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Small Business Activity Entrepreneurship

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Question:

Discuss about the Small Business Activity Entrepreneurship.
 
 

Answer:

Introduction

Evaluation of investment portfolio for a stock broking company is important to keep the company updates with the stock selling and purchasing. In the study, the impact of globalisation on the portfolio investment is discussed. Presentation of evaluated investment portfolio is done in the study. Analysis on portfolio investment and recommendations are also provided in the study.

The globalised impact of financial market on respect of stock broking company and the major activities that influence financial market are discussed. As per Kidwell et al. (2016, p.145) the events and the announcements that financial companies make in respect of the financial changes are the main responsible factors affecting financial market. DeMiguel et al. (2014, p.132) said change in the share price, cash position; dividend income put their effect on the financial market. In respect of a stock broking company, the updating of financial market determines the company activities. Variable rate of stock price, share purchase price, share selling price, dividend and interest are the main components in the basis of which a stock broking company turn. The changes that put effects on these components change the activities of the stock broking company.

As per Chaboud et al. (2014, p.174) Value Investing strategy of investment portfolio is one of the best-recommended strategies that help a stock broking company by valuing its mutual fund. In reference to the case, the stock broking use to value the mutual fund, the dividend income and interest to analyse the progress of the company. According to Henrekson and Sanandaji (2014, p.175), the companies that follow the rules of valuing mutual funds, use to give the investors the chance of getting discounts on their share. In respect of the case study, the investors get discount based on the mutual fund valuation. According to Kalemli?ozcan et al. (2013, p.254), the stock of the company provides the opportunity to the stock buyer by giving index funds, actively managed funds or Exchange traded funds. In respect of the case study, the stock broking company sells exchange-traded funds to the investors in a discount rate.

Calculations on SPI 200 Index, S&P/ASX 200 Index & SP/ASX Australian including their average and standard deviation

date

SPI 200 Index Futures Ccontract

S&P/ASX 200 Index

S&P/ASX Australian Government Bond Price Index

7/10/2017

5663

5724.44

 

100.70

 

7/11/2017

5661

5728.93

0.000784

100.64

-0.00068

7/12/2017

5613

5673.83

-0.00966

100.73

0.000973

7/13/2017

5681

5736.77

0.011031

100.88

0.001419

7/14/2017

5678

5765.12

0.00493

100.79

-0.00091

7/17/2017

5685

5755.47

-0.00168

100.72

-0.00064

7/18/2017

5619

5687.39

-0.0119

100.58

-0.00142

7/19/2017

5652

5732.13

0.007835

100.62

0.000457

7/20/2017

5686

5761.45

0.005103

100.58

-0.00048

7/21/2017

5651

5722.84

-0.00672

100.80

0.002175

7/24/2017

5612

5688.07

-0.00609

100.85

0.000536

7/25/2017

5650

5726.60

0.00675

100.80

-0.00051

7/26/2017

5703

5776.63

0.008698

100.69

-0.00112

7/27/2017

5706

5785.01

0.00145

100.85

0.001598

7/28/2017

5620

5702.82

-0.01431

100.85

6.94E-05

7/31/2017

5647

5720.59

0.003112

100.89

0.000367

8/1/2017

5700

5772.37

0.009011

100.76

-0.00131

8/2/2017

5667

5744.20

-0.00489

100.80

0.000397

8/3/2017

5652

5735.12

-0.00158

100.93

0.001259

8/4/2017

5646

5720.58

-0.00254

101.05

0.001198

8/7/2017

5692

5773.56

0.009218

100.99

-0.00058

8/8/2017

5664

5743.75

-0.00518

100.99

3.96E-05

8/9/2017

5684

5765.66

0.003807

100.91

-0.00078

8/10/2017

5685

5760.93

-0.00082

100.85

-0.0006

8/11/2017

5627

5693.14

-0.01184

101.10

0.002496

8/14/2017

5658

5730.41

0.006525

100.98

-0.00122

8/15/2017

5689

5757.48

0.004714

100.87

-0.0011

8/16/2017

5733

5785.10

0.004786

100.79

-0.00078

8/17/2017

5732

5779.21

-0.00102

100.85

0.000615

8/18/2017

5692

5747.11

-0.00557

100.94

0.000892

8/21/2017

5665

5725.85

-0.00371

100.84

-0.00101

8/22/2017

5698

5750.12

0.00423

100.81

-0.00033

8/23/2017

5681

5737.16

-0.00226

100.69

-0.00113

8/24/2017

5697

5745.48

0.001449

100.83

0.001389

8/25/2017

5696

5743.86

-0.00028

100.79

-0.00046

8/28/2017

5663

5709.89

-0.00593

100.67

-0.00117

8/29/2017

5617

5669.01

-0.00719

100.81

0.001439

8/30/2017

5636

5669.72

0.000125

100.61

-0.00201

8/31/2017

5674

5714.52

0.007871

100.51

-0.00099

9/1/2017

5686

5724.59

0.001761

100.70

0.001839

9/4/2017

5665

5702.00

-0.00395

100.82

0.001211

9/5/2017

5678

5706.23

0.000742

100.60

-0.00214

9/6/2017

5659

5689.73

-0.0029

100.87

0.002641

9/7/2017

5664

5689.88

2.67E-05

100.70

-0.00172

9/8/2017

5655

5672.62

-0.00304

100.89

0.001875

9/11/2017

5693

5713.15

0.00712

100.80

-0.00089

9/12/2017

5734

5746.44

0.00581

100.68

-0.00116

9/13/2017

5734

5744.26

-0.00038

100.55

-0.00125

9/14/2017

5723

5738.68

-0.00097

100.33

-0.00222

9/15/2017

5680

5695.02

-0.00764

100.24

-0.00092

9/18/2017

5708

5720.60

0.004481

100.00

-0.00233

9/19/2017

5702

5713.58

-0.00123

99.93

-0.00072

9/20/2017

5699

5709.09

-0.00079

99.88

-0.00052

9/21/2017

5642

5655.42

-0.00945

99.90

0.00018

9/22/2017

5672

5682.14

0.004713

100.01

0.001111

9/25/2017

5671

5683.73

0.00028

99.98

-0.00033

9/26/2017

5659

5670.98

-0.00225

100.07

0.00095

9/27/2017

5641

5664.28

-0.00118

100.03

-0.00038

9/28/2017

5646

5670.39

0.001077

99.80

-0.00236

9/29/2017

5668

5681.61

0.001978

99.88

0.000861

10/2/2017

5712

5729.33

0.008364

99.75

-0.00136

10/3/2017

5679

5701.44

-0.00488

99.86

0.001142

10/4/2017

5628

5652.06

-0.0087

99.97

0.001091

10/5/2017

5634

5651.77

-5.2E-05

100.09

0.00121

10/6/2017

 

Average

-0.0002

Average

-9.7E-05

   

SD

0.005783

SD

0.001262

Calculation on Share component, Futures contracts, Cash position, Portfolio value and Portfolio return

 

Share component

Futures contracts

Cash position

Portfolio value

Portfolio return

7/10/2017

7360261

80000

273055

2000000

 

7/11/2017

7363767

80200

273055

7717022

1.35028141

7/12/2017

7303048

85000

273055

7661103

-0.007272583

7/13/2017

7341535

78200

273055

7692790

0.004127483

7/14/2017

7340025

78500

273055

7691580

-0.000157206

7/17/2017

7322693

77800

273055

7673548

-0.002347223

7/18/2017

7239246

84400

273055

7596701

-0.010064974

7/19/2017

7265289

81100

273055

7619444

0.002989256

7/20/2017

7310637

77700

273055

7661392

0.005490358

7/21/2017

7295071

81200

273055

7649326

-0.001576193

7/24/2017

7258399

85100

273055

7616554

-0.004293472

7/25/2017

7281666

81300

273055

7636021

0.002552648

7/26/2017

7338709

76000

273055

7687764

0.0067533

7/27/2017

7280815

75700

273055

7629570

-0.007598508

7/28/2017

7240946

84300

273055

7598301

-0.00410681

7/31/2017

7252737

81600

273055

7607392

0.001195765

8/1/2017

7265805

76300

273055

7615160

0.001020531

8/2/2017

7279565

79600

273055

7632220

0.002237852

8/3/2017

7285734

81100

273055

7639889

0.001004246

8/4/2017

7259029

81700

273055

7613784

-0.003422807

8/7/2017

7299914

77100

273055

7650069

0.004754442

8/8/2017

7290126

79900

273055

7643081

-0.000913939

8/9/2017

7320204

77900

273055

7671159

0.003666929

8/10/2017

7314009

77800

273055

7664864

-0.000820972

8/11/2017

7250763

83600

273055

7607418

-0.007522904

8/14/2017

7277005

80500

273055

7630560

0.003037413

8/15/2017

7332967

77400

273055

7683422

0.006903857

8/16/2017

7356672

73000

273055

7702727

0.002509385

8/17/2017

7316923

73100

273055

7663078

-0.005160735

8/18/2017

7277007

77100

273055

7627162

-0.004697889

8/21/2017

7236549

79800

273055

7589404

-0.004962786

8/22/2017

7261713

76500

273055

7611268

0.002876762

8/23/2017

7284706

78200

273055

7635961

0.003238923

8/24/2017

7279183

76600

273055

7628838

-0.000933243

8/25/2017

7278322

76700

273055

7628077

-9.96715E-05

8/28/2017

7234619

80000

273055

7587674

-0.005310767

8/29/2017

7201057

84600

273055

7558712

-0.003824193

8/30/2017

7201381

82700

273055

7557136

-0.000208557

8/31/2017

7262693

78900

273055

7614648

0.007581515

9/1/2017

7283523

77700

273055

7634278

0.002574572

9/4/2017

7248611

79800

273055

7601466

-0.004307317

9/5/2017

7255430

78500

273055

7606985

0.000725799

9/6/2017

7222572

80400

273055

7576027

-0.004077977

9/7/2017

7225350

79900

273055

7578305

0.000300627

9/8/2017

7162071

80800

273055

7515926

-0.008265314

9/11/2017

7230359

77000

273055

7580414

0.008543577

9/12/2017

7291138

72900

273055

7637093

0.007449208

9/13/2017

7298504

72900

273055

7644459

0.000964117

9/14/2017

7306533

74000

273055

7653588

0.001193376

9/15/2017

7288876

78300

273055

7640231

-0.001746625

9/18/2017

7304359

75500

273055

7652914

0.001658675

9/19/2017

7318317

76100

273055

7667472

0.00190041

9/20/2017

7291030

76400

273055

7640485

-0.003525932

9/21/2017

7287758

82100

273055

7642913

0.000317838

9/22/2017

7314219

79100

273055

7666374

0.003064911

9/25/2017

7308241

79200

273055

7660496

-0.000766982

9/26/2017

7318300

80400

273055

7671755

0.001468604

9/27/2017

7326602

82200

273055

7681857

0.001315883

9/28/2017

7320479

81700

273055

7675234

-0.000862505

9/29/2017

7318716

79500

273055

7671271

-0.000516425

10/2/2017

7351948

75100

273055

7700103

0.003751297

10/3/2017

7362416

78400

273055

7713871

0.00178652

10/4/2017

7310109

83500

273055

7666664

-0.006138596

10/5/2017

7323464

82900

273055

7679419

0.001662296

10/6/2017

3733804

646300

244913.7

4625017

-0.507063712

The average, standard deviation and Beta of the above calculation ios

Average

0.013098953

SD

0.181285651

Beta

0.252910465

As per Lim et al. (2014, p.175) analysis on the investment portfolio of every stock broking company needs to be done for having a good future course of business. In analysing the result of the outcome of the investment portfolio of the case study broking company, the portfolio return is analyzed first. According to the outcome made on the portfolio of the broking company, it can be analyzed that the overall return on the investment portfolio is average. Negative outcome are very frequent in respect of the portfolio return. As per Clare et al. (2016, p.185) the future contract needs to be good enough to have a good portfolio return in future. According to the calculation, in the future contract of the investment portfolio, the amount is quite satisfactory which ensures the future progress of the company to be good.

 

The cash position in the calculated period is kept intact. It is analyzed from the investment outcome is the amount of dividend shares. Zakamouline (2014, p.174) said that every stock broking company needs to have better dividend income by having better dividend interest. The dividend is zero and thus the dividend income is zero. This dividend amount affected the total dividend amount and is also very low in respect of the number of shares. Further the average on the portfolio outcome has been performed. The figure of the average is also not satisfactory. Standard deviation and beta calculations are also performed by using the Jensen Index formula.  The calculation is done based on the case study as at October 5, 2017. It can be analyzed from the investment portfolio outcome that the situation of the broking company is not perfect in respect to the number of stocks of the different company it holds.

Firstly, the decisions regarding the dividend income need to be developed for the company. From the calculation, it is found that the stock broking company is mainly providing 0% dividend to the stockholders of the company. In the contrast of a stock broking company, the figures of the dividend income are much less. However, influenced by Lim et al. (2014, p.176) it can be said that by developing the dividend percentage on the number of stocks, the company can again in future earn better return.

Secondly, the portfolio return needs to be developed by planning more efficiently regarding the stock purchase and sell. From the calculation, it is found that the stock broking company is facing almost negative portfolio return, which is very unaccepted situation. However, the selling and purchasing price if stock and shares and the discount rate needs to be rechecked and revalued so that the portfolio return always stays above 1.

Conclusion

In the study, the importance of the stockbroking company and its influences by the globalisation are discussed. It is found that the stock broking company applied mutual fund valuating strategy. It is found from the calculation that, portfolio return and dividend income of the company is very low. Negative return on portfolio is found in the calculation. It is seen that increasing the dividend rate and revaluating the purchase and sale price of the shares can develop the present situation of the company.

 

Reference list

Chaboud, A.P., Chiquoine, B., Hjalmarsson, E. and Vega, C., (2014). Rise of the machines: Algorithmic trading in the foreign exchange market. The Journal of Finance, 69(5), pp.2045-2084.

Clare, A., Seaton, J., Smith, P.N. and Thomas, S., (2016). The trend is our friend: Risk parity, momentum and trend following in global asset allocation. Journal of Behavioral and Experimental Finance, 9(1), pp.63-80.

DeMiguel, V., Nogales, F.J. and Uppal, R., (2014). Stock return serial dependence and out-of-sample portfolio performance. The Review of Financial Studies, 27(4), pp.1031-1073.

Henrekson, M. and Sanandaji, T., (2014). Small business activity does not measure entrepreneurship. Proceedings of the National Academy of Sciences, 111(5), pp.1760-1765.

KALEMLI?OZCAN, S.E.B.N.E.M., Papaioannou, E. and PEYDRÓ, J.L., (2013). Financial regulation, financial globalization, and the synchronization of economic activity. The Journal of Finance, 68(3), pp.1179-1228.

Kidwell, D.S., Blackwell, D.W., Sias, R.W. and Whidbee, D.A., (2016). Financial institutions, markets, and money. Hoboken: John Wiley & Sons.

Lim, S., Oh, K.W. and Zhu, J., (2014). Use of DEA cross-efficiency evaluation in portfolio selection: An application to Korean stock market. European Journal of Operational Research, 236(1), pp.361-368.

Zakamouline, V., (2014). Portfolio performance evaluation with loss aversion. Quantitative Finance, 14(4), pp.699-710.

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User Id: 309497 - 17 Jan 2020

Australia

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Answers were provided last minute. I could not able to transfer the answers. But good work though from expert.

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User Id: 246827 - 17 Jan 2020

Australia

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