The Leadership Attributes and Skills-Free-Samples-Myassignmenthelp

Question: Recognize a Current Issue in your working environment you accept require change. Distinguish and talk about the initiative traits and aptitudes you will attract upon to reflect change. Answer: Presentation Authority is critical to manage individuals and to guarantee that the representatives in an association are propelled to proceed with work in a moral a proficient way. In the expressions of Bolman and Deal (2017), without appropriate initiative associations can't control the representatives in an effective way and understand issues that may make impediment the every day work. The article centers around the requirement for initiative in nursing and the issues that may happen in a specific association. The association in center is the Calvary Hospital in Canberra. Late reports have guaranteed that there has been an issue in the medical clinic, which have prompted the burglary of certain records that manage the demand of medications. This specific issue has realized extraordinary worry in the security of the clinic and has brought into question the faithfulness and dependability of the workers. The paper covers the initiative that is required in the clinic to moderate this current issue and the way in which individuals can be persuaded to be faithful to the work that is finished by them. All things considered, the postulation articulation of the paper incorporates authority helps in directing representatives as well as help to create future pioneers in the association. Body Calvary Hospital is an open emergency clinic that is situated in Canberra, Australia. It serves in the northern rural areas of Canberra and is named an optional office. The medical clinic was built up in 1979 and is an instructing emergency clinic that is partnered with the Australian Catholic University, Australian National University and the University of Canberra. It has been seen that the emergency clinic imparts its space to Hyson Green Mental Health Clinic and work together in numerous offices with an open medical clinic. The medical clinic has 250 beds and in 2007-08, the emergency clinic was engaged with leading a Refugee Monitoring Program. One of the significant differentiations held by the medical clinic is that it was probably the most punctual organization to have created systems for relieving sentinel lymph hub biopsy (Calvarycare.org.au, 2018). The significant issue that had been looked by the organization is the reality of the robbery of inner records. The reports contained insights concerning certain medications demand that could be utilized for restoring patients in the emergency clinic. The examination has indicated that the detail of the medication request comprised of two unique wards inside the clinic between December 2 and 3. These have been recorded already at the clinics as the names and marks of the medical attendants and drug specialists demonstrated that it was done because of the loss of the inward staffs have confirm it. The chief of the clinic didn't consider this as a noteworthy occasion and precluded it expressing that such an occasion is a one-time event and that it won't happen again later on. In any case, the supervisors need to screen the work done at the medical clinic and guarantee that such issues don't happen again later on (Calvarycare.org.au, 2018). In such manner, the administration of the representatives assumes a significant job to guarantee that the workers stay faithful and play out their undertaking in an effective way. As indicated by Goleman (2017), administration can help in building certainty among workers and furnish them with a chance to improve their exhibition for the group and the association. Compelling pioneers go about as a guide for the representative and illuminate them with the rudiments that are required for accomplishment in an association. It is the obligation of each individual going about as a pioneer to know and comprehend the representatives and guarantee that the necessities and prerequisites of the workers are satisfied. In the expressions of Ward (2016), administration is essential to guarantee that the work gave to the representatives is done in a productive and that negative results that may hurt an association are settled. On account of Calvary Hospital, the issue that the medical clinic has con fronted require appropriate observing of the workers and the administration of significant records. Like each association, the medical clinics additionally have various divisions that require authority direction and successful administration capacity. Such direction and obligations of the administrators and pioneers help in keeping the division together and guarantee that the office finishes the undertakings and objectives according to the standard of the association (Antonakis Day, 2017). A portion of the divisions incorporate record keeping office, account office, the board office, nursing office, etc. On account of the issue featured for Calvary Hospital, the record keeping office and the nursing office can be considered mindful. This is principally in light of the fact that it has been confirm that the names and mark of the medical attendant that have recommended the report were referenced. Close by this, the records division expected to guarantee that the reports were kept in a sheltered way (Goleman, 2017). Subsequently, legitimate influential positions in these divisions sho uld be centered around with the goal that such slip-ups are not rehashed later on. Subsequently, different administration styles can be followed that with the goal that the workers of an association can be guided (Heifetz Linsky, 2017). The administration styles have interesting qualities and dependent on the strategy by which the attributes are included, the workers are impacted. A portion of the regular initiative styles that exist in an association can be expressed underneath. Imperious administration style: According to Fairhurst and Connaughton (2014), despotic initiative style is fixated on the choices made by the pioneers. The representatives don't get a chance to give their plans to pioneers and show their ability for inventiveness. The choices taken by the supervisors are conclusive and workers need to keep the guidelines and guidelines that exist in the associations. This sort of initiative style acts a method of giving de-inspiration to the representatives. Renz Herman (2016) expressed that workers don't feel spurred and esteemed in the association and subsequently, may submit themselves from stopping the association. Majority rule administration style: workers consider the vote based authority style as the best type of initiative. This is basically a result of the way that the pioneers rehearsing this style take great consideration of the representatives (DuBrin, 2015). Each move of the workers is energized and innovative thoughts of the representatives are engaged as long as it is accounted for first to the pioneers. The dynamic capacity of the representatives is more in this kind of initiative and the commitments made by the workers structure the focal point of the administration style. Another significant angle that is given by the utilization of this specific style is the way that notwithstanding centring on the choices of the workers, the pioneers hold last duty. Simultaneously as seen by Johnston and Marshall (2016) the correspondence between the workers and the pioneers are dynamic and stream in the two different ways. This likewise gives an inspirational factor to the representatives as t hey can impart their contemplations whenever to the pioneers. Free enterprise initiative style: As expressed by Tourish (2014), the closeness between the popularity based style and the free enterprise style is that both the types of administration give position to the representatives. Notwithstanding, the greatest contrast is that not normal for the equitable style, pioneers getting this kind of style give full opportunity to the representative to proceed with work in their own way. No direction is given by the pioneers and representatives keep on working in the way they appear to be best for the advancement of the association. Be that as it may, as expressed by Komives (2016) this kind of administration has been considered as the least successful and least persuasive for the representatives working in an association. This is primarily in light of the fact that the representatives are denied of a guide and simultaneously act in a way that may block the nature of work of an association. Accordingly, the utilization of this authority style is lea st utilized in associations inspired by a paranoid fear of low quality and absence of administration material. Transformational administration style: The transformational authority style helps in starting changes in an association. As indicated by Daft (2014), changes in an association are required for building up the association as far as its assets and hardware that are utilized in the association. The use of the transformational authority encourages in inspiring representatives to proceed with the first expected work. The transformational initiative style can help in achieving changes in the workforce and rouse the representatives to acknowledge the progressions that occur in the association. The pioneers set up testing undertakings with the goal that the representatives can give viable and top notch execution in the association. It has been demonstrated that transformational initiative style will in general have submitted and faithful adherents in the association. The representatives stay happy with the open doors gave to them and they show their devotion by improving the exhibition and o ffering help to the pioneers (Johnson, 2017). Value-based initiative style: This sort of authority is associated with a relationship of trade between the representatives and the pioneers. The pioneers for the compelling presentation that has been shown reward the workers or colleagues. This is a fundamental type of administration as it centers around the trading of dedication and proficiency of the representatives with the prizes that are given to them. Sanders (2017) are of the feeling that concentrating on desires and making an understood articulation about the destinations of the workers are abilities of pioneers. The desires from the workers are set in a way with the goal that every representative can be fit for procuring the prizes that are accommodated the acceptable assistance. The pioneers direct the workers and set individual tar

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How Do Pawn Shop Reality Shows Differ From Reality - OppLoans

How Do Pawn Shop Reality Shows Differ From Reality - OppLoans How Do Pawn Shop Reality Shows Differ From Reality TV? How Do Pawn Shop Reality Shows Differ From Reality TV?A visit to your local pawn shop may result in a high-interest loan versus a dramatic trade of merchandise for heaps of cash.At any given time, there are approximately 1,000 pawn shop reality shows. That is actually an exaggeration, but it does feel somewhat true. If you own a local pawn shop, we assume you spend your days on the lookout for camera operators and producers as they attempt to sneak into your establishment and transform it into a reality show with a name like “Pawn Baby Pawn” or “Pawn Mower Man” or “Pawn of the Dead.”You may be surprised to learn, however, that reality shows do not always depict reality with 100% accuracy. The Bachelor winners are rarely together for life and when a competitor is voted off the island on Survivor, they do not actually drown in the surrounding ocean.The same principle applies to pawn shop reality shows. If you are considering visiting a pawn shop near you, it might help to k now beforehand how it differs from the pawn shops you have seen on TV. That is why we spoke to a real-life pawn shop owner to bring you the real-life facts.The pawn shop loanTo those who are not regular watchers of pawn shop reality shows, it might seem like they are all the same. However, different pawn shop shows have different focuses, which means each show will reflect reality, or unreality, in its own specific ways.For example, here is Adam Davis â€" a co-owner of eight pawn shops in Florida and board member of the Florida Pawnbrokers Association â€" with his take on Pawn Stars:“This show mostly portrays the buying and negotiating side of the pawn industry and focuses heavily on fantastic historic artifacts,” he says. This is quite different than daily pawn life on both levels. The majority of transactions done in pawn shops are pawn loans rather than outright purchases.”With a pawn loan, when you trade your valuable to your local pawn shop, they are likely to use your it em as collateral while they wait for you to pay them back with interest. Although these types of transactions are on the decline for 40% of pawnbrokers, according to a 2019 survey  from the National Pawnbrokers Association, they are still a “primary service that pawnbrokers offer to customers who don’t have access to traditional banking services and credit.”This process of trading collateral for a loan is much different than just trading a valuable item for a heap of cash. You can read more about the realities of pawn shops and collateral loans here. Information about other types of personal loans and their risks can be found here.Fantastic findsWhy is it that Pawn Stars can so consistently find unique historical artifacts, like President John F. Kennedy’s cigar box or a Hasselhoff-signed buoy? The stars have some help that the average pawn shop owner likely does not.“While we do get very interesting items on a regular basis, the items shown on this show are not the norm, ” Davis explains. “The History channel has used their wide reach to bring in ‘customers’ and items from around the country to make the show more interesting. Items such as Civil War cannons and incredibly rare vehicles are not commonly brought to the majority of pawn shops around the country.”Save the drama for your mamaReal life is often quite dramatic â€" but it is not always dramatic. And reality television needs to always be dramatic, as is the case with Hardcore Pawn.“This show focuses more on the customer relations and shows in the most dramatic fashion the best and worst possible situations that can arise in a pawn store,” Davis says. However, this differs from what Davis considers typical at his shop. “The vast majority of transactions are extremely smooth and without incident.   For most of our customers, coming to the pawn shop is as regular as going to the grocery store to perform a transaction. We have never had a physical altercation with a customer, and no one has ever had to be physically removed from our stores. While this is the norm in this show, it is far from the truth of what happens in a pawn shop on a daily basis.”Your experience may (will) varyIt is impossible to document every way in which pawn shop reality shows are different from the actual experience of going to a pawn shop. Just as there are a variety of pawn shop reality shows, there are many different types of pawn shops.According to the National Pawnbrokers Association, there were approximately 10,000 pawn establishments across the United States in 2012. And according to Davis:“There are stores that look even nicer than a high-end jewelry store with several millions of dollars of diamonds, watches, and jewelry. There are firearms-focused stores that have 20,000 square feet filled with guns and hunting gear. But the typical pawn shop in America is around 2,500 to 4,500 square feet and carries a huge array of merchandise from jewelry to electronics, tools, spor ting goods, collectibles, musical instruments, and everything in between. Customers will find things that interest them at almost any pawn shop, but they should not expect to see the rarest of rare merchandise nor should they expect to witness someone being forcefully removed from the store because of a customer service blow up.”As Davis makes clear, visiting a pawn shop as either a buyer or a seller may be slightly less exciting than the television would suggest. However, it can still be worth the trip. As a buyer, you may be able to encounter interesting finds in a more tactile manner than just surfing Craigslist or Ebay. As a seller, it is one option to consider if you are looking to get rid of some of your stuff, and it may be a worthy option if you are dealing with a financial emergency and do not have the credit to get a traditional loan. Regardless of why you are visiting, just be ready to engage with the pawn shop experience as it actually is, and not as the television sug gests it might be.Looking for more information about pawn shop loans? We have a few additional articles for you:Is There a Better Option Than the Nearby Pawnshop?The Pros and Cons of Pawn Shop Cash Advances5 Reasons to Avoid Pawn Shop Loans

Child Protective Services And The Foster Care System

When a child is endangered in one’s own home, child protective services interfere to ensure the safety of the child. In some cases, when conditions at home are unfit regarding the safety of a child, foster placement occurs. Over a half million children within the United States reside in foster care. Out of these children, approximately 20,000 of them continue through their lives within the foster care system until the age of 18. This is referred to â€Å"aging out†. Once a child within the foster care system turns 18, they are no longer cared for by state or government agencies and must provide for themselves. For those who do age out of the foster care system, it is often that they find themselves lacking the necessary skills needed to make it on their own, which is often due to the lack of having a stable support system such as a family. At the age of nine, Risa Bejarano entered into the foster care system due to a neglectful mother and an abusive father. Despite the challenges of being in the foster system, Risa was determined to overcome these obstacles. While working towards her high school graduation, Risa also worked two jobs in order to save money for her future. By the time Risa had reached her senior year in high school, she was living with her tenth foster mother, Dolores, who was also caring for four other foster children. Risa’s hard work resulted in her earning a total of six scholarships, exceeding 8,000 dollars. She also became the first in her family toShow MoreRelatedChild Protective Services And Foster Care1570 Words   |  7 Pages A child living in the 21st century is no stranger to poverty and the desperate lifestyles it promotes. Too often the case, children, living in families with incomes below the nation’s poverty line, are limited to criminal activities, low-level education, and blue-collar employment. 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No matter the form of placement, this type of upheaval in a young child’s life is bound to cause the need for many adjustments. Aside from having to adjust to a different family, peers, schooling and possiblyRead MoreChild Welfare Policy: Past, Present, and Future Essays1028 Words   |  5 Pagescentury, laws pertaining to the family system began to change. A new law recognized the equal rights of fathers and mothers with the mother’s rights reigning over the fathers in regards to the children. Also, the legal system began viewing children as important to the future of society, therefore â€Å"appropriate objects of the court’s protection† (Popple and Leighninger, 2011). Unfortunately, because of the Great Depression of the 1930s, nongovernmental child protection societies dwindled. These

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The Promise of Sociology Essay - 876 Words

According to C. Wright Mills, what occurs in any one individuals life is interrelated with society as a whole. The sociological imagination gives us the ability to understand the correlation of ones biography, history, and traditions along with the knowledge of the social and historical impact and/or influence society may have on that person or group of people. Mills notion compels us to investigate into an individuals biography and lifestyles, and place their findings within the surrounding circumstances in which events occur in order to perceive the whole picture of the society in which the individual lives. Mills says to understand this imagination would be to see the connection between personal troubles and public†¦show more content†¦Another example one may consider to be personal troubles is family violence. Whether it is a women battered by her husband, a child beaten by parents, or possibly the family pet being abused. One might say that it is a mans right to beat his wife for various reasons and that she brought it upon herself and therefore could stop it if she obeyed her husband. A parent may beat their child for justified disciplinary reasons and say, if the child obeyed their parents they would not get a beating. And, in order to teach the family pet how to behave accordingly, pain must be issued in order for them to learn. Again, sociological imagination would help one to realize how the biological, historical and tradition influences this sort of mind frame. Religious or family beliefs passed onto the next generation giving the mind frame that it is a mans dut y or right to beat his wife, or the same is thought when it comes to rearing children, and some may have been taught that animals only learned by beating them. 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The way you perceive certain scenariosRead MoreBriefly Outline the Distinctive Features of the Sociological Approach to Understanding Human Life and the Illustrate How You Would Use Sociology to Make Sense of Globalisation.1554 Words   |  7 PagesSociology is the systematic, sce ptical and critical study of the way that people do things together .It’s not a science that simply lists facts and figures about society. Instead it becomes a form of consciousness, a way of thinking, a critical way of seeing the world. It welcomes you to challenge the obvious, to question the world as it is taken for granted and to de-familiarising the familiar. This is what empowers critical thinking which triggers the development of the understanding of the humanRead MoreOur Perceptions Of Society Can Be Divided Into Two Opposing Frames Of Reference924 Words   |  4 Pagesallows individuals to understand experiences and gauge their fate by becoming aware of their environment (Mills 2). It goes beyond a simple individualistic perspective to the viewpoints of history and other social disciplines. In class reading, The Promise by Wright Mills, it describes that social awareness can create an entrapped notion, limiting people’s ambitions by the threats that prevent people to transcend. Justification of this was captured in the film China Blue where as more Chinese laborersRead MoreReading Of Roderick A. Ferguson s Aberrations Of Black : Towards A Queer Of Color1203 Words   |  5 Pagesand confirmation (3). By challenging some of the main complacent thinking that characterized canonical sociology, Ferguson pushes for an engagement with racial knowledge about African American culture as it was produced by American sociology if one is to fully understand the gender and sexual variations within the African American culture. One of the principle assumptions of canonical sociology is represented by its use of cultural, racial and sexual differences in the process of pathologizing AfricanRead MoreWhat Can We Do? Becoming Part Of The Solution1619 Words   |  7 Pagessociologist, C. Wright Mills, in 1959. In Mills article, The Promise, indicates that, The sociological imagination enables its possessor to understand the larger historical scene in terms of its meaning for the inner life and the external career of a variety of individuals(Mills, 3). Sociological imagination helps individuals to contemplate their own troubles in a deeper level and view their daily routines in an entirely new perspective. Sociology imagination has also helped people to connect their personalRead MoreResponse Paper : The Promise1008 Words   |  5 PagesResponse Paper The Promise Have you ever wondered why people do some of the things that they do? 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Capital Asset Pricing Module

Question: Describe about arbitrage pricing theory, Inter-temporal CAPM and disadvantages and alternatives to CAPM. Answer: Introduction Thecapital asset pricing model isa model which is primarily used in determining a possible and appropriate required rate of returnof asecurity. This theory describes the connection between the expected return, unsystematic risks and the valuation of a security. This theory infers that a securitys cost of capital is lower for an investor holding an improved diversification of investments in comparison to an investor who is holding the entire market portfolio. The basic idea underlying the theory is that investors are compensated by multiple means:time value of moneyand risk. The former is represented by the opportunity of investment which is considered risk free and which provides a compensating avenue to the investors who have placed their money under an investment for a period of time while the later factor i.e. the risk factor is compensated by the market premium over the risk free opportunities. Founders The Capital Asset Pricing Model (CAPM) was pioneered by the four economists during the early 1960s. John Lintner, Jan Mossin, William Sharpe, and Jack Treynor developed the concept and thesis behind the model which was essentially used for describing security returns. The CAPM Equation and Assumptions The CAPM model comes at the expected return for an asset through the following equation: Expected Return (ER) = RF + beta [E(Rm) - RF ] Where, E(RM)= The return expected on the portfolio available in the market Beta = is the unit which measures the diversifiable risk of asset which is relative to the portfolio available in the market RF = Risk free rate of return As per CAPM, the expected return deriving from an asset would be the sum total of the risk-free rate combined with a risk premium. Risk premium in the model is represented by Beta [E(RM) RF] The CAPM has only one risk factor which is diversifiable, the risk represented by the movement of the overall related market. Beta measures the sensitivity which is inherent and related to the return which the asset provides to the return which is generated by the overall market portfolio. The other factor which comprise the risk premium in the model is the spread over the expected return provided by the market portfolio, E(R), and the return on risk-free investment. The risk premium is nothing but the incentive which an investor gets for assuming the risk prevalent in the market over and above the return which can be earned if an investor invests in an asset which provides a return which is risk-free. Taken as a whole, the premium of risk is the multiplication of the quantity measured as risk in market and the possible compensation for assuming the risk in the market. Assumptions of CAPM First Assumption: investment decisions are made by the investors on basis the return which is expected and deviation in these returns. Second Assumption: All the Investors investing are prudent and averse to risk. Third Assumption: All the Investors invest for an equal frame of time. Fourth Assumption: All the Investors have the expectations which are similar relating to return expected from the market and deviation of return on all these assets. Fifth Assumption: All the investors are capable of availing the risk free rate for lending and borrowing the fund in the market i.e. there is a presence of significant risk free rate which is free from risks. Sixth Assumption: All the Capital markets in the economy are perfectly competitive and runs smoothly First four assumptions represents the behaviour which an investor portray while making investing decisions while the remaining assumptions are related to the features prevalent in the capital market. Arbitrage Pricing Theory The (APT) model, suggests that there are multiple risk factors which influence an assets expected return. The APT model does not mention about the various risk factors which are present, however it assumes that their is a linear relationship among the returns generated by asset and the risk factors attached to it. Principle behind APT Arbitrage, simply speaking is the process where an asset is simultaneously bought and sold from two different markets at two different prices so as to generate gains by buying at a price which is lower in one market and simultaneously selling the same asset at a price which is higher than the price prevailing in the other market. This arbitrage rests on a basic principle of  nance which is known as the law of one price, which states that the payoff generated from an asset which could be created as a pack of assets should be equal to the payoff from the individual assets which forms the pack of assets and the price of individual assets combined together which forms the pack. And where there is a situation prevalent in the market which shows that the price of the pack of assets differs from that of individual asset which forms the pack with the same price, a prudent investors would transact in these assets in such a manner which would restore the price back to equilibrium. This mechanism in the market serves as the basic idea behind the APT model, and is discovered on the fact that a transaction of arbitrage does not show off the investor to any movement which is adverse in relation to the price which is present in the market for the assets transacted. Equation R = E(Rm) + Bi,1F1 + Bi,2F2 + + Bi,HFH + Ei where R = the return provided by the asset in question E(Rm)= the return which is expected on the asset Fh = the h-th factor that is common to the returns of all assets (h = 1, ..., H) i,h = the sensitivity of the i-th asset to the h-th factor Ei = the return which is unsystematic for the asset Consumption based Capital Asset Pricing Model (CCAPM) Consumption based Capital Asset Pricing Model is a model which determines expected asset returns. Robert Lucas and Douglas Breeden laid the foundations of this concept. As per this model, the return premium which is expected that an asset provides in relation to the risk-free investment is in sync to the covariance of the return which is linked with consumption. Instead of market beta which was used in the standard CAPM model, this model uses the consumption beta which is derived by the coefficient from a regression of an assets return on consumption growth. Thus, the central prediction of the CCAPM is that the premiums that assets offer are proportional to their consumption betas. The CCAPM equation (ER) = Rf + Beta [E(Rn) - Rf ] Where, ER= return which is expected on security E(RM)= The market return Beta = beta of consumption Rf = Risk free return Basic difference between CAPM and CCAP Under the CAPM model the investors, the factors which concerns the investor were the amount and uncertainty which is over the money they would get in future.The wealth of each investor is basically in perfect correlation with the return which is provided by the portfolio in the market, thus the demand for securities and other risky assets is arrived by the risk which is there in the market. While In the consumption CAPM, the uncertainty which is related to returns on security is in direct connection to the uncertainty which is related to consumption. Inter temporal Capital Asset Pricing Model (ICAPM) Inter temporal Capital Asset Pricing Model was founded by Nobel laureate Robert Merton in 1973. In this model the expected return of an asset is dependent upon its covariance with the portfolio which is present in the market and with static variables which act as a proxy for deviation which occurs in the set of opportunities in investment. This model is derived from the behaviour which is used by a random number of investors while making the selection of portfolio which as a result will maximize the utility which is expected over the consumption over the life and which can be traded consequently in a period of time. Exclusive functions of demand for each asset is formed, and it is depicted that, unlike the single-period model, the present demands are influenced by the probability of changes which are uncertain in the investment opportunities in the future. After the summation of demands and after the required clearing in the market, the relationships of equilibrium which is probable among the expected returns are arrived at, and in contrast to the standard CAPM, the returns which are expected from the assets which are risky might vary from the riskfree rate even when there is no market risk Dividend discount Model It is a model of valuation which arrives at the value of shares through the discounting of the dividend payments which would occur in future. This model derives the price which is also called the intrinsic value of the security. The model derived price of a security is the total of cash flows generated in future and which is discounted at the required rate of return which is demanded by the investor for the risk which he owns while investing in the stock. Future cash flows comprises of dividend payments and the proceeds of the security during its sale. The price derived is referred as intrinsic value. When the stock does not pay dividend, in that case the cash flows expected in future cash comprises the proceeds during sale of the stock. Stock Intrinsic Value = D1 / (1+Ke)1 + D1 / (1+Ke)2 + D1 / (1+Ke)3 +...... D1 / (1+Ke)n +Pn / (1+Ke)n Where, Pn = Proceeds from stock at the end of year n D1 = Dividend payment each year Ke = discounting rate n = Number of years until stock is disposed off There are 3 models used in the dividend discount model: a. No growth : this assumes a constant dividend payment for a stock. As there is no growth, the model has an assumption that the dividend payment always remain constant; the price of stock would be the dividends paid each year divided by the discounting rate or the required rate of return Securitys Intrinsic value = Dividend payments each year / discouting rate. b. Stable growth model :it assumes that dividends grow by a specific rate each year, the growth rate is presented as g and the discounting rate is denoted by k. Securitys Intrinsic value = D1/k-g D1 = dividend to be paid next year K = discounting rate g = rate at which dividend grows c. Variable growth model : This basically spreads the growth into different phases: a initial phase which is fast, followed by a transitional phase which is slower and finally ends with even a lower sustainable rate which sustains over a long time. Primarily, this is an extension of stable growth model where each phase of growth is calculated by the stable growth medium while using 3 varied growth rates for each phase. The present values for every phase are summed to arrive at the intrinsic value of the security. Equation (assuming growth rate becomes constant after 4 years) Stock Intrinsic Value = D1 / (1+Ke)1 + D2 / (1+Ke)2 + D3 / (1+Ke)3 + D4 / (1+Ke)4 + 1 / (1+Ke)4 x D5 / (Ke-g) Where, D1...D5 are variable annual dividend payments Ke = Capitalization rate g = constant growth rate Disadvantages and alternatives to CAPM Following are the points illustrating the disadvantages of Capital Asset Pricing Model: Beta as a measure of risk: As it uses standard deviation and variance as a measure which determines the risk, these measures do not take into account the factors which are regarded as the influencing factors for spreading the returns on the asset. It is basically a attack on the idea that the spread of return over asset returns shows a distribution which is normal. Reliability of Beta value: Beta which is arrived through statistic calculations might not be present for securities of many companies in the market. It might not be possible to estimate the cost of equity of those firms using this model. All limitation that is related to beta value also applies to the model. Limitation of assumptions: The behavioural assumptions underlying the model are not practical and this is not how an investor decides about the portfolio in the practical world. There are proofs that multiple risk factors affecting returns on assets are prevalent. Availability of Information: It is very difficult to collect significant information on prevailing risk free rates and the return which is expected from the portfolio in the market as there are various risk free rates in the market for a particular asset while for other asset, as the market is volatile, the risk free rate differs over frame of time. Other risks: By emphasizing only on market risk, it ignores other risks. While these ignored risks are also significant to stake holders who possess a portfolio which is not diversified Alternatives to CAPM Arbitrage Pricing Theory model: The pricing theory is framed basically from arguments revolving over the arbitrage. It portrays that the return which is expected on a stock or a portfolio is derived through the various factors. This theory substitutes the difficulty of discovering the market portfolio in the CAPM with the difficulty of selecting and computing the factors which are relevant. Accounting based measure of risk: This approach can be concluded as a model which derives beta of an asset from the flows of cash that are underlying or those which are linked to a particular security. To do so it demands an estimation of structure of cost flows and cash flows. 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