There are several external environmental factors influencing the uptrend or downtrend of stock prices in stock market. Those external environmental factors are: Worldwide stock market. Local economy. Political factor. Inflation. Foreign Exchange Rates. Interest Rates. Commodity Prices. Worldwide Stock Market The performance of world economy will have effect on local economy or Indonesian economy due to globalization. The worldwide economy especially US, China, Japan, and Singapore economy will help to enhance Indonesian economy because those countries are major trading partners of Indonesia (CIA, 2010). Therefore, positive economic performance of those countries will give favorable result for Indonesian Stock Market (Chuan, 2004).Indonesian stock prices get significant impact from US, China, Japan, and Singapore stock prices. JCX composite index or IHSG obtain significant influence from worldwide stock market especially DJIA (Dow Jones Industrial Average), Nikkei 225, Hang Seng and Strait Times. Investors always look at those stocks before and during trading stocks in Indonesia Stock Exchange. Export partners and import partners of Indonesia will affect local economy and price of JSX composite index in Indonesian Stock Exchange (Samsul, M. 2006). For example, JCX composite index in 7 May 2010 decreased significantly (71.29 points or 2.54%) because of the decrease of worldwide stock market. Dow Jones Industrial Average decreased 407.05 points or 3.75%, Nikkei decreased 331.1 points or 3.1%, Hang Seng decreased 213.12 points or 1.06%, and Strait Times decreased 6.7 points or 0.59%. The decrease of worldwide stock market had significant influence on Indonesian stock prices (Meryani, A. 2010). Figure 2.2 Indonesia Export Partners 2009 Source: adapted from CIA, 2010 Figure 2.3 Indonesia Import Partners 2009 Source: adapted from CIA, 2010 Local Economy GDP or Gross Domestic Product is regularly used as an indicator of economic performance of the country. Brux (Brux, J.M. 2008, p. 351) states that à ¢Ã¢â€š ¬Ã…“Gross Domestic Product (GDP) is defined as the market value of all final goods and services produced in the economy in a given time period (usually one year).à ¢Ã¢â€š ¬? There are two different types of GDP as follow: Nominal GDP. Nominal GDP is GDP that determined at current prices or actual prices of a particular year. Real GDP. Real GDP is GDP which adjusted for inflation. GDP is generally used as indicator of standards of living in a country. If GDP is high, there is an assumption that economy in a country is doing well and this country has high standards of living. When GDP is growing, there is an assumption that economic activity in a country and standards of living are rising (Brux, 2008). When GDP of a country shows positive growth, it is usually followed by positive trend in stock market. There fore, GDP is often used by investors to estimate turning points of their stocks and to time their investment.GDP growth and other economic data are published in newspaper. When investors read this information, investor should know how to use the information wisely. For instance, when banking sector is predicted to perform badly, investors should leave out banking stocks in their stock investment. This information will help investors to choose their stocks and make correct decision whether they have to buy, sell, or hold the shares. When economic condition in a country is good, stock prices generally tend to increase. However, investors have to be careful because it is also a sign that good days are numbered. Economy which is growing too fast will be difficult to maintain its growing or to be sustained (Chuan, 2004). Political Factor Stock price can be affected by regional, national, and international political situation. Political crisis usually will have negative impact in stock market trends. Stock prices generally will drop significantly because of political crisis (Chuan, 2004). Inflation According to Hook (Hook, J.A. 2003, p. 110), Inflation is à ¢Ã¢â€š ¬Ã…“A condition in which the economy experiences a continuous increase in the average price level of all goods and services.à ¢Ã¢â€š ¬? The price of certain goods and services may decrease but the average price of all goods and services increases. Financial service industries and banking are influenced significantly by inflation (Hook, J.A. 2003). Inflation can also be defined as a state that has continuous increase in prices of goods and services. Inflation will increase the cost of doing business because price of goods and services increases significantly. Therefore, it is expensive to do business during inflation and profit margins of business will decrease due to higher price of raw materials, rentals, etc (Chuan, 2004). Potential earnings of companies will determine the demand for a stock. Therefore, potential earnings of many companies generally decreased during inflation period due to the lower demand for stock. The lower demand for a stock will cause the decrease of stock prices in stock market. Investors should look at the growing of inflation and sell their stocks before inflation happens. Investors can use commodity prices and interest rates as indicators of inflation trend. When commodity prices and interest rates are rising, those factors indicate the coming of inflation. Investors should have carefulness to enter the stock market (Chuan, 2004). Foreign Exchange Rates Taylor, F. states that foreign exchange rate is the ratio which is used to convert one currency into another. Most countries around the world have their own currencies released by certain official agency which is called monetary authority or central bank. Currency is medium of exchange which is used to buy goods and services (Taylor, F. 2003). According to Philip (Philip et al. 2000), there are types of exchange rate system as follow: Flexible Exchange Rates. Flexible exchange rates system is an exchange rate system which the value of currency is permitted to react to market forces without any intervention by central banks or monetary authority. Fixed Exchange Rates. Fixed exchange rates system is an exchange rate system which associate countries agree to fix the value and changes only occur under certain particular condition. This exchange rate system can reduce uncertainty from international trade and support long term investment in international trade. Managed Floating. Managed floating is an exchange rate system which currency is allowed to respond to market changes but central banks are allowed to interfere in order to protect the value of the currency especially when central banks believe that depreciation is only temporary. à ¢Ã¢â€š ¬Ã…“Stock-Orientedà ¢Ã¢â€š ¬? models of exchange rates which also known as portfolio-balance approaches view exchange rates as equating demand and supply for certain assets especially stocks and bonds. Financial assets are valued by present values of future cash flows, expectations of relative currency values have significant role in price movements especially for internationally held financial assets. Therefore, stock prices are influenced by exchange rates movement (Ajayi and Mougoue, 1996). JCX Index or IHSG gets significant influence from the fluctuation of USD/IDR exchange rate. USD/IDR indicates how many IDR (Indonesia currency) per US dollar. The decrease of IDR currency in term of US d ollar is generally followed by the decrease of several Indonesia stock prices such as Telkom, ASTRA International, Bakrie Telecom, Kalbe Farma, etc (Sihombing,G. 2008). Figure 2.4 shows that the fluctuation of USD/IDR exchange rate is very high. Therefore, Indonesian investors should look at USD/IDR exchange rate as consideration in trading stocks (Yahoo, 2010). Figure 2.4 USD/IDR Exchange Rates from 2005 to 2010 Source: Yahoo, 2010 Interest Rates Frumkin (Frumkin, N. 2000, p. 190) states that à ¢Ã¢â€š ¬Ã…“Interest is the cost of borrowing money, and interest rates are the price of money.à ¢Ã¢â€š ¬? Interest rates which refer to yields are the annualized percentage that interest is of the principal of the loan. Interest rate is a good indicator of inflation trends because of its role as regulatory device to monitor the inflation trends. If interest rate increases, the cost of borrowing money will become higher and more expensive. Investing and developing business will be more expensive. Therefore, the economic growth is decrease and the inflation is under control. Besides as an indicator of inflation trends, interest rates also affect stock market and have significant influence in stock prices. When interest rate in a country is low that indicates stable or low inflation rates, stock market generally shows its positive trends and has tendency to be more active. Many investors prefer to put their money on other inve stments rather than put their money in bank deposits due to lower fixed interest rate. Investors will obtain lower return from bank deposits than return which comes from other investments especially stocks or shares. In addition, the cost of borrowing money becomes cheaper and this makes investors advance their additional borrowing for investment. Therefore, low interest rate will give positive impact to stock market in terms of rising stock prices. Investors have to be more careful when there is news about increasing interest rates. Investors should look at the change of interest rates regularly because of the impact of interest rates on their stock prices (Chuan, 2004). Increasing interest rates will give a negative effect on many companies which have large debts or loans because of the rising of cost of borrowing. The profit of the companies and ability to grow will decrease. When the profit of companies decrease, stock prices generally becomes less attractive and their stock prices decrease. When interest rates become high, investors usually react in two possible outcomes as follow (Mladjenovic, P. 2009): Investors may sell some of their stocks to pay their interest loans or debts. If many investors sell their stock, it will give negative effect on stock prices. Stock prices tend to decrease because there are more sellers than buyers in stock market. Higher interest rates may cause investors swap change their investment from stocks to bonds or bank deposits which offer higher return. In Indonesia, interest rate decisions are decided by Central Bank of Republic of Indonesia. Indonesia interest rates dropped significantly over the years that can be seen in figure 2.5. The decrease of interest rates will attract more investors to invest their money on stock market (Trading Economics, 2010). Figure 2.5 Indonesia Interest Rates from 2006 to 2010 Indonesia Interest Rate Source: Trading Economics, 2010 Commodity Prices Basic commodities which are required in the production process of most goods and services are good indicators of inflation trends. Those commodities are oil, rubber, steel, etc. When the prices of those commodities increase, the cost of goods and services will also increase. Therefore, when the prices of most commodities increase, it may be an indication of inflation. Investors should have carefulness to enter the stock market. Besides as an indicator of inflation trends, commodity prices especially oil prices also affect stock market and have significant influence in stock prices (Chuan, 2004). Higher oil prices will have significant impact on stock market returns especially the aggregate effect of stock prices. Higher oil prices may cause the rising of production cost which will give great forces on industry equity returns. In oil exporting countries, higher oil prices will increase profits from oil, gas, coal, and vary resources industries. Higher oil prices may cause the ris ing of stock prices especially for oil exporting countries which depends on relative significance of the industries (Chen, A. H. 2008). JCX composite index or IHSG gets significant influence from the fluctuation of oil prices. For instance, the price of oil in early 2008 increased significantly to US$ 147 per barrel and then decreased drastically to US$ 36 per barrel. The price of JCX composite index followed the fluctuation of oil prices. In the early 2008, JCX composite index increased to IDR 2800. At the end of this year, JCX composite index decreased to IDR 1100 (more than 100%) because of the decrease of oil prices. Indonesian stock prices generally follow the fluctuation of oil prices. When the oil prices decrease, stock prices usually also decrease and otherwise. Therefore, Indonesian investors should look at the movement of oil prices as consideration in trading stocks (Sidarta, W. 2010). Research Framework Stock price in Indonesia Stock Exchange is the main axis in the research framework. The potential external environmental factors which influence stock price are: Economic factors. Economic factors consist of worldwide stock market (DJIA, Hang Seng, Nikkei, and Strait Times), local economy (GDP), inflation, interest rates, exchange rates (USD/IDR exchange rates), and commodities prices (oil price). Interest rates and commodities prices have correlation with inflation because the movements of those factors are indicator of inflation trends. Political factors. Stock price can be affected by regional, national, and international political situation such as political crisis. All of those potential factors will become consideration factors for Indonesian investors in order to make correct decision whether they have to buy, sell, or hold their stocks. The research framework can be seen in figure 2.6. Figure 2.6 Research Framework POLITICAL FACTOR ECONOMIC FACTORS STOCK PRICE (JCX Composite Index or IHSG) INTEREST RATES INFLATION OIL PRICES EXCHANGE RATES (USD/IDR) LOCAL ECONOMY (GDP) WORLDWIDE STOCK MARKET (DJIA, NIKKEI, HANG SENG, STRAIT TIMES) Source: The Researcher Summary The research topic in this study is An Empirical Study of Factors Influencing Stock Prices in Indonesia Stock Exchange. The report consists of introduction, literature review, and reference. Chapter 1 introduction identifies background of the research, objectives of the research, research question, research hypotheses, and scopes. Chapter 2 literature review provides knowledge and theories that are related to research topic. Summary and explanation of external environmental factors which influence stock prices will be provided in this chapter. At the end of this chapter, the author provides research framework in this report. Factors and frameworks will be appeared by joining and integrating adopted theories. Lastly, references show the sources of all information used in this research.

Hearsay, Deception and Transfer College Essay Samples

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