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Best Sample Essays, Free Research Papers, Dissertation Samples. The company I would like to analyze is a global manufacturing enterprise of Swedish origin called IKEA . The company was founded more than half a century ago and now is one of the world’s leading producers of furniture and household appliances (IKEA, 2010b). Reliability! Mainly, IKEA’s business is concentrated around interior solutions with affordable pricing, which tend to follow the modern trends. Nowadays IKEA owns around 300 stores in 40 countries with approximately 123,000 people employed and contracting 1300 suppliers in p by john updike, 50 countries. Measuring in other dimensions, Mental Floss (2009) informs that one tenth of living Europeans nowadays were conceived on sociology, the beds produced by the company. Besides, IKEA is identified as a large exporter of Swedish food (Barkeman, 2006), regular partner of organizations dealing with environmental protection (“IKEA Hits”, 2009), global advocate of recycling (Butler, 2009), partner of Character, UNICEF (UNICEF, 2009) and one of the world’s biggest charitable organizations (Mental Floss, 2009). We can write a custom essay on IKEA for you! IKEA Group Facts Figures Brochure (2009) reports on the main business trends within the company. Let us discuss them. Furniture manufacturing takes place on the three continents: Europe, Asia, and Northern America (Chart 1).

Europe accounts for the two thirds of production with the dominance of sociology, Poland and Italy in terms of production volumes. Manufacturing in Asia mostly refer to China as a country with low labor costs. Furniture is fabricated at apa blog reference, 46 plants in approximately 40 countries (Table 1). Raw materials for sociology definition, production are taken from the suppliers, 1220 units in 50 countries. Europe provides 67% of raw materials, Asia and Australia has a share of 30%, and there is also a small 3 per cent contribution from Northern America (Chart 2). The ready-made goods are transported to the 28 distribution centers and 11 customer distribution centers in 16 countries (Table 1). Transportation is accomplished by road, rail and waterway transport (IKEA, 2010a). In order to keep the costs as low as possible, air transport is not used. The total number of IKEA stores is equal to apa blog reference 301 (Table 1).

However, only 267 stores in 37 countries belong directly to IKEA. The company is known for its unique franchising system, which incorporates 34 stores owned by franchisees. The total amount of employees, IKEA Group Facts Figures Brochure (2009) reports, comprises 123,000 people. Almost 100,000 of them live and sociology work in Europe, while the character, rest refer to reliability the stores in North America, Asia and Australia, where IKEA is also present (Chart 3). Let us now implement the SWOT analysis and observe the trends that tackle IKEA. The strengths of the company are strong identification, high customer value (Lamb et al., 2008, p.8), uniqueness of the product offers, supply chain, use of global sourcing, and many more. Clients perceive IKEA as the total brand experience under one roof (Zaccai, 2006). They like functionality, design, and price of the furniture and Ed Essay other products. These features comprise the reliability sociology definition, competitive advantage (Lamb et al., 2008, p. 41) of IKEA and its offerings. From the insider point of amazon, view, IKEA has an optimized structure when delivering goods to the final consumers (Lamb et al., 2008, p.176) and implements intensive distribution. Global sourcing concerns the way how IKEA work with the reliability definition, suppliers all over the world.

The structure of the company is one of the apa blog reference, weaknesses. Employee motivation is sociology definition, a big problem for a company with thousands of people working for it. Most of ultimate define, them accomplish routine duties on reliability sociology definition, the everyday basis. Another weakness is an exaggerated trend of reducing the costs: Shell (2009) outlines the negative customer experience of travelling to the nearest store which is usually outside the character leader, city line. Besides, “the company declines to pay a premium to ensure that all timber is legally harvested, citing costs that would be passed along to the consumer” (Shell, 2009). Reliability! This casts doubt on the quality of each item produced by IKEA. The key threats incorporate market competition, government regulations and natural resources. Chinese manufacturers are dominating in different markets and industries due to the low cost of production. They are the main rivals of IKEA in the global market. IKEA is Character, also accused in violations in terms of financial and social policies (“Flat-pack Accounting”, 2006).

It is reported to avoid paying taxes originally being registered as a charitable organization. Finally, the natural resources that tend to replenish may once be not accessible to IKEA. IKEA is full of opportunities. It may become a global supplier of wood or ready-made furniture in B2B and B2G levels. Reliability Sociology Definition! Another option is to launch an unrelatively diversified business following the same practices and the business model. No matter which industry the company would enter, it could offer an easy and beneficial solution for the customers.

There are the main implications concerning the target market of IKEA obtained from the corporate brochure (IKEA Group Facts Figures Brochure, 2009). IKEA is a multinational corporation delivering products directly to the final consumers through the retail channels. The company is well established in Europe, which is proved by the list of countries with the amazon rainforest, top sales (Chart 5). Four out of five countries in the top sales list are European. However, the USA appears to be the fourth in the rating that means that the products are acceptable in North America as well. 80% of sales occur in Europe, approximately 15% take place in reliability sociology definition, Asia and Australia, others refer to North America (Chart 6). A total of destruction of the amazon rainforest, 590 million people visited IKEA in 40 countries in sociology definition, 2009. IKEA is present on the four continents representing the choice of all races and religions living withing different climatic peculiarties and time zones (Scheme 1). Out of them, 29 millions in 21 countries are loyal to IKEA – they are the members of the IKEA Family program. IKEA’s products primarily target young and middle-age energetic couples and individuals with a good taste, who appreciate quality, mobility, and apa blog design. A high percentage of customers is technologically advanced: 561 million visits were registered at IKEA Web site in 2009.

200 million people benefit from reliability sociology definition, a certain type of Ed Essay, POS material – the IKEA catalogue printed in 27 languages. Reliability Sociology Definition! Aiming at no premium segments, IKEA’s products are affordable to people with diverse levels of incomes (Shell, 2009). The usage rates are medium due to the long lasting properties of the products. However, a great percentage of people visit the stores on a regular basis. Of A Leader! The total amount of sales in 2009 was equal to 21.5 billions of Euros. The company shows permanent growth despite the crisis (IKEA Group Facts Figures Brochure, 2009). Wal-Mart, Target, and Home Depot are the most obvious competitors of IKEA. Reliability Definition! Wal-Mart, the world’s biggest retailer with 8,000 stores and 53 brand names in 15 countries (Capell, 2006; Treble, 2008; “Retailers in the Top 20”, 2010), is apa blog reference, a direct rival in sociology definition, furniture and decor merchandise. According to Treble (2008), it will control more than 30% of market together with Target due to the low price, the same competitive advantage that IKEA uses. The Home Depot, the largest American retailer of interiors and construction solutions and the fourth largest worldwide retailer, possesses more than 2,200 stores in North and South Americas, UK, and character China (The Home Depot, 2006).

Within such competition, IKEA is the only European manufacturer which emphasizes on reliability sociology definition, design, technical novelties, and package innovations. The company appears to be an advocate of environment protection, which turns more consumer groups to the company and its environmentally friendly goods. IKEA manufactures all types of stylish and Character Ed Essay reasonably priced furniture. The furniture itself became popular due to the comparatively low price, nice design, and functionality (Inter IKEA Systems B.V., 2009; Shell, 2009). IKEA introduced and developed a special method of furniture packaging, which is called a flat pack. “It allowed easier shopping for urban Europeans who depended on public transportation, and it also lowered the company’s shipping costs dramatically” (Mental Floss, 2009). Reliability! According to the Product Life Cycle, the furniture section of apa blog reference, IKEA products is in the maturity stage allowing for high profitability, lowering the costs, and continuing to sociology expand internationally. Price is reasonable and always tends to go even lower with the designer and production innovations implemented. Destruction Amazon! After the product is reliability definition, assembled at a and p by john, the plant, it moves to sociology the distribution center, from where it is directed to apa blog reference the stores on the regional geographic principle.

The retailer customer buys a disassembled product from the shelf in the trade hall of the store. After the definition, purchase, the customer has to assemble the product according to the instruction and enjoy using (IKEA, 2010a). In the character traits of a leader, last years, Internet also became a means of ordering goods. Scheme 2 illustrates the whole process. The distribution of reliability, IKEA is intensive for that it aims at total customer satisfaction, pleasant purchasing experience, and accessibility of character of a leader, all products. These principles are the basics for establishing customer loyalty. The primary promotion channels for IKEA were catalogues and exhibitions (IKEA, 2010b). According to the IKEA Group Facts Figures Brochure (2009), almost 200 million catalogues were printed throughout the history of IKEA.

Other channels of promotion include outdoor and media advertising. IKEA uses non-traditional approach to advertising, which sometimes brings the company to the center of scandals and, at the same time, makes it a repeated award winner of the sociology, prestigious Cannes Lions International Advertising Festival. When calculating the price, IKEA tries to make it as low and as affordable as possible. When achieving this, the company tries to p by reduce expenses on production and reliability sociology definition distribution, as well operating costs associated with retailing. At first, a regular customer may travel up to 80 km to IKEA and back in order to make a purchase. Butler (2009) explains why.

Placing stores outside the apa blog, city or in its suburbs allow sparing on the cost of the land. At second, airplanes are not used in the logistics of the company (IKEA, 2010a) which is also a position in cost reduction. At third, global sourcing and reliability significant production volumes are also found among the factors that decrease the cost. Finally, the IKEA designers are in constant search of how the products can be improved. This concerns both technical innovations and Ed Essay financial aspects. Delivery and sociology assembly of the products are not included in ultimate define, the price for sociology, that the customer may prefer to do everything on his or her own. These services are paid separately. As a conclusion, I would like to mention that IKEA being a multinational manufacturing corporation of full cycle is the one to Ed Essay implement the definition, price-oriented strategies effectively and provide extremely high turnover of goods and character traits significant customer feedback as a consequence. IKEA’s approaches allow for leading positions on the global basis and in each country separately. The philosophy of IKEA is definition, designed in Ed Essay, a way that makes the customer feel important and reliability valuable to Character the company, that’s why the level of reliability sociology definition, loyalty is high among the ultimate define, consumers.

Products possess the reliability sociology definition, best characteristics in terms of customer expectations. They effectively combine affordable price, high quality, contemporary design, and easiness in maintenance. Character Ed Essay! Remember , Remember, free essays, sample essays and essay examples on IKEA topics are traced by plagiarism detection systems. All samples online are plagiarized. Don#8217;t download them and submit them as your own paper for sociology, school, college or university. Apa Blog Reference! Why not to get a 100% original custom essay at PapersMart.net?

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a good lab report Some Tips on Writing Lab Reports. Written by Wun Chiou. (A Former UCLA First-Year Lab Courses Teaching Assistant) A lab report is more than just something you turn in to (hopefully) get a good grade. It's your opportunity to show that you understand what is sociology definition going on in the experiment, which is underdeveloped really the most important part of doing it. In addition, I think it's actually very good practice for getting across your thoughts about the science you are doing in a manner that the reader can understand. Reliability. What you write in your laboratory notebook is an actual account of reference what you have done in a given experiment, like a very detailed diary. You should be able to come back to it at reliability sociology definition, some point, read what you wrote before, and character traits of a leader reproduce what you did before. So should anyone else reading your notebook, for that matter. That way, if you make some amazing discovery, like blue aspirin is better than white aspirin (btw: don't eat anything in, from, or created in sociology definition lab to see if this is right), you will have a permanent record of it to remind you of your greatness. There are three basic parts to a lab report: pre-lab, in-lab, and post-lab. In this document, I've written some helpful tips that might help you through your lab-report woes. I won't include everything you have to do (you should look on character of a, VOH for the report guidelines), but just a few key ideas.

The introduction discusses the problem being studied and sociology definition the relevant theory. Ideally, it would take up about 4-5 sentences. The main idea here is to give the reader an idea of Character what you are going to reliability, do in a short paragraph. There are different styles to do this. You should try to write it in your own words, rather than paraphrasing or quoting the lab manual (but if you have to, be sure to ultimate define, include the appropriate references). It's always a good idea to read the reliability sociology definition entire experiment in the manual before you begin your introduction. I suggest the following: Background sentences: state why you want to do the experiment, why is ultimate define it relevant, what other kinds of similar experiments have been done in the past. Reliability Sociology Definition. Goal: In one sentence, state what you are going to do in amazon rainforest the experiment and what you hope to find. This is probably the most important part of the reliability definition introduction. You should also list explicitly any main chemicals with which you are dealing (vinegar, aspirin, NaOH) and any techniques you will be utilizing (titration, recrystallization, spectrophotometry, etc.).

For example, In this experiment, we will determine the buffer capacity of a weak acid buffer of acetic acid / acetate ion by apa blog reference titration with both a strong acid, HCl, and a strong base, NaOH. Other procedures or theory: If you need to reliability definition, elaborate on some of the techniques you stated in of the your goal (or couldn't state in your goal), you can write a couple more sentences about them afterwards. Or you can add anything else that you might think is relevant, like additional major procedural steps you will take. II. Sociology. Procedural Flowchart. A And P By Updike. This part of the pre-lab should take no more than one page. A good flowchart should give a reader an immediate idea of what's need to be done in reliability sociology definition the laboratory except in a less detailed format.

Think of Ed Essay a flowchart as a road map of the experiment. It gives a reader a pictorial representation of the experimental procedure. In general there are two major steps when constructing the flowchart. First, read the experimental procedure carefully. Reliability Sociology Definition. Second, rewrite the procedures in a flowchart format. Keep in mind that the flowchart should be brief and cover all the p by updike steps in a simple and easy to follow manner. There should be no complicated sentences or paragraphs in the flowchart. You will have to reliability sociology, do a lot of rewriting in order to simplify the procedures into a flowchart format.

This is exactly why we want you to do it. Of The Amazon. This gives you a chance to reliability, THINK about what you read and how to rewrite it in a way that can be implemented into a flowchart. Always remember to reference where the Character Ed Essay experimental procedures are coming from in the pre-lab report. Please DO NOT simply copy the entire procedure (or majority of the procedure) and make it looks like a flowchart. Always write in pen. You can't really erase anything, anyway, because of the carbon paper below it. White-out is a big no-no, too. Always record data directly into your lab notebook. I know some people like to be neat, and sociology have nice formatting and all that, but it's more important to make sure you record all of the data immediately in case you forget what you wanted to say later or you forget to underdeveloped, copy other data into your notebook. Never scratch something out completely. Yeah, nobody's perfect and of course also nobody wants to be reminded of that, but you may discover that you were right in definition the first place, and now you wish you could read what you wrote before.

Also, if you make a mistake it's a good idea to ultimate define, keep a record if it so you (or someone else trying to do your experiment) can remember to not make the reliability same mistake twice. In addition to rainforest, writing down all those numbers (data), you should keep an reliability sociology definition eye (nose, ear, etc.) on what is actually happening in the experiment. If you add one thing to another and a and p by updike it evolves a gas, gets hot or cold, changes color or odor, precipitates a solid, reacts really quickly or slowly, or anything noticeable, you should write down that observation in sociology definition your lab notebook. Other things to consider including are: make and type of any machine you are using, concentrations of all the standards you used, and countries etc. One of the reasons you are doing this goes back to what I said about mistakes earlier. An experiment is exactly that: an experiment. If it turns out that you get an unexpected result, you can go back and trace your observations to see where the error occurred. If you don't have any observat ions, this is really hard to do. The bottom line: write what you do and definition do what you write. Traits Of A. Recopy your data from the reliability sociology definition in-lab here in a nice neat format (tables are usually nice and neat). This is your chance to organize it into a more readable form now that you are done with the experiment and impress the TA with your organizational skills.

It's a good idea to write out all the formulas you use in your calculations. Personally, I like to work through the problem using just the formula, and then plug in apa blog reference the numbers at the end to get my final answer. Definition. Also, show all of a and updike your work. Reliability. One more point is to be sure to include the units when you are doing a calculation, and don't drop the units halfway through the calculation. Updike. This is actually a pretty powerful tool because if your answer has the wrong units you know you must have made an error somewhere along the way. Conversely, if your answer has the correct units, you could still be wrong, but at least you are on the right track (and probably much of the time your answer is correct, too!) You can even do the calculation using just units and definition no numbers and see if the units cancel out in the right way to test if you method is good (this is called dimensional analysis). The conclusion is alot like the introduction except, instead of a summary of ultimate define what you are going to do, it's a summary of what you did. The reason you have a conclusion is reliability definition because your lab report might be long and a and john the reader may not remember all the important points that you stated. Also, it gives you a chance to explain anything that might have gone wrong or could be improved, as well as propose future experiments. Sociology. Like the introduction, it should be short and to the point. Again, these are only my suggestions, but here's what I think you should always include: What you did: Reiterate your procedures briefly (including any changes you made).

What you found: Restate any results that you may have calculated (with errors if applicable). You don't need to include the raw data, but if you calculated an of the amazon rainforest average over several trials, state the average (not each trial). Usually you want to definition, report the results as x +/- y (like 2.345 +/- 0.003), where y is the absolute error in Character Ed Essay x. Another option, if you calculated the relative error, is reliability sociology x +/- z% (like 2.345 +/- 0.5%), where z is the relative error. What you think: What do your results mean? Are they good?

Bad? Why or why not? Basically, comment on the results. If your experimental error (RAD, RSD) is small or large compared to the inherent error (the error in the standards and equipment used), comment on what this means, too.

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cliff essay man note Negative screening is a common application of Environmental/Social/Governance (ESG) investing. It avoids “sin stocks” and divests from industries or firms deemed immoral or having poor or undesirable standards along one of the three E, S or G dimensions. 1 It’s promoted largely on definition the fact that it’s virtuous. While we may all define virtue differently, advocating for it in this way is fair and appropriate. Ultimate Define? However, employing these constraints is also often promoted as enhancing expected returns. That is, if you avoid certain companies, industries, and even countries, that are deemed non-virtuous, you should expect to make more money over time. 2 Do good and make the same return or more!

This is mostly wrong and, more the point here, actually at odds with the reliability definition, very point of ESG investing. Pursuing virtue should hurt expected returns. Some have discussed this fact. Ed Essay? 3 But, it’s still not widely understood or broadly accepted. Reliability Sociology Definition? This seems to arise from investment managers selling virtue as a free lunch, and from investors who very much want to believe in a and john that story. In particular, and my focus here, accepting a lower expected return is not just an unfortunate ancillary consequence to ESG investing, it’s precisely the point (though its necessity may indeed be unfortunate). As an ESG investor this lower expected return is definition, exactly what you want to happen and Ed Essay really the only way you can effect the change you seek. 4, 5. First there’s the very basic thing.

Constraints can never help you ex ante and only sometimes ex post through luck. Why? Because if they help they aren’t constraints, they are what you want to do anyway. So, if you say your portfolio is better with a negative screen, you are saying that the old evil you who didn’t care about ESG issues also didn’t like more money. 6 Many commentators do indeed seem to reliability sociology definition, (implicitly and Ed Essay sometimes explicitly) say that constrained portfolios are ex ante better. The opposite, that judged purely on return and risk constrained is sociology, always ex ante less than or equal to Character Ed Essay, unconstrained, is really an important concept and still surprisingly often misunderstood. Constraints are needed to push you to do things you otherwise would not do, not to do things you’d do anyway out of self-interest. 7, 8. Put simply, if two investors approach an reliability sociology definition asset manager, one who says “just maximize my return for the risk taken” and the other who says “do that but subject to of the amazon rainforest, the following constraints,” it is sociology definition, simply false and irresponsible for the asset manager to assert that the second investor should expect to do as well as the first, except in ultimate define the case where those constraints are non-binding (and therefore not relevant). Even in that case, it’s still irresponsible to reliability sociology definition, say that the second investor should expect to do better.

9. But, while important and john updike sometimes misunderstood, the argument that ex ante constrained is less than or equal to unconstrained is actually rather trivial. The more interesting thing is precisely how ESG investing really makes an reliability definition impact. Ultimate Define? It turns out that the ESG investor making less and the slimy sin investor making more, than they all would in the absence of the ESG investor’s self-imposed constraints, is precisely what the definition, ESG investor wants to happen. That’s kind of cool in a math-econ-geek sense (as we’ll soon see as a human it’s kind of annoying). What happens when one group of investors, call them the apa blog, virtuous, simply won’t own a segment of the market (the sin stocks)? Well, in reliability definition economist terms the market still has to underdeveloped countries, “clear.” In English, everything still gets owned by someone. So, clearly the group without such qualms, call them the sinners, have to own more than they otherwise would of the sin stocks. How does a market get anyone, perhaps particularly a sinner, to reliability definition, own more of something? Well it pays them! In this case through a higher expected return on the segment in question.

This may be unpleasant but it is just math (like math could ever be unpleasant). In the absence of extra expected return the sinners would own X of the market segment in question. The only Character way to sociology, get them to own X+Y is to pay them something more. Now, assuming nothing else changed, how does the market assign this sinful segment a higher expected return? Well by according it a lower price. That is, if the virtuous decide they won’t own something, the sinners then have to, and they have to be induced to through getting a higher expected return than otherwise. This in a and p by john turn is achieved through a lower than otherwise price. Reliability? 10,11. Now for the fun part. How do the virtuous actually make the world a better place? Well to make the world a better place you want the sinning companies to sin less not just to suffer in the stock market.

Does the above deliver this desired effect? Yep. Imagine a sinful company is considering a new investment project. How does it analyze this project? Well, as many of us were forced to learn in business school, it forecasts out cash flows, both positive and negative, and discounts those cash flows back to the present. Updike? If the reliability, final number is positive (a positive “NPV” in the parlance), and apa blog reference simplifying a bit for other complications like mutually exclusive projects, it undertakes the definition, venture. Now I snuck in the assumption that the company knew the reference, forecasted cash flows and the discount rate. I’m going to stick with the reliability, first assumption, that the actions of ultimate define our virtuous and sinful investors don’t affect the forecasted cash flows of this potential project. 12, 13, 14 But we can’t make this assumption for the discount rate as we know it is false and we know in sociology definition which direction it’s false. Discount rates are in fact expected returns (and this is where we get our essay’s sub-title cut from Rhymin' Simon as one man’s discount rate is another man's expected return).

Earlier we showed that investors will demand a higher expected return from the sinful companies, due to shunning by the virtuous and the necessity to bribe the ultimate define, sinners to hold more of them. It also directly follows that the sinful companies will have to use a higher discount rate (or, perhaps more clearly in reliability this case, “cost of capital”) in their “should we undertake this project?” calculations. Ed Essay? This is truly Finance 101. 15 That means quite simply that fewer sinful projects will show positive NPVs and sociology definition fewer will be undertaken. Put simply, if the virtuous are not raising the a and p by john updike, cost of sociology capital to sinful projects, what are they doing? How are they actually affecting the world as they wish to? If the traits leader, cost of capital isn’t also an expected return, what is it?

This might be a painful reality to swallow for the virtuous. To get precisely what they want, which is less of the bad stuff occurring, they have to pay the sinful investors in reliability the form of a higher expected return. 16 Importantly, this isn’t an apa blog reference accidental byproduct of sociology ESG investing. It’s the only way all this really matters one drop to the central issue how much bad stuff happens. If the of the amazon rainforest, discount rate used by sinful companies isn’t higher as a result of constraints on holding sinful stocks then there was no impact. Sociology? And, if the discount rate on sin is now higher, the sinful investors make more going forward than otherwise. Frankly, it sucks that the virtuous have to character traits leader, accept a lower expected return to do good, and perhaps sucks even more that they have to accept the sinful getting a higher one.

17, 18 Well, embrace the definition, suck as without it there is no effect on the world, no good deed done at all. Perhaps this necessary sacrifice is why it’s called “virtue.” [1] In this essay I’ll focus on this negative screening. ESG or “responsible” investing more holistically tries to consider other factors like social good in addition to financial return. Negative screening does this by avoiding certain stocks with undesirable characteristics. However, my arguments also apply to other types of ESG investing which encourage investors to invest in certain companies because of positive characteristics that are distinct from financial return (we’ll call those strategies “positive screening” in this discussion). My argument’s sign simply changes as needed. [2] Or in the case of positive screening, if you invest extra in certain companies, industries, and even countries, that are deemed virtuous you should expect to underdeveloped, make more money over sociology, time. [3] See, for instance, Dimson, Marsh, and amazon Staunton (Credit Suisse Global Investment Returns Yearbook 2015, pp. 17-27), Kacperczyk and sociology Hong (Sauder School of Business Working Paper 2006), and Chava (Georgia Institute of Technology Working Paper, 2014). [4] Of course there are also completely non-monetary concerns that can transcend having an “impact.” One could have no hope of making an “impact” and still divest under the ultimate define, “I will not make money from that undertaking” argument. Nothing I write about here contradicts that.

[5] Full disclosure, AQR pursues negative screening(and in fact a broader ESG research agenda that has the potential to touch all our products) for reliability sociology, our investors who desire it, and believe in its virtues. A And P By John? We just won't oversell negative screening as a free lunch and we will be clear about how virtue actually creates change in reliability definition the world (by moving costs-of-capital). [6] As usual a better portfolio can come from higher expected return or less risk. I will focus on expected return here but the analogous arguments could be made in ultimate define terms of risk. [7] It’s easy to definition, confuse this with two other concepts. One, some would agree with the idea that constraints can’t ex ante make you better off but point out that what they’re really implementing is a one-time view, a trade if you will, that the countries, world will move towards the stocks better on these measures (and away from the sociology definition, sinner companies), and they’ll benefit from this move by traits of a acting now (negative screening). While I’m professionally skeptical of big confident macro calls like this, which will always rise or fall not based on their forecast of the reliability, future but based on countries how much of that forecast is already in market prices, it’s certainly reasonable.

But, again, one doesn’t need a program, a set of guidelines, binding constraints, or anything of the sort if this is your view. Why? Because it’s what you’d do anyway from just greed or even financial prudence. Two, similarly some may believe that, for instance, some ESG factors are systemically underpriced so a tilt towards them is a good thing (not surprisingly AQR looks for such factors). For instance, if environmentally virtuous companies were also better companies and that wasn’t fully reflected in prices (so tilting this way gives you an advantage).

That’s fine. But, again, no constraint is needed to push you to invest in a good factor judged purely on return and reliability sociology definition risk. If the constraint is binding, and changes the world at character of a leader, all, it must go past what you’d do anyway from reliability definition pure expected return and risk concerns. If you believe in one or two above I’d argue you might look as if you’re doing ESG investing, but you’re really just doing regular old investing with an active view on how ESG is going to perform; an investor with the same view and absolutely no virtuous concern about ultimate define ESG would do the definition, same. A subtle distinction perhaps but I think an important one. [8] Guenster et al. (European Financial Management, Vol. 17, Issue 4, pp.

679-704, 2011) make the character of a leader, case that ESG constraints improve risk adjusted returns but it takes time because the cost of capital is reliability definition, affected with a lag. Ultimate Define? I think it’s very hard to distinguish the cost of a constraint once imposed from the effect of a constraint as it is being imposed. In principle imposing ESG constraints can help the returns of virtuous companies and hurt sinful ones, as a “shock”, but the ongoing existence of ESG constraints does the opposite. Reliability Definition? Anyway, I’m not dealing with any messy empirical issues of what really happens, but rather with what theory says should happen! Given the short period and confounding directional difference of changes versus levels of expected return, I actually think theory is far more useful here.

[9] As discussed in footnote 7, if this is just a trade it's a consistent view, but the ESG negative screening program has zero to p by john updike, do with it as you're doing what you'd do otherwise out of greed! [10] See Fama and French (Center for Research in Securities Prices Working Paper No. Sociology Definition? 552, 2005) for a related more general discussion. [11] Similarly, in the case of positive screening, if the amazon rainforest, virtuous decide they want to reliability sociology, own more of something, the sinners then have to own less, and they have to be induced to p by john, do this through getting a lower expected return than otherwise. [12] In reality this is sociology definition, a bit oversimplified as any change can affect all aspects of equilibrium, including expected cash flows (a butterfly beats its wings in China and apa blog reference all that). If we had to sociology, guess at Character, other equilibrium changes from the reliability, above we’d probably guess that the non-sinful companies required expected return would go down a little (some part of the market now wants to hold more of them for non-return based reasons) and a bit more non-sinful stuff would occur (lower cost of capital so more positive NPV projects). Though we’d expect this effect to be considerably smaller than the effect on sinful companies as, presumably, sinful companies are in the minority. We might also expect these actions to underdeveloped, slightly raise the required expected return on the whole cap-weighted market as everyone has to be induced to own less diversified portfolios (no sin stocks for reliability sociology, the virtuous and extra sin for the sinful) making investing a slightly riskier proposition. We might guess all these effects are small, unless sin stocks are a large part of the market capitalization, as stocks are probably reasonably close substitutes for each other. Luckily magnitude is not part of my brief here.

Finally, I only deal with the character of a, case of investors who negatively screen and reliability sociology simply don’t own sin stocks. Ed Essay? It is always possible that more active engagement can change the equilibrium for the better. [13] One admitted flaw in my argument that “higher cost of reliability sociology capital implies fewer bad projects” is that not all projects have positive cash flows followed by negative ones. For example, an oil company choosing whether to repair a known defect in their offshore oil platform today, versus paying potential damages tomorrow, is traits leader, more apt to defer maintenance if we successfully raise their cost of reliability sociology capital. A higher cost of capital generally shortens the traits of a leader, time horizon of sin companies which in itself is not clearly good or bad. I’m going to assume, because I think it’s true, that the reliability sociology, world is still dominated by “regular” projects (invest now, positive cash flows later) so, generally, raising the p by updike, cost of capital of the sinful projects has a positive “impact” as we get less of them. [14] One of the many real world complications I’m ignoring is that it’s more correct to talk about “projects” rather than “companies” when it comes to sociology, discount rates. In reality projects can all have different discount rates and a company can choose to do some and not do others. Real life is still even more complicated as the designation of “sin stock” or not is usually discrete (it’s not done by countries projects but at reliability definition, the firm level). It’s quite likely that the coldly (not virtuous) optimal thing for many firms to do is pursue “sinful” projects up to, but not past, the apa blog reference, point where they get designated sin companies.

Again, the reliability definition, real world is complicated. But, I think the general points (constraints are never ex ante helpful, and the way negative screening has any impact is to raise the expected return of sin) likely hold up. [15] While beyond this essay to go further, the simple example of underdeveloped countries risk free one-period cash flows is instructive. If the proper discount rate is 5% for such future cash flows, it is immediately clear that an sociology investor will also earn (the “expected return”) 5% on such an apa blog reference investment. Discount rates (or costs of capital) are expected returns. The example generalizes to a world of risk but you’ll have to sociology, look further than this blog for that one.

[16] If you don’t like this you’ll hate what Ronald Coase says more generally. [17] If it helps, the movement to ultimate define, ESG investing will indeed hurt the prior investors in sin stocks as their cost of reliability definition capital goes up and price down. It’s the sin investors going forward (maybe the same entities maybe not) who get the of the amazon, higher expected returns. [18] Or you can just reframe the reliability sociology definition, answer. Ghoul, Guedhami, Kwok, and Mishra (Journal of Banking Finance, Vol.

35, Issue 9, pp. Ultimate Define? 2388-2406, 2011) find that, empirically, firms that are more socially responsible have lower expected return to investors, but frame it as those responsible firms are more valuable and less risky. Sociology Definition? And they’re probably right! They are just seeing the happy side where, admittedly, I’m perhaps biased to the dark. Another empirical study, Statman and Glushkov (Financial Analysts Journal, Vol. 65, No. 4, July/August 2009), finds a positive realized return advantage to tilting towards virtuous firms but a negative one from shunning sinners.

The first result is opposite to what I argue is likely, the second consistent with my logic. Ultimate Define? Again I’m rather cynical we can get much out of such empirical studies; it’s particularly hard over sociology, a time when there has been movement towards recognizing ESG characteristics which is an character of a “event” that could cause realized returns to move opposite in sign to expected future returns. The views and sociology opinions expressed herein are those of the author and do not necessarily reflect the views of AQR Capital Management, LLC, its affiliates or its employees. This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer or any advice or recommendation to purchase any securities or other financial instruments and may not be construed as such. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Diversification does not eliminate the risk of experiencing investment losses. Please note that changes in the rate of Character Ed Essay exchange of a currency may affect the value, price or income of an investment adversely. The factual information set forth herein has been obtained or derived from sources believed by the author and AQR Capital Management, LLC (“AQR”) to reliability definition, be reliable but it is not necessarily all-inclusive and is not guaranteed as to its accuracy and is not to be regarded as a representation or warranty, express or implied, as to the information’s accuracy or completeness, nor should the attached information serve as the basis of any investment decision. Information contained on third party websites that AQR Capital Management, LLC, (“AQR”) may link to ultimate define, are not reviewed in their entirety for accuracy and reliability sociology AQR assumes no liability for the information contained on these websites. No part of this material may be reproduced in any form, or referred to ultimate define, in any other publication, without express written permission from definition AQR. 2017 AQR Capital Management, LLC.

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