Role of IMF in poverty alleviation Research Paper

Role of IMF in poverty alleviation - Research Paper Example PRGF supported programs were derived from a member’s PRSP that ensured that the reforms it supported were owned by the county and oriented to realizing economic growth and poverty reduction goals (Vreeland 3). Although it may be too early to appraise the new framework’s success in achieving the objectives, it is time to evaluate progress to this day and discover shortcomings that may need course corrections in the initiative’s design and implementation. The IMF was initiated at the Bretton Woods Conference in 1944 and created by 29 countries in 1945. The international organization’s main objective was to help in the construction of international payment system after the Second World War. Member countries help to contribute funds through a quota system where countries that face payment imbalances can borrow money and other resources. Through the fund, and surveillance of member countries economies and self-correcting policies demand, the organization works to recover the economies of member countries. IMF headquarters is in Washington, D.C. (Jensen 3). The IMF works to promote world’s monetary cooperation and ensures that there is a financial stability, aid international trade, assists in employment issues and economic growth to alleviate poverty in the world. The IMF objectives are in the Articles of Agreement; they are: promoting international economic co-operation, employment, international trade, and the stability of the exchange rate by making finances available to members in order to meet the needs of the balance of payments (Woods 2). The IMF fosters economic stability and global growth. The organization offers advice to policy matters and financial support to member countries that are in economic difficulties. IMF works together with developing countries to help them achieve economic stability and poverty reduction. The justification for this support is that international capital markets work imperfectly, and

Altered Hematology & Cardiovascular System Case Study

Altered Hematology & Cardiovascular System - Case Study Example Hypoxia of central nervous system causes faintness and headaches while myocardial hypoxia results in palpitations and increased heart rates (Kumar et al 2005). She has a history of chronic blood loss which is due to menorrhagia. Other causes of chronic blood loss include gastrointestinal bleeding, malignant diseases and urinary bleeding. Chronic blood loss anemia results from blood loss in small amounts, which occurs over a long period of time and it results in iron deficiency anemia because the iron stores of the body are depleted. Consequently, the oxygen-carrying capacity of the red blood cells is reduced and the patient presents with signs and symptoms of anemia. The clinical features of the chronic blood loss anemia are not severe until the hemoglobin levels of the blood are extremely low (Emmanuel et al 2001). The shortness of breath of the patient is explained by the decreased oxygen content of the blood cell which is exacerbated due to exertion (Kumar et al 2005). As mentione d in the case she presented with severity of symptoms while playing golf at a high course which induced exertion. Chronic blood loss is a very important and common cause of iron deficiency anemia which is caused when all iron stores are depleted due to external hemorrhage over a long period of time. Iron deficiency anemia (IDA) presents with a peripheral blood film of microcytic and hypochromic red blood cells. The serum reserves of ferritin and hemosiderin are utilized in the initial stages of blood loss, however, when these stores have also been consumed, the symptoms of anemia manifest. Serum iron, ferritin and transferring levels are also reduced (Kumar et al 2005). Another... The paper tells that proper amount of rest and limitation of the daily activities to a certain extent will help the patient to control the signs and symptoms of CHF. The restriction of daily physical exertion will put less amount of workload on the heart and hence, improve the condition of the patient. The second step in managing the case is a proper diet plan. The patient should be advised to reduce the sodium content in his food items as this will reduce water retention in his body lowering the cardiac workload. The sodium content should be limited to 1.5 to 2g per day. Alcohol consumption should also be lowered down to only one drink per day which plays an important role in lowering the systolic blood pressure by 2-4 points. Chronic alcoholism is a very important cause of cardiomyopathy and if the patient shows a positive history of alcoholism he should be advised to consume a low to moderate amount of alcohol. Weight control and a dietary calorie limitation are recommended in the obese patients. They are advised to a body mass index of 18.5 to 24.9 and eat a healthy balanced diet comprising of green vegetables, fruits, and low-fat food items. Exercise including aerobic and strength training in CHF patients in an adequate amount also helps in improving the patient’s condition. The patient should be advised to exercise for 30 minutes five to six times a week and increase his physical activity. However, if he complains of angina pain, shows symptoms of respiratory distress, CNS symptoms or increased fatigue exercise should be stopped.

Different Ways To Communicate Electronically Information Technology Essay

Different Ways To Communicate Electronically Information Technology Essay Electronic communication has become a very popular means to communicate worldwide. Electronic communication is used for the transfer of different types of data and images through wire, electromagnetic, photo electronic or photo-optical system and radio. Electronic communication is so popular that many businesses and people consider it to be essential tool in our daily lives. The Potomac Knowledge Project from the Marino Institute states Electronic communications is interactive. It engages audiences in active, two-way communications; a self-selected audience, engaged and actively participating in the communications process. There are many ways to communicate electronically, each with benefits and risks related to business or personal use. It is likely that in the future, advances in technology and computer programming will enable us to communicate in ways we can only dream about today. Different Ways to Communicate Electronically Email. There are many different types of electronic communication including but not limited to: email, social media newsgroups, chat rooms, video conferencing, instant messaging, phone and fax. Email via the widely used internet is popular because people are able to write short messages, receive quick responses and include photographs or reports with formatted data quickly and efficiently. Sending information through the conventional or snail mail can be costly and time consuming. Using email for personal or professional purposes is an efficient means of communication. Social Media. Many newsgroups and chat rooms now use Facebook, MySpace and Twitter, a type of social media for communication purposes which lets the user give an instant message and receive an instant response with supporting live video images. Users are able to post messages to a particular group of people or to members of a specific club and comment instantaneously. Miscellaneous. Workplace-communication.com lists over fifty-five different types of electronic communication currently used in the workplace! Some other types of electronic communication that may not fall clearly in one of the above categories above are listed below: Fax Short-wave Radio Radio Broadcast Video Conferencing Skype Satellite Phone Texting Telephony Wikis Electronic communication has gained wide recognition, has innumerable practical applications and provides benefits for the user including quick communication, is cost effective and has easy access. The Benefits Work Related Environment. Many different types of organizations are using electronic communication facilities. Electronic communication provides the opportunity for groups of people in different geographical locations to communicate interactively through text, sound and video. Team members can work on and make contributions to the same document at the same time, engage in meetings and share information on projects. The ability to communicate and problem solve as a team increases the likelihood of an increase in productivity and customer satisfaction. In addition, many businesses are sponsoring discussion groups concerning issues related to the business (products, strategies, etc.) as a resource to offer further communication and marketing prospects. Electronic communication also enables people to work from home, called telecommuting. Working from home provides employees flexibility and saves office space, money spent on paper, printing and postal delivery. The communicated informatio n may be stored on disks, on computer hard drive files and is easily retrievable when needed. For Individual Use. For individual use electronic communication has become a way for people around the world to share pictures, graphics, conversations, and play interactive software games. People are able to communicate more economically when compared to phone or mail and are able to communicate quickly to friends and family who live a distance away. This type of communication has become a very important means of social communication. Careers in Electronic Communication. With the boom in technology and the computer industry, software services, electronic communication, programming, and security issues will provide growing opportunities for employment in the United States and worldwide. The demand for individuals and employees who are knowledgeable in the field of electronic communication will continue to increase. Working in electronic communications is a great option for those with marketable skills interested in securing employment in a fast growing field. The Risks Personal Mail is Insecure. Sending someone a personal electronic message can become a permanent record. It is easy to compromise your reputation by messaging something negative or offensive. Electronic messages are hard to stop once they have been sent and unlike paper messages they can be delivered instantaneously. Electronic messages are not secure and can be easily copied, resent or forwarded to others so you can never know for sure who will read it and form a negative opinion of you. It is also easy for someone to search all posted messages for your name as it travels through the internet; potential employers are now using this as a means to evaluate personality strengths and character when considering a potential hire. When sending a message you really have to think about whether or not you would like the public to read your message in the future. Tom Van Vleck , The Risks of Electronic Communication lists common examples of not using good judgment when sending electronic commun ication: broadcasting or posting a funny message sending or posting an angry message using sarcasm or irony criticizing others in public posting a message or sending mail late at night sending a message about a person that you wouldnt want them to see Business Mail. When communicating with a business or company using electronic mail it is important to look for a guarantee that the company will keep your information for its use only and will not sell your name or address to other companies. Users also need to be guarded when receiving emails from businesses inquiring about personal account information, credit card or billing information as business scams or identity theft have become a significant concern in electronic communication. Computer Hacking or Virus. Secondly, a big concern with electronic communication is security. Your computer can be hacked and/or infected with a computer virus. Most often when hacking a hacker is trying to access personal information for illegal purposes. A computer virus can impact the computer system and network, can erase data on the C-drive, cause the user to be unable to open files, delete files, slow down transmission speed, may replicate information and share it with others, and can alter the structure of messages which can be misunderstood. Electronic viruses can be challenging to detect and to clean off of your computer. For a business, cleaning up viruses can be costly. Conclusion In conclusion, electronic communication does present challenges in security and more recently in fraudulent actions using users personal information for illegal purposes. The use of the Internet, computer and electronic communication has become widely used for business and personal use. With the advances in computer technology and the rapid increase in different types of electronic communication, this form of interaction will continue to grow in popularity for professional and private use. ELECTRONIC COMMUNICATION INTRODUCTION DIFFERENT WAYS TO COMMUNCATE ELECTRONICALLY Email Social Media Miscellaneous THE BENEFITS Work Related For Individual Use Careers in Electronic Communication THE RISKS Personal Mail is Insecure Business Mail Computer Hacking or Virus CONCLUSION

eighteenth amendment Essay -- essays research papers

The eighteenth amendment of the United States Constitution was ratified in the year 1919. This amendment made buying, sellieng, and producing alcoholic beverages illegal. However, this amendment did not stop some on the citizens in the United States, this included some of Louisiana’s own citizens.   Ã‚  Ã‚  Ã‚  Ã‚   Even though the making and selling of beer and wine was illegal the citizens did not seem to care to much. The majority of the people, who brewed their own beer and wine at home, and even the people who were involved in bootlegging were among the ones who did not believe that the amendment was constitution, and some did not get arrested with taking part in this illegal activity. The reason that the people did not get in trouble was because they were to many people who did not want to conform to the new rules on the constitution; so there would be to may people to arrest sine everyone was practically doing it. These people who were involved with selling alcohol made tons of money. One man was even able to purchase a new car with the money that he made. This man was named Mr. Hungerford. He was able to collect wine from the railroad cart that was caught trying to transport some alcohol. He stored the bottles in a family member’s barn till his neighbors ran o ut of their own and then sold his bottles at an inflated price. What this man did was illegal in the 1920s because of the eighteenth amendment, but the federal authorities did not have the heart to g...

Plato Defends Rationalism

Plato Defends Rationalism Plato was a highly educated Athenian Philosopher. He lived from 428-348 B. C. Plato spent the early portion of his life as a disciple to Socrates, which undoubtedly helped shape his philosophical theories. One topic that he explored was epistemology. Epistemology is the area of philosophy that deals with questions concerning knowledge, and that considers various theories of knowledge (Lawhead 52). Plato had extremely distinct rationalistic viewpoints. Rationalism is the claim that reason, or intellect, is the primary source of our fundamental knowledge about reality (55).By examining Plato’s philosophical position on the three basic epistemological questions, as well as analyzing his ability to justify the three anchor points of rationalism, it is clear to see that Plato was successful in defending rationalism. There are three basic questions that are the basis for determining the difference between each of the epistemological viewpoints. The first of these is: Is knowledge possible? In order to understand exactly what is being asked here, it is important to consider the agreed definition of knowledge as being a â€Å"true justified belief† (53).Plato believed that yes, it is possible to have knowledge. He claimed that as long as one has the ability to recognize something as false, they are capable of having knowledge. The second question is: Does reason provide us with knowledge of the world independently of experience? Plato would also answer yes to this question as well. Many objected to this, believing that knowledge was a result of sense experience rather than reason. Plato examined this theory (empiricism); he argued that, because the physical world is subject to change, there can be no real truth in knowledge that is based solely on one’s senses.He then used the examples Justice, Goodness, and Equality to justify his argument that there are some things that we cannot come to know through experience alone, th us casting doubt on the empiricist theory. Plato expands on the teachings of Socrates, and acknowledges the concept that we already have ideas or principles that are contained in our mind prior to experience, called innate ideas (73). The third and final question is: Does our knowledge represent reality as it really is? To this question, he would answer yes. Plato’s distinction between innate ideas and sense experience bring us to understand his true sense of reality.Our innate ideas are the foundation from which we are able to possess rational knowledge. Rational knowledge, as Plato explains, gives us the ability to differentiate between invariable â€Å"Forms† (Universals) and the ever changing characteristics that are recognized through sense experiences. Plato believes that knowledge of Universals provide us with knowledge of the fundamental features of reality, which are nonphysical, eternal, and unchanging (81). The three anchor points of Rationalism expand on th e question discussed above, Does reason provide us with knowledge of the world independently of experience?The first anchor point is: Reason is the primary or most superior source of knowledge about reality (72). Plato proves this point to be true by determining that it is through unchanging, Universal knowledge, that we come to find reality. The second anchor point is: Sense experience is an unreliable and inadequate route to knowledge (73). Plato questions the reliability and adequacy of sense experience, due to the fact that there are things that we are simply unable to experience in the physical world. If knowledge comes strictly from experience, and we are unable to experience some things, how is it that we come to find such knowledge?Plato also argues that sense experiences are subject to individual interpretation, and are ever changing. Knowledge cannot be based on inconstant perception. The final anchor point of rationalism is: The fundamental truths about the world can be k nown a priori (independently of, or prior to, experience): They are either innate or self-evident to our minds (73). Plato believed that knowledge was contained in our soul from preexistence, and was independent of human experiences. He came to the conclusion that it is from these innate ideas that we are able to recognize reality.Plato’s view on epistemology is extremely consistent with that of rationalism. He was able to successfully justify his beliefs, not only by proving his theory, but also by disproving alternative theories. Plato recognized the fact that knowledge is possible. He believed that the ability to identify something as false can only come from knowing truth. This was the first step in his philosophical journey. In his quest to determine the source, and explore the characteristics of knowledge, he made several valid arguments.Plato’s strongest argument was that we cannot base our knowledge directly on experience, because there are circumstances in whi ch our senses do not provide us with reliable truths. Not only did this make it apparent that experience is not concrete enough to act as a basis for knowledge, thus disproving the imperialistic theory, but it also helped justify his theory of Universals. Plato was able to prove that reason, by way of innate ideas, leads us to knowledge, as it was defined above, a true justified belief.This rational knowledge, in turn, leads us to the knowledge of reality. Plato spent much of his life studying philosophy, and the concept of knowledge. After finding fault in other epistemological theories, he was led to develop a philosophy of his own. Plato’s approach toward epistemology was considerably different from that of other philosophers in his day. His rationalistic viewpoints were extremely influential. He brought light to the concept of Universals, which had a great impact on the work of philosophers after him.Plato was able to explain knowledge from all aspects, which set him apar t from others. Plato was not only able to conclude that knowledge is possible, he was also able to explain how knowledge is obtained. By examining Plato’s philosophical position on the three basic epistemological questions, as well as analyzing his ability to justify the three anchor points of rationalism, it is clear to see that Plato was successful in defending rationalism.Works Cited Lawhead, William F. The Philosophical Journey: An Interactive Approach. 5th ed. New York: McGraw-Hill, 2011. 52-81. Print

Reviews on Financial Risk Management Essay

The definition and types of financial risk III. Risk management and the theoretical foundation IV. The process of financial risk management V. The challenges faced by the modern financial risk management theories ?Abstract? Financial risks are exposures of uncertainties for those participants in financial market. Financial risks can be divided into four categories: market risk, credit risk, liquidity risk and operational risk. Risk management has become more and more crucial for a market participant to survive in the highly competitive market. As the development of the global financial market, there are many phenomena that cannot be explained by traditional financial risk management theories. These phenomena have accelerated the development of behavioral finance and economic physics. The financial management theories have already improved a lot over the past decades, but still facing some challenges. Therefore, this report will review some important issues in the financial risk management; introduce some theoretical foundation of financial risk management, and discuss the challenges faced by the modern financial risk management. I. Introduction Financial risk is one of the basic characteristics of financial system and financial activities. And financial risk management has become an important component of the economic and financial system since the occurrence of financial in human society. Over the past few decades, economic globalization spread across the world with the falling down of the Bretton Woods system. Under above background, the financial markets have become even more unstable due to some significant changes. Many events happened during the decades, including the â€Å"Black Monday† of the year 1987, the stock crisis in Japan in 1990, the European monetary crisis in 1992, the financial storm of Asia in 1997, the bankruptcy of Long-Term Capital Management in 1998, and the most recent global financial crisis triggered in the year 2008. All these changes brought enormous destruction of the smooth development of the world economy and the financial market. At the same time, they also helped people realized the necessity and urgency of the financial risk management. Why did the crisis happened and how to avoid the risk as much as possible? These questions have been endowed more significant meaning for the further development of the economy. Therefore, this report will review some important issues in the financial risk management; introduce some theoretical foundation of financial risk management, and discuss the challenges faced by the modern financial risk management. II. The Definition and Types of Financial Risk The word â€Å"risk† itself is neutral, which means we cannot define risk a good thing or bad. Risk is one of the internal features of human behavior, and it comes from the uncertainty of the future results. Therefore, briefly speaking, risk can be defined as the exposure to uncertainty. In the definition of risk, there are two extremely important factors: first is uncertainty. Uncertainty can be considered as the distribution of the possibility of one or more results. To study risk, we need to have a precise description about the possibility of the risk. However, from the point view of a risk manager, the possible result in the future and the characteristic of the possibility distribution are usually unknown, so subjective factors are frequently needed when making decisions. The second factor is the exposure to uncertainty. Different human activities were influenced at different level to the same uncertainty. For example, the future weather is uncertain to everyone, but the influence it has over agriculture can be far deeper than that over finance industry or other industry. Based on the above description about risk, we could have a clearer definition of financial risk. Financial risk is the exposure to uncertainty of the participants in the financial market activities. The participants mainly refer to financial institutions and non-financial institutions, usually not including ndividual investors. Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stockholders, competitors, foreign governments, or weather. (Karen A. Horcher). Financial risk can be divided into the following types according to the different sources of risk. A. Market risk. Market risk  is the  risk  that the value of a portfolio, either an investment portfolio or a trading portfolio. It will decrease due to the change in value of the market risk factors. The four standard market risk factors are stock prices, interest rates, foreign exchange rates, and commodity prices. The influence of these market factors have over the financial participants can be both direct and indirect, like through competitors, suppliers or customers. B. Credit risk. Credit risk  is an investor’s risk of loss arising from a borrower who does not make payments as promised. Such an event is called a  default. Almost all the financial transactions have credit risk. Recent years, with the development of the internet financial market, the problem of internet finance credit risk also became prominent. C. Liquidity risk. Liquidity risk  is the risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss. Liquidity risk arises from situations in which a party interested in trading an  asset  cannot do it because nobody in the  market  wants to trade that asset. Liquidity risk becomes particularly important to parties who are about to hold or currently hold an asset, since it affects their ability to trade. D. Operational risk. Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Nowadays, the study and management of operational risk is getting more attention. The organizations are trying to perfect their internal control to minimize the possibility of risk. At the same time, the mature theory of other subjects, such as operational research methods, are also introduced to the management of operational risk. Overall, financial risk management is a process to deal with the uncertainty resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stockholders, and the board of directors are in agreement on key issues. III. Risk Management and the Theoretical Foundation Financial market participant’s attitude towards risk can be basically divided into the following categories. A. Avoid risk. It is irrational for some companies to think that they can avoid the financial risks though their careful management because of the following reasons. First of all, risk is the internal feature of human activities. Even though it doesn’t have direct influence, it could generate indirect influence though the competitors, suppliers or customers. Moreover, sometimes it might be a better choice for the manager of the company to accept risk. For example, when the profit margin of the company is higher than the market profit margin, the manager can increase the value of the company by using financial leverage principle. Obviously, it will be harder to increase the value of a company if the manager is always using the risk avoidance strategy. B. Ignore risk. Some participants tend to ignore the existence of risks in their financial activities, thus they will not take any measures to manage the risk. According to a research of Loderer and Pichler, almost all the Swedish multinational companies ignored the exchange rate risk that they are facing. C. Diversify risk. Many companies and institutions choose to diversify risk by putting eggs into different baskets, which means reaching the purpose of lower risk by holding assets of different type and low correlation. And the cost is relatively low. However, as to small corporations or individuals, diversifying risk is somehow unrealistic. Meanwhile, modern asset portfolio theory also tells us that diversifying risk could only lower the unsystematic risk, but not systematic risk. D. Manage risk. Presently, most people have realized that financial risk cannot be eliminated, but it could get managed though the financial theory and tools. For instance, participants can break down the risk they are exposed to by using financial engineering methods. After keeping some necessary risk, diversify the rest risk to others by using derivatives. But why do we need financial risk management? In other words, what is the theoretical foundation of the existence of financial risk management? The early financial theory argues that financial risk management is not necessary. The Nobel Prize winner Miller ;amp; Modigliani pointed out that in a perfect market, financial measures like hedging cannot influence the firm’s value. Here the perfect market refers to a market without tax or bankruptcy cost, and the market participants own the complete information. Therefore, the managers do not need to worry about financial risk management. The similar theory also says that even though there will be slight moves in the short run, in the long run, the economy will move relatively stable. So the risk management that is used to prevent the loss in short term is just a waste of time and resource. Namely, there is no financial risk in the long run, so the financial risk management in the short run will just offset the firm’s profits, and therefore reduce the firm’s value. However, in reality, financial risk management has already roused more and more attention. The need for risk management theory and measures soar to unprecedented heights for both the regulator and participants of the financial market. Those who think risk management is necessary argue that the need for risk management is mainly based on the imperfection of the market and the risk aversion manager. Since the real economy and the financial market are not perfect, the manager can increase a firm’s value by managing risk. The imperfection of the financial market is shown in the following aspects. First, there are various types of tax existing in the real market. And these taxes will influence the earning flow of the firm, and also the firm’s value. So the Modigliani ;amp; Miller theory does not work for the real economy. Secondly, there is transaction cost in the real market. And the smaller the transaction is, the higher the cost. Last but not least, the financial market participants cannot obtain the complete information. Therefore, firms can benefit from risk management. First, the firm can get stable cash flow, and thus avoid the external financing cost caused by the cash flow shortage, decrease the fluctuation range of the stock and keep a good credit record of the company. Secondly, a stable cash flow can guarantee that a company can invest successfully when the opportunity occurs. And it gets some competitive advantage compared to those who don’t have stable cash flow. Thirdly, since a firm possesses more resource and knowledge than an individual, which means it could have more complete information and manage financial risks more efficiently. If the manager of a firm is risk aversion, he can improve the manager’s utility through financial risk management. Many researches show that the financial risk management activities have close relation to the manager’s aversion to risk. For example, Tufano studied the risk management strategy of American gold industry, and found that the risk management of firms in that industry has close relation to the contract that the managers signed about reward and punishment contracts. The managers and employees are full of enthusiasm about risk management is because that they put great amount of invisible capital in the firm. The invisible capital includes human capital and specific skills. So the financial risk management of the firms became some natural reaction to protect their devoted assets. In conclusion, although controversy is still going on about the financial risk management, there is no doubt that the theory and tools of financial risk management is adopted and used by market participants, and continue to be enriched and innovated. IV. The Process of Financial Risk Management The process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, tax, commodity, and corporate finance. Company’s financial risk management can be divided into three major steps, namely identification or confirmation risk, measure risk and manage risk. Let’s illustrate it using the market risk as an example. First, confirm the market risk factors that have a significant influence to the company, and then measure the risk factors. At present, the frequently used measure of market risk approach can be divided into the relative measure and absolute measure. A. The relative measure method It mainly measures the sensitivity relationship between the market factors fluctuations and financial asset price changes, such as the duration and convexity. B. The absolute measure methods It includes variance or standard deviation and the absolute deviation indicator, mini max and value at risk (VaR). VaR originated in the 1980s’, which is defined the maximum loss that may occur within a certain confidence level. In mathematics, VaR is expressed as an investment vehicle or a combination of profit and loss distribution of ? -quantile, which stated as follows: Pr ( ? p ;lt;= – VaR ) = ? , where, ? p said that the investment loss in the holding period within the confidence level (1 –? ). For example, if the VaR of a company is 100 million U. S. ollars in 95% confidence level of 10 days, which means in the next 10 days, the risk of loss that occurred more than 1 million U. S. dollars may of only 5%. Through this quantitative measure, company can clear its risks and thus have the ability to carry out the next step targeted quantitative risk management activities. (Guanghui Tian) The last step is management risk. Once the company identified the major risks and have a quantitative grasp of these risks through risk-measurement methods, those companies can use various tools to manage the risk quantitatively. There are different types of risk for different companies, even the same company at different stages of development. So it requires specific conditions for the optimization of different risk management strategies. In general, when the company considers its risk exposure more than it could bear, the following two methods can be used to manage the risk. The first way is changing the company’s operating mode, to make the risk back to a sustainable level. This method is also known as â€Å"Operation Hedge†. Companies can adjust the supply channels of raw materials, set up production plants in the sales directly or adjust the volume of inflow and outflow of foreign exchange and other methods to achieve above purpose. The second way is adjust the company’s risk exposure through financial markets. Companies can take advantage of the financial markets. Companies can take advantage of the financial markets wide range of products and tools to hedge its risk, which means to offset the risk that the company may face through holding a contrary position. Now various financial derivative instruments provide a sufficient and diverse selection of products. Derivative products are financial instruments whose value is attached to some other underlying assets. These basic subject matters may be interest rates, exchange rates, bonds, stocks, stock index and commodity prices, but also can be a credit, the weather and even a snowfall in some ski showplace. Common derivatives include forward contracts, swaps, futures and options and so on. V. The Challenges Faced by the Modern Financial Risk Management Theory Over the recent years, as the focus of risk management hifts from a control function to one of global financial optimization, the concern shifts from modeling the behavior of engineered contracts in selected markets to modeling the evolution of the entire economy. This change of focus calls for a vastly improved ability to model the time evolution of economic quantities. (Sergio Focardi). While those who do risk management are interested in predicting if assets will go up or down, the over-riding interest is in the relationship in movement to different assets. Though linear methods such as variance-covariance help to understand the co-movements of markets, a different set of tools is necessary to better manage risk. (Jose Scheinkman). Paradigms such as learning, nonlinear dynamics and statistical mechanics will affect how risk – from market and credit risk to operational risk – is managed. While the first attempts to use some of these tools were focused on predicting market movements, it is now clear that these methodologies might positively influence many other aspects of economics. For instance, they could be useful in understanding phenomena such as price formation, the emergence of bankruptcy chains, or patterns of boom-and-bust cycles. Lars Hansen, Homer J. Livingston professor of economics at the University of Chicago, remarks that these new paradigms will bring to asset pricing and risk management at enhanced understanding once the implicit underlying fundamentals are better understood. He says â€Å"What needed is a formal specification of the market structure, the microeconomic uncertainty, and the investor preferences that is consistent with the posited nonlinear models. Commenting on the need to bring together the pricing of financial assets and the real economy, he notes that an understanding of what’s behind pricing leads to a better understanding of how assets behave. â€Å"For risk management decisions that entail long-run commitments,† he observes, â€Å"it is particularly important to understand, beyond a purely statistical model, what is governing the underlying movements in security prices. † Blake LeBaron, professor of economics at the University of Wisconsin-Medison, observes that there is now more interest in macro moves than in individual markets. But traditional macroeconomics typically provides only point forecasts of macro aggregates. In the risk management context, a simple point forecast is not sufficient; a complete validated probabilistic framework is needed to perform operations such as hedging or optimization. One is after an entire statistical decision-making process. The big issue is the distinction between forecasts and decisions. (Blake LeBaron) Arriving at an entire statistical decision-making process implies reaching a better scientific explanation of economic reality. New theories are attempting to do so through models that reflect empirical data more accurate than traditional models. These models will improve our ability to forecast economic and financial phenomena. The endeavor is not without its challenges. Our ability to model the evolution of the economy is limited. Prof. Scheinkman notes that unlike in a physical system where better data and more computing power can lead to better predictions, in social systems when a new level of understanding is gained, agents start to use new methods. Prof. Scheinkman says â€Å"Less ambitious goals have to be set. Gaining an understanding of the broad features of how the structure of an economic system evolves or of relationships between parts of the system might be all that can be achieved. Prof. Scheinkman remarks that we might have to concentrate on finding those patterns of economic behavior that are not destroyed, at least not in the short-run, by the agent learning process. VI. Conclusion The theory foundation of modern financial risk management is the Efficient Markets Hypothesis, which notes that financial market is a linear balanced system. In this system, investors are rational, and they make their investment decision with rational expectations. This hypothesis shows that the changing of the future price of financial assets has no relation with the history information, and the return on assets should obey normal distribution. However, the study of economic physics shows that financial market is a very complicated nonlinear system. At the same time, behavioral finance tells us that investors are not all rational when making decisions. They usually cannot completely understand the situation they are facing unlike hypothesized. And most times they will have cognitive bias, when they use experience or intuition as the basis of making decisions. It will lead to irrational phenomena like overreaction and under reaction when reflected on investment behaviors. Therefore, it will be meaningful to study how to improve the existing financial risk management tools, especially how to introduce the nonlinear science and behavior study into the measurement of financial risk.

Early Roman Architecture essays

Early Roman Architecture essays The Romans gained much of their engineering skill from the Etruscans and drew on Etruscan and Asian models for the semicircular arch. From them, the Romans learned the use of the keystone arch, which enabled them to build extremely strong and durable structures. Many of these engineering and architectural projects are still standing. Some are still in use after two thousand years like this bridge in Spain. Early Roman architects were influenced by Greek post-and-lintel construction. But the Greek design was limited in its capabilities to span large distances and being able to bear heavy loads while not falling down of its own weight. Post and lintel construction comprises a flat piece of stone bridging a space between two upright supports. Post and lintel supports have a flaw. When a heavy weight is placed on the middle of the span too much stress may be put on the stone and it can break in the middle. The Romans solved this problem by using a type of construction called voussoir arch with keystone. The engineering principle of the arch is quite simple. The circle is the strongest structural shape. The arch is just half of this perfect form. To create a voussoir arch, tapered stone blocks were cut then arranged like the diagram at the right. It was then stood up on its ends. The ends rested on piers made of stone blocks or bricks mortared together with pozzolana cement in the typical Roman arch bridge. The cement was named after a local mountain that the ingredients of the cement came from. The weight of the stone and concrete of the bridge itself compressed the tapered stones together, making the arch an extremely strong structure. During construction, the voussoir's were supported by a temporary wooden frame until the keystone was inserted. The Roman invention of the arch allowed architects to build larger structures than ever before. The extension of the arch idea lead t ...

Free Essays on Defender Of The Faith

In the short story â€Å"Defender of the Faith† by Philip Roth, Private Grossbart always justifies his seemingly selfish actions with the excuse of helping others. Sargent Marx sarcastically compares Grossbart to the Messiah. Through characterization and biblical references I will show the similarities and differences between the biblical Messiah and the Jewish Grossbart. I believe Grossbart is a person with a good heart but a bad motive. Grossbart helps his fellow Jews Out whenever he can but there’s one catch, he is most of the time at the receiving end of the gifts. While his gifts do help others, they mainly come back to him ten fold. It’s almost like the popular biblical story of the conscious, good versus evil, with some differences. Its like he has the demon on one shoulder and the angel on the other. The perilous decision do you choose to do well or do you chose evil. Grossbart does both, instead of choosing between the two he does good but for the wrong reasons. One vivid example of this exact scenario, minus the little demons dancing on his shoulder, is when Grossbart pleads with Sergeant Marx about being aloud to go to the Jewish synagogue, along with all his other Jewish buddies, on Friday evenings. â€Å"You see, Sergeant,† he explained to me, â€Å"Friday nights, Jew’s are supposed to go to the services.† Sergeant Marx, being a Jew himself, allows Grossbart to go. That Friday Marx went to services as well, he sat two rows behind Grossbart and his fellow comrades only to observe a less than obedient, religious person. Sergeant Marx compared Grossbart to the Messiah. Although Marx was just being sarcastic, Grossbart does show some similarities. Grossbart claimed that he fought for the rights of the Jewish people in the military, not for himself but for others. Grossbart like the Messiah helps others. The Messiah gave of his life so that we, his people might have eternal life. Grossbart claims to be fighting â€Å"... Free Essays on Defender Of The Faith Free Essays on Defender Of The Faith In the short story â€Å"Defender of the Faith† by Philip Roth, Private Grossbart always justifies his seemingly selfish actions with the excuse of helping others. Sargent Marx sarcastically compares Grossbart to the Messiah. Through characterization and biblical references I will show the similarities and differences between the biblical Messiah and the Jewish Grossbart. I believe Grossbart is a person with a good heart but a bad motive. Grossbart helps his fellow Jews Out whenever he can but there’s one catch, he is most of the time at the receiving end of the gifts. While his gifts do help others, they mainly come back to him ten fold. It’s almost like the popular biblical story of the conscious, good versus evil, with some differences. Its like he has the demon on one shoulder and the angel on the other. The perilous decision do you choose to do well or do you chose evil. Grossbart does both, instead of choosing between the two he does good but for the wrong reasons. One vivid example of this exact scenario, minus the little demons dancing on his shoulder, is when Grossbart pleads with Sergeant Marx about being aloud to go to the Jewish synagogue, along with all his other Jewish buddies, on Friday evenings. â€Å"You see, Sergeant,† he explained to me, â€Å"Friday nights, Jew’s are supposed to go to the services.† Sergeant Marx, being a Jew himself, allows Grossbart to go. That Friday Marx went to services as well, he sat two rows behind Grossbart and his fellow comrades only to observe a less than obedient, religious person. Sergeant Marx compared Grossbart to the Messiah. Although Marx was just being sarcastic, Grossbart does show some similarities. Grossbart claimed that he fought for the rights of the Jewish people in the military, not for himself but for others. Grossbart like the Messiah helps others. The Messiah gave of his life so that we, his people might have eternal life. Grossbart claims to be fighting â€Å"...

An Appraisal Of Police Reforms In Kenya Criminology Essay

An Appraisal Of Police Reforms In Kenya Criminology Essay Police Services form part of the executive arm of the Government. Before the promulgation of the Constitution 2010, on 27th August 2010 they were referred to as Police Forces and were under the Ministry of State for Provincial Administration and Internal Security. The two Police Forces were the Kenya Police and the Administration Police Forces established under the repealed Police Act Chapter 84 and Administration Police Act Chapter 85 respectively. Together with other three sister departments in the Ministry, that is the NACADAA, the Government Press and the Provincial Administration, the five key departments are all answerable to one Accounting Officer under the Ministry. The Commissioner of Police has been the in charge of the Kenya Police Force while the Commandant of Administration Police, who before 27th August, 2010 operated under delegated authority   [ 1 ]   , has been in charge of the Administration Police Force. More often than not the Police have found themselves in crossroads with members of public and Civil Society Organizations. This has led to them being viewed as the key violators of Human Rights   [ 2 ]   . They have earned a title violators rather than protectors and keepers of Human Rights. The Alston Reports   [ 3 ]   on Judicial killings laid blame on Police on deaths and disappearance of youth without anybody accounting for them. Several shootings of innocent individuals have been associated with the Police guns. The duty imposed on Police of Protection of life and property has been reduced to perception that they are to eradicate life and property of innocent people. The experts on commission for enquiry and thinkers of reforms came up with recommendations in their report after the 2007-2008 Post Election Violence which associated most loss of life to the excessive use of force by police amongst other vices and omissions. Waki Report   [ 4 ]   indicate that the â€Å"security forces were powerless against the violenceâ € . Often, when we think of police reforms, the people concerned many a times tend to either forget or neglect the primary reason and function of the police service right from the initial stage it was formed to where they focus it to be, which is of great importance and should always be taken seriously. Peaceful co-existence and calmness in the society is the recipe for experiencing and enjoyment of freedom and human rights. With breach of this, society is bound to be in a chaotic state, confusion and fear. This is why police work always comes in handy if professionally applied backed with strong laws and reliable independent judicial systems. The society creates laws and puts in place the justice system to deal with law breakers; police on the other hand has a responsibility to enforce these laws within the society for the purpose of sustaining peace and calmness. When a society enjoys relative peace and order, it signifies that people obey the laws laid down with offenders bein g subjected to justice promptly. Strict justice systems and societies law obedience always ease the work of police. You can institute police reform, you can reorganize service delivery but you cannot alter the fundamental principles of policing and police operations. Reformers and reform agendas must be cognizant of another reality that police officers and police services are delivering something that some people in the society are opposed to. No one wants to be a victim of crime. No one wants the law, criminal or regulatory, enforced on them.   [ 5 ]

Constitutional Law of the EU Essay Example | Topics and Well Written Essays - 1000 words

Constitutional Law of the EU - Essay Example In this particular instance, Antonie has to prefer a claim under the law of Tort and /or other applicable law for redressal of his claim. The facts of this case pertain to losses accruing to the appellant due to misrepresentation and there is a question of compensatory damages, which would put Antonie in the same financial position as if the loss did not take place. Antonie needs to prefer an application for compensatory damages sustained on non-contractual liability. It would have to be done in the Court of the First instance, and this court would have to give its ruling based on its findings and the losses suffered by a EU citizen which were caused by the UK teaching Institute, Easytalk â€Å"The Court of first instance has jurisdiction to hear †¦ actions seeking compensation for damages caused by the Community institutions or their staff† 3 The relief measures adopted by Antonie should be, initially, to prefer an application to the Registrar for initiation of proceedings. The salient features of the action are to be reflected in a Notice, a copy of which would also be sent to the defendants for defense claims to be filed within a stipulated time. There are two aspects to the submission of appeal by the appellant- verbal and written. In a verbal part, a public hearing of the case is made. â€Å"The judges deliberate on the basis of a draft judgment drawn up by the Judge-Rapporteur.† trial is conducted and the judgment is delivered on public hearing. Although the court proceedings are free of court fees, the costs of the lawyers are to be borne by the litigants, with legal aid, if necessary.4 The International Court of Justice of the European Community is the premier legal institution of the community. It comprises of the following three Institutions: (1) The Court of Justice (2) The Court of the First Instance (for cases pertaining to the rights of the individuals) and (3)

English Tort Law Essay Example | Topics and Well Written Essays - 17000 words

English Tort Law - Essay Example The Lister case involves a warden who sexually abused children under his ward whilst he was serving as the supervising head of a boarding house for troubled children in the Wilsic Hall School in Doncaster. His duties included the imposing order in the boarding house, ensuring that children went to school and participated in evening activities, were in bed on time and supervising members of the staff. It was held that the warden’s acts of sexually abusing children were done within the course of his employment because they were closely connected with his official duties. Applying the aforementioned to Gracie’s case, it would seem that the activities by Gracie outside of her actual working hours and during break hours cannot be contemplated as work within the course of her employment at the Call Centre because the employer has no control on what she does during her breaks. Therefore, only Gracie can be made liable for the tort, which in this case is the battery. The tort of trespass of battery has three elements: force; direct application of that force, and; intent to directly apply that force to another. Any touching of another person’s body can amount to the battery if done without the consent of that other party unless the touching was done as a socially acceptable act like the usual jostling that goes on during sales or a hearty slap at the back commonly done by men to congratulate each other (Harpwood 2005 267). Intent does not necessarily refer to intent to harm but intent to apply direct force to another and neither is harm necessary to prove battery.

Generation X,Y, etc age groups--working with them--pros & cons Term Paper

Generation X,Y, etc age groups--working with them--pros & cons - Term Paper Example This study is being undertaken in order to establish a comprehensive understanding of the nursing practice and the advantages and disadvantages of these nursing issues in the delivery of health services. Working with older and younger nurses or the generation X and the generation Y or the millennial generation can be advantageous to the nursing practice. For one, working with older nurses is advantageous because older nurses have a wealth of experience and training which is unparalleled by any other generation. Their years of working as nurses has made them adept in their duties and has given them sharper instincts in the administration of appropriate care for their patients (Hinshaw & O’Grady, 2010). There is a more instinctual and intuitive process involved in the nursing process applied by older nurses. As described by Benner (as cited by Nies & McEwen, 2001, p. 779), intuitive abilities are â€Å"responses that expert nurses have after several years of experience and these abilities enable the nurse to read between the lines†. This intuition serves older nurses well and ultimately helps to ensure better patient outcomes. Older nurses, as compared to their younger counterparts, seem to exemplify more dedication to their career as nurses. Observations made on the work ethics of older nurses reveal how these nurses possess qualities which are not apparent among younger nurses, more particularly, the qualities of courtesy and commitment (Watson, Manthorpe, & Andrews, 2003). Moreover, many employers have taken up the practice of retaining more of their older nurses because they are generally â€Å"more polite, they are more committed†¦and they turn up to work every day† (Watson, Manthorpe, & Andrews, 2003, p. 22). And with this commitment and courtesy, the patients often feel more at ease with these older nurses. Sherman (2006) also described the older generation of

Single mother of two kids Essay Example | Topics and Well Written Essays - 1000 words

Single mother of two kids - Essay Example re skills that will enable them understand the educational needs of their children based on different age categories for them to be adequately prepared to meet these needs. These skills will involve gaining knowledge on child and adolescent development and provision of suitable home conditions to support children as students at different stages in terms of age and grade. When parents are equipped with the skills necessary in understanding what their children require to successfully progress through various developmental and grade stages, they are able to help these children improve their attitude towards school and life in general. This is because the skills acquired by parents will improve areas such appreciation of teacher efforts, decision making on what is important for the student, confidence in school ability to affect children positively and development of greater understanding of educational programs and personnel. Additionally, schools will also gain proper insight of the di fferent family setups that students come from therefore making it easy to fashion teaching based on individual needs of students (Rockwell, Andre and Hawley, 2009). Parent: Apart from development of various parenting skills, the establishment of effective communication between the school and parents and the community is one of the essential areas in supporting family and community involvement in children. Communication involves teachers and parents always engaging and sharing information about the progress of the student both at home and in school. This form of engagement ensures both teachers, parents and the community at large establish an effective monitoring mechanism to evaluate change in attitude, knowledge and skills as the student progress through various developmental stages and grades. Communication between the teachers and parents is therefore at the center of efforts to monitor whether the student depicts desired or undesired changes and available measures that could be

Asian Tourism Abstract Essay Example | Topics and Well Written Essays - 750 words

Asian Tourism Abstract - Essay Example n of exterior promotional and publicity activities; systematize and inculcate training and education; and endorse international tourism communication and corporation. In addition, CNTA is responsible for normalization of the tourism market order, and offer supervision and management of quality; and organize the survey, planning, growth and fortification tourist resources. The organization is part of China’s government and is a Chinese government authority obliged to tourism development, and a subordinate to the state council headquartered in Beijing. Although it is an institution affiliated to CNTA the government, CNTA does not have any authority to act as a full Chinese government department hence it has no authority for regulation enforcement although it acts as an independent ministry on some instances. The institution is funded by the central Chinese government and but uses promotional and marketing activities to get additional funds beyond what is provided by the government. Promotional budget for tourism by the Chinese government is limited and for years, this amount remains low compared to nations like Korea, Singapore, and Malysia. It is for limited budgeting that the Chinese government CNTA to depend on other income sources like local government that comprise of social investment and Tourism Development Fund. The financing of the Tourism development Fund is by the collection of an inbound airport construction fee of CNY 20 for each person. In order to monitor the spending of CNTA funds, the Ministry of Finance has founded a budget enforcement live monitoring system and a budget spending performance evaluation. In addition, CNTA and the finance ministry are exploring to develop Tourism Satellite Account and evaluate government revenue estimates obtained from tourism to evaluat e the largely contribution of tourism to Chinese social development and government national economy (Organization for Economic Co-operation and Development 292). According to Airey

Critical Commentary on a video clip-400-500 word Essay

Critical Commentary on a video clip-400-500 word - Essay Example Global media includes the following channels to provide information to the world. The channels are; through television, cinema, music industry, newspapers, magazines, the internet, books, advertising, video games and even through the use of mobile phones. Let’s pick up the industry of music as a means of global media. The most basic quality or characteristic of music is that, whatever your location, whatever your mood, whatever the work your doing, as soon as you hear any kind of music it catches your attention. When a product uses a song as a form of advertisement to the masses it actually creates an audio form of recognition for that particular product because when you hear that product’s specific music you instantly realize what product it is being talked about. (Music: Its roles, qualities and influence) Another quality of using music is that one song is used for one region or maybe even more thus bringing the concept of globalization into the world. When the same thing or the same music is being used throughout the world it brings a sense of harmony through that product and brings the realization that where ever you are in the world that product that you have in your homeland is also over there. When China conducted its first Olympics in Beijing 2008, it used a theme song called â€Å"You and Me†. China used this song to create a sense of harmony through the athletes of the world regardless of color, religion, creed, sex, and culture. The song has in itself a sense of bringing the world together on one common ground for a common goal. The words â€Å"You and Me† as the title states gives the listener a sense of friendship where ever or who they might be. When a person listens to this song he or she will feel that all the feelings regarding hatred for each other will disappear and in return it will leave behind a sense of beauty, peace, harmony and being one. This song also emphasizes on one world and one dream, which means that

Asian Tourism Abstract Essay Example | Topics and Well Written Essays - 750 words

Asian Tourism Abstract - Essay Example n of exterior promotional and publicity activities; systematize and inculcate training and education; and endorse international tourism communication and corporation. In addition, CNTA is responsible for normalization of the tourism market order, and offer supervision and management of quality; and organize the survey, planning, growth and fortification tourist resources. The organization is part of China’s government and is a Chinese government authority obliged to tourism development, and a subordinate to the state council headquartered in Beijing. Although it is an institution affiliated to CNTA the government, CNTA does not have any authority to act as a full Chinese government department hence it has no authority for regulation enforcement although it acts as an independent ministry on some instances. The institution is funded by the central Chinese government and but uses promotional and marketing activities to get additional funds beyond what is provided by the government. Promotional budget for tourism by the Chinese government is limited and for years, this amount remains low compared to nations like Korea, Singapore, and Malysia. It is for limited budgeting that the Chinese government CNTA to depend on other income sources like local government that comprise of social investment and Tourism Development Fund. The financing of the Tourism development Fund is by the collection of an inbound airport construction fee of CNY 20 for each person. In order to monitor the spending of CNTA funds, the Ministry of Finance has founded a budget enforcement live monitoring system and a budget spending performance evaluation. In addition, CNTA and the finance ministry are exploring to develop Tourism Satellite Account and evaluate government revenue estimates obtained from tourism to evaluat e the largely contribution of tourism to Chinese social development and government national economy (Organization for Economic Co-operation and Development 292). According to Airey

Book Review on Urban Poverty Essay Example for Free

Book Review on Urban Poverty Essay Urban poverty is the outcome of urban-bias development projects being predominantly financed by the external capital, either in the form of Foreign Direct Investment (FDI) or Aid. The urban-bias industrialization strategy performed as a pull factor for the rural unemployed. This strategy contributed to the expanding of urban informal sectors where unskilled as well as highly unorganized day labours remain concentrated in the urban and semi-urban areas. It is also debated that the redistribution of capital investment towards the rural based agricultural activities including plantation sectors through the coordinated efforts of both public and private sectors such as civil and non-governmental organizations (NGOs) can go a long way to break the growing negative effects of over urbanization on poverty, moral and social crimes as consequent of unequal economic growth. The author, Pramanik discusses urban poverty in Malaysia cases. He begins with the overview of the poverty scenario followed by research methods and research findings along with summarization policy suggestions. This book contented five chapters including appendices, references and index. In the introductory chapter (pp. 1-5), Pramanik says poverty is a multi-dimensional phenomenon that is hard to come up with a universally acceptable definition of poverty. Most commonly argued issue on poverty is whether poverty should be looked at from absolute or relative perspective. Absolute poverty based on specific income level called poverty line income (PLI) that can be calculated either using the market value of a basket full of goods and services considered essential for reasonably acceptable standard of living. On the contrary, relative poverty arises when we talk about how good or bad one member is doing in relation to another member living in the same society. According to O’Boyle, poverty is a concept that is both absolute and relative because human beings are at the same time individual and social (O’Boyle E.  J, 1990). In chapter two (pp. 7-20), Pramanik talks about poverty scenario in Malaysia. He argues that the income poverty using official poverty line income seems near to the absolute poverty whereas the human poverty based on the degree of human deprivation resembles relative poverty, which is ensuing of unequal access to income earning opportunity. Because of this, the author focuses more on human aspect of poverty in terms of its long term implications of social factors. Micro level study (Pramanik, 2004) do suggest that family size either in urban or rural areas of the four concentrated states namely, Kelantan, Terengganu, Kedah and Perak is quite above the family size used for the national level. Pramanik (1997 2000) examined that rural poverty in the four poverty-concentrated states on multi dimensional aspects of the problem such as, social, economic, demographic, psychological, political, moral, historical, attitudinal, and natural factors. In chapter three (pp. 5-20), the author discusses regarding research methodology. The study is based on the primary data as well as secondary information. The primary data collected through the administration of well-structured questionnaire in the middle of 2006. The sampling technique used is purposive as well as random and based on participatory observation method. Around 3112 households from 8 major cities living in poverty concentrated areas classified by squatters, low-cost buildings, longhouses etc. were selected for data collection. He defined â€Å"household† as an entity of those living under the same roof as well as eating from the same kitchen. In chapter four (pp. 21-97), he talks about the research findings. The author uses purposive and collecting sampling technique to identify the level of poverty suffered by those living in the squatters and in the area/blocks/buildings designed for the lower income groups in the major cities of Malaysia. This is because those who are living in these areas suffer different degrees and types of poverty measured by the level of deprivations. The household having less than RM 398(less than half of the poverty line) is called hardcore poor, household earning equal to RM 398 but less than 663 is called overall poor and more than RM 663 is called non-poor. The best performing state in terms of lowest incidence of overall poverty (0. 9) with no hardcore poor followed by KL (2. 6) and JB (8. 1) inclusive of hardcore and overall poor. While less developed states- KB, KT, and AS, KB experiences the highest incidence of poverty hardcore poor and overall poor of 33. 7 followed by KT (23. 4) and AS (14). On the other hand, Sabah and Sarawak are worst performing states reported in 9MP and his survey data. The author suggests that as far as poverty reduction is concerned Sabah and Sarawak are still the worst among all other regions states in Malaysia in 2007. The poverty is gender bias is a universal when hardcore poverty is concerned. In terms of hardcore and overall poverty, the female –headed households are more likely to be poorer by 50 percent compared the male-headed households. The higher dependency of more members on a few incomes of earners in the households also creates a constraint on resources allocation by the poor households. Approximately 60 percent of poor household’s more than two members depend on the income of one earner. The lower dependency has implication for the ability of the poor households to hold out poverty at times of economic recession or downturn since higher dependency manifest through the lower dependency ratio is positively related to higher unemployment. Pramanik found on the distribution of households based on the dependency ratio and cities seem to suggest that the relatively higher percentages of households (68. 8) from LDS are associated with higher dependency as emerged through the lower coefficients of DR (0. ) as opposed to a lower percentage of households from MDS (53. 3) experiencing lower dependency ratio. Human capital is considered as the most fundamental asset. The presence of economic opportunities created by the growth, an individual with one additional year of education acquires more ability to compete and derive benefits from the market. As for as the illiterac y, the author suggests that the percentage of households having no education in much higher for the three Least Developed States( LDS) as compare to the More Developed States (MDS). If the education level exceeding 6 years but less than 12 year are considered as a measure of better educational standard, the highest percentage of household members (72. 7) come from 3 MDS followed by the lowest (57) from the two LDS. The better quality of life achievable through higher level of education has convinced the younger generation regardless of race or geographical distribution of population to pursue education by all possible means. So that government spends money for education, skills and training. Dr. Muhammad Yunus claims that access to credit should be treated as a part of human rights. The access to credit empowers the poor households to make use of their survival skills thus unleashing their productive potentials. Every human being is imparted with some sorts of surviving skills by the Almighty –the creator. Dr. Yunus has proven that an access to small credit can significantly help the asset less poor to unleash their hidden potentials to earn more and combat poverty. The poor have nobody to talk to and no place to go. Sometimes, they have no work to do and no food to eat and finally none to depend on. They are always by-passed and looked down upon (Narayan, 2000). The poor are not even trusted because of lack of social status. Of the three races the Chinese seem to be more satisfied with their neighbors (69 percent as very helpful) followed by the Indians (46 percent) and Malays take a middle position (64 percent). The criteria of social capital there appear to be a positive relationship between the lower Mean Monthly Household Income (MMHY) of the Indians and the lower level of trustworthiness as a proxy for very helpful neighbors. The relationship between trustworthiness and success in trade seems quite obvious among the Chinese compared to the Malays and the Indians. There are lots of arguments regarding poverty. â€Å"We are so rich, because they are so poor† (Landes, 1998). It means the existence of poor is essential for survival for rich. Yunus believes that the poverty is created by the system (Yunus with Jolis, 1998). The poor in any society are best known for their simplicity, altruism, moderation, complacency, peaceful coexistence, moral, conservative as well as traditional values. The presence of high morality and the future uncertainty, the poverty stricken parents never consider additional babies as a liability. For the poor, children are always considered as assets and blessing of God because they are the ones the poor parents can really depend on in their old age. Old –age pension or insurance for all are hardly found in the developing world, traditional babies are always treated as insurance for the old age. The author found that in general, the respondents from low income urban households give higher priority to good values like the spirit of tolerance reflected through ability to respect other races or religion, ability to maintain one’s own culture, ability to live like a good human being, having good moral standard. The findings clearly suggest that they show least preference for blindly imitating the life style of the better-off. So, the poor who are known for their simple and moderate life are not the victim of the demonstration effects. Concentration of power, lack of transparency and good governance among many others, interact to perpetual corruption in less developed countries (Pramanik, 2003 2007). In last chapter in his book (pp. 97-106), the author summarizes his findings and gives policy suggestions. Firstly, poverty is gender based. As far as poor, inclusive of hardcore and overall poor are concerned the female headed households far outweigh the male headed households. Secondly, there is an inverse relationship between family size and incidence of poverty. Thirdly, higher dependency measured by lower dependency ratio seems to be positively related to the incidence of poverty across the regions. Fourth, the access to human capital in terms of level of education emerges as one of the most important determinants of poverty. Fifth, the access to financial capital in the form of loan made seems to be a good determinant of household income regardless of regional or racial consideration. Finally, based on the perception of the urban poor about development, Pramanik findings suggest that, the human capital such as easy access to education, social overhead capital encompassing good roads, good and owned house, water and electricity deserve the highest priority. The author gives some policy suggestions relevant to the policy-makers, planners and administrators. First, in line with three major strategies such as, enhancing the nation’s competitiveness, strengthening human capital development and ensuring the well-being of all Malaysians within the contexts of elaborate policy strategies under ninth Malaysian plan, that will be to help the primary and secondary level students from broken families, unemployed parents, low income households living in crammed and unhealthy housing conditions. Second, the plan to establish different growth corridors covering the less and the least developed states. Four, having the good record of NGOs in eradicating poverty and enhancing social-economic well-being of the target groups, the existing public level institutions may gradually encourage the NGOs/welfare organization/civil societies supported either publicly or privately to shoulder responsibility in overcoming poverty. Finally, efforts can be made to raise the status of Aim as a full-pledge bank for the poor as like Grameen bank of Bangladesh to deal with poverty eradication. In conclusion it can be said that the author, Pramanik expounded very well regarding the poverty of Malaysia. The urban poverty is indistinguishably linked to rural poverty. In fact, the former is caused by the latter. The Pull and Push factors can significantly explain the prevailing dismal conditions associated with urban poverty. Based on the details findings on the multi-dimensional aspects of urban poverty, it can be suggested that the development should be taken to the people and not the people to the development which is mostly confined to the urban areas.

Success Factors in Merger and Acquisition Projects

Success Factors in Merger and Acquisition Projects The introduction of this Proposal as well the dissertation will explain the concept of critical success factors in mergers and acquisition and will investigate how an advisory firm can help in mergers and acquisition and its perspective. A short case organization State Bank of India will be made. The aim is to enlighten the reader about the problem formulation, the brief review of literature, aims and objectives and finally will the research methodology, data collection method, data analysis and conclusion will shown in this proposal. Literature review The essay aims at seeing the in and out sights of what the research will be on the related issues around the thesis of the topic. The literature review aims at exploring the topic Critical Success Factors for Mergers and Acquisition Projects in the View of Merger and Acquisition Advisory Firms. This proposal will be divided into two parts. Mergers and Acquisitions and Mergers and Acquisition advisory firms Critical success factors for the projects The upshot of the review is the intention to develop the knowledge based on the gap which will be recognized through this review. The upshot is concerned with the critical success factors for Mergers and Acquisition projects in the view of Mergers and Acquisition advisory firms. The filed of mergers and acquisition continues to experience dramatic growth. Record breaking mega mergers have become common place. Indeed, while mega mergers used to be mainly an American phenomenon; the current fifth merger wave became truly international merger period. Starting in the 1990s and continuing into next decade, some of the largest mergers and acquisition took place in Europe. This was underscored by the fact that the largest deal of all time was hostile acquisition of a German company by British firm. Economic growth was not only the reason for the large volume of deals throughout the world. Deregulation in Europe and the development of a common European economy also played a role. Nation such as Canada and Australia also exhibited a pronounced higher volume of deals. The picture in Asia is however was different. Here, restructuring and downsizing were more common place as the Asian economy remained week. Companies in Japan and Korea, long protected by their highly re gulated economic structures, now had consider bankruptcy and others forms of restructuring as the means of working out their economic difficulties.(Gaughan, 2002). Moreover, it has been highlighted that mergers and acquisition fail due to negligence at different levels during pre, post and due diligence period of the process. Thus this project would provide the development of mergers framework to facilitate the merger and acquisition process in the banking industry. (Cartwright Cooper, 1993). There are several reasons for those firms might engage in mergers and acquisition. One of the most common motives in expansion. Acquiring a company in a line of business or geographic area into which the company may want to expand can be quicker than internal expansion. An acquisition of a particular company may provide certain synergistic benefits for the acquirer, such as when two lines of business complement one another. A financial factor motivates some mergers and acquisition. For example, an acquirer financial analysis may reveal that the target is undervalued. That is, the value of the buyer may be significantly in excess of the market value of the target, even the premium that is normally associated with changes in control is added to the acquisition price. Other motive, such as tax motives, also plays a role in an acquisition Decision (Gaughan, 2007). Mergers and acquisition, by which two companies are combined to achieve certain strategic and business objectives, are transactions of great significance, not only to the workers, managers competitors, communities and the economy. Their success or failure has enormous consequences for shareholders and lenders as well as the above constituencies. (Sudarsanam, 2003). Mergers Acquisition and Mergers Acquisition Advisory Firms This proposal as well as the Dissertation of Mergers and Acquisition (MA) has brought into being in the literature since last two decades. (Appelbaum et al; 2007). As we hear Mergers and Acquisition in day-to-day basis I investigated that the rise in Mergers and Acquisition is due that fact that its increasing complexity of such transactions taking place day-to-day and time-to-time (Gaughan, 2002). According to (Gaughan and Jagersma, 2005) Merger is the combination of two or more companies in creation of a new entity or formation of a holding company.( European Central Bank , 2000) Acquisition is the purchase of shares or assets on another company to achieve a managerial influence, not necessarily by mutual agreement (Jagersma, 2005). Mergers and Acquisition can be categorized into horizontal, vertical or conglomerate and the transactions will be viewed from the outlook of the value chain. (Ghaughan, 2002) According to (Picot, 2002) Mergers and Acquisition process undergoes three processes: planning, implementation and integration. Planning covers the operational, managerial and legal techniques and optimization. The implementation covers a range of activities starting from the issuance of confidentiality or non-disclosure agreements, letter of intent and ending with conclusion on Mergers and Acquisition contract and deal closure. The last phase is concerned with post-deal integration. This model will be described by Watson Wyatt Model which has also five flows and this model undergoes stages such as Formulate, Locate, Investigate, Negotiate and Integrate. (Glaphin and Herndon, 2000). Mergers and Acquisitions have positioned their efforts on giving the bigger picture of the motives of firms engaging in Mergers and Acquisition transactions. According to (Gaughan,2002) it takes a practical view to firm level he identifies the motives by referring to the theories. His motives are Mergers and Acquisition is a way and means to be considered for the firms to grow on the faster rate Mergers and Acquisition firms have a scope of economic gains as a result of economies on the larger scale Larger the organization can result on Mergers and Acquisition and have a better access to capital market, which can show the way later to a lower cost of capital that is regarding financial benefits etc. Mergers and Acquisition aims at imagined gains which a firm may experience when putting its higher authority skills into target business and practice. According to (Trautwein, 1990) also provides us with a summary of motives and also Trautewein 1990 makes a statement that Mergers and Acquisition marks on Net Present Value. According to (Jansen, 2002) in Picot 2002 Mergers and Acquisition is not a new invention. In 19th century the first time Mergers and Acquisition appeared in the picture. Five mergers and acquisition waves 1880-Y2K will give the timeline of Mergers and Acquisition development. Mergers and Acquisition Advisory firms According to (Piscot,2002) the question arises that which mergers and acquisition advisors a company will need to consult in order to develop joint creative strategies and financing schemes and to look for suitable transaction partners this will be raised during the planning stage of mergers and acquisition process. External advice is sorted out going through different areas like investment corporate finance, commercial law, environment audit etc. (Sundarsanam, 1995) Definition of Merger and Acquisition Advisory Firms In this definition of mergers and acquisition (Sundarsanam,1995) explains that Mergers and Acquisition advisors as investment banks, corporate lawyers, accountants, stockbrokers, strategy consultants, investor relations and public relations consultants and environment consultants. He states that among these entire advisors investment bank plays an important in advisory in mergers and acquisition transactions. Mergers and Acquisition advisory firms role in mergers acquisition transaction According to (PEI Services Ltd, 2006) mergers and acquisition acts as match makers. Mergers and Acquisition follows following services: A valuation of business Marketing in business Assisting with diligence Resolving transaction issues throughout the process Conducting interviews and discussion with acquirers Providing strategic insights and negotiation skills on behalf of the client Creation of the marketing material Handling confidential documents on behalf of the client Solving transaction issues According to (Daniel and Phillip, 2007) mergers and acquisition advisory firms perform the task to increase the market efficiency by cutting down the information asymmetries between the acquiring and target firms. Factors affecting merger and acquisition advisory choice Its clear that mergers and acquisition advisory firms are important but investments banks also play an important role in the key advisors in mergers and acquisition transactions. It looks on the closer outlook at what benefits mergers and acquisition bring to clients and in which situation firms get involve in mergers and acquisition firms in mergers and acquisition process. Critical Success Factors for Projects The proposal as the dissertation literature review will be divided into two sections. Critical success factors are the set of circumstances, facts, or influences which contribute to the project outcomes ( Lim and Mohamed, 1999) Project success criteria are the set of principles or standards by which project can be judged (Lim and Mohamed, 1999). This will explained in detail in the dissertation. Research Aims and Objectives To investigate the main roles of merger acquisition advisory firms associated with merger acquisition projects. To examine the process of conducting a merger acquisition project. To find out the project success criteria for merger acquisition projects To explore from the perspective of merger acquisition advisory firms. RESEARCH METHODOLOGY AND RESEARCH DESIGN The research is the plan of action undertaken by people in order to find our things in a systematic and make it realistic thereby increasing their knowledge. The research can be qualitative and quantitative. (Saunders et al. 2007). My aim of carrying out this research is analyse the relevant information which will be gathered by me. My research could be qualitative, quantitative or it is both based on the situation and the mood of the interviewee. The research will be done based on the interview or filling up questionnaires by a manager of State Bank of India. A research design provides the frame work for the collection and analysis of data. A choice of research design reflects about the priority being to range of dimensions of the research process. (Bryman et al. 2007). Qualitative and Quantitative study will help in which my secondary and primary data will be collected in order to increase the strength of my findings. The research is based o the manager and some of the employees pertaining to critical success factors in mergers and acquisition projects of state bank of India which plays a role of an advisory firm. (Bryman et al. 2007). Sample is the segment of the population that is selected for investigation. It is a subset of the population. (Bryman et al.2007,p182). My way of sampling will be random sampling. Non Probability refers to a sample that has not been selected using a random selection method. Essentially this implies that some units in the population are more likely to be selected than others.( Bryman et al. 2007,p 182) DATA COLLECTION METHOD The purpose of the Data Collection Method is a type of method which has to be conducted; the data is collected more specifically to make this proposal as well as the assignment to make it more realistic (Saunders et al.2007, p131). A semi-structured and in depth (unstructured interviews) are non- standardized. This is often seen in qualitative research interviews (King, 2004). Unstructured interviews are more informal. (Saunders et al. 2007, p312). Structured interview use questionnaires based on prÃÆ'Â ªt ermined and standardized or identical set of questions it is more often related to quantitative research. (Saunders et al. 2007, p312). A semi- structured interviews method is related to qualitative research or quantitative or it can be both. This research is conducted in order to develop the deep understanding about the current issues happening in the organisation regarding the critical success factors of State Bank Of India which plays a role of advisory firms in mergers and acquisition. I will be using any one of them or any two of them for example structured unstructured, or only structured depends on the situation. The interview chosen by me is taken to support the primary data collection from where major findings emerge. The research will be done based on interviewing and filling up questionnaires by a manager and his employees. It is to make the key evaluation on the list of the critical success factors. I will also conduct a questionnaire associated with qualitative or quantitative or it can be both of them in research. This will give the idea and will also cross check with theory and practical. (Saunders et al. 2007, p101). Graphs and charts will be used if necessary to support the primary research. My data collection will be explanatory or it can be descriptive depending on happening situation. Explanatory study is based on a search literature, interview experts in the subject and conducting focus group interviews. Descriptive study is based on to portray an accurate profile of persons, events or situations. (Robson, 2002, p59). Description in management and business research has a clear place. However it should be thought of as a means to an end rather than an end itself. (Saunders et al. 2007, pp 133 -134) DATA ANALYSIS According to (Saunders et al. 2007, pg 473) quantitative data is based on meanings derived from numbers, the collection results in numerical and standardized data and analysis conducted through the use of diagrams. However, Qualitative data is based on meanings expressed through words, collection of results in non- standardized data requiring classification into categories and analysing conducted through the use of conceptualization. The following data will be analyzed as per the discussion that will be organized based on the findings from the both primary and the secondary data. The interviews will play a key role in doing the data analysis. Interviews and questionnaire will result in checking the general and valid analysis. The research will be done based on interviewing and filling up questionnaires by two managers. The analysis is also focus on overview in critical success factors of State Bank of India as an advisory firm in mergers and acquisition projects. Above all will support which will present the detailed discussion with the questionnaire supported. To give the right way of the analysis the data will be presented along with my evaluation and judgments of findings. FORM OF PRESENTATION The concepts will be specific and related with the project. The research document will be in the written form. Black and White colours will be used for this research. Research will be printed. It will be in binded form. Various diagrams and graphs will be used for this research. Flow of the data will be coherent. All the related data will be presented which can help to grasp the ideas and the ideal conclusion can be drawn based on the reliability of the data. Research will start in the simple form of the introduction with the industry and related issues. It will further discuss about the problem issues and different facts will be presented in a proper order. CONCLUSION: After gathering all the information and data the researcher must spend lot of time thoroughly reviewing and evaluating the findings. Once the study is evaluated conclusions must be drawn. With the help of interviews proper theories should be formed which should give an idea about the situations of mergers and acquisitions in banking and financial sector. References: Richardson, P., Denton, D.K. (1996), Communication Change, Human Resource Management, Vol. 35 No.2. Catwright, S., Cooper, Cary, L. (1993) The Psychological Impact of Mergers and Acquisition on the Individual: A Study of Building Society Managers, Human Relation Mar 93, Vol 46. Daniels, K. and Phillips, R.A. (2007) The Valuation Impact of Financial Advisors: An empirical Analysis of REIT Mergers and Acquisition. Journal of Real Estate Research, January- March, 29(1), pp 57-74. European Central Bank, 2000. Mergers and Acquisitions involving the EU Banking Industry- Facts and Implications [online]. Available at www.ecb.int/pub/pdf/other/eubkmergersen.pdf [Accessed 1 July 2007] Gaughan, P.A., (2002) Mergers, Acquisition and Corporate restructuring (3rd edition), John Wiley Sons, Inc, New York. Galpin,T.J. and Herndon, M. (2000) The complete guide to Mergers and Acquisitions, Jossey- Bass Publishers, San Francisco. Jagersma,P.K. (2005) Cross- Border Acquisitions of European Multinationals Journal of General Management 30(3), pp13-34. Picot,G. (2002) Handbook of International Mergers and Acquisitions: Preparation, Implementation and Integration, Palgrave Macmillan, New York. PEI(Private Equity Info) Services Ltd., (2006) Mergers and Acquisition, advisory firms [online] Available at http://www.advisoryfirms.com/?type=1firmtype%5B%5d=Middle+Marketstate%5B%5D=anysearch.x=11search.y=12 [Accessed 04 July 2008] Sunders,M., Lewis, P., and Thornhill,A. (2003) Research Methods for Business Students, Pearson Education Limited, England. Sudarsanam, P.S., (1995) The Essence of Merger and Acquisitions, Prentice Hall, Great Britain. Trautwein, F. (1990) Mergers Motives and Prescriptions: Strategic Management Journal, 11(4), pp 283-295. Lim, C.S., and Mohamed, M.Z. (1999) Criteria of project success: an exploratory re- examination, International Journal of Project Management, 17(4), pp 243-248.

Essay --

Nietzsche’s early work On the Birth of Tragedy put forth the Apollonian and Dionysian concepts. Within the work, the German philologist and philosopher states â€Å"The effect aroused by the Dionysian also seemed ‘Titanic’ and ‘barbaric’ to the Apollonian Greek: while he was at the same time unable to conceal from himself the fact that he was inwardly related to those fallen Titans and heroes.† Nietzsche goes on further â€Å"Indeed, he was obliged to sense something even greater than this: his whole existence, with all its beauty and moderation rested on a hidden substratum of suffering and knowledge, which was once again revealed to him by the Dionysian.† He then strongly concludes, â€Å"And look! Apollo was unable to live without Dionysus!† Nietzsche terms the Dionysian as â€Å"Titanic† to indicate his concept’s vastness. This vastness is similar to the vastness of Schopenhauer’s ocean imagery that describes how the earlier philosopher felt about consciousness unconstrained by ego. If an Apollonian Greek were to break his ego, or what Nietzsche would term his ‘shell,’ he creates the possibility of experiencing the pleasure offered by the Dionysian element. He allows himself to be overtaken by an ‘ecstatic’ ocean. The word ‘Titanic’ implies an enormity unable to be controlled. In this sense, the feeling of vastness can present itself as the antithesis to the Apollonian ideal of structure and thus prove overwhelming. So overwhelming, that one may be destroyed. This is where the description â€Å"barbaric† comes into the picture. Nietzsche goes to great lengths to define what he terms the â€Å"Dionysian barbarian† and which he separates from the Dionysian Greeks. In this passage he expounds upon the traditional Dionysian festivals which occurred â€Å"in all c... ... about accurately portraying facts. Rather, Nietzsche is interested in affective interpretations. There is also a possibility he had not reexamined the pros of On the Birth of Tragedy until he wrote Ecce Homo. What is more, Nietzsche is blunter in his Nachlass when he states â€Å"there are no facts, only interpretations.† Additionally, some insight can be provided based upon the very nature of Ecce Homo, in which Nietzsche puts himself on trial, ironically in Socratic fashion, and defends his life’s work chapter by chapter. Nietzsche is ultimately interested here in providing a definitive rationale for his philosophy, which celebrates the Dionysian worldview of emotion and instinct over cold rationality and reason. Birth of Tragedy, offers an extended defense of the Dionysian worldview and, with all of its flaws, was a work with which Nietzsche was finally able to com