International Journal of Business, Economics and Management

Published by: Conscientia Beam
Online ISSN: 2312-0916
Print ISSN: 2312-5772
Quick Submission    Login/Submit/Track

No. 9

S-Dimensional Assets Portfolio Evaluation

Pages: 264-271
Find References

Finding References


S-Dimensional Assets Portfolio Evaluation

Search :
Google Scholor
Search :
Microsoft Academic Search
Cite

Citation: 1

Luis F. Copertari

Export to    BibTeX   |   EndNote   |   RIS

  1. Amari, S., 2001. Information geometry on hierarchy of probability distributions. IEEE Transactions on Information Theory, 47(5): 1701-1711.
  2. Bychuk, O.V. and B.J. Haughey, 2011. Hedging market exposures: Identifying and managing market risks. Hoboken, NJ: John Wiley & Sons.
  3. Cartwright, E., 2011. Behavioral economics. New York: Routledge.
  4. Fontanills, G.A. and T. Gentile, 2001. The stock market course. New York: John Wiley & Sons.
  5. Gigerenzer, G., 2008. Why heuristics work. Perspectives on Psychological Science, 3(1): 20-29.
  6. Gilovich, T., D. Griffin and D. Kahnemann, 2002. Heuristics and biases: The psychology of intuitive judgment. New York: Cambridge University Press.
  7. Handelsman, J., D. Ebert-May, R. Beichner, P. Bruns, A. Chang, R. DeHann, J. Gentile, S. Lauffer, J. Stewart, S.L. Tilghman and W.B. Wood, 2004. Scientific teaching. Science, 304(5670): 521-522.
  8. Kelly, J., 2013. The neatest little guide to stock market investing. New York: Penguin Books.
  9. Lubatkin, M. and S. Chatterjee, 1994. Extending modern portfolio theory into the domain of corporate diversification: Does it apply? Academy of Management Journal, 37(1): 109-136.
  10. Maginn, J.L., D.L. Tuttle, J.E. Pinto and D.W. McLeavey, 2007. Managing investment portfolios: A dynamic process. Hoboken, NJ: John Wiley & Sons.
  11. Project Management Institute (PMI), 2013. The standard for portfolio management. Newtown Square, Pennsylvania: PMI.
  12. Ritter, J.R., 2003. Behavioral finance. Pacific-Basin Finance Journal, 11(4): 429-437.
  13. Sagan, C., 1996. The demon-haunted world: Science as a candle in the dark. New York: Random House.
  14. Scott, J.T., 1993. Purposive diversification and economic performance. New York: Cambridge University Press.
  15. Shefrin, H. and M. Statman, 2000. Behavioral portfolio theory. Journal of Financial and Quantitative Analysis, 35(2): 127-151.
  16. Tversky, A. and D. Kahneman, 1974. Judgment under uncertainty: Heuristics and biases. Science, 185(4157): 1124-1131.
  17. Zacks, L., 2011. The handbook of equity market anomalies: Translating market inefficiencies into effective investment strategies. Hoboken, NJ: John Wiley & Sons.
No any video found for this article.
Luis F. Copertari (2014). S-Dimensional Assets Portfolio Evaluation. International Journal of Business, Economics and Management, 1(9): 264-271. DOI:
An approach to calculate the upper limit to any given portfolio with s assets (corporate stocks or government bonds) in it is provided, which does not require the relative weight of each asset in the portfolio. The value obtained is contrasted with the traditional weighting approach to calculate the portfolio’s value. The process followed is the scientific method, starting with observation and hypothesis and after analyzing two examples, a synthesis is performed by generalizing the concepts and the main thesis that the Pythagorean approach here proposed constitutes an upper limit for the portfolio’s value.


Contribution/ Originality
This study uses a new estimation methodology to calculate the upper limit value of a portfolio of assets without the need to incorporate the weight of each asset. If there are no weights assigned to each asset, this upper limit may be the only way to calculate the portfolio’s value.

Dividend Policy Relevancy in Theoretical and Practical Economics

Pages: 253-263
Find References

Finding References


Dividend Policy Relevancy in Theoretical and Practical Economics

Search :
Google Scholor
Search :
Microsoft Academic Search
Cite

Citation: 1

David Gordon

Export to    BibTeX   |   EndNote   |   RIS

  1. Allen, F., A.E. Bernardo and I. Welch, 2000. A theory of dividends based on tax clienteles. Journal of Finance, 55(Dec): 2499-2536.
  2. Baker, M. and J. Wurgler, 2004. A catering theory of dividends. Journal of Finance, 59(Jun): 1125-1165.
  3. Black, F. and M. Scholes, 1974. The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(May): 1-22.
  4. Clenddenin, J. and M. Van Cleave, 1954. Growth and common stock values. Journal of Finance, 9(Dec): 365-376.
  5. Eades, K., P. Hess and E. Kim, 1984. On interpreting security returns during the ex-dividend period. Journal of Financial Economics, 13(March): 3-34.
  6. Elton, E. and M. Gruber, 1970. Marginal stockholder tax rates and the clientele effect. Review of Economics and Statistics, 52(Feb): 68-74.
  7. Fama, E. and K. French, 2001. Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(Apr): 3-43.
  8. Fama, E. and M. Miller, 1972. The theory of finance. Florida: Dryden Press.
  9. Fama, E.F. and K.R. French, 1988. Dividend yields and expected stock returns. Journal of Financial Economics, 22(Oct): 3-25.
  10. Feenberg, D., 1981. Does the investment interest limitation explain the existence of dividends? Journal of Financial Economics, 9(Sept): 265-269.
  11. Fenn, G.W. and N. Liang, 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics, 60(April): 45-72.
  12. Getry, W.M., D. Kemsly and C.J. Mayer, 2003. Dividend taxes and share prices: Evidence from real estate investment trusts. Journal of Finance, 58(Feb): 261-282.
  13. Gordon, M., 1959. Dividends, earnings and stock prices. Review of Economics and Statistics, 41(May): 99-105.
  14. Graham, B. and D. Dodd, 1951. Security analysis. 3rd Edn., New York: McGraw-Hill.
  15. Grullon, G. and R. Michaely, 2002. Dividends, share repurchases, and the substitution hypothesis. Journal of Finance, 57(Aug): 1649-1684.
  16. Hess, P., 1982. The ex-dividend day behavior of stock returns: Further evidence on tax effects. Journal of Finance, 37(May): 445-456.
  17. Keown, A., J. Martin, J. Petty and D. Scott, 2001. Foundations of finance. 3rd Edn., New Jersey: Prentice Hall.
  18. Koch, A. and A. Sun, 2004. Dividend changes and the persistence of past earnings changes. Journal of Finance, 59(Oct): 2093-2116.
  19. LaPorta, R., F. Lopez, A. Shleifer and R. Vishny, 2000. Agency problems and dividend policies around the world. Journal of Finance, 55(Feb): 1-33.
  20. Litzenberger, R.H. and K. Ramaswamy, 1979. The effect of personal taxes and dividends on capital asset prices. Journal of Financial Economics, 7(June): 163-195.
  21. Long, J., 1977. Efficient portfolio choice with differential of dividends and capital gains. Journal of Financial Economics, 5(May): 25-53.
  22. Miller, M. and F. Modigliani, 1961. Dividend policy, growth, and the valuation of shares. Journal of Business, 34(Oct): 411-433.
  23. Miller, M. and M. Scholes, 1978. Dividends and taxes. Journal of Financial Economics, 6(Dec): 333-364.
  24. Miller, M. and M. Scholes, 1982. Dividends and taxes: Some empirical evidence. Journal of Political Economy, 90(Dec): 1118-1141.
  25. Naranjo, A., M. Nimalendran and M. Ryngaert, 2000. Time variation of ex-dividend day stock returns and corporate dividend capture: A reexamination. Journal of Finance, 55(Oct): 2357-2372.
  26. Pilotte, E.A., 2003. Capital gains, dividend yields, and expected inflation. Journal of Finance, 58 (Feb): 447-466.
  27. Pringle, J. and R. Harris, 1984. Essentials of managerial finance. Illinois: Scott, Foresman and Company.
  28. Smith, C. and R. Watts, 1992. The investment opportunity set and corporate financing, dividends, and compensation policies. Journal of Financial Economics, 32(Dec): 263-292.
No any video found for this article.
David Gordon (2014). Dividend Policy Relevancy in Theoretical and Practical Economics. International Journal of Business, Economics and Management, 1(9): 253-263. DOI:
The foremost purpose of this paper is to concisely explain to individuals teaching economics in an academic setting or using economics in a practical setting some of the basics of long run financial theory focusing on the dividend policy decision of a corporation. The main motivation for this study is based on observations of economists being very deficient in the discipline of finance especially in long run financial concepts. Many times practitioners or academics who are educated in the area of economics lack any type of background in finance and therefore are deficient with their knowledge of financial theory and applications. This disconnect prevents using many financial applications in their own classes, in their own businesses or with their own research. This paper serves as a primer to some of the long run dividend policy theories that individuals can use as a starting point to their additional research, study or use in teaching. Areas related to dividend policy and financial theory in general can be utilized by economists in academia and the private sector to enhance and advance their professional careers.
Contribution/ Originality
This study contributes in the existing literature by demonstrating the usual disconnect between the disciplines of finance and economics. The paper illustrates that economists can gain substantially from a basic knowledge of financial theory. The contribution here emphasizes the dividend policy decision that corporations must make. 

Value Creation in the Multi-Project Environment

Pages: 242-252
Find References

Finding References


Value Creation in the Multi-Project Environment

Search :
Google Scholor
Search :
Microsoft Academic Search
Cite

Mariusz Hofman

Export to    BibTeX   |   EndNote   |   RIS

  1. Anavi-Isakow, S. and B. Golany, 2003. Managing multi-project environments through constant work-in-process. International Journal of Project Management, 21(1): 9–18.
  2. Bellini, E. and P. Canonico, 2008. Knowing communities in project driven organizations: Analysing the strategic impact of socially constructed HRM practices. International Journal of Project Management, 26(1): 44–50.
  3. Beringer, C., D. Jonas and H. Gemünden, 2012. Establishing project portfolio management: An exploratory analysis of the influence of internal stakeholders’ interactions. Project Management Journal, 43(6): 19-20.
  4. Beringer, C., D. Jonas and A. Kock, 2013. Behavior of internal stakeholders in project portfolio management and its impact on success. International Journal of Project Management, 31(6): 830–846.
  5. Blichfeldt, B. and P. Eskerod, 2008. Project portfolio management—there's more to it than what management enacts. International Journal of Project Management, 26(4): 357–365.
  6. Blomquist, T. and R. Müller, 2006. Practices, roles, and responsibilities of middle managers in program and portfolio management. Project Management Journal, 37(1): 52–66.
  7. Bontis, N., 1998. Intellectual capital: An exploratory study that develops measures and models. Management Decisions. MCB University Press, 36(2): 64.
  8. Bontis, N., 2001. Assessing knowledge assets: A review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1): 21-41.
  9. Bourgeon, L., 2007. Staffing approach and conditions for collective learning in project teams: The case of new product development projects. International Journal of Project Management, 25(4): 413– 422.
  10. Clarkson, M., 1995. A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1): 92–117.
  11. Cooper, R., S. Edgett and E. Kleinschidit, 2002. New problems, new solutions. Making portfolio management more effectiwe, [w:] (Eds, Pennypacker J., Dye L.,) Managing multiple projects. New York – Basel: Marcel Dekker Inc.
  12. Cooper, R., S. Edgett and E. Kleinschmidt, 1997. Portfolio management in new product development: Lessons from the leaders. Research-Technology Management, 40(5): 16-28.
  13. Desouza, K. and J. Evaristo, 2006. Project management offices. A case of knowledge-based archetypes. International Journal of Information Management, 26(5): 417-418.
  14. Dillard, J. and M. Nissen, 2007. Computational modelling of project organizations under stress. Project Management Journal, 38(1): 5–20.
  15. Donaldson, T. and L. Preston, 1995. The stakeholder theory of the corporation. Concepts, evidence, and implications. Academy of Management Review, 20(1): 65–91.
  16. Eriksson, P., 2013. Exploration and exploitation in project-based organizations: Development and diffusion of knowledge at different organizational levels in construction companies. International Journal of Project Management, 31(3): 333-341.
  17. Gareis, R., 2002. Professional project portfolio management, Papers No.16’th IPMA World Congress of Project Management, Berlin.
  18. Gareis, R., 2004. Management of the project oriented company, [w:] Morris P., Pinto J. (Red.), The wiley guide to managing projects. New York: John Wiley & Sons Inc., Hoboken. pp: 123-143.
  19. Gutiérrez, E. and M. Magnusson, 2014. Dealing with legitimacy: A key challenge for project portfolio management decision makers. International Journal of Project Management, 32(1): 32–39.
  20. Heising, W., 2012. The integration of ideation and project portfolio management—a key factor for sustainable success. International Journal of Project Management, 30(5): 582–595.
  21. Hofman, M., 2014. Models of PMO functioning in a multi-project environment. Procedia – Social and Behavioral Sciences, 119(3): 46-54.
  22. Jonas, D., 2010. Empowering project portfolio managers. How management involvement impacts project portfolio management performance, International Journal of Project Management, 28(8): 818–831.
  23. Koskinen, K., 2012. Organizational learning in project-based companies: A process thinking approach. Project Management Journal, 43(3): 40-49.
  24. Laslo, Z., 2010. Project portfolio management: An integrated method for resource planning and scheduling to minimize planning/scheduling - dependent expenses. International Journal of Project Management, 28(6): 609–618.
  25. Lock, D., 2000. Project management. Aldershot, Hampshir: Gower Gower Publishing Ltd. pp: 465-474.
  26. Lycett, M., A. Rassau and J. Danson, 2004. Programme management: A critical review. International Journal of Project Management, 22(4): 289–299.
  27. Manning, S., 2005. Managing -project networks as dynamic organisations form. Learning from the TV movie industry. International Journal of Project Management, 23(5): 410-410.
  28. Martinsuo, M., 2013. Project portfolio management in practice and in context. International Journal of Project Management, 31(6): 795-796.
  29. Martinsuo, M. and P. Lehtonen, 2007. Role of single-project management in achieving portfolio management efficiency. International Journal of Project Management, 25(1): 56–65.
  30. Maylor, H., T. Brady, T. Cooke-Davies and D. Hodgson, 2007. From projectification to programmification. International Journal of Project Management, 24(8): 663–672.
  31. Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success — a conceptual framework. International Journal of Project Management, 28(8): 807–817.
  32. Müller, R., J. Glückler, M. Aubry and J. Shao, 2013. Project management knowledge flows in networks of project managers and project management offices: A case study in the pharmaceutical industry. Project Management Journal, 44(2): 4-19.
  33. Nonaka, I. and V. Peltokorpi, 2006. Objectivity and subjectivity in knowledge management: A review of 20 top articles. Knowledge and Process Management, 13(2): 73–82.
  34. Patanakul, P. and D. Milosevic, 2009. The effectiveness in managing a group of multiple projects: Factors of influence and measurement criteria. International Journal of Project Management, 27(3): 217.
  35. Payne, H., 1995. Management of multiple simultaneous projects. A state-of-the-art review. International Journal of Project Management, 13(3): 163–168.
  36. Pender, S., 2001. Managing incomplete knowledge. Why risk management is not sufficient. International Journal of Project Management, 19(2): 79–87.
  37. Pennypacker, J. and L. Dye, 2002. Portfolio management and managing multiple projects, [w:] (Eds. Pennypacker J., Dye L.,) Managing multiple projects. New York – Basel: Marcel Dekker Inc.
  38. Pulic, A., 2000. VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8): 702-714.
  39. Reich, H., A. Gemino and C. Sauer, 2008. Modelling the knowledge perspective. Project Management Journal, 39(S1): S4–S15.
  40. Shao, J., R. Müller and J.R. Turner, 2012. Measuring program success. Project Management Journal, 43(1): 37–49.
  41. Skrzypek, E. and M. Hofman, 2007. Knowledge and intellectual capital management in project oriented enterprises, Papers No.  21’th IPMA World Congress of Project Management, Cracow. pp: 489-492.
  42. Teller, J., 2013. Portfolio risk management and its contribution to project portfolio success: An investigation of organization, process and culture. Project Management Journal, 44(2): 37.
  43. Volkov, A., 2012. Value added intellectual co-efficient (VAIC TM): A selective thematic-bibliography. Journal of New Business Ideas & Trends, 10(1): 14-24.
  44. Voss, M. and A. Kock, 2013. Impact of relationship value on project portfolio success — investigating the moderating effects of portfolio characteristics and external turbulence. International Journal of Project Management, 31(6): 847–861.
No any video found for this article.
Mariusz Hofman (2014). Value Creation in the Multi-Project Environment. International Journal of Business, Economics and Management, 1(9): 242-252. DOI:
In this study, the author assumes that the value created by multi-project structures significantly affects the financial performance of an organisation. Currently available studies focus on the creation of the expected outputs of project portfolios, the author assumes, however, that the construct of other multi-project structures that is similar in conceptual terms (i.e. project chains and networks) justifies the generalisation of conclusions included in such studies. An analysis of the available literature on the subject in the context of requirements of a knowledge-based economy (KBE) makes it possible to distinguish some key factors affecting the value created by multi-project structures. These include: appropriate allocation and balancing of resources, transfer of knowledge within such structures, as well as development and maintenance of positive relationships with stakeholders. In the opinion of the author, these factors create value within the framework of multi-project structures, as they generate and accumulate the added value and intangible assets. The second assumption made in this paper is that the level of value created by multi-project structures has a significant impact on the financial performance of an organisation. This approach is different from the few previously employed, as it assumes that the added value and intangible assets generated within multi-project structures significantly contribute to such performance.


Contribution/ Originality

An Essay on the Political Economy of Fiscal Policy Making in Pakistan

Pages: 229-241
Find References

Finding References


An Essay on the Political Economy of Fiscal Policy Making in Pakistan

Search :
Google Scholor
Search :
Microsoft Academic Search
Cite

Manzoor Ahmed , Khalid Khan

Export to    BibTeX   |   EndNote   |   RIS

  1. ADB, 2002. Poverty in Pakistan: Issues, causes and institutional responses. Asian Development Bank. Asian Development Bank Pakistan Resident Mission OPF Building, Shahrah-e-Jamhuriyat G-5/2, Islamabad.
  2. Ahmed, V. and R. Amjad, 1984. The management of Pakistan’s economy, 1947–82: Karachi, Pakistan: Oxford University Press.
  3. Alesina, A. and R. Perotti, 1999. Budget deficits and budget institutions in fiscal institutions and fiscal performance. J. Poterba and J. von Hagen (eds). Chicago: University of Chicago Press. pp: 13–36.
  4. Alesina, A. and G. Tabellini., 1990. A positive theory of fiscal de?cits and government debt. Review of Economic Studies, 57(4): 403–414.
  5. Ansari, J.A., 2001. Macro economic management: An alternative perspective. In fifty years of Pakistan’s economy, ed. Shahrukh Rafi Khan, Oxford.
  6. Anwar, T., 2006. Trends in absolute poverty and governance in Pakistan: 1998-99 and 2004-05. The Pakistan Development Review, 45(4): 777–793.
  7. Aziz, S., 2009. Between dreams and realities, some milestones in Pakistan’s history. Karachi: Oxford University Press.
  8. Bengali, K., 2002. Contradictory monetary and fiscal policies. The Daily Dawn, October 10. Karachi, Pakistan.
  9. Bengali, K. and Q.M. Ahmed, 2001. Stabilisation policy vs. growth-oriented policy: Implication for the Pakistan economy. The Pakistan Development Review, 40(4): 453-466.
  10. Burki, S.J., 2007. Changing perceptions, altered reality, Pakistan’s economy under Musharraf, 1999-2006. Karachi: Oxford University.
  11. Cohen, P.S., 2006. The idea of Pakistan. Lahore: Vanguard Books.
  12. Fatima, M. and Q.M. Ahmed, 2001. Political economy of fiscal reforms in the 1990s. The Pakistan Development Review, 40(4): 503-518.
  13. Hasan, P., 1998. Pakistan’s economy at the crossroads. Karachi: Oxford University Press. Hardbound.
  14. Hasnain, Z., 2008. The policies of service delivery in Pakistan: Political parties and the incentives for patronage, 1988-1999. The Pakistan Development Review, 47(2): 129-151.
  15. Hussain, A., 2008. Power dynamics, institutional instability and economic growth: The case of Pakistan. Drivers of change study 2007-08, The Asia Foundation, Islamabad (Mimeographed).
  16. Hussain, I., 1999. Pakistan, the economy of an Elitist State. Karachi: Oxford University Press.
  17. Ichimura, S., 1989. A conceptual framework for the political economy of policy making. In the political economy of fiscal economy. Ed. Migual Urutia, Shinchi Ichumira and Setsuko Yukawa UN University.
  18. Kennedy, C., 1987. Bureaucracy in Pakistan. Karachi: Oxford University Press.
  19. Khan, M.A.M., 2003. Political economy of fiscal policy making. The Lahore Journal of Economics, 8(1): 30-56.
  20. Lockwood, B., 2002. Distributive politics and the costs of centralization. Review of Economic Studies, 69(2): 313–337.
  21. Noman, O., 1988. Pakistan: Political and economic history since 1947. London: Kegan Paul International.
  22. Oates, W.E., 1972. Fiscal federalism. New York: Harcourt Brace Jovanovich.
  23. Pakistan, E.S.o., 2013-14. Finance division, economic advisor’s wing.  Ministry of Finance: Government of Pakistan, Islamabad.
  24. Pakistan, E.S.o., various issues. Finance division, economic advisor’s wing. Ministry of Finance: Government of Pakistan, Islamabad.
  25. Pasha, H., 1995. Political economy of tax reforms: The Pakistan experience. Pakistan Journal of Applied Economics, 2(4): 12-35.
  26. Pasha, H. and M. Fatima, 1999. Fifty years of public finance in Pakistan:  A trend analysis. In Shahrukh Rafi Khan (ed.) Fifty years of Pakistan’s economy: Traditional topics and contemporary concerns. Karachi: Oxford  University Press.
  27. Shafqat, S., 1999. Pakistani bureaucracy: Crisis of governance and prospects of reform. The Pakistan Development Review, 34(4): 995-1017.
  28. Sherani, S., 2006. Pakistan’s fiscal and monetary system. The Lahore Journal of Economics, 11(Special Edition): 13-24.
  29. Siddiqa, A., 2007. Military Inc., Inside Pakistan’s military economy. Karachi: Oxford University Press.
  30. State Bank of Pakistan, 2010. 50 years of Pakistan in statistics. Handbook of Statisctics on Pakistan Economy (SBP) Karachi.
  31. Waheed, A., 2001. Policy making and implementation in Pakistan. Journal of Rural Development and Administration. Pakistan Academy for Rural Development, 38(2): 41-75.
  32. Weingast, B.R., A.S. Kenneth and J. Christopher, 1981. The political economy of bene?ts and costs: A neoclassical approach to politics. Journal of Political  Economy, 89(3): 642-664.
  33. World Bank, 2004. World development report 2004: Making services work for poor people. Washington, DC: World Bank.
  34. Zaidi, S.A., 1999. Issues of Pakistan’s economy. Karachi: Oxford University Press, (Reprinted in 2005).
No any video found for this article.
Manzoor Ahmed , Khalid Khan (2014). An Essay on the Political Economy of Fiscal Policy Making in Pakistan. International Journal of Business, Economics and Management, 1(9): 229-241. DOI:
This paper investigates the political economy of fiscal policy making in Pakistan, and analyses the key political and economic factors that potentially affect the fiscal policy making and its implementation. The paper argues that the role of the state institutions is paramount for economic growth and social development in Pakistan. While reviewing the trends of public expenditures and revenue the paper shows that the performance of the economy on average has not been abysmal though social development remained poor in terms of pervasive poverty and income inequality in spite of having a big public sector. The paper figures that the key reason of this contrast is the political economy structure of Pakistan, particularly the fiscal policy, which is largely designed to promote and protect the vested interests of an elite group and dominant province(s) within the federation. Finally, while explaining the key participants of fiscal policy making the paper argues that the military as a strong institution plays a primary role, albeit in uncoordinated and authoritarian manner, to reorient the fiscal policy in order to safeguard and promote its institutional interest by directing disproportionately excessive public resources at the expense of greater social and economic development of Pakistan. 
Contribution/ Originality