Working capital management of trading houses in India

Capital formation is of crucial importance in the process of economic development. Experience of development in other countries suggests that a high rate of capital formation was achieved to trigger rapid economic growth. The Indian planning commission puts this idea correctly when it states: "The level of production and the material well-being a community can attain depends, in the main, on the stock of capital and its disposal, i.e., on the amount of land per capital and of productive equipment in the shape of machinery, buildings, tools and implements factories, locomotives, engines, irrigation facilities, power installations and communications. The large stock of capital, the greater trend to be the productivity of labour and therefore, the volume of commodities and services that can be turned out with same effort." The investment in the working capital is decisive to any financial manager as it is important as the investment in the fixed capital. The management of current assets is similar to that of fixed assets in a sense that in both cases the firm analyses their effects on its return and risk. Working capital management focuses on firm's investment in current assets and current liabilities. Excessive investment in current assets impairs firm's profitability, as idle investment earns nothing while inadequate amount of working capital can threaten the solvency of the firm, if it fails to meet its current obligations

A Study on Coporate Governance and the Financial Performance of Selected Indian Companies

Good governance is the expectations of every stakeholder, specially, shareholder. Governance is related with the controlling of the activity and controlling of the corporate sector can be termed as corporate governance. But the implementation of ‘Corporate Governance’ is not that much simple as its meaning. Corporate Governance is recently emerged concept and has taken the attention of each and every country, investors and corporate professionals. Corporate governance is the practice, which requires transparency, accountability and good performance from the corporate executives. It has, its strong base from the internal management of company, to the shareholders’ value as well as corporate social responsibility. Reasons for selecting corporate level units which are functioning in India is to find out whether corporate governance is actually being practiced by the corporate level executives or not

An investigation into the use of derivatives by the 2nd 100 largest listed companies in South Africa

Includes bibliographical references (leaves 40-41).My research question is: "An investigation into the use of derivatives by the 2nd 100 largest listed companies in South Africa" as this is where I have been positioned in the group that is undertaking this research. I will endeavor through this research report to establish not only which companies are using derivatives but through a review of the Annual Financial Statements "AFS" also the reason for the use of derivatives whether only to hedge against for example market risk or whether the companies are using derivatives to speculate. I will also compare the use of derivatives by this subset of South African companies with other studies including those with medium or large companies. I will review the current accounting standards to understand and outline the requirements for these companies. I will also summarise a sample of the previously published papers internationally which delved into a similar topic

The use of response surface methodology and artificial neural networks for the establishment of a design space for a sustained release salbutamol sulphate formulation

Quality by Design (QbD) is a systematic approach that has been recommended as suitable for the development of quality pharmaceutical products. The QbD approach commences with the definition of a quality target drug profile and predetermined objectives that are then used to direct the formulation development process with an emphasis on understanding the pharmaceutical science and manufacturing principles that apply to a product. The design space is directly linked to the use of QbD for formulation development and is a multidimensional combination and interaction of input variables and process parameters that have been demonstrated to provide an assurance of quality. The objective of these studies was to apply the principles of QbD as a framework for the optimisation of a sustained release (SR) formulation of salbutamol sulphate (SBS), and for the establishment of a design space using Response Surface Methodology (RSM) and Artificial Neural Networks (ANN). SBS is a short-acting ♭₂ agonist that is used for the management of asthma and chronic obstructive pulmonary disease (COPD). The use of a SR formulation of SBS may provide clinical benefits in the management of these respiratory disorders. Ashtalin®8 ER (Cipla Ltd., Mumbai, Maharashtra, India) was selected as a reference formulation for use in these studies. An Ishikawa or Cause and Effect diagram was used to determine the impact of formulation and process factors that have the potential to affect product quality. Key areas of concern that must be monitored include the raw materials, the manufacturing equipment and processes, and the analytical and assessment methods employed. The conditions in the laboratory and manufacturing processes were carefully monitored and recorded for any deviation from protocol, and equipment for assessment of dosage form performance, including dissolution equipment, balances and hardness testers, underwent regular maintenance. Preliminary studies to assess the potential utility of Methocel® Kl OOM, alone and in combination with other matrix forming polymers, revealed that the combination of this polymer with xanthan gum and Carbopol® has the potential to modulate the release of SBS at a specific rate, for a period of 12 hr. A central composite design using Methocel® KlOOM, xanthan gum, Carbopol® 974P and Surelease® as the granulating fluid was constructed to fully evaluate the impact of these formulation variables on the rate and extent of SBS release from manufactured formulations. The results revealed that although Methocel® KlOOM and xanthan gum had the greatest retardant effect on drug release, interactions between the polymers used in the study were also important determinants of the measureable responses. An ANN model was trained for optimisation using the data generated from a central composite study. The efficiency of the network was optimised by assessing the impact of the number of nodes in the hidden layer using a three layer Multi Layer Perceptron (MLP). The results revealed that a network with nine nodes in the hidden layer had the best predictive ability, suitable for application to formulation optimisation studies. Pharmaceutical optimisation was conducted using both the RSM and the trained ANN models. The results from the two optimisation procedures yielded two different formulation compositions that were subjected to in vitro dissolution testing using USP Apparatus 3. The results revealed that, although the formulation compositions that were derived from the optimisation procedures were different, both solutions gave reproducible results for which the dissolution profiles were indeed similar to that of the reference formulation. RSM and ANN were further investigated as possible means of establishing a design space for formulation compositions that would result in dosage forms that have similar in vitro release test profiles comparable to the reference product. Constraint plots were used to determine the bounds of the formulation variables that would result in the manufacture of dosage forms with the desired release profile. ANN simulations with hypothetical formulations that were generated within a small region of the experimental domain were investigated as a means of understanding the impact of varying the composition of the formulation on resultant dissolution profiles. Although both methods were suitable for the establishment of a design space, the use of ANN may be better suited for this purpose because of the manner in which ANN handles data. As more information about the behaviour of a formulation and its processes is generated during the product Iifecycle, ANN may be used to evaluate the impact of formulation and process variables on measureable responses. It is recommended that ANN may be suitable for the optimisation of pharmaceutical formulations and establishment of a design space in line with ICH Pharmaceutical Development [1], Quality Risk Management [2] and Pharmaceutical Quality Systems [3

The battle for policy space : strategic advantages of a human rights approach in international intellectual property negotiations

Includes abstract.Includes bibliographical references (leaves 310-370).The patent system exists to encourage the development of new products from which society will benefit. The strength of protection awarded to patented products is a policy decision, allowing states to balance the monopoly rights of patent-owners against the inherent social costs of monopoly protection. The effective policy space within which states may establish domestic patent policy is increasingly circumscribed by international rules prescribing minimum protection levels regardless of local circumstances or consequences. In international negotiations, developing states have attempted to resist policy space curtailment using arguments that rely on foundational principles of the intellectual property system: its public purpose and its commitment to balancing costs and benefits. This negotiating stance has not been effective; its opponents counterargue that stronger patent protection achieves the same ends. This dissertation examines the resulting circular discussions at the 2001-2003 Doha negotiations and the WIPO Development Agenda talks since 2004. I argue that the impasse stems from an inability to move beyond the costs-benefits tension inherent in the patent system. Economists have been unable to resolve this tension by identifying optimal protection levels. Furthermore, intellectual property theory is unable to provide a bottom line at which the short-term social costs of patent monopolies must be deemed unacceptable, regardless of anticipated longerterm benefits. The developing states' negotiating stance will be strengthened if a bottom line can be identified. I argue that the International Covenant on Economic Social and Cultural Rights provides benchmarks to fulfil this function. ICESCR obligations are specific, objective, and measurable; they have international legitimacy; and they bind almost all states. I examine the Article 12 right to health to show that states violate the ICESCR if they ratify other treaties which reduce policy space and make it more difficult for states to adopt policies to meet their domestic or extraterritorial obligations. I also examine Article 15, concluding that it is insufficiently developed to offer firm guidelines. I use insights from international relations theory to examine the practical possibilities of adopting a human rights-based approach, and argue that the strategy will become progressively more effective as human rights norms are internalized through the negotiating process and by other means

Association between blood eosinophil count and risk of readmission for patients with asthma: historical cohort study

Background: Recent studies have demonstrated an association between high blood eosinophil counts and greater risk of asthma exacerbations. We sought to determine whether patients hospitalized for an asthma exacerbation were at greater risk of readmission if they had a high blood eosinophil count documented before the first hospitalization. Methods: This historical cohort study drew on 2 years of medical record data (Clinical Practice Research Datalink with Hospital Episode Statistics linkage) of patients (aged ≥5 years) admitted to hospital in England for asthma, with recorded blood eosinophil count within 1 baseline year before admission. We analyzed the association between high blood eosinophil count (≥0.35x109 cells/L) and readmission risk during 1 year of follow-up after hospital discharge, with adjustment for predefined, relevant confounders using forward selection. Results: We identified 2,613 eligible patients with asthma-related admission, of median age 51 years (interquartile range, 36–69) and 76% women (1,997/2,613). Overall, 835/2,613 (32.0%) had a preadmission high blood eosinophil count. During the follow-up year, 130/2,613 patients (5.0%) were readmitted for asthma, including 55/835 (6.6%) with vs. 75/1,778 (4.2%) without high blood eosinophil count at baseline (adjusted hazard ratio [HR] 1.49; 95% CI 1.04–2.13, p = 0.029). The association was strongest in never-smokers (n = 1,296; HR 2.16, 95% CI 1.27–3.68, p = 0.005) and absent in current smokers (n = 547; HR 1.00, 95% CI 0.49–2.04, p = 0.997). Conclusions: A high blood eosinophil count in the year before an asthma-related hospitalization is associated with increased risk of readmission within the following year. These findings suggest that patients with asthma and preadmission high blood eosinophil count require careful follow-up, with treatment optimization, after discharge

An empirical study on the role of patents in fostering local pharmaceutical innovation in China

PhDInternational analysts tend to view China as a major beneficiary of the TRIPS Agreement, particularly concerning the effects of the stronger patents of TRIPS on local innovation. Chinese policymakers were also motivated to adopt TRIPS IP reforms by the expectation that stronger patents would stimulate China’s development and improve its ability to match the performance of developed countries more rapidly. Yet, due to the lack of empirical studies, these assumptions remain theoretical. This research investigates empirical evidence to test these assumptions and determine actual impacts on China’s pharmaceutical innovation. It seeks to answer two main questions: (1) how has the TRIPS legal framework affected China’s ability to formulate a pro-development patent policy for pharmaceuticals? (2) how has China’s patent policy affected domestic pharmaceutical innovation? The investigation adopts a public health perspective, through comparative legal analysis and statistical study. The empirical assessment was built on country-level data collection. The legal evaluation has revealed that China has adopted a pro-patent policy for pharmaceuticals, in implementing TRIPS, Chinese policy-makers did not balance intrinsic industry interests in strong patent protection against wider socio-economic interests and issues under Chinese law and legal practices. This research has found that China’s pro-patent policy has had multifaceted economic effects on innovation. Whereas, positive effects of patent strengthening were indentified empirically through innovation indicators, including patent applications and grants, R&D expenditure and ITT inflow, the study also revealed various problems and challenges. Local innovation remains imitation-oriented, little R&D is devoted to researching cures for major 4 diseases, more MNC patents control leading and upstream technologies, and patent litigation has greatly increased. These developments do not augur well for China’s ability to approach developed countries in pharmaceutical innovation. The Chinese experience revealed in this thesis contrasts with conventional expectations of the effects of TRIPS, at least in the Chinese pharmaceutical industry.Wellcome Trust

Stock price reaction to earnings announcements: a comparative test of market efficiency between NSE securities exchange and JSE securities exchange

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013.This study examined stock market reaction to annual earnings announcements using the most recent data from the Nairobi Securities Exchange (Kenya) and JSE Securities exchange (South Africa). The period of study is 1 January 2005, to 31 December, 2011. Using the event study methodology, the magnitude of market reaction to the earnings announcements for a sample of 261 listed firms on NSE and JSE is tested. Abnormal returns (ARs) were computed for each firm and tested how announcements impact a firms’ share price. The results show positive and significant returns on the announcement month for JSE, whereas the returns for NSE are negative and significant on the second month after announcement. In our study, JSE and NSE observed mean CAR of (+1.64%) and (-1.8606) respectively, suggesting that earnings contain important information for the market. We find that there is no post earnings announcement drift observed over the next six months after the announcement. The results are consistent with the efficient market hypothesis, thus suggesting that the Johannesburg securities exchange and Nairobi securities exchange are informationally efficient to earnings announcements by the sample of listed firms. Furthermore, our results show NSE firms performed better than JSE firms during the economic boom and meltdown, whereas JSE firms observed a good performance during the economic recession compared to NSE firms

The Business of Health in Africa: Partnering With the Private Sector to Improve People's Lives

Examines the investments needed to meet the healthcare demands of sub-Saharan Africa and the policy changes needed to leverage the private sector, such as enforcing quality standards, fostering risk-pooling programs, and mobilizing public and donor funds

Improving competitive advantage through corporate social responsibility in South Africa : the role of social and environmental impact levels

The question as to whether companies can “do well while doing good” has been investigated by academics for over four decades. Conclusive evidence of a positive link between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP) so far has however remained elusive. In building on previous research findings, this study aimed to provide a deeper understanding into the mediating and moderating factors that impact a firm’s ability to generate returns from social investment. In particular, the moderating effect of social and environmental (SEI) impact levels on CSR returns were further investigated. Following the risk-reduction and value-creating hypotheses, it was asserted that sustainable firms with high SEI would yield superior CFP as compared to their peers with lower levels of social and environmental impact. The findings revealed that sustainable firms with high levels of social and environmental impact indeed had higher CFP than their peers with medium and low social and environmental impacts levels. However, the same results were yielded for non-sustainable companies. Although the main hypothesis did not yield the expected outcomes, the study provided important insights into the role of moderating factors on the ability for firms to generate returns from CSR. Moreover, the study uncovered previously unexplored areas of CSR and thereby opened up new avenues for future research.Dissertation (MBA)--University of Pretoria, 2014.lmgibs2015Gordon Institute of Business Science (GIBS)Unrestricte