Global Economy Entry by Foreign Firms

Question: Talk about a Case Study on Entry by Foreign Firms? Answer: In an incorporated worldwide economy, the fortunes of national economy are not, at this point driven by inward factors however are progressively being commanded by outside components particularly worldwide stuns. This is especially so for creating nations whose degree of capital inflows and outpourings particularly in the rising value markets is seriously reliant on the fundamental macroeconomic quality of the created countries especially US and Eurozone. Accordingly the area of financial arrangement making is progressively getting additionally testing as the money related and monetary strategies normally will in general become receptive to the worldwide happenings which have significant effect on the local economy. This prompts improved degree of helplessness for the rising economies which is generally clear in the incessant vacillation of conversion scale which to an enormous degree is driven by worldwide components. In this foundation, the point of this exposition is to investigat e the effect of universal capital inflows on conversion scale assurance with regards to rising economies and consequently remark on the suggestions for policymakers of these economies. So as to break down the above proposal, it is quintessential to characterize the different constituents of capital inflows which are of importance for the conversation concerning swapping scale. There are fundamentally four kinds of capital inflows that are probably going to affect the conversion scale in particular Foreign Direct Investment (FDI), Foreign Institutional Investors (FII for example who put cash in household protections), settlements and raising obligation or value capital from abroad for local utilization by corporate and governments. In the period paving the way to 2008 for example the worldwide money related emergency, there was a generous measure of capital inflows that were being put resources into developing economies especially the BRICS countries because of their boss development prospects and sound monetary basics which is obvious from the diagram demonstrated as follows. Source: IMF (International Monetary Fund) There have been a plenty of studies which have attempted to dissect the effect of FDI inflows on the local money with regards to developing markets. In a compelling investigation directed by Chakrabati and Scholnick (2002), it has been discovered that FDI inflows will in general outcome in the energy about cash in the short run. This is obviously on expected lines as FDI inflows would upgrade the interest for local cash (as interest in the beneficiary country can be just made in household money) and hence the residential money would acknowledge against the given outside money. Anyway since FDI is ordinarily intended to make a gainful interest in the beneficiary nation, the concerned cash isn't hot cash and subsequently utilized for procuring substantial resources which could additionally be utilized underway of a specific decent or conveying an assistance. Thus, this doesn't cause a lot of unpredictability in the conversion scale system as FDI surges are not visit as liquidation of e xisting resources isn't simple (Campa, 1991). Also as is obvious from the diagram appeared above, even at the pinnacle the complete FDI in rising economies was $ 350 billion out of which about 33% was gotten by China alone. Since China has a pegged money thus the colossal FDI inflows don't have any quantifiable effect on Chinese cash while the rest of the quantum of assets isn't immense thinking about the size of rising economies. Along these lines in the short run, FDI don't contribute a lot to the unpredictability and assurance of conversion scale in the developing economies and subsequently don't contribute essentially to money weakness (Chakrabati and Scholnick, 2002). In the outcome of the 2008 worldwide financial emergency, the West drove by the US clung to an outstandingly free fiscal strategy with close to loan fees alongside siphoning cash into the framework for the sake of quantitative facilitating (QE). Because of this sufficient liquidity accessible in the framework, tremendous interests in the protections market of rising economies were seen as these were considerably more flexible than the powerless economies of the West (Fillingham, 2013). In such manner, it is judicious to take the case of India which is one of the biggest rising economies, put soon after China. The FII interest in the Indian capital markets is summed up in the information demonstrated as follows. Source: SEBI Annual Reports (All figures are in INR crores) It is obvious from the above diagram, that the most elevated FII inflows in the Indian securities exchange was seen in the year 2009-2010 and 2010-2011 for example in the outcome of the worldwide budgetary emergency because of sufficient liquidity accessible in the framework with absence of appealing venture roads. In this foundation, it is judicious to speak to that cash development of INR (Indian Rupee) concerning USD which is delineated in the diagram demonstrated as follows. Source : Trading Economics Website From the above chart, it is evident that as the worldwide monetary emergency arrived at its top in 2008-2009, the FII which are basically situated in the West began exchanging their portfolios and pulling out cash from rising economies which is clear in negative FII inflow in India. Therefore there was a deterioration of Indian Rupee (INR) as is obvious from the diagram appeared since the interest for USD expanded against INR in this manner causing energy about USD (Morgan, 2011). Anyway after the national banks in the western nations mediated to siphon tremendous liquidity in the framework, at that point this modest cash began getting put resources into rising economies security advertise in the year 2010-2011. Accordingly the interest for the local cash expanded, which was joined by a deterioration of USD and an energy about the local money which is additionally obvious from the above chart where in the year 2010 and 2011, the INR has acknowledged against the INR. Because of this t hankfulness the national banks in the rising economies needed to make customary mediation to guarantee that the premiums of the exporters were protected since worldwide interest was additionally low (Gagnon et. al, 2011). Subsequently in Indias case RBI needed to clean this enormous inflows of USD by purchasing USD from the open markets. Further beginning from 2013 onwards, the US economy has given indications of recuperation because of which the Federal Reserve in a deliberate way has decreased the help as quantitative facilitating which formally finished in October 2014 (Monaghan, 2014). Therefore, the gracefully of new dollars in the market has diminished which has caused a valuation for USD and comparing decrease in different monetary forms. Further since the macroeconomic basics are improving in the USA, the remote speculators are pulling back their cash from rising economies by selling their portfolios in order to put cash in the US economy. This has expanded the gracefully of the money of rising economies and is causing their deterioration in the last 2-3 years which is very clear from the diagram of four monetary standards (for example Indian Rupee, South African Rand, Russian Rouble, Brazilian Real) of greatest economies. From the earliest starting point in 2013 to the current every one of these monetary for ms have separated by over 20% and at times up to 40% (Kaltenbrunner, 2014). Source: Trading Economics Website Source: Trading Economics Website Source: Trading Economics Website Unmistakably this unexpected deterioration of cash in a limited ability to focus time is a stressing signal for the national banks of these rising economies and consequently this issue was even brought up in the G-7 highest point in 2014. The vast majority of these rising economies (aside from China and Russia) run a sizable exchange deficiency and subsequently devaluation of cash further enlarges that exchange shortage by making imports dearer and accordingly is breaking down the monetary situation of a portion of these rising economies which further squeezes the money to deteriorate further and in this manner winding into an endless loop like circumstance which should be wisely overseen (Kaltenbrunner, 2014). Another segment of outside capital inflow which can conceivably affect the money rate is the settlements especially that which is made by the diasporas living abroad. India and China have the most broad diasporas and thus get the most elevated settlement. While key standards of microeconomics may propose that this inflow would cause valuation for the neighborhood money because of the expanding interest for the nearby cash. Anyway the more unmistakable effect of settlements is essentially backhanded and the immediate effect is somewhat insignificant. Because of this cash sent by diasporas, the measure of cash with the local populace builds which brings about expanded spending and interest for different items and administrations which powers expansion. This expansion will in general reason devaluation of the local money opposite the outside cash particularly if the swelling differential between the countries is huge (Chami et. al., 2008). For nations like India and China, the settlements in spite of being huge are just a small amount of GDP and along these lines are consumed by the economy without causing any expansion and thus the effect on the money is negligible. Anyway for littler economies, for example, Vietnam, Cambodia where settlements as a % of GDP are noteworthy, the economy can't ingest the cash and subsequently consequently causes swelling which has critical devaluing impact on the economy (Ekanayake Halkides, 2008). Further with respect to capital inflows as either government or corporate borrowings, for the most part the quantum of these are not enormous to affect cash rate and furthermore they are generally managed by the national banks and the legislature particularly after the evil impacts of the Asian financial emergency in 1997 caused essentially because of full capital convertibility of their comparing monetary standards. It very well may be deduced from the over that for developing economies that ca

Hard Rock Cafe Essay Example | Topics and Well Written Essays - 500 words

Hard Rock Cafe - Essay Example A rundown of all exercises required to finish the task (ordinarily arranged inside a work breadown structure), 2. The time (term) that every action will tae to fulfillment, and 3. The conditions between exercises. With assistance of this CPM a chief can without much of a stretch see the overral improvement and which tasks are to be slammed so as to finish an undertaking in time. The all out term of the venture is an aggregate of activities lengths on the Critical way. Basic way is the arrangement of exercises which include the longest generally speaking length. An extra equal way through the system with the all out terms shorter than the basic way is known as a sub-basic or non-basic way (â€Å"Critical Path Method†, 2011). On account of Rockfest, basic way is discovered utilizing MS Project, Figure 1. In the first collumn there is the tasks portrayal, in the second, activities term. There is Ganth outline on the plan with red checked crithical way. In this manner, the overral length of the undertaking ought to be 23 weeks (the basic way term). Slamming a venture implies shortening a few tasks to fullfill project’s time necessities. In the event that movement B (Selection neighborhood printer) would take 5 weeks rather than arranged 3 weeks we should crash a few tasks since action B is on the Critical Path. The smashing time ought to be 5-3=2 weeks.

What Is Dissociation in Borderline Personality Disorder

What Is Dissociation in Borderline Personality Disorder BPD Print What Is Dissociation in Borderline Personality Disorder (BPD)? By Kristalyn Salters-Pedneault, PhD Kristalyn Salters-Pedneault, PhD, is a clinical psychologist and associate professor of psychology at Eastern Connecticut State University. Learn about our editorial policy Kristalyn Salters-Pedneault, PhD Updated on September 11, 2019 Caiaimage / Paul Bradbury/ Getty Images More in BPD Diagnosis Treatment Living With BPD Related Conditions In This Article Table of Contents Expand Symptoms Causes Treatment Dissociative Disorders View All Back To Top You may be surprised to learn that those times when you zone out, feel unreal, or when things around you look strange or unfamiliar can mean youre experiencing dissociation. This is a common occurrence for people with  borderline personality disorder (BPD). In fact, around 75% to 80% of people with BDP experience stress-related dissociation.?? Though it can be difficult to understand, in broad terms, dissociation represents a disconnect between your thoughts, emotions, behaviors, perceptions, memories, and identity. Symptoms Dissociation during times of stress is one of the main symptoms of BPD. Its also associated with acute stress disorder and post-traumatic stress disorder (PTSD), both of which can co-occur with BPD. After years of study, researchers are now able to describe the experiences that go along with dissociation, such as:?? Depersonalization: This is a feeling of separation between yourself and your body. People who experience depersonalization may say that they feel like theyre observing their own body from the outside, or as if theyre in a dream.Derealization: Similar to depersonalization, derealization is a feeling of being detached from the external world, such as from other people or objects. It may cause familiar things to look strange, unreal, or unfamiliar. Derealization and depersonalization often occur at the same time.Amnesia: Some people who experience dissociation have periods of amnesia or losing time. They may have minutes to hours or days when they were awake but cant remember where they were or what they were doing.Identity confusion:  This occurs when you experience an inner struggle about who you really are.Identity alteration: When you sense that you act like a different person some of the time, this is identity alteration. For instance, you may see things in your home that you dont recognize, perform a skill that you dont remember learning or others will say youre acting like a different person. Mild identity alteration is common in the general population; for instance, changing your name. The key is that it doesnt cause problems with everyday functioning or relationships. In other words, youre aware of your identity or role change. Moderate identity alteration is common in BPD and involves changes in mood or behavior that are not under your control.   If you havent ever experienced dissociationâ€"and not everyone with BPD doesâ€"you may be puzzled by these descriptions. But even if you dont experience dissociation frequently or its not very severe, almost everyone has experienced mild forms of dissociation from time to time. Common examples of mild dissociation in everyday life are zoning outâ€"when you cant remember what you were thinking or doingâ€"while youre driving on a highway, causing you to miss your exit; daydreaming; and getting so caught up in a book or movie that youre unaware of anything else. Causes The exact cause of dissociation is unclear, but it often affects people who have experienced repetitive, overwhelming trauma, such as severe childhood abuse or neglect.?? Its your brains way of coping in order to separate yourself from the trauma so it becomes more bearable. If you learned to dissociate during times of extreme stress as a child, this likely affected the way your concept of yourself developed and it may have carried over into how you react to stressful situations as an adult. However, this sort of trauma doesnt necessarily cause dissociation to develop, nor do you have to have experienced it to have symptoms of dissociation. Preliminary research exploring neuroimaging in people with dissociative symptoms in BPD has shown that there may actually be changes in the way the brain functions and communicates that contribute to dissociation.?? Using imaging techniques such as functional magnetic resonance imaging (fMRI) and positron emission tomography (PET) scans on people with dissociation and BPD, researchers have found evidence of decreased activity in the limbic temporal areas of the brain, increased activity in the frontal area of the brain, and changes in communication between the two areas. Further study in this area may help sort out which brain processes are related to which dissociative symptoms, as well as make psychotherapy even more targeted and beneficial for people who experience dissociation. Treatment Treatments for BPD such as dialectical behavioral therapy (DBT) often include components that can help reduce dissociation. Usually, treatment for dissociation is based on building skills that help you to reconnect with yourself, the present moment, and your current surroundings. Grounding is one skill that can be used to reduce dissociation. Grounding exercises involve using external stimuli and your five senses (sight, hearing, touch, smell, and taste) to reconnect with the present. For example, in a visual grounding exercise, youre instructed to observe small details about the environment around you until you are feeling more connected. Some people respond better to grounding exercises that use sensation. For instance, holding on to an ice cube for a few moments, chewing a piece of minty gum, or smelling a lemon can help to bring you back to the present moment. Dissociative Disorders There are some mental health disorders that include dissociation as a central feature rather than a symptom. For example, dissociative identity disorder (DID) is a disorder that is thought to be the result of very severe dissociation which causes a person to develop different personalities. The vast majority of people with dissociative identity disorder have experienced childhood abuse, such as physical and/or sexual abuse, and neglect.?? Besides dissociative identity disorder, the two other main dissociative orders according to the Diagnostic and Statistical Manual of Mental Disorders (DSM-5)â€"the gold standard for diagnosing mental health conditionsâ€"include: Dissociative amnesiaDepersonalization/derealization disorder A Word From Verywell Stress-related dissociative symptoms occur in the majority of people with BPD. Even so, there is certainly a spectrum of severity, meaning some people with BPD experience minimal or mild symptoms of dissociation whereas others experience more severe symptoms. Research suggests that this severity may be linked to each individuals history of abuse and trauma.   If you or a loved one is being treated for BPD with dissociative symptoms, or a dissociative disorder, therapy can be challenging and intense, as you or your loved one may have to remember past trauma. But if you stick with it, therapy can help you take back power over dissociative symptoms and improve your overall quality of life.

Educational Evaluation - Free Essay Example

Sample details Pages: 2 Words: 738 Downloads: 3 Date added: 2017/09/20 Category Education Essay Type Argumentative essay Did you like this example? What Is Educational Evaluation? By Shane Hall, eHow Contributor I want to do this! Whats This? [pic]Educational evaluation involves the systematic assessment of educational activities. Objects of evaluation include instructional programs, school initiatives and education goals. The growth in federal funding for education and policy-makers increased calls for school accountability have contributed to the growth of educational evaluation. Many large school districts have personnel responsible for evaluation activities. Function 1. Educational evaluation strives to assess the merits and the impacts of educational programs and initiatives. Examples include evaluating the success of a new dropout prevention program, or comparing the effectiveness of two different reading programs. Methods 2. Educational evaluation uses many of the research methods employed by education and social science researchers. Evaluation involves data collection and analysis, using quantitative and quali tative methods. Benefits 3. Evaluation can help educators determine the success of their programs and pinpoint efforts to improve student achievement. It also can help school systems identify the characteristics of successful programs. Considerations 4. Many school systems receive federal and state grants, which often include evaluation requirements, which helps document how the grant funds were used, and what outcomes resulted from funded activities. Misconceptions 5. Many educators often mistake student assessment and teacher appraisals for evaluation. These activities are better described as measurement: the former is an assessment of individual learners rather than of educational phenomena, whereas the latter is a measurement of certain attributes in teachers. https://www. ehow. com/facts_5006257_what-educational-evaluation. html Read more: What Is Educational Evaluation? eHow. com https://www. ehow. com/facts_5006257_what-educational-evaluation. html#ixzz0yeqxHyKl Educationa l evaluation From Wikipedia, the free encyclopedia Jump to: navigation, search Educational evaluation is the evaluation process of characterizing and appraising some aspect/s of an educational process. There are two common purposes in educational evaluation which are, at times, in conflict with one another. Educational institutions usually require evaluation data to demonstrate effectiveness to funders and other stakeholders, and to provide a measure of performance for marketing purposes. Educational evaluation is also a professional activity that individual educators need to undertake if they intend to continuously review and enhance the learning they are endeavouring to facilitate. Standards for educational evaluation The Joint Committee on Standards for Educational Evaluation published three sets of standards for educational evaluations. The Personnel Evaluation Standards [1] was published in 1988, The Program Evaluation Standards (2nd edition) [2] was published in 1994, and T he Student Evaluations Standards [3] was published in 2003. Each publication presents and elaborates a set of standards for use in a variety of educational settings. The standards provide guidelines for designing, implementing, assessing and improving the identified form of evaluation. Each of the standards has been placed in one of four fundamental categories to promote evaluations that are proper, useful, feasible, and accurate. [edit] The Personnel Evaluation Standards †¢ The propriety standards require that evaluations be conducted legally, ethically, and with due regard for the welfare of evaluatees and clients involved in. The utility standards are intended to guide evaluations so that they will be informative, timely, and influential. †¢ The feasibility standards call for evaluation systems that are as easy to implement as possible, efficient in their use of time and resources, adequately funded, and viable from a number of other standpoints. †¢ The accuracy standards require that the obtained information be technically accurate and that conclusions be linked logically to the data. [edit] The Program Evaluation Standards †¢ The utility standards are intended to ensure that an evaluation will serve the information needs of intended users. The feasibility standards are intended to ensure that an evaluation will be realistic, prudent, diplomatic, and frugal. †¢ The propriety standards are intended to ensure that an evaluation will be conducted legally, ethically, and with due regard for the welfare of those involved in the evaluation, as well as those affected by its results. †¢ The accuracy standards are intended to ensure that an evaluation will reveal and convey technically adequate information about the features that determine worth or merit of the program being evaluated. [edit] The Student Evaluation Standards The Propriety standards help ensure that student evaluations are conducted lawfully, ethically, and with rega rd to the rights of students and other persons affected by student evaluation. †¢ The Utility standards promote the design and implementation of informative, timely, and useful student evaluations. †¢ The Feasibility standards help ensure that student evaluations are practical; viable; cost-effective; and culturally, socially, and politically appropriate. †¢ The Accuracy standards help ensure that student evaluations will provide sound, accurate, and credible Don’t waste time! Our writers will create an original "Educational Evaluation" essay for you Create order

Abraham Lincoln And Jefferson Davis Essay - 1475 Words

Abraham Lincoln and Jefferson Davis Works Cited Missing In this report I compare two great historical figures: Abraham Lincoln, the 16th president, steered the Union to victory in the American Civil War and abolished slavery, and the first and only president of the Confederate States of America, Jefferson Davis. Abraham Lincoln was the President of the Union, and Jefferson Davis struggled to lead the Confederacy to independence in the U.S. Civil War. Lincoln was treasured by the African Americans and was considered an earthly incarnation of the Savior of mankind (DeGregorio 20-25). On the other hand, Davis was both admired and hated. Lincoln had a different view of how the U.S. should be in abolishing slavery. Davis was a†¦show more content†¦Lincoln started his political career running unsuccessfully for the Illinois legislature in 1832. Tow years later he was elected to the lower house for the first of four successive terms as a Whig. Davis moved to Mississippi where he managed a plantation and studied. In 1845, he was elected to the U.S. House of Representatives as a Democrat. He soon had to leave due to the Mexican War. Wanting to be made the commander of the Southern army, he was instead elected president of the Confederacy on February 8, 1861. In 1860 Republicans nominated Lincoln for the presidency on a platform of slavery restriction, internal improvements, homesteads, and tariff reform. He took oath of office on March 4, 1861. The Civil War started after Lincoln took oath, and the battle at Fort Sumpter occurred. The upper South had not yet seceded and when Lincoln took action to defend Ft. Sumpter, the Confederates opened fire starting the Civil War. The South, lead by Davis, suffered due to his poor health, which didnt make him an ideal chief executive. Davis became increasingly unpopular as the war continued. Both President Davis and President Lincoln still had to deal with Congress- in Daviss case with a weak one, in Lincolns case with a much stronger one (Eaton 160-163). During the last year of the war, Jefferson Daviss speeches were in fact inspiring that spring of 1865. Davis was in poor health under the strain of war, he changed noticeably. HeShow MoreRelatedJames L. Swanson s Bloody Times : The Funeral Of Abraham Lincoln And The Manhunt For Jefferson Davis950 Words   |  4 PagesTimes: The Funeral of Abraham Lincoln and The Manhunt for Jefferson Davis describes the separate journey of the two most important faces of the civil war, Abraham Lincoln and Jefferson Davis. Swanson seems to write for the purpose of allowing readers to experience the final journeys of what he believes is the most unique time in history. This adolescent version of Swanson’s adult novel, Bloody Crimes, describes Lincoln’s journey to the grave and the manhunt for the accused Davis. The North United StatesRead MoreThe War Between The North And The South993 Words   |  4 PagesAmerica or the (Rebels), led by President Jefferson Davis. The North was still referred to as the United States of America or the (Union), led by President Abraham Lincoln. Jefferson Davis was hero in the Mexican War, senator in Mississippi, President of the Confederate States of America during the American Civil War. Jefferson Davis did not want the secession, when Mississippi separated Jefferson Davis resigned from the United States Senate. Then Jefferson Davis became the President in February 1861Read MoreThe War Of The American Civil War1376 Words   |  6 Pagesin the form of Abraham Lincoln. Lincoln is widely held as one of the greatest presidents in not just American history but also world history. Lincoln being at the helm of the union was arguably the most important reason why the north won. 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Mr. Allen proposed that Abraham used the Emancipation Proclamation to free the slaves. However, Mr. Harding used his research and insisted that no the Emancipation Proclamation was not to free the slaves. On the other hand, Mr. Allen makes some well-revised statements, but Mr. Harding has facts and evidence that supports the idea that the Emancipation Proclamation wasn’t to free the slaves, but for other purposes. Mr. Guelzo was convinced that Mr. Lincoln was a hundred percent committedRead MoreCivil War1284 Words   |  6 Pagesï » ¿American Civil War Milan Patel The journal paper discusses the problems faced by Abraham Lincoln and Jefferson Davis that contributed to civil war in their respective states. It analyses the contribution of each person in the American civil war. The achievements of both commanders will also be discussed together with their weaknesses. Introduction A civil war involves the conflict between different groups in the same state. The main objectives of the civil war are the intention of one group toRead MoreCivil War : A War Between Citizens Of The Same Country1609 Words   |  7 Pageswas a need for two leaders, those leaders would be Abraham Lincoln and Jefferson Davis. The first leader was Abraham Lincoln. He lead the Union side since he was a strong Republican that did not agree with slavery. Abraham was a good leader who the people loved and respected. President Lincoln made it known that he was against slavery. The states became afraid and seceded because they worried that their slaves would been taken away. President Lincoln also made it known that he was not going to abolishRead MoreA Brief Note On Civil War And Its Effects On The United States1602 Words   |  7 Pageswas a need for two leaders, those leaders would be Abraham Lincoln and Jefferson Davis. The first leader was Abraham Lincoln. He leads the Union side since he was a strong Republican that did not agree with slavery. Abraham was a good leader who the people loved and respected. President Lincoln made it known that he was against slavery. The states became afraid and seceded because they worried that their slaves would be taken away. President Lincoln also made it known that he was not going to abolishRead MoreEmancipation Proclamation Essay937 Words   |  4 Pagesan order signed by president Abraham Lincoln during the American Civil War in attempt to abolish slavery in the ten rebellion states in the confederacy. The order took effect on January 1, 1863 in attempts to free more than 3.5 million slaves in the confederate area where they rebelled against the Union, and to maintain apprehended freedom between the newly freed slaves and the federal government and military. This was a turning point in the Civil war as Abraham lincoln changed the focal point of theRead MoreTaking a Look at Abraham Lincoln833 Words   |  3 PagesOur 16th president was the first born son of Thomas and Nancy Hanks Lincoln. He was born in Hodgenville, Kentucky on February 12th, 1809. As the Leader of the Union, he fought against the Confederate President, Jefferson Davis in the Civil War. Lincoln won the war with General Ulysses S. Grant by his side. Lincoln was shot by John Wilkes Booth on April 14th 1865. He died of his gunshot wound at 7:22 the next day. â€Æ' William Tecumseh Sherman Born in Lancaster, Ohio, Sherman was only sixteen when

Media Review On Climate Change Free Essays

Even before the post-contemporary period, various environmental problems have been detected as one of the principal factors that affect the change on the way of life all over the world. It is for the reason that environment serves as the prime setting wherein people do their thing and improve their way of living. Climate change has been one of the factors that people consider in performing their daily tasks and endeavors. We will write a custom essay sample on Media Review: On Climate Change or any similar topic only for you Order Now It has significantly seen as something that changes the outline of the world and civilizations, geographically and sociologically wise. Global Warming is not a new issue. Global warming is the primary cause of sudden climate change that tends to make the climate hotter (Tyagi). The greenhouse gases are trapped in the atmosphere which makes the increase in temperature. This effects of this phenomenon are severe such that all regions of are feeling and witnessing them. The melting of the ice caps of the Polar Regions is one of its effects likewise, drought and intense heat (Tyagi). These effects have also bad effects on mankind’s daily activities. Vegetations and agriculture have been sternly affected by climate change. Various diseases that are triggered from having a very high temperature are also detected to debilitate the health of the people (Tyagi). These are just some of the ill-effects of untoward climate change. Nevertheless, such detrimental effects of extreme climate change could be treated and even prevented from impairing the world and the mankind. By being aware and involved on campaigns and programs that tend to rehabilitate the environment, one could really be assured that the problem on climate change could be addressed if not instantly at least gradually. Lastly, environmental issues should not be used for selfish interests and political propaganda. No matter how perfect the economy and the politics of one country if the environment is at risk, all the things that it has would disappear if environment problems would not be addressed and given priority. Work Cited: Tyagi, Avinash. Climate Change and Global Warming. Rajat Publications , 2006. Â   How to cite Media Review: On Climate Change, Essay examples

Malcolm X Essays (340 words) - English-language Films,

Malcolm X Malcolm X, b. May 19, 1925, d. Feb. 21, 1965, was an influential American advocate of BLACK NATIONALISM, and--as a pioneer in articulating a vigorous self-defense against white violence--a precursor of the black power movement of the late 1960s. Born Malcolm Little in Omaha, Neb., he became a rebellious youth after the death (1931) of his father, who the family believed was murdered for advocating the ideas of Marcus GARVEY. Malcolm spent a few years in a foster home but became an excellent student and was voted class president. Nevertheless, at the age of 16, he moved east with relatives and drifted to New York City, where he became involved in Harlem's underworld of drugs, prostitution, and confidence games. In prison for burglary from 1946 to 1952, he read widely and was converted to the teachings of Elijah MUHAMMAD. On his release, he embraced the BLACK MUSLIM movement and changed his name to Malcolm X. Following his initial training, Malcolm became the leading spokesman for the Black Muslims to the outside world. An ideological split developed between Malcolm and the more conservative Elijah Muhammad, and in 1963 Malcolm was suspended as a minister of the Black Muslims. After a pilgrimage to Mecca, he announced (1964) that he had become an orthodox Muslim and founded the rival Organization for Afro-American Unity. His travel in the Middle East and Africa gave him a more optimistic view regarding potential brotherhood between black and white Americans; he no longer preached racial separation, but rather a socialist revolution. His career ended abruptly when he was shot and killed in New York City on Feb. 21, 1965, by assassins thought to be connected with the Black Muslims. The AUTOBIOGRAPHY OF MALCOLM X (dictated to Alex Haley, 1965) publicized Malcolm's ideas and became something of a classic in contemporary American literature. Bibliography Breitman, George. The Last Year of Malcolm X (1967). Clarke, John H. ed., Malcolm X (1969). Goldman, Peter. The Death and Life of Malcolm X (1973). Malcolm X, Malcolm X: The Last Speeches, ed. by Bruce Perry (1989). Wolfenstein, E. V., The Victims of Democracy (1981).

Admiral Frank Jack Fletcher in World War II

Admiral Frank Jack Fletcher in World War II Admiral Frank Jack Fletcher was an American naval officer who played a key role in the early battles of World War II in the Pacific. An Iowa native, he received the Medal of Honor for his actions during the occupation of Veracruz. Though he had little experience with carriers, Fletcher directed Allied forces at the Battle of the Coral Sea in May 1942 and at the Battle of Midway a month later. That August, he oversaw the invasion of Guadalcanal and was criticized for withdrawing his ships leaving the Marines ashore unprotected and under-supplied. Fletcher later commanded Allied forces in the northern Pacific in the final years of the conflict. Early Life and Career A native of Marshalltown, IA, Frank Jack Fletcher was born April 29, 1885. The nephew of a naval officer, Fletcher elected to pursue a similar career. Appointed to the US Naval Academy in 1902, his classmates included Raymond Spruance, John McCain, Sr., and Henry Kent Hewitt. Completing his class work on February 12, 1906, he proved an above average student and ranked 26th in a class of 116. Departing Annapolis, Fletcher began serving the two years at sea that were then required prior to commissioning. Initially reporting to USS Rhode Island (BB-17), he later served aboard USS Ohio (BB-12). In September 1907, Fletcher moved to the armed yacht USS Eagle. While on board, he received his commission as a ensign in February 1908. Later assigned to USS Franklin, the receiving ship at Norfolk, Fletcher oversaw drafting men for service with the Pacific Fleet. Traveling with this contingent aboard USS Tennessee (ACR-10), he arrived in at Cavite, Philippines during the fall of 1909. That November, Fletcher was assigned to the destroyer USS Chauncey. Veracruz Serving with the Asiatic Torpedo Flotilla, Fletcher received his first command in April 1910 when ordered to the destroyer USS Dale. As the ships commander, he led to a top ranking among the US Navys destroyers at that springs battle practice as well as claimed the gunnery trophy. Remaining in the Far East, he later captained Chauncey in 1912. That December, Fletcher returned to the United States and reported aboard the new battleship USS Florida (BB-30). While with the ship, he took part in the Occupation of Veracruz which began in April 1914. Part of the naval forces led by his uncle, Rear Admiral Frank Friday Fletcher, he was placed in command of the chartered mail steamer Esperanza and successfully rescued 350 refugees while under fire. Later in the campaign, Fletcher brought a number of foreign nationals out of the interior by train after a complex series of negotiations with the local Mexican authorities. Earning a formal commendation for his efforts, this was later upgraded to the Medal of Honor in 1915. Leaving Florida that July, Fletcher reported for duty as Aide and Flag Lieutenant for his uncle who was assuming command of the Atlantic Fleet. Admiral Frank Jack Fletcher Rank: AdmiralService: United States NavyNickname(s): Black JackBorn: April 29, 1885 in Marshalltown, IADied: April 25, 1973 in Bethesda, MDParents: Thomas J. and Alice FletcherSpouse: Martha RichardsConflicts: World War I, World War IIKnown For: Battle of the Coral Sea, Battle of Midway, Invasion of Guadalcanal, Battle of the Eastern Solomons World War I Remaining with his uncle until September 1915, Fletcher then departed to take an assignment at Annapolis. With the American entry into World War I in April 1917, he became the gunnery officer aboard USS Kearsarge (BB-5) Transferred that September, Fletcher, now a lieutenant commander, briefly commanded USS Margaret before sailing for Europe. Arriving in February 1918, he took command of the destroyer USS Allen before moving to USS Benham that May. Commanding Benham for most of the year, Fletcher received the Navy Cross for his actions during convoy duty in the North Atlantic. Departing that fall, he traveled to San Francisco where he oversaw the construction of vessels for the US Navy at Union Iron Works. Interwar Years Following a staff posting in Washington, Fletcher returned to sea in 1922 with a series of assignments on the Asiatic Station. These included command of the destroyer USS Whipple followed by the gunboat USS Sacramento and submarine tender USS Rainbow. In this final vessel, Fletcher also oversaw the submarine base at Cavite, Philippines. Ordered home in 1925, he saw duty at the Washington Naval Yard before joining USS Colorado (BB-45) as executive officer in 1927. After two years of duty aboard the battleship, Fletcher was selected to attend the US Naval War College at Newport, RI. Graduating, he sought additional education at the US Army War College before accepting an appointment as Chief of Staff to the Commander in Chief, US Asiatic Fleet in August 1931. Serving as chief of staff to Admiral Montgomery M. Taylor for two years with the rank of captain, Fletcher gained early insight into Japanese naval operations following their invasion of Manchuria. Ordered back to Washington after two years, he next held a post in the Office of the Chief of Naval Operations. This was followed by duty as Aide to Secretary of the Navy Claude A. Swanson. In June 1936, Fletcher assumed command of the battleship USS New Mexico (BB-40). Sailing as flagship of Battleship Division Three, he furthered the vessels reputation as an elite warship. He was aided in this by the future father of the nuclear navy, Lieutenant Hyman G. Rickover, who was New Mexicos assistant engineering officer. Fletcher remained with the vessel until December 1937 when he departed for duty in the Navy Department. Made Assistant Chief of the Bureau of Navigation in June 1938, Fletcher was promoted to rear admiral the following year. Ordered to the US Pacific Fleet in late 1939, he first commanded Cruiser Division Three and later Cruiser Division Six. While Fletcher was in the latter post, the Japanese attacked Pearl Harbor on December 7, 1941. World War II With the US entry into World War II, Fletcher received orders to take Task Force 11, centered on the carrier USS Saratoga (CV-3) to relieve Wake Island which was under attack from the Japanese. Moving towards the island, Fletcher was recalled on December 22 when leaders received reports of two Japanese carriers operating in the area. Though a surface commander, Fletcher took command of Task Force 17 on January 1, 1942. Commanding from the carrier USS Yorktown (CV-5) he learned air operations at sea while cooperating with Vice Admiral William Bull Halseys Task Force 8 in mounting raids against the Marshall and Gilbert Islands that February. A month later, Fletcher served as second in command to Vice Admiral Wilson Brown during operations against Salamaua and Lae on New Guinea. Battle of the Coral Sea With Japanese forces threatening Port Moresby, New Guinea in early May, Fletcher received orders from the Commander in Chief, US Pacific Fleet, Admiral Chester Nimitz, to intercept the enemy. Joined by aviation expert Rear Admiral Aubrey Fitch and USS Lexington (CV-2) he moved his forces into the Coral Sea. After mounting air strikes against Japanese forces on Tulagi on May 4, Fletcher received word that the Japanese invasion fleet was approaching. Though air searches failed to find the enemy the next day, efforts on May 7 proved more successful. Opening the Battle of the Coral Sea, Fletcher, with Fitchs assistance, mounted strikes which succeeded in sinking the carrier Shoho. The next day, American aircraft badly damaged the carrier Shokaku, but Japanese forces succeeded in sinking Lexington and damaging Yorktown. Battered, the Japanese elected to withdraw after the battle giving the Allies a key strategic victory. Battle of Midway Forced to return to Pearl Harbor to make repairs on Yorktown, Fletcher was in port only briefly before being dispatched by Nimitz to oversee the defense of Midway. Sailing, he joined with Spruances Task Force 16 which possessed the carriers USS Enterprise (CV-6) and USS Hornet (CV-8). Serving as the senior commander at the Battle of Midway, Fletcher mounted strikes against the Japanese fleet on June 4. Vice Admiral Frank Jack Fletcher, September 1942. US Naval History and Heritage Command The initial attacks sunk the carriers Akagi, Soryu, and Kaga. Responding, the Japanese carrier Hiryu launched two raids against Yorktown that afternoon before being sunk by American aircraft. The Japanese attacks succeeded in crippling the carrier and forced Fletcher to shift his flag to the heavy cruiser USS Astoria. Though Yorktown was later lost to a submarine attack, the battle proved a key victory for the Allies and was the turning point of the war in the Pacific. Fighting in the Solomons On July 15, Fletcher received a promotion to vice admiral. Nimitz had tried to obtain this promotion in May and June but had been blocked by Washington as some perceived Fletchers actions at the Coral Sea and Midway as being overly-cautious. Fletchers rebuttal to these claims was that he was attempting to preserve the US Navys scarce resources in the Pacific in the wake of Pearl Harbor. Given command of Task Force 61, Nimitz directed Fletcher to oversee the invasion of Guadalcanal in the Solomon Islands. Landing the 1st Marine Division on August 7, his carrier aircraft provided cover from Japanese land-based fighters and bombers. Concerned about fuel and aircraft losses, Fletcher elected to withdraw his carriers from the area on August 8. This move proved controversial it compelled the amphibious forces transports to withdraw before landing much of the 1st Marine Divisions supplies and artillery. Fletcher justified his decision based on the need to protect the carriers for use against their Japanese counterparts. Left exposed, the Marines ashore were subjected to nightly shelling from Japanese naval forces and were short on supplies. While the Marines consolidated their position, the Japanese began planning a counter-offensive to reclaim the island. Overseen by Admiral Isoroku Yamamoto, the Imperial Japanese Navy commenced Operation Ka in late August. This called for Japanese three carriers, led by Vice Admiral Chuichi Nagumo, to eliminate Fletchers ships which would permit surface forces to clear the area around Guadalcanal. This done, a large troop convoy would proceed to the island. Clashing at the Battle of the Eastern Solomons on August 24-25, Fletcher succeeded in sinking the light carrier Ryujo but had Enterprise badly damaged. Though largely inconclusive, the battle forced the Japanese convoy to turn around and compelled them to deliver supplies to Guadalcanal by destroyer or submarine. Later War Following Eastern Solomons, the Chief of Naval Operations, Admiral Ernest J. King, severely criticized Fletcher for not pursuing Japanese forces after the battle. A week after the engagement, Fletchers flagship, Saratoga, was torpedoed by I-26. The damage sustained forced the carrier to return to Pearl Harbor. Arriving, an exhausted Fletcher was given leave. On November 18, he assumed command of the 13th Naval District and Northwestern Sea Frontier with his headquarters at Seattle. In this post for the remainder of the war, Fletcher also became commander of the Alaskan Sea Frontier in April 1944. Pushing ships across the North Pacific, he mounted attacks on the Kurile Islands. With the end of the war in September 1945, Fletchers forces occupied northern Japan. Returning to the United States later that year, Fletcher joined the General Board of the Navy Department on December 17. Later chairing the board, he retired from active duty on May 1, 1947. Elevated to the rank of admiral upon leaving the service, Fletcher retired to Maryland. He later died on April 25, 1973, and was buried at Arlington National Cemetery.

How to Answer the “What’s Your Biggest Weakness” Question in Interviews

How to Answer the â€Å"What’s Your Biggest Weakness† Question in Interviews People typically have a really hard time answering the â€Å"what is your biggest weakness?† question. It goes against all of the self-promotion cramming people do when on the job market. How can I portray myself as the ideal candidate and then start talking about the ways in which I’m not ideal? As it turns out, this is an important question- and one that most interviewees botch. Keep in mind that, first of all, there is no right answer. But you should have a good one all the same.Spin it as a  Growth ExperienceTry rethinking it as an opportunity for you to show how you have faced a particularly large obstacle in the past, and how you learned and grew from that experience. Reframe the question into showing how you deal with your flaws productively, rather than trying to humblebrag and pick a non-flaw (i.e. â€Å"I’m too much of a perfectionist†Ã¢â‚¬ ¦ hiring managers see right through this).Use it to Show You’re Not Perfect (It’s Okay!)Con fidence is important, but humility is also. Hiring managers want to see a lot from column A, but also a healthy dose of that little bit of honesty and willingness to confront one’s weaknesses from column B.You know you have weaknesses. So try to figure out a way to A) be honest about them, and B) turn them somehow to your advantage. There are stories out there about candidates who open their cover letters by zeroing in on their potential weaknesses or holes in their resume, rather than trying to bury that lack of experience in their resumes. Think along the lines of: â€Å"At first glance, I know I’m not the candidate you’ve envisioned.† That sort of opening salvo of honesty will certainly grab a hiring manager’s attention, and it will give you a chance to frame your candidacy in the best possible light (i.e. â€Å"But†¦ I am uniquely qualified because†¦.†).Explain That You Are Always Fine-TuningRemember that admitting your inadequ acies doesn’t show that you’re inadequate. Quite the contrary. It usually shows that you are self-aware, and that you take the time to examine the parts of your success-machine that are in need of tune-ups or replacements. That you are constantly trying to improve. That’s often the kind of quality that any employer would be very keen to have in an employee.So prepare. But don’t go into an interview with a canned response. Come up with something that can segue into a story of overcoming obstacles, and keep it work related. Show you’re human, but hardworking, and you’ll never be on the wrong end of this ubiquitous interview question again.

Has no topic Essay Example | Topics and Well Written Essays - 1250 words

Has no topic - Essay Example The Muslims settled on lands that had their own artworks and traditions, as a result, there was a blend between two cultures, original Muslims and Iranian cultures, which came together to form the first piece of artwork by these two communities. Artists who worked in Iranian cultures continued their arts but now worked under Muslim leadership. Islamic art has shown brilliance in its presentation because choice of colors is always great and there is a good combination of form and design thereby creating an immediate response on the viewers. This kind of presentation has made Islamic art too hard to resist and it is clearly becoming one of the finest art works in history (Hillenbrand 33). Islamic artists have succeeded in combining both animal and human figures in their works making them more appealing. Motifs can be seen on decorated surfaces of objects forming part of the artwork or patterns (Fehervari 6). Islamic art evolved through several stages, some of which are discussed below Abbasid Period (750-1258) In this period, concentration of Islamic cultural and political views changed and people engaged in more activities in Iraq. It is during this period that better styles of art emerged and greater techniques came up which later spread all over the Muslim community influencing artworks to a great extent (Arnold 14). Two cities of Samarra and Baghdad all copied this new trend in arts. In Samarra, particularly, great advancements were made in art and painting as surfaces were curved in different ways, a technique later called beveled style. Later in the 10th century, political unity of Abbasid became weak, and it lost control over several sections of Iran and Egypt. An example of art work during this period is shown below: This is a representation of Samarra and shows. The beveled style can be depicted from this piece of work shown by smoothening of its surfaces. The Almohad and Almoravid Periods (1062-1269) As a new Islamic power, Almohad and Almoravid took pa rt of Morocco in North Africa and established its capital at Marrakesh in 1062 (Metropolitan Museum of Art 30). They also took control at other parts of Africa in Algeria and Sahara. They did away with most Islamic arts and established their own in these territories. After establishing their territories, Almoravids later weakened and their part was taken by the Almohads. They schematized ornaments and utilized the use of designed geometry. Some outstanding works by Almohad are shown in the mosque built in Sevilla. An example of this period’s artwork is shown below: This is a fragment displaying an enormous image with gazelles and many other animals around it. It is an expression of the skills possessed by early Muslim artists. Ayyubid period (1171 – 1260) This period had its leadership in Salah al – Din. In his reigns he called an end to Fatimid Caliphate replacing it with Ayyubid. This artwork was majorly concentrated on metal works and used fragment design to decorate its works. They specialized in ceramics and metals in an attempt to decorate the Muslim culture and bring people to understand art work deeper. In addition, they took part in a lot of building activities, building different structures in Egypt and Syria. Their most outstanding work is in Cairo: the fortified citadels. In

Beliefs of E-Commerce Essay Example | Topics and Well Written Essays - 750 words

Beliefs of E-Commerce - Essay Example Comfort Bikers adopted many advertising and marketing techniques to sustain profitability and enjoy customer loyalty without any success though. In the light of highly advanced technologies that are making their presence felt, Comfort Bikers needs to soon get its act together and come up with a business plan focusing to cash on fast emerging e-commerce practices, especially through the use of a website created for their brand name. Creating a website and making sure that it serves the desired objectives and business perspectives, it’s important that business model and the technology used to create the website is strategically thought out and well planned in advance (wps.prenhall, 2010). Most famous online business models that have been modified by businesses to suit their specific needs are Product Sales, Service Sales, and Information Delivery. Comfort Bikes though can adopt a business model that should assist them not only in making profits, but also in ensuring sustained pr ofitability and overall growth. From this perspective, it’s most advisable for the company to come up with a business model that effectively integrates the features and advantages of the three mentioned models above. Its business model should serve customers of all three categories; ones seeking to buy a bike or get the servicing done of their owned bikes or customers intending to gain information about their various options regarding bikes. Internet presence will ensure open communication with customers, enable superior customer relationship by improving the services provided, and will also help the company expand its business horizons. Quick information, improved feedback and suggestions, and more channels of revenue increase will be available for Comfort Bikes to ensure successful sustenance in today’s chaotic economy. Creating a website for business expansion is not only worthwhile in its perspective customer reach, but also is one of the most financially viable op tions. The required functionality of the websites to start with would not require more than five pages, one each dedicated to receiving new orders, servicing orders, information assistance, customer assistance, and business associations respectively. This will ensure clear and comfortable navigation for all the potential stakeholders in the Comfort Bikes (energizingentrepreneurs, 2010). At the end, the investment needed in getting the website up would not be profoundly expensive as the requirement of the technical specification will include generic software like Adobe Flash Player, Illustrator, and Point-Order Software for e-commerce transaction including the payment gateways etc. Hardware requirement will include a server, printer, and scanner to maintain and record hard copies of orders, receipts etc.. Adapting the business model to expand its customer reach through the most happening and evergrowing marketing tool, Internet, would ensure rapid success for Comfort Bikes. The websi te will also give the company an ideal platform to grow and gain sustained competitive edge in future. References Digital Enterpreises. (2010). Business Models on the Web. Retrieved November 24, 2011, from http://digitalenterprise.org/models/models.html Energizing Enterpreneurs. (2010). E-Commerce as a Business

Analysis of Derivatives and the Perception of Investors

Analysis of Derivatives and the Perception of Investors Chapter 1: Introduction 1. Introduction: The stock market is characterized by volatility, which creates uncertainty in the market and makes predictions regarding future exchange rates difficult, both in the short and long term. However, it is these constant fluctuations in the stock market that make it possible for companies or individuals to take advantage of the movements in exchange rates through speculative activities. These fluctuations also pose a threat for any importer/exporter trading in the global marketplace as international businesses are naturally exposed to currency risk. This necessitates the adoption of hedging strategies to mitigate risk. The volatility in the stock market needs to be dealt with in a proper, prudent and timely manner. Otherwise, adverse currency fluctuations can inflict painful lessons on a company or individual. Later in this thesis we will investigate in detail the volatility of the stock market and the potential risk exposure faced by all market participants. People enter into the stock market for various reasons and the above mentioned potential for profit is a very important motivation. Indeed, some traders who come with the intention of making profit by taking advantage of market fluctuations engage in speculative activities in the stock market and accept the risks involved, while others attempt to protect themselves from volatility by engaging in hedging activities. Traders in this first category are commonly known as speculators, whereas the latter are known as hedgers. Speculators enter the market, in effect, by placing their â€Å"bets† on the market movements. Should their prediction come true, they make profits; if their predictions are not realized, they suffer losses. Hedgers enter the market with the intention of insuring themselves against any adverse market movements they may encounter in their business operation. Hedging involves the creation of a position that offsets an open position occurring in their business operations; so that the gain i n the business (hedge) position will offset the loss of the hedging (business) position. There are various financial instruments used for trading in the stock market. The most common are spot contracts, forward, futures, options, swaps and various money market instruments. Forward, futures, options and swaps are derivatives instruments. Commonly used instruments in the money market include (but are not limited to): Treasury bills, Eurodollar, Euro yen, Certificate of deposit (CD), Commercial paper In fact, the money market represents most of the financial instruments that have less than twelve months maturity. This margin is also known as the leverage ratio and can range from twenty to two hundred, depending on the financial institutions involved. If the given leverage ratio is twenty, the trader using a leveraged spot contract can have access to a credit line twenty times larger than his/her initial margin (collateral). Clearly, the leveraged ratio allows traders (both speculators and hedgers) to trade at a significantly lower capital requirement when compared to the spot market. The general mechanism of each of these markets (forward, futures, options, swaps and money markets) will be explained in detail in this thesis. 1.2 Research Context: The selection of the particular research approach depends on the kind of information required. Qualitative research collects, analyzes, and interprets data that cannot be meaningfully quantified, that is, summarized in the form of numbers. For this reason, qualitative research is sometimes referred to as soft research. â€Å"Quantitative Research† calls for very specific data, capable of suggesting a final course of action. A primary role of quantitative research is to test hunches or hypotheses. These suggest that qualitative approach is a soft research approach in which collected data cannot be meaningfully quantified and more importantly in this approach non-structured research is conducted. But so far as quantitative research approach is concerned, through this approach structured research is conducted with approaching larger respondents and the collected data can be meaningfully quantified. Research data can be collected either in the form of secondary or primary or both. This assumption is obviously not realistic. With the aim to close this gap between theory and practice, a new model is developed in this thesis using the assumptions that the interest rate definitely changes according to economic conditions or policies and that the exchange rate movement follows the pattern of a random walk, which is a stochastic process. Moreover, during the course of our research, we did not encounter any literature that dealt with leveraged spot contracts as both speculative and hedging instruments. It is obvious that the leveraged spot market is relatively less commonly used by financial derivatives traders, compared to traditional instruments such as forward, futures, options, swaps, and the money market. Our objective is therefore to develop a model using leveraged spot contracts as an effective financial instrument that can be used for both speculative and hedging purposes. 1.3 Research Objective: * Analysis of Derivatives and the perception of investors† 1.4 Research Questions: Illustrate how the leveraged spot market can be utilized both as a speculating as well as a hedging tool. Derive insights into how real world data will affect the optimal number of contracts that a trader should trade (or invest) at any given time. Present a Black scholes model for speculation using leveraged spot contracts based on Krugmans model of exchange rate dynamics within a target zone. Demonstrate how a trader can hedge an open position in the leveraged spot market with a simultaneous position in the forward market to generate profit. Explain how a hedger can hedge an existing business transaction exposure using options. 1.5 Research Boundary and Scope: This thesis is organized into chapters/sections. The first chapter is an introduction to the thesis. Next chapter provides a view on hedging and the volatility of the Stock market. These two parts: the first part covers a background of hedging and explores the common applications and techniques of hedging; and the second part covers the volatility of Stock market movements, providing a brief background on the economic fundamentals of exchange rate determination and dynamics, exchange rate systems, international financial markets, and government policies affecting exchange rate systems. How the leveraged spot market can be used as a speculating tool. We have adapted model of exchange rate dynamics within a target zone, we assume that the exchange rate movement follows the pattern of a random walk and we develop a model showing how the leveraged spot contract can be used as a superior financial tool when compared to forward and spot contracts under certain circumstances. However, before developing this model illustrates the mechanism of trading in the leveraged spot market with a numerical example. This describes how to eliminate the risk which arises from speculative leveraged spot transactions using a forward contract. Moreover, several numerical examples are used to illustrate how companies can utilize leveraged spot contracts as a hedging tool. We show in this chapter that the leveraged spot contract, when used in conjunction with a forward contract, can indeed derive risk free profits for its users. The effectiveness and profit generated from using leveraged spot contracts depends on the leverage ratio and the interest rate differential between the home and foreign countries. Chapter 2: Literature Review The financial world has witnessed several major catastrophes in the last dozen years. The first catastrophe was the collapse of Barings Bank in Britain in 1995. The banks collapse was a direct result of Nick Lessons aggressive trading in the futures and options markets. Between 1992 and 1995, the self proclaimed â€Å"Rogue Trader†1 accumulated losses of over  £800million. In February 1995, the 233 year-old Barings Bank was unable to meet the Singapore Mercantile Exchanges (SIMEX) margin call. The bank was declared bankrupt and was bought by the Dutch Bank, ING, for only  £1. The second catastrophe was the Asian financial crisis in 1997. Much literature had been written about the crisis as the financial world tries to understand what went wrong that led to the crisis. Some authors claimed that the crisis was triggered by the run of panic investors on those economies as well as depositor on banks which led to the burst of a bubble economy; while others blamed the crisis on the moral hazard in the Asian banking (financing) systems. We believe that the Asian financial crisis was due mainly (but not limited) to the structural imbalance in the region, caused by large current account deficits, high external debt burden, and the failure of governments to stabilize their national currencies. These problems were worsen by the poor prudential regulation of 1 Nick Lesson wrote an autobiography called â€Å"Rogue Trader† detailing his role in the Barings scandal while imprisoned, the Asian financial system during the 1990s. The combination of these factors contributed to the long-term accumulation of problems in fundamentals, such as large amount of ‘over-lending and bad loans in banking systems which led to the bankruptcies of large firms/banks in the economy, and eventually destroyed the confidence of investors and triggered the panic run of both investors and depositors of the Asian financial system. As part of the efforts, governments tried ente ring the derivative markets to stabilize their currencies. The Thai Government, for instance, utilized the forward market. However, as the world witnessed the collapse of several Asian currencies during the course of the 1997 financial crisis, it was obvious that these stabilizing efforts were not successful. As the Asian countries continued their recovery efforts, Enron collapsed in 2001 as a result of imprudent use of financial derivatives. It had been reported that Enrons management engaged in questionable transactions in the options market, in an attempt to keep the true economic losses of various investments off Enrons financial statements and to try to conceal the actual financial situation of the company. The consequences of these catastrophes were devastating. They impacted not only on the governments and companies directly involved in the events, but also their stakeholders, such as shareholders, employees and ordinary citizens. Many studies examining international financia l markets have been designed to prevent the future occurrence of a similar catastrophe. Most of these studies are still attempting to learn from past mistakes through analyzing what exactly triggered such catastrophic events. Amongst those many studies, some have been undertaken to assist companies to minimize their exposure to fluctuations in the currency market, and to implement better techniques and supervision of corporate risk and management. As a result, topics such as currency exposure, hedging strategies and prudent, ethical company practices have become mainstream issues in international financial markets. This thesis is concerned with hedging techniques in relation to the risk faced by companies and individuals of currency fluctuations. We will point out the limitations and strengths of common hedging techniques and then derive a new technique for hedging. This new model aims to minimize or eliminate the limitations of existing hedging techniques. The importance of understanding the underlying economic and financial fundamentals, which were possibly responsible for the 1997 Asian financial crisis, is noted. This chapter begins with a background discussion of hedging and explores the common applications and techniques of hedging. It continues by addressing exchange rate volatility through providing a brief background of the economic fundamentals of exchange rate determination and dynamics, and government policies. Globally, operations in the foreign exchange market started in a major way after the breakdown of the Bretton Woods system in 1971, which also marked the beginning of floating exchange rate regimes in several countries. Over the years, the foreign exchange market has emerged as the largest market in the world. The decade of the 1990s witnessed a perceptible policy shift in many emerging markets towards reorientation of their financial markets in terms of new products and instruments, development of institutional and market infrastructure and realignment of regulatory structure consistent with the liberalized operational framework. The changing contours were mirrored in a rapid expansion of foreign exchange market in terms of participants, transaction volumes, decline in transaction costs and more efficient mechanisms of risk transfer. The origin of the foreign exchange market in India could be traced to the year 1978 when banks in India were permitted to undertake intra-day trade in foreign exchange. However, it was in the 1990s that the Indian foreign exchange market witnessed far reaching changes along with the shifts in the currency regime in India. The exchange rate of the rupee, that was pegged earlier was floated partially in March 1992 and fully in March 1993 following the recommendations of the Report of the High Level Committee on Balance of Payments (Chairman: Dr. C. Rangarajan). The unification of the exchange rate was instrumental in developing a market-determined exchange rate of the rupee and an important step in the progress towards current account convertibility, which was achieved in August 1994. A further impetus to the development of the foreign exchange market in India was provided with the setting up of an Expert Group on Foreign Exchange Markets in India (Chairman: Shri O.P. Sodhani), which submitted its report in June 1995. The Group made several recommendations for deepening and widening of the Indian foreign exchange market. Consequentl y, beginning from January 1996, wide-ranging reforms have been undertaken in the Indian foreign exchange market. After almost a decade, an Internal Technical Group on the Foreign Exchange Market (2005) was constituted to undertake a comprehensive review of the measures initiated by the Reserve Bank and identify areas for further liberalization or relaxation of restrictions in a medium-term framework. The momentous developments over the past few years are reflected in the enhanced risk-bearing capacity of banks along with rising foreign exchange trading volumes and finer margins. The foreign exchange market has acquired depth. The conditions in the foreign exchange market have also generally remained orderly. While it is not possible for any country to remain completely unaffected by developments in international markets, India was able to keep the spillover effect of the Asian crisis to a minimum through constant monitoring and timely action, including recourse to strong monetary measures, when necessary, to prevent emergence of self-fulfilling speculative activities. 2. Financial Derivatives Markets: With the ever increasing total notional value of derivative contracts outstanding worldwide, it is little wonder that there has been continuous interest in unlocking the â€Å"mystery† of hedging using financial derivatives. Studies have shown that in 1994, the total value of hedging was USD 18 trillion. This is more than the combined total value of shares listed on the New York Stock Exchange and the Tokyo Stock Exchange. The amount exceeded USD 55 trillion in 1996, and in 1998, the figure had already reached USD 70 trillion, which is almost four times more than in 1994. Moreover, according to Bureau of Information Statistics (2005), from 1995 to 1998, spot foreign exchange transactions increased by 15%, reaching a total of USD 600 billion-a day, while over-the-counter currency options doubled to a total outstanding daily value of USD 141 billion. According to the Central Bank Survey 2004, the average daily turnover in foreign exchange derivatives contracts rose to $1,292 bil lion in April 2004 compared to only $853 billion in April 2001 (IBS, 2005). Table 2.1 shows that outright forward and foreign exchange swaps hold the record as the most popular derivatives traded over the counter. As such figures continue to climb strongly, it is important to understand the mechanism of the foreign exchange derivatives markets, including what motivates companies to enter the market, and how corporations utilize the market as a hedging mechanism. According to an author Robert W. Kolb, â€Å"a derivative is a financial instrument based upon another more elementary financial instrument. The value of the financial derivative depends upon, or derives from the more basic instrument. The base instrument is usually an underlying asset, as cash market financial instrument, such as a bond or a share of stock†. The underlying instrument can also be based on movements of financial markets, interest rates, the market index, commodities, or a combination of these assets. F or example, consider the derivative value of oil, which indicates that the price of an oil futures contract would be derived from the market price of oil, reflecting supply and demand for the commodity. In fact, as oil prices rise, so does the associated futures contract. It is noted that in order for the derivative market to be operational, the underlying asset prices have to be sufficiently volatile. This is because derivatives are risk management tools. Hence, if there is no risk in the market, there would be no need for the existence of any risk management tool. In other words, without manageable risk, the use of derivatives would be meaningless. Derivatives commonly used as hedging instruments include the foundational form of: 1. forward contracts 2. futures contracts 3. options contracts, 4. Swaps, which involve a combination of forward and spot contracts or two forward contracts. However, with the rapidly changing business environment, many hedgers have also given increasing attention to other more sophisticated and â€Å"exotic† derivatives which evolved from these basic contracts and often consist of a combined use of two or more foundational contracts, such as Options Futures. Global OTC Derivative Market Turnover, 1998-2007 Daily Averages in April, in billions of USD Description 1998 2001 2004 2007 Foreign Exchange Power 688 959 853 1,292 Outright forwards and foreign Exchange Swaps 643 862 786 1,152 Currency Swaps 4 10 7 21 Options 41 87 60 117 Other 1 0 0 2 Interest Rate Turnover 151 265 489 1,025 FRAs 66 74 129 233 Swaps 63 155 331 621 Options 21 36 29 171 Other 2 0 0 0 Total Derivatives Turnover 880 1,256 1,385 2,410 Memo: Turnover at April 2004 exchange rates 825 1,350 1,600 2,410 Exchange traded derivatives 1,221 1,382 2,180 4,657 Currency Contracts 17 11 10 23 Interest Rate Contracts 1,204 1,371 2,170 4,634 The 2004 survey is the sixth global survey since April 1989 of foreign exchange market activity and the fourth survey since March/April 1995 covering also the over-the-counter (OTC) derivatives market activity. The survey includes information on global foreign exchange market turnover and the final statistics on OTC derivatives market turnover and amounts outstanding. 2.4.2 Types of Players in Derivatives Markets: There are three categories of players in a functioning derivatives market: 1. Hedgers 2. Speculators 3. Arbitrageurs While each of these players use the market with varying intention, their combined and balanced influence ensure the market liquidity and volatility that allows the derivatives market to operate. It is easy yet important to differentiate the varying motives of these players. In terms of their level of risk aversion, arbitrageurs are by definition highly risk intolerant (risk averse individuals) who only trade in risk-free transactions; whereas speculators are on the other side of the spectrum (risk-seeking individuals), as they make profit by taking risk; hedgers are risk neutral individuals, as they choose their strategies by ranking the expected value of any given strategy. Based on their varying attitude towards risk these players tend to engage in the derivatives market with very different transaction patterns. More specifically, an arbitrageur who seeks risk-free profits will simultaneously take up a position in two or more markets, for instance, simultaneously buy spot and sell forward the INR, in an attempt to exploit mis-pricings due to a market that is not in equilibrium. However, such price differentials are almost non-existent in a well-functioning market, mainly because supply and demand tends to rapidly restore market equilibrium. As opposed to the arbitrageur, a speculator seeks profit by taking risk. For example, speculators who anticipate an appreciating INR will put their â€Å"bets† on the rising INR. They can do so by buying the INR at a lower value, and then selling it when the value is higher should the prediction come true. A hedger enters derivatives markets mainly with intention to insure against price volatility beyond their control. Based on this intention, it is not surprising that hedgers are mostly acting on behalf of corporations. The mechanism of hedging mainly transfers risk to others who are willing to accept the risk. Indeed, the risk is never nullified but merely transferred from one party to another. In most cases, spec ulators are those who absorb the risks transferred by hedgers. It is perhaps due to these notions that some have referred to the derivatives market as the ‘zero-sum game market, where the gain of one party is exactly equal to loss of another party. Over the last decades, the foreign exchange markets have experienced explosive growth. Indeed, according to the Central Bank Survey 2004, the average daily turnover in traditional foreign exchange markets rose to $US 1,880 billion in April 2004 compared to $US 1,200 billion in April 2001. 2.1 Option Market: Similar to futures markets, options markets provide impersonal transactions between two participants in an organized, orderly and cost-efficient open outcry auction market. Examples of these markets are the Chicago Mercantile Exchange (CME), the New York Mercantile Exchange (NYMEX) and the Australian Stock Exchange (ASX). An options contract gives the contract holder the right but not obligation to buy or sell an asset at a will be specific price and delivery date. For a currency options contract, that asset will be a currency. The contract holder is also known as the options buyer. The counterparty of a contract holder is known as the contract writer or contract seller, who is obligated to respond to the contract holder. In other words, if the contract holder chooses to exercise the contract, the writer is obligated to respond. Call Options Right and Obligations Buyer (holder) Seller (writer) Has the right to buy a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to sell futures at a predetermined price a buyers sole option. Expectation: Rising prices Expectation: Neutral or falling prices Put Options Right and Obligations Buyer (holder) Seller (writer) Has the right to sell a futures contract at a predetermined price on or before a defined date. Grants right to buyer, so has obligation to buy futures at a predetermined price a buyers sole option. Expectation: Falling prices Expectation: Neutral or rising prices The Options markets offer two styles of contracts: the American and the European. The style of an options contract dictates when it can be exercised. The American options contract gives the buyer (holder) the right to exercise the option at any time between the date of writing and the expiry date; the European options contract, on the other hand, can only be exercised on its expiration date, but not before the expiry date. In Australia, the Australian Stock Exchange (ASX) only offers standardized options contracts. Overseas options markets do offer options contracts in two forms: customized and standardized. The customized options contracts are also known as the over-the-counter (OTC) options. It is usually written by banks for US dollars against the British pound sterling, Swiss francs, Japanese yen, Canadian dollars and the euro. These customized options contracts can be tailored to suit individual needs, in terms of delivery dates, contract size and strike price. The contract size of these over-the-counter options contracts can reach $1 million or more with maturity of up to one or two years. The standardized option contracts are also known as exchange traded options (ETOs). These standardized options contracts were first introduced in the United States by the Philadelphia Stock Exchange (PHLX) in December 1982. Other markets such as the Chicago Mercantile Exchange later followed suit. Like the futures contracts, these exchange traded options are settled through a clearinghouse. The clearinghouse acts as the middleman and handles both sides of an options transaction. Acting as the counterparty of all options contracts, the clearinghouse guarantees the fulfillment of these contracts. Until this time, currency options contracts are still not available for trading through many of the Stock Exchanges. In fact, the Australian Stock Exchange only offers equity options and index options. For traders wanting to speculate or hedge using currency options contracts, th ey can utilize overseas options markets that offer currency options contracts, for example the Philadelphia Stock Exchange (PHLX). The exchange traded currency options offer standardized features such as expiration months and contract size. The following Table 2.8 consists of some of the standardized features of an exchange traded currency options contract as listed by the Philadelphia Stock Exchange (PHLX). Features of Exchange Traded Currency Option Contracts AUD GBP CAD Euro Yen Swiss Franc Contract Size 50,000 31,250 50,000 62,500 6,250,000 62,500 Position and Exercise Limits 200,000 200,000 200,000 200,000 200,000 200,000 Base Currency USD USD USD USD USD USD Underlying Currency AUD GBP CAD EUR JPY CHF Exercise Price Intervals (for 3 nearest months) 1 ¿Ã‚   1 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.005 ¿Ã‚   0.5 ¿Ã‚   Exercise Price Intervals (for 6, 9 or 12 months) 1 ¿Ã‚   2 ¿Ã‚   0.5 ¿Ã‚   1 ¿Ã‚   0.01 ¿Ã‚   1 ¿Ã‚   Premium Quotations Cents per unit Cents per unit Cents per unit Cents per unit Hundredths of cents per unit Cents per unit Minimum Premium Change $.(00)01 per unit = $5.00 $.(00)01 per unit = $3.125 $.(00)01 per unit = $5.00 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 $.(00)01 per unit = $6.25 Expiration Months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months March, June, September, December + two near-term months Exercise Style American and European American and European American and European American and European American and European American and European 2.2 Future and Forward: 2.2.1 Forward: In 1982, a study had been conducted based on the random sampling of the Fortune 500 companies. In that study, it had been found that the extensive adoption of forward contracts amongst Fortune 500 companies that were involved in currency hedging, it is by far the most commonly adopted hedging instruments. This popularity is perhaps due to the long history of usage, dating back to the early days of civilization and the trading of crop producers. Forward contracts were the first financial derivatives derived from those early â€Å"buy now but pay and deliver later† agreements. In contemporary business world, forward contracts are commonly known as over-the-counter transactions between two or more parties where both buyer and seller enter into an agreement for future delivery of specified amount of currency at an exchange rate agreed today. They are generally privately negotiated between two parties, not necessarily having standardized contract size and maturity. Both parties in the forward contracts are obligated to perform according to the terms and conditions as negotiated in the contracts even if the parties circumstances have changed. In other words, once a forward contract has been negotiated, both parties have to wait for the delivery date to realize the profit or loss on their positions. Nothing happens between the contracting date and delivery date. Indeed, a forward contract cannot be resold or marked to market (where all potential profits and losses are immediately realized), because there is no secondary market for a forward contract. Although, technically, the forward contract can be re-negotiated with the original counterparty, it is usually practically too costly to proceed with. In fact, the counterparty is not obliged to proceed with the renegotiation. Forward contracts have one obvious limitation: they lack flexibility, and therefore do not allow companies to react in a timely manner to favorable market movements. This disadvantage is wide ly acknowledged and often criticism by authors and hedgers. So, why are forward contracts still the most popular hedging instrument? We believe this is mainly because forward contracts allow the hedging of large volumes of transactions with extremely low costs. Indeed, the parties involved in negotiating a forward contract are typically companies that are exposed to currency risk and their nominated banks. The nominated bank typically charges a service fee, of less than 1% of the face value of the hedge amount, for acting as the counter-party in the transaction. So it is the nominal service fee that is the low cost. 2.2.2 Futures Markets: Futures contracts are the first descendant of forward contracts. Futures contracts were derived, based on the fundamental of forward contracts, but with standardized quality, quantity, time (maturity), as well as place for delivery. Like other financial derivatives, futures contracts were initially designed for commodity trading, but as commercial trading continually evolved, the initial de

How Does R. Dahl Illustrate Conflict Between Appearance and Reality in 3 of the 5 Short Stories?

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How Personal Responsibility, Self Sufficiency, And Citizen...

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