Persuasive memo Essay Example for Free

Persuasive memo Essay My name is Darrell Pace and I am requesting to continue research for the implementation of a Spanish curriculum in the Professional Academy Day School. The proposed research will greatly impact our students, parents, and faculty because the world is becoming increasingly interconnected. Parents are turning to language immersion programs for their toddlers and preschoolers. Some are motivated by the desire to preserve family heritage and culture. Others see early language instruction as a way to provide their children with the academic and cognitive advantages. It is very important for the Professional Academy Day School to accommodate the interest of our parents who entrust their children to us, to teach them skills that are beneficial now and in the future. When we offer the children in our day school the very best curriculum, it enhances our credibility among our competition and the community. According to the article by Stephanie Meade, â€Å"7 benefits of Raising Bilingual Kids†, it shows that bilingual children have the following advantages over that of monolingual students: Bilingual children have a better ability to focus and ignore distractions in the environment Bilingual kids can switch from one activity to another faster and are better at multitasking. Bilinguals have increased mental flexibility and creativity. Bilingual children in dual-immersion schools have been shown in one study to score higher on both verbal and math standardized test conducted in English Bilingual children display stronger logic skills and are better equipped at solving mental puzzles Being bilingual carries over throughout life as it alters brain chemistry and starving off the onset of Alzheimer’s. After learning two languages, it makes it more apt for learning a third language The advantages of a child being immersed into a school that offers dual languages cannot be ignored nor taken lightly when the demographics toward Spanish speaking cultures have more than doubled over the last ten years here in our state of Texas. Our school will be behind the curve if we don’t react now and research the necessary curriculum that will be the most effective among our students in the classroom. In the article, â€Å"Preschool Curriculum: What’s in it for Children and Teachers† written by The Albert Shanker Institute, children learn language when it is presented in meaningful contexts. A strong curriculum teaches vocabulary during studies of interesting content. This strategy which we have found through our research provides repeated exposure to new words and teaches children the words they need to represent the new ideas and concepts that they are learning. Our research will prove that the proper Spanish curriculum produces success in math, science, literacy, social studies and the arts. Language is the foundation for children’s learning, and the pre-k years are a crucial time for Spanish language development. The research on Spanish curriculum in Pre-k and kindergarten classes is timely and it is of substantial importance to the future of learning at the Professional Academy Day School.

The Adventures of Pinocchio :: Books, Film

When a book is made into a movie, certain scenes and overall big pictures sometimes get â€Å"lost in translation.† This certainly is the case for Carlo Collodi’s story The Adventures of Pinocchio. Many things occur in the book that do not take place in the Disney movie Pinocchio, originally produced in 1940, and rereleased in 1992. A possible reason for some of the changes could regard audiences. The Adventures of Pinocchio was written in Italian in 1883. Perhaps that is why the book focuses more on morality and is a teach-you-a-lesson about the consequences of being bad kind of book, while the movie more gently tries to get the same message across by adding and deleting scenes from the original work. A change from book to movie occurs right at the beginning of the film. In the book, Geppetto buys the wood that is to become Pinocchio from Mastro Antonio—a character left out of the movie entirely (1). The movie version begins with Jiminy Cricket, as he is called in the movie, singing about wishing upon stars. In the book, he is known as the Talking Cricket. Pinocchio is already crafted, fitted with marionette strings, and is sitting on a shelf. In the book, as soon as Pinocchio has feet—he is already alive—he runs out the door (6); however, in the movie, Geppetto, who controls him with the marionette strings, dances him around. I find it strange that Geppetto makes the puppet (while he controls him) kick the cat, Figaro—who is not in the original book—causing him to fall off the steps. How does Geppetto expect Pinocchio to be a good boy if at the beginning of his functioning he (Pinocchio) is made to kick innocent cats? After Geppetto dances the puppet around for a bit he goes to bed, but before he falls asleep, he wishes upon a star. He wishes that the puppet was a real boy. The star comes into the window and is a fairy with blue hair. The fairy grants the wish, giving the puppet life. The stipulation the fairy gives Pinocchio is that he can become a real boy when he proves himself and learns to choose between right and wrong. This requirement is the same in the book (55). A difference in this film scene and the book is the appearance of the fairy. In the book, Pinocchio initially sees the fairy much later (32). The Adventures of Pinocchio :: Books, Film When a book is made into a movie, certain scenes and overall big pictures sometimes get â€Å"lost in translation.† This certainly is the case for Carlo Collodi’s story The Adventures of Pinocchio. Many things occur in the book that do not take place in the Disney movie Pinocchio, originally produced in 1940, and rereleased in 1992. A possible reason for some of the changes could regard audiences. The Adventures of Pinocchio was written in Italian in 1883. Perhaps that is why the book focuses more on morality and is a teach-you-a-lesson about the consequences of being bad kind of book, while the movie more gently tries to get the same message across by adding and deleting scenes from the original work. A change from book to movie occurs right at the beginning of the film. In the book, Geppetto buys the wood that is to become Pinocchio from Mastro Antonio—a character left out of the movie entirely (1). The movie version begins with Jiminy Cricket, as he is called in the movie, singing about wishing upon stars. In the book, he is known as the Talking Cricket. Pinocchio is already crafted, fitted with marionette strings, and is sitting on a shelf. In the book, as soon as Pinocchio has feet—he is already alive—he runs out the door (6); however, in the movie, Geppetto, who controls him with the marionette strings, dances him around. I find it strange that Geppetto makes the puppet (while he controls him) kick the cat, Figaro—who is not in the original book—causing him to fall off the steps. How does Geppetto expect Pinocchio to be a good boy if at the beginning of his functioning he (Pinocchio) is made to kick innocent cats? After Geppetto dances the puppet around for a bit he goes to bed, but before he falls asleep, he wishes upon a star. He wishes that the puppet was a real boy. The star comes into the window and is a fairy with blue hair. The fairy grants the wish, giving the puppet life. The stipulation the fairy gives Pinocchio is that he can become a real boy when he proves himself and learns to choose between right and wrong. This requirement is the same in the book (55). A difference in this film scene and the book is the appearance of the fairy. In the book, Pinocchio initially sees the fairy much later (32).

Movie Tehcniques

Film, what do you think of when you hear that word? A motion picture is simply a series of still pictures shown quickly so they stimulate motion. But a film can be so much more than that. It can tell a story, inform people of news, or educate. A film can surprise, aggravate, and inspire the imagination. Some of the necessary skills to analyze how images are constructed, how they create meanings, and how they affect us help us to better understand film as a whole. Throughout the class we watched several films each displaying some different techniques used throughout the films.These techniques help provide a dynamic approach to discover the different meanings that the viewer can receive from the film. In Buster Keaton’s Sherlock Jr. made in 1924, the specific film technique that best stands out is mise-en-scene. Mise-en-scene is the composition or what’s in the scene or frame. This technique includes long take, long shot, and moving camera. A specific example of a scene f rom the film that illustrates mise-en-scene is when Sherlock Jr. (Buster Keaton) is riding on the handle bars of the motorcycle that the theater manager, Gillette (Ford West) is racing around through town on (154).Sherlock Jr. is unaware that Gillette has fallen off and he is performing crazy stunts while on the handle bars with no driver. One of the extreme stunts that he performed is when the motorcycle appears to cross a bridge that is open so it looks like he could plummet to the ground, but just as he is crossing the gap two trucks pass underneath him filling the gap and he safely makes is across. From this account, this powerful scene shows mise-en-scene perfectly. The camera is taking a long take which means that the camera is taking a single unbroken shot that can be moving or stationary.In this case the camera is moving with the action which shows moving camera. The scene also fills long shot which is a shot that shows the full human body, and the camera is also showing the background behind Sherlock Jr. while he racing around town performing crazy stunts. This technique is used to help keep this silent American comedy interesting and the audience intrigued throughout the performance that Sherlock Jr. is presenting. In Sergei Eisenstein’s 1926 film, Battleship Potemkin, the specific film technique that stands out is montage.Montage is different than mise-en-scene instead of long take, long shot, and moving camera it is a sequence of quick shots, showing a condensed series of events. The individual shots put together to cause and emotional or intellectual reactions to the audience. Eisenstein believed that film montage could create ideas or have impact beyond the individual images. He wanted to represent perceptions powerfully more than emotions directly (172). A specific example of a scene that illustrates montage very well is the Odessa Steps scene.In this scene, the Tsar’s soldiers march down a seemingly endless flight of steps in a rh ythmic, machine like fashion. While walking down the steps they are shooting into the crowd of town’s citizens creating a traumatic massacre. There were several victims including an older woman trying to stop the soldiers but she is stabbed with a knife. The next shot is of a young boy that was killed and his mother was protesting for them to help her because her boy had been hurt, but they didn’t even listen and shot her.The next shot flashes to a mother holding onto a baby carriage but she is shot. As she falls to her death she knocks the carriage down the steps. The camera continues to show the carriage tumbling down the stairs and then zooming in on the wheels of the carriage and it quickly plummets down the steps. During these main shots, there were quick shots of other town citizen’s dying and scurrying to get away. This seven minute scene just showed complete and utter chaos.Montage is used for the Odessa Step scene because it allows Eisenstein to manipul ate the audience’s perceptions of time by stretching out the crowd’s flight down the steps. The rapid progression and alteration of images in the sequence gives the audience just a piece from a dreadful nightmare. This sequence of montage sets up the audience to rise up against oppression and the Tsar government. In Orson Welles 1989 film, Citizen Kane, the specific film technique that stands out right from the beginning is mise-en-scene.As explained earlier mise-en-scene is what the director decides to put into the film frame such as lighting, the setting, costume, and the movement and actions of figures appearing within the film. The scene that shows the most powerful and significant mise-en-scene is the first flashback scene set at Charles Foster Kane’s (Orson Welles) childhood home. The scene begins showing Kane in the background, while in the foreground, his parents (Mary and Jim Kane) and Mr. Walter Parks Thatcher (George Coulouris) are discussing his futu re.Kane appears visually trapped within the frames of a window, foreshadowing the way in which he will be â€Å"trapped† into Mr. Thatcher’s guardianship. During the scene, they show a close up of Kane’s facial expression and they fade out to reveal the sleigh, Rosebud, which he was happily playing with moments before. The beginning scene of the flashback of Kane’s happy childhood being given into the hands of Mr. Thatcher illustrates mise-en-scene very well. The scene provides a great example of deep focus, which is the drama within the frame.The director focuses on the foreground with his mother signing the papers, the father in the middle by the door, and young Kane outside the window. The use of mise-en-scene keeps the audience intrigued into who Kane was referring to when he was dying and asked for rosebud. They continue to use long take, long shot, and at the end the moving camera reveals what Rosebud was. By not revealing that Rosebud was the sled from his child hood right from the beginning, the audience stays curious as to who Rosebud really was.In Stanley Donen and Gene Kelly’s 1951 film, Singin’ in the Rain, the specific film technique that stands out is mise-en-scene. When mise-en-scene is applied to film it means everything that is present before the camera, which includes arrangement of props, actors and sets. During the entire film, mise-en-scene was shown through performance of the main characters Don Lockwood (Gene Kelly), Kathy Seldon (Debbie Reynolds), Lina Lamont (Jean Hagen) and Cosmo Brown (Donald O’Connor). These characters would often express their emotions through song or dance.One example of a scene that shows mise-en-scene thoroughly is when Don Lockwood performs the song, â€Å"Singing in the Rain. † The scene starts with Don Lockwood kissing Kathy Selden on the doorstep of the house. This starts off as a long shot before zooming into a close up of the two kissing and they are both under Lockwood’s umbrella, which is a crucial prop for the entire scene. There is a constant rain throughout the scene, which is acknowledged by Kathy who states â€Å"This California dew is just a little heavier than usual tonight,† before she goes back inside.Don then waves away the waiting taxi which has been visible since the start of the scene. Don begins to sing the opening of â€Å"Singing in the Rain. † He then shuts his umbrella and begins dancing down the street, filled with a mixture of houses and shops with displays on the window. Don interacts with almost all of the props like the light pole on the sidewalk and the puddles of water on the road. Two people rush past him hiding under a newspaper, while he dances around them giving them a cheerful wave.Throughout his performance, Don carries an umbrella as some kind of dance partner, and at one point using it as an air guitar. This technique is used in the movie to allow the audience to use the pe rformance to perceive different perceptions and meanings of the images and sound. Mise-en-scene in this specific scene with Don creates a different effect, leaving the audience with a feel good moment. Everyone lives in a different reality and that is why people enjoy watching films. They give insight into the worlds of others.Film directors do their best to portray their characters’ lives and make them as believable as they can. They do this through the different film techniques to help describe the way that meaning is created throughout the film. Many help set up the realism with costumes, setting and performance, while others use a series of quick shots to condense space, time and information. Even though film is just a story or event recorded by a camera as a set of images, when shown to an audience the meanings created helps them to better understand the films overall.

Investment Analysis Using Reuters Financial Database Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3607 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Standard Chartered PLC is the merging of The Standard Bank of British South Africa and the Chartered Bank of India, Australia and China at 1969. The company headquarter is in London, England and the branches are operating all over the world (Standard Chartered Bank, 2010). They main business strategy is focus on Consumer banking, Wholesale banking, SME banking, Islamic banking and Private banking. Don’t waste time! Our writers will create an original "Investment Analysis Using Reuters Financial Database Finance Essay" essay for you Create order Other than that, Standard Chartered is approaching 3 main principal in their business model that are participate in growing market, positioning as a global leader and effective costs and risks control (Standard Chartered Bank, 2010). Standard Chartered also listed on London, Hong Kong and Mumbai stock exchanges market and it also part of FTSE 100 Index. Standard Chartered tends to come out with large capital for the further expansion to Europe, Asia and Africa. At 2000, Standard Chartered is successful to acquire ANZ Grindlays and it help to enter the market in India and Pakistan. As a result, it brings the huge profit for the companies and strengthens their market position (Yahoo Finance, 2010). Technical Analysis Dow Theory is a type of technical analysis that assumes the stock market movements are rise or fall together and economic trend can be predicted (Copsey, 1999). Dow and Hamilton stated that there are three types of price movements for the Dow Theory: primary movements, secondary movements and daily fluctuations. Primary moves can be indentifying from a few months to several years and it can determine the trend of the market. The primary upward trend market is representing the bull market and downward trend is representing the bear market. Secondary movements are move in opposite direction of the primary trend from a few weeks to a few months. Therefore, the secondary trend movement are regularly more volatile than those of the primary move. Daily fluctuations always go with or against the primary trend and within a few hours to a few days, but not exceed a week (Stock Charts, 2010). Figure 1: Bull Trend from 2003 to 2007 In figure 1, Standard Chartered is on the upward trend during 2003 to 2007. The upward trend price can form a series of rising peaks and rising troughs. Therefore, STAN.L is in bull trend because the price is moves according to the support line. It doesnt move straight upward but has some corrections along the way. Figure 2: Bear Trend from 2008 to 2009 In figure 2, Standard Chartered is on the downward trend during 2008 to 2009 when a bear trend starts at the end of a bull trend. The downward trend price can form a series of declining peaks and declining troughs. Hence, STAN.L is in bear trend because the price is moves according to the resistant line. In a bear market, it is not moving straight downward because secondary movement create rallies in that period. When a rally ends with a bottom low, it shows the end of the bear trend and the rise of the bull trend. In 2010, the red support line is showing the bull trend after 2009 and it might continue for at least few years before the bear trend start. Elliott Wave Theory Elliott Wave theory is a type of technical analysis that uses to predict the market trends and the price patterns. Elliott believed that stock markets follow repetitive cycles because it reflected the investor psychology (Beckman, 1976). Therefore, market cycles are dividing to two separate type of wave: impulsive wave and corrective wave. An impulse wave will contain 5 elements while corrective wave contain 3 elements. The impulse waves are following the direction of the trend for example up in a bull market and down in a bear market, the corrective waves are always move against the trend (Arotec, 2010). Figure 3: Elliot Wave on STAN.L C A B 5 4 3 2 1 In figure 3, the impulse wave for Standard Chartered is follows a bull trend. The graph show that the three waves in the direction of the upward trend (1, 3, and 5) and wave 5 is the end of the bull market because it already achieves the new highest price. After that, the share price fall drastically during 2008 and corrective wave is begin to show the bear trend (A and B). But the wave A seems to be the bottom of the bear trend and wave B continued to rise after 2009 and achieve the new peak compare to wave 5. So, the wave C will fall that predict STAN.L price will drop in the future. Support and Resistance Support and Resistance is a form of technical analysis that driven by the greed and fear forces. In other words, it represents the demand and supply theory. The price of the stocks will move down when the supply increase and the price will move up when the demand increase. In trending market, bull cycle occurs when demand increase and bear cycle occurs when supply increase. Therefore, non-trending market occurs when supply and demand are the same. A support level act as a floor to support the price to going further down and a resistance level act as a ceiling to support the price to going further up (Martinez, 2007). Figure 4: Support and Resistance Line from 2006 to 2008 In figure 4, the trend channel had been draw from 2005 to 2008 to show the Standard Chartered share price is oscillates between the support and resistance lines. The support line has been tested 5 times without being broken but at 2008 the breakout occurred and the share price fell below the support level. So, the bull trend end and the bear trend start. At the end of 2008, the share price drops to the bottom and oscillates between the second support and resistance lines. The share price had moved sideways during 2008 to 2009 and the resistance line has been tested 3 times without broken but at middle of 2009 the breakout occurred. Therefore, the share price rises against the resistance line and achieves the new peak. Chart Patterns Investment analysts always look for the patterns to indicate the direction of the market. There are two major types of patterns that are reversal patterns and continuation patterns. Reversal patterns provide an indication that the market is turning in its primary trend and continuation patterns provide an indication that the market is going continue in the same direction (Dawson and Steeley, 2003). Head and Shoulders (Reversal Patterns) The head and shoulders pattern is a most famous reversal patterns in technical analysis. It is always happened from uptrends to downtrends (bullish to bearish). This pattern includes three successive peaks with the left shoulder, a head, and a right shoulder and a line drawn as the neckline (Osier and Chang, 1995). Figure 5: Head and Shoulders Pattern from 2007 to 2008 Neckline Left Shoulder Right Shoulder Head In figure 5, the left shoulder form at middle of 2007 and marks the high point of the Standard Chartered price of the bull trend. Investors who bought the shares fear that the price has risen too high and might fall. So, they sell STAN.L shares to prevent the profit turn to loss. Bargain hunters soon return to the market and eventually push the price through to new highs that form a head patterns. However, the new highs are quickly turned back and price falling again to the neckline. The advance from the low of the forms the right shoulder because bargain hunters will buy the shares and the market rallies once more, but fails to achieve the previous peak because of the fear. STAN.L shares price fall after it breakout from the neckline at 1290p at middle of 2008. Figure 6: Volume for Head and Shoulders Pattern In figure 6, volume has a greater significance in the head and shoulders pattern. The higher price on the left shoulder will reflect the high volume as it shows on figure 6. However, the volume during the head is less than the volume during the left shoulder. The decreases in volume along with new highs that form the head serve as a warning sign. Bargain hunters are not aggressive then before that can be show on the volume. On the last rallying, volume on right shoulder increase and signalling that the buyers may have exhausted themselves. Standard Chartered share price break the neckline and the pattern is complete. STAN.L share price is falling and the bear market start. Head and Shoulder Bottom or Head and Shoulder Top? Neckline Right Shoulder Head Left Shoulder Neckline Right Shoulder Head Left ShoulderFor the year 2011, the graphs show us that there are 2 possibilities of the head and shoulder top or bottom trend will occur in this graph. Therefore, it depend on the bargain hunters whether they will enter the market to take advantage of profit taking or investors will sell the shares because it reach another peak for Standard Chartered share price. Flag and Pennant (Continuation Patterns) The flag and pennant pattern is a most familiar continuation patterns in technical analysis. There are consolidation patterns and happen after some sharp movement in the price. It only acts in short-term period during the bull or bear markets (Kirkpatrick and Dahlquist, 2007). Figure 7: Flag and Pennant Pattern at Q2 2009 FlagpolegpoleIn figure 7, Standard Chartered share price had a sharp increase and the volume increase drastically in 2009. Then, a pennant appears within 12 weeks after a sharp increase in price and volume. Bargain hunters are not willing to bid up the stock and shareholder enter the market to sell their shares to earn the profit. The flagpole occurs from the sharp advance break a trend line. The form of flags and pennants require a sharp advance or decline on heavy volume. According to figure 7, the volume of STAN.L shares decline after the heavy volume. When the share price break above resistance signals, the pennant is finished and the bull trend continues. MA (Moving Average) MA is type of technical analysis to indicate the trend of the market and help to predict the market turning point. The share price will use as an indicator to form a trend and it do not predict the price direction. A short MA will respond more quickly than a longer period MA (Greene, 2008). Golden Cross Death Cross Golden CrossFigure 8: Moving Average Triple from 2005 to 2010 Death Cross In figure 8, there are 3 moving average line that the red colour represents the 50 period, green colour represent the 100 period and purple colour represent the 200 period of MA. The interaction between 50 day and 200 day of MA can use as an indicator of a switching between a Bull and a Bear market. The golden cross is usually show the start of bull market and death cross is show the start of bear market. In figure 8, the 50 day and 200 day had cross around end of 2006 and Standard Chartered share price is moving up and signifying the start of bull market. It creates the buy signal for the investor to enter the market. Next, the line cross again at end of 2008 and the 200 day MA is moving above the 50 day MA. It shows the death cross and the STAN.L share is falling and start of bear market. It creates a sell signal for the investor to quit the market. At 2009, the 50 day MA is cross against the 200 day MA and the golden cross occur. As STAN.L is on bull trend during 2009-2010, it cre ates the buy signal again and the share price is achieving a new peak. MACD (Moving Average Convergence and Divergence) MACD is a type of oscillator that can measure market momentum as well as follow or indicate the trend. MACD consists of two lines, the MACD Line and the Signal Line. The MACD Line measures the difference between a short moving average and a long moving average. It generates the buy and sell signal. When the MACD Line and the Signal Line cross signals are generated (Stock Charts, 2010). Figure 9: MACD from 2008 to 2010 Buy Bullish Divergence In figure 9, the red colour line is a MACD Line and the green colour is a Signal Line. A buy signal is generated when the MACD Line crosses from below to above the Signal Line, the further below the zero line that this occurs the stronger the signal. The Standard Chartered share is generating a buy signal during 2008 to 2009 when the share price drop to the bottom of the bear market. So, it create the bullish divergence is when prices are making lower lows but the MACD is making higher lows. This is a sign that the down move is weakening and ensuring the buy signal. Figure 10: MACD from Aug 2010 to Dec 2010 Sell Bearish Divergence In figure 10, Standard Chartered PLC share is generating a sell signal during August 2010 to November 2010. A sell signal is generated when the MACD Line crosses from above to below the Signal Line, the further above the zero line that this occurs the stronger the signal. So, the sign of up move is weakening due to bearish divergence occur when prices are making higher highs but the MACD is making lower highs. Consequently, it strengthens the sell signal for STAN.L share. Average Direction Index The Average Directional Index is an indicator for the market whether is trending or moving sideways. The analysis of Average Direction Index is a process of assessing market trend and determines whether investors to decide which is the strongest trends and gain good profits during the strong trend (Option Trading Guide, 2010). Figure 11: Average Direction Index from Aug 2010 to Dec 2010 Sell Buy In figure 11, the red colour line is Positive Direction Indicator (+DI) and the green colour line is Negative Direction Indicator (-DI). If the +DI line is above the -DI line then the trend is up, and if the -DI line is above the +DI line the trend is down. Buy and sell signals are generated by the +DI and -DI lines. If the +DI crosses above the -DI line, this is a buy signal. A sell signal is generated when the -DI line crosses above the +DI line. Standard Chartered share is on the uptrend during early of September 2010 when the +DI line is cross over -DI line and it creates the buy signal. On middle of December 2010, the -DI line is cross over +DI and it show the market is overbought. As a result, investor should leave the market and sell the share due to the sell signal is been create. Fundamental Analysis Ratio Analysis: Value Investing In fundamental analysis, I choose value investing as my stock picking strategy. According to Chan and Lakonishok (2004), value stocks have made higher returns compare to growth stocks. The analyst had done the experiments over the small-cap stocks and large-cap stocks and the result show that value investing is more suitable. It was because value stocks had less effect compare to growth stocks when the stock market in the downturn. There are several studies prove that extrapolative biases in investor behaviour might affect the investment decision. Investors are overbid the prices of growth stocks as the prices of value stocks dropped far below their value based on fundamentals. Therefore, value investing is the best choice for long-term investment strategy. Figure 12: Overview of Standard Chartered Fundamental Analysis as at 14/12/2010 Earning Yield Earning Yield is the ratio of earning per share over the current market price per share. The earnings yield is the opposite of the P/E ratio. It is measure the percentage of each dollar invested in the stock that was earned by the company. According to Graham (1949), he suggests that if the earning yield was double the yield on a low risk corporate bond (AAA rated) the stock represents good value. Standard Chartered earning yield is 6.34% and the 5 years AAA bond yield is 3.35%. So, the earning yield should be 6.68% to meet the criteria. Figure 13: STAN.L PE Ratio as at 14/12/2010 P/E Ratio P/E ratio is the ratio of current share price over the annual earning by the company per share. A high P/E ratio company is expecting higher earnings growth in the future compared to company with a lower P/E. P/E ratio usually do not reflect the real value of the share but it is helpful to compare the P/E ratios of one firm to other firms in the same sector. According to Graham (1949), the stocks with a PE of less than 40% of the market average over the last 5 years will have the large room to growth. Standard Chartered P/E ratio is 15.78% and the overall sector PE ratio is 13.02%. Therefore, Standard Chartered does not fulfil the 40% criteria. Figure 14: 10 year UK bond and STAN.L Fundamental Ratio as at 14/12/2010 Dividend Yield Dividend Yield is the ratio of annual dividends that paid by the company over the current share price. In other word, dividend yield is use to determine the amount of cash flow that the company earn to be invested in its own share. Therefore, for those risks adverse investors that prefer a steady income from their investment portfolio should invest in stocks that paying relatively high and stable dividend yields. According to Graham (1949), a value stock should have a yield at least 2/3 that of AAA rated bonds. Standard Chartered dividend yield is 2.65% and 10 year UK government bond yield is 4.18%. Therefore, the dividend yield should be 2.79% to meet the criteria. Price to Book Value DDM is a share valuation method on the cash flow that receives in the future to find the intrinsic value. In real life, many investors do not believe on DDM because it always produces a negative bias to valuation estimates. Hence, we will use constant growth rate of the dividend or 3-stage model to solve the biasness (Fuller and Hsia, 1984). First, we need to assume the risk free interest rate, expected dividend growth rate, risk premium and periods of dividend growth. For Standard Chartered DDM, we will use the default risk free rate that same as the yield on 10 year UK gilts. According to Goedhart, Koller, and Williams (2002), the risk premium for UK equity market is 3.5% to 4%. The result of DDM is show at figure 18, constant growth rate model has show if the expected dividend growth rate is 7% then the share price is more than the current value. But for the estimate growth rate at 5% or 6%, it show the current share price is overvalue and investors should sell the share. Therefore, a constant growth rate of 7% p.a. might not be realistic in this current economic situation. For 3-stage model, we will assume that the first stage is high stable growth and will last for 5 years, second stage is declining growth that last for 10 years and the last is infinite stable growth. Standard Chartered is on the maturity stage in the business life cycle and the potential to grow is limited because the competition is very high in UK. As a result, for case 1 and case 2 the value of the stock is under the current share price but case 3 is 13.88% more than the current share price. But 15% for the first 5 years is unrealistic and it shows the share is overvalued. From the aspect from technical analysis, Standard Chartered share price is on bull trend according to Dow Theory and Elliot Wave Theory. From the chart patterns, it shows the STAN.L is on head and shoulder top or bottom but we need to determine the volume for the share price in the future to confirm the patterns. Moving average and MACD are produce the sell signal for STAN.L because the share is on the peak compares to historical data. At last, the average direction index also giving the same signal that STAN.L is overbought and it advise the investors to sell the share in the future. From the aspect from fundamental analysis, Standard Chartered share price is testing by the ratio analysis to determine whether the share is undervalued. Standard Chartered is fail on earning yield, PE ratio, dividend yield, P/B ratio, and debt to equity ratio, therefore, the share price is not undervalue. Next, we use target price model to calculate the intrinsic value of the share. So, Standard Chartered share price in target pricing is higher than current price but after our justification the share price is not undervalue because the estimate EPS is too high for current market. The DDM also show that the Standard Chartered share price is overvalue by our estimation for constant growth and 3-stage model. In the nutshell, investors need to decide whether to follow technical analysis or fundamental analysis. Therefore, we need to determine whether the FTSE 100 markets are efficient. If FTSE 100 is weak form efficient market hypothesis, all the historical information will reflect on the share price and analyst cant use technical analysis to do the prediction. Analyst stating that FTSE 100 might be semi-strong form efficient market hypothesis that reveal all publicly available information on the share price and fundamental analysis cant produce any unusual return. Some of the researchers claim that stock market is like random walk that analyst cant predict the share price by historical data. Therefore, Malkiel (1999) is claim that there is no point to do technical analysis and fundamental analysis because the stock prices reflect all the available information that is relevant to the price. But some of the analysts claim that there are some fund managers able to beat the market consistent ly by their stock picking technique. At last, there are many different opinion between practitioners and academics as to how efficient markets and how useful stock picking and the market timing. For my opinion, whether we choose technical analysis or fundamental analysis, we need to determine the result by ourselves. There is no right or wrong answer on which analysis we approach. In this project, the result for technical analysis and fundamental analysis on Standard Chartered share is showing the sell signal, so the investors who have the share should hold the share or sell it in the future.