Project Report on Corporate Finance (Management Project)

Over the past twenty years, write-offs have grown in popularity. With the increased usage of write-offs, it is becoming more important to understand the mechanisms behind why companies take write-offs and how write-offs affect company performance.

In this paper, I examine the cross-sectional determinants of the decision to take write-offs. I use a hand-collected dataset on write-offs that is much more comprehensive than existing write-off datasets. Contrary to much hype and scandals surrounding a few write-offs, I find that quality of governance is positively related to write-off decisions in the cross-section. My results also suggest that poor governance companies wait to take write-offs until it becomes inevitable, while well-monitored companies take write-offs sooner. As a result, the charge is substantially larger than the average write-off charge.

When these poor governance companies announce write-offs, the announcement generates negative abnormal returns. However, when good corporate governance companies announce write-offs, the charge is substantially smaller than the average charge. These well-monitored companies take write-offs immediately following a problem. Following the write-off announcements of these types of companies, average announcement day effects exceed a positive six percent. These results suggest that companies with quality monitoring mechanisms use write-offs in a manner that is consistent with enhancing shareholder value.

In my second essay I examine the effect of write-off announcements on the stock market liquidity of firms taking write-offs from 1980 to 2000. I find that there are substantial improvements in stock market liquidity following corporate write-offs. Spreads decrease and turnover volume increases after write-off announcements, which indicates an improvement in liquidity. The liquidity improvement is greater for better governed companies. I decompose bid-ask spreads and show that adverse selection costs decrease substantially as market participants respond to the write-off announcement. The evidence suggests a liquidity benefit of write-offs that must be weighed against any other perceived cost of write-offs. Such a liquidity benefit may validate that write-offs convey favorable information about the firm.

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Study of Emotions and Behavioral Intentions in Upscale Restaurants (Management Project)

The physical environment may be an important determinant of customer satisfaction and subsequent behavior when services are consumed primarily for hedonic purposes and customers spend moderate to long periods of time in the physical surroundings. An example of this phenomenon would bein an upscale restaurant setting.

This study explored the domain of the physical environment in an upscale restaurant context to develop a DINESCAPE scale. Relevant literature was reviewed on architecture, environmental psychology, psychology, operations management, and marketing, highlighting empirical and theoretical contributions. Conceptualization and operationalization of the DINESCAPE dimensions is presented, and the procedures used in constructing and refining a multiple-item scale to assess DINESCAPE in an upscale restaurant setting are described. DINESCAPE is a six-factor scale that was developed to measure facility aesthetics, ambience, lighting, service product, layout, and social factors. Evidence of the scale’s reliability, validity, and factor structure is presented, along with potential applications of the scale.

The second phase of the study attempted to build a conceptual model of how the DINESCAPE factors influenced customers’ behavioral intentions through their emotions. The Mehrabian-Russell environmental psychology model was adopted to explore the linkage of the six dimensions of DINESCAPE to customers’ emotional states (pleasure and arousal) and the linkage between pleasure and arousal with customers’ behavioral intentions. Structural equation modeling was used to test the causal relationships among the hypothesized relationships.

Results revealed that facility aesthetics, ambience, and social factors affected the level of customers’ pleasure and ambience and social factors influenced the amount of arousal. In addition, pleasure and arousal had significant effects on subsequent behavioral intentions in the context of upscale restaurant. Finally, implications for restaurateurs and researchers were discussed.

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A Study on Retail Management with Big Bazaar (MBA Project)

 

 Introduction to Retailing:

“Retailing is a distinct, diverse and dynamic sector” . “It is an activity of enormous economic significance to most developed nations”. It generates revenue and wealth for nation, encourages investments and brings technological advancements. Stated that “it brings employment and creates wealth of the economy”. “It is a vibrant part of our changing society and a major source of employment”

Retailing performs activities at larger level so it requires massive manpower to handle and manage it’s operations. Retailing also helps society in general by providing goods and services in reasonable price and increasing their standards of living. “Retailing activity can be viewed as a significant contributor to the economy in general”.

Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to consumers on a relatively small scale.” Retailing makes products and services available in large quantities. Retailers produce or order the products/services in bulk so they can take advantage of economy of scale and thus they can formulate competitive pricing strategies. Products and services are generally sold through the store or on the internet.

Introduction to Retail Industry:

The first decade of modern retail in India has been characterized by a shift from traditional kirana shops to new formats including department stores, specialty stores hypermarkets, and supermarkets and across a range of categories. Modern retail formats have mushroomed in metros and mini-metros. In the last few years, modern retail has also established its presence in the small cities, exposing residents to shopping options like never before.

Some of these stores are branded stores(exclusive showrooms either owned or franchised out by a manufacturer) , specialty stores(greater choice to consumer, comparison between brands is possible) , department stores/supermarkets (one stop shop catering to varied consumer needs) , hyper-mart (low prices , vast choice available including services such as cafeterias.) , shopping malls (variety of shops available to each other ).

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Reinsurance: Insurance to Insurers (MBA Finance Project)

Reinsurance is a means by which an insurance company can protect itself against the risk of losses with other insurance companies. Individuals and corporations obtain insurance policies to provide protection for various risks (hurricanes, earthquakes, lawsuits, collisions, sickness and death, etc.). Reinsurers, in turn, provide insurance to insurance companies.
Reinsurance helps primary insurers to reduce their capital costs and raise their underwriting capacity since major risks are transferred to reinsurers’’; the primary insurer no longer needs to retain capital on its balance sheet to cover them. Reinsurance thus serves the primary insurer as an equity substitute and provides additional underwriting capacity. This indirect capital is cheaper for the primary insurer than borrowing equity, since reinsurers can offer to assume risks at more favorable rates thanks to their superior risk diversification.

The additional underwriting capacity permits the primary insurers to assume additional risks which without reinsurance they would either have to refuse or which would compel them to provide a lot more of their own capital. In a globalized world, in which potential financial claims are steadily rising and in which the limits of insurability are being constantly extended, reinsurance thus assumes a major significance for the whole economy.

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Case Study on Amul and its Operations (MBA Project)

Amul began the dairy cooperative movement in India and formed an apex cooperative organization, Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), which today is jointly owned by some 2.2 million milk producers in Gujarat, India. Amul was formally registered on December 14, 1946.

The brand name Amul, sourced from the Sanskrit word Amoolya, means priceless. It was suggested by a quality control expert in Anand. Some cite the origin as an acronym to (Anand Milk Union Limited).The Amul revolution was started as awareness among the farmers. It grew and matured into a protest movement that was channeled towards economic prosperity.

ORGANISATION:
Amul is a dairy cooperative movement in India. It is a brand name managed by an apex cooperative organization, Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF), which today is jointly owned by some 2.41 million milk producers in Gujarat, India. It is based in Anand town of Gujarat and has been a sterling example of a co-operative organization’s success in the long term.

The Amul Pattern has established itself as a uniquely appropriate model for rural development. Amul has spurred the White Revolution of India, which has made India one of the largest milk producers in the world. It is also the world’s biggest vegetarian cheese brand. Success of Kaira District Co-operative Milk Producers’ Union Limited and setting up of District Co-operative Milk Producers’ Unions needed a state-level organization for entire Gujarat. That leads to creation of Gujarat Cooperative Milk Marketing Federation (GCMMF).
RANGE OF PRODUCTS:
Amul’s product range includes milk powders, milk, butter, ghee, cheese, chocolate, ice cream, cream, shrikhand, paneer, gulab jamuns, basundi, Nutramul brand and others.

Amul Butter, Amul Milk Powder, Amul Ghee, Amulspray, Amul Cheese, Amul Chocolates, Amul Shrikhand, Amul Ice cream, Nutramul, Amul Milk and Amulya In January 2006, Amul plans to launch India’s first sports drink Stamina, which will be competing with Coca Cola’s Powerade and PepsiCo’s Gatorade.

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Marketing Mix – A Case Study with Nestle (MBA Project)

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Objectives of Nestle:
Marketing objectives are compatible with the overall corporate objectives of nestle. Company’s objective is to be the world’s largest and best branded food manufacturer while insuring that nestle name is synonymous with the products of the highest quality.

Its chief objectives are:

• To achieve compatibility with international voluntary standards on environmental management systems.

• To build mutual trust with consumers, governmental authorities and business partners.

• To ensure continuous improvement of nestles environmental performance.

• Conservation of natural resources and minimization of waste.

• Total compliance with the laws.

• To establish the benchmark for good business practice.

• Employing new technologies and processing.

• By committing to resources, both human and financial.

• Measuring the cost and benefits to business of it’s activities.

• Monitor progress.

• Audit results.

• Review targets.

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